Alphaland Corporation Annual Report 2017 by Alphaland Corporate Communications

THE WHITE SANDS OF BALESIN

About Us

Alphaland Corporation, a Philippine property development company, is managed by the RVO Capital Ventures Group. Alphalandâ&#x20AC;&#x2122;s corporate philosophy states: We are unique in that we are very selective in the property development projects that we undertake. We focus only on high-end and top-of-the-line projects. We do not intend to be, and will never be, all things to all people.

ALPHALAND - UNIQUE!

Table of Contents

TABLE OF CONTENTS 4 Alphaland Corporation Financial Highlights 7 Chairman’s Letter 12 Alphaland Baguio Mountain Lodges 22 Alphaland Balesin Island Club 32 Alphaland Makati Place 36 Alphaland Corporate Tower 38 The City Club 44 The Residences at Alphaland Makati Place 48 Alphaland Southgate 52 Aegle Wellness Center 56 Aegle Aesthetics 58 Balesin Gateway 62 Alphaland Aviation 64 Clark Hangar and Lounge 66 Corporate Social Responsibility 70 Board of Directors 71 Consolidated Financial Statements 72 Statement of Management’s Responsibility 73 Auditor’s Report 76 Consolidated Statements of Financial Position 78 Consolidated Statements of Comprehensive Income 80 Consolidated Statements of Changes in Equity 81 Consolidated Statements of Cash Flows 83 Notes to Consolidated Financial Statements

ALPHALAND CORPORATION FINANCIAL HIGHLIGHTS

OFFICE OF THE CHAIRMAN

ANNA BETTINA ONGPIN

ROBERTO V. ONGPIN

MICHAEL A.P.M. ASPERIN

VICE CHAIRMAN & PRESIDENT

CHAIRMAN AND CEO

COO & BALESIN ISLAND CLUB CEO

CHAIRMAN’S LETTER Januar y 29, 2018 Dear Members and Shareholders, Alphaland continued its steady growth and profitability during the year 2017. From a 2016 net income of Php7.1 billion, the company’s audited financial statements for 2017 showed an increase of 15.4% to Php8.2 billion. The company’s net worth increased by 15.3% from Php52.4 billion in 2016 to Php60.4 billion in 2017. On a pershare basis, the company’s earnings were Php6.43 in 2017 as compared to Php5.56 in 2016, a net increase of 15.7%, and the net book value per share was Php47.54 at the end of 2017 as compared to Php41.14 in 2016, or an increase of 15.6%. The company’s balance sheet continues to be exceptionally strong with a debt/ equity ratio of 10.9% (Php6.6 billion in debt as against Php60.4 billion in equity). This is the exact opposite of most property companies, where the equity is typically much smaller than the debt component. Thus, the borrowing capacity of your company remains strong.

Early in 2017, BDO, the largest bank in the countr y, approved a Php5.5 billion loan for Alphaland (which was used principally to refinance existing debts), with a 7-year tenor (and a 1-year grace period). This refinancing exercise placed Alphaland in a comfortable financial position. This clear vote of confidence in Alphaland by BDO tells a ver y important stor y about Alphaland. This loan facility was further increased to Php6.7 billion in 4th quarter 2017. I am also pleased to inform you that the company’s various projects continue to make steady progress in 2017. Spearheaded by our latest and most popular project, Alphaland Baguio Mountain Lodges, we completed 21 lodges in Phase 1, which consists of 50 lodges. The balance of 29 will be completed before Easter this year. All 21 lodges were either sold or reser ved before the start of 2018, with a steady stream of interested buyers viewing the property. The ver y strong demand for the lodges has allowed us to increase prices by about 10% starting in Januar y 2018. 7

Our flagship project, Balesin Island Club, continued its profitable operations, despite the extremely difficult access to the island due to the congestion at NAIA. In order to address this problem, we now have regular flights out of Clark, where there are no flight restrictions. (NAIA has a â&#x20AC;&#x153;curfewâ&#x20AC;? for private aircraft from noontime until 7:00 pm ever y day.) We have also acquired a second ATR72-500 aircraft, thus increasing our capacity (including our 3 other aircraft) to fly over 500 members and guests to and from the island daily. With the improved Alphaland facilities at Clark, a significant number of our members and guests who live in the northern part of Manila now prefer to travel to and from Balesin from Clark. In Balesin, we continue our steady stream of additional facilities for our members and their guests. We built 3 private villas, and have sold 2 of these. We intend to build more as the demand merits. These private villas are unique in that individuals or corporations can own them outright and the title of the land transferred to them. Thus, they can allow any number of their guests to come and use these private villas and the other facilities of Balesin Island Club, without being a member, or without being accompanied by a member.

With regard to our Balesin International Gateway project at Patnanungan Island, which is just 23 nautical miles from Balesin itself, we continued our land acquisition program. We have now acquired over 700 hectares out of our target of 750 hectares, but we have decided not to commence this project until our land acquisition is 100% complete. With the completion of our Alphaland Makati Place project, we have decided to embark on two significant changes to the project, namely: (a) We have decided to convert the 3rd Tower, which was originally planned to be ser viced apartments, to an office Corporate Center, which is ver y much in demand in our part of Makati. After only two months on the market, we have now leased more than 60% of the project at premium rates; and (b) We have decided to convert the remaining units in Towers 1 and 2 into ser viced apartments. We are presently in discussions with a number of worldclass ser viced apartment operators. With these conversions into rental properties instead of properties for sale, we expect that our recurring income in Alphaland will reach Php2

billion for 2018. This is a most welcome development, since recurring income is always given a higher valuation by the market than “one-off” sales.

Finally, I wish to thank all our shareholders, our staff, our members in the various clubs, and our many customers and friends, for their confidence in Alphaland, and we commit to strive even harder in the future We continue with our efforts to explore to continue Alphaland’s prosperity. a possible listing in either Bangkok or Singapore. We should point out, however, that the listing prohibition on Alphaland will expire in about a year and a half from now (in 2019), Sincerely yours, and we might therefore still proceed with relisting on the Philippine Stock Exchange. In closing, we are ver y bullish ROBERTO V. ONGPIN on the Philippine economy as the Chairman financial reforms under the current administration take root and actually begin to bear fruit. In this favorable environment, which is actually well recognized in the international arena, we expect the economy to grow at record rates and this obviously will allow your company to prosper in this favorable environment.

NICHOLAS BELASCO

MA. LOURDES A. TORRES

GENERAL MANAGER

VP - HUMAN RESOURCES

THE CITY CLUB

AND ADMINISTRATION

ENRICO SISON SVP - DESIGN

MARK BIDDLE

MA. AMELIA SANTIAGO

CRISTINA ZAPANTA

EXECUTIVE CHEF

SVP - INFORMATION TECHNOLOGY

SVP - FINANCE

MANAGEMENT COMMITTEE

JERIC POSIO VP - FINANCIAL

ENGR. EMMANUEL MARING

ATTY. JASON ALBA

PLANNING

SVP - PROPERTY MANAGEMENT

GENERAL COUNSEL

CHRISTENE C. YU

BENEDICT FRANCIS VALDECAÃ&#x2018;AS, MD

ATTY. CLIBURN ANTHONY A. ORBE

SVP - MARKETING & LEASING

MEDICAL DIRECTOR

OF COUNSEL

AEGLE WELLNESS CENTER

ALPHALAND BAGUIO MOUNTAIN LODGES

BREATHTAKING VIEW FROM ALPHALAND BAGUIO MOUNTAIN LODGES PROJECT SITE

ALPHALAND BAGUIO MOUNTAIN LODGES CLUBHOUSE INN

The Alphaland Baguio Mountain Lodges is a master-planned development of 300 lodge-style log homes, situated on an 82-hectare property. The development is just 9 kilometers north of Baguio City on Ambuklao Road, which is now fully paved and is only a 15-minute drive from Baguio City proper. The development will also offer three helipads.

The site enjoys lush Benguet pine forest and totally pollution-free mountain air. There are 5 designs and floor plans to choose from, and the homes will be sited to maximize the views of the surrounding pine-forested mountains. The homes will range in size from 4 to 6 bedrooms, and will be sold fully furnished. Each home will be constructed from western

cedar or pine logs imported from Scandinavia. The entire property will be secured by an 8-foot concrete perimeter fence, with 12 security outposts. The master plan was completed by EcoPlan of Florida in the U.S., the same master planner for Balesin Island. The lodges will be sold

Alphaland Baguio Mountain Lodges individually as horizontal condominiums, where the land will be proportionately owned by all 300 homeowners. This will allow for the optimization of the locations and views of all of the home sites. Each cluster of 5 to 8 homes will have its own water cistern that collects rainwater from the roof of each building, and each home will have its own backup source of power. Landscaping will be provided and maintained by Alphaland, to the usual superior Alphaland standard. On the main Ambuklao Road part of the property, we will construct a commercial center consisting of 8 pine log units, which we will provide rent-free to the best restaurants and popular shops in Baguio, as well as a laundromat for the convenience of our homeowners. After extensive site preparation and infrastructure works, including widening, grading, and paving of the 2-kilometer, 6-meter wide principal road, the 5 model homes and the Clubhouse Inn, as well as a further 16 homes, were completed by the end of 2017. These will be followed by the next 100 homes in 2018, and the final 150 homes in 2019.

VIEW FROM CLUBHOUSE INN OUTDOOR DINING AREA

RIPRAP STONEWORK

CLUBHOUSE INN INDOOR DINING AREA

VIEW FROM CLUBHOUSE INN

CLUBHOUSE INN SCENIC ELEVATOR

MODEL E DECK

VIEW FROM MODEL E DECK

CLUBHOUSE INN OUTDOOR DINING AREA

MOUNTAIN VIEW FROM CLUBHOUSE INN LOWER GROUND GUEST ROOM

INITIAL CLUSTERS OF LODGES

MODEL E MASTERâ&#x20AC;&#x2122;S BEDROOM

MODEL D

MODEL B LIVING ROOM

MODEL B KITCHEN & DINING AREA

MODEL B SAUNA IN MASTERâ&#x20AC;&#x2122;S BEDROOM

MODEL E DEN

TOP VIEW OF THE CHAPEL

FRONT VIEW OF THE CHAPEL

INSIDE VIEW OF THE CHAPEL

NURSERY FOR 50,000 PINE TREES

FLOWER NURSERY

ALPHALAND SLEEPER COACH

HELIPAD

ALPHALAND BALESIN ISLAND CLUB

MAP OF BALESIN ISLAND CLUB

THE POOL AREA AT PHUKET VILLAGE

With more than seven kilometers of white-sand beach, Balesin Island sits in the Pacific Ocean, 29 nautical miles off the eastern coast of Luzon, and just 20 minutes by plane from Manila.

Balesin is an exclusive, world-class island resort off the east coast of the Philippines, for members only. It is the flagship project of Alphaland Corporation. Balesin Island sits in the Pacific Ocean, 29 nautical miles off the eastern coast of Luzon. It is 20 minutes’ flight time from Manila or 30 minutes from Clark, on Alphaland’s private fleet of airplanes, which are boarded at Alphaland’s private terminals at both airports. Balesin Island is about 500 hectares in size, of which less than 45 hectares (about 9%) will ever be developed. The majority of the island is undisturbed, original tropical rainforest. The island is ringed by more than seven kilometers of white-sand beach.

The resort redefines the Asian luxury beach experience, which is characterized by excellent service, and provides a comprehensive array of facilities, for an endlessly varied and evolving lifetime experience for its members. The accommodations consist of 7 villages, each inspired by world-renowned destinations: Balesin, Bali, Costa del Sol, Mykonos, Phuket, St. Tropez, and Toscana. Each village is a distinct experience, and effectively a resort in itself. Each is designed and executed authentically, from architecture and interiors to landscaping and cuisine. The emphasis of

Balesin Island Club the design is on privacy and exclusivity. Many of the accommodations are standalone villas, while the suites are also very private. The Balesin Royal Villa is a majestic structure that is an ideal venue for large family and social gatherings, weddings, and corporate retreats. The Royal Villaâ&#x20AC;&#x2122;s upper floor offers 4 spacious Maharlika suites, accessible via private elevator, with their own private decks and jacuzzis. On the ground floor are 10 villatype suites with private entrances, as well as a luxuriously appointed Salon opening out onto a sweeping deck with two pools overlooking the sea. The Balesin Private Villa is the Clubâ&#x20AC;&#x2122;s newest amenity, offering casual luxury in an 8-bedroom private home for extended families or corporations. Situated on a 6,000 square meter pristine beachfront lot with a view of the sunset, the Private Villa features a stunning infinity pool with adjoining jetted whirlpool, fully equipped kitchen, billiard room and lounge with bar, karaoke room, cozy library, office, and an expansive, skylit living and dining area with indoor greenscape centerpiece. Each bedroom suite has an unobstructed view of the pool and

GUESTS CAN GO ON HORSEBACK BY THE BEACH

THE BALESIN SPA

AERIAL VIEW OF THE BALESIN ROYAL VILLA

VIEW FROM THE BALESIN PRIVATE VILLA INFINITY POOL

beach, and includes an en suite bathroom and private outdoor shower. The Private Villa will be maintained and serviced by the Club. In addition to the villages, there are extensive central facilities, including a main clubhouse larger than most country clubs, a Sports Center, an Aquatic Sports Center, the Aegle Wellness Center, numerous restaurants, and many others. Balesin is also home to the M/Y â&#x20AC;&#x153;Obsessionsâ&#x20AC;? super yacht for the use of its members and guests. The 38.5-meter aluminium-hulled vessel was built by the world-renowned Heesen Yachts in Holland and is the pride of their fleet. The yacht has four beautifully decorated staterooms, all with en suite bathrooms, and is often chartered for full-day trips to the surrounding Polillo Island group, as well as for sunset cruises around the island, dinners, and photo shoots.

BALESIN SPORTS BAR

Balesin Island Club offers a number of complimentary villa nights a year depending on the type of membership. Members and their guests can choose to use these complimentary nights at any of the villages or at the clubhouse suites, which are designed for larger families. BALI VILLA

M/Y OBSESSIONS

Balesin Island Club

BALESIN PRIVATE VILLA

INTERIOR OF THANASSIS TAVERNA IN MYKONOS

COSTA DEL SOL CASA GRANDE

BALESIN SALA

ST. TROPEZ

THE BALESIN ROYAL VILLA

PHUKET SALATHIP

TOSCANA VILLAGE

NUSA DUA BAR

RUNWAY LIGHTS

Balesin’s E.L. Tordesillas Airport, named after the founder of the original resort, has a 1.5 kilometerlong concrete runway, built to international aviation standards, that can accommodate regional aircraft and private jets. The club recently invested in runway lights with Area Navigation (RNAV) approach capability, so it can now operate as a 24-hour aerodrome. The club operates its own fleet of aircraft to bring guests to and from the island, and has operated a capacity of 1,000+ seats a day during peak periods. A key aspect of the flight experience are our own private terminals at the Ninoy Aquino International Airport (NAIA) and at Clark International Airport, which are much more convenient—and luxurious—than the crowded public Domestic Terminals. Alphaland utilized revolutionary technologies and concepts in developing Balesin Island Club. In any island development, the main challenge is water supply. The concrete runway serves as a rainwater catchment, collecting over 200 million liters per year into manmade lakes. The harvested water is processed into potable water via ultrafiltration, and is then distributed around the island. Used water is processed aerobically and anaerobically in modular sewage treatment plants, producing Class A greywater. This reclaimed greywater is used for the island’s lush landscaping during the summer months. Balesin, is thus, uniquely among island resorts, self-sufficient in water.

BALESIN CRAB CAUGHT AT BALESIN SEAFOOD FARM

FAMILY PICNIC GROVE

Balesin Island Club The island also produces a lot of its own food, which is made possible by the abundant water. The original fishing community that continues to live on the island supplies the fish served in its restaurants, and also staffs the aquaculture facilities, which include fish and shellfish farms. The banana plantations on the island produce a surplus, which is sent to the mainland and marketed there. In addition, 40,000 coconut trees on the island, with more planted every year, provide an ample supply of coconuts. Compact, high-technology organic vegetable farms established near the airport yield much of the produce needed by the island’s restaurants, although some items (like rice and meats) will always be brought in from the mainland, as we would rather not clear forest to accommodate these.

THE AVIARY

Location and ambiance are keys to Balesin Island’s overall vision. In this regard, the resort’s architectural design remains in harmony with its natural surroundings. This was achieved by partnering with one of the world’s pre-eminent hospitality master planners, EcoPlan, of Florida, USA. EcoPlan has ensured that each structure never overwhelms its environment in any way. SPORTS and RECREATION Outdoor Activities • Archery - Archery Range near the Sports Center • Basketball - Outdoor Basketball Court at the Sports Center • Bicycling - Bicycles are available for use at the Main Clubhouse • Bird Watching - The Aviary • Boating - Speedboats and sailboats may be rented at the Aquatic Sports Center; the M/Y Obsessions super yacht may be chartered for outings, dinners, and photo shoots • Fishing - Deep sea, on board the M/Y Obsessions or on one of our fleet of speedboats, or gallery fishing at Fish Fun or Family Picnic Grove • Gardening - Balesin has an Organic Vegetable Garden, where guests may harvest their own salads • Hiking - 8 kms of nature trails through forest and banana fields

HOBIE CAT SAILING IN BALESIN’S CLEAR BLUE WATERS

PIER FROM BALESIN FISH FUN

• Horseback Riding - Island Trail Ride, Bullring (equestrian), at the Stables • Kayaking - Aquatic Sports Center 29

BADMINTON COURTS

THE INDOOR CLIMBING WALL AT THE SPORTS CENTER

• Knockerball - Sports Center and soccer pitch • Mountain Biking - The highest point of Balesin is just 10m above sea level, but we do have mountain bikes available for rent • Paddle Boarding, Standup - Aquatic Sports Center • Paintball/War Games - Sports Center • Picnicking - Family Picnic Grove, which also offers fishing • Sailing, Hobie Bravo - Aquatic Sports Center • Sailing, Paraw (native boat) - Aquatic Sports Center • Scuba Diving - Aquatic Sports Center • Segway - Sports Center • Snorkeling - Aquatic Sports Center • Soccer – Soccer pitch, near the Sports Center • Sunbathing - The main beach and all pool areas are provided with sun loungers. • Surfing - Available at certain seasons, off various beaches. Our Aquatic Sports Center staff will show you the different breaks.

• Swimming - Beach swimming with lifeguards is available at specified schedules. The Clubhouse has a lagoon pool, three outdoor whirlpools, and a kiddie pool; each village has one or more pools while Mykonos Cove Deck has five outdoor whirlpools, and Poseidon has an indoor/ outdoor infinity pool; the Balesin Spa has a private pool • Tennis - Outdoor Tennis Court, Sports Center • Volleyball (beach) - Balesin Sala Beach Area • Wakeboarding - Aquatic Sports Center • Waterskiing - Aquatic Sports Center • Windsurfing (sailboarding)- Aquatic Sports Center Indoor Activities • Airsoft Target Shooting Range - Sports Center • Badminton - Indoor Courts, Sports Center • Basketball - Indoor Basketball Court, Sports Center • Billiards - Game Room, Main Clubhouse • Boxing, with trainer - Sports Center • Children’s Indoor Playroom - Main Clubhouse • Dancing - Ballroom, Latin, and other styles at various events throughout the island • Gym - Sports Center • Karaoke - Babes’, Mike’s and Rannie’s KTV Rooms, Main Clubhouse • Mahjong - Mahjong Rooms, Main Clubhouse • Mixed Martial Arts, with trainer - Sports Center • Poker and other card games - Poker Rooms, Main Clubhouse • Reading - E.L. Tordesillas Library, Main Clubhouse • Rock Climbing Wall - Sports Center • Smoking - Tabacalera Cigar Divan, Main Clubhouse • Table Tennis (Ping Pong) - Game Room, Main Clubhouse • Tennis - Indoor Tennis Court, Sports Center • Wii© - Wii© Room, Main Clubhouse DINING • Dining - Breakfast buffet, Main Clubhouse Lounge • Dining - Filipino, Main Clubhouse Lounge, Balesin Dining Room, Verandah, Balesin Sala • Dining - Fish “catch-it-yourself” at Fish Fun and Family Picnic Grove

Balesin Island Club • Dining - French, at St. Tropez Village • Dining - Greek at Thanassis Taverna and Cove Deck, Mykonos Village, and Poseidon, Mykonos Beach Villas • Dining - Indonesian at Bali Warung and Nusa Dua Bar • Dining - Italian at Toscana Village • Dining - Korean at Han Gang, Main Clubhouse • Dining - Japanese at Sakura, Main Clubhouse • Dining - Spa cuisine at Ambrosia, Aegle Wellness Center • Dining - Spanish at the Restaurante Español and Tapas Bar, Costa del Sol Village • Dining - Thai at Salathip, Phuket Village • Dining - Mongolian BBQ and mixed grill for lunch and cocktails for sunset at Rico’s Hideaway • Dining - Seafood at Balesin Seafood Shack and Fish Fun • Dining, Private - Michelle’s and Anna’s at Main Clubhouse, Private Dining Rooms at Bali, Phuket, St. Tropez, Costa del Sol Village, Toscana, and Mykonos Village • Cocktails - The Main Clubhouse has three (3) bars, the Pool bars serve the swimming pools and the beach, and the sala of each village has a bar with general cocktails and drinks and wines unique to its theme. The open-air Nusa Dua bar at Bali village sits on stilts on the water. SPA & WELLNESS • Massage (various types) - Balesin Spa and Aegle Wellness Center • Sauna and Steam Bath - Balesin Spa • Aegle Wellness Center, Mykonos Beach Villas • Thalassotherapy, Aegle Wellness Center • Spa cuisine, Ambrosia at Aegle Wellness Center AMENITIES • Concerts and Performances - Clubhouse Performance Theater, Main Clubhouse • Haircuts and grooming - Salon & Barber Shop, Main Clubhouse • Locker Rooms (Men’s and Women’s) - Main Clubhouse and Sports Center • Meeting and Conference facilities - Function Rooms, Main Clubhouse; The Balesin Royal Villa

• Shopping - Sundries and souvenirs at Balesin Souvenir Shop, Main Clubhouse and E.L. Tordesillas airport • Worship - The Balesin Chapel offers regular Catholic masses on Sundays, and other days of Catholic observance. It is open all day for private prayer, and available for weddings and other occasions. TRANSPORTATION • Golf cart rides - All over the island • Jeepney rides - All over the island • Bicycling - Bicycles are available for use at the Main Clubhouse

SEGWAYS

PRIVATE MASSAGE BY THE BEACH

ALPHALAND MAKATI PLACE

THE BEDROOM OF A TYPICAL UNIT AT THE RESIDENCES AT ALPHALAND MAKATI PLACE

Continued economic growth brings about the expansion of Makatiâ&#x20AC;&#x2122;s Central Business District. Alphaland Makati Place, located on a premium one-hectare property along Ayala Avenue Extension, near office buildings, schools, shopping centers, hospitals, and community areas, leads the charge.

Alphaland Makati Place is a uniquely intelligent, state-of-the-art residential and leisure complex that offers an integrated lifestyle solution in one dynamic complex. Ever y detail is planned for efficiency, sustainability, and enjoyment. It consists of 1 corporate and 2 residential towers on a six-storey podium. The first three floors of the podium contain an upscale public shopping center, high-end supermarket, world-class restaurants, and ser vice hubs. The upper three floors of the podium house The City Club, an exclusive urban sport and leisure membership club and business haven. The City Club also houses Aegle Wellness Center, a center for longevity and holistic health. Atop the six-storey podium are the 494 units that compose The Residences at Alphaland Makati Place and the 34-stor y Alphaland Corporate Tower.

EXTERIOR OF ALPHALAND MAKATI PLACE

Alphaland Makati Place is the only complex in the Central Business District to present such a comprehensive living solution. It is designed by the wellestablished group of architectural and

Alphaland Makati Place

FULLY FITTED KITCHEN AND DINING AREA AT THE RESIDENCES AT ALPHALAND MAKATI PLACE

engineering practice, Wong & Ouyang, and the leading architectural firm in the countr y, Casas + Architects. This complete community is designed to cut down on commuting to enable residents to save time and energy, and minimize traffic, all in secure, private surroundings. Alphaland Makati Place is designed from the ground up with state-of-the-art building management, automation, and security, as well as energy-efficient mechanical, electrical, and sanitar y systems. The complex

UPMARKET AT ALPHALAND MAKATI PLACE

consumes far less water and energy than comparable buildings, minimizing carbon emissions and unnecessar y costs, while still achieving a high level of comfort. Moreover, the basement has five levels of parking, which provide approximately 1,000 parking spaces (the most of any building in Makati) to reduce the urban â&#x20AC;&#x153;heat island effectâ&#x20AC;?. The project is registered under the United States Green Building Council (USGBC) rating system, which administers the Leadership in Energy and Environmental Design (LEED).

ZOO COFFEE

ALPHALAND CORPORATE TOWER

The Alphaland Corporate Tower is a 34-story, Grade AAA office building located in the heart of Makati’s Central Business District on prestigious Ayala Avenue. Part of the Alphaland Makati Place complex, it offers total leasable space of 26,582 sqm, an expansive and attractive 360° view from each floor, and a total of 27 floors, each with a floor plate of 950 sqm. There will be only one tenant company per floor, and each tenant will be entitled to 10 City Club shares (worth Php 1.5 million each for a total of Php 15 million) at no cost. The tower offers 4 high-speed elevators with direct access to The City Club, an allgranite and marble entrance lobby, 100% backup genset, and an exclusive Sky Lounge on the topmost floor. With fit-out substantially completed by the end of 2017, occupancy will begin in early 2018.

ALPHALAND CORPORATE TOWER LOBBY

ALPHALAND CORPORATE TOWER

DESIGN INSPIRATIONS FOR THE SKY LOUNGE

ALPHALAND CORPORATE TOWER

THE CITY CLUB AT ALPHALAND MAKATI PLACE

THE CITY CLUB ATRIUM

THE CLUB LOUNGE

All rolled into one, like no other! The City Club is a three-hectare lifestyle hub for leisure, entertainment and business options in the heart of Makatiâ&#x20AC;&#x2122;s Central Business District. No other club offers all these options in one place.

The City Club is an integral component of Alphaland Makati Place. All tenants of Alphaland Corporate Tower and unit owners at The Residences at Alphaland Makati Place are automatically members of The City Club, while non-residents may also purchase memberships. Located along Ayala Avenue, it occupies the top three floors of the sixstorey podium of Alphaland Makati Place, with an area of 30,000 square meters. It 40

is located within walking distance of many major corporations, residential buildings, and commercial establishments in the Central Business District. This provides convenience from work, home, and everywhere in between. The City Club houses 9 specialty restaurants where you can choose from a variety of international cuisines. Among them are A Taste of France (French), Balesin Islander (Filipino),

The City Club at Alphaland Makati Place

CLUB LOUNGE

MYKONOS RESTAURANT AT THE CITY CLUB

BOARD ROOM

SPECIALTY OF MYKONOS

Costa del Sol (Spanish), Hai Shin Lou (Chinese), Mark’s Prime Rib (Steak House), Sakura (Japanese), Mykonos (Greek), Salathip (Thai) and Toscana Ristorante Italiano (Italian). These are complemented by the Tabacalera Cigar Divan, where members can enjoy the finest cigars and single-malt whiskies, and TWG Tea Lounge, serving the finest luxury tea brand in the world. Doing business outside the office is never a problem at The City Club. The Club’s Business Center includes meeting and conference rooms that provide an ideal working environment. The Club offers wi-fi and a state-of-the-art fiber optic network to ensure that members stay connected anywhere around the club’s premises. Function rooms are also available for events, from corporate functions to weddings and banquets.

CONFERENCE ROOM

BANQUET HALL

GYM

MOVIE THEATER/AUDITORIUM

LIBRARY

PILATES STUDIO

No club is complete without a pool, and The City Club has its lagoon-style swimming pool with additional areas for laps. Children also get to enjoy The City Clubâ&#x20AC;&#x2122;s child-friendly facilities, which include a kidsâ&#x20AC;&#x2122; swimming pool, indoor playground and activity area. Other facilities such as game rooms, KTV rooms, a screening room, and a Wii room provide recreational activities that the entire family can enjoy. In addition, The City Club has an extensive array of amenities dedicated to your health and wellness needs. Apart from its swimming pools, Aegle Wellness Center & Spa, and a fully equipped gym, sports enthusiasts will enjoy the indoor courts for basketball, tennis, badminton, and squash, and the high-definition virtual golf simulator, which is exclusive to The City Club and is the only one of its kind in the Philippines. For those who want to revitalize their minds and bodies, studios for Pilates, aerobics and yoga can also be found in the Club. There is also a boxing ring and martial arts studio for those who enjoy more strenuous activities.

The City Club at Alphaland Makati Place CLUB AMENITIES

• • • • • • • • • • • • • • • • • • • • • • • • • • •

Indoor Tennis Court Indoor Basketball Court Badminton Courts Boxing Ring Squash Court Gym Billiard Tables Table Tennis Room Aerobics & Yoga Studio Martial Arts Studio Pilates Studio Dance Studios Aegle Wellness Center & Spa Swimming Pool Pool Sunbathing Deck High-Definition Virtual Golf Simulator Health Bar Meeting and Conference Rooms Movie Theater/Auditorium Librar y Business Center Banquet Hall Private Function Rooms Chinese Function Rooms Private Dining Rooms The Boardroom Large Function Rooms

HAI SHIN LOU

• • • • • • • • • • • • • • • • • • •

Tabacalera Cigar Divan Outdoor Activity Area Banquets and Events Wii© Room Game Room Club Lounge Barber Shop KTV Rooms Screening Room Poolside Restaurant & Al Fresco Bar Restaurants: — Sakura — Salathip Thai Restaurant — Hai Shin Lou — A Taste of France — Costa del Sol — Toscana Ristorante Italiano — Mark’s Prime Rib — Balesin Islander — Mykonos The TWG Tea Lounge Canadian American School Children’s Indoor Play Area Pro Shop Outdoor Playground Children’s Pool Snack Bar Barbecue Area

SALATHIP THAI RESTAURANT

THE RESIDENCES AT ALPHALAND MAKATI PLACE

TYPICAL UNIT AT THE RESIDENCES AT ALPHALAND MAKATI PLACE

THE RESIDENCES AT ALPHALAND MAKATI PLACE RECEPTION

Dubbed “the home of the future”, The Residences at Alphaland Makati Place incorporates the limitless possibilities of futurereceptive technology into residents’ daily lives through the incorporation of fiber optic infrastructure.

The Residences at Alphaland Makati Place, a meticulously designed complex that ensures a natural fusion of aesthetics and efficiency, offers fully fitted and fully furnished, stateof-the-art Ayala Avenue apartments. The strategic location of the complex makes it a perfect home for dynamic executives, young families, and upwardly mobile singles. 46

The residential towers offer several different unit types: 1-bedroom, 2-bedroom, premium 2-bedroom, and 3-bedroom suites. Each unit is delivered in ready-to-move-in condition. Units offer open-plan kitchen, living, and dining areas, and maximized space through cleverly concealed built-in storage areas in hallways and under windows to allow freedom of movement around the unit. All units come with premium bathroom fixtures and top-of-the-line appliances. All furniture, fixtures, and major appliances are included in the unit price, and are installed and tested. Each unit has a dishwasher, air conditioners, beds, sofas, an intelligent lighting system, bathroom and kitchen fixtures, refrigerator/ freezer, laundry washer and dryer, televisions, minibar, and a safe. Premium units come with a wine chiller. Extensive storage is provided, with each unit containing ample shelves, closets and

The Residences at Alphaland Makati Place bins. Fixtures for the units were handpicked from leading global brands, such as Philippe Starck and Kuysen. Moreover, units are fully automated at no extra cost to the buyer. With the use of a provided tablet or any Internet-enabled device, unit owners are given complete control of the home. The interface allows access and control of the lighting, blinds, and other utilities in the home even if they are away. Lights turn on and off with motion-sensor technology, the flat screen TV can be hidden in a built-in recess and the temperature of the air conditioner can be modified with a press of a button. Other applications on the tablet PC connect to the front desk, maintenance, security, and other services. The complex incorporates highspeed fiber-optic infrastructure, ensuring that it will be technologically advanced for years to come. As if that werenâ&#x20AC;&#x2122;t enough, each unit in The Residences at Alphaland Makati Place comes with a resident membership in The City Club, whose top-of-the-line facilities are dedicated to fulfilling the most demanding lifestyle needs.

DESK AREA INSIDE A UNIT AT THE RESIDENCES AT ALPHALAND MAKATI PLACE

SERVICED RESIDENCES In 2017, Alphaland made the decision to convert its unsold inventory at The Residences at Alphaland Makati Place into serviced apartments, to be managed by a global serviced apartment operator. Negotiations with several leading operators began in late 2017 and conversion will be complete in 2018. The serviced residences concept will provide Alphaland with an estimated Php450 million of recurring income per year. TYPICAL MASTER BEDROOM OF A 3-BEDROOM UNIT AT THE RESIDENCES AT ALPHALAND MAKATI PLACE

ALPHALAND SOUTHGATE TOWER AND MALL

ALPHALAND SOUTHGATE TOWER AND MALL LOCATED AT THE CORNER OF EDSA AND CHINO ROCES AVENUE

ALPHALAND SOUTHGATE TOWER HAS BECOME A WELCOME ADDITION TO THE CITY SKYLINE

The Southgate Tower exemplifies the company’s vision of superior value transformation.

ALPHALAND SOUTHGATE TOWER Located at the intersection of EDSA and Chino Roces Avenue, Alphaland Southgate Tower has become an iconic establishment and functions as the gateway to Makati. Its distinctive LED display, set in the building’s blue glass facade, welcomes visitors to the metropolis’ Central Business District. 50

The project began as an unfinished high-rise building that remained idle for nearly 30 years. The Alphaland Corporation reinvented it as a modern glass office tower with a podium mall, transforming a former eyesore into one of the city’s most recognizable and vibrant landmarks.

Alphaland Southgate In 2010 Alphaland Southgate first opened its doors, with the initial batch of tenants composed of companies within the group, including Alphaland itself, PhilWeb Corporation, ISM Communications, and Atok-Big Wedge. Major BPO players such as Teleperformance, GHD Pty. Ltd., Genie Technologies, and Alorica Inc. soon followed. Later on, Anthem Solutions Inc., MRL Gold Phils., Jorge Yulo Architects, and Western Mindanao rounded out the rest of the building’s occupants.

THE EIGHTH ANNIVERSARY OF ALPHALAND SOUTHGATE

By the end of 2011, Alphaland Southgate Tower had reached full occupancy. ALPHALAND SOUTHGATE MALL Convenience is the main driver of the Alphaland Southgate Mall.

DEPARTMENT STORE

The Alphaland Southgate Mall is directly connected to the Southgate Tower. It offers about 18,340 sqm of floor area on three levels, with the third level providing commuters with direct access to the Magallanes MRT station. The building houses major bank branches like BDO and PBCOM, fast-food and casual dining establishments, food kiosks, a department store, computer shops, beauty and wellness shops, and fashion outlets. Mall events are regularly held during holidays on the ground floor and the third floor. Alphaland’s own property operations team addresses tenants’ needs and requests. Supported by a professional staff and a 24/7 concierge service, the group deals with any of their construction, engineering, housekeeping, parking, and security concerns that may arise.

COFFEE SHOP

The Alphaland Southgate Mall is open from 10AM to 9PM, Mondays to Sundays, including holidays. ALPHALAND SOUTHGATE MALL INTERIOR

AEGLE WELLNESS CENTER

AEGLE WELLNESS CENTER AT BALESIN ISLAND CLUB

AEGLE WELLNESS CENTER AT THE CITY CLUB

Aegle Wellness Center is a state-of-theart integrative health and wellness center purposely set in two complementary sites – a five-star city center facility and an exclusive island resort setting – to nurture and sustain our unique wellness programs.

AEGLE WELLNESS CENTER Named after the Greek goddess of radiant good health, Aegle illustrates the marriage of science and health—Aegle being the daughter of Aesculapius, the god of medicine, and Epione, the goddess of soothing of pain. Aegle is the sister of Panacea, the goddess of medicines, and Hygeia, goddess of health. 54

Aegle is devoted to the maintenance of health through lifestyle modification based on cutting-edge technology from the basic sciences such as cell physiology, molecular biology, and human genomics. Protocols are hinged on the four foundations of wellness: natural detoxification, weight management, ageing medicine, and holistic health.

Aegle Wellness Center Complementing the limitations of Western medicine with the preventive health values of traditional healing, Aegle provides multi-faceted programs to address health concerns ranging from treatment of lifestyle diseases, to enhancing function and athletic performance, to providing support to terminal illness prevention. Leading Aegle’s acclaimed medical team are Dr. Claude Chauchard, world-renowned Anti- Ageing and Preventive Medicine specialist and Dr. Ben Valdecañas, the country’s leading authority in the field of Sports and Regenerative Medicine. The city center facility of Aegle Wellness Center, which is located at The City Club, began operations in late 2015, while its second center, located adjacent to the Mykonos Beach Villas in Balesin Island Club, opened its doors in April 2016. The Aegle facility at Balesin offers Thalassotherapy as a centerpiece of its wellness programs.

►Gut Micro Biome Analysis ►Oxidative Stress ►Neurotransmitter Assay ►Amino Acid Assay ►Cardiac Vascular ►Chronic Fatigue Syndrome • Ancillary Assessment ►Plethysmography ►Live Blood Analysis Treatments • Hyperbaric Oxygen Therapy (HBOT) • Colon Hydrotherapy • Intravenous Detoxification • Intravenous Supplementation

SERVICES AND PROGRAMS Professional Assessment & Evaluation • Professional Age Management Consults • Exercise Instruction, Initiation, and Integration • Nutritional Consults, Management, and Support • Life Coaching • Mind-Body-Spirit Coaching • Thalassotherapy (Aegle Balesin only) • Laboratory Assessment Complete Blood Analysis and Serum Chemistry Body Composition Analysis (BCA) ► Metabolic Analysis Testing Food Sensitivity Testing Genomic Analysis Hormonal Assay ►Micronutrient Assay ►Cancer Markers ►Toxicology Scan

HYPERBARIC OXYGEN THERAPY

INTRAGEN TREATMENT

AEGLE AESTHETICS

In 2017, we launched Aegle Aesthetics, which provides sustainable and holistic healthcare products for skin using only the most beneficial non-toxic ingredients. Aegle Aesthetics offers the most effective 100% natural skincare lines from around the globe. We are the exclusive distributor in the Philippines for all our international brands, including OdacitĂŠ and Goldfaden MD.

AEGLE AESTHETICS

BALESIN GATEWAY

PATNANUNGAN ISLAND

We intend to build a full international airport facility with a runway of 2,500 meters, which will accommodate even Boeing 747s, although we are targeting only the Airbus 320s that fly around the region.

n.m .

Alphaland has acquired more than 700 hectares on Patnanungan Island, which is only 22 nautical miles north of Balesin. Between Balesin and Patnanungan it takes only 10 minutes by helicopter, 5 minutes by our Cessnas, and half an hour by a fast ferry.

We have always envisioned making Balesin directly accessible to international flights. With the establishment of the Balesin Gateway International Airport, our international members and guests will be able to bypass the congestion of NAIA in Manila and fly directly to Balesin from

CLOSER LOOK AT PATNANUNGAN ISLAND

DISTANCE FROM BALESIN TO PATNANUNGAN

Balesin Gateway International Airport

PATNANUNGAN BEACH

Because the island has fresh ground water, we also plan to build an 18-hole championship golf course and a 300-room hotel, as well as 500 beachfront and golf course homes. So that we do not end up with a mish-mash of design and are able to preserve the pristine character of the land, we will design and build each individual home. The homes can be directly owned by individuals and companies who would like to acquire their own beach houses. The entire project will take 3 to 4 years to complete. In 2017, we worked on the master Tokyo, Seoul, Taipei, Hong Kong, Bangkok, plan for the island as well as the necessary Singapore, and Jakarta, and even Sydney, all permits and regulatory approvals. cities that will be the target of our aggressive international marketing of Balesin Island Club in 2018. PATNANUNGAN SITE

BRITISH AEROSPACE JETSTREAM 32

CESSNA 208B GRAND CARAVAN

ATR 72-500 Aircraft

alphaland aviation Our Fleet of Aircraft

Alphaland Aviationâ&#x20AC;&#x2122;s fleet of aircraft includes two 68-seater ATR 72-500s, two 9-seater Cessna 208B Grand Caravans, and a 19-seater British Aerospace Jetstream 32, as well as a 5-passenger Eurocopter EC-130B4 helicopter.

ATR 72-500 AIRCRAFT

EUROCOPTER EC-130B4 HELICOPTER

ARRIVAL LOUNGE

DEPARTURE LOUNGE

Alphaland Clark Hangar and Lounge

In 2017, we completed construction of our own private hangar and lounge at Clark International Airport in Pampanga to improve our aviation ser vices for Balesin members who live in the northern part of Metro Manila and in Central Luzon. In addition to our usual ser vice from NAIA, we now schedule flights to and from Clark to avoid the air traffic and runway congestion at NAIA.

VIEW OF CLARK HANGAR

DISTANCE FROM MANILA TO CLARK

CORPORATE SOCIAL RESPONSIBILITY

BALESIN COASTAL CLEAN-UP VOLUNTEERS

BALESIN CEO MIKE ASPERIN AND VOLUNTEERS AT BALESIN’S COASTAL CLEAN-UP DAY

Corporate Social Responsibility

DRUG REHABILITATION FACILITY After conducting an in-depth study on drug rehabilitation centers and how other countries have addressed this need, Alphaland plans to allocate Php100 million to build a drug rehabilitation facility on a 2.1 hectare property that it owns in Atimonan, Quezon. Our intention is for this to be a “model” facility that can be used as a prototype for other centers to be established by the government and the private sector to support the fight against drugs in the country. 68

Located on the coast, Atimonan is only 25 nautical miles from Balesin Island and can be supported by our facilities at Balesin Island, particularly our Balesin Aegle Wellness Center, once we staff it with experts in medical toxicology and other specialists. Atimonan also has the advantage of being reachable by land from Manila (about 2-1/2 hours), and in fact was used as the staging area during construction of Balesin Island Club. We will begin construction on this project in 2018. COMMUNITY DEVELOPMENT PROGRAMS Balesin Island Club supports the island’s residents through various community development programs. One of the program’s main thrusts is the hiring of local residents to train with and eventually become part of the island’s workforce. The club employs its staff

Corporate Social Responsibility from a community of around 2,000 people. The children of these workers also become scholars of Balesin Island Club. Eventually, upon reaching high school, they may choose to take their “on-the-job training” (OJT) in the club, effectively becoming skilled workers in the luxury hospitality industry. BALESIN INTEGRATED SCHOOL Th e B a l e s i n In t e g r a t e d S cho o l is a n islandb a s e d sc h oo l t hat se r ve s t he ne e d s of the c h ild r e n o f B a l e sin I sl a nd ’s l o ca l r e s idents. Fo u n d e d i n 1 9 9 9, it is a d ir e ct b e nefic iar y o f A l p h a l a n d C o r po r at io n. The company regu l a r l y d o n a t e s ma t e r ial s and supplies d u rin g t h e C h rist ma s ho l ida y s and other s p eci a l o c c a s i ons. Aside fr o m sup por ting th e s c h oo l t h r o ug h char it a b l e do nations a n d f un d i n g t e a che r sal ar ie s, Al p haland a ls o g r a n t s scho l ar ships t o de s er v ing s tu d e n t s , m a n y o f w ho m co nt inue their f u r th e r e d uc a t i o n a t t o p unive r sit ie s on the ma in l a n d .

TRASH COLLECTED DURING BALESIN’S COASTAL CLEAN-UP DAY

ANNUAL OUTREACH PROGRAMS Every December, Alphaland Corporation shares its blessings with those less fortunate through a yearly outreach program. The beneficiaries of this annual event are the residents of the local Balesin island community. Members from various Alphaland departments are chosen to fly to the island for a day of fellowship and camaraderie. While on the island, they pack Christmas ham and fruit baskets, attend a thanksgiving mass, and share a simple yet meaningful meal in celebration of the true meaning of the season. The children of the local residents are also treated to a magic show, parlor games, and loot bags. ANNUAL COASTAL CLEAN-UP Alphaland Balesin Island Club participates in the annual International Coastal Cleanup, the world’s largest volunteer event on behalf of ocean health. This event is dedicated to improving beaches, coastal areas, and their surroundings.

VOLUNTEERS AT BALESIN’S COASTAL CLEAN-UP DAY

BOARD OF DIRECTORS Roberto V. Ongpin Chairman & CEO Anna Bettina Ongpin Vice Chairman & President Michael A.P.M. Asperin COO & Balesin Island Club CEO Atty. Cliburn Anthony A. Orbe Director Atty. Mario A. Oreta Director Dennis O. Valdes Director Margarito B. Teves Independent Director Gregorio Ma. Araneta III Independent Director Sen. Edgardo J. Angara Independent Director Lorenzo V. Tan Advisor to the Board

CONSOLIDATED FINANCIAL STATEMENTS

StatemenT of Management's Responsibility

“STATEMENT OF MANAGEMENT’S RESPONSIBILITY FOR CONSOLIDATED FINANCIAL STATEMENTS”

The management of Alphaland Corporation and Subsidiaries (the Group) is responsible for the preparation and fair presentation of the financial statements including the schedules attached therein, for the years ended December 31, 2017, 2016 and 2015, in accordance with the prescribed financial reporting framework indicated therein, and for such internal control as management determines is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the consolidated financial statements, management is responsible for assessing the Group’s ability to continue as a going concern, disclosing, as applicable matters related to going concern and using the going concern basis of accounting unless management either intends to liquidate the Group or to cease operations, or has no realistic alternative but to do so. The Board of Directors is responsible in overseeing the Group’s financial reporting process. The Board of Directors reviews and approves the financial statements including the schedules attached therein, and submits the same to the stockholders. Reyes Tacandong & Co., the independent auditor appointed by the stockholders, has audited the financial statements of the Group in accordance with Philippine Standards on Auditing, and in its report to the stockholders, has expressed its opinion on the fairness of presentation upon completion of such audit.

ROBERTO V. ONGPIN Chairman

ANNA BETTINA ONGPIN President and Vice Chairman

CRISTINA B. ZAPANTA Senior Vice President - Finance Signed this 19th day of January 2018

AUDITOR’S REPORT BOA/PRC Accreditation No. 4782 December 29, 2015, valid until December 31, 2018 SEC Accreditation No. 0207-FR-2 (Group A) September 27, 2016, valid until September 27, 2019

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/E W E Ed AUDITORS’ Z WKZd dŚĞ ^ƚŽĐŬŚŽůĚĞƌƐ ĂŶĚ ƚŚĞ ŽĂƌĚ ŽĨ ŝƌĞĐƚŽƌƐ ůƉŚĂůĂŶĚ ŽƌƉŽƌĂƚŝŽŶ ĂŶĚ ^ƵďƐŝĚŝĂƌŝĞƐ KƉŝŶŝŽŶ tĞ ŚĂǀĞ ĂƵĚŝƚĞĚ ƚŚĞ ĂĐĐŽŵƉĂŶǇŝŶŐ ĐŽŶƐŽůŝĚĂƚĞĚ ĨŝŶĂŶĐŝĂů ƐƚĂƚĞŵĞŶƚƐ ŽĨ ůƉŚĂůĂŶĚ ŽƌƉŽƌĂƚŝŽŶ ĂŶĚ ^ƵďƐŝĚŝĂƌŝĞƐ ;ƚŚĞ 'ƌŽƵƉͿ͕ ǁŚŝĐŚ ĐŽŵƉƌŝƐĞ ƚŚĞ ĐŽŶƐŽůŝĚĂƚĞĚ ƐƚĂƚĞŵĞŶƚƐ ŽĨ ĨŝŶĂŶĐŝĂů ƉŽƐŝƚŝŽŶ ĂƐ Ăƚ ĞĐĞŵďĞƌ ϯϭ͕ ϮϬϭϳ ĂŶĚ ϮϬϭϲ͕ ĂŶĚ ƚŚĞ ĐŽŶƐŽůŝĚĂƚĞĚ ƐƚĂƚĞŵĞŶƚƐ ŽĨ ĐŽŵƉƌĞŚĞŶƐŝǀĞ ŝŶĐŽŵĞ͕ ĐŽŶƐŽůŝĚĂƚĞĚ ƐƚĂƚĞŵĞŶƚƐ ŽĨ ĐŚĂŶŐĞƐ ŝŶ ĞƋƵŝƚǇ ĂŶĚ ĐŽŶƐŽůŝĚĂƚĞĚ ƐƚĂƚĞŵĞŶƚƐ ŽĨ ĐĂƐŚ ĨůŽǁƐ ĨŽƌ ĞĂĐŚ ŽĨ ƚŚĞ ƚŚƌĞĞ ǇĞĂƌƐ ĞŶĚĞĚ ĞĐĞŵďĞƌ ϯϭ͕ ϮϬϭϳ͕ ϮϬϭϲ ĂŶĚ ϮϬϭϱ͕ ĂŶĚ ŶŽƚĞƐ ƚŽ ƚŚĞ ĨŝŶĂŶĐŝĂů ƐƚĂƚĞŵĞŶƚƐ͕ ŝŶĐůƵĚŝŶŐ Ă ƐƵŵŵĂƌǇ ŽĨ ƐŝŐŶŝĨŝĐĂŶƚ ĂĐĐŽƵŶƚŝŶŐ ƉŽůŝĐŝĞƐ͘ /Ŷ ŽƵƌ ŽƉŝŶŝŽŶ͕ ƚŚĞ ĐŽŶƐŽůŝĚĂƚĞĚ ĨŝŶĂŶĐŝĂů ƐƚĂƚĞŵĞŶƚƐ ƉƌĞƐĞŶƚ ĨĂŝƌůǇ͕ ŝŶ Ăůů ŵĂƚĞƌŝĂů ƌĞƐƉĞĐƚƐ͕ ƚŚĞ ĐŽŶƐŽůŝĚĂƚĞĚ ĨŝŶĂŶĐŝĂů ƉŽƐŝƚŝŽŶ ŽĨ ƚŚĞ 'ƌŽƵƉ ĂƐ Ăƚ ĞĐĞŵďĞƌ ϯϭ͕ ϮϬϭϳ ĂŶĚ ϮϬϭϲ͕ ĂŶĚ ŝƚƐ ĐŽŶƐŽůŝĚĂƚĞĚ ĨŝŶĂŶĐŝĂů ƉĞƌĨŽƌŵĂŶĐĞ ĂŶĚ ŝƚƐ ĐŽŶƐŽůŝĚĂƚĞĚ ĐĂƐŚ ĨůŽǁƐ ĨŽƌ ĞĂĐŚ ŽĨ ƚŚĞ ƚŚƌĞĞ ǇĞĂƌƐ ĞŶĚĞĚ ĞĐĞŵďĞƌ ϯϭ͕ ϮϬϭϳ͕ ϮϬϭϲ ĂŶĚ ϮϬϭϱ ŝŶ ĂĐĐŽƌĚĂŶĐĞ ǁŝƚŚ WŚŝůŝƉƉŝŶĞ &ŝŶĂŶĐŝĂů ZĞƉŽƌƚŝŶŐ ^ƚĂŶĚĂƌĚƐ ;W&Z^Ϳ͘ ĂƐŝƐ ĨŽƌ KƉŝŶŝŽŶ tĞ ĐŽŶĚƵĐƚĞĚ ŽƵƌ ĂƵĚŝƚƐ ŝŶ ĂĐĐŽƌĚĂŶĐĞ ǁŝƚŚ WŚŝůŝƉƉŝŶĞ ^ƚĂŶĚĂƌĚƐ ŽŶ ƵĚŝƚŝŶŐ ;W^ Ϳ͘ KƵƌ ƌĞƐƉŽŶƐŝďŝůŝƚŝĞƐ ƵŶĚĞƌ ƚŚŽƐĞ ƐƚĂŶĚĂƌĚƐ ĂƌĞ ĨƵƌƚŚĞƌ ĚĞƐĐƌŝďĞĚ ŝŶ ƚŚĞ Auditors’ ZĞƐƉŽŶƐŝďŝůŝƚŝĞƐ ĨŽƌ ƚŚĞ ƵĚŝƚ ŽĨ ƚŚĞ ŽŶƐŽůŝĚĂƚĞĚ &ŝŶĂŶĐŝĂů ^ƚĂƚĞŵĞŶƚƐ ƐĞĐƚŝŽŶ ŽĨ ŽƵƌ ƌĞƉŽƌƚ͘ tĞ ĂƌĞ ŝŶĚĞƉĞŶĚĞŶƚ ŽĨ ƚŚĞ 'ƌŽƵƉ ŝŶ ĂĐĐŽƌĚĂŶĐĞ ǁŝƚŚ ƚŚĞ ŽĚĞ ŽĨ ƚŚŝĐƐ ĨŽƌ WƌŽĨĞƐƐŝŽŶĂů ĐĐŽƵŶƚĂŶƚƐ ŝŶ ƚŚĞ WŚŝůŝƉƉŝŶĞƐ ; ŽĚĞ ŽĨ ƚŚŝĐƐͿ ƚŽŐĞƚŚĞƌ ǁŝƚŚ ƚŚĞ ĞƚŚŝĐĂů ƌĞƋƵŝƌĞŵĞŶƚƐ ƚŚĂƚ ĂƌĞ ƌĞůĞǀĂŶƚ ƚŽ ƚŚĞ ĂƵĚŝƚ ŽĨ ƚŚĞ ĐŽŶƐŽůŝĚĂƚĞĚ ĨŝŶĂŶĐŝĂů ƐƚĂƚĞŵĞŶƚƐ ŝŶ ƚŚĞ WŚŝůŝƉƉŝŶĞƐ͕ ĂŶĚ ǁĞ ŚĂǀĞ ĨƵůĨŝůůĞĚ ŽƵƌ ŽƚŚĞƌ ĞƚŚŝĐĂů ƌĞƐƉŽŶƐŝďŝůŝƚŝĞƐ ŝŶ ĂĐĐŽƌĚĂŶĐĞ ǁŝƚŚ ƚŚĞƐĞ ƌĞƋƵŝƌĞŵĞŶƚƐ ĂŶĚ ƚŚĞ ŽĚĞ ŽĨ ƚŚŝĐƐ͘ tĞ ďĞůŝĞǀĞ ƚŚĂƚ ƚŚĞ ĂƵĚŝƚ ĞǀŝĚĞŶĐĞ ǁĞ ŚĂǀĞ ŽďƚĂŝŶĞĚ ŝƐ ƐƵĨĨŝĐŝĞŶƚ ĂŶĚ ĂƉƉƌŽƉƌŝĂƚĞ ƚŽ ƉƌŽǀŝĚĞ Ă ďĂƐŝƐ ĨŽƌ ŽƵƌ ŽƉŝŶŝŽŶ͘ KƚŚĞƌ /ŶĨŽƌŵĂƚŝŽŶ DĂŶĂŐĞŵĞŶƚ ŝƐ ƌĞƐƉŽŶƐŝďůĞ ĨŽƌ ƚŚĞ ŽƚŚĞƌ ŝŶĨŽƌŵĂƚŝŽŶ͘ dŚĞ ŽƚŚĞƌ ŝŶĨŽƌŵĂƚŝŽŶ ĐŽŵƉƌŝƐĞƐ ƚŚĞ ŝŶĨŽƌŵĂƚŝŽŶ included in the Group’s Annual Report for ƚŚĞ ǇĞĂƌ ĞŶĚĞĚ ĞĐĞŵďĞƌ ϯϭ͕ ϮϬϭϳ͕ ďƵƚ ĚŽĞƐ ŶŽƚ ŝŶĐůƵĚĞ ƚŚĞ ĐŽŶƐŽůŝĚĂƚĞĚ ĨŝŶĂŶĐŝĂů ƐƚĂƚĞŵĞŶƚƐ ĂŶĚ ŽƵƌ auditors’ ƌĞƉŽƌƚ ƚŚĞƌĞŽŶ͘ dŚĞ ŶŶƵĂů ZĞƉŽƌƚ ĨŽƌ ƚŚĞ ǇĞĂƌ ĞŶĚĞĚ ĞĐĞŵďĞƌ ϯϭ͕ ϮϬϭϳ ŝƐ ĞǆƉĞĐƚĞĚ ƚŽ ďĞ ŵĂĚĞ ĂǀĂŝůĂďůĞ ƚŽ ƵƐ ĂĨƚĞƌ ƚŚĞ ĚĂƚĞ ŽĨ ƚŚŝƐ auditors’ ƌĞƉŽƌƚ͘ KƵƌ ŽƉŝŶŝŽŶ ŽŶ ƚŚĞ ĐŽŶƐŽůŝĚĂƚĞĚ ĨŝŶĂŶĐŝĂů ƐƚĂƚĞŵĞŶƚƐ ĚŽĞƐ ŶŽƚ ĐŽǀĞƌ ƚŚĞ ŽƚŚĞƌ ŝŶĨŽƌŵĂƚŝŽŶ ĂŶĚ ǁĞ ǁŝůů ŶŽƚ ĞǆƉƌĞƐƐ ĂŶǇ ĨŽƌŵ ŽĨ ĂƐƐƵƌĂŶĐĞ ĐŽŶĐůƵƐŝŽŶ ƚŚĞƌĞŽŶ͘

Ͳ Ϯ Ͳ /Ŷ ĐŽŶŶĞĐƚŝŽŶ ǁŝƚŚ ŽƵƌ ĂƵĚŝƚƐ ŽĨ ƚŚĞ ĐŽŶƐŽůŝĚĂƚĞĚ ĨŝŶĂŶĐŝĂů ƐƚĂƚĞŵĞŶƚƐ͕ ŽƵƌ ƌĞƐƉŽŶƐŝďŝůŝƚǇ ŝƐ ƚŽ ƌĞĂĚ ƚŚĞ ŽƚŚĞƌ ŝŶĨŽƌŵĂƚŝŽŶ ŝĚĞŶƚŝĨŝĞĚ ĂďŽǀĞ ǁŚĞŶ ŝƚ ďĞĐŽŵĞƐ ĂǀĂŝůĂďůĞ ĂŶĚ͕ ŝŶ ĚŽŝŶŐ ƐŽ͕ ĐŽŶƐŝĚĞƌ ǁŚĞƚŚĞƌ ƚŚĞ ŽƚŚĞƌ ŝŶĨŽƌŵĂƚŝŽŶ ŝƐ ŵĂƚĞƌŝĂůůǇ ŝŶĐŽŶƐŝƐƚĞŶƚ ǁŝƚŚ ƚŚĞ ĐŽŶƐŽůŝĚĂƚĞĚ ĨŝŶĂŶĐŝĂů ƐƚĂƚĞŵĞŶƚƐ Žƌ ŽƵƌ ŬŶŽǁůĞĚŐĞ ŽďƚĂŝŶĞĚ ŝŶ ƚŚĞ ĂƵĚŝƚƐ Žƌ ŽƚŚĞƌǁŝƐĞ ĂƉƉĞĂƌƐ ƚŽ ďĞ ŵĂƚĞƌŝĂůůǇ ŵŝƐƐƚĂƚĞĚ͘ ZĞƐƉŽŶƐŝďŝůŝƚŝĞƐ ŽĨ DĂŶĂŐĞŵĞŶƚ ĂŶĚ dŚŽƐĞ ŚĂƌŐĞĚ ǁŝƚŚ 'ŽǀĞƌŶĂŶĐĞ ĨŽƌ ƚŚĞ ŽŶƐŽůŝĚĂƚĞĚ &ŝŶĂŶĐŝĂů ^ƚĂƚĞŵĞŶƚƐ DĂŶĂŐĞŵĞŶƚ ŝƐ ƌĞƐƉŽŶƐŝďůĞ ĨŽƌ ƚŚĞ ƉƌĞƉĂƌĂƚŝŽŶ ĂŶĚ ĨĂŝƌ ƉƌĞƐĞŶƚĂƚŝŽŶ ŽĨ ƚŚĞƐĞ ĐŽŶƐŽůŝĚĂƚĞĚ ĨŝŶĂŶĐŝĂů ƐƚĂƚĞŵĞŶƚƐ ŝŶ ĂĐĐŽƌĚĂŶĐĞ ǁŝƚŚ W&Z^͕ ĂŶĚ ĨŽƌ ƐƵĐŚ ŝŶƚĞƌŶĂů ĐŽŶƚƌŽů ĂƐ ŵĂŶĂŐĞŵĞŶƚ ĚĞƚĞƌŵŝŶĞƐ ŝƐ ŶĞĐĞƐƐĂƌǇ ƚŽ ĞŶĂďůĞ ƚŚĞ ƉƌĞƉĂƌĂƚŝŽŶ ŽĨ ĐŽŶƐŽůŝĚĂƚĞĚ ĨŝŶĂŶĐŝĂů ƐƚĂƚĞŵĞŶƚƐ ƚŚĂƚ ĂƌĞ ĨƌĞĞ ĨƌŽŵ ŵĂƚĞƌŝĂů ŵŝƐƐƚĂƚĞŵĞŶƚ͕ ǁŚĞƚŚĞƌ ĚƵĞ ƚŽ ĨƌĂƵĚ Žƌ ĞƌƌŽƌ͘ /Ŷ ƉƌĞƉĂƌŝŶŐ ƚŚĞ ĐŽŶƐŽůŝĚĂƚĞĚ ĨŝŶĂŶĐŝĂů ƐƚĂƚĞŵĞŶƚƐ͕ ŵĂŶĂŐĞŵĞŶƚ ŝƐ ƌĞsponsible for assessing the Group’s ĂďŝůŝƚǇ ĐŽŶƚŝŶƵĞ ĂƐ ŐŽŝŶŐ ĐŽŶĐĞƌŶ͕ ĚŝƐĐůŽƐŝŶŐ͕ ĂƐ ĂƉƉůŝĐĂďůĞ͕ ŵĂƚƚĞƌƐ ƌĞůĂƚĞĚ ƚŽ ŐŽŝŶŐ ĐŽŶĐĞƌŶ ĂŶĚ ƵƐŝŶŐ ƚŚĞ ŐŽŝŶŐ ĐŽŶĐĞƌŶ ďĂƐŝƐ ŽĨ ĂĐĐŽƵŶƚŝŶŐ ƵŶůĞƐƐ ŵĂŶĂŐĞŵĞŶƚ ĞŝƚŚĞƌ ŝŶƚĞŶĚƐ ƚŽ ůŝƋƵŝĚĂƚĞ ƚŚĞ 'ƌŽƵƉ Žƌ ƚŽ ĐĞĂƐĞ ŽƉĞƌĂƚŝŽŶƐ͕ Žƌ ŚĂƐ ŶŽ ƌĞĂůŝƐƚŝĐ ĂůƚĞƌŶĂƚŝǀĞ ďƵƚ ƚŽ ĚŽ ƐŽ͘ Those charged with governance are responsible for overseeing the Group’s ĨŝŶĂŶĐŝĂů ƌĞƉŽƌƚŝŶŐ ƉƌŽĐĞƐƐ͘ Auditors’ ZĞƐƉŽŶƐŝďŝůŝƚŝĞƐ ĨŽƌ ƚŚĞ ƵĚŝƚ ŽĨ ƚŚĞ ŽŶƐŽůŝĚĂƚĞĚ &ŝŶĂŶĐŝĂů ^ƚĂƚĞŵĞŶƚƐ KƵƌ ŽďũĞĐƚŝǀĞƐ ĂƌĞ ƚŽ ŽďƚĂŝŶ ƌĞĂƐŽŶĂďůĞ ĂƐƐƵƌĂŶĐĞ ĂďŽƵƚ ǁŚĞƚŚĞƌ ƚŚĞ ĐŽŶƐŽůŝĚĂƚĞĚ ĨŝŶĂŶĐŝĂů ƐƚĂƚĞŵĞŶƚƐ ĂƐ Ă ǁŚŽůĞ ĂƌĞ ĨƌĞĞ ĨƌŽŵ ŵĂƚĞƌŝĂů ŵŝƐƐƚĂƚĞŵĞŶƚ͕ ǁŚĞƚŚĞƌ ĚƵĞ ƚŽ ĨƌĂƵĚ Žƌ ĞƌƌŽƌ͕ ĂŶĚ ƚŽ ŝƐƐƵĞ ĂŶ auditors’ ƌĞƉŽƌƚ ƚŚĂƚ ŝŶĐůƵĚĞƐ ŽƵƌ ŽƉŝŶŝŽŶ͘ ZĞĂƐŽŶĂďůĞ ĂƐƐƵƌĂŶĐĞ ŝƐ Ă ŚŝŐŚ ůĞǀĞů ŽĨ ĂƐƐƵƌĂŶĐĞ͕ ďƵƚ ŝƐ ŶŽƚ Ă ŐƵĂƌĂŶƚĞĞ ƚŚĂƚ ĂŶ ĂƵĚŝƚ ĐŽŶĚƵĐƚĞĚ ŝŶ ĂĐĐŽƌĚĂŶĐĞ ǁŝƚŚ W^ ǁŝůů ĂůǁĂǇƐ ĚĞƚĞĐƚ Ă ŵĂƚĞƌŝĂů ŵŝƐƐƚĂƚĞŵĞŶƚ ǁŚĞŶ ŝƚ ĞǆŝƐƚƐ͘ DŝƐƐƚĂƚĞŵĞŶƚƐ ĐĂŶ ĂƌŝƐĞ ĨƌŽŵ ĨƌĂƵĚ Žƌ ĞƌƌŽƌ ĂŶĚ ĂƌĞ ĐŽŶƐŝĚĞƌĞĚ ŵĂƚĞƌŝĂů ŝĨ͕ ŝŶĚŝǀŝĚƵĂůůǇ Žƌ ŝŶ ƚŚĞ ĂŐŐƌĞŐĂƚĞ͕ ƚŚĞƐĞ ĐŽƵůĚ ƌĞĂƐŽŶĂďůǇ ďĞ ĞǆƉĞĐƚĞĚ ƚŽ ŝŶĨůƵĞŶĐĞ ƚŚĞ ĞĐŽŶŽŵŝĐ ĚĞĐŝƐŝŽŶƐ ŽĨ ƵƐĞƌƐ ƚĂŬĞŶ ŽŶ ƚŚĞ ďĂƐŝƐ ŽĨ ƚŚĞƐĞ ĐŽŶƐŽůŝĚĂƚĞĚ ĨŝŶĂŶĐŝĂů ƐƚĂƚĞŵĞŶƚƐ͘ Ɛ ƉĂƌƚ ŽĨ ĂŶ ĂƵĚŝƚ ŝŶ ĂĐĐŽƌĚĂŶĐĞ ǁŝƚŚ W^ ͕ ǁĞ ĞǆĞƌĐŝƐĞ ƉƌŽĨĞƐƐŝŽŶĂů ũƵĚŐŵĞŶƚ ĂŶĚ ŵĂŝŶƚĂŝŶ ƉƌŽĨĞƐƐŝŽŶĂů ƐŬĞƉƚŝĐŝƐŵ ƚŚƌŽƵŐŚŽƵƚ ƚŚĞ ĂƵĚŝƚ͘ tĞ ĂůƐŽ͗ 

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/ĚĞŶƚŝĨǇ ĂŶĚ ĂƐƐĞƐƐ ƌŝƐŬƐ ŽĨ ŵĂƚĞƌŝĂů ŵŝƐƐƚĂƚĞŵĞŶƚ ŽĨ ƚŚĞ ĐŽŶƐŽůŝĚĂƚĞĚ ĨŝŶĂŶĐŝĂů ƐƚĂƚĞŵĞŶƚƐ͕ ǁŚĞƚŚĞƌ ĚƵĞ ƚŽ ĨƌĂƵĚ Žƌ ĞƌƌŽƌ͕ ĚĞƐŝŐŶ ĂŶĚ ƉĞƌĨŽƌŵ ĂƵĚŝƚ ƉƌŽĐĞĚƵƌĞƐ ƌĞƐƉŽŶƐŝǀĞ ƚŽ ƚŚŽƐĞ ƌŝƐŬƐ͕ ĂŶĚ ŽďƚĂŝŶ ĞǀŝĚĞŶĐĞ ƚŚĂƚ ŝƐ ƐƵĨĨŝĐŝĞŶƚ ĂŶĚ ĂƉƉƌŽƉƌŝĂƚĞ ƚŽ ƉƌŽǀŝĚĞ Ă ďĂƐŝƐ ĨŽƌ ŽƵƌ ŽƉŝŶŝŽŶ͘ dŚĞ ƌŝƐŬ ŽĨ ŶŽƚ ĚĞƚĞĐƚŝŶŐ Ă ŵĂƚĞƌŝĂů ŵŝƐƐƚĂƚĞŵĞŶƚ ƌĞƐƵůƚŝŶŐ ĨƌŽŵ ĨƌĂƵĚ ŝƐ ŚŝŐŚĞƌ ƚŚĂŶ ŽŶĞ ƌĞƐƵůƚŝŶŐ ĨƌŽŵ ĞƌƌŽƌ͕ ĂƐ ĨƌĂƵĚ ŵĂǇ ŝŶǀŽůǀĞ ĐŽůůƵƐŝŽŶ͕ ĨŽƌŐĞƌǇ͕ ŝŶƚĞŶƚŝŽŶĂů ŽŵŝƐƐŝŽŶƐ͕ ŵŝƐƌĞƉƌĞƐĞŶƚĂƚŝŽŶƐ͕ Žƌ ƚŚĞ ŽǀĞƌƌŝĚĞ ŽĨ ŝŶƚĞƌŶĂů ĐŽŶƚƌŽů͘ KďƚĂŝŶ ĂŶ ƵŶĚĞƌƐƚĂŶĚŝŶŐ ŽĨ ŝŶƚĞƌŶĂů ĐŽŶƚƌŽů ƌĞůĞǀĂŶƚ ƚŽ ƚŚĞ ĂƵĚŝƚ ŝŶ ŽƌĚĞƌ ƚŽ ĚĞƐŝŐŶ ĂƵĚŝƚ ƉƌŽĐĞĚƵƌĞƐ ƚŚĂƚ ĂƌĞ ĂƉƉƌŽƉƌŝĂƚĞ ŝŶ ƚŚĞ ĐŝƌĐƵŵƐƚĂŶĐĞƐ͕ ďƵƚ ŶŽƚ ĨŽƌ ƚŚĞ ƉƵƌƉŽƐĞ ŽĨ ĞǆƉƌĞƐƐŝŶŐ ĂŶ ŽƉŝŶŝŽŶ ŽŶ ƚŚĞ ĞĨĨĞĐƚŝǀĞŶĞƐƐ ŽĨ ƚŚĞ 'roup’s internal control. ǀĂůƵĂƚĞ ƚŚĞ ĂƉƉƌŽƉƌŝĂƚĞŶĞƐƐ ŽĨ ĂĐĐŽƵŶƚŝŶŐ ƉŽůŝĐŝĞƐ ƵƐĞĚ ĂŶĚ ƚŚĞ ƌĞĂƐŽŶĂďůĞŶĞƐƐ ŽĨ ĂĐĐŽƵŶƚŝŶŐ ĞƐƚŝŵĂƚĞƐ ĂŶĚ ƌĞůĂƚĞĚ ĚŝƐĐůŽƐƵƌĞƐ ŵĂĚĞ ďǇ ŵĂŶĂŐĞŵĞŶƚ͘

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Ͳ ϯ Ͳ Conclude on the appropriateness of management’s use of the going conceƌŶ ďĂƐŝƐ ŽĨ ĂĐĐŽƵŶƚŝŶŐ ĂŶĚ͕ ďĂƐĞĚ ŽŶ ƚŚĞ ĂƵĚŝƚ ĞǀŝĚĞŶĐĞ ŽďƚĂŝŶĞĚ͕ ǁŚĞƚŚĞƌ Ă ŵĂƚĞƌŝĂů ƵŶĐĞƌƚĂŝŶƚǇ ĞǆŝƐƚƐ ƌĞůĂƚĞĚ ƚŽ ĞǀĞŶƚƐ or conditions that may cast significant doubt on the Group’s ability to continue as a going concern. /Ĩ ǁĞ ĐŽŶĐůƵĚĞ ƚŚĂƚ Ă ŵĂƚĞƌŝĂů ƵŶĐĞƌƚĂŝŶƚǇ ĞǆŝƐƚƐ͕ ǁĞ ĂƌĞ ƌĞƋƵŝƌĞĚ ƚŽ ĚƌĂǁ ĂƚƚĞŶƚŝŽŶ ŝŶ ŽƵƌ auditors’ ƌĞƉŽƌƚ ƚŽ ƚŚĞ ƌĞůĂƚĞĚ ĚŝƐĐůŽƐƵƌĞƐ ŝŶ ƚŚĞ ĐŽŶƐŽůŝĚĂƚĞĚ ĨŝŶĂŶĐŝĂů ƐƚĂƚĞŵĞŶƚƐ Žƌ͕ ŝĨ ƐƵĐŚ ĚŝƐĐůŽƐƵƌĞƐ ĂƌĞ ŝŶĂĚĞƋƵĂƚĞ͕ ƚŽ ŵŽĚŝĨǇ ŽƵƌ ŽƉŝŶŝŽŶ͘ KƵƌ ĐŽŶĐůƵƐŝŽŶƐ ĂƌĞ ďĂƐĞĚ ŽŶ ƚŚĞ ĂƵĚŝƚ ĞǀŝĚĞŶĐĞ ŽďƚĂŝŶĞĚ ƵƉ ƚŽ ƚŚĞ ĚĂƚĞ ŽĨ ƚŚĞ auditors’ ƌĞƉŽƌƚ͘ ,ŽǁĞǀĞƌ͕ ĨƵƚƵƌĞ ĞǀĞŶƚƐ Žƌ ĐŽŶĚŝƚŝŽŶƐ ŵĂǇ ĐĂƵƐĞ ƚŚĞ 'ƌŽƵƉ ƚŽ ĐĞĂƐĞ ƚŽ ĐŽŶƚŝŶƵĞ ĂƐ Ă ŐŽŝŶŐ ĐŽŶĐĞƌŶ͘ ǀĂůƵĂƚĞ ƚŚĞ ŽǀĞƌĂůů ƉƌĞƐĞŶƚĂƚŝŽŶ͕ ƐƚƌƵĐƚƵƌĞ ĂŶĚ ĐŽŶƚĞŶƚ ŽĨ ƚŚĞ ĐŽŶƐŽůŝĚĂƚĞĚ ĨŝŶĂŶĐŝĂů ƐƚĂƚĞŵĞŶƚƐ͕ ŝŶĐůƵĚŝŶŐ ƚŚĞ ĚŝƐĐůŽƐƵƌĞƐ͕ ĂŶĚ ǁŚĞƚŚĞƌ ƚŚĞ ĐŽŶƐŽůŝĚĂƚĞĚ ĨŝŶĂŶĐŝĂů ƐƚĂƚĞŵĞŶƚƐ ƌĞƉƌĞƐĞŶƚ ƚŚĞ ƵŶĚĞƌůǇŝŶŐ ƚƌĂŶƐĂĐƚŝŽŶƐ ĂŶĚ ĞǀĞŶƚƐ ŝŶ Ă ŵĂŶŶĞƌ ƚŚĂƚ ĂĐŚŝĞǀĞƐ ĨĂŝƌ ƉƌĞƐĞŶƚĂƚŝŽŶ͘ KďƚĂŝŶ ƐƵĨĨŝĐŝĞŶƚ ĂƉƉƌŽƉƌŝĂƚĞ ĞǀŝĚĞŶĐĞ ƌĞŐĂƌĚŝŶŐ ƚŚĞ ĨŝŶĂŶĐŝĂů ŝŶĨŽƌŵĂƚŝŽŶ ŽĨ ƚŚĞ ĞŶƚŝƚŝĞƐ Žƌ ďƵƐŝŶĞƐƐ ĂĐƚŝǀŝƚŝĞƐ ǁŝƚŚŝŶ ƚŚĞ 'ƌŽƵƉ ƚŽ ĞǆƉƌĞƐƐ ĂŶ ŽƉŝŶŝŽŶ ŽŶ ƚŚĞ ĐŽŶƐŽůŝĚĂƚĞĚ ĨŝŶĂŶĐŝĂů ƐƚĂƚĞŵĞŶƚƐ͘ tĞ ĂƌĞ ƌĞƐƉŽŶƐŝďůĞ ĨŽƌ ƚŚĞ ĚŝƌĞĐƚŝŽŶ͕ ƐƵƉĞƌǀŝƐŝŽŶ ĂŶĚ ƉĞƌĨŽƌŵĂŶĐĞ ŽĨ ƚŚĞ ŐƌŽƵƉ ĂƵĚŝƚ͘ tĞ ƌĞŵĂŝŶ ƐŽůĞůǇ ƌĞƐƉŽŶƐŝďůĞ ĨŽƌ ŽƵƌ ĂƵĚŝƚ ŽƉŝŶŝŽŶ͘

tĞ ĐŽŵŵƵŶŝĐĂƚĞ ǁŝƚŚ ƚŚŽƐĞ ĐŚĂƌŐĞĚ ǁŝƚŚ ŐŽǀĞƌŶĂŶĐĞ ƌĞŐĂƌĚŝŶŐ͕ ĂŵŽŶŐ ŽƚŚĞƌ ŵĂƚƚĞƌƐ͕ ƚŚĞ ƉůĂŶŶĞĚ ƐĐŽƉĞ ĂŶĚ ƚŝŵŝŶŐ ŽĨ ƚŚĞ ĂƵĚŝƚ ĂŶĚ ƐŝŐŶŝĨŝĐĂŶƚ ĂƵĚŝƚ ĨŝŶĚŝŶŐƐ͕ ŝŶĐůƵĚŝŶŐ ĂŶǇ ƐŝŐŶŝĨŝĐĂŶƚ ĚĞĨŝĐŝĞŶĐŝĞƐ ŝŶ ŝŶƚĞƌŶĂů ĐŽŶƚƌŽů ƚŚĂƚ ǁĞ ŝĚĞŶƚŝĨǇ ĚƵƌŝŶŐ ŽƵƌ ĂƵĚŝƚƐ͘ Z z ^ d E KE' Θ K͘

>/E ͘ & ZE E K WĂƌƚŶĞƌ

W ĞƌƚŝĨŝĐĂƚĞ EŽ͘ ϴϭϮϬϳ dĂǆ /ĚĞŶƚŝĨŝĐĂƚŝŽŶ EŽ͘ ϭϬϮͲϬϴϲͲϱϯϴͲϬϬϬ K ĐĐƌĞĚŝƚĂƚŝŽŶ EŽ͘ ϰϳϴϮ͖ sĂůŝĚ ƵŶƚŝů ĞĐĞŵďĞƌ ϯϭ͕ ϮϬϭϴ ^ ĐĐƌĞĚŝƚĂƚŝŽŶ EŽ͘ ϭϬϮϮͲ ZͲϮ 'ƌŽƵƉ sĂůŝĚ ƵŶƚŝů DĂƌĐŚ ϭϱ͕ ϮϬϮϬ /Z ĐĐƌĞĚŝƚĂƚŝŽŶ EŽ͘ ϬϴͲϬϬϱϭϰϰͲϬϬϰͲϮϬϭϳ sĂůŝĚ ƵŶƚŝů :ĂŶƵĂƌǇ ϭϯ͕ ϮϬϮϬ WdZ EŽ͘ ϲϲϬϳϵϱϴ /ƐƐƵĞĚ :ĂŶƵĂƌǇ ϯ͕ ϮϬϭϴ͕ DĂŬĂƚŝ ŝƚǇ

:ĂŶƵĂƌǇ ϭϵ͕ ϮϬϭϴ DĂŬĂƚŝ ŝƚǇ͕ DĞƚƌŽ DĂŶŝůĂ

Consolidated Statements of Financial Position

>W, > E KZWKZ d/KE E ^h ^/ / Z/ ^ KE^K>/ d ^d d D Ed^ K& &/E E / > WK^/d/KE

EŽƚĞ

^^ d^

ϮϬϭϳ

ĞĐĞŵďĞƌ ϯϭ ϮϬϭϲ

ƵƌƌĞŶƚ ƐƐĞƚƐ ĂƐŚ ĂŶĚ ĐĂƐŚ ĞƋƵŝǀĂůĞŶƚƐ dƌĂĚĞ ĂŶĚ ŽƚŚĞƌ ƌĞĐĞŝǀĂďůĞƐ >ĂŶĚ ĂŶĚ ĚĞǀĞůŽƉŵĞŶƚ ĐŽƐƚƐ ĂŶĚ ƉĂƌŬŝŶŐ ůŽƚƐ ĨŽƌ ƐĂůĞ ĚǀĂŶĐĞƐ ƚŽ ƌĞůĂƚĞĚ ƉĂƌƚŝĞƐ ǀĂŝůĂďůĞͲĨŽƌͲƐĂůĞ ; &^Ϳ ĨŝŶĂŶĐŝĂů ĂƐƐĞƚƐ KƚŚĞƌ ĐƵƌƌĞŶƚ ĂƐƐĞƚƐ dŽƚĂů ƵƌƌĞŶƚ ƐƐĞƚƐ

ϱ ϲ ϳ ϭϳ ϭϬ ϴ

W сϮϭϱ͕ϱϵϯ͕Ϭϰϯ ϭ͕ϵϵϯ͕ϱϬϰ͕ϭϬϰ ϯ͕ϵϰϮ͕ϯϳϱ͕ϯϳϭ Ϯ͕ϳϳϳ͕Ϭϰϴ͕ϯϬϳ ϵϴϱ͕ϴϭϬ͕ϵϬϬ ϭ͕ϳϵϭ͕ϴϰϰ͕ϴϯϵ ϭϭ͕ϳϬϲ͕ϭϳϲ͕ϱϲϰ

сWϮϱϲ͕ϭϰϱ͕ϳϰϵ ϭ͕Ϯϱϰ͕ϱϮϬ͕ϳϬϵ ϱ͕ϰϯϲ͕Ϭϭϰ͕ϲϭϰ Ϯ͕ϰϭϮ͕ϳϰϮ͕ϱϴϭ ϵϴϱ͕ϴϭϬ͕ϵϬϬ Ϯ͕ϭϮϲ͕ϱϲϮ͕ϵϲϳ ϭϮ͕ϰϳϭ͕ϳϵϳ͕ϱϮϬ

EŽŶĐƵƌƌĞŶƚ ƐƐĞƚƐ /ŶǀĞƐƚŵĞŶƚƐ ŝŶ ĂŶĚ ĂĚǀĂŶĐĞƐ ƚŽ ĂƐƐŽĐŝĂƚĞƐ &^ ĨŝŶĂŶĐŝĂů ĂƐƐĞƚƐ Ͳ ŶĞƚ ŽĨ ĐƵƌƌĞŶƚ ƉŽƌƚŝŽŶ /ŶǀĞƐƚŵĞŶƚ ƉƌŽƉĞƌƚŝĞƐ WƌŽƉĞƌƚǇ ĂŶĚ ĞƋƵŝƉŵĞŶƚ KƚŚĞƌ ŶŽŶĐƵƌƌĞŶƚ ĂƐƐĞƚƐ dŽƚĂů EŽŶĐƵƌƌĞŶƚ ƐƐĞƚƐ

ϵ ϭϬ ϭϭ ϭϮ ϭϯ

ϭϮ͕ϯϰϴ͕ϴϮϮ Ϯϵ͕Ϭϳϴ͕ϰϱϳ͕ϭϱϬ ϰϬ͕ϲϲϰ͕ϬϳϮ͕ϳϱϮ ϭ͕ϴϯϮ͕ϯϰϳ͕ϵϴϴ ϯϮϭ͕ϱϳϮ͕ϰϴϭ ϳϭ͕ϵϬϴ͕ϳϵϵ͕ϭϵϯ

ϮϮ͕ϲϲϴ͕ϲϯϬ Ϯϵ͕Ϯϳϭ͕ϰϭϭ͕ϯϬϬ Ϯϳ͕Ϯϵϳ͕Ϯϵϵ͕Ϭϳϭ ϭ͕ϰϵϮ͕ϴϯϰ͕ϴϴϳ ϯϬϲ͕ϵϴϲ͕Ϯϴϵ ϱϴ͕ϯϵϭ͕ϮϬϬ͕ϭϳϳ

W сϴϯ͕ϲϭϰ͕ϵϳϱ͕ϳϱϳ

сϳϬ͕ϴϲϮ͕ϵϵϳ͕ϲϵϳ W

>/ />/d/ ^ E Yh/dz

ƵƌƌĞŶƚ >ŝĂďŝůŝƚŝĞƐ dƌĂĚĞ ĂŶĚ ŽƚŚĞƌ ƉĂǇĂďůĞƐ ƵƌƌĞŶƚ ƉŽƌƚŝŽŶ ŽĨ͗ >ŽŶŐͲƚĞƌŵ ĚĞďƚ Customers’ depositƐ ĚǀĂŶĐĞƐ ĨƌŽŵ ƌĞůĂƚĞĚ ƉĂƌƚŝĞƐ /ŶĐŽŵĞ ƚĂǆ ƉĂǇĂďůĞ dŽƚĂů ƵƌƌĞŶƚ >ŝĂďŝůŝƚŝĞƐ

ϭϰ ϭϱ ϭϴ ϭϳ

W сϮ͕ϴϬϴ͕ϱϴϰ͕ϲϳϲ ϭ͕Ϭϳϭ͕ϱϳϯ͕ϳϵϰ ϳϯ͕ϱϬϰ͕ϭϴϳ ϴϭ͕ϳϲϯ͕ϴϳϳ ϰϱ͕Ϯϴϳ͕ϰϭϰ ϰ͕ϬϴϬ͕ϳϭϯ͕ϵϰϴ

сϮ͕ϱϭϵ͕ϱϯϲ͕ϳϱϮ W ϭ͕ϰϴϬ͕ϰϳϵ͕ϬϬϬ ϮϮ͕ϵϯϮ͕ϱϳϮ ϴ͕ϲϵϮ͕ϵϱϭ ϰ͕ϵϵϮ͕ϴϳϰ ϰ͕Ϭϯϲ͕ϲϯϰ͕ϭϰϵ

EŽŶĐƵƌƌĞŶƚ >ŝĂďŝůŝƚŝĞƐ >ŽŶŐͲƚĞƌŵ ĚĞďƚ Ͳ ŶĞƚ ŽĨ ĐƵƌƌĞŶƚ ƉŽƌƚŝŽŶ Customers’ deposits Ͳ ŶĞƚ ŽĨ ĐƵƌƌĞŶƚ ƉŽƌƚŝŽŶ ZĞƚŝƌĞŵĞŶƚ ůŝĂďŝůŝƚǇ EĞƚ ĚĞĨĞƌƌĞĚ ƚĂǆ ůŝĂďŝůŝƚŝĞƐ KƚŚĞƌ ŶŽŶĐƵƌƌĞŶƚ ůŝĂďŝůŝƚŝĞƐ dŽƚĂů EŽŶĐƵƌƌĞŶƚ >ŝĂďŝůŝƚŝĞƐ dŽƚĂů >ŝĂďŝůŝƚŝĞƐ

ϭϱ ϭϴ ϮϬ Ϯϭ

ϱ͕ϱϮϱ͕Ϭϰϲ͕ϭϱϴ ϵϳ͕ϲϬϰ͕ϲϱϱ Ϯϰ͕ϰϱϭ͕ϯϲϴ ϭϯ͕ϰϱϭ͕ϱϮϴ͕ϱϭϴ ϮϬ͕ϭϭϳ͕ϵϮϴ ϭϵ͕ϭϭϴ͕ϳϰϴ͕ϲϮϳ Ϯϯ͕ϭϵϵ͕ϰϲϮ͕ϱϳϱ

ϰ͕Ϭϰϭ͕ϴϳϴ͕ϯϰϵ ϭϮϳ͕Ϭϯϯ͕ϴϴϬ ϯϭ͕ϰϭϱ͕ϵϭϱ ϭϬ͕ϭϮϰ͕ϰϴϲ͕ϳϴϵ ϴϵ͕ϴϬϴ͕ϰϳϬ ϭϰ͕ϰϭϰ͕ϲϮϯ͕ϰϬϯ ϭϴ͕ϰϱϭ͕Ϯϱϳ͕ϱϱϮ

;&ŽƌǁĂƌĚͿ

ƋƵŝƚǇ ƚƚƌŝďƵƚĂďůĞ ƚŽ ƋƵŝƚǇ ,ŽůĚĞƌƐ ŽĨ ƚŚĞ WĂƌĞŶƚ ŽŵƉĂŶǇ ĂƉŝƚĂů ƐƚŽĐŬ ĚĚŝƚŝŽŶĂů ƉĂŝĚͲŝŶ ĐĂƉŝƚĂů ZĞƚĂŝŶĞĚ ĞĂƌŶŝŶŐƐ KƚŚĞƌ ĐŽŵƉƌĞŚĞŶƐŝǀĞ ŝŶĐŽŵĞ͗ ƵŵƵůĂƚŝǀĞ ƵŶƌĞĂůŝǌĞĚ ǀĂůƵĂƚŝŽŶ ŐĂŝŶ ŽŶ &^ ĨŝŶĂŶĐŝĂů ĂƐƐĞƚƐ ZĞǀĂůƵĂƚŝŽŶ ƐƵƌƉůƵƐ ĐĐƵŵƵůĂƚĞĚ ƌĞŵĞĂƐƵƌĞŵĞŶƚ ŐĂŝŶ ŽŶ ƌĞƚŝƌĞŵĞŶƚ ůŝĂďŝůŝƚǇ >ĞƐƐ͗ WĂƌĞŶƚ ŽŵƉĂŶǇ’s shares held by a subsidiary ŽƐƚ ŽĨ ϰϮϯ͕ϵϬϬ ƐŚĂƌĞƐ ĂŶĚ ϭ͕ϱϮϯ͕ϵϬϬ ƐŚĂƌĞƐ ŝŶ ƚƌĞĂƐƵƌǇ ŝŶ ϮϬϭϳ ĂŶĚ ϮϬϭϲ͕ ƌĞƐƉĞĐƚŝǀĞůǇ EŽŶĐŽŶƚƌŽůůŝŶŐ ŝŶƚĞƌĞƐƚƐ dŽƚĂů ƋƵŝƚǇ ŽŽŬ ǀĂůƵĞ ƉĞƌ ƐŚĂƌĞ

^ĞĞ ĂĐĐŽŵƉĂŶǇŝŶŐ EŽƚĞƐ ƚŽ ŽŶƐŽůŝĚĂƚĞĚ &ŝŶĂŶĐŝĂů ^ƚĂƚĞŵĞŶƚƐ͘

Ͳ Ϯ Ͳ

ϮϬϭϳ

ĞĐĞŵďĞƌ ϯϭ ϮϬϭϲ

ϭϲ

W сϮ͕ϲϱϱ͕ϳϬϳ͕ϰϭϳ ϭϬ͕ϳϰϬ͕Ϭϳϵ͕ϰϰϲ ϰϬ͕ϯϰϯ͕ϱϵϴ͕ϵϵϬ

сϮ͕ϲϱϱ͕ϳϬϳ͕ϰϭϳ W ϭϬ͕ϳϯϵ͕Ϭϯϵ͕ϰϴϱ ϯϮ͕ϭϳϮ͕ϰϰϱ͕Ϭϰϴ

ϭϬ ϭϮ

Ϯϯ͕ϰϯϮ͕ϰϵϲ͕ϰϬϬ ϳϱ͕ϴϰϴ͕ϰϲϲ

Ϯϯ͕ϱϳϰ͕ϱϵϵ͕ϰϴϬ ϳϮ͕ϲϳϵ͕ϱϮϰ

ϭϲ

ϰϱ͕ϯϰϵ͕ϳϲϯ ϳϳ͕Ϯϵϯ͕ϬϴϬ͕ϰϴϮ ϭϲ͕ϴϴϭ͕Ϯϭϵ͕ϵϬϱ

ϮϮ͕ϴϰϱ͕ϱϲϵ ϲϵ͕Ϯϯϳ͕ϯϭϲ͕ϱϮϯ ϭϲ͕ϴϭϳ͕ϵϳϮ͕ϯϵϬ

ϭϲ

ϭ͕Ϯϭϯ͕ϱϮϲ ϲϬ͕ϰϭϬ͕ϲϰϳ͕Ϭϱϭ ϰ͕ϴϲϲ͕ϭϯϭ ϲϬ͕ϰϭϱ͕ϱϭϯ͕ϭϴϮ

ϭϮ͕Ϯϭϯ͕ϱϮϲ ϱϮ͕ϰϬϳ͕ϭϯϬ͕ϲϬϳ ϰ͕ϲϬϵ͕ϱϯϴ ϱϮ͕ϰϭϭ͕ϳϰϬ͕ϭϰϱ

W сϴϯ͕ϲϭϰ͕ϵϳϱ͕ϳϱϳ

сϳϬ͕ϴϲϮ͕ϵϵϳ͕ϲϵϳ W

W сϰϳ͘ϱϰϬ

сϰϭ͘ϭϰϬ W

EŽƚĞ

ϮϮ

Consolidated Statements OF COMPREHENSIVE INCOME

>W, > E KZWKZ d/KE E ^h ^/ / Z/ ^ KE^K>/ d ^d d D Ed^ K& KDWZ , E^/s /E KD

EŽƚĞ

ϮϬϭϳ

zĞĂƌƐ ŶĚĞĚ ĞĐĞŵďĞƌ ϯϭ ϮϬϭϲ

ϮϬϭϱ

Z s Eh ZĞĂů ĞƐƚĂƚĞ ƐĂůĞƐ ZĞŶƚ ŝƌ ƚƌĂŶƐƉŽƌƚ ƐĞƌǀŝĐĞƐ /ŶƚĞƌĞƐƚ ŝŶĐŽŵĞ KƚŚĞƌƐ

ϭϴ ϱ

W сϭ͕ϯϲϲ͕ϱϲϲ͕ϰϴϰ ϴϯϰ͕ϳϴϬ͕ϰϰϮ ϮϬϬ͕ϰϴϯ͕ϯϲϲ ϭϳ͕ϳϲϰ͕ϭϲϵ ϲϯ͕ϴϯϰ͕Ϭϲϳ Ϯ͕ϰϴϯ͕ϰϮϴ͕ϱϮϴ

W сϭ͕ϰϮϭ͕Ϯϯϰ͕ϴϭϴ ϲϵϲ͕Ϭϰϲ͕Ϭϲϰ ϭϳϰ͕ϳϳϯ͕ϱϬϰ ϭϵ͕ϲϯϱ͕ϯϯϭ Ϯϰ͕Ϭϱϳ͕ϴϯϮ Ϯ͕ϯϯϱ͕ϳϰϳ͕ϱϰϵ

W сϭ͕ϰϭϳ͕ϴϳϴ͕ϵϴϳ ϲϲϮ͕ϴϭϲ͕ϴϯϬ ϴϴ͕Ϭϭϭ͕ϬϬϬ ϭϯ͕ϱϬϴ͕ϲϯϮ ϱ͕Ϭϱϴ͕ϴϴϵ Ϯ͕ϭϴϳ͕Ϯϳϰ͕ϯϯϴ

K^d^ E yW E^ ^ ŽƐƚ ŽĨ ƌĞĂů ĞƐƚĂƚĞ ƐŽůĚ ŽƐƚ ŽĨ ƐĞƌǀŝĐĞƐ 'ĞŶĞƌĂů ĂŶĚ ĂĚŵŝŶŝƐƚƌĂƚŝǀĞ

ϭϵ

ϴϯϰ͕ϯϯϵ͕ϵϮϱ ϯϲϬ͕ϰϲϳ͕ϲϳϬ ϵϰϲ͕ϳϮϯ͕ϲϯϭ Ϯ͕ϭϰϭ͕ϱϯϭ͕ϮϮϲ

ϭ͕Ϭϵϰ͕ϴϱϳ͕ϰϴϲ Ϯϴϱ͕ϴϴϯ͕ϱϵϯ ϱϲϮ͕ϭϭϬ͕ϭϲϲ ϭ͕ϵϰϮ͕ϴϱϭ͕Ϯϰϱ

ϭ͕ϮϬϳ͕ϯϴϲ͕ϮϮϮ ϮϬϮ͕ϴϴϰ͕ϭϴϭ ϱϱϵ͕ϳϮϰ͕Ϯϰϭ ϭ͕ϵϲϵ͕ϵϵϰ͕ϲϰϰ

Kd, Z /E KD ; yW E^ ^Ϳ 'ĂŝŶ ŽŶ ĨĂŝƌ ǀĂůƵĞ ĐŚĂŶŐĞƐ ŽĨ ŝŶǀĞƐƚŵĞŶƚ ƉƌŽƉĞƌƚŝĞƐ /ŶƚĞƌĞƐƚ ĞǆƉĞŶƐĞ ĂŶĚ ŽƚŚĞƌ ĨŝŶĂŶĐĞ ĐŚĂƌŐĞƐ 'ĂŝŶ ŽŶ ƐĂůĞ ŽĨ &^ ĨŝŶĂŶĐŝĂů ĂƐƐĞƚƐ EĞƚ ĨŽƌĞŝŐŶ ĞǆĐŚĂŶŐĞ ŐĂŝŶ ;ůŽƐƐͿ ƋƵŝƚǇ ŝŶ ŶĞƚ ŝŶĐŽŵĞ ;ůŽƐƐͿ ŽĨ ĂƐƐŽĐŝĂƚĞƐ

ϭϭ ϭϱ ϭϬ ϵ

ϭϭ͕ϰϳϭ͕ϴϭϴ͕ϳϰϰ ;ϯϲϱ͕ϳϮϳ͕ϭϵϰͿ ϭϮϯ͕ϭϱϮ͕ϰϯϰ ;ϭ͕ϭϭϴ͕ϲϳϰͿ ϭ͕ϯϴϬ͕ϵϰϲ ϭϭ͕ϮϮϵ͕ϱϬϲ͕Ϯϱϲ

ϭϬ͕ϬϬϳ͕ϬϱϮ͕ϰϴϴ ;Ϯϵϰ͕ϳϰϵ͕ϰϲϳͿ ϭϬϴ͕ϱϬϱ͕Ϭϰϵ ;ϭ͕ϴϴϯ͕ϵϱϰͿ ;ϭ͕ϭϯϱ͕ϮϮϲͿ ϵ͕ϴϭϳ͕ϳϴϴ͕ϴϵϬ

ϴ͕ϱϳϴ͕ϳϲϭ͕ϭϲϯ ;Ϯϱϭ͕ϯϬϮ͕ϴϳϮͿ ϮϳϮ͕ϯϰϮ͕ϰϰϵ ϳϵϵ͕ϱϲϴ ;ϳϰϰ͕ϯϰϬͿ ϴ͕ϱϵϵ͕ϴϱϱ͕ϵϲϴ

/E KD &KZ /E KD d y

ϭϭ͕ϱϳϭ͕ϰϬϯ͕ϱϱϴ

ϭϬ͕ϮϭϬ͕ϲϴϱ͕ϭϵϰ

ϴ͕ϴϭϳ͕ϭϯϱ͕ϲϲϮ

WZKs/^/KE &KZ /E KD d y ƵƌƌĞŶƚ ĞĨĞƌƌĞĚ

Ϯϭ

ϱϴ͕ϭϲϬ͕ϵϮϲ ϯ͕ϯϰϰ͕ϮϬϵ͕ϳϮϲ ϯ͕ϰϬϮ͕ϯϳϬ͕ϲϱϮ

ϴϳ͕Ϭϴϰ͕Ϭϴϲ ϯ͕Ϭϰϲ͕ϳϳϳ͕ϱϮϱ ϯ͕ϭϯϯ͕ϴϲϭ͕ϲϭϭ

ϲϯ͕ϵϬϬ͕ϵϰϳ Ϯ͕ϲϯϱ͕ϰϱϳ͕ϯϮϰ Ϯ͕ϲϵϵ͕ϯϱϴ͕Ϯϳϭ

ϴ͕ϭϲϵ͕ϬϯϮ͕ϵϬϲ

ϳ͕Ϭϳϲ͕ϴϮϯ͕ϱϴϯ

ϲ͕ϭϭϳ͕ϳϳϳ͕ϯϵϭ

E d /E KD ;&ŽƌǁĂƌĚͿ

EŽƚĞ

Kd, Z KDWZ , E^/s /E KD ;>K^^Ϳ dŽ ďĞ ƌĞĐůĂƐƐŝĨŝĞĚ ƚŽ ƉƌŽĨŝƚ Žƌ ůŽƐƐ ŝŶ ƐƵďƐĞƋƵĞŶƚ ƉĞƌŝŽĚƐ Ͳ ZĞĐůĂƐƐŝĨŝĐĂƚŝŽŶ ĂĚũƵƐƚŵĞŶƚƐ ŽŶ ĚŝƐƉŽƐĂů ŽĨ &^ ĨŝŶĂŶĐŝĂů ĂƐƐĞƚƐ hŶƌĞĂůŝǌĞĚ ǀĂůƵĂƚŝŽŶ ŐĂŝŶ ŽŶ &^ ĨŝŶĂŶĐŝĂů ĂƐƐĞƚƐ /ŶĐŽŵĞ ƚĂǆ ĞĨĨĞĐƚ EŽƚ ƚŽ ďĞ ƌĞĐůĂƐƐŝĨŝĞĚ ƚŽ ƉƌŽĨŝƚ Žƌ ůŽƐƐ ŝŶ ƐƵďƐĞƋƵĞŶƚ ƉĞƌŝŽĚƐ͗ ZĞǀĂůƵĂƚŝŽŶ ŝŶĐƌĞĂƐĞ /ŶĐŽŵĞ ƚĂǆ ĞĨĨĞĐƚ ZĞŵĞĂƐƵƌĞŵĞŶƚ ŐĂŝŶ ;ůŽƐƐͿ ŽŶ ƌĞƚŝƌĞŵĞŶƚ ůŝĂďŝůŝƚǇ

Ͳ Ϯ Ͳ

ϮϬϭϳ

zĞĂƌƐ ŶĚĞĚ ĞĐĞŵďĞƌ ϯϭ ϮϬϭϲ

ϮϬϭϱ

ϭϬ

;W сϮϭϲ͕Ϭϯϴ͕ϭϲϳͿ

;W сϭϬϴ͕ϰϵϰ͕ϰϵϮͿ

;W сϮϱϯ͕ϭϲϴ͕ϲϴϲͿ

ϭϬ

ϱϴ͕ϭϰϱ͕ϴϱϲ ϭϱ͕ϳϴϵ͕Ϯϯϭ ;ϭϰϮ͕ϭϬϯ͕ϬϴϬͿ

ϳϮϱ͕Ϭϴϵ͕ϱϭϯ ;ϲϭ͕ϲϲϰ͕ϱϬϯͿ ϱϱϰ͕ϵϯϬ͕ϱϭϴ

ϭ͕ϰϬϴ͕ϳϵϭ͕ϱϰϴ ;ϭϭϱ͕ϱϲϮ͕ϮϴϲͿ ϭ͕ϬϰϬ͕ϬϲϬ͕ϱϳϲ

ϭϮ

ϵ͕ϱϭϰ͕ϴϱϲ ;Ϯ͕ϴϱϰ͕ϰϱϳͿ ϲ͕ϲϲϬ͕ϯϵϵ

ϭϬϯ͕ϴϮϳ͕ϴϵϭ ;ϯϭ͕ϭϰϴ͕ϯϲϳͿ ϳϮ͕ϲϳϵ͕ϱϮϰ

– – –

ϮϬ

ϮϮ͕ϱϬϰ͕ϭϵϰ ;ϭϭϮ͕ϵϯϴ͕ϰϴϳͿ

;ϭ͕ϯϰϱ͕ϴϲϰͿ ϲϮϲ͕Ϯϲϰ͕ϭϳϴ

ϵ͕Ϭϰϰ͕ϮϴϮ ϭ͕Ϭϰϵ͕ϭϬϰ͕ϴϱϴ

dKd > KDWZ , E^/s /E KD

W сϴ͕Ϭϱϲ͕Ϭϵϰ͕ϰϭϵ

W сϳ͕ϳϬϯ͕Ϭϴϳ͕ϳϲϭ

W сϳ͕ϭϲϲ͕ϴϴϮ͕Ϯϰϵ

EĞƚ ŝŶĐŽŵĞ ĂƚƚƌŝďƵƚĂďůĞ ƚŽ͗ ƋƵŝƚǇ ŚŽůĚĞƌƐ ŽĨ ƚŚĞ WĂƌĞŶƚ ŽŵƉĂŶǇ EŽŶĐŽŶƚƌŽůůŝŶŐ ŝŶƚĞƌĞƐƚƐ

W сϴ͕ϭϲϳ͕ϲϲϮ͕ϰϴϱ ϭ͕ϯϳϬ͕ϰϮϭ W сϴ͕ϭϲϵ͕ϬϯϮ͕ϵϬϲ

W сϳ͕Ϭϳϲ͕ϰϬϲ͕Ϯϱϲ ϰϭϳ͕ϯϮϳ W сϳ͕Ϭϳϲ͕ϴϮϯ͕ϱϴϯ

W сϲ͕ϭϭϴ͕ϱϬϬ͕ϯϲϲ ;ϳϮϮ͕ϵϳϱͿ W сϲ͕ϭϭϳ͕ϳϳϳ͕ϯϵϭ

dŽƚĂů ĐŽŵƉƌĞŚĞŶƐŝǀĞ ŝŶĐŽŵĞ ĂƚƚƌŝďƵƚĂďůĞ ƚŽ͗ ƋƵŝƚǇ ŚŽůĚĞƌƐ ŽĨ ƚŚĞ WĂƌĞŶƚ ŽŵƉĂŶǇ EŽŶĐŽŶƚƌŽůůŝŶŐ ŝŶƚĞƌĞƐƚƐ

W сϴ͕Ϭϱϰ͕ϳϲϴ͕ϰϭϲ ϭ͕ϯϮϲ͕ϬϬϯ W сϴ͕Ϭϱϲ͕Ϭϵϰ͕ϰϭϵ

W сϳ͕ϳϬϮ͕ϲϳϬ͕ϰϯϰ ϰϭϳ͕ϯϮϳ W сϳ͕ϳϬϯ͕Ϭϴϳ͕ϳϲϭ

W сϳ͕ϭϲϳ͕ϲϬϱ͕ϮϮϰ ;ϳϮϮ͕ϵϳϱͿ W сϳ͕ϭϲϲ͕ϴϴϮ͕Ϯϰϵ

ĂƐŝĐͬ ŝůƵƚĞĚ ĂƌŶŝŶŐƐ WĞƌ ^ŚĂƌĞ /Ŷ ĂĐĐŽƌĚĂŶĐĞ ǁŝƚŚ WŚŝůŝƉƉŝŶĞ ĐĐŽƵŶƚŝŶŐ ^ƚĂŶĚĂƌĚ ϯϯ͕ ĂƌŶŝŶŐƐ ƉĞƌ ^ŚĂƌĞΎ ĂƐĞĚ ŽŶ ŽƵƚƐƚĂŶĚŝŶŐ ƐŚĂƌĞƐ Ăƚ ƚŚĞ ĞŶĚ ŽĨ ƚŚĞ ǇĞĂƌΎΎ

ϮϮ

W сϲ͘ϰϭϲ

W сϱ͘ϱϱϯ

W сϰ͘ϰϵϱ

ϮϮ

W сϲ͘ϰϮϳ

W сϱ͘ϱϱϱ

W сϰ͘ϳϵϵ

^ĞĞ ĂĐĐŽŵƉĂŶǇŝŶŐ EŽƚĞƐ ƚŽ ŽŶƐŽůŝĚĂƚĞĚ &ŝŶĂŶĐŝĂů ^ƚĂƚĞŵĞŶƚƐ͘

Ύ ŽŵƉƵƚĞĚ ďĂƐĞĚ ŽŶ ƚŚĞ ǁĞŝŐŚƚĞĚ ĂǀĞƌĂŐĞ ŶƵŵďĞƌ ŽĨ ƐŚĂƌĞƐ ŽƵƚƐƚĂŶĚŝŶŐ ĨŽƌ ƚŚĞ ǇĞĂƌ͘ ΎΎ ŽŵƉƵƚĞĚ ďĂƐĞĚ ŽŶ ƚŚĞ ŽƵƚƐƚĂŶĚŝŶŐ ƐŚĂƌĞƐ ĂƐ Ăƚ ĞŶĚ ŽĨ ǇĞĂƌ͘ This information is intended for management’s reporting ƉƵƌƉŽƐĞƐ ŽŶůǇ͘

Consolidated Statements of CHANGES IN EQUITY

>W, > E KZWKZ d/KE E ^h ^/ / Z/ ^ KE^K>/ d ^d d D Ed^ K& , E' ^ /E Yh/dz

EŽƚĞ

ϮϬϭϳ

zĞĂƌƐ ŶĚĞĚ ĞĐĞŵďĞƌ ϯϭ ϮϬϭϲ

ϮϬϭϱ

W/d > ^dK < ĂůĂŶĐĞ Ăƚ ďĞŐŝŶŶŝŶŐ ĂŶĚ ĞŶĚ ŽĨ ǇĞĂƌ

ϭϲ

W сϮ͕ϲϱϱ͕ϳϬϳ͕ϰϭϳ

/d/KE > W / Ͳ/E W/d > ĂůĂŶĐĞ Ăƚ ďĞŐŝŶŶŝŶŐ ŽĨ ǇĞĂƌ ǆĐĞƐƐ ŽĨ ĂĐƋƵŝƐŝƚŝŽŶ ƉƌŝĐĞ ŽǀĞƌ ŝŶƚĞƌĞƐƚ ĂůĂŶĐĞ Ăƚ ĞŶĚ ŽĨ ǇĞĂƌ

ϭϲ

ϭϬ͕ϳϯϵ͕Ϭϯϵ͕ϰϴϱ ϭ͕Ϭϯϵ͕ϵϲϭ ϭϬ͕ϳϰϬ͕Ϭϳϵ͕ϰϰϲ

ϭϬ͕ϳϯϵ͕Ϭϯϵ͕ϰϴϱ – ϭϬ͕ϳϯϵ͕Ϭϯϵ͕ϰϴϱ

ϭϬ

Ϯϯ͕ϱϳϰ͕ϱϵϵ͕ϰϴϬ

Ϯϯ͕Ϭϭϵ͕ϲϲϴ͕ϵϲϮ

Ϯϭ͕ϵϳϵ͕ϲϬϴ͕ϯϴϲ

;ϭϵϰ͕ϰϯϰ͕ϯϱϬͿ ϱϮ͕ϯϯϭ͕ϮϳϬ Ϯϯ͕ϰϯϮ͕ϰϵϲ͕ϰϬϬ

;ϵϳ͕ϲϱϬ͕ϬϰϰͿ ϲϱϮ͕ϱϴϬ͕ϱϲϮ Ϯϯ͕ϱϳϰ͕ϱϵϵ͕ϰϴϬ

;ϮϮϳ͕ϴϱϭ͕ϴϭϳͿ ϭ͕Ϯϲϳ͕ϵϭϮ͕ϯϵϯ Ϯϯ͕Ϭϭϵ͕ϲϲϴ͕ϵϲϮ

ϳϮ͕ϲϳϵ͕ϱϮϰ ϲ͕ϲϲϬ͕ϯϵϵ ;ϯ͕ϰϵϭ͕ϰϱϳͿ ϳϱ͕ϴϰϴ͕ϰϲϲ

– ϳϯ͕ϰϭϴ͕ϱϭϰ ;ϳϯϴ͕ϵϵϬͿ ϳϮ͕ϲϳϵ͕ϱϮϰ

– – – –

hDh> d/s hEZ >/ s >h d/KE ' /E KE &^ &/E E / > ^^ d^ ĂůĂŶĐĞ Ăƚ ďĞŐŝŶŶŝŶŐ ŽĨ ǇĞĂƌ ZĞĐůĂƐƐŝĨŝĐĂƚŝŽŶ ĂĚũƵƐƚŵĞŶƚƐ ŽŶ ĚŝƐƉŽƐĂů ŽĨ &^ ĨŝŶĂŶĐŝĂů ĂƐƐĞƚƐ hŶƌĞĂůŝǌĞĚ ǀĂůƵĂƚŝŽŶ ŐĂŝŶ ŽŶ &^ ĨŝŶĂŶĐŝĂů ĂƐƐĞƚƐ ĂůĂŶĐĞ Ăƚ ĞŶĚ ŽĨ ǇĞĂƌ Z s >h d/KE ^hZW>h^ ĂůĂŶĐĞ Ăƚ ďĞŐŝŶŶŝŶŐ ŽĨ ǇĞĂƌ ZĞǀĂůƵĂƚŝŽŶ ŝŶĐƌĞĂƐĞ ŵŽƌƚŝǌĂƚŝŽŶ ŽĨ ƌĞǀĂůƵĂƚŝŽŶ ƐƵƌƉůƵƐ ĂůĂŶĐĞ Ăƚ ĞŶĚ ŽĨ ǇĞĂƌ hDh> d Z D ^hZ D Ed ' /E KE Z d/Z D Ed >/ />/dz ĂůĂŶĐĞ Ăƚ ďĞŐŝŶŶŝŶŐ ŽĨ ǇĞĂƌ ZĞŵĞĂƐƵƌĞŵĞŶƚ ŐĂŝŶ ;ůŽƐƐͿ ŽŶ ƌĞƚŝƌĞŵĞŶƚ ůŝĂďŝůŝƚǇ ĂůĂŶĐĞ Ăƚ ĞŶĚ ŽĨ ǇĞĂƌ Z d /E ZE/E'^ ĂůĂŶĐĞ Ăƚ ďĞŐŝŶŶŝŶŐ ŽĨ ǇĞĂƌ EĞƚ ŝŶĐŽŵĞ ĚƵƌŝŶŐ ƚŚĞ ǇĞĂƌ ŵŽƌƚŝǌĂƚŝŽŶ ŽĨ ƌĞǀĂůƵĂƚŝŽŶ ƐƵƌƉůƵƐ ĂůĂŶĐĞ Ăƚ ĞŶĚ ŽĨ ǇĞĂƌ PARENT COMPANY’S SHARES HELD BY A ^h ^/ / Zz ĂůĂŶĐĞ Ăƚ ďĞŐŝŶŶŝŶŐ ŽĨ ǇĞĂƌ ĚĚŝƚŝŽŶƐ ĂůĂŶĐĞ Ăƚ ĞŶĚ ŽĨ ǇĞĂƌ dZ ^hZz ^, Z ^ ĂůĂŶĐĞ Ăƚ ďĞŐŝŶŶŝŶŐ ŽĨ ǇĞĂƌ ZĞŝƐƐƵĂŶĐĞ ĚĚŝƚŝŽŶƐ ĂůĂŶĐĞ Ăƚ ĞŶĚ ŽĨ ǇĞĂƌ EKE KEdZK>>/E' /Ed Z ^d^ ĂůĂŶĐĞ Ăƚ ďĞŐŝŶŶŝŶŐ ŽĨ ǇĞĂƌ EĞƚ ŝŶĐŽŵĞ ;ůŽƐƐͿ ĐƋƵŝƐŝƚŝŽŶ ĂůĂŶĐĞ Ăƚ ĞŶĚ ŽĨ ǇĞĂƌ

^ĞĞ ĂĐĐŽŵƉĂŶǇŝŶŐ EŽƚĞƐ ƚŽ ŽŶƐŽůŝĚĂƚĞĚ &ŝŶĂŶĐŝĂů ^ƚĂƚĞŵĞŶƚƐ͘

ϭϮ ϮϬ

ϮϮ͕ϴϰϱ͕ϱϲϵ ϮϮ͕ϱϬϰ͕ϭϵϰ ϰϱ͕ϯϰϵ͕ϳϲϯ ϯϮ͕ϭϳϮ͕ϰϰϱ͕Ϭϰϴ ϴ͕ϭϲϳ͕ϲϲϮ͕ϰϴϱ ϯ͕ϰϵϭ͕ϰϱϳ ϰϬ͕ϯϰϯ͕ϱϵϴ͕ϵϵϬ

Ϯϰ͕ϭϵϭ͕ϰϯϯ ;ϭ͕ϯϰϱ͕ϴϲϰͿ ϮϮ͕ϴϰϱ͕ϱϲϵ Ϯϱ͕Ϭϵϱ͕Ϯϵϵ͕ϴϬϮ ϳ͕Ϭϳϲ͕ϰϬϲ͕Ϯϱϲ ϳϯϴ͕ϵϵϬ ϯϮ͕ϭϳϮ͕ϰϰϱ͕Ϭϰϴ

ϭϱ͕ϭϰϳ͕ϭϱϭ ϵ͕Ϭϰϰ͕ϮϴϮ Ϯϰ͕ϭϵϭ͕ϰϯϯ ϭϴ͕ϵϳϲ͕ϳϵϵ͕ϰϯϲ ϲ͕ϭϭϴ͕ϱϬϬ͕ϯϲϲ – Ϯϱ͕Ϭϵϱ͕Ϯϵϵ͕ϴϬϮ

ϭϲ ϭϲ

;ϭϲ͕ϴϭϳ͕ϵϳϮ͕ϯϵϬͿ ;ϲϯ͕Ϯϰϳ͕ϱϭϱͿ ;ϭϲ͕ϴϴϭ͕Ϯϭϵ͕ϵϬϱͿ ;ϭϮ͕Ϯϭϯ͕ϱϮϲͿ ϭϭ͕ϬϬϬ͕ϬϬϬ – ;ϭ͕Ϯϭϯ͕ϱϮϲͿ ϰ͕ϲϬϵ͕ϱϯϴ ϭ͕ϯϮϲ͕ϬϬϯ ;ϭ͕Ϭϲϵ͕ϰϭϬͿ ϰ͕ϴϲϲ͕ϭϯϭ

;ϭϲ͕ϴϭϳ͕ϵϳϮ͕ϯϵϬͿ – ;ϭϲ͕ϴϭϳ͕ϵϳϮ͕ϯϵϬͿ ;ϭ͕Ϯϭϯ͕ϱϮϲͿ – ;ϭϭ͕ϬϬϬ͕ϬϬϬͿ ;ϭϮ͕Ϯϭϯ͕ϱϮϲͿ ϰ͕ϭϵϮ͕Ϯϭϭ ϰϭϳ͕ϯϮϳ – ϰ͕ϲϬϵ͕ϱϯϴ

;ϭϲ͕ϴϭϳ͕ϵϳϮ͕ϯϵϬͿ – ;ϭϲ͕ϴϭϳ͕ϵϳϮ͕ϯϵϬͿ ;ϭ͕Ϯϭϯ͕ϱϮϲͿ – – ;ϭ͕Ϯϭϯ͕ϱϮϲͿ ϰ͕ϵϭϱ͕ϭϴϲ ;ϳϮϮ͕ϵϳϱͿ – ϰ͕ϭϵϮ͕Ϯϭϭ

W сϲϬ͕ϰϭϱ͕ϱϭϯ͕ϭϴϮ

W сϱϮ͕ϰϭϭ͕ϳϰϬ͕ϭϰϱ

W сϰϰ͕ϳϭϴ͕ϵϭϯ͕ϯϵϰ

Consolidated Statements of CASH FLOWS >W, > E KZWKZ d/KE E ^h ^/ / Z/ ^ KE^K>/ d ^d d D Ed^ K& ^, &>Kt^

EŽƚĞ

^, &>Kt^ &ZKD KW Z d/E' d/s/d/ ^ /ŶĐŽŵĞ ďĞĨŽƌĞ ŝŶĐŽŵĞ ƚĂǆ ĚũƵƐƚŵĞŶƚƐ ĨŽƌ͗ 'ĂŝŶ ŽŶ ĨĂŝƌ ǀĂůƵĞ ĐŚĂŶŐĞƐ ŽĨ ŝŶǀĞƐƚŵĞŶƚ ƉƌŽƉĞƌƚŝĞƐ /ŶƚĞƌĞƐƚ ĞǆƉĞŶƐĞ ĂŶĚ ŽƚŚĞƌ ĨŝŶĂŶĐĞ ĐŚĂƌŐĞƐ ĞƉƌĞĐŝĂƚŝŽŶ ĂŶĚ ĂŵŽƌƚŝǌĂƚŝŽŶ 'ĂŝŶ ŽŶ ƐĂůĞ ŽĨ &^ ĨŝŶĂŶĐŝĂů ĂƐƐĞƚƐ /ŶƚĞƌĞƐƚ ŝŶĐŽŵĞ ƋƵŝƚǇ ŝŶ ŶĞƚ ŝŶĐŽŵĞ ŽĨ ĂƐƐŽĐŝĂƚĞƐ hŶƌĞĂůŝǌĞĚ ĨŽƌĞŝŐŶ ĞǆĐŚĂŶŐĞ ůŽƐƐ ;ŐĂŝŶͿ KƉĞƌĂƚŝŶŐ ŝŶĐŽŵĞ ďĞĨŽƌĞ ǁŽƌŬŝŶŐ ĐĂƉŝƚĂů ĐŚĂŶŐĞƐ ĞĐƌĞĂƐĞ ;ŝŶĐƌĞĂƐĞͿ ŝŶ͗ dƌĂĚĞ ĂŶĚ ŽƚŚĞƌ ƌĞĐĞŝǀĂďůĞƐ >ĂŶĚ ĂŶĚ ĚĞǀĞůŽƉŵĞŶƚ ĐŽƐƚƐ ĂŶĚ ƉĂƌŬŝŶŐ ůŽƚƐ ĨŽƌ ƐĂůĞ KƚŚĞƌ ĐƵƌƌĞŶƚ ĂƐƐĞƚƐ /ŶĐƌĞĂƐĞ ŝŶ͗ dƌĂĚĞ ĂŶĚ ŽƚŚĞƌ ƉĂǇĂďůĞƐ Customers’ deposits ZĞƚŝƌĞŵĞŶƚ ůŝĂďŝůŝƚǇ EĞƚ ĐĂƐŚ ŐĞŶĞƌĂƚĞĚ ĨƌŽŵ ;ƵƐĞĚ ĨŽƌͿ ŽƉĞƌĂƚŝŽŶƐ /ŶĐŽŵĞ ƚĂǆĞƐ ƉĂŝĚ /ŶƚĞƌĞƐƚ ƌĞĐĞŝǀĞĚ EĞƚ ĐĂƐŚ ƉƌŽǀŝĚĞĚ ďǇ ;ƵƐĞĚ ŝŶͿ ŽƉĞƌĂƚŝŶŐ ĂĐƚŝǀŝƚŝĞƐ ^, &>Kt^ &ZKD /Es ^d/E' d/s/d/ ^ ĚĚŝƚŝŽŶƐ ƚŽ͗ WƌŽƉĞƌƚǇ ĂŶĚ ĞƋƵŝƉŵĞŶƚ ^ŽĨƚǁĂƌĞ WƌŽĐĞĞĚƐ ĨƌŽŵ ƐĂůĞ ŽĨ &^ ĨŝŶĂŶĐŝĂů ĂƐƐĞƚƐ ĞĐƌĞĂƐĞ ;ŝŶĐƌĞĂƐĞͿ ŝŶ͗ /ŶǀĞƐƚŵĞŶƚ ƉƌŽƉĞƌƚŝĞƐ /ŶǀĞƐƚŵĞŶƚƐ ŝŶ ĂŶĚ ĂĚǀĂŶĐĞƐ ƚŽ ĂƐƐŽĐŝĂƚĞƐ ĚǀĂŶĐĞƐ ƚŽ ĂƐƐŽĐŝĂƚĞƐ KƚŚĞƌ ŶŽŶĐƵƌƌĞŶƚ ĂƐƐĞƚƐ ĚǀĂŶĐĞƐ ƚŽ ƌĞůĂƚĞĚ ƉĂƌƚŝĞƐ WƌŽĐĞĞĚƐ ĨƌŽŵ ƐĂůĞ ŽĨ ƐƵďƐŝĚŝĂƌŝĞƐ EĞƚ ĐĂƐŚ ƉƌŽǀŝĚĞĚ ďǇ ;ƵƐĞĚ ŝŶͿ ŝŶǀĞƐƚŝŶŐ ĂĐƚŝǀŝƚŝĞƐ

;&ŽƌǁĂƌĚͿ

zĞĂƌƐ ŶĚĞĚ ĞĐĞŵďĞƌ ϯϭ ϮϬϭϳ ϮϬϭϲ

ϮϬϭϱ

W сϭϭ͕ϱϳϭ͕ϰϬϯ͕ϱϱϴ W сϭϬ͕ϮϭϬ͕ϲϴϱ͕ϭϵϰ

W сϴ͕ϴϭϳ͕ϭϯϱ͕ϲϲϮ

ϭϭ ϭϱ ϭϮ ϭϬ ϱ ϵ

;ϭϭ͕ϰϳϭ͕ϴϭϴ͕ϳϰϰͿ ;ϭϬ͕ϬϬϳ͕ϬϱϮ͕ϰϴϴͿ ϯϲϱ͕ϳϮϳ͕ϭϵϰ Ϯϵϰ͕ϳϰϵ͕ϰϲϳ ϭϮϰ͕ϱϲϲ͕ϬϬϰ ϭϮϭ͕ϴϱϴ͕ϴϴϭ ;ϭϮϯ͕ϭϱϮ͕ϰϯϰͿ ;ϭϬϴ͕ϱϬϱ͕ϬϰϵͿ ;ϭϳ͕ϳϲϰ͕ϭϲϵͿ ;ϭϵ͕ϲϯϱ͕ϯϯϭͿ ;ϭ͕ϯϴϬ͕ϵϰϲͿ ϭ͕ϭϯϱ͕ϮϮϲ ϭ͕ϭϭϴ͕ϲϳϰ ϭ͕ϴϴϯ͕ϵϱϰ ϰϰϴ͕ϲϵϵ͕ϭϯϳ ϰϵϱ͕ϭϭϵ͕ϴϱϰ ;ϳϯϴ͕ϵϴϯ͕ϯϵϱͿ ;ϰϱϴ͕ϯϴϯ͕ϭϲϯͿ

