[Korea] Entertainment May 6, 2021

HYBE Corporation Buy (352820 KS ) (Maintain)

Foreign buying is happening for a reason TP: W340,000 Upside: 42.0%

Mirae Asset Securities Co., Ltd. Jeong -yeob Park [email protected]

1Q21 review : Above our Revenue of W178.3bn (+28.7% YoY), OP of W21.7bn (+9.2% YoY) expectations and in line with ó While there were no offline performances or releases (except for TXT in Japan) in the consensus quarter, merchandising/licensing revenue was strong. ó Direct revenue was W67.5bn (-24.1% YoY), not far off from our estimate (W70.8bn), affected by a lull in artist activities. Indirect revenue surprised at W110.8bn (+123.4% YoY), as merchandising sales remained steady even in the absence of activities. ó Despite a 12%p QoQ rise in the indirect revenue mix, OP margin declined to 12.2% (-2.2%p YoY, -5.6% QoQ). This was largely due to the absence of activities and one-off expenses related to the company’s office relocation, name change, and M&A, and is thus not a cause for concern.

Establishing no. 1 platform Global fan platforms: Pioneering the development of fandom communities and position artist/celebrity merchandising market ó In 2020, recorded revenue of W219.1bn (+180% YoY) and operating profit of W15.6bn (turning to profit YoY). MAU in 1Q21 reached 4.9mn. ó Platform indicators to improve: With the resumption of label activities in 2Q21 and the upcoming inclusion of Ithaca Holdings/YG Entertainment artists, we expect Weverse/Weverse Shop traffic to improve in both quantity and quality (increases in MAU and ARPPU). Expectations outweigh concerns in the long run: Artist activities to resume ó In 2Q21, BTS will release a new single (“Butter”; May 21), and TXT, , NU'EST, and Seventeen will resume album activities. ó Ithaca Holdings will be consolidated from 2Q21. Offline live performances could resume in 2H21 or be replaced by online shows if necessary. ó That said, higher costs related to labor, acquisition, and new talent development should limi t the extent of improvement in quarterly and full-year OP margins. ó The company dismissed the possibility of selling its equity stake in (label), confirming its commitment to maintaining the independence of its multi-label system.

Valuation and recommendation Focus on imminent no. 1 platform status and income model expandability ó We reaffirm our Buy rating on HYBE Corporation with a target price of W340,000, which is based on a P/E of 60x and our 2021-22F average net profit attributable to owners of the parent. ó We continue to believe that the company can be compared to Nasdaq-listed social network/content platforms and deserves a multiple consistent with these peers. ó User inflow following new artist inclusion could trigger significant upside.

Key data

Current price (5/4/21, W) 239,500 Market cap (Wbn) 8,532 160 HYBE Corporation KOSPI 140 OP (21F, Wbn) 260 Shares outstanding (mn) 39 120 Consensus OP (21F, Wbn) 244 Free float (%) 41.5 100 EPS growth (21F, %) 70.4 Foreign ownership (%) 8.6 80 P/E (21F, x) 50.0 Beta (12M) 1.48 60 40 Market P/E (21F, x) 12.0 52-week low (W) 140,580 5.20 9.20 1.21 5.21 KOSPI 3,147.37 52-week high (W) 273,240

Share performance Earnings and valuation metrics (%) 1M 6M 12M (Dec.) 2018 2019 2020 2021F 2022F Absolute -0.4 62.4 0.0 Revenue (Wbn) 301 587 796 1,323 1,862 Relative -1.5 21.6 0.0 OP (Wbn) 80 99 146 260 381

OP margin (%) 26.6 16.9 18.3 19.7 20.5 NP (Wbn) -70 74 86 180 254 EPS (W) -2,536 2,574 2,811 4,791 6,559 ROE (%) -80.8 56.5 12.5 14.0 16.9 P/E (x) - - 56.3 50.0 36.5 P/B (x) - - 4.8 6.7 5.7 Div. yield (%) - - 0.0 0.0 0.0 Notes: Under consolidated K-IFRS; NP is attributable to owners of the parent Source: Company data, Mirae Asset Securities Research estimat es Analysts who prepared this report are registered as research analysts in Korea but not in any other jurisdiction, including t he US. PLEASE SEE ANALYST CERTIFICATIONS AND IMPORTANT DISCLOSURES AND DISCLAIMERS IN APPENDIX 1 AT THE END OF REPORT. May 6, 2021 HYBE Corporation

Valuation and earnings forecasts

Table 1. HYBE: TP calculation (Wbn)

