any false statements or omits to state any material information which should have been disclosed, the securities holders shall be entitled to claim damages from the securities offeror or the securities

Water Sales, and Wastewater Treatment Services. 2 Other Revenue consists of Excessive Charge, Service Fees for Wastewater Management, and Revenue from Solar Rooftop 3 Gross Profit from Operation excludes

. Note: (1) Information provided in the table excludes residential project developed by Nirvana Daii PLC which the Company held 51.56% ownership. As of 31 December 2019, residential projects for sales

2017) MASTER AD PLC MANAGEMENT DISCUSSION & ANALYSIS 2Q 2017 1 AUG 2017 KEY FINANCIAL RATIOS 1 Excludes the impacts of COMASS’s statement of financial position consolidation 2 Calculated from operating

Utilities Business consists of Excessive Charge for additional Utilities demand and Service Fees for Wastewater Management. 3 Gross Profit from Operation excludes Other Income from Utilities Business. 4 Other

and Service Fees for Wastewater Management. 3 Gross Profit from Operation excludes Other Income from Utilities Business. 4 Other Incomes mainly consists of Interest Income from Loans to GHECO-One and

No. of rooms Occupancy rate RevPar (YoY growth) 161 80% 7% 201 74% 13% 201 86% 7% Hotels in UK 2 No. of rooms Occupancy rate RevPar (YoY growth) 3,112 81% 7% 3,112 75% 5% 3,112 82% 4% Note: 1 Excludes

from Utilities Business consists of Excessive Charge for additional Utilities demand and Service Fees for Wastewater Management. 3 Gross Profit from Operation excludes Other Income from Utilities

growth) 3,112 68% 4% 3,112 82% 4% 3,112 69% 4% 3,112 70% 5% 3,112 72% 5% Note: 1 Excludes villas closed for renovation from April to November 2016. 2 A 50%-owned business. Acquired 26 hotels (2,883 keys

Excessive Charge, Service Fees for Wastewater Management 3 Gross Profit from Operation excludes Other Revenue from Utilities Business. 4 Other Incomes mainly consists of Interest Income from Loans to GHECO