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MIRAEASSET QUANTITATIVE RESEARCH KOREA Quantitative Analysis KORE Feb. 8, 27 Style Matters! Mirae Asset Style Strategy : Monthly Update

C ontents PART 1. Highlights & MASS 5 Overview 1. Highlights 2. Style Performance Monitor 3. Style Rotation Monitor 4. Risk-Return Analysis : Long-only Strategies 5. Risk-Return Analysis : Long-Short Strategies 6. Sector Concentration 7. Style Map Sample Guide for Reading Style Matters! 8 18 2 28 3 32 34 38 PART 2. Value Style Strategies Value Composite Forward Value Composite Trailing Value Composite Forward PER Trailing PER Forward PBR Trailing PBR Forward Dividend Yield Trailing Dividend Yield Forward PEG Trailing PEG Forward EV/EBITDA Trailing EV/EBITDA Forward PCFR Trailing PCFR Forward PSR Trailing PSR 43 44 45 46 47 48 49 5 51 52 53 54 55 56 57 58 59

PART 3. Growth Style Strategies Growth Composite GARP 1 : EPS & Forward PER GARP 2 : Growth score & Forward Value score GARQ : Growth score & Quality score EPS (2) (2) 63 64 66 68 7 71 PART 4. Momentum Style Strategies Momentum Composite MARP 1 : EPS & Forward PER MARP 2 : Momentum score & Forward Value score EPS & EPS & & EPS 75 76 78 8 82 84 86 87 88 89

PART 5. Quality Style Strategies Quality Composite QARP1 : Forward ROE & Forward PBR QARP 2 : Forward NPM & Forward PSR QARP 3 : Quality score & Forward Value score Forward ROE Forward ROA Forward OPM () Forward NPM () 93 94 96 98 1 11 12 13 14 15 PART 6. Macro & Market Style Strategies vs. vs. / / Bull beta & Bear beta 19 11 111 112 113 114 116 PART 7. Definitions Value Style Strategies Growth Style Strategies Momentum Style Strategies Quality Style Strategies Macro & Market Style Strategies 12 121 122 123 124

PART 1 Highlights & MASS 5 Overview Highlights Style Performance Monitor Style Rotation Monitor Risk-Return Anlaysis Long-only Style Strategies Long-Short Style Strategies Sector Concentration Style Map Sample Guide for Reading Style Matters!

1.1 Highlights Quant Analyst (2) 3774-178 YoungJean@miraeasset.com Q1.? A1. Q2.,? A2. Q3. 2 A3. SK(36), (42), (123), (194), LG(5191), LG(1299), (983), (21), (588), (354) 27.2.8 8

< 1> Style Rotation Model : 4 Style Rotation Model : Growth vs. Value * Style Rotation Indicator : 3 2 Style Rotation Indicator 3 1-1 -2-3 27.2.8-4 21 22 23 24 25 26 27 Style Rotation Indicator = Growth Premium Value Premium - Growth Premium = Growth Score of Growth Style - Growth Score of Value Style - Value Premium = Value Score of Value Style - Value Score of Growth Style Growth Score Value Score Part 7. Definitions 1 Asness, C.S., Friedman, J.A. et al., Style Timing: Value versus Growth, Journal of Portfolio Management, Spring 2, pp. 5-6. 9

< 2> Growth Premium Growth Score : Growth vs. Value 4 3 Growth Premium : Growth Score of Growth Style - Growth Score of Value Style (Score) 1 2 8 1 6 Growth Style Value Style -1 4-2 -3 2-4 1 2 3 4 5 6 7 1 2 3 4 5 6 7 27.2.8 1

< 3> Value Premium Value Score : Value vs. Growth 4 3 Value Premium : Score of Value Style - Value Score of Growth Style (Score) 8 2 7 1 6 Value Style Growth Style -1 5-2 -3 4-4 1 2 3 4 5 6 7 3 1 2 3 4 5 6 7 27.2.8 11

< 4>, 1 EPS (%) (pt) 3 45 (pt) 5 4 EPS / (1 ) 26E 27E 28E 35 24E 3 25E -3-6 1 EPS 15 1 2 3 4 5 6 7 25 2 2E 21E 22E 23E 1 EPS 1 1 2 3 4 5 6 7 27.2.8 12

< 5> 2 (-) EPS 25 EPS : vs. 26 EPS : vs. (YoY, %) (YoY, %) 25 2 2 19. 15 13.4 15.4 13.5 11.9 11.9 15.6 11.1 11.3 15 1 13.7 1.5 11.9 9.9 9.5 1 5 8.6 5 5.4 4.6-5.5-3.5 () -5-7.3-1 () < 6> 27 EPS / 27 EPS / 14 15 12 1 95 1 9 IT 98 S&P 5 96 () 6-11-3 6-11-17 6-12-1 6-12-15 6-12-29 7-1-12 7-1-26 85 8 6-11-3 6-11-17 IT 6-12-1 6-12-15 6-12-29 7-1-12 7-1-26 27.2.8 13

< 7>, 1 / (MASS 5 (pt) 12 115 11 15 1 6/1 6/2 6/3 6/4 6/5 6/6 6/7 6/8 6/9 6/1 6/11 6/12 7/1 7/2 27.2.8 14

< 8> QARP Fw.PER Top 5 (%) 2.5. 2. 1.6.8.8.3 (%) 2.5.8. -.1 2. -.4.8-2.5-2.5-1.8-3.3-5. Fw.PBR & Fw.ROE Fw.PER Fw.PSR & NPM Tr.PER -3.7 15-5. Fw.PER Fw.PER & Fw.PER & Fw.PBR Fw.PBR & Fw.ROE Fw.PSR Fw.PSR & NPM 27.2.8 15

< 1> 2 1 Value PER PBR ROE Score 27E 27E 27E 2/7 2/7 () () (%) ( () () () SK 36 7.5 6.8 1.1 15.2 9,831 76,4 86, 83,5 42 76.4 6.3.76 12.9 2,963 34,9 47, 43,4 123 87. 5.8.6 1.9 1,329 21,5 29, 26, 194 81.2 6..63 1.9 466 38,8 44, 46,4 LG 5191 74.4 8.9 1.11 13.2 2,938 45,6 5, 52, 1299 65.2 6.8 1.32 21.8 1,41 31, 25, 32,5 983 74.5 6.5.66 1.6 1,283 12,85 13, 14, 21 62.5 8.3 1.8 13.4 2,694 77,4 93, 9, 588 79.4 6.7.92 14.4 5 5, 59, 59, 354 64.9 9.6.98 1.1 1,51 2,7 29,9 25,75 27.2.8 16

< 9> 1 1 1 1 (1/16~2/7) (%) 25 2 15 19.4 16.1 16.1 14.4 14.2 1 8.7 6.2 5.9 5.8 5 2.7 27.2.8-5 POSCO LG SK KOSPI -.9 LG 17

1.2 Style Performance Monitor 27.2.8 < 1-1> MASS 5 ( : %).1 Style 1M 3M 6M YTD 1Yr 3Yr 5Yr (Page) Value Style Value Composite -3.7 5.5 24.2-3.7 14.4 27.6 367. 569.6 p.43 Fw.Value Composite -3.9 4.7 21.8-3.9 13.2 211.3 376.5 634.7 p.44 Tr.Value Composite -3. 6.4 27.3-3. 18.6 23.6 41.7 637.7 p.45 Fw. PER -3.4 4.7 21.7-3.4 2.4 194.5 334.1 517.2 p.46 Tr. PER -3.6 6.2 24.5-3.6 25. 2.6 314. 418.3 p.47 Fw.PBR -6.5 2.5 22.5-6.5 14.2 217. 321.3 362. p.56 Tr. PBR -3.8 9.8 32.1-3.8 18.5 261.5 466. 687.1 p.57 Fw. Dividend Yield -3.2 4.9 17. -3.2 14. 16.8 39.2 439.8 p.58 Tr. Dividend Yield -5.4 2.7 15.6-5.4 8.5 126.4 194.6 23.6 p.59 Fw. PEG -4.6-2.1 14.2-4.6 11.1 138.2 39.1 379.6 p.6 Tr. PEG -6.3 2.1 16.4-6.3 4.4 96.5 236.1 35.7 p.61 Fw.EV/EBITDA -3.4 4. 17.6-3.4 15.3 133.2 343.5 71. p.62 Tr. EV/EBITDA -3.9 5.1 21.7-3.9 14.4 145.8 31. 657.1 p.63 Fw.PCFR -6.2 1.6 17. -6.2 1.7 166.2 339.7 417. p.64 Tr. PCFR -4.6 4.1 17.5-4.6 11.6 198.7 346.7 59.8 p.65 Fw.PSR -3.7 4.8 19.9-3.7 11.8 23.7 364.2 415.5 p.58 Tr. PSR -5.1 4.2 23.3-5.1 21.5 294.5 489.6 499.8 p.59 Growth Style Grow th Composite -6. -3.4 1.6-6. 4.4 111. 218.5 28.4 p.63 GARP 1 (2Y EPS g & Fw.PER) -5.5.7 18.1-5.5 6.5 187.6 4.5 714.8 p.64 GARP 2 (G.Score & V.Score) -7.4 -.5 13.6-7.4 2.8 142.5 112.1 68.9 p.66 GARQ (G.Score & Q.Score) -8.1-4.3 8.9-8.1-2.7 82. 9.1 48.8 p.68 EPS Grow th Rate (2Y) -5.9-3.3 11. -5.9 6. 87. 183.4 176.7 p.7 OP Grow th Rate (2Y) -6.4-4.7 9. -6.4.5 98.3 229.3 217. p.71 Momentum Style Momentum Composite -5.3 2.3 12.7-5.3 7.2 149.7 347.1 382.5 p.75 MARP 1 (EM & Fw.PER) -4.1 4.3 16.4-4.1 21.1 241.1 534.7 865.1 p.76 MARP 2 (M.Score & V.Score) -4.4 4.3 17.7-4.4 13.8 196. 336.9 373.8 p.78 EM & FM -4.6 2.3 12.9-4.6 12.3 147.3 345. 368. p.8 EM & PM -4.2 3.2 16.3-4.2 14.5 173.3 47. 565.4 p.82 FM & PM -7.1.5 12.2-7.1 9. 18.1 212.1 186.4 p.84 EPS Momentum (EM) -5.5 1.1 9.9-5.5 17.7 2.8 41.9 414.6 p.86 OP Momentum (OM) -5.4-2. 7.4-5.4 5.1 151.7 33.3 422.8 p.87 Foreigners Momentum (FM) -7.8-1.8 7.5-7.8.8 15.4 17. 149.8 p.88 Price Momentum (PM) -6.4 -.6 15. -6.4 1.5 126.9 189.8 217.2 p.89 Quality Style Quality Composite -7.4-1.2 8.1-7.4-3.3 48.7 17.9 182.1 p.93 QARP 1 (Fw.ROE & Fw.PBR) -2.3 3.3 9.4-2.3 9.1 183.9 451.8 1,34. p.94 QARP 2 (Fw. NPM & Fw.PSR) -4.2 4.7 28.3-4.2 24.6 141.6 327.6 78.6 p.96 QARP 3 (Q.Score & V.Score) -4.5 1.1 15.8-4.5 9.3 111.3 117.1 19.1 p.98 Fw.ROE -6.6-2.1 5.3-6.6 1. 72.9 135.4 158.2 p.1 Fw.ROA -6.9-1.9 4.1-6.9-7.1 32.6 92.7 85.3 p.11 Fw.OPM -5.3.6 5.9-5.3-7. 69.7 96.3 112.8 p.12 Fw.NPM -4. 2.9 1.3-4. 2.6 9. 121.8 141.9 p.13 (FY) -5.3 -.4 13.2-5.3 5.6 67.9 11.3 155.2 p.14 (FY) -6.6 3.7 15.4-6.6.3 73.3 126.4 161.5 p.15 Macro & Market Style -7.6 4.2 13.5-7.6 4.3 19.8 112.9 132.3 p.19-7.3-1.8 9.5-7.3 3.5 111.6 14.7 18.6 p.19-7..5 1.7-7. 2.4 114.5 17.5 88.4 p.11-8.2-8.2 5.3-8.2 7.4 96. 142.8 118.3 p.11-6.8 -.2 1.1-6.8 9.3 146.1 219.2 234.1 p.111-7.9-3.5 3.9-7.9-3.5 114.5 139.9 99.7 p.112-9.2-2.3 1.7-9.2 12.2 13.6 139.1 72.3 p.113-4.7 -.9 4.3-4.7 1.4 72.2 111.8 48.7 p.114-7.5 -.9 9.7-7.5 5.2 117.3 147.4 13.8 p.114-8.1 -.6 12.9-8.1 4.6 13.6 151.4 143.8 p.114 H. Bull beta & L. Bear beta -6.6-3.7 3.4-6.6-8.6 62. 16.9 91.7 p.116 15-7.3 -.7 1.4-7.3 3.8 111. 135.9 113.7 18

< 1-2> MASS 5 ( 1 ) ( : %).1 Style 1M 3M 6M YTD 1Yr 3Yr 5Yr (Page) QARP 1 (Fw.ROE & Fw.PBR) -2.3 3.3 9.4-2.3 9.1 183.9 451.8 1,34. p.94 Tr.Value Composite -3. 6.4 27.3-3. 18.6 23.6 41.7 637.7 p.45 Fw. Dividend Yield -3.2 4.9 17. -3.2 14. 16.8 39.2 439.8 p.58 Fw. PER -3.4 4.7 21.7-3.4 2.4 194.5 334.1 517.2 p.46 Fw.EV/EBITDA -3.4 4. 17.6-3.4 15.3 133.2 343.5 71. p.62 Tr. PER -3.6 6.2 24.5-3.6 25. 2.6 314. 418.3 p.47 Value Composite -3.7 5.5 24.2-3.7 14.4 27.6 367. 569.6 p.43 Fw.PSR -3.7 4.8 19.9-3.7 11.8 23.7 364.2 415.5 p.58 Tr. PBR -3.8 9.8 32.1-3.8 18.5 261.5 466. 687.1 p.57 Tr. EV/EBITDA -3.9 5.1 21.7-3.9 14.4 145.8 31. 657.1 p.63 Fw.Value Composite -3.9 4.7 21.8-3.9 13.2 211.3 376.5 634.7 p.44 Fw.NPM -4. 2.9 1.3-4. 2.6 9. 121.8 141.9 p.13 MARP 1 (EM & Fw.PER) -4.1 4.3 16.4-4.1 21.1 241.1 534.7 865.1 p.76 EM & PM -4.2 3.2 16.3-4.2 14.5 173.3 47. 565.4 p.82 QARP 2 (Fw. NPM & Fw.PSR) -4.2 4.7 28.3-4.2 24.6 141.6 327.6 78.6 p.96 MARP 2 (M.Score & V.Score) -4.4 4.3 17.7-4.4 13.8 196. 336.9 373.8 p.78 QARP 3 (Q.Score & V.Score) -4.5 1.1 15.8-4.5 9.3 111.3 117.1 19.1 p.98 Fw. PEG -4.6-2.1 14.2-4.6 11.1 138.2 39.1 379.6 p.6 Tr. PCFR -4.6 4.1 17.5-4.6 11.6 198.7 346.7 59.8 p.65 EM & FM -4.6 2.3 12.9-4.6 12.3 147.3 345. 368. p.8-4.7 -.9 4.3-4.7 1.4 72.2 111.8 48.7 p.114 Tr. PSR -5.1 4.2 23.3-5.1 21.5 294.5 489.6 499.8 p.59 Fw.OPM -5.3.6 5.9-5.3-7. 69.7 96.3 112.8 p.12 (FY) -5.3 -.4 13.2-5.3 5.6 67.9 11.3 155.2 p.14 Momentum Composite -5.3 2.3 12.7-5.3 7.2 149.7 347.1 382.5 p.75 Tr. Dividend Yield -5.4 2.7 15.6-5.4 8.5 126.4 194.6 23.6 p.59 OP Momentum (OM) -5.4-2. 7.4-5.4 5.1 151.7 33.3 422.8 p.87 GARP 1 (2Y EPS g & Fw.PER) -5.5.7 18.1-5.5 6.5 187.6 4.5 714.8 p.64 EPS Momentum (EM) -5.5 1.1 9.9-5.5 17.7 2.8 41.9 414.6 p.86 EPS Grow th Rate (2Y) -5.9-3.3 11. -5.9 6. 87. 183.4 176.7 p.7 Grow th Composite -6. -3.4 1.6-6. 4.4 111. 218.5 28.4 p.63 Fw.PCFR -6.2 1.6 17. -6.2 1.7 166.2 339.7 417. p.64 Tr. PEG -6.3 2.1 16.4-6.3 4.4 96.5 236.1 35.7 p.61 Price Momentum (PM) -6.4 -.6 15. -6.4 1.5 126.9 189.8 217.2 p.89 OP Grow th Rate (2Y) -6.4-4.7 9. -6.4.5 98.3 229.3 217. p.71 Fw.PBR -6.5 2.5 22.5-6.5 14.2 217. 321.3 362. p.56 (FY) -6.6 3.7 15.4-6.6.3 73.3 126.4 161.5 p.15 H. Bull beta & L. Bear beta -6.6-3.7 3.4-6.6-8.6 62. 16.9 91.7 p.116 Fw.ROE -6.6-2.1 5.3-6.6 1. 72.9 135.4 158.2 p.1-6.8 -.2 1.1-6.8 9.3 146.1 219.2 234.1 p.111 Fw.ROA -6.9-1.9 4.1-6.9-7.1 32.6 92.7 85.3 p.11-7..5 1.7-7. 2.4 114.5 17.5 88.4 p.11 FM & PM -7.1.5 12.2-7.1 9. 18.1 212.1 186.4 p.84-7.3-1.8 9.5-7.3 3.5 111.6 14.7 18.6 p.19 15-7.3 -.7 1.4-7.3 3.8 111. 135.9 113.7 Quality Composite -7.4-1.2 8.1-7.4-3.3 48.7 17.9 182.1 p.93 GARP 2 (G.Score & V.Score) -7.4 -.5 13.6-7.4 2.8 142.5 112.1 68.9 p.66-7.5 -.9 9.7-7.5 5.2 117.3 147.4 13.8 p.114-7.6 4.2 13.5-7.6 4.3 19.8 112.9 132.3 p.19 Foreigners Momentum (FM) -7.8-1.8 7.5-7.8.8 15.4 17. 149.8 p.88-7.9-3.5 3.9-7.9-3.5 114.5 139.9 99.7 p.112-8.1 -.6 12.9-8.1 4.6 13.6 151.4 143.8 p.114 GARQ (G.Score & Q.Score) -8.1-4.3 8.9-8.1-2.7 82. 9.1 48.8 p.68-8.2-8.2 5.3-8.2 7.4 96. 142.8 118.3 p.11-9.2-2.3 1.7-9.2 12.2 13.6 139.1 72.3 p.113 27.2.8 19

1.3 Style Rotation Monitor 27.2.8 [ 2-1A] MASS 5 1 '7 26 () 25 () Style 1 12 11 1 9 8 7 6 5 4 3 2 1 12 11 1 9 8 7 6 5 4 3 2 1 (Page) KOSPI (1M, %) -5.2.2 5. -.5 1.4 4.2.2-1.7-7.2 4.4 -.9-2. 1.5 6.3 12. -5.2 12.7-2.5 1.2 3.9 6.5-5.6-4.5 8.4 4.1 : 15 45 3 31 31 34 36 26 23 33 31 42 29 31 26 24 29 25 34 34 22 26 25 24 35 31 Value Style : Value Composite 7 19 1 6 18 11 5 28 29 2 23 44 4 49 42 6 36 22 26 23 48 16 35 1 22 p.43 Fw.Value Composite 11 18 18 1 22 14 41 48 27 17 18 43 5 45 39 7 19 21 28 24 41 35 31 3 1 p.44 Tr.Value Composite 2 4 2 3 14 8 45 4 28 32 13 1 6 41 45 1 42 38 39 19 51 19 32 6 3 p.45 Fw. PER 4 11 29 8 2 21 2 46 26 15 1 28 1 46 4 44 9 5 51 1 5 55 52 1 46 p.46 Tr. PER 6 15 6 4 27 1 21 2 41 12 31 42 7 24 47 19 21 2 37 25 49 53 54 2 45 p.47 Fw.PBR 36 24 3 17 3 3 51 29 44 1 21 26 2 35 38 4 32 35 17 35 2 37 38 9 15 p.56 Tr. PBR 9 3 1 2 1 2 53 5 46 24 22 19 3 42 35 16 31 26 2 3 35 3 4 8 11 p.57 Fw. Dividend Yield 3 33 16 24 45 33 9 11 22 49 8 35 3 53 48 28 38 29 48 2 32 3 3 19 19 p.58 Tr. Dividend Yield 26 34 13 18 46 22 29 17 13 51 6 47 2 54 43 17 39 47 45 33 42 2 6 28 29 p.59 Fw. PEG 18 51 44 36 8 7 3 43 2 28 5 7 36 48 31 48 37 28 25 39 9 49 22 12 1 p.6 Tr. PEG 33 32 8 9 41 25 17 44 55 35 9 45 17 44 55 12 43 3 38 34 53 31 15 43 49 p.61 Fw.EV/EBITDA 5 42 17 12 49 19 4 25 7 16 44 9 15 32 52 37 53 11 29 55 43 47 46 15 16 p.62 Tr. EV/EBITDA 1 1 19 11 19 18 55 24 6 26 35 16 8 39 54 32 52 25 35 49 31 5 27 14 25 p.63 Fw.PCFR 32 44 7 22 29 6 42 37 37 7 34 12 9 22 28 43 46 13 6 5 45 2 5 13 41 p.64 Tr. PCFR 19 36 4 28 3 2 54 26 3 14 45 18 13 4 34 47 5 4 9 32 17 52 36 11 12 p.65 Fw.PSR 8 29 12 48 4 28 48 34 51 1 38 31 19 11 13 11 6 15 11 8 14 24 26 5 8 p.58 Tr. PSR 22 13 14 46 2 1 44 5 31 3 37 17 11 17 26 21 3 24 24 4 12 23 23 4 7 p.59 Growth Style : Growth Composite 31 53 4 43 12 15 27 32 45 29 33 6 55 27 7 23 35 18 12 4 6 32 47 3 2 p.63 GARP 1 (2Y EPS g & Fw.PER) 28 5 5 33 7 4 25 53 4 47 32 55 14 2 23 2 11 36 7 1 23 28 18 33 4 p.64 GARP 2 (G.Score & V.Score) 47 37 22 49 25 5 46 13 23 25 53 5 37 37 27 4 8 43 15 2 21 45 8 24 5 p.66 GARQ (G.Score & Q.Score) 53 45 47 19 17 32 18 36 11 42 54 51 46 43 17 39 18 14 47 47 27 11 12 54 26 p.68 EPS Grow th Rate (2Y) 3 49 48 44 9 16 38 38 42 9 16 2 5 23 21 41 33 32 4 51 1 48 45 2 6 p.7 OP Grow th Rate (2Y) 35 54 37 53 6 9 39 33 47 18 51 13 53 25 5 3 4 31 33 29 5 38 51 32 3 p.71 Momentum Style : Momentum Composite 25 17 26 23 42 46 1 22 49 45 29 5 47 5 3 35 24 8 13 16 1 41 33 26 13 p.75 MARP 1 (EM & Fw.PER) 13 35 11 16 38 37 5 7 9 5 2 52 38 3 9 2 5 9 23 17 3 7 44 21 21 p.76 MARP 2 (M.Score & V.Score) 16 8 25 3 26 23 31 14 36 19 19 4 42 6 33 31 1 23 14 13 39 26 41 17 28 p.78 EM & FM 2 28 28 32 35 42 8 12 24 38 12 14 44 1 6 8 22 12 18 37 34 6 42 39 33 p.8 EM & PM 14 12 34 7 32 45 11 19 3 13 17 37 22 9 8 13 7 2 5 3 15 1 28 44 38 p.82 FM & PM 43 6 36 34 37 3 19 1 4 44 36 32 26 31 25 9 2 3 27 41 52 22 7 41 48 p.84 EPS Momentum (EM) 29 46 21 52 16 49 4 18 17 22 4 1 52 14 1 18 16 1 3 21 4 54 48 22 18 p.86 OP Momentum (OM) 27 52 33 54 1 44 23 15 43 2 55 2 54 18 2 46 29 5 16 14 7 46 49 16 32 p.87 Foreigners Momentum (FM) 5 38 3 45 33 43 12 45 53 48 3 4 41 19 16 25 44 17 3 18 29 21 11 25 27 p.88 Price Momentum (PM) 34 22 41 15 15 17 7 21 48 33 7 48 21 36 2 22 13 48 42 28 8 15 19 31 53 p.89 Quality Style : Quality Composite 46 16 39 21 43 48 32 54 12 54 11 22 24 51 36 14 51 41 49 48 36 5 16 5 52 p.93 QARP 1 (Fw.ROE & Fw.PBR) 1 7 53 2 52 55 1 49 14 8 24 39 16 29 44 36 17 1 5 15 47 33 39 7 37 p.94 QARP 2 (Fw. NPM & Fw.PSR) 15 5 27 1 5 12 33 27 19 4 1 33 1 38 53 5 12 51 22 44 54 29 53 18 36 p.96 QARP 3 (Q.Score & V.Score) 17 2 46 5 23 38 35 9 21 36 25 54 18 34 49 52 27 42 41 43 55 51 43 29 23 p.98 Fw.ROE 39 25 52 4 48 51 3 31 32 46 14 3 27 47 37 42 45 4 46 46 19 18 37 45 39 p.1 Fw.ROA 41 31 42 42 5 53 22 52 25 55 2 11 4 52 51 5 48 53 52 42 38 12 1 48 47 p.11 Fw.OPM 23 14 45 51 53 5 14 42 54 5 46 27 32 16 1 26 26 55 2 45 11 17 29 47 43 p.12 Fw.NPM 12 9 38 38 51 47 6 2 52 41 43 21 23 8 11 24 41 49 4 26 22 34 14 46 42 p.13 (FY) 24 26 49 14 28 24 49 47 1 43 28 23 33 5 5 3 54 7 53 53 44 4 4 52 55 p.14 (FY) 37 1 35 29 24 39 52 51 2 52 48 53 12 33 46 49 55 52 54 31 46 8 2 42 51 p.15 Macro & Market Style : 49 2 15 13 31 54 34 55 8 53 3 3 28 55 3 1 3 37 55 12 37 1 1 53 5 p.19 44 43 32 39 36 27 24 16 39 23 47 41 35 15 22 38 23 33 19 27 24 43 34 27 24 p.19 42 21 24 27 44 41 28 3 34 34 41 38 43 3 14 34 15 44 32 6 18 13 13 49 35 p.11 54 55 54 41 13 13 13 6 16 6 4 8 45 2 29 51 47 39 31 54 4 27 9 36 9 p.11 4 4 51 5 39 31 43 8 5 27 15 25 48 28 15 53 4 6 44 7 33 14 5 55 4 p.111 51 41 43 47 54 29 37 41 15 11 5 49 49 1 4 55 2 45 1 36 2 36 25 4 17 p.112 55 47 9 37 11 34 15 3 5 4 27 15 51 13 18 54 1 54 8 9 13 42 55 38 2 p.113 21 23 55 35 55 52 2 4 1 37 26 46 34 12 32 45 49 46 1 52 16 9 3 51 54 p.114 48 39 23 26 4 4 16 1 38 21 49 36 39 7 12 33 28 16 21 38 28 39 2 37 34 p.114 52 27 2 25 21 26 36 35 35 3 39 24 25 4 19 27 14 27 43 5 25 4 17 23 14 p.114 H. Bull beta & L. Bear beta 38 48 5 55 47 35 47 39 18 39 52 34 29 21 41 15 34 19 36 11 3 44 21 34 44 p.116 2

[ 2-1B] MASS 5 1 '7 26 () 25 () Style 1 12 11 1 9 8 7 6 5 4 3 2 1 12 11 1 9 8 7 6 5 4 3 2 1 (Page) KOSPI (1M, %) -5.2.2 5. -.5 1.4 4.2.2-1.7-7.2 4.4 -.9-2. 1.5 6.3 12. -5.2 12.7-2.5 1.2 3.9 6.5-5.6-4.5 8.4 4.1 : (1M, %) 15-7.3.7 6.3 1.3 3.5 6.1 -.1-3.5-8. 5.5.5..4 4.8 14.7-5. 17. -1. 7.6 7.6 6.3-6.2-3.5 12.1 5.8 Value Style : (1M, %) Value Composite -3.7 1.3 8.1 3.8 4.6 8.4-3. -4.2-7.8 6.8 1.7 -.9 7.8 1.5 7.7-2.9 15.8 -.3 8.3 7.5 4.3-5.3-4.3 19.7 7.1 p.43 Fw.Value Composite -3.9 1.3 7.6 3. 4.5 8.1-1.6-5.7-7.7 7. 2. -.7 7.5 2.2 8.3-3.3 17.6 -.1 8.2 7.4 5.4-6.7-4. 21.6 8.1 p.44 Tr.Value Composite -3.. 9.7 4.3 5.2 8.9-2.7-5.1-7.8 5.4 2.5 1.2 7.2 2.9 7.1-4. 14.3-1.2 7. 8.1 3.7-5.5-4. 21.3 6. p.45 Fw. PER -3.4 1.8 6.4 3.5 4.6 7.4 3.1-5.6-7.6 7.1 2.6.1 8.7 2.2 8.1-6.2 19.2-2. 5. 9.4 3.8-9.5-6.8 24.4 4.2 p.46 Tr. PER -3.6 1.5 8.5 4.2 3.7 8.4.2 1.2-8.6 7.5 1.4 -.7 7.1 5. 6.9-4.4 17.6. 7.2 7.4 3.8-9.2-7.7 22.9 4.4 p.47 Fw.PBR -6.5 1. 8.6 1.9 7. 9.6-3.2-4.2-8.7 7.9 1.8.2 8.1 3.7 8.9-2.9 16.3-1. 9.1 6.5 6.7-6.7-4.6 2.2 7.7 p.56 Tr. PBR -3.8 3.5 1.3 1.9 7.4 1. -3.7-5.9-9. 6.1 1.8.6 8. 2.9 9.9-4.3 16.5 -.6 8.7 11.4 5.8-6.3-4.7 2.5 8.1 p.57 Fw. Dividend Yield -3.2.5 7.8 1.8 2.9 6.5 1.5-2.2-7.3 3.3 2.9 -.3.8.6 6.7-5. 15.4 -.8 5.4 8.1 5.9-3.8-1.5 16.3 7.4 p.58 Tr. Dividend Yield -5.4.5 8. 1.9 2.9 7.3 -.2-3.1-6.9 2.4 3.1-1.1 2.5 -.4 7.6-4.3 15.3-1.8 6. 6.7 5.2-3.6-2. 13.4 6.1 p.59 Fw. PEG -4.6-1.9 4.6 1.1 5.8 9.1 -.3-5.3-7.3 5.9 3.2 1.6. 1.8 13.5-7.2 15.5 -.7 8.5 6.2 8.3-8. -3.4 19.4 13.3 p.6 Tr. PEG -6.3.6 8.4 3.3 3.2 6.9.4-5.3-12 5.2 2.8 -.9 3.3 2.7 1.5-4.1 14.2 2.3 7.1 6.7 3.5-6.4-3.2 1.6 2.6 p.61 Fw.EV/EBITDA -3.4 -.1 7.7 2.8 2.3 7.6-1. -3.9-5.5 7.1.4 1.3 3.4 3.9 4.5-5.6 1.1 1.1 8. 1.1 5. -7.8-5.8 18.5 7.6 p.62 Tr. EV/EBITDA -3.9 1.9 7.3 2.8 4.6 7.6-4.9-3.7-4.9 6.1 1..8 7. 3.5 2.2-5.3 11. -.5 7.5 4.4 5.9-8.2-3.8 18.7 6.5 p.63 Fw.PCFR -6.2 -.2 8.5 1.8 3.6 9.1-1.6-5. -8.3 8.1 1.1 1. 5.7 5.6 13.6-6.2 13. 1. 1.4 4.3 4.9-5.6-6.3 19.2 5.2 p.64 Tr. PCFR -4.6.5 8.6 1.4 3.6 7.5-4.6-4. -4.5 7.4.3.8 3.8 8.8 1.9-7.2 11.9 2. 1.2 6.8 6.9-8.8-4.3 19.4 8.1 p.65 Fw.PSR -3.7.8 8..3 6.8 6.8-2.9-4.9-9.4 1.7.8 -.1 2.5 7. 16.8-4. 19.9.7 9.9 9.6 7.6-6.1-3.8 21.3 8.4 p.58 Tr. PSR -5.1 1.7 8..5 7.1 1. -2.4-1.4-7.9 9.4.8.8 4.9 6.4 14.1-4.5 2.5 -.4 8.5 1. 7.7-6.1-3.4 21.5 8.8 p.59 Growth Style : (1M, %) Growth Composite -6. -2.2 5.1.6 5.3 8. -.2-4.6-8.9 5.9 1.2 1.6-5.2 4.8 2.5-4.7 15.9.2 9.9 6. 8.9-6.6-5.9 13.1 13.2 p.63 GARP 1 (2Y EPS g & Fw.PER) -5.5-1.8 8.5 1.1 5.9 9.5. -7.4-4.7 3.4 1.2-2.4 3.6 6.1 14.9-4.4 18.9-1. 1.4 11.4 6.6-6.3-3.3 12.3 12.4 p.64 GARP 2 (G.Score & V.Score) -7.4.3 7.1.2 4.1 9.4-2.8-2.3-7.3 6.1-1.2-1.9. 3.6 13.8-5.9 19.6-1.6 9.7 11.4 6.6-7.7-2.2 14. 11.7 p.66 GARQ (G.Score & Q.Score) -8.1 -.3 4.5 1.9 4.6 6.7.4-5. -6.6 3.9-1.6-1.9-1.3 2.7 15.9-5.8 17.7.9 5.8 4.9 6.3-4.9-2.8 6. 6.4 p.68 EPS Grow th Rate (2Y) -5.9-1.4 4.4.6 5.7 7.8 -.7-5. -8.6 8. 2.1.5-3.3 5.1 15. -6.1 16.1 -.9 6.9 3.8 9.9-7.8-5.4 15.4 11.3 p.7 OP Grow th Rate (2Y) -6.4-3.2 5.3 -.7 6.1 8.6 -.7-4.7-9.2 6.9 -.6 1. -4.8 4.9 2.9-5. 14.4 -.8 7.8 7.2 9.2-6.9-6.8 12.9 12.5 p.71 Momentum Style : (1M, %) Momentum Composite -5.3 1.3 6.6 1.8 3.1 5. 1.3-3.5-9.2 3.8 1.5 1.7-2. 8.6 22.7-5.4 17.1 1.5 9.8 8.7 8.2-7.2-4.1 13.7 7.8 p.75 MARP 1 (EM & Fw.PER) -4.1.5 8.1 2.1 3.4 5.9 2.2-1.9-6.2 8.6 4. -2. -.3 9.5 19.4-1.5 2.1 1.4 8.5 8.6 6.2-4.1-5.4 15.3 7.3 p.76 MARP 2 (M.Score & V.Score) -4.4 2.2 6.7 1.3 4. 7.1 -.4-2.4-8.2 6.9 1.8 -.5 -.9 8. 11.4-5.1 19.1 -.4 9.8 9.2 5.5-6.2-4.8 17.7 6.2 p.78 EM & FM -4.6.8 6.4 1.2 3.5 5.3 1.8-2.3-7.3 4.4 2.5 1. -1. 7.1 2.8-3.5 17.4 1.1 8.9 6.3 5.9-4.1-4.9 11.7 5.6 p.8 EM & PM -4.2 1.8 5.8 3.6 3.5 5.1 1.1-3.2-7.9 7.4 2. -.4 2. 7.2 2.3-4.1 19.6 2.8 1.7 6.9 7.1-4.6-3.8 1.6 5.4 p.82 FM & PM -7.1 2.4 5.6 1.1 3.4 6.7.2 1.4-8.6 3.8.9 -.1 1.4 4.3 14.2-3.9 17.6 -.8 8.3 5.8 3.6-5.8-2. 1.9 3.1 p.84 EPS Momentum (EM) -5.5 -.3 7.3 -.5 4.8 4.3 2.8-3.2-7.1 6.4 3.7 4.9-4.1 6.6 24.6-4.4 18.3 3.3 8. 7.9 9.4-9.4-6. 14.7 7.4 p.86 OP Momentum (OM) -5.4-2.1 5.8-1.4 5.7 5.2.1-2.6-8.7 9.9-2.7 2.7-4.8 6.3 22.7-7. 16.6 2. 9.3 9.2 8.8-7.7-6.2 18.1 5.7 p.87 Foreigners Momentum (FM) -7.8.2 6.4.5 3.5 5.2 1. -5.3-1 3.3 3.8 2.2 -.9 6.3 16.1-4.8 14.1.3 11.4 8.4 6.2-5.6-2.7 14. 6.3 p.88 Price Momentum (PM) -6.4 1.2 5. 2.4 4.9 7.7 2.1-3.3-9.2 5.4 3.1-1.3 2.4 3.6 15.1-4.6 18.7-1.8 6.8 7.2 8.4-5.3-3.3 13. 1.7 p.89 Quality Style : (1M, %) Quality Composite -7.4 1.4 5.1 1.8 3. 4.3 -.4-7.5-6.7 1.2 2.5.4 1.9 1.3 9.6-4.1 11.7-1.5 5.3 4.6 5.8-4. -3.2 8.6 1.7 p.93 QARP 1 (Fw.ROE & Fw.PBR) -2.3 2.2 3.4 4.8 1.3 -.3 4.2-5.9-6.9 8.1 1.6 -.5 3.4 4.4 7.5-5.6 18. 1.3 5.1 9. 4.5-6.7-4.7 2.9 5.4 p.94 QARP 2 (Fw. NPM & Fw.PSR) -4.2 2.6 6.5 6.1 6.8 8.2 -.5-4.2-7.1 4.3 5.3 -.1 5. 3.5 2.8-7.8 18.9-2.1 8.5 5.7 2.1-6.3-7. 16.5 5.4 p.96 QARP 3 (Q.Score & V.Score) -4.5 1.2 4.5 4. 4.4 5.5 -.6-2. -7.3 5.1 1.6-2.2 2.8 3.8 6.1-8.2 16.9-1.6 6.8 5.8 1.9-8.5-5. 13.2 6.6 p.98 Fw.ROE -6.6 1. 3.8.9 2.6 4. 2.9-4.5-8. 3.7 2.3. 1.3 1.9 9. -6.1 14. -1.5 5.8 5.2 6.7-5.4-4.4 1.5 5.4 p.1 Fw.ROA -6.9.6 4.8.8 2. 3.2.1-6.9-7.4.6 1.8 1. -.8.9 5.3-2.9 12.4-2.8 4.9 5.8 5.7-5.1-2.3 1.1 4. p.11 Fw.OPM -5.3 1.6 4.5. 1.3 4..9-5.2-11 3.1.3.1.3 6.5 18.2-4.9 16.9-3.6 11.5 5.4 8.1-5.4-3.9 1.1 5. p.12 Fw.NPM -4. 2. 5.1 1. 1.6 4.4 2.1-3.2-1 4.1.4.4 2. 7.5 17.9-4.7 14.3-2. 1.8 7.3 6.6-6.7-3.2 1.3 5. p.13 (FY) -5.3.9 4.3 2.4 3.7 7. -3. -5.6-3.7 3.8 1.6.3.3 1.3 6. -2.1 1.1 1.5 4.3 2.5 4.9-3.9-1.6 7.2 1.1 p.14 (FY) -6.6 4.9 5.8 1.4 4.2 5.4-3.5-6.5-3.9 2.3.1-2.1 4.2 3.8 7. -7.4 9.5-2.2 4.2 6.8 4.8-4.4-1.3 1.8 2.5 p.15 Macro & Market Style : (1M, %) -7.6 4.5 8. 2.6 3.6 2.4 -.6-7.7-5.6 1.9 1.4 2.6 1.3-1.7 13.5-1.3 16.6-1.1 2.6 9.3 5.7-1.2 -.4 6.2 2.5 p.19-7.3 -.1 6..9 3.5 6.8.1-2.6-8.6 6.4.2 -.5.2 6.5 14.9-5.8 17.1-1. 8.8 7.2 6.4-7.4-4.3 13.7 6.6 p.19-7. 1.2 6.8 1.5 2.9 5.4 -.2-4.4-8. 5.3.6 -.5-1. 4.3 16.6-5.3 18.4-1.7 7.9 9.8 6.9-5.2-3.2 9.8 5.5 p.11-8.2-3.2 3.3.8 5.2 8.1 1. -1.6-7. 8.1.6 1.5-1.1 1.6 13.5-7.9 12.6-1.4 8. 1.9 5.5-6.3-2.3 11.9 8.3 p.11-6.8 2.9 4..1 3.3 6.7-2. -1.9-4.7 6. 2.1.2-2. 4.4 16.5-8.8 2.3 1.7 6.4 9.7 5.9-5.2-1.6 5.9 5.3 p.111-7.9. 4.8.4.5 6.7 -.6-5.2-7. 7.8 -.4-1.4-2.2 11.4 21.8-11 21.6-1.8 12.1 6.5 9.8-6.7-3.6 11.7 7.5 p.112-9.2 -.6 8.2 1. 5.6 6.2.9 -.9-9.4 9.2 1.6.9-3.8 6.9 15.6-1 21.9-3.2 1.2 9.5 7.6-7.3-7.8 11.7 7.3 p.113-4.7 1. 3. 1.1.2 3.8.2-1.3-6.4 4.4 1.6-1..2 6.9 11.8-6.4 12. -1.8 1.2 2.6 7.1-4.6-4. 7.9 1.6 p.114-7.5.2 6.9 1.6 3.2 5.4.7-2.1-8.3 6.6 -.2 -.3 -.3 7.6 17.3-5.3 16.7.7 8.6 6.3 6.3-7.1-3.3 11.9 5.5 p.114-8.1.8 7.3 1.8 4.5 6.8 -.6-4.9-8.1 5.6.8.3 1.7 3.2 15.3-4.9 18.6 -.7 6.6 9.9 6.4-7.1-3.3 14.1 7.8 p.114 H. Bull beta & L. Bear beta -6.6-1.1 4.2-1.6 2.7 6.2-2.8-5.1-7.1 4.3-1. -.3 1.2 5.6 7.8-4.3 15.9.1 7.2 9.4 9.6-7.5-3.3 12.3 4.5 p.116 27.2.8 21

[ 2-2A] MASS 5 3 '7 26 () 25 () Style 1 12 11 1 9 8 7 6 5 4 3 2 1 12 11 1 9 8 7 6 5 4 3 2 1 (Page) KOSPI (3M, %) - 5 6 5 6 3-9 - 5-4 1-1 6 21 13 2 4 21 12 22 4-4 - 2 8 15 12 : 15 38 34 35 37 35 29 25 29 39 35 39 35 25 21 24 28 34 32 28 26 28 34 34 38 37 Value Style : Value Composite 4 6 5 6 34 38 49 26 21 28 8 17 37 41 34 17 33 26 33 32 37 6 11 22 21 p.43 Fw.Value Composite 8 1 9 1 22 43 47 32 17 22 7 13 33 39 3 8 18 28 31 4 4 5 4 11 15 p.44 Tr.Value Composite 2 5 3 3 18 39 5 39 26 15 2 6 35 43 42 35 44 35 37 36 43 3 9 19 23 p.45 Fw. PER 1 11 14 11 2 1 17 31 11 11 1 9 28 46 35 3 41 39 4 49 54 14 16 7 27 p.46 Tr. PER 3 4 6 8 14 1 3 2 25 24 9 7 27 37 37 13 24 31 39 51 55 23 23 15 22 p.47 Fw.PBR 22 12 4 4 11 35 52 25 19 1 5 4 19 34 31 19 3 3 26 35 35 1 8 1 2 p.56 Tr. PBR 1 1 2 2 9 44 55 48 33 2 3 5 21 36 32 24 23 7 11 8 38 8 6 17 9 p.57 Fw. Dividend Yield 6 2 24 35 21 8 8 3 31 4 25 51 52 51 45 34 45 38 36 1 2 1 1 25 42 p.58 Tr. Dividend Yield 21 18 23 31 31 16 16 38 34 47 2 52 51 49 4 36 47 45 41 21 3 9 25 34 46 p.59 Fw. PEG 46 49 29 9 4 19 34 33 12 5 18 42 42 38 33 43 37 34 22 38 26 11 1 1 16 p.6 Tr. PEG 25 7 11 22 26 33 53 51 52 31 14 36 53 54 52 15 32 18 46 46 44 44 49 42 19 p.61 Fw.EV/EBITDA 16 16 22 27 4 28 18 9 9 18 13 15 49 5 54 51 46 48 54 55 51 22 18 5 13 p.62 Tr. EV/EBITDA 5 9 13 12 45 47 36 1 7 26 6 8 47 53 55 52 5 43 42 5 45 15 13 13 1 p.63 Fw.PCFR 26 22 16 14 19 31 45 27 2 9 1 2 1 26 36 41 22 24 35 48 49 12 27 29 41 p.64 Tr. PCFR 15 17 17 28 49 48 35 6 3 21 16 1 14 28 47 47 25 1 2 44 46 2 7 6 17 p.65 Fw.PSR 7 28 1 19 27 46 54 19 14 3 26 12 6 11 6 4 3 4 6 6 19 4 3 9 24 p.58 Tr. PSR 14 21 8 5 5 7 26 3 8 4 11 3 8 16 12 5 7 13 8 3 17 2 2 4 11 p.59 Growth Style : Growth Composite 5 51 37 18 1 21 39 43 41 19 5 53 3 1 8 26 15 2 15 25 31 48 17 3 4 p.63 GARP 1 (2Y EPS g & Fw.PER) 29 36 7 7 1 36 29 45 24 53 3 22 11 15 15 11 12 2 2 4 2 31 12 18 6 p.64 GARP 2 (G.Score & V.Score) 35 37 31 21 28 13 31 13 44 52 51 49 36 32 22 25 14 9 3 13 27 24 5 12 5 p.66 GARQ (G.Score & Q.Score) 53 45 36 23 16 32 22 41 51 55 54 55 38 27 2 18 29 42 47 37 11 52 51 49 28 p.68 EPS Grow th Rate (2Y) 49 5 38 16 12 34 42 28 16 6 46 47 39 24 29 37 39 49 32 41 3 4 15 8 25 p.7 OP Grow th Rate (2Y) 54 54 39 2 8 24 43 37 46 29 53 54 24 9 11 38 42 33 19 18 36 53 22 2 1 p.71 Momentum Style : Momentum Composite 23 25 28 41 37 25 24 47 5 32 37 18 3 3 5 12 6 5 7 17 29 36 26 21 18 p.75 MARP 1 (EM & Fw.PER) 11 14 18 32 17 6 1 1 1 7 36 25 4 1 1 1 4 12 21 7 24 17 28 27 26 p.76 MARP 2 (M.Score & V.Score) 12 19 26 29 23 11 2 14 22 25 42 29 32 22 28 1 8 11 18 22 42 13 2 2 7 p.78 EM & FM 24 32 34 4 24 9 7 23 28 27 29 24 7 4 4 6 13 17 3 23 22 3 38 45 34 p.8 EM & PM 19 13 2 3 32 2 15 15 15 17 23 14 2 5 3 2 1 3 16 15 1 35 41 4 3 p.82 FM & PM 31 27 43 34 3 2 2 12 49 45 33 33 23 2 19 14 2 36 44 47 32 27 43 5 44 p.84 EPS Momentum (EM) 27 42 3 47 15 15 5 16 4 1 21 23 9 2 2 3 5 8 12 28 47 54 31 16 3 p.86 OP Momentum (OM) 45 52 44 43 2 26 23 8 36 12 55 39 15 6 7 27 1 1 5 12 41 28 29 23 31 p.87 Foreigners Momentum (FM) 42 4 42 44 33 4 48 52 48 14 15 19 18 14 27 33 17 6 1 19 18 16 24 37 5 p.88 Price Momentum (PM) 37 3 25 13 3 4 19 36 3 3 22 37 2 23 16 22 35 4 25 11 5 21 46 39 4 p.89 Quality Style : Quality Composite 41 33 45 45 46 53 44 53 45 48 17 41 44 4 43 49 53 52 51 31 12 37 53 52 53 p.93 QARP 1 (Fw.ROE & Fw.PBR) 18 15 46 53 54 51 1 22 5 16 19 21 4 42 38 9 26 27 38 3 48 7 14 14 12 p.94 QARP 2 (Fw. NPM & Fw.PSR) 9 2 1 1 6 17 28 34 6 13 4 16 5 55 51 39 19 41 49 52 52 33 35 35 47 p.96 QARP 3 (Q.Score & V.Score) 28 24 21 17 39 22 14 18 29 46 32 38 45 52 5 48 4 44 53 54 53 51 33 33 8 p.98 Fw.ROE 47 46 51 49 36 3 12 46 4 38 24 43 48 45 46 5 49 5 43 33 23 46 45 47 43 p.1 Fw.ROA 44 43 49 52 53 52 41 55 53 49 35 5 55 47 48 45 54 55 48 34 15 29 44 46 49 p.11 Fw.OPM 3 44 52 54 48 45 51 54 55 5 41 26 12 12 1 4 27 37 13 24 9 45 47 48 55 p.12 Fw.NPM 2 35 48 51 41 18 27 49 54 44 27 11 5 7 21 42 38 21 14 29 25 47 4 43 51 p.13 (FY) 34 38 4 24 44 5 3 24 1 41 34 48 54 44 49 31 52 53 55 45 4 32 54 51 52 p.14 (FY) 17 8 32 36 51 54 4 44 32 54 31 32 41 48 53 55 55 51 5 27 6 18 42 44 45 p.15 Macro & Market Style : 13 3 15 46 52 55 38 5 38 37 12 46 46 33 14 7 51 47 45 1 1 19 52 55 38 p.19 43 41 41 33 29 12 21 21 42 36 45 31 17 18 25 32 21 29 24 39 39 39 3 28 39 p.19 32 26 33 42 42 41 32 35 43 42 48 44 26 19 13 29 31 22 17 2 13 38 39 41 33 p.11 55 55 47 15 7 3 6 5 13 8 38 1 16 17 41 54 48 54 52 53 21 26 21 26 36 p.11 33 39 5 39 43 27 9 4 2 23 43 45 31 31 23 2 9 14 27 9 7 5 5 53 35 p.111 51 48 53 48 47 42 33 2 23 39 52 2 1 8 9 44 2 16 1 16 8 43 32 3 32 p.112 48 31 12 26 13 5 11 7 18 2 49 4 34 3 26 46 11 19 4 14 5 55 48 31 2 p.113 4 47 55 55 55 23 4 11 27 43 4 3 29 29 44 53 43 46 34 43 14 49 55 54 54 p.114 39 29 27 38 38 14 13 17 37 34 47 27 13 13 18 21 16 25 29 42 34 41 36 32 29 p.114 36 23 19 25 25 37 37 4 35 33 28 34 22 25 17 16 28 23 23 2 33 25 19 24 14 p.114 H. Bull beta & L. Bear beta 52 53 54 5 5 49 46 42 47 51 44 28 43 35 39 23 36 15 9 5 16 42 37 36 48 p.116 27.2.8 22

[ 2-2B] MASS 5 3 '7 26 () 25 () Style 1 12 11 1 9 8 7 6 5 4 3 2 1 12 11 1 9 8 7 6 5 4 3 2 1 (Page) KOSPI (3M, %) -.3 4.6 5.9 5.1 5.9 2.7-8.6-4.7-3.9 1.4-1.4 5.7 2.9 13. 19.8 4.2 21.1 11.7 21.9 4.4-4.1-2.3 7.8 15.2 11.7 : (3M, %) 15 -.7 8.5 11.5 11.2 9.7 2.3-11 -6.3-2.4 6.1.9 5.2 2.7 14.2 27.5 1.1 24.6 14.6 23.1 7.3-3.8 1.4 14.4 21.1 15.5 Value Style : (3M, %) Value Composite 5.5 13.7 17.5 17.8 1..7-14 -5.7. 7.6 8.6 8.5 17.8 6.1 21. 12. 25. 16.1 21.5 6.2-5.5 8.5 22.7 26.3 18.6 p.43 Fw.Value Composite 4.7 12.2 15.8 16.4 11.2.4-14 -6.8.7 8.5 8.9 9.2 19. 7.1 23.3 13.6 27.1 16.1 22.5 5.6-5.6 8.9 26.3 29.6 19.5 p.44 Tr.Value Composite 6.4 14.5 2.5 19.6 11.6.6-15 -7.7 -.4 9.3 11.2 11.7 18.2 5.8 17.6 8.4 2.8 14.3 2. 6. -5.9 1.1 23.4 26.7 17.7 p.45 Fw. PER 4.7 12.1 15.1 16.2 15.7 4.6-1 -6.5 1.6 1. 11.7 11.2 2.2 3.6 2.8 9.5 22.7 12.6 19.2 2.8-12 4.9 2.8 3.8 16.9 p.46 Tr. PER 6.2 14.7 17.3 17.3 12.7 1. -7.3 -.5 -.4 8.3 7.8 11.7 2.2 7.3 2.2 12.3 25.9 15. 19.5 1.2-13 2.9 18.4 28.9 17.9 p.47 Fw.PBR 2.5 11.7 18.5 19.5 13.5 1.6-15 -5.6.3 1.1 1.3 12.4 22.2 9.8 23.1 11.8 25.5 15. 24. 6. -5.1 6.9 23.4 29.7 23.3 p.56 Tr. PBR 9.8 16.4 2.7 2.3 13.8 -.3-18 -9.2-1.7 8.7 1.7 11.8 22.1 8.1 22.5 1.9 26. 2.4 28.1 1.4-5.6 7.5 24.1 28.4 21.3 p.57 Fw. Dividend Yield 4.9 1.3 12.9 11.5 11.2 5.7-8. -6.3-1.5 5.9 3.3 1. 8.1 2. 16.9 8.8 2.6 13. 2.7 1.1.4 1.3 23.1 25.4 14.3 p.58 Tr. Dividend Yield 2.7 1.7 13.2 12.5 1.1 3.7-1 -7.7-1.7 4.4 4.5 1. 9.9 2.6 18.8 8.3 2.1 11.1 19. 8.2 -.6 7.1 17.8 22.2 13.3 p.59 Fw. PEG -2.1 3.7 11.9 16.7 15.1 3. -12-7. 1.4 11.1 4.9 3.4 15.5 7.2 21.7 6.4 24.4 14.4 24.8 5.9-3.7 6.2 3.7 35.9 19.3 p.6 Tr. PEG 2.1 12.6 15.6 14. 1.8 1.7-16 -12-4.8 7.1 5.2 5.1 7.7. 11.2 12.1 25.2 16.9 18.2 3.3-6.2.3 9.8 19.2 18.9 p.61 Fw.EV/EBITDA 4. 1.7 13.3 13.1 9. 2.4-1 -2.8 1.6 9. 5.3 8.9 12.2 2.4 8.5 5. 2.2 1.4 14.6-2.1-8.8 3. 2.2 31.8 19.7 p.62 Tr. EV/EBITDA 5.1 12.4 15.4 15.7 7. -1.5-13 -2.9 1.9 8. 9. 11.6 13.1.1 7.4 4.6 18.7 11.7 18.8 1.5-6.4 4.9 21.6 29.3 21.1 p.63 Fw.PCFR 1.6 1.2 14.5 15.2 11.2 2. -14-5.7.2 1.3 7.8 12.6 26.7 12.4 2.3 7.1 26. 16.3 2.7 3.3-7.2 5.5 17.5 23.5 14.4 p.64 Tr. PCFR 4.1 1.7 14.1 12.9 6.3-1.6-13 -1.5 2.9 8.6 4.9 13.8 25.2 11.9 15.1 5.9 25.8 2.1 25.8 4.2-6.7 4.2 23.5 31. 19.3 p.65 Fw.PSR 4.8 9.2 15.7 14.4 1.7-1.4-16 -4.6 1. 11.5 3.2 9.6 28.1 19.9 34.4 15.9 32.7 21.3 29.6 1.7-2.8 9.6 26.5 3.3 17.5 p.58 Tr. PSR 4.2 1.3 16.2 18.4 15. 5.8-11 -.7 1.6 11.2 6.7 12.6 27.4 15.9 31.3 14.6 3.2 18.8 28.5 11.3-2.3 1.2 27.7 32.1 2.3 p.59 Growth Style : (3M, %) Growth Composite -3.4 3.4 11.4 14.5 13.6 2.8-13 -8.1-2.5 8.9-2.5.9 19.6 2.3 33.1 1.7 27.6 16.7 26.8 7.8-4.3 -.6 2.5 34.1 22.9 p.63 GARP 1 (2Y EPS g & Fw.PER).7 7.8 16.3 17.3 15.9 1.3-12 -8.7 -.2 2.2 2.4 7.3 26.3 16.5 3.6 12.5 29.9 21.7 31.1 11.3-3.4 1.8 22.1 27.7 22.5 p.64 GARP 2 (G.Score & V.Score) -.5 7.7 11.7 14.1 1.7 3.9-12 -3.9-2.8 2.8-3.1 1.6 17.8 1.9 28.1 1.8 29.1 2.2 3.3 9.6-3.7 2.9 24.6 29.5 22.6 p.66 GARQ (G.Score & Q.Score) -4.3 6.2 11.4 13.7 12. 1.8-11 -7.8-4.5.3-4.8 -.6 17.5 12.2 28.5 11.8 25.6 11.9 17.9 6. -1.7-1.9 9.7 16.3 16.8 p.68 EPS Grow th Rate (2Y) -3.3 3.5 11. 14.7 13.2 1.6-14 -6.3.8 1.9 -.7 2.2 16.9 13.5 25.4 8.1 23.1 1. 21.9 5.1-4.2.6 21.5 3.5 17.3 p.7 OP Grow th Rate (2Y) -4.7 1.1 1.9 14.4 14.3 2.7-14 -7.4-3.5 7.3-4.4.9 2.8 2.4 31.4 7.7 22.3 14.6 26.2 9. -5.2-2. 18.4 35.6 27.3 p.71 Momentum Style : (3M, %) Momentum Composite 2.3 1. 11.9 1.2 9.7 2.7-11 -9. -4.4 7.1 1.1 8.3 3.6 26.1 35.9 12.4 3.4 21.1 29.1 9.1-3.8 1.2 17.6 26.4 19. p.75 MARP 1 (EM & Fw.PER) 4.3 11. 14.1 11.7 11.8 6.1-6. -.1 5.9 1.7 1.6 7. 3.3 28.6 41.1 19.9 32.1 19.5 25.2 1.6-3.6 4.6 17.1 23.9 17.2 p.76 MARP 2 (M.Score & V.Score) 4.3 1.5 12.4 12.9 11. 4.2-1.7-4.2. 8.3.4 6.4 19.1 14.2 25.9 12.6 3.2 19.5 26.5 8.1-5.8 5. 18.9 26.5 22.2 p.78 EM & FM 2.3 8.6 11.5 1.3 1.9 4.7-7.9-5.5 -.8 8. 2.4 7. 28. 24.8 36.8 14.5 29.3 17.1 22.6 8. -3.4 1.9 12.2 18.4 15.9 p.8 EM & PM 3.2 11.5 13.5 12.7 1. 2.9-9.8-4.2 1. 9.2 3.7 8.9 31.6 23.7 38. 18. 36.2 21.7 26.8 9.2-1.7 1.4 12.1 2.5 16.7 p.82 FM & PM.5 9.4 1.5 11.6 1.6 8.5-7. -3.7-4.3 4.6 2.1 5.6 2.8 14.5 29.2 12.1 26.3 13.6 18.7 3.3-4.3 2.4 12. 15.9 13.9 p.84 EPS Momentum (EM) 1.1 6.4 11.9 8.7 12.3 3.8-7.5-4.2 2.5 15.7 4.3 7.2 27.4 27.1 41. 16.8 31.9 2.3 27.5 6.9-6.8-2.4 15.8 28.6 23.2 p.86 OP Momentum (OM) -2. 2.2 1.4 9.6 11.2 2.5-11 -2.2-2.3 9.8-4.8 4. 24.3 21.4 33.1 1.6 3. 21.7 29.8 9.6-5.8 2.2 17.1 26.1 16.5 p.87 Foreigners Momentum (FM) -1.8 7.1 1.7 9.5 1..6-14 -12-4. 9.5 5. 7.6 22.3 17.4 26. 8.8 27.4 21.1 28.3 8.6-2.4 4.7 17.9 21.8 11.4 p.88 Price Momentum (PM) -.6 8.8 12.7 15.6 15.3 6.3-1 -7.4-1.4 7.2 4.1 4.7 22.2 13.9 3.5 11.3 24.5 12.4 24.1 1. -.7 3.5 11.2 2.9 14.6 p.89 Quality Style : (3M, %) Quality Composite -1.2 8.6 1.2 9.4 7. -3.9-14 -13-3.2 4.2 4.9 3.6 13.1 6.5 17.4 5.5 15.8 8.5 16.5 6.3-1.7.9 6.9 14.2 9.7 p.93 QARP 1 (Fw.ROE & Fw.PBR) 3.3 1.9 9.8 5.9 5.2-2.2-8.7-5.3 2.2 9.3 4.6 7.4 16. 5.9 19.7 12.9 25.8 16.1 19.7 6.3-7. 7.6 21.5 28.9 2.2 p.94 QARP 2 (Fw. NPM & Fw.PSR) 4.7 16. 2.7 22.6 15. 3.2-11 -7.2 2. 9.7 1.4 8.5 11.7-1.9 12.7 7.4 26.4 12.3 17.1 1. -11.1 1.5 14.3 22.1 13.1 p.96 QARP 3 (Q.Score & V.Score) 1.1 1. 13.5 14.6 9.6 2.8-9.7-4.5-1. 4.5 2.2 4.3 13.1 1.1 13.9 5.6 22.9 11.2 15.1-1.4-11 -1.6 14.6 22.7 21.9 p.98 Fw.ROE -2.1 5.7 7.4 7.6 9.7 2.2-9.6-8.9-2.4 6. 3.6 3.3 12.6 4.3 16.7 5.4 18.7 9.6 18.7 6.1-3.5 -.1 11.3 17.2 14.3 p.1 Fw.ROA -1.9 6.3 7.7 6.1 5.3-3.8-14 -13-5.2 3.5 2. 1.1 5.3 3.1 14.9 6.1 14.7 7.9 17.3 6.1-2. 2.1 11.8 17.8 11.6 p.11 Fw.OPM.6 6.2 5.8 5.3 6.3 -.5-15 -13-8.2 3.4.7 6.9 26.3 19.7 31.5 7.2 25.7 13.4 27.2 7.9-1.7.1 11.1 17. 8.7 p.12 Fw.NPM 2.9 8.3 7.9 7.2 8.4 3.2-11 -9.7-6.3 5. 2.9 1.1 29.2 2.7 28.4 6.8 24.2 16.6 26.9 6.8-3.7 -.3 12.2 19. 11. p.13 (FY) -.4 7.7 1.7 13.6 7.6-2. -12-5.6 1.6 5.8 2.1 1.9 7.7 5.1 14.2 9.3 16.5 8.5 12.2 3.4 -.7 1.5 6.8 15. 1.3 p.14 (FY) 3.7 12.5 11.7 11.3 5.9-4.9-13 -8.1-1.6.4 2.2 6. 15.9 2.9 8.6 -.8 11.7 8.9 16.7 7. -1.1 4.6 12. 18.5 13.8 p.15 Macro & Market Style : (3M, %) 4.2 15.8 14.8 8.9 5.5-6. -13-11 -2.4 6. 5.4 2.2 13.1 1.2 3.7 13.8 18.3 11. 18.6 14.2 4.1 4.5 8.4 11.1 15.5 p.19-1.8 6.9 1.7 11.6 1.6 4.1-11 -5.2-2.5 6. -.2 6.1 22.7 15.4 26.8 9.3 26.2 15.6 24.2 5.7-5.6.8 16. 23.8 15.5 p.19.5 9.8 11.6 1.1 8.3.6-12 -7.4-2.6 5.4 -.9 2.8 2.4 15.2 3.7 1.1 25.5 16.4 26.7 11.3-1.9.8 12.2 2.1 16. p.11-8.2.8 9.6 14.7 14.9 7.5-7.5-1. 1.1 1.3.9 11. 24.2 15.7 17.7 2.2 19.8 8.4 16..7-3.4 2.5 18.4 25.2 15.6 p.11 -.2 7.1 7.6 1.3 8. 2.5-8.4 -.9 3.1 8.4.2 2.5 19.2 11. 27.9 11.6 3.1 18.7 23.6 1.1-1.2-1.2 9.7 13.9 15.7 p.111-3.5 5.2 5.7 7.7 6.6.5-12 -4.9 -.1 5.9-3.9 7.5 32.7 2.6 31.7 6.2 34. 17.3 31.2 9.1-1.2.4 15.7 23.5 16.5 p.112-2.3 8.7 15.4 13.3 13.2 6.2-9.4-1.9.5 11.9-1.4 3.7 18.9 11.1 26.7 6. 29.9 16.8 29.9 9.3-8. -4.4 1.6 23.3 18.7 p.113 -.9 5.2 4.4 5.2 4.3 2.7-7.4-3.5 -.7 5..8 6.1 19.8 11.9 17.2 2.9 21.2 11. 21.1 4.9-1.9-1.1 5.3 12.4 9.1 p.114 -.9 8.9 12.2 1.6 9.6 3.9-9.6-4.3-2.4 6.1 -.8 6.8 25.7 19.5 29.7 11.3 27.6 16.2 22.7 5. -4.5.5 14.2 23.1 16.7 p.114 -.6 1.1 14.1 13.6 1.9.9-13 -7.8-2.2 6.7 2.8 5.3 21.1 13.2 3.1 12.1 25.7 16.4 24.6 8.6-4.4 2.6 19.1 25.9 19.6 p.114 H. Bull beta & L. Bear beta -3.7 1.5 5.4 7.4 6.1-2. -14-8. -4. 3.1. 6.6 15.2 9. 19.6 11. 24.4 17.4 28.5 1.9-2..4 13.4 21.9 13. p.116 27.2.8 23

