Lotte Chilsung (005300 KS) Robust sales of , , and Chilsung

Food & Beverage 3Q15 preview We estimate ’s 3Q revenue and operating profit increased 2.7% and Earnings Preview 49.9% YoY (excluding Lotte Asahi’s earnings), respectively. Our 3Q operating profit forecast of W51.3bn is above the market consensus. October 28, 2015 Revenue likely increased in soft drinks (Chilsung Cider/Pepsi Cola) , coffee drinks, bottled water (Icis), sparking water (Trevi), soju (Chum Churum/Soonhari), and beer (Kloud), while revenue likely declined in juice, energy drinks, (traditional ), gwasilju (fruit- (Maintain) Buy based liquor), and exports (Japan). Operating profit growth was likely driven by 1) stronger beverage sales thanks to favorable weather conditions in July-September, and 2) lower Target Price (12M, W) 3,100,000 beverage production costs (sugar, cans, PET bottles, oranges, and grapes). We believe 3Q domestic soju revenue grew 7% YoY, or a much stronger 20% when Share Price (10/28/15, W) 2,263,000 including the fruit-infused soju Soonhari. The company’s soju market share in the Seoul capital area likely expanded 2%p YoY to over 30%. We estimate 3Q beer revenue at Expected Return 37% W28bn (70% for households, 30% for businesses).

2016 outlook OP (15F, Wbn) 148 For 2016, we believe investors should keep a close eye on 1) soju, 2) beer, 3) production Consensus OP (15F, Wbn) 151 costs, and 4) overseas operations. For soju, the company’s W90bn capacity expansion (from 600mn bottles to 900mn bottles) was completed this month . As such, EPS Growth (15F, %) 515.5 competition with HiteJinro and Muhak should heat up. By production volume, Lotte Market EPS Growth (15F, %) 20.6 Chilsung currently holds a 17% domestic market share , but this should rise to 25% in P/E (15F, x) 26.7 2016. That said, the company is likely to increase marketi ng spending for market share Market P/E (15F, x) 11.9 expansion in 2016. Overall, we expect the soju business (domestic sales and exports) to KOSPI 2,042.51 grow 15% in 2015 and 10% in 2016.

Market Cap (Wbn) 2,800 We forecast beer revenue to expand to W100bn in 2015 and W140bn in 2016 (from W44bn in 2014). As for o perating profit, we expect a breakeven in 2016, following Shares Outstanding (mn) 1 operating losses of W40bn in 2014 and W20bn in 2015. The company plans to invest Free Float (%) 47.1 W600bn in 2016-17 to ramp up its brewery capacity from 100,000 kiloliters to 300,000 Foreign Ownership (%) 12.8 kiloliters. Beta (12M) 0.65 52-Week Low 1,461,000 As for production costs, stable oil prices and grain prices should keep costs from rising through 1H16. 52-Week High 2,753,000 Looking overseas, the company’s China business, which sells its own brands (rather than (%) 1M 6M 12M (%)(%) 1M1M 6M6M 12M12M the Pepsi brand), is likely to face limitations. However, we see potential growth in Pepsi- Absolute -2.7 -4.3 24.1 Cola Products Philippines (38.9% stake; equity-method; W600-700bn revenue; 5% OP Relative -7.4 0.7 17.0 margin) and Pepsi Myanmar (76.6% stake; 2015F revenue of W20bn; consolidated).

170 Lotte Chilsung KOSPI Maintain Buy and TP of W3,100,000 150 Despite bullish earnings prospects for 2H, Lotte Chilsung shares have fallen on group 130 governance issues. However, we believe the correction sparked by group-related worries 110 is largely overdone. The company is seeking long-term growth in soju, beer, and

90 sparkling and bottled water, while making steady profi ts on soft drinks. One key issue to watch is how the company will finance its beer capex. We maintain our Buy call and 70 10.14 2.15 6.15 10.15 target price of W3,100,000.

Daewoo Securities CCo.,o., Ltd. FY (Dec.) 12/12 12/13 12/14 12/15F 12/16F 12/17F Revenue (Wbn) 2,199 2,216 2,264 2,304 2,394 2,485 [F&B/Tobacco] OP (Wbn) 150 172 102 148 158 167

Woon-mok Baek OP margin (%) 6.8 7.8 4.5 6.4 6.6 6.7 +822-768-4158 NP (Wbn) 83 101 19 115 87 98 [email protected] EPS (W) 61,201 74,438 13,763 84,708 64,455 72,091 ROE (%) 3.8 4.3 0.8 5.0 3.7 4.0

P/E (x) 24.8 20.5 107.9 26.7 35.1 31.4 P/B (x) 0.9 0.9 0.9 1.3 1.3 1.2 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 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.

October 28, 2015 Lotte Chilsung

Earnings and forecasts

Table 111.1. 3Q15 earnings preview (Wbn, %) 3Q15F Growth 3Q143Q143Q14 2Q152Q152Q15 KDB Daewoo Consensus YoYYoYYoY QoQQoQQoQ Revenue 633 604 650 655 2.7 7.6 Operating profit 34 48 51 50 49.9 7.4 Pretax profit 28 87 40 44 40.9 -54.5 Net profit 18 64 27 27 52.2 -57.5 OP margin 5.4 7.9 7.9 7.6 - - Net margin 2.8 10.7 4.2 4.1 - - Notes: W46bn profit from discontinued operations in 2Q15 Source: Company data, KDB Daewoo Securities Research estimates

Table 222.2. Quarterly and annual earnings 2020201520 151515 20202016F20 16F16F16F 2020201420 141414 20202015F20 15F15F15F 20202016F20 16F16F16F

1Q1Q1Q 2Q2Q2Q 3Q3Q3QF3Q FFF 4Q4Q4QF4Q FFF 1Q1Q1QF1Q FFF 2Q2Q2QF2Q FFF 3Q3Q3QF3Q FFF 4Q4Q4QF4Q FFF Annual Annual Annual Revenue 536 604 650 515 544 633 681 536 2,264 2,304 2,394 Operating profit 38 48 51 11 40 51 55 13 102 148 158 Pretax profit 33 87 40 1 34 42 45 3 42 161 124 Net profit 23 64 27 0 24 30 32 2 19 115 87 Revenue growth 2.3 -0.9 2.7 3.3 1.5 4.9 4.8 4.1 2.2 1.8 3.9 OP growth -5.3 45.9 49.9 TTB 6.0 6.5 6.7 16.8 -40.7 44.5 7.2 Pretax growth -3.3 320.1 40.9 TTB 2.2 -51.7 13.7 486.6 -71.6 278.5 -22.8 Net growth -4.9 469.6 52.2 TTB 4.3 -53.5 15.5 485.9 -81.5 515.5 -23.9 OP margin 7.0 7.9 7.9 2.2 7.3 8.0 8.0 2.5 4.5 6.4 6.6 Net margin 4.3 10.7 4.2 0.1 4.4 4.7 4.6 0.4 0.8 5.0 3.7 Notes: W46bn in profit from discontinued operations in 2Q15; TTB refers to “turn to black” Source: Company data, KDB Daewoo Securities Research estimates

Table 333.3... Earnings forecast revisions (Wbn, %) Previous RRReReeevisedvisedvisedvised % chg. NotesNotesNotes 20202015F20 15F15F15F 20202016F20 16F16F16F 20202015F20 15F15F15F 20202016F20 16F16F16F 20202015F20 15F15F15F 20202016F20 16F16F16F Revenue 2,401 2,501 2,304 2,394 -4.0 -4.3 - Reflects strong soft drink sales Operating profit 143 152 148 158 3.4 4.3 and W46bn profit from Pretax profit 107 123 161 124 50.1 0.8 discontinued operations in 2Q15 Net profit 74 85 115 87 55.4 2.9 OP margin 6.0 6.1 6.4 6.6 - - Net margin 3.1 3.4 5.0 3.7 - - Notes: W46bn in profit from discontinued operations in 2Q15 Source: Company data, KDB Daewoo Securities Research estimates

Figure 111.1. Growing soju market Figure 222.2. Lotte ChilsungChilsung’’’’ss soju revenue and growth trend

(000kl) (%) (Wbn) (%) 130 Soju shipments (L) 18 500 Soju revenue (L) 16 YoY (R) YoY (R) 12 120 400 12

6

110 300 8 0

100 200 4 -6

90 -12 100 0 10 11 12 13 14 15 16 12 13 14 15F 16F 17F

Notes: Plain soju only Notes: Plain soju only Source: KOSTAT, KDB Daewoo Securities Research Source: KOSTAT, KDB Daewoo Securities Research

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October 28, 2015 Lotte Chilsung

Figure 333.3. Soft drink ASP continues to grow Figure 444.4. Soft drink shipments trend

(10=100) (%) (000tonnes) (%) 160 30 150 Soft drink CPI (L) 15 Soft drink shipments (L) YoY (R) YoY (R) 140 12 140 20 130 9

120 6 120 10

110 3 100 0 100 0

90 -3 80 -10 10 11 12 13 14 15 16 10 11 12 13 14 15 16

Source: KOSTAT, KDB Daewoo Securities Research Source: KOSTAT, KDB Daewoo Securities Research

Figure 555.5. Bottled water shipments trendtrendtrend Figure 666.6. FruitFruitFruit-Fruit ---infusedinfused beverage shipmentshipmentssss trendtrendtrend

(000kl) (%) (000tonnes) Fruit-infused beverage shipments (L) (%) 300 Bottled water shipments (L) 40 100 YoY (R) 45 YoY (R) 30 30 250 20 80

10 15 200 60 0 0

-10 150 40 -15 -20

100 -30 20 -30 10 11 12 13 14 15 16 10 11 12 13 14 15 16

Source: KOSTAT, KDB Daewoo Securities Research Source: KOSTAT, KDB Daewoo Securities Research

Figure 777.7. Lotte ChilsungChilsung’’’’ss beer capacity and M/S trendtrendtrend Figure 888.8. Lotte ChilsungChilsung’’’’ss beer revenue and OP trendtrendtrend

(000 kl) (%) (Wbn) (Wbn) 250 20 350 Beer capacity (L) 20 Revenue (L) M/S (R) Operating profit (R) 300 10 200 15 250 0 150 200 10 -10 150 100 -20 100 5 50 -30 50

0 0 0 -40 14 15F 16F 17F 18F 14 15F 16F 17F 18F

Source: Company data, KDB Daewoo Securities Research Source: Company data, KDB Daewoo Securities Research

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October 28, 2015 Lotte Chilsung

Lotte Chilsung (005300 KS/Buy/TP: W3,100,000)

Comprehensive Income Statement (Summarized) Statement of Financial Condition (Summarized) (Wbn) 12/14 12/15F 12/16F 12/17F (Wbn) 12/14 12/15F 12/16F 12/17F Revenue 2,2642,2642,264 2,3042,3042,304 2,3942,3942,394 2,4852,4852,485 Current Assets 832832832 849849849 803803803 776776776 Cost of Sales 1,3061,3061,306 1,3251,3251,325 1,3741,3741,374 1,4231,4231,423 Cash and Cash Equivalents 108 176 135 83 Gross Profit 958958958 979979979 1,0201,0201,020 1,0621,0621,062 AR & Other Receivables 244 196 204 212 SG&A Expenses 856856856 832832832 862862862 895895895 Inventories 262 270 282 292 Operating Profit (Adj) 102102102 148148148 158158158 167167167 Other Current Assets 218 207 182 189 Operating Profit 102102102 148148148 158158158 167167167 NonNonNon-Non ---CurrentCurrent Assets 3,2683,2683,268 3,4633,4633,463 3,7293,7293,729 3,9643,9643,964 NonNonNon-Non ---OperatingOperating Profit ---60 -606060 ---34-343434 ---34-343434 ---26-262626 Investments in Associates 139 144 150 155 Net Financial Income -23 -23 -25 -28 Property, Plant and Equipment 1,854 2,041 2,292 2,512 Net Gain from Inv in Associates 0 4 5 7 Intangible Assets 411 387 366 348 Pretax Profit 42 114 124 141 Total Assets 4,1004,1004,100 4,3124,3124,312 4,5324,5324,532 4,7404,7404,740 Income Tax 22 37 35 42 Current Liabilities 1,0121,0121,012 887887887 1,0111,0111,011 1,0351,0351,035 Profit from Continuing Operations 21 77 89 100 AP & Other Payables 319 423 440 457 Profit from Discontinued Operations 0 39 0 0 Short-Term Financial Liabilities 525 290 390 390 Net Profit 21 116 89 100 Other Current Liabilities 168 174 181 188 Controlling Interests 19 115 87 98 NonNonNon-Non ---CurrentCurrent Liabilities 771771771 1,0651,0651,065 1,0781,0781,078 1,1711,1711,171 Non-Controlling Interests 2 2 2 2 Long-Term Financial Liabilities 468 752 752 832 Total Comprehensive Profit ---134 -134134134 636363 898989 100100100 Other Non-Current Liabilities 303 313 326 339 Controlling Interests -135 63 90 100 Total Liabilities 1,7831,7831,783 1,9521,9521,952 2,0902,0902,090 2,2062,2062,206 Non-Controlling Interests 1 0 -1 -1 Controlling Interests 2,2742,2742,274 2,3302,3302,330 2,4102,4102,410 2,5022,5022,502 EBITDA 225 284 318 366 Capital Stock 7 7 7 7 FCF (Free Cash Flow) -149 40 -130 -94 Capital Surplus 21 21 21 21 EBITDA Margin (%) 9.9 12.3 13.3 14.7 Retained Earnings 1,878 1,984 2,065 2,156 Operating Profit Margin (%) 4.5 6.4 6.6 6.7 NonNonNon-Non ---ControllingControlling Interests 434343 303030 323232 333333 Net Profit Margin (%) 0.8 5.0 3.6 3.9 Stockholders' Equity 2,3172,3172,317 2,3602,3602,360 2,4422,4422,442 2,5352,5352,535

Cash Flows (Summarized) Forecasts/Valuations (Summarized) (Wbn) 12/14 12/15F 12/16F 12/17F 12/14 12/15F 12/16F 12/17F Cash Flows from Op Activities 145 338 260 306 P/E (x) 107.9 26.7 35.1 31.4 Net Profit 21 116 89 100 P/CF (x) 8.1 10.3 10.1 8.5 Non-Cash Income and Expense 228 181 216 261 P/B (x) 0.9 1.3 1.3 1.2 Depreciation 100 114 139 180 EV/EBITDA (x) 12.0 12.9 12.1 10.9 Amortization 23 23 20 18 EPS (W) 13,763 84,708 64,455 72,091 Others 105 44 57 63 CFPS (W) 183,477 219,321 224,745 266,043 1,675,27 1,716,59 1,776,04 1,843,12 Chg in Working Capital -45 77 15 15 BPS (W) 6 0 1 8 Chg in AR & Other Receivables -7 30 -8 -8 DPS (W) 4,900 5,000 5,000 5,000 Chg in Inventories -38 -12 -11 -11 Payout ratio (%) 29.5 5.3 6.9 6.2 Chg in AP & Other Payables -12 51 9 9 Dividend Yield (%) 0.3 0.2 0.2 0.2 Income Tax Paid ---39 -393939 ---19-191919 ---35-353535 ---42-424242 Revenue Growth (%) 2.2 1.8 3.9 3.8 Cash Flows from Inv Activities -387 -371 -393 -433 EBITDA Growth (%) -19.6 26.2 12.0 15.1 Chg in PP&E -288 -296 -390 -400 Operating Profit Growth (%) -40.7 45.1 6.8 5.7 Chg in Intangible Assets -1 0 0 0 EPS Growth (%) -81.5 515.5 -23.9 11.8 Chg in Financial Assets 175 -12 -3 -32 Accounts Receivable Turnover (x) 9.4 10.7 12.3 12.3 Others ---273 -273273273 ---63-636363 000 ---1-111 Inventory Turnover (x) 9.3 8.7 8.7 8.7 Cash Flows from Fin Activities 231 52 93 73 Accounts Payable Turnover (x) 6.9 6.5 6.1 6.1 Chg in Financial Liabilities 282 49 100 80 ROA (%) 0.5 2.8 2.0 2.1 Chg in Equity 0 0 0 0 ROE (%) 0.8 5.0 3.7 4.0 Dividends Paid -6 -8 -7 -7 ROIC (%) 2.2 4.2 4.6 4.4 Others ---45 -454545 111111 000 000 Liability to Equity Ratio (%) 77.0 82.7 85.6 87.0 Increase (Decrease) in Cash -11 68 -42 -52 Current Ratio (%) 82.2 95.7 79.4 75.0 Beginning Balance 120 108 176 135 Net Debt to Equity Ratio (%) 31.8 31.0 36.9 40.6 Ending Balance 109109109 176176176 135135135 838383 Interest Coverage Ratio (x) 3.7 5.9 5.9 5.8 Source: Company data, KDB Daewoo Securities Research estimates

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October 28, 2015 Lotte Chilsung

APPENDIX 1

Important Disclosures & Disclaimers 222-2---YearYear Rating and Target Price History

Company (((Code)(Code)Code)Code) DateDateDate RatingRatingRating Target Price (W) Lotte Chilsung Lotte Chilsung(005300) 05/26/2015 Buy 3,100,000 4,000,000 02/11/2015 Buy 2,200,000 11/24/2014 Trading Buy 1,900,000 3,000,000 11/19/2013 Buy 2,000,000 No Coverage 2,000,000

1,000,000

0 Oct 13 Oct 14 Oct 15

Stock Ratings Industry Ratings Buy : Relative performance of 20% or greater Overweight : Fundamentals are favorable or improving Trading Buy : Relative performance of 10% or greater, but with volatility Neutral : Fundamentals are steady without any material changes Hold : Relative performance of -10% and 10% Underweight : Fundamentals are unfavorable or worsening Sell : Relative performance of -10% Ratings and Target Price History (Share price ( ─), Target price ( ▬), Not covered ( ■), Buy ( ▲), Trading Buy ( ■), Hold ( ●), Sell ( ◆)) * Our investment rating is a guide to the relative return of the stock versus the market over the next 12 months. * Although it is not part of the official ratings at Daewoo Securities, we may call a trading opportunity in case there is a technical or short-term material development. * The target price was determined by the research analyst through valuation methods discussed in this report, in part based on the analyst’s estimate of future earnings. * The achievement of the target price may be impeded by risks related to the subject securities and companies, as well as general market and economic conditions.

Equity Ratings Distribution BuyBuyBuy Trading Buy HoldHoldHold SellSellSell 72.77% 13.86% 13.37% 0.00% * Based on recommendations in the last 12-months (as of September 30, 2015)

Disclosures As of the publication date, Daewoo Securities Co., Ltd and/or its affiliates do not have any special interest with the subject company and do not own 1% or more of the subject company's shares outstanding.

Analyst Certification The research analysts who prepared this report (the “Analysts”) are registered with the Korea Financial Investment Association and are subject to Korean securities regulations. They are neither registered as research analysts in any other jurisdiction nor subject to the laws and regulations thereof. Opinions expressed in this publication about the subject securities and companies accurately reflect the personal views of the Analysts primarily responsible for this report. Daewoo Securities Co., Ltd. policy prohibits its Analysts and members of their households from owning securities of any company in the Analyst’s area of coverage, and the Analysts do not serve as an officer, director or advisory board member of the subject companies. Except as otherwise specified herein, the Analysts have not received any compensation or any other benefits from the subject companies in the past 12 months and have not been promised the same in connection with this report. No part of the compensation of the Analysts was, is, or will be directly or indirectly related to the specific recommendations or views contained in this report but, like all employees of Daewoo Securities, the Analysts receive compensation that is impacted by overall firm profitability, which includes revenues from, among other business units, the institutional equities, investment banking, proprietary trading and private client division. At the time of publication of this report, the Analysts do not know or have reason to know of any actual, material conflict of interest of the Analyst or Daewoo Securities Co., Ltd. except as otherwise stated herein.

Disclaimers This report is published by Daewoo Securities Co., Ltd. (“Daewoo”), a broker-dealer registered in the Republic of Korea and a member of the Korea Exchange. Information and opinions contained herein have been compiled from sources believed to be reliable and in good faith, but such information has not been independently verified and Daewoo makes no guarantee, representation or warranty, express or implied, as to the fairness, accuracy, completeness or correctness of the information and opinions contained herein or of any translation into English from the Korean language. If this report is an English translation of a report prepared in the Korean language, the original Korean language report may have been made available to investors in advance of this report. Daewoo, its affiliates and their directors, officers, employees and agents do not accept any liability for any loss arising from the use hereof. This report is for general information purposes only and it is not and should not be construed as an offer or a solicitation of an offer to effect transactions in any securities or other financial instruments. The intended recipients of this report are sophisticated institutional investors who have substantial knowledge of the local business environment, its common practices, laws and accounting principles and no person whose receipt or use of this report would violate any laws and regulations or subject Daewoo and its affiliates to registration or licensing requirements in any jurisdiction should receive or make any use hereof. Information and opinions contained herein are subject to change without notice and no part of this document may be copied or reproduced in any manner or form or redistributed or published, in whole or in part, without the prior written consent of Daewoo. Daewoo, its affiliates and their directors, officers, employees and agents may have long or short positions in any of the subject securities at any time and may make a purchase or sale, or offer to make a purchase or sale, of any such securities or other financial instruments from time to time in the open market or otherwise, in each case either as principals or agents. Daewoo and its affiliates may have had, or may be expecting to enter into, business relationships with the subject companies to provide investment

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October 28, 2015 Lotte Chilsung

banking, market-making or other financial services as are permitted under applicable laws and regulations. The price and value of the investments referred to in this report and the income from them may go down as well as up, and investors may realize losses on any investments. Past performance is not a guide to future performance. Future returns are not guaranteed, and a loss of original capital may occur.

Distribution United Kingdom: This report is being distributed by Daewoo Securities (Europe) Ltd. in the United Kingdom only to (i) investment professionals falling within Article 19(5) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005 (the “Order”), and (ii) high net worth companies and other persons to whom it may lawfully be communicated, falling within Article 49(2)(A) to (E) of the Order (all such persons together being referred to as “Relevant Persons”). This report is directed only at Relevant Persons. Any person who is not a Relevant Person should not act or rely on this report or any of its contents. United States: This report is distributed in the U.S. by Daewoo Securities (America) Inc., a member of FINRA/SIPC, and is only intended for major institutional investors as defined in Rule 15a-6(b)(4) under the U.S. Securities Exchange Act of 1934. All U.S. persons that receive this document by their acceptance thereof represent and warrant that they are a major institutional investor and have not received this report under any express or implied understanding that they will direct commission income to Daewoo or its affiliates. Any U.S. recipient of this document wishing to effect a transaction in any securities discussed herein should contact and place orders with Daewoo Securities (America) Inc., which accepts responsibility for the contents of this report in the U.S. The securities described in this report may not have been registered under the U.S. Securities Act of 1933, as amended, and, in such case, may not be offered or sold in the U.S. or to U.S. persons absent registration or an applicable exemption from the registration requirements. Hong Kong: This document has been approved for distribution in Hong Kong by Daewoo Securities (Hong Kong) Ltd., which is regulated by the Hong Kong Securities and Futures Commission. The contents of this report have not been reviewed by any regulatory authority in Hong Kong. This report is for distribution only to professional investors within the meaning of Part I of Schedule 1 to the Securities and Futures Ordinance of Hong Kong (Cap. 571, Laws of Hong Kong) and any rules made thereunder and may not be redistributed in whole or in part in Hong Kong to any person. All Other Jurisdictions: Customers in all other countries who wish to effect a transaction in any securities referenced in this report should contact Daewoo or its affiliates only if distribution to or use by such customer of this report would not violate applicable laws and regulations and not subject Daewoo and its affiliates to any registration or licensing requirement within such jurisdiction.

KDB Daewoo Securities International Network

Daewoo Securities Co. Ltd. (Seoul) Daewoo Securities (Hong Kong) Ltd. Daewoo Securities (America) Inc. Head Office Two International Finance Centre 320 Park Avenue 34-3 Yeouido-dong, Yeongdeungpo-gu Suites 2005-2012 31st Floor

Seoul 150-716 8 Finance Street, Central New York, NY 10022 Korea Hong Kong, China United States Tel: 82-2-768-3026 Tel: 85-2-2845-6332 Tel: 1-212-407-1000 Daewoo Securities (Europe) Ltd. Daewoo Securities (Singapore) Pte. Ltd. Tokyo Branch 41st Floor, Tower 42 Six Battery Road #11-01 7th Floor, Yusen Building 25 Old Broad St. Singapore, 049909 2-3-2 Marunouchi, Chiyoda-ku London EC2N 1HQ Tokyo 100-0005 United Kingdom Japan Tel: 44-20-7982-8000 Tel: 65-6671-9845 Tel: 81-3- 3211-5511

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