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Small Cap Team, CFA 2)768-767, hoon.lee@wooriwm.com 2)768-7444, dongyang.kim@wooriwm.com 2)768-7671, chris.yoo@wooriwm.com 2)768-748, un.kim@wooriwm.com 2)768-7137, cindy.chae@wooriwm.com

Contents 3 8 13 17 21 25 31 35 4 45 49 52 1

11 1H9 2H9 1H1 2H1, 1, 2, 3,,, LED, TV, LED, LS. 21. 1~29% 23 425 ( 1 2.5, 17), 213, CDM 4, / ( ) 23 2% SK 3~5 MH 8 /, (3/9) 26,5 27, Not Rated 9,14. Not Rated 63,. 94, 11, LED Not Rated 46,75 27,85 41,. LS 49,3 51, Not Rated 78,7. LG 81,5 1, 55,9 94, Not Rated 19,6. 4 49,45 72, Not Rated 19,5. Not Rated 6,7. 4,3 4,6 2

1 G r e e n E n e r g y Eonomist 2)768-7588 june.park@wooriwm.com : _ 2)768-7588 3

:, SOC : _ 2)768-7588 4

2812, SOC 291, 281, 22 4, ( 22 1 5 8,25) (Ecological New Deal) 25, / (Asia Pacific Partnership) 28, (Climate Change Act of 28) 29, (National Engagement for the Environment) 29~21, SOC 29,, SOC 2,5 3 : 32 : 16 22 7, 28~211, 1 : 6 29~218,,, 1,5, 5 : 8.12.6 9.1.6 SOC SOC 1 4 :,, (, ),, 5 4%, 18, 25 8% 1 1,5 : _ 2)768-7588 5

( ),, (5 ), (96 ) 4.,, 18,., (BRT), 11....7,, 2,, ( 93 1268,1 ),,,, 2,, (E5) -ETBE (RDF) 2, 23 57, 3,,, ( 9235ha 1234ha), ( 976ha 1215ha ), ( 14 1216 ),, 3,,, 2., 9 LED, IT,,, (CO2 27%) (eco-road),.6 : - -2 (, - ) - 1 - -,, ( ) - - ( ) - LED -LED LED 51 7.3, 9.5 - - (, WISE ) -,, (U- ) : -U- - _ 2)768-7588 6

( ) - 29~2131-29~2125 ( 7.3 / 9.5 ) -29 6.2 -, 29 R&D9,5, R&D4,5-95.6 ( ) -29, 21-352 ( ) ( / ) -29 GDP.3~.4% -218 7 (GDP 38%) : _ 2)768-7588 7

2 G r e e n E n e r g y Analyst 2)768-7618 justin.byun@wooriwm.com Analyst 2)768-7462 nick.park@wooriwm.com Analyst 2)768-758 jj.kim@wooriwm.com : NREL _ 2)768-7618 8 : WBGU

(GW) 2 18 16 14 12 1 8 6 4 2 Production (GW) Production Growth (% YoY) 58% 56% 5% 32% 6.1 8. 3.9 2.6 1.2 27% 12.9 26% 17.3 35% (% YoY) 7% 6% 5% 4% 3% 2% 1% 1% 9% 8% 7% 6% 5% 4% 3% 2% 1% New Concept 26 27 28 29E 21F 211F 212F % % 26 21F 22F 23F : PHOTON Consulting, LG, : EPIA,, GaAs InP CIGS CdTe a-si/cigs / BIPV: Building Integrated PhotoVoltic System, CdTe CIGS : Quantum Dot _ 2)768-7618 9

/ / LG LG LS KCC LS LG,,, STX / AMAT ( ) Oerlikon Solar ( ) ULVAC ( ) Sharp ( ) Sanyo ( ) Sony ( ) Honda ( ) Toshiba ( ) Showa Shell Solar ( ) Dyesol ( ) First Solar ( ) Schott Solar ( ) TP 27, ( ) 25 ( ) 1, 9 2 8 7 [ : 2939) () ( ) ( ) 52 () 52 () 26,5 4,317.8 15.8 435, 16,5 15 1 5 6 5 4 3 2 (%) 15.6 1 (7, %).4 12 295,267 1Q7 4Q7 3Q8 2Q9F 25 26 27 28E 29F 21F : : _ 2)768-7618 1

Valuation Index () 27/12A 28/12E 29/12F 21/12F 29, () 251, 22, 26,5 26,5 27, EPS () 6,81 15,419 25,524 36,881 25, PER () 36.9 14.3 8.1 5.6 23, PBR () 4.8 3.9 2.6 1.8 21, EV/EBITDA () 24.7 7.2 6.4 3.9 19, ROE (%) 14.7 28.3 36.6 37.4 17, () 1, 1,5 2, 2,5 15, '8.1 '8.3 '8.5 '8.7 '8.9 '8.11 '9.1 '9.3 (%) Net debts ( ) 113. 648. 159.7 3.6 145.8 732.5 86. 447.3 : Dataguide Pro : Income Statement Balance Sheet ( ) 27/12A 28/12E 29/12F 21/12F ( ) 27/12A 28/12E 29/12F 21/12F EBITDA 1,342.7 31.7 228.7 2,119.8 738.9 681.1 2,498. 842.2 784.9 4,19.6 1,24.8 1.217.9 38. 395.6 1,174.8 1,834.8 342.4 756.2 1,491.4 2,339.4 26.7 748.3 2,58.5 4,116. 419.5 1,24.2 2,351.2 4,426.2 181.2 59.9 656. 915.6 2,23.4 3,95.6 4,116. 4,426.2 OP (%) 135. 27.9 25.3 22.8 214. 122.6 28.8 62.6 169.3 33.5 135.8 41.9 85.3 316.6 665.3 141.2 524. 961.3 24.1 757.2 483.6 472. 699.5 1,183.1 767.1 52.4 1,136.4 1,93.5 1,4.4 712.4 1,41.3 2,441.7 749.1 84.1 1,297.8 2,46.9 Net (%) 1.1 14.9 21. 18.8 1,47.3 1,192.1 1,674.3 2,379.3 : : _ 2)768-7618 11

Not Rated LCD Solar 1% 9% 8% 19% 11% 14% 36% [ : 2939) () ( ) ( ) 52 () 52 () (%) (7, %) 9,14 297.5 16.3 22,55 5,5.6.95 12 1,813,549 7% 6% 5% 4% 3% 2% 1% % 62% 39% 81% 75% 2% 25% 18% 26 27 28 29E :, : Dataguide Pro, Not Rated ( ) 25, 2, [ : 2939) () ( ) ( ) 52 () 52 () 63, 664.5 5.3 83,1 31,8 15, 1, 5, (%) (7, %) 5.6.26 12 229,772 1Q7 1Q8 1Q9 1Q1F :, : Dataguide Pro, _ 2)768-7618 12

