Pace Development Public : Informing the change of main secured creditor of Pace Development Corporation Public Company Limited and Pace Country Club Company Limited

(Translation)

No: PACE-L 09/2022

Date: 5 August 2022

Re: Informing the change of main secured creditor of Pace Development Corporation Public Company Limited and Pace Country Club Company Limited

To: President

The Stock Exchange of Thailand

Pace Development Corporation Public Company Limited (the "Company") and Pace Country Company Limited ("PCC") wishes to announce the progress of the rehabilitation of the Company and PCC to the Stock Exchange of Thailand as follows:

1. The recent creditors meeting via electronic channel (e-Meeting) have taken place in order to consider the rehabilitation plan in respect of the Company on 5 July 2022 and in respect of PCC on 26 July 2022. Due to the substantial amendment to the rehabilitation plans and at the requests by the creditors and planners, the Official Receivers had ordered the postponement of such creditors meeting in respect of the Company to be on 17 August 2022 and in respect of PCC to be on 15 September 2022 at 9.30 a.m.
2. The Company and PCC today have acknowledged that the main secured creditor ("Secured Creditor") had sold the debt and transferred all rights of such Secured Creditor under which the Company and PCC still had the outstanding debt as of July 28, 2022 in total THB 10,685,294,012.44 and THB 997,768,437.83 respectively, to Aster Capital ("Aster") on 5 August 2022, as a result of which the main secured creditor of the Company and PCC has been changed to be Aster effectively as of that date.
3. Aster, as the new Secured Creditor has an intention to provide credit facilities to complete the construction of Nimit Project subject to the approval of the rehabilitation plan by the Central Bankruptcy Court. In addition, all original main contractors have agreed to enter into construction contracts for the completion of Nimit Project as well.

Please be informed accordingly.

Respectfully yours,

- Signed -

(Mr. Sorapoj Techakraisri)

Chief Executive Officer

Pace Development Corporation Public Company Limited No. 53 Sivatel Tower, 16th Floor, Room 1606, Wireless Road,

Lumpini, Pathumwan, Bangkok 10330 Thailand Tel. [phone] Fax. [phone] www.pacedev.comRegistration No. 0107554000232

บมจ. เพซ ดีเวลลอปเมนท์ คอร์ปอเรชัเลขที่่น 53 อาคารศิวาเทล ทาวเวอร์ ชั้นที่16 ห้องเลขที่1606 ถนนวิทยุ แขวงลุมพินี เขตปทุมวัน กรุงเทพฯ10330 โทร 02 118 9599 โทรสาร 02 118 9598 ทะเบียนเลขที่0107554000232