24. 11. 8

Contents

< 1> Top 1(4.3) < 2> Top 1(4.1) < 3> 4 (4.3) < 4> 4 (4.1) < 5> < 6> < 7> < 8> < 9> < 1> < 11> < 12> < 13> < 14> < 15>NHN < 16> < 17> < 18> < 19>NHN 24 3 Review < 2>NHN < 21> < 22> < 23> 3 Review < 24> < 25> < 26> 24 3 Review < 27> < 28>CJ < 29>CJ 24 3 Review < 3>CJ < 31> < 1> < 2> < 3> < 4> 1 < 5> < 6> PC < 7> < 8> 4 < 9> < 1> < 11> SMS < 12> SMS < 13> PC < 14> PC 1 < 15> PC PC < 16> PC < 17> PC < 18> PC PC < 19> PC < 2>PC < 21> PC < 22> PC < 23> PC < 24> < 25> < 26> 6 6 14 14 26 35 36 42 42 43 47 48 5 53 56 6 6 61 62 62 65 67 69 69 72 75 75 78 81 82 85 9 11 11 11 12 12 13 14 15 15 16 16 17 18 18 18 18 18 18 19 19 2 2 22 22 23

< 27> < 28> < 29> < 3> 24 BEST 1 < 31> < 32> < 33> < 34> < 35> < 36> < 37> 23 < 38> < 39> (24.2Q ) < 4> < 41>sina.com.cn < 42>sina.net < 43> < 44> < 45> (24.2Q ) < 46> < 47>sohu.cm < 48>chinaren.com < 49>17173.com < 5>focus.cn < 51> < 52> < 53> (24.2Q ) < 54> < 55>163.com < 56> < 57> < 58> 5 < 59>poptang.com < 6> < 61> < 62> < 63> < 64> UV < 65> ARPU < 66> < 67> < 68> < 69> < 7> < 71> < 72> < 73> < 74> 2 < 75> < 76> PC < 77> < 78> < 79>CJ < 8>CJ < 81> < 82> < 83> ARPU 23 23 23 24 25 25 26 27 27 28 28 28 33 33 34 34 35 36 38 38 4 4 4 4 41 43 44 44 46 47 48 51 52 52 53 57 57 58 58 59 61 61 66 66 67 67 68 68 73 73 74 74 79 79 81 82 82

1 Yahoo.com( ) 2 Msn.com( ) 3 Google.com( ) 4 ( ) 5 sina.com.cn( ) 6 ( ) 7 Yahoo.co.jp( ) 8 Microsoft.com( ) 9 Ebay.com( ) 1 Passport.net( ) 1 Yahoo.com( ) 2 Msn.com( ) 3 Google.com( ) 4 Sina.com.cn( ) 5 Sohu.com( ) 6 Baidu.com( ) 7 163.com( ) 8 Passport.net( ) 9 ( ) 1 3721.com( )

49% 51% 2% 8% (sina.com( (32%), WVAS(63% 5% 5% 5% 5% 2 poptang 2 1%) BNB (WOW 49% 51% (163.com Fly for Fun (chinaran.com) (focus.com) (17173.com) 17%, WVAS 24%, 59%) 38%, WVAS 46%, 8%) (sohu.com ))

2 18 16 35 3 14 12 1 8 6 25 2 15 1 4 2 98.7 99.1 99.7.1.7 1.1 1.7 2.1 2.7 3.1 3.7 4.1 4.7 5.1 5.7 5 6.1 6.7 7.1 3 14 12 1 8 6 4 2 98.7 99.1 99.7.1.7 1.1 1.7 2.1 2.7 3.1 3.7 4.1 4.7 5.1 5.7 6.1 6.7 7.1 4 1 8 7 6 5 4 3 2 1