;ϴ͕ϱϳϴ͕ϳϲϭ͕ϭϲϯͿ Ϯϱϭ͕ϯϬϮ͕ϴϳϮ ϭϬϰ͕ϰϲϱ͕ϵϯϲ ;ϮϳϮ͕ϯϰϮ͕ϰϰϵͿ ;ϭϯ͕ϱϬϴ͕ϲϯϮͿ ϳϰϰ͕ϯϰϬ ;ϳϵϵ͕ϱϲϴͿ ϯϬϴ͕Ϯϯϲ͕ϵϵϴ ;ϯϰ͕ϯϳϮ͕ϳϬϴͿ

;ϱϯϳ͕ϯϱϲ͕ϴϯϳͿ ;ϯϴϰ͕ϲϮϰ͕ϭϵϯͿ ϯϮϭ͕ϬϯϬ͕ϴϰϮ Ϯϭ͕ϭϰϮ͕ϯϵϬ ϭϱ͕ϱϯϵ͕ϲϰϳ ;ϴϱϰ͕ϱϱϮ͕ϰϬϵͿ ;ϭϳ͕ϴϲϲ͕ϯϴϲͿ ϭϳ͕ϳϲϰ͕ϭϲϵ ;ϴϱϰ͕ϲϱϰ͕ϲϮϲͿ

;ϰϱϴ͕ϲϵϯ͕ϳϮϯͿ ϮϮϬ͕ϱϬϱ͕ϵϮϮ ϭ͕ϬϲϮ͕ϴϵϮ͕Ϯϴϯ Ϯϱ͕ϵϵϬ͕ϳϱϵ ϳ͕ϰϵϰ͕Ϭϲϯ ϴϵϰ͕ϵϮϱ͕ϵϵϱ ;ϴϮ͕Ϭϵϭ͕ϮϭϮͿ ϭϵ͕ϲϯϱ͕ϯϯϭ ϴϯϮ͕ϰϳϬ͕ϭϭϰ

;ϴϳϰ͕ϴϵϭ͕ϳϮϯͿ ;ϱϱ͕ϭϭϰ͕ϮϱϬͿ ϰϰϴ͕ϳϮϭ͕ϬϴϮ ϭϯ͕ϰϵϮ͕ϵϬϮ ϰ͕ϲϴϬ͕ϲϴϴ ;ϭϴϵ͕Ϯϰϳ͕ϬϭϭͿ ;ϲϯ͕ϴϲϲ͕ϬϵϳͿ ϭϯ͕ϱϬϴ͕ϲϯϮ ;Ϯϯϵ͕ϲϬϰ͕ϰϳϲͿ

ϭϮ ϭϯ ϭϬ ϭϭ

;ϰϯϱ͕ϬϬϴ͕ϵϳϬͿ – ϭϱϴ͕Ϯϭϰ͕Ϯϳϯ ϭϴϳ͕ϴϭϵ͕ϮϮϭ ϵ͕ϲϳϬ͕ϱϲϵ ϭ͕ϲϴϵ͕ϮϬϬ ;ϭϴ͕ϵϬϯ͕ϱϮϱͿ ;ϯϲϰ͕ϯϬϱ͕ϳϮϲͿ – ;ϰϲϬ͕ϴϮϰ͕ϵϱϴͿ

;ϲϬϴ͕ϯϮϲ͕ϴϱϰͿ ;ϭϱϯ͕ϱϳϮͿ ϭϯϳ͕ϴϮϭ͕ϯϳϬ ;ϮϮϲ͕ϲϳϴ͕ϯϯϰͿ – ;ϲϵϱ͕ϳϰϰͿ ϱϮ͕ϱϭϳ͕ϮϳϮ ;ϰϰϲ͕ϳϯϬ͕ϰϵϬͿ – ;ϭ͕ϬϵϮ͕Ϯϰϲ͕ϯϱϮͿ

;ϱϬϳ͕ϮϮϯ͕ϯϱϮͿ ;ϭϮϵ͕ϰϲϰͿ ϱϬϴ͕ϯϬϲ͕ϮϭϬ ;ϯϰϲ͕Ϭϭϵ͕ϭϱϰͿ – ϱϬϵ͕ϲϰϮ ;ϱϴ͕Ϯϲϳ͕ϱϴϭͿ ;ϯϲϳ͕ϴϮϴ͕ϬϭϬͿ ϴϯϯ͕ϯϯϯ͕ϯϯϯ ϲϮ͕ϲϴϭ͕ϲϮϰ

^, &>Kt^ &ZKD &/E E /E' d/s/d/ ^ WƌŽĐĞĞĚƐ ĨƌŽŵ ĂǀĂŝůŵĞŶƚƐ ŽĨ ůŽŶŐͲƚĞƌŵ ĚĞďƚ WĂǇŵĞŶƚƐ ŽĨ͗ >ŽŶŐͲƚĞƌŵ ĚĞďƚ /ŶƚĞƌĞƐƚ ĂŶĚ ŽƚŚĞƌ ĨŝŶĂŶĐĞ ĐŚĂƌŐĞƐ ĞĐƌĞĂƐĞ ;ŝŶĐƌĞĂƐĞͿ ŝŶ͗ ĚǀĂŶĐĞƐ ĨƌŽŵ ƌĞůĂƚĞĚ ƉĂƌƚŝĞƐ KƚŚĞƌ ŶŽŶĐƵƌƌĞŶƚ ůŝĂďŝůŝƚŝĞƐ DŽǀĞŵĞŶƚƐ ŝŶ ƚƌĞĂƐƵƌǇ ƐŚĂƌĞƐ WƵƌĐŚĂƐĞ ŽĨ WĂƌĞŶƚ ŽŵƉĂŶǇ ƐŚĂƌĞƐ ŚĞůĚ ďǇ Ă ƐƵďƐŝĚŝĂƌǇ EĞƚ ĐĂƐŚ ƉƌŽǀŝĚĞĚ ďǇ ĨŝŶĂŶĐŝŶŐ ĂĐƚŝǀŝƚŝĞƐ

EŽƚĞ ϭϲ

zĞĂƌƐ ŶĚĞĚ ĞĐĞŵďĞƌ ϯϭ ϮϬϭϳ ϮϬϭϲ

W сϲ͕ϱϯϬ͕ϭϰϭ͕ϵϵϲ W сϮ͕ϭϱϳ͕ϳϴϰ͕ϭϵϲ ;ϱ͕ϯϭϴ͕ϲϮϲ͕ϵϬϬͿ ;ϭ͕ϳϭϯ͕ϱϰϬ͕ϱϱϴͿ ;ϲϬϱ͕ϵϰϰ͕ϳϯϰͿ ;Ϯϯϭ͕ϲϭϯ͕ϵϬϮͿ ϳϯ͕ϬϳϬ͕ϵϮϲ ϯϰ͕ϬϭϬ͕Ϯϯϴ ;ϲϵ͕ϲϵϬ͕ϱϰϮͿ ;Ϯ͕ϭϯϬ͕ϭϰϴͿ ϭϭ͕ϬϬϬ͕ϬϬϬ ;ϭϭ͕ϬϬϬ͕ϬϬϬͿ

ϮϬϭϱ

W сϯ͕ϯϭϬ͕ϵϰϯ͕ϴϲϬ ;Ϯ͕ϳϰϬ͕ϴϵϳ͕ϳϮϬͿ ;ϯϭϵ͕ϬϮϱ͕ϮϯϲͿ Ϯϭ͕ϯϭϰ͕ϳϬϭ ;ϭϵ͕ϭϯϰ͕ϱϬϬͿ –

;ϲϯ͕Ϯϰϳ͕ϱϭϱͿ ϱϱϲ͕ϳϬϯ͕Ϯϯϭ

&& d K& &KZ /'E y , E' Z d , E' ^ KE ^, E ^, Yh/s > Ed^

;ϭ͕ϭϭϴ͕ϲϳϰͿ

;ϭ͕ϴϴϯ͕ϵϱϰͿ

ϳϵϵ͕ϱϲϴ

E d /E Z ^ ; Z ^ Ϳ /E ^, E ^, Yh/s > Ed^

;ϳϱϵ͕ϴϵϱ͕ϬϮϳͿ

;Ϯϴ͕ϭϱϬ͕ϯϲϲͿ

ϳϳ͕Ϭϳϳ͕ϴϮϭ

^, E ^, Yh/s > Ed^ d '/EE/E' K& z Z ĂƐŚ ĂŶĚ ĐĂƐŚ ĞƋƵŝǀĂůĞŶƚƐ ZĞƐƚƌŝĐƚĞĚ ĐĂƐŚ

ϱ ϴ

Ϯϱϲ͕ϭϰϱ͕ϳϰϵ ϳϮϬ͕ϱϮϱ͕ϱϲϲ ϵϳϲ͕ϲϳϭ͕ϯϭϱ

ϰϱϯ͕ϳϮϯ͕ϰϳϲ ϱϱϭ͕Ϭϵϴ͕ϮϬϱ ϭ͕ϬϬϰ͕ϴϮϭ͕ϲϴϭ

ϲϬϯ͕ϭϲϲ͕ϵϬϮ ϯϮϰ͕ϱϳϲ͕ϵϱϴ ϵϮϳ͕ϳϰϯ͕ϴϲϬ

^, E ^, Yh/s > Ed^ d E K& z Z ĂƐŚ ĂŶĚ ĐĂƐŚ ĞƋƵŝǀĂůĞŶƚƐ ZĞƐƚƌŝĐƚĞĚ ĐĂƐŚ

ϱ ϴ

Ϯϭϱ͕ϱϵϯ͕Ϭϰϯ ϭ͕ϭϴϯ͕Ϯϰϱ W сϮϭϲ͕ϳϳϲ͕Ϯϴϴ

Ϯϱϲ͕ϭϰϱ͕ϳϰϵ ϳϮϬ͕ϱϮϱ͕ϱϲϲ W сϵϳϲ͕ϲϳϭ͕ϯϭϱ

ϰϱϯ͕ϳϮϯ͕ϰϳϲ ϱϱϭ͕Ϭϵϴ͕ϮϬϱ W сϭ͕ϬϬϰ͕ϴϮϭ͕ϲϴϭ

^ĞĞ ĂĐĐŽŵƉĂŶǇŝŶŐ EŽƚĞƐ ƚŽ ŽŶƐŽůŝĚĂƚĞĚ &ŝŶĂŶĐŝĂů ^ƚĂƚĞŵĞŶƚƐ͘

Ͳ Ϯ Ͳ

– Ϯϯϯ͕ϱϬϵ͕ϴϮϲ

– Ϯϱϯ͕ϮϬϭ͕ϭϬϱ

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS >W, > E KZWKZ d/KE E ^h ^/ / Z/ ^ EKd ^ dK KE^K>/ d &/E E / > ^d d D Ed^

ϭ͘ ŽƌƉŽƌĂƚĞ DĂƚƚĞƌƐ

ŽƌƉŽƌĂƚĞ /ŶĨŽƌŵĂƚŝŽŶ ůƉŚĂůĂŶĚ ŽƌƉŽƌĂƚŝŽŶ ; >W, Žƌ WĂƌĞŶƚ ŽŵƉĂŶǇͿ ŝƐ Ă ŚŽůĚŝŶŐ ĐŽŵƉĂŶǇ ŝŶĐŽƌƉŽƌĂƚĞĚ ĂŶĚ ƌĞŐŝƐƚĞƌĞĚ ǁŝƚŚ ƚŚĞ WŚŝůŝƉƉŝŶĞ ^ĞĐƵƌŝƚŝĞƐ ĂŶĚ ǆĐŚĂŶŐĞ ŽŵŵŝƐƐŝŽŶ ;^ Ϳ ŽŶ EŽǀĞŵďĞƌ ϭϵ͕ ϭϵϵϬ͘ dŚĞ ƉƌŝŶĐŝƉĂů ďƵƐŝŶĞƐƐ ŽĨ >W, and its subsidiaries (collectively referred to as the “Group”) ŝƐ ƌĞĂů ƉƌŽƉĞƌƚǇ ĚĞǀĞůŽƉŵĞŶƚ͘ dŚĞ ƌĞŐŝƐƚĞƌĞĚ ŽĨĨŝĐĞ ĂĚĚƌĞƐƐ ŽĨ >W, ŝƐ ůƉŚĂůĂŶĚ DĂŬĂƚŝ WůĂĐĞ͕ ϳϮϯϮ ǇĂůĂ ǀĞ͘ Ğǆƚ͘ ĐŽƌ͘ DĂůƵŐĂǇ ^ƚƌĞĞƚ͕ DĂŬĂƚŝ ŝƚǇ͘ dŚĞ ĐŽŶƐŽůŝĚĂƚĞĚ ĨŝŶĂŶĐŝĂů ƐƚĂƚĞŵĞŶƚƐ ĂƐ Ăƚ ĞĐĞŵďĞƌ ϯϭ͕ ϮϬϭϳ ĂŶĚ ϮϬϭϲ ĂŶĚ ĨŽƌ ĞĂĐŚ ŽĨ ƚŚĞ ƚŚƌĞĞ ǇĞĂƌƐ ĞŶĚĞĚ ĞĐĞŵďĞƌ ϯϭ͕ ϮϬϭϳ͕ ϮϬϭϲ ĂŶĚ ϮϬϭϱ ǁĞƌĞ ĂƉƉƌŽǀĞĚ ĂŶĚ ĂƵƚŚŽƌŝǌĞĚ ĨŽƌ ŝƐƐƵĂŶĐĞ ďǇ ƚŚĞ ǆĞĐƵƚŝǀĞ ŽŵŵŝƚƚĞĞ ŽĨ ƚŚĞ ŽĂƌĚ ŽĨ ŝƌĞĐƚŽƌƐ ; K Ϳ ŽŶ :ĂŶƵĂƌǇ ϭϵ͕ ϮϬϭϴ͘ ALPHA’s Legal Subsidiaries as at ĞĐĞŵďĞƌ ϯϭ͕ ϮϬϭϳ ĂŶĚ ϮϬϭϲ ŽŵƉĂŶǇ ůƉŚĂůĂŶĚ ^ŽƵƚŚŐĂƚĞ dŽǁĞƌ͕ /ŶĐ͘ ; ^d/Ϳ ůƉŚĂůĂŶĚ ĂůĞƐŝŶ /ƐůĂŶĚ ZĞƐŽƌƚ ŽƌƉŽƌĂƚŝŽŶ ; /Z Ϳ ůƉŚĂůĂŶĚ DĂŬĂƚŝ WůĂĐĞ͕ /ŶĐ͘ ;ĂͿ ; DW/Ϳ ůƉŚĂůĂŶĚ ĂŐƵŝŽ DŽƵŶƚĂŝŶ >ŽŐ ,ŽŵĞƐ͕ /ŶĐ͘ ; D>,/Ϳ ůƉŚĂůĂŶĚ ĂůĞƐŝŶ 'ĂƚĞǁĂǇ͕ /ŶĐ͘ ; '/Ϳ ůƉŚĂůĂŶĚ ZĞĐůĂŵĂƚŝŽŶ ŽƌƉŽƌĂƚŝŽŶ ; Z Ϳ ϮϮϱϴ ůƵĞ ,ŽůĚŝŶŐƐ͕ /ŶĐ͘ ;ĂͿ ; ůƵĞ ,ŽůĚŝŶŐƐͿ ůƉŚĂůĂŶĚ ^ŽƵƚŚŐĂƚĞ ZĞƐƚĂƵƌĂŶƚƐ͕ ;ĂͿ /ŶĐ͘ ; ^Z/Ϳ ůƉŚĂůĂŶĚ /ŶƚĞƌŶĂƚŝŽŶĂů͕ /ŶĐ͘ ; //Ϳ ůƉŚĂůĂŶĚ ǀŝĂƚŝŽŶ͕ /ŶĐ͘ ; /Ϳ ůƉŚĂůĂŶĚ ǀŝĂƚŝŽŶ Ͳ WĂŵƉĂŶŐĂ͕ ;ďͿ /ŶĐ͘ ; W/Ϳ ĞŐůĞ tĞůůŶĞƐƐ ĞŶƚĞƌ͕ /ŶĐ͘ ; t /Ϳ ůƉŚĂůĂŶĚ /ŶƚĞƌŶĂƚŝŽŶĂů͕ /ŶĐ͘ Ͳ s/ ;ĨŽƌŵĞƌůǇ ŝŐŝƚĂů ǆĐĞů ĞǀĞůŽƉŵĞŶƚ͕ >ƚĚ͘Ϳ ůƉŚĂůĂŶĚ /ŶƚĞƌŶĂƚŝŽŶĂů͕ /ŶĐ͘ Ͳ ^ĞǇĐŚĞůůĞƐ ^ƵƉĞƌĨĂĐĞ ŶƚĞƌƉƌŝƐĞƐ >ŝŵŝƚĞĚ ;ĐͿ ĞŐůĞ ƌƵŐƐƚŽƌĞ /ŶĐ͘ ; /Ϳ ;&ŽƌǁĂƌĚͿ

WůĂĐĞ ŽĨ /ŶĐŽƌƉŽƌĂƚŝŽŶ

EĂƚƵƌĞ ŽĨ ƵƐŝŶĞƐƐ

WĞƌĐĞŶƚĂŐĞ ŽĨ KǁŶĞƌƐŚŝƉ ϮϬϭϳ ϮϬϭϲ

WŚŝůŝƉƉŝŶĞƐ

ZĞĂů ƉƌŽƉĞƌƚǇ ĚĞǀĞůŽƉŵĞŶƚ

ϭϬϬ

WŚŝůŝƉƉŝŶĞƐ

ZĞĂů ƉƌŽƉĞƌƚǇ ĚĞǀĞůŽƉŵĞŶƚ

ϭϬϬ

WŚŝůŝƉƉŝŶĞƐ

ZĞĂů ƉƌŽƉĞƌƚǇ ĚĞǀĞůŽƉŵĞŶƚ

ϭϬϬ

WŚŝůŝƉƉŝŶĞƐ

ZĞĂů ƉƌŽƉĞƌƚǇ ĚĞǀĞůŽƉŵĞŶƚ

ϭϬϬ

WŚŝůŝƉƉŝŶĞƐ

ZĞĂů ƉƌŽƉĞƌƚǇ ĚĞǀĞůŽƉŵĞŶƚ

ϭϬϬ

WŚŝůŝƉƉŝŶĞƐ

ZĞĂů ƉƌŽƉĞƌƚǇ ĚĞǀĞůŽƉŵĞŶƚ

ϭϬϬ

WŚŝůŝƉƉŝŶĞƐ

,ŽůĚŝŶŐ ĐŽŵƉĂŶǇ

ϭϬϬ

WŚŝůŝƉƉŝŶĞƐ WŚŝůŝƉƉŝŶĞƐ WŚŝůŝƉƉŝŶĞƐ

ZĞƐƚĂƵƌĂŶƚ ŽƉĞƌĂƚŝŽŶƐ ,ŽůĚŝŶŐ ĐŽŵƉĂŶǇ ǀŝĂƚŝŽŶ

ϭϬϬ ϭϬϬ ϭϬϬ

WŚŝůŝƉƉŝŶĞƐ WŚŝůŝƉƉŝŶĞƐ

ǀŝĂƚŝŽŶ tĞůůŶĞƐƐ ĐĞŶƚĞƌ

ϭϬϬ ϭϬϬ

ƌŝƚŝƐŚ sŝƌŐŝŶ /ƐůĂŶĚƐ

,ŽůĚŝŶŐ ĐŽŵƉĂŶǇ

ϭϬϬ

^ĞǇĐŚĞůůĞƐ ,ŽŶŐŬŽŶŐ WŚŝůŝƉƉŝŶĞƐ

,ŽůĚŝŶŐ ĐŽŵƉĂŶǇ ,ŽůĚŝŶŐ ĐŽŵƉĂŶǇ WŚĂƌŵĂĐǇ

ϭϬϬ ϭϬϬ ϭϬϬ

ϭϬϬ ϭϬϬ –

ŽŵƉĂŶǇ ŚŽŝĐĞ /ŶƐƵƌĂŶĐĞ ƌŽŬĞƌĂŐĞ͕ /ŶĐ͘ ;ĚͿ ; / /Ϳ ůƉŚĂĨŽƌĐĞ ^ĞĐƵƌŝƚǇ ŐĞŶĐǇ͕ /ŶĐ͘ ;ĞͿ ; ^ /Ϳ

;ĂͿ dŚƌŽƵŐŚ ^d/ ;ďͿ dŚƌŽƵŐŚ /͖ ŝŶĐŽƌƉŽƌĂƚĞĚ ŝŶ ϮϬϭϲ ;ĚͿ ;ĐͿ dŚƌŽƵŐŚ DW/͖ /ŶĐŽƌƉŽƌĂƚĞĚ ŝŶ ϮϬϭϳ ;ĚͿ dŚƌŽƵŐŚ ůƵĞ ,ŽůĚŝŶŐƐ ;ĞͿ ;ĞͿ ƐƐŽĐŝĂƚĞ ŝŶ ϮϬϭϲ

Ͳ Ϯ Ͳ

WůĂĐĞ ŽĨ /ŶĐŽƌƉŽƌĂƚŝŽŶ

EĂƚƵƌĞ ŽĨ ƵƐŝŶĞƐƐ

WĞƌĐĞŶƚĂŐĞ ŽĨ KǁŶĞƌƐŚŝƉ ϮϬϭϳ ϮϬϭϲ

WŚŝůŝƉƉŝŶĞƐ

/ŶƐƵƌĂŶĐĞ ďƌŽŬĞƌĂŐĞ

ϵϳ

ϳϬ

WŚŝůŝƉƉŝŶĞƐ

^ĞĐƵƌŝƚǇ ŐĞŶĐǇ

ϴϬ

ϰϬ

Ă͘ ^d/ ǁĂƐ ŝŶĐŽƌƉŽƌĂƚĞĚ ĂŶĚ ƌĞŐŝƐƚĞƌĞĚ ǁŝƚŚ ƚŚĞ WŚŝůŝƉƉŝŶĞ ^ ŽŶ DĂǇ Ϯϵ͕ ϮϬϬϳ ĂƐ ůƉŚĂůĂŶĚ ŽƌƉŽƌĂƚŝŽŶ͘ dŚĞ WŚŝůŝƉƉŝŶĞ ^ ĂƉƉƌŽǀĞĚ ƚŚĞ ĐŚĂŶŐĞ ŝŶ ŝƚƐ corporate name to “Alphaland Development, Inc.” on December 28, 2009 and then to “ ůƉŚĂůĂŶĚ ^ŽƵƚŚŐĂƚĞ Tower, Inc.” ŽŶ KĐƚŽďĞƌ ϭϱ͕ ϮϬϭϱ͘ ASTI’s primary purpose is to engage in real property acquisition and development. ASTI’s ŵĂŝŶ ƉƌŽƉĞƌƚǇ ŝƐ Ă ϮϬͲƐƚŽƌĞǇ ŽĨĨŝĐĞ ƚŽǁĞƌ ďƵŝůĚŝŶŐ ǁŝƚŚ Ă ƐŝǆͲƐƚŽƌĞǇ ƉŽĚŝƵŵ ƐŚŽƉƉŝŶŐ ŵĂůů ŬŶŽǁŶ ĂƐ ůƉŚĂůĂŶĚ ^ŽƵƚŚŐĂƚĞ dŽǁĞƌ ;ƐĞĞ EŽƚĞ ϭϭͿ͘ ď͘ /Z ǁĂƐ ŝŶĐŽƌƉŽƌĂƚĞĚ ĂŶĚ ƌĞŐŝƐƚĞƌĞĚ ǁŝƚŚ ƚŚĞ WŚŝůŝƉƉŝŶĞ ^ ŽŶ DĂǇ Ϯϲ͕ ϮϬϭϬ ƉƌŝŵĂƌŝůǇ ƚŽ ŝŶǀĞƐƚ ŝŶ͕ ƉƵƌĐŚĂƐĞ͕ Žƌ ŽƚŚĞƌǁŝƐĞ ĂĐƋƵŝƌĞ ĂŶĚ ŽǁŶ͕ ŚŽůĚ͕ ƵƐĞ͕ ƐĞůů͕ ĂƐƐŝŐŶ͕ ƚƌĂŶƐĨĞƌ͕ ŵŽƌƚŐĂŐĞ͕ ƉůĞĚŐĞ͕ ĂŶĚ ĞǆĐŚĂŶŐĞ Žƌ ŽƚŚĞƌǁŝƐĞ ĚŝƐƉŽƐĞ͕ ĂƐ ŵĂǇ ďĞ ƉĞƌŵŝƚƚĞĚ ďǇ ůĂǁ͕ ŽĨ ƌĞĂů ĂŶĚ ƉĞƌƐŽŶĂů ƉƌŽƉĞƌƚǇ ŽĨ ĞǀĞƌǇ ŬŝŶĚ ĂŶĚ ĚĞƐĐƌŝƉƚŝŽŶ͘ /Z ŚĂƐ ŝŶǀĞƐƚŵĞŶƚ ŝŶ ƉƌĞĨĞƌƌĞĚ ƐŚĂƌĞƐ ŽĨ ůƉŚĂůĂŶĚ ĂůĞƐŝŶ /ƐůĂŶĚ ůƵď͕ /ŶĐ͘ ; / /Ϳ ;ƐĞĞ EŽƚĞ ϭϬͿ͘ Đ͘ DW/ ǁĂƐ ŝŶĐŽƌƉŽƌĂƚĞĚ ĂŶĚ ƌĞŐŝƐƚĞƌĞĚ ǁŝƚŚ ƚŚĞ WŚŝůŝƉƉŝŶĞ ^ ŽŶ DĂƌĐŚ ϲ͕ ϭϵϵϭ ĂƐ ^ŝůǀĞƌƚŽǁŶ WƌŽƉĞƌƚǇ ĞǀĞůŽƉŵĞŶƚ ŽƌƉŽƌĂƚŝŽŶ͘ KŶ &ĞďƌƵĂƌǇ Ϯϲ͕ ϮϬϭϬ͕ ƚŚĞ WŚŝůŝƉƉŝŶĞ ^ ĂƉƉƌŽǀĞĚ ƚŚĞ change in corporate name to “Alphaland Makati Place, Inc.” AMPI’s primary purpose is to acquire by exchange of shares, purchase ĂŶĚ ůĞĂƐĞ Ă ƐƉĞĐŝĨŝĐ ƉƌŽƉĞƌƚǇ ĚĞƐĐƌŝďĞĚ ĂƐ ƚŚƌĞĞͲƐƚŽƌĞǇ ďƵŝůĚŝŶŐ ǁŝƚŚ ďĂƐĞŵĞŶƚ ŽĨ ƐƚƌŽŶŐ ŵĂƚĞƌŝĂůƐ ƚŽŐĞƚŚĞƌ ǁŝƚŚ ƚŚĞ ǁĂƌĞŚŽƵƐĞ͕ ŽƚŚĞƌ ůĂŶĚ ŝŵƉƌŽǀĞŵĞŶƚƐ ĂŶĚ ŵĂĐŚŝŶĞƌǇ ĂŶĚ ĞƋƵŝƉŵĞŶƚ ĂƐ ǁĞůů ĂƐ ƚŚĞ ůĞĂƐĞŚŽůĚ ƌŝŐŚƚƐ ŽŶ ƚŚĞ ůĂŶĚ͕ ǁŚŝĐŚ ŝƐ ƐŝƚƵĂƚĞĚ Ăƚ ǇĂůĂ ǀĞŶƵĞ ĐŽƌŶĞƌ DĂůƵŐĂǇ ^ƚƌĞĞƚ͕ DĂŬĂƚŝ͕ DĞƚƌŽ DĂŶŝůĂ͘ DW/ ĞŶƚĞƌĞĚ ŝŶƚŽ Ă ũŽŝŶƚ ǀĞŶƚƵƌĞ ǁŝƚŚ ŽǇ ^ĐŽƵƚƐ ŽĨ ƚŚĞ WŚŝůŝƉƉŝŶĞƐ ; ^WͿ ƚŽ ĚĞǀĞůŽƉ ƚŚĞ DĂůƵŐĂǇ WƌŽƉĞƌƚǇ ŝŶƚŽ Ă ĨŝƌƐƚ ĐůĂƐƐ ĐŽŵŵĞƌĐŝĂů ĚĞǀĞůŽƉŵĞŶƚ ŶŽǁ ŬŶŽǁŶ ĂƐ ůƉŚĂůĂŶĚ DĂŬĂƚŝ WůĂĐĞ ;ƐĞĞ EŽƚĞ ϰͿ͘ /ƚ ŝƐ Ă ŵŝǆĞĚͲƵƐĞ ƉƌŽƉĞƌƚǇ ĚĞǀĞůŽƉŵĞŶƚ ĐŽŶƐŝƐƚŝŶŐ ŽĨ ƚŚƌĞĞ ;ϯͿ ŚŝŐŚ ĞŶĚ ƌĞƐŝĚĞŶƚŝĂů ƚŽǁĞƌƐ ĂƚŽƉ ĂŶ ƵƉƐĐĂůĞ ƐŝǆͲƐƚŽƌĞǇ ƉŽĚŝƵŵ ǁŝƚŚ Ă ƐŚŽƉƉŝŶŐ ĐĞŶƚĞƌ ĂŶĚ Ă ŝƚǇ ůƵď͕ ŝŶĐůƵĚŝŶŐ Ă ŽǇ ^ĐŽƵƚ ŽŶǀĞŶƚŝŽŶ ĞŶƚĞƌ͘ DW/ ŚĂƐ ŝŶǀĞƐƚŵĞŶƚ ŝŶ ƉƌĞĨĞƌƌĞĚ ƐŚĂƌĞƐ ŽĨ dŚĞ ŝƚǇ ůƵď Ăƚ ůƉŚĂůĂŶĚ DĂŬĂƚŝ WůĂĐĞ͕ /ŶĐ͘ ;d DW/Ϳ ;ƐĞĞ EŽƚĞ ϭϬͿ͘

Ě͘ D>,/ ǁĂƐ ŝŶĐŽƌƉŽƌĂƚĞĚ ĂŶĚ ƌĞŐŝƐƚĞƌĞĚ ǁŝƚŚ ƚŚĞ WŚŝůŝƉƉŝŶĞ ^ ŽŶ :ĂŶƵĂƌǇ ϭϳ͕ ϮϬϭϯ ĂƐ ůƉŚĂůĂŶĚ ,ŽůĚŝŶŐƐ ŽŵƉĂŶǇ͕ /ŶĐ͘ KŶ ^ĞƉƚĞŵďĞƌ ϳ͕ ϮϬϭϲ͕ ƚŚĞ WŚŝůŝƉƉŝŶĞ ^ ĂƉƉƌŽǀĞĚ ƚŚĞ change in corporate name to “Alphaland Baguio Mountain Log Homes, Inc.”.

Ͳ ϯ Ͳ ABMLHI’s primary purpose is to deal and engage in the real estate business in all its aspects; to ŚŽůĚ͕ ĚĞǀĞůŽƉ͕ ŵĂŶĂŐĞ͕ ĂĚŵŝŶŝƐƚĞƌ͕ ƐĞůů͕ ĐŽŶǀĞǇ͕ ĞŶĐƵŵďĞƌ͕ ƉƵƌĐŚĂƐĞ͕ ĂĐƋƵŝƌĞ͕ ƌĞŶƚ͕ Žƌ ŽƚŚĞƌǁŝƐĞ ĚĞĂů ŝŶ ĂŶĚ ĚŝƐƉŽƐĞ ŽĨ͕ ĨŽƌ ŝƚƐĞůĨ Žƌ ĨŽƌ ŽƚŚĞƌƐ͕ Ăůů ŬŝŶĚƐ ŽĨ ƌĞĂů ĞƐƚĂƚĞ ƉƌŽũĞĐƚƐ͕ ŝŶǀŽůǀŝŶŐ ĐŽŵŵĞƌĐŝĂů͕ ŝŶĚƵƐƚƌŝĂů͕ ƵƌďĂŶ͕ ƌĞƐŝĚĞŶƚŝĂů Žƌ ŽƚŚĞƌ ŬŝŶĚƐ ŽĨ ƌĞĂů ƉƌŽƉĞƌƚǇ͕ ŝŵƉƌŽǀĞĚ Žƌ ƵŶŝŵƉƌŽǀĞĚ͕ ǁŝƚŚ Žƌ ƚŽ ƐƵĐŚ ƉĞƌƐŽŶƐ ĂŶĚ ĞŶƚŝƚŝĞƐ ĂŶĚ ƵŶĚĞƌ ƐƵĐŚ ƚĞƌŵƐ ĂŶĚ ĐŽŶĚŝƚŝŽŶƐ ĂƐ ŵĂǇ ďĞ ƉĞƌŵŝƚƚĞĚ ďǇ ůĂǁ͘ Ğ͘ '/ ǁĂƐ ŝŶĐŽƌƉŽƌĂƚĞĚ ĂŶĚ ƌĞŐŝƐƚĞƌĞĚ ǁŝƚŚ ƚŚĞ WŚŝůŝƉƉŝŶĞ ^ ŽŶ DĂǇ ϭϵ͕ ϮϬϭϬ ĂƐ ŬůĂŶ ŽƌĂĐĂǇ WƌŽƉĞƌƚŝĞƐ͕ /ŶĐ͘ KŶ KĐƚŽďĞƌ ϭϳ͕ ϮϬϭϲ͕ ƚŚĞ WŚŝůŝƉƉŝŶĞ ^ ĂƉƉƌŽǀĞĚ ƚŚĞ ĐŚĂŶŐĞ ŝŶ ƚŚĞ ĐŽƌƉŽƌĂƚĞ ŶĂŵĞ ƚŽ “ ůƉŚĂůĂŶĚ ĂůĞƐŝŶ 'ĂƚĞǁĂǇ͕ /ŶĐ͘” ABGI’s primary purposĞ ŝƐ ƚŽ ŝŶǀĞƐƚ ŝŶ͕ ƉƵƌĐŚĂƐĞ Žƌ ŽƚŚĞƌǁŝƐĞ ĂĐƋƵŝƌĞ ĂŶĚ ŽǁŶ͕ ŚŽůĚ͕ ƵƐĞ͕ ƐĞůů͕ ĂƐƐŝŐŶ͕ ƚƌĂŶƐĨĞƌ͕ ŵŽƌƚŐĂŐĞ͕ ƉůĞĚŐĞ͕ ĞǆĐŚĂŶŐĞ Žƌ ŽƚŚĞƌǁŝƐĞ ĚŝƐƉŽƐĞ͕ ĂƐ ŵĂǇ ďĞ ƉĞƌŵŝƚƚĞĚ ďǇ ůĂǁ͕ ŽĨ ƌĞĂů ĂŶĚ ƉĞƌƐŽŶĂů ƉƌŽƉĞƌƚǇ ŽĨ ĞǀĞƌǇ ŬŝŶĚ ĂŶĚ ĚĞƐĐƌŝƉƚŝŽŶ͘ Ĩ͘

Z ǁĂƐ ŝŶĐŽƌƉŽƌĂƚĞĚ ĂŶĚ ƌĞŐŝƐƚĞƌĞĚ ǁŝƚŚ ƚŚĞ WŚŝůŝƉƉŝŶĞ ^ ŽŶ Ɖƌŝů ϱ͕ ϮϬϭϭ ƉƌŝŵĂƌŝůǇ ƚŽ ĞŶŐĂŐĞ ŝŶ ƚŚĞ ĐŽŶƐƚƌƵĐƚŝŽŶ ŽĨ ƌĞĐůĂŵĂƚŝŽŶ ƉƌŽũĞĐƚƐ ĂŶĚ ƚŽ ĐŽŶƚƌĂĐƚ ĨŽƌ ĂŶĚ ƉĞƌĨŽƌŵ ƌĞĐůĂŵĂƚŝŽŶ ǁŽƌŬƐ͘

Ő͘ ůƵĞ ,ŽůĚŝŶŐƐ ǁĂƐ ŝŶĐŽƌƉŽƌĂƚĞĚ ĂŶĚ ƌĞŐŝƐƚĞƌĞĚ ǁŝƚŚ ƚŚĞ WŚŝůŝƉƉŝŶĞ ^ ŽŶ ^ĞƉƚĞŵďĞƌ ϭϳ͕ ϮϬϭϮ ƉƌŝŵĂƌŝůǇ ƚŽ ƉƵƌĐŚĂƐĞ͕ ŽǁŶ ĂŶĚ ŚŽůĚ ƚŚĞ ƐƚŽĐŬ ŽĨ ŽƚŚĞƌ ĐŽƌƉŽƌĂƚŝŽŶƐ͕ ĂŶĚ ƚŽ ĚŽ ĞǀĞƌǇ ĂĐƚ ĂŶĚ thing covered generally by the denomination of “holding corporation,” especially to direct the ŽƉĞƌĂƚŝŽŶƐ ŽĨ ŽƚŚĞƌ ĐŽƌƉŽƌĂƚŝŽŶƐ ƚŚƌŽƵŐŚ ƚŚĞ ŽǁŶĞƌƐŚŝƉ ŽĨ ƐƚŽĐŬ ƚŚĞƌĞŝŶ͘ Ś͘ ^Z/ ǁĂƐ ŝŶĐŽƌƉŽƌĂƚĞĚ ĂŶĚ ƌĞŐŝƐƚĞƌĞĚ ǁŝƚŚ ƚŚĞ WŚŝůŝƉƉŝŶĞ ^ ŽŶ DĂƌĐŚ Ϯϴ͕ ϮϬϭϭ ĂƐ ůƉŚĂůĂŶĚ hŬŝǇŽ͕ /ŶĐ͘ KŶ ^ĞƉƚĞŵďĞƌ Ϯϳ͕ ϮϬϭϯ͕ ƚŚĞ WŚŝůŝƉƉŝŶĞ ^ ĂƉƉƌŽǀĞĚ ƚŚĞ ĐŚĂŶŐĞ ŝŶ ƚŚĞ ĐŽƌƉŽƌĂƚĞ name to “Alphaland Southgate Restaurants, Inc.”. /ƚƐ ƉƌŝŵĂƌǇ ƉƵƌƉŽƐĞ ŝƐ ƚŽ ĞƐƚĂďůŝƐŚ͕ ŵĂŝŶƚĂŝŶ ĂŶĚ ŽƉĞƌĂƚĞ ƌĞƐƚĂƵƌĂŶƚƐ͕ ĐŽĨĨĞĞ ƐŚŽƉƐ͕ ƌĞĨƌĞƐŚŵĞŶƚ ƉĂƌůŽƌƐ ĂŶĚ ĐŽĐŬƚĂŝů ůŽƵŶŐĞ͘ ŝ͘

// ǁĂƐ ŝŶĐŽƌƉŽƌĂƚĞĚ ĂŶĚ ƌĞŐŝƐƚĞƌĞĚ ǁŝƚŚ ƚŚĞ WŚŝůŝƉƉŝŶĞ ^ ŽŶ :ĂŶƵĂƌǇ Ϯϵ͕ ϮϬϭϰ ƉƌŝŵĂƌŝůǇ ƚŽ ŵĂƌŬĞƚ ĂƐƐĞƚƐ͕ ŝŶĐůƵĚŝŶŐ ĐůƵď ƐŚĂƌĞƐ ĂŶĚ ĐŽŶĚŽŵŝŶŝƵŵ ƵŶŝƚƐ ŽĨ ƚŚĞ ůƉŚĂůĂŶĚ 'ƌŽƵƉ ŽĨ ŽŵƉĂŶŝĞƐ ŽƵƚƐŝĚĞ ƚŚĞ WŚŝůŝƉƉŝŶĞ ŵĂƌŬĞƚ͘

ũ͘

/ ǁĂƐ ŝŶĐŽƌƉŽƌĂƚĞĚ ĂŶĚ ƌĞŐŝƐƚĞƌĞĚ ǁŝƚŚ ƚŚĞ WŚŝůŝƉƉŝŶĞ ^ ŽŶ :ƵůǇ ϯϭ͕ ϮϬϭϮ ƉƌŝŵĂƌŝůǇ ƚŽ ĞŶŐĂŐĞ ŝŶ ĂǀŝĂƚŝŽŶ ŝŶĚƵƐƚƌǇ ĂŶĚ ŝƚƐ ƌĞůĂƚĞĚ ďƵƐŝŶĞƐƐĞƐ͕ ŝŶĐůƵĚŝŶŐ ďƵƚ ŶŽƚ ůŝŵŝƚĞĚ ƚŽ͕ ƚŚĞ ƉƌŽǀŝƐŝŽŶ ŽĨ ŚĂŶŐĂƌĂŐĞ ĂŶĚ ŵŽŽƌĂŐĞ͕ ƉĂƌŬŝŶŐ ĂŶĚ ůĂŶĚŝŶŐ ŽƉĞƌĂƚŝŽŶƐ͕ ĂŝƌĐƌĂĨƚ ŵĂŝŶƚĞŶĂŶĐĞ͕ ƐƵƉƉůǇ ŽĨ ƉĂƌƚƐ͕ ŽŝůƐ͕ ĂŶĚ ůƵďƌŝĐĂŶƚƐ ĂŶĚ ŽƚŚĞƌ ƌĞůĂƚĞĚ ďƵƐŝŶĞƐƐĞƐ͘

Ŭ͘ W/ ǁĂƐ ŝŶĐŽƌƉŽƌĂƚĞĚ ĂŶĚ ƌĞŐŝƐƚĞƌĞĚ ǁŝƚŚ ƚŚĞ WŚŝůŝƉƉŝŶĞ ^ ŽŶ ĞĐĞŵďĞƌ ϱ͕ ϮϬϭϲ ƉƌŝŵĂƌŝůǇ ƚŽ ĞŶŐĂŐĞ ŝŶ ĂǀŝĂƚŝŽŶ ŝŶĚƵƐƚƌǇ ĂŶĚ ŝƚƐ ƌĞůĂƚĞĚ ďƵƐŝŶĞƐƐĞƐ͕ ŝŶĐůƵĚŝŶŐ ďƵƚ ŶŽƚ ůŝŵŝƚĞĚ ƚŽ͕ ƚŚĞ ƉƌŽǀŝƐŝŽŶ ŽĨ ŚĂŶŐĂƌĂŐĞ ĂŶĚ ŵŽŽƌĂŐĞ͕ ƉĂƌŬŝŶŐ ĂŶĚ ůĂŶĚŝŶŐ ŽƉĞƌĂƚŝŽŶƐ͕ ĂŝƌĐƌĂĨƚ ŵĂŝŶƚĞŶĂŶĐĞ͕ ƐƵƉƉůǇ ŽĨ ƉĂƌƚƐ͕ ŽŝůƐ͕ ĂŶĚ ůƵďƌŝĐĂŶƚƐ ĂŶĚ ŽƚŚĞƌ ƌĞůĂƚĞĚ ďƵƐŝŶĞƐƐĞƐ͘ ů͘

t / ǁĂƐ ŝŶĐŽƌƉŽƌĂƚĞĚ ĂŶĚ ƌĞŐŝƐƚĞƌĞĚ ǁŝƚŚ ƚŚĞ WŚŝůŝƉƉŝŶĞ ^ ŽŶ ^ĞƉƚĞŵďĞƌ Ϯϴ͕ ϮϬϭϱ ƉƌŝŵĂƌŝůǇ ƚŽ ƉƌŽǀŝĚĞ ĚŝĂŐŶŽƐƚŝĐ͕ ƚŚĞƌĂƉŚĞƵƚŝĐ ĂŶĚ ŶĂƚƵƌŽƉĂƚŚŝĐ ƐĞƌǀŝĐĞƐ ƵƐŝŶŐ ĨŽƌŵƵůĂƚĞĚ ŚĞƌďĂů ƐƵƉƉůĞŵĞŶƚƐ ĂŶĚ ŶĂƚƵƌĂů ŚĞĂůƚŚ ƉƌŽĚƵĐƚƐ ĂŶĚ ƐĂůĞ ŽĨ ƐƵĐŚ ŚĞƌďĂů ƐƵƉƉůĞŵĞŶƚƐ͘

ŵ͘ / ǁĂƐ ŝŶĐŽƌƉŽƌĂƚĞĚ ĂŶĚ ƌĞŐŝƐƚĞƌĞĚ ǁŝƚŚ ƚŚĞ WŚŝůŝƉƉŝŶĞ ^ ŽŶ ĞĐĞŵďĞƌ ϮϮ͕ ϮϬϭϳ ƉƌŝŵĂƌŝůǇ ƚŽ ĞŶŐĂŐĞ ŝŶ ƚŚĞ ďƵƐŝŶĞƐƐ ŽĨ ƌĞƚĂŝůŝŶŐ Žƌ ǁŚŽůĞƐĂůŝŶŐ ŽĨ ƉŚĂƌŵĂĐĞƵƚŝĐĂů ƉƌŽĚƵĐƚƐ͕ ŵĞĚŝĐŝŶĞƐ͕ ĨŽŽĚƐƚƵĨĨƐ ĂŶĚ ŐƌŽĐĞƌŝĞƐ͘

Ͳ ϰ Ͳ Ŷ͘ / / ǁĂƐ ŝŶĐŽƌƉŽƌĂƚĞĚ ĂŶĚ ƌĞŐŝƐƚĞƌĞĚ ǁŝƚŚ ƚŚĞ WŚŝůŝƉƉŝŶĞ ^ ŽŶ EŽǀĞŵďĞƌ ϲ͕ ϮϬϭϮ ƉƌŝŵĂƌŝůǇ ƚŽ ĞŶŐĂŐĞ͕ ĐŽŶĚƵĐƚ͕ ĐĂƌƌǇ ŽŶ ĂŶĚ ŵĂŝŶƚĂŝŶ ŝŶƐƵƌĂŶĐĞ ďƵƐŝŶĞƐƐ͕ ƚŽ ĂĐƚ ĂƐ Ă ďƌŽŬĞƌ͕ ĂŶĚ ƚŽ ĚŽ ŽƚŚĞƌ ƌĞůĂƚĞĚ ĂĐƚŝǀŝƚŝĞƐ͘ ůƵĞ ,ŽůĚŝŶŐƐ ŝŶŝƚŝĂůůǇ ƐƵďƐĐƌŝďĞĚ ƚŽ ϭϱ͕ϳϰϵ͕ϵϵϲ ĐŽŵŵŽŶ ƐŚĂƌĞƐ ŽĨ / / ƌĞƉƌĞƐĞŶƚŝŶŐ ϳϬй ŽĨ ŝƚƐ ŽƵƚƐƚĂŶĚŝŶŐ ƐŚĂƌĞƐ ŝŶ EŽǀĞŵďĞƌ ϮϬϭϮ͘ /Ŷ KĐƚŽďĞƌ ϮϬϭϳ͕ ůƵĞ ,ŽůĚŝŶŐƐ ƉƵƌĐŚĂƐĞĚ ĂĚĚŝƚŝŽŶĂů ϲ͕ϬϬϬ͕ϬϬϬ ĐŽŵŵŽŶ ƐŚĂƌĞƐ ĨƌŽŵ ĂŶ ĞǆŝƐƚŝŶŐ ƐŚĂƌĞŚŽůĚĞƌ ĨŽƌ Wсϱ͘Ϭ ŵŝůůŝŽŶ ƌĞƐƵůƚŝŶŐ ƚŽ ĂŶ ŝŶĐƌĞĂƐĞ ŝŶ ŽǁŶĞƌƐŚŝƉ ŽĨ / / ƚŽ ϵϳй͘ Ž͘ ^ / ǁĂƐ ŝŶĐŽƌƉŽƌĂƚĞĚ ĂŶĚ ƌĞŐŝƐƚĞƌĞĚ ǁŝƚŚ ƚŚĞ WŚŝůŝƉƉŝŶĞ ^ ŽŶ DĂƌĐŚ ϭϴ͕ ϮϬϭϭ ƉƌŝŵĂƌŝůǇ ƚŽ ĞŶŐĂŐĞ ŝŶ ƚŚĞ ďƵƐŝŶĞƐƐ ŽĨ ƉƌŽǀŝĚŝŶŐ ƐĞĐƵƌŝƚǇ ĂŶĚ ŝŶǀĞƐƚŝŐĂƚŝŽŶ ƐĞƌǀŝĐĞƐ ƚŽ ƉƌŝǀĂƚĞ ŝŶƐƚŝƚƵƚŝŽŶƐ ĂŶĚ ŐŽǀĞƌŶŵĞŶƚ ŽƌŐĂŶŝǌĂƚŝŽŶƐ͘ >W, ŝŶŝƚŝĂůůǇ ƐƵďƐĐƌŝďĞĚ ƚŽ ϳϵ͕ϵϵϵ ĐŽŵŵŽŶ ƐŚĂƌĞƐ ŽĨ ^ / ƌĞƉƌĞƐĞŶƚŝŶŐ ϰϬй ŽĨ ŝƚƐ ŽƵƚƐƚĂŶĚŝŶŐ ƐŚĂƌĞƐ ŝŶ DĂƌĐŚ ϮϬϭϭ͕ ǁŚŝĐŚ ǁĂƐ ƚŚĞŶ ĂĐĐŽƵŶƚĞĚ ĨŽƌ ĂƐ ĂŶ ĂƐƐŽĐŝĂƚĞ͘ /Ŷ KĐƚŽďĞƌ ϮϬϭϳ͕ >W, ƉƵƌĐŚĂƐĞĚ ĂĚĚŝƚŝŽŶĂů ϳϵ͕ϵϵϵ ĐŽŵŵŽŶ ƐŚĂƌĞƐ ĨƌŽŵ ĂŶ ĞǆŝƐƚŝŶŐ ƐŚĂƌĞŚŽůĚĞƌ ĨŽƌ Wсϭϭ͘Ϯ ŵŝůůŝŽŶ ŝŶĐƌĞĂƐŝŶŐ ŝƚƐ ŽǁŶĞƌƐŚŝƉ ŽĨ ^ / ƚŽ ϴϬй ;ƐĞĞ EŽƚĞ ϵͿ͘ DĂũŽƌ ^ŽƵƌĐĞƐ ŽĨ &ƵŶĚƐ dŚĞ 'ƌŽƵƉ ŐĞŶĞƌĂƚĞƐ ĨƵŶĚƐ ƉƌŝŵĂƌŝůǇ ĨƌŽŵ ƐĂůĞ ŽĨ ĐŽŶĚŽŵŝŶŝƵŵ ƵŶŝƚƐ ĂŶĚ ƉĂƌŬŝŶŐ ƐƉĂĐĞƐ Ăƚ ĂŐƵŝŽ ĂŶĚ ůƉŚĂůĂŶĚ DĂŬĂƚŝ WůĂĐĞ͘ ůƐŽ͕ ůƉŚĂůĂŶĚ ^ŽƵƚŚŐĂƚĞ dŽǁĞƌ ĂŶĚ DĂůů ŽƉĞƌĂƚŝŽŶƐ ĐŽŶƚŝŶƵĞ ƚŽ ƉƌŽǀŝĚĞ ƌĞĐƵƌƌŝŶŐ ĐĂƐŚ ĨůŽǁƐ͘ dŚĞ 'ƌŽƵƉ ĂůƐŽ ŐĞŶĞƌĂƚĞƐ ĨƵŶĚƐ ƚŚƌŽƵŐŚ ƐĞĐŽŶĚĂƌǇ ƐĂůĞ ŽĨ ŵĞŵďĞƌƐŚŝƉ ƐŚĂƌĞƐ ŽĨ ƚŚĞ ĐŽŵƉůĞƚĞĚ ůƵď ƉƌŽũĞĐƚƐ͕ ŶĂŵĞůǇ͕ ůƉŚĂůĂŶĚ ĂůĞƐŝŶ /ƐůĂŶĚ ůƵď ĂŶĚ dŚĞ ŝƚǇ ůƵď Ăƚ ůƉŚĂůĂŶĚ DĂŬĂƚŝ WůĂĐĞ͘ KŶ &ĞďƌƵĂƌǇ ϭϱ͕ ϮϬϭϳ͕ ƚŚĞ WĂƌĞŶƚ ŽŵƉĂŶǇ͕ / /͕ /Z ͕ DW/ ĂŶĚ ^d/ ĞŶƚĞƌĞĚ ŝŶƚŽ ĂŶ KŵŶŝďƵƐ >ŽĂŶ ĂŶĚ ^ĞĐƵƌŝƚǇ ŐƌĞĞŵĞŶƚ ;K>^ Ϳ ǁŝƚŚ K hŶŝďĂŶŬ͕ /ŶĐ͘ ; KͿ ĨŽƌ Ă ůŽĂŶ ĨĂĐŝůŝƚǇ ŽĨ сϱ͕ϱϬϬ͘Ϭ ŵŝůůŝŽŶ ĨŽƌ ƚŚĞ ƉƵƌƉŽƐĞ ŽĨ ƚŚĞ ĨŽůůŽǁŝŶŐ: (a) refinancing the Group’s loans ;ƐĞĞ EŽƚĞ ϭϱͿ͖ W ĂŶĚ ;ďͿ ĨŝŶĂŶĐĞ ŶĞǁ ƉƌŽũĞĐƚƐ ĂŶĚ ĨŽƌ ƚŚĞ ǁŽƌŬŝŶŐ ĐĂƉŝƚĂů ŽĨ ƚŚĞ 'ƌŽƵƉ͘ dŚĞ ůŽĂŶ ĨĂĐŝůŝƚǇ ǁĂƐ ĨƵƌƚŚĞƌ ŝŶĐƌĞĂƐĞĚ ƚŽ W сϲ͕ϳϮϲ͘Ϭ ŵŝůůŝŽŶ ŝŶ ƚŚĞ ůĂƐƚ ƋƵĂƌƚĞƌ ŽĨ ϮϬϭϳ͘ KŶ &ĞďƌƵĂƌǇ ϯ͕ ϮϬϭϳ͕ W/ ĞŶƚĞƌĞĚ ŝŶƚŽ ĂŶ ŵŽƌƚŝǌĞĚ ŽŵŵĞƌĐŝĂů >ŽĂŶ ; >Ϳ ĂŐƌĞĞŵĞŶƚ ǁŝƚŚ K >ĞĂƐŝŶŐ ĂŶĚ &ŝŶĂŶĐĞ͕ /ŶĐ͘ ; K>&/Ϳ ĨŽƌ Ă ůŽĂŶ ĨĂĐŝůŝƚǇ ŽĨ W сϮϰϱ͘Ϭ ŵŝůůŝŽŶ ĨŽƌ ƚŚĞ ƉƵƌƉŽƐĞ ŽĨ ĨŝŶĂŶĐŝŶŐ ƚŚĞ ĂĐƋƵŝƐŝƚŝŽŶ ŽĨ dZϳϮ dƵƌďŽƉƌŽƉ ŝƌĐƌĂĨƚ͕ D^E ϲϳϴ͘ dŚŝƐ ůŽĂŶ ĨĂĐŝůŝƚǇ ǁĂƐ ƐƵďƐĞƋƵĞŶƚůǇ ŝŶĐƌĞĂƐĞĚ ƚŽ W сϮϲϱ͘Ϯ ŵŝůůŝŽŶ ŽŶ KĐƚŽďĞƌ ϱ͕ ϮϬϭϳ͘ KŶ DĂƌĐŚ ϰ͕ ϮϬϭϲ͕ / ĞŶƚĞƌĞĚ ŝŶƚŽ ĂŶ > ĂŐƌĞĞŵĞŶƚ ǁŝƚŚ K>&/ ĨŽƌ Ă ůŽĂŶ ĨĂĐŝůŝƚǇ ŽĨ сWϯϬϵ͘Ϭ ŵŝůůŝŽŶ ĨŽƌ ƚŚĞ ƉƵƌƉŽƐĞ ŽĨ ĨŝŶĂŶĐŝŶŐ ƚŚĞ ĂĐƋƵŝƐŝƚŝŽŶ ŽĨ dZϳϮ dƵƌďŽƉƌŽƉ ŝƌĐƌĂĨƚ͕ D^E ϲϲϲ͘

ĐƚƵĂů ůŽĂŶ ĂǀĂŝůŵĞŶƚƐ ŝŶ ϮϬϭϳ ĂŶĚ ϮϬϭϲ ĂŵŽƵŶƚĞĚ ƚŽ W сϲ͕ϱϯϬ͘ϭ ŵŝůůŝŽŶ ĂŶĚ W сϮ͕ϭϱϳ͘ϴ ŵŝůůŝŽŶ͕ ƌĞƐƉĞĐƚŝǀĞůǇ ;ƐĞĞ EŽƚĞ ϭϱͿ͘

Ͳ ϱ Ͳ Ϯ͘ ^ƵŵŵĂƌǇ ŽĨ ^ŝŐŶŝĨŝĐĂŶƚ ĐĐŽƵŶƚŝŶŐ WŽůŝĐŝĞƐ ĂƐŝƐ ŽĨ WƌĞƉĂƌĂƚŝŽŶ ĂŶĚ ^ƚĂƚĞŵĞŶƚ ŽĨ ŽŵƉůŝĂŶĐĞ dŚĞ ĐŽŶƐŽůŝĚĂƚĞĚ ĨŝŶĂŶĐŝĂů ƐƚĂƚĞŵĞŶƚƐ ŽĨ ƚŚĞ 'ƌŽƵƉ ŚĂǀĞ ďĞĞŶ ƉƌĞƉĂƌĞĚ ŝŶ ĐŽŵƉůŝĂŶĐĞ ǁŝƚŚ WŚŝůŝƉƉŝŶĞ &ŝŶĂŶĐŝĂů ZĞƉŽƌƚŝŶŐ ^ƚĂŶĚĂƌĚƐ ;W&Z^Ϳ ŝƐƐƵĞĚ ďǇ ƚŚĞ WŚŝůŝƉƉŝŶĞ &ŝŶĂŶĐŝĂů ZĞƉŽƌƚŝŶŐ ^ƚĂŶĚĂƌĚƐ ŽƵŶĐŝů ĂĚŽƉƚĞĚ ďǇ ƚŚĞ ^ ͕ ŝŶĐůƵĚŝŶŐ ^ ƉƌŽŶŽƵŶĐĞŵĞŶƚƐ͘ dŚŝƐ ĨŝŶĂŶĐŝĂů ƌĞƉŽƌƚŝŶŐ ĨƌĂŵĞǁŽƌŬ ŝŶĐůƵĚĞƐ W&Z^͕ WŚŝůŝƉƉŝŶĞ ĐĐŽƵŶƚŝŶŐ ^ƚĂŶĚĂƌĚƐ ;W ^Ϳ͕ ĂŶĚ WŚŝůŝƉƉŝŶĞ /ŶƚĞƌƉƌĞƚĂƚŝŽŶƐ ĨƌŽŵ /ŶƚĞƌŶĂƚŝŽŶĂů &ŝŶĂŶĐŝĂů ZĞƉŽƌƚŝŶŐ /ŶƚĞƌƉƌĞƚĂƚŝŽŶƐ ŽŵŵŝƚƚĞĞ ;/&Z/ Ϳ͘ DĞĂƐƵƌĞŵĞŶƚ ĂƐĞƐ The consolidated financial statements are presented in Philippine Peso, the Group’s functional ĐƵƌƌĞŶĐǇ͘ ůů ĂŵŽƵŶƚƐ ĂƌĞ ƌŽƵŶĚĞĚ ƚŽ ƚŚĞ ŶĞĂƌĞƐƚ WĞƐŽ ƵŶůĞƐƐ ŽƚŚĞƌǁŝƐĞ ƐƚĂƚĞĚ͘ dŚĞ ĐŽŶƐŽůŝĚĂƚĞĚ ĨŝŶĂŶĐŝĂů ƐƚĂƚĞŵĞŶƚƐ ŽĨ ƚŚĞ 'ƌŽƵƉ ŚĂǀĞ ďĞĞŶ ƉƌĞƉĂƌĞĚ ŽŶ Ă ŚŝƐƚŽƌŝĐĂů ĐŽƐƚ ďĂƐŝƐ͕ ĞǆĐĞƉƚ ĨŽƌ ĂǀĂŝůĂďůĞͲĨŽƌͲƐĂůĞ ; &^Ϳ ĨŝŶĂŶĐŝĂů ĂƐƐĞƚƐ͕ ĐƵƐƚŽŵĞƌ ĚĞƉŽƐŝƚƐ ĂŶĚ ŝŶǀĞƐƚŵĞŶƚ ƉƌŽƉĞƌƚŝĞƐ ǁŚŝĐŚ ĂƌĞ ŵĞĂƐƵƌĞĚ Ăƚ ĨĂŝƌ ǀĂůƵĞ ĂŶĚ ĂŝƌĐƌĂĨƚƐ presented under “Property and equipment” ǁŚŝĐŚ ŝƐ ƐƚĂƚĞĚ Ăƚ ƌĞǀĂůƵĞĚ ĂŵŽƵŶƚ͘ ,ŝƐƚŽƌŝĐĂů ĐŽƐƚ ŝƐ ŐĞŶĞƌĂůůǇ ďĂƐĞĚ ŽŶ ƚŚĞ ĨĂŝƌ ǀĂůƵĞ ŽĨ ƚŚĞ ĐŽŶƐŝĚĞƌĂƚŝŽŶ ŐŝǀĞŶ ŝŶ ĞǆĐŚĂŶŐĞ ŽĨ ĂƐƐĞƚƐ͘ &Ăŝƌ ǀĂůƵĞ ŝƐ ƚŚĞ ƉƌŝĐĞ ƚŚĂƚ ǁŽƵůĚ ďĞ ƌĞĐĞŝǀĞĚ ƚŽ ƐĞůů ĂŶ ĂƐƐĞƚ Žƌ ƉĂŝĚ ƚŽ ƚƌĂŶƐĨĞƌ Ă ůŝĂďŝůŝƚǇ ŝŶ ĂŶ ŽƌĚĞƌůǇ ƚƌĂŶƐĂĐƚŝŽŶ ďĞƚǁĞĞŶ ŵĂƌŬĞƚ ƉĂƌƚŝĐŝƉĂŶƚƐ Ăƚ ƚŚĞ ŵĞĂƐƵƌĞŵĞŶƚ ĚĂƚĞ͘ dŚĞ 'ƌŽƵƉ ƵƐĞƐ ŵĂƌŬĞƚ ŽďƐĞƌǀĂďůĞ ĚĂƚĂ ƚŽ Ă ƉŽƐƐŝďůĞ ĞǆƚĞŶƚ ǁŚĞŶ ŵĞĂƐƵƌŝŶŐ ƚŚĞ ĨĂŝƌ ǀĂůƵĞ ŽĨ ĂŶ ĂƐƐĞƚ Žƌ Ă ůŝĂďŝůŝƚǇ͘ &Ăŝƌ ǀĂůƵĞƐ ĂƌĞ ĐĂƚĞŐŽƌŝǌĞĚ ŝŶƚŽ ĚŝĨĨĞƌĞŶƚ ůĞǀĞůƐ ŝŶ Ă ĨĂŝƌ ǀĂůƵĞ ŚŝĞƌĂƌĐŚǇ ďĂƐĞĚ ŽŶ ŝŶƉƵƚƐ ƵƐĞĚ ŝŶ ƚŚĞ ǀĂůƵĂƚŝŽŶ ƚĞĐŚŶŝƋƵĞƐ ĂƐ ĨŽůůŽǁƐ͗ 

>ĞǀĞů ϭ Ͳ YƵŽƚĞĚ ;ƵŶĂĚũƵƐƚĞĚͿ ŵĂƌŬĞƚ ƉƌŝĐĞƐ ŝŶ ĂĐƚŝǀĞ ŵĂƌŬĞƚƐ ĨŽƌ ŝĚĞŶƚŝĐĂů ĂƐƐĞƚƐ Žƌ ůŝĂďŝůŝƚŝĞƐ͘



>ĞǀĞů Ϯ Ͳ sĂůƵĂƚŝŽŶ ƚĞĐŚŶŝƋƵĞƐ ĨŽƌ ǁŚŝĐŚ ƚŚĞ ůŽǁĞƐƚ ůĞǀĞů ŝŶƉƵƚ ƚŚĂƚ ŝƐ ƐŝŐŶŝĨŝĐĂŶƚ ƚŽ ƚŚĞ ĨĂŝƌ ǀĂůƵĞ ŵĞĂƐƵƌĞŵĞŶƚ ŝƐ ĚŝƌĞĐƚůǇ Žƌ ŝŶĚŝƌĞĐƚůǇ ŽďƐĞƌǀĂďůĞ͘

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>ĞǀĞů ϯ Ͳ sĂůƵĂƚŝŽŶ ƚĞĐŚŶŝƋƵĞƐ ĨŽƌ ǁŚŝĐŚ ƚŚĞ ůŽǁĞƐƚ ůĞǀĞů ŝŶƉƵƚ ƚŚĂƚ ŝƐ ƐŝŐŶŝĨŝĐĂŶƚ ƚŽ ƚŚĞ ĨĂŝƌ ǀĂůƵĞ ŵĞĂƐƵƌĞŵĞŶƚ ŝƐ ƵŶŽďƐĞƌǀĂďůĞ͘

/Ĩ ƚŚĞ ŝŶƉƵƚƐ ƵƐĞĚ ƚŽ ŵĞĂƐƵƌĞ ƚŚĞ ĨĂŝƌ ǀĂůƵĞ ŽĨ ĂŶ ĂƐƐĞƚ Žƌ Ă ůŝĂďŝůŝƚǇ ŵŝŐŚƚ ďĞ ĐĂƚĞŐŽƌŝǌĞĚ ŝŶ ĚŝĨĨĞƌĞŶƚ ůĞǀĞůƐ ŽĨ ƚŚĞ ĨĂŝƌ ǀĂůƵĞ ŚŝĞƌĂƌĐŚǇ͕ ƚŚĞŶ ƚŚĞ ĨĂŝƌ ǀĂůƵĞ ŵĞĂƐƵƌĞŵĞŶƚ ŝƐ ĐĂƚĞŐŽƌŝǌĞĚ ŝŶ ŝƚƐ ĞŶƚŝƌĞƚǇ ŝŶ ƚŚĞ ƐĂŵĞ ůĞǀĞů ŽĨ ƚŚĞ ĨĂŝƌ ǀĂůƵĞ ŚŝĞƌĂƌĐŚǇ ĂƐ ƚŚĞ ůŽǁĞƐƚ ůĞǀĞů ŝŶƉƵƚ ƚŚĂƚ ŝƐ ƐŝŐŶŝĨŝĐĂŶƚ ƚŽ ƚŚĞ ĞŶƚŝƌĞ ŵĞĂƐƵƌĞŵĞŶƚ͘

dŚĞ 'ƌŽƵƉ ƌĞĐŽŐŶŝǌĞƐ ƚƌĂŶƐĨĞƌƐ ďĞƚǁĞĞŶ ůĞǀĞůƐ ŽĨ ƚŚĞ ĨĂŝƌ ǀĂůƵĞ ŚŝĞƌĂƌĐŚǇ Ăƚ ƚŚĞ ĞŶĚ ŽĨ ƚŚĞ ƌĞƉŽƌƚŝŶŐ ƉĞƌŝŽĚ ĚƵƌŝŶŐ ǁŚŝĐŚ ƚŚĞ ĐŚĂŶŐĞ ŚĂƐ ŽĐĐƵƌƌĞĚ͘ &ƵƌƚŚĞƌ ŝŶĨŽƌŵĂƚŝŽŶ ĂďŽƵƚ ƚŚĞ ĂƐƐƵŵƉƚŝŽŶƐ ŵĂĚĞ ŝŶ ŵĞĂƐƵƌŝŶŐ ĨĂŝƌ ǀĂůƵĞƐ ŝƐ ŝŶĐůƵĚĞĚ ŝŶ EŽƚĞƐ ϭϬ͕ ϭϭ͕ ϭϮ ĂŶĚ Ϯϰ͘

Ͳ ϲ Ͳ

ĚŽƉƚŝŽŶ ŽĨ EĞǁ ĂŶĚ ŵĞŶĚĞĚ W&Z^ dŚĞ ĂĐĐŽƵŶƚŝŶŐ ƉŽůŝĐŝĞƐ ĂĚŽƉƚĞĚ ĂƌĞ ĐŽŶƐŝƐƚĞŶƚ ǁŝƚŚ ƚŚŽƐĞ ŽĨ ƚŚĞ ƉƌĞǀŝŽƵƐ ĨŝŶĂŶĐŝĂů ǇĞĂƌ͕ ĞǆĐĞƉƚ ĨŽƌ ƚŚĞ ĂĚŽƉƚŝŽŶ ŽĨ ƚŚĞ ĨŽůůŽǁŝŶŐ ŶĞǁ ĂŶĚ ĂŵĞŶĚĞĚ W&Z^ ǁŚŝĐŚ ƚŚĞ 'ƌŽƵƉ ĂĚŽƉƚĞĚ ĞĨĨĞĐƚŝǀĞ ĨŽƌ ĂŶŶƵĂů ƉĞƌŝŽĚƐ ďĞŐŝŶŶŝŶŐ ŽŶ Žƌ ĂĨƚĞƌ :ĂŶƵĂƌǇ ϭ͕ ϮϬϭϳ͗  ŵĞŶĚŵĞŶƚƐ ƚŽ W ^ ϳ͕ ^ƚĂƚĞŵĞŶƚ ŽĨ ĂƐŚ &ůŽǁƐ Ͳ ŝƐĐůŽƐƵƌĞ /ŶŝƚŝĂƚŝǀĞ – dŚĞ ĂŵĞŶĚŵĞŶƚƐ ƌĞƋƵŝƌĞ ĞŶƚŝƚŝĞƐ ƚŽ ƉƌŽǀŝĚĞ ŝŶĨŽƌŵĂƚŝŽŶ ƚŚĂƚ ĞŶĂďůĞ ƚŚĞ ƵƐĞƌƐ ŽĨ ĨŝŶĂŶĐŝĂů ƐƚĂƚĞŵĞŶƚƐ ƚŽ ĞǀĂůƵĂƚĞ ĐŚĂŶŐĞƐ ŝŶ ůŝĂďŝůŝƚŝĞƐ ĂƌŝƐŝŶŐ ĨƌŽŵ ĨŝŶĂŶĐŝŶŐ ĂĐƚŝǀŝƚŝĞƐ͘  ŵĞŶĚŵĞŶƚƐ ƚŽ W ^ ϭϮ͕ /ŶĐŽŵĞ dĂǆĞƐ Ͳ ZĞĐŽŐŶŝƚŝŽŶ ŽĨ ĞĨĞƌƌĞĚ dĂǆ ƐƐĞƚƐ ĨŽƌ hŶƌĞĂůŝǌĞĚ >ŽƐƐĞƐ – dŚĞ ĂŵĞŶĚŵĞŶƚƐ ĐůĂƌŝĨǇ ƚŚĞ ĂĐĐŽƵŶƚŝŶŐ ĨŽƌ ĚĞĨĞƌƌĞĚ ƚĂǆ ǁŚĞƌĞ ĂŶ ĂƐƐĞƚ ŝƐ ŵĞĂƐƵƌĞĚ Ăƚ ĨĂŝƌ ǀĂůƵĞ ĂŶĚ ƚŚĞ ĨĂŝƌ ǀĂůƵe is below the asset’s tax base, ĂƐ ǁĞůů ĂƐ ĐĞƌƚĂŝŶ ŽƚŚĞƌ ĂƐƉĞĐƚƐ ŽĨ ĂĐĐŽƵŶƚŝŶŐ ĨŽƌ ĚĞĨĞƌƌĞĚ ƚĂǆ ĂƐƐĞƚƐ͘  ŵĞŶĚŵĞŶƚƐ ƚŽ W&Z^ ϭϮ͕ ŝƐĐůŽƐƵƌĞƐ ŽĨ /ŶƚĞƌĞƐƚƐ ŝŶ KƚŚĞƌ ŶƚŝƚŝĞƐ Ͳ ůĂƌŝĨŝĐĂƚŝŽŶ ŽĨ ƚŚĞ ^ĐŽƉĞ ŽĨ ƚŚĞ ^ƚĂŶĚĂƌĚ – dŚĞ ĂŵĞŶĚŵĞŶƚƐ ĂƌĞ ƉĂƌƚ ŽĨ ƚŚĞ ŶŶƵĂů /ŵƉƌŽǀĞŵĞŶƚƐ ƚŽ W&Z^ ϮϬϭϰͲϮϬϭϲ ǇĐůĞ ĂŶĚ ĐůĂƌŝĨǇ ƚŚĂƚ ƚŚĞ ĚŝƐĐůŽƐƵƌĞ ƌĞƋƵŝƌĞŵĞŶƚƐ ŝŶ W&Z^ ϭϮ ĂƉƉůǇ ƚŽ ŝŶƚĞƌĞƐƚƐ ŝŶ ĞŶƚŝƚŝĞƐ ǁŝƚŚŝŶ ƚŚĞ ƐĐŽƉĞ ŽĨ W&Z^ ϱ͕ EŽŶͲĐƵƌƌĞŶƚ ƐƐĞƚƐ ,ĞůĚ ĨŽƌ ^ĂůĞ ĂŶĚ ŝƐĐŽŶƚŝŶƵĞĚ KƉĞƌĂƚŝŽŶƐ͕ ĞǆĐĞƉƚ ĨŽƌ ƐƵŵŵĂƌŝǌĞĚ ĨŝŶĂŶĐŝĂů ŝŶĨŽƌŵĂƚŝŽŶ ĨŽƌ ƚŚŽƐĞ ŝŶƚĞƌĞƐƚƐ͘ dŚĞ ĂĚŽƉƚŝŽŶ ŽĨ ƚŚĞ ĨŽƌĞŐŽŝŶŐ ŶĞǁ ĂŶĚ ĂŵĞŶĚĞĚ W&Z^ ĚŝĚ ŶŽƚ ŚĂǀĞ ĂŶǇ ŵĂƚĞƌŝĂů ĞĨĨĞĐƚ ŽŶ ƚŚĞ ĐŽŶƐŽůŝĚĂƚĞĚ ĨŝŶĂŶĐŝĂů ƐƚĂƚĞŵĞŶƚƐ͘ ĚĚŝƚŝŽŶĂů ĚŝƐĐůŽƐƵƌĞƐ ŚĂǀĞ ďĞĞŶ ŝŶĐůƵĚĞĚ ŝŶ ƚŚĞ ŶŽƚĞƐ ƚŽ ĐŽŶƐŽůŝĚĂƚĞĚ ĨŝŶĂŶĐŝĂů ƐƚĂƚĞŵĞŶƚƐ͕ ĂƐ ĂƉƉůŝĐĂďůĞ͘

EĞǁ ĂŶĚ ŵĞŶĚĞĚ W&Z^ ŝŶ /ƐƐƵĞ Ƶƚ EŽƚ zĞƚ ĨĨĞĐƚŝǀĞ ZĞůĞǀĂŶƚ ŶĞǁ ĂŶĚ ĂŵĞŶĚĞĚ W&Z^ ǁŚŝĐŚ ĂƌĞ ŶŽƚ ǇĞƚ ĞĨĨĞĐƚŝǀĞ ĨŽƌ ƚŚĞ ǇĞĂƌ ĞŶĚĞĚ ĞĐĞŵďĞƌ ϯϭ͕ ϮϬϭϳ ĂŶĚ ŚĂǀĞ ŶŽƚ ďĞĞŶ ĂƉƉůŝĞĚ ŝŶ ƉƌĞƉĂƌŝŶŐ ƚŚĞ ĐŽŶƐŽůŝĚĂƚĞĚ ĨŝŶĂŶĐŝĂů ƐƚĂƚĞŵĞŶƚƐ ĂƌĞ ƐƵŵŵĂƌŝǌĞĚ ďĞůŽǁ͘ ĨĨĞĐƚŝǀĞ ĨŽƌ ĂŶŶƵĂů ƉĞƌŝŽĚƐ ďĞŐŝŶŶŝŶŐ ŽŶ Žƌ ĂĨƚĞƌ :ĂŶƵĂƌǇ ϭ͕ ϮϬϭϴ͗  W&Z^ ϵ͕ &ŝŶĂŶĐŝĂů /ŶƐƚƌƵŵĞŶƚƐ – dŚŝƐ ƐƚĂŶĚĂƌĚ ǁŝůů ƌĞƉůĂĐĞ W ^ ϯϵ͕ &ŝŶĂŶĐŝĂů /ŶƐƚƌƵŵĞŶƚƐ͗ ZĞĐŽŐŶŝƚŝŽŶ ĂŶĚ DĞĂƐƵƌĞŵĞŶƚ͕ ;ĂŶĚ Ăůů ƚŚĞ ƉƌĞǀŝŽƵƐ ǀĞƌƐŝŽŶƐ ŽĨ W&Z^ ϵͿ͘ /ƚ ĐŽŶƚĂŝŶƐ ƌĞƋƵŝƌĞŵĞŶƚƐ ĨŽƌ ƚŚĞ ĐůĂƐƐŝĨŝĐĂƚŝŽŶ ĂŶĚ ŵĞĂƐƵƌĞŵĞŶƚ ŽĨ ĨŝŶĂŶĐŝĂů ĂƐƐĞƚƐ ĂŶĚ ĨŝŶĂŶĐŝĂů ůŝĂďŝůŝƚŝĞƐ͕ ŝŵƉĂŝƌŵĞŶƚ͕ ŚĞĚŐĞ ĂĐĐŽƵŶƚŝŶŐ͕ ƌĞĐŽŐŶŝƚŝŽŶ ĂŶĚ ĚĞƌĞĐŽŐŶŝƚŝŽŶ͘ o W&Z^ ϵ ƌĞƋƵŝƌĞƐ Ăůů ƌĞĐŽŐŶŝǌĞĚ ĨŝŶĂŶĐŝĂů ĂƐƐĞƚƐ ƚŽ ďĞ ƐƵďƐĞƋƵĞŶƚůǇ ŵĞĂƐƵƌĞĚ Ăƚ ĂŵŽƌƚŝǌĞĚ ĐŽƐƚ Žƌ ĨĂŝƌ ǀĂůƵĞ ;ƚŚƌŽƵŐŚ ƉƌŽĨŝƚ Žƌ ůŽƐƐ Žƌ ƚŚƌŽƵŐŚ ŽƚŚĞƌ ĐŽŵƉƌĞŚĞŶƐŝǀĞ ŝŶĐŽŵĞͿ͕ ĚĞƉĞŶĚŝŶŐ ŽŶ ƚŚĞ ĐůĂƐƐŝĨŝĐĂƚŝŽŶ ďǇ ƌĞĨĞƌĞŶĐĞ ƚŽ ƚŚĞ ďƵƐŝŶĞƐƐ ŵŽĚĞů ǁŝƚŚŝŶ ǁŚŝĐŚ ƚŚĞƐĞ ĂƌĞ ŚĞůĚ ĂŶĚ ŝƚƐ ĐŽŶƚƌĂĐƚƵĂů ĐĂƐŚ ĨůŽǁ ĐŚĂƌĂĐƚĞƌŝƐƚŝĐƐ͘ o &Žƌ ĨŝŶĂŶĐŝĂů ůŝĂďŝůŝƚŝĞƐ͕ ƚŚĞ ŵŽƐƚ ƐŝŐŶŝĨŝĐĂŶƚ ĞĨĨĞĐƚ ŽĨ W&Z^ ϵ ƌĞůĂƚĞƐ ƚŽ ĐĂƐĞƐ ǁŚĞƌĞ ƚŚĞ ĨĂŝƌ ǀĂůƵĞ ŽƉƚŝŽŶ ŝƐ ƚĂŬĞŶ͗ ƚŚĞ ĂŵŽƵŶƚ ŽĨ ĐŚĂŶŐĞ ŝŶ ĨĂŝƌ ǀĂůƵĞ ŽĨ Ă ĨŝŶĂŶĐŝĂů ůŝĂďŝůŝƚǇ ĚĞƐŝŐŶĂƚĞĚ ĂƐ Ăƚ ĨĂŝƌ ǀĂůƵĞ ƚŚƌŽƵŐŚ ƉƌŽĨŝƚ Žƌ ůŽƐƐ ƚŚĂƚ ŝƐ ĂƚƚƌŝďƵƚĂďůĞ ƚŽ ĐŚĂŶŐĞƐ ŝŶ ƚŚĞ ĐƌĞĚŝƚ ƌŝƐŬ ŽĨ ƚŚĂƚ ůŝĂďŝůŝƚǇ ŝƐ ƌĞĐŽŐŶŝǌĞĚ ŝŶ ŽƚŚĞƌ ĐŽŵƉƌĞŚĞŶƐŝǀĞ ŝŶĐŽŵĞ ;ƌĂƚŚĞƌ ƚŚĂŶ ŝŶ ƉƌŽĨŝƚ Žƌ ůŽƐƐͿ͕ ƵŶůĞƐƐ ƚŚŝƐ ĐƌĞĂƚĞƐ ĂŶ ĂĐĐŽƵŶƚŝŶŐ ŵŝƐŵĂƚĐŚ͘ o For the impairment of financial assets, PFRS 9 introduces an “expected credit loss” model ďĂƐĞĚ ŽŶ ƚŚĞ ĐŽŶĐĞƉƚ ŽĨ ƉƌŽǀŝĚŝŶŐ ĨŽƌ ĞǆƉĞĐƚĞĚ ůŽƐƐĞƐ Ăƚ ŝŶĐĞƉƚŝŽŶ ŽĨ Ă ĐŽŶƚƌĂĐƚ͖ ƌĞĐŽŐŶŝƚŝŽŶ ŽĨ Ă ĐƌĞĚŝƚ ůŽƐƐ ƐŚŽƵůĚ ŶŽ ůŽŶŐĞƌ ǁĂŝƚ ĨŽƌ ƚŚĞƌĞ ƚŽ ďĞ ŽďũĞĐƚŝǀĞ ĞǀŝĚĞŶĐĞ ŽĨ ŝŵƉĂŝƌŵĞŶƚ͘

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Ͳ ϳ Ͳ &Žƌ ŚĞĚŐĞ ĂĐĐŽƵŶƚŝŶŐ͕ W&Z^ ϵ ŝŶƚƌŽĚƵĐĞƐ Ă ƐƵďƐƚĂŶƚŝĂů ŽǀĞƌŚĂƵů ĂůůŽǁŝŶŐ ĨŝŶĂŶĐŝĂů ƐƚĂƚĞŵĞŶƚƐ ƚŽ ďĞƚƚĞƌ ƌĞĨůĞĐƚ ŚŽǁ ƌŝƐŬ ŵĂŶĂŐĞŵĞŶƚ ĂĐƚŝǀŝƚŝĞƐ ĂƌĞ ƵŶĚĞƌƚĂŬĞŶ ǁŚĞŶ ŚĞĚŐŝŶŐ ĨŝŶĂŶĐŝĂů ĂŶĚ ŶŽŶͲĨŝŶĂŶĐŝĂů ƌŝƐŬ ĞǆƉŽƐƵƌĞƐ͘

o dŚĞ ĚĞƌĞĐŽŐŶŝƚŝŽŶ ƉƌŽǀŝƐŝŽŶƐ ĂƌĞ ĐĂƌƌŝĞĚ ŽǀĞƌ ĂůŵŽƐƚ ƵŶĐŚĂŶŐĞĚ ĨƌŽŵ W ^ ϯϵ͘ dŚĞ 'ƌŽƵƉ ŚĂƐ ƉĞƌĨŽƌŵĞĚ Ă ƉƌĞůŝŵŝŶĂƌǇ ĂƐƐĞƐƐŵĞŶƚ ŽĨ ƚŚĞ ŝŵƉĂĐƚ ŽĨ W&Z^ ϵ ŽŶ ƚŚĞ ĨŝŶĂŶĐŝĂů ƐƚĂƚĞŵĞŶƚƐ ďĂƐĞĚ ŽŶ ĂŶ ĂŶĂůǇƐŝƐ ŽĨ ƚŚĞ ĨŝŶĂŶĐŝĂů ĂƐƐĞƚƐ ĂŶĚ ůŝĂďŝůŝƚŝĞƐ ĂŶĚ ƚŚĞ ĨĂĐƚƐ ĂŶĚ ĐŝƌĐƵŵƐƚĂŶĐĞƐ ƚŚĂƚ ĞǆŝƐƚ ĂƐ Ăƚ ĞĐĞŵďĞƌ ϯϭ͕ ϮϬϭϳ͘ o ƉĂƌƚ ĨƌŽŵ ĞƋƵŝƚǇ ŝŶǀĞƐƚŵĞŶƚƐ ĐůĂƐƐŝĨŝĞĚ ĐƵƌƌĞŶƚůǇ ĂƐ &^ ĂŶĚ ŵĞĂƐƵƌĞĚ Ăƚ ĨĂŝƌ ǀĂůƵĞ ƚŚƌŽƵŐŚ ŽƚŚĞƌ ĐŽŵƉƌĞŚĞŶƐŝǀĞ ŝŶĐŽŵĞ ƚŚĂƚ ƐŚŽƵůĚ ďĞ ŵĞĂƐƵƌĞĚ Ăƚ ĨĂŝƌ ǀĂůƵĞ ƚŚƌŽƵŐŚ ƉƌŽĨŝƚ Žƌ ůŽƐƐ ƵŶĚĞƌ W&Z^ ϵ͕ Ăůů ŽƚŚĞƌ ĨŝŶĂŶĐŝĂů ĂƐƐĞƚƐ ĂŶĚ ĨŝŶĂŶĐŝĂů ůŝĂďŝůŝƚŝĞƐ ƐŚŽƵůĚ ĐŽŶƚŝŶƵĞ ƚŽ ďĞ ŵĞĂƐƵƌĞĚ ŽŶ ƚŚĞ ƐĂŵĞ ďĂƐĞƐ ĂƐ ĐƵƌƌĞŶƚůǇ ƵŶĚĞƌ W ^ ϯϵ͘ o ŽŶĐĞƌŶŝŶŐ ŝŵƉĂŝƌŵĞŶƚ͕ ƚŚĞ 'ƌŽƵƉ ĞǆƉĞĐƚƐ ƚŽ ĂƉƉůǇ ƚŚĞ ƐŝŵƉůŝĨŝĞĚ ĂƉƉƌŽĂĐŚ ƚŽ ƌĞĐŽŐŶŝǌĞ lifetime expected credit loss for the Group’s trade and other receivables. Although the 'ƌŽƵƉ ŝƐ ĐƵƌƌĞŶƚůǇ ĂƐƐĞƐƐŝŶŐ ƚŚĞ ĞǆƚĞŶƚ ŽĨ ƚŚŝƐ ŝŵƉĂĐƚ͕ ŝƚ ŝƐ ĂŶƚŝĐŝƉĂƚĞĚ ƚŚĂƚ ƚŚĞ ĂƉƉůŝĐĂƚŝŽŶ ŽĨ ĞǆƉĞĐƚĞĚ ĐƌĞĚŝƚ ůŽƐƐ ŵŽĚĞů ŽĨ W&Z^ ϵ ǁŝůů ƌĞƐƵůƚ ŝŶ ĞĂƌůŝĞƌ ƌĞĐŽŐŶŝƚŝŽŶ ŽĨ ĐƌĞĚŝƚ ůŽƐƐĞƐ͘ ŵĞŶĚŵĞŶƚƐ ƚŽ W&Z^ Ϯ͕ ^ŚĂƌĞͲďĂƐĞĚ WĂǇŵĞŶƚ Ͳ ůĂƐƐŝĨŝĐĂƚŝŽŶ ĂŶĚ DĞĂƐƵƌĞŵĞŶƚ ŽĨ ^ŚĂƌĞͲďĂƐĞĚ WĂǇŵĞŶƚ dƌĂŶƐĂĐƚŝŽŶƐ – dŚĞ ĂŵĞŶĚŵĞŶƚƐ ĐůĂƌŝĨǇ ƚŚĞ ĞĨĨĞĐƚƐ ŽĨ ǀĞƐƚŝŶŐ ĂŶĚ ŶŽŶͲǀĞƐƚŝŶŐ ĐŽŶĚŝƚŝŽŶƐ ŽŶ ƚŚĞ ŵĞĂƐƵƌĞŵĞŶƚ ŽĨ ĐĂƐŚͲƐĞƚƚůĞĚ ƐŚĂƌĞͲďĂƐĞĚ ƉĂǇŵĞŶƚ ƚƌĂŶƐĂĐƚŝŽŶƐ͕ ƚŚĞ ĂĐĐŽƵŶƚŝŶŐ ĨŽƌ ƐŚĂƌĞͲďĂƐĞĚ ƉĂǇŵĞŶƚ ƚƌĂŶƐĂĐƚŝŽŶƐ ǁŝƚŚ Ă ŶĞƚ ƐĞƚƚůĞŵĞŶƚ ĨĞĂƚƵƌĞ ĨŽƌ ǁŝƚŚŚŽůĚŝŶŐ ƚĂǆ ŽďůŝŐĂƚŝŽŶƐ͕ ĂŶĚ ƚŚĞ ĞĨĨĞĐƚ ŽĨ Ă ŵŽĚŝĨŝĐĂƚŝŽŶ ƚŽ ƚŚĞ ƚĞƌŵƐ ĂŶĚ ĐŽŶĚŝƚŝŽŶ ŽĨ Ă ƐŚĂƌĞͲďĂƐĞĚ ƉĂǇŵĞŶƚ ƚŚĂƚ ĐŚĂŶŐĞƐ ƚŚĞ ĐůĂƐƐŝĨŝĐĂƚŝŽŶ ŽĨ ƚŚĞ ƚƌĂŶƐĂĐƚŝŽŶ ĨƌŽŵ ĐĂƐŚͲƐĞƚƚůĞĚ ƚŽ ĞƋƵŝƚǇ ƐĞƚƚůĞĚ͘ W&Z^ ϭϱ͕ ZĞǀĞŶƵĞ ĨƌŽŵ ŽŶƚƌĂĐƚ ǁŝƚŚ ƵƐƚŽŵĞƌƐ – dŚĞ ŶĞǁ ƐƚĂŶĚĂƌĚ ƌĞƉůĂĐĞƐ W ^ ϭϭ͕ ŽŶƐƚƌƵĐƚŝŽŶ ŽŶƚƌĂĐƚƐ͕ W ^ ϭϴ͕ ZĞǀĞŶƵĞ ĂŶĚ ƌĞůĂƚĞĚ ŝŶƚĞƌƉƌĞƚĂƚŝŽŶƐ͘ /ƚ ĞƐƚĂďůŝƐŚĞƐ Ă ƐŝŶŐůĞ ĐŽŵƉƌĞŚĞŶƐŝǀĞ ĨƌĂŵĞǁŽƌŬ ĨŽƌ ƌĞǀĞŶƵĞ ƌĞĐŽŐŶŝƚŝŽŶ ƚŽ ĂƉƉůǇ ĐŽŶƐŝƐƚĞŶƚůǇ ĂĐƌŽƐƐ ƚƌĂŶƐĂĐƚŝŽŶƐ͕ ŝŶĚƵƐƚƌŝĞƐ ĂŶĚ ĐĂƉŝƚĂů ŵĂƌŬĞƚƐ͕ ǁŝƚŚ Ă ĐŽƌĞ ƉƌŝŶĐŝƉůĞ ;ďĂƐĞĚ ŽŶ Ă ĨŝǀĞͲƐƚĞƉ ŵŽĚĞů ƚŽ ďĞ ĂƉƉůŝĞĚ ƚŽ Ăůů ĐŽŶƚƌĂĐƚƐ ǁŝƚŚ ĐƵƐƚŽŵĞƌƐͿ͕ ĞŶŚĂŶĐĞĚ ĚŝƐĐůŽƐƵƌĞƐ͕ ĂŶĚ ŶĞǁ Žƌ ŝŵƉƌŽǀĞĚ ŐƵŝĚĂŶĐĞ ;Ğ͘Ő͘ ƚŚĞ ƉŽŝŶƚ Ăƚ ǁŚŝĐŚ ƌĞǀĞŶƵĞ ŝƐ ƌĞĐŽŐŶŝǌĞĚ͕ ĂĐĐŽƵŶƚŝŶŐ ĨŽƌ ǀĂƌŝĂďůĞ ĐŽŶƐŝĚĞƌĂƚŝŽŶƐ͕ ĐŽƐƚƐ ŽĨ ĨƵůĨŝůůŝŶŐ ĂŶĚ ŽďƚĂŝŶŝŶŐ Ă ĐŽŶƚƌĂĐƚ͕ ĞƚĐ͘Ϳ͘ ĂƐĞĚ ŽŶ ƚŚĞ ĐƵƌƌĞŶƚ ĂĐĐŽƵŶƚŝŶŐ ƚƌĞĂƚŵĞŶƚ ŽĨ ƚŚĞ 'ƌŽƵƉ’s ŵĂũŽƌ ƐŽƵƌĐĞƐ ŽĨ ƌĞǀĞŶƵĞ͕ ƚŚĞ 'ƌŽƵƉ ĚŽĞƐ ŶŽƚ ĂŶƚŝĐŝƉĂƚĞ ƚŚĂƚ ƚŚĞ ĂƉƉůŝĐĂƚŝŽŶ ŽĨ W&Z^ ϭϱ ǁŝůů ŚĂǀĞ Ă ƐŝŐŶŝĨŝĐĂŶƚ ŝŵƉĂĐƚ ŽŶ ŝƚƐ ĨŝŶĂŶĐŝĂů ƉŽƐŝƚŝŽŶ ĂŶĚͬŽƌ ĨŝŶĂŶĐŝĂů ƉĞƌĨŽƌŵĂŶĐĞ͕ ĂƉĂƌƚ ĨƌŽŵ ƉƌŽǀŝĚŝŶŐ ŵŽƌĞ ĞǆƚĞŶƐŝǀĞ ĚŝƐĐůŽƐƵƌĞƐ ŽŶ ƚŚĞ 'ƌŽƵƉ’s revenue transactiŽŶƐ͘ ,ŽǁĞǀĞƌ͕ ĂƐ ƚŚĞ 'ƌŽƵƉ ŝƐ Ɛƚŝůů ŝŶ ƚŚĞ ƉƌŽĐĞƐƐ ŽĨ ĂƐƐĞƐƐŝŶŐ ƚŚĞ ĨƵůů ŝŵƉĂĐƚ ŽĨ ƚŚĞ ĂƉƉůŝĐĂƚŝŽŶ ŽĨ W&Z^ ϭϱ ŽŶ ƚŚĞ ĨŝŶĂŶĐŝĂů ƐƚĂƚĞŵĞŶƚƐ͕ ŝƚ ŝƐ ŶŽƚ ƉƌĂĐƚŝĐĂďůĞ ƚŽ ƉƌŽǀŝĚĞ Ă ƌĞĂƐŽŶĂďůĞ ĨŝŶĂŶĐŝĂů ĞƐƚŝŵĂƚĞ ŽĨ ƚŚĞ ĞĨĨĞĐƚ ƵŶƚŝů ƚŚĞ 'ƌŽƵƉ ĐŽŵƉůĞƚĞ ƚŚĞ ĚĞƚĂŝůĞĚ ƌĞǀŝĞǁ͘ ŵĞŶĚŵĞŶƚ ƚŽ W&Z^ ϭϱ͕ ZĞǀĞŶƵĞ ĨƌŽŵ ŽŶƚƌĂĐƚ ǁŝƚŚ ƵƐƚŽŵĞƌƐ Ͳ ůĂƌŝĨŝĐĂƚŝŽŶ ƚŽ W&Z^ ϭϱ – dŚĞ ĂŵĞŶĚŵĞŶƚƐ ƉƌŽǀŝĚĞ ĐůĂƌŝĨŝĐĂƚŝŽŶƐ ŽŶ ƚŚĞ ĨŽůůŽǁŝŶŐ ƚŽƉŝĐƐ͗ ;ĂͿ ŝĚĞŶƚŝĨǇŝŶŐ ƉĞƌĨŽƌŵĂŶĐĞ ŽďůŝŐĂƚŝŽŶƐ͖ ;ďͿ ƉƌŝŶĐŝƉĂů ǀĞƌƐƵƐ ĂŐĞŶƚ ĐŽŶƐŝĚĞƌĂƚŝŽŶƐ͖ ĂŶĚ ;ĐͿ ůŝĐĞŶƐŝŶŐ͘ dŚĞ ĂŵĞŶĚŵĞŶƚƐ ĂůƐŽ ƉƌŽǀŝĚĞ ƐŽŵĞ ƚƌĂŶƐŝƚŝŽŶ ƌĞůŝĞĨ ĨŽƌ ŵŽĚŝĨŝĞĚ ĐŽŶƚƌĂĐƚƐ ĂŶĚ ĐŽŵƉůĞƚĞĚ ĐŽŶƚƌĂĐƚƐ͘ ŵĞŶĚŵĞŶƚƐ ƚŽ W ^ Ϯϴ͕ /ŶǀĞƐƚŵĞŶƚƐ ŝŶ ƐƐŽĐŝĂƚĞƐ ĂŶĚ :ŽŝŶƚ sĞŶƚƵƌĞƐ Ͳ DĞĂƐƵƌŝŶŐ ĂŶ ƐƐŽĐŝĂƚĞ Žƌ :ŽŝŶƚ sĞŶƚƵƌĞ Ăƚ &Ăŝƌ sĂůƵĞ – dŚĞ ĂŵĞŶĚŵĞŶƚƐ ĂƌĞ ƉĂƌƚ ŽĨ ƚŚĞ ŶŶƵĂů /ŵƉƌŽǀĞŵĞŶƚƐ ƚŽ W&Z^ ϮϬϭϰͲϮϬϭϲ ǇĐůĞ ĂŶĚ ĐůĂƌŝĨǇ ƚŚĂƚ ƚŚĞ ĞůĞĐƚŝŽŶ ƚŽ ŵĞĂƐƵƌĞ Ăƚ ĨĂŝƌ ǀĂůƵĞ ƚŚƌŽƵŐŚ ƉƌŽĨŝƚ Žƌ ůŽƐƐ ĂŶ

Ͳ ϴ Ͳ ŝŶǀĞƐƚŵĞŶƚ ŝŶ ĂŶ ĂƐƐŽĐŝĂƚĞ Žƌ Ă ũŽŝŶƚ ǀĞŶƚƵƌĞ ƚŚĂƚ ŝƐ ŚĞůĚ ďǇ ĂŶ ĞŶƚŝƚǇ ƚŚĂƚ ŝƐ Ă ǀĞŶƚƵƌĞ ĐĂƉŝƚĂů ŽƌŐĂŶŝǌĂƚŝŽŶ͕ ŵƵƚƵĂů ĨƵŶĚ͕ ƵŶŝƚ ƚƌƵƐƚ Žƌ ŽƚŚĞƌ ƋƵĂůŝĨǇŝŶŐ ĞŶƚŝƚǇ͕ ŝƐ ĂǀĂŝůĂďůĞ ĨŽƌ ĞĂĐŚ ŝŶǀĞƐƚŵĞŶƚ ŝŶ ĂŶ ĂƐƐŽĐŝĂƚĞ Žƌ ũŽŝŶƚ ǀĞŶƚƵƌĞ ŽŶ ĂŶ ŝŶǀĞƐƚŵĞŶƚͲďǇͲŝŶǀĞƐƚŵĞŶƚ ďĂƐŝƐ͕ ƵƉŽŶ ŝŶŝƚŝĂů ƌĞĐŽŐŶŝƚŝŽŶ͘ 

ŵĞŶĚŵĞŶƚƐ ƚŽ W ^ ϰϬ͕ /ŶǀĞƐƚŵĞŶƚ WƌŽƉĞƌƚǇ Ͳ dƌĂŶƐĨĞƌƐ ŽĨ /ŶǀĞƐƚŵĞŶƚ WƌŽƉĞƌƚǇ – dŚĞ ĂŵĞŶĚŵĞŶƚƐ ĐůĂƌŝĨǇ ƚŚĂƚ ƚƌĂŶƐĨĞƌƐ ƚŽ͕ Žƌ ĨƌŽŵ͕ ŝŶǀĞƐƚŵĞŶƚ ƉƌŽƉĞƌƚǇ ;ŝŶĐůƵĚŝŶŐ ĂƐƐĞƚƐ ƵŶĚĞƌ ĐŽŶƐƚƌƵĐƚŝŽŶ ĂŶĚ ĚĞǀĞůŽƉŵĞŶƚͿ ƐŚŽƵůĚ ďĞ ŵĂĚĞ ǁŚĞŶ͕ ĂŶĚ ŽŶůǇ ǁŚĞŶ͕ ƚŚĞƌĞ ŝƐ ĞǀŝĚĞŶĐĞ ƚŚĂƚ Ă ĐŚĂŶŐĞ ŝŶ ƵƐĞ ŽĨ Ă ƉƌŽƉĞƌƚǇ ŚĂƐ ŽĐĐƵƌƌĞĚ͘

WŚŝůŝƉƉŝŶĞ /ŶƚĞƌƉƌĞƚĂƚŝŽŶ ĨƌŽŵ /&Z/ ϮϮ͕ &ŽƌĞŝŐŶ ƵƌƌĞŶĐǇ dƌĂŶƐĂĐƚŝŽŶƐ ĂŶĚ ĚǀĂŶĐĞ ŽŶƐŝĚĞƌĂƚŝŽŶ – dŚĞ ŝŶƚĞƌƉƌĞƚĂƚŝŽŶ ƉƌŽǀŝĚĞƐ ŐƵŝĚĂŶĐĞ ĐůĂƌŝĨǇŝŶŐ ƚŚĂƚ ƚŚĞ ĞǆĐŚĂŶŐĞ ƌĂƚĞ ƚŽ ƵƐĞ ŝŶ ƚƌĂŶƐĂĐƚŝŽŶƐ ƚŚĂƚ ŝŶǀŽůǀĞ ĂĚǀĂŶĐĞ ĐŽŶƐŝĚĞƌĂƚŝŽŶ ƉĂŝĚ Žƌ ƌĞĐĞŝǀĞĚ ŝŶ Ă ĨŽƌĞŝŐŶ ĐƵƌƌĞŶĐǇ ŝƐ ƚŚĞ ŽŶĞ Ăƚ ƚŚĞ ĚĂƚĞ ŽĨ ŝŶŝƚŝĂů ƌĞĐŽŐŶŝƚŝŽŶ ŽĨ ƚŚĞ ŶŽŶͲŵŽŶĞƚĂƌǇ ƉƌĞƉĂǇŵĞŶƚ ĂƐƐĞƚ Žƌ ĚĞĨĞƌƌĞĚ ŝŶĐŽŵĞ ůŝĂďŝůŝƚǇ͘ ĨĨĞĐƚŝǀĞ ĨŽƌ ĂŶŶƵĂů ƉĞƌŝŽĚƐ ďĞŐŝŶŶŝŶŐ ŽŶ Žƌ ĂĨƚĞƌ :ĂŶƵĂƌǇ ϭ͕ ϮϬϭϵ͗  W&Z^ ϭϲ͕ >ĞĂƐĞƐ – dŚŝƐ ƐƚĂŶĚĂƌĚ ƌĞƉůĂĐĞƐ W ^ ϭϳ͕ >ĞĂƐĞƐ͕ ĂŶĚ ŝƚƐ ƌĞůĂƚĞĚ ŝŶƚĞƌƉƌĞƚĂƚŝŽŶƐ͘ dŚĞ ŵŽƐƚ ƐŝŐŶŝĨŝĐĂŶƚ ĐŚĂŶŐĞ ŝŶƚƌŽĚƵĐĞĚ ďǇ ƚŚĞ ŶĞǁ ƐƚĂŶĚĂƌĚ ŝƐ ƚŚĂƚ ĂůŵŽƐƚ Ăůů ůĞĂƐĞƐ ǁŝůů ďĞ ďƌŽƵŐŚƚ onto lessees’ statement of financial position under a single model (except leases of less than ϭϮ ŵŽŶƚŚƐ ĂŶĚ ůĞĂƐĞƐ ŽĨ ůŽǁͲǀĂůƵĞ ĂƐƐĞƚƐͿ͕ ĞůŝŵŝŶĂƚŝŶŐ ƚŚĞ ĚŝƐƚŝŶĐƚŝŽŶ ďĞƚǁĞĞŶ ŽƉĞƌĂƚŝŶŐ ĂŶĚ ĨŝŶĂŶĐĞ ůĞĂƐĞƐ͘ >ĞƐƐŽƌ ĂĐĐŽƵŶƚŝŶŐ͕ ŚŽǁĞǀĞƌ͕ ƌĞŵĂŝŶƐ ůĂƌŐĞůǇ ƵŶĐŚĂŶŐĞĚ ĂŶĚ ƚŚĞ ĚŝƐƚŝŶĐƚŝŽŶ ďĞƚǁĞĞŶ ŽƉĞƌĂƚŝŶŐ ĂŶĚ ĨŝŶĂŶĐĞ ůĞĂƐĞ ŝƐ ƌĞƚĂŝŶĞĚ͘



WŚŝůŝƉƉŝŶĞ /ŶƚĞƌƉƌĞƚĂƚŝŽŶ ĨƌŽŵ /&Z/ Ϯϯ͕ hŶĐĞƌƚĂŝŶƚǇ KǀĞƌ /ŶĐŽŵĞ dĂǆ dƌĞĂƚŵĞŶƚƐ – dŚĞ ŝŶƚĞƌƉƌĞƚĂƚŝŽŶ ƉƌŽǀŝĚĞƐ ŐƵŝĚĂŶĐĞ ŽŶ ŚŽǁ ƚŽ ƌĞĨůĞĐƚ ƚŚĞ ĞĨĨĞĐƚƐ ŽĨ ƵŶĐĞƌƚĂŝŶƚǇ ŝŶ ĂĐĐŽƵŶƚŝŶŐ ĨŽƌ ŝŶĐŽŵĞ ƚĂǆĞƐ ƵŶĚĞƌ W ^ ϭϮ͕ /ŶĐŽŵĞ dĂǆĞƐ͕ ŝŶ ƉĂƌƚŝĐƵůĂƌ ;ŝͿ ǁŚĞƚŚĞƌ ƵŶĐĞƌƚĂŝŶ ƚĂǆ ƚƌĞĂƚŵĞŶƚƐ ƐŚŽƵůĚ ďĞ ĐŽŶƐŝĚĞƌĞĚ ƐĞƉĂƌĂƚĞůǇ͕ ;ŝŝͿ ĂƐƐƵŵƉƚŝŽŶƐ ĨŽƌ ƚĂǆĂƚŝŽŶ ĂƵƚŚŽrities’ examinations, (iii) ĚĞƚĞƌŵŝŶĂƚŝŽŶ ŽĨ ƚĂǆĂďůĞ ƉƌŽĨŝƚ ;ƚĂǆ ůŽƐƐͿ͕ ƚĂǆ ďĂƐĞƐ͕ ƵŶƵƐĞĚ ƚĂǆ ůŽƐƐĞƐ͕ ƵŶƵƐĞĚ ƚĂǆ ĐƌĞĚŝƚƐ ĂŶĚ ƚĂǆ ƌĂƚĞƐ͕ ĂŶĚ ;ŝǀͿ ĞĨĨĞĐƚ ŽĨ ĐŚĂŶŐĞƐ ŝŶ ĨĂĐƚƐ ĂŶĚ ĐŝƌĐƵŵƐƚĂŶĐĞƐ͘

ĞĨĞƌƌĞĚ ĞĨĨĞĐƚŝǀŝƚǇ Ͳ 

ŵĞŶĚŵĞŶƚ ƚŽ W&Z^ ϭϬ͕ ŽŶƐŽůŝĚĂƚĞĚ &ŝŶĂŶĐŝĂů ^ƚĂƚĞŵĞŶƚƐ ĂŶĚ W ^ Ϯϴ͕ /ŶǀĞƐƚŵĞŶƚƐ ŝŶ ƐƐŽĐŝĂƚĞƐ ĂŶĚ :ŽŝŶƚ sĞŶƚƵƌĞƐ Ͳ ^ĂůĞ Žƌ ŽŶƚƌŝďƵƚŝŽŶ ŽĨ ƐƐĞƚƐ ĞƚǁĞĞŶ ĂŶ /ŶǀĞƐƚŽƌ ĂŶĚ ŝƚƐ ƐƐŽĐŝĂƚĞ Žƌ :ŽŝŶƚ sĞŶƚƵƌĞ – dŚĞ ĂŵĞŶĚŵĞŶƚƐ ĂĚĚƌĞƐƐ Ă ĐƵƌƌĞŶƚ ĐŽŶĨůŝĐƚ ďĞƚǁĞĞŶ ƚŚĞ ƚǁŽ ƐƚĂŶĚĂƌĚƐ ĂŶĚ ĐůĂƌŝĨǇ ƚŚĂƚ Ă ŐĂŝŶ Žƌ ůŽƐƐ ƐŚŽƵůĚ ďĞ ƌĞĐŽŐŶŝǌĞĚ ĨƵůůǇ ǁŚĞŶ ƚŚĞ ƚƌĂŶƐĂĐƚŝŽŶ ŝŶǀŽůǀĞƐ Ă ďƵƐŝŶĞƐƐ͕ ĂŶĚ ƉĂƌƚŝĂůůǇ ŝĨ ŝƚ ŝŶǀŽůǀĞƐ ĂƐƐĞƚƐ ƚŚĂƚ ĚŽ ŶŽƚ ĐŽŶƐƚŝƚƵƚĞ Ă ďƵƐŝŶĞƐƐ͘ dŚĞ ĞĨĨĞĐƚŝǀĞ ĚĂƚĞ ŽĨ ƚŚĞ ĂŵĞŶĚŵĞŶƚƐ͕ ŝŶŝƚŝĂůůǇ ƐĞƚ ĨŽƌ ĂŶŶƵĂů ƉĞƌŝŽĚƐ ďĞŐŝŶŶŝŶŐ ŽŶ Žƌ ĂĨƚĞƌ :ĂŶƵĂƌǇ ϭ͕ ϮϬϭϲ͕ ǁĂƐ ĚĞĨĞƌƌĞĚ ŝŶĚĞĨŝŶŝƚĞůǇ ŝŶ ĞĐĞŵďĞƌ ϮϬϭϱ ďƵƚ ĞĂƌůŝĞƌ ĂƉƉůŝĐĂƚŝŽŶ ŝƐ Ɛƚŝůů ƉĞƌŵŝƚƚĞĚ͘

hŶĚĞƌ ƉƌĞǀĂŝůŝŶŐ ĐŝƌĐƵŵƐƚĂŶĐĞƐ͕ ƚŚĞ ĂĚŽƉƚŝŽŶ ŽĨ ƚŚĞ ĨŽƌĞŐŽŝŶŐ ŶĞǁ ĂŶĚ ĂŵĞŶĚĞĚ W&Z^ ŝƐ ŶŽƚ ĞǆƉĞĐƚĞĚ ƚŽ ŚĂǀĞ ĂŶǇ ŵĂƚĞƌŝĂů ĞĨĨĞĐƚ ŽŶ ƚŚĞ ĐŽŶƐŽůŝĚĂƚĞĚ ĨŝŶĂŶĐŝĂů ƐƚĂƚĞŵĞŶƚƐ ŽĨ ƚŚĞ 'ƌŽƵƉ ĞǆĐĞƉƚ ĨŽƌ W&Z^ ϵ ĂŶĚ W&Z^ ϭϱ ĂƐ ĚŝƐĐƵƐƐĞĚ ĂďŽǀĞ͘ ĚĚŝƚŝŽŶĂů ĚŝƐĐůŽƐƵƌĞƐ ǁŝůů ďĞ ŝŶĐůƵĚĞĚ ŝŶ ƚŚĞ ĐŽŶƐŽůŝĚĂƚĞĚ ĨŝŶĂŶĐŝĂů ƐƚĂƚĞŵĞŶƚƐ͕ ĂƐ ĂƉƉůŝĐĂďůĞ͘

Ͳ ϵ Ͳ

ĂƐŝƐ ŽĨ ŽŶƐŽůŝĚĂƚŝŽŶ ^ƵďƐŝĚŝĂƌŝĞƐ Ͳ ^ƵďƐŝĚŝĂƌŝĞƐ ĂƌĞ ĞŶƚŝƚŝĞƐ ĐŽŶƚƌŽůůĞĚ ďǇ ƚŚĞ WĂƌĞŶƚ ŽŵƉĂŶǇ͘ dŚĞ ĐŽŶƐŽůŝĚĂƚĞĚ ĨŝŶĂŶĐŝĂů ƐƚĂƚĞŵĞŶƚƐ ŝŶĐůƵĚĞ ƚŚĞ ĂĐĐŽƵŶƚƐ ŽĨ ƚŚĞ WĂƌĞŶƚ ŽŵƉĂŶǇ ĂŶĚ ŝƚƐ ƐƵďƐŝĚŝĂƌŝĞƐ͘ dŚĞ WĂƌĞŶƚ ŽŵƉĂŶǇ ŚĂƐ ĐŽŶƚƌŽů ǁŚĞŶ ŝƚ ŝƐ ĞǆƉŽƐĞĚ͕ Žƌ ŚĂƐ ƌŝŐŚƚ͕ ƚŽ ǀĂƌŝĂďůĞ ƌĞƚƵƌŶƐ ĨƌŽŵ ŝƚƐ ŝŶǀĞƐƚŵĞŶƚ ǁŝƚŚ ƚŚĞ ŝŶǀĞƐƚĞĞ ĂŶĚ ŝƚ ŚĂƐ ƚŚĞ ĂďŝůŝƚǇ ƚŽ ĂĨĨĞĐƚ ƚŚŽƐĞ ƌĞƚƵƌŶƐ ƚŚƌŽƵŐŚ ŝƚƐ ƉŽǁĞƌƐ ŽǀĞƌ ƚŚĞ ŝŶǀĞƐƚĞĞ͘ ^ƵďƐŝĚŝĂƌŝĞƐ ĂƌĞ ĐŽŶƐŽůŝĚĂƚĞĚ ĨƌŽŵ ƚŚĞ ĚĂƚĞ ŽĨ ĂĐƋƵŝƐŝƚŝŽŶ Žƌ ŝŶĐŽƌƉŽƌĂƚŝŽŶ͕ ďĞŝŶŐ ƚŚĞ ĚĂƚĞ ŽŶ ǁŚŝĐŚ ƚŚĞ WĂƌĞŶƚ ŽŵƉĂŶǇ ŽďƚĂŝŶƐ ĐŽŶƚƌŽů͕ ĂŶĚ ĐŽŶƚŝŶƵĞ ƚŽ ďĞ ĐŽŶƐŽůŝĚĂƚĞĚ ƵŶƚŝů ƚŚĞ ĚĂƚĞ ƐƵĐŚ ĐŽŶƚƌŽů ĐĞĂƐĞƐ͘ ƐƐĞƚƐ͕ ůŝĂďŝůŝƚŝĞƐ͕ ŝŶĐŽŵĞ ĂŶĚ ĞǆƉĞŶƐĞƐ ŽĨ Ă ƐƵďƐŝĚŝĂƌǇ ĂĐƋƵŝƌĞĚ Žƌ ĚŝƐƉŽƐĞĚ ŽĨ ĚƵƌŝŶŐ ƚŚĞ ǇĞĂƌ ĂƌĞ ŝŶĐůƵĚĞĚ ŝŶ ƚŚĞ ĐŽŶƐŽůŝĚĂƚĞĚ ĨŝŶĂŶĐŝĂů ƐƚĂƚĞŵĞŶƚƐ ĨƌŽŵ ƚŚĞ ĚĂƚĞ ƚŚĞ 'ƌŽƵƉ ŐĂŝŶƐ ĐŽŶƚƌŽů ƵŶƚŝů ƚŚĞ ĚĂƚĞ ƚŚĞ 'ƌŽƵƉ ĐĞĂƐĞƐ ƚŽ ĐŽŶƚƌŽů ƚŚĞ ƐƵďƐŝĚŝĂƌǇ͘ dŚĞ ĨŝŶĂŶĐŝĂů ƐƚĂƚĞŵĞŶƚƐ ŽĨ ƚŚĞ ƐƵďƐŝĚŝĂƌŝĞƐ ĂƌĞ ƉƌĞƉĂƌĞĚ ĨŽƌ ƚŚĞ ƐĂŵĞ ƌĞƉŽƌƚŝŶŐ ƉĞƌŝŽĚ ĂƐ ƚŚĞ WĂƌĞŶƚ ŽŵƉĂŶǇ͕ ƵƐŝŶŐ ĐŽŶƐŝƐƚĞŶƚ ĂĐĐŽƵŶƚŝŶŐ ƉŽůŝĐŝĞƐ͘ ůů ŝŶƚƌĂͲŐƌŽƵƉ ďĂůĂŶĐĞƐ͕ ƚƌĂŶƐĂĐƚŝŽŶƐ͕ ƵŶƌĞĂůŝǌĞĚ ŐĂŝŶƐ ĂŶĚ ůŽƐƐĞƐ ƌĞƐƵůƚŝŶŐ ĨƌŽŵ ŝŶƚƌĂͲŐƌŽƵƉ ƚƌĂŶƐĂĐƚŝŽŶƐ ĂŶĚ ĚŝǀŝĚĞŶĚƐ ĂƌĞ ĞůŝŵŝŶĂƚĞĚ ŝŶ ĨƵůů͘ ŚĂŶŐĞƐ ŝŶ ƚŚĞ ĐŽŶƚƌŽůůŝŶŐ ĞƋƵŝƚǇ ŽǁŶĞƌƐŚŝƉ ;ŝ͘Ğ͕͘ ĂĐƋƵŝƐŝƚŝŽŶ ŽĨ ŶŽŶͲĐŽŶƚƌŽůůŝŶŐ ŝŶƚĞƌĞƐƚ ΀E /΁ Žƌ ƉĂƌƚŝĂů ĚŝƐƉŽƐĂů ŽĨ ŝŶƚĞƌĞƐƚ ŽǀĞƌ Ă ƐƵďƐŝĚŝĂƌǇͿ ƚŚĂƚ ĚŽ ŶŽƚ ƌĞƐƵůƚ ŝŶ Ă ůŽƐƐ ŽĨ ĐŽŶƚƌŽů ĂƌĞ ĂĐĐŽƵŶƚĞĚ ĨŽƌ ĂƐ ĞƋuity transactions and presented as “Excess of acquisitiŽŶ ƉƌŝĐĞ ŽǀĞƌ ĂĐƋƵŝƌĞĚ ŝŶƚĞƌĞƐƚ” ƵŶĚĞƌ “Additional paidͲŝŶ Đapital”. tŚĞŶ ƚŚĞ WĂƌĞŶƚ ŽŵƉĂŶǇ ŚĂƐ ůĞƐƐ ƚŚĂŶ Ă ŵĂũŽƌŝƚǇ ŽĨ ƚŚĞ ǀŽƚŝŶŐ Žƌ ƐŝŵŝůĂƌ ƌŝŐŚƚƐ ŽĨ ĂŶ ŝŶǀĞƐƚĞĞ ŝƚ ŚĂƐ ƉŽǁĞƌ ŽǀĞƌ ƚŚĞ ŝŶǀĞƐƚĞĞ ǁŚĞŶ ƚŚĞ ǀŽƚŝŶŐ ƌŝŐŚƚƐ ĂƌĞ ƐƵĨĨŝĐŝĞŶƚ ƚŽ ŐŝǀĞ ŝƚ ƚŚĞ ƉƌĂĐƚŝĐĂů ĂďŝůŝƚǇ ƚŽ ĚŝƌĞĐƚ ƚŚĞ ƌĞůĞǀĂŶƚ ĂĐƚŝǀŝƚŝĞƐ ŽĨ ƚŚĞ ŝŶǀĞƐƚĞĞ ƵŶŝůĂƚĞƌĂůůǇ͘ dŚĞ WĂƌĞŶƚ ŽŵƉĂŶǇ ĐŽŶƐŝĚĞƌƐ Ăůů ƌĞůĞǀĂŶƚ ĨĂĐƚƐ ĂŶĚ ĐŝƌĐƵŵƐƚĂŶĐĞƐ ŝŶ ĂƐƐĞƐƐŝŶŐ ǁŚĞƚŚĞƌ ŝƚ ŚĂƐ ƉŽǁĞƌ ŽǀĞƌ ĂŶ ŝŶǀĞƐƚĞĞ͕ ŝŶĐůƵĚŝŶŐ͗    

The size of the Parent Company’s holding of voting rights relative to the size and dispersion of ŚŽůĚŝŶŐƐ ŽĨ ƚŚĞ ŽƚŚĞƌ ǀŽƚĞ ŚŽůĚĞƌƐ͖ dŚĞ ĐŽŶƚƌĂĐƚƵĂů ĂƌƌĂŶŐĞŵĞŶƚ ǁŝƚŚ ƚŚĞ ŽƚŚĞƌ ǀŽƚĞ ŚŽůĚĞƌƐ ŽĨ ƚŚĞ ŝŶǀĞƐƚĞĞ͖ ZŝŐŚƚƐ ĂƌŝƐŝŶŐ ĨƌŽŵ ŽƚŚĞƌ ĐŽŶƚƌĂĐƚƵĂů ĂƌƌĂŶŐĞŵĞŶƚƐ͖ Žƌ The Parent Company’s voting rights and potential voting rights.

dŚĞ WĂƌĞŶƚ ŽŵƉĂŶǇ ƌĞͲĂƐƐĞƐƐĞƐ ǁŚĞƚŚĞƌ Žƌ ŶŽƚ ŝƚ ĐŽŶƚƌŽůƐ ĂŶ ŝŶǀĞƐƚĞĞ ŝĨ ĨĂĐƚƐ ĂŶĚ ĐŝƌĐƵŵƐƚĂŶĐĞƐ ŝŶĚŝĐĂƚĞ ƚŚĂƚ ƚŚĞƌĞ ĂƌĞ ĐŚĂŶŐĞƐ ƚŽ ĞůĞŵĞŶƚƐ ĞǀŝĚĞŶĐŝŶŐ ĐŽŶƚƌŽů͘ E / ƌĞƉƌĞƐĞŶƚ ƚŚĞ ƉŽƌƚŝŽŶ ŽĨ ŶĞƚ ƌĞƐƵůƚƐ ĂŶĚ ŶĞƚ ĂƐƐĞƚƐ ŶŽƚ ŚĞůĚ ďǇ ƚŚĞ WĂƌĞŶƚ ŽŵƉĂŶǇ͘ dŚĞƐĞ ĂƌĞ ƉƌĞƐĞŶƚĞĚ ŝŶ ƚŚĞ ĐŽŶƐŽůŝĚĂƚĞĚ ƐƚĂƚĞŵĞŶƚƐ ŽĨ ĨŝŶĂŶĐŝĂů ƉŽƐŝƚŝŽŶ ǁŝƚŚŝŶ ĞƋƵŝƚǇ͕ ĂƉĂƌƚ ĨƌŽŵ ĞƋƵŝƚǇ ĂƚƚƌŝďƵƚĂďůĞ ƚŽ ĞƋƵŝƚǇ ŚŽůĚĞƌƐ ŽĨ ƚŚĞ ƉĂƌĞŶƚ ĂŶĚ ĂƌĞ ƐĞƉĂƌĂƚĞůǇ ĚŝƐĐůŽƐĞĚ ŝŶ ƚŚĞ ĐŽŶƐŽůŝĚĂƚĞĚ ƐƚĂƚĞŵĞŶƚƐ ŽĨ ĐŽŵƉƌĞŚĞŶƐŝǀĞ ŝŶĐŽŵĞ͘ E / ƉĞƌƚĂŝŶƐ ƚŽ ƚŚĞ ĞƋƵŝƚǇ ŝŶƚĞƌĞƐƚ ŝŶ / / ĂƐ Ăƚ ĞĐĞŵďĞƌ ϯϭ͕ ϮϬϭϳ ĂŶĚ ϮϬϭϲ ĂŶĚ ^ / ĨŽƌ ƚŚĞ ƚǁŽ ŵŽŶƚŚƐ ĞŶĚĞĚ ĞĐĞŵďĞƌ ϯϭ͕ ϮϬϭϳ͘

>ŽƐƐĞƐ ǁŝƚŚŝŶ Ă ƐƵďƐŝĚŝĂƌǇ ĂƌĞ ĂƚƚƌŝďƵƚĞĚ ƚŽ ƚŚĞ E / ĞǀĞŶ ŝĨ ƚŚĂƚ ƌĞƐƵůƚƐ ŝŶ Ă ĚĞĨŝĐŝƚ ďĂůĂŶĐĞ͘

Ͳ ϭϬ Ͳ /Ĩ ƚŚĞ WĂƌĞŶƚ ŽŵƉĂŶǇ ůŽƐĞƐ ĐŽŶƚƌŽů ŽǀĞƌ Ă ƐƵďƐŝĚŝĂƌǇ͕ ŝƚ͗ 

ĞƌĞĐŽŐŶŝǌĞƐ ƚŚĞ ĂƐƐĞƚƐ ĂŶĚ ůŝĂďŝůŝƚŝĞƐ ŽĨ ƚŚĞ ĨŽƌŵĞƌ ƐƵďƐŝĚŝĂƌǇ ĨƌŽŵ ƚŚĞ ĐŽŶƐŽůŝĚĂƚĞĚ ƐƚĂƚĞŵĞŶƚƐ ŽĨ ĨŝŶĂŶĐŝĂů ƉŽƐŝƚŝŽŶ͖

