On behalf of the board of directors of MNRB ("Board"), Affin Hwang Investment Bank Berhad ("Affin Hwang IB") wishes to announce that MNRB had on 19 May 2026 entered into a conditional share purchase agreement ("SPA") with CIMB Bank Berhad, HICOM Holdings Berhad, MISC Berhad, Petroliam Nasional Berhad (PETRONAS), Telekom Malaysia Berhad, Tenaga Nasional Berhad, Lembaga Tabung Angkatan Tentera, Malayan Banking Berhad, Public Bank Berhad and RHB Bank Berhad (collectively referred to as the "Vendors") for the proposed acquisition of 120,000,000 ordinary shares in Labuan Re ("Labuan Re Shares"), representing 80% equity interest in Labuan Re for a total cash consideration of USD100,689,242.02 (equivalent to RM400,491,460.14 based on the pre-determined exchange rate of USD1.00 : RM3.9775 in accordance with the terms of the SPA) ("Initial Consideration").

The Proposed Acquisition is deemed as a related party transaction pursuant to Paragraph 10.08 of the Main Market Listing Requirements of Bursa Malaysia Securities Berhad ("Bursa Securities") ("Listing Requirements"), in view of the interests of certain directors, major shareholders of MNRB and/or persons connected with them. Accordingly, QuantePhi Sdn Bhd has been appointed as the Independent Adviser to advise the non-interested directors and non-interested shareholders of MNRB on the Proposed Acquisition.

Further information on the Proposed Acquisition is set out in the attachment enclosed.

This announcement is dated 19 May 2026.