5 6 PC 6 5 4 3 2 1 21 22 23 24E 25E 26E 8 7 6 5 4 3 2 1 21 22 23 24E 25E 26E

6, 5, 4, 3, 2, 1, Dial up Broadband Leased Line ISDN 2.7 3.1 3.7 4.1 4.7

1% 3% 3% 5% 3% 37% 4% 32% 44% 15% 8% 1 Yahoo.com( ) 21 Go.com( ) 1 Yahoo.com( ) 21 Allyes.com( ) 2 Msn.com( ) 22 Tencent.com( ) 2 Msn.com( ) 22 Chinaren.com( ) 3 Google.com( ) 23 ( ) 3 Google.com( ) 23 Fastclick( ) 4 ( ) 24 21cn.com( ) 4 Sina.com.cn( ) 24 Amazon( ) 5 sina.com.cn( ) 25 Doubleclick( ) 5 Sohu.com( ) 25 Aol.com( ) 6 ( ) 26 Chinaren.com( ) 6 Baidu.com( ) 26 Sina.com.hk( ) 7 Yahoo.co.jp( ) 27 Offeroptimizer( ) 7 163.com( ) 27 Yisou.com( ) 8 Microsoft.com( ) 28 Cnn.com( ) 8 Passport.net( ) 28 21cn.com( ) 9 Ebay.com( ) 29 Bbc.co.uk( ) 9 ( ) 29 Go.com( ) 1 Passport.net( ) 3 Aol.com( ) 1 3721.com( ) 3 Hao123.com( ) 11 163.com( ) 31 Premium-offers( ) 11 Microsoft.com( ) 31 Eachnet.com( ) 12 Sohu.com( ) 32 Eachnet.com( ) 12 qq.com( ) 32 Atnext.com( ) 13 3721.com( ) 33 Gator.com( ) 13 Newsgroup( ) 33 Gator.com( ) 14 Baidu.com( ) 34 Hao123.com( ) 14 Ebay.com( ) 34 Caishow.com( ) 15 Tom.com( ) 35 MSN ( ) 15 ( ) 35 Cnn.com( ) 16 Amazon.com( ) 36 Searchscout( ) 16 Offeroptimizer( ) 36 ( ) 17 Newsgroup( ) 37 Infoseek ( ) 17 Tom.com( ) 37 ( ) 18 Sayclub.com( ) 38 ctn.com.cn( ) 18 ( ) 38 ( ) 19 Nate.com( ) 39 ( ) 19 Taobao.com( ) 39 Bbc.co.uk( ) 2 Bugs.co.kr( ) 4 Hinet.net( ) 2 ( ) 4 Xanga.com( )

9 1 45 4 35 3 25 2 15 1 5 35 3 25 2 15 1 5 21 22 23 24E 25E 26E 27E 21 22 23 24E 25E 26E 27E

1,6 1,4 1,2 1, 18 16 14 12 1 8 8 6 6 4 2 21 22 23 24E 25E 26E 27E 4 2 22 23 24E 25E 26E 27E

2 16 12 8 4.12 1.6 1.12 2.6 2.12 3.6 3.12

23% 5~1 29% 2~3 32% 3~5 29% 5 8% 5 2% 2 18% 2~3 33% 4 19% 4 7% 3% 8M 56% 512K~2M 12% 2~8M 32% 79% ISDN 1% ADSL 17% 16~18 1% 19~22 59% 23~26 21% 27~3 7% 3 2% 3 1% 5 4 3 2 1 P4 AMD PC LCD CPU PC

2 PC 21 PC 1 8 7 6 5 6 4 4 3 2 2 1 1 2 3 4 5 6 7 8 9 1 11 12

1 8 17% 53% 6 3% 4 2 PC sw

16 14 12 1 8 6 4 2 57 38 136 23 24 77 62% 38%

23~25 27% 19~25 33% 1% 4% 3% RPG 47% FPS 17% 26~3 16% 31~35 5% 35 2% 16 6% 16~18 11% 19% ISDN 4% 4% 3% 5% 7% IQ 11% 3% 4% 33% 29% ADSL 55% 13% 29%

3 2 A3 5 1 15 2 25

1,2 1, 8 6 4 PC 2 21 22 23 24E 25E 26E 4 3 2 1 2 21 22 23 24E 25E 26E 27E

Others 57% Shada 36% Others 39% Shada 29% NetEase 4% The9 3% NetEase 1% The9 22% 21.1.12 15 (3 /5 ) 21.3.15 35 (1 ) 21.7.15 35 (1 ) 21.9.9 35 (1 ) 2 21.11.18 / 35 (1 ) 22.9.1 38 (1 ) 22.11.23 48 (1 ) 3 23.8.1 / 35 (1 ) 2 22.12.22 35 (12 ) 22.12.28 35 (1 ) 23.1.18 35 (7 ) 2 23.3.15 SDEnterNET 35 (6 ) 23.4.28 35 ( ) 23.5.2 39 (1 ) 23.6.7 4 (1 ) 2 24.11.1 35

7 6 5 4 3 2 1 3~7 5.1% 3 25 2 15 1 5 3~7 71.4% 1 2 3 4E 5E 6E 7E 1 2 3 4E 5E 6E 7E

4 5% TV 24% 3 2 1 1 2 3 4E 5E 6E 7E 1% 2% 23% 25 2 15 1 5 1999 2 21 22 23 24E

Online Ad 32% Mobile value added services 63% 4 35 3 25 45 4 35 2 3 Other 5% 15 1 5 3.1Q 2Q 3Q 4Q 4.1Q 2Q 25 2 15

5 4 3 2 1 3.1Q 2Q 3Q 4Q 4.1Q 2Q 45 4 35 3 25 2 15 1,417 2,668 3889 11,429 4,139 4,92 1,11 2,339 2,47 4,117 1,312 1,551 316 329 1419 7,311 2,827 3,368 1,152 1,535 1551 3,444 1,253 1,43 265 1,133 2338 7,985 2,886 3,49 5,75 5,412 37 4,281 1,277 1,68 1,7482,169 1242 2,174 71 97 7,358965 592 634 197 214 695 892 863 1,155 322 394-5,44-4,279-732 3,794 1,69 1,882-5,11-3,635-495 3,142 1,64 1,82-5,98-3,635-795 3,142 1,64 1,82 EPS -3.44 -.5 -.1.76.29.33

