) Construction income 253.82 190.56 63.26 33.20 Service income 15.64 4.95 10.69 215.96 Other income 10.96 5.43 5.53 101.84 Total Revenues 280.42 200.94 79.48 39.55 Cost of constuction 302.56 193.83 108.73 56.10

from construction contracts 563.67 540.31 23.36 4.32 1,175.49 954.66 220.83 23.13 - EPC Service 6.81 169.66 (162.85) (95.99) 31.94 210.88 (178.94) (84.85) - Structure Mechanic and Pinging (SMP and E&I

.) % Construction income 41.52 44.36 -2.84 -6.40 Service income 0.00 5.94 -5.94 -100.00 Other income 0.34 0.81 -0.47 -58.02 Total Revenues 41.86 51.11 -9.25 -18.10 Cost of constuction 40.20 33.88 6.32 18.65 Cost of

Management Discussion and Analysis for Interim Business Operations 2019 % 2018 % Inc./(Dec.) % Construction Income 150.24 92.91 21.63 87.82 128.61 594.59 Service Income 9.70 6.00 0.41 1.66 9.29

the Best Bond Awards 2019. PAGE 4 MANAGEMENT DISCUSSION & ANALYSIS (MD&A) Q1/2020 Executive Summary Company Investment Projects and Progress There are 5 projects that are under construction: 1. Nava

“Company”) would like to inform that according to the resolution of the Board of Directors meeting No.1/2019 held on 21 January 2019 approved the construction investment of new shopping center (the “Project

.Revenues 1.1 Sales of Construction Supply 860.99 933.38 1,044.70 1.2 Revenue from Real Estate Business 71.12 79.60 107.50 1.3 Total Revenues 932.11 1,012.98 1,152.20 2.Gross Profit ( % of Revenues) 2.1 Sales

large area. (Which is under construction and design) to become a tourist center. There will be land and utilities development by allocating the project area into Develop land for sale, construction of

and procedures as provided on the website of the SEC Office within 15 days as from the last date of each month having redemption or exercise; (2) the report of the exercising right to purchase

the last date of each month having redemption or exercise; (2) the report of the exercising right to purchase underlying shares of warrants, shall be submitted by using form 81-2 as provided on the