China Aviation Oil Singapore : Change in Shareholding Interest in CNAF Hong Kong Refuelling Limited

8 Temasek Boulevard #31-02

Suntec Tower Three, Singapore 038988

Tel: (65) 6334 8979 Fax: (65) 6333 5283

Incorporated in the Republic of Singapore

Co. Reg. No.: 199303293Z

Change in Shareholding Interest in

CNAF Hong Kong Refuelling Limited

Pursuant to Rule 706A of the Listing Manual of the Singapore Exchange Securities Trading Limited, the Board of Directors of China Aviation Oil (Singapore) Corporation Ltd ("CAO" or the "Company") wishes to announce the following change which has occurred during the first half of the financial year ending 31 December 2022:

On 31 May 2022, China Aviation Oil (Hong Kong) Limited ("CAOHK"), a wholly owned subsidiary of CAO, had subscribed for, and was allotted 97 million ordinary shares in

the capital of CNAF Hong Kong Refuelling Limited ("CNAF HKR") at a cash

consideration of HK$1.00 per share.

Following the aforesaid allotment, the Company's deemed interest in the issued shares

of CNAF HKR, held through CAOHK, by virtue of the provisions of Section 4 of the Securities and Futures Act 2001, has increased from 39 million ordinary shares in CNAF HKR to 136 million ordinary shares in CNAF HKR, representing 68% of the total issued shares in CNAF HKR.

The aforesaid change is not expected to have any material impact on the consolidated net tangible assets per share and the earnings per share of the Company for the financial year ending 31 December 2022.

By Order of the Board

Doreen Nah

Company Secretary

4 August 2022