March 17, 2014

KOREA

Company News & Analysis Major Indices Close Chg Chg (%) Sungwoo Hitech (015750/Buy/TP: W21,000) KOSPI 1,927.53 7.63 0.40 Compelling story and cheap valuation KOSPI 200 250.15 1.13 0.45 KOSDAQ 535.82 -8.45 -1.55

Sector News & Analysis Turnover ('000 shares, Wbn) Rechargeable Batteries (Overweight) Volume Value KOSPI 212,146 3,265 Domestic EV proliferation to take off in 2014 KOSPI 200 57,922 2,541 KOSDAQ 365,975 2,025

Economy & Strategy Update Market Cap (Wbn) Fixed Income Weekly Value Yield decline unlikely to be structural KOSPI 1,142,264 KOSDAQ 130,254

KOSPI Turnover (Wbn) Buy Sell Net Foreign 692 919 -227 Institutional 949 779 170 Retail 1,584 1,555 29

KOSDAQ Turnover (Wbn) Buy Sell Net Foreign 113 134 -21 Institutional 88 147 -59 Retail 1,817 1,734 82

Program Buy / Sell (Wbn) Buy Sell Net KOSPI 590 644 -54 KOSDAQ 21 24 -3

Advances & Declines Advances Declines Unchanged KOSPI 341 458 84 KOSDAQ 270 675 49

KOSPI Top 5 Most Active Stocks by Value (Wbn) Price (W) Chg (W) Value Samsung Electronics 1,266,000 -9,000 223 Hynix 36,700 -1,250 149 LG Display 25,300 1,700 140 KODEX LEVERAGE 11,005 90 140 KODEX 200 25,205 95 110

KOSDAQ Top 5 Most Active Stocks by Value (Wbn) Price (W) Chg (W) Value Koentec 4,010 420 72 Nowcom 19,750 150 56 POSCO ICT 8,560 -190 47 CJ E&M 41,800 -3,200 46 OKONG Corp. 4,600 600 42 Note: As of March 17, 2014

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.

Sungwoo Hitech (015750 KQ) Compelling story and cheap valuation

Auto 4Q13 review: Strong Chinese sales drive earnings beat Sungwoo Hitech’s 4Q13 earnings beat the market consensus, with revenue of Results Comment W802.6bn (+3.1% YoY) and operating profit of W72.6bn (+60.7% YoY). OP margin came March 17, 2014 in at 9.0% (the highest level in recent quarters), which beat our estimate of 7.8%. We primarily attribute the earnings beat to stronger-than-expected contributions from the

firm’s Chinese operations, which we ascribe to solid sales by Hyundai Motor (HMC) and (Maintain) Buy Motors in the country. We also believe Sungwoo Hitech’s European operations saw a solid earnings recovery due to pricing adjustments after a weak 1H13. Target Price (12M, W) 21,000 Pretax profit reached W83bn (+103.4% YoY), and net profit came in at W56bn (+117.7% YoY) thanks to a one-time gain of W30bn related to Sungwoo Hitech’s Share Price (03/14/14, W) 16,150 Hyundai Hysco securities holdings, which offset F/X-related losses.

Expected Return 30% 2014 outlook

Sungwoo Hitech is the largest supplier of automobile body parts to HMC’s and Kia OP (13P, Wbn) 213 Motors’ overseas operations (excluding the US and Brazil). Sungwoo Hitech’s main Consensus OP (13F, Wbn) 190 overseas businesses are in China, Eastern Europe (Czech Republic and Slovakia), Russia, and India. 67% of Sungwoo Hitech’s consolidated revenue comes from China (35%) and EPS Growth (13P, %) -2.4 Russia (32%), and only 29% is derived from Korean operations. Thus, future growth for Market EPS Growth (13F, %) 4.3 Sungwoo Hitech will be highly correlated with HMC’s and Kia Moto rs’ overseas P/E (13P, x) 5.9 expansion and growth. Market P/E (13F, x) 12.1 KOSDAQ 544.27 We believe (HMG) will continue to expand in Sungwoo Hitech’s key markets going forward. This year, HMC will complete the final ramp-up of its third Market Cap (Wbn) 808 plant in China (additional annual capacity of 150,000 units), and a fourth plant is Shares Outstanding (mn) 50 strongly anticipated. Meanwhile, Kia Motors has also started production at its third Free Float (%) 55.1 plant in China. For Eastern Europe, both HMC and Kia Motors have switched to a three- Foreign Ownership (%) 23.7 shift schedule, leading to additional capacity of 10% each. We also anticipate a third Beta (12M) 0.83 52-Week Low 13,050 expansion of HMC’s Russian plant. 52-Week High 18,100 Therefore, we are confident Sungwoo Hitech will continue to benefit from HMG’s (%)(%)(%) 1M1M1M 6M6M6M 12M12M12M expansion efforts in China and Eastern Europe. Along with solid top-line growth, we also Absolute 8.4 8.8 9.9 anticipate Sungwoo Hitech’s operating profit and net profit to grow at 2013-15 CAGRs Relative 4.1 6.1 11.7 of 10.3% and 16.7%, respectively.

150 Sungwoo Hitech KOSDAQ Trading at a 2014F P/E of 5.7x

130 Sungwoo Hitech’s earnings levels (revenue over W3tr; net profit over W100bn) are the

110 highest among small- to mid-cap Korean auto parts makers. We also find the company’s OP margin (7%) and current 2014F trading multiples (P/E of 5.7x, EV /EBITDA of 3.9x, 90 and P/B of 0.8x) to be very compelling compared to peer levels. 70 3.13 7.13 11.13 3.14

Daewoo Securities CCo.,o., Ltd. FY (Dec.) 12/10 12/11 12/12 12/13P 12/14F 12/15F Revenue (Wbn) 2,082 2,584 3,011 3,106 3,226 3,495 [Auto/Auto Parts/Tire] OP (Wbn) 162 174 200 213 230 259

Michael Yun OP margin (%) 7.8 6.7 6.6 6.9 7.1 7.4 +822-768-4169 NP (Wbn) 128 51 134 131 141 157 [email protected] EPS (W) 2,550 1,022 2,677 2,614 2,829 3,148 ROE (%) 27.9 8.4 19.0 16.5 15.9 15.4 Young-ho Park +822-768-3033 P/E (x) 4.3 13.6 4.4 5.9 5.7 5.1 [email protected] P/B (x) 1.0 1.1 0.8 0.9 0.8 0.7 Notes: All figures are based on consolidated K-IFRS; NP refers to net profit attributable to controlling interests Sangmin Lee Source: Company data, KDB Daewoo Securities Research estimates +822-768-4170 [email protected] 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 & DISCLAIMERS IN APPENDIX 1 AT THE END OF REPORT.

Rechargeable Batteries (Overweight/Maintain)

Domestic EV proliferation to take off in 2014

¢ About 40 participants joined first-ever International Electric Vehicle Expo on Jeju Island March 15-21, including BMW, Nissan, and Kia Motors Sector Update ¢ EVs represent just 0.1% of all cars in Korea, but EV sales volume to grow 88% YoY to March 17, 2014 1,500 units in 2014 ¢ Implementation of bonus-malus scheme in 2015 to spur private sector subsidies

Daewoo Securities CCo.,o., Ltd. BMW i3 and Kia Soul EV to hit the domestic market in April [Display/Battery] Competition in the domestic electric vehicle (EV) market is getting underway, as domestic and

Jonathan Hwang foreign auto makers unveiled their newest EV models at the first-ever International Electric +822-768-4140 Vehicle Expo (IEVE) beginning March 15 th on Jeju Island. Jeju has some of the best conditions [email protected] in Korea for the mass adoption of EVs in terms of geography (shoreline is only 180 kilometers long), infrastructure (there are 497 charging stations, or one station for every 3.72 square

kilometers), and strong local government support (W23mn in total subsidies per buyer). The

Jeju local government is aiming to put around 94,000 EVs on the road by 2020.

This year, BMW’s i3, Kia’s Soul EV, and Nissan’s LEAF are set to hit the domestic market, adding to the list of domestically available EVs, which currently include Renault Samsung’s SM3 Z.E., GM’s Spark, and Kia’s Ray. Bonus-malus scheme to spur private sector subsidies

Aside from Jeju, most major cities in Korea still lack the conditions necessary for EVs to thrive. The Ministry of Environment slashed its EV subsidy budget this year by 8% to W25.4bn, and government subsidies are still geared towards the public sector and carsharing companies; Jeju and Changwon are so far the only local governments providing any subsidies for the private sector. Consumers have mostly been excluded from the benefits of EV subsidies. In this regard, the bonus-malus scheme set to take effect in 2015 should provide a boost to EV expansion in Korea. The program is designed to impose charges on high-emission vehicles and will use the proceeds to reward low-emission vehicles with subsidies. Rechargeable batteries offer attractive mid/long-term growth potential; Our top pick is Samsung SDI

We recommend Samsung SDI (006400 KS/Buy/TP: W200,000) as our top pick for rechargeable batteries. The company’s large-sized rechargeable battery business remains on track. That said, the stock will likely remain pressured in 1Q from continued earnings weakness in small-sized batteries, and a decline in equity method gains from Samsung Display (SDC). However, small-sized battery earnings and SDC’s OLED utilization should normalize in 2Q with the full-fledged release of the Galaxy S5. We believe now is the time to buy.

Figure 111.1. Global LIB market, EV sales trendtrend,,,, and forecastforecastssss

(US$bn) ('000 units) EV portion3.7% 60 IT(L) xEV(L) ESS(L) EV sales (R) 4,000

50 EV portion0.9% 3,000 40

2012~20F CAGR: 18.7% 30 IT 2.0%, xEV 43.1%, ESS 28.7% 2,000

20 1,000 10

0 0 04 06 08 10 12 14F 16F 18F 20F

Source: KDB Daewoo Securities Research

Analysts who prepared this report are registered as research analysts in Korea but not in any other jurisdiction, including tthehe U.S. PLEASE SEE ANALYST CERTIFICATIONS AND IMPORTANT DISCLOSURES & DISCLAIMERS IN APPENDIX 1 AT THE END OF REPORT.

Fixed Income Weekly Yield decline unlikely to be structural

Yields still falling, but expect a rebound soon Despite better-than-expected economic data released in the US and Europe, risk Fixed Income Report appetite is decreasing around the globe due to concerns over China’s slowdown and March 17, 2014 geopolitical risks related to Ukraine.

However, developed markets are experiencing ongoing improvements in economic Daewoo Securities CCo.,o., Ltd. fundamentals; this suggests that global yields will eventually bounce back. Yields may continue to decline in the short term, but they should start to bottom out in 2Q. [Fixed Income]

Yeo-sam Yoon Last week, KTB yields fell to the lower ends of the narrow trading ranges seen since +822-768-4022 November 2013 (from upper-end levels). Specifically, the three-year yield fell from 2.9% [email protected] to 2.82%, while the 10-year yield dipped from 3.58% to 3.47%. These declines reversed recent uptrends, which had been supported by expectations for a new Bank of Korea

(BOK) governor and economic recovery. Indeed , yields plunged last Friday afternoon,

largely caused by massive short covering.

We expect that KTB yields will remain at the lower ends of their trading ranges until external uncertainties ease. Furthermore, bottom levels might be tested, considering strong buying forces amid a supply shortage and pent-up demand. This week, we anticipate three-year and 10-year KTB yields could decline to 2.8% and 3.45%, respectively. Thereafter, they could further decline to 2.75% and 3.4%, in our view.

However, we maint ain our previous position that investors should be cautious about betting on sharply falling yields, as: 1) the Ukraine crisis, which has recently driven down yields, could be resolved at any moment ; and 2) the Chinese government could take policy measures sooner than expected. Unless concerns about developed nations , including the US, intensify, yields are unlikely to fall markedly from the current levels.

There have been concerns about unfavorable supply/demand conditions, as insurers did not expand their bond positions despite a decrease in public corporation bond issuances. However, insurers’ daily average KTB balance has increased sharply since the beginning of March, indicating supply/demand conditions are improving thanks to short-term yield rises.

However, increased selling sentiment drove down yields further than expected by sparking short covering amid rising concerns about Ukraine and China. Foreign investors began to aggressively accumulate KTB futures, taking advantage of won depreciation. And it appears that foreign investors still have room to purchase an additional 20,000- 30,000 contracts before yields reach previous highs

Bidding for 10-year KTBs and the maturing of three-year and 10-year KTB futures are scheduled for this week. The bidding is expected to be fairly competitive in light of usually high demand for new issues. However, already-low yields are likely to weigh on sentiment. In addition, high distant-month contract prices are also depressing demand for futures. Meanwhile, the nominee for the BOK governorship is anticipated to be supportive of the central bank’s current stance at a parliamentary confirmation hearing scheduled for this Wednesday. The Fed is also expected to express confidence in the US economy at the upcoming FOMC meeting. Despite some downside risks, bond yields are not expected to trend downward in light of macroeconomic conditions.

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 March 17, 2014

※All data as of close March 14, 2014, unless otherwise noted.

14F Earnings growth Mkt Cap Price P/E (x) P/B (x) ROE (%) Ticker Company Div Yield OP EPS (Wbn) (W) (%) 14F 15F 14F 15F 14F 15F 14F 15F 14F 15F 005930 Samsung Electronics 186,481 1,266,000 1.4 -2.1 6.2 -1.7 6.1 7.4 6.9 1.2 1.0 18.5 16.8 005380 Hyundai Motor 51,545 234,000 0.9 3.7 2.9 0.5 4.1 7.8 7.5 1.1 1.0 15.4 13.9 012330 29,301 301,000 0.7 7.7 10.2 10.4 7.3 7.8 7.2 1.2 1.1 17.2 15.8 035420 NAVER 26,403 801,000 0.1 79.0 24.6 108.5 23.7 38.6 31.2 11.0 8.6 41.8 40.9 000660 SK Hynix 26,064 36,700 32.1 0.5 38.2 -3.4 6.6 6.8 1.5 1.2 26.3 20.2 005490 POSCO 24,325 279,000 2.9 34.2 25.9 60.9 35.8 11.0 8.1 0.5 0.5 5.2 6.8 015760 KEPCO 23,624 36,800 280.7 21.5 3070.8 55.3 10.5 6.8 0.4 0.4 4.4 6.5 000270 Kia Motors 22,944 56,600 1.4 -4.9 8.9 -6.2 11.4 6.4 5.8 1.0 0.8 16.4 15.7 055550 Shinhan Financial Group 20,936 44,150 - - - - 0.0 0.0 032830 Samsung Life 19,780 98,900 - - - - 0.0 0.0 017670 SK Telecom 17,320 214,500 4.4 14.6 6.5 17.3 6.5 9.6 9.0 1.4 1.3 13.0 12.8 051910 LG Chem 16,004 241,500 1.7 9.8 38.8 15.9 39.8 12.2 8.7 1.4 1.2 12.0 15.0 009540 Hyundai Heavy 15,694 206,500 1.2 19.3 64.1 53.6 90.8 20.7 10.8 0.8 0.8 4.3 7.8 105560 KB Financial Group 14,218 36,800 - - - - 0.0 0.0 096770 SK Innovation 11,928 129,000 2.5 32.1 32.9 66.4 34.9 9.4 7.0 0.7 0.7 7.8 9.8 086790 Hana Financial Group 11,364 39,200 - - - - 0.0 0.0 033780 KT&G 10,956 79,800 4.0 8.0 2.6 38.9 4.6 13.8 13.2 1.8 1.7 14.5 14.1 000810 Samsung F&M 10,754 227,000 - - - - 0.0 0.0 023530 Lotte Shopping 10,109 321,000 0.5 9.4 14.1 25.7 16.1 9.7 8.3 0.6 0.6 6.5 7.0 066570 LG Electronics 9,803 59,900 0.7 31.2 43.3 329.1 56.8 14.3 9.1 1.0 0.9 6.3 9.4 003550 LG Corp. 9,370 54,300 1.8 19.9 8.3 11.5 7.2 9.3 8.6 0.8 0.7 8.5 8.5 000830 Samsung C&T 9,232 59,100 0.8 35.4 12.6 36.9 14.9 20.0 17.4 0.9 0.9 4.2 4.7 003600 SK Holdings 9,134 194,500 1.3 47.5 16.4 117.9 9.9 8.2 7.4 0.7 0.6 9.2 9.3 034220 LG Display 9,053 25,300 2.0 -31.7 23.3 38.3 24.5 15.4 12.4 0.9 0.8 5.5 6.6 086280 8,325 222,000 0.7 10.6 13.2 17.1 12.7 14.8 13.1 2.9 2.4 21.8 20.3 004020 7,832 67,200 0.7 63.8 8.1 20.4 14.3 7.8 6.8 0.5 0.5 6.9 7.3 034730 SK C&C 7,725 154,500 0.8 11.8 10.2 182.8 8.8 14.5 13.3 2.4 2.0 20.5 18.7 051900 LG Household & Health Care 7,684 492,000 0.8 10.2 10.1 8.4 10.8 22.6 20.4 4.7 3.9 23.4 21.5 030200 KT 7,533 28,850 2.8 -2.4 51.6 229.2 191.4 28.7 9.8 0.8 0.8 2.2 6.2 161390 7,371 59,500 1.2 9.7 8.4 9.6 8.7 8.7 8.0 1.6 1.4 19.7 18.1 010950 S-Oil 7,183 63,800 4.6 136.0 28.1 132.8 28.1 10.3 8.0 1.3 1.1 12.8 14.9 010140 Samsung Heavy 7,146 30,950 1.6 9.8 12.8 34.6 16.3 8.4 7.2 1.0 0.9 13.8 14.2 090430 Amorepacific 6,968 1,192,000 0.5 10.1 10.6 14.9 13.5 27.1 23.9 3.0 2.7 11.3 11.6 139480 Emart 6,927 248,500 0.6 8.8 9.0 8.6 11.5 13.3 11.9 1.0 0.9 7.8 8.1 006400 Samsung SDI 6,857 150,500 1.0 - 103.3 191.1 18.7 18.7 15.7 0.9 0.9 5.1 5.8 035250 Kangwon Land 6,611 30,900 3.4 13.8 9.1 12.5 11.4 16.7 15.0 2.2 2.1 14.7 15.2 010130 Korea Zinc 6,491 344,000 1.5 36.5 2.4 47.2 4.1 9.9 9.5 1.3 1.2 14.6 13.5 011170 Lotte Chemical 6,204 181,000 0.6 26.3 68.0 66.2 75.1 14.9 8.5 0.9 0.8 6.5 10.4 000720 Hyundai E&C 6,069 54,500 0.9 10.7 29.9 9.6 37.0 11.2 8.1 1.1 1.0 10.5 13.0 042660 DSME 5,933 31,000 1.0 33.9 39.3 29.3 50.4 16.1 10.7 1.1 1.0 7.3 10.1 088350 Hanwha Life 5,889 6,780 - - - - 0.0 0.0 036460 KOGAS 5,853 63,400 2.6 3.4 17.6 - 40.3 16.5 11.8 0.7 0.7 4.4 5.9 021240 COWAY 5,545 71,900 1.5 5.3 14.7 -2.9 15.8 21.8 18.8 5.4 4.5 25.5 24.8 009150 Samsung Electro-Mechanics 4,885 65,400 2.0 -5.0 31.3 -4.2 30.6 16.0 12.3 1.2 1.1 7.5 9.2 036570 NCsoft 4,879 222,500 0.3 89.4 31.2 131.8 21.3 13.3 10.9 3.0 2.4 27.7 25.9 001800 Orion 4,672 782,000 0.4 1.5 13.1 7.5 20.6 29.7 24.6 3.7 3.2 13.2 14.1 078930 GS 4,623 49,750 2.7 42.4 18.0 37.2 19.5 9.1 7.6 0.7 0.6 7.7 8.6 010060 OCI 4,579 192,000 0.2 - 145.2 - 327.2 82.0 19.2 1.6 1.5 1.9 7.9 032640 LG Uplus 4,497 10,300 2.4 20.3 19.0 43.5 29.2 11.2 8.7 1.2 1.1 9.5 11.3 047050 Daewoo International 4,464 39,200 0.8 104.9 31.3 165.9 26.9 12.1 9.6 1.7 1.5 15.1 16.5 Source: KDB Daewoo Securities Research

Market Data March 17, 2014

※All data as of close March 17, 2014, unless otherwise noted.

Other Major Indices Economic Indicators Close Net Chg 1D (%) YTD (%) Close 1D ago 1M ago 1Y ago MSCI Korea* 409.56 -5.44 -1.31 -7.45 USD/KRW 1,072.00 1,067.40 1,061.90 1,105.00 KOSPI 1,927.53 7.63 0.40 -2.02 JPY100/KRW 1,057.72 1,048.37 1,043.48 1,149.84 KOSDAQ 535.82 -8.45 -1.55 7.97 EUR/KRW 1,490.99 1,480.27 1,455.07 1,437.88 Dow Jones* 16,065.67 -43.22 -0.27 -2.28 3Y Treasury 2.85 2.83 2.85 2.61 S&P 500* 1,841.13 -5.21 -0.28 0.50 3Y Corporate 3.28 3.26 3.28 2.95 NASDAQ* 4,245.39 -15.03 -0.35 2.47 DDR2 1Gb* 1.75 1.77 1.80 1.58 Philadelphia Semicon* 562.48 -2.66 -0.47 6.58 NAND 16Gb* 3.04 3.04 3.37 2.71 FTSE 100* 6,527.89 -25.89 -0.40 -2.83 Oil (Dubai)* 103.70 104.03 105.42 104.11 Nikkei 225 14,277.67 -49.99 -0.35 -10.25 Gold* 1,379.00 1,372.40 1,319.00 1,590.70 Hang Seng* 21,539.49 -216.59 -1.00 -7.71 Customer deposits (Wbn)* 13,725 14,424 13,633 18,626 Taiwan (Weighted) 8,700.10 12.47 0.14 1.02 Equity type BC (Wbn)(Mar. 13) 83,236 83,237 84,529 91,849 Note: * as of March 14, 2014 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 DSME 5.97 Samsung Electronics 80.40 LG Display 60.54 Hynix 22.39 emart 5.68 LG Display 25.10 NCsoft 29.99 KODEX INVERSE 11.38 Honam Petrochemical 5.44 NHN 23.74 Kia Motors 28.08 Samsung Electronics (P) 7.91 KEPCO 5.15 NCsoft 18.77 Samsung Electronics 20.00 Hyundai Merchant Marine 6.63 4.94 Kia Motors 11.19 KODEX 200 19.37 Hotel Shilla 6.62 Korean Air Lines 4.67 9.80 Hyundai Motor 15.94 KB Financial Group 6.32 Samsung Engineering 4.31 POSCO 9.45 Hyundai Mobis 9.94 NHN Entertainment 5.96 Hyundai Merchant Marine 3.87 Orion 7.59 Hyundai Heavy Industries 8.88 Samsung SDI 4.06 KOREA AEROSPACE 3.80 Samsung F&M Insurance 6.17 SK Telecom 7.76 Korea Zinc 3.95 Nongshim 3.51 KODEX 200 5.67 Samsung F&M Insurance 7.36 SEMCO 3.79 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 Gamevil 8.69 Com2us 2.70 GS Home Shopping 2.07 CJ E&M 7.43 SM 3.69 Lumens 2.40 HaanSoft 1.23 Semiconductor 5.63 Paradise 2.47 Seoul Semiconductor 2.32 Daum Communications 1.21 Medy-tox 4.83 Nowcom 1.75 GS Home Shopping 2.12 IntroMedic 1.00 YG Entertainment 4.38 Interpark 1.63 YG Entertainment 1.86 nTels 0.95 SM 3.73 Celltrion 1.63 i-SENS 1.67 Wemade 0.87 Lumens 2.51 Woory Industrial 1.42 Daum Communications 1.33 Sung Kwang Bend 0.80 i-SENS 2.10 Medy-tox 1.34 AHNLAB 1.29 STC 0.79 Paradise 1.99 CJ O Shopping 1.22 NEOWIZ Games 0.89 LiHOM-CUCHEN 0.69 Gamevil 1.86 Mobilians 1.08 HaanSoft 0.84 Interpark INT 0.65 EO Technics 1.75 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 -9,000 186,481 Celltrion 41,600 -400 4,181 Hyundai Motor 234,000 5,000 51,545 Paradise 31,750 50 2,887 Hyundai Mobis 301,000 5,000 29,301 Seoul Semiconductor 48,400 -1,500 2,822 NHN 801,000 -9,000 26,403 CJ O Shopping 375,400 -1,400 2,329 Hynix 36,700 -1,250 26,064 Ssangyong E&C 136,800 0 1,999 POSCO 279,000 2,000 24,325 GS Home Shopping 249,900 -1,500 1,640 KEPCO 36,800 50 23,624 CJ E&M 41,800 -3,200 1,619 Samsung Electronics (P) 1,006,000 -17,000 22,970 Dongsuh 15,750 100 1,570 Kia Motors 56,600 1,700 22,944 SK Broadband 4,455 -90 1,318 Shinhan Financial Group 44,150 650 20,936 POSCO ICT 8,560 -190 1,301 Source: