Minutes of 30th Annual General Meeting

Registration No.: 199501011153 (340354-U) (Incorporated in Malaysia)

MINUTES OF THE 30THANNUAL GENERAL MEETING ("30THAGM") OF THE COMPANY HELD AT VAN ANDEL & DEVOS TRAINING CENTRE, AMWAY (MALAYSIA) SDN. BHD., 28, JALAN 223, 46100 PETALING JAYA, SELANGOR DARUL EHSAN, MALAYSIA ON WEDNESDAY, 21 MAY 2025 AT 9:30 A.M.

Present : Board of Directors

Encik Abd Malik Bin A Rahman - Chairman

Mr. Michael Jonathan Duong - Managing Director

Mr. Low Han Kee - Non-Independent Non-Executive Director Mr. Scott Russell Balfour - Non-Independent Non-Executive Director/Remuneration Committee Chairman

Ms. Ho Kim Poi - Independent Non-Executive Director/Audit Committee Chairperson

Datin Seri Azreen Binti Abu Noh - Independent Non-Executive Director/Nominating Committee Chairperson

Puan Norhanifah Binti A.Jalil - Non-Independent Non-Executive Director

Dato' Sri Harjeet Singh A/L Hardev Singh - Independent Non-Executive Director

Key Senior Management & Company Secretary Mr. Jason Leng Kek Mun - General Manager Ms. Ng Ai Lee - Chief Financial Officer

Ms. Yeow Sze Min - Company Secretary

Members/Proxies/Corporate Representatives/Invitees

: As per the Attendance List

The Chairman welcomed all present to the Company's 30thAGM and introduced all Board members, as well as the Key Senior Management members and the Company Secretary on stage, to the floor.

The notice convening the meeting, having been circulated earlier to all members of the Company and advertised in The Star within the prescribed period, was taken as read.

Upon confirming the presence of the requisite quorum pursuant to the Constitution of the Company, the Chairman called the meeting to order at 9:30 a.m.

The Chairman informed that pursuant to Paragraph 8.29A of the Main Market Listing Requirements of Bursa Malaysia Securities Berhad, all resolutions set out in the notice of a general meeting must be voted by poll and the Company is required to appoint at least one (1) scrutineer to validate the votes cast at the general meeting. Pursuant to the Constitution of the Company, the Chairman declared that

Resolutions 1 to 12 in the Notice of the 30thAGM shall be voted by poll. The poll would be conducted after all items on the agenda have been dealt with. The Chairman then briefed the shareholders on the flow of the meeting.

The poll administrator was Tricor Investor & Issuing House Services Sdn. Bhd. ("Poll Administrator") and the independent scrutineer was Coopers Professional Scrutineers Sdn. Bhd. ("Scrutineer").

At the invitation of the Chairman, Mr. Michael Jonathan Duong ("Mr. Mike Duong"), the Managing Director, introduced the composition and changes to the Key Senior Management members before handing over to Mr. Jason Leng Kek Mun ("Mr. Jason Leng"), the General Manager, who presented the business highlights for the financial year ended 31 December 2024, and Ms. Ng Ai Lee ("Ms. Ng"), the Chief Financial Officer, who presented the financial performance of the Group for the financial year ended 31 December 2024. Mr. Mike Duong then presented the Company's strategic focus for the financial year ending 2025, highlighting the current year's key strategies and major milestones.

The Chairman went through the agenda as set out in the Notice of the 30thAGM.

1. AUDITED FINANCIAL STATEMENTS FOR THE FINANCIAL YEAR ENDED

   31 DECEMBER 2024 ("AFS 2024") TOGETHER WITH THE DIRECTORS' AND THE AUDITORS' REPORTS THEREON

   The Chairman informed that the AFS 2024 together with the Directors' and the Auditors' Reports was meant for discussion only as the Companies Act 2016 did not require a formal approval of the shareholders for the AFS 2024. Therefore, the item was not put forward for voting.

   The Chairman invited questions from the floor.

   1. Questions raised by Mr. Lee Tai Tiam, a shareholder

      1. Does the Company intend to normalise special dividends to normal dividends?

         The Company's response:

         The Chairman replied that the Company has an established dividend payout policy, in which a minimum of 80% of the annual net profits are distributed as dividends, subject to the availability of cash. The Company does not have a plan to normalise the special dividends to normal dividends.

      2. Is the Company expecting any marginal increase in dividends for the financial years 2026 and 2027?

         The Company's response:

         The Chairman replied that for the past two financial years, the Company has paid out dividends of more than 80% of its net profit. The Company is unable to commit to or forecast any marginal increase in dividends for financial years 2026 and 2027. Dividends will be distributed following the Company's policy, subject to the availability of cash.

      3. What is the Company's view on the foreign exchange fluctuations between the US Dollar ("USD") and the Malaysian Ringgit ("MYR")?

