The board of directors of Karin Technology Holdings Limited (the "Company" and, together with its subsidiaries, the "Group") announced that the Company has, through its wholly-owned subsidiary Kepro Solutions Limited, incorporated the following wholly-owned subsidiary: Name: Kepro Australia Pty Limited; Place of Incorporation: Australia; Issued and Paid-up Share Capital: AUD 100.00; Principal activities: IT software development and data consulting services. Kepro Australia Pty Limited has been incorporated for the purposes of expanding the Group's data consulting business and its team in data analytics services in Australia. The expansion and hire of new data scientists and consultants would provide increased support to the Group's data consulting business.

The incorporation of Kepro Australia Pty Limited is funded through the internal resources of the Group, and will not have any material effect on the earnings per share nor the net tangible assets per share of the Company and Group for the financial year ending 30 June 2023.