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Transcription:

KIS Korea Investors Service Credit Monitor 06 Special Report 43 Rating Summary 58

KOREA INVESTORS SERVICE,INC. 04

KIS Credit Monitor 2015.1 05

Special Report KOREA INVESTORS SERVICE,INC. 06

KIS Credit Monitor 2015.1 07

Special Report KOREA INVESTORS SERVICE,INC. 08

KIS Credit Monitor 2015.1 09

Special Report KOREA INVESTORS SERVICE,INC. 10

KIS Credit Monitor 2015.1 11

Special Report KOREA INVESTORS SERVICE,INC. 12

KIS Credit Monitor 2015.1 13

Special Report KOREA INVESTORS SERVICE,INC. 14

KIS Credit Monitor 2015.1 15

Special Report KOREA INVESTORS SERVICE,INC. 16

KIS Credit Monitor 2015.1 17

Special Report KOREA INVESTORS SERVICE,INC. 18 2014.09.05 A+/ A+/ 2014.09.05 A+/ A+/ 2014.09.05 A2+ A2+ 2014.09.05 A/ A-/ 2014.09.05 A2 A2-2014.06.30 A/ A/

KIS Credit Monitor 2015.1 19

Special Report KOREA INVESTORS SERVICE,INC. 20

KIS Credit Monitor 2015.1 21

Special Report KOREA INVESTORS SERVICE,INC. 22

KIS Credit Monitor 2015.1 23 2009 2010 2011 2012 2013 0 2,733 0 0 0 2,733 267 0 2,183 0 4,992 7,442 (1,171) (3,702) (4,873) 1,517 0 0 0 0 1,517 1,784 2,733 2,183 0 4,992 11,692 (1,171) (3,702) (4,873) 2009.12 2010.12 2011.12 2012.12 2013.12 2014.09 12,102 14,835 14,835 14,835 14,835 14,835 8,805 8,805 10,987 6,678 1) 15,372 15,372 76 70 70 70 70 70 20,983 23,710 25,892 21,583 30,277 30,277

Special Report KOREA INVESTORS SERVICE,INC. 24

KIS Credit Monitor 2015.1 25 2010.12 2011.12 2012.12 2013.12 2013.09 2014.09 24,531 27,833 23,772 23,552 17,210 17,133 786-3,087-4,491 574 513 796 145-2,942-6,541-603 -512-715 EBITDA 1) 2,368 1,195 1,457 891 760 1,001 OCF 2) -4,798-186 1,850-3,302-5,473-1,591 FCF 3) -4,926 150 1,603-2,649-4,689-1,631 4) -8,629-2,182-725 -6,118-2,888-3,017

Special Report KOREA INVESTORS SERVICE,INC. 26 2010.12 2011.12 2012.12 2013.12 2013.09 2014.09 74,819 84,631 81,584 77,368 58,503 57,131 7,257 6,796 3,624 3,695 2,813 3,447 1,255 2,069 3,933-1,010-755 1,056 EBITDA 1) 10,712 9,784 7,219 7,867 5,929 6,328 OCF 2) 12,690 3,825 3,876 8,953 5,336 3,364 FCF 3) 9,144-472 -589 5,652 3,159 1,377 4) 7,623-872 -8,664 1,421-490 -1,894

KIS Credit Monitor 2015.1 27 2013 2Q 2013 3Q 2013 4Q 2014 1Q 2014 2Q 2014 3Q 21,584 19,636 22,911 16,850 17,090 17,052 1,539 1,241 1,227 1,003 1,208 733 439 147 404 497-277 258 EBITDA 1) 2,246 1,871 2,809 1,797 1,866 1,400 53,807 57,256 38,841 43,725 44,108 45,709 14,371 13,191 6,947 7,699 7,358 6,712 39,437 44,065 31,895 36,026 36,751 38,997

Special Report KOREA INVESTORS SERVICE,INC. 28

KIS Credit Monitor 2015.1 29

Special Report KOREA INVESTORS SERVICE,INC. 30 ( ) ( )

KIS Credit Monitor 2015.1 31 60% 60% 60% MMF 2009 2010 2011 2012 2013 2014.10 1,589 2,323 1,590 1,345 1,234 1,962 () 1,275 1,150 981 956 899 847 () 654 746 634 667 791 962 724 677 539 640 671 963 179 191 213 316 322 336 116 141 164 199 242 275 132 157 181 217 263 298

Special Report KOREA INVESTORS SERVICE,INC. 32 9 26 ( ) 1. 2.

KIS Credit Monitor 2015.1 33 mismatching

Special Report KOREA INVESTORS SERVICE,INC. 34 AAA(0.8%)AA (2.0%)A /BBB (4%)BBB- (6%) (4%) 12% 12% (SOC) X50% ( AAA: 0.4%AA: 1.0%) 6% (PF) X200% ( AAA: 1.6%AA: 4.0%) 12%

KIS Credit Monitor 2015.1 35 AAA(f) AA(f) A(f) BBB(f) BB(f) B(f) CCC(f) CC(f) C(f)

Special Report KOREA INVESTORS SERVICE,INC. 36 Moody s Bond Fund Ratings Definition Bond Fund Ratings are opinions of the credit quality of investments within mutual funds and similar investment vehicles which principally invest in medium- and long-term fixed income obligations. As such, these ratings primarily reflect Moody s assessment of the creditworthiness of the assets held by the fund. Other risks, such as liquidity, operational, interest rate, currency and any other market risk, are excluded from the rating. In addition, as the ratings are intended to represent opinions on a fund s underlying assets, they specifically do not consider the historic, current, or prospective performance of a fund with respect to appreciation, volatility of net asset value, or yield.

KIS Credit Monitor 2015.1 37 50% ( ) 50% 50% 50% 100%

Special Report KOREA INVESTORS SERVICE,INC. 38

KIS Credit Monitor 2015.1 39

Special Report KOREA INVESTORS SERVICE,INC. 40

KIS Credit Monitor 2015.1 41

Special Report KOREA INVESTORS SERVICE,INC. 42

KIS Credit Monitor 2015.1 43 Korea Investors Service KIS Credit Monitor Rating Summary

Rating Summary KOREA INVESTORS SERVICE,INC. 44

KIS Credit Monitor 2015.1 45

Rating Summary KOREA INVESTORS SERVICE,INC. 46 2011.12 2012.12 2013.12 2014.09 12,930 17,828 15,233 14,977 1,413 1,754 708 834 11,517 16,075 14,526 14,143 6,420 2,965 4 - +PF 17,937 19,040 14,530 14,143 7,006 6,154 4,475 2,822 224.4 326.5 398.5 617.5 56.9 67.9 68.3 74.0

KIS Credit Monitor 2015.1 47 ABCP ABS PF Loan 2014.10.31 - - - - 2015 1Q 2015 2Q 2015 3Q 2015 4Q 2014.11.30 3,600 1,500 2,100 - -

Rating Summary KOREA INVESTORS SERVICE,INC. 48 2011.12 2012.12 2013.12 2014.09-279 -289-1,999-135 EBITDA 108 264 146 88 681 715 954 671 2015.09 2016.09 2016.10 4,909 - - 4,909 5,051 767 920 6,738 - - 254 254 3,693 - - 3,693 13,653 767 1,174 15,595

KIS Credit Monitor 2015.1 49

Rating Summary KOREA INVESTORS SERVICE,INC. 50 2010.12 2011.12 2012.12 2013.12 2013.09 2014.09 81,041 89,099 80,573 85,136 61,790 56,491 66,753 71,727 67,504 65,559 46,876 45,927 25,890 26,115 23,290 41,656 29,816 43,382 18,614 23,953 23,758 27,622 20,425 16,394 19,549 25,758 27,284 28,425 19,181 37,775 211,847 236,652 222,409 248,425 178,116 199,970 93% 91% 92% 86% 87% 71%

KIS Credit Monitor 2015.1 51

Rating Summary KOREA INVESTORS SERVICE,INC. 52

KIS Credit Monitor 2015.1 53 2010.12 2011.12 2012.12 2013.12 2013.09 2014.09 16 1,929 6,087 12,845 10,958 16,871 8 218 858 1,520 1,317 2,073 7 469 3,194 7,062 6,087 9,166-726 1,547 1,719 2,107 821-516 487 2,544 1,447 4,811 532 2,999 5,024 7,342 6,810 8,111 n/a 1,204 1,956 3,201 2,942 3,248 n/a 1,060 1,853 2,112 2,115 2,022 n/a 735 1,215 2,030 1,753 2,841 425 2,450 3,998 5,528 5,159 5,978 145 1,242 1,487 1,590 1,523 2,858-314 522 760 472 2,000 145 928 965 830 1,024 859 1,116 8,620 16,595 27,305 24,449 33,818

Rating Summary KOREA INVESTORS SERVICE,INC. 54 2010 2011 2012 2013 2013.3Q 2014.3Q 16 582 1,327 1,879 1,365 1,714 13 358 856 1,164 854 1,025-7 269 705 881 636 759-14 123 280 376 266 368 2.7 10.8 10.0 8.0 8.8 7.5 2.3 6.7 6.4 5.0 5.5 4.5-1.2 5.0 5.3 3.8 4.1 3.3 1.2 2.7 3.2 2.2 2.4 1.7-2.4 2.3 2.1 1.6 1.7 1.6 ROA -8.4 1.9 1.6 1.2 1.2 1.2 4.6 5.1 4.7 4.0 4.1 3.7

KIS Credit Monitor 2015.1 55 2011.12 2012.12 2013.12 2013.09 2014.09 0.3 0.8 1.1 1.1 1.4 1.0 1.8 2.2 2.2 2.7 (1M+) 1.2 1.9 1.9 2.2 2.0 0.0 0.4 0.8 0.4 0.8 0.1 0.8 1.1 1.0 1.7 0.1 0.6 0.7 0.9 0.8 1.2 2.0 1.7 2.6 1.7 384.5 153.5 130.1 125.6 120.8 112.1 67.3 62.6 64.9 58.0 95.0 65.4 72.0 58.2 72.1 2010.12 2011.12 2012.12 2013.12 2013.09 2014.09 16.1 13.0 14.3 11.9 12.6 11.4 193 1,162 2,427 3,284 3,135 3,865 1,197 8,908 16,939 27,688 24,863 33,798 6.4 8.5 7.5 9.2 8.5 9.5 186 1,079 2,284 3,067 2,982 3,644 1,197 9,181 17,220 28,098 25,399 34,615

Rating Summary KOREA INVESTORS SERVICE,INC. 56 2010.12 2011.12 2012.12 2013.12 2013.09 2014.09-800 1,950 1,400 1,350 1,950-2,100 7,800 18,600 15,100 25,100-500 360 670 1,040 1,130 899 3,900 3,180 1,700 2,500 0 899 7,300 13,290 22,370 19,990 28,180 100.0 53.4 23.9 7.6 12.5 0.0 0.0 11.0 14.7 6.3 6.8 6.9 1 ~30 1 ~90 1 ~1

