December 4, 2018

Korea Morning Focus

Company News & Analysis Major Indices Close Chg Chg (%) ABL Bio (Not Listed/Not Rated) KOSPI 2,131.93 35.07 1.67 A bispecific antibody developer with proven capabilities KOSPI 200 276.18 4.83 1.78 KOSDAQ 709.46 13.70 1.97

Sector News & Analysis Turnover ('000 shares, Wbn) Volume Value Telecom Service (Overweight) KOSPI 428,909 5,431 5G: An extension of LTE KOSPI 200 86,762 4,050 KOSDAQ 538,785 3,003

Economy & Strategy Update Market Cap (Wbn) BOK Monitor Value Dissipation of event risks KOSPI 1,427,529 KOSDAQ 237,940

KOSPI Turnover (Wbn) Buy Sell Net Foreign 1,789 1,467 323 Institutional 1,231 1,098 133 Retail 2,404 2,858 -454

KOSDAQ Turnover (Wbn) Buy Sell Net Foreign 327 296 31 Institutional 233 147 86 Retail 2,453 2,558 -105

Program Buy / Sell (Wbn) Buy Sell Net KOSPI 1,441 1,222 219 KOSDAQ 225 146 79

Advances & Declines Advances Declines Unchanged KOSPI 648 186 60 KOSDAQ 960 248 66

KOSPI Top 5 Most Active Stocks by Value (Wbn) Price (W) Chg (W) Value Electronics 43,250 1,400 500 KODEX KOSDAQ150 13,215 810 319 LEVERAGE KODEX LEVERAGE 12,435 415 251 Hynix 70,500 900 190 SEMCO 125,500 5,000 185

KOSDAQ Top 5 Most Active Stocks by Value (Wbn) Price (W) Chg (W) Value SillaJen 77,600 6,900 232 VESPA 30,000 -3,400 75 Posco Chemtech 66,300 -1,400 73 Healthcare 79,800 1,100 68 Daea TI 8,510 30 68 Note: As of December 03, 2018 Mirae Asset Daewoo Research This document is a summary of a report prepared by Mirae Asset Daewoo Co., Ltd. (“Mirae Asset Daewoo”) and published on our website. Please review the compliance notices contained in the original report. Information and opinions contained herein have been compiled in good faith from sources deemed to be reliable. However, the information has not been independently verified. Mirae Asset Daewoo makes no guarantee, representation or warranty, express or implied, as to the fairness, accuracy or completeness of the information and opinions contained in this document. Mirae Asset Daewoo accepts no responsibility or liability whatsoever for any loss arising from the use of this document or its contents or otherwise arising in connection therewith. Information and opinions contained herein are subject to change without notice. This document is for informational purposes only. It is not and should not be construed as an offer or solicitation of an offer to purchase or sell any securities or other financial instruments. This document may not be reproduced, further distributed or published in whole or in part for any purpose.

ABL Bio (Not Listed/Not Rated) A bispecific antibody developer with proven Biotech capabilities  ABL Bio is a bispecific antibody developer with an extensive pipeline Issue Comment  Bispecific antibody is a newly emerging market attracting massive investments from big December 4, 2018 pharmas  ABL Bio’s key strengths are its extensive pipeline and large number of licensing deals

Mirae Asset Daewoo Co., Ltd. A bispecific antibody developer with extensive pipeline [ Biotech/Healthcare] ABL Bio is a bispecific antibody developer set to go public on KOSDAQ on December 19th.

Taehee Kim Bispecific antibodies, which bind two different targeted antigens simultaneously, are +822-3774-6813 considered a more effective therapy than monoclonal antibodies. ABL Bio has a number of candidates in its pipeline based on its bispecific antibody platform technologies and focuses [email protected] on treatments for cancer and neurodegenerative diseases.

Seunglok Huh +822-3774-1374 The IPO price range has been set at W13,000 to W17,000, implying a market value of [email protected] W588.9bn to W770.2bn (including stock options exercisable within a year). The company plans to raise W78bn to W102bn in the IPO, most of which will be used for R&D and working capital.

