Corrigendum to Public Annoucement of Offer dated December 19, 2025 to acquire 0.35% shares

A

BAWANYAIR

PRODUCTS LIMITED

January 23, 2026

The General Manager,

Pakistan Stock Exchange Limited, Stock Exchange Building Limited, Karachi

Corrieendum to Public Announcement of Offer dated December"19, 2025 to acguire 0.35% shares (i.e. 2,146,228 Ordinary Shares) Bawanv Air Products Limited (the "Target Company") subject to the minimum acceptance level of 0.25% (i.e.

1,502,360 Ordignary Shares) bv Mohabbat Khan and his associates / family (the "Acquirer') under SecuritiesAct, 2015.

Dear Sirs,

Please find attached Corrigendum to the Public Announcement of Offer dated December 19, 2025 (PAO) issued by Mohabbat Khan and Others (Acquirer) published on December 22, 2025 in the newspapers Business Recorder and Daily Dunya.

You may please inform the TRE-Certificateholders accordingly. Yours faithfully,

For an on behalf of

Bawany Air Products Limited

Comp

Secretary

c.c.

The Executive Director,

Public Offering & Regulated Persons Department, Securities & Exchange Commission ofPakistan, NIC Building, 63 Jinnah Avenue,

Islamabad Jinnah Avenue,

2" Floor, Nadir House, I.I.Chundrigar Road, Karachi -74700. Tel: (92-21) 32415 47 1-3

January 23, 2025

Executive Director

Puhlic Olfering & Regulated

NOFaibaQger p ,Nxmqgggp

PakiStan Stock Exchange Director and Chief Executive

Persons Department Securities Market I)ivision Sccuñt s£tExc)ape C'ommission ofPakistan

NIC Building, Jinnah Avenue, Blue Area, Islamabad

Subject:

Dear Sir,

Limited

StoCk ExchangeBuilding Stock 1-.xchange Rod Karachi

Officer

Bawany Air Products I..imited 2nd 1'loor, Nadir 1louse, I. I Chundrigar Head. Karachi

Reference is made to (i) the Public Announcement of Offer ("PAO") published iti B siness Recorder (English) and Daily Dunya (Urdu) newspapers on December 22, 202a. for acquisition of up to 2,146,228 ordinary shares of Baweny Air Products Limited (the "2"arget Company"), and (ii) the observatit›ns issoed by the Securities arid Exchange Commission of Pakistan vide its letter dated January ll9, 2026, requiring issuance of an Addendum to the PAO in terms ofthe Listed Companies I Substantial Acquisition ol' Voting Shares and Takeovers) Regulations, 2017 (the "Regulations"). In compliance with the aforesaid dircctions, and on behalf ofMr. Mohabbat Khan and his associates (the "Acquirers"), we hereby submit the Corrigendum / Addendum to the Public Ann‹iuncement of Dffer, dirty amended to incorporate the revised offer price and other related disclosures, in accordance with the appiicablc prt›visions of the Regulations.

The amended i'AO has been submitted today on the Pakistan Stock Exchange (PSX) Notice Board and the hard copy of the Corrigendum I Addendum is being dispatched to tbe Commission, Further, the same shall be published in ftasihe.cs Recorder (English) and Dodd twi.ys (Urdu) newspapers on January 24, 2026, being the same newspapers in which the original ICAO was published.

Should you require any liirther information or clarification, you may contact the undemigncd at your convenience.

For and on be£alf of Intermarket Securities Limited

Ibrar Korejo

Senior Manager - Investment Banking

Manager to the Gffer

Blameh-l Brar›c1› III RegionsltehoreO#c: [Z^..!':!› r::s,?›ooe•iyNo

23.1!'l'Fl:›:».Al:* f.K.

Corrigendum to Public Announcement of Offer da ted D ecembe c l9, 2025 to acquire 0.35% shares (i.e. 2,146,228 Ordinary Shares) of B awany Air P i odu c ts L innite d (the "Target Company") subject to the minimum acceptance level of 0.25 % (i.e t,502,360 Ordinary Sharea) by Mr. M ohabbat Khan and his aaeociates/family (the •Acquirer") under the Securities Act, 2015.

This coxxigendum amends the following clauses of the Announcement ofPublic Offer dated December 19, 2025 issued by Mohabbat Khan and Others (Acquirer) published on December 22, 2025 in the newspapers Business Recorder and Daily Dunya.

Hxcept for the changes given hereunder, all otbec terms and condifions of the original PU xemain unchanged.

THI5 IS A PUBLIC OFFER BY MOHABBAT KHAN AND HIS ASSOCIATES/FAMILY (HEREINAFTER REFERRED TO AS "ACQUIRER" TO ACQUIRE UPTO 2,146,228 ORDINARY SHARES OF BAWANY AIR PRODUCTS LIMITED (TARGET COMPANY) COMPRISING OF 0.35% OF THE ISSUED ORDINARY SHARE CAPITAL OF TARGET COMPANY IT AN OFFER PRICE OF PKR 51 (PAK RUPRES FIFTY ONE ONLY) PER ORDINARY" SHARE PURSUANT TO THE SECURITIES ACT 2015 (THE "ACT'Q AND LISTED COMPANIES (SUBSTANTIAL ACQUISITION OF VOTING SHARRS AND TAKEOVERS) REGULATIONS, 2017 (TH "REGULATIONS").

Acquisition through

Agreement(s)

Public offer

Number Shares

600,000,000

2,t46,228

o

Percentage

0.35%

Ptice per share(1ughest pace paid in case of SPA

PKR 10 er share PKR 51 per share

Brief description of the acquisiuon to be substituted as under

PART B

1.2 The Acquirer Individuals (acting in concert with Ctimpany giren in 1.1)

1. Offer Price and Financial Arrangements

   1. Justification fot the offer price

      The following clauses to be substituted as under

      Justification for the offec price for the shares of the target cortipany, in the light of utter contained th regulation 13 of these regulatep .

      2. The highest price paid by acquired including persons acting in concert for acquisition of the target company shares is PKR 51 on 07-08-2025 Based on the above, the Public Offer is being made at ]? 5t per shace, tbe highest amongst tbe above.

   2. Financial arrangements

      Disclosure about the security arrangement made in pursuance of Section 123 of the Act.

      Bank Guarantee amounting to PKR 109,500,000 in favour ofManager to Acquisition has been provided.

2. Procedure for Acceptance and Settlement The following clauses to be substituted as under

For and On behalf of Acquirers

Name: Mohabbat Khan Dated: January 23; 2026