The Board of Directors of Siab Holdings Berhad announced that its wholly- owned subsidiary, Siab Development Sdn Bhd ("Siab Development"), had on 7 March 2022 entered into a Memorandum of Understanding ("MOU") with Koperasi Peserta-Peserta Felcra Malaysia Berhad ("KPFB") (Siab Development and KPFB shall hereinafter individually be referred to as a "Party" and collectively be referred to as "Parties") with the objective to establish and confirm the understanding and mutual intentions of the Parties concerning the proposed joint development agreement to be entered into between the Parties, whereby KPFB shall grant the rights to Siab Development to undertake development on the freehold Malay Reserved lands owned by KPFB described as follows: G.M. 622, Lot No. 2146, Tempat Sg. Tua, in the Mukim of Batu, Daerah Gombak, Negeri Selangor, measuring approximately 2a.

2r. 35.0000p (11,002.3734 square meter) in area; G.M. 623, Lot No. 2148, Tempat Sg.

Tua, in Mukim of Batu, Daerah Gombak, Nege Selangor, measuring approximately 2a. 2r. 00.0000p (10,117.125 square meter) in area and G.M. 624, Lot No.

2150, Tempat Sg. Tua, in Mukim of Batu, Daerah Gombak, Negeri Selangor, measuring approximately 2a. 3r.

00.0000p (11,128.8375 square meter) in area.