83 9 93 96 99 12 15 7 15 25 35 49 59 69 18 111 114 117 12 123 126 129 132 135 138 141 144 147

Only Yesterday 28 (2) 3772-154 jes@goodi.com (2) 3772-1569 hanbeomho@goodi.com

/ Only Yesterday 28 ᆞ ᆞ 8

/ Only Yesterday 28 15 1 5 (5) (1) 85 87 89 91 93 95 97 99 1 3 5 7 2 4 6 8 1, 1,2 1,4 1,6 5 (5) (1,) (1,5) (2,) (2,5) AAA 85 87 89 91 93 95 97 99 1 3 5 7 (pt) 18 16 14 12 1 8 6 9

/ Only Yesterday 28 1

/ Only Yesterday 28 Investment Banking Carry 2,397$ High-Risk 9,959$ Low-Risk High-Return Low-Return Dark Material 84,721 19,56$ 5 9,427 11

/ Only Yesterday 28 S&P5 16, 12, 8, 4, 2 21 22 23 24 25 26 27 28 4 IB EPS (%) 5 4 3 2 1 (1) (2) 1 2 3 4 5 6 7 8 (%) 25 22 19 16 13 1 (%) 1 8 6 4 2 (2) (4) 199 S&P5 1 93 9 83 85 87 84 81 82 8 74 71 71 72 69 65 66 7 57 58 57 58 6 6 5 4 S&P5 4 IB (.5.17=1) 2 16 12 8 4 1 2 3 4 5 6 7 8 12

/ Only Yesterday 28 ᆞᆞ ᆞᆞ 13

/ Only Yesterday 28 New Capitalism Globalization Leverage Chain Reaction Deregulation Securitization Derivative Leverage Deleverage Deregulation Regulation 14

(2) 3772-1571 soochoi@goodi.com 19 17 15 13 11 9 7

/ STORY 4 (%) (%) (,1634~1637) 5,9 36 93 1 (,1719~1721) 6,2 13 99 13 (, 1719~1721) 1, 18 84 6 (, 1923~1932) 345 71 89 34 (197~1974) 1,2 28 92 2 (silver) (,1979~1982) 71 12 88 24 (1978~1981) 785 3 73 18 (, 1978~1986) 7, 36 98 3 (1986~199) 1,168 4 8 12 (1983~1992) 385 84 63 31 (, 1996~22) 384 44 78 31 story,,,, 16

/ STORY 17

/ STORY 19 17 15 13 11 9 7 FRB (p) (%) 22 2 18 9 8 7 6 16 14 12 1 5 4 3 2 1 1 2 3 4 5 6 7 8 18

/ STORY 5 3 CDS CDS(credit default swap) 7 6 5 4 3 2 1 2 3 4 5 6 7 IMF, 29 2.2% 3%, EU, 29 19

/ STORY (%) 6 5 4 3 2 1 1 2 3 4 5 6 7 8(E) 9(E) 1(E) (Black swan) 2

/ STORY 35 Nasdaq(1998~2) 3 Nikkei225(1986~1991) 25 2 15 1 5 86/98 87/99 88/ 89 9 91 < 1> (%) (%) (%) (, 1923~1932) 89 48 48 1 52 77 (197~1974) 92 84 62 1 16 26 (1986~199) 8 8 95 1 2 4 (1983~1992) 63 48 34 1 52 7 (, 1996~22) 78 37 35 1 63 85 21

/ STORY IB, Back to the basic 22

/ STORY STORY, 23

/ STORY China effect FTA,,,, M&A 24

(2) 3772-1549 seo@goodi.com 1 DOW (192194) (PT) 4 35 3 25 2 15 1 5 192 1925 193 1935 194

/ 26

/ 192 192 1 (1933-39=1) (1926=1) 1921 58. 97.6 59.4 522. 1922 73. 96.7 6.7 553. 1923 88. 1.6 71.6 634. 1924 82. 98.1 72.1 633. 1925 9. 13.5 76. 644. 1926 96. 1. 81.6 678. 1927 95. 95.4 8.1 674. 1928 99. 96.7 81.7 676. 1929 11. 95.3 87.2 716. 192 11. 1. 9. 8. 7. 6. 5. 192 1921 1922 1923 1924 1925 1926 1927 1928 1929 27

/ 192 GNP 2 (%) 1922 148. 49,729 39,637 2,859 6.7 1923 165.9 51,886 42,395 1,49 2.4 1924 165.5 54,337 42,45 2,19 5. 1925 179.4 58,317 43,716 1,453 3.2 1926 19. 63,44 44,828 81 1.8 1927 189.8 67,165 44,856 1,519 3.3 1928 19.9 73,139 45,123 1,982 4.2 1929 23.6 81,74 46,27 1,55 3.2 192, 28

/ 1929 1, (%) 1929 659 2.6 193 1,35 5.7 1931 2,293 1.6 1932 1,453 7.8 1933 4, 28.3 29

/ 1929 193 1931 1932 1933 GNP 14.6 91.8 76.9 58.9 56.5 77.5 7.2 6.7 48.7 45.9 16.7 1.6 5.9 1.1 1.7 26.4 25.4 22.9 2.6 19.4 1 97.1 83.6 79.4 75.2 3.2 8.7 15.9 23.6 24.9... 1929 193 1931 1932 ( ) 5,241 3,843 2,424 1,611 ( ) 4,399 3,61 2,91 1,323 (1929=1) 1 81 58 39 (1929=1) 1 93 85 75 (1929=1) 1 87 68 52 3

/ 192 8 1... 9 1 2% 1 48% DOW (1921929) DOW (1929 9 4. DOW 1. 3. 9. 8. 2. 7. 1. 6. DOW - 5. 31

/ 5% 34 89%, 1933... 25 DOW (19291939) 45. 4. 35. 3. 25. 2. 15. 1. 5. - DOW DOW (19291969) 1,2. 1,. 8. 6. 4. 2. - DOW 32

/ 1 33

/ 2... / 1933 2. 4.6 2.6 57 19.2 23.6 1934 3.1 6.7 3.6 54 21.4 28.5 1935 3.7 6.5 2.8 43 25.2 3.6 1936 4.1 8.5 4.4 52 29. 34.4 1937 5. 7.8 2.8 36 3.7 37.3 1938 5.6 6.8 1.2 18 29.7 39.4 1939 5. 8.9 3.9 44 33.4 41.9 194 5.1 9.1 4. 44 38.7 45.,, 193 GNP 1 (1947=1) (1947=1) (%) 1932 58.6 611. 42.1 3. 23.6.9 1933 56.1 59. 42.8 36. 24.9 1.4 1934 65.5 639. 48.7 39. 21.7 2.9 1935 76.5 718. 52. 46. 2.1 6.3 1936 83.1 787. 52.5 55. 16.9 8.4 1937 91.2 846. 56.1 6. 14.3 11.9 1938 85.4 794. 51.1 46. 19. 6.7 1939 91.2 847. 5.1 57. 17.2 9.3 34

(2) 3772-2559 coreagod@goodi.com (19828) (pt) 5, 4, 3, 2, 1, (pt) 3,5 3, 2,5 2, 1,5 1, 5

/ 85 / 3 25 2 15 1 5 5, 4, 3, 2, 1, (%) 7 6 5 4 3 2 1 5, 4, 3, 2, 1, 1987 36

/ 198 198 2.8 7.9 (1,75) 2. 1981 2.9 4.8 4,77 2.2 1982 2.8 2.9 6,85 2.4 1983 1.6 1.8 2,8 2.7 1984 3.1 2.3 35, 2.7 1985 5.1 2.1 51,129 2.6 1986 3..6 85,877 2.8 198 (pt) 14, 13, 12, 11, 1, 9, 8, 7, 6, 5, 37

/ (%) 21 19 17 15 13 11 9 7 5 (%) 1 9 8 7 6 5 4 3 (pt) 11, 1, 9, 8, 7, 6, 5, (pt) 1,5 1,3 1,1 9 7 5 1984 4 1 CP. CD, CP, 5 25 6 1, 7 1 9 1 1 19 12 1,, (3),,,, CD(6 ) 38

/ (%) 46 44 42 4 38 36 34 32 3 (%) 5. 4.5 4. 3.5 3. 2.5 2. (%) 13 12 11 1 9 8 7 6 5 / 27 26 25 24 23 22 21 2 19 39

/ GDP (%) 3 25 2 15 1 5 (%) 8 7 6 5 4 3 5, 4, 3, 2, (5) 2 1 1, (1) 4

/ 35 Land Price National 3 Land Price 6 Big Cities 25 2 15 1 5 41

/ 1985 (pt) 28, 26, 24, 22, 2, 18, 16, 14, 12, 1, 1987 1 19 45, 4, 35, 3, 25, 2, 15, (pt) 2,9 2,7 2,5 2,3 2,1 1,9 1,7 1,5 1987 (%) 11 1 9 8 7 6 5 4 42

/, ( :, %) GDP 1982 273 91(33.3) 135(49.5) 1983 286 17(37.4) 139(48.6) 1984 35 138(45.2) 149(46.9) 1985 324 169(52.2) 176(54.3) 1986 338 23(68.) 28(82.8) 1987 354 31(85.) 449(126.8) 1988 377 394(14.5) 529(14.3) 1989 43 527(13.8) 521(129.3) 199 434 478(11.1) 517(119.1) 1991 457 373(81.6) 54(11.3) 1992 484 297(64.1) 428(88.4) 1987 (pt) 45, 4, 35, 3, 25, 2, 15, 43

/ 199 35 3 25 2 15 1 44

/ 8% 1989 (pt) 45, 4, 35, 3, 25, 2, 15, 1, 5, 45 4 45, 4, 35 3 25 2 15 35, 3, 25, 2, 15, 1 1, 45

/ 198 (pt) 45, 4, 35, 3, 25, 2, 15, 1, 5, (pt) 3,5 3, 2,5 2, 1,5 1, 5 1988 6.8.7 79,249 2.5 1989 5.3 2.2 63,215 2.3 199 5.2 3.1 44,78 2.1 1991 3.3 3.4 68,24 2.1 1992 1. 1.6 112,574 2.2 1993.2 1.3 131,637 2.5 1994 1.1.6 13,255 2.9 1995 2. (.1) 111,44 3.1 1996 2.7.1 65,792 3.4 1997 1.6 1.9 96,814 3.4 1998 (2.).6 118,749 4.1 1999 (.1) (.3) 114,64 4.7 2 2.9 (.8) 119,66 4.7 21.2 (.7) 87,798 5. 22.3 (.9) 112,447 5.4 23 1.4 (.3) (522,11) 5.3 24 2.7. (64,149) 4.7 25 1.9 (.3) (754,848) 4.4 26 2.4.3 (811,486) 4.1 27 2.1. (738,641) 3.9, 97, 46