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ZĞĐŽŐŶŝǌĞƐ ĂŶǇ ŝŶǀĞƐƚŵĞŶƚ ƌĞƚĂŝŶĞĚ ŝŶ ƚŚĞ ĨŽƌŵĞƌ ƐƵďƐŝĚŝĂƌǇ ǁŚĞŶ ĐŽŶƚƌŽů ŝƐ ůŽƐƚ ĂŶĚ ƐƵďƐĞƋƵĞŶƚůǇ ĂĐĐŽƵŶƚƐ ĨŽƌ ŝƚ ĂŶĚ ĨŽƌ ĂŶǇ ĂŵŽƵŶƚƐ ŽǁĞĚ ďǇ Žƌ ƚŽ ƚŚĞ ĨŽƌŵĞƌ ƐƵďƐŝĚŝĂƌǇ ŝŶ ĂĐĐŽƌĚĂŶĐĞ ǁŝƚŚ ƌĞůĞǀĂŶƚ W&Z^͘ dŚĂƚ ƌĞƚĂŝŶĞĚ ŝŶƚĞƌĞƐƚ ŝƐ ƌĞŵĞĂƐƵƌĞĚ ĂŶĚ ƚŚĞ ƌĞŵĞĂƐƵƌĞĚ ǀĂůƵĞ ŝƐ ƌĞŐĂƌĚĞĚ ĂƐ ƚŚĞ ĨĂŝƌ ǀĂůƵĞ ŽŶ ŝŶŝƚŝĂů ƌĞĐŽŐŶŝƚŝŽŶ ŽĨ Ă ĨŝŶĂŶĐŝĂů ĂƐƐĞƚ ŝŶ ĂĐĐŽƌĚĂŶĐĞ ǁŝƚŚ W ^ ϯϵ Žƌ͕ ǁŚĞŶ ĂƉƉƌŽƉƌŝĂƚĞ͕ ƚŚĞ ĐŽƐƚ ŽŶ ŝŶŝƚŝĂů ƌĞĐŽŐŶŝƚŝŽŶ ŽĨ ĂŶ ŝŶǀĞƐƚŵĞŶƚ ŝŶ ĂŶ ĂƐƐŽĐŝĂƚĞ Žƌ ũŽŝŶƚ ǀĞŶƚƵƌĞ͖ ĂŶĚ

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ZĞĐŽŐŶŝǌĞƐ ƚŚĞ ŐĂŝŶ Žƌ ůŽƐƐ ĂƐƐŽĐŝĂƚĞĚ ǁŝƚŚ ƚŚĞ ůŽƐƐ ŽĨ ĐŽŶƚƌŽů ĂƚƚƌŝďƵƚĂďůĞ ƚŽ ƚŚĞ ĨŽƌŵĞƌ ĐŽŶƚƌŽůůŝŶŐ ŝŶƚĞƌĞƐƚ͘

ƵƐŝŶĞƐƐ ŽŵďŝŶĂƚŝŽŶƐ ĂŶĚ 'ŽŽĚǁŝůů Ͳ ƵƐŝŶĞƐƐ ĐŽŵďŝŶĂƚŝŽŶƐ ĂƌĞ ĂĐĐŽƵŶƚĞĚ ĨŽƌ ƵƐŝŶŐ ƚŚĞ ĂĐƋƵŝƐŝƚŝŽŶ ŵĞƚŚŽĚ͘ dŚĞ ĐŽƐƚ ŽĨ ĂŶ ĂĐƋƵŝƐŝƚŝŽŶ ŝƐ ŵĞĂƐƵƌĞĚ ĂƐ ƚŚĞ ĂŐŐƌĞŐĂƚĞ ŽĨ ƚŚĞ ĐŽŶƐŝĚĞƌĂƚŝŽŶ ƚƌĂŶƐĨĞƌƌĞĚ͕ ŵĞĂƐƵƌĞĚ Ăƚ ĂĐƋƵŝƐŝƚŝŽŶ ĚĂƚĞ ĨĂŝƌ ǀĂůƵĞ ĂŶĚ ƚŚĞ ĂŵŽƵŶƚ ŽĨ ĂŶǇ E / ŝŶ ƚŚĞ ĂĐƋƵŝƌĞĞ͘ &Žƌ ĞĂĐŚ ďƵƐŝŶĞƐƐ ĐŽŵďŝŶĂƚŝŽŶ͕ ƚŚĞ ĂĐƋƵŝƌĞƌ ŵĞĂƐƵƌĞƐ ƚŚĞ E / ŝŶ ƚŚĞ ĂĐƋƵŝƌĞĞ ĞŝƚŚĞƌ Ăƚ ĨĂŝƌ ǀĂůƵĞ Žƌ Ăƚ ƚŚĞ proportionate share of the acquiree’s identifiable net assets. tŚĞŶ ƚŚĞ 'ƌŽƵƉ ĂĐƋƵŝƌĞƐ Ă ďƵƐŝŶĞƐƐ͕ ŝƚ ĂƐƐĞƐƐĞƐ ƚŚĞ ĨŝŶĂŶĐŝĂů ĂƐƐĞƚƐ ĂŶĚ ůŝĂďŝůŝƚŝĞƐ ĂƐƐƵŵĞĚ ĨŽƌ ĂƉƉƌŽƉƌŝĂƚĞ ĐůĂƐƐŝĨŝĐĂƚŝŽŶ ĂŶĚ ĚĞƐŝŐŶĂƚŝŽŶ ŝŶ ĂĐĐŽƌĚĂŶĐĞ ǁŝƚŚ ƚŚĞ ĐŽŶƚƌĂĐƚƵĂů ƚĞƌŵƐ͕ ĞĐŽŶŽŵŝĐ ĐŝƌĐƵŵƐƚĂŶĐĞƐ ĂŶĚ ƉĞƌƚŝŶĞŶƚ ĐŽŶĚŝƚŝŽŶƐ ĂƐ Ăƚ ƚŚĞ ĂĐƋƵŝƐŝƚŝŽŶ ĚĂƚĞ͘ dŚŝƐ ŝŶĐůƵĚĞƐ ƚŚĞ ƐĞƉĂƌĂƚŝŽŶ ŽĨ ĞŵďĞĚĚĞĚ ĚĞƌŝǀĂƚŝǀĞƐ ŝŶ ŚŽƐƚ ĐŽŶƚƌĂĐƚƐ ďǇ ƚŚĞ ĂĐƋƵŝƌĞĞ͘ If the business combination is achieved in stages, the acquisition date fair value of the acquirer’s ƉƌĞǀŝŽƵƐůǇ ŚĞůĚ ĞƋƵŝƚǇ ŝŶƚĞƌĞƐƚ ŝŶ ƚŚĞ ĂĐƋƵŝƌĞĞ ŝƐ ƌĞŵĞĂƐƵƌĞĚ ƚŽ ĨĂŝƌ ǀĂůƵĞ Ăƚ ƚŚĞ ĂĐƋƵŝƐŝƚŝŽŶ ĚĂƚĞ ĂŶĚ ĂŶǇ ƌĞƐƵůƚŝŶŐ ŐĂŝŶ Žƌ ůŽƐƐ ŝƐ ƌĞĐŽŐŶŝǌĞĚ ŝŶ ƉƌŽĨŝƚ Žƌ ůŽƐƐ͘ ŶǇ ĐŽŶƚŝŶŐĞŶƚ ĐŽŶƐŝĚĞƌĂƚŝŽŶ ƚŽ ďĞ ƚƌĂŶƐĨĞƌƌĞĚ ďǇ ƚŚĞ ĂĐƋƵŝƌĞƌ ǁŝůů ďĞ ƌĞĐŽŐŶŝǌĞĚ Ăƚ ĨĂŝƌ ǀĂůƵĞ Ăƚ ƚŚĞ ĂĐƋƵŝƐŝƚŝŽŶ ĚĂƚĞ͘ ^ƵďƐĞƋƵĞŶƚ ĐŚĂŶŐĞƐ ƚŽ ƚŚĞ ĨĂŝƌ ǀĂůƵĞ ŽĨ ƚŚĞ ĐŽŶƚŝŶŐĞŶƚ ĐŽŶƐŝĚĞƌĂƚŝŽŶ ǁŚŝĐŚ ŝƐ ĚĞĞŵĞĚ ƚŽ ďĞ ĂŶ ĂƐƐĞƚ Žƌ ůŝĂďŝůŝƚǇ ǁŝůů ďĞ ƌĞĐŽŐŶŝǌĞĚ ŝŶ ĂĐĐŽƌĚĂŶĐĞ ǁŝƚŚ W ^ ϯϵ ĞŝƚŚĞƌ ŝŶ ƉƌŽĨŝƚ Žƌ ůŽƐƐ Žƌ ĂƐ Ă ĐŚĂŶŐĞ ƚŽ ŽƚŚĞƌ ĐŽŵƉƌĞŚĞŶƐŝǀĞ ŝŶĐŽŵĞ ;K /Ϳ͘ /Ĩ ƚŚĞ ĐŽŶƚŝŶŐĞŶƚ ĐŽŶƐŝĚĞƌĂƚŝŽŶ ŝƐ ĐůĂƐƐŝĨŝĞĚ ĂƐ ĞƋƵŝƚǇ͕ ŝƚ ƐŚŽƵůĚ ŶŽƚ ďĞ ƌĞŵĞĂƐƵƌĞĚ͘ ^ƵďƐĞƋƵĞŶƚ ƐĞƚƚůĞŵĞŶƚ ŝƐ ĂĐĐŽƵŶƚĞĚ ĨŽƌ ǁŝƚŚŝŶ ĞƋƵŝƚǇ͘ /Ŷ ŝŶƐƚĂŶĐĞ ǁŚĞƌĞ ƚŚĞ ĐŽŶƚŝŶŐĞŶƚ ĐŽŶƐŝĚĞƌĂƚŝŽŶ ĚŽĞƐ ŶŽƚ ĨĂůů ǁŝƚŚŝŶ ƚŚĞ ƐĐŽƉĞ ŽĨ W ^ ϯϵ͕ ŝƚ ŝƐ ŵĞĂƐƵƌĞĚ ŝŶ ĂĐĐŽƌĚĂŶĐĞ ǁŝƚŚ ƚŚĞ ĂƉƉƌŽƉƌŝĂƚĞ W&Z^͘

'ŽŽĚǁŝůů ŝƐ ŝŶŝƚŝĂůůǇ ŵĞĂƐƵƌĞĚ Ăƚ ĐŽƐƚ ďĞŝŶŐ ƚŚĞ ĞǆĐĞƐƐ ŽĨ ƚŚĞ ĂŐŐƌĞŐĂƚĞ ŽĨ ƚŚĞ ĐŽŶƐŝĚĞƌĂƚŝŽŶ ƚƌĂŶƐĨĞƌƌĞĚ ĂŶĚ ƚŚĞ ĂŵŽƵŶƚ ƌĞĐŽŐŶŝǌĞĚ ĨŽƌ E / ŽǀĞƌ ƚŚĞ ŶĞƚ ŝĚĞŶƚŝĨŝĂďůĞ ĂƐƐĞƚƐ ĂĐƋƵŝƌĞĚ ĂŶĚ ůŝĂďŝůŝƚŝĞƐ ĂƐƐƵŵĞĚ͘ /Ĩ ƚŚŝƐ ĐŽŶƐŝĚĞƌĂƚŝŽŶ ŝƐ ůŽǁĞƌ ƚŚĂŶ ƚŚĞ ĨĂŝƌ ǀĂůƵĞ ŽĨ ƚŚĞ ŶĞƚ ĂƐƐĞƚƐ ŽĨ ƚŚĞ ƐƵďƐŝĚŝĂƌǇ ĂĐƋƵŝƌĞĚ͕ ƚŚĞ ĚŝĨĨĞƌĞŶĐĞ ŝƐ ƌĞĐŽŐŶŝǌĞĚ ŝŶ ƉƌŽĨŝƚ Žƌ ůŽƐƐ͘ /Ĩ ƚŚĞ ŝŶŝƚŝĂů ĂĐĐŽƵŶƚŝŶŐ ĨŽƌ ďƵƐŝŶĞƐƐ ĐŽŵďŝŶĂƚŝŽŶ ĐĂŶ ďĞ ĚĞƚĞƌŵŝŶĞĚ ŽŶůǇ ƉƌŽǀŝƐŝŽŶĂůůǇ ďǇ ƚŚĞ ĞŶĚ ŽĨ ƚŚĞ ƉĞƌŝŽĚ ďǇ ǁŚŝĐŚ ƚŚĞ combination is effected because either the fair values to be assigned to the acquiree’s idĞŶƚŝĨŝĂďůĞ ĂƐƐĞƚƐ͕ ůŝĂďŝůŝƚŝĞƐ Žƌ ĐŽŶƚŝŶŐĞŶƚ ůŝĂďŝůŝƚŝĞƐ Žƌ ƚŚĞ ĐŽƐƚ ŽĨ ƚŚĞ ĐŽŵďŝŶĂƚŝŽŶ ĐĂŶ ďĞ ĚĞƚĞƌŵŝŶĞĚ ŽŶůǇ ƉƌŽǀŝƐŝŽŶĂůůǇ͕ ƚŚĞ 'ƌŽƵƉ ĂĐĐŽƵŶƚƐ ƚŚĞ ĐŽŵďŝŶĂƚŝŽŶ ƵƐŝŶŐ ƉƌŽǀŝƐŝŽŶĂů ǀĂůƵĞƐ͘ ĚũƵƐƚŵĞŶƚƐ ƚŽ ƚŚĞƐĞ ƉƌŽǀŝƐŝŽŶĂů ǀĂůƵĞƐ ĂƐ Ă ƌĞƐƵůƚ ŽĨ ĐŽŵƉůĞƚŝŶŐ ƚŚĞ ŝŶŝƚŝĂů ĂĐĐŽƵŶƚŝŶŐ ƐŚĂůů ďĞ ŵĂĚĞ ǁŝƚŚŝŶ ϭϮ ŵŽŶƚŚƐ ĨƌŽŵ ƚŚĞ ĂĐƋƵŝƐŝƚŝŽŶ ĚĂƚĞ͘ dŚĞ ĐĂƌƌǇŝŶŐ ĂŵŽƵŶƚ ŽĨ ĂŶ ŝĚĞŶƚŝĨŝĂďůĞ ĂƐƐĞƚ͕ ůŝĂďŝůŝƚǇ Žƌ ĐŽŶƚŝŶŐĞŶƚ ůŝĂďŝůŝƚǇ ƚŚĂƚ ŝƐ ƌĞĐŽŐŶŝǌĞĚ ĂƐ Ă ƌĞƐƵůƚ ŽĨ ĐŽŵƉůĞƚŝŶŐ ƚŚĞ ŝŶŝƚŝĂů ĂĐĐŽƵŶƚŝŶŐ ƐŚĂůů ďĞ ĐĂůĐƵůĂƚĞĚ ĂƐ ŝĨ ŝƚƐ ĨĂŝƌ ǀĂůƵĞ Ăƚ ƚŚĞ ĂĐƋƵŝƐŝƚŝŽŶ ĚĂƚĞ ŚĂĚ ďĞĞŶ ƌĞĐŽŐŶŝǌĞĚ ĨƌŽŵ ƚŚĂƚ ĚĂƚĞ ĂŶĚ ŐŽŽĚǁŝůů Žƌ ĂŶǇ ŐĂŝŶ ƌĞĐŽŐŶŝǌĞĚ ƐŚĂůů ďĞ ĂĚũƵƐƚĞĚ ĨƌŽŵ ƚŚĞ ĂĐƋƵŝƐŝƚŝŽŶ ĚĂƚĞ ďǇ ĂŶ ĂŵŽƵŶƚ ĞƋƵĂů ƚŽ ƚŚĞ ĂĚũƵƐƚŵĞŶƚ ƚŽ ƚŚĞ

Ͳ ϭϭ Ͳ ĨĂŝƌ ǀĂůƵĞ Ăƚ ƚŚĞ ĂĐƋƵŝƐŝƚŝŽŶ ĚĂƚĞ ŽĨ ƚŚĞ ŝĚĞŶƚŝĨŝĂďůĞ ĂƐƐĞƚ͕ ůŝĂďŝůŝƚǇ Žƌ ĐŽŶƚŝŶŐĞŶƚ ůŝĂďŝůŝƚǇ ďĞŝŶŐ ƌĞĐŽŐŶŝǌĞĚ Žƌ ĂĚũƵƐƚĞĚ͘ ĨƚĞƌ ŝŶŝƚŝĂů ƌĞĐŽŐŶŝƚŝŽŶ͕ ŐŽŽĚǁŝůů ŝƐ ŵĞĂƐƵƌĞĚ Ăƚ ĐŽƐƚ ůĞƐƐ ĂŶǇ ĂĐĐƵŵƵůĂƚĞĚ ŝŵƉĂŝƌŵĞŶƚ ůŽƐƐĞƐ͘ &Žƌ ƚŚĞ ƉƵƌƉŽƐĞ ŽĨ ŝŵƉĂŝƌŵĞŶƚ ƚĞƐƚŝŶŐ͕ ŐŽŽĚǁŝůů ĂĐƋƵŝƌĞĚ ŝŶ Ă ďƵƐŝŶĞƐƐ ĐŽŵďŝŶĂƚŝŽŶ ŝƐ͕ ĨƌŽŵ ƚŚĞ acquisition date, allocated to each of the Group’s cashͲŐĞŶĞƌĂƚŝŶŐ ƵŶŝƚƐ ; 'hͿ ƚŚĂƚ ĂƌĞ ĞǆƉĞĐƚĞĚ ƚŽ ďĞŶĞĨŝƚ ĨƌŽŵ ƚŚĞ ĐŽŵďŝŶĂƚŝŽŶ͕ ŝƌƌĞƐƉĞĐƚŝǀĞ ŽĨ ǁŚĞƚŚĞƌ ŽƚŚĞƌ ĂƐƐĞƚƐ Žƌ ůŝĂďŝůŝƚŝĞƐ ŽĨ ƚŚĞ ĂĐƋƵŝƌĞĞ ĂƌĞ ĂƐƐŝŐŶĞĚ ƚŽ ƚŚŽƐĞ ƵŶŝƚƐ͘ tŚĞƌĞ ŐŽŽĚǁŝůů ĨŽƌŵƐ ƉĂƌƚ ŽĨ Ă 'h ĂŶĚ ƉĂƌƚ ŽĨ ƚŚĞ ŽƉĞƌĂƚŝŽŶ ǁŝƚŚŝŶ ƚŚĂƚ ƵŶŝƚ ŝƐ ĚŝƐƉŽƐĞĚ ŽĨ͕ ƚŚĞ ŐŽŽĚǁŝůů ĂƐƐŽĐŝĂƚĞĚ ǁŝƚŚ ƚŚĞ ŽƉĞƌĂƚŝŽŶ ĚŝƐƉŽƐĞĚ ŽĨ ŝƐ ŝŶĐůƵĚĞĚ ŝŶ ƚŚĞ ĐĂƌƌǇŝŶŐ ĂŵŽƵŶƚ ŽĨ ƚŚĞ ŽƉĞƌĂƚŝŽŶ ǁŚĞŶ ĚĞƚĞƌŵŝŶŝŶŐ ƚŚĞ ŐĂŝŶ Žƌ ůŽƐƐ ŽŶ ĚŝƐƉŽƐĂů ŽĨ ƚŚĞ ŽƉĞƌĂƚŝŽŶ͘ 'ŽŽĚǁŝůů ĚŝƐƉŽƐĞĚ ŽĨ ŝŶ ƚŚŝƐ ĐŝƌĐƵŵƐƚĂŶĐĞ ŝƐ ŵĞĂƐƵƌĞĚ ďĂƐĞĚ ŽŶ ƚŚĞ ƌĞůĂƚŝǀĞ ǀĂůƵĞƐ ŽĨ ƚŚĞ ŽƉĞƌĂƚŝŽŶ ĚŝƐƉŽƐĞĚ ŽĨ ĂŶĚ ƚŚĞ ƉŽƌƚŝŽŶ ŽĨ ƚŚĞ 'h ƌĞƚĂŝŶĞĚ͘ &ŝŶĂŶĐŝĂů ƐƐĞƚƐ ĂŶĚ >ŝĂďŝůŝƚŝĞƐ ĂƚĞ ŽĨ ZĞĐŽŐŶŝƚŝŽŶ͘ dŚĞ 'ƌŽƵƉ ƌĞĐŽŐŶŝǌĞƐ Ă ĨŝŶĂŶĐŝĂů ĂƐƐĞƚ Žƌ Ă ĨŝŶĂŶĐŝĂů ůŝĂďŝůŝƚǇ ŝŶ ƚŚĞ ĐŽŶƐŽůŝĚĂƚĞĚ ƐƚĂƚĞŵĞŶƚƐ ŽĨ ĨŝŶĂŶĐŝĂů ƉŽƐŝƚŝŽŶ ǁŚĞŶ ŝƚ ďĞĐŽŵĞƐ Ă ƉĂƌƚǇ ƚŽ ƚŚĞ ĐŽŶƚƌĂĐƚƵĂů ƉƌŽǀŝƐŝŽŶƐ ŽĨ Ă ĨŝŶĂŶĐŝĂů ŝŶƐƚƌƵŵĞŶƚ͘ /Ŷ ƚŚĞ ĐĂƐĞ ŽĨ Ă ƌĞŐƵůĂƌ ǁĂǇ ƉƵƌĐŚĂƐĞ Žƌ ƐĂůĞ ŽĨ ĨŝŶĂŶĐŝĂů ĂƐƐĞƚƐ͕ ƌĞĐŽŐŶŝƚŝŽŶ ĂŶĚ ĚĞƌĞĐŽŐŶŝƚŝŽŶ͕ ĂƐ ĂƉƉůŝĐĂďůĞ ŝƐ ĚŽŶĞ ƵƐŝŶŐ ƐĞƚƚůĞŵĞŶƚ ĚĂƚĞ ĂĐĐŽƵŶƚŝŶŐ͘ /ŶŝƚŝĂů ZĞĐŽŐŶŝƚŝŽŶ͘ &ŝŶĂŶĐŝĂů ŝŶƐƚƌƵŵĞŶƚƐ ĂƌĞ ƌĞĐŽŐŶŝǌĞĚ ŝŶŝƚŝĂůůǇ Ăƚ ĨĂŝƌ ǀĂůƵĞ͕ ǁŚŝĐŚ ŝƐ ƚŚĞ ĨĂŝƌ ǀĂůƵĞ ŽĨ ƚŚĞ ĐŽŶƐŝĚĞƌĂƚŝŽŶ ŐŝǀĞŶ ;ŝŶ ĐĂƐĞ ŽĨ ĂŶ ĂƐƐĞƚͿ Žƌ ƌĞĐĞŝǀĞĚ ;ŝŶ ĐĂƐĞ ŽĨ Ă ůŝĂďŝůŝƚǇͿ͘ dŚĞ ŝŶŝƚŝĂů ŵĞĂƐƵƌĞŵĞŶƚ ŽĨ ĨŝŶĂŶĐŝĂů ŝŶƐƚƌƵŵĞŶƚƐ͕ ĞǆĐĞƉƚ ĨŽƌ ƚŚŽƐĞ ĚĞƐŝŐŶĂƚĞĚ Ăƚ ĨĂŝƌ ǀĂůƵĞ ƚŚƌŽƵŐŚ ƉƌŽĨŝƚ ĂŶĚ ůŽƐƐ ;&sW>Ϳ͕ ŝŶĐůƵĚĞƐ ƚƌĂŶƐĂĐƚŝŽŶ ĐŽƐƚ͘ “Day 1” Differences. tŚĞƌĞ ƚŚĞ ƚƌĂŶƐĂĐƚŝŽŶ ŝŶ Ă ŶŽŶͲĂĐƚŝǀĞ ŵĂƌŬĞƚ ŝƐ ĚŝĨĨĞƌĞŶƚ ĨƌŽŵ ƚŚĞ ĨĂŝƌ ǀĂůƵĞ ŽĨ ŽƚŚĞƌ ŽďƐĞƌǀĂďůĞ ĐƵƌƌĞŶƚ ŵĂƌŬĞƚ ƚƌĂŶƐĂĐƚŝŽŶƐ ŝŶ ƚŚĞ ƐĂŵĞ ŝŶƐƚƌƵŵĞŶƚ Žƌ ďĂƐĞĚ ŽŶ Ă ǀĂůƵĂƚŝŽŶ ƚĞĐŚŶŝƋƵĞ ǁŚŽƐĞ ǀĂƌŝĂďůĞƐ ŝŶĐůƵĚĞ ŽŶůǇ ĚĂƚĂ ĨƌŽŵ ŽďƐĞƌǀĂďůĞ ŵĂƌŬĞƚ͕ ƚŚĞ 'ƌŽƵƉ ƌĞĐŽŐŶŝǌĞƐ ƚŚĞ difference between the transaction price and fair value (a “Day 1” difference) in profit or loss. In ĐĂƐĞƐ ǁŚĞƌĞ ƚŚĞƌĞ ŝƐ ŶŽ ŽďƐĞƌǀĂďůĞ ĚĂƚĂ ŽŶ ŝŶĐĞƉƚŝŽŶ͕ ƚŚĞ 'ƌŽƵƉ ĚĞĞŵƐ ƚŚĞ ƚƌĂŶƐĂĐƚŝŽŶƐ ƉƌŝĐĞ ĂƐ the best estimate of fair value and recognizes “Day 1” difference in profit or loss when the inputs ďĞĐŽŵĞ ŽďƐĞƌǀĂďůĞ Žƌ ǁŚĞŶ ƚŚĞ ŝŶƐƚƌƵŵĞŶƚ ŝƐ ĚĞƌĞĐŽŐŶŝǌĞĚ͘ &Žƌ ĞĂĐŚ ƚƌĂŶƐĂĐƚŝŽŶ͕ ƚŚĞ 'ƌŽƵƉ determines the appropriate method of recognizing the “Day 1” difference. ůĂƐƐŝĨŝĐĂƚŝŽŶ ŽĨ &ŝŶĂŶĐŝĂů /ŶƐƚƌƵŵĞŶƚƐ͘ dŚĞ 'ƌŽƵƉ ĐůĂƐƐŝĨŝĞƐ ŝƚƐ ĨŝŶĂŶĐŝĂů ĂƐƐĞƚƐ Ăƚ ŝŶŝƚŝĂů ƌĞĐŽŐŶŝƚŝŽŶ ƵŶĚĞƌ ƚŚĞ ĨŽůůŽǁŝŶŐ ĐĂƚĞŐŽƌŝĞƐ͗ ;ĂͿ ĨŝŶĂŶĐŝĂů ĂƐƐĞƚƐ Ăƚ &sW>͕ ;ďͿ ŚĞůĚͲƚŽͲŵĂƚƵƌŝƚǇ ;,dDͿ ŝŶǀĞƐƚŵĞŶƚƐ͕ ;ĐͿ ůŽĂŶƐ ĂŶĚ ƌĞĐĞŝǀĂďůĞƐ ĂŶĚ ;ĚͿ &^ ĨŝŶĂŶĐŝĂů ĂƐƐĞƚƐ͘ &ŝŶĂŶĐŝĂů ůŝĂďŝůŝƚŝĞƐ͕ ŽŶ ƚŚĞ ŽƚŚĞƌ ŚĂŶĚ͕ ĂƌĞ ĐůĂƐƐŝĨŝĞĚ ĂƐ ĞŝƚŚĞƌ ĨŝŶĂŶĐŝĂů ůŝĂďŝůŝƚŝĞƐ Ăƚ &sW> Žƌ ŽƚŚĞƌ ĨŝŶĂŶĐŝĂů ůŝĂďŝůŝƚŝĞƐ Ăƚ ĂŵŽƌƚŝǌĞĚ ĐŽƐƚ͘ dŚĞ ĐůĂƐƐŝĨŝĐĂƚŝŽŶ ĚĞƉĞŶĚƐ ŽŶ ƚŚĞ ƉƵƌƉŽƐĞ ĨŽƌ ǁŚŝĐŚ ƚŚĞ ĨŝŶĂŶĐŝĂů ŝŶƐƚƌƵŵĞŶƚƐ ĂƌĞ ĂĐƋƵŝƌĞĚ Žƌ ŝŶĐƵƌƌĞĚ ĂŶĚ ǁŚĞƚŚĞƌ ƚŚĞǇ ĂƌĞ ƋƵŽƚĞĚ ŝŶ ĂŶ ĂĐƚŝǀĞ ŵĂƌŬĞƚ͘ Ɛ Ăƚ ĞĐĞŵďĞƌ ϯϭ͕ ϮϬϭϳ ĂŶĚ ϮϬϭϲ͕ ƚŚĞ 'ƌŽƵƉ ĚŽĞƐ ŶŽƚ ŚĂǀĞ ĨŝŶĂŶĐŝĂů ĂƐƐĞƚƐ ĂŶĚ ůŝĂďŝůŝƚŝĞƐ Ăƚ &sW> ĂŶĚ ,dD ŝŶǀĞƐƚŵĞŶƚƐ͘ &^ &ŝŶĂŶĐŝĂů ƐƐĞƚƐ͘ &^ ĨŝŶĂŶĐŝĂů ĂƐƐĞƚƐ ĂƌĞ ŶŽŶĚĞƌŝǀĂƚŝǀĞ ĨŝŶĂŶĐŝĂů ĂƐƐĞƚƐ ƚŚĂƚ ĂƌĞ ĞŝƚŚĞƌ ĚĞƐŝŐŶĂƚĞĚ ŝŶ ƚŚŝƐ ĐĂƚĞŐŽƌǇ Žƌ ŶŽƚ ĐůĂƐƐŝĨŝĞĚ ŝŶ ĂŶǇ ŽĨ ƚŚĞ ŽƚŚĞƌ ĐĂƚĞŐŽƌŝĞƐ͘ dŚĞƐĞ ĂƌĞ ƉƵƌĐŚĂƐĞĚ ĂŶĚ ŚĞůĚ ŝŶĚĞĨŝŶŝƚĞůǇ͕ ĂŶĚ ŵĂǇ ďĞ ƐŽůĚ ŝŶ ƌĞƐƉŽŶƐĞ ƚŽ ůŝƋƵŝĚŝƚǇ ƌĞƋƵŝƌĞŵĞŶƚƐ Žƌ ĐŚĂŶŐĞƐ ŝŶ ŵĂƌŬĞƚ ĐŽŶĚŝƚŝŽŶƐ͘ ĨƚĞƌ ŝŶŝƚŝĂů ƌĞĐŽŐŶŝƚŝŽŶ͕ &^ ĨŝŶĂŶĐŝĂů ĂƐƐĞƚƐ ĂƌĞ ŵĞĂƐƵƌĞĚ Ăƚ ĨĂŝƌ ǀĂůƵĞ͘ dŚĞ ƵŶƌĞĂůŝǌĞĚ ŐĂŝŶƐ ĂŶĚ ůŽƐƐĞƐ ĂƌŝƐŝŶŐ ĨƌŽŵ ƚŚĞ ĨĂŝƌ ǀĂůƵĂƚŝŽŶ ŽĨ &^ ĨŝŶĂŶĐŝĂů ĂƐƐĞƚƐ ĂƌĞ ƌĞƉŽƌƚĞĚ ŝŶ ƚŚĞ

Ͳ ϭϮ Ͳ ĐŽŶƐŽůŝĚĂƚĞĚ ƐƚĂƚĞŵĞŶƚƐ ŽĨ ĐŽŵƉƌĞŚĞŶƐŝǀĞ ŝŶĐŽŵĞ ĂŶĚ ŝŶ ƚŚĞ ĞƋƵŝƚǇ ƐĞĐƚŝŽŶ ŽĨ ƚŚĞ ĐŽŶƐŽůŝĚĂƚĞĚ ƐƚĂƚĞŵĞŶƚƐ ŽĨ ĨŝŶĂŶĐŝĂů ƉŽƐŝƚŝŽŶ͘ dŚĞƐĞ ĐŚĂŶŐĞƐ ŝŶ ĨĂŝƌ ǀĂůƵĞƐ ĂƌĞ ƌĞĐŽŐŶŝǌĞĚ ŝŶ ĞƋƵŝƚǇ ƵŶƚŝů ƚŚĞ ŝŶǀĞƐƚŵĞŶƚ ŝƐ ƐŽůĚ͕ ĐŽůůĞĐƚĞĚ͕ Žƌ ŽƚŚĞƌǁŝƐĞ ĚŝƐƉŽƐĞĚ ŽĨ Žƌ ƵŶƚŝů ƚŚĞ ŝŶǀĞƐƚŵĞŶƚ ŝƐ ĚĞƚĞƌŵŝŶĞĚ ƚŽ ďĞ ŝŵƉĂŝƌĞĚ͕ Ăƚ ǁŚŝĐŚ ƚŝŵĞ ƚŚĞ ĐƵŵƵůĂƚŝǀĞ ŐĂŝŶ Žƌ ůŽƐƐ ƉƌĞǀŝŽƵƐůǇ ƌĞƉŽƌƚĞĚ ŝŶ ĞƋƵŝƚǇ ĂƌĞ ŝŶĐůƵĚĞĚ ŝŶ ƉƌŽĨŝƚ Žƌ ůŽƐƐ͘ ůĂƐƐŝĨŝĞĚ ƵŶĚĞƌ ƚŚŝƐ ĐĂƚĞŐŽƌǇ ĂƌĞ ŝŶǀĞƐƚŵĞŶƚ ŝŶ ƐŚĂƌĞƐ ŽĨ ƐƚŽĐŬ ŽĨ / / ;/ƐůĂŶĚ ůƵďͿ ĂŶĚ d DW/ ; ŝƚǇ ůƵďͿ͘ >ŽĂŶƐ ĂŶĚ ZĞĐĞŝǀĂďůĞƐ͘ >ŽĂŶƐ ĂŶĚ ƌĞĐĞŝǀĂďůĞƐ ĂƌĞ ŶŽŶͲĚĞƌŝǀĂƚŝǀĞ ĨŝŶĂŶĐŝĂů ĂƐƐĞƚƐ ǁŝƚŚ ĨŝǆĞĚ Žƌ ĚĞƚĞƌŵŝŶĂďůĞ ƉĂǇŵĞŶƚƐ ĂŶĚ ŵĂƚƵƌŝƚŝĞƐ ƚŚĂƚ ĂƌĞ ŶŽƚ ƋƵŽƚĞĚ ŝŶ ĂŶ ĂĐƚŝǀĞ ŵĂƌŬĞƚ͘ ^ƵďƐĞƋƵĞŶƚ ƚŽ ŝŶŝƚŝĂů ŵĞĂƐƵƌĞŵĞŶƚ͕ ůŽĂŶƐ ĂŶĚ ƌĞĐĞŝǀĂďůĞƐ ĂƌĞ ŵĞĂƐƵƌĞĚ Ăƚ ĂŵŽƌƚŝǌĞĚ ĐŽƐƚ ƵƐŝŶŐ ƚŚĞ ĞĨĨĞĐƚŝǀĞ ŝŶƚĞƌĞƐƚ ŵĞƚŚŽĚ͕ ůĞƐƐ ĂŶǇ ŝŵƉĂŝƌŵĞŶƚ ŝŶ ǀĂůƵĞ͘ ŵŽƌƚŝǌĞĚ ĐŽƐƚ ŝƐ ĐĂůĐƵůĂƚĞĚ ďǇ ƚĂŬŝŶŐ ŝŶƚŽ ĂĐĐŽƵŶƚ ĂŶǇ ĚŝƐĐŽƵŶƚ Žƌ ƉƌĞŵŝƵŵ ŽŶ ĂĐƋƵŝƐŝƚŝŽŶ ĂŶĚ ĨĞĞƐ ƚŚĂƚ ĂƌĞ ĂŶ ŝŶƚĞŐƌĂů ƉĂƌƚ ŽĨ ƚŚĞ ĞĨĨĞĐƚŝǀĞ ŝŶƚĞƌĞƐƚ ƌĂƚĞ͘ 'ĂŝŶƐ Žƌ ůŽƐƐĞƐ ĂƌĞ ƌĞĐŽŐŶŝǌĞĚ ŝŶ ƉƌŽĨŝƚ Žƌ ůŽƐƐ ǁŚĞŶ ůŽĂŶƐ ĂŶĚ ƌĞĐĞŝǀĂďůĞƐ ĂƌĞ ĚĞƌĞĐŽŐŶŝǌĞĚ Žƌ ŝŵƉĂŝƌĞĚ͕ ĂƐ ǁĞůů ĂƐ ƚŚƌŽƵŐŚ ƚŚĞ ĂŵŽƌƚŝǌĂƚŝŽŶ ƉƌŽĐĞƐƐ͘ /ŶĐůƵĚĞĚ ŝŶ ƚŚŝƐ ĐĂƚĞŐŽƌǇ ĂƌĞ ĐĂƐŚ ĂŶĚ ĐĂƐŚ ĞƋƵŝǀĂůĞŶƚƐ͕ ƚƌĂĚĞ ĂŶĚ ŽƚŚĞƌ ƌĞĐĞŝǀĂďůĞƐ ;ĞǆĐůƵĚŝŶŐ ĂĚǀĂŶĐĞƐ ƚŽ ŽĨĨŝĐĞƌƐ ĂŶĚ ĞŵƉůŽǇĞĞƐͿ͕ ĂĚǀĂŶĐĞƐ ƚŽ ƌĞůĂƚĞĚ ƉĂƌƚŝĞƐ͕ ƌĞƐƚƌŝĐƚĞĚ ĐĂƐŚ ;ƉƌĞƐĞŶƚĞĚ ƵŶĚĞƌ “ŽƚŚĞƌ ĐƵƌƌĞŶƚ ĂƐƐĞƚƐ”Ϳ͕ ƌĞĨƵŶĚĂďůĞ ĚĞƉŽƐŝƚƐ ;ƉƌĞƐĞŶƚĞĚ ƵŶĚĞƌ “ŽƚŚĞƌ ŶŽŶĐƵƌƌĞŶƚ ĂƐƐĞƚƐ”Ϳ ĂŶĚ ĂĚǀĂŶĐĞƐ ƚŽ ĂƐƐŽĐŝĂƚĞƐ͘ KƚŚĞƌ &ŝŶĂŶĐŝĂů >ŝĂďŝůŝƚŝĞƐ Ăƚ ŵŽƌƚŝǌĞĚ ŽƐƚ͘ &ŝŶĂŶĐŝĂů ůŝĂďŝůŝƚŝĞƐ ĂƌĞ ĐůĂƐƐŝĨŝĞĚ ŝŶ ƚŚŝƐ ĐĂƚĞŐŽƌǇ ŝĨ ƚŚĞƐĞ ĂƌĞ ŶŽƚ ŚĞůĚ ĨŽƌ ƚƌĂĚŝŶŐ Žƌ ĂƌĞ ŶŽƚ ĚĞƐŝŐŶĂƚĞĚ ĂƐ Ăƚ &sW> ƵƉŽŶ ƚŚĞ ŝŶĐĞƉƚŝŽŶ ŽĨ ƚŚĞ ůŝĂďŝůŝƚǇ͘ dŚĞƐĞ ŝŶĐůƵĚĞ ůŝĂďŝůŝƚŝĞƐ ĂƌŝƐŝŶŐ ĨƌŽŵ ŽƉĞƌĂƚŝŽŶƐ Žƌ ƚŚƌŽƵŐŚ ďŽƌƌŽǁŝŶŐƐ͘ KƚŚĞƌ ĨŝŶĂŶĐŝĂů ůŝĂďŝůŝƚŝĞƐ ĂƌĞ ƌĞĐŽŐŶŝǌĞĚ ŝŶŝƚŝĂůůǇ Ăƚ ĨĂŝƌ ǀĂůƵĞ ůĞƐƐ ĂŶǇ ĚŝƌĞĐƚ ƚƌĂŶƐĂĐƚŝŽŶ ĐŽƐƚƐ͘ ĨƚĞƌ ŝŶŝƚŝĂů ƌĞĐŽŐŶŝƚŝŽŶ͕ ŽƚŚĞƌ ĨŝŶĂŶĐŝĂů ůŝĂďŝůŝƚŝĞƐ ĂƌĞ ƐƵďƐĞƋƵĞŶƚůǇ ŵĞĂƐƵƌĞĚ Ăƚ ĂŵŽƌƚŝǌĞĚ ĐŽƐƚ ƵƐŝŶŐ ƚŚĞ ĞĨĨĞĐƚŝǀĞ ŝŶƚĞƌĞƐƚ ŵĞƚŚŽĚ͘ ŵŽƌƚŝǌĞĚ ĐŽƐƚ ŝƐ ĐĂůĐƵůĂƚĞĚ ďǇ ƚĂŬŝŶŐ ŝŶƚŽ ĂĐĐŽƵŶƚ ĂŶǇ ĚŝƐĐŽƵŶƚ Žƌ ƉƌĞŵŝƵŵ͘ 'ĂŝŶƐ ĂŶĚ ůŽƐƐĞƐ ĂƌĞ ƌĞĐŽŐŶŝǌĞĚ ŝŶ ƉƌŽĨŝƚ Žƌ ůŽƐƐ ǁŚĞŶ ƚŚĞ ůŝĂďŝůŝƚŝĞƐ ĂƌĞ ĚĞƌĞĐŽŐŶŝǌĞĚ Žƌ ƚŚƌŽƵŐŚ ƚŚĞ ĂŵŽƌƚŝǌĂƚŝŽŶ ƉƌŽĐĞƐƐ͘ dŚŝƐ ĐĂƚĞŐŽƌǇ ŝŶĐůƵĚĞƐ ƚƌĂĚĞ ĂŶĚ ŽƚŚĞƌ ƉĂǇĂďůĞƐ ;ĞǆĐůƵĚŝŶŐ ĚĞƉŽƐŝƚƐ ĨƌŽŵ ƐĂůĞ ŽĨ ƌĞĂů ĞƐƚĂƚĞ͕ ƵŶĞĂƌŶĞĚ ŝŶĐŽŵĞ ĂŶĚ ƐƚĂƚƵƚŽƌǇ ƉĂǇĂďůĞƐͿ͕ ůŽŶŐͲƚĞƌŵ ĚĞďƚ͕ ĐƵƐƚŽŵĞƌƐ’ ĚĞƉŽƐŝƚƐ͕ ĂĚǀĂŶĐĞƐ ĨƌŽŵ ƌĞůĂƚĞĚ ƉĂƌƚŝĞƐ ĂŶĚ ŽƚŚĞƌ ŶŽŶĐƵƌƌĞŶƚ ůŝĂďŝůŝƚŝĞƐ͘ /ŵƉĂŝƌŵĞŶƚ ŽĨ &ŝŶĂŶĐŝĂů ƐƐĞƚƐ dŚĞ 'ƌŽƵƉ ĂƐƐĞƐƐĞƐ Ăƚ ĞĂĐŚ ƌĞƉŽƌƚŝŶŐ ĚĂƚĞ ǁŚĞƚŚĞƌ ƚŚĞƌĞ ŝƐ ŽďũĞĐƚŝǀĞ ĞǀŝĚĞŶĐĞ ƚŚĂƚ Ă ĨŝŶĂŶĐŝĂů ĂƐƐĞƚ Žƌ ŐƌŽƵƉ ŽĨ ĨŝŶĂŶĐŝĂů ĂƐƐĞƚƐ ŝƐ ŝŵƉĂŝƌĞĚ͘

ĨŝŶĂŶĐŝĂů ĂƐƐĞƚ Žƌ Ă ŐƌŽƵƉ ŽĨ ĨŝŶĂŶĐŝĂů ĂƐƐĞƚƐ ŝƐ ĚĞĞŵĞĚ ƚŽ ďĞ ŝŵƉĂŝƌĞĚ ŝĨ͕ ĂŶĚ ŽŶůǇ ŝĨ͕ ƚŚĞƌĞ ŝƐ ĂŶ ŽďũĞĐƚŝǀĞ ĞǀŝĚĞŶĐĞ ŽĨ ŝŵƉĂŝƌŵĞŶƚ ĂƐ Ă ƌĞƐƵůƚ ŽĨ ŽŶĞ Žƌ ŵŽƌĞ ĞǀĞŶƚƐ ƚŚĂƚ ŚĂǀĞ ŽĐĐƵƌƌĞĚ ĂĨƚĞƌ ƚŚĞ ŝŶŝƚŝĂů ƌĞĐŽŐnition of the asset (a “loss event”) and that loss event (or events) has an impact on the ĞƐƚŝŵĂƚĞĚ ĨƵƚƵƌĞ ĐĂƐŚ ĨůŽǁƐ ŽĨ ƚŚĞ ĨŝŶĂŶĐŝĂů ĂƐƐĞƚ Žƌ ƚŚĞ ŐƌŽƵƉ ŽĨ ĨŝŶĂŶĐŝĂů ĂƐƐĞƚƐ ƚŚĂƚ ĐĂŶ ďĞ ƌĞůŝĂďůǇ ĞƐƚŝŵĂƚĞĚ͘ ǀŝĚĞŶĐĞ ŽĨ ŝŵƉĂŝƌŵĞŶƚ ŵĂǇ ŝŶĐůƵĚĞ ŝŶĚŝĐĂƚŝŽŶƐ ƚŚĂƚ ƚŚĞ ďŽƌƌŽǁĞƌ Žƌ Ă ŐƌŽƵƉ ŽĨ ďŽƌƌŽǁĞƌƐ ŝƐ ĞǆƉĞƌŝĞŶĐŝŶŐ ƐŝŐŶŝĨŝĐĂŶƚ ĨŝŶĂŶĐŝĂů ĚŝĨĨŝĐƵůƚǇ͕ ĚĞĨĂƵůƚ Žƌ ĚĞůŝŶƋƵĞŶĐǇ ŝŶ ŝŶƚĞƌĞƐƚ Žƌ ƉƌŝŶĐŝƉĂů ƉĂǇŵĞŶƚƐ͕ ƚŚĞ ƉƌŽďĂďŝůŝƚǇ ƚŚĂƚ ƚŚĞǇ ǁŝůů ĞŶƚĞƌ ďĂŶŬƌƵƉƚĐǇ Žƌ ŽƚŚĞƌ ĨŝŶĂŶĐŝĂů ƌĞŽƌŐĂŶŝǌĂƚŝŽŶ ĂŶĚ ǁŚĞƌĞ ŽďƐĞƌǀĂďůĞ ĚĂƚĂ ŝŶĚŝĐĂƚĞ ƚŚĂƚ ƚŚĞƌĞ ŝƐ ŵĞĂƐƵƌĂďůĞ ĚĞĐƌĞĂƐĞ ŝŶ ƚŚĞ ĞƐƚŝŵĂƚĞĚ ĨƵƚƵƌĞ ĐĂƐŚ ĨůŽǁƐ͕ ƐƵĐŚ ĂƐ ĐŚĂŶŐĞƐ ŝŶ ĂƌƌĞĂƌƐ Žƌ ĞĐŽŶŽŵŝĐ ĐŽŶĚŝƚŝŽŶƐ ƚŚĂƚ ĐŽƌƌĞůĂƚĞ ǁŝƚŚ ĚĞĨĂƵůƚƐ͘

Ͳ ϭϯ Ͳ >ŽĂŶƐ ĂŶĚ ZĞĐĞŝǀĂďůĞƐ͘ dŚĞ 'ƌŽƵƉ ĂƐƐĞƐƐĞƐ Ăƚ ĞĂĐŚ ƌĞƉŽƌƚŝŶŐ ĚĂƚĞ ǁŚĞƚŚĞƌ ŽďũĞĐƚŝǀĞ ĞǀŝĚĞŶĐĞ ŽĨ ŝŵƉĂŝƌŵĞŶƚ ĞǆŝƐƚƐ ŝŶĚŝǀŝĚƵĂůůǇ ĨŽƌ ĨŝŶĂŶĐŝĂů ĂƐƐĞƚƐ ƚŚĂƚ ĂƌĞ ŝŶĚŝǀŝĚƵĂůůǇ ƐŝŐŶŝĨŝĐĂŶƚ ĂŶĚ ŝŶĚŝǀŝĚƵĂůůǇ Žƌ ĐŽůůĞĐƚŝǀĞůǇ ĨŽƌ ĨŝŶĂŶĐŝĂů ĂƐƐĞƚƐ ƚŚĂƚ ĂƌĞ ŶŽƚ ŝŶĚŝǀŝĚƵĂůůǇ ƐŝŐŶŝĨŝĐĂŶƚ͘ /Ĩ ƚŚĞ 'ƌŽƵƉ ĚĞƚĞƌŵŝŶĞƐ ƚŚĂƚ ŶŽ ŽďũĞĐƚŝǀĞ ĞǀŝĚĞŶĐĞ ŽĨ ŝŵƉĂŝƌŵĞŶƚ ĞǆŝƐƚƐ ĨŽƌ ŝŶĚŝǀŝĚƵĂůůǇ ĂƐƐĞƐƐĞĚ ĨŝŶĂŶĐŝĂů ĂƐƐĞƚƐ͕ ǁŚĞƚŚĞƌ ƐŝŐŶŝĨŝĐĂŶƚ Žƌ ŶŽƚ͕ ŝƚ ŝŶĐůƵĚĞƐ ƚŚĞ ĨŝŶĂŶĐŝĂů ĂƐƐĞƚƐ ŝŶ Ă ƉŽƌƚĨŽůŝŽ ǁŝƚŚ ƐŝŵŝůĂƌ ĐƌĞĚŝƚ ƌŝƐŬ ĐŚĂƌĂĐƚĞƌŝƐƚŝĐƐ ĂŶĚ ĐŽůůĞĐƚŝǀĞůǇ ĂƐƐĞƐƐĞƐ ƚŚĞŵ ĨŽƌ ŝŵƉĂŝƌŵĞŶƚ͘ &ŝŶĂŶĐŝĂů ĂƐƐĞƚƐ ƚŚĂƚ ĂƌĞ ŝŶĚŝǀŝĚƵĂůůǇ ĂƐƐĞƐƐĞĚ ĨŽƌ ŝŵƉĂŝƌŵĞŶƚ ĂŶĚ ĨŽƌ ǁŚŝĐŚ ĂŶ ŝŵƉĂŝƌŵĞŶƚ ůŽƐƐ ŝƐ͕ Žƌ ĐŽŶƚŝŶƵĞƐ ƚŽ ďĞ͕ ƌĞĐŽŐŶŝǌĞĚ ĂƌĞ ŶŽƚ ŝŶĐůƵĚĞĚ ŝŶ ƚŚĞ ĐŽůůĞĐƚŝǀĞ ĂƐƐĞƐƐŵĞŶƚ ĨŽƌ ŝŵƉĂŝƌŵĞŶƚ͘ /Ĩ ƚŚĞƌĞ ŝƐ ŽďũĞĐƚŝǀĞ ĞǀŝĚĞŶĐĞ ƚŚĂƚ ĂŶ ŝŵƉĂŝƌŵĞŶƚ ůŽƐƐ ŚĂƐ ďĞĞŶ ŝŶĐƵƌƌĞĚ͕ ƚŚĞ ĂŵŽƵŶƚ ŽĨ ƚŚĞ ůŽƐƐ ŝƐ ŵĞĂƐƵƌĞĚ ĂƐ ƚŚe excess of financial asset’s carrying amount over its net realizable value ;EZsͿ͕ ŶŽƌŵĂůůǇ ďĂƐĞĚ ŽŶ ƚŚĞ ƉƌĞƐĞŶƚ ǀĂůƵĞ ŽĨ ƚŚĞ ĞƐƚŝŵĂƚĞĚ ĨƵƚƵƌĞ ĐĂƐŚ ĨůŽǁƐ ĨƌŽŵ ƚŚĞ ĨŝŶĂŶĐŝĂů ĂƐƐĞƚ͘ dŚĞ ƉƌĞƐĞŶƚ ǀĂůƵĞ ŽĨ ƚŚĞ ĞƐƚŝŵĂƚĞĚ ĨƵƚƵƌĞ ĐĂƐŚ ĨůŽǁƐ ŝƐ ĚŝƐĐŽƵŶƚĞĚ Ăƚ ƚŚĞ Ĩinancial asset’s original ĞĨĨĞĐƚŝǀĞ ŝŶƚĞƌĞƐƚ ƌĂƚĞ͘ dŝŵĞ ǀĂůƵĞ ŝƐ ŐĞŶĞƌĂůůǇ ŶŽƚ ĐŽŶƐŝĚĞƌĞĚ ǁŚĞŶ ƚŚĞ ĞĨĨĞĐƚ ŽĨ ĚŝƐĐŽƵŶƚŝŶŐ ŝƐ ŶŽƚ ŵĂƚĞƌŝĂů͘ /Ĩ Ă ĨŝŶĂŶĐŝĂů ĂƐƐĞƚ ŚĂƐ Ă ǀĂƌŝĂďůĞ ŝŶƚĞƌĞƐƚ ƌĂƚĞ͕ ƚŚĞ ĚŝƐĐŽƵŶƚ ƌĂƚĞ ĨŽƌ ŵĞĂƐƵƌŝŶŐ ĂŶǇ ŝŵƉĂŝƌŵĞŶƚ ůŽƐƐ ŝƐ ƚŚĞ ĐƵƌƌĞŶƚ ĞĨĨĞĐƚŝǀĞ ŝŶƚĞƌĞƐƚ ƌĂƚĞ͕ ĂĚũƵƐƚĞĚ ĨŽƌ ƚŚĞ ŽƌŝŐŝŶĂů ĐƌĞĚŝƚ ƌŝƐŬ ƉƌĞŵŝƵŵ͘ dŚĞ ĐĂůĐƵůĂƚŝŽŶ ŽĨ ƚŚĞ ƉƌĞƐĞŶƚ ǀĂůƵĞ ŽĨ ƚŚĞ ĞƐƚŝŵĂƚĞĚ ĨƵƚƵƌĞ ĐĂƐŚ ĨůŽǁƐ ŽĨ Ă ĐŽůůĂƚĞƌĂůŝǌĞĚ ĨŝŶĂŶĐŝĂů ĂƐƐĞƚ ƌĞĨůĞĐƚƐ ƚŚĞ ĐĂƐŚ ĨůŽǁƐ ƚŚĂƚ ŵĂǇ ƌĞƐƵůƚ ĨƌŽŵ ĨŽƌĞĐůŽƐƵƌĞ ůĞƐƐ ĐŽƐƚƐ ĨŽƌ ŽďƚĂŝŶŝŶŐ ĂŶĚ ƐĞůůŝŶŐ ƚŚĞ ĐŽůůĂƚĞƌĂů͕ ǁŚĞƚŚĞƌ Žƌ ŶŽƚ ĨŽƌĞĐůŽƐƵƌĞ ŝƐ ƉƌŽďĂďůĞ͘ ŶǇ ŝŵƉĂŝƌŵĞŶƚ ůŽƐƐ ĚĞƚĞƌŵŝŶĞĚ ŝƐ ƌĞĐŽŐŶŝǌĞĚ ŝŶ ƉƌŽĨŝƚ Žƌ ůŽƐƐ͘ dŚĞ ĐĂƌƌǇŝŶŐ ĂŵŽƵŶƚ ŽĨ ĂŶ ŝŵƉĂŝƌĞĚ ĨŝŶĂŶĐŝĂů ĂƐƐĞƚ ŝƐ ƌĞĚƵĐĞĚ ƚŽ ŝƚƐ EZs ƚŚƌŽƵŐŚ ƚŚĞ ƵƐĞ ŽĨ ĂŶ ĂůůŽǁĂŶĐĞ ĂĐĐŽƵŶƚ͘ &Žƌ ĂŶ ŝŵƉĂŝƌĞĚ ĨŝŶĂŶĐŝĂů ĂƐƐĞƚ͕ ŝŶƚĞƌĞƐƚ ŝŶĐŽŵĞ ĐŽŶƚŝŶƵĞƐ ƚŽ ďĞ ƌĞĐŽŐŶŝǌĞĚ ƵƐŝŶŐ ƚŚĞ ƌĂƚĞ ŽĨ ŝŶƚĞƌĞƐƚ ƵƐĞĚ ƚŽ ĚŝƐĐŽƵŶƚ ƚŚĞ ĨƵƚƵƌĞ ĐĂƐŚ ĨůŽǁƐ ĨŽƌ ƚŚĞ ƉƵƌƉŽƐĞ ŽĨ ŵĞĂƐƵƌŝŶŐ ƚŚĞ ŝŵƉĂŝƌŵĞŶƚ ůŽƐƐ͘ &^ &ŝŶĂŶĐŝĂů ƐƐĞƚƐ͘ /Ŷ ƚŚĞ ĐĂƐĞ ŽĨ ĞƋƵŝƚǇ ŝŶǀĞƐƚŵĞŶƚƐ͕ ĞǀŝĚĞŶĐĞ ŽĨ ŝŵƉĂŝƌŵĞŶƚ ǁŽƵůĚ ŝŶĐůƵĚĞ Ă ƐŝŐŶŝĨŝĐĂŶƚ Žƌ ƉƌŽůŽŶŐĞĚ ĚĞĐůŝŶĞ ŝŶ ĨĂŝƌ ǀĂůƵĞ ŽĨ ŝŶǀĞƐƚŵĞŶƚƐ ďĞůŽǁ ŝƚƐ ĐŽƐƚ͘ tŚĞƌĞ ƚŚĞƌĞ ŝƐ ĞǀŝĚĞŶĐĞ ŽĨ ŝŵƉĂŝƌŵĞŶƚ͕ ƚŚĞ ĐƵŵƵůĂƚŝǀĞ ůŽƐƐ Ͳ ŵĞĂƐƵƌĞĚ ĂƐ ƚŚĞ ĚŝĨĨĞƌĞŶĐĞ ďĞƚǁĞĞŶ ƚŚĞ ĂĐƋƵŝƐŝƚŝŽŶ ĐŽƐƚ ĂŶĚ ƚŚĞ ĐƵƌƌĞŶƚ ĨĂŝƌ ǀĂůƵĞ͕ ůĞƐƐ ĂŶǇ ŝŵƉĂŝƌŵĞŶƚ ůŽƐƐ ŽŶ ƚŚĂƚ ĨŝŶĂŶĐŝĂů ĂƐƐĞƚ ƉƌĞǀŝŽƵƐůǇ ƌĞĐŽŐŶŝǌĞĚ͕ ŝƐ ƌĞŵŽǀĞĚ ĨƌŽŵ K / ĂŶĚ ƌĞĐŽŐŶŝǌĞĚ ŝŶ ƉƌŽĨŝƚ Žƌ ůŽƐƐ͘ /ŵƉĂŝƌŵĞŶƚ ůŽƐƐĞƐ ŽŶ ĞƋƵŝƚǇ ŝŶǀĞƐƚŵĞŶƚƐ ĂƌĞ ŶŽƚ ƌĞǀĞƌƐĞĚ ƚŚƌŽƵŐŚ ƉƌŽĨŝƚ Žƌ ůŽƐƐ͘ /ŶĐƌĞĂƐĞƐ ŝŶ ĨĂŝƌ ǀĂůƵĞ ĂĨƚĞƌ ŝŵƉĂŝƌŵĞŶƚ ĂƌĞ ƌĞĐŽŐŶŝǌĞĚ ĚŝƌĞĐƚůǇ ŝŶ K /͘ ĞƌĞĐŽŐŶŝƚŝŽŶ ŽĨ &ŝŶĂŶĐŝĂů ƐƐĞƚƐ ĂŶĚ >ŝĂďŝůŝƚŝĞƐ &ŝŶĂŶĐŝĂů ƐƐĞƚƐ͘ ĨŝŶĂŶĐŝĂů ĂƐƐĞƚ ;Žƌ͕ ǁŚĞƌĞ ĂƉƉůŝĐĂďůĞ Ă ƉĂƌƚ ŽĨ Ă ĨŝŶĂŶĐŝĂů ĂƐƐĞƚ Žƌ ƉĂƌƚ ŽĨ Ă ŐƌŽƵƉ ŽĨ ƐŝŵŝůĂƌ ĨŝŶĂŶĐŝĂů ĂƐƐĞƚƐͿ ŝƐ ĚĞƌĞĐŽŐŶŝǌĞĚ ǁŚĞŶ͗

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ƚŚĞ ƌŝŐŚƚ ƚŽ ƌĞĐĞŝǀĞ ĐĂƐŚ ĨůŽǁƐ ĨƌŽŵ ƚŚĞ ĂƐƐĞƚ ŚĂƐ ĞǆƉŝƌĞĚ͖

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ƚŚĞ 'ƌŽƵƉ ƌĞƚĂŝŶƐ ƚŚĞ ƌŝŐŚƚ ƚŽ ƌĞĐĞŝǀĞ ĐĂƐŚ ĨůŽǁƐ ĨƌŽŵ ƚŚĞ ĂƐƐĞƚ͕ ďƵƚ ŚĂƐ ĂƐƐƵŵĞĚ ĂŶ ŽďůŝŐĂƚŝŽŶ to pay them in full without material delay to a third party under a “passͲthrough” arrangement; Žƌ

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ƚŚĞ 'ƌŽƵƉ ŚĂƐ ƚƌĂŶƐĨĞƌƌĞĚ ŝƚƐ ƌŝŐŚƚ ƚŽ ƌĞĐĞŝǀĞ ĐĂƐŚ ĨůŽǁƐ ĨƌŽŵ ƚŚĞ ĂƐƐĞƚ ĂŶĚ ĞŝƚŚĞƌ͗ ;ĂͿ ŚĂƐ ƚƌĂŶƐĨĞƌƌĞĚ ƐƵďƐƚĂŶƚŝĂůůǇ Ăůů ƚŚĞ ƌŝƐŬƐ ĂŶĚ ƌĞǁĂƌĚƐ ŽĨ ƚŚĞ ĂƐƐĞƚ͕ Žƌ ;ďͿ ŚĂƐ ŶĞŝƚŚĞƌ ƚƌĂŶƐĨĞƌƌĞĚ ŶŽƌ ƌĞƚĂŝŶĞĚ ƐƵďƐƚĂŶƚŝĂůůǇ Ăůů ƚŚĞ ƌŝƐŬƐ ĂŶĚ ƌĞǁĂƌĚƐ ŽĨ ƚŚĞ ĂƐƐĞƚ͕ ďƵƚ ŚĂƐ ƚƌĂŶƐĨĞƌƌĞĚ ĐŽŶƚƌŽů ŽĨ ƚŚĞ ĂƐƐĞƚ͘

Ͳ ϭϰ Ͳ tŚĞŶ ƚŚĞ 'ƌŽƵƉ ŚĂƐ ƚƌĂŶƐĨĞƌƌĞĚ ŝƚƐ ƌŝŐŚƚ ƚŽ ƌĞĐĞŝǀĞ ĐĂƐŚ ĨůŽǁƐ ĨƌŽŵ ĂŶ ĂƐƐĞƚ ĂŶĚ ŚĂƐ ŶĞŝƚŚĞƌ ƚƌĂŶƐĨĞƌƌĞĚ ŶŽƌ ƌĞƚĂŝŶĞĚ ƐƵďƐƚĂŶƚŝĂůůǇ Ăůů ƚŚĞ ƌŝƐŬƐ ĂŶĚ ƌĞǁĂƌĚƐ ŽĨ ƚŚĞ ĂƐƐĞƚ ŶŽƌ ƚƌĂŶƐĨĞƌƌĞĚ ĐŽŶƚƌŽů ŽĨ ƚŚĞ ĂƐƐĞƚ͕ ƚŚĞ ĂƐƐĞƚ ŝƐ ƌĞĐŽŐŶŝǌĞĚ ƚŽ the extent of the Group’s continuing involvement ŝŶ ƚŚĞ ĂƐƐĞƚ͘ ŽŶƚŝŶƵŝŶŐ ŝŶǀŽůǀĞŵĞŶƚ ƚŚĂƚ ƚĂŬĞƐ ƚŚĞ ĨŽƌŵ ŽĨ Ă ŐƵĂƌĂŶƚĞĞ ŽǀĞƌ ƚŚĞ ƚƌĂŶƐĨĞƌƌĞĚ ĂƐƐĞƚ ŝƐ ŵĞĂƐƵƌĞĚ Ăƚ ƚŚĞ ůŽǁĞƌ ŽĨ ƚŚĞ ŽƌŝŐŝŶĂů ĐĂƌƌǇŝŶŐ ĂŵŽƵŶƚ ŽĨ ƚŚĞ ĂƐƐĞƚ ĂŶĚ ƚŚĞ ŵĂǆŝŵƵŵ ĂŵŽƵŶƚ ŽĨ ĐŽŶƐŝĚĞƌĂƚŝŽŶ ƚŚĂƚ ƚŚĞ 'ƌŽƵƉ ĐŽƵůĚ ďĞ ƌĞƋƵŝƌĞĚ ƚŽ ƌĞƉĂǇ͘ &ŝŶĂŶĐŝĂů >ŝĂďŝůŝƚŝĞƐ͘ ĨŝŶĂŶĐŝĂů ůŝĂďŝůŝƚǇ ŝƐ ĚĞƌĞĐŽŐŶŝǌĞĚ ǁŚĞŶ ƚŚĞ ŽďůŝŐĂƚŝŽŶ ƵŶĚĞƌ ƚŚĞ ůŝĂďŝůŝƚǇ ŝƐ ĚŝƐĐŚĂƌŐĞĚ͕ ĐĂŶĐĞůůĞĚ Žƌ ĞǆƉŝƌĞĚ͘ tŚĞŶ ĂŶ ĞǆŝƐƚŝŶŐ ĨŝŶĂŶĐŝĂů ůŝĂďŝůŝƚǇ ŝƐ ƌĞƉůĂĐĞĚ ďǇ ĂŶŽƚŚĞƌ ĨƌŽŵ ƚŚĞ ƐĂŵĞ ůĞŶĚĞƌ ŽŶ ƐƵďƐƚĂŶƚŝĂůůǇ ĚŝĨĨĞƌĞŶƚ ƚĞƌŵƐ͕ Žƌ ƚŚĞ ƚĞƌŵƐ ŽĨ ĂŶ ĞǆŝƐƚŝŶŐ ůŝĂďŝůŝƚǇ ĂƌĞ ƐƵďƐƚĂŶƚŝĂůůǇ ŵŽĚŝĨŝĞĚ͕ ƐƵĐŚ ĂŶ ĞǆĐŚĂŶŐĞ Žƌ ŵŽĚŝĨŝĐĂƚŝŽŶ ŝƐ ƚƌĞĂƚĞĚ ĂƐ Ă ĚĞƌĞĐŽŐŶŝƚŝŽŶ ŽĨ ƚŚĞ ŽƌŝŐŝŶĂů ůŝĂďŝůŝƚǇ ĂŶĚ ƚŚĞ ƌĞĐŽŐŶŝƚŝŽŶ ŽĨ Ă ŶĞǁ ůŝĂďŝůŝƚǇ͘ dŚĞ ĚŝĨĨĞƌĞŶĐĞ ŝŶ ƚŚĞ ƌĞƐƉĞĐƚŝǀĞ ĐĂƌƌǇŝŶŐ ĂŵŽƵŶƚƐ ŝƐ ƌĞĐŽŐŶŝǌĞĚ ŝŶ ƉƌŽĨŝƚ Žƌ ůŽƐƐ͘ KĨĨƐĞƚƚŝŶŐ &ŝŶĂŶĐŝĂů ƐƐĞƚƐ ĂŶĚ >ŝĂďŝůŝƚŝĞƐ &ŝŶĂŶĐŝĂů ĂƐƐĞƚƐ ĂŶĚ ůŝĂďŝůŝƚŝĞƐ ĂƌĞ ŽĨĨƐĞƚ ĂŶĚ ƚŚĞ ŶĞƚ ĂŵŽƵŶƚ ŝƐ ƌĞƉŽƌƚĞĚ ŝŶ ƚŚĞ ĐŽŶƐŽůŝĚĂƚĞĚ ƐƚĂƚĞŵĞŶƚƐ ŽĨ ĨŝŶĂŶĐŝĂů ƉŽƐŝƚŝŽŶ ŝĨ͕ ĂŶĚ ŽŶůǇ ŝĨ͕ ƚŚĞƌĞ ŝƐ Ă ĐƵƌƌĞŶƚůǇ ĞŶĨŽƌĐĞĂďůĞ ůĞŐĂů ƌŝŐŚƚ ƚŽ ŽĨĨƐĞƚ ƚŚĞ ƌĞĐŽŐŶŝǌĞĚ ĂŵŽƵŶƚƐ ĂŶĚ ƚŚĞƌĞ ŝƐ ĂŶ ŝŶƚĞŶƚŝŽŶ ƚŽ ƐĞƚƚůĞ ŽŶ Ă ŶĞƚ ďĂƐŝƐ͕ Žƌ ƚŽ ƌĞĂůŝǌĞ ƚŚĞ ĂƐƐĞƚƐ ĂŶĚ ƐĞƚƚůĞ ƚŚĞ ůŝĂďŝůŝƚŝĞƐ ƐŝŵƵůƚĂŶĞŽƵƐůǇ͘ dŚŝƐ ŝƐ ŶŽƚ ŐĞŶĞƌĂůůǇ ƚŚĞ ĐĂƐĞ ǁŝƚŚ ŵĂƐƚĞƌ ŶĞƚƚŝŶŐ ĂŐƌĞĞŵĞŶƚƐ͕ ĂŶĚ ƚŚĞ ƌĞůĂƚĞĚ ĂƐƐĞƚƐ ĂŶĚ ůŝĂďŝůŝƚŝĞƐ ĂƌĞ ƉƌĞƐĞŶƚĞĚ ŐƌŽƐƐ ŝŶ ƚŚĞ ĐŽŶƐŽůŝĚĂƚĞĚ ƐƚĂƚĞŵĞŶƚƐ ŽĨ ĨŝŶĂŶĐŝĂů ƉŽƐŝƚŝŽŶ͘ ůĂƐƐŝĨŝĐĂƚŝŽŶ ŽĨ &ŝŶĂŶĐŝĂů /ŶƐƚƌƵŵĞŶƚ ďĞƚǁĞĞŶ >ŝĂďŝůŝƚǇ ĂŶĚ ƋƵŝƚǇ ĨŝŶĂŶĐŝĂů ŝŶƐƚƌƵŵĞŶƚ ŝƐ ĐůĂƐƐŝĨŝĞĚ ĂƐ ůŝĂďŝůŝƚǇ ŝĨ ŝƚ ƉƌŽǀŝĚĞƐ ĨŽƌ Ă ĐŽŶƚƌĂĐƚƵĂů ŽďůŝŐĂƚŝŽŶ ƚŽ͗  ĞůŝǀĞƌ ĐĂƐŚ Žƌ ĂŶŽƚŚĞƌ ĨŝŶĂŶĐŝĂů ĂƐƐĞƚ ƚŽ ĂŶŽƚŚĞƌ ĞŶƚŝƚǇ͖  ǆĐŚĂŶŐĞ ĨŝŶĂŶĐŝĂů ĂƐƐĞƚƐ Žƌ ĨŝŶĂŶĐŝĂů ůŝĂďŝůŝƚŝĞƐ ǁŝƚŚ ĂŶŽƚŚĞƌ ĞŶƚŝƚǇ ƵŶĚĞƌ ĐŽŶĚŝƚŝŽŶƐ ƚŚĂƚ ĂƌĞ ƉŽƚĞŶƚŝĂůůǇ ƵŶĨĂǀŽƌĂďůĞ ƚŽ ƚŚĞ 'ƌŽƵƉ͖ Žƌ  ^ĂƚŝƐĨǇ ƚŚĞ ŽďůŝŐĂƚŝŽŶ ŽƚŚĞƌ ƚŚĂŶ ďǇ ƚŚĞ ĞǆĐŚĂŶŐĞ ŽĨ Ă ĨŝǆĞĚ ĂŵŽƵŶƚ ŽĨ ĐĂƐŚ Žƌ ĂŶŽƚŚĞƌ ĨŝŶĂŶĐŝĂů ĂƐƐĞƚ ĨŽƌ Ă ĨŝǆĞĚ ŶƵŵďĞƌ ŽĨ ŽǁŶ ĞƋƵŝƚǇ ƐŚĂƌĞƐ͘ /Ĩ ƚŚĞ 'ƌŽƵƉ ĚŽĞƐ ŶŽƚ ŚĂǀĞ ĂŶ ƵŶĐŽŶĚŝƚŝŽŶĂů ƌŝŐŚƚ ƚŽ ĂǀŽŝĚ ĚĞůŝǀĞƌŝŶŐ ĐĂƐŚ Žƌ ĂŶŽƚŚĞƌ ĨŝŶĂŶĐŝĂů ĂƐƐĞƚ ƚŽ ƐĞƚƚůĞ ŝƚƐ ĐŽŶƚƌĂĐƚƵĂů ŽďůŝŐĂƚŝŽŶ͕ ƚŚĞ ŽďůŝŐĂƚŝŽŶ ŵĞĞƚƐ ƚŚĞ ĚĞĨŝŶŝƚŝŽŶ ŽĨ Ă ĨŝŶĂŶĐŝĂů ůŝĂďŝůŝƚǇ͘ >ĂŶĚ ĂŶĚ ĞǀĞůŽƉŵĞŶƚ ŽƐƚƐ ĂŶĚ WĂƌŬŝŶŐ >ŽƚƐ ĨŽƌ ^ĂůĞ WƌŽƉĞƌƚǇ ĂĐƋƵŝƌĞĚ Žƌ ďĞŝŶŐ ĐŽŶƐƚƌƵĐƚĞĚ ĨŽƌ ƐĂůĞ ŝŶ ƚŚĞ ŽƌĚŝŶĂƌǇ ĐŽƵƌƐĞ ŽĨ ďƵƐŝŶĞƐƐ͕ ƌĂƚŚĞƌ ƚŚĂŶ ƚŽ ďĞ ŚĞůĚ ĨŽƌ ƌĞŶƚĂů Žƌ ĐĂƉŝƚĂů ĂƉƉƌĞĐŝĂƚŝŽŶ͕ ŝƐ ŚĞůĚ ĂƐ ŝŶǀĞŶƚŽƌǇ ĂŶĚ ŝƐ ŵĞĂƐƵƌĞĚ Ăƚ ƚŚĞ ůŽǁĞƌ ŽĨ ĐŽƐƚ ĂŶĚ EZs͘ ŽƐƚ ŝŶĐůƵĚĞƐ͗   

ŽƐƚ ŽĨ ƚŚĞ ůĂŶĚ͖ ŽŶƐƚƌƵĐƚŝŽŶ ĂŶĚ ĚĞǀĞůŽƉŵĞŶƚ ĐŽƐƚƐ͖ ĂŶĚ ŽƌƌŽǁŝŶŐ ĐŽƐƚƐ͕ ƉůĂŶŶŝŶŐ ĂŶĚ ĚĞƐŝŐŶ ĐŽƐƚƐ͕ ĐŽƐƚƐ ŽĨ ƐŝƚĞ ƉƌĞƉĂƌĂƚŝŽŶ͕ ƉƌŽĨĞƐƐŝŽŶĂů ĨĞĞƐ͕ ƉƌŽƉĞƌƚǇ ƚƌĂŶƐĨĞƌ ƚĂǆĞƐ͕ ĐŽŶƐƚƌƵĐƚŝŽŶ ŽǀĞƌŚĞĂĚƐ ĂŶĚ ŽƚŚĞƌ ƌĞůĂƚĞĚ ĐŽƐƚƐ͘

EZs ŝƐ ƚŚĞ ĞƐƚŝŵĂƚĞĚ ƐĞůůŝŶŐ ƉƌŝĐĞ ŝŶ ƚŚĞ ŽƌĚŝŶĂƌǇ ĐŽƵƌƐĞ ŽĨ ƚŚĞ ďƵƐŝŶĞƐƐ͕ ďĂƐĞĚ ŽŶ ŵĂƌŬĞƚ ƉƌŝĐĞƐ Ăƚ ƚŚĞ ƌĞƉŽƌƚŝŶŐ ĚĂƚĞ͕ ůĞƐƐ ĞƐƚŝŵĂƚĞĚ ƐƉĞĐŝĨŝĐĂůůǇ ŝĚĞŶƚŝĨŝĂďůĞ ĐŽƐƚƐ ƚŽ ĐŽŵƉůĞƚĞ ĂŶĚ ƚŚĞ ĞƐƚŝŵĂƚĞĚ ĐŽƐƚƐ ƚŽ ƐĞůů͘

Ͳ ϭϱ Ͳ

KƚŚĞƌ ƵƌƌĞŶƚ ƐƐĞƚƐ dŚŝƐ ĂĐĐŽƵŶƚ ĐŽŶƐŝƐƚƐ ŽĨ ƚŚĞ ĞǆĐĞƐƐ ŽĨ ŝŶƉƵƚ ǀĂůƵĞͲĂĚĚĞĚ ƚĂǆ ;s dͿ ŽǀĞƌ ŽƵƚƉƵƚ s d͕ ĂĚǀĂŶĐĞƐ ƚŽ ĐŽŶƚƌĂĐƚŽƌƐ ĂŶĚ ƐƵƉƉůŝĞƌƐ͕ ĐƌĞĚŝƚĂďůĞ ǁŝƚŚŚŽůĚŝŶŐ ƚĂǆĞƐ ; tdͿ͕ ƐƵƉƉůŝĞƐ͕ ĚĞĨĞƌƌĞĚ ƌĞŶƚ͕ ƉƌĞƉĂǇŵĞŶƚƐ ĂŶĚ ƌĞƐƚƌŝĐƚĞĚ ĐĂƐŚ͘ s d͘ ZĞǀĞŶƵĞƐ͕ ĞǆƉĞŶƐĞƐ ĂŶĚ ĂƐƐĞƚƐ ĂƌĞ ƌĞĐŽŐŶŝǌĞĚ ŶĞƚ ŽĨ ƚŚĞ ĂŵŽƵŶƚ ŽĨ s d͕ ĞǆĐĞƉƚ͗ 

ǁŚĞƌĞ ƚŚĞ ƚĂǆ ŝŶĐƵƌƌĞĚ ŽŶ Ă ƉƵƌĐŚĂƐĞ ŽĨ ĂƐƐĞƚƐ Žƌ ƐĞƌǀŝĐĞƐ ŝƐ ŶŽƚ ƌĞĐŽǀĞƌĂďůĞ ĨƌŽŵ ƚŚĞ ƚĂǆĂƚŝŽŶ ĂƵƚŚŽƌŝƚǇ͕ ŝŶ ǁŚŝĐŚ ĐĂƐĞ ƚŚĞ ƚĂǆ ŝƐ ƌĞĐŽŐŶŝǌĞĚ ĂƐ ƉĂƌƚ ŽĨ ƚŚĞ ĐŽƐƚ ŽĨ ĂĐƋƵŝƐŝƚŝŽŶ ŽĨ ƚŚĞ ĂƐƐĞƚ Žƌ ĂƐ ƉĂƌƚ ŽĨ ƚŚĞ ĞǆƉĞŶƐĞ ŝƚĞŵ ĂƐ ĂƉƉůŝĐĂďůĞ͖ ĂŶĚ

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ƌĞĐĞŝǀĂďůĞƐ ĂŶĚ ƉĂǇĂďůĞƐ ƚŚĂƚ ĂƌĞ ƐƚĂƚĞĚ ǁŝƚŚ ƚŚĞ ĂŵŽƵŶƚ ŽĨ ƚĂǆ ŝŶĐůƵĚĞĚ͘

The net amount of tax recoverable from the taxation authority is included as part of “Other current assets” in the consoůŝĚĂƚĞĚ ƐƚĂƚĞŵĞŶƚƐ ŽĨ ĨŝŶĂŶĐŝĂů ƉŽƐŝƚŝŽŶ͘ ĚǀĂŶĐĞƐ ƚŽ ŽŶƚƌĂĐƚŽƌƐ ĂŶĚ ^ƵƉƉůŝĞƌƐ͘ ĚǀĂŶĐĞƐ ƚŽ ĐŽŶƚƌĂĐƚŽƌƐ ĂŶĚ ƐƵƉƉůŝĞƌƐ ƌĞƉƌĞƐĞŶƚ ĂĚǀĂŶĐĞ payments on services to be incurred in connection with the Group’s operations. These are charged ƚŽ ĞǆƉĞŶƐĞ Žƌ ĐĂƉŝƚĂůŝǌĞĚ ƚŽ ƉƌŽũĞĐƚƐ ŝŶ ƚŚĞ ĐŽŶƐŽůŝĚĂƚĞĚ ƐƚĂƚĞŵĞŶƚƐ ŽĨ ĨŝŶĂŶĐŝĂů ƉŽƐŝƚŝŽŶ͕ ƵƉŽŶ ĂĐƚƵĂů ƌĞĐĞŝƉƚ ŽĨ ƐĞƌǀŝĐĞƐ Žƌ ƐƵƉƉůŝĞƐ͘ dŚĞƐĞ ĂƌĞ ĐŽŶƐŝĚĞƌĞĚ ĂƐ ŶŽŶĨŝŶĂŶĐŝĂů ŝŶƐƚƌƵŵĞŶƚƐ ĂƐ ƚŚĞƐĞ ǁŝůů ďĞ ĂƉƉůŝĞĚ ĂŐĂŝŶƐƚ ĨƵƚƵƌĞ ďŝůůŝŶŐƐ ĨƌŽŵ ĐŽŶƚƌĂĐƚŽƌƐ ĂŶĚ ƐƵƉƉůŝĞƌƐ͘ ĚǀĂŶĐĞ ƉĂǇŵĞŶƚƐ ƚŽ ĐŽŶƚƌĂĐƚŽƌƐ ĂŶĚ ƐƵƉƉůŝĞƌƐ͕ ƌĞůĂƚŝŶŐ ƚŽ ƚŚĞ ƉŽƌƚŝŽŶ ŽĨ ƚŚĞ ƉƌŽũĞĐƚ ƚŚĂƚ ŝƐ ĐůĂƐƐŝĨŝĞĚ ĂƐ ŝŶǀĞƐƚŵĞŶƚ ƉƌŽƉĞƌƚǇ ĂŶĚ ĂĚǀĂŶĐĞ ƉĂǇŵĞŶƚƐ ƚŚĂƚ ǁŝůů ďĞ ĂƉƉůŝĞĚ ĂŐĂŝŶƐƚ ĨƵƚƵƌĞ ďŝůůŝŶŐƐ ďĞǇŽŶĚ ϭϮ ŵŽŶƚŚƐ ĨƌŽŵ ƚŚĞ ƌĞƉŽƌƚŝŶŐ date, are presented as part of “Other noncurrent assets” account in the consolidated statementƐ ŽĨ ĨŝŶĂŶĐŝĂů ƉŽƐŝƚŝŽŶ͘ td͘ td ƌĞƉƌĞƐĞŶƚƐ ƚŚĞ ĂŵŽƵŶƚ ǁŝƚŚŚĞůĚ by the Group’s customers in relation to its income͘ tdƐ ĐĂŶ ďĞ ƵƚŝůŝǌĞĚ ĂƐ ƉĂǇŵĞŶƚ ĨŽƌ ŝŶĐŽŵĞ ƚĂǆĞƐ ƉƌŽǀŝĚĞĚ ƚŚĂƚ ƚŚĞƐĞ ĂƌĞ ƉƌŽƉĞƌůǇ ƐƵƉƉŽƌƚĞĚ ďǇ ĐĞƌƚŝĨŝĐĂƚĞƐ ŽĨ ĐƌĞĚŝƚĂďůĞ ƚĂǆ ǁŝƚŚŚĞůĚ Ăƚ ƐŽƵƌĐĞ ƐƵďũĞĐƚ ƚŽ ƚŚĞ ƌƵůĞƐ ŽŶ WŚŝůŝƉƉŝŶĞ ŝŶĐŽŵĞ ƚĂǆĂƚŝŽŶ͘ WƌĞƉĂǇŵĞŶƚƐ͘ WƌĞƉĂǇŵĞŶƚƐ ĂƌĞ ĞǆƉĞŶƐĞƐ ŶŽƚ ǇĞƚ ŝŶĐƵƌƌĞĚ ďƵƚ ƉĂŝĚ ŝŶ ĂĚǀĂŶĐĞ͘ WƌĞƉĂǇŵĞŶƚƐ ĂƌĞ ĂƉƉŽƌƚŝŽŶĞĚ ŽǀĞƌ ƚŚĞ ƉĞƌŝŽĚ ĐŽǀĞƌĞĚ ďǇ ƚŚĞ ƉĂǇŵĞŶƚ ĂŶĚ ĐŚĂƌŐĞĚ ƚŽ ƚŚĞ ĂƉƉƌŽƉƌŝĂƚĞ ĂĐĐŽƵŶƚ ŝŶ ƉƌŽĨŝƚ Žƌ ůŽƐƐ ǁŚĞŶ ŝŶĐƵƌƌĞĚ͘ WƌĞƉĂǇŵĞŶƚƐ ƚŚĂƚ ĂƌĞ ĞǆƉĞĐƚĞĚ ƚŽ ďĞ ƌĞĂůŝǌĞĚ ĨŽƌ ŶŽ ŵŽƌĞ ƚŚĂŶ ϭϮ ŵŽŶƚŚƐ ĂĨƚĞƌ ƚŚĞ ƌĞƉŽƌƚŝŶŐ ƉĞƌŝŽĚ ĂƌĞ ĐůĂƐƐŝĨŝĞĚ ĂƐ ĐƵƌƌĞŶƚ ĂƐƐĞƚ͘ KƚŚĞƌǁŝƐĞ͕ ƚŚĞƐĞ ĂƌĞ ĐůĂƐƐŝĨŝĞĚ ĂƐ ŶŽŶĐƵƌƌĞŶƚ ĂƐƐĞƚ͘ ZĞƐƚƌŝĐƚĞĚ ĂƐŚ͘ ZĞƐƚƌŝĐƚĞĚ ĐĂƐŚ ŝŶĐůƵĚĞƐ ĐĂƐŚ ŝŶ ďĂŶŬƐ ƵŶĚĞƌ ƚƌƵƐƚ ĂŶĚ ƚŽ ďĞ ƵƐĞĚ ĨŽƌ ŝŶƚĞƌĞƐƚ ĂŶĚ ƉƌŝŶĐŝƉĂů ůŽĂŶ ƉĂǇŵĞŶƚƐ͕ ĨƵŶĚƐ ƌĞƐĞƌǀĞĚ ĨŽƌ ƚŚĞ ƉƵƌĐŚĂƐĞ ŽĨ ƵƌŽ ŶŽƚĞƐ ĂŶĚ ĞŶǀŝƌŽŶŵĞŶƚĂů ĞƐĐƌŽǁ ĨƵŶĚƐ͘ dŚŝƐ ŝƐ ĐůĂƐƐŝĨŝĞĚ ĂƐ ĐƵƌƌĞŶƚ ĂƐƐĞƚ ŝĨ ƚŚĞ ĞǆƉĞĐƚĞĚ ƌĞůĞĂƐĞ ŝƐ ǁŝƚŚŝŶ ϭϮ ŵŽŶƚŚƐ ĨƌŽŵ ƚŚĞ ĨŝŶĂŶĐŝĂů ƌĞƉŽƌƚŝŶŐ ĚĂƚĞ͘ KƚŚĞƌǁŝƐĞ͕ ƚŚŝƐ ŝƐ ĐůĂƐƐŝĨŝĞĚ ĂƐ Ă ŶŽŶĐƵƌƌĞŶƚ ĂƐƐĞƚ͘ /ŶƚĞƌĞƐƚƐ ŝŶ :ŽŝŶƚ KƉĞƌĂƚŝŽŶƐ ũŽŝŶƚ ŽƉĞƌĂƚŝŽŶ ŝƐ Ă ũŽŝŶƚ ĂƌƌĂŶŐĞŵĞŶƚ ǁŚĞƌĞďǇ ƚŚĞ ƉĂƌƚŝĞƐ ƚŚĂƚ ŚĂǀĞ ũŽŝŶƚ ĐŽŶƚƌŽů ŽĨ ƚŚĞ ĂƌƌĂŶŐĞŵĞŶƚ ŚĂǀĞ ƌŝŐŚƚƐ ƚŽ ƚŚĞ ĂƐƐĞƚƐ͕ ĂŶĚ ŽďůŝŐĂƚŝŽŶƐ ĨŽƌ ƚŚĞ ůŝĂďŝůŝƚŝĞƐ ƌĞůĂƚŝŶŐ ƚŽ ƚŚĞ ĂƌƌĂŶŐĞŵĞŶƚ͘ dŚĞ 'ƌŽƵƉ ƌĞĐŽŐŶŝǌĞƐ ŝŶ ƌĞůĂƚŝŽŶ ƚŽ ŝƚƐ ŝŶƚĞƌĞƐƚ ŝŶ Ă ũŽŝŶƚ ŽƉĞƌĂƚŝŽŶ͗     

ŝƚƐ ĂƐƐĞƚƐ͕ ŝŶĐůƵĚŝŶŐ ŝƚƐ ƐŚĂƌĞ ŽĨ ĂŶǇ ĂƐƐĞƚƐ ŚĞůĚ ũŽŝŶƚůǇ͖ ŝƚƐ ůŝĂďŝůŝƚŝĞƐ͕ ŝŶĐůƵĚŝŶŐ ŝƚƐ ƐŚĂƌĞ ŽĨ ĂŶǇ ůŝĂďŝůŝƚŝĞƐ ŝŶĐƵƌƌĞĚ ũŽŝŶƚůǇ͖ ŝƚƐ ƌĞǀĞŶƵĞ ĨƌŽŵ ƚŚĞ ƐĂůĞ ŽĨ ŝƚƐ ƐŚĂƌĞ ŽĨ ƚŚĞ ŽƵƚƉƵƚ ĂƌŝƐŝŶŐ ĨƌŽŵ ƚŚĞ ũŽŝŶƚ ŽƉĞƌĂƚŝŽŶ͖ ŝƚƐ ƐŚĂƌĞ ŽĨ ƚŚĞ ƌĞǀĞŶƵĞ ĨƌŽŵ ƚŚĞ ƐĂůĞ ŽĨ ƚŚĞ ŽƵƚƉƵƚ ďǇ ƚŚĞ ũŽŝŶƚ ŽƉĞƌĂƚŝŽŶ͖ ĂŶĚ ŝƚƐ ĞǆƉĞŶƐĞƐ͕ ŝŶĐůƵĚŝŶŐ ŝƚƐ ƐŚĂƌĞ ŽĨ ĂŶǇ ĞǆƉĞŶƐĞƐ ŝŶĐƵƌƌĞĚ ũŽŝŶƚůǇ͘

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/ŶǀĞƐƚŵĞŶƚƐ ŝŶ ƐƐŽĐŝĂƚĞƐ The Group’s investments in associates are accounted for using the equity method. An associate is ĂŶ ĞŶƚŝƚǇ ŝŶ ǁŚŝĐŚ ƚŚĞ 'ƌŽƵƉ ŚĂƐ ƐŝŐŶŝĨŝĐĂŶƚ ŝŶĨůƵĞŶĐĞ͘ hŶĚĞƌ ƚŚĞ ĞƋƵŝƚǇ ŵĞƚŚŽĚ͕ ŝŶǀĞƐƚŵĞŶƚƐ ŝŶ ĂƐƐŽĐŝĂƚĞƐ ĂƌĞ ĐĂƌƌŝĞĚ ŝŶ ƚŚĞ ĐŽŶƐŽůŝĚĂƚĞĚ ƐƚĂƚĞŵĞŶƚƐ ŽĨ financial position at cost plus post acquisition changes in the Group’s share of net assets of the ĂƐƐŽĐŝĂƚĞƐ͘ 'ŽŽĚǁŝůů ƌĞůĂƚŝŶŐ ƚŽ ĂŶ ĂƐƐŽĐŝĂƚĞ ŝƐ ŝŶĐůƵĚĞĚ ŝŶ ƚŚĞ ĐĂƌƌǇŝŶŐ ĂŵŽƵŶƚ ŽĨ ƚŚĞ ŝŶǀĞƐƚŵĞŶƚ ĂŶĚ ŝƐ ŶĞŝƚŚĞƌ ĂŵŽƌƚŝǌĞĚ ŶŽƌ ŝŶĚŝǀŝĚƵĂůůǇ ƚĞƐƚĞĚ ĨŽƌ ŝŵƉĂŝƌŵĞŶƚ͘ dŚĞ ĐŽŶƐŽůŝĚĂƚĞĚ ƐƚĂƚĞŵĞŶƚƐ ŽĨ ĐŽŵƉƌĞŚĞŶƐŝǀĞ ŝŶĐŽŵĞ ƌĞĨůĞĐƚ ƚŚĞ ƐŚĂƌĞ ŽĨ ƚŚĞ ƌĞƐƵůƚƐ ŽĨ ŽƉĞƌĂƚŝŽŶƐ ŽĨ ƚŚĞ ĂƐƐŽĐŝĂƚĞƐ͘ tŚĞƌĞ ƚŚĞƌĞ ŚĂƐ ďĞĞŶ Ă ĐŚĂŶŐĞ ƌĞĐŽŐŶŝǌĞĚ ĚŝƌĞĐƚůǇ ŝŶ ƚŚĞ ĞƋƵŝƚǇ ŽĨ ƚŚĞ ĂƐƐŽĐŝĂƚĞƐ͕ ƚŚĞ 'ƌŽƵƉ ƌĞĐŽŐŶŝǌĞƐ ŝƚƐ ƐŚĂƌĞ ŽĨ ĂŶǇ ĐŚĂŶŐĞƐ ĂŶĚ ĚŝƐĐůŽƐĞƐ ƚŚŝƐ͕ ǁŚĞŶ ĂƉƉůŝĐĂďůĞ͕ ŝŶ ƚŚĞ ĐŽŶƐŽůŝĚĂƚĞĚ ƐƚĂƚĞŵĞŶƚƐ ŽĨ ĐŚĂŶŐĞƐ ŝŶ ĞƋƵŝƚǇ͘ hŶƌĞĂůŝǌĞĚ ŐĂŝŶƐ ĂŶĚ ůŽƐƐĞƐ ƌĞƐƵůƚŝŶŐ ĨƌŽŵ ƚƌĂŶƐĂĐƚŝŽŶƐ ďĞƚǁĞĞŶ ƚŚĞ 'ƌŽƵƉ ĂŶĚ ƚŚĞ ĂƐƐŽĐŝĂƚĞƐ ĂƌĞ ĞůŝŵŝŶĂƚĞĚ ƚŽ ƚŚĞ ĞǆƚĞŶƚ ŽĨ ƚŚĞ ŝŶƚĞƌĞƐƚ ŝŶ ƚŚĞ ĂƐƐŽĐŝĂƚĞƐ͘ The share in net income of the associates is shown as “Equity in net income (loss) of associates” ĂĐĐŽƵŶƚ ŝŶ ƚŚĞ ĐŽŶƐŽůŝĚĂƚĞĚ ƐƚĂƚĞŵĞŶƚƐ ŽĨ ĐŽŵƉƌĞŚĞŶƐŝǀĞ ŝŶĐŽŵĞ͘ dŚĞ ĨŝŶĂŶĐŝĂů ƐƚĂƚĞŵĞŶƚƐ ŽĨ ƚŚĞ ĂƐƐŽĐŝĂƚĞƐ ĂƌĞ ƉƌĞƉĂƌĞĚ ĨŽƌ ƚŚĞ ƐĂŵĞ ƌĞƉŽƌƚŝŶŐ ƉĞƌŝŽĚ ĂƐ ƚŚĞ 'ƌŽƵƉ͘ tŚĞƌĞ ŶĞĐĞƐƐĂƌǇ͕ ĂĚũƵƐƚŵĞŶƚƐ ĂƌĞ ŵĂĚĞ ƚŽ ďƌŝŶŐ ƚŚĞ ĂĐĐŽƵŶƚŝŶŐ ƉŽůŝĐŝĞƐ ŝŶ ůŝŶĞ ǁŝƚŚ ƚŚŽƐĞ ŽĨ ƚŚĞ 'ƌŽƵƉ͘ hƉŽŶ ůŽƐƐ ŽĨ ƐŝŐŶŝĨŝĐĂŶƚ ŝŶĨůƵĞŶĐĞ ŽǀĞƌ ĂŶ ĂƐƐŽĐŝĂƚĞ͕ ƚŚĞ 'ƌŽƵƉ ŵĞĂƐƵƌĞƐ ĂŶĚ ƌĞĐŽŐŶŝǌĞƐ ĂŶǇ ƌĞƚĂŝŶŝŶŐ ŝŶǀĞƐƚŵĞŶƚ Ăƚ ŝƚƐ ĨĂŝƌ ǀĂůƵĞ͘ ŶǇ ĚŝĨĨĞƌĞŶĐĞ ďĞƚǁĞĞŶ ƚŚĞ ĐĂƌƌǇŝŶŐ ĂŵŽƵŶƚ ŽĨ ƚŚĞ ĂƐƐŽĐŝĂƚĞ ƵƉŽŶ ůŽƐƐ ŽĨ ƐŝŐŶŝĨŝĐĂŶƚ ŝŶĨůƵĞŶĐĞ ĂŶĚ ƚŚĞ ĨĂŝƌ ǀĂůƵĞ ŽĨ ƚŚĞ ƌĞƚĂŝŶŝŶŐ ŝŶǀĞƐƚŵĞŶƚ ĂŶĚ ƉƌŽĐĞĞĚƐ ĨƌŽŵ ĚŝƐƉŽƐĂů ŝƐ ƌĞĐŽŐŶŝǌĞĚ ŝŶ ƉƌŽĨŝƚ Žƌ ůŽƐƐ͘ /ŶǀĞƐƚŵĞŶƚ WƌŽƉĞƌƚŝĞƐ /ŶǀĞƐƚŵĞŶƚ ƉƌŽƉĞƌƚŝĞƐ ĐŽŵƉƌŝƐĞ ŽĨ ĐŽŵƉůĞƚĞĚ ƉƌŽƉĞƌƚŝĞƐ ĂŶĚ ůĂŶĚ ĨŽƌ ĨƵƚƵƌĞ ĚĞǀĞůŽƉŵĞŶƚ ŚĞůĚ ďǇ ƚŚĞ 'ƌŽƵƉ ƚŽ ĞĂƌŶ ƌĞŶƚĂůƐ Žƌ ĨŽƌ ĐĂƉŝƚĂů ĂƉƉƌĞĐŝĂƚŝŽŶ͕ Žƌ ďŽƚŚ͘ /ŶǀĞƐƚŵĞŶƚ ƉƌŽƉĞƌƚŝĞƐ ĂƌĞ ŵĞĂƐƵƌĞĚ ŝŶŝƚŝĂůůǇ Ăƚ ĐŽƐƚ͕ ŝŶĐůƵĚŝŶŐ ƚƌĂŶƐĂĐƚŝŽŶ ĐŽƐƚƐ͘ dŚĞ ĐĂƌƌǇŝŶŐ ĂŵŽƵŶƚ ŝŶĐůƵĚĞƐ ƚŚĞ ĐŽƐƚ ŽĨ ƌĞƉůĂĐŝŶŐ ƉĂƌƚ ŽĨ ĞǆŝƐƚŝŶŐ ŝŶǀĞƐƚŵĞŶƚ ƉƌŽƉĞƌƚŝĞƐ Ăƚ ƚŚĞ ƚŝŵĞ ƚŚĂƚ ĐŽƐƚ ŝƐ ŝŶĐƵƌƌĞĚ ĂŶĚ ŝĨ ƚŚĞ ƌĞĐŽŐŶŝƚŝŽŶ ĐƌŝƚĞƌŝĂ ĂƌĞ ŵĞƚ͕ ĂŶĚ ĞǆĐůƵĚĞƐ ƚŚĞ ĐŽƐƚƐ ŽĨ ĚĂǇͲƚŽͲĚĂǇ ƐĞƌǀŝĐŝŶŐ ŽĨ ŝŶǀĞƐƚŵĞŶƚ ƉƌŽƉĞƌƚŝĞƐ͘ ^ƵďƐĞƋƵĞŶƚ ƚŽ ŝŶŝƚŝĂů ƌĞĐŽŐŶŝƚŝŽŶ͕ ŝŶǀĞƐƚŵĞŶƚ ƉƌŽƉĞƌƚŝĞƐ ĂƌĞ ƐƚĂƚĞĚ Ăƚ ĨĂŝƌ ǀĂůƵĞ͕ ǁŚŝĐŚ ƌĞĨůĞĐƚƐ ŵĂƌŬĞƚ ĐŽŶĚŝƚŝŽŶƐ Ăƚ ƚŚĞ ƌĞƉŽƌƚŝŶŐ ĚĂƚĞ ĂƐ ĚĞƚĞƌŵŝŶĞĚ ďǇ ŝŶĚĞƉĞŶĚĞŶƚ ĂƉƉƌĂŝƐĞƌƐ͘ 'ĂŝŶƐ ĂŶĚ ůŽƐƐĞƐ ĂƌŝƐŝŶŐ ĨƌŽŵ ĐŚĂŶŐĞƐ ŝŶ ƚŚĞ ĨĂŝƌ ǀĂůƵĞƐ ŽĨ ŝŶǀĞƐƚŵĞŶƚ ƉƌŽƉĞƌƚŝĞƐ ĂƌĞ ŝŶĐůƵĚĞĚ ŝŶ ƚŚĞ ƉƌŽĨŝƚ Žƌ ůŽƐƐ ŝŶ ƚŚĞ ǇĞĂƌ ŝŶ ǁŚŝĐŚ ƚŚĞǇ ĂƌŝƐĞ͘ dƌĂŶƐĨĞƌƐ ĂƌĞ ŵĂĚĞ ƚŽ Žƌ ĨƌŽŵ ŝŶǀĞƐƚŵĞŶƚ ƉƌŽƉĞƌƚǇ ŽŶůǇ ǁŚĞŶ ƚŚĞƌĞ ŝƐ Ă ĐŚĂŶŐĞ ŝŶ ƵƐĞ͘ &Žƌ Ă ƚƌĂŶƐĨĞƌ ĨƌŽŵ ŝŶǀĞƐƚŵĞŶƚ ƉƌŽƉĞƌƚǇ ƚŽ ŽǁŶĞƌ ŽĐĐƵƉŝĞĚ ƉƌŽƉĞƌƚǇ͕ ƚŚĞ ĚĞĞŵĞĚ ĐŽƐƚ ĨŽƌ ƐƵďƐĞƋƵĞŶƚ ĂĐĐŽƵŶƚŝŶŐ ŝƐ ƚŚĞ ĨĂŝƌ ǀĂůƵĞ Ăƚ ƚŚĞ ĚĂƚĞ ŽĨ ĐŚĂŶŐĞ ŝŶ ƵƐĞ͘ /Ĩ ŽǁŶĞƌ ŽĐĐƵƉŝĞĚ ƉƌŽƉĞƌƚǇ ďĞĐŽŵĞƐ ĂŶ ŝŶǀĞƐƚŵĞŶƚ ƉƌŽƉĞƌƚǇ͕ ƚŚĞ 'ƌŽƵƉ ĂĐĐŽƵŶƚƐ ĨŽƌ ƐƵĐŚ ƉƌŽƉĞƌƚǇ ŝŶ ĂĐĐŽƌĚĂŶĐĞ ǁŝƚŚ ƚŚĞ ƉŽůŝĐǇ ŽŶ ƉƌŽƉĞƌƚǇ͕ ƉůĂŶƚ ĂŶĚ ĞƋƵŝƉŵĞŶƚ ƵƉ ƚŽ ƚŚĞ ĚĂƚĞ ŽĨ ĐŚĂŶŐĞ ŝŶ ƵƐĞ͘

/ŶǀĞƐƚŵĞŶƚ ƉƌŽƉĞƌƚŝĞƐ ĂƌĞ ĚĞƌĞĐŽŐŶŝǌĞĚ ǁŚĞŶ ĞŝƚŚĞƌ ƚŚĞǇ ŚĂǀĞ ďĞĞŶ ĚŝƐƉŽƐĞĚ ŽĨ Žƌ ǁŚĞŶ ƚŚĞ ŝŶǀĞƐƚŵĞŶƚ ƉƌŽƉĞƌƚŝĞƐ ĂƌĞ ƉĞƌŵĂŶĞŶƚůǇ ǁŝƚŚĚƌĂǁŶ ĨƌŽŵ ƵƐĞ ĂŶĚ ŶŽ ĨƵƌƚŚĞƌ ĞĐŽŶŽŵŝĐ ďĞŶĞĨŝƚ ŝƐ ĞǆƉĞĐƚĞĚ ĨƌŽŵ ŝƚƐ ĚŝƐƉŽƐĂů͘ ŶǇ ŐĂŝŶ Žƌ ůŽƐƐ ŽŶ ƚŚĞ ƌĞƚŝƌĞŵĞŶƚ ŽĨ ĚŝƐƉŽƐĂů ŽĨ ĂŶ ŝŶǀĞƐƚŵĞŶƚ ƉƌŽƉĞƌƚǇ ŝƐ ƌĞĐŽŐŶŝǌĞĚ ŝŶ ƉƌŽĨŝƚ Žƌ ůŽƐƐ ŝŶ ƚŚĞ ǇĞĂƌ ŽĨ ƌĞƚŝƌĞŵĞŶƚ Žƌ ĚŝƐƉŽƐĂů͘

Ͳ ϭϳ Ͳ

WƌŽƉĞƌƚǇ ĂŶĚ ƋƵŝƉŵĞŶƚ WƌŽƉĞƌƚǇ ĂŶĚ ĞƋƵŝƉŵĞŶƚ͕ ĞǆĐĞƉƚ ůĂŶĚ ĂŶĚ ĂŝƌĐƌĂĨƚƐ͕ ĂƌĞ ƐƚĂƚĞĚ Ăƚ ĐŽƐƚ ůĞƐƐ ĂĐĐƵŵƵůĂƚĞĚ ĚĞƉƌĞĐŝĂƚŝŽŶ͕ ĂŵŽƌƚŝǌĂƚŝŽŶ ĂŶĚ ŝŵƉĂŝƌŵĞŶƚ ŝŶ ǀĂůƵĞ͕ ŝĨ ĂŶǇ͘ >ĂŶĚ ŝƐ ƐƚĂƚĞĚ Ăƚ ĐŽƐƚ ůĞƐƐ ĂŶǇ ŝŵƉĂŝƌŵĞŶƚ ŝŶ ǀĂůƵĞ͘ dŚĞ ŝŶŝƚŝĂů ĐŽƐƚ ŽĨ ƉƌŽƉĞƌƚǇ ĂŶĚ ĞƋƵŝƉŵĞŶƚ ĐŽŶƐŝƐƚƐ ŽĨ ŝƚƐ ƉƵƌĐŚĂƐĞ ƉƌŝĐĞ͕ ŝŶĐůƵĚŝŶŐ ŝŵƉŽƌƚ ĚƵƚŝĞƐ͕ ŶŽŶƌĞĨƵŶĚĂďůĞ ƚĂǆĞƐ ĂŶĚ ĂŶǇ ĚŝƌĞĐƚůǇ ĂƚƚƌŝďƵƚĂďůĞ ĐŽƐƚƐ ŝŶ ďƌŝŶŐŝŶŐ ƚŚĞ ĂƐƐĞƚ ƚŽ ŝƚƐ ǁŽƌŬŝŶŐ ĐŽŶĚŝƚŝŽŶ ĂŶĚ ůŽĐĂƚŝŽŶ ĨŽƌ ŝƚƐ ŝŶƚĞŶĚĞĚ ƵƐĞ͘ ^ƵĐŚ ĐŽƐƚ ŝŶĐůƵĚĞƐ ƚŚĞ ĐŽƐƚ ŽĨ ƌĞƉůĂĐŝŶŐ ƉĂƌƚ ŽĨ ƐƵĐŚ ƉƌŽƉĞƌƚǇ ĂŶĚ ĞƋƵŝƉŵĞŶƚ ǁŚĞŶ ƚŚĂƚ ĐŽƐƚ ŝƐ ŝŶĐƵƌƌĞĚ ŝĨ ƚŚĞ ƌĞĐŽŐŶŝƚŝŽŶ ĐƌŝƚĞƌŝĂ ĂƌĞ ŵĞƚ͘ ǆƉĞŶĚŝƚƵƌĞƐ ŝŶĐƵƌƌĞĚ ĂĨƚĞƌ ƚŚĞ ƉƌŽƉĞƌƚǇ ĂŶĚ ĞƋƵŝƉŵĞŶƚ ŚĂǀĞ ďĞĞŶ ƉƵƚ ŝŶƚŽ ŽƉĞƌĂƚŝŽŶ͕ ƐƵĐŚ ĂƐ ƌĞƉĂŝƌƐ ĂŶĚ ŵĂŝŶƚĞŶĂŶĐĞ͕ ĂƌĞ ŶŽƌŵĂůůǇ ĐŚĂƌŐĞĚ ƚŽ ƉƌŽĨŝƚ Žƌ ůŽƐƐ ŝŶ ƚŚĞ ƉĞƌŝŽĚ ǁŚĞŶ ƚŚĞ ĐŽƐƚƐ ĂƌĞ ŝŶĐƵƌƌĞĚ͘ /Ŷ ƐŝƚƵĂƚŝŽŶƐ ǁŚĞƌĞ ŝƚ ĐĂŶ ďĞ ĐůĞĂƌůǇ ĚĞŵŽŶƐƚƌĂƚĞĚ ƚŚĂƚ ƚŚĞ ĞǆƉĞŶĚŝƚƵƌĞƐ ŚĂǀĞ ƌĞƐƵůƚĞĚ ŝŶ ĂŶ ŝŶĐƌĞĂƐĞ ŝŶ ƚŚĞ ĨƵƚƵƌĞ ĞĐŽŶŽŵŝĐ ďĞŶĞĨŝƚƐ ĞǆƉĞĐƚĞĚ ƚŽ ďĞ ŽďƚĂŝŶĞĚ ĨƌŽŵ ƚŚĞ ƵƐĞ ŽĨ ĂŶ ŝƚĞŵ ŽĨ ƉƌŽƉĞƌƚǇ ĂŶĚ ĞƋƵŝƉŵĞŶƚ ďĞǇŽŶĚ ŝƚƐ ŽƌŝŐŝŶĂůůǇ ĂƐƐĞƐƐĞĚ ƐƚĂŶĚĂƌĚ ŽĨ ƉĞƌĨŽƌŵĂŶĐĞ͕ ƚŚĞ ĞǆƉĞŶĚŝƚƵƌĞƐ ĂƌĞ ĐĂƉŝƚĂůŝǌĞĚ ĂƐ ĂĚĚŝƚŝŽŶĂů ĐŽƐƚ ŽĨ ƉƌŽƉĞƌƚǇ ĂŶĚ ĞƋƵŝƉŵĞŶƚ͘ ĂĐŚ ƉĂƌƚ ŽĨ ƚŚĞ ƉƌŽƉĞƌƚǇ ĂŶĚ ĞƋƵŝƉŵĞŶƚ ǁŝƚŚ Ă ĐŽƐƚ ƚŚĂƚ ŝƐ ƐŝŐŶŝĨŝĐĂŶƚ ŝŶ ƌĞůĂƚŝŽŶ ƚŽ ƚŚĞ ƚŽƚĂů ĐŽƐƚ ŽĨ ƚŚĞ ŝƚĞŵ ŝƐ ĚĞƉƌĞĐŝĂƚĞĚ ƐĞƉĂƌĂƚĞůǇ͘ /Ŷ ϮϬϭϲ͕ ƚŚĞ 'ƌŽƵƉ ĂĚŽƉƚĞĚ ƚŚĞ ƌĞǀĂůƵĂƚŝŽŶ ŵŽĚĞů ŝŶ ŵĞĂƐƵƌŝŶŐ ŝƚƐ ĂŝƌĐƌĂĨƚƐ͘ dŚŝƐ ĐŚĂŶŐĞ ŝŶ ƚŚĞ ĂĐĐŽƵŶƚŝŶŐ ƉŽůŝĐǇ ǁĂƐ ĂƉƉůŝĞĚ ďǇ ƚŚĞ 'ƌŽƵƉ ƉƌŽƐƉĞĐƚŝǀĞůǇ͘ hŶĚĞƌ ƚŚĞ ƌĞǀĂůƵĂƚŝŽŶ ŵŽĚĞů͕ ĂŝƌĐƌĂĨƚ ŝƐ ŝŶŝƚŝĂůůǇ ƌĞĐŽƌĚĞĚ Ăƚ ĐŽƐƚ ĂŶĚ ƐƵďƐĞƋƵĞŶƚůǇ ŵĞĂƐƵƌĞĚ Ăƚ ĨĂŝƌ ǀĂůƵĞ͘ sĂůƵĂƚŝŽŶƐ ĂƌĞ ƉĞƌĨŽƌŵĞĚ ǁŝƚŚ ƐƵĨĨŝĐŝĞŶƚ ƌĞŐƵůĂƌŝƚǇ ƚŽ ĞŶƐƵƌĞ ƚŚĂƚ ƚŚĞ ĨĂŝƌ ǀĂůƵĞ ŽĨ Ă ƌĞǀĂůƵĞĚ ĂƐƐĞƚ ĚŽĞƐ ŶŽƚ ĚŝĨĨĞƌ ŵĂƚĞƌŝĂůůǇ ĨƌŽŵ ŝƚƐ ĐĂƌƌǇŝŶŐ ĂŵŽƵŶƚ͘ ĚĚŝƚŝŽŶƐ ƐƵďƐĞƋƵĞŶƚ ƚŽ ƚŚĞ ůĂƐƚ ĂƉƉƌĂŝƐĂů ĚĂƚĞ ĂƌĞ ƐƚĂƚĞĚ Ăƚ ĂĐƋƵŝƐŝƚŝŽŶ ĐŽƐƚ͘ ƌĞǀĂůƵĂƚŝŽŶ ŝŶĐƌĞĂƐĞ ŝƐ ƌĞĐŽƌĚĞĚ ŝŶŝƚŝĂůůǇ ŝŶ K / ĂŶĚ ĂĐĐƵŵƵůĂƚĞĚ ƚŽ ƚŚĞ ƌĞǀĂůƵĂƚŝŽŶ ƐƵƌƉůƵƐ ŝŶ ĞƋƵŝƚǇ͘ ,ŽǁĞǀĞƌ͕ ƚŚĞ ŝŶĐƌĞĂƐĞ ŝƐ ƌĞĐŽŐŶŝǌĞĚ ŝŶ ƉƌŽĨŝƚ Žƌ ůŽƐƐ ƚŽ ƚŚĞ ĞǆƚĞŶƚ ƚŚĂƚ ŝƚ ƌĞǀĞƌƐĞƐ Ă ƌĞǀĂůƵĂƚŝŽŶ ĚĞĐƌĞĂƐĞ ŽĨ ƚŚĞ ƐĂŵĞ ĂƐƐĞƚ ƉƌĞǀŝŽƵƐůǇ ƌĞĐŽŐŶŝǌĞĚ ŝŶ ƉƌŽĨŝƚ Žƌ ůŽƐƐ͘ ƌĞǀĂůƵĂƚŝŽŶ ĚĞĐƌĞĂƐĞ ŝƐ ƌĞĐŽŐŶŝǌĞĚ ŝŶ ƉƌŽĨŝƚ Žƌ ůŽƐƐ͕ ĞǆĐĞƉƚ ƚŽ ƚŚĞ ĞǆƚĞŶƚ ƚŚĂƚ ŝƚ ŽĨĨƐĞƚƐ ĂŶ ĞǆŝƐƚŝŶŐ ƐƵƌƉůƵƐ ŽŶ ƚŚĞ ƐĂŵĞ ĂƐƐĞƚ ƌĞĐŽŐŶŝǌĞĚ ŝŶ ƌĞǀĂůƵĂƚŝŽŶ ƐƵƌƉůƵƐ ŝŶ ĞƋƵŝƚǇ ŝŶ ǁŚŝĐŚ ĐĂƐĞ ƚŚĞ ĚĞĐƌĞĂƐĞ ŝƐ ƌĞĐŽŐŶŝǌĞĚ ŝŶ K /͘ hƉŽŶ ĚŝƐƉŽƐĂů͕ ĂŶǇ ƌĞǀĂůƵĂƚŝŽŶ ƐƵƌƉůƵƐ ƌĞůĂƚŝŶŐ ƚŽ ƚŚĞ ƉĂƌƚŝĐƵůĂƌ ĂƐƐĞƚ ďĞŝŶŐ ƐŽůĚ ŝƐ ƚƌĂŶƐĨĞƌƌĞĚ ƚŽ ƌĞƚĂŝŶĞĚ ĞĂƌŶŝŶŐƐ͘ ĞƉƌĞĐŝĂƚŝŽŶ ĂŶĚ ĂŵŽƌƚŝǌĂƚŝŽŶ ŝƐ ĐŽŵƉƵƚĞĚ ŽŶ ƚŚĞ ƐƚƌĂŝŐŚƚͲůŝŶĞ ďĂƐŝƐ ŽǀĞƌ ƚŚĞ ĞƐƚŝŵĂƚĞĚ ƵƐĞĨƵů ůŝǀĞƐ ŽĨ ƚŚĞ ĂƐƐĞƚƐ ;ĞǆĐĞƉƚ ĨŽƌ ůĂŶĚͿ͘ dŚĞ ĚĞƉƌĞĐŝĂƚŝŽŶ ĂŶĚ ĂŵŽƌƚŝǌĂƚŝŽŶ ƉĞƌŝŽĚƐ ĨŽƌ ƉƌŽƉĞƌƚǇ ĂŶĚ ĞƋƵŝƉŵĞŶƚ͕ ďĂƐĞĚ ŽŶ ƚŚĞ ĂďŽǀĞ ƉŽůŝĐŝĞƐ͕ ĂƌĞ ĂƐ ĨŽůůŽǁƐ͗ ƐƐĞƚ dǇƉĞ EƵŵďĞƌ ŽĨ zĞĂƌƐ ŝƌĐƌĂĨƚƐ Ϯϯ ƵŝůĚŝŶŐƐ ϮϬ ƚŽ ϰϬ dƌĂŶƐƉŽƌƚĂƚŝŽŶ ĞƋƵŝƉŵĞŶƚ Ϯ ƚŽ Ϯϱ DĂĐŚŝŶĞƌǇ͕ ĞƋƵŝƉŵĞŶƚ ĂŶĚ ƚŽŽůƐ Ϯ ƚŽ ϭϱ KĨĨŝĐĞ ĨƵƌŶŝƚƵƌĞ ĂŶĚ ĞƋƵŝƉŵĞŶƚ Ϯ ƚŽ ϱ >ĞĂƐĞŚŽůĚ ŝŵƉƌŽǀĞŵĞŶƚƐ Ϯ ƚŽ ϭϬ Žƌ ůĞĂƐĞ ƚĞƌŵ͕ ǁŚŝĐŚĞǀĞƌ ŝƐ ƐŚŽƌƚĞƌ dŚĞ ĞƐƚŝŵĂƚĞĚ ƵƐĞĨƵů ůŝǀĞƐ ĂŶĚ ĚĞƉƌĞĐŝĂƚŝŽŶ ĂŶĚ ĂŵŽƌƚŝǌĂƚŝŽŶ ŵĞƚŚŽĚ ĂƌĞ ƌĞǀŝĞǁĞĚ ƉĞƌŝŽĚŝĐĂůůǇ ƚŽ ĞŶƐƵƌĞ ƚŚĂƚ ƚŚĞ ƉĞƌŝŽĚƐ ĂŶĚ ŵĞƚŚŽĚ ŽĨ ĚĞƉƌĞĐŝĂƚŝŽŶ ĂŶĚ ĂŵŽƌƚŝǌĂƚŝŽŶ ŝƐ ĐŽŶƐŝƐƚĞŶƚ ǁŝƚŚ ƚŚĞ ĞǆƉĞĐƚĞĚ ƉĂƚƚĞƌŶ ŽĨ ĞĐŽŶŽŵŝĐ ďĞŶĞĨŝƚƐ ĨƌŽŵ ŝƚĞŵƐ ŽĨ ƉƌŽƉĞƌƚǇ ĂŶĚ ĞƋƵŝƉŵĞŶƚ͘

