January 10, 2014

Korea

Company News & Analysis Major Indices Close Chg Chg (%) (004370/Buy/TP: W330,000) Lower TP KOSPI 1,938.54 -7.57 -0.39 Look for turnaround in 2014 KOSPI 200 252.48 -1.15 -0.45 KOSDAQ 510.19 -1.41 -0.28 LG Display (034220/Hold) Momentum to remain relatively solid through 1Q14 Turnover ('000 shares, Wbn) Volume Value KOSPI 254,220 4,214 Sector News & Analysis KOSPI 200 72,998 3,519 KOSDAQ 395,521 1,535 Healthcare (Overweight) Overseas expansions, and policy tailwinds Market Cap (Wbn) Value KOSPI 1,143,204 KOSDAQ 122,150

KOSPI Turnover (Wbn) Buy Sell Net Foreign 1,242 1,492 -249 Institutional 947 897 50 Retail 1,992 1,813 178

KOSDAQ Turnover (Wbn) Buy Sell Net Foreign 93 98 -5 Institutional 72 81 -10 Retail 1,368 1,355 14

Program Buy / Sell (Wbn) Buy Sell Net KOSPI 721 1,020 -299 KOSDAQ 17 22 -6

Advances & Declines Advances Declines Unchanged KOSPI 382 407 93 KOSDAQ 394 510 96

KOSPI Top 5 Most Active Stocks by Value (Wbn) Price (W) Chg (W) Value KODEX LEVERAGE 11,335 -180 475 Electronics 1,272,000 -3,000 462 KODEX 200 25,465 -210 223 KODEX INVERSE 7,825 65 203 Hynix 38,500 -350 177

KOSDAQ Top 5 Most Active Stocks by Value (Wbn) Price (W) Chg (W) Value Celltrion 46,000 0 67 Interpark 12,800 -300 36 TPC 8,150 270 32 Emerson Pacific 6,980 910 31 Sung Kwang Bend 22,400 -1,700 29 Note: As of January 10, 2014

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.

Nongshim (004370 KS) Look for turnaround in 2014

Food & Beverage Despite weak revenue, lower costs to provide some buffer in 4Q13 We expect Nongshim’s 4Q13 revenue and operating profit to come in at W522bn (-3.9% Company Update YoY) and W24.3bn (-11.9% YoY), respectively. Adjusting for the exit of Samdasoo (revenue of W40.3bn in 4Q12), we estimate 4Q13 revenue grew 3.5% YoY. Sales of most January 10, 2014 processed foods have dwindled amid weak economic conditions, but the ramen market is estimated to have grown 3-4% YoY in 4Q13. We estimate that Nongshim’s ramen sales increased 2% YoY in the quarter (although market share is likely to have declined 1.4%p (Maintain) Buy to 66%). Snack sales are estimated to have expanded 4% YoY. Despite negative operating leverage due to sluggish revenue, falling raw material prices should act as a Target Price (12M, W) 330,000 buffer against operating profit deterioration. Look for turnaround in 2014 Share Price (01/09/14, W) 264,500 We expect Nongshim to recover from its three-year slump in 2014, with revenue and Expected Return 25% operating profit growing at 4.9% and 12.2%, respectively.

