We wish to announce that IOICORP-C20 had expired at 9.00 a.m. on 7 October 2019 ("Expiry Date") and the Cash Settlement Amount shall be calculated as set out below:

Cash Settlement Amount

= Number of IOICORP-C20 exercised x (1/Exercise Ratio) x (Closing Price – Exercise Price)

= Number of IOICORP-C20 exercised x (1/4) x (RM4.3456 - RM5.0000)

= Number of IOICORP-C20 exercised x RM0.0000

The Closing Price of RM4.3456 is the average daily volume weighted average price (VWAP) of the ordinary shares of IOICORP for the five (5) market days prior to and including the market day immediately before the Expiry Date. The IOICORP-C20 is deemed to have been automatically exercised on the Expiry Date.

As the Cash Settlement Amount is less than Zero, warrantholders will not be entitled to receive any payment from us and all outstanding and unexercised IOICORP-C20 will cease to be valid and all our obligations in respect to IOICORP-C20 shall terminate absolutely.

This announcement is dated 7 October 2019.