         The Company's response:

         Ms. Ng responded that the Company had revised its payment terms a few years ago for the purchase of products from Amway Headquarters ("Amway HQ") in the USA from USD to MYR. There are some other expenses, for example, overseas incentive trips are payable in USD. Therefore, the Company's exposure to foreign exchange fluctuations has minimal impact on its profitability.

      4. Does the Company anticipate a positive impact on its profitability in view of the strengthening of the MYR against the USD?

         The Company's response:

         Please refer to the response in Question (iii).

      5. Can the Company request Amway HQ to reduce their product billing prices to Amway Malaysia given that the billings are in MYR and the MYR has strengthened against the USD? If yes, will the Company's profit margin improve?

         The Company's response:

         Mr. Mike Duong responded that the Company and Amway HQ adopt the Limited Risk Distributor ("LRD") transfer pricing model, which is an internationally acceptable approach under the Organisation for Economic Co-Operations ("OECD") guidelines. Under the LRD methodology, the Company's target operating margin is benchmarked against comparable third-party companies within the industry. By using the benchmarked operating margin, the prices of the products purchased from Amway HQ are negotiated to reflect an arms-length result. This methodology provides the Group with greater certainty and a stable operating margin, including protection against foreign exchange fluctuations.

      6. What is the impact of the US-imposed tariff war on the Company and consumer's sentiments on buying US products including Amway products?

         The Company's response:

         Mr. Mike Duong responded that the Company has established arrangements with Amway HQ to manage tariff-related impact, which helps mitigate financial risks associated with international trade. Amway HQ has in place cross-functional teams continuously working together on a global scale to monitor developments, identify and implement mitigating solutions to address the evolving US import tariffs, as well as assess its potential financial impact.

         Mr. Mike Duong further addressed the question regarding Amway's product origin and the perception of Amway as an American product. He clarified that Amway sources its ingredients from our organic farms located around the world to ensure the highest quality and efficacy for consumers. The focus is on delivering the highest quality products possible, rather than an American product. The Company does not foresee any negative impact associated with anti-buy American campaign against Amway products.

         Mr. Jason Leng added that Amway Malaysia operates with local Amway Business Owners ("ABOs") and is deeply integrated into the Malaysian market. While Amway is a US brand, Amway Malaysia is dedicated to providing high-quality products that support Malaysian families in living healthier and better lives.

      7. What is the projected royalty payment the Company expects to make in 2025, 2026, and 2027?

         The Company's response:

         Ms. Ng responded that royalty payments are dependent on the sales performance in the future years.

      8. Does the Company have any plans for share buy-back in 2025, 2026, and 2027?

         The Company's response:

         Mr. Mike Duong replied that the Board of Directors will continue to evaluate the strategies to maximise shareholders' value.

      9. Does the Company have plans to phase out products that contain "forever chemicals"?

         The Company's response:

         Mr. Jason Leng responded that it is always the priority of the Company to ensure our products comply with the highest standards of product safety and efficacy. The Company will always keep up to pace to align with evolving safety regulations and consumer expectations, thereby reinforcing consumer confidence and loyalty.

   2. Questions raised by Mr. Yogaretnam A/L K.Kanagandram , a shareholder

      1. What is the market reach of Amway Malaysia in this region, and are there equivalent Amway operations elsewhere in Asia?

         The Company's response:

         Mr. Mike Duong responded that Amway globally operates in over 70 countries, including key markets across Asia such as China, Thailand, Singapore, Indonesia, Philippines, and Vietnam.

         All Amway affiliates operate as distributor solely within their territory and do not extend their reach into other territories. Each market sources its products either from Amway HQ or locally within its country. Therefore, the Company only operates in Malaysia and does not sell products in other territories.

      2. Do the sales generated in other Amway territories have any impact on Amway Malaysia's bottom line?

         The Company's response:

         Mr. Mike Duong responded that the sales generated in other territories do not affect Amway Malaysia's bottom line, as the sales are recognised in the respective countries. Amway Malaysia's bottom line is primarily determined by sales and business growth in Malaysia. He added that as Amway is a global business, there are Malaysian ABOs who set up their businesses overseas and a small portion of their overseas bonuses are absorbed by Amway Malaysia.

   3. Questions raised by Mr. Khong Che Lian, a proxy

      1. What is the financial impact of the US-imposed tariff on the Company for the current financial year?

The Company's response:

Mr. Mike Duong explained that the Company operates under an LRD model, which helps to mitigate the tariff-related impacts on our profitability. Approximately 80% of the Company's products are sourced from Amway HQ, and the tariff impact is managed and addressed at the global level.

The Company maintains inventory levels for several months, which helps to mitigate the short-term effects of the tariffs. In the long term, the Company will continue to evaluate strategies to manage the cost of goods, including the ongoing inflationary pressures and tariff impacts.