Lotte Foods (002270 KS) Negatives Priced In

Lotte Foods (002270 KS) Negatives priced in

4Q15 preview: Processed meat sales will be key Food & Beverage We forecast Lotte Foods’ 4Q revenue and operating profit to grow 2.2% and 356.1% YoY to W390.5bn and W3.6bn, respectively. We believe the recent negative news about processed meat will have an impact on profits. Despite the tailwinds from lower pork Company Report prices, processed meat profits will likely be weighed down by higher marketing spending December 2, 2015 and discounts to boost sales following the WHO’s report linking processed meat to cancer. The processed meat unit’s annual revenue is estimated at W550bn (33% of overall revenue), of which W350bn is from ham/sausage/frozen products and W200bn is from meat products. (Maintain) Buy Food services has strong room for growth Target Price (12M, W) 1,200,000 We believe Lotte Foods’ future growth lies in its food services business, which consists of food supplies, home meal replacements (HMR), and catering. For food supplies (key Share Price (12/1/15, W) 902,000 customers include Lotteria, 7-Eleven, and catering companies), we see ample room for growth, as the market is underdeveloped and underpenetrated. The company will likely Expected Return 33% invest in improving its sourcing abilities and building logistics centers. HMR is a growing industry. Lotte Foods currently operates three HMR plants . The

company mainly supplies samgak kimbap, lunch boxes, and sandwiches to convenience OP (15F, Wbn) 71 stores, but is expected to broaden its reach to Lotte Mart and Lotte Super . We estimate Consensus OP (15F, Wbn) 76 HMR revenue to rise to W160bn in 2015 from W140bn in 2014. We expect the company to launch around 25-30 HMR products in collaboration with Lotte Mart by the EPS Growth (15F, %) -16.5 end of the year and another 50-60 products in 2016. (The timing of the releases was Market EPS Growth (15F, %) 22.6 pushed back due to coordination issues with Lotte Mart and consumer reception.) We P/E (15F, x) 24.7 forecast revenue from HMR products for Lotte Mart to reach W20bn in 2016. If Lotte Market P/E (15F, x) 11.4 Mart decides to expand its HMR product lineup, this would present an attractive growth KOSPI 2,023.93 opportunity for Lotte Foods. And because Lotte Foods has ties to different retail channels (convenience stores, hypermarkets, and super supermarkets) within the Lotte Market Cap (Wbn) 1,235 Group, we think it is well positioned to develop products that are suited to each Shares Outstanding (mn) 1 channel’s needs. Free Float (%) 49.8 For catering, we estimate revenue to expand to W33bn in 2015 from W22bn in 2014. Foreign Ownership (%) 5.2 While it may take time, the catering business is almost certain to grow, with potential Beta (12M) 1.23 captive (group) demand estimated at W130bn. 52-Week Low 559,000 52-Week High 1,189,000 Infant formula exports to China to grow We forecast infant formula exports (the majority of which are bound for China) to (%)(%)(%) 1M1M1M 6M6M6M 12M12M12M increase from W27bn in 2014 to W34bn in 2015 and W40bn in 2016. Up until 2013, Absolute 0.3 2.2 33.8 most of the company’s infant formula exports to China were private label (PL) products , Relative 0.6 6.1 29.9 but the percentage of national brands (Grand Noble, etc.), which are more profitable, has been increasing since 2014. 190 Lotte Foods KOSPI 170 Maintain TP of W1,200,000; Negatives priced in 150 130 Lotte Foods shares have pulled back sharply due to the aforementioned WHO report on 110 processed meat as well as delays to HMR product launches. However, we believe 90 negatives have been mostly priced in. We expect ham and sausage demand to pick up early next year (February-March) and HMR products to be launched by the end of this 70 11.14 3.15 7.15 11.15 year. In our view, the headwinds are only temporary and do not affect the company’s long -term fundamentals. We maintain our Buy call and target price of W1,200,000 . Daewoo Securities CCo.,o., Ltd. FY (Dec.) 12/12 12/13 12/14 12/15F 12/16F 12/17F Revenue (Wbn) 1,007 1,568 1,633 1,708 1,793 1,897 [F&B/Tobacco] OP (Wbn) 59 74 66 71 76 82

Woon-mok Baek OP margin (%) 5.9 4.7 4.0 4.2 4.2 4.3 +822-768-4158 NP (Wbn) 61 114 60 50 61 69 [email protected] EPS (W) 48,326 83,227 43,721 36,494 44,558 50,409 ROE (%) 10.8 16.5 7.5 5.8 6.7 7.1

P/E (x) 13.6 9.0 13.3 24.7 20.2 17.9 P/B (x) 1.4 1.3 1.0 1.4 1.3 1.2 Notes: All figures are based on consolidated K-IFRS; NP refers to net profit attributable to controlling interests Source: Company data, KDB Daewoo Securities Research estimates

Analysts who prepared this report are registered as research analysts in 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.

December 2, 2015 Lotte Foods

Table 111.1. 4Q15 preview (Wbn, %) 4Q15F Growth 4Q144Q144Q14 3Q153Q153Q15 KDB Daewoo Consensus YoYYoYYoY QoQQoQQoQ Revenue 382.1 469.6 390.5 399.7 2.2 -16.8 Operating profit 0.8 30.1 3.6 9.8 356.1 -87.9 Pretax profit -5.0 22.0 2.3 10.5 TTB -89.4 Net profit -3.6 18.9 2.0 8.2 TTB -89.4 OP margin 0.2 6.4 0.9 2.5 - - Net margin -1.0 4.0 0.5 2.1 - - Source: Company data, KDB Daewoo Securities Research

Table 222.2. Quarterly and annual earnings (Wbn, %) 2020201520 151515 20202016F20 16F16F16F 202020 141414 202020 15F15F15F 20202016F20 16F16F16F 1Q1Q1Q 2Q2Q2Q 3Q3Q3Q 4QF4QF4QF 1Q1Q1QF1Q FFF 2Q2Q2QF2Q FFF 3Q3Q3QF3Q FFF 4Q4Q4QF4Q FFF Annual Annual Annual Revenue 405 443 470 391 419 464 494 416 1,633 1,708 1,793 Operating profit 13 25 30 4 10 26 31 8 66 71 76 Pretax profit 13 21 22 2 13 25 28 7 73 59 72 Net profit 11 18 19 2 11 21 24 6 60 50 61 OP margin 3.2 5.6 6.4 0.9 2.5 5.7 6.2 2.0 4.0 4.2 4.2 Net margin 2.7 4.1 4.0 0.5 2.6 4.5 4.8 1.4 3.7 2.9 3.4 Revenue growth 5.6 4.1 6.3 2.2 3.6 4.7 5.1 6.5 4.1 4.6 5.0 OP growth -11.1 1.7 14.2 356.1 -20.0 7.0 1.8 126.6 -10.6 8.2 6.0 Pretax growth -19.1 -42.3 -12.8 TTB -5.8 17.9 27.5 193.0 -40.5 -19.8 23.0 Net growth -18.8 -40.7 -3.1 TTB -2.4 15.5 25.1 187.4 -47.5 -16.5 22.1 Source: Company data, KDB Daewoo Securities Research

Table 333.3. Earnings forecast revisions (Wbn, %) Previous Revised % chg. NoteNoteNotesNote sss 20202015F20 15F15F15F 20202016F20 16F16F16F 20202015F20 15F15F15F 20202016F20 16F16F16F 20202015F20 15F15F15F 20202016F20 16F16F16F Revenue 1,709 1,791 1,708 1,793 -0.1 0.1 - Reflects lower pork prices - Reflects ham/sausage Operating profit 70 74 71 76 1.9 2.2 promotion al expense s Pretax profit 57 72 59 72 3.0 0.3 Net profit 49 60 50 61 2.0 1.7 OP margin 4.1 4.1 4.2 4.2 - - Net margin 2.9 3.4 2.9 3.4 - - Source: Company data, KDB Daewoo Securities Research

Figure 111.1. 201520152015-2015 ---16F16F P/E peer comparison Figure 222.2. 201520152015-2015 ---16F16F P/B peer comparison

(x) (x) 60 2015F 10 2015F 2016F 2016F 50 8

40 6 30 4 20

2 10

0 0 Lotte Foods Samlip CJ Freshway Ottogi Shinsegae Dongwon Lotte Foods Samlip CJ Freshway Ottogi Dongwon Shinsegae Food F&B F&B Food

Source: QuantiWise consensus, KDB Daewoo Securities Research Source: QuantiWise consensus, KDB Daewoo Securities Research

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Figure 333.3. Processed meat (ham/sausage) shipment growth has Figure 444.4. Pork price has been weakening since August been declining since October

(tonnes) Processed meat shipments (L) (%) (W/kg) Korea pork price (L) (%) 20,000 YoY (R) 45 8,000 YoY (R) 80

60 6,500 17,000 30 40

20 14,000 15 5,000 0

-20 11,000 0 3,500 -40

8,000 -15 2,000 -60 10 11 12 13 14 15 10 11 12 13 14 15

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

Figure 555.5. Infant formula exports to China rising steadily Figure 666.6. Infant formula national brand exports expanding

(US$mn) (%) (Wbn) 160 Infant formula exports to China (L) 160 45 National brand YoY (R) 40 PL

35 120 120 30

25 80 80 20

40 40 10

0 0 0 05 07 09 11 13 15F 10 11 12 13 14 15F 16F

Source: Korea Customs Service, KDB Daewoo Securities Research Source: Company data, KDB Daewoo Securities Research

Figure 777.7. Domestic HMR market size Figure 888.8. HMR revenue by channel

(Wbn) 2.1% 1,800 4.7% Hypermarket 1,500 5.6% Super supermarket 9.0% 1,200 Local supermarket Convenience store 43.9% 900 Online 17.1% Department store 600 Home shopping

300 17.7%

0 08 09 10 11 12 13 14

Source: Korea Agro-Fisheries & Food Trade Corporation, KDB Daewoo Securities Source: Korea Agro-Fisheries & Food Trade Corporation, KDB Daewoo Securities Research Research

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December 2, 2015 Lotte Foods

Lotte Foods (002270 KS/Buy/TP: W1,200,000)

Comprehensive Income Statement (Summarized) Statement of Financial Condition (Summarized) (Wbn) 12/14 12/15F 12/16F 12/17F (Wbn) 12/14 12/15F 12/16F 12/17F Revenue 1,6331,6331,633 1,7081,7081,708 1,7931,7931,793 1,8971,8971,897 Current Assets 405405405 520520520 577577577 633633633 Cost of Sales 1,3121,3121,312 1,3601,3601,360 1,4261,4261,426 1,5051,5051,505 Cash and Cash Equivalents 18 125 156 187 Gross Profit 321321321 348348348 367367367 392392392 AR & Other Receivables 172 176 188 198 SG&A Expenses 256256256 276276276 292292292 309309309 Inventories 187 191 203 215 Operating Profit (Adj) 666666 717171 767676 828282 Other Current Assets 28 28 30 33 Operating Profit 666666 717171 767676 828282 NonNonNon-Non ---CurrentCurrent Assets 788788788 781781781 798798798 823823823 NonNonNon-Non ---OperatingOperating Profit 777 ---12-121212 ---4-444 111 Investments in Associates 61 62 66 70 Net Financial Income -3 -3 -3 -1 Property, Plant and Equipment 514 503 509 524 Net Gain from Inv in Associates 9 -6 -4 -2 Intangible Assets 60 56 52 49 Pretax Profit 73 59 72 83 Total Assets 1,1931,1931,193 1,3011,3011,301 1,3741,3741,374 1,4551,4551,455 Income Tax 13 9 11 14 Current Liabilities 191191191 202202202 213213213 224224224 Profit from Continuing Operations 60 50 61 69 AP & Other Payables 110 113 120 127 Profit from Discontinued Operations 0 0 0 0 Short-Term Financial Liabilities 38 45 46 47 Net Profit 60 50 61 69 Other Current Liabilities 43 44 47 50 Controlling Interests 60 50 61 69 NonNonNon-Non ---CurrentCurrent Liabilities 170170170 216216216 221221221 226226226 Non-Controlling Interests 0 0 0 0 Long-Term Financial Liabilities 92 136 136 136 Total Comprehensive Profit 626262 545454 616161 696969 Other Non-Current Liabilities 78 80 85 90 Controlling Interests 62 54 61 69 Total Liabilities 361361361 418418418 435435435 450450450 Non-Controlling Interests 0 0 0 0 Controlling Interests 832832832 882882882 940940940 1,0051,0051,005 EBITDA 112 119 123 130 Capital Stock 7 7 7 7 FCF (Free Cash Flow) -17 141 56 51 Capital Surplus 73 73 73 73 EBITDA Margin (%) 6.9 7.0 6.9 6.9 Retained Earnings 699 744 802 868 Operating Profit Margin (%) 4.0 4.2 4.2 4.3 NonNonNon-Non ---ControllingControlling Interests 000 000 000 000 Net Profit Margin (%) 3.7 2.9 3.4 3.6 Stockholders' Equity 832832832 882882882 940940940 1,0051,0051,005

Cash Flows (Summarized) Forecasts/Valuations (Summarized) (Wbn) 12/14 12/15F 12/16F 12/17F 12/14 12/15F 12/16F 12/17F Cash Flows from Op Activities 35 185 106 111 P/E (x) 13.3 24.7 20.2 17.9 Net Profit 60 50 61 69 P/CF (x) 6.9 9.9 9.8 9.2 Non-Cash Income and Expense 55 75 65 65 P/B (x) 1.0 1.4 1.3 1.2 Depreciation 42 43 43 45 EV/EBITDA (x) 7.9 10.7 10.1 9.3 Amortization 4 4 4 3 EPS (W) 43,721 36,494 44,558 50,409 Others 9 28 18 17 CFPS (W) 83,676 91,490 92,121 97,618 Chg in Working Capital -67 73 -9 -9 BPS (W) 607,536 644,230 686,288 734,198 Chg in AR & Other Receivables -4 -4 -11 -11 DPS (W) 2,500 2,500 2,500 2,500 Chg in Inventories -48 -5 -12 -12 Payout ratio (%) 5.7 6.9 5.6 5.0 Chg in AP & Other Payables -18 2 5 4 Dividend Yield (%) 0.4 0.3 0.3 0.3 Income Tax Paid ---12 -121212 ---13-131313 ---11-111111 ---14-141414 Revenue Growth (%) 4.1 4.6 5.0 5.8 Cash Flows from Inv Activities -95 -33 -59 -67 EBITDA Growth (%) -4.3 6.3 3.4 5.7 Chg in PP&E -51 -43 -50 -60 Operating Profit Growth (%) -10.8 7.6 7.0 7.9 Chg in Intangible Assets -2 0 0 0 EPS Growth (%) -47.5 -16.5 22.1 13.1 Chg in Financial Assets 8 -7 -11 -10 Accounts Receivable Turnover (x) 9.7 9.9 9.9 9.9 Others ---50 -505050 171717 222 333 Inventory Turnover (x) 10.1 9.1 9.1 9.1 Cash Flows from Fin Activities 12 -38 -7 -7 Accounts Payable Turnover (x) 16.5 19.1 19.2 19.1 Chg in Financial Liabilities 18 52 1 1 ROA (%) 5.2 4.0 4.6 4.9 Chg in Equity 0 0 0 0 ROE (%) 7.5 5.8 6.7 7.1 Dividends Paid -2 -3 -3 -3 ROIC (%) 7.2 7.7 8.1 8.4 Others ---4 -444 ---87-878787 ---5-555 ---5-555 Liability to Equity Ratio (%) 43.4 47.4 46.2 44.7 Increase (Decrease) in Cash -49 106 31 32 Current Ratio (%) 211.7 256.7 270.3 282.8 Beginning Balance 67 18 125 156 Net Debt to Equity Ratio (%) 11.3 4.5 0.8 -2.4 Ending Balance 181818 125125125 156156156 187187187 Interest Coverage Ratio (x) 14.9 17.4 18.2 18.0 Source: Company data, KDB Daewoo Securities Research estimates

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December 2, 2015 Lotte Foods

APPENDIX 1

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

Company (((Code)(Code)Code)Code) DateDateDate RatingRatingRating Target Price (W) Lotte Foods Lotte Foods (002270) 11/30/2015 Buy 1,200,000 1,500,000 10/05/2015 Buy 1,400,000 08/17/2015 Buy 1,200,000 1,000,000 05/26/2015 Buy 1,100,000 04/22/2015 Buy 900,000 11/24/2014 Buy 850,000 500,000 11/16/2014 Buy 870,000

03/30/2014 Buy 930,000 0 11/20/2013 Buy 860,000 Dec 13 Dec 14 Dec 15

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

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

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

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

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

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December 2, 2015 Lotte Foods

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

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

KDB Daewoo Securities International Network

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

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

Beijing Representative Office Shanghai Representative Office Ho Chi Minh Representative Office 2401A, 24th Floor, East Tower, Twin Towers Room 38T31, 38F SWFC Suite 2103, Saigon Trade Center B-12 Jianguomenwai Avenue 100 Century Avenue 37 Ton Duc Thang St,

Chaoyang District, Beijing 100022 Pudong New Area, Shanghai 200120 Dist. 1, Ho Chi Minh City, China China Vietnam Tel: 86-10-6567-9299 Tel: 86-21-5013-6392 Tel: 84-8-3910-6000 Daewoo Investment Advisory (Beijing) Co., Ltd. Daewoo Securities (Mongolia) LLC PT. Daewoo Securities Indonesia 2401B, 24th Floor, East Tower, Twin Towers #406, Blue Sky Tower, Peace Avenue 17 Equity Tower Building Lt.50 B-12 Jianguomenwai Avenue, 1 Khoroo, Sukhbaatar District Sudirman Central Business District Jl.

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