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2 Korea's Export YoY(LHS) IT Export / Total Export 4 3 US IT Shipment YoY(RHS) China Taiwan Korea Malaysia Singapore Thailand Philippine Total

3 Sales Growth* Income Growth Labor Cost Growth** Productivity Growth** % of Households Internet Automobile P.C Telephone Cell Phone Years since Invented MATURATION POST-SHAKEOUT GROWTH SHAKEOUT PRE-SHAKEOUT GROWTH INTRODUCTION

4 Total IT ($ Mil) 371,8 491, ,53 746,92 814,727 IT % of Total 5.9% 6.7% 7.6% 8.% 8.3% Hardware 1, 155,49 2, , ,6 Software/services 75,49 111,3 185,69 213, ,644 Communication Hardware 23,97 3,775 46,7 49,151 51,816 Communication Services 161,57 193, , ,74 273,761 Total Private (') 89,956 97,885 6,7 1,247 Total IT- Producing (') 3,875 4,24 5,156 5,434 IT % of Total 4.31% 4.33% 4.86% 4.93% Computer Engineers % Computer Support Specialist % 12 IT GDI CAGR IT Headcount CAGR Systems Analyst % Database Administrators % Desktop Publishing % Paralegals Medical Assistants Physician Assistants Semiconductor processing Correctional Officers 4.93% 4.68% 4.3% 3.86% % Personal Care Social Services Data Processing Financial Brokers 1992~ ~ Social Workers 4.68% 4.34% 4.1% 3.49% % Bill Collectors %

5 8 3 USY-US12M(LHS) Value/Growth(RHS)

7 25 12 US IT Investment YoY(RHS) US IT Shipment YoY(LHS) Semiconductor Shipment YoY Communication Shipment YoY

8 11, Semiconductor Shipment, 9, 8, Communication Shipment 7, 6, 5, 4, 3, 2, ,8 45 1,6 1, , 1,

9 GoldilocksEconomy Expected Inflation Inflation 1. Periods of stagflation

10 S&P YoY(LHS) Inflation Surprise(RHS)

11 San Fransico Sacramento Nationwide Dallas Detroit Seatle Retall Sales Growth 1 Help Wanted Index (RHS) 16 (LHS)

12 4 3 UNDERVALUED or Low Growth Profit Growth YoY(LHS) Earnings Yield/Y Yield(RHS) OVERVALUED or High Growth as of May 26,

13 Excess Reserve/M2(LHS) LOAN Growth(RHS)

14 Foreigner net buy - 3M Avg. Institution net buy - 3M Avg Foreigner net buy 4 3 Institution net buy

15 KOSPI 6 Day Volatility KOSPI Day Volatility.1 1.5

16 9 Semiconductor 8 7 Computer S&P NOW S&P Value Composite / S&P Growth Composite 6 76~89 79~81 82~84 85~87 88~9 91~93 94~96 97~99

17 1,49 2, % 46,8 69,7 48.9% 6,9 12, 73.9% 14,, 42.6% *LG 13, 19,3 48.8% SBS 25, 33,9 35.6% 67, 96, 43.3% 17,3 22,6 3.6% 4,8 6,8 41.4% LG 39,, 27.6% 21, 28,7 36.7%,6 13,3 25.9% 2,49 3, % 2,88 3, % 13,9 17,4 25.2% 13, 16, 21.2% SDI 55, 63, 14.3% CJ39 15,1 18,3 21.1% 199, 223, 12.% 4,6 5, % 4,795 5, 8.4% 1, 1,18-1.7% KOSPI % KOSDAQ %

18 KOSPI Excess Return Attribution(bp) 299 1,174 Stock Selection(bp) 284 1,79 Sector Allocation(bp) Portfolio Volatility(annualized, %) KOSPI Volatility(annualized, %)

19 Material Underweight Neutral 12.5% 12.5% 76, 8, 41.2% 43, 69, 58.6% 58, 96, 64.1% Industrials Overweight Neutral 2.9% 2.9% 3,7 4,7.% LG,3 18, 75.8% 3,87 5, 34.4% Consumer Underweight Underweight 8.3% 7.3% 6,7 14, % Cyclicals 5,7 7, 22.1% Consumer Overweight Overweight 3.5% 7.4% 19, 18,4-2.9% Non-Cyclical 21, 29, 34.9% 4, 46, 15.% Financials Neutral Neutral 18.8% 18.8% 14,9 17,4 16.8% 5,9 7, % 27, 39,9 45.1% 23, 4,6 75.% Technology Overweight Overweight 23.3% 29.4% 28, 33,7.4% SDI 47, 63, 34.% KEC 11,7 15,4 31.6% 34,3 53, 54.5% 158, 223, 41.5% Telecom Underweight Underweight.2% 17.4% 67, 58,8-12.2% Utilies Underweight Underweight.5% 4.3% 23,6 25,3 7.2% 25,6 32,9 28.5%

<4D6963726F736F667420576F7264202D203134303631365FC0CCBAB4B0C75FBBEFBCBAB1DDC0B6B0E8BFADBBE7C1F6BAD0B0C5B7A1B4C2B0EDBCF6C0C7C7E0B8B62E646F635F737A50734D653649654245315570795852705972>

<4D6963726F736F667420576F7264202D203134303631365FC0CCBAB4B0C75FBBEFBCBAB1DDC0B6B0E8BFADBBE7C1F6BAD0B0C5B7A1B4C2B0EDBCF6C0C7C7E0B8B62E646F635F737A50734D653649654245315570795852705972> 산업분석 삼성생명과 화재의 지분거래, 고수의 행마 Analyst 이병건 Investment Points Point 1. 지분구조 단순화 + 삼성생명의 주주지분 증가: 금번 삼성생명의 삼성물산 지분 처분은 1) 삼성그룹 금융계열사와 비금융계열사간 지분구조를 단순화하는 움직임의 일환이 며, 2) 이를 통해 삼성생명의 계약자지분조정이 주주지분으로 바뀌어 순자산가치가