2017 startup investment trends in korea platum

2. Startup’s Story Platform, Platum COPYRIGHT 2018 Platum Inc. ALL RIGHTS RESERVED This report summarizes the investment trends of 2017 by month, amount range, business type and years in business, together with investor information and annual M&A trends based on 425 startup investment deals and 29 M&A deals made in 2017. This report is based on official deals made last year and the data disclosed by VCs. Unlisted investments are not included in this report’s scope. Basic data used in the 2017 Startup Investment Trends in Korea 1. Investments and M&A deals in 2017: 454 cases (investment - 425, M&A - 29) 2. Startups with investments secured in 2017 (Investee Co.): 387 companies (fully disclosed - 224, partially disclosed - 18, non-disclosed - 145) 3. Companies participating in investments in 2017: 251 companies (based on businesses with their names disclosed) * Definition of startup: "A company with a business model that is expected to grow rapidly based on new ideas or technologies. It may be a company that is listed on the stock market or has not yet merged into a large company." (Part of this definition was borrowed from the definition of startup alliance.) * For companies that received investments on 2 or more occasions during the given year, the amount of investments was calculated based on the total cumulative investment amount (partial disclosure included). * The investment scale graph was calculated solely based on the investments made into 242 startups which have either fully or partially disclosed their amounts. * The age (history) of a business was determined as of December 2017. * For joint investments, only the number of investments cases and the total amount of investments were taken into consideration since the amounts of individual investments are generally not disclosed by co-investors. Platum always supports the growth and advancement of all entrepreneurs and enterprisers.

3. CONTENTS PART 1 2017 Startup Investment - Monthly Trends PART 2 2017 Startup Investment - Status by Amount Range PART 3 2017 Startup Investment - Status by Years in Business PART 4 2017 Startup Investment - Status by Industry Sector PART 5 2017 Startup Investment - Status by Investors PART 6 2017 Startup M&As PART 7 2014-2017 Cumulative Investments in Startups PART 8 2017 Crowdfunding 3 2017 Startup Investment Trends in Korea

4. 4 PART 1 2017 Startup Investment - Monthly Trends 2017 Startup Investment Trends in Korea

5. 5 2017 Startup Investment Trends in Korea ㅣ PART 1. 2017 Startup Investment - Monthly Trends 0 30 60 90 120 0 10 20 30 40 50 Jan. Feb. Mar. Apr. May. Jun. Jul. Aug. Sep. Oct. Nov. Dec. Number of Deals Investment Amount ($M) 61.71 77.59 104.7 26.86 74.42 105.49 109.52 65.97 36.28 94.29 50.14 33.77 48 46 33 29 49 39 34 31 33 25 33 25 33.77 50.14 94.29 36.28 65.97 109.52 105.49 74.42 26.86 104.7 77.59 61.71 2017 Monthly Startup Investment Amount and Figures Month Investment Amount ($M) Number of Deals Total Amount Disclosed Amount Undisclosed Jan. 33.77 25 15 10 Feb. 50.14 33 21 12 Mar. 94.29 25 18 7 Apr. 36.28 33 18 15 May. 65.97 31 22 9 Jun. 109.52 34 17 17 Jul. 105.49 39 28 11 Aug. 74.42 49 32 17 Sep. 26.86 29 16 13 Oct. 104.7 33 19 14 Nov. 77.59 46 23 23 Dec. 61.71 48 28 20 Total 840.75 425 257 168 1-1. 2017 Monthly Startup Investment Trends • Total number of investments for Korean startups in 2017: 425 • 2017 total investments: $840.75M • The number of investments made each month: Highest (49) in August; Lowest (25) in March • Highest investment: June ($109.52M) • Monthly average of 35 investments 2017 Monthly Startup Investment Overview

6. Second Half: $418.55M Disclosed Investments: 146 deals 6 1-2. 2017 Startup Investment Trends (First/Second Half) First Half: 181 cases Amount Disclosed: 111 deals Non-disclosed: 70 deals Second Half: 244 deals Amount Disclosed: 146 deals Non-disclosed: 98 deals First Half: $422.21M Disclosed Investments: 111 deals Number of Investment Deals (First/Second Half) (Total Number of Deals: 425) Investment Amount (First/Second Half) (Total Amount: $840.75M) • 57% of the total number of investments and 54% of the total investment amount were attracted during the second half of the year. • When comparing the number of ﬁrst/second half investments, 244 out of 425 deals (57%) were made in the second half. • Of the $840.75M total, $418.55M (54%) was invested in the second half. • Month with the highest average investment amount: March ($3.77M) / Month with the lowest average investment amount: September ($0.92M) Dec. 11% Nov. 11% Oct. 8% Sep. 7% Aug. 12% Jul. 9% Jun. 8% May. 7% Apr. 8% Mar. 6% Feb. 8% Jan. 6% 57% 43% Dec. 7% Nov. 9% Oct. 12% Sep. 3% Aug. 9% Jul. 13% Jun. 13% May. 8% Apr. 4% Mar. 11% Feb. 6% Jan. 4% 54% 46% 2017 Startup Investment Trends in Korea ㅣ PART 1. 2017 Startup Investment - Monthly Trends

7. 0 10 20 30 40 50 60 Jan. Feb. Mar. Apr. May. Jun. Jul. Aug. Sep. Oct. Nov. Dec. 48 46 33 29 49 39 34 31 33 25 33 25 52 28 21 30 2728 24 27 33 20 17 40 2016 2017 7 0 40 80 120 160 200 Jan. Feb. Mar. Apr. May. Jun. Jul. Aug. Sep. Oct. Nov. Dec. 33.77 50.14 94.29 36.28 65.97 109.52 105.49 74.42 26.86 104.7 77.59 61.71 74.6 44.6 19.5 128.8 29.7 77.3 60.2 110.7 48.2 41 49.2 186.9 2016 ($M) 2017 ($M) Viva Republica(Toss) $48.4M Yanolja $52.8M 2016 - 2017 Comparison of Monthly Deals 2016 - 2017 Comparison of Monthly Startup Investments • There were 425 investments reported in 2017, a 22.5% increase compared to the previous year's ﬁgure of 347. • The total amount of investments in 2017 was $840.75M, which is 3.4% lower than $870.7M in 2016. • The month of August recorded the highest increase in the number of investment cases compared to the same month of the previous year whereas the months of April and June, which marked the highest investment amounts in the previous year, displayed the biggest drop from the previous year. • Highest investment: Jun. 2017, Yanolja $52.8M ($12.9M in April, 2016) Woowa Brothers $50M Memebox $60M Memebox $66M Woowa Brothers $30.8M 2017 Startup Investment Trends in Korea ㅣ PART 1. 2017 Startup Investment - Monthly Trends 1-3. Comparisons of 2016 - 2017 Monthly Startup Investment Trends

8. Jan. Investee Amount ($M) Investor 1 Bbros(Ddocdoc) 7.92 Hanwha Investment 2 EOFlow 4.84 LB Investment, KDB Bank, Ideabridge Partners 3 LUXI 4.4 SEMA Translink Investment, Mega Investment, Capstone Partners 4 Komatrade 4 (China) Yunmai 5 Fount 3.34 Korea Investment Partners, KT Investment, Smilegate Investment Feb. Investee Amount ($M) Investor 1 Baglecode 12.58 IMM Investment, Atinum Investment, LB Investment, Smilegate Investment 2 Neptune 8.8 K Cube Ventures 3 Global Networks(Meatbox) 7.04 SoftBank Ventures Korea, (U.S) Altos Ventures, Stonebridge Capital, Devsisters Ventures 4 Balancehero(True Balance) 4.4 KDB Bank, Intervest, Capstone Partners 5 Ylab 3.52 Capstone Partners, Kiwoom Securities, 4:33, TGCK Partners Mar. Investee Amount ($M) Investor 1 Viva Republica(Toss) 48.4 (U.S) PayPal, (U.S) Bessemer Venture Partners, (U.S) Goodwater Capital, (U.S) Altos Ventures, (France) Partech Ventures etc. 2 ABL Bio 17.6 DSC Investment, Korea Investment Partners, Korea Investment & Securities, NS Investment 3 Funple Works 8.8 Capstone Partners, Company K Partners Mar. Investee Amount ($M) Investor 4 Digital First 8.8 IGAWorks 5 Fincon 3.52 K Cube Ventures Apr. Investee Amount ($M) Investor 1 FastFive 10.56 TS Investment, Quantum Equity Partners Korea, ID Ventures 2 Precision Biosensor 7.04 DSC Investment, I Sens, Korea Investment Partners, Atinum Investment 3 Blocko(Coinstack) 4.4 Intervest, Daesung Venture Capital etc. 4 Link Shops 3.52 (U.S) Altos Ventures, Forest Partners May. Investee Amount ($M) Investor 1 Lendit 8.8 YellowDog, (U.S) Altos Ventures, (U.S) Collaborative Fund 2 One Life One Technology(Wahome) 7.39 SBI Investment Korea, Samsung Venture Investment, DS Asset, Ubase 3 DUnit(Seoul Store) 7.04 Samsung C&T, Posco Venture Partners, Smilegate, Timewise Investment, IBK(Industrial Bank of Korea), Songhyun Investment 4 Croquis(Zigzag) 6.16 Stonebridge Capital, (U.S) Altos Ventures etc. 5 Teamblind(Blind) 6 Mirae Asset Capital, ID Ventures, (U.S) DCM Ventures, AJU IB Investment 6 Marketit 4.58 SoftBank Ventures Korea etc. 7 Innogrid 4.4 KB Investment, Neo Plux 8 2017 Startup Investment Trends in Korea ㅣ PART 1. 2017 Startup Investment - Monthly Trends 1-4. Startups that Received Major Investments in 2017 - Exceeding $3M (1)

9. May. Investee Amount ($M) Investor 8 Anesto 3.52 DSC Investment, KDB Bank, Korea Technology Finance Corporation, DAYLI Venture Capital Jun. Investee Amount ($M) Investor 1 Yanolja 52.8 SkyLake Investment 2 Treasure Hunter 13.2 (Malaysia) Linktu infotainment Sdn Bhd 3 Wanted Lab(Wanted) 8.8 Stonebridge Capital, KTB Network, Kolon Investment, SL Investment, KDB Bank, IBK(Industrial Bank of Korea), Korea Investment & Securities, TRUBEN Investment, (Japan) Aucfan, (Japan) Vector, (Japan) Risk Monster 4 Orum Therapeutics 7.92 Intervest, KB Investment, Solidus Investment, LB Investment 5 Neuromeka 5.28 DSC Investment, Wonik Investment Partners, KTB Network, KDB Bank 6 Qualson 5.1 SoftBank Ventures Korea, Capstone Partners, DSC Investment, IMM Investment, POSCO 7 People Fund Company(People Fund) 3.87 (U.S) 500 Startups, Fintech Fund, Wooshin Venture Investment etc. Jul. Investee Amount ($M) Investor 1 MeshKorea 21.12 Naver 2 Bespin Global 14.96 (China) Legend Capital, Premier Partners, (U.S) Altos Ventures, Hyosung ITX 3 FoodTech 14.7 Woowa Brothers(Baemin), Naver 4 Blank TV 8.8 SoftBank Ventures Korea Jul. Investee Amount ($M) Investor 5 Plasmapp 7.04 Samsung Venture Investment, LB Investment, K Net Venture Capital, Stonebridge Capital, Songhyun Investment 6 SuaLab 7.04 KT Investment, Samsung Venture Investment, Stonebridge Capital, Intervest 7 Brandi 5.63 SEMA Translink Investment, DSC Investment, (U.S) Big Basin Capital 8 Cyworld 4.4 Samsung Venture Investment 9 (U.S) PHANTOM AI 3 DSC Investment, Overseas venture capitals Aug. Investee Amount ($M) Investor 1 Rainbow(Hubo) 8.8 Korea Investment Partners, KTB Network, SBI Investment 2 ParkingCloud(I Parking) 7.92 HB Investment 3 Cracle Factory (WomensTalk) 6.64 Seoul Investment Partners, KB Investment, Daesung Venture Capital, Korea Investment Partners, The Wells Investment, UTC Investment 4 OTD Corporation 6.16 UTC Investment, DS Asset 5 Jubilee Works (Jubilee TimeTree) 4.66 Cognitive Investment, K Cube Ventures, (Japan) Seibu Shinkin Capital, (Japan) Toei Animation 6 Zipdoc 4.4 (U.S) Altos Ventures, Kakao Investment, Capstone Partners, KDB Bank 7 Ice&V(Moolban) 4.4 Korea Investment Partners, Huayi brothers Entertainment etc. 8 Rokit 4.4 Undisclosure 9 Green Resource 4.4 DSC Investment, AJU IB Investment 10 Wisebirds 3.52 Futurestream Networks 9 1-4. Startups that Received Major Investments in 2017 - Exceeding $3M (2) 2017 Startup Investment Trends in Korea ㅣ PART 1. 2017 Startup Investment - Monthly Trends

