13 December 2023

Steppe Cement Ltd

("Steppe Cement" or the "Company")

Update re intention to pay a dividend

Further to the announcement on 12 July 2023 in which Steppe Cement Ltd stated its intention to pay a dividend of 2 to 3 pence per share before November 2023 to the Company's shareholders and confirmed that it had set aside the funds to do so, Steppe has sought professional advice on the most efficient way in which to effect such a distribution.

Since the date of this announcement, the Company has been advised that new tax legislation, which has taken effect in Malaysia, the Netherlands and Kazakhstan, has made the Company's current corporate structure inefficient for the purposes of making shareholder distributions which would potentially now be subject to tax charges arising in multiple jurisdictions. The board of directors is therefore in the process of reviewing the current group structure in order to understand what courses of action are available to facilitate efficient shareholder distributions in the future.

The Company is committed to returning capital to shareholders in the near term and is currently exploring alternative ways to return funds to shareholders.

Steppe will update the market when it has resolved on a course of action.

For further information, please contact:

The information contained within this announcement is deemed by the Company to constitute inside information as stipulated under the Market Abuse Regulation (EU) No. 596/2014 as it forms part of United Kingdom domestic law by virtue of the European Union (Withdrawal) Act 2018, as amended by virtue of the Market Abuse (Amendment) (EU Exit) Regulations 2019.