NAVER (035420 KS ) Platform expansion to get underway in 2H17

Internet 2Q17 review: Consolidated profit misses, but parent OP grows strongly For 2Q17, ’s consolidated revenue was in with the consensus, but Results Comment operating profit and net profit missed. Parent operating profit continued to improve, expanding 23% YoY, but losses at other subsidiaries stemming from new July 28, 2017 businesses had a negative impact on consolidated operating profit. Net profit was affected by a one-off tax item related to gains from the transfer of the camera app business to LINE. (Maintain) Buy Positives: Most business categories recorded double-digit growth, including ads, business platform, IT platform, and LINE and other subsidiaries. Among them, the Target Price (12M, W) 1,160,000 IT platform segment delivered the strongest growth, with revenue surging 76% YoY on a sharp increase in transaction value. The business platform Share Price (07/27/17, W) 825,000 segment, which includes the core search ad business, also posted solid growth of 13% YoY. Expected Return 41% Negatives: The rapid growth of NAVER Pay’s transaction value also led to a steep rise in related expenses. Agent/p artner expenses (including NAVER Pay transaction

fees) climbed 25% YoY, while marketing spend (including NAVER Pay points) OP (17F, Wbn) 1,246 jumped 40% YoY. Meanwhile, NAVER Pay is helping the company build a shopping Consensus OP (17F, Wbn) 1,261 database for its search ad business (the parent company’ s core revenue source). We think the mobile payment service provides consumers with better ease of use EPS Growth (17F, %) 17.1 and sellers with better conversion rates. Market EPS Growth (17F, %) 44.1 P/E (17F, x) 31.0 2H17: Platform expansion and shopping/payment-driven growth Market P/E (17F, x) 10.1 New platforms: In August, NAVER plans to laun ch , a smart speaker based on KOSPI 2,443.24 its AI platform Clova, in both Korea and Japan. AI-powered speakers are not yet widely available in Japan (in contrast to the US and Korea), so it will be interesting Market Cap (Wbn) 27,194 to see whether NAVER can gain an early lead in the mark et. The company is also Shares Outstanding (mn) 33 gradually ramping up its AI-powered global cloud platform business and plans to Free Float (%) 78.5 build a global cloud data center in Yongin. Foreign Ownership (%) 60.8 NAVER platform: NAVER platform’s growth has been driven by shopping and Beta (12M) 1.36 NAVER Pay. Ads tied to commerce h ave emerged as a dominant trend in digital 52-Week Low 701,000 marketing. Advertisers in NAVER’s shopping search ad services (linked with NAVER 52-Week High 960,000 Pay) , which were rolled out in November 2016, jumped 25% QoQ in 2Q17. In August, the company also plans to expand its live streaming services. We believe (%) 1M 6M 12M increased live streaming content will help drive usage across the platform and also Absolute -5.1 9.6 15.9 have positive effects on video ads and search databases. Relative -7.1 -6.6 -4.0 Reiterate Buy and TP of W1,160,000

140 NAVER KOSPI 130 We reiterate our Buy call and target price of W1,160, 000 on NAVER. In 2H17, we 120 expect the company to ramp up its efforts to expand its platform and strengthen 110 its market dominance. Despite its robust fundamentals, we also note that NAVER’s stock has seen the weakest gains among global internet names and othe r large 100 stocks in the KOSPI. 90 80 7.16 11.16 3.17 7.17

FY (Dec.) 12/14 12/15 12/16 12/17F 12/18F 12/19F Mirae Asset Daewoo Co., Ltd. Revenue (Wbn) 2,758 3,254 4,023 4,674 5,446 6,221

[Internet/Game/Advertising ] OP (Wbn) 758 830 1,102 1,246 1,556 1,829 OP Margin (%) 27.5 25.5 27.4 26.7 28.6 29.4 Jee -hyun Moon NP (Wbn) 454 519 749 878 1,110 1,296 +822 -3774 -1640 [email protected] EPS (W) 13,787 15,737 22,732 26,623 33,678 39,315 ROE (%) 27.8 26.5 26.2 22.0 22.6 21.3

P/E (x) 51.6 41.8 34.1 31.0 24.5 21.0

P/B (x) 8.7 6.8 5.2 4.7 4.0 3.4

Dividend Yield (%) 0.1 0.2 0.1 0.1 0.2 0.2

Note: All figures are based on consolidated K-IFRS; NP refers to net profit attributable to controlling interests Source: Company data, Mirae Asset Daewoo Research estimates

