PRINCE HOUSING & DEVELOPMENT CORP. AND SUBSIDIARIES

CONSOLIDATED FINANCIAL STATEMENTS AND

INDEPENDENT AUDITORS’ REVIEW REPORT MARCH 31, 2021 AND 2020

For the convenience of readers and for information purpose only, the auditors’ report and the accompanying financial statements have been translated into English from the original Chinese version prepared and used in the Republic of China. In the event of any discrepancy between the English version and the original Chinese version or any differences in the interpretation of the two versions, the Chinese-language auditors’ report and financial statements shall prevail.

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INDEPENDENT AUDITORS’ REVIEW REPORT TRANSLATED FROM CHINESE

Introduction

We have reviewed the accompanying consolidated balance sheets of Prince Housing & Development Corp. and subsidiaries (the “Group”) as at March 31, 2021 and 2020, and the related consolidated statements of comprehensive income, of changes in equity and of cash flows for the three months then ended, and notes to the consolidated financial statements, including a summary of significant accounting policies. Management is responsible for the preparation and fair presentation of these consolidated financial statements in accordance with the Regulations Governing the Preparation of Financial Reports by Securities Issuers and International Accounting Standard 34, “Interim Financial Reporting” as endorsed by the Financial Supervisory Commission. Our responsibility is to express a conclusion on these consolidated financial statements based on our reviews.

Scope of review

Except as explained in the following paragraph, we conducted our reviews in accordance with the Statement of Auditing Standards No. 65 “Review of Financial Information Performed by the Independent Auditor of the Entity” in the Republic of China. A review of consolidated financial statements consists of making inquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures. A review is substantially less in scope than an audit and consequently does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion.

Basis for qualified conclusion

As explained in Note 4(3), the financial statements of certain insignificant consolidated subsidiaries were not reviewed by independent auditors whose statements reflect total assets of NT$9,888,726 thousand and NT$8,505,104 thousand, constituting 20% and 16% of the consolidated total assets, and total liabilities of NT$6,566,780 thousand and NT$4,673,849 thousand, constituting 26% and 17% of the consolidated total liabilities as at March 31, 2021 and 2020, and total comprehensive loss of NT($70,759) thousand and NT($40,569) thousand, constituting (6%) and 43% of the consolidated total comprehensive income for the three months then ended. As explained in Note 6(7), investments accounted for using equity method were assessed and disclosed based on the financial statements that

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were not reviewed by the independent auditors, which statements reflect share of profit of associates and joint ventures of NT$17,019 thousand and NT$2,112 thousand for the three months then ended, and investments (including credit balance transferred to other non-current liabilities-others of NT$139,754 thousand and NT$139,411 thousand) of NT$1,741,862 thousand and NT$1,745,701 thousand as at March 31, 2021 and 2020, respectively.

Qualified conclusion

Except for the adjustments to the consolidated financial statements, if any, as might have been determined to be necessary had the financial statements of certain consolidated subsidiaries and investments accounted for using equity method been reviewed by independent auditors as described in the Basis for qualified conclusion section above, based on our reviews, nothing has come to our attention that causes us to believe that the accompanying consolidated financial statements do not present fairly, in all material respects, the consolidated financial position of the Group as at March 31, 2021 and 2020, and of its consolidated financial performance and its consolidated cash flows for the three months then ended in accordance with the Regulations Governing the Preparation of Financial Reports by Securities Issuers and International Accounting Standard 34, “Interim Financial Reporting” as endorsed by the Financial Supervisory Commission.

Wang, Kuo-Hua Tien, Chung-Yu

For and on behalf of PricewaterhouseCoopers, Taiwan

May 6, 2021

------------------------------------------------------------------------------------------------------------------------------------------------The accompanying consolidated financial statements are not intended to present the financial position and results of operations and cash flows in accordance with accounting principles generally accepted in countries and jurisdictions other than the Republic of China. The standards, procedures and practices in the Republic of China governing the audit of such financial statements may differ from those generally accepted in countries and jurisdictions other than the Republic of China. Accordingly, the accompanying consolidated financial statements and independent auditors’ report are not intended for use by those who are not informed about the accounting principles or auditing standards generally accepted in the Republic of China, and their applications in practice.

As the financial statements are the responsibility of the management, PricewaterhouseCoopers cannot accept any liability for the use of, or reliance on, the English translation or for any errors or misunderstandings that may derive from the translation.

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PRINCE HOUSING & DEVELOPMENT CORP. AND SUBSIDIARIES CONSOLIDATED BALANCE SHEETS

MARCH 31, 2021, DECEMBER 31, 2020 AND MARCH 31, 2020

(Expressed in thousands of New Taiwan dollars) (The balance sheets as of March 31, 2021 and 2020 are reviewed, not audited)

Assets	Notes	March 31, 2021 AMOUNT % `$` `4,548,720` `9` `904,977` `2` `952,174` `2` `170,285` `-` `130,367` `-` `840,074` `2` `4,088` `-` `133,959` `-` `18,312` `-` `15,193,007 30` `77,017` `-` `9,195` `-` `22,982,175 45` `1,545,792` `3` `2,565,876` `5` `703,779` `1` `1,881,616` `4` `5,793,333 12` `7,060,045 14` `5,550,300 11` `1,982,400` `4` `200,071` `1` `159,921` `-` `122,540` `-` `27,565,673 55` `$` `50,547,848 100` (Continued)	December 31, 2020 AMOUNT % `$` `5,406,601` `10` `904,348` `2` `960,960` `2` `200,782` `1` `25,934` `-` `1,026,186` `2` `4,049` `-` `84,537` `-` `24,189` `-` `16,678,009` `32` `101,098` `-` `3,381` `-` `25,420,074` `49` `894,021` `2` `2,246,407` `4` `772,833` `1` `1,864,597` `4` `5,835,171` `11` `7,181,349` `14` `5,582,210` `11` `1,996,776` `4` `176,995` `-` `113,575` `-` `81,406` `-` `26,745,340` `51` `$` `52,165,414` `100`	March 31, 2020	March 31, 2020
		AMOUNT `$` `4,548,720` `904,977` `952,174` `170,285` `130,367` `840,074` `4,088` `133,959` `18,312` `15,193,007` `77,017` `9,195` `22,982,175` `1,545,792` `2,565,876` `703,779` `1,881,616` `5,793,333` `7,060,045` `5,550,300` `1,982,400` `200,071` `159,921` `122,540` `27,565,673` `$` `50,547,848` (Continued)	AMOUNT `$` `5,406,601` `904,348` `960,960` `200,782` `25,934` `1,026,186` `4,049` `84,537` `24,189` `16,678,009` `101,098` `3,381` `25,420,074` `894,021` `2,246,407` `772,833` `1,864,597` `5,835,171` `7,181,349` `5,582,210` `1,996,776` `176,995` `113,575` `81,406` `26,745,340` `$` `52,165,414`	AMOUNT `$` `4,387,841` `1,528,982` `822,156` `219,571` `114,708` `768,283` `4,549` `25,197` `-` `19,179,533` `71,341` `9,195` `27,131,356` `437,294` `1,828,269` `894,971` `1,885,112` `5,946,947` `5,587,410` `5,662,052` `2,042,058` `137,030` `119,832` `132,634` `24,673,609` `$` `51,804,965`	%
Current assets 1100 Cash and cash equivalents 1110 Financial assets at fair value through profit or loss - current 1136 Current financial assets at amortised cost 1140 Current contract assets 1150 Notes receivable, net 1170 Accounts receivable, net 1180 Accounts receivable - related parties 1200 Other receivables 1220 Current income tax assets 130X Inventories, net 1410 Prepayments 1479 Other current assets 11XX Current Assets Non-current assets 1510 Financial assets at fair value through profit or loss - non- current 1517 Non-current financial assets at fair value through other comprehensive income 1535 Non-current financial assets at amortised cost 1550 Investments accounted for under equity method 1600 Property, plant and equipment, net 1755 Right-of-use assets 1760 Investment property, net 1780 Intangible assets, net 1840 Deferred income tax assets 1920 Refundable deposits 1990 Other non-current assets 15XX Non-current assets 1XXX Total assets	6(1) 6(2) and 8 6(4) and 8 6(24) 6(5) 6(5) 6(5) and 7 6(6) and 8 6(24) 6(2) and 8 6(3) and 8 6(4) and 8 6(7) and 8 6(8) and 8 6(9) 6(11) and 8 6(12) 7 and 9				`8` `3` `2` `-` `-` `2` `-` `-` `-` `37` `-` `-`
					`52`
					`1` `4` `2` `4` `11` `11` `11` `4` `-` `-` `-`
					`48`
					`100`

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PRINCE HOUSING & DEVELOPMENT CORP. AND SUBSIDIARIES CONSOLIDATED BALANCE SHEETS MARCH 31, 2021, DECEMBER 31, 2020 AND MARCH 31, 2020

(Expressed in thousands of New Taiwan dollars) (The balance sheets as of March 31, 2021 and 2020 are reviewed, not audited)

Liabilities and Equity	Notes	March 31, 2021 AMOUNT % `$` `1,140,000` `2` `50,000` `-` `865,221` `2` `372` `-` `1,570,562` `3` `764,416` `2` `185,580` `-` `443,347` `1` `123,517` `-` `658,510` `1` `101,055` `-` `5,902,580` `11` `4,500,000` `9` `5,606,624` `11` `120,155` `-` `298,084` `1` `7,305,887` `15` `808,301` `2` `61,709` `-` `182,272` `-` `194,616` `-` `19,077,648` `38` `24,980,228` `49` `16,233,261` `32` `2,260,513` `5` `2,153,743` `4` `3,145,729` `6` `1,569,967` `3` `(` `1,003 )` `-` `25,362,210` `50` `205,410` `1` `25,567,620` `51` `$` `50,547,848` `100`	December 31, 2020 AMOUNT % `$` `1,315,000` `3` `50,000` `-` `916,950` `2` `306` `-` `1,798,011` `3` `718,474` `1` `123,422` `-` `442,471` `1` `44,413` `-` `989,177` `2` `76,741` `-` `6,474,965` `12` `4,500,000` `9` `7,704,060` `15` `113,024` `-` `298,084` `1` `7,418,712` `14` `808,301` `2` `67,490` `-` `160,581` `-` `194,835` `-` `21,265,087` `41` `27,740,052` `53` `16,233,261` `31` `2,260,513` `5` `2,153,743` `4` `2,313,465` `4` `1,242,257` `2` `(` `1,003)` `- (` `24,202,236` `46` `223,126` `1` `24,425,362` `47` `$` `52,165,414` `100`	March 31, 2020	March 31, 2020
		AMOUNT `$` `1,140,000` `50,000` `865,221` `372` `1,570,562` `764,416` `185,580` `443,347` `123,517` `658,510` `101,055` `5,902,580` `4,500,000` `5,606,624` `120,155` `298,084` `7,305,887` `808,301` `61,709` `182,272` `194,616` `19,077,648` `24,980,228` `16,233,261` `2,260,513` `2,153,743` `3,145,729` `1,569,967` `(` `1,003 )` `25,362,210` `205,410` `25,567,620` `$` `50,547,848`	AMOUNT `$` `1,315,000` `50,000` `916,950` `306` `1,798,011` `718,474` `123,422` `442,471` `44,413` `989,177` `76,741` `6,474,965` `4,500,000` `7,704,060` `113,024` `298,084` `7,418,712` `808,301` `67,490` `160,581` `194,835` `21,265,087` `27,740,052` `16,233,261` `2,260,513` `2,153,743` `2,313,465` `1,242,257` `(` `1,003)` `24,202,236` `223,126` `24,425,362` `$` `52,165,414`	AMOUNT `$` `1,759,000` `729,300` `874,017` `2,508` `1,634,640` `670,145` `27,855` `372,882` `118,837` `3,404,853` `45,048` `9,639,085` `4,500,000` `6,168,448` `106,909` `298,099` `5,816,838` `808,301` `67,214` `155,317` `194,087` `18,115,213` `27,754,298` `16,233,261` `2,260,513` `2,058,870` `2,410,411` `824,138` `1,003)` `23,786,190` `264,477` `24,050,667` `$` `51,804,965`	%
Current liabilities 2100 Short-term borrowings 2110 Short-term notes and bills payable 2130 Current contract liabilities 2150 Notes payable 2170 Accounts payable 2200 Other payables 2230 Current income tax liabilities 2280 Current lease liabilities 2310 Receipts in advance 2320 Long-term liabilities, current portion 2399 Other current liabilities 21XX Current Liabilities Non-current liabilities 2530 Bonds payable 2540 Long-term borrowings 2550 Provisions for liabilities - non- current 2570 Deferred income tax liabilities 2580 Non-current lease liabilities 2610 Long-term notes and accounts payable 2640 Net defined benefit liability - non-current 2645 Guarantee deposits received 2670 Other non-current liabilities 25XX Non-current liabilities 2XXX Total Liabilities Equity attributable to owners of parent Share capital 3110 Common stock Capital surplus 3200 Capital surplus Retained earnings 3310 Legal reserve 3350 Unappropriated retained earnings Other equity interest 3400 Other equity interest 3500 Treasury stocks 31XX Equity attributable to owners of the parent 36XX Non-controlling interest 3XXX Total equity Significant contingent liabilities and unrecognised contract commitments 3X2X Total liabilities and equity	6(13) and 8 6(14) and 8 6(24) 7 6(16) and 8 6(15) 6(16) and 8 6(17) 7 6(7) 6(19) 6(20) 6(21) 6(22) 6(19) 9				`3` `2` `2` `-` `3` `1` `-` `1` `-` `7` `-`
					`19`
					`9` `12` `-` `1` `11` `2` `-` `-` `-`
					`35`
					`54`
					`31` `5` `4` `5` `1` `-`
					`46` `-`
					`46`
					`100`

The accompanying notes are an integral part of these consolidated financial statements.

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PRINCE HOUSING & DEVELOPMENT CORP. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME THREE MONTHS ENDED MARCH 31, 2021 AND 2020

(Expressed in thousands of New Taiwan dollars, except earnings (loss) per share)

Items Three months ended March 31
2021
2020
Notes
AMOUNT
%
AMOUNT
%
6(24) and 7
$
3,232,149
100
$
2,632,353
100
6(6)(12)(29)
(
2,422,784) (
75) (
2,154,083) (
82)
809,365
25
478,270
18
6(12)(29)
(
83,458) (
2) (
73,809) (
3)
(
504,827) (
16) (
368,124) (
14)
12(2)
6
-
136
-
(
588,279) (
18) (
441,797) (
17)
221,086
7
36,473
1
6(25)
2,037
-
3,392
-
6(3)(26)
60,684
2
10,509
1
6(2)(27)
642,527
20 (
15,812) (
1)
6(6)(28) and 7
(
80,766) (
3) (
77,375) (
3)
6(7)
17,019
1
2,112
-
641,501
20 (
77,174) (
3)
862,587
27 (
40,701) (
2)
6(30)
(
48,039) (
2) (
1,092)
-
$
814,548
25 ($
41,793) (
2)
6(3)(22)
$
327,710
10 ($
52,352) (
2)
327,710
10 (
52,352) (
2)
$
327,710
10 ($
52,352) (
2)
$
1,142,258
35 ($
94,145) (
4)
$
832,264
26 ($
18,102) (
1)
(
17,716) (
1) (
23,691) (
1)
$
814,548
25 ($
41,793) (
2)
$
1,159,974
36 ($
70,454) (
3)
(
17,716) (
1) (
23,691) (
1)
$
1,142,258
35 ($
94,145) (
4)
6(31)
$
0.51 ($
0.01)
$
0.51 ($
0.01)

4000
Sales revenue
5000
Operating costs
5900
Gross profit
Operating expenses
6100
Selling expenses
6200
General and administrative expenses
6450
Impairment loss (impairment gain
and reversal of impairment loss)
determined in accordance with IFRS
9
6000
Total operating expenses
6900
Operating profit
Non-operating income and expenses
7100
Interest income
7010
Other income
7020
Other gains and losses
7050
Finance costs
7060
Share of profit/(loss) of associates
and joint ventures accounted for
under equity method
7000
Total non-operating income and
expenses
7900
Profit (loss) before income tax
7950
Income tax expense
8200
Profit (loss) for the period
Other comprehensive income
Components of other comprehensive
income that will not be reclassified to
profit or loss
8316
Total expenses, by nature
8310
Components of other
comprehensive income that will
not be reclassified to profit or loss
8300
Total other comprehensive income
(loss)for the period
8500
Total comprehensive income (loss)
for the period
Profit (loss), attributable to:
8610
Owners of the parent
8620
Non-controlling interest
Comprehensive income attributable to:
8710
Owners of the parent
8720
Non-controlling interest
Earnings (loss) per share (in dollars)
9750
Basic earnings (loss) per share
9850
Diluted earnings (loss) per share

Items	Three months ended March 31 2021 2020 Notes AMOUNT % AMOUNT % 6(24) and 7 `$` `3,232,149` `100` `$` `2,632,353` `100` 6(6)(12)(29) `(` `2,422,784) (` `75) (` `2,154,083) (` `82)` `809,365` `25` `478,270` `18` 6(12)(29) `(` `83,458) (` `2) (` `73,809) (` `3)` `(` `504,827) (` `16) (` `368,124) (` `14)` 12(2) `6` `-` `136` `-` `(` `588,279) (` `18) (` `441,797) (` `17)` `221,086` `7` `36,473` `1` 6(25) `2,037` `-` `3,392` `-` 6(3)(26) `60,684` `2` `10,509` `1` 6(2)(27) `642,527` `20 (` `15,812) (` `1)` 6(6)(28) and 7 `(` `80,766) (` `3) (` `77,375) (` `3)` 6(7) `17,019` `1` `2,112` `-` `641,501` `20 (` `77,174) (` `3)` `862,587` `27 (` `40,701) (` `2)` 6(30) `(` `48,039) (` `2) (` `1,092)` `-` `$` `814,548` `25 ($` `41,793) (` `2)` 6(3)(22) `$` `327,710` `10 ($` `52,352) (` `2)` `327,710` `10 (` `52,352) (` `2)` `$` `327,710` `10 ($` `52,352) (` `2)` `$` `1,142,258` `35 ($` `94,145) (` `4)` `$` `832,264` `26 ($` `18,102) (` `1)` `(` `17,716) (` `1) (` `23,691) (` `1)` `$` `814,548` `25 ($` `41,793) (` `2)` `$` `1,159,974` `36 ($` `70,454) (` `3)` `(` `17,716) (` `1) (` `23,691) (` `1)` `$` `1,142,258` `35 ($` `94,145) (` `4)` 6(31) `$` `0.51 ($` `0.01)` `$` `0.51 ($` `0.01)`
4000 Sales revenue 5000 Operating costs 5900 Gross profit Operating expenses 6100 Selling expenses 6200 General and administrative expenses 6450 Impairment loss (impairment gain and reversal of impairment loss) determined in accordance with IFRS 9 6000 Total operating expenses 6900 Operating profit Non-operating income and expenses 7100 Interest income 7010 Other income 7020 Other gains and losses 7050 Finance costs 7060 Share of profit/(loss) of associates and joint ventures accounted for under equity method 7000 Total non-operating income and expenses 7900 Profit (loss) before income tax 7950 Income tax expense 8200 Profit (loss) for the period Other comprehensive income Components of other comprehensive income that will not be reclassified to profit or loss 8316 Total expenses, by nature 8310 Components of other comprehensive income that will not be reclassified to profit or loss 8300 Total other comprehensive income (loss)for the period 8500 Total comprehensive income (loss) for the period Profit (loss), attributable to: 8610 Owners of the parent 8620 Non-controlling interest Comprehensive income attributable to: 8710 Owners of the parent 8720 Non-controlling interest Earnings (loss) per share (in dollars) 9750 Basic earnings (loss) per share 9850 Diluted earnings (loss) per share

The accompanying notes are an integral part of these consolidated financial statements.

