IGIS Asset Management has consistently enhanced its competitiveness in the green energy infrastructure market by successfully delivering flagship projects in BESS (Battery Energy Storage Systems), CHPS (Clean Hydrogen Power Systems), and RE100 initiatives. We aspire to be a “development-oriented FI” that goes beyond the role of a traditional capital provider, engaging strategically at every stage of the project life cycle—from planning and development to operations. In doing so, we facilitate collaboration among multiple partners, ensure that benefits are not overly concentrated with any single partner, and prioritize the stability of each project. Key Infrastructure Projects and Achievements IGIS Asset Management is committed to advancing Korea’s national and societal objectives of carbon neutrality and energy transition while building a stable and efficient energy supply framework. Our projects are designed to deliver localized solutions that enhance grid stability, reduce greenhouse gas emissions, and accelerate the adoption of renewable energy. Jeju Hallim BESS Project (2023, 10MW): Supporting Jeju’s “Carbon Neutral 2035” target and the expansion of renewable energy penetration, this project ensures reliable energy storage and supply, alleviating frequent curtailment issues and reinforcing the island’s grid stability. Dobong Fuel Cell Project (2023, 40MW): A large-scale distributed power source located near the Seoul metropolitan area, delivering both clean electricity and heat through high-efficiency facilities. This project is expected to enhance energy independence in northern Gyeonggi Province and contribute to greenhouse gas reduction. ESS Central Contract Market – Contract Award (2025, 27MW): Successfully awarded through a national competitive bidding process in partnership with leading Korean power generation companies. The project is expected to contribute to nationwide grid stability and support peak demand management. General Hydrogen Power Market – Contract Award (2025, 18.92MW): Building on our success in BESS, IGIS secured a competitive bid in the fuel cell sector, achieving consecutive wins in two key areas of clean power. By leveraging hydrogen fuel cells, this project expands the diversification of clean energy sources and supports the growth of the hydrogen economy. Strategic Funds Driving Energy Transition Building on the early and full subscription of the Core Energy Infrastructure Fund (CEIF) I, launched in 2025, IGIS is now accelerating the establishment of CEIF II. This fund will place particular emphasis on domestic energy infrastructure investments, with a strong focus on BESS and CHPS. Additionally, the RE100-dedicated Fund (50MW) launched in July 2025 is set to drive the development of solar and wind projects, drawing on IGIS's proven project development capabilities cultivated through its contribution to normalizing Korea's solar power project. In the future, IGIS will continue to provide practical support for corporate RE100 commitments while maintaining strategic investments in next-generation energy infrastructure such as BESS and clean hydrogen. Working hand in hand with our partners, we are committed to delivering sustainable growth, driving the green transition, and building trust as a long-term partner. Japan Market Entry and Global Expansion Strategy Armed with a solid track record in project development and investment in Korea, IGIS is preparing for its first overseas expansion. “We will leverage our proven development expertise and trusted partnerships in Korea to secure a competitive edge in the global energy transition market. Beyond being a capital provider, we aim to maximize project potential with our partners and deliver innovative, win-win solutions in collaboration with diverse partners.” — Tae-Seok Oh, Head of Infrastructure, IGIS Asset Management As a first step, IGIS is exploring the Japanese BESS market, where geographic proximity and similar market dynamics present favorable conditions. Our approach is to deliver end-to-end solutions—from project development and financial structuring to operations—by forming a strategic Korean consortium in collaboration with leading domestic EPC, O&M, and battery suppliers, thereby offering tailored, integrated services to the local market. Over the longer term, IGIS will cautiously expand into Europe, North America, and Australia, positioning itself as a pioneer in global energy infrastructure. By doing so, we aim to seize new opportunities in the worldwide transition landscape and drive growth toward a sustainable future. By Soyeong Park, Contents Writer ──────────── -This content has been prepared for informational purposes only and is not intended to serve as a basis for investment decision-making by users. It is not created for the purpose of promoting, soliciting, or recommending financial investment products, providing investment advice, or making stock recommendations. The company makes no express or implied representations or warranties regarding the accuracy or completeness of any materials or information provided in this content. Furthermore, the company assumes no responsibility or liability for any damages or losses incurred because of investment decisions made based on this content. Potential investors shall not raise any objections in this regard. -The