NASDAQ: EUDA

EUDA
aims to provide a series of products and services through its network and offer an array of complementary products and services to deepen
their relationship with its members from assessing the condition, evaluating the risk level to providing personalized support services.

EUDA
markets and promotes its Medical Urgent Care services to healthcare provider organizations throughout Singapore using a go-to-market
and direct sales organization composed of highly trained and technical team members that are segmented into several highly targeted and
coordinated teams. These dedicated sales teams develop content and identifies prospects that the sales development team research and
qualify to generate high-grade, actionable sales programs. EUDA’s sales and marketing department leverages on their deep experience
to deliver an urgent care solution tailor-fit to the size and specialty of each practice. Through this targeted, coordinated approach,
EUDA is able to maximize resource allocation and allow its sales teams to concentrate on execution.

EUDA
utilizes both an inside and outside direct sales force to execute on the qualified marketing programs, partnering with client services
to ensure the prospect is educated on the breadth of EUDA’s capabilities and demonstrable value proposition. Medical and clinical
partners also play an important role in marketing and selling EUDA’s products to its customer base. These partners may shorten
the sales cycle and lower the customer acquisition costs. For example, through the Clinic Management System (CMS) partners, EUDA is able
to embed its technology into existing health system technology infrastructure which, as a competitive differentiator, may lead to a higher
win rate.

EUDA’s
sales and marketing department is primarily responsible for planning and developing its overall marketing strategy, conducting market
research, coordinating the sales and marketing activities to attract new customers and maintain and strengthen relationships with existing
customers, managing the efforts in relation to tender bids and negotiating the terms of EUDA’s Property Management Service and
Security Service contracts. The team will explore and establish information channels for business development and market research purposes.
Such information channels include websites or other platforms on which property developers or property owners’ associations announce
tender opportunities, uncovering business opportunities by way of recommendation or frequent communication with customers and other industry
players, and organizing promotional events to showcase EUDA’s service offerings.

1

Furthermore,
EUDA implements various incentive measures to encourage the sales teams to obtain property management service contracts of properties
developed by third-party developers through research and analysis of and communication with target customers in the real estate industry
and taking advantage of EUDA’s resources and expertise. In addition, various communication channels are adopted to explore more
opportunities to provide EUDA’s Property Management Services that are customized and tailored to the specific localities to bring
convenience to local property owners and residents. EUDA continually seeks business cooperation opportunities with third-party merchants
to enhance the width and depth of its services.

Revenues
from EUDA’s property management services decreased from approximately $4.6 million for the year ended December 31, 2021 to approximately
$3.8 million for the year ended December 31, 2022. Currently, we do not have any property management services provided to any medical
clinics. EUDA generates revenue primarily from services in connection with medical services fees and property management service fees.
Medical services fees are generally derived from specialty medical visits in which EUDA acts as a principal connecting physicians to
patients. Property management service fees are obtained from contractually recurring revenue from common area management and security
management services which it provides to retail and residential properties.

Management
believes that EUDA’s platform will eventually provide a full continuum of healthcare services integrated with healthcare data analytics
to drive improved outcomes for patients. To achieve this, EUDA aims to continuously build towards a consumer-centric digital ecosystem
to allow clients and patients to gain access to quality healthcare while keeping costs affordable. EUDA incorporates AI and ML on the
platform and implements relevant solutions to a wide variety of healthcare and homecare services that it currently provides. AI-driven
advancement will be increasingly visible throughout the healthcare journey including a strong potential for interactive virtual assistants
to improve patient experience and clinician operational workflow. EUDA believes in incorporating technology into the traditional medical
services market and creating an end-to-end ecosystem that provides a comprehensive suite of healthcare and wellness services adds great
value.

In
the wake of the COVID-19 pandemic as nations went into various degrees of lockdown, there was also a permanent and massive digital adoption
spurt and an acceleration in the telehealth and digital-health sector. According to Markets & Markets, the global telehealth and
telemedicine market is expected to reach USD 191.7 billion by 2025 from an estimated USD 38.7 billion in 2020, due to the following reasons:
(1) a rising and aging population (2) the need to expand healthcare access; (3) the growing prevalence of chronic diseases and conditions:
(4) a shortage of physicians, (5) advancements in telecommunications, and (6) government support and increasing awareness.

Between
2000 and 2017, global health spending grew by 3.9% a year, outpacing global economic growth as global GDP grew by 3.0%. The World Health
Organization has reported that as the growth of cost in healthcare per capita continues to outpace the growth in GDP per capita, the
burden of healthcare cost could ultimately grow faster than the economic power to sustain such costs. Particularly in Southeast Asia,
the rise in the cost of healthcare is expected to accelerate given the rapid demographic shift in a larger proportion of an aging population,
according to Solidiance. As the working age population ages, EUDA believes the prevalence of smoking, overweight and obesity will also
translate into a high prevalence of severe non-communicable diseases in the future, adding further pressure and costs to healthcare.

There
is an impetus to ensure that healthcare remains more affordable and accessible and in pursuit of this, many technological innovations
have been sprouting up in various healthcare verticals. Yet, there remain gaps in the fragmented infrastructure of the healthcare industry
which has led to cost and quality inefficiencies. EUDA had taken various steps and measures to integrate technology into various aspects
of the healthcare system and aims to bridge the gap between various siloed healthcare verticals to form a comprehensive healthcare and
wellness ecosystem. Management believes that EUDA’s platform will eventually improve consumers access to an even higher-quality
and more affordable healthcare options that were previously constrained by geographic locations, physician availability, office hours
and costs. Digital-health providers that are part of their network had and will continue to undergo a rigorous screening and training
process. Additionally, EUDA is currently in partnerships with reputable specialist providers to ensure quality care for their patients,
providers on the EUDA network, including medical institutions such as clinics and hospitals, government health agencies and insurers.
They are working towards providing providers on their network with greater convenience and flexibility in their operations, training,
and support to ensure professional development and through their network of consumers, enabling them to increase income opportunities.
The network of providers can also form unique partnerships to further increase their reach of products and services through complementary
offerings.