/ 92 3 75%,, ( ) 92 8 1.7 93 (, ) 94 2 15.3 (5.5 ) 94 95,, 95 9.5%, 14.2 96 974,,, 984 7.7, 4.6, 2.3, 9811 17,, ( ) 1, 11 47

/ 95, 5 97 (4),, (11), 97 12 1 98 2,, 3, 98 3 BIS 8% 98 3 21 (9), (6), 1 8,15 (3) 21 98 7, 98 12,, 22 5 7 1 3 37 3,264 1 9 35.7 199 6,468 (1.6) 19,958 1991 1,723 65.8 81,487 1992 14,69 31.2 76,14 1993 14,564 3.5 68,476 1994 14,61 (3.5) 56,294 1995 15,18 7.5 92,411 1996 14,834 (1.8) 81,228 1997 16,464 11. 14,447 48

(2) 3772-3864 jkim@goodi.com IT ($bill.) 45 4 35 3 25 2 15 1 94 95 96 97 98 99 1 2 ($bill.) 3 25 2 15 1 5

/ 6.% 71.% 5.% 7.% 4.% 69.% 3.% 68.% 2.% 67.% 1.% 66.%.% 65.% -1.% 64.% 91 92 93 94 95 96 97 98 99 1 2 5

/ (') (%) 6, 8 5, 7 4, 6 3, 5 2, 4 1, 3 (1,) 2 (2,) 1 (3,) 9 91 92 93 94 95 96 97 98 99 1 2 IT 9 IT ($mill.) 45, 4, 35, 3, 25, 2, 94 95 96 97 98 99 1 2 (YoY) 2.% 15.% 1.% 5.%.% -5.% -1.% -15.% -2.% -25.% 51

/ IT 1) 2) 3) 9 52

/ IT ($bill.) 25 2 15 1 5 9 91 92 93 94 95 96 97 98 99 1 2 3 58 8236 74 38 5914 643 122 5678 214 1 5992 166 53

/ 7 6 5 NASDAQ 4 3 2 S&P5 1 (1995.1.1=1) 95 96 97 98 99 1 (1995.1.1=1) 1,4 1,2 1, 8 Computer 6 4 2 Financial Industrial 95 96 97 98 99 1 54

/ 199 1995 2 1 IBM 61 GE 92 517 2 58 83 47 3 GE 56 AT&T 82 GE 461 4 35 72 434 5 28 59 267 6 GM 28 56 248 7 AMOCO 28 53 223 8 27 IBM 48 IBM 197 9 27 P&G 45 191 1 25 41 MCI 174 11 24 41 AT&T 17 12 24 38 AIG 151 13 22 37 147 14 P&G 21 35 AOL 147 15 19 GM 33 145 16 18 AIG 33 139 17 18 GTE 32 122 18 18 32 111 19 18 32 16 2 16 AMOCO 32 9 IT 1 6 1 (%) 11 28 57 55

/ 2 18 16 14 12 1 8 6 4 2 96 97 98 99 ($) 6 5 4 3 2 1 IT ($bill.) 4 (YoY) 2.% 1.% 35.% 3-1.% -2.% -3.% 25 96 97 98 99 1 2-4.% 56

/ IT (%) (pt) 7 6, 6 5 4 3 2 1 98 99 1 2 5, 4, 3, 2, 1, 57

(2) 3772-3864 jkim@goodi.com ($trill.) 7 6 5 4 3 2 1 21 24 25 26 27

/ IT 4.% 3.5% 3.% 2.5% 2.% 1.5% 1.%.5%.% 1 2 3 4 5 6 7 (%) 7 6 5 4 3 2 1 1 2 3 4 5 6 7 8 6

/ (%) 12 11 1 9 8 7 6 23 24 25 26 27 ($B) 6 4 2 (2) (4) (6) (8) (1,) (1,2) (1,4) 21 22 23 24 25 26 27 61

/ (') 1,5 1,4 1,3 1,2 1,1 1, 9 (') 7,5 7, 6,5 6, 5,5 5, 4,5 8 4, (') 25, 2, 15, 1, 5, 1 2 3 4 5 6 7 62

/ ($/OZ) ($) 1,2 16 1, 14 12 8 1 6 4 2 8 6 4 2 21 22 23 24 25 26 27 28 63

/ 2 18 Dow3 S&P5 16 14 12 1 8 [23.1.1=1] 6 3 4 5 6 7 8 6% 5% 4% 3% 2% 1% % 64

/ (%) 9 8 7 6 5 4 3 2 1 85 86 87 88 89 9 91 92 93 94 95 96 97 98 99 1 2 3 4 5 6 7 8 (%) 2 18 16 14 12 1 8 6 4 2 Q1 4 Q1 5 Q1 6 Q1 7 Q1 8 65

/ IB 5 ( S&P5 ) (1) (2) (3) (4) (5) (6) (7) (8) (9) 5 1 15 2 25 3 35 4 66

/ (%) 6 5 4 3 2 1 67

/ (5.25% 1.%) 7, Big2, AIG 1 (1,68) 2 (2,) /,,,, (6) 68

, (2) 3772-1569 hanbeomho@goodi.com (2) 3772-2249 hmpark@goodi.com

/ : Raymond Goldsmith(1982) : Minsky(1982) : Wolfson(1986) 4 7

/ (%) 2 565% 15 1 5 (%) 6 5 4 3 2 1 71

/ (%) 5 1,563% 4 3 2 1 : (%) 5 4 3 2 1 : 72

/ 28 9 (28 8 1 ) (%) 6 5 4 3 2 1 CDS(28 8 1 ) (%) 8 7 6 5 4 3 2 1 73

/ (28 1 ) 1 3 FITCH BBB+ BBB FITCH A A- 1 6 S&P A- BBB S&P BBB+ CCC+ 1 8 FITCH A- BBB- 1 17 FITCH BB- B+ 1 24 S&P B+ B S&P B+ B 1 27 S&P BBB+ BBB FITCH A- BBB+ 1 28 Moody's B2 B3 1 31 S&P B B- 11 14 S&P CCC+ CCC 11 17 S&P BBB+ BBB 28 1 74

/ 28 GDP (%) 9 8 7 6 5 7.2 6.4 7.4 (%) 16 14 12 1 8 6 1.9 12.7 9.7 8.1 9. 7. 14. 5.5 12. 1, 9 8 7 6 5 4 59. 833. 945. 783. 886. CDS(28 9 1 ~ 11 14) (bp) 1,2 1, 8 6 4 2 29 28 27 26 25 24 75

/ GDP 5 GDP (%) 1 8 6 4 2 7.7 7.5 4.4 GDP (%) 3 25 2 15 1 5 9.8 16.1 25.4 3.8 14.6. 18.2 (1) (2) (3) (4) (5) (13) (26) (42) (28 9 1 ~ 11 14) (%) 2 18 16 14 12 1 (32) (25) 16 14 12 1 8 6 76

/ GDP (%) 6 5 4 3 2 1 4.8 4.1 3.9 GDP (%) 1 8 6 4 2 8.4 6.8 6.1 1.3 5. 1.9 5.5 (2) (4) (6) (8) (1) (12) (86) (75) (74) CDS(28 9 1 ~ 11 14) (%) 15 13 11 9 7 5 (81) (96) 25 2 15 1 77

/, 3 GDP (%) 1 8 6 4 2 3 (28 9 1 ~ 11 14) (8.9.1=1) 16 15 14 13 12 11 1 9 3 2 15 1 5 (5) (1) (15) (2) 3 CDS(28 9 1 ~ 11 14) (bp) 5, 4, 3, 2, 1, 78

/ 3 4 GDP (%) 14 12 1 8 6 4 2 (2) 4 GDP (%) 25 2 15 1 5 4 4 2 (2) (4) (6) (8) (1) (12) 4 CDS(28 9 1 ~ 11 14) (bp) 3, 2,5 2, 1,5 1, 5 79

/ GDP (%) 9 8 7 6 5 4 3 2 1 7.4 (%) 2 15 1 5 7.7 6.9 7.4 9.1 6.4 7.9 7.6 3.6 15.6 (2) (4) (6) (8) (1) (12) (14) (8) 15 12 9 6 3 (36) (68) (83) (126) 1 115 14 91 8 8

" 2" (2) 3772-1543 kdjsteel@goodi.com 2() KOSPI (11): KOSDAQ(9):

2() CODE Keyword (%) KOSPI 593 684,942 8,965 (79,828) 8.6, 549 277,69 42,642 (1,22) 31.7 954 124,64 41,383 (41,367) 89.4 1 KT&G 3378 12,53 982 (982) 17., LG 6657 115,429 15,229 7,567 75.7, Top 3 538 16,419 45,426 (24,2) 59.1 LG 5191 52,742 4,92 11,192 63.2 16 46,1 4,397 1,182 66.4 Rally 24 21,611 2,252 1,792 71.4 2586 8,321 1,34 416 42.6 1 415 4,472 21 7,984 48.3 KOSDAQ 4689 4,548 497 (26) 36.1 LED LED 5366 2,879 462 69 49.2 Product-mix & Level-up 516 2,45 345 1,713 28.6 1 288 2,9 1,24 (276) 84.2 TV IPTV 2 3683 1,718 183 83 86.7 IT 6697 1,536 26 141 92.7 2, 9566 1,3 163 (163) 4.7 EA 325 725 112 174 96.8 RF 9484 642 25 (25) 61.7 84

1997 1 IMF. 1997 IMF 2, 9 1,8 8 1,6 7 1,4 6 1,2 5 1, 4 8 3 97-1 97-2 97-3 97-5 97-6 97-7 97-9 97-1 97-12 1 28 85

IMF, 1 2, 1,8 1,6 1,4 1,2 1, 8 98-1 99-5 -1 2-3 3-8 4-12 6-5 7-1 2,1 1,8 1,5 1,2 9 6 3 9.11, (%) 15 1 5 (5) 25. 1 26. 1 27. 1 28. 1 (%) 8 6 4 2 (2) (4) 1 2 3 4 5 6 7 8 IMF, 2 3 29 GDP 86

(%) 13 12 11 1 9 8 7 6 5 1 2 3 4 5 6 7 8 IMF 29 (%) 26 27 28E 29E 5.1 5. 3.7 2.2 3. 2.6 1.4 (.3) 2.8 2. 1.4 (.7) 2.8 2.6 1.2 (.5) 2.4 2.1.5 (.2) 2.8 3..8 (1.3) 7.9 8. 6.6 5.1 11.6 11.9 9.7 8.5 9.8 9.3 7.8 6.3 7.4 8.1 6.8 3.5 3.8 5.4 5.2 3., 1 29 8 6 4 2 (2) (4) (6) (8) 95 96 97 98 99 1 2 3 4 5 6 7 8 5, 4, 3, 2, 1, (1,) (2,) (3,) (4,) (5,) 87

