Korea Research: Reminder: 2Q preview call: 14 July, 10:00 AM KST - Who beats, who misses?

Research evidence excerpt

Korea Research: Reminder: 2Q preview call: 14 July, 10:00 AM KST - Who beats, who misses?

Special Disclosures

Korea imposes a capital gains tax on non-resident investors in Korean securities of

the lesser of 22% of the net gain or 11% of the gross sales proceeds unless the

investor is either (1) resident in a country which has a double tax treaty with Korea

that exempts the investor's capital gains from Korean tax or (2) the shares sold are

sold through the Korea Stock exchange or KOSDAQ exchange and the seller

(including related parties) has not owned 25% or more of the shares of the issuer at

any time during the year of sale plus the 5 calendar years preceding the year of sale.

Investors should seek their own tax advice.

Information on securities which are listed on the exchanges where ML Securities

(Taiwan) Limited is not permitted to trade or solicit trades for clients is for

informational purposes only and is not a recommendation or a solicitation to trade

such securities. ML Securities (Taiwan) Limited will not execute transactions for nor

accept orders from clients to trade such securities. Foreign investment in Taiwan

securities is regulated and restricted. Currently, foreign investment in Taiwan

securities is permitted by investment through: (1) global depository receipts, (2)

convertible bonds, (3) mutual funds issued offshore of Taiwan, and (4) a special

foreign institutional investors (FINIs) and foreign individual investors (FIDIs)

program supervised by the Taiwan SFB whereunder FINIs/FIDIs may apply for

investment ID to invest in Taiwan securities by registration with Taiwan Stock

Exchange. FINIs will additionally need consent from the foreign exchange authority,

ie, the Central Bank of China. In addition to the limitations above, various industry-