Ͳ ϭϴ Ͳ Ŷ ŝƚĞŵ ŽĨ ƉƌŽƉĞƌƚǇ ĂŶĚ ĞƋƵŝƉŵĞŶƚ ŝƐ ĚĞƌĞĐŽŐŶŝǌĞĚ ƵƉŽŶ ĚŝƐƉŽƐĂů Žƌ ǁŚĞŶ ŶŽ ĨƵƚƵƌĞ ĞĐŽŶŽŵŝĐ ďĞŶĞĨŝƚƐ ĂƌĞ ĞǆƉĞĐƚĞĚ ĨƌŽŵ ŝƚƐ ƵƐĞ͘ ŶǇ ŐĂŝŶ Žƌ ůŽƐƐ ĂƌŝƐŝŶŐ ŽŶ ĚĞƌĞĐŽŐŶŝƚŝŽŶ ŽĨ ƚŚĞ ĂƐƐĞƚ ;ĐĂůĐƵůĂƚĞĚ ĂƐ ƚŚĞ ĚŝĨĨĞƌĞŶĐĞ ďĞƚǁĞĞŶ ƚŚĞ ŶĞƚ ĚŝƐƉŽƐĂů ƉƌŽĐĞĞĚƐ ĂŶĚ ƚŚĞ ĐĂƌƌǇŝŶŐ ĂŵŽƵŶƚ ŽĨ ƚŚĞ ĂƐƐĞƚͿ ŝƐ ŝŶĐůƵĚĞĚ ŝŶ ƉƌŽĨŝƚ Žƌ ůŽƐƐ ŝŶ ƚŚĞ ǇĞĂƌ ƚŚĞ ĂƐƐĞƚ ŝƐ ĚĞƌĞĐŽŐŶŝǌĞĚ͘ &ƵůůǇ ĚĞƉƌĞĐŝĂƚĞĚ ŝƚĞŵƐ ĂƌĞ ƌĞƚĂŝŶĞĚ ĂƐ ƉƌŽƉĞƌƚǇ ĂŶĚ ĞƋƵŝƉŵĞŶƚ ƵŶƚŝů ƚŚĞƐĞ ĂƌĞ ŶŽ ůŽŶŐĞƌ ŝŶ ƵƐĞ͘ ŽŶƐƚƌƵĐƚŝŽŶ ŝŶ ƉƌŽŐƌĞƐƐ͕ ǁŚŝĐŚ ŝŶĐůƵĚĞƐ ĐŽƐƚ ŽĨ ĐŽŶƐƚƌƵĐƚŝŽŶ ĂŶĚ ŽƚŚĞƌ ĚŝƌĞĐƚ ĐŽƐƚƐ͕ ŝƐ ƐƚĂƚĞĚ Ăƚ ĐŽƐƚ ĂŶĚ ŝƐ ŶŽƚ ĚĞƉƌĞĐŝĂƚĞĚ ƵŶƚŝů ƐƵĐŚ ƚŝŵĞ ĂƐ ƚŚĞ ƌĞůĞǀĂŶƚ ĂƐƐĞƚƐ ĂƌĞ ĐŽŵƉůĞƚĞĚ ĂŶĚ ƉƵƚ ŝŶƚŽ ŽƉĞƌĂƚŝŽŶĂů ƵƐĞ͘ ƐƐĞƚƐ ƵŶĚĞƌ ĐŽŶƐƚƌƵĐƚŝŽŶ ĂƌĞ ƌĞĐůĂƐƐŝĨŝĞĚ ƚŽ Ă ƐƉĞĐŝĨŝĐ ĐĂƚĞŐŽƌǇ ŽĨ ƉƌŽƉĞƌƚǇ ĂŶĚ ĞƋƵŝƉŵĞŶƚ ǁŚĞŶ ƚŚĞ ĐŽŶƐƚƌƵĐƚŝŽŶ ĂŶĚ ŽƚŚĞƌ ƌĞůĂƚĞĚ ĂĐƚŝǀŝƚŝĞƐ ŶĞĐĞƐƐĂƌǇ ƚŽ ƉƌĞƉĂƌĞ ƚŚĞ ĂƐƐĞƚƐ ĨŽƌ ƚŚĞŝƌ ŝŶƚĞŶĚĞĚ ƵƐĞ ĂƌĞ ĐŽŵƉůĞƚĞĚ ĂŶĚ ƚŚĞ ĂƐƐĞƚƐ ĂƌĞ ĂǀĂŝůĂďůĞ ĨŽƌ ƵƐĞ͘ ^ŽĨƚǁĂƌĞ ^ŽĨƚǁĂƌĞ ŝƐ ŵĞĂƐƵƌĞĚ ŝŶŝƚŝĂůůǇ Ăƚ ĐŽƐƚ͘ ^ŽĨƚǁĂƌĞ ŝƐ ƌĞĐŽŐŶŝǌĞĚ ŝĨ ŝƚ ŝƐ ƉƌŽďĂďůĞ ƚŚĂƚ ƚŚĞ ĨƵƚƵƌĞ ĞĐŽŶŽŵŝĐ ďĞŶĞĨŝƚƐ ƚŚĂƚ ĂƌĞ ĂƚƚƌŝďƵƚĂďůĞ ƚŽ ƚŚĞ ĂƐƐĞƚ ǁŝůů ĨůŽǁ ƚŽ ƚŚĞ ĞŶƚĞƌƉƌŝƐĞ ĂŶĚ ƚŚĞ ĐŽƐƚ ŽĨ ƚŚĞ ĂƐƐĞƚ ĐĂŶ ďĞ ŵĞĂƐƵƌĞĚ ƌĞůŝĂďůǇ͘ ĨƚĞƌ ŝŶŝƚŝĂů ƌĞĐŽŐŶŝƚŝŽŶ͕ ƐŽĨƚǁĂƌĞ ŝƐ ŵĞĂƐƵƌĞĚ Ăƚ ĐŽƐƚ ůĞƐƐ ĂĐĐƵŵƵůĂƚĞĚ ĂŵŽƌƚŝǌĂƚŝŽŶ ĂŶĚ ĂŶǇ ŝŵƉĂŝƌŵĞŶƚ ůŽƐƐ͘ ŵŽƌƚŝǌĂƚŝŽŶ ŽĨ ƐŽĨƚǁĂƌĞ ŝƐ ĐŽŵƉƵƚĞĚ ŽŶ Ă ƐƚƌĂŝŐŚƚͲůŝŶĞ ďĂƐŝƐ ŽǀĞƌ ƚŚĞ ĞƐƚŝŵĂƚĞĚ ƵƐĞĨƵů ůŝĨĞ ŽĨ ĨŝǀĞ ǇĞĂƌƐ͘ dŚĞ ĂŵŽƌƚŝǌĂƚŝŽŶ ƉĞƌŝŽĚ ĂŶĚ ŵĞƚŚŽĚ ĂƌĞ ƌĞǀŝĞǁĞĚ ƉĞƌŝŽĚŝĐĂůůǇ ƚŽ ĞŶƐƵƌĞ ƚŚĂƚ ƚŚĞƐĞ ĂƌĞ ĐŽŶƐŝƐƚĞŶƚ ǁŝƚŚ ĞǆƉĞĐƚĞĚ ƉĂƚƚĞƌŶ ŽĨ ĞĐŽŶŽŵŝĐ ďĞŶĞĨŝƚƐ ĨƌŽŵ ƚŚĞ ŝŶƚĂŶŐŝďůĞ ĂƐƐĞƚƐ͘ /ŵƉĂŝƌŵĞŶƚ ŽĨ EŽŶĨŝŶĂŶĐŝĂů ƐƐĞƚƐ EŽŶĨŝŶĂŶĐŝĂů ĂƐƐĞƚƐ ĂƌĞ ƌĞǀŝĞǁĞĚ ĨŽƌ ŝŵƉĂŝƌŵĞŶƚ ǁŚĞŶ ĞǀĞŶƚƐ Žƌ ĐŚĂŶŐĞƐ ŝŶ ĐŝƌĐƵŵƐƚĂŶĐĞƐ ŝŶĚŝĐĂƚĞ ƚŚĂƚ ƚŚĞ ĐĂƌƌǇŝŶŐ ĂŵŽƵŶƚ ŵĂǇ ŶŽƚ ďĞ ƌĞĐŽǀĞƌĂďůĞ͘ dŚĞ 'ƌŽƵƉ ĂƐƐĞƐƐĞƐ Ăƚ ĞĂĐŚ ƌĞƉŽƌƚŝŶŐ ĚĂƚĞ ǁŚĞƚŚĞƌ ƚŚĞƌĞ ŝƐ ĂŶ ŝŶĚŝĐĂƚŝŽŶ ƚŚĂƚ ĂŶ ĂƐƐĞƚ ŵĂǇ ďĞ ŝŵƉĂŝƌĞĚ͘ /Ĩ ĂŶǇ ƐƵĐŚ ŝŶĚŝĐĂƚŝŽŶ ĞǆŝƐƚƐ͕ Žƌ ǁŚĞŶ ĂŶŶƵĂů ŝŵƉairment testing for an asset is required, the Group makes an estimate of the asset’s recoverable amount. An asset’s recoverable amount is the higher of an asset’s or cashͲgenerating unit’s fair value ůĞƐƐ ĐŽƐƚƐ ƚŽ ƐĞůů ĂŶĚ ŝƚƐ ǀĂůƵĞ ŝŶ ƵƐĞ ĂŶĚ ŝƐ ĚĞƚĞƌŵŝŶĞĚ ĨŽƌ ĂŶ ŝŶĚŝǀŝĚƵĂů ĂƐƐĞƚ͕ ƵŶůĞƐƐ ƚŚĞ ĂƐƐĞƚ ĚŽĞƐ ŶŽƚ ŐĞŶĞƌĂƚĞ ĐĂƐŚ ŝŶĨůŽǁƐ ƚŚĂƚ ĂƌĞ ůĂƌŐĞůǇ ŝŶĚĞƉĞŶĚĞŶƚ ŽĨ ƚŚŽƐĞ ĨƌŽŵ ŽƚŚĞƌ ĂƐƐĞƚƐ Žƌ ŐƌŽƵƉƐ ŽĨ ĂƐƐĞƚƐ͘ tŚĞƌĞ ƚŚĞ ĐĂƌƌǇŝŶŐ ĂŵŽƵŶƚ ŽĨ ĂŶ ĂƐƐĞƚ ĞǆĐĞĞĚƐ ŝƚƐ ƌĞĐŽǀĞƌĂďůĞ ĂŵŽƵŶƚ͕ ƚŚĞ ĂƐƐĞƚ ŝƐ ĐŽŶƐŝĚĞƌĞĚ ŝŵƉĂŝƌĞĚ ĂŶĚ ŝƐ ǁƌŝƚƚĞŶ ĚŽǁŶ ƚŽ ŝƚƐ ƌĞĐŽǀĞƌĂďůĞ ĂŵŽƵŶƚ͘ /Ŷ ĂƐƐĞƐƐŝŶŐ ǀĂůƵĞ ŝŶ ƵƐĞ͕ ƚŚĞ ĞƐƚŝŵĂƚĞĚ ĨƵƚƵƌĞ ĐĂƐŚ ĨůŽǁƐ ĂƌĞ ĚŝƐĐŽƵŶƚĞĚ ƚŽ ƚŚĞŝƌ ƉƌĞƐĞŶƚ ǀĂůƵĞ ƵƐŝŶŐ Ă ƉƌĞͲƚĂǆ ĚŝƐĐŽƵŶƚ ƌĂƚĞ ƚŚĂƚ ƌĞĨůĞĐƚƐ ĐƵƌƌĞŶƚ ŵĂƌŬĞƚ ĂƐƐĞƐƐŵĞŶƚƐ ŽĨ ƚŚĞ ƚŝŵĞ ǀĂůƵĞ ŽĨ ŵŽŶĞǇ ĂŶĚ ƚŚĞ ƌŝƐŬƐ ƐƉĞĐŝĨŝĐ ƚŽ ƚŚĞ ĂƐƐĞƚ͘

100

Ŷ ĂƐƐĞƐƐŵĞŶƚ ŝƐ ŵĂĚĞ Ăƚ ĞĂĐŚ ƌĞƉŽƌƚŝŶŐ ĚĂƚĞ ĂƐ ƚŽ ǁŚĞƚŚĞƌ ƚŚĞƌĞ ŝƐ ĂŶǇ ŝŶĚŝĐĂƚŝŽŶ ƚŚĂƚ ƉƌĞǀŝŽƵƐůǇ ƌĞĐŽŐŶŝǌĞĚ ŝŵƉĂŝƌŵĞŶƚ ůŽƐƐĞƐ ŵĂǇ ŶŽ ůŽŶŐĞƌ ĞǆŝƐƚ Žƌ ŵĂǇ ŚĂǀĞ ĚĞĐƌĞĂƐĞĚ͘ /Ĩ ƐƵĐŚ ŝŶĚŝĐĂƚŝŽŶ ĞǆŝƐƚƐ͕ ƚŚĞ ƌĞĐŽǀĞƌĂďůĞ ĂŵŽƵŶƚ ŝƐ ĞƐƚŝŵĂƚĞĚ͘ ƉƌĞǀŝŽƵƐůǇ ƌĞĐŽŐŶŝǌĞĚ ŝŵƉĂŝƌŵĞŶƚ ůŽƐƐ ŝƐ ƌĞǀĞƌƐĞĚ ŽŶůǇ ŝĨ there has been a change in the estimates used to determine the asset’s recoverable amount since the ůĂƐƚ ŝŵƉĂŝƌŵĞŶƚ ůŽƐƐ ǁĂƐ ƌĞĐŽŐŶŝǌĞĚ͘ /Ĩ ƚŚĂƚ ŝƐ ƚŚĞ ĐĂƐĞ͕ ƚŚĞ ĐĂƌƌǇŝŶŐ ĂŵŽƵŶƚ ŽĨ ƚŚĞ ĂƐƐĞƚ ŝƐ ŝŶĐƌĞĂƐĞĚ ƚŽ ŝƚƐ ƌĞĐŽǀĞƌĂďůĞ ĂŵŽƵŶƚ͘ dŚĂƚ ŝŶĐƌĞĂƐĞĚ ĂŵŽƵŶƚ ĐĂŶŶŽƚ ĞǆĐĞĞĚ ƚŚĞ ĐĂƌƌǇŝŶŐ ĂŵŽƵŶƚ ƚŚĂƚ ǁŽƵůĚ ŚĂǀĞ ďĞĞŶ ĚĞƚĞƌŵŝŶĞĚ͕ ŶĞƚ ŽĨ ĚĞƉƌĞĐŝĂƚŝŽŶ ĂŶĚ ĂŵŽƌƚŝǌĂƚŝŽŶ͕ ŚĂĚ ŶŽ ŝŵƉĂŝƌŵĞŶƚ ůŽƐƐ ďĞĞŶ ƌĞĐŽŐŶŝǌĞĚ ĨŽƌ ƚŚĞ ĂƐƐĞƚ ŝŶ ƉƌŝŽƌ ǇĞĂƌƐ͘ ^ƵĐŚ ƌĞǀĞƌƐĂů ŝƐ ƌĞĐŽŐŶŝǌĞĚ ŝŶ ƉƌŽĨŝƚ Žƌ ůŽƐƐ ƵŶůĞƐƐ ƚŚĞ ĂƐƐĞƚ ŝƐ ĐĂƌƌŝĞĚ Ăƚ ƌĞǀĂůƵĞĚ ĂŵŽƵŶƚ͕ ŝŶ ǁŚŝĐŚ ĐĂƐĞ ƚŚĞ ƌĞǀĞƌƐĂů ŝƐ ƚƌĞĂƚĞĚ ĂƐ Ă ƌĞǀĂůƵĂƚŝŽŶ ŝŶĐƌĞĂƐĞ͘ ĨƚĞƌ ƐƵĐŚ Ă ƌĞǀĞƌƐĂů ƚŚĞ ĚĞƉƌĞĐŝĂƚŝŽŶ ĂŶĚ ĂŵŽƌƚŝǌĂƚŝŽŶ ĐŚĂƌŐĞ ŝƐ ĂĚũƵƐƚĞĚ ŝŶ ĨƵƚƵƌĞ ƉĞƌŝŽĚƐ ƚŽ ĂůůŽĐĂƚĞ ƚŚĞ ĂƐƐet’s revised ĐĂƌƌǇŝŶŐ ĂŵŽƵŶƚ͕ ůĞƐƐ ĂŶǇ ƌĞƐŝĚƵĂů ǀĂůƵĞ͕ ŽŶ Ă ƐǇƐƚĞŵĂƚŝĐ ďĂƐŝƐ ŽǀĞƌ ŝƚƐ ƌĞŵĂŝŶŝŶŐ ƵƐĞĨƵů ůŝĨĞ͘

Ͳ ϭϵ Ͳ 'ŽŽĚǁŝůů͘ dŚĞ 'ƌŽƵƉ ĂƐƐĞƐƐĞƐ ǁŚĞƚŚĞƌ ƚŚĞƌĞ ĂƌĞ ĂŶǇ ŝŶĚŝĐĂƚŽƌƐ ƚŚĂƚ ŐŽŽĚǁŝůů ŝƐ ŝŵƉĂŝƌĞĚ Ăƚ ĞĂĐŚ ĨŝŶĂŶĐŝĂů ƌĞƉŽƌƚŝŶŐ ĚĂƚĞ͘ 'ŽŽĚǁŝůů ŝƐ ƚĞƐƚĞĚ ĨŽƌ ŝŵƉĂŝƌŵĞŶƚ ĂŶŶƵĂůůǇ ĂŶĚ ǁŚĞŶ ĐŝƌĐƵŵƐƚĂŶĐĞƐ ŝŶĚŝĐĂƚĞ ƚŚĂƚ ƚŚĞ ĐĂƌƌǇŝŶŐ ĂŵŽƵŶƚ ŵĂǇ ďĞ ŝŵƉĂŝƌĞĚ͘ /ŵƉĂŝƌŵĞŶƚ ŝƐ ĚĞƚĞƌŵŝŶĞĚ ĨŽƌ ŐŽŽĚǁŝůů ďǇ ĂƐƐĞƐƐŝŶŐ ƚŚĞ ƌĞĐŽǀĞƌĂďůĞ ĂŵŽƵŶƚ ŽĨ ƚŚĞ ĐĂƐŚͲŐĞŶĞƌĂƚŝŶŐ ƵŶŝƚƐ͕ ƚŽ ǁŚŝĐŚ ƚŚĞ ŐŽŽĚǁŝůů ƌĞůĂƚĞƐ͘ tŚĞƌĞ ƚŚĞ ƌĞĐŽǀĞƌĂďůĞ ĂŵŽƵŶƚ ŽĨ ƚŚĞ ĐĂƐŚͲŐĞŶĞƌĂƚŝŶŐ ƵŶŝƚƐ ŝƐ ůĞƐƐ ƚŚĂŶ ƚŚĞŝƌ ĐĂƌƌǇŝŶŐ ĂŵŽƵŶƚ͕ ĂŶ ŝŵƉĂŝƌŵĞŶƚ ůŽƐƐ ŝƐ ƌĞĐŽŐŶŝǌĞĚ͘ /ŵƉĂŝƌŵĞŶƚ ůŽƐƐĞƐ ƌĞůĂƚŝŶŐ ƚŽ ŐŽŽĚǁŝůů ĐĂŶŶŽƚ ďĞ ƌĞǀĞƌƐĞĚ ŝŶ ĨƵƚƵƌĞ ƉĞƌŝŽĚƐ͘ /ŶǀĞƐƚŵĞŶƚƐ ŝŶ ƐƐŽĐŝĂƚĞƐ͘ ĨƚĞƌ ĂƉƉůŝĐĂƚŝŽŶ ŽĨ ƚŚĞ ĞƋƵŝƚǇ ŵĞƚŚŽĚ͕ ƚŚĞ 'ƌŽƵƉ ĚĞƚĞƌŵŝŶĞƐ ǁŚĞƚŚĞƌ it is necessary to recognize an impairment loss on the Group’s investment in its associates. The 'ƌŽƵƉ ĚĞƚĞƌŵŝŶĞƐ Ăƚ ĞĂĐŚ ĨŝŶĂŶĐŝĂů ƌĞƉŽƌƚŝŶŐ ĚĂƚĞ ǁŚĞƚŚĞƌ ƚŚĞƌĞ ŝƐ ĂŶǇ ŽďũĞĐƚŝǀĞ ĞǀŝĚĞŶĐĞ ƚŚĂƚ ƚŚĞ ŝŶǀĞƐƚŵĞŶƚƐ ŝŶ ĂƐƐŽĐŝĂƚĞƐ ĂƌĞ ŝŵƉĂŝƌĞĚ͘ /Ĩ ƚŚŝƐ ŝƐ ƚŚĞ ĐĂƐĞ͕ ƚŚĞ 'ƌŽƵƉ ĐĂůĐƵůĂƚĞƐ ƚŚĞ ĂŵŽƵŶƚ ŽĨ ŝŵƉĂŝƌŵĞŶƚ ĂƐ ƚŚĞ ĚŝĨĨĞƌĞŶĐĞ ďĞƚǁĞĞŶ ƚŚĞ ƌĞĐŽǀĞƌĂďůĞ ĂŵŽƵŶƚ ŽĨ ƚŚĞ ĂƐƐŽĐŝĂƚĞƐ ĂŶĚ ƚŚĞŝƌ carrying values and recognizes the amount in profit or loss under the “Equity in net income ;ůŽƐƐͿ ŽĨ ĂƐƐŽciates” account. ĂƉŝƚĂů ^ƚŽĐŬ ĂŶĚ ĚĚŝƚŝŽŶĂů WĂŝĚͲŝŶ ĂƉŝƚĂů ĂƉŝƚĂů ƐƚŽĐŬ ŝƐ ŵĞĂƐƵƌĞĚ Ăƚ ƉĂƌ ǀĂůƵĞ ĨŽƌ Ăůů ƐŚĂƌĞƐ ŝƐƐƵĞĚ͘ WƌŽĐĞĞĚƐ ĂŶĚͬŽƌ ĨĂŝƌ ǀĂůƵĞ ŽĨ ĐŽŶƐŝĚĞƌĂƚŝŽŶƐ ƌĞĐĞŝǀĞĚ ŝŶ ĞǆĐĞƐƐ ŽĨ ƉĂƌ ǀĂůƵĞ͕ ŝĨ ĂŶǇ͕ ĂƌĞ ƌĞĐŽŐŶŝǌĞĚ ĂƐ ĂĚĚŝƚŝŽŶĂů ƉĂŝĚͲŝŶ ĐĂƉŝƚĂů͘ /ŶĐƌĞŵĞŶƚĂů ĐŽƐƚƐ ĚŝƌĞĐƚůǇ ĂƚƚƌŝďƵƚĂďůĞ ƚŽ ƚŚĞ ŝƐƐƵĞ ŽĨ ŶĞǁ ĐĂƉŝƚĂů ƐƚŽĐŬ ĂƌĞ ƌĞĐŽŐŶŝǌĞĚ ĂƐ Ă ĚĞĚƵĐƚŝŽŶ͕ ŶĞƚ ŽĨ ƚĂǆ͕ ĨƌŽŵ ƚŚĞ ĞƋƵŝƚǇ͘ ZĞƚĂŝŶĞĚ ĂƌŶŝŶŐƐ Retained earnings represent the cumulative balance of the Group’s results of operations͕ ŶĞƚ ŽĨ ĚŝǀŝĚĞŶĚ ĚŝƐƚƌŝďƵƚŝŽŶƐ͘ K / K / ĐŽŵƉƌŝƐĞƐ ŽĨ ŝƚĞŵƐ ŽĨ ŝŶĐŽŵĞ ĂŶĚ ĞǆƉĞŶƐĞƐ ƚŚĂƚ ĂƌĞ ŶŽƚ ƌĞĐŽŐŶŝǌĞĚ ŝŶ ƉƌŽĨŝƚ Žƌ ůŽƐƐ ĨŽƌ ƚŚĞ ǇĞĂƌ ŝŶ ĂĐĐŽƌĚĂŶĐĞ ǁŝƚŚ W&Z^͘ K / ŽĨ ƚŚĞ ŽŵƉĂŶǇ ƉĞƌƚĂŝŶƐ ƚŽ ƵŶƌĞĂůŝǌĞĚ ǀĂůƵĂƚŝŽŶ ŽŶ &^ ĨŝŶĂŶĐŝĂů ĂƐƐĞƚƐ͕ ƌĞŵĞĂƐƵƌĞŵĞŶƚ ŽŶ ƌĞƚŝƌĞŵĞŶƚ ůŝĂďŝůŝƚǇ ĂŶĚ ƌĞǀĂůƵĂƚŝŽŶ ƐƵƌƉůƵƐ͘ dƌĞĂƐƵƌǇ ^ƚŽĐŬ KǁŶ ĞƋƵŝƚǇ ŝŶƐƚƌƵŵĞŶƚƐ ǁŚŝĐŚ ĂƌĞ ƌĞĂĐƋƵŝƌĞĚ ;ƚƌĞĂƐƵƌǇ ƐƚŽĐŬͿ ĂƌĞ ƌĞĐŽŐŶŝǌĞĚ Ăƚ ĐŽƐƚ ĂŶĚ ĚĞĚƵĐƚĞĚ ĨƌŽŵ ĞƋƵŝƚǇ͘ EŽ ŐĂŝŶ Žƌ ůŽƐƐ ŝƐ ƌĞĐŽŐŶŝǌĞĚ ŝŶ ƚŚĞ ĐŽŶƐŽůŝĚĂƚĞĚ ƐƚĂƚĞŵĞŶƚƐ ŽĨ ĐŽŵƉƌĞŚĞŶƐŝǀĞ ŝŶĐŽŵĞ ŽŶ ƚŚĞ ƉƵƌĐhase, sale, issue or cancellation of the Group’s own equity ŝŶƐƚƌƵŵĞŶƚƐ͘ ŶǇ ĚŝĨĨĞƌĞŶĐĞ ďĞƚǁĞĞŶ ƚŚĞ ĐĂƌƌǇŝŶŐ ĂŵŽƵŶƚ ĂŶĚ ƚŚĞ ĐŽŶƐŝĚĞƌĂƚŝŽŶ͕ ŝĨ ƌĞŝƐƐƵĞĚ͕ ŝƐ ƌĞĐŽŐŶŝǌĞĚ ĂƐ ĂĚĚŝƚŝŽŶĂů ƉĂŝĚͲŝŶ ĐĂƉŝƚĂů͘ sŽƚŝŶŐ ƌŝŐŚƚƐ ƌĞůĂƚĞĚ ƚŽ ƚƌĞĂƐƵƌǇ ƐŚĂƌĞƐ ĂƌĞ ŶƵůůŝĨŝĞĚ ĨŽƌ ƚŚĞ 'ƌŽƵƉ ĂŶĚ ŶŽ ĚŝǀŝĚĞŶĚƐ ĂƌĞ ĂůůŽĐĂƚĞĚ ƚŽ ƚŚĞŵ͘

WĂƌĞŶƚ ŽŵƉĂŶǇ’s Shares Held by a Subsidiary Parent’s shares which are held by a subsidiary are treated ƐŝŵŝůĂƌ ƚŽ ƚƌĞĂƐƵƌǇ ƐŚĂƌĞƐ ĂŶĚ ƌĞĐŽŐŶŝǌĞĚ ĂŶĚ ĚĞĚƵĐƚĞĚ ĨƌŽŵ ĞƋƵŝƚǇ Ăƚ ĐŽƐƚ͘ EŽ ŐĂŝŶ Žƌ ůŽƐƐ ŝƐ ƌĞĐŽŐŶŝǌĞĚ ŝŶ ƚŚĞ ĐŽŶƐŽůŝĚĂƚĞĚ ƐƚĂƚĞŵĞŶƚƐ of comprehensive income on the purchase, sale, issue or cancellation of the Group’s ŽǁŶ ĞƋƵŝƚǇ ŝŶƐƚƌƵŵĞŶƚƐ͘ ŶǇ ĚŝĨĨĞƌĞŶĐĞ ďĞƚǁĞĞŶ ƚŚĞ ĐĂƌƌǇŝŶŐ ĂŵŽƵŶƚ ĂŶĚ ƚŚĞ ĐŽŶƐŝĚĞƌĂƚŝŽŶ ŝƐ ƌĞĐŽŐŶŝǌĞĚ ĂƐ ĂĚĚŝƚŝŽŶĂů ƉĂŝĚͲŝŶ ĐĂƉŝƚĂů͘

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Ͳ ϮϬ Ͳ

ZĞǀĞŶƵĞ ZĞĐŽŐŶŝƚŝŽŶ ZĞǀĞŶƵĞ ŝƐ ƌĞĐŽŐŶŝǌĞĚ ƚŽ ƚŚĞ ĞǆƚĞŶƚ ƚŚĂƚ ŝƚ ŝƐ ƉƌŽďĂďůĞ ƚŚĂƚ ƚŚĞ ĞĐŽŶŽŵŝĐ ďĞŶĞĨŝƚƐ ǁŝůů ĨůŽǁ ƚŽ ƚŚĞ 'ƌŽƵƉ ĂŶĚ ƚŚĞ ƌĞǀĞŶƵĞ ĐĂŶ ďĞ ƌĞůŝĂďůǇ ŵĞĂƐƵƌĞĚ͘ ZĞǀĞŶƵĞ ŝƐ ŵĞĂƐƵƌĞĚ Ăƚ ƚŚĞ ĨĂŝƌ ǀĂůƵĞ ŽĨ ƚŚĞ ĐŽŶƐŝĚĞƌĂƚŝŽŶ ƌĞĐĞŝǀĞĚ͕ ĞǆĐůƵĚŝŶŐ ĚŝƐĐŽƵŶƚƐ ĂŶĚ ƌĞďĂƚĞƐ͘ dŚĞ ĨŽůůŽǁŝŶŐ ƐƉĞĐŝĨŝĐ ƌĞĐŽŐŶŝƚŝŽŶ ĐƌŝƚĞƌŝĂ ŵƵƐƚ ĂůƐŽ ďĞ ŵĞƚ ďĞĨŽƌĞ ƌĞǀĞŶƵĞ ŝƐ ƌĞĐŽŐŶŝǌĞĚ͘ ZĞĂů ƐƚĂƚĞ ^ĂůĞƐ͘ ZĞǀĞŶƵĞ ĨƌŽŵ ƐĂůĞƐ ŽĨ ĐŽŵƉůĞƚĞĚ ƉƌŽũĞĐƚƐ ŝƐ ĂĐĐŽƵŶƚĞĚ ĨŽƌ ƵƐŝŶŐ ƚŚĞ ĨƵůů ĂĐĐƌƵĂů ŵĞƚŚŽĚ͘ dŚĞ ƉĞƌĐĞŶƚĂŐĞ ŽĨ ĐŽŵƉůĞƚŝŽŶ ŵĞƚŚŽĚ ǁŝůů ďĞ ƵƐĞĚ ƚŽ ƌĞĐŽŐŶŝǌĞ ŝŶĐŽŵĞ ĨƌŽŵ ƐĂůĞƐ ŽĨ ƉƌŽũĞĐƚƐ ǁŚĞƌĞ ƚŚĞ 'ƌŽƵƉ ŚĂƐ ŵĂƚĞƌŝĂů ŽďůŝŐĂƚŝŽŶƐ ƵŶĚĞƌ ƚŚĞ ƐĂůĞƐ ĐŽŶƚƌĂĐƚƐ ƚŽ ĐŽŵƉůĞƚĞ ƚŚĞ ƉƌŽũĞĐƚ ĂĨƚĞƌ ƚŚĞ ƉƌŽƉĞƌƚǇ ŝƐ ƐŽůĚ͘ hŶĚĞƌ ƚŚŝƐ ŵĞƚŚŽĚ͕ ƐĂůĞƐ ŝƐ ƌĞĐŽŐŶŝǌĞĚ ĂƐ ƚŚĞ ƌĞůĂƚĞĚ ŽďůŝŐĂƚŝŽŶƐ ĂƌĞ ĨƵůĨŝůůĞĚ͕ ŵĞĂƐƵƌĞĚ ƉƌŝŶĐŝƉĂůůǇ ŽŶ ƚŚĞ ďĂƐŝƐ ŽĨ ƚŚĞ ĞƐƚŝŵĂƚĞĚ ĐŽŵƉůĞƚŝŽŶ ŽĨ Ă ƉŚǇƐŝĐĂů ƉŽƌƚŝŽŶ ŽĨ ƚŚĞ ĐŽŶƚƌĂĐƚ ǁŽƌŬ͘ ŽƐƚƐ ƚŚĂƚ ƌĞůĂƚĞ ƚŽ ƚŚĞ ĂĐƋƵŝƐŝƚŝŽŶ͕ ĚĞǀĞůŽƉŵĞŶƚ͕ ŝŵƉƌŽǀĞŵĞŶƚ ĂŶĚ ĐŽŶƐƚƌƵĐƚŝŽŶ ŽĨ ƚŚĞ ƌĞĂů ĞƐƚĂƚĞ ƉƌŽũĞĐƚƐ ĂƌĞ ĐĂƉŝƚĂůŝǌĞĚ ĂŶĚ ĂƌĞ ĐŚĂƌŐĞĚ ƚŽ ŽƉĞƌĂƚŝŽŶƐ ǁŚĞŶ ƚŚĞ ƌĞůĂƚĞĚ ƌĞǀĞŶƵĞƐ ĂƌĞ ƌĞĐŽŐŶŝǌĞĚ͘ dŚĞ 'ƌŽƵƉ ĂĐĐŽƵŶƚƐ ĨŽƌ ĂŶǇ ĐĂƐŚ ƌĞĐĞŝǀĞĚ ĨƌŽŵ ďƵǇĞƌƐ ĂƐ ĚĞƉŽƐŝƚƐ ĨƌŽŵ ƐĂůĞ ŽĨ ĐŽŶĚŽŵŝŶŝƵŵ ƵŶŝƚƐ ǁŚĞŶ ƚŚĞ ĐŽŶƐƚƌƵĐƚŝŽŶ ŝƐ ŶŽƚ ďĞǇŽŶĚ Ă ƉƌĞůŝŵŝŶĂƌǇ ƐƚĂŐĞ͘ ŽŶƐƚƌƵĐƚŝŽŶ ŝƐ ŶŽƚ ďĞǇŽŶĚ Ă ƉƌĞůŝŵŝŶĂƌǇ ƐƚĂŐĞ ŝĨ ĞŶŐŝŶĞĞƌŝŶŐ ĂŶĚ ĚĞƐŝŐŶ ǁŽƌŬ͕ ĞǆĞĐƵƚŝŽŶ ŽĨ ĐŽŶƐƚƌƵĐƚŝŽŶ ĐŽŶƚƌĂĐƚƐ͕ ƐŝƚĞ ĐůĞĂƌĂŶĐĞ ĂŶĚ ƉƌĞƉĂƌĂƚŝŽŶ͕ ĞǆĐĂǀĂƚŝŽŶ͕ ĂŶĚ ĐŽŵƉůĞƚŝŽŶ ŽĨ ƚŚĞ ďƵŝůĚŝŶŐ ĨŽƵŶĚĂƚŝŽŶ ĂƌĞ ŝŶĐŽŵƉůĞƚĞ͘ WƌŽĐĞĞĚƐ ƐŚĂůů ďĞ ĂĐĐŽƵŶƚĞĚ ĨŽƌ ĂƐ ĚĞƉŽƐŝƚƐ ƵŶƚŝů ƚŚĞ ĐƌŝƚĞƌŝĂ ĨŽƌ ƉĞƌĐĞŶƚĂŐĞ ŽĨ ĐŽŵƉůĞƚŝŽŶ ŵĞƚŚŽĚ ĂƌĞ ŵĞƚ͘ ǆĐĞƐƐ of collections over the recognized receivables are included in the “Trade and other payables” ĂĐĐŽƵŶƚ ŝŶ ƚŚĞ ĐŽŶƐŽůŝĚĂƚĞĚ ƐƚĂƚĞŵĞŶƚƐ ŽĨ ĨŝŶĂŶĐŝĂů ƉŽƐŝƚŝŽŶ͕ ŝĨ ĞǆƉĞĐƚĞĚ ƚŽ ďĞ ĂƉƉůŝĞĚ ǁŝƚŚŝŶ ϭϮ ŵŽŶƚŚƐ ĨƌŽŵ ƚŚĞ ĨŝŶĂŶĐŝĂů ƌĞƉŽƌƚŝŶŐ ĚĂƚĞ͘ KƚŚĞƌǁŝƐĞ͕ ƚŚĞƐĞ ĂƌĞ ĐůĂƐƐŝĨŝĞĚ ĂƐ ŶŽŶĐƵƌƌĞŶƚ ůŝĂďŝůŝƚǇ under “Other noncurrent liabilities” account in the consolidated statementƐ ŽĨ ĨŝŶĂŶĐŝĂů ƉŽƐŝƚŝŽŶ͘ &Žƌ ƐĂůĞ ŽĨ ĐŽŶĚŽŵŝŶŝƵŵ ƵŶŝƚƐ ĂŶĚ ƉƌĞĨĞƌƌĞĚ ƐŚĂƌĞƐ ƵŶĚĞƌ Ă ƐŝŶŐůĞ ĐŽŶƚƌĂĐƚ ƚŽ ƐĞůů͕ ƚŚĞ ƐĞůůŝŶŐ ƉƌŝĐĞ ŝƐ ĂůůŽĐĂƚĞĚ ƚŽ ĞĂĐŚ ĐŽŵƉŽŶĞŶƚ ƵƐŝŶŐ ƚŚĞ ƌĞƐŝĚƵĂů ŵĞƚŚŽĚ͘ ŽůůĞĐƚŝŽŶƐ ƌĞĐĞŝǀĞĚ ĂƌĞ ŝŶŝƚŝĂůůǇ ĂƉƉůŝĞĚ ƚŽ ƚŚĞ ƐĞůůŝŶŐ ƉƌŝĐĞ ŽĨ ƚŚĞ ĐŽŶĚŽŵŝŶŝƵŵ ƵŶŝƚ ĂŶĚ ƚŚĞ ƌĞŵĂŝŶĚĞƌ ƚŽ ƚŚĞ ƐĞůůŝŶŐ ƉƌŝĐĞ ŽĨ ƚŚĞ ƉƌĞĨĞƌƌĞĚ ƐŚĂƌĞ͘ ZĞǀĞŶƵĞ ŽŶ ƚŚĞ ƐĂůĞ ŽĨ ƉĂƌŬŝŶŐ ůŽƚƐ ŝƐ ƌĞĐŽŐŶŝǌĞĚ ƵƐŝŶŐ ƚŚĞ ĨƵůů ĂĐĐƌƵĂů ŵĞƚŚŽĚ͘ ZĞŶƚ͘ ZĞŶƚ ŝŶĐŽŵĞ ĨƌŽŵ ŽƉĞƌĂƚŝŶŐ ůĞĂƐĞƐ ŝƐ ƌĞĐŽŐŶŝǌĞĚ ŽŶ Ă ƐƚƌĂŝŐŚƚͲůŝŶĞ ďĂƐŝƐ ŽǀĞƌ ƚŚĞ ƚĞƌŵ ŽĨ ƚŚĞ ůĞĂƐĞ͘ ŽŶƚŝŶŐĞŶƚ ƌĞŶƚ ŝŶĐŽŵĞ ŝƐ ƌĞĐŽŐŶŝǌĞĚ ǁŚĞŶ ŝƚ ĂƌŝƐĞƐ͘ dŚŝƐ ĂůƐŽ ŝŶĐůƵĚĞƐ ĐŽŵŵŽŶ ƵƚŝůŝƚŝĞƐ͕ ƐĞƌǀŝĐĞƐ ĂŶĚ ŵĂŝŶƚĞŶĂŶĐĞ ĐŚĂƌŐĞƐ͕ ĂƐ ǁĞůů ĂƐ ŽƚŚĞƌ ŝŶĐŝĚĞŶƚĂů ŝŶĐŽŵĞ ŝŶ ƉƌŽǀŝĚŝŶŐ ƚŚĞ ƐĞƌǀŝĐĞ͘ ŝƌ dƌĂŶƐƉŽƌƚ ^ĞƌǀŝĐĞƐ͘ ŝƌ ƚƌĂŶƐƉŽƌƚ ƐĞƌǀŝĐĞƐ ŝƐ ƌĞĐŽŐŶŝǌĞĚ ǁŚĞŶ ƚŚĞ ƌĞůĂƚĞĚ ƐĞƌǀŝĐĞ ŚĂƐ ďĞĞŶ ƌĞŶĚĞƌĞĚ͘ 'ĂŝŶ ŽŶ ^ĂůĞ ŽĨ &^ &ŝŶĂŶĐŝĂů ƐƐĞƚƐ͘ 'ĂŝŶ ŽŶ ƐĂůĞ ŽĨ &^ ĨŝŶĂŶĐŝĂů ĂƐƐĞƚƐ ĂƌĞ ƌĞĐŽŐŶŝǌĞĚ ƵƉŽŶ ƚƌĂŶƐĨĞƌ ŽĨ ƌŝƐŬƐ ĂŶĚ ƌĞǁĂƌĚƐ ƚŽ ƚŚĞ ďƵǇĞƌ͘ /ŶƚĞƌĞƐƚ ŝŶĐŽŵĞ͘ /ŶƚĞƌĞƐƚ ŝŶĐŽŵĞ ŝƐ ƌĞĐŽŐŶŝǌĞĚ ĂƐ ƚŚĞ ŝŶƚĞƌĞƐƚ ĂĐĐƌƵĞƐ ƚĂŬŝŶŐ ŝŶƚŽ ĂĐĐŽƵŶƚ ƚŚĞ ĞĨĨĞĐƚŝǀĞ ǇŝĞůĚ ŽŶ ƚŚĞ ĂƐƐĞƚƐ͘ KƚŚĞƌ /ŶĐŽŵĞ͘ /ŶĐŽŵĞ ĨƌŽŵ ŽƚŚĞƌ ƐŽƵƌĐĞƐ ŝƐ ƌĞĐŽŐŶŝǌĞĚ ǁŚĞŶ ĞĂƌŶĞĚ ĚƵƌŝŶŐ ƚŚĞ ƉĞƌŝŽĚ͘

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ŽƐƚ ĂŶĚ ǆƉĞŶƐĞ ZĞĐŽŐŶŝƚŝŽŶ ŽƐƚ ĂŶĚ ĞǆƉĞŶƐĞƐ ĂƌĞ ĚĞĐƌĞĂƐĞƐ ŝŶ ĞĐŽŶŽŵŝĐ ďĞŶĞĨŝƚƐ ĚƵƌŝŶŐ ƚŚĞ ĂĐĐŽƵŶƚŝŶŐ ƉĞƌŝŽĚ ŝŶ ƚŚĞ ĨŽƌŵ ŽĨ ŽƵƚĨůŽǁƐ Žƌ ĚĞƉůĞƚŝŽŶƐ ŽĨ ĂƐƐĞƚƐ Žƌ ŝŶĐƵƌƌĞŶĐĞ ŽĨ ůŝĂďŝůŝƚŝĞƐ ƚŚĂƚ ƌĞƐƵůƚ ŝŶ ĚĞĐƌĞĂƐĞ ŝŶ ĞƋƵŝƚǇ͕ ŽƚŚĞƌ ƚŚĂŶ ƚŚŽƐĞ ƌĞůĂƚŝŶŐ ƚŽ ĚŝƐƚƌŝďƵƚŝŽŶƐ ƚŽ ĞƋƵŝƚǇ ƉĂƌƚŝĐŝƉĂŶƚƐ͘

Ͳ Ϯϭ Ͳ ŽƐƚ ŽĨ ZĞĂů ƐƚĂƚĞ ^ŽůĚ͘ ŽƐƚ ŽĨ ƌĞĂů ĞƐƚĂƚĞ ƐŽůĚ ŝƐ ƌĞĐŽŐŶŝǌĞĚ ĐŽŶƐŝƐƚĞŶƚ ǁŝƚŚ ƚŚĞ ƌĞǀĞŶƵĞ ƌĞĐŽŐŶŝƚŝŽŶ ŵĞƚŚŽĚ ĂƉƉůŝĞĚ͘ ŽƐƚ ŽĨ ĐŽŶĚŽŵŝŶŝƵŵ ƵŶŝƚƐ ƐŽůĚ ďĞĨŽƌĞ ƚŚĞ ĐŽŵƉůĞƚŝŽŶ ŽĨ ƚŚĞ ƉƌŽũĞĐƚ ŝƐ ĚĞƚĞƌŵŝŶĞĚ ďĂƐĞĚ ŽŶ ĂĐƚƵĂů ĐŽƐƚƐ ĂŶĚ ƉƌŽũĞĐƚ ĞƐƚŝŵĂƚĞƐ ŽĨ ďƵŝůĚŝŶŐ ĐŽŶƚƌĂĐƚŽƌƐ ĂŶĚ ƚĞĐŚŶŝĐĂů ƐƚĂĨĨ͘ ŽŶƚƌĂĐƚ ĐŽƐƚƐ ŝŶĐůƵĚĞ Ăůů ĚŝƌĞĐƚ ŵĂƚĞƌŝĂůƐ ĂŶĚ ůĂďŽƌ ĐŽƐƚƐ ĂŶĚ ƚŚŽƐĞ ĚŝƌĞĐƚ ĐŽƐƚƐ ƌĞůĂƚĞĚ ƚŽ ĐŽŶƚƌĂĐƚ ƉĞƌĨŽƌŵĂŶĐĞ͘ ǆƉĞĐƚĞĚ ůŽƐƐĞƐ ŽŶ ĐŽŶƚƌĂĐƚƐ ĂƌĞ ƌĞĐŽŐŶŝǌĞĚ ŝŵŵĞĚŝĂƚĞůǇ ǁŚĞŶ ŝƚ ŝƐ ƉƌŽďĂďůĞ ƚŚĂƚ ƚŚĞ ƚŽƚĂů ĐŽŶƚƌĂĐƚ ĐŽƐƚƐ ǁŝůů ĞǆĐĞĞĚ ƚŽƚĂů ĐŽŶƚƌĂĐƚ ƌĞǀĞŶƵĞ͘ ŚĂŶŐĞƐ ŝŶ ĐŽŶƚƌĂĐƚ ƉĞƌĨŽƌŵĂŶĐĞ͕ ĐŽŶƚƌĂĐƚ ĐŽŶĚŝƚŝŽŶƐ ĂŶĚ ĞƐƚŝŵĂƚĞĚ ƉƌŽĨŝƚĂďŝůŝƚǇ͕ ŝŶĐůƵĚŝŶŐ ƚŚŽƐĞ ĂƌŝƐŝŶŐ ĨƌŽŵ ĐŽŶƚƌĂĐƚ ƉĞŶĂůƚǇ ƉƌŽǀŝƐŝŽŶƐ͕ ĂŶĚ ĨŝŶĂů ĐŽŶƚƌĂĐƚ ƐĞƚƚůĞŵĞŶƚƐ ǁŚŝĐŚ ŵĂǇ ƌĞƐƵůƚ ŝŶ ƌĞǀŝƐŝŽŶƐ ƚŽ ĞƐƚŝŵĂƚĞĚ ĐŽƐƚƐ ĂŶĚ ŐƌŽƐƐ ŵĂƌŐŝŶƐ ĂƌĞ ƌĞĐŽŐŶŝǌĞĚ ŝŶ ƚŚĞ ǇĞĂƌ ŝŶ ǁŚŝĐŚ ƚŚĞ ĐŚĂŶŐĞƐ ĂƌĞ ĚĞƚĞƌŵŝŶĞĚ͘ ŽƐƚ ŽĨ ^ĞƌǀŝĐĞƐ͘ ŽƐƚ ŽĨ ƐĞƌǀŝĐĞƐ ŝƐ ƌĞĐŽŐŶŝǌĞĚ ĂƐ ĞǆƉĞŶƐĞ ǁŚĞŶ ƐĞƌǀŝĐĞƐ ĂƌĞ ƌĞŶĚĞƌĞĚ͘ 'ĞŶĞƌĂů ĂŶĚ ĚŵŝŶŝƐƚƌĂƚŝǀĞ ǆƉĞŶƐĞƐ͘ 'ĞŶĞƌĂů ĂŶĚ ĂĚŵŝŶŝƐƚƌĂƚŝǀĞ ĞǆƉĞŶƐĞƐ ĐŽŶƐƚŝƚƵƚĞ ĐŽƐƚƐ ŽĨ ĂĚŵŝŶŝƐƚĞƌŝŶŐ ƚŚĞ ďƵƐŝŶĞƐƐ͘ dŚĞƐĞ ĂƌĞ ĞǆƉĞŶƐĞĚ ĂƐ ŝŶĐƵƌƌĞĚ͘ ŵƉůŽǇĞĞ ĞŶĞĨŝƚƐ ^ŚŽƌƚͲƚĞƌŵ ĞŶĞĨŝƚƐ͘ dŚĞ 'ƌŽƵƉ ƌĞĐŽŐŶŝǌĞƐ Ă ůŝĂďŝůŝƚǇ ŶĞƚ ŽĨ ĂŵŽƵŶƚƐ ĂůƌĞĂĚǇ ƉĂŝĚ ĂŶĚ ĂŶ ĞǆƉĞŶƐĞ ĨŽƌ ƐĞƌǀŝĐĞƐ ƌĞŶĚĞƌĞĚ ďǇ ĞŵƉůŽǇĞĞƐ ĚƵƌŝŶŐ ƚŚĞ ĂĐĐŽƵŶƚŝŶŐ ƉĞƌŝŽĚ͘ ůŝĂďŝůŝƚǇ ŝƐ ĂůƐŽ ƌĞĐŽŐŶŝǌĞĚ ĨŽƌ ƚŚĞ ĂŵŽƵŶƚ ĞǆƉĞĐƚĞĚ ƚŽ ďĞ ƉĂŝĚ ƵŶĚĞƌ ƐŚŽƌƚͲƚĞƌŵ ĐĂƐŚ ďŽŶƵƐ Žƌ ƉƌŽĨŝƚ ƐŚĂƌŝŶŐ ƉůĂŶƐ ŝĨ ƚŚĞ 'ƌŽƵƉ ŚĂƐ Ă ƉƌĞƐĞŶƚ ůĞŐĂů Žƌ ĐŽŶƐƚƌƵĐƚŝǀĞ ŽďůŝŐĂƚŝŽŶ ƚŽ ƉĂǇ ƚŚŝƐ ĂŵŽƵŶƚ ĂƐ Ă ƌĞƐƵůƚ ŽĨ ƉĂƐƚ ƐĞƌǀŝĐĞ ƉƌŽǀŝĚĞĚ ďǇ ƚŚĞ ĞŵƉůŽǇĞĞ͕ ĂŶĚ ƚŚĞ ŽďůŝŐĂƚŝŽŶ ĐĂŶ ďĞ ĞƐƚŝŵĂƚĞĚ ƌĞůŝĂďůǇ͘ ZĞƚŝƌĞŵĞŶƚ ĞŶĞĨŝƚ ŽƐƚƐ͘ dŚĞ 'ƌŽƵƉ ŚĂƐ ĂŶ ƵŶĨƵŶĚĞĚ͕ ŶŽŶͲĐŽŶƚƌŝďƵƚŽƌǇ ĚĞĨŝŶĞĚ ďĞŶĞĨŝƚ ƉůĂŶ ĐŽǀĞƌŝŶŐ Ăůů ƋƵĂůŝĨŝĞĚ ĞŵƉůŽǇĞĞƐ͘ ZĞƚŝƌĞŵĞŶƚ ďĞŶĞĨŝƚ ĐŽƐƚƐ ĂƌĞ ĂĐƚƵĂƌŝĂůůǇ ĚĞƚĞƌŵŝŶĞĚ ƵƐŝŶŐ ƚŚĞ ƉƌŽũĞĐƚĞĚ ƵŶŝƚ ĐƌĞĚŝƚ ŵĞƚŚŽĚ ǁŚŝĐŚ ƌĞĨůĞĐƚƐ ƐĞƌǀŝĐĞƐ ƌĞŶĚĞƌĞĚ ďǇ ĞŵƉůŽǇĞĞƐ ƚŽ ƚŚĞ ĚĂƚĞ ŽĨ ǀĂůƵĂƚŝŽŶ and incorporates assumptions concerning employees’ projected salaries. dŚĞ 'ƌŽƵƉ ƌĞĐŽŐŶŝǌĞƐ ƐĞƌǀŝĐĞ ĐŽƐƚƐ͕ ĐŽŵƉƌŝƐŝŶŐ ŽĨ ĐƵƌƌĞŶƚ ƐĞƌǀŝĐĞ ĐŽƐƚƐ͕ ƉĂƐƚ ƐĞƌǀŝĐĞ ĐŽƐƚƐ͕ ŐĂŝŶƐ ĂŶĚ ůŽƐƐĞƐ ŽŶ ĐƵƌƚĂŝůŵĞŶƚƐ ĂŶĚ ŶŽŶƌŽƵƚŝŶĞ ƐĞƚƚůĞŵĞŶƚƐ͖ ĂŶĚ ŝŶƚĞƌĞƐƚ ĞǆƉĞŶƐĞ ŝŶ ƉƌŽĨŝƚ Žƌ ůŽƐƐ͘ /ŶƚĞƌĞƐƚ ŝƐ ĐĂůĐƵůĂƚĞĚ ďǇ ĂƉƉůǇŝŶŐ ƚŚĞ ĚŝƐĐŽƵŶƚ ƌĂƚĞ ƚŽ ƚŚĞ ƌĞƚŝƌĞŵĞŶƚ ůŝĂďŝůŝƚǇ͘ WĂƐƚ ƐĞƌǀŝĐĞ ĐŽƐƚƐ ĂƌĞ ƌĞĐŽŐŶŝǌĞĚ ŝŶ ƉƌŽĨŝƚ Žƌ ůŽƐƐ ŽŶ ƚŚĞ ĞĂƌůŝĞƌ ŽĨ ƚŚĞ ĚĂƚĞ ŽĨ ƚŚĞ ƉůĂŶ ĂŵĞŶĚŵĞŶƚ Žƌ ĐƵƌƚĂŝůŵĞŶƚ͖ ĂŶĚ ƚŚĞ ĚĂƚĞ ƚŚĂƚ ƚŚĞ 'ƌŽƵƉ ƌĞĐŽŐŶŝǌĞƐ ƌĞƐƚƌƵĐƚƵƌŝŶŐͲƌĞůĂƚĞĚ ĐŽƐƚƐ͘ ZĞŵĞĂƐƵƌĞŵĞŶƚƐ ĐŽŵƉƌŝƐŝŶŐ ĂĐƚƵĂƌŝĂů ŐĂŝŶƐ ĂŶĚ ůŽƐƐĞƐ ĂŶĚ ƌĞƚƵƌŶ ŽŶ ƉůĂŶ ĂƐƐĞƚƐ ĂƌĞ ƌĞĐŽŐŶŝǌĞĚ ŝŵŵĞĚŝĂƚĞůǇ ŝŶ K / ŝŶ ƚŚĞ ƉĞƌŝŽĚ ŝŶ ǁŚŝĐŚ ƚŚĞǇ ĂƌŝƐĞ͘ ZĞŵĞĂƐƵƌĞŵĞŶƚƐ ĂƌĞ ŶŽƚ ƌĞĐůĂƐƐŝĨŝĞĚ ƚŽ ƉƌŽĨŝƚ Žƌ ůŽƐƐ ŝŶ ƐƵďƐĞƋƵĞŶƚ ƉĞƌŝŽĚƐ͘ dŚĞ ĚĞĨŝŶĞĚ ƌĞƚŝƌĞŵĞŶƚ ďĞŶĞĨŝƚƐ ŽďůŝŐĂƚŝŽŶ ŝƐ ƚŚĞ ĂŐŐƌĞŐĂƚĞ ŽĨ ƚŚĞ ƉƌĞƐĞŶƚ ǀĂůƵĞ ŽĨ ƚŚĞ ĚĞĨŝŶĞĚ ďĞŶĞĨŝƚ ŽďůŝŐĂƚŝŽŶ ĂŶĚ ƚŚĞ ĨĂŝƌ ǀĂůƵĞ ŽĨ ƉůĂŶ ĂƐƐĞƚƐ ŽƵƚ ŽĨ ǁŚŝĐŚ ƚŚĞ ŽďůŝŐĂƚŝŽŶƐ ĂƌĞ ƚŽ ďĞ ƐĞƚƚůĞĚ ĚŝƌĞĐƚůǇ͘ dŚĞ ƉƌĞƐĞŶƚ ǀĂůƵĞ ŽĨ ƚŚĞ ƌĞƚŝƌĞŵĞŶƚ ůŝĂďŝůŝƚǇ ŝƐ ĚĞƚĞƌŵŝŶĞĚ ďǇ ĚŝƐĐŽƵŶƚŝŶŐ ƚŚĞ ĞƐƚŝŵĂƚĞĚ ĨƵƚƵƌĞ ĐĂƐŚ ŽƵƚĨůŽǁƐ ƵƐŝŶŐ ŝŶƚĞƌĞƐƚ ƌĂƚĞ ŽŶ ŐŽǀĞƌŶŵĞŶƚ ďŽŶĚƐ ƚŚĂƚ ŚĂǀĞ ƚĞƌŵƐ ƚŽ ŵĂƚƵƌŝƚǇ ĂƉƉƌŽǆŝŵĂƚŝŶŐ ƚŚĞ ƚĞƌŵƐ ŽĨ ƚŚĞ ƌĞůĂƚĞĚ ƌĞƚŝƌĞŵĞŶƚ ůŝĂďŝůŝƚǇ͘

ĐƚƵĂƌŝĂů ǀĂůƵĂƚŝŽŶƐ ĂƌĞ ŵĂĚĞ ǁŝƚŚ ƐƵĨĨŝĐŝĞŶƚ ƌĞŐƵůĂƌŝƚǇ ƐŽ ƚŚĂƚ ƚŚĞ ĂŵŽƵŶƚƐ ƌĞĐŽŐŶŝǌĞĚ ŝŶ ƚŚĞ ĐŽŶƐŽůŝĚĂƚĞĚ ĨŝŶĂŶĐŝĂů ƐƚĂƚĞŵĞŶƚƐ ĚŽ ŶŽƚ ĚŝĨĨĞƌ ŵĂƚĞƌŝĂůůǇ ĨƌŽŵ ƚŚĞ ĂŵŽƵŶƚƐ ƚŚĂƚ ǁŽƵůĚ ďĞ ĚĞƚĞƌŵŝŶĞĚ Ăƚ ƚŚĞ ƌĞƉŽƌƚŝŶŐ ĚĂƚĞ͘

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>ĞĂƐĞƐ

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'ƌŽƵƉ ĂƐ Ă >ĞƐƐĞĞ Ͳ &ŝŶĂŶĐĞ >ĞĂƐĞ͘ &ŝŶĂŶĐĞ ůĞĂƐĞƐ͕ ǁŚŝĐŚ ƚƌĂŶƐĨĞƌ ƚŽ ƚŚĞ 'ƌŽƵƉ ƐƵďƐƚĂŶƚŝĂůůǇ Ăůů ƚŚĞ ƌŝƐŬƐ ĂŶĚ ďĞŶĞĨŝƚƐ ŝŶĐŝĚĞŶƚĂů ƚŽ ŽǁŶĞƌƐŚŝƉ ŽĨ ƚŚĞ ůĞĂƐĞĚ ŝƚĞŵ͕ ĂƌĞ ĐĂƉŝƚĂůŝǌĞĚ Ăƚ ƚŚĞ ŝŶĐĞƉƚŝŽŶ ŽĨ ƚŚĞ ůĞĂƐĞ Ăƚ ƚŚĞ ĨĂŝƌ ǀĂůƵĞ ŽĨ ƚŚĞ ůĞĂƐĞĚ ƉƌŽƉĞƌƚǇ Žƌ͕ ŝĨ ůŽǁĞƌ͕ Ăƚ ƚŚĞ ƉƌĞƐĞŶƚ ǀĂůƵĞ ŽĨ ƚŚĞ ŵŝŶŝŵƵŵ ůĞĂƐĞ ƉĂǇŵĞŶƚƐ͘ >ĞĂƐĞ ƉĂǇŵĞŶƚƐ ĂƌĞ ĂƉƉŽƌƚŝŽŶĞĚ ďĞƚǁĞĞŶ ƚŚĞ ĨŝŶĂŶĐĞ ĐŚĂƌŐĞƐ ĂŶĚ ƌĞĚƵĐƚŝŽŶ ŽĨ ƚŚĞ ůĞĂƐĞ ůŝĂďŝůŝƚǇ ƐŽ ĂƐ ƚŽ ĂĐŚŝĞǀĞ Ă ĐŽŶƐƚĂŶƚ ƌĂƚĞ ŽĨ ŝŶƚĞƌĞƐƚ ŽŶ ƚŚĞ ƌĞŵĂŝŶŝŶŐ ďĂůĂŶĐĞ ŽĨ ƚŚĞ ůŝĂďŝůŝƚǇ͘ &ŝŶĂŶĐĞ ĐŚĂƌŐĞƐ ĂƌĞ ĐŚĂƌŐĞĚ ƚŽ ĐƵƌƌĞŶƚ ŽƉĞƌĂƚŝŽŶƐ͘ ĂƉŝƚĂůŝǌĞĚ ůĞĂƐĞĚ ĂƐƐĞƚƐ ĂƌĞ ĚĞƉƌĞĐŝĂƚĞĚ ŽǀĞƌ ƚŚĞ ƐŚŽƌƚĞƌ ŽĨ ƚŚĞ ĞƐƚŝŵĂƚĞĚ ƵƐĞĨƵů ůŝǀĞƐ ŽĨ ƚŚĞ ĂƐƐĞƚƐ Žƌ ƚŚĞ ƌĞƐƉĞĐƚŝǀĞ ůĞĂƐĞ ƚĞƌŵƐ͘ 'ƌŽƵƉ ĂƐ Ă >ĞƐƐĞĞ Ͳ KƉĞƌĂƚŝŶŐ >ĞĂƐĞ͘ >ĞĂƐĞƐ ǁŚĞƌĞ ƚŚĞ ůĞƐƐŽƌ ƌĞƚĂŝŶƐ ƐƵďƐƚĂŶƚŝĂůůǇ Ăůů ƚŚĞ ƌŝƐŬƐ ĂŶĚ ƌĞǁĂƌĚƐ ŽĨ ŽǁŶĞƌƐŚŝƉ ĂƌĞ ĐůĂƐƐŝĨŝĞĚ ĂƐ ŽƉĞƌĂƚŝŶŐ ůĞĂƐĞƐ͘ KƉĞƌĂƚŝŶŐ ůĞĂƐĞ ƉĂǇŵĞŶƚƐ ĂƌĞ ƌĞĐŽŐŶŝǌĞĚ ŝŶ ƉƌŽĨŝƚ Žƌ ůŽƐƐ ŽŶ Ă ƐƚƌĂŝŐŚƚͲůŝŶĞ ďĂƐŝƐ ŽǀĞƌ ƚŚĞ ůĞĂƐĞ ƚĞƌŵ͘ 'ƌŽƵƉ ĂƐ Ă >ĞƐƐŽƌ͘ >ĞĂƐĞƐ ŝŶ ǁŚŝĐŚ ƚŚĞ 'ƌŽƵƉ ĚŽĞƐ ŶŽƚ ƚƌĂŶƐĨĞƌ ƐƵďƐƚĂŶƚŝĂůůǇ Ăůů ƚŚĞ ƌŝƐŬƐ ĂŶĚ ďĞŶĞĨŝƚƐ ŽĨ ŽǁŶĞƌƐŚŝƉ ŽĨ ƚŚĞ ĂƐƐĞƚ ĂƌĞ ĐůĂƐƐŝĨŝĞĚ ĂƐ ŽƉĞƌĂƚŝŶŐ ůĞĂƐĞƐ͘ /ŶŝƚŝĂů ĚŝƌĞĐƚ ĐŽƐƚƐ ŝŶĐƵƌƌĞĚ ŝŶ ŶĞŐŽƚŝĂƚŝŶŐ ĂŶ ŽƉĞƌĂƚŝŶŐ ůĞĂƐĞ ĂƌĞ ĂĚĚĞĚ ƚŽ ƚŚĞ ĐĂƌƌǇŝŶŐ ĂŵŽƵŶƚ ŽĨ ƚŚĞ ůĞĂƐĞĚ ĂƐƐĞƚ ĂŶĚ ƌĞĐŽŐŶŝǌĞĚ ŽǀĞƌ ƚŚĞ ůĞĂƐĞ ƚĞƌŵ ŽŶ ƚŚĞ ƐĂŵĞ ďĂƐĞƐ ĂƐ ƌĞŶƚ ŝŶĐŽŵĞ͘ ŽŶƚŝŶŐĞŶƚ ƌĞŶƚƐ ĂƌĞ ƌĞĐŽŐŶŝǌĞĚ ĂƐ ƌĞǀĞŶƵĞ ŝŶ ƚŚĞ ƉĞƌŝŽĚ ŝŶ ǁŚŝĐŚ ƚŚĞǇ ĂƌĞ ĞĂƌŶĞĚ͘ ŽƌƌŽǁŝŶŐ ŽƐƚƐ ŽƌƌŽǁŝŶŐ ĐŽƐƚƐ ĂƌĞ ĐĂƉŝƚĂůŝǌĞĚ ŝĨ ƚŚĞǇ ĂƌĞ ĚŝƌĞĐƚůǇ ĂƚƚƌŝďƵƚĂďůĞ ƚŽ ƚŚĞ ĂĐƋƵŝƐŝƚŝŽŶ Žƌ ĐŽŶƐƚƌƵĐƚŝŽŶ ŽĨ Ă ƋƵĂůŝĨǇŝŶŐ ĂƐƐĞƚ͘ ĂƉŝƚĂůŝǌĂƚŝŽŶ ŽĨ ďŽƌƌŽǁŝŶŐ ĐŽƐƚƐ ĐŽŵŵĞŶĐĞƐ ǁŚĞŶ ƚŚĞ ĂĐƚŝǀŝƚŝĞƐ ƚŽ ƉƌĞƉĂƌĞ ƚŚĞ ĂƐƐĞƚ ĂƌĞ ŝŶ ƉƌŽŐƌĞƐƐ ĂŶĚ ĞǆƉĞŶĚŝƚƵƌĞƐ ĂŶĚ ďŽƌƌŽǁŝŶŐ ĐŽƐƚƐ ĂƌĞ ďĞŝŶŐ ŝŶĐƵƌƌĞĚ͘ ŽƌƌŽǁŝŶŐ ĐŽƐƚƐ ĂƌĞ ĐĂƉŝƚĂůŝǌĞĚ ƵŶƚŝů ƚŚĞ ĂƐƐĞƚƐ ĂƌĞ ƐƵďƐƚĂŶƚŝĂůůǇ ƌĞĂĚǇ ĨŽƌ ƚŚĞŝƌ ŝŶƚĞŶĚĞĚ ƵƐĞ͘ /Ĩ ƚŚĞ ĐĂƌƌǇŝŶŐ ĂŵŽƵŶƚ ŽĨ ƚŚĞ ĂƐƐĞƚ ĞǆĐĞĞĚƐ ŝƚƐ ĞƐƚŝŵĂƚĞĚ ƌĞĐŽǀĞƌĂďůĞ ĂŵŽƵŶƚ͕ ĂŶ ŝŵƉĂŝƌŵĞŶƚ ůŽƐƐ ŝƐ ƌĞĐŽƌĚĞĚ͘ ůů ŽƚŚĞƌ ďŽƌƌŽǁŝŶŐ ĐŽƐƚƐ ĂƌĞ ĞǆƉĞŶƐĞĚ ŝŶ ƚŚĞ ƉĞƌŝŽĚ ƚŚĞǇ ŽĐĐƵƌ͘ &ŽƌĞŝŐŶ ƵƌƌĞŶĐǇ ĞŶŽŵŝŶĂƚĞĚ dƌĂŶƐĂĐƚŝŽŶƐ dƌĂŶƐĂĐƚŝŽŶƐ ĚĞŶŽŵŝŶĂƚĞĚ ŝŶ ĨŽƌĞŝŐŶ ĐƵƌƌĞŶĐŝĞƐ ĂƌĞ ŝŶŝƚŝĂůůǇ ƌĞĐŽƌĚĞĚ ŝŶ WŚŝůŝƉƉŝŶĞ ƉĞƐŽ ƵƐŝŶŐ ƚŚĞ ĞǆĐŚĂŶŐĞ ƌĂƚĞ ƉƌĞǀĂŝůŝŶŐ Ăƚ ƚŚĞ ĚĂƚĞ ŽĨ ƚƌĂŶƐĂĐƚŝŽŶ͘ DŽŶĞƚĂƌǇ ĂƐƐĞƚƐ ĂŶĚ ůŝĂďŝůŝƚŝĞƐ ĚĞŶŽŵŝŶĂƚĞĚ ŝŶ ĨŽƌĞŝŐŶ ĐƵƌƌĞŶĐŝĞƐ ĂƌĞ ƌĞƐƚĂƚĞĚ Ăƚ ƚŚĞ ĨƵŶĐƚŝŽŶĂů ĐƵƌƌĞŶĐǇ ƵƐŝŶŐ ƚŚĞ ƌĂƚĞ ŽĨ ĞǆĐŚĂŶŐĞ ƉƌĞǀĂŝůŝŶŐ Ăƚ ƚŚĞ ƌĞƉŽƌƚŝŶŐ ĚĂƚĞ͘ &ŽƌĞŝŐŶ ĞǆĐŚĂŶŐĞ ĚŝĨĨĞƌĞŶĐĞƐ ďĞƚǁĞĞŶ ƚŚĞ ƌĂƚĞ Ăƚ ƚƌĂŶƐĂĐƚŝŽŶ ĚĂƚĞ ĂŶĚ ƐĞƚƚůĞŵĞŶƚ ĚĂƚĞ Žƌ ƌĞƉŽƌƚŝŶŐ ĚĂƚĞ ĂƌĞ ĐƌĞĚŝƚĞĚ ƚŽ Žƌ ĐŚĂƌŐĞĚ ĂŐĂŝŶƐƚ ƉƌŽĨŝƚ Žƌ ůŽƐƐ͘ EŽŶŵŽŶĞƚĂƌǇ ŝƚĞŵƐ ƚŚĂƚ ĂƌĞ ŵĞĂƐƵƌĞĚ ŝŶ ƚĞƌŵƐ ŽĨ ŚŝƐƚŽƌŝĐĂů ĐŽƐƚ ŝŶ ĨŽƌĞŝŐŶ ĐƵƌƌĞŶĐǇ ĂƌĞ ƚƌĂŶƐůĂƚĞĚ ƵƐŝŶŐ ƚŚĞ ĞǆĐŚĂŶŐĞ ƌĂƚĞ Ăƚ ƚŚĞ ĚĂƚĞƐ ŽĨ ŝŶŝƚŝĂů ƚƌĂŶƐĂĐƚŝŽŶƐ͘ /ŶĐŽŵĞ dĂǆĞƐ ƵƌƌĞŶƚ dĂǆ͘ ƵƌƌĞŶƚ ƚĂǆ ĂƐƐĞƚƐ ĂŶĚ ůŝĂďŝůŝƚŝĞƐ ĨŽƌ ƚŚĞ ĐƵƌƌĞŶƚ ĂŶĚ ƉƌŝŽƌ ƉĞƌŝŽĚƐ ĂƌĞ ŵĞĂƐƵƌĞĚ Ăƚ ƚŚĞ ĂŵŽƵŶƚ ĞǆƉĞĐƚĞĚ ƚŽ ďĞ ƌĞĐŽǀĞƌĞĚ ĨƌŽŵ Žƌ ƉĂŝĚ ƚŽ ƚŚĞ ƚĂǆĂƚŝŽŶ ĂƵƚŚŽƌŝƚŝĞƐ͘ dŚĞ ƚĂǆ ƌĂƚĞ ĂŶĚ ƚŚĞ ƚĂǆ ůĂǁƐ ƵƐĞĚ ƚŽ ĐŽŵƉƵƚĞ ƚŚĞ ĂŵŽƵŶƚ ĂƌĞ ƚŚŽƐĞ ƚŚĂƚ ĂƌĞ ĞŶĂĐƚĞĚ Žƌ ƐƵďƐƚĂŶƚŝǀĞůǇ ĞŶĂĐƚĞĚ Ăƚ ƚŚĞ ĞŶĚ ŽĨ ƚŚĞ ƌĞƉŽƌƚŝŶŐ ƉĞƌŝŽĚ͘ ĞĨĞƌƌĞĚ dĂǆ͘ ĞĨĞƌƌĞĚ ƚĂǆ ŝƐ ƉƌŽǀŝĚĞĚ ŽŶ Ăůů ƚĞŵƉŽƌĂƌǇ ĚŝĨĨĞƌĞŶĐĞƐ Ăƚ ƚŚĞ ĞŶĚ ŽĨ ƚŚĞ ƌĞƉŽƌƚŝŶŐ ƉĞƌŝŽĚ ďĞƚǁĞĞŶ ƚŚĞ ƚĂǆ ďĂƐĞƐ ŽĨ ĂƐƐĞƚƐ ĂŶĚ ůŝĂďŝůŝƚŝĞƐ ĂŶĚ ƚŚĞŝƌ ĐĂƌƌǇŝŶŐ ĂŵŽƵŶƚƐ ĨŽƌ ĨŝŶĂŶĐŝĂů ƌĞƉŽƌƚŝŶŐ ƉƵƌƉŽƐĞƐ͘

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ĞĨĞƌƌĞĚ ƚĂǆ ůŝĂďŝůŝƚŝĞƐ ĂƌĞ ƌĞĐŽŐŶŝǌĞĚ ĨŽƌ Ăůů ƚĂǆĂďůĞ ƚĞŵƉŽƌĂƌǇ ĚŝĨĨĞƌĞŶĐĞƐ͕ ŝŶĐůƵĚŝŶŐ ĂƐƐĞƚ ƌĞǀĂůƵĂƚŝŽŶƐ͘ ĞĨĞƌƌĞĚ ƚĂǆ ůŝĂďŝůŝƚǇ ŝƐ ŶŽƚ ƌĞĐŽŐŶŝǌĞĚ ǁŚĞŶ ŝƚ ĂƌŝƐĞƐ ĨƌŽŵ ƚŚĞ ŝŶŝƚŝĂů ƌĞĐŽŐŶŝƚŝŽŶ ŽĨ ĂŶ ĂƐƐĞƚ Žƌ ůŝĂďŝůŝƚǇ ŝŶ Ă ƚƌĂŶƐĂĐƚŝŽŶ ƚŚĂƚ ŝƐ ŶŽƚ Ă ďƵƐŝŶĞƐƐ ĐŽŵďŝŶĂƚŝŽŶ ĂŶĚ͕ Ăƚ ƚŚĞ ƚŝŵĞ ŽĨ ƚŚĞ

Ͳ Ϯϯ Ͳ ƚƌĂŶƐĂĐƚŝŽŶ͕ ĂĨĨĞĐƚƐ ŶĞŝƚŚĞƌ ƚŚĞ ĂĐĐŽƵŶƚŝŶŐ ƉƌŽĨŝƚ Žƌ ůŽƐƐ ŶŽƌ ƚĂǆĂďůĞ ƉƌŽĨŝƚ Žƌ ůŽƐƐ͘ ĞĨĞƌƌĞĚ ŝŶĐŽŵĞ ƚĂǆ ůŝĂďŝůŝƚŝĞƐ ĂƌĞ ŶŽƚ ƉƌŽǀŝĚĞĚ ŽŶ ŶŽŶͲƚĂǆĂďůĞ ƚĞŵƉŽƌĂƌǇ ĚŝĨĨĞƌĞŶĐĞƐ ĂƐƐŽĐŝĂƚĞĚ ǁŝƚŚ ŝŶǀĞƐƚŵĞŶƚƐ ŝŶ ĚŽŵĞƐƚŝĐ ƐƵďƐŝĚŝĂƌŝĞƐ͕ ĂƐƐŽĐŝĂƚĞƐ ĂŶĚ ŝŶƚĞƌĞƐƚƐ ŝŶ ũŽŝŶƚ ǀĞŶƚƵƌĞƐ͘ ĞĨĞƌƌĞĚ ƚĂǆ ĂƐƐĞƚƐ ĂƌĞ ƌĞĐŽŐŶŝǌĞĚ ĨŽƌ Ăůů ĚĞĚƵĐƚŝďůĞ ƚĞŵƉŽƌĂƌǇ ĚŝĨĨĞƌĞŶĐĞƐ͕ ĐĂƌƌǇĨŽƌǁĂƌĚ ďĞŶĞĨŝƚƐ ŽĨ ƵŶƵƐĞĚ ƚĂǆ ĐƌĞĚŝƚƐ ;ĞǆĐĞƐƐ ŽĨ ŵŝŶŝŵƵŵ ĐŽƌƉŽƌĂƚĞ ŝŶĐŽŵĞ ƚĂǆĞƐ Žƌ D /d ŽǀĞƌ ƌĞŐƵůĂƌ ĐŽƌƉŽƌĂƚĞ ŝŶĐŽŵĞ ƚĂǆĞƐ Žƌ Z /dͿ ĂŶĚ ƵŶƵƐĞĚ ƚĂǆ ůŽƐƐĞƐ ;ŶĞƚ ŽƉĞƌĂƚŝŶŐ ůŽƐƐ ĐĂƌƌǇŽǀĞƌ Žƌ EK> KͿ͕ ƚŽ ƚŚĞ ĞǆƚĞŶƚ ƚŚĂƚ ŝƚ ŝƐ ƉƌŽďĂďůĞ ƚŚĂƚ ƐƵĨĨŝĐŝĞŶƚ ĨƵƚƵƌĞ ƚĂǆĂďůĞ ƉƌŽĨŝƚ ǁŝůů ďĞ ĂǀĂŝůĂďůĞ ĂŐĂŝŶƐƚ ǁŚŝĐŚ ƚŚĞ ĚĞĚƵĐƚŝďůĞ ƚĞŵƉŽƌĂƌǇ ĚŝĨĨĞƌĞŶĐĞƐ ĂŶĚ ĐĂƌƌǇĨŽƌǁĂƌĚ ďĞŶĞĨŝƚƐ ŽĨ ƵŶƵƐĞĚ ƚĂǆ ĐƌĞĚŝƚƐ ĂŶĚ ƵŶƵƐĞĚ ƚĂǆ ůŽƐƐĞƐ ĐĂŶ ďĞ ƵƚŝůŝǌĞĚ͘ dŚĞ ĐĂƌƌǇŝŶŐ ĂŵŽƵŶƚ ŽĨ ĚĞĨĞƌƌĞĚ ƚĂǆ ĂƐƐĞƚƐ ŝƐ ƌĞǀŝĞǁĞĚ Ăƚ ƚŚĞ ĞŶĚ ŽĨ ĞĂĐŚ ƌĞƉŽƌƚŝŶŐ ƉĞƌŝŽĚ ĂŶĚ ƌĞĚƵĐĞĚ ƚŽ ƚŚĞ ĞǆƚĞŶƚ ƚŚĂƚ ŝƚ ŝƐ ŶŽ ůŽŶŐĞƌ ƉƌŽďĂďůĞ ƚŚĂƚ ƐƵĨĨŝĐŝĞŶƚ ĨƵƚƵƌĞ ƚĂǆĂďůĞ ƉƌŽĨŝƚ ǁŝůů ďĞ ĂǀĂŝůĂďůĞ ƚŽ ĂůůŽǁ Ăůů Žƌ ƉĂƌƚ ŽĨ ƚŚĞ ĚĞĨĞƌƌĞĚ ƚĂǆ ĂƐƐĞƚƐ ƚŽ ďĞ ƵƚŝůŝǌĞĚ͘ hŶƌĞĐŽŐŶŝǌĞĚ ĚĞĨĞƌƌĞĚ ƚĂǆ ĂƐƐĞƚƐ ĂƌĞ ƌĞͲĂƐƐĞƐƐĞĚ Ăƚ ƚŚĞ ĞŶĚ ŽĨ ĞĂĐŚ ƌĞƉŽƌƚŝŶŐ ƉĞƌŝŽĚ ĂŶĚ ĂƌĞ ƌĞĐŽŐŶŝǌĞĚ ƚŽ ƚŚĞ ĞǆƚĞŶƚ ƚŚĂƚ ŝƚ ŚĂƐ ďĞĐŽŵĞ ƉƌŽďĂďůĞ ƚŚĂƚ ƐƵĨĨŝĐŝĞŶƚ ĨƵƚƵƌĞ ƚĂǆĂďůĞ ƉƌŽĨŝƚ ǁŝůů ĂůůŽǁ ƚŚĞ ĚĞĨĞƌƌĞĚ ƚĂǆ ĂƐƐĞƚ ƚŽ ďĞ ƌĞĐŽǀĞƌĞĚ͘ ĞĨĞƌƌĞĚ ƚĂǆ ĂƐƐĞƚƐ ĂŶĚ ůŝĂďŝůŝƚŝĞƐ ĂƌĞ ŵĞĂƐƵƌĞĚ Ăƚ ƚŚĞ ƚĂǆ ƌĂƚĞ ƚŚĂƚ ĂƌĞ ĞǆƉĞĐƚĞĚ ƚŽ ĂƉƉůǇ ƚŽ ƚŚĞ ƉĞƌŝŽĚ ǁŚĞŶ ƚŚĞ ĂƐƐĞƚ ŝƐ ƌĞĂůŝǌĞĚ Žƌ ƚŚĞ ůŝĂďŝůŝƚǇ ŝƐ ƐĞƚƚůĞĚ͕ ďĂƐĞĚ ŽŶ ƚĂǆ ƌĂƚĞ ĂŶĚ ƚĂǆ ůĂǁƐ ƚŚĂƚ ŚĂǀĞ ďĞĞŶ ĞŶĂĐƚĞĚ Žƌ ƐƵďƐƚĂŶƚŝǀĞůǇ ĞŶĂĐƚĞĚ Ăƚ ƚŚĞ ĞŶĚ ŽĨ ƌĞƉŽƌƚŝŶŐ ƉĞƌŝŽĚ͘ ĞĨĞƌƌĞĚ ƚĂǆ ĂƐƐĞƚƐ ĂŶĚ ůŝĂďŝůŝƚŝĞƐ ĂƌĞ ŽĨĨƐĞƚ ŝĨ Ă ůĞŐĂůůǇ ĞŶĨŽƌĐĞĂďůĞ ƌŝŐŚƚ ĞǆŝƐƚƐ ƚŽ ŽĨĨƐĞƚ ƚŚĞ ĚĞĨĞƌƌĞĚ ƚĂǆ ĂƐƐĞƚƐ ĂŐĂŝŶƐƚ ƚŚĞ ĚĞĨĞƌƌĞĚ ƚĂǆ ůŝĂďŝůŝƚŝĞƐ ĂŶĚ ƚŚĞ ĚĞĨĞƌƌĞĚ ŝŶĐŽŵĞ ƚĂǆĞƐ ƌĞůĂƚĞ ƚŽ ƚŚĞ ƐĂŵĞ ƚĂǆĂďůĞ ĞŶƚŝƚǇ ĂŶĚ ƚŚĞ ƐĂŵĞ ƚĂǆĂƚŝŽŶ ĂƵƚŚŽƌŝƚǇ͘ ĞĨĞƌƌĞĚ ƚĂǆ ƌĞůĂƚŝŶŐ ƚŽ ŝƚĞŵƐ ƌĞĐŽŐŶŝǌĞĚ ŽƵƚƐŝĚĞ ƉƌŽĨŝƚ Žƌ ůŽƐƐ ŝƐ ƌĞĐŽŐŶŝǌĞĚ ŽƵƚƐŝĚĞ ƉƌŽĨŝƚ Žƌ ůŽƐƐ͘ ĞĨĞƌƌĞĚ ƚĂǆ ŝƚĞŵƐ ĂƌĞ ƌĞĐŽŐŶŝǌĞĚ ŝŶ ƌĞůĂƚŝŽŶ ƚŽ ƚŚĞ ƵŶĚĞƌůǇŝŶŐ ƚƌĂŶƐĂĐƚŝŽŶ ĞŝƚŚĞƌ ŝŶ K / Žƌ ĚŝƌĞĐƚůǇ ŝŶ ĞƋƵŝƚǇ͘ ZĞůĂƚĞĚ WĂƌƚŝĞƐ WĂƌƚŝĞƐ ĂƌĞ ĐŽŶƐŝĚĞƌĞĚ ƚŽ ďĞ ƌĞůĂƚĞĚ ŝĨ ŽŶĞ ƉĂƌƚǇ ŚĂƐ ƚŚĞ ĂďŝůŝƚǇ͕ ĚŝƌĞĐƚůǇ Žƌ ŝŶĚŝƌĞĐƚůǇ͕ ƚŽ ĐŽŶƚƌŽů ƚŚĞ ŽƚŚĞƌ ƉĂƌƚǇ Žƌ ĞǆĞƌĐŝƐĞ ƐŝŐŶŝĨŝĐĂŶƚ ŝŶĨůƵĞŶĐĞ ŽǀĞƌ ƚŚĞ ŽƚŚĞƌ ƉĂƌƚǇ ŝŶ ŵĂŬŝŶŐ ĨŝŶĂŶĐŝĂů ĂŶĚ ŽƉĞƌĂƚŝŶŐ ĚĞĐŝƐŝŽŶƐ͘ WĂƌƚŝĞƐ ĂƌĞ ĂůƐŽ ĐŽŶƐŝĚĞƌĞĚ ƚŽ ďĞ ƌĞůĂƚĞĚ ŝĨ ƚŚĞǇ ĂƌĞ ƐƵďũĞĐƚ ƚŽ ĐŽŵŵŽŶ ĐŽŶƚƌŽů Žƌ ĐŽŵŵŽŶ ƐŝŐŶŝĨŝĐĂŶƚ ŝŶĨůƵĞŶĐĞ͘ ƌĞůĂƚĞĚ ƉĂƌƚǇ ƚƌĂŶƐĂĐƚŝŽŶ ŝƐ Ă ƚƌĂŶƐĨĞƌ ŽĨ ƌĞƐŽƵƌĐĞƐ͕ ƐĞƌǀŝĐĞƐ Žƌ ŽďůŝŐĂƚŝŽŶƐ ďĞƚǁĞĞŶ Ă ƌĞƉŽƌƚŝŶŐ ĞŶƚŝƚǇ ĂŶĚ Ă ƌĞůĂƚĞĚ ƉĂƌƚǇ͕ ƌĞŐĂƌĚůĞƐƐ ŽĨ ǁŚĞƚŚĞƌ Ă ƉƌŝĐĞ ŝƐ ĐŚĂƌŐĞĚ͘

WƌŽǀŝƐŝŽŶƐ WƌŽǀŝƐŝŽŶƐ ĂƌĞ ƌĞĐŽŐŶŝǌĞĚ ǁŚĞŶ ƚŚĞ 'ƌŽƵƉ ŚĂƐ Ă ƉƌĞƐĞŶƚ ŽďůŝŐĂƚŝŽŶ ;ůĞŐĂů Žƌ ĐŽŶƐƚƌƵĐƚŝǀĞͿ ĂƐ Ă ƌĞƐƵůƚ ŽĨ Ă ƉĂƐƚ ĞǀĞŶƚ͕ ŝƚ ŝƐ ƉƌŽďĂďůĞ ƚŚĂƚ ĂŶ ŽƵƚĨůŽǁ ŽĨ ƌĞƐŽƵƌĐĞƐ ĞŵďŽĚǇŝŶŐ ĞĐŽŶŽŵŝĐ ďĞŶĞĨŝƚƐ ǁŝůů ďĞ ƌĞƋƵŝƌĞĚ ƚŽ ƐĞƚƚůĞ ƚŚĞ ŽďůŝŐĂƚŝŽŶ͕ ĂŶĚ Ă ƌĞůŝĂďůĞ ĞƐƚŝŵĂƚĞ ĐĂŶ ďĞ ŵĂĚĞ ŽĨ ƚŚĞ ĂŵŽƵŶƚ ŽĨ ƚŚĞ ŽďůŝŐĂƚŝŽŶ͘ WƌŽǀŝƐŝŽŶƐ ĂƌĞ ŵĂĚĞ ƵƐŝŶŐ ƚŚĞ ďĞƐƚ ĞƐƚŝŵĂƚĞƐ ŽĨ ƚŚĞ ĂŵŽƵŶƚ ƌĞƋƵŝƌĞĚ ƚŽ ƐĞƚƚůĞ ƚŚĞ ŽďůŝŐĂƚŝŽŶ ĂŶĚ ĂƌĞ ĚŝƐĐŽƵŶƚĞĚ ƚŽ ƉƌĞƐĞŶƚ ǀĂůƵĞƐ ƵƐŝŶŐ Ă ƉƌĞͲƚĂǆ ƌĂƚĞ ƚŚĂƚ ƌĞĨůĞĐƚƐ ĐƵƌƌĞŶƚ ŵĂƌŬĞƚ ĂƐƐĞƐƐŵĞŶƚƐ ŽĨ ƚŚĞ ƚŝŵĞ ǀĂůƵĞ ŽĨ ŵŽŶĞǇ ĂŶĚ ƚŚĞ ƌŝƐŬƐ ƐƉĞĐŝĨŝĐ ƚŽ ƚŚĞ ŽďůŝŐĂƚŝŽŶ͘ ŚĂŶŐĞƐ ŝŶ ĞƐƚŝŵĂƚĞƐ ĂƌĞ ƌĞĨůĞĐƚĞĚ ŝŶ ƉƌŽĨŝƚ Žƌ ůŽƐƐ ŝŶ ƚŚĞ ƉĞƌŝŽĚ ƚŚĞǇ ĂƌŝƐĞ͘

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Ͳ Ϯϰ Ͳ

ŽŶƚŝŶŐĞŶĐŝĞƐ ŽŶƚŝŶŐĞŶƚ ůŝĂďŝůŝƚŝĞƐ ĂƌĞ ŶŽƚ ƌĞĐŽŐŶŝǌĞĚ ŝŶ ƚŚĞ ĐŽŶƐŽůŝĚĂƚĞĚ ĨŝŶĂŶĐŝĂů ƐƚĂƚĞŵĞŶƚƐ͘ dŚĞƐĞ ĂƌĞ ĚŝƐĐůŽƐĞĚ ŝŶ ƚŚĞ ŶŽƚĞƐ ƚŽ ĐŽŶƐŽůŝĚĂƚĞĚ ĨŝŶĂŶĐŝĂů ƐƚĂƚĞŵĞŶƚƐ ƵŶůĞƐƐ ƚŚĞ ƉŽƐƐŝďŝůŝƚǇ ŽĨ ĂŶ ŽƵƚĨůŽǁ ŽĨ ƌĞƐŽƵƌĐĞƐ ĞŵďŽĚǇŝŶŐ ĞĐŽŶŽŵŝĐ ďĞŶĞĨŝƚƐ ŝƐ ƌĞŵŽƚĞ͘ ŽŶƚŝŶŐĞŶƚ ĂƐƐĞƚƐ ĂƌĞ ŶŽƚ ƌĞĐŽŐŶŝǌĞĚ ŝŶ ƚŚĞ ĐŽŶƐŽůŝĚĂƚĞĚ ĨŝŶĂŶĐŝĂů ƐƚĂƚĞŵĞŶƚƐ ďƵƚ ĂƌĞ ĚŝƐĐůŽƐĞĚ ǁŚĞŶ ĂŶ ŝŶĨůŽǁ ŽĨ ĞĐŽŶŽŵŝĐ ďĞŶĞĨŝƚƐ ŝƐ ƉƌŽďĂďůĞ͘ ǀĞŶƚƐ ĂĨƚĞƌ ƚŚĞ ZĞƉŽƌƚŝŶŐ ĂƚĞ WŽƐƚ ǇĞĂƌͲend events that provide additional information about the Group’s financial position at ƌĞƉŽƌƚŝŶŐ ĚĂƚĞ ;ĂĚũƵƐƚŝŶŐ ĞǀĞŶƚƐͿ ĂƌĞ ƌĞĨůĞĐƚĞĚ ŝŶ ƚŚĞ ĐŽŶƐŽůŝĚĂƚĞĚ ĨŝŶĂŶĐŝĂů ƐƚĂƚĞŵĞŶƚƐ͘ WŽƐƚ ǇĞĂƌͲ ĞŶĚ ĞǀĞŶƚƐ ƚŚĂƚ ĂƌĞ ŶŽƚ ĂĚũƵƐƚŝŶŐ ĞǀĞŶƚƐ ĂƌĞ ĚŝƐĐůŽƐĞĚ ŝŶ ƚŚĞ ŶŽƚĞƐ ƚŽ ĐŽŶƐŽůŝĚĂƚĞĚ ĨŝŶĂŶĐŝĂů ƐƚĂƚĞŵĞŶƚƐ ǁŚĞŶ ŵĂƚĞƌŝĂů͘ ĂƌŶŝŶŐƐ ƉĞƌ ^ŚĂƌĞ ƚƚƌŝďƵƚĂďůĞ ƚŽ ƚŚĞ ƋƵŝƚǇ ,ŽůĚĞƌƐ ŽĨ ƚŚĞ WĂƌĞŶƚ ŽŵƉĂŶǇ dŚĞ 'ƌŽƵƉ ƉƌĞƐĞŶƚƐ ďĂƐŝĐ ĂŶĚ ĚŝůƵƚĞĚ ĞĂƌŶŝŶŐƐ ƉĞƌ ƐŚĂƌĞ ĚĂƚĂ ĨŽƌ ŝƚƐ ĐŽŵŵŽŶ ƐŚĂƌĞƐ͘ ĂƐŝĐ ĞĂƌŶŝŶŐƐ ƉĞƌ ƐŚĂƌĞ ŝƐ ĐĂůĐƵůĂƚĞĚ ďǇ ĚŝǀŝĚŝŶŐ ƚŚĞ ŶĞƚ ŝŶĐŽŵĞ ĂƚƚƌŝďƵƚĂďůĞ ƚŽ ĞƋƵŝƚǇ ŚŽůĚĞƌƐ ŽĨ ƚŚĞ WĂƌĞŶƚ ŽŵƉĂŶǇ ďǇ ƚŚĞ ǁĞŝŐŚƚĞĚ ĂǀĞƌĂŐĞ ŶƵŵďĞƌ ŽĨ ĐŽŵŵŽŶ ƐŚĂƌĞƐ ŝƐƐƵĞĚ ĂŶĚ ŽƵƚƐƚĂŶĚŝŶŐ ĚƵƌŝŶŐ ƚŚĞ ǇĞĂƌ͕ ĞǆĐůƵĚŝŶŐ ĐŽŵŵŽŶ ƐŚĂƌĞƐ ƉƵƌĐŚĂƐĞĚ ďǇ ƚŚĞ WĂƌĞŶƚ ŽŵƉĂŶǇ Žƌ ŝƚƐ ƐƵďƐŝĚŝĂƌŝĞƐ ĂŶĚ ŚĞůĚ ĂƐ ƚƌĞĂƐƵƌǇ ƐŚĂƌĞƐ͘ ŝůƵƚĞĚ ĞĂƌŶŝŶŐƐ ƉĞƌ ƐŚĂƌĞ ĂŵŽƵŶƚƐ ĂƌĞ ĐŽŵƉƵƚĞĚ ŝŶ ƚŚĞ ƐĂŵĞ ŵĂŶŶĞƌ͕ ĂĚũƵƐƚĞĚ ĨŽƌ ƚŚĞ ĚŝůƵƚŝǀĞ ĞĨĨĞĐƚ ŽĨ ĂŶǇ ƉŽƚĞŶƚŝĂů ĐŽŵŵŽŶ ƐŚĂƌĞƐ͘ dŚĞ WĂƌĞŶƚ ŽŵƉĂŶǇ ŚĂƐ ŶŽ ĚŝůƵƚŝǀĞ ƉŽƚĞŶƚŝĂů ĐŽŵŵŽŶ ƐŚĂƌĞƐ͘ ŽŽŬ sĂůƵĞ ƉĞƌ ^ŚĂƌĞ dŚĞ 'ƌŽƵƉ ƉƌĞƐĞŶƚƐ ďŽŽŬ ǀĂůƵĞ ƉĞƌ ĐŽŵŵŽŶ ƐŚĂƌĞ ŽƵƚƐƚĂŶĚŝŶŐ͘ ŽŽŬ ǀĂůƵĞ ƉĞƌ ƐŚĂƌĞ ŝƐ ĐŽŵƉƵƚĞĚ ďǇ ĚŝǀŝĚŝŶŐ ƚŚĞ ƚŽƚĂů ĞƋƵŝƚǇ ďǇ ƚŚĞ ŽƵƚƐƚĂŶĚŝŶŐ ŶƵŵďĞƌ ŽĨ ĐŽŵŵŽŶ ƐŚĂƌĞƐ͕ ĞǆĐůƵĚŝŶŐ ĐŽŵŵŽŶ ƐŚĂƌĞƐ ƉƵƌĐŚĂƐĞĚ ďǇ ƚŚĞ WĂƌĞŶƚ ŽŵƉĂŶǇ Žƌ ŝƚƐ ƐƵďƐŝĚŝĂƌŝĞƐ ĂŶĚ ŚĞůĚ ĂƐ ƚƌĞĂƐƵƌǇ ƐŚĂƌĞƐ ĂƐ Ăƚ ƌĞƉŽƌƚŝŶŐ ĚĂƚĞ͘ ϯ͘ ^ŝŐŶŝĨŝĐĂŶƚ :ƵĚŐŵĞŶƚƐ͕ ĐĐŽƵŶƚŝŶŐ ƐƚŝŵĂƚĞƐ ĂŶĚ ƐƐƵŵƉƚŝŽŶƐ

106

dŚĞ ƉƌĞƉĂƌĂƚŝŽŶ ŽĨ ƚŚĞ ĐŽŶƐŽůŝĚĂƚĞĚ ĨŝŶĂŶĐŝĂů ƐƚĂƚĞŵĞŶƚƐ ŝŶ ĂĐĐŽƌĚĂŶĐĞ ǁŝƚŚ W&Z^ ƌĞƋƵŝƌĞƐ ŵĂŶĂŐĞŵĞŶƚ ƚŽ ŵĂŬĞ ũƵĚŐŵĞŶƚƐ͕ ĞƐƚŝŵĂƚĞƐ ĂŶĚ ĂƐƐƵŵƉƚŝŽŶƐ ƚŚĂƚ ĂĨĨĞĐƚ ĂŵŽƵŶƚƐ ŽĨ ĂƐƐĞƚƐ͕ ůŝĂďŝůŝƚŝĞƐ͕ ŝŶĐŽŵĞ ĂŶĚ ĞǆƉĞŶƐĞƐ ƌĞƉŽƌƚĞĚ ŝŶ ƚŚĞ ĐŽŶƐŽůŝĚĂƚĞĚ ĨŝŶĂŶĐŝĂů ƐƚĂƚĞŵĞŶƚƐ͘ dŚĞ ũƵĚŐŵĞŶƚƐ͕ ĞƐƚŝŵĂƚĞƐ ĂŶĚ ĂƐƐƵŵƉƚŝŽŶƐ ƵƐĞĚ ŝŶ ƚŚĞ ĐŽŶƐŽůŝĚĂƚĞĚ ĨŝŶĂŶĐŝĂů ƐƚĂƚĞŵĞŶƚƐ ĂƌĞ ďĂƐĞĚ ƵƉŽŶ management’s evaluation of relevant facts and circumstances as of the ĚĂƚĞ ŽĨ ƚŚĞ ĨŝŶĂŶĐŝĂů ƐƚĂƚĞŵĞŶƚƐ͘ tŚŝůĞ ŵĂŶĂŐĞŵĞŶƚ ďĞůŝĞǀĞƐ ƚŚĂƚ ƚŚĞ ĂƐƐƵŵƉƚŝŽŶƐ ĂƌĞ ƌĞĂƐŽŶĂďůĞ ĂŶĚ ĂƉƉƌŽƉƌŝĂƚĞ͕ ƐŝŐŶŝĨŝĐĂŶƚ ĚŝĨĨĞƌĞŶĐĞƐ ŝŶ ƚŚĞ ĂĐƚƵĂů ĞǆƉĞƌŝĞŶĐĞ Žƌ ƐŝŐŶŝĨŝĐĂŶƚ ĐŚĂŶŐĞƐ ŝŶ ƚŚĞ ĂƐƐƵŵƉƚŝŽŶƐ ŵĂǇ ŵĂƚĞƌŝĂůůǇ ĂĨĨĞĐƚ ƚŚĞ ĞƐƚŝŵĂƚĞĚ ĂŵŽƵŶƚƐ͘ ĐƚƵĂů ƌĞƐƵůƚƐ ĐŽƵůĚ ĚŝĨĨĞƌ ĨƌŽŵ ƐƵĐŚ ĞƐƚŝŵĂƚĞƐ͘ :ƵĚŐŵĞŶƚƐ In the process of applying the Group’s accounting policies, management has made the following ũƵĚŐŵĞŶƚƐ͕ ĂƉĂƌƚ ĨƌŽŵ ƚŚŽƐĞ ŝŶǀŽůǀŝŶŐ ĞƐƚŝŵĂƚŝŽŶƐ͕ ǁŚŝĐŚ ŚĂǀĞ ƚŚĞ ŵŽƐƚ ƐŝŐŶŝĨŝĐĂŶƚ ĞĨĨĞĐƚ ŽŶ ƚŚĞ ĂŵŽƵŶƚƐ ƌĞĐŽŐŶŝǌĞĚ ŝŶ ƚŚĞ ĐŽŶƐŽůŝĚĂƚĞĚ ĨŝŶĂŶĐŝĂů ƐƚĂƚĞŵĞŶƚƐ͘

Ͳ Ϯϱ Ͳ ZĞĐŽŐŶŝǌŝŶŐ ZĞǀĞŶƵĞ ĨƌŽŵ ^ĂůĞ ŽĨ ZĞĂů ƐƚĂƚĞ ďĂƐĞĚ ŽŶ WĞƌĐĞŶƚĂŐĞ ŽĨ ŽŵƉůĞƚŝŽŶ͘ dŚĞ ƌĞĐŽŐŶŝƚŝŽŶ of revenue requires certain judgments based on the buyer’s commitment on the sale which may be ĂƐĐĞƌƚĂŝŶĞĚ through the significance of the buyer’s initial investment and completion of development. The buyers’ commitment is evaluated based on collections and credit standing of the buyers. The Group’s revenue from sale of real estate is recognized using the perĐĞŶƚĂŐĞͲŽĨͲ ĐŽŵƉůĞƚŝŽŶ ŵĞƚŚŽĚ ǁŚĞŶ ƚŚĞ 'ƌŽƵƉ ŚĂƐ ŵĂƚĞƌŝĂů ŽďůŝŐĂƚŝŽŶƐ ƵŶĚĞƌ ƚŚĞ ƐĂůĞƐ ĐŽŶƚƌĂĐƚƐ ƚŽ ĐŽŵƉůĞƚĞ ƚŚĞ ƉƌŽũĞĐƚ ĂĨƚĞƌ ƚŚĞ ƉƌŽƉĞƌƚǇ ŝƐ ƐŽůĚ͘ dŚĞ ƉĞƌĐĞŶƚĂŐĞ ŽĨ ĐŽŵƉůĞƚŝŽŶ ŽĨ ĚĞǀĞůŽƉŵĞŶƚ ŝƐ ĚĞƚĞƌŵŝŶĞĚ based on engineer’s judgment and estimates on the ƉŚǇƐŝĐĂů ƉŽƌƚŝŽŶ ŽĨ ĐŽŶƚƌĂĐƚ ǁŽƌŬ ĚŽŶĞ ĂŶĚ ƚŚĂƚ ƚŚĞ ĚĞǀĞůŽƉŵĞŶƚ ŝƐ ďĞǇŽŶĚ ƚŚĞ ƉƌĞůŝŵŝŶĂƌǇ ƐƚĂŐĞ͘ ZĞĂů ĞƐƚĂƚĞ ƐĂůĞƐ ƌĞĐŽŐŶŝǌĞĚ ĂŵŽƵŶƚĞĚ ƚŽ W сϭ͕ϯϲϲ͘ϲ ŵŝůůŝŽŶ͕ W сϭ͕ϰϮϭ͘Ϯ ŵŝůůŝŽŶ ĂŶĚ W сϭ͕ϰϭϳ͘ϵ ŵŝůůŝŽŶ ŝŶ ϮϬϭϳ͕ ϮϬϭϲ ĂŶĚ ϮϬϭϱ͕ ƌĞƐƉĞĐƚŝǀĞůǇ͘ ĞƚĞƌŵŝŶŝŶŐ &ƵŶĐƚŝŽŶĂů ƵƌƌĞŶĐǇ͘ ĂƐĞĚ ŽŶ ƚŚĞ ĞĐŽŶŽŵŝĐ ƐƵďƐƚĂŶĐĞ ŽĨ ƚŚĞ ƵŶĚĞƌůǇŝŶŐ ĐŝƌĐƵŵƐƚĂŶĐĞƐ ƌĞůĞǀĂŶƚ ƚŽ ƚŚĞ 'ƌŽƵƉ͕ ĨƵŶĐƚŝŽŶĂů ĐƵƌƌĞŶĐǇ ŚĂƐ ďĞĞŶ ĚĞƚĞƌŵŝŶĞĚ ƚŽ ďĞ ƚŚĞ WŚŝůŝƉƉŝŶĞ WĞƐŽ͘ dŚĞ WŚŝůŝƉƉŝŶĞ WĞƐŽ ŝƐ ƚŚĞ ĐƵƌƌĞŶĐǇ ŽĨ ƚŚĞ ƉƌŝŵĂƌǇ ĞĐŽŶŽŵŝĐ ĞŶǀŝƌŽŶŵĞŶƚ ŝŶ ǁŚŝĐŚ ƚŚĞ 'ƌŽƵƉ ŽƉĞƌĂƚĞƐ͘ ĞƚĞƌŵŝŶŝŶŐ ƚŚĞ ůĂƐƐŝĨŝĐĂƚŝŽŶ ŽĨ KƉĞƌĂƚŝŶŐ >ĞĂƐĞ ŽŵŵŝƚŵĞŶƚƐ Ͳ dŚĞ 'ƌŽƵƉ ĂƐ Ă >ĞƐƐŽƌ͘ dŚĞ 'ƌŽƵƉ ĞŶƚĞƌĞĚ ŝŶƚŽ Ă ŶƵŵďĞƌ ŽĨ ŽƉĞƌĂƚŝŶŐ ůĞĂƐĞ ĂŐƌĞĞŵĞŶƚƐ ĂƐ Ă ůĞƐƐŽƌ͘ Ɛ Ă ůĞƐƐŽƌ͕ ƚŚĞ 'ƌŽƵƉ ŚĂƐ ĚĞƚĞƌŵŝŶĞĚ ƚŚĂƚ ŝƚ ƌĞƚĂŝŶƐ ƐƵďƐƚĂŶƚŝĂůůǇ Ăůů ƚŚĞ ƌŝƐŬƐ ĂŶĚ ƌĞǁĂƌĚƐ ŽĨ ŽǁŶĞƌƐŚŝƉ ŽĨ ƚŚĞ ĂƐƐĞƚƐ ďĞŝŶŐ ůĞĂƐĞĚ ŽƵƚ ƵŶĚĞƌ ŽƉĞƌĂƚŝŶŐ ůĞĂƐĞ ĂŐƌĞĞŵĞŶƚƐ͘ dŚĞ 'ƌŽƵƉ ƌĞĐŽŐŶŝǌĞĚ ƌĞŶƚ ŝŶĐŽŵĞ ĂŵŽƵŶƚŝŶŐ ƚŽ W сϴϯϰ͘ϴ ŵŝůůŝŽŶ͕ W сϲϵϲ͘Ϭ ŵŝůůŝŽŶ ĂŶĚ W сϲϲϮ͘ϴ ŵŝůůŝŽŶ ŝŶ ϮϬϭϳ͕ ϮϬϭϲ ĂŶĚ ϮϬϭϱ͕ ƌĞƐƉĞĐƚŝǀĞůǇ ;ƐĞĞ EŽƚĞ ϭϴͿ͘ ĞƚĞƌŵŝŶŝŶŐ ƚŚĞ ůĂƐƐŝĨŝĐĂƚŝŽŶ ŽĨ KƉĞƌĂƚŝŶŐ >ĞĂƐĞ ŽŵŵŝƚŵĞŶƚƐ Ͳ dŚĞ 'ƌŽƵƉ ĂƐ Ă >ĞƐƐĞĞ͘ dŚĞ 'ƌŽƵƉ ĞŶƚĞƌĞĚ ŝŶƚŽ ǀĂƌŝŽƵƐ ĐĂŶĐĞůůĂďůĞ ůĞĂƐĞ ĂŐƌĞĞŵĞŶƚƐ ǁŝƚŚ ŝƚƐ ƌĞůĂƚĞĚ ƉĂƌƚŝĞƐ ĐŽǀĞƌŝŶŐ AWCI’s ďƌĂŶĐŚĞƐ͘ dŚĞ 'ƌŽƵƉ ŚĂƐ ĚĞƚĞƌŵŝŶĞĚ͕ ďĂƐĞĚ ŽŶ ĂŶ ĞǀĂůƵĂƚŝŽŶ ŽĨ ƚŚĞ ƚĞƌŵƐ ĂŶĚ ĐŽŶĚŝƚŝŽŶƐ ŽĨ ƚŚĞ ĂƌƌĂŶŐĞŵĞŶƚ͕ ƚŚĂƚ ƚŚĞ ůĞƐƐŽƌ ƌĞƚĂŝŶƐ Ăůů ƚŚĞ ƐŝŐŶŝĨŝĐĂŶƚ ƌŝƐŬƐ ĂŶĚ ďĞŶĞĨŝƚƐ ŽĨ ŽǁŶĞƌƐŚŝƉ ŽĨ ƚŚĞ ƉƌŽƉĞƌƚŝĞƐ ĂŶĚ ŚĂƐ ĐůĂƐƐŝĨŝĞĚ ƚŚĞ ůĞĂƐĞ ĂƐ ŽƉĞƌĂƚŝŶŐ ůĞĂƐĞ͘ ZĞŶƚ ĞǆƉĞŶƐĞ ĂŵŽƵŶƚĞĚ ƚŽ W сϮϯ͘Ϯ ŵŝůůŝŽŶ ŝŶ ϮϬϭϲ ;ƐĞĞ EŽƚĞ ϭϴͿ͘ ĞƚĞƌŵŝŶŝŶŐ ƚŚĞ ůĂƐƐŝĨŝĐĂƚŝŽŶ ŽĨ &ŝŶĂŶĐŝĂů /ŶƐƚƌƵŵĞŶƚƐ͘ dŚĞ 'ƌŽƵƉ ĞǆĞƌĐŝƐĞƐ ũƵĚŐŵĞŶƚƐ ŝŶ ĐůĂƐƐŝĨǇŝŶŐ Ă ĨŝŶĂŶĐŝĂů ŝŶƐƚƌƵŵĞŶƚ ŽŶ ŝŶŝƚŝĂů ƌĞĐŽŐŶŝƚŝŽŶ ĞŝƚŚĞƌ ĂƐ Ă ĨŝŶĂŶĐŝĂů ĂƐƐĞƚ͕ Ă ĨŝŶĂŶĐŝĂů ůŝĂďŝůŝƚǇ Žƌ ĂŶ ĞƋƵŝƚǇ ŝŶƐƚƌƵŵĞŶƚ ŝŶ ĂĐĐŽƌĚĂŶĐĞ ǁŝƚŚ ƚŚĞ ƐƵďƐƚĂŶĐĞ ŽĨ ƚŚĞ ĐŽŶƚƌĂĐƚƵĂů ĂƌƌĂŶŐĞŵĞŶƚ ĂŶĚ ƚŚĞ ĚĞĨŝŶŝƚŝŽŶƐ ŽĨ Ă ĨŝŶĂŶĐŝĂů ĂƐƐĞƚ͕ Ă ĨŝŶĂŶĐŝĂů ůŝĂďŝůŝƚǇ Žƌ ĂŶ ĞƋƵŝƚǇ ŝŶƐƚƌƵŵĞŶƚ͘ dŚĞ ƐƵďƐƚĂŶĐĞ ŽĨ Ă ĨŝŶĂŶĐŝĂů ŝŶƐƚƌƵŵĞŶƚ͕ ƌĂƚŚĞƌ ƚŚĂŶ ŝƚƐ ůĞŐĂů ĨŽƌŵ͕ ŐŽǀĞƌŶƐ ŝƚƐ ĐůĂƐƐŝĨŝĐĂƚŝŽŶ ŝŶ ƚŚĞ ĐŽŶƐŽůŝĚĂƚĞĚ ƐƚĂƚĞŵĞŶƚƐ ŽĨ ĨŝŶĂŶĐŝĂů ƉŽƐŝƚŝŽŶ͘ /Ŷ ĂĚĚŝƚŝŽŶ͕ ƚŚĞ 'ƌŽƵƉ ĐůĂƐƐŝĨŝĞƐ ĨŝŶĂŶĐŝĂů ĂƐƐĞƚƐ ďǇ ĞǀĂůƵĂƚŝŶŐ͕ ĂŵŽŶŐ ŽƚŚĞƌƐ͕ ǁŚĞƚŚĞƌ ƚŚĞ ĂƐƐĞƚ ŝƐ ƋƵŽƚĞĚ Žƌ ŶŽƚ ŝŶ ĂŶ ĂĐƚŝǀĞ ŵĂƌŬĞƚ͘ /ŶĐůƵĚĞĚ ŝŶ ƚŚĞ ĞǀĂůƵĂƚŝŽŶ ŽŶ ǁŚĞƚŚĞƌ Ă ĨŝŶĂŶĐŝĂů ĂƐƐĞƚ ŝƐ ƋƵŽƚĞĚ ŝŶ ĂŶ ĂĐƚŝǀĞ ŵĂƌŬĞƚ ŝƐ ƚŚĞ ĚĞƚĞƌŵŝŶĂƚŝŽŶ ŽŶ ǁŚĞƚŚĞƌ ƚŚĞ ƋƵŽƚĞĚ ƉƌŝĐĞƐ ĂƌĞ ƌĞĂĚŝůǇ ĂŶĚ ƌĞŐƵůĂƌůǇ ĂǀĂŝůĂďůĞ͕ ĂŶĚ ǁŚĞƚŚĞƌ ƚŚŽƐĞ ƉƌŝĐĞƐ ƌĞƉƌĞƐĞŶƚ ĂĐƚƵĂů ĂŶĚ ƌĞŐƵůĂƌůǇ ŽĐĐƵƌƌŝŶŐ ŵĂƌŬĞƚ transactions on an arm’s length basis. ĞƚĞƌŵŝŶŝŶŐ ŽŶƚƌŽů͕ :ŽŝŶƚ ŽŶƚƌŽů Žƌ ^ŝŐŶŝĨŝĐĂŶƚ /ŶĨůƵĞŶĐĞ ŽǀĞƌ ĂŶ /ŶǀĞƐƚĞĞ ŽŵƉĂŶǇ͘ ŽŶƚƌŽů ŝƐ ƉƌĞƐƵŵĞĚ ƚŽ ĞǆŝƐƚ ǁŚĞŶ ĂŶ ŝŶǀĞƐƚŽƌ ŚĂƐ ƉŽǁĞƌ ŽǀĞƌ ƚŚĞ ŝŶǀĞƐƚĞĞ͕ ŝƐ ĞǆƉŽƐĞĚ͕ Žƌ ŚĂƐ ƌŝŐŚƚƐ͕ ƚŽ ǀĂƌŝĂďůĞ ƌĞƚƵƌŶƐ ĨƌŽŵ ŝƚƐ ŝŶǀŽůǀĞŵĞŶƚ ǁŝƚŚ ƚŚĞ ŝŶǀĞƐƚĞĞ ĂŶĚ ŚĂƐ ƚŚĞ ĂďŝůŝƚǇ ƚŽ ĂĨĨĞĐƚ ƚŚŽƐĞ ƌĞƚƵƌŶƐ ƚŚƌŽƵŐŚ ŝƚƐ ƉŽǁĞƌ ŽǀĞƌ ƚŚĞ ŝŶǀĞƐƚĞĞ͘ KŶ ƚŚĞ ŽƚŚĞƌ ŚĂŶĚ͕ ũŽŝŶƚ ĐŽŶƚƌŽů ŝƐ ƉƌĞƐƵŵĞĚ ƚŽ ĞǆŝƐƚ ǁŚĞŶ ƚŚĞ

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Ͳ Ϯϲ Ͳ ŝŶǀĞƐƚŽƌƐ ĐŽŶƚƌĂĐƚƵĂůůǇ ĂŐƌĞĞĚ ƚŽ ƐŚĂƌĞ ĐŽŶƚƌŽů ŽĨ ĂŶ ĂƌƌĂŶŐĞŵĞŶƚ͕ ǁŚŝĐŚ ĞǆŝƐƚƐ ŽŶůǇ ǁŚĞŶ ĚĞĐŝƐŝŽŶƐ ĂďŽƵƚ ƚŚĞ ƌĞůĞǀĂŶƚ ĂĐƚŝǀŝƚŝĞƐ ƌĞƋƵŝƌĞ ƚŚĞ ƵŶĂŶŝŵŽƵƐ ĐŽŶƐĞŶƚ ŽĨ ƚŚĞ ƉĂƌƚŝĞƐ ƐŚĂƌŝŶŐ ĐŽŶƚƌŽů͘ dŚĞ 'ƌŽƵƉ ŚĂƐ ĂƐƐĞƐƐĞĚ ŝƚ ŚĂƐ ĐŽŶƚƌŽů ŽǀĞƌ ŝƚƐ ƐƵďƐŝĚŝĂƌŝĞƐ ĂŶĚ ũŽŝŶƚ ĐŽŶƚƌŽů ŝŶ Ăůů ũŽŝŶƚ ĂƌƌĂŶŐĞŵĞŶƚƐ͘ dŚĞ 'ƌŽƵƉ ŚĂƐ Ă ϱϬй ŝŶƚĞƌĞƐƚ ŝŶ ůƉŚĂůĂŶĚ ,ĞĂǀǇ ƋƵŝƉŵĞŶƚ ŽƌƉŽƌĂƚŝŽŶ ; , Ϳ ĂƐ Ăƚ ĞĐĞŵďĞƌ ϯϭ͕ ϮϬϭϳ ĂŶĚ ϮϬϭϲ ĂŶĚ ϰϬй ŝŶƚĞƌĞƐƚ ŝŶ ^ / ĂƐ Ăƚ ĞĐĞŵďĞƌ ϯϭ͕ ϮϬϭϲ͘ dŚĞ 'ƌŽƵƉ ĂĐĐŽƵŶƚƐ ĨŽƌ ƚŚĞƐĞ ŝŶǀĞƐƚŵĞŶƚƐ ĂƐ ĂƐƐŽĐŝĂƚĞƐ ƐŝŶĐĞ ŵĂŶĂŐĞŵĞŶƚ ŚĂƐ ĂƐƐĞƐƐĞĚ ƚŚĂƚ ƚŚĞƌĞ ŝƐ ŶŽ ũŽŝŶƚ ĐŽŶƚƌŽů ďĞƚǁĞĞŶ ƚŚĞ ƉĂƌƚŝĞƐ͘ ĞƚĞƌŵŝŶŝŶŐ ƚŚĞ ůĂƐƐŝĨŝĐĂƚŝŽŶ ŽĨ :ŽŝŶƚ ƌƌĂŶŐĞŵĞŶƚƐ͘ dŚĞ ũŽŝŶƚ ǀĞŶƚƵƌĞ ĂŐƌĞĞŵĞŶƚ ǁŝƚŚ ^W ŝƐ ĂĐĐŽƵŶƚĞĚ ĨŽƌ ĂƐ Ă ũŽŝŶƚ ŽƉĞƌĂƚŝŽŶ ƐŝŶĐĞ ƚŚĞ ƉĂƌƚŝĞƐ ƚŚĂƚ ŚĂǀĞ ũŽŝŶƚ ĐŽŶƚƌŽů ŽĨ ƚŚĞ ĂƌƌĂŶŐĞŵĞŶƚ͕ ŚĂǀĞ ƌŝŐŚƚƐ ƚŽ ƚŚĞ ĂƐƐĞƚƐ͕ ĂŶĚ ŽďůŝŐĂƚŝŽŶƐ ĨŽƌ ƚŚĞ ůŝĂďŝůŝƚŝĞƐ͕ ƌĞůĂƚŝŶŐ ƚŽ ƚŚĞ ĂƌƌĂŶŐĞŵĞŶƚ͘ ůĂƐƐŝĨǇŝŶŐ /ŶǀĞƐƚŵĞŶƚ WƌŽƉĞƌƚŝĞƐ ĂŶĚ KǁŶĞƌͲKĐĐƵƉŝĞĚ WƌŽƉĞƌƚŝĞƐ͘ dŚĞ 'ƌŽƵƉ ĚĞƚĞƌŵŝŶĞƐ ǁŚĞƚŚĞƌ Ă ƉƌŽƉĞƌƚǇ ƋƵĂůŝĨŝĞƐ ĂƐ ŝŶǀĞƐƚŵĞŶƚ ƉƌŽƉĞƌƚǇ͘ /Ŷ ŵĂŬŝŶŐ ŝƚƐ ũƵĚŐŵĞŶƚ͕ ƚŚĞ 'ƌŽƵƉ ĐŽŶƐŝĚĞƌƐ ǁŚĞƚŚĞƌ ƚŚĞ ƉƌŽƉĞƌƚǇ ŐĞŶĞƌĂƚĞƐ ĐĂƐŚ ĨůŽǁƐ ůĂƌŐĞůǇ ŝŶĚĞƉĞŶĚĞŶƚ ŽĨ ƚŚĞ ŽƚŚĞƌ ĂƐƐĞƚƐ ŚĞůĚ ďǇ ĂŶ ĞŶƚŝƚǇ͘ KǁŶĞƌͲ ŽĐĐƵƉŝĞĚ ƉƌŽƉĞƌƚŝĞƐ ŐĞŶĞƌĂƚĞ ĐĂƐŚ ĨůŽǁƐ ƚŚĂƚ ĂƌĞ ĂƚƚƌŝďƵƚĂďůĞ ŶŽƚ ŽŶůǇ ƚŽ ƚŚĞ ƉƌŽƉĞƌƚǇ ďƵƚ ĂůƐŽ ƚŽ ƚŚĞ ŽƚŚĞƌ ĂƐƐĞƚƐ ƵƐĞĚ ŝŶ ƚŚĞ ƉƌŽĚƵĐƚŝŽŶ Žƌ ƐƵƉƉůǇ ƉƌŽĐĞƐƐ͘ ^ŽŵĞ ƉƌŽƉĞƌƚŝĞƐ ĐŽŵƉƌŝƐĞ Ă ƉŽƌƚŝŽŶ ƚŚĂƚ ŝƐ ŚĞůĚ ƚŽ ĞĂƌŶ ƌĞŶƚĂůƐ ĨŽƌ ĐĂƉŝƚĂů ĂƉƉƌĞĐŝĂƚŝŽŶ ĂŶĚ ĂŶŽƚŚĞƌ ƉŽƌƚŝŽŶ ƚŚĂƚ ŝƐ ŚĞůĚ ĨŽƌ ƵƐĞ ŝŶ ƚŚĞ ƉƌŽĚƵĐƚŝŽŶ Žƌ ƐƵƉƉůǇ ŽĨ ŐŽŽĚƐ Žƌ ƐĞƌǀŝĐĞƐ Žƌ ĨŽƌ ĂĚŵŝŶŝƐƚƌĂƚŝǀĞ ƉƵƌƉŽƐĞƐ͘ /Ĩ ƚŚĞƐĞ ƉŽƌƚŝŽŶƐ ĐĂŶŶŽƚ ďĞ ƐŽůĚ ƐĞƉĂƌĂƚĞůǇ͕ ƚŚĞ ƉƌŽƉĞƌƚǇ ŝƐ ĂĐĐŽƵŶƚĞĚ ĨŽƌ ĂƐ ĂŶ ŝŶǀĞƐƚŵĞŶƚ ƉƌŽƉĞƌƚǇ ŽŶůǇ ŝĨ ĂŶ ŝŶƐŝŐŶŝĨŝĐĂŶƚ ƉŽƌƚŝŽŶ ŝƐ ŚĞůĚ ĨŽƌ ƵƐĞ ŝŶ ƚŚĞ ƐƵƉƉůǇ ŽĨ ŐŽŽĚƐ Žƌ ƐĞƌǀŝĐĞƐ Žƌ ĨŽƌ ĂĚŵŝŶŝƐƚƌĂƚŝǀĞ ƉƵƌƉŽƐĞƐ͘ :ƵĚŐŵĞŶƚ ŝƐ ĂƉƉůŝĞĚ ŝŶ ĚĞƚĞƌŵŝŶŝŶŐ ǁŚĞƚŚĞƌ ĂŶĐŝůůĂƌǇ ƐĞƌǀŝĐĞƐ ĂƌĞ ƐŽ ƐŝŐŶŝĨŝĐĂŶƚ ƚŚĂƚ Ă ƉƌŽƉĞƌƚǇ ĚŽĞƐ ŶŽƚ ƋƵĂůŝĨǇ ĂƐ ŝŶǀĞƐƚŵĞŶƚ ƉƌŽƉĞƌƚǇ͘ dŚĞ 'ƌŽƵƉ ĐŽŶƐŝĚĞƌƐ ĞĂĐŚ ƉƌŽƉĞƌƚǇ ƐĞƉĂƌĂƚĞůǇ ŝŶ ŵĂŬŝŶŐ ŝƚƐ ũƵĚŐŵĞŶƚ͘ ƐƚŝŵĂƚĞƐ ĂŶĚ ƐƐƵŵƉƚŝŽŶƐ dŚĞ ŬĞǇ ĂƐƐƵŵƉƚŝŽŶƐ ĐŽŶĐĞƌŶŝŶŐ ƚŚĞ ĨƵƚƵƌĞ ĂŶĚ ŽƚŚĞƌ ŬĞǇ ƐŽƵƌĐĞƐ ŽĨ ĞƐƚŝŵĂƚŝŽŶ ƵŶĐĞƌƚĂŝŶƚǇ Ăƚ ƚŚĞ ĨŝŶĂŶĐŝĂů ƌĞƉŽƌƚŝŶŐ ĚĂƚĞ͕ ƚŚĂƚ ŚĂǀĞ Ă ƐŝŐŶŝĨŝĐĂŶƚ ƌŝƐŬ ŽĨ ĐĂƵƐŝŶŐ Ă ŵĂƚĞƌŝĂů ĂĚũƵƐƚŵĞŶƚ ƚŽ ƚŚĞ ĐĂƌƌǇŝŶŐ ĂŵŽƵŶƚƐ ŽĨ ĂƐƐĞƚƐ ĂŶĚ ůŝĂďŝůŝƚŝĞƐ ǁŝƚŚŝŶ ƚŚĞ ŶĞǆƚ ĨŝŶĂŶĐŝĂů ǇĞĂƌ ĂƌĞ ĚŝƐĐƵƐƐĞĚ ďĞůŽǁ͘ ZĞĐŽŐŶŝǌŝŶŐ ZĞǀĞŶƵĞ ĂŶĚ ŽƐƚ͘ The Group’s revenue ĂŶĚ ĐŽƐƚ ƌĞĐŽŐŶŝƚŝŽŶ ƉŽůŝĐŝĞƐ ƌĞƋƵŝƌĞ ŵĂŶĂŐĞŵĞŶƚ ƚŽ ŵĂŬĞ ƵƐĞ ŽĨ ĞƐƚŝŵĂƚĞƐ ĂŶĚ ĂƐƐƵŵƉƚŝŽŶƐ ƚŚĂƚ ŵĂǇ ĂĨĨĞĐƚ ƚŚĞ ƌĞƉŽƌƚĞĚ ĂŵŽƵŶƚƐ ŽĨ ƌĞǀĞŶƵĞ ĂŶĚ ĐŽƐƚ͘ ZĞǀĞŶƵĞ ĂŶĚ ĐŽƐƚ ĨƌŽŵ ƐĂůĞ ŽĨ ƌĞĂů ĞƐƚĂƚĞ ƌĞĐŽŐŶŝǌĞĚ ďĂƐĞĚ ŽŶ ƚŚĞ ƉĞƌĐĞŶƚĂŐĞ ŽĨ ĐŽŵƉůĞƚŝŽŶ ĂƌĞ ŵĞĂƐƵƌĞĚ ƉƌŝŶĐŝƉĂůůǇ ŽŶ ƚŚĞ ďĂƐŝƐ ŽĨ ƚŚĞ ĞƐƚŝŵĂƚĞĚ ĐŽŵƉůĞƚŝŽŶ ŽĨ ƉŚǇƐŝĐĂů ƉƌŽƉŽƌƚŝŽŶ ŽĨ ƚŚĞ ĐŽŶƚƌĂĐƚ ǁŽƌŬ͕ ĂŶĚ ďǇ ƌĞĨĞƌĞŶĐĞ ƚŽ ƚŚĞ ĂĐƚƵĂů ĐŽƐƚƐ ŝŶĐƵƌƌĞĚ ƚŽ ĚĂƚĞ ŽǀĞƌ ƚŚĞ ĞƐƚŝŵĂƚĞĚ ƚŽƚĂů ĐŽƐƚƐ ŽĨ ƚŚĞ ƉƌŽũĞĐƚ͘ ZĞǀĞŶƵĞ ĨƌŽŵ AMPI’s ƐĂůĞ ŽĨ ĐŽŶĚŽŵŝŶŝƵŵ ƵŶŝƚƐ ĂŶĚ ƉƌĞĨĞƌƌĞĚ ƐŚĂƌĞƐ and ABIRC’s sale of private ǀŝůůĂ ĂŶĚ ůĂŶĚ ƵŶĚĞƌ Ă ƐŝŶŐůĞ ĐŽŶƚƌĂĐƚ ƚŽ ƐĞůů ĂƌĞ ĂůůŽĐĂƚĞĚ ƚŽ ĞĂĐŚ ĐŽŵƉŽŶĞŶƚ ƵƐŝŶŐ ƚŚĞ ƌĞƐŝĚƵĂů ŵĞƚŚŽĚ͘ dŚĞ ĨĂŝƌ ǀĂůƵĞ ŽĨ ƚŚĞ ƉƌĞĨĞƌƌĞĚ ƐŚĂƌĞ ŝƐ ŵĞĂƐƵƌĞĚ Ăƚ ŝƚƐ ĐƵƌƌĞŶƚ ĐĂƐŚ ƐĞůůŝŶŐ ƉƌŝĐĞ ƚŽ ƚŚŝƌĚ ƉĂƌƚŝĞƐ ŽŶ Ă ƐƚĂŶĚͲĂůŽŶĞ ďĂƐŝƐ ĂŶĚ ƚŚĞ ĨĂŝƌ ǀĂůƵĞ ŽĨ ƚŚĞ ĐŽŶĚŽŵŝŶŝƵŵ ƵŶŝƚ ŝƐ ƚŚĞ ƌĞƐŝĚƵĂů ĂŵŽƵŶƚ ŽĨ ƚŚĞ ƚƌĂŶƐĂĐƚŝŽŶ ƉƌŝĐĞ͘

