Attached File NH Investment & Securities_20160408.pdf

Via carrying out M&As, Handok has been taking steps to enhance its business capabilities and diversify its business. We predict that the firm will expand over the mid- to long term on: 1) robust earnings growth at subsidiaries Pacific Pharma and Handok-Teva; 2) strong earnings contributions from its new ventures; and 3) meaningful R&D results at
subsidiary Genexine.