2

Industry
Challenges

Lack
of Access to Healthcare

During
the outbreak of the COVID-19 pandemic, many Asia-Pacific countries experienced first-hand suffering from a lack of resilient health systems
to provide timely and quality care. The impact varied across nations and populations but there has been a disproportionate impact upon
the most vulnerable populations. While the number of doctors per 1,000 people varies widely across Asia-Pacific countries and territories,
it is generally lower than the OECD average and is unlikely to meet rising health needs. Patients have faced challenges gaining access
to affordable and timely health care especially in communities that are traditionally underserved, such as those in remote or rural areas
with few health facilities and medical staff. The shortage of skilled health professionals also has an adverse impact on the quality
of care offered in health institutions.

Aging
population to strain healthcare resources

According
to the Economic Research Institute for ASEAN and East Asia, the East and South-East Asia Region currently has the largest number, about
37% of the world’s population, aged 65 or above and this trend is expected to continue over the next three decades. By 2025, 10%
of Asia’s population will be people aged 65 years old and above, which is a 14% growth over 2021. This increase is driven by reduced
fertility rates and higher life expectancy. By 2025, there will be close to half a billion people aged 65 or above in the Asia-Pacific
Region.

As
the number of people aged 65 or above increases, there will be a demand for primary care services to screen, assess and manage chronic
illnesses and comorbidities, potentially straining healthcare resources. This demographic change also indicates that there may be fewer
medical providers to deliver patient care and this shortage will necessitate a change in the existing model for medical care.

Healthcare
cost has outpaced economic growth

According
to the World Health Organization, between 2000 and 2017, global health spending grew by 3.9% a year while the global GDP grew by only
3.0% a year. The increase in health spending was even faster in low-income countries, where it rose 7.8% a year between 2000 and 2017
while the economy grew by 6.4% a year. In middle income countries, health spending grew more than 6% a year. In high income countries,
the average annual growth was 3.5%, about twice as fast as economic growth. If this trend persists, healthcare could grow to a share
of the economy and government budgets in ways that are unsustainable, and governments are unlikely to allocate a higher proportion of
their budgets to healthcare spending.

Coupled
with an aging population, this would mean that a relatively smaller workforce will have to produce the economic wealth to sustain the
ever-growing demand for healthcare due to a relatively larger elder population. This will be exacerbated by the future elder population
being composed of the working population today, which sees a prevalence of smoking, overweight and obesity rates that may result in a
high occurrence of severe non-communicable diseases in the future.

Consulting
firm Solidiance has reported that even at present rates, the cost of healthcare in Southeast Asia’s major economies (Malaysia,
Singapore, Philippines, Vietnam, Thailand, and Indonesia) is expected to outpace both GDP and population growth, leading to an estimated
total healthcare cost of more than US$ 750 billion by 2025, an added burden of US$ 320 billion higher than the total spending of US$
420 billion back in 2017. Given that public sector is heavily involved in the provision of healthcare, governments are expected to make
payments on the majority of this incremental spend. This may cause a crisis in the healthcare systems in several nations unless policy
makers are able to develop a more efficient healthcare model for the future.

3

Poor
Medical Experience

Asia-Pacific
has been burdened with a problem of an aging population, which is further accentuated by the lack of proper healthcare facilities in
developing countries such as Indonesia. One of the key healthcare industry challenges is the limited availability of efficient and quality
healthcare services. Patients and doctors are increasingly frustrated by the long wait times, in addition to the high costs associated
with traditional medical consultations. There is an increased demand for more convenience, more emphasis on wellness and preventative
services, and generally, more control over a person’s own healthcare. The COVID-19 pandemic has driven consumers to demand one-stop
solutions for not only their medical needs, but also their overall wellness and educational information on the treatment options. According
to a survey by Bain & Company, 72% of the people in Asia Pacific consider wait times to be one of the primary pain points in the
healthcare system. Furthermore, the time taken for available traditional medical care services has increased the frustration of not only
the aging population but young adults as well. For example, in Indonesia, the average time taken to visit a doctor is 4 hours whereas
the average time spent in a doctor consultation is only 10 minutes. This clearly highlights a huge gap in the market which requires the
industry leaders to pivot and explore better digital-health services in order to improve the healthcare landscape in the region.

Opportunities
for EUDA

Primed
for healthcare disruption

Driven
by shifting demographics, technological innovations and limited healthcare resources, the Asia-Pacific region is primed for healthcare
disruption and digital health ecosystems. McKinsey & Co. estimates that today, digital health impacts more than a billion lives,
and estimates show that digital health in Asia could collectively create up to US$ 100 billion in value by 2025, up from US$ 37 billion
in 2020. Furthermore, the rising rate of internet users in Asia-Pacific provides a solid platform for the digital healthcare landscape
to address the key challenges and burden on the healthcare system in the region. In Southeast Asia alone, the COVID-19 pandemic has also
accelerated Internet usage, with 40 million new users in 2020 alone and over 400 million users in the region. The internet penetration
rate in Southeast Asia was 69% as of 2021.

The
pandemic has lowered commercial barriers for health-tech as this sector sees continued funding by financial and strategic investors which
could further fuel technological innovations. The Asia-Pacific region is also expected to present an immense commercial opportunity for
the healthcare sector as regional healthcare expenditure in APAC is projected to grow by 11.5% annually to US$ 115.9 billion by 2025,
according to a report by L.E.K. Regulators have also begun to recognize the efficacy of Telemedicine, eliminating regulatory barriers
and increased policy support to establish and enforce regulation especially during the pandemic. Healthcare investment in Asia-Pacific
will also continue to outpace other regions. According to Bain & Company, there was US$ 15.8 billion in healthcare private equity
buyout deal value, with a growth rate of 38% between 2013 and 2018, compared with 29% for the rest of the world.