KIS Credit Monitor 2015.1 57

KOREA INVESTORS SERVICE,INC. 58 Korea Investors Service KIS Credit Monitor

KIS Credit Monitor 2015.1 59

KOREA INVESTORS SERVICE,INC. 60 () OUTLOOK 11 PFB 300 '13.12.31 '14.12.01 AAA Stable 93 SB 1,200 '13.12.31 '14.12.02 AAA Stable (14-12) PFB '13.12.31 '14.12.03 AA+ Stable 15 ( )SB 500 '13.12.31 '14.12.03 AA Stable 109 SB 200 '13.12.31 '14.12.03 A Stable 110 SB 150 '13.12.31 '14.12.03 A Stable 111 SB 100 '13.12.31 '14.12.03 A Stable 400 ELB 6 '13.12.31 '14.12.04 A+ Stable 136 ELB 6 '13.12.31 '14.12.04 A+ Stable 113 ELB 6 '13.12.31 '14.12.04 A+ Stable 254 ELB 3 '13.12.31 '14.12.04 AA Stable 141000-1211-1 COCOT2 7,000 '13.12.31 '14.12.08 AA+ Stable 31 SB 1,000 '13.12.31 '14.12.09 AAA Stable 289-1 SB 100 '13.12.31 '14.12.10 AA- Stable 289-2 SB 100 '13.12.31 '14.12.10 AA- Stable 289-3 SB 100 '13.12.31 '14.12.10 AA- Stable 289-4 SB 200 '13.12.31 '14.12.10 AA- Stable 289-5 SB 100 '13.12.31 '14.12.10 AA- Stable 290-1 SB 100 '13.12.31 '14.12.10 AA- Stable 290-2 SB 100 '13.12.31 '14.12.10 AA- Stable 290-3 SB 700 '13.12.31 '14.12.10 AA- Stable 290-4 SB 200 '13.12.31 '14.12.10 AA- Stable 116-1 SB 200 '13.12.31 '14.12.12 A- Stable 116-2 SB 300 '13.12.31 '14.12.12 A- Stable -1412 SB '13.12.31 '14.12.12 AAA Stable 291 SB 400 '13.12.31 '14.12.15 AA Stable 43-1 SB 900 '13.12.31 '14.12.16 AAA Stable 43-2 SB 2,200 '13.12.31 '14.12.16 AAA Stable 43-3 SB 900 '13.12.31 '14.12.16 AAA Stable 21 SB 1,000 '13.12.31 '14.12.18 A+ Stable 405 ELB '13.12.31 '14.12.24 A+ Stable 147 SB '13.12.31 '14.12.24 AAA Stable 137 ELB '13.12.31 '14.12.24 A+ Stable 119 ELB '13.12.31 '14.12.24 A+ Stable 270 ELB '13.12.31 '14.12.24 AA Stable 301 SB '13.12.31 '14.12.24 A Stable 15-1 SB '13.12.31 '14.12.29 AAA Stable 40-1 SB 500 '13.12.31 '14.12.29 AA- Stable 40-2 SB 1,600 '13.12.31 '14.12.29 AA- Stable () 14-12 PFB '13.12.31 '14.12.29 AA+ Stable 182 SB '13.12.31 '14.12.29 A+ Stable 615 PFB '13.12.31 '14.12.29 AAA Stable 265 PFB 1,500 '13.12.31 '14.12.29 AAA Stable 13 SB '13.12.31 '14.12.30 A+ Stable 2162 SB '13.12.31 '14.12.30 AA+ Stable 1824 SB '13.12.31 '14.12.30 AA+ Stable

KIS Credit Monitor 2015.1 61 () OUTLOOK 36 SB '13.12.31 '14.12.30 AA Positive 119 SB '13.12.31 '14.12.30 AA+ Stable 2015-1 SB '14.03.31 '14.12.30 AAA Stable 593 SB '13.12.31 '14.12.30 AA+ Stable 3501 SB '13.12.31 '14.12.31 AAA Stable 19-01 SB '13.12.31 '14.12.31 AAA Stable 291 SB '13.12.31 '14.12.31 AA- Stable 406 ELB '13.12.31 '14.12.31 A+ Stable 144 ELB '13.12.31 '14.12.31 A+ Stable 70 SB '13.12.31 '14.12.31 A+ Stable 19-01 SB '13.12.31 '14.12.31 AAA Stable 120 ELB '13.12.31 '14.12.31 A+ Stable 277 ELB '13.12.31 '14.12.31 AA Stable 15-01 SB '13.12.31 '14.12.31 AAA Stable 15-01 SB '13.12.31 '14.12.31 AAA Stable 19-01 SB '13.12.31 '14.12.31 AAA Stable 38-01 SB '13.12.31 '14.12.31 AAA Stable 1537 SB '13.12.31 '14.12.31 AA+ Stable 189 SB '13.12.31 '14.12.31 AA- Stable Issuer Rating '13.12.31 '14.12.23 AAA Stable '13.12.31 '14.12.23 AAA Stable '13.12.31 '14.12.29 A+ Stable 9,000 '14.12.12 A1 '14.12.12 A1 1-1 ABCP 2,726 '14.12.01 A1(sf) 1-2 ABCP 31 '14.12.01 A1(sf) 1-1 ABCP 1,733 '14.12.01 A1(sf) 1-2 ABCP 20 '14.12.01 A1(sf) 1-1 ABCP 1,400 '14.12.01 A1(sf) 1-2 ABCP 17 '14.12.01 A1(sf) 1-3 ABCP 2 '14.12.01 A1(sf) 1-1 ABS 105 '14.12.01 AAA(sf) 1-2 ABS 100 '14.12.01 AAA(sf) 1-3 ABS 100 '14.12.01 AAA(sf) 1-4 ABS 100 '14.12.01 AAA(sf) 1-5 ABS 100 '14.12.01 AAA(sf) 1-6 ABS 100 '14.12.01 AAA(sf) 1-7 ABS 100 '14.12.01 AAA(sf) 1-8 ABS 100 '14.12.01 AAA(sf) 1-9 ABS 100 '14.12.01 AAA(sf) 1-10 ABS 100 '14.12.01 AAA(sf) 1-11 ABS 100 '14.12.01 AAA(sf) 1-12 ABS 100 '14.12.01 AAA(sf) 1-13 ABS 100 '14.12.01 AAA(sf)

KOREA INVESTORS SERVICE,INC. 62 () OUTLOOK 1-14 ABS 100 '14.12.01 AAA(sf) 1-15 ABS 100 '14.12.01 AAA(sf) 1-16 ABS 100 '14.12.01 AAA(sf) 1-17 ABS 100 '14.12.01 AAA(sf) 1-18 ABS 100 '14.12.01 AAA(sf) 1-19 ABS 100 '14.12.01 AAA(sf) 1-20 ABS 100 '14.12.01 AAA(sf) 1-21 ABS 100 '14.12.01 AAA(sf) 1-22 ABS 100 '14.12.01 AAA(sf) 1-23 ABS 100 '14.12.01 AAA(sf) 1-24 ABS 80 '14.12.01 AAA(sf) 1-25 ABS 105 '14.12.01 AA(sf) 1-26 ABS 80 '14.12.01 A(sf) 4-1 ABCP 1 '14.12.02 A2(sf) 9-1 ABCP 1 '14.12.02 A2(sf) 7-1 ABCP 250 '14.12.02 C(sf) 3 ABCP 339 '14.12.03 A1(sf) 1 ABCP 2,243 '14.12.04 A1(sf) 1 8 '14.12.04 AAA(sf) 4-1 ABCP 8 '14.12.04 A2(sf) 4-2 ABCP 13 '14.12.04 A2(sf) 4-1 ABCP 6 '14.12.04 A2(sf) 4-2 ABCP 11 '14.12.04 A2(sf) 4-1 ABCP 8 '14.12.04 A2(sf) 4-2 ABCP 14 '14.12.04 A2(sf) 1-1 ABS 514 '14.12.04 AAA(sf) 1-2 ABS 520 '14.12.04 AAA(sf) 1-3 ABS 1 '14.12.04 C(sf) 1-4 ABS 45 '14.12.04 C(sf) 1-1 ABS 100 '14.12.04 AAA(sf) 1-2 ABS 100 '14.12.04 AAA(sf) 1-3 ABS 100 '14.12.04 AAA(sf) 1-4 ABS 150 '14.12.04 AAA(sf) 1-5 ABS 100 '14.12.04 AAA(sf) 1-6 ABS 100 '14.12.04 AAA(sf) 1-7 ABS 100 '14.12.04 AAA(sf) 1-8 ABS 150 '14.12.04 AAA(sf) 1-9 ABS 150 '14.12.04 AAA(sf) 1-10 ABS 100 '14.12.04 AAA(sf) 1-11 ABS 150 '14.12.04 AAA(sf) 1-12 ABS 100 '14.12.04 AAA(sf) 1-13 ABS 150 '14.12.04 AAA(sf) 1-14 ABS 150 '14.12.04 AAA(sf) 1-15 ABS 100 '14.12.04 AAA(sf) 1-16 ABS 100 '14.12.04 AAA(sf) 1-17 ABS 100 '14.12.04 AAA(sf) 1-18 ABS 150 '14.12.04 AAA(sf) 1-19 ABS 100 '14.12.04 AAA(sf)

KIS Credit Monitor 2015.1 63 () OUTLOOK 1-20 ABS 150 '14.12.04 AAA(sf) 1-21 ABS 100 '14.12.04 AAA(sf) 1-22 ABS 100 '14.12.04 AAA(sf) 1-23 ABS 150 '14.12.04 AAA(sf) 1-24 ABS 150 '14.12.04 AAA(sf) 1-25 ABS 100 '14.12.04 AAA(sf) 1 ABS 150 '14.12.05 AA-(sf) 2 ABS 150 '14.12.05 AA-(sf) 3 ABS 150 '14.12.05 AA-(sf) 4 ABS 150 '14.12.05 AA-(sf) 5 ABS 150 '14.12.05 AA-(sf) 6 ABS 150 '14.12.05 AA-(sf) 7 ABS 150 '14.12.05 AA-(sf) 8 ABS 150 '14.12.05 AA-(sf) 1 ABCP 1,700 '14.12.05 A1(sf) 2 ABCP 5 '14.12.05 A1(sf) 1 ABCP 342 '14.12.09 A1(sf) 1 ABCP 1,500 '14.12.09 A1(sf) 2 ABCP 1,500 '14.12.09 A1(sf) 3 ABCP 1,500 '14.12.09 A1(sf) 4 ABCP 1,500 '14.12.09 A1(sf) 5 ABCP 1,500 '14.12.09 A1(sf) 6 ABCP 1,500 '14.12.09 A1(sf) 1 ABCP 226 '14.12.09 A1(sf) 1 ABCP 2,039 '14.12.09 A1(sf) 1 ABS 7 '14.12.09 AAA(sf) 2 ABS 70 '14.12.09 BBB(sf) Tranche A ABS 150 '14.12.10 BBB(sf) Tranche B ABS 200 '14.12.10 BBB(sf) 1-1 ABCP 76 '14.12.10 A1(sf) 1-2 ABCP 0.3 '14.12.10 A1(sf) 1 ABCP 1,800 '14.12.11 A1(sf) 17 ABCP 340 '14.12.11 A1(sf) 5-1 ABCP 14 '14.12.11 A1(sf) 5-2 ABCP 0.05 '14.12.11 A1(sf) 1 ABCP 338 '14.12.12 A1(sf) 11-1 ABCP 162 '14.12.12 A3(sf) 11-2 ABCP 156 '14.12.12 A3(sf) 1-1 ABCP 426 '14.12.15 A1(sf) 1-2 ABCP 2 '14.12.15 A1(sf) 1-1 ABCP 1,510 '14.12.15 A1(sf) 1-2 ABCP 1 '14.12.15 A1(sf) 3-1 ABCP 8 '14.12.15 A1(sf) 3-2 ABCP 514 '14.12.15 A1(sf) 3-3 ABCP 4 '14.12.15 A1(sf) 3-4 ABCP 512 '14.12.15 A1(sf) 1 ABCP 775 '14.12.15 A1(sf) 2 ABCP 775 '14.12.15 A1(sf)

