The Board of Directors of WSC wishes to announce that Wasco Management Services S.R.L. (“Wasco MS SRL”), an indirect wholly-owned subsidiary of the Company, had appointed Mr. Maurizio Brignardello of Viale Evaristo Stefini 2 20125 Milano, Italy as the Liquidator for Wasco MS SRL to voluntary liquidate and dissolve Wasco MS SRL in accordance with the rules and regulations of the Companies Act in Italy further to the Shareholder Meeting of Wasco MS SRL held on 21 May 2020. The liquidation certificate pertaining to the Members’ Voluntary Liquidation of Wasco MS SRL was received by the Company on 27 May 2020.

Wasco MS SRL was incorporated on 27 November 2014 with its total issued and paid-up share capital of Twenty-Five Thousand Euro (EUR 25,000) comprising 25,000 ordinary shares of One Euro (EUR 1.00) each. Wasco MS SRL was principally involved in providing technical and commercial services to Wasco Group of Companies in Europe. Wasco MS SRL is directly wholly-owned by Wasco Coatings UK Ltd which in turn is an indirect wholly-owned subsidiary of WSC.

The Member’s Voluntary Liquidation of Wasco MS SRL will not have any effect on the share capital and shareholdings of the substantial shareholders of WSC and will not have any financial impact on the gearing, earnings and net assets of WSC Group for the financial year ending 31 December 2020.

None of the Directors, major shareholders of WSC and/or persons connected to them have any interest, direct or indirect, in the Member’s Voluntary Liquidation of Wasco MS SRL.

This announcement is dated 27 May 2020.