3 G r e e n E n e r g y Analyst 2)768-768 paul.hah@wooriwm.com (MW) 1,6, 1,4, 1,2, 1,, 8, 6, 4, 2, () () 21 22 23 24 25 26 27 28E 29F 21F 215F 22F 23F (MW) 1,2, 1,, 8, 6, 4, 2, : Global Wind Energy Council _ 2)768-768 13

(metric /) 16 14 12 1 8 6 4 2 199 1994 1998 22 26 21 214 218 222 226 23 () 1,6, 1,4, 1,2, 1,, 8, 6, 4, 2, 27 28 29 21 215 22 23 : Energy Information Administration(EIA),World Energy Projections Plus(28) : GWEC (TOE) 4,5 4, 3,5 3, 2,5 () () (%) 14 12 1 8 1 ( 5) 2 (68) 3 (912) 75kW 1,5 kw 3MW 3kW 2, 1,5 1, 5 6 4 2 1,5 kw 28 21 215 22 23 DB : : _ 2)768-768 14

, Vestas Vestas, LM Bosch Rexroth, Weier, Elin, Hansen, Winergy, ABB, Vestas, NEG, Cotas(Vestas), NEG DMI (Dancontrol) BM,,, GE Energy LM, Tecsis Winergy, Bosch Eickhoff, GE Loher, GE DMI, Omnical, SIAG GE EPC S&C,, Gamesa Gamesa, LM Echesa(Gamesa), Indar(Gamesa), Gamesa Hansen Ingelectric(Gamesa) STX Enercon Enercon Direct drive Enercon KGW, SAM Enercon Siemens Wind Siemens, LM Winergy ABB Roug, KGW Siemens, KK Electronic 75kW 2MW Suzlon 75kW 2MW Repower Suzlon LM Hansen, Winergy Suzlon, Siemens Winergy, Renk, Eickhoff N/A Suzlon N/A Suzlon, Mita Teknik Mita Teknik, ReGuard : : (2 =1) 9 8 7 6 5 4 3 2 1 BM (2 =1) 25 2 15 1 5 Gamesa Vestas Clipper Nordex Repower Systems Accinoa '7.2 '7.5 '7.8 '7.11 '8.2 '8.5 '8.8 '8.11 '7.2 '7.5 '7.8 '7.11 '8.2 '8.5 '8.8 '8.11 : Datastream : Bloomberg _ 2)768-768 15

TP 11, 27 28E 29E 21E 4,524 5,428 6,513 7,815 443 8 1, 1,2 [ : 2939) M/S 9.8 14.7 15.4 15.4 () 94, 4,24 5,88 6,15 7,326 ( ) ( ) 1,561 7.9 1,137 1,5 1,8 2, 52 () 52 () (%) (7, %) 122,6 46,9 6.8.11 12 188,22 45% 22% 14% 5% 14% M/S 26.8 8,764 1,58 M/S 18. 29.5 1,516 2,3 21.8 29.4 12,618 2,8 22.2 27.3 15,141 3,2 21.1 : : Valuation Index () 14, () 27/12A 89,5 28/12E 75,9 29/12F 94, 21/12F 94, 12, EPS () 3,19 4,543 6,291 7,624 1, PER () 28.8 16.7 14.9 12.3 8, 6, 4, 2, '7.3 '7.6 '7.9 '7.12 '8.3 '8.6 '8.9 '8.12 '9.3 PBR () EV/EBITDA () ROE (%) () (%) Net debts ( ) 9.8 19.5 41.1 1 83.9.9 5.8 11.1 41.5 1 12.2 49.9 4.9 9.7 38.8 1 64.1-1.5 3.5 7.9 33.1 1 45.3-52.2 : Dataguide Pro : Income Statement Balance Sheet ( ) EBITDA 27/12A 357.9 77. 72.6 62.3 28/12E 615.3 12.3 118.4 1.3 29/12F 751.1 156.1 16.5 132.7 21/12F 841.9 181.8 192. 155.7 ( ) 16.1 27/12A 16.6 97.6 13.9 264.5 28/12E 29.9 315.9 117.4 124.1 439.9 29/12F 45.2 368.9 15.1 157. 525.9 21/12F 94.7 461.5 178.5 185.4 646.9 OP (%) Net (%) 17.4 63.7 14.7 49. 13.7 16.3 12.2 27.3 74.9 12.2 : 17.7 137.9 33.4 14.5 13.9 18.5 162.4 35.7 126.6 15..9 61. 11.7 199.9 16.4 19.2 19. 22.4 12.7 222.4 143.8 217.6 : 25. 182.8 19.2 22.8 25.5 32.4 24. 178.6 19.2 23. 21.6 445.4 _ 2)768-768 16

4 G r e e n E n e r g y Analyst 2)768-7468 kevin.lee@wooriwm.com ( ) LED BLU CCFL BLU 7, LCD TV 4.5mm 9mm *12.1W 6, BLU ( ) USD 31 USD 15.6 5, 2~3 W ~75% 4 W ~85% 4, 5,~1,:1 1,~2,:1 NTSC 3, 3.3V 2V 5~1 2, 25~3 nits 3 nits 5Khrs 5~6Khrs 1, 25 26 27 28E 29F 21F 4mg * : : LED_ 2)768-7468 17

: ( ) 7, 26F 27F 28 29E 28F 6, LCD TV NB 63,438 79,772 114,147 139,57 167,49 5, LED 22 6 26 421 541 4, 3, 134.1 175.1 24.1 14.8 28.5 2, LCD TV 45,99 79,333 15,75 14,646 165,317 1, LED 11 32 19 213 382 25 26 27 28E 29F 21F 358.3 19.3 244.2 96.4 79.1 : Displaysearch, : Displaysearch, LED_ 2)768-7468 18

Nichia 27 LED 2, 45 1 LED ( 4) 8,7 => ( 6) 1,2 => ( 7) 1,8 Toyota Gosei Osram LED LED Cree Lumileds 3 ( //, /, ) R&D : : (29.1) TP 41, 27 1,186 83 28 1,339 89 29E 1,214 58 21F 1,292 6 ( ) 4 35 LED () () (%) 25 2 642 767 715 815 3 15 [ : 2939) 9 61 29 5 25 1 () ( ) ( ) 46,75 3,492 388 OS 551-28 814 1,4 27 1,154 45 2 15 5 52 () 56,5 RF 1,14 1,365 1,367 1,482 1-5 52 () (%) (7, %) 29,5 6.9 1.2 12 1,254,99 24 3,519 168-13 4,285 137 5 4,3 12 1 4,743 165 5 26 27 28 29E 21F -1-15 :, :, LED_ 2)768-7468 19

