<4D F736F F F696E74202D E30372E30302DC6C4B3ABBDBAC0CCC5D820C8B8BBE7BCD2B0B3BCAD28B1B9B9AE2BBFB5B9AE29205BC8A3C8AF20B8F

Jul. 2014 1

CONTENTS 1 2 2 3 2

계열사간공동연구및사업협력을통한시너지창출 파낙스이텍 욱성화학 파낙스이엠 파낙스에너지 전해액 전자재료 안료 기능성소재 EMI 전자재료 전력발전 매출 535 억규모 ( 13) 매출 1,014 억규모 ( 13) 매출 302 억규모 ( 13) 2013 년신규설립 Mobile 용전해액 유기안료, 무기안료 EMI 코팅재 전력 (LFG 가스이용 ) xev 용전해액 무독성안료, 형광안료 EMI 가스켓 ESS 용전해액 PDP 용 NIR 색소 FMS UV Resin 신규전지소재 CNT 수지컴파운드 전도성 Paste 3

1 회사명 : 파낙스이텍주식회사 / 대표이사 : 변준석 2 설립일 : 2009. 8. 20 / 종업원 : 국내 81 명, 해외 29 명 (2013) PANAX ETEC 3 자본금 2,977 백만원 / 매출액 53,531 백만원 (2013) 4 주요사업 : 2 차전지전해액 (Electrolyte) / 브랜드 : StarLyte 5 국내사업장 : 본사 ( 부산 ), 연구소및논산공장 ( 논산 ) 해외사업장 : 연구소및말련공장 ( 말련 ), 천진공장 ( 중국 ) 4

회사연혁 1969 12 월 욱성화학공업사설립 ( 안료부문의유일한국내기업 ) 2007 2008 9 월 5 월 6 월 제일모직과전해액기술이전계약체결 중국천진욱성전자유한공사설립 ( 전해액 ) 부산전해액공장준공 ( 연산 5,000 톤규모 ) 2009 1 월 2 월 8 월 제일모직전해액사업권양수도계약체결 삼성 SDI 향출하개시 파낙스이텍 설립 ( 욱성화학에서인적분할 ) 2010 2011 2012 2013 2014 7월 11월 6월 9월 4월 6월 6월 중국천진공장가동 (TSDI 폴리머전지용전해액공급 ) 논산전해액공장준공 ( 연산 10,000톤규모 ) 말련현지법인 PANAX ETEC (M) S/B 설립말련폴리머전해액블랜딩임대공장설립 (Senai) 말련폴리머전해액공급말련전해액공장준공 ( 연산 10,000톤규모 ) 중국전해액공장가동 ( 연산 3,000톤규모 ) 5

수상및인증 2009 2010 2011 2012 2013 2 월 10 월 10 월 6 월 2 월 7 월 11 월 11 월 12 월 12 월 2 월 4 월 5 월 3 월 7 월 12 월 기업부설연구소인증 / 한국산업기술진흥협회벤처기업인증 / 기술보증기금 INNO-BIZ 인증 / 중소기업청 ISO 9001 인증 / 한국표준협회 기술혁신대상수상 / 머니투데이삼성 SDI S-Partner 인증 2 차전지산업발전유공자지경부장관표창 ( 김영규상무 ) 7 천만불수출의탑선정 / 한국무역협회부산수출우수상수상 / 부산시세계일류상품및생산기업선정 / 지식경제부 고용우수기업선정 / 중소기업중앙회병역지정업체 ( 전문연구요원 ) 선정 / 대전충남지방병무청고용우수기업인증 / 부산시 우수납세자표창 / 부산금정구청 TS 16949 인증 / 표준협회부산광역시전략산업 ( 융합부품소재산업 ) 선도기업인증 / 부산시 2014 6 월 World Class 300 기업지정 / 중소기업청 6

