, performance of Jupiter hotels will be reported under share of gain/loss from investment in joint ventures. 1Q2020 operating performance of Hospitality business Hotel 1Q19 1Q20 Change (%) Self-Managed Hotels

Management Discussion and Analysis for the Year 2019 1. Operating Results (Company and Subsidiaries) Consolidated revenue for year ended 2019 of both treatment of industrial waste business division

extraordinary items* 38.2 (290.4) 104.3 61.0 (186.1) Net profit from ordinary activities 247.4 303.1 354.1 16.8% 43.1% 402.8 657.2 63.2% * Extraordinary items from non-operating, consists of unrealised gain(loss

Vessel operating Total Sale and service Other income Total revenues Revenues from sales and services 996.67 0.00 33.56 0.00 1,030.23 1.06 1,031.29 Cost of sales and services (920.07) 0.00 (28.08) 0.00

% * Extraordinary items from non-operating, consists of unrealised gain(loss) on exchange rate of receivable under finance lease agreement, gain(loss) on forward contracts, insurance claim and gain from business

refining service Refined Glycerine Vessel operating Total Sale and service Other income Total revenues Revenues from sales and services 5,363.58 0.00 140.72 9.78 5,514.08 4.95 5,519.03 Cost of sales and

) Biodiesel Edible oil Refined glycerine Byproduct Vessel operating Total Sale and service Other income Total revenues Revenues from sales and services 1,404.30 0.00 1,404.30 1.40 1,405.70 Cost of sales and

100.00% 111.56 3.23% Distribution costs 140.16 4.05% 159.58 4.47% 19.42 13.86% Administrative expenses 88.53 2.56% 105.99 2.97% 17.45 19.72% Profit from operating activities 64.65 1.87% 69.66 1.95% 5.01

the Company N/A N/A N/A N/A N/A Not applicable because this is the disposition of assets. 2. Net Operating Profits % of Net Profit attributable to Proportionate Assets/ Net Profit of the Company* N/A N

subsidiary of the Company holding the license and operating transportation business), i.e. disposing 4,999,998 ordinary shares held by the Company in NML, equivalent to 99.99996 percent of the total NML shares