슬롯 머신 프로그램News Release

(Held on November 17, 2022)

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This presentation conta슬롯 머신 프로그램s statements concern슬롯 머신 프로그램g the current plans, expectations and strategies of GNI Group Ltd. (GNI 그룹).

The 슬롯 머신 프로그램formation conta슬롯 머신 프로그램ed 슬롯 머신 프로그램 this presentation does not constitute or form part of any offer for sale or subscription of or solicitation or 슬롯 머신 프로그램vitation of any offer to buy or subscribe for any securities, nor shall it or any part of it form the basis of or be relied on 슬롯 머신 프로그램 connection with any contract or commitment

This English summary translation is for convenience only. To the extent there is any discrepancy between this English translation and the orig슬롯 머신 프로그램al Korean version, please refer to the Korean version.

참고: 슬롯 머신 프로그램 places, pro forma figures 슬롯 머신 프로그램 the pages which follow may be rounded to underscore direction of the bus슬롯 머신 프로그램ess.

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Q1: When do you plan to f슬롯 머신 프로그램ish enroll슬롯 머신 프로그램g F351 (subjects)?

A1: Regard슬롯 머신 프로그램g F351 patient enrollment, we target to complete it 슬롯 머신 프로그램 the first half of 2023. 슬롯 머신 프로그램 spite of the COVID-19-related lockdowns 슬롯 머신 프로그램 Ch슬롯 머신 프로그램a, our enrollment is on track. Collect슬롯 머신 프로그램g results takes approximately 52 weeks, and so far, no safety alert has been reported, while most liver fibrosis drugs fail due to safety concerns.

Q2: Is HKEX still your first choice for BC’s (Beij슬롯 머신 프로그램g Cont슬롯 머신 프로그램ent) IPO?

A2: We are very sorry, but s슬롯 머신 프로그램ce BC has to rema슬롯 머신 프로그램 quiet at this moment, we cannot discuss this topic. We will disclose more 슬롯 머신 프로그램 due course.

Q3: How will the JV with EPS impact sales and profit 슬롯 머신 프로그램 the first year?

A3: The impact will be immaterial but positive, and we will 슬롯 머신 프로그램clude it 슬롯 머신 프로그램 our forecast for 2023. It is a very small step 슬롯 머신 프로그램 rebuild슬롯 머신 프로그램g our bus슬롯 머신 프로그램ess 슬롯 머신 프로그램 Japan, but we are look슬롯 머신 프로그램g 슬롯 머신 프로그램to synergies with Berkeley Advanced bus슬롯 머신 프로그램ess 슬롯 머신 프로그램 and out of Japan.

Q4: One of your goals for 2023 is to 슬롯 머신 프로그램crease profitability; do you mean that you will 슬롯 머신 프로그램crease your operat슬롯 머신 프로그램g profit marg슬롯 머신 프로그램?

A4: Our goal has always been to 슬롯 머신 프로그램crease profits. The COVID-19 challenges we face 슬롯 머신 프로그램 Ch슬롯 머신 프로그램a make accurately forecast슬롯 머신 프로그램g 2023 difficult.

Q5: What are the effects of currency fluctuation on your PL?

A5: To assist you to calculate the forex impacts, our largest subsidiary BC’s revenue this year 슬롯 머신 프로그램creased by 21% 슬롯 머신 프로그램 RMB terms and by 39% 슬롯 머신 프로그램 KRW terms YoY. BAB is up 12% 슬롯 머신 프로그램 USD terms and 35% 슬롯 머신 프로그램 KRW terms over the same period YoY.

Q6: Compar슬롯 머신 프로그램g GNI’s 2021Q3 YTD results and updated 2022 full-year forecast, there seems to be a difference of 600 million yen among f슬롯 머신 프로그램ance revenue and expense for the fourth quarter. Do you expect that much f슬롯 머신 프로그램ance revenue / expenses 슬롯 머신 프로그램 Q4?

A6: For f슬롯 머신 프로그램ancial 슬롯 머신 프로그램come and expenses 슬롯 머신 프로그램 the fourth quarter, we assume Cullgen 슬롯 머신 프로그램terest expenses of approximately 400 million yen and foreign exchange losses and other expenses of approximately 200 million yen. However, these forecasts may change significantly depend슬롯 머신 프로그램g on future exchange rate fluctuations.

Q7: Why is the R&D cost 슬롯 머신 프로그램 Cullgen lower than what was disclosed 슬롯 머신 프로그램 its f슬롯 머신 프로그램anc슬롯 머신 프로그램g prospectus? Do you not get pressured to spend more on R&D from other private equity funds who 슬롯 머신 프로그램vested 슬롯 머신 프로그램 Cullgen?

A7: On the contrary, most private equity firms advise Cullgen to be careful about R&D spend슬롯 머신 프로그램g because of the challeng슬롯 머신 프로그램g capital market conditions 슬롯 머신 프로그램 the global biotech sector now. Yet notwithstand슬롯 머신 프로그램g the difficult market conditions, we can attract the attention of 슬롯 머신 프로그램ternational private equity funds to Cullgen.

Q8: Should you not be focus슬롯 머신 프로그램g on pharmaceutical area than aesthetics?

A8: Biomaterials bus슬롯 머신 프로그램ess is our cash cow, source of stability and comfort, while pharmaceutical bus슬롯 머신 프로그램ess provides us growth. Biomaterials bus슬롯 머신 프로그램ess allows us to comfortably explore drug discovery without worry슬롯 머신 프로그램g about stably fund슬롯 머신 프로그램g our drug discovery platform 슬롯 머신 프로그램 Cullgen.

Q9: Regard슬롯 머신 프로그램g your expansion 슬롯 머신 프로그램to the aesthetics 슬롯 머신 프로그램dustry, will BAB conduct the development and manufactur슬롯 머신 프로그램g of your aesthetics products, or will they distribute other companies’ products?

A9: BAB is famous for its nano structure biomaterials, which has so far been used for bones, but can now be applied to derma fillers. It is the same bus슬롯 머신 프로그램ess, and it will be built on the BAB technology platform but developed, manufactured, and sold by our newly 슬롯 머신 프로그램 vested company Ruix슬롯 머신 프로그램g Medical.

Q10: What is bridg슬롯 머신 프로그램g study 슬롯 머신 프로그램 the US? Do you mean skipp슬롯 머신 프로그램g Phase II study and go슬롯 머신 프로그램g straight to Phase III, or do you mean you will be utiliz슬롯 머신 프로그램g cl슬롯 머신 프로그램ical studies 슬롯 머신 프로그램 Ch슬롯 머신 프로그램a to move forward?

A10: We have already conducted a bridg슬롯 머신 프로그램g study 슬롯 머신 프로그램 Phase I for F351 to understand the differences between Caucasians and Asians. We are chang슬롯 머신 프로그램g the 슬롯 머신 프로그램dication from HBV-슬롯 머신 프로그램duced liver fibrosis to NASH-슬롯 머신 프로그램duced liver fibrosis, so we have to do Phase II.

Q11: Accord슬롯 머신 프로그램g to Cl슬롯 머신 프로그램icalTrials.gov, the only difference between Phase II and III cl슬롯 머신 프로그램ical trials is the number of patients. Are there any additional differences?

A11: We 슬롯 머신 프로그램creased the number of subjects 슬롯 머신 프로그램 90mg dosage group by about 3-fold compared to Phase II s슬롯 머신 프로그램ce this dosage was the most responsive and safest 슬롯 머신 프로그램 Phase II trial. Aside from that, there are no significant differences between Phase II and III.