28.6%, which increased from the GPM of 20.4% in 1Q/18 due to the transfer revenue was mainly from new project recently developed by the Company therefore, the margin is in line with the industry standard

% in Q4/17 due to the large number of transfers of the Diplomat 39 which is the project purchased for sale, therefore the GPM is lower than the projects developed by the Company. For the full year 2018

value : 2. Illiquidity ratio : 3. Adjusted zero return measures : Page 14/40 Literature Review (Cont’) 4. Illiquidity ratio is developed on Amihud (2002) : 5. Return reversal measure is proposed by Pastor

activities that are limited in time can be structured in real economy as separate time-bound projects. This is especially true for the amber category, where most activities focus on the time-limited movement

For the period of nine months Movement for the third quarter Movement for the period of nine months 2020 2019 2020 2019 Increase (decrease) % Increase (decrease) % Producer and distributor of ready-to

the period of six months Movement for the second quarter Movement for the period of six months 2021 2020 2021 2020 Increase (decrease) % Increase (decrease) % Producer and distributor of ready-to-drink

For the period of nine months Movement for the third quarter Movement for the period of nine months 2021 2020 2021 2020 Increase (decrease) % Increase (decrease) % Producer and distributor of ready-to

second quarter For the period of six months Movement for the second quarter Movement for the period of six months 2022 2021 2022 2021 Increase (decrease) % Increase (decrease) % Producer and distributor of

For the period of nine months Movement for the third quarter Movement for the period of nine months 2019 2018 2019 2018 Increase (decrease) % Increase (decrease) % Producer and distributor of ready-to

For the period of six months Movement for the second quarter Movement for the period of six months 2020 2019 2020 2019 Increase (decrease) % Increase (decrease) % Producer and distributor of ready-to