Notice regarding Expansion of Capital Investment in AHAM Asset Management Berhad by Amova Asset Management

To whom it may concern

December 23, 2025 Sumitomo Mitsui Trust Group, Inc.

Please be informed that Amova Asset Management Co.,Ltd (President and CEO: Stefanie Drews, hereinafter "Amova"), a subsidiary of Sumitomo Mitsui Trust Group, Inc. (Director, President & CEO: Toru Takakura, hereinafter "SuMiTG") today announced the attached press release regarding the expansion of its capital investment in AHAM Asset Management Berhad (Managing Director: Dato'Teng Chee Wai, hereinafter "AHAM Capital") by acquiring shares of AHAM Capital from other shareholders (hereinafter "the Transaction").

1. SuMiTG's Asset Management Business Initiatives

   With "Trust for a flourishing future" as its Purpose, SuMiTG aims to realize a virtuous circulation of funds, assets and capital, and to create new value for society through the power of trusts, which encompasses the numerous functions of our trust schemes, our significant expertise, comprehensive capabilities, and fiduciary duty.

   In the Asset Management Business, SuMiTG - led by Amova, Sumitomo Mitsui Trust Asset Management, and Sumitomo Mitsui Trust Bank, is promoting its "Multi-Affiliate Model", where diverse and capable asset management companies and functions gather. We strive to deliver optimal investment opportunities to investors by advancing partnerships with asset managers in Japan and overseas, leveraging capital, and fostering autonomous enhancement of asset management capabilities within its affiliated companies.

2. Significance of the Transaction to our Group

   AHAM Capital has been an equity-method affiliate of Amova and SuMiTG since 2011, and has contributed to the distribution of Amova's investment products and the expansion of our Group's AUM. In light of the opportunity to acquire AHAM Capital's shares from other shareholders, Amova decided to increase its shareholding in the company. As a result, AHAM Capital is expected to become a consolidated subsidiary of Amova and SuMiTG. We believe that this consolidation will accelerate synergies between the two companies beyond the levels achieved to date. Amova will pursue the integration of Amova and AHAM Capital's business platforms and expansion of cross-selling initiatives, which SuMiTG believes will contribute to further growth in the Group's revenue and AUM.

   Malaysia, where AHAM Capital is headquartered, is recognized for its high economic growth rate, projected continued population growth, and a demographic characterized by a large proportion of young people. SuMiTG regards the Transaction as a stepping stone for the Group to enter the Malaysian market poised for further expansion. In addition, by leveraging the capabilities of AHAM Capital's affiliate in

   Islamic finance investments, we believe that there is a potential to expand the Group's services to client segments with growing demand for Islamic finance and investment products in the future.

3. Acquisition of AHAM Capital's shares

   The acquisition of AHAM Capital's shares by Amova is scheduled to be completed following approval by the relevant authorities in Malaysia and Japan, with the closing date yet to be finalized. Amova plans to acquire up to 80 % of AHAM Capital's shares following consultation with other shareholders. However, the acquisition may be executed in multiple phases, subject to discussions with relevant parties.

4. Impact of the Transaction on SuMiTG's financial results

   Currently, the Transaction does not affect SuMiTG's earnings forecast for the fiscal year ending March 31, 2026. Upon completion of the Transaction, SuMiTG expects to recognize an estimated step-up gain of up to approximately 19 billion yen.

5. Overview of AHAM Capital (as of August 31, 2025)

For further information, please contact:

Investor & Shareholder Relations Department, Sumitomo Mitsui Trust Group, Inc. Telephone : +81-3-3286-8354

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23 December 2025 Amova Asset Management Co., Ltd.

Amova Asset Management Co., Ltd. (formerly Nikko Asset Management Co., Ltd., hereinafter "Amova AM") today announced that it has entered into a share purchase agreement to acquire all remaining shares of AHAM Asset Management Berhad (hereinafter "AHAM Capital"), one of Malaysia's leading asset management firms. Amova AM currently holds a 20% stake in AHAM Capital, and the strategic acquisition of the remaining shares from leading shareholder CVC Capital Partners and other shareholders will bring Amova AM's stake to a maximum of 100%, making AHAM Capital a consolidated subsidiary. Completion of the transaction is subject to regulatory approvals in Malaysia and Japan.