A newly emerging market attracting massive investments from big pharmas The bispecific antibody market has only recently begun to take off. There are still no drugs generating meaningful sales, but the market is expected to grow to US$5.8bn by 2024, driven by Amgen’s acute lymphoblastic leukemia treatment Blincyto (which targets CD19 of B-cells and CD3 of T cells) and Roche’s hemophilia treatment Hemlibra (which targets coagulation factors IX and X). Global pharmas have also shown strong interest in bispecific antibodies. Bispecific antibodies have attracted around US$110bn from major pharmas in licensing deals this year—the fourth largest investment by candidate type, following small molecules, monoclonal antibodies, and gene therapies. Since 2017, Merck, Amgen, Janssen, and Genentech have licensed bispecific antibody technologies for more than US$1bn each (Table 4). Licensing deals for bispecific antibodies are generally made during the development or preclinical stage (rather than during phase 1 or 2 trials). Looking at the seven bispecific antibody deals made by big pharmas since 2016, three of them were concluded during the development stage, while the remaining four were signed during the preclinical stage. It is also interesting to note that, despite being in the early stages of development, each bispecific antibody candidate has fetched a value of around W300bn on average.

FY (Dec.) 2016 2017 2018F 2019F Revenue (Wbn) - 0.1 5.7 9.6 OP (Wbn) -3.5 -9.7 -17.4 -18.9 OP margin (%) - - - - NP (Wbn) -13.7 -74.7 -110.6 -18.9 EPS (W) -712 -3,890 -2,443 -418 ROE (%) - - - - P/E (x) - - - - P/B (x) - - - - Dividend yield (%) - - - - Note: All figures are based on non-consolidated K-IFRS Source: Company data, Mirae Asset Daewoo Research estimates

Analysts who prepared this report are registered as research analysts in Korea but not in any other jurisdiction, including the U.S. PLEASE SEE ANALYST CERTIFICATIONS AND IMPORTANT DISCLOSURES & DISCLAIMERS IN APPENDIX 1 AT THE END OF REPORT.

December 4, 2018 ABL Bio

Figure 1. Bispecific antibody diagram Figure 2. Deal values by candidate type (2018 YTD)

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

Figure 3. Bispecific antibody market forecasts Figure 4. Hemlibra’s sales forecasts

(USD bn) 이중항체 (USD bn) Hemlibra 7 4.0 5.8 6 3.5

5 4.6 3.0 2.5 4 3.6 2.0 3 2.6 1.5 2 1.7 1.1 1.0 1 0.5 0.5 0.1 0.2 0 0.0 2016 2018F 2020F 2022F 2024F 2017 2018F 2019F 2020F 2021F 2022F 2023F 2024F

Source: GlobalData, Mirae Asset Daewoo Research Source: GlobalData, Mirae Asset Daewoo Research

Key strengths: Extensive pipeline and various licensing deals

Key strengths: 1) An extensive pipeline built on platform technologies

One of ABL Bio’s biggest strengths is its extensive pipeline built upon its bispecific antibody platform technologies. Within bispecific antibody combinations, the company focuses on T- cell engagement and dual targeting and has strengths in oncology therapies for blood, gastric, ovarian, and colon cancers. The company has developed a bispecific antibody with high penetration of blood-brain barriers (BBB), which is currently in a non-clinical study as a potential treatment for Parkinson’s and Alzheimer’s. The company is also developing an antibody-drug conjugate (ADC) for the treatment of cancer in collaboration with LegoChem Biosciences.

Mirae Asset Daewoo Research December 4, 2018 ABL Bio

Table 1. ABL Bio’s pipeline Program Indication Stage Notes Antibodies for Gastric/ovarian/colon cancer Phase 1 angiogenesis inhibition /monoclonal antibodies Brain tumor In vivo efficacy & POC Licensed to TRIGR for oncology Brain tumor Antibody search Licensed to TRIGR Gastric/breast/hematologic In vivo efficacy Licensed to TRIGR cancer T cell engager bispecific Hematologic cancer In vivo efficacy Licensed to TRIGR antibodies Breast cancer (triple Antibody search Licensed to TRIGR negative) Hematologic cancer/solid In vivo efficacy Licensed to Dong-A ST tumor Colon/breast/gastric cancer In vivo efficacy Licensed to Bispecific antibodies for Solid tumor 1 In vivo efficacy Licensed from I-Mab cancer immunotherapy Solid tumor 2, 3 In vivo efficacy Collaboration with I-Mab

