Fundamental Analysis & Recommendations - QMS Advisors FlexIndex KOSPI 100 by Q.M.S Advisors

This material does not constitute investment advice and should not be viewed as a current or past recommendation or a solicitation of an offer to buy or sell any securities or to adopt any investment strategy.

Fundamental Analysis & Analyst Recommendations QMS Advisors FlexIndex KOSPI 100 October 2013

Q M S Advisors .

Q.M.S Advisors | Avenue de la Gare, 1 1003 Lausanne | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

Valuation Measures I/II Market Capitalization & Asset Liability data Market Total Capitalization (in mio Daily Common Total Debt Preferred Currency USD) Volume (M) Shares (M) (USD) Stock (USD)

Minority Interest (USD)

Total Revenue Cash and Enterprise Equivalents Value (USD) (USD)

Tot. Rev. LFY

Est. Tot. Rev. - Tr. 12M

EBITDA

Earnings Per Share

Est. Tot. Est. Tot. Est. EBITDA - Est. EBITDA - Est. EBITDA Rev. - 2013 Rev. - 2014 EBITDA - LFY Tr. 12M 2013 2014 EPS - LFY

Price/Earnings ratio

Est. EPS Tr. 12M

Est. EPS 2013

Est. EPS 2014

P/E Ratio LFY

Est. P/E Ratio - Tr. 12M

Rev. Growth

EBITDA Growth

Est. Est. Est. Est. Est. P/E Est. P/E Revenue Revenue Est. EBITDA EBITDA Est. EBITDA Ratio - 2013 Ratio - 2014 Growth - 1Y Growth - 5Y Growth - 1Y Growth - 5Y Margin -

S&P 500 INDEX

USD

15589099

2072.157

1117

203

219

104.06

110.23

16.29

15.38

18.48

Euro Stoxx 50 Pr

EUR

2984944

6002.296

4677

776

790

234.33

302.66

22.82

20.47

17.67

21.66

NIKKEI 225

JPY

2857793

203.0095

197

6.11

8.07

0.25

0.24

0.19

0.12

FTSE 100 INDEX

GBP

2928075

12748.62

10012

1524

1661

538.12

807.42

31.40

24.43

20.93

22.98

SWISS MARKET INDEX

CHF

1120741

11464.75

4198

969

861

454.08

567.77

21.44

18.26

17.14

24.51

S&P/TSX COMPOSITE INDEX

CAD

1697982

17615.94

7406

1859

1968

732.48

803.81

16.58

16.59

15.11

24.14

S&P/ASX 200 INDEX

AUD

1366032

6451.078

2681

547

684

215.80

320.53

21.50

17.78

14.48

19.99

HANG SENG INDEX

HKD

1793920

3572.425

1668

376

393

278.61

269.06

1.39

1.48

1.43

2.98

MSCI EM

USD

7592957

1394.039

983

191

180

84.97

88.32

11.89

12.19

11.44

19.60

SAMSUNG ELECTRONICS CO LTD

KRW

187408

232

131

169.73

131520

141502

25801

28739

108.42

118.13

0.01

HYUNDAI MOTOR CO

KRW

52625

307

209

40.79

40202

38916

39784

42283

5543

4850

17.21

0.01

POSCO

KRW

26270

183

32.17

33218

29357

31133

4350

913

30.14

21.96

27.61

0.01

HYUNDAI MOBIS CO LTD

KRW

26611

197

23.99

15709

2334

21.74

21.94

33.88

36.87

0.01

SHINHAN FINANCIAL GROUP LTD

KRW

19632

649

474

26.36

924

867

0.96

0.04

KIA MOTORS CORPORATION

KRW

24805

1104

405

23.40

26087

38959

27781

2219

4.88

4.92

9.13

9.66

0.01

SK HYNIX INC

KRW

20076

3598

698

23.21

9316

10826

13904

14785

1519

3131

-0.63

1.22

4.31

4.28

0.02

0.01

NAVER CORP

KRW

17039

127

16.78

1408

657

16.92

16.59

0.03

LG CHEM LTD

KRW

19690

246

20.04

19040

18944

2247

2320

18.22

17.93

0.02

KB FINANCIAL GROUP INC

KRW

13872

1391

386

13.90

646

605

1.55

1.56

HYUNDAI HEAVY INDUSTRIES

KRW

19112

401

24.20

23336

1684

12.38

16.79

SK TELECOM

KRW

16207

149

21.02

11487

3270

12.08

16.61

HANA FINANCIAL GROUP

KRW

10179

517

241

13.30

-25

-0.77

SK INNOVATION CO LTD

KRW

12789

264

12.68

2189

1289

9.53

11.81

SAMSUNG LIFE INSURANCE CO LT

KRW

19094

180

194

17.70

27050

4.48

4.73

KOREA ELECTRIC POWER CORP

KRW

17968

818

623

52.17

45951

-122

-4.81

-4.82

SAMSUNG FIRE & MARINE INS

KRW

10877

10.33

13044

14990

17298

16.28

16.29

15.70

KT&G CORP

KRW

9782

297

126

8.85

2457

2390

2351

2389

1015

986

5.68

5.34

SAMSUNG C&T CORP

KRW

9021

894

147

12.00

16058

26535

445

3.18

KT CORP

KRW

8743

1234

244

15.15

17569

3745

1.60

SAMSUNG HEAVY INDUSTRIES

KRW

9483

983

203

11.56

13434

1293

3.35

LG ELECTRONICS INC

KRW

10913

1316

163

15.03

23683

25074

819

674

-2.23

-3.55

SAMSUNG SDI CO LTD

KRW

8126

554

8.79

4571

4223

364

318

-3.64

55.27

LG CORP

KRW

10768

273

172

10.54

574

531

452

400

2.16

1.91

LG DISPLAY CO LTD

KRW

8915

2099

358

11.05

26705

26813

4507

4975

0.20

0.84

S-OIL CORPORATION

KRW

8284

181

113

10.64

32341

1092

4.51

4.64

SK HOLDINGS CO LTD

KRW

8551

100

10.99

683

515

8.63

SAMSUNG ELECTRO-MECHANICS CO

KRW

6004

874

6.15

5094

5762

617

697

E-MART CO LTD

KRW

6335

138

9.21

10189

1001

259

LG HOUSEHOLD & HEALTH CARE

KRW

7710

8.73

1998

2040

288

DAEWOO SHIPBUILDING & MARINE

KRW

6177

1238

190

12.02

11703

13258

13639

565

HYUNDAI STEEL CO

KRW

6651

664

16.35

13159

12121

14690

WOORI FINANCE HOLDINGS CO

KRW

9384

782

806

12.68

593

HYUNDAI ENGINEERING & CONST

KRW

6420

531

111

7.19

9718

CHEIL INDUSTRIES INC

KRW

4640

455

5.73

5347

KANGWON LAND INC

KRW

5679

385

214

4.76

1204

1202

1314

LOTTE SHOPPING CO

KRW

11527

15.71

15016

27188

ORION CORP

KRW

5354

5.71

764

765

HANWHA LIFE INSURANCE CO LTD

KRW

5695

357

843

5.50

12841

LOTTE CHEMICAL CORP

KRW

6241

127

7.23

8472

COWAY CO LTD

KRW

4296

124

4.52

1683

NCSOFT CORPORATION

KRW

3939

203

3.46

443

GS HOLDINGS

KRW

4950

232

5.45

157

SK C&C CO LTD

KRW

5425

6.61

AMOREPACIFIC CORP

KRW

4900

BS FINANCIAL GROUP INC

KRW

2954

633

193

KOREA ZINC CO LTD

KRW

5712

SAMSUNG ENGINEERING CO LTD

KRW

3204

583

SAMSUNG SECURITIES CO LTD

KRW

3382

165

OCI CO LTD

KRW

3898

100

S&P LT Credit Rating Date

Moody's LT Credit Moody's LT Credit Rating Rating Date

0.02

0.04

0.02

A+

08.08.2013

14.07.2005

0.00

0.01

BBB+

20.03.2012

11.08.2010

-0.01

0.01

-0.02

0.00

0.01

BBB+

22.10.2012

Baa1

24.10.2012

0.01

0.02

0.01

BBB+

20.03.2012

-0.05

-0.01

-0.05

-0.02

0.09

0.01

0.00

0.01

-0.01

0.03

0.01

BBB+

20.03.2012

17.01.2008

0.01

0.00

0.02

-0.03

0.00

0.03

22.02.2013

27.06.2012

0.00

0.01

0.00

0.01

0.04

0.02

0.00

0.01

-0.02

0.02

0.01

A-

24.11.2010

0.02

2.30

0.09

0.01

0.02

0.00

0.01

-0.04

0.00

0.01

0.02

0.00

-0.02

0.00

0.03

A-

14.02.2012

-0.09

0.02

-0.09

17.03

0.01

0.05

0.03

0.11

0.01

0.05

BBB

12.03.2008

Baa2

03.05.2013

5.42

0.02

0.03

0.01

0.08

0.00

A+

17.09.2012

14.04.2010

19.10

0.01

0.08

0.01

AA-

29.05.2013

6.54

0.01

0.00

0.01

0.00

0.04

03.12.2004

2.62

0.02

0.01

0.03

0.01

0.00

2.75

0.01

0.02

-0.01

0.01

-0.02

0.00

0.02

A-

25.03.2013

14.07.2008

3.18

0.01

-0.01

0.00

0.09

-0.01

0.00

BBB-

14.10.2011

Baa2

21.01.2010

0.00

0.01

0.00

0.02

0.16

0.01

0.03

0.00

-0.01

0.00

-0.01

0.07

0.03

0.02

0.01

0.10

0.00

0.02

0.01

0.02

0.01

0.02

-0.04

0.00

BBB

29.03.2009

8.63

0.02

0.00

-0.01

0.07

02.07.2007

3.64

4.41

0.02

0.03

0.02

0.06

0.01

259

10.90

10.27

0.02

0.05

0.04

0.01

BBB+

31.05.2013

11.59

10.73

0.04

0.01

565

0.85

0.68

1.27

2.35

0.04

0.02

0.01

0.00

0.01

-0.04

0.01

0.00

1481

298

8.87

8.75

4.32

8.17

0.01

0.02

0.01

-0.01

0.02

-0.02

0.01

BBB-

15.11.2010

Baa3 *-

30.07.2013

593

542

0.43

0.03

0.01

0.00

-0.02

0.09

01.08.2013

9718

404

2.76

2.90

0.02

0.00

0.01

-0.01

0.00

493

4.51

4.44

0.02

0.01

0.03

0.01

1504

452

440

1.48

1.32

1.54

1.80

0.02

0.01

0.00

-0.01

0.00

0.03

28593

1505

32.65

29.32

33.06

0.01

0.00

0.01

Baa1

31.10.2012

771

813

6.38

-0.04

1.61

0.01

0.00

0.01

9178

10393

0.52

0.58

0.68

0.01

0.03

0.01

9420

9382

640

9.69

10.02

10.16

17.74

0.02

0.01

0.03

-0.04

0.01

1815

1956

372

150

1.54

1.50

2.99

3.16

0.03

0.02

0.01

-0.01

0.01

0.02

443

111

4.52

3.22

0.05

0.04

0.00

0.02

-0.04

0.02

157

0.95

5.49

7.01

0.05

0.01

-0.05

0.03

1424

206

2.57

2.54

8.97

10.23

0.04

0.01

-0.01

0.01

0.00

0.01

4.61

2338

2409

36.70

36.77

0.02

0.01

3.50

108

0.39

0.36

0.04

-0.01

-0.02

0.08

4.85

4589

798

170

31.43

0.01

0.00

0.01

-0.01

0.01

0.02

3.11

8259

7898

713

286

13.15

3.69

0.02

0.01

0.03

0.04

0.00

13.65

998

373

1.57

0.03

-0.02

0.00

0.03

4.87

2244

379

2.54

2.05

0.07

0.06

-0.03

0.02

-0.06

0.01

0.02

13564

22161

28958

10838

4149

783

22580

29488

11633

4334

908

S&P LT Credit Rating -

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

13.68

5.48

15.26

25.05

2.42

8.76

7.48

17.24

28.35

3.12

0.01

0.02

0.01

Valuation Measures I/II Market Capitalization & Asset Liability data Market Total Capitalization (in mio Daily Common Total Debt Preferred Currency USD) Volume (M) Shares (M) (USD) Stock (USD)

Minority Interest (USD)

Total Revenue Cash and Enterprise Equivalents Value (USD) (USD)

Tot. Rev. LFY

Est. Tot. Rev. - Tr. 12M

EBITDA

Earnings Per Share

Est. Tot. Est. Tot. Est. EBITDA - Est. EBITDA - Est. EBITDA Rev. - 2013 Rev. - 2014 EBITDA - LFY Tr. 12M 2013 2014 EPS - LFY

Price/Earnings ratio

Est. EPS Tr. 12M

Est. EPS 2013

Est. EPS 2014

P/E Ratio LFY

Est. P/E Ratio - Tr. 12M

Rev. Growth

EBITDA Growth

Est. Est. Est. Est. Est. P/E Est. P/E Revenue Revenue Est. EBITDA EBITDA Est. EBITDA Ratio - 2013 Ratio - 2014 Growth - 1Y Growth - 5Y Growth - 1Y Growth - 5Y Margin -

S&P 500 INDEX

USD

15589099

2072.157

1117

203

219

104.06

110.23

16.29

15.38

18.48

Euro Stoxx 50 Pr

EUR

2984944

6002.296

4677

776

790

234.33

302.66

22.82

20.47

17.67

21.66

NIKKEI 225

JPY

2857793

203.0095

197

6.11

8.07

0.25

0.24

0.19

0.12

FTSE 100 INDEX

GBP

2928075

12748.62

10012

1524

1661

538.12

807.42

31.40

24.43

20.93

22.98

SWISS MARKET INDEX

CHF

1120741

11464.75

4198

969

861

454.08

567.77

21.44

18.26

17.14

24.51

S&P/TSX COMPOSITE INDEX

CAD

1697982

17615.94

7406

1859

1968

732.48

803.81

16.58

16.59

15.11

24.14

S&P/ASX 200 INDEX

AUD

1366032

6451.078

2681

547

684

215.80

320.53

21.50

17.78

14.48

19.99

HANG SENG INDEX

HKD

1793920

3572.425

1668

376

393

278.61

269.06

1.39

1.48

1.43

2.98

MSCI EM

USD

7592957

1394.039

983

191

180

84.97

88.32

11.89

12.19

11.44

19.60

DAELIM INDUSTRIAL CO LTD

KRW

3167

400

3.57

9089

9273

463

HYUNDAI DEPT STORE CO

KRW

3488

3.70

956

316

9.13

9.01

HYUNDAI WIA CORP

KRW

4110

4.17

5825

6023

6909

7367

514

521

13.00

13.38

KCC CORP

KRW

4414

4.99

2676

273

38.66

INDUSTRIAL BANK OF KOREA

KRW

6201

628

546

9279

1.58

SAMSUNG TECHWIN CO LTD

KRW

3093

363

3.41

2603

2664

188

187

1.85

2.32

HYUNDAI GLOVIS CO LTD

KRW

7195

167

7.61

8637

437

113

10.09

CHEIL WORLDWIDE INC

KRW

2657

437

105

2.52

795

0.58

DOOSAN HEAVY INDUSTRIES

KRW

4662

268

7.86

7318

649

CJ CHEILJEDANG CORP

KRW

3422

5.79

4351

355

LG UPLUS CORP

KRW

4839

697

437

8.62

10157

10641

11024

1413

HYUNDAI MERCHANT MARINE

KRW

2901

898

152

7.99

7185

6860

8112

-262

HYUNDAI HYSCO

KRW

3600

333

4.43

6589

6814

7565

506

DAEWOO ENGINEERING & CONSTR

KRW

3457

677

411

5.19

7619

8335

9332

365

YUHAN CORPORATION

KRW

2026

1.72

710

862

957

KUMHO PETRO CHEMICAL CO LTD

KRW

2866

657

4.27

4538

DAEWOO SECURITIES CO LTD

KRW

3058

772

327

17.10

1252

KOREA GAS CORPORATION

KRW

4970

274

30.07

32149

KOREA INVESTMENT HOLDINGS CO

KRW

2136

106

2.76

175

SHINSEGAE CO LTD

KRW

2109

3.99

1417

1862

HANWHA CORPORATION

KRW

2597

184

4.31

4882

4790

DOOSAN INFRACORE CO LTD

KRW

2553

1141

169

5.99

3953

3463

150

HYOSUNG CORPORATION

KRW

2332

739

5.35

8648

373

HYUNDAI MIPO DOCKYARD

KRW

2980

152

2.77

3729

3611

3740

142

HANWHA CHEMICAL CORP

KRW

2698

872

140

4.64

3315

3368

3365

S-1 CORPORATION

KRW

2269

143

1.99

938

KOREAN AIR LINES CO LTD

KRW

2085

630

14.60

11423

11241

HYUNDAI DEVELOPMENT CO-ENGIN

KRW

1682

443

2.95

2056

3247

CJ CORP

KRW

3149

113

3.31

101

HALLA VISTEON CLIMATE CONTRO

KRW

4027

256

107

4.20

DAEWOO INTERNATIONAL CORP

KRW

4020

292

114

SAMSUNG CARD CO

KRW

4306

219

115

GS ENGINEERING & CONSTRUCT

KRW

1841

562

LS CORP

KRW

2327

WOORI INVESTMENT & SECURITIE

KRW

2199

778

199

LOTTE CONFECTIONERY CO LTD

KRW

2241

LS INDUSTRIAL SYSTEMS

KRW

1841

AMOREPACIFIC GROUP

KRW

DOOSAN CORP

8422

10219

11282

11.20

11.79

0.01

16.12

0.02

17.35

0.01

0.02

0.03

0.02

0.50

0.04

1.31

-2.15

13.80

12.07

-0.13

-6.19

-6.56

154

2.75

122

308

640

15.68

1.42

11.77

1.53

13.64

S&P LT Credit Rating Date

Moody's LT Credit Moody's LT Credit Rating Rating Date

0.02

0.01

0.00

0.01

0.03

0.01

0.06

0.03

0.01

0.00

0.01

0.00

0.01

BBB

10.08.2007

Baa2

11.07.2007

0.00

A+

28.08.2013

Aa3

27.08.2012

0.00

0.01

0.04

0.00

0.01

0.02

0.03

0.00

BBB+

20.03.2012

0.04

0.02

0.01

-0.01

0.01

0.03

0.02

0.01

0.04

0.01

0.02

0.01

0.05

0.03

0.02

0.01

0.02

0.01

0.02

0.01

07.09.2011

15.07.2009

0.81

1.13

2.70

3.13

3.80

0.02

0.36

0.52

0.76

5.49

6.17

7.97

9.35

4.71

3.37

640

0.27

1844

1996

290

5158

150

1.28

0.93

-0.30

-1.29

373

5.39

142

3.81

5.29

252

1.35

180

11873

1637

3639

2024

7.14

15844

11.31

3430

2646

3.09

7946

2.32

2858

KRW

2830

LOTTE CHILSUNG BEVERAGE CO

KRW

1898

SK NETWORKS CO LTD

KRW

1533

MIRAE ASSET SECURITIES CO LT

KRW

CJ KOREA EXPRESS CORP

KRW

LG INTERNATIONAL CORP

34796

S&P LT Credit Rating -

0.01

0.02

0.01

-0.20

0.00

0.02

0.01

0.00

0.01

0.00

0.02

0.01

0.02

0.01

0.02

0.01

0.00

-0.01

0.00

0.03

0.02

0.01

-0.03

-0.01

0.01

0.03

0.02

-0.01

0.02

-0.05

0.01

0.03

0.00

0.05

6.49

0.01

0.02

0.01

A+

17.09.2012

2.09

0.02

-0.04

13.09

13.06

0.02

0.01

-0.01

0.00

-0.02

0.02

02.05.2011

16.10.2010

0.03

0.00

0.01

0.00

-0.06

-0.02

0.00

0.01

-0.02

0.00

0.01

-0.06

-0.02

0.00

0.37

15.34

0.49

17.68

0.01

0.02

0.01

0.03

0.04

0.79

0.02

0.01

-0.01

0.01

-0.05

0.00

0.01

2.76

2.54

0.02

0.01

-0.01

0.00

0.02

4.45

-3.96

-0.49

0.01

0.00

0.01

0.00

0.01

0.11

0.12

0.82

2.25

0.17

0.19

-0.03

0.00

-0.07

-0.02

0.00

1.42

2.74

0.04

0.06

0.02

0.03

0.06

-0.02

0.06

146

1.24

1.29

0.03

0.01

0.00

0.01

147

0.33

2.62

0.01

0.10

-0.01

0.02

-0.01

0.01

0.00

1617

926

5.75

1.66

0.02

0.00

0.05

0.01

0.03

7946

162

1.24

2.24

0.01

0.03

0.00

0.01

-0.05

-0.02

0.00

25.04.2013

2.32

0.03

0.01

-0.03

0.02

-0.02

0.07

20.03

975

685

705

456

0.35

0.03

-0.01

0.00

-0.02

-0.01

0.04

2.50

1420

1524

1616

167

88.32

68.11

0.02

0.00

0.01

-0.02

0.00

0.01

2.28

1538

201

3.16

3.41

0.02

0.00

0.03

0.00

0.01

2.59

4.42

4.48

0.07

0.08

0.03

0.01

0.02

0.00

0.07

3.40

1715

2078

1984

179

3.51

3.48

0.04

0.00

-0.02

0.00

0.01

2.36

1877

1924

2049

233

65.27

60.29

0.02

0.03

0.01

0.03

0.01

737

248

3.49

23761

348

0.38

-0.32

0.02

0.00

0.01

-0.01

0.00

1412

12.59

796

500

3.12

0.00

0.03

0.00

0.06

2080

2.78

2322

138

4.29

3.85

0.01

0.00

0.01

KRW

1188

510

1.79

5538

181

8.13

5.13

LG INNOTEK CO LTD

KRW

1663

169

3.19

4724

5072

6066

7105

390

441

-3.11

NONGSHIM CO LTD

KRW

1462

1.10

1825

1774

1856

157

SAMSUNG FINE CHEMICALS CO

KRW

1202

119

1.46

1333

1295

1404

1898

115

HYUNDAI SECURITIES CO

KRW

1080

395

153

12.02

727

1310

1873

302

DONGKUK STEEL MILL CO LTD

KRW

898

278

2.91

4628

3697

3736

KEPCO ENGINEERING & CONSTRUC

KRW

2510

2.16

732

853

1080

152

2349

490

2511

543

2.13

0.02

2.51

2.44

0.57

6.50

3.09

0.62

19.54

4.89

0.06

0.03

0.01

0.02

0.01

0.02

0.01

0.02

5.14

0.00

0.01

-0.02

0.00

0.03

0.02

0.00

2.45

6.52

0.03

0.01

0.02

0.04

0.05

0.01

0.03

16.06

18.84

6.68

0.01

0.00

0.01

0.00

0.01

2.90

1.22

1.43

3.49

0.04

0.03

0.01

0.00

-0.01

0.01

-0.24

0.38

0.35

0.02

-0.02

0.00

-0.02

-0.01

0.04

-2.67

-3.46

-1.64

-0.52

-0.01

0.01

-0.07

-0.03

0.00

3.27

3.22

4.30

0.02

0.01

0.05

0.02

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

4.06

0.01

0.02

0.01

Valuation Measures II/II Price to Book Ratio

Price to Sales Ratio

Price to Cash Flow Ratio

Enterprise Value to EBITDA Ratio

Price to Earnings Ratio

Estimated Dividend Yield

Target

2013

2014

2015

2016

2017

2013

2014

2015

2016

2017

2013

2014

2015

2016

2017

2013

2014

2015

2016

2017

2013

2014

2015

2016

2017

2013

2014

2015

2016

2017

2013

%D to Spot

S&P 500 INDEX

2.38

2.21

2.03

2.38

1.52

1.45

1.39

1.52

10.59

9.57

8.75

10.59

9.47

8.73

8.18

9.47

15.38

13.86

12.53

15.38

2.07

2.25

2.40

2.07

1850.6

9.2%

Euro Stoxx 50 Pr

1.32

1.25

1.18

1.32

0.85

0.82

0.80

0.85

6.58

6.05

5.47

6.59

7.60

7.20

6.82

7.60

13.07

11.69

10.51

13.07

3.90

4.10

4.45

3.90

3026.5

3.5%

NIKKEI 225

1.56

1.46

1.37

1.56

0.75

0.72

0.70

0.75

9.20

8.49

7.30

9.20

9.07

8.30

7.80

9.07

18.36

16.37

14.74

18.36

1.59

1.74

1.88

1.59

15220.8

4.1%

FTSE 100 INDEX

1.81

1.69

1.39

1.81

1.05

1.02

0.99

1.05

8.83

7.96

7.27

8.83

7.67

7.03

6.62

7.67

13.02

11.84

10.86

13.02

3.72

3.73

4.15

4.42

3.72

7099.2

8.5%

SWISS MARKET INDEX

2.50

2.32

2.17

2.50

2.11

2.02

1.93

2.11

13.16

11.85

10.58

13.16

13.32

12.34

11.52

13.32

15.60

14.12

12.83

15.60

3.17

3.53

3.99

3.17

8666.5

7.5%

S&P/TSX COMPOSITE INDEX

1.76

1.64

1.52

1.76

1.69

1.55

1.51

1.69

8.92

8.05

6.79

8.92

8.95

7.95

7.36

8.95

15.56

13.71

12.44

15.56

3.11

3.23

3.35

3.11

14299.7

11.1%

S&P/ASX 200 INDEX

1.96

1.86

1.77

1.96

1.85

1.73

1.66

1.85

11.18

10.24

9.58

11.18

9.43

8.59

8.03

9.43

15.44

14.00

13.00

15.44

4.45

4.75

5.09

4.45

5383.9

2.0%

HANG SENG INDEX

1.38

1.28

1.19

1.38

1.79

1.66

1.54

1.79

8.16

7.71

7.19

8.16

9.08

8.31

7.66

9.08

11.12

10.33

9.38

11.12

3.49

3.74

4.08

3.49

25126.2

8.3%

MSCI EM

1.49

1.36

1.24

1.49

1.03

0.96

0.90

1.03

7.47

6.80

6.26

7.47

7.74

7.03

6.52

7.74

11.44

10.24

9.41

11.44

2.75

3.01

3.29

2.75

1124.6

11.3%

0.55

0.68

0.77

0.79

0.71

1803170.75

32.0%

1.27

1.32

1.24

0.73

0.76

0.79

0.84

0.77

284843.75

11.1%

0.78

0.89

0.84

SAMSUNG ELECTRONICS CO LTD HYUNDAI MOTOR CO

1.72

POSCO

0.70

HYUNDAI MOBIS CO LTD

1.68

0.67

0.64

0.61

6.30 0.83

6.68

6.88

6.21

6.22

7.69

1.51

7.19 7.74

6.89

6.54

9.10

10.78

13.72

10.91

10.67

2.87

2.47

2.49

2.59

3.04

390538.47

20.7%

9.54

8.07

7.42

6.93

0.62

0.67

0.70

0.71

0.67

336016.66

14.5%

1.90

1.69

2.01

2.24

2.64

47611.11

7.1%

1.05

75106.06

14.3%

SHINHAN FINANCIAL GROUP LTD KIA MOTORS CORPORATION

1.55

6.70

6.33

6.26

1.01

1.03

1.10

1.18

6.56

6.60

5.98

0.03

0.13

0.46

0.54

38984.85

28.5%

0.16

0.14

0.17

0.19

0.16

550637.44

-0.8%

1.25

1.29

1.31

1.25

344560.00

8.0%

2.08

1.23

1.95

2.59

43417.86

12.6%

1.53

0.94

0.96

0.98

1.06

277434.78

2.8%

4.39

4.36

4.39

4.43

4.70

257241.38

19.4%

1.82

1.46

1.92

2.21

1.99

46424.14

23.1%

1.78

2.08

2.11

2.13

2.10

188703.70

27.1%

1.59

1.71

1.85

1.92

2.15

125223.81

22.2%

0.06

1.10

2.41

2.77

1.46

37415.00

24.5%

1.79

1.74

2.09

2.28

2.12

275916.66

11.9%

4.28

4.30

4.41

4.51

4.93

84150.00

10.0%

0.87

0.82

0.85

0.93

73703.84

18.9%

5.73

5.57

5.68

5.67

6.06

42326.92

17.7%

1.13

1.16

1.17

1.13

49088.46

11.3%

LG ELECTRONICS INC

0.48

0.40

0.43

0.46

0.28

93506.68

30.6%

SAMSUNG SDI CO LTD

0.77

0.81

0.83

0.90

0.87

191266.67

-0.1%

LG CORP

1.54

1.53

1.55

1.59

88050.00

31.4%

1.31

1.61

1.85

1.78

1.87

35203.33

31.6%

4.69

3.84

4.24

4.30

4.47

88629.63

12.2%

0.99

1.24

1.26

1.28

232750.00

19.1%

0.93

1.11

1.17

1.20

1.06

105103.45

21.8%

0.42

0.60

0.61

263681.81

8.1%

0.68

0.76

0.81

0.87

0.77

661052.63

24.7%

SK HYNIX INC

0.89 1.60

1.32

1.11

0.64

0.89

1.44

1.36

8.70 1.31

6.48 3.55

3.37

3.27

NAVER CORP LG CHEM LTD

9.69

14.24

KB FINANCIAL GROUP INC HYUNDAI HEAVY INDUSTRIES

0.82

SK TELECOM

1.33

11.68 1.19

12.85

14.67

22.93

11.40

11.71

8.12

6.45

20.43

20.17

17.61

16.35

HANA FINANCIAL GROUP SK INNOVATION CO LTD SAMSUNG LIFE INSURANCE CO LT

0.98

0.93

0.88

0.82

0.74

1.08

0.86

0.85

0.75

0.61

14.16

KOREA ELECTRIC POWER CORP SAMSUNG FIRE & MARINE INS

1.32

1.25

1.14

1.05

0.91

KT&G CORP

0.74

0.73

0.63

0.62

3.95

4.16

4.10

3.92

SAMSUNG C&T CORP

0.56 11.28

14.63

14.62

12.02

10.98

13.59

13.34

10.90

11.45

8.00

0.34

KT CORP SAMSUNG HEAVY INDUSTRIES

1.89

0.70

8.61

12.09

LG DISPLAY CO LTD S-OIL CORPORATION

1.59

1.45

1.33

0.26

0.29

0.28

0.26

16.75

8.13

8.11

7.73

9.07

10.29

13.43

9.84

8.87

SK HOLDINGS CO LTD SAMSUNG ELECTRO-MECHANICS CO

1.98

E-MART CO LTD

1.11

1.30 1.06

0.98

0.92

0.87

0.58

10.53 0.58

0.54

0.52

7.34

7.28

7.20

6.82

5.43

8.98

18.89 9.47

8.64

8.27

7.93

12.39

14.89

13.18

12.37

11.56

LG HOUSEHOLD & HEALTH CARE DAEWOO SHIPBUILDING & MARINE

1.36

1.32

1.23

1.13

0.50

0.47

0.45

0.44

10.67

11.47

7.50

6.59

12.83

24.26

16.87

14.82

16.45

25.42

13.71

11.33

1.32

0.87

0.92

0.89

35737.50

3.1%

HYUNDAI STEEL CO

0.73

0.70

0.66

0.63

0.50

0.55

0.45

0.46

4.59

13.56

15.29

6.39

9.99

12.13

9.41

8.92

9.85

18.05

9.54

10.51

0.59

0.60

0.61

0.60

86288.00

3.1%

2.08

1.49

2.03

2.35

3.20

13691.67

9.5%

0.97

0.88

0.95

1.03

1.33

77550.00

25.3%

0.79

0.81

0.79

0.81

0.79

109700.00

15.5%

2.87

3.06

3.50

3.84

4.00

34952.38

22.6%

0.38

0.39

0.40

0.41

429708.34

9.3%

0.34

0.37

0.39

0.38

1182083.38

22.8%

3.11

2.76

3.32

3.01

2.91

7911.76

12.4%

0.84

0.65

0.71

0.76

0.80

200840.00

2.7%

1.83

3.44

2.06

2.14

2.55

70200.00

17.4%

WOORI FINANCE HOLDINGS CO HYUNDAI ENGINEERING & CONST

1.48

0.67

9.37

15.23

17.90

CHEIL INDUSTRIES INC KANGWON LAND INC

2.52

2.21

2.05

1.89

LOTTE SHOPPING CO

0.75

0.78

0.73

0.68

0.63

ORION CORP HANWHA LIFE INSURANCE CO LTD

0.87

0.83

0.78

0.74

0.68

4.64

4.32

3.78

3.47

0.50

0.42

0.40

0.37

6.97

6.95

6.59

6.27

0.62

0.55

0.51

0.76

0.66

0.67

2.49

2.37

2.20

0.35

4.22

14.28

12.38

11.19

5.69

5.18

3.93

10.41

9.51

8.29

7.61

7.88

6.61

5.95

5.52

5.26

17.19

14.74

13.26

11.45

12.49

11.07

9.19

8.49

11.11

11.25

9.67

10.01

17.85

17.92

10.27

9.43

26.09

18.60

17.62

15.65

0.33

0.35

0.43

0.45

0.75

213640.00

10.7%

9.70

7.60

2.32

2.39

2.48

2.49

2.40

68980.00

20.6%

12.10

10.60

0.82

1.16

1.26

1.29

136400.00

17.1%

AMOREPACIFIC CORP

0.75

0.76

0.77

0.80

1033529.44

14.8%

BS FINANCIAL GROUP INC

2.21

2.19

2.50

2.94

18385.19

12.1%

1.41

1.57

1.58

1.62

1.54

363777.78

11.9%

3.90

2.55

2.86

3.10

88117.24

2.5%

1.72

1.57

1.84

1.96

1.75

54700.00

15.2%

1.25

0.56

0.64

0.76

0.91

177285.72

1.0%

LOTTE CHEMICAL CORP COWAY CO LTD

5.46

NCSOFT CORPORATION

3.67

GS HOLDINGS

0.86

4.79

4.10

3.46

2.97

0.42

17.92

8.94 2.05

1.91

7.71

11.37

9.64

9.54

8.57

15.29

7.76

10.72

9.65

8.83

7.98

15.24

7.69

1.57

8.97

1.45

1.30

1.15

0.96

1.25

1.38

1.32

1.22

0.94

8.25

8.31

7.74

7.10

5.59

6.53

6.21

5.80

9.77

12.08

10.68

9.99

SAMSUNG ENGINEERING CO LTD SAMSUNG SECURITIES CO LTD

0.96

0.91

0.84

4.39

4.32

3.73

3.25

14.15

21.31

SK C&C CO LTD

KOREA ZINC CO LTD

9.20

83.76

OCI CO LTD

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

18.82

18.27

14.19

9.92

6.95

0.74

Valuation Measures II/II Price to Book Ratio

Price to Sales Ratio

Price to Cash Flow Ratio

Enterprise Value to EBITDA Ratio

Price to Earnings Ratio

Estimated Dividend Yield

Target

2013

2014

2015

2016

2017

2013

2014

2015

2016

2017

2013

2014

2015

2016

2017

2013

2014

2015

2016

2017

2013

2014

2015

2016

2017

2013

2014

2015

2016

2017

2013

%D to Spot

S&P 500 INDEX

2.38

2.21

2.03

2.38

1.52

1.45

1.39

1.52

10.59

9.57

8.75

10.59

9.47

8.73

8.18

9.47

15.38

13.86

12.53

15.38

2.07

2.25

2.40

2.07

1850.6

9.2%

Euro Stoxx 50 Pr

1.32

1.25

1.18

1.32

0.85

0.82

0.80

0.85

6.58

6.05

5.47

6.59

7.60

7.20

6.82

7.60

13.07

11.69

10.51

13.07

3.90

4.10

4.45

3.90

3026.5

3.5%

NIKKEI 225

1.56

1.46

1.37

1.56

0.75

0.72

0.70

0.75

9.20

8.49

7.30

9.20

9.07

8.30

7.80

9.07

18.36

16.37

14.74

18.36

1.59

1.74

1.88

1.59

15220.8

4.1%

FTSE 100 INDEX

1.81

1.69

1.39

1.81

1.05

1.02

0.99

1.05

8.83

7.96

7.27

8.83

7.67

7.03

6.62

7.67

13.02

11.84

10.86

13.02

3.72

3.73

4.15

4.42

3.72

7099.2

8.5%

SWISS MARKET INDEX

2.50

2.32

2.17

2.50

2.11

2.02

1.93

2.11

13.16

11.85

10.58

13.16

13.32

12.34

11.52

13.32

15.60

14.12

12.83

15.60

3.17

3.53

3.99

3.17

8666.5

7.5%

S&P/TSX COMPOSITE INDEX

1.76

1.64

1.52

1.76

1.69

1.55

1.51

1.69

8.92

8.05

6.79

8.92

8.95

7.95

7.36

8.95

15.56

13.71

12.44

15.56

3.11

3.23

3.35

3.11

14299.7

11.1%

S&P/ASX 200 INDEX

1.96

1.86

1.77

1.96

1.85

1.73

1.66

1.85

11.18

10.24

9.58

11.18

9.43

8.59

8.03

9.43

15.44

14.00

13.00

15.44

4.45

4.75

5.09

4.45

5383.9

2.0%

HANG SENG INDEX

1.38

1.28

1.19

1.38

1.79

1.66

1.54

1.79

8.16

7.71

7.19

8.16

9.08

8.31

7.66

9.08

11.12

10.33

9.38

11.12

3.49

3.74

4.08

3.49

25126.2

8.3%

MSCI EM

1.49

1.36

1.24

1.49

1.03

0.96

0.90

1.03

7.47

6.80

6.26

7.47

7.74

7.03

6.52

7.74

11.44

10.24

9.41

11.44

2.75

3.01

3.29

2.75

1124.6

11.3%

DAELIM INDUSTRIAL CO LTD

0.78

0.68

0.63

0.58

0.38

0.35

0.34

0.26

4.43

7.33

7.15

6.44

5.95

0.30

0.51

0.58

0.63

0.61

108664.00

11.2%

HYUNDAI DEPT STORE CO

1.32

11.17

7.25

0.43

0.41

0.42

0.46

188478.27

17.8%

HYUNDAI WIA CORP

2.39

0.35

0.36

0.39

0.40

0.29

198070.38

15.5%

1.78

1.79

1.78

491250.00

9.0%

3.91

3.08

3.46

3.75

4.96

13256.52

9.6%

0.93

0.86

0.96

1.05

1.41

84400.00

35.0%

0.74

0.84

0.93

0.91

0.84

245820.00

19.3%

0.72

0.23

0.15

0.25

0.48

28916.67

16.6%

1.60

1.58

1.62

1.64

1.59

55118.75

16.9%

0.72

0.67

0.69

0.73

0.76

345769.22

23.3%

1.11

1.99

2.60

2.94

3.28

14692.86

23.5%

0.00

0.67

0.89

2.66

14337.55

-22.1% -2.9%

1.95

1.61

1.35

0.59

0.56

0.51

9.07

7.82

7.15

6.49

7.50

6.92 11.09

6.44

5.90

5.38

10.91

9.24 10.19

9.21

8.03

KCC CORP INDUSTRIAL BANK OF KOREA

0.56

0.53

0.50

1.34

5.77

7.94

7.38

6.90

SAMSUNG TECHWIN CO LTD HYUNDAI GLOVIS CO LTD

4.32

3.61

3.09

2.58

2.09

0.82

0.70

0.64

0.57

0.55

18.00

20.03

15.00

11.64

9.98

16.15

14.88

12.60

10.71

9.85

17.00

16.31

14.07

12.96

12.24

CHEIL WORLDWIDE INC DOOSAN HEAVY INDUSTRIES

1.14

6.61

9.52

CJ CHEILJEDANG CORP LG UPLUS CORP

1.32

1.03

0.90

0.45

0.44

0.42

0.36

0.43

2.89

2.85

2.72

4.64

4.17

3.88

13.68

9.80

8.43

HYUNDAI MERCHANT MARINE

3.19

31.61

HYUNDAI HYSCO

2.13

1.88

1.63

1.39

0.53

0.48

0.46

7.67

8.72

7.00

5.75

6.83

7.60

6.63

6.43

13.17

14.35

11.80

10.82

0.51

0.52

0.55

0.52

46794.12

DAEWOO ENGINEERING & CONSTR

1.03

1.00

0.96

0.87

0.86

0.45

0.41

0.37

0.34

8.90

7.99

8.09

7.09

3.77

11.10

12.30

10.78

9.51

15.37

15.97

10.89

10.48

1.10

0.55

0.68

0.81

3.36

8775.00

-1.7%

YUHAN CORPORATION

1.88

1.74

1.62

1.50

1.34

2.82

2.35

2.12

1.93

34.89

24.43

20.95

18.26

14.25

38.24

25.76

21.12

17.99

30.49

22.79

19.42

17.10

0.59

0.63

0.65

0.69

0.64

233500.00

19.7%

1.63

1.81

1.96

2.03

1.74

105000.00

4.0%

0.79

0.82

0.80

0.77

24.98

19.15

17.70

1.56

1.30

1.82

1.96

1.89

10722.22

6.7%

1.48

2.12

2.57

2.77

2.50

75438.56

30.5%

1.58

1.88

2.24

2.07

50571.43

22.9%

0.38

0.43

0.44

0.43

253900.00

10.4%

1.34

1.40

1.44

1.46

1.30

43333.33

16.5%

0.00

0.04

0.15

15506.67

-4.6%

1.42

1.43

1.46

1.47

1.40

92200.00

29.3%

1.18

0.81

0.86

0.87

1.00

152789.47

-4.5%

2.09

1.26

1.50

1.70

1.53

18753.33

-9.2%

2.03

2.06

2.20

2.25

2.18

72166.66

12.6%

37.33

0.69

0.76

0.65

1.08

38382.87

0.6%

8.13

2.53

0.86

1.27

1.37

1.46

24158.82

0.9%

0.57

0.59

0.62

149500.00

28.3%

22.65

1.85

2.10

2.26

2.42

2.58

38444.45

-5.1%

15.53

0.53

0.86

1.03

1.19

0.79

47320.00

24.9%

2.53

1.85

2.03

2.08

46153.85

15.7%

2.61

1.14

1.03

1.18

1.61

33666.67

-13.1%

1.59

1.66

1.77

1.84

1.61

94777.78

22.1%

1.88

1.61

1.96

2.28

1.48

13625.00

15.0%

0.24

0.25

0.24

0.25

0.27

2033333.38

20.1%

1.28

1.57

1.74

1.89

1.92

83000.00

25.9%

0.52

0.59

453000.00

17.8%

1.99

2.38

2.48

2.56

2.47

176136.28

21.1%

0.18

0.22

0.23

0.24

0.28

1988666.63

20.7%

2.30

2.14

2.26

8112.50

22.4%

1.59

1.91

2.47

2.72

2.35

43666.67

20.6%

0.12

0.09

0.30

0.36

0.43

122545.45

25.2%

1.52

43944.45

33.6%

99168.00

12.1%

1.80

15.59

KUMHO PETRO CHEMICAL CO LTD DAEWOO SECURITIES CO LTD

16.36 4.37

KOREA GAS CORPORATION

22.32 0.14

KOREA INVESTMENT HOLDINGS CO SHINSEGAE CO LTD

13.31

3.46 1.07

0.91

0.85

0.87

0.83

HANWHA CORPORATION

8.92

1.48

1.13

1.06

0.49

0.54

0.50

1.04

1.17

7.94

6.66

6.13

5.18

5.15

12.85

10.02

9.13

8.76

9.65

DOOSAN INFRACORE CO LTD

13.86

13.97

12.14

12.12

11.01

9.64

7.11

HYOSUNG CORPORATION HYUNDAI MIPO DOCKYARD

0.98

0.91

0.88

HANWHA CHEMICAL CORP S-1 CORPORATION

3.34

KOREAN AIR LINES CO LTD

0.72

0.96

0.97

0.95

HYUNDAI DEVELOPMENT CO-ENGIN

0.69

0.73

0.69

0.64

0.74

0.83

0.80

0.81

0.80

0.72

15.66

13.39

22.50

59.44

22.91

23.02

23.16 10.95

0.59

13.98

0.18

0.19

0.18

0.17

0.76

0.52

0.46

0.40

0.44

8.85

1.18

1.55

1.09

0.98

3.86

18.26

6.54

9.44

5.85

7.93

9.01

7.21

6.46

22.42

16.59

19.83

11.20

9.32

18.77

27.18

9.93

CJ CORP HALLA VISTEON CLIMATE CONTRO

3.31

1.98

27.03

21.56

DAEWOO INTERNATIONAL CORP SAMSUNG CARD CO

0.77

GS ENGINEERING & CONSTRUCT

0.49

0.75

0.70

0.65

1.33

1.83

1.71

1.61

5.73

0.23

2.65

7.36

15.21

12.03

11.09

6.14

LS CORP WOORI INVESTMENT & SECURITIE

0.74

0.72

0.70

0.69

3.26

3.21

3.12

2.85

LOTTE CONFECTIONERY CO LTD

1.55

1.47

1.39

1.31

LS INDUSTRIAL SYSTEMS

1.14

20.31

19.34

17.89

14.81

AMOREPACIFIC GROUP DOOSAN CORP LOTTE CHILSUNG BEVERAGE CO

1.00

1.36

1.43

0.99

0.93

8.27

6.94

0.88

SK NETWORKS CO LTD MIRAE ASSET SECURITIES CO LT

0.71

0.66

0.61

0.56

3.19

CJ KOREA EXPRESS CORP

2.88

2.60

2.32

12.13

0.88

LG INTERNATIONAL CORP

0.81

0.74

0.66

LG INNOTEK CO LTD

1.35

1.23

1.09

NONGSHIM CO LTD

1.07

1.08

1.01

0.95

SAMSUNG FINE CHEMICALS CO

1.13

1.10

1.06

0.99

HYUNDAI SECURITIES CO

0.52

0.51

0.50

0.49

DONGKUK STEEL MILL CO LTD

0.35

0.38

0.39

0.38

KEPCO ENGINEERING & CONSTRUC

6.15

5.75

4.79

3.94

0.89

3.35

8.30

6.90

5.27

22.43

0.27

0.23

0.21

0.79

0.82

0.79

0.76

0.89

0.86

0.63

0.59

0.82

0.58

0.53

0.18

0.24

0.22

3.62

2.94

2.32

2.00

0.78

1.78

16.49

5.80

4.87

5.28

5.21

4.02

5.97

5.96

4.39

1.51

1.52

1.56

1.52

4.71

3.16

3.15

5.43

4.72

4.23

33.61

12.63

8.68

0.13

0.12

0.29

0.37

15.28

8.58

8.25

8.08

7.05

6.76

6.21

5.98

14.96

12.76

11.94

1.55

1.57

1.58

1.60

1.65

300000.00

16.3%

8.80

9.70

6.53

5.17

10.35

13.69

7.45

5.68

16.28

32.64

13.35

11.58

1.35

1.38

1.45

1.53

1.30

62000.00

24.0%

98.16

16.62

18.30

1.03

1.10

1.76

1.86

1.69

7750.00

13.6%

3.98

3.23

3.14

2.98

4.01

11825.00

-24.2%

3.25

3.01

3.59

4.37

6.10

92066.66

30.6%

4.48

3.27

5.05

3.53

17.03

15.71

12.19

10.42

7.52

7.83

15.76

12.31

9.07

6.85

13.61

13.88

10.08

8.58

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

5.89

12.11

15.24 7.01

20.60

20.39

15.26

11.72

8.97

FUNDAMENTAL SCORING Pitroski F Score Positive Quality Price to Positive Operati Increasi of Currency Book Net ng Cash ng ROA Earning Ratio Income Flow s

Altman Z Score

Long Shares Inc. Term Inc. Current Out Asset Pitroski Debt Gross ratio Same Turnov F Score vs. Margin or Dec. er Assets

Tangiable Assets

Working Captial

Retained Earnings

Trailing 12M Operating Inc (Loss)

Market Cap

Total Liabilities

Ratio Analysis Net Sales (T12M)

Total Shareholder s Equity

Altman Z Score

Altman Z Score Bankruptcy flag

GROWTH & VALUE CHECKLIST

Price to Price To Price to Price to Div Price to Price to Cash Dividen PE < 40 Sales < Book < Cash Yield > Sales Book Flow < d Yield 10 10 Flow 7% 10

Final Score

PEG < 0.75

EPS Relative PE < 20 Growth > Strength 15% >0

ROCE > 12%

Market Market < Cap > 1000m 20m

FINAL SCORE

SAMSUNG ELECTRONICS CO LTD

KRW

1.9

130799107 19182008 100586462 18510436 199150502 27376186 141206377 105887869

6.27

1.00

13.2

0.5256

HYUNDAI MOTOR CO

KRW

1.2

51909710

8500895

32209329

4297228

45725445

16926273

43162401

37019656

3.79

1.00

11.3

0.8696

POSCO

KRW

0.7

52026596

8065958

37454452

2789597

26958311

13155888

35664933

39164547

3.17

1.00

10.8

1.7192

HYUNDAI MOBIS CO LTD

KRW

2.1

17511069

4350187

11638219

2312302

27514727

4827517

16865694

13412627

6.05

1.00

12.2

0.6597

SHINHAN FINANCIAL GROUP LTD

KRW

0.9

27205812

17021868

587624

18422654

7546003

992378

19666921

37.6

1.8018

KIA MOTORS CORPORATION

KRW

1.5

23049525

280130

11014806

1645332

22881666

9547124

28007913

14932983

3.57

1.00

10.7

1.1504

SK HYNIX INC

KRW

1.8

17489796

455228

3892361

-616285

17965363

8243841

10001783

9959643

2.88

1.00

NAVER CORP

KRW

5.0

2597070

794533

1960852

684887

9881550

656535

1511391

1984916

11.91

1.00

18.6

0.2714

LG CHEM LTD

KRW

2.1

14561427

2894784

8919439

1726960

21750732

4584153

20442790

10200634

4.81

1.00

16.9

1.2121

KB FINANCIAL GROUP INC

KRW

0.8

18380906

3925987

645191

14642729

305686

693943

18084342

22.7

1.5831

HYUNDAI HEAVY INDUSTRIES

KRW

1.0

30264129

971218

13787248

1284650

14831802

15447947

25055014

15189935

2.22

1.00

13.4

1.0331

SK TELECOM

KRW

0.9

18755394

-1753387

9416522

1675388

10628487

9872454

12332719

12377048

2.19

1.00

8.6

6.1639

HANA FINANCIAL GROUP

KRW

0.7

16174987

4961213

-181092

8363733

3542252

27778

12637902

301

1.2968

SK INNOVATION CO LTD

KRW

1.2

14056358

1412412

12776604

1217522

15998325

2058561

2349805

13245173

6.51

1.00

17.0

1.8391

SAMSUNG LIFE INSURANCE CO LT

KRW

1.0

185312068

21235437

918471

20280814 164139679 29042420

21335437

21.7

1.4354

KOREA ELECTRIC POWER CORP

KRW

0.5

96159627

-7128390

37217502

-2692852

18971388

54963618

49334873

41271080

1.08

0.00

133

SAMSUNG FIRE & MARINE INS

KRW

1.0

45485774

8296370

944848

9239357

36733051

14004636

8916273

12.5

1.7202

KT&G CORP

KRW

2.1

5897983

1926062

3456324

972680

10172623

1014606

2637612

4903315

6.42

1.00

13.2

3.9604

SAMSUNG C&T CORP

KRW

0.8

23003717

834054

10662297

413920

9211703

11712090

17241095

11466629

1.97

1.00

22.2

0.7987

KT CORP

KRW

0.7

24386623

-1248557

8866438

1074656

8652145

14637581

18863237

11871195

1.72

1.00

12.0

5.6338

SAMSUNG HEAVY INDUSTRIES

KRW

1.5

16288520

1403776

3650050

1149970

7809835

11093159

14423916

5228175

1.96

1.00

11.3

1.297

LG ELECTRONICS INC

KRW

1.2

22870174

-810291

6018533

42773

11988310

13809221

25427205

10022955

1.92

1.00

0.2717

SAMSUNG SDI CO LTD

KRW

0.8

10627436

193720

6464675

58155

6547736

2855264

4907778

7901167

2.44

1.00

2.6

0.9934

LG CORP

KRW

1.5

7693518

106393

5630999

468300

11244610

294967

616563

7408624

23.74

1.00

28.1

1.5337

LG DISPLAY CO LTD

KRW

1.1

23312925

-700690

7872041

626478

11110177

14140468

28672355

9661120

2.52

1.00

388.1

S-OIL CORPORATION

KRW

2.2

12449160

2305221

3748978

781764

11708610

7120050

34723291

5371991

4.63

1.00

20.9

2.5481

SK HOLDINGS CO LTD

KRW

0.9

11470763

-738881

4996105

550983

7245484

3467972

733204

8028641

2.01

1.00

19.3

1.3966

SAMSUNG ELECTRO-MECHANICS CO

KRW

2.0

5450664

748797

2408742

373390

7407660

1741770

5469200

3757050

3.99

1.00

15.4

1.0081

E-MART CO LTD

KRW

1.1

11308845

-2025225

1602577

775931

6631675

5407564

10939021

5935490

21.6

0.6303

LG HOUSEHOLD & HEALTH CARE

KRW

10.4

1941453

-262276

795186

259745

9631481

1037677

2144640

938569

5.13

1.00

53.0

0.5708

DAEWOO SHIPBUILDING & MARINE

KRW

1.1

14121571

-968729

3563907

451613

5159773

9657611

12565402

4525861

1.59

1.00

37.4

0.9208

HYUNDAI STEEL CO

KRW

0.8

22734787

-633014

9372341

870769

7400266

13076421

14128666

9798913

1.63

1.00

9.4

0.5695

WOORI FINANCE HOLDINGS CO

KRW

0.7

18446570

10432574

397980

9510957

3874928

636612

14571676

25.7

2.1186

HYUNDAI ENGINEERING & CONST

KRW

1.7

11028930

2618409

3138240

415634

7794904

6539000

10433442

4516185

2.47

1.00

22.5

0.7143

CHEIL INDUSTRIES INC

KRW

1.5

4800535

818321

2504520

329250

4766695

2016945

5741248

3237003

3.78

1.00

19.8

0.7962

KANGWON LAND INC

KRW

2.6

2915322

600582

2146844

416789

6245416

532225

1292896

2383161

10.78

1.00

20.0

2.5812

LOTTE SHOPPING CO

KRW

0.8

23686876

-2048303

10440431

1137562

10949352

10611826

16121838

14190765

1.97

1.00

10.8

0.3979

ORION CORP

KRW

8.1

1302696

-15481

621643

61949

5778165

600311

820657

716708

6.35

1.00

990.1

117

0.273

HANWHA LIFE INSURANCE CO LTD

KRW

0.8

77358677

2171485

479773

5754480

70440047

13787175

6999416

12.3

2.1962

LOTTE CHEMICAL CORP

KRW

1.4

9485048

1157129

5930068

398618

8414615

3375791

9095887

6124358

3.61

1.00

22.8

0.4073

COWAY CO LTD

KRW

4.0

1543991

-28303

631488

227812

3249039

898778

1806833

802729

4.38

1.00

27.0

NCSOFT CORPORATION

KRW

2.9

1170822

406633

799934

101009

2999207

161691

475302

1038823

13.19

1.00

43.6

0.3987

GS HOLDINGS

KRW

1.5

5337245

-231482

2852097

129806

6688476

723700

168342

4619198

6.35

1.00

70.6

1.875

SK C&C CO LTD

KRW

4.8

3273745

-130119

958303

181059

4686500

2380347

1528628

968303

2.19

1.00

37.8

1.2136

AMOREPACIFIC CORP

KRW

3.0

2807454

353635

1597852

373785

7092863

520719

2510394

2345062

7.72

1.00

30.4

0.5354

BS FINANCIAL GROUP INC

KRW

0.9

3402167

1773668

80372

2552615

663055

115746

2740568

31.7

2.5

KOREA ZINC CO LTD

KRW

1.9

4476329

1711990

3685903

765098

7158067

651962

4926649

3834853

9.86

1.00

12.0

1.2346

SAMSUNG ENGINEERING CO LTD

KRW

3.6

4578400

632916

1462641

722483

6117056

2897200

8867692

1719265

2.77

1.00

11.8

1.8127

SAMSUNG SECURITIES CO LTD

KRW

1.2

18272299

1415970

171855

4032805

15065795

1071564

3316687

32.1

1.1993

OCI CO LTD

KRW

1.2

5921120

1067003

2482219

-13727

3947071

2595460

2409028

3343999

2.11

1.00

75.2

247

0.2417

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

FUNDAMENTAL SCORING Pitroski F Score Positive Quality Price to Positive Operati Increasi of Currency Book Net ng Cash ng ROA Earning Ratio Income Flow s

Altman Z Score

Long Shares Inc. Term Inc. Current Out Asset Pitroski Debt Gross ratio Same Turnov F Score vs. Margin or Dec. er Assets

Tangiable Assets

Working Captial

Retained Earnings

Trailing 12M Operating Inc (Loss)

Market Cap

Total Liabilities

Ratio Analysis Net Sales (T12M)

Total Shareholder s Equity

Altman Z Score

Altman Z Score Bankruptcy flag

GROWTH & VALUE CHECKLIST

Price to Price To Price to Price to Div Price to Price to Cash Dividen PE < 40 Sales < Book < Cash Yield > Sales Book Flow < d Yield 10 10 Flow 7% 10

Final Score

PEG < 0.75

EPS Relative PE < 20 Growth > Strength 15% >0

ROCE > 12%

Market Market < Cap > 1000m 20m

FINAL SCORE

DAELIM INDUSTRIAL CO LTD

KRW

0.6

10131312

2527768

4203885

466383

3027600

5349095

9041850

4816773

2.26

1.00

6.9

0.5747

HYUNDAI DEPT STORE CO

KRW

1.5

3880105

52088

2263726

279221

3662595

1510388

1026101

2380739

2.79

1.00

16.4

0.4088

HYUNDAI WIA CORP

KRW

2.6

3747790

758602

1357232

468238

4451311

2151585

6253825

1722005

12.2

0.289

KCC CORP

KRW

0.6

6567615

58820

4812739

148250

2909690

1709003

2873047

4868991

2.57

1.00

7.2

2.6936

INDUSTRIAL BANK OF KOREA

KRW

0.5

190620391

9482469

1609859

6470117

177015104

9962526

13746964

7.0

3.3755

SAMSUNG TECHWIN CO LTD

KRW

2.2

2864062

307659

1011345

121494

3171248

1641229

2794855

1464175

2.78

1.00

30.8

0.8375

HYUNDAI GLOVIS CO LTD

KRW

4.7

3637000

619078

1761551

422902

8306250

1886693

9272885

1780301

6.46

1.00

20.5

0.6772

CHEIL WORLDWIDE INC

KRW

3.7

1094756

307550

481926

56950

2259522

502109

853638

618329

4.60

1.00

40.3

553

DOOSAN HEAVY INDUSTRIES

KRW

1.2

10088325

600894

2698322

554914

4024778

7260454

7856769

3289451

1.74

1.00

1.6593

CJ CHEILJEDANG CORP

KRW

1.7

6135369

-245052

1748692

246110

4522725

3663799

4671189

2712901

1.99

1.00

27.4

0.5063

LG UPLUS CORP

KRW

0.9

10184302

-980551

330352

125858

3405569

7329199

10904831

3740882

1.30

1.00

HYUNDAI MERCHANT MARINE

KRW

4.1

7863322

282114

-958405

-519778

3598262

7029206

7713825

879678

0.94

0.00

HYUNDAI HYSCO

KRW

2.1

4268880

-86443

1327495

343024

3613987

2564363

7074626

1741650

3.18

1.00

15.7

0.5501

DAEWOO ENGINEERING & CONSTR

KRW

1.2

9275394

2320379

769357

352494

4088313

5961930

8180270

3395670

1.84

1.00

25.6

YUHAN CORPORATION

KRW

1.6

1336461

453666

1000704

30405

1785281

191998

762793

1152868

7.68

1.00

26.1

0.7225

KUMHO PETRO CHEMICAL CO LTD

KRW

2.6

3470057

237

820830

214784

3246209

2224632

4872725

1264491

2.82

1.00

36.1

1.5326

DAEWOO SECURITIES CO LTD

KRW

1.0

24962728

2315469

122203

3773395

21021197

1343757

4020040

39.2

1.039

KOREA GAS CORPORATION

KRW

0.7

39096629

1200209

6909949

1196603

5452917

31390455

34516666

7966012

1.37

1.00

10.8

2.1838

KOREA INVESTMENT HOLDINGS CO

KRW

0.9

3559921

1787468

133493

2418061

981360

187958

2580008

20.5

1.3086

SHINSEGAE CO LTD

KRW

1.0

5182794

-1035832

1980594

182884

2149257

3105270

1521213

2106075

1.12

1.00

15.6

0.4577

HANWHA CORPORATION

KRW

0.9

5855844

-377506

2226951

112743

2378885

3343315

5242016

2604142

1.84

1.00

34.3

1.3158

DOOSAN INFRACORE CO LTD

KRW

1.3

6443792

-501098

1290629

53692

2867187

4620963

4243619

2143020

0.90

0.00

HYOSUNG CORPORATION

KRW

0.8

8251942

-802149

2750675

185450

2448569

5227705

9284877

3057089

1.83

1.00

12.7

1.3587

HYUNDAI MIPO DOCKYARD

KRW

0.8

5026361

86876

3014654

109956

2487981

1838036

4003285

3194430

2.54

1.00

22.4

1.1811

HANWHA CHEMICAL CORP

KRW

0.7

6685145

-340371

2576153

141181

2574202

3230513

3559004

3513038

1.56

1.00

21.5

1.3624

S-1 CORPORATION

KRW

3.2

957260

311766

531495

112564

2362357

244145

1006608

743408

8.41

1.00

25.6

1.7883

KOREAN AIR LINES CO LTD

KRW

1.3

20378592

-3099353

1815838

271621

3059304

18304368

12263867

2373669

0.69

0.00

11.8

HYUNDAI DEVELOPMENT CO-ENGIN

KRW

0.6

5640614

2075993

1979697

66422

1593097

3134799

2207251

2514166

1.67

1.00

162.8

0.9238

CJ CORP

KRW

1.2

3011122

125038

1435644

66590

3086163

453822

107952

2570270

5.59

1.00

33.5

0.5485

HALLA VISTEON CLIMATE CONTRO

KRW

2.1

1652391

294996

1105209

91430

2530212

453145

2172795

1206649

6.00

1.00

17.1

3.0211

DAEWOO INTERNATIONAL CORP

KRW

2.1

5736716

473233

1220371

140992

4515195

4866243

17011373

2122897

4.00

1.00

14.1

0.7566

SAMSUNG CARD CO

KRW

0.7

16173947

3422386

988878

4212125

10312300

3682106

5975476

5.9

1.9178

GS ENGINEERING & CONSTRUCT

KRW

0.7

10164977

2370134

3476028

133216

2839829

6365882

8530989

3850487

1.91

1.00

23.8

0.4363

LS CORP

KRW

1.5

1823488

-79996

1387198

75528

2618435

130786

104376

1697531

13.22

1.00

37.9

1.3256

WOORI INVESTMENT & SECURITIE

KRW

0.7

26529979

1198102

114052

2341233

23084650

1047078

3478300

31.4

0.8511

LOTTE CONFECTIONERY CO LTD

KRW

0.8

3846906

286618

2775451

131005

2294062

1068454

1524226

2783908

2.90

1.00

22.3

0.2454

LS INDUSTRIAL SYSTEMS

KRW

2.4

1749440

373304

665948

151189

1967710

1069913

1651122

815948

3.12

1.00

18.3

1.4903

AMOREPACIFIC GROUP

KRW

2.2

1632016

319499

865280

26033

3472375

49200

37521

1582827

43.40

1.00

97.2

122

0.4813

DOOSAN CORP

KRW

1.1

2964703

128907

1579260

143652

2122722

1171728

1841081

1918355

2.67

1.00

34.5

2.7132

LOTTE CHILSUNG BEVERAGE CO

KRW

0.8

3359859

141078

2265157

154206

1874363

1397686

2015765

2276167

2.55

1.00

23.4

0.231

SK NETWORKS CO LTD

KRW

0.7

9748683

-767256

2269364

291444

2097186

6815472

25511199

3007071

3.13

1.00

1.7751

MIRAE ASSET SECURITIES CO LT

KRW

0.8

16462823

1109618

189051

1785853

14333388

854353

2161605

12.9

2.3095

CJ KOREA EXPRESS CORP

KRW

0.8

2931219

134351

-18449

102831

1747587

679337

2492867

2291051

2.56

1.00

24.3

LG INTERNATIONAL CORP

KRW

1.3

2881685

369664

1222309

158706

1869175

1724884

5945490

1463215

3.64

1.00

5.5

1.0341

LG INNOTEK CO LTD

KRW

1.3

4527154

88231

312258

-315

1659843

3430042

5071753

1238277

1.79

1.00

NONGSHIM CO LTD

KRW

1.1

2058298

229422

1286880

101573

1569983

634405

1958918

1441014

3.61

1.00

7541.7

1.4733

SAMSUNG FINE CHEMICALS CO

KRW

1.3

1573604

278734

1029356

58255

1553588

455010

1430857

1158356

2.74

1.00

19.1

1.0656

HYUNDAI SECURITIES CO

KRW

0.4

18554051

833675

34861

1235470

15542507

781052

3080009

0.6203

DONGKUK STEEL MILL CO LTD

KRW

0.4

7062647

398780

2103053

-115006

1036206

4528651

4969375

2607337

1.27

1.00

3.6496

KEPCO ENGINEERING & CONSTRUC

KRW

6.3

820091

243135

418325

153128

2679222

435913

785586

425969

6.33

1.00

19.9

2.7561

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

27.09.2013

Samsung Electronics Co Ltd Samsung Electronics Co., Ltd. manufactures a wide range of consumer and industrial electronic equipment and products such as semiconductors, personal computers, peripherals, monitors, televisions, and home appliances including air conditioners and microwave ovens. The Company also produces Internet access network systems and telecommunications equipment including mobile phones.

Price/Volume 1800000

12/2012 06/yy 1'584'000.00 1'209'000.00 232'265.00 1366000 -13.76% 12.99% 43.47% 147.3 201'210'896.00 3'111'874.00 119'467.0 0.0 16'911'345.00 182'226'166.34

EBITDA EBIT Operating Margin Pretax Margin Return on Assets Return on Common Equity Return on Capital Asset Turnover Margin Analysis Gross Margin EBITDA Margin EBIT Margin Net Income Margin Structure Current Ratio Quick Ratio Debt to Assets Tot Debt to Common Equity Accounts Receivable Turnover Inventory Turnover

1200000

.8 M

1000000 800000

.6 M

600000

.4 M

400000

.2 M

200000 0 s-12 o-12

n-12 d-12

j-13

f-13 m-13 a-13 m-13

j-13

.0 M s-13

a-13

Market Data Dividend Yield Beta Equity Float Short Int 1 Yr Total Return YTD Return Adjusted BETA Analyst Recs Consensus Rating Average Daily Trading Volume Average Volume 5 Day - Average Volume 30 Day - Average Volume 3 Month

Fiscal Year Ended Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

1.0 M

1400000

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (03.01.2013) 52-Week Low (08.07.2013) Daily Volume Current Price (9/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 30.06.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance 005930 KS EQUITY YTD Change 005930 KS EQUITY YTD % CHANGE

31.12.2008 72'952'991.0 0.70x 11'753'254.0 4.32x 5'525'904.0 11.97x

1.2 M

1600000

LTM-4Q

31.12.2009 31.12.2010 31.12.2011 31.12.2012 89'772'834.0 112'249'475.0 120'815'977.0 141'206'377.0 1.05x 1.02x 1.06x 1.31x 14'207'387.0 20'345'636.0 18'987'465.0 27'701'730.0 6.61x 5.60x 6.75x 6.70x 6'208'140.0 13'236'461.0 10'029'152.0 17'398'530.0 18.96x 10.69x 15.82x 13.17x Profitability 27'701'730.00 18'510'436.00 13.11% 14.69% 14.37% 16.93% 17.76% 1.14% 29.6% 20.3% 14.2% 12.3% 1.77 1.38 2.34% 2.94% 7.88 17.71

Price/ Cash Flow

LTM

06/yy 06/yy ######### ######### 4.11x 4.54x ######### ######### 6.88x 5.08x ######### ######### 14.07x 10.58x

1.18 108.78 0.00 2.64% -10.22% 1.184 52 4.750 312'937 268'389 282'864

FY+1

FY+2

FQ+1

FQ+2

12/13 Y

12/14 Y

09/13 Q3

12/13 Q4

S&P Issuer Ratings

Long-Term Rating Date Long-Term Rating Long-Term Outlook Short-Term Rating Date Short-Term Rating Credit Ratios EBITDA/Interest Exp. (EBITDA-Capex)/Interest Exp. Net Debt/EBITDA Total Debt/EBITDA Reference Total Debt/Equity Total Debt/Capital Asset Turnover Net Fixed Asset Turnover Accounts receivable turnover-days Inventory Days Accounts Payable Turnover Day Cash Conversion Cycle

08.08.2013 A+ STABLE 25.01.2006 A-1 205.30 100.84 -0.62 0.08 2.9% 2.9% 1.14 3.87 46.31 20.60 23.12 38.44

Sales/Revenue/Turnover

12.00

160'000'000.0 140'000'000.0

10.00

120'000'000.0 8.00

100'000'000.0 80'000'000.0

6.00

60'000'000.0

4.00

40'000'000.0 2.00 0.00 02.01.2010

20'000'000.0 0.0 02.07.2010

02.01.2011

02.07.2011

02.01.2012

02.07.2012

02.01.2013

02.07.2013

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

27.09.2013

Samsung Electronics Co Ltd Holdings By:

All

Holder Name SAMSUNG ELECTRONICS SAMSUNG LIFE INSURAN NATIONAL PENSION SER SAMSUNG C&T CORP KUN HEE LEE KOREA INVESTMENT TRU CAPITAL GROUP COMPAN BLACKROCK VANGUARD GROUP INC SAMSUNG INVESTMENT T NORGES BANK FIL LIMITED FRANKLIN RESOURCES MIRAE ASSET GLOBAL I FMR LLC JP MORGAN T ROWE PRICE ASSOCIA SCHRODER INVESTMENT KB ASSET MANAGEMENT MAPS INVESTMENT MANA

Firm Name

Portfolio Name n/a n/a n/a n/a n/a n/a n/a n/a n/a Multiple Portfolios Multiple Portfolios n/a n/a Multiple Portfolios n/a n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios

Analyst

HMC Investment Securities Co Ltd GREG GEUN-CHANG ROH Sanford C. Bernstein & Co MARK C NEWMAN KTB Securities JIN SUNG-HAE Korea Investment & Securities SEO WON-SEOK Hanwha Securities Co., Ltd AHN SEONG-HO Hana Daetoo Securities CHUN SUNG-HOON Barclays BAE SEUNG-CHUL IBK Securities Co Ltd SEUNG-WOO LEE Wedge Partners BRIAN BLAIR Samsung Securities MINSEONG HWANG BNP Paribas Equity Research PETER YU Daewoo Securities JAMES SONG Eugene Investment & Securities Co., LtdLEE JEONG Credit Suisse KEON HAN HSBC RICKY JUIL SEO Leading Investment & Securities SANG-WOO OH KIWOOM Securities Co Ltd KIM SUNG-IN HI Investment Securities SONG MYUNG-SUP Deutsche Bank SEUNGHOON HAN Hyundai Securities YOUNG PARK Woori Investment & Securities YOUNG PARK Macquarie DANIEL KIM Kyobo Securities CHOI DO-YEON Nomura CHANG-WON CHUNG Tong Yang Investment Bank HYUN PARK UBS NICOLAS GAUDOIS Berenberg Bank ADNAAN AHMAD Shinyoung Securities Co., Ltd. LIM DORI Shinhan Investment Corp KIM YOUNG-CHAN E*Trade Securities Korea JI-WOONG KIM Susquehanna Financial Group MEHDI HOSSEINI Dongbu Securities Co Ltd KWON SUNG-RYUL Jefferies SUNDEEP BAJIKAR Daiwa Securities Co. Ltd. JAE H LEE BMO Capital Markets TIMOTHY P LONG CIMB DO-HOON LEE Maybank Kim Eng WARREN LAU Mirae Asset Securities DOH HYUN-WOO KB Investment & Securities Co., Ltd BYUN HAN-JOON S&P Capital IQ APURVA PATEL Morgan Stanley SHAWN KIM NH Investment & Securities LEE SUN-TAE Goldman Sachs MICHAEL BANG

Source Co File EXCH Co File EXCH EXCH EXCH ULT-AGG ULT-AGG ULT-AGG MF-AGG MF-AGG ULT-AGG ULT-AGG MF-AGG ULT-AGG ULT-AGG MF-AGG MF-AGG MF-AGG MF-AGG

Recommendation buy outperform buy buy buy buy overweight buy no rating system buy buy buy buy outperform overweight buy buy buy buy buy buy outperform buy buy buy buy sell buy buy hold Positive buy buy buy outperform outperform buy buy buy strong buy Equalwt/Cautious buy buy/attractive

Amt Held 16'513'149 11'138'747 10'948'157 5'976'362 4'985'464 3'989'329 3'645'734 3'109'739 1'524'065 1'429'654 1'231'444 1'036'655 904'418 782'050 739'264 664'627 611'891 526'180 521'565 500'819

% Out 11.21 7.56 7.43 4.06 3.38 2.71 2.48 2.11 1.03 0.97 0.84 0.7 0.61 0.53 0.5 0.45 0.42 0.36 0.35 0.34

Weighting

Change

5 5 5 5 5 5 5 5 #N/A N/A 5 5 5 5 5 5 5 5 5 5 5 5 5 5 5 5 5 1 5 5 3 4 5 5 5 5 5 5 5 5 5 3 5 5

M M M M M M M M M M M M M M M M M M M M M M M M M M M M M M M M M M M M M M M M D M M

Latest Chg (399'465) 20'054 631'368 (241'473) 47'952 (62'967) (71'401) (68'780) (3'758) (151'678) (139'211) 90'116 (332'810) 9'158 32'350 (170'352)

Target Price 1'750'000 2'400'000 1'900'000 1'800'000 1'900'000 1'750'000 1'900'000 1'800'000 #N/A N/A 1'900'000 2'300'000 1'900'000 1'900'000 1'900'000 1'870'000 1'920'000 2'100'000 1'700'000 1'900'000 1'800'000 1'900'000 1'800'000 1'700'000 1'900'000 1'700'000 1'800'000 1'150'000 1'700'000 1'750'000 1'350'000 1'700'000 1'800'000 2'000'000 1'800'000 1'600'000 1'900'000 1'800'000 1'800'000 1'900'000 1'800'000 1'500'000 1'800'000 1'750'000

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt 30.09.2012 01.07.2013 30.06.2013 21.03.2013 21.03.2013 30.11.2012 31.07.2013 25.09.2013 30.06.2013 31.03.2013 31.12.2012 30.04.2013 31.08.2013 30.08.2013 31.07.2013 31.07.2013 30.06.2013 31.08.2013 31.03.2013 31.03.2013

Date 6 month 12 month 12 month 12 month 6 month 12 month Not Provided Not Provided Not Provided 12 month 12 month 12 month 12 month Not Provided Not Provided 12 month 6 month 6 month 12 month 12 month 12 month 12 month 6 month Not Provided 12 month 12 month Not Provided 12 month 12 month 12 month 12 month 12 month 12 month Not Provided Not Provided 12 month 12 month 12 month 12 month 12 month 12 month 6 month 12 month

Inst Type Corporation Insurance Company Government Corporation n/a Investment Advisor Investment Advisor Investment Advisor Unclassified Investment Advisor Government Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor

Date 27.09.2013 26.09.2013 26.09.2013 25.09.2013 25.09.2013 25.09.2013 25.09.2013 25.09.2013 25.09.2013 24.09.2013 24.09.2013 23.09.2013 23.09.2013 23.09.2013 23.09.2013 23.09.2013 23.09.2013 22.09.2013 17.09.2013 16.09.2013 16.09.2013 16.09.2013 16.09.2013 13.09.2013 12.09.2013 12.09.2013 11.09.2013 09.09.2013 09.09.2013 09.09.2013 08.09.2013 05.09.2013 03.09.2013 29.08.2013 28.08.2013 26.08.2013 22.08.2013 13.08.2013 08.08.2013 07.08.2013 29.07.2013 29.07.2013 26.07.2013

27.09.2013

Hyundai Motor Co Hyundai Motor Company manufactures, sells, and exports passenger cars, trucks, and commercial vehicles. The Company also sells various auto parts and operates auto repair service centers throughout South Korea. Hyundai Motor provides financial services through its subsidiaries.

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (27.09.2013) 52-Week Low (19.04.2013) Daily Volume Current Price (9/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 30.06.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance 005380 KS EQUITY YTD Change 005380 KS EQUITY YTD % CHANGE

Price/Volume

12/2012 06/yy 258'500.00 176'500.00 306'698.00 256500 -0.77% 45.33% 98.77% 220.3 56'500'916.00 3'015'534.00 331'011.0 0.0 13'131'318.00 43'796'921.86

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

3.0 M

250000

2.5 M

200000

2.0 M

150000

1.5 M

100000

1.0 M

50000

.5 M

0 s-12

31.12.2009 31.12.2010 31'859'327.0 36'761'115.0 0.64x 0.86x 3'649'386.0 4'833'935.0 5.60x 6.54x 2'961'509.0 3'476'238.0 11.11x 13.55x Profitability

LTM-4Q 31.12.2011 42'774'077.0 0.91x 6'242'388.0 6.21x 4'740'886.0 12.20x

n-12 d-12

j-13

f-13 m-13 a-13 m-13

j-13

a-13

LTM

FY+1

.0 M s-13

1.11 136.47 4.10% 17.39% 1.114 47 4.915 444'084 496'748 528'609 FY+2

FQ+1

FQ+2

31.12.2012 06/yy 06/yy 12/13 Y 12/14 Y 09/13 Q3 12/13 Q4 43'162'401.0 ######### ######### ######### ######### ######### ######### 0.83x 3.57x 3.60x 5'951'650.0 ######### ######### 6.04x 5.73x 6.62x 5'273'448.0 ######### ######### - ######### 11.26x 11.22x 12.21x S&P Issuer Ratings 5'951'650.00 Long-Term Rating Date 20.03.2012 4'297'228.00 Long-Term Rating BBB+ 9.96% Long-Term Outlook STABLE 14.78% Short-Term Rating Date 9.22% Short-Term Rating 11.20% Credit Ratios 12.78% EBITDA/Interest Exp. 29.36 0.77% (EBITDA-Capex)/Interest Exp. 21.18 Net Debt/EBITDA -2.50 24.0% Total Debt/EBITDA 0.46 12.5% Reference 8.5% Total Debt/Equity 8.2% 12.2% Total Debt/Capital 7.5% Asset Turnover 0.77 1.76 Net Fixed Asset Turnover 3.23 1.53 Accounts receivable turnover-days 33.01 5.59% Inventory Days 20.22 8.22% Accounts Payable Turnover Day 43.51 11.06 Cash Conversion Cycle 11.73 18.05

Price/ Cash Flow

Sales/Revenue/Turnover

10.00

50'000'000.0

9.00

45'000'000.0

8.00

40'000'000.0

7.00

35'000'000.0

6.00

30'000'000.0

5.00 4.00

25'000'000.0 20'000'000.0

3.00

15'000'000.0

2.00

10'000'000.0

1.00

5'000'000.0

0.00 02.01.2010

o-12

Fiscal Year Ended 31.12.2008 32'189'786.0 0.20x 3'221'449.0 2.05x 1'447'904.0 7.42x

300000

0.0 02.07.2010

02.01.2011

02.07.2011

02.01.2012

02.07.2012

02.01.2013

02.07.2013

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

27.09.2013

Hyundai Motor Co Holdings By:

All

Holder Name HYUNDAI MOBIS NATIONAL PENSION SER MONG-KOO CHUNG HYUNDAI MOTOR CO BLACKROCK CAPITAL GROUP COMPAN WADDELL & REED FINAN SCHRODER INVESTMENT VANGUARD GROUP INC FIL LIMITED JP MORGAN SAMSUNG INVESTMENT T T ROWE PRICE ASSOCIA NORGES BANK MIRAE ASSET GLOBAL I KOREA INVESTMENT TRU KB ASSET MANAGEMENT EASTSPRING INVESTMEN DIMENSIONAL FUND ADV DEUTSCHE BANK AG

Firm Name

Portfolio Name n/a n/a n/a n/a n/a n/a n/a Multiple Portfolios n/a n/a n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios n/a n/a

Analyst

KTB Securities NAM KYEONG MOON Nomura ANGELA HONG UBS CHANG YOUNG-WOO Dongbu Securities Co Ltd YIM EUN-YOUNG Korea Investment & Securities SUH SUNGMOON Eugene Investment & Securities Co., LtdMOON-SOO JANG Shinhan Investment Corp CHOI JUNGHYUK Woori Investment & Securities CHO SOO-HONG KB Investment & Securities Co., Ltd SHIN CHUNG-KWAN Hana Daetoo Securities SONG SUN-JAE E*Trade Securities Korea KANG SANG-MIN HMC Investment Securities Co Ltd LEE MYUNG-HOON Shinyoung Securities Co., Ltd. HYUNG-SIL LEE Kyobo Securities DONG-HA KIM LIG Investment Securities IN-WOO PARK CIMB KJ HWANG Credit Suisse HENRY KWON Deutsche Bank SANJEEV RANA NH Investment & Securities LEE SANG-HYUN Hyundai Securities CHAE HEE-GUEN Tong Yang Investment Bank AHN SANG JUN EVA Dimensions CRAIG STERLING Ji Asia STEPHEN USHER BNP Paribas Equity Research JAMES HIE SUK YOON Leading Investment & Securities JUNGWON JUNG Samsung Securities YOON PIL JOONG Barclays PAUL HWANG Macquarie MICHAEL SOHN Daewoo Securities YUN MICHAEL TAE-SIK SK Securities Co Ltd KIM YONG-SOO Hanwha Securities Co., Ltd KIM YEON-CHAN Mirae Asset Securities YOON-KI KIM Morgan Stanley PARK SANG-KYOO JPMorgan PARK WAN SUN HI Investment Securities KOH TAE-BONG Goldman Sachs SEUNG SHIN KIWOOM Securities Co Ltd LEE HYUN-SOO Daiwa Securities Co. Ltd. CHUNG SUNG-YOP Standard Chartered DAVID KIM HSBC PAUL CHOI Daishin Securities Co., Ltd. CHUNG TAEOH IBK Securities Co Ltd SAE-HWAN AHN Taurus Investment Securities Co Ltd YANG HEE-JOON

Source EXCH EXCH EXCH Co File ULT-AGG ULT-AGG ULT-AGG MF-AGG ULT-AGG ULT-AGG ULT-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG ULT-AGG ULT-AGG

Recommendation buy buy buy buy buy buy buy buy buy buy buy buy buy buy buy outperform outperform buy buy buy buy hold buy buy buy buy overweight outperform buy buy buy buy Overwt/Attractive overweight buy Buy/Neutral buy buy outperform neutral buy buy buy

Amt Held 45'782'023 15'406'112 11'408'874 11'006'710 4'409'187 4'356'884 4'307'240 2'514'638 2'410'529 2'356'118 2'143'135 1'760'509 1'599'844 1'438'321 1'176'193 954'136 851'144 842'340 764'438 744'300

% Out 20.78 6.99 5.18 5 2 1.98 1.96 1.14 1.09 1.07 0.97 0.8 0.73 0.65 0.53 0.43 0.39 0.38 0.35 0.34

Weighting

Change 5 5 5 5 5 5 5 5 5 5 5 5 5 5 5 5 5 5 5 5 5 3 5 5 5 5 5 5 5 5 5 5 5 5 5 5 5 5 5 3 5 5 5

M M M M M M M M M M M M M M M M M M M M M D M M M M U M M N M M M M M M M M U M M M M

Latest Chg 2'302'666 (7'848) (540'098) (675'100) 267'025 (1'064'039) (338'545) 116'199 (342'579) 142'421 (91'197) 142'050 46'060 83'434 9'700

Target Price 270'000 270'000 310'000 280'000 320'000 300'000 295'000 270'000 330'000 270'000 270'000 300'000 300'000 300'000 290'000 272'000 303'000 300'000 290'000 275'000 300'000 #N/A N/A 275'000 267'000 300'000 265'000 300'000 290'000 266'000 285'000 265'000 290'000 295'000 280'000 300'000 264'000 280'000 270'000 265'000 210'000 270'000 270'000 257'000

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt 19.04.2013 22.01.2013 19.04.2013 31.12.2012 25.09.2013 31.07.2013 30.06.2013 31.08.2013 30.06.2013 30.04.2013 31.07.2013 31.03.2013 30.06.2013 31.12.2012 30.08.2013 31.03.2013 31.03.2013 15.04.2013 31.07.2013 31.07.2013

Date 12 month Not Provided 12 month 12 month 12 month 12 month 12 month 12 month 12 month 12 month 12 month 6 month 12 month 6 month 12 month 12 month Not Provided 12 month 6 month Not Provided 12 month Not Provided 12 month 12 month 12 month 12 month Not Provided 12 month 12 month 6 month 6 month 12 month 12 month 3 month 6 month 12 month 6 month Not Provided 12 month Not Provided 12 month 12 month 6 month

Inst Type Corporation Government n/a Corporation Investment Advisor Investment Advisor Investment Advisor Investment Advisor Unclassified Investment Advisor Investment Advisor Investment Advisor Investment Advisor Government Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor

Date 27.09.2013 27.09.2013 25.09.2013 23.09.2013 23.09.2013 23.09.2013 23.09.2013 23.09.2013 23.09.2013 23.09.2013 23.09.2013 16.09.2013 16.09.2013 16.09.2013 16.09.2013 15.09.2013 13.09.2013 11.09.2013 03.09.2013 03.09.2013 03.09.2013 02.09.2013 21.08.2013 12.08.2013 12.08.2013 02.08.2013 02.08.2013 30.07.2013 26.07.2013 26.07.2013 26.07.2013 26.07.2013 25.07.2013 25.07.2013 25.07.2013 10.07.2013 09.07.2013 02.07.2013 21.06.2013 19.06.2013 26.04.2013 26.04.2013 07.01.2013

27.09.2013

POSCO POSCO manufactures various types of steel products. The Company produces hot rolled steel, cold rolled steel, stainless steel, and other forms of steel. The products are mainly used for automobile, construction, and shipbuilding industries.

Price/Volume

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (04.01.2013) 52-Week Low (24.06.2013) Daily Volume Current Price (9/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 30.06.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance 005490 KS EQUITY YTD Change 005490 KS EQUITY YTD % CHANGE

12/2012 06/yy 374'500.00 286'000.00 182'666.00 323500 -13.62% 13.11% 42.37% 87.2 28'204'942.00 9'611'108.00 0.0 0.0 2'668'637.88 34'541'686.08

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

4.0 M

350000

3.5 M

300000

3.0 M

250000

2.5 M

200000

2.0 M

150000

1.5 M

100000

1.0 M

50000

.5 M

0 s-12

o-12

n-12 d-12

j-13

f-13 m-13 a-13 m-13

j-13

a-13

Fiscal Year Ended 31.12.2008 30'642'410.0 1.00x 8'448'098.8 3.61x 4'446'933.0 6.45x

400000

31.12.2009 31.12.2010 26'953'944.9 32'582'037.0 1.74x 1.34x 5'207'546.3 7'503'502.7 9.02x 5.82x 3'172'263.5 3'784'361.1 14.93x 9.91x Profitability

LTM-4Q 31.12.2011 39'171'703.0 0.99x 6'103'603.2 6.36x 3'188'844.8 9.21x

LTM

FY+1

1.85 1.00 69.39 -9.85% -6.68% 0.995 46 4.478 247'837 305'603 222'392 FY+2

FQ+1

31.12.2012 06/yy 06/yy 12/13 Y 12/14 Y 09/13 Q3 35'664'933.0 ######### ######### ######### ######### ######### 0.95x 3.95x 4.07x 1.14x 1.08x 4.50x 4'670'790.1 ######### ######### ######### ######### 980'487.7 7.26x 6.94x 6.65x 7.74x 6.89x 7.39x 2'499'522.2 ######### ######### ######### ######### 497'524.6 10.79x 12.43x 11.41x 13.72x 10.91x 11.04x S&P Issuer Ratings 4'670'790.05 Long-Term Rating Date 2'789'597.11 Long-Term Rating 7.82% Long-Term Outlook 8.75% Short-Term Rating Date 4.76% Short-Term Rating 6.51% Credit Ratios 5.74% EBITDA/Interest Exp. 0.68% (EBITDA-Capex)/Interest Exp. Net Debt/EBITDA 13.0% Total Debt/EBITDA 13.1% Reference 7.8% Total Debt/Equity 7.0% Total Debt/Capital Asset Turnover 2.78 Net Fixed Asset Turnover 1.49 Accounts receivable turnover-days 18.37% Inventory Days 24.54% Accounts Payable Turnover Day 8.59 Cash Conversion Cycle 4.95

Price/ Cash Flow

.0 M s-13

FQ+2 12/13 Q4 ######### 4.37x ######### 7.12x 532'245.0 10.34x 22.10.2012 BBB+ NEG 10.20 4.75 1.48 2.06 24.5% 19.7% 0.68 1.63 42.63 73.98 14.83 101.77

Sales/Revenue/Turnover

12.00

45'000'000.0 40'000'000.0

10.00

35'000'000.0 30'000'000.0

8.00

25'000'000.0 6.00

20'000'000.0 15'000'000.0

4.00

10'000'000.0 2.00 0.00 02.01.2010

5'000'000.0 0.0 02.07.2010

02.01.2011

02.07.2011

02.01.2012

02.07.2012

02.01.2013

02.07.2013

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

27.09.2013

POSCO Holdings By:

All

Holder Name BANK OF NEW YORK POSCO NATIONAL PENSION SER FRANKLIN RESOURCES BLACKROCK EMPLOYEE STOCK OWNER CAPITAL GROUP COMPAN MITSUBISHI CORP NORGES BANK DIMENSIONAL FUND ADV MACKENZIE FINANCIAL VANGUARD GROUP INC SAMSUNG INVESTMENT T GRANTHAM MAYO VAN OT JP MORGAN KYOBO AXA INVESTMENT WADDELL & REED FINAN MIRAE ASSET GLOBAL I KOREA INVESTMENT TRU KB ASSET MANAGEMENT

Firm Name

Portfolio Name n/a n/a n/a n/a n/a n/a n/a n/a Multiple Portfolios n/a Multiple Portfolios n/a Multiple Portfolios Multiple Portfolios n/a Multiple Portfolios n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios

Analyst

HMC Investment Securities Co Ltd PARK HYUN-WOOK KTB Securities SHIM HYE-SUN Korea Investment & Securities MOON SUN CHOI Credit Suisse SINN MIN-SEOK Woori Investment & Securities WILL BYUN DBS Vickers LEE EUN YOUNG HI Investment Securities BANG MINJIN Hanwha Securities Co., Ltd KIM KANG-OH Kyobo Securities UM JIN-SEOK Samsung Securities TEAM COVERAGE Sanford C. Bernstein & Co VANESSA LAU E*Trade Securities Korea KANG TAE-HYUN KIWOOM Securities Co Ltd CHANG-HO KIM Daewoo Securities JEON SEUNG-HUN Deutsche Bank CHANWOOK PARK Shinyoung Securities Co., Ltd. KANG-UN CHO Morgan Stanley YOUNG SUK SHIN EVA Dimensions TIMOTHY STANISH BNP Paribas Equity Research TOSHIYUKI JOHNO Nomura CINDY PARK Standard Chartered JAMES KP HONG VTB Capital WIKTOR BIELSKI Barclays EPHREM RAVI KB Investment & Securities Co., Ltd KIM HYUN-TAE Hyundai Securities KIM JI-HWAN Shinhan Investment Corp JINJOO HONG SK Securities Co Ltd LEE WON JAE Tong Yang Investment Bank KEE-HYUN PARK UBS SON YONG-SUK S&P Capital IQ NG SU PENG LIG Investment Securities YOON-SANG KIM BS Securities Co Ltd YOON KWAN-CHUL JPMorgan AKIRA KISHIMOTO HSBC BRIAN CHO Taurus Investment Securities Co Ltd JI-WOONG YOO IBK Securities Co Ltd PARK BYUNGCHIL Mirae Asset Securities KWON HAE-SOON Daishin Securities Co., Ltd. KAY NOH Dongbu Securities Co Ltd LEE JAE-HOON Daiwa Securities Co. Ltd. CHUNG SUNG-YOP Goldman Sachs SEUNG SHIN Eugene Investment & Securities Co., LtdGYUNG-JUNG KIM Ji Asia SAMUEL THAWLEY

Source Co File Co File Co File ULT-AGG ULT-AGG Co File ULT-AGG ULT-AGG MF-AGG ULT-AGG MF-AGG ULT-AGG MF-AGG MF-AGG ULT-AGG MF-AGG ULT-AGG MF-AGG MF-AGG MF-AGG

Recommendation buy buy buy neutral buy buy buy buy buy buy outperform buy buy buy buy buy Equalwt/In-Line hold hold buy outperform buy overweight buy buy buy neutral buy buy buy buy buy neutral overweight buy buy buy buy hold hold neutral/neutral buy buy

Amt Held 13'823'736 9'942'391 5'225'654 1'901'752 1'676'539 1'671'466 1'007'400 880'587 777'233 766'799 753'623 688'498 649'534 341'556 288'630 262'454 260'870 247'477 232'515 176'091

% Out 15.86 11.4 5.99 2.18 1.92 1.92 1.16 1.01 0.89 0.88 0.86 0.79 0.74 0.39 0.33 0.3 0.3 0.28 0.27 0.2

Weighting

Change 5 5 5 3 5 5 5 5 5 5 5 5 5 5 5 5 3 3 3 5 5 5 5 5 5 5 3 5 5 5 5 5 3 5 5 5 5 5 3 3 3 5 5

M M M M M M M M M M M M M M M M M D M M U M M M M M M M M M M M M M M M M M M M M M U

Latest Chg 874'030 9'930 (24'500) 3'406 187'500 (479'769) (132'695) (100'668) 2'011 241'150 30'631 1'195 (19'769)

Target Price 410'000 400'000 420'000 350'000 400'000 380'000 380'000 390'000 390'000 380'000 400'000 430'000 373'000 430'000 362'000 380'000 340'000 #N/A N/A 330'000 460'000 400'000 422'000 375'000 360'000 430'000 410'000 300'000 395'000 410'000 370'000 380'000 440'000 350'000 400'000 380'000 400'000 400'000 390'000 370'000 320'000 350'000 450'000 470'000

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt 31.12.2012 31.12.2012 31.12.2012 31.08.2013 25.09.2013 31.12.2012 30.06.2013 31.03.2013 31.12.2012 30.04.2013 30.06.2013 30.06.2013 31.03.2013 31.05.2013 31.07.2013 31.03.2013 30.06.2013 31.03.2013 31.03.2013 31.03.2013

Date 6 month 12 month 12 month Not Provided 12 month 12 month 6 month 6 month 6 month 12 month 12 month 12 month 6 month 12 month 12 month 12 month 12 month Not Provided 12 month Not Provided 12 month 12 month Not Provided 12 month 12 month 12 month 6 month 12 month 12 month Not Provided 12 month 6 month 15 month Not Provided 6 month Not Provided 12 month 12 month 12 month Not Provided 12 month 12 month 12 month

Inst Type Investment Advisor Corporation Government Investment Advisor Investment Advisor n/a Investment Advisor Corporation Government Investment Advisor Investment Advisor Unclassified Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor

Date 27.09.2013 27.09.2013 26.09.2013 26.09.2013 25.09.2013 24.09.2013 23.09.2013 16.09.2013 16.09.2013 13.09.2013 13.09.2013 12.09.2013 09.09.2013 05.09.2013 03.09.2013 03.09.2013 26.08.2013 22.08.2013 21.08.2013 09.08.2013 08.08.2013 05.08.2013 01.08.2013 29.07.2013 26.07.2013 26.07.2013 26.07.2013 26.07.2013 26.07.2013 26.07.2013 26.07.2013 26.07.2013 25.07.2013 25.07.2013 10.07.2013 26.06.2013 07.06.2013 28.05.2013 22.04.2013 08.04.2013 03.03.2013 30.01.2013 07.01.2013

27.09.2013

Hyundai Mobis Hyundai Mobis manufactures and markets automotive parts and equipment, such as automotive service components, modules, and systems. The Company also contracts environmental projects, including sewage treatment plant and industrial waste water treatment plant construction.

Price/Volume 350000

1.2 M

300000

1.0 M

250000

.8 M

200000

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (27.09.2012) 52-Week Low (29.04.2013) Daily Volume Current Price (9/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 30.06.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance 012330 KS EQUITY YTD Change 012330 KS EQUITY YTD % CHANGE

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

.4 M

100000

.2 M

50000 0 s-12

o-12

n-12 d-12

j-13

f-13 m-13 a-13 m-13

j-13

a-13

Fiscal Year Ended 31.12.2008 9'373'390.0 0.49x 1'325'678.0 3.45x 1'089'995.0 4.96x

.6 M

150000

12/2012 06/yy 320'500.00 245'000.00 197'244.00 293500 -8.42% 19.80% 57.62% 97.3 28'570'424.00 1'158'773.00 127.0 0.0 3'576'949.00 25'759'515.79

31.12.2009 31.12.2010 10'633'020.0 13'695'717.0 1.50x 1.92x 1'652'601.0 2'160'724.0 9.62x 12.15x 1'615'220.0 1'628'807.0 9.60x 16.66x Profitability

LTM-4Q 31.12.2011 15'886'201.0 1.72x 2'316'807.0 11.79x 1'742'742.0 15.99x

LTM

31.12.2012 06/yy 06/yy 16'865'694.0 ######### ######### 1.49x 6.70x 6.05x 2'505'963.0 ######### ######### 10.01x 10.49x 9.69x 2'251'252.0 ######### ######### 12.23x 13.16x 12.25x 2'505'963.00 2'312'302.00 13.71% 16.82% 12.95% 18.23% 16.42% 0.97% 20.4% 14.9% 13.7% 13.3% 2.07 1.82 6.35% 8.64% 4.35 16.93

Price/ Cash Flow

0.65 0.90 59.81 -6.52% 1.91% 0.899 43 4.860 200'035 225'291 266'940

FY+1

FY+2

FQ+1

FQ+2

12/13 Y

12/14 Y

09/13 Q3

12/13 Q4

- ######### 8.07x 7.42x S&P Issuer Ratings

.0 M s-13

20.03.2012 BBB+ STABLE 92.28 79.57 -0.98 0.46 8.6% 8.0% 0.97 8.79 84.05 21.62 53.61 52.06

Sales/Revenue/Turnover

25.00

18'000'000.0 16'000'000.0

20.00

14'000'000.0 12'000'000.0

15.00

10'000'000.0 8'000'000.0

10.00

6'000'000.0 4'000'000.0

5.00

2'000'000.0 0.00 02.01.2010

0.0 02.07.2010

02.01.2011

02.07.2011

02.01.2012

02.07.2012

02.01.2013

02.07.2013

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

27.09.2013

Hyundai Mobis Holdings By:

All

Holder Name KIA MOTORS CORP NATIONAL PENSION SER MONG-KOO CHUNG HYUNDAI STEEL CO CAPITAL GROUP COMPAN HYUNDAI MOBIS BLACKROCK T ROWE PRICE ASSOCIA LAZARD ASSET MANAGEM VANGUARD GROUP INC INVESCO LTD JP MORGAN SAMSUNG INVESTMENT T NORGES BANK KOREA INVESTMENT TRU SCHRODER INVESTMENT MATTHEWS INTERNATION ROBECO UBS HANA ASSET MANAG MIRAE ASSET GLOBAL I

Firm Name

Portfolio Name n/a n/a n/a n/a n/a n/a n/a Multiple Portfolios n/a n/a n/a n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios n/a Multiple Portfolios Multiple Portfolios

Analyst

KTB Securities NAM KYEONG MOON KB Investment & Securities Co., Ltd SHIN CHUNG-KWAN Nomura ANGELA HONG E*Trade Securities Korea KANG SANG-MIN Dongbu Securities Co Ltd YIM EUN-YOUNG Shinhan Investment Corp CHOI JUNGHYUK Korea Investment & Securities SUH SUNGMOON HMC Investment Securities Co Ltd LEE MYUNG-HOON Shinyoung Securities Co., Ltd. HYUNG-SIL LEE Woori Investment & Securities CHO SOO-HONG LIG Investment Securities IN-WOO PARK Mirae Asset Securities YOON-KI KIM Morgan Stanley PARK SANG-KYOO Daewoo Securities PARK YOUNG HO NH Investment & Securities LEE SANG-HYUN Meritz Securities Co., Ltd JOON SUNG KIM Hyundai Securities CHAE HEE-GUEN Eugene Investment & Securities Co., LtdMOON-SOO JANG Tong Yang Investment Bank AHN SANG JUN Hanwha Securities Co., Ltd KIM YEON-CHAN HI Investment Securities KOH TAE-BONG Kyobo Securities DONG-HA KIM KIWOOM Securities Co Ltd LEE HYUN-SOO JPMorgan PARK WAN SUN CIMB KJ HWANG Hana Daetoo Securities SONG SUN-JAE Deutsche Bank SANJEEV RANA Samsung Securities YOON PIL JOONG Credit Suisse HENRY KWON Macquarie MICHAEL SOHN BNP Paribas Equity Research JAMES HIE SUK YOON Barclays PAUL HWANG Goldman Sachs SEUNG SHIN Standard Chartered DAVID KIM Daiwa Securities Co. Ltd. CHUNG SUNG-YOP IBK Securities Co Ltd SAE-HWAN AHN UBS CHANG YOUNG-WOO HSBC PAUL CHOI EVA Dimensions CRAIG STERLING Taurus Investment Securities Co Ltd YANG HEE-JOON BS Securities Co Ltd CHOI DAE-SIK Daishin Securities Co., Ltd. CHUNG TAEOH DBS Vickers JAY KIM

Source EXCH Co File EXCH EXCH ULT-AGG Co File ULT-AGG MF-AGG ULT-AGG ULT-AGG ULT-AGG ULT-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG ULT-AGG MF-AGG MF-AGG

Recommendation buy buy buy buy buy buy buy buy buy buy buy buy Overwt/Attractive buy buy buy buy buy buy buy buy buy buy neutral outperform buy buy buy outperform outperform buy overweight neutral/neutral outperform hold buy buy overweight buy buy buy buy buy

Amt Held 16'427'074 6'983'490 6'778'966 5'504'846 5'204'151 1'806'616 1'642'951 1'358'943 1'312'244 1'310'399 1'006'914 844'135 636'231 621'635 558'994 439'381 331'762 321'983 302'321 287'419

% Out 16.88 7.17 6.96 5.66 5.35 1.86 1.69 1.4 1.35 1.35 1.03 0.87 0.65 0.64 0.57 0.45 0.34 0.33 0.31 0.3

Weighting

Change 5 5 5 5 5 5 5 5 5 5 5 5 5 5 5 5 5 5 5 5 5 5 5 3 5 5 5 5 5 5 5 5 3 5 3 5 5 5 5 5 5 5 5

M M M M M M M M M M M M M M M M M M M M M M M D M M M M M M M M M M D M M M U M N M M

Latest Chg (116'082) 12'224 (42'868) (20'690) (523'967) 64'959 (137'584) (43'591) 68'438 (16'260) 3'510 (360) 36'315 84'039

Target Price 360'000 380'000 330'000 360'000 320'000 365'000 350'000 360'000 380'000 350'000 360'000 410'000 322'000 325'000 380'000 310'000 310'000 360'000 320'000 370'000 340'000 350'000 370'000 270'000 333'000 325'000 310'000 295'000 374'000 300'000 360'000 325'000 290'000 340'000 270'000 350'000 320'000 320'000 #N/A N/A 370'000 370'000 370'000 370'000

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt 19.04.2013 31.12.2012 19.04.2013 19.04.2013 12.08.2013 31.12.2012 25.09.2013 30.06.2013 31.08.2013 30.06.2013 26.09.2013 31.07.2013 31.03.2013 31.12.2012 31.03.2013 30.08.2013 28.06.2013 30.04.2013 31.03.2013 31.03.2013

Date 12 month 12 month Not Provided 12 month 12 month 12 month 12 month 6 month 12 month 12 month 12 month 12 month 12 month 12 month 6 month 6 month 12 month 12 month 12 month 6 month 6 month 6 month 6 month 3 month 12 month 12 month 12 month 12 month Not Provided 12 month 12 month Not Provided 12 month 12 month Not Provided Not Provided 12 month Not Provided Not Provided 6 month 6 month 6 month 12 month

Inst Type Corporation Government n/a Corporation Investment Advisor Corporation Investment Advisor Investment Advisor Unclassified Unclassified Investment Advisor Investment Advisor Investment Advisor Government Investment Advisor Investment Advisor Investment Advisor Unclassified Investment Advisor Investment Advisor

Date 27.09.2013 27.09.2013 26.09.2013 24.09.2013 23.09.2013 23.09.2013 16.09.2013 16.09.2013 16.09.2013 16.09.2013 16.09.2013 26.08.2013 07.08.2013 29.07.2013 29.07.2013 29.07.2013 29.07.2013 29.07.2013 29.07.2013 29.07.2013 29.07.2013 29.07.2013 29.07.2013 28.07.2013 28.07.2013 28.07.2013 26.07.2013 26.07.2013 26.07.2013 26.07.2013 26.07.2013 26.07.2013 10.07.2013 28.06.2013 28.06.2013 29.04.2013 26.04.2013 24.04.2013 14.03.2013 12.02.2013 02.05.2012 16.03.2012 30.01.2012

27.09.2013

Shinhan Financial Group Co Ltd Shinhan Financial Group Co., Ltd., a holding company, provides a full range of consumer and commercial banking-related financial services. The company's main businesses include banking, securities brokerage, trust banking, and assets management to individuals, businesses, and other financial institutions.

