1.0 INTRODUCTION

1.1 Pursuant to Paragraph 9.03(1) of the Main Market Listing Requirements of Bursa Malaysia Securities Berhad, PETRONAS Gas Berhad ("PGB" or "Company") wishes to announce that on 5 May 2026, the Company has executed Jetty Usage Agreement ("JUA") with Lumut Maritime Terminal Sdn. Bhd. ("Transaction").

1.2 The consideration of this Transaction is based on long-term services for the jetty utilisation for the purpose of the Third Regasification Terminal in Lumut, Perak ("RGT-3"). The JUA sets out the terms and conditions for usage of the jetty to be provided by Lumut Maritime Terminal Sdn. Bhd. ("LMTSB"), which are within the standard market practice.

1.3 The RGT-3 will be developed based on Floating Storage & Regasification Unit ("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 Lumut Maritime Terminal Sdn. Bhd. (Company No. 198901003174 (180480-D), a company incorporated in Malaysia under the Companies Act 1965 (Company Registration No. 180480-D), and having its registered office at 47A, Jalan Chung Ah Ming, Pasir Puteh, 31650 Ipoh, Perak Darul Ridzuan and its business address at Lot 1, Lumut Port Industrial Park, Jalan Kampung Acheh, 32000 Sitiawan, Perak Darul Ridzuan and acting in its capacity as port operator of Lumut Maritime Terminal 2.

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 project 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 within the preceding 6 months period have any interest, direct or indirect, in the transaction:

(i) PETRONAS is a major shareholder of PGB with an equity interest of 51%.

(ii) PGB and LMTSB are deemed related companies by virtue of indirect shareholding under MoF Inc, a body corporate established pursuant to the Minister of Finance (Incorporation) Act, 1957.

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 6 May 2026.