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ZĞǀĞŶƵĞ ƌĞĐŽŐŶŝǌĞĚ ďĂƐĞĚ ŽŶ ƉĞƌĐĞŶƚĂŐĞ ŽĨ ĐŽŵƉůĞƚŝŽŶ ĂŵŽƵŶƚĞĚ ƚŽ W с ϭ͕ϯϲϲ͘ϲ ŵŝůůŝŽŶ͕ сϭ͕ϰϮϭ͘Ϯ ŵŝůůŝŽŶ ĂŶĚ W W сϭ͕ϰϭϳ͘ϵ ŵŝůůŝŽŶ ŝŶ ϮϬϭϳ͕ ϮϬϭϲ ĂŶĚ ϮϬϭϱ͕ ƌĞƐƉĞĐƚŝǀĞůǇ͘ ŽƐƚ ƌĞĐŽŐŶŝǌĞĚ ďĂƐĞĚ ŽŶ ƉĞƌĐĞŶƚĂŐĞ ŽĨ ĐŽŵƉůĞƚŝŽŶ ĂŵŽƵŶƚĞĚ ƚŽ W сϴϯϰ͘ϯ ŵŝůůŝŽŶ͕ W сϭ͕Ϭϵϰ͘ϵ ŵŝůůŝŽŶ ĂŶĚ W сϭ͕ϮϬϳ͘ϰ ŵŝůůŝŽŶ ŝŶ ϮϬϭϳ͕ ϮϬϭϲ ĂŶĚ ϮϬϭϱ͕ ƌĞƐƉĞĐƚŝǀĞůǇ ;ƐĞĞ EŽƚĞ ϭϵͿ͘

Ͳ Ϯϳ Ͳ ĞƚĞƌŵŝŶŝŶŐ &Ăŝƌ sĂůƵĞ ŽĨ &ŝŶĂŶĐŝĂů /ŶƐƚƌƵŵĞŶƚƐ͘ W&Z^ ƌĞƋƵŝƌĞƐ ĐĞƌƚĂŝŶ ĨŝŶĂŶĐŝĂů ĂƐƐĞƚƐ ĂŶĚ ůŝĂďŝůŝƚŝĞƐ ƚŽ ďĞ ĐĂƌƌŝĞĚ Ăƚ ĨĂŝƌ ǀĂůƵĞ͕ ǁŚŝĐŚ ƌĞƋƵŝƌĞƐ ĞǆƚĞŶƐŝǀĞ ƵƐĞ ŽĨ ĂĐĐŽƵŶƚŝŶŐ ĞƐƚŝŵĂƚĞƐ͘ tŚŝůĞ ƐŝŐŶŝĨŝĐĂŶƚ ĐŽŵƉŽŶĞŶƚƐ ŽĨ ĨĂŝƌ ǀĂůƵĞ ŵĞĂƐƵƌĞŵĞŶƚ ǁĞƌĞ ĚĞƚĞƌŵŝŶĞĚ ƵƐŝŶŐ ǀĞƌŝĨŝĂďůĞ ŽďũĞĐƚŝǀĞ ĞǀŝĚĞŶĐĞ͕ ƚŚĞ ĂŵŽƵŶƚ ŽĨ ĐŚĂŶŐĞƐ ŝŶ ĨĂŝƌ ǀĂůƵĞ ǁŽƵůĚ ĚŝĨĨĞƌ ŝĨ ƚŚĞ 'ƌŽƵƉ ƵƚŝůŝǌĞĚ ĚŝĨĨĞƌĞŶƚ ǀĂůƵĂƚŝŽŶ ŵĞƚŚŽĚŽůŽŐŝĞƐ͘ ŶǇ ĐŚĂŶŐĞƐ ŝŶ ĨĂŝƌ ǀĂůƵĞ ŽĨ ƚŚĞƐĞ ĨŝŶĂŶĐŝĂů ĂƐƐĞƚƐ ǁŽƵůĚ ĂĨĨĞĐƚ ƉƌŽĨŝƚ ĂŶĚ ůŽƐƐ ĂŶĚ ĞƋƵŝƚǇ͘ The fair value of the Group’s financial assets and liabilities are disclosed in Note Ϯϰ͘ ƐƚŝŵĂƚŝŶŐ /ŵƉĂŝƌŵĞŶƚ >ŽƐƐĞƐ ŽĨ dƌĂĚĞ ĂŶĚ KƚŚĞƌ ZĞĐĞŝǀĂďůĞƐ ĂŶĚ ĚǀĂŶĐĞƐ ƚŽ ƐƐŽĐŝĂƚĞƐ ĂŶĚ ZĞůĂƚĞĚ WĂƌƚŝĞƐ͘ dŚĞ 'ƌŽƵƉ ĞƐƚŝŵĂƚĞƐ ƚŚĞ ĂůůŽǁĂŶĐĞ ĨŽƌ ŝŵƉĂŝƌŵĞŶƚ ůŽƐƐĞƐ ƌĞůĂƚĞĚ ƚŽ ƚƌĂĚĞ ĂŶĚ ŽƚŚĞƌ ƌĞĐĞŝǀĂďůĞƐ ĂŶĚ ĂĚǀĂŶĐĞƐ ƚŽ ĂƐƐŽĐŝĂƚĞƐ ĂŶĚ ƌĞůĂƚĞĚ ƉĂƌƚŝĞƐ ďĂƐĞĚ ŽŶ ƐƉĞĐŝĨŝĐ ĞǀĂůƵĂƚŝŽŶ ŽĨ ĂĐĐŽƵŶƚƐ ĂŶĚ ĐŽůůĞĐƚŝǀĞůǇ ĨŽƌ ƌĞĐĞŝǀĂďůĞƐ ƚŚĂƚ ĂƌĞ ŶŽƚ ŝŶĚŝǀŝĚƵĂůůǇ ƐŝŐŶŝĨŝĐĂŶƚ͕ ĂŶĚ ǁŚĞƌĞ ƚŚĞ 'ƌŽƵƉ ŚĂƐ ŝŶĨŽƌŵĂƚŝŽŶ ƚŚĂƚ ĐĞƌƚĂŝŶ ĐƵƐƚŽŵĞƌƐ ĂƌĞ ƵŶĂďůĞ ƚŽ ŵĞĞƚ ƚŚĞŝƌ ĨŝŶĂŶĐŝĂů ŽďůŝŐĂƚŝŽŶƐ͘ /Ŷ ƚŚĞƐĞ ĐĂƐĞƐ͕ ƚŚĞ ƵƐĞ ŽĨ ĞƐƚŝŵĂƚĞ ŝƐ ďĂƐĞĚ ŽŶ ƚŚĞ ďĞƐƚ ĂǀĂŝůĂďůĞ ĨĂĐƚƐ ĂŶĚ ĐŝƌĐƵŵƐƚĂŶĐĞƐ͕ ŝŶĐůƵĚŝŶŐ ďƵƚ ŶŽƚ ůŝŵŝƚĞĚ ƚŽ͕ ƚŚĞ ůĞŶŐƚŚ ŽĨ ƌĞůĂƚŝŽŶƐŚŝƉ ǁŝƚŚ ƚŚĞ ĐƵƐƚŽŵĞƌƐ ĂŶĚ ŬŶŽǁŶ ŵĂƌŬĞƚ ĨĂĐƚŽƌƐ͕ ƚŽ ƌĞĐŽƌĚ ƐƉĞĐŝĨŝĐ ƌĞƐĞƌǀĞƐ ĂŐĂŝŶƐƚ ĂŵŽƵŶƚƐ ĚƵĞ ĨƌŽŵ ĚĞďƚŽƌƐ ƚŽ ƌĞĚƵĐĞ ƚŚĞ ƌĞĐĞŝǀĂďůĞ ĂŵŽƵŶƚ ƚŚĂƚ ŝƐ ĞǆƉĞĐƚĞĚ ƚŽ ďĞ ĐŽůůĞĐƚĞĚ͘ /ŵƉĂŝƌŵĞŶƚ ůŽƐƐ ƌĞĐŽŐŶŝǌĞĚ ŽŶ ƚƌĂĚĞ ĂŶĚ ŽƚŚĞƌ ƌĞĐĞŝǀĂďůĞƐ ĂŵŽƵŶƚĞĚ ƚŽ W с ϳϭ͘ϵ ŵŝůůŝŽŶ͕ сϯϰ͘ϭ ŵŝůůŝŽŶ ĂŶĚ Ŷŝů ŝŶ ϮϬϭϳ͕ ϮϬϭϲ ĂŶĚ ϮϬϭϱ͕ ƌĞƐƉĞĐƚŝǀĞůǇ͘ dŚĞ ĐĂƌƌǇŝŶŐ ĂŵŽƵŶƚ ŽĨ ƚƌĂĚĞ ĂŶĚ ŽƚŚĞƌ W ƌĞĐĞŝǀĂďůĞƐ ĂŵŽƵŶƚĞĚ ƚŽ W сϭ͕ϵϵϯ͘ϱ ŵŝůůŝŽŶ ĂŶĚ W сϭ͕Ϯϱϰ͘ϱ ŵŝůůŝŽŶ ĂƐ Ăƚ ĞĐĞŵďĞƌ ϯϭ͕ ϮϬϭϳ ĂŶĚ ϮϬϭϲ͕ ƌĞƐƉĞĐƚŝǀĞůǇ ;ƐĞĞ EŽƚĞ ϲͿ͘ ĞƚĞƌŵŝŶŝŶŐ EZs ŽĨ >ĂŶĚ ĂŶĚ ĞǀĞůŽƉŵĞŶƚ ŽƐƚƐ ĂŶĚ WĂƌŬŝŶŐ >ŽƚƐ ĨŽƌ ^ĂůĞ͘ dŚĞ 'ƌŽƵƉ ǁƌŝƚĞƐ ĚŽǁŶ ƚŚĞ ĐĂƌƌǇŝŶŐ ǀĂůƵĞ ŽĨ ůĂŶĚ ĂŶĚ ĚĞǀĞůŽƉŵĞŶƚ ĐŽƐƚƐ ĂŶĚ ƉĂƌŬŝŶŐ ůŽƚƐ ĨŽƌ ƐĂůĞ ǁŚĞŶĞǀĞƌ ƚŚĞ EZs ďĞĐŽŵĞƐ ůŽǁĞƌ ƚŚĂŶ ĐŽƐƚ ĚƵĞ ƚŽ ĐŚĂŶŐĞƐ ŝŶ ŵĂƌŬĞƚ ƉƌŝĐĞƐ Žƌ ŽƚŚĞƌ ĐĂƵƐĞƐ͘ dŚĞ EZs ŽĨ ƉƌŽũĞĐƚƐ ƵŶĚĞƌ ĐŽŶƐƚƌƵĐƚŝŽŶ ŝƐ ĂƐƐĞƐƐĞĚ ǁŝƚŚ ƌĞĨĞƌĞŶĐĞ ƚŽ ŵĂƌŬĞƚ ƉƌŝĐĞ Ăƚ ƌĞƉŽƌƚŝŶŐ ĚĂƚĞ ĨŽƌ ƐŝŵŝůĂƌ ĐŽŵƉůĞƚĞĚ ƉƌŽƉĞƌƚǇ͕ ůĞƐƐ ĞƐƚŝŵĂƚĞĚ ĐŽƐƚƐ ƚŽ ĐŽŵƉůĞƚĞ ƚŚĞ ĐŽŶƐƚƌƵĐƚŝŽŶ ĂŶĚ ĞƐƚŝŵĂƚĞĚ ĐŽƐƚƐ ƚŽ ƐĞůů͘ dŚĞ ĐĂƌƌǇŝŶŐ ǀĂůƵĞ ŝƐ ƌĞǀŝĞǁĞĚ ƌĞŐƵůĂƌůǇ ĨŽƌ ĂŶǇ ĚĞĐůŝŶĞ ŝŶ ǀĂůƵĞ͘ dŚĞ ĐĂƌƌǇŝŶŐ ǀĂůƵĞ ŽĨ ůĂŶĚ ĂŶĚ ĚĞǀĞůŽƉŵĞŶƚƐ ĐŽƐƚƐ ĂŵŽƵŶƚĞĚ ƚŽ W с ϯ͕ϴϬϲ͘ϲ ŵŝůůŝŽŶ ĂŶĚ сϱ͕Ϯϴϰ͘ϯ ŵŝůůŝŽŶ ĂƐ Ăƚ ĞĐĞŵďĞƌ ϯϭ͕ ϮϬϭϳ ĂŶĚ ϮϬϭϲ͕ ƌĞƐƉĞĐƚŝǀĞůǇ͘ WĂƌŬŝŶŐ ůŽƚƐ ĨŽƌ ƐĂůĞ ĂŵŽƵŶƚĞĚ ƚŽ W сϭϯϱ͘ϴ ŵŝůůŝŽŶ ĂŶĚ W W сϭϱϭ͘ϳ ŵŝůůŝŽŶ ĂƐ Ăƚ ĞĐĞŵďĞƌ ϯϭ͕ ϮϬϭϳ ĂŶĚ ϮϬϭϲ͕ ƌĞƐƉĞĐƚŝǀĞůǇ ;ƐĞĞ EŽƚĞ ϳͿ͘ ĞƚĞƌŵŝŶŝŶŐ Fair Value of Investments in Clubs’ Preferred Shares. dŚĞ 'ƌŽƵƉ ĞƐƚĂďůŝƐŚĞƐ ĨĂŝƌ ǀĂůƵĞ by using recent arm’s length market transactions between knowledgeable, willing parties. The fair ǀĂůƵĞ ŽĨ ŝŶǀĞƐƚŵĞŶƚƐ ŝŶ ƉƌĞĨĞƌƌĞĚ ƐŚĂƌĞƐ ŽĨ ƚŚĞ ůƵďƐ ŝƐ ĚĞƚĞƌŵŝŶĞĚ ďĂƐĞĚ ŽŶ ƚŚĞ ĐƵƌƌĞŶƚ ĐĂƐŚ ƐĞůůŝŶŐ ƉƌŝĐĞ ƚŽ ƚŚŝƌĚ ƉĂƌƚŝĞƐ͘ dŚĞ ĐĂƌƌǇŝŶŐ ǀĂůƵĞ ŽĨ ŝŶǀĞƐƚŵĞŶƚƐ ŝŶ ƉƌĞĨĞƌƌĞĚ ƐŚĂƌĞƐ ĂŵŽƵŶƚĞĚ ƚŽ W с ϯϬ͕Ϭϲϰ͘ϯ ŵŝůůŝŽŶ ĂŶĚ W сϯϬ͕Ϯϱϳ͘Ϯ ŵŝůůŝŽŶ ĂƐ Ăƚ ĞĐĞŵďĞƌ ϯϭ͕ ϮϬϭϳ ĂŶĚ ϮϬϭϲ͕ ƌĞƐƉĞĐƚŝǀĞůǇ ;ƐĞĞ EŽƚĞ ϭϬͿ͘

ƐƐĞƐƐŝŶŐ /ŵƉĂŝƌŵĞŶƚ ŽĨ &^ &ŝŶĂŶĐŝĂů ƐƐĞƚƐ͘ dŚĞ 'ƌŽƵƉ ĂƐƐĞƐƐĞƐ &^ ĨŝŶĂŶĐŝĂů ĂƐƐĞƚƐ ĂƐ ŝŵƉĂŝƌĞĚ ǁŚĞŶ ƚŚĞƌĞ ŚĂƐ ďĞĞŶ Ă ƐŝŐŶŝĨŝĐĂŶƚ Žƌ ƉƌŽůŽŶŐĞĚ ĚĞĐůŝŶĞ ŝŶ ƚŚĞ ĨĂŝƌ ǀĂůƵĞ ďĞůŽǁ ŝƚƐ ĐŽƐƚ Žƌ ǁŚĞƚŚĞƌ ŽƚŚĞƌ ŽďũĞĐƚŝǀĞ ĞǀŝĚĞŶĐĞ ŽĨ ŝŵƉĂŝƌŵĞŶƚ ĞǆŝƐƚƐ͘ The determination of what is ‘significant’ or ‘prolonged’ requires judgment. dŚe Group treats ‘significant’ generally as 20% or more of the original cost of investment, and ‘prolonged’ as period more than 12 months. In addition, the 'ƌŽƵƉ ĞǀĂůƵĂƚĞƐ ŽƚŚĞƌ ĨĂĐƚŽƌƐ͕ ŝŶĐůƵĚŝŶŐ ŶŽƌŵĂů ǀŽůĂƚŝůŝƚǇ ŝŶ ƐŚĂƌĞ ƉƌŝĐĞ ĨŽƌ ƋƵŽƚĞĚ ĞƋƵŝƚŝĞƐ ĂŶĚ ĨƵƚƵƌĞ ĐĂƐŚ ĨůŽǁƐ ĂŶĚ ƚŚĞ ĚŝƐĐŽƵŶƚ ĨĂĐƚŽƌƐ ĨŽƌ ƵŶƋƵŽƚĞĚ ĞƋƵŝƚŝĞƐ͘

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Ͳ Ϯϴ Ͳ The Group’s AFS financial assets amounted to W с ϯϬ͕Ϭϲϰ͘ϯ ŵŝůůŝŽŶ ĂŶĚ W с ϯϬ͕Ϯϱϳ͘Ϯ ŵŝůůŝŽŶ ĂƐ Ăƚ ĞĐĞŵďĞƌ ϯϭ͕ ϮϬϭϳ ĂŶĚ ϮϬϭϲ͕ ƌĞƐƉĞĐƚŝǀĞůǇ ;ƐĞĞ EŽƚĞ ϭϬͿ͘ ƐƚŝŵĂƚŝŶŐ hƐĞĨƵů >ŝǀĞƐ ŽĨ WƌŽƉĞƌƚǇ ĂŶĚ ƋƵŝƉŵĞŶƚ͘ dŚĞ 'ƌŽƵƉ ĞƐƚŝŵĂƚĞƐ ƚŚĞ ƵƐĞĨƵů ůŝǀĞƐ ŽĨ ƚŚĞ ƉƌŽƉĞƌƚǇ ĂŶĚ ĞƋƵŝƉŵĞŶƚ ďĂƐĞĚ ŽŶ ƚŚĞ ƉĞƌŝŽĚ ŽǀĞƌ ǁŚŝĐŚ ƚŚĞƐĞ ĂƐƐĞƚƐ ĂƌĞ ĞǆƉĞĐƚĞĚ ƚŽ ďĞ ĂǀĂŝůĂďůĞ ĨŽƌ ƵƐĞ͘ dŚĞ ĞƐƚŝŵĂƚĞĚ ƵƐĞĨƵů ůŝǀĞƐ ĂƌĞ ƌĞǀŝĞǁĞĚ ƉĞƌŝŽĚŝĐĂůůǇ ĂŶĚ ĂƌĞ ƵƉĚĂƚĞĚ ŝĨ ĞǆƉĞĐƚĂƚŝŽŶƐ ĚŝĨĨĞƌ ĨƌŽŵ ƉƌĞǀŝŽƵƐ ĞƐƚŝŵĂƚĞƐ ĚƵĞ ƚŽ ƉŚǇƐŝĐĂů ǁĞĂƌ ĂŶĚ ƚĞĂƌ͕ ƚĞĐŚŶŝĐĂů Žƌ ĐŽŵŵĞƌĐŝĂů ŽďƐŽůĞƐĐĞŶĐĞ ĂŶĚ ůĞŐĂů Žƌ ŽƚŚĞƌ ůŝŵŝƚƐ ŽŶ ƚŚĞ ƵƐĞ ŽĨ ƚŚĞƐĞ ĂƐƐĞƚƐ͘ /Ŷ ĂĚĚŝƚŝŽŶ͕ ĞƐƚŝŵĂƚŝŽŶ ŽĨ ƚŚĞ ƵƐĞĨƵů ůŝǀĞƐ ŝƐ ďĂƐĞĚ ŽŶ ĐŽůůĞĐƚŝǀĞ ĂƐƐĞƐƐŵĞŶƚ ŽĨ ŝŶĚƵƐƚƌǇ ƉƌĂĐƚŝĐĞ͕ ŝŶƚĞƌŶĂů ƚĞĐŚŶŝĐĂů ĞǀĂůƵĂƚŝŽŶ ĂŶĚ ĞǆƉĞƌŝĞŶĐĞ ǁŝƚŚ ƐŝŵŝůĂƌ ĂƐƐĞƚƐ͘ /ƚ ŝƐ ƉŽƐƐŝďůĞ͕ ŚŽǁĞǀĞƌ͕ ƚŚĂƚ ĨƵƚƵƌĞ ƌĞƐƵůƚƐ ŽĨ ŽƉĞƌĂƚŝŽŶƐ ĐŽƵůĚ ďĞ ŵĂƚĞƌŝĂůůǇ ĂĨĨĞĐƚĞĚ ďǇ ĐŚĂŶŐĞƐ ŝŶ ĞƐƚŝŵĂƚĞƐ ďƌŽƵŐŚƚ ĂďŽƵƚ ďǇ ĐŚĂŶŐĞƐ ŝŶ ĨĂĐƚŽƌƐ ŵĞŶƚŝŽŶĞĚ ĂďŽǀĞ͘ dŚĞ ĂŵŽƵŶƚƐ ĂŶĚ ƚŝŵŝŶŐ ŽĨ ƌĞĐŽƌĚĞĚ ĞǆƉĞŶƐĞƐ ĨŽƌ ĂŶǇ ƉĞƌŝŽĚ ǁŽƵůĚ ďĞ ĂĨĨĞĐƚĞĚ ďǇ ĐŚĂŶŐĞƐ ŝŶ ƚŚĞƐĞ ĨĂĐƚŽƌƐ ĂŶĚ ĐŝƌĐƵŵƐƚĂŶĐĞƐ͘ dŚĞƌĞ ŝƐ ŶŽ ĐŚĂŶŐĞ ŝŶ ƚŚĞ ĞƐƚŝŵĂƚĞĚ ƵƐĞĨƵů ůŝǀĞƐ ŽĨ ƉƌŽƉĞƌƚǇ ĂŶĚ ĞƋƵŝƉŵĞŶƚ ŝŶ ϮϬϭϳ ĂŶĚ ϮϬϭϲ͘ dŚĞ ĐĂƌƌǇŝŶŐ ĂŵŽƵŶƚ ŽĨ ƉƌŽƉĞƌƚǇ ĂŶĚ ĞƋƵŝƉŵĞŶƚ ĂŵŽƵŶƚĞĚ ƚŽ W сϭ͕ϴϯϮ͘ϯ ŵŝůůŝŽŶ ĂŶĚ W сϭ͕ϰϵϮ͘ϴ ŵŝůůŝŽŶ ĂƐ Ăƚ ĞĐĞŵďĞƌ ϯϭ͕ ϮϬϭϳ ĂŶĚ ϮϬϭϲ͕ ƌĞƐƉĞĐƚŝǀĞůǇ ;ƐĞĞ EŽƚĞ ϭϮͿ͘ ƐƚŝŵĂƚŝŶŐ /ŵƉĂŝƌŵĞŶƚ ŽĨ EŽŶĨŝŶĂŶĐŝĂů ƐƐĞƚƐ͘ dŚĞ 'ƌŽƵƉ ĂƐƐĞƐƐĞƐ ŝŵƉĂŝƌŵĞŶƚ ŽŶ ŶŽŶĨŝŶĂŶĐŝĂů ĂƐƐĞƚƐ ǁŚĞŶĞǀĞƌ ĞǀĞŶƚƐ Žƌ ĐŚĂŶŐĞƐ ŝŶ ĐŝƌĐƵŵƐƚĂŶĐĞƐ ŝŶĚŝĐĂƚĞ ƚŚĂƚ ƚŚĞ ĐĂƌƌǇŝŶŐ ĂŵŽƵŶƚ ŽĨ ƚŚĞƐĞ ĂƐƐĞƚƐ ŵĂǇ ŶŽƚ ďĞ ƌĞĐŽǀĞƌĂďůĞ͘ dŚĞ ĨĂĐƚŽƌƐ ƚŚĂƚ ƚŚĞ 'ƌŽƵƉ ĐŽŶƐŝĚĞƌƐ ŝŵƉŽƌƚĂŶƚ ǁŚŝĐŚ ĐŽƵůĚ ƚƌŝŐŐĞƌ ĂŶ ŝŵƉĂŝƌŵĞŶƚ ƌĞǀŝĞǁ ŝŶĐůƵĚĞ ƚŚĞ ĨŽůůŽǁŝŶŐ͗ 

^ŝŐŶŝĨŝĐĂŶƚ ƵŶĚĞƌƉĞƌĨŽƌŵĂŶĐĞ ƌĞůĂƚŝǀĞ ƚŽ ĞǆƉĞĐƚĞĚ ŚŝƐƚŽƌŝĐĂů Žƌ ƉƌŽũĞĐƚĞĚ ĨƵƚƵƌĞ ŽƉĞƌĂƚŝŶŐ ƌĞƐƵůƚƐ͖



^ŝŐŶŝĨŝĐĂŶƚ ĐŚĂŶŐĞƐ ŝŶ ƚŚĞ ŵĂŶŶĞƌ ŽĨ ƵƐĞ ŽĨ ƚŚĞ ĂĐƋƵŝƌĞĚ ĂƐƐĞƚƐ Žƌ ƚŚĞ ƐƚƌĂƚĞŐǇ ĨŽƌ ŽǀĞƌĂůů ďƵƐŝŶĞƐƐ͖ ĂŶĚ͕



^ŝŐŶŝĨŝĐĂŶƚ ŶĞŐĂƚŝǀĞ ŝŶĚƵƐƚƌǇ Žƌ ĞĐŽŶŽŵŝĐ ƚƌĞŶĚƐ͘

Ŷ ŝŵƉĂŝƌŵĞŶƚ ůŽƐƐ ŝƐ ƌĞĐŽŐŶŝǌĞĚ ǁŚĞŶĞǀĞƌ ƚŚĞ ĐĂƌƌǇŝŶŐ ĂŵŽƵŶƚ ŽĨ ĂŶ ĂƐƐĞƚ ĞǆĐĞĞĚƐ ŝƚƐ ĞƐƚŝŵĂƚĞĚ ƌĞĐŽǀĞƌĂďůĞ ĂŵŽƵŶƚ͘ /Ŷ ĚĞƚĞƌŵŝŶŝŶŐ ƚŚĞ ƉƌĞƐĞŶƚ ǀĂůƵĞ ŽĨ ĞƐƚŝŵĂƚĞĚ ĨƵƚƵƌĞ ĐĂƐŚ ĨůŽǁƐ ĞǆƉĞĐƚĞĚ ƚŽ ďĞ ŐĞŶĞƌĂƚĞĚ ĨƌŽŵ ƚŚĞ ĐŽŶƚŝŶƵĞĚ ƵƐĞ ŽĨ ƚŚĞ ĂƐƐĞƚƐ͕ ƚŚĞ 'ƌŽƵƉ ŝƐ ƌĞƋƵŝƌĞĚ ƚŽ ŵĂŬĞ ĞƐƚŝŵĂƚĞƐ ĂŶĚ ĂƐƐƵŵƉƚŝŽŶƐ ƚŚĂƚ ĐĂŶ ŵĂƚĞƌŝĂůůǇ ĂĨĨĞĐƚ ƚŚĞ ĐŽŶƐŽůŝĚĂƚĞĚ ĨŝŶĂŶĐŝĂů ƐƚĂƚĞŵĞŶƚƐ͘ EŽ ŝŵƉĂŝƌŵĞŶƚ ůŽƐƐ ŽŶ ŶŽŶĨŝŶĂŶĐŝĂů ĂƐƐĞƚƐ ǁĂƐ ƌĞĐŽŐŶŝǌĞĚ ŝŶ ϮϬϭϳ ĂŶĚ ϮϬϭϲ͘ dŚĞ ĐĂƌƌǇŝŶŐ ĂŵŽƵŶƚƐ ŽĨ ŶŽŶĨŝŶĂŶĐŝĂů ĂƐƐĞƚƐ ĂƌĞ ĂƐ ĨŽůůŽǁƐ͗ KƚŚĞƌ ĐƵƌƌĞŶƚ ĂƐƐĞƚƐΎ /ŶǀĞƐƚŵĞŶƚƐ ŝŶ ĂƐƐŽĐŝĂƚĞƐ WƌŽƉĞƌƚǇ ĂŶĚ ĞƋƵŝƉŵĞŶƚ KƚŚĞƌ ŶŽŶĐƵƌƌĞŶƚ ĂƐƐĞƚƐΎΎ

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EŽƚĞ ϴ ϵ ϭϮ ϭϯ

ϮϬϭϳ ϮϬϭϲ W сϭ͕ϳϵϬ͕ϲϲϭ͕ϱϵϰ сWϭ͕ϰϬϲ͕Ϭϯϳ͕ϰϬϭ ϭϭ͕ϯϮϱ͕ϵϵϵ ϭϵ͕ϵϱϲ͕ϲϬϳ ϭ͕ϴϯϮ͕ϯϰϳ͕ϵϴϴ ϭ͕ϰϵϮ͕ϴϯϰ͕ϴϴϳ ϮϮϰ͕ϮϮϲ͕ϳϭϯ ϮϮϰ͕ϰϵϬ͕Ϭϭϯ

Ύ ǆĐůƵĚŝŶŐ ƌĞƐƚƌŝĐƚĞĚ ĐĂƐŚ ΎΎ ǆĐůƵĚŝŶŐ ŶŽŶĐƵƌƌĞŶƚ ƉŽƌƚŝŽŶ ŽĨ ƚƌĂĚĞ ƌĞĐĞŝǀĂďůĞƐ ĂŶĚ ƌĞĨƵŶĚĂďůĞ ĚĞƉŽƐŝƚƐ

Ͳ Ϯϵ Ͳ ĞƚĞƌŵŝŶŝŶŐ &Ăŝƌ sĂůƵĞ ŽĨ /ŶǀĞƐƚŵĞŶƚ WƌŽƉĞƌƚŝĞƐ͘ dŚĞ 'ƌŽƵƉ ĞŶŐĂŐĞĚ ĂŶ ŝŶĚĞƉĞŶĚĞŶƚ ĂƉƉƌĂŝƐĞƌ ƚŽ ĚĞƚĞƌŵŝŶĞ ƚŚĞ ĨĂŝƌ ǀĂůƵĞ ŽĨ ŝƚƐ ŝŶǀĞƐƚŵĞŶƚ ƉƌŽƉĞƌƚŝĞƐ͘ dŚĞ &Ăŝƌ ǀĂůƵĞƐ ŽĨ ŝŶǀĞƐƚŵĞŶƚ ƉƌŽƉĞƌƚŝĞƐ ǁĞƌĞ ďĂƐĞĚ ŽŶ ƚŚĞ ǀĂůƵĂƚŝŽŶ ƉĞƌĨŽƌŵĞĚ ŝŶ ϮϬϭϳ ĂŶĚ ϮϬϭϲ͘ dŚĞ ĨĂŝƌ ǀĂůƵĞƐ ŽĨ ůĂŶĚ ǁĞƌĞ ĚĞƚĞƌŵŝŶĞĚ ƵƐŝŶŐ ƐĂůĞƐ ĐŽŵƉĂƌŝƐŽŶ ĂŶĚ ůĂŶĚ ĚĞǀĞůŽƉŵĞŶƚ ĂƉƉƌŽĂĐŚ͘ ^ĂůĞƐ ĐŽŵƉĂƌŝƐŽŶ ĂƉƉƌŽĂĐŚ ŝŶǀŽůǀĞƐ ƚŚĞ ĐŽŵƉĂƌŝƐŽŶ ŽĨ ƚŚĞ ůĂŶĚ ƚŽ ƚŚŽƐĞ ƚŚĂƚ ĂƌĞ ŵŽƌĞ Žƌ ůĞƐƐ ůŽĐĂƚĞĚ ǁŝƚŚŝŶ ƚŚĞ ǀŝĐŝŶŝƚǇ ŽĨ ƚŚĞ ĂƉƉƌĂŝƐĞĚ ƉƌŽƉĞƌƚǇ ĂŶĚ ĂƌĞ ƐƵďũĞĐƚ ŽĨ ƌĞĐĞŶƚ ƐĂůĞƐ ĂŶĚ ŽĨĨĞƌŝŶŐƐ͘ /Ĩ ƚŚĞƌĞ ŝƐ ůŝŵŝƚĞĚ ĚĂƚĂ ǁŝƚŚŝŶ ƚŚĞ ĂƌĞĂ͕ ƚŚĞ ŝŶĚĞƉĞŶĚĞŶƚ ĂƉƉƌĂŝƐĞƌ ĐŽŶƐŝĚĞƌƐ ƚŚĞ ĞǆƉĂŶƐŝŽŶ ŽĨ ƚŚĞ ƌĞƐĞĂƌĐŚ ŽŶ ƉƌŽƉĞƌƚŝĞƐ ĐŽŶƐŝĚĞƌĞĚ ĐŽŵƉĂƌĂďůĞ͘ ĚũƵƐƚŵĞŶƚƐ ǁĞƌĞ ŵĂĚĞ ƚŽ ĂƌƌŝǀĞ Ăƚ ƚŚĞ ŵĂƌŬĞƚ ǀĂůƵĞ ďǇ ĐŽŶƐŝĚĞƌŝŶŐ ƚŚĞ ůŽĐĂƚŝŽŶ͕ ƐŝǌĞ͕ ƐŚĂƉĞ͕ ƵƚŝůŝƚǇ͕ ĚĞƐŝƌĂďŝůŝƚǇ ĂŶĚ ƚŝŵĞ ĞůĞŵĞŶƚ͘ >ĂŶĚ ĚĞǀĞůŽƉŵĞŶƚ ĂƉƉƌŽĂĐŚ ŝƐ ďĂƐŝĐĂůůǇ Ă ĚŝƐĐŽƵŶƚŝŶŐ process wherein the present worth of the potential value of the property as “raw” land for ƐƵďĚŝǀŝƐŝŽŶ ƉƵƌƉŽƐĞƐ ŵĂǇ ďĞ ĞƐƚŝŵĂƚĞĚ͘ dŚĞ ĨĂŝƌ ǀĂůƵĞ ŽĨ ƉƌŽƉĞƌƚŝĞƐ ŚĞůĚ ĨŽƌ ůĞĂƐĞ͕ ǁĂƐ ĚĞƚĞƌŵŝŶĞĚ ƵƐŝŶŐ ŝŶĐŽŵĞ ĐĂƉŝƚĂůŝǌĂƚŝŽŶ ĂƉƉƌŽĂĐŚ ǁŚŝĐŚ ĐŽŶƐŝĚĞƌƐ ŝŶĐŽŵĞ ĂŶĚ ĞǆƉĞŶƐĞ ĚĂƚĂ ƌĞůĂƚŝŶŐ ƚŽ ƚŚĞ ƉƌŽƉĞƌƚǇ ďĞŝŶŐ ǀĂůƵĞĚ ĂŶĚ ĞƐƚŝŵĂƚĞĚ ŝƚ ƚŚƌŽƵŐŚ ĐĂƉŝƚĂůŝǌĂƚŝŽŶ ƉƌŽĐĞƐƐ͘ ĂƉŝƚĂůŝǌĂƚŝŽŶ ƌĞůĂƚĞƐ ŝŶĐŽŵĞ͕ ƵƐƵĂůůǇ Ă ŶĞƚ ŝŶĐŽŵĞ ĨŝŐƵƌĞ͕ ĂŶĚ Ă ĚĞĨŝŶĞĚ ǀĂůƵĞ ƚǇƉĞ ďǇ ĐŽŶǀĞƌƚŝŶŐ ĂŶ ŝŶĐŽŵĞ ĂŵŽƵŶƚ ŝŶƚŽ Ă ǀĂůƵĞ ĞƐƚŝŵĂƚĞ͘ &ƵƌƚŚĞƌ ŝŶĨŽƌŵĂƚŝŽŶ ĂďŽƵƚ ƚŚĞ ĂƐƐƵŵƉƚŝŽŶƐ ŵĂĚĞ ŝŶ ŵĞĂƐƵƌŝŶŐ ĨĂŝƌ ǀĂůƵĞƐ ŽĨ ŝŶǀĞƐƚŵĞŶƚ ƉƌŽƉĞƌƚŝĞƐ ĂƌĞ ĚŝƐĐƵƐƐĞĚ ŝŶ EŽƚĞ ϭϭ͘ 'ĂŝŶ ŽŶ ĨĂŝƌ ǀĂůƵĞ ĐŚĂŶŐĞƐ ǁŚŝĐŚ ǁĂƐ ƌĞĐŽŐŶŝǌĞĚ ŝŶ ƚŚĞ ĐŽŶƐŽůŝĚĂƚĞĚ ƐƚĂƚĞŵĞŶƚƐ ŽĨ ĐŽŵƉƌĞŚĞŶƐŝǀĞ ŝŶĐŽŵĞ ĂŵŽƵŶƚĞĚ ƚŽ W сϭϭ͕ϰϳϭ͘ϴ ŵŝůůŝŽŶ͕ W сϭϬ͕ϬϬϳ͘ϭ ŵŝůůŝŽŶ ĂŶĚ W сϴ͕ϱϳϴ͘ϴ ŵŝůůŝŽŶ ŝŶ ϮϬϭϳ͕ ϮϬϭϲ ĂŶĚ ϮϬϭϱ͕ ƌĞƐƉĞĐƚŝǀĞůǇ͘ ĂƌƌǇŝŶŐ ǀĂůƵĞƐ ŽĨ ŝŶǀĞƐƚŵĞŶƚ ƉƌŽƉĞƌƚŝĞƐ ĂŵŽƵŶƚĞĚ ƚŽ W сϰϬ͕ϲϲϰ͘ϭ ŵŝůůŝŽŶ ĂŶĚ сϮϳ͕Ϯϵϳ͘ϯ ŵŝůůŝŽŶ ĂƐ Ăƚ ĞĐĞŵďĞƌ ϯϭ͕ ϮϬϭϳ ĂŶĚ ϮϬϭϲ͕ ƌĞƐƉĞĐƚŝǀĞůǇ ;ƐĞĞ EŽƚĞ ϭϭͿ͘ W ĞƚĞƌŵŝŶŝŶŐ ZĞƚŝƌĞŵĞŶƚ ĞŶĞĨŝƚ ŽƐƚƐ͘ The determination of the Group’s obligation ĂŶĚ ĐŽƐƚ ĨŽƌ ƌĞƚŝƌĞŵĞŶƚ ďĞŶĞĨŝƚƐ ŝƐ ĚĞƉĞŶĚĞŶƚ ŽŶ ƚŚĞ ƐĞůĞĐƚŝŽŶ ŽĨ ĐĞƌƚĂŝŶ ĂƐƐƵŵƉƚŝŽŶƐ ƵƐĞĚ ďǇ ĂĐƚƵĂƌŝĞƐ ŝŶ ĐĂůĐƵůĂƚŝŶŐ ƐƵĐŚ ĂŵŽƵŶƚƐ͘ dŚŽƐĞ ĂƐƐƵŵƉƚŝŽŶƐ ĂƌĞ ĚĞƐĐƌŝďĞĚ ŝŶ EŽƚĞ ϮϬ ƚŽ ƚŚĞ ĐŽŶƐŽůŝĚĂƚĞĚ ĨŝŶĂŶĐŝĂů ƐƚĂƚĞŵĞŶƚƐ͘ ZĞƚŝƌĞŵĞŶƚ ĞǆƉĞŶƐĞ ĂŵŽƵŶƚĞĚ ƚŽ W сϲ͘ϰ ŵŝůůŝŽŶ͕ W сϳ͘ϱ ŵŝůůŝŽŶ ĂŶĚ W сϵ͘ϰ ŵŝůůŝŽŶ ŝŶ ϮϬϭϳ͕ ϮϬϭϲ ĂŶĚ ϮϬϭϱ͕ ƌĞƐƉĞĐƚŝǀĞůǇ͘ ZĞƚŝƌĞŵĞŶƚ ůŝĂďŝůŝƚǇ ĂŵŽƵŶƚĞĚ ƚŽ W с Ϯϰ͘ϱ ŵŝůůŝŽŶ ĂŶĚ W с ϯϭ͘ϰ ŵŝůůŝŽŶ ĂƐ Ăƚ ĞĐĞŵďĞƌ ϯϭ͕ ϮϬϭϳ ĂŶĚ ϮϬϭϲ͕ ƌĞƐƉĞĐƚŝǀĞůǇ ;ƐĞĞ EŽƚĞ ϮϬͿ͘ ƐƐĞƐƐŝŶŐ ZĞĂůŝǌĂďŝůŝƚǇ ŽĨ ĞĨĞƌƌĞĚ dĂǆ ƐƐĞƚƐ͘ dŚĞ 'ƌŽƵƉ ƌĞǀŝĞǁƐ ŝƚƐ ĚĞĨĞƌƌĞĚ ƚĂǆ ĂƐƐĞƚ Ăƚ ĞĂĐŚ ƌĞƉŽƌƚŝŶŐ ĚĂƚĞ ĂŶĚ ƌĞĚƵĐĞƐ ƚŚĞ ĐĂƌƌǇŝŶŐ ĂŵŽƵŶƚ ƚŽ ƚŚĞ ĞǆƚĞŶƚ ƚŚĂƚ ŝƚ ŝƐ ŶŽ ůŽŶŐĞƌ ƉƌŽďĂďůĞ ƚŚĂƚ ƐƵĨĨŝĐŝĞŶƚ ƚĂǆĂďůĞ ƉƌŽĨŝƚ ǁŝůů ďĞ ĂǀĂŝůĂďůĞ ƚŽ ĂůůŽǁ Ăůů Žƌ ƉĂƌƚ ŽĨ ƚŚĞ ĚĞĨĞƌƌĞĚ ƚĂǆ ĂƐƐĞƚ ƚŽ ďĞ ƵƚŝůŝǌĞĚ͘ dŚĞƌĞ ŝƐ ŶŽ ĂƐƐƵƌĂŶĐĞ ƚŚĂƚ ƚŚĞ 'ƌŽƵƉ ǁŝůů ŐĞŶĞƌĂƚĞ ƐƵĨĨŝĐŝĞŶƚ ƚĂǆĂďůĞ ƉƌŽĨŝƚ ƚŽ ĂůůŽǁ Ăůů Žƌ ƉĂƌƚ ŽĨ ŝƚƐ ĚĞĨĞƌƌĞĚ ƚĂǆ ĂƐƐĞƚ ƚŽ ďĞ ƵƚŝůŝǌĞĚ͘

ZĞĐŽŐŶŝǌĞĚ ĚĞĨĞƌƌĞĚ ƚĂǆ ĂƐƐĞƚƐ ŽĨ ƚŚĞ 'ƌŽƵƉ ĂŵŽƵŶƚĞĚ ƚŽ W сϭϭϭ͘ϱ ŵŝůůŝŽŶ ĂŶĚ W сϭϬ͘Ϯ ŵŝůůŝŽŶ ĂƐ Ăƚ ĞĐĞŵďĞƌ ϯϭ͕ ϮϬϭϳ ĂŶĚ ϮϬϭϲ͕ ƌĞƐƉĞĐƚŝǀĞůǇ͘ hŶƌĞĐŽŐŶŝǌĞĚ ĚĞĨĞƌƌĞĚ ƚĂǆ ĂƐƐĞƚƐ ĂŵŽƵŶƚĞĚ ƚŽ W сϭϲϯ͘ϱ ŵŝůůŝŽŶ ĂŶĚ W сϳϵ͘ϴ ŵŝůůŝŽŶ ĂƐ Ăƚ ĞĐĞŵďĞƌ ϯϭ͕ ϮϬϭϳ ĂŶĚ ϮϬϭϲ͕ ƌĞƐƉĞĐƚŝǀĞůǇ ;ƐĞĞ EŽƚĞ ϮϭͿ͘ DĂŶĂŐĞŵĞŶƚ ďĞůŝĞǀĞƐ ƚŚĂƚ ŝƚ ŝƐ ŶŽƚ ƉƌŽďĂďůĞ ƚŚĂƚ ƐƵĨĨŝĐŝĞŶƚ ƚĂǆĂďůĞ ŝŶĐŽŵĞ ǁŝůů ďĞ ĂǀĂŝůĂďůĞ ƚŽ ĂůůŽǁ Ăůů ƚŚĞƐĞ ĚĞĨĞƌƌĞĚ ƚĂǆ ĂƐƐĞƚƐ ƚŽ ďĞ ƵƚŝůŝǌĞĚ͘

111

Ͳ ϯϬ Ͳ ϰ͘ :ŽŝŶƚ KƉĞƌĂƚŝŽŶ KŶ :ƵŶĞ ϯϬ͕ ϮϬϬϴ͕ DW/ ĂŶĚ ^W ĞŶƚĞƌĞĚ ŝŶƚŽ Ă :ŽŝŶƚ sĞŶƚƵƌĞ ŐƌĞĞŵĞŶƚ ƚŽ ĚĞǀĞůŽƉ ƚŚĞ DĂůƵŐĂǇ WƌŽƉĞƌƚǇ ŝŶƚŽ Ă ĨŝƌƐƚ ĐůĂƐƐ ĐŽŵŵĞƌĐŝĂů ĚĞǀĞůŽƉŵĞŶƚ ƚŽ ďĞ ŬŶŽǁŶ ĂƐ ůƉŚĂůĂŶĚ DĂŬĂƚŝ WůĂĐĞ (the “Project”) whereby BSP shall contribute the Malugay Property while AMPI shall contribute the improvements (the “Development Costs”) and its exclusive right (the “Leasehold Rights”) over the DĂůƵŐĂǇ WƌŽƉĞƌƚǇ͕ ĂƐ ǁĞůů ĂƐ ƚŽ ƉƌŽǀŝĚĞ Ăůů ŶĞĐĞƐƐĂƌǇ ĨƵŶĚƐ͕ ĞƋƵŝƉŵĞŶƚ͕ ŵĂƚĞƌŝĂůƐ͕ ĐŽŶƐƚƌƵĐƚŝŽŶ ǁŽƌŬƐ͕ ĞǆƉĞƌƚŝƐĞ ĂŶĚ ƌĞůĂƚĞĚ ƵŶĚĞƌƚĂŬŝŶŐƐ ĨŽƌ ƚŚĞ ĚĞǀĞůŽƉŵĞŶƚ ŽĨ ƚŚĞ WƌŽũĞĐƚ͘ dŚĞ WƌŽũĞĐƚ ĐŽŶƐŝƐƚƐ ŽĨ ƚŚƌĞĞ ŚŝŐŚͲĞŶĚ ƌĞƐŝĚĞŶƚŝĂů ƚŽǁĞƌƐ ĂƚŽƉ ĂŶ ƵƉƐĐĂůĞ ƐŝǆͲƐƚŽƌĞǇ ƉŽĚŝƵŵ͕ ƚŚĞ ďŽƚƚŽŵ ŚĂůĨ ŽĨ ǁŚŝĐŚ ŝƐ Ă ƐŚŽƉƉŝŶŐ ĐĞŶƚĞƌ ĂŶĚ ƚŚĞ ƚŽƉ ŚĂůĨ Ă ŝƚǇ ůƵď ĨŽƌ ƵƌďĂŶ ƐƉŽƌƚƐ ĂŶĚ ůĞŝƐƵƌĞ͘ dŚĞ WƌŽũĞĐƚ ĂůƐŽ ŝŶĐůƵĚĞƐ Ă ŽǇ ^ĐŽƵƚ ŽŶǀĞŶƚŝŽŶ ĞŶƚĞƌ ĂƐ ƉƌŽǀŝĚĞĚ ŝŶ ƚŚĞ :ŽŝŶƚ sĞŶƚƵƌĞ ŐƌĞĞŵĞŶƚ͘ DW/ ĂŶĚ ^W ĂŐƌĞĞĚ ƚŽ ƐŚĂƌĞ Ăƚ ϴϱй ĂŶĚ ϭϱй͕ ƌĞƐƉĞĐƚŝǀĞůǇ͕ ŽĨ ƚŚĞ ƚŽƚĂů ŐƌŽƐƐ ĨůŽŽƌ ĂƌĞĂ ŽĨ ĐŽŵƉůĞƚĞĚ ĂŶĚ ĚŝƐƉŽƐĂďůĞ ƵŶŝƚƐ ŝŶ ƚŚĞ WƌŽũĞĐƚ͘ dŚĞ ϴϱй ƐŚĂƌĞ ŽĨ DW/ ƐŚĂůů ŝŶĐůƵĚĞ dŚĞ ŝƚǇ ůƵď ĂŶĚ ƚŚĞ ϭϱй ƐŚĂƌĞ ŽĨ ^W ƐŚĂůů ŝŶĐůƵĚĞ ƚŚĞ ŽǇ ^ĐŽƵƚ ŽŶǀĞŶƚŝŽŶ ĞŶƚĞƌ͘ Ɛ ƉƌŽǀŝĚĞĚ ŝŶ ƚŚĞ :ŽŝŶƚ sĞŶƚƵƌĞ ŐƌĞĞŵĞŶƚ͕ DW/ ƐŚĂůů ƐƵďŵŝƚ ƉƌŽŐƌĞƐƐ ƌĞƉŽƌƚƐ ŽĨ ƚŚĞ ĚĞǀĞůŽƉŵĞŶƚ ǁŽƌŬƐ ŝŶ ƚŚĞ WƌŽũĞĐƚ ŽŶ Ă ƌĞŐƵůĂƌ ďĂƐŝƐ ƚŽ ^W͘ KŶ :ƵŶĞ Ϯ͕ ϮϬϭϭ͕ ^W ƐŽůĚ ƚŚĞ DĂůƵŐĂǇ WƌŽƉĞƌƚǇ ƚŽ DW/ ĨŽƌ Ă ƚŽƚĂů ĐŽŶƐŝĚĞƌĂƚŝŽŶ ŽĨ W сϲϬϬ͘Ϭ ŵŝůůŝŽŶ͘ dŚĞ ĂŵŽƵŶƚ ŽĨ ĐŽŶƐŝĚĞƌĂƚŝŽŶ ƉĂŝĚ ƚŽ ^W ǁĂƐ ƚŚĞŶ ĐŽŶƚƌŝďƵƚĞĚ ďǇ ^W ƚŽ ƚŚĞ ĚĞǀĞůŽƉŵĞŶƚ ŽĨ ƚŚĞ WƌŽũĞĐƚ͘ dŚĞ >ĞĂƐĞŚŽůĚ ZŝŐŚƚ ǁĂƐ ĞĨĨĞĐƚŝǀĞůǇ ƚĞƌŵŝŶĂƚĞĚ ǁŚĞŶ DW/ ĂĐƋƵŝƌĞĚ ƚŚĞ ůĂŶĚ ĨƌŽŵ ^W ŝŶ :ƵŶĞ ϮϬϭϭ͘ ĞƐƉŝƚĞ ƚŚĞ ƐĂůĞ͕ ƚŚĞ :ŽŝŶƚ sĞŶƚƵƌĞ ƌĞŵĂŝŶĞĚ ĂŶĚ ƚŚĞ ƉĂƌƚŶĞƌƐ ĐŽŶƚŝŶƵĞĚ ƚŚĞ ϴϱ͗ϭϱ ^ŚĂƌŝŶŐ ^ĐŚĞŵĞ͘ dŚĞ ƉĂƌƚŶĞƌƐ ŚĂǀĞ ĂŵĞŶĚĞĚ ƚŚĞ :ŽŝŶƚ sĞŶƚƵƌĞ ŐƌĞĞŵĞŶƚ ĂĐĐŽƌĚŝŶŐůǇ͘ WƵƌƐƵĂŶƚ ƚŽ ƚŚĞ :ŽŝŶƚ sĞŶƚƵƌĞ ŐƌĞĞŵĞŶƚ͕ >W, ŚĂƐ ŝƐƐƵĞĚ Ă ĐŽƌƉŽƌĂƚĞ ŐƵĂƌĂŶƚǇ ŝŶ ĨĂǀŽƌ ŽĨ ^W ǁŚĞƌĞďǇ͕ ŝŶ ƚŚĞ ĞǀĞŶƚ DW/ ŝƐ ƵŶĂďůĞ ƚŽ ĐŽŵƉůĞƚĞ ƚŚĞ WƌŽũĞĐƚ ;ĨŽƌ ƌĞĂƐŽŶƐ ĂƚƚƌŝďƵƚĂďůĞ ƚŽ ƚŚĞ ĨĂƵůƚ ŽĨ DW/Ϳ͕ >W, ƐŚĂůů ƉĂǇ ^W ƚŚĞ ĂŵŽƵŶƚ ŽĨ W с600.0 million in exchange for BSP’s 15% share in the ƐŚĂƌŝŶŐ ƐĐŚĞŵĞ ĂƐ ĚĞĨŝŶĞĚ ŝŶ ƚŚĞ :ŽŝŶƚ sĞŶƚƵƌĞ ŐƌĞĞŵĞŶƚ͘ dŚĞ 'ƌŽƵƉ ĂĐĐŽƵŶƚƐ ĨŽƌ ƚŚĞ ũŽŝŶƚ ǀĞŶƚƵƌĞ ĂƌƌĂŶŐĞŵĞŶƚ ĂƐ Ă ũŽŝŶƚ ŽƉĞƌĂƚŝŽŶ͘ Ɛ Ăƚ ĞĐĞŵďĞƌ ϯϭ͕ ϮϬϭϳ ĂŶĚ ϮϬϭϲ͕ ƚŚĞ 'ƌŽƵƉ ƌĞĐŽŐŶŝǌĞĚ ŝƚƐ ƐŚĂƌĞ ŝŶ ƚŚĞ ĚĞǀĞůŽƉŵĞŶƚ ĐŽƐƚƐ ŽĨ ƚŚĞ WƌŽũĞĐƚ ;ĞǆĐůƵĚŝŶŐ ƚŚĞ ĐŽƐƚƐ ƌĞůĂƚĞĚ ƚŽ ƚŚĞ ŝƚǇ ůƵď Ͳ ƐĞĞ EŽƚĞ ϳͿ ŝŶ ƚŚĞ ĨŽůůŽǁŝŶŐ ĂĐĐŽƵŶƚƐ͗ EŽƚĞ ϮϬϭϳ ϮϬϭϲ >ĂŶĚ ĂŶĚ ĚĞǀĞůŽƉŵĞŶƚ ĐŽƐƚƐ ĂŶĚ ƉĂƌŬŝŶŐ ůŽƚƐ ĨŽƌ ƐĂůĞ ϳ W сϮ͕ϲϱϲ͕ϳϵϮ͕ϬϮϴ W сϰ͕ϵϱϱ͕Ϯϳϭ͕ϳϮϭ /ŶǀĞƐƚŵĞŶƚ ƉƌŽƉĞƌƚŝĞƐ ϭϭ ϭϭ͕ϳϲϯ͕Ϯϳϴ͕ϵϯϵ ϯ͕ϱϯϵ͕Ϯϰϲ͕Ϯϳϭ W сϭϰ͕ϰϮϬ͕ϬϳϬ͕ϵϲϳ W сϴ͕ϰϵϰ͕ϱϭϳ͕ϵϵϮ

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KŶ ^ĞƉƚĞŵďĞƌ ϴ͕ ϮϬϭϱ͕ ƚŚĞ WĂƌƚŝĞƐ ĞǆĞĐƵƚĞĚ Ă ^ƵƉƉůĞŵĞŶƚ ƚŽ ƚŚĞ :ŽŝŶƚ sĞŶƚƵƌĞ ŐƌĞĞŵĞŶƚ͘ dŚĞ ^ƵƉƉůĞŵĞŶƚ ĞǆƉƌĞƐƐůǇ ĞŶƵŵĞƌĂƚĞƐ ƚŚĞ ƐƉĞĐŝĨŝĐ ƵŶŝƚƐ ŝŶ ƚŚĞ WƌŽũĞĐƚ ƚŚĂƚ ĐŽŶƐƚŝƚƵƚĞ ƚŚĞ ^W ^ŚĂƌĞ ǁŝƚŚ ƌĞƐƉĞĐƚ ƚŽ ƚŚĞ WŽĚŝƵŵ͕ dŽǁĞƌ ϭ͕ dŽǁĞƌ Ϯ ĂŶĚ WĂƌŬŝŶŐ ^ůŽƚƐ͘ dŚĞ ^ƵƉƉůĞŵĞŶƚ ĨƵƌƚŚĞƌ ƉƌŽǀŝĚĞƐ ƚŚĂƚ ƚŚĞ ^W ^ŚĂƌĞ ŝŶ dŽǁĞƌ ϯ ƐŚĂůů ďĞ ĚĞƚĞƌŵŝŶĞĚ ŝŶ ĂŶŽƚŚĞƌ ^ƵƉƉůĞŵĞŶƚ ƚŽ ďĞ ĞŶƚĞƌĞĚ ŝŶƚŽ ďǇ ƚŚĞ WĂƌƚŝĞƐ ĂĨƚĞƌ ƚŚĞ ƉůĂŶƐ ĨŽƌ dŽǁĞƌ ϯ ƐŚĂůů ŚĂǀĞ ďĞĞŶ ĨŝŶĂůŝǌĞĚ ĂŶĚ ĐŽŵƉůĞƚĞĚ͘

Ͳ ϯϭ Ͳ ϱ͘ ĂƐŚ ĂŶĚ ĂƐŚ ƋƵŝǀĂůĞŶƚƐ

dŚŝƐ ĂĐĐŽƵŶƚ ĐŽŶƐŝƐƚƐ ŽĨ͗ ϮϬϭϳ W сϮϬϱ͕ϯϴϭ͕ϳϱϰ ϭϬ͕Ϯϭϭ͕Ϯϴϵ W сϮϭϱ͕ϱϵϯ͕Ϭϰϯ

ĂƐŚ ŽŶ ŚĂŶĚ ĂŶĚ ŝŶ ďĂŶŬƐ ^ŚŽƌƚͲƚĞƌŵ ƉůĂĐĞŵĞŶƚƐ

ϮϬϭϲ сWϭϭϬ͕ϵϮϴ͕ϰϲϬ ϭϰϱ͕Ϯϭϳ͕Ϯϴϵ сϮϱϲ͕ϭϰϱ͕ϳϰϵ W

ĂƐŚ ŝŶ ďĂŶŬƐ ĞĂƌŶ ŝŶƚĞƌĞƐƚ Ăƚ ƉƌĞǀĂŝůŝŶŐ ďĂŶŬ ĚĞƉŽƐŝƚ ƌĂƚĞƐ͘ ^ŚŽƌƚͲƚĞƌŵ ƉůĂĐĞŵĞŶƚƐ ĂƌĞ ŵĂĚĞ ĨŽƌ ǀĂƌǇŝŶŐ ƉĞƌŝŽĚƐ ŽĨ ƵƉ ƚŽ ƚŚƌĞĞ ŵŽŶƚŚƐ͕ ĚĞƉĞŶĚŝŶŐ ŽŶ ƚŚĞ ŝŵŵĞĚŝĂƚĞ ĐĂƐŚ ƌĞƋƵŝƌĞŵĞŶƚƐ ŽĨ ƚŚĞ 'ƌŽƵƉ ĂŶĚ ĞĂƌŶ ŝŶƚĞƌĞƐƚ Ăƚ ƚŚĞ ƉƌĞǀĂŝůŝŶŐ ƐŚŽƌƚͲƚĞƌŵ ƉůĂĐĞŵĞŶƚ ƌĂƚĞƐ͘ ^ŽƵƌĐĞƐ ŽĨ ŝŶƚĞƌĞƐƚ ŝŶĐŽŵĞ ƌĞĐŽŐŶŝǌĞĚ ďǇ ƚŚĞ 'ƌŽƵƉ ĂƌĞ ĂƐ ĨŽůůŽǁƐ͗ EŽƚĞ ϮϬϭϳ ϮϬϭϲ ĂƐŚ ĂŶĚ ĐĂƐŚ ĞƋƵŝǀĂůĞŶƚƐ W сϰ͕ϭϳϮ͕ϳϬϰ сϭ͕ϯϰϰ͕ϳϰϱ W dƌĂĚĞ ĂŶĚ ŽƚŚĞƌ ƌĞĐĞŝǀĂďůĞƐ ϲ ϱ͕ϯϲϳ͕ϲϴϯ ϵ͕ϰϴϵ͕ϵϯϵ /ŶͲŚŽƵƐĞ ĨŝŶĂŶĐŝŶŐ ϳ ϳ͕ϳϬϱ͕ϵϬϰ ϴ͕ϯϴϭ͕ϰϵϮ ZĞƐƚƌŝĐƚĞĚ ĐĂƐŚ ϴ ϱϭϳ͕ϴϳϴ ϰϭϵ͕ϭϱϱ W сϭϳ͕ϳϲϰ͕ϭϲϵ сϭϵ͕ϲϯϱ͕ϯϯϭ W

ϮϬϭϱ сWϱ͕ϮϮϵ͕ϭϬϯ ϲ͕ϱϮϱ͕Ϯϴϳ – ϭ͕ϳϱϰ͕ϮϰϮ сϭϯ͕ϱϬϴ͕ϲϯϮ W

ϲ͘ dƌĂĚĞ ĂŶĚ KƚŚĞƌ ZĞĐĞŝǀĂďůĞƐ

dŚŝƐ ĂĐĐŽƵŶƚ ĐŽŶƐŝƐƚƐ ŽĨ͗ dƌĂĚĞ ƌĞĐĞŝǀĂďůĞƐ ĨƌŽŵ͗ ^ĂůĞ ŽĨ ƌĞĂů ĞƐƚĂƚĞ ŝƌ ƚƌĂŶƐƉŽƌƚ ƐĞƌǀŝĐĞƐ ^ĂůĞ ŽĨ ĐůƵď ƐŚĂƌĞƐ dĞŶĂŶƚƐ ĚǀĂŶĐĞƐ ƚŽ ŽĨĨŝĐĞƌƐ ĂŶĚ ĞŵƉůŽǇĞĞƐ KƚŚĞƌƐ >ĞƐƐ ĂůůŽǁĂŶĐĞ ĨŽƌ ŝŵƉĂŝƌŵĞŶƚ ůŽƐƐĞƐ

EŽƚĞ ϭϬ ϭϴ ϭϳ

ϮϬϭϳ ϮϬϭϲ W сϭ͕ϳϱϮ͕ϱϵϰ͕ϴϲϳ сϲϰϱ͕ϳϰϯ͕ϲϭϮ W ϮϬϳ͕ϵϭϮ͕ϯϵϴ ϯϱϮ͕ϲϴϵ͕ϬϬϱ ϴϭ͕ϲϴϵ͕ϳϵϴ ϵϬ͕ϯϴϮ͕ϭϭϲ ϯϯ͕ϵϱϱ͕ϯϮϰ ϭϱϯ͕ϰϲϮ͕Ϯϴϵ ϴ͕ϳϵϱ͕ϲϴϳ ϭϴ͕ϳϬϱ͕ϭϲϱ ϮϬ͕ϰϬϭ͕ϳϰϳ ϯϯ͕ϰϰϰ͕ϭϵϮ Ϯ͕ϭϬϱ͕ϯϰϵ͕ϴϮϭ ϭ͕Ϯϵϰ͕ϰϮϲ͕ϯϳϵ ϭϭϭ͕ϴϰϱ͕ϳϭϳ ϯϵ͕ϵϬϱ͕ϲϳϬ W сϭ͕ϵϵϯ͕ϱϬϰ͕ϭϬϰ сWϭ͕Ϯϱϰ͕ϱϮϬ͕ϳϬϵ

ZĞĐĞŝǀĂďůĞƐ ĨƌŽŵ ƐĂůĞ ŽĨ ƌĞĂů ĞƐƚĂƚĞ ĂŶĚ ĐůƵď ƐŚĂƌĞƐ ŚĂǀĞ ƚĞƌŵƐ ƌĂŶŐŝŶŐ ĨƌŽŵ ŽŶĞ ƚŽ ƚŚƌĞĞ ǇĞĂƌƐ͘ EŽŶĐƵƌƌĞŶƚ ƉŽƌƚŝŽŶ ŽĨ ƚŚĞƐĞ ƌĞĐĞŝǀĂďůĞƐ ĂƌĞ ƉƌĞƐĞŶƚĞĚ ƵŶĚĞr “Other noncurrent assets” account in ƚŚĞ ĐŽŶƐŽůŝĚĂƚĞĚ ƐƚĂƚĞŵĞŶƚƐ ŽĨ ĨŝŶĂŶĐŝĂů ƉŽƐŝƚŝŽŶ ;ƐĞĞ EŽƚĞ ϭϯͿ͘ ŵŽƌƚŝǌĂƚŝŽŶ ŽĨ ŝŶƚĞƌĞƐƚ ŽŶ ƚŚĞƐĞ ƌĞĐĞŝǀĂďůĞƐ ĂŵŽƵŶƚŝŶŐ ƚŽ W сϱ͘ϰ ŵŝůůŝŽŶ͕ W сϵ͘ϱ ŵŝůůŝŽŶ ĂŶĚ W с ϲ͘ϱ ŵŝůůŝŽŶ ŝŶ ϮϬϭϳ͕ ϮϬϭϲ ĂŶĚ ϮϬϭϱ͕ ƌĞƐƉĞĐƚŝǀĞůǇ͕ was recorded as part of “Interest income” account in the consolidated statements of ĐŽŵƉƌĞŚĞŶƐŝǀĞ ŝŶĐŽŵĞ ;ƐĞĞ EŽƚĞ ϱͿ͘ ZĞĐĞŝǀĂďůĞ ĨƌŽŵ Ăŝƌ ƚƌĂŶƐƉŽƌƚ ƐĞƌǀŝĐĞƐ ĂƌĞ ƵŶƐĞĐƵƌĞĚ͕ ŶŽŶŝŶƚĞƌĞƐƚͲďĞĂƌŝŶŐ ĂŶĚ ĂƌĞ ĚƵĞ ĂŶĚ ĚĞŵĂŶĚĂďůĞ͘

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Ͳ ϯϮ Ͳ ZĞĐĞŝǀĂďůĞƐ ĨƌŽŵ ƚĞŶĂŶƚƐ ĂƌĞ ŶŽŶŝŶƚĞƌĞƐƚͲďĞĂƌŝŶŐ ĂŶĚ ĂƌĞ ŐĞŶĞƌĂůůǇ ŽŶ Ă ϯϬͲĚĂǇ ƚĞƌŵ͘ ĚǀĂŶĐĞƐ ƚŽ ŽĨĨŝĐĞƌƐ ĂŶĚ ĞŵƉůŽǇĞĞƐ ĂƌĞ ŶŽŶͲŝŶƚĞƌĞƐƚ ďĞĂƌŝŶŐ ĂŶĚ ĂƌĞ ƐƵďũĞĐƚ ƚŽ ůŝƋƵŝĚĂƚŝŽŶ͘ KƚŚĞƌ ƌĞĐĞŝǀĂďůĞƐ ŵĂŝŶůǇ ĐŽŶƐŝƐƚ ŽĨ ĂĐĐƌƵĞĚ ŝŶƚĞƌĞƐƚ ŝŶĐŽŵĞ͕ ^^^ ĐůĂŝŵƐ ĂŶĚ ŽƚŚĞƌ ƌĞĐĞŝǀĂďůĞƐ͘ ůůŽǁĂŶĐĞ ĨŽƌ ŝŵƉĂŝƌŵĞŶƚ ůŽƐƐ ƉĞƌƚĂŝŶƐ ƚŽ ƌĞĐĞŝǀĂďůĞƐ ĨƌŽŵ ƐĞǀĞƌĂů ůĞƐƐĞĞƐ ŽĨ ^d/ ĂŶĚ ƵŶŝƚ ďƵǇĞƌƐ ŽĨ DW/ ƚŚĂƚ ĂƌĞ Ăƚ ůĞĂƐƚ ϵϬ ĚĂǇƐ ƉĂƐƚ ĚƵĞ͘ DŽǀĞŵĞŶƚƐ ŽĨ ĂůůŽǁĂŶĐĞ ĨŽƌ ŝŵƉĂŝƌŵĞŶƚ ůŽƐƐ ĂƌĞ ĂƐ ĨŽůůŽǁƐ͗ EŽƚĞ ϮϬϭϳ ĂůĂŶĐĞ Ăƚ ďĞŐŝŶŶŝŶŐ ŽĨ ǇĞĂƌ W сϯϵ͕ϵϬϱ͕ϲϳϬ WƌŽǀŝƐŝŽŶƐ ϭϵ ϳϭ͕ϵϰϬ͕Ϭϰϳ ĂůĂŶĐĞ Ăƚ ĞŶĚ ŽĨ ǇĞĂƌ W сϭϭϭ͕ϴϰϱ͕ϳϭϳ

ϮϬϭϲ сWϱ͕ϴϱϮ͕Ϭϴϱ ϯϰ͕Ϭϱϯ͕ϱϴϱ сϯϵ͕ϵϬϱ͕ϲϳϬ W

ϮϬϭϱ сϱ͕ϴϱϮ͕Ϭϴϱ W – сϱ͕ϴϱϮ͕Ϭϴϱ W

dŚĞ 'ƌŽƵƉ ǁƌŽƚĞͲŽĨĨ ƚƌĂĚĞ ĂŶĚ ŽƚŚĞƌ ƌĞĐĞŝǀĂďůĞƐ ĂŵŽƵŶƚŝŶŐ ƚŽ Wсϲ͘ϴ ŵŝůůŝŽŶ ĂŶĚ Wсϭϵ͘ϰ ŵŝůůŝŽŶ ŝŶ ϮϬϭϲ ĂŶĚ ϮϬϭϱ͕ ƌĞƐƉĞĐƚŝǀĞůǇ ;ƐĞĞ EŽƚĞ ϭϵͿ͘

ϳ͘ >ĂŶĚ ĂŶĚ ĞǀĞůŽƉŵĞŶƚ ŽƐƚƐ ĂŶĚ WĂƌŬŝŶŐ >ŽƚƐ ĨŽƌ ^ĂůĞ dŚŝƐ ĂĐĐŽƵŶƚ ĐŽŶƐŝƐƚƐ ŽĨ ƚŚĞ ĨŽůůŽǁŝŶŐ͗

ϮϬϭϳ ϮϬϭϲ W сϮ͕ϱϮϭ͕Ϭϰϭ͕ϴϭϳ сWϰ͕ϴϬϯ͕ϱϰϲ͕ϳϮϮ ϭ͕ϬϱϬ͕ϳϲϲ͕ϴϯϮ ϰϴϬ͕ϳϰϮ͕ϴϵϯ Ϯϯϰ͕ϴϭϲ͕ϱϭϭ – ϭϯϱ͕ϳϱϬ͕Ϯϭϭ ϭϱϭ͕ϳϮϰ͕ϵϵϵ W сϯ͕ϵϰϮ͕ϯϳϱ͕ϯϳϭ W сϱ͕ϰϯϲ͕Ϭϭϰ͕ϲϭϰ

>ĂŶĚ ĂŶĚ ĚĞǀĞůŽƉŵĞŶƚ ĐŽƐƚƐ͗ ůƉŚĂůĂŶĚ DĂŬĂƚŝ WůĂĐĞ ůƉŚĂůĂŶĚ ĂŐƵŝŽ DŽƵŶƚĂŝŶ >ŽĚŐĞƐ ĂůĞƐŝŶ WƌŝǀĂƚĞ sŝůůĂ WĂƌŬŝŶŐ ůŽƚƐ ĨŽƌ ƐĂůĞ

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ůƉŚĂůĂŶĚ DĂŬĂƚŝ WůĂĐĞ DŽǀĞŵĞŶƚƐ ŝŶ ůĂŶĚ ĂŶĚ ĚĞǀĞůŽƉŵĞŶƚ ĐŽƐƚƐ ƉĞƌƚĂŝŶŝŶŐ ƚŽ ƚŚĞ ůƉŚĂůĂŶĚ DĂŬĂƚŝ WůĂĐĞ ƉƌŽũĞĐƚ ĂƌĞ ĂƐ ĨŽůůŽǁƐ͗ ĂůĂŶĐĞ Ăƚ ďĞŐŝŶŶŝŶŐ ŽĨ ǇĞĂƌ dƌĂŶƐĨĞƌƐ ĚĚŝƚŝŽŶƐ͗ ĞǀĞůŽƉŵĞŶƚ ĐŽƐƚƐ ĂƉŝƚĂůŝǌĞĚ ďŽƌƌŽǁŝŶŐ ĐŽƐƚƐ ŽƐƚ ŽĨ ƌĞĂů ĞƐƚĂƚĞ ƐŽůĚ ĂůĂŶĐĞ Ăƚ ĞŶĚ ŽĨ ǇĞĂƌ

EŽƚĞ ϭϭ ϭϱ ϭϵ

ϮϬϭϳ ϮϬϭϲ W сϰ͕ϴϬϯ͕ϱϰϲ͕ϳϮϮ W сϰ͕ϯϲϬ͕ϭϮϲ͕Ϭϰϱ ;Ϯ͕ϰϮϱ͕ϯϱϮ͕ϴϬϯͿ – ϯϴϴ͕ϳϱϰ͕Ϯϯϱ ϭ͕ϰϵϯ͕ϱϵϰ͕ϰϬϱ ϭϭ͕ϵϮϲ͕ϵϰϱ Ϯϯ͕ϱϭϳ͕ϲϯϴ ;Ϯϱϳ͕ϴϯϯ͕ϮϴϮͿ ;ϭ͕Ϭϳϯ͕ϲϵϭ͕ϯϲϲͿ W сϮ͕ϱϮϭ͕Ϭϰϭ͕ϴϭϳ W сϰ͕ϴϬϯ͕ϱϰϲ͕ϳϮϮ

dŚĞ ůƉŚĂůĂŶĚ DĂŬĂƚŝ WůĂĐĞ WƌŽũĞĐƚ͕ ǁŚŝĐŚ ŝƐ Ă ũŽŝŶƚ ǀĞŶƚƵƌĞ ǁŝƚŚ ^W ;ƐĞĞ EŽƚĞ ϰͿ͕ ŝƐ ůŽĐĂƚĞĚ ŽŶ Ă ŽŶĞͲŚĞĐƚĂƌĞ ůŽƚ ĂůŽŶŐ ǇĂůĂ ǀĞŶƵĞ ǆƚĞŶƐŝŽŶ ĐŽƌŶĞƌ DĂůƵŐĂǇ ^ƚƌĞĞƚ͕ DĂŬĂƚŝ ŝƚǇ͘ ůƉŚĂůĂŶĚ DĂŬĂƚŝ WůĂĐĞ ĐŽŶƐŝƐƚƐ ŽĨ ƚŚƌĞĞ ƌĞƐŝĚĞŶƚŝĂů ƚŽǁĞƌƐ ĂƚŽƉ Ă ƐŝǆͲƐƚŽƌĞǇ ƉŽĚŝƵŵ ĐŽŵƉƌŝƐŝŶŐ ŽĨ Ă ƐŚŽƉƉŝŶŐ ĐĞŶƚĞƌ ĂŶĚ ƚŚĞ ŝƚǇ ůƵď ĨŽƌ ƐƉŽƌƚƐ ĂŶĚ ůĞŝƐƵƌĞ ;ƐĞĞ EŽƚĞ ϭϭͿ͘ Ɛ Ăƚ ĞĐĞŵďĞƌ ϯϭ͕ ϮϬϭϳ ĂŶĚ ϮϬϭϲ͕ ƚŚĞ ƉƌŽũĞĐƚ ŝƐ ĐŽŵƉůĞƚĞĚ ĨŽƌ dŽǁĞƌ ϯ ĂŶĚ dŽǁĞƌƐ ϭ ĂŶĚ Ϯ͕ ƌĞƐƉĞĐƚŝǀĞůǇ͘

Ͳ ϯϯ Ͳ Project cost classified as land and development costs pertains to the Group’s proportionaƚĞ ŝŶƚĞƌĞƐƚ ŝŶ ƚŚĞ ƚŚƌĞĞ ƌĞƐŝĚĞŶƚŝĂů ƚŽǁĞƌƐ ŽĨ ůƉŚĂůĂŶĚ DĂŬĂƚŝ WůĂĐĞ ƚŚĂƚ ĂƌĞ ŝŶƚĞŶĚĞĚ ĨŽƌ ƐĂůĞ͘ /Ŷ ϮϬϭϳ͕ ƚŚĞ 'ƌŽƵƉ ĐŚĂŶŐĞƐ ŝƚƐ ŝŶƚĞŶƚŝŽŶ ƚŽ ůĞĂƐĞ dŽǁĞƌ ϯ ƚŽ ƚŚŝƌĚ ƉĂƌƚŝĞƐ ŝŶƐƚĞĂĚ ŽĨ ƐĞůůŝŶŐ ŝƚ ĂƐ Ă ĐŽŶĚŽŵŝŶŝƵŵ ƵŶŝƚ͘ ĐĐŽƌĚŝŶŐůǇ͕ ĐŽƐƚ ŽĨ dŽǁĞƌ ϯ ǁĂƐ ƌĞĐlassified to “Investment Properties” (see Note 11). /Ŷ KĐƚŽďĞƌ ϮϬϭϭ͕ ƚŚĞ 'ƌŽƵƉ ƐƚĂƌƚĞĚ ƚŚĞ ƉƌĞͲƐĞůůŝŶŐ ŽĨ ĐŽŶĚŽŵŝŶŝƵŵ ƵŶŝƚƐ ŝŶ dŽǁĞƌ ϭ ĂŶĚ ŝŶ EŽǀĞŵďĞƌ ϮϬϭϯ ĨŽƌ dŽǁĞƌ Ϯ͘ dŚĞ ƚĞƌŵƐ ĂŶĚ ĐŽŶĚŝƚŝŽŶƐ ŽĨ ƚŚĞ ŽŶƚƌĂĐƚ ƚŽ ^Ğůů ; d^Ϳ ŝŶǀŽůǀĞ ƚŚĞ ƐĂůĞ ŽĨ ŽŶĞ ĐŽŶĚŽŵŝŶŝƵŵ ƵŶŝƚ ĂŶĚ ŽŶĞ ŝƚǇ ůƵď ƐŚĂƌĞ͕ ŝ͘Ğ͕͘ Ă ƉƌĞĨĞƌƌĞĚ ƐŚĂƌĞ ŽĨ d DW/͕ ŝŶ ǁŚŝĐŚ ŽǁŶĞƌƐŚŝƉ ŽĨ ƚŚĞ ĐŽŶĚŽŵŝŶŝƵŵ ƵŶŝƚ ĂŶĚ ƚŚĞ ŝƚǇ ůƵď ƐŚĂƌĞ ĂƌĞ ŝŶƐĞƉĂƌĂďůĞ͘ hŶĚĞƌ ƚŚĞ d^͕ ƚŚĞ ĐŽŵƉŽŶĞŶƚƐ ĂƌĞ ƐŽůĚ ƵŶĚĞƌ Ă ƐŝŶŐůĞ ƐĞůůŝŶŐ ƉƌŝĐĞ ǁŝƚŚ ĚŽǁŶƉĂǇŵĞŶƚ ƉĂǇĂďůĞ ƵƉŽŶ ƐŝŐŶŝŶŐ ŽĨ ƚŚĞ d^ ĂŶĚ ƚŚĞ ƵŶƉĂŝĚ ďĂůĂŶĐĞ ƉĂǇĂďůĞ ŝŶ ŵŽŶƚŚůǇ ŝŶƐƚĂůůŵĞŶƚƐ ĨŽƌ Ă ƉĞƌŝŽĚ ŽĨ ƚŚƌĞĞ ǇĞĂƌƐ ĨƌŽŵ ĚĂƚĞ ŽĨ d^͘ KǁŶĞƌƐŚŝƉ ŽĨ ƚŚĞ ŝƚǇ ůƵď ƐŚĂƌĞ ǁŝůů ĂůůŽǁ ƚŚĞ ďƵǇĞƌ ƚŽ ĞŶũŽǇ ƚŚĞ ĂŵĞŶŝƚŝĞƐ ĂŶĚ ĨĂĐŝůŝƚŝĞƐ ŽĨ ƚŚĞ ŝƚǇ ůƵď͘ dŚĞ ,ŽƵƐŝŶŐ ĂŶĚ >ĂŶĚ hƐĞ ZĞŐƵůĂƚŽƌǇ ŽĂƌĚ ŝƐƐƵĞĚ ƚŚĞ ƉĞƌŵĂŶĞŶƚ >ŝĐĞŶƐĞ ƚŽ ^Ğůů ;>d^Ϳ ƚŽ DW/ ĨŽƌ ƚŚĞ ƐĂůĞ ŽĨ ĐŽŶĚŽŵŝŶŝƵŵ ƵŶŝƚƐ ŝŶ dŽǁĞƌ ϭ ŽĨ ůƉŚĂůĂŶĚ DĂŬĂƚŝ WůĂĐĞ ŽŶ KĐƚŽďĞƌ ϵ͕ ϮϬϭϮ ĂŶĚ ĨŽƌ ƚŚĞ ƐĂůĞ ŽĨ ĐŽŶĚŽŵŝŶŝƵŵ ƵŶŝƚƐ ŝŶ dŽǁĞƌ Ϯ ŽŶ DĂǇ Ϯϳ͕ ϮϬϭϰ͘ Ɛ ĚŝƐĐƵƐƐĞĚ ŝŶ EŽƚĞ ϰ͕ ŽŶ ^ĞƉƚĞŵďĞƌ ϴ͕ ϮϬϭϱ͕ ƚŚĞ WĂƌƚŝĞƐ ĞǆĞĐƵƚĞĚ Ă ^ƵƉƉůĞŵĞŶƚ ƚŽ ƚŚĞ :ŽŝŶƚ sĞŶƚƵƌĞ ŐƌĞĞŵĞŶƚ ĞŶƵŵĞƌĂƚŝŶŐ ƚŚĞ ƐƉĞĐŝĨŝĐ ƵŶŝƚƐ ŝŶ ƚŚĞ WƌŽũĞĐƚ ƚŚĂƚ ĐŽŶƐƚŝƚƵƚĞ ƚŚĞ ^W ^ŚĂƌĞ ǁŝƚŚ ƌĞƐƉĞĐƚ ƚŽ ƚŚĞ WŽĚŝƵŵ͕ dŽǁĞƌ ϭ͕ dŽǁĞƌ Ϯ ĂŶĚ WĂƌŬŝŶŐ ^ůŽƚƐ͘ ^ŽŵĞ ŽĨ ƚŚĞ ĐŽŶĚŽŵŝŶŝƵŵ ƵŶŝƚƐ ŽĨ dŽǁĞƌƐ ϭ ĂŶĚ Ϯ ǁĞƌĞ ƚƵƌŶĞĚ ŽǀĞƌ ƚŽ ƚŚĞ ďƵǇĞƌƐ ŝŶ ϮϬϭϱ͘ KƚŚĞƌ ƵŶŝƚƐ ǁŝůů ďĞ ƚƵƌŶĞĚ ŽǀĞƌ ƵƉŽŶ ƐĞƚƚůĞŵĞŶƚ ŽĨ ƚŚĞ ĚŽǁŶ ƉĂǇŵĞŶƚ͘

DW/ ƌĞĐĞŝǀĞĚ ĚĞƉŽƐŝƚƐ ĨƌŽŵ ƚŚĞ ƐĂůĞ ŽĨ ƌĞĂů ĞƐƚĂƚĞ͘ Ɛ Ăƚ ĞĐĞŵďĞƌ ϯϭ͕ ϮϬϭϳ ĂŶĚ ϮϬϭϲ͕ ƚŚĞ ĐƵƌƌĞŶƚ ƉŽƌƚŝŽŶ ĂŵŽƵŶƚŝŶŐ ƚŽ W сϵϭ͘ϰ ŵŝůůŝŽŶ ĂŶĚ W сϭϭϲ͘Ϭ million, respectively, were presented under “Trade and other payables” account (see Note 1ϰͿ ĂŶĚ ƚŚĞ ŶŽŶĐƵƌƌĞŶƚ ƉŽƌƚŝŽŶ ĂŵŽƵŶƚŝŶŐ ƚŽ W сϳ͘ϭ ŵŝůůŝŽŶ ĂŶĚ W сϯ͘ϳ ŵŝůůŝŽŶ ĂƐ Ăƚ ĞĐĞŵďĞƌ ϯϭ͕ ϮϬϭϳ ĂŶĚ ϮϬϭϲ͕ respectively, were presented under “Other noncurrent liabilities” account in the consolidated statements of financial position. ůƉŚĂůĂŶĚ ĂŐƵŝŽ DŽƵŶƚĂŝŶ >ŽĚŐĞƐ DŽǀĞŵĞŶƚƐ ŝŶ ůĂŶĚ ĂŶĚ ĚĞǀĞůŽƉŵĞŶƚ ĐŽƐƚƐ ƉĞƌƚĂŝŶŝŶŐ ƚŽ ƚŚĞ ůƉŚĂůĂŶĚ ĂŐƵŝŽ DŽƵŶƚĂŝŶ >ŽĚŐĞƐ WƌŽũĞĐƚ ĂƌĞ ĂƐ ĨŽůůŽǁƐ͗ ĂůĂŶĐĞ Ăƚ ďĞŐŝŶŶŝŶŐ ŽĨ ǇĞĂƌ ĚĚŝƚŝŽŶƐ͗ ĞǀĞůŽƉŵĞŶƚ ĐŽƐƚƐ ĂƉŝƚĂůŝǌĞĚ ďŽƌƌŽǁŝŶŐ ĐŽƐƚƐ ŽƐƚ ŽĨ ƌĞĂů ĞƐƚĂƚĞ ƐŽůĚ dƌĂŶƐĨĞƌƐ ĂůĂŶĐĞ Ăƚ ĞŶĚ ŽĨ ǇĞĂƌ

EŽƚĞ ϭϱ ϭϵ ϭϭ

ϮϬϭϳ W сϰϴϬ͕ϳϰϮ͕ϴϵϯ ϳϴϴ͕ϱϲϮ͕ϭϬϮ ϰϵ͕ϴϲϴ͕ϯϲϵ ;ϰϴϴ͕ϳϭϴ͕ϬϬϬͿ ϮϮϬ͕ϯϭϭ͕ϰϲϴ W сϭ͕ϬϱϬ͕ϳϲϲ͕ϴϯϮ

ϮϬϭϲ с– W ϳϱ͕ϰϯϴ͕ϭϯϬ ϭϮ͕ϵϮϭ͕ϱϮϴ – ϯϵϮ͕ϯϴϯ͕Ϯϯϱ сϰϴϬ͕ϳϰϮ͕ϴϵϯ W

dŚĞ ůƉŚĂůĂŶĚ ĂŐƵŝŽ DŽƵŶƚĂŝŶ >ŽĚŐĞƐ WƌŽũĞĐƚ ƉĞƌƚĂŝŶƐ ƚŽ ϭϲ͘ϴ ŚĞĐƚĂƌĞƐ ŽĨ ůĂŶĚ ƐŝƚƵĂƚĞĚ ŝŶ ĞŶŐƵĞƚ ƚŚĂƚ ŝƐ ĐƵƌƌĞŶƚůǇ ďĞŝŶŐ ĚĞǀĞůŽƉĞĚ ĂƐ ŚŽƌŝǌŽŶƚĂů ĐŽŶĚŽŵŝŶŝƵŵ ĨŽƌ ƐĂůĞ͘ /Ŷ ϮϬϭϲ, due to the management’s ĚĞĐŝƐŝŽŶ ƚŽ ĚĞǀĞůŽƉ ƚŚĞ ƉƌŽƉĞƌƚǇ ĂƐ ŚŽƌŝǌŽŶƚĂů ĐŽŶĚŽŵŝŶŝƵŵ ĨŽƌ ƐĂůĞ͕ ϭϯ͘ϭ ŚĞĐƚĂƌĞƐ ŽĨ ƚŚĞ ƉƌŽƉĞƌƚǇ ƚŚĂƚ ŝƐ ĐƵƌƌĞŶƚůǇ ďĞŝŶŐ ĚĞǀĞůŽƉĞĚ ĨŽƌ ƐƵĐŚ ƉƵƌƉŽƐĞ͕ ǁĂƐ ƌĞĐůĂƐƐŝĨŝĞĚ ƚŽ “LĂŶĚ ĂŶĚ ĚĞǀĞůŽƉŵĞŶƚ ĐŽƐƚƐ”͘ /Ŷ ϮϬϭϳ͕ ĂĚĚŝƚŝŽŶĂů ϯ͘ϳ ŚĞĐƚĂƌĞƐ ǁĂƐ ƚƌĂŶƐĨĞƌƌĞĚ ƚŽ ƚŚŝƐ ĂĐĐŽƵŶƚ͘ dŚĞ 'ƌŽƵƉ ŝƐ ĐƵƌƌĞŶƚůǇ ĂƉƉůǇŝŶŐ ĨŽƌ Ă ůŝĐĞŶƐĞ ƚŽ ƐĞůů ;ƐĞĞ EŽƚĞ ϭϭͿ͘

115

Ͳ ϯϰ Ͳ

ĂůĞƐŝŶ WƌŝǀĂƚĞ sŝůůĂ /Ŷ ϮϬϭϳ͕ ŵŽǀĞŵĞŶƚƐ ŝŶ ůĂŶĚ ĂŶĚ ĚĞǀĞůŽƉŵĞŶƚ ĐŽƐƚƐ ƉĞƌƚĂŝŶŝŶŐ ƚŽ ƚŚĞ ĂůĞƐŝŶ WƌŝǀĂƚĞ sŝůůĂ ĂƌĞ ĂƐ ĨŽůůŽǁƐ͗ ĂůĂŶĐĞ Ăƚ ďĞŐŝŶŶŝŶŐ ŽĨ ǇĞĂƌ ĚĚŝƚŝŽŶƐ͗ ĞǀĞůŽƉŵĞŶƚ ĐŽƐƚƐ ĂƉŝƚĂůŝǌĞĚ ďŽƌƌŽǁŝŶŐ ĐŽƐƚƐ dƌĂŶƐĨĞƌƐ ŽƐƚ ŽĨ ƌĞĂů ĞƐƚĂƚĞ ƐŽůĚ ĂůĂŶĐĞ Ăƚ ĞŶĚ ŽĨ ǇĞĂƌ

EŽƚĞ ϭϱ ϭϭ ϭϵ

с– W ϭϵϰ͕ϯϴϬ͕ϰϮϰ ϱ͕Ϯϰϭ͕ϵϰϮ ϭϬϳ͕ϬϬϴ͕ϬϬϬ ;ϳϭ͕ϴϭϯ͕ϴϱϱͿ сϮϯϰ͕ϴϭϲ͕ϱϭϭ W

dŚĞ ĂůĞƐŝŶ WƌŝǀĂƚĞ sŝůůĂ ƉĞƌƚĂŝŶƐ ƚŽ ϰ͘ϰ ŚĞĐƚĂƌĞƐ ŽĨ ůĂŶĚ ƐŝƚƵĂƚĞĚ ŝŶ ĂůĞƐŝŶ /ƐůĂŶĚ ƚŚĂƚ ŝƐ ĐƵƌƌĞŶƚůǇ ďĞŝŶŐ ĚĞǀĞůŽƉĞĚ ĂƐ ƉƌŽƉĞƌƚŝĞƐ ĨŽƌ ƐĂůĞ ;ƐĞĞ EŽƚĞ ϭϭͿ͘ /Ŷ ϮϬϭϳ͕ ĚƵĞ ƚŽ ƚŚĞ ĐŽŵŵĞŶĐĞŵĞŶƚ ŽĨ ĚĞǀĞůŽƉŵĞŶƚ ŽŶ ƚŚĞ ƉƌŽƉĞƌƚǇ ǁŝƚŚ Ă ǀŝĞǁ ƚŽ ƐĞůů͕ ƚŚĞ ƉƌŽƉĞƌƚǇ ǁĂƐ ƌĞĐůĂƐƐŝĨŝĞĚ from “Investment property” to “LĂŶĚ ĂŶĚ ĚĞǀĞůŽƉŵĞŶƚ ĐŽƐƚƐ” ;ƐĞĞ EŽƚĞ ϭϭͿ͘ WĂƌŬŝŶŐ >ŽƚƐ ĨŽƌ ^ĂůĞ DŽǀĞŵĞŶƚƐ ŝŶ ƉĂƌŬŝŶŐ ůŽƚƐ ĨŽƌ ƐĂůĞ ĂƌĞ ĂƐ ĨŽůůŽǁƐ͗ EŽƚĞ ĂůĂŶĐĞ Ăƚ ďĞŐŝŶŶŝŶŐ ŽĨ ǇĞĂƌ ŽƐƚ ŽĨ ƌĞĂů ĞƐƚĂƚĞ ƐŽůĚ ϭϵ ĂůĂŶĐĞ Ăƚ ĞŶĚ ŽĨ ǇĞĂƌ

ϮϬϭϳ W сϭϱϭ͕ϳϮϰ͕ϵϵϵ ;ϭϱ͕ϵϳϰ͕ϳϴϴͿ W сϭϯϱ͕ϳϱϬ͕Ϯϭϭ

ϮϬϭϲ сϭϳϮ͕ϴϵϭ͕ϭϭϵ W ;Ϯϭ͕ϭϲϲ͕ϭϮϬͿ сϭϱϭ͕ϳϮϰ͕ϵϵϵ W

/Ŷ DĂǇ ϮϬϭϲ͕ DW/ ƐƚĂƌƚĞĚ ƚŽ ƐĞůů ĐŽŶĚŽŵŝŶŝƵŵ ƵŶŝƚƐ ĂŶĚ ƉĂƌŬŝŶŐ ůŽƚƐ ƵŶĚĞƌ ŝŶͲŚŽƵƐĞ ĨŝŶĂŶĐŝŶŐ ĂƌƌĂŶŐĞŵĞŶƚ Ăƚ ϱй ĚŽǁŶ ƉĂǇŵĞŶƚ͕ ƉĂǇĂďůĞ ŵŽŶƚŚůǇ ŽǀĞƌ Ă ŵĂǆŝŵƵŵ ŽĨ ϭϬ ǇĞĂƌƐ ǁŝƚŚ ŝŶƚĞƌĞƐƚ ƌĂƚĞ Ăƚ ϴй ƉĞƌ ĂŶŶƵŵ͘ Ɛ Ăƚ ĞĐĞŵďĞƌ ϯϭ͕ ϮϬϭϳ͕ DW/ ŚĂƐ ϮϭϬ ĂŶĚ Ϯϭϵ ƐŽůĚ ĐŽŶĚŽŵŝŶŝƵŵ ƵŶŝƚƐ ĂŶĚ ƉĂƌŬŝŶŐ ůŽƚƐ͕ ƌĞƐƉĞĐƚŝǀĞůǇ͘ /ŶƚĞƌĞƐƚ ĞĂƌŶĞĚ ĨƌŽŵ ƌĞĂů ĞƐƚĂƚĞ ƐĂůĞƐ ƵŶĚĞƌ ŝŶͲŚŽƵƐĞ ĨŝŶĂŶĐŝŶŐ ĂŵŽƵŶƚŝŶŐ ƚŽ сϳ͘ϳ ŵŝůůŝŽŶ ĂŶĚ W W с8.4 million in 2017 and 2016, respectively, was recorded as part of “Interest income” accoƵŶƚ ŝŶ ƚŚĞ ĐŽŶƐŽůŝĚĂƚĞĚ ƐƚĂƚĞŵĞŶƚƐ ŽĨ ĐŽŵƉƌĞŚĞŶƐŝǀĞ ŝŶĐŽŵĞ ;ƐĞĞ EŽƚĞ ϱͿ͘ ϴ͘ KƚŚĞƌ ƵƌƌĞŶƚ ƐƐĞƚƐ

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dŚŝƐ ĂĐĐŽƵŶƚ ĐŽŶƐŝƐƚƐ ŽĨ͗ /ŶƉƵƚ s d ĚǀĂŶĐĞƐ ƚŽ ĐŽŶƚƌĂĐƚŽƌƐ ĂŶĚ ƐƵƉƉůŝĞƌƐ td ^ƵƉƉůŝĞƐ ĞĨĞƌƌĞĚ ƌĞŶƚ WƌĞƉĂǇŵĞŶƚƐ ZĞƐƚƌŝĐƚĞĚ ĐĂƐŚ

EŽƚĞ Ϯϱ

ϮϬϭϳ ϮϬϭϲ W сϵϰϭ͕ϳϱϭ͕ϴϭϮ сWϭ͕ϬϬϭ͕ϲϴϰ͕ϱϵϲ ϲϭϭ͕ϭϲϰ͕ϴϳϮ Ϯϯϳ͕ϳϲϳ͕ϭϵϲ ϭϮϳ͕ϴϯϲ͕ϱϱϳ ϴϱ͕ϭϬϱ͕Ϭϯϲ ϱϮ͕Ϯϲϯ͕ϳϵϭ ϰϵ͕ϮϰϮ͕ϱϴϰ Ϯϵ͕ϯϭϴ͕ϵϱϱ ϭϲ͕ϵϬϮ͕ϵϵϰ Ϯϴ͕ϯϮϱ͕ϲϬϳ ϭϱ͕ϯϯϰ͕ϵϵϱ ϭ͕ϭϴϯ͕Ϯϰϱ ϳϮϬ͕ϱϮϱ͕ϱϲϲ W сϭ͕ϳϵϭ͕ϴϰϰ͕ϴϯϵ W сϮ͕ϭϮϲ͕ϱϲϮ͕ϵϲϳ

Ͳ ϯϱ Ͳ

/ŶƉƵƚ s d /ŶƉƵƚ s d ĂƌŝƐĞƐ ĨƌŽŵ ƚŚĞ ĂĐƋƵŝƐŝƚŝŽŶ ŽĨ ůĂŶĚ ĂŶĚ ƉĂǇŵĞŶƚƐ ƚŽ ƐƵƉƉůŝĞƌƐ ĂŶĚ ĐŽŶƚƌĂĐƚŽƌƐ ĨŽƌ ƚŚĞ ĂĐƋƵŝƐŝƚŝŽŶ ŽĨ ŐŽŽĚƐ ĂŶĚ ĚĞǀĞůopment of the Group’s projects. ĚǀĂŶĐĞƐ ƚŽ ŽŶƚƌĂĐƚŽƌƐ ĂŶĚ ^ƵƉƉůŝĞƌƐ ĚǀĂŶĐĞƐ ƚŽ ĐŽŶƚƌĂĐƚŽƌƐ ĂŶĚ ƐƵƉƉůŝĞƌƐ ƌĞƉƌĞƐĞŶƚ ĂĚǀĂŶĐĞ ƉĂǇŵĞŶƚƐ ƚŽ ĐŽŶƚƌĂĐƚŽƌƐ ĨŽƌ ƚŚĞ construction and development of the Group’s projects and are recouped upon every progress billing ƉĂǇŵĞŶƚ ĚĞƉĞŶĚŝŶŐ ŽŶ ƚŚĞ ƉĞƌĐĞŶƚĂŐĞ ŽĨ ĂĐĐŽŵƉůŝƐŚŵĞŶƚ͘ ĚǀĂŶĐĞƐ ƚŽ ĐŽŶƚƌĂĐƚŽƌƐ ĂŶĚ ƐƵƉƉůŝĞƌƐ͕ ƌĞůĂƚŝŶŐ ƚŽ ƚŚĞ ƉŽƌƚŝŽŶ ŽĨ ƚŚĞ ƉƌŽũĞĐƚ ƚŚĂƚ ŝƐ ĐůĂƐƐŝĨŝĞĚ ĂƐ ŝŶǀĞƐƚŵĞŶƚ ƉƌŽƉĞƌƚǇ ĂŶĚ ƚŽ ĂĚǀĂŶĐĞ ƉĂǇŵĞŶƚƐ ƚŚĂƚ ǁŝůů ďĞ ĂƉƉůŝĞĚ ĂŐĂŝŶƐƚ ĨƵƚƵƌĞ ďŝůůŝŶŐƐ ďĞǇŽŶĚ ϭϮ ŵŽŶƚŚƐ ĨƌŽŵ ƚŚĞ ƌĞƉŽƌƚŝŶŐ ĚĂƚĞ͕ ĂŵŽƵŶƚŝŶŐ ƚŽ W сϭϯϴ͘ϰ ŵŝůůŝŽŶ ĂƐ Ăƚ ĞĐĞŵďĞƌ ϯϭ͕ ϮϬϭϳ ĂŶĚ ϮϬϭϲ are presented under “Other noncurrent assets” account in the consolidated statements of financial position (see Note 1ϯͿ͘ WƌĞƉĂǇŵĞŶƚƐ WƌĞƉĂǇŵĞŶƚƐ ŝŶĐůƵĚĞ ƉƌĞƉĂŝĚ ƌĞŶƚ͕ ŝŶƐƵƌĂŶĐĞ ĂŶĚ ĐŽŵŵŝƐƐŝŽŶŝŶŐ ĨĞĞƐ͘ ZĞƐƚƌŝĐƚĞĚ ĂƐŚ ĞƚĂŝůƐ ŽĨ ƌĞƐƚƌŝĐƚĞĚ ĐĂƐŚ ĂƌĞ ĂƐ ĨŽůůŽǁƐ͗ ƐĐƌŽǁ Ͳ ŶǀŝƌŽŶŵĞŶƚĂů &ƵŶĚƐ Ğďƚ ^ĞƌǀŝĐĞ ZĞƐĞƌǀĞ ĐĐŽƵŶƚ ; ^Z Ϳ ZĞƐĞƌǀĞ &ƵŶĚ

ϮϬϭϳ W сϭ͕ϭϴϯ͕Ϯϰϱ – – W сϭ͕ϭϴϯ͕Ϯϰϱ

ϮϬϭϲ сWϭ͕ϮϬϯ͕ϲϮϲ ϲϵϰ͕ϵϭϳ͕ϳϴϮ Ϯϰ͕ϰϬϰ͕ϭϱϴ сϳϮϬ͕ϱϮϱ͕ϱϲϲ W

ƐĐƌŽǁ Ͳ ŶǀŝƌŽŶŵĞŶƚĂů &ƵŶĚƐ ƌĞƉƌĞƐĞŶƚ ĐĂƐŚ ĚĞƉŽƐŝƚĞĚ ǁŝƚŚ W Žŵ͕ ƉƵƌƐƵĂŶƚ ƚŽ ƚŚĞ ŶǀŝƌŽŶŵĞŶƚĂů ŽŵƉůŝĂŶĐĞ ĞƌƚŝĨŝĐĂƚĞ ŝƐƐƵĞĚ ƚŽ /Z ƌĞůĂƚŝŶŐ ƚŽ ƚŚĞ ƌĞŚĂďŝůŝƚĂƚŝŽŶ ŽĨ ƚŚĞ WƌŽũĞĐƚͲ ĂĨĨĞĐƚĞĚ ĂƌĞĂ ƚŚƌŽƵŐŚŽƵƚ ƚŚĞ ĐŽŶƐƚƌƵĐƚŝŽŶ ĂŶĚ ŵĂŝŶƚĞŶĂŶĐĞ ŽĨ ƚŚĞ /ƐůĂŶĚ ůƵď͘ dŚĞ ĨƵŶĚƐ ƐŚĂůů ďĞ ƌĞƉůĞŶŝƐŚĞĚ ĂŶŶƵĂůůǇ Žƌ ǁŚĞŶĞǀĞƌ ƚŚĞ ĂŵŽƵŶƚ ŐŽĞƐ ďĞůŽǁ ϱϬй ŽĨ ƚŚĞ ŝŶŝƚŝĂů ĚĞƉŽƐŝƚ͘ hŶĚĞƌ ƚŚĞ K>^ ͕ ^d/͕ DW/͕ /Z ;ĐŽůůĞĐƚŝǀĞůǇ͕ ƚŚĞ ŽƌƌŽǁĞƌƐͿ ĂƌĞ ƌĞƋƵŝƌĞĚ ƚŽ ŵĂŝŶƚĂŝŶ Ă ^Z ĨŽƌ ƚŚĞ ƐĞĐƵƌŝƚǇ ŽĨ ŝŶƚĞƌĞƐƚ ĂŶĚͬŽƌ ƉƌŝŶĐŝƉĂů ƌĞƉĂǇŵĞŶƚƐ ƚŽ ƚŚĞ ůĞŶĚĞƌƐ͘ dŚĞ ŽƌƌŽǁĞƌƐ ĂƌĞ ƌĞƋƵŝƌĞĚ ƚŽ ĚĞƉŽƐŝƚ ĐĂƐŚ ƚŽ ƚŚĞ ^Z ĞƋƵŝǀĂůĞŶƚ ƚŽ ƚŚĞ ƵƉĐŽŵŝŶŐ ŝŶƚĞƌĞƐƚ ĂŶĚͬŽƌ ƉƌŝŶĐŝƉĂů ƌĞƉĂǇŵĞŶƚ ;ƐĞĞ EŽƚĞ ϭϱͿ͘ Ɛ ĚŝƐĐƵƐƐĞĚ ŝŶ EŽƚĞ ϭ͕ ƚŚĞ K>^ ǁĂƐ ƉƌĞƚĞƌŵŝŶĂƚĞĚ ĂŶĚ ƌĞĨŝŶĂŶĐĞĚ ƚŚƌŽƵŐŚ K ƚŽ ĨŝŶĂŶĐĞ ŶĞǁ ƉƌŽũĞĐƚƐ ĂŶĚ ǁŽƌŬŝŶŐ ĐĂƉŝƚĂů ƌĞƋƵŝƌĞŵĞŶƚƐ ŽĨ ƚŚĞ 'ƌŽƵƉ͘ ZĞƐĞƌǀĞ &ƵŶĚ Ͳ ƉĞƌƚĂŝŶƐ ƚŽ ĐĂƐŚ ƉůĂĐĞĚ ŝŶ Ă ďĂŶŬ ƚŽ ďĞ ƵƐĞĚ ƐƚƌŝĐƚůǇ ĨŽƌ ďƵǇŝŶŐ ƵƌŽ ŶŽƚĞƐ͘ dŚĞ ƵƌŽ ŶŽƚĞƐ ǁĞƌĞ ƵƐĞĚ ĨŽƌ ƚŚĞ ƉƵƌĐŚĂƐĞ ŽĨ ůŽŐƐ ŝŶ ƌĞůĂƚŝŽŶ ƚŽ ƚŚĞ ůƉŚĂůĂŶĚ ĂŐƵŝŽ DŽƵŶƚĂŝŶ >ŽĚŐĞƐ ƉƌŽũĞĐƚ ;ƐĞĞ EŽƚĞ ϭϭͿ͘

/ŶƚĞƌĞƐƚ ŝŶĐŽŵĞ ĞĂƌŶĞĚ ĨƌŽŵ ƌĞƐƚƌŝĐƚĞĚ ĐĂƐŚ ĂŵŽƵŶƚĞĚ ƚŽ W сϬ͘ϱ ŵŝůůŝŽŶ͕ W сϬ͘ϰ ŵŝůůŝŽŶ ĂŶĚ W сϭ͘ϴ ŵŝůůŝŽŶ ŝŶ ϮϬϭϳ͕ ϮϬϭϲ ĂŶĚ ϮϬϭϱ͕ ƌĞƐƉĞĐƚŝǀĞůǇ ;ƐĞĞ EŽƚĞ ϱͿ͘

117

Ͳ ϯϲ Ͳ ϵ͘ /ŶǀĞƐƚŵĞŶƚƐ ŝŶ ĂŶĚ ĚǀĂŶĐĞƐ ƚŽ ƐƐŽĐŝĂƚĞƐ

dŚŝƐ ĂĐĐŽƵŶƚ ĐŽŶƐŝƐƚƐ ŽĨ͗ /ŶǀĞƐƚŵĞŶƚƐ ŝŶ ĂƐƐŽĐŝĂƚĞƐ ĚǀĂŶĐĞƐ ƚŽ ĂƐƐŽĐŝĂƚĞƐ

EŽƚĞ ϭϳ

ĞƚĂŝůƐ ŽĨ ŝŶǀĞƐƚŵĞŶƚƐ ŝŶ ĂƐƐŽĐŝĂƚĞƐ ĂƌĞ ĂƐ ĨŽůůŽǁƐ͗ ĐƋƵŝƐŝƚŝŽŶ ĐŽƐƚƐ͗ ĂůĂŶĐĞ Ăƚ ďĞŐŝŶŶŝŶŐ ŽĨ ǇĞĂƌ ZĞĐůĂƐƐŝĨŝĐĂƚŝŽŶ ĂůĂŶĐĞ Ăƚ ĞŶĚ ŽĨ ǇĞĂƌ ĐĐƵŵƵůĂƚĞĚ ĞƋƵŝƚǇ ŝŶ ŶĞƚ ůŽƐƐ͗ ĂůĂŶĐĞ Ăƚ ďĞŐŝŶŶŝŶŐ ŽĨ ǇĞĂƌ ƋƵŝƚǇ ŝŶ ŶĞƚ ůŽƐƐĞƐ ĚƵƌŝŶŐ ƚŚĞ ǇĞĂƌ ZĞĐůĂƐƐŝĨŝĐĂƚŝŽŶ ĂůĂŶĐĞ Ăƚ ĞŶĚ ŽĨ ǇĞĂƌ

ϮϬϭϳ W сϭϭ͕ϯϮϱ͕ϵϵϵ ϭ͕ϬϮϮ͕ϴϮϯ W сϭϮ͕ϯϰϴ͕ϴϮϮ

ϮϬϭϲ сϭϵ͕ϵϱϲ͕ϲϬϳ W Ϯ͕ϳϭϮ͕ϬϮϯ сϮϮ͕ϲϲϴ͕ϲϯϬ W

ϮϬϭϳ W сϱϳ͕ϵϵϵ͕ϵϱϬ ;ϳ͕ϵϵϵ͕ϵϱϬͿ ϱϬ͕ϬϬϬ͕ϬϬϬ ;ϯϴ͕Ϭϰϯ͕ϯϰϯͿ ϭ͕ϯϴϬ͕ϵϰϲ ;Ϯ͕Ϭϭϭ͕ϲϬϰͿ ;ϯϴ͕ϲϳϰ͕ϬϬϭͿ W сϭϭ͕ϯϮϱ͕ϵϵϵ

ϮϬϭϲ сϱϳ͕ϵϵϵ͕ϵϱϬ W – ϱϳ͕ϵϵϵ͕ϵϱϬ ;ϯϲ͕ϵϬϴ͕ϭϭϳͿ ;ϭ͕ϭϯϱ͕ϮϮϲͿ – ;ϯϴ͕Ϭϰϯ͕ϯϰϯͿ сϭϵ͕ϵϱϲ͕ϲϬϳ W

ĞƚĂŝůƐ ŽĨ ŝŶǀĞƐƚŵĞŶƚƐ ŝŶ ĂŶĚ ĂĚǀĂŶĐĞƐ ƚŽ ĂƐƐŽĐŝĂƚĞƐ ĂƌĞ ĂƐ ĨŽůůŽǁƐ͗ ϮϬϭϳ ϮϬϭϲ /ŶǀĞƐƚŵĞŶƚƐ ĚǀĂŶĐĞƐ /ŶǀĞƐƚŵĞŶƚƐ ĚǀĂŶĐĞƐ , W сϭϭ͕ϯϮϱ͕ϵϵϵ W сϭ͕ϬϮϮ͕ϯϮϯ сϭϭ͕ϯϮϱ͕ϵϵϬ W сϳϬϱ͕ϲϱϭ W ^ / – – ϴ͕ϲϯϬ͕ϲϭϳ Ϯ͕ϬϬϲ͕ϯϳϮ W сϭϭ͕ϯϮϱ͕ϵϵϵ W сϭ͕ϬϮϮ͕ϯϮϯ сϭϵ͕ϵϱϲ͕ϲϬϳ W сϮ͕ϳϭϮ͕ϬϮϯ W

118

dŚĞ ĨŽůůŽǁŝŶŐ ĂƌĞ ƚŚĞ ĂƐƐŽĐŝĂƚĞƐ ŽĨ ƚŚĞ 'ƌŽƵƉ ĂƐ Ăƚ ĞĐĞŵďĞƌ ϯϭ͕ ϮϬϭϳ ĂŶĚ ϮϬϭϲ͗ WĞƌĐĞŶƚĂŐĞ ŽĨ KǁŶĞƌƐŚŝƉ ƐƐŽĐŝĂƚĞƐ WƌŝŶĐŝƉĂů ĐƚŝǀŝƚŝĞƐ ϮϬϭϳ ϮϬϭϲ , ^ĂůĞ ĂŶĚ ůĞĂƐĞ ŽĨ ŚĞĂǀǇ ĞƋƵŝƉŵĞŶƚ ϱϬй ϱϬй ^ /Ύ ^ĞĐƵƌŝƚǇ ĂŐĞŶĐǇ – ϰϬй Ύ ^ / ďĞĐĂŵĞ Ă ƐƵďƐŝĚŝĂƌǇ ŝŶ ϮϬϭϳ ;ƐĞĞ EŽƚĞ ϭͿ͘ , KŶ Ɖƌŝů ϱ͕ ϮϬϭϯ͕ ƚŚĞ K ŽĨ , ĂƉƉƌŽǀĞĚ Ă ƌĞƐŽůƵƚŝŽŶ ƚŽ ƐŚŽƌƚĞŶ ƚŚĞ ĐŽƌƉŽƌĂƚĞ ůŝĨĞ ŽĨ , ƚŽ ĨŽƵƌ ǇĞĂƌƐ͘ Ɛ Ăƚ ĞĐĞŵďĞƌ ϯϭ͕ ϮϬϭϳ, AHEC’s liquidation is still in progress. The reŵĂŝŶŝŶŐ ĐĂƌƌǇŝŶŐ amount represents the Group’s share in the residual net assets of AHEC. ^ / ^ / ǁĂƐ ŝŶĐŽƌƉŽƌĂƚĞĚ ĂŶĚ ƌĞŐŝƐƚĞƌĞĚ ǁŝƚŚ ƚŚĞ WŚŝůŝƉƉŝŶĞ ^ ŽŶ DĂƌĐŚ ϭϴ͕ ϮϬϭϭ ƉƌŝŵĂƌŝůǇ ƚŽ ĞŶŐĂŐĞ ŝŶ ƚŚĞ ďƵƐŝŶĞƐƐ ŽĨ ƉƌŽǀŝĚŝŶŐ ƐĞĐƵƌŝƚǇ ĂŶĚ ŝŶǀĞƐƚŝŐĂƚŝŽŶ ƐĞƌǀŝĐĞƐ ƚŽ ƉƌŝǀĂƚĞ ŝŶƐƚŝƚƵƚŝŽŶƐ ĂŶĚ ŐŽǀĞƌŶŵĞŶƚ ŽƌŐĂŶŝǌĂƚŝŽŶƐ͘ >W, ŝŶŝƚŝĂůůǇ ƐƵďƐĐƌŝďĞĚ ƚŽ ϳϵ͕ϵϵϵ ĐŽŵŵŽŶ ƐŚĂƌĞƐ ŽĨ ^ / ƌĞƉƌĞƐĞŶƚŝŶŐ ϰϬй ŽĨ ŝƚƐ ŽƵƚƐƚĂŶĚŝŶŐ ƐŚĂƌĞƐ ŝŶ DĂƌĐŚ ϮϬϭϭ͕ ǁŚŝĐŚ ǁĂƐ ƚŚĞŶ ĂĐĐŽƵŶƚĞĚ ĨŽƌ ĂƐ ĂŶ ĂƐƐŽĐŝĂƚĞ͘ /Ŷ KĐƚŽďĞƌ ϮϬϭϳ͕ >W, ƉƵƌĐŚĂƐĞĚ ĂĚĚŝƚŝŽŶĂů ϳϵ͕ϵϵϵ ĨƌŽŵ ĂŶ ĞǆŝƐƚŝŶŐ ƐŚĂƌĞŚŽůĚĞƌ ĨŽƌ

Ͳ ϯϳ Ͳ сϭϭ͘Ϯ ŵŝůůŝŽŶ increasing ALPHA’s ownership to 80%͘ W ŽŶĚĞŶƐĞĚ ĨŝŶĂŶĐŝĂů ŝŶĨŽƌŵĂƚŝŽŶ ŽĨ ƚŚĞ ĂƐƐŽĐŝĂƚĞƐ ƉƌĞƉĂƌĞĚ ŽŶ ƚŚĞ ŚŝƐƚŽƌŝĐĂů ďĂƐŝƐ ŽĨ ĂĐĐŽƵŶƚŝŶŐ ĂƌĞ ĂƐ ĨŽůůŽǁƐ͗ ϮϬϭϳ ϮϬϭϲ ƵƌƌĞŶƚ ĂƐƐĞƚƐ W сϰϲ͕ϱϯϮ͕Ϯϳϳ сϴϴ͕ϮϭϬ͕Ϯϴϯ W EŽŶĐƵƌƌĞŶƚ ĂƐƐĞƚƐ – ϭ͕ϰϬϴ͕ϰϲϵ ƵƌƌĞŶƚ ůŝĂďŝůŝƚŝĞƐ Ϯϯ͕ϴϴϴ͕ϮϳϬ ϯϱ͕ϳϭϮ͕Ϯϴϲ EŽŶĐƵƌƌĞŶƚ ůŝĂďŝůŝƚŝĞƐ – ϴ͕ϵϳϱ͕Ϯϱϵ EĞƚ ĞƋƵŝƚǇ ϮϮ͕ϲϰϰ͕ϬϬϳ ϰϰ͕ϵϯϭ͕ϮϬϳ ZĞǀĞŶƵĞ ŽƐƚƐ ĂŶĚ ĞǆƉĞŶƐĞƐ EĞƚ ŝŶĐŽŵĞ ;ůŽƐƐͿ

ϮϬϭϳΎ W сϭϳϰ ϱϬϬ ;W сϯϮϲͿ

ϮϬϭϲ сWϭϮ͕ϱϰϲ͕ϵϲϴ ϭϱ͕ϯϳϬ͕ϲϯϮ ;W сϮ͕ϴϮϯ͕ϲϲϰͿ

ϮϬϭϱ сϭϬ͕ϭϳϬ͕ϱϯϬ W ϵ͕ϭϳϴ͕Ϭϱϲ сϵϵϮ͕ϰϳϰ W

Ύ/ŶĐůƵĚŝŶŐ ^ / ƵƉ ƚŽ KĐƚŽďĞƌ ϮϬϭϳ͘

dŚĞ 'ƌŽƵƉ ŚĂƐ ŶŽƚ ŝŶĐƵƌƌĞĚ ĂŶǇ ĐŽŶƚŝŶŐĞŶƚ ůŝĂďŝůŝƚŝĞƐ ŝŶ ƌĞůĂƚŝŽŶ ƚŽ ŝƚƐ ŝŶǀĞƐƚŵĞŶƚ ŝŶ ĂƐƐŽĐŝĂƚĞƐ ŶŽƌ ĚŽ ƚŚĞ ĂƐƐŽĐŝĂƚĞƐ ƚŚĞŵƐĞůǀĞƐ ŚĂǀĞ ĂŶǇ ĐŽŶƚŝŶŐĞŶƚ ůŝĂďŝůŝƚŝĞƐ ĨŽƌ ǁŚŝĐŚ ƚŚĞ 'ƌŽƵƉ ŝƐ ĐŽŶƚŝŶŐĞŶƚůǇ ůŝĂďůĞ ĂƐ Ăƚ ĞĐĞŵďĞƌ ϯϭ͕ ϮϬϭϳ ĂŶĚ ϮϬϭϲ͘ dŚĞ 'ƌŽƵƉ ŚĂƐ ŶŽƚ ĞŶƚĞƌĞĚ ŝŶƚŽ ĂŶǇ ĐĂƉŝƚĂů ĐŽŵŵŝƚŵĞŶƚƐ ŝŶ ƌĞůĂƚŝŽŶ ƚŽ ŝƚƐ ŝŶǀĞƐƚŵĞŶƚ ŝŶ ĂƐƐŽĐŝĂƚĞƐ ĂŶĚ ĚŝĚ ŶŽƚ ƌĞĐĞŝǀĞ ĂŶǇ ĚŝǀŝĚĞŶĚƐ ĨƌŽŵ ƚŚĞ ĂƐƐŽĐŝĂƚĞƐ ŝŶ ϮϬϭϳ ĂŶĚ ϮϬϭϲ͘ ϭϬ͘ &^ &ŝŶĂŶĐŝĂů ƐƐĞƚƐ dŚŝƐ ĂĐĐŽƵŶƚ ĐŽŶƐŝƐƚƐ ŽĨ͗ Unquoted Clubs’ preferred shares: / / d DW/

ϮϬϭϳ ϮϬϭϲ W сϮϰ͕ϰϴϭ͕Ϯϲϴ͕ϬϱϬ сWϮϰ͕ϲϯϬ͕ϳϮϮ͕ϮϬϬ ϱ͕ϱϴϯ͕ϬϬϬ͕ϬϬϬ ϱ͕ϲϮϲ͕ϱϬϬ͕ϬϬϬ W сϯϬ͕Ϭϲϰ͕Ϯϲϴ͕ϬϱϬ W сϯϬ͕Ϯϱϳ͕ϮϮϮ͕ϮϬϬ

KŶ :ƵůǇ ϮϬ͕ ϮϬϭϲ͕ >W, ƐŽůĚ ƚŚĞ ĐůƵď ƐŚĂƌĞ ŝŶ tĂĐŬ tĂĐŬ ĨŽƌ W сϭϴ͘Ϭ ŵŝůůŝŽŶ͕ ƌĞƐƵůƚŝŶŐ ŝŶ Ă ŐĂŝŶ ŽĨ сϳ͘ϰ ŵŝůůŝŽŶ͘ W

dŚĞ ƌŽůůĨŽƌǁĂƌĚ ĂŶĂůǇƐŝƐ ŽĨ ƚŚĞ ĂĐĐŽƵŶƚ ĂƐ Ăƚ ĞĐĞŵďĞƌ ϯϭ ŝƐ ĂƐ ĨŽůůŽǁƐ͗ ĂůĂŶĐĞ Ăƚ ďĞŐŝŶŶŝŶŐ ŽĨ ǇĞĂƌ ^ĂůĞ ŽĨ &^ ĨŝŶĂŶĐŝĂů ĂƐƐĞƚƐ &Ăŝƌ ǀĂůƵĞ ĂĚũƵƐƚŵĞŶƚƐ ĚĚŝƚŝŽŶĂů ƐƵďƐĐƌŝƉƚŝŽŶƐ ĂůĂŶĐĞ Ăƚ ĞŶĚ ŽĨ ǇĞĂƌ ƵƌƌĞŶƚ EŽŶĐƵƌƌĞŶƚ

ϮϬϭϳ ϮϬϭϲ W сϯϬ͕Ϯϱϳ͕ϮϮϮ͕ϮϬϬ сWϮϵ͕ϲϲϵ͕ϵϰϯ͕ϱϬϬ ;Ϯϱϭ͕ϱϬϬ͕ϬϬϬͿ ;ϭϱϭ͕ϭϳϰ͕ϴϬϬͿ ϱϴ͕ϭϰϱ͕ϴϱϬ ϳϯϴ͕ϰϱϯ͕ϱϬϬ ϰϬϬ͕ϬϬϬ – W сϯϬ͕Ϭϲϰ͕Ϯϲϴ͕ϬϱϬ W сϯϬ͕Ϯϱϳ͕ϮϮϮ͕ϮϬϬ W сϵϴϱ͕ϴϭϬ͕ϵϬϬ сϵϴϱ͕ϴϭϬ͕ϵϬϬ W Ϯϵ͕Ϭϳϴ͕ϰϱϳ͕ϭϱϬ Ϯϵ͕Ϯϳϭ͕ϰϭϭ͕ϯϬϬ W сϯϬ͕Ϭϲϰ͕Ϯϲϴ͕ϬϱϬ W сϯϬ͕Ϯϱϳ͕ϮϮϮ͕ϮϬϬ