GDP :... 22.6% 21.5% 27.8% ( 15% ), 15.7% 15.6% 14.8% 21.% 18.8% 17.9% ( 3~4% ),, (%) (%) 12 1 8 6 4 2 (2) (4) (6) (8) 35 3 25 2 15 1 5 (5) (1) (15) 1991 1993 1995 1997 1999 21 23 25 27 29E IMF :, 4 1999 88

LG : LG () : () 2 2 29 () CODE OR growth OP growth EPS growth EV/EBITDA PSR RER PBR ROE (%) (%) (%) (%) (%) KOSPI 593 825,991 52,566 63,294 9.4-7.3-2.4 6.4 4.3 1. 12.7 1.3 1.5 549 34,657 59,59 48,238 9.3-9.6-2.5 17.5 3.2.8 5.8.9 15.8 954 218,19 24,979 24,82 16.7 26.2 25.3 11.5 2.4.6 5. 1.7 37.2 KT&G 3378 27,963 1,233 8,718 7.9 1.9 1.8 36.6 9.9 4.3 13.9 3.1 23.9 LG 6657 29,749 17,611 16,888 3.8-4.9 1.1 6.1 4.7.5 7.9 1.3 17.4 538 348,294 24,611 23,96 4.6 11.7 18.4 7.1 1.5.4 5.9.7 11. LG 5191 151,869 14,562 11,298 1.1-12.5-7.4 9.6 2.9.4 5.3 1. 21.1 16 27,143 7,97 6,119 23.4 22.8 33.8 29.1 6.7 1.7 7.4 2.3 35. 24 28,429 3,341 2,472 6.7 29.9 125.9 11.8 4.2.8 8.6 1.1 12.9 2586 13,169 2,35 1,475-4.1-26.4-2.5 15.5 3.3.6 5.6 1.5 29. 415 13,839 1,211 634 4.1 25.2 116.7 8.8 6.8.4 7.6.8 1.7 (11) 7.5 6. 28. 14.5 4.5 1. 7.8 1.4 2.4 GMSH KOSPI Universe 6.5 3.9 24.5 8. 4.6.5 8.1 1. 13.1 KOSDAQ 4689 3,761 34 227 29.3 93.4 12.6 8.1 7.5 1.2 19.6 2.2 11.3 5366 4,634 893 687 21.1 22.4 191.4 19.3 2.7.6 4.2 1.2 33.2 516 4,891 255 484 11.2-1.3 42.9 5.2 1.5.5 4.9 1.2 21.2 288 7,329 374 414 23. 118.6 97. 5.1 3.8.3 4.8.4 8.9 3683 2,677 377 3 21.1 25.3 23.9 14.1 2.8.6 5.8.9 16.5 6697 1,643 238 285 99.1 67.3 42.3 14.5 7..9 5.3 2.7 6.6 9566 1,912 418 28 18. 25.7 38.1 21.9 1.6.7 4.6 1. 21.4 325 1,98 144 86-18.7-46.8 13.1 5.6.6 8.1 1.1 14.6 9484 32 13 19 37.1 32.8 19.3 42.9-2. 5.6-33.6 (9) 26.8 97.5 114.7 16. 5.2.8 7. 1.3 24.6 GMSH KOSDAQ Universe 14.3 22.7 29.3 14.8 5. 1.1 1.2 1.6 17. 89

/ (593) 2) 3772-1542 jaeyeol@goodi.com 52 / : 764, /47,5 : 42.2% : 7.5% 4.% 3-19.8 % 6-37. % 12-15. % KOSPI 3 15.8 % 6 6.7 % 12 54.1 % 1,, 8, 6, 4, 2, 2 (Peer Group, 28.1.1=1) 15 1 5 15 1 5 12 OR growth OP growth EPS growth EV/EBITDA PSR RER PBR ROE (%) (%) (%) (%) (%) 25 574,577 8,598 76,42 -.3-32.9-28.7 14. 7.7 1.8 14.7 2.5 2.6 26 589,728 69,339 79,165 2.6-14. 3.6 11.8 7.5 1.6 13.2 2. 18.7 27 631,76 59,429 74,25 7.1-14.3-6.2 9.4 6.5 1.3 12.7 1.6 15.4 28E 754,989 56,695 64,821 19.5-4.6-12.7 7.5 4.6 1.1 12.4 1.4 11.9 29E 825,991 52,566 63,294 9.4-7.3-2.4 6.4 4.3 1. 12.7 1.3 1.5 Peer Group 29 OR growth OP growth EPS growth EV/EBITDA PSR RER PBR ROE (%) (%) (%) (%) (%) () 39,112 8,9 54,667-7.9-24.8-16. 2.5 5.6 2.1 13.8 1.7 12.9 () 729,217 93,67 68,359-1.1 -.4-7.2 12.8 4.5.7 7.4 2.2 3.2 () 1,2,91 24,89 13,73.4 37.8 5.2 2.4 3.6.2 18..6 3.1 713,41 65,92 45,585-2.8 4.2-6. 11.9 4.6 1. 13.1 1.5 15.4 9

/ 39 IT 1 IT 1969 1974 1983, 64KD 1984 256KD 1986 1M 1988 1993 1(1.3%) 1994 64M 21 TFT-LCD 3 1 22 26-27 2, TV 1 IT 5 1, 1,5 2, 2,5 212 15 /, / M&A 1992 SDI, WF 1993, HMS 1994, AST 1994, LUX 1997, 3DO 27, 28, PCB 28, 91 (),,,, P,, LED SDI AM-OLED, HEV 2, LED SDS SI (),

/, SSD (OPM) 4% 2% % -2% -4% -6% -8% -1% -12% -14% 5.3% CY1Q7 CY3Q7 CY1Q8 CY3Q8-25.3% -21.4% -23.3% CY2Q7 CY4Q7 CY2Q8 N/A -51.9% -62.1% -69.7% SEC_Semi Hynix Elpida Micron Qimonda Nanya ProMOSPowerchip, (%) 4 35 3 25 2 15 1 5 1Q2 1Q3 1Q4 1Q5 1Q6 1Q7 1Q8 PBR-ROE (28 ) (% ) 6, 25 4, 2 2, 15 1 (2,) (4,) 5 (6,) (8,) (5) 1996 1998 2 22 24 26 28E 21E 1.4 1.2 1.8.6.4.2 ROE(%) (1) (8) (6) (4) (2) 2 92

/ (549) 2) 3772-1543 kdjsteel@goodi.com 52 / : 628, /242, : 41.4 % : 4.3% NSC 5.% 3-33.8 % 6-42.5 % 12-47.6 % KOSPI 3-4.3 % 6-2.6 % 12-5. % 8, 6, 4, 2, (Peer Group, 28.1.1=1) 15 1 5 15 1 5 12 OR growth OP growth EPS growth EV/EBITDA PSR RER PBR ROE (%) (%) (%) (%) (%) 25 216,95 59,119 39,946 9.6 17. 6.1 27.2 2.1.7 4.4.9 22.4 26 2,434 38,923 32,66-7.6-34.2-19.7 19.4 4.8 1.2 8.4 1.2 15.5 27 222,67 43,83 36,794 1.8 1.7 14.8 19.4 8.2 2. 13.6 1.9 15.9 28E 311,738 65,851 49,471 4.4 52.9 34.5 21.1 3.2.9 5.7 1. 18.6 29E 34,657 59,59 48,238 9.3-9.6-2.5 17.5 3.2.8 5.8.9 15.8 Peer Group 29 OR growth OP growth EPS growth EV/EBITDA PSR RER PBR ROE (%) (%) (%) (%) (%) Mittal() 1,296,29 143,152 16,118-1.5-32.5-36.8 11. 3.7.3 3.2.4 13.5 NSC() 614,62 45,889 29,51-3.4-2.1-17.9 7.5 5.4.4 6.9.8 11.5 Baoshan() 346,188 24,74 17,68.5-24. -5.3 7. 5.2.5 7.6 1. 1.5 752,339 71,38 5,926-4.5-25.6-2. 8.5 4.8.4 5.9.7 11.8 93

/ 4 2 POSCO 4 1968.1 197.4 1 1973.7 1 1987.5 1 1988.6 ( 1) 1994.1 (1995, 25 ) 2.1 ( ) 24.8 ( 15) 26.11 STS 27.5 28.4 4( 218 ) 28.6 5 5 (FT) (27 ) M/S M/S (%) (%) 1 116.4 8.7 489. 36.4 2 34.5 2.6 12.2 8.9 3 JFE 33.8 2.5 97.2 7.2 4 POSCO 32.8 2.4 72.2 5.4 5 28.6 2.1 53.1 4. 6 26.5 2. 51.4 3.8 7 22.9 1.7 48.5 3.6 8 22.8 1.7 42.8 3.2 9 US 2.5 1.5 33.8 2.5 1 2.2 1.5 32. 2.4 1,344 1 1,344 1 218 1 M&A Global STS (12) & (4) CGL(4) (1,2),, 218 1998 1% 28 1% 218 14 38 1 12 33 7 2 5 3 14% 13% 3% 94

/ Global Top Maker M&A : 1,5, 1,25, 1,, 92, 75, 5, 1,41, 1,43, +53% +55% : 5, 28~211 6.5% 4, 1993~27 3.% 3, 1987~1992 13.2% 2, 1974~1986 26.5% 1, 73 75 77 79 81 83 85 87 89 91 93 95 97 99 1 3 5 7 9E11E Global Peer Group 4 Mittal NSC Baoshan US Steel 28E 2.5 8.6 14.7 9. 9.2 1.4 29E 16.3 8.1 11. 7.5 7. 6.9 ROE 28E 18.5 22.7 24.5 15.3 14.9 36.1 29E 14.9 12.3 13.5 11.5 1.5 13.6 PER 28E 5.4 4.1 2. 5.7 7.2 1.6 29E 5.8 5.3 3.2 6.9 7.6 3.5 EV/EBITDA 28E 3.1 3.3 2.5 4.4 4.7 1.6 29E 3.4 4.3 3.7 5.4 5.2 2.8 PBR 28E.88.71.44.86 1.2.54 29E.78.66.39.79.98.48... 1,2 1,1 1, 9 8 7 6 5 4 6,5 6, 5,5 5, 4,5 4, 3,5 3, 95