10. Sep. Investee Amount ($M) Investor 1 Wadiz 9.68 Smilegate Investment, Korea Investment Partners, STIC Investment, L&S Venture Capital, Shinhan Bank 2 Tapas Media 4.92 SBI Investment Korea, E&Investment, ID Ventures, Medici Investment Oct. Investee Amount ($M) Investor 1 Woowa Brothers(Baemin) 30.8 Naver 2 Poolus 19.36 Mirae Asset Capital, YellowDog, SK, (U.S) Collaborative Fund 3 Drama&campany (Remember) 8.8 Naver, LINE Plus 4 Manna CEA 7.04 DSC Investment 5 OGQ 6.6 Naver 6 My Real Trip 6.16 Smilegate Investment, (U.S) Altos Ventures, IMM Investment, Mirae Asset Capital, IBK Capital 7 ZOYI 3.96 (Japan) Global Brain, (Japan) Colopla Next etc. 8 Korea Credit Data (Cashnote) 3.52 Kakao 9 Bob Games 3.52 Neptune, K Cube Ventures, KClavis 10 Gushcloud International 3 YG Investment, Overseas investors Nov. Investee Amount ($M) Investor 1 Monolith 13.38 DSC Investment, SJ Investment Partners, Bokwang Venture Capital, ES Investor, UTC Investment, Individual Investors Nov. Investee Amount ($M) Investor 2 My Music Taste 11 KTB Network, Stonebridge Capital, YellowDog, SoftBank Ventures Korea, Samsung Venture Investment, (U.S) Formation 8, Bokwang Venture Capital, (U.S) Golden Gate Ventures 3 Care Labs 8.8 Green Cross WellBeing, Green Cross 4 Althea 7.04 KDB Bank, (Malaysia) FirstFloor Capital, (India) InnoVen Capital, BA Partners, (U.S) Tekton Ventures 5 HNC Games 5.28 K Cube Ventures, Aju Secondary Plus Investment Associations, etc. 6 Y Brain 5.28 AJU IB Investment, Daekyo Investment, Mirae Asset Venture Investment, Stonebridge Capital, KDB Capital 7 Siksin 3.52 HB Investment 8 Aron Flying Ship 3.34 L&S Venture Capital etc. Dec. Investee Amount ($M) Investor 1 Yanolja 17.6 AJU IB Investment 2 SendBird 16 (U.S) Shasta Ventures, (U.S) August Capital, Twitch TV Co-founder Justin Kan 3 Trustus(Poing) 3.08 KDB Bank, (Japan) Global Brain 10 1-4. Startups that Received Major Investments in 2017 - Exceeding $3M (3) 2017 Startup Investment Trends in Korea ㅣ PART 1. 2017 Startup Investment - Monthly Trends

11. 11 Investee Investment Amount (Month/$M) Investor Accumulated Amount ($M) 1 Yanolja Jun. 52.8 SkyLake Investment 70.4 Dec. 17.6 AJU IB Investment 2 Treasure Hunter Jun. 13.2 (Malaysia) Linktu infotainment Sdn Bhd 14.2Sep. 1 (H.K) Redﬂy Communications Nov. Undisclosed (H.K) CEC Fund 3 OGQ Oct. 6.6 Naver 8.8 Nov. 2.2 Central Investment Partners etc. 4 Zipdoc Mar. 0.97 Seoul Investment Partners, Capstone Partners 5.37 Aug. 4.4 (U.S) Altos Ventures, Kakao Investment, Capstone Partners, KDB Bank 5 Waug Travel(Waug) May 1.76 LB Investment 4.14 Aug. 2.38 Global Taxfree 6 Korea Credit Data(Cashnote) Aug. 0.24 KG Inicis 3.76Oct. 3.52 Kakao Nov. Undisclosed KT 7 Sugarhill(Nemo) Jul. 1.06 Geon Investment 3.7 Nov. 2.64 K Cube Ventures, Geon Investment, KEB Hana Bank 8 (U.S) PHANTOM AI Feb. 0.62 Korea Investment Partners, local venture capitals in Silicon Valley, Angel Investor 3.62 Jul. 3 DSC Investment, Overseas Venture Capitals 9 Wonders May 1.14 K Cube Ventures, Donghoon Investment, Union Investment Partners 2.2Aug. 1.06 K Cube Ventures, Donghoon Investment, Union Investment Partners Nov. Undisclosed Donghoon Investment 10 Umain Sep. Undisclosed SBA(Seoul Business Agency) 1.85 Dec. 1.85 K Partners, Korea Technology Finance Corporation 1-5. Startups that Received More than 2 Investments in 2017 (1) 2017 Startup Investment Trends in Korea ㅣ PART 1. 2017 Startup Investment - Monthly Trends

12. 12 Investee Investment Amount (Month/$M) Investor Accumulated Amount ($M) 11 Urbanbase Jul. 1.85 CKD Venture Capital, Magellan Technology Investment, Capstone Partners 1.85 Dec. Undisclosed SL Investment, Shinhan Capital, KDB Capital 12 Chian Partners Nov. 1.76 Capstone Partners, DS Asset, DSC Investment 1.76 Nov. Undisclosed (China) InBlockchain 13 Money Brain Jul. 1.32 L&S Venture Capital 1.76 Aug. 0.44 Donghoon Investment 14 Mata Company(Matazoo) Jul. 1.41 Undisclosure 1.41 Dec. Undisclosed Korea Pallet Pool 15 Tndn. Aug. 0.88 Capstone Partners, Startup X 1.32 Dec. 0.44 Evergreen Investment Partners 16 The Wave Talk Jul. Undisclosed Naver D2 Startup Factory 1.06 Aug. 1.06 Blue Point Partners, Naver, Estech Pharma 17 4D Replay(Esmlab) Aug. Undisclosed (Japan) Global Brain 1 Nov. 1 KT 18 Trillionaire(Huiseoul) Apr. 0.97 (Malaysia) Best Team Group, (Singapore) Griffes Capital Partners 0.97 Sep. Undisclosed (U.S) Asset management ventures 19 Goodeats Feb. 0.26 Carrie Soft 0.7 Feb. 0.44 DSC Investment 20 42Maru Sep. Undisclosed Spring Camp 0.62 Dec. 0.62 DAYLI Venture Capital 21 Nexel Mar. 0.26 Coolidge Corner Investment 0.59 Oct. 0.33 Cosine Investment, Coolidge Corner Investment 22 Polariant Jan. 0.44 Individual Investor , (H.K) NP Equity Partners, Naver, Blue Point Partners 0.44 Jul. Undisclosed Vintage Lab 2017 Startup Investment Trends in Korea ㅣ PART 1. 2017 Startup Investment - Monthly Trends 1-5. Startups that Received More than 2 Investments in 2017 (2)

13. 13 Investee Investment Amount (Month/$M) Investor Accumulated Amount ($M) 23 Jienem Jul. 0.44 Capstone Partners 0.44 Jul. Undisclosed Yanolja 24 Halfz Sep. 0.26 Ntels 0.26 Dec. Undisclosed N15 25 Mr.Mention Jan. 0.11 Coolidge Corner Investment 0.23 Dec. 0.12 Coolidge Corner Investment 26 Artists' Card(Classic Manager) Feb. Undisclosed Neoply 0.09Oct. Undisclosed Company B Dec. 0.09 Bigbang Angels 27 Needer(Gubgoo) Jan. 0.09 Stonebridge Capital 0.09 Aug. Undisclosed LOTTE Accelerator 28 Anolzzang Apr. 0.04 Neoply, Individual Investor 0.04 Jun. Undisclosed SBA(Seoul Business Agency) 29 Jaranda Feb. 0.02 Sopoong 0.02 Nov. Undisclosed ROA Invention LAB, Venture Square 30 Humanscape(Helen) Feb. Undisclosed MashUp Angels - Dec. Undisclosed Magellan Technology Investment 31 Sodacrew(Soda Transfer) Jun. Undisclosed AI Angel Club, U.S Angel Investor - Dec. Undisclosed SBA(Seoul Business Agency) 32 Monster School(MathMon) Apr. Undisclosed MashUp Angels - Sep. Undisclosed SBA(Seoul Business Agency) 33 Logi Brothers(Logicong) Jun. Undisclosed TheVentures, TMON Chairman Shin Hyun-sung , Choi Ji-ung Angel Investor - Sep. Undisclosed Chunjae Education 2017 Startup Investment Trends in Korea ㅣ PART 1. 2017 Startup Investment - Monthly Trends 1-5. Startups that Received More than 2 Investments in 2017 (3)

14. 14 PART 2 2016 Startup Investment - Status by Amount Range 2017 Startup Investment Trends in Korea

15. 15 2-1. 2017 Startup Investment (By Amount Range) 0 100 200 300 400 500 0 30 60 90 120 150 Undisclosure 0~0.99 1~9.99 10~19.99 20~29.99 30~39.99 40~49.99 50~ Investee Investment by Amount Range ($M) 70.4 48.4 30.821.12 144.34 480.49 45.2 111110 127 101 145 45.2 480.49 144.34 21.12 30.8 48.4 70.4 0 100 200 300 400 500 0 20 40 60 80 0~0.49 0.5~0.99 1~2.99 3~4.99 5~6.99 7~8.99 9~9.99 Investee Investment by Amount Range ($M) 9.68 168.43 63.07 118.65120.67 28.92 16.28 1 21 11 30 64 38 63 16.28 28.92 120.67 118.65 63.07 168.43 9.68 Distribution of Investment Volume by Amount Range in 2017 Volume by Number of Investees / Amount Range Distribution of Investment Volume by Amount Range in 2017 Sub-distribution of Investment Less than $10M • Total number of startups (Investees) that secured investment during 2017: 387 (fully disclosed: 224, partially disclosed: 18, non-disclosed: 145) • The amount range with the highest deal count: $1M - $9.99M (127); 0 - $0.99M (101) * For companies that received investments on 2 or more occasions during the given year, the amount of investments was calculated based on the total cumulative investment amount (partial disclosure included). * The graph was made solely based on the investments made into 242 startups which have either fully or partially disclosed their amounts. 2017 Startup Investment Trends in Korea ㅣ PART 2. 2017 Startup Investment - Status by Amount Range

16. 16 Comparison of Number of Investees by Amount Range (Total Number of Investees: 387) Comparison of Investment Volume by Amount Range (Total Investment Amount: $840.75M) • The amount range with the highest deal count was between $0 and $9.9M, which accounted for 59% of all investees (228 deals). • The investment between $1M and $9.9M accounted for 57% of the total amount. • In 2017, two companies attracted investments worth more than $40M. Yanolja (Total of $70.4M on 2 separate occasions: $52.8M and $17.6M), Viva Republica ($48.4M) 8% 6% 4% 3% 17% 57% 5% 0~0.99 1~9.99 10~19.99 20~29.99 30~39.99 40~49.99 50~ 37% 3% 33% 26% 0~0.99 1~9.99 10~19.99 20~29.99 30~39.99 40~49.99 50~ Undisclosure 2017 Startup Investment Trends in Korea ㅣ PART 2. 2017 Startup Investment - Status by Amount Range 2-1. 2017 Startup Investment (By Amount Range)

17. 0 100 200 300 400 500 0~0.99 1~9.99 10~19.99 20~29.99 30~39.99 40~49.99 50~ 70.4 48.4 30.821.12 144.34 480.49 45.2 176 43 30 44.3 118.4 404.4 54.6 2016 ($M) 2017 ($M) 0 30 60 90 120 150 Undisclosure 0~0.99 1~9.99 10~19.99 20~29.99 30~39.99 40~49.99 50~ 1111 10 127 101 145 3112 9 136 111 76 2016 2017 17 2-2. 2016 - 2017 Startup Investments (By Amount Range) • In 2017, the number of investees between $0 and $9.99M decreased from the previous year. • Compared to the previous year, the investment amount increased between $1M and $19.99M and decreased between $20M and $29.99M. The amount has also decreased for the range that exceeds $50M. 2016 - 2017 Comparison of Investment Volume by Amount Range ($870.7M in 2016 / $840.75M in 2017) 2016 - 2017 Comparison of Number of Investees by Amount Range (313 in 2016 / 387 in 2017) 2017 Startup Investment Trends in Korea ㅣ PART 2. 2017 Startup Investment - Status by Amount Range

18. 18 Investee Introduction Years in Business Sector Specific Business Type Investment Amount ($M) Investor 1 Yanolja Accommodation O2O More than 7 years ICT Service Travel/Accommodation 70.4 AJU IB Investment / SkyLake Investment 2 Viva Republica(Toss) Easy Remittance Less than 5 years ICT Service Finance/Insurance 48.4 (U.S) PayPal, (U.S) Bessemer Venture Partners, (U.S) Goodwater Capital, (U.S) Altos Ventures, (France) Partech Ventures etc. 3 Woowa Brothers(Baemin) Food Tech Less than 7 years ICT Service Food 30.8 Naver 4 MeshKorea IT Distribution Less than 5 years Distribution/Service Distribution/Logistics 21.12 Naver 5 Poolus Mobile Carpool Service Less than 2 years ICT Service Transportation/Vehicles 19.36 Mirae Asset Capital, YellowDog, SK, (U.S) Collaborative Fund 6 ABL Bio Anitibody and Immunosuppressive Therapy Development Less than 2 years Bio/Healthcare Medical/Rehab 17.6 DSC Investment, Korea Investment Partners, Korea Investment & Securities, NS Investment 7 SendBird Mobile Chat API Development Less than 6 years ICT Service SWTech Solution 16 (U.S) Shasta Ventures, (U.S) August Capital, Twitch TV Co-founder Justin Kan 8 Bespin Global Cloud IT Solution Less than 3 years ICT Service Data and Information Management Solution 14.96 (China) Legend Capital, Premier Partners, (U.S) Altos Ventures, Hyosung ITX 9 FoodTech POS Management Solution Development More than 7 years ICT Service Business Solution 14.7 Woowa Brothers(Baemin), Naver 10 Treasure Hunter MCN Less than 3 years Cultural Content Video/Broadcast/MCN 14.2 (H.K) Redfly Communications / (Malaysia) Linktu infotainment Sdn Bhd / (H.K) CEC Fund 11 Monolith ICT Non-power Kart Themepark Less than 1 year ICT Manufacturing Others 13.38 DSC Investment, SJ Investment Partners, Bokwang Venture Capital, ES Investor, UTC Investment, Individual Investors 12 Baglecode Mobile Game Development Less than 6 years Game Online/Mobile Games 12.58 IMM Investment, Atinum Investment, LB Investment, Smilegate Investment 13 My Music Taste KPOP Platform Less than 7 years Cultural Content Performance/Music/ Exhibition 11 KTB Network, Stonebridge Capital, YellowDog, SoftBank Ventures Korea, Samsung Venture Investment, (U.S) Formation 8, Bokwang Venture Capital, (U.S) Golden Gate Ventures 14 FastFive Shared Office Less than 3 years Others Real Estate 10.56 TS Investment, Quantum Equity Partners Korea, ID Ventures 15 Wadiz Crowdfuding Less than 6 years ICT Service Crowdfunding 9.68 Smilegate Investment, Korea Investment Partners, STIC Investment, L&S Venture Capital, Shinhan Bank 16 OGQ Social Creator Market Platform Less than 7 years Cultural Content Content/Media 8.8 Central Investment Partners etc. / Naver 2-3. Highest Funded Startups in 2017 - Over $5M (1) 2017 Startup Investment Trends in Korea ㅣ PART 2. 2017 Startup Investment - Status by Amount Range

19. 19 Investee Introduction Years in Business Sector Speciﬁc Business Type Investment Amount ($M) Investor 17 Funple Works Game O2O Platform Less than 6 years Game Related Service 8.8 Capstone Partners, Company K Partners 18 Care Labs Healthcare Platform Less than 6 years Bio/Healthcare Healthcare 8.8 Green Cross WellBeing, Green Cross 19 Wanted Lab(Wanted) Recruitment Recommendation Service Less than 3 years ICT Service Business Solution 8.8 Stonebridge Capital, KTB Network, Kolon Investment, SL Investment, KDB Bank, IBK(Industrial Bank of Korea), Korea Investment & Securities, TRUBEN Investment, (Japan) Aucfan, (Japan) Vector, (Japan) Risk Monster 20 Blank TV Video Commerce Less than 2 years Distribution/Service Commerce 8.8 SoftBank Ventures Korea 21 Drama&campany(Remember) Business Card Management Service Less than 6 years ICT Service Business Solution 8.8 Naver 22 Lendit P2P Finance Less than 3 years ICT Service Crowdfunding 8.8 YellowDog, (U.S) Altos Ventures, (U.S) Collaborative Fund 23 Rainbow(Hubo) Humanoid Robot Research Development Less than 7 years ICT Service Smart Device 8.8 Korea Investment Partners, KTB Network, SBI Investment Korea 24 Digital First Global Adtech Media Lab Less than 1 year ICT Service Advertising/Sales/ Marketing 8.8 IGAWorks 25 Neptune Mobile and Online Game Development Less than 3 years Game Online/Mobile Games 8.8 K Cube Ventures 26 ParkingCloud(I Parking) Smart Parking Solution More than 7 years ICT Service Transportation/Vehicles 7.92 HB Investment 27 Orum Therapeutics Antibody Platform Technology Cancer Therapy Development Less than 2 years Bio/Healthcare Medical/Rehab 7.92 Intervest, KB Investment, Solidus Investment, LB Investment 28 Bbros(Ddocdoc) National Hospital Locating O2O Application Less than 5 years Bio/Healthcare Healthcare 7.92 Hanwha Investment 29 One Life One Technology(Wahome) O2O Cleaning Service Less than 3 years ICT Service Lifestyle Service 7.39 SBI Investment Korea, Samsung Venture Investment, DS Asset, Ubase 30 Plasmapp Healthcare Device Sterilizer Packaging Solution Less than 3 years Bio/Healthcare Medical/Rehab 7.04 Samsung Venture Investment, LB Investment, K Net Venture Capital, Stonebridge Capital, Songhyun Investment 31 Precision Biosensor On-site diagnostic equipment and diagnostic reagent More than 7 years Bio/Healthcare Medical/Rehab 7.04 DSC Investment, I Sens, Korea Investment Partners, Atinum Investment 2017 Startup Investment Trends in Korea ㅣ PART 2. 2017 Startup Investment - Status by Amount Range 2-3. Highest Funded Startups in 2017 - Over $5M (2)

20. 20 Investee Introduction Years in Business Sector Specific Business Type Investment Amount ($M) Investor 32 Althea Global Digital Beauty Platform Less than 3 years Distribution/Service Commerce 7.04 KDB Bank, (Malaysia) FirstFloor Capital, (India) InnoVen Capital, BA Partners, (U.S) Tekton Ventures 33 SuaLab Smart Factory Solution Less than 5 years ICT Manufacturing Production Facility Management 7.04 KT Investment, Samsung Venture Investment, Stonebridge Capital, Intervest 34 Manna CEA Smart Farm Less than 5 years Bio/Healthcare Bio Agriculture 7.04 DSC Investment 35 DUnit(Seoul Store) Influencer E-commerce Platform Less than 4 years Distribution/Service Commerce 7.04 Samsung C&T, Posco Venture Partners, Smilegate, Timewise Investment, IBK(Industrial Bank of Korea), Songhyun Investment 36 Global Networks(Meatbox) Livestock Distribution Solution Less than 4 years Distribution/Service Distribution/ Logistics 7.04 SoftBank Ventures Korea, (U.S) Altos Ventures, Stonebridge Capital, Devsisters Ventures 37 Cracle Factory(WomensTalk) Mobile Video Commerce More than 7 years Distribution/Service Commerce 6.64 Seoul Investment Partners, KB Investment, Daesung Venture Capital, Korea Investment Partners, The Wells Investment, UTC Investment 38 Croquis(Zigzag) Women’s Shopping mall Collection Service Less than 6 years ICT Service Fashion/Beauty 6.16 Stonebridge Capital, (U.S) Altos Ventures etc. 39 OTD Corporation Food and Restaurant Platform Less than 4 years Distribution/Service F&B 6.16 UTC Investment, DS Asset 40 My Real Trip Free Travelling Platform Less than 6 years ICT Service Travel/ Accommodation 6.16 Smilegate Investment, (U.S) Altos Ventures, IMM Investment, Mirae Asset Capital, IBK Capital 41 Teamblind(Blind) Anonymous Mobile Community by Company Less than 5 years ICT Service Community 6 Mirae Asset Capital, ID Ventures, (U.S) DCM Ventures, AJU IB Investment 42 Brandi Influencer Shopping Less than 4 years Distribution/Service Commerce 5.63 SEMA Translink Investment, DSC Investment, (U.S) Big Basin Capital 43 Zipdoc Interior Comparing Brokerage Platform Less than 3 years ICT Service Lifestyle Service 5.37 Seoul Investment Partners, Capstone Partners / (U.S) Altos Ventures, Kakao Investment, Capstone Partners, KDB Bank 44 HNC Games Mobile Game Development Less than 5 years Game Online/Mobile Games 5.28 K Cube Ventures, Aju Secondary Plus Investment Associations, etc. 45 Y Brain Wearable Healthcare Devices and Data Analysis Less than 5 years Bio/Healthcare Medical/Rehab 5.28 AJU IB Investment, Daekyo Investment, Mirae Asset Venture Investment, Stonebridge Capital, KDB Capital 46 Neuromeka Comprehensive solution for cooperative robot Less than 5 years ICT Manufacturing Smart Device 5.28 DSC Investment, Wonik Investment Partners, KTB Network, KDB Bank 47 Qualson English Study Service Less than 6 years ICT Service Education 5.1 SoftBank Ventures Korea, Capstone Partners, DSC Investment, IMM Investment, Posco 2017 Startup Investment Trends in Korea ㅣ PART 2. 2017 Startup Investment - Status by Amount Range 2-3. Highest Funded Startups in 2017 - Over $5M (3)

21. 21 PART 3 2017 Startup Investment - Status by Years in Business 2017 Startup Investment Trends in Korea

22. –––––– 22 3-1. 2017 Startup Investment by Years in Business Distribution of Startup Investment by Years in Business in 2017 Number of Investees / Investment Amount by Years in Business Years in Business Investment Amount ($M) Number of Company Top Deal Total Amount Disclosed Amount Undisclosed Partially Disclosed Less than 1 year 37.88 47 23 23 1 - Monolith ($13.38M) Less than 2 years 95.85 84 42 37 5 - Poolus ($19.36M) Less than 3 years 158.93 99 54 40 5 - Bespin Global ($14.96M) Less than 4 years 73.81 50 28 17 5 - DUnit(Seoul Store) ($7.04M) Less than 5 years 145.3 37 24 13 - - Viva Republica(Toss) ($48.4M) Less than 6 years 117.82 36 25 9 2 - SendBird ($16M) Less than 7 years 79.47 18 13 5 - - Woowa Brothers ($30.8M) More than 7 years 131.69 16 15 1 - Yanolja ($70.4M) Total 840.75 387 224 145 18 • Years of businesses with the highest deal count: 2 - 3 years (99 companies) • Years of businesses with the lowest deal count: 7 years or longer (16 companies) • Years of businesses with the highest investment amount: 2 - 3 years ($158.93M) / 4 - 5 years ($145.3M) • Years of businesses with the highest investment amount per investee: 4 - 5 years (24 companies with the amount disclosed / $145.3M, average of $6.1M) Investment Amount and Number of Investees by Years in Business in 2017 0 50 100 150 200 0 20 40 60 80 100 ~1year ~2years ~3years ~4years ~5years ~6years ~7years 7years~ Investee Amount by years in Business ($M) 131.69 79.47 117.82 145.3 73.81 158.93 95.85 37.88 1618 3637 50 99 84 47 37.88 95.85 158.93 73.81 145.3 117.82 79.47 131.69 2017 Startup Investment Trends in Korea ㅣ PART 3. 2017 Startup Investment - Status by Years in Business