Solid tumor 4 Antibody search Collaboration with I-Mab

Immuno-oncology Colon/renal/ovarian cancer In vivo efficacy Triple-negative Antibody search breast/ovarian/liver cancer Collaboration with Genome & Solid tumor Antibody discovery Company Bispecific antibodies for neurodegenerative Parkinson’s Nonclinical With BBB-penetration diseases Alzheimer’s Antibody discovery With BBB-penetration Hematologic cancer, solid In vivo efficacy & cell line Collaboration with LegoChem ADC tumor development Biosciences Collaboration with LegoChem Solid tumor Antibody search Biosciences Source: Company data, Mirae Asset Daewoo Research

Key strengths: 2) Strong capabilities proven by large number of licensing deals

ABL Bio also boasts robust technology, as proven by its large number of licensing deals. The company has signed five licensing agreements this year alone. This includes partnerships with top domestic drugmakers Dong-A ST and Yuhan, and two massive contracts worth US$546mn (July) and US$595mn (November), respectively, with US-based TRIGR Therapeutics. The July deal with TRIGR Therapeutics was for five assets, while the November deal was for ABL001, a bispecific antibody targeting VEGF and DLL4.

Table 2. ABL Bio’s licensing deals Date of Counterparty Milestone Amount received Stage contract Under Dong-A ST 1/24/18 development Under TRIGR Therapeutics US$546mn US$4.3mn 7/30/18 development Under Dt&SanoMedics 8/22/18 development Under Yuhan W59bn W0.2bn 9/10/18 development TRIGR Therapeutics US$595mn US$5mn Domestic Phase 1 11/30/18 Source: Company data, Mirae Asset Daewoo Research

Mirae Asset Daewoo Research December 4, 2018 ABL Bio

Table 3. P/L details in registration statement (Wbn) 2017 2018F 2019F 2020F 2021F 2022F

Operating revenue 0.1 5.7 9.6 27.8 56.4 123.8 Operating expenses 9.7 23.1 28.5 28.4 30.3 38.1 Operating profit -9.7 -17.4 -18.9 -0.5 26.1 85.6 Non-operating income -65.1 -93.2 0.0 0.0 0.0 0.0 Pretax profit -74.7 -110.7 -18.9 -0.5 26.1 85.6 Net profit -74.7 -110.7 -18.9 -0.5 26.1 85.6 Source: Company data, Mirae Asset Daewoo Research

Table 4. Bispecific antibody licensing deals by big pharmas Contract Licensee Licensor Deal value (upfront) Indication Stage Note date Innate Under Sanofi US$440mn Cancer Two candidates 1/10/16 Pharma development Janssen MacroGenics US$740mn (US$75mn) Cancer Preclinical One candidate 5/18/16 US$470mn Incyte Merus NV Cancer Preclinical Eight candidates 12/20/16 (US$120mn) US$1.13bn Merck F-star Biotech Cancer Preclinical Five candidates 6/4/17 (US$130mn) Probody Amgen CytomX US$1.47bn (US$40mn) Cancer Preclinical 10/3/17 technology Under Janssen Zymeworks US$1.45bn (US$50mn) Cancer Six candidates 11/13/17 development Under Genentech Affimed US$1.2bn (US$96mn) Cancer ROCK technology 8/27/18 development Source: Mirae Asset Daewoo Research

Mirae Asset Daewoo Research

Telecom Service Overweight (Maintain)

5G: An extension of LTE

 5G will be used initially to address growing data usage  Continued increase in data usage is key to early success of 5G Issue Comment  5G to benefit SKT the most by easing network pressures December 4, 2018

The initial challenges of 3G are unlikely to be repeated in 5G

Mirae Asset Daewoo Co., If the past examples of 3G and 4G (LTE) network rollouts are any guide, one might expect [Telecom Service/Robotics] the commercialization of 5G to face some initial challenges before key applications like autonomous driving and VR can be widely adopted. But on closer examination, there are big Hakmoo Lee differences between 5G and previous networks. The main objective of 3G was to reorient +822-3774-1785 [email protected] mobile services from voice/text to data, which required new services and handset innovation. The lack of such services and handsets was viewed as the main reason mobile

operators experienced difficulties during the early stages of 3G rollout.

From this perspective, we believe 5G is unlikely to repeat the initial challenges of 3G. The preceding LTE network mainly sought to provide faster data than 3G, and the goal of 5G is likewise to provide faster data. While 5G can support data speeds of up to 20Gbps, which at

this point seems largely unnecessary, it will begin with more reasonable data speeds of 1- 2Gbps. Therefore, we believe 5G will be used initially to meet demands for additional network capacity of existing LTE services. Steadily growing data usage to raise the need for 5G

Since the launch of LTE, data usage has been climbing steadily (adjusting for some seasonal factors). At the center of this rise are video services. Many users watch YouTube, Netflix, and mobile IPTV via their smartphones, but such mobile channels still account for less than 10% of overall pay TV. Half of all users who watch videos on these platforms do so on their PCs, and a large percentage of those who do watch them on their smartphones do not use LTE. Therefore, if 5G causes demand to move away from PCs and WiFi networks and captures some of the existing demand in traditional IPTV and cable, we think data usage could more than double from current levels.

Higher resolution should also contribute to increased data usage. Mobile videos were initially serviced in standard definition (SD) of 300,000 pixels, but the introduction of LTE has increased network speeds, leading to a sharp rise in the share of 1-megapixel high definition (HD) services. While there are some variations depending on viewing distance and screen size, users can generally tell the difference in resolution for 4-megapixel quad HD screens (based on smartphone). By supporting videos of higher image quality, we believe 5G will enhance consumer satisfaction and significantly boost data usage. No. 1 operator to benefit the most in the 5G era

From a short-term and practical perspective, we believe the biggest beneficiary of 5G’s introduction will be no. 1 mobile operator, SK Telecom (SKT). Given widespread access to telecom technologies, there is unlikely to be any noticeable difference among the three major telcos in terms of network rollout and service quality. That said, we think SKT will benefit the most in the near term. While the telco provides data speeds of 1Gbps on its LTE network, it has the biggest shortfall in network capacity due to its large subscriber base (24mn including MVNO).

Analysts who prepared this report are registered as research analysts in Korea but not in any other jurisdiction, including the U.S. PLEASE SEE ANALYST CERTIFICATIONS AND IMPORTANT DISCLOSURES & DISCLAIMERS IN APPENDIX 1 AT THE END OF REPORT.

BOK Monitor Dissipation of event risks

November MPC meeting Fixed Income Report The Bank of Korea (BOK) raised its key interest rate by 25bps, while two dissenters, Cho Dong-cheol and Shin In-seok, called for a rate freeze. In its monetary policy December 3, 2018 statement, the BOK said the Board “ will judge whether it is necessary to adjust its accommodative monetary policy stance further .” As for the economic outlook, the BOK projects the domestic economy to expand at a rate largely in line with the potential growth rate and believes inflation will run near the target level for the time being, Mirae Asset Daewoo Co., Ltd. before falling to the mid/upper-1% range . In the BOK’s assessment, the volatility of key price variables in the financial ma rkets has increased, while household debt has [Fixed Income Strategy ] expanded and the pace of housing price increases has slowed. At a press conference,

Hyeyoung Koo Governor Lee Ju-yeol made repeated reference to the stability of the financial markets +822 -3774 -1357 and the burden of the widening interest rate differential between the US and Korea. [email protected] The BOK implied that it is necessary to monitor whether household debt continues to climb and whether money flows are concentrated in a particular market. Min -hyung Kim +822 -3774 -1830 Rate was hiked to stabilize the market; time needed to confirm policy effects [email protected] We believe the Monetary Policy Committee’s (MPC) decision to raise its key rate reflects

a growing sense of urgency to ensure stability in the financial market. Notably, the decision came as the Composite Leading Indicators declined for a fifth consecutive month and the Composite Coincident Indicators fell for a seventh consecutive month . Therefore, before predicting the timing of the next rate hike, it is first necessary to monitor whether the rate of increase in household debt has begun to slow, and ultimately whether it can fall below the rate of household income growth. Market conditions not ripe for aggressive long play; limited downside to KTB yields

We expect vigilance about a potential BOK rate hike to subside for the time being, as investors turn their attention to financial market developments and the course of the economy in 1H19. We believe KTB yields have limited downside, as they have already declined on the low likelihood of further rate hikes taking place anytime soo n. Meanwhile, despite recent dovish remarks from Fed Chairman Jerome Powell, we do not look for a significant change in the pace of the Fed ’s rate hike campaign in 1H19. As such, we believe market conditions are not ripe for an aggressive long play.

Mirae Asset Daewoo Research Key Universe Valuations December 4, 2018

※All data as of close November 30, 2018, unless otherwise noted.

