January 22, 2013

KOREA

Morning

Company News & Analysis Major Indices Close Chg Chg (%) Hyundai Mipo Dockyard (Buy/TP: W148,000) KOSPI 1,986.86 -0.99 -0.05 Steady orders, but concerns on price KOSPI 200 261.30 -0.41 -0.16 KOSDAQ 514.66 2.42 0.47

Sector News & Analysis Turnover ('000 shares, Wbn) Banks (Overweight) Volume Value KOSPI 440,766 3,752 Putting the past behind us KOSPI 200 78,757 2,860 KOSDAQ 504,265 1,725

Economy & Sector Update Market Cap (Wbn) Fixed Income Weekly Value Debt-limit fears built into yields KOSPI 1,148,862 KOSDAQ 112,796

KOSPI Turnover (Wbn) Buy Sell Net Foreign 889 1,076 -187 Institutional 982 805 176 Retail 1,857 1,845 11

KOSDAQ Turnover (Wbn) Buy Sell Net Foreign 64 61 3 Institutional 77 78 -1 Retail 1,582 1,584 -3

Program Buy / Sell (Wbn) Buy Sell Net KOSPI 717 579 138 KOSDAQ 11 13 -2

Advances & Declines Advances Declines Unchanged KOSPI 462 353 77 KOSDAQ 533 382 84

KOSPI Top 5 Most Active Stocks by Value (Wbn) Price (W) Chg (W) Value Samsung Electronics 1,454,000 -26,000 420 KODEX LEVERAGE 12,735 45 310 KODEX 200 26,400 -5 185 KODEX INVERSE 7,450 -5 166 Hyundai Motor 210,500 -3,000 121

KOSDAQ Top 5 Most Active Stocks by Value (Wbn) Price (W) Chg (W) Value Danal 13,100 950 47 AHNLAB 53,700 -100 45 KCP 13,250 1,150 34 Digital Innovation Display 5,330 250 33 Lumens 7,990 370 33 Note: As of January 21, 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.

January 22, 2013 Company Report

Hyundai Mipo Dockyard (010620 KS) Shipbuilding

Daewoo Securities Co., Ltd. Steady orders, but concerns on price Ki-jong Sung +822-768-3263 4Q12 preview: Profitability not expected to recover soon [email protected] We project Hyundai Mipo Dockyard (HMD) will record 4Q12 revenue and operating Ryan Kang profit of W1.1tr (-2.5% YoY) and W30.4bn (-52.0% YoY), respectively. Both figures +822-768-3065 would be below market consensus. We do not expect HMDÊs earnings to see any [email protected] significant recovery this year due to: 1) the firmÊs increased ratio of lower-priced orders (out of total backlogs), 2) won appreciation (F/X exposure 20-40%), and 3) delivery delays. We believe expectations of tepid earnings are already priced in. However, we project the delivery of heavy-tail contracted vessels will increase toward late 2013, and thus expect HMDÊs cash flow to improve. Buy (Maintain) Outstanding orders, but weak newbuilding prices Target Price (12M, W) 148,000 We project HMD will continue its robust performance with regard to product carriers. Share Price (01/21/13, W) 127,500 We expect the company will take a diverse array of orders for several vessel types, Expected Return (%) 16.1 including LPG carriers, PCTCs, bulk carriers, offshore supply vessels, etc. We note HMD EPS Growth (13F, %) 36.8 has been focusing on offshore-facility businesses. HMD received four PSV orders last Market EPS Growth (13F, %) 18.7 year, and is attempting to take orders for high-yield offshore supply vessels like DSVs P/E (13F, x) 14.2 (Diving Support Vessel). Even though HMD has only just begun to take orders for Market P/E (13F, x) 9.1 offshore supply vessels, we believe this will become a long-term catalyst for the KOSPI 1,986.86 company (a more diversified product lineup, and improved profitability). Market Cap (Wbn) 2,550 We project HMD will be able to secure orders despite the slowing shipbuilding market Shares Outstanding (mn) 20 due to its outstanding competitiveness in medium-to-small vessels. Weak newbuilding Avg Trading Volume (60D, '000) 121 prices are the biggest concern for the company (as they are for other shipbuilders). Avg Trading Value (60D, Wbn) 14 HMD is trying to raise its newbuilding prices on the back of its solid backlogs (HMD had Dividend Yield (13F, %) 1.6 secured order backlogs of US$7.3bn as of end-2012; 1.5 years of work). The company is Free Float (%) 51.6 making every effort to increase prices for newbuilding orders and existing, optional 52-Week Low (W) 102,500 orders to compensate for the decreased US$/W rate. 52-Week High (W) 167,000 Beta (12M, Daily Rate of Return) 1.56 Maintain Buy call and TP of W148,000 Price Return Volatility (12M Daily, %, SD) 2.3 We maintain our Buy call and target price of W148,000. We expect HMD will be able to Foreign Ownership (%) 18.2 maintain stable orders and earnings growth despite the global economic slowdown and Major Shareholder(s) eurozone crisis. We expect HMDÊs share performance will distinguish the company in Hyundai Samho Heavy Industries et al. (46.4%) 2013 even amid expectations of a continued, depressed shipbuilding market. NPS (7.38%) International small- to mid-sized shipbuilders are suffering from a shrinking amount of new orders, and Chinese builders are only taking orders from China. We believe there Price Performance are only a few true competitors to HMD given the firmÊs technological prowess. (%) 1M 6M 12M Absolute 0.0 9.0 2.0 We believe HMDÊs shares are currently undervalued (trading at a 2013F P/E of 13.4x Relative -0.3 0.0 0.1 and a P/B of 0.9x) compared to its competitors given the value of HMDÊs stake in

Hyundai Heavy Industries (about W1.4tr; 8.0% of outstanding shares).

§ Earnings & Valuation Metrics Share price FY Revenues OP OP Margin NP EPS EBITDAFCF ROE P/E P/B EV/EBITDA 160 KOSPI (Wbn) (Wbn) (%) (Wbn) (Won) (Wbn) (Wbn) (%) (x) (x) (x) 150 140 12/10 4,138 683 16.5 493 24,629 741 431 14.7 9.1 1.2 4.4 130 12/11 4,624 378 8.2 200 9,992 441 -633 5.5 11.2 0.8 4.2 120 110 12/12F 4,404 126 2.9 131 6,556 192 -563 4.3 19.4 1.0 13.8 100 12/13F 4,492 177 3.9 179 8,970 241 384 6.0 14.2 0.9 9.3 90 80 12/14F 4,717 195 4.1 209 10,443 258 383 6.7 12.2 0.9 7.2 1/12 5/12 9/12 1/13 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. January 22, 2013 Hyundai Mipo Dockyard

Table 1. HMD 4Q earnings preview (Wbn, %, %p) 4Q12F Growth 4Q11 3Q12 KDB Daewoo Consensus YoY QoQ Revenues 1,150 1,105 1,121 1,117 -2.5 1.4 Operating profit 63 30 30 35 -52.0 2.6 OP margin 5.5 2.7 2.7 3.1 -2.8 0.0 Pretax profit -85 43 40 40 -146.8 -7.7 Net profit -91 32 29 30 -132.3 -7.7 Note: Consolidated K-IFRS basis Source: FnGuide, KDB Daewoo Securities Research

Table 2. Earnings forecast revisions (Wbn, W, %) Previous Revised Chg % Comments 2012F 2013F 2014F 2012F 2013F 2014F 2012F 2013F 2014F Revenues 4,301 4,517 4,742 4,404 4,492 4,716 2.4 -0.6 -0.5 - Won appreciation; delivery Operating profit 151 210 240 126 177 195 -16.9 -15.9 -18.8 delays Pretax profit 180 277 318 167 229 268 -7.3 -17.3 -15.8 Net profit 135 211 242 126 174 203 -6.9 -17.5 -15.9 EPS 6,970 10,751 12,296 6,556 8,970 10,443 -5.9 -16.6 -15.1 OP margin 3.5 4.7 5.1 2.8 3.9 4.1 Net profit margin 3.1 4.7 5.1 2.9 3.9 4.3 Note: Consolidated K-IFRS basis Source: KDB Daewoo Securities Research

Table 3. Earnings results and forecasts (Wbn, %, %p) 2012 2013F 2011 2012F 2013F 2014F 1Q 2Q 3Q 4QF 1QF 2QF 3QF 4QF Revenues 1,087 1,090 1,105 1,121 1,109 1,112 1,127 1,143 4,624 4,404 4,492 4,716 Operating profit 38 27 30 30 41 45 41 50 378 126 177 195 Pretax profit 51 33 43 40 81 44 50 53 315 167 229 268 Net profit 43 22 32 29 62 34 38 40 202 126 174 203 OP margin 3.5 2.5 2.7 2.7 3.7 4.1 3.6 4.3 8.2 2.8 3.9 4.1 Net profit margin 3.9 2.0 2.9 2.6 5.6 3.0 3.4 3.5 4.4 2.9 3.9 4.3 Note: Consolidated K-IFRS basis Source: KDB Daewoo Securities Research

Table 4. HMD new orders and orders backlog (US$bn, No. of vessels) 2011 2012F 2013F Vessel Volume Vessel Volume Volume New orders P/C 16 589 43 1,501 1,500 Containership 9 294 1 18 100 PCTC 0 0 5 293 0 RORO 8 524 5 330 0 LPG 2 100 6 299 300 Bulk carrier 15 419 4 101 200 PSV/Offshore 0 0 4 198 400 Others 3 84 5 215 700 Total 53 2,011 73 2,955 3,200 Orders backlog Total 185 7,668 155 7,300 Source: KDB Daewoo Securities Research

KDB Daewoo Securities Research 2

January 22, 2013 Industry Report

Banks (Overweight)

Daewoo Securities Co., Ltd. Putting the past behind us Taye Shim +822-768-4178 4Q preview: Regulatory costs to erase bottom line [email protected]

We expect the banking industry will miss market expectations in 4Q largely due to Yong-uk Ku multiple extraordinary expenses, which were primarily driven by increased regulatory +822-768-4494 costs. We expect banks will proactively reflect expenses in 2012, and kick off 2013 [email protected] with a clean slate. We project 4Q12 aggregated banking earnings of W1.2tr (-48%

QoQ). We project aggregated FY12 earnings of W10.1tr (-20% YoY). We expect further downward revisions to consensus estimates; however, we expect a limited impact on share prices since kitchen-sink expenses are largely viewed as standard operating procedure.

Catalysts: Beneficial policies to drive fundamental turnaround Although we are not optimistic about 4Q earnings, we are looking forward to a favorable 2013 operating environment. We believe recent discussions by the Presidential Transition Committee (though still in the early stages) on how to ensure a soft landing for household loans, and how to provide potential policy support to SMEs, bodes well for banks. We believe the abatement of systematic tail risk combined with solid growth momentum will pave the way for a fundamental turnaround (please see our publication published January 21: „The New Administration: Friend or Foe?‰).

Early stages of a fundamental recovery; Overweight banks Disappointing 4Q earnings forecasts combined with the currently solid share price performance may prompt investors to take profits on strength. However, our view is that any correction will likely be short lived, given low investor expectations, combined with potential policy support from the new administration (which would reinforce core banking fundamentals). We remain optimistic on the banking industry, and believe banks are in the early stages of a fundamental turnaround.

We reiterate our Overweight recommendation. We prefer stocks with growth potential over value, as we believe these banks will be key beneficiaries from an improved market environment. We also prefer corporate exposure to household exposure, as we expect growth to be predominantly driven by SMEs. We select Hana Financial Group (086790 KS/Buy) for our list of top picks among large-cap names, as well as BS Financial Group (138930 KS/Buy) and DGB Financial Group (139130 KS/Buy).

Daewoo earnings estimates vs. consensus estimates (Wbn, %) Earnings Daewoo estimates Consensus estimates Difference Banks release date 4Q12 FY12 4Q12 FY12 4Q12 FY12 KBFG February 7 247.1 1,807.9 374.2 1,951.4 -34.0 -7.4 SFG February 7 383.0 2,325.7 451.6 2,400.6 -15.2 -3.1 HFG February 7 82.8 1,831.1 219.4 1,982.1 -62.3 -7.6 IBK February 7 146.0 1,172.7 220.2 1,253.8 -33.7 -6.5 KEB February 7 72.1 669.4 106.4 739.1 -32.2 -9.4 BSFG February 6 51.7 360.9 74.2 385.2 -30.3 -6.3 DGBFG February 6 37.9 275.7 53.0 289.5 -28.5 -4.8 JBB January 25 7.0 68.8 10.5 72.2 -33.3 -4.7 Note: Consensus estimates as of January 21, 2013 / Source: FnGuide, KDB Daewoo Securities Analysts who prepared this report are registered as research analysts in Korea but not in any other jurisdiction, including the U.S.

January 21, 2013

Fixed Income Weekly

Debt-limit fears built into yields Daewoo Securities Co., Ltd. Yeo-sam Yoon Senior Fixed Income Strategist Bullish data releases overshadowed by US debt-limit concerns +822-768-4022 [email protected]

Last week, the 3-year KTB yield fell below the base rate once again as the specter of the next fiscal deadlock in the US - over the debt ceiling - overshadowed the euphoria caused by a bevy of positive data releases. But KTB yields, as well as other global yields, should soon begin to succumb to the gathering force of the recovering

economy, especially when the issue of raising the debt limit is eventually resolved (in February or March).

Worries over household debts should bar a rate cut in February Since the rate freeze in January, investor interest has switched to long-term bonds

(including blue-chip corporate bonds) from short-term (3-year or shorter) bonds, causing both the term and credit spreads to narrow sharply. The narrowing of the major spreads implies: 1) liquidity remains ample, and 2) the bond market is looking increasingly overbought, particularly as evidenced by the credit spread approaching its previous low. According to the Bank of Korea (BoK), KoreaÊs household debts surged by W5tr MoM in December, led by mortgage loans. Although the surge is largely technical (tax benefits for real-estate transactions are due to be lifted), the household debt issue has long been a big thorn needling the side of the BoK. And we believe that rising household debt is a key factor making it difficult for the central bank to cut the base rate, because lower borrowing rates will certainly increase the incentives to borrow. We project the BoK will keep the base rate unchanged in February.

Concerns over falling yields spur demand for long-term bonds and credit bonds

(% p) (%p)

1.2 10Y-3Y KTB yield spread (L) 1.2 3Y Corporate - 3Y KTB yield spread (R) 1.0 1.0

0.8 Term spread January 4th: 39bp -> 18th: 27bp Credit(AA-) spread January 4th: 50bp -> 18th: 39bp 0.8 0.6 Credit spread dropped to a low 0.6 0.4

0.4 0.2

0.0 0.2 1/11 4/11 7/11 10/11 1/12 4/12 7/12 10/12 1/13

Source: KOFIA

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 January 22, 2013

※All data as of close January 18, 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 Samsung Electronics 218,003 1,480,000 0.5 82.5 25.3 76.5 26.0 11.0 8.5 2.1 1.7 21.7 22.2 005380 Hyundai Motor 47,029 213,500 0.9 7.5 -7.9 12.1 -6.6 7.3 7.6 1.4 1.2 20.9 16.3 005490 POSCO 31,126 357,000 2.7 -35.9 42.7 -21.0 25.4 12.1 9.8 0.7 0.7 6.6 7.8 012330 25,358 260,500 0.7 6.3 15.3 16.0 5.8 8.0 6.8 1.7 1.3 22.7 19.7 000270 Motors 21,971 54,200 1.2 6.2 -14.1 9.0 -7.8 6.1 6.3 1.5 1.2 24.7 18.7 032830 Samsung Life 21,300 106,500 2.0 33.2 0.0 23.0 4.2 18.3 17.5 1.1 1.0 6.2 6.0 051910 LG Chem 21,041 317,500 1.2 -30.8 26.9 -29.0 21.3 16.1 12.7 2.3 2.0 15.0 16.1 055550 Shinhan Financial Group 19,063 40,200 2.0 -18.2 -1.5 -14.1 2.3 8.1 8.2 0.7 0.7 9.2 8.7 000660 SK Hynix 17,770 25,600 - - - - - 16.0 2.0 1.8 - 10.7 009540 17,404 229,000 -45.2 34.0 -32.4 17.6 10.6 8.6 1.1 1.0 10.2 11.1 105560 KB Financial Group 15,222 39,400 1.6 -19.5 3.6 -11.8 3.5 7.2 7.2 0.6 0.6 8.5 8.2 096770 SK Innovation 15,164 164,000 1.7 -39.1 47.6 -62.9 51.0 13.9 8.7 1.1 1.0 7.8 11.0 066570 LG Electronics 12,241 74,800 0.7 297.8 39.0 - 52.3 21.9 14.6 1.1 1.1 4.7 6.9 035420 NHN 11,406 237,000 0.2 2.4 29.9 12.8 31.4 21.5 17.1 4.0 3.4 27.9 29.1 003550 LG Corp. 11,199 64,900 1.5 13.8 8.8 22.5 9.1 9.6 8.7 1.0 0.9 10.9 10.9 023530 Lotte Shopping 11,196 385,500 0.4 -15.3 11.7 8.4 12.6 10.8 9.9 1.1 1.0 7.0 7.4 010950 S-Oil 10,966 97,400 3.1 -39.2 58.5 -45.9 92.6 18.8 9.2 2.2 1.8 12.1 21.0 033780 KT&G 10,517 76,600 4.0 -8.8 4.8 -9.6 5.8 15.0 13.5 2.1 1.9 15.0 14.9 051900 LG Household & Health Care 10,449 669,000 0.5 16.2 16.8 19.7 20.3 36.7 31.1 34.5 16.5 28.2 27.0 034220 LG Display 10,305 28,800 1.0 - 129.5 - 180.4 35.5 11.8 1.1 1.0 3.1 8.2 000810 Samsung F&M 10,067 212,500 2.3 12.6 20.2 17.0 19.2 11.7 9.8 1.2 1.1 11.1 11.7 000830 Samsung C&T 9,795 62,700 1.0 17.1 -19.7 18.8 -19.7 21.1 26.3 1.0 0.9 4.7 3.3 086790 Hana Financial Group 9,333 38,400 2.9 49.3 -19.3 66.0 -32.8 4.4 7.2 0.9 0.5 16.1 9.4 010140 Samsung Heavy Industries 8,635 37,400 4.3 3.1 8.0 4.9 9.7 9.0 1.5 1.2 18.2 16.3 000720 Hyundai E&C 8,018 72,000 1.0 2.6 17.3 -11.0 20.9 13.8 11.7 1.7 1.5 12.7 13.7 003600 SK Holdings 7,984 170,000 1.1 -28.1 20.1 -35.3 27.3 7.9 5.9 2.1 1.4 9.7 11.2 086280 7,744 206,500 0.9 34.9 22.0 34.7 14.2 20.4 16.7 4.7 3.6 25.2 23.2 010130 Korea Zinc 7,642 405,000 0.6 -8.7 24.6 -7.8 30.6 11.8 9.0 2.0 1.6 17.6 19.3 004020 7,081 83,000 0.6 -32.2 40.3 6.4 18.8 9.4 7.5 0.8 0.7 8.3 9.1 009150 Samsung Electro-Mechanics 7,036 94,200 0.8 94.5 21.8 36.5 24.9 16.1 12.3 2.1 1.7 12.7 13.9 088350 Hanwha Life 6,861 7,900 3.3 - - 11.5 3.5 11.5 11.1 1.0 0.9 8.8 8.6 090430 Amorepacific 6,723 1,150,000 0.5 7.3 14.4 -2.4 16.1 26.3 21.4 3.7 3.0 14.1 14.4 006400 Samsung SDI 6,652 146,000 1.3 739.0 -82.4 377.0 -59.9 4.7 11.3 1.0 0.9 22.5 8.0 139480 Emart 6,593 236,500 0.3 56.3 4.1 72.2 3.3 12.6 12.1 1.1 1.0 9.2 8.7 035250 Kangwon Land 6,493 30,350 2.9 -17.0 20.5 -18.8 23.3 19.6 16.5 2.4 2.3 13.6 15.6 024110 Industrial Bank of Korea 6,470 11,850 3.4 -11.0 -15.4 -13.0 -12.3 6.0 6.9 0.5 0.5 9.3 7.6 001800 Orion 6,426 1,077,000 0.3 37.0 23.7 66.1 27.3 39.7 30.6 7.0 5.7 17.4 18.8 078930 GS 6,309 67,900 1.7 -21.1 74.8 -33.6 73.5 13.3 7.2 1.2 1.0 8.3 13.2 028050 Samsung Engineering 6,260 156,500 1.8 0.4 9.5 -0.6 11.1 13.0 11.1 3.3 2.5 32.8 28.4 034730 SK C&C 5,425 108,500 1.1 13.3 17.5 4.6 28.4 11.2 9.2 1.8 1.5 18.2 18.9 068270 Celltrion 5,215 26,000 17.2 36.3 1.3 30.2 26.3 20.2 6.5 5.4 17.6 19.2 034020 Doosan Heavy I&C 4,975 47,000 7.6 3.2 40.2 24.8 12.4 10.4 1.2 1.2 7.9 9.4 097950 CJ CheilJedang 4,913 375,500 0.6 38.2 13.3 5.7 49.7 15.9 2.8 11.0 14.3 001300 Cheil Industries 4,751 90,600 0.8 28.2 30.5 -9.7 51.7 20.5 13.0 1.6 1.4 7.3 10.2 004940 Korea Exchange Bank 4,682 7,260 2.3 -51.5 -4.8 -55.1 0.0 6.6 6.3 - - - - 016360 Samsung Securities 4,319 56,500 1.4 9.6 19.4 24.0 18.6 16.8 14.2 1.2 1.1 6.9 7.7 047050 Daewoo International 4,316 37,900 0.6 18.3 10.5 -45.5 13.0 35.2 29.8 5.2 4.2 6.5 7.0 010060 OCI 4,281 179,500 2.0 -77.6 31.9 -87.1 27.2 39.3 33.5 1.2 1.3 3.0 3.8 011210 3,988 155,000 0.9 62.9 15.8 66.5 12.9 11.0 8.8 2.6 1.9 24.6 22.3 069960 3,955 169,000 0.5 -2.9 4.1 1.1 6.0 10.5 10.5 1.3 1.3 13.6 12.7 Source: KDB Daewoo Research

Market Data January 22, 2013

※All data as of close January 21, 2013, unless otherwise noted.

Other Major Indices Economic Indicators Close Net Chg 1D (%) YTD (%) Close 1D ago 1M ago 1Y ago MSCI Korea* 429.53 2.86 0.67 0.07 USD/KRW 1,056.10 1,058.20 1,073.40 1,136.40 KOSPI 1,986.86 -0.99 -0.05 -2.18 JPY100/KRW 1,171.36 1,174.93 1,272.78 1,474.31 KOSDAQ 514.66 2.42 0.47 2.60 EUR/KRW 1,406.46 1,415.50 1,421.72 1,473.85 Dow Jones* 13,649.70 53.68 0.39 1.77 3Y Treasury 2.74 2.75 2.85 3.40 S&P 500* 1,485.98 5.04 0.34 1.61 3Y Corporate 3.19 3.20 3.30 4.27 NASDAQ* 3,134.71 -1.29 -0.04 0.72 DDR2 1Gb* 1.20 1.20 1.17 1.36 Philadelphia Semicon* 410.64 -1.89 -0.46 2.73 NAND 16Gb* 1.93 1.92 1.89 2.71 FTSE 100* 6,154.41 22.05 0.36 2.11 Oil (Dubai)* 106.39 105.96 105.08 110.61 Nikkei 225 10,747.74 -165.56 -1.52 0.56 Gold* 1,687.00 1,690.80 1,669.50 1,659.90 Hang Seng* 23,601.78 262.02 1.12 1.24 Customer deposits (Wbn)* 17,763 17,680 17,223 18,508 Taiwan (Weighted) 7,724.92 -7.95 -0.10 -0.70 Equity type BC (Wbn)(Jan. 17) 93,661 93,739 95,137 104,692 Note: * as of January 18, 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 Samsung Electronics (P) 13.63 Samsung Electronics 84.58 KODEX 200 40.85 Samsung Electronics (P) 12.38 KB Financial Group 12.92 KODEX 200 49.33 Samsung Life Insurance 27.27 HYUNDAI WIA 11.62 NHN 11.50 Kia Motors 19.53 Hyundai Mobis 21.76 Hyundai Department Store 11.27 Hyundai Department Store 10.91 SK Energy 19.24 KEPCO 19.54 Honam Petrochemical 11.06 LG Electronics 10.09 KEPCO 19.04 SK Energy 19.14 Kia Motors 10.96 Samsung Life Insurance 7.53 Hyundai Motor 18.52 KODEX LEVERAGE 16.48 Kumho Petrochemical 10.48 Korea Zinc 7.44 NCsoft 12.59 Shinhan Financial Group 15.16 SBS Media Holdings 8.15 Lotte Shopping 5.02 SK Telecom 12.23 SK Telecom 14.50 Korean Air Lines 6.89 Honam Petrochemical 4.21 LG Chem 8.24 SK Corp. 14.20 Korea Zinc 6.81 Hana Financial Group 3.88 Shinhan Financial Group 8.05 KB Financial Group 11.84 SIMPAC 5.68 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 OSSTEM IMPLANT 4.63 SM 2.88 Seoul Semiconductor 6.88 Samjung Packing & Aluminum 5.54 Daum Communications 3.49 NEOWIZ Games 1.68 KCP 4.07 Com2us 4.02 CJ O Shopping 1.76 Komipharm 1.41 Danal 3.65 Interflex 3.01 Duk San Hi Metal 1.38 Paradise 1.24 CJ E&M 3.47 Gamevil 2.94 BH,LTD. 1.11 Lumens 1.03 Lumens 2.19 Diostech 2.49 Gamevil 0.60 Clover Hitech 0.81 Partrion 1.88 HANSUNG ELCOMTEC 2.41 Medipost 0.38 Seoul Semiconductor 0.71 SK Broadband 1.82 Celltrion 2.12 Diostech 0.38 Simmtech 0.70 Medy-tox 1.45 Daum Communications 1.89 Interflex 0.38 Neowiz 0.64 ACTOZ SOFT 1.45 Paradise 1.87 Dongsuh 0.37 CTC Bio 0.56 SEEGENE 1.22 CJ O Shopping 1.18 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 1,454,000 -26,000 214,173 Celltrion 25,850 -150 4,514 Hyundai Motor 210,500 -3,000 46,368 CJ O Shopping 292,900 2,000 1,817 POSCO 358,000 1,000 31,213 Seoul Semiconductor 27,350 450 1,595 Hyundai Mobis 263,500 3,000 25,650 Paradise 17,250 -600 1,569 KEPCO 33,850 -400 21,730 SK Broadband 5,000 95 1,480 Samsung Life Insurance 108,500 2,000 21,700 Daum Communications 102,700 -300 1,387 Kia Motors 53,400 -800 21,646 CJ E&M 32,900 350 1,248 LG Chem 316,000 -1,500 20,942 POSCO ICT 8,080 90 1,107 Samsung Electronics (P) 848,000 7,000 19,363 Dongsuh 18,250 -250 1,080 Shinhan Financial Group 40,650 450 19,276 GS Home Shopping 163,300 -1,100 1,072 Source: Korea Exchange