The Board announces that on 17 October 2023, NagaCorp Ltd., as borrower, entered into the Loan Agreement with the ChenLipKeong Capital Limited, as lender, pursuant to which the Lender has agreed to provide a loan of up to USD 80 million to the company. The sole purpose of the Loan is for refinancing and/or discharging part of the outstanding 2024 Notes upon their maturity. The Loan shall be advanced by the Lender to the Company on such date, in such amount and in such manner as may be requested by the Company from time to time.

The company shall request for such number of Loan(s) as agreed between the parties in the aggregate principal amount of up to USD 80 million. The interest rate shall be 8.0% per annum (accrued daily), which was determined based on arm's length negotiation between the Lender and the Company, after considering various alternative funding options available to the Company. In accordance with the indenture of the 2024 Notes, the Company is required to obtain and deliver a fairness opinion from an accounting, appraisal or investment banking firm of international standing to the Trustee.

Accordingly, Anglo Chinese has been appointed to opine on the fairness to the Company of the Loan Agreement from a financial point of view. No guarantee or security will be given by the Group for the Loan. Anglo Chinese is of the opinion that the terms of the Loan Agreement are on normal commercial terms that are fair to the Company from a financial point of view, and that the entering into of the Loan Agreement is fair and reasonable as far as the shareholders are concerned and in the circumstances is in the interest of the Company.

A copy of the Fairness Opinion has been delivered to the Trustee in accordance with the indenture of the 2024 Notes. The Loan will be provided to the Company for the sole purpose of refinancing and/or discharging part of the outstanding 2024 Notes upon their maturity. Any outstanding principal amount of each advance of the Loan shall be repaid by cash in full on or before the second (2nd) anniversary of such advance.

Any amounts repaid shall not be available for redrawing thereafter. Accordingly, Anglo Chinese has been appointed to opine on the fairness to the Company of the Loan Agreement from a financial point of view (the "Fairness Opinion").