CHART 3: PERFORMANCE SINCE DECISION TO IMPEACH 130 125 120 115 110 100 95 90 Dec 2016 Jan 2017 Feb 2017 Mar 2017 Apr 2017 May 2017 Jun 2017 Jul 2017 “es MSCI KOREA Gum MVISCI ACWI Mumm VISCI ASIA EX. JAPAN Source: Bloomberg December 9, 2016 proved to be a pivotal point for the country. and is expected to help navigate the complex political The large-scale protests seeking a permanent change from the __ relationship with North Korea. cronyism that runs rampant within Korea were finally being President Moon Jae-In, who was once the Chief of Staff to heard. President Roh Moo Hyun (1998-2008), assisted President Roh It is no coincidence that since December 9, 2016, the MSCI _in implementing the “Sunshine Policy.” The Sunshine Policy Korea Index has outperformed as shown in CHART 3the same __ was an attempt by the South Korean government to engage indices it lagged during President Park Geun-Hye’s tenure. | North Korea with a softer, humanitarian stance in an effort to Investors and Korean citizens alike were finally sensing hope build a peaceful relationship. President Moon will likely with the leading presidential candidates. Moon Jae-In’s eventual | reengage communications with North Korea in a similar victory on May 10 secured the manner. belief that a president in the Blue , The president appointed Jang House ar wore for tne President Moon Jae-In has Ha-Sung, formerly the dean of people and not exclusively for ; ; ' : a? ‘ the chacbols, increased investor expectations sant northern ee President Moon Jae-In has for corporate reforms and It is Staff for Policy. Jang Ha-Sung is a increased investor expectations 4s _ ; ; familiar face within the world of for corporate reforms and it is critical for the nation to continue corporate reform as the founder of critical for the nation to continue down this path of weakening the People’s Solidarity for down this path of weakening ; , ; ; Participatory Democracy (PDSD), family ties that maintain a fami ly ties that ma