February 6, 2013

KOREA

Company News & Analysis Major Indices Close Chg Chg (%) Yuhan (Buy/TP: W200,000) KOSPI 1,936.19 -1.99 -0.10 Counting on APIs and Yuhan Chemical KOSPI 200 254.31 -0.51 -0.20 KOSDAQ 502.56 4.40 0.88 NCsoft (Buy/TP: W200,000) Lower TP New significant momentum in 2013 Turnover ('000 shares, Wbn) Volume Value KOSPI 344,831 3,599 Sector News & Analysis KOSPI 200 70,913 2,872 KOSDAQ 415,983 1,521 Media (Overweight) Easterlin Paradox: Watch for entertainment stocks Market Cap (Wbn) Value KOSPI 1,120,726 Economy & Strategy Update KOSDAQ 110,660

Fixed Income Monthly (Factor) KOSPI Turnover (Wbn) Yields set to obey economic forces Buy Sell Net Foreign 1,074 1,163 -89 Institutional 859 869 -10 Retail 1,650 1,544 106

KOSDAQ Turnover (Wbn) Buy Sell Net Foreign 101 63 38 Institutional 94 72 22 Retail 1,329 1,388 -59

Program Buy / Sell (Wbn) Buy Sell Net KOSPI 624 793 -169 KOSDAQ 14 15 0

Advances & Declines Advances Declines Unchanged KOSPI 464 339 85 KOSDAQ 624 297 79

KOSPI Top 5 Most Active Stocks by Value (Wbn) Price (W) Chg (W) Value KODEX LEVERAGE 11,985 -30 207 Electronics 1,427,000 -8,000 192 SK Telecom 181,500 7,000 142 Hynix 24,500 800 140 NCsoft 128,000 -4,500 124

KOSDAQ Top 5 Most Active Stocks by Value (Wbn) Price (W) Chg (W) Value Speco 3,650 -60 48 Victek 2,640 -225 41 Digital Innovation Display 5,920 -430 32 OSSTEM IMPLANT 36,500 2,700 27 4,805 15 25 Note: As of February 6, 2013

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.

February 6, 2013 Company Report

Yuhan (000100 KS) Pharmaceutical

Daewoo Securities Co., Ltd. Counting on APIs and Yuhan Chemical Irene Kim +822-768-3251 4Q12 review: OP in line, net profit beats consensus [email protected] Yuhan recorded 4Q revenues (non-consolidated K-IFRS) of W193.9bn (+15.5%YoY), an operating profit of W7.9bn (+39.8% YoY), and a net profit of W28bn (+74.2%YoY).

Operating profit was in line with the market consensus. Net profit surprised to the upside due to: 1) stronger active pharmaceutical ingredient (API) sales at Yuhan Chemical, which boosted equity-method gains, and 2) increases in non-operating profits, including W3.2bn in government R&D subsidies and W21.6bn in financial income (dividend and interest income).