[ 2-3A] MASS 5 1 '7 26 () 25 () Style 1 12 11 1 9 8 7 6 5 4 3 2 1 12 11 1 9 8 7 6 5 4 3 2 1 (Page) KOSPI (1Y, %) - 3 4 1 18 12 25 17 28 36 56 41 36 5 54 48 39 46 35 51 28 21 6 1 14 1 : 15 4 35 34 35 34 28 28 3 32 31 27 26 31 28 29 33 37 38 42 4 39 39 33 35 35 Value Style : Value Composite 11 8 14 32 3 3 32 28 27 33 31 32 2 32 32 12 13 1 1 7 3 2 6 4 3 p.43 Fw.Value Composite 16 1 16 3 26 24 27 22 18 23 25 27 13 2 22 9 8 8 7 4 1 3 5 7 7 p.44 Tr.Value Composite 6 7 7 22 25 32 38 37 33 38 34 35 26 37 41 19 21 16 16 13 9 7 3 5 8 p.45 Fw. PER 5 3 5 8 15 1 16 32 24 32 39 44 33 43 42 32 25 29 17 12 11 1 9 6 9 p.46 Tr. PER 1 1 1 6 8 6 8 11 23 3 38 42 3 41 43 28 29 28 24 2 22 2 13 11 14 p.47 Fw.PBR 13 6 6 13 9 15 23 15 15 13 18 21 12 23 23 7 12 6 8 5 4 5 12 9 6 p.56 Tr. PBR 7 5 8 21 18 27 33 26 11 11 11 14 7 16 19 3 3 2 2 1 5 1 1 1 1 p.57 Fw. Dividend Yield 14 21 3 45 45 43 45 48 47 47 44 43 4 38 36 23 18 19 22 15 18 18 14 15 1 p.58 Tr. Dividend Yield 28 23 36 48 47 46 49 49 48 49 45 45 43 44 4 38 32 32 31 21 19 19 25 25 22 p.59 Fw. PEG 21 27 26 23 28 34 37 39 37 36 36 38 35 17 15 2 14 13 11 1 8 17 21 22 25 p.6 Tr. PEG 37 31 33 53 54 53 52 52 5 45 49 47 47 5 45 34 36 4 34 31 36 27 27 27 26 p.61 Fw.EV/EBITDA 9 13 15 37 39 44 44 42 46 5 53 54 52 48 48 45 39 22 21 26 17 11 1 12 13 p.62 Tr. EV/EBITDA 12 9 12 38 41 48 5 43 45 46 5 5 46 46 46 36 33 23 23 22 14 9 7 1 12 p.63 Fw.PCFR 22 12 1 9 11 21 2 13 16 21 23 31 22 33 39 4 3 21 18 19 16 16 17 16 18 p.64 Tr. PCFR 2 15 11 15 19 29 25 1 12 19 28 29 19 21 3 22 1 4 9 14 13 13 8 8 5 p.65 Fw.PSR 19 18 19 11 7 7 7 5 4 4 4 3 1 1 1 2 2 3 3 9 7 14 15 14 17 p.58 Tr. PSR 3 4 2 2 3 3 5 4 5 5 6 4 2 3 3 1 1 1 1 2 6 6 2 2 2 p.59 Growth Style : Growth Composite 38 49 44 28 2 26 29 25 25 17 16 24 29 1 6 15 19 18 2 23 25 3 38 32 39 p.63 GARP 1 (2Y EPS g & Fw.PER) 31 25 2 16 13 13 21 18 7 1 8 8 6 7 8 5 5 9 5 8 15 15 18 21 16 p.64 GARP 2 (G.Score & V.Score) 42 39 41 43 38 33 41 31 29 29 33 23 16 11 11 8 6 12 13 18 24 25 2 24 24 p.66 GARQ (G.Score & Q.Score) 5 5 51 44 43 42 42 45 44 43 42 36 42 4 37 43 47 49 5 49 47 44 39 44 32 p.68 EPS Grow th Rate (2Y) 32 44 37 31 29 36 34 4 41 35 4 41 41 27 24 41 41 36 35 3 29 42 48 45 5 p.7 OP Grow th Rate (2Y) 48 52 47 34 22 35 35 38 35 28 3 33 37 15 9 18 23 25 25 24 26 37 36 3 34 p.71 Momentum Style : Momentum Composite 3 4 29 1 1 8 6 7 6 6 5 5 5 4 5 14 15 17 19 25 27 33 32 36 38 p.75 MARP 1 (EM& Fw.PER) 4 11 4 1 1 1 1 1 1 2 1 2 3 2 4 4 9 11 12 11 12 12 19 2 21 p.76 MARP 2 (M.Score & V.Score) 15 22 21 26 21 18 17 16 14 15 17 22 15 14 18 6 4 5 4 6 1 8 11 13 11 p.78 EM & FM 17 26 22 7 5 5 4 6 8 9 7 7 1 12 13 21 24 3 33 38 4 38 44 42 41 p.8 EM & PM 1 14 13 4 4 4 3 3 3 3 2 1 4 6 7 11 16 2 26 32 33 35 47 46 44 p.82 FM & PM 27 19 25 24 16 14 12 17 34 39 32 25 34 36 38 42 42 46 47 48 48 48 49 49 47 p.84 EPS Momentum (EM) 8 17 18 3 2 2 2 2 2 1 3 6 9 5 2 1 11 14 14 17 21 22 24 23 2 p.86 OP Momentum (OM) 35 48 38 18 14 19 9 9 1 7 13 12 11 9 1 17 17 15 15 16 2 21 22 19 28 p.87 Foreigners Momentum (FM) 47 45 39 36 33 37 3 24 17 12 9 1 14 13 16 29 28 26 28 33 42 49 46 48 49 p.88 Price Momentum (PM) 23 16 23 14 12 9 15 27 31 2 15 19 17 31 21 24 38 35 39 34 38 41 42 43 46 p.89 Quality Style : Quality Composite 51 47 52 52 52 52 53 53 53 51 47 46 5 53 51 54 54 55 55 54 51 5 51 52 51 p.93 QARP 1 (Fw.ROE& Fw.PBR) 26 3 32 41 44 39 14 34 26 34 37 37 27 34 35 13 7 7 6 3 2 4 4 3 4 p.94 QARP 2 (Fw. NPM & Fw.PSR) 2 2 3 19 36 38 43 41 42 44 46 53 48 49 55 48 44 45 32 29 3 26 23 17 23 p.96 QARP 3 (Q.Score & V.Score) 25 24 27 42 5 47 48 47 49 52 55 55 53 51 54 47 45 44 43 35 31 23 16 18 15 p.98 Fw.ROE 46 41 49 47 49 49 46 51 51 48 48 48 49 47 47 49 5 47 44 45 44 34 4 4 37 p.1 Fw.ROA 54 53 55 55 55 55 55 55 55 54 52 52 55 52 5 5 52 54 53 5 52 51 5 53 53 p.11 Fw.OPM 53 55 54 46 42 4 39 36 36 25 14 13 24 24 26 46 49 51 51 53 55 55 55 55 55 p.12 Fw.NPM 43 43 4 29 24 22 19 2 21 14 12 11 18 25 25 44 48 5 49 51 54 54 54 54 54 p.13 (FY) 33 38 46 49 46 51 51 5 52 53 51 49 54 55 52 53 55 52 54 52 49 45 45 47 45 p.14 (FY) 49 36 48 51 53 54 54 54 54 55 54 51 51 54 53 52 51 48 48 46 43 32 31 34 33 p.15 Macro & Market Style : 39 33 5 5 48 45 4 46 38 41 24 15 38 42 34 27 43 39 46 39 35 31 3 38 3 p.19 41 37 28 27 27 23 24 23 3 27 29 28 28 26 27 35 34 37 38 41 41 4 34 33 36 p.19 44 42 45 39 37 31 31 33 28 26 2 18 25 22 17 25 31 34 4 37 45 43 41 41 31 p.11 29 29 9 5 6 12 18 21 4 4 43 39 44 39 44 51 46 41 36 44 32 28 29 31 4 p.11 24 32 35 25 32 2 11 14 13 24 19 17 36 29 28 37 27 24 3 28 23 24 26 26 19 p.111 52 51 42 2 35 11 13 8 9 8 1 9 8 8 12 26 22 31 29 42 37 46 43 37 43 p.112 18 2 17 12 23 17 22 19 22 16 26 34 39 3 31 39 26 43 37 43 46 47 37 28 27 p.113 45 46 43 4 4 41 36 35 43 42 41 4 45 45 49 55 53 53 52 55 53 52 53 5 48 p.114 34 34 24 17 17 16 1 12 19 18 22 16 23 19 2 31 35 33 41 36 34 36 35 39 42 p.114 36 28 31 33 31 25 26 29 2 22 21 2 21 18 14 16 2 27 27 27 28 29 28 29 29 p.114 H. Bull beta & L. Bear beta 55 54 53 54 51 5 47 44 39 37 35 3 32 35 33 3 4 42 45 47 5 53 52 51 52 p.116 27.2.8 24

[ 2-3B] MASS 5 1 '7 26 () 25 () Style 1 12 11 1 9 8 7 6 5 4 3 2 1 12 11 1 9 8 7 6 5 4 3 2 1 (Page) KOSPI (1Y, %) -3 4 1 18 12 25 17 28 36 56 41 36 5 54 48 39 46 35 51 28 21 6 1 14 1 : (1Y, %) 15 4 12 17 26 18 34 25 35 5 73 54 48 66 75 7 59 71 54 7 5 39 21 28 33 23 Value Style : (1Y, %) Value Composite 14 28 28 28 19 32 22 36 52 72 53 44 74 73 68 75 94 82 16 89 82 57 66 77 55 p.43 Fw.Value Composite 13 27 28 29 21 36 26 38 57 8 57 47 81 82 75 81 1 85 112 93 85 55 66 76 52 p.44 Tr.Value Composite 19 31 35 32 21 32 19 31 49 68 51 41 69 67 6 69 85 74 97 81 72 51 67 77 51 p.45 Fw. PER 2 35 36 38 25 43 3 33 54 73 46 32 65 58 56 6 81 63 94 82 71 48 61 76 49 p.46 Tr. PER 25 39 44 42 3 47 36 45 54 75 48 34 66 62 55 63 79 63 86 68 59 39 56 71 45 p.47 Fw.PBR 14 32 36 36 3 41 27 43 6 86 61 51 81 8 74 83 95 87 111 92 82 54 59 74 53 p.56 Tr. PBR 18 33 32 32 24 34 21 37 62 89 66 56 86 87 79 85 112 11 122 99 81 6 75 86 64 p.57 Fw. Dividend Yield 14 19 19 18 1 23 15 19 32 5 4 34 56 67 66 65 87 71 88 77 66 42 55 61 46 p.58 Tr. Dividend Yield 9 18 17 16 9 22 12 19 31 48 39 32 52 57 6 56 75 6 77 68 63 42 44 47 38 p.59 Fw. PEG 11 16 21 31 2 31 2 3 46 7 48 39 63 84 82 68 92 79 15 87 72 43 45 52 32 p.6 Tr. PEG 4 15 18 1 2 13 8 16 3 53 36 28 43 42 45 58 71 53 74 56 4 28 37 45 32 p.61 Fw.EV/EBITDA 15 23 28 24 14 23 15 26 32 47 27 19 39 45 44 48 68 68 89 63 66 47 61 69 45 p.62 Tr. EV/EBITDA 14 27 29 23 13 2 11 26 36 52 31 25 47 47 45 58 73 68 87 67 67 48 66 71 46 p.63 Fw.PCFR 11 25 32 38 27 39 28 44 58 81 58 46 73 72 6 56 76 69 93 7 66 43 5 6 39 p.64 Tr. PCFR 12 21 31 34 23 33 26 45 62 81 54 47 74 81 69 66 96 89 16 8 68 45 64 76 54 p.65 Fw.PSR 12 19 26 37 31 47 38 57 81 114 82 74 111 123 16 93 113 94 119 88 72 44 52 64 4 p.58 Tr. PSR 22 34 41 49 41 59 44 6 78 19 79 72 17 114 12 95 125 13 128 96 8 53 69 83 57 p.59 Growth Style : (1Y, %) Growth Composite 4 5 13 29 22 35 25 38 53 83 61 5 67 99 99 72 85 73 9 67 53 26 27 35 21 p.63 GARP 1 (2Y EPS g & Fw.PER) 6 17 26 33 26 42 28 41 7 9 72 65 89 15 96 84 13 85 114 88 67 43 46 52 43 p.64 GARP 2 (G.Score & V.Score) 3 11 15 22 14 31 18 33 52 75 52 51 75 96 92 82 13 8 11 74 54 33 46 47 35 p.66 GARQ (G.Score & Q.Score) -3 4 8 19 1 24 17 24 37 55 42 41 52 64 64 51 59 42 54 37 33 18 27 28 23 p.68 EPS Grow th Rate (2Y) 6 9 16 28 19 31 21 3 42 71 46 35 55 78 72 56 67 55 73 58 47 19 22 27 14 p.7 OP Grow th Rate (2Y) 2 11 27 22 31 2 3 47 76 53 44 61 9 94 7 82 66 86 65 51 21 28 36 23 p.71 Momentum Style : (1Y, %) Momentum Composite 7 11 19 37 27 44 4 51 7 13 81 71 92 111 1 75 91 73 93 65 5 24 3 32 22 p.75 MARP 1 (EM & Fw.PER) 21 26 37 51 46 7 62 73 91 116 91 74 14 12 11 84 99 81 14 82 68 46 46 53 38 p.76 MARP 2 (M.Score & V.Score) 14 18 25 3 22 4 3 43 6 84 61 51 78 91 79 83 14 88 116 89 71 5 6 65 46 p.78 EM & FM 12 17 24 41 34 52 46 56 7 94 78 65 83 95 83 66 82 63 74 5 39 21 25 29 2 p.8 EM & PM 14 22 28 46 35 56 53 67 85 115 91 8 1 16 99 77 88 71 84 56 45 23 24 26 2 p.82 FM & PM 9 19 21 31 25 42 32 42 48 68 53 48 65 67 63 55 65 47 61 4 31 16 2 24 16 p.84 EPS Momentum (EM) 18 19 28 48 43 61 59 67 87 12 87 7 85 18 13 79 96 79 11 75 61 35 44 52 38 p.86 OP Momentum (OM) 5 6 15 33 26 39 34 47 65 96 65 59 82 12 92 71 88 76 99 77 62 36 44 53 31 p.87 Foreigners Momentum (FM) 1 8 15 25 19 31 25 38 58 87 71 6 79 92 81 63 79 66 81 55 38 16 24 24 14 p.88 Price Momentum (PM) 11 21 24 36 27 43 31 37 52 81 62 52 75 73 76 64 7 55 72 52 39 2 26 29 18 p.89 Quality Style : (1Y, %) Quality Composite -3 6 6 11 4 13 7 13 28 45 37 3 4 4 43 36 39 29 39 27 26 12 15 16 1 p.93 QARP 1 (Fw.ROE & Fw.PBR) 9 16 18 23 1 29 31 32 53 71 48 39 69 72 67 75 12 86 113 96 82 54 66 78 54 p.94 QARP 2 (Fw. NPM & Fw.PSR) 25 37 38 33 16 29 16 27 4 54 38 22 42 43 38 44 64 47 76 6 46 32 44 57 36 p.96 QARP 3 (Q.Score & V.Score) 9 18 21 22 8 21 13 21 31 44 25 17 35 4 38 46 62 48 7 52 45 35 51 57 43 p.98 Fw.ROE 1 1 11 16 8 2 14 17 29 49 36 27 41 46 45 43 56 44 65 44 37 24 26 3 22 p.1 Fw.ROA -7-1 -1-4 6 5 19 36 28 23 34 4 43 42 46 34 46 3 23 11 16 15 7 p.11 Fw.OPM -7-1 3 17 11 28 19 31 46 78 63 57 72 8 71 48 56 37 53 27 21 3 7 11 6 p.12 Fw.NPM 3 9 15 29 22 37 28 39 55 84 65 59 74 8 72 5 56 41 54 29 21 3 9 12 6 p.13 (FY) 6 12 12 14 9 16 1 18 28 4 29 25 34 35 42 37 38 35 4 28 3 18 25 25 19 p.14 (FY) 12 11 12 2 8 8 23 35 26 24 4 38 39 38 49 43 55 42 37 24 31 33 23 p.15 Macro & Market Style : (1Y, %) 4 14 8 13 9 23 18 22 45 62 57 54 6 61 68 63 65 53 63 5 41 24 31 32 26 p.19 4 12 19 29 21 37 27 38 52 77 54 47 68 79 71 58 72 54 72 5 39 2 28 33 22 p.19 2 9 12 23 14 32 23 33 52 77 59 54 69 81 79 63 75 55 71 5 37 19 26 3 24 p.11 7 16 32 45 33 42 3 38 43 63 41 37 51 65 54 41 6 52 73 46 45 26 33 36 21 p.11 9 15 17 31 19 39 32 43 6 78 59 54 62 75 71 58 8 68 78 62 54 34 42 46 39 p.111-4 2 14 33 17 42 31 48 66 96 69 64 86 14 89 63 83 61 79 49 4 18 25 32 2 p.112 12 19 28 37 22 4 28 4 54 83 56 41 56 75 68 56 81 49 72 48 34 16 27 42 31 p.113 1 7 13 23 13 27 2 32 37 57 43 36 48 5 44 34 45 35 47 26 21 8 14 18 15 p.114 5 13 22 33 24 41 34 45 57 82 59 54 73 83 77 6 71 55 71 5 42 22 28 3 2 p.114 5 16 19 27 19 35 26 35 56 81 59 52 74 84 82 71 85 65 83 63 48 26 36 4 27 p.114 H. Bull beta & L. Bear beta -9-1 6 9 6 2 13 25 44 69 5 47 65 7 68 62 67 5 64 41 26 4 14 17 7 p.116 27.2.8 25

[ 2-4A] MASS 5 2.1 '7 26 () 25 () Style 1 12 11 1 9 8 7 6 5 4 3 2 1 12 11 1 9 8 7 6 5 4 3 2 1 (Page) KOSPI (', %) 32 4 39 33 33 32 26 26 28 38 32 33 36 34 26 13 19 5 8-2 - 6-11 - 6-2 - 9 : 15 44 44 44 44 44 45 45 45 46 46 46 46 46 47 46 46 47 48 48 48 48 48 48 48 48 Value Style : Value Composite 1 1 1 11 11 11 11 11 11 11 11 1 1 11 1 1 1 1 1 1 1 1 1 1 1 p.43 Fw.Value Composite 9 8 9 8 8 8 7 8 8 8 8 8 7 8 8 7 8 9 9 9 8 8 8 8 8 p.44 Tr.Value Composite 8 9 8 9 9 9 9 9 9 9 9 9 9 9 9 9 9 8 8 7 7 7 6 7 7 p.45 Fw. PER 12 13 13 12 14 13 13 14 13 13 13 13 13 14 15 14 14 14 13 13 13 13 11 11 12 p.46 Tr. PER 17 19 2 21 21 21 22 22 24 24 24 24 24 24 24 22 23 23 22 2 2 2 19 18 19 p.47 Fw.PBR 25 24 23 25 25 25 25 25 25 25 25 25 25 26 26 25 25 25 24 25 24 23 22 23 25 p.56 Tr. PBR 6 6 6 7 6 7 8 7 7 5 6 5 5 7 6 8 7 7 7 8 9 9 9 9 9 p.57 Fw. Dividend Yield 15 15 16 16 17 16 17 17 19 19 16 16 16 16 14 12 12 12 12 11 11 11 13 13 13 p.58 Tr. Dividend Yield 31 31 31 31 31 31 31 31 32 32 32 32 32 32 31 3 3 3 29 29 29 28 29 29 31 p.59 Fw. PEG 22 22 21 2 2 2 21 21 2 21 21 21 21 21 18 17 17 16 16 16 15 16 15 17 18 p.6 Tr. PEG 26 26 26 26 26 26 26 26 26 26 26 26 26 25 25 19 19 19 19 19 19 18 18 19 16 p.61 Fw.EV/EBITDA 5 5 4 5 4 4 4 4 4 4 4 4 4 4 4 2 2 2 2 2 2 2 2 2 2 p.62 Tr. EV/EBITDA 7 7 7 6 7 6 6 5 5 6 7 6 6 5 5 5 6 3 3 3 3 3 3 3 4 p.63 Fw.PCFR 18 17 17 17 18 18 18 18 16 16 17 17 17 2 21 18 18 17 17 17 17 15 16 14 17 p.64 Tr. PCFR 13 12 12 13 12 12 12 12 12 12 12 12 12 12 13 13 11 11 11 12 12 12 12 12 11 p.65 Fw.PSR 19 2 19 19 19 19 19 19 18 17 19 18 18 19 2 2 2 2 2 21 22 22 24 25 26 p.58 Tr. PSR 14 14 14 14 13 14 15 13 14 14 14 15 15 15 16 16 16 18 18 18 18 19 2 2 2 p.59 Growth Style : Growth Composite 3 3 29 29 29 29 29 29 29 29 29 29 29 29 29 31 31 31 32 33 34 34 34 32 34 p.63 GARP 1 (2Y EPS g & Fw.PER) 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 4 3 4 5 5 5 5 5 5 5 p.64 GARP 2 (G.Score & V.Score) 53 53 53 53 53 53 53 53 52 53 52 52 52 52 52 52 52 52 52 52 54 54 52 54 55 p.66 GARQ (G.Score & Q.Score) 54 54 54 54 54 55 55 55 55 55 54 54 54 54 53 53 54 54 55 54 53 52 53 55 52 p.68 EPS Grow th Rate (2Y) 34 34 34 32 32 34 34 34 33 33 33 33 34 33 33 36 35 36 35 36 35 36 35 34 35 p.7 OP Grow th Rate (2Y) 29 29 27 28 27 28 28 28 28 27 27 27 27 27 27 27 28 28 28 28 28 3 28 28 28 p.71 Momentum Style : Momentum Composite 21 21 22 22 22 22 2 2 21 2 2 2 19 17 19 23 22 21 23 23 23 24 23 24 22 p.75 MARP 1 (EM& Fw.PER) 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 3 5 6 6 6 6 6 7 6 6 p.76 MARP 2 (M.Score & V.Score) 23 23 25 24 24 24 24 24 23 22 23 23 23 23 23 21 21 22 21 22 21 21 21 21 23 p.78 EM & FM 24 25 24 23 23 23 23 23 22 23 22 22 22 22 22 26 26 26 26 26 26 25 26 26 24 p.8 EM & PM 11 11 11 1 1 1 1 1 1 1 1 11 11 1 11 11 13 13 14 14 14 14 14 16 14 p.82 FM & PM 32 32 32 34 33 32 33 33 35 34 34 34 33 34 34 37 37 37 37 37 37 37 37 37 37 p.84 EPS Momentum (EM) 2 18 18 18 16 17 16 16 17 18 18 19 2 18 17 24 24 24 25 24 25 26 25 22 21 p.86 OP Momentum (OM) 16 16 15 15 15 15 14 15 15 15 15 14 14 13 12 15 15 15 15 15 16 17 17 15 15 p.87 Foreigners Momentum (FM) 38 37 36 37 36 36 36 38 38 35 35 37 37 37 38 38 38 38 38 4 39 4 39 4 41 p.88 Price Momentum (PM) 28 28 3 3 3 3 3 3 31 3 31 31 31 31 32 32 32 35 34 34 36 35 36 36 36 p.89 Quality Style : Quality Composite 33 33 33 33 34 33 32 32 3 31 3 3 3 3 3 28 29 27 27 27 27 27 27 27 27 p.93 QARP 1 (Fw.ROE& Fw.PBR) 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 p.94 QARP 2 (Fw. NPM & Fw.PSR) 4 4 5 4 5 5 5 6 6 7 5 7 8 6 7 6 4 5 4 4 4 4 4 4 3 p.96 QARP 3 (Q.Score & V.Score) 46 47 48 48 49 49 49 49 5 5 5 5 5 5 5 47 46 47 45 45 45 41 4 39 39 p.98 Fw.ROE 36 36 35 35 35 35 35 35 36 36 36 35 36 35 35 33 34 33 33 32 32 33 32 31 32 p.1 Fw.ROA 51 51 51 5 5 5 5 5 49 49 47 48 49 49 44 41 41 39 39 38 38 38 38 38 38 p.11 Fw.OPM 45 46 46 46 45 44 44 44 43 41 42 41 41 41 42 44 43 44 43 44 43 45 45 45 45 p.12 Fw.NPM 4 4 41 41 41 4 39 4 41 4 39 39 39 39 41 42 42 42 42 42 44 44 44 43 42 p.13 (FY) 37 38 37 36 37 37 38 37 37 38 38 38 38 38 37 35 36 34 36 35 33 32 33 35 33 p.14 (FY) 35 35 38 38 38 38 37 36 34 37 37 36 35 36 36 34 33 32 31 3 3 29 3 3 3 p.15 Macro & Market Style : 41 41 43 43 43 43 43 42 4 42 41 42 42 43 39 39 4 4 4 39 4 39 42 44 4 p.19 47 45 45 45 46 47 47 48 48 48 49 49 48 48 48 48 5 49 49 49 49 49 49 49 49 p.19 5 5 5 51 51 51 51 51 51 51 51 51 51 51 51 51 51 51 51 51 51 51 51 51 51 p.11 43 43 42 4 4 41 42 43 44 44 44 45 47 46 49 49 48 46 46 46 42 42 43 42 43 p.11 27 27 28 27 28 27 27 27 27 28 28 28 28 28 28 29 27 29 3 31 31 31 31 33 29 p.111 48 48 47 47 47 46 46 46 45 45 48 47 45 44 47 5 49 5 5 5 5 5 5 5 5 p.112 52 52 52 52 52 52 52 52 53 52 53 53 53 53 54 54 53 53 53 53 55 55 55 52 54 p.113 55 55 55 55 55 54 54 54 54 54 55 55 55 55 55 55 55 55 54 55 52 53 54 53 53 p.114 42 42 4 42 42 42 41 41 42 43 43 43 43 42 43 45 45 45 47 47 47 46 47 47 46 p.114 39 39 39 39 39 39 4 39 39 39 4 4 4 4 4 4 39 41 41 41 41 43 41 41 44 p.114 H. Bull beta & L. Bear beta 49 49 49 49 48 48 48 47 47 47 45 44 44 45 45 43 44 43 44 43 46 47 46 46 47 p.116 27.2.8 26

[ 2-4B] MASS 5 2.1 '7 26 () 25 () Style 1 12 11 1 9 8 7 6 5 4 3 2 1 12 11 1 9 8 7 6 5 4 3 2 1 (Page) KOSPI (', %) 32 4 39 33 33 32 26 26 28 38 32 33 36 34 26 13 19 5 8-2 -6-11 -6-2 -9 : ('.1, %) 15 114 131 129 115 113 15 94 94 11 118 17 16 16 15 96 71 8 53 55 44 34 26 34 39 24 Value Style : ('.1, %) Value Composite 57 595 586 535 511 484 439 456 48 53 49 48 485 443 435 397 412 342 344 39 281 265 286 33 237 p.43 Fw.Value Composite 635 664 655 62 581 552 53 513 549 64 558 545 549 54 491 445 464 379 38 343 313 292 32 337 26 p.44 Tr.Value Composite 638 66 66 593 564 531 48 495 527 58 545 53 522 48 464 426 448 38 386 354 32 35 328 346 268 p.45 Fw. PER 517 539 527 489 47 445 47 392 421 464 427 413 413 371 361 327 355 282 29 271 239 227 261 287 211 p.46 Tr. PER 418 437 43 388 368 352 316 316 31 349 318 312 315 287 269 245 261 27 27 187 167 157 183 27 15 p.47 Fw.PBR 362 394 39 351 342 313 277 29 37 345 313 35 35 274 261 231 241 193 196 172 155 139 156 168 123 p.56 Tr. PBR 687 719 691 617 64 555 496 518 557 622 581 569 564 515 498 444 469 388 391 351 35 283 39 329 256 p.57 Fw. Dividend Yield 44 458 455 415 46 391 361 355 365 41 386 372 374 37 367 338 361 299 33 282 253 234 247 252 23 p.58 Tr. Dividend Yield 24 221 219 196 19 182 163 163 172 192 185 177 18 173 174 155 166 131 135 122 18 98 15 19 84 p.59 Fw. PEG 38 43 413 39 385 358 32 321 345 379 353 339 332 332 324 274 33 249 251 224 25 181 26 216 165 p.6 Tr. PEG 36 333 331 297 285 273 249 247 266 316 296 285 289 276 266 261 276 229 222 2 182 172 191 2 171 p.61 Fw.EV/EBITDA 71 729 73 67 649 632 581 587 615 657 67 64 595 572 547 519 556 496 49 446 44 414 458 492 4 p.62 Tr. EV/EBITDA 657 688 673 62 6 57 522 555 58 615 574 567 562 519 498 485 518 457 459 42 399 371 413 433 349 p.63 Fw.PCFR 417 451 452 49 4 382 342 349 373 415 377 372 367 342 319 269 293 248 244 212 199 185 22 222 17 p.64 Tr. PCFR 51 539 536 486 478 458 419 444 466 493 452 451 447 426 384 336 37 32 312 274 25 227 259 275 p.65 Fw.PSR 416 435 431 392 39 359 33 343 366 414 364 361 361 35 321 26 275 213 211 183 158 14 155 165 119 p.58 Tr. PSR 5 532 522 476 473 435 386 398 46 449 42 398 394 37 342 287 36 237 238 212 183 163 18 19 139 p.59 Growth Style : ('.1, %) Growth Composite 28 228 235 219 217 21 179 179 193 222 24 2 195 212 197 147 159 124 123 13 91 76 88 1 77 p.63 GARP 1 (2Y EPS g & Fw.PER) 715 762 778 79 7 655 59 59 645 682 656 647 665 639 596 56 534 433 439 388 338 311 339 354 34 p.64 GARP 2 (G.Score & V.Score) 69 82 82 7 69 63 49 53 57 69 59 61 64 64 59 39 48 24 26 15 3-3 5 7-6 p.66 GARQ (G.Score & Q.Score) 49 62 62 55 53 46 37 36 43 53 48 5 53 55 51 3 38 17 16 1 5-1 4 7 1 p.68 EPS Grow th Rate (2Y) 177 194 199 186 184 169 149 151 165 19 168 163 161 17 157 123 138 15 17 93 86 69 84 94 69 p.7 OP Grow th Rate (2Y) 217 239 25 233 235 216 191 193 28 238 217 219 216 231 216 161 175 14 143 125 11 92 16 121 96 p.71 Momentum Style : ('.1, %) Momentum Composite 383 41 43 372 363 35 328 322 338 382 364 358 35 359 323 245 264 211 27 179 157 138 156 167 135 p.75 MARP 1 (EM & Fw.PER) 865 96 91 826 87 777 729 711 727 782 712 681 697 699 63 512 521 417 41 37 333 38 325 349 29 p.76 MARP 2 (M.Score & V.Score) 374 395 385 354 348 331 33 34 314 351 322 314 316 32 289 249 268 29 21 183 159 145 161 175 134 p.78 EM & FM 368 391 387 358 352 337 315 37 317 35 331 321 317 321 293 225 237 187 184 161 145 132 142 154 128 p.8 EM & PM 565 594 582 545 523 51 472 466 484 534 49 479 481 47 431 342 361 285 274 238 216 195 21 222 191 p.82 FM & PM 186 28 21 185 182 172 155 155 151 175 165 162 163 159 149 118 126 92 94 79 69 63 73 77 6 p.84 EPS Momentum (EM) 415 444 446 49 412 388 368 355 37 46 376 359 337 356 328 243 259 23 194 172 152 13 154 171 136 p.86 OP Momentum (OM) 423 453 465 434 441 412 387 386 399 446 397 411 397 422 391 3 33 269 262 231 23 179 22 222 173 p.87 Foreigners Momentum (FM) 15 171 17 154 153 144 132 13 143 171 163 153 148 15 135 13 113 87 86 67 54 45 54 58 39 p.88 Price Momentum (PM) 217 239 235 219 212 197 176 17 179 28 192 183 187 18 17 135 146 17 111 98 84 7 8 86 64 p.89 Quality Style : ('.1, %) Quality Composite 182 24 2 186 18 172 161 162 183 24 2 193 192 186 182 158 169 141 144 132 122 11 118 126 18 p.93 QARP 1 (Fw.ROE & Fw.PBR) 1,34 1,61 1,36 998 947 934 937 895 957 1,36 951 934 939 95 863 796 849 74 694 655 593 563 61 645 516 p.94 QARP 2 (Fw. NPM & Fw.PSR) 79 744 723 672 628 582 53 533 561 611 582 548 549 518 497 481 53 43 441 398 372 362 393 43 355 p.96 QARP 3 (Q.Score & V.Score) 19 119 116 17 99 91 81 82 85 1 9 87 91 86 79 69 84 58 6 5 42 39 52 6 41 p.98 Fw.ROE 158 177 174 164 161 155 145 138 15 171 162 156 156 152 148 127 142 112 115 14 94 81 92 11 82 p.1 Fw.ROA 85 99 98 89 87 84 78 78 91 16 15 11 99 11 99 89 95 73 78 7 61 52 6 64 49 p.11 Fw.OPM 113 125 121 112 112 19 11 99 11 137 13 129 129 128 114 81 91 63 69 52 44 33 4 46 33 p.12 Fw.NPM 142 152 147 135 133 129 119 115 122 148 138 137 136 131 115 82 91 67 71 54 44 35 44 49 35 p.13 (FY) 155 169 167 156 15 141 125 132 146 156 146 142 142 141 138 124 129 18 15 97 92 83 9 93 8 p.14 (FY) 162 18 167 152 149 139 127 135 151 162 156 155 161 15 141 125 143 122 127 118 14 94 13 16 86 p.15 Macro & Market Style : ('.1, %) 132 151 141 123 117 11 15 16 123 136 132 129 123 12 124 97 99 71 73 69 54 46 48 48 4 p.19 19 125 125 112 111 13 9 9 95 114 11 1 11 11 89 64 74 49 5 38 29 21 31 36 2 p.19 88 13 1 87 85 79 7 71 78 94 84 83 84 86 78 53 61 36 39 29 17 9 15 19 9 p.11 118 138 146 138 136 124 17 15 19 124 17 16 13 16 86 64 78 58 6 48 46 38 47 51 35 p.11 234 258 248 235 234 224 23 21 216 231 213 26 26 212 199 156 181 134 13 116 97 86 96 99 88 p.111 1 117 117 17 16 15 92 93 14 119 13 14 17 112 9 56 76 44 47 31 23 12 2 24 11 p.112 72 9 91 76 75 65 56 54 56 72 57 55 54 6 49 29 44 18 22 11 1-6 1 1-2 p.113 49 56 55 5 48 48 43 42 44 54 47 45 47 46 37 22 31 17 19 8 5-2 3 7-1 p.114 131 149 149 133 129 122 11 19 113 133 118 119 119 12 15 75 84 58 57 44 36 28 38 42 27 p.114 144 165 163 145 141 131 116 117 129 149 136 134 133 129 122 92 12 71 72 61 47 38 48 53 34 p.114 H. Bull beta & L. Bear beta 92 15 17 99 12 97 85 91 11 116 17 19 11 17 96 82 9 64 64 53 4 28 38 43 27 p.116 27.2.8 27

1.4 Risk-Return Analysis : Long-only Strategy < 3-1> Risk-Return Analysis (Long-only Strategy) ( : %) 1 3 Style Avg.Rt. S.D. I.R. S.R. Adj.Rt. Avg.Rt. S.D. I.R. S.R. Adj.Rt. Avg.Rt. S.D. I.R. S.R. Adj.Rt. (Page) 27.2.8 Value Style Value Composite 1.26 5.3.2 41.7.7 3.37 6.6.5 36.1 2.2 2.68 9.4.3 38.8 1.6 p.43 Fw.Value Composite 1.16 5.2.2 41.7.7 3.44 7.1.5 36.1 2.2 2.83 9.9.3 42.4 1.6 p.44 Tr.Value Composite 1.56 5.5.3 33.3 1. 3.33 6.5.5 3.6 2.3 2.82 9.7.3 36.5 1.8 p.45 Fw. PER 1.67 4.9.3 25. 1.3 3.31 7.5.4 27.8 2.4 2.66 1.3.3 37.6 1.7 p.46 Tr. PER 1.99 5..4 25. 1.5 3.33 7..5 25. 2.5 2.45 1.1.2 35.3 1.6 p.47 Fw.PBR 1.28 6.1.2 33.3.9 3.49 7.1.5 3.6 2.4 2.3 1.1.2 4. 1.4 p.56 Tr. PBR 1.6 6.3.3 33.3 1.1 3.87 7.1.5 3.6 2.7 2.88 9.4.3 36.5 1.8 p.57 Fw. Dividend Yield 1.18 4.1.3 33.3.8 2.84 5.5.5 27.8 2.1 2.33 8.2.3 32.9 1.6 p.58 Tr. Dividend Yield.78 4.5.2 41.7.5 2.43 5.3.5 33.3 1.6 1.68 8.5.2 38.8 1. p.59 Fw. PEG 1. 5.1.2 41.7.6 2.68 7.1.4 36.1 1.7 2.4 1.6.2 38.8 1.5 p.6 Tr. PEG.53 5.9.1 33.3.4 2.6 5.9.3 3.6 1.4 2.6 9.1.2 41.2 1.2 p.61 Fw.EV/EBITDA 1.28 4.5.3 41.7.7 2.55 6..4 3.6 1.8 2.81 8.3.3 36.5 1.8 p.62 Tr. EV/EBITDA 1.23 4.7.3 33.3.8 2.69 5.9.5 3.6 1.9 2.71 7.9.3 37.6 1.7 p.63 Fw.PCFR 1. 5.7.2 41.7.6 2.99 7..4 33.3 2. 2.42 9.9.2 36.5 1.5 p.64 Tr. PCFR 1.3 4.9.2 33.3.7 3.29 6.6.5 27.8 2.4 2.63 1.2.3 4. 1.6 p.65 Fw.PSR 1.1 6..2 41.7.6 3.65 7.7.5 33.3 2.4 2.46 1.3.2 4. 1.5 p.58 Tr. PSR 1.79 5.8.3 33.3 1.2 4.14 7.4.6 3.6 2.9 2.67 1.7.3 4. 1.6 p.59 Growth Style Growth Composite.48 5.2.1 41.7.3 2.35 7.3.3 38.9 1.4 1.79 9.7.2 4. 1.1 p.63 GARP 1 (2Y EPS g & Fw.PER).66 5.4.1 5..3 3.21 7..5 38.9 2. 2.97 1..3 42.4 1.7 p.64 GARP 2 (G.Score & V.Score).36 5.4.1 5..2 2.72 6.9.4 41.7 1.6 1.7 9.6.1 47.1.6 p.66 GARQ (G.Score & Q.Score) -.13 4.7. 5. -.1 1.84 5.8.3 38.9 1.1.78 8..1 44.7.4 p.68 EPS Grow th Rate (2Y).61 5.4.1 41.7.4 1.99 7.1.3 41.7 1.2 1.69 1..2 4. 1. p.7 OP Grow th Rate (2Y).18 5.6. 58.3.1 2.18 7.4.3 47.2 1.1 1.84 9.9.2 47.1 1. p.71 Momentum Style Momentum Composite.68 4.5.1 25..5 2.82 7.3.4 33.3 1.9 2.25 8.9.3 41.2 1.3 p.75 MARP 1 (EM & Fw.PER) 1.71 4.7.4 33.3 1.1 3.69 6.9.5 33.3 2.5 3.11 9.3.3 37.6 1.9 p.76 MARP 2 (M.Score & V.Score) 1.19 4.7.3 41.7.7 3.29 7..5 38.9 2. 2.23 9..2 41.2 1.3 p.78 EM & FM 1.5 4.1.3 25..8 2.73 6.4.4 33.3 1.8 2.2 8.7.3 38.8 1.3 p.8 EM & PM 1.23 4.5.3 33.3.8 3.4 6.7.5 33.3 2. 2.63 8.9.3 38.8 1.6 p.82 FM & PM.82 4.6.2 25..6 2.22 5.8.4 3.6 1.5 1.59 8.4.2 38.8 1. p.84 EPS Momentum (EM) 1.47 4.7.3 41.7.9 3.38 7.8.4 38.9 2.1 2.37 9.3.3 41.2 1.4 p.86 OP Momentum (OM).55 5.4.1 5..3 2.88 7.8.4 41.7 1.7 2.4 9.5.3 42.4 1.4 p.87 Foreigners Momentum (FM).2 5.3. 25..2 2.22 6.6.3 3.6 1.5 1.44 8.5.2 42.4.8 p.88 Price Momentum (PM).96 5.1.2 33.3.6 2.49 6.3.4 38.9 1.5 1.77 9.2.2 41.2 1. p.89 Quality Style Quality Composite -.18 4.5. 33.3 -.1 1.22 4.7.3 36.1.8 1.49 7.4.2 42.4.9 p.93 QARP 1 (Fw.ROE & Fw.PBR).82 4.3.2 41.7.5 3.17 7..5 27.8 2.3 3.44 1.8.3 34.1 2.3 p.94 QARP 2 (Fw. NPM & Fw.PSR) 1.97 5.1.4 41.7 1.2 2.69 6.7.4 36.1 1.7 2.86 8.9.3 4. 1.7 p.96 QARP 3 (Q.Score & V.Score).82 4.2.2 41.7.5 2.27 6..4 33.3 1.5 1.19 8.1.1 41.2.7 p.98 Fw.ROE.16 4.2. 25..1 1.68 5.5.3 33.3 1.1 1.49 8.7.2 43.5.8 p.1 Fw.ROA -.53 4.2 -.1 25. -.1.89 4.6.2 36.1.6 1.3 7.8.1 42.4.6 p.11 Fw.OPM -.5 4.6 -.1 33.3 -.2 1.67 6.4.3 36.1 1.1 1.26 8.8.1 44.7.7 p.12 Fw.NPM.31 4.3.1 25..2 1.98 6.1.3 33.3 1.3 1.44 9..2 42.4.8 p.13 (FY).53 4.1.1 33.3.4 1.53 4..4 3.6 1.1 1.34 6.9.2 4..8 p.14 (FY).12 4.6. 41.7.1 1.65 4.7.3 3.6 1.1 1.37 7..2 41.2.8 p.15 Macro & Market Style.47 4.9.1 33.3.3 2.22 5.5.4 36.1 1.4 1.19 6.3.2 43.5.7 p.19.4 4.9.1 41.7.2 2.3 6.4.4 38.9 1.4 1.29 9.3.1 44.7.7 p.19.31 4.8.1 41.7.2 2.32 6.2.4 36.1 1.5 1.11 8.6.1 42.4.6 p.11.72 5.2.1 33.3.5 2.8 6.3.3 36.1 1.3 1.37 9.6.1 4..8 p.11.82 4.1.2 33.3.5 2.71 6.2.4 27.8 2. 1.7 7.4.2 35.3 1.1 p.111 -.19 5.. 58.3 -.1 2.42 7.7.3 41.7 1.4 1.25 9.3.1 42.4.7 p.112 1.12 5.9.2 33.3.7 2.61 7.4.4 33.3 1.7 1.16 1.3.1 42.4.7 p.113.17 3.2.1 33.3.1 1.63 4.9.3 33.3 1.1.83 8.7.1 44.7.5 p.114.53 4.9.1 41.7.3 2.37 6.4.4 36.1 1.5 1.37 8.9.2 42.4.8 p.114.5 5.3.1 33.3.3 2.56 6.6.4 3.6 1.8 1.41 8.6.2 38.8.9 p.114 H. Bull beta & L. Bear beta -.66 4.4 -.2 66.7 -.4 1.52 6..3 44.4.8 1.23 9.9.1 47.1.6 p.116 15.42 4.8.1 33.3.3 2.27 6.1.4 33.3 1.5 1.25 8.5.1 41.2.7 28

< 3-2> Risk-Return Analysis (2.1 ) (Long-only Strategy) ( : %) 1 3 Style Avg.Rt. S.D. I.R. S.R. Adj.Rt. Avg.Rt. S.D. I.R. S.R. Adj.Rt. Avg.Rt. S.D. I.R. S.R. Adj.Rt. (Page) QARP 1 (Fw.ROE & Fw.PBR).82 4.3.2 41.7.5 3.17 7..5 27.8 2.3 3.44 1.8.3 34.1 2.3 p.94 MARP 1 (EM & Fw.PER) 1.71 4.7.4 33.3 1.1 3.69 6.9.5 33.3 2.5 3.11 9.3.3 37.6 1.9 p.76 GARP 1 (2Y EPS g & Fw.PER).66 5.4.1 5..3 3.21 7..5 38.9 2. 2.97 1..3 42.4 1.7 p.64 Tr. PBR 1.6 6.3.3 33.3 1.1 3.87 7.1.5 3.6 2.7 2.88 9.4.3 36.5 1.8 p.57 QARP 2 (Fw. NPM & Fw.PSR) 1.97 5.1.4 41.7 1.2 2.69 6.7.4 36.1 1.7 2.86 8.9.3 4. 1.7 p.96 Fw.Value Composite 1.16 5.2.2 41.7.7 3.44 7.1.5 36.1 2.2 2.83 9.9.3 42.4 1.6 p.44 Tr.Value Composite 1.56 5.5.3 33.3 1. 3.33 6.5.5 3.6 2.3 2.82 9.7.3 36.5 1.8 p.45 Fw.EV/EBITDA 1.28 4.5.3 41.7.7 2.55 6..4 3.6 1.8 2.81 8.3.3 36.5 1.8 p.62 Tr. EV/EBITDA 1.23 4.7.3 33.3.8 2.69 5.9.5 3.6 1.9 2.71 7.9.3 37.6 1.7 p.63 Value Composite 1.26 5.3.2 41.7.7 3.37 6.6.5 36.1 2.2 2.68 9.4.3 38.8 1.6 p.43 Tr. PSR 1.79 5.8.3 33.3 1.2 4.14 7.4.6 3.6 2.9 2.67 1.7.3 4. 1.6 p.59 Fw. PER 1.67 4.9.3 25. 1.3 3.31 7.5.4 27.8 2.4 2.66 1.3.3 37.6 1.7 p.46 Tr. PCFR 1.3 4.9.2 33.3.7 3.29 6.6.5 27.8 2.4 2.63 1.2.3 4. 1.6 p.65 EM & PM 1.23 4.5.3 33.3.8 3.4 6.7.5 33.3 2. 2.63 8.9.3 38.8 1.6 p.82 Fw.PSR 1.1 6..2 41.7.6 3.65 7.7.5 33.3 2.4 2.46 1.3.2 4. 1.5 p.58 Tr. PER 1.99 5..4 25. 1.5 3.33 7..5 25. 2.5 2.45 1.1.2 35.3 1.6 p.47 Fw.PCFR 1. 5.7.2 41.7.6 2.99 7..4 33.3 2. 2.42 9.9.2 36.5 1.5 p.64 Fw. PEG 1. 5.1.2 41.7.6 2.68 7.1.4 36.1 1.7 2.4 1.6.2 38.8 1.5 p.6 OP Momentum (OM).55 5.4.1 5..3 2.88 7.8.4 41.7 1.7 2.4 9.5.3 42.4 1.4 p.87 EPS Momentum (EM) 1.47 4.7.3 41.7.9 3.38 7.8.4 38.9 2.1 2.37 9.3.3 41.2 1.4 p.86 Fw. Dividend Yield 1.18 4.1.3 33.3.8 2.84 5.5.5 27.8 2.1 2.33 8.2.3 32.9 1.6 p.58 Fw.PBR 1.28 6.1.2 33.3.9 3.49 7.1.5 3.6 2.4 2.3 1.1.2 4. 1.4 p.56 Momentum Composite.68 4.5.1 25..5 2.82 7.3.4 33.3 1.9 2.25 8.9.3 41.2 1.3 p.75 MARP 2 (M.Score & V.Score) 1.19 4.7.3 41.7.7 3.29 7..5 38.9 2. 2.23 9..2 41.2 1.3 p.78 EM & FM 1.5 4.1.3 25..8 2.73 6.4.4 33.3 1.8 2.2 8.7.3 38.8 1.3 p.8 Tr. PEG.53 5.9.1 33.3.4 2.6 5.9.3 3.6 1.4 2.6 9.1.2 41.2 1.2 p.61 OP Grow th Rate (2Y).18 5.6. 58.3.1 2.18 7.4.3 47.2 1.1 1.84 9.9.2 47.1 1. p.71 Growth Composite.48 5.2.1 41.7.3 2.35 7.3.3 38.9 1.4 1.79 9.7.2 4. 1.1 p.63 Price Momentum (PM).96 5.1.2 33.3.6 2.49 6.3.4 38.9 1.5 1.77 9.2.2 41.2 1. p.89.82 4.1.2 33.3.5 2.71 6.2.4 27.8 2. 1.7 7.4.2 35.3 1.1 p.111 EPS Grow th Rate (2Y).61 5.4.1 41.7.4 1.99 7.1.3 41.7 1.2 1.69 1..2 4. 1. p.7 Tr. Dividend Yield.78 4.5.2 41.7.5 2.43 5.3.5 33.3 1.6 1.68 8.5.2 38.8 1. p.59 FM & PM.82 4.6.2 25..6 2.22 5.8.4 3.6 1.5 1.59 8.4.2 38.8 1. p.84 Quality Composite -.18 4.5. 33.3 -.1 1.22 4.7.3 36.1.8 1.49 7.4.2 42.4.9 p.93 Fw.ROE.16 4.2. 25..1 1.68 5.5.3 33.3 1.1 1.49 8.7.2 43.5.8 p.1 Foreigners Momentum (FM).2 5.3. 25..2 2.22 6.6.3 3.6 1.5 1.44 8.5.2 42.4.8 p.88 Fw.NPM.31 4.3.1 25..2 1.98 6.1.3 33.3 1.3 1.44 9..2 42.4.8 p.13.5 5.3.1 33.3.3 2.56 6.6.4 3.6 1.8 1.41 8.6.2 38.8.9 p.114 (FY).12 4.6. 41.7.1 1.65 4.7.3 3.6 1.1 1.37 7..2 41.2.8 p.15.72 5.2.1 33.3.5 2.8 6.3.3 36.1 1.3 1.37 9.6.1 4..8 p.11.53 4.9.1 41.7.3 2.37 6.4.4 36.1 1.5 1.37 8.9.2 42.4.8 p.114 (FY).53 4.1.1 33.3.4 1.53 4..4 3.6 1.1 1.34 6.9.2 4..8 p.14.4 4.9.1 41.7.2 2.3 6.4.4 38.9 1.4 1.29 9.3.1 44.7.7 p.19 Fw.OPM -.5 4.6 -.1 33.3 -.2 1.67 6.4.3 36.1 1.1 1.26 8.8.1 44.7.7 p.12 15.42 4.8.1 33.3.3 2.27 6.1.4 33.3 1.5 1.25 8.5.1 41.2.7 -.19 5.. 58.3 -.1 2.42 7.7.3 41.7 1.4 1.25 9.3.1 42.4.7 p.112 H. Bull beta & L. Bear beta -.66 4.4 -.2 66.7 -.4 1.52 6..3 44.4.8 1.23 9.9.1 47.1.6 p.116 QARP 3 (Q.Score & V.Score).82 4.2.2 41.7.5 2.27 6..4 33.3 1.5 1.19 8.1.1 41.2.7 p.98.47 4.9.1 33.3.3 2.22 5.5.4 36.1 1.4 1.19 6.3.2 43.5.7 p.19 1.12 5.9.2 33.3.7 2.61 7.4.4 33.3 1.7 1.16 1.3.1 42.4.7 p.113.31 4.8.1 41.7.2 2.32 6.2.4 36.1 1.5 1.11 8.6.1 42.4.6 p.11 GARP 2 (G.Score & V.Score).36 5.4.1 5..2 2.72 6.9.4 41.7 1.6 1.7 9.6.1 47.1.6 p.66 Fw.ROA -.53 4.2 -.1 25. -.1.89 4.6.2 36.1.6 1.3 7.8.1 42.4.6 p.11.17 3.2.1 33.3.1 1.63 4.9.3 33.3 1.1.83 8.7.1 44.7.5 p.114 GARQ (G.Score & Q.Score) -.13 4.7. 5. -.1 1.84 5.8.3 38.9 1.1.78 8..1 44.7.4 p.68 27.2.8 29

1.5 Risk-Return Analysis : Long-Short Strategy 27.2.8 < 4-1> Risk-Return Analysis (Long-Short Strategy) ( : %) 1 3 Style Avg.Rt. S.D. I.R. S.R. Adj.Rt. Avg.Rt. S.D. I.R. S.R. Adj.Rt. Avg.Rt. S.D. I.R. S.R. Adj.Rt. (Page) Value Style Value Composite 1.78 2.4 2.6 16.7 1.5 2.15 5. 2.6 3.6 1.5 2.48 5.2 4.4 3.6 1.7 p.43 Fw.Value Composite 1.47 2.3 2.2 25. 1.1 1.97 5. 2.4 33.3 1.3 2.2 5.1 3.9 34.1 1.4 p.44 Tr.Value Composite 2.36 2.8 2.9 25. 1.8 2.17 5.2 2.5 33.3 1.4 3.33 5.6 5.5 27.1 2.4 p.45 Fw. PER 2.12 2.5 2.9 25. 1.6 1.65 5.6 1.8 36.1 1.1 2.29 5.6 3.7 29.4 1.6 p.46 Tr. PER 1.78 2.3 2.7 25. 1.3 1.27 4.8 1.6 36.1.8 2. 5.5 3.4 31.8 1.4 p.47 Fw.PBR 2.9 3.2 2.2 16.7 1.7 2.16 4.9 2.6 33.3 1.4 1.55 5.6 2.5 37.6 1. p.56 Tr. PBR 1.99 3.8 1.8 25. 1.5 2.99 5.1 3.5 27.8 2.2 3.33 5.9 5.2 28.2 2.4 p.57 Fw. Dividend Yield 1.61 2.2 2.5 16.7 1.3.6 4.4.8 33.3.4 1.1 5.2 1.8 4..6 p.58 Tr. Dividend Yield.92 2.2 1.5 5..5.3 3.7.5 47.2.2 1.3 5. 1.9 44.7.6 p.59 Fw. PEG.4 3.1. 58.3..58 4.1.9 58.3.2 1.37 6.3 2. 45.9.7 p.6 Tr. PEG 1.8 2.5 1.5 16.7.9.49 4.4.7 41.7.3 1.31 4.7 2.6 38.8.8 p.61 Fw.EV/EBITDA 1.91 2.5 2.6 25. 1.4.61 5.5.7 36.1.4 2.25 6.1 3.4 28.2 1.6 p.62 Tr. EV/EBITDA 2.6 3.4 2.1 8.3 1.9.6 5.8.6 38.9.4 2.53 5.9 3.9 28.2 1.8 p.63 Fw.PCFR 2.31 2.1 3.8 8.3 2.1 1.64 4.4 2.3 33.3 1.1 2.19 5.6 3.6 3.6 1.5 p.64 Tr. PCFR 1.21 2.8 1.5 25..9 1.84 4.3 2.6 27.8 1.3 2.57 5.3 4.5 27.1 1.9 p.65 Fw.PSR 1.93 3.4 2. 33.3 1.3 2.38 4. 3.6 27.8 1.7 2.13 5.6 3.5 37.6 1.3 p.58 Tr. PSR 2.7 3.1 3. 16.7 2.2 2.95 4.3 4.1 22.2 2.3 3.1 5.8 4.9 29.4 2.2 p.59 Growth Style Growth Composite -.6 2.2 -.9 66.7 -.4.6 4.2.1 5...15 4.1.3 47.1.1 p.63 GARP 1 (2Y EPS g & Fw.PER).52 3.3.5 5..3 1.77 3.7 2.9 36.1 1.1 2.27 5. 4.2 32.9 1.5 p.64 GARP 2 (G.Score & V.Score).42 2.3.6 5..2 1.4 2.6 2.4 38.9.6 1.2 2.6 3.6 38.8.6 p.66 GARQ (G.Score & Q.Score) -.84 2.4-1.2 66.7 -.6 -.99 3.6-1.6 58.3 -.6 -.11 3.5 -.3 49.4 -.1 p.68 EPS Grow th Rate (2Y) -.13 2.5 -.2 5. -.1.11 3.5.2 47.2.1.32 4..7 44.7.2 p.7 OP Grow th Rate (2Y) -.52 2.5 -.7 75. -.4 -.7 4.5 -.1 55.6..14 4.4.3 47.1.1 p.71 Momentum Style Momentum Composite.35 2.7.4 5..2 1.6 3.4 1.9 41.7.6 1.82 3.8 4.4 31.8 1.2 p.75 MARP 1 (EM & Fw.PER) 1.78 2.5 2.5 33.3 1.2 2.16 3.3 4. 33.3 1.4 2.29 4.1 5.1 29.4 1.6 p.76 MARP 2 (M.Score & V.Score).89 2. 1.5 5..4 1.29 3.7 2.1 5..6 2.9 3.9 5. 34.1 1.4 p.78 EM & FM.86 1.9 1.6 33.3.6.48 3.3.9 52.8.2.46 3.8 1.1 47.1.2 p.8 EM & PM 1.54 2.2 2.5 25. 1.2 1.23 3.3 2.2 27.8.9 1.57 3.7 3.9 3.6 1.1 p.82 FM & PM.92 3.1 1. 5..5.1 2.8. 52.8. 1.3 3.7 2.6 42.4.6 p.84 EPS Momentum (EM) 1.37 4.1 1.1 33.3.9 1.58 4.8 2. 33.3 1.1 1.13 5.3 2. 31.8.8 p.86 OP Momentum (OM).3 3.8. 58.3. 1.34 4.9 1.6 44.4.7 1.65 4.8 3.2 41.2 1. p.87 Foreigners Momentum (FM) -.4 2.6 -.5 5. -.2 -.2 2.6 -.1 41.7..11 4..3 47.1.1 p.88 Price Momentum (PM) 1.6 2.1 1.8 25..8.5 3.4.9 38.9.3 1.12 5.6 1.8 45.9.6 p.89 Quality Style Quality Composite -.79 3.8 -.7 5. -.4-1.85 4.9-2.3 52.8-1. -.39 5.7 -.6 47.1 -.2 p.93 QARP 1 (Fw.ROE & Fw.PBR).77 4.5.6 41.7.4 1.37 5.7 1.4 38.9.8 2.5 6.4 3.6 34.1 1.7 p.94 QARP 2 (Fw. NPM & Fw.PSR) 2.1 3.8 1.8 41.7 1.2 1.6 4.9 1.9 36.1 1. 2.57 7.2 3.3 37.6 1.6 p.96 QARP 3 (Q.Score & V.Score).24 3..3 5..1.5 4.6.1 55.6. 1.9 4.5 2.2 42.4.6 p.98 Fw.ROE -.63 3.3 -.7 5. -.3-1.13 3.9-1.7 58.3 -.7.1 4.5. 5.6. p.1 Fw.ROA -1.19 2.9-1.4 66.7 -.8-2.36 4.9-2.9 69.4-1.6 -.87 5.2-1.5 57.6 -.5 p.11 Fw.OPM -.4 3. -.5 5. -.2-1.3 3.2-1.9 63.9 -.7 -.59 4.3-1.3 56.5 -.3 p.12 Fw.NPM.26 3.5.3 5..1 -.86 3.4-1.5 58.3 -.5 -.24 5.1 -.4 5.6 -.1 p.13 (FY) -.34 4. -.3 58.3 -.2-1.47 5.7-1.6 61.1 -.9 -.23 6.8 -.3 49.4 -.1 p.14 (FY) -.5 4.7. 41.7. -1.27 5.1-1.5 52.8 -.7 -.27 7.3 -.3 5.6 -.1 p.15 Macro & Market Style.6 3.2.1 41.7. -.8 3.8 -.1 5.. -.1 5.5 -.2 49.4. p.19 -.41 2.5 -.6 66.7 -.3.24 3..5 52.8.1 -.27 4.4 -.6 52.9 -.1 p.11.33 3.7.3 5..2.8 4.3 1.1 38.9.5 1.3 6.8 1.4 4..6 p.111 -.72 1.8-1.4 66.7 -.5 -.9 4. -.1 52.8..11 6.9.1 52.9. p.112 1.43 3.2 1.6 41.7.8 1.2 3.8 1.6 38.9.6.25 5.3.4 44.7.1 p.113 -.36 2.1 -.6 58.3 -.2 -.74 2.4-1.8 61.1 -.5 -.54 3.8-1.3 6. -.3 p.114 H. Bull beta & L. Bear beta -.79 2.6-1.1 58.3 -.5-1.17 3.4-2.1 61.1 -.7 -.33 5.7 -.5 58.8 -.2 p.116 15.42 4.8.3 33.3.3 2.27 6.1 2.2 33.3 1.5 1.25 8.5 1.4 41.2.7 3

