April 1, 2013

KOREA

Company News & Analysis Major Indices Close Chg Chg (%) LG Innotek (Buy/TP: W97,700) Raise TP KOSPI 1,995.99 -8.90 -0.44 Projecting swing to profit near-term, LED pickup long-term KOSPI 200 262.27 -1.12 -0.43 KOSDAQ 553.97 -1.05 -0.19 (Buy/TP: W240,000) Growth doubts vs. valuation appeal Turnover ('000 shares, Wbn) Volume Value Hite Jinro (Trading Buy/TP: W37,000) KOSPI 264,572 2,578 It's always darkest before the dawn KOSPI 200 52,498 1,843 KOSDAQ 397,218 1,868

Market Cap (Wbn) Economy & Strategy Update Value Economic Note KOSPI 1,156,218 Data releases point to April rate cut KOSDAQ 123,143 KOSPI Turnover (Wbn) Buy Sell Net Foreign 383 441 -57 Institutional 727 722 5 Retail 1,448 1,393 55

KOSDAQ Turnover (Wbn) Buy Sell Net Foreign 56 70 -14 Institutional 83 100 -17 Retail 1,729 1,696 34

Program Buy / Sell (Wbn) Buy Sell Net KOSPI 368 368 0 KOSDAQ 12 15 -3

Advances & Declines Advances Declines Unchanged KOSPI 321 488 82 KOSDAQ 429 484 66

KOSPI Top 5 Most Active Stocks by Value (Wbn) Price (W) Chg (W) Value Electronics 1,512,000 -15,000 160 KODEX LEVERAGE 12,660 -80 139 NHN 294,000 17,000 92 DI 9,100 800 89 Motors 55,100 -500 65

KOSDAQ Top 5 Most Active Stocks by Value (Wbn) Price (W) Chg (W) Value INFINITT Healthcare 12,150 1,350 67 Paradise 20,200 -1,700 52 Speco 3,825 155 42 Easy Bio System 4,795 -50 33 Victek 2,295 225 30 Note: As of April 1, 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.

LG Innotek (011070 KS) Projecting swing to profit near-term, LED pickup long-term

Technology Raising 1Q OP forecast to W10.2bn from -W2bn We revise up our 1Q earnings estimates for LG Innotek due to two positive earnings Company Report drivers: 1) a turnaround at LG Electronics (LGE), and 2) favorable F/X trends. We now April 1, 2013 forecast revenue of W1.49tr (W1.42tr previously; +4.5%), and an operating profit of W10.2bn (operating loss of W2bn previously). Near-term catalysts: LGE smartphone turnaround, favorable F/X rates (Maintain) Buy We believe LGE’s smartphone business (and related earnings) is picking up at full speed, Target Price (12M, W) 97,700 which should be a major tailwind for LG Innotek. Weakness at LGE had been the biggest risk facing LG Innotek, as LGE is both its largest shareholder and revenue source. LGE’s Share Price (03/29/13, W) 79,100 handset sales volume bottomed in 2Q12 (22.86mn units) after a period of continuous contraction, and has been on an uptrend ever since. LGE returned to an operating profit Expected Return 24% in 4Q12 after three quarters of losses, posting an OP margin of 2.0%.

The second positive factor is the recent favorable F/X rate; US$/W is 1,113 as of March th OP (13F, Wbn) 137 29 , much higher than our original forecast of 1,050 earlier this year. We estimate that Consensus OP (13F, Wbn) 141 a rise of 10 in the US$/W rate translates into a W1bn increase in monthly operating profit. We thus believe LG Innotek benefited significantly from the average 1Q F/X rate EPS Growth (13F, %) TTB of 1,085. Market EPS Growth (13F, %) 21.8 P/E (13F, x) 43.1 Long-term catalyst: Outsized LED depreciation to shrink from 2H14 Market P/E (13F, x) 9.4 Aside from LGE’s sluggishness, one of our biggest concerns about LG Innotek has been KOSPI 2,004.89 its LED division. We are still skeptical on any near-term recovery in LED, as the more Market Cap (Wbn) 1,596 upbeat LED lighting segment only accounts for 11% of LED revenues (as of 2012). Shares Outstanding (mn) 20 In our view, the largest risk here is outsized depreciation. In 2010, LG Innotek spent Free Float (%) 52.1 Foreign Ownership (%) 9.7 W1.27tr at its LED business in anticipation of growth in TV backlight units (BLU). This Beta (12M) 1.60 amounts to W200bn in annual depreciation costs, a huge burden on LG Innotek 52-Week Low (W) 68,800 considering its LED unit incurred losses of W150bn in 2012. We believe LED depreciation 52-Week High (W) 99,900 will start to ease in 2H14, and then more meaningfully in 2015 (LG Innotek uses straight- line depreciation over a five-year period). (%) 1M 6M 12M Absolute 4.5 -2.4 -19.6 Maintain Buy and Raise TP by 5.1% to W97,700 Relative 5.6 -2.8 -19.1 We reiterate our Buy call on LG Innotek and lift our target price by 5.1% to W97,700

