exchange Earnings from operation before change in operating assets and liabilities Operating assets (increase) decrease Long-term deposits at financial institutions Securities purchased under reverse

Operating Results 1. Organizational structure and operation of the group of companies 3 2. Risk management 12 3. Business sustainability development 13 4. Management discussion and analysis (MD&A) 17 5

effect from the behavior of prohibited characteristics such as impact to money market or capital market, the public in general or a specific group of people, etc.; (b) the significance of the behavior of

) “ financial advisor ” means a financial advisor on the approved list of the SEC Office; (15) “ fund supervisor ” means the supervisor of a fund ; (16)2 “ common person group ” means the persons with one or more

and nature of the businesses operated by the Company or the group of companies which comprises the Company, its subsidiaries and associates being operated or to be operated, as the case may be. The

securities underwriter after an offer for sale of the underwritten securities so that the underwriter shall be able to allocate shares in excess of the underwriting amount. Such proceeding will increase the

for selecting an analysis/a research to support an investment decision. (4) Prescription of criteria in selecting each asset/group of asset to be actively or passively* invested in order to reduce risk

Securities and Exchange Commission hereby issues the following regulations: Clause 1 The management of funds of juristic entities under the same business group shall not be regarded as the undertaking of

management of the private fund, using knowledge and competence as a professional. The securities company shall enter into a written agreement with a person or a group of persons who has authorized the

be applicable to the outsourcing of operational function of an intermediary to third parties in order to increase flexibility and efficiency of business operation of the intermediary . In this regard