We wish to announce that KOSSAN-C12 had expired at 9.00 a.m. on 31 May 2021 ("Expiry Date") and the Cash Settlement Amount shall be calculated as set out below:

Cash Settlement Amount
= Number of KOSSAN-C12 exercised x (1/Exercise Ratio) x (Closing Price - Exercise Price) 
= Number of KOSSAN-C12 exercised x (1/4.8936) x (RM4.1490 - RM5.3830) 
= Number of KOSSAN-C12 exercised x RM0.0000 

The Closing Price of RM4.1490 is the average daily volume weighted average price (VWAP) of the ordinary shares of KOSSAN for the five (5) market days prior to and including the market day immediately before the Expiry Date. The KOSSAN-C12 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 KOSSAN-C12 will cease to be valid and all our obligations in respect to KOSSAN-C12 shall terminate absolutely.

This announcement is dated 31 May 2021.