119

Ͳ ϯϴ Ͳ dŚĞ ƉƌĞĨĞƌƌĞĚ ƐŚĂƌĞƐ ŚĞůĚ ďǇ ƚŚĞ 'ƌŽƵƉ ĂƌĞ ŶŽƚ ƌĞƋƵŝƌĞĚ ƚŽ ŐĂŝŶ ĐŽŶƚƌŽů ŽĨ ƚŚĞ ůƵďƐ ĂŶĚ ĂƌĞ ŝŶƚĞŶĚĞĚ ƚŽ ďĞ ĚŝƐƉŽƐĞĚ ŽĨ ŽǀĞƌ ƚŝŵĞ ƚŽ ƚŚŝƌĚ ƉĂƌƚŝĞƐ͘ dŚĞ ƉƌĞĨĞƌƌĞĚ ƐŚĂƌĞŚŽůĚĞƌƐ ĂƌĞ ĞŶƚŝƚůĞĚ ƚŽ ŶĂŵĞ ŽŶĞ ŶŽŵŝŶĞĞ ƉĞƌ ƐŚĂƌĞ ƚŽ ďĞĐŽŵĞ Ă ŵĞŵďĞƌ ĂŶĚ ĂǀĂŝů ŽĨ ƚŚĞ ĂŵĞŶŝƚŝĞƐ ĂŶĚ ĨĂĐŝůŝƚŝĞƐ ŽĨ ƚŚĞ ůƵďƐ͕ ƵŶůĞƐƐ ĂƐ ŽƚŚĞƌǁŝƐĞ ƌĞƋƵŝƌĞĚ ďǇ ĂƉƉůŝĐĂďůĞ ůĂǁƐ͘ dŚĞǇ ĂƌĞ ŶŽƚ ĞŶƚŝƚůĞĚ ƚŽ ǀŽƚĞ ĂŶĚ ďĞ ǀŽƚĞĚ ĨŽƌ ŝŶ Ăůů ŵĞĞƚŝŶŐƐ ŽĨ ƚŚĞ ƐŚĂƌĞŚŽůĚĞƌƐ ŽĨ ƚŚĞ ůƵďƐ͘ dŚĞ ƉƌĞĨĞƌƌĞĚ ƐŚĂƌĞƐ ŚĂǀĞ ƉƌĞĨĞƌĞŶĐĞ ŽǀĞƌ ƚŚĞ issuer’s common shares in the distribution of assets in case of dissolution and liquidatiŽŶ͘ >ŝĂďŝůŝƚǇ ZĞůĂƚĞĚ ƚŽ ĐƋƵŝƐŝƚŝŽŶ ŽĨ &^ &ŝŶĂŶĐŝĂů ƐƐĞƚƐ The cost of the Group’s investments in the preferred shares of ABICI and TCCAMPI includes the cash consideration and the cost of the obligation to deliver as incurred and to complete the Clubs’ ĨĂĐŝůŝƚŝĞƐ͘ Ă͘ / / KŶ &ĞďƌƵĂƌǇ ϭϬ͕ ϮϬϭϭ͕ >W, ͕ /Z ĂŶĚ / / ĞŶƚĞƌĞĚ ŝŶƚŽ Ă ĨŽƌ ƚŚĞ ĚĞǀĞůŽƉŵĞŶƚ ĂŶĚ construction of a resort club (the “Island Club”). It is agreed that ABIRC will develop and ĐŽŶƐƚƌƵĐƚ ƚŚĞ /ƐůĂŶĚ ůƵď ǁŝƚŚ >W, ĞǆƚĞŶĚŝŶŐ ĂŶǇ ĨŝŶĂŶĐŝŶŐ ƌĞƋƵŝƌĞĚ ĨŽƌ ƚŚĞ ĐŽŵƉůĞƚŝŽŶ ŽĨ ƚŚĞ /ƐůĂŶĚ ůƵď ĂŶĚ ŝƚƐ ĂŵĞŶŝƚŝĞƐ ŝŶ ĞǆĐŚĂŶŐĞ ĨŽƌ ƚŚĞ / / ƐŚĂƌĞƐ͘ /ƚ ǁĂƐ ĐůĂƌŝĨŝĞĚ ƚŚĂƚ͕ ŝŶ consideration for the Island Club’s construction, ABICI agrees that the excess of the construction ĐŽƐƚƐ ŽǀĞƌ ƚŚĞ ƉĂƌ ǀĂůƵĞ ŽĨ ƚŚĞ ƐŚĂƌĞƐ ŝƐƐƵĞĚ ďǇ / / ƐŚĂůů ďĞ ƚƌĞĂƚĞĚ ĂƐ ĂĚĚŝƚŝŽŶĂů ƉĂŝĚͲŝŶ ĐĂƉŝƚĂů ĂƐ ĐŽƐƚ ŝƐ ŝŶĐƵƌƌĞĚ͘ &ƵƌƚŚĞƌŵŽƌĞ͕ ŝƚ ǁĂƐ ĐůĂƌŝĨŝĞĚ ƚŚĂƚ ƚŚĞ ŽǁŶĞƌƐŚŝƉ ŽĨ ƚŚĞ /ƐůĂŶĚ ůƵď͕ ŝƚƐ ĨĂĐŝůŝƚŝĞƐ ĂŶĚ ĂŵĞŶŝƚŝĞƐ ǁŝůů ďĞ ƚƌĂŶƐĨĞƌƌĞĚ ƚŽ / / ĂƐ ĐŽƐƚ ŝƐ ŝŶĐƵƌƌĞĚ͘ KŶ &ĞďƌƵĂƌǇ Ϯϰ͕ ϮϬϭϭ͕ ƚŚĞ WŚŝůŝƉƉŝŶĞ ^ ĂƉƉƌŽǀĞĚ / I’s Registration Statement on the Island Club Offer Shares for the primary offering of 391 of its Class “B” preferred shares and secondary offering of its 3,519 Class “B” preferred shares (Offer Shares or Tranche 1). In 2013, the SEC approved ABICI’s AmenĚĞĚ ZĞŐŝƐƚƌĂƚŝŽŶ ^ƚĂƚĞŵĞŶƚ ƚŽ ŝŶĐƌĞĂƐĞ ŝƚƐ ŽĨĨĞƌ ƉƌŝĐĞ ĨƌŽŵ W сϮ͕ϬϬϬ͕ϬϬϬ ƉĞƌ ƐŚĂƌĞ ƚŽ W с ϯ͕ϬϬϬ͕ϬϬϬ ƉĞƌ ƐŚĂƌĞ͘ / / ĨŝůĞĚ ŝŶ ϮϬϭϯ Ă ^ĞĐŽŶĚ ŵĞŶĚĞĚ ZĞŐŝƐƚƌĂƚŝŽŶ ^ƚĂƚĞŵĞŶƚ ƚŽ ĨƵƌƚŚĞƌ ŝŶĐƌĞĂƐĞ ŝƚƐ ŽĨĨĞƌ ƉƌŝĐĞ ƚŽ W сϱ͕ϬϬϬ͕ϬϬϬ͕ ǁŚŝĐŚ ŝƐ Ɛƚŝůů ƐƵďũĞĐƚ ĨŽƌ ĂƉƉƌŽǀĂů ďǇ ƚŚĞ ^ ĂƐ Ăƚ ĞĐĞŵďĞƌ ϯϭ͕ ϮϬϭϳ͘ In 2012, ABIRC subscribed to additional Class “B” preferred shares of ABICI totaling 3,090 shares. Ɛ Ă ĐŽŶƐŝĚĞƌĂƚŝŽŶ ĨŽƌ ƚŚĞ ĂĚĚŝƚŝŽŶĂů ĂĐƋƵŝƐŝƚŝŽŶƐ ŽĨ / / ƉƌĞĨĞƌƌĞĚ ƐŚĂƌĞƐ͕ /Z ĞŶƚĞƌĞĚ ŝŶƚŽ Ă Supplemental DA with ABICI in June 2012 increasing its obligation to complete the Island Club’s ĨĂĐŝůŝƚŝĞƐ͘ Ǉ ǀŝƌƚƵĞ ŽĨ ƚŚĞƐĞ ĂĚĚŝƚŝŽŶĂů ƐƵďƐĐƌŝƉƚŝŽŶƐ͕ /Z ƚƌĂŶƐĨĞƌƌĞĚ ŝŶǀĞƐƚŵĞŶƚ ƉƌŽƉĞƌƚŝĞƐ ƚŽ / / ĂŵŽƵŶƚŝŶŐ ƚŽ W сϰϱϯ͘ϯ ŵŝůůŝŽŶ ĂŶĚ ƚŚĞ ůŝĂďŝůŝƚǇ ƌĞůĂƚĞĚ ƚŽ ƚŚĞ ĂĐƋƵŝƐŝƚŝŽŶ ŽĨ / / ƐŚĂƌĞƐ ŝŶĐƌĞĂƐĞĚ ďǇ W сϭ͕ϰϭϰ͘Ϭ ŵŝůůŝŽŶ ;ƐĞĞ EŽƚĞ ϭϭͿ͘ Ɛ Ăƚ ĞĐĞŵďĞƌ ϯϭ͕ ϮϬϭϮ͕ ƚŚĞ ŽƌŝŐŝŶĂů ϭϴϬ ǀŝůůĂƐ ĂƐ ĐŽŵŵŝƚƚĞĚ ŝŶ ƚŚĞ ZĞŐŝƐƚƌĂƚŝŽŶ ^ƚĂƚĞŵĞŶƚ ǁĞƌĞ ĂůƌĞĂĚǇ ƚŚĞŶ ĐŽŵƉůĞƚĞ ĂŶĚ ŽƉĞƌĂƚŝŽŶĂů͘ ǆƉĂŶƐŝŽŶ ƉƌŽũĞĐƚƐ ǁĞƌĞ ƵŶĚĞƌƚĂŬĞŶ ƚŽ ŝŶĐƌĞĂƐĞ ƚŚĞ ŶƵŵďĞƌ ŽĨ ǀŝůůĂƐ͘ ƚ ƉƌĞƐĞŶƚ͕ ƚŚĞ ůƵď ŚĂƐ ϯϭϰ ǀŝůůĂƐͬƌŽŽŵƐ͘ On November 12, 2012, the shareholders of ABICI approved an amendment to the ABICI’s ƐŚĂƌĞŚŽůĚĞƌ ƐƚƌƵĐƚƵƌĞ ǁŚĞƌĞďǇ ƚŚĞ ĂĚĚŝƚŝŽŶĂů ϯ͕ϬϵϬ ƐŚĂƌĞƐ ǁŝƚŚ ƉĂƌ ǀĂůƵĞ ŽĨ W сϭϬϬ ǁĞƌĞ ƐƉůŝƚ ŝŶƚŽ ϲ͕ϭϴϬ ƐŚĂƌĞƐ ;dƌĂŶĐŚĞ ϮͿ ǁŝƚŚ Ă ƉĂƌ ǀĂůƵĞ ŽĨ W с50 per share. As a result, ABIRC’s subscription ƚŽ ƚŚĞ ĂďŽǀĞ ϯ͕ϬϵϬ ƐŚĂƌĞƐ ǁĂƐ ĐŽŶǀĞƌƚĞĚ ƚŽ ϲ͕ϭϴϬ ƐŚĂƌĞƐ͘ KŶ :ĂŶƵĂƌǇ ϯϭ͕ ϮϬϭϯ͕ ƚŚĞ ƐƚŽĐŬ ƐƉůŝƚ ǁĂƐ ĂƉƉƌŽǀĞĚ ďǇ ƚŚĞ ^ ͘

120

KŶ :ĂŶƵĂƌǇ ϱ͕ ϮϬϭϳ͕ ƚŚĞ ^ ĂƉƉƌŽǀĞĚ ƚŚĞ ŝŶĐƌĞĂƐĞ ŝŶ ĂƵƚŚŽƌŝǌĞĚ ĐĂƉŝƚĂů ƐƚŽĐŬ ŽĨ / / ĨƌŽŵ сϮ͘ϭ ŵŝůůŝŽŶ ĚŝǀŝĚĞĚ ŝŶƚŽ ϭϰ͕ϬϬϬ ĐŽŵŵŽŶ ƐŚĂƌĞƐ ǁŝƚŚ ƉĂƌ ǀĂůƵĞ W W сϭϬϬ ƉĞƌ ƐŚĂƌĞ͕ ĂŶĚ ϭϬ͕ϬϵϬ ůĂƐƐ “B” preferred shares divided further into 3,910 Class “BͲ1” preferred shares with par value of с100 a share and 6,180 Class “BͲ2” preferred shares with par value of W W сϱϬ Ă ƐŚĂƌĞ ƚŽ W сϯ͘Ϭ ŵŝůůŝŽŶ

Ͳ ϯϵ Ͳ ĚŝǀŝĚĞĚ ŝŶƚŽ ϮϬ͕ϬϬϬ ĐŽŵŵŽŶ ƐŚĂƌĞƐ ǁŝƚŚ ƉĂƌ ǀĂůƵĞ ŽĨ W с100 per share, and 15,000 Class “B” preferred shares divided further into 2,000 Class “BͲ1” preferred shares with par value of W сϭϬϬ per share, 12,000 Class “BͲ2” preferred shares with par value of W сϱϬ ƉĞƌ ƐŚĂƌĞ͕ ĂŶĚ ϭ͕ϬϬϬ ůĂƐƐ “BͲ3” preferred shares with par value of W сϮϬϬ ƉĞƌ ƐŚĂƌĞ͘ KŶ DĂǇ ϯϭ͕ ϮϬϭϳ͕ /Z ƐƵďƐĐƌŝďĞĚ ƚŽ additional 2,000 Class “BͲ2” preferred shares and 1,000 Class “BͲ3” preferred shares at a subscription price of W сϭϬϬ ƉĞƌ ƐŚĂƌĞ ĂŶĚ W сϮϬϬ ƉĞƌ ƐŚĂƌĞ͕ ƌĞƐƉĞĐƚŝǀĞůǇ͕ Žƌ ĂŶ ĂŐŐƌĞŐĂƚĞ ĂŵŽƵŶƚ ŽĨ W сϬ͘ϰ ŵŝůůŝŽŶ͘ dŚĞ ŝŶŝƚŝĂů ůŝĂďŝůŝƚǇ ƌĞůĂƚĞĚ ƚŽ ĂĐƋƵŝƐŝƚŝŽŶ ŽĨ &^ ĨŝŶĂŶĐŝĂů ĂƐƐĞƚƐ ĂŵŽƵŶƚŝŶŐ ƚŽ W сϭ͕ϴϯϰ͘Ϭ ŵŝůůŝŽŶ ŝƐ ĂůůŽĐĂƚĞĚ ĨŽƌ ůƵǆƵƌǇ ǀŝůůĂ ĐůƵƐƚĞƌƐ ;ϳϱйͿ͕ ĐůƵďŚŽƵƐĞ ;ϭϭйͿ ĂŶĚ ƵƚŝůŝƚŝĞƐ ĂŶĚ ŽƚŚĞƌ ĨĂĐŝůŝƚŝĞƐ ;ϭϰйͿ͘ Ɛ Ăƚ ĞĐĞŵďĞƌ ϯϭ͕ ϮϬϭϳ ĂŶĚ ϮϬϭϲ͕ ŶŽ ůŝĂďŝůŝƚǇ ƌĞůĂƚĞĚ ƚŽ ƚŚĞ ĂĐƋƵŝƐŝƚŝŽŶ ǁĂƐ ŽƵƚƐƚĂŶĚŝŶŐ ƐŝŶĐĞ ƚŚĞ /ƐůĂŶĚ ůƵď ǁĂƐ ĨƵůůǇ ĐŽŵƉůĞƚĞĚ ŝŶ ĞĐĞŵďĞƌ ϮϬϭϰ͘ /Ŷ Ɖƌŝů ϮϬϭϯ͕ / / ĂŶĚ /Z ĞǆĞĐƵƚĞĚ Ă >ĞƚƚĞƌ ŐƌĞĞŵĞŶƚ ǁŚĞƌĞŝŶ ƚŚĞ ƉĂƌƚŝĞƐ ĂŐƌĞĞĚ ƚŚĂƚ ƚŚĞ ĚŝĨĨĞƌĞŶĐĞ ďĞƚǁĞĞŶ ƚŚĞ ďƵĚŐĞƚ ƵŶĚĞƌ ƚŚĞ ^ƵƉƉůĞŵĞŶƚĂƌǇ ĂŶĚ ƚŚĞ ĂĐƚƵĂů ĐŽŶƐƚƌƵĐƚŝŽŶ ĐŽƐƚƐ ŝŶĐƵƌƌĞĚ ǁŝůů ďĞ ƚƌĞĂƚĞĚ ĂƐ ĂĚǀĂŶĐĞƐ ƚŽ / /͘ ĚǀĂŶĐĞƐ ƚŽ / / ƌĞůĂƚĞĚ ƚŽ ƚŚŝƐ ĂŐƌĞĞŵĞŶƚ ĂŵŽƵŶƚĞĚ ƚŽ W сϭ͕ϱϳϱ͘ϱ ŵŝůůŝŽŶ ĂƐ Ăƚ ĞĐĞŵďĞƌ ϯϭ͕ ϮϬϭϰ ;ƐĞĞ EŽƚĞ ϭϳͿ͘ /Ŷ ϮϬϭϱ͕ / / ĂůƌĞĂĚǇ ĨŝŶĂŶĐĞĚ ŝƚƐ ŽǁŶ ĐŽŶƐƚƌƵĐƚŝŽŶ ŝŶ ƚŚĞ /ƐůĂŶĚ ůƵď͘ ABICI’s Tranche 1 and Tranche 2 preferred shares entitle the holder for 14 and 7 free villa night’s ƐƚĂǇ ŝŶ ƚŚĞ /ƐůĂŶĚ ůƵď͕ ƌĞƐƉĞĐƚŝǀĞůǇ͘ dƌĂŶĐŚĞ Ϯ ŝƐ ƐƉĞĐŝĨŝĐĂůůǇ ŽĨĨĞƌĞĚ ƚŽ ĨŽƌĞŝŐŶ ŶĂƚŝŽŶĂůƐ ŽŶůǇ͘ dŚĞ ĨĂŝƌ ǀĂůƵĞ ŽĨ ƵŶƐŽůĚ ƐŚĂƌĞƐ ĂƐ Ăƚ ĞĐĞŵďĞƌ ϯϭ ŝƐ ĂƐ ĨŽůůŽǁƐ͗ ϮϬϭϳ dƌĂŶĐŚĞ ϭ dƌĂŶĐŚĞ Ϯ dƌĂŶĐŚĞ ϯ

EƵŵďĞƌ ŽĨ ^ŚĂƌĞƐ Ϯ͕ϲϲϰ ϴ͕ϭϱϯ ϭ͕ϬϬϬ

ŵŽƵŶƚ W сϭϬ͕ϲϱϲ͕ϬϬϬ͕ϬϬϬ ϭϯ͕ϴϮϱ͕Ϭϲϴ͕ϬϱϬ ϮϬϬ͕ϬϬϬ W сϮϰ͕ϰϴϭ͕Ϯϲϴ͕ϬϱϬ

EƵŵďĞƌ ŽĨ ^ŚĂƌĞƐ Ϯ͕ϳϭϲ ϲ͕ϭϱϯ –

ϮϬϭϲ ŵŽƵŶƚ сWϭϬ͕ϴϲϰ͕ϬϬϬ͕ϬϬϬ ϭϯ͕ϳϲϲ͕ϳϮϮ͕ϮϬϬ – сϮϰ͕ϲϯϬ͕ϳϮϮ͕ϮϬϬ W

ď͘ d DW/ /Ŷ KĐƚŽďĞƌ ϮϬϭϬ͕ ^d/͕ DW/ ĂŶĚ d DW/ ĞŶƚĞƌĞĚ ŝŶƚŽ Ă ĨŽƌ ƚŚĞ ĚĞǀĞůŽƉŵĞŶƚ ĂŶĚ ĐŽŶƐƚƌƵĐƚŝŽŶ ŽĨ Ă ŝƚǇ ůƵď ŝŶ ůƉŚĂůĂŶĚ DĂŬĂƚŝ WůĂĐĞ͘ /ƚ ŝƐ ĂŐƌĞĞĚ ƚŚĂƚ ^d/ ĂŶĚͬŽƌ DW/ ǁŝůů ĚĞǀĞůŽƉ ĂŶĚ ĐŽŶƐƚƌƵĐƚ ƚŚĞ ŝƚǇ ůƵď ǁŝƚŚ DW/ ĞǆƚĞŶĚŝŶŐ ĂŶǇ ĨŝŶĂŶĐŝŶŐ ƌĞƋƵŝƌĞĚ ĨŽƌ ŝƚƐ ĐŽŵƉůĞƚŝŽŶ ĂŶĚ ĂŵĞŶŝƚŝĞƐ ŝŶ ĞǆĐŚĂŶŐĞ ĨŽƌ ƚŚĞ d DW/ ƐŚĂƌĞƐ͘ KŶ ĞĐĞŵďĞƌ ϵ͕ ϮϬϭϬ͕ ƚŚĞ ^ ĂƉƉƌŽǀĞĚ ƚŚĞ d DW/’s registration of an aggregate of 5,000 ƉƌĞĨĞƌƌĞĚ ƐŚĂƌĞƐ͕ ǁŝƚŚ ŝƐƐƵĞ ƉƌŝĐĞ ŽĨ W сϭϬϬ ƉĞƌ ƐŚĂƌĞ͕ ĐŽŵƉƌŝƐŝŶŐ ŽĨ ϱϬϬ ƐŚĂƌĞƐ ƚŽ ďĞ ŽĨĨĞƌĞĚ ďǇ ǁĂǇ ŽĨ ƉƌŝŵĂƌǇ ŽĨĨĞƌŝŶŐ ĂŶĚ ϰ͕ϱϬϬ ƐŚĂƌĞƐ ďǇ ǁĂǇ ŽĨ ƐĞĐŽŶĚĂƌǇ ŽĨĨĞƌŝŶŐ͘ /Ŷ ĞĐĞŵďĞƌ ϮϬϭϬ͕ ^d/͕ DW/ ĂŶĚ d DW/ ĞŶƚĞƌĞĚ ŝŶƚŽ Ă ^ƵƉƉůĞŵĞŶƚĂů ƚŽ ĐůĂƌŝĨǇ ƚŚĂƚ ƵŶĚĞƌ ƚŚĞ ͕ ŝƚ ŝƐ DW/ ǁŚŽ ŚĂƐ ƚŚĞ ƉƌŝŵĂƌǇ ŽďůŝŐĂƚŝŽŶ ƚŽ ĚĞǀĞůŽƉ ĂŶĚ ĐŽŶƐƚƌƵĐƚ ƚŚĞ ŝƚǇ ůƵď͘ DŽƌĞŽǀĞƌ͕ ŝƚ was clarified that, in consideration for the City Club’s construction, TCCAMPI agrees ƚŽ ĐŽŶǀĞƌƚ ĂŶǇ ĂŶĚ Ăůů ĂĚǀĂŶĐĞƐ ƉƌŽǀŝĚĞĚ ďǇ ^d/ ĂŶĚ DW/ ƚŽ ĂĚĚŝƚŝŽŶĂů ƉĂŝĚͲŝŶ ĐĂƉŝƚĂů ĂƐ ĐŽƐƚ ŝƐ ŝŶĐƵƌƌĞĚ͘ &ƵƌƚŚĞƌŵŽƌĞ͕ ŝƚ ǁĂƐ ĐůĂƌŝĨŝĞĚ ƚŚĂƚ ƚŚĞ ŽǁŶĞƌƐŚŝƉ ŽĨ ƚŚĞ ŝƚǇ ůƵď͕ ŝƚƐ ĨĂĐŝůŝƚŝĞƐ ĂŶĚ ĂŵĞŶŝƚŝĞƐ ǁŝůů ďĞ ƚƌĂŶƐĨĞƌƌĞĚ ƚŽ d DW/ ĂƐ ĐŽƐƚ ŝƐ ŝŶĐƵƌƌĞĚ͘

121

Ͳ ϰϬ Ͳ dŚĞ ŝŶŝƚŝĂů ůŝĂďŝůŝƚǇ ƌĞůĂƚĞĚ ƚŽ ĂĐƋƵŝƐŝƚŝŽŶ ŽĨ &^ ĨŝŶĂŶĐŝĂů ĂƐƐĞƚƐ ĂŵŽƵŶƚŝŶŐ ƚŽ W сϭ͕ϭϵϬ͘ϲ ŵŝůůŝŽŶ ŝƐ ĂůůŽĐĂƚĞĚ ĨŽƌ ƚŚĞ ĐŽŶƐƚƌƵĐƚŝŽŶ ŽĨ ƉŽĚŝƵŵ ĂŶĚ ĐůƵď ĞƋƵŝƉŵĞŶƚ ;ϴϴйͿ ĂŶĚ ůĂŶĚ ;ϭϮйͿ͘ dŚĞ ŝƚǇ ůƵď ǁĂƐ ĨƵůůǇ ĐŽŵƉůĞƚĞĚ ŝŶ :ĂŶƵĂƌǇ ϮϬϭϰ͘ AMPI’s AFS financial assets are marked to market using the fair value of W сϭ͘ϱ ŵŝůůŝŽŶ ƉĞƌ ƐŚĂƌĞ ĂƐ Ăƚ ĞĐĞŵďĞƌ ϯϭ͕ ϮϬϭϳ ĂŶĚ ϮϬϭϲ͘ dŚĞƌĞ ĂƌĞ ϯ͕ϳϮϮ ĂŶĚ ϯ͕ϳϱϭ ƵŶƐŽůĚ ƐŚĂƌĞƐ ĂƐ Ăƚ ĞĐĞŵďĞƌ ϯϭ͕ ϮϬϭϳ ĂŶĚ ϮϬϭϲ͕ ƌĞƐƉĞĐƚŝǀĞůǇ͘ Ɛ Ăƚ ĞĐĞŵďĞƌ ϯϭ͕ ϮϬϭϳ ĂŶĚ ϮϬϭϲ͕ ƚŚĞ ĨĂŝƌ ǀĂůƵĞ ŽĨ ƵŶƐŽůĚ ƐŚĂƌĞƐ ĂŵŽƵŶƚĞĚ ƚŽ W сϱ͕ϱϴϯ͘Ϭ ŵŝůůŝŽŶ ĂŶĚ сϱ͕ϲϮϲ͘ϱ ŵŝůůŝŽŶ͕ ƌĞƐƉĞĐƚŝǀĞůǇ͘ W hŶƌĞĂůŝǌĞĚ sĂůƵĂƚŝŽŶ 'ĂŝŶƐ ŽŶ &^ &ŝŶĂŶĐŝĂů ƐƐĞƚƐ The Group’s AFS financial assets is marked to market using the fair value equivalent to the cash ƐĞůůŝŶŐ ƉƌŝĐĞ ŽĨ Ă ƌĞĐĞŶƚ ƐĂůĞ ƚŽ ƚŚĞ ƉƵďůŝĐ ĨŽƌ ƚŚĞ ƵŶƋƵŽƚĞĚ ƉƌĞĨĞƌƌĞĚ ƐŚĂƌĞƐ ĂŶĚ ƉƵďůŝƐŚĞĚ ƉƌŝĐĞ ƋƵŽƚĂƚŝŽŶƐ ŝŶ ĂŶ ĂĐƚŝǀĞ ŵĂƌŬĞƚ ĨŽƌ ƚŚĞ ƋƵŽƚĞĚ ŽƌĚŝŶĂƌǇ ƐŚĂƌĞƐ͘ DŽǀĞŵĞŶƚƐ ŝŶ ƚŚĞ ƵŶƌĞĂůŝǌĞĚ ŐĂŝŶ ŽŶ &^ ĨŝŶĂŶĐŝĂů ĂƐƐĞƚƐ͕ ŶĞƚ ŽĨ ƌĞůĂƚĞĚ ƚĂǆ ĞĨĨĞĐƚ͕ ĂƌĞ ĂƐ ĨŽůůŽǁƐ͗ ĂůĂŶĐĞ Ăƚ ďĞŐŝŶŶŝŶŐ ŽĨ ǇĞĂƌ ZĞĂůŝǌĞĚ ŐĂŝŶ hŶƌĞĂůŝǌĞĚ ǀĂůƵĂƚŝŽŶ ŐĂŝŶ ŽŶ &^ ĨŝŶĂŶĐŝĂů ĂƐƐĞƚƐ ĂůĂŶĐĞ Ăƚ ĞŶĚ ŽĨ ǇĞĂƌ

ϮϬϭϳ ϮϬϭϲ W сϮϯ͕ϱϳϰ͕ϱϵϵ͕ϰϴϬ W сϮϯ͕Ϭϭϵ͕ϲϲϴ͕ϵϲϮ ;ϭϵϰ͕ϰϯϰ͕ϯϱϬͿ ;ϵϳ͕ϲϱϬ͕ϬϰϰͿ ϱϮ͕ϯϯϭ͕ϮϳϬ ϲϱϮ͕ϱϴϬ͕ϱϲϮ W сϮϯ͕ϰϯϮ͕ϰϵϲ͕ϰϬϬ W сϮϯ͕ϱϳϰ͕ϱϵϵ͕ϰϴϬ

ZĞĐĞŝǀĂďůĞ ĂƌŝƐŝŶŐ ĨƌŽŵ ƚŚĞ ƐĂůĞ ŽĨ &^ ĨŝŶĂŶĐŝĂů ĂƐƐĞƚƐ ĂŵŽƵŶƚĞĚ ƚŽ W сϴϵ͘Ϯ ŵŝůůŝŽŶ ĂŶĚ W сϯϳϭ͘Ϭ ŵŝůůŝŽŶ ĂƐ Ăƚ ĞĐĞŵďĞƌ ϯϭ͕ ϮϬϭϳ ĂŶĚ ϮϬϭϲ͕ ƌĞƐƉĞĐƚŝǀĞůǇ ;ƐĞĞ EŽƚĞƐ ϲ ĂŶĚ ϭϯͿ͘ 'ĂŝŶ ŽŶ ƐĂůĞ ŽĨ &^ ĨŝŶĂŶĐŝĂů ĂƐƐĞƚƐ ĂŵŽƵŶƚĞĚ ƚŽ W сϭϮϯ͘Ϯ ŵŝůůŝŽŶ͕ W сϭϬϴ͘ϱ ŵŝůůŝŽŶ ĂŶĚ W сϮϳϮ͘ϯ ŵŝůůŝŽŶ ŝŶ ϮϬϭϳ͕ ϮϬϭϲ ĂŶĚ ϮϬϭϱ͕ ƌĞƐƉĞĐƚŝǀĞůǇ͘ Ɛ Ăƚ ĞĐĞŵďĞƌ ϯϭ͕ ϮϬϭϳ ĂŶĚ ϮϬϭϲ͕ ĚĞƉŽƐŝƚƐ ƌĞĐĞŝǀĞĚ ĨƌŽŵ ďƵǇĞƌƐ ŽĨ ĐůƵď ƐŚĂƌĞƐ ĂŵŽƵŶƚŝŶŐ ƚŽ сϮϯϵ͘Ϯ ŵŝůůŝŽŶ ĂŶĚ W W сϭϮϴ͘Ϯ million, respectively, were presented under “Trade and other payables” ĂĐĐŽƵŶƚ ŝŶ ƚŚĞ ĐŽŶƐŽůŝĚĂƚĞĚ ƐƚĂƚĞŵĞŶƚƐ ŽĨ ĨŝŶĂŶĐŝĂů ƉŽƐŝƚŝŽŶ ;ƐĞĞ EŽƚĞ ϭϰͿ͘ ϭϭ͘ /ŶǀĞƐƚŵĞŶƚ WƌŽƉĞƌƚŝĞƐ

122

DŽǀĞŵĞŶƚƐ ŝŶ ƚŚŝƐ ĂĐĐŽƵŶƚ ĂƌĞ ĂƐ ĨŽůůŽǁƐ͗ ĂůĂŶĐĞ Ăƚ ďĞŐŝŶŶŝŶŐ ŽĨ ǇĞĂƌ &Ăŝƌ ǀĂůƵĞ ĐŚĂŶŐĞ dƌĂŶƐĨĞƌƐ͗ >ĂŶĚ ĂŶĚ ĚĞǀĞůŽƉŵĞŶƚ ĐŽƐƚ WƌŽƉĞƌƚǇ ĂŶĚ ĞƋƵŝƉŵĞŶƚ ZĞƐĐŝƐƐŝŽŶ ŽĨ ƐĂůĞ ĚĚŝƚŝŽŶƐ͗ WƵƌĐŚĂƐĞƐ ĂƉŝƚĂů ĞǆƉĞŶĚŝƚƵƌĞƐ ĂƉŝƚĂůŝǌĞĚ ďŽƌƌŽǁŝŶŐ ĐŽƐƚƐ ŝƐƉŽƐĂůƐ ĂůĂŶĐĞ Ăƚ ĞŶĚ ŽĨ ǇĞĂƌ

EŽƚĞ ϳ ϭϮ ϭ

ϮϬϭϳ ϮϬϭϲ W сϮϳ͕Ϯϵϳ͕Ϯϵϵ͕Ϭϳϭ сWϭϳ͕ϱϰϰ͕ϯϭϭ͕ϭϰϮ ϭϭ͕ϰϳϭ͕ϴϭϴ͕ϳϰϰ ϭϬ͕ϬϬϳ͕ϬϱϮ͕ϰϴϴ Ϯ͕Ϭϵϴ͕Ϭϯϯ͕ϯϯϱ ;ϯϵϮ͕ϯϴϯ͕ϮϯϱͿ ;ϭϵ͕ϰϳϭ͕ϭϲϵͿ – ;Ϯϭϲ͕Ϯϳϴ͕ϵϯϴͿ – ϮϬ͕ϴϮϰ͕ϱϬϬ ϱϯ͕ϱϴϲ͕ϳϱϬ ϭϮ͕ϲϯϱ͕Ϯϭϳ ϴϰ͕ϳϯϭ͕ϵϮϲ ϰ͕Ϯϭϭ͕ϵϵϮ – ;ϱ͕ϬϬϬ͕ϬϬϬͿ – W сϰϬ͕ϲϲϰ͕ϬϳϮ͕ϳϱϮ W сϮϳ͕Ϯϵϳ͕Ϯϵϵ͕Ϭϳϭ

Ͳ ϰϭ Ͳ /ŶǀĞƐƚŵĞŶƚƐ ĐĂƌƌŝĞĚ Ăƚ ĨĂŝƌ ǀĂůƵĞ ĐŽŶƐŝƐƚ ŽĨ ƚŚĞ ĨŽůůŽǁŝŶŐ͗ ůƉŚĂůĂŶĚ ^ŽƵƚŚŐĂƚĞ dŽǁĞƌ ůƉŚĂůĂŶĚ ĂůĞƐŝŶ /ƐůĂŶĚ WƌŽƉĞƌƚǇ ůƉŚĂůĂŶĚ DĂŬĂƚŝ WůĂĐĞ͗ dŽǁĞƌ ϯ WŽĚŝƵŵ ĂŐƵŝŽ WƌŽƉĞƌƚǇ ^ŝůĂŶŐ WƌŽƉĞƌƚǇ WĂƚŶĂŶŐƵŶĂŶ WƌŽƉĞƌƚǇ ƚŝŵŽŶĂŶ WƌŽƉĞƌƚǇ W ' KZ ŝƚǇ WƌŽƉĞƌƚǇ

ϮϬϭϳ W сϭϬ͕ϭϭϰ͕ϳϭϱ͕ϴϰϲ ϴ͕ϯϱϱ͕ϳϱϮ͕ϵϱϬ ϴ͕Ϯϭϰ͕ϴϵϳ͕ϱϵϬ ϯ͕ϱϰϴ͕ϯϴϭ͕ϯϰϵ ϰ͕ϰϰϯ͕ϭϱϮ͕Ϭϲϳ ϰ͕ϮϬϬ͕Ϭϭϭ͕ϮϬϬ ϭ͕ϳϳϮ͕ϰϱϴ͕ϮϱϬ ϭϰ͕ϳϬϯ͕ϱϬϬ – W сϰϬ͕ϲϲϰ͕ϬϳϮ͕ϳϱϮ

ϮϬϭϲ сϵ͕ϲϰϬ͕Ϯϲϳ͕ϳϳϱ W ϳ͕ϰϴϮ͕ϭϯϲ͕ϭϴϬ – ϯ͕ϱϯϵ͕Ϯϰϲ͕Ϯϳϭ ϯ͕ϱϱϴ͕ϱϵϵ͕ϰϭϱ ϭ͕ϴϵϬ͕ϬϬϱ͕ϬϰϬ ϵϱϲ͕Ϭϲϭ͕ϵϱϮ ϭϰ͕ϳϬϯ͕ϱϬϬ Ϯϭϲ͕Ϯϳϴ͕ϵϯϴ сϮϳ͕Ϯϵϳ͕Ϯϵϵ͕Ϭϳϭ W

ůƉŚĂůĂŶĚ ^ŽƵƚŚŐĂƚĞ dŽǁĞƌ /Ŷ :ĂŶƵĂƌǇ ϮϬϬϴ͕ ^d/ ĂĐƋƵŝƌĞĚ ĨƌŽŵ ^ŽƵƚŚ ŚŝŶĂ ZĞƐŽƵƌĐĞƐ͕ /ŶĐ͘ ĂŶĚ ƚŚĞ WƵǇĂƚ ĨĂŵŝůǇ ƚǁŽ ƉĂƌĐĞůƐ ŽĨ ůĂŶĚ ŵĞĂƐƵƌŝŶŐ Ă ƚŽƚĂů ŽĨ ϵ͕ϰϵϳ ƐƋƵĂƌĞ ŵĞƚĞƌƐ͕ ŵŽƌĞ Žƌ ůĞƐƐ͕ Ăƚ ƚŚĞ ĐŽƌŶĞƌ ŽĨ ^ ĂŶĚ ŚŝŶŽ ZŽĐĞƐ ǀĞŶƵĞ ŝŶ DĂŬĂƚŝ ŝƚǇ ƚŽŐĞƚŚĞƌ ǁŝƚŚ ƚŚĞ ĞǆŝƐƚŝŶŐ ŝŵƉƌŽǀĞŵĞŶƚƐ ƚŚĞƌĞŽŶ͘ dŚĞ ƉƌŽƉĞƌƚǇ ŝƐ ŶŽǁ Ă ĨƵůůǇ ĚĞǀĞůŽƉĞĚ ĂŶĚ ŽƉĞƌĂƚŝŽŶĂů ϮϬͲƐƚŽƌĞǇ ŽĨĨŝĐĞ ƚŽǁĞƌ ďƵŝůĚŝŶŐ ǁŝƚŚ Ă ϲͲƐƚŽƌĞǇ ƉŽĚŝƵŵ ŬŶŽǁŶ ĂƐ ůƉŚĂůĂŶĚ ^ŽƵƚŚŐĂƚĞ dŽǁĞƌ͘ /ƚ ǁĂƐ ĚĞĐůĂƌĞĚ ĂŶ /ŶĨŽƌŵĂƚŝŽŶ dĞĐŚŶŽůŽŐǇ ŽŶĞ ŽŶ :ĂŶƵĂƌǇ ϭϮ͕ ϮϬϬϵ ďǇ ƚŚĞ WŚŝůŝƉƉŝŶĞ ĐŽŶŽŵŝĐ ŽŶĞ ƵƚŚŽƌŝƚǇ͕ ƉƵƌƐƵĂŶƚ ƚŽ WƌĞƐŝĚĞŶƚŝĂů WƌŽĐůĂŵĂƚŝŽŶ EŽ͘ ϭϲϵϮ ĚĂƚĞĚ ĞĐĞŵďĞƌ ϮϮ͕ ϮϬϬϴ͘ ZĞŶƚ ŝŶĐŽŵĞ ĨƌŽŵ ůƉŚĂůĂŶĚ ^ŽƵƚŚŐĂƚĞ dŽǁĞƌ ŝŶĐůƵĚŝŶŐ ĐŽŵŵŽŶ ƵƚŝůŝƚŝĞƐ͕ ƐĞƌǀŝĐĞƐ ĂŶĚ ŵĂŝŶƚĞŶĂŶĐĞ ĐŚĂƌŐĞƐ ĂŵŽƵŶƚĞĚ ƚŽ W сϳϰϬ͘ϯ ŵŝůůŝŽŶ͕ W сϲϮϰ͘ϲ ŵŝůůŝŽŶ ĂŶĚ W сϱϴϲ͘Ϭ ŵŝůůŝŽŶ ŝŶ ϮϬϭϳ͕ ϮϬϭϲ ĂŶĚ ϮϬϭϱ͕ ƌĞƐƉĞĐƚŝǀĞůǇ͘ ŝƌĞĐƚ ĐŽƐƚƐ ƌĞůĂƚĞĚ ƚŽ ƌĞŶƚ ŝŶĐŽŵĞ ĂŵŽƵŶƚĞĚ ƚŽ W сϭϮϳ͘ϲ ŵŝůůŝŽŶ͕ W сϭϭϭ͘ϯ ŵŝůůŝŽŶ ĂŶĚ сϭϮϭ͘Ϯ ŵŝůůŝŽŶ ŝŶ ϮϬϭϳ͕ ϮϬϭϲ ĂŶĚ ϮϬϭϱ͕ ƌĞƐƉĞĐƚŝǀĞůǇ͕ ǁŚŝĐŚ ŵĂŝŶůǇ ĐŽŵƉƌŝƐĞĚ ŽĨ ƵƚŝůŝƚŝĞƐ ĂŶĚ W ĐŽŵŵŝƐƐĂƌǇ ĐŽƐƚƐ ;ƐĞĞ EŽƚĞ ϭϴͿ͘ dŚĞ ƉƌŽƉĞƌƚǇ ĐƵƌƌĞŶƚůǇ ƐĞĐƵƌĞƐ ƚŚĞ ůŽŶŐͲƚĞƌŵ ůŽĂŶ ĨĂĐŝůŝƚǇ ŽĨ >W, ƵŶĚĞƌ K>^ ǁŝƚŚ K ;ƐĞĞ EŽƚĞ ϭϱͿ͘ dŚĞ ƐĂŵĞ ƉƌŽƉĞƌƚǇ ǁĂƐ ƵƐĞĚ ƚŽ ƐĞĐƵƌĞ ƚŚĞ ůŽŶŐͲƚĞƌŵ ĚĞďƚ ŽĨ ^d/ ǁŚŝĐŚ ǁĂƐ ƐĞƚƚůĞĚ ŝŶ ϮϬϭϳ͘

ůƉŚĂůĂŶĚ ĂůĞƐŝŶ /ƐůĂŶĚ WƌŽƉĞƌƚǇ /Z ĂĐƋƵŝƌĞĚ ĂƉƉƌŽǆŝŵĂƚĞůǇ ϯϵϰ ŚĞĐƚĂƌĞƐ ŽĨ ůĂŶĚ ŝŶ ĂůĞƐŝŶ /ƐůĂŶĚ͕ WŽůŝůůŽ͕ YƵĞǌŽŶ͘ ĚĚŝƚŝŽŶĂů ϭϮ ŚĞĐƚĂƌĞƐ ǁĞƌĞ ĂůƐŽ ĂĐƋƵŝƌĞĚ ǀŝĂ ůĂŶĚͲĨŽƌͲƐŚĂƌĞ ƐǁĂƉƐ ǁŝƚŚ ĞǆŝƐƚŝŶŐ ĂůĞƐŝŶ /ƐůĂŶĚ ůĂŶĚŽǁŶĞƌƐ͘ dŚŝƐ ďƌŝŶŐƐ ƚŚĞ ƚŽƚĂů ůĂŶĚ ŽǁŶĞƌƐŚŝƉ ƚŽ ϰϬϲ ŚĞĐƚĂƌĞƐ͘ KĨ ƚŚŝƐ ƚŽƚĂů͕ ĂƉƉƌŽǆŝŵĂƚĞůǇ ϵϴ ŚĞĐƚĂƌĞƐ ŝŶ ϮϬϭϳ ĂŶĚ ϮϬϭϲ ǁĂƐ ĐŽŵŵŝƚƚĞĚ ĨŽƌ ƚƌĂŶƐĨĞƌ ƚŽ / / ;ƐĞĞ EŽƚĞ ϭϬͿ͘ dŚĞ ƚƌĂŶƐĨĞƌ ŽĨ ĐĞƌƚŝĨŝĐĂƚĞƐ ŽĨ ƚŝƚůĞ ŝƐ ĐƵƌƌĞŶƚůǇ ďĞŝŶŐ ƉƌŽĐĞƐƐĞĚ͘ ĞƌƚĂŝŶ ůŽƚƐ ĂŶĚ ŝŵƉƌŽǀĞŵĞŶƚƐ ŝŶ ĂůĞƐŝŶ /ƐůĂŶĚ ĐƵƌƌĞŶƚůǇ ƐĞĐƵƌĞ ƚŚĞ ůŽŶŐͲƚĞƌŵ ůŽĂŶ ĨĂĐŝůŝƚǇ ŽĨ >W, ƵŶĚĞƌ K>^ ǁŝƚŚ K͘ dŚĞ ƐĂŵĞ ůŽƚƐ ƐĞĐƵƌĞ ƚŚĞ ůŽĂŶƐ ƉĂǇĂďůĞ ŽďƚĂŝŶĞĚ ďǇ /Z ŽŶ DĂǇ Ϯϭ͕ ϮϬϭϯ ĂŶĚ DĂƌĐŚ Ϯϵ͕ ϮϬϭϮ ǁŚŝĐŚ ǁĂƐ ƐĞƚƚůĞĚ ŝŶ ϮϬϭϳ ;ƐĞĞ EŽƚĞ ϭϱͿ͘ /Ŷ ϮϬϭϳ͕ /Z ƐƚĂƌƚĞĚ ƚŚĞ ĚĞǀĞůŽƉŵĞŶƚ ŽĨ ĐĞƌƚĂŝŶ ƉŽƌƚŝŽŶƐ ŽĨ ŝƚƐ ůĂŶĚ ĨŽƌ ƐĂůĞ͘ ĐĐŽƌĚŝŶŐůǇ͕ ƚŚĞƐĞ ƉŽƌƚŝŽŶƐ ǁĞƌĞ ƌĞĐůĂƐƐified to “Land and development costs” ;ƐĞĞ EŽƚĞ ϳͿ͘

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Ͳ ϰϮ Ͳ

ůƉŚĂůĂŶĚ DĂŬĂƚŝ WůĂĐĞ dŚŝƐ ƌĞƉƌĞƐĞŶƚƐ ƚŚĞ WŽĚŝƵŵ ĂŶĚ dŽǁĞƌ ϯ Ăƚ ƚŚĞ ůƉŚĂůĂŶĚ DĂŬĂƚŝ WůĂĐĞ͘ dŚĞ WŽĚŝƵŵ ŝƐ ĐƵƌƌĞŶƚůǇ ŽƉĞƌĂƚĞĚ ĂƐ Ă ŵĂůů ĂŶĚ ŝƐ ĨŽƌ ůĞĂƐĞ ƚŽ ƚŚŝƌĚ ƉĂƌƚŝĞƐ ;ƐĞĞ EŽƚĞƐ ϰ ĂŶĚ ϳͿ͘ /Ŷ ϮϬϭϳ͕ ƚŚĞ 'ƌŽƵƉ reclassified Tower 3 from “Land and development costs” to “Investment Property” due to change in ŝŶƚĞŶƚŝŽŶ ŽǀĞƌ ƚŚĞ ƉƌŽƉĞƌƚǇ ĨƌŽŵ ĐŽŶĚŽŵŝŶŝƵŵ ƵŶŝƚƐ ĨŽƌ ƐĂůĞ ƚŽ Ă ƉƌŽƉĞƌƚǇ ŚĞůĚ ĨŽƌ ůĞĂƐŝŶŐ͘ dŚĞ change in management’s intention was evidenced by actual change in the use of property. ZĞŶƚ ŝŶĐŽŵĞ ĞĂƌŶĞĚ ĨƌŽŵ ůƉŚĂůĂŶĚ DĂŬĂƚŝ WůĂĐĞ ĂŵŽƵŶƚĞĚ ƚŽ W сϵϰ͘ϱ ŵŝůůŝŽŶ͕ W сϳϭ͘ϰ ŵŝůůŝŽŶ ĂŶĚ сϳϲ͘ϴ ŵŝůůŝŽŶ ŝŶ ϮϬϭϳ͕ ϮϬϭϲ ĂŶĚ ϮϬϭϱ͕ ƌĞƐƉĞĐƚŝǀĞůǇ ;ƐĞĞ EŽƚĞ ϭϴͿ͘ W dŚĞ ƉƌŽƉĞƌƚǇ ĐƵƌƌĞŶƚůǇ ƐĞĐƵƌĞƐ ƚŚĞ ůŽŶŐͲƚĞƌŵ ůŽĂŶ ĨĂĐŝůŝƚǇ ŽĨ >W, ƵŶĚĞƌ K>^ ǁŝƚŚ K ;ƐĞĞ EŽƚĞ ϭϱͿ͘ dŚĞ ƉƌŽƉĞƌƚǇ͕ ŝŶĐůƵĚŝŶŐ ƚŚĞ ƉƌŽũĞĐƚ ĐŽƐƚ ĐůĂƐƐŝĨŝĞĚ ĂƐ ůĂŶĚ ĂŶĚ ĚĞǀĞůŽƉŵĞŶƚ ĐŽƐƚƐ ;ƐĞĞ EŽƚĞ ϳͿ͕ ƐĞĐƵƌĞƐ ƚŚĞ ůŽŶŐͲƚĞƌŵ ĚĞďƚ ŽďƚĂŝŶĞĚ ďǇ DW/ ǁŚŝĐŚ ǁĂƐ ƐĞƚƚůĞĚ ŝŶ ϮϬϭϳ ;ƐĞĞ EŽƚĞ ϭϱͿ͘ ĂŐƵŝŽ WƌŽƉĞƌƚǇ dŚŝƐ ĐŽŶƐŝƐƚƐ ŽĨ ƉĂƌĐĞůƐ ŽĨ ůĂŶĚ ĂŶĚ ƌĞůĂƚĞĚ ƚƌĂŶƐĂĐƚŝŽŶ ĐŽƐƚƐ ĂĐƋƵŝƌĞĚ ďǇ ƚŚĞ 'ƌŽƵƉ ;ƚŚƌŽƵŐŚ Ă ǁŚŽůůǇͲŽǁŶĞĚ ƐƵďƐŝĚŝĂƌǇͿ ĨƌŽŵ ǀĂƌŝŽƵƐ ƐĞůůĞƌƐ ŝŶ :ƵůǇ ϮϬϭϱ͘ dŚĞ ďĞŶĞĨŝĐŝĂů ŽǁŶĞƌ ŽĨ ƚŚĞ ĞŶƚŝƌĞ ƉƌŽƉĞƌƚǇ ŝƐ ZsK͕ ƚŚĞ ŵĂũŽƌŝƚǇ ƐŚĂƌĞŚŽůĚĞƌ ĂŶĚ ŚĂŝƌŵĂŶ ŽĨ >W, ͘ dŚĞƐĞ ƉĂƌĐĞůƐ ŽĨ ůĂŶĚ͕ ŵĞĂƐƵƌŝŶŐ ĂƉƉƌŽǆŝŵĂƚĞůǇ ϳϯ͘ϰ ŚĞĐƚĂƌĞƐ ĂƐ ŽĨ ƚŚĞ ĞŶĚ ŽĨ ϮϬϭϱ͕ ŽĨ ƌŽůůŝŶŐ ƚĞƌƌĂŝŶƐ ĂƌĞ ƐŝƚƵĂƚĞĚ ŝŶ /ƚŽŐŽŶ͕ ĞŶŐƵĞƚ͕ ũƵƐƚ ƚĞŶ ŵŝŶƵƚĞƐ ĨƌŽŵ ĂŐƵŝŽ ŝƚǇ ďǇ ůĂŶĚ͘ ZsK ůŝŬĞǁŝƐĞ ƚƌĂŶƐĨĞƌƌĞĚ ƚŽ ƚŚĞ 'ƌŽƵƉ ƌŝŐŚƚƐ ƚŽ ĂŶŽƚŚĞƌ Ϯ͘ϵ ŚĞĐƚĂƌĞƐ ŽĨ ůĂŶĚ ƚŽ ĐŽŵƉůĞƚĞ ƚŚĞ ƚŽƚĂů ĂƌĞĂ Ăƚ ϳϲ͘ϯ ŚĞĐƚĂƌĞƐ͘ dŚĞ 'ƌŽƵƉ ŝƐ ĚĞǀĞůŽƉŝŶŐ ƚŚĞ ƉƌŽƉĞƌƚǇ ŝŶƚŽ ƚŚĞ ůƉŚĂůĂŶĚ ĂŐƵŝŽ DŽƵŶƚĂŝŶ >ŽĚŐĞƐ͘ dŚĞ ĨĂŝƌ ǀĂůƵĞ ŽĨ ƚŚĞ ƉƌŽƉĞƌƚǇ ďĂƐĞĚ ŽŶ an independent appraiser’s ƌĞƉŽƌƚ ĚĂƚĞĚ EŽǀĞŵďĞƌ ϭϬ͕ ϮϬϭϳ ĂŶĚ ĞĐĞŵďĞƌ Ϯ͕ ϮϬϭϲ ŝƐ Ăƚ W сϳ͕ϯϱϯ ƉĞƌ ƐƋƵĂƌĞ ŵĞƚĞƌ Žƌ Ă ƚŽƚĂů ŽĨ W сϰ͘ϰ ďŝůůŝŽŶ ĂŶĚ W сϱ͕ϵϬϬ ƉĞƌ ƐƋƵĂƌĞ ŵĞƚĞƌ Žƌ Ă ƚŽƚĂů ŽĨ W сϯ͘ϲ ďŝůůŝŽŶ͘ dŚĞ 'ƌŽƵƉ ĂĐƋƵŝƌĞĚ ƚŚĞ ƉƌŽƉĞƌƚǇ ŝŶ ϮϬϭϱ Ăƚ ŝƚƐ ǌŽŶĂů ǀĂůƵĞ͕ Žƌ Ă ƚŽƚĂů ĂĐƋƵŝƐŝƚŝŽŶ ĐŽƐƚ ŽĨ сϭϬϲ͘Ϭ ŵŝůůŝŽŶ͕ ǁŚŝĐŚ ŝƐ ƐƵďƐƚĂŶƚŝĂůůǇ ďĞůŽǁ ƚŚĞ ĂƉƉƌĂŝƐĞĚ ǀĂůƵĞ͘ Ɛ Ă ĐŽŶƐŝĚĞƌĂƚŝŽŶ ƚŽ ZsK ĨŽƌ W ŚĂǀŝŶŐ ƐŽůĚ ƚŚĞ ƉƌŽƉĞƌƚǇ Ăƚ ŝƚƐ ǌŽŶĂů ǀĂůƵĞ͕ ZsK ƐŚĂůů ŚĂǀĞ Ă ϭϱй ŝŶƚĞƌĞƐƚ ŝŶ ƚŚĞ ƉƌŽũĞĐƚ ǁŝƚŚŽƵƚ ŶĞĞĚ ŽĨ ĂŶǇ ĨƵƌƚŚĞƌ ŝŶǀĞƐƚŵĞŶƚ Žƌ ĞƋƵŝƚǇ ŝŶĨƵƐŝŽŶ͘ dŚĞ 'ƌŽƵƉ ǁŝůů ƐŚŽƵůĚĞƌ Ăůů ĚĞǀĞůŽƉŵĞŶƚ ĐŽƐƚƐ ƌĞƋƵŝƌĞĚ ĨŽƌ ƚŚĞ ƉƌŽũĞĐƚ͘ In 2016, due to the management’s ĚĞĐŝƐŝŽŶ ƚŽ ĚĞǀĞůŽƉ ƚŚĞ ƉƌŽƉĞƌƚǇ ĂƐ ŚŽƌŝǌŽŶƚĂů ĐŽŶĚŽŵŝŶŝƵŵ ĨŽƌ ƐĂůĞ͕ ϭϯ͘ϭ ŚĞĐƚĂƌĞ ŽĨ ƚŚĞ ƉƌŽƉĞƌƚǇ ƚŚĂƚ ŝƐ ĐƵƌƌĞŶƚůǇ ďĞŝŶŐ ĚĞǀĞůŽƉĞĚ ĨŽƌ ƐƵĐŚ ƉƵƌƉŽƐĞ͕ ǁĂƐ ƌĞĐůĂƐƐŝĨŝĞĚ ƚŽ ůĂŶĚ ĂŶĚ ĚĞǀĞůŽƉŵĞŶƚ ĐŽƐƚƐ͘ ĚĚŝƚŝŽŶĂů ϯ͘ϳ ŚĞĐƚĂƌĞƐ ǁĂƐ ƌĞĐůĂƐƐŝĨŝĞĚ ƚŽ ůĂŶĚ ĂŶĚ ĚĞǀĞůŽƉŵĞŶƚ ĐŽƐƚƐ ŝŶ ϮϬϭϳ͘ /Ŷ ϮϬϭϳ͕ ƚŚĞ 'ƌŽƵƉ ƐƚĂƌƚĞĚ ƚŚĞ ĚĞǀĞůŽƉŵĞŶƚ ĨŽƌ ƚŚĞ ŝŶŝƚŝĂů ƉŚĂƐĞ ŽĨ ƚŚĞ ƉƌŽũĞĐƚ ĂŶĚ ƚŚĞ 'ƌŽƵƉ ĂůƐŽ ĂĐƋƵŝƌĞĚ ĂĚĚŝƚŝŽŶĂů ůĂŶĚ͕ ŵĞĂƐƵƌŝŶŐ ϰ͘Ϯ ŚĞĐƚĂƌĞƐ͘ dŚĞ ƚŽƚĂů ůĂŶĚ ĂƌĞĂ ŽĨ ƚŚĞ ƉƌŽƉĞƌƚǇ ĂƉƉƌŽǆŝŵĂƚĞƐ ϳϳ͘ϱ ŚĞĐƚĂƌĞƐ ĂƐ ŽĨ ƚŚĞ ĞŶĚ ŽĨ ϮϬϭϳ͘ ^ŝůĂŶŐ WƌŽƉĞƌƚǇ ASTI’s three parcels of land in Silang, Cavite, measuring a total of 300,000 square meters, more or ůĞƐƐ͕ ŝƐ ƌĞƐĞƌǀĞĚ ĨŽƌ ĨƵƚƵƌĞ ĚĞǀĞůŽƉŵĞŶƚ͘ dŚĞ ƉƌŽƉĞƌƚǇ ĐƵƌƌĞŶƚůǇ ƐĞĐƵƌĞƐ ƚŚĞ ůŽŶŐͲƚĞƌŵ ůŽĂŶ ĨĂĐŝůŝƚǇ ŽĨ >W, ƵŶĚĞƌ K>^ ǁŝƚŚ K ;ƐĞĞ EŽƚĞ ϭϱͿ͘

124

WĂƚŶĂŶƵŶŐĂŶ WƌŽƉĞƌƚǇ Ɛ Ăƚ ĞĐĞŵďĞƌ ϯϭ͕ ϮϬϭϲ ĂŶĚ ϮϬϭϱ͕ ƌĞƐƉĞĐƚŝǀĞůǇ͕ ƚŚĞ 'ƌŽƵƉ ĂĐƋƵŝƌĞĚ ƉĂƌĐĞůƐ ŽĨ ůĂŶĚ ĂŐŐƌĞŐĂƚŝŶŐ ĂƉƉƌŽǆŝŵĂƚĞůǇ ϯϴϱ͘ϲ ŚĞĐƚĂƌĞƐ ĂŶĚ ϯϮϱ͘ϯ ŚĞĐƚĂƌĞƐ ŽĨ ůĂŶĚ͕ ƌĞƐƉĞĐƚŝǀĞůǇ͕ ŝŶ WĂƚŶĂŶƵŶŐĂŶ͕ YƵĞǌŽŶ͘

Ͳ ϰϯ Ͳ dŚŝƐ ďƌŝŶŐƐ ƚŚĞ ƚŽƚĂů ůĂŶĚ ŽǁŶĞƌƐŚŝƉ ƚŽ ϳϭϬ͘ϵ ŚĞĐƚĂƌĞƐ͕ ŵŽƌĞ Žƌ ůĞƐƐ͕ ǁŚŝĐŚ ŝƐ ƌĞƐĞƌǀĞĚ ĨŽƌ ĨƵƚƵƌĞ ĚĞǀĞůŽƉŵĞŶƚ͘ /Ŷ ĞĐĞŵďĞƌ ϮϬϭϳ͕ ƚŚĞ 'ƌŽƵƉ ƐŽůĚ ϮϬ͘Ϭ ŚĞĐƚĂƌĞƐ ƚŽ ZĞĚ ^ƵŶ ĂƉŝƚĂů ,ŽůĚŝŶŐƐ ŽƌƉŽƌĂƚŝŽŶ ĨŽƌ сϴ͘Ϭ ŵŝůůŝŽŶ͕ ƌĞƐƵůƚŝŶŐ ƚŽ Ă ŐĂŝŶ ĂŵŽƵŶƚŝŶŐ ƚŽ W W сϮ͘ϭ ŵŝůůŝŽŶ͘ ƚŝŵŽŶĂŶ WƌŽƉĞƌƚǇ ABIRC’s land in Atimonan, Quezon Province, measuring a total of 21,000.5 square meters, more or ůĞƐƐ͕ ŝƐ ƌĞƐĞƌǀĞĚ ĨŽƌ ĨƵƚƵƌĞ ĚĞǀĞůŽƉŵĞŶƚ͘ dŚĞ ĨĂŝƌ ǀĂůƵĞ ŽĨ ƚŚĞ ŝŶǀĞƐƚŵĞŶƚ ƉƌŽƉĞƌƚŝĞƐ ĂƐ Ăƚ ĞĐĞŵďĞƌ ϯϭ͕ ϮϬϭϱ ŝƐ ďĂƐĞĚ ŽŶ ǀĂůƵĂƚŝŽŶƐ ƉĞƌĨŽƌŵĞĚ ďǇ ĂĐĐƌĞĚŝƚĞĚ ŝŶĚĞƉĞŶĚĞŶƚ ĂƉƉƌĂŝƐĞƌƐ͘ Ɛ Ăƚ ĞĐĞŵďĞƌ ϯϭ͕ ϮϬϭϳ͕ ƚŚĞ ŵĂŶĂŐĞŵĞŶƚ ĞǀĂůƵĂƚĞĚ ƚŚĂƚ ƚŚĞ ĐĂƌƌǇŝŶŐ ǀĂůƵĞ ŽĨ ƚŚĞ ŝŶǀĞƐƚŵĞŶƚ ƉƌŽƉĞƌƚǇ ĂƉƉƌŽǆŝŵĂƚĞƐ ƚŚĞ ĨĂŝƌ ǀĂůƵĞ ĂƐ Ăƚ ƌĞƉŽƌƚŝŶŐ ĚĂƚĞ ƐŝŶĐĞ ƚŚĞƌĞ ǁĞƌĞ ŶŽ ƐŝŐŶŝĨŝĐĂŶƚ ĐŚĂŶŐĞƐ ŝŶ ƚŚĞ ĐŽŶĚŝƚŝŽŶ ŽĨ ƚŚŝƐ ƉƌŽƉĞƌƚǇ ĂŶĚ ĞĐŽŶŽŵŝĐ ĞŶǀŝƌŽŶŵĞŶƚ ďĞƚǁĞĞŶ ƚŚŽƐĞ ĚĂƚĞƐ͘ dŚĞ ĚĞƐĐƌŝƉƚŝŽŶ ŽĨ ƚŚĞ ǀĂůƵĂƚŝŽŶ ƚĞĐŚŶŝƋƵĞƐ ƵƐĞĚ ĂŶĚ ŬĞǇ ŝŶƉƵƚƐ ƚŽ ĨĂŝƌ ǀĂůƵĂƚŝŽŶ ĂƌĞ ĂƐ ĨŽůůŽǁƐ͘ W ' KZ ŝƚǇ WƌŽƉĞƌƚǇ /Ŷ ĞĐĞŵďĞƌ ϮϬϭϱ͕ ƚŚĞ 'ƌŽƵƉ ;ƚŚƌŽƵŐŚ Ă ǁŚŽůůǇͲŽǁŶĞĚ ƐƵďƐŝĚŝĂƌǇͿ ĂĐƋƵŝƌĞĚ W ' KZ ŝƚǇ WƌŽƉĞƌƚǇ Ăƚ ŝƚƐ ǌŽŶĂů ǀĂůƵĞ ŽĨ W сϱϬ͕ϬϬϬ ƉĞƌ ƐƋƵĂƌĞ ŵĞƚĞƌ Žƌ Ă ƚŽƚĂů ŽĨ W сϭϵϴ͘ϵ ŵŝůůŝŽŶ͘ ,ŽǁĞǀĞƌ͕ ŽŶ :ĂŶƵĂƌǇ ϭϭ͕ ϮϬϭϳ ƚŚĞ ƉĂƌƚŝĞƐ ĂŐƌĞĞĚ ƚŽ ƌĞƐĐŝŶĚ ƚŚĞ ƉƵƌĐŚĂƐĞ ǁŚĞƌĞďǇ ƚŚĞ 'ƌŽƵƉ ƌĞƚƵƌŶĞĚ ĂŶĚ ĚĞůŝǀĞƌĞĚ ƚŽ ƚŚĞ ^ĞůůĞƌ ƚŚĞ ƚŝƚůĞƐ ƚŽ͕ ĂŶĚ Ăůů ŽƚŚĞƌ ƌŝŐŚƚƐ ŽǀĞƌ ƚŚĞ ƉƌŽƉĞƌƚǇ͘ /Ŷ ƚƵƌŶ͕ ƚŚĞ ^ĞůůĞƌ ƌĞƚƵƌŶĞĚ ƚŚĞ ĨƵůů WƵƌĐŚĂƐĞ WƌŝĐĞ ŽĨ ƚŚĞ WƌŽƉĞƌƚǇ ĂŶĚ ŽƚŚĞƌ ĐŽƐƚƐ ƚŽ ƚŚĞ 'ƌŽƵƉ͘ /ŶĐŽŵĞ ĂƉŝƚĂůŝǌĂƚŝŽŶ ƉƉƌŽĂĐŚ

ϮϬϭϳ ůƉŚĂůĂŶĚ ^ŽƵƚŚŐĂƚĞ dŽǁĞƌ

ůƉŚĂůĂŶĚ DĂŬĂƚŝ WůĂĐĞ

ϮϬϭϲ ůƉŚĂůĂŶĚ ůƉŚĂůĂŶĚ ^ŽƵƚŚŐĂƚĞ DĂŬĂƚŝ WůĂĐĞ dŽǁĞƌ WŽĚŝƵŵ

^ŝŐŶŝĨŝĐĂŶƚ hŶŽďƐĞƌǀĂďůĞ /ŶƉƵƚƐ WŽĚŝƵŵ dŽǁĞƌ ϯΎ ^^ƚĂďŝůŝǌĞĚ ŶĞƚ ŽƉĞƌĂƚŝŶŐ ŝŶĐŽŵĞ ;EK/Ϳ W сϱϰϮ͕ϰϳϵ͕ϯϳϮ W сϰϱϴ͕ϬϮϱ͕ϵϱϮ W сϰϴϯ͕ϮϮϵ͕ϮϳϬ W сϱϭϳ͕ϴϴϴ͕ϵϮϬ ĂƉŝƚĂůŝǌĂƚŝŽŶ ƌĂƚĞ ϱ͘ϯϵй ϱ͘ϬϬй ϱ͘ϬϬй ϱ͘ϬϬй ΎZĞĐůĂƐƐŝĨŝĞĚ ĨƌŽm “Land and development costs” in 2017.

сϲϳ͕ϵϲϳ͕ϱϳϲ W Ϯ͘ϬϬй

dŚĞ ƐŝŐŶŝĨŝĐĂŶƚ ƵŶŽďƐĞƌǀĂďůĞ ŝŶƉƵƚƐ ƵƐĞĚ ŝŶ ƚŚĞ ĨĂŝƌ ǀĂůƵĞ ŵĞĂƐƵƌĞŵĞŶƚ ĐĂƚĞŐŽƌŝǌĞĚ ǁŝƚŚŝŶ >ĞǀĞů ϯ ŽĨ ƚŚĞ ĨĂŝr value hierarchy of the entity’s portfolios of investment properties are:  ^ƚĂďŝůŝǌĞĚ EK/͗ ĐĂůĐƵůĂƚŝŽŶ ƵƐĞĚ ƚŽ ŝĚĞŶƚŝĨǇ ƉĞƌĨŽƌŵĂŶĐĞ ŽĨ ĂŶ ŝŶǀĞƐƚŵĞŶƚ ƉƌŽƉĞƌƚǇ ƚŚĂƚ ƉƌŽĚƵĐĞƐ ƐƚĂďůĞ ŝŶĐŽŵĞ͘ 

ĂƉŝƚĂůŝǌĂƚŝŽŶ ƌĂƚĞ͗ ƌĂƚĞ ƵƐĞĚ ƚŽ ĞƐƚŝŵĂƚĞ ƚŚĞ ƉŽƚĞŶƚŝĂů ƌĞƚƵƌŶ ŽĨ ƚŚĞ ŝŶǀĞƐƚŵĞŶƚ ƉƌŽƉĞƌƚǇ͘

/ŶĐŽŵĞ ĐĂƉŝƚĂůŝǌĂƚŝŽŶ ĂƉƉƌŽĂĐŚ ŝƐ Ă ĐŽŵƉĂƌĂƚŝǀĞ ĂƉƉƌŽĂĐŚ͕ ǁŚŝĐŚ ĐŽŶƐŝĚĞƌƐ ŝŶĐŽŵĞ ĂŶĚ ĞǆƉĞŶƐĞ ĚĂƚĂ ƌĞůĂƚŝŶŐ ƚŽ ƚŚĞ ƉƌŽƉĞƌƚǇ ďĞŝŶŐ ǀĂůƵĞĚ ĂŶĚ ĞƐƚŝŵĂƚĞĚ ŝƚ ƚŚƌŽƵŐŚ Ă ĐĂƉŝƚĂůŝǌĂƚŝŽŶ ƉƌŽĐĞƐƐ͘ ĂƉŝƚĂůŝǌĂƚŝŽŶ ƌĞůĂƚĞƐ ŝŶĐŽŵĞ ĂŶĚ Ă ĚĞĨŝŶĞĚ ǀĂůƵĞ ƚǇƉĞ ďǇ ĐŽŶǀĞƌƚŝŶŐ ĂŶ ŝŶĐŽŵĞ ĂŵŽƵŶƚ ŝŶƚŽ Ă ǀĂůƵĞ ĞƐƚŝŵĂƚĞ͘ dŚŝƐ ƉƌŽĐĞƐƐ ŵĂǇ ĐŽŶƐŝĚĞƌ ĚŝƌĞĐƚ ƌĞůĂƚŝŽŶƐŚŝƉƐ ;ŬŶŽǁŶ ĂƐ ĐĂƉŝƚĂůŝǌĂƚŝŽŶ ƌĂƚĞƐͿ͕ ǇŝĞůĚ Žƌ ĚŝƐĐŽƵŶƚ ƌĂƚĞƐ ;ƌĞĨůĞĐƚŝŶŐ ŵĞĂƐƵƌĞƐ ŽĨ ƌĞƚƵƌŶ ŽŶ ŝŶǀĞƐƚŵĞŶƚͿ͕ Žƌ ďŽƚŚ͘

125

Ͳ ϰϰ Ͳ ^ĞŶƐŝƚŝǀŝƚǇ ŶĂůǇƐŝƐ͘ 'ĞŶĞƌĂůůǇ͕ ĂŶ ŝŶĐƌĞĂƐĞ ;ĚĞĐƌĞĂƐĞͿ ŝŶ ƐƚĂďŝůŝǌĞĚ EK/ ǁŝůů ƌĞƐƵůƚ ŝŶ ĂŶ ŝŶĐƌĞĂƐĞ ;ĚĞĐƌĞĂƐĞͿ ƚŽ ƚŚĞ ĨĂŝƌ ǀĂůƵĞ ŽĨ ŝŶǀĞƐƚŵĞŶƚ ƉƌŽƉĞƌƚǇ͘ Ŷ ŝŶĐƌĞĂƐĞ ;ĚĞĐƌĞĂƐĞͿ ŝŶ ƚŚĞ ĐĂƉŝƚĂůŝǌĂƚŝŽŶ ƌĂƚĞ ǁŝůů ƌĞƐƵůƚ ŝŶ Ă ĚĞĐƌĞĂƐĞ ;ŝŶĐƌĞĂƐĞͿ ƚŽ ƚŚĞ ĨĂŝƌ ǀĂůƵĞ ŽĨ ĂŶ ŝŶǀĞƐƚŵĞŶƚ ƉƌŽƉĞƌƚǇ͘ dŚĞ ĐĂƉŝƚĂůŝǌĂƚŝŽŶ ƌĂƚĞ ŵĂŐŶŝĨŝĞƐ ƚŚĞ ĞĨĨĞĐƚ ŽĨ Ă ĐŚĂŶŐĞ ŝŶ ƐƚĂďŝůŝǌĞĚ EK/͕ ǁŝƚŚ Ă ůŽǁĞƌ ĐĂƉŝƚĂůŝǌĂƚŝŽŶ ƌĂƚĞ ƌĞƐƵůƚŝŶŐ ŝŶ Ă ŐƌĞĂƚĞƌ ŝŵƉĂĐƚ ŽĨ Ă ĐŚĂŶŐĞ ŝŶ ƐƚĂďŝůŝǌĞĚ EK/ ƚŚĂŶ Ă ŚŝŐŚĞƌ ĐĂƉŝƚĂůŝǌĂƚŝŽŶ ƌĂƚĞ͘

DĂƌŬĞƚ ĂƚĂ ƉƉƌŽĂĐŚ

WƌŽũĞĐƚ ůĂƐƐ ŽĨ WƌŽƉĞƌƚǇ ůƉŚĂůĂŶĚ ĂůĞƐŝŶ /ƐůĂŶĚ >ĂŶĚ

^ŝŐŶŝĨŝĐĂŶƚ hŶŽďƐĞƌǀĂďůĞ /ŶƉƵƚƐ WƌŝĐĞ ƉĞƌ ƐƋƵĂƌĞ ŵĞƚĞƌ sĂůƵĞ ĂĚũƵƐƚŵĞŶƚƐ ;ĨŽƌ ĚĞǀĞůŽƉŵĞŶƚͿ

ƚŝŵŽŶĂŶ

>ĂŶĚ

WƌŝĐĞ ƉĞƌ ƐƋƵĂƌĞ ŵĞƚĞƌ sĂůƵĞ ĂĚũƵƐƚŵĞŶƚƐ

WĂƚŶĂŶƵŶŐĂŶ

>ĂŶĚ

WƌŝĐĞ ƉĞƌ ƐƋƵĂƌĞ ŵĞƚĞƌ sĂůƵĞ ĂĚũƵƐƚŵĞŶƚƐ

ZĂŶŐĞ

ϮϬϭϳ ϮϬϭϲ W сϵϱϬͲW сϳ͕ϬϬϬ W сϭ͕ϱϬϬͲW сϴ͕ϯϬϬ ϭϵϬйͲϮϳϮй

ϮϬϬйͲϮϮϬй

W сϭ͕ϮϬϬͲW с ϯ͕ϲϬϬ W сϭ͕ϮϬϬͲW сϯ͕ϲϬϬ ϰϬйͲϴϬй ϰϬйͲϴϬй W сϰϬϬͲW сϵϱϬ ϱйͲϯϱй

сϰϬϬͲW W сϵϱϬ ϱйͲϲϬй

dŚĞ ƐŝŐŶŝĨŝĐĂŶƚ ƵŶŽďƐĞƌǀĂďůĞ ŝŶƉƵƚƐ ƚŽ ĨĂŝƌ ǀĂůƵĂƚŝŽŶ ĂƌĞ ĂƐ ĨŽůůŽǁƐ͗ WƌŝĐĞ ƉĞƌ ƐƋƵĂƌĞ ŵĞƚĞƌ͗ ĞƐƚŝŵĂƚĞĚ ǀĂůƵĞ ƉƌĞǀĂŝůŝŶŐ ŝŶ ƚŚĞ ƌĞĂů ĞƐƚĂƚĞ ŵĂƌŬĞƚ ĚĞƉĞŶĚŝŶŐ ŽŶ ƚŚĞ ůŽĐĂƚŝŽŶ͕ ĂƌĞĂ͕ ƐŚĂƉĞ ĂŶĚ ƚŝŵĞ ĞůĞŵĞŶƚ͘ sĂůƵĞ ĂĚũƵƐƚŵĞŶƚƐ͗ ĂĚũƵƐƚŵĞŶƚƐ ĂƌĞ ŵĂĚĞ ƚŽ ďƌŝŶŐ ƚŚĞ ĐŽŵƉĂƌĂƚŝǀĞ ǀĂůƵĞƐ ŝŶ ĂƉƉƌŽǆŝŵĂƚŝŽŶ ƚŽ ƚŚĞ ŝŶǀĞƐƚŵĞŶƚ ƉƌŽƉĞƌƚŝĞƐ ƚĂŬŝŶŐ ŝŶƚŽ ĂĐĐŽƵŶƚ ĞǆƚĞƌŶĂů ĨĂĐƚŽƌƐ ;ŵĂƌŬĞƚ ĐŽŶĚŝƚŝŽŶƐ͕ ĐŽŵƉĞƚŝƚŝǀĞŶĞƐƐ͕ ĞĐŽŶŽŵŝĐ ĐŽŶĚŝƚŝŽŶͬĚĞŵĂŶĚͬŐƌŽǁƚŚ͕ ƚŝŵĞ ĞůĞŵĞŶƚͿ ĂŶĚ ŝŶƚĞƌŶĂů ĨĂĐƚŽƌƐ ;ůŽĐĂƚŝŽŶ͕ ƐŝǌĞͬƐŚĂƉĞͬ ƚĞƌƌĂŝŶ ĂŶĚ ĚĞǀĞůŽƉŵĞŶƚͿ͘ /Ŷ ǀĂůƵŝŶŐ ƚŚĞ ůĂŶĚ ƵƐŝŶŐ ƐĂůĞƐ ĐŽŵƉĂƌŝƐŽŶ ĂƉƉƌŽĂĐŚ͕ ƌĞĐŽƌĚƐ ŽĨ ƌĞĐĞŶƚ ƐĂůĞƐ ĂŶĚ ŽĨĨĞƌŝŶŐƐ ŽĨ ƐŝŵŝůĂƌ ůĂŶĚ ĂƌĞ ĂŶĂůǇǌĞĚ ĂŶĚ ĐŽŵƉĂƌŝƐŽŶƐ ǁĞƌĞ ŵĂĚĞ ĨŽƌ ƐƵĐŚ ĨĂĐƚŽƌƐ ĂƐ ƐŝǌĞ͕ ĐŚĂƌĂĐƚĞƌŝƐƚŝĐ ŽĨ ƚŚĞ ůŽƚ͕ ůŽĐĂƚŝŽŶ͕ ƋƵĂůŝƚǇ ĂŶĚ ƉƌŽƐƉĞĐƚŝǀĞ ƵƐĞ͘ ^ĞŶƐŝƚŝǀŝƚǇ ŶĂůǇƐŝƐ͘ dŚĞ ĨŽůůŽǁŝŶŐ ĨĂĐƚŽƌƐ ǁĞƌĞ ĐŽŶƐŝĚĞƌĞĚ ŝŶ ĚĞƚĞƌŵŝŶŝŶŐ ƚŚĞ ŵĂƌŬĞƚ ǀĂůƵĞ ŽĨ ƚŚĞ ƐƵďũĞĐƚ ƉƌŽƉĞƌƚǇ͗    

126

ƉƌŽƉĞƌƚǇ ůŽĐĂƚŝŽŶ ĂŶĚ ŶĞŝŐŚďŽƌŚŽŽĚ ĚĂƚĂ ƉƌĞƐĞŶƚ ƵƐĞ ŽĨ ƚŚĞ ƉƌŽƉĞƌƚǇ ŝƐ ĞŝƚŚĞƌ ĐŽŵŵĞƌĐŝĂůͬƌĞƐŝĚĞŶƚŝĂůͬĂŐƌŝĐƵůƚƵƌĂů ƋƵĂŶƚŝƚĂƚŝǀĞ ŵĂƌŬĞƚ ǀĂůƵĞ ĂĚũƵƐƚŵĞŶƚƐ ďĂƐĞĚ ŽŶ ĞǆƚĞƌŶĂů ĂŶĚ ŝŶƚĞƌŶĂů ĨĂĐƚŽƌƐ ŚŝŐŚĞƐƚ ĂŶĚ ďĞƐƚ ƵƐĞ ;ĐŽŵŵĞƌĐŝĂů ĂŶĚ ƌĞƐŝĚĞŶƚŝĂů ďƵŝůĚŝŶŐͬƌĞƐŽƌƚ ĂŶĚ ŝƚƐ ĂůůŝĞĚ ĚĞǀĞůŽƉŵĞŶƚͿ

^ŝŐŶŝĨŝĐĂŶƚ ŝŶĐƌĞĂƐĞ ;ĚĞĐƌĞĂƐĞͿ ŝŶ ƉƌŝĐĞ ƉĞƌ ƐƋƵĂƌĞ ŵĞƚĞƌ ǁŽƵůĚ ƌĞƐƵůƚ ŝŶ Ă ƐŝŐŶŝĨŝĐĂŶƚůǇ ŚŝŐŚĞƌ ;ůŽǁĞƌͿ ĨĂŝƌ ǀĂůƵĞ ŵĞĂƐƵƌĞŵĞŶƚ͘ ^ŝŐŶŝĨŝĐĂŶƚ ŝŶĐƌĞĂƐĞ ;ĚĞĐƌĞĂƐĞͿ ŝŶ ǀĂůƵĞ ĂĚũƵƐƚŵĞŶƚƐ ǁŽƵůĚ ƌĞƐƵůƚ ŝŶ Ă ůŽǁĞƌ ;ŚŝŐŚĞƌͿ ĨĂŝƌ ǀĂůƵĞ ŵĞĂƐƵƌĞŵĞŶƚ͘

>ĂŶĚ ĞǀĞůŽƉŵĞŶƚ ƉƉƌŽĂĐŚ ^ŝŐŶŝĨŝĐĂŶƚ hŶŽďƐĞƌǀĂďůĞ /ŶƉƵƚ

Ͳ ϰϱ Ͳ

WĞƌŝŽĚ ŽĨ ůĂŶĚ ĚĞǀĞůŽƉŵĞŶƚ ĂŶĚ ƐĞůůŝŶŐ ƉƌŽŐƌĂŵ ĚŵŝŶŝƐƚƌĂƚŝǀĞͬŵĂƌŬĞƚŝŶŐ ĐŽƐƚ /ŶƚĞƌĞƐƚ ƌĂƚĞ ƐĞůĞĐƚĞĚ ĨŽƌ ĚŝƐĐŽƵŶƚŝŶŐ Developer’s profit WƌŽƉŽƐĞĚ ƐĞůůŝŶŐ ƉƌŝĐĞ ĂůĐƵůĂƚĞĚ ŶŽ͘ ŽĨ ƐƵďĚŝǀŝƐŝŽŶ ůŽƚ >ĂŶĚ ǀĂůƵĞͬĂŶŶƵĂů ŝŶĐƌĞŵĞŶƚ ŽĨ ůĂŶĚ ǀĂůƵĞ

ĂŐƵŝŽ

ϮϬϭϳ

^ŝůĂŶŐ

ϱ ǇĞĂƌƐ ϱ Ͳ ϲ ǇĞĂƌƐ ϳй ŽĨ ŐƌŽƐƐ ƐĂůĞƐ ϭϮй ŽĨ ŐƌŽƐƐ ƐĂůĞƐ ϭϰй ϭϮй ϮϬй ŽĨ ĚĞǀĞůŽƉŵĞŶƚ ĐŽƐƚ ϮϬй ŽĨ ĚĞǀĞůŽƉŵĞŶƚ ĐŽƐƚ W сϰϬ͕ϬϬϬ Ͳ W с ϱϬ͕ϬϬϬ W сϭϴ͕ϬϬϬ Ͳ W с Ϯϲ͕ϰϬϬ ϯϮϬ ůŽƚƐ ϭϳϱ Ͳ ϰϴϲ ůŽƚƐ Ϯϱй ϭϬйͲϮϬй

ϮϬϭϲ ^ŝŐŶŝĨŝĐĂŶƚ hŶŽďƐĞƌǀĂďůĞ /ŶƉƵƚ ĂŐƵŝŽ ^ŝůĂŶŐ WĞƌŝŽĚ ŽĨ ůĂŶĚ ĚĞǀĞůŽƉŵĞŶƚ ĂŶĚ ƐĞůůŝŶŐ ƉƌŽŐƌĂŵ ϱ ǇĞĂƌƐ ϱ ǇĞĂƌƐ ĚŵŝŶŝƐƚƌĂƚŝǀĞͬŵĂƌŬĞƚŝŶŐ ĐŽƐƚ ϳй ŽĨ ŐƌŽƐƐ ƐĂůĞƐ ϭϮй ŽĨ ŐƌŽƐƐ ƐĂůĞƐ /ŶƚĞƌĞƐƚ ƌĂƚĞ ƐĞůĞĐƚĞĚ ĨŽƌ ĚŝƐĐŽƵŶƚŝŶŐ ϭϰй ϭϰй Developer’s profit ϮϬй ŽĨ ĚĞǀĞůŽƉŵĞŶƚ ĐŽƐƚ Ϯϱй ŽĨ ĚĞǀĞůŽƉŵĞŶƚ ĐŽƐƚ WƌŽƉŽƐĞĚ ƐĞůůŝŶŐ ƉƌŝĐĞ сϰϬ͕ϬϬϬ Ͳ W W сϱϬ͕ϬϬϬ сϭϴ͕ϬϬϬ Ͳ W W сϮϲ͕ϰϬϬ ĂůĐƵůĂƚĞĚ ŶŽ͘ ŽĨ ƐƵďĚŝǀŝƐŝŽŶ ůŽƚ ϯϬϬ ůŽƚƐ ϲϬϬ ůŽƚƐ >ĂŶĚ ǀĂůƵĞͬĂŶŶƵĂů ŝŶĐƌĞŵĞŶƚ ŽĨ ůĂŶĚ ǀĂůƵĞ ϵϬй ϭϬй

hƐŝŶŐ ƚŚĞ ůĂŶĚ ĚĞǀĞůŽƉŵĞŶƚ ĂƉƉƌŽĂĐŚ͕ ƚŚĞ ƉƌŽƉĞƌƚŝĞƐ ĂƌĞ ƚƌĞĂƚĞĚ ĂƐ ŵŝǆĞĚͲƵƐĞĚ ƐƵďĚŝǀŝƐŝŽŶ ĚĞǀĞůŽƉŵĞŶƚ ĂŶĚ ƚŚĞ ŐƌŽƐƐ ƐĂůĞƐ ƚŚĂƚ ŵĂǇ ďĞ ĞǆƉĞĐƚĞĚ ĨƌŽŵ ƚŚĞ ƉƌŽƉŽƐĞĚ ƐĂůĞĂďůĞ ůŽƚƐ ĂƌĞ ƚŚĞŶ ĞƐƚŝŵĂƚĞĚ ŝŶ ĂĐĐŽƌĚĂŶĐĞ ǁŝƚŚ ƚŚĞ ƉƌĞǀĂŝůŝŶŐ ƉƌŝĐĞƐ ŽĨ ĐŽŵƉĂƌĂďůĞ ĚĞǀĞůŽƉŵĞŶƚ ƐƵďĚŝǀŝƐŝŽŶ ůŽƚƐ ǁŝƚŚŝŶ ƚŚĞ ŝŵŵĞĚiate vicinity. Overhead and sales expenses, and developer’s profit, the residual sales income is then attributed to the “raw” land value. dŚĞ ǀĂůƵĂƚŝŽŶ ƉƌŽĐĞƐƐ ĐŽŶƐŝƐƚƐ ŽĨ ƚŚĞ ĨŽůůŽǁŝŶŐ͗  WƌĞƉĂƌĂƚŝŽŶ ŽĨ Ă ƐƵďĚŝǀŝƐŝŽŶ ƐƚƵĚǇ ŝŶ ĂĐĐŽƌĚĂŶĐĞ ǁŝƚŚ ƚŚĞ ŚŝŐŚĞƐƚ ĂŶĚ ďĞƐƚ ƵƐĞ ĐŽŶĐĞƉƚ ;ŝ͘Ğ͘ ƌĞƐŝĚĞŶƚŝĂů ƐƵďĚŝǀŝƐŝŽŶ ĚĞǀĞůŽƉŵĞŶƚͿ ŽĨ ƚŚĞ ůĂŶĚ͖  ƐƚĂďůŝƐŚŵĞŶƚ ŽĨ ƚŽƚĂů ƌĞǀĞŶƵĞ Žƌ ƉƌŽĐĞĞĚƐ ŽĨ ƐĂůĞƐ ŽĨ ƐƵďĚŝǀŝƐŝŽŶ ůŽƚƐ ŽŶ ƚŚĞ ďĂƐŝƐ ŽĨ ǁŚĂƚ ƌĞĂĚǇͲƚŽͲďƵŝůĚ ƐŝƚĞƐ ŝŶ ƐŝŵŝůĂƌ ƐƵďĚŝǀŝƐŝŽŶƐ ĂƌĞ ƐĞůůŝŶŐ͖  ĞƚĞƌŵŝŶĂƚŝŽŶ ŽĨ ĚĞǀĞůŽƉŵĞŶƚ ĐŽƐƚƐ ĐŽŶƐŝƐƚŝŶŐ ŽĨ ĐůĞĂƌŝŶŐ ĂŶĚ ŐƌĂĚŝŶŐ͕ ƐƵƌǀĞǇ͕ ƚŝůƚŝŶŐ ƐĞƌǀŝĐĞƐ͕ ĐŽŶƐƚƌƵĐƚŝŽŶ ŽĨ ĂĐĐĞƐƐ ƌŽĂĚƐ͕ ƌŽĂĚǁĂǇƐ͕ ĐƵƌďƐ ĂŶĚ ŐƵƚƚĞƌƐ͕ ƐĞǁĞƌĂŐĞ ĂŶĚ ĚƌĂŝŶĂŐĞ ƐǇƐƚĞŵ͕ ǁĂƚĞƌ ƐƵƉƉůǇ ĂŶĚ ĞůĞĐƚƌŝĐĂů ĚŝƐƚƌŝďƵƚŝŽŶ͕ ƌŝƉͲƌĂƉƉŝŶŐ ĂŶĚ ƐƵƉĞƌǀŝƐŝŽŶ ĂŶĚ ŽƚŚĞƌ ĐŽŶƚŝŶŐĞŶĐǇ ŝƚĞŵƐ considering current prices for construction materials, labor, contractor’s profit and ŽǀĞƌŚĞĂĚ ĞǆƉĞŶƐĞƐ͖ Estimation of overhead and sales expenses such as broker’s commissions, promotion and ĂĚǀĞƌƚŝƐĞŵĞŶƚ͕ ĂĚŵŝŶŝƐƚƌĂƚŝǀĞ ĂŶĚ ĐŽůůĞĐƚŝŽŶ͕ ƚĂǆĞƐ ĂŶĚ ŵŝƐĐĞůůĂŶĞŽƵƐ ĞǆƉĞŶƐĞƐ͘ ^ĞŶƐŝƚŝǀŝƚǇ ŶĂůǇƐŝƐ͘ ^ŝŐŶŝĨŝĐĂŶƚ ŝŶĐƌĞĂƐĞ ;ĚĞĐƌĞĂƐĞͿ ŝŶ ůĂŶĚ ǀĂůƵĞ͕ ƉƌŽƉŽƐĞĚ ƐĞůůŝŶŐ ƉƌŝĐĞ ĂŶĚ ĐĂůĐƵůĂƚĞĚ ŶŽ͘ ŽĨ ůŽƚƐ ǁŽƵůĚ ƌĞƐƵůƚ ŝŶ Ă ƐŝŐŶŝĨŝĐĂŶƚůǇ ŚŝŐŚĞƌ ;ůŽǁĞƌͿ ĨĂŝƌ ǀĂůƵĞ ŵĞĂƐƵƌĞŵĞŶƚ͘ ^ŝŐŶŝĨŝĐĂŶƚ ŝŶĐƌĞĂƐĞ ;ĚĞĐƌĞĂƐĞͿ ŝŶ ĂĚŵŝŶŝƐƚƌĂƚŝǀe and marketing costs and developer’s profit would ƌĞƐƵůƚ ŝŶ Ă ůŽǁĞƌ ;ŚŝŐŚĞƌͿ ĨĂŝƌ ǀĂůƵĞ ŵĞĂƐƵƌĞŵĞŶƚ͘

127

EĞƚ ĂƌƌǇŝŶŐ ŵŽƵŶƚ

ŽƐƚ ĂůĂŶĐĞ Ăƚ ďĞŐŝŶŶŝŶŐ ŽĨ ǇĞĂƌ ĚĚŝƚŝŽŶƐ ŝƐƉŽƐĂů ZĞǀĂůƵĂƚŝŽŶ ŝŶĐƌĞĂƐĞ ZĞĐůĂƐƐŝĨŝĐĂƚŝŽŶƐ ĂůĂŶĐĞ Ăƚ ĞŶĚ ŽĨ ǇĞĂƌ ĐĐƵŵƵůĂƚĞĚ ĞƉƌĞĐŝĂƚŝŽŶ ĂŶĚ ŵŽƌƚŝǌĂƚŝŽŶ ĂůĂŶĐĞ Ăƚ ďĞŐŝŶŶŝŶŐ ŽĨ ǇĞĂƌ ĞƉƌĞĐŝĂƚŝŽŶ ĂŶĚ ĂŵŽƌƚŝǌĂƚŝŽŶ ŝƐƉŽƐĂů ĂůĂŶĐĞ Ăƚ ĞŶĚ ŽĨ ǇĞĂƌ

EĞƚ ĂƌƌǇŝŶŐ ŵŽƵŶƚ

ŽƐƚ ĂůĂŶĐĞ Ăƚ ďĞŐŝŶŶŝŶŐ ŽĨ ǇĞĂƌ ĚĚŝƚŝŽŶƐ ŝƐƉŽƐĂů ZĞǀĂůƵĂƚŝŽŶ ŝŶĐƌĞĂƐĞ ZĞĐůĂƐƐŝĨŝĐĂƚŝŽŶƐ dƌĂŶƐĨĞƌƐ ĨƌŽŵ ŝŶǀĞƐƚŵĞŶƚ ƉƌŽƉĞƌƚŝĞƐ ĂůĂŶĐĞ Ăƚ ĞŶĚ ŽĨ ǇĞĂƌ ĐĐƵŵƵůĂƚĞĚ ĞƉƌĞĐŝĂƚŝŽŶ ĂŶĚ ŵŽƌƚŝǌĂƚŝŽŶ ĂůĂŶĐĞ Ăƚ ďĞŐŝŶŶŝŶŐ ŽĨ ǇĞĂƌ ĞƉƌĞĐŝĂƚŝŽŶ ĂŶĚ ĂŵŽƌƚŝǌĂƚŝŽŶ ŝƐƉŽƐĂů ĂůĂŶĐĞ Ăƚ ĞŶĚ ŽĨ ǇĞĂƌ

– – – –

ϭϯϵ͕ϯϴϬ͕ϵϯϳ ϱϵ͕ϰϴϮ͕ϬϬϭ – ϭϵϴ͕ϴϲϮ͕ϵϯϴ

ϭϵ

EŽƚĞ

сϭ͕Ϯϰϯ͕ϯϮϴ͕ϭϭϲ W

ϳϭ͕ϰϲϬ͕ϯϬϯ ϲϳ͕ϵϮϬ͕ϲϯϰ – ϭϯϵ͕ϯϴϬ͕ϵϯϳ

ŝƌĐƌĂĨƚƐ ; ƚ ƌĞǀĂůƵĞĚ ĂŵŽƵŶƚƐͿ сϴϯϱ͕ϲϳϮ͕ϵϬϮ W ϰϰϯ͕ϮϬϴ͕ϮϲϬ – ϭϬϯ͕ϴϮϳ͕ϴϵϭ – ϭ͕ϯϴϮ͕ϳϬϵ͕Ϭϱϯ

с– W

– – – –

>ĂŶĚ с– W – – – – –

W сϭϵ͕ϰϳϭ͕ϭϲϵ

ϭϵ͕ϰϳϭ͕ϭϲϵ ϭϵ͕ϰϳϭ͕ϭϲϵ

– ϭ͕ϳϯϯ͕ϱϳϯ͕ϯϭϬ

ϭϭ

W сϭ͕ϱϯϰ͕ϳϭϬ͕ϯϳϮ

>ĂŶĚ W с– – – – –

EŽƚĞ

ŝƌĐƌĂĨƚƐ ; ƚ ƌĞǀĂůƵĞĚ ĂŵŽƵŶƚͿ W сϭ͕ϯϴϮ͕ϳϬϵ͕Ϭϱϯ ϯϰϭ͕ϯϰϵ͕ϰϬϭ – ϵ͕ϱϭϰ͕ϴϱϲ –

сϭϴ͕ϭϳϱ͕ϯϴϵ W

ϭϮ͕ϯϬϰ͕Ϭϯϲ Ϯ͕ϳϰϴ͕ϳϲϴ – ϭϱ͕ϬϱϮ͕ϴϬϰ

>ĞĂƐĞŚŽůĚ /ŵƉƌŽǀĞŵĞŶƚƐ сϮϬ͕ϳϵϯ͕ϰϰϵ W ϭϮ͕ϰϯϰ͕ϳϰϰ – – – ϯϯ͕ϮϮϴ͕ϭϵϯ

W сϮϬ͕ϴϵϰ͕ϯϴϰ

ϰ͕Ϭϴϳ͕Ϯϭϱ – ϭϵ͕ϭϰϬ͕Ϭϭϵ

ϭϱ͕ϬϱϮ͕ϴϬϰ

– ϰϬ͕Ϭϯϰ͕ϰϬϯ

сϭϭϳ͕ϮϲϬ͕Ϯϵϵ W

ϲ͕ϯϯϳ͕Ϭϲϭ ϱ͕ϴϴϯ͕ϯϬϴ – ϭϮ͕ϮϮϬ͕ϯϲϵ

ƵŝůĚŝŶŐƐ сϮϳ͕ϰϱϰ͕ϰϭϮ W Ϯϴ͕ϳϲϴ͕Ϭϵϱ – – ϳϯ͕Ϯϱϴ͕ϭϲϭ ϭϮϵ͕ϰϴϬ͕ϲϲϴ

W сϭϭϭ͕Ϯϭϯ͕ϰϭϮ

ϭϮ͕ϮϮϬ͕ϯϲϵ ϯϳ͕ϱϴϰ͕ϵϳϱ ;ϯϮ͕ϳϰϴ͕ϭϲϬͿ ϭϳ͕Ϭϱϳ͕ϭϴϰ

– ϭϮϴ͕ϮϳϬ͕ϱϵϲ

ƵŝůĚŝŶŐƐ W сϭϮϵ͕ϰϴϬ͕ϲϲϴ ϯϭ͕ϱϯϴ͕Ϭϴϴ ;ϯϮ͕ϳϰϴ͕ϭϲϬͿ – –

Ͳ ϰϴ Ͳ -46

>ĞĂƐĞŚŽůĚ /ŵƉƌŽǀĞŵĞŶƚƐ W сϯϯ͕ϮϮϴ͕ϭϵϯ ϲ͕ϯϮϰ͕Ϭϲϳ – – ϰϴϮ͕ϭϰϯ

dŚĞ ĐŽŵƉŽƐŝƚŝŽŶ ĂŶĚ ŵŽǀĞŵĞŶƚƐ ŽĨ ƚŚŝƐ ĂĐĐŽƵŶƚ ĂƌĞ ƉƌĞƐĞŶƚĞĚ ďĞůŽǁ͗

ϭϮ͘ WƌŽƉĞƌƚǇ ĂŶĚ ƋƵŝƉŵĞŶƚ

128 сϳϴ͕ϰϲϳ͕ϰϰϰ W

ϯϯϰ͕ϲϬϰ͕ϳϯϰ Ϯϲ͕ϯϳϲ͕ϭϯϳ ;ϭϰϰ͕Ϯϵϵ͕ϬϭϭͿ Ϯϭϲ͕ϲϴϭ͕ϴϲϬ

ϮϬϭϲ DĂĐŚŝŶĞƌǇ͕ ƋƵŝƉŵĞŶƚ ĂŶĚ dŽŽůƐ сϰϭϬ͕ϱϬϰ͕ϰϵϭ W ϯϭ͕ϲϴϲ͕ϯϭϲ ;ϭϰϳ͕Ϭϰϭ͕ϱϬϯͿ – – Ϯϵϱ͕ϭϰϵ͕ϯϬϰ

W сϳϮ͕ϭϴϴ͕ϳϲϮ

Ϯϭϲ͕ϲϴϭ͕ϴϲϬ ϲ͕Ϯϳϴ͕ϲϴϮ ;ϭϴϯ͕ϳϲϱͿ ϮϮϮ͕ϳϳϲ͕ϳϳϳ

– Ϯϵϰ͕ϵϲϱ͕ϱϯϵ

ϮϬϭϳ DĂĐŚŝŶĞƌǇ͕ ƋƵŝƉŵĞŶƚ ĂŶĚ dŽŽůƐ W сϮϵϱ͕ϭϰϵ͕ϯϬϰ – ;ϭϴϯ͕ϳϲϱͿ – –

сϯ͕ϴϲϲ͕ϱϳϮ W

Ϯϭ͕ϳϬϭ͕ϳϵϬ ϯ͕ϱϴϭ͕ϲϬϮ – Ϯϱ͕Ϯϴϯ͕ϯϵϮ

dƌĂŶƐƉŽƌƚĂƚŝŽŶ ƋƵŝƉŵĞŶƚ W сϮϴ͕ϵϳϭ͕ϱϱϲ ϭϳϴ͕ϰϬϴ – – – Ϯϵ͕ϭϰϵ͕ϵϲϰ

W сϭϳ͕ϴϭϵ͕ϱϴϰ

Ϯϱ͕Ϯϴϯ͕ϯϵϮ ϴ͕ϳϮϲ͕ϱϮϮ – ϯϰ͕ϬϬϵ͕ϵϭϰ

– ϱϭ͕ϴϮϵ͕ϰϵϴ

dƌĂŶƐƉŽƌƚĂƚŝŽŶ ƋƵŝƉŵĞŶƚ W сϮϵ͕ϭϰϵ͕ϵϲϰ ϮϮ͕ϲϳϵ͕ϱϯϰ – – –

сϭϱ͕ϴϵϱ͕ϵϬϲ W

ϯϵ͕ϰϱϱ͕ϲϭϮ ϭϱ͕ϮϮϱ͕ϵϮϲ – ϱϰ͕ϲϴϭ͕ϱϯϴ

KĨĨŝĐĞ &ƵƌŶŝƚƵƌĞ͕ ĂŶĚ ƋƵŝƉŵĞŶƚ сϱϯ͕ϵϯϳ͕ϳϱϭ W ϭϲ͕ϲϯϵ͕ϲϵϯ – – – ϳϬ͕ϱϳϳ͕ϰϰϰ

W сϰϯ͕ϮϬϯ͕ϬϬϳ

ϱϰ͕ϲϴϭ͕ϱϯϴ ϴ͕ϯϮϮ͕ϰϵϵ ;ϳϯ͕ϭϮϱͿ ϲϮ͕ϵϯϬ͕ϵϭϮ

– ϭϬϲ͕ϭϯϯ͕ϵϭϵ

KĨĨŝĐĞ &ƵƌŶŝƚƵƌĞ͕ ĂŶĚ ƋƵŝƉŵĞŶƚ W сϳϬ͕ϱϳϳ͕ϰϰϰ ϭϴ͕ϴϯϴ͕ϱϱϱ ;ϳϯ͕ϭϮϱͿ – ϭϲ͕ϳϵϭ͕Ϭϰϱ

сϭϱ͕ϴϰϭ͕ϭϲϭ W

– – – –

ŽŶƐƚƌƵĐƚŝŽŶ ŝŶ WƌŽŐƌĞƐƐ сϭϯ͕ϲϴϳ͕ϵϴϰ W ϳϱ͕ϰϭϭ͕ϯϯϴ – – ;ϳϯ͕Ϯϱϴ͕ϭϲϭͿ ϭϱ͕ϴϰϭ͕ϭϲϭ

W сϭϮ͕ϴϰϳ͕Ϯϵϴ

–

– – –

– ϭϮ͕ϴϰϳ͕Ϯϵϴ

ŽŶƐƚƌƵĐƚŝŽŶ ŝŶ WƌŽŐƌĞƐƐ W сϭϱ͕ϴϰϭ͕ϭϲϭ ϭϰ͕Ϯϳϵ͕ϯϮϱ – – ;ϭϳ͕Ϯϳϯ͕ϭϴϴͿ

сϭ͕ϰϵϮ͕ϴϯϰ͕ϴϴϳ W

ϰϴϱ͕ϴϲϯ͕ϱϯϲ ϭϮϭ͕ϳϯϲ͕ϯϳϱ ;ϭϰϰ͕Ϯϵϵ͕ϬϭϭͿ ϰϲϯ͕ϯϬϬ͕ϵϬϬ

dŽƚĂů сϭ͕ϯϵϭ͕ϬϮϮ͕ϱϰϱ W ϲϬϴ͕ϯϮϲ͕ϴϱϰ ;ϭϰϳ͕Ϭϰϭ͕ϱϬϯͿ ϭϬϯ͕ϴϮϳ͕ϴϵϭ – ϭ͕ϵϱϲ͕ϭϯϱ͕ϳϴϳ

W сϭ͕ϴϯϮ͕ϯϰϳ͕ϵϴϴ

ϰϲϯ͕ϯϬϬ͕ϵϬϬ ϭϮϰ͕ϰϴϭ͕ϴϵϰ ;ϯϯ͕ϬϬϱ͕ϬϱϬͿ ϱϱϰ͕ϳϳϳ͕ϳϰϰ

ϭϵ͕ϰϳϭ͕ϭϲϵ Ϯ͕ϯϴϳ͕ϭϮϱ͕ϳϯϮ

dŽƚĂů W сϭ͕ϵϱϲ͕ϭϯϱ͕ϳϴϳ ϰϯϱ͕ϬϬϴ͕ϵϳϬ ;ϯϯ͕ϬϬϱ͕ϬϱϬͿ ϵ͕ϱϭϰ͕ϴϱϲ –

- Ͳ ϰϵ Ͳ 47

&Ăŝƌ sĂůƵĞ DĞĂƐƵƌĞŵĞŶƚ /Ŷ ϮϬϭϲ͕ ƚŚĞ 'ƌŽƵƉ ĂĚŽƉƚĞĚ ƚŚĞ ƌĞǀĂůƵĂƚŝŽŶ ŵŽĚĞů ĨŽƌ ƚŚĞ ƐƵďƐĞƋƵĞŶƚ ŵĞĂƐƵƌĞŵĞŶƚ ŽĨ ŝƚƐ ĂŝƌĐƌĂĨƚ under transportation equipment. The fair value of the Group’s aircraft as dĞƚĞƌŵŝŶĞĚ ďǇ ĂŶ ŝŶĚĞƉĞŶĚĞŶƚ ĂƉƉƌĂŝƐĞƌ ŽŶ EŽǀĞŵďĞƌ ϳ͕ ϮϬϭϳ ƵƐŝŶŐ DĂƌŬĞƚ ĂƚĂ ƉƉƌŽĂĐŚ ĂŵŽƵŶƚĞĚ ƚŽ сϱϱϴ͘ϱ ŵŝůůŝŽŶ͘ dŚĞ ĚŝĨĨĞƌĞŶĐĞ ďĞƚǁĞĞŶ ƚŚĞ ĨĂŝƌ ǀĂůƵĞ ĂŶĚ ƚŚĞ ĐĂƌƌǇŝŶŐ ĂŵŽƵŶƚ ŽĨ ƚŚĞ ĂŝƌĐƌĂĨƚ W ĂŵŽƵŶƚŝŶŐ ƚŽ W сϵ͘ϱ ŵŝůůŝŽŶ ǁĂƐ ƌĞĐŽŐŶŝǌĞĚ ĂƐ ƌĞǀĂůƵĂƚŝŽŶ ŝŶĐƌĞĂƐĞ͘ &ƵƌƚŚĞƌ ŝŶĨŽƌŵĂƚŝŽŶ ĂďŽƵƚ ƚŚĞ ĂƐƐƵŵƉƚŝŽŶƐ ŵĂĚĞ ŝŶ ŵĞĂƐƵƌŝŶŐ ĨĂŝƌ ǀĂůƵĞƐ ŝƐ ŝŶĐůƵĚĞĚ ŝŶ EŽƚĞ Ϯϰ͘ dŚĞ ƌĞǀĂůƵĂƚŝŽŶ ƐƵƌƉůƵƐ ƌĞĐŽŐŶŝǌĞĚ ŝŶ ƚŚĞ ĞƋƵŝƚǇ ƐĞĐƚŝŽŶ ŽĨ ƚŚĞ ƐƚĂƚĞŵĞŶƚƐ ŽĨ ĨŝŶĂŶĐŝĂů ƉŽƐŝƚŝŽŶ ĂŵŽƵŶƚĞĚ ƚŽ Wсϳϱ͘ϴ ŵŝůůŝŽŶ ĂŶĚ WсϳϮ͘ϳ ŵŝůůŝŽŶ ĂƐ Ăƚ ĞĐĞŵďĞƌ ϯϭ͕ ϮϬϭϳ ĂŶĚ ϮϬϭϲ ƌĞƐƉĞĐƚŝǀĞůǇ͘ dŚĞ ĐĂƌƌǇŝŶŐ ĂŵŽƵŶƚ ŽĨ ĂŝƌĐƌĂĨƚ ŚĂĚ ŝƚ ďĞĞŶ ƌĞĐŽŐŶŝǌĞĚ Ăƚ ĐŽƐƚ ĂŵŽƵŶƚĞĚ ƚŽ W с ϭ͕ϰϮϰ͘ϲ ŵŝůůŝŽŶ ĂŶĚ сϭ͕ϭϴϭ͘ϭ ŵŝůůŝŽŶ ĂƐ Ăƚ ĞĐĞŵďĞƌ ϯϭ͕ ϮϬϭϳ ĂŶĚ ϮϬϭϲ͕ ƌĞƐƉĞĐƚŝǀĞůǇ͘ W ĂƐƐĂƵůƚ &ĂůĐŽŶ ϵϬϬ y >ĞĂƐĞŚŽůĚ ƌŝŐŚƚ ǁĂƐ ŽďƚĂŝŶĞĚ ďǇ ƚŚĞ 'ƌŽƵƉ ŽŶ ĞĐĞŵďĞƌ Ϯϵ͕ ϮϬϭϰ ŽǀĞƌ Ă ĐĞƌƚĂŝŶ ĂŝƌĐƌĂĨƚ ĨŽƌ ƵƐĞ ŝŶ ƚŚĞ Group’s operations. In 2015, this leasehold right was cancelled and replaced by the acquisition of a ŶĞǁ ĂŝƌĐƌĂĨƚ ;&ĂůĐŽŶ ϵϬϬ y͕ ZWͲ ϵϬϭϴͿ ŝŶ :ƵŶĞ ϮϬϭϱ͘ dŚĞ ĐĂŶĐĞůůĂƚŝŽŶ ŽĨ ůĞĂƐĞŚŽůĚ ƌŝŐŚƚ ƌĞƐƵůƚĞĚ ƚŽ Ă ůŽƐƐ ŽĨ W сϯϯ͘ϳ ŵŝůůŝŽŶ ŝŶ ϮϬϭϱ ;ƐĞĞ EŽƚĞ ϭϵͿ͘ dŚĞ ŶĞǁ ĂŝƌĐƌĂĨƚ ǁĂƐ ĂĐƋƵŝƌĞĚ ƚŚƌŽƵŐŚ /͕ Ă ǁŚŽůůǇͲŽǁŶĞĚ ƐƵďƐŝĚŝĂƌǇ͕ ĨŽƌ ĐŽƌƉŽƌĂƚĞ ƵƐĞ ĂŶĚ ƵƐĞ ŽĨ s/W ĐůŝĞŶƚƐ͘ ZsK͕ ƚŚĞ ŵĂũŽƌŝƚǇ ƐŚĂƌĞŚŽůĚĞƌ ĂŶĚ ŚĂŝƌŵĂŶ ŽĨ >W, ͕ ĂĚǀĂŶĐĞĚ ƚŚĞ ĂŵŽƵŶƚ ŽĨ ϭϬ͘Ϭ ŵŝůůŝŽŶ h͘^͘ ŽůůĂƌƐ ƚŽ ĞŶĂďůĞ ƚŚĞ 'ƌŽƵƉ ƚŽ ĂĐƋƵŝƌĞ ƚŚĞ ĂŝƌĐƌĂĨƚ͘ dŚŝƐ ĂĚǀĂŶĐĞ ďǇ ZsK ǁĂƐ ŽĨĨƐĞƚ ĂŐĂŝŶƐƚ ŽƚŚĞƌ ƌĞĐĞŝǀĂďůĞƐ ƚŚĂƚ ƚŚĞ 'ƌŽƵƉ ŚĂƐ ĨƌŽŵ ZsK͘ /Ŷ ϮϬϭϱ͕ ƚŚĞ 'ƌŽƵƉ ĐĂƉŝƚĂůŝǌĞĚ Ă ƉŽƌƚŝŽŶ ŽĨ ƚŚĞ ĚĞƉƌĞĐŝĂƚŝŽŶ ĞǆƉĞŶƐĞ ĂŵŽƵŶƚŝŶŐ ƚŽ W сϭϳ͘ϭ ŵŝůůŝŽŶ͕ ǁŚŝĐŚ ŝƐ ƌĞůĂƚĞĚ ƚŽ ŵĂĐŚŝŶĞƌǇ ĂŶĚ ĞƋƵŝƉŵĞŶƚ ďĞŝŶŐ ƵƐĞĚ ĨŽƌ ƚŚĞ ĐŽŶƐƚƌƵĐƚŝŽŶ ;ƐĞĞ EŽƚĞ ϭϭͿ͘ ĞƉƌĞĐŝĂƚŝŽŶ ĂŶĚ ĂŵŽƌƚŝǌĂƚŝŽŶ ƌĞĐŽŐŶŝǌĞĚ ŝŶ ĐŽŶƐŽůŝĚĂƚĞĚ ƐƚĂƚĞŵĞŶƚƐ ŽĨ ĐŽŵƉƌĞŚĞŶƐŝǀĞ ŝŶĐŽŵĞ ĂƌĞ ĂƐ ĨŽůůŽǁƐ͗ EŽƚĞ ϮϬϭϳ ϮϬϭϲ ϮϬϭϱ WƌŽƉĞƌƚǇ ĂŶĚ ĞƋƵŝƉŵĞŶƚ W сϭϮϰ͕ϰϴϭ͕ϴϵϰ сϭϮϭ͕ϳϯϲ͕ϯϳϱ W сϭϬϰ͕ϯϯϲ͕ϰϴϱ W ^ŽĨƚǁĂƌĞ ϭϯ ϴϰ͕ϭϭϬ ϭϮϮ͕ϱϬϲ ϭϮϵ͕ϰϱϭ W сϭϮϰ͕ϱϲϲ͕ϬϬϰ сϭϮϭ͕ϴϱϴ͕ϴϴϭ W сϭϬϰ͕ϰϲϱ͕ϵϯϲ W ĞƉƌĞĐŝĂƚŝŽŶ ĞǆƉĞŶƐĞ ĂŵŽƵŶƚŝŶŐ W сϳϱ͘Ϯ ŵŝůůŝŽŶ ĂŶĚ W сϯϴ͘ϴ ŵŝůůŝŽŶ ŝŶ ϮϬϭϳ ĂŶĚ ϮϬϭϲ͕ ƌĞƐƉĞĐƚŝǀĞůǇ͕ ǁĂƐ recorded as part of “ ŽƐƚ ŽĨ ƐĞƌǀŝĐĞƐ” account in the consolidated statements of coŵƉƌĞŚĞŶƐŝǀĞ ŝŶĐŽŵĞ ;ƐĞĞ EŽƚĞ ϭϵͿ͘

129

Ͳ ϱϬ Ͳ

- 48 -

ϭϯ͘ KƚŚĞƌ EŽŶĐƵƌƌĞŶƚ ƐƐĞƚƐ

dŚŝƐ ĂĐĐŽƵŶƚ ĐŽŶƐŝƐƚƐ ŽĨ͗ ĚǀĂŶĐĞƐ ƚŽ ĐŽŶƚƌĂĐƚŽƌƐ ĂŶĚ ƐƵƉƉůŝĞƌƐ Ͳ ŶĞƚ ŽĨ ĐƵƌƌĞŶƚ ƉŽƌƚŝŽŶ /ŶƉƵƚ s d ZĞĨƵŶĚĂďůĞ ĚĞƉŽƐŝƚƐ ZĞĐĞŝǀĂďůĞ ĨƌŽŵ ƐĂůĞ ŽĨ͗ ZĞĂů ĞƐƚĂƚĞ ůƵď ƐŚĂƌĞƐ ^ŽĨƚǁĂƌĞ Ͳ ŶĞƚ KƚŚĞƌƐ

EŽƚĞ ϴ ϴ ϭϴ ϲ ϭϬ

ϮϬϭϳ

ϮϬϭϲ

W сϭϯϴ͕ϯϱϭ͕ϳϵϭ ϲϬ͕ϰϲϰ͕ϯϲϲ ϰϴ͕Ϯϱϳ͕ϱϲϵ ϰϭ͕ϱϯϭ͕ϴϲϮ ϳ͕ϱϱϲ͕ϯϯϳ ϳϲ͕ϳϴϰ Ϯϱ͕ϯϯϯ͕ϳϳϮ W сϯϮϭ͕ϱϳϮ͕ϰϴϭ

сϭϯϴ͕ϯϱϭ͕ϳϵϭ W ϲϬ͕ϴϮϳ͕Ϯϴϯ ϯϱ͕ϰϱϯ͕ϭϮϵ Ϯϴ͕ϳϬϭ͕ϰϭϴ ϭϴ͕ϯϰϭ͕ϳϮϵ ϭϲϬ͕ϴϵϰ Ϯϱ͕ϭϱϬ͕Ϭϰϱ сϯϬϲ͕ϵϴϲ͕Ϯϴϵ W

ZĞĨƵŶĚĂďůĞ ĚĞƉŽƐŝƚƐ ŝŶĐůƵĚĞ ďŝůůŝŶŐ ĂŶĚ ŵĞƚĞƌ ĚĞƉŽƐŝƚƐ ƚŽ DĂŶŝůĂ ůĞĐƚƌŝĐ ŽŵƉĂŶǇ ;DĞƌĂůĐŽͿ͘ dŚĞƐĞ ĂƌĞ ƌĞĨƵŶĚĂďůĞ ƵƉŽŶ ƚĞƌŵŝŶĂƚŝŽŶ ŽĨ ƐĞƌǀŝĐĞ ŽĨ DĞƌĂůĐŽ͘ dŚĞ ŵŽǀĞŵĞŶƚ ŝŶ ƚŚĞ ƐŽĨƚǁĂƌĞ ŝƐ ĂƐ ĨŽůůŽǁƐ͗ ŽƐƚ ĂůĂŶĐĞ Ăƚ ďĞŐŝŶŶŝŶŐ ŽĨ ǇĞĂƌ ĚĚŝƚŝŽŶƐ ĂůĂŶĐĞ Ăƚ ĞŶĚ ŽĨ ǇĞĂƌ ĐĐƵŵƵůĂƚĞĚ ŵŽƌƚŝǌĂƚŝŽŶ ĂůĂŶĐĞ Ăƚ ďĞŐŝŶŶŝŶŐ ŽĨ ǇĞĂƌ ŵŽƌƚŝǌĂƚŝŽŶ ĂůĂŶĐĞ Ăƚ ĞŶĚ ŽĨ ǇĞĂƌ EĞƚ ĂƌƌǇŝŶŐ ŵŽƵŶƚ

EŽƚĞ ϭϮ

ϮϬϭϳ W сϴ͕Ϭϯϵ͕ϰϱϲ – ϴ͕Ϭϯϵ͕ϰϱϲ ϳ͕ϴϳϴ͕ϱϲϮ ϴϰ͕ϭϭϬ ϳ͕ϵϲϮ͕ϲϳϮ W сϳϲ͕ϳϴϰ

ϮϬϭϲ сϳ͕ϴϴϱ͕ϴϴϰ W ϭϱϯ͕ϱϳϮ ϴ͕Ϭϯϵ͕ϰϱϲ ϳ͕ϳϱϲ͕Ϭϱϲ ϭϮϮ͕ϱϬϲ ϳ͕ϴϳϴ͕ϱϲϮ сϭϲϬ͕ϴϵϰ W

EŽƚĞ

ϮϬϭϳ W сϭ͕ϬϯϬ͕ϴϬϯ͕ϵϬϳ ϴϳϯ͕ϲϳϱ͕ϵϳϱ ϭϱ͕ϯϳϲ͕ϰϯϮ ϭϲ͕ϯϲϴ͕ϴϮϭ ϰϬϳ͕ϱϭϰ͕ϯϭϭ Ϯϯϵ͕ϭϲϰ͕ϵϱϱ ϵϭ͕ϰϭϱ͕ϴϬϯ ϵϴ͕Ϯϱϲ͕ϱϭϵ ϯϲ͕ϬϬϳ͕ϵϱϯ W сϮ͕ϴϬϴ͕ϱϴϰ͕ϲϳϲ

ϮϬϭϲ сϴϳϵ͕ϱϰϮ͕ϴϰϯ W ϳϰϬ͕ϭϲϰ͕ϰϱϯ ϰϳ͕ϬϵϮ͕ϮϯϮ ϲϯ͕ϰϳϯ͕ϭϱϬ ϰϬϬ͕Ϯϴϱ͕ϲϱϯ ϭϮϴ͕Ϯϭϯ͕ϰϬϴ ϭϭϱ͕ϵϱϰ͕Ϭϴϴ ϲϱ͕ϮϮϱ͕ϵϱϵ ϳϵ͕ϱϴϰ͕ϵϲϲ сϮ͕ϱϭϵ͕ϱϯϲ͕ϳϱϮ W

ϭϰ͘ dƌĂĚĞ ĂŶĚ KƚŚĞƌ WĂǇĂďůĞƐ

130

dŚŝƐ ĂĐĐŽƵŶƚ ĐŽŶƐŝƐƚƐ ŽĨ͗ dƌĂĚĞ ĐĐƌƵĞĚ ĞǆƉĞŶƐĞƐ͗ ŽŶƐƚƌƵĐƚŝŽŶ ĐŽƐƚƐ /ŶƚĞƌĞƐƚ KƚŚĞƌƐ ZĞƚĞŶƚŝŽŶ ƉĂǇĂďůĞ ĞƉŽƐŝƚƐ ĨƌŽŵ ƐĂůĞ ŽĨ͗ WƌĞĨĞƌƌĞĚ ƐŚĂƌĞƐ ZĞĂů ĞƐƚĂƚĞ hŶĞĂƌŶĞĚ ƌĞŶƚ ŝŶĐŽŵĞ KƚŚĞƌƐ

Ϯϱ ϭϬ ϳ

Ͳ ϱϭ Ͳ - 49 dƌĂĚĞ ƉĂǇĂďůĞƐ ĂƌĞ ŶŽŶŝŶƚĞƌĞƐƚͲďĞĂƌŝŶŐ ĂŶĚ ĂƌĞ ĚƵĞ ĨŽƌ ƉĂǇŵĞŶƚ ǁŝƚŚŝŶ ϯϬ ƚŽ ϭϮϬͲĚĂǇƐ͘ ĐĐƌƵĞĚ ĞǆƉĞŶƐĞƐ ŵĂŝŶůǇ ƉĞƌƚĂŝŶ ƚŽ ĂĐĐƌƵĂůƐ ĨŽƌ ĚĞǀĞůŽƉŵĞŶƚ ĐŽƐƚƐ ĂŶĚ ŐĞŶĞƌĂů ĂŶĚ ĂĚŵŝŶŝƐƚƌĂƚŝǀĞ ĞǆƉĞŶƐĞƐ͘ KƚŚĞƌ ƉĂǇĂďůĞƐ ĐŽŶƐŝƐƚ ŽĨ ŐŽǀĞƌŶŵĞŶƚ ƉĂǇĂďůĞƐ ĂŶĚ ŶŽŶƚƌĂĚĞ ƉĂǇĂďůĞƐ͘ ĐĐƌƵĞĚ ĞǆƉĞŶƐĞƐ ĂŶĚ ŽƚŚĞƌ ƉĂǇĂďůĞƐ ĂƌĞ ŐĞŶĞƌĂůůǇ ƐĞƚƚůĞĚ ǁŝƚŚŝŶ ŽŶĞ ǇĞĂƌ͘

ϭϱ͘ >ŽŶŐͲƚĞƌŵ Ğďƚ WƌĞƐĞŶƚĞĚ ďĞůŽǁ ĂƌĞ ƚŚĞ ĚĞƚĂŝůƐ ŽĨ ƚŚŝƐ ĂĐĐŽƵŶƚ͗ ŽƌƌŽǁĞƌ >W, W/ / ^d/ /Z D>,/ DW/

ƵƌƌĞŶƚ W сϵϳϯ͕ϯϴϵ͕ϭϮϮ ϰϱ͕Ϯϲϵ͕ϳϭϬ ϱϮ͕ϵϭϰ͕ϵϲϮ – – – – W сϭ͕Ϭϳϭ͕ϱϳϯ͕ϳϵϰ

ϮϬϭϳ EŽŶĐƵƌƌĞŶƚ W сϱ͕ϮϮϳ͕ϵϴϰ͕ϴϭϯ ϭϲϳ͕ϳϰϭ͕ϵϱϴ ϭϮϵ͕ϯϭϵ͕ϯϴϳ – – – – W сϱ͕ϱϮϱ͕Ϭϰϲ͕ϭϱϴ

dŽƚĂů W сϲ͕ϮϬϭ͕ϯϳϯ͕ϵϯϱ Ϯϭϯ͕Ϭϭϭ͕ϲϲϴ ϭϴϮ͕Ϯϯϰ͕ϯϰϵ – – – – W сϲ͕ϱϵϲ͕ϲϭϵ͕ϵϱϮ

ƵƌƌĞŶƚ W сϲϬ͕ϬϬϬ͕ϬϬϬ – ϰϳ͕ϵϳϭ͕ϵϬϯ Ϯϯϰ͕ϵϮϵ͕ϲϴϯ ϳϰϴ͕ϱϮϵ͕ϰϰϲ ϯϵ͕ϮϳϮ͕ϵϮϲ ϯϰϵ͕ϳϳϱ͕ϬϰϮ W сϭ͕ϰϴϬ͕ϰϳϵ͕ϬϬϬ