< 4-2> Risk-Return Analysis (2.1 ) (Long-Short Strategy) ( : %) 1 3 Style Avg.Rt. S.D. I.R. S.R. Adj.Rt. Avg.Rt. S.D. I.R. S.R. Adj.Rt. Avg.Rt. S.D. I.R. S.R. Adj.Rt. (Page) Tr.Value Composite 2.36 2.8 2.9 25. 1.8 2.17 5.2 2.5 33.3 1.4 3.33 5.6 5.5 27.1 2.4 p.45 Tr. PBR 1.99 3.8 1.8 25. 1.5 2.99 5.1 3.5 27.8 2.2 3.33 5.9 5.2 28.2 2.4 p.57 Tr. PSR 2.7 3.1 3. 16.7 2.2 2.95 4.3 4.1 22.2 2.3 3.1 5.8 4.9 29.4 2.2 p.59 Tr. PCFR 1.21 2.8 1.5 25..9 1.84 4.3 2.6 27.8 1.3 2.57 5.3 4.5 27.1 1.9 p.65 QARP 2 (Fw. NPM & Fw.PSR) 2.1 3.8 1.8 41.7 1.2 1.6 4.9 1.9 36.1 1. 2.57 7.2 3.3 37.6 1.6 p.96 Tr. EV/EBITDA 2.6 3.4 2.1 8.3 1.9.6 5.8.6 38.9.4 2.53 5.9 3.9 28.2 1.8 p.63 QARP 1 (Fw.ROE & Fw.PBR).77 4.5.6 41.7.4 1.37 5.7 1.4 38.9.8 2.5 6.4 3.6 34.1 1.7 p.94 Value Composite 1.78 2.4 2.6 16.7 1.5 2.15 5. 2.6 3.6 1.5 2.48 5.2 4.4 3.6 1.7 p.43 Fw. PER 2.12 2.5 2.9 25. 1.6 1.65 5.6 1.8 36.1 1.1 2.29 5.6 3.7 29.4 1.6 p.46 MARP 1 (EM & Fw.PER) 1.78 2.5 2.5 33.3 1.2 2.16 3.3 4. 33.3 1.4 2.29 4.1 5.1 29.4 1.6 p.76 GARP 1 (2Y EPS g & Fw.PER).52 3.3.5 5..3 1.77 3.7 2.9 36.1 1.1 2.27 5. 4.2 32.9 1.5 p.64 Fw.EV/EBITDA 1.91 2.5 2.6 25. 1.4.61 5.5.7 36.1.4 2.25 6.1 3.4 28.2 1.6 p.62 Fw.Value Composite 1.47 2.3 2.2 25. 1.1 1.97 5. 2.4 33.3 1.3 2.2 5.1 3.9 34.1 1.4 p.44 Fw.PCFR 2.31 2.1 3.8 8.3 2.1 1.64 4.4 2.3 33.3 1.1 2.19 5.6 3.6 3.6 1.5 p.64 Fw.PSR 1.93 3.4 2. 33.3 1.3 2.38 4. 3.6 27.8 1.7 2.13 5.6 3.5 37.6 1.3 p.58 MARP 2 (M.Score & V.Score).89 2. 1.5 5..4 1.29 3.7 2.1 5..6 2.9 3.9 5. 34.1 1.4 p.78 Tr. PER 1.78 2.3 2.7 25. 1.3 1.27 4.8 1.6 36.1.8 2. 5.5 3.4 31.8 1.4 p.47 Momentum Composite.35 2.7.4 5..2 1.6 3.4 1.9 41.7.6 1.82 3.8 4.4 31.8 1.2 p.75 OP Momentum (OM).3 3.8. 58.3. 1.34 4.9 1.6 44.4.7 1.65 4.8 3.2 41.2 1. p.87 EM & PM 1.54 2.2 2.5 25. 1.2 1.23 3.3 2.2 27.8.9 1.57 3.7 3.9 3.6 1.1 p.82 Fw.PBR 2.9 3.2 2.2 16.7 1.7 2.16 4.9 2.6 33.3 1.4 1.55 5.6 2.5 37.6 1. p.56 Fw. PEG.4 3.1. 58.3..58 4.1.9 58.3.2 1.37 6.3 2. 45.9.7 p.6 Tr. PEG 1.8 2.5 1.5 16.7.9.49 4.4.7 41.7.3 1.31 4.7 2.6 38.8.8 p.61 15.42 4.8.3 33.3.3 2.27 6.1 2.2 33.3 1.5 1.25 8.5 1.4 41.2.7 EPS Momentum (EM) 1.37 4.1 1.1 33.3.9 1.58 4.8 2. 33.3 1.1 1.13 5.3 2. 31.8.8 p.86 Price Momentum (PM) 1.6 2.1 1.8 25..8.5 3.4.9 38.9.3 1.12 5.6 1.8 45.9.6 p.89 QARP 3 (Q.Score & V.Score).24 3..3 5..1.5 4.6.1 55.6. 1.9 4.5 2.2 42.4.6 p.98 FM & PM.92 3.1 1. 5..5.1 2.8. 52.8. 1.3 3.7 2.6 42.4.6 p.84.33 3.7.3 5..2.8 4.3 1.1 38.9.5 1.3 6.8 1.4 4..6 p.111 Tr. Dividend Yield.92 2.2 1.5 5..5.3 3.7.5 47.2.2 1.3 5. 1.9 44.7.6 p.59 GARP 2 (G.Score & V.Score).42 2.3.6 5..2 1.4 2.6 2.4 38.9.6 1.2 2.6 3.6 38.8.6 p.66 Fw. Dividend Yield 1.61 2.2 2.5 16.7 1.3.6 4.4.8 33.3.4 1.1 5.2 1.8 4..6 p.58 EM & FM.86 1.9 1.6 33.3.6.48 3.3.9 52.8.2.46 3.8 1.1 47.1.2 p.8 EPS Grow th Rate (2Y) -.13 2.5 -.2 5. -.1.11 3.5.2 47.2.1.32 4..7 44.7.2 p.7 1.43 3.2 1.6 41.7.8 1.2 3.8 1.6 38.9.6.25 5.3.4 44.7.1 p.113 Growth Composite -.6 2.2 -.9 66.7 -.4.6 4.2.1 5...15 4.1.3 47.1.1 p.63 OP Grow th Rate (2Y) -.52 2.5 -.7 75. -.4 -.7 4.5 -.1 55.6..14 4.4.3 47.1.1 p.71 Foreigners Momentum (FM) -.4 2.6 -.5 5. -.2 -.2 2.6 -.1 41.7..11 4..3 47.1.1 p.88 -.72 1.8-1.4 66.7 -.5 -.9 4. -.1 52.8..11 6.9.1 52.9. p.112 Fw.ROE -.63 3.3 -.7 5. -.3-1.13 3.9-1.7 58.3 -.7.1 4.5. 5.6. p.1.6 3.2.1 41.7. -.8 3.8 -.1 5.. -.1 5.5 -.2 49.4. p.19 GARQ (G.Score & Q.Score) -.84 2.4-1.2 66.7 -.6 -.99 3.6-1.6 58.3 -.6 -.11 3.5 -.3 49.4 -.1 p.68 (FY) -.34 4. -.3 58.3 -.2-1.47 5.7-1.6 61.1 -.9 -.23 6.8 -.3 49.4 -.1 p.14 Fw.NPM.26 3.5.3 5..1 -.86 3.4-1.5 58.3 -.5 -.24 5.1 -.4 5.6 -.1 p.13 -.41 2.5 -.6 66.7 -.3.24 3..5 52.8.1 -.27 4.4 -.6 52.9 -.1 p.11 (FY) -.5 4.7. 41.7. -1.27 5.1-1.5 52.8 -.7 -.27 7.3 -.3 5.6 -.1 p.15 H. Bull beta & L. Bear beta -.79 2.6-1.1 58.3 -.5-1.17 3.4-2.1 61.1 -.7 -.33 5.7 -.5 58.8 -.2 p.116 Quality Composite -.79 3.8 -.7 5. -.4-1.85 4.9-2.3 52.8-1. -.39 5.7 -.6 47.1 -.2 p.93 -.36 2.1 -.6 58.3 -.2 -.74 2.4-1.8 61.1 -.5 -.54 3.8-1.3 6. -.3 p.114 Fw.OPM -.4 3. -.5 5. -.2-1.3 3.2-1.9 63.9 -.7 -.59 4.3-1.3 56.5 -.3 p.12 Fw.ROA -1.19 2.9-1.4 66.7 -.8-2.36 4.9-2.9 69.4-1.6 -.87 5.2-1.5 57.6 -.5 p.11 27.2.8 31

1.6 Sector Concentration < 5-1> MASS 5 IT Style (Page) Value Style Value Composite 26.67 23.33 16.67 3.33. 13.33 6.67 3.33 3.33 3.33 p.43 Fw.Value Composite 33.33 23.33 2. 3.33. 3.33 3.33 3.33 6.67 3.33 p.44 Tr.Value Composite 33.33 26.67 1... 13.33 3.33. 6.67 6.67 p.45 Fw. PER 34.62 26.92 7.69 3.85. 15.38 3.85.. 7.69 p.46 Tr. PER 29.63 18.52 3.7 3.7. 29.63.. 3.7 11.11 p.47 Fw.PBR 26.92 23.8 23.8 3.85. 3.85 7.69. 11.54. p.56 Tr. PBR 21.43 21.43 25. 3.57. 7.14 7.14. 14.29. p.57 Fw. Dividend Yield 12. 8. 12. 4.. 4. 4. 8. 4. 8. p.58 Tr. Dividend Yield 15.38 15.38 11.54 3.85. 3.77 3.85 7.69 3.85 7.69 p.59 Fw. PEG 4.35 52.17 26.9.. 17.39.... p.6 Tr. PEG 33.33 16.67 5.56.. 33.33... 11.11 p.61 Fw.EV/EBITDA 31.82 18.18 13.64 4.55.. 13.64 13.64 4.55. p.62 Tr. EV/EBITDA 37.5 8.33 12.5 8.33.. 12.5 12.5 4.17 4.17 p.63 Fw.PCFR 32. 8. 12... 2. 12. 12. 4.. p.64 Tr. PCFR 3.77 23.8 15.38.. 15.38 3.85 11.54.. p.65 Fw.PSR 19.23 23.8 26.92 3.85. 15.38.. 7.69 3.85 p.58 Tr. PSR 2. 26.67 23.33.. 16.67.. 1. 3.33 p.59 Growth Style Growth Composite 6.67 36.67 23.33. 3.33 16.67 13.33... p.63 GARP 1 (2Y EPS g & Fw.PER) 13.64 45.45 22.73.. 9.9. 4.55 4.55. p.64 GARP 2 (G.Score & V.Score) 15.69 33.33 23.53 3.92 1.96 9.8 1.96 3.92 5.88. p.66 GARQ (G.Score & Q.Score) 9.38 25. 25. 9.38 6.25 12.5 3.13 3.13 6.25. p.68 EPS Grow th Rate (2Y) 7.69 34.62 26.92 3.85. 15.38 11.54... p.7 OP Grow th Rate (2Y) 7.69 26.92 19.23. 3.85 26.92 15.38... p.71 Momentum Style Momentum Composite 13.33 33.33 2. 6.67 6.67 1. 3.33. 6.67. p.75 MARP 1 (EM & Fw.PER) 3. 36.67 3.33.. 16.67 6.67. 6.67. p.76 MARP 2 (M.Score & V.Score) 23.26 34.88 11.63 2.33 2.33 13.95 2.33. 6.98 2.33 p.78 EM & FM 1.71 42.86 17.86 7.14 3.57 7.14 3.57. 7.14. p.8 EM & PM 16.67 23.33 23.33 6.67 1. 16.67 3.33... p.82 FM & PM 7.89 23.68 26.32 2.63 7.89 23.68 5.26 2.63.. p.84 EPS Momentum (EM) 23.8 5. 11.54 3.85 3.85. 3.85. 3.85. p.86 OP Momentum (OM) 26.92 26.92 11.54 11.54 3.85 7.69 7.69. 3.85. p.87 Foreigners Momentum (FM) 13.33 36.67 1. 6.67 6.67 13.33 3.33 3.33 3.33 3.33 p.88 Price Momentum (PM) 1. 16.67 3. 1. 3.33 1. 1. 6.67 3.33. p.89 Quality Style Quality Composite 16.67 16.67 23.33 1. 1. 6.67 1. 3.33. 3.33 p.93 QARP 1 (Fw.ROE & Fw.PBR) 26.67 2. 6.67 6.67. 26.67... 13.33 p.94 QARP 2 (Fw. NPM & Fw.PSR) 38.46 3.77 23.8... 7.69... p.96 QARP 3 (Q.Score & V.Score) 18.92 21.62 16.22 5.41. 18.92 2.7 8.11 5.41 2.7 p.98 Fw.ROE 7.69 42.31 11.54 7.69 7.69 11.54 7.69.. 3.85 p.1 Fw.ROA 15.38 19.23 23.8 11.54 7.69. 15.38 3.85. 3.85 p.11 Fw.OPM 7.69 7.69 7.69 7.69 7.69 46.15 7.69 7.69.. p.12 Fw.NPM 11.54. 7.69 11.54 3.85 46.15 11.54 3.85. 3.85 p.13 (FY) 18.18 31.82 22.73 18.18 4.55. 4.55... p.14 (FY) 6.67 16.67 2. 26.67 3.33 6.67 1. 3.33 6.67. p.15 Macro & Market Style... 46.43 21.43.. 14.29 17.86. p.19 16.39 3.33 22.95.. 2.49 7.38.. 2.46 p.19 12.5 23.33 17.5 9.17 4.17 2.83 3.33 3.33 4.17 1.67 p.11 7.69 46.15 15.38... 3.77... p.11 17.24 1.34 27.59 1.34 1.34 17.24. 3.45 3.45. p.111 17.24 6.9 2.69 3.45 3.45 37.93 3.45 3.45 3.45. p.112 2.69 44.83 13.79 3.45. 6.9 3.45.. 6.9 p.113 6.67 16.67 16.67 3.33. 26.67 1. 1. 3.33 6.67 p.114 11.43 3. 14.29 14.29 2.86 17.14 5.71 1.43 1.43 1.43 p.114 16. 24. 21. 1. 6. 15. 4. 1. 3.. p.114 H. Bull beta & L. Bear beta 14.81 22.22 29.63 11.11. 7.41 14.81... p.116 15 13.33 24.67 18.67 8.67 4. 16.67 6. 2.67 3.33 2. 27.2.8 32

27.2.8 < 5-2> MASS 5 ( 1 ) Style (Page) QARP 1 (Fw.ROE & Fw.PBR) -2.33 26.67 2. 6.67 6.67. 26.67... 13.33 p.94 Tr.Value Composite -2.99 33.33 26.67 1... 13.33 3.33. 6.67 6.67 p.45 Fw. Dividend Yield -3.25 12. 8. 12. 4.. 4. 4. 8. 4. 8. p.58 Fw. PER -3.38 34.62 26.92 7.69 3.85. 15.38 3.85.. 7.69 p.46 Fw.EV/EBITDA -3.4 31.82 18.18 13.64 4.55.. 13.64 13.64 4.55. p.62 Tr. PER -3.56 29.63 18.52 3.7 3.7. 29.63.. 3.7 11.11 p.47 Value Composite -3.68 26.67 23.33 16.67 3.33. 13.33 6.67 3.33 3.33 3.33 p.43 Fw.PSR -3.7 19.23 23.8 26.92 3.85. 15.38.. 7.69 3.85 p.58 Tr. PBR -3.85 21.43 21.43 25. 3.57. 7.14 7.14. 14.29. p.57 Tr. EV/EBITDA -3.86 37.5 8.33 12.5 8.33.. 12.5 12.5 4.17 4.17 p.63 Fw.Value Composite -3.88 33.33 23.33 2. 3.33. 3.33 3.33 3.33 6.67 3.33 p.44 Fw.NPM -3.99 11.54. 7.69 11.54 3.85 46.15 11.54 3.85. 3.85 p.13 MARP 1 (EM & Fw.PER) -4.9 3. 36.67 3.33.. 16.67 6.67. 6.67. p.76 EM & PM -4.19 16.67 23.33 23.33 6.67 1. 16.67 3.33... p.82 QARP 2 (Fw. NPM & Fw.PSR) -4.23 38.46 3.77 23.8... 7.69... p.96 MARP 2 (M.Score & V.Score) -4.37 23.26 34.88 11.63 2.33 2.33 13.95 2.33. 6.98 2.33 p.78 QARP 3 (Q.Score & V.Score) -4.46 18.92 21.62 16.22 5.41. 18.92 2.7 8.11 5.41 2.7 p.98 Fw. PEG -4.61 4.35 52.17 26.9.. 17.39.... p.6 Tr. PCFR -4.63 3.77 23.8 15.38.. 15.38 3.85 11.54.. p.65 EM & FM -4.65 1.71 42.86 17.86 7.14 3.57 7.14 3.57. 7.14. p.8-4.73 6.67 16.67 16.67 3.33. 26.67 1. 1. 3.33 6.67 p.114 Tr. PSR -5.1 2. 26.67 23.33.. 16.67.. 1. 3.33 p.59 Fw.OPM -5.27 7.69 7.69 7.69 7.69 7.69 46.15 7.69 7.69.. p.12 (FY) -5.28 18.18 31.82 22.73 18.18 4.55. 4.55... p.14 Momentum Composite -5.31 13.33 33.33 2. 6.67 6.67 1. 3.33. 6.67. p.75 Tr. Dividend Yield -5.42 15.38 15.38 11.54 3.85. 3.77 3.85 7.69 3.85 7.69 p.59 OP Momentum (OM) -5.43 26.92 26.92 11.54 11.54 3.85 7.69 7.69. 3.85. p.87 GARP 1 (2Y EPS g & Fw.PER) -5.47 13.64 45.45 22.73.. 9.9. 4.55 4.55. p.64 EPS Momentum (EM) -5.5 23.8 5. 11.54 3.85 3.85. 3.85. 3.85. p.86 EPS Grow th Rate (2Y) -5.94 7.69 34.62 26.92 3.85. 15.38 11.54... p.7 Growth Composite -5.99 6.67 36.67 23.33. 3.33 16.67 13.33... p.63 Fw.PCFR -6.17 32. 8. 12... 2. 12. 12. 4.. p.64 Tr. PEG -6.32 33.33 16.67 5.56.. 33.33... 11.11 p.61 Price Momentum (PM) -6.42 1. 16.67 3. 1. 3.33 1. 1. 6.67 3.33. p.89 OP Grow th Rate (2Y) -6.44 7.69 26.92 19.23. 3.85 26.92 15.38... p.71 Fw.PBR -6.53 26.92 23.8 23.8 3.85. 3.85 7.69. 11.54. p.56 (FY) -6.59 6.67 16.67 2. 26.67 3.33 6.67 1. 3.33 6.67. p.15 H. Bull beta & L. Bear beta -6.61 14.81 22.22 29.63 11.11. 7.41 14.81... p.116 Fw.ROE -6.63 7.69 42.31 11.54 7.69 7.69 11.54 7.69.. 3.85 p.1-6.77 17.24 1.34 27.59 1.34 1.34 17.24. 3.45 3.45. p.111 Fw.ROA -6.93 15.38 19.23 23.8 11.54 7.69. 15.38 3.85. 3.85 p.11-7.5 12.5 23.33 17.5 9.17 4.17 2.83 3.33 3.33 4.17 1.67 p.11 FM & PM -7.7 7.89 23.68 26.32 2.63 7.89 23.68 5.26 2.63.. p.84-7.28 16.39 3.33 22.95.. 2.49 7.38.. 2.46 p.19-7.33 13.33 24.67 18.67 8.67 4. 16.67 6. 2.67 3.33 2. Quality Composite -7.36 16.67 16.67 23.33 1. 1. 6.67 1. 3.33. 3.33 p.93 GARP 2 (G.Score & V.Score) -7.41 15.69 33.33 23.53 3.92 1.96 9.8 1.96 3.92 5.88. p.66-7.46 11.43 3. 14.29 14.29 2.86 17.14 5.71 1.43 1.43 1.43 p.114-7.62... 46.43 21.43.. 14.29 17.86. p.19 Foreigners Momentum (FM) -7.82 13.33 36.67 1. 6.67 6.67 13.33 3.33 3.33 3.33 3.33 p.88-7.89 17.24 6.9 2.69 3.45 3.45 37.93 3.45 3.45 3.45. p.112-8.8 16. 24. 21. 1. 6. 15. 4. 1. 3.. p.114 GARQ (G.Score & Q.Score) -8.14 9.38 25. 25. 9.38 6.25 12.5 3.13 3.13 6.25. p.68-8.17 7.69 46.15 15.38... 3.77... p.11-9.23 2.69 44.83 13.79 3.45. 6.9 3.45.. 6.9 p.113 33

1.7 Style Map [ 6-1] 6 MASS 5 ( 1~15 ) Style Value Style A593 A549 A1576 A6 A5555 A53 A1767 A538 A66 A32 5 6 7 8 9 A2353 A954 A417 A8679 A3422 (Page) Growth Style Value Composite O p.43 Fw.Value Composite O O p.44 Tr.Value Composite O p.45 Fw. PER O p.46 Tr. PER p.47 Fw.PBR O p.56 Tr. PBR O p.57 Fw. Dividend Yield O O O O O p.58 Tr. Dividend Yield O O p.59 Fw. PEG O p.6 Tr. PEG p.61 Fw.EV/EBITDA O O O O O p.62 Tr. EV/EBITDA O O O O O p.63 Fw.PCFR O O O O p.64 Tr. PCFR O O p.65 Fw.PSR p.58 Tr. PSR p.59 Growth Composite O p.63 GARP 1 (2Y EPS g & Fw.PER) O O O p.64 GARP 2 (G.Score & V.Score) O O O p.66 GARQ (G.Score & Q.Score) O O p.68 EPS Grow th Rate (2Y) O p.7 OP Grow th Rate (2Y) p.71 Momentum Style Momentum Composite O O O p.75 MARP 1 (EM & Fw.PER) O O O O O O p.76 MARP 2 (M.Score & V.Score) O O O O O p.78 EM & FM O O O O p.8 EM & PM O O p.82 FM & PM O O O p.84 EPS Momentum (EM) O O p.86 OP Momentum (OM) O O p.87 Foreigners Momentum (FM) p.88 Price Momentum (PM) O O O O O p.89 Quality Style Quality Composite O O O O O p.93 QARP 1 (Fw.ROE & Fw.PBR) O O p.94 QARP 2 (Fw. NPM & Fw.PSR) O p.96 QARP 3 (Q.Score & V.Score) O O O O O O O O p.98 Fw.ROE O O p.1 Fw.ROA O O O O p.11 Fw.OPM O O O O O O p.12 Fw.NPM O O O O O O O p.13 (FY) O O O p.14 (FY) O O O O O p.15 Macro & Market Style O O O p.19 O O O O O O O O O O O O p.19 O O O O O O O O O O O p.11 O O O O p.11 O O p.111 O O O O O p.112 O p.113 O O O O O O O O O O O O O O O p.114 p.114 p.114 H. Bull beta & L. Bear beta O O O O O O p.116 27.2.8 34

[ 6-2] 6 MASS 5 ( 16~3 ) Style A36 A3378 A494 A81 A3271 A6657 A195 A2411 A174 A1233 A474 A72 A4266 A355 A3239 (Page) Value Style Growth Style Value Composite O O O p.43 Fw.Value Composite O O O p.44 Tr.Value Composite O O O p.45 Fw. PER O O O O p.46 Tr. PER O O O O O O p.47 Fw.PBR p.56 Tr. PBR p.57 Fw. Dividend Yield O O O O O p.58 Tr. Dividend Yield O O p.59 Fw. PEG O O O p.6 Tr. PEG O O O O O p.61 Fw.EV/EBITDA O p.62 Tr. EV/EBITDA O O p.63 Fw.PCFR O O p.64 Tr. PCFR O O p.65 Fw.PSR O O p.58 Tr. PSR O O O p.59 Growth Composite O O O p.63 GARP 1 (2Y EPS g & Fw.PER) O p.64 GARP 2 (G.Score & V.Score) O O O O p.66 GARQ (G.Score & Q.Score) O p.68 EPS Grow th Rate (2Y) O O O p.7 OP Grow th Rate (2Y) O O O p.71 Momentum Style Momentum Composite O O p.75 MARP 1 (EM & Fw.PER) O O p.76 MARP 2 (M.Score & V.Score) O O p.78 EM & FM O p.8 EM & PM O O p.82 FM & PM O O O O O p.84 EPS Momentum (EM) O p.86 OP Momentum (OM) O p.87 Foreigners Momentum (FM) O O O p.88 Price Momentum (PM) O O O p.89 Quality Style Quality Composite O O O O p.93 QARP 1 (Fw.ROE & Fw.PBR) O O O p.94 QARP 2 (Fw. NPM & Fw.PSR) O p.96 QARP 3 (Q.Score & V.Score) O O O p.98 Fw.ROE O O O O O O p.1 Fw.ROA O O O p.11 Fw.OPM O O O O O p.12 Fw.NPM O O O O O p.13 (FY) O p.14 (FY) O p.15 Macro & Market Style O O p.19 O O O O O O O O O O O O O p.19 O O O O O O O O O O O O O p.11 p.11 O O p.111 O O p.112 O O O O O O p.113 O O O O O O O O O O O O O O O p.114 p.114 p.114 H. Bull beta & L. Bear beta O O O O p.116 27.2.8 35

[ 6-3] 6 MASS 5 ( 31~45 ) Style Value Style A114 A83 A342 A3525 A27 A636 A1263 A475 A943 A4267 A14 A1636 A68 A7893 A3646 (Page) Growth Style Value Composite O p.43 Fw.Value Composite O O p.44 Tr.Value Composite p.45 Fw. PER O p.46 Tr. PER O O p.47 Fw.PBR O O p.56 Tr. PBR O O p.57 Fw. Dividend Yield O O O p.58 Tr. Dividend Yield O O O O p.59 Fw. PEG O O p.6 Tr. PEG p.61 Fw.EV/EBITDA O p.62 Tr. EV/EBITDA p.63 Fw.PCFR O p.64 Tr. PCFR O p.65 Fw.PSR O O p.58 Tr. PSR O O p.59 Growth Composite O O p.63 GARP 1 (2Y EPS g & Fw.PER) p.64 GARP 2 (G.Score & V.Score) O O O p.66 GARQ (G.Score & Q.Score) O O O O O p.68 EPS Grow th Rate (2Y) O O p.7 OP Grow th Rate (2Y) O O O p.71 Momentum Style Momentum Composite O O O O O p.75 MARP 1 (EM & Fw.PER) p.76 MARP 2 (M.Score & V.Score) O p.78 EM & FM O O O O O p.8 EM & PM O O p.82 FM & PM O O O O O O O p.84 EPS Momentum (EM) O O O p.86 OP Momentum (OM) p.87 Foreigners Momentum (FM) O O O p.88 Price Momentum (PM) O O O p.89 Quality Style Quality Composite O O O p.93 QARP 1 (Fw.ROE & Fw.PBR) O p.94 QARP 2 (Fw. NPM & Fw.PSR) p.96 QARP 3 (Q.Score & V.Score) O O p.98 Fw.ROE O p.1 Fw.ROA O O O p.11 Fw.OPM O O O p.12 Fw.NPM O O O p.13 (FY) O O p.14 (FY) O p.15 Macro & Market Style O O O p.19 O O O O O O O O O O O O p.19 O O O O O O O O O O O O p.11 O O p.11 O p.111 O p.112 O O O p.113 p.114 O O O O O O O O O O O O O O O p.114 p.114 H. Bull beta & L. Bear beta O O p.116 27.2.8 36

[ 6-4] 6 MASS 5 ( 46~6 ) Style Value Style A5191 A42 A64 A21 A915 A238 A14 A1117 A349 A88 A162 A594 A112 A8898 A1245 (Page) 27.2.8 Growth Style Value Composite O O O O O O p.43 Fw.Value Composite O O O O p.44 Tr.Value Composite O O O O O O O O p.45 Fw. PER O O O p.46 Tr. PER O O O p.47 Fw.PBR O O O O p.56 Tr. PBR O O O O p.57 Fw. Dividend Yield O p.58 Tr. Dividend Yield O O O p.59 Fw. PEG O O O p.6 Tr. PEG O O O p.61 Fw.EV/EBITDA O O O O p.62 Tr. EV/EBITDA O O O p.63 Fw.PCFR O O O O O p.64 Tr. PCFR O O O O O p.65 Fw.PSR O O O p.58 Tr. PSR O O O p.59 Growth Composite O O O O O p.63 GARP 1 (2Y EPS g & Fw.PER) O O p.64 GARP 2 (G.Score & V.Score) O O O O O O p.66 GARQ (G.Score & Q.Score) O p.68 EPS Grow th Rate (2Y) O O O p.7 OP Grow th Rate (2Y) O O O O p.71 Momentum Style Momentum Composite O O O p.75 MARP 1 (EM & Fw.PER) O O O O O p.76 MARP 2 (M.Score & V.Score) O O O O O p.78 EM & FM O O p.8 EM & PM O O O O p.82 FM & PM O O O p.84 EPS Momentum (EM) O O O O p.86 OP Momentum (OM) O O O O O O p.87 Foreigners Momentum (FM) O O p.88 Price Momentum (PM) O O O O p.89 Quality Style Quality Composite O O p.93 QARP 1 (Fw.ROE & Fw.PBR) O p.94 QARP 2 (Fw. NPM & Fw.PSR) O p.96 QARP 3 (Q.Score & V.Score) O O O p.98 Fw.ROE O O p.1 Fw.ROA O p.11 Fw.OPM O p.12 Fw.NPM O O p.13 (FY) O p.14 (FY) O O O p.15 Macro & Market Style O p.19 O O O O O O O O O O O O O O p.19 O O O O O O O O O p.11 O O O O p.11 p.111 O p.112 O O O O O O p.113 p.114 O O O O O O O O O O O O O O O p.114 O O O O O O O O O O p.114 H. Bull beta & L. Bear beta O O p.116 37

Sample Style Portfolio Guide Value, Growth, Momentum, Quality, Macro & Market Style.. Forward PER MASS(Mirae Asset Style Strategies) 5. Value Definition 7 35 27.2.8 / 12-month Forward EPS (12-month Forward EPS = (FY1) EPS (FY2) EPS ) Top 2% (Long) Bottom 2% (Short) 1 2 3 4 5 6 7. - Equal-weighted - Monthly Rebalancing - (No Survivorship Bias) - (2.1.4 = 1pt) Risk-Return Analysis 617 99 Performance Monitor (: %) Top 2% Return -3.4 4.7 21.7-3.4 2.4 194.5 334.1 (Long) I.D. 63. 48.1 44.4 37. 63. 3.7 3.7 Adj.Rt. -2.1 2.4 12. -1.3 7.6 187.3 321.7 Bottom 2% Return -9.5-5.4 2.2-9.5-6.7 66.6 4.2 (Short) I.D. 96.3 7.4 29.6 63. 96.3 14.8 7.4 Adj.Rt. -9.1-3.8 1.5-6. -6.5 56.7 37.3 Return -7.3 -.7 1.4-7.3 3.8 111. 135.9 I.D. 84. 54.7 3. 43.3 82.7 8.7 12. Adj.Rt. -6.2 -.4 7.3-3.2.7 11.4 119.6, (Internal Dispersion) (Risk-adjusted Return). 1, 3, 5, ( Shortfall Ratio) (Information Ratio Risk-adjusted Return). - Top 2%(Long) Bottom 2%(Short), 2% 2%. - Long-Short (: %) 1 3 5 (2.1 ~ ) Avg.Rt. S.D. I.R. S.R. Adj.Rt. Avg.Rt. S.D. I.R. S.R. Adj.Rt. Avg.Rt. S.D. I.R. S.R. Adj.Rt. Avg.Rt. S.D. I.R. S.R. Adj.Rt. Top 2% 1.67 4.9.34 25. 1.25 3.31 7.5.44 27.8 2.39 2.8 8.4.34 31.7 1.9 2.7 1.3.26 37.6 1.7 Bottom 2% -.45 5.2 -.9 5. -.22 1.66 7..24 41.7.97.8 7.5.11 45..5.4 8.8.4 49.4.2 Long-Short 2.12 2.5 2.91 25. 1.59 1.65 5.6 1.78 36.1 1.6 2. 5. 3.5 31.7 1.3 2.3 5.6 3.75 29.4 1.6.42 4.8.9 33.3.28 2.27 6.1.37 33.3 1.51 1.7 7.1.24 36.7 1.1 1.2 8.5.15 41.2.7 38

, 2%(Long) 2%(Short) (Long) (Short) 2. - Monthly Portfolio Rebalancing : - Long-Short Strategies : 2% 2% Long Short - : - : 1,, Forward PER Style Portfolio for February Top 2% : Long Bottom 2% : Short Portfolio Fw. PER (1M) () (%) () (%) 8 113 4.98-15.4 1.1 2.4 1,576 19.3 9 581 5.31-17.9.4 1.4 61 15.7 21 123 5.34-15.1.6 1.9 1,233 38. New 299 5.74-27.1.6 2.7 739 7.7 35 42 5.95-2.5 1.4 1.6 2,793 22.2 6 SKC 1179 6.1-22.6.9 1.9 632 7.3 35 983 6.29. 1.5 2.1 1,234 31.5 12 LS 626 6.29-13.3.6 1.3 1,72 2.2 23 SK 36 6.39-1.5.1.6 9,252 43. 15 LG 1299 6.53 25.5.7 1.7 1,333 25.3 2 162 6.84-1.3.2.1 2,35 41.4 6 2411 6.96 1.2 1.3 1.3 7,29 2.6 New 66 7.4-14.3 2. 1.4 14,346 2.4 3 1233 7.33-11.2 1. 1.1 6,547 47.4 New 7 7.52-1.8.7.6 546 7.9 6 GS 7893 7.52 3.3.3 1.3 2,89 28.3 6 528 7.68 3.9 1. 1.3 1,768 56.8 New STX 7797 7.68-1.5 -.8 1.1 67 28.5 5 527 7.73-2.5 1.1 1.6 2,48 66.6 2 STX 1181 7.79 15.3.9 1.7 568 15.2 Portfolio Fw. PER (1M) () (%) () (%) 45 LG 6887 51. -16..5 1.3 657 3.7 7 152 47.5-1.6 1.2 1.2 682 16.1 19 15 37.9-7.4 1.3 2.1 1,258 22.4 4 362 33.5-11.2.7 1.5 564 78.6 17 475 27.5-1.4.3 1.1 3,325 2.6 6 112 25.7-14.8.2.6 2,32 17.1 4 SDI 64 24.6-6.8 1..8 2,729 25.4 15 877 21.5-1.6.9 1.7 532 1.1 21 421 21.5-27.4 2.4.6 1,537 25.1 49 3657 21.4 1.1.7.3 1,197 43.8 13 LG 519 21.1-8.1 1. 1. 1,773 47.7 21 83 19.8-1.1 1.5.9 4,733 25.7 2 53 19.3-2.3.7.7 1,692 42.8 11 81 18.3-2.2 1.1 1.6 7,722 53.4 15 CJ 14 18.2-8.9 1.3 1.2 3,96 19.8 New LG 6657 18.1-5.1 1.1 1. 7,551 34.3 9 417 17.7-5.9 1.4.7 1,298 44.6 6 SBS 3412 17.5-9.8 1.1 1.2 1,278. 19 14 17. -1.3.7 1.5 2,51 27.5 27 915 16.6-2.9 1.1.7 2,562 1.9 GICS(Global Industry Classification Standard). - Sectort Concentration :. Sector Concentration IT Top 2% 34.6% 26.9% 7.7% 3.8%.% 15.4% 3.8%.%.% 7.7% Bottom 2% 3.8% 15.4% 3.8% 23.1% 11.5% 3.8% 11.5%.%.%.% 13.3% 24.7% 18.7% 8.7% 4.% 16.7% 6.% 2.7% 3.3% 2.% 27.2.8 39

27.2.8 4

PART 2 VALUE Style Strategies Value Composite Forward Value Composite Trailing Value Composite Forward PER Trailing PER Forward PBR Trailing PBR Forward Dividend Yield Trailing Dividend Yield Forward PEG Trailing PEG Forward EV/EBITDA Trailing EV/EBITDA Forward PCFR Trailing PCFR Forward PSR Trailing PSR 27.2.8

Value Style Performance 1 Value Value Style Strategies : Return (1-month, 1/31) % Tr. Value Composite Fw. Dividend Yield Fw. PER Fw. EV/EBITDA -2% -4% -6%, -8% Tr.Value Composite Fw. Dividend Yield Fw. PER Fw.EV/EBITDA Tr. PER Value Composite Fw.PSR Tr. PBR Tr. EV/EBITDA Fw.Value Composite Fw. PEG Tr. PCFR Tr. PSR Tr. Dividend Yield Fw.PCFR Tr. PEG Fw.PBR Value Style Strategies : Risk (Internal Dispersion, 1-month, 1/31) 1% Fw.Dividend Yield Tr. Dividend Yield Tr. Value Composite Tr. PBR 5%, % Fw. Dividend Yield Tr. Dividend Yield Tr.Value Composite Tr. PBR Fw. PER Value Composite Fw.Value Composite Tr. PER Fw.PSR Fw.EV/EBITDA Tr. EV/EBITDA Tr. PCFR Tr. PEG Tr. PSR Fw.PCFR Fw. PEG Fw.PBR Value Style Strategies : Risk-adjusted Return (1-month, 1/31) % Tr. Value Composite Fw. Dividend Yield Fw. PER Value Composite -4%. -8% Tr.Value Composite Fw. Dividend Yield Fw. PER Value Composite Tr. PBR Tr. PER 27.2.8 42 Fw.EV/EBITDA Fw.Value Composite Fw.PSR Tr. EV/EBITDA Tr. Dividend Yield - Tr. PCFR Fw. PEG Tr. PSR Tr. PEG Fw.PCFR Fw.PBR

Value Composite Definition 7 35 Forward Trailing Valuation scoring ( Part.7 Definitions ) Top 2% (Long) Bottom 2% (Short) 1 2 3 4 5 6 7 67 89 Performance Monitor (: %) Top 2% Return -3.7 5.5 24.2-3.7 14.4 27.6 367. (Long) I.D. 63.3 36.7 26.7 5. 63.3 23.3 13.3 Adj.Rt. -2.3 3.5 17.8-1.8 5.3 159.2 318.1 Bottom 2% Return -8.9-1.5 4.8-8.9-7.3 45.1 46.2 (Short) I.D. 9. 56.7 23.3 5. 9. 6.7 3.3 Adj.Rt. -8. -.9 3.7-4.4-6.6 42.1 44.6 Return -7.3 -.7 1.4-7.3 3.8 111. 135.9 I.D. 84. 54.7 3. 43.3 82.7 8.7 12. Adj.Rt. -6.2 -.4 7.3-3.2.7 11.4 119.6 Risk-Return Analysis (: %) 1 3 5 (2.1 ~ ) Avg.Rt. S.D. I.R. S.R. Adj.Rt. Avg.Rt. S.D. I.R. S.R. Adj.Rt. Avg.Rt. S.D. I.R. S.R. Adj.Rt. Avg.Rt. S.D. I.R. S.R. Adj.Rt. Top 2% 1.26 5.3.24 41.7.73 3.37 6.6.51 36.1 2.16 2.9 7.9.37 36.7 1.8 2.7 9.4.28 38.8 1.6 Bottom 2% -.52 4.8 -.11 5. -.26 1.22 6.3.19 47.2.65.9 6.8.13 46.7.5.2 8.3.2 51.8.1 Long-Short 1.78 2.4 2.61 16.7 1.48 2.15 5. 2.56 3.6 1.49 2. 4.8 3.3 31.7 1.4 2.5 5.2 4.43 3.6 1.7.42 4.8.9 33.3.28 2.27 6.1.37 33.3 1.51 1.7 7.1.24 36.7 1.1 1.2 8.5.15 41.2.7 Value Composite Style Portfolio for February Top 2% : Long Bottom 2% : Short Portfolio Value Score (1M) (%) () (%) 21 123 87. -15.1.6 1.9 1,233 38. 1 581 77.1-17.9.4 1.4 61 15.7 35 42 76.4-2.5 1.4 1.6 2,793 22.2 New 299 76.1-27.1.6 2.7 739 7.7 New SKC 1179 75.7-22.6.9 1.9 632 7.3 25 349 75.3-5.2.7 2. 2,418 18.2 21 983 74.5. 1.5 2.1 1,234 31.5 22 LG 5191 74.4 1.9 1. 1.7 2,828 26.1 34 7 73.5 2.3.5.9 1,936 36.1 3 LS 626 71.9-13.3.6 1.3 1,72 2.2 21 SK 36 7.5-1.5.1.6 9,252 43. New 7324 7.1-15.9 -.4 1.7 742 26.5 85 48 67.7-3.1 1.1 2. 922 25.1 4 538 67.3 -.4.9.1 14,726 41. 18 7 67.3-1.8.7.6 546 7.9 New KTF 3239 65.5-17.3.8.8 4,814 22.8 18 LG 1299 65.2 25.5.7 1.7 1,333 25.3 New 354 64.9-18.1 1. 1.7 977 36. 5 SDI 64 64.6-6.8 1..8 2,729 25.4 3 2953 64.5-11.4.2.9 59 44.7 Portfolio Value Score (1M) (%) () (%) 48 LG 6887 5.3-16..5 1.3 657 3.7 13 LG 519 12.3-8.1 1. 1. 1,773 47.7 79 3657 13.7 1.1.7.3 1,197 43.8 25 421 14.3-27.4 2.4.6 1,537 25.1 34 18 14.8-9.4 1. 2.2 1,462 37.4 23 475 15.2-1.4.3 1.1 3,325 2.6 36 893 16.5-13.2 1.1 1.6 1,8 34.2 49 14 17.4-1.3.7 1.5 2,51 27.5 45 417 18. -5.9 1.4.7 1,298 44.6 36 1 18.2-18..9 1.3 1,325 22.7 3 342 19.4.8 1.8 2.4 4,656 2.3 New 183 21.4-11.1.4 1.2 51 13.1 4 15 22.2-7.4 1.3 2.1 1,258 22.4 26 SBS 3412 22.3-9.8 1.1 1.2 1,278. 15 CJ 14 23.1-8.9 1.3 1.2 3,96 19.8 9 64 24. -17.1.6 1.3 724 16.3 2 53 26.1-2.3.7.7 1,692 42.8 9 3525 27.4 -.7.8.2 4,29 34.6 3 3762 28. -11.3 NA NA 1,795 14.7 5 3 28.4-5.2.9 1.1 1,8 38.2 Sector Concentration Value IT Top 2% 26.7% 23.3% 16.7% 3.3%.% 13.3% 6.7% 3.3% 3.3% 3.3% Bottom 2% 3.3% 2.% 23.3% 23.3% 13.3% 6.7% 1.%.%.%.% 13.3% 24.7% 18.7% 8.7% 4.% 16.7% 6.% 2.7% 3.3% 2.% 27.2.8 43

Forward Value Composite Value Definition 8 4 Forward Valuation scoring ( Part.7 Definitions ) Top 2% (Long) Bottom 2% (Short) 1 2 3 4 5 6 7 735 132 Performance Monitor (: %) Top 2% Return -3.9 4.7 21.8-3.9 13.2 211.3 376.5 (Long) I.D. 66.7 4. 3. 5. 66.7 13.3 3.3 Adj.Rt. -2.6 2.8 15.3-1.9 4.4 183.1 364. Bottom 2% Return -8.5-2. 5. -8.5-4.8 59.4 69.9 (Short) I.D. 9. 56.7 26.7 53.3 9. 6.7 3.3 Adj.Rt. -7.7-1.1 3.7-4.6-4.3 55.4 67.6 Return -7.3 -.7 1.4-7.3 3.8 111. 135.9 I.D. 84. 54.7 3. 43.3 82.7 8.7 12. Adj.Rt. -6.2 -.4 7.3-3.2.7 11.4 119.6 Risk-Return Analysis (: %) 1 3 5 (2.1 ~ ) Avg.Rt. S.D. I.R. S.R. Adj.Rt. Avg.Rt. S.D. I.R. S.R. Adj.Rt. Avg.Rt. S.D. I.R. S.R. Adj.Rt. Avg.Rt. S.D. I.R. S.R. Adj.Rt. Top 2% 1.16 5.2.22 41.7.68 3.44 7.1.49 36.1 2.2 3. 8.2.36 38.3 1.8 2.8 9.9.29 42.4 1.6 Bottom 2% -.31 4.7 -.6 33.3 -.1 1.46 5.9.25 33.3.98 1.1 6.6.17 38.3.7.6 7.9.8 44.7.4 Long-Short 1.47 2.3 2.23 25. 1.1 1.97 5. 2.38 33.3 1.32 1.9 4.8 3.1 33.3 1.2 2.2 5.1 3.94 34.1 1.4.42 4.8.9 33.3.28 2.27 6.1.37 33.3 1.51 1.7 7.1.24 36.7 1.1 1.2 8.5.15 41.2.7 Forward Value Composite Style Portfolio for February Top 2% : Long Bottom 2% : Short Portfolio Fw. Value (1M) Score (%) () (%) 21 123 83.8-15.1.6 1.9 1,233 38. 1 581 8.5-17.9.4 1.4 61 15.7 New SKC 1179 78.2-22.6.9 1.9 632 7.3 9 7324 77.8-15.9 -.4 1.7 742 26.5 25 349 77.4-5.2.7 2. 2,418 18.2 85 48 76.6-3.1 1.1 2. 922 25.1 21 LG 5191 73.5 1.9 1. 1.7 2,828 26.1 New 299 73.1-27.1.6 2.7 739 7.7 35 42 73.1-2.5 1.4 1.6 2,793 22.2 18 7 71.7-1.8.7.6 546 7.9 19 983 71.5. 1.5 2.1 1,234 31.5 33 7 71.2 2.3.5.9 1,936 36.1 13 LS 626 7.7-13.3.6 1.3 1,72 2.2 14 LG 1299 69.3 25.5.7 1.7 1,333 25.3 New KTF 3239 68. -17.3.8.8 4,814 22.8 New 2953 67.1-11.4.2.9 59 44.7 2 SK 36 67. -1.5.1.6 9,252 43. 12 27 66.3-14.5.8 1. 3,993 25.9 4 538 65.7 -.4.9.1 14,726 41. 2 3646 65.4-9.6.3 1.1 2,879 6.4 Portfolio Fw. Value (1M) Score (%) () (%) 48 LG 6887 3.4-16..5 1.3 657 3.7 13 LG 519 11.8-8.1 1. 1. 1,773 47.7 25 475 12.3-1.4.3 1.1 3,325 2.6 34 18 12.6-9.4 1. 2.2 1,462 37.4 36 893 13.7-13.2 1.1 1.6 1,8 34.2 74 3657 14.8 1.1.7.3 1,197 43.8 49 14 16.9-1.3.7 1.5 2,51 27.5 86 417 17.1-5.9 1.4.7 1,298 44.6 25 421 17.7-27.4 2.4.6 1,537 25.1 36 1 19.1-18..9 1.3 1,325 22.7 4 15 19.2-7.4 1.3 2.1 1,258 22.4 15 CJ 14 2.3-8.9 1.3 1.2 3,96 19.8 23 SBS 3412 2.8-9.8 1.1 1.2 1,278. New 183 21.8-11.1.4 1.2 51 13.1 2 53 22. -2.3.7.7 1,692 42.8 2 342 22.7.8 1.8 2.4 4,656 2.3 6 64 24.8-17.1.6 1.3 724 16.3 16 72 24.9-15.4 1.2 1.4 5,333 17.1 86 1275 26.2-1.5.5.5 1,474 54. 61 3525 26.7 -.7.8.2 4,29 34.6 Sector Concentration IT Top 2% 33.3% 23.3% 2.% 3.3%.% 3.3% 3.3% 3.3% 6.7% 3.3% Bottom 2%.% 23.3% 2.% 26.7% 13.3% 6.7% 1.%.%.%.% 13.3% 24.7% 18.7% 8.7% 4.% 16.7% 6.% 2.7% 3.3% 2.% 27.2.8 44

Trailing Value Composite Definition 8 4 Trailing Valuation scoring ( Part.7 Definitions ) Top 2% (Long) Bottom 2% (Short) 46 1 2 3 4 5 6 7 738 Performance Monitor (: %) Top 2% Return -3. 6.4 27.3-3. 18.6 23.6 41.7 (Long) I.D. 6. 5. 33.3 53.3 6. 23.3 26.7 Adj.Rt. -1.8 3.2 18.2-1.6 7.4 156.1 294.6 Bottom 2% Return -8.9-2.1 5.3-8.9-1.5 41.2 1.1 (Short) I.D. 93.3 56.7 3. 5. 9. 1. 13.3 Adj.Rt. -8.3-1.2 3.7-4.4-9.4 37.1 8.8 Return -7.3 -.7 1.4-7.3 3.8 111. 135.9 I.D. 84. 54.7 3. 43.3 82.7 8.7 12. Adj.Rt. -6.2 -.4 7.3-3.2.7 11.4 119.6 Risk-Return Analysis (: %) 1 3 5 (2.1 ~ ) Avg.Rt. S.D. I.R. S.R. Adj.Rt. Avg.Rt. S.D. I.R. S.R. Adj.Rt. Avg.Rt. S.D. I.R. S.R. Adj.Rt. Avg.Rt. S.D. I.R. S.R. Adj.Rt. Top 2% 1.56 5.5.29 33.3 1.4 3.33 6.5.51 3.6 2.31 3. 7.8.39 33.3 2. 2.8 9.7.29 36.5 1.8 Bottom 2% -.79 5.2 -.15 41.7 -.33 1.16 6.5.18 44.4.64.4 7.1.6 46.7.2 -.5 8.9 -.6 5.6 -.3 Long-Short 2.36 2.8 2.92 25. 1.77 2.17 5.2 2.51 33.3 1.45 2.6 5. 4.7 3. 1.8 3.3 5.6 5.52 27.1 2.4.42 4.8.9 33.3.28 2.27 6.1.37 33.3 1.51 1.7 7.1.24 36.7 1.1 1.2 8.5.15 41.2.7 Trailing Value Composite Style Portfolio for February Top 2% : Long Bottom 2% : Short Portfolio Tr. Value (1M) Score (%) () (%) 23 123 93.2-15.1.6 1.9 1,233 38. 51 42 82.9-2.5 1.4 1.6 2,793 22.2 New 299 82. -27.1.6 2.7 739 7.7 21 983 8.6. 1.5 2.1 1,234 31.5 34 7 78. 2.3.5.9 1,936 36.1 22 SK 36 77.5-1.5.1.6 9,252 43. 23 LG 5191 76.1 1.9 1. 1.7 2,828 26.1 New 1178 75.1-1.9.4 3. 747 14.6 3 LS 626 74.3-13.3.6 1.3 1,72 2.2 22 349 71.2-5.2.7 2. 2,418 18.2 New SKC 1179 7.7-22.6.9 1.9 632 7.3 5 538 7.6 -.4.9.1 14,726 41. New LG 112 7.5-4.6.2.8 849 4.7 New 581 7.4-17.9.4 1.4 61 15.7 New 143 69.5-12.3.5 1.2 613 11.4 4 SDI 64 68.9-6.8 1..8 2,729 25.4 7 354 68.8-18.1 1. 1.7 977 36. 5 S-Oil 195 68.2-4.7.2.4 7,352 5.9 New 469 66.2-5.7 -.1.5 57 3.8 22 1117 65.4 9.5.8 1.8 2,425 47.4 Portfolio Tr. Value (1M) Score (%) () (%) 21 421 7.4-27.4 2.4.6 1,537 25.1 New LG 6887 8.9-16..5 1.3 657 3.7 79 3657 11.4 1.1.7.3 1,197 43.8 8 342 12.8.8 1.8 2.4 4,656 2.3 11 LG 519 13.3-8.1 1. 1. 1,773 47.7 New 12 15.8-3.9.2.7 1,438 29. New 1 16.2-18..9 1.3 1,325 22.7 1 4266 16.9-6.5 1. 1.3 5,225 33.6 17 41 17.7-14.6 3.5 1.9 912.3 New STX 6725 17.9-2.9.3 1. 1,91 25.8 49 14 18.3-1.3.7 1.5 2,51 27.5 New STX 1181 19.2 15.3.9 1.7 568 15.2 New 18 19.3-9.4 1. 2.2 1,462 37.4 41 417 19.9-5.9 1.4.7 1,298 44.6 3 183 2.5-11.1.4 1.2 51 13.1 14 475 21. -1.4.3 1.1 3,325 2.6 New 893 22.2-13.2 1.1 1.6 1,8 34.2 New 64 22.4-17.1.6 1.3 724 16.3 1 8679 23.3-4.9.4 1. 9,851 8.4 New 348 23.5-4.3 1.2 2.9 1,881 27. Sector Concentration Value IT Top 2% 33.3% 26.7% 1.%.%.% 13.3% 3.3%.% 6.7% 6.7% Bottom 2%.% 3.% 2.% 16.7% 13.3% 1.% 1.%.%.%.% 13.3% 24.7% 18.7% 8.7% 4.% 16.7% 6.% 2.7% 3.3% 2.% 27.2.8 45

Forward PER Value Definition 7 35 / 12-month Forward EPS (12-month Forward EPS = (FY1) EPS (FY2) EPS ) Top 2% (Long) Bottom 2% (Short) 1 2 3 4 5 6 7 617 99 Performance Monitor (: %) Top 2% Return -3.4 4.7 21.7-3.4 2.4 194.5 334.1 (Long) I.D. 63. 48.1 44.4 37. 63. 3.7 3.7 Adj.Rt. -2.1 2.4 12. -1.3 7.6 187.3 321.7 Bottom 2% Return -9.5-5.4 2.2-9.5-6.7 66.6 4.2 (Short) I.D. 96.3 7.4 29.6 63. 96.3 14.8 7.4 Adj.Rt. -9.1-3.8 1.5-6. -6.5 56.7 37.3 Return -7.3 -.7 1.4-7.3 3.8 111. 135.9 I.D. 84. 54.7 3. 43.3 82.7 8.7 12. Adj.Rt. -6.2 -.4 7.3-3.2.7 11.4 119.6 Risk-Return Analysis (: %) 1 3 5 (2.1 ~ ) Avg.Rt. S.D. I.R. S.R. Adj.Rt. Avg.Rt. S.D. I.R. S.R. Adj.Rt. Avg.Rt. S.D. I.R. S.R. Adj.Rt. Avg.Rt. S.D. I.R. S.R. Adj.Rt. Top 2% 1.67 4.9.34 25. 1.25 3.31 7.5.44 27.8 2.39 2.8 8.4.34 31.7 1.9 2.7 1.3.26 37.6 1.7 Bottom 2% -.45 5.2 -.9 5. -.22 1.66 7..24 41.7.97.8 7.5.11 45..5.4 8.8.4 49.4.2 Long-Short 2.12 2.5 2.91 25. 1.59 1.65 5.6 1.78 36.1 1.6 2. 5. 3.5 31.7 1.3 2.3 5.6 3.75 29.4 1.6.42 4.8.9 33.3.28 2.27 6.1.37 33.3 1.51 1.7 7.1.24 36.7 1.1 1.2 8.5.15 41.2.7 Forward PER Style Portfolio for February Top 2% : Long Bottom 2% : Short Portfolio Fw. PER (1M) () (%) () (%) 8 113 4.98-15.4 1.1 2.4 1,576 19.3 9 581 5.31-17.9.4 1.4 61 15.7 21 123 5.34-15.1.6 1.9 1,233 38. New 299 5.74-27.1.6 2.7 739 7.7 35 42 5.95-2.5 1.4 1.6 2,793 22.2 6 SKC 1179 6.1-22.6.9 1.9 632 7.3 35 983 6.29. 1.5 2.1 1,234 31.5 12 LS 626 6.29-13.3.6 1.3 1,72 2.2 23 SK 36 6.39-1.5.1.6 9,252 43. 15 LG 1299 6.53 25.5.7 1.7 1,333 25.3 2 162 6.84-1.3.2.1 2,35 41.4 6 2411 6.96 1.2 1.3 1.3 7,29 2.6 New 66 7.4-14.3 2. 1.4 14,346 2.4 3 1233 7.33-11.2 1. 1.1 6,547 47.4 New 7 7.52-1.8.7.6 546 7.9 6 GS 7893 7.52 3.3.3 1.3 2,89 28.3 6 528 7.68 3.9 1. 1.3 1,768 56.8 New STX 7797 7.68-1.5 -.8 1.1 67 28.5 5 527 7.73-2.5 1.1 1.6 2,48 66.6 2 STX 1181 7.79 15.3.9 1.7 568 15.2 Portfolio Fw. PER (1M) () (%) () (%) 45 LG 6887 51. -16..5 1.3 657 3.7 7 152 47.5-1.6 1.2 1.2 682 16.1 19 15 37.9-7.4 1.3 2.1 1,258 22.4 4 362 33.5-11.2.7 1.5 564 78.6 17 475 27.5-1.4.3 1.1 3,325 2.6 6 112 25.7-14.8.2.6 2,32 17.1 4 SDI 64 24.6-6.8 1..8 2,729 25.4 15 877 21.5-1.6.9 1.7 532 1.1 21 421 21.5-27.4 2.4.6 1,537 25.1 49 3657 21.4 1.1.7.3 1,197 43.8 13 LG 519 21.1-8.1 1. 1. 1,773 47.7 21 83 19.8-1.1 1.5.9 4,733 25.7 2 53 19.3-2.3.7.7 1,692 42.8 11 81 18.3-2.2 1.1 1.6 7,722 53.4 15 CJ 14 18.2-8.9 1.3 1.2 3,96 19.8 New LG 6657 18.1-5.1 1.1 1. 7,551 34.3 9 417 17.7-5.9 1.4.7 1,298 44.6 6 SBS 3412 17.5-9.8 1.1 1.2 1,278. 19 14 17. -1.3.7 1.5 2,51 27.5 27 915 16.6-2.9 1.1.7 2,562 1.9 Sector Concentration IT Top 2% 34.6% 26.9% 7.7% 3.8%.% 15.4% 3.8%.%.% 7.7% Bottom 2% 3.8% 15.4% 3.8% 23.1% 11.5% 3.8% 11.5%.%.%.% 13.3% 24.7% 18.7% 8.7% 4.% 16.7% 6.% 2.7% 3.3% 2.% 27.2.8 46

Trailing PER Definition 6 4 2 / 12-month Trailing Net Income (12-month Trailing NI = 4 ) Top 2% (Long) Bottom 2% (Short) 1 2 3 4 5 6 7 518 98 Performance Monitor (: %) Top 2% Return -3.6 6.2 24.5-3.6 25. 2.6 314. (Long) I.D. 66.7 38.9 27.8 44.4 66.7 16.7 16.7 Adj.Rt. -2.4 3.8 17.7-1.6 8.3 167.1 261.6 Bottom 2% Return -6. -.9 9.6-6. 1.3 92.5 17.5 (Short) I.D. 83.3 55.6 22.2 44.4 83.3 11.1 5.6 Adj.Rt. -5. -.5 7.4-2.7.2 82.2 11.5 Return -7.3 -.7 1.4-7.3 3.8 111. 135.9 (Long) I.D. 84. 54.7 3. 43.3 82.7 8.7 12. Adj.Rt. -6.2 -.4 7.3-3.2.7 11.4 119.6 Risk-Return Analysis (: %) 1 3 5 (2.1 ~ ) Avg.Rt. S.D. I.R. S.R. Adj.Rt. Avg.Rt. S.D. I.R. S.R. Adj.Rt. Avg.Rt. S.D. I.R. S.R. Adj.Rt. Avg.Rt. S.D. I.R. S.R. Adj.Rt. Top 2% 1.99 5..4 25. 1.49 3.33 7..47 25. 2.5 2.7 8.4.32 3. 1.9 2.4 1.1.24 35.3 1.6 Bottom 2%.21 4.6.4 33.3.14 2.7 7..29 38.9 1.26 1.5 7.9.19 41.7.9.4 9.7.5 48.2.2 Long-Short 1.78 2.3 2.72 25. 1.34 1.27 4.8 1.57 36.1.81 1.2 4.9 1.91 38.3.7 2. 5.5 3.38 31.8 1.4.42 4.8.9 33.3.28 2.27 6.1.37 33.3 1.51 1.7 7.1.24 36.7 1.1 1.2 8.5.15 41.2.7 Trailing PER Style Portfolio for February Top 2% : Long Bottom 2% : Short Value Portfolio Tr. PER (1M) () (%) () (%) New 299 3.2-27.1.6 2.7 739 7.7 New 581 3.69-17.9.4 1.4 61 15.7 7 715 3.83-11.7 1.7 1.9 2,163 48. 34 123 4.22-15.1.6 1.9 1,233 38. 15 494 4.5-5.4.9 1.4 7,836 77.9 9 499 5.2-3.7 2.3.5 1,656 43.1 7 345 5.27-14.4.8 2.1 1,491 1.2 22 SK 36 5.41-1.5.1.6 9,252 43. 45 42 5.67-2.5 1.4 1.6 2,793 22.2 New 113 5.76-15.4 1.1 2.4 1,576 19.3 3 LS 626 6.1-13.3.6 1.3 1,72 2.2 New 347 6.16-16..6 2.4 986 8.7 7 354 6.21-18.1 1. 1.7 977 36. New 1178 6.24-1.9.4 3. 747 14.6 18 LG 3271 6.55 -.6 1.3 1.4 7,71 15.3 New 68 7.6-18.7 1.2 2.3 2,899 6.8 9 2411 7.35 1.2 1.3 1.3 7,29 2.6 6 GS 7893 7.48 3.3.3 1.3 2,89 28.3 New LG 112 7.68-4.6.2.8 849 4.7 New LG 355 8.8-4. 1.4 1.1 4,944 3.8 Portfolio Tr. PER (1M) () (%) () (%) 6 4266 36.5-6.5 1. 1.3 5,225 33.6 New LG 6887 98.8-16..5 1.3 657 3.7 8 342 56.5.8 1.8 2.4 4,656 2.3 6 915 46.2-2.9 1.1.7 2,562 1.9 6 15 45.8-7.4 1.3 2.1 1,258 22.4 1 8679 44.7-4.9.4 1. 9,851 8.4 27 114 4.6-7..8 1.4 4,791 34.7 18 421 37.6-27.4 2.4.6 1,537 25.1 New STX 1181 35.7 15.3.9 1.7 568 15.2 New 877 34.9-1.6.9 1.7 532 1.1 6 3657 29.8 1.1.7.3 1,197 43.8 1 81 29.5-2.2 1.1 1.6 7,722 53.4 16 14 28.4-1.3.7 1.5 2,51 27.5 New 1116 28.1-1.9 1. 2.1 972 5.2 3 LG 519 28. -8.1 1. 1. 1,773 47.7 New 1 26.5-18..9 1.3 1,325 22.7 New NH 1642 26.4-17.9-1.8 1.6 512.4 66 83 26.4-1.1 1.5.9 4,733 25.7 9 475 25.6-1.4.3 1.1 3,325 2.6 New LIG 255 25.6 5.2.9 2.3 99 18.4 Sector Concentration IT Top 2% 29.6% 18.5% 3.7% 3.7%.% 29.6%.%.% 3.7% 11.1% Bottom 2% 3.7% 37.% 11.1% 11.1% 11.1% 18.5% 7.4%.%.%.% 13.3% 24.7% 18.7% 8.7% 4.% 16.7% 6.% 2.7% 3.3% 2.% 27.2.8 47