Price/Volume

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (23.09.2013) 52-Week Low (28.11.2012) Daily Volume Current Price (9/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 30.06.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance 055550 KS EQUITY YTD Change 055550 KS EQUITY YTD % CHANGE

12/2012 06/yy 45'100.00 33'350.00 649'416.00 44450 -1.44% 33.28% 93.62% 474.2 21'078'172.00 7'206'951.00 274'055.0 0.0 212'783.00 28'300'561.64

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

2.5 M 2.0 M 1.5 M 1.0 M .5 M

o-12

n-12

d-12

j-13

f-13 m-13 a-13 m-13

j-13

a-13

Fiscal Year Ended 31.12.2008 2'455'904.0 8.07x 2'409'574.0 8.22x 2'020'398.0 6.64x

50000 45000 40000 35000 30000 25000 20000 15000 10000 5000 0 s-12

31.12.2009 31.12.2010 1'785'561.0 1'043'389.0 15.01x 29.98x 1'718'698.0 965'508.0 15.60x 32.40x 1'306'292.0 617'625.0 18.74x 64.83x Profitability

LTM-4Q 31.12.2011 2'124'112.0 11.27x 2'053'001.0 11.66x 1'672'908.0 13.50x

LTM

31.12.2012 06/yy 06/yy 992'378.0 ######### ######### 25.89x 62.25x 92.36x 930'629.0 ######### ######### 27.61x 16.08x 24.03x 590'449.0 ######### 720'519.0 37.61x 17.61x 28.36x 930'629.00 90.31% 59.35% 2.03% 2.54% 2.21% 0.03% 93.8% 59.5% 26.48% 37.16% -

Price/ Cash Flow

1.57 1.22 450.86 19.09% 14.41% 1.218 41 4.561 787'243 955'761 897'820

FY+1

FY+2

FQ+1

FQ+2

12/13 Y

12/14 Y

09/13 Q3

12/13 Q4

S&P Issuer Ratings

.0 M s-13

7.52 7.74 37.2% 26.8% 0.03 755.52 -

Sales/Revenue/Turnover

3'500.00

3'000'000.0

3'000.00

2'500'000.0

2'500.00

2'000'000.0

2'000.00

1'500'000.0 1'500.00

1'000'000.0 1'000.00

500'000.0

500.00 0.00 02.01.2010

0.0 02.07.2010

02.01.2011

02.07.2011

02.01.2012

02.07.2012

02.01.2013

02.07.2013

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

27.09.2013

Shinhan Financial Group Co Ltd Holdings By:

All

Holder Name NATIONAL PENSION SER BNP PARIBAS SA EMPLOYEE STOCK OWNER LAZARD ASSET MANAGEM BLACKROCK DIMENSIONAL FUND ADV VANGUARD GROUP INC MIZUHO FINANCIAL GRO ABU DHABI INVESTMENT NORGES BANK SAMSUNG INVESTMENT T FIL LIMITED JAE-GEUN YOO COMMONWEALTH BANK OF KOREA INVESTMENT TRU JP MORGAN ROBECO MIRAE ASSET GLOBAL I GRANTHAM MAYO VAN OT KYOBO AXA INVESTMENT

Firm Name

Portfolio Name n/a n/a n/a n/a n/a n/a n/a n/a n/a Multiple Portfolios Multiple Portfolios n/a n/a n/a Multiple Portfolios n/a n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios

Analyst

Hyundai Securities KOO KYUNG-HWE Eugene Investment & Securities Co., LtdKIM IN KTB Securities OH JIN-WON NH Investment & Securities KIM EUN-GAB JPMorgan SCOTT YH SEO Barclays MICHELLE CHO Standard Chartered JINSANG KIM HMC Investment Securities Co Ltd LEE CHANG-WOOK HI Investment Securities YOO SANG-HO Samsung Securities JAEWOO KIM Credit Suisse GIL HYUNG KIM KB Investment & Securities Co., Ltd SHIM HYUN-SOO HSBC SINYOUNG PARK Woori Investment & Securities JASON CHOI Hana Daetoo Securities HAN JEONG-TAE IBK Securities Co Ltd PARK JIN-HYOENG Korea Investment & Securities LEE JOANNE Deutsche Bank JEE HOON PARK Mirae Asset Securities HEATHER KANG Daewoo Securities TAYE SHIM Daishin Securities Co., Ltd. CHOI JUNG-WOOK Tong Yang Investment Bank SUNG BYUNG-SOO Hanwha Securities Co., Ltd KYU-SUN SHIM KIWOOM Securities Co Ltd SEO YOUNG-SOO E*Trade Securities Korea HA HAKSOO Morgan Stanley JOON SEOK Shinyoung Securities Co., Ltd. IM IL-SUNG Macquarie CHAN HWANG CIMB DAEHYUN KIM Nomura MICHAEL NA Dongbu Securities Co Ltd LEE BYUNG-GUN Daiwa Securities Co. Ltd. CHANG-HEE LEE BNP Paribas Equity Research TEAM COVERAGE EVA Dimensions DOUG WALTERS UBS SCOTT LEE LIG Investment Securities SOHN JOON-BEOM Leading Investment & Securities BAE JUNG-HYUN Meritz Securities Co., Ltd JUN JAE-GON Kyobo Securities HWANG SEOK-KYU

Source Co File Co File Co File ULT-AGG ULT-AGG ULT-AGG ULT-AGG ULT-AGG 20F MF-AGG MF-AGG ULT-AGG EXCH ULT-AGG MF-AGG ULT-AGG ULT-AGG MF-AGG MF-AGG MF-AGG

Recommendation buy buy buy market perform overweight equalweight outperform buy buy buy outperform buy neutral buy buy buy buy hold buy buy buy buy buy market perform market perform Overwt/In-Line buy outperform outperform buy buy hold hold buy neutral buy buy buy buy

Amt Held 34'506'886 30'106'276 18'787'067 12'344'845 10'454'482 6'655'176 6'267'476 5'956'830 5'626'182 4'936'958 4'420'386 3'823'902 3'043'256 2'663'140 2'394'931 2'185'360 1'783'409 1'769'546 1'672'077 1'501'854

% Out 7.28 6.35 3.96 2.6 2.2 1.4 1.32 1.26 1.19 1.04 0.93 0.81 0.64 0.56 0.51 0.46 0.38 0.37 0.35 0.32

Weighting

Change 5 5 5 3 5 3 5 5 5 5 5 5 3 5 5 5 5 3 5 5 5 5 5 3 3 5 5 5 5 5 5 3 3 5 3 5 5 5 5

M U M D M N M M M M M M M M M M M M M M M M M M M M M M M M M M M M M M N N M

Latest Chg 756 151'690 126'540 (2'644'622) (116'653) 571'802 52'220 85'420 (1'282'050) 27'427 531'820 16'180

Target Price 46'000 54'000 47'000 #N/A N/A 55'000 48'400 47'200 54'000 50'000 47'000 48'500 53'000 43'000 49'000 49'000 47'000 51'000 40'000 47'500 50'500 51'000 46'000 50'300 41'000 38'400 45'000 49'000 46'000 52'000 44'000 47'900 39'000 41'100 #N/A N/A 41'000 54'000 50'000 50'900 54'000

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt 31.12.2012 31.12.2012 31.12.2012 31.08.2013 25.09.2013 30.04.2013 30.06.2013 31.03.2013 31.12.2011 31.12.2012 31.03.2013 30.04.2013 28.03.2013 31.05.2013 31.03.2013 31.07.2013 30.04.2013 31.03.2013 31.05.2013 31.03.2013

Date Not Provided 12 month 12 month Not Provided 9 month Not Provided 12 month 6 month 6 month 12 month Not Provided 12 month Not Provided 12 month 12 month 12 month 12 month 12 month 12 month 12 month 12 month 12 month 6 month 6 month 12 month 12 month 12 month 12 month 12 month Not Provided 12 month Not Provided 12 month Not Provided 12 month 12 month 12 month 6 month 6 month

Inst Type Government Bank n/a Unclassified Investment Advisor Investment Advisor Unclassified Bank Government Government Investment Advisor Investment Advisor n/a Bank Investment Advisor Investment Advisor Unclassified Investment Advisor Investment Advisor Investment Advisor

Date 24.09.2013 24.09.2013 24.09.2013 23.09.2013 20.09.2013 16.09.2013 12.09.2013 12.09.2013 11.09.2013 05.09.2013 04.09.2013 03.09.2013 29.08.2013 27.08.2013 26.08.2013 26.08.2013 21.08.2013 09.08.2013 08.08.2013 31.07.2013 31.07.2013 31.07.2013 31.07.2013 31.07.2013 31.07.2013 30.07.2013 30.07.2013 30.07.2013 30.07.2013 30.07.2013 25.06.2013 14.06.2013 08.06.2013 06.06.2013 20.05.2013 17.04.2013 15.04.2013 01.11.2012 12.03.2012

27.09.2013

Kia Motors Corp Kia Motors Corporation manufactures, sells, and exports passenger cars, mini-buses, trucks and commercial vehicles. The Company also manufactures auto-parts and tools using hybrid electric and fuel cell technology.

Price/Volume 80000

6.0 M

70000

5.0 M

60000 4.0 M

50000 40000

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (04.10.2012) 52-Week Low (28.01.2013) Daily Volume Current Price (9/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 30.06.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance 000270 KS EQUITY YTD Change 000270 KS EQUITY YTD % CHANGE

12/2012 06/yy 73'000.00 47'850.00 1'104'241.00 65700 -10.00% 37.30% 73.76% 405.4 26'632'372.00 3'018'853.00 0.0 0.0 3'141'286.00 25'128'453.90

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

2.0 M

20000 1.0 M

10000 0 s-12

31.12.2009 31.12.2010 18'415'739.0 23'222'969.0 0.57x 0.95x 1'827'909.0 2'402'792.0 5.70x 9.21x 1'450'260.0 1'420'636.0 5.08x 13.96x Profitability

LTM-4Q 31.12.2011 27'742'277.0 1.01x 2'597'837.0 10.77x 1'804'842.0 14.72x

n-12

d-12

j-13

f-13 m-13 a-13 m-13

j-13

a-13

LTM

FY+1

.0 M s-13

0.99 0.97 234.96 -4.80% 16.28% 0.972 46 4.826 1'229'599 1'236'496 1'323'682 FY+2

FQ+1

FQ+2

31.12.2012 06/yy 06/yy 12/13 Y 12/14 Y 09/13 Q3 12/13 Q4 28'007'913.0 ######### ######### ######### ######### ######### ######### 0.81x 4.07x 3.49x 2'382'062.0 ######### ######### 9.55x 11.08x 10.08x 2'136'797.0 ######### ######### ######### - 983'000.0 ######### 10.70x 13.84x 10.86x 6.70x 6.33x S&P Issuer Ratings 2'382'062.00 Long-Term Rating Date 20.03.2012 1'645'332.00 Long-Term Rating BBB+ 5.87% Long-Term Outlook STABLE 9.32% Short-Term Rating Date 8.93% Short-Term Rating 15.27% Credit Ratios 12.76% EBITDA/Interest Exp. 22.92 1.17% (EBITDA-Capex)/Interest Exp. 12.18 Net Debt/EBITDA -0.05 20.9% Total Debt/EBITDA 1.27 8.5% Reference 5.9% Total Debt/Equity 20.2% 7.6% Total Debt/Capital 16.8% Asset Turnover 1.17 1.04 Net Fixed Asset Turnover 3.98 0.77 Accounts receivable turnover-days 28.43 12.33% Inventory Days 19.72 20.22% Accounts Payable Turnover Day 55.14 12.87 Cash Conversion Cycle -6.99 18.56

Price/ Cash Flow

Sales/Revenue/Turnover

12.00

30'000'000.0

10.00

25'000'000.0

8.00

20'000'000.0

6.00

15'000'000.0

4.00

10'000'000.0

2.00

5'000'000.0

0.00 02.01.2010

o-12

Fiscal Year Ended 31.12.2008 16'382'231.0 0.43x 1'023'733.0 6.85x 113'784.0 19.97x

3.0 M

30000

0.0 02.07.2010

02.01.2011

02.07.2011

02.01.2012

02.07.2012

02.01.2013

02.07.2013

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

27.09.2013

Kia Motors Corp Holdings By:

All

Holder Name HYUNDAI MOTOR CO NATIONAL PENSION SER EUI-SUN CHUNG CAPITAL GROUP COMPAN BLACKROCK VANGUARD GROUP INC JP MORGAN FIL LIMITED NORGES BANK GRANTHAM MAYO VAN OT SAMSUNG INVESTMENT T KOREA INVESTMENT TRU ALLIANCE BERNSTEIN SUN LIFE FINANCIAL I ALLIANZ ASSET MANAGE EMPLOYEE STOCK OWNER KYOBO AXA INVESTMENT ARTISAN PARTNERS HOL GOLDMAN SACHS GROUP PRINCIPAL FINANCIAL

Firm Name

Portfolio Name n/a n/a n/a n/a n/a n/a n/a n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios n/a n/a n/a n/a Multiple Portfolios Multiple Portfolios n/a n/a

Analyst

Korea Investment & Securities SUH SUNGMOON KTB Securities NAM KYEONG MOON KB Investment & Securities Co., Ltd SHIN CHUNG-KWAN Nomura ANGELA HONG UBS CHANG YOUNG-WOO Daiwa Securities Co. Ltd. CHUNG SUNG-YOP E*Trade Securities Korea KANG SANG-MIN Dongbu Securities Co Ltd YIM EUN-YOUNG Eugene Investment & Securities Co., LtdMOON-SOO JANG Hana Daetoo Securities SONG SUN-JAE Deutsche Bank SANJEEV RANA Morgan Stanley PARK SANG-KYOO NH Investment & Securities LEE SANG-HYUN Hyundai Securities CHAE HEE-GUEN Shinyoung Securities Co., Ltd. HYUNG-SIL LEE Shinhan Investment Corp CHOI JUNGHYUK Tong Yang Investment Bank AHN SANG JUN EVA Dimensions CRAIG STERLING Woori Investment & Securities CHO SOO-HONG Leading Investment & Securities JUNGWON JUNG Standard Chartered DAVID KIM Daewoo Securities PARK YOUNG HO SK Securities Co Ltd KIM YONG-SOO Hanwha Securities Co., Ltd KIM YEON-CHAN Kyobo Securities DONG-HA KIM KIWOOM Securities Co Ltd LEE HYUN-SOO Mirae Asset Securities YOON-KI KIM LIG Investment Securities IN-WOO PARK HMC Investment Securities Co Ltd LEE MYUNG-HOON JPMorgan PARK WAN SUN HSBC PAUL CHOI CIMB KJ HWANG HI Investment Securities KOH TAE-BONG Samsung Securities YOON PIL JOONG Credit Suisse HENRY KWON Macquarie MICHAEL SOHN Barclays PAUL HWANG BNP Paribas Equity Research JAMES HIE SUK YOON Goldman Sachs SEUNG SHIN IBK Securities Co Ltd SAE-HWAN AHN Meritz Securities Co., Ltd JOON SUNG KIM Daishin Securities Co., Ltd. CHUNG TAEOH Taurus Investment Securities Co Ltd YANG HEE-JOON

Source EXCH Co File EXCH ULT-AGG ULT-AGG ULT-AGG ULT-AGG ULT-AGG MF-AGG MF-AGG MF-AGG MF-AGG ULT-AGG ULT-AGG ULT-AGG Co File MF-AGG MF-AGG ULT-AGG ULT-AGG

Recommendation buy buy buy neutral buy outperform buy buy buy buy buy Overwt/Attractive buy buy buy buy buy overweight buy buy outperform buy buy buy buy buy buy buy buy neutral neutral outperform buy buy outperform outperform overweight buy neutral/neutral buy buy buy buy

Amt Held 137'318'251 24'374'709 7'061'331 6'548'717 6'271'539 3'243'372 2'980'989 2'624'488 2'499'466 2'360'914 2'246'981 1'408'663 1'378'228 1'337'090 1'287'850 1'090'595 1'071'148 924'485 912'286 838'409

% Out 33.88 6.01 1.74 1.62 1.55 0.8 0.74 0.65 0.62 0.58 0.55 0.35 0.34 0.33 0.32 0.27 0.26 0.23 0.23 0.21

Weighting

Change 5 5 5 3 5 5 5 5 5 5 5 5 5 5 5 5 5 5 5 5 5 5 5 5 5 5 5 5 5 3 3 5 5 5 5 5 5 5 3 5 5 5 5

M M M M M M M M M M M M M M M M M D M M M M M M M M M M M M M M M M M M M M M M N M M

Latest Chg (6'622'170) 15'449 (1'983'298) 443'741 (1'251'772) (400'714) 96'869 140'793 730'160 19'484 77'803 687'998 76'084 553'037

Target Price 87'000 74'000 100'000 66'000 82'000 78'000 70'000 74'000 81'000 71'000 78'000 79'000 79'000 75'000 80'000 81'000 73'000 #N/A N/A 70'000 72'000 74'000 74'000 77'000 70'000 71'000 75'000 72'000 85'000 83'000 67'000 64'000 77'000 75'000 70'000 73'000 75'000 72'000 77'000 55'000 68'000 72'000 69'000 70'000

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt 24.05.2013 31.12.2012 24.05.2013 30.06.2013 25.09.2013 30.06.2013 31.07.2013 30.04.2013 31.12.2012 31.05.2013 31.03.2013 31.03.2013 30.06.2013 31.07.2013 31.08.2013 31.12.2012 31.03.2013 31.03.2013 31.08.2013 31.07.2013

Date 12 month 12 month 12 month Not Provided 12 month Not Provided 12 month 12 month 12 month 12 month 12 month 12 month 6 month Not Provided 12 month 12 month 12 month Not Provided 12 month 12 month 12 month 12 month 6 month 6 month 6 month 6 month 12 month 12 month 6 month 3 month Not Provided 12 month 6 month 12 month Not Provided 12 month Not Provided 12 month 12 month Not Provided 6 month 6 month 6 month

Inst Type Corporation Government n/a Investment Advisor Investment Advisor Unclassified Investment Advisor Investment Advisor Government Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor n/a Investment Advisor Investment Advisor Investment Advisor Investment Advisor

Date 27.09.2013 27.09.2013 27.09.2013 26.09.2013 25.09.2013 25.09.2013 25.09.2013 23.09.2013 23.09.2013 23.09.2013 08.09.2013 05.09.2013 03.09.2013 03.09.2013 03.09.2013 03.09.2013 03.09.2013 29.08.2013 22.08.2013 12.08.2013 06.08.2013 29.07.2013 29.07.2013 29.07.2013 29.07.2013 29.07.2013 29.07.2013 29.07.2013 28.07.2013 28.07.2013 28.07.2013 28.07.2013 28.07.2013 26.07.2013 26.07.2013 26.07.2013 26.07.2013 23.07.2013 10.07.2013 29.04.2013 06.03.2013 29.01.2013 07.01.2013

27.09.2013

SK Hynix Inc SK Hynix Inc. provides products and services for the electronic components industry. The Company manufactures semiconductors, such as dynamic random access memory (DRAM), NAND flash memory, and static random access memory (SRAM) chips.

Price/Volume 35000

25.0 M

30000

20.0 M

25000

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (11.06.2013) 52-Week Low (15.10.2012) Daily Volume Current Price (9/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 16.08.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance 000660 KS EQUITY YTD Change 000660 KS EQUITY YTD % CHANGE

12/2012 06/yy 32'950.00 22'100.00 3'597'617.00 30350 -7.89% 37.33% 76.04% 710.2 21'554'598.00 5'744'740.00 0.0 0.0 1'517'747.00 24'920'987.04

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

15.0 M

15000

10.0 M

10000 5.0 M

5000 0 s-12

o-12

n-12 d-12

j-13

f-13 m-13 a-13 m-13

j-13

a-13

Fiscal Year Ended 31.12.2008 6'495'367.1 1.20x (300'341.2) (4'719'632.9) -

20000

31.12.2009 31.12.2010 7'521'457.8 11'973'426.0 2.32x 1.44x 1'722'031.7 4'979'793.0 10.13x 3.47x (347'785.3) 2'785'945.0 5.08x Profitability

LTM-4Q 31.12.2011 10'188'162.0 1.69x 2'347'248.0 7.35x 129'142.0 100.69x

LTM

FY+1

.0 M s-13

1.00 472.32 32.53% 17.86% 1.004 46 4.587 4'917'469 5'725'831 6'108'765 FY+2

FQ+1

FQ+2

31.12.2012 06/yy 06/yy 12/13 Y 12/14 Y 09/13 Q3 12/13 Q4 10'001'783.0 ######### ######### ######### ######### 2.22x 7.89x 7.90x 1.58x 1.36x 1'630'975.0 ######### ######### ######### ######### 13.61x 15.01x 7.48x 3.55x 3.37x (489'990.0) ######### 904'187.0 ######### ######### 0.00x 23.87x 6.56x 6.60x S&P Issuer Ratings 1'630'975.00 Long-Term Rating Date 22.02.2013 -616'285.00 Long-Term Rating BB -6.16% Long-Term Outlook STABLE -5.77% Short-Term Rating Date 4.71% Short-Term Rating 8.55% Credit Ratios - EBITDA/Interest Exp. 5.54 0.61% (EBITDA-Capex)/Interest Exp. -4.66 Net Debt/EBITDA 0.99 10.5% Total Debt/EBITDA 1.64 28.9% Reference 9.0% Total Debt/Equity 57.7% -4.9% Total Debt/Capital 36.6% Asset Turnover 0.61 1.11 Net Fixed Asset Turnover 1.29 0.74 Accounts receivable turnover-days 61.16 31.56% Inventory Days 44.08 57.68% Accounts Payable Turnover Day 35.30 5.97 Cash Conversion Cycle 67.85 8.28

Price/ Cash Flow

Sales/Revenue/Turnover

40.00

14'000'000.0

35.00

12'000'000.0

30.00

10'000'000.0

25.00

8'000'000.0

20.00

6'000'000.0

15.00

4'000'000.0

10.00

2'000'000.0

5.00 0.00 02.01.2010

0.0 02.07.2010

02.01.2011

02.07.2011

02.01.2012

02.07.2012

02.01.2013

02.07.2013

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

27.09.2013

SK Hynix Inc Holdings By:

All

Holder Name SK TELECOM CO LTD NATIONAL PENSION SER KOREA FINANCE CORPOR BLACKROCK VANGUARD GROUP INC MIRAE ASSET GLOBAL I NORGES BANK KOREA INVESTMENT TRU SAMSUNG INVESTMENT T MAPS INVESTMENT MANA UBS HANA ASSET MANAG KB ASSET MANAGEMENT FIL LIMITED KYOBO AXA INVESTMENT PUTNAM INVESTMENT MA SHINHAN BNP PARIBAS ALLIANCE BERNSTEIN T ROWE PRICE ASSOCIA FMR LLC CAISSE DE DEPOT ET P

Firm Name

Portfolio Name n/a n/a n/a n/a n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios n/a Multiple Portfolios n/a Multiple Portfolios

Analyst

Deutsche Bank SEUNGHOON HAN Eugene Investment & Securities Co., LtdLEE JEONG Sanford C. Bernstein & Co MARK C NEWMAN KTB Securities JIN SUNG-HAE Morgan Stanley LEE KA KEUN Samsung Securities MINSEONG HWANG Shinhan Investment Corp KIM YOUNG-CHAN HSBC RICKY JUIL SEO Shinyoung Securities Co., Ltd. LIM DORI KIWOOM Securities Co Ltd KIM SUNG-IN Nomura CHANG-WON CHUNG Goldman Sachs MARCUS SHIN Korea Investment & Securities SEO WON-SEOK KB Investment & Securities Co., Ltd BYUN HAN-JOON UBS NICOLAS GAUDOIS BNP Paribas Equity Research PETER YU Kyobo Securities CHOI DO-YEON Hanwha Securities Co., Ltd AHN SEONG-HO Susquehanna Financial Group MEHDI HOSSEINI Daewoo Securities JAMES SONG Tong Yang Investment Bank HYUN PARK Barclays BAE SEUNG-CHUL Standard Chartered SUN CHUNG Woori Investment & Securities YOUNG PARK Hyundai Securities YOUNG PARK HI Investment Securities SONG MYUNG-SUP Hana Daetoo Securities DAE-JONG NAM Wedge Partners JUN ZHANG Credit Suisse KEON HAN EVA Dimensions ANDREW S ZAMFOTIS Mirae Asset Securities DOH HYUN-WOO Macquarie DANIEL KIM E*Trade Securities Korea JI-WOONG KIM NH Investment & Securities LEE SUN-TAE HMC Investment Securities Co Ltd GREG GEUN-CHANG ROH Capital Securities Corp LIYAN CHEN IBK Securities Co Ltd SEUNG-WOO LEE JPMorgan JJ Park Mizuho Securities CHARLES PARK Daiwa Securities Co. Ltd. JAE H LEE Daishin Securities Co., Ltd. KANG JEONG-WON JEFF CIMB DO-HOON LEE Leading Investment & Securities SANG-WOO OH

Source EXCH Co File EXCH ULT-AGG ULT-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG ULT-AGG MF-AGG MF-AGG MF-AGG ULT-AGG MF-AGG ULT-AGG MF-AGG

Recommendation buy buy outperform buy Underwt/Cautious buy buy overweight buy buy buy neutral/attractive buy buy buy buy buy buy Positive buy buy overweight outperform buy buy buy buy no rating system outperform underweight buy outperform neutral buy buy neutral buy neutral buy buy buy neutral buy

Amt Held 146'100'000 66'862'226 24'772'435 13'369'550 6'084'135 5'592'093 4'831'677 4'790'622 4'704'705 4'188'224 3'314'600 3'214'744 3'113'522 1'996'980 1'723'730 1'700'100 1'615'470 1'559'140 1'440'127 1'397'128

% Out 20.57 9.41 3.49 1.88 0.86 0.79 0.68 0.67 0.66 0.59 0.47 0.45 0.44 0.28 0.24 0.24 0.23 0.22 0.2 0.2

Weighting

Change

5 5 5 5 1 5 5 5 5 5 5 3 5 5 5 5 5 5 4 5 5 5 5 5 5 5 5 #N/A N/A 5 1 5 5 3 5 5 3 5 3 5 5 5 3 5

M M M M M M M M M M M M M M M M M M M M M M M M M M M M M U M M D M M M M M M M M M M

Latest Chg (7'640'500) 860'890 (4'002'780) 799'456 1'122'841 (518'190) 942'560 517'160 905'609 (5'217'187) 93'630 (453'040) 404'200 84'500 1'365'570 209'747 -

Target Price 43'000 38'000 45'000 41'000 28'000 44'000 40'000 43'000 35'000 42'000 40'000 30'000 39'000 39'000 41'000 46'000 38'000 42'000 36'500 38'000 34'000 39'000 36'000 37'000 35'000 38'000 40'000 #N/A N/A 47'000 #N/A N/A 39'000 43'000 29'000 37'000 40'000 #N/A N/A 40'000 31'000 38'000 40'000 35'000 30'000 33'000

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt 03.05.2013 31.12.2012 14.02.2012 25.09.2013 30.06.2013 31.03.2013 31.12.2012 31.03.2013 31.03.2013 31.03.2013 31.03.2013 31.03.2013 30.04.2013 31.03.2013 30.06.2013 31.03.2013 30.06.2013 30.06.2013 31.07.2013 31.12.2012

Date 12 month 12 month 12 month 12 month 12 month 12 month 12 month Not Provided 12 month 6 month Not Provided 12 month 12 month 12 month 12 month 12 month 6 month 6 month 12 month 12 month 12 month Not Provided 12 month 12 month 12 month 6 month 12 month Not Provided Not Provided Not Provided 12 month 12 month 12 month 6 month 6 month Not Provided Not Provided 3 month 12 month Not Provided 6 month 12 month 12 month

Inst Type Corporation Government Government Investment Advisor Unclassified Investment Advisor Government Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor

Date 27.09.2013 26.09.2013 26.09.2013 26.09.2013 25.09.2013 24.09.2013 24.09.2013 24.09.2013 23.09.2013 23.09.2013 22.09.2013 18.09.2013 17.09.2013 17.09.2013 16.09.2013 16.09.2013 16.09.2013 13.09.2013 13.09.2013 12.09.2013 12.09.2013 12.09.2013 11.09.2013 11.09.2013 09.09.2013 08.09.2013 08.09.2013 05.09.2013 04.09.2013 21.08.2013 13.08.2013 30.07.2013 29.07.2013 26.07.2013 26.07.2013 26.07.2013 26.07.2013 25.07.2013 25.07.2013 25.07.2013 02.07.2013 17.06.2013 15.04.2013

27.09.2013

NAVER Corp Naver Corp. provides Internet site with web portal services, such as search engine, online game and content development. The Company also offers marketing service through text and banner advertisement.

Price/Volume 600000

2.5 M

500000

2.0 M

400000

Latest Fiscal Year: LTM as of: 52-Week High (25.09.2013) 52-Week Low (20.12.2012) Daily Volume Current Price (9/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 29.08.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance 035420 KS EQUITY YTD Change 035420 KS EQUITY YTD % CHANGE

12/2012 06/yy 561'000.00 336'967.40 126'677.00 555000 -1.07% 64.70% 96.43% 33.0 18'294'286.00 294'540.66 0.0 0.0 887'169.74 18'010'505.18

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

31.12.2009 31.12.2010 1'237'110.9 1'311'639.3 6.75x 7.39x 556'584.1 630'228.8 15.00x 15.37x 421'693.9 473'658.4 20.63x 21.48x Profitability

.5 M

100000 0 s-12

LTM-4Q 31.12.2011 1'435'148.2 6.08x 673'960.3 12.95x 471'703.0 19.86x

o-12

n-12 d-12

LTM

31.12.2012 06/yy 06/yy 1'511'390.5 ######### ######### 6.15x 26.83x 30.64x 705'090.8 695'886.0 702'301.0 13.17x 15.12x 17.60x 536'116.2 492'014.7 546'394.9 18.61x 22.44x 23.28x 705'090.76 684'887.05 45.32% 47.21% 23.18% 29.95% 27.21% 0.65% 46.7% 45.3% 35.5% 3.19 2.95 11.15% 14.84% 8.33 -

Price/ Cash Flow

j-13

f-13 m-13 a-13 m-13

j-13

a-13

.0 M s-13

0.16 0.60 23.97 28.42% 56.00% 0.603 40 4.550 250'878 248'435 186'845

FY+1

FY+2

FQ+1

FQ+2

12/13 Y

12/14 Y

09/13 Q3

12/13 Q4

S&P Issuer Ratings

89.74 75.80 -0.84 0.42 14.8% 12.9% 0.65 4.83 43.92 -

Sales/Revenue/Turnover

45.00

1'600'000.0

40.00

1'400'000.0

35.00

1'200'000.0

30.00

1'000'000.0

25.00

800'000.0

20.00

600'000.0

15.00

400'000.0

10.00

200'000.0

5.00 0.00 02.01.2010

1.0 M

200000

Fiscal Year Ended 31.12.2008 1'208'126.6 4.67x 531'258.8 10.62x 363'096.2 16.33x

1.5 M

300000

Valuation Analysis

0.0 02.07.2010

02.01.2011

02.07.2011

02.01.2012

02.07.2012

02.01.2013

02.07.2013

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

27.09.2013

NAVER Corp Holdings By:

All

Holder Name NHN CORP NATIONAL PENSION SER OPPENHEIMERFUNDS INC BAILLIE GIFFORD OVER NORGES BANK HAE-JIN LEE LAZARD ASSET MANAGEM FID DIVERSIFIED INTR JOON-HO LEE BLACKROCK VANGUARD GROUP INC INVESCO LTD FMR LLC MATTHEWS INTERNATION COMMONWEALTH BANK OF MIRAE ASSET GLOBAL I COMGEST S A MAPS INVESTMENT MANA SAMSUNG INVESTMENT T ALLIANZ GLOBAL INVES

Firm Name

Portfolio Name n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a Multiple Portfolios n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios

Analyst

Nomura ERIC CHA Korea Investment & Securities HONG JONG-GIL Barclays SEYON PARK Morgan Stanley SAM MIN Credit Suisse TAEWON KIM JPMorgan SCOTT YH SEO HMC Investment Securities Co Ltd HAN-WOO PARK Shinhan Investment Corp JOSHUA KONG Daewoo Securities CHANG KWEAN KIM Tong Yang Investment Bank LEE CHANG-YOUNG KB Investment & Securities Co., Ltd HOON CHOI Samsung Securities JAY PARK UBS JI CHUNG Ji Asia JUSTIN WEISS HSBC HONGSIK JO Hana Daetoo Securities HWANG SEUNG-TAEK E*Trade Securities Korea SUNG JONG-HWA Daiwa Securities Co. Ltd. THOMAS Y KWON EVA Dimensions ANDREW S ZAMFOTIS NH Investment & Securities KIM JIN-GU Eugene Investment & Securities Co., LtdKIM DENNY Shinyoung Securities Co., Ltd. CHOI YUN-MEE Goldman Sachs MICHAEL BANG Macquarie EUGENE JUNG LIG Investment Securities JEONG DAE-HO CIMB HOWON RIM KIWOOM Securities Co Ltd AHN JAE-MIN Deutsche Bank HANJOON KIM Woori Investment & Securities JOSEPH CHUNG KTB Securities CHOI CHAN-SEOK Hyundai Securities KIM MIN IBK Securities Co Ltd ANNE SEONAE LEE Heungkuk Securities Co., Ltd. LEE SEUNG-HOON SK Securities Co Ltd CHOI GWAN-SOON Dongbu Securities Co Ltd DAE-UP PARK Riedel Research Group Inc DAVID R RIEDEL YuHwa Securities Ltd SEUNG-JOON YOO Meritz Securities Co., Ltd DONG HEE KIM Leading Investment & Securities JINA KIM Mirae Asset Securities JEONG WOO-CHEOL Hanwha Securities Co., Ltd RAH TAEYEARL Taurus Investment Securities Co Ltd SOO-JI LEE

Source Co File Co File Co File EXCH EXCH Co File ULT-AGG EXCH Co File ULT-AGG ULT-AGG ULT-AGG ULT-AGG MF-AGG ULT-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG

Recommendation buy buy underweight Overwt/Attractive outperform restricted buy buy buy buy buy buy suspended coverage buy overweight buy buy buy hold buy buy buy neutral/neutral outperform buy outperform buy hold buy buy buy buy buy buy buy sell buy buy buy buy buy buy

Amt Held 3'148'242 2'924'746 1'827'423 1'728'606 1'595'181 1'530'945 1'417'449 1'330'476 1'232'820 737'597 624'413 580'719 561'087 418'248 410'053 409'137 359'572 326'410 293'523 231'017

% Out 9.55 8.87 5.54 5.24 4.84 4.64 4.3 4.04 3.74 2.24 1.89 1.76 1.7 1.27 1.24 1.24 1.09 0.99 0.89 0.7

Weighting

Change

5 5 1 5 5 #N/A N/A 5 5 5 5 5 5 #N/A N/A 5 5 5 5 5 3 5 5 5 3 5 5 5 5 3 5 5 5 5 5 5 5 1 5 5 5 5 5 5

M M D U M M M M M M M M M U M M M N M M M M M M M M M M M M M M M M M M M N M M M M

Latest Chg (431'646) (9'904) (351'686) 6'568 (231'304) 41'388 52'265 16'678 (56'982) (146'703) (184'643) 28'889 169'742

Target Price 660'000 640'000 440'000 450'000 570'000 #N/A N/A 680'000 660'000 670'000 700'000 670'000 605'000 #N/A N/A 660'000 580'000 550'000 540'000 560'000 #N/A N/A 570'000 450'000 500'000 430'720 579'897 430'000 532'879 736'626 398'092 500'000 548'552 532'879 556'388 579'897 548'552 642'589 385'553 517'206 548'552 492'913 564'224 470'187 532'879

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt 31.12.2012 31.12.2012 31.12.2012 29.08.2013 07.12.2010 31.12.2012 31.05.2013 17.01.2011 31.12.2012 25.09.2013 30.06.2013 26.09.2013 31.07.2013 28.06.2013 31.05.2013 30.08.2013 31.12.2012 31.03.2013 31.03.2013 31.03.2013

Date Not Provided 12 month Not Provided 12 month Not Provided Not Provided 12 month 12 month 12 month 12 month 12 month 12 month Not Provided 12 month Not Provided 12 month 12 month Not Provided Not Provided 6 month 12 month 12 month 12 month 12 month 12 month 12 month 6 month 12 month 12 month 12 month Not Provided 12 month 12 month 6 month 12 month Not Provided 6 month 6 month 12 month 12 month 6 month 6 month

Inst Type Corporation Government Investment Advisor Investment Advisor Government n/a Unclassified n/a n/a Investment Advisor Unclassified Investment Advisor Investment Advisor Investment Advisor Bank Investment Advisor Unclassified Investment Advisor Investment Advisor Investment Advisor

Date 27.09.2013 26.09.2013 26.09.2013 24.09.2013 24.09.2013 19.09.2013 17.09.2013 17.09.2013 16.09.2013 16.09.2013 16.09.2013 13.09.2013 12.09.2013 11.09.2013 09.09.2013 07.09.2013 03.09.2013 30.08.2013 30.08.2013 29.08.2013 29.08.2013 29.08.2013 29.08.2013 29.08.2013 29.08.2013 28.08.2013 28.08.2013 27.08.2013 27.08.2013 27.08.2013 09.08.2013 09.08.2013 15.07.2013 10.07.2013 29.04.2013 22.04.2013 15.04.2013 11.04.2013 19.03.2013 11.03.2013 10.08.2012 10.08.2012

27.09.2013

LG Chem Ltd LG Chem Ltd. is a chemical manufacturer. The Company's products include petrochemicals, plastic resins, and engineering plastics. LG Chem also produces industrial and electronic materials.

Price/Volume 400000

.9 M

350000

.8 M

300000

.7 M .6 M

250000

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (03.01.2013) 52-Week Low (25.06.2013) Daily Volume Current Price (9/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 30.06.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance 051910 KS EQUITY YTD Change 051910 KS EQUITY YTD % CHANGE

12/2012 06/yy 345'000.00 230'000.00 246'335.00 319000 -7.54% 38.70% 74.35% 66.3 21'140'480.00 1'922'549.00 38'144.0 0.0 1'080'967.00 21'515'490.90

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

.4 M

150000

.3 M

100000

.2 M

50000

.1 M

0 s-12

o-12

n-12

d-12

j-13

f-13 m-13 a-13 m-13

j-13

a-13

Fiscal Year Ended 31.12.2008 12'645'000.0 0.49x 1'728'420.0 3.61x 1'002'585.0 6.26x

.5 M

200000

31.12.2009 31.12.2010 13'694'516.0 16'850'454.0 1.16x 1.54x 2'390'188.0 3'019'236.0 6.67x 8.60x 1'384'472.0 1'970'993.0 12.28x 14.59x Profitability

LTM-4Q 31.12.2011 19'809'874.0 1.08x 3'095'214.0 6.89x 2'028'321.0 11.51x

LTM

31.12.2012 06/yy 06/yy 20'442'790.0 ######### ######### 1.11x 4.31x 3.94x 2'412'043.0 ######### ######### 9.38x 7.80x 6.84x 1'440'317.0 ######### ######### 16.85x 13.64x 13.14x 2'412'043.00 1'726'960.00 8.45% 8.74% 9.48% 13.33% 12.00% 1.36% 14.5% 12.2% 8.4% 7.0% 1.85 1.12 13.00% 18.92% 6.79 8.39

Price/ Cash Flow

1.40 38.57 -2.16% -3.33% 1.399 41 4.805 234'393 230'815 228'067

FY+1

FY+2

FQ+1

FQ+2

12/13 Y

12/14 Y

09/13 Q3

12/13 Q4

S&P Issuer Ratings

.0 M s-13

24.11.2010 ASTABLE 43.63 13.58 0.14 0.83 18.9% 15.9% 1.36 2.92 53.72 43.49 29.39 66.98

Sales/Revenue/Turnover

18.00

25'000'000.0

16.00

20'000'000.0

14.00 12.00

15'000'000.0

10.00 8.00

10'000'000.0

6.00

5'000'000.0

4.00 2.00 0.00 02.01.2010

0.0 02.07.2010

02.01.2011

02.07.2011

02.01.2012

02.07.2012

02.01.2013

02.07.2013

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

27.09.2013

LG Chem Ltd Holdings By:

All

Holder Name LG CORP NATIONAL PENSION SER BLACKROCK SCHRODER INVESTMENT VANGUARD GROUP INC NORGES BANK SAMSUNG INVESTMENT T LG CHEM LTD CAPITAL GROUP COMPAN JP MORGAN FIL LIMITED UBS AG UBS HANA ASSET MANAG KB ASSET MANAGEMENT KOREA INVESTMENT TRU FMR LLC MIRAE ASSET GLOBAL I WADDELL & REED FINAN ROBECO CAISSE DE DEPOT ET P

Firm Name

Portfolio Name n/a n/a n/a Multiple Portfolios n/a Multiple Portfolios Multiple Portfolios n/a n/a n/a n/a n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios n/a Multiple Portfolios n/a n/a Multiple Portfolios

Analyst

Mirae Asset Securities YOUNG-BAE KWON KTB Securities YOO YOUNG KOOK Hana Daetoo Securities WON YONG-JIN E*Trade Securities Korea SEUNG-JAE HAN Hyundai Securities BAEK YOUNG-CHAN Tong Yang Investment Bank HWANG KYU-WON Credit Suisse CHO A-HYUNG KB Investment & Securities Co., Ltd PARK JAE-CHUL HI Investment Securities LEE HEE-CHEOL Shinhan Investment Corp LEE EUNG-JU NH Investment & Securities CHOI JI-HWAN Taurus Investment Securities Co Ltd JAESUNG YOON Eugene Investment & Securities Co., LtdKWAK JIN-HEE Daewoo Securities PARK YEON-JU BNP Paribas Equity Research POR YONG LIANG Samsung Securities SEUNGWOO KIM HMC Investment Securities Co Ltd HYUNG-WOOK KIM Kyobo Securities YOUNG-JOO SON Nomura CINDY PARK Hanwha Securities Co., Ltd LEE DA-SOL Macquarie BRANDON I LEE Daishin Securities Co., Ltd. JAE-SUNG YOON LIG Investment Securities PARK YOUNG-HOON KIWOOM Securities Co Ltd KYUNG-HYUK MIN BS Securities Co Ltd SEUK-WON CHOI Deutsche Bank SHAWN PARK Morgan Stanley KYLE KIM UBS JOHN CHUNG JPMorgan SAMUEL SW LEE CIMB PETER K LEE Daiwa Securities Co. Ltd. JUNYONG BANG HSBC BRIAN SOHN IBK Securities Co Ltd CHOONG-JAE LEE Woori Investment & Securities KIM SUN-WOO Standard Chartered DANIEL DO YEON LEE EVA Dimensions TIMOTHY STANISH Shinyoung Securities Co., Ltd. OH JUNG-IL Korea Investment & Securities PARK KIYONG Meritz Securities Co., Ltd HWANG YOU SIK

Source Co File EXCH ULT-AGG MF-AGG ULT-AGG MF-AGG MF-AGG Co File ULT-AGG ULT-AGG ULT-AGG ULT-AGG MF-AGG MF-AGG MF-AGG ULT-AGG MF-AGG ULT-AGG ULT-AGG MF-AGG

Recommendation buy buy buy buy buy buy outperform buy buy buy buy buy buy buy hold buy buy buy buy buy outperform buy buy buy buy buy Overwt/Attractive buy neutral outperform outperform overweight buy buy in-line hold buy buy buy

Amt Held 22'219'326 5'093'540 1'128'286 631'010 526'712 430'892 425'232 359'790 353'800 345'767 322'935 292'969 286'338 283'892 224'785 203'237 202'631 160'500 141'400 124'498

% Out 33.53 7.69 1.7 0.95 0.79 0.65 0.64 0.54 0.53 0.52 0.49 0.44 0.43 0.43 0.34 0.31 0.31 0.24 0.21 0.19

Weighting

Change 5 5 5 5 5 5 5 5 5 5 5 5 5 5 3 5 5 5 5 5 5 5 5 5 5 5 5 5 3 5 5 5 5 5 3 3 5 5 5

M M M M M M M M M M M M M M M M N M M M M M M M M M M M M M M M M M M M M M M

Latest Chg 584'755 8'285 53'104 (355'513) (171'533) (109'950) (198'469) (7'782) (47'642) 2'071 (54'452) (3'961) (143'566) (38'180) (16'000) -

Target Price 400'000 370'000 315'000 350'000 370'000 380'000 365'000 310'000 380'000 380'000 380'000 360'000 384'000 380'000 280'000 320'000 330'000 328'000 330'000 350'000 340'000 340'000 367'000 350'000 330'000 320'000 330'000 320'000 300'000 328'000 300'000 345'000 320'000 330'000 288'000 #N/A N/A 310'000 310'000 360'000

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt 31.12.2012 03.06.2013 25.09.2013 31.07.2013 30.06.2013 31.12.2012 31.03.2013 31.12.2012 30.06.2013 31.07.2013 30.04.2013 30.06.2013 31.03.2013 31.03.2013 31.03.2013 31.07.2013 31.03.2013 30.06.2013 30.04.2013 31.12.2012

Date 12 month 12 month 12 month 12 month Not Provided 12 month Not Provided 12 month 6 month 12 month 6 month 6 month 12 month 12 month 12 month 12 month 6 month 6 month Not Provided 6 month 12 month 6 month 12 month 6 month 6 month 12 month 12 month 12 month 3 month 12 month Not Provided Not Provided 12 month 12 month 12 month Not Provided 12 month 12 month 6 month

Inst Type Holding Company Government Investment Advisor Investment Advisor Unclassified Government Investment Advisor Corporation Investment Advisor Investment Advisor Investment Advisor Unclassified Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Unclassified Investment Advisor

Date 27.09.2013 26.09.2013 26.09.2013 26.09.2013 24.09.2013 24.09.2013 24.09.2013 24.09.2013 24.09.2013 12.09.2013 11.09.2013 10.09.2013 06.09.2013 05.09.2013 03.09.2013 02.09.2013 28.08.2013 28.08.2013 26.08.2013 06.08.2013 05.08.2013 31.07.2013 31.07.2013 23.07.2013 23.07.2013 22.07.2013 22.07.2013 22.07.2013 22.07.2013 22.07.2013 22.07.2013 21.07.2013 01.07.2013 21.06.2013 17.06.2013 06.06.2013 20.05.2013 22.04.2013 08.04.2013

27.09.2013

KB Financial Group Inc KB Financial Group Inc. (the "Company"), in accordance with Financial Holding Companies Act, was established on September 29, 2008, through stock transfer with the former shareholders of its subsidiaries including Kookmin Bank in order to provide management services and financing to associated companies. The headquarters are located at Seoul, Korea

Price/Volume 45000

25.0 M

40000 20.0 M

35000 30000

15.0 M

25000 20000

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (28.01.2013) 52-Week Low (10.09.2013) Daily Volume Current Price (9/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 30.06.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance 105560 KS EQUITY YTD Change 105560 KS EQUITY YTD % CHANGE

12/2012 06/yy 40'950.00 31'100.00 1'391'468.00 38550 -5.86% 23.95% 76.14% 386.4 14'893'858.00 0.00 0.0 0.0 14'925'520.77

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

10000

31.12.2009 31.12.2010 696'562.0 131'459.0 34.26x 599'907.0 95'109.0 39.78x 539'818.0 41'575.0 35.99x 495.87x Profitability

0 s-12

LTM-4Q 31.12.2011 26'999.0 (19'210.0) (63'678.0) -

31.12.2012 693'943.0 21.10x 649'703.0 22.54x 646'235.0 22.65x 649'703.00 93.38% 92.93% 3.50% 3.61% 3.59% 0.04% 93.6% 93.1% 0.00% 0.00% -

Price/ Cash Flow

o-12

n-12 d-12

LTM

09/yy 06/yy 698'234.0 285'085.0 21.97x 147.31x 651'903.0 249'602.0 23.53x 0.00x 638'524.0 237'190.0 24.06x 0.00x

j-13

f-13 m-13 a-13 m-13

j-13

.0 M s-13

a-13

1.56 1.14 349.96 -0.85% 1.72% 1.142 40 4.500 1'284'311 1'111'589 1'186'562

FY+1

FY+2

FQ+1

FQ+2

12/13 Y

12/14 Y

06/13 Q2

09/13 Q3

S&P Issuer Ratings

0.00 0.00 0.0% 0.0% 0.04 1250.35 -

Sales/Revenue/Turnover

800.00

800'000.0

700.00

700'000.0

600.00

600'000.0

500.00

500'000.0

400.00

400'000.0

300.00

300'000.0

200.00

200'000.0

100.00

100'000.0

0.00 02.01.2010

5.0 M

5000

Fiscal Year Ended 31.12.2008 635'268.0 20.05x 616'576.0 20.66x 611'927.0 15.79x

10.0 M

15000

0.0 02.07.2010

02.01.2011

02.07.2011

02.01.2012

02.07.2012

02.01.2013

02.07.2013

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

27.09.2013

KB Financial Group Inc Holdings By:

All

Holder Name THE BANK OF NEW YORK NATIONAL PENSION SER FRANKLIN RESOURCES BLACKROCK LAZARD ASSET MANAGEM NORGES BANK DIMENSIONAL FUND ADV VANGUARD GROUP INC JP MORGAN EMPLOYEE STOCK OWNER SAMSUNG INVESTMENT T ORBIS HOLDINGS LIMIT PLATINUM INVESTMENT FMR LLC FIL LIMITED KOREA INVESTMENT TRU KB ASSET MANAGEMENT ING GROEP NV GRANTHAM MAYO VAN OT MIRAE ASSET GLOBAL I

Firm Name

Portfolio Name n/a n/a n/a n/a n/a Multiple Portfolios n/a n/a n/a n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios n/a n/a Multiple Portfolios Multiple Portfolios n/a Multiple Portfolios Multiple Portfolios

Analyst

Korea Investment & Securities LEE JOANNE Hana Daetoo Securities HAN JEONG-TAE Eugene Investment & Securities Co., LtdKIM IN KTB Securities OH JIN-WON Hyundai Securities KOO KYUNG-HWE Barclays MICHELLE CHO Standard Chartered JINSANG KIM HMC Investment Securities Co Ltd LEE CHANG-WOOK Samsung Securities JAEWOO KIM Woori Investment & Securities JASON CHOI HSBC SINYOUNG PARK Shinhan Investment Corp KIM SOO-HYUN SEAN NH Investment & Securities KIM EUN-GAB Deutsche Bank JEE HOON PARK Daewoo Securities TAYE SHIM Macquarie CHAN HWANG Mirae Asset Securities HEATHER KANG E*Trade Securities Korea HA HAKSOO Daishin Securities Co., Ltd. CHOI JUNG-WOOK Tong Yang Investment Bank SUNG BYUNG-SOO Credit Suisse GIL HYUNG KIM Hanwha Securities Co., Ltd KYU-SUN SHIM KIWOOM Securities Co Ltd SEO YOUNG-SOO IBK Securities Co Ltd PARK JIN-HYOENG Morgan Stanley JOON SEOK Shinyoung Securities Co., Ltd. IM IL-SUNG JPMorgan SCOTT YH SEO CIMB DAEHYUN KIM Nomura MICHAEL NA Daiwa Securities Co. Ltd. CHANG-HEE LEE HI Investment Securities YOO SANG-HO Dongbu Securities Co Ltd LEE BYUNG-GUN BNP Paribas Equity Research TEAM COVERAGE EVA Dimensions DOUG WALTERS UBS SCOTT LEE LIG Investment Securities SOHN JOON-BEOM Meritz Securities Co., Ltd JUN JAE-GON Kyobo Securities HWANG SEOK-KYU

Source Co File Co File ULT-AGG ULT-AGG ULT-AGG MF-AGG ULT-AGG ULT-AGG ULT-AGG Co File MF-AGG MF-AGG MF-AGG ULT-AGG ULT-AGG MF-AGG MF-AGG 13G MF-AGG MF-AGG

Recommendation buy buy hold buy buy overweight outperform buy hold buy neutral buy market perform hold buy outperform buy market perform buy buy outperform buy market perform buy Equalwt/In-Line buy overweight outperform buy outperform buy hold hold buy buy buy buy buy

Amt Held 35'026'464 33'158'257 28'273'169 8'640'606 8'313'900 4'483'846 3'991'771 3'728'019 3'381'062 3'179'794 3'124'997 3'093'312 3'044'495 2'617'159 2'299'109 2'114'981 2'048'702 2'002'062 1'920'521 1'711'755

% Out 9.07 8.58 7.32 2.24 2.15 1.16 1.03 0.96 0.88 0.82 0.81 0.8 0.79 0.68 0.6 0.55 0.53 0.52 0.5 0.44

Weighting

Change 5 5 3 5 5 5 5 5 3 5 3 5 3 3 5 5 5 3 5 5 5 5 3 5 3 5 5 5 5 5 5 3 3 5 5 5 5 5

M M M M M N M M M M M M M M M M M M M M M M D M M M M M M M M M M M U M N M

Latest Chg 3'960'786 (275'869) (2'298'636) 674'128 (881'480) (10'787) 38'773 1'753'260 (337'568) (95'797) 623'118

Target Price 48'000 47'000 42'000 44'000 43'000 44'500 44'600 46'500 41'000 48'000 37'000 45'000 #N/A N/A 37'000 50'700 45'000 43'000 36'900 47'000 43'000 42'000 47'800 39'000 45'000 39'000 46'500 44'000 44'000 40'000 40'000 45'000 39'300 38'500 #N/A N/A 42'000 51'000 52'000 57'500

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt Inst Type 31.12.2012 Bank 31.12.2012 Government 22.08.2013 Investment Advisor 25.09.2013 Investment Advisor 31.08.2013 Unclassified 31.12.2012 Government 30.04.2013 Investment Advisor 30.06.2013 Unclassified 31.07.2013 Investment Advisor 31.12.2012 n/a 31.03.2013 Investment Advisor 31.08.2013 Investment Advisor 31.08.2013 Hedge Fund Manager 31.07.2013 Investment Advisor 30.04.2013 Investment Advisor 31.03.2013 Investment Advisor 31.03.2013 Investment Advisor 31.12.2012 Investment Advisor 31.05.2013 Investment Advisor 31.03.2013 Investment Advisor

Date 12 month 12 month 12 month 12 month Not Provided Not Provided 12 month 6 month 12 month 12 month Not Provided 12 month Not Provided 12 month 12 month 12 month 12 month 12 month 12 month 12 month Not Provided 6 month 6 month Not Provided 12 month 12 month 9 month 12 month Not Provided Not Provided 6 month 12 month 12 month Not Provided 12 month 12 month 6 month 6 month

Date 27.09.2013 27.09.2013 24.09.2013 24.09.2013 17.09.2013 16.09.2013 12.09.2013 12.09.2013 05.09.2013 29.08.2013 29.08.2013 23.08.2013 20.08.2013 09.08.2013 08.08.2013 08.08.2013 08.08.2013 05.08.2013 29.07.2013 29.07.2013 29.07.2013 29.07.2013 29.07.2013 29.07.2013 28.07.2013 26.07.2013 26.07.2013 26.07.2013 26.07.2013 17.07.2013 16.07.2013 25.06.2013 07.06.2013 06.06.2013 20.05.2013 18.04.2013 29.10.2012 02.04.2012

27.09.2013

Hyundai Heavy Industries Co Ltd Hyundai Heavy Industries Co., Ltd. builds ships for commercial, and military purposes. The Company manufactures oil tankers, cargo and passenger vessels, and warships. Hyundai Heavy Industries also produces heavy industrial machineries, wind turbines, solar panels, electrical components for engines and power trains, and industrial vehicles, such as cranes and bulldozers.

Price/Volume 300000

.6 M .5 M

150000

Latest Fiscal Year: LTM as of: 52-Week High (27.09.2013) 52-Week Low (26.06.2013) Daily Volume Current Price (9/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 30.06.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance 009540 KS EQUITY YTD Change 009540 KS EQUITY YTD % CHANGE

12/2012 06/yy 271'500.00 172'000.00 400'866.00 270000 -0.55% 56.98% 92.82% 76.0 20'520'000.00 6'542'331.00 0.0 0.0 662'942.85 25'977'741.57

.4 M .3 M

100000

.2 M 50000

.1 M

0 s-12

o-12

n-12

d-12

j-13

f-13 m-13 a-13 m-13

j-13

a-13

Fiscal Year Ended Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

.7 M

200000

Valuation Analysis

31.12.2008 19'957'080.9 0.48x 2'596'964.1 3.66x 2'256'664.8 5.34x

.8 M

250000

31.12.2009 31.12.2010 21'142'196.7 22'408'120.0 0.50x 1.34x 2'666'205.3 4'031'444.7 4.00x 7.43x 2'146'488.8 2'835'399.0 4.86x 9.51x Profitability

LTM-4Q 31.12.2011 25'019'604.0 0.76x 3'116'212.7 6.12x 1'945'941.6 8.09x

LTM

31.12.2012 06/yy 06/yy 25'055'014.3 ######### ######### 0.83x 3.38x 3.02x 1'807'708.9 ######### ######### 11.46x 8.79x 11.58x 1'105'092.3 ######### 955'847.7 13.42x 14.00x 11.77x 1'807'708.90 1'284'649.90 5.13% 5.70% 3.65% 7.39% 6.07% 0.83% 11.2% 7.2% 5.1% 4.4% 1.08 0.61 21.35% 43.07% 4.04 7.78

Price/ Cash Flow

0.93 1.29 39.66 6.36% 11.57% 1.291 39 4.282 322'389 275'477 273'373

FY+1

FY+2

FQ+1

FQ+2

12/13 Y

12/14 Y

09/13 Q3

12/13 Q4

S&P Issuer Ratings

.0 M s-13

11.43 7.81 3.25 3.62 43.1% 30.1% 0.83 3.08 90.63 47.07 110.58 27.11

Sales/Revenue/Turnover

50.00

30'000'000.0

45.00

25'000'000.0

40.00 35.00

20'000'000.0

30.00

15'000'000.0

25.00 20.00

10'000'000.0

15.00 10.00

5'000'000.0

5.00 0.00 02.01.2010

0.0 02.07.2010

02.01.2011

02.07.2011

02.01.2012

02.07.2012

02.01.2013

02.07.2013

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

27.09.2013

Hyundai Heavy Industries Co Ltd Holdings By:

All

Holder Name HYUNDAI HEAVY INDUST MONG-JOON CHUNG HYUNDAI MIPO DOCKYAR NATIONAL PENSION SER KCC CORP EMPLOYEE STOCK OWNER BLACKROCK VANGUARD GROUP INC NORGES BANK SAMSUNG INVESTMENT T JP MORGAN DIMENSIONAL FUND ADV KB ASSET MANAGEMENT FMR LLC ROBECO KYOBO AXA INVESTMENT SCHRODER INVESTMENT MIRAE ASSET GLOBAL I KOREA INVESTMENT TRU CHINA INTERNATIONAL

Firm Name

Portfolio Name n/a n/a n/a n/a n/a n/a n/a n/a Multiple Portfolios Multiple Portfolios n/a n/a Multiple Portfolios n/a n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios

Analyst

Mirae Asset Securities CHUNG WOO CHANG Daishin Securities Co., Ltd. JEON JAE-CHEON KTB Securities LEE KANG-ROK Nomura ANGELA HONG Shinhan Investment Corp KIM HYUN Daiwa Securities Co. Ltd. CHUNG SUNG-YOP KIWOOM Securities Co Ltd CHOI WON-KYUNG Hanwha Securities Co., Ltd DONG-IK JEONG S&P Capital IQ AHMAD HALIM Dongbu Securities Co Ltd KIM HONG-GYUN Tong Yang Investment Bank LEE JAE-WON Shinyoung Securities Co., Ltd. UM KYUNG-A Korea Investment & Securities SUH SUNGMOON JPMorgan LEE SOKJE Hana Daetoo Securities SANG-WOO LEE Deutsche Bank SANJEEV RANA Daewoo Securities SUNG KI-JONG Credit Suisse HENRY KWON E*Trade Securities Korea PARK MOO-HYUN EVA Dimensions TIMOTHY STANISH LIG Investment Securities CHOI GWANG-SHIK CIMB KJ HWANG Macquarie LEE JUWON KB Investment & Securities Co., Ltd LEE SANG-WON BS Securities Co Ltd KWAK MIN-JUNG Morgan Stanley PARK SANG-KYOO BNP Paribas Equity Research JAMES HIE SUK YOON HSBC PAUL CHOI IBK Securities Co Ltd SHIM WON-SUP Kyobo Securities OH SEAN SK Securities Co Ltd LEE JI-HOON NH Investment & Securities LEE YOONSANG HMC Investment Securities Co Ltd DONG-EUN YEOM Meritz Securities Co., Ltd KIM SEUNG CHURL Hyundai Securities LEE SANG-HWA Eugene Investment & Securities Co., LtdMOON-SOO JANG UBS SON YONG-SUK Samsung Securities YOUNGSOO HAN Ji Asia TONY MOYER

Source Co File EXCH EXCH Co File EXCH Co File ULT-AGG ULT-AGG MF-AGG MF-AGG ULT-AGG ULT-AGG MF-AGG ULT-AGG ULT-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG

Recommendation buy buy buy buy buy outperform buy buy buy buy buy buy hold neutral buy buy buy outperform buy sell buy outperform neutral buy hold Overwt/Attractive buy underweight buy buy buy buy buy buy market perform hold restricted buy sell

Amt Held 14'711'560 7'717'769 6'063'000 4'273'118 2'369'393 1'176'066 993'359 505'274 439'295 438'799 310'115 230'755 198'112 182'442 174'198 172'218 170'666 157'591 151'899 147'384

% Out 19.36 10.15 7.98 5.62 3.12 1.55 1.31 0.66 0.58 0.58 0.41 0.3 0.26 0.24 0.23 0.23 0.22 0.21 0.2 0.19

Weighting

Change

5 5 5 5 5 5 5 5 5 5 5 5 3 3 5 5 5 5 5 1 5 5 3 5 3 5 5 1 5 5 5 5 5 5 3 3 #N/A N/A 5 1

M M M U M U M M M M M M M M M U M U M D M M M M M M M M M M M M M M D N M M M

Latest Chg (2'739'670) 7'359 (352'785) (130'401) (201'038) 8'245 8'553 22'836 (223) (3'038) 121'256 26'915 (36'352) 45'800

Target Price 328'000 300'000 320'000 320'000 330'000 300'000 300'000 270'000 299'000 320'000 260'000 260'000 #N/A N/A 250'000 286'000 295'000 260'000 290'000 270'000 #N/A N/A 370'000 264'000 190'000 270'000 220'000 281'000 253'000 160'000 260'000 285'000 250'000 250'000 270'000 265'000 220'000 251'000 #N/A N/A 290'000 209'500

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt 31.12.2012 29.03.2013 29.03.2013 31.12.2012 13.01.2012 31.12.2012 25.09.2013 30.06.2013 31.12.2012 31.03.2013 31.05.2013 30.04.2013 31.03.2013 31.07.2013 30.04.2013 31.03.2013 28.03.2013 31.03.2013 31.03.2013 31.12.2012

Date 12 month 6 month 12 month Not Provided 12 month Not Provided 6 month 6 month 12 month 12 month 12 month 12 month Not Provided 15 month 12 month 12 month 12 month Not Provided 12 month Not Provided 12 month 12 month 12 month 12 month 6 month 12 month 12 month Not Provided Not Provided 6 month 6 month 6 month 6 month 6 month Not Provided 12 month Not Provided 12 month 12 month

Inst Type Corporation n/a Corporation Government Corporation n/a Investment Advisor Unclassified Government Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Unclassified Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor

Date 27.09.2013 26.09.2013 25.09.2013 24.09.2013 23.09.2013 23.09.2013 16.09.2013 12.09.2013 12.09.2013 09.09.2013 09.09.2013 05.09.2013 04.09.2013 04.09.2013 03.09.2013 02.09.2013 27.08.2013 19.08.2013 19.08.2013 13.08.2013 06.08.2013 01.08.2013 26.07.2013 26.07.2013 26.07.2013 25.07.2013 24.07.2013 24.06.2013 06.05.2013 11.04.2013 20.02.2013 08.02.2013 08.02.2013 31.01.2013 09.01.2013 29.10.2012 10.10.2012 24.09.2012 29.11.2011

27.09.2013

SK Telecom Co Ltd SK Telecom Co., Ltd., an affiliate of SK Group, offers telecommunications services and products in South Korea. The Company provides mobile phone services under the brand names Speed 011. In addition, SK Telecom and its subsidiaries offer other wireless services including data, paging, and Internet services.

Price/Volume 250000

.8 M 200000

.6 M .5 M .4 M

100000

Latest Fiscal Year: LTM as of: 52-Week High (14.05.2013) 52-Week Low (27.09.2012) Daily Volume Current Price (9/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 30.06.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance 017670 KS EQUITY YTD Change 017670 KS EQUITY YTD % CHANGE

12/2012 06/yy 230'500.00 144'000.00 149'439.00 215500 -6.51% 49.65% 83.24% 80.7 17'400'700.00 5'383'515.63 0.0 0.0 408'777.49 22'570'799.31

.3 M .2 M

50000

.1 M 0 s-12

o-12

n-12

d-12

j-13

f-13 m-13 a-13 m-13

j-13

a-13

Fiscal Year Ended Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

.7 M

150000

Valuation Analysis

31.12.2008 11'674'662.3 1.61x 4'003'318.3 4.70x 1'277'657.8 11.90x

.9 M

31.12.2009 31.12.2010 12'101'184.4 12'514'520.9 1.32x 1.25x 4'209'418.5 5'059'162.7 3.81x 3.08x 1'288'339.6 1'947'007.9 9.52x 6.41x Profitability

LTM-4Q 31.12.2011 12'551'255.6 0.96x 4'797'997.3 2.52x 1'694'363.1 5.90x

LTM

FY+1

.0 M s-13

4.36 0.31 44.20 58.15% 42.00% 0.311 37 4.730 222'199 167'886 180'090 FY+2

FQ+1

FQ+2

31.12.2012 06/yy 06/yy 12/13 Y 12/14 Y 09/13 Q3 12/13 Q4 12'332'719.4 ######### ######### ######### - ######### ######### 1.27x 4.28x 5.47x 3'510'492.5 ######### ######### 4.44x 3.28x 6.26x 1'242'767.5 ######### ######### ######### ######### 8.55x 7.06x 11.43x 14.67x 22.93x S&P Issuer Ratings 3'510'492.54 Long-Term Rating Date 14.02.2012 1'675'388.35 Long-Term Rating A13.58% Long-Term Outlook STABLE 12.54% Short-Term Rating Date 5.81% Short-Term Rating 10.21% Credit Ratios 8.95% EBITDA/Interest Exp. 11.03 0.58% (EBITDA-Capex)/Interest Exp. 1.97 Net Debt/EBITDA 1.39 - Total Debt/EBITDA 1.53 28.5% Reference 13.6% Total Debt/Equity 43.5% 10.1% Total Debt/Capital 30.3% Asset Turnover 0.58 0.60 Net Fixed Asset Turnover 1.84 0.42 Accounts receivable turnover-days 39.91 24.20% Inventory Days 43.50% Accounts Payable Turnover Day 9.17 Cash Conversion Cycle -

Price/ Cash Flow

Sales/Revenue/Turnover

6.00

14'000'000.0

5.00

12'000'000.0 10'000'000.0

4.00

8'000'000.0 3.00

6'000'000.0

2.00

4'000'000.0

1.00

2'000'000.0

0.00 02.01.2010

0.0 02.07.2010

02.01.2011

02.07.2011

02.01.2012

02.07.2012

02.01.2013

02.07.2013

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

27.09.2013

SK Telecom Co Ltd Holdings By:

All

Holder Name SK HOLDINGS CO LTD CITIBANK ADR SK TELECOM CO LTD NATIONAL PENSION SER TRADEWINDS GLOBAL IN SAMSUNG INVESTMENT T KOREA INVESTMENT TRU ORBIS HOLDINGS LIMIT SEB NORGES BANK GRANTHAM MAYO VAN OT VANGUARD GROUP INC BLACKROCK UBS HANA ASSET MANAG INVESTEC ASSET MANAG ROBECO MIRAE ASSET GLOBAL I PICTET FUNDS BANK OF NEW YORK MEL FMR LLC

Firm Name

Portfolio Name n/a n/a n/a n/a n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios n/a Multiple Portfolios Multiple Portfolios n/a n/a Multiple Portfolios Multiple Portfolios n/a Multiple Portfolios n/a Multiple Portfolios n/a

Analyst

NH Investment & Securities KIM VALENTINE HONG-SIK Shinyoung Securities Co., Ltd. CHOI YUN-MEE KTB Securities SONG JAE-KYOUNG Credit Suisse TAEWON KIM JPMorgan SCOTT YH SEO Barclays SEYON PARK HMC Investment Securities Co Ltd HWANG SUNG-JIN BNP Paribas Equity Research JUSTIN LEE Nomura ERIC CHA Korea Investment & Securities YANG JONG-IN Deutsche Bank JOHN KIM Hyundai Securities MISONG KIM Shinhan Investment Corp SUNG JUNWON Tong Yang Investment Bank CHOI NAM-KON Daewoo Securities JEE-HYUN MOON Dongbu Securities Co Ltd HYUNG-WOON WON Eugene Investment & Securities Co., LtdKIM DENNY EVA Dimensions ANDREW S ZAMFOTIS IBK Securities Co Ltd JANG-WON KIM Hanwha Securities Co., Ltd PARK JONG-SOO New Street Research IAIN JOHNSTON Leading Investment & Securities BO-KEUM SONG Daishin Securities Co., Ltd. KIM HUE-JAE Samsung Securities SEUNGWOO YANG Macquarie EUGENE JUNG KIWOOM Securities Co Ltd AHN JAE-MIN E*Trade Securities Korea KIM JOON-SUP Morgan Stanley SAM MIN UBS JOSH J BAE HSBC NEALE ANDERSON Daiwa Securities Co. Ltd. THOMAS Y KWON Hana Daetoo Securities HWANG SEUNG-TAEK SK Securities Co Ltd YI DONG-SUP CIMB SAMUEL MARTENS Goldman Sachs SEUNG SHIN Kyobo Securities OH SEAN

Source Co File Co File Co File EXCH 20F MF-AGG MF-AGG MF-AGG ULT-AGG MF-AGG MF-AGG ULT-AGG ULT-AGG MF-AGG MF-AGG ULT-AGG MF-AGG ULT-AGG MF-AGG ULT-AGG

Recommendation buy buy buy outperform restricted overweight buy buy buy buy buy buy buy buy buy buy buy overweight buy buy neutral buy buy buy outperform buy buy Overwt/Attractive buy overweight outperform buy buy outperform neutral/neutral buy

Amt Held 20'363'452 19'377'247 11'050'712 4'928'904 3'804'257 705'558 613'256 509'000 371'637 333'956 329'669 307'565 289'945 281'394 254'886 250'272 245'211 239'718 231'345 217'884

% Out 25.22 24 13.69 6.1 4.71 0.87 0.76 0.63 0.46 0.41 0.41 0.38 0.36 0.35 0.32 0.31 0.3 0.3 0.29 0.27

Weighting

Change

5 5 5 5 #N/A N/A 5 5 5 5 5 5 5 5 5 5 5 5 5 5 5 3 5 5 5 5 5 5 5 5 5 5 5 5 5 3 5

M M M M M M M M M M M M M M M M M D M M M M M M M M M M M M M M M M M M

Latest Chg 850'862 31'302 (43'730) 289'216 119'559 (12'911) 15'776 2'014 (9'734) 36'543 (7'193) (5'120) 1'599

Target Price 250'000 280'000 260'000 280'000 #N/A N/A 260'000 270'000 271'000 245'000 255'000 255'000 290'000 275'000 250'000 280'000 255'000 280'000 #N/A N/A 260'000 264'000 220'000 270'000 260'000 270'000 290'000 270'000 261'000 250'000 253'000 274'000 250'000 255'000 240'000 250'000 149'000 207'000

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt 31.12.2012 31.12.2012 31.12.2012 06.02.2013 31.03.2012 31.03.2013 31.03.2013 31.12.2012 31.03.2013 31.12.2012 31.05.2013 30.06.2013 25.09.2013 31.03.2013 31.05.2013 30.04.2013 30.08.2013 31.05.2013 26.09.2013 31.07.2013

Date 6 month 12 month 12 month Not Provided Not Provided Not Provided 6 month 12 month Not Provided 12 month 12 month Not Provided 12 month 12 month 12 month 12 month 12 month Not Provided 12 month 6 month Not Provided 12 month 12 month 12 month 12 month 6 month 12 month 12 month 12 month Not Provided Not Provided 12 month 6 month 12 month 12 month 6 month

Inst Type Corporation n/a Corporation Government Investment Advisor Investment Advisor Investment Advisor Investment Advisor Unclassified Government Investment Advisor Unclassified Investment Advisor Investment Advisor Investment Advisor Unclassified Investment Advisor Investment Advisor Investment Advisor Investment Advisor

Date 25.09.2013 25.09.2013 24.09.2013 23.09.2013 19.09.2013 16.09.2013 13.09.2013 12.09.2013 12.09.2013 11.09.2013 06.09.2013 06.09.2013 03.09.2013 03.09.2013 02.09.2013 02.09.2013 02.09.2013 02.09.2013 26.08.2013 21.08.2013 13.08.2013 05.08.2013 31.07.2013 31.07.2013 31.07.2013 31.07.2013 31.07.2013 30.07.2013 30.07.2013 30.07.2013 30.07.2013 21.07.2013 05.07.2013 21.06.2013 02.05.2012 11.10.2011

27.09.2013

Hana Financial Group Inc Hana Financial Group Inc., in accordance with Financial Holding Companies Act, was established on December 1, 2005, through stock transfer with the former shareholders of its subsidiaries in order to provide management services and financing to associated companies.

Price/Volume 45000

4.0 M

40000

3.5 M

35000

3.0 M

30000

2.5 M

25000

Latest Fiscal Year: LTM as of: 52-Week High (28.01.2013) 52-Week Low (15.11.2012) Daily Volume Current Price (9/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 30.06.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance 086790 KS EQUITY YTD Change 086790 KS EQUITY YTD % CHANGE

12/2012 06/yy 41'550.00 30'100.00 516'852.00 37700 -9.27% 25.25% 67.25% 289.9 10'929'006.00 3'465'063.00 0.0 0.0 60'230.00 14'279'594.14

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

1.5 M

15000 10000

1.0 M

5000

.5 M

0 s-12

31.12.2009 31.12.2010 479'301.0 2'110'865.0 18.34x 435'457.0 2'082'194.0 20.19x 306'290.0 1'926'300.0 22.44x 4.71x Profitability

LTM-4Q 31.12.2011 421'026.0 381'205.0 184'468.0 50.00x

n-12

d-12

LTM

31.12.2012 06/yy 06/yy 27'778.0 114'114.0 157'424.0 423.67x 428.89x 230.03x (26'689.0) 59'779.0 112'254.0 199.53x 0.00x (181'130.0) (104'152.0) (60'866.0) 0.00x 0.00x -26'689.00 -653.63% -1.10% -1.41% -1.12% 0.00% -96.1% -652.1% 21.42% 27.42% -

Price/ Cash Flow

j-13

f-13 m-13 a-13 m-13

j-13

a-13

.0 M s-13

1.19 1.32 263.00 12.18% 9.13% 1.321 41 4.659 848'838 898'524 966'457

FY+1

FY+2

FQ+1

FQ+2

12/13 Y

12/14 Y

09/13 Q3

12/13 Q4

S&P Issuer Ratings

-129.83 27.4% 21.5% 0.00 8.17 -

Sales/Revenue/Turnover

25.00

2'500'000.0

20.00

2'000'000.0

15.00

1'500'000.0

10.00

1'000'000.0

5.00

500'000.0

0.00 02.01.2010

o-12

Fiscal Year Ended 31.12.2008 533'134.0 10.48x 494'083.0 11.31x 483'446.0 8.47x

2.0 M

20000

Valuation Analysis

0.0 02.07.2010

02.01.2011

02.07.2011

02.01.2012

02.07.2012

02.01.2013

02.07.2013

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

27.09.2013

Hana Financial Group Inc Holdings By:

All

Holder Name NATIONAL PENSION SER CAPITAL GROUP COMPAN GS DEJAKOO LLC WELLINGTON MANAGEMEN ALLIANCE BERNSTEIN L FRANKLIN RESOURCES BLACKROCK DIMENSIONAL FUND ADV VANGUARD GROUP INC GRANTHAM MAYO VAN OT NORGES BANK SAMSUNG INVESTMENT T KOREA INVESTMENT TRU FMR LLC ROBECO HANA FINANCIAL GROUP KB ASSET MANAGEMENT EMPLOYEE STOCK OWNER UBS HANA ASSET MANAG FIL LIMITED

Firm Name

Portfolio Name n/a n/a n/a n/a n/a n/a n/a n/a n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios n/a n/a n/a Multiple Portfolios n/a Multiple Portfolios n/a

Analyst

Korea Investment & Securities LEE JOANNE Samsung Securities JAEWOO KIM Credit Suisse GIL HYUNG KIM Eugene Investment & Securities Co., LtdKIM IN KTB Securities OH JIN-WON Nomura MICHAEL NA Barclays MICHELLE CHO Woori Investment & Securities JASON CHOI Standard Chartered JINSANG KIM Hyundai Securities KOO KYUNG-HWE HMC Investment Securities Co Ltd LEE CHANG-WOOK EVA Dimensions DOUG WALTERS Shinyoung Securities Co., Ltd. IM IL-SUNG Daishin Securities Co., Ltd. CHOI JUNG-WOOK KB Investment & Securities Co., Ltd SHIM HYUN-SOO Hanwha Securities Co., Ltd KYU-SUN SHIM HSBC SINYOUNG PARK NH Investment & Securities KIM EUN-GAB Deutsche Bank JEE HOON PARK Mirae Asset Securities HEATHER KANG Leading Investment & Securities BAE JUNG-HYUN Macquarie CHAN HWANG IBK Securities Co Ltd PARK JIN-HYOENG E*Trade Securities Korea HA HAKSOO Daewoo Securities TAYE SHIM Shinhan Investment Corp KIM SOO-HYUN SEAN Tong Yang Investment Bank SUNG BYUNG-SOO Morgan Stanley JOON SEOK CIMB DAEHYUN KIM JPMorgan SCOTT YH SEO LIG Investment Securities SOHN JOON-BEOM HI Investment Securities YOO SANG-HO KIWOOM Securities Co Ltd SEO YOUNG-SOO Dongbu Securities Co Ltd LEE BYUNG-GUN BNP Paribas Equity Research TEAM COVERAGE UBS SCOTT LEE Daiwa Securities Co. Ltd. CHANG-HEE LEE Meritz Securities Co., Ltd JUN JAE-GON Kyobo Securities HWANG SEOK-KYU

Source Co File ULT-AGG EXCH EXCH EXCH ULT-AGG ULT-AGG ULT-AGG ULT-AGG MF-AGG MF-AGG MF-AGG MF-AGG ULT-AGG ULT-AGG Co File MF-AGG Co File MF-AGG ULT-AGG

Recommendation buy buy outperform hold buy buy overweight buy outperform buy buy buy buy buy buy buy overweight market perform buy buy buy outperform buy market perform buy buy buy Overwt/In-Line outperform overweight buy buy market perform buy buy buy buy buy buy

Amt Held 22'732'503 14'740'320 10'844'689 9'774'707 7'229'434 6'407'199 6'384'058 4'673'002 4'088'266 2'854'978 2'528'441 2'507'043 2'349'671 2'343'541 2'170'456 2'020'000 1'700'528 1'697'504 1'483'154 1'337'546

% Out 7.84 5.08 3.74 3.37 2.49 2.21 2.2 1.61 1.41 0.98 0.87 0.86 0.81 0.81 0.75 0.7 0.59 0.59 0.51 0.46

Weighting

Change 5 5 5 3 5 5 5 5 5 5 5 5 5 5 5 5 5 3 5 5 5 5 5 3 5 5 5 5 5 5 5 5 3 5 5 5 5 5 5

M M M M M M N M M M M U M M M M M M M M M M M M M M M M M M M M M M M M M N M

Latest Chg (452'960) (7'500'000) (2'663'766) (5'793'825) 1'631'077 91'160 280'144 (1'408'755) 118'032 553'527 224'286 24'304 (579'673) (218'840) 1'324'067

Target Price 45'000 47'000 47'000 42'000 49'000 55'000 50'700 45'000 45'200 45'000 52'000 #N/A N/A 49'500 49'000 55'000 49'500 45'000 #N/A N/A 43'000 49'500 51'000 44'000 47'000 37'400 52'000 45'000 44'000 43'000 44'000 42'000 53'000 47'000 35'000 47'800 44'700 53'000 50'000 44'000 48'000

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt 31.12.2011 17.09.2013 21.04.2011 12.12.2011 31.08.2011 30.06.2013 25.09.2013 30.04.2013 30.06.2013 31.05.2013 31.12.2012 31.03.2013 31.03.2013 31.07.2013 30.04.2013 31.12.2011 31.03.2013 31.12.2011 31.03.2013 30.04.2013

Date 12 month 12 month Not Provided 12 month 12 month Not Provided Not Provided 12 month 12 month Not Provided 6 month Not Provided 12 month 12 month 12 month 6 month Not Provided Not Provided 12 month 12 month 12 month 12 month 12 month 12 month 12 month 12 month 12 month 12 month 12 month 6 month 12 month 6 month 6 month 12 month 12 month 12 month Not Provided 6 month 6 month

Inst Type Government Investment Advisor n/a Investment Advisor Other Investment Advisor Investment Advisor Investment Advisor Unclassified Investment Advisor Government Investment Advisor Investment Advisor Investment Advisor Unclassified Corporation Investment Advisor n/a Investment Advisor Investment Advisor

Date 27.09.2013 27.09.2013 25.09.2013 24.09.2013 24.09.2013 22.09.2013 16.09.2013 13.09.2013 12.09.2013 12.09.2013 12.09.2013 10.09.2013 09.09.2013 03.09.2013 03.09.2013 30.08.2013 29.08.2013 20.08.2013 09.08.2013 08.08.2013 05.08.2013 30.07.2013 26.07.2013 24.07.2013 22.07.2013 22.07.2013 22.07.2013 21.07.2013 21.07.2013 19.07.2013 17.07.2013 16.07.2013 11.07.2013 25.06.2013 07.06.2013 26.04.2013 12.04.2013 22.10.2012 02.12.2011

27.09.2013

SK Innovation Co Ltd SK Innovation Co., Ltd. refines, markets, and distributes oil. The Company produces a variety of petroleum products, such as gasoline, kerosene, liquefied petroleumgas (LPG), and diesel oil. SK Energy also manufactures petrochemical p roducts, including paraxylene, synthetic resins, styrene monomer, and ethylene.

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (03.01.2013) 52-Week Low (21.06.2013) Daily Volume Current Price (9/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 30.06.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance 096770 KS EQUITY YTD Change 096770 KS EQUITY YTD % CHANGE

Price/Volume

12/2012 06/yy 183'500.00 127'000.00 263'956.00 148500 -19.07% 16.93% 37.17% 92.5 13'731'136.00 1'253'140.01 0.0 834'365.71 13'617'029.78

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

o-12

n-12 d-12

j-13

f-13 m-13 a-13 m-13

j-13

a-13

31.12.2009 31.12.2010 35'827'543.8 43'863'585.0 0.46x 0.57x 1'521'006.6 2'231'677.0 10.74x 11.24x 679'761.8 881'923.6 16.07x 20.46x Profitability

LTM-4Q 31.12.2011 1'526'207.0 8.48x 623'643.0 20.76x 1'703'394.4 7.77x

LTM

31.12.2012 06/yy 06/yy 2'349'805.0 ######### ######### 6.99x 23.38x 38.36x 1'384'305.0 ######### 556'783.0 11.86x 9.22x 22.17x 953'729.5 ######### 268'286.8 17.00x 5.58x 47.08x 1'384'305.00 1'217'522.00 51.81% 50.66% 6.32% 7.29% 6.95% 0.16% 66.3% 58.9% 51.8% 40.6% 3.11 1.49 8.19% 9.46% 15.78 16.59

Price/ Cash Flow

1.0 M .9 M .8 M .7 M .6 M .5 M .4 M .3 M .2 M .1 M .0 M s-13

Market Data

Dividend Yield Beta Equity Float Short Int 1 Yr Total Return YTD Return Adjusted BETA Analyst Recs Consensus Rating Average Daily Trading Volume Average Volume 5 Day - Average Volume 30 Day - Average Volume 3 Month

Fiscal Year Ended 31.12.2008 45'737'325.8 0.29x 2'434'368.4 5.37x 888'084.9 7.80x

200000 180000 160000 140000 120000 100000 80000 60000 40000 20000 0 s-12

2.15 1.28 52.08 -10.24% -14.66% 1.276 40 4.750 390'036 401'280 328'922

FY+1

FY+2

FQ+1

FQ+2

12/13 Y

12/14 Y

09/13 Q3

12/13 Q4 305'600.0 -

11.71x 8.12x S&P Issuer Ratings

12.03.2008 BBB STABLE 21.14 15.48 0.30 0.91 9.5% 8.6% 0.16 1.74 23.19 22.06 2.48 42.77

Sales/Revenue/Turnover

140.00

50'000'000.0 45'000'000.0

120.00

40'000'000.0

100.00

35'000'000.0 30'000'000.0

80.00

25'000'000.0 20'000'000.0

60.00

15'000'000.0

40.00

10'000'000.0 20.00 0.00 02.01.2010

5'000'000.0 0.0 02.07.2010

02.01.2011

02.07.2011

02.01.2012

02.07.2012

02.01.2013

02.07.2013

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

27.09.2013

SK Innovation Co Ltd Holdings By:

All

Holder Name SK HOLDINGS CO LTD FRANKLIN RESOURCES NATIONAL PENSION SER BLACKROCK JX HOLDINGS INC VANGUARD GROUP INC NORGES BANK DIMENSIONAL FUND ADV KOREA INVESTMENT TRU SAMSUNG INVESTMENT T GRANTHAM MAYO VAN OT MIRAE ASSET GLOBAL I SK ENERGY CO LTD MAPS INVESTMENT MANA UBS HANA ASSET MANAG KB ASSET MANAGEMENT SCHRODER INVESTMENT KYOBO AXA INVESTMENT SHINHAN BNP PARIBAS JP MORGAN

Firm Name

Portfolio Name n/a n/a n/a n/a n/a n/a Multiple Portfolios n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios n/a

Analyst

KTB Securities YOO YOUNG KOOK Daewoo Securities PARK YEON-JU E*Trade Securities Korea SEUNG-JAE HAN Tong Yang Investment Bank HWANG KYU-WON Credit Suisse CHO A-HYUNG KB Investment & Securities Co., Ltd PARK JAE-CHUL Hyundai Securities BAEK YOUNG-CHAN Samsung Securities SEUNGWOO KIM Shinyoung Securities Co., Ltd. OH JUNG-IL CIMB PETER K LEE Hana Daetoo Securities WON YONG-JIN Daishin Securities Co., Ltd. JAE-SUNG YOON Shinhan Investment Corp LEE EUNG-JU Standard Chartered DUKE SUTTIKULPANICH Morgan Stanley KYLE KIM UBS JOHN CHUNG BNP Paribas Equity Research POR YONG LIANG Deutsche Bank SHAWN PARK JPMorgan SAMUEL SW LEE HMC Investment Securities Co Ltd HYUNG-WOOK KIM EVA Dimensions DOUG WALTERS Woori Investment & Securities KIM SUN-WOO NH Investment & Securities CHOI JI-HWAN Eugene Investment & Securities Co., LtdKWAK JIN-HEE Hanwha Securities Co., Ltd LEE DA-SOL HI Investment Securities LEE HEE-CHEOL Kyobo Securities YOUNG-JOO SON KIWOOM Securities Co Ltd KYUNG-HYUK MIN Mirae Asset Securities YOUNG-BAE KWON Mizuho Securities ANDREW S F CHAN Nomura CINDY PARK Macquarie BRANDON I LEE IBK Securities Co Ltd CHOONG-JAE LEE BS Securities Co Ltd SEOG-WON CHOI Korea Investment & Securities PARK KIYONG LIG Investment Securities PARK YOUNG-HOON HSBC DENNIS HYUNCHUL YOO Taurus Investment Securities Co Ltd JAESUNG YOON

Source EXCH ULT-AGG Co File ULT-AGG Co File ULT-AGG MF-AGG ULT-AGG MF-AGG MF-AGG MF-AGG MF-AGG Co File MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG ULT-AGG

Recommendation buy buy buy buy outperform buy buy buy buy outperform buy buy buy in-line Overwt/Cautious buy buy buy overweight buy buy buy buy buy buy buy strong buy buy buy neutral buy neutral buy buy buy buy underweight buy

Amt Held 30'883'788 10'523'584 7'946'224 1'454'428 913'642 809'603 727'500 727'477 683'679 651'172 579'416 521'638 521'165 494'347 445'635 385'659 360'468 278'133 242'990 188'687

% Out 33.4 11.38 8.59 1.57 0.99 0.88 0.79 0.79 0.74 0.7 0.63 0.56 0.56 0.53 0.48 0.42 0.39 0.3 0.26 0.2

Weighting

Change 5 5 5 5 5 5 5 5 5 5 5 5 5 3 5 5 5 5 5 5 5 5 5 5 5 5 5 5 5 3 5 3 5 5 5 5 1 5

M M M M M M M M M M M M M M U M M M M M U M M M M M M M M M M M M M M M M M

Latest Chg (1'015'822) 11'100 (479'257) 23'764 (16'967) (56'886) 212'280 259'575 (30'992) 43'831 (73'069) 1'724 (6'265) 88'683

Target Price 210'000 220'000 200'000 220'000 206'000 195'000 200'000 180'000 210'000 194'000 215'000 210'000 200'000 121'000 170'000 175'000 185'000 190'000 180'000 190'000 #N/A N/A 180'000 180'000 170'000 210'000 190'000 184'000 200'000 180'000 159'000 220'000 150'000 165'000 230'000 180'000 170'000 140'000 220'000

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt 19.04.2013 16.09.2013 31.12.2012 25.09.2013 31.03.2013 30.06.2013 31.12.2012 30.04.2013 31.03.2013 31.03.2013 31.05.2013 31.03.2013 31.12.2012 31.03.2013 31.03.2013 31.03.2013 30.06.2013 31.03.2013 31.03.2013 31.07.2013

Date 12 month 12 month 12 month 12 month Not Provided 12 month Not Provided 12 month 12 month 12 month 12 month 12 month 12 month 12 month 12 month 12 month 12 month 12 month 3 month 6 month Not Provided 12 month 6 month 12 month 6 month 6 month 6 month 6 month 12 month 12 month Not Provided 12 month 12 month 6 month 12 month 12 month Not Provided 6 month

Inst Type Corporation Investment Advisor Government Investment Advisor Corporation Unclassified Government Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Corporation Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor

Date 26.09.2013 25.09.2013 25.09.2013 24.09.2013 24.09.2013 24.09.2013 23.09.2013 16.09.2013 13.09.2013 12.09.2013 12.09.2013 09.09.2013 05.09.2013 04.09.2013 03.09.2013 03.09.2013 03.09.2013 28.08.2013 28.08.2013 23.08.2013 20.08.2013 02.08.2013 29.07.2013 29.07.2013 29.07.2013 29.07.2013 29.07.2013 29.07.2013 29.07.2013 26.07.2013 26.07.2013 11.07.2013 01.07.2013 10.06.2013 29.04.2013 29.04.2013 26.04.2013 25.03.2013

27.09.2013

Samsung Life Insurance Co Ltd Samsung Life Insurance Co., Ltd. offers a wide range of individual life insurance and annuity products and services.

Price/Volume 120000

4.5 M 4.0 M

100000

3.5 M

80000

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (28.01.2013) 52-Week Low (09.11.2012) Daily Volume Current Price (9/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 30.06.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance 032830 KS EQUITY YTD Change 032830 KS EQUITY YTD % CHANGE

03/2013 06/yy 110'000.00 91'100.00 179'813.00 102500 -6.82% 12.51% 65.61% 200.0 20'500'000.00 0.00 0.0 0.0 2'236'996.00 19'002'340.00

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

2.5 M 2.0 M

40000

1.5 M 1.0 M

20000

.5 M

0 s-12

o-12

n-12 d-12

j-13

f-13 m-13 a-13 m-13

j-13

a-13

Fiscal Year Ended 31.03.2009 22'035'766.0 113'027.0 -

3.0 M

60000

31.03.2010 31.03.2011 24'084'887.0 22'542'065.0 0.87x 906'095.0 2'257'598.0 9.12x Profitability

LTM-4Q 31.03.2012 21'331'833.0 0.84x 932'781.0 21.05x

LTM

FY+1

1.46 0.61 87.26 8.09% 10.26% 0.611 32 4.500 205'834 339'808 250'549 FY+2

FQ+1

FQ+2

31.03.2013 06/yy 06/yy 03/14 Y 03/15 Y 09/13 Q2 12/13 Q3 29'042'420.0 ######### ######### ######### ######### ######### ######### 0.62x 3.02x 2.29x 0.0 0.0 0.00x 0.00x 935'402.0 839'614.0 947'999.0 986'808.5 ######### 245'625.2 236'035.8 21.74x 21.84x 22.09x 20.17x 17.61x S&P Issuer Ratings - Long-Term Rating Date - Long-Term Rating 3.16% Long-Term Outlook 4.06% Short-Term Rating Date 0.54% Short-Term Rating 4.79% Credit Ratios 4.93% EBITDA/Interest Exp. 0.17% (EBITDA-Capex)/Interest Exp. Net Debt/EBITDA - Total Debt/EBITDA - Reference - Total Debt/Equity 3.2% Total Debt/Capital Asset Turnover - Net Fixed Asset Turnover - Accounts receivable turnover-days 0.00% Inventory Days 0.00% Accounts Payable Turnover Day - Cash Conversion Cycle -

Price/ Cash Flow

.0 M s-13

0.0% 0.0% 0.17 -

Sales/Revenue/Turnover

20.00

35'000'000.0

18.00

30'000'000.0

16.00 14.00

25'000'000.0

12.00

20'000'000.0

10.00

15'000'000.0

8.00

10'000'000.0

6.00 4.00

5'000'000.0

2.00 0.00 03.04.2010

0.0 03.10.2010

03.04.2011

03.10.2011

03.04.2012

03.10.2012

03.04.2013

2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

27.09.2013

Samsung Life Insurance Co Ltd Holdings By:

All

Holder Name KUN HEE LEE SAMSUNG EVERLAND INC E-MART CO LTD CJ CORP EMPLOYEE STOCK OWNER SAMSUNG LIFE INSURAN KOREA INVESTMENT TRU SAMSUNG INVESTMENT T BLACKROCK COMGEST S A VANGUARD GROUP INC COMGEST GROWTH PLC NORGES BANK MONTGOMERY ASSET MAN MACQUARIE GROUP KYOBO AXA INVESTMENT DIMENSIONAL FUND ADV GOLDMAN SACHS GROUP MIRAE ASSET GLOBAL I UBS HANA ASSET MANAG

Firm Name

Portfolio Name n/a n/a n/a n/a n/a n/a Multiple Portfolios Multiple Portfolios n/a Multiple Portfolios n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios n/a Multiple Portfolios n/a n/a Multiple Portfolios Multiple Portfolios

Analyst

KB Investment & Securities Co., Ltd YOO SEUNG-CHANG Samsung Securities SEAN CHANG Deutsche Bank JEE HOON PARK Korea Investment & Securities LEE CHUL-HO Hanwha Securities Co., Ltd YOON TAE-HO EVA Dimensions DOUG WALTERS Dongbu Securities Co Ltd LEE BYUNG-GUN Woori Investment & Securities STEPHANIE HAN KTB Securities CHO SOUNG KYUNG Daewoo Securities JEONG GIL-WON Daishin Securities Co., Ltd. KANG SEUNG-GUN NH Investment & Securities KIM TAE-HYUN Eugene Investment & Securities Co., LtdSEO BO-ICK Shinhan Investment Corp SONG IN-CHAN Nomura MICHAEL NA Hana Daetoo Securities SHIN SEUNG-HYUN JPMorgan MW KIM Morgan Stanley SARA LEE Macquarie CJ YUN BS Securities Co Ltd SUNG YOUNG-HOON Hyundai Securities RHEE TAE-KYUNG HSBC JAMES GARNER BNP Paribas Equity Research TEAM COVERAGE Standard Chartered JUSTIN KIM E*Trade Securities Korea LEE CHI-YOUNG CIMB DAEHYUN KIM Sanford C. Bernstein & Co LINDA SUN-MATTISON Kyobo Securities KIM JI-YOUNG UBS SCOTT LEE Shinyoung Securities Co., Ltd. PARK EUN-JOON

Source Co File Co File Co File EXCH Co File Co File MF-AGG MF-AGG ULT-AGG MF-AGG ULT-AGG MF-AGG MF-AGG MF-AGG ULT-AGG MF-AGG ULT-AGG ULT-AGG MF-AGG MF-AGG

Recommendation buy buy buy buy buy sell buy buy buy buy market perform buy hold buy buy buy overweight Overwt/Attractive outperform buy buy overweight buy outperform market perform outperform underperform buy buy buy

Amt Held 41'519'180 38'688'000 14'762'667 10'985'850 6'435'008 5'925'221 2'673'133 2'134'074 1'587'060 1'414'566 1'084'823 821'696 776'156 459'337 389'325 339'816 320'648 285'302 282'723 164'981

% Out 20.76 19.34 7.38 5.49 3.22 2.96 1.34 1.07 0.79 0.71 0.54 0.41 0.39 0.23 0.19 0.17 0.16 0.14 0.14 0.08

Weighting

Change 5 5 5 5 5 1 5 5 5 5 3 5 3 5 5 5 5 5 5 5 5 5 5 5 3 5 1 5 5 5

M M M M M D M M M M M M M M M M M M M M M M M M M M N M M M

Latest Chg (210'604) 84'154 13'659 1'414'566 (509'354) (7'797) 12'742 76'824 47'236 100'645

Target Price 125'000 140'000 126'000 120'000 132'000 #N/A N/A 135'000 132'000 125'000 125'000 110'000 128'000 110'000 132'000 128'000 124'700 145'000 127'000 132'000 118'000 125'000 130'000 128'000 153'000 120'000 131'000 85'000 125'000 144'000 110'000

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt 31.03.2013 31.03.2013 31.03.2013 06.09.2011 31.03.2013 31.03.2013 31.03.2013 31.03.2013 25.09.2013 28.06.2013 30.06.2013 31.05.2013 31.12.2012 31.07.2013 31.07.2013 31.03.2013 30.04.2013 30.06.2013 31.03.2013 31.03.2013

Date 12 month 12 month 12 month 12 month 6 month Not Provided 12 month 12 month 12 month 12 month 6 month 6 month 12 month 12 month Not Provided 12 month 9 month 12 month 12 month Not Provided Not Provided Not Provided 12 month 12 month 12 month 12 month 12 month 6 month 12 month 12 month

Inst Type n/a Corporation Corporation Corporation n/a Insurance Company Investment Advisor Investment Advisor Investment Advisor Unclassified Unclassified Investment Advisor Government Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor

Date 23.09.2013 13.09.2013 12.09.2013 03.09.2013 02.09.2013 29.08.2013 28.08.2013 28.08.2013 27.08.2013 12.08.2013 12.08.2013 12.08.2013 12.08.2013 12.08.2013 12.08.2013 11.08.2013 10.08.2013 09.08.2013 29.07.2013 22.07.2013 17.07.2013 10.07.2013 10.07.2013 06.06.2013 20.05.2013 17.05.2013 07.05.2013 15.02.2013 07.02.2013 23.04.2012

27.09.2013

Korea Electric Power Corp Korea Electric Power Corporation (KEPCO) generates, transmits, and distributes electricity to South Korea for a variety of uses. The Company also builds and operates hydro-power, thermal-power, and nuclear power units in South Korea.

