December 15, 2017

KOREA Morning Focus

Company News & Analysis Major Indices Close Chg Chg (%) INNOCEAN Worldwide (214320/Buy/TP: W96,000) Raise TP KOSPI 2,469.48 -11.07 -0.45 Buying David & Goliath in first-ever acquisition KOSPI 200 324.74 -1.44 -0.44 KOSDAQ 770.35 -1.87 -0.24

Turnover ('000 shares, Wbn) Volume Value KOSPI 313,627 8,117 KOSPI 200 132,142 7,131 KOSDAQ 970,728 7,065

Market Cap (Wbn) Value KOSPI 1,606,804 KOSDAQ 274,124

KOSPI Turnover (Wbn) Buy Sell Net Foreign 2,613 2,241 372 Institutional 3,060 3,062 -2 Retail 2,398 2,773 -375

KOSDAQ Turnover (Wbn) Buy Sell Net Foreign 668 713 -44 Institutional 722 854 -132 Retail 5,670 5,494 176

Program Buy / Sell (Wbn) Buy Sell Net KOSPI 3,084 3,137 -53 KOSDAQ 414 605 -191

Advances & Declines Advances Declines Unchanged KOSPI 373 429 77 KOSDAQ 511 611 117

KOSPI Top 5 Most Active Stocks by Value (Wbn) Price (W) Chg (W) Value Electronics 2,553,000 -13,000 1,030 Hynix 76,000 -800 423 Games 199,500 1,000 373 LG Electronics 101,500 3,600 254 KODEX LEVERAGE 17,610 110 235

KOSDAQ Top 5 Most Active Stocks by Value (Wbn) Price (W) Chg (W) Value Healthcare 94,000 900 664 Celltrion 209,500 -500 546 New Pride 6,300 1,450 396 SillaJen 84,900 -4,200 373 NATURECELL 25,650 3,900 274 Note: As of December 14, 2017

Mirae Asset Daewoo Research

INNOCEAN Worldwide

(214320 KS) Buying David & Goliath in first-ever acquisition

Advertising INNOCEAN to acquire D&G, the US creative agency for th Company Update On December 14 , INNOCEAN Worldwide disclosed that it has agreed to acquire David & Goliath LLC (D&G), a US ad agency based in Los Angeles that has handled Kia Motors’ December 15, 2017 (Kia) creative marketing in North America. We believe INNOCEAN Worldwide, which had been seeking an M&A deal to internalize Kia’s North America creative duties from 2018, chose to acquire the automaker’s current agency. Deal structure: 1) INNOCEAN Worldwide will invest W32.8bn in wholly-owned (Maintain) Buy subsidiary INNOCEAN Worldwide Holdings (IWH). 2) IWH will acquire a 100% stake in D&G, paying 50% in January 2018 and the remaining 50% over the next four years Target Price(12M, W) ▲ 96,000 based on the agreed percentages (tied to annual earnings). D&G earnings: In 2016, the US ad agency recorded revenue of W52.1bn, gross profit Share Price (12/14/17, W) 75,100 of W49bn, and net profit of W4.2bn. Revenue and net profit for 1H17 are estimated at W24.7bn and W2.3bn, respectively. Given that business tends to be seasonally Expected Return 28% concentrated in the latter half of the year, 2017 full-year earnings look likely to grow YoY.

OP (17F, Wbn) 114 Key variables for 2018: M&A effects, new car models, and events Consensus OP (17F, Wbn) 111 M&A effects: In addition to Kia, the D&G acquisition should also increase INNOCEAN’s exposure to foreign non-affiliates. Kia is estimated to account for roughly 60% of EPS Growth (17F, %) 8.5 D&G’s gross profit. The rest consists of local advertisers, such as Universal Studios Market EPS Growth (17F, %) 45.6 (media), HBO (media), and Jack in the Box (food). P/E (17F, x) 21.2 Reflecting the acquisition and consolidation of D&G, we are raising our 2018 gross Market P/E (17F, x) 10.1 profit estimate for INNOCEAN Worldwide by 9%. We forecast the North America region KOSPI 2,469.48 to contribute 55% of the company’s 2018 gross profit, up 8%p YoY. The company should also benefit from the US tax reform, which is expected to lower the corporate Market Cap (Wbn) 1,502 tax rate from 35% to 20% from 2019. Shares Outstanding (mn) 20 Free Float (%) 57.0 New car marketing: Major affiliate clients Hyundai Motor (HMC) and Kia have a Foreign Ownership (%) 32.9 number of new models lined up for 2018. In the US, HMC is set to release the Genesis Beta (12M) 0.61 G70, an electric Kona, and fuel-cell electric vehicles. In particular, the automaker will 52-Week Low 56,200 beef up its SUV lineup (Santa Fe, Kona, Tucson, etc.), and begin selling its Genesis G70 globally. Meanwhile, Kia plans to launch a new Forte in the US, while sales of Kia 52-Week High 77,800 Stinger are anticipated to gather steam. (%) 1M 6M 12M Events: As official sponsors of FIFA, HMC and Kia plan to actively take advantage of the Absolute -1.8 19.8 24.3 2018 Russia World Cup to market their new models. Other sports events like the Super Relative 0.4 15.1 2.6 Bowl, the Australian Open, and the Genesis Open (PGA tour) will also likely be used as a platform for marketing. 160 INNOCEAN Worldwide KOSPI