주주현황 (2013.12.31) 구분주식수금액지분율비고 변준석외 2,235,154 1,117,577 36.83% 대표이사및특수관계인 애스턴 2013( 유 ) 1,464,846 732,423 24.60% 우리사주조합 52,140 26,070 0.88% 한화증권외 469,190 234,595 8.58% 보통주소계 4,221,330 2,110,665 70.89% 애스턴 2013( 유 ) 776,530 388,265 13.04% 파트너스제 3 호동반성장사모투자전문회사외 경영진현황 956,800 478,400 16.07% 우선주소계 1,733,330 866,665 29.11% 합계 5,954,660 2,977,330 100.00% 구분직위최종학력주요경력 [ 단위 : 주, 천원 ] 변준석대표이사 / 사장부산대산업대학원재료공학과 [ 석사 ] 욱성화학대표이사 한성호전자재료부문장 / 전무 KAIST 화학과 [ 박사 ] 삼성종합화학 / 제일모직 김영규전해액사업부장 / 상무 KAIST 화학과 [ 석사 ] 삼성종합화학 / 제일모직 변중관천진욱성법인장 / 상무상해교통대 ( 중 ) 경영학 [ 박사 ] 욱성화학상무이사 김제윤경영지원담당 / 이사연세대화학과 [ 석사 ] 삼성종합화학 / 제일모직 7

Sales and Plant Tianjin China Nonsan Korea Plant and R&D Capa. 3,000MT/yr Capa. 10,000MT/yr Busan Korea H.Q Plant and R&D Senai Malaysia Capa. 10,000MT/yr 8

본사 논산공장 부산광역시금정구회동동 154-13 대지 800 평 / 건평 600 평 생산능력 : 연산 5,000 톤규모 ( 가동중단 ) 충남논산시성동면원남리 1213-1 대지 13,000 평 / 건평 2,800 평 생산능력 : 연산 10,000 톤규모 9

부설연구소 천진공장 충남논산시성동면원남리 1213-1 평가설비 ( 충방전기 ) 1,000채널전지조립설비구축전해액 lab 제조 / 평가체제완비 중국천진경제기술개발구소재대지 1,500평 / 건평 540평폴리머전해액블랜딩공장삼성 TSDI 대응및중국신규고객사발굴 10

말련공장 Senai Industrial Park, Johor, Malaysia 대지 7,300 평 / 건평 2,300 평 생산능력 : 연산 10,000 톤규모 11

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물리전지 화학전지 태양전지 1 차전지 2 차전지연료전지 [ 발전장치 ] [ 발전장치 ] 리튬계 알칼리계리튬계알칼리계산성계 리튬망간 알칼리망간 리튬이온 니켈카드뮴 납축전지 리튬금속 리튬폴리머 니켈아연 니켈수소 유기전해액사용전지 13

Mobility, 편의성 친환경 전력효율화 / 신재생에너지 전력 저장용 수송용 IT 및 전동 기기용 CES : Community Energy Storage PHEV : Plug-In HEV Locomotive : Hybrid 전동차 ( 디젤 +Storage, 가선 + Storage) Source : KEBC 2011 소형 (Wh 급 ) 중형 (kwh 급 ) 대형 (MWh 급 ) 소형전지 18 조원 (2015) 중대형전지시장 23 조원 (2015) 14

리튬 2 차전지시장전망 [ 단위 : 조원 ] 중대형전지시장은향후 10 년간 40~50 배성장예상 ( 보수적으로 20~30 배 ) 리튬 2 차전지시장성장과더불어 전해액시장도급격하게증가예상 Source : IIT, 하이엣지, Pike research, SDI 15

HEV 주요부품원가비중 EV 주요부품원가비중 Source : 하나금융경제연구소, SK C&C, Pike Research 16

친환경전기차 xev High Energy Efficiency & Low Waste Gas 17

에너지저장장치 ESS (Energy Storage System) 신재생에너지 Solar Energy Wind Wind Energy Energy Power Plant & 발전소전력 SMART GRID 에너지저장장치를 통한전력저장 Time Shift 야간잉여전력저장후주간에활용 전력품질향상 신재생에너지출력변동성완화 Home Business, Community Grid Support 18

2 차전지원리 전기화학반응이가역적이어서충전과방전을반복할수있는전지 [ 화학적 E 전기적 E ] 충전시리튬이온이양극에서음극으로이동 / 방전시리튬이온이음극에서양극으로이동 19