Forward PBR Value Definition 5 25 / 12-month Forward BPS (12-month Forward BPS = (FY1) BPS (FY2) BPS ) Top 2% (Long) Bottom 2% (Short) 1 2 3 4 5 6 7 462 144 Performance Monitor (: %) Top 2% Return -6.5 2.5 22.5-6.5 14.2 217. 321.3 (Long) I.D. 81.5 44.4 25.9 4.7 81.5 11.1 7.4 Adj.Rt. -5.3 1.4 16.7-2.7 2.6 192.9 297.5 Bottom 2% Return -8.9-6.2-2.9-8.9-1.3 53.9 96.6 (Short) I.D. 92.6 59.3 4.7 44.4 92.6 7.4 7.4 Adj.Rt. -8.3-3.7-1.2-4. -9.5 49.9 89.4 Return -7.3 -.7 1.4-7.3 3.8 111. 135.9 I.D. 84. 54.7 3. 43.3 82.7 8.7 12. Adj.Rt. -6.2 -.4 7.3-3.2.7 11.4 119.6 Risk-Return Analysis (: %) 1 3 5 (2.1 ~ ) Avg.Rt. S.D. I.R. S.R. Adj.Rt. Avg.Rt. S.D. I.R. S.R. Adj.Rt. Avg.Rt. S.D. I.R. S.R. Adj.Rt. Avg.Rt. S.D. I.R. S.R. Adj.Rt. Top 2% 1.28 6.1.21 33.3.85 3.49 7.1.49 3.6 2.43 2.7 7.9.34 35. 1.8 2.3 1.1.23 4. 1.4 Bottom 2% -.81 4.4 -.18 5. -.4 1.34 5.3.25 41.7.78 1.3 6.6.2 4..8.7 8.1.9 45.9.4 Long-Short 2.9 3.2 2.24 16.7 1.74 2.16 4.9 2.63 33.3 1.44 1.4 5. 2.13 36.7.9 1.5 5.6 2.54 37.6 1..42 4.8.9 33.3.28 2.27 6.1.37 33.3 1.51 1.7 7.1.24 36.7 1.1 1.2 8.5.15 41.2.7 Forward PBR Style Portfolio for February Top 2% : Long Bottom 2% : Short Portfolio Fw. PBR (1M) () (%) () (%) 44 581.53-17.9.4 1.4 61 15.7 21 362.53-11.2.7 1.5 564 78.6 86 349.54-5.2.7 2. 2,418 18.2 21 123.56-15.1.6 1.9 1,233 38. 62 1576.59..4.7 27,22 29.8 35 33.6-5..9.6 592 34.6 12 SDI 64.61-6.8 1..8 2,729 25.4 19 983.63. 1.5 2.1 1,234 31.5 85 48.63-3.1 1.1 2. 922 25.1 44 7.65-1.8.7.6 546 7.9 12 152.7-1.6 1.2 1.2 682 16.1 35 42.71-2.5 1.4 1.6 2,793 22.2 New 299.72-27.1.6 2.7 739 7.7 5 27.74-14.5.8 1. 3,993 25.9 2 LS 626.75-13.3.6 1.3 1,72 2.2 45 469.77-5.7 -.1.5 57 3.8 7 7324.8-15.9 -.4 1.7 742 26.5 16 3646.8-9.6.3 1.1 2,879 6.4 13 2953.84-11.4.2.9 59 44.7 18 7.87 2.3.5.9 1,936 36.1 Portfolio Fw. PBR (1M) () (%) () (%) 26 LG 519 4.7-8.1 1. 1. 1,773 47.7 27 2124 4.21-5. 1. 1.6 1,822 24. 51 LG 6887 3.84-16..5 1.3 657 3.7 19 421 3.39-27.4 2.4.6 1,537 25.1 2 183 3.33-11.1.4 1.2 51 13.1 17 475 3.16-1.4.3 1.1 3,325 2.6 19 285 3.6-1.5 2.1 1.8 1,74 37.6 33 893 3.4-13.2 1.1 1.6 1,8 34.2 86 1275 3.3-1.5.5.5 1,474 54. 77 417 2.99-5.9 1.4.7 1,298 44.6 32 4266 2.81-6.5 1. 1.3 5,225 33.6 61 3525 2.73 -.7.8.2 4,29 34.6 29 18 2.72-9.4 1. 2.2 1,462 37.4 12 KT&G 3378 2.63 1.4.2 -.3 8,448 54.8 11 3762 2.5-11.3 NA NA 1,795 14.7 6 3657 2.47 1.1.7.3 1,197 43.8 22 72 2.42-15.4 1.2 1.4 5,333 17.1 11 1688 2.38-18.8.6 1.3 528 26.4 4 S-Oil 195 2.31-4.7.2.4 7,352 5.9 5 4267 2.31-8.8 1. 2.1 3,229 13.4 Sector Concentration IT Top 2% 26.9% 23.1% 23.1% 3.8%.% 3.8% 7.7%.% 11.5%.% Bottom 2%.% 3.8% 23.1% 19.2% 7.7% 3.8% 11.5%.%.% 3.8% 13.3% 24.7% 18.7% 8.7% 4.% 16.7% 6.% 2.7% 3.3% 2.% 27.2.8 48

Trailing PBR Definition 9 6 3 / 12-month Trailing BPS (12-month Trailing BPS = 4 BPS ) Top 2% (Long) Bottom 2% (Short) 5 1 2 3 4 5 6 7 787 Performance Monitor (: %) Top 2% Return -3.8 9.8 32.1-3.8 18.5 261.5 466. (Long) I.D. 61.1 33.3 16.7 44.4 61.1 27.8 22.2 Adj.Rt. -2.4 6.6 26.8-1.7 7.2 188.9 362.5 Bottom 2% Return -8.6-2.9 2.4-8.6-5.7 3.5 4.4 (Short) I.D. 88.9 55.6 44.4 38.9 83.3 11.1 16.7 Adj.Rt. -7.6-1.6 1.3-3.3-4.8 27.1 3.7 Return -7.3 -.7 1.4-7.3 3.8 111. 135.9 I.D. 84. 54.7 3. 43.3 82.7 8.7 12. Adj.Rt. -6.2 -.4 7.3-3.2.7 11.4 119.6 Risk-Return Analysis (: %) 1 3 5 (2.1 ~ ) Avg.Rt. S.D. I.R. S.R. Adj.Rt. Avg.Rt. S.D. I.R. S.R. Adj.Rt. Avg.Rt. S.D. I.R. S.R. Adj.Rt. Avg.Rt. S.D. I.R. S.R. Adj.Rt. Top 2% 1.6 6.3.26 33.3 1.7 3.87 7.1.55 3.6 2.69 3.2 8..4 35. 2.1 2.9 9.4.31 36.5 1.8 Bottom 2% -.39 4.6 -.9 5. -.2.88 5.3.16 47.2.46.3 6.3.4 46.7.1 -.5 8.5 -.5 5.6 -.2 Long-Short 1.99 3.8 1.83 25. 1.5 2.99 5.1 3.49 27.8 2.16 3. 5.4 4.3 31.7 2. 3.3 5.9 5.17 28.2 2.4.42 4.8.9 33.3.28 2.27 6.1.37 33.3 1.51 1.7 7.1.24 36.7 1.1 1.2 8.5.15 41.2.7 Trailing PBR Style Portfolio for February Top 2% : Long Bottom 2% : Short Value Portfolio Tr. PBR (1M) () (%) () (%) 14 362.57-11.2.7 1.5 564 78.6 13 SDI 64.59-6.8 1..8 2,729 25.4 82 349.59-5.2.7 2. 2,418 18.2 New 324.61-13.2.3 1.5 88 7.9 New 581.62-17.9.4 1.4 61 15.7 16 123.62-15.1.6 1.9 1,233 38. 56 1576.63..4.7 27,22 29.8 New 33.65-5..9.6 592 34.6 New 48.69-3.1 1.1 2. 922 25.1 New 299.7-27.1.6 2.7 739 7.7 12 354.7-18.1 1. 1.7 977 36. New 7.7-1.8.7.6 546 7.9 New 152.71-1.6 1.2 1.2 682 16.1 17 983.72. 1.5 2.1 1,234 31.5 New 341.78-19.1.3 1.4 851 29.2 6 42.83-2.5 1.4 1.6 2,793 22.2 New 469.84-5.7 -.1.5 57 3.8 21 3646.87-9.6.3 1.1 2,879 6.4 New 27.89-14.5.8 1. 3,993 25.9 New LS 626.91-13.3.6 1.3 1,72 2.2 Portfolio Tr. PBR (1M) () (%) () (%) 11 LG 519 6.22-8.1 1. 1. 1,773 47.7 34 SK 174 6.12-22.9.2 -.1 7,14 1. 27 2124 4.81-5. 1. 1.6 1,822 24. New LG 6887 4.35-16..5 1.3 657 3.7 2 943 4.27-3.1 NA NA 3,285 41.8 New 893 4.23-13.2 1.1 1.6 1,8 34.2 New 285 4.17-1.5 2.1 1.8 1,74 37.6 82 1275 3.98-1.5.5.5 1,474 54. New 1688 3.91-18.8.6 1.3 528 26.4 45 417 3.81-5.9 1.4.7 1,298 44.6 15 475 3.79-1.4.3 1.1 3,325 2.6 19 421 3.68-27.4 2.4.6 1,537 25.1 New STX 7797 3.6-1.5 -.8 1.1 67 28.5 29 4266 3.54-6.5 1. 1.3 5,225 33.6 New 18 3.47-9.4 1. 2.2 1,462 37.4 2 3762 3.33-11.3 NA NA 1,795 14.7 64 3525 3.24 -.7.8.2 4,29 34.6 5 4267 3.11-8.8 1. 2.1 3,229 13.4 New LS 112 3.1-5.7 1.3.9 915 17.4 5 3657 3.1 1.1.7.3 1,197 43.8 Sector Concentration IT Top 2% 21.4% 21.4% 25.% 3.6%.% 7.1% 7.1%.% 14.3%.% Bottom 2%.% 35.7% 21.4% 14.3% 14.3% 3.6% 7.1% 3.6%.%.% 13.3% 24.7% 18.7% 8.7% 4.% 16.7% 6.% 2.7% 3.3% 2.% 27.2.8 49

Forward Dividend Yield Value Definition 6 4 2 12-month Forward DPS / (12-month Forward DPS = (FY1) DPS (FY2) DPS ) Top 2% (Long) Bottom 2% (Short) 1 2 3 4 5 6 7 54 236 Performance Monitor (: %) Top 2% Return -3.2 4.9 17. -3.2 14. 16.8 39.2 (Long) I.D. 56. 48. 36. 4. 56. 16. 2. Adj.Rt. -1.8 2.5 1.9-1.3 6.2 135.1 247.4 Bottom 2% Return -9. -3.1 3.3-9. -6.3 18.9 144.3 (Short) I.D. 96. 6. 28. 48. 96. 4. 4. Adj.Rt. -8.6-1.8 2.4-4.3-6. 14.6 138.6 Return -7.3 -.7 1.4-7.3 3.8 111. 135.9 I.D. 84. 54.7 3. 43.3 82.7 8.7 12. Adj.Rt. -6.2 -.4 7.3-3.2.7 11.4 119.6 Risk-Return Analysis (: %) 1 3 5 (2.1 ~ ) Avg.Rt. S.D. I.R. S.R. Adj.Rt. Avg.Rt. S.D. I.R. S.R. Adj.Rt. Avg.Rt. S.D. I.R. S.R. Adj.Rt. Avg.Rt. S.D. I.R. S.R. Adj.Rt. Top 2% 1.18 4.1.28 33.3.78 2.84 5.5.52 27.8 2.5 2.6 6.7.39 3. 1.8 2.3 8.2.29 32.9 1.6 Bottom 2% -.44 4.6 -.9 25. -.11 2.24 6.2.36 33.3 1.5 1.7 6.6.26 41.7 1. 1.3 7.9.17 42.4.8 Long-Short 1.61 2.2 2.53 16.7 1.34.6 4.4.82 33.3.4.9 4.5 1.52 38.3.5 1. 5.2 1.78 4..6.42 4.8.9 33.3.28 2.27 6.1.37 33.3 1.51 1.7 7.1.24 36.7 1.1 1.2 8.5.15 41.2.7 Forward Dividend Yield Style Portfolio for February Top 2% : Long Bottom 2% : Short Portfolio Fw. Div.Yld. (1M) (%) (%) () (%) 28 S-Oil 195 7.66-4.7.2.4 7,352 5.9 36 KT 32 4.66-7.7.6.5 11,996 47.3 7 KT&G 3378 4.54 1.4.2 -.3 8,448 54.8 24 SK 1767 4.33-1.1.8.4 16,239 47.2 17 354 4.29-18.1 1. 1.7 977 36. New 474 4.21-6.8 1. 1.4 6,39 11.4 6 527 4.19-2.5 1.1 1.6 2,48 66.6 16 528 4.15 3.9 1. 1.3 1,768 56.8 7 494 4.12-5.4.9 1.4 7,836 77.9 44 3646 4.3-9.6.3 1.1 2,879 6.4 11 594 3.98-12. 1.7 2.3 2,332 12.3 21 2953 3.96-11.4.2.9 59 44.7 6 GS 7893 3.86 3.3.3 1.3 2,89 28.3 New 7324 3.77-15.9 -.4 1.7 742 26.5 21 123 3.76-15.1.6 1.9 1,233 38. 19 7 3.7 2.3.5.9 1,936 36.1 5 2411 3.46 1.2 1.3 1.3 7,29 2.6 2 581 3.41-17.9.4 1.4 61 15.7 36 LG 1299 3.39 25.5.7 1.7 1,333 25.3 New 6 3.34. 1.8 1.5 25,195 83.4 Portfolio Fw. Div.Yld. (1M) (%) (%) () (%) 81 53.21-2.3.7.7 1,692 42.8 86 499.21-3.7 2.3.5 1,656 43.1 86 417.26-5.9 1.4.7 1,298 44.6 11 2353.31-5.1 NA NA 1,644 22.4 32 893.57-13.2 1.1 1.6 1,8 34.2 12 455.58-1.2.8 2.9 777 31.1 48 1.7-18..9 1.3 1,325 22.7 23 475.71-1.4.3 1.1 3,325 2.6 34 18.77-9.4 1. 2.2 1,462 37.4 2 342.78.8 1.8 2.4 4,656 2.3 New STX 7797.86-1.5 -.8 1.1 67 28.5 16 SK 612.92-4.8 1.9 2.2 785 16.4 24 6996.94-11.2 1.5 1.6 1,69 44.2 22 593.95-5.5 1.5.5 85,286 48.7 6 64.99-17.1.6 1.3 724 16.3 New 279 1. -11.8-1.2.8 1,197 24.7 2 14 1.2-1.3.7 1.5 2,51 27.5 2 469 1.2-5.7 -.1.5 57 3.8 New 349 1.3-5.2.7 2. 2,418 18.2 New 81 1.14-2.2 1.1 1.6 7,722 53.4 Sector Concentration IT Top 2% 12.% 8.% 12.% 4.%.% 4.% 4.% 8.% 4.% 8.% Bottom 2% 12.% 24.% 2.% 2.% 12.% 4.% 4.%.% 4.%.% 13.3% 24.7% 18.7% 8.7% 4.% 16.7% 6.% 2.7% 3.3% 2.% 27.2.8 5

Trailing Dividend Yield Definition 32 16 (FY) / Top 2% (Long) Bottom 2% (Short) 1 2 3 4 5 6 7 34 131 Performance Monitor (: %) Top 2% Return -5.4 2.7 15.6-5.4 8.5 126.4 194.6 (Long) I.D. 56.3 56.3 43.8 56.3 56.3 31.3 43.8 Adj.Rt. -3. 1.2 8.8-3. 3.7 86.9 19.5 Bottom 2% Return -5. -.4 8.4-5. -2.4 11.6 111.5 (Short) I.D. 81.3 56.3 43.8 5. 81.3. 6.3 Adj.Rt. -4.1 -.2 4.7-2.5-1.9 11.6 14.5 Return -7.3 -.7 1.4-7.3 3.8 111. 135.9 I.D. 84. 54.7 3. 43.3 82.7 8.7 12. Adj.Rt. -6.2 -.4 7.3-3.2.7 11.4 119.6 Risk-Return Analysis (: %) 1 3 5 (2.1 ~ ) Avg.Rt. S.D. I.R. S.R. Adj.Rt. Avg.Rt. S.D. I.R. S.R. Adj.Rt. Avg.Rt. S.D. I.R. S.R. Adj.Rt. Avg.Rt. S.D. I.R. S.R. Adj.Rt. Top 2%.78 4.5.17 41.7.45 2.43 5.3.46 33.3 1.62 2.1 6.9.3 36.7 1.3 1.7 8.5.2 38.8 1. Bottom 2% -.14 3.5 -.4 33.3 -.5 2.13 5.9.36 38.9 1.3 1.5 6.7.22 43.3.8.7 8.2.8 45.9.4 Long-Short.92 2.2 1.46 5..46.3 3.7.49 47.2.16.6 4.2 1.7 46.7.3 1. 5. 1.87 44.7.6.42 4.8.9 33.3.28 2.27 6.1.37 33.3 1.51 1.7 7.1.24 36.7 1.1 1.2 8.5.15 41.2.7 Trailing Dividend Yield Style Portfolio for February Top 2% : Long Bottom 2% : Short Value Portfolio Tr. Div.Yld. (1M) (%) (%) () (%) 4 354 7.67-18.1 1. 1.7 977 36. New 7324 5.66-15.9 -.4 1.7 742 26.5 New 143 4.9-12.3.5 1.2 613 11.4 New LG 112 4. -4.6.2.8 849 4.7 21 2953 3.96-11.4.2.9 59 44.7 7 594 3.9-12. 1.7 2.3 2,332 12.3 22 SK 1767 3.63-1.1.8.4 16,239 47.2 7 345 3.61-14.4.8 2.1 1,491 1.2 19 KT 32 3.55-7.7.6.5 11,996 47.3 1 528 3.36 3.9 1. 1.3 1,768 56.8 19 7 3.32 2.3.5.9 1,936 36.1 22 S-Oil 195 3.3-4.7.2.4 7,352 5.9 New 123 3.28-15.1.6 1.9 1,233 38. 1 GS 7893 3.28 3.3.3 1.3 2,89 28.3 5 1636 3.25-9.7 1.4 1.6 3,61 29.6 32 LG 5191 3.22 1.9 1. 1.7 2,828 26.1 New 3646 3.17-9.6.3 1.1 2,879 6.4 New 1888 3.5-15..6 1.3 1,121 87.6 New 299 2.97-27.1.6 2.7 739 7.7 4 KT&G 3378 2.96 1.4.2 -.3 8,448 54.8 Portfolio Tr. Div.Yld. (1M) (%) (%) () (%) 1 8679.1-4.9.4 1. 9,851 8.4 12 2353.14-5.1 NA NA 1,644 22.4 New 392.15-4.6.3.4 576 33.1 New 324.17-13.2.3 1.5 88 7.9 79 53.18-2.3.7.7 1,692 42.8 82 499.21-3.7 2.3.5 1,656 43.1 73 417.23-5.9 1.4.7 1,298 44.6 New 893.45-13.2 1.1 1.6 1,8 34.2 2 342.46.8 1.8 2.4 4,656 2.3 New STX 7797.54-1.5 -.8 1.1 67 28.5 1 4266.54-6.5 1. 1.3 5,225 33.6 New 455.59-1.2.8 2.9 777 31.1 14 8628.6-11.1 NA NA 936 22.1 New 1.62-18..9 1.3 1,325 22.7 New 18.62-9.4 1. 2.2 1,462 37.4 22 475.71-1.4.3 1.1 3,325 2.6 22 6.73. 1.8 1.5 25,195 83.4 New 64.75-17.1.6 1.3 724 16.3 New SK 612.76-4.8 1.9 2.2 785 16.4 5 83.8-1.1 1.5.9 4,733 25.7 Sector Concentration IT Top 2% 15.4% 15.4% 11.5% 3.8%.% 3.8% 3.8% 7.7% 3.8% 7.7% Bottom 2% 3.8% 26.9% 23.1% 19.2% 11.5% 11.5%.%.% 3.8%.% 13.3% 24.7% 18.7% 8.7% 4.% 16.7% 6.% 2.7% 3.3% 2.% 27.2.8 51

Forward PEG Value Definition 52 26 Forward PER / 2 EPS (CAGR) Top 2% (Long) Bottom 2% (Short) 1 2 3 4 5 6 7 48 19 Performance Monitor (: %) Top 2% Return -4.6-2.1 14.2-4.6 11.1 138.2 39.1 (Long) I.D. 81. 52.4 38.1 38.1 81. 4.8. Adj.Rt. -3.7-1.1 8.8-1.8 2.1 131.6 39.1 Bottom 2% Return -5.7 1.8 1.1-5.7 1.7 99.9 135.3 (Short) I.D. 76.2 57.1 33.3 38.1 76.2 9.5 14.3 Adj.Rt. -4.3.8 6.8-2.2 2.5 9.4 116. Return -7.3 -.7 1.4-7.3 3.8 111. 135.9 I.D. 84. 54.7 3. 43.3 82.7 8.7 12. Adj.Rt. -6.2 -.4 7.3-3.2.7 11.4 119.6 Risk-Return Analysis (: %) 1 3 5 (2.1 ~ ) Avg.Rt. S.D. I.R. S.R. Adj.Rt. Avg.Rt. S.D. I.R. S.R. Adj.Rt. Avg.Rt. S.D. I.R. S.R. Adj.Rt. Avg.Rt. S.D. I.R. S.R. Adj.Rt. Top 2% 1. 5.1.2 41.7.58 2.68 7.1.37 36.1 1.71 2.7 8.8.31 35. 1.8 2.4 1.6.23 38.8 1.5 Bottom 2%.95 4.8.2 33.3.64 2.9 5.7.37 3.6 1.45 1.6 6.3.26 35. 1.1 1. 7.4.14 38.8.6 Long-Short.4 3.1.5 58.3.2.58 4.1.86 58.3.24 1.1 5. 1.73 48.3.6 1.4 6.3 2. 45.9.7.42 4.8.9 33.3.28 2.27 6.1.37 33.3 1.51 1.7 7.1.24 36.7 1.1 1.2 8.5.15 41.2.7 Forward PEG Style Portfolio for February Top 2% : Long Bottom 2% : Short Portfolio Fw. PEG (1M) () (%) () (%) 7 455.14-1.2.8 2.9 777 31.1 25 LG 6657.15-5.1 1.1 1. 7,551 34.3 12 STX 6725.16-2.9.3 1. 1,91 25.8 2 STX 1181.17 15.3.9 1.7 568 15.2 3 145.17 2.1.8 2.3 1,77 16.3 9 LG 355.19-4. 1.4 1.1 4,944 3.8 25 4266.19-6.5 1. 1.3 5,225 33.6 9 STX 7797.19-1.5 -.8 1.1 67 28.5 25 114.19-7..8 1.4 4,791 34.7 New 362.2-11.2.7 1.5 564 78.6 New LIG 255.2 5.2.9 2.3 99 18.4 9 7324.22-15.9 -.4 1.7 742 26.5 25 348.24-4.3 1.2 2.9 1,881 27. 25 954.24 7.5.3.7 1,298 22.1 32 162.26-1.3.2.1 2,35 41.4 25 48.28-3.1 1.1 2. 922 25.1 New 7.31 2.3.5.9 1,936 36.1 New 349.31-5.2.7 2. 2,418 18.2 1 27.32-14.5.8 1. 3,993 25.9 New 583.32 -.2 1.8 2. 1,749 17.2 Portfolio Fw. PEG (1M) () (%) () (%) 4 53 12.15-2.3.7.7 1,692 42.8 New 877 11.25-1.6.9 1.7 532 1.1 3 475 9.85-1.4.3 1.1 3,325 2.6 4 345 9.6-14.4.8 2.1 1,491 1.2 2 KCC 238 7.72-16.2.7 1.2 2,551 22.2 New 499 2.85-3.7 2.3.5 1,656 43.1 New 83 2.82-1.1 1.5.9 4,733 25.7 2 42 2.6-2.5 1.4 1.6 2,793 22.2 New LG 6887 2.39-16..5 1.3 657 3.7 4 POSCO 549 2.31 6.6 1.3 1. 28,728 62. New 2411 2.1 1.2 1.3 1.3 7,29 2.6 New 123 2. -15.1.6 1.9 1,233 38. New 1263 1.74-12.5.2 1.4 3,747 64.3 7 474 1.74-6.8 1. 1.4 6,39 11.4 New CJ 14 1.48-8.9 1.3 1.2 3,96 19.8 New SK 36 1.47-1.5.1.6 9,252 43. 4 5555 1.43 3.6 1.1 1.2 18,773 59. New 6996 1.41-11.2 1.5 1.6 1,69 44.2 New 437 1.36-1.2..9 1,557 26.1 New 593 1.31-5.5 1.5.5 85,286 48.7 Sector Concentration IT Top 2% 4.3% 52.2% 26.1%.%.% 17.4%.%.%.%.% Bottom 2% 13.% 3.4% 8.7% 21.7% 4.3% 13.% 4.3%.%.% 4.3% 13.3% 24.7% 18.7% 8.7% 4.% 16.7% 6.% 2.7% 3.3% 2.% 27.2.8 52

Trailing PEG Definition 5 25 Trailing PER / 3 EPS (CAGR) Top 2% (Long) Bottom 2% (Short) 1 2 3 4 5 6 7 46 14 Performance Monitor (: %) Top 2% Return -6.3 2.1 16.4-6.3 4.4 96.5 236.1 (Long) I.D. 76.9 53.8 15.4 38.5 76.9 7.7 15.4 Adj.Rt. -4.9 1. 13.9-2.4 1. 89.1 199.8 Bottom 2% Return -6.9-1.5 6.1-6.9-7.6 65.5 99.9 (Short) I.D. 76.9 61.5 23.1 38.5 76.9 7.7 7.7 Adj.Rt. -5.3-1. 4.7-2.7-5.8 6.5 92.2 Return -7.3 -.7 1.4-7.3 3.8 111. 135.9 I.D. 84. 54.7 3. 43.3 82.7 8.7 12. Adj.Rt. -6.2 -.4 7.3-3.2.7 11.4 119.6 Risk-Return Analysis (: %) 1 3 5 (2.1 ~ ) Avg.Rt. S.D. I.R. S.R. Adj.Rt. Avg.Rt. S.D. I.R. S.R. Adj.Rt. Avg.Rt. S.D. I.R. S.R. Adj.Rt. Avg.Rt. S.D. I.R. S.R. Adj.Rt. Top 2%.53 5.9.9 33.3.35 2.6 5.9.35 3.6 1.43 2.3 7.7.3 35. 1.5 2.1 9.1.23 41.2 1.2 Bottom 2% -.56 4.6 -.12 5. -.28 1.57 5.8.27 38.9.96 1.4 6.8.2 41.7.8.7 8.4.9 44.7.4 Long-Short 1.8 2.5 1.48 16.7.9.49 4.4.67 41.7.29.9 4.7 1.55 4..6 1.3 4.7 2.55 38.8.8.42 4.8.9 33.3.28 2.27 6.1.37 33.3 1.51 1.7 7.1.24 36.7 1.1 1.2 8.5.15 41.2.7 Trailing PEG Style Portfolio for February Top 2% : Long Bottom 2% : Short Value Portfolio Tr. PEG (1M) () (%) () (%) 1 494.3-5.4.9 1.4 7,836 77.9 7 715.4-11.7 1.7 1.9 2,163 48. 22 SK 36.4-1.5.1.6 9,252 43. 1 7.4 2.3.5.9 1,936 36.1 New 1178.5-1.9.4 3. 747 14.6 New LS 112.5-5.7 1.3.9 915 17.4 34 42.6-2.5 1.4 1.6 2,793 22.2 1 983.7. 1.5 2.1 1,234 31.5 1 6996.7-11.2 1.5 1.6 1,69 44.2 22 123.8-15.1.6 1.9 1,233 38. 34 1117.8 9.5.8 1.8 2,425 47.4 1 72.8-15.4 1.2 1.4 5,333 17.1 7 354.11-18.1 1. 1.7 977 36. 1 LG 3271.11 -.6 1.3 1.4 7,71 15.3 7 594.13-12. 1.7 2.3 2,332 12.3 New S-Oil 195.16-4.7.2.4 7,352 5.9 #N/A #N/A #N/A #N/A #N/A #N/A #N/A #N/A #N/A #N/A #N/A #N/A #N/A #N/A #N/A #N/A #N/A #N/A #N/A #N/A #N/A #N/A #N/A #N/A #N/A #N/A #N/A #N/A #N/A #N/A #N/A #N/A #N/A #N/A #N/A #N/A Portfolio Tr. PEG (1M) () (%) () (%) New 348 52.67-4.3 1.2 2.9 1,881 27. 1 83 13.93-1.1 1.5.9 4,733 25.7 1 KTF 3239 12.64-17.3.8.8 4,814 22.8 New 145 1.3 2.1.8 2.3 1,77 16.3 New 369 8.3-3.1 1.4 1.5 1,377 42.2 1 27 6.54-14.5.8 1. 3,993 25.9 New 18 4.83-9.4 1. 2.2 1,462 37.4 22 4 4.3 8.2 1.5 1.5 65 1.9 1 593 3.87-5.5 1.5.5 85,286 48.7 1 3657 3.79 1.1.7.3 1,197 43.8 8 112 3.16-14.8.2.6 2,32 17.1 1 KCC 238 2.79-16.2.7 1.2 2,551 22.2 1 1888 2.6-15..6 1.3 1,121 87.6 1 CJ 14 2.55-8.9 1.3 1.2 3,96 19.8 New 33 2.35-5..9.6 592 34.6 New 1 2.34-18..9 1.3 1,325 22.7 7 4267 2.2-8.8 1. 2.1 3,229 13.4 #N/A #N/A #N/A #N/A #N/A #N/A #N/A #N/A #N/A #N/A #N/A #N/A #N/A #N/A #N/A #N/A #N/A #N/A #N/A #N/A #N/A #N/A #N/A #N/A #N/A #N/A #N/A Sector Concentration IT Top 2% 33.3% 16.7% 5.6%.%.% 33.3%.%.%.% 11.1% Bottom 2% 5.6% 33.3% 11.1% 11.1% 5.6% 11.1% 11.1% 5.6% 5.6%.% 13.3% 24.7% 18.7% 8.7% 4.% 16.7% 6.% 2.7% 3.3% 2.% 27.2.8 53

Forward EV/EBITDA Value Definition 9 6 3 ( + ) / 12-month Forward EBITDA (12-month Forward EBITDA = (FY1) EBITDA (FY2) EBITDA ) Top 2% (Long) Bottom 2% (Short) 1 2 3 4 5 6 7 81 114 Performance Monitor (: %) Top 2% Return -3.4 4. 17.6-3.4 15.3 133.2 343.5 (Long) I.D. 73.3 6. 33.3 46.7 73.3 4. 4. Adj.Rt. -2.5 1.6 11.8-1.6 4.1 79.9 26.1 Bottom 2% Return -7.5-2. 2.2-7.5-8.6 83.6 67. (Short) I.D. 8. 66.7 26.7 53.3 8. 13.3 6.7 Adj.Rt. -6. -1.3 1.6-4. -6.9 72.5 62.6 Return -7.3 -.7 1.4-7.3 3.8 111. 135.9 I.D. 84. 54.7 3. 43.3 82.7 8.7 12. Adj.Rt. -6.2 -.4 7.3-3.2.7 11.4 119.6 Risk-Return Analysis (: %) 1 3 5 (2.1 ~ ) Avg.Rt. S.D. I.R. S.R. Adj.Rt. Avg.Rt. S.D. I.R. S.R. Adj.Rt. Avg.Rt. S.D. I.R. S.R. Adj.Rt. Avg.Rt. S.D. I.R. S.R. Adj.Rt. Top 2% 1.28 4.5.29 41.7.75 2.55 6..42 3.6 1.77 2.8 7.3.38 33.3 1.8 2.8 8.3.34 36.5 1.8 Bottom 2% -.62 5. -.12 33.3 -.21 1.94 7.3.27 36.1 1.24 1.1 7.8.15 38.3.7.6 9..6 43.5.3 Long-Short 1.91 2.5 2.61 25. 1.43.61 5.5.66 36.1.39 1.6 4.9 2.56 26.7 1.2 2.3 6.1 3.43 28.2 1.6.42 4.8.9 33.3.28 2.27 6.1.37 33.3 1.51 1.7 7.1.24 36.7 1.1 1.2 8.5.15 41.2.7 Forward EV/EBITDA Style Portfolio for February Top 2% : Long Bottom 2% : Short Portfolio Fw. EV/EBITDA (1M) () (%) () (%) 5 KTF 3239 2.88-17.3.8.8 4,814 22.8 5 279 3.13-11.8-1.2.8 1,197 24.7 5 162 3.22-1.3.2.1 2,35 41.4 5 LG 1299 3.54 25.5.7 1.7 1,333 25.3 5 114 3.66-7..8 1.4 4,791 34.7 New 469 3.7-5.7 -.1.5 57 3.8 5 66 3.96-14.3 2. 1.4 14,346 2.4 New 2953 3.99-11.4.2.9 59 44.7 5 362 4.15-11.2.7 1.5 564 78.6 5 SDI 64 4.24-6.8 1..8 2,729 25.4 5 SK 1767 4.25-1.1.8.4 16,239 47.2 5 KT 32 4.26-7.7.6.5 11,996 47.3 New 113 4.26-15.4 1.1 2.4 1,576 19.3 New 123 4.5-15.1.6 1.9 1,233 38. 5 538 4.73 -.4.9.1 14,726 41. New 7324 4.75-15.9 -.4 1.7 742 26.5 5 POSCO 549 4.78 6.6 1.3 1. 28,728 62. 5 LG 5191 4.83 1.9 1. 1.7 2,828 26.1 5 42 4.92-2.5 1.4 1.6 2,793 22.2 New 33 4.95-5..9.6 592 34.6 Portfolio Fw. EV/EBITDA (1M) () (%) () (%) New 18 28.6-9.4 1. 2.2 1,462 37.4 5 475 27.26-1.4.3 1.1 3,325 2.6 New LG 6887 17.97-16..5 1.3 657 3.7 5 88 17.9-8.7 1.5 2. 2,395 25.4 5 342 14.46.8 1.8 2.4 4,656 2.3 New 1 14.14-18..9 1.3 1,325 22.7 5 CJ 14 13.69-8.9 1.3 1.2 3,96 19.8 New 455 13.34-1.2.8 2.9 777 31.1 5 72 13.3-15.4 1.2 1.4 5,333 17.1 3 LG 519 12.95-8.1 1. 1. 1,773 47.7 5 3657 12.71 1.1.7.3 1,197 43.8 New SK 612 12.56-4.8 1.9 2.2 785 16.4 5 499 12.34-3.7 2.3.5 1,656 43.1 5 83 12.29-1.1 1.5.9 4,733 25.7 New 893 12.26-13.2 1.1 1.6 1,8 34.2 4 417 12.8-5.9 1.4.7 1,298 44.6 3 15 12.7-7.4 1.3 2.1 1,258 22.4 New 144 11.98-11. 1.7 2.5 985 3.6 5 421 11.48-27.4 2.4.6 1,537 25.1 3 SBS 3412 11.36-9.8 1.1 1.2 1,278. Sector Concentration IT Top 2% 31.8% 18.2% 13.6% 4.5%.%.% 13.6% 13.6% 4.5%.% Bottom 2% 9.1% 27.3% 18.2% 27.3% 13.6%.% 4.5%.%.%.% 13.3% 24.7% 18.7% 8.7% 4.% 16.7% 6.% 2.7% 3.3% 2.% 27.2.8 54

Trailing EV/EBITDA Definition 8 4 ( + 4 ) / 4 EBITDA Top 2% (Long) Bottom 2% (Short) 1 2 3 4 5 6 7 757 78 Performance Monitor (: %) Top 2% Return -3.9 5.1 21.7-3.9 14.4 145.8 31. (Long) I.D. 73.3 46.7 26.7 4. 73.3 46.7 4. Adj.Rt. -2.8 2.7 15.9-1.5 3.8 77.8 18.6 Bottom 2% Return -11. -4.1 3.4-11. -11.1 92.6 72.9 (Short) I.D. 93.3 66.7 26.7 6. 93.3 13.3 26.7 Adj.Rt. -1.3-2.7 2.5-6.6-1.4 8.2 53.5 Return -7.3 -.7 1.4-7.3 3.8 111. 135.9 I.D. 84. 54.7 3. 43.3 82.7 8.7 12. Adj.Rt. -6.2 -.4 7.3-3.2.7 11.4 119.6 Risk-Return Analysis (: %) 1 3 5 (2.1 ~ ) Avg.Rt. S.D. I.R. S.R. Adj.Rt. Avg.Rt. S.D. I.R. S.R. Adj.Rt. Avg.Rt. S.D. I.R. S.R. Adj.Rt. Avg.Rt. S.D. I.R. S.R. Adj.Rt. Top 2% 1.23 4.7.26 33.3.82 2.69 5.9.46 3.6 1.87 2.6 7.1.36 35. 1.7 2.7 7.9.34 37.6 1.7 Bottom 2% -.83 5.6 -.15 41.7 -.35 2.9 7.5.28 36.1 1.34 1.3 8.3.15 41.7.7.2 9.8.2 48.2.1 Long-Short 2.6 3.4 2.1 8.3 1.88.6 5.8.62 38.9.36 1.3 5.2 1.98 33.3.9 2.5 5.9 3.94 28.2 1.8.42 4.8.9 33.3.28 2.27 6.1.37 33.3 1.51 1.7 7.1.24 36.7 1.1 1.2 8.5.15 41.2.7 Trailing EV/EBITDA Style Portfolio for February Top 2% : Long Bottom 2% : Short Value Portfolio Tr. EV/EBITDA (1M) () (%) () (%) 21 KTF 3239 2.89-17.3.8.8 4,814 22.8 New 392 2.94-4.6.3.4 576 33.1 21 KT 32 4.1-7.7.6.5 11,996 47.3 1 SDI 64 4.5-6.8 1..8 2,729 25.4 6 279 4.12-11.8-1.2.8 1,197 24.7 New 469 4.14-5.7 -.1.5 57 3.8 2 SK 1767 4.27-1.1.8.4 16,239 47.2 13 2953 4.33-11.4.2.9 59 44.7 1 362 4.52-11.2.7 1.5 564 78.6 23 123 4.58-15.1.6 1.9 1,233 38. 22 LG 1299 4.84 25.5.7 1.7 1,333 25.3 New 113 5.11-15.4 1.1 2.4 1,576 19.3 New 143 5.18-12.3.5 1.2 613 11.4 New 33 5.19-5..9.6 592 34.6 3 POSCO 549 5.24 6.6 1.3 1. 28,728 62. 4 538 5.33 -.4.9.1 14,726 41. 13 LG 5191 5.35 1.9 1. 1.7 2,828 26.1 New 66 5.37-14.3 2. 1.4 14,346 2.4 New 581 5.41-17.9.4 1.4 61 15.7 3 S-Oil 195 5.49-4.7.2.4 7,352 5.9 Portfolio Tr. EV/EBITDA (1M) () (%) () (%) New STX 6725 332.3-2.9.3 1. 1,91 25.8 New 455 4.2-1.2.8 2.9 777 31.1 39 475 36.2-1.4.3 1.1 3,325 2.6 New 18 34.4-9.4 1. 2.2 1,462 37.4 58 88 32.1-8.7 1.5 2. 2,395 25.4 New 144 23. -11. 1.7 2.5 985 3.6 New LG 6887 22. -16..5 1.3 657 3.7 9 342 21.9.8 1.8 2.4 4,656 2.3 New STX 1181 2.8 15.3.9 1.7 568 15.2 18 421 2.5-27.4 2.4.6 1,537 25.1 New 348 19.2-4.3 1.2 2.9 1,881 27. New 1 19.2-18..9 1.3 1,325 22.7 39 41 19. -14.6 3.5 1.9 912.3 New SK 612 18.4-4.8 1.9 2.2 785 16.4 3 LG 519 16.6-8.1 1. 1. 1,773 47.7 8 SK 174 16.5-22.9.2 -.1 7,14 1. 1 183 15.7-11.1.4 1.2 51 13.1 3 CJ 14 15.7-8.9 1.3 1.2 3,96 19.8 New 893 15.1-13.2 1.1 1.6 1,8 34.2 3 417 15.1-5.9 1.4.7 1,298 44.6 Sector Concentration IT Top 2% 37.5% 8.3% 12.5% 8.3%.%.% 12.5% 12.5% 4.2% 4.2% Bottom 2% 12.5% 41.7% 16.7% 12.5% 12.5%.% 4.2%.%.%.% 13.3% 24.7% 18.7% 8.7% 4.% 16.7% 6.% 2.7% 3.3% 2.% 27.2.8 55

Forward PCFR Value Definition 6 3 / 12-month Forward CFPS (12-month Forward CFPS = (FY1) CFPS (FY2) CFPS ) Top 2% (Long) Bottom 2% (Short) 1 2 3 4 5 6 7 517 92 Performance Monitor (: %) Top 2% Return -6.2 1.6 17. -6.2 1.7 166.2 339.7 (Long) I.D. 8. 6. 48. 48. 8. 16. 24. Adj.Rt. -4.9.6 8.8-3. 2.1 139.6 258.2 Bottom 2% Return -1.5-5.3-1.8-1.5-16.1 5.2 23.3 (Short) I.D. 92. 6. 12. 56. 92. 4. 4. Adj.Rt. -9.6-3.2 -.2-5.9-14.8 48.2 22.3 Return -7.3 -.7 1.4-7.3 3.8 111. 135.9 I.D. 84. 54.7 3. 43.3 82.7 8.7 12. Adj.Rt. -6.2 -.4 7.3-3.2.7 11.4 119.6 Risk-Return Analysis (: %) 1 3 5 (2.1 ~ ) Avg.Rt. S.D. I.R. S.R. Adj.Rt. Avg.Rt. S.D. I.R. S.R. Adj.Rt. Avg.Rt. S.D. I.R. S.R. Adj.Rt. Avg.Rt. S.D. I.R. S.R. Adj.Rt. Top 2% 1. 5.7.17 41.7.58 2.99 7..43 33.3 1.99 2.8 8.1.35 33.3 1.9 2.4 9.9.24 36.5 1.5 Bottom 2% -1.31 5.5 -.24 58.3 -.77 1.35 6.7.2 47.2.71.6 7.2.8 48.3.3.2 8.1.3 51.8.1 Long-Short 2.31 2.1 3.81 8.3 2.12 1.64 4.4 2.25 33.3 1.9 2.2 4.6 3.69 26.7 1.6 2.2 5.6 3.59 3.6 1.5.42 4.8.9 33.3.28 2.27 6.1.37 33.3 1.51 1.7 7.1.24 36.7 1.1 1.2 8.5.15 41.2.7 Forward PCFR Style Portfolio for February Top 2% : Long Bottom 2% : Short Portfolio Fw. PCFR (1M) () (%) () (%) 49 362 2.5-11.2.7 1.5 564 78.6 57 349 2.36-5.2.7 2. 2,418 18.2 86 48 2.61-3.1 1.1 2. 922 25.1 31 KTF 3239 2.98-17.3.8.8 4,814 22.8 11 SKC 1179 3.18-22.6.9 1.9 632 7.3 24 KT 32 3.25-7.7.6.5 11,996 47.3 7 594 3.32-12. 1.7 2.3 2,332 12.3 12 494 3.42-5.4.9 1.4 7,836 77.9 6 581 3.49-17.9.4 1.4 61 15.7 3 527 3.51-2.5 1.1 1.6 2,48 66.6 21 123 3.53-15.1.6 1.9 1,233 38. 9 7324 3.57-15.9 -.4 1.7 742 26.5 13 LG 5191 3.72 1.9 1. 1.7 2,828 26.1 4 66 3.74-14.3 2. 1.4 14,346 2.4 14 152 3.86-1.6 1.2 1.2 682 16.1 5 LGLCD 3422 4.1-5.7 1.7. 9,393 52.2 15 3646 4.1-9.6.3 1.1 2,879 6.4 4 583 4.13 -.2 1.8 2. 1,749 17.2 7 528 4.23 3.9 1. 1.3 1,768 56.8 7 42 4.27-2.5 1.4 1.6 2,793 22.2 Portfolio Fw. PCFR (1M) () (%) () (%) New 369 294.9-3.1 1.4 1.5 1,377 42.2 7 3762 113.9-11.3 NA NA 1,795 14.7 33 18 28.5-9.4 1. 2.2 1,462 37.4 2 299 22.7-27.1.6 2.7 739 7.7 23 475 22. -1.4.3 1.1 3,325 2.6 46 LG 6887 2.9-16..5 1.3 657 3.7 21 83 18.4-1.1 1.5.9 4,733 25.7 73 3657 17.7 1.1.7.3 1,197 43.8 5 81 16. -2.2 1.1 1.6 7,722 53.4 17 SBS 3412 15.8-9.8 1.1 1.2 1,278. 5 144 15.7-11. 1.7 2.5 985 3.6 4 LG 519 15.5-8.1 1. 1. 1,773 47.7 21 421 15.1-27.4 2.4.6 1,537 25.1 New STX 1181 14.5 15.3.9 1.7 568 15.2 2 342 14.4.8 1.8 2.4 4,656 2.3 5 CJ 14 14.2-8.9 1.3 1.2 3,96 19.8 86 3 13.7-5.2.9 1.1 1,8 38.2 86 1 13.5-18..9 1.3 1,325 22.7 3 893 13.2-13.2 1.1 1.6 1,8 34.2 41 LG 355 12.8-4. 1.4 1.1 4,944 3.8 Sector Concentration IT Top 2% 32.% 8.% 12.%.%.% 2.% 12.% 12.% 4.%.% Bottom 2% 4.% 24.% 24.% 2.% 12.% 12.% 4.%.%.%.% 13.3% 24.7% 18.7% 8.7% 4.% 16.7% 6.% 2.7% 3.3% 2.% 27.2.8 56

Trailing PCFR Definition 7 35 / 4 Top 2% (Long) Bottom 2% (Short) 1 2 3 4 5 6 7 61 74 Performance Monitor (: %) Top 2% Return -4.6 4.1 17.5-4.6 11.6 198.7 346.7 (Long) I.D. 76.5 52.9 41.2 47.1 76.5 35.3 29.4 Adj.Rt. -3.5 1.9 1.3-2.2 2.7 128.6 244.8 Bottom 2% Return -8.3-3.7 6.4-8.3-3.8 55.2 44.5 (Short) I.D. 76.5 64.7 35.3 64.7 76.5 11.8 11.8 Adj.Rt. -6.3-2.4 4.2-5.4-2.9 48.7 39.3 Return -7.3 -.7 1.4-7.3 3.8 111. 135.9 I.D. 84. 54.7 3. 43.3 82.7 8.7 12. Adj.Rt. -6.2 -.4 7.3-3.2.7 11.4 119.6 Risk-Return Analysis (: %) 1 3 5 (2.1 ~ ) Avg.Rt. S.D. I.R. S.R. Adj.Rt. Avg.Rt. S.D. I.R. S.R. Adj.Rt. Avg.Rt. S.D. I.R. S.R. Adj.Rt. Avg.Rt. S.D. I.R. S.R. Adj.Rt. Top 2% 1.3 4.9.21 33.3.69 3.29 6.6.5 27.8 2.38 2.8 8..36 33.3 1.9 2.6 1.2.26 4. 1.6 Bottom 2% -.18 5.5 -.3 58.3 -.1 1.45 6.8.21 5..72.9 7.6.12 51.7.4.1 9.1.1 52.9. Long-Short 1.21 2.8 1.47 25..91 1.84 4.3 2.57 27.8 1.33 1.9 4.1 3.65 26.7 1.4 2.6 5.3 4.5 27.1 1.9.42 4.8.9 33.3.28 2.27 6.1.37 33.3 1.51 1.7 7.1.24 36.7 1.1 1.2 8.5.15 41.2.7 Trailing PCFR Style Portfolio for February Top 2% : Long Bottom 2% : Short Value Portfolio Tr. PCFR (1M) () (%) () (%) New 48 1.86-3.1 1.1 2. 922 25.1 New LIG 255 1.88 5.2.9 2.3 99 18.4 47 349 2.16-5.2.7 2. 2,418 18.2 18 KTF 3239 2.19-17.3.8.8 4,814 22.8 New 145 2.25 2.1.8 2.3 1,77 16.3 9 123 2.79-15.1.6 1.9 1,233 38. 7 SDI 64 3.5-6.8 1..8 2,729 25.4 New 583 3.14 -.2 1.8 2. 1,749 17.2 18 983 3.2. 1.5 2.1 1,234 31.5 New SKC 1179 3.21-22.6.9 1.9 632 7.3 19 KT 32 3.26-7.7.6.5 11,996 47.3 3 LG 6657 3.28-5.1 1.1 1. 7,551 34.3 New 143 3.48-12.3.5 1.2 613 11.4 New 152 3.59-1.6 1.2 1.2 682 16.1 6 42 3.66-2.5 1.4 1.6 2,793 22.2 New 1116 3.67-1.9 1. 2.1 972 5.2 21 162 3.92-1.3.2.1 2,35 41.4 9 LG 5191 4.1 1.9 1. 1.7 2,828 26.1 New 324 4.2-13.2.3 1.5 88 7.9 3 114 4.34-7..8 1.4 4,791 34.7 Portfolio Tr. PCFR (1M) () (%) () (%) 7 68 272.5-18.7 1.2 2.3 2,899 6.8 3 5555 269.9 3.6 1.1 1.2 18,773 59. 3 LG 355 145.3-4. 1.4 1.1 4,944 3.8 3 183 131. -11.1.4 1.2 51 13.1 New 144 15.7-11. 1.7 2.5 985 3.6 New 18 8.3-9.4 1. 2.2 1,462 37.4 New 113 6. -15.4 1.1 2.4 1,576 19.3 New LG 6887 59.6-16..5 1.3 657 3.7 New 1 57.1-18..9 1.3 1,325 22.7 New 7324 53.6-15.9 -.4 1.7 742 26.5 9 LG 519 53.1-8.1 1. 1. 1,773 47.7 New 893 44.7-13.2 1.1 1.6 1,8 34.2 6 72 38.5-15.4 1.2 1.4 5,333 17.1 New 415 32.8-11. -.5 1.4 55 8. 9 53 27.9 -.5 1.3 1.4 17,732 9.2 New LG 112 27.1-4.6.2.8 849 4.7 15 421 25.1-27.4 2.4.6 1,537 25.1 14 475 24.5-1.4.3 1.1 3,325 2.6 6 SBS 3412 24.5-9.8 1.1 1.2 1,278. 3 GS 7893 23.4 3.3.3 1.3 2,89 28.3 Sector Concentration IT Top 2% 3.8% 23.1% 15.4%.%.% 15.4% 3.8% 11.5%.%.% Bottom 2% 11.5% 26.9% 11.5% 7.7% 15.4% 15.4% 7.7%.%.% 3.8% 13.3% 24.7% 18.7% 8.7% 4.% 16.7% 6.% 2.7% 3.3% 2.% 27.2.8 57

Forward PSR Value Definition 54 27 / 12-month Forward Sales (12-month Forward Sales = (FY1) Sales (FY2) Sales ) Top 2% (Long) Bottom 2% (Short) 1 2 3 4 5 6 7 516 96 Performance Monitor (: %) Top 2% Return -3.7 4.8 19.9-3.7 11.8 23.7 364.2 (Long) I.D. 72.2 38.9 27.8 55.6 72.2 22.2 11.1 Adj.Rt. -2.7 2.9 14.4-2.1 3.3 179.5 323.7 Bottom 2% Return -5.9-1.5 1.9-5.9-1.4 46.8 4.8 (Short) I.D. 77.8 55.6 38.9 61.1 77.8 11.1 5.6 Adj.Rt. -4.6 -.8 1.2-3.6-8.1 41.6 38.6 Return -7.3 -.7 1.4-7.3 3.8 111. 135.9 I.D. 84. 54.7 3. 43.3 82.7 8.7 12. Adj.Rt. -6.2 -.4 7.3-3.2.7 11.4 119.6 Risk-Return Analysis (: %) 1 3 5 (2.1 ~ ) Avg.Rt. S.D. I.R. S.R. Adj.Rt. Avg.Rt. S.D. I.R. S.R. Adj.Rt. Avg.Rt. S.D. I.R. S.R. Adj.Rt. Avg.Rt. S.D. I.R. S.R. Adj.Rt. Top 2% 1.1 6..18 41.7.64 3.65 7.7.48 33.3 2.43 3. 8.9.33 35. 1.9 2.5 1.3.24 4. 1.5 Bottom 2% -.83 4.1 -.2 33.3 -.28 1.27 6.5.2 38.9.77.8 7..12 41.7.5.3 8.8.4 47.1.2 Long-Short 1.93 3.4 1.98 33.3 1.29 2.38 4. 3.57 27.8 1.72 2.2 4.7 3.55 33.3 1.4 2.1 5.6 3.52 37.6 1.3.42 4.8.9 33.3.28 2.27 6.1.37 33.3 1.51 1.7 7.1.24 36.7 1.1 1.2 8.5.15 41.2.7 Forward PSR Style Portfolio for February Top 2% : Long Bottom 2% : Short Portfolio Fw. PSR (1M) () (%) () (%) New LG 112.13-4.6.2.8 849 4.7 31 362.16-11.2.7 1.5 564 78.6 New 48.19-3.1 1.1 2. 922 25.1 New 152.19-1.6 1.2 1.2 682 16.1 28 3646.21-9.6.3 1.1 2,879 6.4 13 27.22-14.5.8 1. 3,993 25.9 New 455.22-1.2.8 2.9 777 31.1 New LIG 255.25 5.2.9 2.3 99 18.4 New 469.28-5.7 -.1.5 57 3.8 56 349.28-5.2.7 2. 2,418 18.2 New 145.29 2.1.8 2.3 1,77 16.3 15 LG 5191.29 1.9 1. 1.7 2,828 26.1 86 7.31 2.3.5.9 1,936 36.1 11 LG 6657.32-5.1 1.1 1. 7,551 34.3 New 581.34-17.9.4 1.4 61 15.7 9 LS 626.38-13.3.6 1.3 1,72 2.2 New 7324.38-15.9 -.4 1.7 742 26.5 2 123.38-15.1.6 1.9 1,233 38. New 299.39-27.1.6 2.7 739 7.7 19 SK 36.4-1.5.1.6 9,252 43. Portfolio Fw. PSR (1M) () (%) () (%) 12 GS 7893 43.27 3.3.3 1.3 2,89 28.3 37 LG 355 6.98-4. 1.4 1.1 4,944 3.8 78 3657 4.69 1.1.7.3 1,197 43.8 61 3525 4.5 -.7.8.2 4,29 34.6 86 KT&G 3378 3.42 1.4.2 -.3 8,448 54.8 23 LG 3271 3.13 -.6 1.3 1.4 7,71 15.3 11 3762 2.86-11.3 NA NA 1,795 14.7 New 1 2.81-18..9 1.3 1,325 22.7 9 8679 2.67-4.9.4 1. 9,851 8.4 New LG 6887 2.65-16..5 1.3 657 3.7 49 14 2.63-1.3.7 1.5 2,51 27.5 New 18 2.51-9.4 1. 2.2 1,462 37.4 86 1636 2.24-9.7 1.4 1.6 3,61 29.6 New 893 2.5-13.2 1.1 1.6 1,8 34.2 86 1275 1.98-1.5.5.5 1,474 54. 6 SBS 3412 1.89-9.8 1.1 1.2 1,278. 5 3 1.68-5.2.9 1.1 1,8 38.2 1 528 1.68 3.9 1. 1.3 1,768 56.8 1 66 1.61-14.3 2. 1.4 14,346 2.4 New LG 519 1.56-8.1 1. 1. 1,773 47.7 Sector Concentration IT Top 2% 19.2% 23.1% 26.9% 3.8%.% 15.4%.%.% 7.7% 3.8% Bottom 2% 3.8% 3.8% 19.2% 19.2% 11.5% 26.9% 7.7% 3.8%.% 3.8% 13.3% 24.7% 18.7% 8.7% 4.% 16.7% 6.% 2.7% 3.3% 2.% 27.2.8 58

Trailing PSR Definition 7 35 / 12-month Trailing Sales (12-month Trailing Sales = 4 ) Top 2% (Long) Bottom 2% (Short) 49 1 2 3 4 5 6 7 6 Performance Monitor (: %) Top 2% Return -5.1 4.2 23.3-5.1 21.5 294.5 489.6 (Long) I.D. 78.9 42.1 36.8 52.6 78.9 26.3 15.8 Adj.Rt. -4. 2.4 14.7-2.7 4.5 217. 412.3 Bottom 2% Return -6.1 -.8 5.8-6.1-11.7 4.2-5. (Short) I.D. 78.9 57.9 36.8 63.2 78.9 1.5 1.5 Adj.Rt. -4.9 -.5 3.7-3.9-9.2 36. -.5 Return -7.3 -.7 1.4-7.3 3.8 111. 135.9 I.D. 84. 54.7 3. 43.3 82.7 8.7 12. Adj.Rt. -6.2 -.4 7.3-3.2.7 11.4 119.6 Risk-Return Analysis (: %) 1 3 5 (2.1 ~ ) Avg.Rt. S.D. I.R. S.R. Adj.Rt. Avg.Rt. S.D. I.R. S.R. Adj.Rt. Avg.Rt. S.D. I.R. S.R. Adj.Rt. Avg.Rt. S.D. I.R. S.R. Adj.Rt. Top 2% 1.79 5.8.31 33.3 1.19 4.14 7.4.56 3.6 2.87 3.4 9..38 35. 2.2 2.7 1.7.25 4. 1.6 Bottom 2% -.91 5.1 -.18 5. -.45 1.18 7.2.16 47.2.63.2 7.5.3 46.7.1 -.4 9. -.5 5.6 -.2 Long-Short 2.7 3.1 2.97 16.7 2.25 2.95 4.3 4.8 22.2 2.3 3.2 5. 4.98 25. 2.4 3.1 5.8 4.93 29.4 2.2.42 4.8.9 33.3.28 2.27 6.1.37 33.3 1.51 1.7 7.1.24 36.7 1.1 1.2 8.5.15 41.2.7 Trailing PSR Style Portfolio for February Top 2% : Long Bottom 2% : Short Value Portfolio Tr. PSR (1M) () (%) () (%) New LG 112.14-4.6.2.8 849 4.7 28 362.18-11.2.7 1.5 564 78.6 New 48.19-3.1 1.1 2. 922 25.1 26 3646.22-9.6.3 1.1 2,879 6.4 New LIG 255.23 5.2.9 2.3 99 18.4 12 27.24-14.5.8 1. 3,993 25.9 New 152.24-1.6 1.2 1.2 682 16.1 New 145.26 2.1.8 2.3 1,77 16.3 New 469.29-5.7 -.1.5 57 3.8 New 455.29-1.2.8 2.9 777 31.1 54 349.3-5.2.7 2. 2,418 18.2 12 LG 6657.32-5.1 1.1 1. 7,551 34.3 21 7.32 2.3.5.9 1,936 36.1 13 LG 5191.32 1.9 1. 1.7 2,828 26.1 New 581.37-17.9.4 1.4 61 15.7 New 369.38-3.1 1.4 1.5 1,377 42.2 6 LS 626.38-13.3.6 1.3 1,72 2.2 18 SK 36.39-1.5.1.6 9,252 43. 16 123.4-15.1.6 1.9 1,233 38. New 7324.41-15.9 -.4 1.7 742 26.5 Portfolio Tr. PSR (1M) () (%) () (%) 1 8679 44.5-4.9.4 1. 9,851 8.4 56 53 9.8 -.5 1.3 1.4 17,732 9.2 34 LG 355 9.4-4. 1.4 1.1 4,944 3.8 58 5555 8.5 3.6 1.1 1.2 18,773 59. 22 GS 7893 6.6 3.3.3 1.3 2,89 28.3 64 3525 5.3 -.7.8.2 4,29 34.6 79 3657 5.3 1.1.7.3 1,197 43.8 12 3762 4.2-11.3 NA NA 1,795 14.7 New NH 1642 3.7-17.9-1.8 1.6 512.4 58 KT&G 3378 3.6 1.4.2 -.3 8,448 54.8 21 715 3.6-11.7 1.7 1.9 2,163 48. New 1 3.3-18..9 1.3 1,325 22.7 New LG 6887 3.1-16..5 1.3 657 3.7 61 14 2.9-1.3.7 1.5 2,51 27.5 17 41 2.9-14.6 3.5 1.9 912.3 11 LG 3271 2.8 -.6 1.3 1.4 7,71 15.3 New 18 2.7-9.4 1. 2.2 1,462 37.4 New 893 2.4-13.2 1.1 1.6 1,8 34.2 18 421 2.3-27.4 2.4.6 1,537 25.1 86 1275 2.2-1.5.5.5 1,474 54. Sector Concentration IT Top 2% 2.% 26.7% 23.3%.%.% 16.7%.%.% 1.% 3.3% Bottom 2% 3.3% 3.3% 2.% 13.3% 1.% 4.% 6.7%.%.% 3.3% 13.3% 24.7% 18.7% 8.7% 4.% 16.7% 6.% 2.7% 3.3% 2.% 27.2.8 59

PART 3 GROWTH Style Strategies Growth Composite GARP : Growth at a Reasonable Price GARP 1 : 2 EPS & Fw. PER GARP 2 : Growth score & Fw. Value score GARQ : Growth at a Reasonable Quality GARQ : Growth score & Quality score EPS (2) (2)

Growth Style Performance 1 Growth Growth Style Strategies : Return (1-month, 1/31) % GARP (EPSg&PER) EPS (2) Growth Composite -2% -4% -6%, -8% -1% GARP 1 (2Y EPS g & Fw.PER) EPS Growth Rate (2Y) Growth Composite OP Growth Rate (2Y) GARP 2 (G.Score & V.Score) GARQ (G.Score & Q.Score) Growth Style Strategies : Risk (Internal Dispersion, 1-month, 1/31) 1% Growth Composite) GARP (G.S & V.S) GARP(EPSg&PER), 5% % Growth Composite GARP 2 (G.Score & V.Score) GARP 1 (2Y EPS g & Fw.PER) OP Growth Rate (2Y) EPS Growth Rate (2Y) GARQ (G.Score & Q.Score) Growth Style Strategies : Risk-adjusted Return (1-month, 1/31) % GARP (EPSg & PER) Growth Composite EPS (2) -4%. -8% GARP 1 (2Y EPS g & Fw.PER) Growth Composite EPS Growth Rate (2Y) 27.2.8 62 OP Growth Rate (2Y) GARP 2 (G.Score & V.Score) GARQ (G.Score & Q.Score) -

Growth Composite Definition 35 175 Growth scoring ( Part.7 Definitions ) Top 2% (Long) Bottom 2% (Short) 1 2 3 4 5 6 7 38 32 Performance Monitor (: %) Top 2% Return -6. -3.4 1.6-6. 4.4 111. 218.5 (Long) I.D. 8. 56.7 36.7 43.3 8. 6.7 3.3 Adj.Rt. -4.8-1.9 6.7-2.6.9 13.6 211.2 Bottom 2% Return -5.7 2.8 13.2-5.7 12.3 111.7 166.2 (Short) I.D. 83.3 53.3 3. 33.3 83.3 1. 13.3 Adj.Rt. -4.8 1.3 9.3-1.9 2.1 1.6 144. Return -7.3 -.7 1.4-7.3 3.8 111. 135.9 I.D. 84. 54.7 3. 43.3 82.7 8.7 12. Adj.Rt. -6.2 -.4 7.3-3.2.7 11.4 119.6 Risk-Return Analysis (: %) 1 3 5 (2.1 ~ ) Avg.Rt. S.D. I.R. S.R.Adj.Rt. Avg.Rt. S.D. I.R. S.R. Adj.Rt. Avg.Rt. S.D. I.R. S.R. Adj.Rt. Avg.Rt. S.D. I.R. S.R. Adj.Rt. Top 2%.48 5.2.9 41.7.28 2.35 7.3.32 38.9 1.43 2.3 8.2.28 35. 1.5 1.8 9.7.18 4. 1.1 Bottom 2% 1.9 5..22 25..81 2.29 6.2.37 3.6 1.59 1.9 6.9.27 33.3 1.2 1.6 8.3.2 38.8 1. Long-Short -.6 2.2 -.94 66.7 -.4.6 4.2.8 5..3.4 4.1.75 45..2.1 4.1.33 47.1.1.42 4.8.9 33.3.28 2.27 6.1.37 33.3 1.51 1.7 7.1.24 36.7 1.1 1.2 8.5.15 41.2.7 Growth Composite Style Portfolio for February Top 2% : Long Bottom 2% : Short Growth Portfolio Growth Score (1M) (%) () (%) 9 455 98.8-1.2.8 2.9 777 31.1 New SDI 64 97.7-6.8 1..8 2,729 25.4 9 145 96. 2.1.8 2.3 1,77 16.3 3 4266 95.7-6.5 1. 1.3 5,225 33.6 12 LG 6657 95.6-5.1 1.1 1. 7,551 34.3 New 362 95.6-11.2.7 1.5 564 78.6 4 LIG 255 95.2 5.2.9 2.3 99 18.4 12 STX 6725 94.5-2.9.3 1. 1,91 25.8 25 114 93.7-7..8 1.4 4,791 34.7 21 27 92.6-14.5.8 1. 3,993 25.9 12 LG 355 91.3-4. 1.4 1.1 4,944 3.8 2 915 91. -2.9 1.1.7 2,562 1.9 17 421 89.7-27.4 2.4.6 1,537 25.1 25 152 88.9-1.6 1.2 1.2 682 16.1 2 STX 1181 87.4 15.3.9 1.7 568 15.2 New 112 87.3-14.8.2.6 2,32 17.1 New 3657 87. 1.1.7.3 1,197 43.8 9 STX 7797 86.2-1.5 -.8 1.1 67 28.5 5 583 85.8 -.2 1.8 2. 1,749 17.2 26 348 83.4-4.3 1.2 2.9 1,881 27. Portfolio Growth Score (1M) (%) () (%) New 183. -11.1.4 1.2 51 13.1 13 113 2.3-15.4 1.1 2.4 1,576 19.3 4 LG 1299 3.5 25.5.7 1.7 1,333 25.3 31 1117 5.1 9.5.8 1.8 2,425 47.4 24 LG 3271 5.8 -.6 1.3 1.4 7,71 15.3 43 S-Oil 195 5.9-4.7.2.4 7,352 5.9 13 581 7.8-17.9.4 1.4 61 15.7 New KCC 238 9. -16.2.7 1.2 2,551 22.2 5 144 9.5-11. 1.7 2.5 985 3.6 7 53 11.4-2.3.7.7 1,692 42.8 8 469 12.2-5.7 -.1.5 57 3.8 33 SK 36 13.3-1.5.1.6 9,252 43. New 475 13.3-1.4.3 1.1 3,325 2.6 New 877 13.8-1.6.9 1.7 532 1.1 New 66 13.8-14.3 2. 1.4 14,346 2.4 7 42 14.5-2.5 1.4 1.6 2,793 22.2 6 POSCO 549 15.3 6.6 1.3 1. 28,728 62. 13 499 15.7-3.7 2.3.5 1,656 43.1 3 6 16.2. 1.8 1.5 25,195 83.4 New 983 16.2. 1.5 2.1 1,234 31.5 Sector Concentration IT Top 2% 6.7% 36.7% 23.3%.% 3.3% 16.7% 13.3%.%.%.% Bottom 2% 26.7% 16.7% 1.% 1.%.% 16.7% 6.7%.% 6.7% 6.7% 13.3% 24.7% 18.7% 8.7% 4.% 16.7% 6.% 2.7% 3.3% 2.% 27.2.8 63

* GARP : Growth at a Resonable Price GARP 1 ( EPS & Forward PER) Growth Definition GARP : 2 EPS 5% & Fw.PER 5% Non-GARP: 2 EPS 5% & Fw.PER 5% 9 6 3 GARP (Long) Non-GARP (Short) L.G & L.PE (Long) H.G & H.PE (Short) 1 2 3 4 5 6 7 815 484 28 143 Performance Monitor (: %) GARP Return -5.5.7 18.1-5.5 6.5 187.6 4.5 (Long) I.D. 84. 48. 28. 48. 84. 8. 16. Adj.Rt. -4.6.4 13.1-2.6 1. 172.5 336.4 Non-GARP Return -8.7-2. 8.4-8.7.1 58.9 71.6 (Short) I.D. 91.3 52.2 17.4 39.1 91.3.. Adj.Rt. -7.9-1. 6.9-3.4. 58.9 71.6 Return -7.3 -.7 1.4-7.3 3.8 111. 135.9 I.D. 84. 54.7 3. 43.3 82.7 8.7 12. Adj.Rt. -6.2 -.4 7.3-3.2.7 11.4 119.6 Risk-Return Analysis (: %) 1 3 5 (2.1 ~ ) Avg.Rt. S.D. I.R. S.R.Adj.Rt. Avg.Rt. S.D. I.R. S.R. Adj.Rt. Avg.Rt. S.D. I.R. S.R. Adj.Rt. Avg.Rt. S.D. I.R. S.R. Adj.Rt. GARP.66 5.4.12 5..33 3.21 7..46 38.9 1.96 3.1 8.6.36 41.7 1.8 3. 1..3 42.4 1.7 Non-GARP.13 5.2.3 41.7.8 1.44 5.6.26 44.4.8 1.1 6.5.17 43.3.6.7 7.5.9 48.2.4 Long-Short.52 3.3.55 5..26 1.77 3.7 2.89 36.1 1.13 2. 4.6 3.3 35. 1.3 2.3 5. 4.15 32.9 1.5.42 4.8.9 33.3.28 2.27 6.1.37 33.3 1.51 1.7 7.1.24 36.7 1.1 1.2 8.5.15 41.2.7 GARP(2 EPS & Forward PER) Style Portfolio for February GARP (Growth at a Resonable Price) : Long Non-GARP : Short Portfolio Fw.EPS Fw. PER (1M) (2Y, %) () (%) () (%) 12 STX 6725 51.5 8.2-2.9.3 1. 1,91 25.8 2 STX 1181 44.9 7.8 15.3.9 1.7 568 15.2 9 STX 7797 41. 7.7-1.5 -.8 1.1 67 28.5 13 LG 355 47.1 8.7-4. 1.4 1.1 4,944 3.8 2 162 26.4 6.8-1.3.2.1 2,35 41.4 New SKC 1179 18.2 6.1-22.6.9 1.9 632 7.3 4 954 36.5 8.8 7.5.3.7 1,298 22.1 New 349 27.8 8.7-5.2.7 2. 2,418 18.2 New 299 15.1 5.7-27.1.6 2.7 739 7.7 1 48 33.9 9.5-3.1 1.1 2. 922 25.1 New 415 17.4 8.4-11. -.5 1.4 55 8. 3 354 21.7 9.2-18.1 1. 1.7 977 36. New 348 43.5 1.3-4.3 1.2 2.9 1,881 27. New LG 1594 22.2 9.9 7.4 1.4 1.7 1,71 23.2 1 538 21. 9.7 -.4.9.1 14,726 41. 6 13 17.2 9.4-7. 1.6.7 1,825 26.3 New 1576 15.1 9.6..4.7 27,22 29.8 2 24 16.2 1.1-12.7. 1.9 2,1 44.4 New LG 112 14.4 1.3-4.6.2.8 849 4.7 #N/A #N/A #N/A #N/A #N/A #N/A #N/A #N/A #N/A #N/A Portfolio Fw.EPS Fw. PER (1M) (2Y, %) () (%) () (%) New 369 13.7 1.4-3.1 1.4 1.5 1,377 42.2 New 1636 13.1 12.7-9.7 1.4 1.6 3,61 29.6 New KT 32 9.7 1.8-7.7.6.5 11,996 47.3 New 1968 12.8 13. -9.7.5.9 712 26.6 3 3646 9.4 1.9-9.6.3 1.1 2,879 6.4 2 437 8. 1.9-1.2..9 1,557 26.1 New 1263 6.1 1.6-12.5.2 1.4 3,747 64.3 New 14 14. 17. -1.3.7 1.5 2,51 27.5 14 KT&G 3378 1.1 13. 1.4.2 -.3 8,448 54.8 New 1 12.5 14.6-18..9 1.3 1,325 22.7 13 3 11.1 13.9-5.2.9 1.1 1,8 38.2 2 474 6.6 11.5-6.8 1. 1.4 6,39 11.4 9 1275 12. 15.6-1.5.5.5 1,474 54. 11 CJ 14 12.3 18.2-8.9 1.3 1.2 3,96 19.8 New 279-2.7 1.5-11.8-1.2.8 1,197 24.7 2 KCC 238 1.5 11.5-16.2.7 1.2 2,551 22.2 17 499 5.2 14.8-3.7 2.3.5 1,656 43.1 New 83 7. 19.8-1.1 1.5.9 4,733 25.7 New 4-1. 13.9 8.2 1.5 1.5 65 1.9 7 53 1.6 19.3-2.3.7.7 1,692 42.8 Sector Concentration IT GARP 13.6% 45.5% 22.7%.%.% 9.1%.% 4.5% 4.5%.% Non-GARP 4.5% 27.3% 13.6% 31.8% 4.5% 9.1%.% 4.5% 4.5%.% 13.3% 24.7% 18.7% 8.7% 4.% 16.7% 6.% 2.7% 3.3% 2.% 27.2.8 64

Definition L.G & L.PE : 2 EPS 5% & Fw.PER 5% H.G & H.PE : 2 EPS 5% & Fw.PER 5% 9 6 3 GARP (Long) Non-GARP (Short) L.G & L.PE (Long) H.G & H.PE (Short) 1 2 3 4 5 6 7 815 484 28 143 Fw. PER Non-GARP L.G & L.PE H.G & H.PE GARP EPS Growth Rate Performance Monitor (: %) L.G & L.PE Return -5.8 2.3 11.4-5.8 8.4 14. 253.8 (Long) I.D. 73.2 46.3 34.1 39. 73.2 9.8 14.6 Adj.Rt. -4.2 1.2 7.5-2.2 2.3 126.3 216.7 H.G & H.PE Return -8. -4. 5.5-8. 1.5 94.7 159.6 (Short) I.D. 87.5 62.5 35. 45. 87.5 1. 5. Adj.Rt. -7. -2.5 3.6-3.6.2 85.2 151.6 Return -7.3 -.7 1.4-7.3 3.8 111. 135.9 I.D. 84. 54.7 3. 43.3 82.7 8.7 12. Adj.Rt. -6.2 -.4 7.3-3.2.7 11.4 119.6 Risk-Return Analysis (: %) 1 3 5 (2.1 ~ ) Avg.Rt. S.D. I.R. S.R.Adj.Rt. Avg.Rt. S.D. I.R. S.R. Adj.Rt. Avg.Rt. S.D. I.R. S.R. Adj.Rt. Avg.Rt. S.D. I.R. S.R. Adj.Rt. L.G & L.PE.78 4.7.16 25..58 2.63 6..44 27.8 1.9 2.4 7.1.34 33.3 1.6 2.2 8.3.27 35.3 1.4 H.G & H.PE.22 4.7.5 5..11 2.7 6.6.32 41.7 1.21 1.9 7.5.25 43.3 1.1 1.2 8.8.14 47.1.7 Long-Short.55 2..95 41.7.32.56 3.4.99 33.3.37.5 3.1 1.23 4..3 1. 3.7 2.4 38.8.6.42 4.8.9 33.3.28 2.27 6.1.37 33.3 1.51 1.7 7.1.24 36.7 1.1 1.2 8.5.15 41.2.7 GARP(2 EPS & Forward PER) Style Portfolio for February Low Growth & Low PER : Long High Growth & High PER : Short Growth Portfolio Fw.EPS Fw. PER (1M) (2Y, %) () (%) () (%) 12 GS 7893 13.6 7.5 3.3.3 1.3 2,89 28.3 New 1233 9.5 7.3-11.2 1. 1.1 6,547 47.4 9 LS 112 12.6 8. -5.7 1.3.9 915 17.4 New 7 9.3 7.5-1.8.7.6 546 7.9 17 527 9.8 7.7-2.5 1.1 1.6 2,48 66.6 5 LS 626 4.9 6.3-13.3.6 1.3 1,72 2.2 New 21 12.5 8.2.8.4 1.4 2,666 46.7 6 123 2.7 5.3-15.1.6 1.9 1,233 38. 33 SK 36 4.4 6.4-1.5.1.6 9,252 43. 23 42 2.3 5.9-2.5 1.4 1.6 2,793 22.2 22 528 7.4 7.7 3.9 1. 1.3 1,768 56.8 21 2411 3.3 7. 1.2 1.3 1.3 7,29 2.6 11 494 6.7 7.9-5.4.9 1.4 7,836 77.9 12 581-4.7 5.3-17.9.4 1.4 61 15.7 2 6962 13.3 9.1-8.3.4 1.4 532 11.6 New SK 1767 13.2 9.5-1.1.8.4 16,239 47.2 New LG 5191 1.5 8.5 1.9 1. 1.7 2,828 26.1 New 1888 13.5 9.9-15..6 1.3 1,121 87.6 3 983-6. 6.3. 1.5 2.1 1,234 31.5 New 33 12.2 9.7-5..9.6 592 34.6 Portfolio Fw.EPS Fw. PER (1M) (2Y, %) () (%) () (%) 3 7324 5. 1.9-15.9 -.4 1.7 742 26.5 34 114 61.7 11.6-7..8 1.4 4,791 34.7 25 4266 64.8 12.1-6.5 1. 1.3 5,225 33.6 1 145 75.6 13.2 2.1.8 2.3 1,77 16.3 New 7 36.1 11.1 2.3.5.9 1,936 36.1 14 455 14.3 14.9-1.2.8 2.9 777 31.1 New 1245 26.8 1.7-16.3 1.1 1.8 2,187 13.4 4 LIG 255 73.2 14.5 5.2.9 2.3 99 18.4 7 SK 612 29.1 11.8-4.8 1.9 2.2 785 16.4 4 583 37.9 12.2 -.2 1.8 2. 1,749 17.2 8 LG 6657 117.2 18.1-5.1 1.1 1. 7,551 34.3 2 27 42.7 13.5-14.5.8 1. 3,993 25.9 4 715 18.7 1.5-11.7 1.7 1.9 2,163 48. 18 285 24.1 11.7-1.5 2.1 1.8 1,74 37.6 16 4267 26.2 12. -8.8 1. 2.1 3,229 13.4 5 KTF 3239 18.2 1.7-17.3.8.8 4,814 22.8 6 3762 28.6 12.6-11.3 NA NA 1,795 14.7 New 362 17.1 33.5-11.2.7 1.5 564 78.6 New 112 77.6 25.7-14.8.2.6 2,32 17.1 New GS 636 14.6 1.4-6.1 -.1 1.8 3,978 5.9 Sector Concentration IT L.G & L.PE 26.2% 11.9% 9.5% 2.4% 2.4% 28.6% 7.1% 2.4% 2.4% 7.1% H.G & H.PE 7.1% 23.8% 28.6% 7.1% 7.1% 14.3% 9.5% 2.4%.%.% 13.3% 24.7% 18.7% 8.7% 4.% 16.7% 6.% 2.7% 3.3% 2.% 27.2.8 65

* GARP : Growth at a Resonable Price GARP 2 (Growth score & Forward Value score) Growth Definition GARP : Growth score 5% & Fw. Value score 5% Non-GARP : Growth score 5% & Fw. Value score 5% 25 125 GARP (Long) Non-GARP (Short) L.G & L.V (Long) H.G & H.V (Short) 1 2 3 4 5 6 7 169 167 94 76 Performance Monitor (: %) GARP Return -7.4 -.5 13.6-7.4 2.8 142.5 112.1 (Long) I.D. 81.3 58.3 33.3 5. 77.1 1.4 18.8 Adj.Rt. -6. -.3 9. -3.7.6 127.6 91.1 Non-GARP Return -9.3 -.3 7.5-9.3-2.3 7.3 19.2 (Short) I.D. 94. 54. 24. 44. 9. 6. 12. Adj.Rt. -8.7 -.1 5.7-4.1-2.1 66.1 16.9 Return -7.3 -.7 1.4-7.3 3.8 111. 135.9 I.D. 84. 54.7 3. 43.3 82.7 8.7 12. Adj.Rt. -6.2 -.4 7.3-3.2.7 11.4 119.6 Risk-Return Analysis (: %) 1 3 5 (2.1 ~ ) Avg.Rt. S.D. I.R. S.R.Adj.Rt. Avg.Rt. S.D. I.R. S.R. Adj.Rt. Avg.Rt. S.D. I.R. S.R. Adj.Rt. Avg.Rt. S.D. I.R. S.R. Adj.Rt. GARP.36 5.4.7 5..18 2.72 6.9.39 41.7 1.58 1.6 8.1.2 41.7.9 1.1 9.6.11 47.1.6 Non-GARP -.6 5.4 -.1 41.7 -.3 1.68 6.3.27 33.3 1.12.5 7.1.8 4..3. 8.6.1 45.9. Long-Short.42 2.3.64 5..21 1.4 2.6 2.4 38.9.64 1. 2.8 2.91 4..6 1. 2.6 3.57 38.8.6.42 4.8.9 33.3.28 2.27 6.1.37 33.3 1.51 1.7 7.1.24 36.7 1.1 1.2 8.5.15 41.2.7 GARP(Growth Score & Forward Value Score) Style Portfolio for February GARP (Growth at a Resonable Price) : Long Non-GARP : Short Portfolio Fw. Growth Value (1M) Score Score (%) () (%) 29 362 95.6 65.2-11.2.7 1.5 564 78.6 31 27 92.6 66.3-14.5.8 1. 3,993 25.9 24 7324 82.6 77.8-15.9 -.4 1.7 742 26.5 23 SDI 64 97.7 62.4-6.8 1..8 2,729 25.4 New 7 8.3 71.2 2.3.5.9 1,936 36.1 25 48 73.5 76.6-3.1 1.1 2. 922 25.1 New SKC 1179 62.2 78.2-22.6.9 1.9 632 7.3 2 LG 6657 95.6 56.9-5.1 1.1 1. 7,551 34.3 37 STX 6725 94.5 6.6-2.9.3 1. 1,91 25.8 New KTF 3239 67.4 68. -17.3.8.8 4,814 22.8 New 349 62.1 77.4-5.2.7 2. 2,418 18.2 2 162 77.9 64.3-1.3.2.1 2,35 41.4 1 538 63.7 65.7 -.4.9.1 14,726 41. 2 STX 1181 87.4 59.6 15.3.9 1.7 568 15.2 New 299 54.3 73.1-27.1.6 2.7 739 7.7 22 152 88.9 55.1-1.6 1.2 1.2 682 16.1 3 354 66.9 62.9-18.1 1. 1.7 977 36. New STX 7797 86.2 56.2-1.5 -.8 1.1 67 28.5 2 LG 355 91.3 52.8-4. 1.4 1.1 4,944 3.8 2 114 93.7 5.4-7..8 1.4 4,791 34.7 Portfolio Fw. Growth Value (1M) Score Score (%) () (%) 39 SK 174 5. 5. -22.9.2 -.1 7,14 1. 8 943 5. 5. -3.1 NA NA 3,285 41.8 11 8898 5. 5. 1.3 NA NA 2,196 39.3 28 12 5. 5. -3.9.2.7 1,438 29. 15 1116 5. 5. -1.9 1. 2.1 972 5.2 2 8628 5. 5. -11.1 NA NA 936 22.1 2 41 5. 5. -14.6 3.5 1.9 912.3 14 324 5. 5. -13.2.3 1.5 88 7.9 7 4571 5. 5. -5.1 NA NA 878 35.6 86 341 5. 5. -19.1.3 1.4 851 29.2 5 1178 5. 5. -1.9.4 3. 747 14.6 2 LG 935 5. 5. 2.9 NA NA. 4 143 5. 5. -12.3.5 1.2 613 11.4 42 392 5. 5. -4.6.3.4 576 33.1 9 NH 1642 5. 5. -17.9-1.8 1.6 512.4 5 347 5. 48.2-16..6 2.4 986 8.7 7 LGLCD 3422 5. 34.4-5.7 1.7. 9,393 52.2 6 68 43.2 46.7-18.7 1.2 2.3 2,899 6.8 4 6962 48. 44.4-8.3.4 1.4 532 11.6 New 88 49.3 34.9-8.7 1.5 2. 2,395 25.4 Sector Concentration IT GARP 15.7% 33.3% 23.5% 3.9% 2.% 9.8% 2.% 3.9% 5.9%.% Non-GARP 6.% 26.% 18.% 2.% 6.% 12.% 6.%.% 4.% 2.% 13.3% 24.7% 18.7% 8.7% 4.% 16.7% 6.% 2.7% 3.3% 2.% 27.2.8 66

Definition L.G & L.V : Growth score 5% & Fw. Value score 5% H.G & H.V : Growth score 5% & Fw. Value score 5% 25 125 GARP (Long) Non-GARP (Short) L.G & L.V (Long) H.G & H.V (Short) 1 2 3 4 5 6 7 169 167 94 76 Fw.Value Score L.G & L.V Non-GARP GARP H.G & H.V Performance Monitor (: %) Growth Score L.G & L.V Return -6.9 1.8 16.5-6.9 11.2 145.6 11.4 (Long) I.D. 76.8 46.4 28.6 3.4 73.2 1.7 19.6 Adj.Rt. -5.3.9 11.8-2.1 3. 13. 88.8 H.G & H.V Return -8.6-2.6 8.8-8.6.9 85.3 49.1 (Short) I.D. 9.6 58.5 26.4 37.7 86.8 7.5 11.3 Adj.Rt. -7.8-1.5 6.5-3.2.1 78.9 43.6 Return -7.3 -.7 1.4-7.3 3.8 111. 135.9 I.D. 84. 54.7 3. 43.3 82.7 8.7 12. Adj.Rt. -6.2 -.4 7.3-3.2.7 11.4 119.6 Risk-Return Analysis (: %) 1 3 5 (2.1 ~ ) Avg.Rt. S.D. I.R. S.R.Adj.Rt. Avg.Rt. S.D. I.R. S.R. Adj.Rt. Avg.Rt. S.D. I.R. S.R. Adj.Rt. Avg.Rt. S.D. I.R. S.R. Adj.Rt. L.G & L.V 1. 4.9.2 41.7.58 2.71 6.2.44 33.3 1.81 1.5 7.2.21 36.7 1. 1. 8.5.11 43.5.5 H.G & H.V.19 4.9.4 33.3.12 1.92 6.4.3 33.3 1.28.9 7.3.13 38.3.6.3 8.8.3 45.9.2 Long-Short.81 1.3 2.17 33.3.54.79 3. 1.56 33.3.53.6 2.8 1.61 38.3.4.7 2.5 2.45 38.8.4.42 4.8.9 33.3.28 2.27 6.1.37 33.3 1.51 1.7 7.1.24 36.7 1.1 1.2 8.5.15 41.2.7 GARP(Growth Score & Forward Value Score) Style Portfolio for February Low Growth & Low Valuation : Long High Growth & High Valuation : Short Growth Portfolio Fw. Growth Value (1M) Score Score (%) () (%) New LG 5191 38.6 73.5 1.9 1. 1.7 2,828 26.1 12 2953 41.3 67.1-11.4.2.9 59 44.7 New 21 48.8 63.1.8.4 1.4 2,666 46.7 7 33 46.9 63.7-5..9.6 592 34.6 New 7 29.1 71.7-1.8.7.6 546 7.9 New 345 47.1 62.4-14.4.8 2.1 1,491 1.2 39 SK 174 5. 5. -22.9.2 -.1 7,14 1. 8 943 5. 5. -3.1 NA NA 3,285 41.8 11 8898 5. 5. 1.3 NA NA 2,196 39.3 28 12 5. 5. -3.9.2.7 1,438 29. 6 1116 5. 5. -1.9 1. 2.1 972 5.2 2 8628 5. 5. -11.1 NA NA 936 22.1 2 41 5. 5. -14.6 3.5 1.9 912.3 14 324 5. 5. -13.2.3 1.5 88 7.9 7 4571 5. 5. -5.1 NA NA 878 35.6 86 341 5. 5. -19.1.3 1.4 851 29.2 4 1178 5. 5. -1.9.4 3. 747 14.6 2 LG 935 5. 5. 2.9 NA NA. 17 143 5. 5. -12.3.5 1.2 613 11.4 42 392 5. 5. -4.6.3.4 576 33.1 Portfolio Fw. Growth Value (1M) Score Score (%) () (%) 6 LIG 255 95.2 49.6 5.2.9 2.3 99 18.4 5 455 98.8 48.3-1.2.8 2.9 777 31.1 New 145 96. 46.9 2.1.8 2.3 1,77 16.3 2 583 85.8 49.6 -.2 1.8 2. 1,749 17.2 33 4266 95.7 39. -6.5 1. 1.3 5,225 33.6 39 SK 174 5. 5. -22.9.2 -.1 7,14 1. 8 943 5. 5. -3.1 NA NA 3,285 41.8 11 8898 5. 5. 1.3 NA NA 2,196 39.3 28 12 5. 5. -3.9.2.7 1,438 29. 15 1116 5. 5. -1.9 1. 2.1 972 5.2 2 8628 5. 5. -11.1 NA NA 936 22.1 26 41 5. 5. -14.6 3.5 1.9 912.3 14 324 5. 5. -13.2.3 1.5 88 7.9 7 4571 5. 5. -5.1 NA NA 878 35.6 86 341 5. 5. -19.1.3 1.4 851 29.2 5 1178 5. 5. -1.9.4 3. 747 14.6 2 LG 935 5. 5. 2.9 NA NA. 4 143 5. 5. -12.3.5 1.2 613 11.4 42 392 5. 5. -4.6.3.4 576 33.1 9 NH 1642 5. 5. -17.9-1.8 1.6 512.4 Sector Concentration IT L.G & L.V 21.1% 22.8% 14.% 5.3% 1.8% 17.5% 3.5% 3.5% 7.% 3.5% H.G & H.V 5.9% 23.5% 21.6% 7.8% 7.8% 21.6% 7.8%.% 3.9%.% 13.3% 24.7% 18.7% 8.7% 4.% 16.7% 6.% 2.7% 3.3% 2.% 27.2.8 67

* GARP : Growth at a Resonable Quality GARQ (Growth score & Quality score) Growth Definition 25 125 GARQ : Growth score 5% & Quality score 5% Non-GARQ : Growth score 5% & Quality score 5% GARQ (Long) Non-GARQ (Short) H.G & L.Q (Long) L.G & H.Q (Short) 1 2 3 4 5 6 7 16 15 149 Performance Monitor (: %) GARQ Return -8.1-4.3 8.9-8.1-2.7 82. 9.1 (Long) I.D. 9.9 66.7 3.3 39.4 87.9 3. 3. Adj.Rt. -7.4-2.9 6.2-3.2-2.4 79.5 87.4 Non-GARQ Return -1.1 -.7 11.1-1.1 6.7 151.5 113. (Short) I.D. 9. 52.5 25. 47.5 87.5 1. 22.5 Adj.Rt. -9.1 -.4 8.3-4.8.8 136.4 87.6 Return -7.3 -.7 1.4-7.3 3.8 111. 135.9 I.D. 84. 54.7 3. 43.3 82.7 8.7 12. Adj.Rt. -6.2 -.4 7.3-3.2.7 11.4 119.6 Risk-Return Analysis (: %) 1 3 5 (2.1 ~ ) Avg.Rt. S.D. I.R. S.R.Adj.Rt. Avg.Rt. S.D. I.R. S.R. Adj.Rt. Avg.Rt. S.D. I.R. S.R. Adj.Rt. Avg.Rt. S.D. I.R. S.R. Adj.Rt. GARQ -.13 4.7 -.3 5. -.6 1.84 5.8.32 38.9 1.12 1.3 6.7.19 41.7.8.8 8..1 44.7.4 Non-GARQ.71 6.1.12 33.3.48 2.82 7..4 33.3 1.88 1.6 7.8.2 35. 1..9 9.2.1 43.5.5 Long-Short -.84 2.4-1.2 66.7 -.56 -.99 3.6-1.63 58.3 -.58 -.3 3.6 -.59 53.3 -.1 -.1 3.5 -.3 49.4 -.1.42 4.8.9 33.3.28 2.27 6.1.37 33.3 1.51 1.7 7.1.24 36.7 1.1 1.2 8.5.15 41.2.7 GARQ(Growth Score & Quality Score) Style Portfolio for February GARQ (Growth at a Resonable Quality) : Long Non-GARQ : Short Portfolio Growth Quality Score Score (1M) (%) () (%) 21 LG 355 91.3 74.4-4. 1.4 1.1 4,944 3.8 22 421 89.7 62.4-27.4 2.4.6 1,537 25.1 23 3657 87. 75.7 1.1.7.3 1,197 43.8 6 STX 7797 86.2 62.4-1.5 -.8 1.1 67 28.5 8 954 79.5 71. 7.5.3.7 1,298 22.1 33 162 77.9 81.9-1.3.2.1 2,35 41.4 6 3762 77.1 66.5-11.3 NA NA 1,795 14.7 27 2124 76. 75.4-5. 1. 1.6 1,822 24. 5 715 74.1 55.7-11.7 1.7 1.9 2,163 48. 1 285 71.6 58.7-1.5 2.1 1.8 1,74 37.6 New SBS 3412 69.3 62.3-9.8 1.1 1.2 1,278. New 4267 66.9 52.2-8.8 1. 2.1 3,229 13.4 New 354 66.9 51.2-18.1 1. 1.7 977 36. New 3525 64.9 83.3 -.7.8.2 4,29 34.6 New SKC 1179 62.2 52.2-22.6.9 1.9 632 7.3 16 LG 519 61.8 68.1-8.1 1. 1. 1,773 47.7 9 13 58.2 53. -7. 1.6.7 1,825 26.3 6 1636 58. 56.6-9.7 1.4 1.6 3,61 29.6 69 417 56.6 57.5-5.9 1.4.7 1,298 44.6 New LG 1594 55.7 56.7 7.4 1.4 1.7 1,71 23.2 Portfolio Growth Quality Score Score (1M) (%) () (%) 7 LGLCD 3422 5. 15.1-5.7 1.7. 9,393 52.2 39 SK 174 5. 39.5-22.9.2 -.1 7,14 1. 11 8898 5. 5. 1.3 NA NA 2,196 39.3 6 12 5. 47. -3.9.2.7 1,438 29. 1 347 5. 42. -16..6 2.4 986 8.7 24 1116 5. 4.5-1.9 1. 2.1 972 5.2 9 41 5. 43.8-14.6 3.5 1.9 912.3 7 4571 5. 5.5-5.1 NA NA 878 35.6 67 341 5. 45.4-19.1.3 1.4 851 29.2 34 1178 5. 45.1-1.9.4 3. 747 14.6 2 LG 935 5. 5. 2.9 NA NA. 8 143 5. 48.8-12.3.5 1.2 613 11.4 9 NH 1642 5. 42.2-17.9-1.8 1.6 512.4 New 88 49.3 39.8-8.7 1.5 2. 2,395 25.4 New 345 47.1 42.3-14.4.8 2.1 1,491 1.2 3 68 43.2 48.8-18.7 1.2 2.3 2,899 6.8 12 2953 41.3 49.8-11.4.2.9 59 44.7 3 LG 112 41.2 33.1-4.6.2.8 849 4.7 New LG 5191 38.6 36.5 1.9 1. 1.7 2,828 26.1 6 CJ 14 35.8 4.6-8.9 1.3 1.2 3,96 19.8 Sector Concentration IT GARQ 9.4% 25.% 25.% 9.4% 6.3% 12.5% 3.1% 3.1% 6.3%.% Non-GARQ 23.1% 28.2% 1.3% 5.1% 2.6% 15.4% 7.7%.% 5.1% 2.6% 13.3% 24.7% 18.7% 8.7% 4.% 16.7% 6.% 2.7% 3.3% 2.% 27.2.8 68

Definition 25 125 H.G & L.Q : Growth score 5% & Quality score 5% L.G & H.Q : Growth score 5% & Quality score 5% GARQ (Long) Non-GARQ (Short) H.G & L.Q (Long) L.G & H.Q (Short) 1 2 3 4 5 6 7 16 15 149 Quality Score L.G & H.Q Non-GARP GARQ H.G & L.Q Performance Monitor (: %) Growth Score H.G & L.Q Return -7.3 -.8 1.4-7.3 3.3 127.8 11.9 (Long) I.D. 82. 56. 32. 52. 8. 14. 2. Adj.Rt. -6. -.5 7.1-3.8.7 19.9 81.5 L.G & H.Q Return -5.6 1.9 12.2-5.6 3.5 71. 63.3 (Short) I.D. 79.2 47.9 29.2 31.3 77.1 8.3 8.3 Adj.Rt. -4.4 1. 8.7-1.7.8 65.1 58. Return -7.3 -.7 1.4-7.3 3.8 111. 135.9 I.D. 84. 54.7 3. 43.3 82.7 8.7 12. Adj.Rt. -6.2 -.4 7.3-3.2.7 11.4 119.6 Risk-Return Analysis (: %) 1 3 5 (2.1 ~ ) Avg.Rt. S.D. I.R. S.R.Adj.Rt. Avg.Rt. S.D. I.R. S.R. Adj.Rt. Avg.Rt. S.D. I.R. S.R. Adj.Rt. Avg.Rt. S.D. I.R. S.R. Adj.Rt. H.G & L.Q.4 5.3.8 41.7.23 2.56 7.3.35 41.7 1.49 1.5 8.5.18 4..9 1.1 1.2.1 45.9.6 L.G & H.Q.37 4.2.9 33.3.25 1.64 5.4.3 33.3 1.1 1. 6.4.16 41.7.6.8 7.6.1 43.5.4 Long-Short.3 2.6.4 5..1.92 3.5 1.56 38.9.56.5 4. 1. 41.7.3.3 4.5.62 49.4.2.42 4.8.9 33.3.28 2.27 6.1.37 33.3 1.51 1.7 7.1.24 36.7 1.1 1.2 8.5.15 41.2.7 GARQ(Growth Score & Quality Score) Style Portfolio for February High Growth & Low Quality : Long Low Growth & High Quality : Short Growth Portfolio Growth Quality Score Score (1M) (%) () (%) 15 455 98.8 15.3-1.2.8 2.9 777 31.1 9 SDI 64 97.7 3.1-6.8 1..8 2,729 25.4 13 145 96. 31.3 2.1.8 2.3 1,77 16.3 32 4266 95.7 43.9-6.5 1. 1.3 5,225 33.6 13 LG 6657 95.6 26.8-5.1 1.1 1. 7,551 34.3 29 362 95.6 5.5-11.2.7 1.5 564 78.6 15 LIG 255 95.2 28.6 5.2.9 2.3 99 18.4 33 STX 6725 94.5 46.2-2.9.3 1. 1,91 25.8 37 114 93.7 42.3-7..8 1.4 4,791 34.7 31 27 92.6 18.3-14.5.8 1. 3,993 25.9 48 915 91. 22.7-2.9 1.1.7 2,562 1.9 25 152 88.9 5.3-1.6 1.2 1.2 682 16.1 2 STX 1181 87.4 48. 15.3.9 1.7 568 15.2 New 112 87.3 11.3-14.8.2.6 2,32 17.1 9 583 85.8 43.5 -.2 1.8 2. 1,749 17.2 38 348 83.4 36.1-4.3 1.2 2.9 1,881 27. 24 7324 82.6 21.5-15.9 -.4 1.7 742 26.5 New 7 8.3 23.8 2.3.5.9 1,936 36.1 New 1245 79.1 49.9-16.3 1.1 1.8 2,187 13.4 18 LG 6887 77.2 22.4-16..5 1.3 657 3.7 Portfolio Growth Quality Score Score (1M) (%) () (%) 2 943 5. 56.4-3.1 NA NA 3,285 41.8 2 8628 5. 59.9-11.1 NA NA 936 22.1 14 324 5. 66.2-13.2.3 1.5 88 7.9 42 392 5. 57.9-4.6.3.4 576 33.1 5 72 49.5 52.6-15.4 1.2 1.4 5,333 17.1 13 GS 7893 49.2 67.8 3.3.3 1.3 2,89 28.3 New 21 48.8 55.5.8.4 1.4 2,666 46.7 New 1888 48. 65.5-15..6 1.3 1,121 87.6 4 6962 48. 82.6-8.3.4 1.4 532 11.6 9 18 47.9 64.8-9.4 1. 2.2 1,462 37.4 7 33 46.9 61.7-5..9.6 592 34.6 New 1 46.1 73.9-18..9 1.3 1,325 22.7 New 24 45.6 67.1-12.7. 1.9 2,1 44.4 25 SK 1767 4.9 81.8-1.1.8.4 16,239 47.2 1 LS 112 4.9 64.6-5.7 1.3.9 915 17.4 13 3 39.8 67.4-5.2.9 1.1 1,8 38.2 39 1263 37.1 7.2-12.5.2 1.4 3,747 64.3 15 527 36.6 55.5-2.5 1.1 1.6 2,48 66.6 New 593 35.5 85.8-5.5 1.5.5 85,286 48.7 1 1275 34.6 88. -1.5.5.5 1,474 54. Sector Concentration IT H.G & L.Q 11.8% 29.4% 21.6% 2.% 3.9% 19.6% 7.8% 2.% 2.%.% L.G & H.Q 8.2% 18.4% 18.4% 18.4% 4.1% 16.3% 4.1% 4.1% 4.1% 4.1% 13.3% 24.7% 18.7% 8.7% 4.% 16.7% 6.% 2.7% 3.3% 2.% 27.2.8 69

EPS Growth Definition 3 2 1 [ { (FY2 EPS / FY EPS)^(1/2) } 1] 1 (FY EPS >, FY2 EPS > ) Top 2% (Long) Bottom 2% (Short) 1 2 3 4 5 6 7 277 231 Performance Monitor (: %) Top 2% Return -5.9-3.3 11. -5.9 6. 87. 183.4 (Long) I.D. 84.6 53.8 3.8 46.2 84.6 11.5 3.8 Adj.Rt. -5. -1.8 7.6-2.7.9 77. 176.4 Bottom 2% Return -8. 1.1 11.6-8. 7.6 81.9 124.1 (Short) I.D. 88.5 5. 3.8 5. 88.5 3.8 3.8 Adj.Rt. -7.1.5 8. -4..9 78.7 119.3 Return -7.3 -.7 1.4-7.3 3.8 111. 135.9 I.D. 84. 54.7 3. 43.3 82.7 8.7 12. Adj.Rt. -6.2 -.4 7.3-3.2.7 11.4 119.6 Risk-Return Analysis (: %) 1 3 5 (2.1 ~ ) Avg.Rt. S.D. I.R. S.R.Adj.Rt. Avg.Rt. S.D. I.R. S.R. Adj.Rt. Avg.Rt. S.D. I.R. S.R. Adj.Rt. Avg.Rt. S.D. I.R. S.R. Adj.Rt. Top 2%.61 5.4.11 41.7.36 1.99 7.1.28 41.7 1.16 2.1 8.1.26 36.7 1.3 1.7 1..17 4. 1. Bottom 2%.74 5.4.14 33.3.5 1.88 6.6.28 33.3 1.25 1.6 7.3.22 35. 1. 1.4 8.8.16 4..8 Long-Short -.13 2.5 -.18 5. -.6.11 3.5.18 47.2.6.5 3.6.99 43.3.3.3 4..75 44.7.2.42 4.8.9 33.3.28 2.27 6.1.37 33.3 1.51 1.7 7.1.24 36.7 1.1 1.2 8.5.15 41.2.7 EPS Style Portfolio for February Top 2% : Long Bottom 2% : Short Portfolio Fw.EPS (1M) (2Y, %) (%) () (%) New 362 17.1-11.2.7 1.5 564 78.6 25 LG 6657 117.2-5.1 1.1 1. 7,551 34.3 9 455 14.3-1.2.8 2.9 777 31.1 New 112 77.6-14.8.2.6 2,32 17.1 4 145 75.6 2.1.8 2.3 1,77 16.3 New LIG 255 73.2 5.2.9 2.3 99 18.4 New SDI 64 68.9-6.8 1..8 2,729 25.4 25 4266 64.8-6.5 1. 1.3 5,225 33.6 28 114 61.7-7..8 1.4 4,791 34.7 9 STX 6725 51.5-2.9.3 1. 1,91 25.8 6 7324 5. -15.9 -.4 1.7 742 26.5 8 3657 49.7 1.1.7.3 1,197 43.8 New 421 48.6-27.4 2.4.6 1,537 25.1 9 LG 355 47.1-4. 1.4 1.1 4,944 3.8 New STX 1181 44.9 15.3.9 1.7 568 15.2 New 152 43.8-1.6 1.2 1.2 682 16.1 25 348 43.5-4.3 1.2 2.9 1,881 27. 8 27 42.7-14.5.8 1. 3,993 25.9 New 15 41.4-7.4 1.3 2.1 1,258 22.4 9 STX 7797 41. -1.5 -.8 1.1 67 28.5 Portfolio Fw.EPS (1M) (2Y, %) (%) () (%) 5 144-49.6-11. 1.7 2.5 985 3.6 New 279-2.7-11.8-1.2.8 1,197 24.7 13 113-17.8-15.4 1.1 2.4 1,576 19.3 3 68-16.8-18.7 1.2 2.3 2,899 6.8 4 LG 1299-14.7 25.5.7 1.7 1,333 25.3 3 1117-8.5 9.5.8 1.8 2,425 47.4 New 66-7.1-14.3 2. 1.4 14,346 2.4 New 983-6.. 1.5 2.1 1,234 31.5 13 S-Oil 195-5.7-4.7.2.4 7,352 5.9 New 53-4.7 -.5 1.3 1.4 17,732 9.2 9 581-4.7-17.9.4 1.4 61 15.7 New 8679-4.4-4.9.4 1. 9,851 8.4 25 LG 3271-3.6 -.6 1.3 1.4 7,71 15.3 New 469-1.2-5.7 -.1.5 57 3.8 New 4-1. 8.2 1.5 1.5 65 1.9 New 6 -.9. 1.8 1.5 25,195 83.4 New 345 1. -14.4.8 2.1 1,491 1.2 New KCC 238 1.5-16.2.7 1.2 2,551 22.2 New 53 1.6-2.3.7.7 1,692 42.8 New 877 1.9-1.6.9 1.7 532 1.1 Sector Concentration IT Top 2% 7.7% 34.6% 26.9% 3.8%.% 15.4% 11.5%.%.%.% Bottom 2% 34.6% 11.5% 3.8% 7.7%.% 26.9% 3.8%.% 3.8% 7.7% 13.3% 24.7% 18.7% 8.7% 4.% 16.7% 6.% 2.7% 3.3% 2.% 27.2.8 7

Definition 35 175 [ { (FY2 / FY )^(1/2) } 1] 1 (FY >, FY2 > ) Top 2% (Long) Bottom 2% (Short) 1 2 3 4 5 6 7 317 29 Performance Monitor (: %) Top 2% Return -6.4-4.7 9. -6.4.5 98.3 229.3 (Long) I.D. 84.6 57.7 38.5 57.7 84.6 7.7. Adj.Rt. -5.4-2.7 5.5-3.7.1 9.7 229.3 Bottom 2% Return -5.8 2.4 11.7-5.8 7.5 17.5 164.5 (Short) I.D. 88.5 46.2 3.8 26.9 88.5 15.4 15.4 Adj.Rt. -5.2 1.3 8.1-1.6.9 9.9 139.2 Return -7.3 -.7 1.4-7.3 3.8 111. 135.9 I.D. 84. 54.7 3. 43.3 82.7 8.7 12. Adj.Rt. -6.2 -.4 7.3-3.2.7 11.4 119.6 Risk-Return Analysis (: %) 1 3 5 (2.1 ~ ) Avg.Rt. S.D. I.R. S.R.Adj.Rt. Avg.Rt. S.D. I.R. S.R. Adj.Rt. Avg.Rt. S.D. I.R. S.R. Adj.Rt. Avg.Rt. S.D. I.R. S.R. Adj.Rt. Top 2%.18 5.6.3 58.3.8 2.18 7.4.3 47.2 1.15 2.3 8.2.28 41.7 1.4 1.8 9.9.19 47.1 1. Bottom 2%.71 4.7.15 25..53 2.24 6.5.35 27.8 1.62 1.9 7.2.26 3. 1.3 1.7 9.6.18 36.5 1.1 Long-Short -.52 2.5 -.73 75. -.39 -.7 4.5 -.9 55.6 -.4.4 4.1.84 45..2.1 4.4.3 47.1.1.42 4.8.9 33.3.28 2.27 6.1.37 33.3 1.51 1.7 7.1.24 36.7 1.1 1.2 8.5.15 41.2.7 Style Portfolio for February Top 2% : Long Bottom 2% : Short Growth Portfolio Fw.OP (1M) (1Y, %) (%) () (%) 17 114 346-7..8 1.4 4,791 34.7 12 STX 6725 286.9-2.9.3 1. 1,91 25.8 9 STX 7797 11.6-1.5 -.8 1.1 67 28.5 21 LG 355 84.9-4. 1.4 1.1 4,944 3.8 9 152 83.1-1.6 1.2 1.2 682 16.1 6 583 81.4 -.2 1.8 2. 1,749 17.2 16 LG 6887 75.7-16..5 1.3 657 3.7 25 162 67.1-1.3.2.1 2,35 41.4 New 1245 64.2-16.3 1.1 1.8 2,187 13.4 8 LIG 255 52.2 5.2.9 2.3 99 18.4 New 455 37.5-1.2.8 2.9 777 31.1 New STX 1181 34.8 15.3.9 1.7 568 15.2 6 145 34.1 2.1.8 2.3 1,77 16.3 17 421 31.3-27.4 2.4.6 1,537 25.1 5 LG 6657 21.5-5.1 1.1 1. 7,551 34.3 11 SDI 64 1.1-6.8 1..8 2,729 25.4 New 3657 7.3 1.1.7.3 1,197 43.8 New 68-26. -18.7 1.2 2.3 2,899 6.8 New 345-3.2-14.4.8 2.1 1,491 1.2 New 715-63. -11.7 1.7 1.9 2,163 48. Portfolio Fw.OP (1M) (1Y, %) (%) () (%) New 144-24.4-11. 1.7 2.5 985 3.6 24 LG 3271-2.7 -.6 1.3 1.4 7,71 15.3 26 1117-18. 9.5.8 1.8 2,425 47.4 12 581-16.5-17.9.4 1.4 61 15.7 New 5555-6.6 3.6 1.1 1.2 18,773 59. 14 S-Oil 195-5.1-4.7.2.4 7,352 5.9 3 474 -.5-6.8 1. 1.4 6,39 11.4 9 437 3.8-1.2..9 1,557 26.1 11 6996 4. -11.2 1.5 1.6 1,69 44.2 3 469 4. -5.7 -.1.5 57 3.8 7 53 4. -2.3.7.7 1,692 42.8 9 499 4.6-3.7 2.3.5 1,656 43.1 New 475 4.6-1.4.3 1.1 3,325 2.6 6 42 5.1-2.5 1.4 1.6 2,793 22.2 4 LG 1299 5.5 25.5.7 1.7 1,333 25.3 33 SK 36 7.7-1.5.1.6 9,252 43. 3 POSCO 549 8.2 6.6 1.3 1. 28,728 62. 13 113 9.7-15.4 1.1 2.4 1,576 19.3 New 3646 11. -9.6.3 1.1 2,879 6.4 New 123 11.6-15.1.6 1.9 1,233 38. Sector Concentration IT Top 2% 7.7% 26.9% 19.2%.% 3.8% 26.9% 15.4%.%.%.% Bottom 2% 26.9% 15.4% 15.4% 15.4%.% 11.5%.%.% 7.7% 7.7% 13.3% 24.7% 18.7% 8.7% 4.% 16.7% 6.% 2.7% 3.3% 2.% 27.2.8 71

PART 4 MOMENTUM Style Strategies Momentum Composite MARP : Momentum at a Reasonable Price MARP 1 : EPS & Fw. PER MARP 2 : Momentum score & Fw. Value score EPS & EPS & & EPS

Momentum Style Performance 1 Momentum Style Strategies : Return (1-month, 1/31) % MARP (EM & PER) EM & PM MARP (M.S & V.S) EM & FM, -3% -6% -9% MARP 1 (EM & Fw.PER) EM & PM MARP 2 (M.Score & V.Score) EM & FM Momentum Composite OP Momentum (OM) EPS Momentum (EM) Price Momentum (PM) FM & PM Foreigners Momentum (FM) Momentum Style Strategies : Risk (Internal Dispersion, 1-month, 1/31) 1% MARP (M.S & V.S) EM & FM MARP (EM & PER) FM & PM 5%, % MARP 2 (M.Score & V.Score) EM & FM MARP 1 (EM & Fw.PER) FM & PM Momentum Composite Foreigners Momentum (FM) EM & PM Price Momentum (PM) OP Momentum (OM) EPS Momentum (EM) Momentum Style Strategies : Risk-adjusted Return (1-month, 1/31) % MARP (M.S & V.S) MARP (EM & PER) EM & PM EM & FM -4%. -8% MARP 2 (M.Score & V.Score) MARP 1 (EM & Fw.PER) EM & PM EM & FM Momentum Composite OP Momentum (OM) EPS Momentum (EM) Price Momentum (PM) FM & PM Foreigners Momentum (FM) - 27.2.8 74

Momentum Composite Definition 55 275 Momentum scoring ( Part.7 Definitions ) Top 2% (Long) Bottom 2% (Short) 1 2 3 4 5 6 7 483 1 Performance Monitor (: %) Top 2% Return -5.3 2.3 12.7-5.3 7.2 149.7 347.1 (Long) I.D. 73.3 63.3 23.3 4. 73.3 1. 2. Adj.Rt. -3.9.8 9.8-2.1 1.9 134.8 277.6 Bottom 2% Return -9.3-4.3 13.4-9.3 2.2 76.6 45.4 (Short) I.D. 1. 56.7 36.7 53.3 1. 13.3 6.7 Adj.Rt. -9.3-2.4 8.5-5.. 66.3 42.4 Return -7.3 -.7 1.4-7.3 3.8 111. 135.9 I.D. 84. 54.7 3. 43.3 82.7 8.7 12. Adj.Rt. -6.2 -.4 7.3-3.2.7 11.4 119.6 Risk-Return Analysis (: %) 1 3 5 (2.1 ~ ) Avg.Rt. S.D. I.R. S.R. Adj.Rt. Avg.Rt. S.D. I.R. S.R. Adj.Rt. Avg.Rt. S.D. I.R. S.R. Adj.Rt. Avg.Rt. S.D. I.R. S.R. Adj.Rt. Top 2%.68 4.5.15 25..51 2.82 7.3.39 33.3 1.88 2.8 7.7.36 35. 1.8 2.2 8.9.25 41.2 1.3 Bottom 2%.33 5.7.6 41.7.19 1.77 6.1.29 36.1 1.13.9 7.3.12 36.7.6.4 9.4.5 43.5.2 Long-Short.35 2.7.44 5..17 1.6 3.4 1.87 41.7.62 1.9 3.5 4.26 3. 1.3 1.8 3.8 4.39 31.8 1.2.42 4.8.9 33.3.28 2.27 6.1.37 33.3 1.51 1.7 7.1.24 36.7 1.1 1.2 8.5.15 41.2.7 Momentum Composite Style Portfolio for February Top 2% : Long Bottom 2% : Short Momentum Portfolio Score (1M) (%) () (%) 2 455 89.3-1.2.8 2.9 777 31.1 New 349 87.8-5.2.7 2. 2,418 18.2 2 362 86.7-11.2.7 1.5 564 78.6 New LG 1299 76.7 25.5.7 1.7 1,333 25.3 New 348 74. -4.3 1.2 2.9 1,881 27. New LG 6887 74. -16..5 1.3 657 3.7 2 1576 73...4.7 27,22 29.8 New 342 72.9.8 1.8 2.4 4,656 2.3 New 112 72.7-14.8.2.6 2,32 17.1 New LG 5191 7.3 1.9 1. 1.7 2,828 26.1 New 152 69.2-1.6 1.2 1.2 682 16.1 2 STX 1181 69.1 15.3.9 1.7 568 15.2 New CJ 14 68.9-8.9 1.3 1.2 3,96 19.8 New 7324 68.9-15.9 -.4 1.7 742 26.5 2 LG 355 68.2-4. 1.4 1.1 4,944 3.8 2 66 68. -14.3 2. 1.4 14,346 2.4 5 954 67.7 7.5.3.7 1,298 22.1 New 469 67.6-5.7 -.1.5 57 3.8 New 1688 67.6-18.8.6 1.3 528 26.4 2 GS 636 66.8-6.1 -.1 1.8 3,978 5.9 Portfolio Score (1M) (%) () (%) 2 538 14.7 -.4.9.1 14,726 41. New 33 17.4-5..9.6 592 34.6 New 183 18.4-11.1.4 1.2 51 13.1 3 494 19. -5.4.9 1.4 7,836 77.9 New 114 19.2-7..8 1.4 4,791 34.7 New 1245 21.3-16.3 1.1 1.8 2,187 13.4 New 877 22.1-1.6.9 1.7 532 1.1 New 4 22.9 8.2 1.5 1.5 65 1.9 2 437 27. -1.2..9 1,557 26.1 2 SK 36 27.5-1.5.1.6 9,252 43. New 3646 28. -9.6.3 1.1 2,879 6.4 New 345 29.3-14.4.8 2.1 1,491 1.2 New 2353 3.8-5.1 NA NA 1,644 22.4 New SK 1767 33. -1.1.8.4 16,239 47.2 New 1636 35.6-9.7 1.4 1.6 3,61 29.6 2 279 35.6-11.8-1.2.8 1,197 24.7 New 528 35.7 3.9 1. 1.3 1,768 56.8 New LGLCD 3422 36.1-5.7 1.7. 9,393 52.2 New 8898 36.7 1.3 NA NA 2,196 39.3 New 1233 36.8-11.2 1. 1.1 6,547 47.4 Sector Concentration IT Top 2% 13.3% 33.3% 2.% 6.7% 6.7% 1.% 3.3%.% 6.7%.% Bottom 2% 1.% 13.3% 23.3% 1.%.% 16.7% 1.% 6.7% 3.3% 6.7% 13.3% 24.7% 18.7% 8.7% 4.% 16.7% 6.% 2.7% 3.3% 2.% 27.2.8 75

* MARP : Momentum at a Resonable Price MARP 1 (EPS & Forward PER) Momentum Definition 1,1 MARP : EPS 5% & Fw. PER 5% Non-MARP: EPS 5% & Fw. PER 5% 55 MARP (Long) Non-MARP (Short) L.M & L.PE (Long) H.M & H.PE (Short) 1 2 3 4 5 6 7 965 386 221 148 Performance Monitor (: %) MARP Return -4.1 4.3 16.4-4.1 21.1 241.1 535 (Long) I.D. 69.7 45.5 18.2 45.5 69.7 9.1 18.2 Adj.Rt. -2.8 2.3 13.5-1.9 6.4 219.2 437.5 Non-MARP Return -11. -6.3 2.2-11. -2.5 62.8 77.3 (Short) I.D. 93.9 72.7 33.3 6.6 93.9 12.1 6.1 Adj.Rt. -1.3-4.6 1.5-6.6-2.4 55.2 72.6 Return -7.3 -.7 1.4-7.3 3.8 111. 135.9 I.D. 84. 54.7 3. 43.3 82.7 8.7 12. Adj.Rt. -6.2 -.4 7.3-3.2.7 11.4 119.6 Risk-Return Analysis (: %) 1 3 5 (2.1 ~ ) Avg.Rt. S.D. I.R. S.R. Adj.Rt. Avg.Rt. S.D. I.R. S.R. Adj.Rt. Avg.Rt. S.D. I.R. S.R. Adj.Rt. Avg.Rt. S.D. I.R. S.R. Adj.Rt. MARP 1.71 4.7.37 33.3 1.14 3.69 6.9.53 33.3 2.46 3.4 7.9.43 35. 2.2 3.1 9.3.34 37.6 1.9 Non-MARP -.7 5.5 -.1 5. -.4 1.53 5.9.26 47.2.81 1.2 7.1.17 46.7.6.8 8.5.1 5.6.4 Long-Short 1.78 2.5 2.51 33.3 1.19 2.16 3.3 3.96 33.3 1.44 2.2 3.6 4.75 3. 1.6 2.3 4.1 5.1 29.4 1.6.42 4.8.9 33.3.28 2.27 6.1.37 33.3 1.51 1.7 7.1.24 36.7 1.1 1.2 8.5.15 41.2.7 MARP(EPS & Forward PER) Style Portfolio for February MARP (Momentum at a Resonable Price) : Long Non-MARP : Short Portfolio EPS Fw. PER (1M) (%) () (%) () (%) New LG 1299 28.8 6.5 25.5.7 1.7 1,333 25.3 2 113 1.8 5. -15.4 1.1 2.4 1,576 19.3 New 299 7.8 5.7-27.1.6 2.7 739 7.7 8 STX 7797 13.8 7.7-1.5 -.8 1.1 67 28.5 New STX 6725 26. 8.2-2.9.3 1. 1,91 25.8 New 144 125.9 8.4-11. 1.7 2.5 985 3.6 2 983 3.7 6.3. 1.5 2.1 1,234 31.5 2 66 3.9 7. -14.3 2. 1.4 14,346 2.4 2 2411 3.7 7. 1.2 1.3 1.3 7,29 2.6 1 162 2.9 6.8-1.3.2.1 2,35 41.4 2 STX 1181 3.7 7.8 15.3.9 1.7 568 15.2 New SKC 1179 1.4 6.1-22.6.9 1.9 632 7.3 4 LG 5191 5. 8.5 1.9 1. 1.7 2,828 26.1 New 349 6.5 8.7-5.2.7 2. 2,418 18.2 3 1576 11.2 9.6..4.7 27,22 29.8 New 1117 2.4 8. 9.5.8 1.8 2,425 47.4 4 954 5.7 8.8 7.5.3.7 1,298 22.1 2 LG 355 3.9 8.7-4. 1.4 1.1 4,944 3.8 New 348 12.5 1.3-4.3 1.2 2.9 1,881 27. New LS 112 1.6 8. -5.7 1.3.9 915 17.4 Portfolio EPS Fw. PER (1M) (%) () (%) () (%) New 1263.4 1.6-12.5.2 1.4 3,747 64.3 New 715. 1.5-11.7 1.7 1.9 2,163 48. 4 72.7 11.7-15.4 1.2 1.4 5,333 17.1 New KT&G 3378.8 13. 1.4.2 -.3 8,448 54.8 2 437 -.9 1.9-1.2..9 1,557 26.1 New LIG 255.7 14.5 5.2.9 2.3 99 18.4 5 KTF 3239-7. 1.7-17.3.8.8 4,814 22.8 5 499.4 14.8-3.7 2.3.5 1,656 43.1 New 3646-4.2 1.9-9.6.3 1.1 2,879 6.4 3 1.3 14.6-18..9 1.3 1,325 22.7 New 114-4.2 11.6-7..8 1.4 4,791 34.7 New 4. 13.9 8.2 1.5 1.5 65 1.9 New 474-5.8 11.5-6.8 1. 1.4 6,39 11.4 New 3762-2.1 12.6-11.3 NA NA 1,795 14.7 New 279-23.4 1.5-11.8-1.2.8 1,197 24.7 New KT 32-9.4 1.8-7.7.6.5 11,996 47.3 New 1245-1.2 1.7-16.3 1.1 1.8 2,187 13.4 New 2353-1.9 13.3-5.1 NA NA 1,644 22.4 2 417.3 17.7-5.9 1.4.7 1,298 44.6 3 53.1 19.3-2.3.7.7 1,692 42.8 Sector Concentration 27.2.8 IT MARP 3.% 36.7% 3.3%.%.% 16.7% 6.7%.% 6.7%.% Non-MARP 3.3% 16.7% 2.% 2.% 3.3% 16.7% 1.% 6.7% 3.3%.% 13.3% 24.7% 18.7% 8.7% 4.% 16.7% 6.% 2.7% 3.3% 2.% 76

Definition 1,1 L.M & L.PE : EPS 5% & Fw. PER 5% H.M & H.PE : EPS 5% & Fw. PER 5% 55 MARP (Long) Non-MARP (Short) L.M & L.PE (Long) H.M & H.PE (Short) 1 2 3 4 5 6 7 965 386 221 148 Fw. PER Non-MARP L.EM & L.PE H.EM & H.PE MARP Performance Monitor (: %) EPS L.M & L.PE Return -6.9 -.6 11.3-6.9.3 113.4 172.7 (Long) I.D. 82.4 52.9 44.1 41.2 82.4 8.8 14.7 Adj.Rt. -5.7 -.3 6.3-2.8.1 13.4 147.3 H.M & H.PE Return -5.6 -.7 7.8-5.6 3.8 94. 163.8 (Short) I.D. 84.8 48.5 27.3 3.3 84.8 3. 3. Adj.Rt. -4.7 -.3 5.7-1.7.6 91.2 158.9 Return -7.3 -.7 1.4-7.3 3.8 111. 135.9 I.D. 84. 54.7 3. 43.3 82.7 8.7 12. Adj.Rt. -6.2 -.4 7.3-3.2.7 11.4 119.6 Risk-Return Analysis (: %) 1 3 5 (2.1 ~ ) Avg.Rt. S.D. I.R. S.R. Adj.Rt. Avg.Rt. S.D. I.R. S.R. Adj.Rt. Avg.Rt. S.D. I.R. S.R. Adj.Rt. Avg.Rt. S.D. I.R. S.R. Adj.Rt. L.M & L.PE.14 4.9.3 33.3.9 2.3 6..39 27.8 1.66 1.9 7.3.27 33.3 1.3 2. 8.8.22 37.6 1.2 H.M & H.PE.4 4.3.9 33.3.26 2.6 6.6.31 36.1 1.32 1.9 7.4.26 36.7 1.2 1.3 8.3.15 42.4.7 Long-Short -.26 1.4 -.62 58.3 -.15.24 4.1.35 44.4.13.1 3.9.1 48.3..7 4.4 1.45 41.2.4.42 4.8.9 33.3.28 2.27 6.1.37 33.3 1.51 1.7 7.1.24 36.7 1.1 1.2 8.5.15 41.2.7 MARP(EPS & Forward PER) Style Portfolio for February Low Momentum & Low PER : Long High Momentum & High PER : Short Momentum Portfolio EPS Fw. PER (1M) (%) () (%) () (%) New 7.8 7.5-1.8.7.6 546 7.9 5 527 -.3 7.7-2.5 1.1 1.6 2,48 66.6 5 SK 36 -.7 6.4-1.5.1.6 9,252 43. 2 6996.8 8.8-11.2 1.5 1.6 1,69 44.2 4 528 -.6 7.7 3.9 1. 1.3 1,768 56.8 New 8679 -.4 8.2-4.9.4 1. 9,851 8.4 3 1233-2.5 7.3-11.2 1. 1.1 6,547 47.4 New 42-3. 5.9-2.5 1.4 1.6 2,793 22.2 New 6962.2 9.1-8.3.4 1.4 532 11.6 2 123-4.1 5.3-15.1.6 1.9 1,233 38. 2 LG 3271-1.2 8.1 -.6 1.3 1.4 7,71 15.3 5 494-2.3 7.9-5.4.9 1.4 7,836 77.9 2 581-7.8 5.3-17.9.4 1.4 61 15.7 New 5555 -.7 8.9 3.6 1.1 1.2 18,773 59. New LS 626-5.5 6.3-13.3.6 1.3 1,72 2.2 New 88.7 1.1-8.7 1.5 2. 2,395 25.4 New 21-2.8 8.2.8.4 1.4 2,666 46.7 New 1888 -.3 9.9-15..6 1.3 1,121 87.6 New 593.6 1.1-5.5 1.5.5 85,286 48.7 2 13-1.9 9.4-7. 1.6.7 1,825 26.3 Portfolio EPS Fw. PER (1M) (%) () (%) () (%) New 7 8.8 11.1 2.3.5.9 1,936 36.1 2 SK 612 24.5 11.8-4.8 1.9 2.2 785 16.4 2 GS 636 4.4 1.4-6.1 -.1 1.8 3,978 5.9 New KCC 238 5.7 11.5-16.2.7 1.2 2,551 22.2 New 369 3.8 1.4-3.1 1.4 1.5 1,377 42.2 New 16 5.7 11.2-13.1.7.8 848 19.5 2 4266 6.2 12.1-6.5 1. 1.3 5,225 33.6 2 455 8.9 14.9-1.2.8 2.9 777 31.1 4 285 3.1 11.7-1.5 2.1 1.8 1,74 37.6 New 7324 1.8 1.9-15.9 -.4 1.7 742 26.5 14 342 4.6 14.8.8 1.8 2.4 4,656 2.3 3 4267 2.4 12. -8.8 1. 2.1 3,229 13.4 2 145 3.3 13.2 2.1.8 2.3 1,77 16.3 New 362 2.3 33.5-11.2.7 1.5 564 78.6 New 152 192.8 47.5-1.6 1.2 1.2 682 16.1 9 LG 519 8.2 21.1-8.1 1. 1. 1,773 47.7 3 83 5.8 19.8-1.1 1.5.9 4,733 25.7 New LG 6887 24.2 51. -16..5 1.3 657 3.7 New 112 6.5 25.7-14.8.2.6 2,32 17.1 3 1275 3.1 15.6-1.5.5.5 1,474 54. Sector Concentration 27.2.8 IT L.M & L.PE 14.7% 11.8% 23.5% 2.9% 2.9% 26.5% 2.9% 5.9%.% 8.8% H.M & H.PE 8.8% 32.4% 26.5% 11.8% 8.8% 8.8% 2.9%.%.%.% 13.3% 24.7% 18.7% 8.7% 4.% 16.7% 6.% 2.7% 3.3% 2.% 77

