The Board of Directors of XOX Bhd announced that the Company had on 31 July 2023 entered into a Memorandum of Understanding ("MOU") with the Government of Malaysia acting through the Ministry of Higher Education, Malaysia ("MoHE") and VMR Three Sdn. Bhd. ("VRM3") to provide cooperation and support to XOX and VMR3 for the implementation of the Program Keusahawanan MYSISWA (MYSISWA Entrepreneurship Program) ("Program").

The Program aims enhance the digital learning lifestyle of the MYSISWA communities, specifically for the Institusi Pendidikan Tinggi Awam (IPTA, Public Higher Learning Institution) nationwide. In the collaborate on, XOX and VMR3 will be working with the Ministry of Higher Education to provide the lifestyle ecosystem to the students at IPTA, multiple platforms to perform tasks online, cultivating IPTA students entrepreneur skills, attractive packages for the students and social responsibility elements of working through Yayasan Kebajikan Siswa. The MOU shall commence on the date of execution 31 July 2023 and shall remain in force for a period of 5 years unless terminated earlier by either party in writing.

The MOU will not have any effect on the share capital and substantial shareholders' shareholdings of XOX. The MOU is also not expected to have any material immediate effect on the earnings per share, net assets per share and gearing of the Group for the financial year ending 30 September 2023. None of the directors, major shareholders and/or chief executives of the Company and/or persons connected with them have any interest, whether direct or indirect, in the MOU.

The MOU being incurred in the ordinary course of business, is not subject to the approval of the shareholders. The Board of Directors of XOX, having taken into consideration all aspects of the MOU, is of the opinion that the MOU is in the best interest of the Group. The MOU is available for inspection at the registered office of the Company at 22-09, Menara 1MK, No.

1 Jalan Kiara, Mont Kiara, 50480 Kuala Lumpur between 8.30 a.m. and 5.30 p.m. from Monday to Friday (except public holidays) for a period of 3 months from the date of this announcement.