1. Introduction
The Board of Directors of KLCC Property Holdings Berhad (“KLCCP”) wishes to announce that Petroliam Nasional Berhad (“PETRONAS”) via its letter dated 18 November 2020 has notified Maybank Trustees Berhad (“Maybank Trustees”) as the trustee of KLCC Real Estate Investment Trust (“KLCC REIT”) of its decision to exercise the option to extend (“Extension Option”) the leases of Menara 3 PETRONAS and PETRONAS Twin Towers of KLCC REIT for a further term of fifteen (15) years upon the expiry of the current term of the leases for Menara 3 PETRONAS and PETRONAS Twin Towers on 14 December 2026 and 30 September 2027 respectively (“Extended Leases”).
2. Background 
PETRONAS entered into the Triple Net Lease Agreements on 27 November 2012 with two (2) wholly-owned subsidiaries of KLCCP, namely Arena Merdu Sdn Bhd (“Arena Merdu”) and Midciti Resources Sdn Bhd (“Midciti Resources”) for the lease of Menara 3 PETRONAS and PETRONAS Twin Towers respectively for a lease term of fifteen (15) years, each to expire on 14 December 2026 and 30 September 2027 (collectively “TNL Agreements”).
Following the establishment of KLCC REIT on  9 April 2013, the TNL Agreement for Menara 3 PETRONAS was novated vide the Novation Agreement entered into between Arena Merdu, PETRONAS and Maybank Trustees dated 2 May 2013 whereas the TNL Agreement for PETRONAS Twin Towers was novated vide the Novation Agreement entered into between Midciti Resources , PETRONAS and  Maybank Trustees dated 3 May 2013.
3. Extended Leases
Arising from the Extension Option as exercised by PETRONAS for the Extended Leases under the respective TNL Agreements for Menara 3 PETRONAS and PETRONAS Twin Towers, and save for the rental amounts to be determined prior to the commencement of the Extended Leases, all other terms and conditions of the TNL Agreements shall remain unchanged and apply to the Extended Leases. 

This announcement is dated 19 November 2020.