July 13, 2015

KOREA

Company News & Analysis Major Indices Close Chg Chg (%) NCsoft (036570/Buy/TP: W270,000) KOSPI 2,061.52 30.35 1.49 An attractive dividend growth stock for 2H KOSPI 200 249.84 3.01 1.22 KOSDAQ 749.46 18.74 2.56

Sector News & Analysis Turnover ('000 shares, Wbn) Retail (Overweight) Volume Value KOSPI 421,534 6,184 Results of the downtown Seoul duty-free bid KOSPI 200 117,824 4,316 Healthcare (Overweight) KOSDAQ 531,974 3,542 Healthcare Weekly Briefing Market Cap (Wbn) Value Fixed Income Weekly KOSPI 1,284,751 Demand to rise steadily KOSDAQ 204,132 KOSPI Turnover (Wbn) Buy Sell Net Foreign 1,252 1,247 5 Institutional 1,138 1,148 -10 Retail 3,771 3,744 27

KOSDAQ Turnover (Wbn) Buy Sell Net Foreign 234 172 62 Institutional 252 200 52 Retail 3,049 3,117 -67

Program Buy / Sell (Wbn) Buy Sell Net KOSPI 1,038 938 100 KOSDAQ 57 43 14

Advances & Declines Advances Declines Unchanged KOSPI 684 147 37 KOSDAQ 820 199 51

KOSPI Top 5 Most Active Stocks by Value (Wbn) Price (W) Chg (W) Value Hotel Shilla 131,000 3,000 420 KODEX LEVERAGE 10,560 200 247 Samsung Electronics 1,266,000 7,000 194 Hanmi Science 123,500 -3,000 189 Shinsegae 207,500 -26,000 188

KOSDAQ Top 5 Most Active Stocks by Value (Wbn) Price (W) Chg (W) Value Webzen 38,800 350 135 Eugene Corporation 7,230 240 123 SEEGENE 63,500 1,000 98 Com2us 157,100 7,600 96 Daum Communications 134,800 4,300 94 Note: As of July 13, 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.

NCsoft (036570 KS) An attractive dividend growth stock for 2H

Game 2Q preview: Raising OP estimate to W65.5bn For 2Q, we forecast NCsoft’s revenue and operating profit to come in at W198.1bn and Earnings Preview W65.5bn, respectively, ahead of the consensus (OP of W62.7bn) and higher than our July 13, 2015 original estimate (OP of W53bn). Earnings in 2Q were likely driven by two factors. First is Lineage I revenue, which we estimate increased to W77bn in 2Q from W66bn in 1Q, boosted by a microtransaction (Maintain) Buy th th event (“Dragon’s Treasure Chest”) held from May 10 to June 13 . Another event (“Lumtis & Snapper: Dark Force Awakens”) began on June 24 th and will last u ntil Target Price (12M, W) 270,000 September 2 nd .

Share Price (07/10/15, W) 209,500 We believe earnings were also boosted by lower costs, resulting from 1) the removal of the W8bn bonus payout in 1Q and 2) smaller losses from th e pro baseball team with the Expected Return 29% start of the season.

New release momentum in 2H OP (15F, Wbn) 310 The biggest earnings momentum this year will likely come from the release of the Guild Consensus OP (15F, Wbn) 290 Wars 2 expansion pack, the first Guild Wars series to be unveiled in three years. The th EPS Growth (15F, %) 16.4 company began taking pre-orders on its website on June 17 and plans to officially Market EPS Growth (15F, %) 35.3 launch the game in late 3Q or early 4Q. We expect around 2mn copies to be sold by the P/E (15F, x) 17.2 end of the year at US$50 per copy (revenue of W110bn). The original Guild Wars 2 Market P/E (15F, x) 10.8 (which debuted in 2012) sold 1mn copies in pre-orders, 3mn copies during the first f ive KOSPI 2,031.17 months of its official release, and around 4.7mn copies in total.

Market Cap (Wbn) 4,594 A number of mobile titles are set to come out in 2H, including Pangya Mobile , Fashion Shares Outstanding (mn) 22 Street, and other RPG publishing games. But the biggest highlight, in our view, will be Free Float (%) 84.9 mobile RPG games developed based on existing intellectual property, such as Aion Foreign Ownership (%) 40.9 Legions (based on Aions ), which is likely to be launched in 4Q. Beta (12M) 0.32 52-Week Low 123,500 The PC game Master X Master (MXM) is also expected to be released domestically in 4Q. 52-Week High 218,500 The highly anticipated mobile version of Lineage is likely to come out in 1Q16.