Share price (from W93,000). In deriving our target price, we applied a P/B of 1.76x to our 110 KOSPI consolidated 2013F BPS of W54,541. Our P/B represents a 10% discount to the three- 100 90 year average multiple of 1.95x. Our target price implies a 23.5% upside to current share 80 prices. 70 60 50 3/12 7/12 11/12 3/13

Daewoo Securities Co., Ltd. FY (Dec.) 12/10 12/11 12/12 12/13F 12/14F 12/15F Telecom equipment/ Revenue (Wbn) 4,104 4,553 5,316 6,272 7,115 7,679 Electronic components OP (Wbn) 157 -45 77 137 248 341 Wonjae Park OP Margin (%) 3.8 -1.0 1.5 2.2 3.5 4.4 +822-768-3372 NP (Wbn) 196 -145 -25 37 141 214 [email protected] EPS (W) 10,241 -7,211 -1,240 1,834 6,976 10,586

Young Ryu ROE (%) 16.5 -10.4 -1.9 2.9 10.6 14.5 +822-768-4138 P/E (x) 13.1 - - 43.1 11.3 7.5 [email protected] P/B (x) 2.0 1.2 1.5 1.4 1.3 1.1 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.

Hyundai Glovis (086280 KS) Growth doubts vs. valuation appeal

Logistics 1Q13 preview: Non-consolidated OP estimate revised down 11% For 1Q13, we forecast Hyundai Glovis to post an operating profit of W99.2bn (revised Earnings Preview down 11% from previous estimate) on a non-consolidated basis, and W146.4bn on a April 1, 2013 consolidated basis (reflecting earnings at overseas subsidiaries). This would mark the second consecutive quarter of YoY contraction in non-consolidated operating profit (- 4.5% YoY in 4Q12). We attribute the weak earnings to: 1) tepid domestic sales at Hyundai- (Maintain) Buy Kia Automotive Group (HKAG), 2) a slowdown in CKD revenue due to decelerating output at overseas subsidiaries, and 3) won appreciation cooling top-line growth.

Target Price (12M, W) 240,000 More specifically, we forecast domestic logistics revenue growth to slow to 3.1% YoY, weighed down by HKAG’s weaker domestic sales volume and exports, and expect car Share Price (03/29/13, W) 188,500 carrier revenue to decline 0.3% YoY also due to a fall in HKAG exports. Most importantly, we believe CKD revenue inched up only 0.5%, largely as a result of slower output at Expected Return 27% HKAG overseas plants and won appreciation (won is up 4.1% YoY against the dollar). Reflecting the expected weakness in 1Q, we adjusted down our 2013-14F non-

