We refer to the company's earlier announcement made on 28 December 2022 (Ref No: GA-1- 28122022-00013) and on 30 December 2022 (GA-1-30122022-00028), the Board of Directors of TVHB announced that its wholly owned subsidiary, Song Hau 2 Power Company Ltd. had on 1 March 2023 entered into a Contract Agreement with an unincorporated consortium comprising Sunway Construction Sdn Bhd, a wholly-owned subsidiary of Sunway Construction Group Berhad and Power Engineering Consulting Joint Stock Company 2 in relation to the Song Hau 2 Thermal Power Plant Project in Vietnam. The Contract Agreement sets out the details of the respective parties obligation, responsibilities, rights and liabilities in relation to the Contractor's performance in design, engineering, procurement, manufacture, supply, construction, erection, testing and commissioning ("Works") for Song Hau 2 Thermal Power Plant project located at Song Hau Power Generation Center, Hau Giang Province, Vietnam ("Project"). Contract Price: The contract price amounts to USD2.42 billion ("Contract Price").

Payment for the Works shall be made on the basis of the lump sum Contract Price subject to adjustments in accordance with the Contract. Scope of Works: The scope of the Works shall include all design, engineering, procurement, supply, manufacturing, construction, installation, erection, testing, commissioning, completion, labour, services, facilities, equipment, supplies and materials to be furnished, supplied or performed by the Contractor and/or any of its sub-contractors or suppliers of any tier in accordance with the Contract in relation to the Facility, the infrastructure facilities, the Housing Facilities and any other permanent structures including infrastructure to be erected at site as provided under the Contract. The Contractor's commencement of the Works shall be subjected to the receipt of the Notice to Proceed ("NTP") issued by the Owner.

The date of the Contractor's receipt of the NTP shall be the "commencement date" ("Commencement Date"). The Owner shall notify the Contractor of the proposed date for the issuance of the NTP at least 30 days prior thereto, in which the Owner can only issue the NTP after the following conditions have been satisfied to the Contractor: the Owner has achieved the financial closing date; the Owner has the right to grant possession of the site, free of all encumbrances, to the Contractor for the purposes of the Works; and the Owner has reviewed and approved the Contractor's proposal. The Contractor shall commence the execution of the Works on, or as soon as practicable after the date of receipt of the NTP.

The time for completion of the Works are 54 months from the Commencement Date. THE BASIS OF ARRIVING AT THE CONTRACT PRICE: The Contract Price of USD 2.42 billion is derived from an Independent Review of Forecast and Projections for the Power Plant by FHMH Corporate Advisory in January 2022, on the Financial Model originally prepared by KPMG China in July 2017. The Contract Price consists mainly of the estimation cost for preparatory works, civil part, boiler & auxiliaries, mechanical plant and electrical.

SOURCE OF FUND: Export-Import Bank of Malaysia Berhad had offered their services as Mandated Lead Arranger and Bookrunner and Coordinating Arranger for the Syndicated Financing Facilities of up to USD2.42 billion for the construction of the power plant, vide its letter dated 14 November 2022.