Valuation Index () 27/12A 28/12E 29/12F 21/12F 6, () 49,15 33,3 46,75 46,75 5, 4, 3, 2, 1, '8.1 '8.3 '8.5 '8.7 '8.9 '8.11 '9.1 '9.3 EPS () PER () PBR () EV/EBITDA () ROE (%) () (%) Net debts ( ) 1,489.2 33. 1.9 12.6 6. 5 62.1 439. 622.5 53.5 1.4 8.6 2.5 5 7.8 545. 1,137.2 41.1 2. 11.8 4.7 6 66.1 46. 1,583.2 29.5 1.9 11.2 6.3 85 68.7 39.8 : Dataguide Pro : Income Statement Balance Sheet ( ) 27/12A 28/12E 29/12F 21/12F ( ) 27/12A 28/12E 29/12F 21/12F EBITDA 2,69.4 522.9 332.7 3,99.8 532.7 358.4 3,38. 58.5 338.6 3,719.1 622.6 35.4 21.9 72.2 1,313.6 2,469.8 84.9 671.7 1,272.9 2,439.5 11. 685. 1,254.3 2,42.1 15.6 854.6 1,239.4 2,423.4 88.5 84.4 69.2 84.7 3,19. 3,111.2 3,15.2 3,278. OP (%) 3.3 2.7 2.3 2.3 5. 157.5 142.5 135.4 155.6 42.8 112.8 7. 21.9 48.1 118.5 32. 86.5 164.1 44.3 119.8 473.4 6. 749.2 1,222.6 645.3 472.5 644.4 1,289.7 62.6 427.5 615.1 1,235.7 72.7 46.1 614. 1,334.6 Net (%) 4.2 1.6 2.8 3.2 1,967.4 1,821.5 1,869.5 1,943.4 : : LED_ 2)768-7468 2

5 G r e e n E n e r g y Analyst 2)768-768 paul.hah@wooriwm.com (1kWh) (%) 35, () 7 () 3, 6 (bn kwh) 5, 4, '6-'3 () 5% '6-'3 () 4% 25, 5 3, 3% 2, 4 2, 2% 15, 3 1, 2 5, 1 88599551152253 1, / OECD OECD 1% % : Energy Information Administration(EIA)) : EIA _ 2)768-768 21

(mn$) 8, 7, 6, 5, 4, 3, 2, 1, 4752576267727782879297 (c-km) 4, 35, 3, 25, 2, 15, 1, 5, 848892964812162 : Areva :, 27 (285) R&D ~8 9 ~12 () 547 3,398 29, LG 258 2,554 5, 1,474 6,463 23, IT 82 88 1, LS 3,535 3,633 15 SDI, GS LED 1,761 3,786 1, IGCC 913 4,374 3, CCS 13 3,76 7, - 781 9, 4,81 5,89 1 553 46 4 LS, 3,482 4,534 3, 181 73 1 18,282 42,187 128 7( ) 12 17 22 765kV 755(5) 1,4(7) 1,4(8) 1,4(8) 345kV 154kV : : *, ( ) _ 2)768-768 22 8,284 (81) 19,917 (591) 28,956 (677) 9,585 (98) 24,41 (699) 34,99 (84) 9,988 (17) 26,336 (768) 37,328 (883) 9,998 (17) 27,715 (811) 38,717 (926)

(2 =1) 3 25 LS KOSPI IT Smart grid( ) 1 219 2. 2 15-293 5MW :. 1 5. 1 PCU 6 : Datastream '7.2 '7.5 '7.8 '7.11 '8.2 '8.5 '8.8 '8.11 '9.2. : LS TP 51,.46% 7 ( ) 12 17 22 27.% 31% 368,65 449,798 ( kwh) (2.5%) 483,34 (1.%) 5,92 (.5%) [ : 2939) () 49,3 ( ) 1,479 3.54% 6,228 7,295 (kw) (2.3%) 7,944 (1.3%) 8,18 (.4%) ( ) 15. 52 () 62,9 52 () 34,15 12% 26% 6,587 8,15 9,568 1,891 (kw) (%) 13.9 (7, %) 1.7 12 179,234 IT RFID 5.8 11.7 2.4 23.3 (%) : LS : _ 2)768-768 23

() 1, 8, 6, 4, 2, : Dataguide Pro '7.3 '7.6 '7.9 '7.12 '8.3 '8.6 '8.9 '8.12 '9.3 Valuation Index 27/12A 28/12E 29/12F 21/12F () 55,6 49,2 49,3 49,3 EPS () 3,691 3,161 5,464 5,9 PER () 15.1 15.6 9. 9.8 PBR () 4.1 3.1 2.4 2. EV/EBITDA () 9.6 8.2 7.1 6.4 ROE (%) 27. 19.4 27.6 2.7 () 85 85 85 85 (%) 11.3 14.6 84.8 76.6 Net debts ( ) 19.5 149.8 14.3 61.2 : Income Statement ( ) 27/12A 28/12E 29/12F 21/12F 1,293.6 1,419.4 1,485.4 1,684.5 268.8 277.6 297.1 335.9 EBITDA 193.8 197.8 222. 241.4 156.7 148.9 165.4 186.5 OP (%) 12.1 1.5 11.1 11.1 149.5 128.1 216.3 193.1 38.8 33.3 52.3 42.9 11.7 94.8 163.9 15.3 Net (%) 8.6 6.7 11. 8.9 : Balance Sheet ( ) 27/12A 28/12E 29/12F 21/12F 34.3 73. 115.5 155.6 465.4 586.4 696.8 863.5 379.9 37. 48. 396.9 489.7 486.5 528. 527.5 955. 1,72.9 1,224.8 1,39.9 141.3 139.3 136.3 133.3 378.9 422.2 431.5 468.2 83.7 83.7 83.7 83.7 121.9 126.3 13.5 135.2 5.9 548.5 562. 63.4 454.2 524.4 662.8 787.6 : _ 2)768-768 24