New API release, improved margins make valuation attractive Buy (Maintain) Yuhan has been actively licensing in original drugs from multinational pharmaceuticals to Target Price (12M, W) 200,000 defend against regulatory reductions in drug prices (hurting growth). We project 2013 Share Price (02/05/13, W) 177,000 revenue growth of greater than 12% at the firmÊs ETC unit. And we expect robust Expected Return (%) 13.0 pharmaceutical sales of new licensed-in diabetes treatments, Tradjenta (Boehringer/Lilly) EPS Growth (13F, %) -4.6 and a Tradjenta combination treatment (DPP-4 inhibitor + metformin), on top of existing Market EPS Growth (13F, %) 18.0 licensed-in drugs like Twynsta (a hypertension combination treatment) and Prevnar 13 (a P/E (13F, x) 30.4 pneumococcal vaccine). Market P/E (13F, x) 9.2 However, growing exposure to licensed-in drugs is pushing up YuhanÊs COGS ratio, KOSPI 1,938.18 limiting room for upside to OP margins despite solid top-line growth. We thus believe Market Cap (Wbn) 1,974 more important catalysts for margins and valuation will be: 1) the launches of new APIs Shares Outstanding (mn) 11 (for hepatitis C treatments and original drugs), and 2) the strength of Yuhan Chemical. Avg Trading Volume (60D, '000) 39 APIs typically generate higher margins in the early stages of product launches; we thus Avg Trading Value (60D, Wbn) 7 expect APIs to play an important role in improving YuhanÊs profitability for some time. Dividend Yield (13F, %) 0.7 Free Float (%) 76.9 Maintain Buy with TP of W200,000 52-Week Low (W) 105,000 We maintain our Buy call on Yuhan with a target price of W200,000. We believe a higher 52-Week High (W) 195,000 COGS burden could limit OPM gains, but forecast sharp growth in net profits from the Beta (12M, Daily Rate of Return) 0.28 launch of a new API, as well as earnings growth at Yuhan Chemical. Our 2013F Price Return Volatility (12M Daily, %, SD) 2.1 consolidated EPS of W11,564 implies a P/E of 16x, cheaper than other top pharmaceuticals. Foreign Ownership (%) 26.7 Major Shareholder(s) We highlight three key points. 1) Yuhan is making up for the absence of a drug pipeline Yuhan Foundation et al. (15.62%) through new licensed-in drugs, such as Tradjenta, Viread (hepatitis B treatment), and National Pension Service (9.89%) Prevnar 13. 2) Equity-method gains have been rapidly increasing, aided by new products Yuhan ESOP (7.95%) and export growth at Yuhan Chemical. 3) Sales of over-the-counter drugs (Beecom-C, Price Performance Antiphlamine, etc.) have also been increasing. (%) 1M 6M 12M Absolute -2.5 41.0 30.2 Relative 1.2 36.2 31.9

§ Earnings & Valuation Metrics Share price FY Revenues OP OP Margin NP EPS EBITDAFCF ROE P/E P/B EV/EBITDA 160 KOSPI

(Wbn) (Wbn) (%) (Wbn) (Won) (Wbn) (Wbn) (%) (x) (x) (x) 140

12/10 649 92 14.2 134 11,794 103 60 13.1 14.7 1.8 16.1 120

12/11 668 49 7.4 83 7,297 68 15 7.7 17.5 1.2 17.3 100 12/12P 763 34 4.5 70 6,109 42 1 6.3 28.3 1.6 40.2 80 12/13F 850 43 5.1 66 5,830 55 24 5.8 30.4 1.6 31.0 60 12/14F 935 66 7.1 86 7,546 78 41 7.1 23.5 1.5 21.6 1/12 5/12 9/12 1/13 Notes: All figures are based on non-consolidated K-IFRS Source: Company data, KDB Daewoo Securities Research estimates

Analysts who prepared this report are registered as research analysts in but not in any other jurisdiction, including the U.S.

February 6, 2013 Company Report

NCsoft (036570 KS) Game

Daewoo Securities Co., Ltd. New significant momentum in 2013 Chang-kwean Kim +822-768-4321 A plethora of new games in 2013 [email protected] We anticipate new significant game momentum beginning this March due to the 1Q release of the mobile version of Lineage I (co-developed with top Japanese mobile game provider GREE), as well as from Blade & Soul, which is scheduled to hit the Chinese market in 3Q (following a large-scale 1H beta test).

We anticipate NCsoft will also launch a mobile version of Blade & Soul in 1H through one of JapanÊs leading mobile-gaming platform operators, DeNA. NCsoft plans to roll out its new title WildStar (currently being developed by US-based Carbine Studios) in 2H using CD packages in the US and Europe. It also intends to launch Guild Wars 2 in China, Taiwan, and Japan. An expansion pack for Guild Wars 2 is slated for a 2H release in the US Buy (Maintain) and Europe. Target Price (12M, W) 200,000 We are not overly concerned about release delays or outright flops (as we have seen in Share Price (02/05/13, W) 132,500 the past), as current share prices and earnings expectations do not seem to price in Expected Return (%) 50.9 prospects for new games. EPS Growth (13F, %) 13.3 Market EPS Growth (13F, %) 18.0 4Q earnings stronger than expected thanks to solid Guild Wars 2 sales P/E (13F, x) 16.3 NCsoft reported 4Q revenues of W283.3bn (+103.9% YoY) and an operating profit of Market P/E (13F, x) 9.2 W113.1bn (+654.4% YoY) primarily due to the newly released Guild Wars 2 (W119bn in KOSPI 1,938.18 sales) and Lineage I (W64.8bn). The latter title saw related sales boosted by micro- Market Cap (Wbn) 2,902 transaction events. Shares Outstanding (mn) 22 Avg Trading Volume (60D, '000) 385 Lower TP by 29% to W200,000 Avg Trading Value (60D, Wbn) 60 Dividend Yield (13F, %) 0.8 We maintain our Buy call on NCsoft, but cut our target price from W280,000 to W200,000. Free Float (%) 76.3 We adjusted down our 2013F EPS by 34.7% after factoring in the companyÊs 2013 52-Week Low (W) 131,500 business plan. NCsoft guided 2013 revenues of W790bn, and an operating profit of 52-Week High (W) 328,000 W170bn (excluding potential new revenues from China). These figures indicate a YoY cost Beta (12M, Daily Rate of Return) 1.04 increase to W620bn in 2013. Price Return Volatility (12M Daily, %, SD) 3.1 We attribute disappointing 2012 earnings to: 1) Blade & SoulÊs underwhelming Foreign Ownership (%) 34.6 performance (in contrast to the blockbuster hit of rival game League of Legends), and 2) a Major Shareholder(s) sharp decline in the number of players for existing games (Aion, etc.). However: 1) player NEXON Co., Ltd. (14.7%) indicators for existing games have been modestly increasing since October, and 2) new T.J Kim et al. (10.4%) games are coming soon. NCsoft does not appear undervalued based on current earnings Treasury Stock (9%) estimates, but the stock is currently trading at the lower end of its historical P/E band (as Price Performance was the case in 2002 and 2008). (%) 1M 6M 12M Absolute -16.4 -43.3 -50.3 Relative -12.7 -48.1 -48.6

§ Earnings & Valuation Metrics Share price FY Revenues OP OP Margin NP EPS EBITDAFCF ROE P/E P/B EV/EBITDA 130 KOSPI

(Wbn) (Wbn) (%) (Wbn) (Won) (Wbn) (Wbn) (%) (x) (x) (x) 110

12/10 660 174 26.3 144 6,602 243 187 20.8 31.6 5.5 16.3 90

12/11 609 135 22.2 121 5,529 161 -120 15.1 55.6 7.2 38.7 70 12/12P 754 151 20.1 157 7,163 156 -165 16.8 21.0 3.0 18.0 50 12/13F 851 203 23.9 178 8,114 207 150 16.3 16.3 2.3 10.9 30 12/14F 1,080 295 27.3 251 11,469 299 217 19.6 11.6 2.0 6.8 1/12 5/12 9/12 1/13 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.

February 6, 2013 Industry Report

Media (Overweight)

Daewoo Securities Co., Ltd. Easterlin Paradox: Watch for entertainment stocks Jee-hyun Moon +822-768-3615 The Easterlin Paradox [email protected]

KoreaÊs entertainment and cultural spending growth has been outpacing overall consumption growth on a YoY basis, a trend that first emerged in 2010 and became more pronounced in 2012. While deteriorating economic conditions seem to have pushed the

advertising market into a slump, consumers appear undeterred in continuing to improve the quality of their lives.

It is widely accepted that entertainment and cultural spending is one of the first areas to

feel the pinch of an economic slowdown. However, we have recently been seeing signs of a reversal in this pattern among Korean consumers. In 3Q12, private spending on apparel, shoes, transportation and education all contracted YoY (overall consumer expenditure grew by a meager 1.4%). Consumer spending on entertainment and culture, on the other hand, expanded by 4.4% YoY. We believe this trend can be partly explained by the Easterlin Paradox: a theory devised in 1974 by the American economist Richard Easterlin, who argued that higher income does not necessarily lead to more satisfaction once income levels reach a certain level and basic needs are met. We have found numerous hints in Korean economic indicators that suggest consumers are eagerly seeking out entertainment and culture (leisure and respite) regardless of how bad economic conditions may be.