We see several positive drivers in 2014. First, top line should grow, with ramen sales rising around 2%. Demand for lower-priced ramen should continue to grow since overall OP (14F, Wbn) 96 private consumption is unlikely to pick up rapidly. In addition, a number of new product Consensus OP (14F, Wbn) 101 releases (which were delayed in 2013) are lined up for 2014. Sales in the US and Japan EPS Growth (14F, %) 11.3 should also increase this year. Market EPS Growth (14F, %) 25.3 Second, raw material prices should continue to decline. Aside from flour prices (which P/E (14F, x) 16.3 rose in January 2013), prices of the company’s raw materials (potato starch, starch Market P/E (14F, x) 8.8 acetate, palm oil, boxes, packaging, and containers) are decreasing. In particular, we see KOSPI 1,946.11 further downside for box and packaging materials. Won appreciation should further lower prices for imported raw materials (which amount to W200bn). Market Cap (Wbn) 1,609 Shares Outstanding (mn) 6 Third, we expect to see either product price hikes (ramen and snacks) or flour price Free Float (%) 49.6 declines in 2014. Since 2009, Nongshim’s ramen price increases have been minimal. This, Foreign Ownership (%) 22.2 combined with a benign CPI, raises the prospects of a ramen price hike in 2014. Beta (12M) 0.50 However, attempts to increase prices may face strong resistance from consumer groups. 52-Week Low (W) 229,500 Price hikes for snacks, on the other hand, are likely to encounter less resistance. This 52-Week High (W) 362,000 year, flour prices could fall by around 5%. Given that the company’s annual flour purchases are W170-180bn, we estimate a 5% fall in flour prices would lead to W8-9bn (%) 1M 6M 12M in cost savings. Absolute 10.7 0.6 -8.5 Relative 13.4 -5.8 -6.2 Maintain Buy, but Lower TP to W330,000

Share price In 2014, we expect the stock’s prolonged weakness to come to an end as revenue 150 KOSPI growth and cost declines lead to positive earnings momentum. Product price hikes and

130 weaker flour prices could also potentially serve as catalysts. 110 We, however, lower our target price to W330,000 (from W380,000), as we cut our 90 target multiple from a 40% to a 20% premium to the 2014F peer group average (17x)

70 due to Nongshim’s weakened pricing power. Still, we note that foreign ramen makers 12/12 4/13 8/13 12/13 (Tingyi, Nissin Foods, etc.) are trading at P/Es of over 20x. We also see strong downside support at the stock’s current P/B of 1x.

Daewoo Securities Co., Ltd. FY (Dec.) 12/10 12/11 12/12 12/13F 12/14F 12/15F Revenue (Wbn) 2,083 2,171 2,176 2,058 2,159 2,269 Food & Beverage/Tobacco OP (Wbn) 163 102 97 86 96 104 Mina Kim OP margin (%) 7.8 4.7 4.5 4.2 4.5 4.6 +822-768-4163 NP (Wbn) 140 85 -7 89 99 107 [email protected] EPS (W) 22,976 13,938 -1,115 14,626 16,275 17,639

ROE (%) 10.5 5.8 -0.5 6.0 6.4 6.6 P/E (x) 8.9 16.7 - 17.2 16.3 15.0 P/B (x) 0.8 0.9 1.1 1.0 1.0 0.9 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 the U.S. PLEASE SEE ANALYST CERTIFICATIONS AND IMPORTANT DISCLOSURES & DISCLAIMERS IN APPENDIX 1 AT THE END OF REPORT.

LG Display (034220 KS) Momentum to remain relatively solid through 1Q14

Technology Upward momentum could continue for now, but 2Q will be inflection point LG Display’s (LGD) stock has gained 16% from its previous low in the past two months, Earnings Preview outperforming (SEC) and other IT large caps, which have been January 10, 2014 trending lower. This relative outperformance has been driven by growing mid- and small- sized panel shipments (fueled by robust sales of iPhones and iPads), as well as more resilient-than-expected TV panel shipments. TV panel shipments have been declining (Maintain) Hold since December due to seasonal weakness, but the pace of decline has been more moderate than anticipated. Also positive is that LGD has been little affected by the Target Price (12M, W) - recent yen weakness because most of its competitors are Taiwanese or Chinese companies. Share Price (01/09/14, W) 25,850 We expect TV panel demand to remain solid through 1Q14, as we expect some pull-in demand ahead of Japan’s planned consumption tax hike in April and Brazil’s World Cup Expected Return - in June. On the supply side, facility adjustments to accommodate new customer models and the increased technical complexity of new products will likely slow productivity OP (14F, Wbn) 617 temporarily, keeping both supply/demand and prices stable. Consensus OP (14F, Wbn) 921 In 2Q14, however, supply and demand conditions are likely to worsen again due to softer EPS Growth (14F, %) -13.6 TV panel demand and the operation of 8G lines. TV panel demand is likely to contract in Market EPS Growth (14F, %) 25.3 2Q, since a portion of 2Q demand is being brought forward to 1Q. Also, Samsung P/E (14F, x) 20.5 Display’s (SDC) 8G line in Suzhou, which recently came online, and BOE’s 8G line (B5) in Market P/E (14F, x) 8.8 Hefei, which is set to go into operation in 1Q, are likely to begin to add heavily to supply KOSPI 1,946.11 from 2Q. LGD’s 8G line in Guangzhou is expected to become operational in 3Q.