Accelerated
consumer adoption of Health-Tech

Bain & Co. estimates that in Southeast Asia, Health-tech usage has grown by 400% in 2020 and has retained its users post-lockdown. As
telehealth played crucial roles during the various degrees of lockdown, it has accelerated consumer adoption of health-tech. Within Indonesia,
as the healthcare system remains under pressure from the pandemic with hospitals struggling with the surge of patients, the government
turned to provide remote services by telehealth firms such as Alodokter and Halodoc and included free consultations and medication delivery.
This allows for prescriptions to be issued and delivered to non-critical patients eliminating the time spent on travel and waiting for
a consultation. At the same time, telehealth has alleviated the load on healthcare systems and prioritized hospitals for patients with
more critical symptoms.

Telemedicine
also enables communities in rural and underserved urban areas to gain access to healthcare by overcoming distance and time barriers between
healthcare providers and patients. Remote care and diagnosis via telemedicine will reduce patients’ distance travelled for specialist
care and related expense, especially critical for countries with a large, dispersed population such as Indonesia. Emerging health ecosystems
have already impacted more than a billion lives in Asia.

4

Platform
to improve health and wellness of all participants

Chronic
diseases remain a significant burden on healthcare systems globally. These progressive diseases are significant causes of illness and
death and can last for extended periods of time and require long-term treatment. These could be managed through chronic disease management
and some public and private payers have begun leveraging digital technologies to nudge consumers to monitor their health and lower the
long-term cost of care.

The
presence of a healthcare ecosystem will allow for tie-ups with an extensive network of medical partners to promote fitness and dietary
guidelines to a wider pool of the population. The utilization of big data and AI in digital health will also allow for forward-looking
data that can help avoid or mitigate non-communicable diseases. Telehealth can promote a healthy lifestyle and provide value-added services
ranging from post-surgery rehabilitation work to customizable fitness plans to combating chronic conditions, amongst others.

Competitive
Strengths

EUDA
believes that the following competitive strengths helped differentiate it from its competitors:

●
Unique
business model that encompasses the full spectrum of healthcare & wellness services: Its unique ecosystem-based business model
integrates a full continuum of healthcare services with healthcare data analytics to drive improved outcomes for patients. EUDA is an
all-encompassing healthcare management platform purpose-built to power the entire ecosystem of value-based care for both businesses and
individual consumers. EUDA operates on a unified platform to deliver better care for their patients, improving their overall journey
with EUDA. The platform allows healthcare providers and employers to give patients more personalized affordable care and improved healthcare
outcomes utilizing data and technology. EUDA offers a comprehensive suite of services for both healthcare and wellness services in order
to recognize the needs of their customers at every step of their journey.

EUDA’s
services are divided into four verticals, namely, Healthcare, Lifestyle & Wellness, Health Plans and Enablement. This ensures
that the entire patient journey within the EUDA platform itself has been fully captured and EUDA is strategically aligned to provide
end to end solutions for their patients. This begins from customer acquisition and runs all the way to prescriptions to the delivery
of medications and ultimately provision of continuous care.

EUDA’s
healthcare solutions include services ranging from 24/7 medical urgent care to digital pharmacy solutions as well as diagnostic and
monitoring services. Subsequently, EUDA will be able to digitally connect their patients requiring support for mental health to their
panel of therapists and psychologists. Furthermore, in line with their commitment to cover the entire spectrum of care and wellness
services, their wellness vertical includes services such as an e-commerce one-stop shop marketplace for the sale of health and supplement
products including dietary snacks, home care services such as home nursing care and home consultation services, a fitness segment,
and also a men’s and women’s health which covers a suite of targeted wellness content. Lastly, under the health plans
vertical, EUDA will be providing monthly subscription packages that covers corporations as well as individuals for a selection of
telehealth services such as teleconsultation, online pharmacy and health screenings. Therefore, through their spectrum of services,
EUDA will be addressing the needs of multiple consumer segments and hence, take a holistic approach that improves health outcomes.

5

-

Creating superior user experience through their wide array of technological capabilities: EUDA’s integrated platform
is a one-stop healthcare hub that will centralize all of its existing and future programs into a single, user-friendly application,
providing its customers access to its services in real-time 24/7. One of its key differentiating factors arises from the proprietary
technology platform is to enhance the speed and efficacy of care. Regardless of the nature of the malaise or injury, EUDA’s
proprietary technology can recognize, analyze, and determine the type of treatment required instantly. The software platform will
allow members to be able to enjoy better care coordination, receive remote consultation and enables clients to reach out to the local
assistance centers for medical assistance as well as to receive precautionary reminders and any potential disaster warnings.

By using such integrated technology, EUDA aims to provide a premium experience to each of its members as they progress through different stages of their health care journey. The ability to deliver efficient, high-quality care is done through leveraging their proprietary AI and ML capabilities. It seamlessly guides the intake of members, facilitating assessment of inquiries, collection of relevant data and review of medical records with the sole aim of safely navigating its members to the right healthcare resources together with the right clinical expertise. This ultimately leads to better outcomes and more efficient utilization of resources. Furthermore, valuable data is collated throughout the process, that in turn feeds back into improving the performance of its machine intelligence.

In addition to the merits of EUDA’s technological capabilities, EUDA will be able to run secure and effective solutions such as the blockchain that will cover the entire healthcare process. EUDA will be utilizing blockchain’s ability to keep an incorruptible, decentralized, and transparent log of all patient data. While blockchain is transparent, it is also private, concealing the identity of any individual with complex and secure codes that can protect the sensitivity of medical data. The decentralized nature of the technology also allows patients, doctors, and healthcare providers to share the same information quickly and safely.

