We wish to announce that QL-CT 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 QL-CT exercised x (1/Exercise Ratio) x (Closing Price - Exercise Price) 
= Number of QL-CT exercised x (1/5.3333) x (RM6.0329 - RM6.6667) 
= Number of QL-CT exercised x RM0.0000 

The Closing Price of RM6.0329 is the average daily volume weighted average price (VWAP) of the ordinary shares of QL for the five (5) market days prior to and including the market day immediately before the Expiry Date. The QL-CT 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 QL-CT will cease to be valid and all our obligations in respect to QL-CT shall terminate absolutely.

This announcement is dated 31 May 2021.