13 Analyst: tel 2) 768-7473 e-mail martin.song@wooriwm.com

(P) 3 ( ) ( CGT) ( ) ( ) 12, 211 LNG /LPG (%) ( ) 25 2 1, 8, 1 9 5 3 - - 1 1,55 12,272 86. 15 6, 13 8 3 8 - - 1 11,1 11,5 96.5 1 5 4, 2, 12 4-2 - - - 4,53 11, 41.2 '6 '7 '8 '9 '1 '11 STX - - - 8 7 1-1,338 5, 26.8 :,,,, STX. :. 21 1 (=1p) (+# ) : DataGuide Pro, Clarkson, :,,

DWT 171 17 178 35 46 447 CGT (%) (y-y, %) 13.3 6.5 54.2 85.7 215.7.4 3.3 33.3 186 1.5 3.4 28.3. 426.8.7 5.8 16.7 74 1.5 1.2 1. 9.1 76 26.9 12. 1. 36.4 977 DWT 21.8 13.2 24.6 1.1 2.2 63.1 CGT DWT CGT (%) (y-y, %) (%) (y-y, %) 6.6 34.6 8.2 1,47 139.9 42.7 32.1-13.7 3.6 18.8-5.3 94 69.2 18.6 14. -27.6 6.9 36.1 7.8 2,964 182.9 51. 38.3-4.1 1.2 6.3-33.3 64 7.1 8. 6. -19.2.9 4.7 5. 963 32.8 12.7 9.5. 19.1 1. 1.6 6,914 431.9 133.2 1. -11.8 LNG LPG DWT CGT DWT CGT DWT CGT (%) (y-y, %) (%) (y-y, %) (%) (y-y, %) 38 3.3.8 6.7-46.7 174 16.5 4.1 21.5-19.6 1,27 111.3 26.7 2. -2.1 134 1.5 2.5 2.8-57.6 429 36.1 8.4 44. 25.4 2,957 249.3 57.2 42.9-12.8 21 1.7 1.7 14.2 75. 2.1.1.5-87.5 41 3.2 3.1 2.3 14.8 13.1.1.8. 18.2.2 1. -33.3 117 1.4 1.3 1. -7.1 116 9.8 4.6 38.3-89 7.4 3.4 17.8 9.7 635 48.1 22.6 17. -2.2 125 1.5 2.4 2. 14. 265 2.7 3.1 16.2 1.7 1,894 18.4 22.3 16.7-9.3 447 26.9 12. 1. 36.4 977 63.1 19.1 1. 1.6 6,914 431.9 133.2 1. -11.8 : CGT. : Clarkson, World Shipyard Monitor(211.6),

(6/24) Buy( ) 58,( ) 438,5 Buy( ) 56, ( ) 46,4 Buy( ) 55,( ) 44,8 21A 22,45.2 3,439.4 OP % 15.4 EBITDA 3,931.6 3,761.1 EPS 49,489 PER 9. PBR 2.5 EV/EBITDA 9.3 ROE % 31.8 2 26,52.4 3,924.7 15.1 4,416.2 3,84.9 5,539 8.7 2.1 8.1 25.7 2 28,165. 4,45.6 14.4 4,53.3 4,7.7 53,562 8.2 1.7 8. 22.8 213F 31,89.3 4,984.6 15.7 5,477.6 4,849.8 63,813 6.9 1.4 6.5 22.1 21A 13,53.9 997.3 7.6 1,296.1 888.4 3,848 1.7 2.6 8.3 26.7 2 13,778. 1,16.6 8. 1,415.7 959.5 4,156 11.2 2.5 8.4 23.4 2 14,641.7 1,143.7 7.8 1,433.1 1,21.8 5,25 8.9 2. 8.1 24.3 213F 15,727.1 1,375.9 8.7 1,648.4 1,521. 6,587 7. 1.6 6.9 24.7 21A 12,74.5 1,11.1 8.4 1,172.4 78.1 4,76 8.9 1.7 7.6 21.4 2 12,469.3 1,56.4 8.5 1,25.6 8. 4,18 1.7 1.9 8.6 18.6 2 12,989.3 1,87.9 8.4 1,227.3 923.1 4,823 9.3 1.6 8.2 18.5 213F 14,8.7 1,217.2 8.7 1,347.8 1,56.8 5,522 8.1 1.4 7.6 17.9 1Q11A 6,36.3 991.8 OP % 15.7 1,116.8 93. 2Q 6,453.1 1,8.9 15.6 1,367. 1,36.2 3Q11F 6,615.5 979.3 14.8 1,332. 1,9.6 4Q11F 6,677.5 944.7 14.1 1,251.4 892.1 1Q11A 3,5.2 378.7 1.8 377. 29.7 2Q 3,421.5 271.8 7.9 315.3 239. 3Q11F 3,398.7 238.7 7. 299.4 226.9 4Q11F 3,457.7 217.3 6.3 274.1 22.9 1Q11A 3,51.7 345. 11.3 315.2 238.7 2Q 3,144.3 289.9 9.2 298.7 226.4 3Q11F 3,116.4 242.2 7.8 241.9 183.4 4Q11F 3,156.9 179.3 5.7 199.6 151.5

