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September 01, 2023 Notice of business alliance with Phoenix Accounting Group and transfer of some of our group’s overseas subsidiaries

es Networks Co., Ltd. (hereinafter es Networks), parent company of Es Networks Philippines Inc. group of companies, is pleased to announce that it has entered into a business alliance with Phoenix Accounting Group (hereinafter Phoenix) and has resolved to transfer its shareholding in es Networks Asia Global PTE. LTD. and ES NETWORKS (THAILAND) CO., LTD. to Phoenix Accounting Singapore Pte. Ltd. and PT Phoenix Strategy Indonesia, which areforeign subsidiaries of es Networks.

1. Background and overview of the business alliance

With the mission of “Contributing to the growth of our economy through the support and development of business leaders”, es Networks systematically provides CFO functions to transformational companies that seek new technologies and know-how, as well as to the regional core companies that aim to be major players in the local economy, with hands-on consulting services to promote sustainable growth. Phoenix and its group of companies operate mainly in Japan and Southeast Asia, providing various accounting and tax consulting services, mainly in accounting and tax outsourcing and cross-border transactions. As one of our medium term to longterm growth strategies for the future, es Networks aims to expand its hands-on consulting services in overseas. Through this partnership, we will expand our hands-on consulting services by collaborating with Phoenix in overseas and sharing sales channels and human resources with both companies.

2.Overview of business alliance partners

(1) Name: Phoenix Accounting Group, Inc.
(2) Address: 2 -19 -4 Nishishimbashi, Minato-ku, Tokyo
(3) Representative: Tetsuo Ito/Takakana Saito
(4) Business Description: Accounting and Management Consulting
(5) Capital: 10 million yen
(6) Date of Incorporation: September 19, 2006

3.Transfer of certain overseas subsidiaries of es Networks

We are considering not only business alliances but also deeper alliances with Phoenix in overseas business areas. As part of this, in order to promote the integration of es Networks and Phoenix’s overlapping operations in Thailand and Singapore, the two companies resolved to transfer the shares held by es Networks in its overseas subsidiaries in both countries, es Networks Asia Global PTE. LTD., and ES NETWORKS (THAILAND) CO., LTD., to Phoenix Accounting Singapore Pte Ltd. and PT Phoenix Strategy Indonesia.

4. Schedule

(1) Date of Board of Directors’ resolution: July 14, 2023
(2) Date of business alliance agreement and stock transfer agreement: July 14, 2023
(3) Transfer of shares: July 19, 2023