consolidated operating profit by 10% and 15%, respectively. We forecast consolidated OP (13F, Wbn) 648 2013-14 EPS at W14,626 (+26.4% YoY) and W16,303 (+23.3% YoY), respectively. Consensus OP (13F, Wbn) 655 Catalysts: F/X reversal and potential overseas capacity increases EPS Growth (13F, %) 10.2 Market EPS Growth (13F, %) 21.8 We expect the current top-line slowdown to continue into the year-end, excluding a P/E (13F, x) 12.9 brief pickup in 2Q. That being said, the recent reversal of won appreciation is likely to Market P/E (13F, x) 9.4 somewhat ease the pace of slowdown, and also prove favorable to overseas subsidiaries’ KOSPI 2,004.89 earnings (which are recognized in won-denominated terms). All in all, we see 2Q revenue and operating profit improving QoQ to W2.62tr and W110.7bn, respectively (W3.34tr Market Cap (Wbn) 7,069 and W167.3bn, respectively, on a consolidated basis). Shares Outstanding (mn) 38 Free Float (%) 34.7 We also see potential upside from the possibility of US capacity expansions by HKAG. Foreign Ownership (%) 27.0 We believe expectations of capacity ramp-ups are valid, as the automaker’s US Beta (12M) 0.78 utilization has long remained high and inventory levels are lower compared to its competitors. That said, this is unlikely to materialize in the immediate future, given weak 52-Week Low (W) 176,000 US auto sales (-5% YoY in March) and inventories projected to rise to 60% (WardsAuto 52-Week High (W) 245,000 estimates). Still, any announcement of capacity additions by HKAG would help ease the (%) 1M 6M 12M bearish sentiment on Hyundai Glovis’ growth trajectory. Absolute -8.3 -22.6 -6.5 Relative -7.2 -23.0 -6.0 Maintain Buy with TP of W240,000 We reiterate our Buy call on Hyundai Glovis with a target price of W240,000 (based on a Share price 130 KOSPI residual income model). However, we are cautious against aggressively overweighting 120 the stock until the US$/W rate displays an extended uptrend, and HKAG’s domestic and 110 overseas output growth bottoms in end-1H. Meanwhile, valuation-wise, the stock is 100 90 trading at an attractive P/E of 12.9x, below its historic trough. Although the stock’s 80 undervaluation could trigger some dip-buying, we believe any meaningful rally will come 70 only after 1H, potentially driven by improved growth and HKAG capacity expansions. We 3/12 7/12 11/12 3/13 thus think it will take some time for the stock to return to its historical valuation levels.

Daewoo Securities Co., Ltd. FY (Dec.) 12/10 12/11 12/12 12/13F 12/14F 12/15F Transportation Revenue (Wbn) 7,297 9,546 11,746 12,652 13,482 14,488 Jay JH Ryu OP (Wbn) 368 463 614 648 717 802 +822-768-4175 OP Margin (%) 5.1 4.8 5.2 5.1 5.3 5.5 [email protected]

NP (Wbn) 279 359 498 549 611 643 EPS (W) 7,444 9,568 13,271 14,626 16,303 17,143 ROE (%) 28.2 27.2 29.2 25.1 22.6 19.9 P/E (x) 20.0 20.1 16.7 12.9 11.6 11.0

P/B (x) 5.0 4.9 4.4 2.9 2.4 2.0 Note: 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.

Hite Jinro (000080 KS) It’s always darkest before the dawn

Beverage Sales force integration in 1Q13 We project muted 1Q earnings for Hite Jinro, with revenue and operating profit Company Report contracting 0.6% YoY and 3.6% YoY, respectively. Price hikes in December 2012 led to increased anticipatory demand during the final months of last year, and we thus project April 1, 2013 weaker soju sales volume in 1Q. The firm’s soju market share shrunk in January, but normalized in February to 49%. Beer sales have also been subdued due to the brewery’s overhaul of its sales force. Beer market share declined to 38% in January, but picked up (Maintain) Trading Buy to the 40% range in February. Three key catalysts Target Price (12M, W) 37,000 We expect Hite Jinro to steadily regain its beer market share from 3Q, aided by positive effects from its sales force integration. In early January, Hite Jinro overhauled its sales Share Price (03/29/13, W) 33,850 force structure. It shifted from a sales structure in which a single type of alcohol (soju or beer) was assigned to each sales agent, to multiple brands/categories per agent Expected Return 9% (covering Chamisul, Hite, Max, and Dry Finish D). The change will allow sales agents to cross-sell both soju and beer products, with a greater focus on the firm’s traditionally weak second-tier accounts (i.e., restaurants and bars) than on first-tier accounts (i.e., OP (13F, Wbn) 192 wholesalers). We believe 1H will be a transitional period while the firm adjusts to this Consensus OP (13F, Wbn) 251 new structure. We expect visible results (i.e., beer market share gains) to slowly emerge from 2H. We forecast Hite Jinro’s annual beer market share to reach 44% in 2013. EPS Growth (13F, %) -0.6 Market EPS Growth (13F, %) 22.1 We also expect to see a decline in the firm’s leverage. Hite Jinro’s current debt stands at W1.3tr, of which W150bn will be paid off through the sale of properties (e.g., logistics P/E (13F, x) 23.3 center, etc.). Furthermore, the firm’s subsidiary Jinro Japan plans to raise capital via a Market P/E (13F, x) 9.3 rights offering. Once Jinro Japan secures the funds, Hite Jinro intends to sell part of its KOSPI 2,004.89 stake in Jinro Soju to Jinro Japan (Jinro Soju is a wholly-owned subsidiary that manufactures export-only soju). The sale would bring in an additional W150bn, which Market Cap (Wbn) 2,352 Hite Jinro also intends to use to reduce its debt. Shares Outstanding (mn) 71 Free Float (%) 38.3 Another positive catalyst is overseas exports. In particular, we are upbeat on the Foreign Ownership (%) 17.4 potential of soju exports to China and Southeast Asia. At present, ex-Japan soju exports Beta (12M) 0.47 amount to just W15bn (vs. W45bn to Japan). In China, the firm recently launched a new 52-Week Low (W) 19,550 soju brand, mainly in Beijing and Shanghai. We believe the key to success in the Chinese market will be establishing close partnerships with local distribution channels. As for 52-Week High (W) 35,700 Southeast Asia, we see strong upside to exports given the robust demand in countries (%) 1M 6M 12M like Cambodia and Myanmar. Absolute -0.7 38.7 32.8 Maintain TP of W37,000; Upbeat on efforts to gain beer market share Relative 0.3 38.3 33.2 Hite Jinro’s shares have recently been correcting on the risk of sluggish 1Q earnings and Share price a potential liquor tax hike. In the soju segment, we expect the firm to retain its market 160 KOSPI position (2013F market share of 48.5%) thanks to its strong competitiveness. However, 140 we are doubtful about a pickup in the beer segment in 1H, as it will likely take time to 120 adjust to the new sales system. Still, we are encouraged by the company’s numerous 100 efforts to increase its beer market share (e.g., multiple brand targets, change in 80 compensation program, ongoing restructuring, etc.) and thus view 1H as a bottom for 60 share prices. Our Trading Buy call on the stock remains unchanged; however, once the 3/12 7/12 11/12 3/13 firm’s sales force integration begins to bear fruit, we will upgrade our rating.