140 Reaffirm Buy and Raise TP to W96,000 We reaffirm our Buy call on INNOCEAN Worldwide and raise our target price to 120 W96,000 (from W93,000). We are positive on 1) the good earnings visibility of the 100 company’s first acquisition, funded by its ample cash holdings (equal to half of its market cap), 2) the company’s growth strategy focused on strengthening its overseas 80 12.16 4.17 8.17 12.17 capabilities, and 3) expected ROE improvement.

Mirae Asset Daewoo Co., Ltd.

[ Internet/Game/] FY (Dec.) 12/14 12/15 12/16 12/17F 12/18F 12/19F Revenue (Wbn) 745 988 1,052 1,178 1,449 1,550 Jee-hyun Moon +822-3774-1640 OP (Wbn) 83 93 99 114 133 142 [email protected] OP margin (%) 11.1 9.4 9.4 9.7 9.2 9.2

NP (Wbn) 82 70 65 71 82 89 EPS (W) 4,551 3,696 3,267 3,546 4,100 4,451 ROE (%) 21.5 13.7 10.4 10.4 11.2 11.2

P/E (x) - 18.9 17.5 21.2 18.3 16.9 P/B (x) - 2.3 1.7 2.1 2.0 1.8 Dividend yield (%) - 1.3 1.7 1.4 1.7 1.8 Note: All figures are based on consolidated K-IFRS; NP refers to net profit attributable to controlling interests Source: Company data, Mirae Asset Daewoo 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.

December 15, 2017 INNOCEAN Worldwide

Earnings and forecasts

Table 1. Quarterly and annual earnings (Wbn, %) 1Q16 2Q16 3Q16 4Q16 1Q17 2Q17 3Q17 4Q17F 2016 2017F 2018F Revenue 275 237 232 308 287 266 275 349 1,051 1,178 1,449 Gross profit 89 96 88 109 93 98 96 125 381 412 492 Parent 27 33 31 38 26 33 30 44 129 133 133 Consolidated 62 62 57 71 67 65 67 81 252 279 360 - Americas 39 38 37 50 46 42 46 58 165 192 269 % of gross profit Parent 30.0 34.9 35.6 34.6 27.8 33.9 30.8 35.2 33.9 32.2 27.0 Consolidated 70.0 65.1 64.4 65.0 72.2 66.1 69.2 64.8 66.1 67.8 73.0 - Americas 43.9 40.1 42.4 46.3 49.6 42.8 48.0 46.1 43.3 46.5 54.5 Operating profit 20 27 22 31 21 26 25 41 99 114 133 OP margin 7.4 11.2 9.4 10.2 7.4 9.7 9.2 11.8 9.5 9.7 9.2 Net profit 17 23 16 21 14 25 20 29 78 88 102 Net margin 6.3 9.9 6.9 6.9 4.9 9.3 7.3 8.4 7.4 7.5 7.0 YoY Revenue 21.1 14.1 -3.7 -1.5 4.5 12.3 18.8 13.4 6.4 12.0 23.0 Gross profit 27.7 30.3 13.6 12.4 4.0 2.8 9.2 14.8 20.0 8.1 19.5 Parent 11.4 11.6 -0.7 -19.8 -3.7 -0.1 -5.6 16.7 -2.5 2.7 0.2 Consolidated 36.3 43.0 23.4 41.8 7.4 4.3 17.3 14.5 36.2 10.9 28.6 - Americas 62.9 60.0 38.4 83.3 17.4 9.5 23.6 14.2 61.2 16.0 40.1 Operating profit 13.0 34.3 10.1 -11.7 5.6 -2.8 16.7 31.7 7.0 14.5 16.7 Net profit 11.1 45.1 -8.3 -26.3 -18.3 5.2 25.8 38.2 0.0 13.2 15.5 Notes: Consolidated K-IFRS; for advertising firms such as INNOCEAN Worldwide, gross profit reflects top line; net profit is attributable to controlling interests and non-controlling interests. Source: Company data, Mirae Asset Daewoo Research estimates

