Polarcus Limited (in official liquidation) ("Polarcus " or the "Company") (OSE: PLCS) refers to the announcements made on9 February 2021 (Polarcus : Appointment of Joint Provisional Liquidators),31 March 2021 (Polarcus : Summons to Bondholders of a Proposed Written Resolution),14 April 2021 (Polarcus concludes Standstill and Settlement Agreement with Lenders),30 April 2021 (Bondholder Summons: Completion of Restructuring) and4 May 2021 (Board of Directors stands down). Capitalized terms in this announcement have the same meaning as given in those announcements. On8 February 2021 ,David Griffin andAndrew Morrison of FTI Cayman andLisa Rickelton of FTI London were appointed JPLs of the Company by an order of the Court. Their appointment had immediate effect, and the JPLs were specifically authorized by the Court to take all necessary steps to develop and propose a restructuring of the Company's financial indebtedness with a view to making a compromise or arrangement with the Company's creditors or any class thereof. Since their appointment, the JPLs have negotiated the restructuring of the Convertible Bonds as more particularly described in the Bondholders Summons and the settlement contemplated by the Settlement and Standstill Agreement. Throughout the provisional liquidation, the Board, until their resignation on29 April 2021 , retained all powers of management conferred on it by the Order, subject to the appropriate and necessary oversight and monitoring of the JPLs as regards the exercise of such powers. The JPLs have completed the restructuring efforts for which they were appointed, following which they determined that the Company remained unable to pay its debts as they fall due and that it was in the best interests of the Company that it be placed into official liquidation. On21 June 2021 , the Court made an order placing the Company into official liquidation and appointedDavid Griffin andAndrew Morrison of FTI Cayman andLisa Rickelton of FTI London as Joint Official Liquidators (the "JOLs"). The JOLs will oversee the orderly winding down of the Company. As part of that process, the JOLs intend to seek the de-listing of the Company from the OSE. In view of the insolvency of the Company, there will not be any return from the liquidation to the Company's shareholders. Accordingly, there will be no further announcements to update the Company's Shareholders on the progress of the official liquidation. The JOLs shall publish periodic updates to the Company's creditors at www.fticonsulting.com/creditors, as and when appropriate. For media enquiries to the JOLs please contact:Ben Brewerton /Elizabeth Adams ,FTI Consulting Ben.brewerton@fticonsulting.com 07703 329963 elizabeth.adams@fticonsulting.com 07974 982331 For other enquiries to JOLs please contact: Polarcus@fticonsulting.com This information is subject to the disclosure requirements pursuant to Section 5-12 the Norwegian Securities Trading Act
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