The Board of Directors of Citaglobal announced that the Company and Abu Dhabi Future Energy Company PJSC - Masdar ("Masdar") had on 1 December 2023, entered into a memorandum of understanding ("MOU") with TNB Renewables Sdn Bhd ("TRe") (collectively, Citaglobal, Masdar and TRe are referred to as "Parties" hereafter) in relation to a proposed strategic collaboration in the areas of joint development of renewable energy projects ("Proposed Collaboration"). TRe has expressed interests to join the 60:40 Masdar, Citaglobal and TIZA Global Sdn Bhd consortium which was formalised via the execution of the joint development framework agreement on 1 December 2023. The purpose of the MOU is to formalise the intention of the Parties to further discuss the potential areas of collaboration comprising but not limited to joint development of renewable energy projects in relation to up to 2 gigawatts (GW) of Solar Photovoltaic ("Solar PV") and Battery Energy Storage System ("BESS") in the state of Pahang ("Project 2GW") and future renewable energy projects for the National Energy Transition Roadmap (NETR) launched by Ministry of Economy Malaysia.

As soon as reasonably practicable after the execution of MOU, the Parties may decide to establish a steering committee ("Steering Committee"). The membership and working procedures of the Steering Committee shall be agreed by the Parties in writing save that initially: (i) the Steering Committee shall be comprised of two senior members from each party; (ii) the Steering Committee shall meet four (4) times a year; and (iii) any decision of the Steering Committee shall be adopted only by the unanimous approval of all representatives of the Parties. The purposes of the Steering Committee are to facilitate the exchange of information between the Parties and set up roles and responsibilities of the Parties, to evaluate and analyse the feasibility of the potential areas of collaboration in further detail and to support and facilitate the progress of the potential areas of collaboration and negotiation of the project documents.

The MOU will be valid and effective from the date of execution of the MOU and shall subsist for the period of two (2) years thereafter, unless otherwise extended or terminated in accordance with the provisions of the MOU. The Proposed Collaboration will create a strong and impactful partnership that enable to drive the Project 2GW and widespread adoption of renewable energy, by pooling the Parties' strategic positions, resources, expertise and networks.