Market Cap (Wbn) 9,250 4Q13 preview: Revenue of W6.8tr (-22% YoY), OP of W248.6bn (-58% YoY) Shares Outstanding (mn) 358 We expect LGD’s 4Q13 earnings to come in above the market consensus (revenue of Free Float (%) 62.1 W6.8tr and operating profit of W223.1bn). We estimate panel shipment area grew 6.9% Foreign Ownership (%) 26.2 Beta (12M) 1.20 QoQ and ASP rose 0.3% QoQ. TV panel prices are likely to have fallen 6% QoQ (-10% for 52-Week Low (W) 21,800 open cell), but blended ASP is likely to have inched up thanks to an increase in the mix of 52-Week High (W) 33,150 mid- to small-sized panels, which are more expensive per area.

(%) 1M 6M 12M For 1Q14, we forecast revenue at W6.1tr (-10% QoQ, -10% YoY) and operating profit at Absolute 4.7 -6.3 -13.4 W119.8bn (-52% QoQ, -21% YoY). We originally anticipated a small operating loss, but Relative 7.4 -12.7 -11.1 raised our estimates in light of the pull-in demand for TV panels. However, we expect earnings deterioration to resume in 2Q, contrary to market expectations. Share price 110 KOSPI Maintain Hold, but look for short-term trading opportunities 100 90 We maintain our Hold rating on LGD. The stock looks expensive, trading at a 2014F P/B 80 of 0.9x and a 2014F P/E of 21x (ROE of 4.2% and EPSG of -14%). That said, we do see 70 short-term trading opportunities, given that supply/demand and panel prices are likely 60 12/12 4/13 8/13 12/13 to remain stable through 1Q, and since the relative underperformance of Samsung supply chain stocks could continue for some time.

Daewoo Securities Co., Ltd. FY (Dec.) 12/10 12/11 12/12 12/13F 12/14F 12/15F Revenue (Wbn) 25,512 24,291 29,430 26,749 25,355 26,798 Display/Battery OP (Wbn) 1,311 -764 912 1,155 617 909 Jonathan Hwang OP Margin (%) 5.1 -3.1 3.1 4.3 2.4 3.4 +822-768-4140 NP (Wbn) 1,156 -771 233 521 450 678 [email protected] EPS (W) 3,232 -2,155 652 1,457 1,259 1,895

ROE (%) 11.0 -7.3 2.3 5.0 4.2 6.1 P/E (x) 12.3 - 47.6 17.4 20.5 13.6 P/B (x) 1.4 0.9 1.1 0.9 0.9 0.8 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 the U.S. PLEASE SEE ANALYST CERTIFICATIONS AND IMPORTANT DISCLOSURES & DISCLAIMERS IN APPENDIX 1 AT THE END OF REPORT.

Healthcare (Overweight)

Overseas expansions, and policy tailwinds

 Healthcare sector on the rebound Sector Update  Key drivers are solid profit growth in 4Q13, policy expectations, R&D developments, and overseas expansions January 10, 2014  Look for: 1) accelerated overseas growth with foreign partnerships and entry into developed markets; 2) policy tailwinds from the end of China’s one-child policy, and Korea’s dental-implant insurance Daewoo Securities Co., Ltd.