18F Earnings growth Mkt Cap Price P/E (x) P/B (x) ROE (%) Ticker Company Div Yield OP EPS (Wbn) (W) (%) 18F 19F 18F 19F 18F 19F 18F 19F 18F 19F 005930 277,636 43,250 3.3 20.1 -4.3 21.1 6.4 6.6 6.2 1.3 1.1 21.2 19.1 000660 SK Hynix 51,324 70,500 1.4 62.1 -14.3 54.8 -13.6 3.1 3.6 1.0 0.8 39.6 25.3 068270 Celltrion 30,172 240,500 - - - - 0.0 0.0 051910 LG Chem 25,766 365,000 1.6 -19.3 2.1 -16.4 5.8 17.6 16.6 1.6 1.5 9.8 9.7 017670 SK Telecom 22,770 282,000 3.5 -15.6 19.9 39.4 10.6 6.3 5.7 0.9 0.8 18.2 16.9 005490 POSCO 22,625 259,500 3.1 19.3 3.5 21.5 10.4 6.7 6.0 0.5 0.4 7.6 7.9 035420 NAVER 20,766 126,000 0.2 -19.1 28.1 -14.6 21.9 31.5 25.8 3.2 2.8 13.0 14.0 028260 Samsung C&T 20,012 105,500 1.9 26.8 7.7 96.0 2.2 16.1 15.7 0.8 0.7 5.4 5.2 034730 SK Holdings 19,771 281,000 1.6 3.9 6.3 30.1 -2.9 9.1 9.4 1.2 1.1 14.7 12.4 055550 19,750 41,650 19.0 4.5 13.5 4.2 6.0 5.7 0.6 0.5 9.7 9.3 105560 KB Financial Group 19,735 47,200 22.2 5.2 7.7 4.3 5.5 5.2 0.5 0.5 10.3 10.0 015760 KEPCO 19,098 29,750 - - - - - 19.2 0.3 0.3 - 1.4 096770 SK Innovation 18,817 203,500 3.9 -4.4 -13.8 -10.0 -0.3 10.1 10.1 1.0 0.9 10.4 10.0 032830 Samsung Life 17,440 87,200 - - - - 0.0 0.0 018260 Samsung SDS 15,398 199,000 1.3 18.6 13.8 22.7 12.9 23.7 21.0 2.6 2.3 11.3 11.7 006400 Samsung SDI 15,197 221,000 0.5 528.1 51.9 10.0 67.3 21.5 12.9 1.3 1.2 6.2 9.7 033780 KT&G 14,210 103,500 3.9 -15.3 17.9 -16.6 11.2 14.6 13.2 1.8 1.7 12.5 13.5 010950 S-Oil 12,947 115,000 3.1 -20.3 67.1 -46.0 103.8 19.9 9.8 1.9 1.7 9.8 18.6 000810 Samsung F&M 12,815 270,500 - - - - 0.0 0.0 003550 LG Corp. 12,493 72,400 1.8 0.5 8.3 -23.0 10.4 6.9 6.3 0.7 0.6 10.9 10.8 066570 LG Electronics 12,175 74,400 0.9 24.6 9.8 -5.8 21.8 8.3 6.8 0.9 0.8 11.6 12.6 091990 Celltrion Healthcare 11,214 79,800 -14.3 87.4 -8.7 33.6 69.7 52.1 6.0 5.6 9.0 11.1 086790 11,154 37,150 25.0 9.5 18.0 10.3 4.6 4.1 0.4 0.4 9.7 9.7 036570 NCsoft 10,849 494,500 1.5 8.6 38.6 3.3 39.9 23.8 17.0 3.4 3.0 15.9 19.5 251270 10,828 127,000 0.3 -44.5 36.2 -31.6 29.9 47.6 36.7 2.4 2.3 5.1 6.3 011170 Lotte Chemical 9,888 288,500 3.6 -25.5 -1.8 -19.0 3.5 5.4 5.3 0.8 0.7 14.9 13.8 035720 9,464 113,500 0.1 -38.4 40.3 -48.8 126.5 138.4 61.1 2.3 2.2 1.6 3.7 009150 Samsung Electro-Mechanics 9,374 125,500 0.6 272.0 37.4 331.3 37.0 14.0 10.2 1.9 1.7 15.4 18.0 024110 8,288 14,800 22.8 9.2 20.1 8.6 5.4 5.0 0.5 0.4 8.8 9.0 010130 Korea Zinc 8,161 432,500 2.3 -11.3 15.1 -7.3 25.1 14.0 11.2 1.3 1.2 9.6 11.3 030200 KT 7,925 30,350 3.3 3.6 0.3 62.4 16.1 10.2 8.8 0.6 0.5 6.3 6.8 032640 LG Uplus 7,837 17,950 3.1 3.9 10.2 2.0 11.4 14.0 12.6 1.2 1.1 9.3 8.9 034220 LG Display 6,476 18,100 2.8 ------0.5 0.5 - - 000720 Hyundai E&C 6,425 57,700 0.9 -1.6 15.1 114.8 18.3 14.8 12.5 1.0 0.9 6.6 7.6 004020 6,132 45,950 1.6 1.1 2.5 8.3 7.0 7.9 7.4 0.4 0.3 4.6 4.7 023530 Lotte Shopping 6,082 215,000 2.4 30.3 26.6 - 657.1 78.6 10.4 0.5 0.5 0.6 4.6 139480 Emart 5,408 194,000 0.9 -2.2 11.2 -17.9 -4.5 10.7 11.2 0.6 0.6 6.1 5.6 128940 5,158 453,000 0.1 3.0 97.1 -7.8 114.0 92.6 43.3 6.6 5.8 7.6 14.6 097950 CJ CheilJedang 5,058 336,000 0.9 7.6 9.9 136.6 -65.7 5.6 16.2 1.1 1.0 23.3 6.6 036460 KOGAS 4,865 52,700 1.9 24.0 9.2 - 8.2 8.1 7.5 0.6 0.5 7.4 7.4 005830 DB Insurance 4,744 67,000 - - - - 0.0 0.0 086280 4,613 123,000 2.4 -5.2 6.0 -37.1 31.6 10.8 8.2 1.1 1.0 10.5 12.8 271560 Orion 4,408 111,500 0.5 152.4 4.0 29.5 18.9 26.4 22.2 3.0 2.7 12.1 12.9 005940 NH Investment & Securities 4,038 14,350 - - - - 0.0 0.0 003670 POSCO Chemtech 3,916 66,300 0.5 -10.4 17.2 26.9 11.2 29.8 26.8 5.3 4.5 19.0 18.3 071050 Korea Investment Holdings 3,895 69,900 - - - - 0.0 0.0 088350 Hanwha Life 3,865 4,450 - - - - 0.0 0.0 028050 3,812 19,450 354.8 42.5 - 26.1 25.1 19.9 3.3 2.8 14.0 15.4 029780 Samsung Card 3,754 32,400 -36.1 -14.2 -9.7 -11.8 10.7 12.2 0.5 0.5 1.5 1.3 012750 S1 3,713 97,700 2.8 2.4 5.3 5.2 5.2 24.6 23.4 2.9 2.7 12.1 12.0 Source: Mirae Asset Daewoo Research