$34.49 CEO Wan Yan ( ) 17.4 Sun Stone Media(9.5%) 25 PER 24.64 Axa(8.7%)

Ecommerce 5% Other 4% Advertising 49% 3 25 6 5 2 4 15 3 1 2 Wireless 42% 5 2.1Q 2Q 3Q 4Q 3.1Q 2Q 3Q 4Q 4.1Q 2Q 1

3 25 2 15 1 5-5 2.1Q 2Q 3Q 4Q 3.1Q 2Q 3Q 4Q 4.1Q 2Q 1 8 6 4 2-2 -4-6

595 1,3 2,873 8,43 2,594 2,727 584 925 1,385 2,95 1,1 1,34 11 376 1,488 5,92 1,494 1,387 563 941 1,342 2,521 862 924 32 359 1,531 5,522 1,732 1,83 2,156 3117 1,739 2,32 675 846 143 841 797 1,57 n/a n/a 244 537 551 754 n/a n/a 536 479 391 53 n/a n/a -2,123-2758-283,22 1,56 957-1,924-4359 -14 2,636 1,93 988-1,924-4359 -14 2,636 1,93 988 EPS -.93 -.36 -.3.66.27.25 $16.61 CEO ( ) 6. (25.9%) 25 PER 17.12 Capital Research(8.2%)

1996.8 1999.3, 2.7 2.9 chinaren.com 21.8 21.11 B2C 23.1 NBA.com/china NBA 24.6 Goodfeel

18% 19% 63% 18 16 14 12 1 8 6 4 2 3.1Q 2Q 3Q 4Q 4.1Q 2Q

3 2 1 3.1Q 2Q 3Q 4Q 4.1Q 2Q 65 6 55 5 45 4 35 3 25 2 15 368314 2,6686,55 2,257 2,648 Online game services - - - 2,333 1,345 1,685 N/A 171 2,36 3,21 495 469 N/A 171 413 1,7 417 494 482 726 866 1,33 344 513-114 -411 1,83 5,518 1,913 1,985 2,236 2,391 1,31 1,569 611 769 N/A 2,194 1,121 1,337 267 39-2,35-2,82 492 3,948 1,33 1,216-2,45-2,817 197 391 1,255 1,275-2,45-2,817 197 3,91 1,255 1,188 EPS -.82 -.93.2 1.18.38.36

$48.84 CEO Ted Sun 15.5 Ted Sun (51%) 25 PER 23.82 Ding William (5%)

2 / ( ) 21.9.2821.11.28 % 2 CCR( ) 22.7.2823.3.28 Tactical Commanders ( ) 22.12.2823.6.16 The world of Legend 23.7.1823.1 BNB ( ) 23.4.12 23.8.13 GetAmped ( ) 24.1.18Fighting game The Sign 24.2.1824.5.1 The Age 24.2.21 24.6.28 Three Kingdoms 24.6 Magical Land 24.5 Maplestory ( ) 24.6.23 D.O ( ) 24.7.23

1 9 8 7 6 5 4 3 2 1 The Sign The Age 2.1Q 2Q 3Q 4Q 3.1Q 2Q 3Q 4Q 4.1Q 2Q

4 35 Casual game 3 25 2 15 MMO RPG 1 5 2.1Q 2Q 3Q 4Q 3.1Q 2Q 3Q 4Q 4.1Q 2Q

$31.53 CEO Chen Tianqiao 22.4 Chen Tianqiao(75%) 25 EPS 27.42 Axa(2.2%)

5 22A 746 27.6 32 262 23 3,995 623.4 11.4 7.8 31. 37.5 23A 1,663 122.9 654 663 555 3,712-7.1 32.7 11.3 41.2 13,467 24E 2,338 4.6 788 71 59 3,868 4.2 22.6 14.3 31.3 13,518 25E 3,11 32.6 1,98 1,171 873 5,657 46.2 15.4 1. 34.5 17.7% 26E 3,736 2.5 1,37 1,64 1,181 7,653 35.3 11.4 7.5 33.9

7 6 5 4 3 2 1 3 25 2 15 1 5 Mgame

ARPU 26 UV 9 5 1,6 24 UV 8 4 22 2 181 6 14 12 7 6 5 4 3 2 1 ARPU 1,2 8 1 2.1Q 2Q 3Q 4Q 3.1Q 2Q 3Q 4Q 4.1Q 2Q 3 3Q 2.1Q 2Q 3Q 4Q 3.1Q 2Q 3Q 4Q 4.1Q 2Q 4 3Q

1 / 1 / 2 / 2 / 3 Infoseek / 3 / 4 4 / 5 MSN / 5 / 6 Goo.ne.jp / 6 7 Geocities.co.jp / 7 / 8 8 9 Excite 9 / 1 @nifty / 1 11 Biglobe 11 / 12 Livedoor 12 13 2ch.net / 13 14 Cool.ne.jp / 14 / 15 Geocities.jp / 15 16 Nikkei net / 16 17 hangame 17 MSN / 18 Fc2web / 18 19 Home.ne.jp 19 / 2 Asahi.com 2

41.5 21.1 624.4 934.6 46.63% 197.12% 49.69% -14.9 37.8 187.3 33.8 395.5% 62.2% 23,472 77,34 16,912 222,528 229.5% 18.6% 38.29% 14,727 22,643 32,336 35, 53.75% 42.81% 8.24% 3 25 2 15 1 5 3.1 4.1 5.1 6.1 1 9 8 7 6 5 4 3 2 1

44.7 457.6 53.9 578.9 585.3 1.1% 32.8% 82.2 93.3 78.3 82.9 8.5-2.9% -2.% 14.4 17.5 2.9 24.9 29. 16.2% 11.3% 115.9 12.1 15.5 189.9 238.3 25.5% 15.7% 24.1 195.6 225.3 255. 212.7-16.6% 4.2% 24.2 31.2 28.9 26.2 24.9-5.2% 2.7% 177.5 135.5 175.3 21.2 177. -15.8% -.3% 179.9 131.3 174.7 23.9 143.3-29.7% -2.3% 1,663.1 2,337.6 3,1.8 3,736.4 4.6% 32.6% 2.5% 653.5 788.3 1,98.4 1,37.3 2.6% 39.3% 24.7% 662.5 71.5 1,171.3 1,639.6 7.2% 64.9% 4.% 555.2 589.7 872.6 1,18.5 6.2% 48.% 35.3%

746 1,663 2,338 3,11 3,736 443 1,58 1,488 1,989 2,47 141 45 699 89 1,36 32 654 788 1,98 1,37 12 32 54 32 51 1 25 23 23 32 22 267 464 52 23 132 23 241 4 16 12 216 226 262 663 71 1,171 1,64 262 663 71 1,171 1,64 33 17 121 299 459 23 555 59 873 1,181 EBIT(adjusted) 297 653 785 1,96 1,369 EBITDA 333 711 877 1,236 1,569 332 64 739 884 1,53 23 555 59 873 1,181 36 58 91 139 2 12 15 11 11 11-2 -71-79 -97-11 74 83 126-41 -229-485 -851-715 -784-76 -75-156 -227-318 -414-71 -67-411 -474-45 -151-272 -285-14 -16-14 437-9 -96-74 -7 437 9-18 -19-37 -77-77 -4 3 7 284-22 -72 26 278 81 1,62 1,136 1,336 1,89 615 65 581 612 1,18 176 372 514 682 822 442 945 1,434 2,11 2,79 27 676 1,34 1,535 1,925 132 225 357 531 74 1,252 2,7 2,57 3,445 4,6 186 363 429 51 541 3 9 13 17 2 188 372 441 518 562 37 38 77 77 77 866 877 819 819 819 158 714 1,226 2,22 3,125 2 6 6 9 16 1,64 1,635 2,129 2,927 4,38 ( ) SPS 12,986 11,117 15,335 2,11 24,222 EPS 3,995 3,712 3,868 5,657 7,653 DPS 25 5 5 5 5 BPS 13,773 21,217 13,518 18,691 25,891 (%, YoY) 27.6 122.9 4.6 32.6 2.5 466.8 116.2 2.6 39.3 24.7 925.2 152.6 7.2 64.9 4. 72.6 141.9 6.2 48. 35.3 EPS 623.4-7.1 4.2 46.2 35.3 EBITDA 32.4 113.8 23.3 41. 27. (%) 4.5 39.3 33.7 35.4 36.7 35.2 39.8 3.4 37.8 43.9 3.8 33.4 25.2 28.1 31.6 EBITDA Margin 44.6 42.7 37.5 39.9 42. ROE 31. 41.2 31.3 34.5 33.9 (%) (Credit) -617-653 -589-625 -1,33 - - - - -..... 17.7 22.8 2.7 17.7 13.9 Valuation(X) PSR 3.5 1.9 5.7 4.3 3.6 PER 11.4 32.7 22.6 15.4 11.4 PBR 3.3 5.7 6.5 4.7 3.4 EV/EBITDA 7.8 11.3 14.3 1. 7.5