Healthcare Healthcare sector on the rebound Hyun-tae Kim +822-768-3251 The healthcare sector has been staging a rebound since the beginning of the year. Year-to- [email protected] date, healthcare stocks under the KDB Daewoo Securities universe have outperformed the KOSPI by 7.3%, while the KOSPI pharmaceuticals index have outperformed the broader index by 6%. The KOSDAQ pharmaceuticals index, which includes biotech companies like Celltrion

and medical device makers like Seegene, has outperformed the KOSDAQ by 6.7% YTD.

We believe the broad rebound has been underpinned by robust 4Q13 earnings. We estimate the combined operating profit of healthcare stocks under our coverage climbed 56.6% YoY in 4Q13. Such profit gains are driven by: 1) upfront payments from exports or out-licensing deals, 2) better product mixes, and 3) declining costs due to higher capacity utilization.

We also believe investor sentiment has been boosted by policy expectations following President Park Geun-hye’s New Year’s speech, as well as from major developments in R&D, and accelerated expansions overseas. In President Park’s New Year’s address, she reaffirmed the government’s commitment to introduce telemedicine, and to allow hospitals to establish for-profit subsidiaries. On the R&D front, Dong-A ST’s super-antibiotic tedizolid recently gained preliminary New Drug Application (NDA) approval from the US FDA. Green Cross and Dong-A ST have won major export contracts from the PAHO and WHO, while Medytox has secured an upfront payment by concluding its licensing agreement with Allergan. These developments, as well as a number of other positive news reports, have been the reasons behind the sector’s recent turnaround.

Watch for overseas expansions and policy tailwinds in 2014

Many healthcare companies are currently making efforts to advance overseas. A number of domestic companies are in discussions with foreign drugmakers and medical device suppliers to license out technology. Domestic companies should make further inroads into the US and Europe with in-house developed incrementally modified drugs (IMD), biosimilars, and new drugs and devices. Furthermore, exports of in-house developed drugs to international organizations like the PAHO and WHO are likely to grow. We also expect to see progress in the development of new drugs currently under clinical trials overseas.

We also expect healthcare firms to benefit from favorable policies. The end of China’s one- child policy should drive up demand for children’s medicine over the long term. In Korea, the national health insurance will begin to cover dental implants for senior citizens in July 2014. Once the revised Medical Service Act comes into effect, the adoption of telemedicine should generate demand for remote blood pressure and glucose monitoring systems.

We maintain our Overweight stance on the healthcare sector. 1) Medium- to long-term fundamentals should strengthen as companies expand their overseas footprint, 2) policy tailwinds should provide a boost to earnings, and 3) profit trends should remain healthy in 2014. We recommend i-Sens and Daewoong Pharmaceutical as our top picks for their solid earnings momentum and likely overseas expansions.

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

Key Universe Valuations January 10, 2014

※All data as of close January 9, 2014, unless otherwise noted.

