General Announcement::MONTHLY VALUATION OF ASSETS & UTILISATION OF CASH & UPDATE ON MILESTONES IN OBTAINING A NEW BUSINESS

PINE CAPITAL GROUP LIMITED

(Incorporated in the Republic of Singapore)

Company Registration No. 196800320E

1. MONTHLY VALUATION OF ASSETS AND UTILISATION OF CASH PURSUANT TO RULE 1017(1) OF THE LISTING MANUAL SECTION B: RULES OF CATALIST OF THE SINGAPORE
   EXCHANGE SECURITIES TRADING LIMITED ("SGX-ST") ("CATALIST RULES")

1. QUARTERLY UPDATE ON MILESTONES IN OBTAINING A NEW BUSINESS, IN ACCORDANCE WITH RULE 1017(1)(B) OF THE CATALIST RULES

The Board of Directors (the "Board") of Pine Capital Group Limited (the "Company") wishes to announce the following unaudited financial information to its shareholders, pursuant to Rule 1017(1)(b) of the Catalist Rules.

1. Monthly valuation of assets and utilisation of cash

The Company is unable to provide the monthly valuation of its assets as at 30 September 2021, as the Company's outsourced finance and accounting team has suspended its services to the Company pending receipt of payment, which the Company is unable to fulfil due to its poor cash position. Notwithstanding this, the Board wishes to highlight that there are no material changes to the net assets as at 30 September 2021 as compared to the net assets as at 30 April 2021 (which was previously prepared by the Company's outsourced finance and accounting team and announced on 4 May 2021).

In addition, in the absence of the finance and accounting team, the management of the Company has, on a best efforts basis, prepared the Company's utilisation of cash for the month of September 2021 as follows:

	S$
Opening cash and bank balances	4,784
Add:
Grant from IRAS	9,000
Less:
Administrative expenses	157
Staff costs and related expenses	2,233
	_________
Closing cash and bank balances	11,394
	=========

All figures provided in this announcement have not been reviewed or audited by the Company's auditors.

1. Quarterly update of milestones in obtaining a new business

As set out in the Company's announcement dated 2 September 2021, the Company has been actively searching for a viable new business to satisfy the requirements set out under Rule 1017(2) of the Catalist Rules but is facing difficulties due to the lack of funds and tight timeline. Following the lapse of waiver on the extension of time up to 31 August 2021 to enter into a binding sale and purchase agreement to meet the requirements for a new business with a view to comply with Rule 1017(2) of the Catalist Rules, the Company will continue to evaluate its options and work on the necessary follow up actions.

In addition to the foregoing, the Company had also attempted to reach out to its substantial shareholders in respect of making an exit offer pursuant to Rule 1308 of the Catalist Rules but did not receive any response.

The Company will provide further updates to shareholders of the Company as and when there are material developments to the above.

By Order of the Board

PINE CAPITAL GROUP LIMITED

Andrew Lee

Executive Director

6 October 2021

This announcement has been prepared by the Company and reviewed by the Company's sponsor, Novus Corporate Finance Pte. Ltd. (the "Sponsor"), in compliance with Rule 226(2)(b) of the Singapore Exchange Securities Trading Limited (the "SGX-ST") Listing Manual Section B: Rules of Catalist.

This announcement has not been examined or approved by the SGX-ST and the SGX-ST assumes no responsibility for the contents of this announcement, including the correctness of any of the statements or opinions made, or reports contained in this announcement.

The contact person for the Sponsor is Mr. Pong Chen Yih, Chief Operating Officer, at 7 Temasek Boulevard, #18-03B Suntec Tower 1, Singapore 038987, telephone [phone].