TECHNOLOGY-BASED SUBSIDIARIES The Group’s ethos has always been rooted in technology and scientific innovation. When Rex was listed as a public company in 2013, its unique differentiating factor then was the Group’s proprietary liquid hydrocarbon indicator - Rex Virtual Drilling (“RVD”) - which the Group had been using as a de-risking tool for offshore oil exploration. The Group has since transformed from a pure oil exploration company to a full-fledged oil & gas exploration & production (E&P) company, and continues to leverage on RVD when evaluating new asset investment opportunities and making exploration drilling decisions. In 2019, shareholders at the Company’s Extraordinary General Meeting gave a resounding 99.79 per cent approval for the Group’s proposed diversification of the Group’s business into sustainable energy, sustainable solutions for materials and development, and ownership or acquisition of related technology. The proposed business diversification was made in recognition of the global trend in the energy market to move to clean and sustainable energy and the Group’s affinity to new and game-changing technology. In 2021, Rex invested in the heavy-duty commercial drone business, which promotes sustainable practices for corporations and government institutions on a global scale by replacing larger and heavier modes of transport such as helicopters, trucks and sea vessels for a wide range of applications, minimising environmental impact and reducing CO2 emissions, bringing the Group a step closer towards the abovementioned approved business diversification mandate. On 12 November 2025, it was announced that Rex’s indirect wholly-owned subsidiary Rex Technology Investments Pte Ltd (“RTI”), had signed a conditional share purchase agreement (“SPA”) with Renewable Ventures Nordic AB (“RVN”), with the intention of listing Xer Tech AB (“Xer Sweden”), the Company's indirect subsidiary, on the Sweden Spotlight Stock Market ("Spotlight”) via a reverse takeover (the “Proposed Transaction”). Pursuant to the Proposed Transaction, RTI would transfer 6,000,000 shares in Xer Sweden, representing 60 per cent of the shares in Xer Sweden then, (“Xer Shares”) to RVN (the “Proposed Transfer”) and as consideration for the Xer Shares, RVN would issue new shares in the share capital of RVN to RTI. Following shareholders’ approval at the Company’s Extraordinary General Meeting in January 2026, the Proposed Transaction and Proposed Transfer were completed on 28 January 2026. RVN changed its name to Xer Tech Holding AB and its shares have been trading on Spotlight under the new ticker symbol “XER” since 11 February 2026. The Group currently has an interest of approximately 50.4 per cent in the listed Xer Tech Holding AB. Rex International Holding Limited 41
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