Abbreviations used herein shall be the same as those defined in the earlier announcements in relation to the Proposed Rights Issue with Warrants.

On behalf of the Board, M&A Securities is pleased to announce that Bursa Securities had, vide its letter dated 15 January 2021, resolved to approve the following:

(a) admission to the Official List and listing of up to 226,369,915 Warrants to be issued pursuant to the Proposed Rights Issue with Warrants;

(b) listing of up to 226,369,915 new Masteel shares to be issued pursuant to the Proposed Rights Issue with Warrants; and

(c) listing of up to 226,339,915 new Masteel shares to be issued pursuant to the exercise of Warrants.

The approval granted by Bursa Securities for the Proposed Rights Issue with Warrants is subject to the following conditions:

(i) Masteel and M&A Securities must fully comply with the relevant provisions under the Main Market Listing Requirements of Bursa Securities (“Main LR”) at all times pertaining to the implementation of the Proposed Rights Issue with Warrants;

(ii) Masteel and M&A Securities to inform Bursa Securities upon the completion of the Proposed Rights Issue with Warrants;

(iii) Masteel to furnish Bursa Securities with a written confirmation of its compliance with the terms and conditions of Bursa Securities’ approval once the Proposed Rights Issue with Warrants is completed;

(iv) Masteel to furnish Bursa Securities with a certified true copy of the resolution passed by shareholders at EGM for the Proposed Rights Issue with Warrants; and

(v) Masteel to furnish Bursa Securities on a quarterly basis, a summary of the total number of shares listed pursuant to the exercise of Warrants as at the end of each quarter together with a detailed computation of the listing fees payable.

Masteel is required to ensure full compliance of all the requirements as provided under the Main LR at all times.

This announcement is dated 18 January 2021.