Raffles Infrastructure Holdings Limited updated its shareholders that Raffles Digital has, on 01 March 2022, entered into a Memorandum of Understanding for Technology Provider (the "MOU") and Partnership Agreement (the "Partnership Agreement") (collectively, the "MOU and Partnership Agreement") with KPM Securities Company Limited ("KPM"), a financial institution incorporated in Thailand, to establish the preliminary framework towards a partnership 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 KPM or any other entity.