Table 2. Earnings forecast revisions (Wbn, W, %) Previous Revised % chg. Notes 17F 18F 17F 18F 17F 18F Revenue 1,178 1,295 1,178 1,449 0.0 11.9 Revised up overseas earnings estimates Gross profit 412 453 412 492 0.0 8.7 Reflected North America M&A Operating profit 114 123 114 133 0.0 8.0 Revised up SG&A estimates Net profit 88 95 88 102 0.4 7.4 EPS 3,533 3,796 3,546 4,100 0.4 8.0 OP margin 9.7 9.5 9.7 9.2 Net margin 7.5 7.3 7.5 7.0 Notes: All figures are based on consolidated K-IFRS; net profit is attributable to controlling interests and non-controlling interests; EPS is attributable to controlling interests Source: Mirae Asset Daewoo Research estimates

Mirae Asset Daewoo Research 2 December 15, 2017 INNOCEAN Worldwide

Valuation

Table 3. Sum-of-the-parts valuation (Wbn, x, W) Details

Operating value (1) 1,226 2018F net profit Target multiple Regional percentage based on 2018 estimates Asia 24 17.6 431 Asian ad firms’ average 2018F P/E Americas/Europe 41 13.2 539 US ad firms’ average 2018F P/E Other 16 15.7 256 Global ad firms’ average 2018F P/E Investment value (2) 18 Unlisted 2 Book value, available-for-sale, as of end-3Q17 Affiliates 16 Book value, joint ventures/investments, as of end-3Q17

Total asset value (1+2 = 3) 1,244 Consolidated basis as of end 3Q17, excluding acquisition Net debt (4) -659 payment Net asset value (3-4) 1,903 No. of shares (‘000) 20,000 Total number of shares outstanding 12-month TP (W) 96,000 Source: Mirae Asset Daewoo Research estimates Table 4. Earnings and valuation comparison of major global ad companies (Wbn, x, %) Mkt Revenue Operating profit Net profit P/E EV/EBITDA P/B ROE Company cap 17F 18F 17F 18F 17F 18F 17F 18F 17F 18F 17F 18F 17F 18F (KR) 2,381 3,375 3,553 186 215 152 156 16.0 15.7 8.6 7.2 2.1 1.9 18.6 17.0 INNOCEAN 1,502 1,178 1,449 114 133 88 102 21.2 18.3 6.6 5.1 2.1 2.0 10.4 11.2 Worldwide Nasmedia 586 122 148 34 43 27 34 24.2 19.2 15.7 12.0 4.9 4.1 22.3 23.4 Incross 172 40 50 11 14 9 12 18.7 14.5 11.0 8.5 2.9 2.4 16.9 17.8 BlueFocus (CH) 2,370 2,631 3,321 121 160 115 151 19.8 15.2 15.9 12.9 2.1 1.8 11.3 12.3 Guangdong 1,649 2,007 2,233 103 161 71 114 23.9 15.1 18.7 11.3 1.7 1.6 8.5 11.1 Advertising Dentsu (JP) 13,611 9,015 9,560 1,280 1,386 812 886 16.7 15.3 9.7 9.3 1.3 1.3 8.4 8.4 Hakuhodo DY 5,573 12,721 13,216 489 524 278 299 19.4 18.0 8.2 7.7 1.7 1.6 9.2 9.5 Asatsu-DK 1,462 3,452 3,518 58 64 51 55 28.2 26.4 17.7 16.4 - - 4.5 4.3 WPP (Global Holdings) 25,313 21,326 21,818 3,139 3,251 2,223 2,275 11.3 10.9 8.8 8.6 3.1 3.0 16.3 15.8 Omnicom 18,507 16,747 17,302 2,291 2,388 1,302 1,358 14.5 13.6 8.9 8.5 7.5 7.2 49.6 48.0 Publicis 17,119 12,455 12,604 1,958 2,090 1,322 1,411 12.7 12.0 9.1 8.6 2.0 1.8 16.1 16.0 Interpublic 8,528 8,574 8,869 1,060 1,115 610 659 14.4 12.9 8.0 7.6 3.7 3.7 26.7 27.3 Average 18.5 15.9 11.3 9.5 2.9 2.7 16.8 17.1 Note: Cheil, INNOCEAN, and Nasmedia are based on Mirae estimates; others are based on market consensus; NP is attributable to controlling and non-controlling interests Source: Bloomberg, Mirae Asset Daewoo Research estimates

