Kangwon Land (Buy/TP: W37,000) KOSPI 2,007.04 10.37 0.52 New Capacity, New Demand KOSPI 200 264.80 1.48 0.56 KOSDAQ 513.44 -1.98 -0.38

January 15, 2013

KOREA

Morning

Company News & Analysis Major Indices Close Chg Chg (%) Kangwon Land (Buy/TP: W37,000) KOSPI 2,007.04 10.37 0.52 New capacity, new demand KOSPI 200 264.80 1.48 0.56 KOSDAQ 513.44 -1.98 -0.38

Sector News & Analysis Turnover ('000 shares, Wbn) Machinery (Neutral) Volume Value KOSPI 449,985 4,280 Excellent sales continue KOSPI 200 122,033 3,338 KOSDAQ 437,603 1,803

Economy & Strategy Update Market Cap (Wbn) Economic Analysis Value Implications of yen’s depreciation KOSPI 1,160,631 KOSDAQ 112,645

Fixed Income Weekly KOSPI Turnover (Wbn) Premature call for rising yields Buy Sell Net Foreign 944 1,040 -96 Institutional 1,086 984 103 Retail 2,229 2,226 3

KOSDAQ Turnover (Wbn) Buy Sell Net Foreign 51 60 -10 Institutional 82 88 -7 Retail 1,668 1,647 21

Program Buy / Sell (Wbn) Buy Sell Net KOSPI 803 587 216 KOSDAQ 14 17 -3

Advances & Declines Advances Declines Unchanged KOSPI 421 385 76 KOSDAQ 387 558 54

KOSPI Top 5 Most Active Stocks by Value (Wbn) Price (W) Chg (W) Value Samsung Electronics 1,552,000 19,000 244 KODEX LEVERAGE 13,050 140 212 KODEX INVERSE 7,355 -40 128 LG Display 28,900 -650 127 STX Pan Ocean 5,790 570 103

KOSDAQ Top 5 Most Active Stocks by Value (Wbn) Price (W) Chg (W) Value Melfas 20,400 -650 59 SM 46,200 -1,800 54 Choong Ang Vaccine 14,950 1,050 40 Laboratory Mobilians 13,850 -300 34 CJ E&M 30,150 -950 30 Note: As of January 14, 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.

Company January 15, 2013

Entertainment Kangwon Land (035250 KS) Daewoo Securities Co., Ltd. Chang-kwean Kim New capacity, new demand +822-768-4321 [email protected] Capacity expansion expected to drive strong earnings

After our visit to Kangwon Land, we believe the companyÊs expanding casino capacity will generate stronger-than-expected earnings in 2013.

1) We expect Kangwon Land to open its new casino earlier than market forecasts (June-July); we project it will start operating table games in April, and slot machines

in June. Thus, we believe the expansion will start to boost earnings one quarter Buy (Maintain) earlier than the market expects. Target Price (12M, W) 37,000 2) We believe the number of customers will jump sharper than market forecasts Share Price (01/14/13, W) 30,000 (10%-30%) after the new facility opens. We believe a number of gamers might have Expected Return (%) 23.3 stopped visiting Kangwon LandÊs facilities due to space limitations (confirmed after EPS Growth (13F, %) 23.3 Market EPS Growth (13F, %) 20.1 seeing how fully occupied the companyÊs casino tables were during our visit). P/E (13F, x) 16.3 3) We expect expansion costs to be minimal. We estimate expansion-related annual Market P/E (13F, x) 9.0 KOSPI 2,007.04 fixed costs at only W15-20bn (taking out personnel expenses). We estimate the Market Cap (Wbn) 6,418 companyÊs budgets for new facilities and slot machines at ~W150bn. Shares Outstanding (mn) 214 4) We do not expect higher taxes at this time. For now, Kangwon Land is subject to Avg Trading Volume (60D, '000) 500 Avg Trading Value (60D, Wbn) 14 three taxes besides corporate tax: ① taxes for a tourism promotions and Dividend Yield (13F, %) 3.2 development fund, ② taxes for a fund for abandoned mines, and ③ an excise tax. Free Float (%) 52.1 Rates for these taxes were decided in 2012. Beginning in 2013, an additional tax for 52-Week Low (W) 22,300 gambling-addiction prevention will go into effect (0.35% of casino revenues for 52-Week High (W) 31,900 Kangwon). This tax was enacted in November 2012. Beta (12M, Daily Rate of Return) 0.23 Price Return Volatility (12M Daily, %, SD) 1.9 5) We do not expect additional government restrictions on the number of casino Foreign Ownership (%) 32.7 tables for now. Revisions to related laws will take time, and will have to be justified. Major Shareholder(s) Mine Reclamation Corp et al. (36.27%) In conclusion, we believe Kangwon Land is expanding capacity faster than expected. Gangwondo Development Corp. (6.35%) We expect this expansion will lead to strong top-line growth and limited expenses. Treasury Stock (5.04%) Of note, long-term regulatory risks are the nature of the gambling industry. We Price Performance expect Kangwon LandÊs shares will soon gain stronger-than-expected momentum (%) 1M 6M 12M from capacity expansion. Absolute 1.4 23.2 13.4 Relative 0.8 12.5 6.4

Share price FY Revenues OP OP Margin NP EPS EBITDA FCF ROE P/E P/B EV/EBITDA 120 KOSPI (Wbn) (Wbn) (%) (Wbn) (Won) (Wbn) (Wbn) (%) (X) (X) (X) 110 12/10 1,313 564 43.0 434 2,031 631 219 21.7 13.8 2.7 7.9 100 12/11 1,264 501 39.7 393 1,839 566 237 17.9 14.8 2.4 8.4 90 12/12F 1,300 416 32.0 319 1,493 477 209 13.6 19.6 2.4 11.6 80 12/13F 1,522 501 32.9 394 1,840 570 314 15.6 16.3 2.3 9.7

70 12/14F 1,675 553 33.0 441 2,063 628 339 16.0 14.6 2.1 8.6 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

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. Industry January 15, 2013

Neutral Machinery Daewoo Securities Co., Ltd. Ki-jong Sung Excellent sales continue +822-768-3263 [email protected] 4Q preview: Disappointing earnings, but solid fundamentals Ryan Kang +822-768-3065 We expect 4Q earnings at both TK Corp. and SungKwang Bend to slightly miss [email protected] market expectations due to won appreciation against the US dollar, and delays in shipments. s. For both companies, more than 50% of revenues come from exports,

while raw materials imports account for 40% of total raw materials purchase, which represents 40% of revenues. We thus estimate each companyÊs net F/X exposure (in US dollars) at around 35% (50% - 40% x 40%) of revenues.

We expect a decrease in the W/US$ rate (-4.2% QoQ) will hurt the earnings of fitting companies. Additionally, heavy snow in Busan delayed SungKwang BendÊs shipments of completed products; we do not anticipate this will hurt the companyÊs fundamentals, however, as we expect the delays will be recognized in 1Q13 earnings.

Catalysts: Excellent sales continue TK Corp. and SungKwang BendÊs share price dropped recently due to concerns over tepid 4Q earnings. This correction provides an excellent buying opportunity, however, as we believe each companyÊs fundamentals remain solid. TK Corp. and SungKwang Bend are taking a steady, robust amount of new orders, and have secured order backlogs of greater than six months. We expect significant earnings in 2013, as raw material prices are falling, and both companies have improved their product mixes.

Also, TK Corp. and SungKwang Bend have improved their brand awareness, and their major competitors in southern Europe are fairing poorly. We project both companies to post rapid M/S growth, thanks to increased investments, and more diversified client bases. Both companies are successfully adapting to changes in the international business environment for industrial plants (including power, gas, and offshore plants). We project both companies to show an excellent combination of earnings and growth despite depressed petrochemical demand, thanks to increasing demand for power generation, gas, and offshore plants.

Valuation: Strong potential for growth, attractive valuation We maintain our Buy recommendation and target price of W30,000 on SungKwang Bend. However, we lower our target price for TK Corp. by 10% to W33,500; this reflects the gap in 2013F OP margin between TK Corp. (15.8%) and SungKwang Bend (21.0%). We used to give a 10% premium to TK Corp.Ês valuation due to its greater production capacity (and debt-free financial statement); however, we do not anticipate the gap in projected OP margin will narrow in 2013 even if we incorporate these factors.

4Q12 earnings preview We expect the following 4Q earnings for TK Corp.: revenues of W100.1bn (+20.8% YoY), operating profit of W13bn (-27.6% YoY), pretax profit of W12.5bn, and OP margin of 13.0%. We project the companyÊs operating profit to slightly miss expectations due to won appreciation against the US dollar. We also expect other negative factors, including year-end bonus payments, F/X-related losses, and additional one-off losses (due to issues regarding defective products, which have hurt the companyÊs earnings from 2Q12).

For SungKwang Bend, we project the following 4Q earnings: revenues of W92.5bn (+22.0% YoY), operating profit of W17.7bn (+109.3% YoY), pretax profit of W16.3bn, and OP margin of 19.1%. We believe SungKwang BendÊs earnings will also be affected by won appreciation against the US dollar, bonus payments, and F/X-related losses. In addition, heavy snows have delayed the companyÊs shipments of completed fitting products, amounting to about W4~5bn. However, we believe the companyÊs fundamentals remain unchanged, as we expect these delays will be recognized in 1Q13.

2 Economy January 11, 2013

Daewoo Securities Co., Ltd. Jae-hwan Huh Economic Analysis +822-768-3054 Implications of yen’s depreciation [email protected] Chi -hwan Han +822-768-3053 We revise our 2013 F/X rate outlook [email protected] As Shinzo Abe, Japan’s new prime minister, vows to jump-start growth with a heavy

dose of new stimuli, the yen is falling sharply. With currency market dynamics changing dramatically on Japan’s efforts to tackle its economic ills, we lower our end-2013 JPY100/KRW rate forecast to 1,095 from 1,253 and our USD/KRW rate forecast from 1,050 to 1,035. We also revised our USD/JPY rate projection to 94.5 from 85.

Won’s appreciation may come to an end before year-end

We expect the USD/KRW rate will decline at a slower pace or even reverse toward the end of 2013, because Korea’s current account surplus should shrink under the influence of the won’s continued appreciation. When the negative impact of the won’s rise on Korean exports begins to feel acute, Korean authorities will almost certainly intervene in the F/X market as usual.

Impact of weak yen on Korea should be limited

We believe the impact of yen depreciation on Korea will be limited, especially compared to in the past. This is because of: 1) the perceived recovery of Korea’s economy, 2) factory relocations that reduced Korean companies’ exposure to F/X risks, and 3) a weakening rivalry between Korean and Japanese companies.

Some sectors to remain largely insulated from F/X noise

We believe the negative impact of yen weakness on Korea will be limited to certain sectors. When the won appreciates, transportation equipment, machinery, and electric/electronics sectors tend to be losers, while chemicals, utilities, and airline sectors are usually winners. Airlines look particularly attractive given the high levels of their yen-denominated debts.

Falling JPY100/KRW rate to deepen Korea’s trade balance deficit with Japan

(JPYbn) (JPY/KRW) 400 Japan's trade balance with Korea (L) 400 JPY100/KRW (R, reversed) 600

300 800

1000 200 1200

1400 100

1600

0 1800 00 02 04 06 08 10 12

Source: Thomson Reuters, KDB Daewoo Securities Research

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. Fixed Income January 14, 2013

Daewoo Securities Co., Ltd. Yeo-sam Yoon Fixed Income Weekly Sr. Fixed Income Strategist Premature call for rising yields +82-2-768-4124 [email protected] Possibility of a rate cut should remain key factor through 1Q13

Despite the rate-freeze decision by the MPC last week, expectations for a rate cut should linger for one or two more months. And it should be noted that there have

recently been some nuanced changes in conditions surrounding the fixed-income

market. In particular, the incoming government is highly likely to turn to pump- priming polices, which is why yields have been recently falling instead of rising.

But a rate-cut option now appears to be a non-starter for the Bank of Korea (BoK),

which has been saying it will weigh external conditions heavily before deciding to cut the policy rate. We expect external conditions will continue to improve at least through 1H13. Economic data of major countries, including the US, Europe, and

China, have been improving since 4Q12.

However, we believe the central bank could still cut the benchmark lending rate, if:

1) the KOSPI falls below 1900p, and the 10-year UST yield breaks below 1.7% again; 2) the USD/KRW rate drops below 1,040 before end-March; and/or 3) the BoK is put under pressure once again (in one or two months) to revise its growth forecast.

KTB yields could start to rise from mid-February We maintain our view that KTB yields will rise from as early as mid-February. But as some market participants are still gunning for a rate cut, we expect yields to be range- bound through 1Q13, with the 3-year KTB yield moving between 2.70% and 2.82%. We expect the yield curve to flatten further, given: 1) the remaining time value, and 2) an expected short-covering. For now, we recommend that investors leave their bond positions unchanged for one to two months, and consider reducing positions after the February MPC meeting..

Key Universe Valuations January 15, 2013

※All data as of close January 14, 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 225,810 1,533,000 0.5 82.5 25.3 76.5 26.0 11.0 8.8 2.1 1.7 21.7 22.2 005380 Hyundai Motor 45,377 206,000 0.9 16.4 3.7 18.7 1.1 6.9 6.4 1.4 1.1 21.9 18.2 005490 POSCO 31,344 359,500 2.7 -35.9 42.7 -21.0 25.4 12.1 9.9 0.7 0.7 6.6 7.8 012330 Hyundai Mobis 25,115 258,000 0.7 6.3 15.3 16.0 5.8 8.0 6.8 1.7 1.3 22.7 19.7 000270 Kia Motors 21,768 53,700 1.2 24.3 0.6 21.4 1.9 5.4 5.1 1.4 1.1 27.2 22.0 051910 LG Chem 21,472 324,000 1.2 -26.7 24.3 -25.4 21.0 15.3 12.4 2.3 2.0 15.6 16.5 032830 Samsung Life 19,220 96,100 2.0 33.2 0.0 23.0 4.2 16.5 15.8 1.0 0.9 6.2 6.0 000660 SK Hynix 18,812 27,100 - - - - - 16.9 2.0 1.9 - 10.7 055550 Shinhan Financial Group 18,446 38,900 2.0 -18.2 -1.5 -14.1 2.3 8.1 8.0 0.7 0.7 9.2 8.7 009540 Hyundai Heavy Industries 18,088 238,000 -45.2 34.0 -32.4 17.6 10.6 8.9 1.1 1.0 10.2 11.1 096770 SK Innovation 15,627 169,000 1.7 -32.1 40.1 -60.6 51.3 13.1 8.4 1.1 1.0 8.3 11.6 105560 KB Financial Group 14,623 37,850 1.6 -19.5 3.6 -11.8 3.5 7.2 6.9 0.6 0.6 8.5 8.2 066570 LG Electronics 12,290 75,100 0.7 327.2 31.5 - 40.6 19.7 14.3 1.1 1.1 5.2 7.0 003550 LG Corp. 11,302 65,500 1.5 13.8 8.8 22.5 9.1 9.6 8.8 1.0 0.9 10.9 10.9 023530 Lotte Shopping 11,036 380,000 0.4 -15.3 11.7 8.4 12.6 10.8 9.7 1.1 1.0 7.0 7.4 035420 NHN 10,997 228,500 0.2 2.4 29.9 12.8 31.4 21.5 16.5 4.0 3.3 27.9 29.1 010950 S-Oil 10,988 97,600 3.1 -35.2 55.4 -41.6 86.4 17.4 8.8 2.2 1.8 13.0 21.7 033780 KT&G 10,860 79,100 4.0 -7.3 6.7 -5.1 11.4 14.3 12.6 2.1 1.9 15.7 16.3 034220 LG Display 10,573 29,550 1.0 - 129.5 - 180.4 35.5 12.1 1.1 1.0 3.1 8.2 051900 LG Household & Health Care 10,152 650,000 0.5 19.0 16.6 27.2 19.1 34.6 28.7 32.6 15.2 29.7 27.8 000810 Samsung F&M 9,996 211,000 2.3 12.6 20.2 17.0 19.2 11.6 9.8 1.2 1.1 11.1 11.7 000830 Samsung C&T 9,545 61,100 1.0 17.1 -19.7 18.8 -19.7 21.1 25.6 1.0 0.9 4.7 3.3 086790 Hana Financial Group 8,774 36,100 2.9 49.3 -19.3 66.0 -32.8 4.4 6.8 0.9 0.5 16.1 9.4 003600 SK Holdings 8,500 181,000 1.1 -28.1 20.1 -35.3 27.3 7.9 6.2 2.1 1.5 9.7 11.2 010140 Samsung Heavy Industries 8,485 36,750 2.9 2.0 5.2 8.8 9.9 8.7 1.5 1.2 17.8 16.5 000720 Hyundai E&C 8,151 73,200 1.0 2.6 17.3 -11.0 20.9 13.8 11.9 1.7 1.6 12.7 13.7 086280 HYUNDAIGLOVIS 7,875 210,000 0.9 34.9 22.0 34.7 14.2 20.4 17.0 4.7 3.6 25.2 23.2 010130 Korea Zinc 7,435 394,000 0.6 -8.7 24.6 -7.8 30.6 11.8 8.8 2.0 1.6 17.6 19.3 004020 Hyundai Steel 7,277 85,300 0.6 -32.2 40.3 6.4 18.8 9.4 7.7 0.8 0.7 8.3 9.1 009150 Samsung Electro-Mechanics 7,230 96,800 0.8 101.0 17.4 35.5 20.7 16.3 13.2 2.2 1.9 12.9 14.1 006400 Samsung SDI 6,857 150,500 1.3 739.0 -82.4 377.0 -59.9 4.7 11.6 1.0 0.9 22.5 8.0 090430 Amorepacific 6,834 1,169,000 0.5 7.3 14.4 -2.4 16.1 26.3 21.8 3.7 3.1 14.1 14.4 088350 Hanwha Life 6,766 7,790 3.3 - - 11.5 3.5 11.4 11.0 1.0 0.9 8.8 8.6 078930 GS 6,736 72,500 1.7 -14.9 65.3 -27.8 62.9 12.2 7.5 1.2 1.0 9.0 13.3 139480 Emart 6,607 237,000 0.3 55.6 6.5 71.4 5.8 12.7 11.9 1.1 1.0 9.1 8.9 001800 Orion 6,504 1,090,000 0.3 37.0 23.7 66.1 27.3 39.7 30.9 7.0 5.8 17.4 18.8 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 028050 Samsung Engineering 6,420 160,500 1.8 0.4 9.5 -0.6 11.1 13.0 11.3 3.3 2.6 32.8 28.4 035250 Kangwon Land 6,418 30,000 2.9 -17.0 20.5 -18.8 23.3 19.6 16.3 2.4 2.3 13.6 15.6 034730 SK C&C 5,275 105,500 1.1 13.3 17.5 4.6 28.4 11.2 9.0 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 5,060 47,800 7.6 3.2 40.2 24.8 12.4 10.5 1.2 1.2 7.9 9.4 097950 CJ CheilJedang 4,998 382,000 0.6 38.2 13.3 5.7 49.7 15.9 2.8 11.0 14.3 001300 Cheil Industries 4,866 92,800 0.8 28.2 30.5 -9.7 51.7 20.5 13.3 1.6 1.5 7.3 10.2 004940 Korea Exchange Bank 4,747 7,360 2.3 -51.5 -4.8 -55.1 0.0 6.6 6.4 - - - - 047050 Daewoo International 4,578 40,200 0.6 18.3 10.5 -45.5 13.0 35.2 31.6 5.2 4.5 6.5 7.0 010060 OCI 4,567 191,500 2.0 -77.5 30.8 -87.1 24.6 39.2 36.4 1.2 1.4 3.0 3.7 016360 Samsung Securities 4,120 53,900 1.4 9.6 19.4 24.0 18.6 16.0 13.5 1.2 1.1 6.9 7.7 011210 Hyundai Wia 4,027 156,500 0.9 62.9 15.8 66.5 12.9 11.0 8.8 2.6 1.9 24.6 22.3 011780 Kumho Petrochemical 3,961 130,000 1.7 -67.5 92.4 -56.3 80.4 19.8 10.9 2.7 2.2 14.5 22.5 Source: KDB Daewoo Research

Market Data January 15, 2013

※All data as of close January 14, 2013, unless otherwise noted.

Other Major Indices Economic Indicators Close Net Chg 1D (%) YTD (%) Close 1D ago 1M ago 1Y ago MSCI Korea* 433.64 -0.62 -0.14 1.03 USD/KRW 1,056.50 1,061.00 1,072.30 1,158.80 KOSPI 2,007.04 10.37 0.52 -1.18 JPY100/KRW 1,180.58 1,193.41 1,282.35 1,509.54 KOSDAQ 513.44 -1.98 -0.38 2.36 EUR/KRW 1,411.33 1,407.68 1,402.14 1,484.77 Dow Jones* 13,488.43 17.21 0.13 0.57 3Y Treasury 2.76 2.76 2.87 3.37 S&P 500* 1,472.05 -0.07 0.00 0.66 3Y Corporate 3.25 3.25 3.31 4.24 NASDAQ* 3,125.64 3.88 0.12 0.43 DDR2 1Gb* 1.22 1.22 1.16 1.36 Philadelphia Semicon* 402.86 2.13 0.53 0.78 NAND 16Gb* 1.92 1.91 1.86 2.75 FTSE 100* 6,121.58 20.07 0.33 1.56 Oil (Dubai)* 107.52 107.83 104.07 110.83 Nikkei 225* 10,801.57 148.93 1.40 1.06 Gold* 1,660.60 1,678.00 1,708.20 1,639.60 Hang Seng* 23,264.07 -90.24 -0.39 -0.21 Customer deposits (Wbn)* 17,686 18,012 17,045 17,983 Taiwan (Weighted) 7,823.97 4.82 0.06 0.58 Equity type BC (Wbn)(Jan.10) 94,204 94,191 95,538 104,674 Note: * as of January 11, 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 41.50 LG Display 47.30 LG Display 33.33 Hyundai Heavy Industries 16.04 KB Financial Group 20.38 Hyundai Mobis 35.30 SK Telecom 23.76 HYUNDAI WIA 15.63 NHN 12.81 LG Chem 15.82 Hyundai Motor 21.25 SK Energy 13.52 LG Electronics 8.39 SK Telecom 12.34 KODEX LEVERAGE 18.53 Samsung SDI 12.38 Korea Zinc 6.68 Samsung F&M Insurance 12.28 KT 16.06 Honam Petrochemical 11.33 Hyundai Heavy Industries 6.62 SK Energy 12.21 LG Uplus 14.44 KB Financial Group 10.74 Samsung Corp. 5.61 Samsung Engineering 11.63 Korea Power Engineering Company, Inc. 13.51 NHN 10.53 KEPCO 5.04 KT 10.43 Samsung Electronics 13.35 KODEX INVERSE 8.78 Lotte Shopping 5.02 HANKOOK TIRE 10.03 DSME 12.42 SEMCO 8.66 Dongbu Insurance 4.92 Samsung Electronics (P) 9.39 Korea Gas Corp. 11.83 Nexen Tire 8.03 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 Paradise 2.20 Komipharm 2.17 Seoul Semiconductor 7.60 Melfas 5.43 HyVISION 1.94 Techno Semichem 0.78 SK Broadband 3.11 CJ E&M 2.14 Melfas 1.93 Infraware 0.73 GOLFZON 1.62 SEEGENE 1.96 AVATEC 1.11 S-MAC 0.66 LOEN 1.31 HANA Micron 1.59 CJ E&M 0.94 Partrion 0.66 AVATEC 1.19 STS Semicon&Telecom 1.55 SK Broadband 0.74 SM 0.65 Daum Communications 1.17 Modetour Network 1.39 Megastudy 0.66 GS Home Shopping 0.63 Jinsung T.E.C. 1.15 CJ O Shopping 1.36 TK Corp. 0.49 Sung Kwang Bend 0.58 GS Home Shopping 1.15 Samjung Packing & Aluminum 1.30 ATTO 0.48 AHNLAB 0.52 S-Energy 0.91 HANSUNG ELCOMTEC 1.14 Gamevil 0.47 Medy-tox 0.51 Hwail Pharma 0.89 Kornic Systems 1.14 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 1,552,000 19,000 228,609 Celltrion 25,850 -150 4,514 Hyundai Motor 209,000 3,000 46,038 CJ O Shopping 292,000 -6,900 1,811 POSCO 362,000 2,500 31,562 Paradise 18,400 -100 1,673 Hyundai Mobis 253,000 -5,000 24,628 Seoul Semiconductor 25,850 400 1,507 KEPCO 34,850 1,200 22,372 SK Broadband 4,990 220 1,477 Kia Motors 53,500 -200 21,687 Daum Communications 104,000 700 1,404 LG Chem 318,500 -5,500 21,107 CJ E&M 30,150 -950 1,144 Samsung Life Insurance 97,900 1,800 19,580 POSCO ICT 7,970 -10 1,092 Samsung Electronics (P) 856,000 -7,000 19,545 Dongsuh 18,250 -50 1,080 Hynix 26,950 -150 18,707 GS Home Shopping 163,700 2,200 1,074 Source: Korea Exchange