above information is based on data as of August 2025 and has been prepared in compliance with applicable laws and internal control standards. The materials and information in this content are subject to change due to changes in market conditions, the stock market, interest rates, inflation, tax policies, and other social, economic, or policy-related factors. Additional risks may arise from asset price fluctuations, exchange rate volatility, credit rating downgrades, declines in real estate prices, investment performance results, or unforeseen natural disasters such as fires, floods, or pandemics. Consequently, financial (investment) products may result in partial or total loss of the principal investment, with such losses being borne by the investor. These products are not protected by the Korea Deposit Insurance Corporation under the Depositor Protection Act. Past performance does not guarantee future returns, and the results may differ from the performance at the time of content creation or in the future. Additional transaction and other costs may also apply. -This content has not been legally submitted or registered, nor has it been approved under any applicable law. It may contain subjective opinions that do not necessarily represent the official views or statements of the company. This content is not intended to solicit, offer, or recommend the subscription, purchase, or sale of securities. Investors have the right to receive sufficient explanations from financial product sellers in accordance with applicable laws. All investment decisions should be made carefully and solely on the information provided in the securities registration statement, (preliminary) investment prospectus, and terms and conditions. Investors should make prudent decisions based on their own judgment. [IGIS Asset Management Co., Ltd. Compliance Officer Review No. 900-25-Ad-060 (August 21, 2025 – August 20, 2026)]

In January 2025, IGIS Asset Management, in partnership with leading Korean institutional investors, successfully acquired One Poultry – a landmark asset located in the heart of the City of London. This flagship value-add project, with construction commencing in Q1 2026 and completion scheduled for the first half of 2027, is being jointly delivered by IGIS’s Global Strategy Group, Global Asset Management Group, and its London-based affiliate, IGIS Europe. As one of the first value-add real estate projects by Korean institutional investors in Europe, this marks a significant milestone for IGIS and showcases our ability to structure and execute highly complex transactions in mature international markets. A Fusion of Architectural Heritage and Urban Connectivity Situated directly opposite the Bank of England, One Poultry is the final work of renowned architect James Stirling and a landmark of postmodern architecture in London. This Grade II listed building spans approximately 14,000 square meters and has served as a mixed-use office and retail space since its completion in 1997. It offers exceptional connectivity, with direct access to Bank Station – one of London’s major transport hubs, served by five London Underground lines. Recognized among the top 5.5% of architecturally significant buildings in the UK, One Poultry is protected not only for its distinctive façade but also for key elements of its interior. However, the building has seen minimal internal upgrades since completion, leading to operational inefficiencies and mounting maintenance challenges. Through this ambitious retrofit1), IGIS aims to preserve the building’s architectural legacy whilst transforming it into a next-generation, sustainable asset. Delivering a Grade II listed retrofit requires Listed Building Consent – a process that demands a nuanced balance between heritage conservation, ESG performance, and modern functionality. In this arena, IGIS brings both deep technical expertise and strategic vision. 1)Retrofit: Upgrading existing buildings to improve energy efficiency, ESG compliance, and asset value without full redevelopment. It provides a lower-cost, greener alternative to new construction. Leveraging Local Networks, Global Capabilities With the active support of IGIS Europe, the IGIS appointed FORE Partnership as the Development and Asset Manager for the project. FORE is a UK-based firm with deep expertise in low-carbon development and the retrofitting of listed buildings. Its vision aligns closely with IGIS’s ESG-driven investment framework, making it an ideal strategic partner. In July 2025, the One Poultry Retrofit Project was officially recognized by the UK Green Building Council (UKGBC) as a New Innovation Initiative. As a project in London’s financial core to receive this designation, it serves as a living demonstration of how sustainable innovation can be embedded throughout the lifecycle of a landmark building. “This is exactly the sort of project we want to see blossoming – where we’re using UKGBC’s convening power to bring industry, innovation and philanthropy together in a project in the real world. Like our work alongside UK cities, delivering large scale housing retrofit programmes on the ground, this project can act as a fulcrum for much deeper change over time.” — Basil Demeroutis, Managing Partner, FORE Partnership A Living Showcase of Sustainable Retrofit The One Poultry