established any loss reserve in its accounts. Executive perspective for business trends in 2020 The Company's management foresees that, currently, the epidemic of the Coronavirus 2019 (COVID-19) and the economy

social security bureau. For inventory day, it increased 11 days comparing to the same quarter of last year. For the financial risk perspective, the ratio was at extremely low leverage with debt to equity

were barely changed comparing to the same quarter of last year. For the financial risk perspective, the ratio was at extremely low leverage with debt to equity ratio of 0.2x from 0.3x yoy. Please be

the economy using significant quantities of lime are also showing remarkable growth. The steel industry continued to expand more than 10% year on year. In the construction sector the use of autoclaved

the financial risk perspective, despite the higher debt ratio stemming from increased loans and lower shareholder equity, the ratio was nonetheless at relatively low level. The interest coverage ratio

. However, Return on Equity slightly declined from 14% to 13.7% due to lower debt and more reliance on internal operating fund. From the financial risk perspective, debt to equity ratio decreased from 0.5x to

’ equity as mentioned above. For the financial risk perspective, despite the higher debt ratio comparing to previous year, the ratio was nonetheless at relatively low level. Interest coverage ratio (EBITDA

addition, the significant improvement of return on equity was from the decrease of shareholders’ equity as mentioned above. For the financial risk perspective, despite the higher debt ratio comparing to

and Analysis EXECUTIVE SUMMARY ABBREVIATION & OUR PROJECTSFINANCIAL PERFORMANCE FINANCIAL POSITION PROGRESS OF PROJECTS UNDER CONSTRUCTION EXECUTIVE SUMMARY 1 2019: A remarkable year with 40% capacity

for Alternative Investment disclosed to the public and able to be accessed by a general public investor. The result, therefore, is from the perspective of a third party. It is not an evaluation of