(P) 2 18 16 14 12 1 3 ( ) ( ) ( ) ( ) Clarkson Index( ) ( CGT) 12, 1, 8, 6, 4, 2, 8 '96 '97 '98 '99 ' '1 '2 '3 '4 '5 '6 '7 '8 '9 '1 '11 : Clarkson(211.6),

( CGT) 6, 5, 3 ( CGT) 25 3 2 4, 3, 2, 15 1 1, 5 '96 '98 ' '2 '4 '6 '8 '1 '96 '98 ' '2 '4 '6 '8 '1 : Clarkson(211.6), : Clarkson(211.6),

( CGT) 9, ( CGT) 6, 7,5 5, 6, 4, 4,5 3, 3, 2, 1,5 1, '99 ' '1 '2 '3 '4 '5 '6 7 '8 '9 '1 '11 '99 ' '1 '2 '3 '4 '5 '6 7 '8 '9 '1 '11 :, :,

(P) 23 2 Clarkson Index( ) 32kDWT VLCC ( ) 4,8TEU ( ) 18kDWT Capesize ( ) ( ) 2 16 17 12 14 8 11 4 8 '99 ' '1 '2 '3 '4 '5 '6 '7 '8 '9 '1 '11 : Clarkson Index 1988 1 (=1p). 4 22 3,5TEU 4,8TEU : Clarkson( 11.6.24),

( /GT ) 2,1 1,8 1,5 1,2 9 6 3-3 -6 713 944 844 747 72 1,658 1,596 1,488 1,575 1,5 1,91 1,229 1,272 1,33 1,28 1,19 1,165 1,826 1,79 869 1,638 GT ( ) 1,513 1,432 1,462 GT ( ) 1,438 1,167 1,374 1,288 1,242 844 736 '3 '4 '5 '6 '7 '8 '9 '1 '11 ( /GT ) 2,7 2,4 2,1 1,8 1,5 1,2 9 6 :,

( ) ( /GT ) 2 ( ) 1,9 GT ( ) 16 1,525 1,6 1,343 1,463 1,48 1,32 12 1,264 1,3 1,25 1,27 1,134 8 1, 4 827 7 '3 '4 '5 '6 '7 '8 '9 '1 '11 4 :,

( ) 18 VLCC (5 ) Capesize (5 ) ( /LDT) 9 VLCC Capesize/Panamax 15 75 12 6 9 45 6 3 3 15 '99 ' '1 '2 '3 '4 '5 '6 '7 '8 '9 '1 '11 '99 ' '1 '2 '3 '4 '5 '6 '7 '8 '9 '1 '11 : Clarkson( 11.6.24), : LDT Light Displacement Tonnage, : Clarkson( 11.6.24),

7.3% 5.4% 6.2% 48.% 33.1% (21 ) 5.6% 9.3% 2.9% 28.3% 53.9% 4.9% 8.8% 3.9% 18.8% 36.6% (21 ) 4.7% 6.% 19.% 36.% 34.3% 6.2% 15.7% 9.% 31.3% 37.9% (21 ) 6.% 14.2% 9.4% 38.7% 31.7% (211 1~5 ) (211 1~5 ) (211 5 ) : CGT : Clarkson( 11.6), : CGT : Clarkson( 11.6), : Clarkson( 11.6), : CGT

