The Warrants may be exercised any time during the tenure of the Warrants of 5 years including and commencing from the Issue Date of the Warrants and ending at 5.00 p.m. on the Expiry Date (being a date being 5 years from and including the date of issue of the Warrants, provided that if such day falls on a day which is not a market day, then on the preceding market day). Each Warrant carries the entitlement to subscribe for 1 new ordinary share in Masteel at the Exercise Price which shall be satisfied fully in cash and shall be subject to the adjustments in accordance with the terms and provisions of the Deed Poll and First Supplemental Deed Poll during the Exercise Period.

This announcement is dated 26 October 2021.