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PRINCE HOUSING & DEVELOPMENT CORP. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY THREE MONTHS ENDED MARCH 31, 2021 AND 2020

(Expressed in thousands of New Taiwan dollars)

Notes			Equity attributable to	Equity attributable to	Equity attributable to	owners of the parent	owners of the parent	owners of the parent
	Share capital - common stock	Capital surplus, additional paid-in capital	Retained	Earnings		Other equityinterest			Treasury stocks		Total
			Legal reserve		Unappropriated retained earnings	Financial statements translation differences of foreign operations		Unrealised gains (losses) from financial assets measured at fair value through other comprehensive income
6(31) 6(3)(22) 6(31) 6(3)(22)	`$ 16,233,261` `-` `-` `-` `$ 16,233,261` `$ 16,233,261` `-` `-` `-` `$ 16,233,261`	`$ 2,260,513` `-` `-` `-` `$ 2,260,513` `$ 2,260,513` `-` `-` `-` `$ 2,260,513`	`$ 2,058,870` `-` `-` `-` `$ 2,058,870` `$ 2,153,743` `-` `-` `-` `$ 2,153,743`	`$ 2,428,513` `(` `18,102 )` `-` `(` `18,102 )` `$ 2,410,411` `$ 2,313,465` `832,264` `-` `832,264` `$ 3,145,729`		`($` `48 )` `-` `-` `-` `($` `48 )` `($` `48 )` `-` `-` `-` `($` `48 )`	`$` `876,538` `-` `(` `52,352 )` `(` `52,352 )` `$` `824,186` `$ 1,242,305` `-` `327,710` `327,710` `$ 1,570,015`		`($` `1,003` `)` `-` `-` `-` `($` `1,003` `)` `($` `1,003` `)` `-` `-` `-` `($` `1,003` `)`	`$ 23,856,644` `(` `18,102 )` `(` `52,352 )` `(` `70,454 )` `$ 23,786,190` `$ 24,202,236` `832,264` `327,710` `1,159,974` `$ 25,362,210`		`$` `288,168` `(` `23,691 )` `-` `(` `23,691 )` `$` `264,477` `$` `223,126` `(` `17,716 )` `-` `(` `17,716 )` `$` `205,410`	`$ 24,144,812` `(` `41,793` `)` `(` `52,352` `)` `(` `94,145` `)` `$ 24,050,667` `$ 24,425,362` `814,548` `327,710` `1,142,258` `$ 25,567,620`

The accompanying notes are an integral part of these consolidated financial statements.

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PRINCE HOUSING & DEVELOPMENT CORP. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF CASH FLOWS

THREE MONTHS ENDED MARCH 31, 2021 AND 2020

(Expressed in thousands of New Taiwan dollars)

CASH FLOWS FROM OPERATING ACTIVITIES
Profit (loss) before tax
Adjustments
Income and expenses having no effect on cash flows
Net gain (loss) on financial assets at fair value through profit or
loss

Write-off of uncollectible accounts

Share of profit of associates and joint ventures accounted for
under equity method

Loss (gain) on disposal of property, plant and equipment

Loss (gain) on disposal of investment property

Property, plant and equipment transferred to expenses
Gain arising from lease modification

Depreciation

Amortization

Interest expense

Interest income

Dividend income

Changes in assets/liabilities relating to operating activities
Changes in operating assets
Financial assets at fair value through profit or loss - current
Current contract assets
Notes receivable
Accounts receivable
Accounts receivable - related parties
Other receivables
Inventories
Prepayments
Other current assets
Other non-current liabilities
Net changes in liabilities relating to operating activities
Current contract liabilities
Notes payable
Accounts payable
Other payables
Other payables - related parties
Advance receipt
Other current liabilities
Provisions for liabilities - non-current
Net defined benefit liability - non-current
Other non-current liabilities, others
Cash inflow generated from operations
Interest received
Cash dividend received
Interest paid
Income tax paid
Net cash flows from operating activities Three months ended March 31
Notes
2021
2020
$
862,587 ( $
40,701 )
6(2)(27)
(
652,400 )
41,746
12(2)
(
6 ) (
136 )
6(7)
(
17,019 ) (
2,112 )
6(27)
126 (
25,415 )
6(27)
9,725 (
74 )
229
152
6(9)
(
5 ) (
14 )
6(8)(9)(11)(29)
198,020
179,856
6(12)(29)
15,739
15,493
6(28)
80,466
77,075
6(25)
(
2,037 ) (
3,392 )
6(3)(26)
(
821 )
-
- (
9,937 )
30,497
121,255
(
104,433 ) (
56,367 )
186,118 (
17,000 )
(
39 ) (
853 )
(
43,545 )
205
1,485,002
783,597
11,999
29,702
(
5,814 ) (
5,121 )
(
41,134 ) (
29,902 )
(
51,729 ) (
48,523 )
66 (
15 )
(
227,449 ) (
400,790 )
40,579 (
107,473 )
- (
83,349 )
79,104
52,044
24,314
331
7,131
4,355
(
5,781 ) (
4,654 )
(
219 )
67
1,879,271
470,050
2,037
3,392
821
1,520
(
63,021 ) (
66,277 )
(
8,957 ) (
9,441 )
1,810,151
399,244

(Continued)

~8~

PRINCE HOUSING & DEVELOPMENT CORP. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF CASH FLOWS

THREE MONTHS ENDED MARCH 31, 2021 AND 2020

(Expressed in thousands of New Taiwan dollars)

CASH FLOWS FROM INVESTING ACTIVITIES
Decrease in financial assets at amortised cost - current
Proceeds from capital reduction of non-current financial assets at
fair value through other comprehensive income
Decrease in financial assets at amortised cost non-current
Acquisition of property, plant and equipment

Proceeds from disposal of property, plant and equipment
Proceeds from disposal of investment property
Increase in intangible assets

(Increase) decrease in refundable deposits
Net cash flows from investing activities
CASH FLOWS FROM FINANCING ACTIVITIES
Decrease in short-term borrowings

Increase in short-term notes and bills payable

Repayment of long-term borrowings

Proceeds from long-term borrowings

Increase in guarantee deposits received

Payments of lease liabilities

Net cash flows used in financing activities
Net decrease in cash and cash equivalents
Cash and cash equivalents at beginning of period
Cash and cash equivalents at end of period Three months ended March 31
Notes
2021
2020
$
8,786 $
242,687
8,241
-
69,054
275,907
6(8)
(
13,718 ) (
13,716 )
-
26,884
887
488
6(12)
(
1,363 ) (
624 )
(
46,346 )
42,155
25,541
573,781
6(33)
(
175,000 ) (
220,000 )
6(33)
-
629,375
6(33)
(
8,128,533 ) (
8,281,064 )
6(33)
5,700,430
5,698,441
6(33)
21,691
6,358
6(33)
(
112,161 ) (
92,048 )
(
2,693,573 ) (
2,258,938 )
(
857,881 ) (
1,285,913 )
5,406,601
5,673,754
$
4,548,720 $
4,387,841

The accompanying notes are an integral part of these consolidated financial statements.

~9~

PRINCE HOUSING & DEVELOPMENT CORP. AND SUBSIDIARIES NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

THREE MONTHS ENDED MARCH 31, 2021 AND 2020

(Expressed in thousands of New Taiwan dollars, except as otherwise indicated)

1. HISTORY AND ORGANIZATION

(1) Prince Housing & Development Corp. (the “Company”) was established in September 1973, under the Company Act and other related regulations. The Company is primarily engaged in the construction, leasing and sale of public housing, commercial building, tourism/recreation place (children’s playground, water park, etc.) and parking lot/parking tower, and leasing and sale of real estate. The common shares of the Company have been listed on the Taiwan Stock Exchange since April 1991.
(2) The main activities of the Company and its subsidiaries (collectively referred herein as the “Group”) are provided in Note 4(3) B.
THE DATE OF AUTHORIZATION FOR ISSUANCE OF THE CONSOLIDATED FINANCIAL

STATEMENTS AND PROCEDURES FOR AUTHORIZATION

These consolidated financial statements were reported to the Board of Directors on May 6, 2021.

3. APPLICATION OF NEW STANDARDS, AMENDMENTS AND INTERPRETATIONS

(1) Effect of the adoption of new issuances of or amendments to International Financial Reporting Standards (“IFRS”) as endorsed by the Financial Supervisory Commission (“FSC”)

New standards, interpretations and amendments endorsed by FSC effective from 2021 are as follows:

Effective date by International Accounting New Standards, Interpretations and Amendments Standards Board Amendments to IFRS 4, ‘Extension of the temporary exemption from January 1, 2021 applying IFRS 9’ Amendments to IFRS 9, IAS 39, IFRS 7, IFRS 4 and IFRS 16, ‘ January 1, 2021 Interest Rate Benchmark Reform— Phase 2’ Amendment to IFRS 16, ‘Covid-19-related rent concessions beyond 30 April 1, 2021(Note) June 2021’

Note ： Earlier application from January 1, 2021 is allowed by FSC.

The above standards and interpretations have no significant impact to the Group’s financial condition and financial performance based on the Group’s assessment.

(2) Effect of new issuances of or amendments to IFRSs as endorsed by the FSC but not yet adopted by

the Group

None.

~10~

(3) IFRSs issued by IASB but not yet endorsed by the FSC

New standards, interpretations and amendments issued by IASB but not yet included in the IFRSs as endorsed by the FSC are as follows:

New standards, interpretations and amendments issued by IASB but not endorsed by the FSC are as follows:	yet included in the IFRSs
New Standards,Interpretations andAmendments	Effective date by International Accounting StandardsBoard
Amendments to IFRS 3, ‘Reference to the conceptual framework’ Amendments to IFRS 10 and IAS 28, ‘Sale or contribution of assets between an investor and its associate or joint venture’ IFRS 17, ‘Insurance contracts’ Amendments to IFRS 17, 'Insurance contracts' Amendments to IAS 1, ‘Classification of liabilities as current or non- current’ Amendments to IAS 1, ‘Disclosure of accounting policies’ Amendments to IAS 8, ‘Definition of accounting estimates’ Amendments to IAS 16, ‘Property, plant and equipment:proceeds before intended use’ Amendments to IAS 37, ‘Onerous contracts—cost of fulfilling a Annual improvements to IFRS Standards 2018–2020	January 1, 2022 To be determined by International Accounting Standards Board January 1, 2023 January 1, 2023 January 1, 2023 January 1, 2023 January 1, 2023 January 1, 2022 January 1, 2022 January 1, 2022

New standards, interpretations and amendments issued by IASB but not
endorsed by the FSC are as follows:

yet included in the IFRSs

New Standards,Interpretations andAmendments

Effective date by
International Accounting
StandardsBoard

Amendments to IFRS 3, ‘Reference to the conceptual framework’
Amendments to IFRS 10 and IAS 28, ‘Sale or contribution of assets
between an investor and its associate or joint venture’
IFRS 17, ‘Insurance contracts’
Amendments to IFRS 17, 'Insurance contracts'
Amendments to IAS 1, ‘Classification of liabilities as current or non-
current’
Amendments to IAS 1, ‘Disclosure of accounting policies’
Amendments to IAS 8, ‘Definition of accounting estimates’
Amendments to IAS 16, ‘Property, plant and equipment:proceeds
before intended use’
Amendments to IAS 37, ‘Onerous contracts—cost of fulfilling a
Annual improvements to IFRS Standards 2018–2020

January 1, 2022
To be determined by
International Accounting
Standards Board
January 1, 2023
January 1, 2023
January 1, 2023
January 1, 2023
January 1, 2023
January 1, 2022
January 1, 2022
January 1, 2022

The above standards and interpretations have no significant impact to the Group’s financial condition and financial performance based on the Group’s assessment.

4. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

The principal accounting policies adopted are consistent with Note 4 in the consolidated financial statements for the year ended December 31, 2020, except for the compliance statement, basis of preparation, basis of consolidation and additional policies as set out below. These policies have been consistently applied to all the periods presented, unless otherwise stated.

(1) Compliance statement

A. The consolidated financial statements of the Group have been prepared in accordance with the Regulations Governing the Preparation of Financial Reports by Securities Issuers and the International Accounting Standard 34, ‘Interim financial reporting’ as endorsed by the FSC.
B. These consolidated financial statements are to be read in conjunction with the consolidated financial statements for the year ended December 31, 2020.

(2) Basis of preparation

A. Except for the following items, these parent company only financial statements have been prepared under the historical cost convention:
(a)Financial assets (including derivative instruments) at fair value through profit or loss.
(b)Financial assets at fair value through other comprehensive income.

~11~

  - (c)Defined benefit liabilities recognised based on the net amount of pension fund assets less unrecognised actuarial gains and present value of defined benefit obligation.

B. The preparation of financial statements in conformity with International Financial Reporting Standards, International Accounting Standards, IFRIC Interpretations, and SIC Interpretations as endorsed by the FSC (collectively referred herein as the “IFRSs”) requires the use of certain critical accounting estimates. It also requires management to exercise its judgement in the process of applying the Company’s accounting policies. The areas involving a higher degree of judgement or complexity, or areas where assumptions and estimates are significant to the consolidated financial statements are disclosed in Note 5.
(3) Basis of consolidation
A. Basis for preparation of consolidated financial statements:
- Basis for preparation for the current period financial statements and the 2020 consolidated financial statements is the same.
B. Subsidiaries included in the consolidated financial statements:

Name of investor	Name ofsubsidiary	Main business activities	Ownership (%)	Ownership (%)	Description
			March 31, 2021 100 100 100 50 99.65 100 99.68 100 100 100 100 100 100 100 100	December 31, 2020
Prince Housing & Development Corp. Prince Property Management Consulting Co., Ltd. Cheng-Shi Investment Holdings Co., Ltd. Times Square International Holdings Co., Ltd.	Prince Property Management Consulting Co., Ltd. Cheng-Shi Investment Holdings Co., Ltd. Prince Housing Investment Co., Ltd. The Splendor Hotel Taichung Jin-Yi-Xing Plywood Co., Ltd. Prince Industrial Co., Ltd. Prince Real Estate Co., Ltd. Times Square International Holdings Co., Ltd. Prince Apartment Management Maintain Co., Ltd. Prince Security Co., Ltd. Ta-Chen Construction & Engineering Corp. Prince Utility Co., Ltd. Cheng-Shi Construction Co., Ltd. Times Square International Hotel Corp. Times Square International Stays Corp.	Real estate managers General investments Overseas investment Hotels and catering Manufacture of plywood Development of public housing and building Real estate trading and leasing General investments Management of apartment Security Construction Electricity and water pipe maintenance Construction Hotels and catering Hotels and catering		100 100 100 50 99.65 100 99.68 100 100 100 100 100 100 100 100	Note 2 Note 2 Notes 1 and 2 Note 2 Note 2 Note 2 Note 2 Note 2 Note 2 Note 2 Note 2

~12~

==> picture [459 x 31] intentionally omitted <==

----- Start of picture text -----

Ownership (%)
Main business
Name of investor Name of subsidiary activities March 31, 2020 Description
----- End of picture text -----

Prince Housing &	Prince Property Management Consulting	Real estate managers	100	Note 2
Development Corp.	Co., Ltd.
	Cheng-Shi Investment Holdings Co., Ltd.	General investments	100
	Prince Housing Investment Co., Ltd.	Overseas investment	100	Note 2
	The Splendor Hotel Taichung	Hotels and catering	50	Notes 1 and 2
	Jin-Yi-Xing Plywood Co., Ltd.	Manufacture of plywood	99.65	Note 2
	Prince Industrial Co., Ltd.	Development of public	100	Note 2
		housing and building
	Prince Real Estate Co., Ltd.	Real estate trading and leasing	99.68	Note 2
	Times Square International Holdings Co., Ltd.	General investments	100
Prince Property Management	Prince Apartment Management Maintain	Management of apartment	100	Note 2
Consulting Co., Ltd.	Co., Ltd.
	Prince Security Co., Ltd.	Security	100	Note 2
Cheng-Shi Investment	Ta-Chen Construction & Engineering Corp.	Construction	100
Holdings Co., Ltd.
	Prince Utility Co., Ltd.	Electricity and water	100	Note 2
		pipe maintenance
	Cheng-Shi Construction Co., Ltd.	Construction	100	Note 2
Times Square International	Times Square International Hotel Corp.	Hotels and catering	100
Holdings Co., Ltd.
	Times Square International Stays Corp.	Hotels and catering	100	Note 2

Note 1: The Group does not directly or indirectly own above 50% of voting shares of The Splendor Hotel Taichung. However, as the Group has control over the finance and operations of the company, it is included in the consolidated financial statements.
Note 2: The financial statements of the entity as of and for the three months ended December 31, 2021 and 2020 were not reviewed by the independent auditors as the entity did not meet the definition of a significant subsidiary.
C. Subsidiaries not included in the consolidated financial statements: None.
D. Adjustments for subsidiaries with different balance sheet dates: None.
E. Significant restrictions: None.
F. Subsidiaries that have non-controlling interests that are material to the Group:

The Group’s non-controlling interest is not material and thus, is not applicable.

(4) Employee benefits

Pensions-defined contribution plan

Pension cost for the interim period is calculated on a year-to-date basis by using the pension cost rate derived from the actuarial valuation at the end of the prior financial year, adjusted for significant market fluctuations since that time and for significant curtailments, settlements, or other significant one-off events. Also, the related information is disclosed accordingly.

(5) Income taxes

The interim period income tax expense is recognised based on the estimated average annual effective income tax rate expected for the full financial year applied to the pre-tax income of the interim period, and the related information is disclosed accordingly.

~13~

5. CRITICAL ACCOUNTING JUDGEMENTS, ESTIMATES AND KEY SOURCES OF ASSUMPTION UNCERTAINTY

The preparation of these consolidated financial statements requires management to make critical judgements in applying the Group’s accounting policies and make critical assumptions and estimates concerning future events. Assumptions and estimates are continually evaluated and adjusted based on historical experience and other factors. Such assumptions and estimates have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year. The above information is addressed below:

(1) Critical judgements in applying the Group’s accounting policies

Investment property

The Group uses a portion of the property for its own use and another portion to earn rentals or for capital appreciation. When these portions cannot be sold separately and cannot be leased out separately under a finance lease, the property is classified as investment property only if the own-use portion represents an insignificant portion of the property.

(2) Critical accounting estimates and assumptions

Revenue recognition

Construction contract revenue should be recognised by reference to the stage of completion in the contract period using the percentage of completion method. Construction costs are recognised in the period incurred. The stage of completion of a contract is measured by the proportion of contract costs incurred for work performed up to the balance sheet date to the estimated total contract costs.

6. DETAILS OF SIGNIFICANT ACCOUNTS

(1) Cash and cash equivalents

Cash and cash equivalents
Cash on hand and revolving funds Checking accounts and demand deposits Time deposits Repurchase bonds	March31,2021 $ 9,907 3,978,569 60,000 500,244 $4,548,720	December31,2020 $ 9,581 4,776,962 60,000 560,058 $ 5,406,601	March31,2020
			$ 7,175 3,478,694 150,000 751,972
			$4,387,841

A. The Group transacts with a variety of financial institutions all with high credit quality to disperse credit risk, so it expects that the probability of counterparty default is remote.
B. The repurchase bonds held by the Group have high liquidity, so they were classified as cash equivalents.
C. Details of time deposits maturing in excess of three months, trust fund of presale construction and compensating balance of borrowings pledged to others as collateral which were classified as financial assets at amortised cost, are provided in Note 6(4).

~14~

D. Details of the interest income from the aforementioned pledged bank deposits which was recognised under interest income, are provided in Note 6(25).

(2) Financial assets at fair value through profit or loss

Items Current items: Financial assets mandatorily measured at fair value through profit or loss Beneficiary certificates Valuation adjustment Items Non-current items: Financial assets mandatorily measured at fair value through profit or loss Listed (TSE and OTC) stocks Beneficiary certificates Valuation adjustments	March31,2021 897,218 $ 7,759 904,977 $ March31,2021 264,520 $ 76,000 340,520 1,205,272 1,545,792 $	December31,2020 897,218 $ 7,130 904,348 $ March31,2021 264,520 $ 76,000 340,520 553,501 894,021 $	March31,2020
			1,519,569 $ 9,413
			1,528,982 $
			December 31, 2020
			264,520 $ 76,000
			340,520 96,774
			437,294 $

A. The Group recognised net gains of $652,400 and ($41,746 )on financial assets at fair value through profit or loss for the three months ended March 31, 2021 and 2020, respectively.
B. Details of the Group’s financial assets at fair value through profit or loss pledged to others as collateral are provided in Note 8.

(3) Financial assets at fair value through other comprehensive income

Items Non-current items: Designation of equity instruments Listed stocks Unlisted stocks Valuation adjustments	March31,2021 115,144 $ 884,822 999,966 1,565,910 2,565,876 $	December31,2020 115,144 $ 888,151 1,003,295 1,243,112 2,246,407 $	March31,2020 115,144 $ 888,151 1,003,295 824,974 1,828,269 $

~15~

A. The Group has elected to classify stocks that are considered to be strategic investments as financial assets at fair value through other comprehensive income. The fair value of such investments amounted to $2,565,876, $2,246,407 and $1,828,269 as at March 31, 2021, December 31, 2020 and March 31, 2020, respectively.
B. Amounts recognised in profit or loss and other comprehensive income in relation to the financial assets at fair value through other comprehensive income are listed below:

	Three months	Three months	ended	March 31,
		2021		2020
Equity instruments at fair value through other comprehensive	income
Fair value change recognised in other comprehensive loss	$	327,710	($	52,352)

Dividend income recognized in profit or loss held at end
of period	$	821	$	-

C. Details of the Group’s financial assets at fair value through other comprehensive income pledged to others as collateral are provided in Note 8.

(4) Financial assets at amortised cost

==> picture [487 x 170] intentionally omitted <==

----- Start of picture text -----

Items March 31, 2021 December 31, 2020 March 31, 2020
Current items:
Time deposits maturing in excess of
three months $ 916,587 $ 916,587 $ 776,300
Trust account 35,587 44,373 45,856
$ 952,174 $ 960,960 $ 822,156
Non-current items:
Compensating balance $ 467,497 $ 536,551 $ 642,550
Pledged certificate of deposit 236,282 236,282 252,421
$ 703,779 $ 772,833 $ 894,971
----- End of picture text -----

A. As at March 31, 2021, December 31, 2020 and March 31, 2020, without taking into account any collateral held or other credit enhancements, the maximum exposure to credit risk in respect of the amount that best represents the financial assets at amortised cost held by the Group was $1,655,953 $1,733,793 and $1,717,127, respectively.
B. Details of the Group’s financial assets at amortised cost pledged to others as collateral are provided in Note 8.
C. Information relating to credit risk of financial assets at amortised cost is provided in Note 12(2).

~16~

(5) Notes and accounts receivable

Notes and accounts receivable
			March31,2021		December31,2020				March31,2020
Notes receivable	$		130,367	$		25,934	$		114,708
Accounts receivable		$	840,372		$	1,026,490		$	772,607
Less: Allowance for doubtful
accounts	(		298)	(		304)	(		4,324)
		$	840,074		$	1,026,186		$	768,283
Accounts receivable - related
parties		$	4,088		$	4,049		$	4,549

A. The ageing analysis of notes receivable and accounts receivable that were past due but not impaired is as follows:

is as follows:
Without past due Up to 30 days 31 to 60 days 61 to 90 days Over 91 days	Notes Accounts receivable receivable 130,367 $ 840,525 $ - - - 32 - - - 2,903 130,367 $ 843,460 $ March31,2021	Notes Accounts receivable receivable 25,934 $ 1,025,772 $ - 2,631 - 1,686 - 5 - 445 25,934 $ 1,030,539 $ December31,2020	Notes Accounts receivable receivable 114,708 $ 770,909 $ - 285 - 205 - 205 - 5,552 114,708 $ 777,156 $ March31,2020
	Notes receivable 130,367 $ - - - - 130,367 $	Notes receivable 25,934 $ - - - - 25,934 $
				770,909 $ 285 205 205 5,552
				777,156 $

The above ageing analysis was based on past due date.

B. As at March 31, 2021, December 31, 2020, March 31, 2020 and January 1, 2020, the balances of receivables (including notes receivable) from contracts with customers amounted to $845,131, $1,024,767, $769,818 and $769,233, respectively.
C. As at March 31, 2021, December 31, 2020 and March 31, 2020, without taking into account any collateral held or other credit enhancements, the maximum exposure to credit risk in respect of the amount that best represents the Group’s notes receivable were $130,367, $25,934 and $114,708, respectively; the maximum exposure to credit risk in respect of the amount that best represents the Group’s accounts receivable were $844,162, $1,030,235 and $772,832, respectively.
D. Information relating to credit risk of notes receivable and accounts receivable is provided in Note 12(2).
E. The Group does not hold any collateral pledged for notes and accounts receivable.

~17~

(6) Inventories (Eliminations and adjustments for consolidation were not included in the following information.)

information.)
Land held for construction site Construction in progress Buildings and land held for sale Prepayment for land Merchandise Land held for construction site Construction in progress Buildings and land held for sale Prepayment for land Merchandise Land held for construction site Construction in progress Buildings and land held for sale Prepayment for land Prepayment for buildings and land Merchandise	Allowance for Cost valuation loss $ 7,100,749 ($ 62,573) 1,681,037 - 6,233,138 ( 8,209) 228,635 - 20,230 - $15,263,789 ($ 70,782) March31,2021 December31,2020	Book value
		$ 7,038,176 1,681,037 6,224,929 228,635 20,230
		$15,193,007

	Allowance for Cost valuation loss $ 7,103,372 ($ 62,573) 1,611,172 - 7,785,578 ( 11,072) 228,635 - 22,897 - $16,751,654 ($73,645) March31,2020	Bookvalue
		$ 7,040,799 1,611,172 7,774,506 228,635 22,897
		$16,678,009

	Allowance for Cost valuation loss $ 7,644,301 ($ 62,695) 4,560,408 - 6,248,821 ( 12,258) 223,135 - 552,085 - 25,736 - $19,254,486 ($74,953)	Bookvalue
		$ 7,581,606 4,560,408 6,236,563 223,135 552,085 25,736
		$19,179,533

A. The cost of inventories recognised as expense for the three months ended March 31, 2021 and 2020 was $2,047,339 and $1,786,699, respectively, including the amounts of $2,863 and $1,554, respectively, that the Group wrote down from cost to net realisable value accounted for as cost of goods sold.
B. Details of the Group’s inventories pledged to others as collateral are provided in Note 8.

~18~

C. The interest capitalized as cost of inventory is as follows:

C. The interest capitalized as cost of inventory is as	follows:
	Three months ended March31,
	2021 2020
Interest paid before capitalization	94,438 $ 112,941 $
Interest capitalized	13,972 $ 35,866 $
Annual interest rate used for capitalization	0.818%-2.23% 0.82%-2.22%
D. Details of significant inventories:
(a)Buildings and land in progress

ails of significant inventories: Buildings and land in progress	ails of significant inventories: Buildings and land in progress
Undeveloped land held for construction Taipei branch Ling Ko Li Shing Section No. 1209, etc. Bali Dist Chung Chang Section No.222 and 211-1, etc. Taichung branch Beitun Dist. Rong-De Lot No.129, etc. Jin Shuei Dist. Wu Show Section No. 1037, No. 1038, No. 1040, etc. Prosperous New World (Taiping Dist. Ping Hsin Section No. 694, etc.) Tainan branch Jin Hua Section No. 1361 Shan Chia Section No. 939, etc. Prince Feng Yun (Hsin Ying Section No. 841-9) Others Kaohsiung branch Prince Cloud E (Ren Wu New Hougang West Section No .90, etc. ) Prince Cloud B (Ren Wu New Hougang West Section No .42, etc.) Ren Wu New Hougang West Section No. 88 experimental house Prince Castle (Building) (Nanzi subsection No. 158, etc.) Total buildings and land in process Taipei branch Zhong Li Pu Ren Lot No. 720, etc. $ Others Taichung branch Wu Feng Lot No. 365~855 etc. $ Song Quan Lot No. 164 etc. Tu Ku Section No. 9-7, etc. Song Chang Lot No. 577 etc. Hou Long Zi Section No. 133-004 Others		March 31,2021 2,161,451 $ 689,427
		2,850,878 March 31, 2021
		759,030 $ 212,263 -
		971,293
		March 31,2021
		689,315 $ 156,309 - 3,738
		849,362
		March 31,2021
		728,441 $ 364,370 72,933 -
		1,165,744
		$5,837,277
		site March 31,2021 140,156 5,978 146,134 March 31,2021 175,661 137,697 55,167 19,912 19,513 11,839 419,789
	$


	$

(b)Undeveloped land held for construction site

~19~

Buildings and land held for sale Tainan branch Shan Zhong Lot No. 1468, 1475 & 1476 etc. Xue Zhong Lot No. 679, etc. Yong Kang Ding An Lot No. 879, etc. Bei An Section No. 54-3, etc. Chin An Section No. 373~377 Bao An Lot No. 882, etc. Others Kaohsiung branch Ren Wu New Hougang West Section No. 53, etc. Ren Wu New Hougang West Section No. 30 & 52-74 Ren Wu Xiahai Section No. 642, 669 & 940, etc. Da Hua Lot No. 434 & 436 Total undeveloped land held for construction site Taipei branch Prince Hua Wei Taipei Shin Yi (Xin Zhuang Fuduxin) Prince W Prince Pine garden Prince Da Din Prince Guo Boa Prince Fu III Others Taichung branch Prince Xian Heng Prosperous New World Prince Holiday Mansion W Epoch Ching Feng Jin Others Tainan branch Word of Peak Prince Flower Bo Five Jun Chan LV Prince WIN2 Future Prince Golden Age Prince Jum Fon Huei Others	March 31,2021 234,699 $ 50,798 28,610 28,317 15,139 10,325 14,550 382,438 March 31, 2021 905,077 $ 407,357 41,668 13,923 1,368,025 $ 2,316,386 March 31,2021 $ 939,597 694,624 138,082 50,173 12,025 - - -	December 31,2020 234,699 $ 50,798 28,610 28,317 15,139 10,325 14,550 382,438 December 31, 2020 905,077 $ 407,357 41,668 13,923 1,368,025 $ 2,319,008 December 31,2020 $ 939,597 863,365 138,082 106,265 12,025 5,738 - 546 2,065,618 December 31,2020 888,888 $ 789,498 9,058 - - 6,118 1,693,562 December 31,2020 $ 781,168 309,642 19,725 11,837 4,145 - 2,292 1,128,809	March 31,2020 234,699 $ 50,798 28,610 15,344 15,139 10,325 14,550 369,465
			March 31,2020 905,077 $ 407,357 41,668 13,923 1,368,025 $2,306,053 March 31,2020
			$ 936,352 1,203,294 580,959 398,789 12,025 5,738 56,170 546
	1,834,501 March 31,2021 825,233 $ 505,656 9,058 - - 6,118 1,346,065 March 31,2021 $ 483,640 225,961 19,725 11,837 4,145 - 2,292 747,600		3,193,873
			March 31,2020
			1,126,426 $ - 9,058 82,529 20,759 6,118
			1,244,890
			March 31,2020
			$ - 494,713 19,725 73,864 5,302 15,208 2,292
			611,104

(c)Buildings and land held for sale

~20~

==> picture [452 x 234] intentionally omitted <==

----- Start of picture text -----

Kaohsiung branch March 31, 2021 December 31, 2020 March 31, 2020
Prince Castle (Building) $ 1,388,458 $ 1,937,118 $ -
Prince Castle (Townhouse) 957,429 1,000,234 1,204,728
Prince Cloud C apartment 26,723 27,536 28,347
Prince Cloud D 22,206 22,206 22,206
Prince Dai Din 5,866 6,518 7,170
2,400,682 2,993,612 1,262,451
Total buildings and land held for sale $ 6,328,848 $ 7,881,601 $ 6,312,318
(d)Prepayment for land
March 31, 2021 December 31, 2020 March 31, 2020
Tainan branch
Ren Wu New Hougang West Section No. 20, etc. $ 228,635 $ 228,635 $ 223,135
(e)Prepayment for buildings and land
March 31, 2021 December 31, 2020 March 31, 2020
Taisugar Nanzi Section $ - $ - $ 552,085
----- End of picture text -----

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E. Disclosure of significant constructions:

(a) As of March 31, 2021, significant constructions are set forth below:

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Estimated Percentage Accumulated
Name of construction contract Contract amount construction cost of completion construction profit/(loss)
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Tai She Zhi Shan Yuan - New construction	2,455,948	2,369,990	93.38%	80,268
Construction of T.S. Landmark Plaza ($1.2 billion)	1,962,547	1,911,716	92.29%	46,912
Chunghwa Telecom-a turnkey project in Nangang	1,955,238	1,857,476	0.22%	215
Tainan Metropolitan Expressway	1,689,945	1,614,046	75.25%	57,114
Beitou Shilin Science and Technology Park	1,231,886	1,170,292	10.41%	6,412
No.3, Zhonglu, Taoyuan City	1,151,305	1,093,740	45.24%	26,042
Construction of T.S. Landmark Plaza ($0.8 billion)	1,013,032	984,315	93.44%	26,833

(b) As of December 31, 2020, significant constructions are set forth below:

Name of construction contract Tai She Zhi Shan Yuan - New construction Construction of T.S. Landmark Plaza ($1.2 billion) Chunghwa Telecom-a turnkey project in Nangang Tainan Metropolitan Expressway Beitou Shilin Science and Technology Park No.3, Zhonglu, Taoyuan City Construction of T.S. Landmark Plaza ($0.8 billion)	Contract amount 2,455,948 $ 1,962,547 1,955,238 1,689,945 1,231,886 1,151,305 1,013,032	Estimated construction cost 2,369,990 $ 1,911,716 1,857,476 1,614,046 1,170,292 1,093,740 984,315	Percentage of completion 90.21% 88.31% 0.07% 70.86% 5.02% 38.91% 90.76%	Accumulated constructionprofit/(loss)
				77,543 $ 44,889 68 53,782 3,092 22,399 26,064

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(c) As of March 31, 2020, significant constructions are set forth below:

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Tai She Zhi Shan Yuan - New construction	2,434,794	2,343,228	77.29%	70,771
Construction of T.S. Landmark Plaza ($1.2 billion)	1,792,455	1,745,827	68.99%	32,169
Tainan Metropolitan Expressway	1,681,905	1,606,206	43.63%	33,027
No.3, Zhonglu, Taoyuan City	1,151,305	1,093,740	18.20%	10,477
Construction of T.S. Landmark Plaza ($0.8 billion)	1,050,252	1,019,832	55.36%	16,841

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(7) Investments accounted for under the equity method

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March 31, 2021 December 31, 2020 March 31, 2020
Percentage
Carrying Carrying Percentage of Carrying Percentage of
of
Name of associates amount ownership amount ownership amount ownership
Geng-Ding Co., Ltd. $ 301,565 30.00% $ 304,626 30.00% $ 298,528 30.00%
Uni-President Development Corp. 1,146,914 30.00% 1,136,641 30.00% 1,150,336 30.00%
PPG Investment Inc. 18,198 27.30% 13,507 27.30% 4,526 27.30%
Queen Holdings Ltd. 406,897 27.30% 401,781 27.30% 406,122 27.30%
Ming-Da Enterprise Co., Ltd. 8,042 20.00% 8,042 20.00% 25,600 20.00%
Amida Truslink Assets Management Co., Ltd. (Note) - 45.21% - 45.21% - 45.21%
$1,881,616 $ 1,864,597 $ 1,885,112
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Note: As of March 31, 2021, December 31, 2020 and March 31, 2020, the book value of the Company’s investment in Amida Truslink Assets Management Co., Ltd. was a credit balance, thus, the investment was transferred to other non-current liabilities which amounted to $139,754, $139,754 and $139,411, respectively.

Associates

A. The basic information of the associate that is material to the Group is as follows:

Companyname Uni President Development Corp.	Principal place ofbusiness Taiwan	Nature of Method of relationship measurement Strategic investments Equity method

B. The summarized financial information of the associate that is material to the Group is as follows: Balance sheet

Balance sheet
			Uni President		Development	Corp.
			March31,2021	December31,2020		March	31,2020
Current assets		$	403,019	$	60,122	$	422,198
Non-current assets			7,365,677		7,463,340		7,745,975
Current liabilities	(		2,952,089)	(	3,085,745)	(	3,494,719)
Non-current liabilities	(		993,559)	(	648,912)	(	839,002)
Total net assets		$	3,823,048	$	3,788,805	$	3,834,452
Share in associate’s net assets		$	1,146,914	$	1,136,641	$	1,150,336

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Statements of comprehensive income

Statements of comprehensive income
	Uni PresidentDevelopment Corp.
	Three months	ended	March 31,
	2021		2020
Revenue	233,813 $	$	207,105
Profit for the period from continuing operations	34,243 $	$	13,493
Total comprehensive income	34,243 $	$	13,493
Dividends received from associates	- $	$	-

C. The carrying amount of the Group’s interests in all individually immaterial associates and the Group’s share of the operating results are summarized below:
As of March 31, 2021, December 31, 2020 and March 31, 2020, the carrying amount of the Group’s individually immaterial associates amounted to $594,948, $588,202 and $595,365, respectively.

Profit (loss) for the period from continuing operations Other comprehensive loss, net of tax Total comprehensive income (loss)	2021 2020 25,526 $ 4,435) ($ - - 25,526 $ 4,435) ($ Three months ended March31,

D. The Group’s investments had no quoted market price.
E. The Group’s investments accounted for using the equity method expressed herein was solely based on the investees’ financial statements of the same reporting periods which were not reviewed by independent auditors. For the three months ended March 31, 2021 and 2020, the Group recognised share of profit (loss) of associates and joint venture accounted for using equity method of $17,019 and $2,112 and the investments as at March 31, 2021 and 2020, totalled $1,741,862 and $1,745,701, respectively. The disclosures in relation to certain investments accounted for using the equity method as at December 31, 2020, were solely based on investees’ financial statements which were audited by other independent auditors. The investments accounted for using the equity method as at December 31, 2020 was $580,160.
F. Details of the Group’s investments accounted for under the equity method pledged to others as collateral are provided in Note 8.