( : ) 2,673 21 2,724 11,937 7,153 5,312 47,817 ( ) 6, 5, 4, 3, 2, 1, ($47,817mn) '1 '2 '3 '4 '5 '6 '7 '8 '9 '1 ' ' 5, 21 4, 94 75 3, LNG 1 Exploration rig Production facility 2 181 2 12 213 19,935 19,445 39,38 ( ) 2, 1, '5 '6 '7 '8 '9 '1 ' ' 21 5, LNG 7 4, 54 57 3, LPG 8 42 2, 168 18,81 23 13,66 1, / 9 1,37 2 33,84 ( ) :, ($33,84mn) '4 '5 '6 '7 '8 '9 '1 ' ' P/C 6 PCTC 1 Ro-ro LPG 49 14 134 4 6 223 21 12, 2,266.7 163.8 711.4 1,164.2 4,754.7 211.3 144.6 9,386.6 ( ) 15, 9, 6, 3, LPG Ro-ro PCTC P/C ($9,386.6mn) '3 '4 '5 '6 '7 '8 '9 '1 ' '

( CGT) 3,5 3, ( ) 4,8TEU ( ) ( ) 8 7 2,5 6 2, 1,5 5 4 1, 3 5 2 '99.1 '1.1 '3.1 '5.1 '7.1 '9.1 '11.1 1 : 4 22 3,5TEU 4,8TEU : Clarkson( 11.6.24), :,

( / ) 9, 8, East of Suez West of Suez ( ) LNG ( ) ( ) 3 16 CBM LNG ( ) 75 26 7 6 7, 22 45 6, 18 35 4 3 5, 14 15 4, 21-41 21-47 211-1 211-7 211-13 211-19 211 25 5 5 1 '.1'1.1'2.1'3.1'4.1'5.1'6.1'7.1'8.1'9.1'1.1'11.1'12.1 '2 '4 '6 '8 '1 ' : - (211-1) : Fearnleys, : Clarkson ( 11.6.24), Fearnleys,

( ) ( ) 5 1, LNG ( ) LKG Fleet( ) 4 3 2 1 8 6 4 2 LNG (LNGC) LNG-FPSO LNG-FSRU - (LNG=Liquefied natural gas) - 162. - 1959, 5, 1994 6 LNG - LNG (LNG-FPSO=Liquefied Natrual Gas-Floating Production Storage Offloading), LNG,, - 2,4 1-28 - LNG (LNG-FSRU=Liquefied Natural Gas-Floating Storage Regasification Unit) LNG - LNG 1-213 ' '2 '4 '6 '8 '9 '1 '15F '2F LNG-RV -LNG 163, 1/6, LNG LNG (LNG- Regasification Vessel) : BP, Andy Flower,, :,

Jack-ups 21.% Semisubmersible 33.% Drillship 46.% 7.% 11.% 899 52.% 3.% (25 ~211 4 ) (25 ~211 4 ) : RS Platou,, : Floating rig : RS Platou,,

2.% 28.% 129 44.% 12.% 14.% (1996 ~211 4 ) :, : : IMA, Clarkson,

( ) 5 Africa Asia Australasia 4 Eastern Europe & FSU Latin America Middle East North America 3 Western Europe ( ) Africa Asia 4 Australasia Latin America 35 North America Western Europe 3 Others 25 2 2 15 1 1 5 '4 '5 '6 '7 '8 '9 '1 ' ' '13F '4 '5 '6 '7 '8 '9 '1 ' ' '13F : Douglas-Westwood, Energy Files,, : Douglas-Westwood, Energy Files,,

( ) 29 21 2 2 213F 13,94.9 13,53.9 13,778. 14,641.7 15,727.1 793.6 997.3 1,16.6 1,143.7 1,375.9 OP (%) 6.1 7.6 8. 7.8 8.7 12 56, EBITDA EBITDA (%) 1,74.9 8.2 1,296.1 9.9 1,415.7 1.3 1,433.1 9.8 1,648.4 1.5 (6/24) 52 46,4 1,712.6 1,155. 48,65 22,95 27.4% 1.8% EPS ( ) BPS ( ) PER ( ) PBR ( ) EV/EBITDA ( ) ROE (%) Net Debt(-Cash) 669.9 2,91 11,874 8.3 2. 6.8 25.9 1,692.7 888.4 3,848 16,24 1.7 2.6 8.3 26.7 1,257.8 959.5 4,156 18,618 11.2 2.5 8.4 23.4 1,143.4 1,21.8 5,25 23,423 8.9 2. 8.1 24.3 954.3 1,521. 6,587 29,363 7. 1.6 6.9 24.7 737.7

( ) 29 21 2 2 213F 12,442.5 12,74.5 12,469.3 12,989.3 14,8.7 684.5 1,11.1 1,56.4 1,87.9 1,217.2 OP (%) 5.5 8.4 8.5 8.4 8.7 12 55, EBITDA EBITDA (%) 843.3 6.8 1,172.4 9.7 1,25.6 9.7 1,227.3 9.4 1,347.8 9.6 (6/24) 52 44,8 8,574.3 962. 47,85 18,45 15.9% 1.12% EPS ( ) BPS ( ) PER ( ) PBR ( ) EV/EBITDA ( ) ROE (%) Net Debt(-Cash) 577.5 3,17 17,7 5.8 1. 5.5 21.7 1,271.9 78.1 4,76 2,997 8.9 1.7 7.6 21.4 1,963.4 8. 4,18 23,8 1.7 1.9 8.6 18.6 1,781.2 923.1 4,823 28,133 9.3 1.6 8.2 18.5 1,499.8 1,56.8 5,522 33,164 8.1 1.4 7.6 17.9 1,62.1

1,391 1,652 1,738 26.1 22.1 18.6 4.5 3.9 3.6 856 742 691 1,138 1,118 1,38 1,9 98 895 12,49 11,567 1,688 5. 1.6 4.9 2.5 225.4 21.7 237.9 4.3 1.4 4.7 2.2 29.7 17.3 192.9 BPS($) 3.7 1.2 4.7 2.2 186.3 14.2 157.4 1 619 147 1,831 715 398 1,61 3,753 541 11 1,426 612 457 1,26 3,641 388 85 1,426 612 484 883 3,45 1 5,15 1,658 38,78 15,971 3,78 13,582 26,126-2,243 12,258 3,17-1,227 1,113 2,493 1 723 156 3,483 1,252 429 1,329 4,22 656 111 3,34 1,121 49 1,313 4,96 EBITDA 523 95 3,34 1,121 518 1,147 3,48 1 1 1 1.3.3.3 133 19 98 1,337 1,126 Guangzhou Shipyard Int l 12,424 2,961-1,132 885 2,517 385 546 297 42 786 3,329 4,713 36,33 15,287 3,832 12,78 24,166 4,41 36,33 15,287 3,31 11,555 19,833.8.7.6 542 477 China State Shipbldg 12,258.2.2.2 779 546 3,17.3.2.2 371 297-1,214 18.9 19.6 2.1 378 391 2,272 49.7 46.9 43.8 3,776 3,563 1,61 Net Debt 4.8 3.9 EPS($) 3.4 1,115 89 Mitsubishi Heavy Ind. I.H.I : Bloomberg,

1.2 1.2 1.4 6.3 5.6 5.3 18.5 18.6 21.4 8. 8.4 7.6 1.5 1.8 1.7 9. 1.4 8.9 1.1.9 1.6 1.9 2.1 1.7 1.7 1.1.7 1.5 1.6 2.1 1.1 1.6 Div Yield (%).9.6 1.5 1.6 1.6 1.2 1.6 1 2.3 2.8.9 1..7 1.9 1.7 2.6 3.3 1. 1.2.7 2.4 2.1 PBR( ) 2.8 3.8 1. 1.2 1.1 2.6 2.5 1 14.4 13.9 19.7 1.1 8.1 8.6 8.2 8.2 5.5 4.5 7.9 8. 9.4 6.3 3.8 8.1 8.1 EV/EBITDA( ) 8.9 9.4 6.3 5.3 8.3 9.3 1 1 1 1 17.7 16.9 16.9 17. 18.3 Guangzhou Shipyard Int l 17.5 3.3 1.1 13.3 26.7 31.8 16.2 27.6 13.6 7.8 1.7 8.7 PER( ) 17.2 27.6 13.6 9.9 1.7 9. 5.5 14.5 15.4 China State Shipbldg 2.6 1.8 1.8 4.7 3.3 4.2 3. 3. 11.4 1.1 5. 5.4 6.7 8.7 9.7 12.7 13. 14. 22.8 25.7 6.4 5.3 ROA (%) 4.7 24.3 23.4 ROE(%) Mitsubishi Heavy Ind. I.H.I : 6 28 : Bloomberg,