a 45% increase in our core 2017 EBITDA in 2019. The business reality today is materially different to when the guidance was published. We therefore believe there is a meaningful upside to the

the Purchaser and the Company, together with the business valuation. The value of consideration takes into account the appraisal of the shares of the business by different approaches, i.e. book value

repercussions on the global economy, compounded by a steep recession. It was a grim scenario, with uncertainty looming large. One year later, we stand in a very different place. Brent crude oil price has had a

a hypothesis significantly different from an appraisal of the asset appraiser, identify the reasons and supportive information for such hypothesis; (4) in the case that the REIT has an investment

condition specified in such license, provided that the licensee which choose to pay the license fee by annual term shall pay the total amount of license fee in accordance with the rules and period specified

health and safety, such as SHA Certification. With less disposable income, travellers are looking for value too – especially families – and the majority will choose destinations they can easily drive to

procurement of benefit, specify policy and procedure of selecting real estate’ leasees and supervision of property manager to choose real estate’ leasees in pursuant with such policy and procedure; 9.6 Property

Companies’ future revenue growth and diverse business dependency , expand opportunity in other investments and lead to long-term business sustainability. 12. Opinion of the Audit Committee which is different

the Audit Committee which is different from the opinion of the Board of Directors -None- Responsibilities of the Board of Directors for Disclosures information The Board of Directors of Winner Group

to the Company and its shareholders. 12. Opinion of the Audit Committee which is different from the opinion of the Board of Directors -None- Responsibilities of the Board of Directors for Disclosures