(%)(%)(%) 1M1M1M 6M6M6M 12M12M12M Retain Buy and TP of W270,000; Assets and earnings to support dividends Absolute 15.4 8.5 28.5 The battle for control between NCsoft’s current management and its largest Relative 16.6 2.9 26.7 shareholder Nexon is still ongoing. At the 2016 annual general meeting in March , the

140 NCsoft KOSPI terms for five of NCsoft’s seven executive board members are set to end. There is a strong chance M&A expectations will resurface in 2H ahead of next year’s meeting. 120

100 Looking forward, we could see calls from Nexon for better shareholder returns (vs. 2014 DPS of W3,430; payout of 30.1%). NCsoft has abundant cash assets, including W800bn 80 in cash, W600bn in real estate, and W400bn in Netmarble shares. With earnings and 60 7.14 11.14 3.15 7.15 new releases likely to gain momentum in 3Q and 4Q, we maintain our Buy rating and target price of W270,000.

Daewoo Securities CCo.,o., Ltd. FY (Dec.) 12/12 12/13 12/14 12/15F 12/16F 12/17F Revenue (Wbn) 754 757 839 916 1,003 1,240 [Internet/Game/Entertainment] OP (Wbn) 151 205 278 310 358 497

Chang-kwean Kim OP margin (%) 20.0 27.1 33.1 33.8 35.7 40.1 +822-768-4321 NP (Wbn) 156 159 230 268 296 419 [email protected] EPS (W) 7,120 7,245 10,487 12,205 13,508 19,120 ROE (%) 16.8 14.8 18.4 18.3 17.8 21.7 Jeong-yeob Park +822-768-4124 P/E (x) 21.1 34.3 17.4 17.2 15.5 11.0 [email protected] P/B (x) 3.0 4.4 2.7 2.8 2.5 2.1 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.

Retail (Overweight/Maintain)

Results of the downtown Seoul duty-free bid

¢ HDC Shilla and Hanwha Galleria Timeworld named winners of duty-free bid ¢ For Shinsegae and HDS, focus on core businesses, which should improve in 2H News Comment ¢ Competition to emerge for licenses expiring at the end of year July 13, 2015

HDC Shilla and Hanwha Galleria Timeworld win downtown duty-free bid Daewoo Securities CCo.,o., Ltd. Winners of the downtown Seoul duty-free shop bid were recently announced, with HDC Shilla

[Retail] Duty Free, a joint venture between Hotel Shilla and Hyundai Development, and Hanwha Galleria Timeworld, nabbing the much-coveted licenses among large corporations. SM Duty Aiden Lee +822-768-3297 Free won in the SME group, while Jeju Tourism Organization was awarded the duty-free [email protected] license for downtown Jeju.

Among the winners, we believe Hanwha Galleria Timeworld is worth noting. The retailer, which recorded revenue of W413.7bn and operating profit of W33.4bn in 2014, is expected to gain another W400-500bn in annual revenue from operating duty-free stores in downtown

Seoul. Margins are also likely to be slightly higher than the 6-7% the retailer is currently earning. All in all, we expect the retailer to double its overall revenue and deliver an even faster increase in operating profit. The stock is currently trading at a 2014 P/E of 19.1x.

For Shinsegae and HDS, focus on improvements in core businesses

The latest results are indeed disappointing for Shinsegae and Hyundai Department Store (HDS), which eagerly sought after the duty-free licenses. In particular, Shinsegae‘s stock, which rallied on related hopes, is bound for a near-term correction. Shinsegae DF’s defeat also means Emart will suffer from wider losses at the duty-free unit of its subsidiary Shinsegae Chosun Hotel.

Expectations on 2Q earnings are low for both Shinsegae and HDS, mainly because of the MERS outbreak in June. However, we believe investors should pay attention to both retailers after their 2Q earnings are released. HDS is set to open its new Pangyo store in 3Q and its Garden Five outlet and Cerestar outlet (Dongdaemun Seoul) in 4Q. As such, we anticipate operating profit to trend higher from 3Q15 through 2016.

