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6 Analyst: tel 2) 768-7477 e-mail gene.park@wooriwm.com

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/ (26.1 = 1) 12 11 1 9 8 7 6 5 (%P) KOSPI 11% 1% 9% 8% 7% 6% 5% 4 '6.1 '6.7 '7.1 '7.7 '8.1 '8.7 '9.1 '9.7 '1.1 '1.7 '11.1 4% : Dataguide Pro,

/ (%) 35 KOSPI PER 2 PER KOSPI premium 3 PER 25 15 2 15 1 1 5 5 2 PER = 17.8 ' '1 '2 '3 '4 '5 '6 '7 '8 '9 '1 '11 2 premium = 8% ' '1 '2 '3 '4 '5 '6 '7 '8 '9 '1 '11 : Dataguide Pro, : Dataguide Pro,

/ (% y-y) 15 OP NP (%P) 15 OP - KOSPI OP NP - KOSPI NP 1 1 5 5-5 -5-1 '3 '4 '5 '6 '7 '8 '9 '1 '11E -1 '3 '4 '5 '6 '7 '8 '9 '1 '11E :, : = KOSPI :,

/ (% y-y) 4 3 2 GDP (% y-y) (% y-y) 5 1 4 3 8 6 1-1 -2-3 -4 91 93 95 97 99 1 3 5 7 9 11E 2 1-1 -2-3 -4 '1 '2 '3 '4 '5 '6 '7 '8 '9 '1 '11E 4 2-2 -4-6 -8 :,, : KOBACO,

/ ( / ) 1Q 2Q 3Q, 1 (+), (+), SBS(-2), (-) SBS(+), SO(-), (-), base (-) CJ CJ E&M (+) KBS ( ) SBS(-), (-), SO(-), (-) SBS(+), (+), (+),. (-) (+), SO (-), 2 (+), (+), SBS(-2), (-), 6. SBS(+), (+), (+), (-) 9 (+) 4Q CJ : (+), (-) : SBS(+), (+), (+), (-) (+) (+), (+), SBS(-2), (-) (+), CJ (+)

/ ( ) (1Q=1) 8 16 14 6 12 4 2 1 8 6 4 ' '1 '2 '3 '4 '5 '6 '7 '8 '9 '1P '11E :, SBS, GIIR. : Dataguide pro,,

/ 3 5 : 3 KBS EBS SBS MBC,, 2~5%, 6~8%, 15% 4% ( 1 ) : 1 3,3 3, ( ) 15% ( ) 3, : 1, KBS1, :. 4 = 1.2 = 4,3 : 1 1 :

/ 32,276 19,182 17 1,931 DMB * 131 51-134 -144 CATV SO 25,252 1,65 4,343 2,835 3,975 114 322 248 DMB 1,334 33 83-61 PP 17,25 7,694 7,625 4,774 173,993 28,138 12,255 9,583 1 ( PP) 2 () 4 Y+1 786 1,18 92 3,68 Y+2 1,28 1,768 1,524 6,96 Y+3 1,634 3,648 2,641 1,564 :, SBS SBS YTN 5.62%.76%.44% 4,891 534 616 :

/ ( ) ( ) ( ) ( ) ( ) (, ) 1 1 1 ( ) 1 1 1 1 ( / ) ( / ) -1 3% -1 3% -1 4% -1 51% -1 3% -1 3% - / / - / - / / - 1% - 1% - 1% / 1% - - - 3 1% 15% 3 85% / / PP (3 ) / / PP 3 :, MBC KBS SBS : SA A B C 26. 22. -16. -21. 13.6 42.1 32.2 19.9 5.8 42. 1. -23. -36. 13. 42.7 29.2 18.4 9.7 34. 25. -16. -1. 18.9 45.8 28.5 19.5 6.2 ( ) 3 (KBS, MBC, SBS) 4, 3 (,, ) 3, 2, 1, : KOBACO 1 2 3 4

/ :. : KBS 29 1 3,58 2,5( ) 3,5 4, 4,5 5, KBS 13,58 13,58 13,58 13,58 13,88 - ( ) 5,575 7,85 8,92 1,35 11,15 - ( ) 5,23 2,973 1,858 743 - ( ) 2,73 2,73 2,73 2,73 2,73 (%) 41.3 57.8 66.% 74.3% 8.3% (%) 38.5 22. 13.8% 5.5% (%) 2.2 2.2 2.2% 2.2% 19.7% ( ) 2,23 3,345 4,46 5,23 ( ) 4 3 2 1 363.4 296.3 218.6 29.9 3 (, ) 1981 28 25, 2, 15, 1, 5, 1,8 19,231 2,5 15, 132,674 KBS 2,5 1,4 8, 4,381 1 ( ) : KBS : KBS

/ I II III IV V VI VII VIII 4 4 4 4 5 4 5 5 3 2 3 4 3 3 3 4 3 5 5 5 5 95 95 95 245 272 48 544 51 775 969 1,291 54 6 9 12 112 171 213 284 : 45~6 6~9 9~12 12~15 15~18 18 1 2 3 4 5 6 3 3 3 3 3 3 3 6 9 12 15 18 : TV 1 3, 1. :,

/ 211, Skylife 28 ( ) 3, 2,5 2, ( ) 5 45 4 35 SO 1,5 1, 3 25 2 15 5 1 5 - '4 '5 '6 '7 '8 '9 - '7 '8 '9 : TV, : TV,

/ ( ) 1,6 1,4 1,2 1, 8 6 4 2 CATV Skylife IPTV ( ) (% ) 18, 5 16, 45 14, 4 12, 35 3 1, 25 8, 2 6, 15 4, 1 2, 5 '95 '97 '99 '1 '3 '5 '7 '9 1Q11 '4 '5 '6 '7 '8 '9 '1 '11E '12F :. : TV,

/ ( :,,, %) KOSPI CJ E&M SBS GIIR HCN - 1396.KQ 3.KS 3412.KS 35.KS 5321.KS 12656.KS - Buy Buy Buy Hold Not Rated Not Rated (12M) - 6, 17,6 41, 12,5 - - * - 2,275.8 2,24.7 748.4 27.1 - - (6/24) 2,9.8 44,4 16,2 28,7 1,15 23, 2,36 * 917,58.9 1,684.1 1,863.7 523.8 168.2 1,96.3 2. 21 856,656.4 1,78.7 614.6 682.2 29. 431. 36. 211E 961,371.6 1,149.7 68.3 726.1 38. 487.1 248.8 212F 1,43,71.2 1,238.6 769.1 738.5 45.1 572.7 256.5 21 83,336.1 8.7 55.8-4.3 1.5 37.3 7.9 211E 99,695.5 142.7 69.4 54.9 14.6 43.6 58.7 212F 113,19.1 172.5 82.3 57.4 19. 7.2 59.3 EPS 21 6,876 823 913 26 693-1 211E 8,133 2,75 899 2,345 841 816 385 212F 8,784 3,352 1,57 2,461 993 1,276 38 PER 21 1.5 41.9 15.2 138.3 15.1-35.1 211E 9.8 16.4 18. 12.2 12.1 28.2 6.1 212F 9.1 13.3 15.3 11.7 1.2 18. 7.1 EV/EBITDA 21 7.9-19.3 27.1 14.2-23.6 211E 7.6-17.5 6.6 12. 12.6 2.5 212F 6.7-14. 6.1 1.9 8.2 2.2 PBR 21 1.5 1.3 2.5 1.1 2.1-1.1 211E 1.5 1.5 2.6 1.1 2.1 5..7 212F 1.3 1.4 2.3 1. 2.1 4..9 ROE 21 13.9 3.2 17.6.8 13.7 32.4 3. 211E 15.1 9.8 15.4 9. 17.1 19.8 11.6 212F 15.1 11.1 15.9 9. 2.3 25.5 9.7 : HCN :

/ CJ E&M SBS : 211 P/E, P/B, ROE Consensus : Bloomberg, GIIR Walt Disney Time Warner Omnicom ( :,, ) Viacom DirecTV Comcast Dentsu Fuji TV (6 24 ) 44,4 16,2 28,7 1,15 23, 37.6 34.5 45.6 11.5 47.9 47.8 23.6 2,258 114,3 PER PBR ROE (%) 21 41.9 15.2 138.3 15.1-16.1 13.1 17. 18. 13.1 16.1 16.8 3.6 56.1 211E 16.4 18. 12.2 12.1 28.2 14.6 12.5 14.2 17.6 11.4 14.7 14.9 18.4 25.2 212F 13.3 15.3 11.7 1.2 18. 12.4 1.9 12.4 14.1 1.2 11.4 12.5 15.6 16.9 21 1.3 2.5 1.1 2.1-1.7 1.1 3.7 2.3 3.1-1.4 1.3.8 211E 1.5 2.6 1.1 2.1 5. 2. 1.1 3.5 2.1 3. - 1.3 1.1.6 212F 1.4 2.3 1. 2.1 4. 1.8 1. 3.2 1.9 2.3-1. 1..5 21 3.2 17.6.8 13.7 32.4 11.1 7.8 21.3 11.5 2.1-8.3 4.3-1.8 211E 9.8 15.4 9. 17.1 19.8 16.7 9.1 25.3 13.6 24.9 185.9 9.2 6. 2.2 212F 11.1 15.9 9. 2.3 25.5 2.2 11.6 27.2 16.2 24.6-48.3 9.6 6.6 3.2 1 week 2.5-1.8 5.1 2.4 4.5-1.2-1.9.6.9 1. 2.4 9. 7.7-1.2 1 month -5.3 11.3 -.5 1.9 - -8.3-3.4-2.4-2.8-4.1-4. 5.5 8.9-8.3 3 months -1.8 18.2 4.7-1.5 - -12.5-2.4-4.6-5.3 6.7 1.4 8.2 2.5-12.5 (%) 6 months 31.6 2.4 1.8-6.9 - -.3 6.7-1.5 6.5 22.3 19.6-11. -1.6 -.3 1 year - 27.6-2.3 7.9-12.2 12. 26.2 48.6 4.5 33.3-8.7-12.7 12.2 YTD 28.7 17..9-2.9 -.2 7.1 -.4 7.9 21. 19.6-1.4-11..2 1 week -.3-4.6 2.2 -.5 1.6-1. -1.7.9 1.1 1.2 2.6 5.3 4.1-1. 1 month -4.9 11.8 -.1 2.4 - -3.8 1.3 2.4 2..7.8 4.5 7.8-3.8 3 months -3.5 16.2 2.9-3.2 - -9.4 1.1-1.1-1.9 1.5 5. 11.3 5.5-9.4 (%) 6 months 27.2 16.5-1.6-9.9 - -1.2 5.7-2.3 5.6 21.3 18.6-3.4-2.9-1.2 1 year - 5.5-34. -1.8 - -4.7-4.9 7.1 26.2 19.3 13.1-4.9-9.1-4.7 YTD 26.2 14.7-1. -4.7 - -.7 6.2-1.3 7. 19.9 18.6-3.4-4. -.7 Interpublic

/ ( ) 21 211E 212F 1,78.7 1,149.7 1,238.6 12 6, (6/24) 44,4 1,684.1 24.8 52 58,4 27,7 6.%.% 8.7 142.7 172.5 OP (%) 7.5 12.4 13.9 31.2 12.6 127.1 EPS 823 2,75 3,352 BPS 26,328 28,763 31,612 PER 41.9 16.4 13.3 PBR 1.3 1.5 1.4 ROE (%) 3.2 9.8 11.1 Net Debt(-Cash) 4. 8.8-8.4 : 21~211 (211 3 1 ) :

/ ( :,,, %) CJ ** CJ CJ ( ) **** 29 21 211E* 212F 29 21 211E* 212F 29 21 211E* 212F 29 21 211E* 212F 29 21 211E* 212F 11E* 12F 29 21 211E* 212F 677 739 1,525 1,57 1,661 1,755 2,26 2,321 1,288 1,416 7,358 7,81 3,184 3,725 - - - - - - - - - - - - - - - - 9,864 1,787 187 161 466 586-68 89** 18 185 97 13 13 13 472 411 441 494 4 43 48 53 19 35 728 87 1,427 1,725 182 174 48 61-49 49** 144 148 1 128 128 128 381 173 457 518-1 -6-55 -5 19 35 514 465 1,344 1,65 152 142 389 482-51 37** 18 111 1 96 96 96 262 97 346 44-8 -6-55 -5 143 229 364 312 1,26 1,271 - - 1,896 1,896 - - 37.93 37.93 EPS - 823 2,75 3,352 BPS - 26,328 28,763 31,612 ROE - 3.2 9.8 11.1-72.5 7.3 58.7 : * 211 3 1, ** CJ 21 1 1, 29 *** CJ 211~212 21 **** 1,743 1,896. BW CB CJ E&M CJ E&M :, CJ E&M,

/ ( ) 7 6 16, 14, 13.2X 16.7X 21.3X 24.9X 3.1X 5 12, 4 1, 3 8, 2 6, 1 4, 2, -1 1Q11 3Q11E 1Q12F 3Q12F - 6 7 8 9 1 11 12 : Dataguide Pro, : 26~21 CJ : Dataguide Pro,

/ 12, 1, 16.4x 22.2x 27.9x 36.2x 44.5x 12, 1, 1.1x 1.4x 1.6x 1.9x 2.1x 8, 8, 6, 6, 4, 4, 2, 2, '7.1 '8.1 '9.1 '1.1 '11.1 '12.1 '7.1 '8.1 '9.1 '1.1 '11.1 '12.1 : Dataguide Pro, : Dataguide Pro,

/ 12 17,6 (6/24) 16,2 1,863.7 23. 52 16,9 11,4 39.5% 2.45% ( ) 28 29 21 211E 212F 575.3 54.3 614.6 68.3 769.1 33.2 47.5 55.8 69.4 82.3 OP (%) 5.8 8.8 9.1 1.2 1.7 EBITDA 39.3 55.2 59.6 73.2 85.9 EBITDA (%) 6.8 1.2 9.7 1.8 11.2 87.5 91. 15. 13.4 121.6 EPS 76 791 913 899 1,57 BPS 4,435 4,919 5,444 6,215 7,12 PER 1.3 15.9 15.2 18. 15.3 PBR 1.8 2.6 2.5 2.6 2.3 ROE (%) 18.3 16.9 17.6 15.4 15.9 Net Debt(-Cash) -382.7-48.8-442.1-495.7-559.5

/ (% y-y) 14 12 1 8 6 4 2-2 -4 (% y-y) 5 4 3 2 1-1 -2-3 -4 (, ) (, ) (%) 3, (, ) 6 5 2,5 4 2, 3 2 1,5 1 1, -1 5-2 -6 '1 '2 '3 '4 '5 '6 '7 '8 '9 '1 '11E -5 ' '2 '4 '6 '8 '1P '12F -3 : KOBACO, Dataguide Pro, : :,

/ (%) 18 15 12 9 6 3 ( ) HS TBWA '99 ' '1 '2 '3 '4 '5 '6 '7 '8 '9 '1E'11F'12F :, : KOBACO (%) 14 13 12 11 1 9 1 51 11 151 21 251 31 (M/S 1 ~35 ) ( ) 7 6 5 4 3 2 1 ' '2 '4 '6 '8 '1P '12F :,, (%) 1 8 6 4 2

/ 2, 16, 1.7x 12.6x 14.5x 17.1x 19.6x (%) 2 15 PER KOSPI premium 12, 1 8, 5 4, '2.1'3.1'4.1'5.1'6.1'7.1'8.1'9.1'1.1'11.1'12.1-5 ' '1 '2 '3 '4 '5 '6 '7 '8 '9 '1 '11E : Dataguide Pro, : Dataguide Pro,

/ 12 41, (6/24) 28,7 523.8 91.3 52 36, 24,95.% 1.74% ( ) 28 29 21 211E 212F 67.2 555.5 682.2 726.1 738.5 5.5 15.5-4.3 54.9 57.4 OP (%).9 2.8 -.6 7.6 7.8 EBITDA 35.7 35.9 18.8 76.8 78.4 EBITDA (%) 5.9 6.5 2.8 1.6 1.6 7.7 23.8 3.8 42.8 44.9 EPS 395 1,31 26 2,345 2,461 BPS 24,412 25,784 25,529 26,473 27,946 PER 83.9 35.4 138.3 12.2 11.7 PBR 1.4 1.8 1.1 1.1 1. ROE (%) 1.4 5.2.8 9. 9. Net Debt(-Cash) -5.7-39.3-9.6-2.4-47.6

/ 1, 9, 8, SBS OP ( ) 5 4 3 16.6X 23.3X 29.9X 36.3X 42.7X 1, 8, 12, 1, 8.3X 1.4X 12.4X 15.2X 18.X 7, 2 6, 8, 6, 1 6, 5, 4, 4, 4, 3, -1-2 2, 2, 2, '2 '3 '4 '5 '6 '7 '8 '9 '1 '11E -3 '2.1 '3.7 '5.1 '6.7 '8.1 '9.7 '11.1 '2.1 '3.7 '5.1 '6.7 '8.1 '9.7 '11.1 : SBS, : Dataguide Pro, : Dataguide Pro,

/ :, I III VI VII VIII (%) 4 4 4 5 5 3 3 3 3 4 (%) 3 5 95 95 95 ( ) 245 48 775 969 1,291 SBS ( ) 54 9 171 213 284 : MBC KBS SBS : SA A B C 26. 22. -16. -21. 13.6 42.1 32.2 19.9 5.8 42. 1. -23. -36. 13. 42.7 29.2 18.4 9.7 34. 25. -16. -1. 18.9 45.8 28.5 19.5 6.2 11 12 13 ( ) 8 1,2 1,5 ( ) 288 432 54 ( ) 23 346 432 : 1) 3 2) IPTV TV :

/ ( ) (4Q1) NAV 1) 369,247 512,72 554,153 359,748 487,973 525,437 -SBS 266,469 (74%) 255,83 (52%) 158,762 (3%) ( SBS, 6 24 ) CP 28,7 TP41, 6,767 22,27 25,984 2,731 2,731 2,731 2) 12,286 12,286 17,624 3) 7,537 7,537 7,537 4) -1,83-1,83-1,83 (1+2+3+4) 378,24 521,695 568,485 : 2,74 3,729 4,46 4,55 (6 24 ) 2,76 2,76 32.1% 39.3%

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