Therefore, EUDA believes its investment in technology ultimately will enable it to provide a better user experience at a lower cost of service, giving it an added advantage over its competitors.

-
Strong presence and wide network of partners to complement its Always-On approach: EUDA provides 24/7 concierge-level care coordination services for its high-risk members. As a digital health company, EUDA strongly believes in advocating the presence of healthcare at any time and any place as needed by its customers. Its coordination specialists are trained to cover all emergency, primary and specialty services and provide the highest level of personalized medical concierge level services at the push of a button. Furthermore, EUDA is working to strengthen its capability through its geographical presence and wide network of relationships with medical partners.

EUDA
currently operates in Singapore and has a sizeable number of medical partners across the healthcare spectrum ranging from ambulatory
service providers and General Practitioner (GP) clinics to hospitals and specialist consultants. This allows them to provide to their
clients, which consists of a range of corporate clients coming from various industries, as well as households. The widest range of
urgent care options are usually based around pricing, proximity, choice of treatment and medications. Therefore, EUDA’s relationships
with medical partners give it a great competitive edge as it is able to provide top notch round-the-clock healthcare services based
on the requirements expected from its clients.

6

Led
by a team of visionary leaders: Another key differentiating factor for EUDA is the rich blended nature of the management team.
EUDA’s management team comprises of executives with extensive experience in Healthcare, Technology, Insurance & Consumer
Experience segments. The wide array of industries captured by EUDA’s management team allows EUDA to deliver superior products
and services to its customers as the management team possesses an in-depth understanding of the pain points prevalent in the industry.
The combination has also enabled us to address the market gap in the healthcare industry with an innovative data driven all-in-one
healthcare platform.

Rapidly
diversifying and growing service verticals to improve monetization channels: EUDA believes that its competitive advantage is
its wide array of service verticals that allows it to serve the needs of multiple consumer segments. The diverse nature of its offerings
allows EUDA to expand its market reach both horizontally and vertically. The cross-selling of services further lends itself to a
sustainable and ever-expanding business model. EUDA aspires to make the EUDA ecosystem a perpetually growing platform in terms of
the addition of health and wellness verticals. EUDA has a wide array of additional health verticals in its roadmap and is determined
to realize providing digital health access to specialist health and wellness verticals in the Southeast Asia region. Segments that
are currently in development include: Digital Pharmacy, Medical Tourism, Chronic Disease Management, Mental Health, Diagnostics and
Monitoring, Marketplace, Fitness, Women’s Health, Corporate & Individual Health Plans and EUDA Society (Doctor’s
Insurance). With the expansion of its service verticals, EUDA hopes to provide a more comprehensive platform customers and expand
its monetization channels to increase synergies between their business segments. However, due to budgetary and other financial issues
during the first five months of 2023, the timeline for the development of such health verticals have been pushed back to the second
quarter of 2024 at the earliest.

EUDA’s
Growth Strategy

EUDA’s
growth strategies include the following:

Drive
Greater Adoption with their Existing Clients

●
EUDA
intends to drive greater adoption among existing patients by expanding the populations to which it offers services. Health plans
may offer the option of digital health to a subset of their total membership and over time expand this service to more members. Health
systems may start with a single hospital or region and then expand system wide. EUDA also plans to increase adoption within Singapore.
EUDA believes in continually increasing awareness of and loyalty to its solution by adding new and complementary products and services,
third-party connections, and other strategic alliances, so as to grow its solution towards becoming the single source for on-demand
healthcare for its clients.

●
Clients
have also embedded digital care more fully into their operations, where they plan to continually refine and enhance their user experience.
Hence, they will be using targeted patient and medical provider engagement campaigns, best practices training as well as operational
support to further drive an increase in usage across their platform. EUDA is also building robust data repositories to strengthen
its predictive models and multi-channel marketing strategies to provide a more complete picture of its clients, enhancing its ability
to lead targeted and purposeful campaigns, and it plans to invest heavily in marketing technologies that allow us to increase client
touchpoints. Lastly, EUDA plans to actively engage clients in benefit design, worksite marketing and executive sponsorship strategies
to drive awareness about its services.

Increase
Penetration by Adding New Clients within its Core Verticals

●
EUDA
had and will continue to invest in its direct sales force and channel management capabilities to sustain growth and client support.
As its clientele stems mainly from the realm of blue-chip companies, it represents a significant opportunity for new client growth
with large employers. EUDA further believes in forging ahead to compete with the market leaders in the digital health industry, given
its unique positioning strategy to capitalize on the Business to Business to Consumer, or B2B2C. Growth is expected to be generated
by word of mouth amongst corporations accompanied by enhanced brand awareness. EUDA believes the B2B2C model will bring about higher
growth with lower cost of customer acquisition in comparison to a direct Business to Consumer, or B2C model. EUDA will also direct
resources into new marketing technologies and campaigns to support their sales force in lead generation along with new client generation
and implementations.

7

Invest
in New Clinical Specialties

●

EUDA
currently offers its client’s access across a wide range of areas from chronic disease management, medical tourism, mental
health to men’s and women’s health such as hair loss and contraception. It plans to also offer direct access to behavioral
health professionals who treat conditions such as anxiety and smoking cessation. It plans to leverage on its highly scalable platform
by expanding into new clinical specialties, such as standalone dermatology services, second opinions and chronic conditions such
as diabetes, and by focusing on expanding its services amongst current clients such as by offering behavioral health as a commercial
service to their clients. As EUDA expands its clinical offerings, it plans to further eliminate gaps in continuity of care in order
to provide coordinated care along the healthcare delivery continuum.

