April 15, 2015

KOREA

Company News & Analysis Major Indices Close Chg Chg (%) Daewoo International (047050/Buy/TP: W43,000) KOSPI 2,119.96 8.24 0.39 Resilient margins to dispel worries over oil price impact KOSPI 200 265.77 0.20 0.08 KOSDAQ 694.44 9.47 1.38

Sector News & Analysis Turnover ('000 shares, Wbn) Banks (Overweight) Volume Value KOSPI 445,868 7,284 Buy banking shares when interest rates bottom KOSPI 200 110,673 5,250 Holding Companies (Overweight) KOSDAQ 606,628 3,921 Hansol Group's ownership restructuring and investment strategy Market Cap (Wbn) Value KOSPI 1,322,955 KOSDAQ 186,369

KOSPI Turnover (Wbn) Buy Sell Net Foreign 1,597 1,279 318 Institutional 1,325 1,658 -333 Retail 4,306 4,298 7

KOSDAQ Turnover (Wbn) Buy Sell Net Foreign 263 224 38 Institutional 185 208 -23 Retail 3,462 3,473 -11

Program Buy / Sell (Wbn) Buy Sell Net KOSPI 1,226 1,295 -69 KOSDAQ 42 69 -27

Advances & Declines Advances Declines Unchanged KOSPI 502 306 61 KOSDAQ 673 301 66

KOSPI Top 5 Most Active Stocks by Value (Wbn) Price (W) Chg (W) Value CHEIL INDUSTRIES 154,500 14,000 411 Samsung Electronics 1,446,000 -28,000 393 KODEX LEVERAGE 12,095 85 209 SAMSUNG SDS 269,500 13,500 208 Samsung Corp. 63,600 2,600 191

KOSDAQ Top 5 Most Active Stocks by Value (Wbn) Price (W) Chg (W) Value Celltrion 92,300 500 288 Paradise 25,150 1,550 120 Daum Communications 111,800 -2,100 87 NaturalendoTech 91,000 11,800 85 Hicel 1,935 105 79 Note: As of April 15, 2015

This document is a summary of a report prepared by Daewoo Securities Co., Ltd. (“Daewoo”) and published on our website. Please review the compliance notices contained in the original report. Information and opinions contained herein have been compiled in good faith from sources deemed to be reliable. However, the information has not been independently verified. Daewoo makes no guarantee, representation or warranty, express or implied, as to the fairness, accuracy or completeness of the information and opinions contained in this document. Daewoo accepts no responsibility or liability whatsoever for any loss arising from the use of this document or its contents or otherwise arising in connection therewith. Information and opinions contained herein are subject to change without notice. This document is for informational purposes only. It is not and should not be construed as an offer or solicitation of an offer to purchase or sell any securities or other financial instruments. This document may not be reproduced, further distributed or published in whole or in part for any purpose.

Daewoo International (047050 KS) Resilient margins to dispel worries over oil price impact

Energy 1Q15 preview: OP of W108.4bn; Myanmar project likely held up well We expect Daewoo International to post 1Q operating profit of W108.4bn (+68.3% Earnings Preview YoY), with W90.2bn (+144.8% YoY) coming from the Myanmar gas field project. On a April 15, 2015 QoQ basis, the Myanmar project’s operating profit likely fell 4.3%, but still held up well considering the plunge in oil prices. We believe this is because 1) selling prices are tied

to the moving average of oil prices (which has fallen more moderately), and 2) inflation (Maintain) Buy was also reflected in selling prices. We estimate operating profit from the trading and E&P businesses (excluding the Target Price (12M, W) 43,000 Myanmar project) contracted 33.9% YoY to W18.2bn in 1Q, hurt by unfavorable macro conditions and the steel market downturn. We project 1Q net profit at W61.3bn. The Share Price (4/14/15, W) 29,800 company likely recorded interest expenses of W22.2bn, but losses from F/X and other non-operating items were likely limited. Expected Return 44%