/ (954) 2) 3772-155 coupkim@goodi.com 52 / : 47, /115,5 : 14. % : 1.8% 8.% 3-4.5 % 6-53.1 % 12-67.3 % KOSPI 3-14. % 6-2.6 % 12-4.7 % 6, 4, 2, (Peer Group, 28.1.1=1) 15 1 5 15 1 5 OR growth OP growth EPS growth EV/EBITDA PSR RER PBR ROE (%) (%) (%) (%) (%) 25 13,544 98 1,833 14. 399.2.9 11.8.5 31.9 1.5 5. 26 125,547 8,789 7,128 21.3 867.4 288.9 7. 6.8.7 13.4 2.2 17.6 27 155,33 17,57 17,361 23.7 99.2 143.5 11.3 14.1 1.8 19.4 5.7 35.4 28E 186,836 19,791 19,224 2.3 13.1 1.7 1.6 3.3.6 6.3 2.4 35.3 29E 218,19 24,979 24,82 16.7 26.2 25.3 11.5 2.4.6 5. 1.7 37.2 Peer Group 29 OR growth OP growth EPS growth EV/EBITDA PSR RER PBR ROE (%) (%) (%) (%) (%) 1,834 7,27 6,64 19.9 22.6 37.4 7.2 1.2.4 5.5 1.6 34.7 9,974 6,235 5,246 17.6 23.3 61.1 6.9 1.2.3 4.3 1.4 39.5 MITSUI() 85,876 3,894 1,769 7. 22.7 24.2 4.5 5..2 7..6 9.3 92,562 5,8 4,552 14.8 22.8 4.9 6.2 2.5.3 5.6 1.2 27.9 96

/ 1 & 6 (9 ) 7.98% 94.92% 67.49% 5.% 1.% 1.% 44.15% 68.38% 65.22% 1.% 73.69% 7.43% 91.28% 1 DOCK CAPA (DWT) 22 23 24 25 26 27 28E 29E 21E 211E 212E NO.1 5 4. 4.5 5. 5. 5. 5. 5. 5. 5. 5. 5. NO.2 7 9. 1. 14. 16. 16. 16. 16. 16. 16. 16. 16. NO.3 1 9. 12. 18. 18. 18. 18. 18. 18. 18. 18. 18. NO.4 4 4.5 5. 6. 9. 9. 9. 9. 9. 9. 9. 9. NO.5 25 4.5 5. 9. 9. 9. 9. 12. 12. 12. 12. 12. NO.6 15 3.5 3.5 3.5 3.5 3.5 3.5 3.5 3.5 3.5 3.5 3.5 NO.7 2 3.5 3.5 3.5 3.5 3.5 3.5 3.5 3.5 3.5 3.5 3.5 NO.8 4 4. 4. 5. 5. 5. 5. 5. 5. 5. 5. 5. NO.9 4 4. 4. 4.8 4.8 5. 5.5 8. 8. 8. 8. 8. NO.1 8 1. 15. 15. 15. NO.11 15. 25. 25. 25. 46 52 69 74 74 75 8 15 115 115 115 (US$).46.5.63.76.83.92 1.1 1.8 1.13 1.16 1.2 (%, YoY) 8.5 25.4 21.3 8.9 11. 9. 7. 5. 3. 3. 97

/ 3 14-12% 12 125 1 11 8 93 6 4 2-45.2% 87-52.9% 51 41 1.2 1..8.6.4.2. 2.3 3.3 4.3 5.3 6.3 7.3 8.3 (%) 5 4 3 2 1 (1) (2) 3, 25, 2, 15, 1, 5, 2 21 22 23 24 25 26 27 28E 29E 21E 98

/ KT&G (3378) 2) 3772-1573 joylee@goodi.com 52 / : 96,5 /71,6 : 51.2 % : 6.9% 7.3% 3-5.2 % 6 4. % 12 1.5 % KOSPI 3 36.9 % 6 76.2 % 12 1.3 % 15, 1, 5, (Peer Group, 28.1.1=1) 15 1 5 3 2 1 KT&G BRITISH AMERICAN TOBACCO PLC PHILIP MORRIS INTERNATIONAL JAPAN TOBACCO INC 12 OR growth OP growth EPS growth EV/EBITDA PSR RER PBR ROE (%) (%) (%) (%) (%) 25 22,93 6,769 5,159-16.7-33.7 18.3 3.6 8.6 3. 14.3 1.9 15.5 26 22,627 7,137 6,497 2.4 5.4 3.5 31.5 9.8 3.5 13.8 2.5 2. 27 24,127 8,144 6,612 6.6 14.1 1.8 33.8 11.9 4.4 17.5 3.2 21.4 28E 25,915 9,231 7,974 7.4 13.3 24.7 35.6 11.2 4.7 15.3 3.5 24.3 29E 27,963 1,233 8,718 7.9 1.9 1.8 36.6 9.9 4.3 13.9 3.1 23.9 Peer Group 29 OR growth OP growth EPS growth EV/EBITDA PSR RER PBR ROE (%) (%) (%) (%) (%) BAT() 217,18 63,34 46,979 7.5 8.7 9.8 29. - 2.5 12.2 4.1 38.1 PM() 28,791 12,46 76,192.4 3.2 4.4 42.9 7.4 3. 11. 7.7 17.7 JT() 76,185 43,857 23,682 -.3 1.3 29.8 5.8 6.4.5 13.9 1.3 9.8 419,331 75,783 48,951 2.5 7.4 14.7 25.9 6.9 2. 12.4 4.4 51.9 99

/ KT&G (28 3 ) (%) 8 75 7 65 6 55 5 23 24 25 26 27 28.3Q, (28 3 ) 25, 2, 15, 1, 5, 5, 4, 3, 2, 1, 23 24 25 26 27 28.3Q 7 6 5 4 3 2 1 1

/ KT&G (%) 2, 25 4 2 1,5 3 15 1, 2 1 5 1 5 23 24 25 26 27 28.3Q 23 24 25 26 27 28.3Q 6, 5, 4, 3, 2, 1, 24 25 26 27 28.3Q (%) 6 5 4 3 2 1 71,5 99 43 26~29 252,347 151 1,69 53,133 37 128 51,3 25 414 29~21 45,584 11 59 6,82 47 177 93,519 4 64 7,498 31 75 28 635,251 585 2,929 11

/ LG (6657) 2) 3772-1542 jaeyeol@goodi.com 52 / : 164, /7,6 : 23.2% : LG 34.8% 3-34.3 % 6-48.5 % 12-24.7 % KOSPI 3-5.1 % 6-12.8 % 12 36.5 % 2, 15, 1, 5, 25 (Peer Group, 28.1.1=1) 2 15 1 5 2 15 1 5 12 OR growth OP growth EPS growth EV/EBITDA PSR RER PBR ROE (%) (%) (%) (%) (%) 25 237,742 9,146 7,28-3.6-26.8-55.5 3.8 9.5.6 2.3 2.5 12.6 26 231,77 5,349 2,392-2.5-41.5-66.3 2.3 8.4.4 37.2 1.6 4. 27 235,19 5,646 12,224 1.4 5.6 411. 2.4 13.2.7 13.2 2.4 18.6 28E 28,183 18,52 15,333 19.2 228. 25.4 6.6 5..5 8.8 1.6 19. 29E 29,749 17,611 16,888 3.8-4.9 1.1 6.1 4.7.5 7.9 1.3 17.4 Peer Group 29 OR growth OP growth EPS growth EV/EBITDA PSR RER PBR ROE (%) (%) (%) (%) (%) () 318,418 7,547 5,687-6.2 373.7 223.7 2.4 4.5.3 21.4.6 3.7 () 1,2,91 24,89 13,73.4 37.8 5.2 2.4 3.6.2 18..6 3.1 () 729,217 93,67 68,359-1.1 -.4-7.2 12.8 4.5.7 7.4 2.2 3.2 689,512 41,748 29,258-2.3 137. 73.9 5.9 4.2.4 15.6 1.2 12.3 12

/ LG 5 IT 3 LG 1958 1966 197 198 1991 1999 22 23 24 26 27 28 TV TV LG LGEI LG CDMA 1 DMB Reddot CEO AM OLED LG 5 (28 3 ) Motorola 8.2% SOE 8.3% SEC 16.7% LGE 7.4% Nokia 38.% 1,5 1,2 9 6 3 391-2% 456 28% 17% 539 18% 692 823 19% 1,17 24% 1,144 12% 1,259 1,284 1,374 1% 21 23 25 27 29E 2% 7% 35% 3% 25% 2% 15% 1% 5% % -5% 3 25 298 24 185 2 153 15 121 1 75 47 5 16 24 25 26 27 28E 29E 21E 211E 25 2 15 1 5 13

/ LG 2 29 3 2 3% 25% 2% 15% 1% 5% % -5% -1% -15% 1 2 3 4 5 6 7 1Q8 2Q8 3Q8 Samsung LG Nokia MOT SONY LG 18 15 12 9 6 3-3 4 5 6 7 8E 9E 1E 14% 12% 1% 8% 6% 4% 2% % Peer LG 5. 4. 3. 2. 1. (28 ROE, %). 5 1 15 2 25 3 35 / LG LG LG LG LG LG LG LG CNS LG 14

/ (538) 2) 3772-2183 hiroo79@goodi.com 52 / : 89,6 /46,7 : 27.1% : 11.6% 4.5% 3-33.3 % 6-45.4 % 12-29.9 % KOSPI 3-3.7 % 6-7.4 % 12 27.1 % 1, 8, 6, 4, 2, (Peer Group, 28.1.1=1) 6 5 4 3 2 1 2 15 1 5 OR growth OP growth EPS growth EV/EBITDA PSR PER PBR ROE (%) (%) (%) (%) (%) 25 273,837 13,841 23,487 -.3-3.1 34.6 5.1 9.3 1. 11.8 1.9 16.7 26 273,354 12,344 15,261 -.2-1.8-35.1 4.5 6.3.7 12.6 1.2 9.8 27 34,891 18,15 16,824 11.5 47. 1.1 6. 5.2.6 12.1 1.2 9.8 28E 332,884 22,28 19,53 9.2 21.4 15.8 6.6 1.9.4 7..7 1.2 29E 348,294 24,611 23,96 4.6 11.7 18.4 7.1 1.5.4 5.9.7 11. Peer Group 29 OR growth OP growth EPS growth EV/EBITDA PSR PER PBR ROE (%) (%) (%) (%) (%) VW() 1,5,742 66,676 45,681-2.3-25.9-24. 4.4 14.4 1.1 44. 4.3 1. Toyata() 2,52,949 68,839 69,871-4. -23.1-14.1 2.7 1.3.5 15.5.8 5.4 GM() 1,541,997 (74,624) (81,43) -9.4-4.8 84.8. - - - 1,854,563 2,297 11,383-5.3-24.5-19..8 36.5.5 29.8 1.7 7.7 15