After a short-term pullback, Shinsegae is also likely to see expectations on 2016 earnings gain momentum from 4Q. Earnings improvements at the retailer’s subsidiaries should further contribute to consolidated earnings. Despite the recent loss, we believe the retailer will continue to pursue duty free licenses in the downtown Seoul area.

Several duty-free licenses are set to expire in 2H, including SK Networks’ Walkerhill store (November), Shinsegae’s Busan store (December), and Lotte Duty Free’s Seoul Sogongdong and World Tower stores (December). The Korea Customs Service (KSC) said it will take new applications for the soon-to-expire licenses until September 25th.

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

Healthcare (Overweight/Maintain)

Healthcare Weekly Briefing

1. Major issues Sector Briefing July 10, 2015 US prescriptions for Dong-A ST’s Sivextro Weekly prescriptions for Sivextro for the week ending June 26 th came in at US$168,980 (-6.0% WoW). Actual revenue related to Sivextro reached US$2.4mn in 3Q14 and US$3.6mn in 4Q14. Daewoo Securities CCo.,o., Ltd. 1Q15 revenue is believed to have outstripped the 4Q14 figure.

[Healthcare] While prescription figures do not reflect all Sivextro-related revenue, it is worth monitoring

Hyun-tae Kim changes in prescriptions of the drug, given that Pfizer’s patent for Zyvox, a competitor to +822-768-3251 Sivextro, expired in May. [email protected] Sivextro was approved and released in June 2014. US Sivextro prescriptions are expected to Seung-min Kim have risen QoQ in 2Q15, in line with increasing exposure to US hospitals. +822-768-4157 [email protected] The US marketing partner for Sivextro switched from Cubist Pharmaceuticals to Merck & Co.,

following Merck’s acquisition of Cubist. The acquisition was completed in 1Q, and since February, prescriptions for Sivextro have been on the upswing. Considering Merck’s extensive marketing network, the commercial potential of Sivextro seems huge.

Figure 111.1. Weekly USUSUS Sivextro prescriptions Figure 222.2. Monthly USUSUS Sivextro prescriptions

(US$mn) (%) (US$mn) Monthly prescriptions (L) (%) 0.24 Weekly prescriptions (L) 300 1 MoM (R) 120 WoW (R) 0.8 200 80 0.16 0.6 100 40 0.4 0.08 0 0 0.2

0 -100 0 -40 7/14 9/14 11/14 1/15 3/15 5/15 7/14 9/14 11/14 1/15 3/15 5/15

Source: Bloomberg, KDB Daewoo Securities Research Source: Bloomberg, KDB Daewoo Securities Research

Fixed Income Weekly Demand to rise steadily

Demand to tick up despite neutral policy and some upward pressure on yields

Although overseas bond yields rose sharply last week, domestic yields will likely display only a limited rise this week. Concerns over the domestic economic recovery are running Fixed Income Report high, and rate cut expectations have not yet dissipated. Accordingly, the 10-year KTB July 13, 2015 yield, which is already about 100bps higher than the base rate, is unlikely to rise significantly.

Daewoo Securities CCo.,o., Ltd. Meanwhile, we believe that the supplementary budget proposal will be passed faster

[Fixed Income] than originally anticipated, and that related KTB issuance will be smaller than expected ; both of these factors should be positive for the bond market. In addition, many market Yeo-sam Yoon watchers are expressing doubts about the BOK’s GDP growth target of 2.8%. Although +822-768-4022 volatility remains high, the domestic bond market should see an increase in demand [email protected] going forward.

While yields in the US and Germany plunged by over 20bps in early July, domestic yields fell by less than 10bps. The BOK’s neutral monetary stance and outlook on the economy (presented at the July MPC meeting) have further limited the decline in domestic yields.

In addition, increased selling by foreign investors has given rise to concerns that Korean bonds might lose their appeal as safe assets. However, given that 2Q GDP growth came in at a disappointing 0.4%, the BOK’s full- year target of 2.8% appears too optimistic . Notably, the decisions to cut the base rate in March and June came as the central bank conceded that its forecasts (3.4% in March and 3.1% in June) were unrealistic. For 2015, we project Korea’s GDP to grow by 2.6-2.7% , and will cautiously assess the possibility of another rate cut if exports do not exhibit a meaningful turnaround in July.