July 28, 2017 NAVER

Earnings review and forecasts

Table 1. 2Q17 review (Wbn, %) 2Q17P Growth

2Q16 1Q17 Mirae Asset Preliminary Consensus YoY QoQ Daewoo Revenue 987 1,082 1,130 1,157 1,132 14.4 4.4 Operating profit 273 291 285 300 309 4.6 -1.9 OP margin 27.6 26.9 25.2 25.9 27.3 Net profit 213 211 171 215 224 -19.6 -18.7 Note: All figures are based on consolidated K-IFRS Source: Company data, WISEfn, Mirae Asset Daewoo Research estimates

Table 2. Quarterly and annual earnings and forecasts (Wbn, %) 1Q16 2Q16 3Q16 4Q16 1Q17 2Q17P 3Q17F 4Q17F 2016 2017F 2018F Revenue 937 987 1,013 1,085 1,082 1,130 1,183 1,280 4,023 4,674 5,446 Ads 82 97 98 123 100 118 121 141 400 479 551 Business platform 450 462 462 491 510 521 532 565 1,866 2,127 2,425 IT platform 23 28 31 39 43 49 57 84 121 234 374 Content services 31 27 23 23 24 24 26 28 103 101 111 LINE and other 353 373 399 409 406 418 447 463 1,534 1,733 1,985 platforms Operating profit 257 273 282 290 291 285 306 364 1,102 1,246 1,556 OP margin 27.4 27.6 27.9 26.7 26.9 25.2 25.9 28.4 27.4 26.7 28.6 Net profit 165 213 198 183 211 171 228 268 759 878 1,110 Net margin 17.6 21.6 19.5 16.9 19.5 15.2 19.3 20.9 18.9 18.8 20.4 YoY Revenue 26.6 26.3 20.5 21.7 15.5 14.4 16.7 18.0 23.6 16.2 16.5 Ads 22.3 21.8 23.0 14.6 20.0 15.0

Business platform 13.3 12.6 15.0 15.0 14.0 14.0

IT platform 92.0 75.8 86.1 114.5 94.0 60.0

Content services -23.7 -10.9 13.9 22.7 -2.0 10.0

LINE and other 15.1 12.0 12.0 13.1 13.0 14.5 platform s Operating profit 32.1 44.0 27.6 28.9 13.2 4.6 8.4 25.4 32.7 13.1 24.8 Net profit 22.7 71.8 69.5 29.6 27.8 -19.6 15.3 46.0 46.8 15.7 26.4 Notes: All figures are based on consolidated K-IFRS; revenue was reclassified into five segments: ads, business platform, IT platform, content services, and LINE and other platforms; the new classification has only been applicable since 2016; ads include general/shopping display and video ads; business platform includes general and shopping search ads; IT platform includes NAVER Pay, IT services, and cloud services; content services include music, Webtoon, and ; LINE and other platforms include LINE, Camp Mobile, and Source: Company data, Mirae Asset Daewoo Research estimates

Table 3. Earnings forecast revisions (Wbn, W, %) Previous Revised % chg. Notes 17F 18F 17F 18F 17F 18F - Revised down estimates for b usiness platform/LINE Revenue 4,727 5,508 4,674 5,446 -1.1 -1.1 and other platforms Operating profit 1,272 1,573 1,246 1,556 -2.0 -1.1 - Revised up labor and marketing expenses - Reflected tax impact of camera business Net profit 907 1,112 878 1,110 -3.2 -0.2 transfer EPS 26,971 33,048 26,623 33,678 -1.3 1.9 OP margin 26.9 28.6 26.7 28.6 Net margin 19.2 20.2 18.8 20.4 Notes: All figures are based on consolidated K-IFRS; net profit is attributable to controlling and non-controlling interests; EPS is attributable to controlling interests Source: Mirae Asset Daewoo Research estimates

Mirae Asset Daewoo Research 2 July 28, 2017 NAVER

Business trends

Figure 1. Strong ad revenue growth on higher mobile Figure 2. Business platform: Shopping driving up growth contribution and seasonality

(Wbn) (Wbn) 160 Advertising revenue 550 Business platform revenue +13% YoY +2% QoQ +22% YoY +18% QoQ 120 500

80 450

40 400

0 350 1Q16 2Q16 3Q16 4Q16 1Q17 2Q17P 1Q16 2Q16 3Q16 4Q16 1Q17 2Q17P

Source: Company data, Mirae Asset Daewoo Research Source: Company data, Mirae Asset Daewoo Research