project is not just a renovation – it is a living, working showcase of sustainable retrofit excellence. Its recognition by UKGBC underscores its role as a testbed for advanced technologies, carbon performance strategies, and ESG-aligned innovation. Going forward, the project is expected to evolve meaningfully in three key directions: Demonstrating integrated innovation: By curating and implementing hundreds of cutting-edge solutions – from building materials to solar and water efficiency systems – the team will develop a comprehensive Retrofit Innovation Map to inform future commercial retrofit strategies. Redefining design around operational and carbon performance: With targets such as EPC A rating, net-zero emissions, and circularity, the project establishes a new design paradigm that prioritizes sustainability not at procurement, but from the earliest stages of design. Sharing practical insights on feasibility and scalability: IGIS will systematically report on the real-world performance and implementation challenges of various technical solutions, offering a valuable knowledge base for the global real estate sector. IGIS Asset Management and IGIS Europe are taking a hands-on approach from concept to execution – building deep expertise in retrofit construction, sustainable design, and asset repositioning. Through One Poultry, IGIS is positioning Korean institutional capital as a proactive contributor to global ESG investment trends, while reinforcing investor trust across European and international markets. This content is based on an interview with Sungeok (David) Chang, Head of IGIS Europe, and summarizes key insights from the conversation. By Soyeong Park, Contents Writer ──────────── -This content has been prepared for informational purposes only and is not intended to serve as a basis for investment decision-making by users. It is not created for the purpose of promoting, soliciting, or recommending financial investment products, providing investment advice, or making stock recommendations. The company makes no express or implied representations or warranties regarding the accuracy or completeness of any materials or information provided in this content. Furthermore, the company assumes no responsibility or liability for any damages or losses incurred because of investment decisions made based on this content. Potential investors shall not raise any objections in this regard. -The above information is based on data as of July 2025 and has been prepared in compliance with applicable laws and internal control standards. The materials and information in this content are subject to change due to changes in market conditions, the stock market, interest rates, inflation, tax policies, and other social, economic, or policy-related factors. Additional risks may arise from asset price fluctuations, exchange rate volatility, credit rating downgrades, declines in real estate prices, investment performance results, or unforeseen natural disasters such as fires, floods, or pandemics. Consequently, financial (investment) products may result in partial or total loss of the principal investment, with such losses being borne by the investor. These products are not protected by the Korea Deposit Insurance Corporation under the Depositor Protection Act. Past performance does not guarantee future returns, and the results may differ from the performance at the time of content creation or in the future. Additional transaction and other costs may also apply. -This content has not been legally submitted or registered, nor has it been approved under any applicable law. It may contain subjective opinions that do not necessarily represent the official views or statements of the company. This content is not intended to solicit, offer, or recommend the subscription, purchase, or sale of securities. Investors have the right to receive sufficient explanations from financial product sellers in accordance with applicable laws. All investment decisions should be made carefully and solely on the information provided in the securities registration statement, (preliminary) investment prospectus, and terms and conditions. Investors should make prudent decisions based on their own judgment. [IGIS Asset Management Co., Ltd. Compliance Officer Review No. 900-25-Ad-058 (July 25, 2025 – July 24, 2026)]

Data centers have emerged as critical infrastructure underpinning the modern digital economy, driven by the proliferation of compute-intensive technologies such as cloud computing, AI, IoT. Once confined to niche areas of the tech sector, data centers are rapidly gaining prominence as a strategic national asset and a key focus within capital markets. With growing importance and heightened market expectations, data center development is becoming increasingly complex. Power infrastructure, site selection, and procurement of mechanical, electrical, and plumbing (MEP) systems are deeply interdependent considerations, making data center development far more than a traditional real estate play. A strategic, long-term approach is essential. In Korea, any effort to develop data centers today must go beyond simply meeting rising demand. A successful strategy must also account for evolving market structures and the accelerating pace of technological change. How Data Centers Operate and Are Utilized Data centers are physical spaces where data is stored, processed, and used for high-performance computing tasks such as AI training. At the same time, they serve as virtualized infrastructure environments where large volumes of data move in real-time across networks, supported by systems that ensure operational stability and robust cybersecurity to prevent data breaches. These facilities and their connected networks are typically offered to users on a subscription or pay-as-you-go basis. Beyond the core infrastructure, users can customize their environments with a wide range of optional services—such as computing resources, security solutions, data backup, and network enhancements. Depending on their business model and technical requirements, users can flexibly configure and scale their data center use, ensuring optimal performance for their specific needs. As such, data center operators must serve as reliable and agile infrastructure partners capable of responding to increasingly complex technical demands. To meet these demands, operators must place strong emphasis on data integrity and security while continuously monitoring, optimizing, and upgrading both physical facilities and operational systems. Current Landscape and Challenges of the Korean Data Center Market Entry of Global Cloud Service Providers Global cloud service providers such as AWS, Microsoft Azure, and Google Cloud are actively expanding into the Korean market, offering a wide range of services. Their presence drives structural transformation and technological advancement across the domestic data center industry. This trend has broadened a market previously dominated by telecom operators and accelerated the business model transformation and market participation of local managed service providers (MSPs). As a result, demand for hyperscale data centers is rapidly growing, intensifying competition across the sector. At the same time, the rise of data-intensive services—including AI, autonomous driving, real-time content delivery, and IoT—across multiple industries is accelerating the pace of digital transformation (DX). These shifts are ongoing, and the Korean data center market continues to evolve in terms of technology, demand, and industrial structure. Concentration in the Seoul Metropolitan Area and the Need for Geographic Diversification Currently, most data centers in Korea are concentrated in the Seoul metropolitan area. This concentration is primarily driven by the aggregation of critical infrastructure—such as reliable power supply, advanced telecommunications, and a skilled workforce—as well as the proximity to high-demand users like large corporations, IT firms, financial institutions, and gaming companies. In latency-sensitive industries like finance and gaming, geographic proximity to users and business hubs remains a key factor. However, this concentration has created structural challenges, including imbalances in power supply and increasing pressure on network infrastructure. In response, the government is gradually implementing policies to encourage the geographic diversification of data center development, particularly toward non-capital regions with more stable energy resources. As demand becomes more diversified and supply flexibility improves, we expect data center development to expand beyond Seoul to major cities like Busan. This shift is more than a simple geographic relocation—it has the potential to support long-term regional economic balance and broader infrastructure development across the country. Rising Power Demand and Energy Strategy Challenges With the increase in real estate development projects dedicated to data centers in recent years, mid- to long-term electricity demand is expected to grow steadily alongside the expansion of supply. According to the International Energy Agency’s (IEA) Electricity 2024 report, global data center electricity consumption is projected to double from approximately 460 TWh in 2022 to up to 1,100 TWh by 2026. In the United States, annual consumption rose from about 76 TWh in 2017 to 176 TWh in 2023. Additionally, AI-related workloads account for roughly 10% of total data center energy use—a share expected to reach around 20% by 2030. Unlike conventional infrastructure, data centers typically operate with low initial utilization rates, ramping up capacity over time. As a result, the launch of new centers does not immediately impose significant strain on the power grid. However, the cumulative increase in overall capacity may lead to a structural rise in electricity demand over the long term. Therefore, both government and private sectors are actively exploring strategies to mitigate pressure on power infrastructure. In this context, energy management strategies prioritizing grid stability and environmental sustainability are becoming increasingly important. Efficient technologies—such as waste heat recovery—and the accelerated adoption of renewable energy sources are emerging as key challenges and priorities for the future of the data center industry. Strategic Response to Future Demand Regional Expansion of CSP Regions and Clusters Cloud service providers (CSPs) typically organize their data center infrastructure into defined zones known as "regions" or "clusters," depending on their operational strategies. These configurations