Expand
Across Care Settings and Use Cases

●
EUDA
intends to expand its solutions across additional care settings and explore ancillary opportunities that will broaden its business.
EUDA believes its services have wide applicability across new use cases, including home care, post discharge, wellness, screening
and chronic care. It takes a holistic approach to improve outcomes for its clients and provide wellness and prevention through Health,
Fitness and Nutritional modules. It is also looking to provide campus clinics and workplace health services as well as medical emergency
assistance.

●
EUDA
is also currently extending the number, range and functionality of their benefits applications, and will hope to continue to respond
quickly to evolving market needs with innovative solutions, including broadened health kiosk access, mobile applications, biometric
devices and at-home testing.

Invest
in Digitalization and Innovation for Digital Care Capabilities

●
EUDA
plans to expand the reach of its digital platform into new areas by investing in new technologies. For example, it is looking to
incorporate a fitness function within EUDA, allowing individuals to connect to fitness applications on the EUDA platform. It is looking
to partner with a local digital fitness provider that offers a suite of fitness and wellness content. The classes will allow individuals
to reach their fitness goals anywhere and anytime, offering a series of workout sessions including full body, targeted workouts,
stretch and recovery.

●
EUDA
is constantly investing in AI technology that is designed to help expand patient engagement while improving efficiencies, reducing
the cost of care and promoting better care coordination. For example, there will be an AI deployment enabling a patient-provider
matching tool, allowing patients to input their preference for doctors, timing and area of specialist onto the EUDA platform and
its platform will synthesize patient’s preference to ensure best matches to boost efficiency and user experience.

●
Continued
investment in interoperability, including remote patient monitoring, advanced analytics and lab services as well as the home delivery
of pharmaceuticals, is expected to allow EUDA to expand use cases. Its investments in interoperability with other technologies have
also allowed it to partner with innovative companies to develop unique products and services. Its strategic partnership will allow
its services to be accessed directly through the EUDA interfaces. EUDA believes these partnerships will differentiate their offering
and add new capabilities to drive demand and add value for its clients.

Leverage
Existing Sales Channels and Penetrate New Medical Provider Markets

●
EUDA
has developed a highly effective distribution network to target large employers and it is committing incremental sales and marketing
resources to the small-medium enterprises to increase its penetration within this market. Additionally, EUDA intends to further penetrate
the medical provider market, notably hospitals and group physician practices, as it believes its solution offers the medical community
an attractive platform from which to generate substantial income by acquiring new patients and to better participate in emerging
risk-sharing and value-based payment models. With expanded access to available health insurance, it also intends to pursue health
insurance companies about their services, hence, insurance companies may represent an attractive new sales channel.

8

Expand
into International Markets

●
As
regulatory and reimbursement systems around the world evolve, EUDA sees a significant opportunity to expand internationally. It is
also exploring joint international offerings with existing partners, as well as with strategic acquisitions to further boost their
geographical footprints in Southeast Asia.

Pursue
Focused Acquisitions

●
EUDA’s
comprehensive platform and know-how enable it to selectively pursue strategic and complementary businesses to support its clients’
needs. Its acquisition strategy is centered on acquiring technologies, products, capabilities, clinical specialties and distribution
channels that are highly scalable and rapidly growing. EUDA will continue to evaluate and pursue acquisition opportunities that are
complementary to their business, though we have no acquisitions contemplated at this time.

Intellectual
Property Rights

EUDA
owns or otherwise have rights to the trademarks and service marks, used in conjunction with the marketing and sale of its products and
services. This includes trademarks, such as EUDA, Euda and euda, which are protected under applicable intellectual property laws and
are EUDA’s property and the property of its subsidiaries. Solely for convenience, EUDA’s trademarks and trade names referred
to in this Annual Report may appear without the ® or ™ symbols, but such references are not intended to indicate, in any way,
that EUDA will not assert, to the fullest extent under applicable law, its rights or the right of the applicable licensor to these trademarks
and trade names.

Save
for the trademarks and domain name disclosed in this Annual Report, EUDA’s business and profitability is not materially dependent
on any trademark, patent, domain name or other intellectual property. EUDA holds no issued patent and EUDA is not aware of any infringement
(a) by EUDA of any intellectual property rights owned by any third parties; or (b) by any third party of any intellectual property rights
owned by EUDA. To the best of EUDA’s knowledge, there had not been any pending or threatened claim made against EUDA, nor have
there been any claim made by EUDA against third parties, with respect to the infringement of intellectual property rights owned by EUDA
or third parties.

EUDA
currently does not hold any patents, but retains intellectual property rights in its technology and platform (which are used in managing
and delivering consultations) by including contractual provisions in each service agreement with its customers, which provide that background
intellectual property rights either (i) owned or licensed by EUDA or (ii) developed outside of the respective services agreement, belong
to EUDA. This includes significant know-how in understanding how to leverage cloud components deployed in the current platform, other
third-party technologies, and EUDA’s own technology, to deliver a first-class digital healthcare service.

EUDA
Ecosystem

Consumer-centric
digital ecosystems are emerging across the world in response to these fundamental forces disrupting healthcare. Such ecosystems are designed
to seamlessly deliver the right care in the right setting at the right time by integrating three critical components: (a) a network of
health-service providers across care settings, (b) a system of intelligence that leverages behavioral, social, and health data to analyze
patients’ needs and selects the appropriate provider, and (c) a technology backbone that enables data and insights to flow between
care providers.

In
order to capitalize on this industry trend, EUDA is building a healthcare ecosystem that encompasses the full spectrum of healthcare
and offers a comprehensive suite of health and wellness solutions. EUDA is an all-encompassing healthcare management platform purpose-built
to power the entire ecosystem of value-based care for both businesses and individuals. EUDA offers healthcare solutions that strengthen
the delivery of holistic medical care. It operates on a unified platform to streamline comprehensive patient-centered care and disease
management, unmatched data integration, broad-spectrum collaboration, patient engagement and configurable analytics and reporting.

9

EUDA’s
ecosystem is strategically aligned to provide comprehensive solutions for their patients. This begins when a person signs up for their
service and runs all the way to prescriptions, the delivery of medication and providing continuous care. The software will be powered
by ML and AI capabilities that will cover the full spectrum of a patient’s visit cycle from E-triage, GP consult, E-medical certificates,
and medical prescriptions. In addition to the medical aspect of healthcare, their ecosystem also encompasses the general well-being of
their customer and patients and therefore, caters to the fitness, dietary supplements and healthy snacks needs.

EUDA’s
AI and ML driven chatbot service will be supported by its extensive database that drives the e-triage process. The ML function learns
and improves the accuracy of outcomes as the database expands with more data inputs.

Moreover,
its patients are connected to the EUDA ecosystem through the EUDA mobile application. This, in turn, enables its users to connect to
certified doctors 24/7 through the convenience of video consultations via either phone or tablet. The application provides patients with
quick and easy communication with doctors who are readily available for addressing any medical issues. If medically necessary, doctors
can also quickly prescribe medication and connect patients with the pharmacy of their choice. Furthermore, the inbuilt data analytics
functionality gives user insights on improving health through health management modules and encourages program participation for targeted
lifestyle rewards and campaigns with selected partners.

Unique
Value Proposition

EUDA
provides a unique value proposition to its users through the utilization of its core resources and competencies:

-
Superior
capabilities of Artificial Intelligence and Machine Learning: EUDA’s technology platform leverages on at least 1,000 common
diagnostic patterns and represents a repository of valuable healthcare information of its clients that can be analyzed and dissected
through data analytics to ensure optimal therapeutic outcomes for its patients. ML can also be used to better understand human behavior,
habits, and interactions to realize continuously improved outcomes.

-
Always-On
Approach: The coordinator specialists provide 24/7 concierge-level care coordination services for their high-risk members and
cover all emergency, primary and specialty services.

-
Expanding
Network of medical partners: EUDA’s network consists of various medical partners across the healthcare spectrum ranging
from ambulatory service providers and GP Clinics to Hospitals and Specialist Consultants. By leveraging on their expanding network,
EUDA is able to offer its clients the widest possible range of urgent care options based around pricing, proximity, choice of treatment
and medications.

-
Ensuring
real-time quality of their service providers: EUDA’s service network is composed of accredited medical professionals who
are continuously trained to maintain a high standard of care. The roster of medical professionals is continuously reviewed and updated
to ensure the highest quality of healthcare resources are made available to its clients. Each of the medical practitioners in EUDA’s
roster has on average 15 years of experience.

EUDA
plans to establish its presence beyond Singapore, across the Southeast Asia region. Its strategy continues to be targeted at underdeveloped
health and wellness verticals to first establish its presence before dedicating more resources to capture more market share.

EUDA’s
Solutions

EUDA’s
platform will provide a full continuum of healthcare services integrated with healthcare data analytics to drive improved outcomes for
patients. Its services can be broken down into four spectrums: Healthcare, Lifestyle & Wellness, Health Plans, and Enablement all
on a single platform. The convenience of expanding existing offerings to provide services from Primary to Post-surgery care as well as
ongoing preventive healthcare for clients, regardless of the level of healthcare required, is unparalleled in the healthcare services
Southeast Asia market.

10

EUDA
currently provides 2 services namely Medical Urgent Care and Property Management Services.

●
Medical
Urgent Care

EUDA’s
Medical Urgent Care service aims to deliver top-notch healthcare assistance and medical evacuation to offer individual and corporate
client’s peace of mind around the clock. The proprietary technology enables EUDA to provide the members with a seamlessly integrated
medical assistance operation, reducing any possible delays in execution of cases. Regardless of the severity of the injury, the platform
can recognize, analyze, and determine the type of treatment required instantly, mitigating any health-related risks and associated costs.

EUDA
continues to invest in the existing EUDA platform to develop new technologies, products, modules, programs, and capabilities to meet
the broadening needs of its clients. EUDA is also looking to partner with its clients and/or other stakeholders to build new features,
modules, and programs. This includes the ongoing development of its digital tools program capabilities.

EUDA
plans to expand the reach of its digital platforms into new areas by investing in new technologies such as AI and its digitally enabled
technology with the goal of improving the patient-physician consult experience, enhancing the company’s health service offerings,
improving healthcare delivery efficiency and providing one avenue for the collection, organization and structuring of data.

●
Property
Management Services (Home Care Services)

The
Property Management Service covers the management of properties such as condominiums and shopping malls, which are part of the retail
and residential properties we service. Categorized under Home Care Service line from 2023 onwards, this service line together with the
Security Service will eventually evolve to provide home-based medical services to households. The home care service line will be a medical
integrated property management services in homes and offices that comes with general home care and specialized care service curated based
on member’s needs. Services include but not limited to are remote monitoring, continuous care management, chronic disease management,
post-surgery care, infusion, and preventative service. EUDA aims to also integrate the Security Service with its core business of providing
users with an integrated platform offering medical services by eventually training and providing security personnel at public events
for medical support.

11

Marketplace

Internet
penetration and the proliferation of online mobile applications has marked a significant shift in the global retail landscape to e-commerce
platforms. Consumer shopping habits have been molded with increasing digitalization as they can now explore a plethora of options and
products at the simple touch of a finger. E-commerce has transformed the entire retail value chain from the selection of products to
the transaction process and finally receiving the actual product. This has also had a trickle-down effect on health and wellness products
as more and more consumers are turning to the internet as a marketplace to address and fulfil their needs.

In
order to capitalize on this industry uptick, and as part of its wider ecosystem, EUDA operates a Digital Health Marketplace (DHM), a
smart online retail platform specializing in consumer health and wellness. This platform is powered by smart capabilities for members
to compare and find the most cost-efficient product. The DHM represents an online marketplace that aims to simplify clients and end-users’
access to health and wellness-based consumer products.

Under
the DHM, EUDA operates in three main segments that are outside the realm of prescription medicine:

●
Dietary
Supplements: The dietary supplements market came under the limelight as a result of the COVID-19 pandemic which drove a massive
awareness for personal health and immunity-boosting supplements. According to Grand View Research, the global dietary supplements
market was valued at US$ 151.9 billion in 2021 and is expected to expand at a CAGR of 8.9% between 2022 to 2030. In terms of demographics,
working adults accounted for 46.6% of the overall revenue in 2021 as a result of significant lifestyle changes and hectic work schedules
due to the shift to work-from-home amidst the pandemic. Southeast Asia is one of the key markets which is expected to see significant
growth during the forecast owing to the growing middle class and the increasing expenditure on health-enhancing products. EUDA is
well-poised to capitalize on this untapped potential with its data driven DHM and its growing presence in the Southeast Asia market.

●
Skincare:
The demand for skincare products, especially through online outlets, saw a massive increase during the pandemic period as there was
a rising cognizance of the various benefits of using personal care products. Moreover, within the skincare segment, the demand for
natural and organic skincare products proved to be more lucrative. According to Mordor Intelligence, the Global Skincare Products
Market was valued at US$ 140.92 billion in 2020 and is forecast to grow at a CAGR of 4.69% from 2021 to 2026. EUDA is strategically
positioned to capture the robust growth due to its strategic presence in the region as well its reliable and credible network of
partners.

●
Healthy
Snacks: Health consciousness has been one of the major drivers behind the exponential growth of the healthcare industry, especially
the healthy snacks industry. The preference for a quality lifestyle and ensuring that the nutritional needs of the body are met has
boosted the demand for healthy snacks. According to Fortune Global Insights, the global healthy snacks market was valued at USD$
78.13 billion in 2019 and is projected to reach USD$ 108.11 billion by 2027, exhibiting a CAGR of 4.2% during the forecast period.
Another key contributor to the growth of this market is the increasing prevalence of chronic and acute diseases which have driven
the shift to healthier lifestyle choices. Health-conscious consumers are expected to increase as the need for healthier lifestyle
becomes more prevalent and therefore, with EUDA’s DHM, it will augment the online retail space for the healthy snacks industry.

EUDA’s
ecosystem facilitates patients who are looking for healthier lifestyles to utilize the marketplace for their nutritional supplementation
at the click of a button. EUDA marketplace is an online e-commerce function of the EUDA application and website that provides consumers
with the tools to optimize their wellness e-commerce experience and maximize their health savings through making qualified and informed
decisions in their shopping experience. The platform will offer on-demand and subscription-based services for health and wellness products,
supplementing the service of care with technology, both at the front and back end. The AI-assisted bot will offer suggestive content
and products to boost user’s well-being. EUDA platform not only enables consumers to make informed decisions but also helps them
understand, manage and purchase products through educational content in accordance with their individual needs and benefits.

EUDA’s
Marketplace will improve the lives of their patients by providing convenience, lowering prices and offering discounts and wide range
of products for the consumer health and wellness industry. They aim to leverage their expanding network of medical partners to further
promote the need for health-consciousness and using superior dietary supplements for a healthier lifestyle as they continue to steer
through the pandemic.

12

Legal
Proceedings

From
time to time, the Company is party to certain legal proceedings, as well as certain asserted and un-asserted claims. Amounts accrued,
as well as the total amount of reasonably possible losses with respect to such matters, individually and in the aggregate, are not deemed
to be material to the consolidated financial statements.

On
March 30, 2022, the State Courts of the Republic of Singapore had reached a verdict that the Company’s subsidiaries, KRHSG and
Melana (Defendants) is liable to compensate Jamie Fan Wei Zhi (Plaintiff), the Company’s related party for failing to procure the
release of the Plaintiff from the guarantees to secure a credit line from United Overseas Bank before December 31, 2020. The Defendants
agree to compensate the Plaintiff the sum of $3,704 (SGD 5,000) per month as guarantor fee starting from January 1, 2021 until the Defendants
procured the release of the Plaintiff as the guarantor of the loan. The Defendants released the Jamie Fan Wei Zhi as the guarantor of
the loan on October 31, 2022. As of December 31, 2022, the Company has paid Jamie Fan Wei Zhi $74,966 (SGD 100,000), and no more balance
outstanding.

Employees

We
had 150 employees as of December 31, 2022, including our three named executive officers. None of our employees are covered by collective
bargaining agreements, and we have not experienced any strikes or work stoppages related to labor relations issues. We believe we have
good relations with our employees.

Share
Purchase Agreement

On
the Closing Date, the Company consummated the previously announced business combination contemplated by the Share Purchase Agreement
(the “SPA”) between 8i Acquisition 2 Corp., a BVI business company (“8i”), EUDA Health Limited, a British Virgin
Islands business company (“EHL”), Watermark Developments Limited, a British Virgin Islands business company (“Watermark”
or the “Seller”), and Kwong Yeow Liew, dated April 11, 2022 and amended May 30, 2022, June 10, 2022, and September 7, 2022.
As contemplated by the SPA, a business combination between 8i and EUDA was effected by the purchase by 8i of all of the issued and outstanding
shares of EUDA from the Seller (the “Share Purchase”), resulting in EUDA becoming a wholly owned subsidiary of 8i. In addition,
in connection with the consummation of the Share Purchase, 8i has changed its name to “EUDA Health Holdings Limited.” The
transactions contemplated under the SPA relating to the Share Purchase are referred to herein as the “Business Combination.”