* MARP : Momentum at a Resonable Price MARP 2 (Momentum score & Forward Value score) Momentum Definition MARP : score 5% & Fw. Value score 5% Non-MARP: score 5% & Fw. Value score 5% 5 25 MARP (Long) Non-MARP (Short) L.M & L.V (Long) H.M & H.V (Short) 1 2 3 4 5 6 7 474 144 133 81 Performance Monitor (: %) MARP Return -4.4 4.3 17.7-4.4 13.8 196. 336.9 (Long) I.D. 62.8 48.8 25.6 46.5 6.5 9.3 2.9 Adj.Rt. -2.7 2.2 13.2-2. 5.5 177.8 266.4 Non-MARP Return -9.4-2.6 6.7-9.4 2.2 92.5 29.3 (Short) I.D. 97.7 56.8 29.5 5. 95.5 9.1 11.4 Adj.Rt. -9.2-1.5 4.7-4.7.1 84.1 26. Return -7.3 -.7 1.4-7.3 3.8 111. 135.9 I.D. 84. 54.7 3. 43.3 82.7 8.7 12. Adj.Rt. -6.2 -.4 7.3-3.2.7 11.4 119.6 Risk-Return Analysis (: %) 1 3 5 (2.1 ~ ) Avg.Rt. S.D. I.R. S.R. Adj.Rt. Avg.Rt. S.D. I.R. S.R. Adj.Rt. Avg.Rt. S.D. I.R. S.R. Adj.Rt. Avg.Rt. S.D. I.R. S.R. Adj.Rt. MARP 1.19 4.7.25 41.7.69 3.29 7..47 38.9 2.1 2.8 7.6.36 38.3 1.7 2.2 9..25 41.2 1.3 Non-MARP.29 4.9.6 33.3.2 1.99 5.8.34 33.3 1.33.7 7.2.1 41.7.4.1 8.9.2 48.2.1 Long-Short.89 2. 1.54 5..45 1.29 3.7 2.9 5..65 2.1 3.8 4.22 35. 1.4 2.1 3.9 4.98 34.1 1.4.42 4.8.9 33.3.28 2.27 6.1.37 33.3 1.51 1.7 7.1.24 36.7 1.1 1.2 8.5.15 41.2.7 MARP(Momentum Score & Forward Value Score) Style Portfolio for February MARP (Momentum at a Resonable Price) : Long Non-MARP : Short Portfolio Fw. Value (1M) Score Score (%) () (%) 3 349 87.8 77.4-5.2.7 2. 2,418 18.2 4 LG 5191 7.3 73.5 1.9 1. 1.7 2,828 26.1 New LG 1299 76.7 69.3 25.5.7 1.7 1,333 25.3 New 7324 68.9 77.8-15.9 -.4 1.7 742 26.5 2 362 86.7 65.2-11.2.7 1.5 564 78.6 2 1576 73. 64.5..4.7 27,22 29.8 2 7 63.8 71.2 2.3.5.9 1,936 36.1 2 STX 1181 69.1 59.6 15.3.9 1.7 568 15.2 3 469 67.6 62.7-5.7 -.1.5 57 3.8 New 348 74. 53.4-4.3 1.2 2.9 1,881 27. 4 983 59.3 71.5. 1.5 2.1 1,234 31.5 3 123 51.8 83.8-15.1.6 1.9 1,233 38. New 299 57.1 73.1-27.1.6 2.7 739 7.7 New 152 69.2 55.1-1.6 1.2 1.2 682 16.1 New 2411 65.3 6.4 1.2 1.3 1.3 7,29 2.6 New SKC 1179 51.1 78.2-22.6.9 1.9 632 7.3 New 112 72.7 52.2-14.8.2.6 2,32 17.1 New STX 6725 61. 6.6-2.9.3 1. 1,91 25.8 3 954 67.7 54.4 7.5.3.7 1,298 22.1 2 594 59.8 62.2-12. 1.7 2.3 2,332 12.3 Portfolio Fw. Value (1M) Score Score (%) () (%) 2 341 48.6 5. -19.1.3 1.4 851 29.2 New 4571 45.8 5. -5.1 NA NA 878 35.6 New 41 41.4 5. -14.6 3.5 1.9 912.3 2 SK 174 41.1 5. -22.9.2 -.1 7,14 1. New 5555 48. 43.7 3.6 1.1 1.2 18,773 59. 2 369 48.3 42. -3.1 1.4 1.5 1,377 42.2 New LG 935 39.2 5. 2.9 NA NA. New LIG 255 44.3 49.6 5.2.9 2.3 99 18.4 4 143 39.1 5. -12.3.5 1.2 613 11.4 2 943 38.4 5. -3.1 NA NA 3,285 41.8 5 347 45.5 48.2-16..6 2.4 986 8.7 3 1178 38.1 5. -1.9.4 3. 747 14.6 2 392 37.7 5. -4.6.3.4 576 33.1 New 145 44.3 46.9 2.1.8 2.3 1,77 16.3 New SK 612 46.3 37.6-4.8 1.9 2.2 785 16.4 New 8898 36.7 5. 1.3 NA NA 2,196 39.3 3 3 49. 26.8-5.2.9 1.1 1,8 38.2 2 1968 41.5 45.8-9.7.5.9 712 26.6 New KT&G 3378 46.9 3.3 1.4.2 -.3 8,448 54.8 New 83 45.6 32.5-1.1 1.5.9 4,733 25.7 Sector Concentration 27.2.8 IT MARP 23.3% 34.9% 11.6% 2.3% 2.3% 14.% 2.3%.% 7.% 2.3% Non-MARP 7.5% 12.5% 22.5% 22.5% 2.5% 17.5% 1.%.% 2.5% 2.5% 13.3% 24.7% 18.7% 8.7% 4.% 16.7% 6.% 2.7% 3.3% 2.% 78

Definition L.M & L.V : score 5% & Fw. Value score 5% H.M & H.V : score 5% & Fw. Value score 5% 5 25 MARP (Long) Non-MARP (Short) L.M & L.V (Long) H.M & H.V (Short) 1 2 3 4 5 6 7 474 144 133 81 Fw.Value Score L.M & L.V Non-MARP MARP H.M & H.V Performance Monitor (: %) Momentum Score L.M & L.V Return -8.6-2.4 12.3-8.6 2.8 116.3 73. (Long) I.D. 9.5 54.8 4.5 35.7 88.1 11.9 14.3 Adj.Rt. -7.8-1.3 7.3-3.1.3 12.4 62.5 H.M & H.V Return -8. -1.5 6.9-8. -3.9 58.7 82.8 (Short) I.D. 87.2 56.4 2.5 33.3 84.6 2.6 5.1 Adj.Rt. -7. -.9 5.5-2.7-3.3 57.2 78.6 Return -7.3 -.7 1.4-7.3 3.8 111. 135.9 I.D. 84. 54.7 3. 43.3 82.7 8.7 12. Adj.Rt. -6.2 -.4 7.3-3.2.7 11.4 119.6 Risk-Return Analysis (: %) 1 3 5 (2.1 ~ ) Avg.Rt. S.D. I.R. S.R. Adj.Rt. Avg.Rt. S.D. I.R. S.R. Adj.Rt. Avg.Rt. S.D. I.R. S.R. Adj.Rt. Avg.Rt. S.D. I.R. S.R. Adj.Rt. L.M & L.V.36 5.3.7 5..18 2.35 6.2.38 36.1 1.5 1.2 7.9.16 38.3.8.8 9.2.9 43.5.5 H.M & H.V -.21 5. -.4 41.7 -.9 1.5 6.7.22 36.1.96 1.3 7..18 38.3.8.7 8.4.8 43.5.4 Long-Short.57 2.1.93 33.3.38.85 3.6 1.43 38.9.52. 3.9 -.5 45...2 3.7.41 43.5.1.42 4.8.9 33.3.28 2.27 6.1.37 33.3 1.51 1.7 7.1.24 36.7 1.1 1.2 8.5.15 41.2.7 MARP(Momentum Score & Forward Value Score) Style Portfolio for February Low Momentum & Low Valuation : Long High Momentum & High Valuation : Short Momentum Portfolio Fw. Value (1M) Score Score (%) () (%) 2 581 46.2 8.5-17.9.4 1.4 61 15.7 New 2953 48.5 67.1-11.4.2.9 59 44.7 2 48 41.4 76.6-3.1 1.1 2. 922 25.1 New 354 48.6 62.9-18.1 1. 1.7 977 36. New LS 626 41.2 7.7-13.3.6 1.3 1,72 2.2 New 27 41.8 66.3-14.5.8 1. 3,993 25.9 6 KTF 3239 41. 68. -17.3.8.8 4,814 22.8 4 SDI 64 41.8 62.4-6.8 1..8 2,729 25.4 5 527 46. 62. -2.5 1.1 1.6 2,48 66.6 2 1117 48.8 53.2 9.5.8 1.8 2,425 47.4 New 21 4.6 63.1.8.4 1.4 2,666 46.7 New 42 37.1 73.1-2.5 1.4 1.6 2,793 22.2 2 24 45.4 57.4-12.7. 1.9 2,1 44.4 2 341 48.6 5. -19.1.3 1.4 851 29.2 New 53 47.8 5.1 -.5 1.3 1.4 17,732 9.2 New 4571 45.8 5. -5.1 NA NA 878 35.6 New POSCO 549 4.3 57.5 6.6 1.3 1. 28,728 62. 2 KT 32 38.3 59.9-7.7.6.5 11,996 47.3 5 SK 36 27.5 67. -1.5.1.6 9,252 43. New 3646 28. 65.4-9.6.3 1.1 2,879 6.4 Portfolio Fw. Value (1M) Score Score (%) () (%) 2 455 89.3 48.3-1.2.8 2.9 777 31.1 New 324 64.9 5. -13.2.3 1.5 88 7.9 4 715 66. 49.5-11.7 1.7 1.9 2,163 48. New 1116 63.8 5. -1.9 1. 2.1 972 5.2 6 GS 636 66.8 45.4-6.1 -.1 1.8 3,978 5.9 2 12 59.8 5. -3.9.2.7 1,438 29. 4 1688 67.6 39.1-18.8.6 1.3 528 26.4 2 8628 55.4 5. -11.1 NA NA 936 22.1 New 583 57.8 49.6 -.2 1.8 2. 1,749 17.2 4 915 63.7 38.8-2.9 1.1.7 2,562 1.9 7 342 72.9 22.7.8 1.8 2.4 4,656 2.3 4 4267 64.4 34.6-8.8 1. 2.1 3,229 13.4 New CJ 14 68.9 2.3-8.9 1.3 1.2 3,96 19.8 New KCC 238 56.7 45. -16.2.7 1.2 2,551 22.2 2 4266 59.5 39. -6.5 1. 1.3 5,225 33.6 New 68 53.2 46.7-18.7 1.2 2.3 2,899 6.8 New 3525 64.7 26.7 -.7.8.2 4,29 34.6 2 NH 1642 49.9 5. -17.9-1.8 1.6 512.4 New LG 6887 74. 3.4-16..5 1.3 657 3.7 2 1 65.9 19.1-18..9 1.3 1,325 22.7 Sector Concentration IT L.M & L.V 17.4% 19.6% 23.9% 4.3%.% 15.2% 4.3% 8.7% 4.3% 2.2% H.M & H.V 2.5% 35.% 17.5% 7.5% 12.5% 17.5% 5.%.% 2.5%.% 13.3% 24.7% 18.7% 8.7% 4.% 16.7% 6.% 2.7% 3.3% 2.% 27.2.8 79

EPS & Momentum Definition H.EM & H.FM : EPS 5% & 5% L.EM & L.FM : EPS 5% & 5% 5 25 H.EM & H.FM (Long) L.EM & L.FM (Short) H.EM & L.FM (Long) L.EM & H.FM (Short) 1 2 3 4 5 6 7 468 416 311 164 Performance Monitor (: %) H.EM & H.FM Return -4.6 2.3 12.9-4.6 12.3 147.3 345. (Long) I.D. 67.6 44.1 14.7 29.4 67.6 8.8 14.7 Adj.Rt. -3.1 1.3 11. -1.4 4. 134.3 294.2 L.EM & L.FM Return -7.8-2.3 1.3-7.8.8 11.3 175.4 (Short) I.D. 91.2 64.7 44.1 64.7 91.2 14.7 8.8 Adj.Rt. -7.1-1.5 5.8-5..1 94. 16. Return -7.3 -.7 1.4-7.3 3.8 111. 135.9 I.D. 84. 54.7 3. 43.3 82.7 8.7 12. Adj.Rt. -6.2 -.4 7.3-3.2.7 11.4 119.6 Risk-Return Analysis (: %) 1 3 5 (2.1 ~ ) Avg.Rt. S.D. I.R. S.R. Adj.Rt. Avg.Rt. S.D. I.R. S.R. Adj.Rt. Avg.Rt. S.D. I.R. S.R. Adj.Rt. Avg.Rt. S.D. I.R. S.R. Adj.Rt. H.EM & H.FM 1.5 4.1.26 25..79 2.73 6.4.43 33.3 1.82 2.8 7.5.37 35. 1.8 2.2 8.7.25 38.8 1.3 L.EM & L.FM.19 5..4 5..9 2.25 5.9.38 38.9 1.38 2. 7.5.26 4. 1.2 1.7 9.1.19 42.4 1. Long-Short.86 1.9 1.6 33.3.58.48 3.3.89 52.8.23.8 3.4 1.85 48.3.4.5 3.8 1.12 47.1.2.42 4.8.9 33.3.28 2.27 6.1.37 33.3 1.51 1.7 7.1.24 36.7 1.1 1.2 8.5.15 41.2.7 EPS & Style Portfolio for February High EM & High FM : Long Low EM & Low FM : Short Portfolio EPS (1M) (%) (%pti) (%) () (%) New LG 1299 28.8 4. 25.5.7 1.7 1,333 25.3 New 362 2.3 1.9-11.2.7 1.5 564 78.6 New 112 6.5 4.1-14.8.2.6 2,32 17.1 2 455 8.9 1.8-1.2.8 2.9 777 31.1 2 342 4.6 2.9.8 1.8 2.4 4,656 2.3 New 349 6.5 1.9-5.2.7 2. 2,418 18.2 2 STX 1181 3.7 9.6 15.3.9 1.7 568 15.2 3 1576 11.2 1...4.7 27,22 29.8 New 4267 2.4 2.5-8.8 1. 2.1 3,229 13.4 2 983 3.7 1.7. 1.5 2.1 1,234 31.5 2 GS 636 4.4 1. -6.1 -.1 1.8 3,978 5.9 New 7 8.8.7 2.3.5.9 1,936 36.1 New 144 125.9.5-11. 1.7 2.5 985 3.6 New 469 3.6 1.6-5.7 -.1.5 57 3.8 New 64 1.3 2.5-17.1.6 1.3 724 16.3 2 LG 355 3.9.9-4. 1.4 1.1 4,944 3.8 New LS 112 1.6 1.7-5.7 1.3.9 915 17.4 6 954 5.7.6 7.5.3.7 1,298 22.1 New 3525 2.1 1.2 -.7.8.2 4,29 34.6 2 LG 519 8.2.3-8.1 1. 1. 1,773 47.7 Portfolio EPS (1M) (%) (%pti) (%) () (%) 4 499.4. -3.7 2.3.5 1,656 43.1 3 53.1.1-2.3.7.7 1,692 42.8 New 593.6-1. -5.5 1.5.5 85,286 48.7 New 7.8-1.3-1.8.7.6 546 7.9 New 2353-1.9 -.2-5.1 NA NA 1,644 22.4 2 LG 3271-1.2 -.9 -.6 1.3 1.4 7,71 15.3 3 1233-2.5 -.4-11.2 1. 1.1 6,547 47.4 New 877-7.5. -1.6.9 1.7 532 1.1 5 494-2.3 -.9-5.4.9 1.4 7,836 77.9 4 528 -.6-1.4 3.9 1. 1.3 1,768 56.8 2 417.3-2.9-5.9 1.4.7 1,298 44.6 New KT 32-9.4 -.2-7.7.6.5 11,996 47.3 1 538-9. -.3 -.4.9.1 14,726 41. New 24 -.6-2.5-12.7. 1.9 2,1 44.4 3 437 -.9-1.6-1.2..9 1,557 26.1 New 4. -3.4 8.2 1.5 1.5 65 1.9 New 114-4.2-1.4-7..8 1.4 4,791 34.7 New 33-7. -1.2-5..9.6 592 34.6 New SK 1767-1.2-1. -1.1.8.4 16,239 47.2 5 SK 36 -.7-6.4-1.5.1.6 9,252 43. Sector Concentration 27.2.8 IT H.EM & H.FM 1.7% 42.9% 17.9% 7.1% 3.6% 7.1% 3.6%.% 7.1%.% L.EM & L.FM 7.7% 7.7% 26.9% 19.2%.% 15.4% 7.7% 7.7% 3.8% 3.8% 13.3% 24.7% 18.7% 8.7% 4.% 16.7% 6.% 2.7% 3.3% 2.% 8

Definition H.EM & L.FM : EPS 5% & 5% L.EM & H.FM : EPS 5% & 5% 5 25 H.EM & H.FM (Long) L.EM & L.FM (Short) H.EM & L.FM (Long) L.EM & H.FM (Short) 1 2 3 4 5 6 7 468 416 311 164 L.EM & H.FM L.EM & L.FM H.EM & H.FM H.EM & L.FM Performance Monitor (: %) EPS H.EM & L.FM Return -5. 1.3 11.5-5. 11.2 172.3 242.6 (Long) I.D. 87.5 5. 31.3 46.9 87.5 3.1 6.3 Adj.Rt. -4.4.7 7.9-2.3 1.4 166.9 227.5 L.EM & H.FM Return -1. -4.6 3.1-1. -3.9 63.3 73.6 (Short) I.D. 84.4 62.5 34.4 37.5 84.4 6.3 12.5 Adj.Rt. -8.5-2.9 2. -3.8-3.3 59.3 64.4 Return -7.3 -.7 1.4-7.3 3.8 111. 135.9 I.D. 84. 54.7 3. 43.3 82.7 8.7 12. Adj.Rt. -6.2 -.4 7.3-3.2.7 11.4 119.6 Risk-Return Analysis (: %) 1 3 5 (2.1 ~ ) Avg.Rt. S.D. I.R. S.R. Adj.Rt. Avg.Rt. S.D. I.R. S.R. Adj.Rt. Avg.Rt. S.D. I.R. S.R. Adj.Rt. Avg.Rt. S.D. I.R. S.R. Adj.Rt. H.EM & L.FM 1.1 5..2 33.3.67 3.6 7.1.43 33.3 2.4 2.4 7.8.3 36.7 1.5 2. 8.6.24 41.2 1.2 L.EM & H.FM -.2 5.3 -.4 33.3 -.7 1.52 5.6.27 33.3 1.1 1.2 6.8.17 4..7.9 8..11 43.5.5 Long-Short 1.2 2.8 1.5 41.7.7 1.54 3.6 2.55 36.1.98 1.2 3.9 2.39 36.7.8 1.1 4. 2.65 4..7.42 4.8.9 33.3.28 2.27 6.1.37 33.3 1.51 1.7 7.1.24 36.7 1.1 1.2 8.5.15 41.2.7 EPS & Style Portfolio for February High EM & Low FM : Long Low EM & High FM : Short Momentum Portfolio EPS (1M) (%) (%pti) (%) () (%) New LG 6887 24.2 -.1-16..5 1.3 657 3.7 New 299 7.8 -.2-27.1.6 2.7 739 7.7 6 348 12.5 -.7-4.3 1.2 2.9 1,881 27. New KCC 238 5.7 -.3-16.2.7 1.2 2,551 22.2 New SBS 3412 3.5. -9.8 1.1 1.2 1,278. 2 SK 612 24.5 -.9-4.8 1.9 2.2 785 16.4 New 152 192.8-1.4-1.6 1.2 1.2 682 16.1 2 2411 3.7 -.1 1.2 1.3 1.3 7,29 2.6 4 LG 5191 5. -.3 1.9 1. 1.7 2,828 26.1 New 3657 4.7 -.7 1.1.7.3 1,197 43.8 6 STX 7797 13.8-1.9-1.5 -.8 1.1 67 28.5 2 66 3.9 -.8-14.3 2. 1.4 14,346 2.4 New POSCO 549 2.2 -.2 6.6 1.3 1. 28,728 62. New 1117 2.4 -.3 9.5.8 1.8 2,425 47.4 New STX 6725 26. -3.3-2.9.3 1. 1,91 25.8 2 113 1.8-2.3-15.4 1.1 2.4 1,576 19.3 2 583 1..1 -.2 1.8 2. 1,749 17.2 2 4266 6.2-2.9-6.5 1. 1.3 5,225 33.6 2 594 1.7 -.3-12. 1.7 2.3 2,332 12.3 3 83 5.8-3. -1.1 1.5.9 4,733 25.7 Portfolio EPS (1M) (%) (%pti) (%) () (%) New LIG 255.7 4.5 5.2.9 2.3 99 18.4 New KT&G 3378.8 2.7 1.4.2 -.3 8,448 54.8 4 72.7 2.7-15.4 1.2 1.4 5,333 17.1 3 1.3 1.7-18..9 1.3 1,325 22.7 New 715. 1.4-11.7 1.7 1.9 2,163 48. 2 123-4.1 17.7-15.1.6 1.9 1,233 38. 3 LG 1594-3.1 3.2 7.4 1.4 1.7 1,71 23.2 New 88.7.7-8.7 1.5 2. 2,395 25.4 2 527 -.3 1.1-2.5 1.1 1.6 2,48 66.6 New 3762-2.1 2.1-11.3 NA NA 1,795 14.7 New 5555 -.7 1.3 3.6 1.1 1.2 18,773 59. New 474-5.8 3.7-6.8 1. 1.4 6,39 11.4 New 81 -.6 1.1-2.2 1.1 1.6 7,722 53.4 New 8679 -.4 1.1-4.9.4 1. 9,851 8.4 New 6962.2.7-8.3.4 1.4 532 11.6 2 6996.8.5-11.2 1.5 1.6 1,69 44.2 New 1263.4.6-12.5.2 1.4 3,747 64.3 4 GS 7893-8. 3.6 3.3.3 1.3 2,89 28.3 2 S-Oil 195-2.9 1.3-4.7.2.4 7,352 5.9 New 48-11.4 3.6-3.1 1.1 2. 922 25.1 Sector Concentration 27.2.8 IT H.EM & L.FM 25.% 27.8% 13.9% 5.6% 5.6% 16.7% 5.6%.%.%.% L.EM & H.FM 1.5% 18.4% 18.4% 5.3% 5.3% 26.3% 5.3% 5.3%.% 5.3% 13.3% 24.7% 18.7% 8.7% 4.% 16.7% 6.% 2.7% 3.3% 2.% 81

EPS & Momentum Definition 7 35 H.EM & H.PM : EPS 5% & 5% L.EM & L.PM : EPS 5% & 5% H.EM & H.PM (Long) L.EM & L.PM (Short) L.PM & H.PM (Long) H.EM & L.PM (Short) 1 2 3 4 5 6 7 665 313 271 185 Performance Monitor (: %) H.EM & H.PM Return -4.2 3.2 16.3-4.2 14.5 173.3 47. (Long) I.D. 73.5 55.9 23.5 47.1 73.5 5.9 14.7 Adj.Rt. -3.1 1.4 12.4-2. 3.8 163.2 347.1 L.EM & L.PM Return -9.1-4.3 6.6-9.1-5.3 8. 86.2 (Short) I.D. 96.9 5. 21.9 37.5 96.9 9.4 6.3 Adj.Rt. -8.8-2.2 5.2-3.4-5.1 72.5 8.8 Return -7.3 -.7 1.4-7.3 3.8 111. 135.9 I.D. 84. 54.7 3. 43.3 82.7 8.7 12. Adj.Rt. -6.2 -.4 7.3-3.2.7 11.4 119.6 Risk-Return Analysis (: %) 1 3 5 (2.1 ~ ) Avg.Rt. S.D. I.R. S.R. Adj.Rt. Avg.Rt. S.D. I.R. S.R. Adj.Rt. Avg.Rt. S.D. I.R. S.R. Adj.Rt. Avg.Rt. S.D. I.R. S.R. Adj.Rt. H.EM & H.PM 1.23 4.5.27 33.3.82 3.4 6.7.45 33.3 2.3 3. 7.4.4 35. 2. 2.6 8.9.3 38.8 1.6 L.EM & L.PM -.32 5.3 -.6 33.3 -.11 1.82 6..3 3.6 1.26 1.3 7.1.18 33.3.9 1.1 8.3.13 38.8.6 Long-Short 1.54 2.2 2.48 25. 1.16 1.23 3.3 2.21 27.8.88 1.7 3.5 3.82 28.3 1.2 1.6 3.7 3.91 3.6 1.1.42 4.8.9 33.3.28 2.27 6.1.37 33.3 1.51 1.7 7.1.24 36.7 1.1 1.2 8.5.15 41.2.7 EPS & Style Portfolio for February High EM & High PM : Long Low EM & Low PM : Short Portfolio EPS (1M) (%) (RSI) (%) () (%) New 144 125.9 62.5-11. 1.7 2.5 985 3.6 New KCC 238 5.7 68.7-16.2.7 1.2 2,551 22.2 2 66 3.9 63.5-14.3 2. 1.4 14,346 2.4 New 349 6.5 6.5-5.2.7 2. 2,418 18.2 New 362 2.3 56.9-11.2.7 1.5 564 78.6 New 18 1.9 71.8-9.4 1. 2.2 1,462 37.4 New 455 8.9 59.5-1.2.8 2.9 777 31.1 New 348 12.5 58. -4.3 1.2 2.9 1,881 27. New CJ 14 1.9 63.5-8.9 1.3 1.2 3,96 19.8 4 LG 5191 5. 58.8 1.9 1. 1.7 2,828 26.1 New 2411 3.7 59.5 1.2 1.3 1.3 7,29 2.6 New SKC 1179 1.4 69.7-22.6.9 1.9 632 7.3 New 152 192.8 5.5-1.6 1.2 1.2 682 16.1 New LG 6887 24.2 51.2-16..5 1.3 657 3.7 New 4266 6.2 51.9-6.5 1. 1.3 5,225 33.6 New 3 1.4 63.1-5.2.9 1.1 1,8 38.2 New 1688 1.5 6.2-18.8.6 1.3 528 26.4 New 7324 1.8 57.7-15.9 -.4 1.7 742 26.5 2 415 2. 55. -11. -.5 1.4 55 8. 2 GS 636 4.4 5. -6.1 -.1 1.8 3,978 5.9 Portfolio EPS (1M) (%) (RSI) (%) () (%) New 499.4 47.6-3.7 2.3.5 1,656 43.1 New 6962.2 47.5-8.3.4 1.4 532 11.6 New 2353-1.9 48.3-5.1 NA NA 1,644 22.4 2 24 -.6 47.4-12.7. 1.9 2,1 44.4 2 527 -.3 43.9-2.5 1.1 1.6 2,48 66.6 New 88.7 42.5-8.7 1.5 2. 2,395 25.4 3 437 -.9 45.1-1.2..9 1,557 26.1 New KT&G 3378.8 39.9 1.4.2 -.3 8,448 54.8 2 53.1 42.5-2.3.7.7 1,692 42.8 New 21-2.8 45.8.8.4 1.4 2,666 46.7 New 1888 -.3 4.2-15..6 1.3 1,121 87.6 New LIG 255.7 32.8 5.2.9 2.3 99 18.4 New 4. 39.2 8.2 1.5 1.5 65 1.9 New GS 7893-8. 46.5 3.3.3 1.3 2,89 28.3 New 3646-4.2 43.9-9.6.3 1.1 2,879 6.4 New 114-4.2 43. -7..8 1.4 4,791 34.7 New 528 -.6 38.9 3.9 1. 1.3 1,768 56.8 New 345-4.7 43. -14.4.8 2.1 1,491 1.2 New 42-3. 42.1-2.5 1.4 1.6 2,793 22.2 New 15-29.4 43. -7.4 1.3 2.1 1,258 22.4 Sector Concentration 27.2.8 IT H.EM & H.PM 16.7% 23.3% 23.3% 6.7% 1.% 16.7% 3.3%.%.%.% L.EM & L.PM 1.7% 14.3% 21.4% 17.9% 3.6% 17.9%.% 3.6% 3.6% 7.1% 13.3% 24.7% 18.7% 8.7% 4.% 16.7% 6.% 2.7% 3.3% 2.% 82

Definition 7 35 L.EM & H.PM : EPS 5% & 5% H.EM & L.PM : EPS 5% & 5% H.EM & H.PM (Long) L.EM & L.PM (Short) L.PM & H.PM (Long) H.EM & L.PM (Short) 1 2 3 4 5 6 7 665 313 271 185 L.EM & H.PM L.EM & L.PM H.EM & H.PM H.EM & L.PM EPS Performance Monitor (: %) L.PM & H.PM Return -8.7-2.4 7. -8.7 1.8 85.6 143.4 (Long) I.D. 79.4 76.5 55.9 64.7 79.4 11.8 14.7 Adj.Rt. -6.9-1.8 3.1-5.6.4 75.6 122.3 H.EM & L.PM Return -5.5.2 7.8-5.5 8.1 145.4 23. (Short) I.D. 81.3 37.5 21.9 28.1 81.3 6.3 6.3 Adj.Rt. -4.5.1 6.1-1.6 1.5 136.3 19.3 Return -7.3 -.7 1.4-7.3 3.8 111. 135.9 I.D. 84. 54.7 3. 43.3 82.7 8.7 12. Adj.Rt. -6.2 -.4 7.3-3.2.7 11.4 119.6 Risk-Return Analysis (: %) 1 3 5 (2.1 ~ ) Avg.Rt. S.D. I.R. S.R. Adj.Rt. Avg.Rt. S.D. I.R. S.R. Adj.Rt. Avg.Rt. S.D. I.R. S.R. Adj.Rt. Avg.Rt. S.D. I.R. S.R. Adj.Rt. L.PM & H.PM.27 5.1.5 5..14 1.88 5.6.34 38.9 1.15 1.7 7.2.24 4. 1. 1.6 8.9.17 41.2.9 H.EM & L.PM.74 4.4.17 41.7.43 2.73 6.7.41 41.7 1.59 2.1 7.7.28 43.3 1.2 1.7 8.6.2 47.1.9 Long-Short -.47 1.9 -.85 66.7 -.31 -.85 3.8-1.36 61.1 -.52 -.4 3.7 -.84 55. -.2 -.2 4.6 -.31 55.3 -.1.42 4.8.9 33.3.28 2.27 6.1.37 33.3 1.51 1.7 7.1.24 36.7 1.1 1.2 8.5.15 41.2.7 EPS & Style Portfolio for February Low EM & High PM : Long High EM & Low PM : Short Momentum Portfolio EPS (1M) (%) (RSI) (%) () (%) 2 417.3 65.6-5.9 1.4.7 1,298 44.6 2 1.3 62.2-18..9 1.3 1,325 22.7 2 72.7 59. -15.4 1.2 1.4 5,333 17.1 New 7.8 57.7-1.8.7.6 546 7.9 New 593.6 58. -5.5 1.5.5 85,286 48.7 2 13-1.9 62.9-7. 1.6.7 1,825 26.3 New 8679 -.4 55.9-4.9.4 1. 9,851 8.4 2 KT 32-9.4 69.4-7.7.6.5 11,996 47.3 New 1263.4 51.6-12.5.2 1.4 3,747 64.3 New 475-11.6 64.1-1.4.3 1.1 3,325 2.6 2 6996.8 48.9-11.2 1.5 1.6 1,69 44.2 New SK 1767-1.2 61.1-1.1.8.4 16,239 47.2 5 SDI 64-33.6 66.2-6.8 1..8 2,729 25.4 New 3762-2.1 54.5-11.3 NA NA 1,795 14.7 New LG 3271-1.2 52.7 -.6 1.3 1.4 7,71 15.3 New 715. 51. -11.7 1.7 1.9 2,163 48. New LG 6657-3. 63.4-5.1 1.1 1. 7,551 34.3 3 1233-2.5 54. -11.2 1. 1.1 6,547 47.4 New KTF 3239-7. 57.1-17.3.8.8 4,814 22.8 New 279-23.4 61.8-11.8-1.2.8 1,197 24.7 Portfolio EPS (1M) (%) (RSI) (%) () (%) New STX 6725 26. 47.5-2.9.3 1. 1,91 25.8 New 83 5.8 47.9-1.1 1.5.9 4,733 25.7 2 342 4.6 48.3.8 1.8 2.4 4,656 2.3 New 299 7.8 45.8-27.1.6 2.7 739 7.7 New 1576 11.2 43.7..4.7 27,22 29.8 2 113 1.8 44. -15.4 1.1 2.4 1,576 19.3 New 3657 4.7 46.2 1.1.7.3 1,197 43.8 New 16 5.7 45.9-13.1.7.8 848 19.5 New LG 1299 28.8 38.1 25.5.7 1.7 1,333 25.3 New STX 7797 13.8 41.9-1.5 -.8 1.1 67 28.5 New 954 5.7 44.2 7.5.3.7 1,298 22.1 New 7 8.8 43. 2.3.5.9 1,936 36.1 New 162 2.9 48. -1.3.2.1 2,35 41.4 New LG 355 3.9 44.1-4. 1.4 1.1 4,944 3.8 New 469 3.6 45.3-5.7 -.1.5 57 3.8 New 14 1.5 48.2-1.3.7 1.5 2,51 27.5 2 1275 3.1 45.8-1.5.5.5 1,474 54. New SK 612 24.5 33.9-4.8 1.9 2.2 785 16.4 New 3525 2.1 47.5 -.7.8.2 4,29 34.6 2 369 3.8 43.2-3.1 1.4 1.5 1,377 42.2 Sector Concentration 27.2.8 IT L.PM & H.PM 8.3% 13.9% 22.2% 5.6% 2.8% 25.% 11.1% 8.3%.% 2.8% H.EM & L.PM 2.6% 44.1% 8.8% 5.9%.% 8.8% 5.9%.% 5.9%.% 13.3% 24.7% 18.7% 8.7% 4.% 16.7% 6.% 2.7% 3.3% 2.% 83

& Momentum Definition 35 175 H.FM & H.PM : 5% & 5% L.FM & L.PM : 5% & 5% H.FM & H.PM (Long) L.FM & L.PM (Short) L.FM & H.PM (Long) H.FM & L.PM (Short) 1 2 3 4 5 6 7 286 272 225 117 Performance Monitor (: %) H.FM & H.PM Return -7.1.5 12.2-7.1 9. 18.1 212.1 (Long) I.D. 72.7 6.6 3.3 39.4 69.7 9.1 18.2 Adj.Rt. -5.1.2 8.5-2.8 2.7 98.3 173.6 L.FM & L.PM Return -6.7-1.8 7. -6.7-2.4 14.7 61.3 (Short) I.D. 97.1 44.1 23.5 38.2 97.1 11.8 8.8 Adj.Rt. -6.5 -.8 5.3-2.5-2.4 92.4 55.9 Return -7.3 -.7 1.4-7.3 3.8 111. 135.9 I.D. 84. 54.7 3. 43.3 82.7 8.7 12. Adj.Rt. -6.2 -.4 7.3-3.2.7 11.4 119.6 Risk-Return Analysis (: %) 1 3 5 (2.1 ~ ) Avg.Rt. S.D. I.R. S.R. Adj.Rt. Avg.Rt. S.D. I.R. S.R. Adj.Rt. Avg.Rt. S.D. I.R. S.R. Adj.Rt. Avg.Rt. S.D. I.R. S.R. Adj.Rt. H.FM & H.PM.82 4.6.18 25..61 2.22 5.8.38 3.6 1.54 2.1 7..31 35. 1.4 1.6 8.4.19 38.8 1. L.FM & L.PM -.1 4.7 -.2 5. -.5 2.21 6.5.34 36.1 1.41 1.1 7.7.14 36.7.7.6 8.7.6 43.5.3 Long-Short.92 3.1 1.2 5..46.1 2.8.3 52.8.1 1.1 3.4 2.41 4..6 1. 3.7 2.58 42.4.6.42 4.8.9 33.3.28 2.27 6.1.37 33.3 1.51 1.7 7.1.24 36.7 1.1 1.2 8.5.15 41.2.7 & Style Portfolio for February High FM & High PM : Long Low FM & Low PM : Short Portfolio (1M) (%pti) (RSI) (%) () (%) New 349 2 61-5.2.7 2. 2,418 18.2 2 72 3 59-15.4 1.2 1.4 5,333 17.1 2 1 2 62-18..9 1.3 1,325 22.7 New 455 2 59-1.2.8 2.9 777 31.1 New SDI 64 1 66-6.8 1..8 2,729 25.4 2 581 3 56-17.9.4 1.4 61 15.7 2 474 4 53-6.8 1. 1.4 6,39 11.4 New 13 1 63-7. 1.6.7 1,825 26.3 3 362 2 57-11.2.7 1.5 564 78.6 New 27 1 6-14.5.8 1. 3,993 25.9 New 3762 2 54-11.3 NA NA 1,795 14.7 New 324 1 66-13.2.3 1.5 88 7.9 New CJ 14 1 64-8.9 1.3 1.2 3,96 19.8 New 64 3 52-17.1.6 1.3 724 16.3 New 475 1 64-1.4.3 1.1 3,325 2.6 New 1116 1 56-1.9 1. 2.1 972 5.2 New 1688 1 6-18.8.6 1.3 528 26.4 New 8679 1 56-4.9.4 1. 9,851 8.4 New 123 18 48-15.1.6 1.9 1,233 38. New LG 6657 63-5.1 1.1 1. 7,551 34.3 Portfolio (1M) (%pti) (RSI) (%) () (%) New 499 48-3.7 2.3.5 1,656 43.1 New 2353 48-5.1 NA NA 1,644 22.4 3 299 46-27.1.6 2.7 739 7.7 New 162-1 48-1.3.2.1 2,35 41.4 2 53 43-2.3.7.7 1,692 42.8 3 183 44-11.1.4 1.2 51 13.1 New 3657-1 46 1.1.7.3 1,197 43.8 New 877 42-1.6.9 1.7 532 1.1 New 41 41-14.6 3.5 1.9 912.3 New 143 33-12.3.5 1.2 613 11.4 New SBS 3412 34-9.8 1.1 1.2 1,278. New 83-3 48-1.1 1.5.9 4,733 25.7 New 24-3 47-12.7. 1.9 2,1 44.4 3 437-2 45-1.2..9 1,557 26.1 New 1178 29-1.9.4 3. 747 14.6 New 943-3 47-3.1 NA NA 3,285 41.8 New 3646-2 44-9.6.3 1.1 2,879 6.4 New 14-6 48-1.3.7 1.5 2,51 27.5 2 1275-2 46-1.5.5.5 1,474 54. 2 392-1 4-4.6.3.4 576 33.1 Sector Concentration 27.2.8 IT H.FM & H.PM 7.9% 23.7% 26.3% 2.6% 7.9% 23.7% 5.3% 2.6%.%.% L.FM & L.PM 21.1% 23.7% 18.4% 15.8%.% 1.5% 5.3%.% 5.3%.% 13.3% 24.7% 18.7% 8.7% 4.% 16.7% 6.% 2.7% 3.3% 2.% 84

Definition 35 175 L.FM & H.PM : 5% & 5% H.FM & L.PM : 5% & 5% H.FM & H.PM (Long) L.FM & L.PM (Short) L.FM & H.PM (Long) H.FM & L.PM (Short) 1 2 3 4 5 6 7 286 272 225 117 L.FM & H.PM L.FM & L.PM H.FM & H.PM H.FM & L.PM Performance Monitor (: %) L.FM & H.PM Return -6.8. 14.2-6.8 8.1 123.3 161.2 (Long) I.D. 82.9 68.3 46.3 68.3 82.9 7.3 9.8 Adj.Rt. -5.7. 7.6-4.7 1.4 114.3 145.5 H.FM & L.PM Return -8.8-2.1 8.4-8.8 5. 11.1 148.2 (Short) I.D. 85.7 45.2 19. 26.2 83.3 7.1 11.9 Adj.Rt. -7.5 -.9 6.8-2.3.8 12.3 13.6 Return -7.3 -.7 1.4-7.3 3.8 111. 135.9 I.D. 84. 54.7 3. 43.3 82.7 8.7 12. Adj.Rt. -6.2 -.4 7.3-3.2.7 11.4 119.6 Risk-Return Analysis (: %) 1 3 5 (2.1 ~ ) Avg.Rt. S.D. I.R. S.R. Adj.Rt. Avg.Rt. S.D. I.R. S.R. Adj.Rt. Avg.Rt. S.D. I.R. S.R. Adj.Rt. Avg.Rt. S.D. I.R. S.R. Adj.Rt. L.FM & H.PM.78 5.2.15 41.7.45 2.46 6.6.38 36.1 1.57 1.9 7.5.25 38.3 1.2 1.6 9.5.17 41.2.9 H.FM & L.PM.53 5.2.1 33.3.35 2.26 6.1.37 36.1 1.45 1.8 7.3.24 4. 1.1 1.3 8.6.15 44.7.7 Long-Short.25 1.9.45 5..12.2 2.4.49 47.2.1.1 3.3.23 5...3 4.4.61 49.4.1.42 4.8.9 33.3.28 2.27 6.1.37 33.3 1.51 1.7 7.1.24 36.7 1.1 1.2 8.5.15 41.2.7 & Style Portfolio for February Low FM & High PM : Long High FM & Low PM : Short Momentum Portfolio (1M) (%pti) (RSI) (%) () (%) 3 LGLCD 3422 69-5.7 1.7. 9,393 52.2 New KT 32 69-7.7.6.5 11,996 47.3 New KCC 238 69-16.2.7 1.2 2,551 22.2 New SKC 1179-1 7-22.6.9 1.9 632 7.3 New 2411 59 1.2 1.3 1.3 7,29 2.6 2 8628 56-11.1 NA NA 936 22.1 5 66-1 64-14.3 2. 1.4 14,346 2.4 8 LG 5191 59 1.9 1. 1.7 2,828 26.1 New 18-2 72-9.4 1. 2.2 1,462 37.4 New 3-1 63-5.2.9 1.1 1,8 38.2 2 594 55-12. 1.7 2.3 2,332 12.3 New 348-1 58-4.3 1.2 2.9 1,881 27. New 354-1 62-18.1 1. 1.7 977 36. New LG 6887 51-16..5 1.3 657 3.7 New SK 1767-1 61-1.1.8.4 16,239 47.2 2 417-3 66-5.9 1.4.7 1,298 44.6 4 1233 54-11.2 1. 1.1 6,547 47.4 New 583 5 -.2 1.8 2. 1,749 17.2 2 593-1 58-5.5 1.5.5 85,286 48.7 2 NH 1642 5-17.9-1.8 1.6 512.4 Portfolio (1M) (%pti) (RSI) (%) () (%) 4 12 5 46-3.9.2.7 1,438 29. 2 342 3 48.8 1.8 2.4 4,656 2.3 New GS 7893 4 47 3.3.3 1.3 2,89 28.3 5 15 4 43-7.4 1.3 2.1 1,258 22.4 New 3525 1 48 -.7.8.2 4,29 34.6 New 4267 3 45-8.8 1. 2.1 3,229 13.4 2 STX 1181 1 42 15.3.9 1.7 568 15.2 2 469 2 45-5.7 -.1.5 57 3.8 2 6962 1 47-8.3.4 1.4 532 11.6 New LG 112 2 43-4.6.2.8 849 4.7 2 LG 1299 4 38 25.5.7 1.7 1,333 25.3 2 527 1 44-2.5 1.1 1.6 2,48 66.6 New KT&G 3378 3 4 1.4.2 -.3 8,448 54.8 New 1576 1 44..4.7 27,22 29.8 New LG 355 1 44-4. 1.4 1.1 4,944 3.8 New 112 4 34-14.8.2.6 2,32 17.1 2 LIG 255 4 33 5.2.9 2.3 99 18.4 New 21 1 46.8.4 1.4 2,666 46.7 New LG 1594 3 36 7.4 1.4 1.7 1,71 23.2 New 954 1 44 7.5.3.7 1,298 22.1 Sector Concentration 27.2.8 IT L.FM & H.PM 13.5% 13.5% 16.2% 8.1% 5.4% 21.6% 1.8% 5.4% 2.7% 2.7% H.FM & L.PM 13.5% 37.8% 1.8% 8.1% 2.7% 1.8% 2.7% 2.7% 5.4% 5.4% 13.3% 24.7% 18.7% 8.7% 4.% 16.7% 6.% 2.7% 3.3% 2.% 85

EPS Momentum Definition 6 4 2 12-month Forward EPS (MoM) (12-month Forward EPS = (FY1) EPS (FY2) EPS ) Top 2% (Long) Bottom 2% (Short) 1 2 3 4 5 6 7 515 191 Performance Monitor (: %) Top 2% Return -5.5 1.1 9.9-5.5 17.7 2.8 41.9 (Long) I.D. 88.9 51.9 18.5 37. 88.9 3.7 7.4 Adj.Rt. -4.9.5 8.1-2. 2. 193.4 38.4 Bottom 2% Return -11.6-8.1 11.8-11.6-1.3 76.8 75.9 (Short) I.D. 96.3 74.1 37. 74.1 96.3 11.1 7.4 Adj.Rt. -11.1-6. 7.5-8.6-1.3 68.3 7.3 Return -7.3 -.7 1.4-7.3 3.8 111. 135.9 I.D. 84. 54.7 3. 43.3 82.7 8.7 12. Adj.Rt. -6.2 -.4 7.3-3.2.7 11.4 119.6 Risk-Return Analysis (: %) 1 3 5 (2.1 ~ ) Avg.Rt. S.D. I.R. S.R. Adj.Rt. Avg.Rt. S.D. I.R. S.R. Adj.Rt. Avg.Rt. S.D. I.R. S.R. Adj.Rt. Avg.Rt. S.D. I.R. S.R. Adj.Rt. Top 2% 1.47 4.7.31 41.7.86 3.38 7.8.44 38.9 2.7 3.1 8.4.37 38.3 1.9 2.4 9.3.25 41.2 1.4 Bottom 2%.1 6.8.2 5..5 1.8 6.6.27 41.7 1.5 1.3 8..16 41.7.7 1.2 1..12 47.1.7 Long-Short 1.37 4.1 1.15 33.3.91 1.58 4.8 1.98 33.3 1.5 1.8 4.5 3.16 28.3 1.3 1.1 5.3 1.95 31.8.8.42 4.8.9 33.3.28 2.27 6.1.37 33.3 1.51 1.7 7.1.24 36.7 1.1 1.2 8.5.15 41.2.7 EPS Style Portfolio for February Top 2% : Long Bottom 2% : Short Portfolio EPS (1M) (%) (%) () (%) New 362 2.3-11.2.7 1.5 564 78.6 New 152 192.8-1.6 1.2 1.2 682 16.1 New 144 125.9-11. 1.7 2.5 985 3.6 New LG 1299 28.8 25.5.7 1.7 1,333 25.3 New STX 6725 26. -2.9.3 1. 1,91 25.8 2 SK 612 24.5-4.8 1.9 2.2 785 16.4 New LG 6887 24.2-16..5 1.3 657 3.7 2 STX 7797 13.8-1.5 -.8 1.1 67 28.5 5 348 12.5-4.3 1.2 2.9 1,881 27. New 1576 11.2..4.7 27,22 29.8 New 113 1.8-15.4 1.1 2.4 1,576 19.3 2 455 8.9-1.2.8 2.9 777 31.1 New 7 8.8 2.3.5.9 1,936 36.1 2 LG 519 8.2-8.1 1. 1. 1,773 47.7 New 299 7.8-27.1.6 2.7 739 7.7 New 349 6.5-5.2.7 2. 2,418 18.2 New 112 6.5-14.8.2.6 2,32 17.1 2 4266 6.2-6.5 1. 1.3 5,225 33.6 New 83 5.8-1.1 1.5.9 4,733 25.7 8 954 5.7 7.5.3.7 1,298 22.1 Portfolio EPS (1M) (%) (%) () (%) 5 SDI 64-33.6-6.8 1..8 2,729 25.4 New LG 6657-3. -5.1 1.1 1. 7,551 34.3 New 15-29.4-7.4 1.3 2.1 1,258 22.4 4 27-26.8-14.5.8 1. 3,993 25.9 New 279-23.4-11.8-1.2.8 1,197 24.7 2 421-15.7-27.4 2.4.6 1,537 25.1 New LG 112-13.9-4.6.2.8 849 4.7 New 475-11.6-1.4.3 1.1 3,325 2.6 2 48-11.4-3.1 1.1 2. 922 25.1 New 1245-1.2-16.3 1.1 1.8 2,187 13.4 New SK 1767-1.2-1.1.8.4 16,239 47.2 New KT 32-9.4-7.7.6.5 11,996 47.3 New 538-9. -.4.9.1 14,726 41. New 1636-8.6-9.7 1.4 1.6 3,61 29.6 New GS 7893-8. 3.3.3 1.3 2,89 28.3 2 581-7.8-17.9.4 1.4 61 15.7 New 877-7.5-1.6.9 1.7 532 1.1 New 33-7. -5..9.6 592 34.6 New KTF 3239-7. -17.3.8.8 4,814 22.8 New 474-5.8-6.8 1. 1.4 6,39 11.4 Sector Concentration 27.2.8 IT Top 2% 23.1% 5.% 11.5% 3.8% 3.8%.% 3.8%.% 3.8%.% Bottom 2% 7.7% 23.1% 23.1% 7.7%.% 11.5% 7.7% 11.5% 3.8% 3.8% 13.3% 24.7% 18.7% 8.7% 4.% 16.7% 6.% 2.7% 3.3% 2.% 86

Definition 6 4 2 12-month Forward Operating Profit (MoM) (12-month Forward OP = (FY1) (FY2) ) Top 2% (Long) Bottom 2% (Short) 1 2 3 4 5 6 7 523 126 Performance Monitor (: %) Top 2% Return -5.4-2. 7.4-5.4 5.1 151.7 33.3 (Long) I.D. 8.8 5. 19.2 46.2 8.8 7.7 11.5 Adj.Rt. -4.4-1. 6. -2.5 1. 14. 292.2 Bottom 2% Return -1. -5.3 12.5-1. 4.3 62.1 75.1 (Short) I.D. 96.2 5. 38.5 57.7 96.2 11.5 7.7 Adj.Rt. -9.6-2.7 7.7-5.7.2 54.9 69.3 Return -7.3 -.7 1.4-7.3 3.8 111. 135.9 I.D. 84. 54.7 3. 43.3 82.7 8.7 12. Adj.Rt. -6.2 -.4 7.3-3.2.7 11.4 119.6 Risk-Return Analysis (: %) 1 3 5 (2.1 ~ ) Avg.Rt. S.D. I.R. S.R. Adj.Rt. Avg.Rt. S.D. I.R. S.R. Adj.Rt. Avg.Rt. S.D. I.R. S.R. Adj.Rt. Avg.Rt. S.D. I.R. S.R. Adj.Rt. Top 2%.55 5.4.1 5..27 2.88 7.8.37 41.7 1.68 2.8 8.4.33 4. 1.7 2.4 9.5.25 42.4 1.4 Bottom 2%.52 6..9 5..26 1.54 6.2.25 41.7.9 1.2 7.7.16 4..7.7 9.8.8 47.1.4 Long-Short.3 3.8.2 58.3.1 1.34 4.9 1.63 44.4.75 1.6 4.3 2.81 43.3.9 1.7 4.8 3.16 41.2 1..42 4.8.9 33.3.28 2.27 6.1.37 33.3 1.51 1.7 7.1.24 36.7 1.1 1.2 8.5.15 41.2.7 Style Portfolio for February Top 2% : Long Bottom 2% : Short Momentum Portfolio (1M) (%) (%) () (%) New 152 46.6-1.6 1.2 1.2 682 16.1 New LG 1299 27.5 25.5.7 1.7 1,333 25.3 New 455 24.1-1.2.8 2.9 777 31.1 2 STX 7797 17. -1.5 -.8 1.1 67 28.5 New 112 13.8-14.8.2.6 2,32 17.1 New LG 6887 13.6-16..5 1.3 657 3.7 2 1576 13.3..4.7 27,22 29.8 11 STX 6725 12.4-2.9.3 1. 1,91 25.8 5 348 8.2-4.3 1.2 2.9 1,881 27. New 24 8.2-12.7. 1.9 2,1 44.4 New 113 7.7-15.4 1.1 2.4 1,576 19.3 4 915 6.4-2.9 1.1.7 2,562 1.9 New 349 6.3-5.2.7 2. 2,418 18.2 2 LG 355 5.9-4. 1.4 1.1 4,944 3.8 New 16 5.7-13.1.7.8 848 19.5 11 954 5.4 7.5.3.7 1,298 22.1 New LG 519 5.3-8.1 1. 1. 1,773 47.7 2 145 5.1 2.1.8 2.3 1,77 16.3 New 3657 4.9 1.1.7.3 1,197 43.8 2 362 4.8-11.2.7 1.5 564 78.6 Portfolio (1M) (%) (%) () (%) 4 SDI 64-68.4-6.8 1..8 2,729 25.4 New 27-33.1-14.5.8 1. 3,993 25.9 New LG 6657-31.3-5.1 1.1 1. 7,551 34.3 New 144-27.9-11. 1.7 2.5 985 3.6 2 421-21.4-27.4 2.4.6 1,537 25.1 2 1245-13.5-16.3 1.1 1.8 2,187 13.4 2 KT 32-11.3-7.7.6.5 11,996 47.3 New 877-9.3-1.6.9 1.7 532 1.1 New 581-8.8-17.9.4 1.4 61 15.7 New 2353-8.7-5.1 NA NA 1,644 22.4 3 538-8.5 -.4.9.1 14,726 41. New KCC 238-8.4-16.2.7 1.2 2,551 22.2 New 114-8.3-7..8 1.4 4,791 34.7 New LS 626-6. -13.3.6 1.3 1,72 2.2 New 1636-6. -9.7 1.4 1.6 3,61 29.6 New KTF 3239-6. -17.3.8.8 4,814 22.8 New 345-5.7-14.4.8 2.1 1,491 1.2 New SK 1767-5.4-1.1.8.4 16,239 47.2 New 593-5.1-5.5 1.5.5 85,286 48.7 2 33-4.8-5..9.6 592 34.6 Sector Concentration 27.2.8 IT Top 2% 26.9% 26.9% 11.5% 11.5% 3.8% 7.7% 7.7%.% 3.8%.% Bottom 2% 7.7% 19.2% 3.8%.%.% 15.4% 11.5% 11.5%.% 3.8% 13.3% 24.7% 18.7% 8.7% 4.% 16.7% 6.% 2.7% 3.3% 2.% 87

Momentum Definition 3 2 1 3 Top 2% (Long) Bottom 2% (Short) 1 2 3 4 5 6 7 25 211 Performance Monitor (: %) Top 2% Return -7.8-1.8 7.5-7.8.8 15.4 17. (Long) I.D. 73.3 63.3 2. 43.3 73.3 1. 2. Adj.Rt. -5.7-1.1 6. -3.4.2 94.9 136. Bottom 2% Return -5.5 -.6 16.2-5.5 6.1 16.6 146.4 (Short) I.D. 93.3 5. 23.3 43.3 93.3 1. 6.7 Adj.Rt. -5.2 -.3 12.4-2.4.4 95.9 136.7 Return -7.3 -.7 1.4-7.3 3.8 111. 135.9 I.D. 84. 54.7 3. 43.3 82.7 8.7 12. Adj.Rt. -6.2 -.4 7.3-3.2.7 11.4 119.6 Risk-Return Analysis (: %) 1 3 5 (2.1 ~ ) Avg.Rt. S.D. I.R. S.R. Adj.Rt. Avg.Rt. S.D. I.R. S.R. Adj.Rt. Avg.Rt. S.D. I.R. S.R. Adj.Rt. Avg.Rt. S.D. I.R. S.R. Adj.Rt. Top 2%.2 5.3.4 25..15 2.22 6.6.34 3.6 1.54 1.9 7.4.26 36.7 1.2 1.4 8.5.17 42.4.8 Bottom 2%.6 4.9.12 5..3 2.25 6.7.33 41.7 1.31 1.8 7.7.23 4. 1.1 1.3 9.6.14 45.9.7 Long-Short -.4 2.6 -.53 5. -.2 -.2 2.6 -.5 41.7 -.1.1 3.5.28 46.7.1.1 4..26 47.1.1.42 4.8.9 33.3.28 2.27 6.1.37 33.3 1.51 1.7 7.1.24 36.7 1.1 1.2 8.5.15 41.2.7 Style Portfolio for February Top 2% : Long Bottom 2% : Short Portfolio (1M) (%pt) (%) () (%) 4 123 17.7-15.1.6 1.9 1,233 38. 2 STX 1181 9.6 15.3.9 1.7 568 15.2 4 12 5.2-3.9.2.7 1,438 29. 4 LIG 255 4.5 5.2.9 2.3 99 18.4 7 15 4.4-7.4 1.3 2.1 1,258 22.4 2 112 4.1-14.8.2.6 2,32 17.1 2 LG 1299 4. 25.5.7 1.7 1,333 25.3 2 474 3.7-6.8 1. 1.4 6,39 11.4 New 48 3.6-3.1 1.1 2. 922 25.1 6 GS 7893 3.6 3.3.3 1.3 2,89 28.3 6 LG 1594 3.2 7.4 1.4 1.7 1,71 23.2 New 342 2.9.8 1.8 2.4 4,656 2.3 2 72 2.7-15.4 1.2 1.4 5,333 17.1 2 KT&G 3378 2.7 1.4.2 -.3 8,448 54.8 2 581 2.6-17.9.4 1.4 61 15.7 New 4267 2.5-8.8 1. 2.1 3,229 13.4 6 64 2.5-17.1.6 1.3 724 16.3 New LG 112 2.2-4.6.2.8 849 4.7 New 3762 2.1-11.3 NA NA 1,795 14.7 6 349 1.9-5.2.7 2. 2,418 18.2 Portfolio (1M) (%pt) (%) () (%) 2 279-17.8-11.8-1.2.8 1,197 24.7 2 SK 36-6.4-1.5.1.6 9,252 43. 2 14-5.7-1.3.7 1.5 2,51 27.5 New 16-5.4-13.1.7.8 848 19.5 4 415-4.6-11. -.5 1.4 55 8. 2 1968-4. -9.7.5.9 712 26.6 6 893-3.9-13.2 1.1 1.6 1,8 34.2 11 4-3.4 8.2 1.5 1.5 65 1.9 6 STX 6725-3.3-2.9.3 1. 1,91 25.8 2 369-3.3-3.1 1.4 1.5 1,377 42.2 4 83-3. -1.1 1.5.9 4,733 25.7 New 1245-3. -16.3 1.1 1.8 2,187 13.4 New 417-2.9-5.9 1.4.7 1,298 44.6 New 4266-2.9-6.5 1. 1.3 5,225 33.6 New 943-2.8-3.1 NA NA 3,285 41.8 New 24-2.5-12.7. 1.9 2,1 44.4 4 113-2.3-15.4 1.1 2.4 1,576 19.3 6 18-2. -9.4 1. 2.2 1,462 37.4 6 STX 7797-1.9-1.5 -.8 1.1 67 28.5 New 1275-1.8-1.5.5.5 1,474 54. Sector Concentration 27.2.8 IT Top 2% 13.3% 36.7% 1.% 6.7% 6.7% 13.3% 3.3% 3.3% 3.3% 3.3% Bottom 2% 16.7% 23.3% 13.3% 2.% 3.3% 13.3% 3.3%.% 3.3% 3.3% 13.3% 24.7% 18.7% 8.7% 4.% 16.7% 6.% 2.7% 3.3% 2.% 88

Definition RSI = 1 / [1 + (14 /)] 35 175 Top 2% (Long) Bottom 2% (Short) 1 2 3 4 5 6 7 317 127 Performance Monitor (: %) Top 2% Return -6.4 -.6 15. -6.4 1.5 126.9 189.8 (Long) I.D. 76.7 63.3 43.3 56.7 76.7 3.3 1. Adj.Rt. -4.9 -.4 8.5-3.6 2.5 122.6 17.8 Bottom 2% Return -9.6-5.6 5.8-9.6-2.8 9.7 76.4 (Short) I.D. 96.7 46.7 26.7 26.7 96.7 1. 13.3 Adj.Rt. -9.3-2.6 4.3-2.6-2.7 81.7 66.2 Return -7.3 -.7 1.4-7.3 3.8 111. 135.9 I.D. 84. 54.7 3. 43.3 82.7 8.7 12. Adj.Rt. -6.2 -.4 7.3-3.2.7 11.4 119.6 Risk-Return Analysis (: %) 1 3 5 (2.1 ~ ) Avg.Rt. S.D. I.R. S.R. Adj.Rt. Avg.Rt. S.D. I.R. S.R. Adj.Rt. Avg.Rt. S.D. I.R. S.R. Adj.Rt. Avg.Rt. S.D. I.R. S.R. Adj.Rt. Top 2%.96 5.1.19 33.3.64 2.49 6.3.39 38.9 1.52 2. 7.3.28 38.3 1.3 1.8 9.2.19 41.2 1. Bottom 2% -.1 5.3 -.2 33.3 -.3 1.99 6.2.32 38.9 1.22 1.2 7.3.17 41.7.7.6 8.6.8 47.1.3 Long-Short 1.6 2.1 1.76 25..79.5 3.4.87 38.9.3.8 3.4 1.87 38.3.5 1.1 5.6 1.84 45.9.6.42 4.8.9 33.3.28 2.27 6.1.37 33.3 1.51 1.7 7.1.24 36.7 1.1 1.2 8.5.15 41.2.7 Style Portfolio for February Top 2% : Long Bottom 2% : Short Momentum Portfolio (1M) (RSI) (%) () (%) New 18 71.8-9.4 1. 2.2 1,462 37.4 New SKC 1179 69.7-22.6.9 1.9 632 7.3 New KT 32 69.4-7.7.6.5 11,996 47.3 New LGLCD 3422 69.3-5.7 1.7. 9,393 52.2 New KCC 238 68.7-16.2.7 1.2 2,551 22.2 New SDI 64 66.2-6.8 1..8 2,729 25.4 New 324 66.2-13.2.3 1.5 88 7.9 2 417 65.6-5.9 1.4.7 1,298 44.6 New 475 64.1-1.4.3 1.1 3,325 2.6 2 66 63.5-14.3 2. 1.4 14,346 2.4 New CJ 14 63.5-8.9 1.3 1.2 3,96 19.8 New LG 6657 63.4-5.1 1.1 1. 7,551 34.3 New 3 63.1-5.2.9 1.1 1,8 38.2 New 13 62.9-7. 1.6.7 1,825 26.3 2 144 62.5-11. 1.7 2.5 985 3.6 New 1 62.2-18..9 1.3 1,325 22.7 New 279 61.8-11.8-1.2.8 1,197 24.7 New 354 61.7-18.1 1. 1.7 977 36. New SK 1767 61.1-1.1.8.4 16,239 47.2 New 349 6.5-5.2.7 2. 2,418 18.2 Portfolio (1M) (RSI) (%) () (%) New 48 22.7-3.1 1.1 2. 922 25.1 New 145 24. 2.1.8 2.3 1,77 16.3 3 285 25.9-1.5 2.1 1.8 1,74 37.6 New 1178 28.6-1.9.4 3. 747 14.6 New 4571 28.7-5.1 NA NA 878 35.6 New 494 3.2-5.4.9 1.4 7,836 77.9 New 538 31.3 -.4.9.1 14,726 41. New 2953 31.3-11.4.2.9 59 44.7 4 143 32.6-12.3.5 1.2 613 11.4 New LG 935 32.7 2.9 NA NA. New LIG 255 32.8 5.2.9 2.3 99 18.4 New SK 612 33.9-4.8 1.9 2.2 785 16.4 New LG 519 34. -8.1 1. 1. 1,773 47.7 New SBS 3412 34.1-9.8 1.1 1.2 1,278. New 112 34.3-14.8.2.6 2,32 17.1 New POSCO 549 34.3 6.6 1.3 1. 28,728 62. New 1117 35.2 9.5.8 1.8 2,425 47.4 2 SK 174 36.1-22.9.2 -.1 7,14 1. New LG 1594 36.1 7.4 1.4 1.7 1,71 23.2 New 53 38.1 -.5 1.3 1.4 17,732 9.2 Sector Concentration 27.2.8 IT Top 2% 1.% 16.7% 3.% 1.% 3.3% 1.% 1.% 6.7% 3.3%.% Bottom 2% 23.3% 23.3% 16.7% 1.%.% 16.7% 3.3% 3.3%.% 3.3% 13.3% 24.7% 18.7% 8.7% 4.% 16.7% 6.% 2.7% 3.3% 2.% 89

PART 5 QUALITY Style Strategies Quality Composite QARP : Quality at a Reasonable Price QARP 1 : Fw. ROE & Fw. PBR QARP 2 : Fw. NPM & Fw. PSR QARP 3 : Quality score & Fw. Value score Forward ROE Forward ROA Forward OPM () Forward NPM () (FY) (FY)

Quality Style Performance 1 Quality Quality Style Strategies : Return (1-month, 1/31) % QARP (ROE & PBR) NPM QARP (NPM & PSR) -3%, -6% -9% QARP 1 (Fw.ROE & Fw.PBR) Fw.NPM QARP 2 (Fw. NPM & Fw.PSR) QARP 3 (Q.Score & V.Score) Fw.OPM (FY) (FY) Fw.ROE Fw.ROA Quality Composite Quality Style Strategies : Risk (Internal Dispersion, 1-month, 1/31) 1% QARP(NPM & PSR) QARP(ROE & PBR) NPM, 5% % QARP 2 (Fw. NPM & Fw.PSR) QARP 1 (Fw.ROE & Fw.PBR) Fw.NPM QARP 3 (Q.Score & V.Score) Fw.OPM (FY) Quality Composite Fw.ROA Fw.ROE (FY) Quality Style Strategies : Risk-adjusted Return (1-month, 1/31).% QARP (ROE & PBR) QARP (NPM & PSR) NPM -4.%. -8.% QARP 1 (Fw.ROE & Fw.PBR) QARP 2 (Fw. NPM & Fw.PSR) Fw.NPM QARP 3 (Q.Score & V.Score) 27.2.8 92 Fw.OPM (FY) Fw.ROA Quality Composite Fw.ROE (FY) -

Quality Composite Definition 35 175 Quality scoring ( Part.7 Definitions ) Top 2% (Long) Bottom 2% (Short) 1 2 3 4 5 6 7 315 282 Performance Monitor (: %) Top 2% Return -7.4-1.2 8.1-7.4-3.3 48.7 17.9 (Long) I.D. 8. 6. 33.3 46.7 8. 13.3 1. Adj.Rt. -5.9 -.7 5.4-3.4-2.6 42.2 97.1 Bottom 2% Return -7.7-1.6 1. -7.7 5.3 165.2 273. (Short) I.D. 86.7 6. 33.3 6. 86.7 16.7 1. Adj.Rt. -6.7-1. 6.7-4.6.7 137.6 245.7 Return -7.3 -.7 1.4-7.3 3.8 111. 135.9 I.D. 84. 54.7 3. 43.3 82.7 8.7 12. Adj.Rt. -6.2 -.4 7.3-3.2.7 11.4 119.6 Risk-Return Analysis (: %) 1 3 5 (2.1 ~ ) Avg.Rt. S.D. I.R. S.R. Adj.Rt. Avg.Rt. S.D. I.R. S.R. Adj.Rt. Avg.Rt. S.D. I.R. S.R. Adj.Rt. Avg.Rt. S.D. I.R. S.R. Adj.Rt. Top 2% -.18 4.5 -.4 33.3 -.6 1.22 4.7.26 36.1.78 1.4 6.3.22 4..9 1.5 7.4.2 42.4.9 Bottom 2%.61 6.3.1 5..3 3.6 8.3.37 41.7 1.79 2.6 9..29 4. 1.6 1.9 1.4.18 44.7 1. Long-Short -.79 3.8 -.71 5. -.4-1.85 4.9-2.28 52.8 -.97-1.2 5.2-1.78 55. -.7 -.4 5.7 -.64 47.1 -.2.42 4.8.9 33.3.28 2.27 6.1.37 33.3 1.51 1.7 7.1.24 36.7 1.1 1.2 8.5.15 41.2.7 Quality Composite Style Portfolio for February Top 2% : Long Bottom 2% : Short Quality Portfolio Quality Score (1M) (%) () (%) 86 1275 88. -1.5.5.5 1,474 54. 86 593 85.8-5.5 1.5.5 85,286 48.7 86 KT&G 3378 83.5 1.4.2 -.3 8,448 54.8 49 POSCO 549 83.3 6.6 1.3 1. 28,728 62. 49 3525 83.3 -.7.8.2 4,29 34.6 6 6962 82.6-8.3.4 1.4 532 11.6 23 162 81.9-1.3.2.1 2,35 41.4 86 SK 1767 81.8-1.1.8.4 16,239 47.2 33 893 8.2-13.2 1.1 1.6 1,8 34.2 12 113 79.3-15.4 1.1 2.4 1,576 19.3 78 3657 75.7 1.1.7.3 1,197 43.8 25 66 75.5-14.3 2. 1.4 14,346 2.4 18 2124 75.4-5. 1. 1.6 1,822 24. 3 LG 355 74.4-4. 1.4 1.1 4,944 3.8 68 1 73.9-18..9 1.3 1,325 22.7 4 1233 73.5-11.2 1. 1.1 6,547 47.4 18 LG 3271 73.3 -.6 1.3 1.4 7,71 15.3 New LG 1299 72.9 25.5.7 1.7 1,333 25.3 3 954 71. 7.5.3.7 1,298 22.1 15 1263 7.2-12.5.2 1.4 3,747 64.3 Portfolio Quality Score (1M) (%) () (%) 86 152 5.3-1.6 1.2 1.2 682 16.1 27 362 5.5-11.2.7 1.5 564 78.6 14 183 1.6-11.1.4 1.2 51 13.1 8 112 11.3-14.8.2.6 2,32 17.1 8 LGLCD 3422 15.1-5.7 1.7. 9,393 52.2 49 455 15.3-1.2.8 2.9 777 31.1 29 27 18.3-14.5.8 1. 3,993 25.9 19 15 18.7-7.4 1.3 2.1 1,258 22.4 57 48 21. -3.1 1.1 2. 922 25.1 6 7324 21.5-15.9 -.4 1.7 742 26.5 19 LG 6887 22.4-16..5 1.3 657 3.7 37 915 22.7-2.9 1.1.7 2,562 1.9 42 3646 22.8-9.6.3 1.1 2,879 6.4 86 83 23.5-1.1 1.5.9 4,733 25.7 8 7 23.8 2.3.5.9 1,936 36.1 15 877 24.4-1.6.9 1.7 532 1.1 36 475 24.9-1.4.3 1.1 3,325 2.6 4 LG 6657 26.8-5.1 1.1 1. 7,551 34.3 37 349 27.1-5.2.7 2. 2,418 18.2 22 415 27.5-11. -.5 1.4 55 8. Sector Concentration IT Top 2% 16.7% 16.7% 23.3% 1.% 1.% 6.7% 1.% 3.3%.% 3.3% Bottom 2% 13.3% 3.% 23.3% 3.3% 3.3% 1.% 13.3%.% 3.3%.% 13.3% 24.7% 18.7% 8.7% 4.% 16.7% 6.% 2.7% 3.3% 2.% 27.2.8 93

* QARP : Quality at a Resonable Price QARP 1 (Forward ROE & Forward PBR) Quality Definition 1,2 QARP : Fw. ROE 5% & Fw. PBR 5% Non-QARP : Fw. ROE 5% & Fw. PBR 5% 8 4 QARP (Long) Non-QARP (Short) L.Q & L.PB (Long) H.Q & H.PB (Short) 1 2 3 4 5 6 7 1,134 415 238 164 Performance Monitor (: %) QARP Return -2.3 3.3 9.4-2.3 9.1 183.9 452 (Long) I.D. 61.1 5. 38.9 38.9 61.1 5.6 11.1 Adj.Rt. -1.4 1.6 5.7 -.9 3.6 173.7 42 Non-QARP Return -5.5.3 8.9-5.5 -.9 74.4 116.9 (Short) I.D. 76.5 58.8 17.6 58.8 76.5 11.8 5.9 Adj.Rt. -4.2.1 7.3-3.3 -.7 65.7 11. Return -7.3 -.7 1.4-7.3 3.8 111. 135.9 I.D. 84. 54.7 3. 43.3 82.7 8.7 12. Adj.Rt. -6.2 -.4 7.3-3.2.7 11.4 119.6 Risk-Return Analysis (: %) 1 3 5 (2.1 ~ ) Avg.Rt. S.D. I.R. S.R. Adj.Rt. Avg.Rt. S.D. I.R. S.R. Adj.Rt. Avg.Rt. S.D. I.R. S.R. Adj.Rt. Avg.Rt. S.D. I.R. S.R. Adj.Rt. QARP.82 4.3.19 41.7.48 3.17 7..45 27.8 2.29 3.2 8.2.39 3. 2.2 3.4 1.8.32 34.1 2.3 Non-QARP.5 5.3.1 58.3.2 1.8 7.2.25 5..9 1.6 7.5.21 43.3.9.9 8.5.11 48.2.5 Long-Short.77 4.5.6 41.7.45 1.37 5.7 1.45 38.9.84 1.6 5.1 2.49 36.7 1. 2.5 6.4 3.63 34.1 1.7.42 4.8.9 33.3.28 2.27 6.1.37 33.3 1.51 1.7 7.1.24 36.7 1.1 1.2 8.5.15 41.2.7 QARP(Forward ROE & Forward PBR) Style Portfolio for February QARP (Quality at a Resonable Price) : Long Non-QARP : Short Portfolio Fw. Fw. ROE PBR (1M) (%) () (%) () (%) 11 SKC 1179 17.1.96-22.6.9 1.9 632 7.3 3 113 24.5 1.13-15.4 1.1 2.4 1,576 19.3 9 SK 36 15.3.97-1.5.1.6 9,252 43. 12 GS 7893 15.4 1.8 3.3.3 1.3 2,89 28.3 12 2411 18. 1.23 1.2 1.3 1.3 7,29 2.6 15 LG 1299 21.2 1.24 25.5.7 1.7 1,333 25.3 8 494 15. 1.13-5.4.9 1.4 7,836 77.9 6 528 16.8 1.22 3.9 1. 1.3 1,768 56.8 7 279 14.1 1.1-11.8-1.2.8 1,197 24.7 2 21 13.4 1.5.8.4 1.4 2,666 46.7 9 8679 14.7 1.14-4.9.4 1. 9,851 8.4 7 6996 15.4 1.27-11.2 1.5 1.6 1,69 44.2 4 POSCO 549 14.2 1.17 6.6 1.3 1. 28,728 62. #N/A #N/A #N/A #N/A #N/A #N/A #N/A #N/A #N/A #N/A #N/A #N/A #N/A #N/A #N/A #N/A #N/A #N/A #N/A #N/A #N/A #N/A #N/A #N/A #N/A #N/A #N/A #N/A #N/A #N/A #N/A #N/A #N/A #N/A #N/A #N/A #N/A #N/A #N/A #N/A #N/A #N/A #N/A #N/A #N/A #N/A #N/A #N/A #N/A #N/A #N/A #N/A #N/A #N/A #N/A #N/A #N/A #N/A #N/A #N/A #N/A #N/A #N/A #N/A #N/A #N/A #N/A #N/A #N/A #N/A Portfolio Fw. Fw. ROE PBR (1M) (%) () (%) () (%) 3 145 12.7 1.49 2.1.8 2.3 1,77 16.3 5 1 13. 1.81-18..9 1.3 1,325 22.7 3 1636 11.7 1.41-9.7 1.4 1.6 3,61 29.6 8 342 13.1 1.99.8 1.8 2.4 4,656 2.3 4 1968 11.3 1.48-9.7.5.9 712 26.6 8 915 8.7 1.4-2.9 1.1.7 2,562 1.9 21 81 11.6 1.83-2.2 1.1 1.6 7,722 53.4 18 14 12.1 2.7-1.3.7 1.5 2,51 27.5 2 53 8.8 1.65-2.3.7.7 1,692 42.8 New 475 12.4 3.16-1.4.3 1.1 3,325 2.6 33 SBS 3412 11.4 1.95-9.8 1.1 1.2 1,278. 8 3657 12.1 2.47 1.1.7.3 1,197 43.8 15 CJ 14 9.8 1.89-8.9 1.3 1.2 3,96 19.8 7 15 7.2 2.26-7.4 1.3 2.1 1,258 22.4 37 LG 6887 5.2 3.84-16..5 1.3 657 3.7 #N/A #N/A #N/A #N/A #N/A #N/A #N/A #N/A #N/A #N/A #N/A #N/A #N/A #N/A #N/A #N/A #N/A #N/A #N/A #N/A #N/A #N/A #N/A #N/A #N/A #N/A #N/A #N/A #N/A #N/A #N/A #N/A #N/A #N/A #N/A #N/A #N/A #N/A #N/A #N/A #N/A #N/A #N/A #N/A #N/A #N/A #N/A #N/A #N/A #N/A Sector Concentration IT QARP 26.7% 2.% 6.7% 6.7%.% 26.7%.%.%.% 13.3% Non-QARP.% 13.3% 13.3% 26.7% 13.3% 2.% 13.3%.%.%.% 13.3% 24.7% 18.7% 8.7% 4.% 16.7% 6.% 2.7% 3.3% 2.% 27.2.8 94

Definition 1,2 L.Q & L.PB : Fw. ROE 5% & Fw. PBR 5% H.Q & H.PB : Fw. ROE 5% & Fw. PBR 5% 8 4 QARP (Long) Non-QARP (Short) L.Q & L.PB (Long) H.Q & H.PB (Short) 1 2 3 4 5 6 7 1,134 415 238 164 Fw. PBR Non-QARP L.Q & L.V H.Q & H.V QARP Fw. ROE Performance Monitor (: %) L.Q & L.PB Return -8.5 -.8 13.4-8.5 1.1 176.2 298.2 (Long) I.D. 85.7 55.1 28.6 51. 85.7 12.2 14.3 Adj.Rt. -7.3 -.5 9.6-4.3 1.4 154.7 255.6 H.Q & H.PB Return -7.3-2.7 5.2-7.3.3 7.2 125.2 (Short) I.D. 89.8 55.1 36.7 36.7 89.8 4.1 6.1 Adj.Rt. -6.6-1.5 3.3-2.7. 67.3 117.6 Return -7.3 -.7 1.4-7.3 3.8 111. 135.9 I.D. 84. 54.7 3. 43.3 82.7 8.7 12. Adj.Rt. -6.2 -.4 7.3-3.2.7 11.4 119.6 Risk-Return Analysis (: %) 1 3 5 (2.1 ~ ) Avg.Rt. S.D. I.R. S.R. Adj.Rt. Avg.Rt. S.D. I.R. S.R. Adj.Rt. Avg.Rt. S.D. I.R. S.R. Adj.Rt. Avg.Rt. S.D. I.R. S.R. Adj.Rt. L.Q & L.PB.95 5.6.17 41.7.56 3.11 7.2.43 36.1 1.98 2.6 8..33 41.7 1.5 2.1 9..23 42.4 1.2 H.Q & H.PB.11 4.3.3 25..8 1.6 4.8.33 33.3 1.6 1.6 6.4.24 4..9 1.3 7.7.17 44.7.7 Long-Short.84 2.3 1.28 33.3.56 1.51 3.3 2.74 25. 1.13 1.1 3.3 2.55 36.7.7.8 3.6 1.99 41.2.5.42 4.8.9 33.3.28 2.27 6.1.37 33.3 1.51 1.7 7.1.24 36.7 1.1 1.2 8.5.15 41.2.7 QARP(Forward ROE & Forward PBR) Style Portfolio for February Low Quality & Low PBR : Long High Quality & High PBR : Short Quality Portfolio Fw. Fw. ROE PBR (1M) (%) () (%) () (%) 2 299 13.2.72-27.1.6 2.7 739 7.7 15 42 12.8.71-2.5 1.4 1.6 2,793 22.2 12 123 1.9.56-15.1.6 1.9 1,233 38. 62 581 1.5.53-17.9.4 1.4 61 15.7 62 LS 626 12.2.75-13.3.6 1.3 1,72 2.2 11 983 1.5.63. 1.5 2.1 1,234 31.5 9 1117 11.9.89 9.5.8 1.8 2,425 47.4 44 7 9..65-1.8.7.6 546 7.9 1 LG 355 12.7 1. -4. 1.4 1.1 4,944 3.8 1 LG 5191 13.2 1.6 1.9 1. 1.7 2,828 26.1 5 345 1.9.89-14.4.8 2.1 1,491 1.2 86 415 11..9-11. -.5 1.4 55 8. 37 349 6..54-5.2.7 2. 2,418 18.2 85 48 6.8.63-3.1 1.1 2. 922 25.1 68 33 6.3.6-5..9.6 592 34.6 73 1576 6.1.59..4.7 27,22 29.8 5 144 1.6.92-11. 1.7 2.5 985 3.6 New LG 1594 12.9 1.22 7.4 1.4 1.7 1,71 23.2 47 469 7.7.77-5.7 -.1.5 57 3.8 11 13 13.2 1.27-7. 1.6.7 1,825 26.3 Portfolio Fw. Fw. ROE PBR (1M) (%) () (%) () (%) 21 66 21.6 1.41-14.3 2. 1.4 14,346 2.4 34 162 29.1 1.87-1.3.2.1 2,35 41.4 2 STX 1181 26. 1.83 15.3.9 1.7 568 15.2 75 1233 21.6 1.5-11.2 1. 1.1 6,547 47.4 14 LG 3271 25.5 1.91 -.6 1.3 1.4 7,71 15.3 2 527 19.5 1.42-2.5 1.1 1.6 2,48 66.6 25 LS 112 27.5 2.5-5.7 1.3.9 915 17.4 9 STX 7797 34. 2.3-1.5 -.8 1.1 67 28.5 2 6 19.3 1.48. 1.8 1.5 25,195 83.4 6 6962 24.7 2.3-8.3.4 1.4 532 11.6 New 53 17.5 1.37 -.5 1.3 1.4 17,732 9.2 9 954 23. 1.97 7.5.3.7 1,298 22.1 6 STX 6725 2.8 1.91-2.9.3 1. 1,91 25.8 4 5555 18. 1.6 3.6 1.1 1.2 18,773 59. 41 S-Oil 195 23.5 2.31-4.7.2.4 7,352 5.9 16 LG 112 16.1 1.41-4.6.2.8 849 4.7 86 593 18.9 1.89-5.5 1.5.5 85,286 48.7 23 GS 636 19.4 1.93-6.1 -.1 1.8 3,978 5.9 24 285 29. 3.6-1.5 2.1 1.8 1,74 37.6 3 72 22.6 2.42-15.4 1.2 1.4 5,333 17.1 Sector Concentration IT L.Q & L.PB 24.5% 18.4% 26.5% 4.1%.% 1.2% 4.1% 6.1% 6.1%.% H.Q & H.PB 4.1% 34.7% 16.3% 8.2% 6.1% 2.4% 6.1% 2.%.% 2.% 13.3% 24.7% 18.7% 8.7% 4.% 16.7% 6.% 2.7% 3.3% 2.% 27.2.8 95

* QARP : Quality at a Resonable Price QARP 2 ( & Forward PSR) Quality Definition 9 6 3 QARP : Fw. 5% & Fw. PSR 5% Non-QARP : Fw. 5% & Fw. PSR 5% QARP (Long) Non-QARP (Short) L.Q & L.PS (Long) H.Q & H.PS (Short) 1 2 3 4 5 6 7 89 533 85 Performance Monitor (: %) QARP Return -4.2 4.7 28.3-4.2 24.6 141.6 327.6 (Long) I.D. 57.1 42.9 7.1 35.7 57.1 14.3 14.3 Adj.Rt. -2.4 2.7 26.3-1.5 1.6 121.4 28.8 Non-QARP Return -9.8-1.4 5.2-9.8-1.7 39.2 66.9 (Short) I.D. 1. 5.. 5. 1. 33.3 33.3 Adj.Rt. -9.8 -.7 5.2-4.9-1.7 26.1 44.6 Return -7.3 -.7 1.4-7.3 3.8 111. 135.9 I.D. 84. 54.7 3. 43.3 82.7 8.7 12. Adj.Rt. -6.2 -.4 7.3-3.2.7 11.4 119.6 Risk-Return Analysis (: %) 1 3 5 (2.1 ~ ) Avg.Rt. S.D. I.R. S.R. Adj.Rt. Avg.Rt. S.D. I.R. S.R. Adj.Rt. Avg.Rt. S.D. I.R. S.R. Adj.Rt. Avg.Rt. S.D. I.R. S.R. Adj.Rt. QARP 1.97 5.1.39 41.7 1.15 2.69 6.7.4 36.1 1.72 2.7 7.7.36 4. 1.6 2.9 8.9.32 4. 1.7 Non-QARP -.4 4.8 -.1 41.7 -.2 1.9 6..18 38.9.67 1.2 7.7.15 33.3.8.3 9.8.3 41.2.2 Long-Short 2.1 3.8 1.83 41.7 1.17 1.6 4.9 1.95 36.1 1.2 1.6 7. 1.74 41.7.9 2.6 7.2 3.31 37.6 1.6.42 4.8.9 33.3.28 2.27 6.1.37 33.3 1.51 1.7 7.1.24 36.7 1.1 1.2 8.5.15 41.2.7 QARP( & Forward PSR) Style Portfolio for February QARP (Quality at a Resonable Price) : Long Non-QARP : Short Portfolio Fw. Fw. NPM PSR (1M) (%) () (%) () (%) New 113 13.7.7-15.4 1.1 2.4 1,576 19.3 New SKC 1179 9.4.56-22.6.9 1.9 632 7.3 New 299 9..39-27.1.6 2.7 739 7.7 23 983 9.1.56. 1.5 2.1 1,234 31.5 4 1233 9.9.73-11.2 1. 1.1 6,547 47.4 New LS 112 9.2.71-5.7 1.3.9 915 17.4 New LG 1299 8.8.58 25.5.7 1.7 1,333 25.3 2 162 12.1.84-1.3.2.1 2,35 41.4 2 954 7.9.72 7.5.3.7 1,298 22.1 2 2953 7.7.76-11.4.2.9 59 44.7 New 1968 7.6.8-9.7.5.9 712 26.6 #N/A #N/A #N/A #N/A #N/A #N/A #N/A #N/A #N/A #N/A #N/A #N/A #N/A #N/A #N/A #N/A #N/A #N/A #N/A #N/A #N/A #N/A #N/A #N/A #N/A #N/A #N/A #N/A #N/A #N/A #N/A #N/A #N/A #N/A #N/A #N/A #N/A #N/A #N/A #N/A #N/A #N/A #N/A #N/A #N/A #N/A #N/A #N/A #N/A #N/A #N/A #N/A #N/A #N/A #N/A #N/A #N/A #N/A #N/A #N/A #N/A #N/A #N/A #N/A #N/A #N/A #N/A #N/A #N/A #N/A #N/A #N/A #N/A #N/A #N/A #N/A #N/A #N/A #N/A #N/A #N/A #N/A #N/A #N/A #N/A #N/A #N/A #N/A #N/A #N/A Portfolio Fw. Fw. NPM PSR (1M) (%) () (%) () (%) New 4267 7.3.87-8.8 1. 2.1 3,229 13.4 New 4 6.1.86 8.2 1.5 1.5 65 1.9 New 342 6.9 1.9.8 1.8 2.4 4,656 2.3 46 915 5.9.95-2.9 1.1.7 2,562 1.9 New 64 7.4 1.13-17.1.6 1.3 724 16.3 4 417 5.4.96-5.9 1.4.7 1,298 44.6 7 CJ 14 6.3 1.1-8.9 1.3 1.2 3,96 19.8 New 421 7.1 1.48-27.4 2.4.6 1,537 25.1 New 81 5.4.98-2.2 1.1 1.6 7,722 53.4 2 183-3.2.89-11.1.4 1.2 51 13.1 New 877 5.2 1.11-1.6.9 1.7 532 1.1 New LG 6887 5.3 2.65-16..5 1.3 657 3.7 #N/A #N/A #N/A #N/A #N/A #N/A #N/A #N/A #N/A #N/A #N/A #N/A #N/A #N/A #N/A #N/A #N/A #N/A #N/A #N/A #N/A #N/A #N/A #N/A #N/A #N/A #N/A #N/A #N/A #N/A #N/A #N/A #N/A #N/A #N/A #N/A #N/A #N/A #N/A #N/A #N/A #N/A #N/A #N/A #N/A #N/A #N/A #N/A #N/A #N/A #N/A #N/A #N/A #N/A #N/A #N/A #N/A #N/A #N/A #N/A #N/A #N/A #N/A #N/A #N/A #N/A #N/A #N/A #N/A #N/A #N/A #N/A #N/A #N/A #N/A #N/A #N/A #N/A #N/A #N/A Sector Concentration IT QARP 38.5% 3.8% 23.1%.%.%.% 7.7%.%.%.% Non-QARP 8.3% 16.7% 25.% 8.3% 16.7% 8.3% 16.7%.%.%.% 13.3% 24.7% 18.7% 8.7% 4.% 16.7% 6.% 2.7% 3.3% 2.% 27.2.8 96

Definition 9 6 3 L.Q & L.PS : Fw. 5% & Fw. PSR 5% H.Q & H.PS : Fw. 5% & Fw. PSR 5% QARP (Long) Non-QARP (Short) L.Q & L.PS (Long) H.Q & H.PS (Short) 1 2 3 4 5 6 7 89 533 85 Fw. PSR Non-QARP L.Q & L.V H.Q & H.V QARP Performance Monitor (: %) Fw. Net Profit Margin L.Q & L.PS Return -5.2 -.1 12.7-5.2 12. 199.5 334. (Long) I.D. 8.6 48.4 38.7 38.7 8.6 12.9 6.5 Adj.Rt. -4.2 -.1 7.8-2. 2.3 173.7 312.4 H.Q & H.PS Return -6.7 -.8 5.8-6.7-3.4 65.1 14.1 (Short) I.D. 82.1 61.5 35.9 53.8 82.1 1.3 17.9 Adj.Rt. -5.5 -.5 3.7-3.6-2.8 58.4 85.4 Return -7.3 -.7 1.4-7.3 3.8 111. 135.9 I.D. 84. 54.7 3. 43.3 82.7 8.7 12. Adj.Rt. -6.2 -.4 7.3-3.2.7 11.4 119.6 Risk-Return Analysis (: %) 1 3 5 (2.1 ~ ) Avg.Rt. S.D. I.R. S.R. Adj.Rt. Avg.Rt. S.D. I.R. S.R. Adj.Rt. Avg.Rt. S.D. I.R. S.R. Adj.Rt. Avg.Rt. S.D. I.R. S.R. Adj.Rt. L.Q & L.PS 1.8 5.3.2 41.7.63 3.31 6.8.48 36.1 2.12 2.8 8.1.34 36.7 1.8 2.4 9.4.26 38.8 1.5 H.Q & H.PS -.2 4.2 -.5 25. -.5 1.56 5.7.27 36.1 1. 1.4 6.6.21 4..8 1.2 7.9.15 44.7.7 Long-Short 1.28 2.5 1.74 25..96 1.75 3. 3.5 25. 1.32 1.4 3.4 3.21 33.3.9 1.2 3.8 2.95 36.5.8.42 4.8.9 33.3.28 2.27 6.1.37 33.3 1.51 1.7 7.1.24 36.7 1.1 1.2 8.5.15 41.2.7 QARP( & Forward PSR) Style Portfolio for February Low Quality & Low PSR : Long High Quality & High PSR : Short Quality Portfolio Fw. Fw. NPM PSR (1M) (%) () (%) () (%) 2 123 7.4.38-15.1.6 1.9 1,233 38. 3 42 7.2.43-2.5 1.4 1.6 2,793 22.2 New 581 6.3.34-17.9.4 1.4 61 15.7 9 21 7.4.55.8.4 1.4 2,666 46.7 New STX 7797 7.4.57-1.5 -.8 1.1 67 28.5 New 7 6.3.45-1.8.7.6 546 7.9 2 SK 36 6.1.4-1.5.1.6 9,252 43. 62 LS 626 5.7.38-13.3.6 1.3 1,72 2.2 32 LG 5191 3.9.29 1.9 1. 1.7 2,828 26.1 86 349 3.3.28-5.2.7 2. 2,418 18.2 New STX 6725 7.2.58-2.9.3 1. 1,91 25.8 6 538 6.4.51 -.4.9.1 14,726 41. New 144 6.8.57-11. 1.7 2.5 985 3.6 New 48 2..19-3.1 1.1 2. 922 25.1 New 469 2.6.28-5.7 -.1.5 57 3.8 New LG 112 1.8.13-4.6.2.8 849 4.7 16 7 2.7.31 2.3.5.9 1,936 36.1 New 1888 7.5.74-15..6 1.3 1,121 87.6 73 3646 1.8.21-9.6.3 1.1 2,879 6.4 New 145 2.1.29 2.1.8 2.3 1,77 16.3 Portfolio Fw. Fw. NPM PSR (1M) (%) () (%) () (%) New 2411 14.5.91 1.2 1.3 1.3 7,29 2.6 86 354 15.3.99-18.1 1. 1.7 977 36. 62 6 15.6 1.29. 1.8 1.5 25,195 83.4 19 53 15.4 1.26 -.5 1.3 1.4 17,732 9.2 New 1117 15.2 1.2 9.5.8 1.8 2,425 47.4 13 POSCO 549 15.6 1.36 6.6 1.3 1. 28,728 62. 12 494 14.5 1.15-5.4.9 1.4 7,836 77.9 34 66 22.8 1.61-14.3 2. 1.4 14,346 2.4 6 527 18.3 1.41-2.5 1.1 1.6 2,48 66.6 4 6996 1.4.92-11.2 1.5 1.6 1,69 44.2 24 345 1.1.88-14.4.8 2.1 1,491 1.2 New 5555 12.2 1.6 3.6 1.1 1.2 18,773 59. 46 528 21.7 1.68 3.9 1. 1.3 1,768 56.8 12 715 16.9 1.52-11.7 1.7 1.9 2,163 48. New 6962 13.5 1.22-8.3.4 1.4 532 11.6 9 8679 32.5 2.67-4.9.4 1. 9,851 8.4 41 594 1.2.94-12. 1.7 2.3 2,332 12.3 New 1576 9.6.93..4.7 27,22 29.8 New 88 8..86-8.7 1.5 2. 2,395 25.4 86 593 14.3 1.33-5.5 1.5.5 85,286 48.7 Sector Concentration IT L.Q & L.PS 15.1% 35.8% 2.8% 3.8%.% 9.4% 5.7% 1.9% 3.8% 3.8% H.Q & H.PS 7.7% 11.5% 15.4% 13.5% 5.8% 3.8% 5.8% 5.8% 1.9% 1.9% 13.3% 24.7% 18.7% 8.7% 4.% 16.7% 6.% 2.7% 3.3% 2.% 27.2.8 97

* QARP : Quality at a Resonable Price QARP 3 (Quality score & Forward Value score) Quality Definition QARP : Quality score 5% & Fw. Value score 5% Non-QARP : Quality score 5% & Fw. Value score 5% 3 2 1 QARP (Long) Non-QARP (Short) L.Q & L.V (Long) H.Q & H.V (Short) 1 2 3 4 5 6 7 268 29 121 71 Performance Monitor (: %) QARP Return -4.5 1.1 15.8-4.5 9.3 111.3 117.1 (Long) I.D. 7.3 54.1 32.4 27. 67.6 8.1 13.5 Adj.Rt. -3.1.5 1.7-1.2 3. 12.3 11.3 Non-QARP Return -9.1-2.1 7.3-9.1 5.2 1.8 32.8 (Short) I.D. 89.7 56.4 23.1 43.6 87.2 7.7 17.9 Adj.Rt. -8.2-1.2 5.6-4..7 93.1 26.9 Return -7.3 -.7 1.4-7.3 3.8 111. 135.9 I.D. 84. 54.7 3. 43.3 82.7 8.7 12. Adj.Rt. -6.2 -.4 7.3-3.2.7 11.4 119.6 Risk-Return Analysis (: %) 1 3 5 (2.1 ~ ) Avg.Rt. S.D. I.R. S.R. Adj.Rt. Avg.Rt. S.D. I.R. S.R. Adj.Rt. Avg.Rt. S.D. I.R. S.R. Adj.Rt. Avg.Rt. S.D. I.R. S.R. Adj.Rt. QARP.82 4.2.2 41.7.48 2.27 6..38 33.3 1.51 1.5 7..22 38.3.9 1.2 8.1.15 41.2.7 Non-QARP.58 5.7.1 33.3.39 2.22 7.5.3 36.1 1.42.8 8.5.1 4..5.1 1..1 45.9.1 Long-Short.24 3..28 5..12.5 4.6.7 55.6.2.7 4.5 1.2 48.3.4 1.1 4.5 2.24 42.4.6.42 4.8.9 33.3.28 2.27 6.1.37 33.3 1.51 1.7 7.1.24 36.7 1.1 1.2 8.5.15 41.2.7 QARP(Quality Score & Forward Value Score) Style Portfolio for February QARP (Quality at a Resonable Price) : Long Non-QARP : Short Portfolio Fw. Quality Value (1M) Score Score (%) () (%) 2 162 81.9 64.3-1.3.2.1 2,35 41.4 28 113 79.3 64. -15.4 1.1 2.4 1,576 19.3 27 LG 1299 72.9 69.3 25.5.7 1.7 1,333 25.3 8 SK 1767 81.8 59.3-1.1.8.4 16,239 47.2 37 POSCO 549 83.3 57.5 6.6 1.3 1. 28,728 62. 4 1233 73.5 58.9-11.2 1. 1.1 6,547 47.4 77 33 61.7 63.7-5..9.6 592 34.6 4 GS 7893 67.8 58.5 3.3.3 1.3 2,89 28.3 25 21 55.5 63.1.8.4 1.4 2,666 46.7 17 24 67.1 57.4-12.7. 1.9 2,1 44.4 5 SKC 1179 52.2 78.2-22.6.9 1.9 632 7.3 3 954 71. 54.4 7.5.3.7 1,298 22.1 2 LG 355 74.4 52.8-4. 1.4 1.1 4,944 3.8 12 66 75.5 51.6-14.3 2. 1.4 14,346 2.4 6 LG 1594 56.7 61.8 7.4 1.4 1.7 1,71 23.2 28 1117 69.9 53.2 9.5.8 1.8 2,425 47.4 13 1888 65.5 56.7-15..6 1.3 1,121 87.6 6 527 55.5 62. -2.5 1.1 1.6 2,48 66.6 13 528 52.8 62.2 3.9 1. 1.3 1,768 56.8 4 LS 112 64.6 56.1-5.7 1.3.9 915 17.4 Portfolio Fw. Quality Value (1M) Score Score (%) () (%) 7 4571 5.5 5. -5.1 NA NA 878 35.6 11 8898 5. 5. 1.3 NA NA 2,196 39.3 2 LG 935 5. 5. 2.9 NA NA. 4 143 48.8 5. -12.3.5 1.2 613 11.4 6 12 47. 5. -3.9.2.7 1,438 29. 67 341 45.4 5. -19.1.3 1.4 851 29.2 5 1178 45.1 5. -1.9.4 3. 747 14.6 9 41 43.8 5. -14.6 3.5 1.9 912.3 9 NH 1642 42.2 5. -17.9-1.8 1.6 512.4 15 1116 4.5 5. -1.9 1. 2.1 972 5.2 39 SK 174 39.5 5. -22.9.2 -.1 7,14 1. New 1245 49.9 43.5-16.3 1.1 1.8 2,187 13.4 3 68 48.8 46.7-18.7 1.2 2.3 2,899 6.8 2 583 43.5 49.6 -.2 1.8 2. 1,749 17.2 5 347 42. 48.2-16..6 2.4 986 8.7 32 4266 43.9 39. -6.5 1. 1.3 5,225 33.6 2 369 4.9 42. -3.1 1.4 1.5 1,377 42.2 6 LIG 255 28.6 49.6 5.2.9 2.3 99 18.4 43 81 44.1 27.8-2.2 1.1 1.6 7,722 53.4 New 145 31.3 46.9 2.1.8 2.3 1,77 16.3 Sector Concentration IT QARP 18.9% 21.6% 16.2% 5.4%.% 18.9% 2.7% 8.1% 5.4% 2.7% Non-QARP 11.1% 27.8% 13.9% 5.6% 5.6% 25.% 11.1%.%.%.% 13.3% 24.7% 18.7% 8.7% 4.% 16.7% 6.% 2.7% 3.3% 2.% 27.2.8 98

Definition L.Q & L.V : Quality score 5% & Fw. Value score 5% H.Q & H.V : Quality score 5% & Fw. Value score 5% 3 2 1 QARP (Long) Non-QARP (Short) L.Q & L.V (Long) H.Q & H.V (Short) 1 2 3 4 5 6 7 268 29 121 71 Fw.Value Score L.Q & L.V Non-QARP QARP H.Q & H.V Performance Monitor (: %) Quality Score L.Q & L.V Return -8..7 14. -8. 6.9 182.1 25.2 (Long) I.D. 81.3 5. 33.3 52.1 79.2 12.5 2.8 Adj.Rt. -6.5.3 9.4-4.2 1.4 159.3 162.4 H.Q & H.V Return -8.5-2.2 6.3-8.5-5.9 6.5 55.8 (Short) I.D. 95.5 56.8 27.3 4.9 93.2 4.5. Adj.Rt. -8.1-1.3 4.6-3.5-5.5 57.7 55.8 Return -7.3 -.7 1.4-7.3 3.8 111. 135.9 I.D. 84. 54.7 3. 43.3 82.7 8.7 12. Adj.Rt. -6.2 -.4 7.3-3.2.7 11.4 119.6 Risk-Return Analysis (: %) 1 3 5 (2.1 ~ ) Avg.Rt. S.D. I.R. S.R. Adj.Rt. Avg.Rt. S.D. I.R. S.R. Adj.Rt. Avg.Rt. S.D. I.R. S.R. Adj.Rt. Avg.Rt. S.D. I.R. S.R. Adj.Rt. L.Q & L.V.7 5.7.12 33.3.47 3.15 7..45 36.1 2.1 2.2 8.1.27 36.7 1.4 1.6 9.7.17 42.4.9 H.Q & H.V -.41 4.6 -.9 41.7 -.17 1.47 5.6.26 38.9.9.9 6.4.15 43.3.5.5 7.7.7 48.2.3 Long-Short 1.11 2.3 1.64 25..84 1.68 3.5 2.87 3.6 1.17 1.3 3.7 2.63 38.3.8 1.1 4. 2.51 43.5.6.42 4.8.9 33.3.28 2.27 6.1.37 33.3 1.51 1.7 7.1.24 36.7 1.1 1.2 8.5.15 41.2.7 QARP(Quality Score & Forward Value Score) Style Portfolio for February Low Quality & Low Valuation : Long High Quality & High Valuation : Short Quality Portfolio Fw. Quality Value (1M) Score Score (%) () (%) New 42 5.3 73.1-2.5 1.4 1.6 2,793 22.2 9 123 44.4 83.8-15.1.6 1.9 1,233 38. 17 2953 49.8 67.1-11.4.2.9 59 44.7 12 SK 36 47.4 67. -1.5.1.6 9,252 43. 42 581 41.4 8.5-17.9.4 1.4 61 15.7 5 494 49.2 64.8-5.4.9 1.4 7,836 77.9 21 299 41.3 73.1-27.1.6 2.7 739 7.7 6 538 44.4 65.7 -.4.9.1 14,726 41. 6 KTF 3239 41.5 68. -17.3.8.8 4,814 22.8 18 7 4. 71.7-1.8.7.6 546 7.9 2 STX 1181 48. 59.6 15.3.9 1.7 568 15.2 18 LG 5191 36.5 73.5 1.9 1. 1.7 2,828 26.1 33 STX 6725 46.2 6.6-2.9.3 1. 1,91 25.8 7 4571 5.5 5. -5.1 NA NA 878 35.6 7 594 44.6 62.2-12. 1.7 2.3 2,332 12.3 11 8898 5. 5. 1.3 NA NA 2,196 39.3 2 LG 935 5. 5. 2.9 NA NA. 37 349 27.1 77.4-5.2.7 2. 2,418 18.2 4 345 42.3 62.4-14.4.8 2.1 1,491 1.2 11 983 35.7 71.5. 1.5 2.1 1,234 31.5 Portfolio Fw. Quality Value (1M) Score Score (%) () (%) 6 6962 82.6 44.4-8.3.4 1.4 532 11.6 86 593 85.8 39.9-5.5 1.5.5 85,286 48.7 14 324 66.2 5. -13.2.3 1.5 88 7.9 2 437 67.7 47.5-1.2..9 1,557 26.1 New 279 65.6 49.3-11.8-1.2.8 1,197 24.7 2 8628 59.9 5. -11.1 NA NA 936 22.1 58 KT&G 3378 83.5 3.3 1.4.2 -.3 8,448 54.8 42 392 57.9 5. -4.6.3.4 576 33.1 23 LG 3271 73.3 36.3 -.6 1.3 1.4 7,71 15.3 27 2124 75.4 34.9-5. 1. 1.6 1,822 24. 86 1275 88. 26.2-1.5.5.5 1,474 54. 13 1688 67.6 39.1-18.8.6 1.3 528 26.4 49 3525 83.3 26.7 -.7.8.2 4,29 34.6 4 6996 64.3 43.6-11.2 1.5 1.6 1,69 44.2 4 1263 7.2 34. -12.5.2 1.4 3,747 64.3 2 943 56.4 5. -3.1 NA NA 3,285 41.8 2 S-Oil 195 57.3 46.7-4.7.2.4 7,352 5.9 1 GS 636 57.8 45.4-6.1 -.1 1.8 3,978 5.9 4 715 55.7 49.5-11.7 1.7 1.9 2,163 48. 11 3762 66.5 28.5-11.3 NA NA 1,795 14.7 Sector Concentration IT L.Q & L.V 21.2% 3.8% 19.2% 1.9% 1.9% 11.5% 3.8% 1.9% 5.8% 1.9% H.Q & H.V.% 2.5% 25.% 22.7% 9.1% 11.4% 4.5%.% 4.5% 2.3% 13.3% 24.7% 18.7% 8.7% 4.% 16.7% 6.% 2.7% 3.3% 2.% 27.2.8 99

Forward ROE Quality Definition 3 2 1 12-month Forward ROE = (FY1) ROE (FY2) ROE Top 2% (Long) Bottom 2% (Short) 1 2 3 4 5 6 7 258 232 Performance Monitor (: %) Top 2% Return -6.6-2.1 5.3-6.6 1. 72.9 135.4 (Long) I.D. 88.9 59.3 48.1 22.2 88.9 3.7 7.4 Adj.Rt. -5.9-1.2 2.8-1.5.1 7.2 125.4 Bottom 2% Return -8.5 -.8 14. -8.5 7.7 143.4 171.7 (Short) I.D. 88.9 55.6 29.6 48.1 88.9 14.8 11.1 Adj.Rt. -7.5 -.5 9.8-4.1.9 122.1 152.6 Return -7.3 -.7 1.4-7.3 3.8 111. 135.9 I.D. 84. 54.7 3. 43.3 82.7 8.7 12. Adj.Rt. -6.2 -.4 7.3-3.2.7 11.4 119.6 Risk-Return Analysis (: %) 1 3 5 (2.1 ~ ) Avg.Rt. S.D. I.R. S.R. Adj.Rt. Avg.Rt. S.D. I.R. S.R. Adj.Rt. Avg.Rt. S.D. I.R. S.R. Adj.Rt. Avg.Rt. S.D. I.R. S.R. Adj.Rt. Top 2%.16 4.2.4 25..12 1.68 5.5.3 33.3 1.12 1.7 7.2.24 38.3 1. 1.5 8.7.17 43.5.8 Bottom 2%.79 6.1.13 5..39 2.8 8..35 38.9 1.71 2. 8.5.24 41.7 1.2 1.5 1..15 43.5.8 Long-Short -.63 3.3 -.66 5. -.31-1.13 3.9-1.74 58.3 -.66 -.3 3.8 -.7 51.7 -.2. 4.5.2 5.6..42 4.8.9 33.3.28 2.27 6.1.37 33.3 1.51 1.7 7.1.24 36.7 1.1 1.2 8.5.15 41.2.7 Forward ROE Style Portfolio for February Top 2% : Long Bottom 2% : Short Portfolio Fw. ROE (1M) (%) (%) () (%) 9 STX 7797 34. -1.5 -.8 1.1 67 28.5 35 162 29.1-1.3.2.1 2,35 41.4 19 285 29. -1.5 2.1 1.8 1,74 37.6 25 LS 112 27.5-5.7 1.3.9 915 17.4 2 STX 1181 26. 15.3.9 1.7 568 15.2 24 LG 3271 25.5 -.6 1.3 1.4 7,71 15.3 18 2124 25.5-5. 1. 1.6 1,822 24. 6 6962 24.7-8.3.4 1.4 532 11.6 1 113 24.5-15.4 1.1 2.4 1,576 19.3 5 4266 23.9-6.5 1. 1.3 5,225 33.6 4 LG 519 23.6-8.1 1. 1. 1,773 47.7 34 S-Oil 195 23.5-4.7.2.4 7,352 5.9 6 954 23. 7.5.3.7 1,298 22.1 44 72 22.6-15.4 1.2 1.4 5,333 17.1 76 1233 21.6-11.2 1. 1.1 6,547 47.4 2 66 21.6-14.3 2. 1.4 14,346 2.4 31 1275 21.5-1.5.5.5 1,474 54. New LG 1299 21.2 25.5.7 1.7 1,333 25.3 11 3762 21.1-11.3 NA NA 1,795 14.7 2 4267 2.9-8.8 1. 2.1 3,229 13.4 Portfolio Fw. ROE (1M) (%) (%) () (%) 14 183-45.3-11.1.4 1.2 51 13.1 1 LGLCD 3422-2.9-5.7 1.7. 9,393 52.2 12 152 1.3-1.6 1.2 1.2 682 16.1 1 SDI 64 2.5-6.8 1..8 2,729 25.4 6 112 4.5-14.8.2.6 2,32 17.1 18 362 4.6-11.2.7 1.5 564 78.6 47 83 4.9-1.1 1.5.9 4,733 25.7 15 877 5.2-1.6.9 1.7 532 1.1 37 LG 6887 5.2-16..5 1.3 657 3.7 3 27 5.7-14.5.8 1. 3,993 25.9 37 349 6. -5.2.7 2. 2,418 18.2 58 1576 6.1..4.7 27,22 29.8 44 455 6.3-1.2.8 2.9 777 31.1 18 33 6.3-5..9.6 592 34.6 4 4 6.5 8.2 1.5 1.5 65 1.9 6 7324 6.6-15.9 -.4 1.7 742 26.5 2 48 6.8-3.1 1.1 2. 922 25.1 New LG 6657 7. -5.1 1.1 1. 7,551 34.3 3 499 7. -3.7 2.3.5 1,656 43.1 19 15 7.2-7.4 1.3 2.1 1,258 22.4 Sector Concentration IT Top 2% 7.7% 42.3% 11.5% 7.7% 7.7% 11.5% 7.7%.%.% 3.8% Bottom 2% 7.7% 23.1% 26.9% 7.7% 3.8%.% 19.2%.% 11.5%.% 13.3% 24.7% 18.7% 8.7% 4.% 16.7% 6.% 2.7% 3.3% 2.% 27.2.8 1

Forward ROA Definition 35 175 12-month Forward ROA = (FY1) ROA (FY2) ROA Top 2% (Long) Bottom 2% (Short) 1 2 3 4 5 6 7 319 185 Performance Monitor (: %) Top 2% Return -6.9-1.9 4.1-6.9-7.1 32.6 92.7 (Long) I.D. 81.5 59.3 44.4 48.1 81.5 11.1 14.8 Adj.Rt. -5.6-1.1 2.3-3.3-5.8 29. 79. Bottom 2% Return -5.7 -.8 7. -5.7 6.7 182.4 236.2 (Short) I.D. 77.8 51.9 4.7 51.9 77.8 7.4 11.1 Adj.Rt. -4.4 -.4 4.2-2.9 1.5 168.9 29.9 Return -7.3 -.7 1.4-7.3 3.8 111. 135.9 I.D. 84. 54.7 3. 43.3 82.7 8.7 12. Adj.Rt. -6.2 -.4 7.3-3.2.7 11.4 119.6 Risk-Return Analysis (: %) 1 3 5 (2.1 ~ ) Avg.Rt. S.D. I.R. S.R. Adj.Rt. Avg.Rt. S.D. I.R. S.R. Adj.Rt. Avg.Rt. S.D. I.R. S.R. Adj.Rt. Avg.Rt. S.D. I.R. S.R. Adj.Rt. Top 2% -.53 4.2 -.13 25. -.13.89 4.6.19 36.1.57 1.3 6.5.2 38.3.8 1. 7.8.13 42.4.6 Bottom 2%.66 5.1.13 5..33 3.25 8.3.39 41.7 1.9 2.4 8.9.27 4. 1.5 1.9 1.4.18 44.7 1.1 Long-Short -1.19 2.9-1.41 66.7 -.79-2.36 4.9-2.89 69.4-1.64-1.1 5. -1.73 61.7 -.7 -.9 5.2-1.53 57.6 -.5.42 4.8.9 33.3.28 2.27 6.1.37 33.3 1.51 1.7 7.1.24 36.7 1.1 1.2 8.5.15 41.2.7 Forward ROA Style Portfolio for February Top 2% : Long Bottom 2% : Short Quality Portfolio Fw. ROA (1M) (%) (%) () (%) 6 6962 17.2-8.3.4 1.4 532 11.6 44 KT&G 3378 17.2 1.4.2 -.3 8,448 54.8 58 3525 16.3 -.7.8.2 4,29 34.6 53 LG 1299 16.2 25.5.7 1.7 1,333 25.3 1 113 15.2-15.4 1.1 2.4 1,576 19.3 38 1275 14.9-1.5.5.5 1,474 54. 86 593 14.9-5.5 1.5.5 85,286 48.7 32 66 14.5-14.3 2. 1.4 14,346 2.4 18 2124 14.3-5. 1. 1.6 1,822 24. 65 1233 13.3-11.2 1. 1.1 6,547 47.4 4 LG 519 13.1-8.1 1. 1. 1,773 47.7 3 893 13. -13.2 1.1 1.6 1,8 34.2 5 STX 7797 12.7-1.5 -.8 1.1 67 28.5 34 LS 112 12.4-5.7 1.3.9 915 17.4 15 421 12.2-27.4 2.4.6 1,537 25.1 8 POSCO 549 11.6 6.6 1.3 1. 28,728 62. 2 LG 355 11.6-4. 1.4 1.1 4,944 3.8 12 GS 7893 11.3 3.3.3 1.3 2,89 28.3 3 3657 11.3 1.1.7.3 1,197 43.8 86 SK 1767 1.8-1.1.8.4 16,239 47.2 Portfolio Fw. ROA (1M) (%) (%) () (%) 14 183-8. -11.1.4 1.2 51 13.1 8 LGLCD 3422-1.7-5.7 1.7. 9,393 52.2 1 152.6-1.6 1.2 1.2 682 16.1 7 LIG 255 1. 5.2.9 2.3 99 18.4 46 528 1. 3.9 1. 1.3 1,768 56.8 37 2411 1. 1.2 1.3 1.3 7,29 2.6 9 8679 1. -4.9.4 1. 9,851 8.4 57 145 1.1 2.1.8 2.3 1,77 16.3 2 53 1.1 -.5 1.3 1.4 17,732 9.2 37 5555 1.1 3.6 1.1 1.2 18,773 59. 34 527 1.1-2.5 1.1 1.6 2,48 66.6 12 494 1.4-5.4.9 1.4 7,836 77.9 3 112 1.4-14.8.2.6 2,32 17.1 25 6 1.5. 1.8 1.5 25,195 83.4 11 362 1.7-11.2.7 1.5 564 78.6 New SDI 64 1.8-6.8 1..8 2,729 25.4 19 15 1.9-7.4 1.3 2.1 1,258 22.4 39 349 1.9-5.2.7 2. 2,418 18.2 12 583 2. -.2 1.8 2. 1,749 17.2 22 3646 2. -9.6.3 1.1 2,879 6.4 Sector Concentration IT Top 2% 15.4% 19.2% 23.1% 11.5% 7.7%.% 15.4% 3.8%.% 3.8% Bottom 2% 3.8% 11.5% 7.7% 3.8%.% 57.7% 11.5%.% 3.8%.% 13.3% 24.7% 18.7% 8.7% 4.% 16.7% 6.% 2.7% 3.3% 2.% 27.2.8 11

Quality Definition 35 175 12-month Forward Operating Profit Margin = 12-month Forward Operating Profit / 12-month Forward Sales Top 2% (Long) Bottom 2% (Short) 1 2 3 4 5 6 7 321 Performance Monitor (: %) Top 2% Return -5.3.6 5.9-5.3-7. 69.7 96.3 (Long) I.D. 74.1 51.9 29.6 55.6 74.1 14.8 18.5 Adj.Rt. -3.9.3 4.2-2.9-5.2 59.3 78.5 Bottom 2% Return -6.5-2.9 8.1-6.5-3.2 136. 189.1 (Short) I.D. 81.5 55.6 33.3 63. 81.5 22.2 14.8 Adj.Rt. -5.3-1.6 5.4-4.1-2.6 15.8 161.1 Return -7.3 -.7 1.4-7.3 3.8 111. 135.9 I.D. 84. 54.7 3. 43.3 82.7 8.7 12. Adj.Rt. -6.2 -.4 7.3-3.2.7 11.4 119.6 Risk-Return Analysis (: %) 1 3 5 (2.1 ~ ) Avg.Rt. S.D. I.R. S.R. Adj.Rt. Avg.Rt. S.D. I.R. S.R. Adj.Rt. Avg.Rt. S.D. I.R. S.R. Adj.Rt. Avg.Rt. S.D. I.R. S.R. Adj.Rt. Top 2% -.5 4.6 -.11 33.3 -.17 1.67 6.4.26 36.1 1.7 1.4 7.1.19 4..8 1.3 8.8.14 44.7.7 Bottom 2% -.1 6.2 -.2 58.3 -.6 2.7 7.9.34 41.7 1.58 2.1 8.6.25 41.7 1.3 1.9 9.9.19 47.1 1. Long-Short -.4 3. -.47 5. -.2-1.3 3.2-1.94 63.9 -.66 -.8 3.5-1.69 58.3 -.4 -.6 4.3-1.25 56.5 -.3.42 4.8.9 33.3.28 2.27 6.1.37 33.3 1.51 1.7 7.1.24 36.7 1.1 1.2 8.5.15 41.2.7 Style Portfolio for February Top 2% : Long Bottom 2% : Short Portfolio Fw. OPM (1M) (%) (%) () (%) 39 LG 355 83.2-4. 1.4 1.1 4,944 3.8 61 3525 4.9 -.7.8.2 4,29 34.6 9 8679 39.4-4.9.4 1. 9,851 8.4 23 LG 3271 36.9 -.6 1.3 1.4 7,71 15.3 86 KT&G 3378 32.9 1.4.2 -.3 8,448 54.8 46 528 31.7 3.9 1. 1.3 1,768 56.8 8 3762 3.7-11.3 NA NA 1,795 14.7 86 SK 1767 24.6-1.1.8.4 16,239 47.2 19 527 24.4-2.5 1.1 1.6 2,48 66.6 86 14 24.2-1.3.7 1.5 2,51 27.5 78 3657 23.1 1.1.7.3 1,197 43.8 33 66 22.8-14.3 2. 1.4 14,346 2.4 21 1636 21.9-9.7 1.4 1.6 3,61 29.6 18 53 2.4 -.5 1.3 1.4 17,732 9.2 1 POSCO 549 2. 6.6 1.3 1. 28,728 62. 86 354 2. -18.1 1. 1.7 977 36. 6 LG 1594 19.3 7.4 1.4 1.7 1,71 23.2 3 715 19.1-11.7 1.7 1.9 2,163 48. 4 6962 19.1-8.3.4 1.4 532 11.6 1 2411 18.7 1.2 1.3 1.3 7,29 2.6 Portfolio Fw. OPM (1M) (%) (%) () (%) 5 183-12.6-11.1.4 1.2 51 13.1 8 LGLCD 3422-1.2-5.7 1.7. 9,393 52.2 8 SDI 64.5-6.8 1..8 2,729 25.4 32 27.7-14.5.8 1. 3,993 25.9 29 362 1.4-11.2.7 1.5 564 78.6 36 475 1.4-1.4.3 1.1 3,325 2.6 12 152 1.6-1.6 1.2 1.2 682 16.1 49 455 1.6-1.2.8 2.9 777 31.1 1 915 2.1-2.9 1.1.7 2,562 1.9 49 LIG 255 2.2 5.2.9 2.3 99 18.4 47 469 2.5-5.7 -.1.5 57 3.8 48 145 2.7 2.1.8 2.3 1,77 16.3 86 LG 112 2.7-4.6.2.8 849 4.7 24 LG 6657 2.9-5.1 1.1 1. 7,551 34.3 5 144 3. -11. 1.7 2.5 985 3.6 7 7 3.4 2.3.5.9 1,936 36.1 86 83 3.6-1.1 1.5.9 4,733 25.7 37 48 3.7-3.1 1.1 2. 922 25.1 45 LS 626 4. -13.3.6 1.3 1,72 2.2 18 3646 4.1-9.6.3 1.1 2,879 6.4 Sector Concentration IT Top 2% 7.7% 7.7% 7.7% 7.7% 7.7% 46.2% 7.7% 7.7%.%.% Bottom 2% 11.5% 26.9% 19.2%.%.% 19.2% 15.4%.% 7.7%.% 13.3% 24.7% 18.7% 8.7% 4.% 16.7% 6.% 2.7% 3.3% 2.% 27.2.8 12

Definition 3 2 1 12-month Forward Net Profit Margin = 12-month Forward Net Profit / 12-month Forward Sales Top 2% (Long) Bottom 2% (Short) 1 2 3 4 5 6 7 259 242 Performance Monitor (: %) Top 2% Return -4. 2.9 1.3-4. 2.6 9. 121.8 (Long) I.D. 66.7 55.6 29.6 55.6 66.7 14.8 18.5 Adj.Rt. -2.7 1.3 7.2-2.2.9 76.6 99.3 Bottom 2% Return -7. -1.1 9.9-7. -1.6 146. 194.7 (Short) I.D. 85.2 55.6 37. 59.3 85.2 18.5 11.1 Adj.Rt. -5.9 -.6 6.2-4.1-1.4 118.9 173.1 Return -7.3 -.7 1.4-7.3 3.8 111. 135.9 I.D. 84. 54.7 3. 43.3 82.7 8.7 12. Adj.Rt. -6.2 -.4 7.3-3.2.7 11.4 119.6 Risk-Return Analysis (: %) 1 3 5 (2.1 ~ ) Avg.Rt. S.D. I.R. S.R. Adj.Rt. Avg.Rt. S.D. I.R. S.R. Adj.Rt. Avg.Rt. S.D. I.R. S.R. Adj.Rt. Avg.Rt. S.D. I.R. S.R. Adj.Rt. Top 2%.31 4.3.7 25..23 1.98 6.1.32 33.3 1.32 1.6 7.2.22 38.3 1. 1.4 9..16 42.4.8 Bottom 2%.5 6.3.1 58.3.2 2.84 8.1.35 44.4 1.58 2.2 8.9.25 43.3 1.2 1.7 1.8.16 47.1.9 Long-Short.26 3.5.26 5..13 -.86 3.4-1.51 58.3 -.5 -.6 3.8-1.25 53.3 -.3 -.2 5.1 -.44 5.6 -.1.42 4.8.9 33.3.28 2.27 6.1.37 33.3 1.51 1.7 7.1.24 36.7 1.1 1.2 8.5.15 41.2.7 Style Portfolio for February Top 2% : Long Bottom 2% : Short Quality Portfolio Fw. NPM (1M) (%) (%) () (%) 12 GS 7893 586.1 3.3.3 1.3 2,89 28.3 39 LG 355 8.1-4. 1.4 1.1 4,944 3.8 23 LG 3271 39.2 -.6 1.3 1.4 7,71 15.3 9 8679 32.5-4.9.4 1. 9,851 8.4 61 3525 3.1 -.7.8.2 4,29 34.6 86 KT&G 3378 26.1 1.4.2 -.3 8,448 54.8 33 66 22.8-14.3 2. 1.4 14,346 2.4 11 3762 22.5-11.3 NA NA 1,795 14.7 78 3657 22.3 1.1.7.3 1,197 43.8 14 528 21.7 3.9 1. 1.3 1,768 56.8 71 1 19.4-18..9 1.3 1,325 22.7 15 527 18.3-2.5 1.1 1.6 2,48 66.6 18 1636 17.3-9.7 1.4 1.6 3,61 29.6 12 715 16.9-11.7 1.7 1.9 2,163 48. 5 POSCO 549 15.6 6.6 1.3 1. 28,728 62. 62 6 15.6. 1.8 1.5 25,195 83.4 6 18 15.5-9.4 1. 2.2 1,462 37.4 9 53 15.4 -.5 1.3 1.4 17,732 9.2 86 354 15.3-18.1 1. 1.7 977 36. 86 SK 1767 15.3-1.1.8.4 16,239 47.2 Portfolio Fw. NPM (1M) (%) (%) () (%) 14 183-3.2-11.1.4 1.2 51 13.1 8 LGLCD 3422-1.6-5.7 1.7. 9,393 52.2 28 362.2-11.2.7 1.5 564 78.6 39 152.4-1.6 1.2 1.2 682 16.1 8 112 1.6-14.8.2.6 2,32 17.1 37 LIG 255 1.6 5.2.9 2.3 99 18.4 13 27 1.6-14.5.8 1. 3,993 25.9 49 455 1.6-1.2.8 2.9 777 31.1 86 LG 112 1.8-4.6.2.8 849 4.7 4 3646 1.8-9.6.3 1.1 2,879 6.4 36 475 1.8-1.4.3 1.1 3,325 2.6 1 LG 6657 1.9-5.1 1.1 1. 7,551 34.3 6 48 2. -3.1 1.1 2. 922 25.1 44 145 2.1 2.1.8 2.3 1,77 16.3 19 15 2.1-7.4 1.3 2.1 1,258 22.4 4 SDI 64 2.3-6.8 1..8 2,729 25.4 86 83 2.5-1.1 1.5.9 4,733 25.7 47 469 2.6-5.7 -.1.5 57 3.8 7 7 2.7 2.3.5.9 1,936 36.1 6 7324 3.2-15.9 -.4 1.7 742 26.5 Sector Concentration IT Top 2% 11.5%.% 7.7% 11.5% 3.8% 46.2% 11.5% 3.8%.% 3.8% Bottom 2% 7.7% 23.1% 23.1% 3.8%.% 19.2% 11.5%.% 7.7% 3.8% 13.3% 24.7% 18.7% 8.7% 4.% 16.7% 6.% 2.7% 3.3% 2.% 27.2.8 13

Quality Definition 3 2 1 (FY) EBIT / (FY) Top 2% (Long) Bottom 2% (Short) 1 2 3 4 5 6 7 255 23 Performance Monitor (: %) Top 2% Return -5.3 -.4 13.2-5.3 5.6 67.9 11.3 (Long) I.D. 77.3 54.5 36.4 31.8 77.3 4.5 4.5 Adj.Rt. -4.1 -.2 8.4-1.7 1.3 64.8 15.2 Bottom 2% Return -7.9.5 12.4-7.9 8.3 161. 221.4 (Short) I.D. 81.8 45.5 9.1 45.5 81.8 9.1 13.6 Adj.Rt. -6.5.3 11.3-3.6 1.5 146.4 191.2 Return -7.3 -.7 1.4-7.3 3.8 111. 135.9 I.D. 84. 54.7 3. 43.3 82.7 8.7 12. Adj.Rt. -6.2 -.4 7.3-3.2.7 11.4 119.6 Risk-Return Analysis (: %) 1 3 5 (2.1 ~ ) Avg.Rt. S.D. I.R. S.R. Adj.Rt. Avg.Rt. S.D. I.R. S.R. Adj.Rt. Avg.Rt. S.D. I.R. S.R. Adj.Rt. Avg.Rt. S.D. I.R. S.R. Adj.Rt. Top 2%.53 4.1.13 33.3.35 1.53 4..38 3.6 1.6 1.4 5.6.25 38.3.9 1.3 6.9.19 4..8 Bottom 2%.87 6.6.13 25..65 3. 8..37 3.6 2.8 2.4 9.8.25 36.7 1.5 1.6 11..14 43.5.9 Long-Short -.34 4. -.29 58.3 -.2-1.47 5.7-1.56 61.1 -.9-1. 6.4-1.24 55. -.6 -.2 6.8 -.31 49.4 -.1.42 4.8.9 33.3.28 2.27 6.1.37 33.3 1.51 1.7 7.1.24 36.7 1.1 1.2 8.5.15 41.2.7 Style Portfolio for February Top 2% : Long Bottom 2% : Short Portfolio (1M) (%) (%) () (%) 86 1275 5.E+6-1.5.5.5 1,474 54. 3 KT&G 3378 9.E+3 1.4.2 -.3 8,448 54.8 54 499 4.E+3-3.7 2.3.5 1,656 43.1 1 324 3.E+3-13.2.3 1.5 88 7.9 7 279 3.E+3-11.8-1.2.8 1,197 24.7 22 162 2.E+3-1.3.2.1 2,35 41.4 55 421 618.3-27.4 2.4.6 1,537 25.1 35 33 27.3-5..9.6 592 34.6 41 LG 1299 154.6 25.5.7 1.7 1,333 25.3 86 593 148.4-5.5 1.5.5 85,286 48.7 27 4 146.9 8.2 1.5 1.5 65 1.9 61 53 146.3-2.3.7.7 1,692 42.8 13 1688 19.8-18.8.6 1.3 528 26.4 1 1888 13.9-15..6 1.3 1,121 87.6 9 SBS 3412 76. -9.8 1.1 1.2 1,278. 4 954 54. 7.5.3.7 1,298 22.1 22 POSCO 549 53.7 6.6 1.3 1. 28,728 62. 6 114 49.6-7..8 1.4 4,791 34.7 3 285 46.7-1.5 2.1 1.8 1,74 37.6 6 6962 43.1-8.3.4 1.4 532 11.6 Portfolio (1M) (%) (%) () (%) 6 915.4-2.9 1.1.7 2,562 1.9 9 152.5-1.6 1.2 1.2 682 16.1 6 362.6-11.2.7 1.5 564 78.6 27 455.6-1.2.8 2.9 777 31.1 34 48.7-3.1 1.1 2. 922 25.1 79 88.9-8.7 1.5 2. 2,395 25.4 57 349.9-5.2.7 2. 2,418 18.2 16 SK 612.9-4.8 1.9 2.2 785 16.4 19 15 1. -7.4 1.3 2.1 1,258 22.4 6 112 1.1-14.8.2.6 2,32 17.1 35 299 1.4-27.1.6 2.7 739 7.7 33 415 1.5-11. -.5 1.4 55 8. 39 144 1.5-11. 1.7 2.5 985 3.6 34 348 1.7-4.3 1.2 2.9 1,881 27. 2 STX 1181 1.7 15.3.9 1.7 568 15.2 9 1576 1.8..4.7 27,22 29.8 13 3646 1.9-9.6.3 1.1 2,879 6.4 3 983 1.9. 1.5 2.1 1,234 31.5 3 342 1.9.8 1.8 2.4 4,656 2.3 New 7 1.9 2.3.5.9 1,936 36.1 Sector Concentration IT Top 2% 18.2% 31.8% 22.7% 18.2% 4.5%.% 4.5%.%.%.% Bottom 2% 22.7% 4.9% 18.2% 4.5%.%.% 4.5%.% 9.1%.% 13.3% 24.7% 18.7% 8.7% 4.% 16.7% 6.% 2.7% 3.3% 2.% 27.2.8 14

Definition 3 2 1 (FY) / (FY) Top 2% (Long) Bottom 2% (Short) 1 2 3 4 5 6 7 262 235 Performance Monitor (: %) Top 2% Return -6.6 3.7 15.4-6.6.3 73.3 126.4 (Long) I.D. 9. 43.3 2. 4. 86.7 13.3 6.7 Adj.Rt. -5.9 2.1 12.3-2.6. 63.5 118. Bottom 2% Return -9.5-7.5-1.8-9.5.5 155.9 22.2 (Short) I.D. 93.3 76.7 6. 53.3 93.3 6.7 23.3 Adj.Rt. -8.9-5.8-1.1-5.1. 145.5 155. Return -7.3 -.7 1.4-7.3 3.8 111. 135.9 I.D. 84. 54.7 3. 43.3 82.7 8.7 12. Adj.Rt. -6.2 -.4 7.3-3.2.7 11.4 119.6 Risk-Return Analysis (: %) 1 3 5 (2.1 ~ ) Avg.Rt. S.D. I.R. S.R. Adj.Rt. Avg.Rt. S.D. I.R. S.R. Adj.Rt. Avg.Rt. S.D. I.R. S.R. Adj.Rt. Avg.Rt. S.D. I.R. S.R. Adj.Rt. Top 2%.12 4.6.3 41.7.7 1.65 4.7.35 3.6 1.14 1.6 6.1.25 38.3 1. 1.4 7..2 41.2.8 Bottom 2%.18 5.4.3 33.3.12 2.92 7.7.38 36.1 1.87 2.3 9..25 38.3 1.4 1.6 11.6.14 45.9.9 Long-Short -.5 4.7 -.4 41.7 -.2-1.27 5.1-1.51 52.8 -.67 -.7 5.7 -.96 51.7 -.4 -.3 7.3 -.34 5.6 -.1.42 4.8.9 33.3.28 2.27 6.1.37 33.3 1.51 1.7 7.1.24 36.7 1.1 1.2 8.5.15 41.2.7 Style Portfolio for February Top 2% : Long Bottom 2% : Short Quality Portfolio (1M) (%) (%) () (%) 33 324 25,863-13.2.3 1.5 88 7.9 86 499 21,873-3.7 2.3.5 1,656 43.1 81 53 2,912-2.3.7.7 1,692 42.8 86 SK 1767 19,355-1.1.8.4 16,239 47.2 42 392 12,559-4.6.3.4 576 33.1 86 81 12,143-2.2 1.1 1.6 7,722 53.4 2 2353 4,919-5.1 NA NA 1,644 22.4 86 593 4,667-5.5 1.5.5 85,286 48.7 75 KCC 238 4,558-16.2.7 1.2 2,551 22.2 86 POSCO 549 4,18 6.6 1.3 1. 28,728 62. 78 3657 3,817 1.1.7.3 1,197 43.8 82 437 3,128-1.2..9 1,557 26.1 46 279 2,963-11.8-1.2.8 1,197 24.7 78 469 2,889-5.7 -.1.5 57 3.8 58 417 2,784-5.9 1.4.7 1,298 44.6 77 33 2,318-5..9.6 592 34.6 2 943 2,172-3.1 NA NA 3,285 41.8 1 8628 2,166-11.1 NA NA 936 22.1 86 1275 1,99-1.5.5.5 1,474 54. 7 24 1,87-12.7. 1.9 2,1 44.4 Portfolio (1M) (%) (%) () (%) 3 1116.9-1.9 1. 2.1 972 5.2 9 41 11.3-14.6 3.5 1.9 912.3 1 347 18.8-16..6 2.4 986 8.7 42 4267 3.6-8.8 1. 2.1 3,229 13.4 9 NH 1642 34.7-17.9-1.8 1.6 512.4 54 4266 56.5-6.5 1. 1.3 5,225 33.6 66 474 59.3-6.8 1. 1.4 6,39 11.4 57 528 71.1 3.9 1. 1.3 1,768 56.8 46 362 74.8-11.2.7 1.5 564 78.6 22 SK 174 8.7-22.9.2 -.1 7,14 1. 81 68 81.2-18.7 1.2 2.3 2,899 6.8 86 114 85.6-7..8 1.4 4,791 34.7 57 527 86.4-2.5 1.1 1.6 2,48 66.6 34 475 89.4-1.4.3 1.1 3,325 2.6 21 494 94.5-5.4.9 1.4 7,836 77.9 9 183 99. -11.1.4 1.2 51 13.1 37 285 15.3-1.5 2.1 1.8 1,74 37.6 82 1245 19.6-16.3 1.1 1.8 2,187 13.4 34 345 116.2-14.4.8 2.1 1,491 1.2 33 LS 112 126.1-5.7 1.3.9 915 17.4 Sector Concentration IT Top 2% 6.7% 16.7% 2.% 26.7% 3.3% 6.7% 1.% 3.3% 6.7%.% Bottom 2% 6.7% 43.3% 13.3%.%.% 3.% 6.7%.%.%.% 13.3% 24.7% 18.7% 8.7% 4.% 16.7% 6.% 2.7% 3.3% 2.% 27.2.8 15

PART 6 MACRO & MARKET Style Strategies vs. vs. / / Bull beta & Bear beta

Macro & Market Style Performance 1 Macro & Market Macro & Market Style Strategies : Return (1-month, 1/31) % -3% Beta, -6% -9% -12% H. Bull beta & L. Bear beta Macro & Market Style Strategies : Risk (Internal Dispersion, 1-month, 1/31) 1% 5%, % H. Bull beta & L. Bear beta Macro & Market Style Strategies : Risk-adjusted Return (1-month, 1/31) % -3%. -6% -9% H. Bull beta & L. Bear beta - 27.2.8 18

vs. Definition 27 18 :,,, : IT,,,,, 9 (Long) (Short) 1 2 3 4 5 6 7 232 29 Performance Monitor (: %) Return -7.6 4.2 13.5-7.6 4.3 19.8 112.9 (Long) I.D. 85.7 35.7 14.3 39.3 82.1 1.7 17.9 Adj.Rt. -6.5 2.7 11.6-3..8 98. 92.7 Return -7.3-1.8 9.5-7.3 3.5 111.6 14.7 (Short) I.D. 82. 57.4 32. 43.4 81.1 8.2 9.8 Adj.Rt. -6. -1.1 6.5-3.2.7 12.5 126.9 Return -7.3 -.7 1.4-7.3 3.8 111. 135.9 I.D. 84. 54.7 3. 43.3 82.7 8.7 12. Adj.Rt. -6.2 -.4 7.3-3.2.7 11.4 119.6 Risk-Return Analysis (: %) 1 3 5 (2.1 ~ ) Avg.Rt. S.D. I.R. S.R. Adj.Rt. Avg.Rt. S.D. I.R. S.R. Adj.Rt. Avg.Rt. S.D. I.R. S.R. Adj.Rt. Avg.Rt. S.D. I.R. S.R. Adj.Rt..47 4.9.9 33.3.31 2.22 5.5.41 36.1 1.42 1.4 5.9.24 41.7.8 1.2 6.3.19 43.5.7.4 4.9.8 41.7.24 2.3 6.4.36 38.9 1.4 1.8 7.6.23 38.3 1.1 1.3 9.3.14 44.7.7 Long-Short.6 3.2.7 41.7.4 -.8 3.8 -.12 5. -.4 -.3 4.6 -.55 51.7 -.2 -.1 5.5 -.17 49.4..42 4.8.9 33.3.28 2.27 6.1.37 33.3 1.51 1.7 7.1.24 36.7 1.1 1.2 8.5.15 41.2.7 vs. Style Portfolio for February : Long : Short Macro Portfolio (1M) (%) () (%) 86 1576..4.7 2,72 29.8 86 SK 1767-1.1.8.4 1,624 47.2 86 KT 32-7.7.6.5 1,2 47.3 86 KT&G 3378 1.4.2 -.3 845 54.8 86 KTF 3239-17.3.8.8 481 22.8 8 943-3.1 NA NA 329 41.8 86 CJ 14-8.9 1.3 1.2 31 19.8 86 3646-9.6.3 1.1 288 6.4 86 14-1.3.7 1.5 25 27.5 7 LG 519-8.1 1. 1. 177 47.7 86 LG 1594 7.4 1.4 1.7 171 23.2 81 53-2.3.7.7 169 42.8 86 499-3.7 2.3.5 166 43.1 86 437-1.2..9 156 26.1 86 18-9.4 1. 2.2 146 37.4 86 1-18..9 1.3 132 22.7 19 15-7.4 1.3 2.1 126 22.4 86 279-11.8-1.2.8 12 24.7 59 893-13.2 1.1 1.6 11 34.2 28 64-17.1.6 1.3 72 16. Portfolio (1M) (%) () (%) 86 593 IT -5.5 1.5.5 8,529 48.7 86 POSCO 549 6.6 1.3 1. 2,873 62. 63 6. 1.8 1.5 2,519 83.4 65 5555 3.6 1.1 1.2 1,877 59. 56 53 -.5 1.3 1.4 1,773 9.2 86 538 -.4.9.1 1,473 41. 86 66 IT -14.3 2. 1.4 1,435 2.4 12 2353-5.1 NA NA 1,64 22.4 86 954 7.5.3.7 1,3 22.1 86 417-5.9 1.4.7 1,3 44.6 14 8679-4.9.4 1. 985 8.4 31 LGLCD 3422 IT -5.7 1.7. 939 52.2 86 SK 36-1.5.1.6 925 43. 86 494-5.4.9 1.4 784 77.9 86 81-2.2 1.1 1.6 772 53.4 3 LG 3271 -.6 1.3 1.4 771 15.3 58 LG 6657-5.1 1.1 1. 755 34.3 86 S-Oil 195-4.7.2.4 735 5.9 86 2411 1.2 1.3 1.3 73 2.6 39 SK 174-22.9.2 -.1 71 1. Sector Concentration IT.%.%.% 46.4% 21.4%.%.% 14.3% 17.9%.% 16.4% 3.3% 23.%.%.% 2.5% 7.4%.%.% 2.5% 13.3% 24.7% 18.7% 8.7% 4.% 16.7% 6.% 2.7% 3.3% 2.% 27.2.8 19

vs. Macro Definition 25 125 : 8% : 6% (Long) (Short) 1 2 3 4 5 6 7 218 188 Performance Monitor (: %) Return -7..5 1.7-7. 2.4 114.5 17.5 (Long) I.D. 83.3 5. 23.3 4.8 83.3 9.2 11.7 Adj.Rt. -5.9.2 8.2-2.9.4 14. 95. Return -8.2-8.2 5.3-8.2 7.4 96. 142.8 (Short) I.D. 84.6 76.9 53.8 38.5 84.6 7.7 15.4 Adj.Rt. -6.9-6.3 2.4-3.1 1.1 88.6 12.8 Return -7.3 -.7 1.4-7.3 3.8 111. 135.9 I.D. 84. 54.7 3. 43.3 82.7 8.7 12. Adj.Rt. -6.2 -.4 7.3-3.2.7 11.4 119.6 Risk-Return Analysis (: %) 1 3 5 (2.1 ~ ) Avg.Rt. S.D. I.R. S.R. Adj.Rt. Avg.Rt. S.D. I.R. S.R. Adj.Rt. Avg.Rt. S.D. I.R. S.R. Adj.Rt. Avg.Rt. S.D. I.R. S.R. Adj.Rt..31 4.8.6 41.7.18 2.32 6.2.37 36.1 1.48 1.5 7..21 38.3.9 1.1 8.6.13 42.4.6.72 5.2.14 33.3.48 2.8 6.3.33 36.1 1.33 1.8 8..23 35. 1.2 1.4 9.6.14 4..8 Long-Short -.41 2.5 -.58 66.7 -.28.24 3..48 52.8.12 -.3 3.4 -.77 56.7 -.2 -.3 4.4 -.56 52.9 -.1.42 4.8.9 33.3.28 2.27 6.1.37 33.3 1.51 1.7 7.1.24 36.7 1.1 1.2 8.5.15 41.2.7 vs. Style Portfolio for February : Long : Short Portfolio (1M) (%) (%) () (%) 6 POSCO 549 1. 6.6 1.3 1. 2,873 62. 86 1576 1...4.7 2,72 29.8 86 SK 1767 1. -1.1.8.4 1,624 47.2 86 KT 32 1. -7.7.6.5 1,2 47.3 12 2353 1. -5.1 NA NA 1,64 22.4 86 417 1. -5.9 1.4.7 1,3 44.6 6 LGLCD 3422 1. -5.7 1.7. 939 52.2 6 SK 36 1. -1.5.1.6 925 43. 34 KT&G 3378 1. 1.4.2 -.3 845 54.8 6 LG 6657 1. -5.1 1.1 1. 755 34.3 68 474 1. -6.8 1. 1.4 64 11.4 22 72 1. -15.4 1.2 1.4 533 17.1 6 4266 1. -6.5 1. 1.3 522 33.6 46 LG 355 1. -4. 1.4 1.1 494 3.8 86 KTF 3239 1. -17.3.8.8 481 22.8 6 83 1. -1.1 1.5.9 473 25.7 6 342 1..8 1.8 2.4 466 2.3 64 3525 1. -.7.8.2 429 34.6 58 GS 636 1. -6.1 -.1 1.8 398 5.9 86 1263 1. -12.5.2 1.4 375 64.3 Portfolio (1M) (%) (%) () (%) 86 7 1. 2.3.5.9 194 36.1 42 112 1. -14.8.2.6 23 17.1 42 162 99.5-1.3.2.1 235 41.4 86 66 96.8-14.3 2. 1.4 1,435 2.4 86 114 86.5-7..8 1.4 479 34.7 82 954 86.2 7.5.3.7 1,3 22.1 86 915 82.7-2.9 1.1.7 256 1.9 66 593 81.9-5.5 1.5.5 8,529 48.7 34 27 72. -14.5.8 1. 399 25.9 3 538 71.9 -.4.9.1 1,473 41. 6 1245 65.9-16.3 1.1 1.8 219 13.4 86 113 64.5-15.4 1.1 2.4 158 19.3 #N/A #N/A #N/A #N/A #N/A #N/A #N/A #N/A #N/A #N/A #N/A #N/A #N/A #N/A #N/A #N/A #N/A #N/A #N/A #N/A #N/A #N/A #N/A #N/A #N/A #N/A #N/A #N/A #N/A #N/A #N/A #N/A #N/A #N/A #N/A #N/A #N/A #N/A #N/A #N/A #N/A #N/A #N/A #N/A #N/A #N/A #N/A #N/A #N/A #N/A #N/A #N/A #N/A #N/A #N/A #N/A #N/A #N/A #N/A #N/A #N/A #N/A #N/A #N/A #N/A #N/A #N/A #N/A #N/A #N/A #N/A #N/A Sector Concentration IT 12.5% 23.3% 17.5% 9.2% 4.2% 2.8% 3.3% 3.3% 4.2% 1.7% 7.7% 46.2% 15.4%.%.%.% 3.8%.%.%.% 13.3% 24.7% 18.7% 8.7% 4.% 16.7% 6.% 2.7% 3.3% 2.% 27.2.8 11

Definition 4 2 / ( : 6, 24 ) Top 2% (Long) Bottom 2% (Short) 1 2 3 4 5 6 7 334 17 Performance Monitor (: %) Top 2% Return -6.8 -.2 1.1-6.8 9.3 146.1 219.2 (Long) I.D. 75.9 58.6 37.9 48.3 75.9 1.3 1.3 Adj.Rt. -5.1 -.1 6.3-3.3 2.2 131. 196.5 Bottom 2% Return -1. -1.9 17.3-1. 3.2 8.6 66.4 (Short) I.D. 82.8 51.7 1.3 37.9 82.8 6.9 13.8 Adj.Rt. -8.3-1. 15.5-3.8.5 75. 57.2 Return -7.3 -.7 1.4-7.3 3.8 111. 135.9 I.D. 84. 54.7 3. 43.3 82.7 8.7 12. Adj.Rt. -6.2 -.4 7.3-3.2.7 11.4 119.6 Risk-Return Analysis (: %) 1 3 5 (2.1 ~ ) Avg.Rt. S.D. I.R. S.R. Adj.Rt. Avg.Rt. S.D. I.R. S.R. Adj.Rt. Avg.Rt. S.D. I.R. S.R. Adj.Rt. Avg.Rt. S.D. I.R. S.R. Adj.Rt. Top 2%.82 4.1.2 33.3.55 2.71 6.2.44 27.8 1.96 2.2 6.7.32 33.3 1.4 1.7 7.4.23 35.3 1.1 Bottom 2%.5 7.2.7 58.3.21 1.91 7.3.26 44.4 1.6 1.2 8.7.14 43.3.7.7 11..6 5.6.3 Long-Short.33 3.7.31 5..16.8 4.3 1.13 38.9.49.9 4.7 1.55 4..6 1. 6.8 1.41 4..6.42 4.8.9 33.3.28 2.27 6.1.37 33.3 1.51 1.7 7.1.24 36.7 1.1 1.2 8.5.15 41.2.7 Style Portfolio for February Top 2% : Long Bottom 2% : Short Macro Portfolio (1M) (%) () (%) 13 1688.91-18.8.6 1.3 53 26.4 12 7324.54-15.9 -.4 1.7 74 26.5 17 64.54-17.1.6 1.3 72 16. 19 LIG 255.4 5.2.9 2.3 91 18.4 1 415.37-11. -.5 1.4 55 8. 25 369.37-3.1 1.4 1.5 138 42.2 22 145.31 2.1.8 2.3 18 16.3 22 3.3-5.2.9 1.1 11 38.2 15 538.26 -.4.9.1 1,473 41. 36 KT&G 3378.23 1.4.2 -.3 845 54.8 3 893.23-13.2 1.1 1.6 11 34.2 3 12.15-3.9.2.7 144 29. 8 LG 6657.14-5.1 1.1 1. 755 34.3 11 341.1-19.1.3 1.4 85 29.2 28 1888.9-15..6 1.3 112 87.6 11 143.8-12.3.5 1.2 61 11.4 5 527.7-2.5 1.1 1.6 25 66.6 31 499.5-3.7 2.3.5 166 43.1 3 24 -.1-12.7. 1.9 21 44.4 3 528 -.3 3.9 1. 1.3 177 56.8 Portfolio (1M) (%) () (%) 9 NH 1642-3.44-17.9-1.8 1.6 51.4 22 113-2.69-15.4 1.1 2.4 158 19.3 16 112-2.39-14.8.2.6 23 17.1 13 41-2.25-14.6 3.5 1.9 91.3 22 123-2.16-15.1.6 1.9 123 38. 9 72-2.4-15.4 1.2 1.4 533 17.1 22 42-2.4-2.5 1.4 1.6 279 22.2 19 345-1.97-14.4.8 2.1 149 1.2 29 CJ 14-1.97-8.9 1.3 1.2 31 19.8 11 1116-1.84-1.9 1. 2.1 97 5.2 27 7-1.81-1.8.7.6 55 7.9 9 68-1.78-18.7 1.2 2.3 29 6.8 6 1263-1.71-12.5.2 1.4 375 64.3 23 1178-1.7-1.9.4 3. 75 14.6 14 183-1.69-11.1.4 1.2 51 13.1 13 455-1.68-1.2.8 2.9 78 31.1 13 LG 1594-1.66 7.4 1.4 1.7 171 23.2 28 7-1.65 2.3.5.9 194 36.1 15 1576-1.52..4.7 2,72 29.8 New LG 3271-1.52 -.6 1.3 1.4 771 15.3 Sector Concentration IT Top 2% 17.2% 1.3% 27.6% 1.3% 1.3% 17.2%.% 3.4% 3.4%.% Bottom 2% 2.7% 24.1% 17.2% 6.9%.% 17.2% 3.4% 3.4% 6.9%.% 13.3% 24.7% 18.7% 8.7% 4.% 16.7% 6.% 2.7% 3.3% 2.% 27.2.8 111

Macro Definition 25 125 (3) ( : 6, 24 ) Top 2% (Long) Bottom 2% (Short) 1 2 3 4 5 6 7 2 176 Performance Monitor (: %) Top 2% Return -7.9-3.5 3.9-7.9-3.5 114.5 139.9 (Long) I.D. 72.4 58.6 34.5 62.1 72.4 6.9 1.3 Adj.Rt. -5.7-2.1 2.6-4.9-2.6 16.6 125.5 Bottom 2% Return -6.7-1.7 1.2-6.7 5.2 13.8 12.7 (Short) I.D. 79.3 48.3 27.6 31. 79.3 6.9 3.4 Adj.Rt. -5.3 -.8 7.4-2.1 1.1 121.8 116.5 Return -7.3 -.7 1.4-7.3 3.8 111. 135.9 I.D. 84. 54.7 3. 43.3 82.7 8.7 12. Adj.Rt. -6.2 -.4 7.3-3.2.7 11.4 119.6 Risk-Return Analysis (: %) 1 3 5 (2.1 ~ ) Avg.Rt. S.D. I.R. S.R. Adj.Rt. Avg.Rt. S.D. I.R. S.R. Adj.Rt. Avg.Rt. S.D. I.R. S.R. Adj.Rt. Avg.Rt. S.D. I.R. S.R. Adj.Rt. Top 2% -.19 5. -.4 58.3 -.11 2.42 7.7.31 41.7 1.41 1.8 8.4.22 4. 1.1 1.2 9.3.13 42.4.7 Bottom 2%.54 4.9.11 33.3.36 2.51 5.7.44 3.6 1.74 1.6 7..22 38.3 1. 1.1 1..11 44.7.6 Long-Short -.72 1.8-1.4 66.7 -.48 -.9 4. -.14 52.8 -.5.2 4.5.43 51.7.1.1 6.9.14 52.9..42 4.8.9 33.3.28 2.27 6.1.37 33.3 1.51 1.7 7.1.24 36.7 1.1 1.2 8.5.15 41.2.7 Style Portfolio for February Top 2% : Long Bottom 2% : Short Portfolio (1M) (%) () (%) 9 NH 1642.42-17.9-1.8 1.6 51.4 23 347.37-16..6 2.4 99 8.7 17 715.35-11.7 1.7 1.9 216 48. 16 421.35-27.4 2.4.6 154 25.1 15 2411.31 1.2 1.3 1.3 73 2.6 17 27.31-14.5.8 1. 399 25.9 15 2124.3-5. 1. 1.6 182 24. 23 12.29-3.9.2.7 144 29. 19 LIG 255.25 5.2.9 2.3 91 18.4 8 53.25 -.5 1.3 1.4 1,773 9.2 19 LG 1594.25 7.4 1.4 1.7 171 23.2 9 362.25-11.2.7 1.5 56 78.6 13 538.24 -.4.9.1 1,473 41. 3 152.24-1.6 1.2 1.2 68 16.1 5 18.24-9.4 1. 2.2 146 37.4 6 LG 6657.22-5.1 1.1 1. 755 34.3 4 415.21-11. -.5 1.4 55 8. 6 6.21. 1.8 1.5 2,519 83.4 6 594.2-12. 1.7 2.3 233 12.3 23 145.19 2.1.8 2.3 18 16.3 Portfolio (1M) (%) () (%) 3 LG 3271-1.5 -.6 1.3 1.4 771 15.3 3 GS 636 -.47-6.1 -.1 1.8 398 5.9 17 88 -.47-8.7 1.5 2. 239 25.4 31 341 -.36-19.1.3 1.4 85 29.2 18 285 -.35-1.5 2.1 1.8 17 37.6 24 342 -.34.8 1.8 2.4 466 2.3 6 1245 -.34-16.3 1.1 1.8 219 13.4 4 7 -.33 2.3.5.9 194 36.1 36 81 -.3-2.2 1.1 1.6 772 53.4 33 324 -.3-13.2.3 1.5 88 7.9 9 475 -.27-1.4.3 1.1 332 2.6 2 STX 1181 -.26 15.3.9 1.7 57 15.2 19 CJ 14 -.24-8.9 1.3 1.2 31 19.8 18 417 -.23-5.9 1.4.7 1,3 44.6 17 KCC 238 -.22-16.2.7 1.2 255 22.2 3 1116 -.22-1.9 1. 2.1 97 5.2 16 S-Oil 195 -.2-4.7.2.4 735 5.9 19 GS 7893 -.2 3.3.3 1.3 289 28.3 4 144 -.19-11. 1.7 2.5 98 3.6 6 3525 -.19 -.7.8.2 429 34.6 Sector Concentration IT Top 2% 17.2% 6.9% 2.7% 3.4% 3.4% 37.9% 3.4% 3.4% 3.4%.% Bottom 2% 1.3% 37.9% 13.8% 1.3%.% 1.3% 3.4%.% 6.9% 6.9% 13.3% 24.7% 18.7% 8.7% 4.% 16.7% 6.% 2.7% 3.3% 2.% 27.2.8 112

Definition 25 125 ( : 6, 24 ) Top 2% (Long) Bottom 2% (Short) 1 2 3 4 5 6 7 172 164 Performance Monitor (: %) Top 2% Return -9.2-2.3 1.7-9.2 12.2 13.6 139.1 (Long) I.D. 89.7 65.5 37.9 48.3 89.7. 13.8 Adj.Rt. -8.3-1.5 6.6-4.5 1.3 13.6 119.9 Bottom 2% Return -8.3 -.8 5.4-8.3-5. 65.9 92.9 (Short) I.D. 79.3 41.4 17.2 44.8 79.3 24.1 2.7 Adj.Rt. -6.6 -.3 4.5-3.7-4. 5. 73.6 Return -7.3 -.7 1.4-7.3 3.8 111. 135.9 I.D. 84. 54.7 3. 43.3 82.7 8.7 12. Adj.Rt. -6.2 -.4 7.3-3.2.7 11.4 119.6 Risk-Return Analysis (: %) 1 3 5 (2.1 ~ ) Avg.Rt. S.D. I.R. S.R. Adj.Rt. Avg.Rt. S.D. I.R. S.R. Adj.Rt. Avg.Rt. S.D. I.R. S.R. Adj.Rt. Avg.Rt. S.D. I.R. S.R. Adj.Rt. Top 2% 1.12 5.9.19 33.3.75 2.61 7.4.35 33.3 1.74 1.8 8.6.21 35. 1.2 1.2 1.3.11 42.4.7 Bottom 2% -.3 5.1 -.6 5. -.15 1.58 5.9.27 44.4.88 1.4 7.3.19 48.3.7.9 8.2.11 51.8.4 Long-Short 1.43 3.2 1.56 41.7.83 1.2 3.8 1.61 38.9.62.5 4.9.75 43.3.3.2 5.3.43 44.7.1.42 4.8.9 33.3.28 2.27 6.1.37 33.3 1.51 1.7 7.1.24 36.7 1.1 1.2 8.5.15 41.2.7 Style Portfolio for February Top 2% : Long Bottom 2% : Short Macro Portfolio (1M) (%) () (%) 2 475.45-1.4.3 1.1 332 2.6 13 42.42-2.5 1.4 1.6 279 22.2 8 41.41-14.6 3.5 1.9 91.3 21 2124.39-5. 1. 1.6 182 24. 6 299.39-27.1.6 2.7 74 7.7 6 88.37-8.7 1.5 2. 239 25.4 39 SK 174.35-22.9.2 -.1 71 1. 22 LG 112.34-4.6.2.8 85 4.7 22 114.33-7..8 1.4 479 34.7 11 KCC 238.33-16.2.7 1.2 255 22.2 4 152.33-1.6 1.2 1.2 68 16.1 3 162.32-1.3.2.1 235 41.4 9 21.31.8.4 1.4 267 46.7 5 345.31-14.4.8 2.1 149 1.2 2 STX 6725.3-2.9.3 1. 19 25.8 2 72.29-15.4 1.2 1.4 533 17.1 3 S-Oil 195.29-4.7.2.4 735 5.9 11 123.28-15.1.6 1.9 123 38. 4 SK 36.27-1.5.1.6 925 43. 2 STX 1181.26 15.3.9 1.7 57 15.2 Portfolio (1M) (%) () (%) 9 112 -.19-14.8.2.6 23 17.1 34 349 -.17-5.2.7 2. 242 18. 19 12 -.1-3.9.2.7 144 29. 8 NH 1642 -.1-17.9-1.8 1.6 51.4 22 18 -.8-9.4 1. 2.2 146 37.4 15 494 -.8-5.4.9 1.4 784 77.9 1 279 -.8-11.8-1.2.8 12 24.7 12 LG 5191 -.7 1.9 1. 1.7 283 26.1 11 27 -.7-14.5.8 1. 399 25.9 3 915 -.6-2.9 1.1.7 256 1.9 39 KTF 3239 -.4-17.3.8.8 481 22.8 11 1576 -.3..4.7 2,72 29.8 5 13 -.1-7. 1.6.7 183 26.3 4 LG 3271 -.1 -.6 1.3 1.4 771 15.3 3 1 -.1-18..9 1.3 132 22.7 17 369. -3.1 1.4 1.5 138 42.2 2 528. 3.9 1. 1.3 177 56.8 3 341. -19.1.3 1.4 85 29.2 2 14. -1.3.7 1.5 25 27.5 23 KT 32.1-7.7.6.5 1,2 47.3 Sector Concentration IT Top 2% 2.7% 44.8% 13.8% 3.4%.% 6.9% 3.4%.%.% 6.9% Bottom 2% 6.9% 2.7% 13.8% 13.8% 3.4% 24.1% 3.4% 1.3% 3.4%.% 13.3% 24.7% 18.7% 8.7% 4.% 16.7% 6.% 2.7% 3.3% 2.% 27.2.8 113

/ / Market Definition 3 2 1 : 3 : 31~1 : 11~2 (Long) (Short) 1 2 3 4 5 6 7 244 231 149 Performance Monitor (: %) Return -4.7 -.9 4.3-4.7 1.4 72.2 111.8 (Long) I.D. 76.7 46.7 43.3 36.7 76.7 13.3 16.7 Adj.Rt. -3.6 -.4 2.4-1.7.3 62.6 93.1 Return -7.5 -.9 9.7-7.5 5.2 117.3 147.4 (Short) I.D. 81.4 52.9 27.1 44.3 8. 7.1 7.1 Adj.Rt. -6.1 -.5 7. -3.3 1. 18.9 136.8 Return -7.3 -.7 1.4-7.3 3.8 111. 135.9 I.D. 84. 54.7 3. 43.3 82.7 8.7 12. Adj.Rt. -6.2 -.4 7.3-3.2.7 11.4 119.6 Risk-Return Analysis (: %) 1 3 5 (2.1 ~ ) Avg.Rt. S.D. I.R. S.R. Adj.Rt. Avg.Rt. S.D. I.R. S.R. Adj.Rt. Avg.Rt. S.D. I.R. S.R. Adj.Rt. Avg.Rt. S.D. I.R. S.R. Adj.Rt..17 3.2.5 33.3.11 1.63 4.9.34 33.3 1.9 1.5 6.3.23 36.7.9.8 8.7.1 44.7.5.53 4.9.11 41.7.31 2.37 6.4.37 36.1 1.52 1.8 7.5.24 38.3 1.1 1.4 8.9.15 42.4.8 Long-Short -.36 2.1 -.61 58.3 -.21 -.74 2.4-1.83 61.1 -.45 -.3 3. -.87 58.3 -.2 -.5 3.8-1.3 6. -.3.42 4.8.9 33.3.28 2.27 6.1.37 33.3 1.51 1.7 7.1.24 36.7 1.1 1.2 8.5.15 41.2.7 Style Portfolio for February : Long : Short Portfolio (1M) () (%) (%) 86 593 8,529-5.5 1.5.5 48.7 86 POSCO 549 2,873 6.6 1.3 1. 62. 86 1576 2,72..4.7 29.8 63 6 2,519. 1.8 1.5 83.4 65 5555 1,877 3.6 1.1 1.2 59. 56 53 1,773 -.5 1.3 1.4 9.2 86 SK 1767 1,624-1.1.8.4 47.2 86 538 1,473 -.4.9.1 41. 46 66 1,435-14.3 2. 1.4 2.4 86 KT 32 1,2-7.7.6.5 47.3 12 2353 1,64-5.1 NA NA 22.4 26 954 1,3 7.5.3.7 22.1 76 417 1,3-5.9 1.4.7 44.6 14 8679 985-4.9.4 1. 8.4 31 LGLCD 3422 939-5.7 1.7. 52.2 43 SK 36 925-1.5.1.6 43. 86 KT&G 3378 845 1.4.2 -.3 54.8 39 494 784-5.4.9 1.4 77.9 86 81 772-2.2 1.1 1.6 53.4 3 LG 3271 771 -.6 1.3 1.4 15.3 Portfolio (1M) () (%) (%) 2 114 479-7..8 1.4 34.7 31 83 473-1.1 1.5.9 25.7 65 342 466.8 1.8 2.4 2.3 14 3525 429 -.7.8.2 34.6 5 27 399-14.5.8 1. 25.9 86 GS 636 398-6.1 -.1 1.8 5.9 86 1263 375-12.5.2 1.4 64.3 39 475 332-1.4.3 1.1 2.6 8 943 329-3.1 NA NA 41.8 72 4267 323-8.8 1. 2.1 13.4 65 CJ 14 31-8.9 1.3 1.2 19.8 39 1636 36-9.7 1.4 1.6 29.6 57 68 29-18.7 1.2 2.3 6.8 3 GS 7893 289 3.3.3 1.3 28.3 26 3646 288-9.6.3 1.1 6.4 22 LG 5191 283 1.9 1. 1.7 26.1 86 42 279-2.5 1.4 1.6 22.2 12 SDI 64 273-6.8 1..8 25.4 86 21 267.8.4 1.4 46.7 3 915 256-2.9 1.1.7 1.9 Sector Concentration IT 6.7% 16.7% 16.7% 3.3%.% 26.7% 1.% 1.% 3.3% 6.7% 11.4% 3.% 14.3% 14.3% 2.9% 17.1% 5.7% 1.4% 1.4% 1.4% 13.3% 24.7% 18.7% 8.7% 4.% 16.7% 6.% 2.7% 3.3% 2.% 27.2.8 114

3 2 1 (Long) (Short) 1 2 3 4 5 6 7 244 231 149 Performance Monitor (: %) Return -4.7 -.9 4.3-4.7 1.4 72.2 111.8 (Long) I.D. 76.7 46.7 43.3 36.7 76.7 13.3 16.7 Adj.Rt. -3.6 -.4 2.4-1.7.3 62.6 93.1 Return -8.1 -.6 12.9-8.1 4.6 13.6 151.4 (Short) I.D. 85. 55. 24. 43. 84. 6. 11. Adj.Rt. -6.9 -.3 9.8-3.5.7 122.8 134.8 Return -7.3 -.7 1.4-7.3 3.8 111. 135.9 I.D. 84. 54.7 3. 43.3 82.7 8.7 12. Adj.Rt. -6.2 -.4 7.3-3.2.7 11.4 119.6 Risk-Return Analysis (: %) 1 3 5 (2.1 ~ ) Avg.Rt. S.D. I.R. S.R. Adj.Rt. Avg.Rt. S.D. I.R. S.R. Adj.Rt. Avg.Rt. S.D. I.R. S.R. Adj.Rt. Avg.Rt. S.D. I.R. S.R. Adj.Rt..17 3.2.5 33.3.11 1.63 4.9.34 33.3 1.9 1.5 6.3.23 36.7.9.8 8.7.1 44.7.5.5 5.3.1 33.3.34 2.56 6.6.38 3.6 1.77 1.8 7.5.24 33.3 1.2 1.4 8.6.16 38.8.9 Long-Short -.36 2.1 -.61 58.3 -.21 -.74 2.4-1.83 61.1 -.45 -.3 3. -.87 58.3 -.2 -.5 3.8-1.3 6. -.3.42 4.8.9 33.3.28 2.27 6.1.37 33.3 1.51 1.7 7.1.24 36.7 1.1 1.2 8.5.15 41.2.7 Style Portfolio for February : Long : Short Market Portfolio (1M) () (%) (%) 86 593 8,529-5.5 1.5.5 48.7 86 POSCO 549 2,873 6.6 1.3 1. 62. 86 1576 2,72..4.7 29.8 63 6 2,519. 1.8 1.5 83.4 65 5555 1,877 3.6 1.1 1.2 59. 56 53 1,773 -.5 1.3 1.4 9.2 86 SK 1767 1,624-1.1.8.4 47.2 86 538 1,473 -.4.9.1 41. 46 66 1,435-14.3 2. 1.4 2.4 86 KT 32 1,2-7.7.6.5 47.3 12 2353 1,64-5.1 NA NA 22.4 26 954 1,3 7.5.3.7 22.1 76 417 1,3-5.9 1.4.7 44.6 14 8679 985-4.9.4 1. 8.4 31 LGLCD 3422 939-5.7 1.7. 52.2 43 SK 36 925-1.5.1.6 43. 86 KT&G 3378 845 1.4.2 -.3 54.8 39 494 784-5.4.9 1.4 77.9 86 81 772-2.2 1.1 1.6 53.4 3 LG 3271 771 -.6 1.3 1.4 15.3 Portfolio (1M) () (%) (%) 41 354 98-18.1 1. 1.7 36. 29 1116 97-1.9 1. 2.1 5.2 14 8628 94-11.1 NA NA 22.1 86 48 92-3.1 1.1 2. 25.1 45 LS 112 92-5.7 1.3.9 17.4 51 41 91-14.6 3.5 1.9.3 86 LIG 255 91 5.2.9 2.3 18.4 33 324 88-13.2.3 1.5 7.9 7 4571 88-5.1 NA NA 35.6 86 341 85-19.1.3 1.4 29.2 86 LG 112 85-4.6.2.8 4.7 7 16 85-13.1.7.8 19.5 16 SK 612 78-4.8 1.9 2.2 16.4 59 455 78-1.2.8 2.9 31.1 34 1178 75-1.9.4 3. 14.6 24 7324 74-15.9 -.4 1.7 26.5 35 299 74-27.1.6 2.7 7.7 28 64 72-17.1.6 1.3 16. 36 1968 71-9.7.5.9 26.6 69 152 68-1.6 1.2 1.2 16.1 Sector Concentration IT 6.7% 16.7% 16.7% 3.3%.% 26.7% 1.% 1.% 3.3% 6.7% 16.% 24.% 21.% 1.% 6.% 15.% 4.% 1.% 3.%.% 13.3% 24.7% 18.7% 8.7% 4.% 16.7% 6.% 2.7% 3.3% 2.% 27.2.8 115

Bull beta & Bear beta Market Definition 4 2 : KOSPI ( ) : KOSPI ( ) ( : 3(156), 2 ) H.Bull & L.Bear (Long) L.Bull & H.Bear (Short) L.Bull & L.Bear (Long) H.Bull & H.Bear (Short) 1 2 3 4 5 6 7 319 276 192 135 Performance Monitor (: %) H.Bull & L.BeaReturn -6.6-3.7 3.4-6.6-8.6 62. 16.9 (Long) I.D. 88.9 63. 48.1 55.6 88.9 11.1 3.7 Adj.Rt. -5.9-2.3 1.8-3.7-7.6 55.1 13. L.Bull & H.BeaReturn -1.1-2.2 9.5-1.1 -.5 136.6 23.3 (Short) I.D. 85.7 6.7 28.6 53.6 85.7 7.1 1.7 Adj.Rt. -8.6-1.3 6.8-5.4 -.5 126.8 25.7 Return -7.3 -.7 1.4-7.3 3.8 111. 135.9 I.D. 84. 54.7 3. 43.3 82.7 8.7 12. Adj.Rt. -6.2 -.4 7.3-3.2.7 11.4 119.6 Risk-Return Analysis (: %) 1 3 5 (2.1 ~ ) Avg.Rt. S.D. I.R. S.R. Adj.Rt. Avg.Rt. S.D. I.R. S.R. Adj.Rt. Avg.Rt. S.D. I.R. S.R. Adj.Rt. Avg.Rt. S.D. I.R. S.R. Adj.Rt. H.Bull & L.Bea-.66 4.4 -.15 66.7 -.44 1.52 6..25 44.4.85 1.5 7..21 41.7.9 1.2 9.9.12 47.1.6 L.Bull & H.Bea.13 6.1.2 41.7.7 2.69 7.6.36 36.1 1.72 2.3 8.1.29 38.3 1.4 1.6 8.6.18 43.5.9 Long-Short -.79 2.6-1.6 58.3 -.46-1.17 3.4-2.7 61.1 -.71 -.9 3.4-1.96 6. -.5 -.3 5.7 -.53 58.8 -.2.42 4.8.9 33.3.28 2.27 6.1.37 33.3 1.51 1.7 7.1.24 36.7 1.1 1.2 8.5.15 41.2.7 Bull beta & Bear beta Style Portfolio for February High Bull beta 5% & Low Bear beta 5% : Long Low Bull beta 5% & High Bear beta 5% : Short Portfolio (1M) (%) ) (%) 13 LGLCD 3422 1.69.4-5.7 939 52.2 15 499 2.3.55-3.7 166 43.1 11 421 2.42.57-27.4 154 25.1 1 593 1.47.49-5.5 8,529 48.7 1 13 1.56.68-7. 183 26.3 14 417 1.45.69-5.9 1,3 44.6 8 83 1.47.91-1.1 473 25.7 22 LS 112 1.33.9-5.7 92 17.4 2 915 1.14.69-2.9 256 1.9 2 538.87.12 -.4 1,473 41. 18 LG 355 1.43 1.7-4. 494 3.8 8 POSCO 549 1.29 1.2 6.6 2,873 62. 8 LG 6657 1.14 1. -5.1 755 34.3 13 SDI 64 1.3.78-6.8 273 25.4 12 33.89.6-5. 59 34.6 New CJ 14 1.31 1.22-8.9 31 19.8 8 LG 519.98.97-8.1 177 47.7 4 152 1.2 1.23-1.6 68 16.1 7 5555 1.6 1.16 3.6 1,877 59. 4 1233 1. 1.7-11.2 655 47.4 Portfolio (1M) (%) ) (%) New 114.85 1.4-7. 479 34.7 New 1688.6 1.31-18.8 53 26.4 New LS 626.59 1.32-13.3 17 2.2 New 64.56 1.34-17.1 72 16. 16 14.69 1.53-1.3 25 27.5 7 362.69 1.52-11.2 56 78.6 6 6962.43 1.37-8.3 53 11.6 2 1117.76 1.8 9.5 242 47.4 9 581.35 1.35-17.9 61 15.7 4 21.41 1.38.8 267 46.7 6 345.85 2.1-14.4 149 1.2 16 LG 1299.68 1.71 25.5 133 25.3 18 145.8 2.29 2.1 18 16.3 9 349.73 1.98-5.2 242 18. 3 341.29 1.37-19.1 85 29.2 4 1263.16 1.4-12.5 375 64.3 28 123.61 1.94-15.1 123 38. 6 324.34 1.45-13.2 88 7.9 13 455.76 2.94-1.2 78 31.1 25 347.6 2.35-16. 99 8.7 Sector Concentration IT H.Bull & L.Bear 14.8% 22.2% 29.6% 11.1%.% 7.4% 14.8%.%.%.% L.Bull & H.Bear 21.4% 25.% 28.6% 3.6% 7.1% 14.3%.%.%.%.% 13.3% 24.7% 18.7% 8.7% 4.% 16.7% 6.% 2.7% 3.3% 2.% 27.2.8 116

4 2 H.Bull & L.Bear (Long) L.Bull & H.Bear (Short) L.Bull & L.Bear (Long) H.Bull & H.Bear (Short) 1 2 3 4 5 6 7 319 276 192 135 Bull Beta H. Bull beta & L. Bear beta L. Bull beta & L. Bear beta H. Bull beta & H. Bear beta L. Bull beta & H. Bear beta Bear Beta Performance Monitor (: %) L.Bull & L.BeaReturn -7.7 -.3 13.4-7.7 14.2 155.3 182.1 (Long) I.D. 82.2 44.4 22.2 33.3 82.2 13.3 17.8 Adj.Rt. -6.3 -.1 1.4-2.6 2.5 134.6 149.7 H.Bull & H.BeaReturn -6.4.5 11.6-6.4 4.9 9.5 88.8 (Short) I.D. 8. 57.8 28.9 4. 8. 4.4 11.1 Adj.Rt. -5.1.2 8.2-2.5 1. 86.5 78.9 Return -7.3 -.7 1.4-7.3 3.8 111. 135.9 I.D. 84. 54.7 3. 43.3 82.7 8.7 12. Adj.Rt. -6.2 -.4 7.3-3.2.7 11.4 119.6 Risk-Return Analysis (: %) 1 3 5 (2.1 ~ ) Avg.Rt. S.D. I.R. S.R. Adj.Rt. Avg.Rt. S.D. I.R. S.R. Adj.Rt. Avg.Rt. S.D. I.R. S.R. Adj.Rt. Avg.Rt. S.D. I.R. S.R. Adj.Rt. L.Bull & L.Bea 1.21 4.6.26 33.3.81 2.77 5.3.53 27.8 2. 1.9 6.1.31 38.3 1.2 1.6 6.9.23 38.8 1. H.Bull & H.Bea.53 5.1.1 41.7.31 2.4 7.1.29 38.9 1.25 1.4 8.8.17 38.3.9.9 1.8.9 45.9.5 Long-Short.68 2.1 1.12 25..51.72 3.9 1.12 3.6.5.5 4.7.78 41.7.3.7 6.5.97 42.4.4.42 4.8.9 33.3.28 2.27 6.1.37 33.3 1.51 1.7 7.1.24 36.7 1.1 1.2 8.5.15 41.2.7 Bull beta & Bear beta Style Portfolio for February Low Bull beta 5% & Low Bear beta 5% : Long High Bull beta 5% & High Bear beta 5% : Short Market Portfolio (1M) (%) ) (%) 3 3525.84.17 -.7 429 34.6 4 SK 1767.82.43-1.1 1,624 47.2 6 3657.66.32 1.1 12 43.8 13 KT 32.62.47-7.7 1,2 47.3 28 53.71.65-2.3 169 42.8 38 7.67.64-1.8 55 7.9 2 KTF 3239.82.85-17.3 481 22.8 17 1275.55.5-1.5 147 54. 16 16.74.85-13.1 85 19.5 6 27.83.98-14.5 399 25.9 22 162.22.11-1.3 235 41.4 42 392.26.36-4.6 58 33.1 65 KT&G 3378.2 -.32 1.4 845 54.8 9 SK 174.21 -.5-22.9 71 1. 13 S-Oil 195.22.42-4.7 735 5.9 52 1576.37.75. 2,72 29.8 8 KCC 238.69 1.16-16.2 255 22.2 4 112.24.62-14.8 23 17.1 17 954.26.71 7.5 1,3 22.1 5 7.51.94 2.3 194 36.1 Portfolio (1M) (%) ) (%) 3 66 1.97 1.39-14.3 1,435 2.4 28 6 1.75 1.53. 2,519 83.4 21 4 1.49 1.48 8.2 65 1.9 36 2411 1.29 1.35 1.2 73 2.6 44 53 1.26 1.39 -.5 1,773 9.2 8 369 1.41 1.5-3.1 138 42.2 8 285 2.5 1.78-1.5 17 37.6 New LG 3271 1.3 1.44 -.6 771 15.3 28 41 3.52 1.9-14.6 91.3 4 72 1.24 1.41-15.4 533 17.1 52 1636 1.37 1.59-9.7 36 29.6 13 42 1.38 1.61-2.5 279 22.2 39 6996 1.47 1.64-11.2 169 44.2 12 583 1.84 1.99 -.2 175 17.2 9 715 1.72 1.9-11.7 216 48. 9 LG 1594 1.35 1.69 7.4 171 23.2 New 474.98 1.41-6.8 64 11.4 4 1.92 1.34-18. 132 22.7 8 893 1.1 1.57-13.2 11 34.2 16 SK 612 1.9 2.19-4.8 78 16.4 Sector Concentration IT L.Bull & L.Bear 4.4% 28.9% 11.1% 13.3% 4.4% 6.7% 6.7% 6.7% 11.1% 6.7% H.Bull & H.Bear 17.8% 22.2% 11.1% 4.4% 4.4% 33.3% 4.4% 2.2%.%.% 13.3% 24.7% 18.7% 8.7% 4.% 16.7% 6.% 2.7% 3.3% 2.% 27.2.8 117

PART 7 DEFINITIONS Value Style Strategies Growth Style Strategies Momentum Style Strategies Quality Style Strategies Macro & Market Style Strategies

Definitions Value Style Strategies Value Composite Forward Trailing Valuation scoring Value Composite Score = [ 2 * Fw. Value Composite Score + Tr. Value Composite Score ] / 3 Forward Value Composite Forward Valuation scoring Forward Value Composite Score = [ 2Fw.PER + 2Fw.PBR + Fw.DY + Fw.PEG + Fw.EV/EBITDA + Fw.PCF + Fw.PSR ] / 9 Trailing Value Composite Trailing Valuation scoring Trailing Value Composite Score = [ 2Tr.PER + 2Tr.PBR + Tr.DY + Tr.PEG + Tr.EV/EBITDA + Tr.PCF + Tr.PSR ] / Forward PER / 12-month Forward EPS 12-month Forward EPS = (FY1) EPS (FY2) EPS Trailing PER / 12-month Trailing Net Income 12-month Trailing NI = 4 Forward PBR / 12-month Forward BPS 12-month Forward BPS = (FY1) BPS (FY2) BPS Trailing PBR / 12-month Trailing BPS 12-month Trailing BPS = 4 BPS Forward Dividend Yield 12-month Forward DPS / 12-month Forward DPS = (FY1) DPS (FY2) DPS Trailing Dividend Yield (FY) / Forward PEG Forward PER / 2 EPS (CAGR) Trailing PEG Trailing PER / 3 EPS (CAGR) Forward EV/EBITDA [ + ] / 12-month Forward EBITDA 12-month Fw.EBITDA= (FY1) EBITDA (FY2) EBITDA Trailing EV/EBITDA ( + ) / (FY) EBITDA 27.2.8 12

Forward PCFR / 12-month Forward CFPS 12-month Forward CFPS = (FY1) CFPS (FY2) CFPS Trailing PCFR / (FY) Forward PSR / 12-month Forward Sales 12-month Forward Sales = (FY1) Sales (FY2) Sales Trailing PSR / 12-month Trailing Sales 12-month Trailing Sales = 4 Growth Style Strategies Growth Composite Growth scoring Growth Composite Score = [ 2 EPS + 1 ] / 2 GARP 1 (Growth at a Reasonable Price) 2 EPS Forward PER 4 1) GARP : 2 EPS 5% & Fw.PER 5% 2) Non-GARP : 2 EPS 5% & Fw.PER 5% 3) L.G & L.PE : 2 EPS 5% & Fw.PER 5% 4) H.G & H.PE : 2 EPS 5% & Fw.PER 5% GARP 2 (Growth at a Reasonable Price) Growth Composite Score Forward Value Composite Score 4 1) GARP : Growth score 5% & Fw.Value score 5% 2) Non-GARP : Growth score 5% & Fw.Value score 5% 3) L.G & L.V : Growth score 5% & Fw.Value score 5% 4) H.G & H.V : Growth score 5% & Fw.Value score 5% GARQ (Growth at a Reasonable Quality) Growth Composite Score Value Composite Score 4 1) GARQ : Growth score 5% & Quality score 5% 2) Non-GARQ : Growth score 5% & Quality score 5% 3) H.G & L.Q : Growth score 5% & Quality score 5% 4) L.G & H.Q : Growth score 5% & Quality score 5% EPS Growth Rate 2 EPS (CAGR) [ { (FY2 EPS / FY EPS)^(1/2) } 1 ] * 1 (FY EPS >, FY2 EPS > ) OP Growth Rate 2 [ { (FY2 OP / FY OP)^(1/2) } 1 ] * 1 (FY >, FY2 > ) 27.2.8 121

Momentum Style Strategies Momentum Composite Momentum scoring Momentum Composite Score = [EPS + + + ] / 4 MARP 1 (Momentum at a Reasonable Price) EPS Forward PER 4 1) MARP : EPS 5% & Fw. PER 5% 2) Non-MARP: EPS 5% & Fw. PER 5% 3) L.M & L.PE : EPS 5% & Fw. PER 5% 4) H.M & H.PE : EPS 5% & Fw. PER 5% MARP 2 (Momentum at a Reasonable Price) Momentum Composite Score Forward Value Composite Score 4 1) MARP : score 5% & Fw.Value score 5% 2) Non-MARP: score 5% & Fw.Value score 5% 3) L.M & L.V : score 5% & Fw.Value score 5% 4) H.M & H.V : score 5% & Fw.Value score 5% EM & FM EPS 4 1) H.EM & H.FM : EPS 5% & 5% 2) L.EM & L.FM : EPS 5% & 5% 3) H.EM & L.FM : EPS 5% & 5% 4) L.EM & H.FM : EPS 5% & 5% EM & PM EPS 4 1) H.EM & H.PM : EPS 5% & 5% 2) L.EM & L.PM : EPS 5% & 5% 3) L.EM & H.PM : EPS 5% & 5% 4) H.EM & L.PM : EPS 5% & 5% FM & PM 4 1) H.FM & H.PM : 5% & 5% 2) L.FM & L.PM : 5% & 5% 3) L.FM & H.PM : 5% & 5% 4) H.FM & L.PM : 5% & ` 5% EPS Momentum (EM) 1 12-month Forward EPS 12-month Forward EPS = (FY1) EPS (FY2) EPS OP Momentum (OM) 1 12-month Forward Operating Profit 12-month Fw. OP = (FY1) (FY2) Foreigners Momentum (FM) 3 Price Momentum (PM) RSI(Relative Strength Indicator) RSI = 1 / [1 + (14 / 14 )] 27.2.8 122

Quality Style Strategies Quality Composite Quality scoring Quality Composite Score = [ Fw. ROE + Fw. ROA + Fw. OPM + Fw. NPM + (FY) + (FY) ] / 6 QARP 1 (Quality at a Reasonable Price) Forward ROE Forward PBR 4 1) QARP : Fw. ROE 5% & Fw. PBR 5% 2) Non-QARP : Fw. ROE 5% & Fw. PBR 5% 3) L.Q & L.PB : Fw. ROE 5% & Fw. PBR 5% 4) H.Q & H.PB : Fw. ROE 5% & Fw. PBR 5% QARP 2 (Quality at a Reasonable Price) Forward NPM Forward PSR 4 1) QARP : Fw. 5% & Fw. PSR 5% 2) Non-QARP : Fw. 5% & Fw. PSR 5% 3) L.Q & L.PS : Fw. 5% & Fw. PSR 5% 4) H.Q & H.PS : Fw. 5% & Fw. PSR 5% QARP 3 (Quality at a Reasonable Price) Quality Composite Score Forward Value Composite Score 4 1) QARP : Quality score 5% & Fw.Value score 5% 2) Non-QARP : Quality score 5% & Fw.Value score 5% 3) L.Q & L.V : Quality score 5% & Fw.Value score 5% 4) H.Q & H.V : Quality score 5% & Fw.Value score 5% Forward ROE 12 ROE 12-month Forward ROE = (FY1) ROE (FY2) ROE Forward ROA 12 ROA 12-month Forward ROA = (FY1) ROA (FY2) ROA Forward OPM 12 12-month Forward Operating Profit Margin = 12-month Fw. Operating Profit / 12-month Fw. Sales 12-month Fw. OP = (FY1) (FY2) 12-month Fw. Sales = (FY1) (FY2) Forward NPM 12 12-month Forward Net Profit Margin = 12-month Forward Net Profit / 12-month Forward Sales 12-month Fw. NP = (FY1) (FY2) (FY) (FY) EBIT / (FY) (FY) (FY) / (FY) 27.2.8 123

Macro & Market Style Strategies vs. :,, : IT,,,, vs. : 8% : 6% / : 6, 24 (3) : 6, 24 : 6, 24 / / : 3 : 31~1 : 121~2 Bull beta & Bear beta Bull beta () : KOSPI ( ) Bear beta () : KOSPI ( ) : 3(156), 2 27.2.8 124

27.2.8 125