ϮϬϭϲ EŽŶĐƵƌƌĞŶƚ W сϰϮϬ͕ϬϬϬ͕ϬϬϬ – ϭϴϯ͕Ϯϴϰ͕ϵϴϵ Ϯ͕Ϯϵϱ͕Ϭϲϭ͕Ϭϲϱ ϰϲϴ͕ϱϯϮ͕Ϯϵϱ ϲϳϱ͕ϬϬϬ͕ϬϬϬ – W сϰ͕Ϭϰϭ͕ϴϳϴ͕ϯϰϵ

dŽƚĂů W сϰϴϬ͕ϬϬϬ͕ϬϬϬ – Ϯϯϭ͕Ϯϱϲ͕ϴϵϮ Ϯ͕ϱϮϵ͕ϵϵϬ͕ϳϰϴ ϭ͕Ϯϭϳ͕Ϭϲϭ͕ϳϰϭ ϳϭϰ͕ϮϳϮ͕ϵϮϲ ϯϰϵ͕ϳϳϱ͕ϬϰϮ W сϱ͕ϱϮϮ͕ϯϱϳ͕ϯϰϵ

>W, KŵŶŝďƵƐ >ŽĂŶ ĂŶĚ ^ĞĐƵƌŝƚǇ ŐƌĞĞŵĞŶƚ ǁŝƚŚ K KŶ &ĞďƌƵĂƌǇ ϭϱ͕ ϮϬϭϳ͕ >W, ĞŶƚĞƌĞĚ ŝŶƚŽ ĂŶ K>^ ǁŝƚŚ K ĨŽƌ Ă ůŽĂŶ ĨĂĐŝůŝƚǇ ŽĨ сϱ͕ϱϬϬ͘Ϭ ŵŝůůŝŽŶ ƚŽ ƌĞĨŝŶĂŶĐĞ ƚŚĞ ĞǆŝƐƚŝŶŐ ůŽĂŶƐ ĂŶĚ ƚŽ ĨŝŶĂŶĐĞ ŶĞǁ ƉƌŽũĞĐƚƐ ĂŶĚ ǁŽƌŬŝŶŐ ĐĂƉŝƚĂů W ƌĞƋƵŝƌĞŵĞŶƚƐ ŽĨ ƚŚĞ 'ƌŽƵƉ͘ dŚĞ ůŽĂŶ ŚĂƐ Ă ƚĞƌŵ ŽĨ ƐĞǀĞŶ ǇĞĂƌƐ͕ ƉĂǇĂďůĞ ŝŶ Ϯϱ ƋƵĂƌƚĞƌůǇ ƉƌŝŶĐŝƉĂů ĂŵŽƌƚŝǌĂƚŝŽŶƐ ĐŽŵŵĞŶĐŝŶŐ ŽŶĞ ǇĞĂƌ ĂĨƚĞƌ ŝŶŝƚŝĂů ĚƌĂǁĚŽǁŶ ĚĂƚĞ͘ dŚŝƐ ůŽĂŶ ĨĂĐŝůŝƚǇ ǁĂƐ ƐƵďƐĞƋƵĞŶƚůǇ ŝŶĐƌĞĂƐĞĚ ƚŽ W сϲ͕ϳϮϲ͘Ϭ ŵŝůůŝŽŶ ŝŶ ůĂƐƚ ƋƵĂƌƚĞƌ ŽĨ ϮϬϭϳ͘ KŶ ǀĂƌŝŽƵƐ ĚĂƚĞƐ ŝŶ ϮϬϭϳ͕ >W, ŵĂĚĞ ŝƚƐ ĚƌĂǁĚŽǁŶƐ ĂŵŽƵŶƚŝŶŐ ƚŽ W с ϲ͕Ϯϴϲ͘Ϭ ŵŝůůŝŽŶ͘ >W, ŚĂĚ ƵŶĚƌĂǁŶ ďŽƌƌŽǁŝŶŐ ĨĂĐŝůŝƚǇ ĂǀĂŝůĂďůĞ ĂŵŽƵŶƚŝŶŐ ƚŽ W сϰϰϬ͘Ϭ ŵŝůůŝŽŶ ĂƐ Ăƚ ĞĐĞŵďĞƌ ϯϭ͕ ϮϬϭϳ͘ /ŶƚĞƌĞƐƚ͕ ǁŚŝĐŚ ŝƐ ďĂƐĞĚ ŽŶ ƚŚĞ ƐƵŵ ŽĨ ƚŚĞ &ŝǆĞĚ dƌĂŶĐŚĞ /ŶƚĞƌĞƐƚ ZĂƚĞ ĂŶĚ ƚŚĞ &ůŽĂƚŝŶŐ dƌĂŶĐŚĞ /ŶƚĞƌĞƐƚ ZĂƚĞ͕ ŝƐ ƉĂǇĂďůĞ ƋƵĂƌƚĞƌůǇ͘ &ŝǆĞĚ dƌĂŶĐŚĞ /ŶƚĞƌĞƐƚ ZĂƚĞ ŝƐ ƚŚĞ ƐƵŵ ŽĨ ƚŚĞ ƉƌĞǀĂŝůŝŶŐ ƐĞǀĞŶͲǇĞĂƌ W ^dͲZϮ ƌĂƚĞ ĂŶĚ Ϯ͘ϳϱй ƉĞƌ ĂŶŶƵŵ͘ &ůŽĂƚŝŶŐ dƌĂŶĐŚĞ /ŶƚĞƌĞƐƚ ZĂƚĞ ŝƐ ƚŚĞ ŚŝŐŚĞƌ ŽĨ ƚŚĞ ƐƵŵ ŽĨ ƚŚĞ ƉƌĞǀĂŝůŝŶŐ ƚŚƌĞĞͲŵŽŶƚŚ W ^dͲZϮ ƌĂƚĞ ĂŶĚ Ϯ͘ϳϱй ƉĞƌ ĂŶŶƵŵ Žƌ ƚŚĞ ƐƵŵ ŽĨ ƚŚĞ ƉƌĞǀĂŝůŝŶŐ ĚĞƉŽƐŝƚ ĨĂĐŝůŝƚǇ ƌĂƚĞ ĂĚŽƉƚĞĚ ďǇ ƚŚĞ ĂŶŐŬŽ ^ĞŶƚƌĂů ŶŐ WŝůŝƉŝŶĂƐ ĨŽƌ ĚĞƉŽƐŝƚ ĨĂĐŝůŝƚŝĞƐ ǁŝƚŚ Ă ƚĞƌŵ ŽĨ Ϯϴ ĚĂǇƐ ĂŶĚ ϭ͘Ϯϱй ƉĞƌ ĂŶŶƵŵ͘ ĨĨĞĐƚŝǀĞ ŝŶƚĞƌĞƐƚ ƌĂƚĞƐ ŽĨ ƚŚĞ ůŽŶŐͲƚĞƌŵ ĚĞďƚ ƌĂŶŐĞ ĨƌŽŵ ϰ͘ϴй ƚŽ ϴ͘ϭй ƉĞƌ ĂŶŶƵŵ ŝŶ ϮϬϭϳ͘ /ŶƚĞƌĞƐƚ ĞǆƉĞŶƐĞ ƌĞĐŽŐŶŝǌĞĚ ŝŶ ƚŚĞ ĐŽŶƐŽůŝĚĂƚĞĚ ƐƚĂƚĞŵĞŶƚƐ ŽĨ ĐŽŵƉƌĞŚĞŶƐŝǀĞ ŝŶĐŽŵĞ ĂŵŽƵŶƚĞĚ ƚŽ W сϮϲϴ͘Ϯ ŵŝůůŝŽŶ ŝŶ ϮϬϭϳ͘

dŚĞ K>^ ǁŝƚŚ K ŝƐ ƐĞĐƵƌĞĚ ďǇ͗ ĂͿ ƌĞĂů ĞƐƚĂƚĞ ŵŽƌƚŐĂŐĞ ŽǀĞƌ ƚŚĞ ůŽƚƐ ĂŶĚ ŝŵƉƌŽǀĞŵĞŶƚƐ ŝŶ ĂůĞƐŝŶ /ƐůĂŶĚ͕ ƉƌŽƉĞƌƚŝĞƐ ŝŶ ůƉŚĂůĂŶĚ DĂŬĂƚŝ WůĂĐĞ͕ ůƉŚĂůĂŶĚ ^ŽƵƚŚŐĂƚĞ dŽǁĞƌ ĂŶĚ ^ŝůĂŶŐ WƌŽƉĞƌƚǇ ǁŝƚŚ ĂŶ ĂŐŐƌĞŐĂƚĞ ĂŵŽƵŶƚ ŽĨ W сϯϴ͕ϰϮϴ͘Ϭ ŵŝůůŝŽŶ ;ƐĞĞ EŽƚĞƐ ϭϭ ĂŶĚ ϭϮͿ͖ ďͿ ŽŶƚŝŶƵŝŶŐ ^ƵƌĞƚǇ ŐƌĞĞŵĞŶƚ ǁŝƚŚ >W, ͕ / /͕ /Z ͕ DW/ ĂŶĚ ^d/͖ ĂŶĚ ĐͿ ^ŚĂƌĞ DŽƌƚŐĂŐĞ ŝŶ ůƉŚĂůĂŶĚ WƌŽƉĞƌƚǇ DĂŶĂŐĞŵĞŶƚ ŽƌƉŽƌĂƚŝŽŶ͕ /Z ĂŶĚ / /͘

131

Ͳ ϱϮ Ͳ - 50 The scheduled maturities of ALPHA’s outstanding loans as at December ϯϭ͕ ϮϬϭϳ ĂƌĞ ĂƐ ĨŽůůŽǁƐ͗ ϮϬϭϴ сϵϵϲ͕ϭϲϬ͕ϬϬϬ W ϮϬϭϵ ϵϵϲ͕ϭϲϬ͕ϬϬϬ ϮϬϮϬ ĂŶĚ ŽŶǁĂƌĚƐ ϰ͕Ϯϵϯ͕ϲϴϬ͕ϬϬϬ ϲ͕Ϯϴϲ͕ϬϬϬ͕ϬϬϬ >ĞƐƐ ĚĞĨĞƌƌĞĚ ĨŝŶĂŶĐŝŶŐ ĐŽƐƚ ϴϰ͕ϲϮϲ͕Ϭϲϱ W сϲ͕ϮϬϭ͕ϯϳϯ͕ϵϯϱ

dŚĞ ĚĞƚĂŝůƐ ŽĨ ƚŚĞ ůŽĂŶƐ ƌĞĨŝŶĂŶĐĞĚ ŝŶ ϮϬϭϳ ƚŚƌŽƵŐŚ ƚŚĞ K>^ ǁŝƚŚ K ĂƌĞ ĂƐ ĨŽůůŽǁƐ͗

ŽƌƌŽǁĞƌ

ĂŶŬ

^d/

W Žŵ

D>,/

DW/

W͕ > W͕ K ĂŶĚ DĂǇ ĂŶŬ

WƵƌƉŽƐĞ ŽĨ ƚŚĞ >ŽĂŶ ZĞĨŝŶĂŶĐŝŶŐ ĞǆŝƐƚŝŶŐ K>^ ǁŝƚŚ K hŶŝďĂŶŬ ĂŶĚ ĨŽƌ ĨŝŶĂŶĐŝŶŐ ŽĨ ŐĞŶĞƌĂů ĐŽƌƉŽƌĂƚĞ ďƵƐŝŶĞƐƐ WĂƌƚŝĂůůǇ ƌĞĨŝŶĂŶĐŝŶŐ ƚŚĞ ůŽĂŶ ĨĂĐŝůŝƚǇ ĂŶĚ ƉĂƌƚŝĂůůǇ ĨƵŶĚŝŶŐ ƚŚĞ ĐĂƉŝƚĂů ĞǆƉĞŶĚŝƚƵƌĞƐ ĂŶĚ ŽƚŚĞƌ ŐĞŶĞƌĂů ĐŽƌƉŽƌĂƚĞ ĞǆƉĞŶƐĞƐ ŽĨ /Z WĂƌƚŝĂůůǇ ĨŝŶĂŶĐŝŶŐ ƚŚĞ ĐŽŶƐƚƌƵĐƚŝŽŶ ĂŶĚ ĚĞǀĞůŽƉŵĞŶƚ ŽĨ ůƉŚĂůĂŶĚ ĂŐƵŝŽ DŽƵŶƚĂŝŶ >ŽĚŐĞƐ WƌŽũĞĐƚ WĂƌƚŝĂůůǇ ĨŝŶĂŶĐŝŶŐ ƚŚĞ ĚĞǀĞůŽƉŵĞŶƚ͕ ĐŽŶƐƚƌƵĐƚŝŽŶ ĂŶĚ ŽƉĞƌĂƚŝŽŶ ŽĨ ƚŚĞ WŚĂƐĞ / ŽĨ ůƉŚĂůĂŶĚ DĂŬĂƚŝ WůĂĐĞ

ĂƌƌǇŝŶŐ ŵŽƵŶƚ ŽŶ ƚŚĞ ĂƚĞ ŽĨ ZĞĨŝŶĂŶĐŝŶŐ

/ŶƚĞƌĞƐƚ ZĂƚĞƐ

;ŝŶĐůƵƐŝǀĞ ŽĨ ŝŶƚĞƌĞƐƚͿ

ϮϬϭϳ

ϮϬϭϲ

сϮ͕ϰϳϳ͕ϭϲϱ͕ϱϭϭ W

ϰ͘ϳй ƚŽ ϱ͘ϲй

ϰ͘ϯй ƚŽ ϲ͘Ϭй

ϭ͕ϬϬϵ͕ϲϬϱ͕ϴϲϳ

ϱ͘ϵй

ϱ͘ϲй ƚŽ ϲ͘ϭ

ϳϮϯ͕ϯϯϱ͕ϬϬϬ

ϱ͘ϴй

ϱ͘Ϭй ƚŽ ϲ͘Ϭй

ϯϱϭ͕ϮϳϬ͕Ϯϭϱ

ϱ͘Ϭй ƚŽ ϲ͘Ϭй

сϰ͕ϱϲϭ͕ϯϳϲ͕ϱϵϯ W

dŚĞ ƌĞĨŝŶĂŶĐĞĚ ůŽĂŶƐ ĂƌĞ ƐĞĐƵƌĞĚ ďǇ ;ĂͿ ůƉŚĂůĂŶĚ ^ŽƵƚŚŐĂƚĞ dŽǁĞƌ͖ ;ďͿ ƌĞĂů ĞƐƚĂƚĞ ŵŽƌƚŐĂŐĞ ŽǀĞƌ ůŽƚƐ ŝŶ ĂůĞƐŝŶ /ƐůĂŶĚ͖ ;ĐͿ ĐŽŶƚŝŶƵŝŶŐ ƐƵƌĞƚǇƐŚŝƉ ĂŐƌĞĞŵĞŶƚ ǁŝƚŚ >W, ͖ ;ĚͿ ĚĞĞĚ ŽĨ ƉůĞĚŐĞ ĐŽǀĞƌŝŶŐ ϭ͕ϬϬϬ / / ƉƌĞĨĞƌƌĞĚ ƐŚĂƌĞƐ ŚĞůĚ ďǇ /Z ͖ ;ĞͿ ĐŽƌƉŽƌĂƚĞ ŐƵĂƌĂŶƚĞĞ ŽĨ ^d/͖ ;ĨͿ ƉƌŽƉĞƌƚŝĞƐ ůŽĐĂƚĞĚ ŝŶ WĂƌĂŹĂƋƵĞ ŝƚǇ͖ ;ŐͿ ůƉŚĂůĂŶĚ DĂŬĂƚŝ WůĂĐĞ͖ ĂŶĚ ;ŚͿ ^ŝůĂŶŐ ƉƌŽƉĞƌƚǇ͘ dŽƚĂů ǀĂůƵĞ ŽĨ ƚŚĞ ĐŽůůĂƚĞƌĂů ĂŵŽƵŶƚĞĚ ƚŽ W сϴϯ͕Ϭϭϯ͘ϱ ŵŝůůŝŽŶ ĂƐ Ăƚ ĞĐĞŵďĞƌ ϯϭ͕ ϮϬϭϲ͘ /ŶƚĞƌĞƐƚ ĞǆƉĞŶƐĞ ƉĞƌƚĂŝŶŝŶŐ ƚŽ ƚŚĞ ƌĞĨŝŶĂŶĐĞ ůŽĂŶƐ ĂŵŽƵŶƚĞĚ ƚŽ W сϰϴ͘ϵ ŵŝůůŝŽŶ ĂŶĚ W сϮϮϯ͘ϯ ŵŝůůŝŽŶ ŝŶ ϮϬϭϳ ĂŶĚ ϮϬϭϲ͕ ƌĞƐƉĞĐƚŝǀĞůǇ͘ >ŽĂŶ &ĂĐŝůŝƚǇ ǁŝƚŚ W Žŵ KŶ &ĞďƌƵĂƌǇ ϭϭ͕ ϮϬϭϲ͕ >W, ĞŶƚĞƌĞĚ ŝŶƚŽ ĂŶ K>^ ǁŝƚŚ W Žŵ ĨŽƌ Ă ůŽĂŶ ĨĂĐŝůŝƚǇ ŽĨ WсϰϴϬ͘Ϭ ŵŝůůŝŽŶ ĨŽƌ ƚŚĞ ƉƵƌƉŽƐĞ ŽĨ ĨŝŶĂŶĐŝŶŐ ƚŚĞ ŐĞŶĞƌĂů ĐŽƌƉŽƌĂƚĞ ƉƵƌƉŽƐĞ ŽĨ >W, ͘ KŶ &ĞďƌƵĂƌǇ ϭϭ͕ ϮϬϭϲ ĂŶĚ DĂǇ ϭϭ͕ ϮϬϭϲ͕ >W, ŵĂĚĞ ƚŚĞ ĨŝƌƐƚ ĂŶĚ ƐĞĐŽŶĚ ĚƌĂǁĚŽǁŶ ĂŵŽƵŶƚŝŶŐ ƚŽ W с ϰϬϬ͘Ϭ ŵŝůůŝŽŶ ĂŶĚ сϴϬ͘Ϭ ŵŝůůŝŽŶ͕ ƌĞƐƉĞĐƚŝǀĞůǇ͘ W dŚĞ ůŽĂŶ ŚĂƐ Ă ƚĞƌŵ ŽĨ ƐĞǀĞŶ ǇĞĂƌƐ ĨƌŽŵ ŝŶŝƚŝĂů ĚƌĂǁĚŽǁŶ ĚĂƚĞ͕ ŝŶĐůƵƐŝǀĞ ŽĨ Ă ŐƌĂĐĞ ƉĞƌŝŽĚ ŽĨ ŽŶĞ ǇĞĂƌ ƌĞĐŬŽŶĞĚ ĨƌŽŵ ƚŚĞ ŝŶŝƚŝĂů ĚƌĂǁĚŽǁŶ ĚĂƚĞ͕ ƉĂǇĂďůĞ ŝŶ Ϯϰ ƋƵĂƌƚĞƌůǇ ƉƌŝŶĐŝƉĂů ĂŵŽƌƚŝǌĂƚŝŽŶƐ ĂĨƚĞƌ ƚŚĞ ůĂƉƐĞ ŽĨ ƚŚĞ ŐƌĂĐĞ ƉĞƌŝŽĚ͘ /ŶƚĞƌĞƐƚ͕ ǁŚŝĐŚ ŝƐ ďĂƐĞĚ ŽŶ ĨůŽĂƚŝŶŐ ƌĂƚĞ ŽĨ ƚŚĞ ŚŝŐŚĞƌ ŽĨ ƚŚĞ ƚŚƌĞĞͲŵŽŶƚŚ ĞŶĐŚŵĂƌŬ ZĂƚĞ ƉůƵƐ ƐƉƌĞĂĚ ŽĨ ϯй ƉĞƌ ĂŶŶƵŵ ĂŶĚ ^W KǀĞƌŶŝŐŚƚ ŽƌƌŽǁŝŶŐ ZĂƚĞ ƉůƵƐ ƐƉƌĞĂĚ ŽĨ ϭ͘Ϯϱй ƉĞƌ ĂŶŶƵŵ͕ ŝƐ ƉĂǇĂďůĞ ƋƵĂƌƚĞƌůǇ͘

132

dŚĞ ůŽĂŶ ǁĂƐ ĨƵůůǇ ƐĞƚƚůĞĚ ŝŶ ϮϬϭϳ͘

Ͳ ϱϯ Ͳ - 51 ĂƉŝƚĂůŝǌĞĚ ŝŶƚĞƌĞƐƚ ĂŶĚ ŽƚŚĞƌ ĨŝŶĂŶĐŝŶŐ ĐŽƐƚƐ ŽŶ ƚŚĞ ůŽĂŶƐ ĂƌĞ ĂƐ ĨŽůůŽǁƐ͗ EŽƚĞ ϮϬϭϳ ϮϬϭϲ >ĂŶĚ ĂŶĚ ĚĞǀĞůŽƉŵĞŶƚ ĐŽƐƚƐ ϳ W сϲϳ͕Ϭϯϳ͕Ϯϱϲ сϯϲ͕ϰϯϵ͕ϭϲϲ W /ŶǀĞƐƚŵĞŶƚ ƉƌŽƉĞƌƚŝĞƐ ϭϭ ϰ͕Ϯϭϭ͕ϵϵϮ – W сϳϭ͕Ϯϰϵ͕Ϯϰϴ сϯϲ͕ϰϯϵ͕ϭϲϲ W

ϮϬϭϱ сWϰϴ͕ϴϯϯ͕ϵϬϴ ϯϲ͕Ϭϵϰ͕ϲϮϴ сϴϰ͕ϵϮϴ͕ϱϯϲ W

dŚĞ ƌĂƚĞ ƵƐĞĚ ƚŽ ĚĞƚĞƌŵŝŶĞ ƚŚĞ ĂŵŽƵŶƚ ŽĨ ďŽƌƌŽǁŝŶŐ ĐŽƐƚ ĞůŝŐŝďůĞ ĨŽƌ ĐĂƉŝƚĂůŝǌĂƚŝŽŶ ǁĂƐ ϳ͘ϭй͕ ϱ͘ϳй͕ ĂŶĚ ϱ͘ϲй ŝŶ ϮϬϭϳ͕ ϮϬϭϲ ĂŶĚ ϮϬϭϱ͕ ƌĞƐƉĞĐƚŝǀĞůǇ W/ KŶ &ĞďƌƵĂƌǇ ϯ͕ ϮϬϭϳ͕ W/ ĞŶƚĞƌĞĚ ŝŶƚŽ ĂŶ > ĂŐƌĞĞŵĞŶƚ ǁŝƚŚ K>&/ ĨŽƌ Ă ůŽĂŶ ĨĂĐŝůŝƚǇ ŽĨ с Ϯϰϱ͘Ϭ ŵŝůůŝŽŶ ĨŽƌ ƚŚĞ ƉƵƌƉŽƐĞ ŽĨ ĨŝŶĂŶĐŝŶŐ ƚŚĞ ĂĐƋƵŝƐŝƚŝŽŶ ŽĨ ĂŶ dZϳϮ dƵƌďŽƉƌŽƉ ŝƌĐƌĂĨƚ͕ W D^E ϲϳϴ͘ W/ ŵĂĚĞ ŝƚƐ ŝŶŝƚŝĂů ĚƌĂǁĚŽǁŶ ĂŵŽƵŶƚŝŶŐ ƚŽ W сϮϬϱ͘ϳ ŵŝůůŝŽŶ ŽŶ &ĞďƌƵĂƌǇ ϭϰ͕ ϮϬϭϳ Ăƚ Ă ĨŝǆĞĚ ŝŶƚĞƌĞƐƚ ƌĂƚĞ ŽĨ ϳ͘Ϭй ƉĞƌ ĂŶŶƵŵ͘ KŶ KĐƚŽďĞƌ ϱ͕ ϮϬϭϳ͕ ƚŚĞ ůŽĂŶ ĨĂĐŝůŝƚǇ ǁĂƐ ŝŶĐƌĞĂƐĞĚ ƚŽ W сϮϲϱ͘Ϯ ŵŝůůŝŽŶ ƚŽ ĂĐĐŽŵŵŽĚĂƚĞ ƚŚĞ ĨŝŶĂŶĐŝŶŐ ŽĨ Ă ƌĞƉůĂĐĞŵĞŶƚ ĞŶŐŝŶĞ ĨŽƌ ƚŚĞ ƐĂŝĚ ĂŝƌĐƌĂĨƚ͘ W/ ŵĂĚĞ ŝƚƐ ƐĞĐŽŶĚ ĚƌĂǁĚŽǁŶ ĂŵŽƵŶƚŝŶŐ ƚŽ сϯϴ͘ϰ ŵŝůůŝŽŶ ŽŶ EŽǀĞŵďĞƌ ϭϲ͕ ϮϬϭϳ Ăƚ Ă ĨŝǆĞĚ ŝŶƚĞƌĞƐƚ ƌĂƚĞ ŽĨ ϴ͘Ϭй ƉĞƌ ĂŶŶƵŵ͘ W /ŶƚĞƌĞƐƚ ĞǆƉĞŶƐĞ ƌĞĐŽŐŶŝǌĞĚ ŝŶ ƚŚĞ ĐŽŶƐŽůŝĚĂƚĞĚ ƐƚĂƚĞŵĞŶƚƐ ŽĨ ĐŽŵƉƌĞŚĞŶƐŝǀĞ ŝŶĐŽŵĞ ĂŵŽƵŶƚĞĚ ƚŽ W с ϭϮ͘ϴ ŵŝůůŝŽŶ ŝŶ ϮϬϭϳ͘ dŚĞ ƉƌŝŶĐŝƉĂů ĂŶĚ ŝŶƚĞƌĞƐƚ ŽĨ ƚŚĞ ůŽĂŶ ŝƐ ƉĂǇĂďůĞ ǁŝƚŚŝŶ ϲϬ ŵŽŶƚŚƐ ĨƌŽŵ ƚŚĞ ĚĂƚĞ ŽĨ ŝŶŝƚŝĂů ďŽƌƌŽǁŝŶŐ͘ dŚĞ > ŝƐ ƐĞĐƵƌĞĚ ďǇ ƚŚĞ͗ ;ĂͿ ĚĞĞĚ ŽĨ ĐŚĂƚƚĞů ŵŽƌƚŐĂŐĞ ŽǀĞƌ ƚŚĞ ƐƵďũĞĐƚ ĂŝƌĐƌĂĨƚ ǁŝƚŚ Ă ĐĂƌƌǇŝŶŐ ĂŵŽƵŶƚ ŽĨ W сϯϬϯ͘Ϭ ĂƐ Ăƚ ĞĐĞŵďĞƌ ϯϭ͕ ϮϬϭϳ͖ ĂŶĚ ;ďͿ ĐŽŶƚŝŶƵŝŶŐ ƐƵƌĞƚǇ ŽĨ >W, ͕ /͕ ^d/ ĂŶĚ /Z ͘

The scheduled maturities of AAPI’s outstanding loans as at December 31, 2017 are as follows: ϮϬϭϴ ϮϬϭϵ ϮϬϮϬ ĂŶĚ ŽŶǁĂƌĚƐ >ĞƐƐ ĚĞĨĞƌƌĞĚ ĨŝŶĂŶĐŝŶŐ ĐŽƐƚ

сWϰϱ͕ϲϳϱ͕ϰϱϳ ϰϵ͕Ϭϴϯ͕ϰϴϱ ϭϭϵ͕ϮϴϬ͕ϱϮϵ Ϯϭϰ͕Ϭϯϵ͕ϰϳϭ ϭ͕ϬϮϳ͕ϴϬϯ сϮϭϯ͕Ϭϭϭ͕ϲϲϴ W

/ KŶ DĂƌĐŚ ϰ͕ ϮϬϭϲ͕ / ĞŶƚĞƌĞĚ ŝŶƚŽ ĂŶ > ĂŐƌĞĞŵĞŶƚ ǁŝƚŚ K>&/ ĨŽƌ Ă ůŽĂŶ ĨĂĐŝůŝƚǇ ŽĨ сϯϬϵ͘Ϭ ŵŝůůŝŽŶ ĨŽƌ ƚŚĞ ƉƵƌƉŽƐĞ ŽĨ ĨŝŶĂŶĐŝŶŐ ƚŚĞ ĂĐƋƵŝƐŝƚŝŽŶ ŽĨ dZϳϮ dƵƌďŽƉƌŽƉ ŝƌĐƌĂĨƚ͕ D^E ϲϲϲ͘ KŶ W DĂƌĐŚ ϰ͕ ϮϬϭϲ͕ / ŵĂĚĞ ŝƚƐ ĚƌĂǁĚŽǁŶ ĂŵŽƵŶƚŝŶŐ ƚŽ W сϮϲϲ͘ϴ ŵŝůůŝŽŶ͘ >ŽĂŶ ŝŶƚĞƌĞƐƚ ƌĂƚĞ ŝƐ ƚŚĞ ƉƌĞǀĂŝůŝŶŐ ŵĂƌŬĞƚ ƌĂƚĞ ŽŶ ĂĐƚƵĂů ďŽŽŬŝŶŐ ĚĂƚĞ ƵƉ ƚŽ :ĂŶƵĂƌǇ ϭ͕ ϮϬϭϳ͘ ƐƵďƐĞƋƵĞŶƚ ĂŐƌĞĞŵĞŶƚ ĐŚĂŶŐĞĚ ƚŚĞ ĨŝǆĞĚ ŝŶƚĞƌĞƐƚ ƌĂƚĞ ŝŶƚŽ Ă ĨůŽĂƚŝŶŐ ŝŶƚĞƌĞƐƚ ƌĂƚĞ ƚŚĂƚ ŝƐ ƌĞƉƌŝĐĞĚ ƋƵĂƌƚĞƌůǇ ďĂƐĞĚ ŽŶ ƚŚĞ ƐƵŵ ŽĨ ƚŚĞ ƉƌĞǀĂŝůŝŶŐ ƚŚƌĞĞͲŵŽŶƚŚ W ^dͲZϮ ƌĂƚĞ ĂŶĚ Ϯ͘ϳϱй ƉĞƌ ĂŶŶƵŵ ĞĨĨĞĐƚŝǀĞ :ĂŶƵĂƌǇ Ϯ͕ ϮϬϭϳ͘ dŚĞ ƉƌŝŶĐŝƉĂů ĂŶĚ ŝŶƚĞƌĞƐƚ ŽĨ ƚŚĞ ůŽĂŶ ŝƐ ƉĂǇĂďůĞ ǁŝƚŚŝŶ ĨŝǀĞ ǇĞĂƌƐ ĨƌŽŵ ƚŚĞ ĚĂƚĞ ŽĨ ŝŶŝƚŝĂů ďŽƌƌŽǁŝŶŐ͘ DŽŶƚŚůǇ ĂŵŽƌƚŝǌĂƚŝŽŶ ĂŵŽƵŶƚƐ ƚŽ W сϱ͘ϯ ŵŝůůŝŽŶ͘ /ŶƚĞƌĞƐƚ ƌĂƚĞ ŽĨ ƚŚĞ ůŽŶŐͲƚĞƌŵ ĚĞďƚ ƌĂŶŐĞƐ ĨƌŽŵ ϱ͘Ϭϲй ƚŽ ϳ͘Ϯϱй ƉĞƌ ĂŶŶƵŵ ŝŶ ϮϬϭϳ ĂŶĚ ϮϬϭϲ͘ /ŶƚĞƌĞƐƚ ĞǆƉĞŶƐĞ ƌĞĐŽŐŶŝǌĞĚ ŝŶ ƚŚĞ ĐŽŶƐŽůŝĚĂƚĞĚ ƐƚĂƚĞŵĞŶƚƐ ŽĨ ĐŽŵƉƌĞŚĞŶƐŝǀĞ ŝŶĐŽŵĞ ĂŵŽƵŶƚĞĚ ƚŽ W сϭϯ͘Ϭ ŵŝůůŝŽŶ ĂŶĚ Wсϭϱ͘ϰ ŵŝůůŝŽŶ ŝŶ ϮϬϭϳ ĂŶĚ ϮϬϭϲ͕ ƌĞƐƉĞĐƚŝǀĞůǇ͘

133

- 52 Ͳ ϱϰ Ͳ dŚĞ > ŝƐ ƐĞĐƵƌĞĚ ďǇ ƚŚĞ ĨŽůůŽǁŝŶŐ͗ ;ĂͿ ĚĞĞĚ ŽĨ ĐŚĂƚƚĞů ŵŽƌƚŐĂŐĞ ŽǀĞƌ ƚŚĞ ƐƵďũĞĐƚ ĂŝƌĐƌĂĨƚ ǁŝƚŚ Ă ĐĂƌƌǇŝŶŐ ĂŵŽƵŶƚ ŽĨ W сϰϬϭ͘ϲ ĂƐ Ăƚ ĞĐĞŵďĞƌ ϯϭ͕ ϮϬϭϲ͖ ĂŶĚ ;ďͿ ĐŽŶƚŝŶƵŝŶŐ ƐƵƌĞƚǇ ŽĨ ^d/ ĂŶĚ /Z ͘

The scheduled maturities of AAI’s outstanding loans as at December 31, 2017 are as follows: ϮϬϭϴ сϱϯ͕ϭϲϯ͕ϰϴϴ W ϮϬϭϵ ϱϱ͕ϵϭϴ͕ϭϲϵ ϮϬϮϬ ĂŶĚ ŽŶǁĂƌĚƐ ϳϯ͕ϵϴϵ͕ϲϮϴ ϭϴϯ͕Ϭϳϭ͕Ϯϴϱ >ĞƐƐ ĚĞĨĞƌƌĞĚ ĨŝŶĂŶĐŝŶŐ ĐŽƐƚ ϴϯϲ͕ϵϯϲ сϭϴϮ͕Ϯϯϰ͕ϯϰϵ W WƵƌƐƵĂŶƚ ƚŽ ƚŚĞ ƚĞƌŵƐ ŽĨ ƚŚĞ ůŽĂŶ ĂŐƌĞĞŵĞŶƚƐ͕ ƚŚĞ 'ƌŽƵƉ ŝƐ ƌĞƐƚƌŝĐƚĞĚ ĨƌŽŵ ƉĞƌĨŽƌŵŝŶŐ ĐĞƌƚĂŝŶ ĐŽƌƉŽƌĂƚĞ ĂĐƚƐ ǁŝƚŚŽƵƚ ǁƌŝƚƚĞŶ ĐŽŶƐĞŶƚ ĨƌŽŵ ƚŚĞ ĐƌĞĚŝƚŽƌ ďĂŶŬ ĂŶĚ ŝƐ ƌĞƋƵŝƌĞĚ ƚŽ ĐŽŵƉůǇ ǁŝƚŚ ĐĞƌƚĂŝŶ ĨŝŶĂŶĐŝĂů ĐŽǀĞŶĂŶƚƐ͘ dŚĞ ĂŐƌĞĞŵĞŶƚƐ ĂůƐŽ ĐŽŶƚĂŝŶ ĐƌŽƐƐ ĚĞĨĂƵůƚ ƉƌŽǀŝƐŝŽŶƐ ƚƌŝŐŐĞƌĞĚ ďǇ ĨĂŝůƵƌĞ ŽĨ ƚŚĞ 'ƌŽƵƉ ƚŽ ĐŽŵƉůǇ ǁŝƚŚ ĂŶǇ ƚĞƌŵ͕ ŽďůŝŐĂƚŝŽŶ Žƌ ĐŽǀĞŶĂŶƚ ĐŽŶƚĂŝŶĞĚ ŝŶ ĂŶǇ ůŽĂŶ ĂŐƌĞĞŵĞŶƚ͘

/ŶƚĞƌĞƐƚ ĞǆƉĞŶƐĞ ĂŶĚ ŽƚŚĞƌ ĨŝŶĂŶĐĞ ĐŚĂƌŐĞƐ ƌĞĐŽŐŶŝǌĞĚ ŝŶ ƚŚĞ ĐŽŶƐŽůŝĚĂƚĞĚ ƐƚĂƚĞŵĞŶƚƐ ŽĨ ĐŽŵƉƌĞŚĞŶƐŝǀĞ ŝŶĐŽŵĞ ĂƌĞ ĂƐ ĨŽůůŽǁƐ͗ >ŽŶŐͲƚĞƌŵ ĚĞďƚ &ŝŶĂŶĐĞ ĐŚĂƌŐĞƐ KƚŚĞƌƐ

ϮϬϭϳ W сϯϯϯ͕Ϯϰϴ͕Ϭϯϯ Ϯϵ͕Ϯϭϳ͕ϴϯϬ ϯ͕Ϯϲϭ͕ϯϯϭ W сϯϲϱ͕ϳϮϳ͕ϭϵϰ

ϮϬϭϲ сϮϵϭ͕ϰϴϴ͕ϭϯϲ W – ϯ͕Ϯϲϭ͕ϯϯϭ сϮϵϰ͕ϳϰϵ͕ϰϲϳ W

ϮϬϭϱ сϮϮϭ͕ϰϮϰ͕ϵϰϴ W Ϯϲ͕ϱϴϵ͕ϳϳϱ ϯ͕Ϯϴϴ͕ϭϰϵ сϮϱϭ͕ϯϬϮ͕ϴϳϮ W

ϭϲ͘ ƋƵŝƚǇ ĂƉŝƚĂů ^ƚŽĐŬ

134

Ă͘ The composition of ALPHA’s capital stock consisting of all common shares as at December 31 ŝƐ ĂƐ ĨŽůůŽǁƐ͗ ƵƚŚŽƌŝǌĞĚ Ͳ W сϭ WĂƌ sĂůƵĞ

ϮϬϭϳ EƵŵďĞƌ ŽĨ ^ŚĂƌĞƐ ŵŽƵŶƚ ϱ͕ϬϬϬ͕ϬϬϬ͕ϬϬϬ W сϱ͕ϬϬϬ͕ϬϬϬ͕ϬϬϬ

ϮϬϭϲ EƵŵďĞƌ ŽĨ ^ŚĂƌĞƐ ŵŽƵŶƚ ϱ͕ϬϬϬ͕ϬϬϬ͕ϬϬϬ W сϱ͕ϬϬϬ͕ϬϬϬ͕ϬϬϬ

/ƐƐƵĞĚ ĂŶĚ ƐƵďƐĐƌŝďĞĚ dƌĞĂƐƵƌǇ WĂƌĞŶƚ ŽŵƉĂŶǇ’s shares held by a ƐƵďƐŝĚŝĂƌǇ

Ϯ͕ϲϱϰ͕ϳϬϳ͕ϰϭϳ ;ϰϮϯ͕ϵϬϬͿ Ϯ͕ϲϱϰ͕Ϯϴϯ͕ϱϭϳ

W сϮ͕ϲϱϱ͕ϳϬϳ͕ϰϭϳ ;ϭ͕Ϯϭϯ͕ϱϮϲͿ Ϯ͕ϲϱϰ͕ϰϵϯ͕ϴϵϭ

Ϯ͕ϲϱϰ͕ϳϬϳ͕ϰϭϳ ;ϭ͕ϱϮϯ͕ϵϬϬͿ Ϯ͕ϲϱϯ͕ϭϴϯ͕ϱϭϳ

W сϮ͕ϲϱϱ͕ϳϬϳ͕ϰϭϳ ;ϭϮ͕Ϯϭϯ͕ϱϮϲͿ Ϯ͕ϲϰϯ͕ϰϵϯ͕ϴϵϭ

;ϭ͕ϯϴϯ͕ϰϮϳ͕ϰϳϵͿ ϭ͕ϮϳϬ͕ϴϱϲ͕Ϭϯϴ

;ϭϲ͕ϴϴϭ͕Ϯϭϵ͕ϵϬϱͿ

;ϭ͕ϯϳϵ͕ϮϭϬ͕ϵϳϴͿ ϭ͕Ϯϳϯ͕ϵϳϮ͕ϱϯϵ

;ϭϲ͕ϴϭϳ͕ϵϳϮ͕ϯϵϬͿ

- 53 Ͳ ϱϱ Ͳ ĞůŽǁ ŝƐ Ă ƐƵŵŵĂƌǇ ŽĨ ƚŚĞ ĐĂƉŝƚĂů ƐƚŽĐŬ ŵŽǀĞŵĞŶƚ ŽĨ ƚŚĞ WĂƌĞŶƚ ŽŵƉĂŶǇ͗ ŽƌƉŽƌĂƚĞ EĂŵĞ ŐƌŽ WůĂƐƚŝĐƐ͕ /ŶĐ͘Ύ DĂĐŽŶĚƌĂǇ WůĂƐƚŝĐƐ͕ /ŶĐ͘ DĂĐŽŶĚƌĂǇ WůĂƐƚŝĐƐ͕ /ŶĐ͘ DĂĐŽŶĚƌĂǇ WůĂƐƚŝĐƐ͕ /ŶĐ͘ DĂĐŽŶĚƌĂǇ WůĂƐƚŝĐƐ͕ /ŶĐ͘ ůƉŚĂůĂŶĚ ŽƌƉŽƌĂƚŝŽŶ ůƉŚĂůĂŶĚ ŽƌƉŽƌĂƚŝŽŶ ůƉŚĂůĂŶĚ ŽƌƉŽƌĂƚŝŽŶ ůƉŚĂůĂŶĚ ŽƌƉŽƌĂƚŝŽŶ ůƉŚĂůĂŶĚ ŽƌƉŽƌĂƚŝŽŶ ůƉŚĂůĂŶĚ ŽƌƉŽƌĂƚŝŽŶ ůƉŚĂůĂŶĚ ŽƌƉŽƌĂƚŝŽŶ

ĂƚĞ ŽĨ ƉƉƌŽǀĂů EŽǀĞŵďĞƌ ϭϵ͕ ϭϵϵϬ :ƵŶĞ ϭ͕ ϮϬϬϬ EŽǀĞŵďĞƌ Ϯϯ͕ ϮϬϬϬ ^ĞƉƚĞŵďĞƌ ϭ͕ ϮϬϬϭ DĂǇ Ϯϳ͕ ϮϬϬϵ Ɖƌŝů ϳ͕ ϮϬϭϬ EŽǀĞŵďĞƌ ϭϭ͕ ϮϬϭϬ DĂƌĐŚ ϯ͕ ϮϬϭϭ :ƵŶĞ Ϯϳ͕ ϮϬϭϭ :ĂŶƵĂƌǇ Ϯ͕ ϮϬϭϰ &ĞďƌƵĂƌǇ ϳ͕ ϮϬϭϰ &ĞďƌƵĂƌǇ ϭϵ͕ ϮϬϭϰ

/ŶĐƌĞĂƐĞ ŝŶ ƵƚŚŽƌŝǌĞĚ ĂƉŝƚĂů ^ƚŽĐŬ ϭϬ͕ϬϬϬ͕ϬϬϬ ϵϬ͕ϬϬϬ͕ϬϬϬ – ϯϬϬ͕ϬϬϬ͕ϬϬϬ – ϰ͕ϱϬϬ͕ϬϬϬ͕ϬϬϬ – – – – – –

EĞǁ ^ƵďƐĐƌŝƉƚŝŽŶƐͬ /ƐƐƵĂŶĐĞƐ Ϯ͕ϱϬϬ͕ϬϬϬ ϯϬ͕ϬϬϬ͕ϬϬϬ ϭϲ͕ϳϰϬ͕ϬϬϬ ϳϲ͕ϯϮϮ͕ϬϬϬΎΎ Ϯϱ͕ϬϮϲ͕ϵϬϬΎΎ ϭ͕Ϯϲϵ͕ϳϯϰ͕ϬϰϭΎΎΎ ϴ͕ϴϵϳ͕ϯϰϲ ϭϰϳ͕ϯϳϱ͕ϳϬϬΎΎΎΎ ϰϬϴ͕ϭϱϬ͕Ϯϲϰ ϲϬϬ͕ϬϬϬ͕ϬϬϬ ϭϬϴ͕ϯϯϲ͕ϴϲϲ ϭϬϵ͕ϬϬϬ͕ϬϬϬ

/ƐƐƵĞͬ KĨĨĞƌ WƌŝĐĞ W сϭ͘ϬϬ ϭ͘ϬϬ ϱ͘ϯϴ ϭ͘ϬϬ ϭ͘ϬϬ ϭϬ͘ϬϬ ϭϬ͘ϬϬ ϭϬ͘ϬϬ ϭϬ͘ϬϬ Ϯ͘ϱϬ Ϯ͘ϱϬ Ϯ͘ϱϬ

Ύ >W, ǁĂƐ ŝŶĐŽƌƉŽƌated on November 19, 1990 as “Agro Plastics, Inc.”. On March 15, 1995, it changed its corporate name to “Macondray Plastics, Inc.”. On November 23, 2000, it had its initial public offering. On April 7, 2010, it changed its corporĂƚĞ ŶĂŵĞ ƚŽ “Alphaland CorpŽƌĂƚŝŽŶ͘” ΎΎdŚŝƐ ƌĞƉƌĞƐĞŶƚƐ ϭϱϱй ĂŶĚ ϮϬй ƐƚŽĐŬ ĚŝǀŝĚĞŶĚ͕ ƌĞƐƉĞĐƚŝǀĞůǇ͘ ΎΎΎ^ŚĂƌĞͲĨŽƌͲƐŚĂƌĞ ƐǁĂƉ ǁŝƚŚ ƐŚĂƌĞŚŽůĚĞƌƐ ŽĨ ^d/͘

ΎΎΎΎWĂƌƚŝĂůůǇ ƉĂŝĚ͕ ǁŝƚŚ ƐƵďƐĐƌŝƉƚŝŽŶ ƌĞĐĞŝǀĂďůĞ ŽĨ W сϭ͕ϰϳϮ͘ϴ ŵŝůůŝŽŶ ŝŶ ϮϬϭϰ͘ /Ŷ :ƵŶĞ Ϯϰ͕ ϮϬϭϱ͕ >W, ĚĞĐůĂƌĞĚ ƚŚĞ ƐƵďƐĐƌŝďĞĚ ƐŚĂƌĞƐ ĂƐ ĚĞůŝŶƋƵĞŶƚ ĂŶĚ ƐƵďƐĞƋƵĞŶƚůǇ ĐĂŶĐĞůůĞĚ ĂŶĚ ƌĞƚƵƌŶĞĚ ƚŚĞ ƐĂŵĞ ĂƐ ƵŶŝƐƐƵĞĚ ƐŚĂƌĞƐ ŽĨ >W, ͘

Ɛ Ăƚ ĞĐĞŵďĞƌ ϯϭ͕ ϮϬϭϳ ĂŶĚ ϮϬϭϲ͕ ƚŚĞ ƚŽƚĂů ŶƵŵďĞƌ ŽĨ ƐŚĂƌĞŚŽůĚĞƌƐ͕ ǁŚŝĐŚ ŝŶĐůƵĚĞƐ W EŽŵŝŶĞĞ ŽƌƉŽƌĂƚŝŽŶ͕ ŝƐ ϱϳ͘

ď͘ ĞůŝƐƚŝŶŐ ƉƌŽĐĞĚƵƌĞƐ ŝŶŝƚŝĂƚĞĚ ďǇ ƚŚĞ W^

>W, ĐŽŵŵŝƚƚĞĚ ĚĞůĂǇƐ ŝŶ ĐŽŵƉůǇŝŶŐ ǁŝƚŚ ŝƚƐ ĚŝƐĐůŽƐƵƌĞ ƌĞƋƵŝƌĞŵĞŶƚƐ ǁŝƚŚ ƚŚĞ W^ ĂƐ Ă ƌĞƐƵůƚ ŽĨ ƚŚĞ ĚŝƐƉƵƚĞ ďĞƚǁĞĞŶ ƚŚĞ ƚǁŽ ŵĂũŽƌ ŐƌŽƵƉƐ ŽĨ ƐƚŽĐŬŚŽůĚĞƌƐ͘ dŚĞ ĚĞůĂǇ ŝŶ ƚŚĞ ĚŝƐĐůŽƐƵƌĞ ǁĂƐ ďƌŽƵŐŚƚ ĂďŽƵƚ ďǇ Ă ŐŽŽĚ ĨĂŝƚŚ ĞĨĨŽƌƚ ƚŽ ĂƌƌŝǀĞ Ăƚ ĂŶ ĂŵŝĐĂďůĞ ƐĞƚƚůĞŵĞŶƚ ǁŝƚŚ ƚŚĞ , 'ƌŽƵƉ͘ KŶ :ƵŶĞ ϭϳ͕ ϮϬϭϰ͕ ŝŶ Ă ŚĞĂƌŝŶŐ ĐŽŶĚƵĐƚĞĚ ďǇ ƚŚĞ W^ ͕ >W, ĨŽƌŵĂůůǇ ŝŶĨŽƌŵĞĚ ƚŚĞ W^ ŽĨ ƚŚĞ ƐĞƚƚůĞŵĞŶƚ ďĞƚǁĞĞŶ ďŽƚŚ ƉĂƌƚŝĞƐ ĂŶĚ ƐƵƉƉŽƌƚĞĚ ǀŽůƵŶƚĂƌŝůǇ ƚŚĞ ĚĞůŝƐƚŝŶŐ ƉƌŽĐĞĚƵƌĞƐ ŝŶŝƚŝĂƚĞĚ ďǇ ƚŚĞ W^ ͘ KŶ ^ĞƉƚĞŵďĞƌ ϴ͕ ϮϬϭϰ͕ ƚŚĞ W^ ŝƐƐƵĞĚ Ă ƌĞƐŽůƵƚŝŽŶ ĚĞůŝƐƚŝŶŐ >W, ĨŽƌ ǀŝŽůĂƚŝŽŶ ŽĨ ƚŚĞ ĚŝƐĐůŽƐƵƌĞ ƌƵůĞƐ ĂŶĚ ŵĂŶĚĂƚĞĚ >W, ƚŽ ŚŽůĚ Ă ƚĞŶĚĞƌ ŽĨĨĞƌ ƚŽ ďƵǇ Ăůů ƚŚĞ ƐŚĂƌĞƐ ŽĨ ŝƚƐ ƌĞƚĂŝůͬŶŽŶͲ ƐƚƌĂƚĞŐŝĐ ƐŚĂƌĞŚŽůĚĞƌƐ͘ KŶ KĐƚŽďĞƌ ϭϳ͕ ϮϬϭϰ͕ >W, ĐŽŵƉůĞƚĞĚ ŝƚƐ ƚĞŶĚĞƌ ŽĨĨĞƌ ƚŽ Ϯ͕ϲϳϮ͕ϳϴϵ >W, ƐŚĂƌĞƐ͕ ƌĞͲĂĐƋƵŝƌĞĚ ƚŚƌƵ ^d/͕ ĞƋƵŝǀĂůĞŶƚ ƚŽ W сϮϰ͘Ϯ ŵŝůůŝŽŶ͘ dŚĞ W^ ĂůƐŽ ƉƌŽŚŝďŝƚĞĚ >W, ĨƌŽŵ ĂƉƉůǇŝŶŐ ĨŽƌ ƌĞůŝƐƚŝŶŐ ǁŝƚŚŝŶ Ă ƉĞƌŝŽĚ ŽĨ ĨŝǀĞ ǇĞĂƌƐ ĨƌŽŵ ƚŚĞ ĞĨĨĞĐƚŝǀĞ ĚĂƚĞ ŽĨ ĚĞůŝƐƚŝŶŐ͘

Đ͘ Dt / ^ƚŽĐŬ ^ƵďƐĐƌŝƉƚŝŽŶ KŶ DĂƌĐŚ ϯ͕ ϮϬϭϭ͕ ƚŚĞ ǆĞĐƵƚŝǀĞ ŽŵŵŝƚƚĞĞ ŽĨ ƚŚĞ K ŽĨ >W, ĂƵƚŚŽƌŝǌĞĚ ƚŚĞ ŝƐƐƵĂŶĐĞ ƚŽ Dt / ŽĨ ϭϰϳ͕ϯϳϱ͕ϳϬϬ ĐŽŵŵŽŶ ƐŚĂƌĞƐ ĨƌŽŵ ƚŚĞ ƵŶŝƐƐƵĞĚ ƉŽƌƚŝŽŶ ŽĨ ŝƚƐ ĂƵƚŚŽƌŝǌĞĚ ĐĂƉŝƚĂů ƐƚŽĐŬ Ăƚ ĂŶ ŝƐƐƵĞ ƉƌŝĐĞ ŽĨ W сϭϬ ƉĞƌ ƐŚĂƌĞ͘ dŚŝƐ ƌĞƐƵůƚĞĚ ŝŶ ĂŶ ŝŶĐƌĞĂƐĞ ŝŶ ƚŚĞ ŝƐƐƵĞĚ ĂŶĚ ƐƵďƐĐƌŝďĞĚ ƐŚĂƌĞƐ ŽĨ >W, ͕ ŶĞƚ ŽĨ ϰϮϯ͕ϵϬϬ ƚƌĞĂƐƵƌǇ ƐŚĂƌĞƐ͕ ĨƌŽŵ ϭ͕ϰϮϴ͕ϳϵϲ͕ϯϴϳ ƐŚĂƌĞƐ ƚŽ ϭ͕ϱϳϲ͕ϭϳϮ͕Ϭϴϳ͘ dŚĞ ƐŚĂƌĞƐ ŝƐƐƵĞĚ ƚŽ Dt / ƌĞƉƌĞƐĞŶƚ ĂƉƉƌŽǆŝŵĂƚĞůǇ ϵ͘ϯϱй ŽĨ ƚŚĞ ƚŚĞŶ ƌĞƐƵůƚŝŶŐ ŽƵƚƐƚĂŶĚŝŶŐ ĐĂƉŝƚĂů ƐƚŽĐŬ ŽĨ >W, ͘

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Ͳ ϱϲ Ͳ - 54 KƵƚ ŽĨ ƚŚĞ ƚŽƚĂů ƐƵďƐĐƌŝƉƚŝŽŶ ŵĂĚĞ ďǇ Dt /͕ W сϭ͘Ϭ ŵŝůůŝŽŶ ǁĂƐ ƉĂŝĚ ŝŶ ĐĂƐŚ ǁŝƚŚ ƚŚĞ ďĂůĂŶĐĞ ŽĨ W с ϭ͕ϰϳϮ͘ϴ ŵŝůůŝŽŶ ƚŽ ďĞ ƉĂŝĚ ďǇ ĐŽŶǀĞǇĂŶĐĞ ƚŽ >W, ŽĨ ƐŚĂƌĞƐ ŽĨ ƐƚŽĐŬ ŽĨ ͘ dŚĞ ĐŽŶǀĞǇĂŶĐĞ ŽĨ ƐŚĂƌĞƐ ŽĨ ƐƚŽĐŬ ƚŽ >W, ǁŝůů ďĞ ĞĨĨĞĐƚĞĚ ŝŵŵĞĚŝĂƚĞůǇ ĂĨƚĞƌ Dt / ŚĂƐ ĐŽŶǀĞǇĞĚ ƚŚĞ ĂĚĚŝƚŝŽŶĂů ĨŽƵƌ ŚĞĐƚĂƌĞƐ ŽĨ ůĂŶĚ ƚŽ ƚŽ ďƌŝŶŐ ƚŚĞ ƚŽƚĂů ĚĞǀĞůŽƉŵĞŶƚ ĂƌĞĂ ŽĨ ƚŚĞ ĂǇ ŝƚǇ WƌŽũĞĐƚ ƚŽ Ăƚ ůĞĂƐƚ ϯϮ ŚĞĐƚĂƌĞƐ͘ As at December 31, 2014, there was no conveyance yet of ABCC’s shares of stock from DMWAI to >W, ŶŽƌ ŚĂƐ Dt / ĐŽŶǀĞǇĞĚ ƚŚĞ ĂĚĚŝƚŝŽŶĂů ĨŽƵƌ ŚĞĐƚĂƌĞƐ ŽĨ ůĂŶĚ ƚŽ ͘ dŚĞ ƌĞůĂƚĞĚ ƐƵďƐĐƌŝƉƚŝŽŶ ƌĞĐĞŝǀĂďůĞ ŽĨ W сϭ͕ϰϳϮ͘ϴ ŵŝůůŝŽŶ ǁĂƐ ƌĞĐŽŐŶŝǌĞĚ ĂƐ ĚĞĚƵĐƚŝŽŶ ĨƌŽŵ ƚŚĞ ƐƵďƐĐƌŝďĞĚ ĐĂƉŝƚĂů ƐƚŽĐŬ ŝŶ ƚŚĞ ĞƋƵŝƚǇ ƐĞĐƚŝŽŶ ŽĨ ƚŚĞ ĐŽŶƐŽůŝĚĂƚĞĚ ƐƚĂƚĞŵĞŶƚƐ ŽĨ ĨŝŶĂŶĐŝĂů ƉŽƐŝƚŝŽŶ͘ &Žƌ ŶŽŶƉĂǇŵĞŶƚ ŽĨ ƚŚĞ ĨƵůů ƉƵƌĐŚĂƐĞ ƉƌŝĐĞ ĚĞƐƉŝƚĞ ĚĞŵĂŶĚ͕ ƚŚĞ K ŽĨ >W, ͕ ďǇ ƌĞƐŽůƵƚŝŽŶ adopted on June 24, 2015, declared as delinquent DMWAI’s subscription to 147,375,700 common ƐŚĂƌĞƐ ŽĨ >W, Ăƚ ĂŶ ŝƐƐƵĞ ƉƌŝĐĞ ŽĨ ϭϬ ƉĞƌ ƐŚĂƌĞ ĂŶĚ ƐĞƚ ƚŚĞ ĚĞůŝŶƋƵĞŶĐǇ ƐĂůĞ ŽŶ :ƵůǇ Ϯϳ͕ ϮϬϭϱ͘ dŚĞ ŶŽƚŝĐĞ ŽĨ ĚĞůŝŶƋƵĞŶĐǇ ƐĂůĞ ǁĂƐ ƉƵďůŝƐŚĞĚ ƚǁŝĐĞ͕ ŽŶ :ƵůǇ ϭϯ͕ ϮϬϭϱ ĂŶĚ :ƵůǇ ϮϬ͕ ϮϬϭϱ͕ ŝŶ Ă ŶĞǁƐƉĂƉĞƌ ŽĨ ŐĞŶĞƌĂů ĐŝƌĐƵůĂƚŝŽŶ ŝŶ ƚŚĞ WŚŝůŝƉƉŝŶĞƐ͘ ^ƵďƐĞƋƵĞŶƚůǇ͕ ĚƵĞ ƚŽ ƚŚĞ ĂďƐĞŶĐĞ ŽĨ ďŝĚĚĞƌƐ ĂŶĚ ŽĨ ĂĚĞƋƵĂƚĞ ƵŶƌĞƐƚƌŝĐƚĞĚ ƌĞƚĂŝŶĞĚ ĞĂƌŶŝŶŐƐ ƚŽ ƐƵƉƉŽƌƚ ƚŚĞ ĂĐƋƵŝƐŝƚŝŽŶ ďǇ ƚŚĞ ŽƌƉŽƌĂƚŝŽŶ ŽĨ ƚŚĞ ĚĞůŝŶƋƵĞŶƚ ƐŚĂƌĞƐ͕ ƚŚĞ ƐƵďƐĐƌŝƉƚŝŽŶ ŽĨ Dt / ǁĂƐ ĐĂŶĐĞůůĞĚ ĂŶĚ ƚŚĞ ϭϰϳ͕ϯϳϱ͕ϳϬϬ ĐŽŵŵŽŶ ƐŚĂƌĞƐ ǁĞƌĞ ƌĞƚƵƌŶĞĚ ĂƐ ƉĂƌƚ ŽĨ ƚŚĞ ƵŶŝƐƐƵĞĚ ƐŚĂƌĞƐ ŽĨ >W, ͘ dŚĞ ƌĞƐƵůƚŝŶŐ ƐŚĂƌĞŚŽůĚĞƌ ƐƚƌƵĐƚƵƌĞ ŽĨ >W, ͕ ĂĨƚĞƌ ƚŚĞ ƚƌĂŶƐĂĐƚŝŽŶƐ ŵĞŶƚŝŽŶĞĚ ĂďŽǀĞ͕ ŶĞƚ ŽĨ ƚƌĞĂƐƵƌǇ ƐŚĂƌĞƐ ĂŶĚ ƐŚĂƌĞƐ ŚĞůĚ ďǇ Ă ƐƵďƐŝĚŝĂƌǇ͕ ŝƐ ĂƐ ĨŽůůŽǁƐ͗ ^ŚĂƌĞŚŽůĚĞƌƐ EƵŵďĞƌ ŽĨ ^ŚĂƌĞƐ ZsK ĂƉŝƚĂů ϴϰϮ͕ϲϱϲ͕ϳϰϱ ŽĞƌƐƚĂƌ ŽƌƉŽƌĂƚŝŽŶ ϭϲϳ͕ϳϴϴ͕ϰϯϬ ZĞĚ ƉŽĐŚ 'ƌŽƵƉ >ƚĚ͘ ϵϲ͕ϭϭϯ͕ϰϭϯ &ŝŶĞ >ĂŶĚ >ŝŵŝƚĞĚ ϴϵ͕ϬϬϬ͕ϬϬϬ ǌƵƌĞƐƚĂƌ ŽƌƉŽƌĂƚŝŽŶ Ϯϴ͕ϬϲϮ͕ϲϯϲ ŝƚĂĚĞů /ŶǀĞƐƚŵĞŶƚƐ >ŝŵŝƚĞĚ ϭϬ͕ϬϬϬ͕ϬϬϬ ĞƌĞŬ ƌĐƵůůŝ ϭϬ͕ϬϬϬ͕ϬϬϬ KƚŚĞƌ ŵŝŶŽƌŝƚǇ Ϯϳ͕Ϯϯϰ͕ϴϭϰ ϭ͕ϮϳϬ͕ϴϱϲ͕Ϭϯϴ

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ZĞƚĂŝŶĞĚ ĂƌŶŝŶŐƐ ĐĐƵŵƵůĂƚĞĚ ĞƋƵŝƚǇ ŝŶ ŶĞƚ ŝŶĐŽŵĞ ŽĨ ĂƐƐŽĐŝĂƚĞƐ ĂŶĚ ƐƵďƐŝĚŝĂƌŝĞƐ ŶŽƚ ĂǀĂŝůĂďůĞ ĨŽƌ ĚŝǀŝĚĞŶĚ ĚĞĐůĂƌĂƚŝŽŶ ĂŵŽƵŶƚĞĚ ƚŽ W сϮϰ͕ϴϳϵ͘ϰ ŵŝůůŝŽŶ ĂŶĚ W сϯϮ͕ϲϮϵ͘ϰ ŵŝůůŝŽŶ ĂƐ Ăƚ ĞĐĞŵďĞƌ ϯϭ͕ ϮϬϭϳ ĂŶĚ ϮϬϭϲ͕ ƌĞƐƉĞĐƚŝǀĞůǇ͘ ^ŝŐŶŝĨŝĐĂŶƚ ĐŽŵƉŽŶĞŶƚƐ ŽĨ ƚŚĞ ƌĞƚĂŝŶĞĚ ĞĂƌŶŝŶŐƐ ƉĞƌƚĂŝŶ ƚŽ ĐƵŵƵůĂƚŝǀĞ ŐĂŝŶ ŽŶ ĨĂŝƌ ǀĂůƵĞ ĐŚĂŶŐĞƐ ŽĨ ŝŶǀĞƐƚŵĞŶƚ ƉƌŽƉĞƌƚŝĞƐ͘ Further, the Group’s existing loans with various banks prohibit the declaration ĂŶĚ ƉĂǇŵĞŶƚ ŽĨ ĚŝǀŝĚĞŶĚƐ͘ WĂƌĞŶƚ ŽŵƉĂŶǇ’s Shares Held by a Subsidiary KŶ :ƵŶĞ ϱ͕ ϮϬϭϰ͕ ůƉŚĂůĂŶĚ ,ŽůĚŝŶŐƐ ;^ŝŶŐĂƉŽƌĞͿ WƚĞ͘ >ŝŵŝƚĞĚ ; ,Ϳ ĂŶĚ DĂƐƌŝĐŬƐƚĂƌ ŽƌƉŽƌĂƚŝŽŶ ;D Ϳ on one hand, and another group affiliated with RVO including ALPHA and ASTI (collectively, the “RVO Group”) entered into a Memorandum of Agreement (MOA) to settle a shareholder dispute. Pursuant ƚŽ ƚŚĞ DK ͕ >W, ͕ ƚŚƌŽƵŐŚ ŝƚƐ ϭϬϬйͲŽǁŶĞĚ ƐƵďƐŝĚŝĂƌǇ͕ ^d/ ĂĐƋƵŝƌĞĚ ƚŚĞ ƐŚĂƌĞƐ ŽĨ ƐƚŽĐŬ ŽĨ >W, ŽǁŶĞĚ ďǇ ,͕ D ĂŶĚ ƌĞĚŝƚ ^ƵŝƐƐĞ ;^ŝŶŐĂƉŽƌĞͿ >ŝŵŝƚĞĚ ; ƌĞĚŝƚ ^ƵŝƐƐĞͿ͕ ĂŶŽƚŚĞƌ ƐŚĂƌĞŚŽůĚĞƌ͕ ĂŶĚ ƌĞĐĞŝǀĞĚ W сϮ͕ϱϬϬ͘Ϭ ŵŝůůŝŽŶ ŝŶ ĐĂƐŚ ŝŶ ĞǆĐŚĂŶŐĞ ĨŽƌ ĂƐƐĞƚƐ ĂŶĚ ůŝĂďŝůŝƚŝĞƐ ŵĂŝŶůǇ ĐŽŵƉƌŝƐŝŶŐ ŽĨ ϭϬϬй ŽǁŶĞƌƐŚŝƉ ŽĨ ůƉŚĂůĂŶĚ DĂŬĂƚŝ dŽǁĞƌ͕ /ŶĐ͘ ; Dd/Ϳ͖ ϭϬϬй ŽǁŶĞƌƐŚŝƉ ŽĨ ůƉŚĂůĂŶĚ DĂƌŝŶĂ ŽƌƉŽƌĂƚŝŽŶ ; D Ϳ ŝŶĐůƵĚŝŶŐ AMC’s investment in preferred shares of ůƉŚĂůĂŶĚ DĂƌŝŶĂ ůƵď͕ /ŶĐ͘ ; D /Ϳ͖ ϱϬй

Ͳ ϱϳ Ͳ - 55 ŽǁŶĞƌƐŚŝƉ ŽĨ ůƉŚĂůĂŶĚ ĂǇ ŝƚǇ ŽƌƉŽƌĂƚŝŽŶ ; Ϳ͕ ƚŚĞ ũŽŝŶƚ ǀĞŶƚƵƌĞ ĐŽŵƉĂŶǇ ĨŽƌŵĞĚ ďǇ ^d/ ĂŶĚ Ă group led by D.M.Wenceslao & Associates, Inc. (DMWAI) (the Wenceslao Group or “WG”); and 60% ŝŶƚĞƌĞƐƚ ŝŶ ƚŚĞ ƵŶŝŶĐŽƌƉŽƌĂƚĞĚ ũŽŝŶƚ ǀĞŶƚƵƌĞ ďĞƚǁĞĞŶ ƚŚĞ 'ƌŽƵƉ ĂŶĚ ŬĞĂŶ ZĞƐŽƌƚƐ ŽƌƉŽƌĂƚŝŽŶ ĂŶĚ ƚŚĞ ĂĚĚŝƚŝŽŶĂů ƉĂƌĐĞůƐ ŽĨ ůĂŶĚ ĂĐƋƵŝƌĞĚ ďǇ ƚŚĞ 'ƌŽƵƉ ǁŝƚŚ ƚŽƚĂů ĂƌĞĂ ŽĨ ĂƉƉƌŽǆŝŵĂƚĞůǇ ϭϬ͘ϴϭ ŚĞĐƚĂƌĞƐ͘ KŶ KĐƚŽďĞƌ ϭϳ͕ ϮϬϭϰ͕ ƚŚĞƐĞ ĂƐƐĞƚƐ ŽǁŶĞĚ ďǇ ƚŚĞ 'ƌŽƵƉ ǁĞƌĞ ƚƌĂŶƐĨĞƌƌĞĚ ƚŽ ĞĚĨŽƌĚďƵƌǇ ĞǀĞůŽƉŵĞŶƚ ŽƌƉŽƌĂƚŝŽŶ ; Ϳ͕ Ă ŶĞǁůǇ ŝŶĐŽƌƉŽƌĂƚĞĚ ĐŽŵƉĂŶǇ ŽǁŶĞĚ ďǇ , ĂŶĚ D ͘ ,͕ D ĂŶĚ ǁŝůů ďĞ collectively referred to as the “AH Group”. The Group’s joint venture with WG is subject to litigation because of WG’s actions in causing a delay in ASTI and AMC’s construction and development of the Marina Club Project. With BDC’s takeover of D ĂŶĚ D /͕ ĂƐƐƵŵĞĚ ƚŚĞ ƌĞƐƉŽŶƐŝďŝůŝƚǇ ŽĨ ŚĂŶĚůŝŶŐ ƚŚĞ ůŝƚŝŐĂƚŝŽŶ ǁŝƚŚ t'͘ WƵƌƐƵĂŶƚ ƚŽ ŝŵƉůĞŵĞŶƚĂƚŝŽŶ ŽĨ ƚŚĞ DK ĚŝƐĐƵƐƐĞĚ ĂďŽǀĞ͕ ^d/ ĂĐƋƵŝƌĞĚ ƐŚĂƌĞƐ ŽĨ ƐƚŽĐŬ ŽĨ >W, ŽǁŶĞĚ ďǇ ,͕ D ĂŶĚ ƌĞĚŝƚ ^ƵŝƐƐĞ ĂŵŽƵŶƚŝŶŐ ƚŽ W сϭϲ͕ϴϭϴ͘Ϭ ŵŝůůŝŽŶ͘ /Ŷ ϮϬϭϳ͕ ^d/ ĂĐƋƵŝƌĞĚ ĂĚĚŝƚŝŽŶĂů ƐŚĂƌĞƐ ŽĨ ƐƚŽĐŬ ŽĨ >W, ŽǁŶĞĚ ďǇ Ă ŵŝŶŽƌŝƚǇ ƐŚĂƌĞŚŽůĚĞƌ ŽĨ сϲϯ͘Ϯ ŵŝůůŝŽŶ͘ W ^ƚŽĐŬ ^Ɖůŝƚ ^ƵďũĞĐƚ ƚŽ ĂƉƉƌŽǀĂů ŽĨ ƚŚĞ ^ ͕ >W, ǁŝůů ƵŶĚĞƌƚĂŬĞ Ă ϭϬͲĨŽƌͲϭ ƐƚŽĐŬ ƐƉůŝƚ ǁŚĞƌĞďǇ ŝƚƐ ĐĂƉŝƚĂů ƐƚŽĐŬ ǁŽƵůĚ ďĞ ĚŝǀŝĚĞĚ ŝŶƚŽ W сϱϬ͘Ϭ ďŝůůŝŽŶ ĐŽŵŵŽŶ ƐŚĂƌĞƐ ǁŝƚŚ Ă ƉĂƌ ǀĂůƵĞ W сϬ͘ϭϬ ĞĂĐŚ ƐŚĂƌĞ͘ dŚĞ ƐƚŽĐŬ ƐƉůŝƚ ǁĂƐ ĂƉƉƌŽǀĞĚ ďǇ ƚŚĞ K ŽĨ >W, ŽŶ EŽǀĞŵďĞƌ ϭϳ͕ ϮϬϭϲ ĂŶĚ ďǇ ƐƚŽĐŬŚŽůĚĞƌƐ ƌĞƉƌĞƐĞŶƚŝŶŐ ŵŽƌĞ ƚŚĂŶ Ϯͬϯ ŽĨ ƚŚĞ ŽƵƚƐƚĂŶĚŝŶŐ ĐĂƉŝƚĂů ƐƚŽĐŬ ŽĨ >W, ĚƵƌŝŶŐ ƚŚĞ ĂŶŶƵĂů ŵĞĞƚŝŶŐ ŚĞůĚ ŽŶ DĂǇ ϭϬ͕ ϮϬϭϳ͘ dŚĞ ϭϬͲĨŽƌͲϭ ƐƚŽĐŬ ƐƉůŝƚ ǁĂƐ ĨŝůĞĚ ǁŝƚŚ ƚŚĞ ^ ŽŶ :ĂŶƵĂƌǇ ϭϵ͕ ϮϬϭϴ͘ ϭϳ͘ ZĞůĂƚĞĚ WĂƌƚǇ dƌĂŶƐĂĐƚŝŽŶƐ

dŚĞ 'ƌŽƵƉ͕ ŝŶ ŝƚƐ ƌĞŐƵůĂƌ ĐŽŶĚƵĐƚ ŽĨ ďƵƐŝŶĞƐƐ͕ ŚĂƐ ƚƌĂŶƐĂĐƚŝŽŶƐ ǁŝƚŚ ŝƚƐ ƌĞůĂƚĞĚ ƉĂƌƚŝĞƐ͘ dŚĞ ĨŽůůŽǁŝŶŐ ƚĂďůĞƐ ƐƵŵŵĂƌŝǌĞ ƚŚĞ ƚƌĂŶƐĂĐƚŝŽŶƐ ǁŝƚŚ ƚŚĞ ƌĞůĂƚĞĚ ƉĂƌƚŝĞƐ ĂŶĚ ŽƵƚƐƚĂŶĚŝŶŐ ďĂůĂŶĐĞ ĂƌŝƐŝŶŐ ĨƌŽŵ ƚŚĞƐĞ ƚƌĂŶƐĂĐƚŝŽŶƐ͘ ƐƐŽĐŝĂƚĞ Ͳ ^ /

WƵƌĐŚĂƐĞƐ W сϯϰ͕Ϯϳϯ͕Ϭϵϱ

ZĞůĂƚĞĚ ƉĂƌƚŝĞƐ ƵŶĚĞƌ ĐŽŵŵŽŶ ŬĞǇ ŵĂŶĂŐĞŵĞŶƚ

W сϴϮ͕ϰϭϭ͕ϵϵϯ

dƌĂĚĞ ĂŶĚ ŽƚŚĞƌ ƌĞĐĞŝǀĂďůĞƐ ƐƐŽĐŝĂƚĞ Ͳ ^ / ZĞůĂƚĞĚ ƉĂƌƚŝĞƐ ƵŶĚĞƌ ĐŽŵŵŽŶ ŬĞǇ ŵĂŶĂŐĞŵĞŶƚ

ϮϬϭϳ

ZĞŶƚĂů W с–

WƵƌĐŚĂƐĞƐ W сϮϱ͕ϵϴϯ͕ϯϱϴ

W сϵϱϰ͕ϴϲϵ

W с–

KƵƚƐƚĂŶĚŝŶŐ ĂůĂŶĐĞƐ W с–

ŵŽƵŶƚ ŽĨ dƌĂŶƐĂĐƚŝŽŶƐ W сϯϲ͕ϲϳϭ

–

ϭϯϰ͕ϯϭϴ W сϭϯϰ͕ϯϭϴ

ϯϵ͕ϯϰϲ͕ϭϲϵ

Ϯϰ͕ϴϵϰ͕ϴϴϰ W сϮϰ͕ϵϯϭ͕ϱϱϱ

ŵŽƵŶƚ ŽĨ dƌĂŶƐĂĐƚŝŽŶƐ W с–

ϮϬϭϳ

ϮϬϭϲ

ZĞŶƚĂů W сϭϵϱ͕ϭϵϳ W сϵϱϰ͕ϴϲϵ

ϮϬϭϲ

KƵƚƐƚĂŶĚŝŶŐ ĂůĂŶĐĞƐ W сϯϲ͕ϲϳϭ

137

ŵŽƵŶƚ ŽĨ dƌĂŶƐĂĐƚŝŽŶƐ

dƌĂĚĞ ĂŶĚ ŽƚŚĞƌ ƉĂǇĂďůĞƐ ƐƐŽĐŝĂƚĞ Ͳ ^ / ZĞůĂƚĞĚ ƉĂƌƚŝĞƐ ƵŶĚĞƌ ĐŽŵŵŽŶ ŬĞǇ ŵĂŶĂŐĞŵĞŶƚ

ŵŽƵŶƚ ŽĨ dƌĂŶƐĂĐƚŝŽŶƐ

W сϯϰ͕Ϯϳϯ͕Ϭϵϱ

W с–

W сϮϱ͕ϵϴϯ͕ϯϱϴ

W сϭ͕ϭϭϵ͕ϴϰϯ

ϴϮ͕ϰϭϭ͕ϵϵϯ

ϱϮ͕ϲϰϬ W сϱϮ͕ϲϰϬ

Ϯϯ͕ϰϴϴ͕ϱϴϮ

ϭϭ͕ϭϲϵ͕ϯϰϯ W сϭϮ͕Ϯϴϵ͕ϭϴϲ

EĂƚƵƌĞ ŽĨ dƌĂŶƐĂĐƚŝŽŶƐ

ZĞŝŵďƵƌƐĞŵĞŶƚ ŽĨ ĞǆƉĞŶƐĞƐ ZĞŝŵďƵƌƐĞŵĞŶƚ ŽĨ ĞǆƉĞŶƐĞƐ

ZĞůĂƚĞĚ ƉĂƌƚŝĞƐ ƵŶĚĞƌ ĐŽŵŵŽŶ ŬĞǇ ŵĂŶĂŐĞŵĞŶƚ

ZĞŝŵďƵƌƐĞŵĞŶƚ ŽĨ ĞǆƉĞŶƐĞƐ

^ /

ĚǀĂŶĐĞƐ ĨƌŽŵ ZĞůĂƚĞĚ ƉĂƌƚŝĞƐ ƵŶĚĞƌ ĐŽŵŵŽŶ ŬĞǇ ŵĂŶĂŐĞŵĞŶƚ

ϮϬϭϳ

KƵƚƐƚĂŶĚŝŶŐ ĂůĂŶĐĞƐ

ĚǀĂŶĐĞƐ ƚŽ ƐƐŽĐŝĂƚĞƐ͗

Ͳ ϱϴ Ͳ - 56 -

WƵƌĐŚĂƐĞ ŽĨ ĂƐƐĞƚƐ ĂŶĚ ƌĞŝŵďƵƌƐĞŵĞŶƚ ŽĨ ĞǆƉĞŶƐĞƐ

ϮϬϭϳ ŵŽƵŶƚ ŽĨ KƵƚƐƚĂŶĚŝŶŐ dƌĂŶƐĂĐƚŝŽŶƐ ĂůĂŶĐĞƐ W с– –

W с– ϭ͕ϬϮϮ͕ϴϮϯ W сϭ͕ϬϮϮ͕ϴϮϯ

W сϯϲϴ͕ϯϮϱ͕ϰϰϮ W сϮ͕ϳϳϳ͕Ϭϰϴ͕ϯϬϳ

ϮϬϭϲ

KƵƚƐƚĂŶĚŝŶŐ ĂůĂŶĐĞƐ

ϮϬϭϲ ŵŽƵŶƚ ŽĨ KƵƚƐƚĂŶĚŝŶŐ dƌĂŶƐĂĐƚŝŽŶƐ ĂůĂŶĐĞƐ W сϴϳϬ͕ϴϮϲ

W сϭ͕ϲϴϵ͕ϳϬϬ

ϲϴϱ͕ϭϬϲ

ϭ͕ϬϮϮ͕ϯϮϯ W сϮ͕ϳϭϮ͕ϬϮϯ

W сϴϯϯ͕ϭϴϬ͕ϱϳϯ W сϮ͕ϰϭϮ͕ϳϰϮ͕ϱϴϭ

W сϳϳ͕ϬϵϬ͕ϲϰϮ

W сϴϭ͕ϳϲϯ͕ϴϳϳ

W сϮϭ͕ϳϭϰ͕Ϭϱϯ

W сϴ͕ϲϵϮ͕ϵϱϭ

ĚǀĂŶĐĞƐ ƚŽ ĂƐƐŽĐŝĂƚĞƐ ĂŵŽƵŶƚŝŶŐ ƚŽ W сϭ͘Ϭ ŵŝůůŝŽŶ ĂƐ Ăƚ ĞĐĞŵďĞƌ ϯϭ͕ ϮϬϭϳ ĂŶĚ ϮϬϭϲ ĂƌĞ ŝŶĐůƵĚĞĚ under “Investments in and advances to associates” account in the consolidated statements of financial ƉŽƐŝƚŝŽŶ ;ƐĞĞ EŽƚĞ ϵͿ͘ KƚŚĞƌ ƚƌĂŶƐĂĐƚŝŽŶƐ ŽĨ ƚŚĞ 'ƌŽƵƉ ǁŝƚŚ ŝƚƐ ƌĞůĂƚĞĚ ƉĂƌƚŝĞƐ ĂƌĞ ĂƐ ĨŽůůŽǁƐ͗

138

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Ɛ ĚŝƐĐƵƐƐĞĚ ŝŶ EŽƚĞ ϭϭ͕ ZsK ŝƐ ƚŚĞ ďĞŶĞĨŝĐŝĂů ŽǁŶĞƌ ŽĨ ƚŚĞ ŝŶǀĞƐƚŵĞŶƚ ƉƌŽƉĞƌƚŝĞƐ ;Ğ͘ŝ͘ ĂŐƵŝŽ WƌŽƉĞƌƚǇ ĂŶĚ W ' KZ ŝƚǇ WƌŽƉĞƌƚǇͿ ĂĐƋƵŝƌĞĚ ďǇ ƚŚĞ 'ƌŽƵƉ ĚƵƌŝŶŐ ϮϬϭϱ͘



/Ŷ ϮϬϭϲ͕ ƚŚĞ 'ƌŽƵƉ ĞŶƚĞƌĞĚ ŝŶƚŽ ůĞĂƐĞ ĂŐƌĞĞŵĞŶƚƐ ǁŝƚŚ d DW/ ĂŶĚ / / ĨŽƌ ƚŚĞ ƌĞŶƚĂů ƐƉĂĐĞ ŽĨ t / ĨŽƌ ĂŶ ŝŶĚĞĨŝŶŝƚĞ ƉĞƌŝŽĚ ƵŶƚŝů ƐƵĐŚ ĂŐƌĞĞŵĞŶƚ ŝƐ ƚĞƌŵŝŶĂƚĞĚ͘ ZĞŶƚ ĞǆƉĞŶƐĞ ĂŵŽƵŶƚĞĚ ƚŽ Ŷŝů ĂŶĚ W сϮϯ͘Ϯ ŵŝůůŝŽŶ ŝŶ ϮϬϭϳ ĂŶĚ ϮϬϭϲ͕ ƌĞƐƉĞĐƚŝǀĞůǇ ;ƐĞĞ EŽƚĞ ϭϴͿ͘



/Ŷ Ɖƌŝů ϮϬϭϯ͕ / / ĂŶĚ ƚŚĞ /Z ĞǆĞĐƵƚĞĚ Ă >ĞƚƚĞƌ ŐƌĞĞŵĞŶƚ ǁŚĞƌĞŝŶ ƚŚĞ ƉĂƌƚŝĞƐ ĂŐƌĞĞĚ ƚŚĂƚ ƚŚĞ ĚŝĨĨĞƌĞŶĐĞ ďĞƚǁĞĞŶ ƚŚĞ ďƵĚŐĞƚ ƵŶĚĞƌ ƚŚĞ ^ƵƉƉůĞŵĞŶƚĂƌǇ ĂŶĚ ƚŚĞ ĂĐƚƵĂů ĐŽŶƐƚƌƵĐƚŝŽŶ ĐŽƐƚƐ ŝŶĐƵƌƌĞĚ ǁŝůů ďĞ ƚƌĞĂƚĞĚ ĂƐ ĂĚǀĂŶĐĞƐ ƚŽ / /͘ ĚǀĂŶĐĞƐ ƚŽ / / ƌĞůĂƚĞĚ ƚŽ ƚŚŝƐ ĂŐƌĞĞŵĞŶƚ ĂŵŽƵŶƚŝŶŐ ƚŽ W сϭ͕ϱϳϱ͘ϱ ŵŝůůŝŽŶ ĂƐ Ăƚ ĞĐĞŵďĞƌ ϯϭ͕ ϮϬϭϰ ŝƐ ĚƵĞ ĂŶĚ ĚĞŵĂŶĚĂďůĞ ;ƐĞĞ EŽƚĞ ϭϬͿ͘



KŶ ƵŐƵƐƚ ϱ͕ ϮϬϭϮ͕ >W, ͕ ^d/ ĂŶĚ / / ĞǆĞĐƵƚĞĚ Ă >ĞƚƚĞƌ ŐƌĞĞŵĞŶƚ ǁŚĞƌĞďǇ ^d/͕ ĂƐ ƚŚĞ development arm of the Alphaland Group and on behalf of ALPHA, undertakes to perform ALPHA’s ŽďůŝŐĂƚŝŽŶƐ ƵŶĚĞƌ ƚŚĞ ;ĂƐ ƐƵƉƉůĞŵĞŶƚĞĚͿ ĞŶƚĞƌĞĚ ŝŶƚŽ ďǇ >W, ǁŝƚŚ /Z ĂŶĚ / / ŽǀĞƌ ƚŚĞ Island Club, specifically to provide a subsidy to the Island Club’s operations during ABICI’s ĐŽŶƐƚƌƵĐƚŝŽŶ ƉĞƌŝŽĚ͘



Ͳ ϱϵ Ͳ - 57 ĚǀĂŶĐĞƐ ƚŽ ŽĨĨŝĐĞƌƐ ĂŶĚ ĞŵƉůŽǇĞĞƐ ĂŵŽƵŶƚĞĚ ƚŽ W с ϴ͘ϴ ŵŝůůŝŽŶ ĂŶĚ W с ϭϴ͘ϳ ŵŝůůŝŽŶ ĂƐ Ăƚ ĞĐĞŵďĞƌ ϯϭ͕ ϮϬϭϳ ĂŶĚ ϮϬϭϲ͕ ƌĞƐƉĞĐƚŝǀĞůǇ ;ƐĞĞ EŽƚĞ ϲͿ͘

dĞƌŵƐ ĂŶĚ ŽŶĚŝƚŝŽŶƐ ŽĨ dƌĂŶƐĂĐƚŝŽŶƐ ǁŝƚŚ ZĞůĂƚĞĚ WĂƌƚŝĞƐ KƵƚƐƚĂŶĚŝŶŐ ďĂůĂŶĐĞƐ ĂƐ ŽĨ ǇĞĂƌͲĞŶĚ ĂƌĞ ƵŶƐĞĐƵƌĞĚ͕ ŝŶƚĞƌĞƐƚͲĨƌĞĞ ĂŶĚ ƐĞƚƚůĞŵĞŶƚ ŽĐĐƵƌƐ ŝŶ ĐĂƐŚ Žƌ ĞƋƵŝƚǇ͘ dŚĞ 'ƌŽƵƉ ŚĂƐ ŶŽƚ ŵĂĚĞ ĂŶǇ ƉƌŽǀŝƐŝŽŶ ĨŽƌ ŝŵƉĂŝƌŵĞŶƚ ůŽƐƐĞƐ ƌĞůĂƚŝŶŐ ƚŽ ƚŚĞ ĂŵŽƵŶƚƐ ŽǁĞĚ ďǇ ƌĞůĂƚĞĚ ƉĂƌƚŝĞƐ͘ ŽŵƉĞŶƐĂƚŝŽŶ ŽĨ <ĞǇ DĂŶĂŐĞŵĞŶƚ WĞƌƐŽŶŶĞů dŚĞ ĚĞƚĂŝůƐ ŽĨ ĐŽŵƉĞŶƐĂƚŝŽŶ ŽĨ ŬĞǇ ŵĂŶĂŐĞŵĞŶƚ ƉĞƌƐŽŶŶĞů͕ ǁŚŝĐŚ ŝŶĐůƵĚĞ ŝƚƐ ƐĞŶŝŽƌ ǀŝĐĞ ƉƌĞƐŝĚĞŶƚƐ͕ ĨŽůůŽǁ͗ ϮϬϭϳ ϮϬϭϲ ϮϬϭϱ ^ŚŽƌƚͲƚĞƌŵ ĞŵƉůŽǇĞĞ ďĞŶĞĨŝƚƐ W сϴϯ͕ϴϲϴ͕ϯϭϬ сϯϲ͕ϯϮϲ͕Ϯϲϴ W сϱϰ͕ϱϯϱ͕ϲϱϵ W WŽƐƚͲĞŵƉůŽǇŵĞŶƚ ďĞŶĞĨŝƚƐ Ϯϴ͕ϲϯϳ͕ϵϱϮ ϵ͕ϲϴϳ͕ϬϬϱ ϭϲ͕ϵϬϴ͕ϵϬϳ W сϭϭϮ͕ϱϬϲ͕ϮϲϮ сϰϲ͕Ϭϭϯ͕Ϯϳϯ W сϳϭ͕ϰϰϰ͕ϱϲϲ W

^ƚŽĐŬ KƉƚŝŽŶ WůĂŶ KŶ ĞĐĞŵďĞƌ ϭϵ͕ ϮϬϭϲ͕ ƚŚĞ ^ƚŽĐŬ KƉƚŝŽŶ WůĂŶ ŽŵŵŝƚƚĞĞ ĂǁĂƌĚĞĚ ƐƚŽĐŬ ŽƉƚŝŽŶƐ ƚŽ ŬĞǇ ŽĨĨŝĐĞƌƐ ĂŶĚ ĞŵƉůŽǇĞĞƐ ŽĨ ƚŚĞ 'ƌŽƵƉ͕ ƐƵďũĞĐƚ ƚŽ ƚŚĞ ĂƉƉƌŽǀĂů ŽĨ ƚŚĞ ^ ͘ dŚĞ ^ƚŽĐŬ KƉƚŝŽŶ WůĂŶ ǁĂƐ ĂƉƉƌŽǀĞĚ ďǇ ƚŚĞ K ŽĨ >W, ŽŶ :ƵŶĞ ϱ͕ ϮϬϭϯ͕ ĂŶĚ ďǇ ƐƚŽĐŬŚŽůĚĞƌƐ ƌĞƉƌĞƐĞŶƚŝŶŐ ŵŽƌĞ ƚŚĂŶ Ϯͬϯ ŽĨ ƚŚĞ ŽƵƚƐƚĂŶĚŝŶŐ ĐĂƉŝƚĂů ƐƚŽĐŬ ŽĨ >W, ĚƵƌŝŶŐ ƚŚĞ ĂŶŶƵĂů ŵĞĞƚŝŶŐ ŚĞůĚ ŽŶ ĞĐĞŵďĞƌ ϯ͕ ϮϬϭϰ͘

ϭϴ͘ KƉĞƌĂƚŝŶŐ >ĞĂƐĞ ŽŵŵŝƚŵĞŶƚƐ

^d/ ĞŶƚĞƌĞĚ ŝŶƚŽ ǀĂƌŝŽƵƐ ŽƉĞƌĂƚŝŶŐ ůĞĂƐĞ ĂŐƌĞĞŵĞŶƚƐ ĂƐ Ă ůĞƐƐŽƌ ĐŽǀĞƌŝŶŐ ŵĂůů ĂŶĚ ŽĨĨŝĐĞ ƐƉĂĐĞƐ Ăƚ ůƉŚĂůĂŶĚ ^ŽƵƚŚŐĂƚĞ dŽǁĞƌ ĨŽƌ Ă ƉĞƌŝŽĚ ŽĨ ŽŶĞ ƚŽ ƚĞŶ ǇĞĂƌƐ͕ ǁŚŝĐŚ ŵĂǇ ďĞ ƌĞŶĞǁĞĚ Žƌ ĞǆƚĞŶĚĞĚ ƵŶĚĞƌ ƐƵĐŚ ŶĞǁ Žƌ ĂĚĚŝƚŝŽŶĂů ƚĞƌŵƐ Žƌ ĐŽŶĚŝƚŝŽŶƐ ĂŐƌĞĞĚ ďǇ ƚŚĞ ƉĂƌƚŝĞƐ͘ hƉŽŶ ŝŶĐĞƉƚŝŽŶ ŽĨ ƚŚĞ ůĞĂƐĞ ĂŐƌĞĞŵĞŶƚƐ͕ ƚĞŶĂŶƚƐ ĂƌĞ ƌĞƋƵŝƌĞĚ ƚŽ ƉĂǇ ĐĞƌƚĂŝŶ ĂŵŽƵŶƚƐ ŽĨ ĚĞƉŽƐŝƚƐ͘ dĞŶĂŶƚƐ ůŝŬĞǁŝƐĞ ƉĂǇ ĞŝƚŚĞƌ Ă ĨŝǆĞĚ ŵŽŶƚŚůǇ ƌĞŶƚ͕ ǁŚŝĐŚ ŝƐ ĐĂůĐƵůĂƚĞĚ ǁŝƚŚ ƌĞĨĞƌĞŶĐĞ ƚŽ Ă ĨŝǆĞĚ ƐƵŵ ƉĞƌ ƐƋƵĂƌĞ ŵĞƚĞƌ ŽĨ ĂƌĞĂ ůĞĂƐĞĚ͕ Žƌ ƉĂǇ ƌĞŶƚ ŽŶ Ă ƉĞƌĐĞŶƚĂŐĞ ƌĞŶƚĂů ďĂƐŝƐ͕ ǁŚŝĐŚ ĐŽŵƉƌŝƐĞƐ Ă ďĂƐŝĐ ŵŽŶƚŚůǇ ĂŵŽƵŶƚ ĂŶĚ Ă ƉĞƌĐĞŶƚĂŐĞ ŽĨ ŐƌŽƐƐ ƐĂůĞƐ Žƌ Ă ŵŝŶŝŵƵŵ ƐĞƚ ĂŵŽƵŶƚ͕ ǁŚŝĐŚĞǀĞƌ ŝƐ ŚŝŐŚĞƌ͘ /Ŷ ϮϬϭϮ͕ DW/ ĞŶƚĞƌĞĚ ŝŶƚŽ ǀĂƌŝŽƵƐ ŽƉĞƌĂƚŝŶŐ ůĞĂƐĞ ĂŐƌĞĞŵĞŶƚƐ ĂƐ Ă ůĞƐƐŽƌ ĐŽǀĞƌŝŶŐ ŵĂůů ƐƉĂĐĞƐ Ăƚ ůƉŚĂůĂŶĚ DĂŬĂƚŝ WůĂĐĞ ĨŽƌ ǀĂƌǇŝŶŐ ƉĞƌŝŽĚƐ ƌĂŶŐŝŶŐ ĨƌŽŵ ƚǁŽ ƚŽ ĨŝǀĞ ǇĞĂƌƐ͕ ǁŚŝĐŚ ŵĂǇ ďĞ ƌĞŶĞǁĞĚ Žƌ ĞǆƚĞŶĚĞĚ ƵŶĚĞƌ ƐƵĐŚ ŶĞǁ Žƌ ĂĚĚŝƚŝŽŶĂů ƚĞƌŵƐ Žƌ ĐŽŶĚŝƚŝŽŶƐ ĂŐƌĞĞĚ ďǇ ƚŚĞ ƉĂƌƚŝĞƐ͘ hƉŽŶ ŝŶĐĞƉƚŝŽŶ ŽĨ ƚŚĞ ůĞĂƐĞ ĂŐƌĞĞŵĞŶƚƐ͕ ƚĞŶĂŶƚƐ ĂƌĞ ƌĞƋƵŝƌĞĚ ƚŽ ƉĂǇ ƐĞĐƵƌŝƚǇ ĚĞƉŽƐŝƚƐ ĞƋƵŝǀĂůĞŶƚ ƚŽ ƚŚƌĞĞ ŵŽŶƚŚƐ ŽĨ ƌĞŶƚ͘ dĞŶĂŶƚƐ ůŝŬĞǁŝƐĞ ƉĂǇ Ă ĨŝǆĞĚ ŵŽŶƚŚůǇ ƌĞŶƚ ƐƵďũĞĐƚ ƚŽ Ă ϱй ĞƐĐĂůĂƚŝŽŶ ƌĂƚĞ ďĞŐŝŶŶŝŶŐ ŽŶ ƚŚĞ ƚŚŝƌĚ ǇĞĂƌ ŽĨ ƚŚĞ ůĞĂƐĞ ƚĞƌŵ͕ ŝŶ ǁŚŝĐŚ ƚŚĞ ŵŽŶƚŚůǇ ƌĞŶƚ ŝƐ ĐĂůĐƵůĂƚĞĚ ǁŝƚŚ ƌĞĨĞƌĞŶĐĞ ƚŽ Ă ĨŝǆĞĚ ƐƵŵ ƉĞƌ ƐƋƵĂƌĞ ŵĞƚĞƌ ŽĨ ůĞĂƐĞĚ ĂƌĞĂ͕ ĂŶĚͬŽƌ ƉĂǇ ƌĞŶƚ ŽŶ Ă ƉĞƌĐĞŶƚĂŐĞ ƌĞŶƚĂů ďĂƐŝƐ͕ ǁŚŝĐŚ ĐŽŵƉƌŝƐĞƐ Ă ƉĞƌĐĞŶƚĂŐĞ ŽĨ ŐƌŽƐƐ ƐĂůĞƐ͘ ŽŵŵĞŶĐĞŵĞŶƚ ŽĨ ƚŚĞ ůĞĂƐĞ ƚĞƌŵ ƐƚĂƌƚĞĚ ƵƉŽŶ ĐŽŵƉůĞƚŝŽŶ ŽĨ ĐŽŶƐƚƌƵĐƚŝŽŶ ŽĨ ƚŚĞ ŵĂůů ƐƉĂĐĞƐ ŝŶ EŽǀĞŵďĞƌ ϮϬϭϯ͘ The Group’s customers’ deposits on lease contracts are as follows: ϮϬϭϳ ϮϬϭϲ ƵƌƌĞŶƚ W сϳϯ͕ϱϬϰ͕ϭϴϳ сϮϮ͕ϵϯϮ͕ϱϳϮ W EŽŶĐƵƌƌĞŶƚ ϵϳ͕ϲϬϰ͕ϲϱϱ ϭϮϳ͕Ϭϯϯ͕ϴϴϬ W сϭϳϭ͕ϭϬϴ͕ϴϰϮ сϭϰϵ͕ϵϲϲ͕ϰϱϮ W

139

Ͳ ϲϬ Ͳ - 58 Customers’ deposits on lease contracts are generally equivalent to six months rental and refundable at ƚŚĞ ĞŶĚ ŽĨ ƚŚĞ ůĞĂƐĞ ƚĞƌŵ͘ ƵƌƌĞŶƚ ƉŽƌƚŝŽŶ ƉĞƌƚĂŝŶƐ ƚŽ ŽŶĞ ǇĞĂƌ ŽƉĞƌĂƚŝŶŐ ůĞĂƐĞ ĂŐƌĞĞŵĞŶƚƐ ǁŚŝůĞ ŶŽŶĐƵƌƌĞŶƚ ƉŽƌƚŝŽŶ ƉĞƌƚĂŝŶƐ ƚŽ ƚǁŽ ƚŽ ĨŝǀĞ years’ ŽƉĞƌĂƚŝŶŐ ůĞĂƐĞ ĂŐƌĞĞŵĞŶƚƐ͘ dŚĞ ƚĞƌŵƐ ŽĨ ƚŚĞ ůĞĂƐĞ ĂŐƌĞĞŵĞŶƚƐ ĂůƐŽ ƉƌŽǀŝĚĞ ĨŽƌ ĂŶ ŝŶĐƌĞĂƐĞ ŝŶ ƚŚĞ ƌĞŶƚ ŐĞŶĞƌĂůůǇ Ăƚ ƚŚĞ ƌĂƚĞ ŽĨ ϱй ƚŽ ϭϬй ƐƚĂƌƚŝŶŐ ŽŶ ƚŚĞ ƐĞĐŽŶĚ ǇĞĂƌ ĂŶĚ ĂŶŶƵĂůůǇ ƚŚĞƌĞĂĨƚĞƌ͕ ĂƐ ĂƉƉůŝĐĂďůĞ͘ ZĞŶƚ ŝŶĐŽŵĞ ĂŶĚ ĐŽŵŵŽŶ ƵƚŝůŝƚŝĞƐ͕ ƐĞƌǀŝĐĞƐ ĂŶĚ ŵĂŝŶƚĞŶĂŶĐĞ ĐŚĂƌŐĞƐ ĨƌŽŵ ůƉŚĂůĂŶĚ ^ŽƵƚŚŐĂƚĞ dŽǁĞƌ ĂŵŽƵŶƚĞĚ ƚŽ W с ϳϰϬ͘ϯ ŵŝůůŝŽŶ͕ W с ϲϮϰ͘ϲ ŵŝůůŝŽŶ ĂŶĚ W с ϱϴϲ͘Ϭ ŵŝůůŝŽŶ ŝŶ ϮϬϭϳ͕ ϮϬϭϲ ĂŶĚ ϮϬϭϱ͕ ƌĞƐƉĞĐƚŝǀĞůǇ ;ƐĞĞ EŽƚĞ ϭϭͿ͘ ŝƌĞĐƚ ĐŽƐƚƐ ƌĞůĂƚĞĚ ƚŽ ƌĞŶƚ ŝŶĐŽŵĞ ĂŵŽƵŶƚĞĚ ƚŽ W с ϭϮϳ͘ϲ ŵŝůůŝŽŶ͕ сϭϭϭ͘ϯ ŵŝůůŝŽŶ ĂŶĚ W W сϭϮϭ͘Ϯ ŵŝůůŝŽŶ ŝŶ ϮϬϭϳ͕ ϮϬϭϲ ĂŶĚ ϮϬϭϱ͕ ƌĞƐƉĞĐƚŝǀĞůǇ͕ ǁŚŝĐŚ ŵĂŝŶůǇ ĐŽŵƉƌŝƐĞĚ ŽĨ ƵƚŝůŝƚŝĞƐ ĂŶĚ ĐŽŵŵŝƐƐĂƌǇ ĐŽƐƚƐ ;ƐĞĞ EŽƚĞ ϭϭͿ͘ ZĞŶƚ ŝŶĐŽŵĞ ĂŶĚ ĐŽŵŵŽŶ ƵƚŝůŝƚŝĞƐ͕ ƐĞƌǀŝĐĞƐ ĂŶĚ ŵĂŝŶƚĞŶĂŶĐĞ ĐŚĂƌŐĞƐ ĨƌŽŵ ůƉŚĂůĂŶĚ DĂŬĂƚŝ WůĂĐĞ ĂŵŽƵŶƚĞĚ ƚŽ W сϵϰ͘ϱ ŵŝůůŝŽŶ͕ W сϳϭ͘ϰ ŵŝůůŝŽŶ ĂŶĚ W сϳϲ͘ϴ ŵŝůůŝŽŶ ŝŶ ϮϬϭϳ͕ ϮϬϭϲ ĂŶĚ ϮϬϭϱ͕ ƌĞƐƉĞĐƚŝǀĞůǇ ;ƐĞĞ EŽƚĞ ϭϭͿ͘ The Group recognizes the customers’ deposits at fair value. The fair value of the deposit is determined ďĂƐĞĚ ŽŶ ƚŚĞ ƉƌĞǀĂŝůŝŶŐ ŵĂƌŬĞƚ ƌĂƚĞ ŽĨ ŝŶƚĞƌĞƐƚ ĨŽƌ Ă ƐŝŵŝůĂƌ ůŽĂŶ͘ dŚĞ ĞǆĐĞƐƐ ŽĨ ƚŚĞ ƉƌŝŶĐŝƉĂů ĂŵŽƵŶƚ ŽĨ ƚŚĞ ĚĞƉŽƐŝƚ ŽǀĞƌ ŝƚƐ ĨĂŝƌ ǀĂůƵĞ ŝƐ ĂĐĐŽƵŶƚĞĚ ĨŽƌ ĂƐ ĚĞĨĞƌƌĞĚ ůĞĂƐĞ ŝŶĐŽŵĞ ĂŶĚ ĂŵŽƌƚŝǌĞĚ ŽŶ Ă ƐƚƌĂŝŐŚƚͲ ůŝŶĞ ďĂƐŝƐ͘ dŚĞ ĚĞĨĞƌƌĞĚ ůĞĂƐĞ ŝŶĐŽŵĞ ĂŵŽƵŶƚĞĚ ƚŽ W с Ϭ͘ϰ ŵŝůůŝŽŶ ĂŶĚ сϯ͘ϳ ŵŝůůŝŽŶ ĂƐ Ăƚ ĞĐĞŵďĞƌ ϯϭ͕ ϮϬϭϳ ĂŶĚ ϮϬϭϲ͕ ƌĞƐƉĞĐƚŝǀĞůǇ͕ ĂŶĚ ŝƐ ŝŶĐluded under “Other noncurrent W liabilities” account in the consolidated statements of financial position. Aside from customers’ deposits paid by tenants, advance rentals generally equivalent to two months ƌĞŶƚĂů ĂƌĞ ĂůƐŽ ƉĂŝĚ ĂŶĚ ŝŶĐůƵĚĞĚ ŝŶ ƚŚĞ ŝŶŝƚŝĂů ďŝůůŝŶŐ ƚŽ ƚĞŶĂŶƚƐ͕ ǁŚŝĐŚ ƐŚĂůů ďĞ ĂƉƉůŝĞĚ ƚŽ ƚŚĞ ŵŽŶƚŚůǇ ƌĞŶƚĂů Ăƚ ƚŚĞ ĞŶĚ ŽĨ ƚŚĞ ůĞĂƐĞ ƚĞƌŵ͘ ĚǀĂŶĐĞ ƌĞŶƚĂů ĂŵŽƵŶƚĞĚ ƚŽ W с ϭϳ͘ϳ ŵŝůůŝŽŶ ĂŶĚ сϯϵ͘ϴ ŵŝůůŝŽŶ ĂƐ Ăƚ ĞĐĞŵďĞƌ ϯϭ͕ ϮϬϭϳ ĂŶĚ ϮϬϭϲ, respectively, and is included under “Other noŶĐƵƌƌĞŶƚ W liabilities” account in the consolidated statements of financial position. ƐƚŝŵĂƚĞĚ ŵŝŶŝŵƵŵ ĨƵƚƵƌĞ ƌĞŶƚĂů ƌĞĐĞŝǀĂďůĞ ƵŶĚĞƌ ƚŚĞ ůĞĂƐĞ ĂŐƌĞĞŵĞŶƚƐ ĂƌĞ ĂƐ ĨŽůůŽǁƐ ĂƐ Ăƚ ĞĐĞŵďĞƌ ϯϭ͕ ϮϬϭϳ͗ tŝƚŚŝŶ ŽŶĞ ǇĞĂƌ ĨƚĞƌ ŽŶĞ ǇĞĂƌ ďƵƚ ŶŽƚ ŵŽƌĞ ƚŚĂŶ ĨŝǀĞ ǇĞĂƌƐ

140

сWϭϬϲ͕ϰϲϰ͕ϯϱϳ ϯϲϴ͕ϳϲϴ͕ϭϲϰ сϰϳϱ͕ϮϯϮ͕ϱϮϭ W

t / ŚĂƐ ĞŶƚĞƌĞĚ ŝŶƚŽ Ă ĐŽŵŵĞƌĐŝĂů ůĞĂƐĞ ĨŽƌ ƚŚĞ ƌĞŶƚĂů ƐƉĂĐĞ ŽĨ ǁĞůůŶĞƐƐ ĐĞŶƚĞƌƐ ĨŽƌ ĂŶ ŝŶĚĞĨŝŶŝƚĞ ƉĞƌŝŽĚ ƵŶƚŝů ƐƵĐŚ ĂŐƌĞĞŵĞŶƚ ŝƐ ƚĞƌŵŝŶĂƚĞĚ͘ t / ŚĂƐ ĚĞƚĞƌŵŝŶĞĚ͕ ďĂƐĞĚ ŽŶ ĂŶ ĞǀĂůƵĂƚŝŽŶ ŽĨ ƚŚĞ ƚĞƌŵƐ ĂŶĚ ĐŽŶĚŝƚŝŽŶƐ ŽĨ ƚŚĞ ĂƌƌĂŶŐĞŵĞŶƚ͕ ƚŚĂƚ ƚŚĞ ůĞƐƐŽƌ ƌĞƚĂŝŶƐ Ăůů ƚŚĞ ƐŝŐŶŝĨŝĐĂŶƚ ƌŝƐŬƐ ĂŶĚ ƌĞǁĂƌĚƐ ŽĨ ŽǁŶĞƌƐŚŝƉ ŽĨ ƚŚĞ ƉƌŽƉĞƌƚŝĞƐ ĂŶĚ ƚŚƵƐ͕ ĂĐĐŽƵŶƚƐ ĨŽƌ ƚŚĞ ĐŽŶƚƌĂĐƚ ĂƐ ĂŶ ŽƉĞƌĂƚŝŶŐ ůĞĂƐĞ͘ KŶ :ĂŶƵĂƌǇ ϯϬ͕ ϮϬϭϳ͕ ƚŚĞ ƉĂƌƚŝĞƐ ĂŐƌĞĞĚ ƚŽ ƌĞƐĐŝŶĚ ƚŚĞ ĂŐƌĞĞŵĞŶƚ ŽŶ ƚŚĞ ĐŽŵŵĞƌĐŝĂů ůĞĂƐĞ͘ t / ƌĞĐŽŐŶŝǌĞĚ ƌĞŶƚ ĞǆƉĞŶƐĞ ĂŵŽƵŶƚŝŶŐ ƚŽ W сϮϯ͘Ϯ ŵŝůůŝŽŶ ŝŶ ϮϬϭϲ ;ƐĞĞ EŽƚĞ ϭϳͿ͘ ^ĞĐƵƌŝƚǇ ĚĞƉŽƐŝƚƐ ƉƌŝŵĂƌŝůǇ ƉĞƌƚĂŝŶ ƚŽ ĚĞƉŽƐŝƚ ĞƋƵŝǀĂůĞŶƚ ƚŽ ƚŚƌĞĞ months’ rent and stand as security ĨŽƌ ƚŚĞ ƉƌŽƉĞƌ ĂŶĚ ĚƵĞ ƉĞƌĨŽƌŵĂŶĐĞ ŽĨ Ăůů ƚŚĞ 'ƌŽƵƉ’s obligations under the lease agreement. These ĂƌĞ ƌĞĨƵŶĚĂďůĞ ƵƉŽŶ ƚĞƌŵŝŶĂƚŝŽŶ ŽĨ ƚŚĞ ůĞĂƐĞ ƚĞƌŵ ;ƐĞĞ EŽƚĞ ϭϯͿ͘

Ͳ ϲϭ Ͳ - 59 ϭϵ͘ ŽƐƚ ĂŶĚ ǆƉĞŶƐĞƐ

ŽƐƚ ĂŶĚ ĞǆƉĞŶƐĞƐ ĂƌĞ ĐůĂƐƐŝĨŝĞĚ ŝŶ ƚŚĞ ĐŽŶƐŽůŝĚĂƚĞĚ ƐƚĂƚĞŵĞŶƚƐ ŽĨ ĐŽŵƉƌĞŚĞŶƐŝǀĞ ŝŶĐŽŵĞ ĂƐ ĨŽůůŽǁƐ͗ EŽƚĞ ϳ ϳ

ϮϬϭϳ W сϴϭϴ͕ϯϲϱ͕ϭϯϳ ϭϱ͕ϵϳϰ͕ϳϴϴ W сϴϯϰ͕ϯϯϵ͕ϵϮϱ

ϮϬϭϲ сϭ͕Ϭϳϯ͕ϲϵϭ͕ϯϲϲ W Ϯϭ͕ϭϲϲ͕ϭϮϬ сϭ͕Ϭϵϰ͕ϴϱϳ͕ϰϴϲ W

ϮϬϭϱ сϭ͕ϭϴϬ͕Ϭϭϳ͕ϳϳϴ W Ϯϳ͕ϯϲϴ͕ϰϰϰ сϭ͕ϮϬϳ͕ϯϴϲ͕ϮϮϮ W

ŽƐƚ ŽĨ ƐĞƌǀŝĐĞƐ͗ dƌĂŶƐƉŽƌƚĂƚŝŽŶ hƚŝůŝƚŝĞƐ KƚŚĞƌƐ

W сϭϲϭ͕ϵϭϲ͕ϰϬϰ ϭϵϮ͕ϳϱϳ͕ϲϯϯ ϱ͕ϳϵϯ͕ϲϯϯ W сϯϲϬ͕ϰϲϳ͕ϲϳϬ

сWϭϱϳ͕Ϭϰϯ͕ϴϭϭ ϭϮϭ͕ϲϯϮ͕ϴϵϭ ϳ͕ϮϬϲ͕ϴϵϭ сϮϴϱ͕ϴϴϯ͕ϱϵϯ W

сWϲϵ͕ϰϳϳ͕ϳϰϴ ϭϯϮ͕ϭϯϴ͕ϯϮϭ ϭ͕Ϯϲϴ͕ϭϭϮ сϮϬϮ͕ϴϴϰ͕ϭϴϭ W

'ĞŶĞƌĂů ĂŶĚ ĂĚŵŝŶŝƐƚƌĂƚŝǀĞ͗ ^ĂůĂƌŝĞƐ ĂŶĚ ĞŵƉůoyees’ ďĞŶĞĨŝƚƐ ŽŶĂƚŝŽŶ hƚŝůŝƚŝĞƐ ĂŶĚ ƌĞŶƚ ^ĞƌǀŝĐĞ ĂŶĚ ƉƌŽĨĞƐƐŝŽŶĂů ĨĞĞƐ WƌŽǀŝƐŝŽŶ ĨŽƌ ŝŵƉĂŝƌŵĞŶƚ dĂǆĞƐ ĂŶĚ ůŝĐĞŶƐĞƐ dƌĂǀĞů ĂŶĚ ƚƌĂŶƐƉŽƌƚĂƚŝŽŶ ĞƉƌĞĐŝĂƚŝŽŶ ĂŶĚ ĂŵŽƌƚŝǌĂƚŝŽŶ ZĞƉĂŝƌƐ ĂŶĚ ŵĂŝŶƚĞŶĂŶĐĞ /ŶƐƵƌĂŶĐĞ ZĞƉƌĞƐĞŶƚĂƚŝŽŶ ^ƵƉƉůŝĞƐ ^ĂůĞƐ ĂŶĚ ŵĂƌŬĞƚŝŶŐ ŽŵŵƵŶŝĐĂƚŝŽŶ tƌŝƚĞͲŽĨĨ͗ dƌĂĚĞ ĂŶĚ ŽƚŚĞƌ ƌĞĐĞŝǀĂďůĞƐ >ĞĂƐĞŚŽůĚ ƌŝŐŚƚ >ŝƐƚŝŶŐ ĂŶĚ ĨŝůŝŶŐ ĨĞĞƐ KƚŚĞƌƐ

W сϮϭϵ͕ϴϱϳ͕ϭϯϭ ϭϭϰ͕ϭϯϭ͕ϲϵϲ ϭϬϵ͕ϯϳϭ͕ϱϲϰ ϴϯ͕ϯϵϯ͕ϳϮϬ ϳϭ͕ϵϰϬ͕Ϭϰϳ ϲϵ͕ϭϬϵ͕ϳϴϴ ϲϮ͕ϵϰϰ͕ϰϳϮ ϰϵ͕ϯϱϲ͕Ϭϵϳ ϯϵ͕Ϯϭϱ͕ϳϳϳ ϯϯ͕ϱϴϳ͕ϰϲϰ ϭϴ͕Ϯϲϭ͕ϭϬϭ ϭϰ͕Ϭϳϯ͕ϰϱϮ ϵ͕ϰϵϲ͕ϭϲϳ ϳ͕ϴϲϴ͕ϭϯϵ – – – ϰϰ͕ϭϭϳ͕Ϭϭϲ W сϵϰϲ͕ϳϮϯ͕ϲϯϭ

сϲϳ͕ϯϮϴ͕ϮϱϮ W – ϴϳ͕ϯϱϯ͕ϯϭϳ ϴϱ͕ϰϱϱ͕Ϭϵϱ ϯϰ͕Ϭϱϯ͕ϱϴϱ ϱϬ͕ϬϬϭ͕Ϯϭϭ Ϯϳ͕ϵϭϰ͕ϲϱϭ ϴϯ͕Ϭϳϱ͕ϲϱϮ Ϯϵ͕ϵϮϮ͕Ϭϰϭ ϲ͕ϲϰϮ͕ϳϲϭ ϭϬ͕ϰϯϯ͕ϵϰϵ ϲ͕ϲϬϱ͕ϴϳϰ ϯϰ͕ϰϭϲ͕ϯϮϬ ϰ͕Ϯϰϭ͕ϳϴϵ ϲ͕ϴϰϵ͕ϵϳϱ – – Ϯϳ͕ϴϭϱ͕ϲϵϰ сϱϲϮ͕ϭϭϬ͕ϭϲϲ W

сϱϴ͕ϭϲϵ͕ϳϭϲ W – ϱϵ͕ϱϰϬ͕ϭϴϭ ϳϭ͕ϯϯϬ͕ϴϳϰ – ϱϰ͕Ϭϭϲ͕ϲϮϭ ϯϮ͕ϴϲϬ͕ϮϵϬ ϭϬϰ͕ϰϲϱ͕ϵϯϲ ϮϬ͕ϰϰϭ͕ϴϯϱ ϵ͕ϰϭϰ͕ϯϯϮ ϳ͕ϵϰϬ͕ϱϳϯ ϰ͕ϭϮϬ͕ϳϲϳ ϯϵ͕ϯϵϯ͕ϱϰϵ ϯ͕ϯϮϮ͕ϱϳϲ ϭϵ͕ϯϴϴ͕ϭϱϳ ϯϯ͕ϳϮϴ͕Ϯϯϳ ϰ͕ϳϭϳ͕ϯϴϲ ϯϲ͕ϴϳϯ͕Ϯϭϭ сϱϱϵ͕ϳϮϰ͕Ϯϰϭ W

ŽƐƚ ŽĨ ƌĞĂů ĞƐƚĂƚĞ ƐŽůĚ͗ >ĂŶĚ ĂŶĚ ĚĞǀĞůŽƉŵĞŶƚ ĐŽƐƚ WĂƌŬŝŶŐ ůŽƚƐ ĨŽƌ ƐĂůĞ

ϲ ϭϮ

KŶ ĞĐĞŵďĞƌ ϮϬϭϳ͕ ^d/ ĚŽŶĂƚĞĚ ƚŽ ƚĞŶĞŽ ĚĞ DĂŶŝůĂ͕ /ŶĐ͘ ; ƚĞŶĞŽͿ͕ Ă ŶŽŶͲƐƚŽĐŬ͕ ŶŽŶͲƉƌŽĨŝƚ ĞĚƵĐĂƚŝŽŶĂů ŝŶƐƚŝƚƵƚŝŽŶ͕ ǀĂƌŝŽƵƐ ƌĞĂů ĂŶĚ ƉĞƌƐŽŶĂů ƉƌŽƉĞƌƚǇ ŝŶ ƐƵƉƉŽƌƚ ŽĨ ƚŚĞ ŵŝƐƐŝŽŶ ŽĨ ƚĞŶĞŽ ƚŽ ďĞ ĂŶ ĞĚƵĐĂƚŝŽŶĂů ŝŶƐƚŝƚƵƚŝŽŶ ǁŝƚŚ ƚŚĞ ŚŝŐŚĞƐƚ ůĞǀĞů ŽĨ ƉƌŽĨĞƐƐŝŽŶĂů ĐŽŵƉĞƚĞŶĐĞ ĂŶĚ ƐĞƌǀŝĐĞ ŝŶ ŽƌĚĞƌ ƚŽ ƉƌŽǀŝĚĞ ƚŚĞ ďĞƐƚ ƉŽƐƐŝďůĞ ƋƵĂůŝƚǇ ŽĨ ĨŽƌŵĂƚŝŽŶ ĂŶĚ ĞĚƵĐĂƚŝŽŶ ƚŽ ŝƚƐ ƐƚƵĚĞŶƚƐ͘ ϮϬ͘ ZĞƚŝƌĞŵĞŶƚ >ŝĂďŝůŝƚǇ

dŚĞ 'ƌŽƵƉ ŚĂƐ ĂŶ ƵŶĨƵŶĚĞĚ ĚĞĨŝŶĞĚ ďĞŶĞĨŝƚ ƉůĂŶ ĐŽǀĞƌŝŶŐ Ăůů ŝƚƐ ƌĞŐƵůĂƌ ĞŵƉůŽǇĞĞƐ͘ ĞŶĞĨŝƚƐ ĂƌĞ ĐŽŵƉƵƚĞĚ ƵƐŝŶŐ ĂŶ ĂŵŽƵŶƚ ĞƋƵŝǀĂůĞŶƚ ƚŽ ŽŶĞͲhalf month’s salary for every year of service, with six ŵŽŶƚŚƐ Žƌ ŵŽƌĞ ŽĨ ƐĞƌǀŝĐĞ ĐŽŶƐŝĚĞƌĞĚ ĂƐ ŽŶĞ ǇĞĂƌ͘ dŚĞ ƌĞƚŝƌĞŵĞŶƚ ůŝĂďŝůŝƚǇ ŝƐ ĚĞƚĞƌŵŝŶĞĚ ƵƐŝŶŐ ƚŚĞ ƉƌŽũĞĐƚĞĚ ƵŶŝƚ ĐƌĞĚŝƚ ŵĞƚŚŽĚ͘

141

Ͳ ϲϮ Ͳ - 60 dŚĞ ĨŽůůŽǁŝŶŐ ƚĂďůĞƐ ƐƵŵŵĂƌŝǌĞ ƚŚĞ ĐŽŵƉŽŶĞŶƚƐ ŽĨ ƌĞƚŝƌĞŵĞŶƚ ĞǆƉĞŶƐĞ ƌĞĐŽŐŶŝǌĞĚ ŝŶ ƚŚĞ ĐŽŶƐŽůŝĚĂƚĞĚ ƐƚĂƚĞŵĞŶƚƐ ŽĨ ĐŽŵƉƌĞŚĞŶƐŝǀĞ ŝŶĐŽŵĞ ĂŶĚ ƌĞƚŝƌĞŵĞŶƚ ůŝĂďŝůŝƚǇ ƌĞĐŽŐŶŝǌĞĚ ŝŶ ƚŚĞ ĐŽŶƐŽůŝĚĂƚĞĚ ƐƚĂƚĞŵĞŶƚ ŽĨ ĨŝŶĂŶĐŝĂů ƉŽƐŝƚŝŽŶ͘ ϮϬϭϳ ϮϬϭϲ ϮϬϭϱ ZĞƚŝƌĞŵĞŶƚ ďĞŶĞĨŝƚ ĐŽƐƚ͗ ƵƌƌĞŶƚ ƐĞƌǀŝĐĞ ĐŽƐƚ сϴ͕Ϯϳϭ͕ϯϲϱ W W сϭϬ͕ϱϰϴ͕ϭϵϰ сϲ͕Ϯϵϵ͕ϯϲϳ W WĂƐƚ ƐĞƌǀŝĐĞ ĐŽƐƚ Ͳ ĐƵƌƚĂŝůŵĞŶƚ – – ;ϲ͕Ϯϵϲ͕ϰϱϰͿ /ŶƚĞƌĞƐƚ ĐŽƐƚ ϭ͕ϭϵϰ͕ϲϵϲ ϭ͕ϭϭϳ͕ϵϳϬ Ϯ͕ϭϳϯ͕Ϭϰϱ сϵ͕ϯϴϵ͕ϯϯϱ W W сϲ͕ϰϮϰ͕ϳϴϱ сϳ͕ϰϵϰ͕Ϭϲϯ W ϮϬϭϳ ϮϬϭϲ WƌĞƐĞŶƚ ǀĂůƵĞ ŽĨ ĚĞĨŝŶĞĚ ďĞŶĞĨŝƚ ŽďůŝŐĂƚŝŽŶ͗ ĂůĂŶĐĞ Ăƚ ďĞŐŝŶŶŝŶŐ ŽĨ ǇĞĂƌ W сϯϭ͕ϰϭϱ͕ϵϭϱ сϮϮ͕ϱϳϱ͕ϵϴϴ W ĐƚƵĂƌŝĂů ŐĂŝŶ ŽŶ ŽďůŝŐĂƚŝŽŶ ;ϮϮ͕ϯϲϰ͕ϱϵϭͿ ϭ͕ϯϰϱ͕ϴϲϰ ƵƌƌĞŶƚ ƐĞƌǀŝĐĞ ĐŽƐƚ ϭϬ͕ϱϰϴ͕ϭϵϰ ϲ͕Ϯϵϵ͕ϯϲϳ ĚĚŝƚŝŽŶƐ ĚƵƌŝŶŐ ƚŚĞ ǇĞĂƌ ϴ͕ϵϳϱ͕Ϯϱϵ – WĂƐƚ ƐĞƌǀŝĐĞ ĐŽƐƚ Ͳ ĐƵƌƚĂŝůŵĞŶƚ ;ϲ͕Ϯϵϲ͕ϰϱϰͿ – /ŶƚĞƌĞƐƚ ĐŽƐƚ Ϯ͕ϭϳϯ͕Ϭϰϱ ϭ͕ϭϵϰ͕ϲϵϲ ĂůĂŶĐĞ Ăƚ ĞŶĚ ŽĨ ǇĞĂƌ W сϮϰ͕ϰϱϭ͕ϯϲϴ сϯϭ͕ϰϭϱ͕ϵϭϱ W

WƌŝŶĐŝƉĂů ĂĐƚƵĂƌŝĂů ĂƐƐƵŵƉƚŝŽŶƐ ƵƐĞĚ ƚŽ ĚĞƚĞƌŵŝŶĞ ƌĞƚŝƌĞŵĞŶƚ ďĞŶĞĨŝƚ ŽďůŝŐĂƚŝŽŶƐ ĂƌĞ ĂƐ ĨŽůůŽǁƐ͗ ŝƐĐŽƵŶƚ ƌĂƚĞ ^ĂůĂƌǇ ŝŶĐƌĞĂƐĞ ƌĂƚĞ