Largest beneficiary of potential oil rebound OP (15F, Wbn) 423 1) Worries over Myanmar project easing: The collapse in oil prices has raised worries Consensus OP (15F, Wbn) 473 over the profitability of the Myanmar project . However, profits have remained resilient so far. If oil prices rebound, investor sentiment should also turn around. EPS Growth (15F, %) 82.1 Market EPS Growth (15F, %) 37.3 2) Trading business bottoming out: We expect profit from the trading and E&P P/E (15F, x) 10.1 businesses to steadil y pick up after bottoming in 1Q. While the steel industry has yet to Market P/E (15F, x) 11.0 show signs of recovery, earnings should gradually stabilize, supported by the project KOSPI 2,111.72 unit.

Market Cap (Wbn) 3,394 3) 3% dividend yield: We forecast the company to pay DPS of W900 for 2015. Given Shares Outstanding (mn) 114 management’s capital return policy, dividend payout should remain above 30%. Based Free Float (%) 39.4 on our DPS forecast, the stock boasts an attractive dividend yield of 3% (4.5% on an Foreign Ownership (%) 14.0 annualized basis). Beta (12M) 0.90 52-Week Low 25,800 Maintain Buy and TP of W43,000 52-Week High 38,700 We reiterate our Buy call and target price of W43,000. Daewoo International shares (%)(%)(%) 1M1M1M 6M6M6M 12M12M12M have retreated 17.2% over the past six months on worries over margin erosion caused Absolute 6.6 -17.2 -20.8 by weak oil prices. However, the Myanmar project’s margins have remained largely Relative 0.3 -24.4 -25.1 resilient despite falling oil prices, and the recent c orrection has made valuation more attractive (P/E of 10.1x and dividend yield of 3%). Once oil prices stabilize or rebound,

110 Daewoo International KOSPI we believe the stock will offer the strongest upside in the energy sector. 100

60 4.14 8.14 12.14 4.15

Daewoo Securities CCo.,o., Ltd. FY (Dec.) 12/12 12/13 12/14 12/15F 12/16F 12/17F Revenue (Wbn) 17,320 17,109 20,408 21,534 21,067 22,007 [Transportation/Energy] OP (Wbn) 140 159 376 423 457 477

Jay JH Ryu OP margin (%) 0.8 0.9 1.8 2.0 2.2 2.2 +822-768-4175 NP (Wbn) 212 138 185 336 358 379 [email protected] EPS (W) 1,946 1,214 1,620 2,950 3,141 3,326 ROE (%) 10.3 6.3 8.0 13.3 12.8 12.4 Choong-hyun Kim +822-768-4126 P/E (x) 20.4 34.0 19.4 10.1 9.5 9.0 [email protected] P/B (x) 2.1 2.1 1.5 1.3 1.2 1.1 Notes: All figures are based on consolidated K-IFRS; NP refers to net profit attributable to controlling interests Source: Company data, KDB Daewoo Securities Research estimates

Analysts who prepared this report are registered as research analysts in Korea but not in any other jurisdiction, including t he U.S. PLEASE SEE ANALYST CERTIFICATIONS AND IMPORTANT DISCLOSURES & DISCLAIMERS IN APPENDIX 1 AT THE END OF REPORT.

Banks Buy banking shares when interest rates bottom

Breakout hinges on interest rates Overweight (Maintain) Since the beginning of the year, banking shares have underperformed the market, mainly Earnings Preview due to the base rate cuts in August and October 2014, which have dragged down net interest margins (NIM), and expectations of additional cuts. April 15, 2015 Even though earnings have been stabilizing, the sector has struggled to break out of its valuation range (P/B of 0.5-0.6x). In our view, investors are waiting for signs of a pickup Daewoo Securities CCCo.,Co., Ltd. in NIM and remain worried over banking regulations.

[Banks] Hence, we believe share performance will largely hinge on whether the Bank of Korea

Joong-han Kim (BOK) lowers the base rate again. We see a strong chance of valuations recovering once +822-768-4152 bond yields near bottom, especially given that Korea’s banks index is trading at a steep [email protected] discount to the indices of other countries.

Yong-uk Ku +822-768-4494 1Q15 earnings preview: Net profit of W2.2tr (+36.4% QoQ, +13.9% YoY) [email protected] We expect banks to deliver decent earnings in 1Q, with combined net profit of W2.2tr.

While NIM almost certainly fell due to the BOK’s rate cuts, we believe the impact was partially offset by robust loan growth. We also expect modest one-off items and stable credit cost ratios. Even after adjusting for one-offs, we forecast net profit to come in at W2tr.

Maintain Overweight; Top picks are KBFG and IBK Looking forward, the biggest determinant of bank earnings will be NIM trajectory. If the BOK reduces the rate again, bond yields will subsequently bottom, increasing confidence that the fall in NIM has come to an end. We believe this will also mark the bottom for banking shares.

With benign earnings expected for 1Q, we advise accumulating shares on weakness prior to a BOK rate cut. And we recommend taking a more aggressive approach once a cut is confirmed. Bank shares can be viewed as bond proxies, as their cheap valuation s limit downside risks while their 2015 dividend yields are forecast at over 2%. KB Financial Group (KBFG) and Industrial Bank of Korea (IBK) remain our top picks , given their compelling valuations and high leverage to potential NIM pickups.

NIM andandand nnnetnet profit (excluding oneone----offoffoffoff factorsfactors))

(Wtr) (%) 4.0 3.0 Net profit (excluding one-offs, L) NIM (R)

2.7 3.0

2.4 2.0 2.1

1.0 1.8

0.0 1.5 1Q07 1Q08 1Q09 1Q10 1Q11 1Q12 1Q13 1Q14 1Q15F

Source: FSS, company data, KDB Daewoo Securities

Analysts who prepared this report are registered as research analysts in Korea but not in any other jurisdict ion, including the U.S. PLEASE SEE ANALYST CERTIFICATIONS AND IMPORTANT DISCLOSURES & DISCLAIMERS IN APPENDIX 1 AT THE END OF REPORT.

Holding Companies Hansol Group’s ownership restructuring and investment strategy

Hansol Group seeking to convert to holding company structure Overweight (Maintain) As part of its move to convert to a holding company structure, Hansol Group spun off Hansol Paper into an investment holding company and an operating company , relisting Sector Update them as Hansol Holdings (004150 KS) and Hansol Paper (213500 KS) earlier this year . April 15, 2015 The group is currently in the process of also separating Hansol Logistics (009180 KS) and merging the investment entity into Hansol Holdings.

The merger will effectively transfer the group affiliate stakes held by Hansol Logistics Daewoo Securities CCCo.,Co., Ltd. (8.1% in Hansol Paper and 29.4% in Hansol Lighting) to Hansol Holdings. As a result,

[Holding Companies/IT Services] Hansol Holdings’ total ownership in Hansol Paper, the group’s key subsidiary, will increase from 7.3% to 15.3%. At the same time, the move will unwind most of the

Dae-ro Jeong group’s circular shareholdings, allowing it to meet one of the statutory requirements for +822-768-4160 holding company conversions. [email protected] Efforts to meet holding company requirements within grace period Yoon-seok Seo (1) Subsidiary ownership requirements +822-768-4127 [email protected] Hansol Holdings needs to gain additional stakes in Hansol Paper, Ha nsol Technics, and Hansol EME, as holding companies are required by law to hold at least 20% ownership in

listed subsidiaries, and 40% ownership in unlisted subsidiaries . Following the merger with

Hansol Logistics’ investment entity, Hansol Holdings would own 15.3% in Hansol Paper, 14.8% in Hansol Technics, and 18.9% in Hansol EME. To fill the gap, we believe Hansol Holdings will make a tender offer within the statutory grace period (two years) and issue new shares in return, or readjust the equity holdings between affiliates.