Figure 3. IT platform: Transaction growth at NAVER Pay Figure 4. Content services: YoY decrease due to app store pushed up growth business transfer

(Wbn) (Wbn) 60 IT platform revenue 40 Content services revenue +76% YoY +14% QoQ

45 30 -11% YoY +4% QoQ

30 20

15 10

0 0 1Q16 2Q16 3Q16 4Q16 1Q17 2Q17P 1Q16 2Q16 3Q16 4Q16 1Q17 2Q17P

Source: Company data, Mirae Asset Daewoo Research Source: Company data, Mirae Asset Daewoo Research

Figure 5. Agen t/partner and marketing expenses rose on Fi gure 6. R&D expenses flat QoQ; Capex expanded due to increased NAVER Pay -related activities acquisitions and investments

(Wbn) (Wbn) 240 Agent/partner expenses 320 R&D expenses 25% +25% YoY of revenue Marketing expenses +8% QoQ CAPEX

180 240

11% 120 160 of revenue +40 % YoY +25 % QoQ 60 80

0 0 1Q16 2Q16 3Q16 4Q16 1Q17 2Q17P 1Q16 2Q16 3Q16 4Q16 1Q17 2Q17P

Source: Company data, Mirae Asset Daewoo Research Source: Company data, Mirae Asset Daewoo Research

Mirae Asset Daewoo Research 3 July 28, 2017 NAVER

Valuation

Figure 7. NAVER’s 12-month forward P/E

(W) 1,500,000 57.9x 44.7x

34.0x 1,200,000

900,000 24.0x

600,000

11.0x 300,000

0 12 13 14 15 16 17 18

Source: Mirae Asset Daewoo Research

Figure 8. NAVER is trading at the lowest 12-month forward P/E among global peers

(W) NAVER (L) Kakao (L) (W) 100 Alphabet (L) Baidu (L) 200 Amazon (R)

80 160

60 120

40 80

20 40 1/17 2/17 3/17 4/17 5/17 6/17 7/17

Source: Thomson Reuters, Mirae Asset Daewoo Research

Table 4. 12-month target price calculation (Wbn, x, W) Valuation Notes

Operating value (1) 34,678

2017F NP attributable to Target

controlling interests multiple Consolidated 878 39.5 34,678 Benchmarks: Alphabet, Amazon, Baidu Investment asset 566 value (2) Available -for -sale As of end -1Q17; fair value; including 380 financial assets unlisted shares Investments in 185 As of end-1Q17; book value associates Total asset value 35,244 (1+2 =3) Net debt (4) -2,985 As of end-1Q17; consolidated Net assets (3-4) 38,229

Share count (‘000 Total shares outstanding including 32,963 shares ) treasury shares Target price (W) 1,160,000 Rounded Source: Mirae Asset Daewoo Research estimates

Mirae Asset Daewoo Research 4 July 28, 2017 NAVER

NAVER (035420 KS/Buy/TP: W1,160,000)