emphasize interconnectivity and reliability, and each region typically includes multiple data centers. As the number of data centers within each region grows, so does these clusters' geographic footprint. While most clusters are currently concentrated in the Seoul metropolitan area, there is growing potential for gradual regional expansion, driven by power supply availability, network scalability, and development feasibility. This shift is not simply a matter of geographic relocation—it could reshape the overall supply structure of Korea's data center industry depending on each CSP's regional strategy and expansion pace. Compared to the capital area, regional cities offer advantages such as more abundant power resources, lower land costs, and strong local government support. As a result, regional sites are increasingly being considered for medium- to large-scale data centers capable of both computation and traffic handling. In particular, Busan is gaining attention as a strategic hub for managing international traffic, thanks to its linkage to global subsea cable networks. MEP Procurement Risk and Operational Execution Capacity MEP systems account for a relatively large portion of total development costs in data center projects compared to other infrastructure assets. High-specification MEP equipment is essential to ensure operational stability and tailored performance, much of which is sourced globally from various manufacturers and production hubs. This dependency on global supply chains exposes projects to risks tied to financial markets, geopolitical dynamics, logistics disruptions, and other external variables. As a result, MEP prices tend to be volatile, and delivery delays can impact the construction timeline and installation schedule. To mitigate these risks, developers must anticipate schedule delays and procurement volatility. It is crucial to build strategic operational frameworks that allow for flexibility in equipment sourcing and construction planning, ensuring execution capability over the medium to long term. Technology Advancement and Its Demand-Expanding Effect Technology and equipment used in data centers continue to advance, particularly in computational efficiency and energy optimization. Some observers suggest that such advancements could reduce the physical footprint required for data centers over time, as higher-performing systems may offer the same capabilities with less space and fewer resources. However, real-world industry trends indicate otherwise. As technological efficiency improves, service costs decline—enabling more industries and enterprises to adopt data-driven solutions. This increased accessibility leads to broader market participation and, in turn, accelerates overall demand growth. This phenomenon is often explained by the "Rebound Effect" or "Jevons Paradox," where improvements in efficiency lead to increased total consumption rather than reductions. The data center industry is a clear example of this dynamic. Technological progress enhances the performance of existing infrastructure while simultaneously expanding the demand base—ultimately serving as a key driver of sustained data center growth. Data Centers from a Development and Investment Perspective As outlined above, the data center industry has steadily grown despite structural shifts, regulatory constraints, and technological uncertainty. Today, it has firmly established itself within the investment landscape as a distinct asset class under the broader umbrella of the "New Economy Sector." In recent years, data centers have rapidly emerged as a strategic investment target in capital markets, attracting increasing attention from institutional investors thanks to their strong growth potential and stable demand fundamentals. I began engaging in data center development projects in 2019 amid this industry momentum. The first was the "Hanam IDC Development Project," located in Pungsan-dong, Hanam City, Gyeonggi Province. It was the first commercially driven co-location data center project in Korea to be initiated and led by investment market participants. Thanks to timely execution and close collaboration with excellent partners, the project was completed and has since served as a key benchmark for subsequent developments. As with all real estate and infrastructure projects, data center development typically requires a long lead time—from initial planning to market delivery, the timeline can range from three to over five years. Data centers serve as foundational infrastructure for a wide range of industries, and the pace of technological advancement and shifting market needs is exceptionally fast. If developers fail to respond flexibly and promptly to these changes during the development process, there is a significant risk that the final product may misalign with actual market demand. Therefore, developers and investors must adopt a long-term view, design flexible business structures, and continuously monitor and adapt to market and technological trends throughout the entire lifecycle of a project. As critical infrastructure in the digital age, the role and importance of data centers continue to grow. While challenges remain—including geographic concentration in the capital region, rising power demand, and the increasing presence of global cloud players—the industry has continuously evolved by seeking and implementing solutions. The financial and investment sectors will play an increasingly vital role as providers of capital and strategic direction in this evolution. We hope that the stable supply and sustainable growth of data centers will not only strengthen Korea's digital infrastructure but also serve as a firm foundation for enhancing the competitiveness of the broader economy. Written by | Changui Hong, Director of DC Business Division, IGIS Asset Management Edited by | Soyeong Park, Brand Content Editor ──────────── -This content has been prepared for informational purposes only and is not intended to serve as a basis for investment decision-making by users. It is not created for the purpose of promoting, soliciting, or recommending financial investment products, providing investment advice, or making stock recommendations. The company makes no express or implied representations or warranties regarding the accuracy or completeness of any materials or information provided in this content. Furthermore, the company assumes no responsibility or liability for any damages or losses incurred because of investment decisions made based on this content. Potential investors shall not raise any objections in this regard. -The above information is based on data as of April 2025 and has been prepared in compliance with applicable laws and internal control standards. The materials and information in this content are subject to change due to changes in market conditions, the stock market, interest rates, inflation, tax policies, and other social, economic, or policy-related factors. Additional risks may arise from asset price fluctuations, exchange rate volatility, credit rating downgrades, declines in real estate prices, investment performance results, or unforeseen natural disasters such as fires, floods, or pandemics. Consequently, financial (investment) products may result in partial or total loss of the principal investment, with such losses being borne by the investor. These products are not protected by the Korea Deposit Insurance Corporation under the Depositor Protection Act. Past performance does not guarantee future returns, and the results may differ from the performance at the time of content creation or in the future. Additional transaction and other costs may also apply. -This content has not been legally submitted or registered, nor has it been approved under any applicable law. It may contain subjective opinions that do not necessarily represent the official views or statements of the company. This content is not intended to solicit, offer, or recommend the subscription, purchase, or sale of securities. Investors have the right to receive sufficient explanations from financial product sellers in accordance with applicable laws. All investment decisions should be made carefully and solely on the information provided in the securities registration statement, (preliminary) investment prospectus, and terms and conditions. Investors should make prudent decisions based on their own judgment. [IGIS Asset Management Co., Ltd. Compliance Officer Review No. 900-25-Ad-052 (May 13, 2025 – May 12, 2026)]

The real estate market is currently shaped by several key factors, including fluctuations in interest rates, economic slowdown, and evolving financing conditions. As a result, different sectors are experiencing distinct market dynamics. In response to these changes, IGIS' in-house research team has proactively analyzed the significant trends in Korea's commercial real estate market and developed tailored outlooks for each sector in 2025, ensuring our readiness for future market conditions. Sector forecasts INDUSTRIAL: South Korea’s logistics market showed high e-commerce penetration and size through 2023. In Q1 2024, e-commerce penetration rose slightly to 33%, driven by inflation rather than transaction growth. In H1 2024, small to medium properties saw slight price increases despite slower transaction volumes. The southeast experienced rapid price drops due to 2023’s massive supply increase. Vacancy rates reached 14% for dry and 41% for cold storage, with a notable supply-demand imbalance in the southeast. We expect a continued transaction slowdown as distressed assets enter the market, leading to auction-driven price corrections. While the new 2024 supply focuses on south/west regions, southeast vacancies should stabilize by 2025 due to strong demand and limited future supply. Cross-border e-commerce growth, both inbound and outbound, promises new demand. The west region, preferred by cross-border tenants for its global ports, is likely to absorb oversupply quickly. OFFICE: The South Korean office market has demonstrated relatively resilient performance compared to global markets, supported by supply constraints and a low adoption rate of remote work. During the first half of 2024, major completed deals were driven mainly by demand from global asset managers and corporate headquarters usage demand. Despite a modest increase in new supplies, most of the supply is focused on non-core business districts (i.e., Magok). As a result, leasing demand has continued to grow. Rents increased by 6-8% year-over-year, while vacancy rates remained low at 2.4%, well below the natural vacancy rate of 5%. However, a notable trend has emerged: the strong leasing momentum in the market began to slow, as evidenced by a decrease in rent growth and a slower increase in occupied space. We expect the office investment market to recover by late 2024, though price adjustments may extend cautious investor sentiment. Limited prime office supply will maintain demand over the next five years, but rapid price appreciation is unlikely. The trend toward prime/grade-A offices will continue, and distressed assets may increase as Korean savings banks realize losses from H2 2024. RESIDENTIAL: Korea’s rental housing market has traditionally been dominated by individual investors through direct ownership and the Jeonse system (unique lease arrangements with large refundable deposits), limiting institutional participation. However, recent market shifts – including slower housing price growth, reduced transactions, and Jeonse deposit risks – create new institutional opportunities. Three key factors support the sector’s potential: 1. Despite an aging population, household demand is projected to grow until 2040, with single and two-person households aged 40+ representing 70% of total households. 2. Declining housing development since 2020 has led to an aging inventory and limited high-quality options. 3. The current individual rental system’s inefficiencies and risks are becoming apparent. These factors and evolving tenant preferences make corporate rental housing increasingly attractive to institutional investors. RETAIL: The retail sector has seen a resurgence in commercial districts due to increased offline activities. However, it faces challenges from subdued consumer sentiment and a shift towards service-oriented spending. Transaction volumes remain below pre-pandemic levels, with limited diversity in transaction types. We propose a strategic change in the retail sector’s approach, focusing on traffic-generating attractions and value-added components. Enhancing overall appeal and viability could involve integrating retail spaces with other sectors, such as office, residential, or mixed-use developments. * Our investment strategies are implemented by experienced teams working in private and public markets. Our platform allows our investment professionals to gain local-level property and market insights from more than 450 in-house specialists across the nation and overseas offices and a top-down economic perspective from IGIS’ in-house research. We believe a commitment to research and its practical application to decision-making is critical to the success of every investment portfolio the firm manages. By Soyeong Park, Contents Writer Data Analysis & Review by Strategic Research Division, IGIS Asset Management ──────────── -This content has been prepared for informational purposes only and is not intended to serve as a basis for investment decision-making by users. It is not created for the purpose of promoting, soliciting, or recommending financial investment products, providing investment advice, or making stock recommendations. The company makes no express or implied representations or warranties regarding the accuracy or completeness of any materials or information provided in this content. Furthermore, the company assumes no responsibility or liability for any damages or losses incurred because of investment decisions made based on this content. Potential investors shall not raise any objections in this regard. -The above information is based on data as of February 2025 and has been prepared in compliance with applicable laws and internal control standards. The materials and information in this content are subject to change due to changes in market conditions, the stock market, interest rates, inflation, tax policies, and other social, economic, or policy-related factors. Additional risks may arise from asset price fluctuations, exchange rate volatility, credit rating downgrades, declines in real estate prices, investment performance results, or unforeseen natural disasters such as fires, floods, or pandemics. Consequently, financial (investment) products may result in partial or total loss of the principal investment, with such losses being borne by the investor. These products are not protected by the Korea Deposit Insurance Corporation under the Depositor Protection Act. Past performance does not guarantee future returns, and the results may differ from the performance at the time of content creation or in the future. Additional transaction and other costs may also apply. -This content has not been legally submitted or registered, nor has it been approved under any applicable law. It may contain subjective opinions that do not necessarily represent the official views or statements of the company. This content is not intended to solicit, offer, or recommend the subscription, purchase, or sale of securities. Investors have the right to receive sufficient explanations from financial product sellers in accordance with applicable laws. All investment decisions should be made carefully and solely on the information provided in the securities registration statement, (preliminary) investment prospectus, and terms and conditions. Investors should make prudent decisions based on their own judgment. [IGIS Asset Management Co., Ltd. Compliance Officer Review No. 900-25-Ad-046 (March 6, 2025 – March 5, 2026)]