Shangri-La Hotel Public Company Limited approved the renewal of HR Training Services Agreement (Shangri-La Academy Online) with Shangri-La International Hotel Management Pte. Ltd. for another period of 3 years from 1 January, 2024 ­ 31 December, 2026, be approved. As the Company operates two hotels under the brand Shangri-La Group, the Company is required to ensure that all colleagues are trained on a standard of service and product knowledge to be able to provide services to guest with the Shangri-La Standard at all time.

By entering into this Agreement with the Service Provider who develops all courses and have them available online that all colleagues of Shangri-La Hotel, Bangkok ("SLBK") and Shangri-La Hotel, Chiang Mai ("SLCM") can learn anywhere and anytime. This online platform will also be used for administration, tracking and delivery of e-learning courses. The service fees which the Company agrees to pay the Service Provider will be 1.0% of the actual monthly basic pay incurred by each of SLBK and SLCM in respect of its employee headcount.

The estimated service fees for 1 January, 2024 ­ 31 December, 2026 is Baht 11.43 million representing approximately 0.15% of the Company's Net Tangible Asset Value ("NTA") as at 30 September, 2023 (the NTA of the Company as at 30 September, 2023 was Baht 7,443.93 million). The Company has entered into the similar agreements with the Service Provider to engage the service of the Service Provider for the past six months which were approved by the Board of Directors Meeting No. 3/2022 on 9 May 2022 and disclosed the matter to the Stock Exchange of Thailand on the same day as follows: - For the period of 1 January, 2022 to 31 December, 2023 with the service fees of Baht 5.55 million representing approximately 0.08% of the Company's NTA as at 30 September, 2023.

Therefore, the total value of the connected transaction previously approved by the Board of Directors Meeting No. 3/2022 including the estimated value of this Agreement will be Baht 16.98 million which represents approximately 0.23% of the Company's NTA as at 30 September, 2023. Therefore, the total value of this connected transaction is more than 0.03% but lower than 3% of the Company's NTA.

Accordingly, the Company is required to seek approval from Board of Directors and disclose the transaction to the Stock Exchange of Thailand.