Valuation (P/E) 20 21F 22F 21F-22F avg. Notes No. of shares increased 8.7% Target market value 13,010 13,010 13,010 13,010 due to rights offering NP 86 180 254 217 Target P/E 151.8 72.4 51.2 60.0 Global peer group P/E Fair price (W) 336,058 336,058 336,058 336,058 TP: W340,000 (42.0% upside) Note: Reflected increase in no. of shares due to rights offering Source: Mirae Asset Securities Research estimates

Table 2. HYBE: Quarterly and annual earnings (Wbn, %, mn copies) 1Q20 2Q20 3Q20 4Q20 1Q21P 2Q21F 3Q21F 4Q21F 2019 2020 2021F 2022F Revenue 139 155 190 312 178 279 324 542 587 796 1,323 1,862 Direct 89 64 64 155 68 90 83 189 319 371 430 771 % of revenue 64.2 41.5 33.7 49.5 37.9 32.3 25.6 35.0 54.4 46.6 32.5 41.4 81 52 47 141 54 76 69 124 108 321 323 452 Live performances 0 1 3 0 0 0 0 50 191 3 50 250 Ads/appearance fees 8 11 14 14 13 14 14 16 20 47 57 68 Indirect 50 91 126 158 111 139 181 302 268 425 733 1,092 % of revenue 35.8 58.5 66.3 50.5 62.1 49.8 55.9 55.8 45.6 53.4 55.4 58.6 Merchandise/licensing 34 57 100 67 65 78 101 151 170 259 395 592 Content 8 27 16 81 37 52 70 140 78 133 300 450 Other (fan club, etc.) 7 7 10 10 9 9 10 10 20 33 39 50 Ithaca, etc. 0 0 0 0 0 50 60 50 0 0 160 240 OP 20 30 40 56 22 45 66 127 99 146 260 381 OP margin 14.4 19.2 21.1 17.8 12.2 16.0 20.3 23.5 16.8 18.3 19.6 20.5 NP 21 26 38 42 24 47 68 130 0 126 269 386 Net margin 14 18 25 29 16 32 46 86 74 86 180 254 YoY 10.1 11.5 13.3 9.1 8.8 11.4 14.1 15.9 12.6 10.8 13.6 13.6 Revenue Direct NA NA NA NA 28.7 79.5 70.6 73.4 94.9 35.6 66.1 40.8 Indirect NA NA NA NA -24.1 39.5 29.8 22.5 54.0 16.1 15.9 79.2 OP NA NA NA NA 123.4 52.9 43.6 91.6 185.1 58.9 72.3 48.9 NP NA NA NA NA 9.2 49.3 63.9 129.1 23.5 47.4 78.3 46.9 Key assumptions NA NA NA NA 12.3 78.2 81.4 202.3 TTB 16.2 109.7 41.3 Album sales Revenue 4.5 0.8 0.6 4.4 1.7 2.5 2.0 4.0 6.6 10.3 10.2 13.3 Source : Company data, Mirae Asset Securities Research estimates

Table 3. HYBE: Earnings forecast revisions (Wbn , %) Previous Revised % chg. Notes 21F 22F 21F 22F 21F 22F Revenue 1,115 1,701 1,323 1,862 18.7 9.5 - Reflected Ithaca Holdings acquisition effects OP 232 374 260 381 11.9 1.9 NP 159 269 180 254 13.1 -5.6 - Higher labor costs and one -off expenses (M&A, OP margin 20.9 22.0 19.6 20.5 -1.3 -1.5 office relocation, etc.) Net margin 14.2 15.8 13.6 13.6 -0.6 -2.2 Source: Mirae Asset Securities Research

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Figure 1. 2021F P/E comparison: HYBE appeals to millennials and Gen Z

(x) 80 Global platforms appealing to millennials and Gen Z are suitable comps given HYBE's status as the industry’s 298.3 614.1 leading fan platform operator 60

40

20

0 Facebook Snap Netflix Match Bumble HYBE YG Ent. JYP Ent. SM Ent. WMG Group Social networking/content/platform Fan platform Entertainment/content

Source : Bloomberg , Mirae Asset Securities Research

Table 4. Comparison of Weverse with other global platforms (mn , Wtr , W. x) Marke 20 21F Market cap Revenue 20 21F 20 21F Platform type Similarities with Weverse Company Users t cap revenue per user per user P/S P/E Fan community - Weverse 35 8.6 1.2 245,714 34,286 7.0 50.6 Social networking Content sourcing: Free user-generated content Facebook 2,797 1,016.4 128.4 363,389 45,906 7.9 22.8 Business model: Channeling user traffic to commerce sites Twitter 330 48.9 5.4 148,182 16,212 9.1 69.5 User demographics: Mostly millennials and Gen Z-ers Snap 265 95.7 4.4 361,132 16,453 21.8 298.3 Business model: ( Subscription fees ) - (fixed cost of content Content Netflix 208 251.2 33.2 1,207,692 159,615 7.5 46.5 production) ‰ Leverage Business model: ( Subscription fees ) - (platform/label profit Spotify 345 51.6 12.6 149,565 36,551 4.1 - sharing) ‰ Limited leverage Dating Value provided: Emotional fulfillment Match Group 67 42.2 3.2 629,851 47,463 13.2 65.8 Business model: Partial monetization Bumble 20 11.5 0.8 575,000 40,000 14.1 614.1 (tiered pricing depending on service) Note: User count is based on MAU (redundancies included) for HYBE ( + Weverse ); MAU for Facebook; 1Q19 MAU (recent data not released) for Twitter ; DAU for Snap ; paid subscribers for Netflix; subscribers for Match Group (Tinder); and MAU for Spotify/Bumble. Source : Company data , Bloomberg , Mirae Asset Securities Research estimates

Figure 2. Walt Disney’s market cap and major M&As: Corporate value appreciated as the company delivered hits after securing content

Source: Walt Disney, Mirae Asset Securities Research

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Figure 3. HYBE: Gross margin to improve on rising mix of indirect revenue (merchandise/fan club)

(%) 60 Mix of indirect revenue Gross margin

50

40

30 2018 2019 2020 2021F 2022F

Source: Company data, Mirae Asset Securities Research

Figure 4. HYBE: Annual revenue breakdown by source

(%) Albums Live performances Ads/appearance fees Merchandise/licensing Content Other (fan club, etc) Ithaca, etc. 100 11.1 13.3 16.8 80 17.1 22.7 28.9 60 32.5

29.1 29.8 40 0.4 32.5 3.8 20 35.0 40.3 24.4 18.4 0 2018 2019 2020 2021F

Source: Company data, Mirae Asset Securities Research

Figure 2. HYBE artist Justin Bieber announces schedule for 45- Figure 3. BTS will release its English single “Butter” on May 21 date US tour starting in June

Source: Def Jam Recordings, Mirae Asset Securities Research Source: Company materials, Mirae Asset Securities Research

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Table 5. HYBE: Timeline of artist activities Justin Timeline BTS TXT GFriend NU'EST Seventeen Enhypen Bieber - Second studio album , - Debut mini album, - Sixth mini album, - “Love Yourself” tour (nine The Dream Chapter : - "Time for Us" concert - "Segno" concert You Made My Dawn 1Q19 shows in STAR (one show in Korea) (three shows) - Third fan meeting Japan/Singapore/China) - Debut showcase - Second fan meeting (two in Korea) “STAR” (one show) (one in Korea ) - Sixth mini album , Happily Ever After - “Love Yourself” tour (two - "KCON Japan" (one shows in Thailand) show in Japan) - "Love Yourself: Speak - Debut showcase - "Go Go GFriend" tour - "Singapore Hallyu Pop 2Q19 Yourself" tour (12 shows in “STAR” (seven (three shows in - Japan tour (14 shows) Fest 2019" (one show in the US/Brazil/UK/Europe) shows in the US) Korea/Malaysia) Singapore) - "BTS 5th Muster" concert - "V Heartbeat Live by (four shows in Busan/Seoul) NU'EST" (one show in Vietnam ) - Seventh mini album , Fever Season - "Tropical Night" - First digital single - "Love Yourself: Speak - "Segno" tour (seven concert (one show in album, HIT 3Q19 Yourself" tour (four shows in shows in Southeast Korea) - Third studio album, Japan) Asia) - "Go Go GFriend" tour An Ode (six shows in Southeast Asia/Asia ) - Seventh mini album , - "Love Yourself: Speak - First studio album, - "Go Go GFriend" - "Ode to You" tour (12 The Table 4Q19 Yourself" tour (four shows in The Dream Chapter : concert (one show in shows in - "Love Page" (three Saudi Arabia/Korea) MAGIC Japan) Asia/Southeast Asia) shows in Korea) - Ex-Korea/Japan concerts (10 shows) - Seoul fan meeting - Third fan meeting - Second Japanese - Fourth studio album, Map (Korea) 1Q20 single, “Fallin’ Flower” of the Soul - Eighth mini album, - "Ode to You" tour Labyrinth (nine shows in North America/Southeast Asia ) - Second mini album, - Bang Bang Con 21 (one - Eighth mini album, The - Seventh mini album, 2Q20 The Dream show) online concert Nocturne Heng:garae Chapter : ETERNITY - Ninth mini album , - Online fan meeting - Third mini album, - Minhyun begins (paid) 3Q20 - “Dynamite” digital single minisode1: BLUE appearance on JTBC’s - Online concert (one - Second Japanese HOUR Live On show) mini album, 24H - "GFriend C:ON" online - First mini - Online concerts (two shows) concert - Special album, album, 4Q20 - Mini album BE - Japanese album - Third studio album, Semicolon Border: Day - Special album Walpurgis Night One - First Japanese studio album, Still - Weverse online Dreaming 1Q21 concert - Fan meeting (Blue Hall) - Bang Con 21 ( one show) Apr. 17 - Second mini - World tour - “” (released on Apr. album, (17 US - Fourth mini album - Second studio album, 2Q21 2) to be included on BTS, the - 10 th mini album (Jun.) Border: shows; (May) Romanticize (Apr. 19) Best Carnival (Apr. Jun.) - “Butter” digital single to be 26) released on May 21 - World tour (28 US shows) - New single with Justin - Fifth mini album 3Q21 - New Bieber (undecided) (Sep.) single with BTS (undecided ) - First studio album - Offline/online concerts (Oct.) (Oct.) 4Q21 - Contract renewal - Special album (Dec.) - Online concert (Nov. ) Source : Mirae Asset Securities Research

