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Table of Contents 2 About Doosan A History of Transformation An Explosive Growth Record Global Expansion that Extends Our Reach The Doosan Way 12 Our Infrastructure Support Businesses 36 Holding Company and Others 48 Corporate Social Responsibility 56 Financial Review 62 Domestic/Global Network Doosan has selected “ ” as the corporate slogan, which is based on the conviction that companies must contribute to humankind and help to shape the future. All Doosan employees now embrace this slogan, and we continue to enhance our capabilities as a global company through our unique value and philosophy. Doosan is working at this very moment to provide the basics necessary for improving the quality of people’s lives. Doosan’s presence can be found in every area of the infrastructure support business, which encompasses industrial facilities, machinery, heavy equipment and construction. You are invited to watch how we are helping to shape the future for all. About Doosan A History of Transformation About Doosan Korea’s Oldest Enterprise (formerly Daewoo Heavy Industries & Machinery) in Doosan is Korea’s oldest business organization with 2005. Such major acquisitions have transformed our Our Infrastructure a proud history of 115 years. Doosan began in 1896 as business portfolio to one centered on the infrastructure Support Businesses Korea’s first modern retail business, known then as support business (ISB). Park Seung-jik Store and has grown and developed for Holding Company more than a century. Acquisition of Global Operations and Others Doosan has aggressively acquired companies outside A Journey of Dynamic Change and Innovation Korea to grow and globalize. In 2005, we acquired Corporate Social Responsibility Now a global ISB powerhouse, Doosan’s history the water treatement business of US-based American represents a story of dynamic change and growth. Engineering Service Inc. (AES) to set up Doosan Hydro Financial Review In 1946, Chairman Too Pyung Park renamed the Park Technology. In 2006, we acquired UK-based Doosan Seung-jik Store as the Doosan Mercantile Company, Babcock (formerly Mitsui Babcock Energy), with marking the start of our modern history. We diversified patented technologies in the design and engineering into brewing and international trade in the early 1950s of boilers, as well as a large-scale casting and forging and into construction, food & beverages, machinery, operation Doosan IMGB (formerly Kvaerner IMGB) in media and cultural services in the 1960s. By the 1970s, Romania. In 2007, Doosan Infracore acquired the US- Doosan was well established as a leader in Korean based Bobcat, the world’s No. 1 compact construction consumer products and culture-related businesses equipment company, to emerge as the world’s seventh- and our construction, machinery, and electronics largest construction equipment maker. In 2008, we businesses entered high-growth stages. acquired Doosan Mottrol (formerly Tongmyung Mottrol), During the 1980s, we focused on becoming a hydraulic systems specialist, and Norway-based international while also venturing into publishing and Doosan Moxy (formerly Moxy Engineering), a maker of advertising. In the 1990s, operations were divided into articulated dump trucks. Each of these acquisitions has three business sectors: information & retail, consumer added significant synergy value to our rapidly growing products, and high-tech materials. ISB business. In 1995, one year before our 100th anniversary, we In 2009, Doosan acquired Czech-based Skoda began to rigorously restructure with an aim to reinvent Power, which possesses core technology for steam ourselves for the 21st century. We sold flagship affiliates, turbines, thereby securing all the technology needed including OB Beer, improved profitability by integrating for manufacturing all three core facilities in power 23 affiliates into 4 companies (Doosan Corporation, generation: boilers, turbines and generators. Doosan Engineering & Construction, Doosan Packaging and Oricom) and introduced advanced management A New History as a Top-tier Global Enterprise systems. We have accelerated our globalization through aggressive cross-border acquisitions. As such, Transition to an ISB-driven Business Portfolio Doosan now operates 25 domestic and 115 overseas With a better financial health and improved cashflows, subsidiaries, generating 55% of our sales from outside Doosan has accomplished remarkable change and Korea in 2010. growth through the acquisitions of new growth engines since 2000. Doosan acquired power and desalination Although we have already achieved significant changes, plant builder Doosan Heavy Industries & Construction we will continue to pursue further transformation to (formerly Korea Heavy Industries & Construction) provide exceptional products and services that inspire in 2001, Koryo Industrial Development in 2003 and trust and pride among our customers, shareholders construction equipment maker Doosan Infracore and employees. Sales growth (In trillions of KRW) 1998 2010 3.4 24.6 05 An Explosive Growth Record About Doosan Average Annual Sales Growth : 22% New Growth Engines through Acquisitions Doosan chose to pursue the infrastructure support Doosan Infracore has also grown remarkably. In 2007, Our Infrastructure business as our new main growth engine, a choice the company acquired the American firm CTI, which Support Businesses that has generated phenomenal growth. Sales (which owns patented technology for engines powered by totaled W3.4 trillion in 2000) reached W24.6 trillion in a blend of hydrogen and compressed natural gas Holding Company and Others 2010, a CAGR of 22% per year. Over the same period, (HCNG) and Yantai Yuhua Machinery, a major Chinese operating profit increased from W300 billion in 2000 wheel loader maker. In 2007, Doosan Infracore also Corporate Social to W1.9 trillion in 2010. This achievement was made completed the acquisition of Bobcat, the world’s Responsibility possible through the simultaneous pursuit of both leader in compact construction equipment. This organic and inorganic growth. acquisition enabled us to climb to seventh place Financial Review among global construction equipment makers. A Balanced Growth of Scale and Profitability Doosan Heavy Industries & Construction’s sales Transition to a Holding Company Structure for have steadily increased from W2.5 trillion in 2001 Sustainable Growth to W7.8 trillion in 2010 (including overseas Doosan has maintained record growth by establishing subsidiaries). Equally impressive was the steady growth a technology-oriented business portfolio and in operating profit, which rose from W93.0 billion to successfully restructuring our capital structure. In W636.8 billion (including overseas subsidiaries), an 2009, we transitioned to a holding company structure average increase of 21% a year over the same period. after 3 years of preparation and established more The market capitalization of Doosan Heavy Industries transparent corporate governance. With renewed & Construction has also steadity increased from W980 focus on our core business as well as a strengthened billion in 2001 to W9.1 trillion ten years later. drive to enhance corporate value, we laid the foundation for long-term sustainable growth. Along with such organic growth, Doosan Heavy Industries & Construction acquired the North American operations of water treatment specialist American Engineering Services Inc. to establish Doosan Hydro Technology Inc. in 2005. The next year Doosan Heavy Industries & Construction acquired Doosan Babcock (formerly Mitsui Babcock Energy), a British maker of power generation equipment with patented boiler Sales (In billions of KRW) design and engineering technologies and Doosan IMGB (formerly Kvaerner IMGB), Romania’s largest ’14E 41,085.2 forging and casting operation. These acquisitions have laid the groundwork for advancing into the power ’10 24,603.7 plant markets of Europe and elsewhere. Furthermore in 2009, Doosan Heavy Industries & Construction ’09 21,386.3 completed construction of a large-scale production > ’08 22,704.4 plant in Vietnam and acquired Czech-based Skoda Power, which possesses patented technology for steam ’07 18,516.3 turbines. Thus the company is now equipped with core technology for boilers, turbines and generators. ’06 14,155.8 Annual revenue growth rate since 2000 22% 07 Global Expansion that Extends Our Reach About Doosan Accelerating Globalization compact, mid-sized and large model lineups. Our diverse business portfolio allows us to improve Importantly, we are ranked first in the world for skid Our Infrastructure the lives of people around the world. Meanwhile, steer loaders and compressors, while our aggregate Support Businesses our global expansion is accelerating, thanks to sales of excavators in China remained the highest a talented workforce of 38,000 employees in 34 among all manufacutrers throughout 2010. Holding Company and Others countries (with more than 18,000 employed outside Korea) and a sales network spanning more than Doosan is ranked the second in the world for low Corporate Social 1,400 locations worldwide. In 2010, we generated speed marine diesel engines. Many other Doosan Responsibility W13.5 trillion in sales (over half of the total revenue) products such as work rolls and mold steel for cold from outside the Korean market. rolling, hydraulic turbines for hydroelectric plants and Financial Review crankshafts for large vessels have been selected as Efficient Networks that Span the Globe “World Best Products” by the Korean government.

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