/ 5% 1 4, 3, 2, 1, 2 22 24 26 28E 21E (%) 6 45 3 15 (15) 8, 6, 4, 2, 1Q1 1Q2 1Q3 1Q4 1Q5 1Q6 1Q7 1Q8 (%) 1 8 6 4 2 vs 26 27 28 4, 29 21 211 212 3, 2, 1, 16 CAGR.9% CAGR 7.8% 27 28 CAGR 9.1% 4, 29 21 211 212 3, 2, 1, CAGR.6% CAGR 1.% CAGR 1.3% Small Car Large car Utility Vehicle Other Light Vehicle

/ IQS, VDS VDS IQS 4 35 3 25 2 15 1 5 23 24 25 26 27 28 4, 35, 3, 25, 2, 15, 1, 5, 1Q1 1Q2 1Q3 1Q4 1Q5 1Q6 1Q7 1Q8 (%) 5 4 3 2 1 28 1 75 5 25 27 (%), (%) Domestic America Europe Asia/Africa 23 26 18 34 Asia/Africa Toyota 29 37 13 21 Asia/Africa GM 52 14 23 11 America / VW 22 2 42 16 Europe Gmermany Honda 21 55 8 16 Asia/Africa PSA 27 6 59 8 Europe 17

/ LG (5191) 2) 3772-1573 joyleel@goodi.com 52 / : 112, /59, : 24.8 % : LG 3.1% 7.5% 3-31.9 % 6-35.1 % 12-42.1 % KOSPI 3-1.7 % 6 1. % 12 5. % 15, 1, 5, 15 (Peer Group, 28.1.1=1) 15 1 5 1 5 12 OR growth OP growth EPS growth EV/EBITDA PSR RER PBR ROE (%) (%) (%) (%) (%) 25 74,251 4,217 4,3 4.2-19.4-25.4 5.7 7.1.6 1.4 1.8 17.3 26 93,23 3,339 3,188 25.3-2.8-2.4 3.6 5.2.3 9.9 1.1 12.6 27 17,953 7,636 6,862 16.1 128.7 11.2 7.1 6.4.6 9.8 1.8 21.1 28E 15,238 16,644 12,25 39.2 118. 58.7 11.1 2.8.4 4.9 1.2 27.8 29E 151,869 14,562 11,298 1.1-12.5-7.4 9.6 2.9.4 5.3 1. 21.1 Peer Group 29 OR growth OP growth EPS growth EV/EBITDA PSR RER PBR ROE (%) (%) (%) (%) (%) Sumitomo() 243,321 7,592 7,248 7.4 -.9 241.7 3.1 6.4.2 7.2.6 8.6 Nitto Denko() 74,676 4,236 2,722 -.9-12.4-13.5 5.7 2.6.5 11.7.7 6. Optimax() 5,854 - (14) 9.4 - - 6.1. - - -4.4 17,95 5,914 3,289 5.3-6.7 114.1 4.4 5..2 9.5.6 3.4 18

/ LG 3, (28 3 ) (27) 1, 8, 6, 4, 2, 26 27 28.3Q 16 12 8 4 26 27 28.3Q 19

/ LG LG 12, 8, 4,, 26 27 28E 1,7 HP, Dell (2) (45) 1,6 LG,,, 25 55 (27) HEV 11

/ (16) 2) 3772-1543 kdjsteel@goodi.com 52 / : 435, /16,5 : 16.3 % : 12.5% 11.9% 3-34.8 % 6-47.1 % 12-16.3 % KOSPI 3-5.8 % 6-1.3 % 12 51.6 % 5, 4, 3, 2, 1, (Peer Group, 28.1.1=1) 2 15 1 5 15 1 5 12 OR growth OP growth EPS growth EV/EBITDA PSR RER PBR ROE (%) (%) (%) (%) (%) 25 1,973 1,7 271-1.2-22.5-47.3 9.8 6.1.5 18.5.7 3.7 26 11,943 1,5 65 8.8-1.9 134.4 8.8 9.7.8 14.3 1.2 8.4 27 13,427 1,812 1,358 12.4 72.6 98.7 13.5 24.7 3.7 36.9 4.8 14.7 28E 21,996 6,442 4,489 63.8 255.5 221.5 29.3 7.2 2. 9.9 3. 35.3 29E 27,143 7,97 6,119 23.4 22.8 33.8 29.1 6.7 1.7 7.4 2.3 35. Peer Group 29 OR growth OP growth EPS growth EV/EBITDA PSR RER PBR ROE (%) (%) (%) (%) (%) Wacker() 61,87 1,816 7,366 3.5-2.3 -.6 17.5 3.3 1. 7.7 1.6 2.9 REC() 22,616 8,555 5,418 72.8 12.9 66.9 37.8 4.9 2.1 8.9 1.7 22.1 MEMC() 27,255 11,876 1,422 15.2 14.7 14.3 43.6 1.9 1.4 3.7 1.1 36.8 37,247 1,416 7,735 3.5 38.4 26.9 33. 3.4 1.5 6.8 1.5 26.6 111

/ 4 2 4, 35, 3, 25, 2, 15, 1, 5, 199 1993 1996 1999 22 25 28E 14, 12, 1, 8, 6, 4, 2, 26 2,368 2,368 27 6,839 9,27 28 1 23,534 32,741 28 2 5,35 38,92 28 3 6,481 98,573 () 4, 12,573 21 1,328 2 (GW) 4 35 3 25 14.1 2 15 7.4 3.9 1 2.6 1.7 5 37. 3.6 23.3 25 26 27 28E 29E 21E 211E 212E (%) 25, 6 2, 15, 1, 5, 28E 29E 21E 5 4 3 112

/, (US$/kg) 8 7 6 5 4 3 2 1 28E 29E 21E 211E 212E 1% 9% 8% 7% 6% 5% 4% 3% 2% (%) P1 5,15 6,5.79 95. 9.6 37 (1) 4,17 5,.83 1. 8.2 21 () 98 1,5.65 78.3 9.6 12 P2 8,62 1,.86 13.4 9.6 18 P3 8,74 1,.87 14.8 9.11 17 22,51 26,5.85 27 28E 29E 21E 211E 212E 38.3 47.2 6.7 83.1 116.6 128.4 2.6 13.4 31.6 81.4 19.9 126.2 () - 3. 1. 22. 26.5 26.5 () 1.5 5.3 15.9 52.2 72.4 8.5 UMG-Si 4.2 12.3 26.1 42.5 6.8 82.8 45. 72.9 118.4 27. 287.2 337.3 (%) Si 24.7 22.7 16.9 Si 2.3 17.2 14. Si 13. 1.7 7.9 CdTe 16.5 11. 9. CIGS 19.9 13.6 11. 11.1 5. - 113

/ (24) 2) 3772-2183 hiroo79@goodi.com 52 / : 19,5 /11,3 : 33.9% : 15.6% Michelin 1.% 3-15.5 % 6-6. % 12-18.4 % KOSPI 3 22.1 % 6 59.3 % 12 47.9 % 25, 2, 15, 1, 5, 2 (Peer Group, 28.1.1=1) 15 1 5 15 1 5 OR growth OP growth EPS growth EV/EBITDA PSR PER PBR ROE (%) (%) (%) (%) (%) 25 2,36 2,37 2,138 8. 2.4 28.8 11.5 5.9 1. 1. 1.6 16.6 26 2,638 1,745 1,72 3. -24.4-21.2 8.5 7.5 1.1 14.1 1.6 11.7 27 22,53 2,74 1,623 9.2 57. -4.9 12.2 6.6 1.2 16.8 1.6 1.1 28E 26,635 2,572 1,94 18.2-6.2-32.6 9.7 5.4.8 19.5 1.2 6.3 29E 28,429 3,341 2,472 6.7 29.9 125.9 11.8 4.2.8 8.6 1.1 12.9 Peer Group 29 OR growth OP growth EPS growth EV/EBITDA PSR PER PBR ROE (%) (%) (%) (%) (%) Goodyear() 222,545 1,677 3,35 -.8 3.9-8.4 4.8 3.7.1 3.8.3 17. Continental() 337,818 18,85 6,35-3. -13.4-18.4 5.4 7..3 1.1.9 6.3 Pirelli() 66,189 3,634 1,683-4.3 27.8 2. 5.5 8.4.3 11.9.5 4.6 28,851 1,799 3,779-2.7 6.1 57.7 5.2 6.4.2 8.6.6 9.3 114

/ 1941 1 8, 4 211 2nd Tier, 5 29 1 (USD) CAGR M/S (%) M/S 23 25 27 (%) 23 25 27 (%) 1 Michelin 16,15 17,5 21,75 7.7 2.1 17.7 17.1-3. 2 Bridgestone 14,8 18,333 21,5 9.8 18.4 18.2 16.9-1.5 3 Goodyear 13,6 17,5 18,9 8.6 16.9 17.3 14.9-2. 4 Continental 5,6 6,35 7,5 7.6 7. 6.3 5.9-1.1 5 Pirelli 3,255 4,513 5,693 15. 4.1 4.5 4.5.4 6 Sumitomo 2,922 3,616 4,62 8.6 3.6 3.6 3.2 -.4 7 Yokohama 2,552 2,966 3,672 9.5 3.2 2.9 2.9 -.3 8 Hankook 1,595 2,478 3,466 21.4 2. 2.5 2.7.7 9 Cooper 1,873 2,155 2,933 11.9 2.3 2.1 2.3. 1 Kumho 1,46 1,911 2,64 16.7 1.8 1.9 2.1.3 11 Toyo 1,44 1,773 2,28 11.3 1.8 1.8 1.7 -.1 ($/ton) (cent/pound) 4, 3, 16 12 2, 8 1, 1 2 3 4 5 6 7 8 4 115

/ OE RE 1, 8, 6, 4, 2, 23 25 27 29E 4, 3, 2, 1, 22 23 24 25 26 27 Light vehicle OE (%) 5 4 3 2 (%) 1 8 6 4 RE (%) 5 4 3 2 (%) 6 55 5 1 2 1 45 21 22 23 24 25 26 27 21 22 23 24 25 26 27 4 116