리튬 2 차전지 4대핵심소재 리튬 2 차전지소재가격구조 Items Materials Requirements Cathode LiCoO 2 LiMnO 2 LiNiO 2 LiMnPO 4 LiCo x Ni y Mn 2 O 2 LiFePO 4 High Energy Low Cost Safety Can, 3% Copper Foil, 3% Others,15 % Anode Separator Graphite (artificial/natural) Hard/Soft Carbon Li 4 Ti 5 O 12 Si, Sn,. Etc. PE PP High Energy Low Cost Thin Thickness High Mechanical Strength Low Cost Anode, 11% Electrolyte, 13% Cathode, 36% Separator, 19% Electrolyte Organic Solvent (EC, PC, EMC, DEC,.. ) Li Salt (LiPF 6, LiBF 4,. ) Functional Additives Non Flammable Moisture control Resistant Low Cost Long Life Enabler Source : KEBC 2011 20

전해액 (Electrolyte) Cyclic Carbonate 계와 Chain Carbonate 계유기용매 3~5 종의혼합용매에 LiPF6 등의 Lithium Salt 를용해 유기용매 Lithium Salt LiPF6, LiAsF6, LoClO4, LiBF4, LiTFSl, LiBOB 기능성첨가제 21

전해액제품특성 StarLyte 제품물성 용매순도 99.95% 이상수분 10 ppm 이하 Acid as HF 20 ppm 이하금속이온 1 ppm 이하 Test Item Moisture Acid as HF Chloride Content Spec. 20ppm (Max.) 50ppm (Max.) 5ppm (Max.) Actual Data 10ppm (Max.) 20ppm (Max.) 1ppm (Max.) Method Karl-Fischer Titration Turbidimetry APHA Color 20 이하 Sulfate Content 10ppm (Max.) 1ppm (Max.) Turbidimetry 불순물함량많을경우전지성능문제 Alkaline Metal 5ppm (Max.) 1ppm (Max.) ICP-MS 전지제조후저항값상승전해액의품질안정성에영향전지의성능편차유발 Heavy Metal APHA 5ppm (Max.) 50 (Max.) 1ppm (Max.) 20 (Max.) ICP-MS APHA 22

LIB 핵심소재별주요기능 Electrolyte Cathode & Anode Energy Energy power Safety power Safety Cycle Life Cost Separator Energy Cycle Life Cost power Safety Cycle Life Cost 23

전해액의주요기능 Electrolyte determines LIB performance and Safety Improve Performance of LIB Improve Low Temp. Performance ( Cold Weather ) Improve High Temp. Performance ( Hot Weather ) Improve Cycle Life ( Long-term Guarantee ) Improve High Voltage Stability ( High Energy ) Improve High Power Stability ( High Power ) Improve Safety of LIB Improve Safety for Overcharging ( Prevent Swelling } Improve Safety for Over discharging ( Prevent Cu Corrosion of Anode ) Improve Non- flammable Performance ( Impact, Crush ) Other Functions Improve Electronic & Ionic Conductivity Improve Initial Capacity of LIB 24

Roles of SEI (solid electrolyte interphase) 최초충방전시전해액의분해로인해음극및양극극판표면에 SEI 층생성 (SEI Layer) (SEI Layer) (Anode) SEI Layer improves 1) thermal stability 2) Cycle life 3) Safety 4) Energy(Capacity) Retention performance 25

분석 분석 분석 분석 F3401~F3409 분석 C3201~C3209 분석 T3101~3109 F3411, F3412 분석 Drum Pump 원료 P3501~P3509 T3121, T3122 F3431, F3441 FR1300 FR3500 원부원료 이송 PUMP 원료 TANK Motor PUMP Sieve Trap Filter 하우징 계량조 Load cell Filter 하우징 믹싱 Salt 투입부 첨가제투입부 교반기 Filter 하우징 완제품포장 용매정제공정용매계량공정믹싱공정포장공정 26

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주요 R&D 이슈 R&D Subject Key Issues Strategy Gel Polymer System Gel Monomer Synthesis Technology Development Cycle Life improvement Cycle Improving Additive Development Functional Development Gas Control Electrolyte High Voltage Electrolyte Gas Controlling Additive Development High Voltage Solvent / Additive Development Low Temp improvement Low Temp Performance Improving Additive Development Safety improvement Safety improving Additive Development High Power for xev EV, HEV => Power Up Additive Development 28