Mirae Asset Daewoo Research Market Data December 4, 2018

※All data as of close December 03, 2018, unless otherwise noted.

Other Major Indices Economic Indicators Close Net Chg 1D (%) YTD (%) Close 1D ago 1M ago 1Y ago MSCI Korea* 442.47 -5.88 -1.31 -20.16 USD/KRW 1,120.30 1,121.80 1,138.80 1,085.10 KOSPI 2,131.93 35.07 1.67 -14.02 JPY100/KRW 984.40 988.98 1,010.96 963.16 KOSDAQ 709.46 13.70 1.97 -12.68 EUR/KRW 1,269.36 1,277.67 1,298.97 1,291.00 Dow Jones* 25,538.46 199.62 0.79 2.88 3Y Treasury 1.92 1.90 1.98 2.08 S&P 500* 2,760.17 22.41 0.82 2.39 3Y Corporate 2.39 2.37 2.43 2.64 NASDAQ* 7,330.54 57.46 0.79 4.62 DDR2 1Gb* 1.20 1.20 1.18 1.28 Philadelphia Semicon* 1,239.60 18.17 1.49 -3.74 NAND 16Gb* 2.81 2.81 2.82 2.91 FTSE 100* 6,980.24 -58.71 -0.83 -8.73 Oil (Dubai)* 59.02 58.30 76.18 60.82 Nikkei 225 22,574.76 223.70 1.00 -3.96 Gold* 1,220.20 1,224.10 1,225.30 1,273.20 Hang Seng* 26,506.75 55.72 0.21 -13.14 Customer deposits (Wbn)* 22,668 22,930 24,878 26,060 Taiwan (Weighted) 10,137.87 249.84 2.53 -5.35 Equity type BC (Wbn)(Nov. 29) 83,609 83,498 80,712 73,091 Note: * as of November 30, 2018 Source: KSDA, Wisefn, DRAMeXchange, MSCI