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HYBE Corporation (352820 KS)

Income statement (summarized) Balance sheet (summarized) (Wbn) 2019 2020 2021F 2022F (Wbn) 2019 2020 2021F 2022F Revenue 587 796 1,323 1,862 Current assets 295 1,389 1,502 1,895 Cost of revenue 386 422 634 920 Cash & equivalents 161 380 462 633 GP 201 374 689 942 AR & other receivables 96 115 132 159 SG&A expenses 103 229 430 562 Inventory 13 62 71 100 OP (adj.) 99 146 260 381 Other current assets 25 832 837 1,003 OP 99 146 260 381 Non-current assets 68 535 670 714 Non-operating profit -1 -20 9 5 Investments in associates 2 1 1 2 Net financial income -1 -2 0 0 PP&E 8 48 97 113 Net income from associates -1 -2 0 0 Intangible assets 26 288 375 393 Pretax profit 98 126 269 386 Total assets 363 1,924 2,173 2,608 Income tax 26 39 82 116 Current liabilities 175 296 329 450 Profit from continuing operations 72 87 187 270 AP & other payables 29 38 43 52 Profit from discontinued operations 0 0 0 0 Short-term financial liabilities 11 21 24 30 NP 72 87 187 270 Other current liabilities 135 237 262 368 Attributable to owners 74 86 180 254 Non-current liabilities 15 429 458 502 Attributable to minority interests -1 1 8 16 Long-term financial liabilities 3 323 350 350 Total comprehensive income 72 87 187 270 Other non-current liabilities 12 106 108 152 Attributable to owners 74 85 187 270 Total liabilities 189 726 787 952 Attributable to minority interests -1 1 0 0 Equity attributable to owners 175 1,195 1,375 1,629 EBITDA 108 180 320 399 Capital stock 1 18 18 18 FCF 87 77 167 350 Capital surplus 213 1,132 1,132 1,132 EBITDA margin (%) 18.4 22.6 24.2 21.4 Retained earnings -42 44 224 478 OP margin (%) 16.9 18.3 19.7 20.5 Minority interests -1 4 11 27 Net margin (%) 12.6 10.8 13.6 13.6 Shareholders' equity 174 1,199 1,386 1,656