Price/Volume 40000

35.0 M

35000

30.0 M

30000

25.0 M

25000

Latest Fiscal Year: LTM as of: 52-Week High (28.01.2013) 52-Week Low (25.06.2013) Daily Volume Current Price (9/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 30.06.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance 015760 KS EQUITY YTD Change 015760 KS EQUITY YTD % CHANGE

12/2012 06/yy 35'400.00 24'500.00 817'579.00 30050 -15.11% 22.65% 47.71% 642.0 19'291'020.00 35'253'488.00 0.0 0.0 446'151.00 56'012'485.51

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

15.0 M

15000 10000

10.0 M

5000

5.0 M

0 s-12

o-12

n-12 d-12

j-13

f-13 m-13 a-13 m-13

j-13

a-13

Fiscal Year Ended 31.12.2008 31'522'382.5 1.18x (1'704'903.9) (2'952'468.4) -

20.0 M

20000

Valuation Analysis

31.12.2009 31.12.2010 33'685'713.5 39'291'282.0 1.28x 1.17x 1'448'864.2 623'137.0 29.77x 74.05x (77'712.7) (1'478'227.0) Profitability

LTM-4Q 31.12.2011 43'214'858.0 1.08x (1'033'075.0) (3'514'130.0) -

LTM

FY+1

.0 M s-13

0.00 0.46 286.24 8.09% -1.31% 0.463 29 4.793 1'260'434 1'343'645 1'342'573 FY+2

FQ+1

FQ+2

31.12.2012 06/yy 06/yy 12/13 Y 12/14 Y 09/13 Q3 12/13 Q4 49'334'873.0 ######### ######### 1.09x 3.99x 4.24x (130'724.0) ######### ######### 0.00x 21.15x (3'226'597.0) ######### ######### ######### - ######### 0.00x 0.00x S&P Issuer Ratings -130'724.00 Long-Term Rating Date 17.09.2012 -2'692'852.00 Long-Term Rating A+ -5.46% Long-Term Outlook STABLE -9.35% Short-Term Rating Date 27.07.2005 -3.38% Short-Term Rating A-1 -7.53% Credit Ratios - EBITDA/Interest Exp. -0.07 0.52% (EBITDA-Capex)/Interest Exp. -2.55 Net Debt/EBITDA -2.9% Total Debt/EBITDA -269.68 -0.3% Reference -5.5% Total Debt/Equity 85.4% -6.5% Total Debt/Capital 46.1% Asset Turnover 0.52 0.50 Net Fixed Asset Turnover 0.90 0.48 Accounts receivable turnover-days 46.35 36.63% Inventory Days 0.49 85.42% Accounts Payable Turnover Day 27.30 7.90 Cash Conversion Cycle 19.55 742.80

Price/ Cash Flow

Sales/Revenue/Turnover

160.00

60'000'000.0

140.00

50'000'000.0

120.00

40'000'000.0

100.00 80.00

30'000'000.0

60.00

20'000'000.0

40.00

10'000'000.0 20.00 0.00 02.01.2010

0.0 02.07.2010

02.01.2011

02.07.2011

02.01.2012

02.07.2012

02.01.2013

02.07.2013

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

27.09.2013

Korea Electric Power Corp Holdings By:

All

Holder Name KOREA FINANCE CORPOR REPUBLIC OF KOREA JP MORGAN KOREA ELECTRIC POWER ORBIS HOLDINGS LIMIT KR&C SAMSUNG INVESTMENT T MIRAE ASSET GLOBAL I MAPS INVESTMENT MANA BLACKROCK KOREA INVESTMENT TRU NORGES BANK VANGUARD GROUP INC UBS HANA ASSET MANAG FMR LLC SHIN YOUNG INVESTMEN KYOBO AXA INVESTMENT BANK OF NEW YORK MEL TRUSTON ASSET MANAGE FIL LIMITED

Firm Name

Portfolio Name n/a n/a n/a n/a Multiple Portfolios n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios n/a Multiple Portfolios Multiple Portfolios n/a Multiple Portfolios n/a n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios n/a

Analyst

KIWOOM Securities Co Ltd KIM SANG-KU KTB Securities SHIN JI-YOON Eugene Investment & Securities Co., LtdJOO ICK-CHAN Shinyoung Securities Co., Ltd. CHANG-SUK HWANG Shinhan Investment Corp MINHO HUR Deutsche Bank HAN SANG-HI Samsung Securities SUJIN BUM KB Investment & Securities Co., Ltd CHOI WON-YEOL Dongbu Securities Co Ltd YOO DEOK-SANG Daewoo Securities RYU JE-HYUN JAY Korea Investment & Securities YUN HEE-DO Nomura CINDY PARK Daishin Securities Co., Ltd. YANG JI-HWAN S&P Capital IQ HOOI TOW CHEW Mirae Asset Securities LEE HAK-MOO Morgan Stanley YOUNG SUK SHIN Credit Suisse CHO A-HYUNG Daiwa Securities Co. Ltd. MIKE OH UBS JOSH J BAE EVA Dimensions DOUG WALTERS IBK Securities Co Ltd CHOONG-JAE LEE Goldman Sachs SEUNG SHIN Woori Investment & Securities LEE CHANG-MOK Hyundai Securities KIM DAE-SUNG LIG Investment Securities JOO HAE-MEE JPMorgan SCOTT YH SEO Macquarie EUGENE JUNG Meritz Securities Co., Ltd KIM SEUNG CHURL

Source Co File Co File ULT-AGG Co File MF-AGG EXCH MF-AGG MF-AGG MF-AGG ULT-AGG MF-AGG MF-AGG ULT-AGG MF-AGG ULT-AGG ULT-AGG MF-AGG MF-AGG MF-AGG ULT-AGG

Recommendation buy buy buy buy buy buy buy buy buy buy buy suspended coverage buy buy buy Overwt/In-Line outperform outperform buy hold buy neutral/cautious buy buy buy suspended coverage neutral buy

Amt Held 192'159'940 135'917'118 39'641'050 18'929'995 8'940'855 8'710'933 7'300'776 7'263'776 7'087'508 6'393'105 3'348'420 2'202'198 2'027'370 1'957'852 1'823'167 1'588'527 1'186'214 1'043'210 1'040'110 828'194

% Out 29.93 21.17 6.17 2.95 1.39 1.36 1.14 1.13 1.1 1 0.52 0.34 0.32 0.3 0.28 0.25 0.18 0.16 0.16 0.13

Weighting

Change

5 5 5 5 5 5 5 5 5 5 5 #N/A N/A 5 5 5 5 5 5 5 3 5 3 5 5 5 #N/A N/A 3 5

M M M M M M M M M M M M M M M M M M M M M M M M M M M N

Latest Chg (23'500'000) 1'169'162 (1'300'440) (1'618'210) 46'550 (594'220) (59'286) 825'770 (171'103) 232'221 51'830 11'000 206'060 298'329

Target Price 42'000 34'000 35'000 35'000 40'000 41'300 41'000 40'000 40'000 39'000 35'000 #N/A N/A 40'000 34'000 34'000 36'000 40'000 31'000 40'000 #N/A N/A 40'000 29'000 43'000 40'000 36'000 #N/A N/A 30'000 41'500

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.08.2013 08.01.2013 31.03.2013 31.03.2013 31.03.2013 25.09.2013 31.03.2013 31.12.2012 30.06.2013 31.03.2013 31.07.2013 31.03.2013 31.03.2013 31.07.2013 31.03.2013 30.04.2013

Date 6 month 12 month 12 month 12 month 12 month 12 month 12 month 12 month 12 month 12 month 12 month Not Provided 12 month 12 month 12 month 12 month Not Provided Not Provided 12 month Not Provided 12 month 12 month 12 month 12 month 12 month Not Provided 12 month 6 month

Inst Type Government Government Investment Advisor Government Investment Advisor Corporation Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Government Unclassified Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor

Date 27.09.2013 24.09.2013 23.09.2013 23.09.2013 17.09.2013 16.09.2013 06.09.2013 05.09.2013 02.09.2013 29.08.2013 23.08.2013 16.08.2013 12.08.2013 12.08.2013 12.08.2013 11.08.2013 09.08.2013 07.08.2013 03.07.2013 06.06.2013 27.05.2013 26.05.2013 20.05.2013 13.05.2013 13.05.2013 08.05.2013 15.03.2013 10.01.2013

27.09.2013

Samsung Fire & Marine Insurance Co Ltd Samsung Fire & Marine Insurance Co., Ltd. offers non-life insurance services such as auto, fire, marine, casualty, health, leisure, and retirement. The Company offers services to the domestic and overseas clients through a network of branches and outlets.

Price/Volume 300000

.4 M .4 M

250000

.3 M 200000

Latest Fiscal Year: LTM as of: 52-Week High (04.09.2013) 52-Week Low (09.04.2013) Daily Volume Current Price (9/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 30.06.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance 000810 KS EQUITY YTD Change 000810 KS EQUITY YTD % CHANGE

03/2013 06/yy 257'000.00 204'500.00 51'195.00 246500 -4.09% 20.54% 80.00% 47.4 11'677'897.00 0.00 1'671.0 0.0 924'759.96 11'095'913.32

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

.2 M .2 M

100000

.1 M 50000

.1 M

0 s-12

31.03.2010 31.03.2011 11'864'682.6 7'325'197.4 0.66x 1.40x 524'510.2 676'406.0 15.35x 15.91x Profitability

LTM-4Q 31.03.2012 7'686'272.0 784'528.7 12.10x

n-12

d-12

j-13

f-13 m-13 a-13 m-13

j-13

a-13

LTM

FY+1

.0 M s-13

1.52 0.63 37.51 8.32% 15.02% 0.631 35 4.600 95'715 89'119 86'403 FY+2

FQ+1

FQ+2

31.03.2013 06/yy 06/yy 03/14 Y 03/15 Y 09/13 Q2 12/13 Q3 14'004'635.8 ######### ######### ######### ######### ######### ######### 0.59x 2.35x 2.15x 0.0 0.0 0.00x 0.00x 760'483.6 763'212.3 698'108.6 734'860.3 919'059.4 193'900.1 193'825.1 12.46x 13.09x 14.41x 14.62x 12.02x 13.49x 12.96x S&P Issuer Ratings - Long-Term Rating Date - Long-Term Rating 6.75% Long-Term Outlook 7.04% Short-Term Rating Date 1.80% Short-Term Rating 9.03% Credit Ratios - EBITDA/Interest Exp. 0.33% (EBITDA-Capex)/Interest Exp. Net Debt/EBITDA - Total Debt/EBITDA - Reference - Total Debt/Equity 5.4% Total Debt/Capital Asset Turnover - Net Fixed Asset Turnover - Accounts receivable turnover-days 0.00% Inventory Days 0.00% Accounts Payable Turnover Day - Cash Conversion Cycle -

Price/ Cash Flow

AASTABLE 0.0% 0.0% 0.33 -

Sales/Revenue/Turnover

4.50

16'000'000.0

4.00

14'000'000.0

3.50

12'000'000.0

3.00

10'000'000.0

2.50

8'000'000.0

2.00

6'000'000.0

1.50

4'000'000.0

1.00

2'000'000.0

0.50 0.00 03.04.2010

o-12

Fiscal Year Ended 31.03.2009 10'359'007.8 0.67x 598'707.9 11.82x

.3 M

150000

Valuation Analysis

0.0 03.10.2010

03.04.2011

03.10.2011

03.04.2012

03.10.2012

03.04.2013

2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

27.09.2013

Samsung Fire & Marine Insurance Co Ltd Holdings By:

All

Holder Name COMMONWEALTH BANK OF SAMSUNG FIRE & MARIN SAMSUNG LIFE INSURAN NATIONAL PENSION SER GENESIS ASSET MANAGE KOREA INVESTMENT TRU TOKIO MARINE & NICHI SAMSUNG INVESTMENT T BLACKROCK VANGUARD GROUP INC ORBIS HOLDINGS LIMIT NORGES BANK JP MORGAN MIRAE ASSET GLOBAL I ST JAMES' PLACE UNIT SCHRODER INVESTMENT FIL LIMITED UBS HANA ASSET MANAG KB ASSET MANAGEMENT FIRST STATE INVESTME

Firm Name

Portfolio Name n/a n/a n/a n/a n/a Multiple Portfolios n/a Multiple Portfolios n/a n/a Multiple Portfolios Multiple Portfolios n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios

Analyst

KB Investment & Securities Co., Ltd YOO SEUNG-CHANG HSBC SINYOUNG PARK Daewoo Securities JEONG GIL-WON NH Investment & Securities KIM TAE-HYUN Meritz Securities Co., Ltd JAE-MIN YOON Samsung Securities SEAN CHANG Eugene Investment & Securities Co., LtdSEO BO-ICK Tong Yang Investment Bank WON JAE-WOONG Woori Investment & Securities STEPHANIE HAN Hanwha Securities Co., Ltd YOON TAE-HO Deutsche Bank JEE HOON PARK Credit Suisse GIL HYUNG KIM Nomura MICHAEL NA Korea Investment & Securities LEE CHUL-HO Daishin Securities Co., Ltd. KANG SEUNG-GUN Hana Daetoo Securities SHIN SEUNG-HYUN Dongbu Securities Co Ltd LEE BYUNG-GUN KTB Securities CHO SOUNG KYUNG Shinhan Investment Corp SONG IN-CHAN EVA Dimensions DOUG WALTERS Macquarie CJ YUN UBS SCOTT LEE Morgan Stanley SARA LEE JPMorgan MW KIM BS Securities Co Ltd SUNG YOUNG-HOON Hyundai Securities RHEE TAE-KYUNG Daiwa Securities Co. Ltd. CHANG-HEE LEE Standard Chartered JUSTIN KIM E*Trade Securities Korea LEE CHI-YOUNG Sanford C. Bernstein & Co LINDA SUN-MATTISON KIWOOM Securities Co Ltd KYUNG-HEE CHA Kyobo Securities KIM JI-YOUNG Shinyoung Securities Co., Ltd. PARK EUN-JOON IBK Securities Co Ltd HAN-SANG LEE

Source ULT-AGG Co File Co File Co File EXCH MF-AGG Co File MF-AGG ULT-AGG ULT-AGG MF-AGG MF-AGG ULT-AGG MF-AGG MF-AGG MF-AGG ULT-AGG MF-AGG MF-AGG MF-AGG

Recommendation buy neutral buy buy buy buy buy buy buy buy buy neutral neutral buy buy buy buy buy buy hold outperform buy Equalwt/Attractive overweight hold buy buy outperform buy market perform buy buy buy buy

Amt Held 7'262'750 4'992'467 4'905'718 3'348'727 2'935'515 1'578'095 1'488'150 1'013'086 913'237 451'394 423'695 360'750 212'383 194'615 166'621 163'155 159'761 151'044 144'733 139'531

% Out 15.33 10.54 10.36 7.07 6.2 3.33 3.14 2.14 1.93 0.95 0.89 0.76 0.45 0.41 0.35 0.34 0.34 0.32 0.31 0.29

Weighting

Change 5 3 5 5 5 5 5 5 5 5 5 3 3 5 5 5 5 5 5 3 5 5 3 5 3 5 5 5 5 3 5 5 5 5

M M M M M M M M M M M M M M M M M M M D M M M M M M M M M N M M M M

Latest Chg 563'064 79'756 44'371 8'594 (287'427) 8'476 28'838 (3'083) (29'100) 27'986 11'469 (25'279) 133'382

Target Price 290'000 270'000 303'000 280'000 303'000 260'000 280'000 280'000 262'000 300'000 290'000 250'000 241'000 280'000 290'000 277'000 287'000 300'000 293'000 #N/A N/A 324'000 302'000 233'000 330'000 245'000 260'000 278'000 280'000 268'000 230'000 289'000 280'000 300'000 270'000

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt 31.05.2013 31.12.2012 31.12.2012 31.12.2012 14.02.2013 31.03.2013 31.03.2013 31.03.2013 25.09.2013 30.06.2013 31.08.2013 31.12.2012 31.07.2013 31.03.2013 30.08.2013 28.03.2013 30.04.2013 31.03.2013 31.03.2013 31.07.2013

Date 12 month Not Provided 12 month 6 month 6 month 12 month 12 month 12 month 12 month 6 month 12 month Not Provided Not Provided 12 month Not Provided 12 month 12 month 12 month 12 month Not Provided 12 month 12 month 12 month 9 month Not Provided Not Provided Not Provided 12 month 12 month 12 month 6 month 6 month 12 month 12 month

Inst Type Bank Insurance Company Insurance Company Government Investment Advisor Investment Advisor Insurance Company Investment Advisor Investment Advisor Unclassified Investment Advisor Government Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor

Date 23.09.2013 22.09.2013 13.09.2013 13.09.2013 13.09.2013 13.09.2013 13.09.2013 13.09.2013 13.09.2013 13.09.2013 12.09.2013 12.09.2013 12.09.2013 03.09.2013 02.09.2013 31.08.2013 28.08.2013 27.08.2013 05.08.2013 05.08.2013 03.08.2013 01.08.2013 31.07.2013 31.07.2013 22.07.2013 17.07.2013 20.06.2013 06.06.2013 27.05.2013 07.05.2013 04.03.2013 15.02.2013 29.06.2012 30.04.2012

27.09.2013

KT&G Corp KT&G Corporation processes, produces, and sells cigarettes and other tobacco products. The Company, through its subsidiaries, manufactures ginseng products such as red ginseng tea and herbal medicines. KT&G is also involved in real estate development of its former factory sites.

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (16.10.2012) 52-Week Low (27.06.2013) Daily Volume Current Price (9/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 30.06.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance 033780 KS EQUITY YTD Change 033780 KS EQUITY YTD % CHANGE

Price/Volume

12/2012 06/yy 92'300.00 71'000.00 297'110.00 76500 -17.12% 7.75% 29.11% 137.3 10'502'876.00 5'477.00 0.0 0.0 887'720.55 9'498'851.36

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

1.2 M 1.0 M .8 M .6 M .4 M .2 M

o-12

n-12 d-12

j-13

f-13 m-13 a-13 m-13

j-13

a-13

Fiscal Year Ended 31.12.2008 2'644'656.4 3.81x 1'110'025.9 9.09x 894'290.2 11.51x

100000 90000 80000 70000 60000 50000 40000 30000 20000 10000 0 s-12

31.12.2009 31.12.2010 2'776'403.2 2'499'931.4 2.86x 2.98x 1'136'532.9 984'860.1 6.99x 7.55x 744'942.1 931'127.1 11.10x 8.84x Profitability

LTM-4Q 31.12.2011 2'490'830.8 3.86x 1'012'627.1 9.48x 775'936.9 13.27x

LTM

FY+1

.0 M s-13

0.39 120.07 -7.94% -5.32% 0.392 34 4.294 330'722 220'608 233'826 FY+2

FQ+1

FQ+2

31.12.2012 06/yy 06/yy 12/13 Y 12/14 Y 09/13 Q3 12/13 Q4 2'637'612.2 ######### ######### ######### ######### 686'100.0 656'200.0 3.52x 14.26x 14.01x 1'089'515.0 ######### ######### 8.53x 8.77x 7.88x 768'437.9 789'632.4 767'591.8 766'250.0 725'600.0 216'700.0 158'550.0 13.22x 12.93x 12.16x 13.34x 10.90x S&P Issuer Ratings 1'089'515.01 Long-Term Rating Date 03.12.2004 972'680.01 Long-Term Rating NR 36.88% Long-Term Outlook 38.61% Short-Term Rating Date 12.84% Short-Term Rating 16.29% Credit Ratios 16.28% EBITDA/Interest Exp. 1213.27 0.43% (EBITDA-Capex)/Interest Exp. 1040.43 Net Debt/EBITDA -0.95 62.8% Total Debt/EBITDA 0.00 41.3% Reference 36.7% Total Debt/Equity 0.1% 29.1% Total Debt/Capital 0.1% Asset Turnover 0.43 3.31 Net Fixed Asset Turnover 2.22 1.81 Accounts receivable turnover-days 96.71 0.09% Inventory Days 332.32 0.11% Accounts Payable Turnover Day 17.21 3.77 Cash Conversion Cycle 404.16 1.10

Price/ Cash Flow

Sales/Revenue/Turnover

16.00

3'000'000.0

14.00

2'500'000.0

12.00

2'000'000.0

10.00 8.00

1'500'000.0

6.00

1'000'000.0

4.00

500'000.0 2.00 0.00 02.01.2010

0.0 02.07.2010

02.01.2011

02.07.2011

02.01.2012

02.07.2012

02.01.2013

02.07.2013

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

27.09.2013

KT&G Corp Holdings By:

All

Holder Name KT&G CORP INDUSTRIAL BANK OF K LAZARD ASSET MANAGEM FIRST EAGLE INVESTME BLACKROCK DEUTSCHE BANK AG JAPAN TOBACCO INC MATTHEWS INTERNATION EMPLOYEE STOCK OWNER T ROWE PRICE ASSOCIA JP MORGAN VANGUARD GROUP INC MIRAE ASSET GLOBAL I FIL LIMITED EASTSPRING INVESTMEN SAMSUNG INVESTMENT T BANQUE DE LUXEMBOURG DWS INVESTMENTS MAPS INVESTMENT MANA MONTGOMERY ASSET MAN

Firm Name

Portfolio Name n/a n/a n/a n/a n/a n/a n/a Multiple Portfolios n/a Multiple Portfolios n/a n/a Multiple Portfolios n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios

Analyst

HMC Investment Securities Co Ltd HYESEUNG CHUNG KTB Securities KIM MIN-JEONG Standard Chartered YUNICE YOUNG KYOUNG KIM Ji Asia MIKIHIKO YAMATO Korea Investment & Securities KYOUNG JU LEE Credit Suisse SONIA KIM SEUNG-HYUN Deutsche Bank JI-HYUN SONG Woori Investment & Securities KOOKHEE HAN Daiwa Securities Co. Ltd. SANG HEE PARK Nomura CARA EUN JUNG SONG KB Investment & Securities Co., Ltd Kyung-Shin Lee Daishin Securities Co., Ltd. LEE SUN-KYOUNG Morgan Stanley KELLY H KIM Daewoo Securities BAEK WOON-MOK Shinhan Investment Corp HYUN-AH CHO JPMorgan YOUNA KIM Kyobo Securities JEONG SEONG-HOON KIWOOM Securities Co Ltd WOO WON-SUNG IBK Securities Co Ltd PARK AE-RAN UBS JENNIFER HAN Macquarie NA HONG-SUK Barclays PAUL HWANG HSBC KAREN CHOI Leading Investment & Securities IN-WOOK CHO EVA Dimensions CRAIG STERLING Shinyoung Securities Co., Ltd. KIM YUN-OH Hyundai Securities JI GI-CHANG Samsung Securities ILWOO YANG LIG Investment Securities YOUNG-WHA SEO Goldman Sachs CHRISTINE CHO Dongbu Securities Co Ltd CHA JAE-HEON Meritz Securities Co., Ltd SONG KWANG-SOO E*Trade Securities Korea PARK JONG-ROK Eugene Investment & Securities Co., LtdKIM DENNY

Source Co File Co File ULT-AGG EXCH ULT-AGG ULT-AGG Co File MF-AGG Co File MF-AGG ULT-AGG ULT-AGG MF-AGG ULT-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG

Recommendation buy hold outperform buy buy underperform hold buy hold neutral buy buy Overwt/In-Line buy buy neutral buy outperform neutral neutral neutral equalweight overweight buy buy buy buy buy buy neutral/neutral buy buy buy buy

Amt Held 11'393'697 9'510'485 7'066'835 6'916'679 3'307'254 2'997'136 2'864'904 2'854'304 2'706'848 1'857'197 1'531'242 1'382'913 1'325'414 1'232'703 1'146'797 994'369 840'000 830'758 782'097 764'891

% Out 8.3 6.93 5.15 5.04 2.41 2.18 2.09 2.08 1.97 1.35 1.12 1.01 0.97 0.9 0.84 0.72 0.61 0.61 0.57 0.56

Weighting

Change 5 3 5 5 5 1 3 5 3 3 5 5 5 5 5 3 5 5 3 3 3 3 5 5 5 5 5 5 5 3 5 5 5 5

M M N M M M M M M M N M M M M M M M M M D M M N M M M M M M U M M N

Latest Chg (1'376'250) 22'792 (227'516) 500'450 330'898 155'507 (888'393) (448'598) 284'926 (92'766) (56'880) (710'992) -

Target Price 88'000 85'000 88'000 93'000 86'000 67'000 80'000 88'000 78'000 71'000 90'000 88'000 94'000 94'000 90'000 71'000 90'000 90'000 #N/A N/A 77'000 72'000 82'000 92'000 86'000 #N/A N/A 100'000 86'000 94'000 89'500 82'000 90'000 105'000 95'000 50'000

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt Inst Type 31.12.2012 Corporation 31.12.2012 Government 31.05.2013 Unclassified 25.03.2013 Hedge Fund Manager 25.09.2013 Investment Advisor 31.05.2013 Investment Advisor 31.03.2013 Government 28.06.2013 Investment Advisor 31.12.2012 n/a 30.06.2013 Investment Advisor 31.07.2013 Investment Advisor 30.06.2013 Unclassified 31.03.2013 Investment Advisor 30.04.2013 Investment Advisor 15.04.2013 Investment Advisor 31.03.2013 Investment Advisor 31.07.2013 Unclassified 31.05.2013 Investment Advisor 31.03.2013 Investment Advisor 31.07.2013 Investment Advisor

Date 6 month 12 month 12 month 12 month 12 month Not Provided 12 month 12 month Not Provided Not Provided 12 month Not Provided 12 month 12 month Not Provided 3 month 6 month 6 month Not Provided 12 month 12 month Not Provided Not Provided 12 month Not Provided 12 month 12 month 12 month 12 month 12 month 12 month 6 month 12 month 12 month

Date 27.09.2013 25.09.2013 20.09.2013 20.09.2013 16.09.2013 09.09.2013 06.09.2013 28.08.2013 20.08.2013 15.08.2013 12.08.2013 06.08.2013 05.08.2013 18.07.2013 18.07.2013 18.07.2013 18.07.2013 18.07.2013 18.07.2013 17.07.2013 17.07.2013 17.07.2013 16.07.2013 26.06.2013 06.06.2013 15.05.2013 18.04.2013 18.04.2013 18.04.2013 17.04.2013 27.02.2013 04.10.2012 22.05.2012 03.05.2011

27.09.2013

Samsung C&T Corp Samsung C&T Corporation is a general trading company that imports and exports electronics, chemicals, metals, and semiconductors. The Company also operates heavy construction and home building businesses in domestic and overseas markets.

Price/Volume 80000

3.0 M

70000

2.5 M

60000 2.0 M

50000 40000

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (29.03.2013) 52-Week Low (26.06.2013) Daily Volume Current Price (9/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 30.06.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance 000830 KS EQUITY YTD Change 000830 KS EQUITY YTD % CHANGE

12/2012 06/yy 70'200.00 51'100.00 894'291.00 62000 -11.68% 21.33% 49.74% 156.2 9'685'501.00 3'675'142.00 23'243.3 0.0 888'142.76 12'884'041.33

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

1.0 M

20000 .5 M

10000 0 s-12

o-12

n-12

d-12

j-13

f-13 m-13 a-13 m-13

j-13

a-13

Fiscal Year Ended 31.12.2008 11'811'591.9 0.55x 400'552.5 16.15x 345'142.5 16.97x

1.5 M

30000

31.12.2009 31.12.2010 10'875'929.4 13'023'702.0 0.80x 0.99x 319'411.4 349'624.9 27.32x 36.91x 307'542.4 358'689.2 26.87x 32.44x Profitability

LTM-4Q 31.12.2011 15'696'693.0 0.79x 365'603.0 33.80x 297'722.4 33.85x

LTM

FY+1

0.81 1.32 116.97 -4.14% -0.96% 1.317 35 4.714 473'932 663'514 590'811 FY+2

FQ+1

FQ+2

31.12.2012 06/yy 06/yy 12/13 Y 12/14 Y 09/13 Q3 12/13 Q4 17'241'095.0 ######### ######### ######### - ######### ######### 0.70x 3.03x 2.79x 477'662.6 357'170.3 439'239.0 25.17x 34.87x 25.34x 416'124.6 509'603.2 145'556.8 400'000.0 - 111'400.0 122'000.0 22.24x 18.86x 54.44x S&P Issuer Ratings 477'662.62 Long-Term Rating Date 413'920.00 Long-Term Rating 2.40% Long-Term Outlook 2.66% Short-Term Rating Date 1.99% Short-Term Rating 4.02% Credit Ratios 3.87% EBITDA/Interest Exp. 0.83% (EBITDA-Capex)/Interest Exp. Net Debt/EBITDA 9.0% Total Debt/EBITDA 2.8% Reference 2.4% Total Debt/Equity 2.4% Total Debt/Capital Asset Turnover 1.12 Net Fixed Asset Turnover 0.68 Accounts receivable turnover-days 15.86% Inventory Days 32.12% Accounts Payable Turnover Day 4.65 Cash Conversion Cycle 25.80

Price/ Cash Flow

.0 M s-13

3.85 2.59 5.83 7.69 32.1% 24.3% 0.83 23.40 78.70 14.18 34.71 58.17

Sales/Revenue/Turnover

25.00

40'000'000.0 35'000'000.0

20.00

30'000'000.0 25'000'000.0

15.00

20'000'000.0 10.00

15'000'000.0 10'000'000.0

5.00

0.00 02.01.2010

5'000'000.0 0.0 02.07.2010

02.01.2011

02.07.2011

02.01.2012

02.07.2012

02.01.2013

02.07.2013

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

27.09.2013

Samsung C&T Corp Holdings By:

All

Holder Name NATIONAL PENSION SER SAMSUNG SDI CO LTD SAMSUNG C&T CORP SAMSUNG LIFE INSURAN MIRAE ASSET GLOBAL I KOREA INVESTMENT TRU SAMSUNG INVESTMENT T BLACKROCK NORGES BANK KUN HEE LEE JP MORGAN DIMENSIONAL FUND ADV VANGUARD GROUP INC KB ASSET MANAGEMENT UBS HANA ASSET MANAG TRUSTON ASSET MANAGE KYOBO AXA INVESTMENT SHINHAN BNP PARIBAS GOLDMAN SACHS GROUP CAISSE DE DEPOT ET P

Firm Name

Portfolio Name n/a n/a n/a n/a n/a Multiple Portfolios Multiple Portfolios n/a Multiple Portfolios n/a n/a n/a n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios n/a Multiple Portfolios

Analyst

Korea Investment & Securities LEE KYUNG-JA KTB Securities SUN-MI KIM Kyobo Securities CHO JOO-HYUNG Hanwha Securities Co., Ltd CHO DONG-PIL E*Trade Securities Korea PARK YONG-HEE Woori Investment & Securities WAYNE WANG-SANG LEE Morgan Stanley JOON SEOK Samsung Securities YUN SOK-MO Tong Yang Investment Bank SANG-HYUP CHONG HI Investment Securities KIYOUNG ROH KIWOOM Securities Co Ltd WILLIAM PARK JOONG-SUN Shinyoung Securities Co., Ltd. JONG-HYO HAN LIG Investment Securities CHAE SANG-WOOK Shinhan Investment Corp SANG-YEON PARK Daiwa Securities Co. Ltd. MIKE OH Standard Chartered JAMES KP HONG Deutsche Bank HAN SANG-HI NH Investment & Securities KANG SEUNG-MIN RYAN Goldman Sachs JINMOOK KIM UBS SON YONG-SUK Nomura MICHAEL NA BNP Paribas Equity Research DAVE KO Daewoo Securities PARK HYUNG-RYUL Daishin Securities Co., Ltd. CHO YOON-HO Hyundai Securities EMILY KIM Mirae Asset Securities BYUN SEONG JIN Credit Suisse SINN MIN-SEOK KB Investment & Securities Co., Ltd HEU MOON-WOOK HSBC BRIAN CHO EVA Dimensions TIMOTHY STANISH Eugene Investment & Securities Co., LtdSEO BO-ICK Dongbu Securities Co Ltd YOO DEOK-SANG Hana Daetoo Securities SEUNG-WOO SHIN

Source EXCH Co File Co File Co File EXCH MF-AGG MF-AGG ULT-AGG MF-AGG EXCH ULT-AGG ULT-AGG ULT-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG ULT-AGG MF-AGG

Recommendation buy buy buy buy buy buy Overwt/In-Line buy buy buy outperform buy buy buy outperform outperform buy buy neutral/neutral buy buy hold buy buy buy hold outperform buy overweight hold buy buy not rated

Amt Held 15'832'990 11'547'819 9'065'957 7'876'419 6'612'295 5'291'215 3'365'424 3'054'970 2'518'522 2'206'110 2'033'033 1'541'834 1'444'102 1'154'532 874'805 613'192 492'379 384'107 352'772 335'398

% Out 10.14 7.39 5.8 5.04 4.23 3.39 2.15 1.96 1.61 1.41 1.3 0.99 0.92 0.74 0.56 0.39 0.32 0.25 0.23 0.21

Weighting

Change

5 5 5 5 5 5 5 5 5 5 5 5 5 5 5 5 5 5 3 5 5 3 5 5 5 3 5 5 5 3 5 5 #N/A N/A

M M M M M M U M M M M M M M M M M M M M M N M M M M M M M U N M M

Latest Chg (6'821'478) (155'957) (57'658) 20'141 (318'932) 126'588 (989'201) 65'189 (20'444) 110'689 27'741 281'380 8'492 -

Target Price 79'000 78'000 76'000 73'000 69'000 76'500 73'000 72'000 70'000 76'000 63'000 95'000 75'000 71'000 70'000 80'000 84'000 80'000 57'000 83'000 88'000 57'700 70'000 76'000 78'000 59'000 65'000 76'100 70'000 #N/A N/A 82'000 75'000 #N/A N/A

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt 05.09.2013 31.12.2012 31.12.2012 31.12.2012 27.04.2010 31.03.2013 31.03.2013 25.09.2013 31.12.2012 30.04.2012 31.05.2013 30.04.2013 30.06.2013 31.03.2013 31.03.2013 31.03.2013 31.03.2013 31.03.2013 30.06.2013 31.12.2012

Date 12 month 12 month 6 month 6 month 12 month 12 month 12 month 12 month 12 month 6 month 6 month 12 month 12 month 6 month Not Provided 12 month 12 month 6 month 12 month 12 month Not Provided 12 month 12 month 12 month 12 month 12 month Not Provided 12 month Not Provided Not Provided 12 month 12 month Not Provided

Inst Type Government Corporation Corporation Insurance Company Investment Advisor Investment Advisor Investment Advisor Investment Advisor Government n/a Investment Advisor Investment Advisor Unclassified Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor

Date 26.09.2013 26.09.2013 16.09.2013 12.09.2013 12.09.2013 11.09.2013 10.09.2013 10.09.2013 10.09.2013 10.09.2013 10.09.2013 09.09.2013 09.09.2013 06.09.2013 05.09.2013 04.09.2013 03.09.2013 28.08.2013 23.08.2013 19.08.2013 16.08.2013 29.07.2013 26.07.2013 26.07.2013 26.07.2013 26.07.2013 25.07.2013 25.07.2013 03.07.2013 02.07.2013 21.05.2013 26.04.2013 25.02.2013

27.09.2013

KT Corp KT Corporation provides telecommunication services including local, long distance, and international calling, satellite communication, data transmission, and wireless telephone services in South Korea. The Company also offers network portal and high-speed Internet access services using asymmetric digital subscriber lines (ADSLs).

Price/Volume 45000 40000 35000 30000 25000 20000

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (16.05.2013) 52-Week Low (17.07.2013) Daily Volume Current Price (9/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 30.06.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance 030200 KS EQUITY YTD Change 030200 KS EQUITY YTD % CHANGE

12/2012 06/yy 41'250.00 33'800.00 1'233'904.00 35950 -12.85% 6.36% 36.24% 261.1 9'386'969.00 7'576'858.00 0.0 0.0 1'171'547.00 16'269'354.50

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

10000 5000 0 s-12

o-12

n-12

d-12

j-13

f-13 m-13 a-13 m-13

j-13

a-13

Market Data

Fiscal Year Ended 31.12.2008 11'784'835.0 1.06x 3'382'399.0 3.70x 449'810.0 16.91x

15000

31.12.2009 31.12.2010 15'906'174.0 19'918'378.0 1.00x 0.89x 3'325'255.0 5'122'385.0 4.78x 3.47x 516'533.0 1'248'846.0 16.62x 9.01x Profitability

LTM-4Q 31.12.2011 20'166'817.0 0.81x 4'886'554.0 3.33x 1'289'055.0 6.73x

LTM

31.12.2012 06/yy 06/yy 18'863'237.0 ######### ######### 0.80x 3.29x 3.33x 4'021'235.0 ######### ######### 3.74x 3.26x 4.31x 719'352.0 ######### 341'076.0 12.02x 6.97x 25.59x 4'021'235.00 1'074'656.00 5.70% 6.17% 2.72% 6.09% 5.01% 0.71% 21.3% 5.7% 3.8% 0.83 0.66 28.58% 63.83% 4.60 -

Price/ Cash Flow

5.0 M 4.5 M 4.0 M 3.5 M 3.0 M 2.5 M 2.0 M 1.5 M 1.0 M .5 M .0 M s-13

5.56 0.43 214.23 7.12% 1.27% 0.428 38 4.105 964'590 1'005'467 1'025'435

FY+1

FY+2

FQ+1

FQ+2

12/13 Y

12/14 Y

09/13 Q3

12/13 Q4

S&P Issuer Ratings

25.03.2013 ASTABLE 8.80 1.58 1.59 1.88 63.8% 39.0% 0.71 1.43 79.58 -

Sales/Revenue/Turnover

4.00

25'000'000.0

3.50

20'000'000.0

3.00 2.50

15'000'000.0

2.00

10'000'000.0

1.50 1.00

5'000'000.0

0.50 0.00 02.01.2010

0.0 02.07.2010

02.01.2011

02.07.2011

02.01.2012

02.07.2012

02.01.2013

02.07.2013

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

27.09.2013

KT Corp Holdings By:

All

Holder Name NATIONAL PENSION SER KT CORP MIRAE ASSET GLOBAL I MAPS INVESTMENT MANA KOREA INVESTMENT TRU EMPLOYEE STOCK OWNER SAMSUNG INVESTMENT T KB ASSET MANAGEMENT SEB GRANTHAM MAYO VAN OT PICTET FUNDS NORGES BANK VANGUARD GROUP INC SHIN YOUNG INVESTMEN KYOBO AXA INVESTMENT BLACKROCK CAPITAL GROUP COMPAN DJE INVESTMENT SA BANK OF NEW YORK MEL ROBECO

Firm Name

Portfolio Name n/a n/a n/a Multiple Portfolios Multiple Portfolios n/a Multiple Portfolios Multiple Portfolios n/a Multiple Portfolios n/a Multiple Portfolios n/a n/a Multiple Portfolios n/a n/a Multiple Portfolios Multiple Portfolios n/a

Analyst

NH Investment & Securities KIM VALENTINE HONG-SIK Shinyoung Securities Co., Ltd. CHOI YUN-MEE Morgan Stanley SAM MIN KTB Securities SONG JAE-KYOUNG JPMorgan SCOTT YH SEO Daishin Securities Co., Ltd. KIM HUE-JAE Credit Suisse TAEWON KIM Barclays SEYON PARK HMC Investment Securities Co Ltd HWANG SUNG-JIN BNP Paribas Equity Research JUSTIN LEE Nomura ERIC CHA Korea Investment & Securities YANG JONG-IN E*Trade Securities Korea KIM JOON-SUP Deutsche Bank JOHN KIM Hyundai Securities MISONG KIM Shinhan Investment Corp SUNG JUNWON Tong Yang Investment Bank CHOI NAM-KON Daewoo Securities JEE-HYUN MOON Dongbu Securities Co Ltd HYUNG-WOON WON Eugene Investment & Securities Co., LtdKIM DENNY Hanwha Securities Co., Ltd PARK JONG-SOO New Street Research IAIN JOHNSTON Samsung Securities SEUNGWOO YANG KIWOOM Securities Co Ltd AHN JAE-MIN Hana Daetoo Securities HWANG SEUNG-TAEK HSBC NEALE ANDERSON UBS JOSH J BAE Macquarie EUGENE JUNG Daiwa Securities Co. Ltd. THOMAS Y KWON SK Securities Co Ltd YI DONG-SUP Leading Investment & Securities BO-KEUM SONG IBK Securities Co Ltd JANG-WON KIM CIMB SAMUEL MARTENS EVA Dimensions ANDREW S ZAMFOTIS Riedel Research Group Inc DAVID R RIEDEL Kyobo Securities OH SEAN Goldman Sachs SEUNG SHIN

Source EXCH Co File EXCH MF-AGG MF-AGG Co File MF-AGG MF-AGG ULT-AGG MF-AGG ULT-AGG MF-AGG ULT-AGG ULT-AGG MF-AGG ULT-AGG ULT-AGG MF-AGG MF-AGG ULT-AGG

Recommendation buy buy Equalwt/Attractive buy restricted buy outperform equalweight buy hold neutral buy market perform hold buy buy buy buy buy buy buy neutral hold buy buy neutral neutral neutral hold buy buy buy neutral overweight buy buy neutral/neutral

Amt Held 26'458'683 17'221'575 13'030'164 6'136'361 3'564'200 2'860'409 2'791'006 2'346'725 1'783'290 1'609'826 1'295'104 1'226'752 1'006'125 881'735 836'990 827'359 683'100 542'320 525'270 487'350

% Out 10.13 6.6 4.99 2.35 1.37 1.1 1.07 0.9 0.68 0.62 0.5 0.47 0.39 0.34 0.32 0.32 0.26 0.21 0.2 0.19

Weighting

Change

5 5 3 5 #N/A N/A 5 5 3 5 3 3 5 3 3 5 5 5 5 5 5 5 3 3 5 5 3 3 3 3 5 5 5 3 5 5 5 3

M M M M M M M M M M M M M M M M M M M M M M M M M M M M M N M M M D M M M

Latest Chg (1'781'605) (110'590) (594'120) 33'872 677'254 275'910 (40'890) 255'454 (207'007) (36'880) (168'890) (20'090) (9'680) (1'250)

Target Price 50'000 55'000 40'000 44'000 #N/A N/A 52'000 43'000 33'000 50'000 38'000 43'500 48'000 42'000 38'000 60'000 44'000 45'000 44'000 49'000 53'000 48'000 37'000 40'000 51'000 49'000 39'000 39'000 36'000 38'000 44'000 45'000 47'000 42'000 #N/A N/A 41'700 45'000 37'000

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt 11.09.2013 30.06.2013 17.04.2013 31.03.2013 31.03.2013 30.06.2013 31.03.2013 31.03.2013 31.03.2013 31.05.2013 31.05.2013 31.12.2012 30.06.2013 31.03.2013 31.03.2013 25.09.2013 31.07.2013 28.06.2013 26.09.2013 30.04.2013

Date 6 month 12 month 12 month 12 month Not Provided 6 month Not Provided Not Provided 6 month 12 month Not Provided 12 month 12 month 12 month Not Provided 12 month 12 month 12 month 12 month 12 month 6 month Not Provided 12 month 6 month 12 month Not Provided 12 month 12 month Not Provided 6 month 12 month Not Provided 12 month Not Provided Not Provided 6 month 12 month

Inst Type Government Corporation Investment Advisor Investment Advisor Investment Advisor n/a Investment Advisor Investment Advisor Unclassified Investment Advisor Investment Advisor Government Unclassified Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Unclassified

Date 25.09.2013 25.09.2013 24.09.2013 24.09.2013 19.09.2013 16.09.2013 16.09.2013 16.09.2013 13.09.2013 12.09.2013 12.09.2013 11.09.2013 09.09.2013 06.09.2013 06.09.2013 03.09.2013 03.09.2013 02.09.2013 02.09.2013 02.09.2013 21.08.2013 13.08.2013 05.08.2013 05.08.2013 05.08.2013 04.08.2013 02.08.2013 02.08.2013 02.08.2013 05.07.2013 13.05.2013 06.05.2013 03.05.2013 13.03.2013 28.02.2013 07.02.2012 06.02.2012

27.09.2013

Samsung Heavy Industries Co Ltd Samsung Heavy Industries Co., Ltd. manufactures crude oil tankers, container vessels, bulk carriers, cruisers, and passenger ferries. The Company also produces steel and bridge structures, and material handling equipment. In addition, Samsung Heavy Industries provides civil engineering, architectural, and plant construction services.

Price/Volume

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (27.09.2013) 52-Week Low (12.04.2013) Daily Volume Current Price (9/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 30.06.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance 010140 KS EQUITY YTD Change 010140 KS EQUITY YTD % CHANGE

12/2012 06/yy 44'300.00 29'800.00 982'611.00 44100 -0.45% 47.99% 94.04% 230.9 10'181'605.00 2'960'100.08 574.2 0.0 963'447.18 12'415'050.87

4.5 M 4.0 M 3.5 M 3.0 M 2.5 M 2.0 M 1.5 M 1.0 M .5 M o-12

n-12

d-12

j-13

f-13 m-13 a-13 m-13

j-13

a-13

Fiscal Year Ended Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

50000 45000 40000 35000 30000 25000 20000 15000 10000 5000 0 s-12

31.12.2008 10'664'465.5

31.12.2009 13'094'943.6

994'596.1

1'074'873.0

627'342.7

669'854.9

31.12.2010 13'071'184.9 0.78x 1'392'926.2 7.35x 976'468.6 9.12x

LTM-4Q 31.12.2011 13'358'610.8 0.47x 1'300'684.2 4.84x 863'934.1 6.99x

LTM

31.12.2012 06/yy 06/yy 14'423'916.3 ######### ######### 0.68x 2.17x 2.54x 1'388'670.4 ######### ######### 7.06x 7.15x 6.57x 741'218.0 739'078.7 838'702.5 11.28x 10.94x 9.26x 1'388'670.41 1'149'970.47 7.97% 6.79% 4.58% 15.07% 10.39% 0.89% 12.7% 9.6% 8.0% 5.1% 1.16 0.67 18.14% 56.62% 3.20 20.82

Price/ Cash Flow

1.13 1.35 175.81 19.00% 14.40% 1.351 42 4.905 1'164'439 1'078'591 999'696

FY+1

FY+2

FQ+1

FQ+2

12/13 Y

12/14 Y

09/13 Q3

12/13 Q4

Profitability EBITDA EBIT Operating Margin Pretax Margin Return on Assets Return on Common Equity Return on Capital Asset Turnover Margin Analysis Gross Margin EBITDA Margin EBIT Margin Net Income Margin Structure Current Ratio Quick Ratio Debt to Assets Tot Debt to Common Equity Accounts Receivable Turnover Inventory Turnover

S&P Issuer Ratings

.0 M s-13

1884.24 1582.86 1.35 2.13 56.6% 36.2% 0.89 3.09 114.32 17.58 121.99 9.91

Sales/Revenue/Turnover

12.00

16'000'000.0 14'000'000.0

10.00

12'000'000.0 8.00

10'000'000.0 8'000'000.0

6.00

6'000'000.0

4.00

4'000'000.0 2.00 0.00 02.01.2010

2'000'000.0 0.0 02.07.2010

02.01.2011

02.07.2011

02.01.2012

02.07.2012

02.01.2013

02.07.2013

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

27.09.2013

Samsung Heavy Industries Co Ltd Holdings By:

All

Holder Name SAMSUNG ELECTRONICS SAMSUNG HEAVY INDUST MIRAE ASSET GLOBAL I KOREA INVESTMENT TRU MAPS INVESTMENT MANA SAMSUNG INVESTMENT T BLACKROCK VANGUARD GROUP INC NORGES BANK INVESTEC ASSET MANAG UBS HANA ASSET MANAG FIL LIMITED KYOBO AXA INVESTMENT NORTHERN TRUST CORPO DIMENSIONAL FUND ADV FMR LLC BNP PARIBAS CAISSE DE DEPOT ET P STATE STREET CORP ALLIANZ ASSET MANAGE

Firm Name

Portfolio Name n/a n/a n/a n/a Multiple Portfolios Multiple Portfolios n/a n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios n/a Multiple Portfolios Multiple Portfolios n/a n/a n/a Multiple Portfolios n/a n/a

Analyst

Shinyoung Securities Co., Ltd. UM KYUNG-A Mirae Asset Securities CHUNG WOO CHANG Daishin Securities Co., Ltd. JEON JAE-CHEON UBS SON YONG-SUK KTB Securities LEE KANG-ROK Daewoo Securities SUNG KI-JONG Korea Investment & Securities RICHARD PARK Dongbu Securities Co Ltd KIM HONG-GYUN Shinhan Investment Corp KIM HYUN Tong Yang Investment Bank LEE JAE-WON JPMorgan LEE SOKJE Hana Daetoo Securities SANG-WOO LEE CIMB KJ HWANG Hanwha Securities Co., Ltd DONG-IK JEONG Nomura ANGELA HONG Deutsche Bank SANJEEV RANA Woori Investment & Securities JAE-HUN YU KIWOOM Securities Co Ltd CHOI WON-KYUNG Samsung Securities YOUNGSOO HAN E*Trade Securities Korea PARK MOO-HYUN LIG Investment Securities CHOI GWANG-SHIK Hyundai Securities LEE SANG-HWA KB Investment & Securities Co., Ltd LEE SANG-WON Morgan Stanley PARK SANG-KYOO Credit Suisse HENRY KWON Daiwa Securities Co. Ltd. CHUNG SUNG-YOP BNP Paribas Equity Research JAMES HIE SUK YOON EVA Dimensions TIMOTHY STANISH BS Securities Co Ltd KWAK MIN-JUNG SK Securities Co Ltd LEE JI-HOON HSBC PAUL CHOI Macquarie LEE JUWON NH Investment & Securities LEE YOONSANG Meritz Securities Co., Ltd KIM SEUNG CHURL HMC Investment Securities Co Ltd DONG-EUN YEOM IBK Securities Co Ltd SHIM WON-SUP Kyobo Securities OH SEAN Taurus Investment Securities Co Ltd HYUNG-MO Yang Eugene Investment & Securities Co., LtdMOON-SOO JANG

Source EXCH Co File EXCH EXCH MF-AGG MF-AGG ULT-AGG ULT-AGG MF-AGG MF-AGG MF-AGG ULT-AGG MF-AGG MF-AGG ULT-AGG ULT-AGG ULT-AGG MF-AGG ULT-AGG ULT-AGG

Recommendation buy buy buy neutral buy buy buy buy buy buy overweight buy outperform buy buy buy buy buy buy buy buy buy buy Overwt/Attractive outperform buy buy overweight buy buy overweight outperform buy buy buy neutral buy buy buy

Amt Held 40'675'641 14'142'629 11'534'817 9'457'671 5'824'238 4'195'178 4'040'800 2'045'109 1'668'818 1'496'850 793'309 739'267 634'860 594'544 567'920 547'690 477'120 433'722 429'320 354'230

% Out 17.62 6.13 5 4.1 2.52 1.82 1.75 0.89 0.72 0.65 0.34 0.32 0.27 0.26 0.25 0.24 0.21 0.19 0.19 0.15

Weighting

Change 5 5 5 3 5 5 5 5 5 5 5 5 5 5 5 5 5 5 5 5 5 5 5 5 5 5 5 5 5 5 5 5 5 5 5 3 5 5 5

M M M D M M M M M M M M M M M M M M M M M M M M M M M D M M M M M M M M M M N

Latest Chg (2'350'272) (2'238'689) 214'560 (206'428) 72'530 (1'347'753) 22'370 (117'410) (637'927) (30'670) 44'110 47'840 (60'460) 16'140 (43'040) -

Target Price 49'000 57'000 51'000 48'000 51'000 54'000 50'000 52'000 48'000 51'000 48'000 56'000 48'000 47'000 47'000 51'000 47'000 45'000 48'000 43'000 55'000 40'000 50'000 52'300 44'000 48'000 50'000 #N/A N/A 49'000 48'000 50'000 48'000 49'000 45'000 45'000 #N/A N/A 46'000 43'000 42'000

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt 18.07.2013 31.12.2012 11.04.2013 31.10.2012 31.03.2013 31.03.2013 25.09.2013 30.06.2013 31.12.2012 31.05.2013 31.03.2013 30.04.2013 31.03.2013 30.06.2013 30.04.2013 31.07.2013 30.04.2013 31.12.2012 26.09.2013 31.07.2013

Date 12 month 12 month 6 month 12 month 12 month 12 month 12 month 12 month 12 month 12 month 15 month 12 month 12 month 6 month Not Provided 12 month 12 month 6 month 12 month 12 month 12 month Not Provided 12 month 12 month Not Provided Not Provided 12 month Not Provided 6 month 6 month Not Provided 12 month 6 month 6 month 6 month Not Provided 12 month 6 month 12 month

Inst Type Corporation Unclassified Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Unclassified Government Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Unclassified Investment Advisor Investment Advisor Investment Advisor

Date 27.09.2013 27.09.2013 26.09.2013 25.09.2013 25.09.2013 16.09.2013 11.09.2013 09.09.2013 09.09.2013 09.09.2013 04.09.2013 03.09.2013 02.09.2013 02.09.2013 02.09.2013 29.08.2013 28.08.2013 28.08.2013 22.08.2013 19.08.2013 06.08.2013 05.08.2013 05.08.2013 02.08.2013 02.08.2013 02.08.2013 02.08.2013 11.07.2013 05.06.2013 29.04.2013 26.04.2013 26.04.2013 31.01.2013 31.01.2013 31.01.2013 03.01.2013 04.12.2012 02.11.2012 29.10.2012

27.09.2013

LG Electronics Inc LG Electronics Inc. manufactures and markets digital display equipment and home appliances including personal computers, CD-ROMs, televisions, washers, air conditioners, and microwaves. The Company also produces telecommunications equipment such as phones and mobile phones, networking systems, security solutions, and other communication products.

Price/Volume

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (25.04.2013) 52-Week Low (11.10.2012) Daily Volume Current Price (9/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 30.06.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance 066570 KS EQUITY YTD Change 066570 KS EQUITY YTD % CHANGE

12/2012 06/yy 91'800.00 66'800.00 1'316'141.00 71600 -22.00% 7.19% 21.60% 163.6 11'717'183.00 5'264'325.00 85'930.0 0.0 1'217'801.00 16'139'061.48

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

31.12.2009 31.12.2010 30'513'436.0 29'238'503.0 0.66x 0.72x 2'351'992.0 (359'692.0) 8.54x 1'146'804.0 (635'874.0) 17.08x Profitability

LTM-4Q 31.12.2011 28'097'139.0 0.59x 458'280.0 36.15x (277'919.0) -

3.5 M 3.0 M 2.5 M 2.0 M 1.5 M 1.0 M .5 M o-12

n-12 d-12

LTM

31.12.2012 06/yy 06/yy 25'427'205.0 ######### ######### 0.63x 2.40x 2.43x 878'822.0 964'191.0 723'723.0 18.34x 14.51x 22.54x (354'760.0) 172'321.0 (689'859.0) 75.50x 0.00x 878'822.00 42'773.00 0.17% -0.96% -2.84% -5.98% 1.11% 21.4% 2.7% -0.5% -1.4% 0.90 0.71 22.09% 52.98% 5.13 20.44

Price/ Cash Flow

j-13

f-13 m-13 a-13 m-13

j-13

a-13

0.89 90.58 3.60% -2.72% 0.885 45 4.467 1'038'257 895'147 1'021'503

FY+1

FY+2

FQ+1

FQ+2

12/13 Y

12/14 Y

09/13 Q3

12/13 Q4

S&P Issuer Ratings

.0 M s-13

14.10.2011 BBBPOS 3.77 0.40 5.99 7.15 53.0% 34.4% 1.11 4.88 71.14 17.85 72.92 15.13

Sales/Revenue/Turnover

45.00

35'000'000.0

40.00

30'000'000.0

35.00

25'000'000.0

30.00 25.00

20'000'000.0

20.00

15'000'000.0

15.00

10'000'000.0

10.00

5'000'000.0

5.00 0.00 02.01.2010

4.0 M

Fiscal Year Ended 31.12.2008 27'638'515.0 0.44x 1'909'683.0 6.40x 482'786.0 25.00x

100000 90000 80000 70000 60000 50000 40000 30000 20000 10000 0 s-12

0.0 02.07.2010

02.01.2011

02.07.2011

02.01.2012

02.07.2012

02.01.2013

02.07.2013

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

27.09.2013

LG Electronics Inc Holdings By:

All

Holder Name LG CORP NATIONAL PENSION SER BLACKROCK EMPLOYEE STOCK OWNER KB ASSET MANAGEMENT DIMENSIONAL FUND ADV KOREA INVESTMENT TRU VANGUARD GROUP INC JP MORGAN NORGES BANK SAMSUNG INVESTMENT T FRANKLIN RESOURCES LG ELECTRONICS INC UBS HANA ASSET MANAG COMMONWEALTH BANK OF SHINHAN BNP PARIBAS MIRAE ASSET GLOBAL I ROBECO SWEDBANK ROBUR FONDE SHIN YOUNG INVESTMEN

Firm Name Dongbu Securities Co Ltd IBK Securities Co Ltd Macquarie BNP Paribas Equity Research Samsung Securities UBS KTB Securities Goldman Sachs Nomura HMC Investment Securities Co Ltd Shinhan Investment Corp CIMB Sanford C. Bernstein & Co Ji Asia Korea Investment & Securities Shinyoung Securities Co., Ltd. Deutsche Bank Hyundai Securities Woori Investment & Securities JPMorgan HI Investment Securities Hanwha Securities Co., Ltd E*Trade Securities Korea Mirae Asset Securities KIWOOM Securities Co Ltd LIG Investment Securities Credit Suisse HSBC Daewoo Securities Daishin Securities Co., Ltd. NH Investment & Securities Tong Yang Investment Bank Mizuho Securities KB Investment & Securities Co., Ltd Barclays Morgan Stanley Daiwa Securities Co. Ltd. Hana Daetoo Securities Meritz Securities Co., Ltd Leading Investment & Securities EVA Dimensions Taurus Investment Securities Co Ltd Kyobo Securities

Portfolio Name n/a n/a n/a n/a Multiple Portfolios n/a Multiple Portfolios n/a n/a Multiple Portfolios Multiple Portfolios n/a n/a Multiple Portfolios n/a Multiple Portfolios Multiple Portfolios n/a Multiple Portfolios n/a

Analyst KWON SUNG-RYUL SEUNG-WOO LEE DANIEL KIM PETER YU CHO SUNG-EUN NICOLAS GAUDOIS PARK SANG-HYUN MICHAEL BANG JAMES KIM GREG GEUN-CHANG ROH SOH HYUN-CHEOL DO-HOON LEE MARK C NEWMAN STEVE MYERS KEVIN SUNG-HYUK LEE LIM DORI HANJOON KIM BAEK JONG-SUK SOPHIA KIM JJ Park EUNJEONG SONG KIM WOON-HO HYUN-YONG KIM JIN HO CHO KIM JI-SAN KI-YOUNG KIM JOHN SUNG BRIAN SOHN PARK WON-JAE PARK KANG-HO LEE SUN-TAE CHOI NAM-KON CHARLES PARK LEE SOON-HAK BAE SEUNG-CHUL LEE KA KEUN JAE H LEE CHUN SUNG-HOON JI MOK-HYUN SANG-WOO OH CRAIG STERLING YOO-JIN KIM PARK SEONG-MIN

Source Co File Co File ULT-AGG Co File MF-AGG ULT-AGG MF-AGG ULT-AGG ULT-AGG MF-AGG MF-AGG ULT-AGG Co File MF-AGG ULT-AGG MF-AGG MF-AGG ULT-AGG MF-AGG ULT-AGG

Recommendation buy buy outperform hold buy neutral buy neutral/attractive buy hold buy outperform market perform buy buy buy buy buy buy overweight buy buy market perform buy buy buy neutral overweight buy buy buy buy buy buy equalweight Overwt/In-Line hold buy buy buy buy buy buy

Amt Held 55'094'582 14'707'695 2'532'924 2'357'284 2'170'333 2'167'199 1'464'483 1'275'609 1'220'753 1'107'842 1'065'988 862'733 763'168 714'946 586'671 575'807 395'411 384'305 325'448 321'073

% Out 33.67 8.99 1.55 1.44 1.33 1.32 0.89 0.78 0.75 0.68 0.65 0.53 0.47 0.44 0.36 0.35 0.24 0.23 0.2 0.2

Weighting

Change 5 5 5 3 5 3 5 3 5 3 5 5 3 5 5 5 5 5 5 5 5 5 3 5 5 5 3 5 5 5 5 5 5 5 3 5 3 5 5 5 5 5 5

M M M M M M M M M M M M M M M M M M M M M M N M M M M M M M M M M M M M M M M N M M M

Latest Chg 19'724 137'316 46'764 115'248 (836'146) (87'140) 114'499 114'480 (161'790) 149'413 79'719 (19'773) 67'640 52'091

Target Price 110'000 92'000 90'000 74'000 100'000 75'000 93'000 68'500 110'000 82'000 95'000 92'000 78'000 96'727 95'000 105'000 95'000 100'000 95'000 100'000 95'000 110'000 85'000 100'000 120'000 125'000 82'000 110'000 108'000 100'000 95'000 100'000 90'000 120'000 87'000 100'000 75'000 140'000 110'000 114'000 #N/A N/A 80'000 100'000

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt 30.06.2013 30.06.2013 25.09.2013 30.06.2013 31.03.2013 30.04.2013 31.03.2013 30.06.2013 31.07.2013 31.12.2012 31.03.2013 28.06.2013 30.06.2013 31.03.2013 31.05.2013 31.03.2013 31.03.2013 30.04.2013 31.03.2013 31.03.2013

Date 12 month Not Provided 12 month 12 month 12 month 12 month 12 month 12 month Not Provided 6 month 12 month 12 month 12 month 12 month 12 month 12 month 12 month 12 month 12 month 3 month 6 month 6 month 12 month 12 month 6 month 12 month Not Provided Not Provided 12 month 12 month 6 month 12 month 12 month 12 month Not Provided 12 month Not Provided 12 month 6 month 12 month Not Provided 6 month 12 month

Inst Type Holding Company Government Investment Advisor n/a Investment Advisor Investment Advisor Investment Advisor Unclassified Investment Advisor Government Investment Advisor Investment Advisor Corporation Investment Advisor Bank Investment Advisor Investment Advisor Unclassified Investment Advisor Investment Advisor

Date 27.09.2013 27.09.2013 25.09.2013 25.09.2013 24.09.2013 24.09.2013 23.09.2013 22.09.2013 22.09.2013 16.09.2013 16.09.2013 16.09.2013 12.09.2013 09.09.2013 04.09.2013 04.09.2013 03.09.2013 03.09.2013 03.09.2013 03.09.2013 02.09.2013 27.08.2013 26.08.2013 21.08.2013 08.08.2013 08.08.2013 07.08.2013 05.08.2013 25.07.2013 25.07.2013 25.07.2013 25.07.2013 25.07.2013 25.07.2013 25.07.2013 24.07.2013 24.07.2013 10.06.2013 25.04.2013 19.03.2013 15.01.2013 25.10.2012 01.08.2012

27.09.2013

Samsung SDI Co Ltd Samsung SDI Co., Ltd. specializes in developing Lithium Ion Battery (LIB) technology. The Company also manufactures cathode ray tubes (CRTs) for televisions and computer monitors. Samsung SDI also produces liquid crystal display (LCD) components and rechargeable batteries for cellular phones and personal digital assistants (PDAs).

Price/Volume 250000 200000 150000

Valuation Analysis

100000

Latest Fiscal Year: LTM as of: 52-Week High (27.09.2013) 52-Week Low (23.04.2013) Daily Volume Current Price (9/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 30.06.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance 006400 KS EQUITY YTD Change 006400 KS EQUITY YTD % CHANGE

12/2012 06/yy 199'000.00 120'500.00 554'237.00 191500 -3.77% 58.92% 99.31% 45.6 8'724'422.00 736'352.13 8'239.5 0.0 372'205.34 9'434'424.76

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

0 s-12

o-12

n-12 d-12

j-13

f-13 m-13 a-13 m-13

j-13

a-13

Market Data

Fiscal Year Ended 31.12.2008 3'726'195.6 0.59x 604'937.4 3.65x 38'873.8 16.46x

50000

31.12.2009 31.12.2010 3'550'584.3 3'980'660.4 1.69x 1.71x 498'488.2 411'825.3 12.06x 16.51x 173'187.0 149'957.1 36.96x 49.11x Profitability

LTM-4Q 31.12.2011 4'539'033.2 1.36x 334'544.7 18.46x (78'767.3) -

LTM

31.12.2012 06/yy 06/yy 4'907'778.3 ######### ######### 1.41x 5.11x 6.07x 391'345.0 313'763.8 341'739.6 17.68x 22.09x 19.40x 2'547'189.6 (14'025.0) ######### 2.57x 0.00x 2.30x 391'345.00 58'155.16 1.18% 69.17% 29.03% 39.54% 35.10% 0.51% 12.1% 7.5% 1.1% 51.9% 1.14 0.87 6.85% 9.33% 5.04 13.99

Price/ Cash Flow

1.0 M .9 M .8 M .7 M .6 M .5 M .4 M .3 M .2 M .1 M .0 M s-13

0.84 29.62 25.58% 26.82% 0.841 42 4.452 474'539 369'708 332'292

FY+1

FY+2

FQ+1

FQ+2

12/13 Y

12/14 Y

09/13 Q3

12/13 Q4

S&P Issuer Ratings

22.56 13.54 2.05 3.37 9.3% 8.5% 0.51 3.47 72.40 26.09 37.14 61.37

Sales/Revenue/Turnover

160.00

7'000'000.0

140.00

6'000'000.0

120.00

5'000'000.0

100.00

4'000'000.0

80.00

3'000'000.0

60.00

2'000'000.0

40.00

1'000'000.0

20.00 0.00 02.01.2010

0.0 02.07.2010

02.01.2011

02.07.2011

02.01.2012

02.07.2012

02.01.2013

02.07.2013

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

27.09.2013

Samsung SDI Co Ltd Holdings By:

All

Holder Name SAMSUNG ELECTRONICS NATIONAL PENSION SER KOREA INVESTMENT TRU CAPITAL GROUP COMPAN MIRAE ASSET GLOBAL I SAMSUNG SDI CO LTD MAPS INVESTMENT MANA BLACKROCK SAMSUNG INVESTMENT T DIMENSIONAL FUND ADV VANGUARD GROUP INC NORGES BANK ROBECO UBS HANA ASSET MANAG AMERIPRISE FINANCIAL JULIUS BAER MULTIPAR TRUSTON ASSET MANAGE PICTET FUNDS CAISSE DE DEPOT ET P KYOBO AXA INVESTMENT

Firm Name Woori Investment & Securities BNP Paribas Equity Research Shinhan Investment Corp HI Investment Securities Barclays Meritz Securities Co., Ltd E*Trade Securities Korea KTB Securities Morgan Stanley Kyobo Securities UBS Daewoo Securities EVA Dimensions Hyundai Securities Nomura CIMB Korea Investment & Securities Credit Suisse JPMorgan Samsung Securities Hanwha Securities Co., Ltd Macquarie Mirae Asset Securities Daishin Securities Co., Ltd. HMC Investment Securities Co Ltd SK Securities Co Ltd Tong Yang Investment Bank KB Investment & Securities Co., Ltd KIWOOM Securities Co Ltd IBK Securities Co Ltd Shinyoung Securities Co., Ltd. Hana Daetoo Securities Deutsche Bank Goldman Sachs Daiwa Securities Co. Ltd. Dongbu Securities Co Ltd Heungkuk Securities Co., Ltd. Standard Chartered HSBC Taurus Investment Securities Co Ltd NH Investment & Securities

Portfolio Name n/a n/a n/a n/a n/a n/a Multiple Portfolios n/a Multiple Portfolios n/a n/a Multiple Portfolios n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios n/a Multiple Portfolios Multiple Portfolios

Analyst CHRIS YOO PETER YU SOH HYUN-CHEOL WON-SUK CHUNG KIM SUNWOO JI MOK-HYUN HYUN-YONG KIM PARK SANG-HYUN LEE KA KEUN CHOI JI-SOO JI CHUNG HWANG JOON-HO ANDREW S ZAMFOTIS KIM JEFF JAMES KIM SAMUEL MARTENS KEVIN SUNG-HYUK LEE KEON HAN JJ Park CHANG JUNGHOON KIM WOON-HO SOYUN SHIN LEE HAK-MOO ROK-HO KIM YOUNG-WOO KIM HAN-SUP JUNG HYUN PARK BYUN HAN-JOON KIM BYUNG-KI KYU JIN EO JONG-HYO HAN DAE-JONG NAM HANJOON KIM MARCUS SHIN JAE H LEE KWON SUNG-RYUL LEE KWAN-SOO SUN CHUNG BRIAN SOHN LEE SUNG-HEE KANG YOON-HUM

Source Co File Co File Co File ULT-AGG EXCH Co File MF-AGG ULT-AGG MF-AGG ULT-AGG ULT-AGG MF-AGG ULT-AGG MF-AGG MF-AGG MF-AGG MF-AGG ULT-AGG MF-AGG MF-AGG

Recommendation buy reduce buy buy equalweight buy buy buy Overwt/In-Line buy buy buy sell buy neutral outperform buy neutral neutral buy buy outperform buy buy buy buy buy buy outperform buy buy buy buy buy/attractive outperform buy buy outperform neutral buy buy

Amt Held 9'282'753 4'441'579 3'211'667 2'278'289 2'274'109 2'195'849 958'137 909'389 882'532 765'190 398'756 216'588 203'033 176'282 176'183 142'505 104'452 91'702 91'700 61'170

% Out 20.38 9.75 7.05 5 4.99 4.82 2.1 2 1.94 1.68 0.88 0.48 0.45 0.39 0.39 0.31 0.23 0.2 0.2 0.13

Weighting

Change 5 2 5 5 3 5 5 5 5 5 5 5 1 5 3 5 5 3 3 5 5 5 5 5 5 5 5 5 5 5 5 5 5 5 5 5 5 5 3 5 5

M D M M M M M M M M N M D M M M M M D M M U M M M M M M D M M M M M M M M M M M M

Latest Chg (22'974) (232'929) 6'665 (118'022) 4'697 (271'788) (484) (30'314) (1'600) 142'505 (1'643) 10'344 1'215

Target Price 200'000 168'000 250'000 220'000 185'000 250'000 250'000 190'000 200'000 190'000 220'000 220'000 #N/A N/A 190'000 185'000 215'000 190'000 142'000 180'000 180'000 195'000 210'000 190'000 180'000 200'000 180'000 180'000 180'000 185'000 184'000 200'000 190'000 187'000 195'000 180'000 165'000 187'000 180'000 145'000 205'000 176'000

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt 31.12.2012 31.12.2012 31.12.2012 13.08.2013 05.03.2013 31.12.2012 31.03.2013 25.09.2013 31.03.2013 30.04.2013 30.06.2013 31.12.2012 30.04.2013 31.03.2013 31.07.2013 29.02.2012 31.03.2013 31.05.2013 31.12.2012 31.03.2013

Date 12 month 12 month 12 month 6 month Not Provided 6 month 12 month 12 month 12 month 6 month 12 month 12 month Not Provided Not Provided Not Provided 12 month 12 month Not Provided 3 month 12 month 6 month 12 month 12 month 12 month 6 month 6 month 12 month 12 month 6 month Not Provided 12 month 12 month 12 month 12 month Not Provided 12 month 12 month 12 month Not Provided 6 month 6 month

Inst Type Corporation Government Investment Advisor Investment Advisor Investment Advisor Corporation Investment Advisor Investment Advisor Investment Advisor Investment Advisor Unclassified Government Unclassified Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor

Date 27.09.2013 27.09.2013 26.09.2013 26.09.2013 26.09.2013 25.09.2013 24.09.2013 23.09.2013 16.09.2013 16.09.2013 10.09.2013 09.09.2013 09.09.2013 06.09.2013 06.09.2013 05.09.2013 04.09.2013 02.09.2013 29.08.2013 27.08.2013 27.08.2013 26.08.2013 14.08.2013 29.07.2013 29.07.2013 29.07.2013 29.07.2013 29.07.2013 29.07.2013 29.07.2013 28.07.2013 28.07.2013 26.07.2013 26.07.2013 26.07.2013 04.07.2013 27.06.2013 05.06.2013 30.05.2013 30.01.2013 02.05.2012

27.09.2013

LG Corp LG Corp is a holding company, which operates subsidiaries including LG Electronics, LG Household & Health Care, LG Chem Ltd., and Dacom Corp. The Company's main business areas are electronics, chemicals, and household products manufacturing and telecommunications service.

Price/Volume

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (20.05.2013) 52-Week Low (15.10.2012) Daily Volume Current Price (9/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 30.06.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance 003550 KS EQUITY YTD Change 003550 KS EQUITY YTD % CHANGE

12/2012 06/yy 71'400.00 58'900.00 273'182.00 67000 -6.16% 13.75% 75.20% 172.6 11'561'328.00 0.00 16'573.0 0.0 220'965.00 11'321'496.78

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

1.6 M

70000

1.4 M

60000

1.2 M

50000

1.0 M

40000

.8 M

30000

.6 M

20000

.4 M

10000

.2 M

0 s-12

31.12.2009 31.12.2010 455'296.6 590'657.8 27.71x 25.39x 344'371.6 484'400.2 36.63x 30.96x 264'523.9 421'115.5 47.20x 35.66x Profitability

LTM-4Q 31.12.2011 589'467.7 18.00x 481'987.3 22.01x 395'494.9 27.30x

31.12.2012 616'562.9 17.91x 485'299.2 22.75x 408'120.0 28.09x 485'299.17 468'299.92 75.95% 76.45% 4.64% 4.78% 4.82% 0.07% 75.4% 72.4% 66.2% 1.79 1.63 0.00% 0.00% -

Price/ Cash Flow

n-12

d-12

LTM

06/yy 06/yy 597'656.7 569'768.9 69.26x 76.07x 488'524.3 429'491.2 19.18x 24.94x 398'950.9 357'237.0 24.03x 30.95x

j-13

f-13 m-13 a-13 m-13

j-13

a-13

.0 M s-13

1.03 122.63 10.26% 2.76% 1.026 18 4.667 247'925 233'793 228'873

FY+1

FY+2

FQ+1

FQ+2

12/13 Y

12/14 Y

09/13 Q3

12/13 Q4

S&P Issuer Ratings

832.42 831.11 -0.60 0.00 0.0% 0.0% 0.07 24.36 -

Sales/Revenue/Turnover

80.00

1'800'000.0

70.00

1'600'000.0

60.00

1'400'000.0 1'200'000.0

50.00

1'000'000.0

40.00

800'000.0

30.00

600'000.0

20.00

400'000.0

10.00

200'000.0

0.00 02.01.2010

o-12

Fiscal Year Ended 31.12.2008 992'451.8 7.57x 810'287.2 9.27x 912'032.4 8.20x

80000

0.0 02.07.2010

02.01.2011

02.07.2011

02.01.2012

02.07.2012

02.01.2013

02.07.2013

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

27.09.2013

LG Corp Holdings By:

All

Holder Name BON-MOO KOO COMMONWEALTH BANK OF BON-JOON KOO BON-NEUNG KOO NATIONAL PENSION SER SKAGEN AS BLACKROCK DIMENSIONAL FUND ADV VANGUARD GROUP INC MACKENZIE FINANCIAL SAMSUNG INVESTMENT T KB ASSET MANAGEMENT TRUSTON ASSET MANAGE FMR LLC THIRD AVENUE MANAGEM KOREA INVESTMENT TRU JP MORGAN SHINHAN BNP PARIBAS KYOBO AXA INVESTMENT PRINCIPAL FINANCIAL

Firm Name KTB Securities Shinhan Investment Corp Korea Investment & Securities Hyundai Securities Daewoo Securities KB Investment & Securities Co., Ltd KIWOOM Securities Co Ltd IBK Securities Co Ltd Macquarie Samsung Securities E*Trade Securities Korea EVA Dimensions Hana Daetoo Securities Woori Investment & Securities Daishin Securities Co., Ltd. LIG Investment Securities UBS Shinyoung Securities Co., Ltd.

Portfolio Name n/a n/a n/a n/a n/a Multiple Portfolios n/a n/a n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios n/a Multiple Portfolios Multiple Portfolios n/a Multiple Portfolios Multiple Portfolios n/a

Analyst OH JIN-WON SONG IN-CHAN LEE HOON JUN YONG-KI DAERO JEONG LEE SANG-WON WILLIAM PARK JOONG-SUN JANG-WON KIM DANIEL KIM EUNPYO KANG KIM JOON-SUP TIMOTHY STANISH SHIN SEUNG-HYUN DONG-YANG KIM KIM YONG-SIK HEE-SANG KWAK JI CHUNG JUNG KYU-BONG

Source EXCH ULT-AGG EXCH EXCH Co File MF-AGG ULT-AGG ULT-AGG ULT-AGG MF-AGG MF-AGG MF-AGG MF-AGG ULT-AGG MF-AGG MF-AGG ULT-AGG MF-AGG MF-AGG ULT-AGG

Recommendation buy buy buy buy buy buy outperform buy neutral buy buy hold buy buy buy buy buy buy

Amt Held 18'818'169 14'037'380 13'317'448 8'855'032 8'824'778 2'493'500 2'400'451 1'349'345 1'085'506 839'523 808'350 730'939 661'562 566'486 535'215 458'678 451'162 440'189 335'014 322'052

% Out 10.91 8.13 7.72 5.13 5.11 1.45 1.39 0.78 0.63 0.49 0.47 0.42 0.38 0.33 0.31 0.27 0.26 0.26 0.19 0.19

Weighting

Change 5 5 5 5 5 5 5 5 3 5 5 3 5 5 5 5 5 5

M M M M M M D M D M M M N M M M M M

Latest Chg 300 366'283 17'060 37'283 (776'496) 826'323 (31'824) 5'312 189'001 13'836 (57'290) (56'191) (492'898) (95'685) 7'701 16'122

Target Price 90'000 88'500 85'000 92'000 90'000 112'000 75'000 90'000 70'000 88'000 90'000 #N/A N/A 85'000 98'000 97'000 95'000 96'000 100'000

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt Inst Type 04.04.2013 n/a 31.05.2013 Bank 04.04.2013 n/a 04.04.2013 n/a 31.12.2012 Government 30.08.2013 Investment Advisor 25.09.2013 Investment Advisor 30.04.2013 Investment Advisor 30.06.2013 Unclassified 30.06.2013 Investment Advisor 31.03.2013 Investment Advisor 31.03.2013 Investment Advisor 31.03.2013 Investment Advisor 31.07.2013 Investment Advisor 30.04.2013 Hedge Fund Manager 31.03.2013 Investment Advisor 31.07.2013 Investment Advisor 31.03.2013 Investment Advisor 31.03.2013 Investment Advisor 31.07.2013 Investment Advisor

Date 12 month 12 month 12 month Not Provided 12 month 12 month 6 month 12 month 12 month 12 month 12 month Not Provided 12 month 12 month 6 month 12 month 12 month 12 month

Date 27.09.2013 11.09.2013 05.09.2013 23.08.2013 16.08.2013 16.08.2013 06.08.2013 26.07.2013 22.07.2013 03.07.2013 14.06.2013 06.06.2013 27.05.2013 13.05.2013 01.04.2013 15.03.2013 03.04.2012 10.10.2011

27.09.2013

LG Display Co Ltd LG Display Co., Ltd. develops and manufactures digital display products. The Company's products include thin film transistor-liquid crystal displays (TFT-LCD) for notebook and desktop computer monitors, TVs, mobile phones, and medical equipment. LG Display provides its products mainly to overseas markets.

Price/Volume

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (26.11.2012) 52-Week Low (25.06.2013) Daily Volume Current Price (9/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 30.06.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance 034220 KS EQUITY YTD Change 034220 KS EQUITY YTD % CHANGE

12/2012 06/yy 36'950.00 25'600.00 2'099'332.00 26750 -27.60% 4.49% 10.57% 357.8 9'571'570.00 4'412'162.00 0.0 0.0 1'700'566.00 11'859'408.98

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

8.0 M

35000

7.0 M

30000

6.0 M

25000

5.0 M

20000

4.0 M

15000

3.0 M

10000

2.0 M

5000

1.0 M

0 s-12

o-12

n-12

d-12

j-13

f-13 m-13 a-13 m-13

j-13

a-13

Fiscal Year Ended 31.12.2008 15'865'240.0 0.46x 3'867'195.0 1.88x 1'086'896.0 6.91x

40000

31.12.2009 31.12.2010 20'119'342.0 25'004'257.0 0.69x 0.65x 3'713'125.0 4'051'485.0 3.75x 3.98x 1'088'814.0 1'002'648.0 12.90x 14.20x Profitability

LTM-4Q 31.12.2011 23'471'309.0 0.50x 2'329'470.0 5.06x (991'032.0) -

LTM

31.12.2012 06/yy 06/yy 28'672'355.0 ######### ######### 0.48x 1.85x 1.85x 4'839'261.0 ######### ######### 2.86x 3.84x 2.27x 28'549.0 ######### 323'520.0 388.13x 0.00x 30.37x 4'839'261.00 626'478.00 2.18% 0.67% 1.38% 3.39% 3.07% 1.23% 8.2% 18.6% 3.9% 0.1% 0.92 0.68 18.54% 45.67% 6.93 12.63

Price/ Cash Flow

1.04 202.59 -3.78% -13.85% 1.045 46 4.370 2'925'245 2'033'929 1'948'278

FY+1

FY+2

FQ+1

FQ+2

12/13 Y

12/14 Y

09/13 Q3

12/13 Q4

S&P Issuer Ratings

.0 M s-13

23.33 5.49 0.43 0.76 45.7% 31.4% 1.23 2.37 52.68 28.90 57.19 23.55

Sales/Revenue/Turnover

5.00

35'000'000.0

4.50

30'000'000.0

4.00 3.50

25'000'000.0

3.00

20'000'000.0

2.50

15'000'000.0

2.00

10'000'000.0

1.50 1.00

5'000'000.0

0.50 0.00 02.01.2010

0.0 02.07.2010

02.01.2011

02.07.2011

02.01.2012

02.07.2012

02.01.2013

02.07.2013

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

27.09.2013

LG Display Co Ltd Holdings By:

All

Holder Name LG ELECTRONICS INC NATIONAL PENSION SER ALLIANCE BERNSTEIN BLACKROCK KB ASSET MANAGEMENT VANGUARD GROUP INC MIRAE ASSET GLOBAL I KOREA INVESTMENT TRU MAPS INVESTMENT MANA NORGES BANK SAMSUNG INVESTMENT T DIMENSIONAL FUND ADV UBS HANA ASSET MANAG SHINHAN BNP PARIBAS JP MORGAN KYOBO AXA INVESTMENT NH-CA ASSET MANAGEME SHIN YOUNG INVESTMEN CAISSE DE DEPOT ET P GOLDMAN SACHS GROUP

Firm Name

Portfolio Name n/a n/a n/a n/a Multiple Portfolios n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios n/a Multiple Portfolios Multiple Portfolios n/a Multiple Portfolios Multiple Portfolios n/a Multiple Portfolios n/a

Analyst

Nomura JAMES KIM Barclays BAE SEUNG-CHUL Deutsche Bank SEUNGHOON HAN UBS NICOLAS GAUDOIS Korea Investment & Securities JONGWOO YOO Hyundai Securities KIM JEFF KTB Securities PARK SANG-HYUN Samsung Securities CHO SUNG-EUN Eugene Investment & Securities Co., LtdLEE JEONG BNP Paribas Equity Research PETER YU Kyobo Securities CHOI JI-SOO Hana Daetoo Securities DAE-JONG NAM Tong Yang Investment Bank HYUN PARK Dongbu Securities Co Ltd KWON SUNG-RYUL Goldman Sachs MICHAEL BANG IBK Securities Co Ltd KYU JIN EO Mirae Asset Securities DOH HYUN-WOO HSBC JERRY TSAI KIWOOM Securities Co Ltd KIM BYUNG-KI Sanford C. Bernstein & Co ALBERTO MOEL Daiwa Securities Co. Ltd. JAE H LEE Shinhan Investment Corp SOH HYUN-CHEOL Hanwha Securities Co., Ltd PARK YU-AK Daewoo Securities HWANG JOON-HO E*Trade Securities Korea BYEONG KI JEON NH Investment & Securities KIM CHANG-JIN HMC Investment Securities Co Ltd YOUNG-WOO KIM SK Securities Co Ltd HAN-SUP JUNG JPMorgan JJ Park Macquarie DANIEL KIM Mizuho Securities CHARLES PARK KB Investment & Securities Co., Ltd BYUN HAN-JOON HI Investment Securities WON-SEOK CHUNG Morgan Stanley LEE KA KEUN Credit Suisse JOHN SUNG Daishin Securities Co., Ltd. KANG JEONG-WON JEFF Woori Investment & Securities YOUNG PARK Shinyoung Securities Co., Ltd. SUNG-CHUL LEE Capital Securities Corp JERRY BAU Taurus Investment Securities Co Ltd LEE SUNG-HEE EVA Dimensions ANDREW S ZAMFOTIS RBS JEFFREY TODER Meritz Securities Co., Ltd JI MOK-HYUN

Source Co File Co File ULT-AGG ULT-AGG MF-AGG ULT-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG ULT-AGG MF-AGG MF-AGG ULT-AGG MF-AGG MF-AGG ULT-AGG MF-AGG ULT-AGG

Recommendation buy overweight hold neutral hold buy buy hold buy reduce buy buy buy buy neutral/attractive buy buy overweight buy market perform hold buy buy hold buy market perform buy buy overweight neutral buy buy buy Overwt/In-Line outperform buy buy buy buy buy buy buy buy

Amt Held 135'625'000 19'541'368 18'252'288 5'516'184 3'561'609 2'845'886 2'552'859 2'250'893 2'197'848 2'123'988 1'901'776 1'785'420 1'768'361 1'656'243 1'389'410 922'548 732'883 698'924 624'185 617'110

% Out 37.9 5.46 5.1 1.54 1 0.8 0.71 0.63 0.61 0.59 0.53 0.5 0.49 0.46 0.39 0.26 0.2 0.2 0.17 0.17

Weighting

Change 5 5 3 3 3 5 5 3 5 2 5 5 5 5 3 5 5 5 5 3 3 5 5 3 5 3 5 5 5 3 5 5 5 5 5 5 5 5 5 5 5 5 5

M M M M M M M M M M M M M M M M N M M M M M M M M M M M M M M M M M M M M M M M U M M

Latest Chg (3'499'745) 23'420 (176'958) (1'753'596) 612'255 869'135 27'360 (329'649) 41'210 93'373 246'584 1'389'379 13'970 97'290 112'444 325'610

Target Price 41'000 38'500 31'000 28'000 #N/A N/A 37'000 35'000 31'000 48'000 23'000 35'000 41'000 37'000 43'000 30'000 40'000 37'000 45'000 48'000 26'100 30'000 38'000 37'000 #N/A N/A 40'000 #N/A N/A 34'000 40'000 40'000 29'000 34'000 33'000 39'000 31'000 36'000 38'000 43'000 37'000 #N/A N/A 38'000 #N/A N/A 37'000 40'000

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt 31.12.2012 31.12.2012 30.06.2013 25.09.2013 31.03.2013 30.06.2013 31.03.2013 31.03.2013 31.03.2013 31.12.2012 31.03.2013 30.04.2013 31.03.2013 31.03.2013 31.05.2013 31.03.2013 31.03.2013 31.03.2013 31.12.2012 30.06.2013

Date Not Provided Not Provided 12 month 12 month Not Provided Not Provided 12 month 12 month 12 month 12 month 6 month 12 month 12 month 12 month 12 month 12 month 12 month Not Provided 6 month 12 month Not Provided 12 month 6 month Not Provided 12 month Not Provided 6 month 6 month 3 month 12 month 12 month 12 month 6 month 12 month Not Provided 12 month 12 month 12 month Not Provided 6 month Not Provided 12 month 6 month

Inst Type Corporation Government Investment Advisor Investment Advisor Investment Advisor Unclassified Investment Advisor Investment Advisor Investment Advisor Government Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor

Date 27.09.2013 27.09.2013 25.09.2013 24.09.2013 23.09.2013 23.09.2013 23.09.2013 16.09.2013 16.09.2013 16.09.2013 16.09.2013 16.09.2013 12.09.2013 11.09.2013 11.09.2013 10.09.2013 09.09.2013 03.09.2013 02.09.2013 30.08.2013 29.08.2013 26.08.2013 21.08.2013 06.08.2013 23.07.2013 22.07.2013 19.07.2013 19.07.2013 19.07.2013 19.07.2013 19.07.2013 19.07.2013 19.07.2013 18.07.2013 18.07.2013 15.07.2013 28.06.2013 23.04.2013 23.04.2013 20.03.2013 05.03.2013 25.01.2013 29.10.2012

27.09.2013

S-Oil Corp S-Oil Corporation refines crude oil and sells petroleum and its related products. The Company mainly focuses on petroleum refining, petrochemical, and lubricant business. S-Oil's major products are gasoline, bunker oil, kerosene, naphtha, lubricants, benzene, toluene, and xylene.

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (21.12.2012) 52-Week Low (21.06.2013) Daily Volume Current Price (9/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 30.06.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance 010950 KS EQUITY YTD Change 010950 KS EQUITY YTD % CHANGE

Price/Volume

12/2012 06/yy 108'500.00 66'100.00 181'400.00 79000 -27.19% 19.52% 30.90% 112.6 8'894'041.00 3'500'239.00 10'055.0 0.0 1'155'511.00 11'425'125.57

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

1.2 M

100000

1.0 M

80000

.8 M

60000

.6 M

40000

.4 M

20000

.2 M

0 s-12

31.12.2009 31.12.2010 17'423'951.0 20'511'068.0 0.44x 0.59x 468'663.0 1'099'362.0 16.20x 11.05x 229'590.0 710'066.0 27.40x 15.17x Profitability

LTM-4Q 31.12.2011 31'913'863.0 0.43x 2'073'282.0 6.68x 1'192'426.0 9.76x

n-12 d-12

j-13

f-13 m-13 a-13 m-13

j-13

a-13

LTM

FY+1

.0 M s-13

3.35 1.27 35.03 -22.71% -23.56% 1.273 40 3.900 188'811 254'387 235'269 FY+2

FQ+1

FQ+2

31.12.2012 06/yy 06/yy 12/13 Y 12/14 Y 09/13 Q3 12/13 Q4 34'723'291.0 ######### ######### ######### ######### ######### ######### 0.41x 1.65x 1.64x 0.36x 0.33x 1'172'957.0 ######### ######### ######### ######### 11.99x 9.26x 7.96x 8.11x 7.73x 580'015.0 559'286.0 547'672.0 653'966.7 ######### 256'500.0 247'000.0 20.88x 18.28x 15.27x 13.43x 9.84x S&P Issuer Ratings 1'172'957.00 Long-Term Rating Date 29.03.2009 781'764.00 Long-Term Rating BBB 2.25% Long-Term Outlook STABLE 2.05% Short-Term Rating Date 4.51% Short-Term Rating 10.60% Credit Ratios 7.28% EBITDA/Interest Exp. 13.66 2.70% (EBITDA-Capex)/Interest Exp. 11.48 Net Debt/EBITDA 2.00 3.8% Total Debt/EBITDA 2.98 3.4% Reference 2.3% Total Debt/Equity 65.3% 1.7% Total Debt/Capital 39.5% Asset Turnover 2.70 1.37 Net Fixed Asset Turnover 9.19 0.55 Accounts receivable turnover-days 26.00 28.02% Inventory Days 49.31 65.28% Accounts Payable Turnover Day 27.95 14.08 Cash Conversion Cycle 47.35 7.42

Price/ Cash Flow

Sales/Revenue/Turnover

40.00

40'000'000.0

35.00

35'000'000.0

30.00

30'000'000.0

25.00

25'000'000.0

20.00

20'000'000.0

15.00

15'000'000.0

10.00

10'000'000.0

5.00

5'000'000.0

0.00 02.01.2010

o-12

Fiscal Year Ended 31.12.2008 23'000'290.5 0.32x 1'565'586.1 4.67x 446'214.3 16.05x

120000

0.0 02.07.2010

02.01.2011

02.07.2011

02.01.2012

02.07.2012

02.01.2013

02.07.2013

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

27.09.2013

S-Oil Corp Holdings By:

All

Holder Name ARAMCO OVERSEAS BV HANJIN ENERGY NATIONAL PENSION SER BLACKROCK EASTSPRING INVESTMEN NORGES BANK SAMSUNG INVESTMENT T VANGUARD GROUP INC JP MORGAN MIRAE ASSET GLOBAL I SEB KB ASSET MANAGEMENT KYOBO AXA INVESTMENT UBS HANA ASSET MANAG NH-CA ASSET MANAGEME WOORI ASSET MANAGEME KOREA INVESTMENT TRU CAISSE DE DEPOT ET P DIMENSIONAL FUND ADV TRUSTON ASSET MANAGE

Firm Name

Portfolio Name n/a n/a n/a n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios n/a n/a Multiple Portfolios n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios n/a Multiple Portfolios

Analyst

KTB Securities YOO YOUNG KOOK E*Trade Securities Korea SEUNG-JAE HAN Tong Yang Investment Bank HWANG KYU-WON Credit Suisse CHO A-HYUNG KB Investment & Securities Co., Ltd PARK JAE-CHUL Hyundai Securities BAEK YOUNG-CHAN Deutsche Bank SHAWN PARK Kyobo Securities YOUNG-JOO SON Shinyoung Securities Co., Ltd. OH JUNG-IL Mirae Asset Securities YOUNG-BAE KWON Samsung Securities SEUNGWOO KIM Standard Chartered DUKE SUTTIKULPANICH KIWOOM Securities Co Ltd KYUNG-HYUK MIN Morgan Stanley KYLE KIM UBS JOHN CHUNG BNP Paribas Equity Research POR YONG LIANG Hana Daetoo Securities WON YONG-JIN HMC Investment Securities Co Ltd HYUNG-WOOK KIM EVA Dimensions DOUG WALTERS Daewoo Securities PARK YEON-JU Daishin Securities Co., Ltd. JAE-SUNG YOON Eugene Investment & Securities Co., LtdKWAK JIN-HEE Shinhan Investment Corp LEE EUNG-JU Hanwha Securities Co., Ltd LEE DA-SOL Woori Investment & Securities KIM SUN-WOO JPMorgan SAMUEL SW LEE Mizuho Securities ANDREW S F CHAN Nomura CINDY PARK CIMB PETER K LEE Macquarie BRANDON I LEE Meritz Securities Co., Ltd HWANG YOU SIK NH Investment & Securities CHOI JI-HWAN IBK Securities Co Ltd CHOONG-JAE LEE HI Investment Securities LEE HEE-CHEOL HSBC DENNIS HYUNCHUL YOO Korea Investment & Securities PARK KIYONG LIG Investment Securities PARK YOUNG-HOON Taurus Investment Securities Co Ltd JAESUNG YOON

Source Co File Co File EXCH ULT-AGG MF-AGG MF-AGG MF-AGG ULT-AGG ULT-AGG MF-AGG ULT-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG ULT-AGG MF-AGG

Recommendation buy market perform hold outperform hold buy hold strong buy buy buy buy underperform outperform Equalwt/Cautious neutral hold buy hold overweight buy buy buy trading buy buy hold underweight neutral neutral outperform neutral buy market perform buy hold underweight buy hold buy

Amt Held 39'403'974 31'983'586 5'645'490 1'101'743 741'884 731'115 695'315 514'235 453'983 225'087 224'116 207'141 200'189 135'588 127'800 127'655 127'086 120'857 107'384 81'415

% Out 35 28.41 5.01 0.98 0.66 0.65 0.62 0.46 0.4 0.2 0.2 0.18 0.18 0.12 0.11 0.11 0.11 0.11 0.1 0.07

Weighting

Change 5 3 3 5 3 5 3 5 5 5 5 1 5 3 3 3 5 3 5 5 5 5 5 5 3 1 3 3 5 3 5 3 5 3 1 5 3 5

M M M M M M M M M M M M M M M M M M U M M M M M M M M M M M N M M D M M D M

Latest Chg (1'122'704) 8'699 (43'983) (341'443) 89'973 31'805 (61'108) (91'568) (19'937) (39'988) (11'235) 11'415 41'451 1'593 (43'418)

Target Price 100'000 85'000 100'000 116'000 85'000 100'000 70'000 98'400 90'000 100'000 82'000 57'000 85'000 80'000 81'000 75'000 100'000 81'000 #N/A N/A 100'000 90'000 95'000 85'000 100'000 80'000 61'000 78'000 110'000 98'000 77'000 96'000 #N/A N/A 90'000 90'000 60'000 100'000 #N/A N/A 125'000

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt 31.03.2013 31.03.2013 09.05.2012 25.09.2013 15.04.2013 31.12.2012 31.03.2013 30.06.2013 31.07.2013 31.03.2013 31.03.2013 31.03.2013 31.03.2013 31.03.2013 31.03.2013 31.03.2013 31.03.2013 31.12.2012 30.04.2013 31.03.2013

Date 12 month 12 month 12 month Not Provided 12 month Not Provided 12 month 6 month 12 month 12 month 12 month 12 month 6 month 12 month 12 month 12 month 12 month 6 month Not Provided 12 month 12 month 12 month 12 month 6 month 12 month 3 month 12 month Not Provided 12 month 12 month 6 month Not Provided 12 month 6 month Not Provided 12 month Not Provided 6 month

Inst Type Other Other Government Investment Advisor Investment Advisor Government Investment Advisor Unclassified Investment Advisor Investment Advisor Unclassified Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor

Date 26.09.2013 25.09.2013 24.09.2013 24.09.2013 24.09.2013 23.09.2013 19.09.2013 16.09.2013 13.09.2013 13.09.2013 09.09.2013 04.09.2013 04.09.2013 03.09.2013 03.09.2013 03.09.2013 02.09.2013 23.08.2013 20.08.2013 26.07.2013 26.07.2013 26.07.2013 26.07.2013 26.07.2013 25.07.2013 25.07.2013 25.07.2013 25.07.2013 16.07.2013 11.07.2013 05.07.2013 04.07.2013 01.07.2013 19.06.2013 17.06.2013 02.05.2013 29.04.2013 01.02.2013

27.09.2013

SK Holdings Co Ltd SK Holdings Co.,Ltd. is a holding company. The Company, through its subsidiaries, operates refineries, chemicals, telecommunications, oil exploration, and transportation.

Price/Volume 250000

.8 M .7 M

200000

.6 M .5 M

150000

.4 M

Valuation Analysis

100000

Latest Fiscal Year: LTM as of: 52-Week High (17.09.2013) 52-Week Low (17.04.2013) Daily Volume Current Price (9/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 30.06.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance 003600 KS EQUITY YTD Change 003600 KS EQUITY YTD % CHANGE

12/2012 06/yy 200'000.00 141'000.00 100'086.00 195500 -2.25% 38.65% 94.92% 47.0 9'181'034.00 3'392'096.00 3'800.0 0.0 135'984.00 11'798'352.25

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

.2 M .1 M

0 s-12

o-12

n-12

d-12

j-13

f-13 m-13 a-13 m-13

j-13

a-13

Fiscal Year Ended 31.12.2008 718'547.5 8.75x 437'685.3 14.36x 303'802.0 12.63x

.3 M

50000

31.12.2009 31.12.2010 766'714.2 600'778.0 8.29x 14.50x 377'921.1 386'620.0 16.82x 22.53x 284'265.2 162'101.0 12.72x 35.00x Profitability

LTM-4Q 31.12.2011 765'123.0 10.67x 579'262.0 14.09x 426'553.0 11.50x

31.12.2012 733'204.0 14.33x 553'127.0 18.99x 376'301.0 19.32x 553'127.00 550'983.00 75.15% 55.12% 3.31% 4.76% 4.64% 0.06% 75.4% 75.1% 51.3% 0.17 0.15 29.51% 42.27% 383.27 -

Price/ Cash Flow

LTM

06/yy 06/yy 704'176.0 ######### 48.26x 37.12x 530'435.0 889'094.0 15.80x 10.66x 339'345.0 746'262.0 15.84x 9.21x

1.28 1.03 22.64 27.91% 9.22% 1.025 15 4.600 122'730 141'476 118'187

FY+1

FY+2

FQ+1

FQ+2

12/13 Y

12/14 Y

09/13 Q3

12/13 Q4

S&P Issuer Ratings

.0 M s-13

02.07.2007 NR 02.02.1998 NR 3.51 3.49 5.89 6.13 42.3% 29.7% 0.06 24.27 0.95 -

Sales/Revenue/Turnover

40.00

25'000'000.0

35.00

20'000'000.0

30.00 25.00

15'000'000.0

20.00

10'000'000.0

15.00 10.00

5'000'000.0

5.00 0.00 02.01.2010

0.0 02.07.2010

02.01.2011

02.07.2011

02.01.2012

02.07.2012

02.01.2013

02.07.2013

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

27.09.2013

SK Holdings Co Ltd Holdings By:

All

Holder Name SK C&C CO LTD SK HOLDINGS CO LTD NATIONAL PENSION SER DIMENSIONAL FUND ADV BLACKROCK VANGUARD GROUP INC SAMSUNG INVESTMENT T KOREA INVESTMENT TRU PRINCIPAL FINANCIAL STATE STREET CORP NORDEA INVESTMENT FU KYOBO AXA INVESTMENT ALLIANZ GLOBAL INVES MIRAE ASSET GLOBAL I NORDEA INV MANAGEMEN PCA INVESTMENT TRUST SHINHAN BNP PARIBAS ACADIAN ASSET MANAGE CAISSE DE DEPOT ET P KB ASSET MANAGEMENT

Firm Name Woori Investment & Securities KTB Securities Daewoo Securities IBK Securities Co Ltd Hyundai Securities EVA Dimensions Shinhan Investment Corp Samsung Securities KB Investment & Securities Co., Ltd KIWOOM Securities Co Ltd E*Trade Securities Korea Hana Daetoo Securities Korea Investment & Securities UBS LIG Investment Securities

Portfolio Name n/a n/a n/a n/a n/a n/a Multiple Portfolios Multiple Portfolios n/a n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios

Analyst DONG-YANG KIM OH JIN-WON DAERO JEONG JANG-WON KIM JUN YONG-KI TIMOTHY STANISH SONG IN-CHAN EUNPYO KANG LEE SANG-WON WILLIAM PARK JOONG-SUN KIM JOON-SUP SHIN SEUNG-HYUN LEE HOON JI CHUNG KANG BONG-WOO

Source EXCH Co File EXCH ULT-AGG ULT-AGG ULT-AGG MF-AGG MF-AGG ULT-AGG ULT-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG

Recommendation buy buy buy buy buy underweight buy buy buy buy buy buy buy neutral buy

Amt Held 14'944'432 6'484'246 2'874'875 620'371 619'543 375'024 371'569 316'785 230'092 155'258 127'242 120'147 119'601 118'196 100'780 83'421 78'482 75'349 69'318 68'898

% Out 31.82 13.81 6.12 1.32 1.32 0.8 0.79 0.67 0.49 0.33 0.27 0.26 0.25 0.25 0.21 0.18 0.17 0.16 0.15 0.15

Weighting

Change 5 5 5 5 5 1 5 5 5 5 5 5 5 3 5

M M M M M D M M M M M N M M M

Latest Chg 481'692 (13'769) 4'294 (190'137) (4'815) 39'170 107'603 (23'292) (4'932) 23'060 13'645 987 19'075 (40'058) (119'702)

Target Price 230'000 240'000 270'000 230'000 250'000 #N/A N/A 226'000 206'000 210'000 260'000 200'000 209'000 234'000 193'000 240'000

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt 29.03.2013 31.12.2012 27.05.2013 30.04.2013 25.09.2013 30.06.2013 31.03.2013 31.03.2013 31.07.2013 26.09.2013 28.06.2013 31.03.2013 31.03.2013 31.03.2013 31.07.2013 31.03.2013 31.03.2013 31.07.2013 31.12.2012 31.03.2013

Date 12 month 12 month 12 month 12 month Not Provided Not Provided 12 month 12 month 12 month 6 month 12 month 12 month 12 month 12 month 12 month

Inst Type Corporation Corporation Government Investment Advisor Investment Advisor Unclassified Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor

Date 27.09.2013 27.09.2013 10.09.2013 26.08.2013 23.08.2013 22.08.2013 21.08.2013 16.08.2013 16.08.2013 06.08.2013 26.06.2013 27.05.2013 16.05.2013 04.02.2013 04.10.2012

27.09.2013

Samsung Electro-Mechanics Co Ltd Samsung Electro-Mechanics Co., Ltd. manufactures a variety of electronic components used in computers, audio and video products, industrial electronics, and telecommunication equipment. The Company's products include multi-layer boards and capacitors, optical Pick Ups, deflection yokes (DY), keyboards, speakers, and light emitting diode (LED) products.

Price/Volume

2.0 M

12/2012 06/yy 110'000.00 76'600.00 873'669.00 86300 -21.55% 12.66% 24.85% 74.7 6'446'066.00 610'562.17 14'534.9 0.0 587'512.02 6'601'680.50

1.0 M

40000

.5 M

20000 0 s-12

o-12

n-12 d-12

j-13

f-13 m-13 a-13 m-13

j-13

a-13

Fiscal Year Ended 31.12.2009 31.12.2010 3'192'031.1 3'632'078.3 2.62x 2.67x 426'892.4 556'029.9 19.61x 17.42x 208'711.1 435'800.3 39.67x 22.01x Profitability

LTM-4Q 31.12.2011 4'064'237.6 1.60x 404'817.9 16.07x 294'260.9 20.46x

LTM

31.12.2012 06/yy 06/yy 5'469'200.4 ######### ######### 1.36x 6.27x 4.68x 662'961.7 493'089.3 748'487.0 11.23x 16.70x 8.90x 498'072.6 457'821.9 367'469.4 15.44x 17.83x 18.38x 662'961.72 373'390.12 6.83% 11.88% 6.46% 9.80% 1.09% 17.6% 12.1% 7.1% 9.1% 1.70 1.30 11.10% 16.31% 6.08 16.87

Price/ Cash Flow

.0 M s-13

1.13 51.58 -8.54% -13.00% 1.131 40 4.500 391'830 443'099 486'040

FY+1

FY+2

FQ+1

FQ+2

12/13 Y

12/14 Y

09/13 Q3

12/13 Q4

S&P Issuer Ratings

135.77 52.55 0.15 0.83 16.3% 14.0% 1.09 3.92 60.04 21.64 38.05 41.84

Sales/Revenue/Turnover

30.00

6'000'000.0

25.00

5'000'000.0

20.00

4'000'000.0

15.00

3'000'000.0

10.00

2'000'000.0

5.00

1'000'000.0

0.00 02.01.2010

1.5 M

60000

Latest Fiscal Year: LTM as of: 52-Week High (10.12.2012) 52-Week Low (22.08.2013) Daily Volume Current Price (9/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 30.06.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance 009150 KS EQUITY YTD Change 009150 KS EQUITY YTD % CHANGE

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

2.5 M

100000 80000

Valuation Analysis

31.12.2008 3'099'820.7 0.95x 316'448.1 9.29x 48'080.1 53.37x

120000

0.0 02.07.2010

02.01.2011

02.07.2011

02.01.2012

02.07.2012

02.01.2013

02.07.2013

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

27.09.2013

Samsung Electro-Mechanics Co Ltd Holdings By:

All

Holder Name SAMSUNG ELECTRONICS NATIONAL PENSION SER KOREA INVESTMENT TRU BLACKROCK SAMSUNG INVESTMENT T VANGUARD GROUP INC UBS HANA ASSET MANAG NORGES BANK KYOBO AXA INVESTMENT MIRAE ASSET GLOBAL I DIMENSIONAL FUND ADV ALLIANZ GLOBAL INVES KB ASSET MANAGEMENT CAISSE DE DEPOT ET P NH-CA ASSET MANAGEME MAPS INVESTMENT MANA SHINHAN BNP PARIBAS SHIN YOUNG INVESTMEN WOORI ASSET MANAGEME ROYAL BANK OF CANADA

Firm Name Woori Investment & Securities JPMorgan KTB Securities Daishin Securities Co., Ltd. Deutsche Bank KIWOOM Securities Co Ltd Daiwa Securities Co. Ltd. Dongbu Securities Co Ltd Hyundai Securities BNP Paribas Equity Research Nomura Morgan Stanley Daewoo Securities Samsung Securities Hanwha Securities Co., Ltd Tong Yang Investment Bank Shinyoung Securities Co., Ltd. HMC Investment Securities Co Ltd Korea Investment & Securities Barclays Meritz Securities Co., Ltd Shinhan Investment Corp Macquarie KB Investment & Securities Co., Ltd Mirae Asset Securities IBK Securities Co Ltd LIG Investment Securities Goldman Sachs Credit Suisse UBS CIMB Heungkuk Securities Co., Ltd. HSBC Standard Chartered EVA Dimensions E*Trade Securities Korea Hana Daetoo Securities HI Investment Securities Kyobo Securities

Portfolio Name n/a n/a n/a n/a Multiple Portfolios n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios n/a Multiple Portfolios n/a

Analyst SOPHIA KIM MASASHI ITAYA PARK SANG-HYUN PARK KANG-HO HANJOON KIM KIM JI-SAN JOSHUA OH KWON SUNG-RYUL BAEK JONG-SUK ASHLEY AHN JAMES KIM LEE KA KEUN PARK WON-JAE CHO SUNG-EUN KIM WOON-HO HYUN PARK LIM DORI GREG GEUN-CHANG ROH KEVIN SUNG-HYUK LEE BAE SEUNG-CHUL JI MOK-HYUN HA JOON-DOO SOYUN SHIN LEE SOON-HAK JIN HO CHO KYU JIN EO KI-YOUNG KIM MARCUS SHIN KEON HAN JI CHUNG SAMUEL MARTENS LEE KWAN-SOO BRIAN SOHN SUN CHUNG ANDREW S ZAMFOTIS JI-WOONG KIM CHUN SUNG-HOON SONG EUN-JEONG PARK SEONG-MIN

Source EXCH EXCH EXCH ULT-AGG MF-AGG ULT-AGG MF-AGG MF-AGG MF-AGG MF-AGG ULT-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG ULT-AGG MF-AGG ULT-AGG

Recommendation buy neutral buy buy hold buy outperform buy buy hold buy Underwt/In-Line buy buy buy buy buy buy buy overweight buy buy outperform buy buy buy buy neutral/attractive outperform buy outperform buy overweight outperform overweight not rated neutral buy buy

Amt Held 17'693'084 5'344'520 3'989'329 1'503'020 1'426'228 674'252 398'925 356'553 280'239 227'982 175'493 167'245 161'557 160'366 130'361 123'031 122'638 105'435 99'721 97'000

% Out 23.69 7.16 5.34 2.01 1.91 0.9 0.53 0.48 0.38 0.31 0.23 0.22 0.22 0.21 0.17 0.16 0.16 0.14 0.13 0.13

Weighting

Change

5 3 5 5 3 5 5 5 5 3 5 1 5 5 5 5 5 5 5 5 5 5 5 5 5 5 5 3 5 5 5 5 5 5 5 #N/A N/A 3 5 5

M D M M M M D M M M M D M M M M M M M M M M M M M M M M M M M M M M U M M N M

Latest Chg 336'721 10'820 (288'568) (454'393) (32'246) 39'318 (3'160) 4'523 52'960 60'051 11'727 (49'932) 61'647 (373) 15'277 -

Target Price 120'000 90'000 100'000 125'000 90'000 120'000 95'000 110'000 120'000 91'000 105'000 70'000 119'000 95'000 130'000 100'000 115'000 110'000 115'000 110'000 110'000 100'000 100'000 120'000 125'000 120'000 115'000 95'000 114'000 100'000 130'000 127'000 125'000 127'000 #N/A N/A #N/A N/A 105'000 120'000 121'000

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt 22.03.2013 28.05.2013 30.11.2012 25.09.2013 31.03.2013 30.06.2013 31.03.2013 31.12.2012 31.03.2013 31.03.2013 30.04.2013 31.03.2013 31.03.2013 31.12.2012 31.03.2013 31.03.2013 31.03.2013 31.03.2013 31.03.2013 30.04.2013

Date 12 month 12 month 12 month 6 month 12 month 6 month Not Provided 12 month 12 month 12 month Not Provided 12 month 12 month 12 month 6 month 12 month 12 month 6 month 12 month Not Provided 6 month 12 month 12 month 12 month 12 month Not Provided 12 month 12 month Not Provided 12 month 12 month 6 month Not Provided 12 month Not Provided Not Provided 12 month 6 month 12 month

Inst Type Corporation Government Investment Advisor Investment Advisor Investment Advisor Unclassified Investment Advisor Government Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Bank

Date 26.09.2013 24.09.2013 23.09.2013 16.09.2013 15.09.2013 09.09.2013 06.09.2013 05.09.2013 05.09.2013 05.09.2013 02.09.2013 29.08.2013 29.08.2013 28.08.2013 27.08.2013 21.08.2013 19.08.2013 16.08.2013 06.08.2013 06.08.2013 26.07.2013 26.07.2013 26.07.2013 26.07.2013 26.07.2013 26.07.2013 26.07.2013 25.07.2013 25.07.2013 25.07.2013 18.07.2013 08.07.2013 18.06.2013 05.06.2013 20.05.2013 07.05.2013 26.04.2013 15.04.2013 01.08.2012

27.09.2013

E-Mart Co Ltd E-Mart Co., Ltd. operates E-Mart discount stores. The Company retails food, clothing, household goods, electronics, and other items through several branch stores.

Price/Volume 300000

.7 M

250000

.6 M .5 M

200000

Latest Fiscal Year: LTM as of: 52-Week High (27.09.2013) 52-Week Low (25.06.2013) Daily Volume Current Price (9/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 30.06.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance 139480 KS EQUITY YTD Change 139480 KS EQUITY YTD % CHANGE

12/2012 06/yy 251'000.00 184'000.00 138'266.00 244000 -2.79% 32.61% 78.46% 27.9 6'801'700.00 3'009'582.00 0.0 0.0 73'441.00 9'889'911.30

31.12.2009 -

.3 M

100000

.2 M

50000

.1 M

0 s-12

o-12

n-12

d-12

j-13

f-13 m-13 a-13 m-13

j-13

a-13

Fiscal Year Ended 31.12.2008 Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

.4 M

150000

Valuation Analysis

31.12.2010

Profitability

LTM-4Q 31.12.2011 7'200'793.0 1.47x 757'278.7 13.97x 247'595.0 31.40x

LTM

FY+1

.0 M s-13

0.61 0.60 20.22 2.75% 2.52% 0.595 37 3.865 55'488 64'804 65'420 FY+2

FQ+1

FQ+2

31.12.2012 06/yy 06/yy 12/13 Y 12/14 Y 09/13 Q3 12/13 Q4 10'939'021.0 ######### ######### ######### ######### ######### ######### 0.87x 3.82x 3.40x 0.82x 0.75x 2.99x 3.20x 1'074'321.7 ######### ######### ######### ######### 277'771.3 232'752.7 8.91x 9.22x 8.12x 9.47x 8.64x 9.62x 9.53x 307'325.9 413'930.1 285'179.3 457'161.6 511'676.6 143'673.7 85'441.6 21.58x 16.83x 19.64x 14.89x 13.18x 13.33x 13.06x S&P Issuer Ratings 1'074'321.73 Long-Term Rating Date 31.05.2013 775'930.73 Long-Term Rating BBB+ 7.09% Long-Term Outlook STABLE 4.26% Short-Term Rating Date 2.80% Short-Term Rating 5.37% Credit Ratios 4.48% EBITDA/Interest Exp. 8.52 1.00% (EBITDA-Capex)/Interest Exp. 2.72 Net Debt/EBITDA 2.73 28.9% Total Debt/EBITDA 2.80 9.8% Reference 7.1% Total Debt/Equity 50.7% 2.8% Total Debt/Capital 33.6% Asset Turnover 1.00 0.30 Net Fixed Asset Turnover 1.50 0.10 Accounts receivable turnover-days 6.34 26.53% Inventory Days 23.73 50.70% Accounts Payable Turnover Day 31.68 57.73 Cash Conversion Cycle -1.61 15.42

Price/ Cash Flow

Sales/Revenue/Turnover

14.00

12'000'000.0

12.00

10'000'000.0

10.00

8'000'000.0

8.00

6'000'000.0 6.00

4'000'000.0 4.00

2'000'000.0

2.00 0.00 02.01.2010

0.0 02.07.2010

02.01.2011

02.07.2011

02.01.2012

02.07.2012

02.01.2013

02.07.2013

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

27.09.2013

E-Mart Co Ltd Holdings By:

All

Holder Name ABERDEEN MYUNG-HEE LEE YONG-JIN CHUNG OPPENHEIMERFUNDS INC COMMONWEALTH BANK OF YU-GYEONG JEONG VANGUARD GROUP INC BLACKROCK COMGEST S A FMR LLC JP MORGAN NORGES BANK INTERNATIONAL VALUE ROBECO DANSKE INVEST A/S DIMENSIONAL FUND ADV SUN LIFE FINANCIAL I DANSKE INVEST MANAGE JP MORGAN CHASE BANK MACQUARIE GROUP

Firm Name

Portfolio Name n/a n/a n/a n/a n/a n/a n/a n/a Multiple Portfolios n/a n/a Multiple Portfolios Multiple Portfolios n/a Multiple Portfolios n/a n/a Multiple Portfolios Multiple Portfolios n/a

Analyst

KTB Securities LEE HYE-RIN Morgan Stanley KELLY H KIM Daishin Securities Co., Ltd. CHUNG YON-WOO Heungkuk Securities Co., Ltd. SUNG-HYUN NAM Korea Investment & Securities YEO YEONGSANG Hyundai Securities LEE SANG-KOO HMC Investment Securities Co Ltd Park Jong Ryeol Hana Daetoo Securities PARK JONG-DAE Standard Chartered YUNICE YOUNG KYOUNG KIM Woori Investment & Securities GENE PARK Goldman Sachs CHRISTINE CHO JPMorgan YOUNA KIM Mirae Asset Securities YUMI PARK Deutsche Bank JI-HYUN SONG Samsung Securities OJ NAM Barclays PAUL HWANG NH Investment & Securities HONG SUNG-SOO HSBC KAREN CHOI EVA Dimensions CRAIG STERLING Nomura CARA EUN JUNG SONG Macquarie NA HONG-SUK KB Investment & Securities Co., Ltd LEE JI-YEON Daiwa Securities Co. Ltd. SANG HEE PARK CIMB HOWON RIM KIWOOM Securities Co Ltd SOHN YOON-KYUNG SK Securities Co Ltd KI-YEONG KIM HI Investment Securities MIN YOUNG-SANG IBK Securities Co Ltd JI-YOUNG AHN UBS JENNIFER HAN Dongbu Securities Co Ltd CHA JAE-HEON LIG Investment Securities LEE JI-YOUNG Shinyoung Securities Co., Ltd. SEO JUNG-YEON Credit Suisse SONIA KIM SEUNG-HYUN Daewoo Securities KIM MINA Meritz Securities Co., Ltd YOO JOO-YEON Hanwha Securities Co., Ltd KIM KYEONG-KI Eugene Investment & Securities Co., LtdKIM MI-YEON

Source ULT-AGG Co File Co File EXCH ULT-AGG Co File ULT-AGG ULT-AGG MF-AGG ULT-AGG ULT-AGG MF-AGG MF-AGG ULT-AGG MF-AGG ULT-AGG ULT-AGG MF-AGG MF-AGG ULT-AGG

Recommendation hold Overwt/In-Line buy buy buy buy hold neutral outperform hold Sell/Neutral neutral buy buy buy overweight market perform overweight hold buy outperform hold hold neutral outperform neutral hold neutral neutral buy hold buy underperform hold buy market perform buy

Amt Held 5'077'054 4'821'595 2'039'196 1'275'472 978'138 701'203 596'949 549'366 387'305 313'522 262'044 240'717 235'955 211'219 159'626 102'449 93'655 92'535 90'368 90'000

% Out 18.21 17.3 7.32 4.58 3.51 2.52 2.14 1.97 1.39 1.12 0.94 0.86 0.85 0.76 0.57 0.37 0.34 0.33 0.32 0.32

Weighting

Change 3 5 5 5 5 5 3 3 5 3 1 3 5 5 5 5 3 5 3 5 5 3 3 3 5 3 3 3 3 5 3 5 1 3 5 3 5

M M M M U M M M M M D M M M M M M M D U U N D N M N M M M U M M M M M M M

Latest Chg (281'075) (304'723) (1'863'646) (43'048) 11'455 5'286 (22'412) 103'424 (113) 26'900 10'413 1'815 15'600 -

Target Price 240'000 280'000 300'000 280'000 300'000 290'000 250'000 250'000 270'000 265'000 220'000 230'000 300'000 278'000 290'000 273'000 #N/A N/A 300'000 #N/A N/A 260'000 260'000 230'000 216'000 220'000 240'000 250'000 250'000 #N/A N/A 210'000 245'000 220'000 240'000 200'000 #N/A N/A 312'000 250'000 320'000

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt 31.08.2013 31.12.2012 31.12.2012 23.04.2013 31.05.2013 31.12.2012 30.06.2013 25.09.2013 31.12.2012 31.07.2013 31.07.2013 31.12.2012 31.03.2013 30.04.2013 31.05.2013 30.04.2013 31.07.2013 28.06.2013 31.05.2013 31.07.2013

Date 12 month 12 month 12 month 12 month 12 month Not Provided 6 month 12 month 12 month 12 month 12 month 9 month 12 month 12 month 12 month Not Provided Not Provided Not Provided Not Provided Not Provided 12 month 12 month Not Provided 12 month 6 month 6 month 6 month Not Provided 12 month 12 month 12 month 12 month Not Provided Not Provided 6 month 6 month 12 month

Inst Type Investment Advisor n/a n/a Investment Advisor Bank n/a Unclassified Investment Advisor Unclassified Investment Advisor Investment Advisor Government Investment Advisor Unclassified Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor

Date 27.09.2013 26.09.2013 26.09.2013 26.09.2013 24.09.2013 24.09.2013 24.09.2013 23.09.2013 20.09.2013 13.09.2013 12.09.2013 12.09.2013 12.09.2013 11.09.2013 11.09.2013 11.09.2013 10.09.2013 10.09.2013 10.09.2013 06.09.2013 05.09.2013 02.09.2013 14.08.2013 28.07.2013 23.07.2013 15.07.2013 15.07.2013 15.07.2013 21.06.2013 13.06.2013 13.06.2013 29.05.2013 22.04.2013 17.01.2013 08.01.2013 04.06.2012 12.08.2011

27.09.2013

LG Household & Health Care Ltd LG Household & Health Care Ltd. manufactures consumer goods such as household cleaning and personal care products. The Company sells beauty care, dental care, laundry, and cleaning products through the Household Division. LG Household & Health Care also markets skin care and make-up products through the Cosmetic Division.

Price/Volume

.1 M .1 M

500000

.1 M

400000

Latest Fiscal Year: LTM as of: 52-Week High (09.01.2013) 52-Week Low (29.08.2013) Daily Volume Current Price (9/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 30.06.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance 051900 KS EQUITY YTD Change 051900 KS EQUITY YTD % CHANGE

12/2012 06/yy 697'000.00 478'000.00 31'980.00 530000 -23.96% 10.88% 23.29% 15.6 8'277'644.50 753'705.78 10'498.0 0.0 14'237.00 9'371'762.05

.1 M

300000 200000

.0 M

100000

.0 M

0 s-12

o-12

n-12

d-12

j-13

f-13 m-13 a-13 m-13

j-13

a-13

Fiscal Year Ended Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

.1 M

700000 600000

Valuation Analysis

31.12.2008 1'354'585.1 2.26x 179'442.3 17.09x 120'574.7 26.45x

800000

31.12.2009 31.12.2010 1'521'051.0 1'747'660.0 2.96x 3.56x 236'135.7 252'556.7 19.04x 24.63x 126'725.5 149'089.7 38.54x 43.90x Profitability

LTM-4Q 31.12.2011 1'995'557.0 3.83x 285'251.1 26.81x 190'245.6 42.99x

LTM

31.12.2012 06/yy 06/yy 2'144'640.0 ######### ######### 4.84x 16.87x 18.16x 309'208.7 291'566.9 309'049.1 33.57x 33.60x 30.01x 207'795.8 206'293.2 184'092.1 53.03x 48.18x 48.45x 309'208.71 259'745.00 12.11% 12.23% 8.40% 19.60% 11.29% 1.00% 51.1% 14.1% 11.9% 9.7% 0.62 0.36 38.14% 81.21% 7.38 5.56

Price/ Cash Flow

0.79 8.52 -14.30% -19.33% 0.786 30 4.533 36'076 48'548 37'535

FY+1

FY+2

FQ+1

FQ+2

12/13 Y

12/14 Y

09/13 Q3

12/13 Q4

S&P Issuer Ratings

.0 M s-13

9.91 7.44 3.51 3.58 81.2% 44.5% 1.00 7.84 49.44 65.67 57.51 61.13

Sales/Revenue/Turnover

100.00

2'500'000.0

90.00

2'000'000.0

80.00 70.00

1'500'000.0

60.00 50.00

1'000'000.0

40.00 30.00

500'000.0

20.00 10.00 0.00 02.01.2010

0.0 02.07.2010

02.01.2011

02.07.2011

02.01.2012

02.07.2012

02.01.2013

02.07.2013

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

27.09.2013

LG Household & Health Care Ltd Holdings By:

All

Holder Name LG CORP LG HOUSEHOLD & HEALT T ROWE PRICE HONG KO GIC PRIVATE LIMITED FIL LIMITED BLACKROCK MIRAE ASSET GLOBAL I MAPS INVESTMENT MANA COMMONWEALTH BANK OF HARRIS TRUST & SAVIN JP MORGAN NORGES BANK VONTOBEL ASSET MANAG CARMIGNAC GESTION SAMSUNG INVESTMENT T SCHRODER INVESTMENT VANGUARD GROUP INC ALLIANZ ASSET MANAGE FMR LLC ALLIANCE BERNSTEIN

Firm Name Korea Investment & Securities Credit Suisse Macquarie KTB Securities JPMorgan Woori Investment & Securities Deutsche Bank Mirae Asset Securities Morgan Stanley Samsung Securities Hana Daetoo Securities Daewoo Securities Nomura Leading Investment & Securities KB Investment & Securities Co., Ltd HI Investment Securities KIWOOM Securities Co Ltd IBK Securities Co Ltd Daiwa Securities Co. Ltd. HSBC EVA Dimensions Shinhan Investment Corp Hyundai Securities Goldman Sachs UBS NH Investment & Securities Meritz Securities Co., Ltd Hanwha Securities Co., Ltd Tong Yang Investment Bank

Portfolio Name n/a n/a n/a n/a n/a n/a Multiple Portfolios Multiple Portfolios n/a Multiple Portfolios n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios n/a n/a n/a n/a

Analyst LEE JUNG-IN CHO A-HYUNG NA HONG-SUK KIM MIN-JEONG YOUNA KIM KOOKHEE HAN JI-HYUN SONG YUMI PARK KELLY H KIM EUNKYUNG PARK PARK JONG-DAE KIM MINA CARA EUN JUNG SONG LEE HWA-YOUNG LEE JI-YEON HYO JOO SON KIM JI-HYUN JI-YOUNG AHN SANG HEE PARK KAREN CHOI CRAIG STERLING MINHO HUR KIM HYE-RIM CHRISTINE CHO JENNIFER HAN EUN-YOUNG BAE SONG KWANG-SOO JIN-IL LEE SONG CHI-HO

Source Co File Co File EXCH ULT-AGG ULT-AGG ULT-AGG MF-AGG MF-AGG ULT-AGG MF-AGG ULT-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG ULT-AGG ULT-AGG ULT-AGG ULT-AGG

Recommendation buy outperform outperform buy overweight buy buy buy Overwt/Attractive buy buy buy buy buy buy buy buy buy hold overweight underweight buy buy neutral/neutral buy buy buy buy buy

Amt Held 5'315'500 958'408 781'591 780'125 651'229 288'826 272'941 261'936 245'291 230'456 220'690 182'250 148'062 130'984 124'068 115'617 108'699 66'980 50'276 46'610

% Out 34.03 6.14 5 4.99 4.17 1.85 1.75 1.68 1.57 1.48 1.41 1.17 0.95 0.84 0.79 0.74 0.7 0.43 0.32 0.3

Weighting

Change 5 5 5 5 5 5 5 5 5 5 5 5 5 5 5 5 5 5 3 5 1 5 5 3 5 5 5 5 5

M M M M M M M N U M M M M M M M M M M M M M M M M M M N M

Latest Chg (155'833) (5'748) (4'344) (21'245) 52'663 30'796 12'589 (88'747) 6'561 (75'315) (2'343) (38'557) 27'270

Target Price 700'000 640'000 660'000 700'000 640'000 650'000 670'000 630'000 620'000 663'000 670'000 610'000 700'000 685'000 680'000 760'000 720'000 750'000 600'000 790'000 #N/A N/A 770'000 750'000 630'000 720'000 770'000 770'000 720'000 590'000

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt 31.12.2012 31.12.2012 26.06.2013 21.06.2011 26.06.2013 25.09.2013 30.08.2013 31.03.2013 31.05.2013 28.06.2013 31.03.2013 31.12.2012 30.04.2013 28.06.2013 31.03.2013 30.06.2013 30.06.2013 31.07.2013 31.07.2013 30.06.2013

Date 12 month Not Provided 12 month 12 month 9 month 12 month 12 month 12 month 12 month 12 month 12 month 12 month Not Provided 12 month 12 month 6 month 6 month Not Provided Not Provided Not Provided Not Provided 12 month Not Provided 12 month 12 month 6 month 6 month 6 month 12 month

Inst Type Holding Company Corporation Holding Company Government Investment Advisor Investment Advisor Investment Advisor Investment Advisor Bank Unclassified Investment Advisor Government Investment Advisor Investment Advisor Investment Advisor Investment Advisor Unclassified Investment Advisor Investment Advisor Investment Advisor

Date 25.09.2013 24.09.2013 24.09.2013 24.09.2013 19.09.2013 17.09.2013 04.09.2013 02.09.2013 29.08.2013 28.08.2013 28.08.2013 27.08.2013 12.08.2013 05.08.2013 24.07.2013 24.07.2013 24.07.2013 24.07.2013 23.07.2013 03.07.2013 06.06.2013 04.06.2013 16.05.2013 23.04.2013 08.04.2013 25.03.2013 16.01.2013 30.03.2012 28.11.2011

27.09.2013

Daewoo Shipbuilding & Marine Engineering Co Ltd Daewoo Shipbuilding & Marine Engineering Co., Ltd. manufactures naval and commercial ships. The Company's products include crude oil tankers, bulk carriers, container ships, gas carriers, multi-purpose cargo ships, chemical tankers, and other vessels.

Price/Volume

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (23.09.2013) 52-Week Low (16.11.2012) Daily Volume Current Price (9/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 30.06.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance 042660 KS EQUITY YTD Change 042660 KS EQUITY YTD % CHANGE

12/2012 06/yy 34'950.00 21'100.00 1'238'028.00 34650 -0.86% 64.22% 92.06% 191.4 6'631'690.00 4'078'052.19 0.0 0.0 178'089.58 12'908'431.33

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

1.20 1.00

8.0 M

35000

7.0 M

30000

6.0 M

25000

5.0 M

20000

4.0 M

15000

3.0 M

10000

2.0 M

5000

1.0 M

0 s-12

o-12

n-12

d-12

j-13

f-13 m-13 a-13 m-13

j-13

a-13

Fiscal Year Ended 31.12.2008 11'074'643.9 0.20x 1'176'466.7 1.86x 401'728.1 7.22x

40000

31.12.2009 31.12.2010 12'442'519.0 12'056'356.7 0.38x 0.73x 843'278.0 1'162'280.2 5.54x 7.60x 577'504.0 743'633.1 5.73x 9.24x Profitability

LTM-4Q 31.12.2011 12'257'625.7 0.59x 1'167'540.2 6.18x 743'175.4 6.18x

LTM

FY+1

.0 M s-13

0.72 1.29 175.07 35.53% 27.62% 1.288 40 4.400 1'240'317 1'251'961 1'074'493 FY+2

FQ+1

FQ+2

31.12.2012 06/yy 06/yy 12/13 Y 12/14 Y 09/13 Q3 12/13 Q4 12'565'401.8 ######### ######### ######### ######### ######### ######### 0.72x 2.50x 3.01x 0.81x 0.75x 606'627.5 784'263.6 528'297.6 532'167.3 765'347.7 14.93x 9.45x 20.96x 24.26x 16.87x 137'024.0 504'441.5 74'344.9 261'147.3 479'215.0 54'100.0 60'500.0 37.45x 9.82x 64.25x 25.42x 13.71x S&P Issuer Ratings 606'627.47 Long-Term Rating Date 451'613.47 Long-Term Rating 3.59% Long-Term Outlook 1.77% Short-Term Rating Date 0.95% Short-Term Rating 3.03% Credit Ratios 2.40% EBITDA/Interest Exp. 0.87% (EBITDA-Capex)/Interest Exp. Net Debt/EBITDA 8.6% Total Debt/EBITDA 4.8% Reference 3.6% Total Debt/Equity 1.1% Total Debt/Capital Asset Turnover 0.87 Net Fixed Asset Turnover 0.50 Accounts receivable turnover-days 28.75% Inventory Days 90.11% Accounts Payable Turnover Day 3.14 Cash Conversion Cycle 19.42

6.70 4.28 6.35 6.72 90.1% 47.4% 0.87 3.05 116.66 18.84 140.95 -5.45

Sales/Revenue/Turnover

14'000'000.0 12'000'000.0 10'000'000.0

0.80

8'000'000.0 0.60

6'000'000.0

0.40

4'000'000.0 2'000'000.0

0.20

0.0 0.00

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

27.09.2013

Daewoo Shipbuilding & Marine Engineering Co Ltd Holdings By:

All

Holder Name KOREA DEVELOPMENT BA FINANCIAL SERVICES A NATIONAL PENSION SER BLACKROCK DAEWOO SHIPBUILDING KOREA ASSET MANAGEME UBS HANA ASSET MANAG SAMSUNG INVESTMENT T NORGES BANK VANGUARD GROUP INC KOREA INVESTMENT TRU DIMENSIONAL FUND ADV BNP PARIBAS KYOBO AXA INVESTMENT HI ASSET MANAGEMENT EMPLOYEE STOCK OWNER PCA INVESTMENT TRUST NH-CA ASSET MANAGEME MIRAE ASSET GLOBAL I ALLIANZ GLOBAL INVES

Firm Name

Portfolio Name n/a n/a n/a n/a n/a n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios n/a Multiple Portfolios n/a n/a Multiple Portfolios Multiple Portfolios n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios

Analyst

Shinyoung Securities Co., Ltd. UM KYUNG-A Mirae Asset Securities CHUNG WOO CHANG Daishin Securities Co., Ltd. JEON JAE-CHEON UBS SON YONG-SUK KTB Securities LEE KANG-ROK Nomura ANGELA HONG Daiwa Securities Co. Ltd. CHUNG SUNG-YOP Dongbu Securities Co Ltd KIM HONG-GYUN Tong Yang Investment Bank LEE JAE-WON Samsung Securities YOUNGSOO HAN Korea Investment & Securities RICHARD PARK JPMorgan LEE SOKJE Hana Daetoo Securities SANG-WOO LEE Hanwha Securities Co., Ltd DONG-IK JEONG Woori Investment & Securities JAE-HUN YU Shinhan Investment Corp KIM HYUN E*Trade Securities Korea PARK MOO-HYUN Daewoo Securities SUNG KI-JONG Hyundai Securities LEE SANG-HWA SK Securities Co Ltd LEE JI-HOON KB Investment & Securities Co., Ltd LEE SANG-WON Deutsche Bank SANJEEV RANA Morgan Stanley PARK SANG-KYOO Macquarie LEE JUWON Credit Suisse HENRY KWON BNP Paribas Equity Research JAMES HIE SUK YOON EVA Dimensions TIMOTHY STANISH BS Securities Co Ltd KWAK MIN-JUNG KIWOOM Securities Co Ltd CHOI WON-KYUNG LIG Investment Securities CHOI GWANG-SHIK HSBC PAUL CHOI CIMB KJ HWANG IBK Securities Co Ltd SHIM WON-SUP Kyobo Securities OH SEAN Meritz Securities Co., Ltd KIM SEUNG CHURL NH Investment & Securities LEE YOONSANG HMC Investment Securities Co Ltd DONG-EUN YEOM Eugene Investment & Securities Co., LtdMOON-SOO JANG

Source EXCH EXCH EXCH ULT-AGG Co File EXCH MF-AGG MF-AGG MF-AGG ULT-AGG MF-AGG ULT-AGG ULT-AGG MF-AGG MF-AGG Co File MF-AGG MF-AGG MF-AGG MF-AGG

Recommendation buy buy buy buy buy neutral hold buy buy buy buy overweight buy buy buy buy buy buy buy buy buy hold Overwt/Attractive neutral neutral buy sell buy buy buy neutral neutral buy buy buy buy buy hold

Amt Held 60'217'183 32'825'316 13'498'719 2'351'522 2'343'870 2'272'720 1'456'083 1'271'531 1'107'329 1'099'508 985'921 842'201 525'110 523'482 518'750 440'152 432'269 402'280 383'605 365'130

% Out 31.46 17.15 7.05 1.23 1.22 1.19 0.76 0.66 0.58 0.57 0.52 0.44 0.27 0.27 0.27 0.23 0.23 0.21 0.2 0.19

Weighting

Change 5 5 5 5 5 3 3 5 5 5 5 5 5 5 5 5 5 5 5 5 5 3 5 3 3 5 1 5 5 5 3 3 5 5 5 5 5 3

M M M U M M M M M M M M M M M M M N M N M M M M M M M M M M D D M M M M M N

Latest Chg 391'587 1'928'363 18'570 (34'294'112) 999'240 (324'092) (844'612) (517'511) 76'690 222'900 11'840 114'360 17'937 105'580 46'189 351'980

Target Price 40'000 42'700 42'000 41'000 42'000 28'000 30'000 45'000 40'000 35'000 38'000 41'000 42'000 35'000 35'000 39'000 45'000 35'000 33'000 34'000 37'000 28'000 35'000 26'000 24'600 36'400 #N/A N/A 32'000 36'000 40'000 30'000 28'000 38'000 37'000 37'000 33'000 33'000 24'000

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt 16.05.2013 05.04.2013 27.05.2013 25.09.2013 31.12.2012 22.02.2013 31.03.2013 31.03.2013 31.12.2012 30.06.2013 31.03.2013 30.04.2013 30.04.2013 31.03.2013 31.03.2013 31.12.2012 31.03.2013 31.03.2013 31.03.2013 31.03.2013

Date 12 month 12 month 6 month 12 month 12 month Not Provided Not Provided 12 month 12 month 12 month 12 month 3 month 12 month 6 month 12 month 12 month 12 month 12 month Not Provided 6 month 12 month 12 month 12 month 12 month Not Provided 12 month Not Provided 6 month 6 month 12 month Not Provided 12 month 12 month 6 month 6 month 6 month 6 month 12 month

Inst Type Government Corporation Government Investment Advisor Corporation Investment Advisor Investment Advisor Investment Advisor Government Unclassified Investment Advisor Investment Advisor Unclassified Investment Advisor Investment Advisor n/a Investment Advisor Investment Advisor Investment Advisor Investment Advisor

Date 27.09.2013 27.09.2013 26.09.2013 25.09.2013 25.09.2013 25.09.2013 12.09.2013 09.09.2013 09.09.2013 06.09.2013 05.09.2013 04.09.2013 03.09.2013 02.09.2013 28.08.2013 20.08.2013 19.08.2013 16.08.2013 16.08.2013 16.08.2013 16.08.2013 15.08.2013 15.08.2013 15.08.2013 14.08.2013 13.08.2013 06.06.2013 29.05.2013 27.05.2013 27.05.2013 15.05.2013 15.05.2013 29.04.2013 09.04.2013 31.01.2013 29.01.2013 29.01.2013 29.10.2012

27.09.2013

Hyundai Steel Co Hyundai Steel Company is an electric furnace steel maker. The Company manufactures concrete reinforcing bars, H beams, stainless steel sheets, cast steel, and other steel products. Hyundai Steel sells its products to the domestic and overseas markets.

Price/Volume

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (03.01.2013) 52-Week Low (21.06.2013) Daily Volume Current Price (9/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 30.06.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance 004020 KS EQUITY YTD Change 004020 KS EQUITY YTD % CHANGE

12/2012 06/yy 90'600.00 60'100.00 663'562.00 83700 -7.62% 39.27% 78.03% 85.3 7'140'821.50 10'283'048.03 0.0 0.0 969'071.83 17'548'896.81

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

1.6 M 1.4 M 1.2 M 1.0 M .8 M .6 M .4 M .2 M o-12

n-12 d-12

j-13

f-13 m-13 a-13 m-13

j-13

a-13

Fiscal Year Ended 31.12.2008 10'502'957.2 0.65x 1'586'684.2 4.30x 822'540.3 3.84x

100000 90000 80000 70000 60000 50000 40000 30000 20000 10000 0 s-12

31.12.2009 31.12.2010 7'966'443.7 10'198'164.6 1.46x 1.75x 840'036.9 1'454'140.9 13.82x 12.30x 1'151'997.5 906'150.7 6.30x 11.53x Profitability

LTM-4Q 31.12.2011 15'259'909.2 1.10x 1'978'662.9 8.46x 735'256.4 10.96x

LTM

FY+1

0.60 1.39 48.49 -4.34% -4.67% 1.385 42 4.238 743'709 535'434 432'109 FY+2

FQ+1

31.12.2012 06/yy 06/yy 12/13 Y 12/14 Y 09/13 Q3 14'128'666.1 ######### ######### ######### ######### ######### 1.18x 4.42x 5.14x 1.27x 1.04x 1'589'806.6 ######### ######### ######### ######### 320'000.0 10.51x 9.28x 11.18x 12.13x 9.41x 10.08x 791'447.8 485'998.9 558'669.3 417'900.8 736'635.8 137'488.9 9.35x 14.57x 9.69x 18.05x 9.54x S&P Issuer Ratings 1'589'806.60 Long-Term Rating Date 870'768.79 Long-Term Rating 6.16% Long-Term Outlook 6.54% Short-Term Rating Date 3.55% Short-Term Rating 8.38% Credit Ratios 5.46% EBITDA/Interest Exp. 0.63% (EBITDA-Capex)/Interest Exp. Net Debt/EBITDA 10.0% Total Debt/EBITDA 11.3% Reference 6.2% Total Debt/Equity 5.6% Total Debt/Capital Asset Turnover 0.90 Net Fixed Asset Turnover 0.48 Accounts receivable turnover-days 44.95% Inventory Days 104.94% Accounts Payable Turnover Day 6.33 Cash Conversion Cycle 5.25

Price/ Cash Flow

.0 M s-13

FQ+2 12/13 Q4 ######### 428'000.0 153'522.2 15.11.2010 BBBSTABLE 3.54 -2.86 5.81 6.47 104.9% 51.2% 0.63 1.02 57.78 69.74 21.31 106.21

Sales/Revenue/Turnover

14.00

18'000'000.0

12.00

16'000'000.0 14'000'000.0

10.00

12'000'000.0

8.00

10'000'000.0

6.00

8'000'000.0 6'000'000.0

4.00

4'000'000.0

2.00 0.00 02.01.2010

2'000'000.0 0.0 02.07.2010

02.01.2011

02.07.2011

02.01.2012

02.07.2012

02.01.2013

02.07.2013

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

27.09.2013

Hyundai Steel Co Holdings By:

All

Holder Name KIA MOTORS CORP MONG-KOO CHUNG NATIONAL PENSION SER DIMENSIONAL FUND ADV BLACKROCK HYUNDAI STEEL CO VANGUARD GROUP INC NORGES BANK KB ASSET MANAGEMENT GRANTHAM MAYO VAN OT SAMSUNG INVESTMENT T UBS HANA ASSET MANAG PCA INVESTMENT TRUST KYOBO AXA INVESTMENT FRANKLIN RESOURCES KTB ASSET MANAGEMENT HYUNDAI INVESTMENTS KOREA INVESTMENT TRU T ROWE PRICE ASSOCIA SHINHAN BNP PARIBAS

Firm Name

Portfolio Name n/a n/a n/a n/a n/a n/a n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios

Analyst

HMC Investment Securities Co Ltd PARK HYUN-WOOK KTB Securities SHIM HYE-SUN Credit Suisse SINN MIN-SEOK DBS Vickers LEE EUN YOUNG Shinhan Investment Corp JINJOO HONG Kyobo Securities UM JIN-SEOK Samsung Securities TEAM COVERAGE E*Trade Securities Korea KANG TAE-HYUN Bookook Securities Co Ltd JOON-KYU LEE Hanwha Securities Co., Ltd KIM KANG-OH Deutsche Bank CHANWOOK PARK Shinyoung Securities Co., Ltd. KANG-UN CHO KIWOOM Securities Co Ltd CHANG-HO KIM HI Investment Securities BANG MINJIN EVA Dimensions TIMOTHY STANISH Daewoo Securities JEON SEUNG-HUN Standard Chartered JAMES KP HONG Barclays EPHREM RAVI VTB Capital WIKTOR BIELSKI Woori Investment & Securities WILL BYUN Hyundai Securities KIM JI-HWAN Meritz Securities Co., Ltd LEE JONG-HYOUNG SK Securities Co Ltd LEE WON JAE Tong Yang Investment Bank KEE-HYUN PARK KB Investment & Securities Co., Ltd KIM HYUN-TAE Nomura CINDY PARK IBK Securities Co Ltd PARK BYUNGCHIL LIG Investment Securities YOON-SANG KIM Morgan Stanley YOUNG SUK SHIN JPMorgan AKIRA KISHIMOTO UBS SON YONG-SUK Korea Investment & Securities MOON SUN CHOI Daiwa Securities Co. Ltd. CHUNG SUNG-YOP BS Securities Co Ltd YOON KWAN-CHUL Mirae Asset Securities KWON HAE-SOON Dongbu Securities Co Ltd LEE JAE-HOON Goldman Sachs SEUNG SHIN HSBC BRIAN CHO Eugene Investment & Securities Co., LtdGYUNG-JUNG KIM Taurus Investment Securities Co Ltd JI-WOONG YOO

Source Co File Co File EXCH ULT-AGG ULT-AGG Co File ULT-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG ULT-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG

Recommendation buy buy neutral buy buy buy buy buy buy buy hold buy buy buy underweight buy outperform equalweight buy buy buy buy neutral buy buy neutral buy buy Equalwt/In-Line overweight neutral buy hold buy hold buy Sell/Neutral overweight buy buy

Amt Held 18'159'517 10'681'769 6'873'833 1'397'629 1'352'306 1'028'980 636'889 628'430 613'554 478'661 437'737 295'171 256'338 224'080 200'057 183'652 179'662 176'134 167'296 165'607

% Out 21.29 12.52 8.06 1.64 1.59 1.21 0.75 0.74 0.72 0.56 0.51 0.35 0.3 0.26 0.23 0.22 0.21 0.21 0.2 0.19

Weighting

Change 5 5 3 5 5 5 5 5 5 5 3 5 5 5 1 5 5 3 5 5 5 5 3 5 5 3 5 5 3 5 3 5 3 5 3 5 1 5 5 5

M M M M M M M M M M D M M M D M M M M M M M D M M M M M D M D M M M M M M M M M

Latest Chg (900'747) 27'804 10'606 (435'876) 126'825 (149'811) 51'663 6'205 14'202 (34'344) 91'069 12'391 65'300 11'448 (29'462)

Target Price 100'000 100'000 74'000 95'000 100'000 96'000 85'000 90'000 95'000 85'000 75'000 90'000 97'000 86'000 #N/A N/A 92'000 100'000 80'000 90'000 100'000 100'000 90'000 70'000 90'000 90'000 81'000 90'000 93'000 75'000 90'000 80'000 81'000 70'000 100'000 81'000 95'000 60'000 100'000 100'000 110'000

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt 31.03.2013 31.03.2013 20.06.2013 30.04.2013 25.09.2013 31.03.2013 30.06.2013 31.12.2012 31.03.2013 31.05.2013 31.03.2013 31.03.2013 31.03.2013 31.03.2013 31.03.2013 31.03.2013 31.03.2013 31.03.2013 30.06.2013 31.03.2013

Date 6 month 12 month Not Provided 12 month 12 month 6 month 12 month 12 month 6 month 6 month 12 month 12 month 6 month 6 month Not Provided 12 month 12 month Not Provided 12 month 12 month 12 month 6 month 6 month 12 month 12 month Not Provided 12 month 12 month 12 month 15 month 12 month 12 month Not Provided 6 month 12 month 12 month 12 month Not Provided 12 month 6 month

Inst Type Corporation n/a Government Investment Advisor Investment Advisor Corporation Unclassified Government Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor

Date 27.09.2013 27.09.2013 26.09.2013 24.09.2013 16.09.2013 16.09.2013 13.09.2013 11.09.2013 09.09.2013 05.09.2013 03.09.2013 03.09.2013 02.09.2013 23.08.2013 19.08.2013 14.08.2013 08.08.2013 05.08.2013 05.08.2013 02.08.2013 30.07.2013 29.07.2013 29.07.2013 29.07.2013 29.07.2013 29.07.2013 29.07.2013 29.07.2013 28.07.2013 27.07.2013 25.07.2013 24.07.2013 01.07.2013 24.06.2013 29.04.2013 22.04.2013 03.03.2013 19.02.2013 01.02.2013 01.02.2013

27.09.2013

Woori Finance Holdings Co Ltd Woori Finance Holdings Co., Ltd. is a holding company of Woori Bank, Kwangju Bank, Kyongnam Bank, and Woori Credit Card. The Company manages and controls its financial subsidiaries.

Price/Volume 14000

8.0 M

12000

7.0 M

10000

6.0 M 5.0 M

8000

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (04.03.2013) 52-Week Low (28.11.2012) Daily Volume Current Price (9/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 30.06.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance 053000 KS EQUITY YTD Change 053000 KS EQUITY YTD % CHANGE

12/2012 06/yy 13'250.00 9'700.00 782'091.00 12500 -5.66% 28.87% 80.28% 806.0 10'075'192.00 3'654'276.11 0.0 0.0 236'400.34 13'617'384.75

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

3.0 M

4000

2.0 M

2000

1.0 M

0 s-12

o-12

n-12

d-12

j-13

f-13 m-13 a-13 m-13

j-13

a-13

Fiscal Year Ended 31.12.2008 666'266.9 12.60x 600'902.6 13.97x 454'478.0 11.26x

4.0 M

6000

31.12.2009 31.12.2010 1'326'704.7 451'754.8 11.26x 35.60x 1'267'918.2 447'225.4 11.79x 35.96x 1'026'024.3 164'009.6 10.88x 76.35x Profitability

LTM-4Q 31.12.2011 589'734.1 19.03x 582'188.2 19.27x 304'480.2 25.15x

31.12.2012 636'611.7 20.31x 582'302.8 22.20x 396'898.0 25.71x 582'302.79 87.96% 62.30% 2.17% 2.57% 2.20% 0.03% 91.5% 62.3% 19.81% 25.08% -

Price/ Cash Flow

LTM

06/yy 06/yy 632'998.6 329'165.2 78.58x 153.94x 627'703.1 245'382.6 21.10x 49.09x 366'155.2 68'247.9 28.56x 181.90x

2.00 1.40 298.30 16.57% 5.93% 1.396 38 4.079 1'183'374 1'543'941 1'650'786

FY+1

FY+2

FQ+1

FQ+2

12/13 Y

12/14 Y

09/13 Q3

12/13 Q4

S&P Issuer Ratings

.0 M s-13

01.08.2013 NR 01.08.2013 NR 5.87 6.28 25.1% 20.0% 0.03 1407.36 -

Sales/Revenue/Turnover

90.00

2'500'000.0

80.00

2'000'000.0

70.00 60.00

1'500'000.0

50.00 40.00

1'000'000.0

30.00

500'000.0

20.00 10.00 0.00 02.01.2010

0.0 02.07.2010

02.01.2011

02.07.2011

02.01.2012

02.07.2012

02.01.2013

02.07.2013

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

27.09.2013

Woori Finance Holdings Co Ltd Holdings By:

All

Holder Name KOREA DEPOSIT INSURA MIRAE ASSET GLOBAL I NATIONAL PENSION SER CAPITAL GROUP COMPAN FRANKLIN RESOURCES BLACKROCK DIMENSIONAL FUND ADV GRANTHAM MAYO VAN OT VANGUARD GROUP INC SHINHAN BNP PARIBAS NORGES BANK SAMSUNG INVESTMENT T KB ASSET MANAGEMENT STATE STREET CORP MIRAE ASSET GLOBAL I KYOBO AXA INVESTMENT ALLIANZ GLOBAL INVES ACADIAN ASSET MANAGE KOREA INVESTMENT TRU JP MORGAN

Firm Name

Portfolio Name n/a n/a n/a n/a n/a n/a n/a Multiple Portfolios n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios n/a

Analyst

Hyundai Securities KOO KYUNG-HWE Eugene Investment & Securities Co., LtdKIM IN KTB Securities OH JIN-WON Hanwha Securities Co., Ltd KYU-SUN SHIM Nomura MICHAEL NA Hana Daetoo Securities HAN JEONG-TAE Credit Suisse GIL HYUNG KIM Barclays MICHELLE CHO Standard Chartered JINSANG KIM HMC Investment Securities Co Ltd LEE CHANG-WOOK LIG Investment Securities SOHN JOON-BEOM Morgan Stanley JOON SEOK Shinyoung Securities Co., Ltd. IM IL-SUNG KB Investment & Securities Co., Ltd SHIM HYUN-SOO HSBC SINYOUNG PARK Korea Investment & Securities LEE JOANNE NH Investment & Securities KIM EUN-GAB Mirae Asset Securities HEATHER KANG Daishin Securities Co., Ltd. CHOI JUNG-WOOK Shinhan Investment Corp KIM SOO-HYUN SEAN KIWOOM Securities Co Ltd SEO YOUNG-SOO E*Trade Securities Korea HA HAKSOO IBK Securities Co Ltd PARK JIN-HYOENG CIMB DAEHYUN KIM Deutsche Bank JEE HOON PARK UBS SCOTT LEE Macquarie CHAN HWANG HI Investment Securities YOO SANG-HO Tong Yang Investment Bank SUNG BYUNG-SOO Daiwa Securities Co. Ltd. CHANG-HEE LEE Dongbu Securities Co Ltd LEE BYUNG-GUN BNP Paribas Equity Research TEAM COVERAGE EVA Dimensions DOUG WALTERS Leading Investment & Securities BAE JUNG-HYUN Kyobo Securities HWANG SEOK-KYU Meritz Securities Co., Ltd JUN JAE-GON Woori Investment & Securities JASON CHOI Samsung Securities JAEWOO KIM JPMorgan SCOTT YH SEO

Source Co File EXCH EXCH ULT-AGG ULT-AGG ULT-AGG ULT-AGG MF-AGG ULT-AGG MF-AGG MF-AGG MF-AGG MF-AGG ULT-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG ULT-AGG

Recommendation market perform buy buy buy buy buy neutral equalweight in-line buy buy Equalwt/In-Line buy buy overweight neutral market perform buy market perform buy market perform market perform buy neutral hold buy outperform hold buy buy buy reduce buy buy buy buy buy buy restricted

Amt Held 459'198'609 49'967'187 48'428'473 20'047'350 10'383'688 8'170'790 7'414'383 5'239'760 4'429'554 3'473'716 3'384'998 3'256'508 2'645'112 2'001'210 1'741'263 1'519'150 1'292'710 1'172'265 1'096'964 1'079'390

% Out 56.97 6.2 6.01 2.49 1.29 1.01 0.92 0.65 0.55 0.43 0.42 0.4 0.33 0.25 0.22 0.19 0.16 0.15 0.14 0.13

Weighting

Change

3 5 5 5 5 5 3 3 3 5 5 3 5 5 5 3 3 5 3 5 3 3 5 3 3 5 5 3 5 5 5 2 5 5 5 5 5 5 #N/A N/A

M M M M M M M N M U M M M M M M M M M M M M M M M M M D U M M M M N M M M M M

Latest Chg 8'088'365 (6'964'000) (1'848'576) 92'200 130'660 (3'175'482) 199'256 49'867 (1'121'488) (89'700) 616'133 196'230 408'560 601'271 52'590

Target Price 12'000 16'000 14'000 15'600 17'000 16'800 11'000 12'600 12'500 15'500 15'000 11'000 14'500 15'000 13'000 #N/A N/A #N/A N/A 16'000 13'000 13'000 12'000 11'200 15'000 13'000 11'000 13'500 15'000 12'500 15'000 13'500 13'500 10'000 #N/A N/A 16'000 15'900 15'000 15'000 17'000 #N/A N/A

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt 31.12.2012 09.04.2010 30.05.2013 30.06.2013 28.06.2013 25.09.2013 30.04.2013 31.05.2013 30.06.2013 31.03.2013 31.12.2012 31.03.2013 31.03.2013 26.09.2013 31.03.2013 31.03.2013 31.03.2013 31.07.2013 31.03.2013 31.07.2013

Date Not Provided 12 month 12 month 6 month Not Provided 12 month Not Provided Not Provided 12 month 6 month 12 month 12 month 12 month 12 month Not Provided Not Provided Not Provided 12 month 12 month 12 month 6 month 12 month Not Provided 12 month 12 month 12 month 12 month 6 month 12 month Not Provided 12 month 12 month Not Provided 12 month 12 month 6 month 12 month 12 month Not Provided

Inst Type Government Investment Advisor Government Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Unclassified Investment Advisor Government Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor

Date 24.09.2013 24.09.2013 24.09.2013 24.09.2013 24.09.2013 24.09.2013 23.09.2013 16.09.2013 12.09.2013 12.09.2013 12.09.2013 10.09.2013 03.09.2013 03.09.2013 29.08.2013 21.08.2013 20.08.2013 08.08.2013 05.08.2013 05.08.2013 05.08.2013 05.08.2013 05.08.2013 04.08.2013 03.08.2013 02.08.2013 01.08.2013 16.07.2013 27.06.2013 26.06.2013 25.06.2013 07.06.2013 06.06.2013 12.03.2013 08.01.2013 20.12.2012 09.10.2012 05.10.2011 15.06.2011

27.09.2013

Hyundai Engineering & Construction Co Ltd Hyundai Engineering & Construction Co., Ltd., a general construction company, provides civil engineering, architectural, industrial, and electrical engineering services. The Company constructs roadways, dams, bridges, ports, industrial plants, apartment complexes, and cultural facilities.

Price/Volume 80000

3.0 M

70000

2.5 M

60000 2.0 M

50000 40000

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (09.01.2013) 52-Week Low (17.04.2013) Daily Volume Current Price (9/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 30.06.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance 000720 KS EQUITY YTD Change 000720 KS EQUITY YTD % CHANGE

12/2012 06/yy 74'500.00 53'000.00 530'608.00 61900 -16.91% 16.79% 46.98% 111.4 6'892'922.00 1'566'738.00 494.0 0.0 1'260'966.00 7'717'441.85

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

1.0 M

20000 .5 M

10000 0 s-12

o-12

n-12

d-12

j-13

f-13 m-13 a-13 m-13

j-13

a-13

Fiscal Year Ended 31.12.2008 7'271'096.8 0.88x 513'812.4 12.41x 373'474.0 16.96x

1.5 M

30000

31.12.2009 31.12.2010 9'278'579.5 10'044'755.5 0.83x 0.74x 485'746.1 622'149.2 15.83x 11.95x 456'633.2 434'186.2 17.25x 18.55x Profitability

LTM-4Q 31.12.2011 10'104'551.9 0.78x 513'619.8 15.34x 503'312.9 15.58x

LTM

31.12.2012 06/yy 06/yy 10'433'442.0 ######### ######### 0.78x 3.20x 2.98x 433'227.0 428'392.8 489'087.0 18.70x 19.27x 14.41x 347'019.0 414'112.1 372'647.0 22.46x 17.48x 16.71x 433'227.00 415'634.00 3.98% 4.32% 3.19% 7.86% 6.62% 0.96% 7.9% 4.2% 4.0% 3.3% 1.55 0.93 14.17% 34.70% 3.53 10.53

Price/ Cash Flow

0.81 1.30 57.31 -7.91% -11.57% 1.299 38 4.737 404'004 405'650 346'750

FY+1

FY+2

FQ+1

FQ+2

12/13 Y

12/14 Y

09/13 Q3

12/13 Q4

S&P Issuer Ratings

.0 M s-13

7.11 6.49 0.71 3.62 34.7% 25.8% 0.96 32.44 103.68 34.75 90.18 48.25

Sales/Revenue/Turnover

18.00

12'000'000.0

16.00

10'000'000.0

14.00

8'000'000.0

12.00 10.00

6'000'000.0

8.00

4'000'000.0

6.00 4.00

2'000'000.0

2.00 0.00 02.01.2010

0.0 02.07.2010

02.01.2011

02.07.2011

02.01.2012

02.07.2012

02.01.2013

02.07.2013

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

27.09.2013

Hyundai Engineering & Construction Co Ltd Holdings By:

All

Holder Name HYUNDAI MOTOR CO NATIONAL PENSION SER HYUNDAI MOBIS KIA MOTORS CORP MIRAE ASSET GLOBAL I KOREA FINANCE CORPOR BLACKROCK KOREA INVESTMENT TRU SCHRODER INVESTMENT VANGUARD GROUP INC SAMSUNG INVESTMENT T KB ASSET MANAGEMENT NORGES BANK UBS HANA ASSET MANAG MAPS INVESTMENT MANA MORGAN STANLEY FIL LIMITED SHINHAN BNP PARIBAS KYOBO AXA INVESTMENT ALLIANZ GLOBAL INVES

Firm Name

Portfolio Name n/a n/a n/a n/a n/a n/a n/a Multiple Portfolios Multiple Portfolios n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios n/a n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios

Analyst

E*Trade Securities Korea PARK YONG-HEE Morgan Stanley JOON SEOK Korea Investment & Securities LEE KYUNG-JA KTB Securities SUN-MI KIM Woori Investment & Securities WAYNE WANG-SANG LEE Shinhan Investment Corp SANG-YEON PARK Kyobo Securities CHO JOO-HYUNG Samsung Securities YUN SOK-MO Eugene Investment & Securities Co., LtdSEO BO-ICK Hanwha Securities Co., Ltd CHO DONG-PIL Tong Yang Investment Bank SANG-HYUP CHONG Daiwa Securities Co. Ltd. MIKE OH KIWOOM Securities Co Ltd WILLIAM PARK JOONG-SUN LIG Investment Securities CHAE SANG-WOOK Shinyoung Securities Co., Ltd. JONG-HYO HAN Standard Chartered JAMES KP HONG Deutsche Bank HAN SANG-HI HI Investment Securities KIYOUNG ROH Goldman Sachs JINMOOK KIM HMC Investment Securities Co Ltd LEE KWANG-SOO Daewoo Securities PARK HYUNG-RYUL Daishin Securities Co., Ltd. CHO YOON-HO NH Investment & Securities KANG SEUNG-MIN RYAN Hyundai Securities EMILY KIM BNP Paribas Equity Research DAVE KO Mirae Asset Securities BYUN SEONG JIN JPMorgan LEE SOKJE Credit Suisse SINN MIN-SEOK KB Investment & Securities Co., Ltd HEU MOON-WOOK UBS SON YONG-SUK EVA Dimensions TIMOTHY STANISH Macquarie BRANDON I LEE Dongbu Securities Co Ltd YOO DEOK-SANG Hana Daetoo Securities SEUNG-WOO SHIN HSBC BRIAN CHO Meritz Securities Co., Ltd HYUNG-GUN KIM

Source EXCH EXCH EXCH EXCH EXCH EXCH ULT-AGG MF-AGG MF-AGG ULT-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG ULT-AGG ULT-AGG MF-AGG MF-AGG MF-AGG

Recommendation market perform Overwt/In-Line buy buy buy buy buy buy buy buy buy outperform buy buy buy in-line buy buy neutral/neutral buy buy buy buy buy buy hold neutral outperform buy buy buy outperform buy not rated overweight buy

Amt Held 23'327'400 11'404'295 9'719'750 5'831'850 5'510'939 3'654'985 1'844'417 877'223 870'200 843'658 833'351 796'757 673'057 637'595 596'424 590'034 353'272 339'167 296'904 275'211

% Out 20.95 10.24 8.73 5.24 4.95 3.28 1.66 0.79 0.78 0.76 0.75 0.72 0.6 0.57 0.54 0.53 0.32 0.3 0.27 0.25

Weighting

Change

3 5 5 5 5 5 5 5 5 5 5 5 5 5 5 3 5 5 3 5 5 5 5 5 5 3 3 5 5 5 5 5 5 #N/A N/A 5 5

M M M M M M M M M M M M M M M M M M M M M M M M N M M M M M M M M M M M

Latest Chg (166'793) (8'739'000) 113'923 (34'059) 737'639 (539'123) (313'685) 10'929 (73'090) (607'185) 57'472 157'095 64'287 12'174 (185'008)

Target Price 67'000 75'000 75'000 80'000 82'000 80'000 76'000 80'000 87'000 80'000 70'000 72'000 80'000 90'000 95'000 60'000 82'000 90'000 60'000 78'000 83'000 77'000 80'000 78'000 73'200 62'000 67'000 72'000 80'600 92'000 #N/A N/A 81'000 85'000 #N/A N/A 90'000 90'000

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt 19.04.2013 11.09.2013 19.04.2013 19.04.2013 07.05.2012 01.04.2011 25.09.2013 31.03.2013 30.08.2013 30.06.2013 31.03.2013 31.03.2013 31.12.2012 31.03.2013 31.03.2013 30.06.2013 30.04.2013 31.03.2013 31.03.2013 31.03.2013

Date 12 month 12 month 12 month 12 month 12 month 12 month 6 month 12 month 12 month 6 month 12 month Not Provided 6 month 12 month 12 month 12 month 12 month 6 month 12 month 6 month 12 month 12 month 6 month 12 month 12 month 12 month 3 month Not Provided 12 month 12 month Not Provided 12 month 12 month Not Provided Not Provided 6 month

Inst Type Corporation Government Corporation Corporation Investment Advisor Government Investment Advisor Investment Advisor Investment Advisor Unclassified Investment Advisor Investment Advisor Government Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor

Date 27.09.2013 26.09.2013 26.09.2013 26.09.2013 25.09.2013 16.09.2013 16.09.2013 13.09.2013 12.09.2013 12.09.2013 10.09.2013 10.09.2013 10.09.2013 09.09.2013 05.09.2013 04.09.2013 03.09.2013 03.09.2013 23.08.2013 30.07.2013 29.07.2013 29.07.2013 29.07.2013 29.07.2013 29.07.2013 29.07.2013 28.07.2013 26.07.2013 26.07.2013 16.07.2013 06.06.2013 27.04.2013 05.04.2013 25.02.2013 31.01.2013 24.01.2013

27.09.2013

Cheil Industries Inc Cheil Industries Inc. manufactures men's and women's apparel. The Company also manufactures chemical products, such as acrylonitrile butadiene styrene (ABS), polystyrene (PS), and expanded polystyrene (EPS) resins. In addition, Cheil produces textiles, such as wool, silk, polyester, and viscose and materials used in electronic products, such as epoxy molding compound (EMC).

Price/Volume 120000 100000 80000 60000

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (28.09.2012) 52-Week Low (22.03.2013) Daily Volume Current Price (9/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 30.06.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance 001300 KS EQUITY YTD Change 001300 KS EQUITY YTD % CHANGE

12/2012 06/yy 103'000.00 82'100.00 455'256.00 95000 -7.77% 15.71% 64.11% 52.4 4'981'577.00 1'164'028.16 0.0 0.0 118'919.77 6'152'687.04

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

20000 0 s-12

31.12.2009 31.12.2010 4'261'095.9 5'004'411.0 0.73x 1.12x 394'719.1 475'237.0 7.90x 11.79x 126'982.6 240'389.5 21.29x 22.14x Profitability

n-12 d-12

j-13

f-13 m-13 a-13 m-13

j-13

a-13

Market Data

LTM-4Q 31.12.2011 5'417'336.5 1.08x 385'716.1 15.11x 241'062.3 20.58x

LTM

31.12.2012 06/yy 06/yy 5'741'248.4 ######### ######### 1.01x 4.20x 3.92x 528'813.4 449'543.8 518'824.5 10.99x 13.33x 11.00x 240'940.8 254'650.1 229'259.7 19.78x 19.77x 19.77x 528'813.36 329'249.61 5.73% 5.63% 4.80% 7.53% 6.40% 1.14% 29.7% 9.2% 5.7% 4.2% 1.95 0.89 22.16% 35.96% 9.97 5.63

Price/ Cash Flow

0.79 0.69 41.24 -6.12% 0.85% 0.695 31 4.548 1'038'311 403'814 304'127

FY+1

FY+2

FQ+1

FQ+2

12/13 Y

12/14 Y

09/13 Q3

12/13 Q4

S&P Issuer Ratings

12.01 3.24 1.98 2.20 36.0% 26.4% 1.14 3.71 36.71 65.03 22.78 78.95

Sales/Revenue/Turnover

35.00

7'000'000.0

30.00

6'000'000.0

25.00

5'000'000.0

20.00

4'000'000.0

15.00

3'000'000.0

10.00

2'000'000.0

5.00

1'000'000.0

0.00 02.01.2010

o-12

Fiscal Year Ended 31.12.2008 3'727'783.4 0.70x 353'252.5 7.35x 157'470.2 12.35x

40000

2.0 M 1.8 M 1.6 M 1.4 M 1.2 M 1.0 M .8 M .6 M .4 M .2 M .0 M s-13

0.0 02.07.2010

02.01.2011

02.07.2011

02.01.2012

02.07.2012

02.01.2013

02.07.2013

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

27.09.2013

Cheil Industries Inc Holdings By:

All

Holder Name NATIONAL PENSION SER SAMSUNG CARD CO KOREA INVESTMENT TRU BLACKROCK SAMSUNG ASSET MANAGE MIRAE ASSET GLOBAL I CHEIL INDUSTRIES INC SAMSUNG INVESTMENT T NORGES BANK VANGUARD GROUP INC JP MORGAN MAPS INVESTMENT MANA SHINHAN BNP PARIBAS DIMENSIONAL FUND ADV KB ASSET MANAGEMENT TRUSTON ASSET MANAGE PCA INVESTMENT TRUST KYOBO AXA INVESTMENT SHIN YOUNG INVESTMEN MORGAN STANLEY

Firm Name

Portfolio Name n/a n/a n/a n/a n/a n/a n/a Multiple Portfolios Multiple Portfolios n/a n/a Multiple Portfolios Multiple Portfolios n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios n/a n/a

Analyst

Woori Investment & Securities JULIUS KIM Daewoo Securities WOOHYUNG CHO Korea Investment & Securities JONGWOO YOO Hyundai Securities KIM JEFF Eugene Investment & Securities Co., LtdLEE JEONG HMC Investment Securities Co Ltd YOUNG-WOO KIM Shinyoung Securities Co., Ltd. SUNG-CHUL LEE Shinhan Investment Corp HA JOON-DOO Tong Yang Investment Bank HYUN PARK Macquarie SOYUN SHIN Kyobo Securities CHOI JI-SOO KIWOOM Securities Co Ltd KIM BYUNG-KI IBK Securities Co Ltd KYU JIN EO Deutsche Bank HANJOON KIM HSBC BRIAN SOHN KTB Securities PARK SANG-HYUN CIMB SAMUEL MARTENS Nomura CINDY PARK JPMorgan SCOTT YH SEO EVA Dimensions TIMOTHY STANISH SK Securities Co Ltd HAN-SUP JUNG Hanwha Securities Co., Ltd PARK YU-AK Barclays KIM SUNWOO Morgan Stanley KYLE KIM Goldman Sachs MARCUS SHIN Hana Daetoo Securities DAE-JONG NAM Credit Suisse CHO A-HYUNG Taurus Investment Securities Co Ltd LEE SUNG-HEE Meritz Securities Co., Ltd HWANG YOU SIK Samsung Securities CHANG JUNGHOON

Source EXCH EXCH EXCH ULT-AGG EXCH EXCH Co File MF-AGG MF-AGG ULT-AGG ULT-AGG MF-AGG MF-AGG ULT-AGG MF-AGG MF-AGG MF-AGG MF-AGG ULT-AGG ULT-AGG

Recommendation buy buy buy buy buy buy buy buy buy neutral buy buy buy hold overweight buy outperform neutral restricted hold buy buy equalweight Equalwt/Attractive neutral/cautious buy outperform buy buy buy

Amt Held 5'279'662 3'936'198 3'801'654 3'189'916 2'641'139 2'558'809 1'835'798 1'528'436 745'797 547'560 441'109 342'902 331'969 222'225 221'428 188'396 164'718 164'370 164'139 136'621

% Out 10.07 7.51 7.25 6.08 5.04 4.88 3.5 2.91 1.42 1.04 0.84 0.65 0.63 0.42 0.42 0.36 0.31 0.31 0.31 0.26

Weighting

Change

5 5 5 5 5 5 5 5 5 3 5 5 5 3 5 5 5 3 #N/A N/A 3 5 5 3 3 3 5 5 5 5 5

M M M M M M M M M M M M M M M M M M M D M M M M M M U M D M

Latest Chg 101'220 (64'368) (6'987) (1'280'139) 90'326 (382'381) (618'676) (229'286) 116'774 6'084 8'523 (60'757) (33'183) 2'397 26'704 (16'794)

Target Price #N/A N/A 120'000 110'000 110'000 120'000 130'000 110'000 127'000 110'000 102'000 125'000 120'000 120'000 108'000 130'000 110'000 120'000 97'000 #N/A N/A #N/A N/A 120'000 105'000 90'000 97'000 90'000 100'000 120'000 120'000 140'000 110'000

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt 11.09.2013 15.03.2013 30.04.2013 25.09.2013 17.04.2013 29.07.2011 31.12.2012 31.03.2013 31.12.2012 30.06.2013 31.03.2013 31.03.2013 31.03.2013 30.04.2013 31.03.2013 31.03.2013 31.03.2013 31.03.2013 31.03.2013 30.06.2013

Date Not Provided 12 month 12 month Not Provided 12 month 6 month 12 month 12 month 12 month 12 month 6 month 6 month 12 month 12 month Not Provided 12 month 12 month Not Provided Not Provided Not Provided 6 month 6 month Not Provided 12 month 12 month 12 month Not Provided 6 month 6 month 12 month

Inst Type Government Corporation Investment Advisor Investment Advisor Investment Advisor Investment Advisor Corporation Investment Advisor Government Unclassified Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor

Date 27.09.2013 24.09.2013 24.09.2013 24.09.2013 24.09.2013 24.09.2013 24.09.2013 24.09.2013 24.09.2013 24.09.2013 24.09.2013 24.09.2013 24.09.2013 23.09.2013 23.09.2013 23.09.2013 23.09.2013 23.09.2013 19.09.2013 06.09.2013 12.08.2013 31.07.2013 31.07.2013 30.07.2013 30.07.2013 30.07.2013 06.05.2013 20.02.2013 04.02.2013 31.10.2012

27.09.2013

Kangwon Land Inc Kangwon Land Inc. is a casino and hotel services provider located in the Kangwon province area of South Korea. The Company develops abandoned mines and builds gaming and entertainment facilities. Kangwon Land operates a number of game tables and slot machines for domestic and international customers under its gaming licenses.

Price/Volume 40000

2.0 M

25000

12/2012 06/yy 37'000.00 24'200.00 384'944.00 28500 -22.97% 17.77% 34.77% 213.9 6'097'304.00 0.00 0.0 0.0 1'075'558.99 5'108'957.80

1.5 M

15000

1.0 M

10000 .5 M

5000 0 s-12

o-12

n-12

d-12

j-13

f-13 m-13 a-13 m-13

j-13

a-13

Fiscal Year Ended Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

2.5 M

30000 20000

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (30.05.2013) 52-Week Low (11.10.2012) Daily Volume Current Price (9/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 30.06.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance 035250 KS EQUITY YTD Change 035250 KS EQUITY YTD % CHANGE

31.12.2008 1'149'282.9 2.05x 516'818.8 4.55x 309'254.5 9.27x

3.0 M

35000

31.12.2009 31.12.2010 1'206'658.7 1'313'380.4 2.02x 3.59x 521'631.7 631'036.1 4.67x 7.48x 390'000.5 434'447.2 8.68x 13.13x Profitability

LTM-4Q 31.12.2011 1'263'651.2 3.52x 565'685.2 7.86x 393'401.5 14.06x

LTM

FY+1

0.61 111.88 18.32% -2.56% 0.608 28 4.071 447'002 403'212 481'288 FY+2

FQ+1

FQ+2

31.12.2012 06/yy 06/yy 12/13 Y 12/14 Y 09/13 Q3 12/13 Q4 1'292'896.1 ######### ######### ######### ######### 392'600.0 375'400.0 4.00x 13.40x 15.41x 484'856.7 530'989.0 472'630.8 537'000.0 616'000.0 10.66x 7.46x 11.46x 9.51x 8.29x 296'504.0 372'988.9 288'283.8 355'000.0 414'000.0 104'100.0 79'500.0 20.02x 13.27x 22.22x 17.19x 14.74x S&P Issuer Ratings 484'856.70 Long-Term Rating Date 416'789.42 Long-Term Rating 32.24% Long-Term Outlook 30.73% Short-Term Rating Date 10.50% Short-Term Rating 12.33% Credit Ratios 12.39% EBITDA/Interest Exp. 0.47% (EBITDA-Capex)/Interest Exp. Net Debt/EBITDA 50.6% Total Debt/EBITDA 36.6% Reference 31.1% Total Debt/Equity 22.9% Total Debt/Capital Asset Turnover 2.16 Net Fixed Asset Turnover 2.09 Accounts receivable turnover-days 0.00% Inventory Days 0.00% Accounts Payable Turnover Day 464.35 Cash Conversion Cycle 453.19

Price/ Cash Flow

.0 M s-13

748.71 587.24 -2.09 0.00 0.0% 0.0% 0.47 0.97 0.79 0.81 0.80 1.29

Sales/Revenue/Turnover

25.00

1'400'000.0 1'200'000.0

20.00

1'000'000.0 15.00

800'000.0 600'000.0

10.00

400'000.0 5.00

0.00 02.01.2010

200'000.0 0.0 02.07.2010

02.01.2011

02.07.2011

02.01.2012

02.07.2012

02.01.2013

02.07.2013

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

27.09.2013

Kangwon Land Inc Holdings By:

All

Holder Name MINE RECLEMATION COR GANGWONDO DEVELOPMEN KANGWON LAND INC PLATINUM INVESTMENT BLACKROCK HARRIS TRUST & SAVIN INTERNATIONAL VALUE VONTOBEL ASSET MANAG FIL LIMITED VANGUARD GROUP INC SAMSUNG INVESTMENT T NORGES BANK JP MORGAN UNION INVESTMENT GMB NOMURA ROYAL BANK OF CANADA MIRAE ASSET GLOBAL I KYOBO AXA INVESTMENT DEKA INTERNATIONAL S DEKA INTERNATIONAL S

Firm Name

Portfolio Name n/a n/a n/a Multiple Portfolios n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios n/a n/a Multiple Portfolios Multiple Portfolios n/a Multiple Portfolios n/a n/a Multiple Portfolios Multiple Portfolios DEKALUXTEAM-EMERGING Multiple Portfolios

Analyst

KTB Securities CHOI CHAN-SEOK IBK Securities Co Ltd ANNE SEONAE LEE E*Trade Securities Korea SUNG JONG-HWA Shinyoung Securities Co., Ltd. HAN SEUNG-HO Morgan Stanley HYUNTAEK LEE Goldman Sachs EUNICE LEE Korea Investment & Securities KIM SHIWOO Shinhan Investment Corp SUNG JUNWON Woori Investment & Securities THOMAS BAE Daewoo Securities CHANG KWEAN KIM Daishin Securities Co., Ltd. YOON-JIN JOSEPH KIM NH Investment & Securities SOO-HYUN JUNG Hyundai Securities HAN IK-HEE Samsung Securities ILWOO YANG Eugene Investment & Securities Co., LtdLEE WOO-SEUNG HMC Investment Securities Co Ltd HWANG SUNG-JIN Tong Yang Investment Bank SUNGHO PARK LIG Investment Securities IN-HAE JIN Macquarie NA HONG-SUK Daiwa Securities Co. Ltd. THOMAS Y KWON Barclays SEYON PARK UBS SERA OH JPMorgan SCOTT YH SEO EVA Dimensions CRAIG STERLING Mirae Asset Securities JEONG WOO-CHEOL Credit Suisse SONIA KIM SEUNG-HYUN KB Investment & Securities Co., Ltd PARK SO-YOUN

Source Co File EXCH Co File MF-AGG ULT-AGG MF-AGG MF-AGG MF-AGG ULT-AGG ULT-AGG MF-AGG MF-AGG ULT-AGG MF-AGG ULT-AGG ULT-AGG MF-AGG MF-AGG MF-LUX MF-AGG

Recommendation hold buy market perform buy Equalwt/In-Line neutral/attractive buy buy hold buy market perform market perform buy hold buy buy hold buy neutral outperform equalweight buy suspended coverage hold buy neutral buy

Amt Held 77'587'786 13'069'190 11'201'502 3'672'127 3'441'628 2'822'080 2'280'230 1'949'580 1'563'212 1'287'793 1'151'870 965'058 947'710 697'000 529'600 500'000 464'560 444'740 363'000 363'000

% Out 36.27 6.11 5.24 1.72 1.61 1.32 1.07 0.91 0.73 0.6 0.54 0.45 0.44 0.33 0.25 0.23 0.22 0.21 0.17 0.17

Weighting

Change

3 5 3 5 3 3 5 5 3 5 3 3 5 3 5 5 3 5 3 5 3 5 #N/A N/A 3 5 3 5

M M M M M M M M M M D M M M M M M M M D M M M U M D M

Latest Chg (507'024) 309'280 (80'030) (61'250) (11'770) 1'558'853 (729'959) (15'085) 87'600 4'620 101'020 17'720 -

Target Price 30'000 40'000 29'000 50'000 28'000 30'000 34'500 36'000 31'000 37'000 31'000 #N/A N/A 50'000 32'000 34'000 38'000 35'000 35'000 27'000 32'500 30'000 39'000 #N/A N/A #N/A N/A 38'000 32'000 32'000

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt Inst Type 31.12.2012 Corporation 30.08.2013 Corporation 31.12.2012 Corporation 31.08.2013 Hedge Fund Manager 25.09.2013 Investment Advisor 28.06.2013 Unclassified 31.03.2013 Investment Advisor 30.04.2013 Investment Advisor 30.04.2013 Investment Advisor 30.06.2013 Unclassified 31.03.2013 Investment Advisor 31.12.2012 Government 31.07.2013 Investment Advisor 28.03.2013 Investment Advisor 10.05.2013 Unclassified 30.04.2013 Bank 31.03.2013 Investment Advisor 31.03.2013 Investment Advisor 28.12.2012 Investment Advisor 28.12.2012 Investment Advisor

Date 12 month Not Provided 12 month 12 month 12 month 12 month 12 month 12 month 12 month 12 month 6 month Not Provided Not Provided 12 month 12 month 6 month 12 month 12 month 12 month Not Provided Not Provided 12 month Not Provided Not Provided 12 month Not Provided 12 month

Date 25.09.2013 17.09.2013 12.09.2013 02.09.2013 22.08.2013 22.08.2013 13.08.2013 13.08.2013 13.08.2013 12.08.2013 12.08.2013 12.08.2013 12.08.2013 12.08.2013 12.08.2013 12.08.2013 12.08.2013 12.08.2013 24.07.2013 18.07.2013 15.07.2013 27.06.2013 08.05.2013 11.04.2013 18.02.2013 15.02.2013 04.01.2013

27.09.2013

Lotte Shopping Co Ltd Lotte Shopping Co., Ltd. operates department stores and discount stores in South Korea. The Company retails clothing, household goods, foods and other items through several branches. Lotte Shopping also operates supermarkets and movie theaters.

Price/Volume 450000

.3 M

400000 .2 M

350000 300000

.2 M

250000 200000

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (25.04.2013) 52-Week Low (08.10.2012) Daily Volume Current Price (9/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 30.06.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance 023530 KS EQUITY YTD Change 023530 KS EQUITY YTD % CHANGE

12/2012 06/yy 420'000.00 311'500.00 84'794.00 393000 -6.43% 26.16% 60.83% 31.5 12'375'921.00 4'780'625.46 0.0 0.0 317'469.68 16'862'473.62

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

100000

.1 M

50000 0 s-12

31.12.2009 31.12.2010 11'535'281.1 13'344'682.0 0.99x 1.23x 1'279'662.4 1'478'780.4 8.96x 11.10x 716'422.2 778'292.9 14.11x 17.65x Profitability

LTM-4Q 31.12.2011 15'181'722.0 0.83x 1'627'090.8 7.75x 742'936.6 13.27x

n-12

d-12

j-13

f-13 m-13 a-13 m-13

j-13

a-13

LTM

FY+1

.0 M s-13

0.38 0.89 9.67 22.73% 4.24% 0.893 44 4.364 67'099 50'886 46'428 FY+2

FQ+1

FQ+2

31.12.2012 06/yy 06/yy 12/13 Y 12/14 Y 09/13 Q3 12/13 Q4 16'121'838.2 ######### ######### ######### ######### ######### ######### 0.96x 3.42x 3.59x 0.44x 0.39x 1.97x 1.72x 1'616'180.6 ######### ######### ######### ######### 9.54x 7.68x 8.93x 6.61x 5.95x 1'018'214.7 694'665.2 ######### 990'750.0 ######### 233'000.0 350'000.0 10.75x 13.02x 9.96x 12.49x 11.07x 9.91x 10.21x S&P Issuer Ratings 1'616'180.56 Long-Term Rating Date 1'137'562.01 Long-Term Rating 7.06% Long-Term Outlook 8.28% Short-Term Rating Date 4.27% Short-Term Rating 7.43% Credit Ratios 6.19% EBITDA/Interest Exp. 0.68% (EBITDA-Capex)/Interest Exp. Net Debt/EBITDA 30.2% Total Debt/EBITDA 10.0% Reference 7.1% Total Debt/Equity 6.3% Total Debt/Capital Asset Turnover 0.59 Net Fixed Asset Turnover 0.17 Accounts receivable turnover-days 19.27% Inventory Days 33.69% Accounts Payable Turnover Day 35.41 Cash Conversion Cycle 7.08

Price/ Cash Flow

11.42 2.34 2.70 2.96 33.7% 25.2% 0.68 1.37 10.34 51.69 76.73 -14.70

Sales/Revenue/Turnover

16.00

18'000'000.0

14.00

16'000'000.0

12.00

14'000'000.0 12'000'000.0

10.00

10'000'000.0

8.00

8'000'000.0

6.00

6'000'000.0

4.00

4'000'000.0

2.00

2'000'000.0

0.00 02.01.2010

o-12

Fiscal Year Ended 31.12.2008 10'509'250.5 0.64x 1'134'806.9 5.92x 742'824.6 8.23x

.1 M

150000

0.0 02.07.2010

02.01.2011

02.07.2011

02.01.2012

02.07.2012

02.01.2013

02.07.2013

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

27.09.2013

Lotte Shopping Co Ltd Holdings By:

All

Holder Name DONG-BIN SHIN DONG-JU SHIN HOTEL LOTTE CO LTD LOTTE CONFECTIONERY KOREA FUJI FILM CO L LOTTE SHOPPING CO LT NATIONAL PENSION SER LOTTE DATA COMMUNICA KYUK-HO SHIN KOREA INVESTMENT TRU BLACKROCK ORBIS HOLDINGS LIMIT YOUNG-JA SHIN DIMENSIONAL FUND ADV JP MORGAN VANGUARD GROUP INC KB ASSET MANAGEMENT NORGES BANK UBS HANA ASSET MANAG SAMSUNG INVESTMENT T

Firm Name

Portfolio Name n/a n/a n/a n/a n/a n/a n/a n/a n/a Multiple Portfolios n/a Multiple Portfolios n/a n/a n/a n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios

Analyst

Samsung Securities OJ NAM KTB Securities LEE HYE-RIN Hana Daetoo Securities PARK JONG-DAE Shinhan Investment Corp PARK HEE-JIN Hyundai Securities LEE SANG-KOO HMC Investment Securities Co Ltd Park Jong Ryeol Daishin Securities Co., Ltd. CHUNG YON-WOO HI Investment Securities MIN YOUNG-SANG Barclays PAUL HWANG NH Investment & Securities HONG SUNG-SOO BNP Paribas Equity Research BOYOUNG KIM Kyobo Securities YANG JI-HAE IBK Securities Co Ltd JI-YOUNG AHN Woori Investment & Securities GENE PARK KB Investment & Securities Co., Ltd LEE JI-YEON Korea Investment & Securities YANG JONG-IN Eugene Investment & Securities Co., LtdKIM MI-YEON Hanwha Securities Co., Ltd KIM KYEONG-KI Nomura CARA EUN JUNG SONG KIWOOM Securities Co Ltd SOHN YOON-KYUNG Mirae Asset Securities YUMI PARK LIG Investment Securities LEE JI-YOUNG JPMorgan YOUNA KIM Deutsche Bank JI-HYUN SONG Morgan Stanley KELLY H KIM CIMB HOWON RIM Standard Chartered YUNICE YOUNG KYOUNG KIM Goldman Sachs CHRISTINE CHO HSBC KAREN CHOI Daiwa Securities Co. Ltd. SANG HEE PARK UBS JENNIFER HAN SK Securities Co Ltd KI-YEONG KIM Shinyoung Securities Co., Ltd. SEO JUNG-YEON Macquarie NA HONG-SUK Taurus Investment Securities Co Ltd JI-HYO KIM Dongbu Securities Co Ltd CHA JAE-HEON EVA Dimensions CRAIG STERLING Leading Investment & Securities LEE HWA-YOUNG Credit Suisse SONIA KIM SEUNG-HYUN Meritz Securities Co., Ltd YOO JOO-YEON Daewoo Securities KIM MINA Mizuho Securities PETER TANG

Source Co File Co File Co File Co File Co File Co File EXCH Co File Co File MF-AGG ULT-AGG MF-AGG Co File ULT-AGG ULT-AGG ULT-AGG MF-AGG MF-AGG MF-AGG MF-AGG

Recommendation buy buy buy buy buy buy buy buy equalweight buy buy buy buy buy buy buy buy buy neutral buy buy buy neutral hold Equalwt/In-Line neutral in-line Buy/Neutral neutral hold buy buy buy neutral buy buy hold buy neutral buy trading buy buy

Amt Held 4'237'627 4'235'883 2'781'947 2'474'543 2'474'543 1'938'688 1'576'058 1'515'653 293'877 283'142 269'373 264'751 232'818 214'565 135'603 132'622 130'470 92'580 78'884 75'253

% Out 13.46 13.45 8.83 7.86 7.86 6.16 5 4.81 0.93 0.9 0.86 0.84 0.74 0.68 0.43 0.42 0.41 0.29 0.25 0.24

Weighting

Change 5 5 5 5 5 5 5 5 3 5 5 5 5 5 5 5 5 5 3 5 5 5 3 3 3 3 3 5 3 3 5 5 5 3 5 5 3 5 3 5 5 5

M M M M M M M M M M M M M M N M M M M M M M M M M N N M M M M M M M M M D N M M M M

Latest Chg (168'676) (9'208) (9'595) 7'164 (99'543) (87'922) (34'380) (48'754) 10'941

Target Price 451'000 470'000 440'000 480'000 450'000 450'000 440'000 460'000 430'000 460'000 413'000 450'000 470'000 450'000 420'000 450'000 450'000 440'000 390'000 480'000 440'000 500'000 380'000 364'000 390'000 360'000 400'000 430'000 420'000 370'000 430'000 480'000 450'000 360'000 500'000 510'000 #N/A N/A 480'000 380'000 467'000 420'000 418'000

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012 29.03.2013 06.02.2013 31.12.2012 31.12.2012 31.03.2013 25.09.2013 31.08.2013 31.12.2012 30.04.2013 31.03.2013 30.06.2013 31.03.2013 31.12.2012 31.03.2013 31.03.2013

Date 12 month 12 month 12 month 12 month Not Provided 6 month 12 month 6 month Not Provided 6 month 12 month 6 month 12 month 12 month 12 month 12 month 12 month 6 month Not Provided 6 month 12 month 12 month 9 month 12 month 12 month 12 month 12 month 12 month Not Provided Not Provided 12 month 6 month 12 month 12 month 6 month 12 month Not Provided 12 month Not Provided 6 month 12 month 12 month

Inst Type n/a n/a Corporation Corporation Corporation Corporation Government Corporation n/a Investment Advisor Investment Advisor Investment Advisor n/a Investment Advisor Investment Advisor Unclassified Investment Advisor Government Investment Advisor Investment Advisor

Date 27.09.2013 27.09.2013 27.09.2013 25.09.2013 24.09.2013 24.09.2013 23.09.2013 23.09.2013 11.09.2013 10.09.2013 10.09.2013 10.09.2013 10.09.2013 03.09.2013 02.09.2013 30.08.2013 12.08.2013 12.08.2013 12.08.2013 12.08.2013 12.08.2013 12.08.2013 10.08.2013 09.08.2013 09.08.2013 28.07.2013 17.07.2013 17.07.2013 16.07.2013 26.06.2013 21.06.2013 11.06.2013 29.05.2013 10.05.2013 10.05.2013 04.04.2013 02.04.2013 19.03.2013 15.02.2013 08.01.2013 14.12.2012 11.12.2012

27.09.2013

Orion Corp/Republic of South Korea ORION Corp. manufactures, and distributes snacks, candies, gums, chocolates, pies, and soft biscuits. The Company also operates franchise restaurant chain, Market O, in Korea.

Price/Volume 1400000

.3 M

1200000

.2 M

1000000

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (18.04.2013) 52-Week Low (22.08.2013) Daily Volume Current Price (9/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 31.07.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance 001800 KS EQUITY YTD Change 001800 KS EQUITY YTD % CHANGE

12/2012 06/yy 1'239'000.00 868'000.00 18'345.00 963000 -22.28% 10.94% 23.72% 6.0 5'748'850.00 425'860.29 0.0 0.0 35'923.61 6'130'548.11

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

.2 M

600000

.1 M

400000

31.12.2009 31.12.2010 597'792.9 664'146.8 3.41x 3.45x 71'388.5 82'289.5 28.59x 27.88x 37'056.3 166'405.4 40.91x 12.18x Profitability

0 s-12

LTM-4Q 31.12.2011 757'148.1 5.14x 86'581.2 44.92x 45'988.2 77.48x

31.12.2012 820'657.5 7.52x 82'865.7 74.43x 5'837.2 990.09x 82'865.73 61'948.76 7.55% 1.00% -0.02% -0.03% -0.13% 0.62% 39.2% 10.3% 7.5% 0.7% 0.93 0.69 32.34% 59.42% 7.40 10.01

Price/ Cash Flow

o-12

n-12 d-12

j-13

f-13 m-13 a-13 m-13

j-13

a-13

LTM

FY+1

.0 M s-13

0.34 3.53 3.39% -12.37% 0.336 34 4.588 25'554 18'515 16'799 FY+2

FQ+1

FQ+2

06/yy 06/yy 12/13 Y 12/14 Y 09/13 Q3 12/13 Q4 783'650.9 820'954.7 827'700.0 872'700.0 200'300.0 221'800.0 21.39x 28.23x 78'642.7 84'196.8 67.89x 64.07x 40'083.6 (212.8) 124.33x 0.00x S&P Issuer Ratings Long-Term Rating Date Long-Term Rating Long-Term Outlook Short-Term Rating Date Short-Term Rating Credit Ratios EBITDA/Interest Exp. (EBITDA-Capex)/Interest Exp. Net Debt/EBITDA Total Debt/EBITDA Reference Total Debt/Equity Total Debt/Capital Asset Turnover Net Fixed Asset Turnover Accounts receivable turnover-days Inventory Days Accounts Payable Turnover Day Cash Conversion Cycle

4.59 -1.03 4.53 4.87 59.4% 37.3% 0.62 1.69 49.34 36.47 52.33 45.97

Sales/Revenue/Turnover

500.00

900'000.0

450.00

800'000.0

400.00

700'000.0

350.00

600'000.0

300.00

500'000.0

250.00

400'000.0

200.00

300'000.0

150.00

200'000.0

100.00

100'000.0

50.00 0.00 02.01.2010

.1 M

200000

Fiscal Year Ended 31.12.2008 558'431.1 2.59x 50'485.9 28.69x (29'044.2) -

800000

0.0 02.07.2010

02.01.2011

02.07.2011

02.01.2012

02.07.2012

02.01.2013

02.07.2013

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

27.09.2013

Orion Corp/Republic of South Korea Holdings By:

All

Holder Name HWA-KYUNG LEE ORION CORP CHEOL-GON TAM NATIONAL PENSION SER FID DIVERSIFIED INTR VONTOBEL ASSET MANAG MIRAE ASSET GLOBAL I FMR LLC SAMSUNG INVESTMENT T BLACKROCK HARRIS TRUST & SAVIN NORGES BANK MAPS INVESTMENT MANA VANGUARD GROUP INC FIL LIMITED ALLIANZ GLOBAL INVES SHINHAN BNP PARIBAS UBS HANA ASSET MANAG MIRAE ASSET GLOBAL I KYOBO AXA INVESTMENT

Firm Name KTB Securities Dongbu Securities Co Ltd Morgan Stanley Korea Investment & Securities Credit Suisse Daiwa Securities Co. Ltd. Daewoo Securities Mirae Asset Securities IBK Securities Co Ltd Daishin Securities Co., Ltd. Hyundai Securities Samsung Securities HMC Investment Securities Co Ltd Shinhan Investment Corp Woori Investment & Securities KB Investment & Securities Co., Ltd HI Investment Securities Nomura KIWOOM Securities Co Ltd E*Trade Securities Korea Deutsche Bank Goldman Sachs JPMorgan BNP Paribas Equity Research UBS HSBC EVA Dimensions SK Securities Co Ltd Shinyoung Securities Co., Ltd. Tong Yang Investment Bank Hanwha Securities Co., Ltd Meritz Securities Co., Ltd Kyobo Securities

Portfolio Name n/a n/a n/a n/a n/a n/a n/a n/a Multiple Portfolios n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios n/a n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios

Analyst KIM MIN-JEONG CHA JAE-HEON KELLY H KIM KYOUNG JU LEE CHO A-HYUNG SANG HEE PARK BAEK WOON-MOK YUMI PARK PARK AE-RAN LEE SUN-KYOUNG JI GI-CHANG ILWOO YANG HYESEUNG CHUNG HYUN-AH CHO KOOKHEE HAN Kyung-Shin Lee HYO JOO SON CARA EUN JUNG SONG WOO WON-SUNG HYE-MI KIM JI-HYUN SONG CHRISTINE CHO YOUNA KIM BOYOUNG KIM JENNIFER HAN KAREN CHOI CRAIG STERLING SEUNG KIM KIM YUN-OH SONG CHI-HO HYUNG-WOON LEE SONG KWANG-SOO JEONG SEONG-HOON

Source EXCH Co File EXCH EXCH EXCH EXCH EXCH ULT-AGG MF-AGG ULT-AGG MF-AGG MF-AGG MF-AGG ULT-AGG ULT-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG

Recommendation buy buy Equalwt/In-Line buy outperform outperform buy buy buy buy buy buy buy buy buy buy buy buy buy buy buy neutral/neutral overweight buy neutral overweight sell buy buy buy buy buy buy

Amt Held 865'204 709'233 505'626 356'863 320'926 312'353 298'076 164'026 117'108 97'868 94'733 90'748 78'084 43'470 33'146 25'863 24'021 17'987 16'149 13'119

% Out 14.49 11.88 8.47 5.98 5.38 5.23 4.99 2.75 1.96 1.64 1.59 1.52 1.31 0.73 0.56 0.43 0.4 0.3 0.27 0.22

Weighting

Change 5 5 3 5 5 5 5 5 5 5 5 5 5 5 5 5 5 5 5 5 5 3 5 5 3 5 1 5 5 5 5 5 5

M M M M M M M M M M M M M M M M M M M M M M M M M M M M M M N M M

Latest Chg (59'446) (65'609) (1'220) (44'230) (1'441) 792 37'079 6'719 (31'183) 3'802 (25'161) (592) (4'868) 14'970 72

Target Price 1'200'000 1'250'000 1'100'000 1'230'000 1'220'000 1'100'000 1'300'000 1'220'000 1'330'000 1'130'000 1'250'000 1'250'000 1'250'000 1'200'000 1'200'000 1'300'000 1'320'000 1'100'000 1'270'000 1'300'000 1'160'000 1'100'000 1'100'000 1'220'000 1'050'000 1'250'000 #N/A N/A 1'584'000 1'250'000 1'200'000 1'260'000 1'500'000 750'000

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt 28.08.2013 31.12.2012 28.08.2013 12.03.2012 13.12.2012 19.06.2013 02.07.2013 31.07.2013 31.03.2013 25.09.2013 28.06.2013 31.12.2012 31.03.2013 30.06.2013 30.04.2013 31.03.2013 31.03.2013 31.03.2013 31.03.2013 31.03.2013

Date 12 month 12 month 12 month 12 month Not Provided Not Provided 12 month 12 month Not Provided 12 month Not Provided 12 month 6 month 12 month 12 month 12 month 6 month Not Provided 6 month 12 month 12 month 12 month 9 month 12 month 12 month Not Provided Not Provided 6 month 12 month 12 month 6 month 6 month 6 month

Inst Type n/a Government n/a Government Bank Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Unclassified Government Investment Advisor Unclassified Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor

Date 25.09.2013 23.09.2013 22.09.2013 16.09.2013 16.09.2013 09.09.2013 03.09.2013 29.08.2013 28.08.2013 16.08.2013 16.08.2013 16.08.2013 16.08.2013 16.08.2013 16.08.2013 16.08.2013 16.08.2013 16.08.2013 16.08.2013 16.08.2013 14.08.2013 14.08.2013 14.08.2013 14.08.2013 08.08.2013 16.07.2013 06.06.2013 16.05.2013 15.05.2013 26.03.2013 26.11.2012 15.11.2012 09.03.2012

27.09.2013

Hanwha Life Insurance Co Ltd Hanwha Life Insurance Co., Ltd. offers life insurance services and reinsurance services. The Company also does insurance against loss business, beverages business, real estate rental, and securities investment business through its subsidiaries.

Price/Volume 9000

25.0 M

8000 20.0 M

7000 6000

15.0 M

5000 4000

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (24.12.2012) 52-Week Low (28.08.2013) Daily Volume Current Price (9/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 30.06.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance 088350 KS EQUITY YTD Change 088350 KS EQUITY YTD % CHANGE

03/2013 06/yy 8'200.00 6'210.00 357'039.00 7040 -14.15% 13.37% 47.74% 868.5 6'114'451.00 0.00 0.0 0.0 220'408.00 5'909'323.20

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

2000

5.0 M

1000 0 s-12

o-12

31.03.2010 31.03.2011 10'228'051.5 10'135'203.6 0.72x 0.63x 418'340.8 433'840.6 15.05x 15.16x Profitability

LTM-4Q 31.03.2012 10'648'118.6 0.57x 521'588.5 12.36x

d-12

j-13

f-13 m-13 a-13 m-13

j-13

a-13

LTM

FY+1

.0 M s-13

2.13 1.06 436.08 -6.54% -7.26% 1.056 29 3.862 404'569 474'017 408'834 FY+2

FQ+1

FQ+2

31.03.2013 06/yy 06/yy 03/14 Y 03/15 Y 09/13 Q2 12/13 Q3 13'787'174.9 ######### ######### ######### ######### ######### ######### 0.40x 2.04x 1.65x 0.0 0.0 0.00x 0.00x 467'220.7 510'272.9 441'786.7 504'232.6 599'638.2 138'073.3 133'812.0 12.31x 10.75x 12.53x 11.25x 9.67x 11.60x 11.54x S&P Issuer Ratings - Long-Term Rating Date - Long-Term Rating 3.48% Long-Term Outlook 4.43% Short-Term Rating Date 0.64% Short-Term Rating 6.94% Credit Ratios 6.93% EBITDA/Interest Exp. 0.19% (EBITDA-Capex)/Interest Exp. Net Debt/EBITDA - Total Debt/EBITDA - Reference - Total Debt/Equity 3.4% Total Debt/Capital Asset Turnover - Net Fixed Asset Turnover - Accounts receivable turnover-days 0.00% Inventory Days 0.00% Accounts Payable Turnover Day - Cash Conversion Cycle -

Price/ Cash Flow

0.0% 0.0% 0.19 -

Sales/Revenue/Turnover

20.00

16'000'000.0

18.00

14'000'000.0

16.00

12'000'000.0

14.00

10'000'000.0

12.00 10.00

8'000'000.0

8.00

6'000'000.0

6.00

4'000'000.0

4.00

2'000'000.0

2.00 0.00 03.04.2010

n-12

Fiscal Year Ended 31.03.2009 9'394'281.0 83'015.7 -

10.0 M

3000

0.0 03.10.2010

03.04.2011

03.10.2011

03.04.2012

03.10.2012

03.04.2013

2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

27.09.2013

Hanwha Life Insurance Co Ltd Holdings By:

All

Holder Name HANWHA E&C HANWHA CORP LAZARD ASSET MANAGEM EMPLOYEE STOCK OWNER HANHWA LIFE INSURANC BLACKROCK SAMSUNG INVESTMENT T VANGUARD GROUP INC DIMENSIONAL FUND ADV NORGES BANK KYOBO AXA INVESTMENT LAZARD GLOBAL ACTIVE MIRAE ASSET GLOBAL I UNITED SERVICES AUTO KOREA INVESTMENT TRU NH-CA ASSET MANAGEME WOORI ASSET MANAGEME CAISSE DE DEPOT ET P ALLIANZ GLOBAL INVES DAIWA SB INVESTMENTS

Firm Name

Portfolio Name n/a n/a n/a n/a n/a n/a Multiple Portfolios n/a n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios

Analyst

KB Investment & Securities Co., Ltd YOO SEUNG-CHANG Korea Investment & Securities LEE CHUL-HO Hanwha Securities Co., Ltd YOON TAE-HO EVA Dimensions DOUG WALTERS KTB Securities CHO SOUNG KYUNG Hana Daetoo Securities SHIN SEUNG-HYUN Daishin Securities Co., Ltd. KANG SEUNG-GUN Daewoo Securities JEONG GIL-WON Dongbu Securities Co Ltd LEE BYUNG-GUN Samsung Securities SEAN CHANG Eugene Investment & Securities Co., LtdSEO BO-ICK Shinhan Investment Corp SONG IN-CHAN JPMorgan MW KIM Nomura MICHAEL NA Morgan Stanley SARA LEE Macquarie CJ YUN BS Securities Co Ltd SUNG YOUNG-HOON Hyundai Securities RHEE TAE-KYUNG NH Investment & Securities KIM TAE-HYUN HSBC JAMES GARNER BNP Paribas Equity Research TEAM COVERAGE Standard Chartered JUSTIN KIM E*Trade Securities Korea LEE CHI-YOUNG CIMB DAEHYUN KIM Leading Investment & Securities BAE JUNG-HYUN Deutsche Bank JEE HOON PARK Kyobo Securities KIM JI-YOUNG

Source EXCH EXCH ULT-AGG Co File Co File ULT-AGG MF-AGG ULT-AGG ULT-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG

Recommendation buy neutral buy hold buy buy market perform buy hold hold buy buy overweight reduce Equalwt/Attractive outperform buy buy market perform underweight buy in-line market perform outperform buy hold buy

Amt Held 216'048'039 188'185'795 33'725'341 26'691'999 26'000'000 5'011'220 3'032'140 2'496'054 2'417'873 1'811'675 1'695'790 1'671'591 1'273'160 917'940 752'930 626'440 597'230 466'180 416'550 381'000

% Out 24.88 21.67 3.88 3.07 2.99 0.58 0.35 0.29 0.28 0.21 0.2 0.19 0.15 0.11 0.09 0.07 0.07 0.05 0.05 0.04

Weighting

Change 5 3 5 3 5 5 3 5 3 3 5 5 5 2 3 5 5 5 3 1 5 3 3 5 5 3 5

M M M D M M M M M M M M M M M M M M M M M M D N N M M

Latest Chg 117'950 62'430 (96'812) (1'225'654) 40'391 237'080 84'620 293'810 102'000 255'429 160'340 74'010 393'090 -

Target Price 8'000 #N/A N/A 9'500 #N/A N/A 8'000 9'500 8'300 8'600 7'700 7'200 8'500 8'200 8'600 5'900 7'500 10'000 7'800 8'000 #N/A N/A 6'000 8'900 7'400 7'000 8'000 8'500 8'000 9'000

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt 11.09.2013 11.09.2013 31.08.2013 31.03.2013 31.03.2013 25.09.2013 31.03.2013 30.06.2013 30.04.2013 31.12.2012 31.03.2013 30.08.2013 31.03.2013 31.05.2013 31.03.2013 31.03.2013 31.03.2013 31.12.2012 31.03.2013 15.02.2013

Date 12 month Not Provided 6 month Not Provided 12 month 12 month 6 month 12 month 12 month 12 month 12 month 12 month 9 month Not Provided 12 month 12 month Not Provided Not Provided Not Provided Not Provided 12 month 12 month 12 month 12 month 12 month 12 month 12 month

Inst Type Corporation Corporation Unclassified n/a Insurance Company Investment Advisor Investment Advisor Unclassified Investment Advisor Government Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor

Date 23.09.2013 03.09.2013 02.09.2013 29.08.2013 27.08.2013 20.08.2013 12.08.2013 09.08.2013 09.08.2013 09.08.2013 09.08.2013 09.08.2013 09.08.2013 09.08.2013 08.08.2013 03.08.2013 22.07.2013 17.07.2013 11.07.2013 10.07.2013 08.07.2013 06.06.2013 23.05.2013 14.04.2013 26.03.2013 04.03.2013 15.02.2013

27.09.2013

Lotte Chemical Corp Lotte Chemical Corporation manufactures a wide range of petrochemical products such as high density polyethylene, polypropylene, and ethylene glycol. The Company's products are used in manufacturing general housewares, pipes, films, fabrics, bottles, containers, and automotive parts.

Price/Volume 300000

.8 M .7 M

250000

.6 M 200000

Latest Fiscal Year: LTM as of: 52-Week High (02.10.2012) 52-Week Low (21.06.2013) Daily Volume Current Price (9/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 30.06.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance 011170 KS EQUITY YTD Change 011170 KS EQUITY YTD % CHANGE

12/2012 06/yy 268'000.00 124'000.00 127'353.00 195500 -27.05% 57.66% 48.61% 34.3 6'700'844.50 1'585'092.02 0.0 0.0 833'568.28 7'766'018.39

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

.4 M .3 M

100000

.2 M 50000

.1 M

0 s-12

31.12.2009 31.12.2010 5'969'758.4 7'189'058.8 0.50x 1.31x 946'260.4 1'112'613.1 3.13x 8.46x 796'701.1 686'875.0 4.10x 12.48x Profitability

LTM-4Q 31.12.2011 8'463'484.3 1.18x 1'219'251.2 8.21x 748'633.8 12.68x

n-12

d-12

j-13

f-13 m-13 a-13 m-13

j-13

a-13

LTM

FY+1

.0 M s-13

0.51 1.55 13.46 -25.36% -20.37% 1.553 42 4.000 156'466 222'901 236'463 FY+2

FQ+1

FQ+2

31.12.2012 06/yy 06/yy 12/13 Y 12/14 Y 09/13 Q3 12/13 Q4 9'095'887.2 ######### ######### ######### ######### ######### ######### 1.01x 4.76x 2.87x 687'105.4 874'765.2 795'667.3 13.34x 9.82x 7.39x 343'036.0 494'662.3 345'911.4 22.82x 15.23x 13.58x 17.92x 10.27x S&P Issuer Ratings 687'105.43 Long-Term Rating Date 398'617.93 Long-Term Rating 4.38% Long-Term Outlook 4.78% Short-Term Rating Date 3.86% Short-Term Rating 6.12% Credit Ratios 5.39% EBITDA/Interest Exp. 1.02% (EBITDA-Capex)/Interest Exp. Net Debt/EBITDA 7.0% Total Debt/EBITDA 7.6% Reference 4.4% Total Debt/Equity 3.8% Total Debt/Capital Asset Turnover 1.62 Net Fixed Asset Turnover 1.06 Accounts receivable turnover-days 16.68% Inventory Days 25.88% Accounts Payable Turnover Day 8.57 Cash Conversion Cycle 11.79

Price/ Cash Flow

13.14 6.60 1.09 2.31 25.9% 20.6% 1.02 3.25 42.70 31.04 48.88 24.86

Sales/Revenue/Turnover

80.00

10'000'000.0

70.00

9'000'000.0 8'000'000.0

60.00

7'000'000.0

50.00

6'000'000.0

40.00

5'000'000.0 4'000'000.0

30.00

3'000'000.0

20.00

2'000'000.0

10.00

1'000'000.0

0.00 02.01.2010

o-12

Fiscal Year Ended 31.12.2008 3'098'210.3 0.51x 163'790.4 9.68x (45'284.0) -

.5 M

150000

Valuation Analysis

0.0 02.07.2010

02.01.2011

02.07.2011

02.01.2012

02.07.2012

02.01.2013

02.07.2013

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

27.09.2013

Lotte Chemical Corp Holdings By:

All

Holder Name LOTTE MOOLSAN CO LTD HOTEL LOTTE CO LTD LOTTE HOLDINGS NATIONAL PENSION SER LOTTE CHEMICAL CORP BLACKROCK FMR LLC VANGUARD GROUP INC SAMSUNG INVESTMENT T NORGES BANK SWEDBANK ROBUR FONDE KOREA INVESTMENT TRU DONG-BIN SHIN UBS HANA ASSET MANAG SHIN YOUNG INVESTMEN DIMENSIONAL FUND ADV KYOBO AXA INVESTMENT KB ASSET MANAGEMENT NH-CA ASSET MANAGEME SHINHAN BNP PARIBAS

Firm Name

Portfolio Name n/a n/a n/a n/a n/a n/a n/a n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios n/a Multiple Portfolios n/a n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios

Analyst

Mirae Asset Securities YOUNG-BAE KWON KTB Securities YOO YOUNG KOOK Hyundai Securities BAEK YOUNG-CHAN Tong Yang Investment Bank HWANG KYU-WON Credit Suisse CHO A-HYUNG KB Investment & Securities Co., Ltd PARK JAE-CHUL Taurus Investment Securities Co Ltd JAESUNG YOON Eugene Investment & Securities Co., LtdKWAK JIN-HEE Standard Chartered DANIEL DO YEON LEE Samsung Securities SEUNGWOO KIM BNP Paribas Equity Research POR YONG LIANG HMC Investment Securities Co Ltd HYUNG-WOOK KIM Nomura CINDY PARK IBK Securities Co Ltd CHOONG-JAE LEE HI Investment Securities LEE HEE-CHEOL Daewoo Securities PARK YEON-JU Shinhan Investment Corp LEE EUNG-JU Kyobo Securities YOUNG-JOO SON Hana Daetoo Securities WON YONG-JIN CIMB PETER K LEE Daishin Securities Co., Ltd. JAE-SUNG YOON Macquarie BRANDON I LEE LIG Investment Securities PARK YOUNG-HOON Hanwha Securities Co., Ltd LEE DA-SOL KIWOOM Securities Co Ltd KYUNG-HYUK MIN E*Trade Securities Korea SEUNG-JAE HAN Morgan Stanley KYLE KIM JPMorgan SAMUEL SW LEE Deutsche Bank SHAWN PARK HSBC DENNIS HYUNCHUL YOO NH Investment & Securities CHOI JI-HWAN Woori Investment & Securities KIM SUN-WOO Daiwa Securities Co. Ltd. JUNYONG BANG EVA Dimensions TIMOTHY STANISH Shinyoung Securities Co., Ltd. OH JUNG-IL Korea Investment & Securities PARK KIYONG UBS BONAN LI BS Securities Co Ltd SEOG-WON CHOI Meritz Securities Co., Ltd HWANG YOU SIK

Source EXCH EXCH EXCH EXCH Co File ULT-AGG ULT-AGG ULT-AGG MF-AGG MF-AGG MF-AGG MF-AGG EXCH MF-AGG ULT-AGG ULT-AGG MF-AGG MF-AGG MF-AGG MF-AGG

Recommendation buy buy buy buy outperform buy buy hold underperform hold hold hold neutral buy buy hold buy buy buy neutral buy outperform buy buy buy market perform Underwt/Attractive underweight hold overweight market perform hold hold underweight buy buy buy buy buy

Amt Held 10'718'818 4'346'818 3'186'000 1'834'239 623'388 396'398 223'794 184'647 172'907 172'708 117'194 106'181 102'200 94'922 77'489 63'284 57'145 51'194 46'801 46'415

% Out 31.27 12.68 9.3 5.35 1.82 1.16 0.65 0.54 0.5 0.5 0.34 0.31 0.3 0.28 0.23 0.18 0.17 0.15 0.14 0.14

Weighting

Change 5 5 5 5 5 5 5 3 1 3 3 3 3 5 5 3 5 5 5 3 5 5 5 5 5 3 1 1 3 5 3 3 3 1 5 5 5 5 5

M U M M M M M D M M M N M M M M U M M M M M M M M D M M M U M M U M M M U M M

Latest Chg (537'457) 3'121 110'996 (115'915) (68'108) (7'950) 845 5'883 15'722 13'287 (2'167) 17'268 2'165 (11'026)

Target Price 300'000 230'000 250'000 260'000 235'000 195'000 230'000 203'000 130'000 155'000 164'000 180'000 200'000 190'000 225'000 #N/A N/A 220'000 216'000 215'000 170'000 240'000 212'000 273'000 210'000 210'000 180'000 115'000 110'000 141'000 190'000 #N/A N/A 190'000 150'000 #N/A N/A 210'000 220'000 224'000 220'000 240'000

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt 27.06.2013 27.06.2013 27.06.2013 20.06.2013 31.12.2012 25.09.2013 31.07.2013 30.06.2013 31.03.2013 31.12.2012 31.03.2013 31.03.2013 27.06.2013 31.03.2013 31.03.2013 30.04.2013 31.03.2013 31.03.2013 31.03.2013 31.03.2013

Date 12 month 12 month Not Provided 12 month Not Provided 12 month 6 month 12 month 12 month 12 month 12 month 6 month Not Provided 12 month 6 month Not Provided 12 month 6 month 12 month 12 month 12 month 12 month 12 month 6 month 6 month 12 month 12 month 3 month 12 month Not Provided Not Provided 12 month Not Provided Not Provided 12 month 12 month 12 month 6 month 6 month

Inst Type Unclassified Corporation Holding Company Government n/a Investment Advisor Investment Advisor Unclassified Investment Advisor Government Investment Advisor Investment Advisor n/a Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor

Date 27.09.2013 26.09.2013 24.09.2013 24.09.2013 24.09.2013 24.09.2013 10.09.2013 06.09.2013 05.09.2013 05.09.2013 03.09.2013 28.08.2013 26.08.2013 26.08.2013 23.08.2013 21.08.2013 20.08.2013 19.08.2013 13.08.2013 07.08.2013 05.08.2013 05.08.2013 31.07.2013 29.07.2013 29.07.2013 29.07.2013 28.07.2013 28.07.2013 26.07.2013 21.07.2013 04.07.2013 26.06.2013 19.06.2013 06.06.2013 20.05.2013 29.04.2013 29.04.2013 29.04.2013 02.04.2013

27.09.2013

Coway Co Ltd Coway Co Ltd develops, manufactures, maintains, and markets environment-related products, such as water purifiers, air cleaners, and water softeners.The Company also provides water testing service.

Price/Volume

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (13.09.2013) 52-Week Low (02.10.2012) Daily Volume Current Price (9/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 30.06.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance 021240 KS EQUITY YTD Change 021240 KS EQUITY YTD % CHANGE

12/2012 06/yy 63'400.00 28'650.00 123'815.00 59800 -5.68% 108.73% 89.93% 77.1 4'612'063.00 553'446.23 0.0 0.0 118'881.95 4'848'235.87

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

3.5 M

60000

3.0 M

50000

2.5 M

40000

2.0 M

30000

1.5 M

20000

1.0 M

10000

.5 M

0 s-12

o-12

n-12

d-12

j-13

f-13 m-13 a-13 m-13

j-13

a-13

Fiscal Year Ended 31.12.2008 1'314'402.9 1.57x 331'329.6 6.25x 129'064.7 15.37x

70000

31.12.2009 31.12.2010 1'411'922.3 1'501'812.0 2.21x 2.22x 352'361.2 445'287.9 8.87x 7.49x 153'279.5 183'272.9 18.88x 16.74x Profitability

LTM-4Q 31.12.2011 1'709'867.5 1.87x 441'135.9 7.23x 177'105.6 15.44x

LTM

FY+1

0.00 0.72 70.97 68.94% 40.23% 0.717 12 4.667 228'811 197'909 173'101 FY+2

FQ+1

FQ+2

31.12.2012 06/yy 06/yy 12/13 Y 12/14 Y 09/13 Q3 12/13 Q4 1'806'832.6 ######### ######### ######### ######### 500'789.8 498'898.4 2.04x 7.27x 7.81x 2.50x 2.29x 9.77x 9.78x 399'689.0 224'801.3 124'426.1 502'594.2 548'822.3 160'712.0 159'719.0 9.22x 0.00x 0.00x 9.65x 8.83x 8.50x 9.02x 119'748.6 181'532.5 175'249.8 245'904.8 258'291.7 53'103.5 56'693.0 26.98x 14.54x 23.48x 18.60x 17.62x 20.14x 19.15x S&P Issuer Ratings 399'688.99 Long-Term Rating Date 227'812.28 Long-Term Rating 12.61% Long-Term Outlook 8.94% Short-Term Rating Date 7.31% Short-Term Rating 15.44% Credit Ratios 10.67% EBITDA/Interest Exp. 1.10% (EBITDA-Capex)/Interest Exp. Net Debt/EBITDA 66.5% Total Debt/EBITDA 22.1% Reference 12.6% Total Debt/Equity 6.6% Total Debt/Capital Asset Turnover 0.96 Net Fixed Asset Turnover 0.55 Accounts receivable turnover-days 32.53% Inventory Days 68.95% Accounts Payable Turnover Day 6.86 Cash Conversion Cycle 10.59

Price/ Cash Flow

.0 M s-13

13.86 3.63 1.09 1.38 68.9% 40.8% 1.10 3.20 53.36 34.56 19.71 68.20

Sales/Revenue/Turnover

12.00

2'000'000.0 1'800'000.0

10.00

1'600'000.0 1'400'000.0

8.00

1'200'000.0

6.00

1'000'000.0 800'000.0

4.00

600'000.0 400'000.0

2.00 0.00 02.01.2010

200'000.0 0.0 02.07.2010

02.01.2011

02.07.2011

02.01.2012

02.07.2012

02.01.2013

02.07.2013

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

27.09.2013

Coway Co Ltd Holdings By:

All

Holder Name COWAY HOLDINGS, INC. LAZARD ASSET MANAGEM WOORI BANK MORGAN STANLEY KB ASSET MANAGEMENT NATIONAL PENSION SER WOONGJIN COWAY CO LT JP MORGAN PICTET FUNDS BLACKROCK NORGES BANK COLUMBIA WANGER ASSE CAPITAL GROUP COMPAN FMR LLC VANGUARD GROUP INC JULIUS BAER MULTIPAR DIMENSIONAL FUND ADV ALLIANZ ASSET MANAGE SAMSUNG INVESTMENT T MIRAE ASSET GLOBAL I

Firm Name Hyundai Securities Daishin Securities Co., Ltd. EVA Dimensions Daewoo Securities Korea Investment & Securities Shinhan Investment Corp IBK Securities Co Ltd UBS Macquarie HSBC Credit Suisse Hana Daetoo Securities

Portfolio Name n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a Multiple Portfolios Multiple Portfolios n/a n/a n/a Multiple Portfolios n/a n/a Multiple Portfolios Multiple Portfolios

Analyst LEE SANG-KOO LEE SUN-KYOUNG CRAIG STERLING REGINA HAHM NA EUNCHAE JOSHUA KONG JI-YOUNG AHN JENNIFER HAN NA HONG-SUK KAREN CHOI SONIA KIM SEUNG-HYUN PARK JONG-DAE

Source EXCH ULT-AGG EXCH ULT-AGG EXCH EXCH EXCH ULT-AGG ULT-AGG ULT-AGG MF-AGG MF-AGG ULT-AGG ULT-AGG ULT-AGG MF-AGG ULT-AGG ULT-AGG MF-AGG MF-AGG

Recommendation buy buy hold buy buy buy buy neutral outperform overweight outperform buy

Amt Held 23'829'150 8'658'407 4'500'000 4'055'494 3'595'681 3'081'795 2'890'000 2'166'871 1'695'000 1'622'879 1'411'654 917'787 781'000 750'101 662'065 421'744 381'860 362'134 323'294 274'213

% Out 30.9 11.23 5.83 5.26 4.66 4 3.75 2.81 2.2 2.1 1.83 1.19 1.01 0.97 0.86 0.55 0.5 0.47 0.42 0.36

Weighting

Change 5 5 3 5 5 5 5 3 5 5 5 5

M M U M M M M D M M M M

Latest Chg (1'229'461) (774'535) (288'712) (812'307) (15'000) (143'759) (3'030) (29'659) (88'513) 581'000 152'969 (429'751) (210) 79'814 (27'428) 153'853

Target Price 74'000 74'000 #N/A N/A 75'000 73'000 75'000 69'000 60'000 67'000 70'000 55'000 46'000

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt 25.03.2013 31.08.2013 26.09.2012 30.06.2013 08.10.2012 26.04.2011 11.09.2012 31.03.2013 31.05.2013 25.09.2013 31.12.2012 31.07.2013 30.06.2013 31.07.2013 30.06.2013 29.02.2012 30.04.2013 31.08.2013 31.03.2013 31.03.2013

Date Not Provided 12 month Not Provided 12 month 12 month 12 month 12 month 12 month 12 month Not Provided Not Provided 12 month

Inst Type Corporation Unclassified Bank Investment Advisor Investment Advisor Government Corporation Investment Advisor Investment Advisor Investment Advisor Government Investment Advisor Investment Advisor Investment Advisor Unclassified Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor

Date 24.09.2013 23.09.2013 04.09.2013 03.09.2013 28.08.2013 09.08.2013 09.08.2013 08.08.2013 08.08.2013 11.07.2013 22.05.2013 13.08.2012

27.09.2013

NCSoft Corp NCsoft Corporation develops and markets on-line games that enable users to play over the Internet and computer software, such as web editing software. The Company also designs and constructs databases, Intranet, and commercial Internet access systems.

Price/Volume 300000 250000 200000 150000

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (27.09.2012) 52-Week Low (06.02.2013) Daily Volume Current Price (9/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 30.06.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance 036570 KS EQUITY YTD Change 036570 KS EQUITY YTD % CHANGE

12/2012 06/yy 254'000.00 125'000.00 202'968.00 193000 -24.02% 54.40% 53.49% 21.9 4'229'538.50 0.00 0.0 0.0 452'371.76 3'715'987.49

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

50000 0 s-12

o-12

n-12 d-12

j-13

f-13 m-13 a-13 m-13

j-13

a-13

Market Data

Fiscal Year Ended 31.12.2008 240'222.1 3.25x 56'841.4 13.74x 27'312.3 36.81x

100000

31.12.2009 31.12.2010 452'520.7 514'656.8 5.56x 6.91x 212'608.5 261'065.4 11.83x 13.62x 182'506.4 179'826.4 15.79x 22.87x Profitability

LTM-4Q 31.12.2011 500'177.2 11.28x 207'755.5 27.16x 176'924.9 34.40x

31.12.2012 475'302.1 5.36x 118'793.5 21.44x 68'749.3 43.56x 118'793.53 101'008.83 21.25% 19.15% 5.86% 6.87% 6.87% 0.41% 74.0% 25.0% 21.3% 14.5% 4.19 3.92 0.00% 0.00% 8.81 1105.77

Price/ Cash Flow

2.0 M 1.8 M 1.6 M 1.4 M 1.2 M 1.0 M .8 M .6 M .4 M .2 M .0 M s-13

LTM

06/yy 06/yy 465'518.7 504'340.5 48.55x 24.26x 134'961.6 180'578.0 37.92x 15.05x 115'386.1 99'559.8 46.92x 32.43x

0.31 1.05 12.96 -19.25% 28.24% 1.050 34 4.471 349'556 186'201 175'445

FY+1

FY+2

FQ+1

FQ+2

12/13 Y

12/14 Y

09/13 Q3

12/13 Q4

S&P Issuer Ratings

13897.23 5286.33 -4.20 0.00 0.0% 0.0% 0.41 1.28 41.54 0.33 -

Sales/Revenue/Turnover

50.00

600'000.0

45.00

500'000.0

40.00 35.00

400'000.0

30.00

300'000.0

25.00 20.00

200'000.0

15.00 10.00

100'000.0

5.00 0.00 02.01.2010

0.0 02.07.2010

02.01.2011

02.07.2011

02.01.2012

02.07.2012

02.01.2013

02.07.2013

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

27.09.2013

NCSoft Corp Holdings By:

All

Holder Name NEXON CO LTD TAEK-JIN KIM NCSOFT CORPORATION NATIONAL PENSION SER NORGES BANK BLACKROCK SAMSUNG INVESTMENT T FIL LIMITED VANGUARD GROUP INC MORGAN STANLEY SOMERSET CAPITAL MAN SHINHAN BNP PARIBAS GOLDMAN SACHS GROUP NH-CA ASSET MANAGEME KYOBO AXA INVESTMENT DIMENSIONAL FUND ADV MIRAE ASSET GLOBAL I TRUSTON ASSET MANAGE CAISSE DE DEPOT ET P CHINA ASSET MANAGEME

Firm Name

Portfolio Name n/a n/a n/a n/a Multiple Portfolios n/a Multiple Portfolios n/a n/a n/a Multiple Portfolios Multiple Portfolios n/a Multiple Portfolios Multiple Portfolios n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios

Analyst

E*Trade Securities Korea SUNG JONG-HWA Eugene Investment & Securities Co., LtdKIM DENNY Shinhan Investment Corp JOSHUA KONG HSBC HONGSIK JO KTB Securities CHOI CHAN-SEOK Daiwa Securities Co. Ltd. THOMAS Y KWON Taurus Investment Securities Co Ltd SOO-JI LEE EVA Dimensions ANDREW S ZAMFOTIS Deutsche Bank HANJOON KIM Tong Yang Investment Bank LEE CHANG-YOUNG Hana Daetoo Securities HWANG SEUNG-TAEK Korea Investment & Securities HONG JONG-GIL CIMB HOWON RIM Credit Suisse TAEWON KIM Daewoo Securities CHANG KWEAN KIM NH Investment & Securities KIM JIN-GU Hyundai Securities KIM MIN Samsung Securities JAY PARK Shinyoung Securities Co., Ltd. CHOI YUN-MEE SK Securities Co Ltd CHOI GWAN-SOON Woori Investment & Securities JOSEPH CHUNG KB Investment & Securities Co., Ltd HOON CHOI Nomura ERIC CHA KIWOOM Securities Co Ltd AHN JAE-MIN LIG Investment Securities JEONG DAE-HO Morgan Stanley SAM MIN Goldman Sachs MICHAEL BANG UBS JI CHUNG JPMorgan SCOTT YH SEO Dongbu Securities Co Ltd DAE-UP PARK Heungkuk Securities Co., Ltd. LEE SEUNG-HOON Mirae Asset Securities JEONG WOO-CHEOL HMC Investment Securities Co Ltd HAN-WOO PARK Hanwha Securities Co., Ltd RAH TAEYEARL

Source Co File EXCH Co File Co File MF-AGG ULT-AGG MF-AGG ULT-AGG ULT-AGG ULT-AGG MF-AGG MF-AGG ULT-AGG MF-AGG MF-AGG ULT-AGG MF-AGG MF-AGG MF-AGG MF-AGG

Recommendation buy buy buy overweight buy buy buy overweight buy buy buy buy outperform underperform buy buy buy buy buy buy buy hold buy buy buy Underwt/Attractive Buy/Neutral buy suspended coverage buy buy buy not rated outperform

Amt Held 3'218'091 2'188'000 1'970'546 1'457'458 485'892 398'196 265'715 230'353 173'585 107'556 86'504 69'429 54'500 53'613 53'582 44'033 43'509 42'304 41'130 41'085

% Out 14.68 9.98 8.99 6.65 2.22 1.82 1.21 1.05 0.79 0.49 0.39 0.32 0.25 0.24 0.24 0.2 0.2 0.19 0.19 0.19

Weighting

Change

5 5 5 5 5 5 5 5 5 5 5 5 5 1 5 5 5 5 5 5 5 3 5 5 5 1 5 5 #N/A N/A 5 5 5 #N/A N/A 5

M M M M M M M U M M M M M M M M M M M M M D M M M M M M M M M M M M

Latest Chg 10'824 120'384 21'897 (120'861) 1'528 60'264 25'316 54'426 26'246 290 3'628 5'175 42'304 -

Target Price 250'000 260'000 230'000 225'000 230'000 210'000 240'000 #N/A N/A 247'000 240'000 280'000 232'000 190'000 155'000 250'000 200'000 224'000 203'000 220'000 230'000 230'000 180'000 210'000 220'000 220'000 130'000 230'000 220'000 #N/A N/A 240'000 210'000 310'000 #N/A N/A 295'000

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt 31.12.2012 26.06.2013 31.12.2012 31.12.2012 31.12.2012 25.09.2013 31.03.2013 31.12.2012 30.06.2013 30.06.2013 30.06.2013 31.03.2013 30.06.2013 31.03.2013 31.03.2013 30.04.2013 31.03.2013 31.03.2013 31.12.2012 31.12.2012

Date 12 month 12 month 12 month Not Provided 12 month Not Provided 6 month Not Provided 12 month 12 month 12 month 12 month 12 month Not Provided 12 month 6 month Not Provided 12 month 12 month 6 month 12 month 12 month Not Provided 6 month 12 month 12 month 12 month 12 month Not Provided 12 month 12 month 12 month Not Provided 6 month

Inst Type Corporation n/a Corporation Government Government Investment Advisor Investment Advisor Investment Advisor Unclassified Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor

Date 27.09.2013 26.09.2013 26.09.2013 25.09.2013 25.09.2013 20.09.2013 16.09.2013 13.09.2013 04.09.2013 28.08.2013 25.08.2013 21.08.2013 20.08.2013 19.08.2013 16.08.2013 16.08.2013 16.08.2013 16.08.2013 16.08.2013 16.08.2013 16.08.2013 16.08.2013 16.08.2013 16.08.2013 16.08.2013 14.08.2013 14.08.2013 13.05.2013 08.05.2013 29.04.2013 18.03.2013 07.03.2013 06.02.2013 09.08.2012

27.09.2013

GS Holdings GS Holdings is a holding company, which operates subsidiaries including GS Caltex Oil, GS Power, GS Home Shopping, GS Retail, and GS Sports.

Price/Volume 80000

1.8 M

70000

1.6 M

60000

1.4 M 1.2 M

50000

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (09.11.2012) 52-Week Low (24.06.2013) Daily Volume Current Price (9/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 30.06.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance 078930 KS EQUITY YTD Change 078930 KS EQUITY YTD % CHANGE

12/2012 06/yy 76'000.00 48'400.00 232'208.00 57200 -24.74% 18.18% 31.52% 92.9 5'314'759.50 588'089.00 8'924.0 0.0 23'188.00 5'851'475.62

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

.8 M

30000

.6 M

20000

.4 M

10000

.2 M

0 s-12

o-12

n-12

d-12

j-13

f-13 m-13 a-13 m-13

j-13

a-13

Fiscal Year Ended 31.12.2008 139'235.9 21.61x (73'364.8) 15'646.1 170.25x

1.0 M

40000

31.12.2009 31.12.2010 541'989.6 213'615.0 6.95x 31.16x 474'400.0 7.94x 503'868.7 128'010.0 6.25x 48.26x Profitability

LTM-4Q 31.12.2011 347'939.0 15.02x 244'827.0 19.61x

31.12.2012 168'342.0 43.14x 96'616.0 70.59x 129'806.00 77.11% 64.07% 1.80% 2.06% 2.31% 0.03% 77.1% 57.4% 0.11 0.09 11.01% 12.76% -

Price/ Cash Flow

LTM

06/yy 06/yy 165'046.0 330'368.0 140.53x 78.25x 0.0 0.0 0.00x 0.00x 81'317.0 252'869.0 60.61x 19.15x

2.36 1.22 75.64 -13.39% -20.56% 1.219 35 4.486 342'906 397'707 353'003

FY+1

FY+2

FQ+1

FQ+2

12/13 Y

12/14 Y

09/13 Q3

12/13 Q4

- ######### 9.70x 7.60x S&P Issuer Ratings

.0 M s-13

12.8% 11.3% 0.03 154.80 -

Sales/Revenue/Turnover

250.00

600'000.0 500'000.0

200.00

400'000.0 150.00

300'000.0 100.00

200'000.0

50.00

0.00 02.01.2010

100'000.0 0.0 02.07.2010

02.01.2011

02.07.2011

02.01.2012

02.07.2012

02.01.2013

02.07.2013

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

27.09.2013

GS Holdings Holdings By:

All

Holder Name NATIONAL PENSION SER CHANG-SOO HUH YONG-SOO HUH DONG-SOO HUR MIRAE ASSET GLOBAL I MAPS INVESTMENT MANA BLACKROCK DIMENSIONAL FUND ADV KOREA INVESTMENT TRU SAMSUNG INVESTMENT T VANGUARD GROUP INC NORGES BANK UBS HANA ASSET MANAG GRANTHAM MAYO VAN OT KYOBO AXA INVESTMENT ALLIANZ GLOBAL INVES SHINHAN BNP PARIBAS MIDAS ASSET MANAGEME SHIN YOUNG INVESTMEN KB ASSET MANAGEMENT

Firm Name

Portfolio Name n/a n/a n/a n/a Multiple Portfolios Multiple Portfolios n/a n/a Multiple Portfolios Multiple Portfolios n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios n/a Multiple Portfolios

Analyst

KTB Securities YOO YOUNG KOOK Credit Suisse CHO A-HYUNG KB Investment & Securities Co., Ltd PARK JAE-CHUL Hyundai Securities BAEK YOUNG-CHAN Hana Daetoo Securities WON YONG-JIN Shinyoung Securities Co., Ltd. OH JUNG-IL Daishin Securities Co., Ltd. JAE-SUNG YOON Standard Chartered DUKE SUTTIKULPANICH Morgan Stanley KYLE KIM UBS JOHN CHUNG BNP Paribas Equity Research POR YONG LIANG Eugene Investment & Securities Co., LtdKWAK JIN-HEE HI Investment Securities LEE HEE-CHEOL Woori Investment & Securities DONG-YANG KIM Nomura CINDY PARK E*Trade Securities Korea SEUNG-JAE HAN Deutsche Bank SHAWN PARK Samsung Securities SEUNGWOO KIM CIMB PETER K LEE Mizuho Securities ANDREW S F CHAN Shinhan Investment Corp LEE EUNG-JU Mirae Asset Securities YOUNG-BAE KWON Macquarie BRANDON I LEE NH Investment & Securities CHOI JI-HWAN IBK Securities Co Ltd CHOONG-JAE LEE Hanwha Securities Co., Ltd LEE DA-SOL HSBC DENNIS HYUNCHUL YOO EVA Dimensions DOUG WALTERS LIG Investment Securities PARK YOUNG-HOON Daewoo Securities PARK YEON-JU Korea Investment & Securities PARK KIYONG Meritz Securities Co., Ltd HWANG YOU SIK Taurus Investment Securities Co Ltd JAESUNG YOON

Source EXCH EXCH EXCH EXCH MF-AGG MF-AGG ULT-AGG ULT-AGG MF-AGG MF-AGG ULT-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG ULT-AGG MF-AGG

Recommendation buy outperform buy buy buy buy buy in-line Equalwt/Cautious buy buy buy buy buy buy buy hold buy outperform neutral buy buy outperform buy buy buy neutral overweight hold buy buy buy buy

Amt Held 6'552'641 4'417'695 4'000'813 2'281'720 1'384'297 1'268'210 1'167'363 1'151'407 961'485 868'394 610'001 532'936 514'221 480'630 206'364 178'184 164'556 146'437 142'157 138'700

% Out 7.05 4.75 4.31 2.46 1.49 1.36 1.26 1.24 1.03 0.93 0.66 0.57 0.55 0.52 0.22 0.19 0.18 0.16 0.15 0.15

Weighting

Change 5 5 5 5 5 5 5 3 3 5 5 5 5 5 5 5 3 5 5 3 5 5 5 5 5 5 3 5 3 5 5 5 5

M M M M M M M M U M M M M M M M M M M U M M U M M M M M D M N N N

Latest Chg (936'317) 94'000 52'654 94'828 9'199 13'303 50'795 (168'647) (404'890) 20'064 (30'475) 131'064 5'033 41'468 (97'241) (58'469)

Target Price 75'000 76'000 72'000 80'000 80'000 72'000 67'000 45'000 67'000 70'500 63'000 78'000 70'000 84'000 97'000 70'000 60'000 63'000 81'000 56'000 72'000 65'000 61'000 70'000 60'000 90'000 60'000 #N/A N/A #N/A N/A 65'000 80'000 85'000 94'000

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt 05.04.2013 04.09.2013 11.04.2013 04.09.2013 31.03.2013 31.03.2013 25.09.2013 30.04.2013 31.03.2013 31.03.2013 30.06.2013 31.12.2012 31.03.2013 31.05.2013 31.03.2013 31.03.2013 31.03.2013 31.03.2013 31.03.2013 31.03.2013

Date 12 month Not Provided 12 month Not Provided 12 month 12 month 12 month 12 month 12 month 12 month 12 month 12 month 6 month 12 month Not Provided 12 month 12 month 12 month 12 month 12 month 12 month 12 month 12 month 6 month 12 month 6 month Not Provided Not Provided Not Provided 12 month 12 month 6 month 6 month

Inst Type Government n/a n/a n/a Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Unclassified Government Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor

Date 26.09.2013 24.09.2013 24.09.2013 23.09.2013 22.09.2013 13.09.2013 09.09.2013 04.09.2013 03.09.2013 03.09.2013 03.09.2013 02.09.2013 20.08.2013 14.08.2013 14.08.2013 14.08.2013 13.08.2013 13.08.2013 13.08.2013 13.08.2013 12.08.2013 22.07.2013 11.07.2013 04.07.2013 01.07.2013 13.06.2013 06.06.2013 06.06.2013 29.04.2013 23.04.2013 05.04.2013 15.01.2013 10.01.2013

27.09.2013

SK C&C Co Ltd SK C&C Co., Ltd. provides a wide range of computer services. The Company's services include information technology outsourcing, systems integration, and e-services.

Price/Volume 140000 120000 100000 80000

Valuation Analysis

60000

Latest Fiscal Year: LTM as of: 52-Week High (16.09.2013) 52-Week Low (19.11.2012) Daily Volume Current Price (9/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 30.06.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance 034730 KS EQUITY YTD Change 034730 KS EQUITY YTD % CHANGE

12/2012 06/yy 118'000.00 87'100.00 41'066.00 116500 -1.27% 33.75% 98.38% 50.0 5'825'000.00 1'629'201.00 0.0 0.0 494'294.10 7'096'112.00

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

20000 0 s-12

o-12

n-12

d-12

j-13

f-13 m-13 a-13 m-13

j-13

a-13

Market Data

Fiscal Year Ended 31.12.2008 1'275'185.5 123'201.1 145'766.2 -

40000

31.12.2009 31.12.2010 1'312'563.2 1'475'223.5 2.48x 3.37x 162'243.7 195'290.3 20.03x 25.43x 144'369.6 112'263.7 15.52x 38.65x Profitability

LTM-4Q 31.12.2011 1'619'101.5 3.99x 212'776.7 30.39x 147'902.2 37.57x

LTM

31.12.2012 06/yy 06/yy 1'528'627.9 ######### ######### 3.81x 16.47x 14.91x 220'850.7 211'428.9 237'268.5 26.36x 28.85x 24.50x 127'082.9 144'292.3 157'829.7 37.77x 35.06x 28.82x 220'850.72 181'058.92 11.84% 10.95% 3.94% 12.16% 7.01% 0.47% 74.8% 14.4% 11.8% 8.3% 0.88 0.85 48.65% 168.25% 3.17 1587.52

Price/ Cash Flow

.2 M .2 M .2 M .1 M .1 M .1 M .1 M .1 M .0 M .0 M .0 M s-13

1.07 1.03 19.77 14.49% 13.11% 1.030 13 4.692 81'000 76'423 62'028

FY+1

FY+2

FQ+1

FQ+2

12/13 Y

12/14 Y

09/13 Q3

12/13 Q4

12.10x 10.60x S&P Issuer Ratings

3.44 2.71 5.10 7.38 168.3% 62.7% 0.47 4.16 115.48 0.23 226.27 -110.55

Sales/Revenue/Turnover

70.00

1'800'000.0

60.00

1'600'000.0 1'400'000.0

50.00

1'200'000.0

40.00

1'000'000.0

30.00

800'000.0 600'000.0

20.00

400'000.0

10.00 0.00 02.01.2010

200'000.0 0.0 02.07.2010

02.01.2011

02.07.2011

02.01.2012

02.07.2012

02.01.2013

02.07.2013

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

27.09.2013

SK C&C Co Ltd Holdings By:

All

Holder Name TAE-WON CHEY GI-WON CHOI SK C&C CO LTD JX HOLDINGS INC NORGES BANK BLACKROCK WADDELL & REED FINAN VANGUARD GROUP INC EMPLOYEE STOCK OWNER SAMSUNG INVESTMENT T ALLIANZ ASSET MANAGE MORGAN STANLEY KYOBO AXA INVESTMENT SHIN YOUNG INVESTMEN SHINHAN BNP PARIBAS MIRAE ASSET GLOBAL I DIMENSIONAL FUND ADV CAISSE DE DEPOT ET P CONSUS ASSET MANAGEM NH-CA ASSET MANAGEME

Firm Name Woori Investment & Securities Daewoo Securities Korea Investment & Securities E*Trade Securities Korea Hyundai Securities SK Securities Co Ltd KIWOOM Securities Co Ltd KTB Securities Samsung Securities EVA Dimensions Mirae Asset Securities Shinhan Investment Corp Hanwha Securities Co., Ltd Tong Yang Investment Bank

Portfolio Name n/a n/a n/a n/a Multiple Portfolios n/a n/a n/a n/a Multiple Portfolios n/a n/a Multiple Portfolios n/a Multiple Portfolios Multiple Portfolios n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios

Analyst DONG-YANG KIM DAERO JEONG LEE HOON KIM JOON-SUP JUN YONG-KI CHOI GWAN-SOON AHN JAE-MIN CHOI CHAN-SEOK EUNPYO KANG ANDREW S ZAMFOTIS JEONG WOO-CHEOL KYUNG-JIN CHOI RAH TAEYEARL LEE CHANG-YOUNG

Source Co File Co File Co File Co File MF-AGG ULT-AGG ULT-AGG ULT-AGG Co File MF-AGG ULT-AGG ULT-AGG MF-AGG ULT-AGG MF-AGG MF-AGG ULT-AGG MF-AGG MF-AGG MF-AGG

Recommendation buy buy buy buy buy buy buy buy buy sell buy buy buy buy

Amt Held 19'000'000 5'250'000 4'500'000 1'164'500 1'032'873 645'187 310'728 260'452 231'737 203'365 109'380 96'342 84'729 81'376 72'393 72'064 62'652 60'384 41'553 40'265

% Out 38 10.5 9 2.33 2.07 1.29 0.62 0.52 0.46 0.41 0.22 0.19 0.17 0.16 0.14 0.14 0.13 0.12 0.08 0.08

Weighting

Change 5 5 5 5 5 5 5 5 5 1 5 5 5 5

M M M M M M M M M M M M M N

Latest Chg 5'731 310'728 (192'855) (4'396) 33'547 (56'230) 303 (12'117) 43'157 14'614 6'263 40'873 1'256

Target Price 136'000 140'000 135'000 135'000 136'000 150'000 140'000 120'000 122'000 #N/A N/A 183'000 133'000 165'000 163'000

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt 31.12.2012 31.12.2012 31.12.2012 31.03.2013 31.12.2012 25.09.2013 30.06.2013 30.06.2013 31.12.2012 31.03.2013 31.07.2013 30.06.2013 31.03.2013 31.03.2013 31.03.2013 31.03.2013 30.04.2013 31.12.2012 31.03.2013 31.03.2013

Date 12 month 12 month 12 month 12 month Not Provided 6 month 6 month 12 month 12 month Not Provided 12 month 12 month 6 month 12 month

Inst Type n/a n/a Corporation Corporation Government Investment Advisor Investment Advisor Unclassified n/a Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor

Date 27.09.2013 06.09.2013 26.08.2013 06.08.2013 31.07.2013 31.07.2013 31.07.2013 25.03.2013 15.03.2013 17.01.2013 26.11.2012 09.11.2012 02.08.2012 28.06.2011

27.09.2013

Amorepacific Corp Amorepacific Corporation develops, manufactures, and exports skin care, make-up, and fragrance products. The Company also produces and markets personal care and health-related products, such as shampoos, soaps, toothpastes, and health teas.

Price/Volume

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (26.10.2012) 52-Week Low (15.04.2013) Daily Volume Current Price (9/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 30.06.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance 090430 KS EQUITY YTD Change 090430 KS EQUITY YTD % CHANGE

12/2012 06/yy 1'334'000.00 860'000.00 14'438.00 900000 -32.53% 4.65% 8.86% 5.8 5'261'264.00 0.00 5'279.0 0.0 238'781.00 4'945'703.49

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

.0 M

1200000

.0 M

1000000

.0 M

800000

.0 M

600000

.0 M

400000

.0 M

200000

.0 M

0 s-12

31.12.2009 31.12.2010 1'769'009.9 2'058'263.0 2.94x 3.10x 374'381.8 425'403.7 13.87x 14.99x 225'877.7 288'039.9 24.80x 27.28x Profitability

LTM-4Q 31.12.2011 2'293'407.0 2.56x 438'407.2 13.41x 318'809.4 22.76x

n-12 d-12

LTM

31.12.2012 06/yy 06/yy 2'510'394.0 ######### ######### 2.73x 10.56x 9.25x - 167'840.8 0.0 0.00x 0.00x 275'499.8 303'800.0 272'364.9 30.40x 23.53x 23.18x 373'785.45 14.89% 14.75% 9.28% 11.11% 11.58% 0.88% 67.9% 14.2% 11.0% 2.12 1.26 0.00% 0.00% 13.35 3.70

Price/ Cash Flow

j-13

f-13 m-13 a-13 m-13

j-13

a-13

.0 M s-13

0.68 2.77 -23.33% -25.86% 0.682 32 4.250 13'204 9'032 8'585

FY+1

FY+2

FQ+1

FQ+2

12/13 Y

12/14 Y

09/13 Q3

12/13 Q4

S&P Issuer Ratings

0.0% 0.0% 0.88 1.54 27.35 98.78 50.25 82.26

Sales/Revenue/Turnover

30.00

3'000'000.0

25.00

2'500'000.0

20.00

2'000'000.0

15.00

1'500'000.0

10.00

1'000'000.0

5.00

500'000.0

0.00 02.01.2010

o-12

Fiscal Year Ended 31.12.2008 1'531'336.4 2.39x 318'361.0 11.48x 170'235.5 23.17x

1400000

0.0 02.07.2010

02.01.2011

02.07.2011

02.01.2012

02.07.2012

02.01.2013

02.07.2013

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

27.09.2013

Amorepacific Corp Holdings By:

All

Holder Name AMOREPACIFIC GROUP COMMONWEALTH BANK OF KYUNG-BAE SUH NATIONAL PENSION SER CAPITAL GROUP COMPAN MATTHEWS INTERNATION T ROWE PRICE ASSOCIA BLACKROCK KOREA INVESTMENT TRU MIRAE ASSET GLOBAL I MAPS INVESTMENT MANA VANGUARD GROUP INC FIL LIMITED NORGES BANK SAMSUNG INVESTMENT T HARDING LOEVNER LP FMR LLC KB ASSET MANAGEMENT JP MORGAN INVESCO ASSET MANAGE

Firm Name Daewoo Securities KTB Securities Woori Investment & Securities Mirae Asset Securities Credit Suisse JPMorgan EVA Dimensions Nomura Daiwa Securities Co. Ltd. Hana Daetoo Securities Korea Investment & Securities Samsung Securities KB Investment & Securities Co., Ltd KIWOOM Securities Co Ltd IBK Securities Co Ltd Deutsche Bank Morgan Stanley UBS Macquarie HI Investment Securities Shinhan Investment Corp HSBC Hyundai Securities NH Investment & Securities SK Securities Co Ltd Goldman Sachs Meritz Securities Co., Ltd Leading Investment & Securities Erste Group Hanwha Securities Co., Ltd Shinyoung Securities Co., Ltd.

Portfolio Name n/a n/a n/a n/a n/a Multiple Portfolios Multiple Portfolios n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios n/a n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios n/a Multiple Portfolios n/a Multiple Portfolios

Analyst KIM MINA KIM MIN-JEONG KOOKHEE HAN YUMI PARK CHO A-HYUNG YOUNA KIM CRAIG STERLING CARA EUN JUNG SONG SANG HEE PARK PARK JONG-DAE LEE JUNG-IN EUNKYUNG PARK LEE JI-YEON KIM JI-HYUN JI-YOUNG AHN JI-HYUN SONG KELLY H KIM JENNIFER HAN NA HONG-SUK HYO JOO SON MINHO HUR KAREN CHOI KIM HYE-RIM EUN-YOUNG BAE HA TAE-GI CHRISTINE CHO SONG KWANG-SOO HYE-YUN LEE STEPHAN LINGNAU JIN-IL LEE KIM HYUN-TAE

Source Co File ULT-AGG Co File Co File ULT-AGG MF-AGG MF-AGG ULT-AGG MF-AGG MF-AGG MF-AGG ULT-AGG ULT-AGG MF-AGG MF-AGG MF-AGG ULT-AGG MF-AGG ULT-AGG MF-AGG

Recommendation trading buy buy buy hold outperform neutral underweight neutral outperform buy buy buy buy buy neutral hold Equalwt/Attractive sell neutral buy trading buy overweight buy buy buy neutral/neutral buy buy buy buy buy

Amt Held 2'069'586 789'058 626'445 370'811 234'002 215'633 135'790 100'967 69'199 60'993 56'814 37'691 27'203 27'091 26'203 22'020 21'493 19'280 18'464 15'000

% Out 35.4 13.5 10.72 6.34 4 3.69 2.32 1.73 1.18 1.04 0.97 0.64 0.47 0.46 0.45 0.38 0.37 0.33 0.32 0.26

Weighting

Change 5 5 5 3 5 3 1 3 5 5 5 5 5 5 3 3 3 1 3 5 5 5 5 5 5 3 5 5 5 5 5

M M M N M M D M M M M M M M M M M M M M M M M M M M M M N M M

Latest Chg 58'422 (104'721) 70'768 (20'577) 802 73 (3'675) (1'195) (24'908) 7'572 (13'607) 650 (35'704) 11'043 (44'144) 1'000

Target Price 1'020'000 1'200'000 1'080'000 900'000 1'100'000 880'000 #N/A N/A 980'000 1'040'000 1'050'000 1'100'000 1'120'000 1'100'000 1'200'000 #N/A N/A 920'000 1'000'000 770'000 890'000 1'190'000 970'000 1'340'000 1'250'000 1'200'000 1'250'000 970'000 1'300'000 1'430'000 #N/A N/A 1'450'000 1'340'000

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt 31.12.2012 31.05.2013 31.12.2012 31.12.2012 31.07.2013 28.06.2013 30.06.2013 25.09.2013 31.03.2013 31.03.2013 31.03.2013 30.06.2013 28.02.2013 31.12.2012 31.03.2013 30.04.2013 31.07.2013 31.03.2013 31.05.2013 31.05.2013

Date 12 month 12 month 12 month 12 month Not Provided 9 month Not Provided Not Provided Not Provided 12 month 12 month 12 month 12 month 6 month Not Provided 12 month 12 month 12 month 12 month 6 month 12 month Not Provided Not Provided 6 month 6 month 12 month 6 month 12 month Not Provided 6 month 12 month

Inst Type Corporation Bank n/a Government Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Unclassified Investment Advisor Government Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor

Date 25.09.2013 24.09.2013 17.09.2013 11.09.2013 09.09.2013 05.09.2013 05.09.2013 04.09.2013 03.09.2013 19.08.2013 07.08.2013 07.08.2013 07.08.2013 07.08.2013 07.08.2013 06.08.2013 06.08.2013 06.08.2013 06.08.2013 16.07.2013 04.06.2013 04.06.2013 16.05.2013 09.05.2013 09.05.2013 08.05.2013 12.03.2013 12.02.2013 16.12.2012 10.05.2012 21.10.2011

27.09.2013

BS Financial Group Inc BS Financial Group Inc., a holding company, provides a full range of consumer and commercial banking-related financial services. The Company's main businesses include banking, trust banking, and assets management to individuals, businesses, and other financial institutions.

Price/Volume 18000

2.5 M

16000 2.0 M

14000 12000

1.5 M

10000 8000

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (26.09.2013) 52-Week Low (12.11.2012) Daily Volume Current Price (9/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 30.06.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance 138930 KS EQUITY YTD Change 138930 KS EQUITY YTD % CHANGE

12/2012 06/yy 17'000.00 11'500.00 633'122.00 16400 -3.53% 42.61% 92.73% 193.4 3'171'430.25 618'619.14 0.0 0.0 87'082.98 3'762'612.66

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

31.12.2009 -

4000

31.12.2010

0 s-12

Profitability

LTM-4Q 31.12.2011 135'049.8 18.41x 130'513.9 19.04x 122'569.7 17.43x

31.12.2012 115'745.8 26.65x 105'167.1 29.33x 80'434.8 31.73x 105'167.14 88.07% 69.49% 2.28% 2.84% 2.31% 0.03% 90.3% 69.5% 18.18% 22.57% -

Price/ Cash Flow

o-12

n-12

d-12

LTM

06/yy 06/yy 142'436.6 115'448.1 80.20x 111.88x 134'898.3 104'199.4 22.74x 32.49x 116'154.3 75'592.7 21.05x 36.96x

j-13

f-13 m-13 a-13 m-13

j-13

a-13

.0 M s-13

0.81 162.50 41.87% 24.24% 0.814 39 4.692 855'210 676'276 558'959

FY+1

FY+2

FQ+1

FQ+2

12/13 Y

12/14 Y

09/13 Q3

12/13 Q4

S&P Issuer Ratings

5.67 5.94 22.6% 18.4% 0.03 164.66 -

Sales/Revenue/Turnover

45.00

160'000.0

40.00

140'000.0

35.00

120'000.0

30.00

100'000.0

25.00

80'000.0

20.00

60'000.0

15.00

40'000.0

10.00

20'000.0

5.00 0.00 02.01.2010

.5 M

2000

Fiscal Year Ended 31.12.2008

1.0 M

6000

0.0 02.07.2010

02.01.2011

02.07.2011

02.01.2012

02.07.2012

02.01.2013

02.07.2013

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

27.09.2013

BS Financial Group Inc Holdings By:

All

Holder Name ABERDEEN THE LOTTE SCHOLARSHI NATIONAL PENSION SER BLACKROCK FRANKLIN RESOURCES DIMENSIONAL FUND ADV HARRIS ASSOCIATES LP VANGUARD GROUP INC SAMSUNG INVESTMENT T AGF INVESTMENTS INC BANK OF NEW YORK MEL NORGES BANK SHIN YOUNG INVESTMEN GRANTHAM MAYO VAN OT MIRAE ASSET GLOBAL I DANSKE INVEST MANAGE EMPLOYEE STOCK OWNER NORTHERN TRUST CORPO KYOBO AXA INVESTMENT EDINBURGH FUND MANAG

Firm Name

Portfolio Name n/a n/a n/a n/a n/a n/a Multiple Portfolios n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios

Analyst

Hyundai Securities KOO KYUNG-HWE Eugene Investment & Securities Co., LtdKIM IN Credit Suisse GIL HYUNG KIM KTB Securities OH JIN-WON NH Investment & Securities KIM EUN-GAB HMC Investment Securities Co Ltd LEE CHANG-WOOK Barclays MICHELLE CHO Daishin Securities Co., Ltd. CHOI JUNG-WOOK Korea Investment & Securities LEE JOANNE Samsung Securities JAEWOO KIM Standard Chartered JINSANG KIM KIWOOM Securities Co Ltd SEO YOUNG-SOO Woori Investment & Securities JASON CHOI Hanwha Securities Co., Ltd KYU-SUN SHIM KB Investment & Securities Co., Ltd SHIM HYUN-SOO Hana Daetoo Securities HAN JEONG-TAE HSBC SINYOUNG PARK Shinyoung Securities Co., Ltd. IM IL-SUNG Daiwa Securities Co. Ltd. CHANG-HEE LEE Daewoo Securities TAYE SHIM Mirae Asset Securities HEATHER KANG Dongbu Securities Co Ltd LEE BYUNG-GUN Shinhan Investment Corp KIM SOO-HYUN SEAN Nomura MICHAEL NA E*Trade Securities Korea HA HAKSOO IBK Securities Co Ltd PARK JIN-HYOENG CIMB DAEHYUN KIM Deutsche Bank JEE HOON PARK JPMorgan SCOTT YH SEO Macquarie CHAN HWANG BNP Paribas Equity Research TEAM COVERAGE EVA Dimensions DOUG WALTERS UBS SCOTT LEE Tong Yang Investment Bank SUNG BYUNG-SOO HI Investment Securities YOO SANG-HO LIG Investment Securities SOHN JOON-BEOM Kyobo Securities HWANG SEOK-KYU

Source ULT-AGG EXCH EXCH ULT-AGG ULT-AGG ULT-AGG MF-AGG ULT-AGG MF-AGG MF-AGG MF-AGG MF-AGG ULT-AGG MF-AGG MF-AGG MF-AGG Co File MF-AGG MF-AGG MF-AGG

Recommendation buy buy restricted buy buy buy overweight buy buy buy outperform buy buy buy buy buy overweight buy buy buy buy buy buy buy market perform buy outperform buy overweight outperform hold buy buy buy buy buy buy

Amt Held 30'071'950 18'291'620 11'786'261 3'706'505 3'563'274 3'553'351 3'426'900 2'826'069 1'925'748 1'840'909 1'062'582 966'498 926'410 865'000 829'790 769'995 680'175 612'092 607'590 595'709

% Out 15.55 9.46 6.09 1.92 1.84 1.84 1.77 1.46 1 0.95 0.55 0.5 0.48 0.45 0.43 0.4 0.35 0.32 0.31 0.31

Weighting

Change

5 5 #N/A N/A 5 5 5 5 5 5 5 5 5 5 5 5 5 5 5 5 5 5 5 5 5 3 5 5 5 5 5 3 5 5 5 5 5 5

M M M M M M N M M M M M M M M M M M M M M M M M M M M M M M M M U M M M M

Latest Chg (3'940'360) 1'969'271 73'240 (238'039) 233'420 1'331'500 (1'385'805) (118'423) (196'171) (14'940) (257'587) 264'780 16'690 6'010 -

Target Price 19'000 20'000 #N/A N/A 20'000 19'200 20'500 19'400 18'000 19'000 17'000 16'700 20'000 20'000 20'500 19'000 19'000 19'000 19'000 18'800 19'100 19'500 20'500 18'000 19'000 16'100 19'000 20'000 18'000 18'500 18'000 14'800 #N/A N/A 19'000 18'000 17'000 19'000 18'400

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt 31.08.2013 04.04.2011 01.02.2013 25.09.2013 31.08.2013 30.04.2013 30.06.2013 30.06.2013 31.03.2013 28.03.2013 25.09.2013 31.12.2012 31.03.2013 31.05.2013 31.03.2013 28.06.2013 31.12.2012 30.06.2013 31.03.2013 31.07.2013

Date Not Provided 12 month Not Provided 12 month 6 month 6 month Not Provided 12 month 12 month 12 month 12 month 6 month 12 month 6 month 12 month 12 month Not Provided 12 month Not Provided 12 month 12 month 12 month 12 month Not Provided 12 month Not Provided 12 month 12 month 9 month 12 month 12 month Not Provided 12 month 12 month 6 month 12 month 12 month

Inst Type Investment Advisor Other Government Investment Advisor Investment Advisor Investment Advisor Investment Advisor Unclassified Investment Advisor Investment Advisor Investment Advisor Government Investment Advisor Investment Advisor Investment Advisor Investment Advisor n/a Investment Advisor Investment Advisor Investment Advisor

Date 24.09.2013 24.09.2013 24.09.2013 24.09.2013 23.09.2013 16.09.2013 16.09.2013 15.09.2013 13.09.2013 13.09.2013 12.09.2013 12.09.2013 11.09.2013 04.09.2013 03.09.2013 03.09.2013 29.08.2013 22.08.2013 13.08.2013 08.08.2013 08.08.2013 05.08.2013 05.08.2013 05.08.2013 05.08.2013 05.08.2013 04.08.2013 02.08.2013 02.08.2013 01.08.2013 07.06.2013 06.06.2013 20.05.2013 06.05.2013 17.04.2013 20.03.2013 08.01.2013

27.09.2013

Korea Zinc Co Ltd Korea Zinc Co., Ltd. specializes in non-ferrous metal smelting industry. The Company manufactures zinc ingots, electrolytic gold, silver, lead, sulfuric acid, and copper. Korea Zinc provides its products to domestic and overseas markets.

Price/Volume 600000 500000 400000 300000

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (05.10.2012) 52-Week Low (08.07.2013) Daily Volume Current Price (9/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 30.06.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance 010130 KS EQUITY YTD Change 010130 KS EQUITY YTD % CHANGE

12/2012 06/yy 505'000.00 251'500.00 48'658.00 325000 -35.64% 29.22% 29.59% 18.9 6'132'750.00 293'965.53 0.0 0.0 1'035'395.73 5'204'504.76

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

100000 0 s-12

o-12

n-12

d-12

j-13

f-13 m-13 a-13 m-13

j-13

a-13

Market Data

Fiscal Year Ended 31.12.2008 2'454'243.0 0.38x 602'418.4 1.56x 282'718.6 4.57x

200000

31.12.2009 31.12.2010 2'575'311.9 3'129'065.1 1.31x 1.53x 498'957.5 654'135.7 6.77x 7.30x 413'691.0 516'275.3 8.72x 9.47x Profitability

LTM-4Q 31.12.2011 4'857'562.2 1.02x 964'510.3 5.11x 676'786.5 7.94x

LTM

FY+1

1.54 1.38 9.73 -30.58% -19.75% 1.377 32 4.688 57'900 96'500 86'500 FY+2

FQ+1

31.12.2012 06/yy 06/yy 12/13 Y 12/14 Y 09/13 Q3 4'926'649.4 ######### ######### ######### ######### ######### 1.30x 4.50x 5.26x 1.20x 1.12x 856'934.9 ######### 717'126.5 797'010.0 838'105.0 183'000.0 7.49x 6.14x 5.53x 6.53x 6.21x 596'362.4 691'346.0 487'084.6 524'600.0 633'050.0 126'788.9 12.00x 9.84x 10.05x 12.08x 10.68x 10.08x S&P Issuer Ratings 856'934.85 Long-Term Rating Date 765'097.94 Long-Term Rating 15.53% Long-Term Outlook 15.99% Short-Term Rating Date 14.22% Short-Term Rating 16.70% Credit Ratios 15.63% EBITDA/Interest Exp. 1.17% (EBITDA-Capex)/Interest Exp. Net Debt/EBITDA 17.0% Total Debt/EBITDA 17.4% Reference 15.5% Total Debt/Equity 12.1% Total Debt/Capital Asset Turnover 4.52 Net Fixed Asset Turnover 2.56 Accounts receivable turnover-days 6.55% Inventory Days 7.67% Accounts Payable Turnover Day 27.63 Cash Conversion Cycle 5.12

Price/ Cash Flow

.5 M .5 M .4 M .4 M .3 M .3 M .2 M .2 M .1 M .1 M .0 M s-13

FQ+2 12/13 Q4 ######### 222'000.0 145'400.0 9.71x 165.10 115.28 -0.87 0.34 7.7% 7.1% 1.17 4.05 13.25 71.45 10.78 73.92

Sales/Revenue/Turnover

35.00

6'000'000.0

30.00

5'000'000.0

25.00

4'000'000.0

20.00

3'000'000.0 15.00

2'000'000.0 10.00

1'000'000.0

5.00 0.00 02.01.2010

0.0 02.07.2010

02.01.2011

02.07.2011

02.01.2012

02.07.2012

02.01.2013

02.07.2013

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

27.09.2013

Korea Zinc Co Ltd Holdings By:

All

Holder Name YOUNG POONG CORP NATIONAL PENSION SER KOREA ZINC CO LTD HYUNG-JIN JANG YOON-BEOM CHOI MIRAE ASSET GLOBAL I BLACKROCK MAPS INVESTMENT MANA CHANG-KEUN CHOI NORGES BANK CHANG-YOUNG CHOI VANGUARD GROUP INC FIL LIMITED SAMSUNG INVESTMENT T UBS HANA ASSET MANAG GRANTHAM MAYO VAN OT KYOBO AXA INVESTMENT KB ASSET MANAGEMENT NORTHERN TRUST CORPO CHANG-GURL CHOI

Firm Name

Portfolio Name n/a n/a n/a n/a n/a Multiple Portfolios n/a Multiple Portfolios n/a Multiple Portfolios n/a n/a n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios n/a

Analyst

KTB Securities SHIM HYE-SUN Deutsche Bank CHANWOOK PARK DBS Vickers LEE EUN YOUNG Samsung Securities TEAM COVERAGE Korea Investment & Securities MOON SUN CHOI Woori Investment & Securities WILL BYUN E*Trade Securities Korea KANG TAE-HYUN SK Securities Co Ltd LEE WON JAE Barclays EPHREM RAVI Shinhan Investment Corp JINJOO HONG Daewoo Securities JEON SEUNG-HUN Hyundai Securities KIM JI-HWAN HMC Investment Securities Co Ltd PARK HYUN-WOOK Tong Yang Investment Bank KEE-HYUN PARK KB Investment & Securities Co., Ltd KIM HYUN-TAE HI Investment Securities BANG MINJIN Kyobo Securities UM JIN-SEOK LIG Investment Securities YOON-SANG KIM BS Securities Co Ltd YOON KWAN-CHUL Morgan Stanley YOUNG SUK SHIN UBS SON YONG-SUK KIWOOM Securities Co Ltd CHANG-HO KIM Standard Chartered JAMES KP HONG Hanwha Securities Co., Ltd KIM KANG-OH Nomura CINDY PARK Shinyoung Securities Co., Ltd. KANG-UN CHO EVA Dimensions TIMOTHY STANISH Meritz Securities Co., Ltd LEE JONG-HYOUNG Taurus Investment Securities Co Ltd JI-WOONG YOO Goldman Sachs SEUNG SHIN IBK Securities Co Ltd PARK BYUNGCHIL Eugene Investment & Securities Co., LtdGYUNG-JUNG KIM

Source Co File Co File Co File Co File EXCH MF-AGG ULT-AGG MF-AGG Co File MF-AGG EXCH ULT-AGG ULT-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG Co File

Recommendation buy buy buy buy buy hold buy buy overweight buy trading buy buy buy buy buy buy buy buy buy Equalwt/No Rating buy buy in-line buy neutral buy overweight buy buy neutral/neutral buy buy

Amt Held 5'078'297 1'322'467 1'195'760 850'829 338'007 237'982 207'594 203'385 170'412 168'504 160'748 118'723 116'342 109'575 109'173 49'343 34'611 33'504 32'901 26'512

% Out 26.91 7.01 6.34 4.51 1.79 1.26 1.1 1.08 0.9 0.89 0.85 0.63 0.62 0.58 0.58 0.26 0.18 0.18 0.17 0.14

Weighting

Change 5 5 5 5 5 3 5 5 5 5 5 5 5 5 5 5 5 5 5 3 5 5 3 5 3 5 5 5 5 3 5 5

M M M M M M M M M M M M M M M M M M M M M N D M M M M M M M M M

Latest Chg 700 (53'923) 1'579 (52'633) (9'000) (66'284) 1'498 (59'564) (6'656) (681) (32'924) 8'902 -

Target Price 370'000 363'000 370'000 360'000 420'000 320'000 380'000 380'000 365'000 400'000 350'000 380'000 390'000 370'000 360'000 350'000 340'000 380'000 380'000 300'000 400'000 380'000 320'000 360'000 400'000 440'000 #N/A N/A 450'000 420'000 375'000 380'000 480'000

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt 31.12.2012 31.12.2012 31.12.2012 31.12.2012 10.07.2013 31.03.2013 25.09.2013 31.03.2013 31.12.2012 31.12.2012 30.08.2013 30.06.2013 30.04.2013 31.03.2013 31.03.2013 31.05.2013 31.03.2013 31.03.2013 30.06.2013 31.12.2012

Date 12 month 12 month 12 month 12 month 12 month 12 month 12 month 6 month Not Provided 12 month 12 month 12 month 6 month 12 month 12 month 6 month 12 month 12 month 6 month 12 month 12 month 6 month 12 month 6 month Not Provided 12 month Not Provided 6 month 6 month 12 month Not Provided 12 month

Inst Type Corporation Government Corporation n/a n/a Investment Advisor Investment Advisor Investment Advisor n/a Government n/a Unclassified Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor n/a

Date 27.09.2013 26.09.2013 24.09.2013 13.09.2013 05.09.2013 05.09.2013 29.08.2013 26.08.2013 02.08.2013 30.07.2013 26.07.2013 26.07.2013 26.07.2013 26.07.2013 26.07.2013 26.07.2013 26.07.2013 26.07.2013 26.07.2013 25.07.2013 25.07.2013 24.07.2013 23.07.2013 18.07.2013 19.06.2013 07.06.2013 06.06.2013 08.05.2013 08.05.2013 07.05.2013 25.04.2013 14.01.2013

27.09.2013

Samsung Engineering Co Ltd Samsung Engineering Co., Ltd. provides engineering construction and project management services in the domestic and international markets. The Company constructs refinery plants, petrochemical plants, gas plants, hydrocarbon upstream, power plants, metallurgy plant, industrial plants, and water treatment facilities.

Price/Volume

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (28.09.2012) 52-Week Low (09.07.2013) Daily Volume Current Price (9/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 30.06.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance 028050 KS EQUITY YTD Change 028050 KS EQUITY YTD % CHANGE

12/2012 06/yy 192'000.00 67'500.00 583'163.00 86000 -55.21% 27.41% 16.39% 40.0 3'440'000.00 0.00 0.0 0.0 245'956.18 3'343'190.17

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

31.12.2009 31.12.2010 3'471'401.0 4'799'026.5 0.89x 1.30x 332'565.8 458'216.1 9.25x 13.66x 258'896.4 352'258.9 15.81x 20.48x Profitability

LTM-4Q 31.12.2011 8'138'208.5 0.87x 558'265.8 12.64x 475'492.4 15.66x

1.6 M 1.4 M 1.2 M 1.0 M .8 M .6 M .4 M .2 M o-12

n-12 d-12

LTM

31.12.2012 06/yy 06/yy 8'867'692.4 ######### ######### 0.66x 3.30x 2.37x 765'992.6 683'726.5 306'796.2 7.66x 9.65x 8.61x 518'977.0 566'890.8 146'287.6 11.79x 11.70x 18.72x 765'992.61 722'483.10 8.15% 7.73% 3.05% 9.78% 1.77% 14.1% 3.6% 3.0% 5.9% 1.24 1.04 0.00% 0.00% 3.30 -

Price/ Cash Flow

j-13

f-13 m-13 a-13 m-13

j-13

a-13

.0 M s-13

1.46 25.67 -54.03% -48.04% 1.463 38 3.289 406'624 405'632 462'059

FY+1

FY+2

FQ+1

FQ+2

12/13 Y

12/14 Y

09/13 Q3

12/13 Q4

S&P Issuer Ratings

45.37 34.79 -0.32 0.53 0.0% 0.0% 1.77 13.98 110.70 112.36 -

Sales/Revenue/Turnover

80.00

10'000'000.0

70.00

9'000'000.0 8'000'000.0

60.00

7'000'000.0

50.00

6'000'000.0

40.00

5'000'000.0 4'000'000.0

30.00

3'000'000.0

20.00

2'000'000.0

10.00

1'000'000.0

0.00 02.01.2010

1.8 M

Fiscal Year Ended 31.12.2008 2'635'598.0 0.44x 146'796.1 7.99x 188'369.4 8.83x

200000 180000 160000 140000 120000 100000 80000 60000 40000 20000 0 s-12

0.0 02.07.2010

02.01.2011

02.07.2011

02.01.2012

02.07.2012

02.01.2013

02.07.2013

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

27.09.2013

Samsung Engineering Co Ltd Holdings By:

All

Holder Name CHEIL INDUSTRIES INC NATIONAL PENSION SER SAMSUNG ENGINEERING KOREA INVESTMENT TRU UBS GLOBAL ASSET MGM SAMSUNG SDI CO LTD JP MORGAN SAMSUNG INVESTMENT T BLACKROCK NORGES BANK VANGUARD GROUP INC UBS AG CAPITAL GROUP COMPAN KB ASSET MANAGEMENT CHINA INTERNATIONAL KYOBO AXA INVESTMENT INVESCO LTD MIRAE ASSET GLOBAL I ING INVESTMENT MANAG DIMENSIONAL FUND ADV

Firm Name

Portfolio Name #N/A N/A n/a n/a n/a n/a #N/A N/A n/a Multiple Portfolios n/a Multiple Portfolios n/a n/a n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios n/a Multiple Portfolios Multiple Portfolios n/a

Analyst

Korea Investment & Securities LEE KYUNG-JA KTB Securities SUN-MI KIM E*Trade Securities Korea PARK YONG-HEE Samsung Securities YUN SOK-MO Woori Investment & Securities WAYNE WANG-SANG LEE Morgan Stanley JOON SEOK Kyobo Securities CHO JOO-HYUNG Tong Yang Investment Bank SANG-HYUP CHONG Standard Chartered JAMES KP HONG Goldman Sachs JINMOOK KIM Shinhan Investment Corp SANG-YEON PARK Daiwa Securities Co. Ltd. MIKE OH Nomura MICHAEL NA HSBC BRIAN CHO KB Investment & Securities Co., Ltd HEU MOON-WOOK HMC Investment Securities Co Ltd LEE KWANG-SOO Credit Suisse SINN MIN-SEOK BNP Paribas Equity Research DAVE KO Deutsche Bank HAN SANG-HI Daewoo Securities PARK HYUNG-RYUL Daishin Securities Co., Ltd. CHO YOON-HO NH Investment & Securities KANG SEUNG-MIN RYAN Eugene Investment & Securities Co., LtdSEO BO-ICK Shinyoung Securities Co., Ltd. JONG-HYO HAN UBS SON YONG-SUK JPMorgan LEE SOKJE Macquarie BRANDON I LEE Hanwha Securities Co., Ltd CHO DONG-PIL HI Investment Securities KIYOUNG ROH Mirae Asset Securities BYUN SEONG JIN LIG Investment Securities CHAE SANG-WOOK Hyundai Securities EMILY KIM EVA Dimensions TIMOTHY STANISH Dongbu Securities Co Ltd YOO DEOK-SANG Meritz Securities Co., Ltd HYUNG-GUN KIM Hana Daetoo Securities SEUNG-WOO SHIN

Source EXCH EXCH Co File EXCH EXCH EXCH ULT-AGG MF-AGG ULT-AGG MF-AGG ULT-AGG ULT-AGG ULT-AGG MF-AGG MF-AGG MF-AGG ULT-AGG MF-AGG MF-AGG ULT-AGG

Recommendation buy hold market perform buy buy Equalwt/In-Line hold buy outperform neutral/neutral hold hold buy underweight hold hold neutral reduce buy trading buy market perform market perform hold buy neutral underweight underperform buy buy hold hold market perform sell hold hold not rated

Amt Held 5'238'299 3'837'636 3'042'638 2'057'472 2'037'636 2'036'966 1'955'425 732'855 719'428 356'118 342'928 302'832 151'000 118'802 118'085 110'575 92'979 90'886 84'266 83'952

% Out 13.1 9.59 7.61 5.14 5.09 5.09 4.89 1.83 1.8 0.89 0.86 0.76 0.38 0.3 0.3 0.28 0.23 0.23 0.21 0.21

Weighting

Change

5 3 3 5 5 3 3 5 5 3 3 3 5 1 3 3 3 2 5 5 3 3 3 5 3 1 1 5 5 3 3 3 1 3 3 #N/A N/A

M M M M M M M M M M M M M D M M M N M M M M M M M M D M M M M M M D D M

Latest Chg 212'994 (851'703) (35'359) 5'079 (240'245) 23'538 55'227 118'085 (2'615) (28'000) 15'286 35'266 23'085

Target Price 111'000 90'000 86'300 81'000 100'000 90'000 82'800 100'000 105'000 74'000 72'000 81'000 230'000 63'000 94'200 84'900 83'000 63'900 100'000 93'000 88'000 #N/A N/A 75'000 87'000 73'000 55'000 53'000 88'000 85'000 78'000 70'000 80'000 #N/A N/A 85'000 102'500 #N/A N/A

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt 23.09.2013 31.12.2011 31.12.2011 21.06.2013 24.07.2013 23.09.2013 31.05.2013 31.03.2013 25.09.2013 31.12.2012 30.06.2013 31.05.2013 30.06.2013 31.03.2013 31.12.2012 31.03.2013 26.09.2013 31.03.2013 30.06.2013 30.04.2013

Date 12 month 12 month 12 month 12 month 12 month 12 month 6 month 12 month 12 month 12 month 12 month Not Provided Not Provided Not Provided 12 month 6 month Not Provided 12 month 12 month 12 month 12 month Not Provided 12 month 12 month 12 month 3 month 12 month 6 month 6 month 12 month 12 month Not Provided Not Provided 12 month 6 month Not Provided

Inst Type Corporation Government Corporation Investment Advisor n/a Corporation Investment Advisor Investment Advisor Investment Advisor Government Unclassified Unclassified Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor

Date 26.09.2013 26.09.2013 26.09.2013 13.09.2013 11.09.2013 10.09.2013 10.09.2013 09.09.2013 04.09.2013 23.08.2013 16.08.2013 16.08.2013 16.08.2013 13.08.2013 08.08.2013 05.08.2013 05.08.2013 29.07.2013 17.07.2013 17.07.2013 17.07.2013 17.07.2013 17.07.2013 17.07.2013 17.07.2013 17.07.2013 17.07.2013 17.07.2013 17.07.2013 17.07.2013 17.07.2013 04.07.2013 06.06.2013 17.04.2013 17.04.2013 25.02.2013

27.09.2013

Samsung Securities Co Ltd Samsung Securities Co., Ltd. provides brokerage, investment trust, and underwriting services. The Company also provides services in the areas of cyber trading, mutual funds, asset backed securities (ABS) issuing, and municipal bonds trading. Samsung Securities operates many domestic branches and overseas branches in London, New York, Tokyo, and Hong Kong.

Price/Volume

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (25.02.2013) 52-Week Low (28.08.2013) Daily Volume Current Price (9/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 30.06.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance 016360 KS EQUITY YTD Change 016360 KS EQUITY YTD % CHANGE

03/2013 06/yy 58'700.00 44'000.00 165'158.00 47500 -19.08% 7.95% 24.83% 76.4 3'630'670.25 11'799'431.33 0.0 0.0 234'088.90 14'653'763.39

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

1.2 M

50000

1.0 M

40000

.8 M

30000

.6 M

20000

.4 M

10000

.2 M

0 s-12

o-12

n-12

d-12

j-13

f-13 m-13 a-13 m-13

j-13

a-13

Fiscal Year Ended 31.03.2009 1'039'573.5 8.81x 561'546.6 16.30x 229'712.7 16.24x

60000

31.03.2010 31.03.2011 1'262'824.1 1'213'654.3 8.64x 10.05x 715'927.6 15.24x 245'308.3 237'322.7 16.05x 21.96x Profitability

LTM-4Q 31.03.2012 1'309'865.2 9.56x 134'719.3 28.69x

LTM

FY+1

1.37 1.31 66.88 -9.28% -9.96% 1.310 21 3.952 199'677 239'705 216'443 FY+2

FQ+1

FQ+2

31.03.2013 06/yy 06/yy 03/14 Y 03/15 Y 09/13 Q2 12/13 Q3 1'071'564.2 ######### ######### 841'000.0 974'533.3 208'505.7 219'360.0 14.56x 39.47x 55.62x 400'277.1 106'866.0 365'798.2 38.97x 0.00x 39.51x 125'433.1 88'039.4 100'086.0 188'394.0 243'398.0 38'981.3 47'369.3 32.15x 40.29x 34.25x 18.27x 14.19x S&P Issuer Ratings 400'277.08 Long-Term Rating Date - Long-Term Rating 19.39% Long-Term Outlook 15.20% Short-Term Rating Date 0.74% Short-Term Rating 3.82% Credit Ratios 0.93% EBITDA/Interest Exp. 0.06% (EBITDA-Capex)/Interest Exp. Net Debt/EBITDA - Total Debt/EBITDA 37.4% Reference - Total Debt/Equity 11.7% Total Debt/Capital Asset Turnover - Net Fixed Asset Turnover - Accounts receivable turnover-days 64.19% Inventory Days 355.76% Accounts Payable Turnover Day - Cash Conversion Cycle -

Price/ Cash Flow

.0 M s-13

28.89 29.48 355.8% 78.1% 0.06 13.35 -

Sales/Revenue/Turnover

12.00

1'400'000.0

10.00

1'200'000.0 1'000'000.0

8.00

800'000.0 6.00

600'000.0

4.00

400'000.0

2.00

200'000.0

0.00 03.04.2010

0.0 03.10.2010

03.04.2011

03.10.2011

03.04.2012

03.10.2012

03.04.2013

2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

27.09.2013

Samsung Securities Co Ltd Holdings By:

All

Holder Name SAMSUNG LIFE INSURAN NATIONAL PENSION SER SAMSUNG FIRE & MARIN KOREA INVESTMENT TRU SAMSUNG SECURITIES C SAMSUNG INVESTMENT T BLACKROCK EMPLOYEE STOCK OWNER VANGUARD GROUP INC COLUMBIA WANGER ASSE NORGES BANK DIMENSIONAL FUND ADV ALLIANZ GLOBAL INVES KYOBO AXA INVESTMENT KTB ASSET MANAGEMENT FIDEURAM GESTIONS SA MIRAE ASSET GLOBAL I CAISSE DE DEPOT ET P NH-CA ASSET MANAGEME IBK-SG ASSET MANAGEM

Firm Name

Portfolio Name n/a n/a n/a n/a n/a Multiple Portfolios n/a n/a n/a Multiple Portfolios Multiple Portfolios n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios

Analyst

Shinhan Investment Corp SOHN MI-JI Hana Daetoo Securities HAN JEONG-TAE KTB Securities CHO SOUNG KYUNG JPMorgan SCOTT YH SEO Daewoo Securities JEONG GIL-WON Eugene Investment & Securities Co., LtdSEO BO-ICK Tong Yang Investment Bank WON JAE-WOONG Woori Investment & Securities DAHEE WOO Hanwha Securities Co., Ltd YOON TAE-HO Morgan Stanley SARA LEE IBK Securities Co Ltd PARK JIN-HYOENG Daishin Securities Co., Ltd. KANG SEUNG-GUN EVA Dimensions DOUG WALTERS Hyundai Securities RHEE TAE-KYUNG KIWOOM Securities Co Ltd SEO YOUNG-SOO E*Trade Securities Korea LEE CHI-YOUNG Shinyoung Securities Co., Ltd. PARK EUN-JOON Kyobo Securities KIM JI-YOUNG Taurus Investment Securities Co Ltd LEE MIN-HEE Deutsche Bank JEE HOON PARK Korea Investment & Securities LEE CHUL-HO Meritz Securities Co., Ltd PARK SUN-HO

Source Co File EXCH Co File Co File Co File MF-AGG ULT-AGG Co File ULT-AGG MF-AGG MF-AGG ULT-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG

Recommendation buy buy hold underweight trading buy hold buy buy market perform Underwt/Cautious buy buy sell market perform buy buy buy buy buy hold buy buy

Amt Held 8'513'524 6'301'650 6'133'252 5'367'789 2'029'161 1'619'151 1'521'253 1'143'832 727'517 598'000 451'323 324'731 216'358 203'188 177'109 173'240 168'216 164'107 163'602 156'853

% Out 11.14 8.24 8.02 7.02 2.65 2.12 1.99 1.5 0.95 0.78 0.59 0.42 0.28 0.27 0.23 0.23 0.22 0.21 0.21 0.21

Weighting

Change 5 5 3 1 5 3 5 5 3 1 5 5 1 3 5 5 5 5 5 3 5 5

M M D M D D M M N D M M M M M N M M M M M M

Latest Chg 1'536'686 49'090 10'190 (476'674) 598'000 25'310 69'818 10'851 146'737 112'500 35'266 (13'627) 35'845

Target Price 62'000 65'000 50'000 40'000 57'000 55'000 53'000 55'000 57'000 35'000 65'000 62'000 #N/A N/A 58'000 65'000 74'000 70'000 73'000 63'000 53'000 64'000 73'000

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt 31.12.2012 17.01.2013 31.12.2012 31.12.2012 31.12.2012 31.03.2013 25.09.2013 31.12.2012 30.06.2013 31.07.2013 31.12.2012 30.04.2013 31.03.2013 31.03.2013 31.03.2013 30.08.2013 31.03.2013 31.12.2012 31.03.2013 31.03.2013

Date 12 month 12 month 12 month 9 month 12 month 12 month 12 month 12 month 6 month 12 month 12 month 6 month Not Provided 12 month 6 month 12 month 12 month 6 month 6 month 12 month 12 month 6 month

Inst Type Insurance Company Government Insurance Company Investment Advisor Unclassified Investment Advisor Investment Advisor n/a Unclassified Investment Advisor Government Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor

Date 24.09.2013 10.09.2013 06.09.2013 05.09.2013 16.08.2013 16.08.2013 16.08.2013 16.08.2013 01.08.2013 19.07.2013 16.07.2013 04.07.2013 06.06.2013 27.05.2013 27.05.2013 01.04.2013 28.03.2013 28.02.2013 28.02.2013 29.01.2013 13.05.2012 21.03.2012

27.09.2013

OCI Co Ltd OCI Company Ltd. manufactures inorganic chemicals, petro and coal chemicals, fine chemicals, renewable energy and insulation materials. Major product lines of the company include carbon black, pitch, tolunes di-isocyanate, hydrogen peroxide, sodium pecarbonate, soda ash, fumed silica, and polycrystaline silicon, the basic material for silicon wafers and photovoltaic cells.

Price/Volume 250000

1.0 M

Latest Fiscal Year: LTM as of: 52-Week High (11.01.2013) 52-Week Low (25.06.2013) Daily Volume Current Price (9/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 30.06.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance 010060 KS EQUITY YTD Change 010060 KS EQUITY YTD % CHANGE

12/2012 06/yy 195'000.00 129'500.00 100'162.00 175500 -10.00% 35.52% 69.47% 23.8 4'185'564.50 1'467'245.53 0.0 0.0 560'329.39 5'227'606.35

150000

.8 M

100000

.6 M .4 M

50000 0 s-12

.2 M o-12

n-12 d-12

j-13

f-13 m-13 a-13 m-13

j-13

a-13

Fiscal Year Ended Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

1.2 M

200000

Valuation Analysis

31.12.2008 2'119'789.3 2.19x 673'150.9 6.89x 317'448.7 14.11x

1.4 M

31.12.2009 31.12.2010 2'101'779.4 2'606'376.1 2.52x 2.97x 694'620.7 943'884.8 7.62x 8.21x 385'347.7 579'019.9 11.79x 12.83x Profitability

LTM-4Q 31.12.2011 3'406'976.9 1.51x 1'242'152.9 4.15x 729'164.9 7.10x

LTM

31.12.2012 06/yy 06/yy 2'409'028.5 ######### ######### 2.01x 7.62x 8.71x 406'466.5 702'447.7 277'261.0 11.94x 8.58x 15.28x 52'480.4 244'078.9 (240'540.8) 75.23x 22.25x 0.00x 406'466.45 -13'726.76 -0.57% 2.42% 0.90% 1.57% 2.23% 0.42% 5.8% 16.9% -0.6% 2.2% 3.71 2.57 24.70% 43.88% 5.48 6.12

Price/ Cash Flow

0.23 1.20 17.03 -2.53% 6.04% 1.204 24 3.500 193'452 167'504 193'682

FY+1

FY+2

FQ+1

FQ+2

12/13 Y

12/14 Y

09/13 Q3

12/13 Q4

S&P Issuer Ratings

.0 M s-13

7.20 -0.75 2.23 3.61 43.9% 30.5% 0.42 0.70 66.77 59.82 19.38 107.21

Sales/Revenue/Turnover

350.00

4'000'000.0

300.00

3'500'000.0 3'000'000.0

250.00

2'500'000.0 200.00

2'000'000.0 150.00

1'500'000.0

100.00

1'000'000.0

50.00

500'000.0

0.00 02.01.2010

0.0 02.07.2010

02.01.2011

02.07.2011

02.01.2012

02.07.2012

02.01.2013

02.07.2013

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

27.09.2013

OCI Co Ltd Holdings By:

All

Holder Name SOO-YOUNG LEE MIRAE ASSET GLOBAL I BOK-YOUNG LEE HWA-YOUNG LEE CAPITAL GROUP COMPAN JP MORGAN SECURITIES NATIONAL PENSION SER JP MORGAN OCI COMPANY LTD BLACKROCK SKAGEN AS NORGES BANK WOO-HYUN LEE VANGUARD GROUP INC SAMSUNG INVESTMENT T CAPITAL INTERNATIONA FMR LLC DIMENSIONAL FUND ADV SHIN YOUNG INVESTMEN KYOBO AXA INVESTMENT

Firm Name

Portfolio Name n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a Multiple Portfolios Multiple Portfolios n/a n/a Multiple Portfolios Multiple Portfolios n/a n/a n/a Multiple Portfolios

Analyst

Hanwha Securities Co., Ltd LEE DA-SOL Hyundai Securities BAEK YOUNG-CHAN Samsung Securities SEUNGWOO KIM KTB Securities PARK SANG-HYUN Shinhan Investment Corp LEE EUNG-JU Woori Investment & Securities BRIAN JIN HI Investment Securities LEE HEE-CHEOL E*Trade Securities Korea SEUNG-JAE HAN Hana Daetoo Securities WON YONG-JIN Daewoo Securities PARK YEON-JU NH Investment & Securities CHOI JI-HWAN Eugene Investment & Securities Co., LtdKWAK JIN-HEE HSBC BRIAN SOHN Mirae Asset Securities LEE HAK-MOO CIMB PETER K LEE KIWOOM Securities Co Ltd KYUNG-HYUK MIN Credit Suisse CHO A-HYUNG Nomura CHANG-WON CHUNG Macquarie BRANDON I LEE EVA Dimensions TIMOTHY STANISH Shinyoung Securities Co., Ltd. OH JUNG-IL Goldman Sachs SEUNG SHIN Korea Investment & Securities PARK KIYONG Meritz Securities Co., Ltd HWANG YOU SIK

Source EXCH EXCH EXCH EXCH ULT-AGG EXCH EXCH ULT-AGG EXCH ULT-AGG MF-AGG MF-AGG Co File ULT-AGG MF-AGG MF-AGG ULT-AGG ULT-AGG ULT-AGG MF-AGG

Recommendation outperform market perform hold hold buy buy hold buy buy hold buy hold neutral buy underperform outperform restricted neutral restricted sell neutral neutral/neutral hold hold

Amt Held 2'604'921 1'529'027 1'308'237 1'295'198 1'221'594 1'069'931 956'051 899'921 400'000 379'583 303'723 220'203 214'751 206'912 142'667 124'691 95'407 80'398 80'006 45'752

% Out 10.92 6.41 5.49 5.43 5.12 4.49 4.01 3.77 1.68 1.59 1.27 0.92 0.9 0.87 0.6 0.52 0.4 0.34 0.34 0.19

Weighting

Change

5 3 3 3 5 5 3 5 5 3 5 3 3 5 1 5 #N/A N/A 3 #N/A N/A 1 3 3 3 3

M M M M M M M N M M M M U M M M M M M M M M M M

Latest Chg (331'737) (414'739) (145'717) (240'089) (388'716) 85'539 2'959 14'723 (116'653) 18'423 1'132 93'783 6'943 18'062 2'249

Target Price 180'000 185'000 160'000 180'000 210'000 200'000 195'000 200'000 215'000 #N/A N/A 240'000 170'000 182'000 190'000 98'000 180'000 #N/A N/A 182'000 #N/A N/A #N/A N/A #N/A N/A 155'000 180'000 170'000

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt 24.07.2013 30.06.2011 24.07.2013 24.07.2013 31.07.2013 11.11.2010 19.04.2013 31.03.2013 04.11.2011 25.09.2013 30.08.2013 31.12.2012 31.12.2012 30.06.2013 31.03.2013 31.05.2013 31.07.2013 30.04.2013 31.03.2013 31.03.2013

Date 6 month Not Provided 12 month 12 month 12 month 12 month 6 month 12 month 12 month Not Provided 6 month 12 month Not Provided 12 month 12 month 6 month Not Provided Not Provided Not Provided Not Provided Not Provided 12 month 12 month 6 month

Inst Type n/a Investment Advisor n/a n/a Investment Advisor Investment Advisor Government Investment Advisor Corporation Investment Advisor Investment Advisor Government n/a Unclassified Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor

Date 26.09.2013 24.09.2013 24.09.2013 23.09.2013 17.09.2013 17.09.2013 17.09.2013 03.09.2013 22.08.2013 01.08.2013 25.07.2013 25.07.2013 25.07.2013 25.07.2013 24.07.2013 19.07.2013 10.07.2013 10.07.2013 08.06.2013 06.06.2013 25.04.2013 24.04.2013 07.02.2013 15.01.2013

27.09.2013

Daelim Industrial Co Ltd Daelim Industrial Co., Ltd. provides civil engineering, architectural, and plant construction services. The Company constructs bridges, highways, tunnels, harbors, and governmental buildings. Daelim Industrial also manufactures petrochemical products, including polyester, benzene, butane, and methyl tertiary butyl ether (MTBE).