Daewoo Securities Co., Ltd. FY (Dec.) 12/10 12/11 12/12 12/13F 12/14F 12/15F Food & Beverage / Tobacco Revenue (Wbn) 1,066 1,374 2,035 2,083 2,209 2,322 OP (Wbn) 122 125 167 192 212 232 Woon-mok Baek OP Margin (%) 11.4 9.1 8.2 9.2 9.6 10.0 +822-768-4158 [email protected] NP (Wbn) 48 70 103 103 120 140 EPS (W) 1,136 1,396 1,465 1,456 1,699 1,984 Hye-rin Yoo ROE (%) 7.0 6.9 7.3 7.3 8.6 9.8 +822-768-4173 P/E (x) 31.2 18.0 20.8 23.3 19.9 17.1 [email protected] P/B (x) 2.2 1.2 1.6 1.9 1.8 1.8 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.

Economic Note Data releases point to April rate cut

Recent data releases point to a rate cut in April

The latest set of data releases, including low consumer inflation and weaker-than- expected export figures, support the widely-held view that the Bank of Korea (BoK) needs to cut the base rate in the coming months to keep the economy out of harm’s Economy Report way. However, the central bank has been digging in its heels amid growing pressure to April 1, 2013 switch back to an easing cycle, saying its monetary policy decisions will be closely linked to external conditions. In other words, the central bank should remain inclined to

maintain its neutral monetary stance if the global economy continues to improve. Daewoo Securities Co., Ltd. March CPI rises 1.3% YoY Economy and Global Research The BoK reported that the March CPI grew 1.3% YoY, falling far short of our and the Dae-il Suh market’s estimate of 1.8%. On a MoM basis, the inflation index was down 0.2%. We +822-768-4058 attribute the subdued inflation to tepid domestic demand, which was reflected in falling [email protected] prices for industrial products (mostly durable goods). In the first two months of 2013, retail sales contracted 0.7% YoY. Annual inflation is likely to fall below the central bank’s target of 2.5-3.5%.

March exports increase only 0.4% YoY

According to the Ministry of Trade, Industry and Energy, Korea’s customs-cleared exports rose only 0.4% YoY (vs. our 2.5% growth forecast) in March as shipments to Europe, Japan, and other advanced economies fell. Customs-cleared imports declined 2.0% YoY due largely to an 18.3% plunge in consumer goods, confirming that domestic demand remained depressed.

