VMOTO LIMITED — Capital/Financing Update 2024

Nov 12, 2024

13 November 2024

==> picture [593 x 94] intentionally omitted <==

Vmoto and Skipper Entered into Joint Venture in Thailand

Highlights

• Vmoto and Skipper Run Co, Ltd (“Skipper”) have entered into an agreement to establish a new jointly owned operating company, GoRide Co, Ltd in Thailand (“GoRide”) (70% Skipper, 30% Vmoto).

• GoRide will focus on supplying electric motorcycles/mopeds and e-mobility solutions to the delivery, transportation and logistics market in Thailand.

• Vmoto and Skipper aim to transform and accelerate the use of EVs in Thailand by combining and utilising Vmoto’s products/solutions and e-mobility experience, and Skipper’s local network, expertise and experience to sell and rent electric two-wheel vehicles and e-mobility solutions to riders, consumers and businesses in the food & grocery delivery, transportation and tourism sectors.

Global electric vehicle company, Vmoto Limited ( ASX: VMT ) (“ Vmoto ”, or the “ Company ”) is pleased to announce that it has entered into a joint investment agreement with Skipper, a business group in Thailand, to set up GoRide in Thailand to focus on the business of 2-wheel electric vehicle sale and rental to riders and businesses (including but not limited to battery swapping and fast charging) targeting business-to-business customers (“B2B“) and renting to end users within taxi, student and tourism transport.

Overview of Skipper

Skipper is a business group in Thailand that has been operating since 2017 and its businesses include motor vehicle parts manufacturing, delivery and logistic services, and construction and installation services to various business customers.

Skipper has developed a good network of business relationships with some of Thailand’s largest convenience stores, restaurant groups and food delivery platforms. Skipper has been very supportive of accelerating the use of electric vehicles to reduce carbon emissions in Thailand and sees big potential in developing sustainable last mile delivery solutions using electric vehicles to provide food & parcel deliveries, taxi transportation and for student and tourism usage.

Vmoto’s Managing Director, Mr Charles Chen said, “ We are excited to partner with Skipper and being part of the process of accelerating the transition of petrol vehicles to electric vehicles in Thailand given the country is one of the largest users of petrol motorcycles and mopeds in South-East Asia. Both Vmoto and Skipper share the same vision and belief in electric vehicles and a commitment to reduce carbon emissions. We also see potential in decongesting some of Thailand’s cities where narrow roads are more suited to electric motorcycles/mopeds for last mile delivery. ”

==> picture [593 x 94] intentionally omitted <==

==> picture [593 x 93] intentionally omitted <==

==> picture [593 x 94] intentionally omitted <==

Skipper’s Managing Director, Mr Chantaphat Kaewkunngam said, “We are proud to announce our partnership with Vmoto through jointly establishing GoRide in Thailand. With Vmoto backing GoRide with its high performance and high quality electric motorcycle/mopeds that are tailor made for performing heavy-duty, long-distance delivery, GoRide’s customers and riders will benefit from the most competitive EV products and e-mobility solutions in the market. We are confident that GoRide can gain market share rapidly and help accelerate the use of electric vehicles in Thailand.”

Joint Investment Agreement

The key terms of the Joint Investment Agreement are as follows:

• Vmoto and Skipper will incorporate a new operating company, GoRide Co, Ltd;

• Skipper will invest Thailand Baht (THB) 2 million (~A$88k)[1] by 31 December 2024 and THB 5 million (~A$221k)[2] by 31 March 2025, in cash for 70% of GoRide;

• Vmoto will invest THB 3 million (~A$133k) in electric mopeds, swap and charging stations and batteries by 31 March 2025;

• GoRide will have a Board of Directors comprised of 3 members, with 2 Directors to be appointed by Skipper and 1 Director to be appointed by Vmoto; and

• an independent Chief Executive Officer will be appointed by the Board who will be responsible for the day-to-day operations of GoRide.

-ENDS-

The announcement was approved for release by the Board of Vmoto Limited.

For further information, please contact:

Company enquiries

Charles Chen Managing Director T: +61 8 9226 3865 info@vmoto.com

Vmoto’s Social Media

Vmoto is committed to communicating with the investment community through all available channels including social media. Whilst ASX remains the primary channel for all material announcements and news, all Vmoto shareholders, investors and other interested parties are encouraged to follow Vmoto on our website ( www.vmoto.com ), Facebook ( www.facebook.com/vmotosoco ), Instagram ( www.instagram.com/vmotoofficial ) and YouTube ( www.youtube.com/vmotosoco ).

1 Exchange rate: AUD 1.00: THB 22.6

2 Exchange rate: AUD 1.00: THB 22.6

==> picture [593 x 93] intentionally omitted <==

==> picture [593 x 94] intentionally omitted <==

Forward Looking Statements

Forward looking statements are based on current expectations and are not guarantees of future performance, involve known and unknown risks, uncertainties and other factors, many of which are outside the control of the Company. Actual results, performance or achievements may vary materially from any forward-looking statements. Although the Company believes that assumptions underlying the forward-looking statements are reasonable, any of the assumptions could prove inaccurate or incorrect in hindsight and, therefore, there can be no assurance that matters contemplated in the forward-looking statements will be realised. Accordingly, readers are cautioned not to place undue reliance on forward looking statements, which are current only as at the date of this announcement.

Shareholders Communications

Vmoto is committed to communicating with its shareholders regularly and efficiently and encourages shareholders to adopt electronic communication channels. Shareholders can update communication methods by going to www.computershare.com.au/easyupdate/VMT.

==> picture [593 x 187] intentionally omitted <==

==> picture [593 x 188] intentionally omitted <==

==> picture [593 x 94] intentionally omitted <==

==> picture [593 x 93] intentionally omitted <==