Not for distribution, directly or indirectly, in or into the United States or any jurisdiction in which such distribution would be unlawful.

PHC Holdings Corporation (the "Company")

Mid-Stabilisation Notice

20 October 2021

Further to the pre-stabilisation notice dated 6 October 2021, SMBC Nikko Capital Markets Limited (contact: Jay Saito; telephone: +44 203 527 7072) hereby gives notice that the Stabilisation Manager(s) named below undertook stabilisation (within the meaning of Article 3.2(d) of the Market Abuse Regulation (EU/596/2014) as it forms part of retained EU law by virtue of the European Union (Withdrawal) Act 2018 ("EUWA")) in relation to the offer of the following securities, as set out below.

Securities

Stabilisation

For each of the dates during which stabilisation transactions were carried out, the aggregate [quantity/volume/number] and price range was as follows:

Stabilisation transactions

This announcement is for information purposes only and does not constitute an invitation or offer to underwrite, subscribe for or otherwise acquire or dispose of any securities of the Issuer in any jurisdiction.

This announcement and the offer of the securities to which it relates are only addressed to and directed at persons outside the United Kingdom and persons in the United Kingdom who have professional experience in matters related to investments or who are high net worth persons within Article 12(5) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005 and must not be acted on or relied on by other persons in the United Kingdom.

This announcement is not an offer of securities for sale into the United States. The securities referred to above have not been, and will not be, registered under the United States Securities Act of 1933 and may not be offered or sold in the United States absent registration or an exemption from registration. There has not been and will not be a public offer of the securities in the United States.

END.