DAVY VIEW

We see four principal drivers of VR Education Holdings’ (VRE) investment thesis: 1) the improving broader sector themes and evolving headset technology accelerating mainstream adoption; 2) ENGAGE’s opportunity to grow at scale, which has been materially enhanced through its channel partner HTC Corporation (HTC); 3) the VR (Virtual Reality) platform harnessing first mover advantage and strengthening network effects within the virtual events space; 4) the corporate endorsement received across industry verticals, strengthening the group’s strategic position within the expanding VR market.