The board of directors of Moya Holdings Asia Limited refers to the Company's announcement on 29 April 2022 in relation to the signing of the third amendment of the Cooperation Agreement, to further extend the transition period to manage the operation and maintenance of the water supply system in Batam, Indonesia, to 31 July 2022 (the "Announcement"). Further to the Announcement, the Board wishes to announce that the Company's subsidiary, PT Moya Indonesia ("MI"), in consortium with PT Pembangunan Perumahan (Persero) Tbk ("PP"), has been awarded the Projects (as defined below) that were put up for tender by Badan Pengusahaan Batam (Batam Free Trade Zone and Free Port Authority) ("BP Batam"), an Indonesia government agency. BP Batam intends to arrange a cooperation with a private water treatment company to manage on its behalf, the operation and maintenance of the upstream water supply system ("Project Upstream") and downstream water supply system ("Project Downstream") (collectively, the "Projects") in Batam.

The Projects will have a 15-year concession period after the handover date of operation and maintenance from BP Batam. The scope of the Project Upstream consists of the following: (i) operation and maintenance of the production unit from 6 water treatment plants up to the bulk water delivery points, including the distribution pumps; (ii) operation and maintenance of the raw water facilities including basin, dam and auxiliary buildings as well as raw water transfer pump stations; and (iii) conservation of the raw water catchment area. The scope of the Project Downstream consists of the following: (i) operation and maintenance of the distribution pipe network from the bulk water delivery point in reservoirs to end costumers; and (ii) management of water loss.

For the purpose of each Project, MI and PP will establish two joint ventures in Indonesia ("Project Company"), whereby MI and PP will own 60% and 40% interest in each Project Company respectively. Each Project Company is expected to sign a cooperation agreement with BP Batam by 30 June 2022.