23. 23 4%5% 9% 10% 13% 26% 22% 12% Less than 1 year Less than 2 years Less than 3 years Less than 4 years Less than 5 years Less than 6 years Less than 7 years More than 7 years 16% 9% 14% 17% 9% 19% 11% 5% Less than 1 year Less than 2 years Less than 3 years Less than 4 years Less than 5 years Less than 6 years Less than 7 years More than 7 years Comparison of Number of Investees by Years in Business (Total Number of Investees: 387) Comparison of Investment Amount by Years in Business (Total Investment Amount: $840.75M) • Investments are most frequently made into startups whose years in business are between [2 years or longer and less than 3 years] based on the number of investees and total investment amount. • Startups whose years in businesses are between [2 years or longer and less than 3 years] and [4 years or longer and less than 5 years] account for the highest investment amount secured based on the amount of investment secured. • Startups whose years in business are between [0 and less than 3 years] account for 60% of total investees, which shows that investments are heavily focused on early-stage startups. 2017 Startup Investment Trends in Korea ㅣ PART 3. 2017 Startup Investment - Status by Years in Business 3-1. 2017 Startup Investment by Years in Business

24. 0 60 120 180 240 300 ~1year ~2years ~3years ~4years ~5years ~6years ~7years 7years~ 48.1 12 115.4 283.7 95.5 185.9 111.3 18.8 2016 ($M) 2017 ($M) 0 20 40 60 80 100 ~1year ~2years ~3years ~4years ~5years ~6years ~7years 7years~ 1618 3637 50 99 84 47 11 8 22 30 38 80 90 34 2016 2017 24 • The number of startups attracting investment with [less than 1 year] in business increased by 38% from the previous year, and their investment amount was also increased by 99%. • The number of startups attracting investment with [2 years or longer but less than 3 years] in business recorded the largest increase of 19, from 80 to 99. • The investment amount secured by startups with [6 years or longer] in business showed signiﬁcant increase whereas the amount secured by startups with [2 years or longer but less than 5 years] in business displayed an overall decrease from the previous year. 2016 - 2017 Comparison of Number of Investees by Years in Business (313 in 2016 / 387 in 2017) 2016 - 2017 Comparison of Investment Amount by Years in Business ($870.7M in 2016 / $840.75M in 2017) 37.88 95.85 145.3 117.82 131.69 79.47 158.93 73.81 2017 Startup Investment Trends in Korea ㅣ PART 3. 2017 Startup Investment - Status by Years in Business 3-2. 2016 - 2017 Startup Investments by Years in Business

25. 25 PART 4 2016 Startup Investment - Status by Industry Sector 2017 Startup Investment Trends in Korea

26. 26 2017 Startup Investment Trends in Korea ㅣ PART 4. 2017 Startup Investment - Status by Industry Sector 0 100 200 300 400 500 0 50 100 150 200 250 ICT Service Bio/ Healthcare Distribution/ Service ICT Manufacturing Cultural Content Game General Manufacturing Others Investee Amount by Industry Sector ($M) 11.5313.61 52.0152.3360.35 91.4195.41 464.1464.1 95.41 91.41 60.35 52.33 52.01 13.61 11.53 • Sector with the highest deal count: ICT Service (201) • Sector with the highest investment amount: ICT Service ($464.1M) • Business type of the investee with the highest amount secured: ICT Service (Yanolja, $70.4M) 4-1. 2017 Startup Investment by Industry Sector Investment Amount and Number of Investees by Industry Sector in 2017 201 45 43 32 23 22 18 3 Sector Investment Amount ($M) Number of Companies Top Deal Total Amount Disclosed Amount Undisclosed Partially Disclosed ICT Service 464.1 201 119 72 10 - Yanolja ($70.4M) Bio/Healthcare 95.41 45 28 16 1 -ABL Bio ($17.6M) Distribution/ Service 91.41 43 26 15 2 - MeshKorea ($21.12M) ICT Manufacturing 60.35 32 14 16 2 - Monolith ($13.38M) Cultural Content 52.33 23 11 9 3 - Treasure Hunter ($14.2M) Game 52.01 22 13 9 - - Baglecode ($12.58M) General Manufacturing 13.61 18 10 8 - - Anesto ($3.52M) Others 11.53 3 3 - - - FastFive ($10.56M) Total 840.75 387 224 145 18 Distribution of Startup Investment by Industry Sector in 2017 Number of Investees / Investment Amount by Industry Sector

27. 1% 5% 6% 6% 8% 11% 12% 52% ICT Service Bio/Healthcare Distribution/Service ICT Manufacturing Cultural Content Game General Manufacturing Others 1% 2% 6% 6% 7% 11% 11% 55% ICT Service Bio/Healthcare Distribution/Service ICT Manufacturing Cultural Content Game General Manufacturing Others 27 • The industry sector with the highest deal count in 2017 was [ICT Service] (52%, 201 investees), where Yanolja is included ($70.4M). • [ICT Service] has also attracted the highest investment amount ($464.1M, 55%). • Regarding the total number of investees, [Bio/Healthcare] (12%, 45 investees) and [Distribution/Service] (11%, 43 investees) followed [ICT Service]. • Regarding the total investment amount, [Bio/Healthcare] (11%, $95.41M) and [Distribution/Service] (11%, $91.41M) also followed [ICT Service]. • More than half of all investments were made into [ICT Service]. Comparison of Number of Investees by Industry Sector (Total Number of Investees: 387) Comparison of Investment Amount by Industry Sector (Total Investment Amount: $840.75M) 2017 Startup Investment Trends in Korea ㅣ PART 4. 2017 Startup Investment - Status by Industry Sector 4-1. 2017 Startup Investment by Industry Sector

28. 1% 5% 5% 45% 1%1%1% 2% 2% 2% 3% 3% 3% 4% 4% 4% 5% 9% 10% 28 Distribution/Service $91.41M / 11% Game $52.01M / 6% General Manufacturing $13.61M / 2% Others $11.53M / 1% ICT Manufacturing $60.35M / 7% Cultural Content $52.33M / 6% Commerce $45.32M / 5% Distribution/Logistics $39.46M / 5% F&B $6.16M / 1% Specialized Service $0.47M / - 45% 55%ICT Service $464.1M / 55% Travel/Accommodation $87.36M / 10% Finance/Insurance $73.19M / 9% SW Tech Solution $41.03M / 5% Food $37.66M / 4% Business Solution $37.56M / 4% Transportation/Vehicles $33M / 4% Advertising/Sales/Marketing $28.74M / 3% Lifestyle Service $25.43M / 3% Crowdfunding $24.13M / 3% Data&Information Management Solutions $19.98M / 2% Fashion/Beauty $14.78M / 2% Education $14.12M / 2% Community $12.42M / 1% Real Estate $7.57M / 1% Program/Application $5.63M / - Other Specialized Service $1.5M / - Telecommunication Undisclosure / - • [Travel/Accommodation] where Yanolja is included attracted the largest investment amount, followed by [Finance/Insurance] and [SW Technical Solution]. • FinTech, including [Finance/Insurance] and [Crowdfunding], continued strong presence from the previous year, and [SW Technical Solution] also sustained increasing investments. • [Lifestyle Service], which secured the largest investment amount until 2016, slightly stalled its momentum. • More speciﬁcally, [Medicine/Rehab] (Bio/Healthcare) followed [Travel/Accommodation] and [Finance/Insurance] (ICT Service), accounting for 8% of the total investment amount secured. 4-2. 2017 Startup Investment by Speciﬁc Business Sector (Top 3 Sectors) 89% 1% 2% 8% Bio/Healthcare $95.41M / 11% Medicine/Rehab $67.4M / 8% Healthcare $20.97M / 2% Bio Agriculture $7.04M / - 2017 Startup Investment Trends in Korea ㅣ PART 4. 2017 Startup Investment - Status by Industry Sector

29. 0 100 200 300 400 500 ICT Service Bio/ Healthcare Distribution/ Service ICT Manufacturing Cultural Content Game General Manufacturing Others 11.5313.61 52.0152.3360.35 91.4195.41 464.1 9.3 46.539.8 61.9 30.8 194.4 98.2 389.8 2016 ($M) 2017 ($M) 0 50 100 150 200 250 ICT Service Bio/ Healthcare Distribution/ Service ICT Manufacturing Cultural Content Game General Manufacturing Others 3 182223 32 4345 201 39 202522 2932 173 2016 2017 29 4-3. 2016 - 2017 Startup Investments by Industry Sector • Overall, the number of investees by sector/investment amount has increased in 2017, except [Cultural Content]. • In 2017, investment amounts were increased in [ICT Service], [Bio/Healthcare], [ICT Manufacturing], [Game] and [General Manufacturing]. • Investment amounts in the ﬁelds of [Distribution/Service] and [Cultural Content] showed notable decreases from the previous year. This is because deals with substantial investment amount were not available in the ﬁelds above in 2017 (Memebox and Lezhin Entertainment respectively secured $60M and $43M in 2016). 2016 - 2017 Comparison of Number of Investees by Industry Sector (313 in 2016 / 387 in 2017) 2016 - 2017 Comparison Investment Amount by Industry Sector ($870.7M in 2016 / $840.75M in 2017) 2017 Startup Investment Trends in Korea ㅣ PART 4. 2017 Startup Investment - Status by Industry Sector

30. 30 4-4. 2017 Number of Investees and Investment Amount by Specific Sector Sector Specific Sector Total Investment Amount ($M) Total Number of Investee CompaniesSpecific Business Type Amount ($M) Number of Investee ICT Manufacturing Smart Device 14.61 10 60.35 32 Others 13.38 1 Material/Parts 9.86 8 Machinery/Equipment 9.08 6 Production Facility Management 8.8 5 IoT System 4.62 2 Cultural Content Video/Broadcast/MCN 18.28 6 52.33 23 Performance/Music /Exhibition 12.41 4 Content/Media 10.56 4 Publication/Comics /Novels 9.32 6 Art 1.76 3 Game Online/Mobile Games 41.01 16 52.01 22Related Service 11 4 VR/AR Games - 2 General Manufacturing Electricity/Machinery /Equipment 10.05 10 13.61 18 Kids and Baby Products 2.64 2 Daily Supplies 0.48 3 Fashion/Beauty 0.44 3 Others Real Estate 11.18 2 11.53 3 Energy 0.35 1 Sector Specific Sector Total Investment Amount ($M) Total Number of Investee CompaniesSpecific Business Type Amount ($M) Number of Investee ICT Service Travel/Accommodation 87.36 14 464.1 201 Finance/Insurance 73.19 19 SW Tech Solution 41.03 27 Food 37.66 5 Business Solution 37.56 16 Transportation/Vehicles 33 12 Advertising/Sales/Marketing 28.74 18 Lifestyle Service 25.43 14 Crowdfunding 24.13 7 Data&Information Management Solutions 19.98 10 Fashion/Beauty 14.78 9 Education 14.12 22 Community 12.42 9 Real estate 7.57 5 Program/Application 5.63 5 Other Specialized Service 1.5 7 Telecommunication - 2 Bio/ Healthcare Medical/Rehab 67.4 33 95.41 45Healthcare 20.97 11 Bio Agriculture 7.04 1 Distribution/ Service Commerce 45.32 26 91.41 43 Distribution/Logistics 39.46 12 F&B 6.16 3 Specialized Service 0.47 2 2017 Startup Investment Trends in Korea ㅣ PART 4. 2017 Startup Investment - Status by Industry Sector

31. 31 2017 Startup Investment Trends in Korea PART 5 2016 Startup Investment - Status by Investors

32. 32 5-1. Participating Investors in 2017 2017 Startup Investment Trends in Korea ㅣ PART 5. 2017 Startup Investment - Status by Investors • Number of Participating Investors in 2017: A total of 251 investors based on the companies disclosing business name. * Individual investors were excluded because many of them chose to remain anonymous. • Ratio of Investors by Nationality in 2017: 82% from Korea (205 investors) and 18% from overseas (46 investors). • Venture capital firms accounted for 40% (83 out of 205) of all local investors in 2017. Distribution of Investors by Nation in 2017 (Total of 251) 0 20 40 60 80 100 47 52 8 19 16 6 20 83 (Unit : number of companies) Distribution of Investors in 2017 (Total of 251) Korea US Japan HongKong China Malaysia Taiwan Singapore UK India France 0 50 100 150 200 250 1 1 1 1 2 3 3 4 9 21 205 Investors Participating in Startup Investment in 2017 Venture Capital Accelerator Angel Investent Other Investment Companies Finance Corporation Institution/ Foundation/ University General Companies Overseas Companies Investors Type Specific Type Number of Companies Venture Capital Venture Capital Company 57 83New Technology Business Finance Company 13 LLC 13 Accelerator Accelerator 20 20 Angel Investment Angel Investment Club 4 6 Private investment union 2 Other Investment companies Other Investment companies 16 16 Finance Company Asset management company / private equity fund manager 7 19 Bank 4 Securities company 3 Credit finance company 5 Institution/Foundation/ University Institution/Foundation/Association 5 8 Technology holding company 3 General company Major company 11 52 Semi-major company 7 Medium enterprises 9 Small and medium enterprises 25 Overseas companies Investment company 37 47 General company 10 (Unit : number of companies)

33. 33 5-2. 2017 Independent Investment by Investors (Investment Amount / Over $3M) Investor Investee Investment Amount ($M) Years in Business Sector Speciﬁc Business Type Introduction 1 SkyLake Investment Yanolja 52.8 More than 7 years ICT Service Travel/Accommodation Accommodation O2O 2 Naver Woowa Brothers(Baemin) 350 Less than 7 years ICT Service Food Food Tech 3 Naver MeshKorea 240 Less than 5 years Distribution/Service Distribution/Logistics IT Distribution 4 AJU IB Investment Yanolja 200 More than 7 years ICT Service Travel/Accommodation Accommodation O2O 5 (Malaysia) Linktu infotainment Sdn Bhd Treasure Hunter 150 Less than 3 years Cultural Content Video/Broadcast/MCN MCN 6 IGAWorks Digital First 100 Less than 1 year ICT Service Advertising/Sales/ Marketing Global Adtech Media Lab 7 SoftBank Ventures Korea Blank TV 100 Less than 2 years Distribution/Service Commerce Commerce 8 HB Investment ParkingCloud(I Parking) 90 More than 7 years ICT Service Transportation/Vehicles Smart Parking Solution 9 Hanwha Investment Bbros(Ddocdoc) 90 Less than 5 years Bio/Healthcare Healthcare National Hospital Locating O2O Application 10 DSC Investment Manna CEA 80 Less than 5 years Bio/Healthcare Bio Agriculture Smart Farm 11 Naver OGQ 75 Less than 7 years Cultural Content Content/Media Social Creator Platform 12 Samsung Venture Investment Cyworld 4.4 Less than 5 years ICT Service Community Network based Community Service 13 (China) Yunmai Komatrade 4 Less than 3 years Distribution/Service Distribution/Logistics Chinese IT Product Import 14 HB Investment Siksin 3.52 More than 7 years ICT Service Food Restaurant Service 15 Futurestream Networks Wisebirds 3.52 Less than 5 years ICT Service Advertising/Sales/ Marketing Social Media Advertising Platform 16 K Cube Ventures Fincon 3.52 Less than 6 years Game Online/Mobile Games Mobile Games Development 17 Kakao Korea Credit Data(Cashnote) 3.52 Less than 2 years ICT Service Finance/Insurance Simple Accounting Service 2017 Startup Investment Trends in Korea ㅣ PART 5. 2017 Startup Investment - Status by Investors

34. 34 Investor Number of Investor companies Field of Investee Investee Total Amount Disclosed Amount Undisclosed ICT  Service ICT   Production Game Cultural  Content Bio/ Healthcare Distribution  /Service General  Production Others 1 SBA(Seoul Business Agency) 37 4 33 19 4 1 3 3 4 3 Dreamer's Attic(CastingN), Dohands(Poomgo), Lath Games, Rye&Catchers(Bibly), Luxbelle(Sara's Fit), Luke Korea(Golden Care), My Shop On Shop, Mega Joint, Mentoreet(Codereet), Monster School(MathMon), Byfi Soft(Orai), Sodacrew(Soda Transfer), Simple Project(Wecook), Eyedea, Anolzzang, IM Technology, Alleys Wonderlab, Ummawa, SNB Soft, FRT, Entcrowd, L2C F&B(Mono Cheese), Yeon Systems, Umain, UserHabit, Innopresso(Mokibo), Imperfect(FonDof), Journey & Joy Travel(There), Chakak, Zuck Corp(I am Ground), Kredit Data(Kredit Job), Tubloo(Tyle.io), TransBox, Forex Lab, Promisope(Careple), PSR Media(Piclick), Fin2B 2 K Cube Ventures 31 26 5 17 1 6 3 4 Grepp, Dreamer's Attic(CastingN), Nerdgames, Neptune, Deepvalidation, Lablup, Mars Auto, Mini School, Baum, Bob Games, Cleaning Lab, Sugarhill(Nemo), SkelterLabs, Studio8, ExoSyatems(exoRehab), Un7qi3(ForceTeller), Wonders, Weekly Shirts, Intelon Optics, Jubilee Works(Jubilee TimeTree), Code Squad, Cochlear.ai, Kooding, Table Manager, Torooc(LIVot), Perseus, Fincon, Humart Company(Trost), HNC Games 3 Blue Point Partners 31 6 25 8 10 1 2 7 3 Greenoid, The Wave Talk, Didim, RevoStetch, Laufully, Leaphigh, MerryCow, Minkonet(Swing), Vrex Lab(Lush), Sherpa Space, Smarf, Sijung, Seadronix, Alink, SQand, AILeeSoft, Excello, LM Friends, O2Palm, Oledon, Ihn Lab, InThera, Genesis Lab, JellyLab, GD Sentron, QuadMedicine, ToGather(Blend), Polariant, Plain Bagle(Skippy), Hypersensing, Hutom 4 Capstone Partners 26 26 - 16 1 2 2 3 2 Nerdgames, LUXI, Mobidoo, Moin, Methinks, Balancehero(True Balance), Brich, 3boon1, Salesboost, CMI Partners(Little Closet), I/O(Switcher), Urbanbase, XBrain(Daria), Ylab, One Moment, Jobis&Villains(Jobis), JeongYookGak, Jienem, Zipdoc, Goodmobile, Chian Partners, Qualson, Tndn., Publy, Funple Works 5 Naver 18 8 10 7 4 3 3 1 Geekble, The Wave Talk, Drama&campany(Remember), DeepMedi, Deepixel, LetinAR, Loplat, MeshKorea, V.DO, CK Materials Lab, Alethio, Open Gallery, Woowa Brothers(Baemin), CrowdWorks, Polariant, FoodTech, FuriosaAI, OGQ 6 Coolidge Corner Investment 17 15 2 9 1 3 1 2 1 Nexel, Next Innovation, Mr.Mention, Venditz(24Moa), Story&Brothers(Veteran), Simple Project(Wecook), Ilanding, Actro, N.code(D.code), Ingine(Inwave), JS Lidar, Zeroweb, Tirebids, Two Hands Games, T-square(Titae) 7 DSC Investment 16 13 3 5 4 3 2 2 (U.S) PHANTOM AI, Goodeats, Green Resource, Neuromeka, D.throne, Law&Company(Law Talk), Liiid(Santa Toeic), Mycelebs, Manna CEA, Monolith, Brandi, Anesto, ABL Bio, Chian Partners, Qualson, Precision Biosensor 8 Korea Investment Partners 16 16 - 7 2 6 1 (U.S) Caide Systems, (U.S) PHANTOM AI, Denflex, Rainbow(Hubo), Rewhite, Ice&V(Moolban), EDENLUX, ABL Bio, Omnious, Wadiz, Infit&Company, Cracle Factory(WomensTalk), Togeter Apps(Together Funding), Fount, Precision Biosensor, Homesaeng(Daeri Jubu) 9 (U.S) Altos Ventures 13 11 2 8 1 1 3 Global Networks(Meatbox), Lendit, Link Shops, My Real Trip, Mykoon(Spoon), Bespin Global, Viva Republica(Toss), SweetSpot, Amazing Brewing Company, A-Team Ventures(Shapengine), Zipdoc, Croquis(Zigzag), Kmong 10 BonAngels Venture Partners 12 3 9 8 1 3 Happymomworld(Mom-sitter), MeasureChina, Methinks, Share Treats, Amazing Brewing Company, Edticket(Tayotayo), Extriber(Tripstore), Wingbling, Uneedcomms, Tappytoon, Partner(Grap), Pickup Scanner 11 KDB Bank 11 11 - 6 2 1 1 1 Gractor(InCaseLink), Neuromeka, Balancehero(True Balance), Anesto, Althea, Wanted Lab(Wanted), EOFlow, Jobis&Villains(Jobis), Zipdoc, TouchWorks(Touching), Trustus(Poing) 12 Stonebridge Capital 11 11 - 6 1 1 2 1 Global Networks(Meatbox), Needer(Gubgoo), Lablup, My Music Taste, SuaLab, Odd Concepts, Y Brain, Wanted Lab(Wanted), Uberple, Croquis(Zigzag), Plasmapp 13 SoftBank Ventures Korea 11 9 2 7 1 1 2 (U.S) Oben, Global Networks(Meatbox), My Music Taste, Marketit, Mathpresso(Qanda), Blank TV, Security Platform, Brave Company, Caret Games, Qualson, Pinscreen 14 Samsung Venture Investment 10 8 2 5 1 2 1 1 My Music Taste, SuaLab, Cyworld, Artisty, One Life One Technology(Wahome), East Control, Classting, Pience(Freefi), Puzzle Data, Plasmapp 2017 Startup Investment Trends in Korea ㅣ PART 5. 2017 Startup Investment - Status by Investors 5-3. 2017 Venture Investor Participation Summary (In descending order / 5 or more)(1)

35. 35 Investor Number of Investor companies Field of Investee Investee Total Amount Disclosed Amount Undisclosed ICT  Service ICT   Production Game Cultural  Content Bio/ Healthcare Distribution  /Service General  Production Others 15 Primer 9 4 5 7 1 1 Dogmate, Laftel, Besome(Sketchware), Salesboost, Eggbun Education, Chacare, CrowdPic, ppLink, Hogangnono 16 MashUp Angels 9 - 9 3 3 1 2 Dessert Almighty(DessertPick), Lonars(Cork Bear), Rosherin, Monster School(MathMon), Sergical Mind, Un7qi3(ForceTeller), Farmskin, Hey Beauty, Humanscape(Helen) 17 Sopoong 7 7 - 3 2 2 Amuse Travel, Allbom, Jaranda, Factoreal(Dangolgongjang), Petpick, H2K, MGsolutions 18 Evergreen Investment Partners 7 6 1 5 1 1 Laftel, Minkonet(Swing), Vitruv(Mata Math), Studio Seed(ProtoPie), Onnuri DMC, Tndn., PSR Media(Piclick) 19 (U.S) Strong Ventures 7 5 2 6 1 Dogmate, Moin, Besome(Sketchware), I/O(Switcher), Eggbun Education, Onuii, ppLink 20 (U.S) Big Basin Capital 7 4 3 4 2 1 Lonars(Cork Bear), Brandi, Swingvy, Wingbling, Zimssa, Tutoring, Hey Beauty 21 LB Investment 6 5 1 2 1 3 Baglecode, Social Network, Orum Therapeutics, Waug Travel(Waug), EOFlow, Plasmapp 22 Intervest 6 6 - 4 1 1 Maxst, Balancehero(True Balance), Brich, Blocko(Coinstack), SuaLab, Orum Therapeutics 23 Banks Foundation For Young Entrepreneurs 6 4 2 4 1 1 Deepvalidation, 3boon1, Onuii, Weekly Shirts, Partner(Grap), Hey Beauty 24 Spring Camp 6 3 3 5 1 Aurumplanet(Liner), Table Manager, TasteShop, 42Maru, ppLink, Handys 25 Mirae Asset Capital 6 5 1 6 Dabeeo, My Real Trip, Vitalhint Korea(Haemukja), Teamblind(Blind), Poolus, VCNC(Between) 26 L&S Venture Capital 5 5 - 4 1 Maxst, Money Brain, Brich, Aron Flying Ship, Wadiz 27 KTB Network 5 5 - 1 2 1 1 Neuromeka, Rainbow(Hubo), My Music Taste, Shapl, Wanted Lab(Wanted) 28 KB Investment 5 4 1 3 1 1 D.lemon(LemonClip), Orum Therapeutics, Innogrid, Cracle Factory(WomensTalk), Habit Factory(Signal) 29 IMM Investment 5 5 - 3 2 My Real Trip, Baglecode, StyleShare, Kokomo, Qualson 30 Plantree Partners 5 4 1 5 Dreamer's Attic(CastingN), Mini School, Jobis&Villains(Jobis), Chacare, Handys 31 Cognitive Investment 5 4 1 3 1 1 Maxst, Won Family(Dgdr), Jubilee Works(Jubilee TimeTree), Plat(Carplat), Handhug 32 YellowDog 5 4 1 4 1 Lendit, My Music Taste, Stayes, Edticket(Tayotayo), Poolus 33 AJU IB Investment 5 5 - 2 1 1 1 Green Resource, Yanolja, Y Brain, Teamblind(Blind), HNC Games 2017 Startup Investment Trends in Korea ㅣ PART 5. 2017 Startup Investment - Status by Investors 5-3. 2017 Venture Investor Participation Summary (In descending order / 5 or more)(2)