(2) Removal of cross/circular shareholdings Even after the merger with Hansol Logistics’ investment entity, Hansol Holdings will still have two circular shareholding structures (Hansol Holdings ‰ Hansol Technics ‰ Hansol Lighting ‰ Hansol EME ‰ Hansol Holdings, and Hansol Holdings ‰ Hansol Lighting ‰ Hansol EME ‰ Hansol Holdings). The merger will also create cross-shareholdings between Hansol Holdings and Hansol Chemical, Hansol EME, and Hansol PNS, but t his will likely be resolved through the disposal of shares within the six-month grace period . This should, in effect, remove the remaining circular ownerships within the group.

Investment strategy: Watch for moves to enhance affiliates’ operating value We believe Hansol Group’s switch to a holding company structure is driven by the need to 1) enhance corporate governance transparency, 2) promote management independence, and 3) solidify the controlling family’s ownership. In order to satisfy holding company requirements, companies typically conduct a tender offer for shares in subsidiaries within the regulatory grace period. In this case, the higher the share price o f the operating business, the better it is for controlling shareholders, as they can receiv e more shares in the holding company in exchange for their shares in the operating company. Hence, we believe Hansol Group will have a strong incentive to boost the value of its operating subsidiaries before conducting a tender offer. Hansol Logistics: Hansol Logistics has generated stable revenue from its long-time customers, which include a number of group affiliates as well as Samsung Group . In 2014, revenue slightly declined after Hansol Logistics shed unprofitable, noncore businesses; however, we expect top-line growth to continue over the medium to long term, supported by new businesses (container supply chain management and B2B apparel parcel delivery) and overseas expansion via M&As.

Hansol Paper: Hansol Paper has stable cash-generating ability thanks to its solid market position and diversified product portfolio. We expect the company’s profit margins to gradually expand on the back of increasing exposure to more profitable paper products. In particular, once the holding company conversion is completed, Hansol Paper should no longer be burdened by equity-method losses. This should help accelerate the company’s debt repayment, and thus strengthen its balance sheet.

Key Universe Valuations April 15, 2015

※All data as of close April 14, 2015, unless otherwise noted.