/ (2586) 2) 3772-1573 joylee@goodi.com 52 / : 32,1 /9,5 : 4.8 % : 56.% NH-CA 2.5% 3-23. % 6-45.3 % 12.6 % KOSPI 3 11.3 % 6-7.3 % 12 82.3 % 4, 3, 2, 1, 25 (Peer Group, 28.1.1=1) 3 2 2 15 1 5 1 12 OR growth OP growth EPS growth EV/EBITDA PSR RER PBR ROE (%) (%) (%) (%) (%) 25 7,165 81 37 7.8-16.1 1.1 9.4.2 32.5.5 1.4 26 7,224 54 72.8-33.6 93.6.7 1.3.2 17.8.5 2.8 27 8,333 49 287 15.4 662.3 299.6 4.9 7..8 12.2 1.2 1.2 28E 13,736 2,766 1,855 64.9 577.2 547.3 2. 2.7.6 4.5 1.8 48.1 29E 13,169 2,35 1,475-4.1-26.4-2.5 15.5 3.3.6 5.6 1.5 29. Peer Group 29 OR growth OP growth EPS growth EV/EBITDA PSR RER PBR ROE (%) (%) (%) (%) (%) Mosaic() 19,557 76,19 54,369 4.2 6. 8.3 4. 1.8.8 2.8.8 39.2 Potash() 145,646 84,81 58,415 28.5 43.1 44. 58.2 3. 1.6 4. 1.9 57.2 Agrium() 12,391 25,722 16,454 7.8 6.5 2.5 21.4 3.1.5 3.6.9 36.8 152,198 62,238 43,79 13.5 18.5 18.3 39.9 2.6 1. 3.5 1.2 44.4 117

/ 1 (28 ) (28 ) (Grain) 7 31.6 6 5 4 3 2 1 31.5 3.4 28.3 23.3 18.4 2.5 19.2 16.6 16.4 16.9 98/99 /1 2/3 4/5 6/7 8/9E (%) 35 3 25 2 15 1 5 12 1 8 6 4 2 197 1974 1978 1982 1986 199 1994 1998 22 26 118

/ 18 15 12 9 6 3 26 27 28E 29E 29 15.5% (%) 1, 7 6 8 5 6 4 3 4 2 2 1 26 27 28E 29E 28, 3, 2,5 2, 1,5 1, 5 (%) 25 2 15 1 5 (%) 8 6 4 2 1,6 1,2 8 4 26 27 28E 29E 24 25 26 27 28E 29E 119

/ (415) 2) 3772-1596 hwkim@goodi.com 52 / : 19,75 /9,6 : 12.9% : 7.4% 3.5% 3-29.6 % 6-28.1 % 12-46.1 % KOSPI 3 1.8 % 6 21.9 % 12-2.2 % 25, 2, 15, 1, 5, 2 (Peer Group, 28.1.1=1) 15 1 5 15 1 5 12 OR growth OP growth EPS growth EV/EBITDA PSR RER PBR ROE (%) (%) (%) (%) (%) 25 11,269 914 222-4.2-34.6 94.3 8.1 1.9.6 34.5 1.2 3.5 26 1,777 669 (1,262) -4.4-26.8 6.2 11.8.5-1.1-21.1 27 11,24 448 (86) 4. -33.1 4. 15.2.6-1.4-1.6 28E 13,291 967 293 18.6 115.9. 7.3 8.4.4 16.4.9 5.4 29E 13,839 1,211 634 4.1 25.2 116.7 8.8 6.8.4 7.6.8 1.7 Peer Group 29 OR growth OP growth EPS growth EV/EBITDA PSR RER PBR ROE (%) (%) (%) (%) (%) IIP() 35,214 17,19 6,531 9.4-1.9-29.4 5.6 5.4.2 8.4.6 6.5 Cascades() 35,879 1,521 381.4 243.4 4.2 6.4.1 9.4.3 3.7 OJI Paper() 154,869 6,289 3,8 1.5 19.7 27.3 4.1 8.4.3 16..9 4.9 165,321 8,36 3,37 3.7 84.1-1. 4.6 6.7.2 11.3.6 5.1 12

/ 1 M/S(27 ) (27 ) 28 ($/Ton) 9 8 7 6 5 4 3 2 1999 21 23 25 27 29E 211E 3, 2,5 2, 1,5 1, 5 25 26 27 28E 29E 21E 121

/,, 28 45 4 35 3 25 2 25 26 27 28E 29E 21E 29 (%) 1,498,573 86. (83.3) 278.2 11,137,327 99.5 85.6 857.6 26,6,455 47.6 (48.9) 381. 1,237,33 77.3 (5.1) 228.3 PNS 2,97,66 45.9 12.7 138.7 495,35 52.5 2. 81.7 911,813 3. 42.7 - SCP 62,775, 1. - - GFI 1,63 1. 2.5 4.7 8.1 2,6.2 122

/ (4689) 2) 3772-1542 jaeyeol@goodi.com 52 / : 28,15 /6,73 : 2.% : 41.5% 3-15.6 % 6-53.1 % 12-61.8 % KOSDAQ 3 39.1 % 6-3.7 % 12-7.9 % 4, 3, 2, 1, 15 (Peer Group, 28.1.1=1) 15 1 5 1 5 12 OR growth OP growth EPS growth EV/EBITDA PSR RER PBR ROE (%) (%) (%) (%) (%) 25 1,473 249 193 15.8 16. 12.9 16.9 14.5 3.1 23.4 6.4 29.8 26 1,838 153 11 24.8-38.5-49.6 8.3 17.9 2.6 46.4 4.8 11.3 27 2,52 254 177 36.1 66. 66.8 1.2 3.7 4.9 69.7 7.4 12.3 28E 2,99 157 112 16.3-38.2-38. 5.4 12.4 1.5 39.7 2.5 6. 29E 3,761 34 227 29.3 93.4 12.6 8.1 7.5 1.2 19.6 2.2 11.3 Peer Group 29 OR growth OP growth EPS growth EV/EBITDA PSR RER PBR ROE (%) (%) (%) (%) (%) Cree() 7,414 813 755 16.3 3.7 21.7 11. 7.7 2.4 24.9 1.4 3.3 () 69,819 4,295 2,486 -.1-1.1-1. 6.2 2.4.3 7.1.6 7.9 Epistar() 3,874 34 341 3.7 5. 2. 8.8 4.2 1.5 15.7.7 4.9 27,36 1,816 1,194 6.7 11.5 13.5 8.6 4.7 1.4 15.9.9 5.4 123

/ 7 LED 1lm/W LED 3, 2,4 1,8 1,2 6 2 21 22 23 24 25 26 27 LED LED LED 1 Nichia 6 Epistar 2 Osram 7 3 Toyoda Gosei 8 Everlight 4 Stanley 9 Light-On 5 Citizen 1 Cree LED 21% 2, 1,5 1, 5 3 11 124 1,5 6 25 26 27 21E LED 15 12 9 6 3 CAGR 21.% 26 27E 28E 29E 21E 211E

/ LED LED 21 5 LED LED 2,5 2, 1,5 1, 5 26 27 28E 29E 21E 211E 15. 12. 9. 6. 3.. LED (lm/w) 7 135 8 15 5 1 7 15 5 1 15 2 LED 125

/ (5366) 2) 3772-155 coupkim@goodi.com 52 / : 47,8 /11,7 : 29.6 % : 22.5% H&Q 11.6% 3-55.1 % 6-49.5 % 12-58.4 % KOSDAQ 3-26.1 % 6 3.7 % 12.3 % 8, 6, 4, 2, 15 (Peer Group, 28.1.1=1) 15 1 5 1 5 OR growth OP growth EPS growth EV/EBITDA PSR RER PBR ROE (%) (%) (%) (%) (%) 25 1,29 174 153 4. 134. 161.7 14.4 7.1.9 7.4 2.5 43.2 26 1,417 224 179 17.2 28.8-2.4 15.8 8.9 1.5 11.5 2. 2.4 27 2,219 291 239 56.6 3.4 5.6 13.1 15.8 2.6 24. 3.7 17. 28E 3,826 73 236 72.5 15.4-1.3 19.1 3.7.7 12.1 1.7 14.4 29E 4,634 893 687 21.1 22.4 191.4 19.3 2.7.6 4.2 1.2 33.2 Peer Group 29 OR growth OP growth EPS growth EV/EBITDA PSR RER PBR ROE (%) (%) (%) (%) (%) 5,523 1,48 798 24.7 32.8 31.6 19. 7.8 1.6 1.2 2.6 3.5 4,118 743 524 17.3 34.2 123.6 18. 5..6 4.2.9 23. 1,937 282 22 34.4 58.8 56.6 14.5 -.4 3.9 - - 3,859 691 58 25.5 41.9 7.6 17.2 6.4.9 6.1 1.8 26.8 126

/ 3 (27 ) (27 ) 2 15 1 5 66 1 22 82 87 45 63 78 18 18 18 25 26 27 28E 29E 21E 7,5 6, 4,5 3, 1,5 25 26 27 28E 29E 21E (%) 2 16 12 8 4 127

/ 4, 3, 2, 1, 27 28E 29E 21E 2, 1,5 1, 5 4ST 2ST 27 28E 29E (GW) 4 35 3 25 2 15 1 5 25 26 27 28E 29E 21E 211E 212E 1,4 1,2 1, 8 6 4 2 27 28E 29E 128

/ (516) 2) 3772-1543 kdjsteel@goodi.com 52 / : 9,253 /2,34 : 1.3 % : 2.4% 14.7% 3-26.8 % 6-14.4 % 12-45.4 % KOSDAQ 3 2.6 % 6 75.8 % 12 31.4 % 15, 1, 5, 15 (Peer Group, 28.1.1=1) 2 15 1 5 1 5 12 OR growth OP growth EPS growth EV/EBITDA PSR RER PBR ROE (%) (%) (%) (%) (%) 25 2,657 67 65-12.1-79.3-7.6 2.5 16..2 9.7.7 7.1 26 2,773 42 71 4.4-37.5-4.3 1.5 15.5.2 6.1.5 6.9 27 2,897 13 74 4.4-69.9-14.5.4 57.4.7 26.9 1.7 6.5 28E 4,397 258 33 51.8 1,938.7 252.9 5.9 1.7.5 6.9 1.2 21.2 29E 4,891 255 484 11.2-1.3 42.9 5.2 1.5.5 4.9 1. 22.5 Peer Group 29 OR growth OP growth EPS growth EV/EBITDA PSR RER PBR ROE (%) (%) (%) (%) (%) Vestas() 97,927 1,738 8,98 22.8 23.7 28.3 11. 5.5.9 1.5 2.5 25.8 Repower() 2,82 467 819 41.5-45.9 35.2 2.2 7..6 16.2-21.8 Clipper() 13,98 (572) (78) 56.8-4.4 11.5.4-4. -225.4 43,942 3,544 2,946 4.4-11.1 31.7 2.9 8..6 13.4 3.2-59.3 129

/.9% 4.%.4% 1.8%.4% 38% 1% 16.6% 38% 19% 1% 1% 7.2% 22.4% 1% 6.3% 93.8% 1% 6% 6% 1% 45% 4% 1% 1% S&C, 1 212 2.7% ( ) (GW) 3 24.3 25 24.2 2 171.9 143. 15 117. 93.9 1 74.1 59.1 5 25 26 27 28E 29E 21E 211E 212E S&C 5, 4, 3, 2, 1, 25 26 27 28E 29E 21E 13