KOSPI Top 10 Foreign Net Buy / Net Sell (Wbn) KOSPI Top 10 Institutional Net Buy / Net Sell (Wbn) Net Buy Net Sell Net Buy Net Sell Samsung Electronics 144.95 KODEX 200 28.76 KODEX KOSDAQ150 LEVERAGE 39.44 Samsung Electronics 44.16 Hynix 43.44 SK Telecom 22.23 KODEX 200 32.13 Hynix 29.48 Honam Petrochemical 41.05 Hana Financial Group 21.82 Samsung SDI 24.25 Korean Air Lines 16.46 LG Chem 40.87 19.36 SEMCO 20.83 KB Financial Group 13.98 Samsung SDI 21.61 Doosan Bobcat 10.67 LG Chem 17.94 NHN 11.78 LG Household & Health Care 17.10 NCsoft 10.32 KODEX LEVERAGE 16.43 Netmarble 10.97 POSCO 16.79 TIGER200 9.44 POSCO 15.99 Lotte Shopping 6.20 Korean Air Lines 14.18 Celltrion 8.11 Hyundai Elevator 14.32 Shinhan Financial Group 5.92 HYUNDAI ROTEM 12.33 KT&G 7.24 Hyundai Steel 13.39 KODEX INVERSE 5.12 Shinhan Financial Group 7.06 KOREA 6.10 HYUNDAI ROTEM 12.46 Hotel Shilla 4.79 Source: KSDA, Wisefn

KOSDAQ Top 10 Foreign Net Buy / Net Sell (Wbn) KOSDAQ Top 10 Institutional Net Buy / Net Sell (Wbn) Net Buy Net Sell Net Buy Net Sell SillaJen 17.42 Posco Chemtech 15.03 SillaJen 20.48 VESPA 13.57 Medy-tox 6.37 Celltrion Healthcare 11.56 Celltrion Healthcare 10.64 Posco Chemtech 5.80 Jenexine 4.10 6.28 Medy-tox 9.67 Crystal New Material 1.87 BH,LTD. 3.30 Hugel 3.13 HLB 7.31 IDIS 1.82 ViroMed 2.98 Toptec 2.57 ViroMed 6.65 Dongjin Semichem 1.75 Diostech 2.43 CJ O Shopping 2.31 Hugel 6.36 SM 1.68 ENZYCHEM LSC 2.31 NEPES AMC 1.93 Jenexine 6.19 WING YIP FOOD 1.56 Nexen Tech 2.21 Modetour Network 1.89 Com2us 3.16 L&C BIO 1.52 HLB 2.01 Cell Biotech 1.83 Kolon Life Science 2.42 PearlAbyss 1.38 Samjung Packing & Aluminum 1.97 Sam Chun Dang Pharm 1.51 BH,LTD. 2.32 Jtuen Entertainment 1.34 Source: KSDA, Wisefn

KOSPI Top 10 by Market Cap (Wbn) KOSDAQ Top 10 by Market Cap (Wbn) Close (W) Chg (W) Mkt Cap Close (W) Chg (W) Mkt Cap Samsung Electronics 43,250 1,400 277,636 Celltrion Healthcare 79,800 1,100 11,214 Hynix 70,500 900 51,324 SillaJen 77,600 6,900 5,418 Samsung Electronics (P) 35,000 1,250 31,627 CJ O Shopping 234,000 1,000 5,131 Celltrion 240,500 1,000 30,172 Posco Chemtech 66,300 -1,400 3,916 LG Chem 365,000 19,500 25,766 HLB 89,100 4,600 3,484 Hyundai Motor 108,500 1,500 23,183 Medy-tox 594,200 30,800 3,361 SK Telecom 282,000 -7,500 22,770 ViroMed 206,200 8,900 3,290 POSCO 259,500 12,000 22,625 Studio Dragon 109,000 700 3,056 334,500 0 22,132 Kolon TissueGene 42,500 600 2,591 NHN 126,000 -500 20,766 PearlAbyss 193,300 1,300 2,502 Source: