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Doosan Corporation and Subsidiaries Consolidated Financial Statements December 31, 2016 Doosan Corporation and Subsidiaries Index December 31, 2016 and 2015

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Doosan Corporation and Subsidiaries Consolidated Financial Statements December 31, 2016 Doosan Corporation and Subsidiaries Index December 31, 2016 and 2015 Doosan Corporation and Subsidiaries Consolidated Financial Statements December 31, 2016 Doosan Corporation and Subsidiaries Index December 31, 2016 and 2015 Pages Independent Auditor’s Report………………………………………..……….............................. 1 - 6 Consolidated Financial Statements Consolidated Statements of Financial Position …….................………………………………… 7 - 8 Consolidated Statements of Profit or Loss………………………………………………………… 9 Consolidated Statements of Comprehensive Income……………………………………………. 10 Consolidated Statements of Changes in Equity....................................................................... 11 Consolidated Statements of Cash Flows………………………………………………………….. 12 - 13 Notes to the Consolidated Financial Statements…………………………………………………... 14 - 154 Independent Auditor’s Report (English Translation of a Report Originally Issued in Korean) To the Board of Directors and Shareholders of Doosan Corporation We have audited the accompanying consolidated financial statements of Doosan Corporation and its subsidiaries (collectively referred to as the “Group”), which comprise the consolidated statement of financial position as at December 31, 2016, and the consolidated statement of profit or loss, consolidated statement of comprehensive income, consolidated statement of changes in equity and consolidated statement of cash flows for the year then ended, and notes to the consolidated financial statements, including a summary of significant accounting policies and other explanatory information. Management’s Responsibilities for the Financial Statements Management is responsible for the preparation and fair presentation of the consolidated financial statements in accordance with International Financial Reporting Standards as adopted by the Republic of Korea (Korean IFRS), and for such internal control as management determines is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. Auditor’s Responsibilities Our responsibility is to express an opinion on the consolidated financial statements based on our audit. We conducted our audit in accordance with Korean Standards on Auditing. Those standards require that we comply with ethical requirements, and plan and perform the audit to obtain reasonable assurance about whether the consolidated financial statements are free from material misstatement. An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the consolidated financial statements. The procedures selected depend on the auditor's judgment, including the assessment of the risks of material misstatement of the consolidated financial statements, whether due to fraud or error. In making those risk assessments, the auditor considers internal control relevant to the entity's preparation and fair presentation of the consolidated financial statements in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the entity's internal control. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of significant accounting estimates made by management, as well as evaluating the overall presentation of the consolidated financial statements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion. Opinion In our opinion, the accompanying consolidated financial statements present fairly, in all material respects, the consolidated financial position of Doosan Corporation and its subsidiaries as at December 31, 2016, and its consolidated financial performance and its consolidated cash flows for the year then ended in accordance with Korean IFRS. Emphasis of Matters1 Without qualifying our opinion, we draw attention to the following area of focus: (1) Auditor’s emphasis on area of focus on construction contracts Area of focus on construction contracts in accordance with the Practical Guidance of Auditing Standard 2016-1 are those matters that, in the auditor’s professional judgment and communication with those charged with governance, were of most significance in the audit of the consolidated financial statements of the current period. These matters were addressed in the context of the audit of the consolidated financial statements as a whole, and in forming our opinion thereon, and we do not provide a separate opinion on these matters. We have addressed the output of the audit process for the area of focus as below in forming audit opinion on the consolidated financial statements of Doosan Corporation and its subsidiaries as a whole. - General Information Common information applied to the area of focus on construction contract described in this audit report are as follows: The Group recognizes contract revenue and contract costs associated with the construction contract as revenue and expense associated with construction contract respectively based on the percentage of completion of the contract activity at the end of the reporting period when the outcome of a construction contract can be estimated reliably. However, when the outcome of a construction contract cannot be estimated reliably, revenue is recognized only to the extent the contract costs incurred of which recovery is probable and contract costs are recognized as expenses in the period in which they are incurred. When the uncertainties that prevented the outcome of the contract being estimated reliably no longer exist, revenue and expenses associated with construction contract shall be recognized as revenue and expenses respectively by stage of completion of the contract activity at the end of the reporting period. When an uncertainty arises on the collectability of an amount already included in contract revenue, the uncollectible amount, or the amount in respect of which recovery has ceased to be probable, is recognized as an expense, rather than as an adjustment of the amount of revenue originally recognized. In case the Group is able to estimate the outcome of a construction contract reliably, the Group shall determine the stage of completion of a contract. The Group uses the method that reliably measures 1 This paragraph is being included in associated with Practical Guidance of Auditing 2016-1, Practical Guidance for special consideration in Auditing Construction Contracts, prescribed by Korean Institute of Certified Public Accountants, and should not be considered as a communication of key audit matter described in the International Standards on Auditing 700. 2 the work performed, depending on the nature of the contract. As of December 31, 2016, the Group determined that using the rate of accumulated costs incurred until the end of the reporting period in comparison with total estimated costs per individual contract is the most reliable method to measure the work performed, and therefore the Group uses the stage of completion to calculate the contract costs incurred to date and recognizes contract revenue and contract cost accordingly. When contract costs incurred to date plus recognized profits(less recognized losses) exceed the progress billing, the surplus is shown as amounts due from customers for contract work. For contracts where progress billings exceed contract the costs incurred to date plus recognized profits(less recognized losses), the surplus is shown as the amounts due to customers for contract work. - Revenue recognition based on input method In case the Group recognizes revenues and costs based on the stage of contract completion when the outcome of a construction contract cannot be estimated reliably, there is a risk of misstatement on revenues and costs. Additionally, when the Group uses the method to measure stage of completion which does not reflect the work performed, there is a risk of material misstatement on revenues and costs. Therefore, we determined revenue recognition based on the stage of contract completion by input method to as a significant risk. As of December 31, 2016, in respect of the Group's revenue recognition based on the input method, we have performed the following audit procedures. • We inquired and documented our inspection in determining whether major projects meet all criteria to measure the outcome of a construction contract can be estimated reliably. • We performed inquiries about whether the input method that the Group used is able to reliably measure the work performed. • We performed inquiries whether the outcome of a construction contract can still be estimated reliably if the contract is delayed. • We performed inquiries and analytical procedures to confirm whether the outcome of a construction contract can still be reliably estimate a contract recognized with provisions for impairment on receivables or due from the customers for contract work. - Uncertainty of the estimated total contract costs As explained in the Note 26 to the consolidated financial statements, the impact on the profit or loss for the current and for the succeeding year due to changes in estimated total contract cost are ₩ 120,651 million and ₩ 129,377 million respectively and impact on the balance due from(to) customers for contract work is ₩ 120,651 million. As such, in case the Group changes estimates of total contract cost, the stage of contract completion could be revised resulting in the profit or loss for the current and for the succeeding year and the balance of due from (to) the customers for contract work. Accordingly,
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