15F Earnings growth Mkt Cap Price P/E (x) P/B (x) ROE (%) Ticker Company Div Yield OP EPS (Wbn) (W) (%) 15F 16F 15F 16F 15F 16F 15F 16F 15F 16F 005930 Samsung Electronics 212,995 1,446,000 1.1 12.9 9.4 8.7 5.5 9.8 9.3 1.3 1.1 14.5 13.5 005380 Hyundai Motor 37,447 170,000 2.0 -4.1 10.7 -1.3 8.1 6.7 6.2 0.7 0.7 11.9 11.6 000660 SK Hynix 32,251 44,300 1.1 14.3 9.0 8.8 11.9 7.0 6.2 1.4 1.2 22.9 20.8 015760 KEPCO 28,118 43,800 1.4 15.4 7.3 199.0 -57.2 3.5 8.2 0.5 0.4 14.0 5.5 012330 Hyundai Mobis 22,973 236,000 1.4 3.7 12.4 7.2 8.6 6.3 5.8 0.9 0.8 14.8 14.0 005490 POSCO 22,320 256,000 3.1 14.6 8.8 236.0 8.9 10.6 9.7 0.5 0.5 5.0 5.2 035420 NAVER 22,118 671,000 0.1 37.5 23.6 62.9 22.4 29.7 24.3 6.8 5.3 32.8 29.6 090430 Amorepacific 21,922 3,750,000 0.3 37.8 30.7 48.3 34.5 46.0 34.2 7.7 6.4 18.1 20.4 017670 SK Telecom 21,357 264,500 3.8 23.3 0.4 23.0 0.7 9.7 9.6 1.2 1.1 14.5 13.2 018260 Samsung SDS 20,853 269,500 0.2 20.1 17.8 12.5 18.4 44.9 37.9 4.6 4.1 10.6 11.4 055550 Shinhan Financial Group 19,869 41,900 - - - - 0.0 0.0 032830 Samsung Life 19,700 98,500 - - - - 0.0 0.0 000270 Kia Motors 19,174 47,300 2.4 1.8 26.8 -0.7 27.7 6.4 5.1 0.8 0.7 12.5 14.2 051910 LG Chem 18,324 276,500 1.4 27.7 35.4 49.2 36.1 15.8 11.6 1.6 1.4 10.2 12.7 105560 KB Financial Group 15,454 40,000 - - - - 0.0 0.0 000810 Samsung F&M 13,099 276,500 - - - - 0.0 0.0 051900 LG Household & Health Care 12,838 822,000 0.5 26.2 20.1 25.9 22.2 33.1 27.1 7.0 5.7 24.1 24.0 033780 KT&G 12,370 90,100 3.8 -26.5 11.5 -24.4 14.5 19.8 17.3 2.0 1.9 10.9 12.0 034730 SK C&C 11,450 229,000 0.9 18.4 11.8 287.4 8.6 23.2 21.4 3.4 3.0 19.6 18.2 009540 Hyundai Heavy Industries 11,286 148,500 1.3 - 213.9 - 493.4 103.0 17.4 0.7 0.7 0.7 4.2 003550 LG Corp. 11,026 63,900 1.6 18.0 4.2 18.5 5.9 9.0 8.5 0.8 0.7 9.4 9.2 034220 LG Display 11,021 30,800 1.6 58.0 -20.2 81.9 -18.0 6.7 8.2 0.9 0.8 13.5 10.0 096770 SK Innovation 10,680 115,500 2.8 - 20.5 - 22.5 13.1 10.7 0.7 0.6 5.3 6.2 000830 Samsung C&T 9,935 63,600 0.9 1.9 6.6 42.3 11.8 26.5 23.7 1.0 0.9 3.8 4.1 066570 LG Electronics 9,819 60,000 1.0 1.2 26.2 174.9 27.6 9.9 7.7 0.8 0.8 9.0 10.5 006400 Samsung SDI 9,696 141,000 0.7 241.8 6.5 - 4.4 25.5 24.4 0.8 0.8 3.3 3.4 004020 Hyundai Steel 8,916 76,500 1.0 12.3 3.8 37.4 0.3 8.5 8.5 0.6 0.6 7.4 7.0 086790 Hana Financial Group 8,726 30,100 - - - - 0.0 0.0 086280 Hyundai Glovis 8,513 227,000 0.9 7.2 14.0 -0.9 15.9 16.0 13.8 2.6 2.3 17.7 17.6 011170 Lotte Chemical 8,483 247,500 0.4 164.5 30.1 377.8 34.5 12.1 9.0 1.2 1.1 10.4 12.5 010130 Korea Zinc 8,407 445,500 1.1 3.1 16.7 9.6 16.8 15.3 13.1 1.6 1.5 11.3 12.0 010950 S-Oil 8,320 73,900 2.6 - 32.9 - 28.9 16.5 12.8 1.6 1.5 10.1 11.9 023530 Lotte Shopping 8,298 263,500 0.6 11.3 12.6 37.8 13.4 11.0 9.7 0.5 0.5 4.4 4.8 003600 SK Holdings 8,124 173,000 1.4 29.8 6.2 34.0 -3.9 5.7 6.0 0.6 0.5 10.9 9.5 024110 Industrial Bank of Korea 7,984 14,350 - - - - 0.0 0.0 035250 Kangwon Land 7,777 36,350 2.8 10.0 10.8 15.2 13.2 18.8 16.6 2.5 2.3 14.7 15.2 030200 KT 7,742 29,650 2.7 - 1.1 - 27.3 19.6 15.4 0.7 0.6 3.7 4.6 021240 Coway 7,389 95,800 2.7 18.4 12.4 23.9 14.3 23.9 20.9 5.5 4.9 27.6 27.6 001800 Orion 7,385 1,236,000 0.5 13.3 7.0 22.2 12.6 37.0 32.8 5.1 4.5 15.0 14.9 139480 Emart 6,746 242,000 0.6 4.1 12.5 41.1 10.5 16.5 14.9 0.9 0.9 5.8 6.1 035720 Daum Kakao 6,633 111,800 1.0 173.5 39.3 83.9 45.2 35.5 24.4 9.2 7.2 29.7 34.3 000720 Hyundai E&C 6,492 58,300 1.0 16.8 15.6 35.8 21.5 10.8 8.9 1.1 1.0 10.5 11.5 088350 Hanwha Life 6,340 7,300 - - - - 0.0 0.0 002380 KCC 5,775 549,000 1.5 15.4 2.8 -20.9 4.3 23.3 22.3 1.1 1.0 4.7 4.8 19306. 009150 Samsung Electro-Mechanics 5,624 75,300 0.7 38.3 -49.5 32.5 23.0 17.4 1.2 1.2 5.5 6.9 4 161390 Hankook Tire 5,562 44,900 1.0 -0.9 12.0 2.2 21.2 7.8 6.4 1.1 0.9 14.7 15.5 097950 CJ CheilJedang 5,209 396,500 0.6 29.8 14.8 190.5 31.3 21.4 16.3 1.7 1.6 8.6 10.4 016360 Samsung Securities 5,022 65,700 - - - - 0.0 0.0 005940 NH Investment & Securities 4,756 16,900 - - - - 0.0 0.0 008770 Hotel Shilla 4,749 121,000 0.3 67.2 50.8 111.9 58.2 31.1 19.6 5.5 4.4 19.4 25.0 Source: KDB Daewoo Securities Research