2007~2011 2012 2013 2014 2015 2016 High Capacity Battery Application Capacitance > 3000mAh(18650) Voltage > 4.35V 45 Cycle > 80%@300cyc & 45 2 nd Gen. xev Battery Application 800Wh 2nd Gen HEV Battery Cycle / Pulse charge/discharge Low Temp. power Non-flammable Electrolyte FP > 50 ( FP > 100 ) Cycle > 80 @300cyc & RT Product & Project 1 st Gen. xev Battery Application 6~7Ah/40Ah HEV Battery Cycle / Pulse charge/discharge Low Temp. power ESS Battery Application kwh & MWh class ESS Battery Increase Cycle Life, low cost High Capacity Battery Application Capacitance > 3600mAh(18650) Voltage > 4.35V RT Cycle > 80% @ 100cy High Power Battery Application Decrease SEI Resistance Increase Ion mobility Molecule structure Design Tech- nologies Additives Synthesis Application (interface Reaction) Application (Thermal Activity) Application (Crystal structure) 120여개의국내 외출원 / 등록특허보유 29

연도별 R&D 투자비 연도 매출액 R&D 투자비 R&D/ 매출액 2009 16,109 336 2.1% 2010 65,682 1,424 2.2% 2011 93,267 2,011 2.2% 2012 75,975 2,347 3.1% 2013 53,530 1,767 3.3% SUM 304,563 7,885 2.6% 지적재산권 (IP) 현황 Items 국내 해외 등록특허 76 34 상표권 1 4 합계 77 38 특허출원포함 120여개국내외 IP 보유 30

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매출실적및전망 Sales CAGR (2014~2017) 31% 말련공장 가동개시 억원 Sales EBIT 32

전해액시장현황 CHINESE OTHERS, 2.0% DONGGUAN, 2.5% MITSUBISHI, 24.1% PANAX ETEC, 16.5% KISHIDA, 0.4% MITSUI, 2.5% TOMIYAMA, 4.2% SOULBRAIN, 11.7% IN HOUSE, 14.0% Source : SNE Research (2012 년기준 ) UBE, 10.6% ZHANGJIANGANG, 11.7% 33

재무현황 B/S [ 단위 : 백만원 ] P/L [ 단위 : 백만원 ] 자산 과 목 2013년 2012년 2011년 유동자산 44,093 29,333 28,462 당좌자산 39,567 23,506 17,703 재고자산 4,526 5,826 10,759 과목 2013 년 2012 년 2011 년 매출액 53,531 75,975 93,268 매출원가 39,916 54,137 67,044 부채 자본 비유동자산 57,160 60,396 59,152 자산총계 101,253 89,729 87,614 유동부채 19,959 32,457 34,420 비유동부채 25,279 6,372 8,871 부채총계 45,238 38,829 43,291 자본금 2,977 2,977 2,977 자본잉여금 24,913 20,832 20,832 자본조정 4,132 3,248 1,764 이익잉여금 24,331 23,843 18,750 자본총계 56,015 50,900 44,323 부채와자본총계 101,253 89,729 87,614 매출총이익 13,615 21,838 26,224 판관비 9,616 11,124 12,228 영업이익 3,999 10,714 13,996 영업외수익 2,260 2,272 2,615 영업외비용 5,296 4,210 2,829 경상이익 965 8,776 13,782 법인세등 461 1,990 2,930 당기순이익 504 6,786 10,852 34

Jul 2014 35

CONTENTS 1 2 2 3 36

Creating Synergy effect through cooperation projects PANAX ETEC UKSEUNG CHEMICALS PANAX EM PANAX ENERGY Electrolyte Electronic Materials Pigment Functional Materials EMI Shield Electronic Materials Electricity Generation Sales 51M$( 13) Sales 97M$( 13) Sales 29M$( 13) New company Electrolyte for IT mobile Pigment, Fluorescent P., EMI Shield coating paste Electricity (Land Fill Gas) Electrolyte for xev Non-toxic p. NIR pigment for PDP EMI shield Gasket FMS UV Resin Electrolyte for ESS CNT resin compound Conductive Paste 37

1 Company Name : / President & CEO : June Seok Byun 2 Establishment Date : 20 th Aug. 2009 / Employees : 81(Domestic) 29(Overseas) PANAX ETEC 3 Capital : 2.8 million U$ / Sales : 51 million U$ (2013) 4 BIZ Field : Electrolyte for LIB / Brand name : StarLyte 5 Domestic : Head Office (Busan), R&D Center & Nonsan Factory (Nonsan) Overseas : Tianjin Factory (China), R&D Center & Senai Factory (Malaysia) 38

