MIEB are held by Equity Trust (Malaysia) Berhad as share trustee for the benefit of certain specified charities, under the terms of a declaration of trust. NOTES TO THE FINANCIAL STATEMENTS 31 December 2023 TENAGA NASIONAL BERHAD Integrated Annual Report 2023 272 26 BORROWINGS (CONTINUED) (b) Bonds or Sukuk (continued) (iii) Sukuk - TNB Janamanjung Sdn. Bhd. (‘TNBJ’) (continued) The Sukuk issued from the Islamic Securities Programme consists of 2 series and the details of the series are as follows: (a) Series 1 consists of 15 tranches, with tenures ranging from 5 to 19 years. (b) Series 2 consists of 1 tranche, with tenure of 20 years. The Islamic Securities Programme Series 1 is secured by the followings: (a) a first ranking assignment of all the TNBJ’s rights, interest,titles and benefits under PPA 1 (Manjung 1, 2 & 3) and PPA 2 (Manjung 4), inclusive of the proceeds therefrom; and (b) a first ranking assignment of all designated accounts and the related credit balances. The Islamic Securities Programme Series 2 is unsecured and has the benefit of unconditional and irrevocable guarantee from the Company, to meet the payment obligations of the TNBJ. (iv) Sukuk - TNB Northern Energy Berhad (‘TNEB’) On 22 May 2013, TNEB entered into a RM1.6 billion sukuk facility agreement to finance the construction of a 1,071MW gas-fired power plant. The tenure of the sukuk is 23 years with profit rates between 3.6% and 4.8% per annum. The sukuk issuance were made in 39 tranches with tenures ranging from 4 to 23 years, with the final maturity date in March 2036. The sukuk facility agreement is secured over the cash flows generated from the power plant. (v) Sukuk - KEV On 5 July 2013, KEV issued a sukuk based on the Shariah principles of Ijarah (‘Sukuk Ijarah’) of RM2.0 billion in nominal value. The tenures ranges from 1 to 13 years with profit rates of 3.8% to 5.0% per annum. The sukuk proceeds were utilised for Shariah-compliant purposes, which include refinancing the outstanding Bai’ Bithaman Ajil Islamic Debt Securities