Pursuant
to the terms of the SPA, upon the consummation of the Business Combination (the “Closing”), any and all outstanding units
of 8i, composed of one ordinary share of 8i, no par value (the “8i Ordinary Shares”), one warrant (the “8i Warrants”),
with every two 8i Warrants entitling the registered holder to purchase one 8i Ordinary Share, and one right to receive one-tenth (1/10)
of one 8i Ordinary Share upon the consummation of an initial business combination (the “Rights”) (collectively, the “Units”)
were separated into their component parts and the 8i Ordinary Shares and 8i Warrants were re-designated on a one-for-one basis, and the
Rights were converted (at the rate of one-tenth (1/10) of a share for each outstanding Right), into ordinary shares of EUDA Health Holdings
Limited, no par value (the “Company Shares”). The Company’s shareholders of record (the “Shareholders”)
are entitled to one vote for each Company Share held on all matters to be voted on by Shareholders. Shareholders have no conversion,
preemptive or other subscription rights and there are no sinking fund or redemption provisions applicable to the Company Shares. The
Company Shares and warrants (the “Warrants”) are listed on the Nasdaq Stock Market LLC (“Nasdaq”) under the symbols
“EUDA” and “EUDAW,” respectively.

Prior
to the Closing, the Units, 8i Ordinary Shares, 8i Warrants and Rights were listed on Nasdaq under the symbols “LAXXU,” “LAX,”
“LAXXW,” and “LAXXR,” respectively. In connection with the Business Combination, all of the Units separated into
their component parts and ceased trading on Nasdaq. No fractional Company Shares were issued upon the conversion of the Rights.

13

Amended
and Restated Registration Rights Agreement. At the closing, the Company entered into an amended and restated registration rights
agreement (as amended, the “Amended and Restated Registration Rights Agreement”) with certain existing stockholders of the
Company and with the Seller with respect to their shares of the Company acquired before or pursuant to the Share Purchase, and including
the shares issuable on conversion of the warrants issued to the Sponsor in connection with the Company’s initial public offering
and any shares issuable on conversion of working capital loans from the Sponsor (as defined in the SPA) to the Company (collectively,
the “Registrable Securities”). The agreement amends and restates the registration rights agreement the Company entered into
on November 22, 2021 in connection with its initial public offering. Pursuant to the terms of the Amended and Restated Registration Rights
Agreement, no later than fourteen (14) calendar days from the Closing, the Company is to file with the SEC a registration statement on
Form S-3 (or Form S-1) covering the resale of all or such maximum portion of the Registrable Securities as permitted by the SEC. The
Amended and Restated Registration Rights Agreement does not contain liquidating damages or other cash settlement provisions resulting
from delays in registering the Company’s securities. The Company will bear the expenses incurred in connection with the filing
of any such registration statements.

Lock-up
Agreement. In connection with the Closing, the Seller and its designees entered into lock-up agreements agreeing, subject to
certain exceptions, not to (i) offer, sell contract to sell, pledge or otherwise dispose of, directly or indirectly, any Lockup Shares
(as defined below), (ii) enter into a transaction that would have the same effect, (iii) enter into any swap, hedge or other arrangement
that transfers, in whole or in part, any of the economic consequences of ownership of the Lock-Up Shares or otherwise or engage in any
short sales or other arrangement with respect to the Lock-Up Shares or (iv) publicly announce any intention to effect any transaction
specified in clause (i) or (ii) until the date that is 18 months after the Closing Date (the “Lock-up Period,” which may,
upon written agreement of the Company and the Seller, be reduced for one or more holders of the Lockup Shares). The term “Lockup
Shares” mean the Purchaser Shares (as defined in the SPA) and the Earnout Shares (as defined in the SPA), if any, delivered as
earnout payment, whether or not earned prior to the end of the Lock-up Period, and including any securities convertible into, or exchangeable
for, or representing the rights to receive ordinary shares of the Company after the Closing.

Indemnification
Agreements

At
Closing the Company entered into indemnification agreements with each of its directors and executive officers. Each indemnification agreement
provides for indemnification and advancement by the Company of certain expenses and costs relating to claims, suits or proceedings arising
from service as an officer, director, employee, agent or fiduciary of the Company to the fullest extent permitted by applicable law.

Seller
Release

At
Closing, the Company entered into a release (the “Seller Release”) whereby Seller agreed to release 8i, EUDA,
and all of their respective past and present officers, directors, managers, stockholders, members, employees, agents, predecessors, subsidiaries,
affiliates, estates, successors, assigns, partners and attorneys (each, a “Released Party”) to the maximum
extent permitted by applicable law, from any and all claims, obligations, rights, liabilities or commitments of any nature whatsoever
against 8i, EUDA, or any of the Released Parties, arising at or prior to the Closing, or related to any act, omission or event occurring,
or condition existing, at or prior to the Closing. The Seller does not release 8i, EUDA, or any of the Released Parties from claims arising
after the date of the Seller Release, any of the other ancillary agreements to the SPA, or any organizational or governing documents
or, of any indemnification agreements with, 8i or any of its subsidiaries.

Where
You Can Find More Information

The
Company’s Annual Reports on Form 10-K, Quarterly Reports on Form 10-Q, Current Reports on Form 8-K, and amendments to reports filed
pursuant to Sections 13(a) and 15(d) of the Exchange Act are filed with the SEC. Such reports and other information filed by the Company
with the SEC are available free of charge on our website at https://www.nauticusrobotics.com as soon as reasonably practicable after
they are electronically filed with or furnished to the SEC. Our SEC filings are also available to the public from the SEC’s internet
site at https://www.sec.gov.