June 19, 2023

Portland JSX Limited (PJX) has advised that as disclosed in the financial statements for the year ended February 28, 2023, PJX has a USD $4.5 million investment in Merqueo Holdings. In addition, the Company has an indirect exposure that is part of the PCF II Fund portfolio. The Company is of the view that the investment may be materially impaired and is expecting to take a provision for loss of most, if not all this exposure. The Company continues to monitor and manage the situation closely.

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