The Board of Directors of Nextgreen announced that the Company had on 5 September 2023 entered into a Letter of Intent with Marubeni Corporation with the intention to enter into partnership for the Project that Nextgreen upcycles the Empty Fruit Bunch (?EFB?) to valuable uses through its subsidiary companies (hereinafter referred to as ?Project?). In that Project, Nextgreen is developing Green Technology Park (?GTP?) in Pahang, Malaysia, and already holds the upcycling facility of EFB with a capacity of 12,000 tons per year of EFB pulp. Nextgreen is also planning to add another upcycling facility with a capacity of 100,000 tons per year of EFB pulp in GTP in Pahang (hereinafter referred to as ?New Pahang Facility?).

In addition, Nextgreen plans to develop GTPs in other regions, including but not limited to Sarawak and Johor in Malaysia. SALIENT TERMS OF THE LOI: The words and abbreviations used throughout this section of the Announcement shall have the same meaning as defined in the LOI unless the context otherwise requires or defined herein. The salient terms of the LOI amongst others, are the following: - The scope of the partnership confirmed by both Parties is as follows: Marubeni works as the sole sales agent for EFB pulp which is produced at the current Pahang Facility and sold to any third party.

Marubeni aims to maximize the values of EFB pulp together with Nextgreen. Marubeni works as the sole sourcing agent for any type of pulp which is required by Nextgreen. Marubeni aims to serve Nextgreen to bring the appropriate quality of pulp at the reasonable price.

Marubeni provides its knowledge and/or experience which may be useful for Nextgreen to implement GTP projects wherever possible. Marubeni has the intention to evaluate the possibility of financially participating in the New Pahang Facility and/or other GTP projects wherever possible. Nextgreen and Marubeni recognize well that there may be other business opportunities including but not limited to paper, tissue, pellets for fuel, fertilizer, etc.

in addition to EFB pulp. Both parties may study in depth if there is an area of mutual benefit. The Parties shall bear their own costs in connection with the studies and the preparation, negotiation and finalization of the agreements contemplated hereby.

The LOI will remain valid from the date of the LOI until expires on 30 November 2024. Nextgreen and Marubeni will make reasonable efforts to execute formal contracts where possible, including a formal agency agreement for EFB pulp sales and pulp sourcing before the expiry date of the LOI. RATIONALE FOR THE LOI: The LOI is to confirm the intent of partnership between Nextgreen and Marubeni on the project upcycle EFB to pulp and valuable uses through subsidiaries, including but not limited to GTP development in other regions in Malaysia.

EFFECTS OF THE LOI: The LOI is an expression of the current intent of the parties but under no circumstances is it to be construed, along or in combination with other evidence, as creating any legal obligations by any party until such time a definitive formal agreement, based on the intentions contained in the LOI, has been executed and delivered by the parties to the LOI. The LOI will not have any effect on the share capital, shareholdings of substantial shareholders, net assets per share and gearing of Nextgreen. It will also not have any material effect on earnings per share of the Group.

RISK FACTORS: The Board is not aware of any risk factors arising from the LOI as the LOI is not legally binding and there is no certainty that the LOI will result in the signing of a definitive agreement, and that further details will be announced once a definitive agreement has been entered into. INTEREST OF DIRECTORS, SUBSTANTIAL SHAREHOLDERS AND/OR PERSONS CONNECTED WITH THEM: None of the directors and/or substantial shareholders of Nextgreen and/or person connected with them have any interest, whether direct or indirect, in the LOI. APPROVALS REQUIRED: The LOI is not subject to the approval of the shareholders of Nextgreen and any other relevant authorities.

The Company will make the necessary announcements will be announced once a definitive agreement has been entered into.