KOREA INVESTORS SERVICE,INC. 64 () OUTLOOK 3 ABCP 775 '14.12.15 A1(sf) 4 ABCP 775 '14.12.15 A1(sf) 5 ABCP 775 '14.12.15 A1(sf) 6 ABCP 775 '14.12.15 A1(sf) 7 ABCP 775 '14.12.15 A1(sf) 8 ABCP 775 '14.12.15 A1(sf) 9 ABCP 775 '14.12.15 A1(sf) 10 ABCP 775 '14.12.15 A1(sf) 11 ABCP 775 '14.12.15 A1(sf) 12 ABCP 775 '14.12.15 A1(sf) 13 ABCP 775 '14.12.15 A1(sf) 14 ABCP 775 '14.12.15 A1(sf) 15 ABCP 775 '14.12.15 A1(sf) 16 ABCP 775 '14.12.15 A1(sf) 17 ABCP 775 '14.12.15 A1(sf) 18 ABCP 775 '14.12.15 A1(sf) 19 ABCP 775 '14.12.15 A1(sf) 20 ABCP 775 '14.12.15 A1(sf) 21 ABCP '14.12.15 A1(sf) 2 ABCP 208 '14.12.15 A1(sf) 1-1 ABCP 1,510 '14.12.15 A1(sf) 1-2 ABCP 1 '14.12.15 A1(sf) 7-2 ABCP 250 '14.12.16 C(sf) 1-1 ABS 105 '14.12.16 AAA(sf) 1-2 ABS 100 '14.12.16 AAA(sf) 1-3 ABS 100 '14.12.16 AAA(sf) 1-4 ABS 100 '14.12.16 AAA(sf) 1-5 ABS 100 '14.12.16 AAA(sf) 1-6 ABS 100 '14.12.16 AAA(sf) 1-7 ABS 100 '14.12.16 AAA(sf) 1-8 ABS 100 '14.12.16 AAA(sf) 1-9 ABS 100 '14.12.16 AAA(sf) 1-10 ABS 100 '14.12.16 AAA(sf) 1-11 ABS 100 '14.12.16 AAA(sf) 1-12 ABS 100 '14.12.16 AAA(sf) 1-13 ABS 100 '14.12.16 AAA(sf) 1-14 ABS 100 '14.12.16 AAA(sf) 1-15 ABS 100 '14.12.16 AAA(sf) 1-16 ABS 100 '14.12.16 AAA(sf) 1-17 ABS 100 '14.12.16 AAA(sf) 1-18 ABS 100 '14.12.16 AAA(sf) 1-19 ABS 100 '14.12.16 AAA(sf) 1-20 ABS 100 '14.12.16 AAA(sf) 1-21 ABS 100 '14.12.16 AAA(sf) 1-22 ABS 100 '14.12.16 AAA(sf) 1-23 ABS 100 '14.12.16 AAA(sf) 1-24 ABS 100 '14.12.16 AAA(sf) 1 ABCP 100 '14.12.16 A1(sf)

KIS Credit Monitor 2015.1 65 () OUTLOOK KHFC MBS 2014-21 1-1 2,143 '14.12.17 AAA(sf) KHFC MBS 2014-21 1-2 3,500 '14.12.17 AAA(sf) KHFC MBS 2014-21 1-3 2,900 '14.12.17 AAA(sf) KHFC MBS 2014-21 1-4 6,800 '14.12.17 AAA(sf) KHFC MBS 2014-21 1-5 1,200 '14.12.17 AAA(sf) KHFC MBS 2014-21 1-6 700 '14.12.17 AAA(sf) KHFC MBS 2014-21 1-7 300 '14.12.17 AAA(sf) KHFC MBS 2014-21 1-8 100 '14.12.17 AAA(sf) 1-1 ABCP 100 '14.12.18 A1(sf) 1 ABCP 300 '14.12.18 A1(sf) 2 ABCP 300 '14.12.18 A1(sf) 3 ABCP 300 '14.12.18 A1(sf) 4 ABCP 300 '14.12.18 A1(sf) 5 ABCP 300 '14.12.18 A1(sf) 6 ABCP 300 '14.12.18 A1(sf) 7 ABCP 300 '14.12.18 A1(sf) 1-1 ABS 75 '14.12.18 AAA(sf) 1-2 ABS 722 '14.12.18 AAA(sf) 1-3 ABS 1,476 '14.12.18 AAA(sf) 1-4 ABS 67 '14.12.18 C(sf) 1 ABCP 635 '14.12.19 A1(sf) 2 ABCP 1,020 '14.12.19 A1(sf) 2 4 '14.12.19 AAA(sf) 1-1 ABCP 2,000 '14.12.19 A1(sf) 1-2 ABCP 7 '14.12.19 A1(sf) 3 ABCP 100 '14.12.19 A1(sf) 2-1 ABCP 1 '14.12.19 A1(sf) 1 ABCP 1,015 '14.12.19 A1(sf) 1 3 '14.12.19 AAA(sf) 4 ABCP 130 '14.12.19 A1(sf) 3 ABCP 214 '14.12.22 A1(sf) 7-3 ABCP 250 '14.12.23 C(sf) 1 ABCP 1,200 '14.12.24 A1(sf) 2-2 ABCP 150 '14.12.24 A2(sf) 6-1 ABCP 9 '14.12.24 A1(sf) 6-2 ABCP 0.03 '14.12.24 A1(sf) 1 ABCP 1,126 '14.12.29 A1(sf) 2 ABCP 4 '14.12.29 A1(sf) 49 ABCP 800 '14.12.29 A1(sf) 50 ABCP 800 '14.12.29 A1(sf) 51 ABCP 800 '14.12.29 A1(sf) 52 ABCP 800 '14.12.29 A1(sf) 53 ABCP 800 '14.12.29 A1(sf) 54 ABCP 800 '14.12.29 A1(sf) 55 ABCP 800 '14.12.29 A1(sf) 56 ABCP 800 '14.12.29 A1(sf) 57 ABCP 800 '14.12.29 A1(sf) 58 ABCP 800 '14.12.29 A1(sf)

KOREA INVESTORS SERVICE,INC. 66 () OUTLOOK 59 ABCP 800 '14.12.29 A1(sf) 60 ABCP 800 '14.12.29 A1(sf) 1 ABCP 1,502 '14.12.29 A1(sf) 2 ABCP 1,503 '14.12.29 A1(sf) 3 ABCP 1,503 '14.12.29 A1(sf) 4 ABCP 1,504 '14.12.29 A1(sf) 5 ABCP 1,505 '14.12.29 A1(sf) 6 ABCP 1,505 '14.12.29 A1(sf) 7 ABCP 1,506 '14.12.29 A1(sf) 8 ABCP 1,507 '14.12.29 A1(sf) 9 ABCP 1,507 '14.12.29 A1(sf) 10 ABCP 1,508 '14.12.29 A1(sf) 11 ABCP 1,509 '14.12.29 A1(sf) 12 ABCP 1,509 '14.12.29 A1(sf) 13 ABCP 1,510 '14.12.29 A1(sf) 14 ABCP 1,511 '14.12.29 A1(sf) 15 ABCP 1,511 '14.12.29 A1(sf) 16 ABCP 1,512 '14.12.29 A1(sf) 17 ABCP 1,513 '14.12.29 A1(sf) 18 ABCP 1,513 '14.12.29 A1(sf) 19 ABCP 1,514 '14.12.29 A1(sf) 20 ABCP 1,515 '14.12.29 A1(sf) 21 ABCP 1,515 '14.12.29 A1(sf) 22 ABCP 1,516 '14.12.29 A1(sf) 23 ABCP 1,517 '14.12.29 A1(sf) 24 ABCP 1,517 '14.12.29 A1(sf) 25 ABCP 1,518 '14.12.29 A1(sf) 26 ABCP 1,519 '14.12.29 A1(sf) 27 ABCP 1,519 '14.12.29 A1(sf) 28 ABCP 1,520 '14.12.29 A1(sf) 29 ABCP 1,521 '14.12.29 A1(sf) 30 ABCP 1,521 '14.12.29 A1(sf) 31 ABCP 1,522 '14.12.29 A1(sf) 32 ABCP 1,523 '14.12.29 A1(sf) 33 ABCP 1,523 '14.12.29 A1(sf) 34 ABCP 1,524 '14.12.29 A1(sf) 35 ABCP 1,525 '14.12.29 A1(sf) 36 ABCP 1,525 '14.12.29 A1(sf) 37 ABCP 1,526 '14.12.29 A1(sf) 38 ABCP 1,527 '14.12.29 A1(sf) 39 ABCP 1,528 '14.12.29 A1(sf) 40 ABCP 1,528 '14.12.29 A1(sf) 41 ABCP 1,529 '14.12.29 A1(sf) 42 ABCP 1,530 '14.12.29 A1(sf) 43 ABCP 1,530 '14.12.29 A1(sf) 44 ABCP 1,531 '14.12.29 A1(sf) 45 ABCP 1,532 '14.12.29 A1(sf) 46 ABCP 1,532 '14.12.29 A1(sf)

KIS Credit Monitor 2015.1 67 () OUTLOOK 47 ABCP 1,533 '14.12.29 A1(sf) 48 ABCP 1,533 '14.12.29 A1(sf) 49 ABCP 5 '14.12.29 A1(sf) 1-1 ABCP 1,000 '14.12.30 A1(sf) 1-2 ABCP 1 '14.12.30 A1(sf) 5 ABCP 104 '14.12.30 A1(sf) 1-1 ABS 970 '14.12.30 AAA(sf) 7-4 ABCP 250 '14.12.30 C(sf) 3-2 ABCP 1 '14.12.31 A1(sf) 1 ABSTB 200 '14.12.01 A2+(sf) 7 ABSTB 150 '14.12.01 A2(sf) 1-1 ABSTB 100 '14.12.01 A1(sf) 1-2 ABSTB 100 '14.12.01 A1(sf) 1-3 ABSTB 100 '14.12.01 A1(sf) 4 ABSTB 788 '14.12.02 A2(sf) 9 ABSTB 220 '14.12.02 A2(sf) 1 ABSTB 200 '14.12.02 A1(sf) 2 ABSTB 200 '14.12.02 A1(sf) 3 ABSTB 200 '14.12.02 A1(sf) 4 ABSTB 200 '14.12.02 A1(sf) 5 ABSTB 200 '14.12.02 A1(sf) 6 ABSTB 200 '14.12.02 A1(sf) 7 ABSTB 200 '14.12.02 A1(sf) 8 ABSTB 200 '14.12.02 A1(sf) 9 ABSTB 200 '14.12.02 A1(sf) 10 ABSTB 200 '14.12.02 A1(sf) 11 ABSTB 200 '14.12.02 A1(sf) 12 ABSTB 200 '14.12.02 A1(sf) 1 ABSTB 300 '14.12.02 A1(sf) 4 ABSTB 802 '14.12.02 A1(sf) 4 ABSTB 250 '14.12.03 A2-(sf) 11 ABSTB 248 '14.12.04 A3+(sf) 1 ABSTB 82 '14.12.04 A1(sf) 2 ABSTB 95 '14.12.04 A1(sf) 3 ABSTB 95 '14.12.04 A1(sf) 4 ABSTB 95 '14.12.04 A1(sf) 5 ABSTB 95 '14.12.04 A1(sf) 6 ABSTB 95 '14.12.04 A1(sf) 7 ABSTB 95 '14.12.04 A1(sf) 8 ABSTB 95 '14.12.04 A1(sf) 9 ABSTB 95 '14.12.04 A1(sf) 10 ABSTB 95 '14.12.04 A1(sf) 11 ABSTB 95 '14.12.04 A1(sf) 12 ABSTB 95 '14.12.04 A1(sf) 13 ABSTB 95 '14.12.04 A1(sf) 14 ABSTB 95 '14.12.04 A1(sf) 15 ABSTB 95 '14.12.04 A1(sf)

