Generic Disclaimer

The foregoing is intended solely for sophisticated investors, professional investors or otherwise qualified investors who have sufficient knowledge and experience in entering into securities financing transactions such as securities repo or securities loan transaction.  It is not intended for, and should not be used by, persons who do not meet that criteria.  Information provided herein is for information purposes only and does not constitute an offer to sell (or solicitation of an offer to purchase) the securities or investments referenced herein (“Offer”).  Any such Offer shall only be made through a relevant offering or other documentation which sets forth its material terms and conditions. The foregoing does not provide or purport to provide investment advice, nor does it provide or purport to provide any legal or financial advisory or other professional advice or services which are regulated in jurisdiction in which EquitiesFirst (Equities First Holdings, LLC and its subsidiaries) operates, does business, resides, including, Republic of Korea or that may otherwise have regulatory authority over EquitiesFirst.  The foregoing has been prepared by EquitiesFirst based on or derived from sources EquitiesFirst reasonably believes to be reliable.  However, EquitiesFirst has not independently examined or verified the information provided herein and no representation is made that it is accurate or complete. Opinions and information herein are subject to change without notice.

Disclaimer for Specific Products

This Memorandum contains the information on securities financing products including, securities repo, securities loan or margin loan, none of which must be admitted or interpreted as an outright sale of securities.  This Memorandum has no information relating to offer, or offer for, or sale of securities to any third party and EFH Korea is not acting and has no intention to act as a dealer or a broker for the sale of securities.   The information contained herein has not been submitted to or approved by any Korean governmental authority, nor is required under Korean law to be submitted to or approved by any Korean governmental authority.  The securities financing products may have complex regulatory, legal or tax issues and each investor must be capable of understanding and assessing the feasibility of the terms, conditions and risks of the products and responsible for regulatory or governmental procedures required under the Korean law, such as reporting, registration, approval and license, where applicable to the investor.