Hengyuan Refining Company Berhad ("HRC" or the "Company") wishes to announce that the Company has today entered into a binding term sheet with Shell Malaysia Trading Sdn. Bhd. ("SMT") and Shell Timur Sdn. Bhd. ("STSB") (collectively, "Shell"), setting out the principal commercial terms for the proposed renewal of the long-term Product Offtake Agreement between the parties.

The proposed renewal is intended to continue the long-standing product offtake arrangement between HRC and Shell for a ten (10)-year tenure from 1 January 2027 to 31 December 2036, comprising an initial term of five (5) years and a further five (5)-year renewal term subject to mutual agreement of the parties. The term sheet sets out the principal commercial terms and provides the framework for the negotiation and execution of the definitive Product Offtake Agreement. The arrangement is expected to support the continued placement of HRC's refinery products and the stability of its refinery operations.

Further announcements will be made should there be any material developments in relation to the proposed renewal.

This announcement is dated 7 September 2026.