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 June 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 June 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 effort basis, prepared the Company's utilisation of cash for the month of June 2021 as follows:

	S$
Opening cash and bank balances	5,050
Add: Government Grant	3,880
Add: Foreign exchange translation gain (net)	(5)
Less:
Administrative expenses	122
Staff costs and related expenses	2,233
Closing cash and bank balances	_________
6,570
	=========

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

The Board has been continually engaging the Company's major shareholders and potential investors regarding potential investments and is actively identifying potential businesses, which is able to satisfy the requirements of the SGX-ST for a new listing by 31 August 2021.

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

5 July 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].