The Board of Directors of Nextgreen Global Berhad announced that the company had on 17 November 2023 entered into a Memorandum of Agreement (MOA) with Malaysian Bioeconomy Development Corporation Sdn Bhd (MBDCSB) to collaborate in enhancing the potential of biomass into higher value products utilising biotechnology applications for the biomaterial and agricultural farm input sector (Project). The words and abbreviations used throughout this section of the Announcement shall have the same meaning as defined in the MOA unless the context otherwise required or defined herein. The salient terms of the MOA amongst others, are the following:- The MOA shall be valid and subsisting for a period of two (2) years from the date of its execution by the Parties, unless extended by mutual agreement or terminated by the Parties.

To achieve the objectives and for the benefit of the Project, the Parties are desirous to jointly:- increase market opportunities and support/promote long-term competitive economy of the industrial cluster green products based on oil palm biomass which is a new alternative energy sources with high potential and sustainable advantages; implement and promote green products in line with the increasingly important environmental, social and governance ("ESG") standards and criteria by taking advantage of the wealth of oil palm biomass resources; and explore opportunities to enter into commercial profitable initiatives/ventures with each other and/or with relevant third party(s). The role of each party are as follows:- MBDCSB's Roles As one of the implementing agencies for the National Biomass Action plan 2022- 2025, to facilitate in providing opportunities for the smallholders, small and medium enterprices (MSMEs) in the production of biofertilizer, biomaterials, animal feed and other farm inputs from oil palm biomass via Bio-based Accelerator (BBA) Programmes; and Facilitate the R&D implementation for the enhancement of Nextgreen's biofertilizer, biomaterials and animal feed via the BBA Programme. Nextgreen's Roles: Provide strategic cooperation between the public and private sectors to create a conducive and sustainable market environment promoting bio-based products, biotechnology and circular economy; Ensure the continuous supply of basic materials for green products based on oil palm biomass including but not limited to biomaterials, biofertilizer, animal feed and other farm inputs by taking advantage of the rich resources of bio-based materials; and Effectively develop and commercialise technological innovations to capture dynamic market opportunities while implementing strategic planning and improving governance of future challenges across the bio-based and energy sector.

The MOA shall be effective and continue in force until the expiry or the termination of the MOA, except for those terms stated in the MOA which shall survive and continue after the expiry or the termination of the MOA.