Mirae Asset Daewoo Research 3

Mirae Asset Daewoo Research Key Universe Valuations December 15, 2017

※All data as of close December 13, 2017, unless otherwise noted.

17F Earnings growth Mkt Cap Price P/E (x) P/B (x) ROE (%) Ticker Company Div Yield OP EPS (Wbn) (W) (%) 17F 18F 17F 18F 17F 18F 17F 18F 17F 18F 005930 329,588 2,553,000 1.3 85.2 17.5 99.1 25.3 9.4 7.5 1.7 1.4 20.8 21.4 000660 SK Hynix 55,328 76,000 0.8 309.1 11.3 260.3 6.7 5.2 4.9 1.6 1.2 36.9 29.0 005380 Hyundai Motor 33,152 150,500 2.7 0.5 17.2 -20.0 31.5 9.9 7.6 0.6 0.6 6.3 7.8 005490 POSCO 28,815 330,500 2.9 67.8 8.8 124.4 7.7 9.4 8.7 0.6 0.6 7.1 7.2 051910 LG Chem 27,531 390,000 1.5 53.1 8.0 61.3 14.8 13.9 12.2 1.8 1.6 14.5 14.6 035420 NAVER 27,524 835,000 0.1 13.7 26.5 12.2 32.6 32.7 24.7 4.6 3.9 19.9 20.7 068270 Celltrion 25,699 209,500 - - - - 0.0 0.0 105560 KB Financial Group 25,672 61,400 137.9 11.5 49.2 -0.6 7.5 7.5 0.7 0.7 10.4 9.6 012330 25,017 257,000 1.4 -17.3 18.4 -18.7 19.4 10.1 8.5 0.8 0.7 8.3 9.2 015760 KEPCO 24,844 38,700 2.3 -46.5 20.5 -51.9 19.1 7.3 6.2 0.3 0.3 4.7 5.5 032830 Samsung Life 24,500 122,500 - - - - 0.0 0.0 207940 23,886 361,000 - 1031.1 - - - 554.1 6.0 5.9 - 1.1 055550 23,544 49,650 40.9 -0.2 23.4 -1.1 7.0 7.1 0.7 0.7 10.5 9.6 017670 SK Telecom 22,165 274,500 3.6 6.1 4.9 65.0 8.4 8.0 7.4 1.1 1.0 16.5 16.1 034730 SK Holdings 20,193 287,000 1.3 11.0 9.6 160.5 12.3 10.2 9.1 1.3 1.2 14.5 14.5 096770 SK Innovation 19,048 206,000 3.9 -3.3 3.0 40.2 0.3 8.2 8.2 1.0 1.0 13.2 12.3 051900 LG Household & Health Care 18,773 1,202,000 0.7 7.7 10.5 16.4 10.2 32.2 29.2 7.0 5.9 24.1 22.3 090430 AmorePacific 18,677 319,500 0.5 -25.9 41.3 -29.4 49.7 48.9 32.7 5.2 4.6 11.2 15.1 251270 Netmarble Games Corporation 16,963 199,500 84.7 16.0 62.7 17.6 47.8 40.6 4.1 3.7 13.2 9.5 066570 LG Electronics 16,610 101,500 0.4 96.2 38.2 2427.2 15.3 9.4 8.2 1.3 1.2 15.2 15.3 033780 KT&G 16,475 120,000 3.3 3.6 5.4 -13.0 12.6 15.4 13.7 2.1 1.9 14.6 15.0 018260 Samsung SDS 15,940 206,000 0.4 18.2 10.1 13.7 12.1 30.2 27.0 2.9 2.6 9.9 10.2 003550 LG Corp. 14,961 86,700 1.5 44.4 3.3 