Summary of MTK (2454) Update - 100% EMIB, 100% Share in v9 •Street-high TPU estimates → raised TP to NT$6,650 (from NT$6,420) •MTK fell 7% yesterday on noise around potential v8t delay, EMIB/substrate supply issues & v9 share-loss fears — we take the opposite view •v8t/Zebrafish remains intact; demand well above 2027 CoWoS allocation of 180k, suggesting extended life cycle vol. •EMIB-T / substrate yields & supply tracking better than expected, at ~50% currently. Yield rate in every stage in report •EMIB Substrate delivery in small-volume ~100k mid-2027 → mass-volume by 4Q27 💯 100% EMIB-T for v9 (Humufish, Triggerfish). on-track substrate yields + suppliers dedicated support. Also no reason for TSM to be a back-up or 2nd source. 💯 100% market share in v9 (Humufish for training, Triggerfish for inferencing). We expect no other v9/2nm projects during the time period •Life-cycle volume for v9 expected >5m (vs bears at >2m) •2nd ASIC project (likely SpaceX ASIC, not AI6) more visibility expected in 4Q26 •Datacenter ASIC forecast raised to NT$2.8bn / $18.6bn / NT$75.7bn •Near-term watch: engineering tape-out in Nov (passing bar not high; chipset testing at TSMC largely on track) •For v10: still expect MTK to win major SKU Icefish (AMD+MRVL or AVGO competing for Merope) #TPU# #MTK# #AVGO# #AMD# #MRVL# #v9# #intel# #intc#