KOREA INVESTORS SERVICE,INC. 68 () OUTLOOK 16 ABSTB 95 '14.12.04 A1(sf) 17 ABSTB 95 '14.12.04 A1(sf) 18 ABSTB 95 '14.12.04 A1(sf) 19 ABSTB 95 '14.12.04 A1(sf) 20 ABSTB 95 '14.12.04 A1(sf) 21 ABSTB 95 '14.12.04 A1(sf) 1 ABSTB 730 '14.12.04 A2-(sf) 1 ABSTB 632 '14.12.04 A1(sf) 2 ABSTB 632 '14.12.04 A1(sf) 3 ABSTB 632 '14.12.04 A1(sf) 4 ABSTB 632 '14.12.04 A1(sf) 5 ABSTB 632 '14.12.04 A1(sf) 6 ABSTB 632 '14.12.04 A1(sf) 7 ABSTB 632 '14.12.04 A1(sf) 8 ABSTB 632 '14.12.04 A1(sf) 9 ABSTB 633 '14.12.04 A1(sf) 10 ABSTB 636 '14.12.04 A1(sf) 11 ABSTB 639 '14.12.04 A1(sf) 12 ABSTB 640 '14.12.04 A1(sf) 1 ABSTB 271 '14.12.04 A1(sf) 2 ABSTB 271 '14.12.04 A1(sf) 3 ABSTB 271 '14.12.04 A1(sf) 4 ABSTB 271 '14.12.04 A1(sf) 5 ABSTB 271 '14.12.04 A1(sf) 6 ABSTB 271 '14.12.04 A1(sf) 7 ABSTB 271 '14.12.04 A1(sf) 8 ABSTB 271 '14.12.04 A1(sf) 9 ABSTB 271 '14.12.04 A1(sf) 10 ABSTB 271 '14.12.04 A1(sf) 11 ABSTB 271 '14.12.04 A1(sf) 12 ABSTB 271 '14.12.04 A1(sf) 13 ABSTB 271 '14.12.04 A1(sf) 14 ABSTB 271 '14.12.04 A1(sf) 15 ABSTB 271 '14.12.04 A1(sf) 16 ABSTB 271 '14.12.04 A1(sf) 17 ABSTB 271 '14.12.04 A1(sf) 18 ABSTB 271 '14.12.04 A1(sf) 19 ABSTB 271 '14.12.04 A1(sf) 20 ABSTB 271 '14.12.04 A1(sf) 21 ABSTB 271 '14.12.04 A1(sf) 22 ABSTB 271 '14.12.04 A1(sf) 23 ABSTB 271 '14.12.04 A1(sf) 24 ABSTB 271 '14.12.04 A1(sf) 25 ABSTB 272 '14.12.04 A1(sf) 26 ABSTB 272 '14.12.04 A1(sf) 27 ABSTB 272 '14.12.04 A1(sf) 28 ABSTB 273 '14.12.04 A1(sf) 29 ABSTB 273 '14.12.04 A1(sf)

KIS Credit Monitor 2015.1 69 () OUTLOOK 30 ABSTB 273 '14.12.04 A1(sf) 31 ABSTB 274 '14.12.04 A1(sf) 32 ABSTB 274 '14.12.04 A1(sf) 33 ABSTB 275 '14.12.04 A1(sf) 34 ABSTB 275 '14.12.04 A1(sf) 1 ABSTB 400 '14.12.05 A1(sf) 2 ABSTB 400 '14.12.05 A1(sf) 3 ABSTB 400 '14.12.05 A1(sf) 4 ABSTB 400 '14.12.05 A1(sf) 5 ABSTB 400 '14.12.05 A1(sf) 6 ABSTB 400 '14.12.05 A1(sf) 7 ABSTB 400 '14.12.05 A1(sf) 8 ABSTB 400 '14.12.05 A1(sf) 9 ABSTB 400 '14.12.05 A1(sf) 10 ABSTB 400 '14.12.05 A1(sf) 11 ABSTB 400 '14.12.05 A1(sf) 1 ABSTB 70 '14.12.05 A1(sf) 2 ABSTB 70 '14.12.05 A1(sf) 3 ABSTB 70 '14.12.05 A1(sf) 4 ABSTB 70 '14.12.05 A1(sf) 5 ABSTB 70 '14.12.05 A1(sf) 6 ABSTB 70 '14.12.05 A1(sf) 7 ABSTB 70 '14.12.05 A1(sf) 8 ABSTB 70 '14.12.05 A1(sf) 1 ABSTB 91 '14.12.08 A1(sf) 2 ABSTB 91 '14.12.08 A1(sf) 3 ABSTB 91 '14.12.08 A1(sf) 4 ABSTB 91 '14.12.08 A1(sf) 5 ABSTB 91 '14.12.08 A1(sf) 6 ABSTB 91 '14.12.08 A1(sf) 7 ABSTB 91 '14.12.08 A1(sf) 8 ABSTB 91 '14.12.08 A1(sf) 9 ABSTB 91 '14.12.08 A1(sf) 10 ABSTB 91 '14.12.08 A1(sf) 11 ABSTB 91 '14.12.08 A1(sf) 12 ABSTB 91 '14.12.08 A1(sf) 13 ABSTB 91 '14.12.08 A1(sf) 14 ABSTB 91 '14.12.08 A1(sf) 15 ABSTB 91 '14.12.08 A1(sf) 16 ABSTB 91 '14.12.08 A1(sf) 17 ABSTB 91 '14.12.08 A1(sf) 18 ABSTB 91 '14.12.08 A1(sf) 19 ABSTB 91 '14.12.08 A1(sf) 20 ABSTB 91 '14.12.08 A1(sf) 21 ABSTB 91 '14.12.08 A1(sf) 22 ABSTB 91 '14.12.08 A1(sf) 23 ABSTB 91 '14.12.08 A1(sf) 24 ABSTB 91 '14.12.08 A1(sf)

KOREA INVESTORS SERVICE,INC. 70 () OUTLOOK 25 ABSTB 91 '14.12.08 A1(sf) 26 ABSTB 91 '14.12.08 A1(sf) 27 ABSTB 91 '14.12.08 A1(sf) 28 ABSTB 91 '14.12.08 A1(sf) 29 ABSTB 91 '14.12.08 A1(sf) 30 ABSTB 91 '14.12.08 A1(sf) 31 ABSTB 91 '14.12.08 A1(sf) 32 ABSTB 91 '14.12.08 A1(sf) 33 ABSTB 91 '14.12.08 A1(sf) 34 ABSTB 91 '14.12.08 A1(sf) 35 ABSTB 91 '14.12.08 A1(sf) 36 ABSTB 91 '14.12.08 A1(sf) 37 ABSTB 91 '14.12.08 A1(sf) 38 ABSTB 91 '14.12.08 A1(sf) 39 ABSTB 91 '14.12.08 A1(sf) 40 ABSTB 91 '14.12.08 A1(sf) 41 ABSTB 91 '14.12.08 A1(sf) 42 ABSTB 91 '14.12.08 A1(sf) 43 ABSTB 91 '14.12.08 A1(sf) 44 ABSTB 91 '14.12.08 A1(sf) 45 ABSTB 91 '14.12.08 A1(sf) 46 ABSTB 91 '14.12.08 A1(sf) 47 ABSTB 91 '14.12.08 A1(sf) 48 ABSTB 91 '14.12.08 A1(sf) 49 ABSTB 91 '14.12.08 A1(sf) 50 ABSTB 91 '14.12.08 A1(sf) 51 ABSTB 91 '14.12.08 A1(sf) 52 ABSTB 91 '14.12.08 A1(sf) 53 ABSTB 91 '14.12.08 A1(sf) 54 ABSTB 91 '14.12.08 A1(sf) 55 ABSTB 91 '14.12.08 A1(sf) 56 ABSTB 91 '14.12.08 A1(sf) 57 ABSTB 91 '14.12.08 A1(sf) 58 ABSTB 91 '14.12.08 A1(sf) 59 ABSTB 91 '14.12.08 A1(sf) 60 ABSTB 91 '14.12.08 A1(sf) 61 ABSTB 1 '14.12.08 A1(sf) 62 ABSTB 1 '14.12.08 A1(sf) 63 ABSTB 1 '14.12.08 A1(sf) 64 ABSTB 1 '14.12.08 A1(sf) 65 ABSTB 1 '14.12.08 A1(sf) 66 ABSTB 1 '14.12.08 A1(sf) 67 ABSTB 1 '14.12.08 A1(sf) 1 ABSTB 2,874 '14.12.08 A1(sf) 1 ABSTB 100 '14.12.08 A1(sf) 1 ABSTB 1,430 '14.12.08 A1(sf) 6 ABSTB 990 '14.12.08 A1(sf) 1 ABSTB 3,855 '14.12.08 A1(sf)

KIS Credit Monitor 2015.1 71 () OUTLOOK 2 ABSTB 1,749 '14.12.08 A1(sf) 1 ABSTB 1,226 '14.12.08 A1(sf) 1 ABSTB 50 '14.12.09 A1(sf) 2 ABSTB 50 '14.12.09 A1(sf) 3 ABSTB 50 '14.12.09 A1(sf) 4 ABSTB 50 '14.12.09 A1(sf) 5 ABSTB 50 '14.12.09 A1(sf) 6 ABSTB 50 '14.12.09 A1(sf) 7 ABSTB 50 '14.12.09 A1(sf) 8 ABSTB 50 '14.12.09 A1(sf) 9 ABSTB 50 '14.12.09 A1(sf) 10 ABSTB 50 '14.12.09 A1(sf) 11 ABSTB 50 '14.12.09 A1(sf) 12 ABSTB 50 '14.12.09 A1(sf) 13 ABSTB 50 '14.12.09 A1(sf) 7 ABSTB 200 '14.12.09 A1(sf) 1 ABSTB 210 '14.12.11 A1(sf) 2 ABSTB 210 '14.12.11 A1(sf) 3 ABSTB 210 '14.12.11 A1(sf) 4 ABSTB 210 '14.12.11 A1(sf) 5 ABSTB 210 '14.12.11 A1(sf) 6 ABSTB 210 '14.12.11 A1(sf) 7 ABSTB 210 '14.12.11 A1(sf) 8 ABSTB 210 '14.12.11 A1(sf) 9 ABSTB 210 '14.12.11 A1(sf) 10 ABSTB 210 '14.12.11 A1(sf) 11 ABSTB 210 '14.12.11 A1(sf) 12 ABSTB 210 '14.12.11 A1(sf) 13 ABSTB 210 '14.12.11 A1(sf) 1 ABSTB 380 '14.12.11 A1(sf) 1 ABSTB 580 '14.12.11 A1(sf) 10 ABSTB 400 '14.12.11 A2(sf) 9 ABSTB 300 '14.12.11 A1(sf) 1 ABSTB 300 '14.12.11 A1(sf) 1 ABSTB 580 '14.12.11 A1(sf) 1 ABSTB 180 '14.12.11 A1(sf) 1 ABSTB 200 '14.12.12 A1(sf) 2 ABSTB 200 '14.12.12 A1(sf) 3 ABSTB 200 '14.12.12 A1(sf) 4 ABSTB 200 '14.12.12 A1(sf) 1 ABSTB 150 '14.12.12 A2-(sf) 2 ABSTB 130 '14.12.12 A2-(sf) 3 ABSTB 80 '14.12.12 A2-(sf) 4 ABSTB 40 '14.12.12 A2-(sf) 3-1-4 ABSTB 37 '14.12.12 A1(sf) 1 ABSTB 780 '14.12.15 A1(sf) 1 ABSTB 80 '14.12.15 A1(sf) 2 ABSTB 80 '14.12.15 A1(sf)