5 22A 1,548 24.1 771 695 531 11,153 343.7 14. 7.2 32.7 94.1 23A 1,665 7.6 553 329 317 1,69-84.8 51.9 24. 15.4 18,983 24E 2,549 53.1 1,184 1,165 891 4,626 173.7 2.9 14.4 3.4 17,223 25E 3,95 21.4 1,452 1,584 1,188 5,548 19.9 17.4 11.3 27.7 24.5% 26E 3,296 6.5 1,64 1,87 1,346 6,289 13.3 15.3 9.7 24.3

16 2 4 14 12 1 3 1 2 1 8 2 6 4 3.1Q 2Q 3Q 4Q 4.1Q 2Q 3Q 1 3.1Q 2Q 3Q 4Q 4.1Q 2Q 3Q

64 54 44 34 24 1 2 29 24 19 14 2 1 14 9 4 3.3 3.6 3.9 3.12 4.3 4.6 4.9 4 3.3 3.6 3.9 3.12 4.3 4.6 4.9 NC 1%, 1% NC-Sina NC(49%), Sina(51%) 1,2 NC- NC(49%), (51%) 1,2 NC- NC(6%), (4%) 1,2 NC- 1%

16 14 12 1 8 6 4 2 16 14 12 1 8 6 4 2

368 557 61 596 637 6.9% 73.1% 293 483 535 53 529 5.2% 8.5% 293 276 39 277 272-1.8% -7.2% 2-27 226 225 257 14.2% - 74 74 75 93 19 17.2% 47.3% 62 64 65 71 8 12.7% 29.% 6 7 7 8 17 112.5% 183.3% 1 1 1 1 1.%.% 1 1 1 11 11.% - 4 1 1 2-1.% - 115 14 317 269 288 7.1% 15.4% 71 71 246 282 291 3.2% 39.9% 1,665 2,549 3,95 3,296 53.1% 21.4% 6.5% 553 1,184 1,452 1,64 114.4% 22.6% 12.9% 329 1,165 1,584 1,87 253.9% 36.% 18.1% 317 891 1,188 1,346 181.4% 33.3% 13.3%

1,548 1,665 2,549 3,95 3,296 1,314 1,411 2,255 2,77 2,952 542 859 1,7 1,317 1,311 771 553 1,184 1,452 1,64 73 148 277 364 473 6 53 55 84 97 8 11 195 149 371 296 232 243 4 4 6 6 87 241 12 25 25 695 329 1,165 1,584 1,87 695 329 1,165 1,584 1,87 164 12 274 396 524 531 317 891 1,188 1,346 EBIT(adjusted) 722 55 1,182 1,45 1,638 EBITDA 794 62 1,239 1,513 1,77 944 326 926 1,47 1,13 531 317 891 1,188 1,346 72 71 58 63 7 19 2 2 2 2 12-52 -252-176 -189 22 438 228-29 -126-761 -572-725 -77-1,166-86 -76-67 -74-81 9-1 -1-1 -53-278 -311-377 -98-181 -219-346 -255-176 79-1 631 5-22 829 79 2 2 2-1 -199 4-23 262-346 833 346-84 1,584 1,661 3,92 3,865 4,142 1,355 1,25 2,382 2,981 3,71 147 211 357 42 428 823 829 958 1,4 2,458 696 724 844 1,275 2,322 94 98 17 117 129 2,47 2,491 4,5 5,265 6,61 379 185 194 2 26 94 131 16 178 185 8 76 76 76 76 474 316 354 378 391 24 94 17 17 17 917 846 1,662 1,662 1,662 91 1,218 2,19 3,297 4,644 91 16-183 -179-23 1,933 2,175 3,695 4,887 6,21 ( ) SPS 32,59 8,888 13,233 14,455 15,393 EPS 11,153 1,69 4,626 5,548 6,289 DPS BPS 39,648 11,516 17,223 22,789 28,968 (%, YoY) 24.1 7.6 53.1 21.4 6.5 355.8-28.4 114.4 22.6 12.9 353.6-52.6 253.9 36. 18.1 355.2-4.4 181.4 33.3 13.3 EPS 343.7-84.8 173.7 19.9 13.3 EBITDA 25.3-21.9 99.8 22.1 12.8 (%) 49.8 33.2 46.5 46.9 49.8 44.9 19.8 45.7 51.2 56.7 34.3 19. 35. 38.4 4.9 EBITDA Margin 51.3 37.2 48.6 48.9 51.8 ROE 32.7 15.4 3.4 27.7 24.3 (%) 8 76 76 76 76 (Credit) -1,276-1,13-2,36-2,95-2,995 5,697.9 134. 312.8 239.7 27.7..2.1.2.2 24.5 14.5 9.6 7.7 6.3 Valuation(X) PSR 4.8 9.9 7.3 6.7 6.3 PER 14. 51.9 2.9 17.4 15.3 PBR 3.9 7.6 5.6 4.2 3.3 EV/EBITDA 7.2 24. 14.4 11.3 9.7

5 22A 288 11.8 176 178 152 5996 1517. NM NM 138.9 22 23E 57 97.9 328 398 335 1583 76.5 12. 1.5 31.9 2,646 24E 547-4. 237 31 253 1952-81.6 1.4 4. 13.9 13,331 25E 522-4.6 196 268 215 1654-15.3 12.3 3.6 11.6 41.7% 26E 652 24.9 289 37 277 2139 29.3 9.5 1.9 13.3

1 16 2 16 9 14 18 14 8 16 PC 12 12 7 14 6 1 12 1 5 4 8 6 1 8 8 6 3 6 4 4 2 4 1 2 2 2 2.1Q 2Q 3Q 4Q 3.1Q 2Q 3Q 4Q 4.1Q 2Q 3Q 2.1Q 2Q 3Q 4Q 3.1Q 2Q 3Q 4Q 4.1Q 2Q 3Q

25 35 4.5 3 4. 2 3.5 25 3. 15 2 2.5 1 15 2. 1.5 1 5 1. 5.5 3.1Q 2Q 3Q 4Q 4.1Q 2Q 3Q 3.1Q 2Q 3Q 4Q 4.1Q 2Q 3Q 3.5 3. 2.5 2. 1.5 1..5

146.5 147.8 157.4 137.2 127.9-6.8% -12.7% PC 47.4 48. 46.6 36. 33.3-7.5% -29.7% 8.4 78.9 9. 82.4 74.8-9.2% -7.% 18.6 2.7 2.7 18.6 19.5 4.8% 4.8%.1.1.1.2.2.% 1.% 84.1 76. 9.4 59.2 45.3-23.5% -46.1% 11.5 1.6 74.9 93.8 67. -28.6% -34.% 569.7 547. 522.1 652. -4.% -4.6% 24.9% 328.1 237.3 196.4 289.3-27.7% -17.2% 47.3% 398.3 31.5 268.1 369.9-24.3% -11.1% 37.9% 335. 253.2 214.5 277.4-24.4% -15.3% 29.3%

288 57 547 522 652 257 52 471 444 564 81 174 234 248 275 176 328 237 196 289 3 75 89 9 11 2 12 41 36 38 5 35 42 5 1 4 24 18 21 178 398 31 268 37 178 398 31 268 37 26 63 48 54 92 152 335 253 215 277 EBIT(adjusted) 176 329 218 183 274 EBITDA 182 353 252 22 313 175 349 241 227 247 152 335 253 215 277 7 25 35 37 4 1 2 2 2 2 5 7-6 23-17 1-2 -43-5 -55-123 -12-127 -122-28 -26-18 -41-43 -47-1 -9-1 -18-31 -6-7 -23-79 45-26 -9-29 1,413-423 13-8 1,393-43 7 7 7 19-1 6-15 52 1,66-31 118-41 218 1,852 1,58 1,686 1,695 148 1,755 1,469 1,594 1,581 54 79 9 68 85 45 216 317 434 695 19 11 195 37 56 23 16 113 119 126 264 2,68 1,897 2,121 2,39 73 135 142 146 151 5 17 17 16 2 78 152 159 162 17 13 22 65 65 65 13 1,397 924 924 924 16 495 748 962 1,24 1 2 1 7-9 186 1,916 1,738 1,959 2,219 ( ) SPS 11,333 17,999 4,217 4,25 5,27 EPS 5,996 1,583 1,952 1,654 2,139 DPS BPS 7,172 43,626 13,331 15,32 17,42 (%, YoY) 1,1.8 97.9-4. -4.6 24.9 1,685.8 86.3-27.7-17.2 47.3 1,679.8 123.6-24.3-11.1 37.9 1,648. 12. -24.4-15.3 29.3 EPS 1,517. 76.5-81.6-15.3 29.3 EBITDA 1,427.3 93.9-28.6-12.7 42.3 (%) 61.2 57.6 43.4 37.6 44.4 61.9 69.9 55.1 51.4 56.7 52.9 58.8 46.3 41.1 42.5 EBITDA Margin 63.3 62. 46.1 42.2 48.1 ROE 138.9 31.9 13.9 11.6 13.3 (%) (Credit) -148-1,755-1,469-1,594-1,581 - - - - -..... 41.7 8. 9.1 8.3 7.7 Valuation(X) PSR NM 7.1 4.8 5.1 4.1 PER NM 12. 1.4 12.3 9.5 PBR NM 2.9 1.5 1.4 1.2 EV/EBITDA NM 1.5 4. 3.6 1.9

5 22A 619 288.4 59 97 85 655 452.9 NM NM 7.4 16 23A 1,217 96.7 28 21 34 23-69.1 458.3 NM 2.5 2,457 24E 1,48 15.7 349 28 22 14-48.6 11.9 46.6 1.6 5,142 25E 913-35.2 36 385 38 1,45 1,291.8 8. 4.6 19.5 32.5% 26E 1,8 1.4 44 422 316 1,487 2.6 7.8 3.9 16.7

54 44 34 24 14 4 19 14 9 4-1 -6-6 3.1Q 2Q 3Q 4Q 4.1Q 2Q 3Q 3.1Q 2Q 3Q 4Q 4.1Q 2Q 3Q

2, 1,8 1,6 1,4 1,2 1, 8 6 4 2 2.1 4 7 1 3.1 4 7 1 4.1 4 7 1 446.3 341.4 671.9 329. 211.9-35.6% -52.5% 23.3 169.4 222.8 199.2 28. 4.4% 2.3% - - 2.4 2.4 3.9 64.8% - 241.2 172. 446.7 127.4 - - - 65.3 43.8 2.1-12.6 78.3 2.% 94.9 67.4 116.1 1.9 99.7-1.2% 5.% - - -57.8-57.2-21.3 - -19.7-14.6 141.8-56.3 - - -

76 72 68 64 6 56 35 3 25 2 2 1.8 1.6 1.4 1.2 ARPU 2 18 16 14 12 52 15 1 3.3Q 4Q 4.1Q 2Q 3Q 3.3Q 4Q 4.1Q 2Q 3Q 1 1,216.9 1,47.6 912.7 1,7.8 15.7% -35.2% 1.4% 28.1 349.3 36. 44. 1,142.5% 3.1% 12.2% 2.7 27.7 385.5 421.8 33.8% 1,291.8% 9.4% 33.5 22.2 38.4 316.3-33.9% 1,291.8% 2.6%

619 1,217 1,48 913 1,8 13 171 563 538 61 71 143 214 178 197 59 28 349 36 44 74 114 92 62 53 7 9 3 6 9 55 69 27 15 12 36 121 413 36 35 6 14 11 11 11 9 97 21 28 385 422 97 21 28 385 422 11-13 6 77 15 85 34 22 38 316 EBIT(adjusted) 59-32 28 386 423 EBITDA 66-2 46 415 46-73 56 217 464 347 85 34 22 38 316 7 12 18 29 37 1 24 44 46 48-149 -43 123 51-65 -28 29 1 3 1 19-17 -213-227 -271-19 -67-82 -71-83 1 3 51-2 -1-1 -69 9-6 -85-112 93-11 -7-7 -75 62-15 -15-9 -12 2 69-61 -1-1 -1-6 -7-11 -11-11 -1 32-3 3-1 7 23-11 228 64 883 1,135 938 1,7 1,217 11 143 143 378 451 283 46 211 137 151 261 275 211 137 151 977 82 958 1,77 1,252 665 431 493 557 671 17 68 128 167 21 1,86 1,955 1,896 2,147 2,469 555 477 48 362 379 169 231 155 1 111 175 134 134 134 134 4 59 53 57 46 48 4 25 25 25 25 615 529 465 48 427 68 16 16 16 16 1,64 1,21 1,21 1,21 1,21 18 141 153 451 756 6-32 -38-28 -3 1,246 1,425 1,431 1,739 2,42 ( ) SPS 4,749 7,361 6,618 4,291 4,738 EPS 655 23 14 1,45 1,487 DPS 5 5 5 5 5 BPS 6,968 5,192 5,142 6,514 7,856 (%, YoY) 288.4 96.7 15.7-35.2 1.4 472.3-52.5 1,142.5 3.1 12.2 691.5-78.6 33.8 1,291.8 9.4 627.3-6.7-33.9 1,291.8 2.6 EPS 452.9-69.1-48.6 1,291.8 2.6 EBITDA 748.2-129.9 335. 793.7 1.8 (%) 9.6 2.3 24.8 39.4 4.1 15.6 1.7 2. 42.2 41.8 13.8 2.8 1.6 33.8 31.4 EBITDA Margin 1.7-1.6 3.3 45.5 45.6 ROE 7.4 2.5 1.6 19.5 16.7 (%) 219 159 159 159 159 (Credit) 19 15 16-22 -292 9.9 2. 31.4 32.4 36.3 1. 1.2.8 1.2 1.1 49.4 37.1 32.5 23.5 2.9 Valuation(X) PSR NM 12.6 1.7 2.7 2.4 PER NM 458.3 11.9 8. 7.8 PBR NM 17.9 2.2 1.8 1.5 EV/EBITDA NM NM 46.6 4.6 3.9

5 22A 214.6 94.9-14.5 1.2 8.7 146-78 15.8 NM 3. 45 23A 464.2 116.3 68.7 157.1 118.7 1,331 89 11.8 9.4 33.3 1,23 24E 43.4-13.1 83.2 155.1 116.4 1,35-2 1.6 6.5 24.5 5,58 25E 463.9 15. 98.3 22.6 151.9 1,74 31 8.1 4.1 25. 54.4% 26E 542.7 17. 119.1 218.7 164. 1,84 8 7.5 2.3 21.4

214.6 464.2 43.4 463.9 542.7 45.9 155.6 168.4 193.1 226.4 6.5 86.9 85.2 94.8 17.3-14.5 68.7 83.2 98.3 119.1 39.7 116.2 19.9 139.9 137. 13.2 8.2 11.8 12.2 14.2 24.7 74. 67. 95. 88. 15. 27.8 37.9 35.7 37.4...... 3.1 3.1 3.1 3.1 1.2 157.1 155.1 22.6 218.7 1.2 157.1 155.1 22.6 218.7 1.5 38.4 38.8 5.6 54.7 8.7 118.7 116.4 151.9 164. EBIT(adjusted) -24.9 82.4 83.8 12.8 124. EBITDA -2.6 91.8 9.3 19.9 131.5.8 257.7 93.5 81.6 98.9 8.7 118.7 116.4 151.9 164. 4.3 9.4 6.5 7.1 7.5 4.1 5.3 5.3 6.5 6.9-18.8 24.7 24.8 3.6 1. 2.5-8.4-59.5-87.5-8.5-53.7-59.3-9.5-47.1-57.4-11.2-8.8-7.7-8.4-7.6.2.... 37.3-1.6.6 -.6 -.8-18.7-4.4-11.9-3.1-5.6-61.3-44.5 18.5-35.1-43.4. -.2-6.8-4.2-2........ -4.3-4.3-4.3...... -.2-2.5.1 2.3-52.9 198.2-3.9 3.3 39.4 246.4 493.5 451.8 519.6 67.9 189.4 45.6 375.5 431.8 55.2 38.7 79. 68.6 78.9 92.3..... 12.4 2.1 369.5 468.2 561.4 72.2 15.7 316.4 411.3 51.8 11.8 11.1 12.3 13.6 13.7 348.7 693.6 821.3 987.8 1,169.3 51.6 275.6 289.4 33.8 319................ 1.4.1.1.1.1.......... 53. 275.7 289.4 33.9 319.1 29.7 44.6 44.6 44.6 44.6 26.6 191.7 191.7 191.7 191.7 59.4 178.1 294.4 446.4 61.4. 3.6 1.1 1.2 3.5 295.8 418. 531.8 683.8 85.2 ( ) SPS 3,611.6 5,27. 4,524.7 5,23.3 6,87.9 EPS 146.5 1,331.3 1,35.3 1,74.2 1,84.2 DPS..... BPS 4,667.6 4,258.2 5,58.4 7,185.5 9,22.2 (%, YoY) 94.9 116.3-13.1 15. 17. -143.2 574.1 21.1 18.2 21.1-78.4 1,442.6-1.3 3.6 8. -73.8 1,263.5-2. 3.6 8. EPS -78.3 89. -2. 3.6 8. EBITDA -154.2 544.8-1.6 21.7 19.6 (%) -6.8 14.8 2.6 21.2 22. 4.7 33.9 38.5 43.7 4.3 4.1 25.6 28.8 32.8 3.2 EBITDA Margin -9.6 19.8 22.4 23.7 24.2 ROE 3. 33.3 24.5 25. 21.4 (%)..... (Credit) -189.4-45.6-375.5-431.8-55.2 - - - - -..... 17.9 66. 54.4 44.4 37.5 Valuation(X) PSR 4.3 3. 3. 2.7 2.3 PER 15.8 11.8 1.6 8.1 7.5 PBR 3.3 3.7 2.5 1.9 1.5 EV/EBITDA NM 9.4 6.5 4.1 2.3

25, 2, 15, 1, 5, 11.4 5.4 11.4 8.4 3, 25, 2, 15, 1, 5, 11.4 5.4 11.4 8.4 18, 16, 14, 12, 1, 8, 6, 4, 2, 11.4 5.4 11.4 8.4 4, 35, 3, 25, 2, 15, 1, 5, 11.4 5.4 11.4 8.4

22 1 28 Strong Buy 63, 23 1 13 BUY 72, 23 4 1 BUY 8, 23 4 16 BUY 97, 23 5 13 BUY 143, 23 6 9 BUY 183, 23 9 22 BUY 22, 24 1 28 BUY 18, 24 3 23 Market Perform 9, ( ) 24 4 21 Market Perform 1, 24 6 21 BUY 147, 24 11 8 BUY 147, 22 1 28 Under perform - 22 11 15 BUY 15, 23 7 31 Market Perform - 24 1 26 BUY 11, 24 11 8 BUY 145, 23 5 22 Strong Buy 15, 23 8 6 BUY 155, 23 1 27 BUY 163, 24 2 18 BUY 17, 24 5 7 BUY 15, 24 7 5 Market Perform - 24 8 2 BUY 41, ( ) 24 11 8 BUY 31, 24 11 8 BUY 15,5 23 1 27 BUY 37, 24 12 4 BUY 33, ( ) 24 5 6 BUY 24, 24 11 8 BUY 18,