Reference is made to the Company’s announcements on 15 August 2023 and 22 November 2024 pertaining to the Corporate Green Power Programme (“CGPP”) for the development of the Project (“Announcements”). Unless otherwise defined, the definitions set out in the Announcements shall apply herein.

1. SIGNING OF NEDA CONNECTION AGREEMENT

The Company wishes to inform that SM01 had on 17 October 2025 received the signed NEDA Connection Agreement entered into with Tenaga Nasional Berhad (“TNB”) dated 17 October 2025 for the purpose of facilitating the connection and access to TNB’s system for the supply of energy generated by SM01’s generating facility under the NEDA scheme, in accordance with the terms and conditions of the NEDA Connection Agreement.

2. DETAILS OF NEDA CONNECTION AGREEMENT

Pursuant to the NEDA Connection Agreement, SM01 will construct, own, operate and maintain a solar photovoltaic energy generating facility with its approved export capacity of 29.99 MWac (“Facility”), in which the renewable energy produced will be sold virtually via a separate PPA to Pearl Computing Malaysia Sdn. Bhd. (“Corporate Consumer”).

Pursuant to the implementation of the NEDA Guidelines by ST and the NEDA Connection Agreement, and subject to SM01 satisfying the conditions under such NEDA guidelines, TNB agrees to give SM01 access to TNB’s bulk power network for the supply of the energy generated by the Facility.

3. FINANCIAL EFFECTS

The signing of the NEDA Connection Agreement is not expected to have any impact on the net assets and earnings of HEB and its group of companies (“HEB Group”) for the financial year ending 31 December 2025. The Project is expected to contribute positively to the revenue, earnings and net assets of HEB Group for financial years ending 31 December 2027 to 31 December 2047.

The Project will not have any impact on the share capital and/or shareholding structure of HEB.

4. RISK FACTORS

The Company does not foresee any exceptional risk other than the normal operational risks associated with the NEDA Connection Agreement. Nevertheless, the Company will take the necessary steps to mitigate the risks as and when they occur.

5. DIRECTORS’ AND MAJOR SHAREHOLDERS’ INTERESTS

None of the Directors and/or major shareholders of the Company or persons connected with them has any interest, direct or indirect, in the NEDA Connection Agreement.

6. DIRECTORS’ STATEMENT

The Board of Directors, after due consideration of all relevant factors, is of the opinion that the signing of the NEDA Connection Agreement is in the best interests of the HEB Group. It represents a significant milestone for the HEB Group and aligns with its overarching growth strategy.

This announcement is dated 21 October 2025.