KOREA INVESTORS SERVICE,INC. 72 () OUTLOOK 3 ABSTB 80 '14.12.15 A1(sf) 4 ABSTB 80 '14.12.15 A1(sf) 1 ABSTB 268 '14.12.15 A1(sf) 2 ABSTB 760 '14.12.15 A1(sf) 10 ABSTB 450 '14.12.15 A1(sf) 7 ABSTB 265 '14.12.15 A1(sf) 1 ABSTB 604 '14.12.16 A1(sf) 11 ABSTB 3,652 '14.12.16 A1(sf) 1 ABSTB 210 '14.12.16 A1(sf) 2 ABSTB 205 '14.12.16 A1(sf) 3 ABSTB 200 '14.12.16 A1(sf) 4 ABSTB 195 '14.12.16 A1(sf) 5 ABSTB 190 '14.12.16 A1(sf) 6 ABSTB 185 '14.12.16 A1(sf) 7 ABSTB 180 '14.12.16 A1(sf) 8 ABSTB 175 '14.12.16 A1(sf) 9 ABSTB 170 '14.12.16 A1(sf) 10 ABSTB 165 '14.12.16 A1(sf) 11 ABSTB 160 '14.12.16 A1(sf) 12 ABSTB 155 '14.12.16 A1(sf) 4 ABSTB 200 '14.12.17 A2+(sf) 1-1 ABSTB 100 '14.12.18 A2(sf) 1 ABSTB 200 '14.12.18 A2(sf) 3 ABSTB 700 '14.12.18 A3(sf) 2-1 ABSTB 310 '14.12.18 A2-(sf) 2-2 ABSTB 310 '14.12.18 A2-(sf) 2-3 ABSTB 310 '14.12.18 A2-(sf) 2-4 ABSTB 310 '14.12.18 A2-(sf) 2-5 ABSTB 310 '14.12.18 A2-(sf) 2-6 ABSTB 310 '14.12.18 A2-(sf) 2-7 ABSTB 310 '14.12.18 A2-(sf) 2-8 ABSTB 310 '14.12.18 A2-(sf) 2-9 ABSTB 310 '14.12.18 A2-(sf) 2-10 ABSTB 310 '14.12.18 A2-(sf) 2-11 ABSTB 310 '14.12.18 A2-(sf) 2-12 ABSTB 310 '14.12.18 A2-(sf) 2-13 ABSTB 310 '14.12.18 A2-(sf) 2-14 ABSTB 310 '14.12.18 A2-(sf) 1 ABSTB 280 '14.12.18 A1(sf) 8 ABSTB 620 '14.12.18 A1(sf) 2 ABSTB 540 '14.12.18 A1(sf) 1-1 ABSTB 196 '14.12.19 A1(sf) 1-2 ABSTB 196 '14.12.19 A1(sf) 1-3 ABSTB 196 '14.12.19 A1(sf) 1-4 ABSTB 195 '14.12.19 A1(sf) 1-5 ABSTB 195 '14.12.19 A1(sf) 1-6 ABSTB 195 '14.12.19 A1(sf) 1 ABSTB 265 '14.12.22 A2(sf)

KIS Credit Monitor 2015.1 73 () OUTLOOK 2 ABSTB 540 '14.12.22 A1(sf) 1 ABSTB 800 '14.12.23 A2(sf) 3-2 ABSTB 540 '14.12.23 A2-(sf) 5-1 ABSTB 270 '14.12.24 A2-(sf) 2-1 ABSTB 150 '14.12.24 A2(sf) 1 ABSTB 152 '14.12.24 A1(sf) 2 ABSTB 158 '14.12.24 A1(sf) 3 ABSTB 160 '14.12.24 A1(sf) 4 ABSTB 162 '14.12.24 A1(sf) 5 ABSTB 164 '14.12.24 A1(sf) 6 ABSTB 3 '14.12.24 A1(sf) 1 ABSTB 100 '14.12.26 A1(sf) 2 ABSTB 100 '14.12.26 A1(sf) 3 ABSTB 100 '14.12.26 A1(sf) 4 ABSTB 100 '14.12.26 A1(sf) 5 ABSTB 100 '14.12.26 A1(sf) 6 ABSTB 100 '14.12.26 A1(sf) 7 ABSTB 100 '14.12.26 A1(sf) 8 ABSTB 100 '14.12.26 A1(sf) 9 ABSTB 100 '14.12.26 A1(sf) 10 ABSTB 100 '14.12.26 A1(sf) 1 ABSTB 300 '14.12.26 A1(sf) 2 ABSTB 300 '14.12.26 A1(sf) 3 ABSTB 300 '14.12.26 A1(sf) 4 ABSTB 300 '14.12.26 A1(sf) 5 ABSTB 300 '14.12.26 A1(sf) 6 ABSTB 300 '14.12.26 A1(sf) 7 ABSTB 300 '14.12.26 A1(sf) 8 ABSTB 300 '14.12.26 A1(sf) 9 ABSTB 300 '14.12.26 A1(sf) 10 ABSTB 300 '14.12.26 A1(sf) 11 ABSTB 300 '14.12.26 A1(sf) 12 ABSTB 300 '14.12.26 A1(sf) 13 ABSTB 300 '14.12.26 A1(sf) 14 ABSTB 300 '14.12.26 A1(sf) 15 ABSTB 300 '14.12.26 A1(sf) 16 ABSTB 300 '14.12.26 A1(sf) 17 ABSTB 300 '14.12.26 A1(sf) 18 ABSTB 300 '14.12.26 A1(sf) 19 ABSTB 300 '14.12.26 A1(sf) 20 ABSTB 300 '14.12.26 A1(sf) 21 ABSTB 300 '14.12.26 A1(sf) 22 ABSTB 300 '14.12.26 A1(sf) 23 ABSTB 300 '14.12.26 A1(sf) 24 ABSTB 300 '14.12.26 A1(sf) 25 ABSTB 300 '14.12.26 A1(sf) 1 ABSTB 1,000 '14.12.30 A1(sf) 2 ABSTB 1,000 '14.12.30 A1(sf)

KOREA INVESTORS SERVICE,INC. 74 () OUTLOOK 3 ABSTB 1,000 '14.12.30 A1(sf) 4 ABSTB 1,000 '14.12.30 A1(sf) 5 ABSTB 1,000 '14.12.30 A1(sf) 6 ABSTB 1,000 '14.12.30 A1(sf) 7 ABSTB 1,000 '14.12.30 A1(sf) 8 ABSTB 1,000 '14.12.30 A1(sf) 3-1 ABSTB 2,209 '14.12.31 A1(sf)

KIS Credit Monitor 2015.1 75 OUTLOOK OUTLOOK 152 BW 2,500 '13.12.31 '14.12.05 B+ Stable B+ 81-2 SB 2,000 '13.12.31 '14.12.05 A Negative A- Negative 15 SECB 320 '13.12.31 '14.12.05 BB- B 14 SB 200 '13.12.31 '14.12.05 B+ B- 72-2 SB 1,200 '13.12.31 '14.12.05 A+ Stable A+ 38 SB 1,200 '13.12.31 '14.12.05 A- Stable A- Negative 39 SCB 430 '13.12.31 '14.12.05 A- Stable A- Negative 34 SB 600 '13.12.31 '14.12.05 AA Stable AA 5-1 SB 520 '13.12.31 '14.12.08 BBB+ Stable BBB 5-2 SB 480 '13.12.31 '14.12.08 BBB+ Stable BBB 5-2 SB 2,000 '13.12.31 '14.12.12 AA- Negative A+ Negative GS 16-2 SB 1,000 '13.12.31 '14.12.17 AA Stable AA Negative SK 2-1 SB 1,000 '13.12.31 '14.12.17 AA+ Stable AA+ Negative SK 2-2 SB 1,000 '13.12.31 '14.12.17 AA+ Stable AA+ Negative SK 2-3 SB 600 '13.12.31 '14.12.17 AA+ Stable AA+ Negative SOIL 47-3 SB 1,300 '13.12.31 '14.12.17 AA+ Stable AA+ Negative 39-3 SB 700 '13.12.31 '14.12.17 AA+ Stable AA+ Negative 11-1 SB 1,500 '13.12.31 '14.12.17 AA- Stable AA- Negative 8(SK ) SB 1,300 '13.12.31 '14.12.17 AA+ Stable AA+ Negative 6( ) SB 2,500 '13.12.31 '14.12.17 AA+ Stable AA+ Negative 7-1( ) SB 1,000 '13.12.31 '14.12.17 AA+ Stable AA+ Negative 7-2( ) SB 1,000 '13.12.31 '14.12.17 AA+ Stable AA+ Negative 5-2 SB 2,000 '13.12.31 '14.12.17 AA Stable AA Negative 134 SB 3,000 '13.12.31 '14.12.17 AA+ Stable AA+ Negative 114-3 SB 600 '13.12.31 '14.12.17 AA- Positive AA- Stable 63 SB 1,500 '13.12.31 '14.12.18 BBB- Negative BB+ Negative 140 SB 2,000 '13.12.31 '14.12.18 BBB+ Stable BBB- Stable 141 FRN 5 '13.12.31 '14.12.18 BBB+ Stable BBB- Stable 61-3 SB 200 '13.12.31 '14.12.19 A+ Stable AA- Stable LG 44-2 SB 1,000 '13.12.31 '14.12.23 AA+ Positive AA+ Stable LG 45-1 SB 1,000 '13.12.31 '14.12.23 AA+ Positive AA+ Stable LG 45-2 SB 2,000 '13.12.31 '14.12.23 AA+ Positive AA+ Stable 253 SB 200 '13.12.31 '14.12.23 AA- Negative A+ Stable LG 8 SB 500 '13.12.31 '14.12.24 A+ Stable A+ Negative SK 191-2 SB 410 '13.12.31 '14.12.29 A Stable A Negative 23-2 SB 300 '13.12.31 '14.12.29 A- Negative BBB+ Stable 16 SB 100 '13.12.31 '14.12.29 BBB+ Stable BBB Stable 20 SB 200 '13.12.31 '14.12.29 BBB+ Stable BBB Stable 16 BW 250 '13.12.31 '14.12.29 BBB- Stable BB+ Stable 17 SCB 200 '13.12.31 '14.12.29 BBB- Stable BB+ Stable 103 BW 100 '13.12.31 '14.12.29 BB Negative BB- Stable 2-1 SB 500 '13.12.31 '14.12.29 AA- Stable AA- 2-2 SB 800 '13.12.31 '14.12.29 AA- Stable AA- 2-3 SB 1,000 '13.12.31 '14.12.29 AA- Stable AA- 78 BW 3,000 '13.12.31 '14.12.29 BBB Negative BBB- Stable 180 SB 3,300 '13.12.31 '14.12.30 BB+ Stable BB Stable

