The Board of Directors of Titijaya Land Berhad announced that the company had on January 17, 2022 entered into a Memorandum of Understanding with Penang Development Corporation to explore the opportunity to cooperate in developing the Proposed Land. PDC is the premier development agency of the State Government of Penang which has been tasked by the State Government of Penang with the responsibilities of being the master developer of the Bandar Cassia Township at Batu Kawan, Penang. PDC is also the beneficial owner of all the pieces of land located in Bandar Cassia, Mukim 13, Batu Kawan, Seberang Perai Selatan, Pulau Pinang and the Site is earmarked for mixed development including but not limited to medical hub, eco- tourism and global business services.

TLB or its subsidiary company wishes to expand its investment to the State of Penang particularly in Bandar Cassia and intend to acquire or lease, or to enter into a joint venture with PDC pertaining a piece of land within the Site measuring approximately 230 acres. The Parties agree to collaborate to develop the Proposed Land subject to terms and conditions as the Parties may mutually agree in a formal definitive purchase and development agreement and/or lease agreement or joint development agreement. This MOU is to serve as a preparatory agreement specifying the preliminary arrangements between TLB and PDC with the aim of entering into a definitive agreement for the lease and/or sale and purchase and/or joint venture of the Proposed Land and the construction of the Proposed Development.

Save and except for confidentiality obligations and certain clauses stipulated in this MOU, the MOU is non-binding in nature and shall not give rise to any financial obligations to the Parties. For the avoidance of doubt, there is no legal obligation on either Party to enter into the proposed transaction anticipated in the definitive agreement. Each Party undertakes that it shall, in good faith, throughout the period of this MOU facilitate work on the deliverables of this MOU.

This MOU will be effective on the date of signing by the Parties and shall remain in full force and effect for a period of six months from the date of this MOU or until the signing of the definitive agreement or until terminated by either Party by giving one (1) month's prior written notice to the other Party, whichever shall occur earlier. During the subsistence of this MOU, PDC agrees that PDC shall only negotiate exclusively with the Investor which substantially is similar to the Proposed Development on the Proposed Land. The effective period of this MOU may be extended for a further period as the Parties may mutually agree in writing.