COMPANY HISTORY 1969.12 2007.09 2008.05 2008.06 2009.01 2009.08 2011.11 2012.06 2012.09 2013.04 2014.06 2014.06 Founded Ukseung Chemicals Signed Technology Transfer Agreement for Electrolyte BIZ with Cheil Industries Founded Tianjin Ukseung Electronics in China Completed Busan Electrolyte Factory in Korea (Capa. 5,000MT/Year) Signed Electrolyte Business Rights Transfer Agreement with Cheil Industries PANAX ETEC split off from Ukseung Chemicals Completed Nonsan Electrolyte Factory in Korea (Capa. 10,000MT/Year) Established PANAX ETEC (M) Sdn. Bhd. Established Polymer Electrolyte Blending Factory in Senai Industrial Park(Malaysia) Supplied Polymer Electrolyte of PANAX ETEC (M) Sdn. Bhd. Completed Senai Electrolyte Factory in Malaysia (Capa. 10,000MT/year) Completed Tianjin Electrolyte Factory in China (Capa. 3,000MT/year) 39

Share holders [ Unit : Share ] Share Holder Shares Ratio Remarks Mr. Jun Seouk, Byun and affiliate person 2,235,154 36.83% CEO and affiliate person PEF 1,464,846 24.60% Employee s stock ownership association 52,140 0.88% Hanwha Securities and Others 469,190 8.58% Subtotal of Common Stock 4,221,330 70.89% PEF 776,530 13.04% SVIC and Others 956,800 16.07% Subtotal of Preferred Stock 1,733,330 29.11% Total 5,954,660 100.00% Management Manager Position Education Career Jun Seouk Byun CEO / President Busan National Univ. Material Engineering [M.S] CEO of Ukseung Chemicals Sung Ho Han Electronic Materials BIZ Unit / Executive Director KAIST Chemistry [Ph.D.] Samsung General Chemicals / Cheil Industries Young Gyu Kim Electrolyte BIZ Division / Executive Director KAIST Chemistry [M.S] Samsung General Chemicals / Cheil Industries Jung Kwan Byun Tianjin Ukseung Electronics / Executive Director Shanghai Jiao Tong Univ. Admin. [Ph.D] Executive Director of Ukseung Chemicals Je Yun Kim Corporate Administration / Director Yonsei Univ. Chemistry [M.S] Samsung General Chemicals / Cheil Industries 40

Sales and Plant Tianjin China Nonsan Korea Plant and R&D Capa. 3,000MT/yr Capa. 10,000MT/yr Busan Korea H.Q Plant and R&D Senai Malaysia Capa. 10,000MT/yr 41

Head Office & Busan Factory Nonsan Factory 154-13, Hoedong-dong, Geumjeong-gu, Busan, Korea Plottage 2,600m 2 / Floorage 2,000m 2 Capa. : 5,000MT/Year (Stop operation) 1213-1, Wonnam-ri, Seongdong-myeon, Nonsan-si, Chungcheongnam-do, Korea Plottage 43,000m 2 / Floorage 9,200m 2 Capa. : 10,000MT/Year 42

R&D Center Tianjin Factory Nonsan 2 nd Industrial Complex, Korea Charger / Discharger : 1,000 channels Battery Assembly Equipment Pilot Production Facility West District of TEDA, Tianjin, China Plottage 5,000m 2 / Floorage 1,800m 2 Build a cooperative relationship with TSDI Specialized in Chinese Customers Capa. : 3,000MT/Year 43

Malaysia Factory Senai Industrial Park, Johor, Malaysia Plottage 24,000m 2 / Floorage 8,000m 2 Capa. : 10,000MT/Year 44

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Physical Battery Chemical Battery Solar Cell Primary Battery Secondary Battery Fuel Cell [Generating equipment] [Rechargeable] [Generating equipment] Lithium Based Alkali Based Lithium Based Alkali Based Acid Based Lithium Mn Alkaline Mn Lithium Ion Ni-Cd Lead Acid Lithium Metal Lithium Polymer Ni-Zn Ni-MH Organic electrolyte applied 46

Mobility / Convenience Eco-friendly Smart Grid / Renewable Energy ESS xev IT CES : Community Energy Storage PHEV : Plug-In HEV Locomotive : Hybrid electric rail car (Diesel+Storage, wire + Storage) Source : IIT, SDI Small (Wh class) Medium (kwh class) Large (MWh class) Small Battery 16 B$(2015) Medium & Large Battery 20 B$ (2015) 47

LIB Market Forecast [ UNIT : B$ ] 93.3 ESS xev IT, Mobile 12.1 39.2 Medium & Large LIB market is growing 40~50 times for ten years from now [20~30 times conservatively) 36.0 Electrolyte market will increase rapidly 4.7 15.1 42.0 along with the growing of LIB market 11.7 0.3 1.1 10.3 2009 16.2 2020 2015 Year Source : IIT, Pike research, SDI 48

Material Cost Structure of HEV Material Cost Structure of EV Inverter, Converter Cluster for EV Charger Engine Transmission Motor Battery Motor Others BMS Source : SK C&C, Pike Research 49

Ecofriendly Green Car High Energy Efficiency & Low Waste Gas 50

ESS(Energy Storage System) RENEWABLE ENERGY & Solar Energy Wind Wind Energy Energy Power Plant POWER PLANT SMART GRID RECHARGEABLE BATTERY FOR ENERGY STORAGE Time Shift Shift energy from night to day Improved PQ Smoothing effect by storage Home Business, Community Grid Support 51

Principle of Lithium Ion Battery LIB is secondary battery because its electrochemical reactions are electrically reversible (Chemical E Electric E) Charge : Li-ions move from cathode to anode / Discharge : Li-ions move from anode to cathode 52

Key Components for LIB LIB Material Cost Items Materials Requirements Cathode LiCoO 2 LiMnO 2 LiNiO 2 LiMnPO 4 LiCo x Ni y Mn 2 O 2 LiFePO 4 High Energy Low Cost Safety Can, 3% Copper Foil, 3% Others,15 % Anode Separator Graphite (artificial/natural) Hard/Soft Carbon Li 4 Ti 5 O 12 Si, Sn,. Etc. PE PP High Energy Low Cost Thin Thickness High Mechanical Strength Low Cost Anode, 11% Electrolyte, 13% Cathode, 36% Separator, 19% Electrolyte Organic Solvent (EC, PC, EMC, DEC,.. ) Li Salt (LiPF 6, LiBF 4,. ) Functional Additives Non Flammable Moisture control Resistant Low Cost Long Life Enabler Source : KEBC 2011 53

Electrolyte Organic solvents Lithium Salts LiPF 6, LiAsF6, LoClO4, LiBF4, LiTFSl, LiBOB Functional Additives 54

Features of Electrolyte Specification of StarLyte Solvent purity : over 99.95% Test Item Spec. Actual Data Method Moisture : below 10 ppm Moisture 20ppm (Max.) 10ppm (Max.) Karl-Fischer Acid as HF : below 20 ppm Metal ion : below 1 ppm Acid as HF Chloride Content 50ppm (Max.) 5ppm (Max.) 20ppm (Max.) 1ppm (Max.) Titration Turbidimetry APHA Color : below 20 Sulfate Content 10ppm (Max.) 1ppm (Max.) Turbidimetry When impurities content is high ; Alkaline Metal 5ppm (Max.) 1ppm (Max.) ICP-MS Quality of Electrolyte will be unstable Battery resistance will be increased Performance of battery will be irregular Heavy Metal APHA 5ppm (Max.) 50 (Max.) 1ppm (Max.) 20 (Max.) ICP-MS APHA 55

Why is the electrolyte Important for Battery Performance? Electrolyte has a good effect on... Cathode & Anode Energy Energy power Safety power Safety Cycle Life Cost Separator Energy Cycle Life Cost power Safety Cycle Life Cost 56

Main function of Electrolyte Electrolyte determine battery performance and Safety Improve Performance of LIB Improve Low Temp. Performance ( Cold Weather ) Improve High Temp. Performance ( Hot Weather ) Improve Cycle Life ( Long-term Guarantee ) Improve High Voltage Stability ( High Energy ) Improve High Power Stability ( High Power ) Improve Safety of LIB Improve Safety for Overcharging ( Prevent Swelling } Improve Safety for Over discharging ( Prevent Cu Corrosion of Anode ) Improve Non- flammable Performance ( Impact, Crush ) Other Functions Improve Electronic & Ionic Conductivity Improve Initial Capacity of LIB 57