13F Earnings growth Mkt Cap Price P/E (x) P/B (x) ROE (%) Ticker Company Div Yield OP EPS (Wbn) (W) (%) 13F 14F 13F 14F 13F 14F 13F 14F 13F 14F 005930 Samsung Electronics 187,807 1,275,000 1.0 26.6 5.2 31.6 3.3 7.7 6.9 1.6 1.2 23.2 19.7 005380 Hyundai Motor 49,452 224,500 0.8 2.8 8.5 3.4 3.7 7.6 7.0 1.3 1.1 18.3 16.3 000660 SK Hynix 27,591 38,850 0.5 - 29.1 - 46.8 9.8 7.1 2.3 1.8 23.7 26.9 005490 POSCO 26,723 306,500 2.4 -17.0 50.6 -26.7 62.9 15.5 9.0 0.7 0.6 4.5 6.8 012330 26,283 270,000 0.7 -3.9 18.5 -3.6 13.2 8.3 6.8 1.5 1.2 18.6 17.8 015760 KEPCO 23,175 36,100 - 365.1 - - - 8.3 0.5 0.4 - 5.5 035420 NAVER 22,118 671,000 0.1 -25.8 85.0 3.1 79.1 61.9 32.0 12.3 9.0 22.7 40.6 055550 21,742 45,850 0.2 -10.3 14.2 -10.1 13.7 11.9 10.2 0.8 0.7 7.1 7.6 000270 Motors 21,241 52,400 1.1 -2.3 12.1 -0.1 10.4 5.9 5.0 1.2 0.9 20.7 19.1 032830 Samsung Life 20,000 100,000 2.0 0.0 9.3 4.2 4.3 18.1 15.8 1.1 0.9 6.0 5.8 009540 Hyundai Heavy 18,848 248,000 0.4 -41.7 8.3 -49.3 73.8 39.2 21.7 1.2 1.1 2.9 4.8 017670 SK Telecom 18,168 225,000 4.1 16.7 14.6 45.1 8.9 11.1 10.0 1.7 1.5 13.2 13.0 051910 LG Chem 17,794 268,500 1.4 -4.6 20.3 -6.6 23.4 15.9 11.5 1.9 1.5 12.5 13.9 105560 KB Financial Group 15,686 40,600 -3.3 11.4 3.8 11.4 9.3 8.0 0.6 0.6 6.9 7.4 096770 SK Innovation 12,205 132,000 2.1 -10.1 41.7 -22.8 63.1 14.5 8.3 0.9 0.8 5.9 9.0 086790 12,190 42,050 -8.7 10.0 -22.8 12.7 9.2 7.9 0.7 0.6 8.8 7.3 000810 Samsung F&M 11,631 245,500 2.8 20.2 14.1 19.2 14.4 11.1 9.9 1.2 1.1 11.7 11.9 066570 LG Electronics 10,784 65,900 0.4 11.1 51.7 500.5 142.5 30.7 12.3 1.1 1.0 3.2 7.6 003550 LG Corp. 10,509 60,900 1.5 -11.3 19.9 -1.4 11.5 12.2 10.4 1.0 0.9 8.0 8.5 033780 KT&G 10,201 74,300 4.3 -4.9 5.3 -20.2 26.9 17.4 13.7 1.9 1.8 11.4 13.7 034220 LG Display 9,250 25,850 2.0 26.6 -46.6 123.6 -13.6 17.4 20.5 0.9 0.9 5.0 4.2 000830 Samsung C&T 8,967 57,400 0.8 -3.2 43.3 -15.3 37.5 25.5 17.6 1.0 0.9 3.4 4.7 003600 SK Holdings 8,758 186,500 1.5 -3.5 34.8 -1.3 22.4 8.8 7.0 2.2 1.7 8.9 10.2 010140 Samsung Heavy 8,739 37,850 -1.6 -5.0 12.6 -1.4 9.8 9.9 1.3 1.1 15.7 13.5 051900 LG Household & Health Care 8,340 534,000 0.6 13.6 13.5 16.1 15.1 27.5 23.3 6.4 5.0 26.2 24.5 030200 KT 8,329 31,900 2.6 -7.9 10.5 -60.5 31.2 19.7 15.2 0.9 0.8 3.4 4.4 086280 8,194 218,500 1.0 4.1 12.7 1.8 16.7 17.1 13.9 3.7 2.9 23.6 22.4 161390 7,829 63,200 0.9 238.5 10.9 244.1 9.3 9.4 9.0 1.9 1.6 21.9 19.3 010950 S-Oil 7,622 67,700 3.0 -29.1 121.6 -30.4 135.6 21.2 8.2 1.6 1.3 7.5 16.5 011170 Lotte Chemical 7,078 206,500 0.9 36.5 77.8 18.0 78.6 19.9 9.9 1.3 1.0 6.4 10.7 035250 6,996 32,700 2.9 10.5 13.8 18.4 12.5 18.9 17.7 2.4 2.4 14.2 14.7 042660 DSME 6,986 36,500 0.9 -14.7 60.0 -11.0 131.5 33.9 15.3 1.4 1.4 4.2 9.1 000720 Hyundai E&C 6,793 61,000 1.1 9.4 12.5 9.7 10.0 12.1 11.1 1.4 1.3 11.7 11.7 006400 Samsung SDI 6,765 148,500 0.9 -70.5 253.7 -70.1 46.5 17.4 10.9 1.0 0.9 5.9 8.5 024110 6,685 12,100 0.3 -26.5 16.3 -19.6 16.1 8.4 7.2 0.5 0.5 6.6 7.3 004020 6,612 77,500 0.6 -12.7 63.8 -23.5 20.4 12.1 9.0 0.7 0.6 6.0 6.9 036460 KOGAS 6,563 71,100 -4.4 26.3 - - - 16.5 1.0 1.1 - 4.4 034730 SK C&C 6,350 127,000 1.2 11.6 5.0 31.9 1.8 14.4 13.3 2.4 2.0 19.7 17.8 088350 Hanwha Life 6,149 7,080 3.5 - - 3.5 1.6 9.8 9.8 0.8 0.8 8.6 8.3 010130 Korea Zinc 5,821 308,500 1.6 -17.4 26.3 -15.1 29.7 12.6 9.5 1.4 1.2 11.7 13.5 090430 Amorepacific 5,741 982,000 0.7 -4.1 10.2 -2.1 14.9 26.2 22.4 2.9 2.5 10.8 11.3 001800 Orion 5,213 873,000 0.3 -1.2 2.6 -1.2 9.8 37.8 31.7 5.4 4.3 14.2 13.7 009150 Samsung Electro-Mechanics 5,102 68,300 1.3 4.1 7.9 -1.3 9.4 13.0 11.1 1.4 1.2 10.7 10.8 078930 GS 5,017 54,000 2.4 11.2 26.9 2.7 21.3 10.7 8.3 0.9 0.8 7.8 8.9 021240 COWAY 4,913 63,700 3.5 42.7 8.6 117.9 -0.2 19.6 18.9 6.1 4.8 30.5 26.0 036570 NCsoft 4,843 221,000 0.4 39.1 103.7 12.1 132.4 31.2 11.9 4.8 3.2 16.2 30.0 010060 OCI 4,818 202,000 0.2 - - - - - 83.6 1.7 1.8 - 2.0 047050 Daewoo International 4,811 42,250 0.8 4.8 105.7 13.0 33.6 19.6 15.1 6.1 5.9 10.5 12.8 032640 LG Uplus 4,781 10,950 2.0 341.1 28.8 - 54.5 15.7 10.4 1.4 1.3 7.7 10.9 011210 Hyundai Wia 4,438 172,500 0.3 2.6 16.9 4.6 19.7 11.2 8.5 2.3 1.7 21.2 20.5 Source: KDB Daewoo Securities Research

Market Data January 10, 2014

※All data as of close January 10, 2014, unless otherwise noted.

Other Major Indices Economic Indicators Close Net Chg 1D (%) YTD (%) Close 1D ago 1M ago 1Y ago MSCI Korea* 421.07 -2.86 -0.68 -4.85 USD/KRW 1,064.80 1,066.00 1,053.10 1,062.10 KOSPI 1,938.54 -7.57 -0.39 -1.46 JPY100/KRW 1,015.74 1,016.69 1,019.46 1,206.25 KOSDAQ 510.19 -1.41 -0.28 2.80 EUR/KRW 1,448.66 1,447.41 1,446.54 1,386.78 Dow Jones* 16,444.76 -17.98 -0.11 0.02 3Y Treasury 2.90 2.99 2.70 S&P 500* 1,838.13 0.64 0.03 0.34 3Y Corporate 3.32 3.40 3.19 NASDAQ* 4,156.19 -9.42 -0.23 0.32 DDR2 1Gb* 1.70 1.70 1.50 1.22 Philadelphia Semicon* 531.49 -4.27 -0.80 0.71 NAND 16Gb* 3.42 3.42 3.46 1.90 FTSE 100* 6,691.34 -30.44 -0.45 -0.40 Oil (Dubai)* 104.21 104.04 109.42 107.54 Nikkei 225 15,912.06 31.73 0.20 0.02 Gold* 1,229.40 1,225.50 1,235.30 1,655.50 Hang Seng* 22,787.33 -209.26 -0.91 -2.37 Customer deposits (Wbn)* 13,614 13,722 13,738 17,735 Taiwan (Weighted) 8,529.35 14.67 0.17 -0.97 Equity type BC (Wbn)(Jan. 8) 84,998 85,220 83,508 94,248 Note: * as of January 9 2014 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 S-Oil 22.23 KODEX 200 48.38 NCsoft 47.77 KODEX LEVERAGE 130.13 NHN 9.96 Samsung Heavy Ind. 41.15 KODEX 200 35.87 LG Chem 31.57 LG Display 9.81 NCsoft 32.44 KODEX INVERSE 11.72 Hynix 26.18 Hyundai Mobis 9.59 24.67 Hyundai M&F Insurance 9.99 S-Oil 24.24 SK Telecom 9.43 Kia Motors 16.13 OCI 9.76 Samsung Electronics 16.49 TIGER200 8.17 Hyundai Motor 15.39 LG Uplus 9.13 Orion 11.54 Orion 5.73 LG Uplus 12.24 GS Construction 8.41 Cheil Industries 10.92 POSCO 5.03 Hyundai M&F Insurance 11.91 Daelim Industrial 7.93 Kia Motors 9.55 Hyundai Steel 4.79 Samsung Electronics 11.22 DHICO 7.74 Samsung Heavy Ind. 8.70 HANJINKAL 4.70 KT 11.14 7.25 TIGER200 8.50 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 INICIS 4.71 Sung Kwang Bend 12.71 Seoul Semiconductor 4.87 ATTO 5.50 SM 3.44 Gamevil 1.59 SK Broadband 1.95 Interpark 5.17 Wemade 2.43 Diostech 1.55 POSCO ICT 1.88 Sung Kwang Bend 3.48 ATTO 2.00 Partrion 1.41 Lumens 1.75 SFA Engineering 3.16 InkTec 1.62 Duk San Hi Metal 1.26 i-SENS 1.09 Medy-tox 1.72 CJ O Shopping 1.34 GS Home Shopping 1.15 KH Vatec 1.07 Kolon Life Science 1.56 Seoul Semiconductor 1.21 Paradise 1.14 Kortek 0.89 CJ O Shopping 1.44 Daum Communications 1.15 Silicon Works 0.76 Eugene Technology 0.86 SEEGENE 1.12 ViroMed 1.09 POSCO ICT 0.76 HARIM 0.78 Modetour Network 1.00 HyVISION 1.03 Inzi Display 0.75 Diostech 0.77 CJ E&M 0.96 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 1,272,000 -3,000 187,365 Celltrion 46,000 0 4,623 Hyundai Motor 221,000 -3,500 48,681 Seoul Semiconductor 44,500 350 2,595 Hynix 38,500 -350 27,343 Paradise 27,850 -500 2,533 POSCO 308,000 1,500 26,854 CJ O Shopping 397,400 -2,000 2,466 Hyundai Mobis 273,500 3,500 26,624 Ssangyong E&C 136,800 0 1,999 KEPCO 36,400 300 23,367 GS Home Shopping 285,000 -7,200 1,870 NHN 690,000 19,000 22,744 Dongsuh 16,600 50 1,655 Samsung Electronics (P) 965,000 -7,000 22,034 SK Broadband 4,440 225 1,314 Shinhan Financial Group 44,700 -1,150 21,197 POSCO ICT 8,000 -80 1,216 Kia Motors 51,600 -800 20,917 CJ E&M 30,850 -150 1,195 Source: