October 20, 2015

KOREA

Company News & Analysis Major Indices Close Chg Chg (%) (012330/Buy/TP: W285,000) Raise TP KOSPI 2,039.36 9.09 0.45 Earnings and valuations to improve KOSPI 200 248.53 1.06 0.43 KOSDAQ 691.21 6.92 1.01 NCSOFT (036570/Buy/TP: W270,000) Lineage I still going strong Turnover ('000 shares, Wbn) Volume Value CJ CheilJedang (097950/Buy/TP: W530,000) Lower TP KOSPI 945,413 4,692 Processed foods vs. biotech KOSPI 200 74,396 2,756 KOSDAQ 771,704 3,406

Market Cap (Wbn) Value KOSPI 1,280,763 KOSDAQ 195,702

KOSPI Turnover (Wbn) Buy Sell Net Foreign 1,129 1,096 33 Institutional 775 703 72 Retail 2,741 2,873 -131

KOSDAQ Turnover (Wbn) Buy Sell Net Foreign 166 151 15 Institutional 100 76 23 Retail 3,139 3,178 -39

Program Buy / Sell (Wbn) Buy Sell Net KOSPI 1,072 787 285 KOSDAQ 31 30 1

Advances & Declines Advances Declines Unchanged KOSPI 468 336 66 KOSDAQ 614 395 91

KOSPI Top 5 Most Active Stocks by Value (Wbn) Price (W) Chg (W) Value Mirae 680 -18 358 SBW 4,055 -255 184 Electronics 1,266,000 10,000 175 KODEX LEVERAGE 10,345 70 132 Shinwoo 1,700 85 122

KOSDAQ Top 5 Most Active Stocks by Value (Wbn) Price (W) Chg (W) Value New Pride 17,300 -200 241 SHINHOO 6,200 1,430 180 EMLSI 7,700 680 126 NaturalendoTech 23,900 1,500 80 PNESolution 7,410 250 74 Note: As of October 20, 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.

Hyundai Mobis (012330 KS) Earnings and valuations to improve

Auto Parts 3Q15 preview: YoY and QoQ declines in operating profit We expect Hyundai Mobis’s 3Q15 consolidated earnings to slightly miss the market Earnings Preview consensus with revenue of W8.25tr and operating profit of W628bn. Operating profit is October 20, 2015 believed to have declined 14.1% YoY and 9.6% QoQ, mainly due to the following: 1) Sales of Hyundai Motor (HMC) and Motors models produced in China declined sharply. (Maintain) Buy 2) Global production for both HMC and Kia was weaker than expected. Target Price (12M, W) 285,000 3) Even though the won weakened against the US dollar , other currencies weakened as Share Price (10/19/15, W) 235,000 well, offsetting the positive impact of won depreciation. We estimate the A/S division’s operating profit to have increased 6.6% YoY thanks to Expected Return 21% the weak won, which helped drive up margins by 1.0%p YoY amid relatively flat top-line growth. On the other hand, operating profit for the module division is estimated to have fallen 29.3% YoY and 15.5% QoQ. OP (15F, Wbn) 2,816 Consensus OP (15F, Wbn) 2,823 4Q15/2016 outlook: Fast recovery of Chinese sales and won weakness EPS Growth (15F, %) -9.5 We believe a fast recovery of HMC and Kia’s Chinese production will also boost Hyundai Market EPS Growth (15F, %) 23.3 Mobis’s earnings in the near future. We expect HM C and Kia to both benefit from the P/E (15F, x) 7.4 Chinese government’s tax cuts (October 2015-December 2016) while launching new Market P/E (15F, x) 11.5 models in the region. KOSPI 2,030.27 Thus, we expect a solid earnings recovery for Hyundai Mobis in 4Q15, as HMC and Kia’s Market Cap (Wbn) 22,876 overall global shipments should see a solid rebound (starting in late 3Q15). In addition, Shares Outstanding (mn) 97 the weak won will continue to positively impact Hyundai Mobis’s A/S earnings. We Free Float (%) 67.7 forecast the A/S division’s 4Q15 OP margin to reach the solid 22% level, while overall Foreign Ownership (%) 51.6 operating profit should increase 26% YoY to W790bn. Beta (12M) 0.36 52-Week Low 185,500 We believe that this positive trend will continue into 2016, as the won is expected to 52-Week High 265,500 stay weak against the US dollar and HMC’s and Kia’s new models will be launched full- swing globally. We estimate 2016 operating profit to increase 16% YoY. (%)(%)(%) 1M1M1M 6M6M6M 12M12M12M Absolute 11.9 -2.3 0.0 Raise TP to W285,000 Relative 10.0 3.2 -6.4 We maintain our Buy rating on Hyundai Mobis and raise our 12-month target price by

120 Hyundai Mobis KOSPI 16% to W285,000 (from W246,000). We have revised up our 2016 operating profit 110 forecast by 7.3%, reflecting expectations for a weaker won and a faster-than-expected 100 recovery in China’s auto market. We also revise up our target P/E multiple to 9.0x from 90 7.8x, reflecting HMC’s and Kia’s multiple upgrades.

80

70 10.14 2.15 6.15 10.15

Daewoo Securities CCo.,o., Ltd. FY (Dec.) 12/12 12/13 12/14 12/15F 12/16F 12/17F Revenue (Wbn) 30,789 34,199 36,185 35,260 39,306 41,846 [Auto/Auto Parts/Tires] OP (Wbn) 2,906 2,924 3,071 2,816 3,268 3,559

Michael Yun OP margin (%) 9.4 8.5 8.5 8.0 8.3 8.5 +822-768-4169 NP (Wbn) 3,559 3,422 3,422 3,096 3,716 3,972 [email protected] EPS (W) 36,555 35,147 35,157 31,800 38,169 40,804 ROE (%) 23.2 18.5 15.8 12.5 13.2 12.6 Young-ho Park +822-768-3033 P/E (x) 7.9 8.4 6.7 7.4 6.2 5.8 [email protected] P/B (x) 1.6 1.4 1.0 0.9 0.8 0.7 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 DISCLOSURESDISCLOSURES & DISCLAIMDISCLAIMERSERS IN APPENDIX 1 AT THE END OF REPORT.

NCSOFT (036570 KS) Lineage I still going strong

Game 3Q Lineage I revenue to be stronger than expected We expect robust revenue from Lineage I in 3Q despite the absence of microtransaction Earnings Preview events in the quarter. We estimate Lineage I revenue at W72bn (+5.1% YoY) for 3Q and October 20, 2015 W301.5bn (+14.6% YoY) for the full year. Even after almost two decades since its release, the title is still going strong, as evidenced by its solid user metrics and increasing ARPU.

(Maintain) Buy Around 74% of Lineage I players are believed to be in their 30s or older (22% in their 50s), who tend to have stronger purchasing power. With no real competition around , Target Price (12M, W) 270,000 user defection has also been limited, especially following the title’s content update on October 14 th (its first in seven years). Share Price (10/19/15, W) 194,000 Intellectual property value to become key theme in 2016 Expected Return 39% Two of the best performers in the global gaming sector during the past year have been Electronic Arts (EA), which has intellectual property (IP) rights to FIFA and the NBA, and Nintendo, which is well known for its Super Mario characters. In particular, Nintendo OP (15F, Wbn) 269 shares have risen to a P/E of above 60x following the company’s announcement in Consensus OP (15F, Wbn) 275 March of a move into mobile games.

EPS Growth (15F, %) 0.0 Many new titles have become instant hits by tapping into familiar characters and Market EPS Growth (15F, %) 23.3 storylines rather than by focusing on differentiated gaming experiences. In this regard, rd P/E (15F, x) 18.5 we take note of NCSOFT’s Guild Wars 2 expansion pack (official release on October 23 Market P/E (15F, x) 11.5 in the US and Europe) and Blade & Soul China mobile (published by Tencent), both of KOSPI 2,030.27 which are set to come out in 4Q.

Market Cap (Wbn) 4,254 Looking ahead to 2016, we foresee a number of new releases, including the PC game Shares Outstanding (mn) 22 Master X Master (MXM; Korea and China), Lineage I mobile (internally developed), Free Float (%) 88.2 Lineage II mobile (developed by for Korea and Snail Games for China), and Foreign Ownership (%) 34.5 Aion mobile (internally developed). Beta testing for the blockbuster Lineage Eternal is Beta (12M) 0.97 also expected to begin next year. 52-Week Low 130,500 Retain Buy and TP of W270,000; Dividend yield of 1.8% 52-Week High 244,000 We reiterate Buy on NCSOFT with a target price of W270,000. We believe the (%)(%)(%) 1M1M1M 6M6M6M 12M12M12M upcoming 3Q earnings report will bring renewed attention to the steady cash- Absolute 0.8 4.9 46.4 generating power of Lineage I . That said, we revised down our 2015-16F EPS by 16.4% Relative -0.9 10.7 37.1 and 16%, respectively, as we pushed back the timing of revenue recognition for Guild Wars 2 expansion pack and Lineage Eternal .

200 NCSOFT KOSPI 180 Over the next couple of years, the company is likely to produce a string of mobile titles 160 based on its original IP, and new blockbusters on multi-platforms . In the global gaming 140 sector, we note that stocks with rights to well-known IP are attracting a valuation 120 premium. 100 80 Assuming DPS stays the same as last year (W3,430), the stock currently has a dividend 10.14 2.15 6.15 10.15 yield of 1.8%, which should provide downside support to share prices.

Daewoo Securities CCo.,o., Ltd. FY (Dec.) 12/12 12/13 12/14 12/15F 12/16F 12/17F Revenue (Wbn) 754 757 839 880 977 1,299 [Internet/Game/Entertainment] OP (Wbn) 151 205 278 269 323 521

Chang-kwean Kim OP margin (%) 20.0 27.1 33.1 30.6 33.1 40.1 +822-768-4321 NP (Wbn) 156 159 230 230 266 438 [email protected] EPS (W) 7,120 7,245 10,487 10,489 12,135 19,970 ROE (%) 16.8 14.8 18.4 16.0 16.5 23.2 Jeong-yeob Park +822-768-4124 P/E (x) 21.1 34.3 17.4 18.5 16.0 9.7 [email protected] P/B (x) 3.0 4.4 2.7 2.6 2.3 2.0 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.

CJ CheilJedang (097950 KS) Processed foods vs. biotech

Food & Beverage 3Q15 preview: Strong processed foods vs. weak biotech For 3Q, we expect CJ CheilJedang (CJCJ) to record a 10.5% YoY increase in revenue and Earnings Preview 29.1% YoY growth in operating profit (W215.8bn), the latter falling short of the consensus (W226bn). For the company’s mainstay businesses (processed foods, biotech, October 19, 2015 feeds, foodstuffs, and pharma), we estimate 3Q revenue and operating profit grew 9.8% and 24.7% YoY, respectively. We believe processed foods performed well, while biotech struggled. (Maintain) Buy Processed food revenue and operating profit likely climbed 12.5% and 12.4% YoY (13.1% OP margin), respectively, driven by robust sales of new products (Bibigo, canned Target Price (12M, W) 530,000 salmon, premium dashida, pudding, etc.) and Chuseok holiday gift sets.

Share Price (10/19/15, W) 383,500 We estimate biotech operating profit expanded 217.3% YoY, but contracted 30.8% QoQ. The lysine business likely suffered a loss, as prices fell amid unfavorable supply and Expected Return 38% demand. Tryptophan and threonine margins likely deteriorated as well due to continued price declines. The methionine business, on the other hand, likely saw better revenue and profit thanks to steady prices and higher utilization (80% level). OP (15F, Wbn) 816 2016 outlook for processed foods and biotech Consensus OP (15F, Wbn) 846 We forecast 2015 processed food revenue to climb 12.8% YoY , fueled by the success of EPS Growth (15F, %) 178.6 new products (mainly Bibigo and canned salmon). However, operating profit growth is Market EPS Growth (15F, %) 23.3 expected to trail revenue growth due to marketing spend associated with the new P/E (15F, x) 21.6 launches. Looking ahead to 2016, the unit should see both top-line growth and margin Market P/E (15F, x) 11.5 expansion. Revenue growth is anticipated to decelerate to 6.8% YoY, but operating KOSPI 2,030.27 profit should outpace revenue, expanding 12.6% YoY on the effects of marketing initiatives executed in 2015 and the stable footing of new products. Market Cap (Wbn) 5,046 Shares Outstanding (mn) 14 As for biotech, we believe lysine and methionine earnings are most important. W e Free Float (%) 59.0 expect the sales mix of lysine to fall from 51% in 2Q15 to the 40% level in 2016 , while Foreign Ownership (%) 20.8 methionine sales mix should increase from 13% in 2Q15 to the 30% level in 2016. Beta (12M) 0.96 We see lysine profits gradually recovering in 2016 after bottoming in 2H15. Lysine 52-Week Low 303,000 prices could potentially rise (albeit moderately), given capacity cuts by China’s GBT and 52-Week High 458,500 Eppen, and CJCJ’s price hike attempts (15% increase in July). China’s methionine spot prices have tumbled, but regardless of changes in spot prices, CJCJ has held the line on (%)(%)(%) 1M1M1M 6M6M6M 12M12M12M its prices at around US$5/kg. The company’s methionine plant should run at full Absolute -2.5 -6.1 -2.7 capacity from 4Q15. For 2016, we forecast methionine revenue of around W400bn Relative -4.2 -0.9 -8.9 (selling 80,000 tonnes at US$5/kg) and OP margin of 25%.

120 CJ CheilJedang KOSPI Maintain Buy, but Lower TP to W530,000 110 100 We trim our target price on CJCJ to W530,000 (from W550,000), reflecting our 3Q 90 earnings estimates. The three biggest variables for CJCJ are lysine prices, currency 80 fluctuations, and processed food profits. The US$/W rate has been stabilizing since 70 October, processed food profits are breaking records, and biotech profits are expected 60 to pick up in 2016. And with valuation looking attractive relative to other processed 10.14 2.15 6.15 10.15 food names (Ottogi, Dongwon F&B, Pulmuone, etc.), we think CJCJ offers good long- term investment potential. Daewoo Securities CCo.,o., Ltd. FY (Dec.) 12/12 12/13 12/14 12/15F 12/16F 12/17F Revenue (Wbn) 9,878 10,848 11,702 12,899 13,980 14,888 [F&B/Tobacco] OP (Wbn) 616 345 580 816 910 997

Woon-mok Baek OP margin (%) 6.2 3.2 5.0 6.3 6.5 6.7 +822-768-4158 NP (Wbn) 255 117 92 257 310 401 [email protected] EPS (W) 17,691 8,089 6,369 17,745 21,409 27,716

ROE (%) 9.0 4.0 3.1 8.3 9.3 10.9 P/E (x) 20.1 34.2 48.1 21.6 17.9 13.8 P/B (x) 1.7 1.3 1.4 1.7 1.5 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.

Key Universe Valuations October 20, 2015

※All data as of close October 19, 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 186,481 1,266,000 1.2 5.3 3.0 -9.2 5.6 10.3 9.7 1.1 1.0 12.3 11.7 005380 Hyundai Motor 35,795 162,500 2.5 -9.6 15.4 -5.9 8.8 6.7 6.2 0.7 0.7 11.6 11.6 015760 KEPCO 33,575 52,300 2.1 65.7 1.4 324.4 -52.4 2.9 6.2 0.5 0.5 19.3 8.1 000660 SK Hynix 25,990 35,700 1.1 4.7 -7.4 0.3 -6.5 6.1 6.5 1.2 1.0 21.2 16.6 018260 Samsung SDS 23,136 299,000 0.2 14.3 13.8 12.4 12.2 49.9 44.4 5.2 4.7 10.8 11.0 012330 Hyundai Mobis 22,973 236,000 1.4 -8.3 16.1 -9.5 20.0 7.4 6.2 0.9 0.8 12.5 13.2 000270 Kia Motors 21,930 54,100 2.1 0.4 31.3 2.4 22.3 7.2 5.9 0.9 0.8 13.1 14.5 090430 AmorePacific 21,483 367,500 0.3 42.2 37.5 56.2 35.3 42.8 31.7 7.6 6.3 19.2 21.7 017670 SK Telecom 20,954 259,500 3.9 3.5 7.3 5.2 5.1 11.1 10.5 1.2 1.1 12.8 12.6 032830 Samsung Life 20,900 104,500 - - - - 0.0 0.0 055550 20,485 43,200 - - - - 0.0 0.0 051910 LG Chem 19,252 290,500 1.4 45.9 17.6 47.8 35.9 16.7 12.3 1.6 1.5 10.1 12.6 035420 NAVER 19,052 578,000 0.2 12.7 34.4 32.0 35.5 31.7 23.4 5.8 4.7 28.8 29.4 034730 SK Holdings 18,997 270,000 0.7 23.2 9.0 356.4 4.3 23.2 22.3 3.9 3.4 22.7 19.8 005490 POSCO 15,650 179,500 4.5 -9.0 11.1 -49.8 562.2 49.8 7.5 0.4 0.4 0.8 5.0 033780 KT&G 15,445 112,500 3.2 13.2 -4.6 22.7 -8.9 15.2 16.7 2.4 2.2 17.1 14.3 000810 Samsung F&M 14,899 314,500 - - - - 0.0 0.0 051900 LG Household & Health Care 14,213 910,000 0.5 31.5 20.3 31.2 21.3 35.2 29.0 7.7 6.3 25.1 24.6 105560 KB Financial Group 14,044 36,350 - - - - 0.0 0.0 003550 LG Corp. 11,182 64,800 1.5 23.9 10.0 22.8 7.3 11.0 10.2 0.9 0.8 8.3 8.3 096770 SK Innovation 10,125 109,500 2.3 - -14.7 - -25.1 8.0 10.7 0.6 0.6 8.2 5.7 010130 Korea Zinc 9,567 507,000 1.3 3.2 17.4 9.4 17.6 17.4 14.8 1.9 1.7 11.3 12.0 035250 9,135 42,700 2.6 16.8 12.2 25.3 14.2 20.3 17.8 2.9 2.6 15.8 16.4 011170 Lotte Chemical 9,014 263,000 0.4 335.5 13.5 666.3 20.6 8.0 6.6 1.2 1.0 16.0 16.5 086790 8,392 28,350 - - - - 0.0 0.0 086280 8,381 223,500 0.9 7.4 12.8 -10.3 31.0 17.4 13.3 2.6 2.2 16.2 18.3 034220 LG Display 8,373 23,400 2.1 32.6 -40.4 33.4 -39.8 6.9 11.5 0.7 0.7 10.2 5.8 006400 Samsung SDI 8,149 118,500 0.8 -71.3 896.3 - 25.5 32.8 26.1 0.7 0.7 2.2 2.7 024110 7,984 14,350 - - - - 0.0 0.0 030200 KT 7,964 30,500 1.6 - 2.1 - -15.8 10.2 12.1 0.7 0.6 7.3 5.8 023530 Lotte Shopping 7,904 251,000 0.6 11.3 12.6 37.8 13.4 10.4 9.2 0.5 0.4 4.4 4.8 19745. 009540 7,866 103,500 - - - - 15.0 0.5 0.5 - 3.4 0 066570 LG Electronics 7,667 46,850 1.3 -40.8 56.2 31.8 84.9 16.1 8.7 0.7 0.7 4.5 7.9 047810 KOREA AEROSPACE 7,652 78,500 0.3 88.3 31.0 109.1 33.4 32.9 24.7 6.1 5.0 20.4 22.3 010950 S-Oil 7,599 67,500 3.4 - -13.7 - 4.2 11.4 10.9 1.4 1.3 13.3 12.6 088350 Hanwha Life 7,270 8,370 - - - - 0.0 0.0 004020 7,246 54,300 1.4 10.8 4.8 44.4 -4.6 5.7 6.0 0.4 0.4 7.8 7.0 021240 Coway 6,980 90,500 3.0 21.1 12.9 30.7 11.9 21.4 19.1 5.9 5.1 31.0 31.8 035720 Corp. 6,962 116,000 0.1 -45.9 109.1 -76.5 85.0 80.6 43.6 2.7 2.6 3.4 6.1 001800 Orion 5,988 1,002,000 0.6 8.1 8.2 14.2 11.9 32.1 28.7 4.1 3.7 14.0 13.9 139480 Emart 5,951 213,500 0.7 -2.7 25.8 111.3 -18.2 9.7 11.9 0.8 0.8 8.7 6.7 009240 Hanssem 5,731 243,500 0.4 35.5 44.2 33.9 41.7 49.4 34.9 11.7 9.0 29.9 32.1 161390 5,469 44,150 0.9 -21.0 13.2 -12.4 12.7 8.9 7.9 1.1 1.0 12.9 13.0 032640 LG Uplus 5,065 11,600 2.4 26.4 0.7 80.3 3.9 12.3 11.8 1.1 1.1 9.5 9.3 051600 KEPCO KPS 4,950 110,000 - - - - 0.0 0.0 097950 CJ CheilJedang 4,928 374,500 0.6 40.7 11.6 178.6 20.6 21.1 17.5 1.6 1.5 8.3 9.3 18705. 009150 Samsung Electro-Mechanics 4,855 65,000 0.8 25.9 -72.2 75.8 36.1 20.5 1.1 1.0 3.1 5.3 6 000120 CJ Korea Express 4,665 204,500 25.6 19.4 11.4 126.8 73.1 32.2 1.6 1.5 2.8 5.9 005830 Dongbu Insurance 4,659 65,800 - - - - 0.0 0.0 002380 KCC 4,624 439,500 2.0 2.5 6.3 -34.2 4.5 21.6 20.7 0.7 0.7 3.4 3.4 Source: KDB Daewoo Securities Research

Market Data October 20, 2015

※All data as of close October 20, 2015, unless otherwise noted.

Other Major Indices Economic Indicators Close Net Chg 1D (%) YTD (%) Close 1D ago 1M ago 1Y ago MSCI Korea* 379.05 3.02 0.80 -1.98 USD/KRW 1,125.30 1,128.90 1,169.70 1,062.70 KOSPI 2,039.36 9.09 0.45 5.86 JPY100/KRW 941.44 945.64 973.57 991.46 KOSDAQ 691.21 6.92 1.01 24.83 EUR/KRW 1,274.80 1,281.87 1,335.10 1,354.20 Dow Jones* 17,230.54 14.57 0.08 -3.38 3Y Treasury 1.64 1.62 1.64 2.26 S&P 500* 2,033.66 0.55 0.03 -1.19 3Y Corporate 1.98 1.96 1.94 2.61 NASDAQ* 4,905.47 18.78 0.38 3.78 DDR2 1Gb* 1.13 1.13 1.14 1.43 Philadelphia Semicon* 652.88 0.25 0.04 -4.93 NAND 16Gb* 1.53 1.53 1.51 2.40 FTSE 100* 6,352.33 -25.71 -0.40 -2.99 Oil (Dubai)* 46.37 47.13 45.85 85.69 Nikkei 225 18,207.15 75.92 0.42 4.59 Gold* 1,173.30 1,183.60 1,138.10 1,238.30 Hang Seng* 23,075.61 8.24 0.04 -3.28 Customer deposits (Wbn)* 20,466 20,578 21,809 14,723 Taiwan (Weighted) 8,653.60 22.10 0.26 -6.69 Equity type BC (Wbn)(Oct. 16) 81,303 81,344 80,865 77,230 Note: * as of October 19, 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 KEPCO 19.56 Samsung Electronics 20.06 Samsung Electronics 40.29 SK Energy 13.72 Kia Motors 16.28 Hynix 13.20 KODEX LEVERAGE 24.52 KODEX INVERSE 9.04 Hana Financial Group 13.75 POSCO 12.63 Hanmi Pharm 17.06 Doosan Engine 8.47 KB Financial Group 12.44 SK C&C 10.84 LG Chem 15.83 CJ Cheiljedang 7.39 SAMSUNG C&T 11.50 SK Telecom 10.56 LG Household & Health Care 15.47 NHN 7.10 10.73 LG Chem 9.46 Hanmi Science 13.15 Honam Petrochemical 7.03 KODEX 200 6.75 Amore Pacific 9.27 Samsung SDI 10.82 SAMSUNG C&T 6.54 Hyundai Motor 6.54 S-Oil 7.75 Samsung F&M Insurance 10.08 Hyundai Heavy Industries 6.34 NHN 6.47 Hyundai Heavy Industries 7.37 KOREA AEROSPACE 9.96 Hyundai Elevator 5.66 Samsung SDI 4.83 Samsung F&M Insurance 7.29 Shinhan Financial Group 8.59 S-Oil 5.25 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 Medy-tox 3.29 OCI Materials 6.90 SM 4.26 Paradise 2.80 CJ E&M 2.81 CJ O Shopping 3.31 Semiconductor 3.39 Daum Communications 2.78 EMLSI 2.64 Techno Semichem 1.72 3.17 PEPTRON 1.51 Celltrion 1.76 Neo Wave 1.49 HLB 2.91 SEEGENE 1.33 Sun Kwang Electronics 1.70 OSSTEM IMPLANT 1.30 Partrion 2.55 Raygen 1.03 Partrion 1.64 NICE e-Banking Services 1.06 Medy-tox 2.34 Modetour Network 0.93 Initech 1.52 Paradise 0.92 KEBT 1.99 INICIS 0.84 Modetour Network 1.47 Ezwel 0.90 ViroMed 1.90 YG Entertainment 0.83 DIO 1.46 NaturalendoTech 0.81 Eugene Corporation 1.68 Kortek 0.74 Easy Bio System 1.37 KICA 0.75 KH Vatec 1.54 Media Flex 0.69 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 1,266,000 10,000 186,481 Celltrion 77,500 -100 8,682 Hyundai Motor 162,500 1,500 35,795 Daum Communications 116,000 600 6,962 KEPCO 52,300 500 33,575 Dongsuh 34,700 300 3,460 SAMSUNG C&T 156,500 -1,000 29,686 CJ E&M 85,200 2,600 3,300 Hynix 35,700 -50 25,990 Medy-tox 449,800 18,500 2,544 SAMSUNG SDS 299,000 1,500 23,136 Paradise 21,200 -300 1,928 Hyundai Mobis 236,000 1,000 22,973 LOEN 73,100 -300 1,849 Samsung Electronics (P) 1,000,000 -3,000 22,833 ViroMed 130,000 6,100 1,846 Kia Motors 54,100 1,000 21,930 Komipharm 27,800 1,350 1,482 Amore Pacific 367,500 -2,000 21,483 Com2us 110,900 -2,500 1,427 Source: