We wish to announce that FRONTKN-C7 had expired at 9.00 a.m. on 15 August 2022 ("Expiry Date") and the Cash Settlement Amount shall be calculated as set out below:

Cash Settlement Amount
= Number of FRONTKN-C7 exercised x (1/Exercise Ratio) x (Closing Price - Exercise Price) 
= Number of FRONTKN-C7 exercised x (1/5) x (RM2.8073 - RM3.5000) 
= Number of FRONTKN-C7 exercised x RM0.0000 

The Closing Price of RM2.8073 is the average daily volume weighted average price (VWAP) of the ordinary shares of FRONTKN for the five (5) market days prior to and including the market day immediately before the Expiry Date. The FRONTKN-C7 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 FRONTKN-C7 will cease to be valid and all our obligations in respect to FRONTKN-C7 shall terminate absolutely.

This announcement is dated 15 August 2022.