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(8) Property, plant and equipment

A. Details of book values are as follows:

		March31,2021	December31,2020	December31,2020		March31,2020
Land	$	2,853,075	$	2,853,075	$	2,854,958
Buildings		2,498,144		2,525,370		2,767,020
Machinery and equipment		2,505		2,807		3,836
Computer and communication		2,366		2,591		1,757
equipment
Transportation equipment		2,138		2,305		3,176
Office equipment		231,804		239,839		238,544
Leasehold improvements		147,124		159,483		20,010
Other equipment		50,054		48,433		48,790
Construction in progress and
equipment under acceptance		6,123		1,268		8,856
	$	5,793,333	$	5,835,171	$	5,946,947

B. Changes in property, plant and equipment for the period are as follows:

Three months ended March 31, 2021

Cost Land Assets used by the Company Assets subject to operating leases Buildings and structures Assets used by the Company Assets subject to operating leases Machinery and equipment Computer and communication equipment Transportation equipment Office equipment Leasehold improvements Other equipment Construction in progress and equipment under acceptance	Opening net book amount 1,441,464 $ 1,411,611 1,920,287 1,863,552 16,566 61,672 10,255 866,506 836,997 98,616 1,268 $8,528,794	Additions Disposals - $ - $ - - 40 - - - - - - - - - 5,186 4,910) ( 584 - 3,053 237) ( 4,855 - $13,718 ($5,147)	Reclassifications - $ - - - - - - - - - - - $	Closing net book amount
				1,441,464 $ 1,411,611 1,920,327 1,863,552 16,566 61,672 10,255 866,782 837,581 101,432 6,123
				$8,537,365

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Opening net book amount 1,443,757 $ 1,411,611 2,648,765 1,869,809 16,631 60,261 12,597 851,915 73,533 94,847 12,074 $ 8,495,800 Opening net book amount $ 618,853 639,616 13,759 59,081 7,950 626,667 677,514 50,183 $2,693,623	Additions Disposals Reclassifications - $ 410) ($ - $ - - - 2,069 1,349) ( - - - - - - - - - - - - - 5,788 21,342) ( 8,100 - - - 884 457) ( - 4,975 93) ( 8,100) ( $13,716 ($ 23,651) - $ Three months ended March 31,2020 Additions Disposals Reclassifications $ 11,389 $ - $ - 15,877 - - 302 - - 225 - - 167 - - 13,095 ( 4,784) - 12,943 - - 1,203 8) ( - $ 55,201 4,792) ($ - $ Three months ended March31,2021 Three months ended March31,2020	Additions Disposals Reclassifications - $ 410) ($ - $ - - - 2,069 1,349) ( - - - - - - - - - - - - - 5,788 21,342) ( 8,100 - - - 884 457) ( - 4,975 93) ( 8,100) ( $13,716 ($ 23,651) - $ Three months ended March 31,2020 Additions Disposals Reclassifications $ 11,389 $ - $ - 15,877 - - 302 - - 225 - - 167 - - 13,095 ( 4,784) - 12,943 - - 1,203 8) ( - $ 55,201 4,792) ($ - $ Three months ended March31,2021 Three months ended March31,2020	Closing net book amount 1,443,347 $ 1,411,611 2,649,485 1,869,809 16,631 60,261 12,597 844,461 73,533 95,274 8,856
			$ 8,485,865
			Closing net book amount
			$ 630,242 655,493 14,061 59,306 8,117 634,978 690,457 51,378
			$2,744,032

Opening net book amount $ 1,130,959 577,229 12,375 58,076 9,155 612,795 53,191 45,141 $2,498,921	Additions Disposals $ 27,951 ($ 796) 15,931 - 420 - 428 - 266 - 14,347 ( 21,225) 332 - 1,352 9) ( $ 61,027 22,030) ($	Reclassifications $ - - - - - - - - - $	Closing net book amount
			$ 1,158,114 593,160 12,795 58,504 9,421 605,917 53,523 46,484
			$2,537,918

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C. Details of the Group’s property, plant and equipment pledged to others as collateral are provided in Note 8.
－
(9) Leasing arrangements lessee
A. The Group leases various assets including offices, cafeterias, vehicles, private branch exchange telephone system and business area. Rental contracts are typically made for periods of 2 to 25 years. Lease terms are negotiated on an individual basis and contain various terms and conditions. The lease agreements do not impose covenants, but leased assets may not be used as security for borrowing purposes, and all or certain assets leased from associations and other related parties can be subleased to associations with the lessors’ agreement. Remaining lease assets cannot be lent, subleased, sold or granted in any different form to the third parties.
B. The carrying amount of right-of-use assets and the depreciation charge are as follows:

Land Buildings and structures Machinery and equipment (private branch exchange) Transportation equipment (business vehicles) Land Buildings and structures Machinery and equipment (private branch exchange) Transportation equipment (business vehicles)	March31,2021 Bookvalue 15,198 $ 7,043,622 - 7,060,045 $ 1,225	December31,2020 March31,2020 Bookvalue Bookvalue 15,820 $ 23,645 $ 7,164,618 5,561,598 71 711 1,456 7,181,349 $ 5,587,410 $ 840 Three months ended March 31,	March31,2020
			Bookvalue
			23,645 $ 5,561,598 711 1,456
			5,587,410 $
		2021 Depreciation expense 622 $ 120,662 71 121,521 $ 166	2020
			Depreciation expense
			741 $ 96,297 213 211
			97,462 $

C. For the three months ended March 31, 2021 and 2020, the additions to right-of-use assets and lease liabilities were $551 and $4,107, respectively.

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D. Information on profit or loss in relation to lease contracts is as follows:

		Threemonths	ended	March31,
		2021		2020
Items affecting profit or loss
Interest expense on lease liabilities	$	32,389	$	24,088
Expense on short-term lease contracts		891		1,022
Expense on leases of low-value assets		137		210
Expense on variable lease payments		-		-
Profit from lease modification		5		14

E. For the three months ended March 31, 2021 and 2020, the Group’s total cash outflow for leases amounted to $145,578 and $117,368, respectively.
F. Variable lease payments
- (a) Some of the Group’s lease contracts contain variable lease payment terms that are linked to volume of business generated from a business area. For business areas, up to 1.60% of lease payments are on the basis of variable payment terms and are accrued based on the revenue. Variable payment terms are used for a variety of reasons, including additional revenue exceeding the base revenue, and rental income is calculated based on an agreed upon rate of revenue. Various lease payments that depend on revenue are recognised in profit or loss in the period in which the event or condition that triggers those payments occur.
- (b) A 10% increase in the aggregate revenue of all business areas with such variable lease contracts would increase total lease payments by approximately 9.33%.
G. Extension and termination options
- (a) Extension options are included in approximately 94.40% of the Group’s lease contracts pertaining to offices, business areas and cafeterias. These terms and conditions aim to maximise optional flexibility in terms of managing contracts.
- (b) In determining the lease term, the Group takes into consideration all facts and circumstances that create an economic incentive to exercise an extension option or not to exercise a termination option. The assessment of lease period is reviewed if a significant event occurs which affects the assessment.
(10) Leasing arrangements – lessor
A. The Group leases various assets including offices, dormitories, long-term rental suites and parking lot. Rental contracts are typically made for periods ranging from 0.5 and 23 years. Lease terms are negotiated on an individual basis and contain a wide range of different terms and conditions. To secure leased assets, the lessee may be asked that leased assets may not be used as security for borrowing purposes or cannot be lent, subleased, sold or granted in any different form to the third parties by the lessors.

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B. Gain arising from operating lease agreements for the three months ended March 31, 2021 and 2020 are as follows:

	Threemonths endedMarch31,	Threemonths endedMarch31,	Threemonths endedMarch31,	Threemonths endedMarch31,
	2021		2020
Rent income	103,563 $	$	113,241
Rent income arising from variable lease payments	28,414 $	$		14,437
The maturity analysis of the lease payments under	the operating leases is	as	follows:
			March 31,	2021
April 1, 2021 to March 31, 2022		$		296,103
April 1, 2022 to March 31, 2026				344,537
After April 1, 2027				107,084
		$		747,724
			March31,	2020
April 1, 2020 to March 31, 2021		$		371,858
April 1, 2021 to March 31, 2025				549,669
After April 1, 2026				142,146
		$	1,063,673

C. The maturity analysis of the lease payments under the operating leases is as follows:

(11) Investment property

A. Details of book values are as follows:

Land Leased assets-land Leased assets-buildings	March31,2021 207,077 $ 2,597,557 2,745,666 5,550,300 $	December31,2020 207,077 $ 2,600,824 2,774,309 5,582,210 $	March31,2020
			220,049 $ 2,599,733 2,842,270
			5,662,052 $

B. Changes in investment property for the period are as follows:

	Three months ended March31,2021	Three months ended March31,2021
Opening net book amount $ 207,077 2,600,824 3,958,822 $ 6,766,723	Additions Disposals $ - $ - - ( 3,267) - 9,993) ( - $ 13,260) ($	Reclassifications $ - - - - $	Closing net book amount
			$ 207,077 2,597,557 3,948,829
			$ 6,753,463

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Three months ended March 31, 2020

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Opening net Closing net
Cost book amount Additions Disposals Reclassifications book amount
Land $ 265,550 $ - $ - ($ 45,501) $ 220,049
Leased assets - land 2,599,740 - ( 7) - 2,599,733
Leased assets - buildings 3,964,263 - ( 544) - 3,963,719
$ 6,829,553 $ - ($ 551) ($ 45,501) $ 6,783,501
Three months ended March 31, 2021
Opening net Closing net
Accumulated depreciation book amount Additions Disposals Reclassifications book amount
Leased assets - buildings $ 1,184,513 $ 21,298 ($ 2,648) $ - $ 1,203,163
Three months ended March 31, 2020
Opening net Closing net
Accumulated depreciation book amount Additions Disposals Reclassifications book amount
Leased assets - buildings $ 1,100,219 $ 21,367 ($ 137) $ - $ 1,121,449
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C. Rental income from the lease of the investment property and direct operating expenses arising from the investment property are shown below:

from the investment property are shown below:
Rental revenue from the lease of the investment property Direct operating expenses arising from the investment property that generated rental income in the period Direct operating expenses arising from the investment property that did not generate rental income in the period	2021 2020 112,633 $ 110,514 $ 36,967 $ 36,828 $ - $ - $ Threemonths endedMarch31,
		110,514 $
		36,828 $
		- $

D. As of March 31, 2021, December 31, 2020 and March 31, 2020, the fair value of the investment property held by the Group was $12,533,197, $12,578,033 and $12,672,528, respectively. The Group management estimated the fair value based on market evidence on transaction price of similar property and assessed value. Valuations were made using the income approach which is categorized within Level 3 in the fair value hierarchy.
E. Information about the investment property that was pledged to others as collateral is provided in Note 8.

(12) Intangible assets

A. Details of book values are as follows:

Service concession Software	March31,2021 1,978,862 $ 3,538 1,982,400 $	December31,2020 1,994,175 $ 2,601 1,996,776 $	March31,2020
			2,040,115 $ 1,943
			2,042,058 $

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B. Changes in intangible assets for the period are as follows:

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----- Start of picture text -----

Three months ended March 31, 2021
Opening net Closing net
Cost book amount Additions Disposals Reclassifications book amount
Service concession $ 2,868,372 $ - $ - $ - $ 2,868,372
Software 6,949 1,363 - - 8,312
$ 2,875,321 $ 1,363 $ - $ - $ 2,876,684
Three months ended March 31, 2020
Opening net Closing net
Cost book amount Additions Disposals Reclassifications book amount
Service concession $ 2,868,372 $ - $ - $ - $ 2,868,372
Software 6,787 624 ( 1,515) - 5,896
$ 2,875,159 $ 624 ($ 1,515) $ - $ 2,874,268
Three months ended March 31, 2021
Opening net Closing net
Accumulated amortization book amount Additions Disposals Reclassifications book amount
Service concession $ 874,197 $ 15,313 $ - $ - $ 889,510
Software 4,348 426 - - 4,774
$ 878,545 $ 15,739 $ - $ - $ 894,284
Three months ended March 31, 2020
Opening net Closing net
Accumulated amortization book amount Additions Disposals Reclassifications book amount
Service concession $ 812,944 $ 15,313 $ - $ - $ 828,257
Software 5,288 180 ( 1,515) - 3,953
$ 818,232 $ 15,493 ($ 1,515) $ - $ 832,210
----- End of picture text -----

C. Details of amortization on intangible assets are as follows:

Short-term borrowings Operating costs Administrative expenses Unsecured bank borrowings Secured bank borrowings Interest rate range	March31,2021 1,010,000 $ 130,000 1,140,000 $ 1.10%~1.77%	2021 2020 15,313 $ 15,313 $ 426 180 15,739 $ 15,493 $ Three months ended March31, December31,2020 March 31, 2020 1,185,000 $ 1,629,000 $ 130,000 130,000 1,315,000 $ 1,759,000 $ 1.10%~1.80% 1.30%~1.98%	2021 2020 15,313 $ 15,313 $ 426 180 15,739 $ 15,493 $ Three months ended March31, December31,2020 March 31, 2020 1,185,000 $ 1,629,000 $ 130,000 130,000 1,315,000 $ 1,759,000 $ 1.10%~1.80% 1.30%~1.98%
			2020 15,313 $ 180 15,493 $ March 31, 2020
			1,629,000 $ 130,000
			1,759,000 $
			1.30%~1.98%

(13) Short-term borrowings

For details of pledged assets, please refer to Note 8.

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(14) Short-term notes and bills payable

Commercial papers Less: Unamortized discount Interest rate range	March31,2021 50,000 $ - 50,000 $ 1.40%	December31,2020 March31,2020 50,000 $ 730,000 $ - 700) ( 50,000 $ 729,300 $ 1.40% 1.15%~1.60%

A. The above commercial papers were issued by banks and bills financial institutions.
B. For details of pledged assets, please refer to Note 8.
(15) Bonds payable

Bonds payable
2017 1st secured ordinary bonds payable 2018 1st secured ordinary bonds payable	March31,2021 2,000,000 $ 2,500,000 4,500,000 $	December31,2020 2,000,000 $ 2,500,000 4,500,000 $	March 31, 2020
			2,000,000 $ 2,500,000
			4,500,000 $

A.The Group issued secured ordinary bonds payable in June 2017. The significant terms of the bonds are as follows:
(a)Total issue amount: $2,000,000
(b)Issue price: At par value of $1,000 per bond
(c)Coupon rate: 1.05%
(d)Terms of interest repayment: The bonds interest is calculated on simple rate every year starting June 2017 based on the coupon rate.
(e)Repayment term: The bonds are repaid upon the maturity of the bonds.
(f)Period: 5 years, from June 19, 2017 to June 19, 2022.
(g)The way of security: Secured by Bank of Taiwan.
(h)Guarantee Bank: The bonds are guaranteed by Taipei Fubon Commercial Bank.
B. The Group issued secured ordinary bonds payable in June 2018. The significant terms of the bonds are as follows:
(a)Total issue amount: $2,500,000
(b)Issue price: At par value of $1,000 per bond
(c)Coupon rate: 0.84%
(d)Terms of interest repayment: The bonds interest is calculated on simple rate every year starting June 2018 based on the coupon rate.

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(e)Repayment term: The bonds are repaid upon the maturity of the bonds.

(f)Period: 5 years, from June 15, 2018 to June 15, 2023.

(g)The way of security: Secured by Bank of Taiwan.
(h)Guarantee Bank: The bonds are guaranteed by Taipei Fubon Commercial Bank.

- (16) Long term borrowings

Long-term borrowings
			March31,2021		December31,2020			March31,2020
Secured bank borrowings	$		5,020,134	$		7,153,667	$ 7,878,054
Unsecured bank borrowings			625,000			740,000		875,600
			5,645,134			7,893,667		8,753,654
Less: Current portion	(		658,510)	(		989,177)	(	3,404,853)
			4,986,624			6,904,490		5,348,801
Commerical papers			620,000			800,000		820,000
Less: Unamortized discount			-	(		430)	(	353)
			620,000			799,570		819,647
			620,000			799,570		819,647
		$	5,606,624		$	7,704,060		6,168,448 $
Range of maturity dates		2022.06.19~2027.11.02			2021.07.01~2027.11.02			2020.04.02~2027.11.02
Range of maturity rates			0.40%~1.79%			0.40%~2.15%		0.69%~2.41%

A. For details of restrictive covenants, please refer to Note 9.

B. The Group and financial institutions entered into a contract for a syndicated borrowing. The Group shall redraw the revolving credit line to issue abovementioned commercial paper during the credit term.

C. For details of pledged assets, please refer to Note 8.

(17) Provisions - replacement cost

Provisions-replacement cost
			2021			2020
At January 1		$	113,024		$	102,554
Additions			12,099			9,894
Used	(		4,968)	(		5,539)
At March 31		$	120,155		$	106,909

The Group’s provisions for replacement cost pertains to the contract with National Taiwan University relating to the construction and operation of dormitories on Chang-Hsing St. and Shui-Yuan Campus, which was provided based on the estimated replacement cost of each asset during the operation. Information on the significant contract terms relating to the operation cost is provided in Note 9(5).

~34~

(18) Pension

A. (a) The Company has a defined benefit pension plan in accordance with the Labor Standards Law, covering all regular employees’ service years prior to the enforcement of the Labor Pension Act on July 1, 2005 and service years thereafter of employees who chose to continue to be subject to the pension mechanism under the Law. Under the defined benefit pension plan, two units are accrued for each year of service for the first 15 years and one unit for each additional year thereafter, subject to a maximum of 45 units. Pension benefits are based on the number of units accrued and the average monthly salaries and wages of the last 6 months prior to retirement. The Company contributes monthly an amount equal to 2% of the employees’ monthly salaries and wages to the retirement fund deposited with Bank of Taiwan, the trustee, under the name of the independent retirement fund committee. Also, the Company would assess the balance in the aforementioned labor pension reserve account by December 31, every year. If the account balance is insufficient to pay the pension calculated by the aforementioned method to the employees expected to qualify for retirement in the following year, the Company will make contributions to cover the deficit by next March.
(b) For the aforementioned pension plan, the Group recognised pension costs of $169 and $232 for the three months ended March 31, 2021 and 2020, respectively.
(c) Expected contributions to the defined benefit pension plans of the Company for the year ending December 31, 2022 amounts to $2,842.
B. (a) Effective July 1, 2005, the Company has established a defined contribution pension plan (the “New Plan”) under the Labor Pension Act (the “Act”), covering all regular employees with R.O.C. nationality. Under the New Plan, the Company contributes monthly an amount based on 6% of the employees’ monthly salaries and wages to the employees’ individual pension accounts at the Bureau of Labor Insurance. The benefits accrued are paid monthly or in lump sum upon termination of employment.
(b) The pension costs under the defined contribution pension plans of the Company for the three months ended March 31, 2021 and 2020 were $13,973 and $14,908 respectively.

(19) Share capital

A. Movements in the number of the Company’s ordinary shares outstanding are as follows: (Units: in thousand shares)

Units: in thousand shares)
Shares at January 1 and March 31	2021 1,622,671	2020
		1,622,671

B. As of March 31, 2021, the Company’s authorized capital was $20,000,000, and the paid-in capital was $16,233,261 with a par value of NT$10 per share, consisting of 1,623,326 thousand shares of ordinary stock.

~35~

C. As of March 31, 2021, December 31,2020 and March 31, 2020, the Company’s subsidiary, Prince Apartment Management Maintain Co., Ltd., held the Company’s stocks to maintain equity interest in the Company. The amount of shares held by the subsidiary was all 655 thousand shares, the average par value was all NT$1.53 per share, and the fair value was, NT$11.00, NT$11.50 and NT$9.13 per share, respectively.

