Each Warrant C entitles the registered Warrant C holder to subscribe for one (1) new ordinary share in Hibiscus Petroleum at the exercise price of RM1.00 for each Warrant C for Year 1. Thereafter, the exercise price of each Warrant C is subject to a fixed annual step-up of RM0.06 per year on each of the anniversary dates from the date of the first issuance of the Warrants C (subject to any permitted adjustments, if any, in accordance with the terms of the Deed Poll).

For clarity, the Maturity Date of the Warrants C (i.e. 18 March 2021) as reflected above is the last day of the exercise period, being one market day prior to the expiry date of the Warrants C (i.e. 19 March 2021).

This announcement is dated 27 March 2018.