Comprehensive Income Statement (Summarized) Statement of Financial Condition (Summarized) (Wbn) 12/16 12/17F 12/18F 12/19F (Wbn) 12/16 12/17F 12/18F 12/19F Revenue 4,023 4,674 5,446 6,221 Current Assets 4,200 5,206 6,628 8,214 Cost of Sales 0 0 0 0 Cash and Cash Equivalents 1,726 2,288 3,252 4,357 Gross Profit 4,023 4,674 5,446 6,221 AR & Other Receivables 694 818 930 1,063 SG&A Expenses 2,921 3,428 3,890 4,392 Inventories 10 12 14 16 Operating Profit (Adj) 1,102 1,246 1,556 1,829 Other Current Assets 1,770 2,088 2,432 2,778 Operating Profit 1,102 1,246 1,556 1,829 Non-Current Assets 2,171 2,255 2,270 2,307 Non-Operating Profit 30 74 74 74 Investments in Associates 182 215 250 286 Net Financial Income 30 30 39 50 Property, Plant and Equipment 863 818 692 586 Net Gain from Inv in Associates -9 -1 0 0 Intangible Assets 112 104 89 77 Pretax Profit 1,132 1,320 1,630 1,903 Total Assets 6,371 7,461 8,899 10,521 Income Tax 361 440 520 607 Current Liabilities 1,804 2,068 2,375 2,683 Profit from Continuing Operations 771 880 1,110 1,296 AP & Other Payables 425 501 584 667 Profit from Discontinued Operations -12 -3 0 0 Short-Term Financial Liabilities 227 208 208 208 Net Profit 759 878 1,110 1,296 Other Current Liabilities 1,152 1,359 1,583 1,808 Controlling Interests 749 878 1,110 1,296 Non-Current Liabilities 437 489 544 601 Non-Controlling Interests 10 0 0 0 Long-Term Financial Liabilities 150 150 150 150 Total Comprehensive Profit 724 817 1,110 1,296 Other Non-Current Liabilities 287 339 394 451 Controlling Interests 733 880 1,197 1,397 Total Liabilities 2,241 2,556 2,919 3,283 Non-Controlling Interests -9 -64 -87 -101 Controlling Interests 3,595 4,381 5,455 6,713 EBITDA 1,265 1,411 1,696 1,948 Capital Stock 16 16 16 16 FCF (Free Cash Flow) 1,010 1,163 1,479 1,625 Capital Surplus 1,217 1,234 1,234 1,234 EBITDA Margin (%) 31.4 30.2 31.1 31.3 Retained Earnings 3,810 4,623 5,698 6,956 Operating Profit Margin (%) 27.4 26.7 28.6 29.4 Non-Controlling Interests 535 524 524 524 Net Profit Margin (%) 18.6 18.8 20.4 20.8 Stockholders' Equity 4,130 4,905 5,979 7,237

Cash Flows (Summarized) Forecasts/Valuations (Summarized) (Wbn) 12/16 12/17F 12/18F 12/19F 12/16 12/17F 12/18F 12/19F Cash Flows from Op Activities 1,164 1,233 1,479 1,625 P/E (x) 34.1 31.0 24.5 21.0 Net Profit 759 878 1,110 1,296 P/CF (x) 18.5 18.7 15.8 13.8 Non-Cash Income and Expense 624 578 614 669 P/B (x) 5.2 4.7 4.0 3.4 Depreciation 146 149 126 107 EV/EBITDA (x) 18.2 16.9 13.3 10.8 Amortization 17 17 14 12 EPS (W) 22,732 26,623 33,678 39,315 Others 461 412 474 550 CFPS (W) 41,966 44,167 52,310 59,610 Chg in Working Capital 88 147 229 210 BPS (W) 150,192 174,021 206,630 244,786 Chg in AR & Other Receivables -56 -567 -93 -93 DPS (W) 1,131 1,200 1,300 1,400 Chg in Inventories 0 3 -2 -2 Payout ratio (%) 4.3 4.0 3.4 3.2 Chg in AP & Other Payables 11 -9 0 0 Dividend Yield (%) 0.1 0.1 0.2 0.2 Income Tax Paid -339 -408 -520 -607 Revenue Growth (%) 23.6 16.2 16.5 14.2 Cash Flows from Inv Activities -942 -550 -444 -446 EBITDA Growth (%) 28.3 11.5 20.2 14.9 Chg in PP&E -97 -68 0 0 Operating Profit Growth (%) 32.8 13.1 24.9 17.5 Chg in Intangible Assets -21 -1 0 0 EPS Growth (%) 44.4 17.1 26.5 16.7 Chg in Financial Assets -662 -409 -444 -446 Accounts Receivable Turnover (x) 9.1 9.0 9.0 8.9 Others -162 -72 0 0 Inventory Turnover (x) 311.2 414.6 412.3 408.6 Cash Flows from Fin Activities 698 -37 -35 -38 Accounts Payable Turnover (x) 0.0 0.0 0.0 0.0 Chg in Financial Liabilities -290 -19 0 0 ROA (%) 14.1 12.7 13.6 13.3 Chg in Equity 1,084 17 0 0 ROE (%) 26.2 22.0 22.6 21.3 Dividends Paid -32 -32 -35 -38 ROIC (%) 169.2 288.0 1,731.1 -561.4 Others -64 -3 0 0 Liability to Equity Ratio (%) 54.3 52.1 48.8 45.4 Increase (Decrease) in Cash 913 562 964 1,105 Current Ratio (%) 232.8 251.8 279.1 306.2 Beginning Balance 813 1,726 2,288 3,253 Net Debt to Equity Ratio (%) -73.1 -79.5 -86.7 -91.4 Ending Balance 1,726 2,288 3,253 4,357 Interest Coverage Ratio (x) 181.5 2,603.2 3,337.4 3,922.9 Source: Company data, Mirae Asset Daewoo Research estimates

