Raffles Infrastructure Holdings Limited updated its stakeholders that Raffles Digital has, on 25 February 2022, entered into a Memorandum of Understanding for Technology Provider and Partnership Agreement with VC Wealth Company Limited, to establish the preliminary framework towards a Partnership Agreement to jointly develop and provide technology services in Thailand. The purpose of the MOU and Partnership Agreement is to establish a preliminary framework for the mutual development and provision of the parties' services for the parties' respective platforms and clients. The Partnership Agreement does not create any exclusive, proprietary or naming rights over Raffles Digital's services and/or any other service of Raffles Digital, subsidiary, and/or technology; nor does it permit the re-selling of Raffles Digital's services by VC Wealth or any other entity.

The salient terms of the MOU and Partnership Agreement are as follows: (a) the scope of activities shall include, inter alia: jointly developing and providing the relevant technology platforms to transform and digitalize VC wealth's business model. partnership to work together and develop technologies and software for lending companies in Thailand. partnership to develop the Software as a Service and the technology provider business to other licensed financial institutions in Thailand.

The Partnership Agreement is non-binding, save as provided in the Partnership Agreement, statement of intention to partner and collaborate between Raffles Digital and VC Wealth regarding mutual roles, development, and terms. each party shall be responsible for bearing its own operating costs, unless both parties agree to share specific pre-production costs, and in a proportion to be agreed in advance. the initial term of the Partnership Agreement shall commence on the effective date of the Partnership Agreement and continue for a period of twelve (12) months, which term shall automatically renew for successive annual periods unless terminated by either party upon at least thirty (30) days written notice prior to the end of any term (the initial term, plus any applicable renewal term); provided in the event of any change in control of Raffles Digital, Raffles Digital shall have the right to terminate the Partnership Agreement upon seven (7) days' notice. Termination effected in accordance with the Partnership Agreement shall be without penalty to any party.

The Partnership Agreement will be governed by and construed in accordance with the laws of Singapore, without regard to principles of conflicts of laws. The parties agree that any action relating to the Partnership Agreement will be referred to and finally resolved by Singapore International Arbitration Center (SIAC) and each Party waives its right to a change of jurisdiction or venue.