June 26, 2015

KOREA

Company News & Analysis Major Indices Close Chg Chg (%) Electronics (005930/Buy/TP: W1,800,000) Lower TP KOSPI 2,090.26 5.20 0.25 At the forefront of component innovation KOSPI 200 254.48 0.68 0.27 KOSDAQ 750.50 -3.16 -0.42 Lotte Chilsung (005300/Buy/TP: W3,100,000) Reinventing the soju industry Turnover ('000 shares, Wbn) Volume Value KOSPI 487,506 6,233 Economy & Strategy Update KOSPI 200 82,020 3,998 Economic Note KOSDAQ 599,788 4,849 Policy direction for 2H15 Market Cap (Wbn) Value KOSPI 1,301,844 KOSDAQ 204,922

KOSPI Turnover (Wbn) Buy Sell Net Foreign 1,465 1,400 65 Institutional 991 1,029 -37 Retail 3,755 3,772 -17

KOSDAQ Turnover (Wbn) Buy Sell Net Foreign 257 294 -37 Institutional 256 253 3 Retail 4,326 4,283 43

Program Buy / Sell (Wbn) Buy Sell Net KOSPI 998 1,083 -85 KOSDAQ 72 60 12

Advances & Declines Advances Declines Unchanged KOSPI 291 518 53 KOSDAQ 378 636 50

KOSPI Top 5 Most Active Stocks by Value (Wbn) Price (W) Chg (W) Value Hynix 42,000 -1,100 330 1,278,000 9,000 263 Choong Wae Pharm. 45,400 2,500 148 Hanmi Science 123,500 3,500 135 Amore Pacific 419,000 17,500 117

KOSDAQ Top 5 Most Active Stocks by Value (Wbn) Price (W) Chg (W) Value Daum Communications 123,500 3,700 234 Sansung P&C 112,700 4,700 211 Celltrion 79,500 -2,200 112 NaturalendoTech 21,150 4,850 97 Diostech 17,100 200 96 Note: As of June 26, 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.

Samsung Electronics (005930 KS) At the forefront of component innovation

2Q15 preview: Revenue of W51.2tr and OP of W7.03tr Technology For 2Q, we forecast Samsung Electronics (SEC) to report consolidated revenue and operating profit of W51.2tr (+9% QoQ, -2% YoY) and W7tr (+18% QoQ, -2% YoY), Earnings Preview respectively, the latter slightly missing the recently lowered consensus (OP of W7.3tr). June 26, 2015 Semiconductor: We project 2Q revenue of W11.3tr (+16% YoY) and operating profit of W3.3tr (+76% YoY). DRAM shipments should expand 8% QoQ, while ASP should fall 8% QoQ. The DRAM market recovery is likely to be somewhat delayed as a result of tepid PC demand in 1H and elevated DRAM inventory. NAND shipments should climb 16% QoQ, (Maintain) Buy while ASP should slide 7% QoQ. The system LSI (logic) business is likely to swing to a small profit, helped by increased shipments of 14nm FinFET application processors (AP). Target Price (12M, W) 1,800,000 Overall, NAND and system LSI should be the main earnings drivers in semiconductor. Display panel (DP): We forecast 2Q revenue of W6.6tr (+5% YoY) and operating profit Share Price (06/25/15, W) 1,269,000 of W0.5tr (+160% YoY). The LCD business should deliver a better-than-expected performance, thanks to a 6% QoQ rise in shipment area and stable panel prices. In Expected Return 42% contrast, operating profit from small/mid-sized OLEDs is likely to decline QoQ, affected by weaker smartphone shipments and higher depreciation costs due to the operation of the A3 line. Utilization should start to pick up in 3Q with the conversion of the A2 line. OP (15F, Wbn) 27,543 IT & mobile communications (IM): We forecast 2Q revenue of W26.3tr (-8% YoY) and Consensus OP (15F, Wbn) 28,265 operating profit of W3tr (-31% YoY). S martphone shipments are likely to be weaker EPS Growth (15F, %) -3.8 than previously anticipated at 75.4mn units (-9% QoQ, +1% YoY), dragged down by a sharp fall in mid/low-end smartphone shipments following the discontinuation of less Market EPS Growth (15F, %) 37.7 profitable, aging models. ASP, however, should jump 15% QoQ due to an increased mix P/E (15F, x) 9.7 of high-end models. Looking ahead in 2H, we expect the IM unit to maintain stable Market P/E (15F, x) 10.8 earnings, supported by the rollout of the (tentatively named) Galaxy S6 Edge Plus and KOSPI 2,085.06 the Galaxy Note 5.

