Nscale Files Registration Statement for Proposed Initial Public Offering

Nscale Ltd. announced that it has filed a registration statement on Form S-1 with the US Securities and Exchange Commission (“SEC”) relating to a proposed initial public offering of its ordinary shares.The number of shares to be offered and the price range for the proposed offering have not yet been determined. Nscale has applied to list its ordinary shares on the New York Stock Exchange under the ticker symbol “NSCL”.

Goldman Sachs & Co. LLC, J.P. Morgan and Morgan Stanley will act as lead bookrunners for the proposed offering. RBC Capital Markets, BofA Securities, Deutsche Bank Securities, Credit Agricole CIB, TD Securities, Mizuho, KeyBanc Capital Markets, Cantor, SMBC Nikko and Wolfe | Nomura Alliance will act as bookrunners for the proposed offering. Citizens Capital Markets, Loop Capital Markets, Roth Capital Partners, ABN AMRO, Compass Point, DNB Carnegie, Rosenblatt, SEB and Tigress Financial Partners will act as co-managers for the proposed offering.

The proposed offering will be made available only by means of a prospectus. Copies of the preliminary prospectus, when available, may be obtained from: Goldman Sachs & Co. LLC, Attention: Prospectus Department, 200 West Street, NewYork, New York 10282 or by email: prospectus-ny@ny.email.gs.com; J.P. MorganSecurities LLC, Attention: c/o Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood, New York 11717 or by email: prospectus-eq_fi@jpmchase.com and postsalemanualrequests@broadridge.com; or Morgan Stanley & Co. LLC, Attention: Prospectus Department, 180 Varick St., 2^nd Floor, New York, New York 10014.

A registration statement relating to these securities has been filed with the SEC but has not yet become effective. These securities may not be sold, nor may offers to buy be accepted, prior to the time the registration statement becomes effective. This press release does not constitute an offer to sell or the solicitation of an offer to buy these securities, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.