Market Data April 15, 2015

※All data as of close April 15, 2015, unless otherwise noted.

Other Major Indices Economic Indicators Close Net Chg 1D (%) YTD (%) Close 1D ago 1M ago 1Y ago MSCI Korea* 422.24 5.39 1.29 9.19 USD/KRW 1,096.80 1,096.60 1,130.90 1,038.90 KOSPI 2,119.96 8.24 0.39 10.05 JPY100/KRW 918.63 913.19 931.97 1,019.78 KOSDAQ 694.44 9.47 1.38 25.41 EUR/KRW 1,168.20 1,159.65 1,201.64 1,435.71 Dow Jones* 18,036.70 59.66 0.33 1.14 3Y Treasury 1.72 1.73 1.87 2.88 S&P 500* 2,095.84 3.41 0.16 1.83 3Y Corporate 1.97 1.98 2.13 3.31 NASDAQ* 4,977.29 -10.96 -0.22 5.30 DDR2 1Gb* 1.20 1.20 1.21 1.73 Philadelphia Semicon* 697.85 -6.67 -0.95 1.62 NAND 16Gb* 1.89 1.89 2.05 3.02 FTSE 100* 7,075.26 10.96 0.16 8.06 Oil (Dubai)* 57.10 57.49 54.42 104.50 Nikkei 225 19,869.76 -38.92 -0.20 14.14 Gold* 1,192.80 1,199.30 1,152.40 1,327.20 Hang Seng* 27,561.49 -454.85 -1.62 15.52 Customer deposits (Wbn)* 20,221 19,967 18,218 15,703 Taiwan (Weighted) 9,540.06 -102.16 -1.06 2.87 Equity type BC (Wbn)(Apr. 13) 78,361 78,426 78,600 82,749 Note: * as of April 14, 2015 Source: KSDA, Wisefn, DRAMeXchange, MSCI