Cash flow statement (summarized) Key valuation metrics/ratios (Wbn) 2019 2020 2021F 2022F 2019 2020 2021F 2022F Operating cash flow 92 117 247 370 P/E (x) - 56.3 50.0 36.5 NP 72 87 187 270 P/CF (x) - 32.6 27.2 22.9 Non-cash income/expenses 19 61 143 134 P/B (x) - 4.8 6.7 5.7 Depreciation 8 21 11 4 EV/EBITDA (x) - 27.4 23.9 18.5 Amortization 1 14 50 14 EPS (W) 2,574 2,811 4,791 6,559 Other 10 26 82 116 CFPS (W) 3,177 4,865 8,793 10,439 Chg. in working capital 5 -26 -1 81 BPS (W) 6,046 33,159 35,518 42,077 Chg. in AR & other receivables -44 -20 -17 -26 DPS (W) 0 0 0 0 Chg. in inventory -8 -54 -9 -29 Dividend payout ratio (%) 0.0 0.0 0.0 0.0 Chg. in AP & other payables 11 9 5 8 Dividend yield (%) - 0.0 0.0 0.0 Income tax -30 -42 -82 -116 Revenue growth (%) 95.0 35.6 66.2 40.7 Cash flow from investing activities 12 -1,022 -196 -205 EBITDA growth (%) 28.6 66.7 77.8 24.7 Chg. in PP&E -5 -39 -60 -20 OP growth (%) 23.8 47.5 78.1 46.5 Chg. in intangible assets -2 -13 -136 -32 EPS growth (%) - 9.2 70.4 36.9 Chg. in financial assets -1 -726 0 -153 AR turnover (x) 8.2 7.7 11.0 13.1 Other 20 -244 0 0 Inventory turnover (x) 62.9 21.3 19.9 21.7 Cash flow from financing activities -1 1,133 31 7 AP turnover (x) 19.8 14.1 17.1 21.0 Chg. in financial liabilities -7 329 31 7 ROA (%) 25.5 7.6 9.1 11.3 Chg. in equity 14 936 0 0 ROE (%) 56.5 12.5 14.0 16.9 Dividends 0 0 0 0 ROIC (%) 979.0 44.6 35.6 48.0 Other -8 -132 0 0 Debt-to-equity ratio (%) 109.2 60.5 56.7 57.5 Chg. in cash 103 219 462 171 Current ratio (%) 168.8 469.0 457.1 420.7 Beginning balance 58 161 0 462 Net debt-to-equity ratio (%) -86.7 -63.0 -62.9 -71.2 Ending balance 161 380 462 633 Interest coverage ratio (x) 78.3 37.4 0.0 0.0 Source: Company data, Mirae Asset Securities Research estimates

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Appendix 1

Important disclosures and disclaimers Two-year rating and TP history

Company Date Rating TP (W) (W) HYBE Corporation HYBE Corporation (352820) 05/05/21 Buy 340,000 400,000 04/05/21 Buy 336,600 300,000

200,000

100,000

0 May 19 May 20 May 21

Stock ratings Sector ratings Buy Expected 12-month performance: +20% or greater Overweight Expected to outperform the market over 12 months Trading Buy Expected 12-month performance: +10% to +20% Neutral Expected to perform in line with the market over 12 months Hold Expected 12-month performance: -10% to +10% Underweight Expected to underperform the market over 12 months Sell Expected 12-month performance: -10% or worse

Rating and TP history: Share price (─), TP (▬), Not Rated ( ■), Buy (▲), Trading Buy (■), Hold (●), Sell ( ◆) * Our investment rating is a guide to the expected return of the stock over the next 12 months. * Outside of the official ratings of Mirae Asset Securities Co., Ltd., analysts may call trading opportunities should technical or short-term material developments arise. * The TP was determined by the research analyst through valuation methods discussed in this report, in part based on estimates of future earnings. * TP achievement may be impeded by risks related to the subject securities and companies, as well as general market and economic conditions.

Ratings distribution and investment banking services Buy Trading Buy Hold Sell Ratings distribution 79.00% 13.00% 7.00% 1.00% Investment banking services 63.16% 31.58% 5.26% 0.00% * Based on recommendations in the last 12-months (as of March 31, 2021)

Disclosures As of the publication date, Mirae Asset Securities Co., Ltd. has acted as a liquidity provider for equity-linked warrants backed by shares of HYBE Corporation as an underlying asset; other than this, Mirae Asset Securities has no other special interests in the covered companies.

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 or regulations thereof. Each Analyst responsible for the preparation of this report certifies that (i) all views expressed in this report accurately reflect the personal views of the Analyst about any and all of the issuers and securities named in this report and (ii) no part of the compensation of the Analyst was, is, or will be directly or indirectly related to the specific recommendations or views contained in this report. Mirae Asset Securities Co., Ltd. (“Mirae Asset Securities”) 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. Like all employees of Mirae Asset Securities, 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 divisions. 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 Securities except as otherwise stated herein.

Disclaimers This report was prepared by Mirae Asset Securities, 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 Securities 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 . 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 or regulations or subject Mirae Asset Securities or any of 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 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 Securities 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 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 Securities, its affiliates, and their directors, officers, employees, and agents

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do not accept any liability for any loss arising out of the use hereof. Mirae Asset Securities 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 Securities may make investment decisions that are inconsistent with the opinions and views expressed in this research report. Mirae Asset Securities, 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 Securities 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 Securities. For further information regarding company-specific information as it pertains to the representations and disclosures in this Appendix 1, please contact [email protected] or +1 (212) 407-1000.

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