Update in relation to Sincere Acres Sdn Bhd

28 February 2025

MobilityOne Limited

("MobilityOne", the "Company" or the "Group")

Update in relation to Sincere Acres Sdn Bhd

MobilityOne (AIM: MBO), the e-commerce infrastructure payment solutions and platform provider, provides the following update in relation to Sincere Acres Sdn Bhd ("Sincere").

On 4 October 2023, the Company announced, amongst other matters, that MobilityOne Sdn Bhd ("M1 Malaysia"), the Group's wholly-owned operating subsidiary in Malaysia, had completed the acquisition of a 49% equity interest in Sincere for a cash consideration of RM30,000,000. It was further announced that whilst the first tranche, representing RM2.0 million, had been paid by M1 Malaysia to United Flagship Development Sdn Bhd (the "Vendor"), the second tranche, representing the balance of RM28.0 million (the "Second Tranche"), was required be paid by M1 Malaysia by 8 March 2024 (the "Second Tranche Payment Date").

The Second Tranche Payment Date has been subject to prior extensions, as announced by the Company most recently on 2 January 2025. The Vendor has today agreed with the Company to further extend the Second Tranche Payment Date for payment of the Second Tranche plus accrued interest from 28 February 2025 to 31 May 2025 (the "Extended Second Tranche Payment Date"). As part of this extension, M1 Malaysia has agreed to pay the Vendor in cash the accrued interest for the period from 9 September 2024 to 28 February 2025 totalling RM1,327,123 (the "Accrued Interest Payment"). RM650,000 of the Accrued Interest Payment has been paid by M1 Malaysia with the balance to be settled on or around 7 April 2025.

In line with the Second Tranche payment terms, any payment made in relation to the Second Tranche will continue to be subject to an interest charge of 10% per annum. There will continue to not be any scope for the balance amount payable for the Second Tranche (including any interest charge) to be reduced by RM1.0 million in the event that the payment is made by the Extended Second Tranche Payment Date.

All other terms of the acquisition of Sincere remain unchanged.

For further information, please contact:

MobilityOne Limited +6 03 89963600

Dato' Hussian A. Rahman, CEO www.mobilityone.com.my

[email protected]

Allenby Capital Limited

(Nominated Adviser and Broker) +44 20 3328 5656

Nick Athanas / Vivek Bhardwaj

About the Group:

MobilityOne is one of the leading virtual distributors of mobile prepaid reload and bill payment services in Malaysia. With connections to various service providers across industries such as banking, telecommunications, utilities, government agencies, and transportation, the Group operates through multiple distribution channels including mobile wallets, e-commerce sites, EDC terminals, automated teller machines, kiosks, and internet & mobile banking. Holding licenses in regulated spaces including acquiring, e-money, remittance and lending, the Group offers a range of services to the market, including wallet, internet, and terminal-based payment services, whiteabel e-money, remittance, lending, and custom fintech ecosystems for communities. The Group's flexible, scalable technology platform enables cash, debit card, and credit card transactions from multiple devices while providing robust control and monitoring of product and service distribution.

For more information, refer to our website at www.mobilityone.com.my