remeasuring on fair value of the Company’s previously held interests in TBSP. Excluding the non-recurring items, Company’s core net profit increased by 1% y-y in 2Q18. For 1H18, Company represented net profit

Group was able to grow continuously revenue from rent and service business, which was recurring income, despite the negative impact on both economic and the COVID-19 pandemic. Revenue from rent and

). Time-varying rare disaster risk and stock returns. Journal of Financial Economics, 101(2), 313–332. Bernanke, B. S. (1983). Irreversibility, uncertainty, and cyclical investment. The Quarterly Journal of

whether the issuer is required to make periodic disclosure such as disclose the evidence periodically that the issuer is not in default or that it is in full compliance with the terms of that contract to

sales 0 0 216 100% 100% Other income 514 743 492 (4%) (34%) Total revenues 7,719 8,053 8,223 7% 2% Excluding non-recurring items 7,719 7,834 8,223 7% 5% Cost of rent and services 3,073 3,387 3,299 7% (3

492 527 16% 7% 967 1,019 5% Total revenues 7,620 8,223 9,405 23% 14% 15,339 17,628 15% Excluding non-recurring items 7,620 8,223 9,405 23% 14% 15,339 17,628 15% Cost of rent and services 3,185 3,299

-recurring items 135.5 18.9 (3.3) (0.2) (102.4%) 1 Adjusted EBITDA for any year/period is defined as Profit (loss) before income taxes plus Finance costs, plus Depreciation and Amortization, deduct (plus) gain

estate market is explored in order to diversify business risk and boost recurring income. Apart from developing residential condominiums, the Company also provides real estate services and property

margin (exclude non-recurring cost) 30% 28% 2% 33% 31% 3% Administrative expenses before adj. 41.45 40.84 2% 83.09 88.68 -6% Adj. staff benefit 2.19 - 2.19 - Adj. previous year SW income 20.31 10.66 90

efficiency management. Majority of restaurant’s operational expenses were lower due to outlet modification as mentioned above. Non-recurring Item In November 2017, there was a fire incident at one of the