Update on the demerger proposal

14 October, 2020

Aseana Properties Limited

("Aseana" or the "Company")

Update on the demerger proposal

Aseana Properties Limited (LSE: ASPL LN), a property developer in both Malaysia and Vietnam which is listed on the Main Market of the London Stock Exchange, entered into certain agreements on 15 July 2020 (the "Demerger Agreements") in relation to proposals to demerge certain assets held by the Company in exchange for the buyback and cancellation of a significant percentage of the issued ordinary shares of US$0.05 each in the capital of the Company (the "Shares"). The Demerger Agreements contained a long stop date of 14 October 2020 by which date the demerger needed to have been completed or the date reset by mutual agreement of all signatories.

The Directors of Aseana and all parties to the Demerger Agreements have now signed addendums to them to establish a new long stop date of 19 October 2020. This is with a view to agreeing arrangements for a revised completion date in late November 2020. A delay in completion of the transaction has been necessary to allow Ireka Corporation Berhad ("Ireka"), one of the Participating Shareholders in the demerger further time to call and hold an Extraordinary General Meeting ("EGM") of its independent shareholders to seek approval for the demerger. In addition, the Company's bankers and holders of the Medium Term Notes issued in relation to the financing of The RuMa and Sandakan assets have yet to approve the demerger and it is hoped that such approval can be obtained during this extension period. All other required consents for the demerger have been obtained.

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