lifestyle resort on island 3 in Crossroads project with a transaction value of USD 16.2m. Nonetheless, the progress of design and construction has been as planed while the target construction completion is in
completion of works pursuant to the conditions and terms determined in the agreements. (2) LTSA Contracts between the Project Companies and Siemens Limited Each of the Project Companies will pay the
Management Discussion and Analysis 1. Significant events in the third Quarter of 2019 1.1 The progress in construction projects 1.1.1 Project completion - SBPL Project, a project of San Buenaventura Power Ltd
management recognized revenue from construction under a concession arrangement in accordance with percentage of completion of the fair value of assets. The Group’s management also recognized cost of
accordance with percentage of completion of the fair value of assets. The Group’s management also recognized cost of construction under a concession arrangement at actual cost in the same amount. No gain and
Concession Arrangements’. As a result, the Group’s management recognized revenue from construction under a concession arrangement in accordance with percentage of completion of the fair value of assets. The
revenue from construction under a concession arrangement in accordance with percentage of completion of the fair value of assets. The Group’s management also recognized cost of construction under a
invest in assets of the infrastructure business that is a greenfield project, a step-by-step operation plan, 4 starting from construction to completion of the construction, as well as the management and