Pursuant to Paragraph 9.19(46) of the Main Market Listing Requirements of Bursa Malaysia Securities Berhad, the Board of Directors (“Board”) of Timberwell Berhad (“the Company” or “TWB”) wishes to announce that the Company has undertaken the revaluation exercise of the following two (2) assets of the Company for financial year ended 31 December 2022:-

(a) the Biological Assets (“BA”) and Intangible Assets (“IA”) located at Forest Management Unit 3, Lingkabau Forest Reserve at Kota Marudu, District of Kota Kinabalu, Sabah (“FMU 3”) by using Discounted Cash Flow method as the basis; and

(b) the Properties, Plant and Equipment ("PPE") held by the Company and its subsidiaries ("TWB Group") by using Comparison method as the basis.

The details of the revaluation of PPE has been disclosed in the announcement on Revaluation on Non-Current Assets – Property, Plant and Equipment made today.

Please refer to the attachment for the details of the revaluation of BA and IA.

This announcement is dated 22 February 2023.