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This communication has been prepared by Topor & Co. Korea (TCK). TCK is registered and regulated with the Financial Supervisory Commission in Korea.

This communication is provided to discuss general market activity, industry or sector trends, or other broad-based economic, market or political conditions and should not be construed as research or investment advice to buy or sell any specific security. This communication is for your information only and is not intended to be used by anyone other than you. All perspectives and investment themes are confidential and proprietary to TCK. This communication, including but not limited to information in references to individuals, companies, and universities, is for informational purposes only, is not a solicitation and no action is being solicited based upon it. It does not take into account the particular investment objectives, restrictions, tax and financial situation or other needs of any specific client. Any models referred to herein are largely based on assumptions and there can be no assurance that the performance shown herein can or will be achieved. Any customization of these models should be discussed with TCK and may differ significantly from the models shown herein.

Investing entails risk and you should consult to make sure you understand these risks. This communication is intended to provide general information and to facilitate a general discussion with TCK. This is not an offer or solicitation with respect to the purchase or sale of any specific security or investment. Information contained herein is believed to be reliable but no warranty is given as to its completeness or accuracy and views and opinions, while given in good faith, are subject to change without notice. Opinions expressed are current only as of the date this communication is disseminated. No part of this communication may be i) copied or duplicated in any form, by any means, or ii) redistributed without the prior written consent of TCK. TCK may monitor emails between TCK and you (and any of your authorized, connected or affiliated persons) for the purpose of evidencing your instructions, monitoring quality of service, compliance, security, TCK’s internal records or other.