1.0 INTRODUCTION

1.1 Pursuant to Paragraph 9.03(1) of the Main Market Listing Requirements ("MMLR") of Bursa Malaysia Securities Berhad, PETRONAS Gas Berhad ("PGB" or "Company") wishes to announce that on 30 April 2026, the Company has issued a Letter of Award ("LOA") to MISC Berhad ("MISC") for the Provision of Supply, Operation & Maintenance of the Floating Storage & Regasification Unit ("Transaction").

1.2 The consideration of this transaction is based on long-term services for the supply, operation and maintenance of newbuild Floating Storage & Regasification Unit ("FSRU") for the purpose of the Third Regasification Terminal in Lumut, Perak ("RGT-3"). The LOA sets out the salient terms and conditions forming basis for the definitive services for the FSRU which are within the standard market practices.

1.3 The RGT-3 will be developed based on FSRU concept, whereby the LNG storage and regasification processes will be on the FSRU. The regasified LNG will then be transported via a connecting pipeline from RGT-3 onshore & berthing facilities to the Peninsular Gas Utilisation system.

1.4 RGT-3 is designed with LNG storage capacity of 170,000 m3 and regasification send-out capacity of 500 MMscfd.

2.0 INFORMATION OF THE PARTIES

2.1 MISC Berhad (Company No. 196801000580 (8178-H)) is a public listed company having its registered address at Level 25, Menara Dayabumi, Jalan Sultan Hishamudin, 50050 Kuala Lumpur. It is a leading shipping company in Malaysia, primarily engaged in ship ownership and operation, provision of various maritime services as well as operation of offshore floating terminals.

3.0 RATIONALE FOR THE TRANSACTION

3.1 This Transaction is crucial for the development of RGT-3. RGT-3 is aligned with PGB's growth strategy as a gas and utilities infrastructure company, supporting the continued development and reliability of gas infrastructure in Peninsular Malaysia. The Transaction will enhance the capacity and flexibility of the gas supply network to meet the nation's evolving demand requirements.

4.0 RISK FACTORS

4.1 The risks associated with this Transaction are typical for large-scale infrastructure projects which include, but not limited to:

(i) Schedule Delays: Risks arising from unforeseen circumstances in construction or procurement as well as delay of approval from relevant authorities;

(ii) Budget Variance: Potential increases in project costs due to market volatility

(iii) Full utilisation of equity funding: Inability to secure project financing as per target timeline

4.2 The Company will continue to apply prudent project management practices and stakeholder engagements to manage these risks.

5.0 EFFECT OF THE TRANSACTION

5.1 The Transaction, which is part of overall RGT-3 project development, does not have any effect on the issued and paid-up capital and substantial shareholders' shareholdings of PGB. The development of RGT-3 is currently planned to be funded through combination of debt and equity. While investment in the Project may result in an increase in the Group's gearing, it is not expected to have any material impact on the Group's net assets per share for the financial year ending 31 December 2026.

6.0 APPROVALS REQUIRED

6.1 The Transaction is not subject to the approval of the shareholders of PGB.

7.0 INTERESTS OF DIRECTORS, MAJOR SHAREHOLDERS AND PERSONS CONNECTED

7.1 Save as disclosed below, none of the Directors, major shareholders, or persons connected to them have any interest, direct or indirect, in the transaction:

(i) PETRONAS is a major shareholder of PGB and MISC Berhad.

(ii) Datuk Adif Bin Zulkifli is a Non-Independent Non-Executive Director of both PGB and MISC Berhad.

8.0 BOARD AUDIT COMMITTEE AND BOARD OF DIRECTORS' STATEMENT

8.1 The Board Audit Committee is of the view that the Transaction is in the best interest of the Company and is fair, reasonable and normal commercial terms; and not detrimental to the interest of the minority shareholders.

8.2 The Board of Directors having considered all aspects of the Transaction, including rationale, is of the opinion that the Transaction is in the best interest of the Company.

This announcement is dated 4 May 2026.