AHAM Capital is among Malaysia's top three asset managers with over RM 100 billion in assets under management as of 30 November 2025. Since its establishment in 2001, the company has built a distinguished reputation by providing diverse investment solutions to a broad client base including institutional investors, pension funds, government-linked entities, high-net-worth individuals and retail investors. AHAM Capital has more than doubled its assets under management over the past decade cementing its leadership position in the Malaysian asset management industry. AHAM Capital also operates AIIMAN Asset Management Sdn. Bhd. (hereinafter "AIIMAN"), a leading Shariah-compliant investment company, and other subsidiaries including private equity fund manager Bintang Capital Partners Berhad, and a minority stake in Versa Asia Sdn Bhd, a fast-growing digital wealth distribution platform in Malaysia.

Southeast Asia, including Malaysia, is one of Amova AM's key focus areas. Since becoming a shareholder in AHAM Capital in 2011 as part of the DBS AM transaction, Amova AM has remained steadfast in its commitment to Malaysia to shape a brighter future together with its stakeholders and in recognising the importance of partnership to deliver excellence to clients.

As both companies are united by this fiduciary duty to put clients' goals first, Amova AM contributed strategic stability, scale and global capabilities to meet the needs of Malaysian clients. This helped enable AHAM Capital's expansion from its entrepreneurial beginnings to its position of leadership today, while growing both companies' assets under management.

This strategic investment will create significant opportunities for Amova AM in Malaysia and Southeast Asia, building on the already strong partnership fostered between the companies over the years. It is expected that the acquisition will allow Amova AM and AHAM Capital to cooperate closely operationally and thereby

generate synergies benefiting all stakeholders. By leveraging AHAM Capital's established local resources and expertise, Amova AM intends to expand its offering of progressive solutions to institutional, intermediary, high-net-worth individuals and retail investors and drive both organic and inorganic growth in Asia.

Furthermore, through subsidiary AIIMAN, Amova AM plans to increase its efforts in the Shariah-compliant investment market, which represents a significant growth opportunity, and continue its expansion in the private asset and B2C consumer areas. The acquisition of AHAM Capital will further enhance Amova AM's ability to connect Asia with global markets by tapping into a broader and more diverse talent pool in terms of language and international experience.

As a global asset management company headquartered in Japan, this acquisition builds on Amova AM's strong foundation of innovation, scale and client-centric solutions, enabling the firm to deliver progressive investment strategies across Asia and beyond. Amova AM plans to leverage AHAM Capital's strong foundation and local resources and expertise in Malaysia, and offer the Shariah-compliant investment capabilities throughout the Amova Asset Management Group, strengthening collaboration among group companies.

Stefanie Drews, President and CEO, Amova AM commented, "This acquisition of a leading asset manager in a growth market is truly transformational and marks a pivotal milestone in Amova AM's journey to connect Asia with global markets. We are proud this follows so soon after our global rebrand this year. By integrating AHAM Capital's local expertise and Shariah investment capabilities with Amova AM's global scale and innovation, we will deliver unparalleled solutions to the clients we serve and accelerate growth across public, private and Islamic investment segments. This strategic move underscores our ambition to lead in Asia and expand our global reach."

Dato' Teng Chee Wai, Managing Director of AHAM Capital added, "Amova AM has been a longstanding and trusted partner since 2011. We remain committed to ensuring this integration deliver meaningful benefits through strengthened capabilities, innovative offerings, and access to a wider regional network. Under the continued stewardship of our management team, we remain focused on continuity and delivering long-term value for our clients and partners who place their trust in us."

[Overview of AHAM Asset Management Berhad] (as of 30 November 2025) Company Name: AHAM Asset Management Berhad

Location: Ground Floor, Menara Boustead, 69, Jalan Raja Chulan 50200 Kuala Lumpur, Malaysia Representative Title/Name: Dato' Teng Chee Wai, Managing Director & Executive Director Number of Employees: 430

Official Website: Home | AHAM Asset Management Berhad

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