KOREA INVESTORS SERVICE,INC. 76 OUTLOOK OUTLOOK Issuer Rating '13.12.31 '14.12.17 AA- Stable AA- Negative '13.12.31 '14.12.17 AA Stable AA Negative '13.12.31 '14.12.29 AA- Stable AA- '14.06.30 '14.12.05 A2+ A2+ '14.06.30 '14.12.05 A1 A1 '14.06.30 '14.12.08 A3+ A3 '14.06.30 '14.12.18 A3- B+ '14.06.30 '14.12.19 A2+ A1 '14.06.30 '14.12.29 A1 A1 1,000 '14.06.30 '14.12.19 A2+ A1 1-7 ABCP 2 '14.12.08 A2(sf) A2-(sf) 1-8 ABCP 1 '14.12.08 A2(sf) A2-(sf) 1-9 ABCP 2 '14.12.08 A2(sf) A2-(sf) 1-10 ABCP 2 '14.12.08 A2(sf) A2-(sf) 1-11 ABCP 2 '14.12.08 A2(sf) A2-(sf) 1-12 ABCP 2 '14.12.08 A2(sf) A2-(sf) 1-13 ABCP 2 '14.12.08 A2(sf) A2-(sf) 1-14 ABCP 2 '14.12.08 A2(sf) A2-(sf) 1-15 ABCP 1 '14.12.08 A2(sf) A2-(sf) 1-16 ABCP 2 '14.12.08 A2(sf) A2-(sf) 1-17 ABCP 2 '14.12.08 A2(sf) A2-(sf) 1-18 ABCP 202 '14.12.08 A2(sf) A2-(sf) 1-19 ABCP 1 '14.12.08 A2(sf) A2-(sf) 16-2 ABCP 15 '14.12.09 A3+(sf) A3(sf) 4-3 ABCP 2 '14.12.09 A3+(sf) A3(sf) 4-2 ABCP 3 '14.12.09 A3+(sf) A3(sf) 5-2 ABCP 3 '14.12.09 A3+(sf) A3(sf) 7-2 ABCP 4 '14.12.09 A3+(sf) A3(sf) 1 ABCP 226 '14.12.15 A1(sf) A2+(sf) ABL1 ABL 1,300 '14.12.19 A-(sf) BBB(sf) ABL2 ABL 200 '14.12.19 A-(sf) BBB(sf) ABL ABS 1,500 '14.12.19 BBB+(sf) BBB-(sf) 1-2 ABCP 11 '14.12.30 A1(sf) A1(sf) 1-2 ABCP 14 '14.12.30 A1(sf) A1(sf) 7-1 ABSTB 491 '14.12.09 A3+(sf) A3(sf) 11 ABSTB 248 '14.12.09 A3+(sf) A3(sf) 8-2 ABSTB 157 '14.12.09 A3+(sf) A3(sf) 10 ABSTB 154 '14.12.09 A3+(sf) A3(sf) 8 ABSTB 419 '14.12.09 A3+(sf) A3(sf) 5 ABSTB 400 '14.12.15 A1(sf) A2+(sf) 6 ABSTB 400 '14.12.15 A1(sf) A2+(sf) 7 ABSTB 400 '14.12.15 A1(sf) A2+(sf) 8 ABSTB 400 '14.12.15 A1(sf) A2+(sf)

KIS Credit Monitor 2015.1 77 OUTLOOK OUTLOOK 9 ABSTB 400 '14.12.15 A1(sf) A2+(sf) 10 ABSTB 400 '14.12.15 A1(sf) A2+(sf) 11 ABSTB 400 '14.12.15 A1(sf) A2+(sf) 12 ABSTB 400 '14.12.15 A1(sf) A2+(sf) 3 ABSTB 850 '14.12.15 A1(sf) A2+(sf) 4 ABSTB 850 '14.12.15 A1(sf) A2+(sf) 5 ABSTB 850 '14.12.15 A1(sf) A2+(sf) 6 ABSTB 850 '14.12.15 A1(sf) A2+(sf) 7 ABSTB 850 '14.12.15 A1(sf) A2+(sf) 8 ABSTB 850 '14.12.15 A1(sf) A2+(sf) 9 ABSTB 850 '14.12.15 A1(sf) A2+(sf) 10 ABSTB 850 '14.12.15 A1(sf) A2+(sf) 11 ABSTB 850 '14.12.15 A1(sf) A2+(sf) 12 ABSTB 850 '14.12.15 A1(sf) A2+(sf) 11 ABSTB 770 '14.12.15 A1(sf) A2+(sf)

KOREA INVESTORS SERVICE,INC. 78 152 B+ 13.12.31 3 2014.12.05 15 B 13.12.31 2014.12.05 14 B- 13.12.31 2014.12.05 12-2 A+ 13.12.31 2014.12.05 34 AA 13.12.31 2014.12.05 5-2 BBB 13.12.31 ( ) 2014.12.08 2-3 AA- 13.12.31 2014.12.29 259 C 13.12.31 D 2015.01.02 16 BBB 13.12.31 2015.01.02 13-2 BBB+ 13.12.31 2015.01.02 A2+ 14.06.30 2014.12.05 A1 14.06.30 2014.12.05 A3 14.06.30 ( ) 2014.12.08 A1 14.06.30 2014.12.19 A1 14.06.30 2014.12.29 C 13.12.31 D 2015.01.02 A1 13.12.31 2014.12.19 ISSUER A+ 13.12.31 2014.06.27 BB+ 13.12.31 2014.10.22 BB 13.12.31 2014.10.22 AA- 13.12.31 2014.12.29 4 A1(sf) Watchlist 2014.06.30 8-2 A1(sf) Watchlist 2014.06.30 1 A1(sf) Watchlist 2014.06.30 3-4 A1(sf) Watchlist 2014.11.04 3 A1(sf) Watchlist 2014.11.26 16-2 A3(sf) Watchlist 2014.12.09 7-2 A3(sf) Warchlist 2014.12.09 11-2 A3(sf) Watchlist 2014.12.12 2-9 A1(sf) Watchlist 2014.12.30 ABL C(sf) Watchlist 2015.01.02 2-6 A1(sf) Watchlist 2014.06.30 2-6 A1(sf) Watchlist 2014.06.30 2-9 A1(sf) Watchlist 2014.09.30 3 A1(sf) watchlist 2014.11.26 7-1 A3(sf) Warchlist 2014.12.09 11 A3(sf) Warchlist 2014.12.09 8 A3(sf) Warchlist 2014.12.09

KIS Credit Monitor 2015.1 79 AAA 15 15 32 2 26 60 75 AA 72 2 74 65 1 16 82 156 A 71 71 70 2 2 74 145 BBB 12 12 27 5 32 44 170 2 172 194 10 44 248 420 BB 8 8 17 4 21 29 B 5 1 6 2 17 19 25 CCC 2 2 2 2 4 15 1 16 21 21 42 58 185 3 188 215 31 44 290 478 AAA AA A BBB BB B CCC CC C / 1 2 3 / 7 8 1 16 / 1 2 2 4 9 /// 4 1 5 6 6 8 10 3 2 1 24 7 2 9 / 2 2 1 1 1 7 1 1 3 5 1 1 2 9 2 2 16 / 2 4 1 1 4 12 // 3 6 1 3 2 1 16 / 2 3 1 3 1 10 1 3 3 1 2 10 / 1 2 1 1 5 / 10 11 1 1 23 2 9 11 6 3 3 34 / 3 7 4 3 17 15 9 3 1 1 29 // 10 7 8 8 5 1 39 // 6 5 3 1 1 16 // 10 8 1 1 1 21 / 2 6 2 2 12 15 2 17 2 1 3 / 6 17 14 4 41 / 11 8 4 23 / 7 7 4 18 10 10 1 21 4 1 3 1 2 11 75 156 145 44 29 25 3 1 478

KOREA INVESTORS SERVICE,INC. 80 A1 56 56 69 1 14 84 140 A2 27 27 32 1 33 60 A3 4 4 13 5 18 22 87 87 114 7 14 135 222 B 2 2 2 C 2 2 2 89 0 89 114 7 14 135 224 A1 A2 A3 B C / 1 1 / 8 1 9 / 1 1 /// 1 1 4 4 3 2 5 1 1 / 2 2 2 1 2 5 1 2 5 7 / 1 3 1 5 // 1 1 2 / 2 1 3 1 1 / 2 2 4 / 10 10 5 11 5 1 22 / 4 2 1 7 19 4 4 1 28 // 11 2 3 16 // 4 1 5 // 8 2 10 / 4 1 5 1 1 0 / 19 9 4 32 / 5 2 7 / 1 1 17 7 24 3 1 1 5 140 60 22 2 224

KIS Credit Monitor 2015.1 81 A Stable A2 AA+ Stable A1 AA+ Stable AA Stable HB AA- Stable COCOT2 AA- Stable A3- AA+ Stable A- Stable BB+ Stable AA+ Stable AA+ Stable AA Stable HB AA- Stable COCOT2 AA- Stable IFSR AAA Stable A1 A+ Stable BB- Negative AAA Stable AA+ Stable ISSUER AA+ Stable A1 ISSUER B- Stable A- Stable ISSUER BBB Stable BBB+ Stable BB+ Stable AA+ Stable ISSUER AA- A1 BBB- Stable AA Stable A+ Stable AA Stable AAA Stable ISSUER AAA Stable AAA Stable ISSUER AAA Stable AA+ Stable IFSR AA- Stable AAA Stable ISSUER AAA Stable AA+ Stable HB AA Stable COCOT2 AA Stable BB- Stable AA+ Stable AA+ Stable A+ Stable A2+ A2 A2- A+ Stable ISSUER BBB Stable A+ Stable A1 BB+ Negative B+ BBB+ Stable BBB+ Stable ISSUER B- Stable A+ Stable A+ Stable A2+ A1 A Stable A2 AA- Stable A+ Negative BBB Stable A3 ELB AA+ Stable A1 AA+ Stable AA Stable A+ Positive AA+ Stable AAA Stable BB+ Stable AA+ Stable A1 A- Stable B+ A- Stable A- Stable A- Stable BB+ Stable BB- Stable A- Negative AA- Stable B- B- B B- ISSUER A+ A1 BBB+ Stable BBB Stable A+ Stable BBB Negative ISSUER BBB- Stable AA- Stable A+ Stable A1 F&B A+ Stable A1 ISSUER B- Stable A+ Negative A Negative A- Stable A2- A+ Negative A2+ BBB+ Negative A3+ BBB Negative A- Stable A Stable A2 A+ Stable A1 A1 AA Stable IFSR A+ Stable A Stable AA+ Stable A1 A+ Stable A2+ A1 A+ Stable AA+ Stable A1 AA+ Stable A1 AA Stable A1 AA- Stable A1 AA+ Stable AA Stable

