Retail Offer

The Board of SRT MARINE SYSTEMS PLC (the "Company") is pleased to announce a retail offer via BookBuild (the "Retail Offer") of new ordinary shares of 0.1p each ("New Ordinary Shares") in the capital of the Company (the "Retail Shares") at an issue price of 35 pence per New Ordinary Share (the "Issue Price").

In addition to the Retail Offer, the Company is also conducting a Subscription and Placing of new ordinary shares at the Issue Price(the "Subscription", the "Placing" and together with the Retail Offer, the "Fundraising"). A separate announcement has been made regarding the Subscription and Placing and its terms. For the avoidance of doubt, the Retail Offer is not part of the Subscription and Placing. Full details of the Fundraising, including the background to and reasons for the Subscription and Placing and the Retail Offer, together with certain associated arrangements for the issue of additional new Ordinary Shares and warrants over Ordinary Shares that are being entered into in connection with the Fundraising is included in the separate announcement released by the Company this morning at 7:00 a.m.

The Issue Price represents a discount of approximately 9.0 per cent to the closing share price of 38.5 pence per Existing Ordinary Share on 12 November 2024. Shareholders subscriptions are being limited by reference to their existing shareholding amount.

Admission of the New Ordinary Shares pursuant to the Retail Offer is expected to take place at 8:00 a.m. on 3 December 2024. Completion of the Retail Offer is conditional, inter alia, upon the Fundraising Resolutions being duly passed by Shareholders at the General Meeting to be held at 11:00 a.m. on 2 December 2024 at the offices of CMS Cameron McKenna Nabarro Olswang LLP, Cannon Place, 78 Cannon Street, London, EC4N 6AF, and Admission taking place by no later than 8:00 a.m. on 3 December 2024 (or such later time as the Company and Cavendish Capital Markets Limited may agree (being no later than 8:00 a.m. on 31 December 2024).

The net proceeds of the Fundraising will strengthen the Company's balance sheet and enable the growth of both the systems and transceivers businesses.

Expected Timetable in relation to the Retail Offer

Retail Offer

The Company values its retail shareholder base, which has supported the Company alongside institutional investors since IPO. Given the support of retail shareholders, the Company believes that it is appropriate to provide its retail shareholders in the United Kingdom the opportunity to participate in the Retail Offer. The Company is therefore making the Retail Offer available in the United Kingdom through the financial intermediaries which will be listed, subject to certain access restrictions, on the following website: https://www.bookbuild.live/deals/016LGQ/authorised-intermediaries

The Retail Offer will be open to eligible investors in the United Kingdom at 7:05 a.m. 13 November 2024. The Retail Offer is expected to close at 6:00 p.m. on 13 Nov 2024. Investors should note that financial intermediaries may have earlier closing times. The Retail Offer may close early if it is oversubscribed.

There is a minimum subscription of £250.00 per investor under the terms of the Retail Offer which is open to investors in the United Kingdom subscribing via the intermediaries which will be listed, subject to certain access restrictions, on the following website: https://www.bookbuild.live/deals/016LGQ/authorised-intermediaries

The Company's LEI is 2138002DF3KFXL472938

UK Product Governance Requirements

Solely for the purposes of the product governance requirements of Chapter 3 of the FCA Handbook Product Intervention and Product Governance Sourcebook (the "UK MiFIR Product Governance Requirements"), and disclaiming all and any liability, whether arising in tort, contract or otherwise, which any "manufacturer" (for the purposes of the UK MiFIR Product Governance Requirements) may otherwise have with respect thereto, the Retail Shares have been subject to a product approval process, which has determined that the Retail Shares are: (i) compatible with an end target market of retail investors and investors who meet the criteria of professional clients and eligible counterparties, each as defined in paragraphs 3.5 and 3.6 of COBS; and (ii) eligible for distribution through all permitted distribution channels (the "Target Market Assessment").

Notwithstanding the Target Market Assessment, distributors should note that: the price of the Retail Shares may decline and investors could lose all or part of their investment; the Retail Shares offer no guaranteed income and no capital protection; and an investment in the Retail Shares is compatible only with investors who do not need a guaranteed income or capital protection, who (either alone or in conjunction with an appropriate financial or other adviser) are capable of evaluating the merits and risks of such an investment and who have sufficient resources to be able to bear any losses that may result therefrom. The Target Market Assessment is without prejudice to any contractual, legal or regulatory selling restrictions in relation to the Retail Offer.

EU Product Governance Requirements