With reference to the Board of Directors' Meeting No 8/2020 of Quality Houses Public Company Limited ("the Company") held on September 25,2020 has resolved to approve a subsidiary to renew a hotel management advisor agreement to Mandarin Hotel that is owned by The Mandarin Hotel Public Company Limited ("Mandarin"). Transaction date is After the approval of the Board of Directors' meeting. Connected parties are Employee: The Subsidiary of Quality Houses Public Company Limited ("the Subsidiary") and Employer: The Mandarin Hotel Public Company Limited ("Mandarin").

This transaction is classified as the connected transaction with the following details: Renewal of a hotel management advisor agreement to Mandarin Hotel that is owned by Mandarin which also granted the right to use the brand "Centre Point" for one year (1 October 2020 - 30 September 2021), with a renewal option upon mutual agreement. The Board of Directors shall authorize the management to have power to negotiate, agree and enter into any terms and conditions of such agreement and other related agreements and any other details as the management deem appropriated. The remuneration is based on 2% of total revenues (excluding some categories of revenues that have already declared in the hotel management advisor agreement) which is approximately THB 8 Million per year (1 October 2020 - 30 September 2021).

The remuneration is calculated from forecasted total revenues of the Hotels, with the following details: Total Revenue for 2020 (October-December) is THB 107 million and for (January-September) is THB 301 million million. This transaction is considered normal support business without any trade condition. The calculate size of this transaction is 0.031% which is more than 0.03% but less than 3% of the net tangible assets ("NTA") based on the Company's consolidated financial statement as of June 30, 2020.

The size of transaction is considered as a medium size. Therefore, the Company is required to get the approval from the Board of Directors and has to disclose the information to the Stock Exchange of Thailand. The remuneration is similar to that of operators in the same business.