Roles of SEI (solid electrolyte interphase) SEI layer is formed on the surface of Anode by Electrolyte decomposition (SEI Layer) (SEI Layer) (Anode) SEI Layer improve 1) thermal stability of LIB 2) Cycle life of LIB 3) Safety of LIB 4) Energy(Capacity) Retention of LIB 58

Providing solution for key R&D Issues R&D Subject Key Issues Strategy Gel Polymer System Gel Monomer Synthesis Technology Development Cycle Life improvement Cycle Improving Additive Development Functional Development Gas Control Electrolyte High Voltage Electrolyte Gas Controlling Additive Development High Voltage Solvent / Additive Development Low Temp improvement Low Temp Performance Improving Additive Development Safety improvement Safety improving Additive Development High Power for xev EV, HEV => Power Up Additive Development 59

2007~2011 2012 2013 2014 2015 2016 High Capacity Battery Application Capacitance > 3000mAh(18650) Voltage > 4.35V 45 Cycle > 80%@300cyc & 45 2 nd Gen. xev Battery Application 800Wh 2nd Gen HEV Battery Cycle / Pulse charge/discharge Low Temp. power Non-flammable Electrolyte FP > 50 ( FP > 100 ) Cycle > 80 @300cyc & RT Product & Project 1 st Gen. xev Battery Application 6~7Ah/40Ah HEV Battery Cycle / Pulse charge/discharge Low Temp. power ESS Battery Application kwh & MWh class ESS Battery Increase Cycle Life, low cost High Capacity Battery Application Capacitance > 3600mAh(18650) Voltage > 4.35V RT Cycle > 80% @ 100cy High Power Battery Application Decrease SEI Resistance Increase Ion mobility Molecule structure Design Tech- nologies Additives Synthesis Application (interface Reaction) Application (Thermal Activity) Application (Crystal structure) Holding 120 Patents at home and abroad 60

R&D Investments [Unit : USD] Year SALES R&D Investments R&D/Sales 2009 15,197,553 317,022 2.1% 2010 61,963,748 1,343,555 2.2% 2011 87,988,310 1,896,905 2.2% 2012 71,802,206 2,214,362 3.1% 2013 51,225,723 1,691,035 3.3% SUM 288,177,540 7,462,879 2.6% IP (Intellectual Property) Items Domestic International PATENT (Registered) 76 34 TRADEMARK (Registered) 1 4 SUM 77 38 Over 120 Patents including applied patents at home and abroad 61

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Sales Figures and Forecast Sales CAGR (2014~2017) 31% PANAX ETEC (M) starts running business Million USD Sales EBIT Fiscal Year 63

2012FY Electrolyte Market CHINESE OTHERS, 2.0% DONGGUAN, 2.5% MITSUBISHI, 24.1% PANAX ETEC, 16.5% KISHIDA, 0.4% MITSUI, 2.5% TOMIYAMA, 4.2% SOULBRAIN, 11.7% IN HOUSE, 14.0% Source : SNE Research UBE, 10.6% ZHANGJIANGANG, 11.7% 64

Financial Statements B/S [UNIT : 1,000 U$] P/L [UNIT : 1,000 U$] A L C Description 2013 2012 2011 Current Assets 42,194 27,385 24,679 Quick assets 37,863 21,946 15,350 Inventories 4,331 5,439 9,329 Non-Current Assets 54,698 56,387 51,290 Total Assets 139,086 83,772 75,968 Current Liabilities 19,099 30,303 29,845 Long-Term Liabilities 24,190 5,949 7,692 Total Liabilities 43,289 36,252 37,537 Capital Stock 2,849 2,780 2,493 Capital Surplus 23,840 19,449 17,661 Capital Adjustment 3,953 3,037 1,682 Retained Earnings 23,283 22,254 16,595 Total Equity 53,925 47,520 38,432 Total Liabilities & Stockholder s Equity 139,086 83,772 75,968 Description 2013 2012 2011 Sales 51,225 67,421 84,168 Cost of Sales 38,196 48,042 60,503 Gross Profit 13,028 19,379 23,666 Selling & Administration Expenses 9,201 9,872 11,035 Operating Income 3,827 9,507 12,630 Non-Operating Income 2,163 2,016 2,360 Non-Operating Expense 5,067 3,735 2,553 Income Before Income Taxes 923 7,788 12,438 Income Tax Expense 440 1,766 2,644 Net Income 482 6,022 9,793 65