71.5 -7.6 8.3 9.0 1.0 0.9 12.6 10.6 006400 Samsung SDI 14,475 210,500 0.5 - 366.2 236.5 54.7 20.1 13.0 1.3 1.2 6.7 9.7 086790 14,460 48,850 54.4 18.0 42.0 14.3 7.7 6.7 0.6 0.6 8.1 8.6 010950 S-Oil 13,623 121,000 5.1 -13.6 39.0 -3.2 29.9 12.1 9.3 2.1 1.9 17.8 21.2 000270 Kia Motors 13,174 32,500 3.4 -58.0 113.9 -44.8 62.5 8.7 5.3 0.5 0.4 5.6 8.8 091990 Celltrion Healthcare 12,910 94,000 31.1 64.5 65.1 29.6 51.6 39.8 14.7 10.8 29.4 31.2 000810 Samsung F&M 12,554 265,000 - - - - 0.0 0.0 011170 Lotte Chemical 12,373 361,000 1.7 15.5 9.6 28.1 10.7 5.3 4.8 1.1 0.9 22.6 20.4 002790 AmoreG 11,915 144,500 0.3 -30.8 34.9 -35.9 50.2 58.6 39.0 4.1 3.8 7.5 10.5 034220 LG Display 10,699 29,900 1.7 109.2 -49.2 115.0 -51.5 5.5 11.3 0.7 0.7 14.2 6.4 036570 NCSOFT 10,662 486,000 1.4 91.4 52.1 85.0 43.6 21.2 14.7 3.9 3.2 22.5 25.2 035720 Corp. 9,777 144,000 0.1 53.2 37.2 102.5 23.6 81.4 65.8 2.7 2.6 3.4 4.0 024110 9,016 16,100 32.4 7.5 30.4 7.8 7.0 6.5 0.5 0.5 8.0 8.0 010130 Korea Zinc 8,982 476,000 1.8 20.8 8.8 15.3 16.2 13.1 11.3 1.5 1.4 12.0 12.8 021240 Coway 8,118 108,500 3.0 45.2 8.6 46.2 10.9 23.4 21.1 7.6 7.0 32.1 37.0 030200 KT 7,990 30,600 2.6 6.6 5.3 3.4 21.2 10.9 9.0 0.6 0.6 6.3 7.2 004020 7,900 59,200 1.3 0.3 9.4 10.6 9.2 8.7 8.0 0.5 0.4 5.5 5.8 009540 7,508 132,500 -72.6 -40.6 -96.7 1511.9 555.3 34.4 0.9 0.8 0.1 2.5 009150 Samsung Electro-Mechanics 7,320 98,000 0.6 1152.0 75.1 1036.5 81.2 45.5 25.1 1.7 1.6 3.9 6.7 018880 Hanon Systems 7,073 13,250 - - - - 0.0 0.0 161390 6,640 53,600 0.7 -23.0 42.8 -23.9 40.5 10.0 7.1 1.0 0.9 10.7 13.5 128940 6,352 569,000 267.9 -11.3 150.4 -9.1 108.8 119.7 8.7 8.1 8.5 7.1 032640 LG Uplus 6,287 14,400 3.1 10.0 9.8 8.0 14.1 11.8 10.4 1.2 1.1 10.7 11.4 088350 Hanwha Life 6,175 7,110 - - - - 0.0 0.0 078930 GS Holdings 5,556 59,800 2.5 -5.3 10.4 -0.8 11.8 7.2 6.4 0.8 0.7 11.0 11.2 086280 5,325 142,000 2.1 1.6 3.4 22.2 3.6 8.6 8.3 1.4 1.2 16.9 15.5 005830 DB Insurance 4,991 70,500 - - - - 0.0 0.0 097950 CJ CheilJedang 4,984 378,500 0.7 -3.6 14.4 43.9 -13.6 13.8 16.0 1.5 1.4 11.4 9.3 Source: Mirae Asset Daewoo Research