Price/Volume

2.0 M 1.5 M

60000

Latest Fiscal Year: LTM as of: 52-Week High (23.09.2013) 52-Week Low (16.11.2012) Daily Volume Current Price (9/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 30.06.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance 000210 KS EQUITY YTD Change 000210 KS EQUITY YTD % CHANGE

12/2012 06/yy 106'500.00 66'900.00 400'376.00 97700 -8.26% 46.04% 83.59% 34.8 3'399'960.00 1'349'882.00 21'000.0 0.0 1'393'555.35 3'830'169.06

1.0 M

40000

.5 M

20000 0 s-12

o-12

n-12 d-12

j-13

f-13 m-13 a-13 m-13

j-13

a-13

Fiscal Year Ended Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

2.5 M

100000 80000

Valuation Analysis

31.12.2008 5'892'211.8 0.46x 408'069.2 6.65x 101'487.6 16.96x

120000

31.12.2009 31.12.2010 6'274'852.1 6'343'192.0 0.61x 0.74x 455'074.5 338'615.9 8.45x 13.86x 343'193.4 203'610.4 9.36x 22.30x Profitability

LTM-4Q 31.12.2011 7'187'410.1 0.50x 432'228.3 8.25x 431'367.7 8.04x

LTM

FY+1

0.51 1.51 24.00 3.67% 12.30% 1.512 38 4.579 240'818 209'878 212'063 FY+2

FQ+1

FQ+2

31.12.2012 06/yy 06/yy 12/13 Y 12/14 Y 09/13 Q3 12/13 Q4 9'041'849.7 ######### ######### ######### ######### ######### ######### 0.33x 2.05x 1.54x 497'458.3 563'953.1 508'691.9 535'923.0 594'903.0 6.04x 6.45x 6.78x 7.15x 6.44x 488'972.5 358'323.0 472'660.4 416'000.0 - 101'500.0 111'300.0 6.87x 9.64x 7.09x S&P Issuer Ratings 497'458.30 Long-Term Rating Date 466'383.30 Long-Term Rating 5.16% Long-Term Outlook 7.01% Short-Term Rating Date 4.96% Short-Term Rating 9.65% Credit Ratios 9.00% EBITDA/Interest Exp. 0.92% (EBITDA-Capex)/Interest Exp. Net Debt/EBITDA 10.4% Total Debt/EBITDA 5.5% Reference 5.2% Total Debt/Equity 5.4% Total Debt/Capital Asset Turnover 1.60 Net Fixed Asset Turnover 0.90 Accounts receivable turnover-days 13.28% Inventory Days 28.15% Accounts Payable Turnover Day 4.01 Cash Conversion Cycle 7.13

Price/ Cash Flow

.0 M s-13

7.01 5.70 -0.10 2.71 28.1% 21.9% 0.92 11.26 91.20 51.36 89.18 53.39

Sales/Revenue/Turnover

25.00

10'000'000.0 9'000'000.0 8'000'000.0

20.00

7'000'000.0 15.00

6'000'000.0

10.00

5'000'000.0 4'000'000.0 3'000'000.0 2'000'000.0

5.00

1'000'000.0 0.00 02.01.2010

0.0 02.07.2010

02.01.2011

02.07.2011

02.01.2012

02.07.2012

02.01.2013

02.07.2013

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

27.09.2013

Daelim Industrial Co Ltd Holdings By:

All

Holder Name DAELIM CORP NATIONAL PENSION SER KOREA INVESTMENT TRU BLACKROCK DIMENSIONAL FUND ADV PRINCIPAL FINANCIAL VANGUARD GROUP INC SHINHAN BNP PARIBAS SAMSUNG INVESTMENT T NORGES BANK KB ASSET MANAGEMENT HAE-WOOK LEE SWEDBANK ROBUR FONDE BANK OF NEW YORK MEL SHIN YOUNG INVESTMEN ALLIANZ GLOBAL INVES PUTNAM INVESTMENT MA NH-CA ASSET MANAGEME MIRAE ASSET GLOBAL I CAISSE DE DEPOT ET P

Firm Name

Portfolio Name n/a n/a Multiple Portfolios n/a n/a n/a n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios n/a Multiple Portfolios Multiple Portfolios n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios

Analyst

Deutsche Bank HAN SANG-HI Korea Investment & Securities LEE KYUNG-JA KTB Securities SUN-MI KIM HI Investment Securities KIYOUNG ROH E*Trade Securities Korea PARK YONG-HEE Woori Investment & Securities WAYNE WANG-SANG LEE Daiwa Securities Co. Ltd. MIKE OH Morgan Stanley JOON SEOK Samsung Securities YUN SOK-MO Tong Yang Investment Bank SANG-HYUP CHONG KIWOOM Securities Co Ltd WILLIAM PARK JOONG-SUN LIG Investment Securities CHAE SANG-WOOK Daewoo Securities PARK HYUNG-RYUL Standard Chartered JAMES KP HONG Credit Suisse SINN MIN-SEOK Kyobo Securities CHO JOO-HYUNG Goldman Sachs JINMOOK KIM Nomura MICHAEL NA Shinyoung Securities Co., Ltd. JONG-HYO HAN Meritz Securities Co., Ltd HYUNG-GUN KIM HMC Investment Securities Co Ltd LEE KWANG-SOO KB Investment & Securities Co., Ltd HEU MOON-WOOK Daishin Securities Co., Ltd. CHO YOON-HO NH Investment & Securities KANG SEUNG-MIN RYAN Hyundai Securities EMILY KIM Eugene Investment & Securities Co., LtdSEO BO-ICK Shinhan Investment Corp SANG-YEON PARK Hanwha Securities Co., Ltd CHO DONG-PIL Mirae Asset Securities BYUN SEONG JIN JPMorgan LEE SOKJE EVA Dimensions TIMOTHY STANISH Dongbu Securities Co Ltd YOO DEOK-SANG Macquarie BRANDON I LEE UBS SON YONG-SUK HSBC BRIAN CHO Hana Daetoo Securities SEUNG-WOO SHIN Hong Yuan Securities PANG LINLIN

Source Co File EXCH MF-AGG ULT-AGG ULT-AGG ULT-AGG ULT-AGG MF-AGG MF-AGG MF-AGG MF-AGG Co File MF-AGG MF-AGG ULT-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG

Recommendation sell buy buy buy buy buy outperform Equalwt/In-Line buy buy buy buy buy outperform outperform trading buy neutral/neutral buy buy strong buy buy buy buy buy market perform buy buy buy hold underweight overweight buy outperform buy overweight not rated add

Amt Held 7'541'162 3'091'303 859'428 702'534 646'857 401'623 324'108 286'646 261'511 259'414 192'460 163'644 138'958 137'703 134'014 130'612 92'244 89'966 83'737 74'715

% Out 21.67 8.88 2.47 2.02 1.86 1.15 0.93 0.82 0.75 0.75 0.55 0.47 0.4 0.4 0.39 0.38 0.27 0.26 0.24 0.21

Weighting

Change

1 5 5 5 5 5 5 3 5 5 5 5 5 5 5 5 3 5 5 5 5 5 5 5 3 5 5 5 3 1 5 5 5 5 5 #N/A N/A 4

D M M M M M M N M M M M M M M M M M M U M M M M M M M M M M D M M M M M N

Latest Chg 463'366 (237'981) 5'108 15'970 207'877 (229'131) 18'721 (131'141) (131'310) 137'875 (4'882) (70'902) 128'555 33'609 (10'301) 16'344 -

Target Price 76'600 133'000 120'000 120'000 110'000 134'000 116'000 90'000 109'000 100'000 117'000 107'000 120'000 120'000 120'000 95'000 82'000 128'000 125'000 133'500 105'000 102'000 105'000 106'000 80'000 116'000 100'000 110'000 89'000 79'000 #N/A N/A 110'000 121'000 100'000 103'000 #N/A N/A #N/A N/A

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt 31.12.2012 29.01.2013 31.03.2013 25.09.2013 30.04.2013 31.07.2013 30.06.2013 31.03.2013 31.03.2013 31.12.2012 31.03.2013 31.12.2012 31.03.2013 31.07.2013 31.03.2013 31.03.2013 30.06.2013 31.03.2013 31.03.2013 31.12.2012

Date 12 month 12 month 12 month 6 month 12 month 12 month Not Provided 12 month 12 month 12 month 6 month 12 month 12 month 12 month Not Provided 6 month 12 month Not Provided 12 month 6 month 6 month 12 month 12 month 6 month 12 month 12 month 12 month 6 month 12 month 3 month Not Provided 12 month 12 month 12 month Not Provided Not Provided Not Provided

Inst Type Corporation Government Investment Advisor Investment Advisor Investment Advisor Investment Advisor Unclassified Investment Advisor Investment Advisor Government Investment Advisor n/a Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor

Date 27.09.2013 26.09.2013 26.09.2013 25.09.2013 24.09.2013 16.09.2013 16.09.2013 10.09.2013 10.09.2013 10.09.2013 10.09.2013 09.09.2013 05.09.2013 04.09.2013 03.09.2013 29.08.2013 23.08.2013 16.08.2013 13.08.2013 05.08.2013 30.07.2013 25.07.2013 24.07.2013 24.07.2013 24.07.2013 24.07.2013 24.07.2013 24.07.2013 24.07.2013 23.07.2013 01.07.2013 21.06.2013 06.06.2013 18.04.2013 17.04.2013 25.02.2013 11.10.2011

27.09.2013

Hyundai Department Store Co Ltd Hyundai Department Store Co., Ltd. operates department stores under the name of Hyundai Department over nationwide. The Company also produces home shopping programs for cable channels and sells merchandise through home shopping programs.

Price/Volume

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (17.04.2013) 52-Week Low (09.11.2012) Daily Volume Current Price (9/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 30.06.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance 069960 KS EQUITY YTD Change 069960 KS EQUITY YTD % CHANGE

12/2012 06/yy 174'000.00 129'000.00 80'244.00 160000 -8.05% 24.03% 60.00% 23.4 3'744'390.50 698'160.29 0.0 0.0 369'406.14 3'968'106.96

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

31.12.2009 31.12.2010 838'748.1 826'501.9 3.41x 4.07x 226'495.8 254'439.0 12.63x 13.23x 239'037.4 190'696.3 10.65x 16.55x Profitability

LTM-4Q 31.12.2011 959'778.4 4.43x 304'113.8 13.98x 262'674.8 14.16x

.4 M .3 M .3 M .2 M .2 M .1 M .1 M o-12

n-12

d-12

LTM

31.12.2012 06/yy 06/yy 1'026'100.8 ######### ######### 3.89x 15.98x 14.58x 339'361.2 327'534.0 352'259.7 11.76x 11.38x 10.44x 222'748.3 265'819.2 232'298.9 16.44x 12.30x 14.88x 339'361.24 279'221.27 27.21% 28.58% 6.01% 9.78% 8.01% 0.28% 82.5% 33.1% 27.2% 21.7% 1.07 0.98 17.94% 29.33% 2.81 5.24

Price/ Cash Flow

j-13

f-13 m-13 a-13 m-13

j-13

a-13

.0 M s-13

0.41 0.84 13.65 8.56% 0.63% 0.844 42 4.571 54'983 58'659 53'318

FY+1

FY+2

FQ+1

FQ+2

12/13 Y

12/14 Y

09/13 Q3

12/13 Q4

- 462'200.0 9.24x S&P Issuer Ratings

12.65 10.02 0.96 2.06 29.3% 22.7% 0.28 0.49 130.20 69.88 661.14 -461.06

Sales/Revenue/Turnover

30.00

1'200'000.0

25.00

1'000'000.0

20.00

800'000.0

15.00

600'000.0

10.00

400'000.0

5.00

200'000.0

0.00 02.01.2010

.4 M

Fiscal Year Ended 31.12.2008 804'965.1 2.16x 198'995.8 8.74x 222'326.4 6.47x

200000 180000 160000 140000 120000 100000 80000 60000 40000 20000 0 s-12

0.0 02.07.2010

02.01.2011

02.07.2011

02.01.2012

02.07.2012

02.01.2013

02.07.2013

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

27.09.2013

Hyundai Department Store Co Ltd Holdings By:

All

Holder Name JI-SUN CHUNG HYUNDAI GREENFOOD C NATIONAL PENSION SER SCHRODER INVESTMENT FIL LIMITED MONG-GEUN CHUNG INVESCO LTD HYUNDAI DEPARTMENT S ROBECO BLACKROCK VANGUARD GROUP INC KOREA INVESTMENT TRU SAMSUNG INVESTMENT T ROYAL BANK OF CANADA ALLIANZ ASSET MANAGE DIMENSIONAL FUND ADV KYOBO AXA INVESTMENT T ROWE PRICE ASSOCIA AMUNDI LUXEMBOURG SA UBS HANA ASSET MANAG

Firm Name

Portfolio Name n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a Multiple Portfolios Multiple Portfolios n/a n/a n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios

Analyst

Samsung Securities OJ NAM Woori Investment & Securities GENE PARK KTB Securities LEE HYE-RIN Shinhan Investment Corp PARK HEE-JIN Hyundai Securities LEE SANG-KOO HMC Investment Securities Co Ltd Park Jong Ryeol Daishin Securities Co., Ltd. CHUNG YON-WOO Hana Daetoo Securities PARK JONG-DAE Goldman Sachs CHRISTINE CHO NH Investment & Securities HONG SUNG-SOO BNP Paribas Equity Research BOYOUNG KIM Kyobo Securities YANG JI-HAE KB Investment & Securities Co., Ltd LEE JI-YEON Korea Investment & Securities YEO YEONGSANG HI Investment Securities MIN YOUNG-SANG Barclays PAUL HWANG Eugene Investment & Securities Co., LtdKIM MI-YEON KIWOOM Securities Co Ltd SOHN YOON-KYUNG Mirae Asset Securities YUMI PARK IBK Securities Co Ltd JI-YOUNG AHN Deutsche Bank JI-HYUN SONG Morgan Stanley KELLY H KIM JPMorgan YOUNA KIM Nomura CARA EUN JUNG SONG CIMB HOWON RIM Standard Chartered YUNICE YOUNG KYOUNG KIM HSBC KAREN CHOI Daiwa Securities Co. Ltd. SANG HEE PARK Heungkuk Securities Co., Ltd. SUNG-HYUN NAM UBS JENNIFER HAN Hanwha Securities Co., Ltd KIM KYEONG-KI EVA Dimensions CRAIG STERLING Shinyoung Securities Co., Ltd. SEO JUNG-YEON Macquarie NA HONG-SUK LIG Investment Securities LEE JI-YOUNG Credit Suisse SONIA KIM SEUNG-HYUN BS Securities Co Ltd LINA OH Dongbu Securities Co Ltd CHA JAE-HEON Meritz Securities Co., Ltd YOO JOO-YEON Daewoo Securities KIM MINA Taurus Investment Securities Co Ltd JI-HYO KIM

Source Co File Co File EXCH EXCH ULT-AGG Co File ULT-AGG Co File ULT-AGG ULT-AGG ULT-AGG MF-AGG MF-AGG ULT-AGG ULT-AGG ULT-AGG MF-AGG MF-AGG MF-AGG MF-AGG

Recommendation buy buy buy buy buy buy buy buy Buy/Neutral buy hold buy hold buy buy equalweight buy buy buy buy buy Overwt/In-Line overweight buy neutral outperform overweight buy buy neutral buy hold buy neutral buy outperform buy buy buy trading buy buy

Amt Held 3'998'419 2'819'226 1'931'246 1'441'166 1'134'914 616'644 384'445 367'255 361'799 353'885 188'398 140'346 126'799 120'000 100'783 82'480 70'652 63'346 56'102 54'669

% Out 17.09 12.05 8.25 6.16 4.85 2.63 1.64 1.57 1.55 1.51 0.81 0.6 0.54 0.51 0.43 0.35 0.3 0.27 0.24 0.23

Weighting

Change 5 5 5 5 5 5 5 5 5 5 3 5 3 5 5 3 5 5 5 5 5 5 5 5 3 5 5 5 5 3 5 3 5 3 5 5 5 5 5 5 5

M M M M M M M M M M M N N M M M M M M M M M M M N N M M M M M U U M M M M M M M M

Latest Chg (247'133) 251'287 (486'101) 65'064 8'270 (119'894) (27'054) (17'959) (16'000) 5'361 7'560 (15'092) (134'201) (3'078) (10'292)

Target Price 205'000 194'000 190'000 203'000 185'000 189'000 185'000 197'000 190'000 180'000 170'000 190'000 170'000 187'000 190'000 172'000 200'000 230'000 190'000 220'000 198'000 196'000 180'000 183'000 150'000 200'000 220'000 186'000 196'000 157'000 240'000 #N/A N/A 200'000 150'000 187'000 210'000 186'000 200'000 193'000 187'000 180'000

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt 31.12.2012 31.12.2012 23.04.2013 29.04.2013 31.12.2012 31.12.2012 26.09.2013 31.12.2012 30.04.2013 25.09.2013 30.06.2013 31.03.2013 31.03.2013 30.04.2013 31.08.2013 30.04.2013 31.03.2013 30.06.2013 30.04.2013 31.03.2013

Date 12 month 12 month 12 month 12 month Not Provided 6 month 12 month 12 month 12 month 6 month 12 month 6 month 12 month 12 month 6 month Not Provided 12 month 6 month 12 month Not Provided 12 month 12 month 9 month Not Provided 12 month 12 month Not Provided Not Provided 12 month 12 month 6 month Not Provided 12 month 12 month 12 month Not Provided 6 month 12 month 6 month 12 month 6 month

Inst Type n/a Corporation Government Investment Advisor Investment Advisor n/a Investment Advisor Corporation Unclassified Investment Advisor Unclassified Investment Advisor Investment Advisor Bank Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor

Date 27.09.2013 27.09.2013 27.09.2013 25.09.2013 24.09.2013 24.09.2013 23.09.2013 23.09.2013 12.09.2013 10.09.2013 10.09.2013 10.09.2013 02.09.2013 28.08.2013 26.08.2013 05.08.2013 31.07.2013 31.07.2013 31.07.2013 31.07.2013 30.07.2013 30.07.2013 30.07.2013 30.07.2013 28.07.2013 17.07.2013 16.07.2013 26.06.2013 24.06.2013 21.06.2013 13.06.2013 03.06.2013 29.05.2013 30.04.2013 30.04.2013 29.04.2013 29.04.2013 04.04.2013 08.01.2013 14.12.2012 10.09.2012

27.09.2013

Hyundai Wia Corp Hyundai Wia Corp. manufactures automobile parts. The Company also produces machine tools, robots, presses, industrial machinery, and aircraft parts.

Price/Volume

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (02.10.2012) 52-Week Low (24.04.2013) Daily Volume Current Price (9/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 30.06.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance 011210 KS EQUITY YTD Change 011210 KS EQUITY YTD % CHANGE

12/2012 06/yy 188'000.00 126'000.00 94'646.00 171500 -8.78% 36.11% 70.16% 25.7 4'412'715.50 649'397.89 0.0 0.0 458'388.94 4'481'827.73

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

.6 M .5 M .4 M .3 M .2 M .1 M

o-12

n-12

d-12

j-13

f-13 m-13 a-13 m-13

j-13

a-13

Fiscal Year Ended 31.12.2008 3'186'517.0 164'671.2 46'392.0 -

200000 180000 160000 140000 120000 100000 80000 60000 40000 20000 0 s-12

31.12.2009 31.12.2010 3'118'227.2 4'434'894.8 180'159.3 202'574.1 77'225.2 92'058.9 Profitability

LTM-4Q 31.12.2011 5'634'181.2 0.72x 342'245.0 11.79x 216'690.8 16.60x

LTM

FY+1

0.85 12.77 -6.27% -0.87% 0.852 38 4.895 110'598 108'852 101'607 FY+2

FQ+1

FQ+2

31.12.2012 06/yy 06/yy 12/13 Y 12/14 Y 09/13 Q3 12/13 Q4 6'253'825.0 ######### ######### ######### ######### ######### ######### 0.74x 2.89x 2.84x 0.61x 552'099.6 451'316.5 559'533.3 696'193.0 760'271.0 8.41x 10.31x 7.94x 6.44x 5.90x 363'793.9 297'973.4 369'653.7 440'083.7 486'994.0 109'750.0 132'200.0 12.24x 14.58x 11.83x 10.19x 9.21x S&P Issuer Ratings 552'099.59 Long-Term Rating Date 468'237.99 Long-Term Rating 7.49% Long-Term Outlook 7.63% Short-Term Rating Date 9.77% Short-Term Rating 21.68% Credit Ratios 16.48% EBITDA/Interest Exp. 1.71% (EBITDA-Capex)/Interest Exp. Net Debt/EBITDA 11.0% Total Debt/EBITDA 8.7% Reference 7.3% Total Debt/Equity 5.8% Total Debt/Capital Asset Turnover 1.49 Net Fixed Asset Turnover 1.10 Accounts receivable turnover-days 16.76% Inventory Days 37.71% Accounts Payable Turnover Day 5.43 Cash Conversion Cycle 11.19

Price/ Cash Flow

.0 M s-13

20.28 11.90 0.06 1.03 37.7% 27.4% 1.71 6.20 67.25 32.63 75.34 26.85

Sales/Revenue/Turnover

50.00

7'000'000.0

45.00

6'000'000.0

40.00 35.00

5'000'000.0

30.00

4'000'000.0

25.00

3'000'000.0

20.00

2'000'000.0

15.00 10.00

1'000'000.0

5.00 0.00 02.01.2010

0.0 02.07.2010

02.01.2011

02.07.2011

02.01.2012

02.07.2012

02.01.2013

02.07.2013

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

27.09.2013

Hyundai Wia Corp Holdings By:

All

Holder Name HYUNDAI MOTOR CO KIA MOTORS CORP NATIONAL PENSION SER SAMSUNG INVESTMENT T KB ASSET MANAGEMENT BLACKROCK EMPLOYEE STOCK OWNER SHINHAN BNP PARIBAS VANGUARD GROUP INC MIRAE ASSET GLOBAL I UBS HANA ASSET MANAG KYOBO AXA INVESTMENT ALLIANZ GLOBAL INVES KTB ASSET MANAGEMENT HI ASSET MANAGEMENT HYUNDAI INVESTMENTS KOREA INVESTMENT TRU FIL LIMITED NH-CA ASSET MANAGEME GOLDMAN SACHS GROUP

Firm Name

Portfolio Name n/a n/a n/a n/a Multiple Portfolios n/a n/a Multiple Portfolios n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios n/a Multiple Portfolios n/a

Analyst

KTB Securities NAM KYEONG MOON E*Trade Securities Korea KANG SANG-MIN LIG Investment Securities IN-WOO PARK Daiwa Securities Co. Ltd. CHUNG SUNG-YOP Daewoo Securities PARK YOUNG HO HMC Investment Securities Co Ltd LEE MYUNG-HOON Woori Investment & Securities CHO SOO-HONG Deutsche Bank CHANWOOK PARK HI Investment Securities KOH TAE-BONG Morgan Stanley PARK SANG-KYOO Hyundai Securities CHAE HEE-GUEN Eugene Investment & Securities Co., LtdMOON-SOO JANG Shinyoung Securities Co., Ltd. HYUNG-SIL LEE Shinhan Investment Corp CHOI JUNGHYUK Hanwha Securities Co., Ltd KIM YEON-CHAN KB Investment & Securities Co., Ltd SHIN CHUNG-KWAN KIWOOM Securities Co Ltd LEE HYUN-SOO Samsung Securities JACKIE jaeyeon JANG JPMorgan PARK WAN SUN CIMB KJ HWANG Hana Daetoo Securities SONG SUN-JAE Macquarie MICHAEL SOHN Korea Investment & Securities SUH SUNGMOON Credit Suisse HENRY KWON UBS JOSH J BAE HSBC PAUL CHOI Nomura ANGELA HONG Barclays PAUL HWANG Mirae Asset Securities YOON-KI KIM Goldman Sachs SEUNG SHIN Tong Yang Investment Bank AHN SANG JUN IBK Securities Co Ltd SAE-HWAN AHN EVA Dimensions CRAIG STERLING Dongbu Securities Co Ltd YIM EUN-YOUNG Standard Chartered DAVID KIM BNP Paribas Equity Research JUSTIN LEE Taurus Investment Securities Co Ltd YANG HEE-JOON Bookook Securities Co Ltd AHN JONG-HOON

Source EXCH EXCH EXCH EXCH MF-AGG ULT-AGG Co File MF-AGG ULT-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG ULT-AGG MF-AGG ULT-AGG

Recommendation buy buy buy buy buy buy buy buy buy Equalwt/Attractive buy buy buy buy buy buy buy buy overweight outperform buy outperform buy outperform buy overweight buy overweight buy neutral/neutral buy buy overweight buy outperform buy buy buy

Amt Held 6'893'596 3'654'004 2'081'499 1'015'996 445'604 372'568 240'895 203'377 179'472 152'691 151'975 75'108 74'646 70'704 67'824 62'086 57'462 54'453 50'027 43'742

% Out 26.79 14.2 8.09 3.95 1.73 1.45 0.94 0.79 0.7 0.59 0.59 0.29 0.29 0.27 0.26 0.24 0.22 0.21 0.19 0.17

Weighting

Change 5 5 5 5 5 5 5 5 5 3 5 5 5 5 5 5 5 5 5 5 5 5 5 5 5 5 5 5 5 3 5 5 5 5 5 5 5 5

M M M M M M M M N N M M M M M M M M M M M M M M M M M M M M N M D M M M M N

Latest Chg (305'990) (270'315) 40'833 (174) 90'658 (125'507) (10'944) 15'903 (4'700) (47'872) (18'744) 44'181 3'667 31'837 20'339 (13'596) 7'443

Target Price 230'000 250'000 210'000 200'000 197'000 220'000 180'000 202'000 180'000 162'900 196'000 230'000 220'000 210'000 223'000 193'000 215'000 200'000 200'000 195'000 180'000 178'000 220'000 188'000 190'000 190'000 190'000 189'000 200'000 147'000 200'000 210'000 #N/A N/A 185'000 190'000 171'000 225'000 220'000

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt 22.03.2013 22.03.2013 25.01.2013 11.03.2013 31.03.2013 25.09.2013 31.12.2012 31.03.2013 30.06.2013 30.08.2013 31.03.2013 31.03.2013 31.03.2013 31.03.2013 31.03.2013 31.03.2013 31.03.2013 30.04.2013 31.03.2013 30.06.2013

Date 12 month 12 month 12 month Not Provided 12 month 6 month 12 month 12 month 6 month 12 month 12 month 12 month 12 month 12 month 6 month 12 month 6 month 12 month 3 month 12 month 12 month 12 month 12 month Not Provided 12 month Not Provided Not Provided Not Provided 12 month 12 month 12 month 12 month Not Provided 12 month 12 month 12 month 6 month 6 month

Inst Type Corporation Corporation Government Investment Advisor Investment Advisor Investment Advisor n/a Investment Advisor Unclassified Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor

Date 27.09.2013 24.09.2013 05.09.2013 04.09.2013 29.08.2013 29.08.2013 22.08.2013 20.08.2013 19.08.2013 07.08.2013 29.07.2013 29.07.2013 29.07.2013 29.07.2013 29.07.2013 29.07.2013 29.07.2013 28.07.2013 28.07.2013 28.07.2013 28.07.2013 27.07.2013 26.07.2013 26.07.2013 26.07.2013 26.07.2013 26.07.2013 26.07.2013 17.07.2013 10.07.2013 01.07.2013 24.06.2013 24.06.2013 14.05.2013 26.04.2013 26.04.2013 12.02.2013 30.07.2012

27.09.2013

KCC Corp KCC Corp, manufactures paint & related product, building materials such as cement corrugated sheet, glass wool mat, and board & pipe cover, PVC window profile, paints, and ceramic fiber for high temperature applications. The Company also produces various glasses such as glass fiber, float glass, patterned glass, safety tempered glass, and long glass fibers.

Price/Volume

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (13.09.2013) 52-Week Low (27.09.2012) Daily Volume Current Price (9/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 30.06.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance 002380 KS EQUITY YTD Change 002380 KS EQUITY YTD % CHANGE

12/2012 06/yy 454'500.00 277'000.00 13'389.00 450500 -0.88% 62.64% 93.24% 10.5 4'739'260.00 788'178.79 0.0 0.0 135'176.69 5'358'259.75

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

31.12.2009 31.12.2010 2'680'096.6 2'830'515.1 1.69x 1.50x 428'622.4 362'037.5 10.55x 11.75x 360'848.4 317'231.0 10.42x 12.40x Profitability

n-12

d-12

j-13

f-13 m-13 a-13 m-13

j-13

a-13

LTM

31.12.2012 06/yy 06/yy 2'873'047.4 ######### ######### 1.24x 4.10x 5.17x 292'952.6 288'670.9 291'474.9 12.16x 11.61x 13.15x 406'591.7 676'071.3 (14'274.6) 7.16x 4.03x 0.00x 292'952.61 148'250.35 5.16% 19.84% 5.95% 8.29% 7.40% 0.42% 19.9% 10.2% 5.2% 14.2% 1.05 0.65 11.98% 16.19% 4.47 5.13

Price/ Cash Flow

.1 M .1 M .1 M .1 M .1 M .1 M .0 M .0 M .0 M .0 M .0 M s-13

Market Data

LTM-4Q 31.12.2011 3'016'124.0 0.96x 283'679.5 10.25x 291'706.7 9.59x

1.78 0.96 4.48 64.25% 52.16% 0.960 8 4.250 26'577 31'836 23'570

FY+1

FY+2

FQ+1

FQ+2

12/13 Y

12/14 Y

09/13 Q3

12/13 Q4

S&P Issuer Ratings

10.08.2007 BBB STABLE 10.50 -4.75 2.23 2.69 16.2% 13.9% 0.42 1.15 81.90 71.31 29.75 123.46

Sales/Revenue/Turnover

90.00

3'500'000.0

80.00

3'000'000.0

70.00

2'500'000.0

60.00 50.00

2'000'000.0

40.00

1'500'000.0

30.00

1'000'000.0

20.00

500'000.0

10.00 0.00 02.01.2010

o-12

Fiscal Year Ended 31.12.2008 2'488'127.8 1.44x 369'786.6 9.67x 187'262.1 15.54x

500000 450000 400000 350000 300000 250000 200000 150000 100000 50000 0 s-12

0.0 02.07.2010

02.01.2011

02.07.2011

02.01.2012

02.07.2012

02.01.2013

02.07.2013

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

27.09.2013

KCC Corp Holdings By:

All

Holder Name MONG-JIN CHUNG MONG-IK CHUNG HYUNDAI SAMHO HEAVY KCC CORP NATIONAL PENSION SER MONG-NYUL CHUNG SANG-YOUNG CHUNG MIRAE ASSET GLOBAL I JP MORGAN FRANKLIN RESOURCES MACQUARIE GROUP KOREA INVESTMENT TRU DIMENSIONAL FUND ADV SAMSUNG INVESTMENT T BLACKROCK COLUMBIA WANGER ASSE VANGUARD GROUP INC TRUSTON ASSET MANAGE NORGES BANK SHIN YOUNG INVESTMEN

Firm Name

Portfolio Name n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a Multiple Portfolios n/a Multiple Portfolios n/a Multiple Portfolios n/a Multiple Portfolios Multiple Portfolios n/a

Analyst

KTB Securities YOO YOUNG KOOK KIWOOM Securities Co Ltd WILLIAM PARK JOONG-SUN EVA Dimensions TIMOTHY STANISH Woori Investment & Securities KIM SUN-WOO HI Investment Securities LEE HEE-CHEOL Korea Investment & Securities LEE KYUNG-JA Eugene Investment & Securities Co., LtdKWAK JIN-HEE HSBC LEE YEON-JUNG

Source EXCH EXCH Co File Co File Co File EXCH EXCH EXCH ULT-AGG ULT-AGG ULT-AGG MF-AGG ULT-AGG MF-AGG ULT-AGG MF-AGG ULT-AGG MF-AGG MF-AGG ULT-AGG

Recommendation buy buy underweight buy buy buy buy neutral

Amt Held 1'868'418 927'260 803'000 723'065 635'317 556'180 526'000 442'553 163'386 138'577 124'755 123'028 108'463 108'155 104'981 81'265 60'164 39'414 38'452 25'963

% Out 17.76 8.81 7.63 6.87 6.04 5.29 5 4.21 1.55 1.32 1.19 1.17 1.03 1.03 1 0.77 0.57 0.37 0.37 0.25

Weighting

Change 5 5 1 5 5 5 5 3

M M D M M M M M

Latest Chg (270'202) 163'386 122'007 (10'766) 46'141 1'774 (26'753) (16'852) (19'615)

Target Price 500'000 520'000 #N/A N/A 500'000 480'000 515'000 450'000 366'000

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt 29.08.2013 29.08.2013 31.12.2012 31.12.2012 31.12.2012 29.08.2013 29.08.2013 05.04.2010 31.03.2013 31.03.2013 31.07.2013 31.03.2013 30.04.2013 31.03.2013 25.09.2013 31.07.2013 30.06.2013 31.03.2013 31.12.2012 31.03.2013

Date 12 month 6 month Not Provided 12 month 6 month 12 month 12 month Not Provided

Inst Type n/a n/a Corporation Corporation Government n/a n/a Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Unclassified Investment Advisor Government Investment Advisor

Date 26.09.2013 10.09.2013 06.09.2013 05.09.2013 02.09.2013 23.08.2013 12.08.2013 07.05.2013

27.09.2013

Industrial Bank of Korea Industrial Bank of Korea(IBK) is a policy bank providing development finance and related banking services to support small and medium-sized enterprises in Korea. The Bank provides loans, discount bills, trade finance, deposits, foreign exchange, and payment guarantees. The company also offers services such as credit cards, insurance and smart-phone banking.

Price/Volume

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (08.03.2013) 52-Week Low (25.06.2013) Daily Volume Current Price (9/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 30.06.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance 024110 KS EQUITY YTD Change 024110 KS EQUITY YTD % CHANGE

12/2012 06/yy 13'350.00 10'650.00 628'038.00 12100 -9.36% 13.62% 48.15% 550.2 6'657'359.50 94'297'345.00 1'089'862.0 0.0 7'386'344.00 -

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

3.5 M

12000

3.0 M

10000

2.5 M

8000

2.0 M

6000

1.5 M

4000

1.0 M

2000

.5 M

0 s-12

o-12

n-12

d-12

j-13

f-13 m-13 a-13 m-13

j-13

a-13

Fiscal Year Ended 31.12.2008 9'278'814.0 767'023.0 4.98x

14000

31.12.2009 31.12.2010 8'516'420.0 9'552'955.0 710'476.0 1'389'677.0 12.31x 8.88x Profitability

LTM-4Q 31.12.2011 10'139'048.0 1'552'216.0 5.29x

LTM

FY+1

.0 M s-13

3.31 1.00 151.01 1.30% 2.11% 1.003 40 3.675 706'931 626'697 569'346 FY+2

FQ+1

FQ+2

31.12.2012 06/yy 06/yy 12/13 Y 12/14 Y 09/13 Q3 12/13 Q4 9'962'526.0 ######### ######### 0.00x 0.00x 0.0 0.0 0.00x 0.00x 1'120'552.0 ######### 782'024.0 ######### ######### 6.99x 6.45x 9.38x 7.94x 7.38x S&P Issuer Ratings - Long-Term Rating Date 28.08.2013 - Long-Term Rating A+ 31.36% Long-Term Outlook STABLE 28.80% Short-Term Rating Date 21.03.2007 0.60% Short-Term Rating A-1 7.33% Credit Ratios 1.05% EBITDA/Interest Exp. 0.05% (EBITDA-Capex)/Interest Exp. Net Debt/EBITDA - Total Debt/EBITDA - Reference - Total Debt/Equity 745.0% 21.8% Total Debt/Capital 87.3% Asset Turnover 0.05 - Net Fixed Asset Turnover 6.90 - Accounts receivable turnover-days 49.43% Inventory Days 745.02% Accounts Payable Turnover Day - Cash Conversion Cycle -

Price/ Cash Flow

Sales/Revenue/Turnover

25.00

12'000'000.0 10'000'000.0

20.00

8'000'000.0 15.00

6'000'000.0 10.00

4'000'000.0

5.00

0.00 02.01.2010

2'000'000.0 0.0 02.07.2010

02.01.2011

02.07.2011

02.01.2012

02.07.2012

02.01.2013

02.07.2013

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

27.09.2013

Industrial Bank of Korea Holdings By:

All

Holder Name REPUBLIC OF KOREA BLACKROCK DIMENSIONAL FUND ADV GRANTHAM MAYO VAN OT SKAGEN AS SHIN YOUNG INVESTMEN VANGUARD GROUP INC SAMSUNG INVESTMENT T NORGES BANK EMPLOYEE STOCK OWNER STATE STREET CORP MIRAE ASSET GLOBAL I TRUSTON ASSET MANAGE KB ASSET MANAGEMENT KYOBO AXA INVESTMENT WELLS FARGO & COMPAN CAISSE DE DEPOT ET P FRANKLIN RESOURCES WOORI ASSET MANAGEME AVIVA PLC

Firm Name

Portfolio Name n/a n/a n/a Multiple Portfolios Multiple Portfolios n/a n/a Multiple Portfolios Multiple Portfolios n/a n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios n/a Multiple Portfolios n/a Multiple Portfolios Multiple Portfolios

Analyst

Hyundai Securities KOO KYUNG-HWE Eugene Investment & Securities Co., LtdKIM IN EVA Dimensions DOUG WALTERS Barclays MICHELLE CHO Standard Chartered JINSANG KIM HMC Investment Securities Co Ltd LEE CHANG-WOOK Credit Suisse GIL HYUNG KIM UBS SCOTT LEE Samsung Securities JAEWOO KIM KB Investment & Securities Co., Ltd SHIM HYUN-SOO Daewoo Securities TAYE SHIM HSBC SINYOUNG PARK Woori Investment & Securities JASON CHOI CIMB DAEHYUN KIM Hana Daetoo Securities HAN JEONG-TAE Korea Investment & Securities LEE JOANNE NH Investment & Securities KIM EUN-GAB Macquarie CHAN HWANG Mirae Asset Securities HEATHER KANG Daishin Securities Co., Ltd. CHOI JUNG-WOOK Shinyoung Securities Co., Ltd. IM IL-SUNG Shinhan Investment Corp KIM SOO-HYUN SEAN JPMorgan SCOTT YH SEO Hanwha Securities Co., Ltd KYU-SUN SHIM Nomura MICHAEL NA KIWOOM Securities Co Ltd SEO YOUNG-SOO Morgan Stanley JOON SEOK E*Trade Securities Korea HA HAKSOO HI Investment Securities YOO SANG-HO Dongbu Securities Co Ltd LEE BYUNG-GUN Deutsche Bank JEE HOON PARK BNP Paribas Equity Research TEAM COVERAGE Tong Yang Investment Bank SUNG BYUNG-SOO LIG Investment Securities SOHN JOON-BEOM Daiwa Securities Co. Ltd. CHANG-HEE LEE IBK Securities Co Ltd PARK JIN-HYOENG Meritz Securities Co., Ltd JUN JAE-GON KTB Securities HONG HUN-PIO Kyobo Securities HWANG SEOK-KYU

Source Research ULT-AGG ULT-AGG MF-AGG MF-AGG ULT-AGG ULT-AGG MF-AGG MF-AGG Co File ULT-AGG MF-AGG MF-AGG MF-AGG MF-AGG ULT-AGG MF-AGG ULT-AGG MF-AGG MF-AGG

Recommendation market perform hold overweight equalweight in-line buy outperform buy hold buy buy neutral buy neutral buy neutral market perform neutral buy buy neutral buy neutral buy neutral buy Equalwt/In-Line market perform buy hold hold reduce hold buy underperform buy buy buy buy

Amt Held 397'790'990 3'925'970 3'827'530 3'347'576 2'076'655 1'863'833 1'849'655 1'731'349 1'415'512 1'349'497 1'082'160 956'160 788'400 702'184 657'110 487'914 439'595 411'525 369'209 331'820

% Out 72.3 0.71 0.7 0.61 0.38 0.34 0.34 0.31 0.26 0.25 0.2 0.17 0.14 0.13 0.12 0.09 0.08 0.07 0.07 0.06

Weighting

Change 3 3 5 3 3 5 5 5 3 5 5 3 5 3 5 3 3 3 5 5 3 5 3 5 3 5 3 3 5 3 3 2 3 5 1 5 5 5 5

M M U N M M M U M M M M M M M M M M M M M M M M M M M M M M M M D M M M N M M

Latest Chg 108'660 65'200 43'000 (472) (1'430'865) (137'620) (62'230) 364'110 91'740 28'480 7'190 1'105 411'525 41'200 7'920

Target Price 13'000 14'000 #N/A N/A 13'000 13'500 15'000 14'000 13'000 13'000 14'500 16'200 12'000 15'000 14'000 16'000 #N/A N/A #N/A N/A 12'000 13'500 14'000 #N/A N/A 13'000 12'000 15'300 12'600 14'500 12'000 11'500 14'000 11'200 13'000 10'400 14'000 16'000 11'500 16'000 16'000 16'000 18'000

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt 13.06.2013 25.09.2013 30.04.2013 31.05.2013 30.08.2013 31.03.2013 30.06.2013 31.03.2013 31.12.2012 31.12.2012 26.09.2013 31.03.2013 31.03.2013 31.03.2013 31.03.2013 31.07.2013 31.12.2012 31.03.2013 31.03.2013 31.07.2013

Date Not Provided 12 month Not Provided Not Provided 12 month 6 month Not Provided 12 month 12 month 12 month 12 month Not Provided 12 month 12 month 12 month Not Provided Not Provided 12 month 12 month 12 month Not Provided 12 month 9 month 6 month Not Provided 6 month 12 month 12 month 6 month 12 month 12 month 12 month 12 month 12 month Not Provided Not Provided 6 month 12 month 6 month

Inst Type Government Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Unclassified Investment Advisor Government n/a Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor

Date 24.09.2013 24.09.2013 23.09.2013 16.09.2013 12.09.2013 12.09.2013 10.09.2013 06.09.2013 05.09.2013 03.09.2013 29.08.2013 29.08.2013 27.08.2013 27.08.2013 26.08.2013 21.08.2013 20.08.2013 08.08.2013 08.08.2013 05.08.2013 05.08.2013 05.08.2013 05.08.2013 05.08.2013 05.08.2013 05.08.2013 04.08.2013 24.07.2013 16.07.2013 25.06.2013 21.06.2013 07.06.2013 25.03.2013 20.03.2013 19.02.2013 18.02.2013 18.10.2012 06.08.2012 12.03.2012

27.09.2013

Samsung Techwin Co Ltd Samsung Techwin Co., Ltd. manufactures security imaging products and semiconductor equipment including leadframes, chip mounters, and wire bonders. The Company also produces a line of aircraft and industrial engines, howitzers, cannons, armored combat engineering vehicles, and combat multi purposed excavators.

Price/Volume 80000

.8 M

50000

12/2012 06/yy 71'000.00 55'000.00 363'480.00 62500 -11.97% 13.64% 46.88% 53.1 3'320'625.00 772'236.49 0.0 0.0 213'530.05 3'660'253.81

.6 M

30000

.4 M

20000 .2 M

10000 0 s-12

o-12

n-12

d-12

j-13

f-13 m-13 a-13 m-13

j-13

a-13

Fiscal Year Ended Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

1.0 M

60000 40000

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (02.08.2013) 52-Week Low (05.11.2012) Daily Volume Current Price (9/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 30.06.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance 012450 KS EQUITY YTD Change 012450 KS EQUITY YTD % CHANGE

31.12.2008 2'339'638.8 0.92x 226'138.6 9.49x 73'623.3 12.69x

1.2 M

70000

31.12.2009 31.12.2010 2'642'742.8 2'826'578.1 1.91x 2.19x 279'468.9 293'249.5 18.05x 21.08x 127'184.2 165'648.2 31.45x 31.74x Profitability

LTM-4Q 31.12.2011 2'806'143.3 1.23x 141'585.6 24.31x 223'251.9 12.75x

LTM

31.12.2012 06/yy 06/yy 2'794'855.0 ######### ######### 1.33x 5.80x 4.01x 202'120.6 127'627.3 149'004.9 18.45x 36.24x 0.00x 102'865.5 75'214.6 117'139.0 30.82x 56.36x 26.22x 202'120.59 121'494.27 4.35% 4.33% 3.12% 6.97% 5.88% 0.87% 19.1% 7.1% 4.9% 3.7% 1.31 0.66 24.87% 52.74% 6.01 5.43

Price/ Cash Flow

0.93 35.63 -2.44% 4.69% 0.926 24 4.583 283'951 240'101 233'352

FY+1

FY+2

FQ+1

FQ+2

12/13 Y

12/14 Y

09/13 Q3

12/13 Q4

S&P Issuer Ratings

.0 M s-13

5.83 4.59 1.68 3.39 52.7% 34.5% 0.87 4.30 60.76 67.27 28.90 94.89

Sales/Revenue/Turnover

300.00

3'500'000.0

250.00

3'000'000.0 2'500'000.0

200.00

2'000'000.0 150.00

1'500'000.0

100.00

1'000'000.0

50.00

500'000.0

0.00 02.01.2010

0.0 02.07.2010

02.01.2011

02.07.2011

02.01.2012

02.07.2012

02.01.2013

02.07.2013

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

27.09.2013

Samsung Techwin Co Ltd Holdings By:

All

Holder Name SAMSUNG ELECTRONICS KOREA INVESTMENT TRU NATIONAL PENSION SER JP MORGAN BLACKROCK SAMSUNG INVESTMENT T VANGUARD GROUP INC GOLDMAN SACHS GROUP SHINHAN BNP PARIBAS KB ASSET MANAGEMENT UBS HANA ASSET MANAG DIMENSIONAL FUND ADV KYOBO AXA INVESTMENT MIRAE ASSET GLOBAL I MAPS INVESTMENT MANA CAISSE DE DEPOT ET P WOORI ASSET MANAGEME NH-CA ASSET MANAGEME FMR LLC SHIN YOUNG INVESTMEN

Firm Name KTB Securities Hanwha Securities Co., Ltd Korea Investment & Securities E*Trade Securities Korea Daewoo Securities Daishin Securities Co., Ltd. Dongbu Securities Co Ltd Hyundai Securities Shinhan Investment Corp SK Securities Co Ltd KB Investment & Securities Co., Ltd KIWOOM Securities Co Ltd IBK Securities Co Ltd Morgan Stanley Goldman Sachs HSBC HI Investment Securities EVA Dimensions Woori Investment & Securities Hana Daetoo Securities LIG Investment Securities Meritz Securities Co., Ltd Samsung Securities

Portfolio Name n/a n/a n/a n/a n/a Multiple Portfolios n/a n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios n/a n/a

Analyst JANG WOO-YOUNG KIM WOON-HO SEO WON-SEOK JI-WOONG KIM PARK WON-JAE PARK KANG-HO KWON SUNG-RYUL PARK KEN HA JOON-DOO HAN-SUP JUNG BYUN HAN-JOON KIM JI-SAN SEUNG-WOO LEE LEE KA KEUN MARCUS SHIN RICKY JUIL SEO KIM IK-SANG TIMOTHY STANISH PETER LEE CHUN SUNG-HOON KI-YOUNG KIM JI MOK-HYUN TEAM COVERAGE

Source Co File Co File EXCH ULT-AGG ULT-AGG MF-AGG ULT-AGG ULT-AGG MF-AGG MF-AGG MF-AGG ULT-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG ULT-AGG ULT-AGG

Recommendation buy buy buy buy buy buy buy buy buy buy buy outperform buy Overwt/In-Line neutral/attractive overweight buy hold buy neutral buy buy buy

Amt Held 13'526'935 4'097'855 3'868'910 2'120'306 975'046 897'751 455'746 313'687 312'876 211'366 156'770 153'163 132'318 105'314 102'599 99'811 68'017 67'832 57'305 54'103

% Out 25.46 7.71 7.28 3.99 1.84 1.69 0.86 0.59 0.59 0.4 0.3 0.29 0.25 0.2 0.19 0.19 0.13 0.13 0.11 0.1

Weighting

Change 5 5 5 5 5 5 5 5 5 5 5 5 5 5 3 5 5 3 5 3 5 5 5

M M M M M M M M M M M M M M M M N M U M M M M

Latest Chg 531'899 (590'887) 7'284 (61'784) (310'342) 55'140 299'882 178'525 124'804 8'936 1'034 17'615 99'952 (635) 19'383 (415) (51'431)

Target Price 85'000 90'000 80'000 81'000 89'000 85'000 90'000 87'000 75'000 80'000 100'000 83'000 92'000 85'000 69'000 95'000 85'000 #N/A N/A 77'000 65'000 87'500 75'000 72'000

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt 31.12.2012 31.12.2012 27.05.2013 30.09.2012 25.09.2013 31.03.2013 30.06.2013 30.06.2013 31.03.2013 31.03.2013 31.03.2013 30.04.2013 31.03.2013 31.03.2013 31.03.2013 31.12.2012 31.03.2013 31.03.2013 31.07.2013 31.03.2013

Date 12 month 6 month 12 month 12 month 12 month 12 month 12 month Not Provided 12 month 6 month 12 month 6 month Not Provided 12 month 12 month Not Provided 6 month Not Provided 12 month 12 month 12 month 6 month 12 month

Inst Type Corporation Investment Advisor Government Investment Advisor Investment Advisor Investment Advisor Unclassified Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor

Date 13.09.2013 27.08.2013 06.08.2013 01.08.2013 31.07.2013 31.07.2013 31.07.2013 31.07.2013 31.07.2013 31.07.2013 31.07.2013 31.07.2013 31.07.2013 30.07.2013 30.07.2013 30.07.2013 30.07.2013 06.06.2013 23.04.2013 23.04.2013 23.04.2013 23.10.2012 18.11.2011

27.09.2013

Hyundai Glovis Co Ltd Hyundai Glovis Co., Ltd. provides domestic and international logistic services. The Company's services include domestic transportation, storage, packaging, vehicle logistic, and logistic consulting. GLOVIS also runs automobile auction market for used vehicle.

Price/Volume 300000

.5 M .4 M

250000

.4 M

200000

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (28.09.2012) 52-Week Low (16.04.2013) Daily Volume Current Price (9/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 30.06.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance 086280 KS EQUITY YTD Change 086280 KS EQUITY YTD % CHANGE

12/2012 06/yy 243'500.00 149'000.00 167'443.00 206000 -15.40% 38.26% 50.79% 37.5 7'725'000.00 717'932.92 0.0 0.0 557'207.05 8'175'625.87

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

.3 M .2 M

100000

.2 M .1 M

50000

.1 M

0 s-12

31.12.2009 31.12.2010 3'192'754.8 5'833'982.9 1.26x 1.00x 165'483.7 256'490.7 24.26x 22.72x 189'773.5 233'111.7 22.43x 23.97x Profitability

LTM-4Q 31.12.2011 7'547'777.2 0.98x 368'147.5 20.03x 302'176.5 23.83x

n-12

d-12

j-13

f-13 m-13 a-13 m-13

j-13

a-13

LTM

FY+1

.0 M s-13

0.73 1.05 12.96 -12.86% -7.00% 1.051 29 4.448 53'243 52'861 56'363 FY+2

FQ+1

31.12.2012 06/yy 06/yy 12/13 Y 12/14 Y 09/13 Q3 9'272'885.3 ######### ######### ######### ######### ######### 0.91x 3.52x 3.42x 0.72x 0.65x 2.90x 469'670.4 467'843.4 449'693.2 549'448.8 649'037.5 120'884.7 18.03x 18.13x 17.14x 14.88x 12.60x 15.53x 406'093.9 362'654.8 373'742.8 449'223.5 525'578.7 111'193.0 20.45x 22.49x 19.42x 16.31x 14.07x 16.84x S&P Issuer Ratings 469'670.43 Long-Term Rating Date 422'901.52 Long-Term Rating 4.56% Long-Term Outlook 5.35% Short-Term Rating Date 11.85% Short-Term Rating 25.30% Credit Ratios 18.30% EBITDA/Interest Exp. 2.70% (EBITDA-Capex)/Interest Exp. Net Debt/EBITDA 8.0% Total Debt/EBITDA 5.1% Reference 4.6% Total Debt/Equity 4.4% Total Debt/Capital Asset Turnover 1.39 Net Fixed Asset Turnover 1.03 Accounts receivable turnover-days 19.58% Inventory Days 40.33% Accounts Payable Turnover Day 8.88 Cash Conversion Cycle 19.65

Price/ Cash Flow

FQ+2 12/13 Q4 ######### 2.89x 124'774.3 14.83x 115'238.9 16.20x 20.03.2012 BBB+ STABLE 24.88 17.61 0.34 1.53 40.3% 28.7% 2.70 12.90 41.22 18.62 27.43 32.42

Sales/Revenue/Turnover

45.00

10'000'000.0

40.00

9'000'000.0

35.00

8'000'000.0 7'000'000.0

30.00

6'000'000.0

25.00 20.00

5'000'000.0 4'000'000.0

15.00

3'000'000.0

10.00

2'000'000.0

5.00

1'000'000.0

0.00 02.01.2010

o-12

Fiscal Year Ended 31.12.2008 3'065'235.4 0.52x 145'319.2 10.91x 117'662.0 14.88x

.3 M

150000

0.0 02.07.2010

02.01.2011

02.07.2011

02.01.2012

02.07.2012

02.01.2013

02.07.2013

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

27.09.2013

Hyundai Glovis Co Ltd Holdings By:

All

Holder Name EUI-SUN CHUNG MONG-KOO CHUNG WILH WILHELMSEN ASA NATIONAL PENSION SER HYUNDAI MOTOR CO NORGES BANK BLACKROCK MAPS INVESTMENT MANA SAMSUNG INVESTMENT T T ROWE PRICE ASSOCIA MIRAE ASSET GLOBAL I VANGUARD GROUP INC UBS HANA ASSET MANAG MORGAN STANLEY SHINHAN BNP PARIBAS ALLIANZ GLOBAL INVES WADDELL & REED FINAN HYUNDAI INVESTMENTS KOREA INVESTMENT TRU NH-CA ASSET MANAGEME

Firm Name

Portfolio Name n/a n/a n/a n/a n/a Multiple Portfolios n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios n/a Multiple Portfolios n/a Multiple Portfolios Multiple Portfolios n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios

Analyst

HMC Investment Securities Co Ltd DONG-JIN KANG KTB Securities SHIN JI-YOON Shinhan Investment Corp JINJOO HONG Daewoo Securities RYU JE-HYUN JAY Daishin Securities Co., Ltd. YANG JI-HWAN Samsung Securities EUNPYO KANG Tong Yang Investment Bank KANG SEONGJIN Hanwha Securities Co., Ltd HYUN-SOO KANG KB Investment & Securities Co., Ltd SHIN CHUNG-KWAN Nomura ANGELA HONG Hana Daetoo Securities SEONG-BONG PARK E*Trade Securities Korea MIN-JI KIM Barclays PAUL HWANG Morgan Stanley HYUNTAEK LEE Deutsche Bank CHANWOOK PARK JPMorgan PARK WAN SUN Woori Investment & Securities SONG JAE-HAK MARTIN Korea Investment & Securities YUN HEE-DO KIWOOM Securities Co Ltd Cho Byoung Hee Shinyoung Securities Co., Ltd. HYUNG-SIL LEE EVA Dimensions TIMOTHY STANISH Kyobo Securities JUNG YUN-JIN HSBC PAUL CHOI CIMB KJ HWANG UBS JOSH J BAE Dongbu Securities Co Ltd YIM EUN-YOUNG Hyundai Securities JUN YONG-KI Eugene Investment & Securities Co., LtdJOO ICK-CHAN BS Securities Co Ltd #N/A N/A Meritz Securities Co., Ltd KIM SEUNG CHURL

Source EXCH EXCH EXCH EXCH EXCH MF-AGG ULT-AGG MF-AGG MF-AGG MF-AGG MF-AGG ULT-AGG MF-AGG ULT-AGG MF-AGG MF-AGG ULT-AGG MF-AGG MF-AGG MF-AGG

Recommendation buy buy buy buy buy buy buy buy buy neutral buy buy underweight Overwt/In-Line hold neutral buy buy buy buy hold buy overweight neutral neutral buy buy buy buy buy

Amt Held 11'954'460 4'317'701 3'763'582 2'652'271 1'830'939 524'569 307'519 267'083 264'721 258'565 247'825 176'276 113'825 109'016 100'864 98'712 72'951 72'032 48'643 35'768

% Out 31.88 11.51 10.04 7.07 4.88 1.4 0.82 0.71 0.71 0.69 0.66 0.47 0.3 0.29 0.27 0.26 0.19 0.19 0.13 0.1

Weighting

Change 5 5 5 5 5 5 5 5 5 3 5 5 1 5 3 3 5 5 5 5 3 5 5 3 3 5 5 5 5 5

M M M M M M M M M M M M M M M M M M M M M M M N M M M M M M

Latest Chg 2'131 8'086 (308'080) 45'875 (21'008) (92'160) (80'856) (11'186) (2'662) (37'643) (50'410) 7'539 17'513 (5'453)

Target Price 260'000 270'000 240'000 240'000 250'000 246'000 280'000 250'000 270'000 210'000 250'000 260'000 194'000 277'300 190'000 190'000 250'000 260'000 250'000 270'000 #N/A N/A 230'000 240'000 204'000 205'000 230'000 330'000 255'000 250'000 260'000

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt 19.04.2013 19.04.2013 19.04.2013 12.04.2013 19.04.2013 31.12.2012 25.09.2013 31.03.2013 31.03.2013 30.06.2013 31.03.2013 30.06.2013 31.03.2013 30.06.2013 31.03.2013 31.03.2013 30.06.2013 31.03.2013 31.03.2013 31.03.2013

Date 6 month 12 month 12 month 12 month 12 month 12 month 12 month 6 month 12 month Not Provided 12 month 12 month Not Provided 12 month 12 month 9 month 12 month 12 month 6 month 12 month Not Provided 6 month Not Provided Not Provided 12 month 12 month 6 month 12 month 6 month 6 month

Inst Type n/a n/a Corporation Government Corporation Government Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Unclassified Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor

Date 27.09.2013 27.09.2013 29.08.2013 05.08.2013 05.08.2013 05.08.2013 05.08.2013 05.08.2013 05.08.2013 05.08.2013 05.08.2013 05.08.2013 05.08.2013 04.08.2013 02.08.2013 02.08.2013 01.08.2013 30.07.2013 23.07.2013 11.06.2013 06.06.2013 04.06.2013 21.05.2013 02.05.2013 29.04.2013 22.04.2013 29.10.2012 29.10.2012 30.04.2012 21.12.2011

27.09.2013

Cheil Worldwide Inc Cheil Worldwide Inc. provides a wide range of marketing services such as new product development and advertisement, brand management, advertising budget analysis, and advertising effectiveness evaluation. The Company also creates, prints, publishes, and produces promotional and advertising materials.

Price/Volume 30000

8.0 M 7.0 M

25000

6.0 M 20000

Latest Fiscal Year: LTM as of: 52-Week High (24.04.2013) 52-Week Low (12.12.2012) Daily Volume Current Price (9/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 30.06.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance 030000 KS EQUITY YTD Change 030000 KS EQUITY YTD % CHANGE

12/2012 06/yy 28'600.00 19'750.00 437'080.00 24800 -13.29% 25.57% 58.76% 115.0 2'853'022.50 1'060.76 0.0 0.0 268'708.11 2'704'333.35

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

31.12.2009 31.12.2010 540'277.9 614'599.4 1.79x 1.88x 55'170.0 65'018.2 17.52x 17.80x 91'049.6 87'302.7 15.05x 17.31x Profitability

3.0 M 2.0 M

5000 0 s-12

LTM-4Q 31.12.2011 720'415.9 2.24x 74'247.5 21.71x 79'294.2 26.14x

31.12.2012 853'637.9 2.33x 67'718.9 29.41x 57'749.6 40.28x 67'718.89 56'949.87 6.67% 8.53% 4.86% 8.96% 8.96% 0.72% 30.0% 7.9% 6.7% 6.8% 1.64 1.59 0.09% 0.17% 1.68 -

Price/ Cash Flow

1.0 M o-12

n-12

d-12

LTM

06/yy 06/yy 823'571.5 878'599.2 7.74x 9.95x 68'446.5 69'533.7 23.09x 33.33x 59'058.2 60'505.3 33.64x 42.49x

j-13

f-13 m-13 a-13 m-13

j-13

a-13

.0 M s-13

0.00 0.76 80.67 6.90% 15.08% 0.764 20 4.100 522'043 345'216 306'665

FY+1

FY+2

FQ+1

FQ+2

12/13 Y

12/14 Y

09/13 Q3

12/13 Q4

S&P Issuer Ratings

401.75 202.16 -3.95 0.02 0.2% 0.2% 0.72 10.06 217.35 251.83 -

Sales/Revenue/Turnover

800.00

900'000.0

700.00

800'000.0

600.00

700'000.0 600'000.0

500.00

500'000.0

400.00

400'000.0

300.00

300'000.0

200.00

200'000.0

100.00

100'000.0

0.00 02.01.2010

4.0 M

10000

Fiscal Year Ended 31.12.2008 575'344.4 0.83x 39'294.7 12.10x 87'467.1 9.68x

5.0 M

15000

Valuation Analysis

0.0 02.07.2010

02.01.2011

02.07.2011

02.01.2012

02.07.2012

02.01.2013

02.07.2013

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

27.09.2013

Cheil Worldwide Inc Holdings By:

All

Holder Name SAMSUNG C&T CORP KOREA INVESTMENT TRU CHEIL WORLDWIDE INC NATIONAL PENSION SER MATTHEWS INTERNATION SAUDI ARABIAN MONETA MORGAN STANLEY MATTHEWS INTERNATION BLACKROCK NORGES BANK SAMSUNG INVESTMENT T WILLIAM BLAIR & COMP SCHRODER INVESTMENT VANGUARD GROUP INC DIMENSIONAL FUND ADV KB ASSET MANAGEMENT MIRAE ASSET GLOBAL I ALLIANZ GLOBAL INVES CAPITAL GROUP COMPAN CHINA ASSET MANAGEME

Firm Name

Portfolio Name n/a n/a n/a n/a n/a n/a n/a Multiple Portfolios n/a Multiple Portfolios Multiple Portfolios WILLIAM BLAIR & COMP Multiple Portfolios n/a n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios n/a Multiple Portfolios

Analyst

KTB Securities CHOI CHAN-SEOK Shinyoung Securities Co., Ltd. HAN SEUNG-HO Hanwha Securities Co., Ltd PARK JONG-SOO Eugene Investment & Securities Co., LtdLEE WOO-SEUNG Daewoo Securities JEE-HYUN MOON HI Investment Securities MIN YOUNG-SANG EVA Dimensions CRAIG STERLING Nomura ERIC CHA Daishin Securities Co., Ltd. KIM HUE-JAE Korea Investment & Securities KIM SHIWOO Hyundai Securities HAN IK-HEE Samsung Securities JUNGHYUN SHIN HMC Investment Securities Co Ltd HWANG SUNG-JIN SK Securities Co Ltd LEE HYUNJUNG Macquarie EUGENE JUNG KB Investment & Securities Co., Ltd HOON CHOI Morgan Stanley SHAWN KIM Woori Investment & Securities GENE PARK Goldman Sachs EUNICE LEE Credit Suisse JIHONG CHOI Mirae Asset Securities KWON YOUNG-JOON

Source EXCH Co File Co File EXCH Co File Co File ULT-AGG MF-AGG ULT-AGG MF-AGG MF-AGG 13F MF-AGG ULT-AGG ULT-AGG MF-AGG MF-AGG MF-AGG ULT-AGG MF-AGG

Recommendation hold buy buy buy buy hold underweight buy buy buy buy buy buy buy outperform buy Equalwt/In-Line hold neutral/attractive underperform buy

Amt Held 14'539'350 10'648'720 10'191'000 9'519'789 7'103'974 6'402'050 6'383'184 5'791'735 2'408'740 2'106'917 1'960'836 1'783'111 1'615'880 1'052'940 610'235 503'001 496'090 429'360 413'500 390'340

% Out 12.64 9.26 8.86 8.28 6.18 5.57 5.55 5.03 2.09 1.83 1.7 1.55 1.4 0.92 0.53 0.44 0.43 0.37 0.36 0.34

Weighting

Change 3 5 5 5 5 3 1 5 5 5 5 5 5 5 5 5 3 3 3 1 5

M M M M M M D M M M M M M M U M M M N M M

Latest Chg (1'155'815) (1'239'170) (31'830) 22'050 (437'540) (129'799) (974'170) 249'200 (380'410) (118'152) 333'490 -

Target Price 25'000 30'000 31'000 30'000 34'000 28'000 #N/A N/A 30'000 32'000 30'000 31'000 30'000 30'000 30'000 30'000 28'000 21'000 28'000 28'000 20'400 16'500

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt 20.03.2013 31.12.2012 31.12.2012 28.03.2013 31.12.2012 31.12.2012 30.06.2013 28.06.2013 25.09.2013 31.12.2012 31.03.2013 30.06.2013 30.06.2013 30.06.2013 30.04.2013 31.03.2013 31.03.2013 31.03.2013 30.06.2013 31.12.2012

Date 12 month 12 month 6 month 12 month 12 month 6 month Not Provided Not Provided 6 month 12 month 12 month 12 month 6 month 6 month 12 month 12 month 12 month 12 month 12 month Not Provided 12 month

Inst Type Corporation Investment Advisor Corporation Government Investment Advisor Government Investment Advisor Investment Advisor Investment Advisor Government Investment Advisor Investment Advisor Investment Advisor Unclassified Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor

Date 25.09.2013 24.09.2013 24.09.2013 23.09.2013 17.09.2013 26.08.2013 21.08.2013 16.08.2013 13.08.2013 26.07.2013 26.07.2013 26.07.2013 26.07.2013 26.07.2013 26.07.2013 26.07.2013 25.07.2013 23.07.2013 15.03.2013 29.01.2013 12.05.2010

27.09.2013

Doosan Heavy Industries & Construction Co Ltd Doosan Heavy Industries and Construction Co., Ltd. manufactures and installs various plant components, such as steam turbines, hydraulic turbines, condensers, heat exchangers, and many others. The Company also provides various construction services including apartment complexes, roadways, power plants, and industrial plants. Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (27.09.2012) 52-Week Low (17.04.2013) Daily Volume Current Price (9/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 13.09.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance 034020 KS EQUITY YTD Change 034020 KS EQUITY YTD % CHANGE

Price/Volume

12/2012 06/yy 57'100.00 33'650.00 268'020.00 47150 -17.43% 40.12% 56.72% 106.2 5'005'362.00 3'218'330.73 0.0 0.0 649'152.03 8'439'960.03

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

3.0 M

50000

2.5 M

40000

2.0 M

30000

1.5 M

20000

1.0 M

10000

.5 M

0 s-12

o-12

n-12

d-12

j-13

f-13 m-13 a-13 m-13

j-13

a-13

Fiscal Year Ended 31.12.2008 5'709'659.6 1.27x 568'186.3 12.72x (65'851.3) -

60000

31.12.2009 31.12.2010 6'279'480.7 6'150'985.0 1.51x 1.52x 511'131.6 453'664.2 18.55x 20.65x (328'314.8) 182'367.5 42.25x Profitability

LTM-4Q 31.12.2011 6'669'497.0 1.24x 491'950.3 16.85x 171'582.5 34.05x

LTM

31.12.2012 06/yy 06/yy 7'856'769.0 ######### ######### 0.84x 4.35x 3.96x 697'284.4 633'341.6 645'838.6 9.46x 12.99x 11.18x (205'977.7) 222'107.2 57'444.0 23.09x 0.00x 697'284.42 554'914.42 7.06% -1.97% -1.96% -5.94% 0.75% 14.6% 8.9% 7.1% -2.6% 1.15 0.76 30.51% 97.84% 3.30 16.67

Price/ Cash Flow

1.59 1.08 43.67 -15.00% 4.31% 1.082 27 4.704 384'018 381'612 299'299

FY+1

FY+2

FQ+1

FQ+2

12/13 Y

12/14 Y

09/13 Q3

12/13 Q4

S&P Issuer Ratings

.0 M s-13

3.84 3.30 3.65 4.62 97.8% 49.5% 0.75 3.91 111.00 21.95 115.84 17.11

Sales/Revenue/Turnover

30.00

9'000'000.0 8'000'000.0

25.00

7'000'000.0 6'000'000.0

20.00

5'000'000.0 15.00

4'000'000.0 3'000'000.0

10.00

2'000'000.0 5.00 0.00 02.01.2010

1'000'000.0 0.0 02.07.2010

02.01.2011

02.07.2011

02.01.2012

02.07.2012

02.01.2013

02.07.2013

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

27.09.2013

Doosan Heavy Industries & Construction Co Ltd Holdings By:

All

Holder Name DOOSAN CORP DOOSAN HEAVY INDUSTR NATIONAL PENSION SER BLACKROCK VANGUARD GROUP INC SAMSUNG INVESTMENT T NORGES BANK DIMENSIONAL FUND ADV KOREA INVESTMENT TRU KYOBO AXA INVESTMENT MIRAE ASSET GLOBAL I CAISSE DE DEPOT ET P NH-CA ASSET MANAGEME MAPS INVESTMENT MANA WOORI ASSET MANAGEME UBS HANA ASSET MANAG PICTET FUNDS BARING FUND MANAGERS TONG YANG INVESTMENT SHINHAN BNP PARIBAS

Firm Name KTB Securities Barclays LIG Investment Securities JPMorgan KIWOOM Securities Co Ltd E*Trade Securities Korea Hyundai Securities Daishin Securities Co., Ltd. Samsung Securities Credit Suisse Hanwha Securities Co., Ltd IBK Securities Co Ltd BS Securities Co Ltd Deutsche Bank Macquarie KB Investment & Securities Co., Ltd Daiwa Securities Co. Ltd. Hana Daetoo Securities EVA Dimensions Woori Investment & Securities Daewoo Securities Tong Yang Investment Bank Dongbu Securities Co Ltd Korea Investment & Securities HSBC Shinyoung Securities Co., Ltd. Meritz Securities Co., Ltd

Portfolio Name n/a n/a n/a n/a n/a Multiple Portfolios Multiple Portfolios n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios

Analyst LEE KANG-ROK HJ MOON CHOI GWANG-SHIK PARK WAN SUN CHOI WON-KYUNG PARK MOO-HYUN LEE SANG-HWA JEON JAE-CHEON YOUNGSOO HAN HENRY KWON DONG-IK JEONG JIN-HO HONG KWAK MIN-JUNG SANJEEV RANA CJ YUN HEU MOON-WOOK MIKE OH SANG-WOO LEE TIMOTHY STANISH HAH SUK-WON PAUL SUNG KI-JONG LEE JAE-WON KIM HONG-GYUN RICHARD PARK LEE YEON-JUNG HYUNG-SIL LEE SUH JUNG-DUK

Source EXCH Co File Co File ULT-AGG ULT-AGG MF-AGG MF-AGG ULT-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG ULT-AGG MF-AGG MF-AGG MF-AGG

Recommendation buy overweight buy overweight buy buy buy buy buy neutral buy buy buy buy outperform hold hold buy hold buy buy buy buy buy overweight buy buy

Amt Held 43'945'896 16'812'505 1'520'846 1'239'366 519'375 482'251 396'235 349'275 216'785 165'359 134'594 95'831 69'549 69'443 56'613 55'980 50'940 47'200 46'449 45'210

% Out 41.4 15.84 1.43 1.17 0.49 0.45 0.37 0.33 0.2 0.16 0.13 0.09 0.07 0.07 0.05 0.05 0.05 0.04 0.04 0.04

Weighting

Change 5 5 5 5 5 5 5 5 5 3 5 5 5 5 5 3 3 5 3 5 5 5 5 5 5 5 5

M M M M M M M M M M M M N M M M D M M M M M M U M N N

Latest Chg 300'689 93'821 (354'452) (606) 44'820 (227'642) (17'660) 22'970 (471) (9'480) (6'142) 2'860 (980) 47'200 30'470 2'300

Target Price 52'000 57'000 57'000 56'000 65'000 53'000 56'000 52'000 54'000 40'000 55'000 57'000 53'000 51'000 56'000 57'000 46'500 73'400 #N/A N/A 62'000 54'000 55'000 70'000 58'000 61'000 85'000 84'000

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt 31.08.2013 31.12.2012 31.03.2013 25.09.2013 30.06.2013 31.03.2013 31.12.2012 30.04.2013 31.03.2013 31.03.2013 31.03.2013 31.12.2012 31.03.2013 31.03.2013 31.03.2013 31.03.2013 31.05.2013 31.05.2013 31.03.2013 31.03.2013

Date 12 month Not Provided 12 month 3 month 6 month 12 month 12 month 12 month 12 month Not Provided 6 month Not Provided 6 month 12 month 12 month 12 month Not Provided 12 month Not Provided 12 month 12 month 12 month 12 month 12 month Not Provided 12 month 6 month

Inst Type Holding Company Corporation Government Investment Advisor Unclassified Investment Advisor Government Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor

Date 25.09.2013 05.09.2013 27.08.2013 23.08.2013 23.08.2013 02.08.2013 29.07.2013 26.07.2013 26.07.2013 26.07.2013 26.07.2013 26.07.2013 26.07.2013 25.07.2013 25.07.2013 25.07.2013 11.07.2013 07.07.2013 06.06.2013 29.05.2013 03.05.2013 03.05.2013 15.04.2013 04.04.2013 17.03.2013 16.02.2012 08.08.2011

27.09.2013

CJ CheilJedang Corp CJ CheilJedang Corp. manufactures processed food products. The Company's products include refined sugar, monosodium glutamate (MSG), condiment, wheat powder, flour, cooking oil, processed meats, and animal feed. CJ CheilJedang also manufactures pharmaceutical and household products.

Price/Volume 450000 400000 350000 300000 250000 200000

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (14.01.2013) 52-Week Low (28.08.2013) Daily Volume Current Price (9/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 30.06.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance 097950 KS EQUITY YTD Change 097950 KS EQUITY YTD % CHANGE

12/2012 06/yy 390'000.00 240'000.00 33'607.00 280500 -28.08% 16.88% 25.33% 13.1 3'674'142.75 2'503'246.61 6'637.2 0.0 81'534.64 6'221'290.45

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

100000 50000 0 s-12

o-12

n-12

d-12

j-13

f-13 m-13 a-13 m-13

j-13

a-13

Market Data

Fiscal Year Ended 31.12.2008 3'494'878.3 0.96x 350'843.0 9.53x 25'366.1 90.91x

150000

31.12.2009 31.12.2010 3'838'732.3 3'962'652.4 0.90x 0.89x 359'240.3 326'395.2 9.65x 10.81x 272'139.1 569'417.3 10.20x 5.30x Profitability

LTM-4Q 31.12.2011 4'421'058.4 1.41x 282'021.5 22.11x 158'547.8 25.20x

LTM

31.12.2012 06/yy 06/yy 4'671'189.3 ######### ######### 1.49x 5.47x 5.63x 381'309.1 331'556.8 402'991.7 18.23x 19.56x 14.52x 179'832.9 192'654.3 96'039.6 27.43x 23.38x 37.84x 381'309.11 246'110.20 5.27% 4.42% 2.89% 6.31% 5.13% 0.75% 28.7% 8.2% 5.3% 3.8% 0.85 0.33 39.26% 92.50% 9.70 4.86

Price/ Cash Flow

.2 M .2 M .2 M .1 M .1 M .1 M .1 M .1 M .0 M .0 M .0 M s-13

0.64 0.63 6.39 -8.76% -21.10% 0.633 27 4.407 79'900 63'862 58'480

FY+1

FY+2

FQ+1

FQ+2

12/13 Y

12/14 Y

09/13 Q3

12/13 Q4

S&P Issuer Ratings

3.88 1.70 6.35 6.56 92.5% 48.0% 0.75 2.10 37.75 75.23 25.26 87.72

Sales/Revenue/Turnover

30.00

5'000'000.0 4'500'000.0

25.00

4'000'000.0 3'500'000.0

20.00

3'000'000.0

15.00

2'500'000.0 2'000'000.0

10.00

1'500'000.0 1'000'000.0

5.00 0.00 02.01.2010

500'000.0 0.0 02.07.2010

02.01.2011

02.07.2011

02.01.2012

02.07.2012

02.01.2013

02.07.2013

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

27.09.2013

CJ CheilJedang Corp Holdings By:

All

Holder Name CJ CORP NATIONAL PENSION SER MIRAE ASSET GLOBAL I CJ CHEILJEDANG CORP. KOREA INVESTMENT TRU MAPS INVESTMENT MANA BLACKROCK VANGUARD GROUP INC PCA INVESTMENT TRUST SHINHAN BNP PARIBAS JAY-HYUN LEE SAMSUNG INVESTMENT T DIMENSIONAL FUND ADV SCHRODER INVESTMENT UBS HANA ASSET MANAG EMPLOYEE STOCK OWNER ROBECO KB ASSET MANAGEMENT KYOBO AXA INVESTMENT PRUDENTIAL ASSET MAN

Firm Name KTB Securities Daewoo Securities Dongbu Securities Co Ltd HMC Investment Securities Co Ltd Korea Investment & Securities Samsung Securities E*Trade Securities Korea Shinyoung Securities Co., Ltd. Kyobo Securities Daishin Securities Co., Ltd. Leading Investment & Securities Shinhan Investment Corp Woori Investment & Securities HI Investment Securities KIWOOM Securities Co Ltd IBK Securities Co Ltd Deutsche Bank Morgan Stanley Goldman Sachs JPMorgan EVA Dimensions Credit Suisse HSBC Hyundai Securities Meritz Securities Co., Ltd Hanwha Securities Co., Ltd Tong Yang Investment Bank

Portfolio Name n/a n/a n/a n/a Multiple Portfolios Multiple Portfolios n/a n/a Multiple Portfolios Multiple Portfolios n/a Multiple Portfolios n/a Multiple Portfolios Multiple Portfolios n/a n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios

Analyst KIM MIN-JEONG BAEK WOON-MOK CHA JAE-HEON HYESEUNG CHUNG KYOUNG JU LEE ILWOO YANG HYE-MI KIM KIM YUN-OH JEONG SEONG-HOON LEE SUN-KYOUNG IN-WOOK CHO HYUN-AH CHO KOOKHEE HAN HYO JOO SON WOO WON-SUNG PARK AE-RAN JI-HYUN SONG KELLY H KIM CHRISTINE CHO YOUNA KIM CRAIG STERLING SONIA KIM SEUNG-HYUN KAREN CHOI JI GI-CHANG SONG KWANG-SOO HYUNG-WOON LEE SONG CHI-HO

Source Co File EXCH EXCH Co File MF-AGG MF-AGG ULT-AGG ULT-AGG MF-AGG MF-AGG Co File MF-AGG ULT-AGG MF-AGG MF-AGG Co File ULT-AGG MF-AGG MF-AGG MF-AGG

Recommendation hold buy buy buy hold buy buy buy trading buy buy buy buy hold buy buy buy buy Overwt/In-Line Buy/Neutral neutral underweight underperform overweight buy buy buy buy

Amt Held 4'834'878 1'351'944 643'505 364'005 287'113 276'511 217'761 90'343 89'135 75'476 70'931 70'182 66'901 64'823 63'863 63'696 52'789 43'502 30'510 24'966

% Out 36.91 10.32 4.91 2.78 2.19 2.11 1.66 0.69 0.68 0.58 0.54 0.54 0.51 0.49 0.49 0.49 0.4 0.33 0.23 0.19

Weighting

Change 3 5 5 5 3 5 5 5 5 5 5 5 3 5 5 5 5 5 5 3 1 1 5 5 5 5 5

M M M M M M M M M M M M M M M M M M M M D M M M D N N

Latest Chg 97'780 (13'691) (38'826) (24'719) (697) (61'552) (11'056) (30'184) (17'779) 3'620 50'424 (39'265) (32'907) (2'688) 5'869

Target Price 320'000 350'000 330'000 340'000 #N/A N/A 430'000 325'000 340'000 330'000 330'000 350'000 340'000 290'000 340'000 340'000 400'000 330'000 360'000 330'000 290'000 #N/A N/A 280'000 400'000 450'000 500'000 420'000 400'000

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt 30.06.2013 11.09.2013 02.05.2013 30.06.2013 31.03.2013 31.03.2013 25.09.2013 30.06.2013 31.03.2013 31.03.2013 30.06.2013 31.03.2013 30.04.2013 30.06.2013 31.03.2013 30.06.2013 30.04.2013 31.03.2013 31.03.2013 31.03.2013

Date 12 month 12 month 12 month 6 month Not Provided 12 month 12 month 12 month 6 month 6 month 12 month 12 month 12 month 6 month 6 month Not Provided 12 month 12 month 12 month 9 month Not Provided Not Provided Not Provided 12 month 6 month 6 month 12 month

Inst Type Corporation Government Investment Advisor Corporation Investment Advisor Investment Advisor Investment Advisor Unclassified Investment Advisor Investment Advisor n/a Investment Advisor Investment Advisor Investment Advisor Investment Advisor n/a Unclassified Investment Advisor Investment Advisor Investment Advisor

Date 25.09.2013 23.09.2013 23.09.2013 17.09.2013 16.09.2013 13.09.2013 10.09.2013 04.09.2013 04.09.2013 03.09.2013 05.08.2013 02.08.2013 02.08.2013 02.08.2013 02.08.2013 02.08.2013 01.08.2013 01.08.2013 01.08.2013 01.08.2013 07.06.2013 03.05.2013 29.04.2013 13.03.2013 16.01.2013 26.11.2012 20.11.2012

27.09.2013

LG Uplus Corp LG Uplus Corp., an affiliate of LG Group, provides a wide range of personal communications services (PCS) using code division multiple access (CDMA) technology. The Company offers call forwarding, call and data transfer, call waiting, voice mail, Internet-phone, prepaid call, and authentication text-to-speech (TTS) services.

Price/Volume

12.0 M 10.0 M

10000

8.0 M

8000

Latest Fiscal Year: LTM as of: 52-Week High (01.08.2013) 52-Week Low (05.10.2012) Daily Volume Current Price (9/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 30.06.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance 032640 KS EQUITY YTD Change 032640 KS EQUITY YTD % CHANGE

12/2012 06/yy 13'900.00 6'160.00 697'016.00 11900 -14.39% 93.18% 75.45% 436.6 5'195'675.00 4'292'735.00 0.0 0.0 346'762.00 9'259'793.20

6.0 M

6000 4000

4.0 M

2000

2.0 M

0 s-12

o-12

n-12 d-12

j-13

f-13 m-13 a-13 m-13

j-13

a-13

Fiscal Year Ended Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

14.0 M

14000 12000

Valuation Analysis

31.12.2008 4'797'950.8 0.72x 778'833.0 4.47x 283'559.5 9.71x

16000

31.12.2009 31.12.2010 4'958'373.0 8'498'507.0 0.61x 0.63x 802'544.0 1'905'774.0 3.74x 2.81x 292'314.0 564'468.0 8.06x 5.49x Profitability

LTM-4Q 31.12.2011 9'180'949.0 0.76x 1'401'729.0 5.00x 80'850.0 39.57x

LTM

FY+1

.0 M s-13

0.00 0.48 218.36 64.82% 52.56% 0.485 38 4.211 2'488'155 1'813'661 2'066'315 FY+2

FQ+1

FQ+2

31.12.2012 06/yy 06/yy 12/13 Y 12/14 Y 09/13 Q3 12/13 Q4 10'904'831.0 ######### ######### ######### ######### ######### ######### 0.67x 2.64x 2.83x 0.78x 0.68x 1'517'424.0 ######### ######### ######### ######### 4.84x 4.72x 5.39x 4.64x 4.17x (62'584.0) (20'624.0) 105'293.0 375'980.3 528'262.7 120'900.0 62'200.0 0.00x 49.59x 13.68x 9.80x S&P Issuer Ratings 1'517'424.00 Long-Term Rating Date 07.09.2011 125'858.00 Long-Term Rating NR 1.15% Long-Term Outlook -1.21% Short-Term Rating Date -0.57% Short-Term Rating -1.65% Credit Ratios - EBITDA/Interest Exp. 7.14 0.99% (EBITDA-Capex)/Interest Exp. -2.01 Net Debt/EBITDA 2.60 69.8% Total Debt/EBITDA 2.83 13.9% Reference 1.2% Total Debt/Equity 114.8% -0.6% Total Debt/Capital 53.4% Asset Turnover 0.99 0.72 Net Fixed Asset Turnover 1.86 0.54 Accounts receivable turnover-days 58.34 38.78% Inventory Days 39.92 114.75% Accounts Payable Turnover Day 61.15 6.27 Cash Conversion Cycle 37.11 9.17

Price/ Cash Flow

Sales/Revenue/Turnover

14.00

12'000'000.0

12.00

10'000'000.0

10.00

8'000'000.0

8.00

6'000'000.0 6.00

4'000'000.0 4.00

2'000'000.0

2.00 0.00 02.01.2010

0.0 02.07.2010

02.01.2011

02.07.2011

02.01.2012

02.07.2012

02.01.2013

02.07.2013

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

27.09.2013

LG Uplus Corp Holdings By:

All

Holder Name LG CORP KOREA ELECTRIC POWER NATIONAL PENSION SER SAMSUNG INVESTMENT T KOREA INVESTMENT TRU ROBECO DIMENSIONAL FUND ADV BLACKROCK SHINHAN BNP PARIBAS FIL LIMITED VANGUARD GROUP INC SHIN YOUNG INVESTMEN MACQUARIE GROUP NORGES BANK MORGAN STANLEY GRANTHAM MAYO VAN OT ALLIANZ ASSET MANAGE FMR LLC HI ASSET MANAGEMENT UBS HANA ASSET MANAG

Firm Name

Portfolio Name n/a n/a n/a Multiple Portfolios Multiple Portfolios n/a n/a n/a Multiple Portfolios n/a n/a n/a n/a Multiple Portfolios n/a Multiple Portfolios n/a n/a Multiple Portfolios Multiple Portfolios

Analyst

Morgan Stanley SAM MIN NH Investment & Securities KIM VALENTINE HONG-SIK Shinyoung Securities Co., Ltd. CHOI YUN-MEE KTB Securities SONG JAE-KYOUNG JPMorgan SCOTT YH SEO Barclays SEYON PARK Samsung Securities SEUNGWOO YANG HMC Investment Securities Co Ltd HWANG SUNG-JIN BNP Paribas Equity Research JUSTIN LEE Nomura ERIC CHA Korea Investment & Securities YANG JONG-IN Deutsche Bank JOHN KIM Hyundai Securities MISONG KIM Shinhan Investment Corp SUNG JUNWON Tong Yang Investment Bank CHOI NAM-KON Daewoo Securities JEE-HYUN MOON Dongbu Securities Co Ltd HYUNG-WOON WON Eugene Investment & Securities Co., LtdKIM DENNY Hana Daetoo Securities HWANG SEUNG-TAEK Hanwha Securities Co., Ltd PARK JONG-SOO EVA Dimensions ANDREW S ZAMFOTIS New Street Research IAIN JOHNSTON E*Trade Securities Korea KIM JOON-SUP Daishin Securities Co., Ltd. KIM HUE-JAE HSBC NEALE ANDERSON Daiwa Securities Co. Ltd. THOMAS Y KWON KIWOOM Securities Co Ltd AHN JAE-MIN IBK Securities Co Ltd JANG-WON KIM Credit Suisse TAEWON KIM Macquarie EUGENE JUNG UBS JOSH J BAE CIMB SAMUEL MARTENS SK Securities Co Ltd YI DONG-SUP Riedel Research Group Inc DAVID R RIEDEL Leading Investment & Securities BO-KEUM SONG Kyobo Securities OH SEAN Goldman Sachs SEUNG SHIN

Source Co File Co File EXCH MF-AGG MF-AGG ULT-AGG ULT-AGG ULT-AGG MF-AGG ULT-AGG ULT-AGG ULT-AGG ULT-AGG MF-AGG ULT-AGG MF-AGG ULT-AGG ULT-AGG MF-AGG MF-AGG

Recommendation Overwt/Attractive buy buy buy restricted overweight buy buy buy buy buy buy buy buy buy buy buy buy buy buy underweight neutral market perform market perform neutral outperform buy buy neutral outperform buy underperform buy sell buy buy neutral/neutral

Amt Held 157'376'777 38'409'376 22'211'315 10'026'595 8'255'180 6'392'740 5'867'931 5'290'287 3'057'771 2'781'967 2'672'637 2'199'610 1'868'247 1'739'195 1'555'330 1'148'648 978'880 863'432 854'069 828'777

% Out 36.05 8.8 5.09 2.3 1.89 1.46 1.34 1.21 0.7 0.64 0.61 0.5 0.43 0.4 0.36 0.26 0.22 0.2 0.2 0.19

Weighting

Change

5 5 5 5 #N/A N/A 5 5 5 5 5 5 5 5 5 5 5 5 5 5 5 1 3 3 3 3 5 5 5 3 5 5 1 5 1 5 5 3

M M M M M M N M M M M M M M M M M M M M U M M D D U M M M M M D M M N M M

Latest Chg 2'144'198 4'440'836 (230'510) 29'520 358'474 (4'149'614) (1'706'068) 1'354'806 401'480 758'330 114'905 538'299 (1'433'343)

Target Price 15'000 15'000 17'000 16'000 #N/A N/A 16'000 16'000 16'000 15'200 13'600 15'900 15'000 15'000 16'000 15'000 16'000 15'000 16'000 14'900 14'800 #N/A N/A 13'500 14'500 14'000 15'000 14'200 15'000 15'000 13'000 16'900 15'000 10'000 13'000 5'400 8'500 8'700 5'400

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt 31.12.2012 31.12.2012 16.04.2013 31.03.2013 31.03.2013 30.04.2013 30.04.2013 25.09.2013 31.03.2013 30.04.2013 30.06.2013 31.03.2013 31.07.2013 31.12.2012 30.06.2013 31.05.2013 31.08.2013 31.07.2013 31.03.2013 31.03.2013

Date 12 month 6 month 12 month 12 month Not Provided Not Provided 12 month 6 month 12 month Not Provided 12 month 12 month Not Provided 12 month 12 month 12 month 12 month 12 month 12 month 6 month Not Provided Not Provided 12 month 6 month Not Provided Not Provided 6 month Not Provided Not Provided 12 month 12 month 12 month 6 month Not Provided 12 month 6 month 12 month

Inst Type Holding Company Government Government Investment Advisor Investment Advisor Unclassified Investment Advisor Investment Advisor Investment Advisor Investment Advisor Unclassified Investment Advisor Investment Advisor Government Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor

Date 25.09.2013 25.09.2013 25.09.2013 24.09.2013 19.09.2013 16.09.2013 13.09.2013 13.09.2013 12.09.2013 12.09.2013 11.09.2013 06.09.2013 06.09.2013 03.09.2013 03.09.2013 02.09.2013 02.09.2013 02.09.2013 01.09.2013 21.08.2013 20.08.2013 13.08.2013 31.07.2013 30.07.2013 30.07.2013 30.07.2013 30.07.2013 30.07.2013 29.07.2013 29.07.2013 23.07.2013 08.07.2013 05.07.2013 04.02.2013 10.12.2012 28.10.2011 27.10.2011

27.09.2013

Hyundai Merchant Marine Co Ltd Hyundai Merchant Marine Co., Ltd. provides marine transportation services. The Company commands different types of vessels including full container vessels, oil tankers, car carriers, LNG carriers, bulk carriers, and tramps.

Price/Volume 30000

25.0 M

25000

20.0 M

20000

Latest Fiscal Year: LTM as of: 52-Week High (19.08.2013) 52-Week Low (03.05.2013) Daily Volume Current Price (9/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 23.09.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance 011200 KS EQUITY YTD Change 011200 KS EQUITY YTD % CHANGE

12/2012 06/yy 27'468.66 9'009.33 898'077.00 18400 -33.01% 104.23% 48.43% 169.3 3'114'627.50 6'334'965.00 0.0 0.0 805'540.00 8'575'661.41

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

10.0 M

10000

5.0 M

5000 0 s-12

o-12

n-12 d-12

j-13

f-13 m-13 a-13 m-13

j-13

a-13

Fiscal Year Ended 31.12.2008 8'003'038.6 0.72x 832'943.5 6.91x 676'931.0 7.17x

15.0 M

15000

Valuation Analysis

31.12.2009 31.12.2010 6'115'482.1 7'977'688.0 0.89x 1.21x (239'712.9) 800'073.0 12.05x (801'817.1) 539'985.0 9.27x Profitability

LTM-4Q 31.12.2011 7'187'858.0 1.21x (88'487.0) (473'244.0) -

LTM

FY+1

0.00 1.17 75.23 -28.81% -20.38% 1.171 15 2.533 1'214'384 4'675'244 3'512'057 FY+2

FQ+1

FQ+2

31.12.2012 06/yy 06/yy 12/13 Y 12/14 Y 09/13 Q3 12/13 Q4 7'713'825.0 ######### ######### ######### ######### ######### ######### 1.18x 4.81x 4.61x (281'503.0) (314'072.0) (189'121.0) 0.00x 0.00x (998'938.0) (658'844.0) (629'173.0) (196'100.0) (348'900.0) (37'600.0) (91'000.0) 0.00x 0.00x S&P Issuer Ratings -281'503.00 Long-Term Rating Date -519'778.00 Long-Term Rating -6.74% Long-Term Outlook -12.80% Short-Term Rating Date -12.23% Short-Term Rating -77.45% Credit Ratios - EBITDA/Interest Exp. 0.94% (EBITDA-Capex)/Interest Exp. Net Debt/EBITDA -4.5% Total Debt/EBITDA -3.6% Reference -6.7% Total Debt/Equity -12.9% Total Debt/Capital Asset Turnover 1.15 Net Fixed Asset Turnover 0.68 Accounts receivable turnover-days 80.10% Inventory Days 720.15% Accounts Payable Turnover Day 16.10 Cash Conversion Cycle 22.48

Price/ Cash Flow

.0 M s-13

-0.88 -1.58 -22.50 720.1% 87.8% 0.94 2.10 22.74 16.28 26.42 12.60

Sales/Revenue/Turnover

70.00

9'000'000.0

60.00

8'000'000.0 7'000'000.0

50.00

6'000'000.0

40.00

5'000'000.0

30.00

4'000'000.0 3'000'000.0

20.00

2'000'000.0

10.00 0.00 02.01.2010

1'000'000.0 0.0 02.07.2010

02.01.2011

02.07.2011

02.01.2012

02.07.2012

02.01.2013

02.07.2013

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

27.09.2013

Hyundai Merchant Marine Co Ltd Holdings By:

All

Holder Name HYUNDAI ELEVATOR CO HYUNDAI HEAVY INDUST HYUNDAI ENGINEERING HYUNDAI SAMHO HEAVY NEXGEN CAPITAL LIMIT EMPLOYEE STOCK OWNER CAPE FORTUNE BV JEONG-EUN HYUN HYUNDAI MERCHANT MAR BLACKROCK SAMSUNG INVESTMENT T VANGUARD GROUP INC KYOBO AXA INVESTMENT MIRAE ASSET GLOBAL I NH-CA ASSET MANAGEME DIMENSIONAL FUND ADV KOREA INVESTMENT TRU EATON VANCE MANAGEME WOORI ASSET MANAGEME KB ASSET MANAGEMENT

Firm Name

Portfolio Name n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a Multiple Portfolios n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios

Analyst

Morgan Stanley HYUNTAEK LEE Clarkson Capital Markets LLC URS M DUR Samsung Securities EUNKYUNG PARK Drewry Financial Services Ltd RAHUL KAPOOR Daewoo Securities RYU JE-HYUN JAY Tong Yang Investment Bank KANG SEONGJIN E*Trade Securities Korea MIN-JI KIM Woori Investment & Securities SONG JAE-HAK MARTIN Fearnley Fonds RIKARD VABO EVA Dimensions TIMOTHY STANISH Eugene Investment & Securities Co., LtdJOO ICK-CHAN KIWOOM Securities Co Ltd Cho Byoung Hee Shinhan Investment Corp SHIN MIN-SEOK Dongbu Securities Co Ltd KIM HONG-GYUN KB Investment & Securities Co., Ltd CHOI WON-YEOL Shinyoung Securities Co., Ltd. UM KYUNG-A

Source EXCH Co File Co File Co File EXCH Co File EXCH EXCH Co File ULT-AGG MF-AGG ULT-AGG MF-AGG MF-AGG MF-AGG ULT-AGG MF-AGG MF-AGG MF-AGG MF-AGG

Recommendation Underwt/In-Line market perform hold unattractive hold hold market perform hold sell sell hold market perform hold hold hold neutral

Amt Held 37'233'471 23'424'037 11'048'227 10'479'174 7'453'565 4'086'541 3'011'798 2'594'216 1'804'510 1'359'742 817'869 723'084 351'780 291'900 179'629 148'281 142'993 94'900 88'836 81'961

% Out 22 13.84 6.53 6.19 4.4 2.41 1.78 1.53 1.07 0.8 0.48 0.43 0.21 0.17 0.11 0.09 0.08 0.06 0.05 0.05

Weighting

Change 1 3 3 2 3 3 3 3 1 1 3 3 3 3 3 3

M M M N D M M M M M D M M M M M

Latest Chg 138'282 11'120 (85'484) (239'052) 2'770 67'215 15'950 11'688 12'001 7'232 1'700

Target Price 7'948 #N/A N/A 11'751 13'445 #N/A N/A 17'627 17'627 17'627 7'834 #N/A N/A 11'751 10'772 11'751 24'591 29'895 #N/A N/A

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt 17.09.2013 31.12.2012 31.12.2012 31.12.2012 12.06.2013 31.12.2012 14.06.2013 17.09.2013 31.12.2012 25.09.2013 31.03.2013 30.06.2013 31.03.2013 31.03.2013 31.03.2013 30.04.2013 31.03.2013 30.06.2013 31.03.2013 31.03.2013

Date 12 month Not Provided 12 month Not Provided Not Provided 12 month 12 month 12 month 6 month Not Provided 12 month 6 month 12 month 12 month 12 month Not Provided

Inst Type Corporation Corporation Corporation Corporation Other n/a Corporation n/a Corporation Investment Advisor Investment Advisor Unclassified Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor

Date 25.09.2013 24.09.2013 21.08.2013 21.08.2013 14.08.2013 14.08.2013 14.08.2013 02.08.2013 12.06.2013 06.06.2013 13.05.2013 13.05.2013 25.04.2013 23.10.2012 02.10.2012 17.09.2012

27.09.2013

Hyundai Hysco Co Ltd Hyundai Hysco manufactures and markets steel pipes and steel sheets for domestic and overseas markets. The Company also produces aluminum-coated pipes, automobile muffler pipes, stainless steel pipes, and cold rolled sheets. Hyundai Hysco supplies its products to plumbing, oil, gas, heating, construction, and industrial markets.

Price/Volume

1.2 M 1.0 M .8 M

30000

Latest Fiscal Year: LTM as of: 52-Week High (10.09.2013) 52-Week Low (17.04.2013) Daily Volume Current Price (9/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 30.06.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance 010520 KS EQUITY YTD Change 010520 KS EQUITY YTD % CHANGE

12/2012 06/yy 51'400.00 25'450.00 332'920.00 48200 -6.23% 89.39% 84.78% 80.2 3'865'640.00 948'598.61 0.0 0.0 448'952.71 4'761'113.69

.6 M

20000

.4 M

10000

.2 M

0 s-12

31.12.2009 31.12.2010 4'423'311.2 5'846'521.3 0.48x 0.43x 295'881.8 446'419.4 7.20x 5.62x 54'395.4 146'521.8 24.71x 13.64x Profitability

LTM-4Q 31.12.2011 6'935'251.0 0.46x 570'684.7 5.62x 255'430.3 10.94x

n-12

d-12

j-13

f-13 m-13 a-13 m-13

j-13

a-13

LTM

FY+1

.0 M s-13

0.52 1.09 23.20 -0.07% 6.05% 1.089 33 4.394 234'041 303'683 281'705 FY+2

FQ+1

FQ+2

31.12.2012 06/yy 06/yy 12/13 Y 12/14 Y 09/13 Q3 12/13 Q4 7'074'626.1 ######### ######### ######### ######### ######### ######### 0.58x 2.06x 2.39x 0.67x 0.59x 542'968.3 550'807.6 477'789.6 626'731.3 718'122.5 165'000.0 175'000.0 7.58x 6.83x 7.57x 7.60x 6.63x 230'443.6 283'809.1 175'728.9 268'500.4 313'799.9 62'877.8 77'800.0 15.68x 11.41x 15.49x 14.35x 11.80x 10.49x S&P Issuer Ratings 542'968.26 Long-Term Rating Date 343'024.31 Long-Term Rating 4.85% Long-Term Outlook 4.12% Short-Term Rating Date 5.71% Short-Term Rating 14.09% Credit Ratios 9.99% EBITDA/Interest Exp. 1.75% (EBITDA-Capex)/Interest Exp. Net Debt/EBITDA 8.7% Total Debt/EBITDA 7.7% Reference 4.8% Total Debt/Equity 3.3% Total Debt/Capital Asset Turnover 0.95 Net Fixed Asset Turnover 0.62 Accounts receivable turnover-days 22.03% Inventory Days 54.47% Accounts Payable Turnover Day 9.96 Cash Conversion Cycle 10.95

Price/ Cash Flow

20.16 -9.95 0.92 1.75 54.5% 35.3% 1.75 3.65 36.73 33.43 58.79 11.37

Sales/Revenue/Turnover

20.00

8'000'000.0

18.00

7'000'000.0

16.00

6'000'000.0

14.00

5'000'000.0

12.00 10.00

4'000'000.0

8.00

3'000'000.0

6.00

2'000'000.0

4.00

1'000'000.0

2.00 0.00 02.01.2010

o-12

Fiscal Year Ended Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

1.4 M

50000 40000

Valuation Analysis

31.12.2008 5'034'605.5 0.28x 326'669.2 4.36x 22'905.2 25.87x

60000

0.0 02.07.2010

02.01.2011

02.07.2011

02.01.2012

02.07.2012

02.01.2013

02.07.2013

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

27.09.2013

Hyundai Hysco Co Ltd Holdings By:

All

Holder Name HYUNDAI MOTOR CO KIA MOTORS CORP MONG-KOO CHUNG JFE HOLDINGS INC NATIONAL PENSION SER NORGES BANK SUMITOMO CORP BLACKROCK HYUNDAI HYSCO HAE-GWAN YUM SAMSUNG INVESTMENT T VANGUARD GROUP INC ALLIANZ GLOBAL INVES KYOBO AXA INVESTMENT SHINHAN BNP PARIBAS DIMENSIONAL FUND ADV KOREA INVESTMENT TRU MIRAE ASSET GLOBAL I HARTFORD INVESTMENT WON-KAB KIM

Firm Name

Portfolio Name n/a n/a n/a n/a n/a Multiple Portfolios n/a n/a n/a n/a Multiple Portfolios n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios n/a

Analyst

HMC Investment Securities Co Ltd PARK HYUN-WOOK KTB Securities SHIM HYE-SUN Hanwha Securities Co., Ltd KIM KANG-OH Tong Yang Investment Bank KEE-HYUN PARK Samsung Securities TEAM COVERAGE EVA Dimensions TIMOTHY STANISH Shinyoung Securities Co., Ltd. KANG-UN CHO Credit Suisse SINN MIN-SEOK IBK Securities Co Ltd PARK BYUNGCHIL Korea Investment & Securities MOON SUN CHOI Deutsche Bank CHANWOOK PARK Morgan Stanley YOUNG SUK SHIN Hyundai Securities KIM JI-HWAN Shinhan Investment Corp JINJOO HONG SK Securities Co Ltd LEE WON JAE Woori Investment & Securities WILL BYUN KB Investment & Securities Co., Ltd KIM HYUN-TAE HI Investment Securities BANG MINJIN Kyobo Securities UM JIN-SEOK E*Trade Securities Korea KANG TAE-HYUN LIG Investment Securities YOON-SANG KIM Standard Chartered JAMES KP HONG Daiwa Securities Co. Ltd. CHUNG SUNG-YOP KIWOOM Securities Co Ltd CHANG-HO KIM Taurus Investment Securities Co Ltd JI-WOONG YOO Daewoo Securities JEON SEUNG-HUN BS Securities Co Ltd YOON KWAN-CHUL Mirae Asset Securities KWON HAE-SOON Daishin Securities Co., Ltd. KAY NOH Macquarie EUNICE BU Dongbu Securities Co Ltd LEE JAE-HOON Meritz Securities Co., Ltd LEE JONG-HYOUNG Eugene Investment & Securities Co., LtdGYUNG-JUNG KIM Leading Investment & Securities PARK JOON-MO

Source Co File Co File Co File ULT-AGG EXCH MF-AGG Co File ULT-AGG Co File EXCH MF-AGG ULT-AGG MF-AGG MF-AGG MF-AGG ULT-AGG MF-AGG MF-AGG MF-AGG EXCH

Recommendation buy buy buy buy buy underweight buy neutral buy buy buy Equalwt/In-Line buy buy buy buy buy buy buy buy buy in-line hold outperform buy hold buy hold market perform restricted buy buy buy hold

Amt Held 23'554'188 12'554'680 8'020'000 6'410'000 4'048'319 1'274'318 801'873 781'419 684'330 660'000 479'150 342'420 206'120 194'420 160'366 138'462 134'883 116'142 109'090 102'000

% Out 29.37 15.65 10 7.99 5.05 1.59 1 0.97 0.85 0.82 0.6 0.43 0.26 0.24 0.2 0.17 0.17 0.14 0.14 0.13

Weighting

Change

5 5 5 5 5 1 5 3 5 5 5 3 5 5 5 5 5 5 5 5 5 3 3 5 5 3 5 3 3 #N/A N/A 5 5 5 3

M M M M M D M M M M M M M M M U M M M M M M M M M M M M M M M M M N

Latest Chg (18'231) 6'460 (178'631) (258'660) (33'220) (38'880) (183'521) (78'725) 19'310 3'833 (3'000)

Target Price 50'000 55'000 50'000 52'000 34'000 #N/A N/A 52'000 45'000 50'000 51'000 53'000 48'000 50'000 50'000 46'000 46'000 50'000 44'000 47'000 44'000 46'000 33'000 36'500 40'000 41'000 #N/A N/A 40'000 40'000 36'000 #N/A N/A 36'000 44'000 46'000 53'000

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt 31.12.2012 31.12.2012 31.12.2012 31.03.2013 27.05.2013 31.12.2012 31.03.2013 25.09.2013 31.12.2012 24.10.2011 31.03.2013 30.06.2013 31.03.2013 31.03.2013 31.03.2013 30.04.2013 31.03.2013 31.03.2013 31.08.2013 13.09.2013

Date 6 month 12 month 6 month 12 month 12 month Not Provided 12 month Not Provided 12 month 12 month 12 month 12 month Not Provided 12 month 6 month 12 month 12 month 6 month 6 month 12 month 12 month 12 month Not Provided 6 month 6 month Not Provided 6 month 12 month 6 month Not Provided 12 month 6 month 12 month 12 month

Inst Type Corporation Corporation n/a Corporation Government Government Corporation Investment Advisor Corporation n/a Investment Advisor Unclassified Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor n/a

Date 27.09.2013 27.09.2013 22.09.2013 16.09.2013 13.09.2013 12.09.2013 09.09.2013 09.09.2013 09.09.2013 05.09.2013 03.09.2013 01.09.2013 16.08.2013 16.08.2013 16.08.2013 16.08.2013 16.08.2013 16.08.2013 16.08.2013 16.08.2013 16.08.2013 08.08.2013 06.08.2013 24.07.2013 08.07.2013 04.07.2013 20.06.2013 05.06.2013 15.05.2013 14.05.2013 22.04.2013 12.04.2013 29.01.2013 08.10.2012

27.09.2013

Daewoo Engineering & Construction Co Ltd Daewoo Engineering & Construction Co., Ltd. is a general engineering constructor. The Company's projects include architectural works, such as commercial buildings, public facilities, schools, hospitals, and civil works, such as highways, ports, tunnels, railways, and dams. Daewoo Engineering & Construction also constructs power plants, and residential buildings.

Price/Volume

2.0 M 1.5 M

6000

Latest Fiscal Year: LTM as of: 52-Week High (27.09.2012) 52-Week Low (10.07.2013) Daily Volume Current Price (9/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 30.06.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance 047040 KS EQUITY YTD Change 047040 KS EQUITY YTD % CHANGE

12/2012 06/yy 10'700.00 6'750.00 676'570.00 8930 -16.54% 32.30% 47.34% 415.6 3'711'510.25 2'461'214.00 0.0 0.0 332'794.86 5'571'821.38

1.0 M

4000

.5 M

2000 0 s-12

o-12

n-12

d-12

j-13

f-13 m-13 a-13 m-13

j-13

a-13

Fiscal Year Ended Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

2.5 M

10000 8000

Valuation Analysis

31.12.2008 6'577'701.4 0.77x 437'348.8 11.53x 247'004.3 11.53x

12000

31.12.2009 31.12.2010 7'097'386.8 6'719'062.4 0.88x 1.06x 340'266.0 (102'290.5) 18.29x 80'003.0 (813'601.2) 51.20x Profitability

LTM-4Q 31.12.2011 7'031'863.7 0.76x 383'800.0 13.92x 226'757.8 19.02x

LTM

FY+1

0.00 1.32 406.96 -15.36% -10.25% 1.315 31 3.387 652'702 630'311 586'463 FY+2

FQ+1

31.12.2012 06/yy 06/yy 12/13 Y 12/14 Y 09/13 Q3 8'180'269.6 ######### ######### ######### ######### ######### 0.76x 2.90x 2.65x 0.61x 0.53x 2.18x 391'688.2 409'087.5 401'196.9 452'956.0 516'639.7 131'414.0 15.87x 12.27x 11.90x 12.30x 10.78x 11.49x 159'399.1 175'753.2 127'781.7 237'097.3 333'250.7 58'000.0 25.64x 20.50x 22.72x 15.97x 10.89x 13.08x S&P Issuer Ratings 391'688.21 Long-Term Rating Date 352'494.21 Long-Term Rating 4.31% Long-Term Outlook 2.64% Short-Term Rating Date 1.74% Short-Term Rating 4.72% Credit Ratios 4.54% EBITDA/Interest Exp. 0.89% (EBITDA-Capex)/Interest Exp. Net Debt/EBITDA 9.8% Total Debt/EBITDA 4.8% Reference 4.3% Total Debt/Equity 1.9% Total Debt/Capital Asset Turnover 1.58 Net Fixed Asset Turnover 0.76 Accounts receivable turnover-days 26.30% Inventory Days 72.48% Accounts Payable Turnover Day 3.08 Cash Conversion Cycle 8.25

Price/ Cash Flow

.0 M s-13

FQ+2 12/13 Q4 ######### 1.99x 130'967.0 11.23x 101'931.0 11.92x 3.19 2.90 5.40 6.28 72.5% 42.0% 0.89 45.98 118.72 44.39 26.90 136.21

Sales/Revenue/Turnover

60.00

9'000'000.0 8'000'000.0

50.00

7'000'000.0 6'000'000.0

40.00

5'000'000.0 30.00

4'000'000.0 3'000'000.0

20.00

2'000'000.0 10.00 0.00 02.01.2010

1'000'000.0 0.0 02.07.2010

02.01.2011

02.07.2011

02.01.2012

02.07.2012

02.01.2013

02.07.2013

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

27.09.2013

Daewoo Engineering & Construction Co Ltd Holdings By:

All

Holder Name KDB VALUE VI LLC SEBT INVESTMENT LTD MIRAE ASSET GLOBAL I DAEWOO ENGINEERING & EMPLOYEE STOCK OWNER BLACKROCK VANGUARD GROUP INC SAMSUNG INVESTMENT T DIMENSIONAL FUND ADV KYOBO AXA INVESTMENT NORGES BANK KOREA INVESTMENT TRU NH-CA ASSET MANAGEME DNB ASSET MANAGEMENT WOORI ASSET MANAGEME KB ASSET MANAGEMENT JOHN HANCOCK ADVISER DNB NOR ASSET MANAGE CAISSE DE DEPOT ET P Hanwha Investment Tr

Firm Name

Portfolio Name n/a n/a n/a n/a n/a n/a n/a Multiple Portfolios n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios

Analyst

Korea Investment & Securities LEE KYUNG-JA KTB Securities SUN-MI KIM Shinhan Investment Corp SANG-YEON PARK Kyobo Securities CHO JOO-HYUNG E*Trade Securities Korea PARK YONG-HEE Hanwha Securities Co., Ltd CHO DONG-PIL Woori Investment & Securities WAYNE WANG-SANG LEE Morgan Stanley YUNICE YOUNG KYOUNG KIM Samsung Securities YUN SOK-MO Tong Yang Investment Bank SANG-HYUP CHONG LIG Investment Securities CHAE SANG-WOOK Deutsche Bank HAN SANG-HI Eugene Investment & Securities Co., LtdSEO BO-ICK Goldman Sachs JINMOOK KIM HMC Investment Securities Co Ltd LEE KWANG-SOO Daishin Securities Co., Ltd. CHO YOON-HO Daewoo Securities PARK HYUNG-RYUL NH Investment & Securities KANG SEUNG-MIN RYAN Hyundai Securities EMILY KIM KB Investment & Securities Co., Ltd HEU MOON-WOOK Credit Suisse SINN MIN-SEOK JPMorgan LEE SOKJE HSBC LEE YEON-JUNG Shinyoung Securities Co., Ltd. JONG-HYO HAN Daiwa Securities Co. Ltd. MIKE OH EVA Dimensions TIMOTHY STANISH Dongbu Securities Co Ltd YOO DEOK-SANG HI Investment Securities KIYOUNG ROH Hana Daetoo Securities SEUNG-WOO SHIN

Source Co File Co File EXCH Co File Co File ULT-AGG ULT-AGG MF-AGG ULT-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG

Recommendation neutral buy hold buy market perform buy hold Equalwt/In-Line buy buy buy hold buy Sell/Neutral hold market perform trading buy buy market perform buy underperform underweight neutral buy hold underweight hold buy not rated

Amt Held 210'931'209 51'042'007 22'297'974 4'736'918 2'456'275 2'410'952 2'147'722 1'798'838 1'750'652 655'970 561'181 272'343 260'910 207'950 204'644 178'747 163'300 134'400 123'855 116'250

% Out 50.75 12.28 5.36 1.14 0.59 0.58 0.52 0.43 0.42 0.16 0.14 0.07 0.06 0.05 0.05 0.04 0.04 0.03 0.03 0.03

Weighting

Change

3 5 3 5 3 5 3 3 5 5 5 3 5 1 3 3 5 5 3 5 1 1 3 5 3 1 3 5 #N/A N/A

M M N U M M M N M M M M M M M M M M M M M M M M M M M M M

Latest Chg 13'190 (555'985) (157'410) 15'340 (187'770) 14'278 (64'900) 207'950 2'600 9'280 134'400 (59'480)

Target Price #N/A N/A 11'000 9'900 10'000 8'500 10'000 8'200 8'000 9'600 9'000 9'000 7'300 11'000 6'400 7'500 9'200 10'000 10'000 8'700 10'800 7'000 6'500 8'000 11'000 7'800 #N/A N/A 9'000 10'000 #N/A N/A

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt 30.06.2013 30.06.2013 04.01.2011 30.06.2013 30.06.2013 25.09.2013 30.06.2013 31.03.2013 30.04.2013 31.03.2013 31.12.2012 31.03.2013 31.03.2013 31.05.2013 31.03.2013 31.03.2013 31.07.2013 31.05.2013 31.12.2012 31.03.2013

Date Not Provided 12 month 12 month 6 month 12 month 6 month 12 month 12 month 12 month 12 month 12 month 12 month 12 month 12 month 6 month 12 month 12 month 6 month 12 month 12 month Not Provided 3 month Not Provided 12 month Not Provided Not Provided 12 month 6 month Not Provided

Inst Type Government Investment Advisor Investment Advisor Corporation n/a Investment Advisor Unclassified Investment Advisor Investment Advisor Investment Advisor Government Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Unclassified

Date 27.09.2013 26.09.2013 24.09.2013 24.09.2013 24.09.2013 12.09.2013 11.09.2013 10.09.2013 10.09.2013 10.09.2013 09.09.2013 05.09.2013 29.08.2013 23.08.2013 30.07.2013 29.07.2013 25.07.2013 25.07.2013 25.07.2013 25.07.2013 24.07.2013 24.07.2013 24.07.2013 28.06.2013 19.06.2013 06.06.2013 25.04.2013 25.04.2013 25.02.2013

27.09.2013

Yuhan Corp Yuhan Corporation manufactures and markets various pharmaceutical products on its own and through joint ventures with other global pharmaceutical companies. The Company also produces personal care products, dietary supplements, and veterinary medicines.

Price/Volume 250000 200000 150000

Valuation Analysis

100000

Latest Fiscal Year: LTM as of: 52-Week High (30.04.2013) 52-Week Low (27.09.2012) Daily Volume Current Price (9/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 30.06.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance 000100 KS EQUITY YTD Change 000100 KS EQUITY YTD % CHANGE

12/2012 06/yy 216'000.00 152'500.00 33'300.00 195000 -9.72% 27.87% 60.63% 11.2 2'174'746.50 0.00 1'180.9 0.0 336'821.69 1'842'158.31

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

0 s-12

o-12

n-12

d-12

j-13

f-13 m-13 a-13 m-13

j-13

a-13

Market Data

Fiscal Year Ended 31.12.2008 595'720.0 3.29x 88'004.6 22.30x 125'683.2 18.67x

50000

31.12.2009 31.12.2010 630'347.3 649'324.3 2.44x 2.12x 97'507.2 102'593.7 15.76x 13.41x 121'327.0 134'322.2 16.44x 14.29x Profitability

LTM-4Q 31.12.2011 667'652.4 1.53x 67'561.0 15.14x 83'103.0 16.66x

31.12.2012 762'793.1 1.90x 45'205.4 32.07x 69'573.3 26.11x 45'205.38 30'404.63 3.99% 12.20% 5.34% 6.08% 6.21% 0.59% 31.1% 5.9% 4.0% 9.1% 4.02 3.27 0.00% 0.00% 4.89 6.02

Price/ Cash Flow

.2 M .2 M .2 M .1 M .1 M .1 M .1 M .1 M .0 M .0 M .0 M s-13

LTM

FY+1

0.64 0.66 6.58 27.10% 12.72% 0.658 19 4.684 31'416 30'508 31'368 FY+2

FQ+1

FQ+2

06/yy 06/yy 12/13 Y 12/14 Y 09/13 Q3 12/13 Q4 700'462.6 846'603.7 925'183.5 ######### 240'634.1 236'620.2 5.35x 6.93x 1.99x 1.75x 7.65x 7.76x 53'397.6 49'989.9 71'506.3 87'230.3 18'661.0 18'996.0 19.05x 31.11x 25.76x 21.12x 23.37x 22.67x 63'205.5 81'907.2 96'031.0 113'002.5 19'353.3 27'464.3 22.51x 23.44x 22.79x 19.42x 21.30x 20.50x S&P Issuer Ratings Long-Term Rating Date Long-Term Rating Long-Term Outlook Short-Term Rating Date Short-Term Rating Credit Ratios EBITDA/Interest Exp. (EBITDA-Capex)/Interest Exp. Net Debt/EBITDA Total Debt/EBITDA Reference Total Debt/Equity Total Debt/Capital Asset Turnover Net Fixed Asset Turnover Accounts receivable turnover-days Inventory Days Accounts Payable Turnover Day Cash Conversion Cycle

-7.45 0.00 0.0% 0.0% 0.59 4.72 74.82 60.75 50.88 84.69

Sales/Revenue/Turnover

30.00

900'000.0 800'000.0

25.00

700'000.0 600'000.0

20.00

500'000.0 15.00

400'000.0 300'000.0

10.00

200'000.0 5.00 0.00 02.01.2010

100'000.0 0.0 02.07.2010

02.01.2011

02.07.2011

02.01.2012

02.07.2012

02.01.2013

02.07.2013

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

27.09.2013

Yuhan Corp Holdings By:

All

Holder Name YUHAN FOUNDATION NATIONAL PENSION SER YUHAN ACADEMY YUHAN CORPORATION MIRAE ASSET GLOBAL I MATTHEWS INTERNATION COMMONWEALTH BANK OF SAMSUNG INVESTMENT T MATTHEWS INTERNATION BOSTON COMPANY ASSET NEWTON INV MGMT BLACKROCK MAPS INVESTMENT MANA UBS HANA ASSET MANAG VANGUARD GROUP INC DIMENSIONAL FUND ADV ALLIANZ GLOBAL INVES KB ASSET MANAGEMENT NORGES BANK TRUSTON ASSET MANAGE

Firm Name KTB Securities NH Investment & Securities YuHwa Securities Ltd Tong Yang Investment Bank Woori Investment & Securities EVA Dimensions Korea Investment & Securities Bookook Securities Co Ltd Hyundai Securities Shinhan Investment Corp SK Securities Co Ltd Hanwha Securities Co., Ltd KIWOOM Securities Co Ltd Samsung Securities Shinyoung Securities Co., Ltd. IBK Securities Co Ltd Macquarie HSBC Leading Investment & Securities KTB Securities

Portfolio Name n/a #N/A N/A n/a n/a n/a n/a n/a n/a Multiple Portfolios n/a n/a n/a Multiple Portfolios Multiple Portfolios n/a n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios

Analyst LEE HYE-RIN TAE HEE KIM JUNG-JOON CHOI MI-HYUN KIM LEE SEUNG-HO TIMOTHY STANISH LEE JUNG-IN JOO-YONG KIM KIM HYE-RIM BAE KIDAL HA TAE-GI JUNG BO-RA KIM JI-HYUN JUNGHYUN SHIN KIM HYUN-TAE KIM HYUN-WOOK JINWOO PARK NAM PARK EUN-HYUN JANG LEE HAE-RIN

Source Co File EXCH Co File Co File EXCH Co File ULT-AGG EXCH MF-AGG EXCH EXCH ULT-AGG MF-AGG MF-AGG ULT-AGG ULT-AGG MF-AGG MF-AGG MF-AGG MF-AGG

Recommendation buy buy buy buy buy buy buy buy buy trading buy buy buy buy buy buy buy neutral overweight buy buy

Amt Held 1'717'623 1'135'657 844'663 833'002 685'436 597'416 582'355 562'353 554'314 459'530 454'253 255'469 245'901 136'634 99'683 66'894 54'600 52'330 50'776 44'863

% Out 15.4 10.18 7.57 7.47 6.15 5.36 5.22 5.04 4.97 4.12 4.07 2.29 2.2 1.23 0.89 0.6 0.49 0.47 0.46 0.4

Weighting

Change 5 5 5 5 5 5 5 5 5 5 5 5 5 5 5 5 3 5 5 5

M M N M M U M N M M M M M M M M D M N M

Latest Chg 124'850 (235'214) (24'212) (113'659) (114'169) 1'805 42'993 7'124 (77'692) 195 (28'899) (4'455) (22'873)

Target Price 240'000 250'000 230'000 240'000 240'000 #N/A N/A 245'000 260'000 250'000 229'000 220'000 230'000 297'000 270'000 237'000 222'000 200'000 204'000 187'000 200'000

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt 31.12.2012 24.09.2013 31.12.2012 31.12.2012 30.04.2013 31.12.2012 28.02.2013 10.05.2013 28.06.2013 12.09.2012 04.11.2010 25.09.2013 31.03.2013 31.03.2013 30.06.2013 30.04.2013 31.03.2013 31.03.2013 31.12.2012 31.03.2013

Date 12 month 6 month 6 month 12 month 12 month Not Provided 12 month 6 month Not Provided 12 month 6 month 6 month 6 month 12 month 12 month 12 month 12 month Not Provided 12 month 12 month

Inst Type Other Government Other Corporation Investment Advisor Investment Advisor Bank Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Unclassified Investment Advisor Investment Advisor Investment Advisor Government Investment Advisor

Date 26.09.2013 25.09.2013 23.09.2013 17.09.2013 17.09.2013 11.09.2013 28.08.2013 07.08.2013 31.07.2013 31.07.2013 31.07.2013 31.07.2013 31.07.2013 30.07.2013 30.07.2013 09.07.2013 30.04.2013 14.03.2013 17.09.2012 05.01.2011

27.09.2013

Kumho Petro chemical Co Ltd Kumho Petro Chemical Co., Ltd. manufactures synthetic rubbers, synthetic resins, and rubber chemicals. The Company's products include styrene butadiene, acrylonitrile butadiene, polystyrene, expandable polystyrene, and antioxidant. The Company provides construction, transportation, and financial services through its subsidiaries.

Price/Volume

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (03.01.2013) 52-Week Low (21.06.2013) Daily Volume Current Price (9/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 30.06.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance 011780 KS EQUITY YTD Change 011780 KS EQUITY YTD % CHANGE

12/2012 06/yy 140'000.00 77'000.00 656'516.00 101000 -27.86% 31.17% 38.89% 30.5 3'077'236.75 1'776'526.00 15'117.0 0.0 198'202.42 4'588'821.18

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

.8 M

140000

.7 M

120000

.6 M

100000

.5 M

80000

.4 M

60000

.3 M

40000

.2 M

20000

.1 M

0 s-12

o-12

n-12

d-12

j-13

f-13 m-13 a-13 m-13

j-13

a-13

Fiscal Year Ended 31.12.2008 3'182'489.8 0.73x 353'461.4 6.61x (19'745.7) -

160000

31.12.2009 31.12.2010 2'801'661.9 3'886'336.8 0.94x 0.97x 217'969.6 468'306.2 12.11x 8.02x (614'839.4) 471'417.7 3.83x Profitability

LTM-4Q 31.12.2011 5'292'119.0 1.11x 778'082.0 7.53x 343'320.1 10.04x

LTM

31.12.2012 06/yy 06/yy 4'872'725.0 ######### ######### 0.99x 4.18x 3.87x 330'351.0 482'773.4 347'799.0 14.65x 10.17x 10.26x 96'116.4 138'776.7 71'329.9 36.10x 19.47x 31.59x 330'351.00 214'784.00 4.41% 2.06% 2.59% 7.37% 5.96% 1.31% 7.5% 6.8% 4.4% 2.0% 1.00 0.57 50.92% 142.19% 8.10 9.61

Price/ Cash Flow

1.98 1.30 16.04 -18.57% -22.61% 1.299 25 4.040 185'661 205'978 176'604

FY+1

FY+2

FQ+1

FQ+2

12/13 Y

12/14 Y

09/13 Q3

12/13 Q4

S&P Issuer Ratings

.0 M s-13

3.33 1.36 4.78 5.38 142.2% 58.4% 1.31 3.22 45.18 38.08 23.09 60.17

Sales/Revenue/Turnover

20.00

6'000'000.0

18.00

5'000'000.0

16.00 14.00

4'000'000.0

12.00

3'000'000.0

10.00 8.00

2'000'000.0

6.00 4.00

1'000'000.0

2.00 0.00 02.01.2010

0.0 02.07.2010

02.01.2011

02.07.2011

02.01.2012

02.07.2012

02.01.2013

02.07.2013

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

27.09.2013

Kumho Petro chemical Co Ltd Holdings By:

All

Holder Name KOREA KUMHO PETROCHE KOREA DEVELOPMENT BA CHEOL-WAN PARK JUN-GYEONG PARK CHAN-KOO PARK NATIONAL PENSION SER JP MORGAN BLACKROCK GOLDMAN SACHS GROUP VANGUARD GROUP INC NORGES BANK SAMSUNG INVESTMENT T KB ASSET MANAGEMENT GOLDMAN SACHS ASSET MIRAE ASSET GLOBAL I PCA INVESTMENT TRUST DIMENSIONAL FUND ADV FRANKLIN RESOURCES CAISSE DE DEPOT ET P LANSFORSAKRINGAR FON

Firm Name

Portfolio Name n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios n/a n/a Multiple Portfolios Multiple Portfolios

Analyst

Woori Investment & Securities KIM SUN-WOO Hyundai Securities BAEK YOUNG-CHAN Tong Yang Investment Bank HWANG KYU-WON KB Investment & Securities Co., Ltd PARK JAE-CHUL Samsung Securities SEUNGWOO KIM Taurus Investment Securities Co Ltd JAESUNG YOON HI Investment Securities LEE HEE-CHEOL Nomura CINDY PARK Hana Daetoo Securities WON YONG-JIN Daewoo Securities PARK YEON-JU Shinhan Investment Corp LEE EUNG-JU Mirae Asset Securities YOUNG-BAE KWON HSBC DENNIS HYUNCHUL YOO Meritz Securities Co., Ltd HWANG YOU SIK Eugene Investment & Securities Co., LtdKWAK JIN-HEE KIWOOM Securities Co Ltd KYUNG-HYUK MIN BS Securities Co Ltd SEUK-WON CHOI Deutsche Bank SHAWN PARK CIMB PETER K LEE Daiwa Securities Co. Ltd. JUNYONG BANG Daishin Securities Co., Ltd. JAE-SUNG YOON IBK Securities Co Ltd CHOONG-JAE LEE Standard Chartered DANIEL DO YEON LEE EVA Dimensions TIMOTHY STANISH Korea Investment & Securities PARK KIYONG LIG Investment Securities PARK YOUNG-HOON

Source Co File Co File EXCH EXCH EXCH EXCH ULT-AGG ULT-AGG ULT-AGG ULT-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG ULT-AGG ULT-AGG MF-AGG MF-AGG

Recommendation buy buy buy buy hold trading buy buy neutral buy hold trading buy buy neutral buy buy buy buy sell neutral hold buy buy in-line sell hold hold

Amt Held 5'592'528 4'281'715 3'046'782 2'183'120 2'030'964 1'562'325 1'254'384 306'230 252'880 199'747 170'124 164'109 81'726 73'212 52'528 50'703 42'540 38'142 36'795 36'011

% Out 18.36 14.05 10 7.17 6.67 5.13 4.12 1.01 0.83 0.66 0.56 0.54 0.27 0.24 0.17 0.17 0.14 0.13 0.12 0.12

Weighting

Change 5 5 5 5 3 5 5 3 5 3 5 5 3 5 5 5 5 1 3 3 5 5 3 1 3 3

M M M M M M M M M M D M U M M M M M M M M M M M M M

Latest Chg (24'954) 2'529 65'189 (100'492) (24'576) (119'447) 46'984 9'019 27'538 556 (789)

Target Price 130'000 110'000 140'000 110'000 96'000 120'000 115'000 103'000 120'000 #N/A N/A 110'000 105'000 90'000 110'000 115'000 105'000 100'000 73'000 94'000 79'000 105'000 100'000 100'000 #N/A N/A #N/A N/A #N/A N/A

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt 31.12.2012 31.12.2012 02.09.2013 02.09.2013 02.09.2013 10.08.2012 31.03.2013 25.09.2013 30.06.2013 30.06.2013 31.12.2012 31.03.2013 31.03.2013 31.03.2013 31.03.2013 31.03.2013 30.04.2013 31.03.2013 31.12.2012 31.03.2013

Date 12 month Not Provided 12 month 12 month 12 month 6 month 6 month Not Provided 12 month Not Provided 12 month 12 month Not Provided 6 month 12 month 6 month 6 month 12 month 12 month Not Provided 6 month 12 month 12 month Not Provided Not Provided Not Provided

Inst Type Corporation Government n/a n/a n/a Government Investment Advisor Investment Advisor Investment Advisor Unclassified Government Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor

Date 26.09.2013 24.09.2013 24.09.2013 24.09.2013 23.09.2013 10.09.2013 04.09.2013 26.08.2013 26.08.2013 21.08.2013 19.08.2013 22.07.2013 21.07.2013 19.07.2013 19.07.2013 19.07.2013 19.07.2013 18.07.2013 18.07.2013 18.07.2013 02.07.2013 01.07.2013 17.06.2013 06.06.2013 12.04.2013 25.09.2012

27.09.2013

Daewoo Securities Co Ltd Daewoo Securities Co., Ltd. is a financial institution offering a wide array of services to investors in South Korea and abroad, such as brokerage, dealing, underwriting, and distributing of equity and fixed income securities. Daewoo Securities also deals with mergers and acquisitions, foreign currency, and financial derivatives.

Price/Volume 14000

6.0 M

12000

5.0 M

10000

4.0 M

8000

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (27.09.2012) 52-Week Low (28.08.2013) Daily Volume Current Price (9/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 30.06.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance 006800 KS EQUITY YTD Change 006800 KS EQUITY YTD % CHANGE

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

2.0 M

4000

1.0 M

2000 0 s-12

o-12

n-12

d-12

j-13

f-13 m-13 a-13 m-13

j-13

a-13

Fiscal Year Ended 31.03.2009 1'124'624.7 10.25x 575'991.8 20.01x 180'503.9 20.69x

3.0 M

6000

03/2013 06/yy 13'100.00 8'970.00 772'244.00 10050 -23.28% 12.04% 24.70% 326.7 3'283'344.00 17'353'374.00 70'379.0 0.0 3'441'607.16 18'355'317.95

31.03.2010 31.03.2011 1'370'886.3 1'380'355.0 10.51x 11.31x 740'419.1 664'722.0 19.46x 23.49x 319'088.1 213'326.0 13.02x 22.72x Profitability

LTM-4Q 31.03.2012 1'345'641.0 11.69x 696'050.0 22.61x 171'568.0 20.34x

LTM

FY+1

1.19 1.50 308.07 -21.88% -15.36% 1.498 18 3.056 756'933 882'759 809'186 FY+2

FQ+1

FQ+2

31.03.2013 06/yy 06/yy 03/14 Y 03/15 Y 09/13 Q2 12/13 Q3 1'343'757.0 ######### ######### 13.21x 41.20x 54.06x 687'618.0 702'639.9 660'175.0 25.82x 21.10x 27.74x 99'121.0 158'790.0 81'267.0 160'686.5 237'367.0 40'836.5 46'356.0 39.15x 18.36x 41.02x 24.98x 19.15x S&P Issuer Ratings 687'618.00 Long-Term Rating Date - Long-Term Rating 15.10% Long-Term Outlook 9.80% Short-Term Rating Date 0.42% Short-Term Rating 2.63% Credit Ratios 0.50% EBITDA/Interest Exp. 0.06% (EBITDA-Capex)/Interest Exp. Net Debt/EBITDA - Total Debt/EBITDA 51.2% Reference - Total Debt/Equity 7.4% Total Debt/Capital Asset Turnover - Net Fixed Asset Turnover - Accounts receivable turnover-days 69.30% Inventory Days 439.36% Accounts Payable Turnover Day - Cash Conversion Cycle -

Price/ Cash Flow

.0 M s-13

20.23 25.24 439.4% 81.2% 0.06 5.35 -

Sales/Revenue/Turnover

14.00

1'600'000.0

12.00

1'400'000.0 1'200'000.0

10.00

1'000'000.0 8.00

800'000.0 6.00

600'000.0

4.00

400'000.0

2.00

200'000.0

0.00 03.04.2010

0.0 03.10.2010

03.04.2011

03.10.2011

03.04.2012

03.10.2012

03.04.2013

2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

27.09.2013

Daewoo Securities Co Ltd Holdings By:

All

Holder Name KDB FINANCIAL GROUP EMPLOYEE STOCK OWNER DAEWOO SECURITIES CO BLACKROCK DIMENSIONAL FUND ADV VANGUARD GROUP INC SAMSUNG INVESTMENT T NORGES BANK UBS HANA ASSET MANAG KYOBO AXA INVESTMENT MIRAE ASSET GLOBAL I CAISSE DE DEPOT ET P NH-CA ASSET MANAGEME WOORI ASSET MANAGEME KOREA INVESTMENT TRU EATON VANCE MANAGEME PICTET FUNDS CREDIT SUISSE AG JOHN HANCOCK ADVISER KB ASSET MANAGEMENT

Firm Name

Portfolio Name n/a n/a n/a n/a n/a n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios n/a n/a Multiple Portfolios Multiple Portfolios

Analyst

Hana Daetoo Securities HAN JEONG-TAE KTB Securities CHO SOUNG KYUNG Samsung Securities SEAN CHANG Shinhan Investment Corp SOHN MI-JI Tong Yang Investment Bank WON JAE-WOONG Woori Investment & Securities DAHEE WOO Hanwha Securities Co., Ltd YOON TAE-HO Morgan Stanley SARA LEE IBK Securities Co Ltd PARK JIN-HYOENG Daishin Securities Co., Ltd. KANG SEUNG-GUN EVA Dimensions DOUG WALTERS KIWOOM Securities Co Ltd SEO YOUNG-SOO Eugene Investment & Securities Co., LtdSEO BO-ICK Shinyoung Securities Co., Ltd. PARK EUN-JOON Deutsche Bank JEE HOON PARK Kyobo Securities KIM JI-YOUNG Korea Investment & Securities LEE CHUL-HO Hyundai Securities RHEE TAE-KYUNG Meritz Securities Co., Ltd PARK SUN-HO

Source Co File Co File Co File ULT-AGG ULT-AGG ULT-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG ULT-AGG ULT-AGG MF-AGG MF-AGG

Recommendation buy hold hold buy hold hold market perform Underwt/Cautious buy market perform underweight market perform reduce buy sell buy hold market perform buy

Amt Held 140'481'383 12'620'658 4'444'106 4'121'005 3'867'536 2'205'290 1'975'499 1'368'111 995'434 602'823 524'779 438'395 293'884 254'844 235'944 212'452 173'473 150'000 146'352 145'656

% Out 43 3.86 1.36 1.26 1.18 0.68 0.6 0.42 0.3 0.18 0.16 0.13 0.09 0.08 0.07 0.07 0.05 0.05 0.04 0.04

Weighting

Change 5 3 3 5 3 3 3 1 5 3 1 3 2 5 1 5 3 3 5

M M M M M M N M M M M M M M M M M M M

Latest Chg 46'570 (1'220'234) (118'214) 392'172 (24'170) 98'739 6'870 (27'821) (6'680) (3'910) 3'540

Target Price 16'000 11'000 8'000 12'000 10'000 11'000 10'000 7'000 12'500 9'951 #N/A N/A 10'000 10'000 14'800 7'000 16'000 #N/A N/A 11'000 16'000

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt 31.03.2013 31.03.2013 31.03.2013 25.09.2013 30.04.2013 30.06.2013 31.03.2013 31.12.2012 31.03.2013 31.03.2013 31.03.2013 31.12.2012 31.03.2013 31.03.2013 31.03.2013 30.06.2013 31.05.2013 31.05.2013 31.07.2013 31.03.2013

Date 12 month 12 month 12 month 12 month 12 month 12 month 6 month 12 month 12 month 6 month Not Provided 6 month 12 month 12 month 12 month 12 month Not Provided 6 month 6 month

Inst Type Holding Company n/a Unclassified Investment Advisor Investment Advisor Unclassified Investment Advisor Government Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor

Date 10.09.2013 06.09.2013 29.08.2013 19.08.2013 14.08.2013 14.08.2013 01.08.2013 18.07.2013 16.07.2013 04.07.2013 06.06.2013 26.04.2013 28.02.2013 28.02.2013 29.01.2013 23.10.2012 28.09.2012 03.05.2012 21.03.2012

27.09.2013

Korea Gas Corp Korea Gas Corporation manufactures, wholesales, and distributes liquefied natural gas (LNG) and liquefied petroleum gas (LPG) throughout South Korea. The Company also constructs and operates LNG receiving terminals and supplying networks for domestic distribution. Korea Gas invests in LNG suppliers in Oman and Qatar.

Price/Volume

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (12.11.2012) 52-Week Low (25.06.2013) Daily Volume Current Price (9/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 05.09.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance 036460 KS EQUITY YTD Change 036460 KS EQUITY YTD % CHANGE

12/2012 06/yy 84'486.70 45'868.35 273'880.00 57800 -31.59% 26.01% 31.93% 92.3 5'335'691.50 26'918'402.87 0.0 0.0 131'446.82 32'284'867.03

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

1.8 M

80000

1.6 M

70000

1.4 M

60000

1.2 M

50000

1.0 M

40000

.8 M

30000

.6 M

20000

.4 M

10000

.2 M

0 s-12

o-12

n-12

d-12

j-13

f-13 m-13 a-13 m-13

j-13

a-13

Fiscal Year Ended 31.12.2008 23'166'088.9 0.81x 1'181'217.0 15.90x 330'783.9 12.62x

90000

31.12.2009 31.12.2010 19'391'828.6 22'611'376.3 0.97x 0.98x 1'403'609.2 1'784'049.2 13.44x 12.44x 238'003.2 250'380.7 14.83x 14.07x Profitability

LTM-4Q 31.12.2011 28'254'770.7 0.92x 1'765'763.0 14.77x 208'399.0 14.53x

LTM

FY+1

.0 M s-13

2.84 0.54 40.29 -15.12% -20.38% 0.543 22 4.364 306'948 312'344 281'898 FY+2

FQ+1

FQ+2

31.12.2012 06/yy 06/yy 12/13 Y 12/14 Y 09/13 Q3 12/13 Q4 34'516'666.3 ######### ######### ######### - ######### ######### 0.93x 3.05x 3.64x 1'980'057.5 ######### ######### 16.28x 13.33x 15.05x 505'723.8 221'775.4 107'307.1 248'000.0 - (159'500.0) 115'700.0 10.78x 13.26x 35.70x S&P Issuer Ratings 1'980'057.53 Long-Term Rating Date 17.09.2012 1'196'602.97 Long-Term Rating A+ 3.47% Long-Term Outlook STABLE 1.95% Short-Term Rating Date 12.12.2011 1.37% Short-Term Rating A-1 6.59% Credit Ratios 3.71% EBITDA/Interest Exp. 2.10 0.94% (EBITDA-Capex)/Interest Exp. 0.34 Net Debt/EBITDA 13.50 4.3% Total Debt/EBITDA 13.59 5.7% Reference 3.5% Total Debt/Equity 337.9% 1.5% Total Debt/Capital 77.2% Asset Turnover 0.94 1.12 Net Fixed Asset Turnover 2.06 0.78 Accounts receivable turnover-days 72.53 68.40% Inventory Days 29.07 337.92% Accounts Payable Turnover Day 23.74 5.05 Cash Conversion Cycle 77.86 12.59

Price/ Cash Flow

Sales/Revenue/Turnover

30.00

40'000'000.0 35'000'000.0

25.00

30'000'000.0 20.00

25'000'000.0 20'000'000.0

15.00

15'000'000.0

10.00

10'000'000.0 5.00 0.00 02.01.2010

5'000'000.0 0.0 02.07.2010

02.01.2011

02.07.2011

02.01.2012

02.07.2012

02.01.2013

02.07.2013

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

27.09.2013

Korea Gas Corp Holdings By:

All

Holder Name REPUBLIC OF KOREA KOREA ELECTRIC POWER NATIONAL PENSION SER KOREA GAS CORP EMPLOYEE STOCK OWNER BLACKROCK SAMSUNG INVESTMENT T SHINHAN BNP PARIBAS VANGUARD GROUP INC MAPS INVESTMENT MANA MIRAE ASSET GLOBAL I KYOBO AXA INVESTMENT MIDAS ASSET MANAGEME DIMENSIONAL FUND ADV HI ASSET MANAGEMENT KTB ASSET MANAGEMENT PRINCIPAL FINANCIAL KOREA INVESTMENT TRU NH-CA ASSET MANAGEME ROBECO

Firm Name

Portfolio Name n/a n/a n/a n/a n/a n/a Multiple Portfolios Multiple Portfolios n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios n/a Multiple Portfolios Multiple Portfolios n/a Multiple Portfolios Multiple Portfolios n/a

Analyst

KTB Securities SHIN JI-YOON Eugene Investment & Securities Co., LtdJOO ICK-CHAN Deutsche Bank HAN SANG-HI Daishin Securities Co., Ltd. YANG JI-HWAN Samsung Securities SUJIN BUM Shinyoung Securities Co., Ltd. HWANG CHANG-SEOK Korea Investment & Securities YUN HEE-DO Shinhan Investment Corp MINHO HUR Daewoo Securities RYU JE-HYUN JAY KB Investment & Securities Co., Ltd CHOI WON-YEOL Dongbu Securities Co Ltd YOO DEOK-SANG Macquarie EUGENE JUNG KIWOOM Securities Co Ltd KIM SANG-KU Mirae Asset Securities LEE HAK-MOO Hana Daetoo Securities SEONG-BONG PARK Credit Suisse CHO A-HYUNG EVA Dimensions DOUG WALTERS E*Trade Securities Korea PARK YONG-HEE JPMorgan SCOTT YH SEO Woori Investment & Securities LEE CHANG-MOK Hyundai Securities KIM DAE-SUNG Meritz Securities Co., Ltd KIM SEUNG CHURL

Source Co File Co File Co File Co File Co File ULT-AGG MF-AGG MF-AGG ULT-AGG MF-AGG MF-AGG MF-AGG MF-AGG ULT-AGG MF-AGG MF-AGG ULT-AGG MF-AGG MF-AGG ULT-AGG

Recommendation buy buy hold buy hold buy buy buy buy hold buy neutral outperform buy buy neutral underweight buy suspended coverage buy buy buy

Amt Held 20'758'110 18'900'000 5'646'865 4'675'760 2'018'807 639'079 429'479 295'855 267'626 181'237 149'084 142'003 122'631 118'677 114'679 105'667 95'288 87'178 76'670 75'930

% Out 22.49 20.47 6.12 5.07 2.19 0.69 0.47 0.32 0.29 0.2 0.16 0.15 0.13 0.13 0.12 0.11 0.1 0.09 0.08 0.08

Weighting

Change

5 5 3 5 3 5 5 5 5 3 5 3 5 5 5 3 1 5 #N/A N/A 5 5 5

M M M M M M M M M M M M D M M M M N M M N M

Latest Chg 4'542 (4'418) 93'182 (188'863) 21'090 (13'390) (10'757) (97'112) 57'977 33'494 95'288 4'768 (24'910) 1'047

Target Price 84'100 108'000 58'483 78'300 57'033 81'200 106'333 67'667 77'333 58'967 69'600 57'033 66'700 87'000 78'300 67'667 #N/A N/A 93'767 #N/A N/A 91'833 98'117 106'333

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012 25.09.2013 31.03.2013 31.03.2013 30.06.2013 31.03.2013 31.03.2013 31.03.2013 31.03.2013 30.04.2013 31.03.2013 31.03.2013 30.06.2013 31.03.2013 31.03.2013 30.04.2013

Date 12 month 12 month 12 month 12 month 12 month 12 month 12 month 12 month 12 month 12 month 12 month 12 month 6 month 12 month 12 month Not Provided Not Provided 12 month Not Provided 12 month 12 month 6 month

Inst Type Government Government Government Corporation n/a Investment Advisor Investment Advisor Investment Advisor Unclassified Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Unclassified

Date 24.09.2013 23.09.2013 04.09.2013 04.09.2013 04.09.2013 04.09.2013 03.09.2013 30.08.2013 29.08.2013 29.08.2013 14.08.2013 14.08.2013 14.08.2013 14.08.2013 14.08.2013 13.08.2013 06.06.2013 13.05.2013 08.05.2013 03.04.2013 08.03.2013 19.11.2012

27.09.2013

Korea Investment Holdings Co Ltd Korea Investment Holdings Co., Ltd. is a financial holding company. The Company operates and controls its financial subsidiaries such as Korea Investment & Securities, Korea Investment Partners, and Korea Investment Mutual Savings Bank.

Price/Volume

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (20.05.2013) 52-Week Low (16.11.2012) Daily Volume Current Price (9/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 30.06.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance 071050 KS EQUITY YTD Change 071050 KS EQUITY YTD % CHANGE

03/2013 06/yy 48'250.00 34'900.00 106'367.00 41150 -14.72% 17.91% 49.81% 55.7 2'293'124.50 958'440.14 29'291.3 0.0 160'223.35 2'968'291.73

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

31.03.2010 31.03.2011 276'087.9 39'996.0 8.98x 73.14x 257'542.1 9.62x 211'265.5 (30'148.7) 8.58x Profitability

LTM-4Q 31.03.2012 331'361.7 10.87x 274'752.2 9.59x

31.03.2013 187'958.0 17.27x 131'186.1 20.46x

93.38% 69.80% 3.62% 4.95% 3.65% 0.05% 69.8% 26.91% 37.58% -

Price/ Cash Flow

.3 M .2 M .2 M .1 M .1 M

o-12

n-12

d-12

LTM

06/yy 06/yy 194'330.4 175'595.0 62.58x 68.69x 0.0 179'043.0 0.00x 0.00x 137'766.5 122'131.4 16.15x 19.92x

j-13

f-13 m-13

a-13 m-13

j-13

a-13

.0 M s-13

1.46 1.35 36.35 4.27% -1.98% 1.353 15 4.600 86'120 88'894 74'982

FY+1

FY+2

FQ+1

FQ+2

03/14 Y

03/15 Y

09/13 Q2

12/13 Q3

S&P Issuer Ratings

37.6% 27.1% 0.05 8089.57 -

Sales/Revenue/Turnover

18.00

700'000.0

16.00

600'000.0

14.00

500'000.0

12.00

400'000.0

10.00

300'000.0

8.00

200'000.0

6.00

100'000.0

4.00

0.0

2.00 0.00 03.04.2010

.3 M

Fiscal Year Ended 31.03.2009 (123'176.0) (134'822.0) (141'735.1) -

50000 45000 40000 35000 30000 25000 20000 15000 10000 5000 0 s-12

-100'000.0 03.10.2010

03.04.2011

03.10.2011

03.04.2012

03.10.2012

03.04.2013

2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013

-200'000.0

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

27.09.2013

Korea Investment Holdings Co Ltd Holdings By:

All

Holder Name NAM-GOO KIM NATIONAL PENSION SER ORBIS INVESTMENT MAN PLATINUM INVESTMENT TRUSTON ASSET MANAGE KOREA INVESTMENT HOL DIMENSIONAL FUND ADV FRANKLIN RESOURCES BLACKROCK VANGUARD GROUP INC PCA INVESTMENT TRUST KB ASSET MANAGEMENT SAMSUNG INVESTMENT T NORGES BANK HI ASSET MANAGEMENT JP MORGAN KYOBO AXA INVESTMENT INVESCO ASSET MANAGE SHINHAN BNP PARIBAS VALIC CO I

Firm Name EVA Dimensions Hana Daetoo Securities Samsung Securities KTB Securities Shinhan Investment Corp Shinyoung Securities Co., Ltd. Morgan Stanley Woori Investment & Securities Daishin Securities Co., Ltd. Daewoo Securities KIWOOM Securities Co Ltd Deutsche Bank Kyobo Securities Tong Yang Investment Bank

Portfolio Name n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios

Analyst DOUG WALTERS HAN JEONG-TAE SEAN CHANG CHO SOUNG KYUNG SOHN MI-JI BAE-SEUNG JUN SARA LEE DAHEE WOO KANG SEUNG-GUN JEONG GIL-WON SEO YOUNG-SOO JEE HOON PARK KIM JI-YOUNG WON JAE-WOONG

Source EXCH EXCH Co File Co File EXCH Co File ULT-AGG ULT-AGG ULT-AGG ULT-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG ULT-AGG MF-AGG MF-AGG MF-AGG MF-AGG

Recommendation hold buy buy buy buy buy Equalwt/Cautious buy buy buy outperform hold buy buy

Amt Held 11'271'636 5'086'222 4'467'573 4'320'864 3'576'316 2'987'479 1'001'906 884'170 826'893 481'110 476'172 455'111 408'159 317'218 208'592 139'000 138'610 131'747 129'648 129'250

% Out 20.23 9.13 8.02 7.75 6.42 5.36 1.8 1.59 1.48 0.86 0.85 0.82 0.73 0.57 0.37 0.25 0.25 0.24 0.23 0.23

Weighting

Change 3 5 5 5 5 5 3 5 5 5 5 3 5 5

U M M M M M D M M M D D M M

Latest Chg 559'544 760'378 1'260 (221'446) 6'020 (336'295) (44'798) (3'350) (52'752) 144'531 139'000 (3'210) 21'930 (59'913) -

Target Price #N/A N/A 50'000 46'000 50'000 53'000 56'000 46'000 53'000 55'000 58'000 55'000 46'000 58'000 53'000

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt 26.07.2013 18.04.2013 31.03.2013 31.03.2013 05.06.2013 31.03.2013 30.04.2013 28.06.2013 25.09.2013 30.06.2013 31.03.2013 31.03.2013 31.03.2013 31.12.2012 31.03.2013 31.03.2013 31.03.2013 31.01.2013 31.03.2013 31.05.2013

Date Not Provided 12 month 12 month 12 month 12 month 12 month 12 month 12 month 6 month 12 month 6 month 12 month 12 month 12 month

Inst Type n/a Government Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Unclassified Investment Advisor Investment Advisor Investment Advisor Government Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor

Date 16.09.2013 10.09.2013 29.08.2013 27.08.2013 19.08.2013 07.08.2013 19.07.2013 12.07.2013 04.07.2013 21.06.2013 26.04.2013 29.01.2013 08.01.2013 23.10.2012

27.09.2013

Shinsegae Co Ltd Shinsegae Co., Ltd. operates department stores in South Korea. The Company retails food, clothing, household goods, electronics, and other items through several branch stores.

Price/Volume 250000

.1 M .1 M

200000

.1 M

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (06.05.2013) 52-Week Low (29.10.2012) Daily Volume Current Price (9/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 30.06.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance 004170 KS EQUITY YTD Change 004170 KS EQUITY YTD % CHANGE

12/2012 06/yy 243'000.00 188'000.00 63'667.00 230000 -5.35% 22.34% 71.82% 9.8 2'264'391.75 1'938'562.00 0.0 0.0 12'257.00 4'284'482.83

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

.1 M

100000

.1 M .0 M

50000

.0 M

0 s-12

o-12

n-12

d-12

j-13

f-13 m-13 a-13 m-13

j-13

a-13

Fiscal Year Ended 31.12.2008 8'891'057.0 1.48x 1'065'709.9 12.37x 573'805.3 15.84x

150000

31.12.2009 31.12.2010 10'001'633.7 1'311'298.0 1.39x 11.23x 1'224'344.1 301'388.7 11.37x 48.88x 568'039.4 1'119'708.5 17.83x 90.19x Profitability

LTM-4Q 31.12.2011 1'430'634.0 2.13x 319'215.4 9.53x 3'381'885.7 29.55x

LTM

FY+1

.0 M s-13

0.43 0.93 6.91 8.73% 5.26% 0.932 38 4.000 28'029 34'338 29'715 FY+2

FQ+1

FQ+2

31.12.2012 06/yy 06/yy 12/13 Y 12/14 Y 09/13 Q3 12/13 Q4 1'521'213.0 ######### ######### ######### ######### 422'872.3 510'273.0 2.68x 8.66x 9.91x 2.12x 2.04x 9.02x 7.47x 310'908.7 315'846.1 316'255.3 427'781.7 469'086.3 58'304.0 108'061.0 13.11x 9.43x 12.95x 10.02x 9.13x 12.56x 12.53x 137'920.3 156'469.7 121'380.4 159'325.6 185'483.0 11'811.3 58'521.6 15.58x 15.42x 17.10x 13.97x 12.12x 15.36x 14.77x S&P Issuer Ratings 310'908.71 Long-Term Rating Date 02.05.2011 182'883.71 Long-Term Rating NR 12.02% Long-Term Outlook 11.89% Short-Term Rating Date 3.10% Short-Term Rating 6.87% Credit Ratios 5.24% EBITDA/Interest Exp. 6.52 0.34% (EBITDA-Capex)/Interest Exp. 2.69 Net Debt/EBITDA 6.20 74.3% Total Debt/EBITDA 6.24 20.4% Reference 12.0% Total Debt/Equity 92.0% 9.1% Total Debt/Capital 47.9% Asset Turnover 0.34 0.16 Net Fixed Asset Turnover 0.76 0.07 Accounts receivable turnover-days 16.45 37.20% Inventory Days 46.02 92.05% Accounts Payable Turnover Day 24.92 22.25 Cash Conversion Cycle 37.54 7.95

Price/ Cash Flow

Sales/Revenue/Turnover

18.00

12'000'000.0

16.00

10'000'000.0

14.00

8'000'000.0

12.00 10.00

6'000'000.0

8.00

4'000'000.0

6.00 4.00

2'000'000.0

2.00 0.00 02.01.2010

0.0 02.07.2010

02.01.2011

02.07.2011

02.01.2012

02.07.2012

02.01.2013

02.07.2013

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

27.09.2013

Shinsegae Co Ltd Holdings By:

All

Holder Name MYUNG-HEE LEE ABERDEEN ABERDEEN GLOBAL FUND OPPENHEIMERFUNDS INC YONG-JIN CHUNG NATIONAL PENSION SER COMMONWEALTH BANK OF BLACKROCK DIMENSIONAL FUND ADV BANK OF NEW YORK MEL VANGUARD GROUP INC JP MORGAN SAMSUNG INVESTMENT T DANSKE INVEST MANAGE MACQUARIE GROUP T ROWE PRICE ASSOCIA DANSKE INVEST A/S DUPONT CAPITAL MANAG MIRAE ASSET GLOBAL I HIRTLE CALLAGHAN & C

Firm Name

Portfolio Name n/a n/a n/a n/a n/a n/a n/a n/a n/a Multiple Portfolios n/a n/a Multiple Portfolios Multiple Portfolios n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios

Analyst

KTB Securities LEE HYE-RIN Shinhan Investment Corp PARK HEE-JIN Daishin Securities Co., Ltd. CHUNG YON-WOO Hyundai Securities LEE SANG-KOO HMC Investment Securities Co Ltd Park Jong Ryeol Hana Daetoo Securities PARK JONG-DAE Mirae Asset Securities YUMI PARK Deutsche Bank JI-HYUN SONG JPMorgan YOUNA KIM Daiwa Securities Co. Ltd. SANG HEE PARK Barclays PAUL HWANG NH Investment & Securities HONG SUNG-SOO BNP Paribas Equity Research BOYOUNG KIM Woori Investment & Securities GENE PARK KB Investment & Securities Co., Ltd LEE JI-YEON Nomura CARA EUN JUNG SONG CIMB HOWON RIM HI Investment Securities MIN YOUNG-SANG KIWOOM Securities Co Ltd SOHN YOON-KYUNG Standard Chartered YUNICE YOUNG KYOUNG KIM Samsung Securities OJ NAM LIG Investment Securities LEE JI-YOUNG Morgan Stanley KELLY H KIM HSBC KAREN CHOI IBK Securities Co Ltd JI-YOUNG AHN BS Securities Co Ltd LINA OH Shinyoung Securities Co., Ltd. SEO JUNG-YEON Korea Investment & Securities YEO YEONGSANG Goldman Sachs CHRISTINE CHO Macquarie NA HONG-SUK Credit Suisse SONIA KIM SEUNG-HYUN Dongbu Securities Co Ltd CHA JAE-HEON EVA Dimensions CRAIG STERLING Meritz Securities Co., Ltd YOO JOO-YEON Daewoo Securities KIM MINA UBS JENNIFER HAN Eugene Investment & Securities Co., LtdKIM MI-YEON Taurus Investment Securities Co Ltd JI-HYO KIM

Source Co File ULT-AGG EXCH EXCH Co File EXCH ULT-AGG ULT-AGG ULT-AGG MF-AGG ULT-AGG ULT-AGG MF-AGG MF-AGG ULT-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG

Recommendation buy buy buy buy hold buy hold hold neutral hold overweight buy hold hold hold neutral neutral buy outperform in-line hold hold Equalwt/In-Line overweight buy buy buy buy neutral/neutral neutral neutral buy hold buy trading buy neutral hold hold

Amt Held 1'702'890 1'221'383 847'825 797'590 720'203 492'739 412'958 185'551 112'564 94'280 79'771 70'701 48'314 44'000 29'232 27'497 26'619 24'351 21'580 21'238

% Out 17.3 12.41 8.61 8.1 7.32 5 4.19 1.88 1.14 0.96 0.81 0.72 0.49 0.45 0.3 0.28 0.27 0.25 0.22 0.22

Weighting

Change 5 5 5 5 3 5 3 3 3 3 5 5 3 3 3 3 3 5 5 3 3 3 3 5 5 5 5 5 3 3 3 5 3 5 5 3 3 3

M M M M M M M M M M M M M M N M N M M N M M M M M M M M N M M M D M M M D N

Latest Chg (101'521) (102'000) 49'015 (197'302) 3'644 4'728 (11'841) (60'881) 30'036 (1'128) 2'000 (117'205) 5'000 3'617 -

Target Price 290'000 277'000 288'000 300'000 240'000 280'000 240'000 216'000 230'000 210'000 270'000 260'000 230'000 230'000 220'000 230'000 240'000 290'000 250'000 243'000 257'000 225'000 240'000 280'000 310'000 260'000 240'000 250'000 240'000 224'000 240'000 290'000 #N/A N/A 276'000 252'000 220'000 240'000 240'000

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt 31.12.2012 31.07.2013 10.07.2013 05.08.2013 31.12.2012 21.06.2013 02.04.2012 25.09.2013 30.04.2013 25.09.2013 30.06.2013 31.07.2013 31.03.2013 28.06.2013 31.07.2013 30.06.2013 31.05.2013 28.06.2013 31.03.2013 28.03.2013

Date 12 month 12 month 6 month Not Provided 6 month 12 month 12 month 12 month 9 month Not Provided Not Provided 6 month 12 month 12 month 12 month Not Provided 12 month 6 month 6 month 12 month 12 month 12 month 12 month Not Provided 12 month 6 month 12 month 12 month 12 month 12 month Not Provided 12 month Not Provided 6 month 12 month 12 month 12 month 6 month

Inst Type n/a Investment Advisor n/a Investment Advisor n/a Government Bank Investment Advisor Investment Advisor Investment Advisor Unclassified Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor

Date 27.09.2013 25.09.2013 24.09.2013 24.09.2013 24.09.2013 23.09.2013 12.09.2013 11.09.2013 11.09.2013 11.09.2013 11.09.2013 10.09.2013 10.09.2013 03.09.2013 02.09.2013 16.08.2013 28.07.2013 23.07.2013 22.07.2013 17.07.2013 17.07.2013 17.07.2013 16.07.2013 16.07.2013 10.07.2013 17.06.2013 29.05.2013 16.05.2013 05.05.2013 17.04.2013 16.04.2013 04.04.2013 15.03.2013 08.01.2013 14.12.2012 11.12.2012 16.08.2012 26.06.2012

27.09.2013

Hanwha Corp Hanwha Corporation imports and exports petrochemicals, machinery, automotives, electronics, and steel. The Company also produces explosives for the defense and construction industries. In addition, Hanwha manufactures automotive airbag inflators and telecommunication equipment, such as wireless phones and provides financial services through its subsidiaries.

Price/Volume .4 M

30000

.4 M .3 M .3 M

20000

Latest Fiscal Year: LTM as of: 52-Week High (26.09.2013) 52-Week Low (25.06.2013) Daily Volume Current Price (9/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 30.06.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance 000880 KS EQUITY YTD Change 000880 KS EQUITY YTD % CHANGE

12/2012 06/yy 37'450.00 28'700.00 183'608.00 37200 -0.67% 29.62% 96.57% 75.0 2'788'465.00 2'014'523.40 0.0 0.0 105'146.64 4'627'652.93

.2 M

15000

.2 M

10000

.1 M

5000

.1 M

0 s-12

o-12

n-12

d-12

j-13

f-13 m-13

a-13 m-13

j-13

a-13

Fiscal Year Ended Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

.5 M

35000 25000

Valuation Analysis

31.12.2008 4'942'288.3 0.73x 269'988.1 13.28x 293'413.1 4.53x

40000

31.12.2009 31.12.2010 4'675'860.5 5'230'965.2 1.12x 1.03x 280'669.0 289'411.7 18.71x 18.62x 561'470.7 129'869.6 5.92x 25.01x Profitability

LTM-4Q 31.12.2011 5'426'938.7 0.80x 160'036.0 27.16x 69'558.3 33.15x

LTM

FY+1

1.21 1.12 47.02 11.17% 8.77% 1.125 12 4.500 250'093 215'797 175'854 FY+2

FQ+1

FQ+2

31.12.2012 06/yy 06/yy 12/13 Y 12/14 Y 09/13 Q3 12/13 Q4 5'242'016.5 ######### ######### ######### ######### ######### ######### 0.82x 3.07x 3.42x 161'489.0 162'290.6 156'369.4 26.55x 24.37x 24.75x 69'286.6 68'202.6 51'130.5 34.34x 28.84x 40.05x S&P Issuer Ratings 161'489.04 Long-Term Rating Date 112'742.89 Long-Term Rating 2.15% Long-Term Outlook 1.37% Short-Term Rating Date 1.14% Short-Term Rating 2.66% Credit Ratios 3.39% EBITDA/Interest Exp. 0.87% (EBITDA-Capex)/Interest Exp. Net Debt/EBITDA 7.5% Total Debt/EBITDA 3.1% Reference 2.2% Total Debt/Equity 1.3% Total Debt/Capital Asset Turnover 0.80 Net Fixed Asset Turnover 0.40 Accounts receivable turnover-days 33.87% Inventory Days 77.36% Accounts Payable Turnover Day 6.65 Cash Conversion Cycle 7.67

Price/ Cash Flow

.0 M s-13

1.62 0.75 11.82 12.47 77.4% 43.6% 0.87 7.04 55.01 47.73 48.95 53.79

Sales/Revenue/Turnover

40.00

6'000'000.0

35.00

5'000'000.0

30.00

4'000'000.0

25.00 20.00

3'000'000.0

15.00

2'000'000.0

10.00

1'000'000.0 5.00 0.00 02.01.2010

0.0 02.07.2010

02.01.2011

02.07.2011

02.01.2012

02.07.2012

02.01.2013

02.07.2013

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

27.09.2013

Hanwha Corp Holdings By:

All

Holder Name SEUNG-YOUN KIM HANWHA CORP NATIONAL PENSION SER BLACKROCK GRANTHAM MAYO VAN OT DIMENSIONAL FUND ADV VANGUARD GROUP INC SAMSUNG INVESTMENT T ACADIAN ASSET MANAGE KYOBO AXA INVESTMENT STATE STREET CORP MIRAE ASSET GLOBAL I BANK OF NEW YORK MEL CONSUS ASSET MANAGEM KOREA INVESTMENT TRU UBI PRAMERICA SGR APS ASSET MGMT WOORI ASSET MANAGEME NH-CA ASSET MANAGEME EATON VANCE MANAGEME

Firm Name Hyundai Securities IBK Securities Co Ltd Hanwha Securities Co., Ltd Shinhan Investment Corp Daewoo Securities KB Investment & Securities Co., Ltd Korea Investment & Securities EVA Dimensions Hana Daetoo Securities KTB Securities E*Trade Securities Korea KIWOOM Securities Co Ltd LIG Investment Securities

Portfolio Name n/a n/a n/a n/a Multiple Portfolios n/a n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios

Analyst JUN YONG-KI JANG-WON KIM KYU-SUN SHIM SONG IN-CHAN DAERO JEONG LEE SANG-WON LEE HOON TIMOTHY STANISH SHIN SEUNG-HYUN OH JIN-WON KIM JOON-SUP WILLIAM PARK JOONG-SUN KANG BONG-WOO

Source EXCH Co File Co File ULT-AGG MF-AGG ULT-AGG ULT-AGG MF-AGG MF-AGG MF-AGG ULT-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG

Recommendation buy buy buy buy buy buy buy hold neutral buy buy market perform buy

Amt Held 16'977'949 5'880'000 5'058'440 1'169'536 1'012'405 929'935 595'144 309'579 244'550 230'310 221'238 142'983 140'343 125'879 72'819 71'789 69'400 64'520 57'923 55'590

% Out 22.65 7.84 6.75 1.56 1.35 1.24 0.79 0.41 0.33 0.31 0.3 0.19 0.19 0.17 0.1 0.1 0.09 0.09 0.08 0.07

Weighting

Change 5 5 5 5 5 5 5 3 3 5 5 3 5

M M N M M M M M M M M N M

Latest Chg (10'600) 18'940 (382'262) (22'515) 5'590 (6'540) 22'450 780 124'590 (38'770) 54'480 2'120 7'610 -

Target Price 45'000 45'000 43'000 40'000 42'000 46'000 42'000 #N/A N/A 34'000 41'000 45'000 34'500 43'000

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt 16.04.2013 31.12.2012 31.12.2012 25.09.2013 31.05.2013 31.01.2013 30.06.2013 31.03.2013 31.07.2013 31.03.2013 26.09.2013 31.03.2013 25.09.2013 31.03.2013 31.03.2013 31.08.2013 31.05.2013 31.03.2013 31.03.2013 30.06.2013

Date 12 month Not Provided 6 month 12 month 12 month 12 month 12 month Not Provided 12 month 12 month 12 month 6 month 12 month

Inst Type n/a Corporation Government Investment Advisor Investment Advisor Investment Advisor Unclassified Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor

Date 23.09.2013 11.09.2013 29.08.2013 21.08.2013 16.08.2013 16.08.2013 14.08.2013 06.06.2013 13.05.2013 31.03.2013 12.03.2013 18.12.2012 23.05.2012

27.09.2013

Doosan Infracore Co Ltd Doosan Infracore Co., Ltd. manufactures machinery for construction. The Company's products include construction equipment, industrial vehicles, diesel engines, power generators, machine tools, factory automation system, and other products, such as armored vehicles for the defense industry.

Price/Volume 25000 20000 15000

Valuation Analysis

10000

Latest Fiscal Year: LTM as of: 52-Week High (27.09.2012) 52-Week Low (25.06.2013) Daily Volume Current Price (9/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 30.06.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance 042670 KS EQUITY YTD Change 042670 KS EQUITY YTD % CHANGE

12/2012 06/yy 19'400.00 10'100.00 1'140'575.00 16250 -16.24% 60.89% 69.89% 168.7 2'740'693.00 3'546'246.53 0.0 0.0 198'738.73 6'435'981.96

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

0 s-12

o-12

n-12

d-12

j-13

f-13 m-13 a-13 m-13

j-13

a-13

Market Data

Fiscal Year Ended 31.12.2008 3'963'379.0 0.95x 418'027.2 9.05x (121'818.1) -

5000

31.12.2009 31.12.2010 2'663'206.1 3'879'948.0 1.97x 1.73x 298'457.3 613'796.0 17.60x 10.96x (311'103.7) 189'658.8 27.61x Profitability

LTM-4Q 31.12.2011 4'426'917.0 1.24x 456'701.0 11.99x 313'803.0 12.35x

LTM

31.12.2012 06/yy 06/yy 4'243'619.0 ######### ######### 1.46x 4.75x 6.33x 160'950.8 373'848.7 14'310.5 38.61x 15.11x 384.33x (121'314.1) 127'179.3 (233'681.8) 54.61x 0.00x 160'950.81 53'691.81 1.27% -4.98% -3.61% -12.45% 0.58% 16.9% 0.4% -2.9% -2.9% 0.77 0.42 52.43% 165.48% 3.73 6.07

Price/ Cash Flow

5.0 M 4.5 M 4.0 M 3.5 M 3.0 M 2.5 M 2.0 M 1.5 M 1.0 M .5 M .0 M s-13

1.41 86.60 -16.02% -4.41% 1.411 27 4.185 2'185'036 1'987'098 1'466'246

FY+1

FY+2

FQ+1

FQ+2

12/13 Y

12/14 Y

09/13 Q3

12/13 Q4

7.11x S&P Issuer Ratings

1.15 -0.39 253.43 262.27 165.5% 62.3% 0.58 2.82 97.90 60.14 62.67 77.12

Sales/Revenue/Turnover

60.00

5'000'000.0 4'500'000.0

50.00

4'000'000.0 3'500'000.0

40.00

3'000'000.0

30.00

2'500'000.0 2'000'000.0

20.00

1'500'000.0 1'000'000.0

10.00 0.00 02.01.2010

500'000.0 0.0 02.07.2010

02.01.2011

02.07.2011

02.01.2012

02.07.2012

02.01.2013

02.07.2013

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

27.09.2013

Doosan Infracore Co Ltd Holdings By:

All

Holder Name DOOSAN HEAVY INDUSTR MIRAE ASSET GLOBAL I NATIONAL PENSION SER BLACKROCK VANGUARD GROUP INC UBS HANA ASSET MANAG SAMSUNG INVESTMENT T KOREA INVESTMENT TRU DIMENSIONAL FUND ADV NORGES BANK TRUSTON ASSET MANAGE KYOBO AXA INVESTMENT MIRAE ASSET GLOBAL I CAISSE DE DEPOT ET P TIAA CREF INVESTMENT GOLDMAN SACHS ASSET NH-CA ASSET MANAGEME KB ASSET MANAGEMENT PICTET FUNDS GOLDMAN SACHS GROUP

Firm Name JPMorgan KTB Securities Hana Daetoo Securities Macquarie KIWOOM Securities Co Ltd Woori Investment & Securities Hanwha Securities Co., Ltd Morgan Stanley Tong Yang Investment Bank IBK Securities Co Ltd Daishin Securities Co., Ltd. Korea Investment & Securities Samsung Securities Shinyoung Securities Co., Ltd. LIG Investment Securities BS Securities Co Ltd Daewoo Securities Dongbu Securities Co Ltd Daiwa Securities Co. Ltd. EVA Dimensions E*Trade Securities Korea HMC Investment Securities Co Ltd SK Securities Co Ltd Nomura Hyundai Securities Deutsche Bank

Portfolio Name n/a n/a n/a n/a n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios n/a n/a

Analyst PARK WAN SUN LEE KANG-ROK SANG-WOO LEE CJ YUN CHOI WON-KYUNG HAH SUK-WON PAUL DONG-IK JEONG YOUNG SUK SHIN LEE JAE-WON JIN-HO HONG JEON JAE-CHEON RICHARD PARK YOUNGSOO HAN JAE-SEUNG KIM CHOI GWANG-SHIK KWAK MIN-JUNG SUNG KI-JONG KIM HONG-GYUN MIKE OH TIMOTHY STANISH PARK MOO-HYUN DONG-EUN YEOM LEE JI-HOON ANGELA HONG LEE SANG-HWA CHANWOOK PARK

Source EXCH EXCH EXCH ULT-AGG ULT-AGG MF-AGG MF-AGG MF-AGG ULT-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG ULT-AGG ULT-AGG

Recommendation neutral hold neutral outperform buy buy outperform Overwt/In-Line buy buy buy hold hold buy buy buy trading buy buy hold sell buy buy buy buy buy not rated

Amt Held 75'509'366 13'950'352 6'345'610 2'234'470 1'104'820 1'039'150 873'611 757'961 503'393 493'734 364'520 364'344 278'110 201'582 143'060 140'640 132'140 126'578 111'170 103'880

% Out 44.77 8.27 3.76 1.32 0.66 0.62 0.52 0.45 0.3 0.29 0.22 0.22 0.16 0.12 0.08 0.08 0.08 0.08 0.07 0.06

Weighting

Change

3 3 3 5 5 5 5 5 5 5 5 3 3 5 5 5 5 5 3 1 5 5 5 5 5 #N/A N/A

D D M N M M M M M M M M M M M M U M M M M M M M M M

Latest Chg 5'270'588 (2'302'448) 46'530 (867'780) (48'890) (12'720) (158'574) 49'540 (371'070) (82'050) 46'510 130'180 (96'600) 6'170 (87'234) 28'140

Target Price 15'000 16'000 14'800 20'000 20'000 16'000 15'000 18'000 15'000 17'000 17'000 #N/A N/A 13'000 16'000 16'000 15'000 13'800 15'000 12'500 #N/A N/A 16'000 20'000 21'000 23'000 20'000 #N/A N/A

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt 12.07.2013 31.03.2010 10.04.2012 25.09.2013 30.06.2013 31.03.2013 31.03.2013 31.03.2013 30.04.2013 31.12.2012 31.03.2013 31.03.2013 31.03.2013 31.12.2012 31.07.2013 31.03.2013 31.03.2013 31.03.2013 31.05.2013 31.10.2012

Date 3 month 12 month 12 month 12 month 6 month 12 month 6 month 12 month 12 month 12 month 12 month Not Provided 12 month 12 month 12 month 6 month 12 month 12 month Not Provided Not Provided 12 month 6 month 6 month Not Provided Not Provided Not Provided

Inst Type Corporation Investment Advisor Government Investment Advisor Unclassified Investment Advisor Investment Advisor Investment Advisor Investment Advisor Government Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor

Date 27.09.2013 25.09.2013 23.09.2013 20.09.2013 16.09.2013 13.09.2013 12.09.2013 05.09.2013 26.08.2013 26.08.2013 25.07.2013 25.07.2013 25.07.2013 25.07.2013 25.07.2013 25.07.2013 18.07.2013 04.07.2013 13.06.2013 06.06.2013 03.05.2013 06.02.2013 29.01.2013 10.01.2013 26.10.2012 28.02.2011

27.09.2013

Hyosung Corp Hyosung Corporation specializes in general trading businesses. The Company also produces nylon yarns and other synthetic and chemical products such as PET films, PET bottles and polypropylene resins. In addition, Hyosung contracts electrical construction and information systems and manufactures industrial machinery.

Price/Volume 90000

4.0 M

80000

3.5 M

70000

3.0 M

60000

2.5 M

50000

Latest Fiscal Year: LTM as of: 52-Week High (13.09.2013) 52-Week Low (19.04.2013) Daily Volume Current Price (9/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 30.06.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance 004800 KS EQUITY YTD Change 004800 KS EQUITY YTD % CHANGE

12/2012 06/yy 80'200.00 48'850.00 738'818.00 71300 -11.10% 45.96% 78.31% 35.1 2'503'874.50 3'383'449.00 0.0 0.0 193'645.00 5'742'508.29

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

1.5 M

30000 20000

1.0 M

10000

.5 M

0 s-12

31.12.2009 31.12.2010 7'039'730.7 8'198'966.0 0.68x 0.75x 716'397.8 686'166.4 6.66x 8.93x 338'919.9 210'542.4 8.36x 16.75x Profitability

LTM-4Q 31.12.2011 9'283'305.0 0.55x 478'099.2 10.77x 108'045.2 16.50x

n-12

d-12

LTM

31.12.2012 06/yy 06/yy 9'284'877.0 ######### ######### 0.61x 2.21x 2.31x 400'832.8 421'093.9 460'222.2 14.07x 12.44x 11.30x 192'424.2 20'942.1 117'628.9 12.72x 86.83x 16.68x 400'832.81 185'449.81 2.00% 2.73% 2.29% 6.48% 4.70% 1.11% 9.8% 4.3% 2.0% 2.1% 0.76 0.44 40.84% 110.68% 6.30 8.60

Price/ Cash Flow

j-13

f-13 m-13 a-13 m-13

j-13

a-13

.0 M s-13

1.40 1.27 20.94 16.98% -3.13% 1.269 8 4.250 364'062 403'539 335'108

FY+1

FY+2

FQ+1

FQ+2

12/13 Y

12/14 Y

09/13 Q3

12/13 Q4

S&P Issuer Ratings

2.61 -0.29 7.96 8.44 110.7% 52.5% 1.11 3.02 58.08 42.57 43.71 56.94

Sales/Revenue/Turnover

18.00

10'000'000.0

16.00

9'000'000.0

14.00

8'000'000.0 7'000'000.0

12.00

6'000'000.0

10.00 8.00

5'000'000.0 4'000'000.0

6.00

3'000'000.0

4.00

2'000'000.0

2.00

1'000'000.0

0.00 02.01.2010

o-12

Fiscal Year Ended 31.12.2008 6'925'725.5 0.48x 611'625.2 5.44x 136'373.5 9.32x

2.0 M

40000

Valuation Analysis

0.0 02.07.2010

02.01.2011

02.07.2011

02.01.2012

02.07.2012

02.01.2013

02.07.2013

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

27.09.2013

Hyosung Corp Holdings By:

All

Holder Name SEOK-RAE JO HYUN-JOON CHO HYEON-SANG JO NATIONAL PENSION SER HYOSUNG CORP JP MORGAN ALLIANZ GLOBAL INVES DIMENSIONAL FUND ADV BLACKROCK VANGUARD GROUP INC ROBECO ALLIANCE BERNSTEIN SAMSUNG INVESTMENT T GWANG-JA SONG TRUSTON ASSET MANAGE GRANTHAM MAYO VAN OT KYOBO AXA INVESTMENT SANFORD C BERNSTEIN MIRAE ASSET GLOBAL I CAISSE DE DEPOT ET P

Firm Name

Portfolio Name n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a Multiple Portfolios n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios

Analyst

KTB Securities YOO YOUNG KOOK Hyundai Securities KIM DONG-KUN KIWOOM Securities Co Ltd WILLIAM PARK JOONG-SUN Samsung Securities SEUNGWOO KIM HI Investment Securities LEE HEE-CHEOL Eugene Investment & Securities Co., LtdKWAK JIN-HEE HSBC LEE YEON-JUNG EVA Dimensions TIMOTHY STANISH

Source EXCH EXCH EXCH Co File Co File ULT-AGG EXCH ULT-AGG ULT-AGG ULT-AGG ULT-AGG ULT-AGG MF-AGG EXCH MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG

Recommendation buy buy outperform buy buy buy neutral underweight

Amt Held 3'624'478 3'209'913 3'076'381 2'150'497 1'848'851 1'476'995 1'403'452 652'779 565'431 289'201 239'682 224'569 197'033 164'099 124'742 97'184 95'223 77'140 67'357 61'260

% Out 10.32 9.14 8.76 6.12 5.26 4.21 4 1.86 1.61 0.82 0.68 0.64 0.56 0.47 0.36 0.28 0.27 0.22 0.19 0.17

Weighting

Change 5 5 5 5 5 5 3 1

M M D M N M U M

Latest Chg 206'804 196'477 (355'410) 5'254 3'954 (159'779) (20'296) 22'910 (29'701) 116'606 (8'167) 5'981 -

Target Price 100'000 102'000 90'000 95'000 95'000 84'000 80'000 #N/A N/A

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt 02.09.2013 30.08.2013 02.09.2013 30.06.2013 30.06.2013 31.03.2013 28.06.2013 30.04.2013 25.09.2013 30.06.2013 30.04.2013 30.06.2013 31.03.2013 02.09.2013 31.03.2013 31.05.2013 31.03.2013 30.06.2013 31.03.2013 31.12.2012

Date 12 month Not Provided 6 month 12 month 6 month 12 month Not Provided Not Provided

Inst Type n/a n/a n/a Government Corporation Investment Advisor Investment Advisor Investment Advisor Investment Advisor Unclassified Unclassified Investment Advisor Investment Advisor n/a Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor

Date 26.09.2013 24.09.2013 16.09.2013 27.08.2013 26.08.2013 09.08.2013 09.08.2013 06.06.2013

27.09.2013

Hyundai Mipo Dockyard Hyundai Mipo Dockyard Co., Ltd. is shipbuilders in the sectors of medium-sized conventional ships and specialized vessels. The Company constructs and delivers medium-ranged product carriers, chemical tankers, containerships, LPG carriers, pure car truck carriers and others.

Price/Volume

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (27.09.2013) 52-Week Low (23.11.2012) Daily Volume Current Price (9/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 30.06.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance 010620 KS EQUITY YTD Change 010620 KS EQUITY YTD % CHANGE

12/2012 06/yy 162'000.00 102'500.00 152'478.00 160000 -1.23% 56.10% 92.98% 20.0 3'200'000.00 50'000.00 0.0 0.0 78'537.90 2'975'419.45

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

.5 M

160000

.4 M

140000

.4 M

120000

.3 M

100000

.3 M

80000

.2 M

60000

.2 M

40000

.1 M

20000

.1 M

0 s-12

31.12.2009 31.12.2010 3'710'963.9 3'739'174.1 0.28x 0.86x 429'369.5 595'167.1 2.40x 5.43x 378'653.4 442'555.4 5.26x 9.87x Profitability

LTM-4Q 31.12.2011 4'173'777.5 0.41x 392'135.1 4.37x 227'864.4 9.63x

n-12

d-12

j-13

f-13 m-13 a-13 m-13

j-13

a-13

LTM

FY+1

.0 M s-13

0.94 1.53 8.81 18.61% 25.98% 1.535 34 4.000 136'363 139'129 117'164 FY+2

FQ+1

FQ+2

31.12.2012 06/yy 06/yy 12/13 Y 12/14 Y 09/13 Q3 12/13 Q4 4'003'284.8 ######### ######### ######### ######### 922'866.7 ######### 0.61x 1.82x 2.51x 0.69x 0.67x 152'089.8 239'096.2 48'098.1 212'897.0 222'171.0 16.17x 8.42x 46.65x 13.98x 13.39x 111'289.3 84'394.2 (39'868.5) 61'134.0 171'292.0 (9'200.0) (400.0) 22.36x 27.39x 0.00x 59.44x 22.91x S&P Issuer Ratings 152'089.79 Long-Term Rating Date 109'955.90 Long-Term Rating 2.75% Long-Term Outlook 3.48% Short-Term Rating Date 2.11% Short-Term Rating 3.47% Credit Ratios 3.45% EBITDA/Interest Exp. 0.76% (EBITDA-Capex)/Interest Exp. Net Debt/EBITDA 5.1% Total Debt/EBITDA 3.8% Reference 2.7% Total Debt/Equity 2.8% Total Debt/Capital Asset Turnover 1.06 Net Fixed Asset Turnover 0.68 Accounts receivable turnover-days 0.99% Inventory Days 1.57% Accounts Payable Turnover Day 5.11 Cash Conversion Cycle 20.04

Price/ Cash Flow

918.02 672.11 -0.20 0.33 1.6% 1.5% 0.76 6.37 71.61 18.26 62.75 27.12

Sales/Revenue/Turnover

8.00

4'500'000.0

7.00

4'000'000.0

6.00

3'500'000.0 3'000'000.0

5.00

2'500'000.0

4.00

2'000'000.0

3.00

1'500'000.0

2.00

1'000'000.0

1.00

500'000.0

0.00 02.01.2010

o-12

Fiscal Year Ended 31.12.2008 3'804'734.5 0.31x 580'224.0 2.05x 519'141.6 5.02x

180000

0.0 02.07.2010

02.01.2011

02.07.2011

02.01.2012

02.07.2012

02.01.2013

02.07.2013

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

27.09.2013

Hyundai Mipo Dockyard Holdings By:

All

Holder Name HYUNDAI SAMHO HEAVY NATIONAL PENSION SER HYUNDAI MIPO DOCKYAR BLACKROCK EMPLOYEE STOCK OWNER KOREA INVESTMENT TRU MAPS INVESTMENT MANA FRANKLIN RESOURCES DIMENSIONAL FUND ADV KB ASSET MANAGEMENT VANGUARD GROUP INC TRUSTON ASSET MANAGE MIRAE ASSET GLOBAL I SAMSUNG INVESTMENT T NORTHERN TRUST CORPO JP MORGAN SHIN YOUNG INVESTMEN KYOBO AXA INVESTMENT MIDAS ASSET MANAGEME GOLDMAN SACHS GROUP

Firm Name Shinyoung Securities Co., Ltd. Mirae Asset Securities Daishin Securities Co., Ltd. Woori Investment & Securities KTB Securities Hanwha Securities Co., Ltd E*Trade Securities Korea Daewoo Securities BNP Paribas Equity Research Dongbu Securities Co Ltd Korea Investment & Securities JPMorgan EVA Dimensions Hyundai Securities Samsung Securities Macquarie KB Investment & Securities Co., Ltd Nomura Deutsche Bank Morgan Stanley Credit Suisse Tong Yang Investment Bank HSBC BS Securities Co Ltd KIWOOM Securities Co Ltd Hana Daetoo Securities IBK Securities Co Ltd LIG Investment Securities SK Securities Co Ltd CIMB HMC Investment Securities Co Ltd Taurus Investment Securities Co Ltd Kyobo Securities

Portfolio Name n/a n/a n/a n/a n/a Multiple Portfolios Multiple Portfolios n/a n/a Multiple Portfolios n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios n/a n/a Multiple Portfolios Multiple Portfolios n/a

Analyst UM KYUNG-A CHUNG WOO CHANG JEON JAE-CHEON JAE-HUN YU LEE KANG-ROK DONG-IK JEONG PARK MOO-HYUN SUNG KI-JONG JAMES HIE SUK YOON KIM HONG-GYUN RICHARD PARK LEE SOKJE TIMOTHY STANISH LEE SANG-HWA YOUNGSOO HAN LEE JUWON LEE SANG-WON ANGELA HONG SANJEEV RANA PARK SANG-KYOO HENRY KWON LEE JAE-WON PAUL CHOI KWAK MIN-JUNG CHOI WON-KYUNG SANG-WOO LEE SHIM WON-SUP CHOI GWANG-SHIK LEE JI-HOON KJ HWANG DONG-EUN YEOM HYUNG-MO Yang OH SEAN

Source EXCH Co File Co File ULT-AGG Co File MF-AGG MF-AGG ULT-AGG ULT-AGG MF-AGG ULT-AGG MF-AGG MF-AGG MF-AGG MF-AGG ULT-AGG ULT-AGG MF-AGG MF-AGG ULT-AGG

Recommendation buy buy market perform buy buy market perform strong buy buy buy buy hold overweight sell market perform hold outperform buy neutral hold Underwt/Attractive neutral buy underweight buy buy buy buy buy buy neutral buy buy buy

Amt Held 9'043'944 1'475'406 409'596 289'613 255'801 240'981 197'169 195'135 163'495 143'839 126'024 106'444 106'424 92'312 82'844 52'075 50'113 40'656 39'950 34'457

% Out 45.22 7.38 2.05 1.45 1.28 1.2 0.99 0.98 0.82 0.72 0.63 0.53 0.53 0.46 0.41 0.26 0.25 0.2 0.2 0.17

Weighting

Change 5 5 3 5 5 3 5 5 5 5 3 5 1 3 3 5 5 3 3 1 3 5 1 5 5 5 5 5 5 3 5 5 5

M M M M M M M M M M M M D M M M M M M M M M M N M M M M M N M N N

Latest Chg (41) 2'499 20'889 178'429 (17'934) (1'623) 27'927 (105'291) (27'215) 73'910 (7'338) 52'075 49'997 (2'040) 837 34'457

Target Price 200'000 173'000 150'000 185'000 170'000 150'000 220'000 190'000 170'000 180'000 #N/A N/A 210'000 #N/A N/A 110'000 126'000 150'000 150'000 135'000 131'000 96'000 120'000 140'000 80'000 140'000 170'000 155'000 147'000 180'000 138'000 130'000 140'000 145'000 162'000

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt 29.08.2013 31.12.2012 31.12.2012 25.09.2013 31.12.2012 31.03.2013 31.03.2013 28.06.2013 30.04.2013 31.03.2013 30.06.2013 31.03.2013 31.03.2013 31.03.2013 30.06.2013 31.03.2013 31.03.2013 31.03.2013 31.03.2013 30.06.2013

Date 12 month 12 month 6 month 12 month 12 month 6 month 12 month 12 month 12 month 12 month Not Provided 15 month Not Provided Not Provided 12 month 12 month 12 month Not Provided 12 month 12 month Not Provided 12 month Not Provided 6 month 6 month 12 month Not Provided 12 month 6 month 12 month 6 month 6 month 6 month

Inst Type Corporation Government Corporation Investment Advisor n/a Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Unclassified Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor

Date 27.09.2013 27.09.2013 26.09.2013 25.09.2013 25.09.2013 24.09.2013 23.09.2013 16.09.2013 14.09.2013 09.09.2013 04.09.2013 04.09.2013 21.08.2013 16.08.2013 16.08.2013 16.08.2013 16.08.2013 16.08.2013 15.08.2013 14.08.2013 14.08.2013 15.07.2013 24.06.2013 29.05.2013 27.05.2013 06.05.2013 06.05.2013 06.05.2013 26.02.2013 14.02.2013 12.02.2013 13.11.2012 27.08.2012

27.09.2013

Hanwha Chemical Corp Hanwha Chemical Corporation is a chemical manufacturer. The Company's products include a line of chlorine alkali chemicals, such as caustic soda, chlorine, and hydrochloric acid. Hanwha also produces resins including low density polyethylene (LDPE) and polyvinyl chloride (PVC).

Price/Volume 25000

4.0 M 3.5 M

20000

3.0 M 2.5 M

15000

2.0 M

Valuation Analysis

10000

Latest Fiscal Year: LTM as of: 52-Week High (27.09.2012) 52-Week Low (25.06.2013) Daily Volume Current Price (9/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 30.06.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance 009830 KS EQUITY YTD Change 009830 KS EQUITY YTD % CHANGE

12/2012 06/yy 21'800.00 15'400.00 872'124.00 20650 -5.28% 34.09% 87.50% 140.3 2'896'854.50 2'059'129.67 5'618.7 0.0 192'562.61 4'985'784.72

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

1.0 M .5 M

0 s-12

31.12.2009 31.12.2010 3'033'722.8 3'628'166.2 1.09x 1.65x 518'742.5 604'287.7 6.39x 9.91x 343'408.1 283'939.2 5.56x 15.44x Profitability

LTM-4Q 31.12.2011 3'970'365.4 1.22x 598'487.7 8.07x 411'519.3 8.45x

n-12

d-12

j-13

f-13 m-13 a-13 m-13

j-13

a-13

LTM

FY+1

.0 M s-13

1.21 1.41 63.00 -3.54% 12.53% 1.414 26 2.846 1'083'751 850'222 791'816 FY+2

FQ+1

FQ+2

31.12.2012 06/yy 06/yy 12/13 Y 12/14 Y 09/13 Q3 12/13 Q4 3'559'004.2 ######### ######### ######### ######### 935'850.0 940'950.0 1.25x 5.24x 5.19x 270'234.3 373'361.6 213'190.5 16.45x 11.16x 20.94x 120'611.6 220'891.3 40'417.2 21.51x 13.51x 58.39x S&P Issuer Ratings 270'234.27 Long-Term Rating Date 141'180.69 Long-Term Rating 3.97% Long-Term Outlook 4.43% Short-Term Rating Date 1.86% Short-Term Rating 3.44% Credit Ratios 3.03% EBITDA/Interest Exp. 0.55% (EBITDA-Capex)/Interest Exp. Net Debt/EBITDA 14.1% Total Debt/EBITDA 7.6% Reference 4.0% Total Debt/Equity 3.4% Total Debt/Capital Asset Turnover 0.75 Net Fixed Asset Turnover 0.43 Accounts receivable turnover-days 30.53% Inventory Days 58.71% Accounts Payable Turnover Day 8.35 Cash Conversion Cycle 10.11

Price/ Cash Flow

3.60 -4.45 6.88 7.62 58.7% 37.0% 0.55 1.62 43.83 36.21 47.30 32.75

Sales/Revenue/Turnover

18.00

4'500'000.0

16.00

4'000'000.0

14.00

3'500'000.0

12.00

3'000'000.0

10.00

2'500'000.0

8.00

2'000'000.0

6.00

1'500'000.0

4.00

1'000'000.0

2.00

500'000.0

0.00 02.01.2010

o-12

Fiscal Year Ended 31.12.2008 3'036'966.5 0.67x 364'925.9 5.57x 41'496.9 18.46x

1.5 M

5000

0.0 02.07.2010

02.01.2011

02.07.2011

02.01.2012

02.07.2012

02.01.2013

02.07.2013

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

27.09.2013

Hanwha Chemical Corp Holdings By:

All

Holder Name HANWHA CORP SEUNG-YOUN KIM NATIONAL PENSION SER DIMENSIONAL FUND ADV BLACKROCK VANGUARD GROUP INC SAMSUNG INVESTMENT T UBS HANA ASSET MANAG MIRAE ASSET GLOBAL I CAISSE DE DEPOT ET P CONSUS ASSET MANAGEM KYOBO AXA INVESTMENT BANK OF NEW YORK MEL NORGES BANK HI ASSET MANAGEMENT EATON VANCE MANAGEME KOREA INVESTMENT TRU JOHN HANCOCK ADVISER WOORI ASSET MANAGEME KB ASSET MANAGEMENT

Firm Name

Analyst

KTB Securities YOO YOUNG KOOK Hyundai Securities BAEK YOUNG-CHAN Tong Yang Investment Bank HWANG KYU-WON Credit Suisse CHO A-HYUNG KB Investment & Securities Co., Ltd PARK JAE-CHUL HI Investment Securities LEE HEE-CHEOL Kyobo Securities YOUNG-JOO SON Hana Daetoo Securities WON YONG-JIN Shinhan Investment Corp LEE EUNG-JU Samsung Securities SEUNGWOO KIM Nomura CINDY PARK Eugene Investment & Securities Co., LtdKWAK JIN-HEE Hanwha Securities Co., Ltd LEE DA-SOL Mirae Asset Securities YOUNG-BAE KWON Deutsche Bank SHAWN PARK Morgan Stanley KYLE KIM HSBC DENNIS HYUNCHUL YOO NH Investment & Securities CHOI JI-HWAN Standard Chartered DANIEL DO YEON LEE EVA Dimensions TIMOTHY STANISH Daewoo Securities PARK YEON-JU Shinyoung Securities Co., Ltd. OH JUNG-IL CIMB PETER K LEE JPMorgan SAMUEL SW LEE Woori Investment & Securities KIM SUN-WOO Korea Investment & Securities PARK KIYONG LIG Investment Securities PARK YOUNG-HOON Meritz Securities Co., Ltd HWANG YOU SIK

Source EXCH Co File EXCH ULT-AGG ULT-AGG ULT-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG

Recommendation buy market perform hold underperform hold hold buy buy buy hold neutral hold buy hold sell Equalwt/Attractive underweight market perform underperform underweight hold neutral underperform underweight hold hold hold hold

Amt Held 53'117'578 16'977'949 6'920'469 2'111'198 1'956'863 890'710 735'033 256'027 234'920 225'891 220'610 197'000 194'070 133'881 130'160 119'710 107'642 104'490 98'158 87'866

% Out 37.86 12.1 4.93 1.5 1.39 0.63 0.52 0.18 0.17 0.16 0.16 0.14 0.14 0.1 0.09 0.09 0.08 0.07 0.07 0.06

Weighting

Change 5 3 3 1 3 3 5 5 5 3 3 3 5 3 1 3 1 3 1 1 3 3 1 1 3 3 3 3

M M M M M M M M M M M M M M M M M M M M M M N M M M M D

Latest Chg (1'720'352) 2'890 13'400 (585'960) (5'694) 235'692 47'380 218'480 17'790 1'100 19'740 23'482 (6'260) (29'020)

Target Price 30'000 20'000 22'000 15'000 17'500 23'000 24'800 24'000 24'000 19'000 16'500 22'000 26'000 17'000 14'000 15'300 15'000 #N/A N/A 10'000 #N/A N/A #N/A N/A #N/A N/A 12'000 15'000 20'000 #N/A N/A #N/A N/A 20'000

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt 18.07.2013 31.12.2012 08.09.2011 30.04.2013 25.09.2013 30.06.2013 31.03.2013 31.03.2013 31.03.2013 31.12.2012 31.03.2013 31.03.2013 25.09.2013 31.12.2012 31.03.2013 30.06.2013 31.03.2013 31.07.2013 31.03.2013 31.03.2013

Date 12 month Not Provided 12 month Not Provided 12 month 6 month 6 month 12 month 12 month 12 month Not Provided 12 month 6 month 12 month 12 month 12 month Not Provided Not Provided 12 month Not Provided Not Provided Not Provided 12 month 3 month 12 month Not Provided Not Provided 6 month

Inst Type Corporation n/a Government Investment Advisor Investment Advisor Unclassified Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Government Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor

Date 26.09.2013 24.09.2013 24.09.2013 24.09.2013 24.09.2013 17.09.2013 16.09.2013 12.09.2013 10.09.2013 02.09.2013 26.08.2013 21.08.2013 13.08.2013 13.08.2013 12.08.2013 12.08.2013 21.07.2013 17.07.2013 27.06.2013 06.06.2013 30.05.2013 20.05.2013 14.05.2013 13.05.2013 20.03.2013 29.11.2012 25.09.2012 23.08.2012

27.09.2013

S-1 Corp S1 Corporation provides security systems services. The Company installs, maintains, and sells a variety of security systems used in households, businesses, financial institutions, and automobiles. S1 also provides guarding services, systems integration services, structural safety diagnosis services.

Price/Volume 80000 70000 60000 50000 40000

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (21.12.2012) 52-Week Low (26.06.2013) Daily Volume Current Price (9/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 30.06.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance 012750 KS EQUITY YTD Change 012750 KS EQUITY YTD % CHANGE

12/2012 06/yy 75'500.00 57'400.00 142'684.00 64100 -15.10% 11.67% 37.57% 38.0 2'435'747.25 0.00 0.0 0.0 360'840.01 2'131'837.48

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

20000 10000 0 s-12

o-12

n-12

d-12

j-13

f-13 m-13

a-13 m-13

j-13

a-13

Market Data

Fiscal Year Ended 31.12.2008 751'538.7 1.93x 201'529.4 7.21x 114'872.4 16.18x

30000

31.12.2009 31.12.2010 736'474.4 843'781.7 1.86x 1.88x 168'729.5 190'080.9 8.14x 8.33x 96'836.2 110'319.8 17.30x 17.42x Profitability

LTM-4Q 31.12.2011 953'611.5 1.60x 212'820.4 7.15x 117'329.2 16.64x

31.12.2012 1'006'607.8 1.99x 193'733.2 10.33x 92'162.6 25.62x 193'733.18 112'564.44 11.18% 11.97% 9.33% 12.65% 12.65% 1.02% 35.8% 19.2% 11.2% 9.2% 2.93 2.62 0.00% 0.00% 16.36 17.93

Price/ Cash Flow

.5 M .5 M .4 M .4 M .3 M .3 M .2 M .2 M .1 M .1 M .0 M s-13

LTM

06/yy 06/yy 968'576.2 ######### 6.00x 7.02x 208'918.1 140'557.5 7.35x 0.00x 108'588.3 84'838.8 17.87x 25.01x

1.95 0.80 14.55 -4.23% -8.30% 0.800 9 3.889 84'071 62'499 57'086

FY+1

FY+2

FQ+1

FQ+2

12/13 Y

12/14 Y

09/13 Q3

12/13 Q4

S&P Issuer Ratings

-1.86 0.00 0.0% 0.0% 1.02 2.80 22.38 20.41 23.83 18.96

Sales/Revenue/Turnover

25.00

1'200'000.0 1'000'000.0

20.00

800'000.0 15.00

600'000.0 10.00

400'000.0

5.00

0.00 02.01.2010

200'000.0 0.0 02.07.2010

02.01.2011

02.07.2011

02.01.2012

02.07.2012

02.01.2013

02.07.2013

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

27.09.2013

S-1 Corp Holdings By:

All

Holder Name SECOM CO LTD S1 COPORATION SAMSUNG SDI CO LTD SAMSUNG LIFE INSURAN NATIONAL PENSION SER KOREA INVESTMENT TRU MATTHEWS INTERNATION BLACKROCK SAMSUNG INVESTMENT T SAMSUNG CARD CO INTUIT INC MIRAE ASSET GLOBAL I VANGUARD GROUP INC INVESCO ASSET MANAGE DIMENSIONAL FUND ADV GUARDIAN CAPITAL INC ARTISAN PARTNERS HOL MAPS INVESTMENT MANA UBS HANA ASSET MANAG BANQUE DE LUXEMBOURG

Firm Name Hyundai Securities HMC Investment Securities Co Ltd Shinhan Investment Corp Korea Investment & Securities Daewoo Securities Daiwa Securities Co. Ltd. EVA Dimensions Tong Yang Investment Bank E*Trade Securities Korea

Portfolio Name n/a n/a n/a n/a n/a n/a Multiple Portfolios n/a Multiple Portfolios n/a n/a Multiple Portfolios n/a Multiple Portfolios n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios

Analyst LEE SANG-KOO HAN-WOO PARK JOSHUA KONG HONG JONG-GIL DAERO JEONG THOMAS Y KWON TIMOTHY STANISH LEE BYUNG-JOON KIM BONG-KI

Source EXCH Co File EXCH EXCH EXCH EXCH MF-AGG ULT-AGG MF-AGG EXCH 13G MF-AGG ULT-AGG MF-AGG ULT-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG

Recommendation market perform buy buy buy trading buy outperform sell buy buy

Amt Held 9'747'383 4'202'939 4'190'681 2'083'850 1'918'896 1'638'348 771'922 749'453 739'777 725'060 489'313 286'765 271'838 185'000 151'062 145'824 122'966 97'173 93'910 89'000

% Out 25.65 11.06 11.03 5.48 5.05 4.31 2.03 1.97 1.95 1.91 1.29 0.75 0.72 0.49 0.4 0.38 0.32 0.26 0.25 0.23

Weighting

Change 3 5 5 5 5 5 1 5 5

M M U M M M M N M

Latest Chg 38'849 (468'417) 4'040 (23'457) (12'342) (82'787) 185'000 (1'719) 38'911 3'575 (4'856) -

Target Price 70'000 80'000 77'000 81'000 79'000 65'000 #N/A N/A #N/A N/A 65'000

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt 23.04.2013 31.12.2012 22.03.2013 20.03.2013 08.05.2013 31.01.2013 28.06.2013 25.09.2013 31.03.2013 01.12.2010 31.12.2001 31.03.2013 30.06.2013 31.05.2013 30.04.2013 31.05.2013 31.03.2013 31.03.2013 31.03.2013 31.07.2013

Date Not Provided 6 month 12 month 12 month 12 month Not Provided Not Provided Not Provided 12 month

Inst Type Corporation Corporation Corporation Insurance Company Government Investment Advisor Investment Advisor Investment Advisor Investment Advisor Corporation Corporation Investment Advisor Unclassified Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Unclassified

Date 24.09.2013 12.09.2013 05.09.2013 29.07.2013 17.07.2013 27.06.2013 06.06.2013 09.10.2012 26.06.2012

27.09.2013

Korean Air Lines Co Ltd Korean Air Lines Co., Ltd. operates air transportation services. The Company's services include passenger and cargo transportation, aircraft maintenance, and air catering. Korean Air Lines provides domestic and international airline services.

