Pine Capital Group Limited received letter of demand dated July 22, 2021 for repayment of a loan amount of SGD 2,700,000.00 pursuant to the Amendment and Restatement Agreement dated April 11, 2019 and the Original Loan Agreement dated November 27, 2018 entered into between the Company and the Lender, from Messrs Gurbani & Co LLC, acting on behalf of the Lender. The LOD gives notice to the Company that it has breached the Loan Agreements by having failed to make payment of the Outstanding Loan by December 12, 2020 as set out under the Loan Agreements, and further demands that the Company make payment of the Outstanding Loan by 6:00 pm July 28, 2021, failing which, the Lender shall commence legal proceedings against the Company in respect of the Outstanding Loan. The Company will be seeking legal advice on the LOD and will update shareholders as and when there are any further material developments on this matter.