Our preferred plays are CJ E&M and KT Skylife We believe that continued attention on entertainment stocks is warranted, given the changing consumer patterns in Korea. We thus favor CJ E&M (130960 KQ/Buy), a leading total-content provider in film production/distribution, broadcasting, and games. Indeed, the company is set to release a number of highly anticipated films (in addition to the recent blockbuster hit The Berlin File), and we expect the firmÊs 2013 revenues and operating profit to jump 19% and 171%, respectively. We also like KT Skylife (053210 KS/Buy), which has benefited from continued subscriber growth. KT Skylife provides quality real- time satellite broadcasting and video on-demand services at reasonable prices; we forecast its revenues to grow 22% and its operating profit to surge 121% in 2013.

Korean entertainment and cultural spending growth has surpassed total spending growth

(%) 5 Total spending growth (YoY) Demand for entertainment Entertainment/cultural spending growth (YoY) and culture has stood out during the economic slowdown 4

3

2

1

0 1Q11 2Q11 3Q11 4Q11 1Q12 2Q12 3Q12

Source: BoK, Trend Korea 2013, 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.

February 6, 2013

Fixed Income Monthly (Factor)

Yields set to obey economic forces Daewoo Securities Co., Ltd. Yeo-sam Yoon Senior Fixed Income Strategist 3-year KTB yield to range from 2.70% to 2.85% +822-768-4022 [email protected]

KoreaÊs economic recovery will become more evident in the months to come given the tailwinds blowing from major economies, such as the US and China. Despite structural issues like the household debt problem, KoreaÊs economy will likely show a cyclical recovery in 1H. We forecast the Bank of Korea (BoK) will leave the base rate

unchanged at 2.75% throughout the year. KTB yields should increasingly face upward pressure as the economy recovers. Given ample liquidity and the lingering expectations of a rate cut, we believe the upside of yields should be limited for the

time being. But if the base rate is left unchanged through March, pressure to unload bonds will increase.

We advise investors to prepare for a steepening of yield curves whenever they flatten. Corporate bonds are looking attractive given their lofty yields, but the spread with the 3-year KTB yield is narrowing fast. The widening spread between short- and long-term IRS rates and the return of the bond swap spread to positive territory mean IRS rates are becoming sensitive again to yield movements.

Factor Analysis: 1. Fundamentals: Korea is set to ride the global recovery 2. Monetary policy: The days may be numbered for easing policies 3. Supply and demand: Liquidity remains ample 4. Overseas yields: Yields are on the rise in advanced countries 5. Price variables becoming sensitive to improving fundamentals 6. Investment strategy: Yields are set to rise in February

Analysts who prepared this report are registered as research analysts in Korea but not in any other jurisdiction, including the U.S.

Key Universe Valuations February 6, 2013

※All data as of close February 5, 2013, unless otherwise noted.