Market Cap (Wbn) 186,923 Consumer electronics (CE): We anticipate 2Q revenue of W12.3tr (-6% YoY) and Shares Outstanding (mn) 170 operating profit of W0.2tr (-74% YoY). Operating profit should pick up QoQ on Free Float (%) 70.1 seasonally strong demand for air conditioners, but margins are likely to continue to Foreign Ownership (%) 51.8 underperform previous years. However, the operating environment for set makers appears to be gradually improving, with the euro and emerging market currencies Beta (12M) 1.02 turning favorable and TV panel prices now moving lower. 52-Week Low 1,083,000 52-Week High 1,503,000 Differentiated components to become key areas of strength

(%)(%)(%) 1M1M1M 6M6M6M 12M12M12M We believe SEC’s components business—most notably 3D NAND, flexible OLED, and logic chips—deserves close attention. In a highly competitive smartphone market, SEC is Absolute -6.0 -5.5 -3.9 adding value by internally producing a variety of differentiated components and chips, Relative -3.2 -11.8 -8.6 which are now considered the company’s biggest competitive advantage. Looking

120 forward, we think 3D NAND (48 layers) and foldable OLED will become SEC’s key areas Samsung Electronics KOSPI of strength. 110

100 Reiterate Buy, but Trim TP by 3% to W1,800,000 90 We slightly lowered our target price to W1,800,000 (from W1,850,000) to reflect our 80 revisions to IM and DP earnings. Still, we believe the company is deeply undervalued at

70 its current share price, trading at a more than 20% discount due to uncertainties 6.14 10.14 2.15 6.15 regarding Samsung Group’s restructuring. In our view, the stock’s current P/B of 0.1x offers an attractive entry point. Daewoo Securities CCo.,o., Ltd. FY (Dec.) 12/12 12/13 12/14 12/15F 12/16F 12/17F Revenue (Wbn) 201,104 228,693 206,206 203,328 211,558 218,962 [Semiconductor] OP (Wbn) 29,049 36,785 25,025 27,543 30,814 31,231

Jonathan Hwang OP margin (%) 14.4 16.1 12.1 13.5 14.6 14.3 +822-768-4140 NP (Wbn) 23,185 29,821 23,082 22,197 25,457 25,689 [email protected] EPS (W) 136,278 175,282 135,673 130,468 149,628 150,995 ROE (%) 21.6 22.8 15.1 13.0 13.3 12.0 Joon-ho Jang +822-768-3241 P/E (x) 11.2 7.8 9.8 9.7 8.5 8.4 [email protected] P/B (x) 2.1 1.5 1.3 1.1 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 t he U.S. PLEASE SEE ANALYST CERTIFICATIONS AND IMPORTANT DISCLOSURES & DISCLAIMERS IN APPENDIX 1 AT THE END OF REPORT.

Lotte Chilsung (005300 KS) Reinventing the soju industry

2Q15 preview: Earnings to sharply improve Food & Beverage We expect Lotte Chilsung to report consensus-beating 2Q earnings, with a 6.5% YoY rise in revenue (+20% for alcoholic beverages and flat for other beverages) and a 44.6% Earnings Preview YoY increase in operating profit.

June 25, 2015 2Q earnings growth will likely be driven by strong soju sales. We forecast 2Q domestic soju sales to grow more than 20% YoY, bolstered by sales of the hugely popular fruit- infused soju Chum Churum Soonhari. Another major driver will be sales of soft drinks (Maintain) Buy (Chilsung Cider), which have higher margins. While sales volume is unlikely to grow materially, soft drink revenue should increase due to price hike effects (which should lift overall beverage revenue by 2.8%). We believe beer (Kloud), sparkling water (Trevi), and Target Price (12M, W) 3,100,000 bottled water (Icis) sales have also been growing sharply. On th e other hand, sales of whisky, cheongju (traditional liquor), gwasilju (fruit-based liquor), and juice are likely to Share Price (6/24/15, W) 2,455,000 have declined.