KOREA INVESTORS SERVICE,INC. 82 AA- Stable A1 A3 BBB Stable ISSUER BBB Stable A+ Stable A2+ A Stable A+ Stable AA Stable A1 ISSUER AA- Stable A1 A+ Stable AA Stable A1* IFSR AA+ Stable AA Stable IFSR AAA Stable A- Stable BBB Stable A- Stable A2- A- Stable IFSR AA Stable AA Stable ELB AA Stable A1 ISSUER AA Stable AA- Stable AA- Stable A1 ISSUER BBB Stable A3 B Negative BB- Stable A1 ISSUER AAA Stable AA Stable BBB Stable A2+ AAA Stable ISSUER BBB- Stable AA+ Stable A1 A1 ISSUER AA Stable AAA Stable AA+ Stable HB AA Stable COCOT2 AA Stable AAA Stable A2- ISSUER AA+ AA- Stable A1 A2 A+ Stable A1 ISSUER AA- Stable AAA Stable AA- Stable A1 BB- Negative SDI AA Stable AA+ Stable AA- Stable A1 IFSR AAA Stable ISSUER AA+ Stable A+ Stable ISSUER A+ Stable AA- Negative B Negative ISSUER AA+ Stable AA+ Stable A1 AA- Stable A1 AA- Stable AA+ Stable A1 ISSUER A Stable A- Stable ISSUER A- Stable AA- Stable 9 A3+ AAA Stable IFSR AAA Stable ISSUER AAA Stable A Stable BBB+ Stable ISSUER AAA Stable A1 A- Stable ISSUER BB- Stable A3- A Stable A+ A2+ A+ Stable A2+ A- Positive A2 A Stable A2 ISSUER B- Stable ISSUER BB+ B+ Stable B- Stable AAA Stable AAA Stable AA+ Stable HB AA Stable AAA Stable AA+ Stable A1 BB- Stable ISSUER BBB Stable B+ Stable B+ Stable A1 ISSUER A- Stable A2- A1 A+ Stable A1 A+ Stable ISSUER AA- Stable A1 BBB Stable ISSUER BBB Stable B+ Stable AAA Stable AA+ Stable HB AA Stable ELB AA Stable IFSR AAA Stable AAA Stable AA+ Stable HB AA Stable AA+ Stable A1 AA- Stable A1

KIS Credit Monitor 2015.1 83 BB+ Stable BBB Positive A3+ ISSUER BBB+ Stable A3+ AA- Stable A1 AA- Stable A1 AA- Positive AA- Stable A1 A2+ AA- Stable A1 BBB+ Stable ELB A+ Stable A1 A+ Stable ISSUER AAA Stable ISSUER A Stable A2 BBB+ Stable A3+ A+ Stable A2+ A2- A+ Stable BB Negative ISSUER BB Negative ISSUER AAA ISSUER B Negative B- Stable B- Stable AAA Stable A1 A2- ISSUER BBB Stable AA- Stable A1 AA- Stable A1 A Stable AA Stable A1 AA- Stable AA+ Negative A1 AA+ Stable AA+ Negative AA- Negative ISSUER AA- Negative AA+ Negative AA Stable A Negative A2+ A+ Stable A2+ A+ Stable A1 BBB- Stable BBB+ Stable A3+ A- Stable A2- ISSUER BBB+ Stable ELB A+ Stable A1 ISSUER A+ Stable A Stable A- Stable A+ Stable A2+ ISSUER AA- Stable A1 A2 AA- Stable A1 A1 A+ Stable A+ Stable A2+ AA Stable A- Stable AA- Stable A+ Stable A2+ AA- Stable A1 IFSR A- Stable AAA Stable A+ Stable A1 AA Stable A1 AAA Stable AA Stable AA Stable A1 AA+ Stable CC AA- Stable A Stable A+ Stable A3+ ISSUER BB A Stable A- Stable A2- AAA Stable AA Stable A1 IFSR AA- Stable A+ Stable A+ Stable AAA Stable ISSUER AAA Stable AA+ Stable HB AA Stable COCOT1 AA- Stable BBB+ Stable AA Positive A1 ISSUER AA Positive ELB AA+ Stable A1 AA+ Stable AA Stable BB+ Stable AA+ Stable AAA Stable ISSUER A- Stable CCC Stable ISSUER BBB+ Stable B Stable ISSUER BBB Stable A3 AA+ Stable BB Stable A- Negative B+ Positive BB+ Stable ISSUER BB+ Stable BBB+ Stable A2 A+ Stable A1 ISSUER AA Stable BBB+ Stable A2- BBB+ Stable A3+ A3 AA+ Stable A1 B+ Stable

KOREA INVESTORS SERVICE,INC. 84 ISSUER A Stable A2+ AAA Stable A1 AA+ Stable A1 AAA Stable A3- A- Negative ISSUER AA Stable ISSUER BBB- Stable BBB+ Stable AA+ Stable AA+ Stable AA+ Stable ISSUER AA+ Stable AA Stable HB AA- Stable COCOT2 AA- Stable A Stable ISSUER B+ Stable AA- Stable A1 A+ Stable AA Stable AAA Stable ISSUER AA+ Stable AA Stable BBB- Negative AAA Stable HB AA Stable COCOT2 AA+ Stable AAA Stable BBB Stable A3 A+ Stable A2+ AA Stable A1 A3+ ISSUER A- Stable AA Negative A1 ISSUER AA Negative A+ Stable ISSUER A+ Stable AA Stable AA+ Negative A1 ISSUER AA Stable A1 AA- Stable AA+ Stable AA+ Stable ISSUER B- Stable AA- Stable AA+ Stable A1 ISSUER AA+ Stable A2+ AA- Stable A1 A+ Stable ELB A+ Stable BB Stable A1 A Stable A2 BB- Stable AAA Negative A1 A+ Stable A2+ ISSUER AA- Stable A+ Stable A2+ A- Stable A+ Stable A1 A1 BB Stable A2+ A- Stable ISSUER AAA Stable A1 ISSUER A+ Stable A1 A Stable BB- Stable ISSUER B- Stable BB Stable CCC Stable ISSUER A+ Stable A+ Stable BB- Stable AA- A1 ISSUER A Stable AAA Negative AA- Stable A1 A Stable A2 A1 AA+ Stable A1 AA- Stable AA A1 BBB A3 AA- Stable A1 A+ Stable ISSUER BBB Stable A3 A- Stable A- Stable A+ Stable AAA Stable AA+ Stable HB AA Stable ELB AA Stable A1 ISSUER AA Stable AA- Stable AAA Stable ISSUER AAA Stable AA+ Stable AAA Stable A1 AA Stable AA- Stable A+ Stable A2+ A Stable AA Stable A1 A Stable A1 ISSUER A+ Stable A+ Stable A Stable A2+ A2+ AAA Stable A1 BB Stable ISSUER AAA Stable A1 AAA Stable A3-

KIS Credit Monitor 2015.1 85 AAA Stable AAA Stable A1 AAA Stable A1 AAA Stable A1 AAA Stable A1 A1 AA- Stable A- Stable AAA Stable AAA Stable COCOT2 AA+ Stable AAA Stable AAA Stable AAA Stable A1 AAA Stable AAA Stable AAA Stable A1 AAA Stable AA+ Stable A+ Stable AAA Stable AAA Stable AA+ Stable HB AA Stable AAA Stable ISSUER A- Stable A1 AAA Stable A1 BB- Stable AAA Stable A1 AAA Stable AAA Stable A1 AAA Stable A1 AAA Stable AAA Stable A1 AAA Stable AA+ Stable A2 A Stable AA Stable A- Stable AAA Stable AA- Stable A1 ISSUER A Stable ELB AA Stable A1 AA Stable A- Stable ISSUER AA Stable A1 A Stable A1 ISSUER A- Stable ISSUER B- Stable A- Stable BBB Negative A3 BBB+ Stable ISSUER A Stable A Positive A2+ KPS ISSUER AA Stable A- Stable BBB- Stable A- Stable BBB- Stable A- Stable A2- IFSR AAA Stable A Stable AA- Stable ISSUER AA- Stable A1 ISSUER A+ Stable A1 A- Stable AA- Stable A1 A+ Stable A Stable BBB+ Stable A+ Stable A2+ AA+ Stable A- Positive A Stable A1 BB Stable A1 AA- Stable A1 BB+ Stable ISSUER BBB+ Stable AA- Stable A1 AA Stable AAA Stable AA Stable ISSUER A+ Stable AA Negative A1 AA- Stable A1 AA+ Stable A1 AA+ Stable A1 AA- Stable A1 A+ Stable A1 AA- Stable A+ Stable A2+ IFSR AAA Stable A1 ISSUER B- Stable ISSUER A- Stable A2- AA+ Stable A1 AA Positive A1 A1 A1 A- Stable A Stable A Stable A Stable A2 A Stable A2 A+ Stable IFSR AA+ Stable AA Stable A Stable BS AAA Stable

KOREA INVESTORS SERVICE,INC. 86 AA+ Stable CJ AA Stable A1 E1 AA- Stable A1 GS AA Negative A1 JB AA+ Stable ISSUER AA+ Stable AA Stable COCOT1 A+ Stable KB AAA Stable LF AA- Stable LG AA- Stable LG A+ Negative A2+ LG AA Stable A1 LG AA Stable LG A+ Positive LG AA Stable LG AA+ Stable LS A+ Stable A2+ LS AA- Stable A1 LS A+ Stable A1 SBI Holdings ISSUER A- Stable SBS AA Stable A1 SK AA+ Stable A1 SK INNOVATION INSURANCE BERMUDA LIMITED IFSR A Stable SK AA- Stable SK A Stable A2 SK AA- Stable A1 ISSUER AA- Stable SK AA+ Negative A1 SK A Negative A2 SK AAA Stable A1 SK A- Stable A2- SKC A Stable A2 S-OIL AA+ Negative STX CCC Stable

KIS Credit Monitor 2015.1 87 Call Dur Con YTM 110.49 0.24 223.16 0.14 214.15 0.13 3.83 36.05 2.35% 115.37 0.29 232.64 0.12 218.36 0.11 5.08 54.39 2.36% 111.62 0.27 230.68 0.15 215.02 0.13 5.93 71.20 2.37% 103.54 0.23 222.97 0.13 207.35 0.12 3.02 18.74 2.26% 103.04 0.13 200.88 0.21 199.18 0.21 1.41 3.77 2.19% 102.73 0.09 190.52 0.24 190.47 0.24 0.97 1.43 2.09% AAA 101.82 0.16 207.45 0.18 202.74 0.18 2.11 8.57 2.19% 106.55 0.24 232.44 0.15 223.83 0.15 2.63 13.82 2.54% ABS 104.49 0.15 225.07 0.25 219.87 0.25 1.49 4.23 2.34% KOBI30 202.31 0.19 1.79 5.14 2.14% KOBI120 188.81 0.26 0.92 1.61 2.16% 100.27 0.03

