Pace Development Corporation Public Company Limited announced that in October 2019, the Company and its subsidiary together received several Notices of Default from the Bank. These gave notice of the suspension of credit facilities and requested the Company and its subsidiary to settle due outstanding debts and any obligations under such agreements, totaling THB 2,697 million, within 15 days of receipt of the notices, which was 4 November 2019. The Company and its subsidiaries subsequently received additional Notices of Default from the Bank. These stated that since the amounts of the above defaulted debts were significant and the defaults constituted events of default under the cross default clauses of several credit facility agreements and the Bank, therefore requested the Company and its subsidiaries to make early repayment of the outstanding amounts totaling USD 34 million, or equivalent to THB 1,039 million, within 5 days after the date of the notice, and outstanding amounts totaling THB 6,782 million within 30 days after the date of the notice, or within 4 November 2019 and 20 November 2019, respectively. Moreover, a subsidiary received Notice of Claim under Stanby Letter of Credit and Notice of Reimbursement under Standby Letter of Credit from the Bank, requesting the subsidiary to settle due outstanding debts to the Bank totaling USD 10 million, or equivalent to THB 306 million, within 11 November 2019. Subsequently, on 12 November 2019, the Company and its subsidiary received Notices of Default by Debtor from the Bank due to the Company and its subsidiary being guarantors for repayment of debt under agreements to guarantee the credit facilities granted in accordance with these credit facility agreements. The Bank requested the Company and the subsidiary to make repayment within 15 days after the date of notice. The management is currently in the process of urgent consultations and negotiations with the Bank to prepare financial restructuring and debt management plans for the Group. However, since such a financial restructuring plan would include many details and would affect several groups of interested parties, time needs to be taken for careful consideration, and the outcome of the negotiations cannot yet be determined. The management expects the financial restructuring plan with the Bank to be agreed in the near future and believes that the Bank will grant the waivers of the debt repayment schedules and further financial support for the Group. The management is also in a process of finding sources of fund and full implementation of business plan to change the Group's strategies and future operations.