Expected Return 26% Key driver will be soju in the near term and beer in the long term Lotte Chilsung’s main products include soft drinks , juice, soju, beer, whisky, coffee, and

sparking and bottled (still) water. Among them, we believe the business performance of OP (15F, Wbn) 143 the soju and beer segments will have the biggest impact on earnings. Consensus OP (15F, Wbn) 149 The release of Lotte Chilsung’s Chum Churum Soonhari (alcohol content 14%) in March EPS Growth (15F, %) 295.5 has brought about significant changes to the soju market. While regular soju sales are Market EPS Growth (15F, %) 37.7 continuously rising amid decreasing alcohol content, fruit-flavored soju has emerged as P/E (15F, x) 45.1 a new market, with Lotte Chilsung, HiteJinro, and Muhak all getting in on the action. Market P/E (15F, x) 10.8 Lotte Chilsung controls 17% of the domestic soju market and 25-30% of the market in KOSPI 2,085.53 the capital area. In 2014, the company’s soju revenue stood at W337bn (W250bn domestic and W87bn exports). For 2015, we forecast plain soju revenue to rise 8%, but Market Cap (Wbn) 3,037 expect overall soju revenue to grow at a faster rate of 16.9% (+28% in the domestic Shares Outstanding (mn) 1 market and -15% for exports), driven by robust sales of Soonhari, which we estimate at Free Float (%) 47.1 around W5bn monthly and more than W50bn annually. And o nce the company’s new Foreign Ownership (%) 13.2 soju plant is completed at the end of this year, market share should expand to 25% in Beta (12M) 1.00 2016 (based on production volume). 52-Week Low 1,461,000 Lotte Chilsung has not spent much on marketing Soonhari since its release. However, 52-Week High 2,753,000 the launch of rival HiteJinro’s grapefruit-flavored soju in June is likely to set off marketing competition among the three major players in July. (%)(%)(%) 1M1M1M 6M6M6M 12M12M12M Absolute -3.5 61.3 37.3 We project Lotte Chilsung’s beer revenue to expand from W43bn in 2014 to W100bn in Relative -0.7 50.6 31.3 2015. Given capacity limitations, beer revenue is lik ely to stay at around W100bn through 2017. Once capacity expansions are completed in 2017, the brewery business

170 LotteChilsung KOSPI could become an important revenue contributor starting in 2018. 150

130 Maintain Buy and TP of W3,100,000

110 Lotte Chilsung is focusing on soju, beer, and sparkling and bottled water to drive long- term growth, while making steady profits on soft drinks. This year, the company has 90 changed the soju industry by creating a new market category . We expect the company 70 6.14 10.14 2.15 6.15 to see profit growth in 2015 and 2016. We maint ain our Buy rating and target price of W3,100,000.

Daewoo Securities CCo.,o., Ltd. FY (Dec.) 12/12 12/13 12/14 12/15F 12/16F 12/17F Revenue (Wbn) 2,199 2,216 2,264 2,401 2,501 2,594 [F&B/Tobacco] OP (Wbn) 150 172 102 143 152 164

Woon-mok Baek OP margin (%) 6.8 7.8 4.5 6.0 6.1 6.3 +822-768-4158 NP (Wbn) 83 101 19 74 85 92 [email protected] EPS (W) 61,201 74,438 13,763 54,434 62,269 67,507 ROE (%) 3.8 4.3 0.8 3.2 3.6 3.8 Jungyeon Kwon +822-768-4161 P/E (x) 24.8 20.5 107.9 45.1 39.4 36.4 [email protected] P/B (x) 0.9 0.9 0.9 1.5 1.4 1.4 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.

Economic Note Policy direction for 2H15

Economy Report Government to introduce new stimulus measures in 2H June 25, 2015 The government laid out its 2H economic policy direction on June 25 th , indicating that it would strengthen stimulus going forward. In addition , the government lowered its 2015

Daewoo Securities CCo.,o., Ltd. GDP and CPI growth estimates to 3.1% (from 3.8% in December 2014) and 0.7% (from 2.0% in December 2014), respectively, on the belief that the economi c recovery was [Economy] falling well short of expectations.

Dae-Il Suh The government’s economic data forecasts show that the growth estimate for f acilities +822-768-3069 investment was revised down less sharply than projections for private consumption , [email protected] construction investment, and exports

. As such, 2H stimulus measures will likely focus on increasing government expenditure and promoting investments.

Supplementary budget plan to be announced in July; Passage remains uncertain Next month, the government is set to announce a KRW15tr stimulus plan (equivalent to 1% of GDP) that will include a supplementary budget proposal. I f the fiscal stimulus is approved and proceeds smoothly, it will likely drive up GDP growth by 0.3-0.5%p. Th e current regular session of the National Assembly is scheduled to close on July 7 th , and it is not clear if and when an extraordinary session will convene, given that conflicts between the ruling and main opposition parties are still ongoing. As such, it is uncertain whether the supplementary budget proposal will be able to make its way through the National Assembly by the start of the next regular session in September.

Expect closer coordination between fiscal and monetary policy Despite lingering concern s related to the MERS outbreak, we believe that increased government spending is likely to help the economy turn around after 2Q. Even so, in light of the modest outlook for the private sector, fiscal and monetary policy coordination should strengthen further.

The government seems compelled to focus on boosting domestic demand. The effect of MERS on consumption should be temporary, but the slowdown in exports is likely to be prolonged, given the stagnation of trade volume growth (despite global economic recovery) and the persistent weakness of the Japanese yen. Of note, protracted sluggishness of exports could lead to weaker investments.

The government seems fully aware of the risk of prolonged low growth. Of note, it expects the Korean economy to grow by a modest 3.5% in 2016. In light of the uninspiring growth outlook, the government is likely to submit an expansionary budget proposal for 2016 in September of this year, with its relatively aggressive fiscal policy being supported by the central bank’s mone tary easing stance (which is expected to be confirmed in July, when the bank’s 2H economic outlook report is set to be released).

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 DISCLOSURESDISCLOSURES & DISCLAIMERS IN APPENDIX 1 AT THE END OF REPORT.

Key Universe Valuations June 26, 2015

※All data as of close June 25, 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 188,249 1,278,000 1.2 10.1 11.9 -3.8 14.7 9.8 8.5 1.2 1.0 13.0 13.3 000660 SK Hynix 30,576 42,000 1.0 21.5 10.4 14.8 13.7 6.3 5.5 1.3 1.1 24.0 21.9 005380 Hyundai Motor 29,737 135,000 2.5 -4.8 11.5 1.5 5.2 5.2 4.9 0.6 0.5 12.3 11.7 015760 KEPCO 29,017 45,200 1.3 26.4 5.4 199.5 -56.7 3.6 8.3 0.5 0.5 14.0 5.5 090430 AmorePacific 24,494 419,000 0.3 45.8 25.3 56.8 24.5 48.7 39.1 8.7 7.3 19.2 20.2 032830 Samsung Life 22,000 110,000 - - - - 0.0 0.0 035420 NAVER 21,689 658,000 0.2 25.0 29.0 41.3 35.0 33.8 25.0 6.6 5.2 30.5 30.6 012330 20,345 209,000 1.6 4.6 11.5 5.0 10.9 5.7 5.1 0.8 0.7 14.5 14.1 017670 SK Telecom 20,227 250,500 4.0 7.8 11.2 9.5 9.5 10.3 9.4 1.1 1.0 13.0 13.1 005490 POSCO 19,791 227,000 3.5 2.6 18.0 180.1 29.5 11.3 8.7 0.5 0.4 4.2 5.3 055550 19,727 41,600 - - - - 0.0 0.0 018260 Samsung SDS 19,615 253,500 0.2 17.2 19.8 9.2 20.7 43.5 36.1 4.3 3.9 10.3 11.3 000270 Motors 18,687 46,100 2.5 7.0 20.6 11.7 13.5 5.6 4.9 0.7 0.7 14.1 14.3 051910 LG Chem 18,324 276,500 1.4 36.6 21.2 49.7 24.0 15.7 12.7 1.6 1.4 10.4 11.9 105560 KB Financial Group 14,565 37,700 - - - - 0.0 0.0 000810 Samsung F&M 14,212 300,000 - - - - 0.0 0.0 033780 KT&G 12,466 90,800 3.7 3.3 -9.2 5.3 -7.7 14.3 15.5 1.9 1.8 14.9 12.8 034730 SK C&C 12,298 279,500 0.7 23.2 9.0 356.4 4.3 24.1 23.1 4.1 3.5 22.7 19.8 096770 SK Innovation 11,743 127,000 2.5 - 1.5 - -3.8 8.6 9.0 0.7 0.7 8.8 7.9 051900 LG Household & Health Care 11,573 741,000 0.6 32.9 21.7 33.0 24.3 28.3 22.7 6.2 5.0 25.3 25.3 003550 LG Corp. 10,509 60,900 1.6 18.0 4.2 18.5 5.9 8.5 8.1 0.8 0.7 9.4 9.2 000830 Samsung C&T 10,357 66,300 0.9 -19.4 12.2 61.9 9.6 24.3 22.2 0.8 0.8 3.3 3.5 010130 Korea Zinc 10,228 542,000 1.2 6.5 16.8 12.2 16.9 18.2 15.6 2.0 1.8 11.6 12.3 011170 Lotte Chemical 10,026 292,500 0.3 274.4 6.8 578.2 9.9 10.1 9.2 1.4 1.2 14.4 13.8 003600 SK Holdings 9,463 201,500 1.2 91.8 -14.6 - -41.3 6.9 11.7 0.8 0.7 12.0 6.5 034220 LG Display 9,089 25,400 2.0 77.8 -34.9 93.5 -34.2 5.2 7.9 0.7 0.7 14.3 8.5 009540 8,968 118,000 - 213.9 - 256.9 48.5 13.6 0.5 0.5 1.2 4.2 086790 8,628 29,150 - - - - 0.0 0.0 066570 LG Electronics 8,109 49,550 1.2 -16.1 28.7 112.9 53.8 10.5 6.9 0.7 0.7 7.0 10.0 010950 S-Oil 8,016 71,200 4.7 - 0.6 - -2.0 8.5 8.7 1.4 1.3 18.2 15.7 024110 7,984 14,350 - - - - 0.0 0.0 006400 Samsung SDI 7,977 116,000 0.9 95.2 103.4 - 15.3 22.6 19.6 0.7 0.7 3.1 3.5 004020 7,937 68,100 1.1 10.8 4.8 44.4 -4.6 7.2 7.5 0.5 0.5 7.8 7.0 035250 7,916 37,000 2.9 15.3 12.3 23.6 14.4 17.8 15.6 2.5 2.3 15.6 16.3 086280 7,856 209,500 1.0 13.7 14.1 7.7 12.8 13.6 12.1 2.4 2.0 19.1 18.3 030200 KT 7,494 28,700 2.8 - 2.9 - -42.6 6.6 11.6 0.6 0.6 10.3 5.5 035720 Daum 7,396 123,500 0.1 33.4 37.8 -51.5 52.3 41.7 27.4 2.8 2.5 6.9 9.8 023530 Lotte Shopping 7,054 224,000 0.7 11.3 12.6 37.8 13.4 9.3 8.2 0.4 0.4 4.4 4.8 088350 Hanwha Life 6,853 7,890 - - - - 0.0 0.0 021240 Coway 6,664 86,400 3.0 18.3 14.3 24.9 14.5 21.4 18.7 5.0 4.5 27.8 27.8 139480 Emart 6,537 234,500 0.6 6.3 15.8 32.4 19.7 17.0 14.2 0.9 0.8 5.4 6.1 001800 Orion 6,477 1,084,000 0.6 14.4 8.3 23.5 13.3 32.1 28.3 4.6 4.0 15.3 15.4 009240 Hanssem 6,284 267,000 0.3 35.1 34.9 35.3 34.3 53.6 39.9 13.2 10.2 30.8 31.8 097950 CJ CheilJedang 5,833 443,500 0.5 48.6 9.3 246.6 15.1 20.1 17.4 2.0 1.8 10.4 11.0 161390 5,296 42,750 0.9 -12.5 12.7 -4.5 14.2 7.9 6.9 1.0 0.9 13.9 14.0 012630 Hyundai Development 5,277 70,000 0.7 63.4 15.2 194.9 20.1 26.0 21.6 2.2 2.0 9.0 10.0 002380 KCC 5,150 489,500 1.8 13.3 3.2 -22.5 3.7 20.4 19.7 0.8 0.8 4.1 4.1 004800 5,145 146,500 0.7 -1.9 -4.4 9.4 -4.9 17.5 18.4 1.7 1.5 10.1 8.8 051600 KEPCO KPS 5,130 114,000 - - - - 0.0 0.0 128940 4,890 478,000 54.1 63.1 42.6 73.0 133.1 77.0 9.9 8.8 7.8 12.1 Source: KDB Daewoo Securities Research

Market Data June 26, 2015

※All data as of close June 26, 2015, unless otherwise noted.

Other Major Indices Economic Indicators Close Net Chg 1D (%) YTD (%) Close 1D ago 1M ago 1Y ago MSCI Korea* 390.63 -3.57 -0.91 1.02 USD/KRW 1,109.60 1,108.40 1,090.80 1,020.60 KOSPI 2,090.26 5.20 0.25 8.50 JPY100/KRW 897.99 894.88 897.41 1,002.46 KOSDAQ 750.50 -3.16 -0.42 35.54 EUR/KRW 1,243.36 1,241.74 1,197.64 1,391.08 Dow Jones* 17,890.36 -75.71 -0.42 0.32 3Y Treasury 1.82 1.81 1.85 2.71 S&P 500* 2,102.31 -6.27 -0.30 2.14 3Y Corporate 2.03 2.03 2.10 3.13 NASDAQ* 5,112.19 -10.22 -0.20 8.15 DDR2 1Gb* 1.19 1.19 1.19 1.81 Philadelphia Semicon* 715.83 -0.66 -0.09 4.24 NAND 16Gb* 1.72 1.72 1.86 2.84 FTSE 100* 6,807.82 -36.98 -0.54 3.97 Oil (Dubai)* 61.98 62.91 62.87 110.11 Nikkei 225 20,706.15 -65.25 -0.31 18.94 Gold* 1,171.50 1,172.60 1,204.00 1,322.20 Hang Seng* 27,145.75 -259.22 -0.95 13.78 Customer deposits (Wbn)* 21,808 20,158 20,492 14,182 Taiwan (Weighted) 9,462.57 -13.77 -0.15 2.03 Equity type BC (Wbn)(June. 24) 75,859 75,721 75,927 79,957 Note: * as of June 25, 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 Samsung Electronics 62.55 Hynix 67.72 NCsoft 17.95 Samsung Electronics 53.40 Amore Pacific 53.99 Orion 17.41 17.69 Hynix 38.93 Hyundai Motor 42.99 CJ CGV 13.58 CJ CGV 10.01 LG Household & Health Care 32.71 NHN 27.71 Shinsegae 12.98 KODEX LEVERAGE 9.76 Hyundai Motor 19.90 LG Household & Health Care 19.25 COSMAX 11.79 LG Life Sciences 9.53 Hanmi Science 17.48 SK Energy 15.06 Samsung Corp. 9.39 COSMAX 8.83 Hyundai Steel 14.66 Hana Financial Group 11.36 SAMSUNG SDS 7.35 Daou Tech. 8.43 SK Telecom 9.65 Hyundai Steel 11.14 emart 6.39 KOREA AEROSPACE 8.02 KODEX INVERSE 7.13 Korea Plant Service & LG Chem 9.61 5.99 SK C&C 7.68 LG Electronics 6.66 Engineering Shinhan Financial Group 9.41 GKL 5.45 Korea Plant Service & Engineering 7.52 NHN 6.09 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 Daum Communications 11.65 12.23 Daum Communications 31.97 Paradise 19.58 Huons 2.92 Sansung P&C 5.24 Diostech 7.27 Celltrion 13.38 Seo Han 2.81 NaturalendoTech 3.29 Amicogen 5.19 ATTO 8.18 ViroMed 2.69 WANLI 2.48 CJ E&M 4.56 KB No.4 SPAC 4.59 Celltrion 2.68 Binex 2.21 Medy-tox 2.90 3.45 Easy Bio System 2.29 Cell Biotech 2.16 COSON 2.89 ISPLUS 3.31 Media Flex 2.05 Medipost 1.87 Yes24 2.68 Wemade 2.89 OSSTEM IMPLANT 2.05 Diostech 1.76 Easy Bio System 2.49 ViroMed 2.87 Silicon Works 2.04 DH PHARM 1.76 Duk San Hi Metal 2.23 NEW 1.97 HLB 1.75 CJ O Shopping 1.74 KREIT 2.23 Medipost 1.97 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 1,278,000 9,000 188,249 Celltrion 79,500 -2,200 8,886 Hynix 42,000 -1,100 30,576 Daum Communications 123,500 3,700 7,396 Hyundai Motor 135,000 3,000 29,737 Dongsuh 34,850 600 3,475 KEPCO 45,200 100 29,017 Medy-tox 558,000 -4,400 3,156 Amore Pacific 419,000 17,500 24,494 CJ E&M 78,200 900 3,029 173,500 0 23,423 ViroMed 185,200 600 2,629 Samsung Electronics (P) 987,000 2,000 22,537 Paradise 23,500 -700 2,137 110,000 2,000 22,000 Sansung P&C 112,700 4,700 2,022 NHN 658,000 5,000 21,689 LOEN 72,500 0 1,834 Hyundai Mobis 209,000 1,000 20,345 Komipharm 27,150 -650 1,444 Source: