Reference is made to the Company's previous announcements dated 3 December 2012, 1 April 2013, 29 April 2013, 20 May 2013, 6 November 2013, 2 December 2013, 3 December 2013, 10 December 2013, 29 June 2018, 30 July 2018, 27 August 2018, 14 September 2018, 4 October 2018, 1 November 2018, 8 March 2019,10 April 2019, 25 April 2019, 14 June 2019, 27 June 2019, 25 January 2021, 10 February 2022, 17 February 2022, 23 February 2022, 17 March 2022, 1 April 2022, 22 April 2022, 16 June 2022, 15 July 2022, 22 July 2022, 11 August 2022, 9 September 2022, 19 September 2022, 21 September 2022, 28 September 2022, 19 October 2022, 2 November 2022, 16 November 2022, 25 November 2022 and 2 December 2022 in respect of the above matter.

Puncak wishes to update the Exchange that at the final order joint hearing of the Claimant’s appeal against the decision of the Arbitration Panel dated 13 November 2019 in respect of the First Arbitration Proceedings and the Claimant’s appeal against the decision of the Arbitrator dated 29 March 2013 in respect of the Second Arbitration Proceedings on 8 February 2023, the Madras High Court delivered the final oral judgements in dismissing the appeals filed by the Claimant in relation to the decision of the Arbitration Panel dated 13 November 2019 in respect of the First Arbitration Proceedings and the decision of the Arbitrator dated 29 March 2013 in respect of the Second Arbitration Proceedings with no order as to costs since the Claimant had failed to establish its case for both appeals. The written judgements were obtained on 10 February 2023 by the counsel to PNHB-LANCO-KHEC JV ("the JV" or "the Respondent").

This announcement is dated 10 February 2023.