Offer Update

NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN PART, DIRECTLY OR INDIRECTLY, IN, INTO OR FROM ANY JURISDICTION WHERE TO DO SO WOULD CONSTITUTE A VIOLATION OF THE RELEVANT LAWS OF THAT JURISDICTION

FOR IMMEDIATE RELEASE

3 February 2015

CASH OFFER

by

CEDAR 2015 LIMITED

an indirect subsidiary of

STEEL PARTNERS HOLDINGS L.P.

for

API GROUP PLC

Offer Update

In connection with the Offer by Cedar Bidco for API that was announced pursuant to Rule 2.7 of the Takeover Code on Thursday 22 January 2015 (the "Rule 2.7 Announcement"), Cedar Bidco announces that its direct parent company, CoSine has made the following announcement which is available at the following link:

· http://www.cosinecom.com/wp-content/uploads/2015/01/Shareholder-Notice.pdf

Defined terms used in the Rule 2.7 Announcement shall have the same meanings when used in this announcement.

In accordance with Rule 30.1(c) of the Takeover Code, a copy of this announcement will be made available, free of charge, subject to certain restrictions relating to persons resident in Restricted Jurisdictions, on the following website at http://www.cosinecom.com/cedar/ by no later than 12 noon on the first Business Day following this announcement.