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

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

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

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

risks. In this regard, such risks include completion risks (if any). Clause 24 The REIT manager shall arrange unit holders’ meeting in accordance with the trust instrument. 7 Clause 25 When there is a