Mirae Asset Daewoo Research Market Data December 15, 2017

※All data as of close December 14, 2017, unless otherwise noted.

Other Major Indices Economic Indicators Close Net Chg 1D (%) YTD (%) Close 1D ago 1M ago 1Y ago MSCI Korea* 543.79 3.58 0.66 42.59 USD/KRW 1,091.90 1,090.10 1,120.70 1,165.50 KOSPI 2,469.48 -11.07 -0.45 21.88 JPY100/KRW 968.90 959.85 986.49 1,011.50 KOSDAQ 770.35 -1.87 -0.24 21.88 EUR/KRW 1,291.23 1,279.45 1,307.24 1,238.69 Dow Jones* 24,585.43 80.63 0.33 23.66 3Y Treasury 2.08 2.08 2.21 1.64 S&P 500* 2,662.85 -1.26 -0.05 17.94 3Y Corporate 2.63 2.63 2.77 2.13 NASDAQ* 6,875.80 13.48 0.20 26.65 DDR2 1Gb* 1.29 1.28 1.28 1.19 Philadelphia Semicon* 1,233.04 -0.14 -0.01 35.90 NAND 16Gb* 2.86 2.86 2.89 1.86 FTSE 100* 7,496.51 -3.90 -0.05 4.44 Oil (Dubai)* 61.33 62.52 61.63 52.85 Nikkei 225 22,694.45 -63.62 -0.28 15.82 Gold* 1,245.40 1,238.50 1,278.90 1,156.70 Hang Seng* 29,222.10 428.22 1.49 31.93 Customer deposits (Wbn)* 24,709 24,587 24,517 21,323 Taiwan (Weighted) 10,538.01 67.31 0.64 13.64 Equity type BC (Wbn)(Dec. 12) 74,370 74,240 72,250 74,253 Note: * as of December 13, 2017 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 117.60 Netmarble Games 152.23 Netmarble Games 186.17 Samsung Electronics 134.77 LG Electronics 54.16 Samsung Electronics (P) 25.45 Lotte Confectionary 24.19 Hynix 103.83 KB Financial Group 47.01 KODEX 200 23.82 KODEX 200 24.13 LG Chem 35.83 Shinhan Financial Group 37.02 Lotte Confectionary 20.02 KODEX LEVERAGE 22.88 KODEX KOSDAQ150 LEVERAGE 18.80 Hynix 35.50 LG Innotek 14.29 Korean Air Lines 20.93 Samsung Heavy Ind. 14.78 NHN 31.90 BGF 11.85 LG Electronics 18.84 Hyundai Motor 14.15 Hana Financial Group 25.62 Woongjin Coway 10.25 Daum Communications 17.00 KB Financial Group 13.56 KEPCO 21.15 TIGER200 7.69 Samsung Electronics (P) 16.93 MERITZ SECU 13.44 NCsoft 20.72 S-Oil 6.36 Daewoo Securities 15.58 KOREA AEROSPACE 12.31 POSCO 19.14 Samsung Heavy Ind. 5.31 Woongjin Coway 11.51 11.22 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 Hugel 12.63 Celltrion Healthcare 77.64 Celltrion Healthcare 72.61 Celltrion 38.17 Koh Young 8.45 Celltrion 32.23 ECOPRO 15.98 Paradise 15.63 ECOPRO 6.45 SillaJen 11.78 NATURECELL 13.35 SillaJen 14.36 JEIL HOLDINGS 4.61 NATURECELL 10.15 BH,LTD. 11.18 Hugel 12.10 WONIK IPS 3.97 INNOX Advanced Materials 5.99 INNOX Advanced Materials 7.52 ViroMed 7.25 CJ E&M 3.54 PSK 4.18 THERAGEN ETEX 7.35 Optomagic CO. 6.85 Amotech 3.37 BH,LTD. 4.15 Meerecompany 5.35 CJ E&M 6.80 Wemade 3.20 MK Electron 3.40 Unison 5.10 Medy-tox 6.37 Interflex 2.69 Unison 3.17 PSK 5.08 SK Materials 6.11 EO Technics 2.68 TELCON 2.12 Wonik Quartz 3.66 GNCO 4.33 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 2,566,000 -39,000 331,267 Celltrion 210,000 4,400 25,760 Hynix 76,800 -1,000 55,911 Celltrion Healthcare 93,100 6,100 12,786 Samsung Electronics (P) 2,056,000 -29,000 37,523 SillaJen 89,100 1,100 6,059 Hyundai Motor 151,500 1,500 33,372 CJ E&M 90,500 700 3,505 POSCO 334,500 2,500 29,164 TissueGene(Reg.S) 54,100 4,300 3,267 LG Chem 393,000 3,000 27,743 LOEN 113,500 2,100 2,871 NHN 841,000 13,000 27,722 Medy-tox 455,500 4,200 2,577 KB Financial Group 60,800 2,500 25,421 PearlAbyss 205,000 1,000 2,474 Hyundai Mobis 259,500 3,500 25,261 ViroMed 151,100 4,000 2,411 SAMSUNG C&T 132,000 500 25,039 Paradise 23,000 1,200 2,092 Source: Korea Exchange