The terms used herein, unless the context otherwise stated, bear the same meaning as those defined in the earlier announcement dated 26 September 2022 (reference no. GA1-26092022-00062) in relation to the Proposed Disposal.

Reference is made to the earlier announcement of the Company dated 26 September 2022 in relation to the Proposed Disposal. Further thereto, the Board of Directors of Paramount Corporation Berhad (Paramount or the Company) is pleased to announce that the Company has, on this 1 December 2022 signed a SPA Amendment Letter with XCL  Education Malaysia Sdn Bhd (Registration No. 201901020584 (1329913-W)) to replace Clause 3 of the SPA, which reads as "The consideration for the sale and purchase of the Sale Shares under this Agreement shall be an aggregate sum of RM120,000,000 payable by the Purchaser to the Seller on the Completion Date in cash (in accordance with Clause 11.11) (the “Purchase Price”).", with the following:

 “The consideration for the sale and purchase of the Sale Shares under this Agreement (the “Purchase Price”) shall be an aggregate sum of RM120,000,000 (the “Initial amount”) payable by the Purchaser to the Seller on the Completion Date in cash (in accordance with Clause 11.11), provided that the Initial Amount shall be adjusted through a reduction equal to any amounts that the Seller has received (in the aggregate) by way of dividend payment from Target Companies between 26 September 2022 (being the date of the SPA) and the Completion Date.”

This announcement is dated 1 December 2022.