KOREA INVESTORS SERVICE,INC. 88 YTM 3 6 9 1 1 6 2 2 6 3 5 7 9 10 20 30 2.06 2.065 2.07 2.075 2.085 2.092 2.1 2.097 2.285 2.428-2.605 2.8 2.9 2 1.825 1.83 1.84 1.85 1.857 1.86 1.87 1.977 2.167 2.359-2.63 2.924-1 1 2.08 2.09 2.1 2.11 2.117 2.12 2.13 2.196 2.382 - - - - - 2.12 2.13 2.14 2.15 2.155 2.168 2.175 2.272 2.451 2.517 2.747 - - - 2.12 2.13 2.14 2.15 2.155 2.168 2.175 2.272 2.451 2.517-2.85 3.264 - AAA 2.152 2.157 2.167 2.175 2.177 2.209 2.227 2.283 2.461 2.581-2.744 2.968 -, AA+ 2.212 2.222 2.237 2.26 2.277 2.309 2.327 2.385 2.561 2.714-2.895 3.13 - AA0 2.342 2.352 2.367 2.4 2.427 2.459 2.477 2.535 2.721 2.864-3.045 3.3 - AA- 2.432 2.442 2.457 2.49 2.517 2.549 2.582 2.64 2.836 2.979-3.16 3.425-2.107 2.117 2.127 2.135 2.137 2.158 2.169 2.233 2.428 2.531-2.681 2.905-2.08 2.085 2.085 2.085 2.085 2.097 - - - - - - - - 2.127 2.132 2.139 2.147 2.149 2.168 2.179 2.239 2.435 2.561-2.729 2.938 - AAA( ) 2.127 2.132 2.139 2.147 2.154 2.178 2.194 2.259 2.46 2.586-2.759 2.968 - AAA 2.137 2.142 2.149 2.157 2.162 2.193 2.209 2.284 2.48 2.616-2.814 3.033 - AA+ 2.187 2.197 2.209 2.227 2.267 2.295 2.319 2.372 2.525 2.673-2.856 3.232 - AA0 2.337 2.357 2.369 2.397 2.457 2.495 2.559 2.622 2.835 3.003-3.196 3.562 - AA- 2.487 2.567 2.629 2.667 2.707 2.735 2.779 2.852 3.055 3.228-3.506 3.802 - A+ 2.572 2.647 2.684 2.737 2.777 2.828 2.882 2.957 3.18 3.37-3.679 4.035 - A0 2.662 2.727 2.764 2.827 2.887 2.928 2.982 3.067 3.31 3.49-3.799 4.165 - A- 2.742 2.817 2.854 2.907 2.957 3.018 3.072 3.147 3.4 3.61-3.929 4.315 - AA+ 2.225 2.235 2.245 2.263 2.268 2.293 2.299 2.4 2.578 2.821-3.447 3.675 - AA0 2.26 2.265 2.275 2.293 2.295 2.328 2.339 2.45 2.688 2.951-3.582 3.875 - AA- 2.27 2.285 2.29 2.308 2.313 2.357 2.379 2.498 2.763 3.061-3.767 4.025 - A+ 2.58 2.615 2.63 2.658 2.663 2.734 2.739 3.009 3.304 3.669-4.334 4.595 - II A0 2.98 3.04 3.09 3.123 3.141 3.215 3.257 3.491 3.761 4.026-4.622 4.87 - A- 3.465 3.76 3.82 3.843 3.846 3.915 3.922 4.171 4.436 4.686-5.127 5.415 - BBB+ 4.125 4.54 4.615 4.738 4.786 4.961 5.062 5.303 5.581 5.851-6.547 7.09 - BBB0 4.715 5.21 5.295 5.443 5.561 5.771 5.902 6.203 6.606 6.971-7.852 8.645 - BBB- 6.17 6.605 6.715 6.808 6.936 7.171 7.287 7.603 8.096 8.431-9.237 9.98 - AAA 2.19 2.195 2.2 2.22 2.224 2.238 2.245 2.323 2.516 2.657-2.89 3.144 - AA+ 2.215 2.22 2.23 2.25 2.254 2.258 2.27 2.348 2.541 2.757-3.075 3.504 - AA0 2.245 2.26 2.275 2.295 2.299 2.303 2.31 2.388 2.616 2.917-3.455 4.104 - AA- 2.285 2.29 2.305 2.33 2.334 2.338 2.35 2.438 2.716 3.117-3.81 4.654 - A+ 2.49 2.525 2.555 2.625 2.629 2.688 2.71 2.858 3.223 3.607-4.32 5.149 - A0 2.64 2.665 2.7 2.78 2.784 2.838 2.895 3.098 3.618 4.027-4.755 5.499 - A- 2.84 2.885 2.92 3.01 3.014 3.088 3.215 3.448 4.138 4.497-5.215 5.979 - BBB+ 3.285 3.68 4.055 4.275 4.689 5.193 5.575 5.933 6.213 6.312-6.84 7.679 - BBB0 3.665 4.18 4.635 4.945 5.499 6.133 6.605 6.983 7.263 7.352-7.96 8.859 - BBB- 4.335 4.97 5.565 5.925 6.609 7.283 7.825 8.343 8.683 8.752-9.38 10.279 - BB+ 5.785 6.53 7.165 7.63 8.304 9.006 9.655 10.289 10.968 11.367-11.924 12.961 - BB0 6.409 7.211 7.92 8.435 9.138 9.896 10.544 11.214 11.947 12.383-12.925 13.889 - BB- 6.949 7.763 8.48 9.002 9.713 10.477 11.129 11.801 12.546 12.986-13.518 14.441 - B 10.755 11.78 12.679 13.347 14.271 15.208 15.976 16.748 17.796 18.394-18.854 19.472 -

KIS Credit Monitor 2015.1 89 () ( ) 20141201 15 1,000 2.92 5.0 A+ 20141202 SK 265-1 1,000 2.28 3.0 AA+ SK 265-2 1,000 2.45 5.0 AA+ 20141209 16 400 6.30 2.0 BBB 1-1 2,000 3.45 10.0 AA+ 1-2 500 3.68 12.0 AA+ 1-1 105 ABS 2.23 0.1 AA+ 1-2 100 ABS 2.23 0.2 AA+ 1-3 100 ABS 2.25 0.4 AA+ 1-4 100 ABS 2.26 0.5 AA+ 1-5 100 ABS 2.28 0.6 AA+ 1-6 100 ABS 2.28 0.7 AA+ 1-7 100 ABS 2.31 0.8 AA+ 1-8 100 ABS 2.31 0.9 AA+ 1-9 100 ABS 2.32 1.0 AA+ 1-10 100 ABS 2.33 1.2 AA+ 1-11 100 ABS 2.34 1.3 AA+ 1-12 100 ABS 2.35 1.5 AA+ 1-13 100 ABS 2.36 1.7 AA+ 1-14 100 ABS 2.38 1.8 AA+ 1-15 100 ABS 2.39 2.0 AA+ 1-16 100 ABS 2.41 2.2 AA+ 1-17 100 ABS 2.43 2.3 AA+ 1-18 100 ABS 2.45 2.5 AA+ 1-19 100 ABS 2.47 2.7 AA+ 1-20 100 ABS 2.50 2.8 AA+ 1-21 100 ABS 2.55 3.0 AA+ 1-22 100 ABS 2.56 3.2 AA+ 1-23 100 ABS 2.58 3.4 AA+ 1-24 80 ABS 2.59 3.6 AA+ 1-25 105 ABS 3.00 4.9 AA+ 1-26 80 ABS 4.00 4.9 AA+ 20141210 1 500 2.80 5.0 AA- 1-1 600 2.50 3.0 AA 1-2 400 2.80 5.0 AA 20141211 34-1 400 2.66 3.0 A+ 34-2 200 3.02 5.0 A+ 20141212 8 500 3.11 3.0 A- 1-1 100 ABS 2.30 2.0 AAA(sf) 1-2 100 ABS 2.30 2.1 AAA(sf) 1-3 100 ABS 2.31 2.2 AAA(sf) 1-4 150 ABS 2.31 2.3 AAA(sf) 1-5 100 ABS 2.32 2.4 AAA(sf) 1-6 100 ABS 2.32 2.4 AAA(sf) 1-7 100 ABS 2.33 2.5 AAA(sf) 1-8 150 ABS 2.34 2.6 AAA(sf) 1-9 150 ABS 2.35 2.7 AAA(sf) 1-10 100 ABS 2.36 2.8 AAA(sf) 1-11 150 ABS 2.37 2.9 AAA(sf) 1-12 100 ABS 2.39 2.9 AAA(sf) 1-13 150 ABS 2.40 3.0 AAA(sf)

KOREA INVESTORS SERVICE,INC. 90 () ( ) 20141212 1-14 150 ABS 2.40 3.1 AAA(sf) 1-15 100 ABS 2.41 3.2 AAA(sf) 1-16 100 ABS 2.42 3.3 AAA(sf) 1-17 100 ABS 2.43 3.4 AAA(sf) 1-18 150 ABS 2.43 3.4 AAA(sf) 1-19 100 ABS 2.44 3.5 AAA(sf) 1-20 150 ABS 2.45 3.6 AAA(sf) 1-21 100 ABS 2.46 3.7 AAA(sf) 1-22 100 ABS 2.46 3.8 AAA(sf) 1-23 150 ABS 2.47 3.9 AAA(sf) 1-24 150 ABS 2.48 3.9 AAA(sf) 1-25 100 ABS 2.48 4.0 AAA(sf) 2014 10 1-1 514 ABS 2.27 2.0 AAA(sf) 2014 10 1-2 520 ABS 2.37 3.0 AAA(sf) 2014 10 1-4 1 ABS 5.00 3.2 C(sf) 2014 10 1-3 45 ABS - 3.2 C(sf) 20141215 2 500 3.22 3.0 A 20141216 4-1 300 2.86 3.0 A+ 4-2 400 3.24 5.0 A+ 20141224 1-1 105 ABS 2.21 0.1 AAA(sf) 1-2 100 ABS 2.21 0.2 AAA(sf) 1-3 100 ABS 2.22 0.2 AAA(sf) 1-4 100 ABS 2.22 0.3 AAA(sf) 1-5 100 ABS 2.23 0.4 AAA(sf) 1-6 100 ABS 2.24 0.5 AAA(sf) 1-7 100 ABS 2.25 0.6 AAA(sf) 1-8 100 ABS 2.25 0.7 AAA(sf) 1-9 100 ABS 2.26 0.8 AAA(sf) 1-10 100 ABS 2.26 0.8 AAA(sf) 1-11 100 ABS 2.28 0.9 AAA(sf) 1-12 100 ABS 2.28 1.0 AAA(sf) 1-13 100 ABS 2.29 1.1 AAA(sf) 1-14 100 ABS 2.29 1.2 AAA(sf) 1-15 100 ABS 2.30 1.2 AAA(sf) 1-16 100 ABS 2.31 1.3 AAA(sf) 1-17 100 ABS 2.31 1.4 AAA(sf) 1-18 100 ABS 2.32 1.5 AAA(sf) 1-19 100 ABS 2.33 1.7 AAA(sf) 1-20 100 ABS 2.33 1.8 AAA(sf) 1-21 100 ABS 2.33 1.9 AAA(sf) 1-22 100 ABS 2.34 2.1 AAA(sf) 1-23 100 ABS 2.34 2.3 AAA(sf) 1-24 100 ABS 2.47 3.6 AAA(sf) 20141229 2014 1-1 75 ABS 2.28 1.0 AAA(sf) 2014 1-2 706 ABS 2.32 2.0 AAA(sf) 2014 1-3 1,476 ABS 2.41 3.0 AAA(sf) 2014 1-4 67 ABS - 3.2 C(sf) 21,079