6 G r e e n E n e r g y Analyst 2)768-764 yonho.chong@wooriwm.com Analyst 2)768-758 jj.kim@wooriwm.com Emissions Standard Euro2 (1996) Euro3 (2) Diesel 8-1 5 PM (mg/km) Gasoline - - NOx (mg/km) Diesel Gasoline - - 5 15 HC (mg/km) Diesel Gasoline - - - 2 Emissions Standard California standards US EPA standards 1994~23Low-EmissionVehicle I Tier I 2 1 24~21 LEV II Tier II 215 CO² 145g/km 22 Super Ultra LEV, 21 35mpg ( Zero-Emission Vehicle ) Euro4 (25) 25-25 8-1 Euro5 (29) 5 5 18 7-1 Euro6 (214) 5 5 212 12g/km ( 2km/L) : 2~95 /g CO² 215 24g/km 8 7-1 26 164g/km (14.8km/L) ( 6 ) $5, : PM (particulate matters), NOx, HC :, : _ 2)768-764 25

( ) 5, Korea China Japan 4, Europe US ( ) 1, 8, 3, 6, '25 : 5 : 58% 2, 4, 1, 2, [ Life Cycle] 22 24 26 28 21F 212F 214F 25 21F 215F 22F 225F 23F 235F 24F : HIEDGE HEV Market Report 28 : Global Insight () 26 27 17, 5 892 () 75 (, ) 3, 13,6 LPI ( 9): 54% 21.3km/L ( 1): 6~7% 2km/L 28 1,458 94 29 224 21 4,8 289 211 46,24 279 212 68,1 51,68 28 3,2 6,57 13,375 84, 29 56,8 55,56 32,6 14, 66,5 67,35 39,73 13, 61,3 73,95 35,561 144, 63,9 85,55 143, 121,266 65, : 5 :,, 21 211 212-278,7 342,98 LS / 297, 14 SK LS DC, 13, 2 (4 ) DC :, : _ 2)768-764 26

Passenger cars Light trucks MPG CO 2 ( g/mi) MPG CO 2 ( g/mi) 27 31. 284 23.1 385 3 by 215 by 22 by 25 211 31.2 285 25. 355 25 212 32.8 271 26.4 337 +15% +27% +4% 213 34. 261 27.8 32 CO2-16% CO2-35% CO2-4% 2 214 34.8 255 28.2 315 Micro Mld Full Hybrid Hybrid Hybrid 215 35.7 249 28.6 31 +15% -12% +24% -19% (+%) 15 1 Hybrid Type Stop/Go System CO 2-5-1% Vehicle Cost +2% 5 Micro Hybrid Mild Hybrid Mild Hybrid Plus Full Hybrid -8-15% -2-28% -25-35% 35-45% +3.5% +8% +13% +25% 1 2 3 4 5 CO2 (-%) *CAFE: Corporate Average Fuel Economy : CAFE, : Passenger carslight trucks : CAFE,, Low rolling-resistance tires Aggressive shift logic Cylinder deactivation 6-speed automatic transmission Engine accessory improvement Electric power steering cost per vehicle $6 $38 $23-$229 $161-$262 $124-$166 $118-$197 mpg gain 1-2% 1-2% 4.5-6% 3-5% 1-2% 1.5-2% cost per 1% gain in mpg $3 $19 $38 $52 $83 $99 ( 3, Battery 25, 2, 15, 1, Motor Regen brakeing Stop/Go system Smaller displacement Engine+turbocharging $12-$81 5-7.5% $18 5, Gasoline direct injection Total $122-$525 $18 1-2% 18-26% $263 $665 211F 212F 213F 214F 215F 216F 217F 218F 219F 22F : _ 2)768-764 27 : 215 7% Full Hybrid, 17% Mild Hybrid, 22 17% Full Hybrid :, Automotive News

OEM Hybrid Toyota Honda Porch Ford GM Mercedes BMW Prius, Estima, Lexus RX, Highlander 6 2 3Hybrid OEM, Denso, Panasonic, Aisin Insight, Civic, Accord Hybrid 3 Fit, CR-Z(Sports car) 29 Honda Porche Cayenne Hybrid 21 Escape Hybrid 29Fusion Hybrid OEM, Visteon, Sanyo, Aisin 2 Hybrid 2 5~6, ZF, Continental, Siemen, S4 BlueHybrid 21 Bosch X6 21 : Hybridcar : Autonews Not rated [ : 2939) () ( ) ( ) 52 () 52 () (%) (7, %) 78,7 6,893 442 98,2 5, 37. 1.6 12 718,311 ( ) 1, 9, 8, 7, 6, 5, 4, 3, 2, 1, : 22 23 24 25 26 27 28 ( ) 1,4 1,2 1, 8 6 4 2 ( ) 18, 16, 14, 12, 1, 8, 6, 4, 2, Hybrid 2,5 Hybrid 2, 29 211 213 215 217 ( ) 1,5 1, :, 5 _ 2)768-764 28

Valuation Index () 27/12A 28/12E 12, () 87,2 63,1 1, EPS () 8,956 12,459 8, 6, 4, 2, '8.1 '8.3 '8.5 '8.7 '8.9 '8.11 '9.1 '9.3 PER () PBR () EV/EBITDA () ROE (%) () (%) Net debts ( ) 9.7 1.8 8. 19.9 1,25 59.4-256 5.1 1.1 3.8 23. 1, 53. -597 : Dataguide Pro : Income Statement Balance Sheet ( ) 27/12A 28/12E ( ) 27/12A 28/12E EBITDA 8,491 1,594 924 9,373 2,85 1,298 676 2,74 1,88 4,74 1,16 3,36 1,427 4,65 825 1,187 6,778 8,1 OP (%) 9.7 12.7 14 14 1,48 1,256 1,766 2,15 Net (%) 271 777 9.1 166 1,9 11.6 279 761 2,527 4,251 279 761 2,775 5,234 : :, TP 1, ( ) 8 7 6 1% 9% 8% 2 EV/HEV [ : 2939) 5 7% () ( ) ( ) 81,5 6,132. 419.5 4 3 6% 5% 4% 52 () 112, 2 3% 52 () 55,2 1 2% (%) (7, %) 22.9 2.8 12 644,16 21F 211F 212F 213F 1% % 28 213F : : _ 2)768-764 29

HIEDGE (27) EV( ) + HEV( ) ( ) Chevrolet Volt Concept car (EV mode) 2~4 (CO 2 ) : KAIST : HIEDGE, 27 Valuation Index () 12, () 27/12A 89,6 28/12E 71, 29/12F 81,5 21/12F 81,5 11, EPS () 1,97 13,124 12,321 1,639 1, PER () 8.9 5.4 6. 6.5 9, 8, 7, 6, 5, '8.1 '8.3 '8.5 '8.7 '8.9 '8.11 '9.1 '9.3 PBR () EV/EBITDA () ROE (%) () (%) Net debts ( ) 1.9 6.5 21.1 2, 81.8 791.2 1.2 3.1 23.4 2, 64.4 828. 1.1 3.8 18.5 2, 41.4 27.4.9 4.1 14.1 2,25 33.3-68.3 : Dataguide Pro : Income Statement Balance Sheet ( ) EBITDA OP (%) 822.4 Net (%) 27/12A 1.795.3 1,813.3 1,215. 763.6 121.3 686.2 : 7.1 5.4 28/12E 14.812.5 2,789.5 1,88.8 1,439.5 9.7 1,386.4 381.3 1,5.1 5.8 29/12F 1,49.6 2,294.3 1,694.9 1,215.9 11.5 1,33.2 358.4 944.8 9. 21/12F 1,58.3 2,132.5 1,522.3 1,28.6 9.7 1,131.5 311.2 82.4 7.8 ( ) 27/12A 28/12E 566.4 626.7 2,861.9 3,373.5 3,621.8 3,941.2 4,188.1 4,61.4 7,5. 7,974.9 366.3 1. 2,3.2 2,267.7 991.3 816.6 1,141.5 99.9 3,171.8 3,258.6 3,878.2 4,716.3 : 29/12F 571.6 2,674.3 4,66.3 5,12.9 7,795.2. 1,566.4 54.5 734.3 2,3.7 5,494.5 21/12F 712.4 2,855.4 4,226.7 5,317.4 8,172.7. 1,579.8 243.4 465.3 2,45.1 6,127.7 _ 2)768-764 3

7 G r e e n E n e r g y Analyst 2)768-768 paul.hah@wooriwm.com (Bn Kwh) 4, 44 4 3,5 4 3 3, 12 11 2,5 11 2, 11 1 1,5 12345671152253 1 1 ( :) : Energy Information Administration(EIA)) : WNA _ 2)768-768 31

(g-co2 eq/kwh) 1,2 1, 8 6 4 2 (/kwh) 14 12 1 8 6 4 2 LNG LNG : IAEA(27) :, 27 (285) 27 23F (TOE).341.185,, 11.5%, 15.7%, 33% 43.8% 33% 83% 61% 2.4% 11%, 27.8% LNG, 12% ( ) 6% 9%, 4.2% 4% 26% 41% 36% 59% : : _ 2)768-768 32

(2 =1) 2 1% (43, ) 16 KOPEC 5.6% (2,4 ) 4.6% (17,5 ) 12 NSSS 12.9% (5,552 ) T/G 4.3% (1,851 ) BOP 16.3% (7,12 ) 18.9% (8,136 ) 1.2% (5 ) 8 BG 2,656 GE (.23USD) 3.6% 1,552 BG (98 ) (3,37 ) (7.8%) 4 GE Siemens Alstom Fuji Electric Toshiba Plant ABB AREVA '7.2 '7.5 '7.8 '7.11 '8.2 '8.5 '8.8 '8.11 '9.2 KOPEC 718 WEC (1.8USD) (5,46 ) / (4,76 ) : Datastream :1. #5,6 2., : TP 94, TSP* PWR BWR PHWR Capa TEPCO-MUTSU TEPCO/OCL BWR [ : 2939) () 55,9 Manufacturer AP1 1X2 PWR #3,4 14X2 PWR PWR ( ) 5,866.9 TSP* ( ) 523.7 52 () 135,5 BWR PHWR #1,2 1X2 PWR #5,6 1X2 PWR 52 () 39,4 (%) 6.7 Manufacturer (7, %).9 12 89,824 #5,6 1X2 PWR #3,4 7X2 PHWR : : _ 2)768-768 33

() 2, 15, 1, 5, : Dataguide Pro '7.3 '7.6 '7.9 '7.12 '8.3 '8.6 '8.9 '8.12 '9.3 Valuation Index 27/12A 28/12E 29/12F 21/12F () 126, 62,9 55,9 55,9 EPS () 2,856 168 4,583 5,958 PER () 44.1 374.4 14.5 11.1 PBR () 6.2 3.3 2.8 2.3 EV/EBITDA () 39.2 14.1 12.2 8.8 ROE (%) 13.9.8 18.7 2.3 () 5 5 5 5 (%) 143.1 178.9 151. 125.1 Net debts ( ) 1,48.5 1,751.7 1,38.6 98.3 : Income Statement ( ) 27/12A 28/12E 29/12F 21/12F 4,89.5 5,79.7 6,74.3 8,51.7 57.7 785.1 887. 1,116.7 EBITDA 372.9 592. 681.6 893.4 283.3 474.4 55.8 753. OP (%) 6.9 8.3 8.2 8.8 41.3 7.2 634.6 81.6 12.6-1.4 153.6 176.4 298.7 17.6 481. 625.3 Net (%) 7.3.3 7.1 7.3 : Balance Sheet ( ) 27/12A 28/12E 29/12F 21/12F 268.5 256.5 525.4 499. 1,956.8 2,63.7 3,8.3 3,432.8 969.1 1,61.8 1,99.6 1,13.6 3,624.9 3,716.4 3,932.2 4,165.1 5,581.8 6,32.1 7,12.5 7,597.9 9.9 1,15.9 1,13. 925.3 2,172.8 2,697.7 2,948. 3,138.8 777.3 94. 778. 484.6 1,112.5 1,335.9 1,271.4 1,83.7 3,285.3 4,33.6 4,219.4 4,222.6 2,296.5 2,254.1 2,794.1 3,376.2 : _ 2)768-768 34

8 G r e e n E n e r g y Analyst 2)768-767 hoon.lee@wooriwm.com Analyst 2)768-758 jj.kim@wooriwm.com ( ) ( ) 1,2 1, 8 6 4 2 () () 195 196 197 198 14 12 1 8 6 4 2 1992.6 1997.12 25.2 25.11 29.12 : Munich Re, Topics Geo Annual Review : National Catastrophes, 25 :, CEO Information 63 _ 2)768-767 35

1 2 3 4 5 6 16 : :, 28122 ($bn) 14 12 CER 1 1 8 2 6 4 2 24 25 26 27 28 3 :KISTI (GTB) _ 2)768-767 36

( ) ( CO 2 ) 25 98.1 1.6 26 131.1(4.98) 11.1(.54) 27(E) 133.7(3.6) 14.4(3.3) ( ) (%) 7 6 5 4 () 199 () 421.7 56. 598.8 649.4 35 3 25 2 2 7 18 3 226.2 15 LG N 2 O, HFC 2 1 199 2 25 21F 215F 1 5 : ( ), World Bank DBCER : UNFCCCDM,, CEO Information 63 : :, CDO Information 63 27 ( ) ( ),, 2,19 5,394 874 13,641,, /, :LG Business Insight, 28.6.18, _ 2)768-767 37

Not rated ( ) 3 25 1% 9% 8% DNT MNB CDM [ : 2939) () ( ) ( ) 52 () 19,6 417.3 21.3 26,9 2 15 1 7% 6% 5% 4% 3% 52 () 15,2 5 2% (%) 4.9 1% (7, %) 2.5 12 174,698 27 28E 29F 21F 211F 212F 213F % 28 213 : :

Valuation Index () 26/12A 27/12A 28/12E 29/12F 29, () 8.88 18,95 2,1 27, EPS () 711 1,328 1,968 25, PER () 12.5 14.3 1.2 23, PBR () 1.1 2.1 2. 21, EV/EBITDA () 3.1 5.9 19, ROE (%) 9.2 15.5 19.8 17, () 1, 1, 15, '8.1 '8.3 '8.5 '8.7 '8.9 '8.11 '9.1 '9.3 (%) Net debts ( ) 29.7-59.8 29.8-83.6 52.9 : Dataguide Pro : Income Statement Balance Sheet ( ) 26/12A 27/12A 28/12E 29/12F ( ) 26/12A 27/12A 28/12E 29/12F 31. 31.8 415.7 58.7 93.6 EBITDA 42.5 42.1 21.6 59.4 54.2 37.7 46.1 117. 96.5 14.3 221.3 154.2 87.5 96.8 251. 311.6 OP (%) 7.2 12.5 11.1. 1. 2.6 5.4 15.1 39.9 11.6 28.3 58.9 18.7 4.2 43.4. 7.3 5.7 53.. 4.6 57.6 17.9 Net (%) 5. 9.4 9.7 17.7 193.4 23.6 : : 2)768-767 39

9 G r e e n E n e r g y Analyst 2)768-7598 Wayne.lee@wooriwm.com 536km 2.2m³ 5 96 15km² 6.4km² 8.9km² 114GWh 4 76km 51 1,3km :,, : 4 _ 2)768-7598 4

9 488.1 ~ 12 13,989.5 14,477.6 9 7, ~ 12 192,96 199,96 ( ) (%) 8, () () 5 4 488.1 13,389.5 13,877.6 7, 183, 19, 6, 4 12. 588. 588. 2 9,76 9,96 3 59.5 2,757. 3,514.1 12,592 63,421 76,13 4, 513.7 1,99.1 2,53.8 8,529 33,38 41,567 2 43.7 1,66.6 21.3 3,236 11,31 14,546 2, 1 33.1 1,78.6 766.9 16,746.5 8. 17,991.7 827 19,592 19,73 256,381 19,9 275,973 29 21 211 212 :, :, ( ) (%) 14 12 1 8 6 4 2 () () () 6 5 4 3 2 1 1% 8% 6% 4% 2% '91 '93 '95 '97 '99 '1 '3 '5 '7 % '5 '6 '7 '8 '9.1 :, :, 4 _ 2)768-7598 41

BBB+ A BBB+ A- A- BBB+ A+ A- A- A A- A+ A+ A+ 488.8 379. 298.9 282.7 226.8 287.1 264.7 681.2 143.7 293.5 554.8 21.9 233.5 138. 418.2 465,346 486,9 565,85 559,2 528,923 81,125 659,813 93,541 1,952,815 4,445,595 1,328,7 3,443,645 5,55,26 5,13,322 4,813,1 235,515 2,4 28,775 192,2 176,214 251,346 197,641 278,118 575,399 952,181 262,9 677,168 967,128 613,182 385,4 5.6 41.2 36.9 34.4 33.3 31. 3. 29.9 29.5 21.4 19.8 19.7 19.1 12. 8. BBB+ A- A BBB+ A- A A- A- A+ A+ BBB+ A+ A- A+ AA- AA- 282.7 287.1 264.7 379. 226.8 298.9 488.8 293.5 233.5 21.9 681.2 143.7 554.8 418.2 138. 559,2 81,125 659,813 486,9 528,923 565,85 465,346 4,445,595 5,55,26 3,443,645 93,541 1,952,815 1,328,7 4,813,1 5,13,322 412, 594,688 358,642 217,5 216,358 192,25 147,126 1,85,775 1,178,528 717,816 192,951 334,355 219, 743,3 581,256 73.7 73.4 54.4 44.7 4.9 34. 31.6 24.4 23.3 2.8 2.7 17.1 16.5 15.4 11.4 1: BBB+, 283 2: = ( + PF ) / : 1: BBB+, 283 2: = ( + PF ) / : TP:72, (%) / 3.6%.4% 8.4% 25 21.8 22.9 [ : 2939) () ( ) 49,45 5,489.4 19.8% 34.% 2 15.9 18. ( ) 52 () 52 () (%) 554.8 93, 38,35 9.3 33.8% 15 11.5 13.8 13.3 13.6 14. 11.3 1.6 (8, %) 1.1-12 1,36,332 1 2 22 24 26 28 21F 4 _ 2)768-7598 : 28 :, 42 : 28 :,

Valuation Index () 12, 1, 8, 6, 4, 2, '8.1 '8.3 '8.5 '8.7 '8.9 '8.11 '9.1 '9.3 () EPS () PER () PBR () EV/EBITDA () ROE (%) () (%) Net debts ( ) 27/12A 88,2 2,55 35.2 4.3 28.2 13.5 25 191.8 1,58. 28/12E 57,1 3,427 16.7 2.3 14.4 17. 5 18.8 922.6 29/12F 52, 4,564 1.8 1.7 9.4 16.7 45 162.9 812.6 21/12F 52, 5,827 8.5 1.4 7.6 17.9 75 151.1 718.8 : Dataguide Pro : 29 4 : Income Statement ( ) EBITDA OP (%) 387.9 Net (%) 27/12A 5,649.1 581.6 384.4 362.1 6.4 11.6 277.4 4.9 28/12E 7,271.1 747.5 55. 48.2 6.6 557. 176.6 38.4 5.2 29/12F 8,17.8 93.3 65. 623.9 7.6 671.9 162.6 59.3 6.2 21/12F 9,659.1 1,66.8 797.4 769.8 8. 833.6 183.4 65.2 6.7 Balance Sheet ( ) 418.3 : 29 4 29 : 29 4 : : 27/12A 4,3.9 614.1 2,64.3 6,671.2 652.7 3,262.3 838.2 1,122.3 4,384.6 2,286.7 28/12E 696.3 5,275.9 631.9 2,865.9 8,141.8 773.5 4,365. 531.3 878.5 5,243.5 2,898.3 29/12F 873.1 6,55.8 654.2 3,97.4 9,153.3 773.5 4,728.1 531.3 932.4 5,66.5 3,492.8 21/12F 88.7 6,982.3 68.3 3,414.5 1,396.9 773.5 5,27.8 531.3 995.1 6,266. 4,13.9 Not rated 3.9% 3.% [ : 2939) () 19,5 21.8% 45.9% 13.2% ( ) ( ) 174.2 44.6 32.3% 16.9% 63.% 52 () 39,35 52 () 9,64 (%) 2.6 (8, %) 2.82-12 55,275 : : 4 _ 2)768-7598 43