(20) Capital surplus

Pursuant to the R.O.C. Company Act, capital surplus arising from paid-in capital in excess of par value on issuance of common stocks and donations can be used to cover accumulated deficit or to issue new stocks or cash to shareholders in proportion to their share ownership, provided that the Company has no accumulated deficit. Further, the R.O.C. Securities and Exchange Law requires that the amount of capital surplus to be capitalized mentioned above should not exceed 10% of the paid-in capital each year. Capital surplus should not be used to cover accumulated deficit unless the legal reserve is insufficient.

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Capital surplus
Share Treasury share
2021 premium transaction Others Total
At January 1, 2021 (At March 31, 2021) $ 1,375,442 $ 877,839 $ 7,232 $ 2,260,513
Capital surplus
Share Treasury share
2020 premium transaction Others Total
At January 1, 2020 (At March 31, 2020) $ 1,375,442 $ 877,839 $ 7,232 $ 2,260,513
----- End of picture text -----

(21) Retained earnings

A. In accordance with the Company’s Articles of Incorporation, the Company will take into consideration its future business plans and capital expenditures in determining the amount of earnings to be retained and to be distributed. In accordance with the Company Law, 10% of the current year’s earnings, after payment of all taxes and after offsetting accumulated deficit, shall be set aside as legal reserve until the balance of legal reserve is equal to that of issued share capital. Afterwards, an amount shall be appropriated or reversed as special reserve in accordance with applicable legal or regulatory requirements, along with prior years’ accumulated unappropriated retained earnings, and then distribution should be in the following order: stock dividend and bonus to shareholders are no less than 20% of the accumulated distributable earnings, in current period and cash dividend is at least 30% of the total stock dividend and bonus; the appropriation of earnings is proposed by the Board of Directors and resolved by the shareholders.
B. Except for covering accumulated deficit or issuing new stocks or cash to shareholders in proportion to their share ownership, the legal reserve shall not be used for any other purpose. The use of legal reserve for the issuance of stocks or cash to shareholders in proportion to their share ownership is permitted, provided that the distribution of the reserve is limited to the portion in excess of 25% of the Company’s paid-in capital.

~36~

C. The Company recognised dividends distributed to owners amounting to $811,663 ($0.50 (in dollars) per share) and $1,055,162 ($0.65 (in dollars) per share) for the years ended December 31, 2020 and 2019, respectively. On March 18, 2021, the Board of Directors proposed that total dividends for the distribution of earnings for 2020 was $649,330 at $0.4 (in dollars) per share.
(22) Other equity items

Other equity items
Unrealised gains Currency (losses) on valuation translation Total At January 1, 2021 1,242,305 $ 48) ($ 1,242,257 $ Revaluation - gross 327,710 - 327,710 At March 31, 2021 1,570,015 $ 48) ($ 1,569,967 $ Unrealised gains Currency (losses) onvaluation translation Total At January 1, 2020 876,538 $ 48) ($ 876,490 $ Revaluation - gross 52,352) ( - 52,352) ( At March 30, 2020 824,186 $ 48) ($ 824,138 $		Total
		1,242,257 $ 327,710
		1,569,967 $

(23) Maturity analysis of assets and liabilities

The construction related assets and liabilities are classified as current and non-current based on the operating cycle. Related recognised amount expected to be recovered or repaid within or after 12 months from the balance sheet date is as follows:

March 31, 2021 Assets Notes receivable, net Accounts receivable, net (including related parties) Contract assets Inventories Liabilities Contract liabitities Notes payable Long-term notes and accounts payable	Within 12 months 92,716 $ 439,238 93,021 7,256,780 7,881,755 $ 487,898 $ 858,951 - 1,346,849 $	Over 12 months - $ 335,334 77,264 7,915,997 8,328,595 $ 217,455 $ 617,340 11,456 846,251 $	Total
			92,716 $ 774,572 170,285 15,172,777
			16,210,350 $
			705,353 $ 1,476,291 11,456
			2,193,100 $

~37~

Within 12 months Over 12 months Total

	Within 12 months	Over 12 months	Total
December 31, 2020 Assets Notes receivable, net Accounts receivable, net (including related parties) Contract assets Inventories Liabilities Contract liabitities Notes payable Long-term notes and accounts payable March 31, 2020 Assets Notes receivable, net Accounts receivable, net (including related parties) Contract assets Inventories Liabilities Contract liabitities Notes payable Accounts payable Long-term notes and accounts payable	19,390 $ 686,429 85,881 5,194,285 5,985,985 $ 461,026 $ 955,500 - 1,416,526 $ Within 12 months 88,532 $ 612,975 89,312 10,504,560 11,295,379 $ 252,746 $ 2,012 967,103 - 1,221,861 $	180 $ 260,227 114,901 11,460,827 11,836,135 $ 253,259 $ 738,481 11,456 1,003,196 $ Over 12 months 1,470 $ 84,718 130,259 8,649,237 8,865,684 $ 463,926 $ - 597,218 11,456 1,072,600 $	19,570 $ 946,656 200,782 16,655,112 17,822,120 $ 714,285 $ 1,693,981 11,456 2,419,722 $ Total
			90,002 $ 697,693 219,571 19,153,797
			20,161,063 $
			716,672 $ 2,012 1,564,321 11,456
			2,294,461 $

(24) Operating revenue

Operating revenue
Revenue from contracts with customers Other - rental revenue	Three months ended March31,
	2021 3,100,172 $ 131,977 3,232,149 $	2020
		2,504,675 $ 127,678
		2,632,353 $

~38~

A. The revenue from contracts with customers arises from the transfer of goods and services at a point in time or over time in the following business lines:

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Three months ended Building and
March 31, 2021 land sales Construction Hotel management BOT business Property management Total
Revenue from external
customer contracts $ 2,094,289 $ 512,495 $ 348,497 $ 65,222 $ 79,669 $ 3,100,172
Timing of revenue
recognition
At a point in time $ 2,094,289 $ - $ - $ - $ - $ 2,094,289
Over time - 512,495 348,497 65,222 79,669 1,005,883
$ 2,094,289 $ 512,495 $ 348,497 $ 65,222 $ 79,669 $ 3,100,172
Three months ended Building and
March 31, 2020 land sales Construction Hotel management BOT business Property management Total
Revenue from external
customer contracts $ 1,173,968 $ 828,046 $ 352,817 $ 59,927 $ 89,917 $ 2,504,675
Timing of revenue
recognition
At a point in time $ 1,173,968 $ - $ - $ - $ - $ 1,173,968
Over time - 828,046 352,817 59,927 89,917 1,330,707
$ 1,173,968 $ 828,046 $ 352,817 $ 59,927 $ 89,917 $ 2,504,675
----- End of picture text -----

B. Aggregate amount of the transaction price allocated to and the year expected to recognise revenue for the unsatisfied performance obligations in relation to the contracted significant construction contracts as of March 31, 2021, December 31, 2020 and March 31, 2020 are as follows:

March 31, 2021 December 31, 2020 March 31, 2020	Year expected to recognise revenue Contracted amount 2021~2024 4,483,650 $ 2021~2024 4,883,160 2020~2021 3,467,472

C. Contract assets and liabilities

The Group has recognised the following revenue-related contract assets and liabilities:

Contract assets: Contract assets - construction contracts Contract liabilites: Contract liabilities - buildings and land sales contracts Contract liabilities - construction contracts Contract liabilities - Hotel operation contracts Contract liabilities - BOT business	March 31,2021 170,285 $ 489,265 $ 216,088 120,289 39,579 865,221 $	December 31,2020 200,782 $ 458,386 $ 255,899 142,814 59,851 916,950 $	March 31,2020 219,571 $ 252,747 $ 463,925 117,547 39,798 874,017 $	January1,2020
				340,826 $
				496,296 $ 225,508 146,767 53,969
				922,540 $

~39~

Revenue recognised that was included in the contract liability balance at the beginning of the period:

		Threemonths	ended	March31,
		2021		2020
Revenue recognised that was included in the contract
liability balance at the beginning of the period
Building and land sales contracts	$	380,566	$	389,987
Construction contracts		255,899		225,508
Hotel operation contracts		142,343		145,520
BOT business		59,851		53,969
	$	838,659	$	814,984

D. The amortisation amounts recognised for the three months ended March 31, 2021 and 2020 relating to the incremental costs of obtaining contracts (deferred sales commissions which were shown as other current assets) for the three months ended March 31, 2021 and 2020 were $0 and $40, respectivley.

(25) Interest income

Interest income
Other income Interest income from bank deposits Other interest income Dividend income Government grant revenue (Note) Payables transferred to other income Compensation for road expropriation Other income	2021 2020 1,842 $ 2,855 $ 195 537 2,037 $ 3,392 $ Three months ended March31, Threemonths endedMarch31,
	2021 821 $ 19,620 17,515 8,695 14,033 60,684 $	2020
		- $ - 916 - 9,593
		10,509 $

(26) Other income

Note: The Group’s hotel segment is eligible for the stimulus package launched to boost and ease the impact of the COVID-19 pandemic on the tourism industry from the Tourism Bureau, M.O.T.C., whereby the Group recognized government grant revenue amounting to $19,620 for the three months ended March 31, 2021, arising from subsidies for wages and salaries.

~40~

(27) Other gains and losses

Other gains and losses
		Threemonths ended		March31,
		2021		2020
Net gains (losses) on financial assets at fair value
through profit or loss	$	652,400	($	41,746)
(Losses) gains on disposals of property, plant and
equipment (including investment property)	(	9,851)		25,489
Net currency exchange gain		-		104
Others	(	22)		341
	$	642,527	($	15,812)

(28) Finance costs

Finance costs
			Threemonths ended			March31,
			2021			2020
Interest expense:
Bank borrowings		$	35,609		$	60,457
Lease liability			32,389			24,088
Commercial paper			3,898			5,773
Ordinary bonds			21,711			21,551
Others			831			1,072
Other finance expenses			300			300
			94,738			113,241
Less：Capitalization of qualitying assets	(		13,972)	(		35,866)
		$	80,766		$	77,375

(29) Expenses by nature

Threemonths endedMarch31,2021	Threemonths endedMarch31,2021	Threemonths endedMarch31,2021
Operating costs 142,385 $ 15,330 7,392 - 10,113 175,220 $ 21,298 $ 15,313 $	Operating expenses 194,462 $ 14,046 6,750 32,556 6,164 253,978 $ 176,722 $ 426 $	Total
		336,847 $ 29,376 14,142 32,556 16,277
		429,198 $
		198,020 $
		15,739 $

~41~

Three months ended March 31, 2020

Employee benefit expense Wages and salaries Labor and health insurance fees Pension costs Directors’ remuneration Other employee benefit expense Depreciation charges Amortization charges	Operatingcosts 157,674 $ 15,583 7,700 - 6,755 187,712 $ 21,367 $ 15,313 $	Operatingexpenses 121,514 $ 13,854 7,440 1,919 5,631 150,358 $ 158,498 $ 180 $	Total 279,188 $ 29,437 15,140 1,919 12,386
			338,070 $
			179,865 $
			15,493 $

A. According to the Articles of Incorporation of the Company, when distributing earnings, the Company shall distribute compensation to the employees and pay remuneration to the directors that account for at least 2% and no higher than 3%, respectively, of distributable profit of the current period. If a company has accumulated deficit, earnings should be channeled to cover losses.

Employees’ compensation can be distributed in the form of shares or in cash. Qualified employees, including the employees of subsidiaries of the company meeting certain specific requirements, are entitled to receive aforementioned stock or cash.

Abovementioned distributable profit of the current period refers to the pre-tax profit before deduction of employees’ compensation and directors’ remuneration.

B. For the three months ended March 31, 2021 and 2020, employees’ compensation was accrued at $89,996 and $0, respectively; while directors’ remuneration was accrued at $30,617 and $0, respectively. The aforementioned amounts were recognised in salary expenses.

The employees’ compensation and directors’ remuneration were estimated and accrued based on the percentage as prescribed in the Company’s Articles of Incorporation and distributable profit of current period for the three months ended March 31, 2021.

Employees’ compensation and directors’ remuneration of 2019 as resolved at the meeting of Board of Directors were in agreement with those amounts recognised in the 2019 financial statements. The employees’ compensation will be distributed in the form of cash, and the employees’ compensation for the year ended December 31, 2020 has yet to be distributed. Information about employees’ compensation and directors’ remuneration of the Company as resolved at the meeting of Board of Directors will be posted in the “Market Observation Post System” at the website of the Taiwan Stock Exchange.

~42~

(30) Income tax

A. Income tax expense

Components of income tax expense:

Components of income tax expense:
			Threemonths ended			March31,
			2021			2020
Current tax:
Current tax on profits for the year		$	64,901		$	9,623
Land value increment tax recognised in
income tax for the year			6,214			8,538
Total current tax			71,115			18,161
Deferred tax:
Origination and reversal of temporary differences	(		310)			4,189
Loss carryforward	(		22,766)	(		21,258)
Total deferred tax	(		23,076)	(		17,069)
Income tax expense		$	48,039		$	1,092

B. The Company’s income tax returns through 2018 have been assessed and approved by the Tax Authority.

(31) Earnings (losses) per share

Earnings (losses) per share
		Three months ended March31,		2021
			Weighted average
			number of ordinary	Earnings
			shares outstanding	per	share
Basic earnings per share	Amount after tax		(shares in thousands)	(in dollars)
Profit attributable to ordinary shareholders of the parent	$	832,264	1,622,671	$	0.51
Diluted earnings per share
Profit attributable to ordinary shareholders of the parent	$	832,264	1,622,671
Assumed conversion of all dilutive
potential ordinary shares
Employees’ compensation		-	15,217
Profit attributable to ordinary shareholders
of the parent plus assumed conversion
of all dilutive potential ordinary shares	$	832,264	1,637,888	$	0.51

~43~

Three months ended March 31, 2020

Weighted average number of ordinary Losses shares outstanding per share Basic earnings per share Amount after tax (shares in thousands) (in dollars) Profit attributable to ordinary shareholders ($ 18,102) 1,622,671 ($ 0.01) of the parent

(32) Supplemental cash flow information

Investing activities with no cash flow effects:

Investment properties transferred to land held for construction site

Threemonths	Threemonths	Threemonths	endedMarch31,
	2021		2020
$		-	45,501 $

(33) Changes in liabilities from financing activities

Short-term borrowings Short-term notes and bills payable Bonds payable Long-term borrowings Long-term notes and accounts payable Guarantee deposits received Lease liability Liabilities from financing activities - gross Short-term borrowings Short-term notes and bills payable Bonds payable Long-term borrowings Long-term notes and accounts payable Guarantee deposits received Lease liability Liabilities from financing activities - gross	Changes in cash flow from financing January1,2021 activities 1,315,000 $ 175,000) ($ 50,000 - 4,500,000 - 8,693,237 2,428,103) ( 808,301 - 160,581 21,691 7,861,183 112,161) ( 23,388,302 $ 2,693,573) ($ Changes in cash flow from financing January1,2020 activities 1,979,000 $ 220,000) ($ 99,925 629,375 4,500,000 - 12,155,924 2,582,623) ( 808,301 - 148,959 6,358 6,279,197 92,048) ( 25,971,306 $ 2,258,938) ($	Changes in other non-cash items (Note) - $ - - - - - 212 212 $ Changes in other non-cash items (Note) - $ - - - - - 2,571 2,571 $	March31,2021
			1,140,000 $ 50,000 4,500,000 6,265,134 808,301 182,272 7,749,234
			20,694,941 $
			March31,2020
			1,759,000 $ 729,300 4,500,000 9,573,301 808,301 155,317 6,189,720
			23,714,939 $

Note ： Changes in other non-cash items arose from the additions and reductions in lease liabilities.

~44~

7. RELATED PARTY TRANSACTIONS

(1) Names of related parties and relationship with the Company

Names of related parties Relationship with the Company Uni-President Development Corp. Associate (Uni-President Development) Amida Trustlink Assets Management Co., Ltd. Other related party (Amida Trustlink Assets) President International Development Corp. Other related party (President International Development) Tone Sang Construction Corp. Other related party Tone Sang Construction President Chain Store Corp. Other related party (President Chain Store) C-maan Health Limited Company Other related party (C-maan Health) Man Strong Manpower MGT Co., Ltd. Other related party (Man Strong Manpower) Representative of Kao Chuan Investment Co., Ltd. Other related party (Representative of Kao Chuan Investment) President Fair Development Crop. Other related party (President Fair Development Manpower)

(2) Significant related party transactions and balances

A. Sales of goods:

(a)

Construction subcontracting: `－`Other related parties	Three months ended March 31,	Three months ended March 31,
	2021 278 $	2020
		1,160 $

The contract prices of construction for related parties are based on expected construction cost plus reasonable management expenses and profit, and are determined based on mutual agreements. The construction payments are collected based on the contract terms. As of March 31, 2021, December 31,2020 and March 31, 2020, the status of the construction for the related parties undertaken by the Group was as follows:

~45~

March 31, 2021 December 31, 2020 March 31, 2020


Other related parties:		March	31,2021		December	31,2020		March	31,2020
Total amount of construction
contracts that were signed
but had not been settled yet		$	59,341		$	4,286		$	241,418
Construction payments received	(		2,970)	(		2,952)	(		240,766)
Construction payments receivable		$	56,371		$	1,334		$	652

(b)

`－`Other related parties Rental income: `－`President Chain Store Corp.	2021 2020 13,380 $ 13,342 $ 4,178 4,055 17,558 $ 17,397 $ Three months ended March 31,

Rent is determined by mutual agreements and is collected monthly.

B. Accounts payable

`－`Other related parties	March31,2021 December 31, 2020 March 31, 2020 4,088 $ 4,049 $ 4,549 $

C. Lease transactions - lessee

(a)

i. The Group leases business area from the associate, Uni-President Development Corp. The lease terms are between 2011 and 2035, and all these lease agreements are renewable at the end of the lease period. Rental payment is calculated based on an agreed upon rate of revenue.
ii. The Group leases office from the other related parties, President International Development Corp. These leases have terms expiring between 2018 and 2023, and all these lease agreements are renewable at the end of the lease period.

(b) Lease liabilities

i. Outstanding balance:

ase liabilities Outstanding balance:
Lease liabilities - non-current: Uni-President Development Corp. President International Development Corp.	March31,2021 328,066 $ 24,869 352,935 $	December31,2020 325,845 $ 24,732 350,577 $	March31,2020
			319,622 $ 24,326
			343,948 $

~46~

ii. Interest expense: March31,2020 Lease liabilities - non-current: Uni-President Development Corp. 5,288,180 $ President International Development Corp. 26,495 5,314,675 $ Interest expense: Uni-President Development Corp. President International Development Corp,		March31,2020 December31,2020 5,370,684 $ 5,616,265 $ 32,764 51,364 5,403,448 $ 5,667,629 $ Three months ended March 31,	March31,2020 December31,2020 5,370,684 $ 5,616,265 $ 32,764 51,364 5,403,448 $ 5,667,629 $ Three months ended March 31,
			2020 22,759 $ 440
			23,199 $

D. Others: March 31, 2021 December 31, 2020 March 31, 2020 Refundable deposits: Uni-President Development Corp. $ 68,526 $ 68,076 $ 67,961

E. On June 20, 2006, the Company and China Metal Products Co., Ltd. (“A party”) jointly signed a creditor’s rights transfer contract with Amida Trustlink Assets Management Co., Ltd. (“B party”). Under the contract, the Company and A party should pay $2,100,000 each (totaling $4,200,000) to jointly acquire whole creditor’s rights of mortgages, security interests and other dependent claims (collectively referred herein as the creditor’s rights) on the Splendor Hotel Taichung Building, and each bears 50% rights and obligations of this acquisition; when all creditor’s rights of this object turn into property rights, the Company and A party should pay B party totaling $1,000,000 as the cost and reward of B party for it is entrusted with the task to help turn the creditor’s rights as stated above into property rights, but any excess cost over $1,000,000 if incurred on this task shall be borne by B party on its own; the Company should pay B party $300,000 before June 30, 2006, and the Company and A party should jointly issue a promissory note of $1,800,000 to B party on the signing date; payment should be done before July 15, 2006. The title to the creditor’s rights as stated above had been transferred to the Company and A party on August 2, 2006. Total acquisition price of the creditor’s rights amounted to $5,200,000, which the Company and A party bear 50% of the price each. The Company had paid its share.

~47~

(3) Key management compensation

Salaries and other short-term employee benefits Post-employment benefits Other long-term benefits Termination benefit Share-based payment	2021 2020 6,932 $ 6,644 $ - - - - - - - - 6,932 $ 6,644 $ Threemonths endedMarch31,

8. PLEDGED ASSETS

The Company’s assets pledged as collateral are as follows:

Pledged asset	March31,2021 739,366 $ 79,769 582,620 13,006 1,459,914 1,146,914 2,792,444 1,745,326 4,830,398 13,389,757 $	December31,2020 817,206 $ 79,712 3,528,125 840,748 1,293,634 1,136,641 2,792,444 1,761,640 4,846,528 17,096,678 $	March31,2020	Purpose
Time deposits, demand deposits and checking deposits (shown as "financial assets at amortised cost") Financial assets at fair value through profit or loss Land held for construction site Construction in progress Financial assets at fair value through other comprehensive income Investments accounted for under equity method Land Buildings Investment property			940,827 $ 347,951 3,599,870 1,518,639 1,122,206 1,150,336 2,709,258 1,780,550 3,944,847	Performance guarantee,short-term and long-term borrowings. Long-term borrowings Short-term borrowings, notes and bills payable and long-term borrowings Short-term borrowings, notes and bills payable and long-term borrowings Issued long-term notes and bills Short-term borrowings, notes and bills payable Short-term borrowings, notes and bills payable and long-term borrowings Short-term borrowings, notes and bills payable and long-term borrowings Short-term borrowings, notes and bills payable and long-term borrowings
			17,114,484 $

SIGNIFICANT CONTINGENT LIABILITIES AND UNRECOGNISED CONTRACT COMMITMENTS

(1) Summary of endorsements and guarantees is as follows:

A. Summary of endorsements and guarantees provided by the Company to subsidiaries is as follows:

Name ofcompany	March31,2021 Total endorsement amount 2,125,000 $	Amount drawn 1,875,000 $	Total endorsement amount Amount drawn 1,875,000 $ 1,875,000 $ December31,2020	March31,	2020
			Total endorsement amount 1,875,000 $	Total endorsement amount 2,150,000 $	Amount drawn
The Splendor Hotel Taichung(Note)					1,900,000 $

Note: The Company and China Metal Products Co., Ltd. provided endorsements and guarantees in equal proportions of 50% ownership each for the Splendor Hotel Taichung’s short-term borrowings, short-term notes and bills payable, long-term notes payable and syndication loan of long-term borrowings.

~48~

B. Summary of endorsements and guarantees provided by subsidiaries to the Company is as follows:

==> picture [458 x 54] intentionally omitted <==

----- Start of picture text -----

March 31, 2021 December 31, 2020 March 31, 2020
Total endorsement Total endorsement Total endorsement
Name of company amount Amount drawn amount Amount drawn amount Amount drawn
Prince Real Estate Co., Ltd. $ 800,000 $ - $ 800,000 $ 800,000 $ 1,352,085 $ 1,352,085
----- End of picture text -----

C. Summary of endorsements and guarantees provided by subsidiaries to subsidiaries is as follows:

Total endorsement amount Amount drawn 10,000 $ 10,000 $ March 31, 2021	Total endorsement Total endorsement amount Amount drawn amount Amount drawn 10,000 $ 10,000 $ 20,000 $ 20,000 $ December 31, 2020 December 31, 2020	Total endorsement Total endorsement amount Amount drawn amount Amount drawn 10,000 $ 10,000 $ 20,000 $ 20,000 $ December 31, 2020 December 31, 2020
Total endorsement amount 10,000 $	Total endorsement amount 10,000 $	Amount drawn
		20,000 $

D. The accumulated operating losses of the subsidiary, the Splendor Hotel Taichung, had exceeded 50% of its paid-in capital and its current liabilities were greater than its current assets. The Company was committed to provide the endorsement and guarantees for all Splendor Hotel’s borrowings in its ownership proportion of 50%.
(2) Capital expenditures contracted for at the balance sheet date but not yet incurred are as follows:

March 31, 2021 December 31, 2020 March 31, 2020 Property, plant and equipment $ 6,646 $ 3,246 $ 3,438

(3) Operating lease agreement：

Please refer to Note 6 (9) for related information.

(4) According to the sale contracts, the Company should provide warranty on the house structure and major facilities for one year from the handover day for the houses it sold. However, any damage to the houses caused by disasters, additions to the houses made by the buyers, or events that are not attributed to the Company is not included in the scope of warranty.
(5) On March 17, 2005, the Company (“A party”) signed a contract with National Taiwan University (“B party”) relating to the construction and operation of dormitories on Chang-Hsing St. and Shui-Yuan Campus. The major terms of the contract are as follows:
A. Under the contract, B party should be responsible for acquiring the ownership or land-use right for this project, and let A party use the land; A party must complete the construction within 3 years from the registration of the superficies, and may operate the dormitories for 44 years, collect dormitory rentals and use fees of other facilities from students, and should return the related assets to B party on the expiry of the contract.
B. A party should give B party a performance guarantee of $60,000 for the construction on the signing date and $30,000 for operations before the start of operation. As of March 31, 2021, December 31,2020 and March 31, 2020, A party had provided performance guarantee with a guarantee letter issued by the bank, all amounting to $30,000.

~49~

C. A party should pay B party land rentals from the registration of the superficies, according to the terms of the contract, and pay B party operating royalties from the third year of the operation, based on the specified proportion of dormitory rentals and use fees of other facilities collected from students.
D. Terms of restrictions for A party:
- (a) The ratio of A party’s own capital utilized in this project to total construction cost of this project should be at least 30%;
- (b) During the operation period, the ratio of shareholders’ equity to total assets should be at least 25%; and current ratio (current assets/current liabilities) should be at least 100%;
- (c) All rights acquired by A party under the contract, except for other conditions specified in the contract and approved by B party, should not be transferred, leased, registered as a liability/obligation or become an executed object of civil litigation.
(6) On May 10, 2005, the Company (“A party”) signed a contract with National Cheng Kung University (“B party”) relating to the construction and operation of student dormitories and alumni hall. The major terms of the contract are as follows:
A. Under the contract, B party should be responsible for acquiring the ownership or land-use right for this project, and let A party use the land by way of registration of the superficies; A party must obtain the user license within 3 years after the signing date, and may operate the dormitories and motorcycle parking lots for 35 years from the start of operation and collect dormitory rentals and use fees of other facilities from students for 50 years from the start of construction, and should return the related assets to B party on the expiry of the contract.
B. A party should give B party performance guarantee of $50,000 for this project on the signing date, which will be returned in installment according to the contractual terms. As of March 31, 2021, December 31,2020 and March 31, 2020, A party had provided performance guarantee with a guarantee letter issued by the bank, amounting to $10,000, $10,000 and $20,000, respectively.
C. During the operation period, A party should pay B party dormitory operating royalties based on the specified proportion of annual operating revenue of the dormitories and auxiliary facilities operating royalties based on the specified proportion of annual operating revenue of the auxiliary facilities. A party should pay such operating royalties for prior year before the end of June every year. Further, according to the superficies contract signed by the two parties, A party should pay B party land rentals from the registration of superficies.
D. All rights acquired by A party under the contract, except for other conditions specified in the contract and approved by B party, should not be transferred, leased, registered as a liability/obligation or become an executed object of civil litigation.

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(7) The Company signed a syndicated loan contract with 7 banks - Mega International Commercial Bank as the lead bank for a credit line of $2.16 billion. The syndicated loans include long-term (secured) loans and guarantee payments receivable (secured), which are used to fund the construction of dormitories in Changxing St. Campus and Shuiyuan Campus of National Taiwan University. During the loan period, the Company should maintain financial commitments such as current ratio, liability ratio and interest coverage; those financial ratios/restrictions shall be reviewed at least once every year, based on the Company’s audited annual non-consolidated financial statements. If the Company violates the above financial commitments, it shall improve its financial position by capital increase or other ways before the end of October of the following year from the year of violation; it would not be regarded as a default if the managing bank confirms that its financial position has improved completely. In case of violation, interest on the loans would be charged at the loan rate specified in the contract plus additional 0.25％ per annum from the notification date of the managing bank to the completion date of financial improvement or to the date the Company gains the relief from the consortium for its violation.
(8) The Company signed a loan contract with Mega International Commercial Bank for a credit line of $785 million. The loans include long-term (secured) loans and guarantee payments receivable (secured), which are used to fund the construction of student dormitories and alumnus hall of National Cheng Kung University. During the loan period, the Company should maintain financial commitments such as current ratio, liability ratio and interest coverage; those financial ratios/restrictions shall be reviewed at least once every year. Current ratio and liability ratio shall be reviewed based on the Company’s audited annual non-consolidated financial statements, and interest coverage based on the Company’s revenue and expenditure table for the related project. If the Company violates the above financial commitments, it shall improve its financial position by capital increase or other ways before the end of October of the following year from the year of violation; it would not be regarded as a default if the bank confirms that its financial position has improved completely. In case of violation, interest on the loans would be charged at the loan rate specified in the contract plus additional 0.25％ per annum from the notification date of the bank to the completion date of financial improvement or to the date the Company obtains a waiver from the bank for its violation.
(9) On January 20, February 10 and December 27, 2014, the Company signed a contract with Taiwan Sugar Corporation (“TSC”) in relation to cooperative construction of houses. According to the contracts, TSC shall provide Taichung City Koan An Section No. 591-1 and Tainan City Hou Guan Section No.34 and Nanzi Dist., Kaohsiung City Nanzi 1st Section No. 158, etc; the Company shall provide funding for those projects and repurchase houses and land allocated to TSC amounting to $638,763, $830,889 and $1,255,300, and shall bear all improvement fees of houses, public facilities and land, selling expenses, and other expenses or contributed expenses required under the decrees. The Company shall not ask for any compensation for price fluctuations or other reasons. Further, under the contract, the Company shall give TSC performance guarantee amounting to $63,880,

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$83,080 and $125,540, respectively, on the signing date, which will be returned in instalments according to the contractual terms. The Company had provided such performance guarantee with guarantee letter of the bank as follows:

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(10) As of March 31, 2021, December 31,2020 and March 31, 2020, performance guarantee letters issued for construction undertaking, warranty and leases of subsidiary, Ta-Chen Construction & Engineering Corp., amounted to $449,178, $569,693 and $216,534, respectively.
(11) Certain construction contracts undertaken by subsidiary, Ta-Chen Construction & Engineering Corp., specify that default penalty shall be computed according to the contractual terms if the construction is not completed within the prescribed period.
(12)On October 3, 2018, the subsidiary, the Splendor Hotel Taichung, signed two syndicated loan contracts with 7 financial institutions, including Taiwan Cooperative Bank and Bank SinoPac, etc., each amounting to $1.65 billion and totaling $3.3 billion, with Prince Housing & Development Corp. and China Metal Products Co., Ltd. as guarantors, respectively. Under the contract, the subsidiary promised its tangible equity (equity less intangible assets) shall not be negative and current ratio, liability ratio, tangible net equity and interest coverage of Prince Housing & Development Corp. and China Metal Products Co., Ltd. shall conform to certain criteria as specified in the contract. If the Splendor Hotel Taichung violates above financial commitments, the managing bank has the right to take the following actions, including but not limited, according to the contract or the resolution of majority of the consortium: 1) request the subsidiary to stop drawing down all or part of the loans; 2) cancel all or part of the credit line of the contract which has not been drawn down yet; 3) announce that all outstanding principal, interest and other accrued expenses payable to the consortium in relation to the loan contract should mature immediately; 4) inform the managing bank of the demand for subsidiary’s payment of the promissory note acquired under the loan contract; 5) inform the managing bank to exercise creditor’s right of mortgage; 6) exercise contract transfer right, or other rights given by the laws, the loan contract or other relevant documents; 7) take other actions as resolved by the majority of the consortium.

10. SIGNIFICANT DISASTER LOSS

None.

11. SIGNIFICANT EVENTS AFTER THE BALANCE SHEET DATE

None.

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12. OTHERS

(1) Capital management

The Group’s capital management is to ensure it has sufficient financial resource and operating plans to meet operational capital for future needs, capital expenditure, obligation repayment and dividend distribution. The Company adjusts borrowing amount in accordance with construction progress and capital needed for operations.

(2) Financial instruments

A. Financial instruments by category

	March31,2021 December31,2020	March31,2021 December31,2020	March31,2021 December31,2020	March31,2021 December31,2020	March	31,2020
Financial assets
Financial assets at fair value through profit or loss
Financial assets mandatorily measured at fair
value through profit or loss	$	2,450,769 $		1,798,369 $		1,966,276
Financial assets at fair value through other
comprehensive income
Designation of equity instrument		2,565,876		2,246,407		1,828,269
Financial assets at amortised cost
Cash and cash equivalents		4,548,720		5,406,601		4,387,841
Financial assets at amortised cost		1,655,953		1,733,793		1,717,127
Notes receivable		130,367		25,934		114,708
Accounts receivable		844,162		1,030,235		772,832
Other receivables		133,959		84,537		25,197
Refundable deposits		159,921		113,575		119,832
	$	12,489,727 $		12,439,451 $		10,932,082
		March31,2021	December31,2020		March31,2020
Financial liabilities
Financial liabilities at amortised cost
Short-term borrowings	$	1,140,000	$	1,315,000	$	1,759,000
Short-term notes and bills payable		50,000		50,000		729,300
Notes payable		372		306		2,508
Accounts payable		1,570,562		1,798,011		1,634,640
Other payables (including related parties)		764,416		718,474		670,145
Corporate bonds payable		4,500,000		4,500,000		4,500,000
Long-term borrowings (including current portion)		6,265,134		8,693,237		9,573,301
Long-term notes and accounts payable		808,301		808,301		808,301
Guarantee deposits received		182,272		160,581		155,317
	$	15,281,057	$	18,043,910	$	19,832,512
Lease liabitity	$	7,749,234	$	7,861,183	$	6,189,720

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B. Financial risk management policies
(a)The Group’s activities expose it to a variety of financial risks: market risk (including foreign exchange risk, price risk and interest rate risk), credit risk and liquidity risk.
(b) Risk management is carried out by a central treasury department (Group's finance & accounting division) under policies approved by the Board of Directors. Group's finance & accounting division evaluates and hedges financial risks in close cooperation with the Group’s operating units. The Board provides written principles for overall risk management, as well as written policies covering specific areas and matters, such as interest rate risk, credit risk, use of derivative financial instruments and non-derivative financial instruments, and investment of excess liquidity.
C. Significant financial risks and degrees of financial risks
(a) Market risk

Foreign exchange risk

The Company’s businesses do not involve non-functional currency operations, thus would not be materially affected by the exchange rate fluctuations. Price risk

i. The Group’s equity securities, which are exposed to price risk, are the held financial assets at fair value through profit or loss and financial assets at fair value through other comprehensive income. To manage its price risk arising from investments in equity securities, the Group diversifies its portfolio. Diversification of the portfolio is done in accordance with the limits set by the Group.
ii. Shares and open-end funds issued by the domestic companies. The prices of equity securities would change due to the change of the future value of investee companies. If the prices of these equity securities had increased/decreased by 10% with all other variables held constant, post-tax profit for the three months ended March 31, 2021 and 2020 would have increased/decreased by $245,077 and $196,6289, respectively, as a result of gains/losses on equity securities classified as at fair value through profit or loss. Other components of equity would have increased/decreased by $256,588 and $182,827, respectively, as a result of other comprehensive income classified as equity investment at fair value through other comprehensive income.

Cash flow and fair value interest rate risk

The Group's interest rate risk mainly arose from short-term and long-term (excluding commercial papers) borrowings issued at variable rates and exposed the Group to cash flow interest rate risk which is partially offset by cash and cash equivalents held at variable rates. Borrowings issued at fixed rates expose the Group to fair value interest rate risk. The Group’s borrowings at floating rate were calculated by NTD, if interest rates on borrowings had been 0.1% basis point higher/lower with all other variables held constant, profit before tax for the three months ended March 31, 2021 and 2020 would have been $6,785 and $10,513 lower/higher, respectively.

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(b) Credit risk

Credit risk refers to the risk of financial loss to the Group arising from default by the clients or counterparties of financial instruments on the contract obligations. For banks and financial institutions, only independently rated parties with a minimum rating of 'A' are accepted, so it expects that the probability of counterparty default is remote. Credit risk arises from outstanding receivables (including contract assets).

Accounts receivable and contract assets

i. The Group will perform credit check in accordance with credit policies when entered into construction contracts, the credit risk of receivables (mainly contract assets or accounts receivable) are low as the result of credit check was low.
ii.The Group’s accounts receivable and contract assets came from general enterprise or government institution. To protect the quality of accounts receivable and contract assets, the Group has created process of credit risk management. The Group considered customers’ financial status, historical trading record and future economic condition in accordance with types of customer, and took into account factors that may influence customers’ ability to pay to assess the credit quality of customers. The Group estimated credit loss by loss rate.
iii.The Group adopts the assumptions under IFRS 9, the default occurs when the contract payments are past due over 90 days.
iv. The Group adjusted the provision matrix with the historical loss of accounts receivable and forecastability, which considered the economic condition in the next one year. The provision matrix in accordance with above estimation are as follows:

March 31, 2021 Expected loss rate Total book value Loss allowance December 31, 2020 Expected loss rate Total book value Loss allowance March 31, 2020 Expected loss rate Total book value Loss allowance	Without Up to 30 days past due past due 0.01% 10% 841,525 $ - $ - - 0.01% 10% 1,025,772 $ 2,631 $ - - 0.01% 10% 770,909 $ 285 $ - -	Over 31-60 days 25% 32 $ - 25% 1,686 $ - 25% 205 $ -	Over 61-90 days Over 90 days 50% 100% - $ 2,903 $ - 298 50% 100% 5 $ 445 $ - 304 50% 100% 205 $ 5,552 $ - 4,324	Total
				844,460 $ 298 1,030,539 $ 304 777,156 $ 4,324

v. Movements in relation to the Company applying the simplified approach to provide loss allowance for accounts receivable are as follows:

			2021			2020
		Accounts receivable			Accounts receivable
At January 1		$	304		$	4,460
Reversal of impairment loss	(		6)	(		136)
At March 31		$	298		$	4,324

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vi. The estimation of expected credit loss on financial assets at amortised cost, excluding accounts receivable, is as follows:
For financial assets at amortised cost, at each reporting date, the Group recognises the impairment provision for 12 months expected credit losses if there has not been a significant increase in credit risk since initial recognition or recognises the impairment provision for the lifetime expected credit losses (ECLs) if such credit risk has increased since initial recognition after taking into consideration all reasonable and verifiable information that includes forecasts. On the other hand, for accounts receivable or contract assets that do not contain a significant financing component, the Group recognises the impairment provision for lifetime ECLs.

(c) Liquidity risk

i. Cash flow forecasting is performed in the operating entities of the Group and aggregated by Group’s Finance and Accounting Division. Group’s Finance and Accounting Division monitors rolling forecasts of the Group’s liquidity requirements to ensure it has sufficient cash to meet operational needs while maintaining sufficient headroom on its undrawn committed borrowing facilities at all times.
ii. The table below analyses the Group’s non-derivative financial liabilities into relevant maturity groupings based on the remaining period at the balance sheet date to the contractual maturity date for non-derivative financial liabilities. The amounts disclosed in the table are the contractual undiscounted cash flows.

Non-derivative financial liabilities : Short-term borrowings Short-term notes and bills payable Notes payable Accounts payable Other payables Lease liability Guarantee deposits received Bonds payable Long-term borrowings Long-term notes and accounts payable (including current portion)		March31,2021
	Within 1year 1,154,150 $ 50,000 372 953,222 757,604 568,466 112,684 42,000 721,953 -	Between 1 to3 years - $ - - 617,340 6,492 1,107,327 45,626 4,542,000 5,336,898 -	Over3 years
			- $ - - - 320 7,179,334 23,962 - 717,049 808,301

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Non-derivative financial liabilities : Short-term borrowings Short-term notes and bills payable Notes payable Accounts payable Other payables Lease liability Guarantee deposits received Bonds payable Long-term borrowings Long-term notes and accounts payable (including current portion) Non-derivative financial liabilities : Short-term borrowings Short-term notes and bills payable Notes payable Accounts payable Other payables Lease liability Guarantee deposits received Bonds payable Long-term borrowings Long-term notes and accounts payable (including current portion)		Within 1year 1,325,227 $ 50,000 306 1,059,529 710,848 568,649 97,878 42,000 1,004,686 -	Between 1 to3 years - $ - - 738,481 4,421 1,110,223 38,453 4,542,000 5,076,767 - March31,2021 March 31, 2020	Over3 years - $ - - - 3,205 7,319,965 24,250 - 3,540,525 808,301 Over 3years - $ - 20 1,166 154 5,584,617 53,367 2,521,000 3,985,418 808,301
	Within 1year 1,770,061 $ 730,000 2,459 1,037,422 656,864 467,924 82,648 42,000 3,424,052 -		Between 1 to 3years - $ - 29 596,052 13,127 924,505 19,302 2,084,000 2,500,639 -

iii. The Group does not expect the timing of occurrence of the cash flows estimated through the maturity date analysis will be significantly earlier, nor expect the actual cash flow amount will be significantly different.

(3) Fair value information

A. The different levels that the inputs to valuation techniques are used to measure fair value of financial and non-financial instruments have been defined as follows:
Level 1: Quoted prices (unadjusted) in active markets for identical assets or liabilities that the entity can access at the measurement date. A market is regarded as active where a market in which transactions for the asset or liability take place with sufficient frequency and volume to provide pricing information on an ongoing basis. The fair value of the Group’s investment in listed stocks and beneficiary certificates is included in Level 1.
Level 2: Inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly.

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Level 3: Unobservable inputs for the asset or liability. The fair value of the Group’s investment in equity without active market is included in Level 3.

B. Fair value information of investment property at cost is provided in Note 6(11).
C. Financial instruments not measured at fair value

The carrying amounts of the Group’s cash and cash equivalents, financial instruments at amortised cost (including financial assets at amortised cost, receivable, accounts receivable (including related parties), other receivables, refundable deposits, short-term borrowings, short-term notes payable, notes payable, accounts payable, other payables (including related parties), lease liability, corporate bonds payables, long-term borrowings, long-term notes and accounts payable, and guarantee deposits received) are approximate to their fair values.

D. The related information of financial and non-financial instruments measured at fair value by level on the basis of the nature, characteristics and risks of the assets and liabilities at March 31, 2021, December 31,2020 and March 31, 2020 are as follows:
(a)The related information of natures of the assets and liabilities is as follows:

March 31, 2021 Assets Recurring fair value measurements Financial assets at fair value through profit or loss Equity securities Financial assets at fair value through other comprehensive income Equity securities December 31, 2020 Assets Recurring fair value measurements Financial assets at fair value through profit or loss Equity securities Financial assets at fair value through other comprehensive income Equity securities	Level 1 2,450,769 $ 1,492,168 3,942,937 $ Level 1 1,798,369 $ 1,184,373 2,982,742 $	Level 2 - $ - - $ Level 2 - $ - - $	Level3 - $ 1,073,708 1,073,708 $ Level3 - $ 1,062,034 1,062,034 $	Total
				2,450,769 $ 2,565,876
				5,016,645 $
				Total
				1,798,369 $ 2,246,407
				4,044,776 $

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----- Start of picture text -----

March 31, 2020 Level 1 Level 2 Level 3 Total
Assets
Recurring fair value measurements
Financial assets at fair value
through profit or loss
Equity securities $ 1,966,276 $ - $ - $ 1,966,276
Financial assets at fair value through
other comprehensive income
Equity securities 849,734 - 978,535 1,828,269
$ 2,816,010 $ - $ 978,535 $ 3,794,545
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(b)The methods and assumptions the Group used to measure fair value are as follows:
i. The instruments the Group used market quoted prices as their fair values (that is, Level 1) are listed below by characteristics:

Market quoted price

Listed shares Open-end fund Closing price Net asset value

ii. Except for financial instruments with active markets, the fair value of other financial instruments is measured by using valuation techniques or by reference to counterparty quotes. The fair value of financial instruments measured by using valuation techniques can be referred to current fair value of instruments with similar terms and characteristics in substance, discounted cash flow method or other valuation methods, including calculated by applying model using market information available at the balance sheet date.
E. For the three months ended March 31, 2021 and 2020, there was no transfer between Level 1 and Level 2.
F. The following chart is the movement of Level 3 for the three months ended March 31, 2021 and 2020:

At January 1 Gain (loss) recognised in other comprehensive income (Note) At March 31	2021 2020 Non-derivative equity Non-derivative equity instruments instruments 1,062,034 $ 993,958 $ 11,674 15,423) ( 1,073,708 $ 978,535 $

Note: Shown as unrealised gain or loss on financial assets at fair value through other comprehensive income.
G. For the three months ended March 31, 2021 and 2020, there was no transfer into or out from Level 3.
H. Finance and Accounting segment is in charge of valuation procedures for fair value measurements being categorised within Level 3, which is to verify independent fair value of financial instruments. Such assessment is to ensure the valuation results are reasonable by applying

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independent information to make results close to current market conditions, confirming the resource of information is independent, reliable and in line with other resources and represented as the exercisable price, and frequently assessing valuation results and making any other necessary adjustments to the fair value.

I. The following is the qualitative information of significant unobservable inputs and sensitivity analysis of changes in significant unobservable inputs to valuation model used in Level 3 fair value measurement:

Fair value at March 31,2021	Valuation technique	Significant unobservable input	Range (weighted average)	Relationship of inputs to fair value
1,073,708 $ Fair value at December 31,2020	Matket comparable companies Net asset value Valuation technique	Price-earnings ratio, price to book ratio and price to sales ratio multiplier Not applicable Significant unobservable input	1.21- 35.80 Range (weighted average)	The higher the weighted average cost of capital, the lower the fair value Not applicable Relationship of inputs to fair value
1,062,034 $ Fair value at March 31,2020	Matket comparable companies Net asset value Valuation technique	Price-earnings ratio, price to book ratio and price to sales ratio multiplier Not applicable Significant unobservable input	1.21- 35.80 Range (weighted average)	The higher the weighted average cost of capital, the lower the fair value Not applicable Relationship of inputs to fair value
978,535 $	Matket comparable companies Net asset value	Price-earnings ratio, price to book ratio and price to sales ratio multiplier Not applicable	0.86- 18.99	The higher the weighted average cost of capital, the lower the fair value Not applicable

J. The Group has carefully assessed the valuation models and assumptions used to measure fair value. However, use of different valuation models or assumptions may result in different measurement. The following is the effect of profit or loss or of other comprehensive income from financial assets and liabilities categorized within Level 3 if the inputs used to valuation models have changed:

March 31, 2021

Financial assets Equity instruments	Input	Change	Recognised inprofit or loss	Recognised inprofit or loss	Recognised in other comprehensive income	Recognised in other comprehensive income
			Favourable change	Unfavourable change	Favourable change	Unfavourable change
	1,073,708	±1%	- $	- $	10,737 $	10,737) ($

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December 31, 2020

Recognised in other Recognised in profit or loss comprehensive income Favourable Unfavourable Favourable Unfavourable Input Change change change change change Financial assets Equity instruments 1,062,034 ±1% $ - $ - $ 10,620 ($ 10,620) March 31, 2020 Recognised in other Recognised in profit or loss comprehensive income Favourable Unfavourable Favourable Unfavourable Input Change change change change change Financial assets Equity instruments 978,535 ±1% $ - $ - $ 9,785 ($ 9,785)

(4) The outbreak of the COVID 19 pandemic in January 2020 has impacted the occupancy rate of hotels as the number of visitors to Taiwan significantly declined. The Group has taken countermeasures by strengthening employee health management and continually focusing on the situation of the pandemic to mitigate the impact on its operations. However, the extent of actual impact would depend on the subsequent development of the pandemic.

13. SUPPLEMENTARY DISCLOSURES

(1) Significant transactions information

A. Loans to others: Please refer to table 1.
B. Provision of endorsements and guarantees to others: Please refer to table 2.
C. Holding of marketable securities at the end of the period (not including subsidiaries, associates and joint ventures): Please refer to table 3.
D. Acquisition or sale of the same security with the accumulated cost exceeding $300 million or 20% of the Company’s paid-in capital: None.
E. Acquisition of real estate reaching $300 million or 20% of paid-in capital or more: Please refer to table 4.
F. Disposal of real estate reaching $300 million or 20% of paid-in capital or more: None.
G. Purchases or sales of goods from or to related parties reaching $100 million or 20% of paid-in capital or more: None.
H. Receivables from related parties reaching $100 million or 20% of paid-in capital or more: Please refer to table 5.
I. Trading in derivative instruments undertaken during the reporting periods: None.
J.Significant inter-company transactions during the reporting periods: Please refer to table 6.

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(2) Information on investees

Names, locations and other information of investee companies (not including investees in Mainland China): Please refer to table 7.

(3) Information on investments in Mainland China

None.

(4) Major shareholders information

Major shareholders information: Please refer to table 8.

14. SEGMENT INFORMATION

(1) General information

Management has determined the reportable operating segments based on the reports reviewed by the Chief Operating Decision-Maker that are used to make strategic decisions. The Group’s corporate composition, basis for segmentation, and basis for measurement of segment’s information had no significant changes for the year. The Chief Operating Decision-Maker considers the business from a product perspective.

(2) Measurement of segment information

The Chief Operating Decision-Maker assesses the performance of the operating segments based on the profit (loss) before taxes. This measurement basis excludes the effects of non-recurring revenues/expenditures from the operating segments. Accounting policies of operating segments are the same as the summary of significant accounting policies in Note 4 to the consolidated financial statements.

(3) Information about segment profit or loss and assets

The segment information provided to the Chief Operating Decision-Maker for the reportable segments is as follows:

segments is as follows:
Write-off and Item Construction Hotel Others Adjustment Total External operating revenue-net 2,606,784 $ 483,551 $ 141,814 $ - $ 3,232,149 $ Internal operating revenue-net 13,647 - 19,466 33,113) ( - Total segment revenue 2,620,431 483,551 161,280 3,232,149 Costs and expenses 2,360,722) ( 579,339) ( 105,822) ( 34,820 3,011,063) ( Segment income 259,709 95,788) ( 55,458 221,086 Interest income 2,208 1,092 318 1,581) ( 2,037 Other income 39,628 22,188 26 1,158) ( 60,684 Other gains and losses 642,674 100) ( 47) ( - 642,527 Finance costs 36,184) ( 46,135) ( 32) ( 1,585 80,766) ( Share of (loss) profit of associates and joint ventures accounted for under the equity method 544,221 - 9,807 537,009) ( 17,019 Income (loss) from continuing operations before tax 1,452,256 118,743) ( 65,530 862,587 Income tax (expense) benefit 70,378) ( 22,766 427) ( - 48,039) ( Net income (loss) for the period 1,381,878 $ 95,977) ($ 65,103 $ 814,548 $ Segment assets 41,182,432 $ 13,737,405 $ 937,101 $ 5,309,090) ( 50,547,848 $ Three months ended March31,2021	Three months ended March31,2021
		Total
		3,232,149 $ -
		814,548 $
		50,547,848 $

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----- Start of picture text -----

Three months ended March 31, 2020
Write-off and
Item Construction Hotel Others Adjustment Total
External operating revenue-net $ 2,002,014 $ 479,782 $ 150,557 $ - $ 2,632,353
Internal operating revenue-net 35,545 - 17,824 ( 53,369) -
Total segment revenue 2,037,559 479,782 168,381 2,632,353
Costs and expenses ( 2,007,915) ( 536,599) ( 112,788) 61,422 ( 2,595,880)
Segment income 29,644 ( 56,817) 55,593 - 36,473
interest income 4,092 1,699 338 ( 2,737) 3,392
Other income 10,559 1,304 50 ( 1,404) 10,509
Other gains and losses ( 15,898) 147 ( 61) - ( 15,812)
Finance costs ( 42,156) ( 37,904) ( 63) 2,748 ( 77,375)
Share of (loss) profit of associates and joint
ventures accounted for under the equity method ( 112,382) - 6,708 107,786 2,112
Income (loss) from continuing operations
before tax ( 126,141) ( 91,571) 62,565 ( 40,701)
Income tax (expense) benefit ( 17,110) 16,835 ( 817) - ( 1,092)
Net income (loss) for the period ($ 143,251) ($ 74,736) $ 61,748 ($ 41,793)
Segment assets $ 43,234,139 $ 12,648,017 $ 909,626 ( 4,986,817) $ 51,804,965
----- End of picture text -----

(4) Reconciliation for segment income (loss) and assets

The revenue from external parties, segment income and segment assets reported to the Chief Operating Decision-Maker are measured in a manner consistent with the revenue, profit before taxes, and total assets in the financial statements. Information on adjusted consolidated total profit (loss), reportable segment profit after taxes and total assets, and reconciliation for reportable segment assets for this year is provided in Note 14(3).

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Prince Housing & Development Corp. Loans to others

Three months ended March 31, 2021

Table 1

Expressed in thousands of NTD (Except as otherwise indicated)

No. (Note 1)	Creditor	Borrower	General ledger account	Is a related party	Maximum outstanding balance during the three months ended March31,2021	Balance at March 31, 2021	Actual amount drawn down	Interest rate	Nature of loan	Amount of transactions with the borrower	financing	Collateral	Limit on loans granted to a singleparty	Ceiling on total loansgranted	Footnote
												Allowance for accounts Item Value
1 2 3	Ta-Chen Construction & Engineering Corp. Cheng-Shi Construction Co., Ltd. Times Square Intermational Investment Holdings Co., Ltd.	Cheng-Shi Investment Holdings Co., Ltd. Cheng-Shi Investment Holdings Co., Ltd. Time Square International Co., Ltd.	Other receivables - related parties Other receivables - related parties Other receivables - related parties	Y Y Y	100,000 86,000 70,000	100,000 86,000 70,000	100,000 86,000 -	2.7 2.7 2.7	Short-term financing Short-term financing Short-term financing	- - -	Additional operating capital Additional operating capital Additional operating capital	- None - - None - - None -	500,000 89,085 132,673	883,204 89,085 132,673	Note 2 Note 3 Note 4

Note 1: The numbers filled in for the loans provided by the Company or subsidiaries are as follows:

(1) The Company is ‘0’.

(2) The subsidiaries are numbered in order starting from ‘1’.

Note 2: Limit on loans granted to a single party and ceiling on total loans granted as prescribed in Ta-Chen Construction & Engineering Corp. "Procedures for Provision of Loans" are as follows:

A. Ceiling on total loans to others: 40% of the Company's net worth.
B. Limit on loans to a single party:
(a) Nature of the loan is related to business transactions: Limit to a single party is NT$1.0 billion or the amount of business transactions between the creditor and borrower in the current year.
(b) Nature of loan is for short-term financing: Limit on loans to a single party is NT$500 million.

Note 3: Limit on loans granted to a single party and ceiling on total loans granted as prescribed in Cheng-Shi Construction Co., Ltd. "Procedures for Provision of Loans" are as follows:

A. Ceiling on total loans to others: 40% of the Company’s net worth.
B. Limit on loans to a single party:
(a)Nature of the loan is related to business transactions: The amount of business transactions between the creditor and borrower in the current year.
(b)Nature of loan is for short-term financing: Limit on loans to a single party is 40% of the Company’s net worth.

Note 4: Times Square Intermational Investment Holdings Co., Ltd. limit on loans granted to a single party and ceiling on total loans granted are as follows:

A. Ceiling on total loans to others: 30% of the Company's net worth.
B. Limit on loans to a single party:

(a) Nature of the loan is related to business transactions: The amount of business transactions between the creditor and borrower in the current year.

(b) Nature of loan is for short-term financing: Limit on loans to a single party is 30% of the Company's net worth.

Table 1,Page 1

Table 2

Prince Housing & Development Corp.

Provision of endorsements and guarantees to others

Three months ended March 31, 2021

Expressed in thousands of NTD

(Except as otherwise indicated)

Party being endorsed/guaranteed

Number (Note 1)	Endorser/ guarantor	Companyname	Relationship with the endorser/ guarantor (Note 2)	Limit on endorsements/ guarantees provided for a singleparty	Maximum outstanding endorsement/ guarantee amount as of March 31, 2021	Outstanding endorsement/ guarantee amount at March 31, 2021	Actual amount drawn down	Amount of endorsements/ guarantees secured with collateral	Ratio of accumulated endorsement/ guarantee amount to net asset value of the endorser/ guarantor company	Ceiling on total amount of endorsements/ guarantees provided	Provision of endorsements/ guarantees by parent company to subsidiary	Provision of endorsements/ guarantees by subsidiary to parent company	Provision of endorsements/ guarantees to the party in Mainland China	Footnote
0 1 2	Prince Housing & Development Corp. Prince Real Estate Co., Ltd. Prince Apartment Management Maintain Co., Ltd.	The Splendor Hotel Taichung Prince Housing & Development Corp. Prince Security Co., Ltd.	6 3 4	5,072,442 $ 2,500,000 20,000	2,150,000 $ 800,000 10,000	2,150,000 $ 800,000 10,000	1,875,000 $ - 10,000	$ - - -	8% 99% 22%	12,681,105 $ 5,000,000 50,000	Y N N	N Y N	N N N	Note 3 Note 4 Note 5

Note 1: The numbers filled in for the endorsements/guarantees provided by the Company or subsidiaries are as follows:

(1) The Company is ‘0’.
(2) The subsidiaries are numbered in order starting from ‘1’. The same company will have the same number.

Note 2: Relationship between the endorser/guarantor and the party being endorsed/guaranteed is classified into the following seven categories:

(1)Having business relationship.
(2)The endorser/guarantor parent company owns directly and indirectly more than 50% voting shares of the endorsed/guaranteed subsidiary.
(3)The endorsed/guaranteed company owns directly and indirectly more than 50% voting shares of the endorser/guarantor parent company.
(4)The endorser/guarantor parent company owns directly and indirectly more than 90% voting shares of the endorsed/guaranteed company.
(5)Mutual guarantee of the trade made by the endorsed/guaranteed company or joint contractor as required under the construction contract.
(6)Due to joint venture, all shareholders provide endorsements/guarantees to the endorsed/guaranteed company in proportion to its ownership.
(7)Joint guarantee of the performance guarantee for pre-sold home sales contract as required under the Consumer Protection Act.
Note 3:In accordance with the Company’s related regulations, the limit on endorsements and guarantees for any single entity is 20% of the Company’s net worth based on the latest financial statements and the limit on accumulated amount of transactions of endorsements and guarantees is 50% of the Company’s net worth based on the latest financial statements.

Note 4: In accordance with Prince Real Estate Co., Ltd.'s related regulations, the limit of endorsements and guarantees for any single entity is $2,500,000; the total accumulated amount is $5,000,000.

Note 5: In accordance with Prince Apartment Management Maintain Co., Ltd.'s related regulations, the limit of endorsements and guarantees for any single entity is $20,000; the total accumulated amount is $50,000.

Table 2,Page 1

Prince Housing & Development Corp.

Holding of marketable securities at the end of the year (not including subsidiaries, associates and joint ventures) March 31, 2021

				March 31, 2021
Securities held by Table 3	Marketable securities	Name of investee companies	Relationship with the securitiesissuer	General ledgeraccount		As of March31,2021		Fairvalue Footnote Expressed in thousands of NTD (Except as otherwise indicated)
					Numberofshares	Bookvalue	Ownership (%)	Fairvalue
Prince Housing & Development Corp. Ta-Chen Construction & Engineering Corp. Prince Apartment Management Maintain Co., Ltd. Prince Security Co., Ltd. Prince Property Management Consulting Co., Ltd. Prince Real Estate Co., Ltd.	Stock Stock Stock Stock Stock Stock Stock Stock Stock Stock Stock Fund Fund Fund Fund Stock Stock Stock Stock Stock Stock Fund Stock Stock Fund	Nantex Industry Co., Ltd. ScinoPharm Taiwan, Ltd. Simplo Technology Co., Ltd. Universal Venture Capital Investment Corp. Grand Bills Finance Corp. Chipwell Tech. Corp. Nanmat Technology Co., Ltd. Southern Science Joint Development . Formosoft International Co., Ltd. President Energy Development Corp. President International Development Corp. Mega Diamond Money Market Fund Jih Sun Money Market Fund Yuanta De-Li Money Market Fund Prudential Financial Money Market Fund Nantex Industry Co., Ltd. Chipwell Tech. Corp. Nanmat Technology Co., Ltd. Prince Housing & Development Corp. Tainan Spinning Co., Ltd. Nanmat Technology Co., Ltd. CTBC Hwa-win Money Market Fund Nantex Industry Co., Ltd. Sung Gang Asset Management Co., Ltd. Jih Sun Money Market Fund	None None None None None None None None None None None None None None None None None None Parent company None None None None None None	Non-current financial assets at fair value through other comprehensive income Non-current financial assets at fair value through other comprehensive income Non-current financial assets at fair value through other comprehensive income Non-current financial assets at fair value through other comprehensive income Non-current financial assets at fair value through other comprehensive income Non-current financial assets at fair value through other comprehensive income Non-current financial assets at fair value through other comprehensive income Non-current financial assets at fair value through other comprehensive income Non-current financial assets at fair value through other comprehensive income Non-current financial assets at fair value through other comprehensive income Non-current financial assets at fair value through other comprehensive income Financial assets at fair value through profit or loss - non-current Financial assets at fair value through profit or loss -current Financial assets at fair value through profit or loss -current Financial assets at fair value through profit or loss -current Financial assets at fair value through profit or loss - non - current Non-current financial assets at fair value through other comprehensive income Non-current financial assets at fair value through other comprehensive income Non-current financial assets at fair value through other comprehensive income Non-current financial assets at fair value through other comprehensive income Non-current financial assets at fair value through other comprehensive income Financial assets at fair value through profit or loss - current Non-current financial assets at fair value through other comprehensive income Non-current financial assets at fair value through other comprehensive income Financial assets at fair value through profit or loss - current	7,564,988 23,605,921 76,349 1,400,000 48,672 344,488 1,648,563 10,000 7,117 10,800 87,745,770 6,301,406 20,080,321 12,269,203 12,593,359 13,327,483 349,990 1,848,857 655,424 122,201 246,513 2,172,949 194,282 47,968 11,874,873	832,149 $ 617,295 28,325 11,074 934 1,161 106,151 1,566 - 311 816,645 79,769 300,438 201,802 201,067 1,466,023 945 119,048 7,537 1,833 15,873 24,000 11,871 695 177,670	Note 1 Note 1 Note 1 Note 1 Note 1 Note 1 Note 1 10.00% Note 1 6.00% 6.63% - - - - Note 1 Note 1 5.40% Note 1 Note 1 Note 1 - Note 1 Note 1 -	110.00 $ 26.15 371.00 7.91 19.18 3.37 64.39 156.58 - 28.79 9.31 12.66 14.96 16.45 15.97 110.00 3.37 64.39 11.00 19.25 64.39 11.11 110.00 14.95 14.96	Listed company, Note 2 Listed company, Note 3 OTC company Note 4 Note 5 Listed company Listed company Listed company Listed company OTC company

Note 1: Percentage of Company’s ownership is less than 5%.

Note 2: 4,088 thousand shares of outstanding common stock were used as collateral for loan.
Note 3: 17,276 thousand shares of outstanding common stock were used as collateral for loan.
Note 4: 60,000 thousand shares of outstanding common stock were used as collateral for loan. Note 5: 6,301 thousand units of outstanding common stock were used as collateral for loan.

Table 3,Page 1

Prince Housing & Development Corp.

Table 4

Acquisition of real estate reaching $300 million or 20% of paid-in capital or more

Three months ended March 31, 2021

Expressed in thousands of NTD

(Except as otherwise indicated)

If the counterparty is a related party, information as to the last transaction of the real estate is disclosed below: Reason for acquisition of Original owner real estate and Relationship who sold the real Relationship between Date of the Basis or reference status of the Transaction Status of with the estate to the the original owner original used in setting the real Other Real estate acquired by Real estate acquired Date of the event amount payment Counterparty counterparty counterparty and the acquirer transaction Amount price estate commitments Prince Housing & Development Corp. Ren Wu Dist. Xia 2013/06/14 Note 2 $ 1,175,285 Redevelopment Third party - - - $ - Note 2 For operating None Hai Lot No. 978, etc. (Note 1) zone of Xia Hai use Term, Renwu District, Kaohsiung City

Note 1: The transfer of title took place on settlement date. The Company paid $0 for the current period. As of March 31, 2021, the Company has already paid $1,175,285.

Note 2: In order to purchase 67.13% of areas from the north side of the offset-expenditure land in the redevelopment zone, the transaction amount was the expected price including compensation for demolition to all land owners of north side of the offset-expenditure land, compensation for demolition to owners of parkland to be (67.13%), construction expenses in all regions (67.13%) and interests arising from re-planning committee's borrowing from the Company to pay aforementioned expenses.

Table 4,Page 1

Table 5

Prince Housing & Development Corp.

Receivables from related parties reaching $100 million or 20% of paid-in capital or more

March 31, 2021

Expressed in thousands of NTD (Except as otherwise indicated)

Creditor	Counterparty	Relationship with the counterparty	Balance as at March31,2021	Turnover rate	Overdue	Overdue	Amount collected subsequent to the balance sheet date	Allowance for doubtful accounts
					Amount	Action taken
Prince Housing & Development Corp. Ta-Chen Construction & Engineering Corp.	The Splender Hotel Taichung Cheng-Shi Investment Holdings Co., Ltd.	Subsidiary Affiliate	Other assets - obligation receivable 575,000 $ Other receivables - loans to others 100,000 $	- -	- $ - $	- -	- $ - $	- $ - $

Table 5,Page 1

Prince Housing & Development Corp.

Table 6

Expressed in thousands of NTD

Significant inter-company transactions during the reporting periods Three months ended March 31, 2021

(Except as otherwise indicated)

Transaction

Number	Companyname	Counterparty	Relationship	General ledger account	Amount	Transaction terms	Percentage of consolidated total operating revenues or total assets
0 0 0 0 1 2	Prince Housing & Development Corp. Prince Housing & Development Corp. Prince Housing & Development Corp. Prince Housing & Development Corp. Prince Real Estate Co., Ltd. Ta-Chen Construction & Engineering Corp.	Cheng-Shi Construction Co., Ltd. Prince Utility Co., Ltd. The Splender Hotel Taichung The Splender Hotel Taichung Prince Housing & Development Corp. Cheng-Shi Investment Holdings Co., Ltd.	The Company to the consolidated subsidiaries The Company to the consolidated subsidiaries The Company to the consolidated subsidiaries The Company to the consolidated subsidiaries The consolidated subsidiaries to the Company The consolidated subsidiaries to the consolidated subsidiaries	Construction in progress Construction in progress Endorsement and guarantee Other assets - obligation receivables Endorsement and guarantee Loans to others	301,200 130,100 2,125,000 575,000 800,000 100,000	- - In accordance with endorsement and guarantee procedures Creditor's rights purchase contract In accordance with endorsement and guarantee procedures Based on Procedures for provision of loans	0.60% 0.26% 4.20% 1.14% 1.58% 0.20%

Note 1: The numbers filled in for the transaction company in respect of inter-company transactions are as follows:

(1) Parent company is ‘0’.

(2) The subsidiaries are numbered in order starting from ‘1’.

Note 2: Relationship between transaction company and counterparty is classified into the following three categories:

(1) Parent company to subsidiary.

(2) Subsidiary to parent company.

(3) Subsidiary to subsidiary.

Note 3: Regarding percentage of transaction amount to consolidated total operating revenues or total assets, it is computed based on period-end balance of transaction to consolidated total assets for balance sheet accounts and based on accumulated transaction amount for the period to consolidated total operating revenues for income statement accounts.

Note 4: The table only discloses transaction amounts of NT$100 million or more.

Table 6,Page 1

Prince Housing & Development Corp. Information on investees Three months ended March 31, 2021

Table 7

Expressed in thousands of NTD (Except as otherwise indicated)

Investor	Investee	Location	Main business activities	Initial invest	ment amount	Shares he	ld as at March 31,2021	ld as at March 31,2021	Net profit (loss) of the investee for the three months ended March 31,2021	Investment income (loss) recognised by the Company for the three months ended March 31,2021	Footnote
				Balance as at March 31,2021	Balance as at March 31,2020	Number of shares	Ownership (%)	Book value
Prince Housing & Development Corp. Cheng-Shi Investment Holdings Co., Ltd Prince Housing Investment Co., Ltd.	Cheng-Shi Investment Holdings Co., Ltd. Prince Property Management Consulting Co., Ltd. Geng-Ding Co., Ltd. Prince Housing Investment Co., Ltd. Uni-President Development Corp. The Splender Hotel Taichung Jin Yi Xing Plywood Co., Ltd. Ming-Da Enterprise Co., Ltd. Prince Industrial Co., Ltd. Prince Real Estate Co., Ltd. Times Square International Investment Holdings Co., Ltd. Ta-Chen Construction & Engineering Corp. Prince Utility Co., Ltd. Cheng-Shi Construction Co., Ltd. PPG Investment Inc. Queen Holdings Ltd.	Taiwan Taiwan Taiwan British Virgin Islands Taiwan Taiwan Taiwan Taiwan Taiwan Taiwan Taiwan Taiwan Taiwan Taiwan U.S.A British Virgin Islands	General investment Management and consulting Hotels and catering Overseas investment Leasing of buildings Hotels and catering Manufacture of plywoods Real estate trading Development of public housing and building Real estate trading and leasing General investment Construction Electricity water pipe Construction Overseas investment Overseas investment	1,146,925 $ 181,000 120,000 140,413 1,080,000 975,000 165,410 37,378 10,000 470,784 607,270 856,566 56,025 208,027 56,945 122,034	1,146,925 $ 181,000 120,000 140,413 1,080,000 975,000 165,410 37,378 10,000 470,784 607,270 856,566 56,025 208,027 56,945 122,034	97,504,758 17,146,580 18,000,000 428 108,000,000 97,500,000 3,938,168 200,000 1,000,000 12,292,315 79,800,000 90,497,528 3,070,000 20,100,000 273 2,730	100% 100% 30% 100% 30% 50% 99.65% 20% 100% 99.68% 100% 100% 100% 100% 27.30% 27.30%	2,172,962 $ 266,400 301,565 568,878 1,146,914 202,796 297,652) ( 8,042 9,288 687,354 442,264 2,207,775 47,594 218,867 18,198 406,897	654,525 $ 1,891 10,248) ( 9,855 34,243 35,426) ( - - 14) ( 868) ( 111,224) ( 661,574 1,964) ( 3,846) ( 18,004 17,918	655,109 $ 1,891 3,061) ( 9,895 10,273 17,713) ( - - 14) ( 934) ( 111,224) ( - - - - -	Notes 1 and 2 Note 2 Note 2 Note 4 Note 2 Note 2 Note 5 Note 2 Notes 1 and 2 Notes 2 Notes 2 and 3 Notes 2 and 3 Notes 2 and 3 Note 3 Note 3

Table 7,Page 1

Investor	Investee	Location	Main business activities	Initial invest	ment amount	Shares he	ld as at March 31,2021	ld as at March 31,2021	Net profit (loss) of the investee for the three months ended March 31,2021	Investment income (loss) recognised by the Company for the three months ended March 31,2021	Footnote
				Balance as at March 31,2021	Balance as at March 31,2020	Number of shares	Ownership (%)	Book value
Prince Property Management Consulting Co., Ltd. Princre Real Estate Co., Ltd. Time Square International Investment Holdings Co., Ltd	Prince Apartment Management Maintain Co., Ltd. Prince Security Co., Ltd. Amida Trustlink Assets Management Co., Ltd. Time Square International Co., Ltd. Times Square International Stays Corp.	Taiwan Taiwan Taiwan Taiwan Taiwan	Management of apartments Security Development of public housing and building Hotels and catering Hotels and catering	67,853 $ 159,611 304,289 443,270 430,000	67,853 $ 159,611 304,289 443,270 430,000	3,000,000 13,172,636 21,525,020 53,000,000 42,000,000	100% 100% 45.21% 100.00% 100.00%	46,695 $ 173,448 139,754) ( 194,180 244,191	824 $ 1,088 148) ( 71,522) ( 39,672) (	- $ - - - -	Notes 2 and 3 Notes 2 and 3 Note 3 Notes 2 and 3 Notes 2 and 3

Note 1: The difference between the income (loss) of the investee and the investment income (loss) of the investee recognised by the Company is the investment income (loss) of the investee recognised by the Company in proportion to the share ownership and unrealised gain (loss) from elimination of inter-Company transactions.

Note 2: Subsidiary.

Note 3: The amount has been included in the profit (loss) of the Company’s investee accounted using equity method and has been recognised as gain (loss) on investment.

Note 4: Provided 108,000 thousand shares as collateral. Note 5: The investee held a special meeting of shareholders on April 17, 2020 to set the effective date of dissolution on March 31, 2020. Thus, the Company did not recognise further profit or loss of the investment accounted for using equity method since the effective date of dissolution.

Table 7,Page 2

Table 8 Shares Name of major shareholders Number of shares held Uni-President Enterprises Corp. 162,743,264 Taipo Investment Co., Ltd. 96,250,587 Prince Housing & Development Corp. Major shareholders information March 31, 2021	Ownership (%)
Uni-President Enterprises Corp. Taipo Investment Co., Ltd.	10.03% 5.93%

Table 8,Page 1

AI assistant

PHD — Interim / Quarterly Report 2021

52134_rns_2021-11-25_610475c5-b3b0-491a-a87e-da671638f0eb.pdf

PRINCE HOUSING & DEVELOPMENT CORP. AND SUBSIDIARIES

CONSOLIDATED FINANCIAL STATEMENTS AND

Introduction

Scope of review

Basis for qualified conclusion

Qualified conclusion

May 6, 2021

PRINCE HOUSING & DEVELOPMENT CORP. AND SUBSIDIARIES CONSOLIDATED BALANCE SHEETS

MARCH 31, 2021, DECEMBER 31, 2020 AND MARCH 31, 2020

PRINCE HOUSING & DEVELOPMENT CORP. AND SUBSIDIARIES CONSOLIDATED BALANCE SHEETS MARCH 31, 2021, DECEMBER 31, 2020 AND MARCH 31, 2020

PRINCE HOUSING & DEVELOPMENT CORP. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME THREE MONTHS ENDED MARCH 31, 2021 AND 2020

PRINCE HOUSING & DEVELOPMENT CORP. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY THREE MONTHS ENDED MARCH 31, 2021 AND 2020

PRINCE HOUSING & DEVELOPMENT CORP. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF CASH FLOWS

THREE MONTHS ENDED MARCH 31, 2021 AND 2020

PRINCE HOUSING & DEVELOPMENT CORP. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF CASH FLOWS

THREE MONTHS ENDED MARCH 31, 2021 AND 2020

PRINCE HOUSING & DEVELOPMENT CORP. AND SUBSIDIARIES NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

THREE MONTHS ENDED MARCH 31, 2021 AND 2020

1. HISTORY AND ORGANIZATION

STATEMENTS AND PROCEDURES FOR AUTHORIZATION

3. APPLICATION OF NEW STANDARDS, AMENDMENTS AND INTERPRETATIONS

(3) IFRSs issued by IASB but not yet endorsed by the FSC

4. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

(1) Compliance statement

(2) Basis of preparation

(4) Employee benefits

Pensions-defined contribution plan

(5) Income taxes

5. CRITICAL ACCOUNTING JUDGEMENTS, ESTIMATES AND KEY SOURCES OF ASSUMPTION UNCERTAINTY

(1) Critical judgements in applying the Group’s accounting policies

(2) Critical accounting estimates and assumptions

6. DETAILS OF SIGNIFICANT ACCOUNTS

(1) Cash and cash equivalents

(2) Financial assets at fair value through profit or loss

(3) Financial assets at fair value through other comprehensive income

(4) Financial assets at amortised cost

(5) Notes and accounts receivable

(Remainder of page intentionally left blank)

E. Disclosure of significant constructions:

(a) As of March 31, 2021, significant constructions are set forth below:

(b) As of December 31, 2020, significant constructions are set forth below:

(c) As of March 31, 2020, significant constructions are set forth below:

(7) Investments accounted for under the equity method

Associates

Statements of comprehensive income

(8) Property, plant and equipment

A. Details of book values are as follows:

B. Changes in property, plant and equipment for the period are as follows:

D. Information on profit or loss in relation to lease contracts is as follows:

(11) Investment property

A. Details of book values are as follows:

B. Changes in investment property for the period are as follows:

(12) Intangible assets

B. Changes in intangible assets for the period are as follows:

C. Details of amortization on intangible assets are as follows:

(13) Short-term borrowings

(14) Short-term notes and bills payable

- (16) Long term borrowings

(17) Provisions - replacement cost

(18) Pension

(19) Share capital

(20) Capital surplus

(21) Retained earnings

(23) Maturity analysis of assets and liabilities

C. Contract assets and liabilities

(25) Interest income

(26) Other income

(27) Other gains and losses

(28) Finance costs

(29) Expenses by nature

Three months ended March 31, 2020

(30) Income tax

A. Income tax expense

(31) Earnings (losses) per share

Three months ended March 31, 2020

PHD Interim / Quarterly Report 2021