The Board of Directors of Suntrust Resort Holdings, Inc. at its meeting held 19 April 2024, approved the proposed loan transaction amounting to Thirty-Eight Million United States Dollars (USD 38,000,000.00) (the Loan Agreement) between the Company and LET Group Holdings Limited (LET Group), and (ii) the appointment of Mr. Chua Ming Huat or his duly authorized representative as the Company's authorized signatory for the purpose. On even date, the Loan Agreement was executed by the parties thereto. Under the Loan Agreement, the LET Group agreed to extend a loan to the Company in the amount of Thirty-Eight Million United States Dollars (USD38,000,000.00) payable within ten (10) years from execution date unless extended by the parties or shortened due to the happening of an event of default.

The above transaction is not expected to have any adverse effect on the business, operations, and financial condition of the Company as it is expected to redound to the benefit of the Company. The proceeds thereof are intended to fund project costs and the construction of the Main Hotel Casino.