Microsoft Word - EKH_63-019_SET-MD&A_630513_Q1-63_EN   EKH/CS/2020/019    May 13, 2020    Subject :  Management Discussion and Analysis for the First Quarter 2020 Results    To :  Directors and

Shareholders No.1/2015. (Ultimate major shareholder and related parties of the Company served as major shareholders, directors, management, or controlling persons) Rental income - 1,529,969,793 Revenue from

. Operating Profit margin stood at 37.4%, mainly attributed to the increase in management income of CPNRF and further operating cost efficiencies and effective cost management. On a quarterly basis (excluding

commission income, project management fee, guarantee fee income, interest, and others Management Discussion & Analysis ( - translation - ) For operating result of 4Q/2019, ended 31 December 2019 Raimon Land

buildings 1,278 - - - Contract rate Management income 835 - - - Contract rate Rental expenses - 3,104 - 2,020 Contract rate Transactions with related companies Revenue from advertising production 20,289 5,010

main strategies are namely, invasion of the housing market, expansion of service income, financial liquidity management and adding value to existing assets. As for the performance in Q1/2021, the net

investment units from the Company and front-end fee income from ONE Asset Management Limited (The Company’s subsidiary). 1.3 Interest on margin loans The Company’s interest income on margin loans in 1Q2018

. As a result of the increase in total revenues of the above mentioned group companies and the effect of better management caused the CompanyEs cost-to-income ratio decreased from 99% to 87% and made the

in 2018, with Net profit margin at 17.60% in 2019 compared to 17.91% in 2018. Details of the management discussion and analysis as follow: Income Statements 2019 Operational Performance The Company

project management 195.2 4.7 280.0 8.4 84.8 43.4 Dividend income - - 0.3 - 0.3 100.0 Gain from transfer of right for land purchase and sale agreement 312.0 7.5 - - (312.0) (100.0) Gain on disposals of