Reference is made to the Company’s announcement made on 12 June 2018. Unless otherwise redefined, the definitions used herein shall be the same as those defined in the earlier announcement in relation to the Collaboration Agreement.

The Board of Directors of AppAsia Berhad (“AppAsia” or “the Company”) wishes to announce that Extol Corporation Sdn. Bhd., a wholly-owned subsidiary of the Company (“Extol”) and Malaysian Institute of Accountants (“MIA”) had on 30 October 2019 entered into an Addendum Agreement to amend some terms of the Collaboration Agreement (“CA”) dated 12 June 2018 for the development and promotion of an Industry-wide Electronic Bank Confirmation Platform (“Platform”) to facilitate the bank confirmation process in Malaysia. The terms in the Addendum Agreement include the followings:

1) The agreement period of the CA is revised to twelve (12) years commencing from the Effective Date, unless earlier terminated in accordance with the provisions of the CA; and

2) The Platform shall adopt the Pay-Per-Use (“PPU”) commercial model, in which Extol shall charge the auditors the platform service fee of RM15 (“PPU Fee”) per bank confirmation received.

For avoidance of doubt, other terms and conditions of the Collaboration Agreement dated 12 June 2018 shall remain unchanged and shall remain in full force and effect.

This announcement is dated 30 October 2019.