Mirae Asset Daewoo Research 5 July 28, 2017 NAVER

APPENDIX 1

Important Disclosures & Disclaimers 2-Year Rating and Target Price History

Company (Code) Date Rating Target Price (W) NAVER NAVER(035420) 04/04/2017 Buy 1,160,000 1,500,000 No Coverage 08/30/2016 Buy 1,050,000 1,000,000 04/28/2016 Buy 900,000 07/30/2015 Buy 820,000 07/17/2015 Buy 890,000 500,000

0 Jul 15 Jul 16 Jul 17

Stock Ratings Industry Ratings Buy : Relative performance of 20% or greater Overweight : Fundamentals are favorable or improving Trading Buy : Relative performance of 10% or greater, but with volatility Neutral : Fundamentals are steady without any material changes Hold : Relative performance of -10% and 10% Underweight : Fundamentals are unfavorable or worsening Sell : Relative performance of -10% Ratings and Target Price History (Share price ( ─), Target price (▬), Not covered ( ■), Buy ( ▲), Trading Buy ( ■), Hold ( ●), Sell ( ◆)) * Our investment rating is a guide to the relative return of the stock versus the market over the next 12 months. * Although it is not part of the official ratings at Mirae Asset Daewoo Co., Ltd., we may call a trading opportunity in case there is a technical or short-term material development. * The target price was determined by the research analyst through valuation methods discussed in this report, in part based on the analyst’s estimate of future earnings. * The achievement of the target price may be impeded by risks related to the subject securities and companies, as well as general market and economic conditions.

Equity Ratings Distribution Buy Trading Buy Hold Sell 69.67% 17.06% 13.27% 0.00% * Based on recommendations in the last 12-months (as of June 30, 2017)

Disclosures As of the publication date, Mirae Asset Daewoo Co., Ltd. and/or its affiliates own 1% or more of NAVER`s shares outstanding.

Analyst Certification The research analysts who prepared this report (the “Analysts”) are registered with the Korea Financial Investment Association and are subject to Korean securities regulations. They are neither registered as research analysts in any other jurisdiction nor subject to the laws and regulations thereof. Opinions expressed in this publication about the subject securities and companies accurately reflect the personal views of the Analysts primarily responsible for this report. Mirae Asset Daewoo Co., Ltd. (“Mirae Asset Daewoo”) policy prohibits its Analysts and members of their households from owning securities of any company in the Analyst’s area of coverage, and the Analysts do not serve as an officer, director or advisory board member of the subject companies. Except as otherwise specified herein, the Analysts have not received any compensation or any other benefits from the subject companies in the past 12 months and have not been promised the same in connection with this report. No part of the compensation of the Analysts was, is, or will be directly or indirectly related to the specific recommendations or views contained in this report but, like all employees of Mirae Asset Daewoo, the Analysts receive compensation that is determined by overall firm profitability, which includes revenues from, among other business units, the institutional equities, investment banking, proprietary trading and private client division. At the time of publication of this report, the Analysts do not know or have reason to know of any actual, material conflict of interest of the Analyst or Mirae Asset Daewoo except as otherwise stated herein.

Disclaimers This report is published by Mirae Asset Daewoo, a broker-dealer registered in the Republic of Korea and a member of the Korea Exchange. Information and opinions contained herein have been compiled in good faith and from sources believed to be reliable, but such information has not been independently verified and Mirae Asset Daewoo makes no guarantee, representation or warranty, express or implied, as to the fairness, accuracy, completeness or correctness of the information and opinions contained herein or of any translation into English from the Korean language. In case of an English translation of a report prepared in the Korean language, the original Korean language report may have been made available to investors in advance of this report. The intended recipients of this report are sophisticated institutional investors who have substantial knowledge of the local business environment, its common practices, laws and accounting principles and no person whose receipt or use of this report would violate any laws and regulations or subject Mirae Asset Daewoo and its affiliates to registration or licensing requirements in any jurisdiction shall receive or make any use hereof. This report is for general information purposes only and it is not and shall not be construed as an offer or a solicitation of an offer to effect transactions in any securities or other financial instruments. The report does not constitute investment advice to any person and such person shall not be treated as a client of Mirae Asset Daewoo by virtue of receiving this report. This report does not take into account the particular investment objectives, financial situations, or needs of individual clients. The report is not to be relied upon in substitution for the exercise of independent judgment. Information and opinions contained herein are as of the date hereof and are subject to change without notice. The price and value of the investments referred to in this report and the income from them may depreciate or appreciate, and investors may incur losses on

