Reference is made to the Company’s announcements dated 25 April 2024, 26 July 2024, 4 September 2024, 20 September 2024, 14 October 2024, 24 October 2024, 4 November 2024, 24 January 2025, 24 March 2025, 30 May 2025, 31 July 2025, 28 August 2025 and 29 September 2025 ("Announcements") as well as the Company’s circular to shareholders dated 20 September 2024 ("Circular") in relation to the Proposals. Unless otherwise stated, the words and abbreviations used herein shall have the same meaning as the Circular.

On behalf of the Board, RHB Investment Bank wishes to announce that the Company and AAX have on 17 October 2025 entered into a third supplemental agreement to the AAAGL SSPA ("AAAGL Third Supplemental SSPA") to waive a condition precedent of the AAAGL SSPA in relation to the approval to be sought by AAX from the Takeover Panel of Securities and Exchange Commission, Thailand in respect of the proposed exemption under the applicable takeover rules in Thailand from the obligation to undertake a tender offer to acquire all remaining shares in Asia Aviation Public Company Limited (listed on the Stock Exchange of Thailand) not already owned by AAX upon completion of the Proposed AAAGL Disposal ("Tender Offer"). Save for the aforementioned, there are no other material changes to the terms and conditions of the AAAGL SSPA.

Upon completion of the Proposed AAAGL Disposal, it is the intention of AAX, together with an identified Thai third party acting as a joint offeror, to jointly undertake the Tender Offer. Please refer to AAX’s announcement dated 17 October 2025 for further information on the Tender Offer.

A copy of the AAAGL Third Supplemental SSPA will be made available for inspection at the registered office of the Company at Wisma Capital A, 19-04-02, 19, Lorong Dungun, Bukit Damansara, 50490 Kuala Lumpur, Wilayah Persekutuan, Malaysia during normal business hours on Mondays to Fridays (except public holidays) for a period of 3 months from the date of this announcement.

The Company will make the necessary announcement(s) regarding the development of the Proposals accordingly.

This announcement is dated 17 October 2025.