projects of the government and state enterprises have slowed down and increased more competition in the market. The majority of the Company's revenue recognized in 2023 comes from government and state

based on a referable rate or in accordance with the commercial practice applicable to such transaction. In the case where a management company has determined a policy or a guideline for setting up the

assets, the securities company shall act as follows: (1) inform its clients and request them to sign upon acknowledgement of the client’s practice in depositing or withdrawing assets with or from the

assets, the securities company shall act as follows: (1) inform its clients and request them to sign upon acknowledgement of the client’s practice in depositing or withdrawing assets with or from the

clear detail to enable derivatives exchanges to practice in a consistent manner; (2) establish detailed guidelines of practice that are proper and in compliance with this Notification, with which

; (2) a transaction for investment or service provision whose price, compensation or service fee is based on a referable rate or in accordance with the commercial practice applicable to such transaction

referenced crude oil price of every products; stemming from a state of excess supplies of finished products in the market, and declining demand from the 4 Management Discussion and Analysis of Business

in its practice of investment management. It should employ knowledge, ability and skills as a profession in management of investment under different situation, for instance: (1) Employment of personal

company should observe the duty of care in its practice of investment management. It should employ knowledge, ability and skills as a profession in management of investment under different situation, for

registration statement is vested in the securities offeror. If the registration statement contains any false statements or omits to state any material information which should have been disclosed, the securities