Mirae Asset Daewoo Research 6 July 28, 2017 NAVER

investments. Past performance is not a guide to future performance. Future returns are not guaranteed, and a loss of original capital may occur. Mirae Asset Daewoo, its affiliates and their directors, officers, employees and agents do not accept any liability for any loss arising out of the use hereof. Mirae Asset Daewoo may have issued other reports that are inconsistent with, and reach different conclusions from, the opinions presented in this report. The reports may reflect different assumptions, views and analytical methods of the analysts who prepared them. Mirae Asset Daewoo may make investment decisions that are inconsistent with the opinions and views expressed in this research report. Mirae Asset Daewoo, its affiliates and their directors, officers, employees and agents may have long or short positions in any of the subject securities at any time and may make a purchase or sale, or offer to make a purchase or sale, of any such securities or other financial instruments from time to time in the open market or otherwise, in each case either as principals or agents. Mirae Asset Daewoo and its affiliates may have had, or may be expecting to enter into, business relationships with the subject companies to provide investment banking, market-making or other financial services as are permitted under applicable laws and regulations. No part of this document may be copied or reproduced in any manner or form or redistributed or published, in whole or in part, without the prior written consent of Mirae Asset Daewoo.

Distribution United Kingdom: This report is being distributed by Mirae Asset Securities (UK) Ltd. in the United Kingdom only to (i) investment professionals falling within Article 19(5) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005 (the “Order”), and (ii) high net worth companies and other persons to whom it may lawfully be communicated, falling within Article 49(2)(A) to (E) of the Order (all such persons together being referred to as “Relevant Persons”). This report is directed only at Relevant Persons. Any person who is not a Relevant Person should not act or rely on this report or any of its contents. United States: This report is distributed in the U.S. by Mirae Asset Securities (USA) Inc., a member of FINRA/SIPC, and is only intended for major institutional investors as defined in Rule 15a-6(b)(4) under the U.S. Securities Exchange Act of 1934. All U.S. persons that receive this document by their acceptance thereof represent and warrant that they are a major institutional investor and have not received this report under any express or implied understanding that they will direct commission income to Mirae Asset Daewoo or its affiliates. Any U.S. recipient of this document wishing to effect a transaction in any securities discussed herein should contact and place orders with Mirae Asset Securities (USA) Inc., which accepts responsibility for the contents of this report in the U.S. The securities described in this report may not have been registered under the U.S. Securities Act of 1933, as amended, and, in such case, may not be offered or sold in the U.S. or to U.S. persons absent registration or an applicable exemption from the registration requirements. Hong Kong: This document has been approved for distribution in Hong Kong by Mirae Asset Securities (HK) Ltd., which is regulated by the Hong Kong Securities and Futures Commission. The contents of this report have not been reviewed by any regulatory authority in Hong Kong. This report is for distribution only to professional investors within the meaning of Part I of Schedule 1 to the Securities and Futures Ordinance of Hong Kong (Cap. 571, Laws of Hong Kong) and any rules made thereunder and may not be redistributed in whole or in part in Hong Kong to any person. All Other Jurisdictions: Customers in all other countries who wish to effect a transaction in any securities referenced in this report should contact Mirae Asset Daewoo or its affiliates only if distribution to or use by such customer of this report would not violate applicable laws and regulations and not subject Mirae Asset Daewoo and its affiliates to any registration or licensing requirement within such jurisdiction.

Mirae Asset Daewoo Research 7 July 28, 2017 NAVER

Mirae Asset Daewoo International Network

Mirae Asset Daewoo Co., Ltd. (Seoul) Mirae Asset Securities (HK) Ltd. Mirae Asset Securities (UK) Ltd. Global Equity Sales Team Suites 1109-1114, 11th Floor 41st Floor, Tower 42 Mirae Asset Center 1 Building Two International Finance Centre 25 Old Broad Street, 26 Eulji-ro 5-gil, Jung-gu, Seoul 04539 8 Finance Street, Central London EC2N 1HQ Korea Hong Kong United Kingdom China Tel: 82-2-3774-2124 Tel: 852-2845-6332 Tel: 44-20-7982-8000

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Mirae Asset Daewoo Research 8