12F Earnings growth Mkt Cap Price P/E (x) P/B (x) ROE (%) Ticker Company Div Yield OP EPS (Wbn) (W) (%) 12F 13F 12F 13F 12F 13F 12F 13F 12F 13F 005930 211,375 1,435,000 0.5 81.7 22.6 75.0 19.6 11.1 8.7 2.1 1.6 21.6 21.1 005380 Hyundai Motor 44,826 203,500 0.9 7.4 -7.8 11.8 -6.4 7.3 7.3 1.4 1.1 20.8 16.3 005490 POSCO 30,864 354,000 2.7 -36.2 41.3 -21.6 25.9 12.2 9.8 0.7 0.7 6.5 7.8 012330 28,230 290,000 0.7 8.6 9.6 17.7 1.1 7.9 7.9 1.8 1.5 23.2 19.4 032830 Samsung Life 21,500 107,500 2.0 33.2 0.0 23.0 4.2 18.4 17.7 1.1 1.0 6.2 6.0 000270 Motors 20,674 51,000 1.2 2.3 -16.2 11.5 -11.0 5.9 6.0 1.5 1.1 25.5 18.6 051910 LG Chem 19,749 298,000 1.2 -30.8 25.2 -29.0 19.7 16.1 12.1 2.3 1.8 15.0 15.9 055550 18,873 39,800 2.0 -18.2 -1.5 -14.1 2.3 8.1 8.1 0.7 0.7 9.2 8.7 000660 SK Hynix 16,451 23,700 - - - - - 15.8 2.0 1.7 - 10.0 009540 16,036 211,000 -45.2 34.0 -32.4 17.6 10.6 7.9 1.1 0.9 10.2 11.1 096770 SK Innovation 15,765 170,500 1.7 -38.5 52.8 -62.8 58.3 13.8 8.6 1.1 1.0 7.9 11.5 105560 KB Financial Group 14,739 38,150 1.6 -19.5 3.6 -11.8 3.5 7.2 7.0 0.6 0.6 8.5 8.2 023530 Lotte Shopping 12,407 394,000 0.4 -15.3 11.7 8.4 12.6 10.8 10.1 1.1 1.0 7.0 7.4 066570 LG Electronics 11,374 69,500 0.7 301.4 3.3 - 848.5 199.3 19.8 1.2 1.1 0.5 5.0 035420 NHN 11,142 231,500 0.2 2.4 29.9 12.8 31.4 21.5 16.7 4.0 3.3 27.9 29.1 003550 LG Corp. 10,699 62,000 1.5 13.8 8.8 22.5 9.1 9.6 8.3 1.0 0.9 10.9 10.9 033780 KT&G 10,544 76,800 4.0 -8.8 4.8 -9.6 5.8 15.0 13.5 2.1 1.9 15.0 14.9 010950 S-Oil 10,526 93,500 3.1 -50.1 97.1 -52.1 121.6 21.2 8.6 2.3 1.7 10.8 21.6 000810 Samsung F&M 10,280 217,000 2.3 12.6 20.2 17.0 19.2 12.0 10.0 1.2 1.1 11.1 11.7 034220 LG Display 9,894 27,650 1.0 - 63.8 - 244.1 46.7 12.1 1.1 1.0 2.3 7.8 000830 Samsung C&T 9,873 63,200 1.0 17.1 -19.7 18.8 -19.7 21.1 26.5 1.0 0.9 4.7 3.3 051900 LG Household & Health Care 9,355 599,000 0.5 0.5 35.0 14.8 24.7 38.3 28.0 8.1 6.5 27.2 27.2 086790 9,151 37,650 2.9 49.3 -19.3 66.0 -32.8 4.4 7.1 0.9 0.5 16.1 9.4 010140 8,381 36,300 2.5 0.7 -6.5 15.3 11.2 9.1 1.5 1.2 16.0 15.9 011170 Lotte Chemical 8,312 242,500 0.8 -68.8 78.1 -60.4 63.5 20.2 12.2 1.5 1.3 6.9 11.2 003600 SK Holdings 8,148 173,500 1.1 -28.1 20.1 -35.3 27.3 7.9 6.0 2.1 1.4 9.7 11.2 086280 7,575 202,000 0.9 26.9 11.7 34.4 6.9 20.5 17.5 4.7 3.5 25.2 21.9 000720 Hyundai E&C 7,394 66,400 1.0 0.9 18.1 -17.8 29.1 14.9 11.0 1.7 1.4 11.8 13.6 010130 Korea Zinc 7,029 372,500 0.6 -18.8 24.0 -19.1 30.3 13.4 9.5 2.0 1.5 15.6 17.5 035250 7,007 32,750 2.9 -17.0 20.5 -18.8 23.3 19.6 17.8 2.4 2.5 13.6 15.6 004020 6,817 79,900 0.6 -32.1 40.1 6.6 18.6 9.4 7.2 0.8 0.6 8.4 9.1 009150 Samsung Electro-Mechanics 6,700 89,700 0.8 89.6 14.3 26.1 18.0 17.5 13.4 2.1 1.7 11.8 12.4 024110 6,579 12,050 3.4 -11.0 -15.4 -13.0 -12.3 6.0 7.0 0.5 0.5 9.3 7.6 139480 Emart 6,523 234,000 0.3 56.3 4.1 72.2 3.3 12.6 12.0 1.1 1.0 9.2 8.7 088350 Hanwha Life 6,471 7,450 3.3 - - 11.5 3.5 10.9 10.5 0.9 0.9 8.8 8.6 078930 GS 6,420 69,100 1.7 -21.8 67.6 -34.4 64.6 13.4 7.8 1.2 1.0 8.2 12.4 006400 Samsung SDI 6,287 138,000 1.3 720.9 -87.1 359.7 -57.1 4.8 10.3 1.0 0.8 21.8 8.3 028050 6,120 153,000 1.8 0.4 9.5 -0.6 11.1 13.0 10.8 3.3 2.5 32.8 28.4 090430 Amorepacific 5,986 1,024,000 0.5 7.3 14.4 -2.4 16.1 26.3 19.1 3.7 2.7 14.1 14.4 001800 Orion 5,873 984,000 0.3 37.8 11.7 71.3 17.4 38.5 29.4 7.3 5.5 18.0 18.2 161390 5,438 43,900 1.0 211.0 221.5 26.7 7.8 1.9 1.5 6.9 20.6 068270 Celltrion 5,415 27,000 17.2 36.3 1.3 30.2 26.3 20.9 6.5 5.6 17.6 19.2 034730 SK C&C 5,300 106,000 1.1 13.3 17.5 4.6 28.4 11.2 9.0 1.8 1.5 18.2 18.9 097950 CJ CheilJedang 4,887 373,500 0.6 38.2 13.3 5.7 49.7 15.9 2.8 11.0 14.3 004940 Bank 4,701 7,290 2.3 -51.5 -4.8 -55.1 0.0 6.6 6.3 - - - - 034020 Doosan Heavy I&C 4,499 42,500 3.3 0.8 -88.1 1307.8 146.4 9.8 1.3 1.2 0.7 9.6 001300 4,478 85,400 0.8 23.8 24.1 -21.6 58.8 23.7 13.5 1.7 1.4 6.3 9.4 016360 Samsung Securities 4,235 55,400 1.4 9.6 19.4 24.0 18.6 16.5 13.9 1.2 1.1 6.9 7.7 047050 Daewoo International 4,145 36,400 0.6 18.3 10.5 -45.5 13.0 35.2 28.6 5.2 4.1 6.5 7.0 010060 OCI 3,923 164,500 2.0 -77.6 31.9 -86.7 24.8 38.1 30.4 1.2 1.2 3.1 3.9 Source: KDB Daewoo Research

Market Data February 6, 2013

※All data as of close February 6, 2013, unless otherwise noted.

Other Major Indices Economic Indicators Close Net Chg 1D (%) YTD (%) Close 1D ago 1M ago 1Y ago MSCI Korea* 407.36 -4.21 -1.02 -5.09 USD/KRW 1,086.80 1,089.00 1,063.80 1,118.90 KOSPI 1,936.19 -1.99 -0.10 -4.67 JPY100/KRW 1,160.86 1,181.26 1,216.33 1,461.66 KOSDAQ 502.56 4.40 0.88 0.19 EUR/KRW 1,475.82 1,470.64 1,387.41 1,469.23 Dow Jones* 13,979.30 99.22 0.71 4.23 3Y Treasury 2.72 2.75 2.74 3.40 S&P 500* 1,511.29 15.58 1.04 3.34 3Y Corporate 3.08 3.11 3.23 4.25 NASDAQ* 3,171.58 40.41 1.29 1.91 DDR2 1Gb* 1.18 1.16 1.22 1.34 Philadelphia Semicon* 420.69 6.51 1.57 5.24 NAND 16Gb* 1.93 1.93 1.90 2.67 FTSE 100* 6,282.76 35.92 0.58 4.24 Oil (Dubai)* 111.72 112.18 106.73 110.13 Nikkei 225 11,463.75 416.83 3.77 7.26 Gold* 1,672.40 1,675.30 1,648.90 1,737.90 Hang Seng* 23,148.53 -536.48 -2.27 -0.70 Customer deposits (Wbn)* 17,504 18,304 18,032 20,632 Taiwan (Weighted) 7,906.65 19.71 0.25 1.64 Equity type BC (Wbn)(Feb. 4) 93,341 93,550 94,289 102,113 Note: * as of February 5, 2013 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 SK Telecom 31.08 KODEX 200 38.05 KODEX 200 36.17 KODEX LEVERAGE 33.48 Hynix 29.47 LG Chem 30.23 Samsung F&M Insurance 13.85 Hyundai Motor 28.13 Hyundai Mobis 17.93 Samsung Electronics 26.06 LG Uplus 11.88 SK Telecom 26.06 Hana Financial Group 11.99 NCsoft 25.95 Samsung Corp. 10.64 Hyundai Heavy Industries 12.37 Hyundai Heavy Industries 9.66 SK Energy 16.53 KEPCO 10.38 Hyundai Mobis 10.60 Korea Zinc 9.57 Kia Motors 15.67 KODEX INVERSE 10.04 Meritz Fire&Marine Insurance 7.36 Korean Reinsurance 7.54 KEPCO 14.54 KT 9.80 Honam Petrochemical 7.05 KODEX LEVERAGE 5.42 Samsung Corp. 11.24 Korea Zinc 9.33 LG Corp. 6.60 LG Display 5.05 Samsung F&M Insurance 10.49 SK Energy 8.85 Kumho Petrochemical 6.52 HITEJINRO 4.25 SEMCO 10.05 Hynix 8.42 Kia Motors 6.30 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 Partrion 7.44 Interflex 1.65 Interflex 5.70 Partrion 2.99 SFA Engineering 6.50 NEOWIZ Games 1.60 Duk San Hi Metal 2.92 Paradise 2.08 Daum Communications 5.40 Com2us 1.57 OSSTEM IMPLANT 2.43 CJ O Shopping 1.92 OSSTEM IMPLANT 3.21 0.99 Humax 2.30 SM 1.85 Celltrion 2.10 Melfas 0.92 Medy-tox 2.22 Genic 1.30 Paradise 1.86 ELK 0.90 GOLFZON 2.12 Gamevil 1.15 SM 1.29 CJ E&M 0.82 ELK 2.02 SK Broadband 0.98 Duk San Hi Metal 1.27 SMC 0.80 Optrontec 1.77 Samjung Packing & Aluminum 0.96 NEPES 1.02 SEEGENE 0.55 CJ E&M 1.71 Posco Chemtech 0.95 TK Corp. 0.97 Lumens 0.44 Flexcom 1.53 LUMIMICRO 0.88 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 1,427,000 -8,000 210,196 Celltrion 26,900 -100 4,698 Hyundai Motor 199,500 -4,000 43,945 Paradise 19,700 -200 1,792 POSCO 354,000 0 30,864 CJ O Shopping 280,000 -5,200 1,737 Hyundai Mobis 291,500 1,500 28,376 Semiconductor 26,900 100 1,568 107,500 0 21,500 Daum Communications 108,300 4,000 1,463 KEPCO 32,950 250 21,153 SK Broadband 4,935 -85 1,461 Kia Motors 49,950 -1,050 20,248 CJ E&M 34,700 -550 1,316 Samsung Electronics (P) 867,000 3,000 19,797 GS Home Shopping 182,300 3,600 1,196 LG Chem 292,500 -5,500 19,384 Dongsuh 18,800 150 1,113 Shinhan Financial Group 39,300 -500 18,636 POSCO ICT 7,020 -10 962 Source: Korea Exchange