/,, 1 M/S (GW) (%) (%) (GW) (%) (%) 22.25 23.6 1 1.67 8.3 5 Vestas() 29.51 29.4 1 4.5 2.3 1 16.82 17.9 2 5.24 26.1 1 GE Wind() 12.98 12.9 4 3.28 14.8 2 15.15 16.1 3 3.52 17.5 2 Gamesa() 13.31 13.3 3 3.5 13.7 3 8. 8.5 4 1.73 8.6 4 Enercon() 13.77 13.7 2 2.77 12.5 4 6.5 6.4 5 3.45 17.2 3 Suzlon() 4.72 4.7 6 2.8 9.4 5 3.13 3.3 6 Siemens() 7. 7. 5 1.4 6.3 6 2.73 2.9 7.6 3. 7 Acciona() 1.67 1.7 8.87 3.9 7 2.45 2.6 8.89 4.4 6 Goldwind() 1.46 1.5 9.83 3.7 8 2.39 2.5 9.43 2.1 8 Nordex() 3.89 3.9 7.68 3. 9 2.15 2.3 1.43 2.2 1 Sinovel().75.7 1.67 3. 1.39 1.9 9 11.27 11.2 2.8 9.3 13.2 13.8 1.73 8.6 ( ) 1.32 1. 22.21 1. ( ) 94.12 1. 2.8 1. ( 5) 76.57 76.3 15.68 7.6 ( 5) 68.26 72.5 15.61 77.8 ( 1) 89.5 88.8 2.13 9.7 ( 1) 81.1 86.2 18.35 91.4 29 IPO 131

/ (288) 2) 3772-1596 hwkim@goodi.com 52 / : 17,25 /5,21 : 6.5% : 11.6% 7.8% 3-28.3 % 6-46.1 % 12-59.4 % KOSDAQ 3 18.1 % 6 1.7 % 12-2.2 % 2, 15, 1, 5, 2 (Peer Group, 28.1.1=1) 15 1 5 15 1 5 OR growth OP growth EPS EV/EBITDA PSR RER PBR ROE (%) (%) (%) (%) (%) 25 6,182 527 432 59.5 1,161.7 761.5 8.5 12.7 1.2 17.4 2. 12.3 26 6,559 394 359 6.1-25.1-18.2 6. 14.7 1.1 2.3 1.7 9. 27 5,763 168 167-12.1-57.3-53.6 2.9 16.7.7 24.5 1. 4. 28E 5,958 171 21 3.4 1.8 26. 2.9 8.7.3 9.4.5 4.9 29E 7,329 374 414 23. 118.6 97. 5.1 3.8.3 4.8.4 8.9 Peer Group OR growth OP growth EPS EV/EBITDA PSR RER PBR ROE (%) (%) (%) (%) (%) Thomson() 64,582 3,199 1,69-4.1 39.1 5. 3.4.1 2.6.1 5.4 Motorola() 318,418 7,547 5,687-6.2 373.7 223.7 2.4 4.5.3 21.4.6 3.7 Philips() 366,991 25,191 18,596-1.1 43.1 3. 6.9 5.5.5 9.1.7 7.1 249,997 11,979 8,451-3.8 151.9 113.4 4.7 4.4.3 11..5 5.4 132

/ 1 STB 21 17.1% HD PVR 133

/ ( ) 12 1 8 6 4 2 26 27E 28E 29E 21E TV HD PVR 2 134

/ (3683) 2) 3772-1542 jaeyeol@goodi.com 52 / : 26,45 /11,7 : 17.2% : 3 47.3% 3-43.5 % 6-49.2 % 12-47.3 % KOSDAQ 3-6.9 % 6 4.3 % 12 26.9 % 3, 2, 1, 25 (Peer Group, 28.1.1=1) 15 1 5 2 15 1 5 12 OR growth OP growth EPS growth EV/EBITDA PSR RER PBR ROE (%) (%) (%) (%) (%) 25 967 178 157 17.8 26.5 28.4 18.4 6.7 1.8 11.3 1.9 18.5 26 1,417 317 246 46.5 77.7 55.1 22.4 6.9 2. 11.6 2.4 23.2 27 1,665 294 263 17.5-7.2 5.9 17.7 9.5 2.2 13.8 2.5 2. 28E 2,211 31 242 32.8 2.3-7.9 13.6 3.8.8 7.1 1. 15.6 29E 2,677 377 3 21.1 25.3 23.9 14.1 2.8.6 5.8.9 16.5 Peer Group 29 OR growth OP growth EPS growth EV/EBITDA PSR RER PBR ROE (%) (%) (%) (%) (%) ATMI() 3,484 281 212-8.2-39.1-24.7 8.1 5.5 1.2 16.8.9 7.3 Hitachi ch.() 65,537 4,864 2,815-1. -8.4-7.7 7.4 2.4.3 7.5.6 8.6 Stella ch.() 3,46 229 146 7.4-2.5-1.7 6.7 -.4 1.1-7.5 24,143 1,791 1,58 -.6-16.7-11.4 7.4 4..7 11.5.8 7.8 135

/ 86, LCD 2,8 2,1 1,4 7 1999 2 21 22 23 24 25 26 27 21 4 (%) 28 21 Etchant Etchant 14 Thin Galss CVD/ALD Precursor 7 Organic Material CMP Slurry Optical Film Stripper LCD Semi-Conductor Electronic Material L.B.E ND-magnet R.F.I.D Tag HEV 21 R.F.I.D Tag Electronic Materials LCD Etchant ND-magnet L.B.E Organic Material Thin Glass Optical Film Semi- Conductor CVD Precursor Etchant CMP-Slurry 1986 1991 1994 1998 2 21 22 26 27 28 21 136

/, 29 LCD 2 15 1 5 Oversupply 5% = Balance Shortage 1Q8 3Q8P 1Q9E 3Q9E 1Q1E 3Q1E 2.% 15.% 1.% 5.%.% LCD M/S LG M/S G1 1% P1 1% G2 1% P2 % G3 85% P3 15% G4 85% P4 15% G5 1% P5 % G7-1 % P6 9% G7-2 5% P7 % G8 % (%) 4 1 3 2 (1) 1 (2) (3) (1) (2) (4) (3) (5) (4) (6) (5) (7) 21 22 23 24 25 26 27 28E29E21E 137

/ (6697) 2) 3772-1542 jaeyeol@goodi.com 52 / : 25,173 /8,23 :.3% : 3 31.% 3-32.6 % 6-17.6 % 12 71.9 % KOSDAQ 3 1.9 % 6 69.3 % 12 313.9 % 3, 25, 2, 15, 1, 5, 6 (Peer Group, 28.1.1=1) 3 2 1 5 4 3 2 1 12 OR growth OP growth EPS growth EV/EBITDA PSR RER PBR ROE (%) (%) (%) (%) (%) 25 1,37 41 39 41.3-18.3 9.2 4. 16.5.9 24.3 3.8 18.7 26 1,263 3 8 21.8-93.4-79.9.2 24.8.5 84.6 2.5 3.1 27 759 (57) (56) -39.9-7.5-1.1-4.4-24.5 28E 825 34 52 8.7 4.1 26.1 1.7 26.6 4.6 18.9 29E 1,643 238 285 99.1 67.3 42.3 14.5 7..9 5.3 2.7 6.6 Peer Group 29 OR growth OP growth EPS growth EV/EBITDA PSR RER PBR ROE (%) (%) (%) (%) (%) Asahi ka.() 23,597 11,362 6,617 1. -.6.1 5.6 3.9.3 9.4.8 8.5 Stella che.() 3,46 229 146 7.4-2.5-1.7 6.7 -.4 1.1-7.5 Sodiff ad.() 1,74 594 456 31.1 22. 18.1 34.2 5.5 2. 8.7 2.2 28.1 69,581 4,62 2,46 13.2 6.3 5.4 15.5 4.7.9 9.4 1.5 14.7 138

/ 2 SDI, LG 2.7 21.7 23.1 BLU, LG 25.1 27.9 27.1 () MOU 28.4 2, 28.5 SDI 2 2 54% 5% 5% 32.5% 2 2 5, 4, 3, 2, 1, 2 22 24 26 28E 21E 212E 4, 3, 2, 1, 25 27 28E 29E 139

/ 21 5% SDI 2 5, 4, 3, 2, 1, 1Q6 3Q6 1Q7 3Q7 1Q8 3Q8 1Q9E 3Q9 E 2 16 12 8 4 1,5 1,1 7 3 (1) (5) 23 24 25 26 27 28E 29E (%) 3 2 1 (1) 2, 2 (27 ) 199 1995 2 25 21 LiNiMO 2 Li[NiMnCo]O 2 LiCoO 2 LiMn 2O 4 Li[NiMnCo]O 2 Olivine LiNiMO 2 14

/ (9566) 2) 3772-2183 hiroo79@goodi.com 52 / : 52,5 /9,74 : 23. % : 25.2% EA 16.1% 3-4.7 % 6-6.3 % 12-75. % KOSDAQ 3-2.3 % 6-18.5 % 12-39.9 % 8, 6, 4, 2, 15 (Peer Group, 28.1.1=1) 15 1 5 1 5 OR growth OP growth EPS growth EV/EBITDA PSR PER PBR ROE (%) (%) (%) (%) (%) 25 26 27 877 27 158... 23.6 13.1 3.9 21.4 5.2 19.2 28E 1,621 333 2 84.9 6.9 19.8 2.5 2.4.8 6.3 1.3 2.1 29E 1,912 418 28 18. 25.7 38.1 21.9 1.6.7 4.6 1. 21.4 Peer Group 29 OR growth OP growth EPS growth EV/EBITDA PSR PER PBR ROE (%) (%) (%) (%) (%) EA() 61,875 7,794 6,597 11.2 93.1 54. 12.6 4.3 1.2 11.1 1.4 7. Konami() 37,73 5,93 2,92.2-2.2-3.2 13.5 5.2.9 11.2 1.4 11.3 THQ() 11,179 292 344 1. 2.6 2.8.3 8.5.4 7. 36,919 4,393 3,287 7.1 45.4 25.4 9.6 4.1.8 1.3 1. 8.4 141

/ '', 'FIFA' 1% 1% 5% 1% 1% 56.6% 1% 25.2% 1% Neowiz Games Asia Co., Limited. 1% NEOWIZ GAMES ASIEA CO., Limited. 34.3% Gameon Co., Ltd 22.4% Hidden Path Entertainment Inc. 1% Hidden Path Entertainment Inc., (%) 1998 9 12.1 MMORPG II 23 1 21.3 25 7 24.5 FPS CJ 26 7 55.5 25 3 1.7 EA, 26 8 52.9 24 8 74.8 25 9 4.6 142

/ 4 3 2 1 Others A.V.A FIFA Online Special Force EA (%) 1 8 6 4 2 1Q5 3Q5 1Q6 3Q6 1Q7 3Q7 1Q8 3Q8 / R2Beat Tencent Cross Fire Tencent Arario VTC-Intercom AVA Tencent 1Q9 CBT(E) Gameon 4Q8 OBT(E) Slugger Gamania S4 League Burda:ic Warlord Gamania 1Q9 CBT(E) FIFA Online The9 29 (E) Gamania 4Q8 OBT IAHGames(1) 29(E) NBA Street Online T2CN 29 (E) Gamania 9 (E) Gigamedia 29(E) 29 7 '' 143

/ (325) 2) 3772-1543 kdjsteel@goodi.com 52 / : 2,55 /2,96 : 1.1% : 34.4% 5.5% 3-65.4 % 6-77.4 % 12-72.9 % KOSDAQ 3-43. % 6-53.5 % 12-34.7 % 25, 2, 15, 1, 5, 15 (Peer Group, 28.1.1=1) 15 1 5 1 5 12 OR growth OP growth EPS growth EV/EBITDA PSR RER PBR ROE (%) (%) (%) (%) (%) 25 457 (4) (44) -14.7-8.7 -.7-1.2-19.8 26 973 148 16 112.6 15.2 8.3 1.2 7.8 2.7 54.9 27 1,27 256 269 3.6 72.6 63.5 2.1 9.4 1.8 9.5 3.4 52.1 28E 1,35 271 (37) 6.3 5.7 2. 4.1.5-1.2-6.1 29E 1,98 144 86-18.7-46.8 13.1 5.6.6 8.1 1.1 14.6 Peer Group 29 OR growth OP growth EPS growth EV/EBITDA PSR RER PBR ROE (%) (%) (%) (%) (%) Ericsson() 277,573 31,79 23,25 2.4 32.9 15.5 11.4 4.1.8 9.7 1.2 11.5 Alc-Lucent() 246,432 1,877 5,936-5.6 63.6 1,233.3 4.4 -.2 8.3.1 - Powerwave() 9,172 129 34-7.3-49.6-57.6 1.4 4.8.1 15.4.2 5.6 177,726 14,238 9,665-3.5 15.6 397.1 5.7 4.5.4 11.1.5 8.6 144

/ 5 16 43 RF 3G 4G (28 ) 1G 2G 2.5G 3G 3.5G ~3.9G 4G CDMA CDMA2 1x EV DO EV DO ra UMB? 212 1.3 29 WiMax Next-gen WiMax GSM GPRS(115k) WCDMA HSDPA LTE LTE-Advanced (+) 16 14 12 1 8 6 4 19.9 6.3 11. 2 145 133.7 69.8 36.9 27 28E 29E 21E 211E 212E 16 13 12 12 7.5 8 4 1.5 2 28E 29E 21E 211E 212E

/ R&D RRH, Co-Siting Solution,, (%) 24 25 26 27 8.1H CDMA 58. 41.6 55. 54.4 54.4 WCDMA 42. 58.4 43.2 26.2 31. WiMax.. 1.8 19.4 14.6 TMA FEU 6.4 64.7 1.9 56.3 22.9 58.1 22. 46.5 22.6 47. MLPS Antenna 4..9 4.5 2.3 3.2 3.1 2.9 3.6 2.4 2.8 Bias Injection 7.7 12.8 3.5 1.4 2.4 TDD Solution...5 17.2 14.8 COMP 16.3 13.2 8.8 6.4 8. R&D R&D (%) 14 12 1 8 6 4 2 1997 1999 21 23 25 27 3 25 2 15 1 5 Mobile WiMax 2.3GHz 2.5GHz 3.5GHz 18 4 2 12,,,, 22 4 9 9,,,, 28 6 8 14,,,, 68 14 19 35 5 12 4 1 8 3 6 2 4 1 2 6.1Q 2Q 3Q 4Q 7.1Q 2Q 3Q 4Q 8.1Q 2Q 3Q 146

/ (9484) 2) 3772-1543 kdjsteel@goodi.com 52 / : 37,95 /16,5 : 1.2 % : 17.6% Corevest 11.9% 3-36.5 % 6 n.a 12 n.a KOSDAQ 3 4.5% 6 n.a 12 n.a 4, 3, 2, 1, (Peer Group, 28.1.1=1) 2 15 1 5 25 2 15 1 5 12 OR growth OP growth EPS growth EV/EBITDA PSR RER PBR ROE (%) (%) (%) (%) (%) 25 38 8 9 - - - 22.6 3.4 26 51 12 13 36.9 35.8 33.6 22.4 25.3 27 112 4 4 117.9 248.9 176.8 35.9 42.3 28E 22 98 82 96.4 142.7 85.2 44.3 3.7 2.5 6.6 1.9 37.5 29E 32 13 19 37.1 32.8 19.3 42.9-2. 5.6-33.6 Peer Group 29 OR growth OP growth EPS growth EV/EBITDA PSR RER PBR ROE (%) (%) (%) (%) (%) L-1() 8,21 473 96 28.9 12.3 4,8. 5.8 8.8.7 6.8.4.4 Cogent() 1,694 73 57 21.9 9.4 1. 41.5 6.3 5.2 15.6 1.5 12.2 Authentec() 657 (77) (25) -8.3-11.7 -.8 -.7-3. 3,517 367 214 14.2 55.8 2,45. 11.9 7.5 2.2 38.2.9 3.2 147

/ 5 Maker (3 ) Belgium Denmark France Germany Greece Hungary Netherlands Portugal Poland Spain Turkey Angola Morocco Nigeria RSA Jordan Kuwait Lebanon Iran Israel Syria Qatar UAE China India Japan Pakistan Srilanka Hongkong Indonesia Philippines Singapore Thailand 61.1 % Canada USA Bolivia Brazil Mexico Peru Venezuela 38.9% 212 15% 8, 7, 6, 5, 2,57.7 4, 1,891.1 1,688.9 3, 1,436.1 1,228.6 2, 1,11.2 1, 763.6 975.3 1,131. 1,33.4 1,55.8 1,637.3 27 28E 29E 21E 211E 212E 5 4 3 2 1 23 25 27 29E 2 15 1 5 148

/,, 3 SI Positioning Bioscrypt L-1 Sagem, Cogent Crossmatch Reference 24.4, 27.4 3, 4 1 28.5 ARINC 28.6 28.7 28.7 Authentec 28.8 FBI 28.8 BioLite Solo' 2 28.9 28.11 (NIST) (1) NIST 1, 4 Level-up NIST MINEX 1(28.11.3) 1 Suprema() Suprema() 2 BioVision(, 51%) Motorola() 3 Sagem Morpho(/) Neurotechnologija() 4 Motorola() BioVision(, 51%) 5 NEC() Identix() 6 Aware() Startek Engineering() 7 Cogent Systems() Dermalog Identification() 8 BIO-key International() Sagem Morpho(/) 9 Neurotechnologija() Aware() 1 Xtec() BIO-key International() 149 7 6 5 4 3 2 1 6.1Q 6.3Q 7.1Q 7.3Q 8.1Q 8.3Q

www..com 2) 538-77 2) 518-2222 2) 2653-844 2) 2285-1325 2) 2677-7711 2) 556-673 2) 3452-483 2) 2649-11 2) 875-1851 2) 3772-12 2) 547-22 2) 2217-2114 2) 533-22 2) 533-1851 2) 784-978 2) 3445-973 2) 466-4228 2) 82-2 2) 358-6385 2) 448-77 2) 6354-53 2) 257-77 2) 563-377 2) 2232-71 2) 471-492 2) 887-89 2) 562-264 2) 6677-3799 2) 2238-694 2) 2143-8 2) 739-7155 2) 3463-1842 2) 3477-4567 2) 511-5 2) 423-6868 2) 732-77 2) 257-1599 2) 522-7861 2) 541-5566 2) 227-65 2) 722-465 2) 554-6556 2) 6393-59 2) 3775-427 2) 995-123 2) 857-86 2) 718-9 2) 335-66 2) 798-485 2) 96-192 2) 211-362 2) 752-6655 2) 449-88 2) 785-1373 2) 757-77 2) 937-77 2) 559-3399 2) 2254-49 2) 3142-6363 ᆞ 32) 553-2772 31) 712-19 31) 246-66 31) 485-4481 31) 715-86 32) 323-938 31) 733-953 31) 25-4627 31) 848-91 31) 898-11 32) 464-77 31) 713-8471 31) 262-2547 31) 97-31 31) 381-8686 31) 862-1851 31) 392-1141 32) 819-11 31) 911-984 31) 657-91 ᆞ 51) 516-8222 55) 355-777 51) 818-1 52) 273-87 55) 285-55 51) 55-64 51) 243-77 51) 818-3377 52) 257-777 51) 71-22 55) 297-2277 ᆞ 54) 451-77 53) 642-66 53) 793-8282 54) 252-37 53) 944-77 53) 423-77 54) 855-66 ᆞ 42) 484-99 42) 255-9131 42) 823-8577 43) 296-56 42) 485-316 ᆞ 62) 232-77 63) 442-9171 61) 682-5262 63) 531-66 62) 385-299 61) 791-82 63) 286-9911 62) 956-77 33) 642-1777 64) 732-3377 64) 743-911 IB 2) 311-55 2) 6337-33 31) 783-14 2) 2112-45 IB 51) 816-9672 2) 3783-7 2) 3482-1221 51) 68-95 31) 819-88 62) 232-77 (1-212) 397-4 (44-2) 7283-49 15

Analyst E-Mail Address 3772-154 jes@goodi.com 3772-1571 soochoi@goodi.com, 3772-1549 seo@goodi.com,,, 3772-1576 yon26@goodi.com,, 3772-2559 coreagod@goodi.com,, 3772-3864 jkim@goodi.com, 3772-1598 ycc@goodi.com,, 3772-1569 hanbeomho@goodi.com RA 3772-2249 hmpark@goodi.com /, 1, /, SW 3772-1543 kdjsteel@goodi.com, Display, Utility, 3772-1542 jaeyeol@goodi.com,,,, 3772-1596 hwkim@goodi.com, /, /,, 3772-1573 joylee@goodi.com /, /, 3772-155 coupkim@goodi.com /,,, SI/NI,, 3772-2183 hiroo79@goodi.com 3772-335 kwlee@goodi.com 3772-3364 channel9@goodi.com 3772-1548 potras@goodi.com RA 3772-157 yhm1124@goodi.com