AUDAUDAUD/USDAUD /USD has dipped tototo lowest level since 202010101010 amid falling commodity prices

(p) 400 TR/J CRB (L) AUD/USD (R) 1.2

360 1.1

320 1.0 280 0.9 240

0.8 200

160 0.7 1/10 1/11 1/12 1/13 1/14 1/15

Source: Bloomberg

Key Universe Valuations July 13, 2015

※All data as of close July 10, 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 186,481 1,266,000 1.2 10.1 11.9 -3.8 14.7 9.7 8.5 1.1 1.0 13.0 13.3 015760 KEPCO 30,814 48,000 1.5 41.8 7.4 251.3 -50.2 3.3 6.6 0.5 0.5 16.3 7.3 000660 SK Hynix 29,520 40,550 1.0 12.7 8.0 5.5 10.6 6.6 5.9 1.3 1.1 22.4 20.3 005380 Hyundai Motor 27,645 125,500 3.1 -14.4 11.2 -9.5 4.9 5.4 5.1 0.6 0.5 11.1 10.7 090430 AmorePacific 23,266 398,000 0.3 40.9 31.8 51.4 31.2 47.9 36.5 8.3 6.9 18.6 20.7 032830 Samsung Life 20,900 104,500 - - - - 0.0 0.0 017670 SK Telecom 20,752 257,000 3.9 7.8 11.2 9.5 9.5 10.5 9.6 1.2 1.1 13.0 13.1 035420 NAVER 20,239 614,000 0.2 22.3 28.6 41.0 32.0 31.6 23.9 6.1 4.9 30.4 30.0 018260 Samsung SDS 19,693 254,500 0.2 17.2 19.8 9.2 20.7 43.7 36.2 4.3 3.9 10.3 11.3 055550 Shinhan Financial Group 19,276 40,650 - - - - 0.0 0.0 012330 Hyundai Mobis 18,885 194,000 1.7 -9.2 14.3 -13.0 21.0 6.3 5.2 0.7 0.7 12.2 13.2 005490 POSCO 18,309 210,000 3.8 2.6 18.0 180.1 29.5 10.4 8.1 0.4 0.4 4.2 5.3 051910 LG Chem 16,767 253,000 1.6 36.6 21.2 49.7 24.0 14.4 11.6 1.5 1.3 10.4 11.9 000270 Kia Motors 16,620 41,000 2.8 -4.5 25.2 -1.4 16.7 5.6 4.8 0.7 0.6 12.8 13.8 105560 KB Financial Group 14,005 36,250 - - - - 0.0 0.0 033780 KT&G 13,729 100,000 3.5 8.0 -6.1 8.4 -6.9 15.3 16.5 2.1 2.0 15.3 13.3 000810 Samsung F&M 13,644 288,000 - - - - 0.0 0.0 034730 SK C&C 12,980 295,000 0.7 23.2 9.0 356.4 4.3 25.4 24.3 4.3 3.7 22.7 19.8 051900 LG Household & Health Care 11,370 728,000 0.6 32.9 21.7 33.0 24.3 27.8 22.3 6.1 4.9 25.3 25.3 000830 Samsung C&T 10,154 65,000 0.9 -19.4 12.2 61.9 9.6 23.8 21.8 0.8 0.7 3.3 3.5 096770 SK Innovation 10,125 109,500 2.9 - 1.5 - -3.8 7.4 7.7 0.6 0.6 8.8 7.9 003600 SK Holdings 9,956 212,000 1.2 91.8 -14.6 - -41.3 7.2 12.3 0.8 0.8 12.0 6.5 003550 LG Corp. 9,767 56,600 1.8 18.0 4.2 18.5 5.9 7.9 7.5 0.7 0.7 9.4 9.2 010130 