KOSPI Top 10 Foreign Net Buy / Net Sell (Wbn) KOSPI Top 10 Institutional Net Buy / Net Sell (Wbn) Net Buy Net Sell Net Buy Net Sell Hyundai Mobis 27.10 POSCO 17.69 CHEIL INDUSTRIES 75.39 Samsung Electronics 86.42 NHN 26.60 LG Display 12.92 KODEX LEVERAGE 40.47 Hyundai Steel 30.58 Samsung Electronics 22.24 Woori Bank 12.50 Daelim Industrial 21.20 Hyundai Corp. 30.04 Hynix 21.75 Korea Investment Holdings 9.60 SAMSUNG SDS 10.31 Hyundai Mobis 29.58 KEPCO 21.39 Daelim Industrial 9.57 Kia Motors 9.44 KEPCO 26.40 Samsung Corp. 17.83 Shinsegae 8.91 NS Shopping 9.06 Shinhan Financial Group 22.44 CHEIL INDUSTRIES 17.36 Hyundai Motor 6.61 Lotte Chil Sung Beverage 8.33 Hynix 19.34 Woori Investment Securities 12.80 KB Financial Group 4.46 Honam Petrochemical 8.29 Asiana Airlines 12.39 AmorePacific 11.86 Hyundai Securities 4.29 Mirae Asset Securities 6.65 KODEX INVERSE 12.33 Hanmi Pharm 11.25 CJ CGV 3.76 GS Construction 6.24 Hyundai Motor 11.06 Source: KSDA, Wisefn

KOSDAQ Top 10 Foreign Net Buy / Net Sell (Wbn) KOSDAQ Top 10 Institutional Net Buy / Net Sell (Wbn) Net Buy Net Sell Net Buy Net Sell NaturalendoTech 8.60 Celltrion 26.48 NaturalendoTech 8.65 Dongsuh 7.19 Com2us 6.15 Daum Communications 12.37 Paradise 5.94 Wemade 6.51 Dongsuh 3.85 COSON 7.20 KEBT 5.77 EO Technics 5.37 Sansung P&C 2.44 YG Entertainment 2.48 HaanSoft 5.69 Com2us 5.09 Koh Young 2.14 EO Technics 2.04 Interpark INT 2.96 CJ O Shopping 2.79 Simmtech 2.13 ATTO 2.04 Humedix 2.58 DHP 2.17 Interpark 2.03 Eugene Corporation 1.98 Medy-tox 2.40 ViroMed 1.84 Webzen 1.82 Sung Woo HiTech 1.96 Interpark 2.00 Modetour Network 1.68 LOEN 1.82 Binex 1.74 Innox 1.82 Protec 1.62 KH Vatec 1.81 KEBT 1.32 Seobu T&D 1.44 Gamevil 1.54 Source: KSDA, Wisefn

KOSPI Top 10 by Market Cap (Wbn) KOSDAQ Top 10 by Market Cap (Wbn) Close (W) Chg (W) Mkt Cap Close (W) Chg (W) Mkt Cap Samsung Electronics 1,446,000 -28,000 212,995 Celltrion 92,300 500 10,031 Hyundai Motor 170,000 -1,000 37,447 Daum Communications 111,800 -2,100 6,633 Hynix 44,300 300 32,251 Dongsuh 32,550 -350 3,245 KEPCO 43,800 -100 28,118 Paradise 25,150 1,550 2,287 Samsung Electronics (P) 1,130,000 -20,000 25,802 CJ E&M 56,700 -1,100 2,196 Hyundai Mobis 236,000 1,000 22,973 Medy-tox 356,700 1,800 2,018 POSCO 256,000 1,500 22,320 Com2us 187,200 4,200 1,888 NHN 671,000 4,000 22,118 Sansung P&C 92,200 1,000 1,654 Amore Pacific 3,750,000 172,000 21,922 GS Home Shopping 227,500 3,200 1,493 SK Telecom 264,500 -1,500 21,357 CJ O Shopping 224,900 -1,000 1,396 Source: Korea Exchange