ϮϬϭϳ ϱ͘ϳϬй ϱ͘ϬϬй

ϮϬϭϲ ϱ͘ϯϴй ϱ͘ϬϬй

dŚĞ ƐĞŶƐŝƚŝǀŝƚǇ ĂŶĂůǇƐŝƐ ďĞůŽǁ ŚĂƐ ďĞĞŶ ĚĞƚĞƌŵŝŶĞĚ ďĂƐĞĚ ŽŶ ƌĞĂƐŽŶĂďůǇ ƉŽƐƐŝďůĞ ĐŚĂŶŐĞƐ ŽĨ ĞĂĐŚ ƐŝŐŶŝĨŝĐĂŶƚ ĂƐƐƵŵƉƚŝŽŶ ŽŶ ƚŚĞ ƉƌĞƐĞŶƚ ǀĂůƵĞ ŽĨ ƚŚĞ ĚĞĨŝŶĞĚ ďĞŶĞĨŝƚ ŽďůŝŐĂƚŝŽŶ ĂƐ ŽĨ ƚŚĞ ĞŶĚ ŽĨ ƚŚĞ ƌĞƉŽƌƚŝŶŐ ƉĞƌŝŽĚ͕ ĂƐƐƵŵŝŶŐ Ăůů ŽƚŚĞƌ ĂƐƐƵŵƉƚŝŽŶƐ ǁĞƌĞ ŚĞůĚ ĐŽŶƐƚĂŶƚ͗ ϮϬϭϳ /ŶĐƌĞĂƐĞ ; ĞĐƌĞĂƐĞͿ ŝƐĐŽƵŶƚ ƌĂƚĞ͗ /ŶĐƌĞĂƐĞ ďǇ ϭϰ͘Ϭй ƚŽ ϭϱ͘ϱй W сϯ͕ϱϰϰ͕ϳϱϳ ĞĐƌĞĂƐĞ ďǇ ϭϭ͘ϱй ƚŽ ϭϮ͘ϱй ;Ϯ͕ϵϬϲ͕ϯϱϯͿ

142

^ĂůĂƌǇ ŝŶĐƌĞĂƐĞ ƌĂƚĞ͗ /ŶĐƌĞĂƐĞ ďǇ ϭϮ͘ϵй ƚŽ ϭϰ͘ϰй ĞĐƌĞĂƐĞ ďǇ ϭϬ͘ϴй ƚŽ ϭϭ͘ϵй

ϯ͕Ϯϲϵ͕ϲϳϰ ;Ϯ͕ϳϰϮ͕ϲϭϵͿ

ŝƐĐŽƵŶƚ ƌĂƚĞ͗ /ŶĐƌĞĂƐĞ ďǇ ϳ͘ϭй ƚŽ ϭϱ͘ϳй ĞĐƌĞĂƐĞ ďǇ ϱ͘ϴй ƚŽ ϭϮ͘ϲй

ϮϬϭϲ /ŶĐƌĞĂƐĞ ; ĞĐƌĞĂƐĞͿ сϮ͕ϰϱϮ͕ϭϭϬ W ;ϭ͕ϵϵϳ͕ϲϮϱͿ

^ĂůĂƌǇ ŝŶĐƌĞĂƐĞ ƌĂƚĞ͗ /ŶĐƌĞĂƐĞ ďǇ ϲ͘ϲй ƚŽ ϭϰ͘ϱй ĞĐƌĞĂƐĞ ďǇ ϱ͘ϱй ƚŽ ϭϭ͘ϵй

Ϯ͕Ϯϲϳ͕Ϭϲϯ ;ϭ͕ϴϵϮ͕ϬϮϯͿ

Ͳ ϲϯ Ͳ - 61 ^ŚŽǁŶ ďĞůŽǁ ŝƐ ƚŚĞ ŵĂƚƵƌŝƚǇ ĂŶĂůǇƐŝƐ ŽĨ ƚŚĞ ƵŶĚŝƐĐŽƵŶƚĞĚ ďĞŶĞĨŝƚ ƉĂǇŵĞŶƚƐ ĂƐ Ăƚ ĞĐĞŵďĞƌ ϯϭ͗ ϮϬϭϳ W сϭ͕Ϯϱϰ͕ϰϯϮ ϯϰϱ͕Ϯϰϱ ϭ͕ϴϲϯ͕ϰϴϲ ϯ͕ϴϬϯ͕ϱϴϯ Ϯ͕ϲϬϰ͕ϵϯϵ Ϯϴ͕ϯϭϬ͕ϰϲϬ

ϮϬϭϴ ϮϬϭϵ ϮϬϮϬ ϮϬϮϭ ϮϬϮϮ ϮϬϮϯ ƚŽ ϮϬϮϳ

ϮϬϭϲ сϭϱ͕ϳϴϵ͕ϬϬϬ W – – ϭ͕ϱϬϳ͕ϭϯϱ – Ϯϯ͕ϳϯϳ͕ϴϴϭ

dŚĞ ĂǀĞƌĂŐĞ ĚƵƌĂƚŝŽŶ ŽĨ ƚŚĞ ĚĞĨŝŶĞĚ ďĞŶĞĨŝƚ ŽďůŝŐĂƚŝŽŶ Ăƚ ƚŚĞ ĞŶĚ ŽĨ ƚŚĞ ƉĞƌŝŽĚ ŝƐ ϭϮ͘ϴ ǇĞĂƌƐ ƚŽ ϭϰ͘Ϭ ǇĞĂƌƐ ĂŶĚ ϭϬ͘ϭ ǇĞĂƌƐ ƚŽ ϭϳ͘ϯ ǇĞĂƌƐ ŝŶ ϮϬϭϳ ĂŶĚ ϮϬϭϲ͕ ƌĞƐƉĞĐƚŝǀĞůǇ͘ Ϯϭ͘ /ŶĐŽŵĞ dĂǆĞƐ /Ŷ ϮϬϭϳ ĂŶĚ ϮϬϭϲ͕ ƚŚĞ ƉƌŽǀŝƐŝŽŶ ĨŽƌ ĐƵƌƌĞŶƚ ŝŶĐŽŵĞ ƚĂǆ ƌĞƉƌĞƐĞŶƚƐ D /d ĨŽƌ /Z ĂŶĚ DW/ ĂŶĚ Z /d ĨŽƌ ŽƚŚĞƌ ĐŽŵƉĂŶŝĞƐ ǁŝƚŚŝŶ ƚŚĞ 'ƌŽƵƉ͘ &Žƌ ŝŶĐŽŵĞ ƚĂǆ ƉƵƌƉŽƐĞƐ͕ ĨƵůů ƌĞĐŽŐŶŝƚŝŽŶ ŝƐ ĂƉƉůŝĞĚ ǁŚĞŶ ŵŽƌĞ ƚŚĂŶ Ϯϱй ŽĨ ƚŚĞ ƐĞůůŝŶŐ ƉƌŝĐĞ ŽĨ ĐŽŶĚŽŵŝŶŝƵŵ ƵŶŝƚƐ ŚĂƐ ďĞĞŶ ĐŽůůĞĐƚĞĚ ŝŶ ƚŚĞ ǇĞĂƌ ŽĨ ƐĂůĞ͘ KƚŚĞƌǁŝƐĞ͕ ƚŚĞ ŝŶƐƚĂůůŵĞŶƚ ŵĞƚŚŽĚ ŝƐ ĂƉƉůŝĞĚ͘ dŚĞ ĨŽůůŽǁŝŶŐ ĂƌĞ ƚŚĞ Đomponents of the Group’s net deferred tax liabilities: ϮϬϭϳ ϮϬϭϲ ĞĨĞƌƌĞĚ ƚĂǆ ůŝĂďŝůŝƚŝĞƐ͗ 'ĂŝŶ ŽŶ ĨĂŝƌ ǀĂůƵĞ ĐŚĂŶŐĞ ŽĨ ŝŶǀĞƐƚŵĞŶƚ ƉƌŽƉĞƌƚŝĞƐ W сϭϬ͕ϲϲϮ͕ϲϬϱ͕ϵϳϵ W сϳ͕Ϯϱϰ͕ϯϲϮ͕ϳϲϴ hŶƌĞĂůŝǌĞĚ ǀĂůƵĂƚŝŽŶ ŐĂŝŶ ŽŶ &^ ĨŝŶĂŶĐŝĂů ĂƐƐĞƚƐ Ϯ͕ϲϬϯ͕ϲϭϬ͕ϳϭϯ Ϯ͕ϲϭϵ͕ϯϵϵ͕ϵϰϱ ĐĐƵŵƵůĂƚĞĚ ĚĞƉƌĞĐŝĂƚŝŽŶ ĨŽƌ ƚĂǆ ƉƵƌƉŽƐĞƐ ϭϰϱ͕Ϯϵϯ͕ϴϴϵ ϭϮϳ͕ϭϬϳ͕ϳϰϱ ǆĐĞƐƐ ƌĞŶƚ ŝŶĐŽŵĞ ƵŶĚĞƌ ŽƉĞƌĂƚŝŶŐ ůĞĂƐĞ ĐŽŵƉƵƚĞĚ ŽŶ Ă ƐƚƌĂŝŐŚƚͲůŝŶĞ ďĂƐŝƐ ϲϯ͕ϵϭϮ͕ϯϮϬ ϲϬ͕ϰϳϴ͕ϳϮϱ ĂƉŝƚĂůŝǌĞĚ ďŽƌƌŽǁŝŶŐ ĐŽƐƚƐ ϱϱ͕Ϭϴϰ͕ϲϰϭ ϰϮ͕ϮϬϱ͕ϯϭϱ ZĞǀĂůƵĂƚŝŽŶ ƐƵƌƉůƵƐ ϯϮ͕ϱϬϲ͕ϰϴϱ ϯϭ͕ϭϰϴ͕ϯϲϳ ϭϯ͕ϱϲϯ͕Ϭϭϰ͕ϬϮϳ ϭϬ͕ϭϯϰ͕ϳϬϮ͕ϴϲϱ ĞĨĞƌƌĞĚ ƚĂǆ ĂƐƐĞƚƐ͗ EK> K ůůŽǁĂŶĐĞ ĨŽƌ ŝŵƉĂŝƌŵĞŶƚ ůŽƐƐĞƐ D /d ĐƚƵĂƌŝĂů

W сϳϱ͕ϱϭϮ͕ϮϴϬ с– W ϯϭ͕ϯϴϮ͕ϲϮϲ ϭϬ͕Ϯϭϲ͕Ϭϳϲ Ϯ͕ϴϰϯ͕Ϯϳϳ – ϭ͕ϳϰϳ͕ϯϮϲ – ϭϭϭ͕ϰϴϱ͕ϱϬϵ ϭϬ͕Ϯϭϲ͕Ϭϳϲ W сϭϯ͕ϰϱϭ͕ϱϮϴ͕ϱϭϴ сWϭϬ͕ϭϮϰ͕ϰϴϲ͕ϳϴϵ

143

Ͳ ϲϰ Ͳ - 62 dŚĞ ĨŽůůŽǁŝŶŐ ĚĞĨĞƌƌĞĚ ƚĂǆ ĂƐƐĞƚƐ ǁĞƌĞ ŶŽƚ ƌĞĐŽŐŶŝǌĞĚ ĂƐ ŝƚ ŝƐ ŶŽƚ ƉƌŽďĂďůĞ ƚŚĂƚ ƐƵĨĨŝĐŝĞŶƚ ƚĂǆĂďůĞ ƉƌŽĨŝƚ ǁŝůů ďĞ ĂǀĂŝůĂďůĞ ƚŽ ĂůůŽǁ ƚŚĞ ďĞŶĞĨŝƚ ŽĨ ƚŚĞ ŶĞƚ ĚĞĨĞƌƌĞĚ ƚĂǆ ĂƐƐĞƚƐ ƚŽ ďĞ ƵƚŝůŝǌĞĚ ŝŶ ƚŚĞ ĨƵƚƵƌĞ͗ ϮϬϭϳ ϮϬϭϲ EK> K W сϭϱϳ͕ϭϳϴ͕ϳϵϭ сϲϴ͕ϲϵϰ͕ϮϰϮ W D /d ϰ͕ϬϴϬ͕ϵϱϵ – ůůŽǁĂŶĐĞ ĨŽƌ ŝŵƉĂŝƌŵĞŶƚ ůŽƐƐ ŽŶ ƌĞĐĞŝǀĂďůĞƐ ϭ͕ϳϱϱ͕ϲϮϲ Ϯ͕ϭϳϭ͕Ϭϴϵ hŶĞĂƌŶĞĚ ŝŶĐŽŵĞ ϭϬϬ͕ϮϮϯ – ZĞƚŝƌĞŵĞŶƚ ůŝĂďŝůŝƚǇ ϴ͕ϲϲϰ͕ϲϲϬ – hŶƌĞĂůŝǌĞĚ ĨŽƌĞŝŐŶ ĞǆĐŚĂŶŐĞ ůŽƐƐĞƐ ϲϱϴ͕ϭϴϴ – W сϭϲϯ͕ϱϯϭ͕ϬϲϮ сϳϵ͕ϳϳϮ͕ϳϭϲ W dŚĞ ĚĞƚĂŝůƐ ŽĨ EK> K͕ ǁŚŝĐŚ ĐĂŶ ďĞ ĐůĂŝŵĞĚ ĂƐ ĚĞĚƵĐƚŝŽŶ ĨƌŽŵ ĨƵƚƵƌĞ ƚĂǆĂďůĞ ŝŶĐŽŵĞ͕ ǁŝƚŚŝŶ ƚŚƌĞĞ ǇĞĂƌƐ ĨƌŽŵ ƚŚĞ ǇĞĂƌ ƚŚĞ EK> K ǁĂƐ ŝŶĐƵƌƌĞĚ͕ ŝƐ ƐŚŽǁŶ ďĞůŽǁ͘ zĞĂƌ /ŶĐƵƌƌĞĚ ϮϬϭϳ ϮϬϭϲ ϮϬϭϱ ϮϬϭϰ

ĞŐŝŶŶŝŶŐ ĂůĂŶĐĞ W с– ϭϭϰ͕ϲϬϯ͕ϰϱϲ ϱϮ͕ϴϰϬ͕ϯϬϲ ϲϭ͕ϱϯϳ͕Ϭϰϱ W сϮϮϴ͕ϵϴϬ͕ϴϬϳ

/ŶĐƵƌƌĞĚ W сϲϯϮ͕ϲϮϭ͕ϭϭϭ – – – W сϲϯϮ͕ϲϮϭ͕ϭϭϭ

ƉƉůŝĞĚͬ ǆƉŝƌĞĚ W с– ;ϭϮ͕ϲϲϯ͕ϯϬϰͿ ;ϭϭ͕ϳϲϰ͕ϲϲϱͿ ;ϲϭ͕ϱϯϳ͕ϬϰϱͿ ;W сϴϱ͕ϵϲϱ͕ϬϭϰͿ

ŶĚŝŶŐ ĂůĂŶĐĞ W сϲϯϮ͕ϲϮϭ͕ϭϭϭ ϭϬϭ͕ϵϰϬ͕ϭϱϮ ϰϭ͕Ϭϳϱ͕ϲϰϭ – W сϳϳϱ͕ϲϯϲ͕ϵϬϰ

sĂůŝĚ hŶƚŝů ϮϬϮϬ ϮϬϭϵ ϮϬϭϴ ϮϬϭϳ

dŚĞ ƌĞĐŽŶĐŝůŝĂƚŝŽŶ ŽĨ ŝŶĐŽŵĞ ƚĂǆ ĐŽŵƉƵƚĞĚ Ăƚ ƐƚĂƚƵƚŽƌǇ ƚĂǆ ƌĂƚĞ ƚŽ ƉƌŽǀŝƐŝŽŶ ĨŽƌ ŝŶĐŽŵĞ ƚĂǆ ƐŚŽǁŶ ŝŶ ƚŚĞ ĐŽŶƐŽůŝĚĂƚĞĚ ƐƚĂƚĞŵĞŶƚƐ ŽĨ ĐŽŵƉƌĞŚĞŶƐŝǀĞ ŝŶĐŽŵĞ ŝƐ ĂƐ ĨŽůůŽǁƐ͗ ϮϬϭϳ ϮϬϭϲ ϮϬϭϱ /ŶĐŽŵĞ ƚĂǆ ĐŽŵƉƵƚĞĚ Ăƚ ƐƚĂƚƵƚŽƌǇ ƚĂǆ ƌĂƚĞ W сϯ͕ϱϬϯ͕ϮϬϳ͕Ϭϰϯ W сϯ͕Ϭϲϯ͕ϮϬϱ͕ϱϱϴ W сϮ͕ϲϰϱ͕ϭϰϬ͕ϲϵϵ ŚĂŶŐĞ ŝŶ ƵŶƌĞĐŽŐŶŝǌĞĚ ĚĞĨĞƌƌĞĚ ƚĂǆ ĂƐƐĞƚƐ ;ϴϯ͕ϳϱϴ͕ϯϰϲͿ ϭϱ͕ϮϬϰ͕ϳϮϲ ϰϲ͕ϯϱϲ͕ϭϭϬ ǆƉŝƌĞĚ EK> K Ϯϱ͕ϳϴϵ͕ϱϬϰ ϭϲ͕ϱϯϬ͕ϰϳϬ Ϯϭ͕ϮϮϰ͕ϰϮϬ ĚĚŝƚŝŽŶƐ ƚŽ ;ƌĞĚƵĐƚŝŽŶƐ ŝŶͿ ŝŶĐŽŵĞ ƚĂǆ ƌĞƐƵůƚŝŶŐ ĨƌŽŵ͗ /ŶĐŽŵĞ ƐƵďũĞĐƚĞĚ ƚŽ ĐĂƉŝƚĂů ŐĂŝŶƐ ƚĂǆ ;ϱϰ͕ϲϲϮ͕ϴϳϯͿ ;ϯϮ͕ϱϱϭ͕ϱϭϱͿ ;ϴϭ͕ϳϬϮ͕ϳϯϱͿ EŽŶĚĞĚƵĐƚŝďůĞ ĞǆƉĞŶƐĞƐ ĂŶĚ ŽƚŚĞƌƐ ϳ͕ϵϭϵ͕ϰϳϵ ϲϳ͕ϮϬϱ͕ϰϭϯ ϲϴ͕ϱϴϱ͕ϴϮϳ EŽŶƚĂǆĂďůĞ ŝŶĐŽŵĞ ϰ͕ϮϳϮ͕ϯϳϬ ϰ͕ϴϰϳ͕ϬϬϰ ϭ͕ϴϰϴ͕ϵϱϰ /ŶƚĞƌĞƐƚ ŝŶĐŽŵĞ ƐƵďũĞĐƚĞĚ ƚŽ ĨŝŶĂů ƚĂǆ ;ϯϵϲ͕ϱϮϱͿ ;ϱϮϵ͕ϭϳϬͿ ;Ϯ͕Ϭϵϱ͕ϬϬϰͿ KƚŚĞƌƐ – ;ϱϬ͕ϴϳϱͿ – W сϯ͕ϰϬϮ͕ϯϳϬ͕ϲϱϮ W сϯ͕ϭϯϯ͕ϴϲϭ͕ϲϭϭ W сϮ͕ϲϵϵ͕ϯϱϴ͕Ϯϳϭ

ϮϮ͘ ĂƌŶŝŶŐƐ WĞƌ ^ŚĂƌĞ ĂŶĚ ŽŽŬ sĂůƵĞ WĞƌ ^ŚĂƌĞ ŽŵƉƵƚĂƚŝŽŶ ĂƐŝĐͬĚŝůƵƚĞĚ ĞĂƌŶŝŶŐƐ ƉĞƌ ƐŚĂƌĞ ŽŶ ŶĞƚ ŝŶĐŽŵĞ ĂƚƚƌŝďƵƚĂďůĞ ƚŽ ĞƋƵŝƚǇ ŚŽůĚĞƌƐ ŽĨ ƚŚĞ WĂƌĞŶƚ͗

144

;ĂͿ EĞƚ ŝŶĐŽŵĞ ĂƚƚƌŝďƵƚĂďůĞ ƚŽ ĞƋƵŝƚǇ ŚŽůĚĞƌƐ ŽĨ ƚŚĞ WĂƌĞŶƚ ŽŵƉĂŶǇ ;ďͿ tĞŝŐŚƚĞĚ ĂǀĞƌĂŐĞ ŶƵŵďĞƌ ŽĨ ƐŚĂƌĞƐ ŽƵƚƐƚĂŶĚŝŶŐ ĂƐŝĐͬĚŝůƵƚĞĚ ĞĂƌŶŝŶŐƐ ƉĞƌ ƐŚĂƌĞ ;ĂͬďͿ

ϮϬϭϳ

ϮϬϭϲ

ϮϬϭϱ

W сϴ͕ϭϲϳ͕ϲϲϮ͕ϰϴϱ

сϳ͕Ϭϳϲ͕ϰϬϲ͕Ϯϱϲ W

сϲ͕ϭϭϴ͕ϱϬϬ͕ϯϲϲ W

ϭ͕ϮϳϮ͕ϵϲϰ͕Ϯϴϵ W сϲ͘ϰϭϲ

ϭ͕Ϯϳϰ͕ϯϳϯ͕ϲϯϵ сϱ͘ϱϱϯ W

ϭ͕ϯϲϭ͕Ϭϰϭ͕ϲϵϳ сϰ͘ϰϵϱ W

Ͳ ϲϱ Ͳ - 63 dŚĞ 'ƌŽƵƉ ŚĂƐ ŶŽ ĚŝůƵƚŝǀĞ ƉŽƚĞŶƚŝĂů ĐŽŵŵŽŶ ƐŚĂƌĞƐ ŽƵƚƐƚĂŶĚŝŶŐ͕ ƚŚĞƌĞĨŽƌĞ ďĂƐŝĐ ĞĂƌŶŝŶŐƐ ƉĞƌ ƐŚĂƌĞ ŝƐ ƚŚĞ ƐĂŵĞ ĂƐ ĚŝůƵƚĞĚ ĞĂƌŶŝŶŐƐ ƉĞƌ ƐŚĂƌĞ͘

dŚĞ ĂďŽǀĞ ĐŽŵƉƵƚĂƚŝŽŶ ŝƐ ŝŶ ĂĐĐŽƌĚĂŶĐĞ ǁŝƚŚ W ^ ϯϯ ǁŚŝĐŚ ƉƌŽǀŝĚĞƐ ƚŚĂƚ ƚŚĞ ďĂƐŝĐͬĚŝůƵƚĞĚ ĞĂƌŶŝŶŐƐ ƉĞƌ ƐŚĂƌĞ ƐŚŽƵůĚ ďĞ ĐŽŵƉƵƚĞĚ ďĂƐĞĚ ŽŶ ƚŚĞ ǁĞŝŐŚƚĞĚ ĂǀĞƌĂŐĞ ŶƵŵďĞƌ ŽĨ ƐŚĂƌĞƐ ŽƵƚƐƚĂŶĚŝŶŐ ĨŽƌ ƚŚĞ ǇĞĂƌ͘ ,ŽǁĞǀĞƌ͕ ĂƐƐƵŵŝŶŐ ƚŚĂƚ ƚŚĞ ďĂƐŝĐͬĚŝůƵƚĞĚ ĞĂƌŶŝŶŐƐ ƉĞƌ ƐŚĂƌĞ ŝƐ ĐŽŵƉƵƚĞĚ ďĂƐĞĚ ŽŶ ƚŚĞ ŽƵƚƐƚĂŶĚŝŶŐ ƐŚĂƌĞƐ ĂƐ Ăƚ ƚŚĞ ĞŶĚ ŽĨ ƚŚĞ ǇĞĂƌ͕ ƚŚĞ ƌĞƐƵůƚ ŝƐ ƉƌĞƐĞŶƚĞĚ ďĞůŽǁ ĂŶĚ ŝƐ ŝŶƚĞŶĚĞĚ ĨŽƌ management’s reporting purposes only. ;ĂͿ EĞƚ ŝŶĐŽŵĞ ĂƚƚƌŝďƵƚĂďůĞ ƚŽ ĞƋƵŝƚǇ ŚŽůĚĞƌƐ ŽĨ ƚŚĞ WĂƌĞŶƚ ŽŵƉĂŶǇ ;ďͿ dŽƚĂů ŶƵŵďĞƌ ŽĨ ƐŚĂƌĞƐ ŽƵƚƐƚĂŶĚŝŶŐ Ăƚ ĞŶĚ ŽĨ ǇĞĂƌ ĂƐŝĐͬĚŝůƵƚĞĚ ĞĂƌŶŝŶŐƐ ƉĞƌ ƐŚĂƌĞ ;ĂͬďͿ ;ďĂƐĞĚ ŽŶ ĂƐƐƵŵƉƚŝŽŶͿ

ŽŽŬ ǀĂůƵĞ ƉĞƌ ƐŚĂƌĞ ŝƐ ĐŽŵƉƵƚĞĚ ĂƐ ĨŽůůŽǁƐ͗ ;ĂͿ dŽƚĂů ĞƋƵŝƚǇ ;ďͿ dŽƚĂů ŶƵŵďĞƌ ŽĨ ƐŚĂƌĞƐ ŽƵƚƐƚĂŶĚŝŶŐ Ăƚ ĞŶĚ ŽĨ ǇĞĂƌ ŽŽŬ ǀĂůƵĞ ƉĞƌ ƐŚĂƌĞ ;ĂͬďͿ Ϯϯ͘ ZŝƐŬ DĂŶĂŐĞŵĞŶƚ KďũĞĐƚŝǀĞƐ ĂŶĚ WŽůŝĐŝĞƐ

ϮϬϭϳ

ϮϬϭϲ

ϮϬϭϱ

W сϴ͕ϭϲϳ͕ϲϲϮ͕ϰϴϱ

сϳ͕Ϭϳϲ͕ϰϬϲ͕Ϯϱϲ W

сϲ͕ϭϭϴ͕ϱϬϬ͕ϯϲϲ W

ϭ͕ϮϳϬ͕ϴϱϲ͕Ϭϯϴ

ϭ͕Ϯϳϯ͕ϵϳϮ͕ϱϯϵ

ϭ͕Ϯϳϱ͕ϬϳϮ͕ϱϯϵ

W сϲ͘ϰϮϳ

сϱ͘ϱϱϱ W

сϰ͘ϳϵϵ W

EŽƚĞ ϭϲ

ϮϬϭϳ ϮϬϭϲ W сϲϬ͕ϰϭϱ͕ϱϭϯ͕ϭϴϮ W сϱϮ͕ϰϭϭ͕ϳϰϬ͕ϭϰϱ ϭ͕ϮϳϬ͕ϴϱϲ͕Ϭϯϴ W сϰϳ͘ϱϰϬ

ϭ͕Ϯϳϯ͕ϵϳϮ͕ϱϯϵ сϰϭ͘ϭϰϬ W

The Group’s principal financial instruments comprise of cash and cash equivalents, ƚƌĂĚĞ ĂŶĚ ŽƚŚĞƌ ƌĞĐĞŝǀĂďůĞƐ͕ ĂĚǀĂŶĐĞƐ ƚŽ ƌĞůĂƚĞĚ ƉĂƌƚŝĞƐ͕ ůŽĂŶƐ ƉĂǇĂďůĞ ĂŶĚ ůŽŶŐͲƚĞƌŵ ĚĞďƚ͘ dŚĞ ŵĂŝŶ ƉƵƌƉŽƐĞ ŽĨ ƚŚĞƐĞ financial instruments is to provide funds for the Group’s operations. The Group has various financial instruments such as trade and other receivables, trade and other payables, customers’ deposits and ĂĚǀĂŶĐĞƐ ƚŽ ĂŶĚ ĨƌŽŵ ƌĞůĂƚĞĚ ƉĂƌƚŝĞƐ͕ ǁŚŝĐŚ ĂƌŝƐĞ ĚŝƌĞĐƚůǇ ĨƌŽŵ ŝƚƐ ŽƉĞƌĂƚŝŽŶƐ͘ The BOD has overall responsibility for the establishment and oversight of the Group’s risk management framework. The Group’s risk management policies are established to identify and manage the Group’s ĞǆƉŽƐƵƌĞ ƚŽ ĨŝŶĂŶĐŝĂů ƌŝƐŬƐ͕ ƚŽ ƐĞƚ ĂƉƉƌŽƉƌŝĂƚĞ ƚƌĂŶƐĂĐƚŝŽŶ ůŝŵŝƚƐ ĂŶĚ ĐŽŶƚƌŽůƐ͕ ĂŶĚ ƚŽ ŵŽŶŝƚŽƌ ĂŶĚ ĂƐƐĞƐƐ ƌŝƐŬƐ ĂŶĚ ĐŽŵƉůŝĂŶĐĞ ƚŽ ŝŶƚĞƌŶĂů ĐŽŶƚƌŽů ƉŽůŝĐŝĞƐ͘ ZŝƐŬ ŵĂŶĂŐĞŵĞŶƚ ƉŽůŝĐŝĞƐ ĂŶĚ ƐƚƌƵĐƚƵƌĞ ĂƌĞ ƌĞǀŝĞǁĞĚ ƌĞŐƵůĂƌůǇ ƚŽ ƌĞĨůĞĐƚ ĐŚĂŶges in market conditions and the Group’s activities.

dŚĞ 'ƌŽƵƉ ŚĂƐ ĞǆƉŽƐƵƌĞ ƚŽ ĐƌĞĚŝƚ ƌŝƐŬ͕ ŝŶƚĞƌĞƐƚ ƌĂƚĞ ƌŝƐŬ ĂŶĚ ůŝƋƵŝĚŝƚǇ ƌŝƐŬ ĨƌŽŵ ƚŚĞ ƵƐĞ ŽĨ ŝƚƐ ĨŝŶĂŶĐŝĂů instruments. The Group’s exposure to foreign currency risk is minimal as it does not normally eŶƚĞƌ ŝŶƚŽ ƚƌĂŶƐĂĐƚŝŽŶƐ ŝŶ ĐƵƌƌĞŶĐŝĞƐ ŽƚŚĞƌ ƚŚĂŶ ŝƚƐ ĨƵŶĐƚŝŽŶĂů ĐƵƌƌĞŶĐǇ͘ dŚĞ K ƌĞǀŝĞǁƐ ĂŶĚ ĂƉƉƌŽǀĞƐ ƚŚĞ ƉŽůŝĐŝĞƐ ĨŽƌ ŵĂŶĂŐŝŶŐ ĞĂĐŚ ŽĨ ƚŚĞƐĞ ƌŝƐŬƐ͘

145

- 64 Ͳ ϲϲ Ͳ

ƌĞĚŝƚ ZŝƐŬ The Group trades only with recognized and creditworthy third parties. It is the Group’s policǇ ƚŚĂƚ Ăůů ĐƵƐƚŽŵĞƌƐ ǁŚŽ ǁŝƐŚ ƚŽ ƚƌĂĚĞ ŽŶ ĐƌĞĚŝƚ ƚĞƌŵƐ ĂƌĞ ƐƵďũĞĐƚ ƚŽ ĐƌĞĚŝƚ ǀĞƌŝĨŝĐĂƚŝŽŶ ƉƌŽĐĞĚƵƌĞƐ͘ /Ŷ ĂĚĚŝƚŝŽŶ͕ ƌĞĐĞŝǀĂďůĞ ďĂůĂŶĐĞƐ ĂƌĞ ŵŽŶŝƚŽƌĞĚ ŽŶ ĂŶ ŽŶŐŽŝŶŐ ďĂƐŝƐ ǁŝƚŚ ƚŚĞ ƌĞƐƵůƚ ƚŚĂƚ ƚŚĞ 'ƌŽƵƉ ĞǆƉŽƐƵƌĞ ƚŽ ďĂĚ ĚĞďƚƐ ŝƐ ŶŽƚ ƐŝŐŶŝĨŝĐĂŶƚ͘ &Žƌ ƚƌĂŶƐĂĐƚŝŽŶƐ ƚŚĂƚ ĂƌĞ ŶŽƚ ĚĞŶŽŵŝŶĂƚĞĚ ŝŶ ƚŚĞ ĨƵŶĐƚŝŽŶĂů ĐƵƌƌĞŶĐǇ ŽĨ ƚŚĞ WĂƌĞŶƚ ŽŵƉĂŶǇ͕ ƚŚĞ 'ƌŽƵƉ ĚŽĞƐ ŶŽƚ ŽĨĨĞƌ ĐƌĞĚŝƚ ƚĞƌŵƐ ǁŝƚŚŽƵƚ ƚŚĞ ƐƉĞĐŝĨŝĐ ĂƉƉƌŽǀĂů ŽĨ ƚŚĞ ŚŝĞĨ &ŝŶĂŶĐĞ KĨĨŝĐĞƌ͘ tŝƚŚ ƌĞƐƉĞĐƚ ƚŽ ĐƌĞĚŝƚ ƌŝƐŬ ĂƌŝƐŝŶŐ ĨƌŽŵ ƚŚĞ ŽƚŚĞƌ ĨŝŶĂŶĐŝĂů ĂƐƐĞƚƐ͕ ƚŚĞ 'ƌŽƵƉ’s exposure to credit risk ĂƌŝƐĞƐ ĨƌŽŵ ĚĞĨĂƵůƚ ŽĨ ƚŚĞ ĐŽƵŶƚĞƌƉĂƌƚǇ͕ ǁŝƚŚ Ă ŵĂǆŝŵƵŵ ĞǆƉŽƐƵƌĞ ĞƋƵĂů ƚŽ ƚŚĞ ĐĂƌƌǇŝŶŐ ĂŵŽƵŶƚ ŽĨ ƚŚĞƐĞ ŝŶƐƚƌƵŵĞŶƚƐ͘ ^ŝŶĐĞ ƚŚĞ 'ƌŽƵƉ ƚƌĂĚĞƐ ǁŝƚŚ ƌĞĐŽŐŶŝǌĞĚ ƚŚŝƌĚ ƉĂƌƚŝĞƐ ĂŶĚ ƌĞůĂƚĞĚ ƉĂƌƚŝĞƐ͕ ƚŚĞƌĞ ŝƐ ŶŽ ƌĞƋƵŝƌĞŵĞŶƚ ĨŽƌ ĐŽůůĂƚĞƌĂů͘ dŚĞƌĞ ĂƌĞ ŶŽ ŽƚŚĞƌ ĐŽŶĐĞŶƚƌĂƚŝŽŶƐ ŽĨ ĐƌĞĚŝƚ ƌŝƐŬ ǁŝƚŚŝŶ ƚŚĞ 'ƌŽƵƉ͘ ƌĞĚŝƚ YƵĂůŝƚǇ ŽĨ &ŝŶĂŶĐŝĂů ƐƐĞƚƐ͘ dŚĞ ĐƌĞĚŝƚ ƋƵĂůŝƚǇ ŽĨ ĨŝŶĂŶĐŝĂů ĂƐƐĞƚƐ ŝƐ ŵĂŶĂŐĞĚ ďǇ ƚŚĞ 'ƌŽƵƉ ƵƐŝŶŐ ŝŶƚĞƌŶĂů ĐƌĞĚŝƚ ƌĂƚŝŶŐƐ ƐƵĐŚ ĂƐ ŚŝŐŚ ŐƌĂĚĞ ĂŶĚ ƐƚĂŶĚĂƌĚ ŐƌĂĚĞ͘ ,ŝŐŚ 'ƌĂĚĞ Ͳ ƉĞƌƚĂŝŶƐ ƚŽ ĚĞƉŽƐŝƚƐ Žƌ ƉůĂĐĞŵĞŶƚƐ ƚŽ ĐŽƵŶƚĞƌƉĂƌƚŝĞƐ ǁŝƚŚ ŐŽŽĚ ĐƌĞĚŝƚ ƌĂƚŝŶŐ Žƌ ďĂŶŬ ƐƚĂŶĚŝŶŐ͘ &Žƌ ƌĞĐĞŝǀĂďůĞƐ͕ ƚŚŝƐ ĐŽǀĞƌƐ ĂĐĐŽƵŶƚƐ ŽĨ ŐŽŽĚ ƉĂǇŝŶŐ ĐƵƐƚŽŵĞƌƐ͕ ǁŝƚŚ ŐŽŽĚ ĐƌĞĚŝƚ ƐƚĂŶĚŝŶŐ ĂŶĚ ĂƌĞ ŶŽƚ ĞǆƉĞĐƚĞĚ ďǇ ƚŚĞ 'ƌŽƵƉ ƚŽ ĚĞĨĂƵůƚ ŝŶ ƐĞƚƚůŝŶŐ ŝƚƐ ŽďůŝŐĂƚŝŽŶƐ͕ ƚŚƵƐ ĐƌĞĚŝƚ ƌŝƐŬ ĞǆƉŽƐƵƌĞ ŝƐ ŵŝŶŝŵĂů͘ dŚŝƐ ŶŽƌŵĂůůǇ ŝŶĐůƵĚĞƐ ůĂƌŐĞ ƉƌŝŵĞ ĨŝŶĂŶĐŝĂů ŝŶƐƚŝƚƵƚŝŽŶƐ͕ ĐŽŵƉĂŶŝĞƐ ĂŶĚ ŐŽǀĞƌŶŵĞŶƚ ĂŐĞŶĐŝĞƐ͘ ^ƚĂŶĚĂƌĚ 'ƌĂĚĞ Ͳ ŽƚŚĞƌ ĨŝŶĂŶĐŝĂů ĂƐƐĞƚƐ ŶŽƚ ďĞůŽŶŐŝŶŐ ƚŽ ŚŝŐŚ ƋƵĂůŝƚǇ ĨŝŶĂŶĐŝĂů ĂƐƐĞƚƐ ĂƌĞ ŝŶĐůƵĚĞĚ ŝŶ ƚŚŝƐ ĐƌĞĚŝƚ ƌĂƚŝŶŐ͘ dŚĞ ƚĂďůĞ ďĞůŽǁ ƐŚŽǁƐ ƚŚĞ ĐƌĞĚŝƚ ƋƵĂůŝƚǇ ŽĨ ƚŚĞ 'ƌŽƵƉ ŶĞŝƚŚĞƌ ƉĂƐƚ ĚƵĞ ŶŽƌ ŝŵƉĂŝƌĞĚ ĨŝŶĂŶĐŝĂů ĂƐƐĞƚƐ ĂƐ ŽĨ ĞĐĞŵďĞƌ ϯϭ͕ ϮϬϭϳ ĂŶĚ ϮϬϭϲ ĂƐ ĨŽůůŽǁƐ͗ >ŽĂŶƐ ĂŶĚ ZĞĐĞŝǀĂďůĞƐ ĂƐŚ ĂŶĚ ĐĂƐŚ ĞƋƵŝǀĂůĞŶƚƐΎ dƌĂĚĞ ĂŶĚ ŽƚŚĞƌ ƌĞĐĞŝǀĂďůĞƐΎΎ͗ dƌĂĚĞ KƚŚĞƌƐ ĚǀĂŶĐĞƐ ƚŽ ĂƐƐŽĐŝĂƚĞƐ ĂŶĚ ƌĞůĂƚĞĚ ƉĂƌƚŝĞƐ ZĞƐƚƌŝĐƚĞĚ ĐĂƐŚ ZĞĨƵŶĚĂďůĞ ĚĞƉŽƐŝƚƐ &^ &ŝŶĂŶĐŝĂů ƐƐĞƚƐ Unquoted Clubs’ preferred ƐŚĂƌĞƐ

146

dŽƚĂů W сϮϬϰ͕Ϭϱϰ͕ϬϴϬ

ϮϬϭϳ EĞŝƚŚĞƌ WĂƐƚ ƵĞ ŶŽƌ /ŵƉĂŝƌĞĚ ,ŝŐŚ 'ƌĂĚĞ ^ƚĂŶĚĂƌĚ 'ƌĂĚĞ dŽƚĂů W сϮϬϰ͕Ϭϱϰ͕ϬϴϬ W с– W сϮϬϰ͕Ϭϱϰ͕ϬϴϬ

WĂƐƚ ƵĞ ďƵƚ ŶŽƚ /ŵƉĂŝƌĞĚ W с–

WĂƐƚ ƵĞ ĂŶĚ /ŵƉĂŝƌĞĚ W с–

Ϯ͕Ϭϳϲ͕ϭϱϮ͕ϯϴϳ ϮϬ͕ϰϬϭ͕ϳϰϳ

ϳϱϵ͕Ϯϰϳ͕ϰϯϲ ϮϬ͕ϰϬϭ͕ϳϰϳ

ϭ͕ϮϬϰ͕ϵϴϴ͕ϴϴϰ –

ϭ͕ϵϲϰ͕Ϯϯϲ͕ϯϮϬ ϮϬ͕ϰϬϭ͕ϳϰϳ

ϳϬ͕ϯϱϬ –

ϭϭϭ͕ϴϰϱ͕ϳϭϳ –

Ϯ͕ϳϳϴ͕Ϭϳϭ͕ϭϯϬ ϭ͕ϭϴϯ͕Ϯϰϱ ϰϴ͕Ϯϱϳ͕ϱϲϵ ϱ͕ϭϮϴ͕ϭϮϬ͕ϭϱϴ

Ϯ͕ϳϳϴ͕Ϭϳϭ͕ϭϯϬ ϭ͕ϭϴϯ͕Ϯϰϱ ϰϴ͕Ϯϱϳ͕ϱϲϵ ϯ͕ϴϭϭ͕Ϯϭϱ͕ϮϬϳ

– – – ϭ͕ϮϬϰ͕ϵϴϴ͕ϴϴϰ

Ϯ͕ϳϳϴ͕Ϭϳϭ͕ϭϯϬ ϭ͕ϭϴϯ͕Ϯϰϱ ϰϴ͕Ϯϱϳ͕ϱϲϵ ϱ͕Ϭϭϲ͕ϮϬϰ͕Ϭϵϭ

– – – ϳϬ͕ϯϱϬ

– – – ϭϭϭ͕ϴϰϱ͕ϳϭϳ

ϯϬ͕Ϭϲϰ͕Ϯϲϴ͕ϬϱϬ W сϯϱ͕ϭϵϮ͕ϯϴϴ͕ϮϬϴ

ϯϬ͕Ϭϲϰ͕Ϯϲϴ͕ϬϱϬ W сϯϯ͕ϴϳϱ͕ϰϴϯ͕Ϯϱϳ

– W сϭ͕ϮϬϰ͕ϵϴϴ͕ϴϴϰ

ϯϬ͕Ϭϲϰ͕Ϯϲϴ͕ϬϱϬ W сϯϱ͕ϬϴϬ͕ϰϳϮ͕ϭϰϭ

– W сϳϬ͕ϯϱϬ

W сϭϭϭ͕ϴϰϱ͕ϳϭϳ

Ύ ǆĐůƵĚŝŶŐ ĐĂƐŚ ŽŶ ŚĂŶĚ ĂŵŽƵŶƚŝŶŐ ƚŽ W сϭ͕ϯϮϳ͕ϲϳϰ͘ ΎΎ ǆĐůƵĚŝŶŐ ĂĚǀĂŶĐĞƐ ƚŽ ŽĨĨŝĐĞƌƐ ĂŶĚ ĞŵƉůŽǇĞĞƐ ĂŵŽƵŶƚŝŶŐ ƚŽ W сϴ͕ϳϵϱ͕ϲϴϳ͘

- 65 Ͳ ϲϳ Ͳ ϮϬϭϲ EĞŝƚŚĞƌ WĂƐƚ ƵĞ ŶŽƌ /ŵƉĂŝƌĞĚ dŽƚĂů ,ŝŐŚ 'ƌĂĚĞ ^ƚĂŶĚĂƌĚ 'ƌĂĚĞ dŽƚĂů >ŽĂŶƐ ĂŶĚ ZĞĐĞŝǀĂďůĞƐ ĂƐŚ ĂŶĚ ĐĂƐŚ ĞƋƵŝǀĂůĞŶƚƐΎ сϮϱϱ͕ϲϭϬ͕ϭϲϭ W сϮϱϱ͕ϲϭϬ͕ϭϲϭ W с– W сϮϱϱ͕ϲϭϬ͕ϭϲϭ W dƌĂĚĞ ĂŶĚ ŽƚŚĞƌ ƌĞĐĞŝǀĂďůĞƐΎΎ͗ dƌĂĚĞ ϭ͕ϮϰϮ͕Ϯϳϳ͕ϬϮϮ ϭ͕ϭϴϯ͕ϳϴϳ͕Ϯϴϯ – ϭ͕ϭϴϯ͕ϳϴϳ͕Ϯϴϯ KƚŚĞƌƐ ϯϯ͕ϰϰϰ͕ϭϵϮ ϯϯ͕ϰϰϰ͕ϭϵϮ – ϯϯ͕ϰϰϰ͕ϭϵϮ ĚǀĂŶĐĞƐ ƚŽ ĂƐƐŽĐŝĂƚĞƐ ĂŶĚ ƌĞůĂƚĞĚ ƉĂƌƚŝĞƐ Ϯ͕ϰϭϱ͕ϰϱϰ͕ϲϬϰ Ϯ͕ϰϭϱ͕ϰϱϰ͕ϲϬϰ – Ϯ͕ϰϭϱ͕ϰϱϰ͕ϲϬϰ ZĞƐƚƌŝĐƚĞĚ ĐĂƐŚ ϳϮϬ͕ϱϮϱ͕ϱϲϲ ϳϮϬ͕ϱϮϱ͕ϱϲϲ – ϳϮϬ͕ϱϮϱ͕ϱϲϲ ZĞĨƵŶĚĂďůĞ ĚĞƉŽƐŝƚƐ ϯϱ͕ϰϱϯ͕ϭϮϵ ϯϱ͕ϰϱϯ͕ϭϮϵ – ϯϱ͕ϰϱϯ͕ϭϮϵ ϰ͕ϳϬϮ͕ϳϲϰ͕ϲϳϰ ϰ͕ϲϰϰ͕Ϯϳϰ͕ϵϯϱ – ϰ͕ϲϰϰ͕Ϯϳϰ͕ϵϯϱ &^ &ŝŶĂŶĐŝĂů ƐƐĞƚƐ Unquoted Clubs’ preferred ƐŚĂƌĞƐ ϯϬ͕Ϯϱϳ͕ϮϮϮ͕ϮϬϬ ϯϬ͕Ϯϱϳ͕ϮϮϮ͕ϮϬϬ – ϯϬ͕Ϯϱϳ͕ϮϮϮ͕ϮϬϬ сϯϰ͕ϵϱϵ͕ϵϴϲ͕ϴϳϰ W сϯϰ͕ϵϬϭ͕ϰϵϳ͕ϭϯϱ W с– W сϯϰ͕ϵϬϭ͕ϰϵϳ͕ϭϯϱ W Ύ ǆĐůƵĚŝŶŐ ĐĂƐŚ ŽŶ ŚĂŶĚ ĂŵŽƵŶƚŝŶŐ ƚŽ W сϱϯϱ͕ϱϴϴ͘ ΎΎ ǆĐůƵĚŝŶŐ ĂĚǀĂŶĐĞƐ ƚŽ ŽĨĨŝĐĞƌƐ ĂŶĚ ĞŵƉůŽǇĞĞƐ ĂŵŽƵŶƚŝŶŐ ƚŽ W сϭϴ͕ϳϬϱ͕ϭϲϱ͘

WĂƐƚ ƵĞ ďƵƚ ŶŽƚ /ŵƉĂŝƌĞĚ с– W

WĂƐƚ ƵĞ ĂŶĚ /ŵƉĂŝƌĞĚ с– W

ϭϴ͕ϱϴϰ͕Ϭϲϵ –

ϯϵ͕ϵϬϱ͕ϲϳϬ –

– – – ϭϴ͕ϱϴϰ͕Ϭϲϵ

– – – ϯϵ͕ϵϬϱ͕ϲϳϬ

– сϭϴ͕ϱϴϰ͕Ϭϲϵ W

– сϯϵ͕ϵϬϱ͕ϲϳϬ W

dŚĞ ĨŽůůŽǁŝŶŐ ĂƌĞ ƚŚĞ ĂŐŝŶŐ ĂŶĂůǇƐĞƐ ŽĨ ĨŝŶĂŶĐŝĂů ĂƐƐĞƚƐ ĂƐ ŽĨ ĞĐĞŵďĞƌ ϯϭ͕ ϮϬϭϳ ĂŶĚ ϮϬϭϲ͗ >ŽĂŶƐ ĂŶĚ ZĞĐĞŝǀĂďůĞƐ ĂƐŚ ĂŶĚ ĐĂƐŚ ĞƋƵŝǀĂůĞŶƚƐΎ dƌĂĚĞ ĂŶĚ ŽƚŚĞƌ ƌĞĐĞŝǀĂďůĞƐΎΎ ĚǀĂŶĐĞƐ ƚŽ ĂƐƐŽĐŝĂƚĞƐ ĂŶĚ ƌĞůĂƚĞĚ ƉĂƌƚŝĞƐ ZĞƐƚƌŝĐƚĞĚ ĐĂƐŚ ZĞĨƵŶĚĂďůĞ ĚĞƉŽƐŝƚƐ &^ &ŝŶĂŶĐŝĂů ƐƐĞƚƐ Unquoted Clubs’ pƌĞĨĞƌƌĞĚ ƐŚĂƌĞƐ

dŽƚĂů W сϮϬϰ͕Ϭϱϰ͕ϬϴϬ Ϯ͕Ϭϵϲ͕ϱϱϰ͕ϭϯϰ

EĞŝƚŚĞƌ WĂƐƚ ƵĞ ŶŽƌ /ŵƉĂŝƌĞĚ W сϮϬϰ͕Ϭϱϰ͕ϬϴϬ ϭ͕ϴϵϴ͕ϰϰϯ͕ϯϲϲ

ϭ–ϯϬ ĂǇƐ W с– ϭϭ͕ϱϲϮ͕Ϭϲϯ

Ϯ͕ϳϴϮ͕ϬϵϬ͕ϴϰϲ ϭ͕ϭϴϯ͕Ϯϰϱ ϰϴ͕Ϯϱϳ͕ϱϲϵ ϱ͕ϭϯϮ͕ϭϯϵ͕ϴϳϰ ϯϬ͕Ϭϲϰ͕Ϯϲϴ͕ϬϱϬ W сϯϱ͕ϭϵϲ͕ϰϬϳ͕ϵϮϰ

Ϯ͕ϳϴϮ͕ϬϵϬ͕ϴϰϲ ϭ͕ϭϴϯ͕Ϯϰϱ ϰϴ͕Ϯϱϳ͕ϱϲϵ ϰ͕ϵϯϰ͕ϬϮϵ͕ϭϬϲ ϯϬ͕Ϭϲϰ͕Ϯϲϴ͕ϬϱϬ W сϯϰ͕ϵϵϴ͕Ϯϵϳ͕ϭϱϲ

– – – ϭϭ͕ϱϲϮ͕Ϭϲϯ – W сϭϭ͕ϱϲϮ͕Ϭϲϯ

ϮϬϭϳ WĂƐƚ ƵĞ Ƶƚ EŽƚ /ŵƉĂŝƌĞĚ ϯϭ–ϲϬ ϲϭ–ϵϬ ĂǇƐ ĂǇƐ W с– W с– ϴ͕ϯϰϯ͕ϱϭϮ ϰ͕Ϭϳϳ͕ϴϲϵ

DŽƌĞ ƚŚĂŶ ϵϬ ĂǇƐ W с– ϲϮ͕Ϯϴϭ͕ϲϬϳ

WĂƐƚ ƵĞ ŶĚ /ŵƉĂŝƌĞĚ W с– ϭϭϭ͕ϴϰϱ͕ϳϭϳ

– – – ϰ͕Ϭϳϳ͕ϴϲϵ – W сϰ͕Ϭϳϳ͕ϴϲϵ

– – – ϲϮ͕Ϯϴϭ͕ϲϬϳ – W сϲϮ͕Ϯϴϭ͕ϲϬϳ

– – – ϭϭϭ͕ϴϰϱ͕ϳϭϳ – W сϭϭϭ͕ϴϰϱ͕ϳϭϳ

ϮϬϭϲ WĂƐƚ ƵĞ Ƶƚ EŽƚ /ŵƉĂŝƌĞĚ ϯϭ–ϲϬ ϲϭ–ϵϬ ĂǇƐ ĂǇƐ с– W с– W ϭ͕Ϯϯϴ͕ϱϱϬ ϭ͕ϮϮϯ͕Ϭϲϯ

DŽƌĞ ƚŚĂŶ ϵϬ ĂǇƐ с– W Ϯϭ͕Ϭϴϳ͕ϯϮϯ

WĂƐƚ ƵĞ ŶĚ /ŵƉĂŝƌĞĚ с– W ϯϵ͕ϵϬϱ͕ϲϳϬ

– – – ϴ͕ϯϰϯ͕ϱϭϮ – W сϴ͕ϯϰϯ͕ϱϭϮ

Ύ ǆĐůƵĚŝŶŐ ĐĂƐŚ ŽŶ ŚĂŶĚ ĂŵŽƵŶƚŝŶŐ ƚŽ W сϭ͕ϯϮϳ͕ϲϳϰ͘ ΎΎ ǆĐůƵĚŝŶŐ ĂĚǀĂŶĐĞƐ ƚŽ ŽĨĨŝĐĞƌƐ ĂŶĚ ĞŵƉůŽǇĞĞƐ ĂŵŽƵŶƚŝŶŐ ƚŽ W сϴ͕ϳϵϱ͕ϲϴϳ͘ >ŽĂŶƐ ĂŶĚ ZĞĐĞŝǀĂďůĞƐ ĂƐŚ ĂŶĚ ĐĂƐŚ ĞƋƵŝǀĂůĞŶƚƐΎ dƌĂĚĞ ĂŶĚ ŽƚŚĞƌ ƌĞĐĞŝǀĂďůĞƐΎΎ ĚǀĂŶĐĞƐ ƚŽ ĂƐƐŽĐŝĂƚĞƐ ĂŶĚ ƌĞůĂƚĞĚ ƉĂƌƚŝĞƐ ZĞƐƚƌŝĐƚĞĚ ĐĂƐŚ ZĞĨƵŶĚĂďůĞ ĚĞƉŽƐŝƚƐ &^ &ŝŶĂŶĐŝĂů ƐƐĞƚƐ Unquoted Clubs’ preferred shares

dŽƚĂů сϮϱϱ͕ϲϭϬ͕ϭϲϭ W ϭ͕Ϯϳϱ͕ϳϮϭ͕Ϯϭϰ

EĞŝƚŚĞƌ WĂƐƚ ƵĞ ŶŽƌ /ŵƉĂŝƌĞĚ сϮϱϱ͕ϲϭϬ͕ϭϲϭ W ϭ͕ϮϬϱ͕ϲϱϲ͕ϳϴϮ

ϭ–ϯϬ ĂǇƐ с– W ϲ͕ϲϬϵ͕ϴϮϲ

Ϯ͕ϰϭϱ͕ϰϱϰ͕ϲϬϰ ϳϮϬ͕ϱϮϱ͕ϱϲϲ ϯϱ͕ϰϱϯ͕ϭϮϵ ϰ͕ϳϬϮ͕ϳϲϰ͕ϲϳϰ ϯϬ͕Ϯϱϳ͕ϮϮϮ͕ϮϬϬ сϯϰ͕ϵϱϵ͕ϵϴϲ͕ϴϳϰ W

Ϯ͕ϰϭϱ͕ϰϱϰ͕ϲϬϰ ϳϮϬ͕ϱϮϱ͕ϱϲϲ ϯϱ͕ϰϱϯ͕ϭϮϵ ϰ͕ϲϯϮ͕ϳϬϬ͕ϮϰϮ ϯϬ͕Ϯϱϳ͕ϮϮϮ͕ϮϬϬ сϯϰ͕ϴϴϵ͕ϵϮϮ͕ϰϰϮ W

– – – ϲ͕ϲϬϵ͕ϴϮϲ – сϲ͕ϲϬϵ͕ϴϮϲ W

– – – ϭ͕Ϯϯϴ͕ϱϱϬ – сϭ͕Ϯϯϴ͕ϱϱϬ W

– – – ϭ͕ϮϮϯ͕Ϭϲϯ – сϭ͕ϮϮϯ͕Ϭϲϯ W

– – – Ϯϭ͕Ϭϴϳ͕ϯϮϯ – сϮϭ͕Ϭϴϳ͕ϯϮϯ W

– – – ϯϵ͕ϵϬϱ͕ϲϳϬ – сϯϵ͕ϵϬϱ͕ϲϳϬ W

Ύ ǆĐůƵĚŝŶŐ ĐĂƐŚ ŽŶ ŚĂŶĚ ĂŵŽƵŶƚŝŶŐ ƚŽ W сϱϯϱ͕ϱϴϴ͘ ΎΎ ǆĐůƵĚŝŶŐ ĂĚǀĂŶĐĞƐ ƚŽ ŽĨĨŝĐĞƌƐ ĂŶĚ ĞŵƉůŽǇĞĞƐ ĂŵŽƵŶƚŝŶŐ ƚŽ W сϭϴ͕ϳϬϱ͕ϭϲϱ͘

/ŶƚĞƌĞƐƚ ZĂƚĞ ZŝƐŬ /ŶƚĞƌĞƐƚ ƌĂƚĞ ƌŝƐŬ ĂƌŝƐĞƐ ĨƌŽŵ ƚŚĞ ƉŽƐƐŝďŝůŝƚǇ ƚŚĂƚ ĐŚĂŶŐĞƐ ŝŶ ŝŶƚĞƌĞƐƚ ƌĂƚĞƐ ǁŝůů ĂĨĨĞĐƚ ĨƵƚƵƌĞ ĐĂƐŚ ĨůŽǁƐ Žƌ ƚŚĞ ĨĂŝƌ ǀĂůƵĞƐ ŽĨ ĨŝŶĂŶĐŝĂů ŝŶƐƚƌƵŵĞŶƚƐ͘ The Group’s exposure to interest rate risk relates primarily to ŝƚƐ ĨŝŶĂŶĐŝĂů ŝŶƐƚƌƵŵĞŶƚƐ ǁŝƚŚ ĨůŽĂƚŝŶŐ ŝŶƚĞƌĞƐƚ ĂŶĚͬŽƌ ĨŝǆĞĚ ŝŶƚĞƌĞƐƚ ƌĂƚĞƐ͘ &ŝǆĞĚ ƌĂƚĞ ĨŝŶĂŶĐŝĂů ŝŶƐƚƌƵŵĞŶƚƐ ĂƌĞ ƐƵďũĞĐƚ ƚŽ ĨĂŝƌ ǀĂůƵĞ ŝŶƚĞƌĞƐƚ ƌĂƚĞ ƌŝƐŬ ǁŚŝůĞ ĨůŽĂƚŝŶŐ ƌĂƚĞ ĨŝŶĂŶĐŝĂů ŝŶƐƚƌƵŵĞŶƚƐ ĂƌĞ ƐƵďũĞĐƚ ƚŽ ĐĂƐŚ ĨůŽǁ ŝŶƚĞƌĞƐƚ ƌĂƚĞ ƌŝƐŬ͘ ZĞͲƉƌŝĐŝŶŐ ŽĨ ĨůŽĂƚŝŶŐ ƌĂƚĞ ĨŝŶĂŶĐŝĂů ŝŶƐƚƌƵŵĞŶƚƐ ŝƐ ĚŽŶĞ ĞǀĞƌǇ ƚŚƌĞĞ ƚŽ Ɛŝǆ ŵŽŶƚŚƐ͘ /ŶƚĞƌĞƐƚ ŽŶ ĨŝǆĞĚ ƌĂƚĞ ĨŝŶĂŶĐŝĂů ŝŶƐƚƌƵŵĞŶƚƐ ŝƐ ĨŝǆĞĚ ƵŶƚŝů ŵĂƚƵƌŝƚǇ ŽĨ ƚŚĞ ŝŶƐƚƌƵŵĞŶƚ͘ dŚĞ ĚĞƚĂŝůƐ ŽĨ ĨŝŶĂŶĐŝĂů ŝŶƐƚƌƵŵĞŶƚƐ ƚŚĂƚ ĂƌĞ ĞǆƉŽƐĞĚ ƚŽ ŝŶƚĞƌĞƐƚ ƌĂƚĞ ƌŝƐŬ ĂƌĞ ĚŝƐĐůŽƐĞĚ ŝŶ EŽƚĞ ϭϱ͘

147

- 66 Ͳ ϲϴ Ͳ The Group’s exposure to the risk of changes in market interest rates relates primarily to the Group’s ůŽŶŐͲƚĞƌŵ ĚĞďƚ ƐƵďũĞĐƚ ƚŽ ĨůŽĂƚŝŶŐ ŝŶƚĞƌĞƐƚ ƌĂƚĞƐ ĂƐ ĚŝƐĐƵƐƐĞĚ ŝŶ EŽƚĞ ϭϱ͘

dŚĞ ŽƚŚĞƌ ĨŝŶĂŶĐŝĂů ŝŶƐƚƌƵŵĞŶƚƐ ŽĨ ƚŚĞ 'ƌŽƵƉ ĂƌĞ ŶŽŶŝŶƚĞƌĞƐƚͲďĞĂƌŝŶŐ ĂŶĚ͕ ƚŚĞƌĞĨŽƌĞ͕ ŶŽƚ ƐƵďũĞĐƚ ƚŽ ŝŶƚĞƌĞƐƚ ƌĂƚĞ ƌŝƐŬ͘

The following table demonstrates the sensitivity of the Group’s profit before tax due to a reasonably ƉŽƐƐŝďůĞ ĐŚĂŶŐĞ ŝŶ ŝŶƚĞƌĞƐƚ ƌĂƚĞƐ ŝŶ ƚŚĞ ŶĞǆƚ ƌĞƉŽƌƚŝŶŐ ƉĞƌŝŽĚ ǁŝƚŚ Ăůů ŽƚŚĞƌ ǀĂƌŝĂďůĞƐ ŚĞůĚ ĐŽŶƐƚĂŶƚ͘ There is no other impact on the Group’s equity other than those already affecting profit and loss. ϮϬϭϳ ϮϬϭϲ ϮϬϭϱ

/ŶĐƌĞĂƐĞͬ ĞĐƌĞĂƐĞ ŝŶ /ŶƚĞƌĞƐƚ ZĂƚĞ нϭ͘Ϭй –ϭ͘Ϭй нϭ͘Ϭй –ϭ͘Ϭй нϭ͘Ϭй –ϭ͘Ϭй

ĨĨĞĐƚ ŽŶ /ŶĐŽŵĞ ďĞĨŽƌĞ dĂǆ ;W сϭϮ͕ϱϲϰ͕ϳϭϬͿ ϭϮ͕ϱϲϰ͕ϳϭϬ ;Ϯϲ͕ϯϵϳ͕ϱϯϰͿ Ϯϲ͕ϯϵϳ͕ϱϯϰ ;ϰϯ͕ϳϴϵ͕ϳϯϭͿ ϰϯ͕ϳϴϵ͕ϳϯϭ

>ŝƋƵŝĚŝƚǇ ZŝƐŬ >ŝƋƵŝĚŝƚǇ ƌŝƐŬ ŝƐ ƚŚĞ ƌŝƐŬ ƚŚĂƚ ƚŚĞ 'ƌŽƵƉ ǁŝůů ŶŽƚ ďĞ ĂďůĞ ƚŽ ƐĞƚƚůĞ Žƌ ŵĞĞƚ ŝƚƐ ŽďůŝŐĂƚŝŽŶƐ ŽŶ ƚŝŵĞ͘ DĂŶĂŐĞŵĞŶƚ ŝƐ ƌĞƐƉŽŶƐŝďůĞ ĨŽƌ ůŝƋƵŝĚŝƚǇ͕ ĨƵŶĚŝŶŐ ĂƐ ǁĞůů ĂƐ ƐĞƚƚůĞŵĞŶƚ ŵĂŶĂŐĞŵĞŶƚ͘ /Ŷ ĂĚĚŝƚŝŽŶ͕ ůŝƋƵŝĚŝƚǇ ĂŶĚ ĨƵŶĚŝŶŐ ƌŝƐŬƐ͕ ƌĞůĂƚĞĚ ƉƌŽĐĞƐƐĞƐ ĂŶĚ ƉŽůŝĐŝĞƐ ĂƌĞ ŽǀĞƌƐĞĞŶ ďǇ ŵĂŶĂŐĞŵĞŶƚ͘ dŚĞ 'ƌŽƵƉ ŵĂŶĂŐĞƐ ŝƚƐ ůŝƋƵŝĚŝƚǇ ƌŝƐŬ ďĂƐĞĚ ŽŶ ďƵƐŝŶĞƐƐ ŶĞĞĚƐ͕ ƚĂǆ͕ ĐĂƉŝƚĂů Žƌ ƌĞŐƵůĂƚŽƌǇ ĐŽŶƐŝĚĞƌĂƚŝŽŶƐ͕ ŝĨ ĂƉƉůŝĐĂďůĞ͕ ƚŚƌŽƵŐŚ ŶƵŵĞƌŽƵƐ ƐŽƵƌĐĞƐ ŽĨ ĨŝŶĂŶĐĞ ŝŶ ŽƌĚĞƌ ƚŽ ŵĂŝŶƚĂŝŶ ĨůĞǆŝďŝůŝƚǇ͘ dŚĞ 'ƌŽƵƉ ĂůƐŽ ŵĂŝŶƚĂŝŶƐ Ă ďĂůĂŶĐĞ ďĞƚǁĞĞŶ ĐŽŶƚŝŶƵŝƚǇ ŽĨ ĨƵŶĚŝŶŐ ĂŶĚ ĨůĞǆŝďŝůŝƚǇ͘ dŚĞ ƉŽůŝĐǇ ŽĨ ƚŚĞ 'ƌŽƵƉ ŝƐ ƚŽ ĨŝƌƐƚ ĞǆŚĂƵƐƚ ůŝŶĞƐ ĂǀĂŝůĂďůĞ ĨƌŽŵ ĂĨĨŝůŝĂƚĞĚ ĐŽŵƉĂŶŝĞƐ ďĞĨŽƌĞ ůŽĐĂů ďĂŶŬ ůŝŶĞƐ ĂƌĞ ĂǀĂŝůĞĚ ŽĨ͘ dŚĞ 'ƌŽƵƉ ƐĞĞŬƐ ƚŽ ŵĂŶĂŐĞ ŝƚƐ ůŝƋƵŝĚ ĨƵŶĚƐ ƚŚƌŽƵŐŚ ĐĂƐŚ ƉůĂŶŶŝŶŐ ŽŶ Ă ǁĞĞŬůǇ ďĂƐŝƐ͘ dŚĞ 'ƌŽƵƉ ƵƐĞƐ ŚŝƐƚŽƌŝĐĂů ĨŝŐƵƌĞƐ ĂŶĚ ĞǆƉĞƌŝĞŶĐĞƐ ĂŶĚ ĨŽƌĞĐĂƐƚƐ ĨƌŽŵ ŝƚƐ ĐŽůůĞĐƚŝŽŶƐ ĂŶĚ ĚŝƐďƵƌƐĞŵĞŶƚƐ͘ Ɛ ƉĂƌƚ ŽĨ ŝƚƐ ůŝƋƵŝĚŝƚǇ ƌŝƐŬ ŵĂŶĂŐĞŵĞŶƚ͕ ƚŚĞ 'ƌŽƵƉ ƌĞŐƵůĂƌůǇ ĞǀĂůƵĂƚĞƐ ŝƚƐ ƉƌŽũĞĐƚĞĚ ĂŶĚ ĂĐƚƵĂů ĐĂƐŚ ĨůŽǁƐ͘ /ƚ ĂůƐŽ ĐŽŶƚŝŶƵŽƵƐůǇ ĂƐƐĞƐƐĞƐ ĐŽŶĚŝƚŝŽŶƐ ŝŶ ƚŚĞ ĨŝŶĂŶĐŝĂů ŵĂƌŬĞƚƐ ĨŽƌ ŽƉƉŽƌƚƵŶŝƚŝĞƐ ƚŽ ƉƵƌƐƵĞ ĨƵŶĚ ƌĂŝƐŝŶŐ ĂĐƚŝǀŝƚŝĞƐ͘ ůƐŽ͕ ƚŚĞ 'ƌŽƵƉ ŽŶůǇ ƉůĂĐĞƐ ĨƵŶĚƐ ŝŶ ƚŚĞ ŵŽŶĞǇ ŵĂƌŬĞƚ ǁŚŝĐŚ ĂƌĞ ĞǆĐĞĞĚŝŶŐ ƚŚĞ 'ƌŽƵƉ ƌĞƋƵŝƌĞŵĞŶƚƐ͘ WůĂĐĞŵĞŶƚƐ ĂƌĞ ƐƚƌŝĐƚůǇ ŵĂĚĞ ďĂƐĞĚ ŽŶ ĐĂƐŚ ƉůĂŶŶŝŶŐ ĂƐƐƵŵƉƚŝŽŶƐ ĂŶĚ ĐŽǀĞƌƐ ŽŶůǇ Ă ƐŚŽƌƚ ƉĞƌŝŽĚ ŽĨ ƚŝŵĞ͘

148

The tables below summarize the maturity profile of the Group’s financial assets useĚ ĨŽƌ ůŝƋƵŝĚŝƚǇ ŵĂŶĂŐĞŵĞŶƚ ĂŶĚ ƚŚĞ ŵĂƚƵƌŝƚǇ ƉƌŽĨŝůĞ ŽĨ ĨŝŶĂŶĐŝĂů ůŝĂďŝůŝƚŝĞƐ ĂƐ ŽĨ ĞĐĞŵďĞƌ ϯϭ͕ ϮϬϭϳ ĂŶĚ ϮϬϭϲ ďĂƐĞĚ ŽŶ ƵŶĚŝƐĐŽƵŶƚĞĚ ĐĂƐŚ ĨůŽǁƐ͗ &ŝŶĂŶĐŝĂů ƐƐĞƚƐ ĂƐŚ ĂŶĚ ĐĂƐŚ ĞƋƵŝǀĂůĞŶƚƐΎ dƌĂĚĞ ĂŶĚ ŽƚŚĞƌ ƌĞĐĞŝǀĂďůĞƐΎΎ ĚǀĂŶĐĞƐ ƚŽ ĂƐƐŽĐŝĂƚĞƐ ĂŶĚ ƌĞůĂƚĞĚ ƉĂƌƚŝĞƐ ZĞƐƚƌŝĐƚĞĚ ĐĂƐŚ ZĞĨƵŶĚĂďůĞ ĚĞƉŽƐŝƚƐ &^ ĨŝŶĂŶĐŝĂů ĂƐƐĞƚƐ

ϮϬϭϳ ϯϭ–ϲϬ ĂǇƐ W с–

KŶ ĞŵĂŶĚ W сϮϬϰ͕Ϭϱϰ͕ϬϴϬ

ϭ–ϯϬ ĂǇƐ W с–

ϲϭ–ϵϬ ĂǇƐ DŽƌĞ ƚŚĂŶ ϵϬ ĂǇƐ W с– W с–

dŽƚĂů W сϮϬϰ͕Ϭϱϰ͕ϬϴϬ

ϭ͕ϮϱϮ͕Ϯϭϭ͕ϰϰϳ

–

ϰϬ͕ϯϮϯ͕ϬϮϮ

–

ϳϭϱ͕ϳϵϮ͕ϬϬϬ

Ϯ͕ϬϬϴ͕ϯϮϲ͕ϰϲϵ

Ϯ͕ϳϳϴ͕Ϭϳϭ͕ϭϯϬ ϭ͕ϭϴϯ͕Ϯϰϱ ϰϴ͕Ϯϱϳ͕ϱϲϵ ϵϴϱ͕ϴϭϬ͕ϵϬϬ W сϱ͕Ϯϲϵ͕ϱϴϴ͕ϯϳϭ

– – – – W с–

– – – – W сϰϬ͕ϯϮϯ͕ϬϮϮ

– – – – W с–

– – – Ϯϵ͕Ϭϳϴ͕ϰϱϳ͕ϭϱϬ W сϮϵ͕ϳϵϰ͕Ϯϰϵ͕ϭϱϬ

Ϯ͕ϳϳϴ͕Ϭϳϭ͕ϭϯϬ ϭ͕ϭϴϯ͕Ϯϰϱ ϰϴ͕Ϯϱϳ͕ϱϲϵ ϯϬ͕Ϭϲϰ͕Ϯϲϴ͕ϬϱϬ W сϯϱ͕ϭϬϰ͕ϭϲϬ͕ϱϰϯ

- 67 Ͳ ϲϵ Ͳ &ŝŶĂŶĐŝĂů >ŝĂďŝůŝƚŝĞƐ dƌĂĚĞ ĂŶĚ ŽƚŚĞƌ ƉĂǇĂďůĞƐ͗ dƌĂĚĞ ĐĐƌƵĞĚ ĞǆƉĞŶƐĞƐ ZĞƚĞŶƚŝŽŶ ƉĂǇĂďůĞ ĐĐƌƵĞĚ ŝŶƚĞƌĞƐƚ KƚŚĞƌƐ >ŽŶŐͲƚĞƌŵ ĚĞďƚ Customers’ depŽƐŝƚƐ ĚǀĂŶĐĞƐ ĨƌŽŵ ƌĞůĂƚĞĚ ƉĂƌƚŝĞƐ

ϭ–ϯϬ ĂǇƐ

W сϭ͕ϬϮϬ͕ϯϳϮ͕ϲϯϲ ϴϵϬ͕Ϭϰϰ͕ϳϵϲ ϯϲϳ͕ϰϱϮ͕ϯϮϵ ϭϱ͕ϯϳϲ͕ϰϯϮ ϭϭϳ͕ϯϵϮ͕ϵϳϰ – ϭϳϭ͕ϭϬϴ͕ϴϰϮ

W сϭϬ͕ϬϬϬ͕Ϭϯϳ – – – ϰ͕ϮϴϬ͕ϱϱϬ – –

W с– – – – – – –

W с– – – – – Ϯϳϯ͕ϭϵϮ͕ϳϴϰ –

W сϰϯϭ͕Ϯϯϰ – ϰϬ͕Ϭϲϭ͕ϵϴϮ – ϭϮ͕ϱϵϬ͕ϵϰϴ ϲ͕ϯϮϯ͕ϰϮϳ͕ϭϲϴ –

W сϭ͕ϬϯϬ͕ϴϬϯ͕ϵϬϳ ϴϵϬ͕Ϭϰϰ͕ϳϵϲ ϰϬϳ͕ϱϭϰ͕ϯϭϭ ϭϱ͕ϯϳϲ͕ϰϯϮ ϭϯϰ͕Ϯϲϰ͕ϰϳϮ ϲ͕ϱϵϲ͕ϲϭϵ͕ϵϱϮ ϭϳϭ͕ϭϬϴ͕ϴϰϮ

ϴϭ͕ϳϲϯ͕ϴϳϳ W сϮ͕ϲϲϯ͕ϱϭϭ͕ϴϴϲ

– W сϭϰ͕ϮϴϬ͕ϱϴϳ

– W с–

– W сϮϳϯ͕ϭϵϮ͕ϳϴϰ

– W сϲ͕ϯϳϲ͕ϱϭϭ͕ϯϯϮ

ϴϭ͕ϳϲϯ͕ϴϳϳ W сϵ͕ϯϮϳ͕ϰϵϲ͕ϱϴϵ

ϮϬϭϲ ϯϭ–ϲϬ ĂǇƐ с– W

ϲϭ–ϵϬ ĂǇƐ DŽƌĞ ƚŚĂŶ ϵϬ ĂǇƐ с– W с– W

dŽƚĂů сϮϱϱ͕ϲϭϬ͕ϭϲϭ W

ϭϵ͕ϰϵϮ͕ϱϵϬ

Ϯϱ͕ϲϱϬ͕ϲϯϰ

ϵϮ͕ϭϭϭ͕ϬϬϯ

ϭ͕Ϯϳϱ͕ϳϮϭ͕Ϯϭϰ

– – – – сϭϵ͕ϰϵϮ͕ϱϵϬ W

– – – – сϮϱ͕ϲϱϬ͕ϲϯϰ W

– – – Ϯϵ͕Ϯϳϭ͕ϰϭϭ͕ϯϬϬ сϮϵ͕ϯϲϯ͕ϱϮϮ͕ϯϬϯ W

Ϯ͕ϰϭϱ͕ϰϱϰ͕ϲϬϰ ϳϮϬ͕ϱϮϱ͕ϱϲϲ ϯϱ͕ϰϱϯ͕ϭϮϵ ϯϬ͕Ϯϱϳ͕ϮϮϮ͕ϮϬϬ сϯϰ͕ϵϱϵ͕ϵϴϲ͕ϴϳϰ W

Ύ ǆĐůƵĚŝŶŐ ĐĂƐŚ ŽŶ ŚĂŶĚ ĂŵŽƵŶƚŝŶŐ ƚŽ W сϭ͕ϯϮϳ͕ϲϳϰ͘ ΎΎ ǆĐůƵĚŝŶŐ ĂĚǀĂŶĐĞƐ ƚŽ ŽĨĨŝĐĞƌƐ ĂŶĚ ĞŵƉůŽǇĞĞƐ ĂŵŽƵŶƚŝŶŐ ƚŽ W сϴ͕ϳϵϱ͕ϲϴϳ͘ KŶ ĞŵĂŶĚ ϭ–ϯϬ ĂǇƐ &ŝŶĂŶĐŝĂů ƐƐĞƚƐ ĂƐŚ ĂŶĚ ĐĂƐŚ ĞƋƵŝǀĂůĞŶƚƐΎ сϮϱϱ͕ϲϭϬ͕ϭϲϭ W с– W dƌĂĚĞ ĂŶĚ ŽƚŚĞƌ ƌĞĐĞŝǀĂďůĞƐΎΎ ϭ͕Ϭϲϴ͕ϱϬϱ͕Ϯϰϯ ϲϵ͕ϵϲϭ͕ϳϰϰ ĚǀĂŶĐĞƐ ƚŽ ĂƐƐŽĐŝĂƚĞƐ ĂŶĚ ƌĞůĂƚĞĚ ƉĂƌƚŝĞƐ Ϯ͕ϰϭϱ͕ϰϱϰ͕ϲϬϰ – ZĞƐƚƌŝĐƚĞĚ ĐĂƐŚ ϳϮϬ͕ϱϮϱ͕ϱϲϲ – ZĞĨƵŶĚĂďůĞ ĚĞƉŽƐŝƚƐ ϯϱ͕ϰϱϯ͕ϭϮϵ – &^ ĨŝŶĂŶĐŝĂů ĂƐƐĞƚƐ ϵϴϱ͕ϴϭϬ͕ϵϬϬ – сϱ͕ϰϴϭ͕ϯϱϵ͕ϲϬϯ W сϲϵ͕ϵϲϭ͕ϳϰϰ W &ŝŶĂŶĐŝĂů >ŝĂďŝůŝƚŝĞƐ dƌĂĚĞ ĂŶĚ ŽƚŚĞƌ ƉĂǇĂďůĞƐ͗ dƌĂĚĞ ĐĐƌƵĞĚ ĞǆƉĞŶƐĞƐ ZĞƚĞŶƚŝŽŶ ƉĂǇĂďůĞ ĐĐƌƵĞĚ ŝŶƚĞƌĞƐƚ KƚŚĞƌƐ >ŽŶŐͲƚĞƌŵ ĚĞďƚ Customers’ deposits ĚǀĂŶĐĞƐ ĨƌŽŵ ƌĞůĂƚĞĚ ƉĂƌƚŝĞƐ

ϮϬϭϳ ϯϭ–ϲϬ ĂǇƐ

KŶ ĞŵĂŶĚ

ϲϭ–ϵϬ ĂǇƐ DŽƌĞ ƚŚĂŶ ϵϬ ĂǇƐ

dŽƚĂů

сϳϲϱ͕ϴϱϱ͕ϵϯϰ W ϭϮ͕ϭϯϰ͕ϴϭϴ ϭϬ͕ϰϭϭ͕ϳϲϭ ϰ͕ϭϵϳ͕ϭϳϲ ϳϳ͕ϮϬϴ͕ϯϲϮ – ϭϰϵ͕ϵϲϲ͕ϰϱϮ

сϯϳ͕Ϯϴϱ͕ϯϵϮ W ϱ͕Ϯϲϯ͕ϭϳϴ ϱϲϭ͕ϯϯϬ ϭϴ͕ϵϭϴ͕ϴϲϱ ϵϳϭ͕ϴϵϵ ϴϲ͕ϴϰϮ͕Ϭϭϰ –

сϱϳ͕ϵϭϴ͕ϵϲϰ W ϰϭϬ͕Ϭϭϵ – ϭϯ͕ϴϳϱ͕ϭϯϱ – Ϯϵϰ͕ϮϴϬ͕Ϯϱϱ –

сϭϮϰ͕ϯϬϭ W – – ϭϬ͕ϭϬϭ͕Ϭϱϲ – ϭϴϰ͕ϵϭϰ͕ϮϲϬ –

сϭϴ͕ϯϱϴ͕ϮϱϮ W ϳϴϱ͕ϴϮϵ͕ϱϴϳ ϯϴϵ͕ϯϭϮ͕ϱϲϮ – – ϰ͕ϵϱϲ͕ϯϮϬ͕ϴϮϬ –

сϴϳϵ͕ϱϰϮ͕ϴϰϯ W ϴϬϯ͕ϲϯϳ͕ϲϬϮ ϰϬϬ͕Ϯϴϱ͕ϲϱϯ ϰϳ͕ϬϵϮ͕ϮϯϮ ϳϴ͕ϭϴϬ͕Ϯϲϭ ϱ͕ϱϮϮ͕ϯϱϳ͕ϯϰϵ ϭϰϵ͕ϵϲϲ͕ϰϱϮ

ϱ͕ϴϵϳ͕ϵϴϱ сϭ͕ϬϮϱ͕ϲϳϮ͕ϰϴϴ W

– сϭϰϵ͕ϴϰϮ͕ϲϳϴ W

Ϯ͕ϳϵϰ͕ϵϲϲ сϯϲϵ͕Ϯϳϵ͕ϯϯϵ W

– сϭϵϱ͕ϭϯϵ͕ϲϭϳ W

– сϲ͕ϭϰϵ͕ϴϮϭ͕ϮϮϭ W

ϴ͕ϲϵϮ͕ϵϱϭ сϳ͕ϴϴϵ͕ϳϱϱ͕ϯϰϯ W

ĂƉŝƚĂů DĂŶĂŐĞŵĞŶƚ The primary objective of the Group’s capital management is to ensure that the Group haƐ ƐƵĨĨŝĐŝĞŶƚ ĨƵŶĚƐ ŝŶ ŽƌĚĞƌ ƚŽ ƐƵƉƉŽƌƚ ŝƚƐ ďƵƐŝŶĞƐƐ͕ ƉĂǇ ĞǆŝƐƚŝŶŐ ŽďůŝŐĂƚŝŽŶƐ ĂŶĚ ŵĂǆŝŵŝǌĞ ƐŚĂƌĞŚŽůĚĞƌ ǀĂůƵĞ͘ dŚĞ 'ƌŽƵƉ ŵĂŶĂŐĞƐ ŝƚƐ ĐĂƉŝƚĂů ƐƚƌƵĐƚƵƌĞ ĂŶĚ ŵĂŬĞƐ ĂĚũƵƐƚŵĞŶƚƐ ƚŽ ŝƚ͕ ŝŶ ůŝŐŚƚ ŽĨ ĐŚĂŶŐĞƐ ŝŶ ĞĐŽŶŽŵŝĐ ĐŽŶĚŝƚŝŽŶƐ͘ dŽ ŵĂŶĂŐĞ Žƌ ĂĚũƵƐƚ ƚŚĞ ĐĂƉŝƚĂů ƐƚƌƵĐƚƵƌĞ͕ ƚŚĞ 'ƌŽƵƉ ŵĂǇ ŽďƚĂŝŶ ĂĚĚŝƚŝŽŶĂů ĂĚǀĂŶĐĞƐ ĨƌŽŵ ƐƚŽĐŬŚŽůĚĞƌƐ͕ ĂĚũƵƐƚ ƚŚĞ ƌĞƚƵƌŶ ĐĂƉŝƚĂů ƚŽ ƐƚŽĐŬŚŽůĚĞƌƐ Žƌ ŝƐƐƵĞ ŶĞǁ ƐŚĂƌĞƐ͘ EŽ ĐŚĂŶŐĞƐ ǁĞƌĞ ŵĂĚĞ ŝŶ ƚŚĞ ŽďũĞĐƚŝǀĞƐ͕ ƉŽůŝĐŝĞƐ Žƌ ƉƌŽĐĞƐƐĞƐ ŝŶ ϮϬϭϳ ĂŶĚ ϮϬϭϲ͘ dŚĞ 'ƌŽƵƉ ŵŽŶŝƚŽƌƐ ĐĂƉŝƚĂů ƵƐŝŶŐ ƚŚĞ ŵŽŶƚŚůǇ ĐĂƐŚ ƉŽƐŝƚŝŽŶ ƌĞƉŽƌƚ ĂŶĚ ĨŝŶĂŶĐŝĂů ƐƚĂƚĞŵĞŶƚƐ͘ dŚĞ WĂƌĞŶƚ ŽŵƉĂŶǇ ŝƐ ŶŽƚ ƐƵďũĞĐƚ ƚŽ ĞǆƚĞƌŶĂůůǇ ŝŵƉŽƐĞĚ ĐĂƉŝƚĂů ƌĞƋƵŝƌĞŵĞŶƚƐ͘ ĞƌƚĂŝŶ ƐƵďƐŝĚŝĂƌŝĞƐ͕ ŚŽǁĞǀĞƌ͕ ĂƌĞ ƌĞƋƵŝƌĞĚ ƚŽ ŵĂŝŶƚĂŝŶ Ă ĚĞďƚ ƚŽ ĞƋƵŝƚǇ ƌĂƚŝŽ ĂƐ ƉƌŽǀŝĚĞĚ ŝŶ ƚŚĞ ůŽĂŶ ĂŐƌĞĞŵĞŶƚƐ ;ƐĞĞ EŽƚĞ ϭϱͿ͘

149

- 68 -

Ͳ ϳϬ Ͳ The components of the Group’s capital as at December 31, ϮϬϭϳ ĂŶĚ ϮϬϭϲ ĂƌĞ ĂƐ ĨŽůůŽǁƐ͗ ϮϬϭϳ W сϮ͕ϲϱϱ͕ϳϬϳ͕ϰϭϳ ϭϬ͕ϳϰϬ͕Ϭϳϵ͕ϰϰϲ ϭϯ͕ϯϵϱ͕ϳϴϲ͕ϴϲϯ ϭϬ͕ϳϱϳ͕ϰϰϳ͕ϬϮϳ ;ϭ͕Ϯϭϯ͕ϱϮϲͿ ;ϭϲ͕ϴϴϭ͕Ϯϭϵ͕ϵϬϱͿ ;ϲ͕ϭϮϰ͕ϵϴϲ͕ϰϬϰͿ Ϯϯ͕ϰϯϮ͕ϰϵϲ͕ϰϬϬ ϳϱ͕ϴϰϴ͕ϰϲϲ

>ĂǇĞƌ /͗ ĂƉŝƚĂů ƐƚŽĐŬ ĚĚŝƚŝŽŶĂů ƉĂŝĚͲŝŶ ĐĂƉŝƚĂů >ĂǇĞƌ //͗ ZĞƚĂŝŶĞĚ ĞĂƌŶŝŶŐƐ Ͳ ŽƉĞƌĂƚŝŶŐ ŝŶĐŽŵĞ dƌĞĂƐƵƌǇ ƐŚĂƌĞƐ Parent Company’s shares held by a subsidiary >ĂǇĞƌ ///͗ hŶƌĞĂůŝǌĞĚ ǀĂůƵĂƚŝŽŶ ŐĂŝŶ ŽŶ &^ ĨŝŶĂŶĐŝĂů ĂƐƐĞƚƐ ZĞǀĂůƵĂƚŝŽŶ ƐƵƌƉůƵƐ ĐĐƵŵƵůĂƚĞĚ ƌĞŵĞĂƐƵƌĞŵĞŶƚ ŐĂŝŶ ŽŶ ƌĞƚŝƌĞŵĞŶƚ ŽďůŝŐĂƚŝŽŶ ZĞƚĂŝŶĞĚ ĞĂƌŶŝŶŐƐ Ͳ ŐĂŝŶ ŽŶ ĨĂŝƌ ǀĂůƵĞ ĐŚĂŶŐĞ ŽĨ ŝŶǀĞƐƚŵĞŶƚ ƉƌŽƉĞƌƚŝĞƐ ZĞƚĂŝŶĞĚ ĞĂƌŶŝŶŐƐ Ͳ ŐĂŝŶ ŽŶ ďĂƌŐĂŝŶ ƉƵƌĐŚĂƐĞ dŽƚĂů ĐĂƉŝƚĂů

ϰϱ͕ϯϰϵ͕ϳϲϯ

ϮϬϭϲ сϮ͕ϲϱϱ͕ϳϬϳ͕ϰϭϳ W ϭϬ͕ϳϯϵ͕Ϭϯϵ͕ϰϴϱ ϭϯ͕ϯϵϰ͕ϳϰϲ͕ϵϬϮ ϰ͕Ϭϱϭ͕Ϭϱϵ͕ϯϰϭ ;ϭϮ͕Ϯϭϯ͕ϱϮϲͿ ;ϭϲ͕ϴϭϳ͕ϵϳϮ͕ϯϵϬͿ ;ϭϮ͕ϳϳϵ͕ϭϮϲ͕ϱϳϱͿ Ϯϯ͕ϱϳϰ͕ϱϵϵ͕ϰϴϬ ϳϮ͕ϲϳϵ͕ϱϮϰ ϮϮ͕ϴϰϱ͕ϱϲϵ

Ϯϴ͕ϴϮϰ͕Ϯϲϱ͕ϭϭϴ Ϯϳ͕ϯϱϵ͕ϰϵϴ͕ϴϲϮ ϳϲϭ͕ϴϴϲ͕ϴϰϱ ϳϲϭ͕ϴϴϲ͕ϴϰϱ ϱϯ͕ϭϯϵ͕ϴϰϲ͕ϱϵϮ ϱϭ͕ϳϵϭ͕ϱϭϬ͕ϮϴϬ W сϲϬ͕ϰϭϬ͕ϲϰϳ͕Ϭϱϭ W сϱϮ͕ϰϬϳ͕ϭϯϬ͕ϲϬϳ



Layer I is composed of the Group’s contributed capital;



>ĂǇĞƌ // ŝƐ ĐŽŵƉŽƐĞĚ ŽĨ ŝŶĐŽŵĞ ĨƌŽŵ ŽƉĞƌĂƚŝŽŶƐ͕ ĞǆĐĞƐƐ ŽĨ ĂĐƋƵŝƐŝƚŝŽŶ ƉƌŝĐĞ ŽǀĞƌ ĂĐƋƵŝƌĞĚ ŝŶƚĞƌĞƐƚ ĂŶĚ ƚƌĞĂƐƵƌǇ ƐŚĂƌĞƐ͖ ĂŶĚ

>ĂǇĞƌ /// ŝƐ ĐŽŵƉŽƐĞĚ ŽĨ ŝŶĐŽŵĞ ĨƌŽŵ ĨĂŝƌ ǀĂůƵĞ ĐŚĂŶŐĞƐ ŽĨ ŝŶǀĞƐƚŵĞŶƚ ƉƌŽƉĞƌƚŝĞƐ͕ ŐĂŝŶ ŽŶ ďĂƌŐĂŝŶ ƉƵƌĐŚĂƐĞ ĂŶĚ ƵŶƌĞĂůŝǌĞĚ ǀĂůƵĂƚŝŽŶ ŐĂŝŶ ŽŶ &^ ĨŝŶĂŶĐŝĂů ĂƐƐĞƚƐ͘

Ϯϰ͘ &Ăŝƌ sĂůƵĞ DĞĂƐƵƌĞŵĞŶƚƐ

150

dŚĞ ĨŽůůŽǁŝŶŐ ƚĂďůĞ ƉƌŽǀŝĚĞƐ ƚŚĞ ĨĂŝƌ ǀĂůƵĞ ŚŝĞƌĂƌĐŚǇ ŽĨ ĂƐƐĞƚƐ ĂŶĚ ůŝĂďŝůŝƚŝĞƐ ŵĞĂƐƵƌĞĚ Ăƚ ĨĂŝƌ ǀĂůƵĞ͗

DĞĂƐƵƌĞĚ Ăƚ &Ăŝƌ sĂůƵĞ &ŝŶĂŶĐŝĂů ƐƐĞƚƐ Ͳ &^ ĨŝŶĂŶĐŝĂů ĂƐƐĞƚƐ EŽŶͲĨŝŶĂŶĐŝĂů ƐƐĞƚ Ͳ /ŶǀĞƐƚŵĞŶƚ ƉƌŽƉĞƌƚŝĞƐ

EŽƚĞ ĂƌƌǇŝŶŐ sĂůƵĞ &Ăŝƌ sĂůƵĞ ϭϬ W сϯϬ͕Ϭϲϰ͕Ϯϲϴ͕ϬϱϬ W сϯϬ͕Ϭϲϰ͕Ϯϲϴ͕ϬϱϬ ϭϭ ϰϬ͕ϲϲϰ͕ϬϳϮ͕ϳϱϮ ϰϬ͕ϲϲϰ͕ϬϳϮ͕ϳϱϮ

ϮϬϭϳ

&Ăŝƌ ǀĂůƵĞ ŵĞĂƐƵƌĞŵĞŶƚ ƵƐŝŶŐ ^ŝŐŶŝĨŝĐĂŶƚ ^ŝŐŶŝĨŝĐĂŶƚ YƵŽƚĞĚ ƉƌŝĐĞƐ ŝŶ ŽďƐĞƌǀĂďůĞ ƵŶŽďƐĞƌǀĂďůĞ ĂĐƚŝǀĞ ŵĂƌŬĞƚƐ ŝŶƉƵƚƐ ŝŶƉƵƚƐ ;>ĞǀĞů ϭͿ ;>ĞǀĞů ϮͿ ;>ĞǀĞů ϯͿ W с– W сϯϬ͕Ϭϲϰ͕Ϯϲϴ͕ϬϱϬ W с– – – ϰϬ͕ϲϲϰ͕ϬϳϮ͕ϳϱϮ

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Ͳ ϳϭ Ͳ

EŽƚĞ &Ăŝƌ sĂůƵĞƐ ĂƌĞ ŝƐĐůŽƐĞĚ &ŝŶĂŶĐŝĂů ƐƐĞƚ Ͳ >ŽĂŶƐ ĂŶĚ ƌĞĐĞŝǀĂďůĞƐ Ͳ ϭϯ EŽŶĐƵƌƌĞŶƚ ƚƌĂĚĞ ƌĞĐĞŝǀĂďůĞƐ &ŝŶĂŶĐŝĂů >ŝĂďŝůŝƚǇ Ͳ Customers’ deposits ϭϴ

ĂƌƌǇŝŶŐ sĂůƵĞ W сϰϵ͕Ϭϴϴ͕ϭϵϵ ϭϳϭ͕ϭϬϴ͕ϴϰϮ

&Ăŝƌ sĂůƵĞ W сϰϵ͕Ϭϴϴ͕ϭϵϵ ϭϳϭ͕ϭϬϴ͕ϴϰϮ

EŽƚĞ ĂƌƌǇŝŶŐ sĂůƵĞ &Ăŝƌ sĂůƵĞ DĞĂƐƵƌĞĚ Ăƚ &Ăŝƌ sĂůƵĞ &ŝŶĂŶĐŝĂů ƐƐĞƚƐ Ͳ &^ ĨŝŶĂŶĐŝĂů ĂƐƐĞƚƐ ϭϬ W сϯϬ͕Ϯϱϳ͕ϮϮϮ͕ϮϬϬ W сϯϬ͕Ϯϱϳ͕ϮϮϮ͕ϮϬϬ EŽŶͲĨŝŶĂŶĐŝĂů ƐƐĞƚͲ /ŶǀĞƐƚŵĞŶƚ ƉƌŽƉĞƌƚŝĞƐ ϭϭ Ϯϳ͕Ϯϵϳ͕Ϯϵϵ͕Ϭϳϭ Ϯϳ͕Ϯϵϳ͕Ϯϵϵ͕Ϭϳϭ &Ăŝƌ sĂůƵĞƐ ĂƌĞ ŝƐĐůŽƐĞĚ &ŝŶĂŶĐŝĂů ƐƐĞƚ Ͳ >ŽĂŶƐ ĂŶĚ ƌĞĐĞŝǀĂďůĞƐ Ͳ ϭϯ EŽŶĐƵƌƌĞŶƚ ƚƌĂĚĞ ƌĞĐĞŝǀĂďůĞƐ ϰϳ͕Ϭϰϯ͕ϭϰϳ ϰϳ͕Ϭϰϯ͕ϭϰϳ &ŝŶĂŶĐŝĂů >ŝĂďŝůŝƚǇ Ͳ Customers’ deposits ϭϴ ϭϰϵ͕ϵϲϲ͕ϰϱϮ ϭϰϵ͕ϵϲϲ͕ϰϱϮ

Ϯϱ͘ ŽŵŵŝƚŵĞŶƚƐ ĂŶĚ ŽŶƚŝŶŐĞŶĐŝĞƐ

ϮϬϭϳ

&Ăŝƌ ǀĂůƵĞ ŵĞĂƐƵƌĞŵĞŶƚ ƵƐŝŶŐ ^ŝŐŶŝĨŝĐĂŶƚ ^ŝŐŶŝĨŝĐĂŶƚ YƵŽƚĞĚ ƉƌŝĐĞƐ ŝŶ ŽďƐĞƌǀĂďůĞ ƵŶŽďƐĞƌǀĂďůĞ ĂĐƚŝǀĞ ŵĂƌŬĞƚƐ ŝŶƉƵƚƐ ŝŶƉƵƚƐ ;>ĞǀĞů ϭͿ ;>ĞǀĞů ϮͿ ;>ĞǀĞů ϯͿ W с– – W сϰϵ͕Ϭϴϴ͕ϭϵϵ – – ϭϳϭ͕ϭϬϴ͕ϴϰϮ ϮϬϭϲ YƵŽƚĞĚ ƉƌŝĐĞƐ ŝŶ ĂĐƚŝǀĞ ŵĂƌŬĞƚƐ ;>ĞǀĞů ϭͿ с– W – – –

&Ăŝƌ ǀĂůƵĞ ŵĞĂƐƵƌĞŵĞŶƚ ƵƐŝŶŐ ^ŝŐŶŝĨŝĐĂŶƚ ^ŝŐŶŝĨŝĐĂŶƚ ŽďƐĞƌǀĂďůĞ hŶŽďƐĞƌǀĂďůĞ ŝŶƉƵƚƐ ŝŶƉƵƚƐ ;>ĞǀĞů ϮͿ ;>ĞǀĞů ϯͿ сϯϬ͕Ϯϱϳ͕ϮϮϮ͕ϮϬϬ W с– W – Ϯϳ͕Ϯϵϳ͕Ϯϵϵ͕Ϭϳϭ – ϰϳ͕Ϭϰϯ͕ϭϰϳ – ϭϰϵ͕ϵϲϲ͕ϰϱϮ

ŽŵŵŝƚŵĞŶƚƐ

Ă͘ ŽƌƉŽƌĂƚĞ 'ƵĂƌĂŶƚǇ Ɛ ĚŝƐĐƵƐƐĞĚ ŝŶ EŽƚĞ ϰ͕ ƉƵƌƐƵĂŶƚ ƚŽ ƚŚĞ :ŽŝŶƚ sĞŶƚƵƌĞ ŐƌĞĞŵĞŶƚ͕ >W, ŝƐƐƵĞĚ Ă ĐŽƌƉŽƌĂƚĞ ŐƵĂƌĂŶƚǇ ŝŶ ĨĂǀŽƌ ŽĨ ^W ǁŚĞƌĞďǇ͕ ŝŶ ƚŚĞ ĞǀĞŶƚ DW/ ŝƐ ƵŶĂďůĞ ƚŽ ĐŽŵƉůĞƚĞ ƚŚĞ WƌŽũĞĐƚ ;ĨŽƌ ƌĞĂƐŽŶƐ ĂƚƚƌŝďƵƚĂďůĞ ƚŽ ƚŚĞ ĨĂƵůƚ ŽĨ DW/Ϳ͕ >W, ƐŚĂůů ƉĂǇ ^W ƚŚĞ ĂŵŽƵŶƚ ŽĨ W сϲϬϬ͘Ϭ ŵŝůůŝŽŶ ŝŶ exchange for BSP’s 15% share in the sharing ƐĐŚĞŵĞ ĂƐ ĚĞĨŝŶĞĚ ŝŶ ƚŚĞ :ŽŝŶƚ sĞŶƚƵƌĞ ŐƌĞĞŵĞŶƚ͘

151

Ͳ ϳϮ Ͳ - 70

ď͘ ŽŶƐƚƌƵĐƚŝŽŶ ŽŶƚƌĂĐƚƐ dŚĞ 'ƌŽƵƉ ĞŶƚĞƌĞĚ ŝŶƚŽ ǀĂƌŝŽƵƐ ĐŽŶƐƚƌƵĐƚŝŽŶ ĐŽŶƚƌĂĐƚƐ ĨŽƌ ƚŚĞ ĚĞǀĞůŽƉŵĞŶƚ ŽĨ ŝƚƐ ƉƌŽũĞĐƚƐ ;ƐĞĞ EŽƚĞ ϭϯͿ͘ dŽƚĂů ĂĚǀĂŶĐĞƐ ƚŽ ĐŽŶƚƌĂĐƚŽƌƐ ĂŵŽƵŶƚĞĚ ƚŽ W сϳϮϯ͘ϵ ŵŝůůŝŽŶ ĂŶĚ W сϯϳϲ͘ϭ ŵŝůůŝŽŶ ĂƐ Ăƚ ĞĐĞŵďĞƌ ϯϭ͕ ϮϬϭϳ ĂŶĚ ϮϬϭϲ͕ ƌĞƐƉĞĐƚŝǀĞůǇ ;ƐĞĞ EŽƚĞƐ ϴ ĂŶĚ ϭϯͿ͘ dŚĞ ƐŝŐŶŝĨŝĐĂŶƚ ĐŽŶƐƚƌƵĐƚŝŽŶ ĐŽŶƚƌĂĐƚƐ ƚŚĂƚ ŐĂǀĞ ƌŝƐĞ ƚŽ ƚŚĞ ĂĚǀĂŶĐĞƐ ĂƌĞ ĂƐ ĨŽůůŽǁƐ͗ ^ƵďƐŝĚŝĂƌǇ D>,/ DW/

ϮϬϭϳ

ϮϬϭϲ

EĂƚƵƌĞ ^ƵƉƉůǇ ŽĨ ůĂďŽƌ͕ ŵĂƚĞƌŝĂůƐ͕ ĞƋƵŝƉŵĞŶƚ ĂŶĚ Ăůů ƌĞůĂƚĞĚ ĐŽŶƐƚƌƵĐƚŝŽŶ ǁŽƌŬƐ ĨŽƌ ůƉŚĂůĂŶĚ ĂŐƵŝŽ W сϮϬϰ͕ϴϭϭ͕ϴϵϳ сϯϰ͕ϵϳϮ͕ϴϲϲ W DŽƵŶƚĂŝŶ >ŽĚŐĞƐ WƌŽũĞĐƚ ŝǀŝů͕ ƐƚƌƵĐƚƵƌĂů͕ ŵĂƐŽŶƌǇ ǁŽƌŬƐ ĂŶĚ ƐƵƉƉůǇ ĂŶĚ ŝŶƐƚĂůůĂƚŝŽŶ ŽĨ ŵĂƚĞƌŝĂůƐ ĨŽƌ ůƉŚĂůĂŶĚ DĂŬĂƚŝ ϭϵϮ͕ϰϭϭ͕ϲϬϰ Ϯϳϭ͕Ϭϴϯ͕Ϯϰϴ WůĂĐĞ

ZĞƚĞŶƚŝŽŶ WĂǇĂďůĞ ZĞƚĞŶƚŝŽŶ ƉĂǇĂďůĞ ŝƐ ďĂƐĞĚ ƵƉŽŶ ƐƉĞĐŝĨŝĐĂůůǇ ŝĚĞŶƚŝĨŝĞĚ ĐŽŶƐƚƌƵĐƚŝŽŶ ĐŽŶƚƌĂĐƚƐ ƚŚĂƚ ƐƚŝƉƵůĂƚĞ ƚŚĞ ƌŝŐŚƚ ŽĨ ƚŚĞ 'ƌŽƵƉ ƚŽ ƌĞƚĂŝŶ Ă ƉŽƌƚŝŽŶ ŽĨ ƚŚĞ ƉƌŽŐƌĞƐƐ ďŝůůŝŶŐƐ ŽĨ ĐŽŶƚƌĂĐƚŽƌƐ͘ ĞƉĞŶĚŝŶŐ ŽŶ ƚŚĞ ƚĞƌŵƐ ŽĨ ƚŚĞ ĐŽŶƚƌĂĐƚ͕ Ăůů ƌĞƚĞŶƚŝŽŶ ƉĂǇĂďůĞ ƐŚĂůů ďĞ ƌĞůĞĂƐĞĚ ƚŽ ĐŽŶƚƌĂĐƚŽƌƐ ƵƉŽŶ ϭϬϬй ĐŽŵƉůĞƚŝŽŶ ĂŶĚ ĂĐĐĞƉƚĂŶĐĞ ŽĨ ǁŽƌŬƐ ŶŽƌŵĂůůǇ ǁŝƚŚŝŶ ŽŶĞ ǇĞĂƌ ĂĨƚĞƌ ĐŽŵƉůĞƚŝŽŶ͘ dŽƚĂů ƌĞƚĞŶƚŝŽŶ ƉĂǇĂďůĞ ĂŵŽƵŶƚĞĚ ƚŽ W сϰϬϳ͘ϱ ŵŝůůŝŽŶ ĂŶĚ W сϰϬϬ͘ϯ ŵŝůůŝŽŶ ĂƐ Ăƚ ĞĐĞŵďĞƌ ϯϭ͕ ϮϬϭϳ ĂŶĚ ϮϬϭϲ͕ ƌĞƐƉĞĐƚŝǀĞůǇ ;ƐĞĞ EŽƚĞ ϭϰͿ͘ ^ŝŐŶŝĨŝĐĂŶƚ ĐŽŶƚƌĂĐƚ ǁŝƚŚ ƌĞƚĞŶƚŝŽŶ ĐůĂƵƐĞ ĂƌŝƐĞƐ ĨƌŽŵ ƚŚĞ Đŝǀŝů͕ ƐƚƌƵĐƚƵƌĂů ĂŶĚ ŵĂƐŽŶƌǇ ǁŽƌŬƐ ĨŽƌ dŽǁĞƌƐ ϭ ƚŽ ϯ ĂŶĚ ƚŚĞ ĐŽŶƐƚƌƵĐƚŝŽŶ ŽĨ ƚŚĞ ƉŽĚŝƵŵ͘ dŽƚĂů ƌĞƚĞŶƚŝŽŶ ƉĂǇĂďůĞ ƌĞĐŽŐŶŝǌĞĚ ďǇ DW/ ĂƐ Ăƚ ĞĐĞŵďĞƌ ϯϭ͕ ϮϬϭϳ ĂŶĚ ϮϬϭϲ ƌĞůĂƚĞĚ ƚŽ ƐƵĐŚ ĐŽŶƚƌĂĐƚ ĂŵŽƵŶƚĞĚ ƚŽ W с ϯϱϭ͘ϰ ŵŝůůŝŽŶ ĂŶĚ W с ϯϴϵ͘ϯ ŵŝůůŝŽŶ͕ ƌĞƐƉĞĐƚŝǀĞůǇ͘ ŽŶƚŝŶŐĞŶĐŝĞƐ Ɛ Ă ƌĞƐƵůƚ ŽĨ ƚŚĞ ĚŝƐƉƵƚĞ ďĞƚǁĞĞŶ ƚŚĞ 'ƌŽƵƉ ĂŶĚ ǁŝƚŚ ƚŚĞ t' ;ƐĞĞ EŽƚĞ ϰͿ͕ ƚŚĞ ĨŽůůŽǁŝŶŐ ĐĂƐĞƐ ŚĂǀĞ ďĞĞŶ ĨŝůĞĚ ĂŐĂŝŶƐƚ ĞĂĐŚ ŽƚŚĞƌ͖ ƚŽŐĞƚŚĞƌ ǁŝƚŚ ƚŚĞŝƌ ƐƚĂƚƵƐ ĂƐ Ăƚ ƌĞƉŽƌƚŝŶŐ ĚĂƚĞ͗

152

Ă͘ ^d/ ĂŶĚ D ǀ͘ Dt /͕ Ğƚ Ăů͘ ΀ ŝǀŝů ĂƐĞ EŽ͘ ϭϯͲϱϰϬ ƉĞŶĚŝŶŐ ďĞĨŽƌĞ ƚŚĞ ZĞŐŝŽŶĂů dƌŝĂů ŽƵƌƚ ŽĨ DĂŬĂƚŝ ŝƚǇ͕ ƌĂŶĐŚ ϭϰϮ ;ƚŚĞ ŽƵƌƚͿ΁ Ͳ Ă ĐŽŵƉůĂŝŶƚ ĨŽƌ ŝŶũƵŶĐƚŝŽŶ ĨŝůĞĚ ŽŶ DĂǇ ϵ͕ ϮϬϭϯ ƐĞĞŬŝŶŐ ƚŽ ĞŶũŽŝŶ ƚŚĞ ĚĞĨĞŶĚĂŶƚƐ͕ t'͕ ĨƌŽŵ ŽďƐƚƌƵĐƚŝŶŐ ĂŶĚͬŽƌ ĚĞůĂǇŝŶŐ Žƌ ĨƌŽŵ ƚĂŬŝŶŐ ĂŶǇ ŽƚŚĞƌ ĂĐƚŝŽŶͬƐ ƚŚĂƚ ŵĂǇ ŝŵƉĞĚĞͬŽďƐƚƌƵĐƚ ĂŶĚͬŽƌ ĚĞůĂǇ ƚŚĞ ĐŽŶƐƚƌƵĐƚŝŽŶͬĚĞǀĞůŽƉŵĞŶƚ ŽĨ ƚŚĞ ůƉŚĂůĂŶĚ DĂƌŝŶĂ WƌŽũĞĐƚ͘ KŶ DĂǇ ϭϱ͕ ϮϬϭϯ͕ ƚŚĞ ŽƵƌƚ ŝƐƐƵĞĚ Ă dĞŵƉŽƌĂƌǇ ZĞƐƚƌĂŝŶŝŶŐ KƌĚĞƌ ĂŐĂŝŶƐƚ ƚŚĞ ĚĞĨĞŶĚĂŶƚƐ͘ On June 3, 2013, the Court issued an Order granting the plaintiffs’ application for preliminary ŝŶũƵŶĐƚŝŽŶ͘ dŚĞ t' ŚĂƐ ĞůĞǀĂƚĞĚ ƚŚĞ ĐĂƐĞ ƚŽ ƚŚĞ ŽƵƌƚ ŽĨ ƉƉĞĂůƐ ďǇ ĨŝůŝŶŐ ƚŚƌĞĞ ƐĞƉĂƌĂƚĞ ƉĞƚŝƚŝŽŶƐ for certiorari. ASTI and AMC’s motion for consolidation of the three petitions, filed with the Court ŽĨ ƉƉĞĂůƐ ŽŶ Ɖƌŝů ϰ͕ ϮϬϭϰ͕ ǁĂƐ ŐƌĂŶƚĞĚ ĂŶĚ ƚŚĞ ƚŚƌĞĞ ƉĞƚŝƚŝŽŶƐ ǁĞƌĞ ĐŽŶƐŽůŝĚĂƚĞĚ ĂŶĚ ĂƐƐŝŐŶĞĚ ƚŽ ƚŚĞ ^ŝǆ ;ϲƚŚͿ ŝǀŝƐŝŽŶ͕ ǁŚĞƌĞ ƚŚĞ ĐĂƐĞƐ ĂƌĞ ƉƌĞƐĞŶƚůǇ ƉĞŶĚŝŶŐ͘ ď͘ ǀ͘ ^d/ ; EZͲE Z ĂƐĞ EŽ͘ ϮϬϭϯͲϭϮϮϲ Ͳ Ă ĐŽŵƉůĂŝŶƚ ĨŽƌ ĐĂŶĐĞůůĂƚŝŽŶ ŽĨ ƚŚĞ &ŽƌĞƐŚŽƌĞ >ĞĂƐĞ ŐƌĞĞŵĞŶƚ ĞǆĞĐƵƚĞĚ ďĞƚǁĞĞŶ ^d/ ĂŶĚ ƚŚĞ EZ ĨŝůĞĚ ŽŶ KĐƚŽďĞƌ Ϯϰ͕ ϮϬϭϯ͘ EZ ĚĞŶŝĞĚ ƚŚĞ WƌŽƚĞƐƚ ŽŶ ĞĐĞŵďĞƌ ϭϴ͕ ϮϬϭϰ͘ KŶ ϮϮ :ĂŶƵĂƌǇ ϮϬϭϱ͕ ĨŝůĞĚ DŽƚŝŽŶ ĨŽƌ ZĞĐŽŶƐŝĚĞƌĂƚŝŽŶ͕ ǁŚŝĐŚ ŝƐ ƉƌĞƐĞŶƚůǇ ƉĞŶĚŝŶŐ ƌĞƐŽůƵƚŝŽŶ͘ Đ͘ W ǀ͘ ^d/ ; ŝǀŝů ĂƐĞ EŽ͘ ϭϯͲϬϯϮϯ ƉĞŶĚŝŶŐ ďĞĨŽƌĞ ƚŚĞ ZĞŐŝŽŶĂů dƌŝĂů ŽƵƌƚ ŽĨ WĂƌĂŶĂƋƵĞ ŝƚǇ͕ ƌĂŶĐŚ ϮϳϰͿ Ͳ Ă ĐŽŵƉůĂŝŶƚ ĨŽƌ ĐŽůůĞĐƚŝŽŶ ŽĨ ĂůůĞŐĞĚ ƵŶƉĂŝĚ ĂƐƐŽĐŝĂƚŝŽŶ ĚƵĞƐ ĨŝůĞĚ ŽŶ EŽǀĞŵďĞƌ ϰ͕ ϮϬϭϯ͘ KŶ ĞĐĞŵďĞƌ ϰ͕ ϮϬϭϯ͕ ^d/ ĨŝůĞĚ ŝƚƐ ĂŶƐǁĞƌ ǁŝƚŚ ĂĨĨŝƌŵĂƚŝǀĞ ĚĞĨĞŶƐĞƐ ƐĞĞŬŝŶŐ ƚŚĞ ĚŝƐŵŝƐƐĂů

Ͳ ϳϯ Ͳ - 71 ŽĨ ƚŚĞ ĐĂƐĞ͘ Zd ƌĂŶĐŚ Ϯϳϰ ĚĞŶŝĞĚ ƚŚĞ ĂĨĨŝƌŵĂƚŝǀĞ ĚĞĨĞŶƐĞ ŽĨ ůĂĐŬ ŽĨ ũƵƌŝƐĚŝĐƚŝŽŶ ŝŶ ƚŚĞ KƌĚĞƌ ĚĂƚĞĚ ϭϮ EŽǀĞŵďĞƌ ϮϬϭϰ͕ ƚŽ ǁŚŝĐŚ ĚĞĨĞŶĚĂŶƚ ^d/ ĨŝůĞĚ ŝƚƐ DŽƚŝŽŶ ĨŽƌ ZĞĐŽŶƐŝĚĞƌĂƚŝŽŶ͘ dŚĞ DŽƚŝŽŶ ĨŽƌ ZĞĐŽŶƐŝĚĞƌĂƚŝŽŶ ŝƐ ŶŽǁ ƉĞŶĚŝŶŐ ƌĞƐŽůƵƚŝŽŶ͘ Ě͘ ^d/ ǀ͘ Dt / ; ŝǀŝů ĂƐĞ EŽ͘ ϭϰ ͲϬϱϲ ƉĞŶĚŝŶŐ ďĞĨŽƌĞ ƚŚĞ ZĞŐŝŽŶĂů dƌŝĂů ŽƵƌƚ ŽĨ DĂŬĂƚŝ ŝƚǇ͕ ƌĂŶĐŚ ϭϯϳͿ Ͳ Ă ĐŽŵƉůĂŝŶƚ ĨŽƌ ƐƉĞĐŝĨŝĐ ƉĞƌĨŽƌŵĂŶĐĞ ĨŝůĞĚ ďǇ ^d/ ŽŶ :ĂŶƵĂƌǇ Ϯϭ͕ ϮϬϭϰ ƐĞĞŬŝŶŐ ĚĞůŝǀĞƌǇ ŽĨ ƚŚĞ ĂĚĚŝƚŝŽŶĂů ůŽƚƐ ƚŚĂƚ Dt / ŝƐ ŽďůŝŐĞĚ ƚŽ ĚĞůŝǀĞƌ ƉƵƌƐƵĂŶƚ ƚŽ ƚŚĞ & Z/ ͘ KŶ DĂƌĐŚ ϰ͕ ϮϬϭϰ͕ Dt / ĨŝůĞĚ Ă DŽƚŝŽŶ ƚŽ ŝƐŵŝƐƐ͘ KŶ DĂƌĐŚ ϯϭ͕ ϮϬϭϰ͕ ^d/ ĨŝůĞĚ ŝƚƐ ŽŵŵĞŶƚ ƚŽ ĚĞfendant’s Motion to Dismiss. DMWAI’s Motion to Dismiss was granted on June 30, 2014. ^d/ ĨŝůĞĚ Ă DŽƚŝŽŶ ĨŽƌ ZĞĐŽŶƐŝĚĞƌĂƚŝŽŶ ŽĨ ƚŚĞ KƌĚĞƌ ŐƌĂŶƚŝŶŐ ƚŚĞ DŽƚŝŽŶ ƚŽ ŝƐŵŝƐƐ͕ ǁŚŝĐŚ ŝƐ ƉƌĞƐĞŶƚůǇ ƉĞŶĚŝŶŐ ƌĞƐŽůƵƚŝŽŶ͘ tŚŝůĞ ĐĂƐĞƐ ǁĞƌĞ ĨŝůĞĚ ďĞƚǁĞĞŶ ƚŚĞ 'ƌŽƵƉ ĂŶĚ t'͕ ƚŚĞ ĂŐƌĞĞŵĞŶƚ ƐŝŐŶĞĚ ďǇ ƚŚĞ ŵĂũŽƌ ƐŚĂƌĞŚŽůĚĞƌƐ of the ALPHA as discussed in Note 1 includes the transfer of the Group’s interest in ABCC and the ƐĞƚƚůĞŵĞŶƚ ŽĨ ƚŚĞ ƐĂŝĚ ĚŝƐƉƵƚĞƐ ǁŝƚŚ ƚŚĞ t'͘ ĞĨŝĐŝĞŶĐǇ s d ƐƐĞƐƐŵĞŶƚ ĨŽƌ ^d/ ĂŶĚ DW/͘ dŚĞ ƵƌĞĂƵ ŽĨ /ŶƚĞƌŶĂů ZĞǀĞŶƵĞ ; /ZͿ ŝƐƐƵĞĚ Ă &ŝŶĂů ĞĐŝƐŝŽŶ ŽŶ ŝƐƉƵƚĞĚ ƐƐĞƐƐŵĞŶƚ ;& Ϳ ƚŽ ƚŚĞ 'ƌŽƵƉ ŽŶ :ƵŶĞ ϯϬ͕ ϮϬϭϲ ĐŽǀĞƌŝŶŐ ƚŚĞ ƚĂǆĂďůĞ ǇĞĂƌƐ ϮϬϭϰ ĂŶĚ ϮϬϭϯ ĂŵŽƵŶƚŝŶŐ ƚŽ W сϯϬ͘ϵ ŵŝůůŝŽŶ͘ dŚĞ 'ƌŽƵƉ ĨŝůĞĚ ŝƚƐ ŵŽƚŝŽŶ ĨŽƌ ƌĞĐŽŶƐŝĚĞƌĂƚŝŽŶ ŽĨ ƚŚĞ ƐĂŝĚ & ĂŶĚ ĚĞĐŝƐŝŽŶ ŝƐ Ɛƚŝůů ƉĞŶĚŝŶŐ ǁŝƚŚ ƚŚĞ /Z͘ KƚŚĞƌ >ĞŐĂů ĂƐĞƐ͘ dŚĞƌĞ ĂƌĞ ĐĞƌƚĂŝŶ ůĂǁƐƵŝƚƐ ĂŶĚ ĐůĂŝŵƐ ĨŝůĞĚ ďǇ ƚŚŝƌĚ ƉĂƌƚŝĞƐ ĂŐĂŝŶƐƚ ƚŚĞ 'ƌŽƵƉ ǁŚŝĐŚ ĂƌĞ ĞŝƚŚĞƌ ƉĞŶĚŝŶŐ ĚĞĐŝƐŝŽŶ ďǇ ƚŚĞ ƉƌŽƉĞƌ ũƵĚŝĐŝĂů ďŽĚŝĞƐ Žƌ ƵŶĚĞƌ ŶĞŐŽƚŝĂƚŝŽŶ͕ ƚŚĞ ŽƵƚĐŽŵĞ ŽĨ ǁŚŝĐŚ ĂƌĞ ƉƌĞƐĞŶƚůǇ ƵŶĚĞƚĞƌŵŝŶĂďůĞ͘ In the opinion of the Group’s management, the ultimate disposition of ƚŚĞƐĞ ĐĂƐĞƐ͕ ĚŝƐƉƵƚĞƐ ĂŶĚ ĂƐƐĞƐƐŵĞŶƚƐ ǁŝůů ŶŽƚ ŚĂǀĞ Ă ŵĂƚĞƌŝĂů ĂĚǀĞƌƐĞ ĞĨĨĞĐƚ ŽŶ ƚŚĞ ĨŝŶĂŶĐŝĂů ƉŽƐŝƚŝŽŶ Žƌ ƌĞƐƵůƚƐ ŽĨ ŽƉĞƌĂƚŝŽŶƐ ŽĨ ƚŚĞ 'ƌŽƵƉ͘ Ϯϲ͘ EŽƚĞ ƚŽ ŽŶƐŽůŝĚĂƚĞĚ ^ƚĂƚĞŵĞŶƚƐ ŽĨ ĂƐŚ &ůŽǁƐ The Group’s noncash activities are presented below:

EŽƚĞ

EKE ^, &/E E / > /E&KZD d/KE dƌĂŶƐĨĞƌ ĨƌŽŵ ůĂŶĚ ĂŶĚ ĚĞǀĞůŽƉŵĞŶƚ ĐŽƐƚƐ ƚŽ ŝŶǀĞƐƚŵĞŶƚ ƉƌŽƉĞƌƚŝĞƐ dƌĂŶƐĨĞƌƐ ĨƌŽŵ ŝŶǀĞƐƚŵĞŶƚ ƉƌŽƉĞƌƚŝĞƐ ƚŽ͗ >ĂŶĚ ĂŶĚ ĚĞǀĞůŽƉŵĞŶƚ ĐŽƐƚƐ WƌŽƉĞƌƚǇ ĂŶĚ ĞƋƵŝƉŵĞŶƚ

ϮϬϭϳ

ϮϬϭϲ

ϮϬϭϱ

W сϮ͕ϰϮϱ͕ϯϱϮ͕ϴϬϯ ϯϮϳ͕ϯϭϵ͕ϰϲϴ ϭϵ͕ϰϳϭ͕ϭϲϵ

W с– ϯϵϮ͕ϯϴϯ͕Ϯϯϱ –

W с– – –

ϳ ϭϭ

The reconciliation of the Group’s liabilities arising from financing activities is presented below: >ŽŶŐͲƚĞƌŵ ĚĞďƚ ĐĐƌƵĞĚ ŝŶƚĞƌĞƐƚ ĚǀĂŶĐĞƐ ĨƌŽŵ ƌĞůĂƚĞĚ ƉĂƌƚŝĞƐ KƚŚĞƌ ŶŽŶĐƵƌƌĞŶƚ ůŝĂďŝůŝƚŝĞƐ

ϮϬϭϲ W сϱ͕ϱϮϮ͕ϯϱϳ͕ϯϰϵ ϰϳ͕ϬϵϮ͕ϮϯϮ ϴ͕ϲϵϮ͕ϵϱϭ ϴϵ͕ϴϬϴ͕ϰϳϬ W сϱ͕ϲϲϳ͕ϵϱϭ͕ϬϬϮ

ĂƐŚ &ůŽǁƐ W сϭ͕Ϯϭϭ͕ϱϭϱ͕Ϭϵϲ ;ϲϬϱ͕ϵϰϰ͕ϳϯϰͿ ϳϯ͕ϬϳϬ͕ϵϮϲ ;ϲϵ͕ϲϵϬ͕ϱϰϮͿ W сϭ͕Ϭϴϴ͕Ϭϵϰ͕ϯϭϭ

EŽŶͲĐĂƐŚ &ůŽǁƐ ;W сϭϯϳ͕ϮϱϮ͕ϰϵϯͿ ϱϳϰ͕ϮϮϴ͕ϵϯϰ – – W сϰϯϲ͕ϵϳϲ͕ϰϰϭ

ϮϬϭϳ W сϲ͕ϱϵϲ͕ϲϭϵ͕ϵϱϮ ϭϱ͕ϯϳϲ͕ϰϯϮ ϴϭ͕ϳϲϯ͕ϴϳϳ ϮϬ͕ϭϭϳ͕ϵϮϴ W сϲ͕ϳϭϯ͕ϴϳϴ͕ϭϴϵ

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Annual Report 2017

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