The Board of Directors of PT Resources ("Board") wishes to announce that the Company had on 26 February 2023 entered into a Memorandum of Understanding (“MOU”) with Ocean Exchange (Fujian) Foreign Trade Services Co. Ltd (“Ocean Exchange”) to establish cooperation between PT Resources and Ocean Exchange for the joint development of the Malaysia East Coast International Supply Chain Intelligent Park (“the Project”), which is inspired by the Marché International Cold Logistics and Cross-border E-commerce Project located in Fujian province, China.

The Project involves the establishment of an International Supply Chain Intelligent Park in Kuantan, Pahang, which is intended to drive the development of food and light industries supply-chain between Malaysia and Fuzhou.

The MOU is to outline the general ambit of both PT Resources and Ocean Exchange’s intention to proceed with the participation in the Project, of which the responsibilities of each party are subject to mutual discussion and negotiation.

The MOU does not constitute any legally binding obligation between the parties until definitive and binding agreements are executed between PT Resources and Ocean Exchange. PT Resources will apply for all the relevant permits or licenses required from the government to undertake the Project (where relevant).

The MOU is not expected to have material effects on the share capital, substantial shareholders’ shareholding, earnings per share, net assets per share and gearing of PT Resources for the financial year ending 30 April 2023.

None of the Directors and/or major shareholders of the Company and/or persons connected with them have any interest, direct or indirect, in the MOU.

The Board, having considered all aspects of the MOU, is of the opinion that the MOU is in the best interest of the Company.

Please find attached herewith a press release dated 27 February 2023 entitled "PT Resources signs MoU for an International Supply Chain Intelligent Park that integrates Digital Technology".

This announcement is dated 27 February 2023.