Korea Zinc 9,737 516,000 1.3 6.5 16.8 12.2 16.9 17.3 14.8 1.9 1.7 11.6 12.3 011170 Lotte Chemical 9,083 265,000 0.4 274.4 6.8 578.2 9.9 9.1 8.3 1.2 1.1 14.4 13.8 009540 Hyundai Heavy Industries 9,044 119,000 - 213.9 - 256.9 48.9 13.7 0.5 0.5 1.2 4.2 034220 LG Display 8,945 25,000 2.0 55.7 -26.6 66.3 -24.5 5.9 7.9 0.7 0.7 12.5 8.7 086790 Hana Financial Group 8,791 29,700 - - - - 0.0 0.0 035250 Kangwon Land 8,376 39,150 2.7 15.3 12.3 23.6 14.4 18.9 16.5 2.7 2.4 15.6 16.3 035720 Daum Kakao 8,076 134,800 0.1 33.4 37.8 -51.5 52.3 45.5 29.9 3.0 2.8 6.9 9.8 030200 KT 7,664 29,350 2.7 - 2.9 - -42.6 6.8 11.8 0.6 0.6 10.3 5.5 024110 Industrial Bank of Korea 7,623 13,700 - - - - 0.0 0.0 006400 Samsung SDI 7,564 110,000 0.9 15.7 224.9 - 58.9 28.9 18.2 0.7 0.6 2.3 3.6 004020 Hyundai Steel 7,517 64,500 1.2 10.8 4.8 44.4 -4.6 6.8 7.1 0.5 0.5 7.8 7.0 066570 LG Electronics 7,348 44,900 1.3 -32.7 40.1 15.2 94.2 17.6 9.1 0.7 0.6 3.9 7.3 086280 Hyundai Glovis 7,275 194,000 1.0 7.0 12.6 -0.4 15.0 13.6 11.8 2.3 2.0 18.0 18.0 021240 Coway 7,250 94,000 2.8 18.3 14.3 24.9 14.5 23.3 20.3 5.4 4.8 27.8 27.8 088350 Hanwha Life 7,244 8,340 - - - - 0.0 0.0 023530 Lotte Shopping 7,164 227,500 0.7 11.3 12.6 37.8 13.4 9.5 8.4 0.4 0.4 4.4 4.8 010950 S-Oil 7,081 62,900 5.2 - -5.4 - -8.0 7.7 8.4 1.3 1.2 17.7 14.4 009240 Hanssem 6,895 293,000 0.3 35.1 34.9 35.3 34.3 58.8 43.8 14.5 11.2 30.8 31.8 001800 Orion 6,824 1,142,000 0.5 17.2 9.4 26.9 14.7 32.9 28.7 4.8 4.2 15.7 15.9 139480 Emart 6,523 234,000 0.6 5.8 23.2 102.7 -12.2 11.1 12.6 0.9 0.8 8.3 6.9 051600 KEPCO KPS 5,873 130,500 - - - - 0.0 0.0 128940 Hanmi Pharmaceutical 5,617 549,000 54.1 63.1 42.6 73.0 152.9 88.4 11.4 10.1 7.8 12.1 097950 CJ CheilJedang 5,432 413,000 0.5 48.6 9.3 246.6 15.1 18.7 16.2 1.8 1.7 10.4 11.0 002380 KCC 5,418 515,000 1.7 13.3 3.2 -22.5 3.7 21.5 20.7 0.9 0.8 4.1 4.1 008770 Hotel Shilla 5,142 131,000 0.3 45.8 69.3 77.4 84.8 40.2 21.8 6.2 4.9 16.6 25.4 012630 Hyundai Development 5,081 67,400 0.7 63.4 15.2 194.9 20.1 25.0 20.8 2.1 1.9 9.0 10.0 004800 Hyosung 5,074 144,500 0.7 -1.9 -4.4 9.4 -4.9 17.3 18.2 1.6 1.5 10.1 8.8 Source: KDB Daewoo Securities Research