36. 36 5-4. 2017 Participation Status by Investment Amount * The following table shows the number of investments made by investors for each amount range, without specifying the individual amount. Because most investments with ￦1 billion or more were executed through joint investments, individual amounts by each investor were not disclosed in most cases. (Investors who participated in 5 or more deals were displayed in bold fonts.) 100million - 990million KRW ($0.01M - $0.87M) 1 billion - 2.9 billion KRW ($0.88M - $2.63M) 3 billion - 4.9 billion KRW ($2.64M - $4.39M) 5 billion - 9.9 billion KRW ($4.4M - $8.79M) 10 billion - 29.9 billion KRW ($8.8M - $26.39M) 30 billion KRW - ($26.4M - ) 14 Coolidge Corner Investment 12 K Cube Ventures 10 Capstone Partners Capstone Partners 8 K Cube Ventures 7 Sopoong 6 Korea Investment Partners DSC Investment 5 KDB Bank, Stonebridge Capital 4 Banks Foundation For Young Entrepreneurs, SBA(Seoul Business Agency), Blue Point Partners, (U.S) Strong Ventures Evergreen Investment Partners Capstone Partners, Intervest, AJU IB Investment, Samsung Venture Investment, (U.S) Altos Ventures 3 BonAngels Venture Partners, Plantree Partners, Primer, Spring Camp IBK Capital, Stonebridge Capital, (U.S) 500 Startups KDB Bank, DSC Investment, K Cube Ventures LB Investment, KB Investment, Korea Investment Partners, SoftBank Ventures Korea KTB Network, Korea Investment Partners, YellowDog, Naver 2 GS Shop, Korea Investment Partners, K Bridge Investment, Evergreen Investment Partners, Naver, KAIST Venture Investment Holdings, (U.S) Big Basin Capital SJ Investment Partners, L&S Venture Capital, KT Investment, KDB Bank, IMM Investment, CKD Venture Capital, Union Investment Partners , AssetPlus Investment Management, SoftBank Ventures Korea, Blue Point Partners, Mirae Asset Capital, Mirae Asset Venture Investment, Donghoon Investment, The Wells Investment, (U.S) Altos Ventures L&S Venture Capital, HB Investment, Korea Investment Partners, SoftBank Ventures Korea, Korea Technology Finance Corporation, (Japan) Global Brain, (U.S) Altos Ventures UTC Investment, SBI Investment Korea, IMM Investment, DS Asset, K Cube Ventures, ID Ventures, Songhyun Investment, SEMA Translink Investment, Mirae Asset Capital, Daesung Venture Capital DSC Investment, Korea Investment & Securities, Stonebridge Capital, Smilegate Investment, SoftBank Ventures Korea, Bokwang Venture Capital, (U.S) Collaborative Fund, (U.S) Altos Ventures 1 LSK investment, KITE Entrepreneurship Foundation, KG Inicis, DSC Investment, BNH Investment, AI Angel Club, Korea Venture Investment, Hana Financial Investment, Postech Holdings, Patron Holdings, Fast Investment, Cosine Investment, Cognitive Investment, Carrie Soft, Kakao Mobility, Jinhak, Yoonmin Foundation, Wisdome, Ntels, ENSL Partners, S Cubic Angels, Amantani Partners, CNH Capital, Series, Stonebridge Capital, Startup X Angels, Startup X, Spigen Korea, SEMA Translink Investment, Samsung Venture Investment, Bigbang Angels, Michuhol Angel Club, Mediati, Magellan Technology Investment, LOTTE Accelerator, Donghoon Investment, East Gate Partners, DAYLI Venture Capital, The Turning Point, Neoply, Neospring, (H.K) NP Equity Partners, (Malaysia) Best Team Group, (Singapore) Griffes Capital Partners LB Investment, KTB Network, KT, KEB Hana Bank, KB Investment, ICB, HB Investment, GS Shop, DSC Investment, DS Asset, BC Card, AJ Capital Partners, Hanvit Investment, Plantree Partners, Primer, Futureplay, Posco Capital, Timewise Investment, Coolidge Corner Investment, Kolon Investment, Kolon Innobase, Korea Omega Investment Finance, Cognitive Investment, K Partners, K Bridge Investment, K Run Ventures, K Net Venture Capital, Company K Partners, KAIST Venture Investment Holdings, G N TECH Venture Capital, Intervest, Innopolis Partners, YellowDog, Honest Ventures, Shinhan Capital, Startup X, Songhyun Investment, Central Investment Partners, Seoul Investment Partners, Samsung Venture Investment, Samsung NEXT, KDB Capital, BA Partners, Bokwang Venture Capital, Mirae Holdings, Magellan Technology Investment, MAGNA Investment, LOTTE Accelerator, Lotte Members, LINE Plus, East Gate Partners, Devsisters Ventures, The Square Company, Neo Plux, Korea Technology Finance Corporation, Global Taxfree, (H.K) Redﬂy Communications, (Japan) Colopla Next, (Japan) Global Brain, (U.S) Walden International, (U.S) Y Combinator, (U.S) Strong Ventures, (U.S) Big Basin Capital YG Investment, TGCK Partners, SL Investment, KT Investment, KEB Hana Bank, Premier Partners, Futurestream Networks, Forest Partners, Partners Investment, Kiwoom Securities, Cognitive Investment, KClavis, Company K Partners, Capstone Partners, Kakao, Geon Investment, Intervest, Wooshin Venture Investment, Ost Investment, Shinhan Capital, Smilegate Investment, Smilegate, Sejong Telecom, Samsung Venture Investment, BA Partners, Mirae Asset Venture Investment, Mega Investment, DAYLI Venture Capital, Neptune, Naver, 4:33, GOST Holdings, (China) Yunmai, (Japan) Miroku Jyoho Service, (Japan) Colopla Next, (U.S) 500 Startups KTB Network, KT Investment, K Net Venture Capital, IBK Capital, IBK(Industrial Bank of Korea), HB Investment, Huayi brothers Entertainment, Hyundai Technology Investment, Hanwha Investment, Posco Venture Partners, Posco Capital, Timewise Investment, Cognitive Investment, Kakao Investment, E&Investment, Ubase, Wonik Investment Partners, Atinum Investment, I Sens, Ideabridge Partners, Smilegate Investment, Smilegate, Solidus Investment, Seoul Investment Partners, Samsung C&T, KDB Capital, BA Partners, Mirae Asset Venture Investment, Medici Investment, Mega Investment, (Malaysia) FirstFloor Capital, DTN Investment, Devsisters Ventures, The Wells Investment, Daekyo Investment, Naver, Neo Plux, (Japan) Toei Animation, (Japan) Seibu Shinkin Capital, (India) InnoVen Capital, (U.S) DCM Ventures, (U.S) Tekton Ventures, (U.S) Big Basin Capital UTC Investment, SL Investment, SK, SJ Investment Partners, SBI Investment Korea, LB Investment, L&S Venture Capital, KDB Bank, IMM Investment, IBK(Industrial Bank of Korea), ES Investor, Hyosung ITX, Premier Partners, TS Investment, TRUBEN Investment, Quantum Equity Partners Korea, Kolon Investment, K Cube Ventures, Company K Partners, Capstone Partners, Kakao Games, Woowa Brothers, NS Investment, Atinum Investment, AJU IB Investment, IGAWorks, ID Ventures, Shinhan Bank, STIC Investment, Samsung Venture Investment, Mirae Asset Capital, (Malaysia) Linktu infotainment Sdn Bhd, Green Cross, Green Cross WellBeing, (China) Legend Capital, (Japan) Aucfan, (Japan) Vector, (Japan) Risk Monster, (U.S) Formation 8, (U.S) August Capital, (U.S) Shasta Ventures, (U.S) Golden Gate Ventures Naver, (U.S) Altos Ventures, SkyLake Investment, (France) Partech Ventures, (U.S) PayPal, (U.S) Bessemer Venture Partners, (U.S) Goodwater Capital 2017 Startup Investment Trends in Korea ㅣ PART 5. 2017 Startup Investment - Status by Investors

37. 37 2017 Startup Investment Trends in Korea PART 6 2016 Startup M&As

38. • 2017 Startup M&As: 29 deals (acquisitions: 24, mergers: 5) • In 2017, the number of M&A deals increased by 32% from the previous year (acquisitions: 19, mergers: 3) • M&A activities are increasingly focused on startups with speciﬁc know-how, technology and data. Startup M&As by Month in 2017 38 6-1. Startup M&As in 2017 2017 Startup Investment Trends in Korea ㅣ PART 6. 2017 Startup M&As 2016 - 2017 Startup M&A deals by Month 0 1 2 3 4 5 6 Jan. Feb. Mar. Apr. May. Jun. Jul. Aug. Sep. Oct. Nov. Dec. 333 4 3 2 4 3 22 6 3 2 1 4 111 3 2016 2017 0 1 2 3 4 5 Jan. Feb. Mar. Apr. May. Jun. Jul. Aug. Sep. Oct. Nov. Dec. 11 1 1 1 2 3 2 33 2 4 22 1 Acquisition Merge

39. 39 Acquis- ition Bidder Target Introduction (Target company) Remarks Jan.-1 BalanceHero (TrueBalance) Alex&Company Data analysis Feb.-1 ST Unitas (U.S) Princeton Review Educational institution in the U.S. Feb.-2 Netmarble Games (U.S) Kabam Mobile Games $710M Mar.-1 500V Inwoo Fueling from sewage sludge Mar.-2 Naver Epipolar Expert 3D technology May-1 Blupan (Japan) Kaigai-Soukin Japanese transfer and payment company May-2 TMON Fltgraph Search and reservation service for multi city flights May-3 WashOn Clean Fly Collection and delivery service for laundry May-4 Wonders Bareun Baesong Delivery specialized in lens Jun.-1 Seven Angels Holdings Elefund Real estate P2P financial platform Jun.-2 Fourthlink CertOn Blockchain platform and security certification based on FIDO Jul.-1 Naver Company AI AI technology Jul.-2 Line Games Next Floor Game publishing Jul.-3 Ensight Design Lab 3Claps Outbound shopping platform for children clothing Aug.-1 B2LiNK BCC Korea Global Cosmetics Distribution Acquis- ition Bidder Target Introduction (Target company) Remarks Aug.-2 DAYLI Financial Group Fund Online Korea Fund investment and asset management Aug.-3 Parking Cloud Tomato Electronics Parking control equipment manufacturing $6.16M shares 100% Sep.-1 RGPKorea (Yogiyo) Fly&Company (Foodfly) Online restaurant delivery service Sep.-2 NXC(NEXON) Korbit Cryptocurrency exchange Nov.-1 MateI DesignXYM Interior sign design specialized for hotels Nov.-2 SFC Villy P2P loan-type crowdfunding platform Nov.-3 Samsung Electronics Fluenty Understanding in natural language, conversational AI technology Dec.-1 Qdillion (Joonggonara) HiOWNER Mediation of used cars Dec.-2 Naver(LINE Plus) Drama&campany (Remember) Business card management service Merger Bidder Target Introduction (Target company) Remarks Jan. Hanbandosusan, NoelnSpring Yamtable Fresh food curation commerce Mar. Slowalk, UFO Factory Slowalk Software and game business Aug. Jienem, BnbPlanner Jienem Guesthouse travel O2O service and franchise Sep. Quicket(Bunjang), Sellit Bunjang Living information of local area platform Dec. Makers, Sedulab Makers Brand (maker) Education Platform 6-2. Startup M&A Deals by Month in 2017 2017 Startup Investment Trends in Korea ㅣ PART 6. 2017 Startup M&As

40. 40 Source: 1. The content in this chapter is prepared based on the data contained in the Annual Report on Startup Investment Trends in Korea previously published by Platum. 2. This chapter does not reﬂect other data additionally disclosed or presented by other media outlets or platforms after this report is published. PART 7 2014 - 2017 Cumulative Investments in Startups 2017 Startup Investment Trends in Korea

41. 1% 1% 1% 1% 2% 2% 2% 3% 3% 4% 5% 5% 12% 15% 19% 41 1. 2014 - 2017 Cumulative Investments • Number of startups that attracted investments for four consecutive years from 2014 to 2017: 84 ($726.74M in total) • [ICT Service] attracted the highest cumulative investments. More speciﬁcally, [Food] and [Travel/Accommodation] recorded the largest cumulative total. • Startups with the highest cumulative total: Woowa Brothers($128.2M in total/ $47.4M in 2014, $50M in 2016, $30.8M in 2017) 2017 Startup Investment Trends in Korea ㅣ PART 7. 2014 - 2017 Cumulative Investments in Startups Startups that attracted investments for four consecutive years from 2014 to 2017 - Ratio of Investments by Sector (Total of $726.74M) 1% 2% 6% 8% 7% 75% ICT Service Distribution/Service Cultural Content BIO/Healthcare ICT Manufacturing Game Others Food $138.98M / 2 Travel/Accommodation $105.67M/5 Finance/Insurance $86.26M/5 Business Solution $34.25M/6 Crowdfunding $33.74M/3 Lifestyle Service $31.41M/5 Fashion/Beauty $23.82M/4 SW Technical Solution $19.22M/4 Advertising/Sales/Marketing $16.8M/4 Transportation/Vehicles $12.72M/4 Other Specialized Service $11.97M/2 Education $10.49M/5 Program/Application $7.29M/2 Data&Information Management Solution $7.04M/2 Real Estate $4.47M/2 Community $1.76M/2 Woowa Brothers Yanolja Viva Republica Treasure Hunter My Music Taste Drama&campany Balancehero Manna CEA Lendit Bbros 0 30 60 90 120 150 2014 2015 2016 2017 Top 10 Startups with the Highest Cumulative Total (2014 - 2017) 15.1 15.54 14.02 16.3 16.4 21 27.6 75.5 91.8 128.2 Speciﬁc Business Sectors (Amount / # of Co.) (Unit: $M)

42. 42 Investee Investment Amount (Year/$M) Investor Accumulated Amount($M) 1 Woowa Brothers (Baemin) 2014 11.4 (U.S) Altos Ventures, IMM Investment, Stonebridge Capital, (Japan) CyberAgent Ventures etc. 128.2 2014 36 (U.S) Goldman Sachs 2016 50 (China) Hillhouse Capital Group Consortium 2017 30.8 Naver 2 Yanolja 2015 8.5 Partners Investment 91.8 2016 12.9 KTB Network, (U.S) Goodwater Capital, (U.S) Altos Ventures etc. 2017 17.6 AJU IB Investment 2017 52.8 SkyLake Investment 3 Viva Republica (Toss) 2015 4.3 KTB Network, (U.S) Altos Ventures, IBK(Industrial Bank of Korea) 75.52016 22.8 KTB Network, (U.S) Goodwater Capital, (U.S) Altos Ventures etc. 2017 48.4 (U.S) PayPal, (U.S) Bessemer Venture Partners, (U.S) Capital, (U.S) Altos Ventures, (France) Partech Ventures etc. 4 Treasure Hunter 2015 5.7 4:33 27.6 2015 3.4 Kolon Investment, Albatross Investment, (Japan) JAFCO Investment 2015 Undisclosed DSC Investment 2015 4.3 SK Telecom 2017 1 (H.K) Redﬂy Communications 2017 13.2 (Malaysia) Linktu infotainment Sdn Bhd 2017 Undisclosed (H.K) CEC Fund 2. 2014 - 2017 Cumulative Investments: over $5M (1) Investee Investment Amount (Year/$M) Investor Accumulated Amount($M) 5 My Music Taste 2016 10 SoftBank Ventures Korea, (U.S) Formation Group, Bokwang Investment, Samsung Investment, (China) DT Capital 21 2017 11 KTB Network, Stonebridge Capital, YellowDog, SoftBank Ventures Korea, Samsung Venture Investment, (U.S) Formation 8, Bokwang Venture Capital, (U.S) Golden Gate Ventures 6 Drama&campany (Remember) 2014 0.4 Primer Chairman Lee Taek-gyung, Linknow Jung Chairman Jang- hwan, Capstone Partners 16.4 2014 1.7 Daekyo Investment, (Japan) CyberAgent Ventures, Capstone Partners 2015 5.5 Partners Investment, Korea Investment Partners, AJU IB Investment, Daekyo Investment 2017 8.8 Naver, LINE Plus 7 Balance Hero (True Balance) 2015 0.7 BonAngels Venture Partners, Mega Investment 16.3 2016 2.6 SoftBank Ventures Korea 2016 8.6 SoftBank Ventures Korea, Mega Investment, IMM Investment 2017 4.4 KDB Bank, Intervest, Capstone Partners 8 Manna CEA 2015 8.5 K Venture Group 15.54 2017 7.04 DSC Investment 9 Lendit 2015 1.3 (U.S) Altos Ventures 15.12016 5 (U.S) Altos Ventures, Angel investor 2017 8.8 YellowDog, (U.S) Altos Ventures, (U.S) Collaborative Fund 10 B Bros (Ddocdoc) 2016 0.9 LabGenomics 14.02 2016 5.2 UBCare 2016 Undisclosed BITComputer 2017 7.92 Hanwha Investment 2017 Startup Investment Trends in Korea ㅣ PART 7. 2014 - 2017 Cumulative Investments in Startups

43. 43 Investee Investment Amount (Year/$M) Investor Accumulated Amount($M) 18 Croquis (Zigzag) 2016 2.6 (U.S) Altos Ventures 8.76 2017 6.16 Stonebridge Capital, (U.S) Altos Ventures etc. 19 SuaLab 2016 1.7 Stonebridge Capital, Intervest 8.74 2017 7.04 KT Investment, Samsung Venture Investment, Stonebridge Capital, Intervest 20 One Life One Technology (Wahome) 2016 1.3 Daesung Venture Capital, ES Investor, (U.S) 500 Startups 8.69 2017 7.39 SBI Investment Korea, Samsung Venture Investment, DS Asset, Ubase 21 My Real Trip 2014 0.9 Smilegate Investment, Capstone Partners 8.562015 1.5 (U.S) Altos Ventures 2017 6.16 Smilegate Investment, (U.S) Altos Ventures, IMM Investment, Mirae Asset Capital, IBK Capital 22 Zeroweb 2015 2.6 GS SHOP 8.4 2015 3 Posco Capital, BK Investment 2016 2.1 Stonebridge Capital, BK Investment 2016 Undisclosed Korea Investment & Securities 2017 0.7 K Bridge Investment, Coolidge Corner Investment 23 Y Brain 2014 3 Stonebridge Capital, DSC Investment 8.282015 Undisclosed Golfzon Newdin 2017 5.28 AJU IB Investment, Daekyo Investment, Mirae Asset Venture Investment, Stonebridge Capital, KDB Capital 24 ParkingCloud (I Parking) 2016 Undisclosed Nexen 7.92 2017 7.92 HB Investment Investee Investment Amount (Year/$M) Investor Accumulated Amount($M) 11 Wadiz 2016 1.3 Smilegate Investment, KDB Capital 13.582016 2.6 ID Ventures, DTN Investment, Daekyo Investment 2017 9.68 Smilegate Investment, Korea Investment Partners, STIC Investment, L&S Venture Capital, Shinhan Bank 12 StyleShare 2014 2.4 LB Investment 10.982016 7.7 Stonebridge Capital, Atinum Investment, KTB Network 2017 0.88 IMM Investment 13 Trust Us (POING) 2014 Undisclosed Yello Mobile, DSC Investment 10.782016 7.7 Naver, Korea Omega Investment, DTN Investment, Wonik Investment Partners, Hyundai Venture Investment etc. 2017 3.08 KDB Bank, (Japan) Global Brain 14 Flitto 2015 3 DSC Investment, Atinum Investment, Songhyun Investment, Stonebridge Capital 10.72016 7.7 SBI Investment Korea, K2 Investment Partners, Stonebridge Capital, Atinum Investment, DSC Investment, Songhyun Investment 2017 Undisclosed (Japan) Colopla Next 15 Craclefactory (Womenstalk) 2015 1.7 IMM Investment, NVESTOR, (Japan) CyberAgent Ventures 10.342016 2 Intervest, Capstone Partners etc. 2017 6.64 Seoul Investment Partners, KB Investment, Daesung Venture Capital, Korea Investment Partners, The Wells Investment, UTC Investment 16 Wanted Lab (Wanted) 2015 1.4 KTB Network, Mirae Asset Venture Investment, Stonebridge Capital 10.2 2017 8.8 Stonebridge Capital, KTB Network, Kolon Investment, SL Investment, KDB Bank, IBK(Industrial Bank of Korea), Korea Investment & Securities, TRUBEN Investment, (Japan) Aucfan, (Japan) Vector, (Japan) Risk Monster 17 Global Networks (Meatbox) 2016 2.6 SoftBank Ventures Korea 9.64 2017 7.04 SoftBank Ventures Korea, (U.S) Altos Ventures, Stonebridge Capital, Devsisters Ventures 2017 Startup Investment Trends in Korea ㅣ PART 7. 2014 - 2017 Cumulative Investments in Startups 2. 2014 - 2017 Cumulative Investments: over $5M (2)

44. Investee Investment Amount (Year/$M) Investor Accumulated Amount($M) 32 Blocko (Coinstack) 2016 1.3 Samsung Venture Investment 5.7 2017 4.4 Intervest, Daesung Venture Capital etc. 33 Classting 2015 3 Partners Investment, Individual Investor 5.64 2017 2.64 Samsung Venture Investment, 1st Private Investment Fund for Classting 34 Stripes 2014 0.9 Smilegate Investment 5.22015 4.3 Fast Track Asia, Smilegate Investment, Stonebridge Capital, Hyundai Technology Investment, SK Planet 2017 Undisclosed LG Household & Health Care 35 Funda 2015 Undisclosed TheVentures 5.06 2016 0.9 Seven Angels Holdings 2016 1.7 Korean Investment Partners, Intervest 2017 2.46 BC Card 44 Investee Investment Amount (Year/$M) Investor Accumulated Amount($M) 25 Kokomo 2015 2.1 K Cube Ventures, LB Investment 7.722016 4.3 K Cube Ventures, Stonebridge Capital 2017 1.32 IMM Investment 26 Althea 2015 0.2 BonAngels Venture Partners 7.242015 Undisclosed (U.S) 500 Startups 2017 7.04 KDB Bank, (Malaysia) FirstFloor Capital, (India) InnoVen Capital, BA Partners, (U.S) Tekton Ventures 27 Jubilee Works (Jubilee TimeTree) 2016 2 K Cube Ventures, (Japan) Seibu Shinkin Capital, (Japan) SMBC Venture Capital, Plantree Partners, (Japan) Toei Animation 6.66 2017 4.66 Cognitive Investment, K Cube Ventures, (Japan) Seibu Shinkin Capital, (Japan) Toei Animation 28 Ylab 2015 2.6 Value Invest Korea 6.12 2017 3.52 Capstone Partners, Kiwoom Securities, 4:33, TGCK Partners 29 MINDs Lab 2016 5.2 LG UPlus , VC 6.08 2017 0.88 KEB Hana Bank 30 Brandi 2015 0.4 DSC Investment 6.032016 Undisclosed (U.S) Big Basin Capital 2017 5.63 SEMA Translink Investment, DSC Investment, (U.S) Big Basin Capital 31 ZOYI 2014 0.3 BonAngels Venture Partners, Ji-Woong Park/CEO of Fast Track Asia 5.962015 1.7 Korea Investment Partners, AJU IB Investment 2017 3.96 (Japan) Global Brain, (Japan) Colopla Next etc. 2017 Startup Investment Trends in Korea ㅣ PART 7. 2014 - 2017 Cumulative Investments in Startups 2. 2014 - 2017 Cumulative Investments: over $5M (3)

45. 45 Basic data employed in the chapter of 2017 Equity-based Crowdfunding 1. This chapter deals with only equity-based form from rewards-based and equity-based crowdfunding. For startup investments, the report is based on the data of general businesses, excluding Movies/Performance/Exhibition. 2. Calculations were made based on the data of businesses of which investment was completed between January 1, 2017 and December 31, 2017. 3. Calculations were also made based on oﬃcial statistics presented by CrowdNet (www.crowdnet.or.kr) and data disclosed by intermediaries. * Statistics and ﬁgures from Crowd Net may display discrepancies, and margins of error do exist depending on information not disclosed by intermediaries. * Years in business for each company are calculated based on the date on which crowdfunding investment was initiated. PART 8 2017 Equity-based Crowdfunding * This part was prepared jointly with 2017 Startup Investment Trends in Korea

46. 46 1. Overall Crowdfunding Trends in 2017 • The total investment amount raised through equity-based crowdfunding in 2017 reached approximately $27.1M, a 164% increase from the previous year. • The total number of participating investors was about 19,000, a 274% increase from the previous year. • The total number of deals in 2017 was 283; 183 deals were successfully completed to show a success rate of 65%. • From 14 intermediaries conducting the business of equity-based crowdfunding with lawful ﬁnancial business licenses, Wadiz holds the number one spot, with its market share reaching 52% (based on raised amount). 2017 Startup Investment Trends in Korea ㅣ Part 8. 2017 Equity-based Crowdfunding Overall Crowdfunding Trends in 2017 Overview of Crowdfunding Intermediaries in 2017 based on raised amount 16% 4% 7% 10% 11% 52% Wadiz Crowdy IBK Securities Open Trade Ian Investment Others 0 5 10 15 20 25 30 27.1 16.5 2016 ($M) 2017 ($M) 0 5,000 10,000 15,000 20,000 19,291 7,031 2016 2017 0 50 100 150 200 250 300 111 233 2016 183 283 2017 Total Investment based on raised amount Total number of Deals Number of Investors Total Success Total Success Rank Intermediary The Number of Offerings Total Number of Successful Deals Amount Raised Actual Amount Invested Number of Investors 1 Wadiz 126 85 13,946,916 11,928,471 15,499 2 Crowdy 21 17 3,015,602 2,903,606 951 3 IBK Securities 20 13 2,681,334 2,694,800 678 4 Open Trade 28 14 1,831,021 1,683,798 698 5 Ian Investment 5 4 1,196,455 1,154,110 222

47. 141 217 Total number of startup fundings 0 50 100 150 200 250 300 183 283 Total number of fundings Total Success Ratio of Crowdfunding for Startups in 2017 47 2. Startup Crowdfunding in 2017 • The total amount of investment raised by startups, excluding movies/performances/exhibitions, from the entire crowdfunding reached approximately $21M. The number of deals was 217, accounting for 77% of all crowdfunding deals. • Upon comparison between the 1st half and 2nd half of the year, the total number of deals slightly increased from 105 in the 1st half to 112 deals in the 2nd half. However, as the raised amount increased by 154% (from $8.3M to $12.7M), it is clear that the activity of general investors was increasing. • The success rate of equity-based crowdfunding for startups was 65%; the attraction point that led to most investments was the issuance of common stocks. Startup Crowdfunding in 2017 Investment Volume for Startup Funding in 2017 based on amount raised Number of Deals in 2017 0 5 10 15 20 25 30 21 27.1 Total Raised Amount ($M) Raised Amount for Startups ($M) Common stock 92 deals Ordinary bond 20 deals (Redeemable convertible) Preferred stock   16 deals Others (Convertible bond) 13 deals 9% 11% 14% 65% 35% 65% Success 141 deals Failure 76 deals Success Rate of Startup Crowdfunding (Total of 217 startup deals) Ratio of Startup Shares/Bonds (Total of 151 successful deals) Total Success 2017 Startup Investment Trends in Korea ㅣ Part 8. 2017 Equity-based Crowdfunding

48. 48 3. Startup Crowdfunding by Amount Range in 2017 • The average amount of investment secured by a single startup during the entire year of 2017 was approximately $139K. Investments up to $264K were found most common. * For startups that successfully attracted 2 or more investments during the year, the calculation was made by considering each investment case individually. • From all startups with successful funding, about 66% of those startups carried their corporate value at less than $5B, which shows that companies in their early stages actively participated in order to secure seed investments. • 16% of all cases were represented the companies that hold a corporate value exceeding $10B. 3% 3% 4% 14% 21% 55% 0~99.9 100~199.9 200~299.9 300~399.9 400~499.9 500~599.9 600~ (Max. 616) Startup Crowdfunding by Amount Range in 2017 (Total of 141 successful fundings) Startup Crowdfunding by Corporate Value Range in 2017 (Total of 108 successful fundings, excluding 33 deals with bonds) Amount($M) Successful Fundings 0~99.9 78 100~199.9 30 200~299.9 20 300~399.9 5 400~499.9 4 500~599.9 - 600~ (Max. 616) 4 Value($M) Successful Fundings ~999 11 1,000~4,999 61 5,000~9,999 19 10,000~ 17 16% 18% 56% 10% ~999 1,000~4,999 5,000~9,999 10,000~ 2017 Startup Investment Trends in Korea ㅣ Part 8. 2017 Equity-based Crowdfunding

49. 49 4. Startup Crowdfunding by Years in Business in 2017 • Startups that had been in business between [0 and less than 4 years] accounted for about 77% of total successful deals. Companies falling under the bracket of [1 year or longer but less than 2 years] accounted for the highest percentage at 26%, followed by the companies under the bracket of [3 years or longer but less than 4 years] at 19%. • Companies that had been in business [7 years or longer] represented a relatively small number of cases, but the investment amount was notably high compared to the number of investments. • Substantial investments were made in companies that showed rapid growth or promising potential despite having been in business for a relatively short time. 8PERCENT (less than 2 years but surging growth) has secured an investment amount of approximately $606K, and Gore Wind Power ([less than 1 year] in the ﬁeld of renewable energy) obtained investment of $440K. Distribution of Startup Crowdfunding by Years in Business in 2017 Number of Fundings / Investment Amount by Years in Business Number of Startup Crowdfunding Deals and Amounts by Years in Business in 2017 Years in Business Number of Deals Investment Amount ($M) Company with Highest Investment Amount Total Success Amount Raised Actual Amount Invested Company No. of Investors Amount Raised ($K) Amount Invested ($K) Inter- mediary Less than 1 year 40 25 3.5 3.3 Gore Wind Power 428 440 440 Wadiz Less than 2 years 51 37 4.7 4.4 D.Lab 213 472 440 Wadiz Less than 3 years 31 19 3.8 3.1 8PERCENT 467 697 616 Wadiz Less than 4 years 34 27 4.0 3.8 iPeoples 769 657 616 Wadiz Less than 5 years 20 6 0.7 0.6 Quorum Bio 190 278 220 Wadiz Less than 6 years 12 7 0.9 0.7 Irisys 24 268 264 Kiwoom Securities Less than 7 years 11 8 1.6 1.5 Newsy Stock 345 631 616 Wadiz More than 7 years 18 12 2.2 2.2 Aga World 58 358 358 Ian Investment Total 217 141 21.4 19.6 0 10 20 30 40 50 60 0 10 20 30 40 50 60 Less than 1 year Less than 2 years Less than 3 years Less than 4 years Less than 5 years Less than 6 years Less than 7 years More than 7 years Total Number of Fundings Successful Fundings Total Amount Rasied ($M) Amount of Successful Investment ($M) 2.21.50.70.6 3.73.14.43.3 12 876 27 19 37 25 3.3 4.4 3.1 3.7 0.6 0.7 1.5 2.2 2017 Startup Investment Trends in Korea ㅣ Part 8. 2017 Equity-based Crowdfunding

50. 50 • [ICT Service] successfully completed the most investments at 35% of all successful cases, followed by [General Manufacturing] (16%), [ICT Manufacturing] (13%) and [Distribution/Service] (11%). • Concerning investment volumes by business type, [ICT Service] recorded the highest, followed by [General Manufacturing] and [Distribution/Service] in that order. • Substantial investments were made into companies with B2C business models familiar to the general public or recognized to have promising potential. Jeju Beer Company (well-known by the general public), iPeoples (launched mobile games based on Blue Marble, a widely popular game): Both secured investment of approximately $606K. Distribution of Startup Crowdfunding by Industry Sector in 2017 Number of Fundings / Investment Amount by Industry Sector Business Type Number of Cases Investment Amount ($M) Company with Highest Investment Amount Total Success Amount Raised Actual Amount Invested Company No. of Investors Amount Raised ($K) Amount Invested ($K) Inter- mediary ICT Service 76 50 7.6 7.3 8PERCENT 467 697 616 Wadiz General Manufacturing 40 22 3.0 2.9 Goldmax Group 66 461 440 IBK Securities ICT Manufacturing 27 18 2.6 2.2 Irisys 24 268 264 Kiwoom Securities Distribution/Service 27 16 2.7 2.3 Jeju Beer 474 655 616 Crowdy Cultural Content 15 11 1.6 1.5 Mohenic Stay 311 273 340 340 Wadiz Game 14 13 1.6 1.5 iPeoples 769 657 616 Wadiz Bio/Healthcare 12 8 1.3 1.2 Quorum Bio 190 278 220 Wadiz Others 6 3 0.9 0.9 Gore Wind Power 428 440 440 Wadiz Total 217 141 21.0 19.6 0 20 40 60 80 100 0 20 40 60 80 100 ICT Service General Manufacturing ICT Manufacturing Distribution/ Service Cultural Content Game Bio/ Healthcare Other Total Number of Fundings Successful Fundings Total Amount Rasied ($M) Amount of Successful Investment ($M) 0.91.21.51.52.32.22.9 7.3 3 8 1311 1618 22 50 7.3 2.9 2.2 2.3 1.5 1.5 1.2 0.9 Number of Startup Crowdfunding Deals and Amounts by Industry Sector in 2017 5. Startup Crowdfunding by Industry Sector in 2017 2017 Startup Investment Trends in Korea ㅣ Part 8. 2017 Equity-based Crowdfunding

51. 51 6. Hot Deals on Startup Crowdfunding in 2017 Top 5 Companeis with the Largest Investment Raised Investee Introduction Years in Business Sector Number of Investors Amount Raised ($) Actual Amount Invested ($) Security Type Intermediary 1 8 Percent P2P Finance Less than 4 years ICT Service 467 697,154 615,842 Common Stock Wadiz 2 Ipeoples Bluemarble Game Less than 4 years Game 769 657,008 616,000 General Bond Wadiz 3 Jeju Beer Company Craft Beef from Jeju Less than 3 years General Manufacturing 474 655,270 616,000 Common Stock Crowdy 4 Newsystock RoboAdvisor Investment Algorithm Plaform Less than 7 years ICT Service 345 630,749 615,859 Common Stock Wadiz 5 D.LAB Sofware Coding Education Less than 2 years ICT Service 213 472,074 439,994 Common Stock Wadiz Top 5 Companies with the Most Participating Investors Investee Introduction Years in Business Sector Number of Investors Amount Raised ($) Actual Investment Amount ($) Security Type Intermediary 1 Ipeoples Bluemarble Game Less than 4 years Game 769 657,008 616,000 General Bond Wadiz 2 Jeju Beer Company Craft Beef from Jeju Less than 3 years General Manufacturing 474 655,270 616,000 Common Stock Crowdy 3 8 Percent P2P Finance Less than 4 years ICT Service 467 697,154 615,842 Common Stock Wadiz 4 Gore Wind Power Wind power Less than 1 years Other 428 439,859 439,859 Common Stock Wadiz 5 Newsystock RoboAdvisor Investment Algorithm Plaform Less than 7 years ICT Service 345 630,749 615,859 Common Stock Wadiz 2017 Startup Investment Trends in Korea ㅣ Part 8. 2017 Equity-based Crowdfunding

52. This report is published with the clear goal to provide an overview of the trends in Korean startup investment for the year of 2017. It examines and delivers in-depth information concerning monthly investment trends during 2017, current investments by their size, current investments by business types and history, investor information, and annual M&A trends based on 425 investments in startups and 29 M&A deals publicly announced during the year of 2017. All basic data including the name of startups (investees), investors, investment volume, and time of investment is based on the information disclosed or presented by both investees and investors. The final figures were derived by Platum through analyzing monthly trends as well as the distribution and ratio of investments and applying comprehensive calculation methods and percent ratios. The industrial classification system was established based on the middle classification scheme adopted from the Korea Standard Industry Code (KSIC) by the Korea Venture Capital Association. In the course of classifying the business types of startups in accordance with the industrial classification system, the detailed business types of each startup was determined at the discretion of the Research Team at Platum based on the primary business type of each investee. In the event that the entirety or part of this report is used for external purposes, it must be expressly stated that the information originated from research done by Platum. I hope this report containing information on startup investment trends in Korea is useful and helpful to its readers. Thank you. Sangrae Jo, CEO/Platum Seunghee Han, Senior Researcher/Platum China Research Center Contributed by Nok-sil Kwon/Wadiz (for the Part on Crowdfunding) For more information: contact@platum.kr * This report uses the annual average rate of exchange in 2017 (1,000KRW=$0.88) to specify the investment amount in USD, except for cases in which the amount is already displayed. There may be a discrepancy between figures that are expected to be the same. Issued by Platum Date of publication ㅣ Apr. 2018 TEL ㅣ +82-70-4060-1118 WEB ㅣ platum.kr COPYRIGHT 2018 Platum Inc. PLATUM ALL RIGHTS RESERVED