BoK is under pressure to join all-out pump-priming efforts

Last Thursday, the finance ministry cut its growth forecast for the year to 2.3%, vs. its previous forecast (made in December) of 3.0% and the 2012 figure of 2.0%. The drastic downward revision, we believe, was an acknowledgement that the economy was in low ebb and could fall into depression unless a set of strong stimuli is immediately cobbled together for implementation. The finance ministry is expected to draw up a larger-than- expected supplementary budget in April, along with other stimuli. Given the finance ministry’s aggressiveness in endeavoring to boost the economy, and the weaker-than- expected CPI and export numbers, the BoK should feel pressure to cut the base rate in the coming months.

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 April 1, 2013

※All data as of close March 29, 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 224,926 1,527,000 0.5 85.7 32.6 73.3 29.5 11.2 8.7 2.2 1.7 21.7 22.9 005380 Hyundai Motor 49,342 224,000 0.9 7.4 -7.8 11.8 -6.4 7.3 8.0 1.4 1.2 20.8 16.3 012330 29,933 307,500 0.7 8.6 9.6 17.7 1.1 7.9 8.3 1.8 1.6 23.2 19.4 005490 POSCO 28,423 326,000 2.7 -36.2 41.3 -21.6 25.9 12.2 9.0 0.7 0.7 6.5 7.8 000270 Kia Motors 22,538 55,600 1.2 2.3 -16.2 11.5 -11.0 5.9 6.6 1.5 1.2 25.5 18.6 032830 Samsung Life 20,900 104,500 2.0 33.2 0.0 23.0 4.2 17.9 1.1 6.2 6.0 000660 SK Hynix 19,957 28,750 - - - - - 13.4 2.0 2.0 - 14.4 055550 19,158 40,400 2.0 -18.2 -1.5 -14.1 2.3 8.1 8.3 0.7 0.7 9.2 8.7 051910 LG Chem 17,761 268,000 1.2 -32.2 8.6 -30.1 9.1 16.3 12.2 2.3 1.7 14.8 14.3 009540 Hyundai Heavy 16,036 211,000 -56.4 20.9 -63.3 55.1 19.6 11.0 1.2 0.9 5.7 8.4 096770 SK Innovation 14,979 162,000 1.8 -42.6 35.3 -62.6 31.8 13.8 9.7 1.2 1.0 7.9 9.8 105560 KB Financial Group 14,488 37,500 1.6 -19.5 3.6 -11.8 3.5 7.2 6.9 0.6 0.5 8.5 8.2 035420 NHN 13,331 277,000 0.3 13.2 26.0 22.1 16.8 19.9 20.8 3.9 3.9 29.8 27.7 066570 LG Electronics 13,272 81,100 0.7 301.4 17.0 - 1075.9 199.3 18.7 1.2 1.2 0.5 6.1 023530 Lotte Shopping 12,880 409,000 0.4 -15.3 11.7 8.4 12.6 10.8 10.5 1.1 1.1 7.0 7.4 034220 LG Display 11,414 31,900 - 19.6 - 263.8 47.6 13.5 1.1 1.1 2.3 8.0 003550 LG Corp. 11,268 65,300 1.5 -9.4 23.3 -4.9 26.6 12.3 9.8 1.0 1.0 8.6 10.1 033780 KT&G 10,517 76,600 4.0 -5.0 2.4 -9.6 -0.3 15.0 14.3 2.1 1.8 14.9 13.5 010950 S-Oil 10,493 93,200 2.6 -54.0 69.3 -50.9 75.9 20.7 10.6 2.3 1.8 11.0 17.9 000810 Samsung F&M 10,328 218,000 2.3 12.6 20.2 17.0 19.2 12.0 1.3 11.1 11.7 051900 LG H&H 9,621 616,000 0.5 0.5 35.0 14.8 24.7 38.3 28.8 35.9 15.5 27.2 27.2 086790 9,613 39,550 2.9 49.3 -19.3 66.0 -32.8 4.4 7.4 0.9 0.5 16.1 9.4 010140 Samsung Heavy 8,034 34,800 2.5 0.7 -6.5 15.3 11.2 8.8 1.5 1.2 16.0 15.9 003600 SK Holdings 8,007 170,500 1.1 -28.1 20.1 -35.3 27.3 7.9 5.9 2.1 1.4 9.7 11.2 009150 Samsung Electro-Mechanics 7,395 99,000 0.8 89.6 17.0 26.1 20.6 17.5 14.5 2.1 1.8 11.8 12.6 086280 Hyundai Glovis 7,069 188,500 0.7 32.7 5.6 38.7 10.2 16.7 12.9 4.4 2.9 29.2 25.1 024110 6,934 12,700 3.4 -11.0 -15.4 -13.0 -12.3 6.0 7.4 0.5 0.5 9.3 7.6 004020 6,910 81,000 0.6 -32.1 40.1 6.6 18.6 9.4 7.3 0.8 0.6 8.4 9.1 011170 Lotte Chemical 6,787 198,000 0.8 -72.5 57.4 -63.3 41.3 21.8 12.4 1.5 1.1 6.4 9.1 035250 6,718 31,400 2.6 -19.2 23.7 -22.2 28.6 20.4 17.1 2.4 2.4 13.1 15.6 010130 Korea Zinc 6,661 353,000 0.6 -20.7 20.7 -20.9 27.0 13.7 9.4 2.0 1.5 15.3 16.7 001800 Orion 6,465 1,083,000 0.3 19.5 21.5 53.9 26.8 42.9 33.3 7.4 6.2 16.3 18.0 006400 Samsung SDI 6,401 140,500 1.0 69.9 14.9 359.7 -57.0 4.8 10.5 1.0 0.8 21.8 8.3 139480 Emart 6,133 220,000 0.3 56.3 4.1 72.2 3.3 12.6 11.3 1.1 1.0 9.2 8.7 161390 5,958 48,100 1.0 211.0 221.5 26.7 8.5 1.9 1.7 6.9 20.6 078930 GS 5,956 64,100 1.9 -26.6 71.9 -36.1 67.7 13.8 7.3 1.2 0.9 8.0 12.3 088350 Hanwha Life 5,932 6,830 3.3 - - 11.5 3.5 10.0 9.6 0.9 0.8 8.8 8.6 090430 Amorepacific 5,711 977,000 0.5 7.3 14.4 -2.4 16.1 26.3 18.2 3.7 2.6 14.1 14.4 068270 Celltrion 5,410 53,900 17.2 36.3 1.3 30.2 26.3 41.8 6.5 11.2 17.6 19.2 034730 SK C&C 4,830 96,600 1.2 15.9 13.8 -18.7 46.4 14.5 9.3 1.8 1.4 14.4 17.4 004940 Bank 4,830 7,490 2.3 -51.5 -4.8 -55.1 0.0 6.6 6.5 - - - - 034020 Doosan Heavy I&C 4,748 44,850 3.3 0.8 -88.1 1307.8 146.4 10.3 1.3 1.2 0.7 9.6 001300 4,604 87,800 0.8 44.6 31.5 -21.7 52.0 23.7 14.5 1.7 1.5 6.5 9.5 097950 CJ CheilJedang 4,562 348,500 0.5 35.5 15.1 -11.3 68.1 18.9 11.1 2.9 2.2 9.3 13.8 011210 Hyundai Wia 4,220 164,000 0.9 67.6 3.5 72.6 8.4 10.6 9.3 2.6 2.0 25.5 22.3 016360 Samsung Securities 4,143 54,200 1.4 9.6 19.4 24.0 18.6 16.1 1.2 6.9 7.7 069960 Hyundai Department Store 3,897 166,500 0.5 -2.9 4.1 1.1 6.0 10.5 10.3 1.3 1.2 13.6 12.7 010060 OCI 3,804 159,500 0.2 -86.2 81.0 - - - 155.7 1.3 1.3 - 0.8 012450 Samsung Techwin 3,496 65,800 0.8 74.6 13.2 -43.3 20.0 24.2 22.2 2.4 2.5 8.3 9.9 036570 NCsoft 3,440 157,000 0.4 12.0 34.2 29.6 13.3 21.0 19.4 3.0 2.8 16.8 16.3 Source: KDB Daewoo Securities Research

Market Data April 1, 2013

※All data as of close April 1, 2013, unless otherwise noted.

Other Major Indices Economic Indicators Close Net Chg 1D (%) YTD (%) Close 1D ago 1M ago 1Y ago MSCI Korea* 411.66 2.42 0.59 -4.09 USD/KRW 1,112.50 1,112.10 1,085.40 1,137.80 KOSPI 1,995.99 -8.90 -0.44 -1.73 JPY100/KRW 1,179.18 1,180.13 1,176.20 1,380.74 KOSDAQ 553.97 -1.05 -0.19 10.44 EUR/KRW 1,424.83 1,425.21 1,425.78 1,513.44 Dow Jones* 14,578.54 52.38 0.36 8.69 3Y Treasury 2.49 2.52 2.63 3.55 S&P 500* 1,569.19 6.34 0.41 7.30 3Y Corporate 2.85 2.88 2.99 4.35 NASDAQ* 3,267.52 11.00 0.34 4.99 DDR2 1Gb* 1.69 1.70 1.33 1.32 Philadelphia Semicon* 436.66 3.13 0.72 9.24 NAND 16Gb* 2.97 2.97 2.00 2.22 FTSE 100* 6,411.74 24.18 0.38 6.38 Oil (Dubai)* 106.83 106.40 107.23 121.84 Nikkei 225 12,135.02 -262.89 -2.12 13.54 Gold* 1,594.80 1,606.20 1,578.10 1,657.90 Hang Seng* 22,299.63 -165.19 -0.74 -4.34 Customer deposits (Wbn)* 17,248 18,286 17,211 18,094 Taiwan (Weighted) 7,899.24 -19.37 -0.24 1.54 Equity type BC (Wbn)(Mar. 28) 91,515 91,473 92,804 98,054 Note: * as of March 29, 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 LG Display 6.59 Samsung Electronics 56.54 Samsung Electronics 53.52 KODEX LEVERAGE 17.63 LG Electronics 6.10 Hana Financial Group 9.10 Cheil Industries 13.06 LG Electronics 13.75 KODEX INVERSE 5.51 GKL 8.11 KEPCO 8.60 GKL 13.12 NHN 5.46 Hynix 7.57 Hana Financial Group 8.59 Hyundai M&F Insurance 9.60 Cheil Industries 5.30 KODEX LEVERAGE 7.41 Woori Finance Group 8.51 POSCO 8.36 Kia Motors 5.29 LG Chem 6.61 Shinhan Financial Group 8.22 Kia Motors 6.57 POSCO 5.19 4.32 NHN 7.67 LG Display 6.45 Hyundai Eng. & Cosnt. 5.09 Honam Petrochemical 3.85 Hynix 6.95 Shipping 6.20 Glovis 4.75 Shinhan Financial Group 3.79 NCsoft 5.81 Hyundai Eng. & Cosnt. 5.27 4.41 Amore Pacific 3.70 Korea Zinc 5.80 Hotel Shilla 4.67 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 Lumens 1.44 Paradise 8.03 Kolon Life Science 3.45 Paradise 13.99 CTC Bio 1.04 Diostech 2.76 SEEGENE 3.00 CJ E&M 4.66 Semiconductor 0.87 SEEGENE 1.91 Gamevil 1.92 ELK 2.25 Sejung Namo Tour 0.81 Com2us 1.57 Sekonix 1.22 Silicon Works 2.09 CJ E&M 0.76 Partrion 1.17 i-SENS 1.19 Amotech 1.55 INICIS 0.76 Silicon Works 0.98 SFA Engineering 1.17 TK Corp. 1.28 AHNLAB 0.61 Easy Bio System 0.82 Seoul Semiconductor 1.10 Lumens 1.13 GS Home Shopping 0.57 Daum Communications 0.64 ACTOZ SOFT 1.05 Modetour Network 1.08 Sung Woo HiTech 0.53 Medipost 0.59 Romanson 0.99 Sung Woo HiTech 1.04 Gamevil 0.48 CJ O Shopping 0.55 SK Broadband 0.95 TERA SEMICON 1.03 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 1,512,000 -15,000 222,717 Celltrion 53,100 -800 4,641 Hyundai Motor 222,000 -2,000 48,901 Paradise 20,200 -1,700 1,837 Hyundai Mobis 306,000 -1,500 29,787 CJ O Shopping 295,700 -3,200 1,834 POSCO 325,000 -1,000 28,336 Seoul Semiconductor 28,850 -50 1,682 Kia Motors 55,100 -500 22,336 Dongsuh 24,050 -300 1,423 103,000 -1,500 20,600 CJ E&M 34,000 -850 1,290 KEPCO 31,200 900 20,029 Daum Communications 92,900 1,200 1,257 Samsung Electronics (P) 872,000 -4,000 19,911 GS Home Shopping 190,200 -1,600 1,248 Hynix 28,650 -100 19,888 SK Broadband 4,135 40 1,224 Shinhan Financial Group 40,600 200 19,253 SEEGENE 70,300 300 1,148 Source: Korea Exchange