Valuation Index () 26/12A 27/12A 28/12E 6, () 39,15 46,1 16, 5, EPS () 6,84 5,474 4,22 4, 3, 2, 1, PER () PBR () EV/EBITDA () ROE (%) () 6.4 1.1 4.4 18.8 85 8.4 1.2 6. 14.8 85 4.6.4 4.2 1.3 55 '8.1 '8.3 '8.5 '8.7 '8.9 '8.11 '9.1 '9.3 (%) Net debts ( ) 79.5-31 83.1-29 139.9 67 : Dataguide Pro : Income Statement Balance Sheet ( ) 26/12A 27/12A 28/12E ( ) 26/12A 27/12A 28/12E 751 8 1,6 65 65 167 EBITDA 122 73 72 111 64 62 94 49 51 392 43 168 56 456 43 184 64 741 46 223 964 OP (%) 9.6 7.8 5. 3 29 75 2 54 7 21 49 59 18 41 154 34 94 248 232 4 59 291 32 25 26 562 Net (%) 7.2 6.1 3.9 312 35 42 : : 4 _ 2)768-7598 44

1 G r e e n E n e r g y Analyst 2)768-748 un.kim@wooriwm.com 1,24(1%) 723(58%) 522(42%) 21(16%) 517(42%) 386(31%) 123(1%) 177(14%) 337(27%) 37(3%) : (26), : m 2 / ( )_ 2)768-748 45

1 2 3 4 5 6 7 8 9 1 11 12 13 14 15 ACEA Severn Trent water Saur Tianjin Capital EP COPASA : ( ) 15,67 7,829 6,341 2,579 1,26 3,98 2,217 2,794 2,889 1,539 942 ( ) (%) 13,39 12,25 3,97 2,383 2,29 2,28 2,25 1,71 1,75 1,612 1,565 1,118 1,392 1,135 1,13 82 86 63 57 43 41 33 37 26 58 1%, EDF 4%, Vivendi 5% GDFSuez ( 35.6%) Sao Paulo French Capital Kemble Water Limited Suez NWS 51% Seven trent Group AXA investment managers 2% 59.77% 1 2, 1 2 - - -, - - ( ) - - - - ( /, ) ( ) ( ) ( ) ( ) ( ) ( )_ 2)768-748 46

( ) 4, 3, 2, 1, 24 25 26 27 water waste energy service transportation Not rated 6% 3% 2 RO 18 MF [ : 2939) () ( ) ( ) 52 () 52 () (%) 6,7 315.1 235.2 1,4 3,285 2.7 tex tile 16% 8% fiber 67% 16 14 12 1 8 6 4 2 (7, %). -12 221,247 3Q7 2Q8 3Q8 : : ( )_ 2)768-748 47

Valuation Index () 26/12A 27/12E 28/12F 29/12F 15, () 6,7 6,7 6,7 6,7 (12M) EPS () -1984-1257 619 n/a 1, PER () n/a n/a 9.5 n/a PBR () 1.2 1.6 1.9 n/a 5, EV/EBITDA () ROE (%) 17.7-29.3 13. -23.6 11.3 9.1 n/a n/a '7.3 '7.6 '7.9 '7.12 '8.3 '8.6 '8.9 '8.12 '9.3 () (%) Net debts ( ) 217.3 246.6 169. 216.1 21.5 224.5 n/a n/a n/a : Dataguide Pro Income Statement : Balance Sheet ( ) 26/12A 27/12E 28/12F 29/12F ( ) 26/12A 27/12E 28/12F 29/12F EBITDA 736.3 48. 34.4 744.1 59.2 44.4 752. 59.8 39.4 n/a n/a n/a 45.6 232.8 37.8 653.7 45.6 226.5 283.7 37.6 86. 366.5 267.3 366.3 n/a n/a n/a n/a -11.1 1.2 1.3 n/a 886.5 597.1 732.8 n/a OP (%).1-1.5.2 n/a 4.5 38.8 116.2 n/a -91.4. -91.4-55.5. -59.1 255.3. 255.3 n/a n/a n/a 319.1.5 288. 67.1 352.5 22.9 22.6 375.1 258.4.5 231.4 489.8 n/a n/a n/a n/a Net (%) -12.4-7.9 34. n/a 279.4 221.9 243.1 n/a : : ( )_ 2)768-748 48

11 G r e e n E n e r g y Analyst 2)768-7671 chris.yoo@wooriwm.com ( ) 4, 3, Biodiesel Recycles Carbon Dioxide 2, 1, ( ) 4, 3, 2, 1, 1975 1981 1987 1993 1999 25 1991 1993 1995 1997 1999 21 23 25 : : Worldwatch Institute _ 2)768-7671 49

, 1.4 6.6, 1.1 (% ) (toe) 25, 2, 13.9 15, 77. 1, 5, 1996 1997 1998 1999 2 21 22 23 24 25 26 : Datastream : BP, (ha) 25 16,31 21 18,635 215 2,16 22 22,437 225 24,531 23 25,942 8 373 1,1 2,244 3,68 5,188 132 BD.5 7,512 2 7,818 5 8,945 1 9,1 15 9,158 2 9,43 29 12 BE - :, 27 78 1 447 5 9 1 1,374 15 1,881 2 319 / 2 1,47 21 1,268 22 1,378 23 1,467 24 4,233 25 4,213 432 721 889 1,284 1,744 1,627 1,92 1,989 2,267 2,751 5,977 5,84 : / : : _ 2)768-7671 5

,,,,,, SK MH,,,,,, ( 77% ) : : _ 2)768-7671 51

12 G r e e n E n e r g y Analyst 2)768-748 un.kim@wooriwm.com (%) 6 5 4 3 2 1 53 49 45 34 ' '2 '4 '6 ( ) 1,8 1,6 1,4 1,2 1, 8 6 4 2 1141 1255 138 1618 167 '6 '7 '8E '9F '1F : Datastream : Datastream / _ 2)768-748 52

25 28 211-1,224 11,395 8,634 9,918 1,825 ( ) 5,273(61.1%) 6,149(62.%) 6,712(62.%) ( ) 1,473(17.1%) 1,686(17.%) 1,84(17.%) ( ) 1,539(17.8%) 1,587(16.%) 1,732(16.%) ( ) 349(4.%) 496(5.%) 541(5.%) : 26 27 28 29 21 211 15% 18% 21% 24% 27% 3% : 15% 5% : ( :TOE) 243,53 12, 79,1 43,85 34,95 3,95 27,5 19,5 13,81 7,21 : OECD Compendium 22 ( :TOE) ( :TOE) 7 6 1 3 : 28 8 12 21 15 56 91 21 5 4 3 2 1 1 : 2 : : EuroObserv ER 26 / _ 2)768-748 53

Linge AG Wiesbaden Linde BRV 24 1,/ 1 2 3 Kompo Gas AG Kompogas 24 416/ Organic Waste System Dranco 14 75/ Schmack Biogas Euco/Coccus 1 - Valoga International Valoga 12 1,47/ Biotechniche Gmbh&Cokg BTA 27 625/ : Euro 22 compendium : TP 4,6 28 1,196 12 14% 6 1 [ : 2939) 9% 1 15 () ( ) 4,3 137.5 35 25 ( ) 52 () 52 () (%) (7, %) 17.1 6,3 2,41 32.9 2.48 4% CDW 73% -12 354,61 : Datastream : Datastream / _ 2)768-748 54

Valuation Index () 3, 25, 2, 15, 1, 5, (12M) '7.3 '7.6 '7.9 '7.12 '8.3 '8.6 '8.9 '8.12 '9.3 () EPS () PER () PBR () EV/EBITDA () ROE (%) () (%) Net debts ( ) 27/12A 4,3 334 16.7 2.3 8.1 13.7 1 57.7 28.1 28/12E 4,3 393 8.6 1.2 4.4 14.4 15 58.9 25.2 29/12F 4,3 539 7.5 1.3 4.1 17.4 14 56.2 22.9 21/12F 4,3 676 6. 1.1 3. 17.8 16 46.9-3.9 : Dataguide Pro : Income Statement Balance Sheet ( ) EBITDA OP (%) Net (%) 27/12A 87.1 32.8 27. 18.5 21.3 15.9 4.5 11.4 13.1 28/12E 1.8 36.3 32.1 19.4 19.3 18.7 5.3 13.4 13.3 29/12F 118.7 45.8 39.6 25.7 21.6 25.6 7.2 18.4 15.5 21/12F 139.9 54. 45.2 3.3 21.7 32.6 9.2 23.4 16.7 ( ) 3.1 27/12A 35.6 8. 13.9 139.5 23.6 39.4 7.8 11.7 51.1 88.5 28/12E 1. 44.2 88.3 112.3 156.5 23.6 41.8 11.8 16.2 58. 98.5 29/12F 14. 54.3 96.8 122.6 176.9 25.4 46.8 11.8 16.8 63.6 113.3 21/12F 43. 9.4 11.8 129.8 22.2 27.5 52.8 11.8 17.5 7.3 149.9 : : / _ 2)768-748 55

16.KS 28.11.2 28.1.21 28.9.29 Hold Hold 27,(12 ) 27,(12 ) 35,(12 ) LG 5191.KS 27.6.21 27.5.14 27.4.6 99,(12 ) 78,(12 ) 63,(12 ) 4449.KQ 29.2.6 28.11.6 11,(12 ) 1,(12 ) 342.KS 29.1.2 28.11.6 94,(12 ) 14,(12 ) 915.KS 29.1.28 28.7.28 41,(12 ) 48,(12 ) 28.9.25 28.4.3 13,(12 ) 15,(12 ) 28.6.2 27.9.19 54,(12 ) 73,(12 ) 27.1.29 27.6.25 189,(12 ) Analyst LS 112.KS 27.7.1 27.5.3 28.1.3 28.7.29 63,(12 ) 52,(12 ) 51,(12 ) 64,(12 ) 72.KS 27.2.1 28.11.3 28.9.1 27.1.31 Hold 45,(12 ) 72,(12 ) Analyst 116,(12 ) LG 5191.KS 27.11.29 28.1.9 78,(12 ) 1,(12 ) 27.7.3 27.6.19 96,(12 ) 81,(12 ) 28.7.17 28.1.3 27.1.24 27.7.5 13,(12 ) 12,(12 ) 15,(12 ) 11,(12 ) 615 27.4.26 26.7.26 28.11.18 67,7(12 ) 61,7(12 ) 4,6 (12 ) (Stock Ratings) 1. : 12 2. (Ratings): Strong : High Conviction : 15% Hold : % ~ 15% Reduce : %..,,,,., (www.wooriwm.com). () 5, 45, 4, 35, 3, 25, 2, 15, 1, 5, (16) (12M) '7.3 '7.7 '7.11 '8.3 '8.7 '8.11 () 14, 12, 1, 8, 6, 4, 2, (4449) (12M) '7.3 '7.7 '7.11 '8.3 '8.7 '8.11 () 8, 7, 6, 5, 4, 3, 2, 1, (915) (12M) '7.3 '7.7 '7.11 '8.3 '8.7 '8.11 () 9, 8, 7, 6, 5, 4, 3, 2, 1, LS (112) (12M) '7.3 '7.7 '7.11 '8.3 '8.7 '8.11 () 16, LG (5191) () 2, (342) () 14, (72) () 3, (615) 14, 12, 1, 8, 6, 4, 2, (12M) 18, 16, 14, 12, 1, 8, 6, 4, 2, (12M) 12, 1, 8, 6, 4, 2, (12M) 25, 2, 15, 1, 5, (12M) '7.3 '7.7 '7.11 '8.3 '8.7 '8.11 '7.3 '7.7 '7.11 '8.3 '8.7 '8.11 '7.3 '7.7 '7.11 '8.3 '8.7 '8.11 '7.3 '7.7 '7.11 '8.3 '8.7 '8.11 '9.3 56

<Compliance Notice> 1%. 1%. 3..,, BM, S&C,, STX,,,,,,,,,, SK, MH,,,., LG,,, ELW (LP)..,.