We wish to announce that HLBANK-C1 had expired at 9.00 a.m. on 16 October 2023 ("Expiry Date") and the Cash Settlement Amount shall be calculated as set out below:

Cash Settlement Amount
= Number of HLBANK-C1 exercised x (1/Exercise Ratio) x (Closing Price - Exercise Price) 
= Number of HLBANK-C1 exercised x (1/10) x (RM19.3941 - RM20.8800) 
= Number of HLBANK-C1 exercised x RM0.0000 

The Closing Price of RM19.3941 is the average daily volume weighted average price (VWAP) of the ordinary shares of HLBANK on Bursa Malaysia Securities Berhad for the five (5) market days prior to and including the market day immediately before the Expiry Date. The HLBANK-C1 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 HLBANK-C1 will cease to be valid and all our obligations in respect to HLBANK-C1 shall terminate absolutely.

This announcement is dated 16 October 2023.