Market Data July 13, 2015

※All data as of close July 13, 2015, unless otherwise noted.

Other Major Indices Economic Indicators Close Net Chg 1D (%) YTD (%) Close 1D ago 1M ago 1Y ago MSCI Korea* 371.50 0.97 0.26 -3.93 USD/KRW 1,130.00 1,136.20 1,110.40 1,011.90 KOSPI 2,061.52 30.35 1.49 7.01 JPY100/KRW 922.04 933.57 899.11 999.06 KOSDAQ 749.46 18.74 2.56 35.35 EUR/KRW 1,258.20 1,256.52 1,248.70 1,376.79 Dow Jones* 17,760.41 211.79 1.21 -0.41 3Y Treasury 1.80 1.81 1.76 2.59 S&P 500* 2,076.62 25.31 1.23 0.89 3Y Corporate 2.02 2.02 2.00 3.00 NASDAQ* 4,997.70 75.30 1.53 5.73 DDR2 1Gb* 1.19 1.19 1.19 1.84 Philadelphia Semicon* 658.88 12.24 1.89 -4.06 NAND 16Gb* 1.70 1.70 1.72 2.85 FTSE 100* 6,673.38 91.75 1.39 1.92 Oil (Dubai)* 58.30 56.82 63.89 105.84 Nikkei 225 20,089.77 309.94 1.57 15.40 Gold* 1,157.90 1,159.20 1,186.10 1,339.20 Hang Seng* 24,901.28 508.49 2.08 4.37 Customer deposits (Wbn)* 21,423 22,341 22,039 15,026 Taiwan (Weighted) 9,033.92 119.79 1.34 -2.59 Equity type BC (Wbn)(July. 9) 76,684 76,532 74,694 79,466 Note: * as of July 9, 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 Hotel Shilla 15.06 Shinsegae 26.99 KODEX LEVERAGE 43.59 SK Networks 28.91 SK Energy 13.91 Hynix 25.89 NCsoft 23.52 SK Energy 16.44 Shinhan Financial Group 13.71 Hyundai Development E&C 25.46 TIGER SYNTH-CHINA A LEVERAGE 16.22 LG Chem 15.90 Honam Petrochemical 13.69 Hana Tour 11.16 LG Hausys 14.78 Honam Petrochemical 14.81 GS Retail 9.69 NCsoft 9.22 Samsung Electronics 14.69 Shinsegae 13.24 LG Chem 9.52 Woori Investment Securities 9.11 KCC 12.11 CHEIL INDUSTRIES 12.70 Kia Motors 8.43 Hanwha 8.74 Korea Plant Service & Engineering 12.00 Hana Financial Group 12.06 Korea Plant Service & Amore Pacific 8.29 7.65 COSMAX 9.14 GS Retail 11.65 Engineering KEPCO 7.71 Samsung Corp. 7.33 Hyundai Elevator 9.08 Hana Tour 10.91 Hyundai Motor 6.88 KOREA AEROSPACE 7.07 KODEX 200 7.13 Kia Motors 9.13 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 OCI Materials 4.82 Sansung P&C 6.65 Eugene Corporation 21.98 CJ E&M 4.83 KEBT 3.77 SEEGENE 3.65 Daum Communications 7.44 Kolon Life Science 3.00 Daum Communications 3.76 ViroMed 3.10 Wemade 7.10 iNtRON Bio 2.73 Celltrion 3.37 DONGKOOK PHARMACEUTICAL 2.77 Com2us 6.52 Amicogen 2.73 Webzen 2.98 Wemade 2.02 Medy-tox 4.12 SEEGENE 2.68 ATTO 2.42 Dongwha Holdings 1.52 Gamevil 4.02 ANP 2.46 Kolon Life Science 2.19 Tovis 1.51 Dongwha Holdings 3.79 GS Home Shopping 1.92 iNtRON Bio 1.94 CJ O Shopping 1.38 Diostech 3.75 SM 1.85 UniTest 1.83 HaanSoft 1.32 Spigen Korea 3.58 CJ O Shopping 1.83 Eugene Corporation 1.73 EO Technics 1.25 Webzen 3.56 Estech Pharma 1.81 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 1,266,000 7,000 186,481 Celltrion 78,500 2,400 8,777 KEPCO 48,000 600 30,814 Daum Communications 134,800 4,300 8,076 Hynix 40,550 -300 29,520 Dongsuh 37,350 1,200 3,724 Hyundai Motor 125,500 1,500 27,645 Medy-tox 546,900 16,900 3,094 CHEIL INDUSTRIES 182,500 4,500 24,638 CJ E&M 72,600 -500 2,812 Amore Pacific 398,000 16,000 23,266 ViroMed 169,000 6,000 2,399 Samsung Electronics (P) 947,000 7,000 21,623 Paradise 24,800 650 2,255 Samsung Life Insurance 104,500 2,000 20,900 LOEN 77,800 800 1,968 SK Telecom 257,000 1,000 20,752 Sansung P&C 98,300 1,200 1,763 NHN 614,000 2,000 20,239 SEEGENE 63,500 1,000 1,637 Source: Korea Exchange