Price/Volume 70000

4.5 M

60000

4.0 M 3.5 M

50000

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (23.10.2012) 52-Week Low (16.09.2013) Daily Volume Current Price (9/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 16.09.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance 003490 KS EQUITY YTD Change 003490 KS EQUITY YTD % CHANGE

12/2012 06/yy 60'821.85 33'450.00 629'533.00 38150 -37.28% 14.05% 20.09% 58.7 2'238'468.00 13'753'774.66 6'896.0 0.0 1'260'845.36 15'677'426.56

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

2.5 M

30000

2.0 M 1.5 M

20000

1.0 M

10000

.5 M

0 s-12

o-12

n-12

d-12

j-13

f-13 m-13 a-13 m-13

j-13

a-13

Fiscal Year Ended 31.12.2008 10'212'578.1 1.26x 676'711.6 18.96x (1'942'430.0) -

3.0 M

40000

31.12.2009 31.12.2010 9'393'703.2 11'278'796.1 1.55x 1.35x 935'933.7 2'246'269.9 15.59x 6.75x (98'896.0) 376'156.7 12.50x Profitability

LTM-4Q 31.12.2011 11'805'281.6 1.30x 1'698'364.9 9.07x (301'090.8) -

LTM

FY+1

0.00 1.10 34.48 -34.79% -29.11% 1.097 32 3.875 1'013'482 300'080 269'757 FY+2

FQ+1

FQ+2

31.12.2012 06/yy 06/yy 12/13 Y 12/14 Y 09/13 Q3 12/13 Q4 12'263'866.6 ######### ######### ######### ######### ######### ######### 1.27x 5.15x 5.31x 1.27x 1.25x 1'757'908.1 ######### ######### ######### ######### 8.85x 9.72x 9.24x 9.01x 7.21x 259'596.5 (711'150.5) (192'699.6) (294'508.0) (32'073.0) 105'039.5 26'952.0 11.78x 0.00x 0.00x S&P Issuer Ratings 1'757'908.08 Long-Term Rating Date 271'621.44 Long-Term Rating 2.21% Long-Term Outlook 3.22% Short-Term Rating Date 1.27% Short-Term Rating 11.42% Credit Ratios 3.67% EBITDA/Interest Exp. 0.60% (EBITDA-Capex)/Interest Exp. Net Debt/EBITDA 11.4% Total Debt/EBITDA 14.3% Reference 2.2% Total Debt/Equity 2.1% Total Debt/Capital Asset Turnover 0.49 Net Fixed Asset Turnover 0.34 Accounts receivable turnover-days 66.51% Inventory Days 581.12% Accounts Payable Turnover Day 14.39 Cash Conversion Cycle 24.06

Price/ Cash Flow

.0 M s-13

3.49 2.05 7.11 7.82 581.1% 85.3% 0.60 0.87 25.43 15.21 9.22 31.42

Sales/Revenue/Turnover

12.00

14'000'000.0

10.00

12'000'000.0 10'000'000.0

8.00

8'000'000.0 6.00

6'000'000.0

4.00

4'000'000.0

2.00

2'000'000.0

0.00 02.01.2010

0.0 02.07.2010

02.01.2011

02.07.2011

02.01.2012

02.07.2012

02.01.2013

02.07.2013

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

27.09.2013

Korean Air Lines Co Ltd Holdings By:

All

Holder Name HANJIN TRANSPORTATIO NATIONAL PENSION SER HANJINKAL YANG-HO CHO KOREAN AIR LINES CO MIRAE ASSET GLOBAL I BLACKROCK KB ASSET MANAGEMENT WON-TAE CHO HYEON-A CHO EMILY LEE CHO HYUN-MIN CHO SAMSUNG INVESTMENT T VANGUARD GROUP INC DIMENSIONAL FUND ADV PCA INVESTMENT TRUST KYOBO AXA INVESTMENT KOREA INVESTMENT TRU SHIN YOUNG INVESTMEN FIL LIMITED

Firm Name

Portfolio Name #N/A N/A n/a n/a n/a n/a n/a n/a Multiple Portfolios n/a n/a n/a n/a Multiple Portfolios n/a n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios n/a n/a

Analyst

HMC Investment Securities Co Ltd DONG-JIN KANG KTB Securities SHIN JI-YOON Daishin Securities Co., Ltd. YANG JI-HWAN Tong Yang Investment Bank KANG SEONGJIN Deutsche Bank JOE LIEW Goldman Sachs HINO LAM Credit Suisse TIMOTHY ROSS Morgan Stanley HYUNTAEK LEE EVA Dimensions TIMOTHY STANISH Daewoo Securities RYU JE-HYUN JAY Korea Investment & Securities YUN HEE-DO Samsung Securities EUNKYUNG PARK Eugene Investment & Securities Co., LtdJOO ICK-CHAN Shinyoung Securities Co., Ltd. UM KYUNG-A Hanwha Securities Co., Ltd HYUN-SOO KANG UBS ERIC LIN BNP Paribas Equity Research ARNAUD BOUCHET E*Trade Securities Korea MIN-JI KIM Woori Investment & Securities SONG JAE-HAK MARTIN Shinhan Investment Corp JINJOO HONG JPMorgan CORRINE PNG BS Securities Co Ltd PARK SAE-JIN KIWOOM Securities Co Ltd Cho Byoung Hee CIMB ANDREW ORCHARD IBK Securities Co Ltd SHIM WON-SUP Hyundai Securities KIM DAE-SUNG Meritz Securities Co., Ltd KIM SEUNG CHURL LIG Investment Securities JOO HAE-MEE KB Investment & Securities Co., Ltd CHOI WON-YEOL Hana Daetoo Securities SEONG-BONG PARK Kyobo Securities JUNG YUN-JIN Dongbu Securities Co Ltd YOO DEOK-SANG

Source EXCH EXCH EXCH EXCH Co File EXCH ULT-AGG MF-AGG EXCH EXCH EXCH EXCH MF-AGG ULT-AGG ULT-AGG MF-AGG MF-AGG MF-AGG ULT-AGG ULT-AGG

Recommendation buy hold buy hold sell neutral/neutral neutral Equalwt/In-Line sell buy hold buy buy neutral buy buy buy market perform buy buy overweight buy buy neutral buy market perform buy buy buy buy buy buy

Amt Held 5'792'627 4'224'480 4'043'770 3'967'057 3'573'836 2'900'724 808'219 768'953 635'797 635'103 633'952 633'951 345'466 325'973 198'984 186'860 175'762 168'686 148'207 88'215

% Out 9.87 7.2 6.89 6.76 6.09 4.94 1.38 1.31 1.08 1.08 1.08 1.08 0.59 0.56 0.34 0.32 0.3 0.29 0.25 0.15

Weighting

Change 5 3 5 3 1 3 3 3 1 5 3 5 5 3 5 5 5 3 5 5 5 5 5 3 5 3 5 5 5 5 5 5

M M M M M M D M N M M M M M M M N M M M M M M D M D M M M M M M

Latest Chg (592'185) (643'026) 18'180 (464'717) 567'004 (99'052) (248'960) 3'745 (90'051) 693 (292'697) (81'876) (8'090)

Target Price 45'000 42'000 45'000 41'577 29'000 40'000 38'500 30'500 #N/A N/A 44'000 #N/A N/A 39'000 34'000 #N/A N/A 41'000 41'577 52'269 38'014 48'705 38'014 49'893 51'081 59'396 43'953 51'081 51'081 59'396 73'651 78'403 76'027 89'095 77'215

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt 26.09.2013 11.06.2013 26.09.2013 26.09.2013 31.12.2012 25.07.2011 25.09.2013 31.03.2013 26.09.2013 26.09.2013 10.05.2013 26.09.2013 31.03.2013 30.06.2013 30.04.2013 31.03.2013 31.03.2013 31.03.2013 31.03.2013 31.10.2012

Date 6 month 12 month 6 month 12 month 12 month 12 month Not Provided 12 month Not Provided 12 month Not Provided 12 month 12 month Not Provided 6 month 12 month 12 month 12 month 12 month 12 month 15 month 6 month 6 month 12 month 12 month 12 month 6 month 12 month 12 month 12 month 6 month 12 month

Inst Type Corporation Government n/a n/a Corporation Investment Advisor Investment Advisor Investment Advisor n/a n/a n/a n/a Investment Advisor Unclassified Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor

Date 27.09.2013 27.09.2013 26.09.2013 26.09.2013 25.09.2013 25.09.2013 25.09.2013 24.09.2013 20.09.2013 16.09.2013 16.09.2013 16.09.2013 16.09.2013 16.09.2013 16.09.2013 13.09.2013 13.09.2013 12.09.2013 10.09.2013 29.08.2013 14.08.2013 25.07.2013 06.05.2013 03.05.2013 23.04.2013 15.04.2013 08.04.2013 25.03.2013 04.02.2013 13.01.2013 18.06.2012 01.02.2012

27.09.2013

Hyundai Development Co-Engineering & Construction Hyundai Development Co-Engineering & Construction concentrates on apartment and housing construction. The Company also constructs civil works, such as roads, highways, and bridges, architectural works, such as office buildings and leisure facilities, and industrial and environmental plants.

Price/Volume 30000 25000 20000 15000

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (29.05.2013) 52-Week Low (16.11.2012) Daily Volume Current Price (9/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 30.06.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance 012630 KS EQUITY YTD Change 012630 KS EQUITY YTD % CHANGE

12/2012 06/yy 28'750.00 17'800.00 443'203.00 23950 -16.70% 34.55% 52.05% 75.4 1'805'451.13 1'974'111.56 0.0 0.0 390'880.02 3'169'632.37

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

5000 0 s-12

31.12.2009 31.12.2010 2'163'380.3 2'709'303.6 1.79x 1.43x 158'316.6 236'802.3 24.41x 16.31x 49'187.5 116'383.9 56.51x 21.49x Profitability

n-12

d-12

j-13

f-13 m-13 a-13 m-13

j-13

a-13

Market Data

LTM-4Q 31.12.2011 3'101'561.0 0.85x 365'509.6 7.24x 226'416.4 5.46x

LTM

FY+1

0.84 1.49 57.27 7.20% 10.62% 1.486 27 3.370 297'583 352'690 393'653 FY+2

FQ+1

FQ+2

31.12.2012 06/yy 06/yy 12/13 Y 12/14 Y 09/13 Q3 12/13 Q4 2'207'250.9 ######### ######### ######### ######### 924'411.0 ######### 1.44x 4.33x 5.64x 1.07x 0.88x 3.62x 2.80x 77'448.3 233'345.8 106'081.8 159'837.6 283'076.2 36'412.0 46'237.0 41.01x 13.87x 30.20x 19.83x 11.20x 18.94x 15.67x 9'758.1 184'441.7 (27'075.2) 48'466.5 173'573.2 12'200.0 8'313.5 162.78x 9.64x 0.00x 27.18x 9.93x 23.26x 15.37x S&P Issuer Ratings 77'448.34 Long-Term Rating Date 66'422.34 Long-Term Rating 3.01% Long-Term Outlook 1.76% Short-Term Rating Date 0.17% Short-Term Rating 0.39% Credit Ratios 0.58% EBITDA/Interest Exp. 0.38% (EBITDA-Capex)/Interest Exp. Net Debt/EBITDA 6.8% Total Debt/EBITDA 3.5% Reference 3.0% Total Debt/Equity 0.4% Total Debt/Capital Asset Turnover 2.01 Net Fixed Asset Turnover 0.63 Accounts receivable turnover-days 34.95% Inventory Days 78.52% Accounts Payable Turnover Day 2.16 Cash Conversion Cycle 1.01

Price/ Cash Flow

1.19 -0.46 20.41 25.49 78.5% 44.0% 0.38 6.73 169.35 361.64 52.32 478.68

Sales/Revenue/Turnover

45.00

3'500'000.0

40.00

3'000'000.0

35.00

2'500'000.0

30.00 25.00

2'000'000.0

20.00

1'500'000.0

15.00

1'000'000.0

10.00

500'000.0

5.00 0.00 02.01.2010

o-12

Fiscal Year Ended 31.12.2008 2'667'034.0 1.15x 293'730.4 10.45x 227'842.3 10.48x

10000

2.0 M 1.8 M 1.6 M 1.4 M 1.2 M 1.0 M .8 M .6 M .4 M .2 M .0 M s-13

0.0 02.07.2010

02.01.2011

02.07.2011

02.01.2012

02.07.2012

02.01.2013

02.07.2013

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

27.09.2013

Hyundai Development Co-Engineering & Construction Holdings By:

All

Holder Name FRANKLIN RESOURCES MONG-GYU CHUNG JP MORGAN NATIONAL PENSION SER HYUNDAI DEVELOPMENT DIMENSIONAL FUND ADV BLACKROCK FMR LLC VANGUARD GROUP INC BANK OF NEW YORK MEL ROBECO SAMSUNG INVESTMENT T NORGES BANK KB ASSET MANAGEMENT MIRAE ASSET GLOBAL I MIDAS ASSET MANAGEME KYOBO AXA INVESTMENT BARING FUND MANAGERS HYUNDAI INVESTMENTS SHINHAN BNP PARIBAS

Firm Name Korea Investment & Securities KTB Securities Shinhan Investment Corp Woori Investment & Securities Credit Suisse Morgan Stanley Tong Yang Investment Bank Deutsche Bank Goldman Sachs Daiwa Securities Co. Ltd. Samsung Securities Daewoo Securities HMC Investment Securities Co Ltd Daishin Securities Co., Ltd. NH Investment & Securities Mirae Asset Securities UBS KB Investment & Securities Co., Ltd EVA Dimensions HSBC Macquarie Kyobo Securities Nomura Hana Daetoo Securities JPMorgan LIG Investment Securities

Portfolio Name n/a n/a n/a n/a n/a n/a n/a n/a n/a Multiple Portfolios n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios

Analyst LEE KYUNG-JA SUN-MI KIM SANG-YEON PARK WAYNE WANG-SANG LEE SINN MIN-SEOK YUNICE YOUNG KYOUNG KIM SANG-HYUP CHONG HAN SANG-HI JINMOOK KIM MIKE OH YUN SOK-MO PARK HYUNG-RYUL LEE KWANG-SOO CHO YOON-HO KANG SEUNG-MIN RYAN BYUN SEONG JIN SON YONG-SUK HEU MOON-WOOK TIMOTHY STANISH BRIAN CHO BRANDON I LEE CHO JOO-HYUNG MICHAEL NA LEE CHANG-KEUN SCOTT YH SEO PARK YOUNG-DO

Source ULT-AGG EXCH ULT-AGG EXCH Co File ULT-AGG ULT-AGG ULT-AGG ULT-AGG MF-AGG ULT-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG

Recommendation hold hold hold hold outperform Underwt/In-Line buy buy Buy/Neutral hold hold hold buy buy buy hold sell hold sell underweight outperform hold buy buy overweight hold

Amt Held 17'136'648 11'641'601 5'541'390 4'636'676 1'800'000 1'622'864 1'396'001 863'055 719'134 648'429 451'680 408'375 392'429 310'382 205'220 198'994 186'210 183'750 163'720 152'135

% Out 22.73 15.44 7.35 6.15 2.39 2.15 1.85 1.14 0.95 0.86 0.6 0.54 0.52 0.41 0.27 0.26 0.25 0.24 0.22 0.2

Weighting

Change 3 3 3 3 5 1 5 5 5 3 3 3 5 5 5 3 1 3 1 1 5 3 5 5 5 3

M M N M M N M M M M M D M M M M M M M M M D M M M M

Latest Chg (296'126) 1'115'710 (800'510) 40'720 8'670 192'929 (463'363) 960 (38'290) (77'384) (107'712) 18'544 198'994 1'160 127'810 (30'320) 110'455

Target Price #N/A N/A 25'000 20'000 22'000 27'000 18'000 30'000 30'000 26'000 22'000 21'000 #N/A N/A 29'000 34'000 29'000 21'000 16'500 25'200 #N/A N/A 13'000 31'000 22'000 30'000 27'700 30'000 40'400

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt 27.08.2013 22.03.2013 12.08.2013 23.04.2013 31.12.2012 30.04.2013 25.09.2013 31.07.2013 30.06.2013 25.09.2013 30.04.2013 31.03.2013 31.12.2012 31.03.2013 31.03.2013 31.03.2013 31.03.2013 31.05.2013 31.03.2013 31.03.2013

Date Not Provided 12 month 12 month 12 month Not Provided 12 month 12 month 12 month 12 month Not Provided 12 month Not Provided 6 month 12 month 6 month 12 month 12 month 12 month Not Provided Not Provided 12 month 6 month Not Provided 12 month Not Provided 12 month

Inst Type Investment Advisor n/a Investment Advisor Government Corporation Investment Advisor Investment Advisor Investment Advisor Unclassified Investment Advisor Unclassified Investment Advisor Government Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor

Date 26.09.2013 26.09.2013 24.09.2013 11.09.2013 11.09.2013 10.09.2013 10.09.2013 05.09.2013 23.08.2013 08.08.2013 05.08.2013 30.07.2013 30.07.2013 29.07.2013 29.07.2013 29.07.2013 26.07.2013 25.07.2013 06.06.2013 28.04.2013 27.04.2013 13.02.2013 05.02.2013 28.11.2012 05.06.2012 05.04.2011

27.09.2013

CJ Corp CJ Corp. is an investment holding company. The Company, through its subsidiaries, manufactures processed food products. The subsidiaries' products include refined sugar, monosodium glutamate (MSG), condiment, wheat powder, flour, cooking oil, processed meats, and animal feed.

Price/Volume 180000

.6 M

160000

.5 M

140000 120000

.4 M

100000

12/2012 06/yy 155'500.00 95'600.00 113'062.00 116500 -25.08% 21.86% 36.56% 29.0 3'381'159.25 409'132.79 11'301.1 0.0 310'504.92 3'551'695.79

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

60000

.2 M

40000

.1 M

20000 0 s-12

o-12

n-12

d-12

j-13

f-13 m-13 a-13 m-13

j-13

a-13

Fiscal Year Ended 31.12.2008 148'483.7 7.10x 9'589.6 109.96x 292'829.4 3.51x

.3 M

80000

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (15.03.2013) 52-Week Low (04.10.2012) Daily Volume Current Price (9/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 30.06.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance 001040 KS EQUITY YTD Change 001040 KS EQUITY YTD % CHANGE

31.12.2009 31.12.2010 244'832.9 67'707.9 7.11x 32.29x 194'107.7 23'686.5 8.97x 92.31x 172'863.6 20'095.7 10.13x 110.20x Profitability

LTM-4Q 31.12.2011 90'275.5 24.20x 43'178.3 50.60x 442'325.7 4.89x

31.12.2012 107'951.9 29.61x 69'514.6 45.98x 100'053.4 33.54x 69'514.60 66'589.73 61.68% 120.71% 2.69% 3.19% 3.22% 0.03% 64.3% 59.8% 92.7% 1.64 1.58 13.53% 15.99% -

Price/ Cash Flow

06/yy 100'087.7 87.02x 56'484.7 41.76x 446'595.5 5.02x

LTM 06/yy 86'038.2 151.70x 55'355.0 56.50x 83'484.6 38.63x

0.69 11.91 19.53% -1.69% 0.685 13 4.231 140'392 107'206 114'587

FY+1

FY+2

FQ+1

FQ+2

12/13 Y

12/14 Y

09/13 Q3

12/13 Q4

S&P Issuer Ratings

.0 M s-13

2.71 2.71 2.88 6.31 16.0% 13.7% 0.03 9.84 -

Sales/Revenue/Turnover

1'800.00

3'000'000.0

1'600.00

2'500'000.0

1'400.00

2'000'000.0

1'200.00 1'000.00

1'500'000.0

800.00

1'000'000.0

600.00 400.00

500'000.0

200.00 0.00 02.01.2010

0.0 02.07.2010

02.01.2011

02.07.2011

02.01.2012

02.07.2012

02.01.2013

02.07.2013

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

27.09.2013

CJ Corp Holdings By:

All

Holder Name JAY-HYUN LEE CJ CORP NATIONAL PENSION SER TRUSTON ASSET MANAGE NORGES BANK DIMENSIONAL FUND ADV BLACKROCK KOREA INVESTMENT TRU SAMSUNG INVESTMENT T VANGUARD GROUP INC MAPS INVESTMENT MANA PCA INVESTMENT TRUST ACADIAN ASSET MANAGE FMR LLC MIRAE ASSET GLOBAL I AXA ROSENBERG INTL KYOBO AXA INVESTMENT MACQUARIE GROUP CAISSE DE DEPOT ET P UBS HANA ASSET MANAG

Firm Name

Portfolio Name n/a n/a n/a n/a Multiple Portfolios n/a n/a Multiple Portfolios Multiple Portfolios n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios n/a Multiple Portfolios Multiple Portfolios

Analyst

KTB Securities OH JIN-WON EVA Dimensions TIMOTHY STANISH Hyundai Securities JUN YONG-KI Samsung Securities EUNPYO KANG Shinhan Investment Corp SONG IN-CHAN IBK Securities Co Ltd JANG-WON KIM Eugene Investment & Securities Co., LtdKIM IN Woori Investment & Securities DONG-YANG KIM E*Trade Securities Korea KIM JOON-SUP KIWOOM Securities Co Ltd WILLIAM PARK JOONG-SUN LIG Investment Securities HEE-SANG KWAK KB Investment & Securities Co., Ltd LEE SANG-WON Korea Investment & Securities LEE HOON

Source Co File Co File EXCH EXCH MF-AGG ULT-AGG ULT-AGG MF-AGG MF-AGG ULT-AGG MF-AGG MF-AGG MF-AGG ULT-AGG MF-AGG MF-AGG MF-AGG ULT-AGG MF-AGG MF-AGG

Recommendation buy underweight buy buy buy buy buy hold market perform outperform buy buy hold

Amt Held 12'275'574 2'971'556 1'863'548 814'364 711'892 392'671 344'857 331'118 173'302 168'311 103'762 103'512 98'940 95'630 95'630 81'510 60'570 45'695 38'920 33'387

% Out 42.3 10.24 6.42 2.81 2.45 1.35 1.19 1.14 0.6 0.58 0.36 0.36 0.34 0.33 0.33 0.28 0.21 0.16 0.13 0.12

Weighting

Change 5 1 5 5 5 5 5 3 3 5 5 5 3

M D M M M M M M M M M M D

Latest Chg (298'686) (718'810) (2'116) (2'031) (116) 18'926 (114'997) 16'675 (3'794) (187) 24'627 (1'560) (9'527) 29'538

Target Price 150'000 #N/A N/A 170'000 147'000 130'000 140'000 160'000 140'000 140'000 162'000 160'000 128'000 #N/A N/A

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt 31.12.2012 31.12.2012 23.01.2013 06.12.2012 31.12.2012 30.04.2013 25.09.2013 31.03.2013 31.03.2013 30.06.2013 31.03.2013 31.03.2013 31.07.2013 31.07.2013 31.03.2013 31.12.2012 31.03.2013 28.06.2013 31.12.2012 31.03.2013

Date 12 month Not Provided Not Provided 12 month Not Provided 12 month 12 month 12 month 12 month 6 month 12 month 12 month Not Provided

Inst Type n/a Corporation Government Investment Advisor Government Investment Advisor Investment Advisor Investment Advisor Investment Advisor Unclassified Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor

Date 27.09.2013 21.08.2013 16.08.2013 16.08.2013 13.08.2013 24.07.2013 16.07.2013 28.05.2013 16.05.2013 24.04.2013 28.01.2013 28.11.2012 18.10.2012

27.09.2013

Halla Visteon Climate Control Corp Halla Climate Control Corporation manufactures a variety of automotive air control equipment. The Company's products include air conditioners, heaters, cooling modules, compressors, radiators, fans, evaporators, and condensers. Halla distributes its products on an original equipment manufacturing (OEM) basis.

Price/Volume 45000

3.0 M

40000

2.5 M

35000 30000

2.0 M

25000

12/2012 06/yy 42'500.00 17'400.00 255'637.00 40500 -4.71% 132.76% 90.04% 106.8 4'323'780.00 31'444.90 0.0 0.0 136'374.22 4'511'697.04

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

15000

1.0 M

10000

.5 M

5000 0 s-12

31.12.2009 31.12.2010 1'409'680.4 1'769'483.0 1.00x 1.17x 124'315.4 168'349.3 11.36x 12.25x 151'378.0 151'692.8 9.49x 14.07x Profitability

LTM-4Q 31.12.2011 2'005'795.5 1.13x 149'273.2 15.18x 136'333.0 17.07x

n-12

d-12

LTM

31.12.2012 06/yy 06/yy 2'172'795.2 ######### ######### 1.12x 4.55x 5.20x 156'982.7 148'781.4 173'261.3 15.45x 17.18x 23.42x 148'016.4 147'150.3 142'134.9 17.10x 17.56x 27.24x 156'982.72 91'429.53 4.21% 9.05% 9.17% 12.77% 12.50% 1.35% 11.9% 7.2% 4.2% 6.8% 1.70 1.26 1.89% 2.61% 5.63 25.08

Price/ Cash Flow

j-13

f-13 m-13 a-13 m-13

j-13

a-13

.0 M s-13

1.77 0.77 24.52 90.23% 70.89% 0.772 15 4.600 270'886 242'028 222'757

FY+1

FY+2

FQ+1

FQ+2

12/13 Y

12/14 Y

09/13 Q3

12/13 Q4

S&P Issuer Ratings

181.54 68.34 -0.67 0.20 2.6% 2.5% 1.35 6.46 64.96 14.59 53.06 26.50

Sales/Revenue/Turnover

25.00

2'500'000.0

20.00

2'000'000.0

15.00

1'500'000.0

10.00

1'000'000.0

5.00

500'000.0

0.00 02.01.2010

o-12

Fiscal Year Ended 31.12.2008 1'533'693.4 0.56x 148'822.7 5.74x 94'348.5 8.20x

1.5 M

20000

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (23.09.2013) 52-Week Low (01.11.2012) Daily Volume Current Price (9/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 30.06.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance 018880 KS EQUITY YTD Change 018880 KS EQUITY YTD % CHANGE

0.0 02.07.2010

02.01.2011

02.07.2011

02.01.2012

02.07.2012

02.01.2013

02.07.2013

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

27.09.2013

Halla Visteon Climate Control Corp Holdings By:

All

Holder Name VIHI LLC NATIONAL PENSION SER SCHRODER INVESTMENT BLACKROCK VANGUARD GROUP INC SAMSUNG INVESTMENT T FRANKLIN RESOURCES JP MORGAN INVESCO ASSET MANAGE DIMENSIONAL FUND ADV PRUDENTIAL FINANCIAL PRINCIPAL FINANCIAL VALIC CO I MIRAE ASSET GLOBAL I HYUNDAI INVESTMENTS HI ASSET MANAGEMENT CANADA LIFE NORGES BANK UBI PRAMERICA SGR KYOBO AXA INVESTMENT

Firm Name KTB Securities HI Investment Securities Mirae Asset Securities EVA Dimensions Korea Investment & Securities Morgan Stanley NH Investment & Securities Tong Yang Investment Bank UBS Deutsche Bank Dongbu Securities Co Ltd YuHwa Securities Ltd KB Investment & Securities Co., Ltd Hana Daetoo Securities Kyobo Securities Daewoo Securities

Portfolio Name n/a n/a Multiple Portfolios n/a n/a Multiple Portfolios n/a n/a Multiple Portfolios n/a n/a n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios

Analyst NAM KYEONG MOON KOH TAE-BONG YOON-KI KIM CRAIG STERLING SUH SUNGMOON PARK SANG-KYOO LEE SANG-HYUN AHN SANG JUN JOSH J BAE CHANWOOK PARK YIM EUN-YOUNG SEUNG-JOON YOO SHIN CHUNG-KWAN SONG SUN-JAE DONG-HA KIM PARK YOUNG HO

Source Co File EXCH MF-AGG ULT-AGG ULT-AGG MF-AGG ULT-AGG ULT-AGG MF-AGG ULT-AGG ULT-AGG ULT-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG

Recommendation hold buy buy hold buy Equalwt/Attractive buy buy buy buy buy buy buy buy buy buy

Amt Held 74'720'000 7'516'395 1'425'502 889'877 763'716 555'793 503'960 468'170 450'000 248'920 176'930 168'910 145'400 140'610 132'593 101'830 97'000 89'995 88'480 88'170

% Out 69.99 7.04 1.34 0.83 0.72 0.52 0.47 0.44 0.42 0.23 0.17 0.16 0.14 0.13 0.12 0.1 0.09 0.08 0.08 0.08

Weighting

Change 3 5 5 3 5 3 5 5 5 5 5 5 5 5 5 5

M N M U M M M U U M M M M M M M

Latest Chg (1'128'798) 1'005'547 26'480 149'960 (118'066) 1'110 (122'690) (320'000) (15'000) 4'780 18'780 (24'692) 90'160 (18'020) 1'130

Target Price 37'000 41'000 42'000 #N/A N/A 39'000 35'000 40'000 38'000 38'000 40'000 39'000 39'000 38'000 35'000 32'500 28'000

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt 31.12.2012 03.05.2013 30.08.2013 25.09.2013 30.06.2013 31.03.2013 28.06.2013 31.07.2013 31.05.2013 30.04.2013 31.07.2013 31.07.2013 31.05.2013 31.03.2013 31.03.2013 31.03.2013 30.04.2012 31.12.2012 31.08.2013 31.03.2013

Date 12 month 6 month 12 month Not Provided 12 month 12 month 6 month 12 month 12 month 12 month 12 month 6 month 12 month 12 month 12 month 12 month

Inst Type Holding Company Government Investment Advisor Investment Advisor Unclassified Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Unclassified Government Investment Advisor Investment Advisor

Date 27.09.2013 19.08.2013 19.08.2013 13.08.2013 12.08.2013 09.08.2013 09.08.2013 09.08.2013 09.08.2013 08.08.2013 05.08.2013 15.07.2013 03.07.2013 09.05.2013 15.04.2013 15.06.2012

27.09.2013

Daewoo International Corp Daewoo International Corp. is a general trading company. The Company exports and imports steel, cement, crude oil, heavy machinery, automobile parts, and textiles. Daewoo also manufactures synthetic fabrics for footwear, garments, and car seats, and operates a department store in Masan.

Price/Volume

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (02.10.2012) 52-Week Low (24.06.2013) Daily Volume Current Price (9/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 30.06.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance 047050 KS EQUITY YTD Change 047050 KS EQUITY YTD % CHANGE

12/2012 06/yy 44'250.00 30'650.00 292'434.00 37900 -14.35% 23.65% 56.62% 113.9 4'315'911.50 3'190'347.70 0.0 0.0 223'422.00 7'670'846.77

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

31.12.2009 31.12.2010 11'147'952.4 15'664'736.5 0.29x 0.43x 185'889.9 185'951.2 17.29x 36.41x 124'614.3 2'207.5 26.76x 1643.18x Profitability

LTM-4Q 31.12.2011 18'758'511.5 0.41x 176'698.1 43.20x 160'088.5 18.58x

2.0 M 1.5 M 1.0 M .5 M

o-12

n-12

d-12

LTM

31.12.2012 06/yy 06/yy 17'011'373.5 ######### ######### 0.44x 1.72x 1.92x 157'464.3 170'813.9 144'519.9 47.52x 48.69x 51.07x 306'041.8 199'686.1 249'572.0 14.10x 17.12x 16.29x 157'464.30 140'991.85 0.83% 2.77% 4.13% 16.80% 6.74% 2.30% 5.0% 0.9% 0.8% 1.8% 1.14 0.95 45.65% 150.28% 5.28 27.62

Price/ Cash Flow

j-13

f-13 m-13 a-13 m-13

j-13

a-13

.0 M s-13

0.79 0.89 34.25 -10.15% -4.41% 0.890 21 4.810 278'048 226'860 280'942

FY+1

FY+2

FQ+1

FQ+2

12/13 Y

12/14 Y

09/13 Q3

12/13 Q4

S&P Issuer Ratings

1.12 0.49 18.84 20.26 150.3% 60.0% 2.30 52.57 69.26 13.25 22.70 59.81

Sales/Revenue/Turnover

8.00

20'000'000.0

7.00

18'000'000.0 16'000'000.0

6.00

14'000'000.0

5.00

12'000'000.0

4.00

10'000'000.0 8'000'000.0

3.00

6'000'000.0

2.00

4'000'000.0

1.00

2'000'000.0

0.00 02.01.2010

2.5 M

Fiscal Year Ended 31.12.2008 11'045'767.8 0.21x 171'253.3 13.83x 88'001.3 25.25x

50000 45000 40000 35000 30000 25000 20000 15000 10000 5000 0 s-12

0.0 02.07.2010

02.01.2011

02.07.2011

02.01.2012

02.07.2012

02.01.2013

02.07.2013

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

27.09.2013

Daewoo International Corp Holdings By:

All

Holder Name POSCO NATIONAL PENSION SER FMR LLC KOREA INVESTMENT TRU BLACKROCK VANGUARD GROUP INC PCA INVESTMENT TRUST SAMSUNG INVESTMENT T TRUSTON ASSET MANAGE SHINHAN BNP PARIBAS EMPLOYEE STOCK OWNER FIL LIMITED KTB ASSET MANAGEMENT MIDAS ASSET MANAGEME KB ASSET MANAGEMENT KYOBO AXA INVESTMENT DIMENSIONAL FUND ADV UBS HANA ASSET MANAG MIRAE ASSET GLOBAL I FIDELITY INVT ASSET

Firm Name

Portfolio Name n/a n/a n/a Multiple Portfolios n/a n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios n/a n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios

Analyst

HMC Investment Securities Co Ltd Park Jong Ryeol Eugene Investment & Securities Co., LtdJOO ICK-CHAN HI Investment Securities MYUNG-HYUN LEE Shinhan Investment Corp MINHO HUR Shinyoung Securities Co., Ltd. HWANG CHANG-SEOK Daewoo Securities RYU JE-HYUN JAY Morgan Stanley KYLE KIM Hana Daetoo Securities SANG-WOO LEE Daishin Securities Co., Ltd. CHUNG YON-WOO NH Investment & Securities HONG SUNG-SOO Hyundai Securities JUN YONG-KI Woori Investment & Securities DONG-YANG KIM BS Securities Co Ltd LINA OH SK Securities Co Ltd KI-YEONG KIM Mirae Asset Securities KWON HAE-SOON Korea Investment & Securities YEO YEONGSANG EVA Dimensions TIMOTHY STANISH KB Investment & Securities Co., Ltd KIM HYUN-TAE KIWOOM Securities Co Ltd KIM SANG-KU E*Trade Securities Korea KIM JOON-SUP KTB Securities JUNGMI NAM

Source Co File Co File ULT-AGG MF-AGG ULT-AGG ULT-AGG MF-AGG MF-AGG MF-AGG MF-AGG Co File ULT-AGG MF-AGG MF-AGG MF-AGG MF-AGG ULT-AGG MF-AGG MF-AGG MF-AGG

Recommendation buy buy buy buy buy buy Overwt/Attractive buy buy buy buy buy buy buy buy buy underweight buy buy buy buy

Amt Held 68'681'566 10'507'370 1'470'370 1'325'306 1'036'802 814'146 611'307 505'004 383'700 319'562 303'778 206'191 198'795 171'720 171'630 156'470 156'268 125'283 116'119 109'680

% Out 60.31 9.23 1.29 1.16 0.91 0.71 0.54 0.44 0.34 0.28 0.27 0.18 0.17 0.15 0.15 0.14 0.14 0.11 0.1 0.1

Weighting

Change 5 5 5 5 5 5 5 5 5 5 5 5 5 5 5 5 1 5 5 5 5

M M M M M M M M M M M M M M M M M N M M M

Latest Chg 122'086 50'992 6'530 (311'107) (771) (109'896) 182'080 73'641 (1'736'436) (102'299) (113'272) 136'433 9'950 (265'381) 14'432 -

Target Price 43'000 45'000 46'000 46'500 48'000 48'000 45'000 43'700 46'000 49'000 53'000 53'000 48'000 55'000 45'000 45'000 #N/A N/A 50'000 45'000 50'000 55'000

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt 31.12.2012 31.12.2012 31.07.2013 31.03.2013 25.09.2013 30.06.2013 31.03.2013 31.03.2013 31.03.2013 31.03.2013 31.12.2012 30.04.2013 31.03.2013 31.03.2013 31.03.2013 31.03.2013 30.04.2013 31.03.2013 31.03.2013 31.03.2013

Date 6 month 12 month 6 month 12 month 12 month 12 month 12 month 12 month 12 month 6 month 12 month 12 month 6 month 6 month 12 month 12 month Not Provided 12 month 6 month 12 month 12 month

Inst Type Corporation Government Investment Advisor Investment Advisor Investment Advisor Unclassified Investment Advisor Investment Advisor Investment Advisor Investment Advisor n/a Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor

Date 24.09.2013 23.09.2013 23.09.2013 11.09.2013 09.09.2013 29.08.2013 22.08.2013 12.08.2013 26.07.2013 26.07.2013 26.07.2013 26.07.2013 26.07.2013 15.07.2013 05.07.2013 25.06.2013 06.06.2013 14.05.2013 26.04.2013 26.04.2013 08.01.2013

27.09.2013

Samsung Card Co Ltd Samsung Card Co., Ltd. offers credit card services such as issuing cards, one time payments, installments, and cash advance services. The Company also provides other financial services such as leasing and loan services.

Price/Volume 45000

.8 M

40000

.7 M

35000

.6 M

30000

.5 M

25000

Latest Fiscal Year: LTM as of: 52-Week High (25.04.2013) 52-Week Low (06.12.2012) Daily Volume Current Price (9/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 30.06.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance 029780 KS EQUITY YTD Change 029780 KS EQUITY YTD % CHANGE

12/2012 06/yy 42'900.00 34'550.00 218'937.00 39900 -6.99% 15.48% 55.09% 115.9 4'622'770.00 8'392'984.12 0.0 0.0 482'836.18 12'146'600.35

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

.3 M

15000 10000

.2 M

5000

.1 M

0 s-12

o-12

n-12

d-12

j-13

f-13 m-13

a-13 m-13

j-13

a-13

Fiscal Year Ended 31.12.2008 2'264'593.5 5.13x 1'557'010.8 7.45x 257'742.2 17.02x

.4 M

20000

Valuation Analysis

31.12.2009 31.12.2010 2'437'112.1 3'504'579.6 4.93x 3.92x 1'560'864.9 1'833'977.3 7.70x 7.49x 603'846.0 1'200'727.3 11.66x 6.43x Profitability

LTM-4Q 31.12.2011 3'104'652.2 3.96x 1'113'409.8 11.03x 375'164.0 12.70x

LTM

FY+1

0.75 39.22 1.42% 9.32% 0.747 23 4.391 216'732 135'072 116'901 FY+2

FQ+1

FQ+2

31.12.2012 06/yy 06/yy 12/13 Y 12/14 Y 09/13 Q3 12/13 Q4 3'682'106.3 ######### ######### ######### ######### 636'200.0 3.29x 12.10x 17.13x 1'735'639.1 ######### 993'909.6 6.98x 5.81x 12.09x 749'874.6 853'116.3 208'687.4 308'600.0 426'900.0 78'500.0 5.90x 4.58x 21.87x 15.21x 12.03x S&P Issuer Ratings 1'735'639.15 Long-Term Rating Date - Long-Term Rating 29.28% Long-Term Outlook 26.77% Short-Term Rating Date 1.35% Short-Term Rating 3.40% Credit Ratios 1.56% EBITDA/Interest Exp. 0.18% (EBITDA-Capex)/Interest Exp. Net Debt/EBITDA - Total Debt/EBITDA 35.0% Reference - Total Debt/Equity 20.4% Total Debt/Capital Asset Turnover - Net Fixed Asset Turnover - Accounts receivable turnover-days 51.53% Inventory Days 140.46% Accounts Payable Turnover Day - Cash Conversion Cycle -

Price/ Cash Flow

.0 M s-13

7.57 7.81 140.5% 58.4% 0.18 15.50 -

Sales/Revenue/Turnover

30.00

5'000'000.0 4'500'000.0

25.00

4'000'000.0 3'500'000.0

20.00

3'000'000.0

15.00

2'500'000.0 2'000'000.0

10.00

1'500'000.0 1'000'000.0

5.00 0.00 02.01.2010

500'000.0 0.0 02.07.2010

02.01.2011

02.07.2011

02.01.2012

02.07.2012

02.01.2013

02.07.2013

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

27.09.2013

Samsung Card Co Ltd Holdings By:

All

Holder Name SAMSUNG ELECTRONICS SAMSUNG LIFE INSURAN CAPITAL GROUP COMPAN KOREA INVESTMENT TRU SAMSUNG INVESTMENT T BLACKROCK JP MORGAN VANGUARD GROUP INC SAMSUNG CARD CO EMPLOYEE STOCK OWNER GRANTHAM MAYO VAN OT NORGES BANK DIMENSIONAL FUND ADV FRANKLIN RESOURCES KYOBO AXA INVESTMENT CAISSE DE DEPOT ET P MIRAE ASSET GLOBAL I TRUSTON ASSET MANAGE PUTNAM INVESTMENT MA SHIN YOUNG INVESTMEN

Firm Name

Portfolio Name n/a n/a n/a Multiple Portfolios Multiple Portfolios n/a n/a n/a n/a n/a Multiple Portfolios Multiple Portfolios n/a n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios n/a

Analyst

Woori Investment & Securities DAHEE WOO Shinhan Investment Corp KIM SOO-HYUN SEAN Hanwha Securities Co., Ltd KYU-SUN SHIM HSBC SINYOUNG PARK KB Investment & Securities Co., Ltd SHIM HYUN-SOO Daishin Securities Co., Ltd. CHOI JUNG-WOOK BNP Paribas Equity Research DAVE KO Samsung Securities JAEWOO KIM HMC Investment Securities Co Ltd LEE CHANG-WOOK Tong Yang Investment Bank SUNG BYUNG-SOO Nomura MICHAEL NA Morgan Stanley JOON SEOK CIMB DAEHYUN KIM JPMorgan SCOTT YH SEO Standard Chartered JUSTIN KIM Dongbu Securities Co Ltd LEE BYUNG-GUN UBS SCOTT LEE EVA Dimensions DOUG WALTERS KIWOOM Securities Co Ltd SEO YOUNG-SOO Hyundai Securities KOO KYUNG-HWE Eugene Investment & Securities Co., LtdKIM IN KTB Securities HONG HUN-PIO Kyobo Securities HWANG SEOK-KYU

Source Co File Co File ULT-AGG MF-AGG MF-AGG ULT-AGG ULT-AGG ULT-AGG Co File Co File MF-AGG MF-AGG ULT-AGG ULT-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG ULT-AGG

Recommendation buy buy buy neutral buy buy hold buy buy buy buy Overwt/Attractive outperform overweight in-line buy buy buy market perform market perform hold buy buy

Amt Held 43'393'170 32'468'868 4'563'360 3'057'128 1'255'282 820'803 687'550 514'230 458'195 296'007 285'330 203'086 197'481 159'020 122'057 115'498 100'980 90'410 77'710 75'640

% Out 37.45 28.02 3.94 2.64 1.08 0.71 0.59 0.44 0.4 0.26 0.25 0.18 0.17 0.14 0.11 0.1 0.09 0.08 0.07 0.07

Weighting

Change 5 5 5 3 5 5 3 5 5 5 5 5 5 5 3 5 5 5 3 3 3 5 5

M M M D U M M M M M M M M M M M U M M M M M M

Latest Chg (463'160) (555'098) (277'021) 3'080 (134'000) (368'210) 2'960 770 11'962 90'410 (590) 75'510

Target Price 45'000 47'000 47'500 42'000 46'000 47'000 40'000 45'000 47'000 47'000 53'000 46'000 47'000 50'000 36'000 50'400 43'000 #N/A N/A 38'000 44'000 44'000 42'000 57'500

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt 31.12.2012 31.12.2012 30.06.2013 31.03.2013 31.03.2013 25.09.2013 31.03.2013 30.06.2013 31.12.2012 31.12.2012 31.05.2013 31.12.2012 30.04.2013 28.06.2013 31.03.2013 31.12.2012 31.03.2013 31.03.2013 30.06.2013 31.03.2013

Date 12 month 12 month 6 month Not Provided 12 month 12 month 12 month 12 month 6 month 12 month Not Provided 12 month 12 month 9 month 12 month 12 month 12 month Not Provided 6 month 12 month 12 month 12 month 6 month

Inst Type Corporation Insurance Company Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Unclassified Corporation n/a Investment Advisor Government Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor

Date 27.09.2013 12.09.2013 10.09.2013 08.09.2013 04.09.2013 28.08.2013 12.08.2013 22.07.2013 22.07.2013 22.07.2013 22.07.2013 21.07.2013 21.07.2013 19.07.2013 24.06.2013 19.06.2013 10.06.2013 06.06.2013 22.04.2013 09.04.2013 08.10.2012 23.07.2012 25.01.2012

27.09.2013

GS Engineering & Construction Corp GS Engineering & Construction Corp. contracts civil engineering and architectural works, residential and commercial building constructions, and plant installations. The Company also builds educational, leisure, distribution, and environmental facilities.

Price/Volume 90000

10.0 M 9.0 M 8.0 M 7.0 M 6.0 M 5.0 M 4.0 M 3.0 M 2.0 M 1.0 M .0 M s-13

80000 70000 60000 50000 40000

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (27.09.2012) 52-Week Low (21.06.2013) Daily Volume Current Price (9/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 30.06.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance 006360 KS EQUITY YTD Change 006360 KS EQUITY YTD % CHANGE

12/2012 06/yy 76'700.00 25'700.00 561'785.00 38750 -49.48% 50.78% 26.96% 51.0 1'976'250.00 2'025'561.00 0.0 0.0 1'501'640.38 3'319'971.62

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

20000 10000 0 s-12

31.12.2009 31.12.2010 7'376'924.6 7'865'282.6 0.66x 0.65x 595'936.8 548'142.1 8.22x 9.28x 382'800.7 386'599.6 14.02x 14.85x Profitability

n-12 d-12

j-13

f-13 m-13 a-13 m-13

j-13

a-13

Market Data

LTM-4Q 31.12.2011 8'524'883.7 0.52x 381'733.0 11.70x 412'570.6 11.05x

LTM

31.12.2012 06/yy 06/yy 8'530'989.2 ######### ######### 0.39x 2.10x 1.82x 173'554.2 359'321.4 (678'549.6) 19.38x 11.57x 0.00x 119'135.1 297'879.9 (580'440.3) 23.81x 12.67x 0.00x 173'554.16 133'216.16 1.56% 2.04% 1.16% 3.12% 2.83% 0.83% 7.4% 2.0% 1.6% 1.4% 1.51 1.18 19.83% 52.61% 2.14 29.96

Price/ Cash Flow

0.65 1.62 36.64 -49.06% -32.37% 1.623 35 2.714 514'461 708'567 589'307

FY+1

FY+2

FQ+1

FQ+2

12/13 Y

12/14 Y

09/13 Q3

12/13 Q4

S&P Issuer Ratings

25.04.2013 NR 3.03 2.46 2.79 11.67 52.6% 34.5% 0.83 8.17 170.74 12.22 78.60 104.36

Sales/Revenue/Turnover

40.00

9'000'000.0

35.00

8'000'000.0

30.00

7'000'000.0 6'000'000.0

25.00

5'000'000.0

20.00

4'000'000.0

15.00

3'000'000.0

10.00

2'000'000.0

5.00

1'000'000.0

0.00 02.01.2010

o-12

Fiscal Year Ended 31.12.2008 6'865'848.0 0.42x 508'453.6 5.67x 381'553.9 7.54x

30000

0.0 02.07.2010

02.01.2011

02.07.2011

02.01.2012

02.07.2012

02.01.2013

02.07.2013

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

27.09.2013

GS Engineering & Construction Corp Holdings By:

All

Holder Name CHANG-SOO HUH FRANKLIN RESOURCES JIN-SU HEO NATIONAL PENSION SER MYUNG-SOO HUH GS ENGINEERING & CON BLACKROCK DIMENSIONAL FUND ADV VANGUARD GROUP INC NORGES BANK SCHRODER INVESTMENT JP MORGAN SAMSUNG INVESTMENT T SHIN YOUNG INVESTMEN F&C ASSET MANAGEMENT TONG YANG INVESTMENT KYOBO AXA INVESTMENT SHINHAN BNP PARIBAS KB ASSET MANAGEMENT KTB ASSET MANAGEMENT

Firm Name

Portfolio Name n/a n/a n/a n/a n/a n/a n/a n/a n/a Multiple Portfolios Multiple Portfolios n/a Multiple Portfolios n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios

Analyst

Korea Investment & Securities LEE KYUNG-JA KTB Securities SUN-MI KIM E*Trade Securities Korea PARK YONG-HEE Samsung Securities YUN SOK-MO Morgan Stanley JOON SEOK Tong Yang Investment Bank SANG-HYUP CHONG Standard Chartered JAMES KP HONG Deutsche Bank HAN SANG-HI Woori Investment & Securities WAYNE WANG-SANG LEE Goldman Sachs JINMOOK KIM Shinhan Investment Corp SANG-YEON PARK Nomura ERIC CHA HMC Investment Securities Co Ltd LEE KWANG-SOO Daishin Securities Co., Ltd. CHO YOON-HO NH Investment & Securities KANG SEUNG-MIN RYAN Hyundai Securities EMILY KIM Hanwha Securities Co., Ltd CHO DONG-PIL Mirae Asset Securities BYUN SEONG JIN Credit Suisse SINN MIN-SEOK JPMorgan LEE SOKJE Daiwa Securities Co. Ltd. MIKE OH KB Investment & Securities Co., Ltd HEU MOON-WOOK LIG Investment Securities CHAE SANG-WOOK Shinyoung Securities Co., Ltd. JONG-HYO HAN Daewoo Securities PARK HYUNG-RYUL EVA Dimensions TIMOTHY STANISH Eugene Investment & Securities Co., LtdSEO BO-ICK UBS SON YONG-SUK Dongbu Securities Co Ltd YOO DEOK-SANG Meritz Securities Co., Ltd HYUNG-GUN KIM HSBC BRIAN CHO HI Investment Securities KIYOUNG ROH Kyobo Securities CHO JOO-HYUNG Hana Daetoo Securities SEUNG-WOO SHIN

Source EXCH ULT-AGG Co File EXCH EXCH Co File ULT-AGG ULT-AGG ULT-AGG MF-AGG MF-AGG ULT-AGG MF-AGG ULT-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG

Recommendation hold hold buy hold Underwt/In-Line hold in-line sell hold neutral/neutral hold buy hold market perform market perform market perform outperform hold neutral underweight underperform hold hold neutral hold sell hold neutral hold hold underweight hold not rated not rated

Amt Held 6'016'741 3'443'477 2'958'100 1'953'112 1'847'225 1'439'281 876'588 466'890 398'598 324'714 265'335 264'040 243'394 184'160 142'112 136'344 121'949 113'649 111'204 102'902

% Out 11.8 6.75 5.8 3.83 3.62 2.82 1.72 0.92 0.78 0.64 0.52 0.52 0.48 0.36 0.28 0.27 0.24 0.22 0.22 0.2

Weighting

Change

3 3 5 3 1 3 3 1 3 3 3 5 3 3 3 3 5 3 3 1 1 3 3 3 3 1 3 3 3 3 1 3 #N/A N/A #N/A N/A

M M M M M M M M M M M M M M M M U M U M U M M M M D N M D D D D M M

Latest Chg (4'910) (1'006'461) 6'850 43'280 (261'492) (385'618) 54'040 (94'578) 183'673 19'457 52'174 1'662 13'080 (284'447) 101'120

Target Price #N/A N/A 42'000 43'000 31'000 30'000 40'000 30'000 25'000 31'000 30'000 28'000 75'000 31'000 29'000 #N/A N/A 33'000 35'000 28'000 31'000 29'000 25'000 40'000 30'000 #N/A N/A #N/A N/A #N/A N/A 37'000 35'000 46'000 35'400 28'000 35'000 #N/A N/A #N/A N/A

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt 19.06.2013 28.06.2013 31.12.2012 15.04.2013 19.06.2013 31.12.2012 25.09.2013 30.04.2013 30.06.2013 31.12.2012 31.03.2013 31.03.2013 31.03.2013 31.03.2013 28.02.2013 31.03.2013 31.03.2013 31.03.2013 31.03.2013 31.03.2013

Date Not Provided 12 month 12 month 12 month 12 month 12 month 12 month 12 month 12 month 12 month 12 month Not Provided 6 month 12 month Not Provided 12 month 6 month 12 month Not Provided 3 month Not Provided 12 month 12 month Not Provided Not Provided Not Provided 12 month 12 month 12 month 6 month Not Provided 6 month Not Provided Not Provided

Inst Type n/a Investment Advisor n/a Government n/a Private Equity Investment Advisor Investment Advisor Unclassified Government Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor

Date 26.09.2013 26.09.2013 25.09.2013 13.09.2013 10.09.2013 10.09.2013 04.09.2013 02.09.2013 27.08.2013 23.08.2013 16.08.2013 16.08.2013 08.08.2013 26.07.2013 26.07.2013 26.07.2013 26.07.2013 26.07.2013 25.07.2013 25.07.2013 25.07.2013 25.07.2013 09.07.2013 28.06.2013 26.06.2013 25.06.2013 21.05.2013 16.04.2013 11.04.2013 11.04.2013 11.04.2013 11.04.2013 11.04.2013 25.02.2013

27.09.2013

LS Corp LS Corp is a holding company, which operated subsidiaries including LS Industrial Systems, LS Cable, LS-Nikko Copper and LS Mtron.

Price/Volume 120000

1.6 M 1.4 M

100000

1.2 M 80000

Latest Fiscal Year: LTM as of: 52-Week High (17.10.2012) 52-Week Low (25.06.2013) Daily Volume Current Price (9/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 30.06.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance 006260 KS EQUITY YTD Change 006260 KS EQUITY YTD % CHANGE

12/2012 06/yy 97'500.00 64'800.00 93'944.00 77600 -20.41% 19.75% 37.31% 32.2 2'498'720.00 39'993.00 0.0 0.0 24'947.00 2'487'801.00

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

31.12.2009 31.12.2010 242'541.0 81'126.0 13.60x 37.29x 223'080.0 61'450.0 14.78x 49.24x 216'308.0 47'691.0 14.89x 61.99x Profitability

.6 M .4 M

20000 0 s-12

LTM-4Q 31.12.2011 92'198.0 23.50x 68'687.0 31.54x 55'549.0 37.98x

31.12.2012 104'376.0 25.23x 80'295.0 32.80x 69'120.0 37.89x 80'295.00 75'528.00 72.36% 70.52% 3.78% 4.11% 4.14% 0.06% 76.9% 72.4% 66.2% 0.32 0.21 2.19% 2.36% -

Price/ Cash Flow

.2 M o-12

n-12 d-12

LTM

06/yy 06/yy 107'628.0 104'646.0 82.71x 92.57x 83'927.0 79'304.0 28.67x 24.20x 69'856.0 69'092.0 34.05x 27.93x

j-13

f-13 m-13 a-13 m-13

j-13

a-13

.0 M s-13

1.61 0.98 17.93 -16.77% -17.71% 0.978 14 4.429 116'825 165'010 142'783

FY+1

FY+2

FQ+1

FQ+2

12/13 Y

12/14 Y

09/13 Q3

12/13 Q4

S&P Issuer Ratings

26.19 26.06 0.19 0.50 2.4% 2.3% 0.06 1.96 -

Sales/Revenue/Turnover

100.00

4'000'000.0

90.00

3'500'000.0

80.00

3'000'000.0

70.00

2'500'000.0

60.00 50.00

2'000'000.0

40.00

1'500'000.0

30.00

1'000'000.0

20.00

500'000.0

10.00 0.00 02.01.2010

.8 M

40000

Fiscal Year Ended 31.12.2008 2'351'927.0 0.95x 80'171.0 28.00x (30'267.0) -

1.0 M

60000

Valuation Analysis

0.0 02.07.2010

02.01.2011

02.07.2011

02.01.2012

02.07.2012

02.01.2013

02.07.2013

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

27.09.2013

LS Corp Holdings By:

All

Holder Name LS CORP NATIONAL PENSION SER TRUSTON ASSET MANAGE MIRAE ASSET GLOBAL I JA-EUN KOO KOREA INVESTMENT TRU JA-YEOL KOO JA-HONG KOO JA-YONG KOO JA-KYUN KOO JA-MYEONG KOO JA-YEOP KOO MAPS INVESTMENT MANA JA-CHEOL KOO BLACKROCK UBS HANA ASSET MANAG KB ASSET MANAGEMENT SAMSUNG INVESTMENT T VANGUARD GROUP INC DIMENSIONAL FUND ADV

Firm Name

Portfolio Name n/a n/a n/a n/a n/a Multiple Portfolios n/a n/a n/a n/a n/a n/a Multiple Portfolios n/a n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios n/a n/a

Analyst

KIWOOM Securities Co Ltd KIM JI-SAN Samsung Securities SUJIN BUM Hyundai Securities JUN YONG-KI Shinhan Investment Corp LEE KWAN-HEE Korea Investment & Securities MOON SUN CHOI Daewoo Securities PARK WON-JAE E*Trade Securities Korea KIM JOON-SUP Hana Daetoo Securities SANG-WOO LEE IBK Securities Co Ltd JANG-WON KIM Mirae Asset Securities KWON HAE-SOON Deutsche Bank HAN SANG-HI EVA Dimensions TIMOTHY STANISH Eugene Investment & Securities Co., LtdKIM IN

Source Co File EXCH EXCH EXCH EXCH MF-AGG EXCH EXCH EXCH EXCH EXCH EXCH MF-AGG EXCH ULT-AGG MF-AGG MF-AGG MF-AGG ULT-AGG ULT-AGG

Recommendation buy buy buy buy buy trading buy buy buy buy buy buy underweight buy

Amt Held 4'432'929 3'277'740 1'804'706 1'607'461 1'295'960 1'073'773 1'053'739 911'500 871'440 794'340 600'180 545'400 481'278 383'715 378'025 320'104 298'748 297'839 205'737 197'957

% Out 13.77 10.18 5.6 4.99 4.02 3.33 3.27 2.83 2.71 2.47 1.86 1.69 1.49 1.19 1.17 0.99 0.93 0.92 0.64 0.61

Weighting

Change 5 5 5 5 5 5 5 5 5 5 5 1 5

M M M M M D M M M M M M N

Latest Chg (97'971) 122'982 (6'732) 2'306 (24'508) (49'436) (13'189) (145'285) 37'352

Target Price 130'000 106'000 100'000 85'000 88'000 86'000 105'000 98'000 110'000 95'000 88'700 #N/A N/A 90'000

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt 31.12.2012 05.09.2013 16.08.2013 24.06.2011 06.08.2013 31.03.2013 06.08.2013 06.08.2013 06.08.2013 06.08.2013 06.08.2013 06.08.2013 31.03.2013 06.08.2013 25.09.2013 31.03.2013 31.03.2013 31.03.2013 30.06.2013 30.04.2013

Date 6 month 12 month Not Provided 12 month 12 month 12 month 12 month 12 month 12 month 12 month 12 month Not Provided 12 month

Inst Type Corporation Government Investment Advisor Investment Advisor n/a Investment Advisor n/a n/a n/a n/a n/a n/a Investment Advisor n/a Investment Advisor Investment Advisor Investment Advisor Investment Advisor Unclassified Investment Advisor

Date 23.09.2013 11.09.2013 23.08.2013 20.08.2013 12.08.2013 09.08.2013 09.08.2013 08.08.2013 24.07.2013 24.06.2013 12.06.2013 06.06.2013 04.06.2013

27.09.2013

Woori Investment & Securities Co Ltd Woori Investment & Securities Co., Ltd. provides brokerage, underwriting, and securities dealing services. The Company's offerings include financial advisory service, online trading, corporate financing, research, foreign exchange service, beneficiary certificates, investment consulting, financial derivatives, bonds, and mutual funds.

Price/Volume 14000

6.0 M

12000

5.0 M

10000

4.0 M

8000

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (25.02.2013) 52-Week Low (16.11.2012) Daily Volume Current Price (9/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 30.06.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance 005940 KS EQUITY YTD Change 005940 KS EQUITY YTD % CHANGE

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

2.0 M

4000

1.0 M

2000 0 s-12

o-12

n-12

d-12

j-13

f-13 m-13 a-13 m-13

j-13

a-13

Fiscal Year Ended 31.03.2009 1'258'373.0 10.20x 770'126.0 16.67x 181'805.0 13.13x

3.0 M

6000

03/2013 06/yy 13'150.00 9'940.00 778'305.00 11850 -9.89% 19.22% 51.71% 199.3 2'361'158.25 19'984'104.00 99'355.0 0.0 107'453.00 21'504'581.28

31.03.2010 31.03.2011 1'177'311.0 1'077'013.0 12.20x 16.24x 614'996.0 534'568.0 23.36x 32.72x 180'543.0 160'688.0 12.03x 17.27x Profitability

LTM-4Q 31.03.2012 1'190'670.0 15.69x 617'014.0 30.27x 168'021.0 12.35x

LTM

FY+1

0.84 1.56 104.50 1.73% 0.87% 1.555 16 4.000 522'867 665'691 657'842 FY+2

FQ+1

FQ+2

31.03.2013 06/yy 06/yy 03/14 Y 03/15 Y 09/13 Q2 12/13 Q3 1'047'078.0 ######### ######### 735'700.0 757'100.0 162'900.0 21.31x 62.15x 82.85x 489'130.0 572'592.0 465'402.0 45.63x 33.60x 45.95x 76'859.0 131'619.0 72'538.0 133'472.5 144'309.0 30'844.5 34'181.0 31.42x 13.08x 31.60x 19.34x 17.89x S&P Issuer Ratings 489'130.00 Long-Term Rating Date - Long-Term Rating 15.93% Long-Term Outlook 9.27% Short-Term Rating Date 0.31% Short-Term Rating 2.20% Credit Ratios 0.36% EBITDA/Interest Exp. 0.04% (EBITDA-Capex)/Interest Exp. Net Debt/EBITDA - Total Debt/EBITDA 46.7% Reference - Total Debt/Equity 7.3% Total Debt/Capital Asset Turnover - Net Fixed Asset Turnover - Accounts receivable turnover-days 75.23% Inventory Days 591.43% Accounts Payable Turnover Day - Cash Conversion Cycle -

Price/ Cash Flow

.0 M s-13

40.64 40.86 591.4% 85.2% 0.04 3.42 -

Sales/Revenue/Turnover

40.00

1'400'000.0

35.00

1'200'000.0

30.00

1'000'000.0

25.00

800'000.0

20.00

600'000.0

15.00

400'000.0

10.00

200'000.0

5.00 0.00 03.04.2010

0.0 03.10.2010

03.04.2011

03.10.2011

03.04.2012

03.10.2012

03.04.2013

2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

27.09.2013

Woori Investment & Securities Co Ltd Holdings By:

All

Holder Name WOORI FINANCE HOLDIN NATIONAL PENSION SER EMPLOYEE STOCK OWNER DIMENSIONAL FUND ADV BLACKROCK SAMSUNG INVESTMENT T VANGUARD GROUP INC WOORI INVESTMENT & S NORGES BANK KOREA INVESTMENT TRU BANK OF NEW YORK MEL KYOBO AXA INVESTMENT CAISSE DE DEPOT ET P MIDAS ASSET MANAGEME CONSUS ASSET MANAGEM MIRAE ASSET GLOBAL I PRUDENTIAL ASSET MAN KB ASSET MANAGEMENT JOHN HANCOCK ADVISER UBS HANA ASSET MANAG

Firm Name

Portfolio Name n/a n/a n/a n/a n/a Multiple Portfolios n/a n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios

Analyst

Meritz Securities Co., Ltd PARK SUN-HO Hana Daetoo Securities HAN JEONG-TAE Shinyoung Securities Co., Ltd. BAE-SEUNG JUN KTB Securities CHO SOUNG KYUNG Shinhan Investment Corp SOHN MI-JI Eugene Investment & Securities Co., LtdSEO BO-ICK Hanwha Securities Co., Ltd YOON TAE-HO Morgan Stanley SARA LEE IBK Securities Co Ltd PARK JIN-HYOENG Daishin Securities Co., Ltd. KANG SEUNG-GUN Deutsche Bank JEE HOON PARK EVA Dimensions DOUG WALTERS KIWOOM Securities Co Ltd SEO YOUNG-SOO Samsung Securities SEAN CHANG Kyobo Securities KIM JI-YOUNG Taurus Investment Securities Co Ltd LEE MIN-HEE Tong Yang Investment Bank WON JAE-WOONG Hyundai Securities RHEE TAE-KYUNG Korea Investment & Securities LEE CHUL-HO Daewoo Securities JEONG GIL-WON

Source Co File EXCH Co File ULT-AGG ULT-AGG MF-AGG ULT-AGG Co File MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG

Recommendation buy buy buy hold buy hold buy Underwt/Cautious buy buy hold underweight outperform Under Review buy hold buy buy buy buy

Amt Held 75'426'214 10'091'538 7'891'994 4'139'754 2'920'117 1'607'173 1'425'093 985'282 913'914 740'912 478'367 367'554 347'588 344'139 326'472 318'800 304'790 278'179 192'379 168'341

% Out 37.85 5.06 3.96 2.08 1.47 0.81 0.72 0.49 0.46 0.37 0.24 0.18 0.17 0.17 0.16 0.16 0.15 0.14 0.1 0.08

Weighting

Change

5 5 5 3 5 3 5 1 5 5 3 1 5 #N/A N/A 5 3 5 5 5 5

M M M M M M N M M M U M M M M M M M M M

Latest Chg 34'450 (44'975) (881'165) 444'260 2'680 (77'010) 138'835 185'040 53'480 31'959 196'727 111'095

Target Price 17'000 17'000 16'000 13'000 15'000 13'000 15'000 9'000 14'000 14'000 12'000 #N/A N/A 13'000 #N/A N/A 16'000 13'400 13'000 15'000 14'000 17'000

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt 31.12.2012 10.05.2013 31.12.2012 30.04.2013 25.09.2013 31.03.2013 30.06.2013 31.12.2012 31.12.2012 31.03.2013 25.09.2013 31.03.2013 31.12.2012 31.03.2013 31.03.2013 31.03.2013 31.03.2013 31.03.2013 31.07.2013 31.03.2013

Date 6 month 12 month 12 month 12 month 12 month 12 month 6 month 12 month 12 month 6 month 12 month Not Provided 6 month Not Provided 12 month 6 month 12 month Not Provided 12 month 12 month

Inst Type Government Government n/a Investment Advisor Investment Advisor Investment Advisor Unclassified Investment Advisor Government Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor

Date 26.09.2013 10.09.2013 09.09.2013 06.09.2013 19.08.2013 16.08.2013 01.08.2013 18.07.2013 16.07.2013 04.07.2013 27.06.2013 06.06.2013 26.04.2013 23.01.2013 28.11.2012 28.11.2012 23.10.2012 22.05.2012 21.05.2012 02.03.2012

27.09.2013

Lotte Confectionery Co Ltd Lotte Confectionery Co., Ltd. manufactures confectionaries. The Company's products include ice creams, chocolates, biscuits and gums.

Price/Volume 2500000 2000000 1500000

Valuation Analysis

1000000

Latest Fiscal Year: LTM as of: 52-Week High (16.04.2013) 52-Week Low (16.11.2012) Daily Volume Current Price (9/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 30.06.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance 004990 KS EQUITY YTD Change 004990 KS EQUITY YTD % CHANGE

12/2012 06/yy 2'189'000.00 1'415'000.00 757.00 1693000 -22.66% 19.65% 37.34% 1.4 2'406'430.25 299'414.64 0.0 0.0 164'348.00 2'678'915.14

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

0 s-12

o-12

n-12 d-12

j-13

f-13 m-13 a-13 m-13

j-13

a-13

Market Data

Fiscal Year Ended 31.12.2008 1'244'745.9 1.42x 144'581.3 12.18x 178'080.6 10.31x

500000

31.12.2009 31.12.2010 1'316'786.0 1'411'975.4 1.50x 1.65x 164'825.0 207'794.4 11.97x 11.20x 95'565.2 122'682.7 18.98x 17.30x Profitability

LTM-4Q 31.12.2011 1'521'967.4 1.70x 214'367.7 12.07x 127'203.7 18.89x

LTM

FY+1

0.24 1.11 0.81 8.80% 3.87% 1.111 6 3.667 1'952 1'310 1'736 FY+2

FQ+1

FQ+2

31.12.2012 06/yy 06/yy 12/13 Y 12/14 Y 09/13 Q3 12/13 Q4 1'524'226.5 ######### ######### ######### ######### 1.59x 4.93x 6.50x 179'638.3 196'142.6 168'651.7 13.52x 12.30x 15.03x 102'924.5 117'437.6 93'786.3 22.29x 18.74x 24.12x S&P Issuer Ratings 179'638.31 Long-Term Rating Date 131'005.06 Long-Term Rating 8.59% Long-Term Outlook 8.76% Short-Term Rating Date 2.71% Short-Term Rating 3.85% Credit Ratios 3.80% EBITDA/Interest Exp. 0.40% (EBITDA-Capex)/Interest Exp. Net Debt/EBITDA 38.9% Total Debt/EBITDA 11.8% Reference 8.6% Total Debt/Equity 6.8% Total Debt/Capital Asset Turnover 2.19 Net Fixed Asset Turnover 1.45 Accounts receivable turnover-days 7.77% Inventory Days 10.76% Accounts Payable Turnover Day 8.39 Cash Conversion Cycle 6.07

Price/ Cash Flow

.1 M .0 M .0 M .0 M .0 M .0 M .0 M .0 M .0 M .0 M .0 M s-13

11.86 8.31 0.75 1.67 10.8% 9.7% 0.40 1.58 43.60 60.34 41.25 62.69

Sales/Revenue/Turnover

30.00

1'800'000.0 1'600'000.0

25.00

1'400'000.0 1'200'000.0

20.00

1'000'000.0 15.00

800'000.0 600'000.0

10.00

400'000.0 5.00 0.00 02.01.2010

200'000.0 0.0 02.07.2010

02.01.2011

02.07.2011

02.01.2012

02.07.2012

02.01.2013

02.07.2013

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

27.09.2013

Lotte Confectionery Co Ltd Holdings By:

All

Holder Name LOTTE ALUMINUM CO LT SILCHESTER INTL INVE LOTTE FOUNDATION KYUK-HO SHIN FIRST EAGLE INVESTME DONG-BIN SHIN INTERNATIONAL VALUE DONG-JU SHIN YOUNG-JA SHIN DIMENSIONAL FUND ADV BLACKROCK MACQUARIE GROUP LOTTE CONFECTIONERY NORGES BANK VANGUARD GROUP INC SAMSUNG INVESTMENT T MONTGOMERY ASSET MAN AMUNDI LUXEMBOURG SA TRUSTON ASSET MANAGE BRANDES INVESTMENT P

Firm Name KTB Securities Korea Investment & Securities IBK Securities Co Ltd EVA Dimensions Samsung Securities Daewoo Securities

Portfolio Name n/a n/a n/a n/a Multiple Portfolios n/a n/a n/a n/a n/a n/a n/a n/a Multiple Portfolios n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios

Analyst KIM MIN-JEONG KYOUNG JU LEE PARK AE-RAN CRAIG STERLING ILWOO YANG BAEK WOON-MOK

Source EXCH EXCH EXCH EXCH MF-AGG EXCH EXCH EXCH EXCH ULT-AGG ULT-AGG ULT-AGG Co File MF-AGG ULT-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG

Recommendation hold buy buy underweight hold buy

Amt Held 217'268 127'818 123'576 97'057 88'585 75'850 57'137 50'713 35'873 17'658 14'930 14'113 14'000 12'043 10'259 5'590 4'427 4'035 3'975 3'360

% Out 15.29 8.99 8.69 6.83 6.23 5.34 4.02 3.57 2.52 1.24 1.05 0.99 0.98 0.85 0.72 0.39 0.31 0.28 0.28 0.24

Weighting

Change 3 5 5 1 3 5

M M M D M M

Latest Chg 6'500 (14'589) 620 635 70 (5'202) (507) (1'295) -

Target Price 1'900'000 2'000'000 2'200'000 #N/A N/A 2'100'000 2'100'000

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt Inst Type 28.06.2013 Corporation 08.08.2011 Investment Advisor 28.06.2013 Corporation 28.06.2013 n/a 30.06.2013 Hedge Fund Manager 26.06.2013 n/a 01.02.2013 Investment Advisor 13.09.2013 n/a 28.06.2013 n/a 30.04.2013 Investment Advisor 25.09.2013 Investment Advisor 31.07.2013 Investment Advisor 31.12.2012 Corporation 31.12.2012 Government 30.06.2013 Unclassified 31.03.2013 Investment Advisor 31.07.2013 Investment Advisor 30.04.2013 Investment Advisor 31.03.2013 Investment Advisor 31.08.2013 Investment Advisor

Date 12 month 12 month 12 month Not Provided 12 month 12 month

Date 25.09.2013 16.09.2013 09.07.2013 27.06.2013 16.06.2013 20.05.2013

27.09.2013

LS Industrial Systems Co Ltd LS Industrial Systems Co., Ltd. develops, manufactures, and maintains a variety of electric and industrial equipment. The Company's major products include power transmission and distribution equipment such as low and high voltage equipment as well as industrial automation equipment. In addition, LS Industrial Systems produces and sells copper pipes and wires.

Price/Volume

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (06.12.2012) 52-Week Low (25.06.2013) Daily Volume Current Price (9/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 30.06.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance 010120 KS EQUITY YTD Change 010120 KS EQUITY YTD % CHANGE

12/2012 06/yy 74'300.00 53'500.00 40'139.00 65900 -11.31% 23.18% 58.17% 30.0 1'977'000.00 622'700.09 0.0 0.0 159'245.79 2'449'447.68

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

.4 M

70000

.4 M

60000

.3 M

50000

.3 M

40000

.2 M

30000

.2 M

20000

.1 M

10000

.1 M

0 s-12

31.12.2009 31.12.2010 1'446'199.4 1'409'829.0 2.09x 2.16x 206'671.5 204'486.4 14.64x 14.90x 169'715.7 116'046.7 16.76x 22.85x Profitability

LTM-4Q 31.12.2011 1'402'035.0 1.71x 169'076.3 14.17x 58'827.1 33.15x

n-12

d-12

LTM

31.12.2012 06/yy 06/yy 1'651'122.0 ######### ######### 1.47x 6.13x 5.46x 215'817.5 201'799.2 213'360.1 11.26x 11.80x 10.09x 100'886.3 80'512.6 79'479.1 18.34x 0.00x 21.14x 215'817.51 151'188.67 9.16% 8.18% 5.75% 12.91% 8.98% 0.94% 20.9% 13.1% 9.2% 6.1% 1.74 1.32 33.02% 76.32% 3.84 10.06

Price/ Cash Flow

j-13

f-13 m-13

a-13 m-13

j-13

a-13

.0 M s-13

1.52 0.86 12.87 -4.31% -1.79% 0.864 10 4.600 73'874 82'395 98'003

FY+1

FY+2

FQ+1

FQ+2

12/13 Y

12/14 Y

09/13 Q3

12/13 Q4

S&P Issuer Ratings

8.06 5.05 2.13 2.89 76.3% 43.3% 0.94 3.30 95.31 36.40 58.41 73.30

Sales/Revenue/Turnover

45.00

1'800'000.0

40.00

1'600'000.0

35.00

1'400'000.0

30.00

1'200'000.0

25.00

1'000'000.0

20.00

800'000.0

15.00

600'000.0

10.00

400'000.0

5.00

200'000.0

0.00 02.01.2010

o-12

Fiscal Year Ended 31.12.2008 1'419'482.9 1.17x 191'974.2 8.65x 94'779.3 15.51x

80000

0.0 02.07.2010

02.01.2011

02.07.2011

02.01.2012

02.07.2012

02.01.2013

02.07.2013

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

27.09.2013

LS Industrial Systems Co Ltd Holdings By:

All

Holder Name LS CORP NATIONAL PENSION SER KB ASSET MANAGEMENT LS INDUSTRIAL SYSTEM SAMSUNG INVESTMENT T COLUMBIA WANGER ASSE BLACKROCK MAPS INVESTMENT MANA FMR LLC KTB ASSET MANAGEMENT VANGUARD GROUP INC DIMENSIONAL FUND ADV KYOBO AXA INVESTMENT MIRAE ASSET GLOBAL I AMERIPRISE FINANCIAL TONG YANG INVESTMENT CAISSE DE DEPOT ET P NH-CA ASSET MANAGEME SPP FONDER AB BANK OF NEW YORK MEL

Firm Name Daewoo Securities KIWOOM Securities Co Ltd Hyundai Securities Daishin Securities Co., Ltd. Samsung Securities EVA Dimensions Woori Investment & Securities E*Trade Securities Korea Hana Daetoo Securities Korea Investment & Securities

Portfolio Name n/a n/a n/a n/a Multiple Portfolios Multiple Portfolios n/a Multiple Portfolios n/a Multiple Portfolios n/a n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios

Analyst SUNG KI-JONG KIM JI-SAN JUN YONG-KI ROK-HO KIM SUJIN BUM TIMOTHY STANISH HAH SUK-WON PAUL KIM JOON-SUP SANG-WOO LEE MOON SUN CHOI

Source Co File Co File EXCH Co File MF-AGG MF-AGG ULT-AGG MF-AGG ULT-AGG MF-AGG ULT-AGG ULT-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG

Recommendation buy buy buy buy buy hold buy buy buy hold

Amt Held 13'800'000 2'649'627 1'814'500 674'971 639'925 560'998 379'453 189'410 177'432 117'586 110'899 68'713 61'002 47'624 44'396 44'322 40'256 33'423 30'015 27'318

% Out 46 8.83 6.05 2.25 2.13 1.87 1.26 0.63 0.59 0.39 0.37 0.23 0.2 0.16 0.15 0.15 0.13 0.11 0.1 0.09

Weighting

Change 5 5 5 5 5 3 5 5 5 3

M M M M M D M M M D

Latest Chg 311'775 (117'787) 104'000 2'750 5'480 (305'090) (33'292) 1'006 (33'231) 2'219 4'841 7'000 5'305 3'418 154

Target Price 83'000 100'000 92'000 80'000 75'000 #N/A N/A 85'000 80'000 80'400 #N/A N/A

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt 31.12.2012 31.12.2012 30.04.2013 31.12.2012 31.03.2013 31.07.2013 25.09.2013 31.03.2013 31.07.2013 31.03.2013 30.06.2013 30.04.2013 31.03.2013 31.03.2013 31.07.2013 31.03.2013 31.12.2012 31.03.2013 31.03.2013 25.09.2013

Date 12 month 6 month 12 month 12 month 12 month Not Provided 12 month 12 month 12 month Not Provided

Inst Type Corporation Government Investment Advisor Corporation Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Unclassified Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor

Date 09.09.2013 22.08.2013 30.07.2013 29.07.2013 29.07.2013 12.07.2013 10.07.2013 18.06.2013 23.04.2013 28.09.2012

27.09.2013

AMOREPACIFIC Group Amorepacific Group is an investment holding company. The Company, through its subsidiaries, produce cosmetics and toiletries.

Price/Volume 600000

.1 M

500000

.1 M .1 M

400000

Latest Fiscal Year: LTM as of: 52-Week High (15.10.2012) 52-Week Low (25.06.2013) Daily Volume Current Price (9/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 30.06.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance 002790 KS EQUITY YTD Change 002790 KS EQUITY YTD % CHANGE

12/2012 06/yy 517'000.00 315'000.00 6'036.00 384500 -25.63% 22.06% 35.40% 8.0 3'067'963.25 0.00 4'555.0 0.0 313'560.00 2'777'315.45

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

31.12.2009 31.12.2010 77'939.8 19'942.0 11.37x 68.58x 71'423.4 13'083.0 12.41x 104.54x 81'208.3 20'163.4 14.72x 90.13x Profitability

.0 M

100000 0 s-12

LTM-4Q 31.12.2011 28'495.0 56.46x 21'812.0 73.76x 25'327.2 82.95x

31.12.2012 37'521.1 84.31x 26'296.3 120.30x 39'362.6 97.23x 26'296.31 26'033.31 69.38% 120.17% 2.42% -0.09% 2.50% 0.02% 70.1% 69.4% 104.9% 95.34 92.93 0.00% 0.00% 39.96 -

Price/ Cash Flow

06/yy 34'547.0 198.42x (826.0) 0.00x 36'915.3 73.19x

.0 M o-12

n-12

d-12

j-13

LTM 06/yy 44'639.7 257.79x 0.0 0.00x 35'923.1 79.85x

f-13 m-13 a-13 m-13

j-13

a-13

.0 M s-13

0.59 0.77 2.46 -21.16% -17.75% 0.770 5 3.800 7'544 11'642 11'687

FY+1

FY+2

FQ+1

FQ+2

12/13 Y

12/14 Y

09/13 Q3

12/13 Q4

S&P Issuer Ratings

-12.57 0.00 0.0% 0.0% 0.02 0.38 9.16 -

Sales/Revenue/Turnover

140.00

1'400'000.0

120.00

1'200'000.0

100.00

1'000'000.0

80.00

800'000.0

60.00

600'000.0

40.00

400'000.0

20.00

200'000.0

0.00 02.01.2010

.0 M

200000

Fiscal Year Ended 31.12.2008 51'432.0 9.21x 43'585.7 10.86x 70'805.3 11.23x

.0 M

300000

Valuation Analysis

0.0 02.07.2010

02.01.2011

02.07.2011

02.01.2012

02.07.2012

02.01.2013

02.07.2013

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

27.09.2013

AMOREPACIFIC Group Holdings By:

All

Holder Name KYUNG-BAE SUH AMOREPACIFIC GROUP NATIONAL PENSION SER COMMONWEALTH BANK OF INVESCO LTD FMR LLC PCA INVESTMENT TRUST BLACKROCK DIMENSIONAL FUND ADV SAMSUNG INVESTMENT T VANGUARD GROUP INC FRANKLIN RESOURCES TRUSTON ASSET MANAGE FROSTROW CAPITAL LLP KOREA INVESTMENT TRU SCHRODER INVESTMENT MIRAE ASSET GLOBAL I NH-CA ASSET MANAGEME UBS HANA ASSET MANAG CAISSE DE DEPOT ET P

Firm Name Woori Investment & Securities EVA Dimensions Hana Daetoo Securities Samsung Securities Shinhan Investment Corp

Portfolio Name n/a n/a n/a n/a n/a n/a Multiple Portfolios n/a n/a Multiple Portfolios n/a n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios

Analyst KOOKHEE HAN CRAIG STERLING PARK JONG-DAE EUNKYUNG PARK MINHO HUR

Source EXCH Co File EXCH ULT-AGG ULT-AGG ULT-AGG MF-AGG ULT-AGG ULT-AGG MF-AGG ULT-AGG ULT-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG

Recommendation hold underweight buy buy buy

Amt Held 4'567'336 551'557 400'064 206'707 72'425 72'131 64'314 63'978 61'727 47'430 35'004 26'967 20'796 16'921 14'933 13'135 12'793 10'142 8'309 7'495

% Out 57.24 6.91 5.01 2.59 0.91 0.9 0.81 0.8 0.77 0.59 0.44 0.34 0.26 0.21 0.19 0.16 0.16 0.13 0.1 0.09

Weighting

Change 3 1 5 5 5

M D M M M

Latest Chg 123'377 1'094 (693) 524 364 (310) (6'913) (24'987) (11'371) 4'486 12'013 (21'234) (1'758) (2'402) 324 -

Target Price 390'000 #N/A N/A 470'000 499'000 455'000

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt 11.03.2013 31.12.2012 09.04.2013 31.05.2013 26.09.2013 31.07.2013 31.03.2013 25.09.2013 30.04.2013 31.03.2013 30.06.2013 28.09.2012 31.03.2013 30.04.2013 31.03.2013 30.06.2013 31.03.2013 31.03.2013 31.03.2013 31.12.2012

Date 12 month Not Provided 12 month 12 month 12 month

Inst Type n/a Corporation Government Bank Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Unclassified Investment Advisor Investment Advisor Unclassified Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor

Date 17.09.2013 20.08.2013 19.08.2013 07.08.2013 04.06.2013

27.09.2013

Doosan Corp Doosan Corporation is a diversified manufacturing and service company. The Company's business areas include alcoholic beverage, food, trading, publishing, and packaging. Doosan distributes Polo in Korea.

Price/Volume 160000 140000 120000 100000 80000

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (10.09.2013) 52-Week Low (17.04.2013) Daily Volume Current Price (9/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 21.08.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance 000150 KS EQUITY YTD Change 000150 KS EQUITY YTD % CHANGE

12/2012 06/yy 152'000.00 117'500.00 59'048.00 145500 -4.28% 23.83% 92.75% 20.9 3'038'174.00 712'973.09 26'984.0 0.0 155'030.70 3'645'518.22

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

40000 20000 0 s-12

o-12

n-12

d-12

j-13

f-13 m-13 a-13 m-13

j-13

a-13

Market Data

Fiscal Year Ended 31.12.2008 1'501'193.0 1.51x 120'565.3 18.80x 109'736.3 -

60000

31.12.2009 31.12.2010 1'203'079.7 1'405'849.0 1.65x 2.21x 2'615.0 174'389.4 758.98x 17.82x 232'298.7 134'400.5 38.12x Profitability

LTM-4Q 31.12.2011 1'930'096.0 1.54x 231'748.9 12.84x 155'323.3 20.68x

LTM

FY+1

2.41 1.05 8.57 6.96% 13.24% 1.049 19 4.684 44'746 42'068 47'433 FY+2

FQ+1

FQ+2

31.12.2012 06/yy 06/yy 12/13 Y 12/14 Y 09/13 Q3 12/13 Q4 1'841'081.0 ######### ######### ######### ######### 488'250.0 564'350.0 1.47x 6.64x 6.50x 191'781.2 198'710.3 193'759.2 14.12x 13.79x 14.01x 80'922.4 107'994.3 86'636.8 34.52x 26.05x 30.19x 6.94x S&P Issuer Ratings 191'781.16 Long-Term Rating Date 143'652.16 Long-Term Rating 7.80% Long-Term Outlook 5.87% Short-Term Rating Date 2.58% Short-Term Rating 2.36% Credit Ratios 4.06% EBITDA/Interest Exp. 0.59% (EBITDA-Capex)/Interest Exp. Net Debt/EBITDA 22.4% Total Debt/EBITDA 10.4% Reference 7.8% Total Debt/Equity 4.4% Total Debt/Capital Asset Turnover 1.29 Net Fixed Asset Turnover 0.98 Accounts receivable turnover-days 23.07% Inventory Days 37.70% Accounts Payable Turnover Day 5.84 Cash Conversion Cycle 12.61

Price/ Cash Flow

.5 M .5 M .4 M .4 M .3 M .3 M .2 M .2 M .1 M .1 M .0 M s-13

5.27 3.59 2.91 3.72 37.7% 27.1% 0.59 4.55 62.68 29.02 58.47 33.24

Sales/Revenue/Turnover

120.00

2'500'000.0

100.00

2'000'000.0

80.00

1'500'000.0

60.00

1'000'000.0 40.00

500'000.0

20.00 0.00 02.01.2010

0.0 02.07.2010

02.01.2011

02.07.2011

02.01.2012

02.07.2012

02.01.2013

02.07.2013

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

27.09.2013

Doosan Corp Holdings By:

All

Holder Name DOOSAN CORP NATIONAL PENSION SER JEONG-WON PARK TRUSTON ASSET MANAGE GEE-WON PARK YONG MAAN PARK JIN-WON PARK YONG-SUNG PARK YONG-HYUN PARK HYE-WON PARK IN-WON PARK YONG-KON PARK BLACKROCK DIMENSIONAL FUND ADV TONG YANG INVESTMENT VANGUARD GROUP INC JAE-KYUNG LEE KTB ASSET MANAGEMENT SAMSUNG INVESTMENT T BANK OF NEW YORK MEL

Firm Name Woori Investment & Securities KTB Securities KIWOOM Securities Co Ltd Hana Daetoo Securities Korea Investment & Securities Shinhan Investment Corp Daishin Securities Co., Ltd. IBK Securities Co Ltd EVA Dimensions KB Investment & Securities Co., Ltd E*Trade Securities Korea Hyundai Securities Samsung Securities Daiwa Securities Co. Ltd. LIG Investment Securities BS Securities Co Ltd HSBC JPMorgan Daewoo Securities Shinyoung Securities Co., Ltd.

Portfolio Name n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a Multiple Portfolios n/a n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios

Analyst DONG-YANG KIM OH JIN-WON CHOI WON-KYUNG SANG-WOO LEE LEE HOON SONG IN-CHAN KIM YONG-SIK JANG-WON KIM TIMOTHY STANISH LEE SANG-WON PARK MOO-HYUN JUN YONG-KI EUNPYO KANG MIKE OH HEE-SANG KWAK KWAK MIN-JUNG BRIAN CHO YOUNA KIM DAERO JEONG JUNG KYU-BONG

Source Co File Co File Co File EXCH Co File Co File EXCH EXCH EXCH EXCH EXCH Co File ULT-AGG ULT-AGG MF-AGG ULT-AGG Co File MF-AGG MF-AGG MF-AGG

Recommendation buy hold buy buy buy buy buy buy hold buy market perform buy buy outperform buy buy overweight overweight buy buy

Amt Held 4'400'614 1'520'846 1'337'013 1'326'370 891'321 870'155 760'078 634'558 626'773 441'302 410'550 289'165 262'887 147'487 124'684 103'133 61'994 56'168 54'359 53'119

% Out 21.07 7.28 6.4 6.35 4.27 4.17 3.64 3.04 3 2.11 1.97 1.38 1.26 0.71 0.6 0.49 0.3 0.27 0.26 0.25

Weighting

Change 5 3 5 5 5 5 5 5 3 5 3 5 5 5 5 5 5 5 5 5

M D M M M M M M U M M M M M M N M M M M

Latest Chg 255'414 4'825 (462) 66'043 (62'599) 35'835 52'100 298

Target Price 190'832 170'000 180'000 181'000 192'000 180'500 193'000 170'000 #N/A N/A 214'303 150'000 154'000 162'000 156'000 155'000 190'000 170'000 159'000 160'000 178'586

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt 31.12.2012 31.12.2012 31.12.2012 08.08.2013 31.12.2012 31.12.2012 06.09.2013 29.03.2013 29.03.2013 29.02.2012 29.02.2012 31.12.2012 25.09.2013 30.04.2013 31.03.2013 30.06.2013 31.12.2012 31.03.2013 31.03.2013 25.09.2013

Date 12 month 12 month 6 month 12 month 12 month 12 month 12 month Not Provided Not Provided 12 month 12 month 12 month 12 month Not Provided 12 month 6 month Not Provided 3 month 12 month 12 month

Inst Type Holding Company Government n/a Investment Advisor n/a n/a n/a n/a n/a n/a n/a n/a Investment Advisor Investment Advisor Investment Advisor Unclassified n/a Investment Advisor Investment Advisor Investment Advisor

Date 27.09.2013 27.09.2013 27.09.2013 23.09.2013 17.09.2013 17.09.2013 22.08.2013 22.08.2013 21.08.2013 05.08.2013 02.08.2013 30.07.2013 29.07.2013 26.07.2013 25.06.2013 18.06.2013 10.06.2013 05.05.2013 05.02.2013 10.08.2011

27.09.2013

Lotte Chilsung Beverage Co Ltd Lotte Chilsung Beverage Co., Ltd. manufactures alcoholic and non-alcoholic beverages such as carbonic acid drinks, fruit juices, soybean drinks, teas, and traditional health beverages.

Price/Volume

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (25.04.2013) 52-Week Low (21.06.2013) Daily Volume Current Price (9/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 30.06.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance 005300 KS EQUITY YTD Change 005300 KS EQUITY YTD % CHANGE

12/2012 06/yy 1'730'000.00 1'296'000.00 2'609.00 1647000 -4.80% 27.08% 73.04% 1.2 2'037'673.38 655'617.00 600.0 0.0 171'142.51 2'529'446.42

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

31.12.2009 31.12.2010 1'221'723.3 1'297'014.4 1.03x 1.21x 134'736.9 158'594.1 9.33x 9.90x 8'781.1 64'321.1 130.46x 20.28x Profitability

LTM-4Q 31.12.2011 1'564'311.0 1.48x 194'898.6 11.91x 52'387.5 38.04x

.1 M .1 M .1 M .1 M .0 M .0 M .0 M .0 M o-12

n-12 d-12

j-13

f-13 m-13 a-13 m-13

j-13

a-13

LTM

FY+1

.0 M s-13

0.21 0.48 0.49 19.54% 8.71% 0.477 11 5.000 1'882 1'972 2'900 FY+2

FQ+1

FQ+2

31.12.2012 06/yy 06/yy 12/13 Y 12/14 Y 09/13 Q3 12/13 Q4 2'015'764.7 ######### ######### ######### ######### 584'800.0 472'200.0 1.17x 4.57x 4.46x 250'262.4 237'098.2 248'983.3 9.43x 9.80x 8.83x 87'931.5 60'178.1 102'607.4 23.40x 33.19x 18.26x S&P Issuer Ratings 250'262.40 Long-Term Rating Date 154'206.40 Long-Term Rating 7.65% Long-Term Outlook 6.16% Short-Term Rating Date 2.45% Short-Term Rating 3.96% Credit Ratios 3.71% EBITDA/Interest Exp. 0.56% (EBITDA-Capex)/Interest Exp. Net Debt/EBITDA 40.6% Total Debt/EBITDA 12.4% Reference 7.7% Total Debt/Equity 4.4% Total Debt/Capital Asset Turnover 1.28 Net Fixed Asset Turnover 0.76 Accounts receivable turnover-days 17.85% Inventory Days 28.81% Accounts Payable Turnover Day 9.58 Cash Conversion Cycle 5.92

Price/ Cash Flow

10.31 5.24 1.90 2.62 28.8% 22.4% 0.56 1.44 38.22 61.78 50.80 49.20

Sales/Revenue/Turnover

25.00

2'500'000.0

20.00

2'000'000.0

15.00

1'500'000.0

10.00

1'000'000.0

5.00

500'000.0

0.00 02.01.2010

.1 M

Fiscal Year Ended 31.12.2008 1'181'420.6 0.77x 130'509.3 6.98x 59'040.9 22.02x

2000000 1800000 1600000 1400000 1200000 1000000 800000 600000 400000 200000 0 s-12

0.0 02.07.2010

02.01.2011

02.07.2011

02.01.2012

02.07.2012

02.01.2013

02.07.2013

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

27.09.2013

Lotte Chilsung Beverage Co Ltd Holdings By:

All

Holder Name LOTTE CONFECTIONERY NATIONAL PENSION SER LOTTE ALUMINUM CO LT INTERNATIONAL VALUE TRUSTON ASSET MANAGE LOTTE FOUNDATION HOTEL LOTTE CO LTD DONG-BIN SHIN DONG-JU SHIN YOUNG-JA SHIN FIL LIMITED NORGES BANK MACQUARIE GROUP DIMENSIONAL FUND ADV COLUMBIA WANGER ASSE KYUK-HO SHIN SAMSUNG INVESTMENT T VANGUARD GROUP INC MONTGOMERY ASSET MAN BRANDES INVESTMENT P

Firm Name HMC Investment Securities Co Ltd Meritz Securities Co., Ltd KTB Securities Daishin Securities Co., Ltd. Korea Investment & Securities Samsung Securities KIWOOM Securities Co Ltd LIG Investment Securities Hana Daetoo Securities EVA Dimensions Shinyoung Securities Co., Ltd. Hyundai Securities

Portfolio Name n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a Multiple Portfolios n/a n/a Multiple Portfolios n/a Multiple Portfolios n/a Multiple Portfolios Multiple Portfolios

Analyst HYESEUNG CHUNG SONG KWANG-SOO KIM MIN-JEONG LEE SUN-KYOUNG KYOUNG JU LEE ILWOO YANG WOO WON-SUNG YOUNG-WHA SEO Eun-Joo Shim CRAIG STERLING KIM YUN-OH YOO JIN

Source EXCH EXCH EXCH EXCH EXCH EXCH EXCH EXCH EXCH EXCH ULT-AGG MF-AGG ULT-AGG ULT-AGG MF-AGG EXCH MF-AGG ULT-AGG MF-AGG MF-AGG

Recommendation buy buy buy buy buy buy buy buy buy overweight buy buy

Amt Held 218'949 112'408 109'718 79'595 78'922 77'650 73'280 70'620 35'070 32'872 32'559 26'157 23'781 17'701 17'695 16'110 8'970 6'011 5'255 4'584

% Out 17.7 9.09 8.87 6.43 6.38 6.28 5.92 5.71 2.83 2.66 2.63 2.11 1.92 1.43 1.43 1.3 0.73 0.49 0.42 0.37

Weighting

Change 5 5 5 5 5 5 5 5 5 5 5 5

M M M M M M M M M M M M

Latest Chg 13'261 (12'878) 16'525 7'580 (701) 192 (433) 1'629 770

Target Price 1'920'000 1'800'000 2'000'000 1'970'000 2'000'000 2'100'000 2'000'000 1'862'000 2'000'000 #N/A N/A 1'700'000 1'600'000

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt 26.06.2013 24.09.2012 01.07.2013 26.04.2012 08.07.2013 01.07.2013 01.07.2013 26.06.2013 01.07.2013 01.07.2013 30.04.2013 31.12.2012 31.07.2013 30.04.2013 31.07.2013 01.07.2013 31.03.2013 30.06.2013 31.07.2013 31.08.2013

Date 6 month 6 month 12 month 12 month 12 month 12 month 6 month 12 month 12 month Not Provided 12 month 6 month

Inst Type Corporation Government Corporation Investment Advisor Investment Advisor Corporation Corporation n/a n/a n/a Investment Advisor Government Investment Advisor Investment Advisor Investment Advisor n/a Investment Advisor Unclassified Investment Advisor Investment Advisor

Date 26.09.2013 25.09.2013 25.09.2013 16.09.2013 16.09.2013 16.08.2013 16.08.2013 16.08.2013 13.08.2013 06.06.2013 10.11.2012 03.05.2012

27.09.2013

SK Networks Co Ltd SK Networks Co., Ltd. is a general trading company. The Company trades general merchandise, such as steel, oil, timber, petrochemical, household appliances, clothing, textile products, and information technology equipment. SK Networks provides insurance and financial services through subsidiaries.

Price/Volume 12000

16.0 M 14.0 M

10000

12.0 M 8000

Latest Fiscal Year: LTM as of: 52-Week High (28.09.2012) 52-Week Low (24.06.2013) Daily Volume Current Price (9/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 30.06.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance 001740 KS EQUITY YTD Change 001740 KS EQUITY YTD % CHANGE

12/2012 06/yy 10'650.00 5'870.00 736'699.00 6630 -37.75% 12.95% 16.95% 248.2 1'645'484.13 2'955'867.00 28'184.7 0.0 991'411.00 3'742'709.10

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

8.0 M 6.0 M

4000

4.0 M 2000

2.0 M

0 s-12

o-12

n-12 d-12

j-13

f-13 m-13 a-13 m-13

j-13

.0 M s-13

a-13

Fiscal Year Ended 31.12.2008 21'897'444.1 0.21x 599'183.7 7.56x 92'575.3 21.82x

10.0 M

6000

Valuation Analysis

31.12.2009 31.12.2010 21'190'407.5 23'523'724.4 0.17x 0.22x 500'079.0 333'459.6 7.16x 15.30x 50'484.3 152'884.6 50.00x 21.67x Profitability

LTM-4Q 31.12.2011 26'224'419.0 0.17x 412'366.6 11.00x 138'053.4 18.17x

LTM

31.12.2012 06/yy 06/yy 25'511'199.4 ######### ######### 0.16x 0.72x 0.66x 373'533.2 380'682.1 281'979.5 10.95x 12.35x 13.11x (85'792.4) 153'572.1 (307'987.1) 14.01x 0.00x 373'533.24 291'444.45 1.14% -0.17% -0.85% -2.82% 2.54% 7.1% 1.5% 1.1% -0.3% 0.85 0.55 30.09% 99.23% 13.08 21.03

Price/ Cash Flow

2.26 1.10 127.55 -36.36% -21.54% 1.100 12 4.500 683'768 1'117'098 730'874

FY+1

FY+2

FQ+1

FQ+2

12/13 Y

12/14 Y

09/13 Q3

12/13 Q4

S&P Issuer Ratings

3.04 2.23 5.26 7.91 99.2% 49.6% 2.54 7.84 27.97 17.40 49.80 -4.43

Sales/Revenue/Turnover

80.00

30'000'000.0

70.00

25'000'000.0

60.00

20'000'000.0

50.00 40.00

15'000'000.0

30.00

10'000'000.0

20.00

5'000'000.0 10.00 0.00 02.01.2010

0.0 02.07.2010

02.01.2011

02.07.2011

02.01.2012

02.07.2012

02.01.2013

02.07.2013

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

27.09.2013

SK Networks Co Ltd Holdings By:

All

Holder Name SK HOLDINGS CO LTD SHINHAN BANK KOREA FINANCE CORPOR NATIONAL PENSION SER DIMENSIONAL FUND ADV BLACKROCK VANGUARD GROUP INC SAMSUNG INVESTMENT T EMPLOYEE STOCK OWNER AXA ROSENBERG INTL MIRAE ASSET GLOBAL I SHIN-WON CHOI KYOBO AXA INVESTMENT CAISSE DE DEPOT ET P CI INVESTMENTS INC NH-CA ASSET MANAGEME KOREA INVESTMENT TRU JAE-WON CHEY JOHN HANCOCK ADVISER SHINHAN BNP PARIBAS

Firm Name

Portfolio Name n/a n/a n/a n/a n/a n/a n/a Multiple Portfolios n/a Multiple Portfolios Multiple Portfolios n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios n/a Multiple Portfolios Multiple Portfolios

Analyst

HMC Investment Securities Co Ltd Park Jong Ryeol Hana Daetoo Securities SANG-WOO LEE NH Investment & Securities HONG SUNG-SOO Shinyoung Securities Co., Ltd. HWANG CHANG-SEOK Shinhan Investment Corp MINHO HUR Hanwha Securities Co., Ltd KIM KYEONG-KI SK Securities Co Ltd KI-YEONG KIM Mirae Asset Securities KWON HAE-SOON EVA Dimensions TIMOTHY STANISH Eugene Investment & Securities Co., LtdJOO ICK-CHAN Korea Investment & Securities YEO YEONGSANG E*Trade Securities Korea KIM JOON-SUP

Source EXCH Co File Co File EXCH ULT-AGG ULT-AGG ULT-AGG MF-AGG Co File MF-AGG MF-AGG EXCH MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG EXCH MF-AGG MF-AGG

Recommendation buy buy buy buy trading buy buy neutral hold hold buy buy buy

Amt Held 97'142'856 17'620'683 12'448'350 9'815'891 3'441'475 2'510'060 1'636'280 1'405'710 481'819 445'010 441'459 366'288 345'138 333'042 272'700 252'080 197'550 191'661 171'660 155'990

% Out 39.14 7.1 5.02 3.96 1.39 1.01 0.66 0.57 0.19 0.18 0.18 0.15 0.14 0.13 0.11 0.1 0.08 0.08 0.07 0.06

Weighting

Change 5 5 5 5 5 5 3 3 3 5 5 5

M M M M M M M M M M N M

Latest Chg (2'613'606) 143'320 12'960 (509'915) (202'799) (5'120) 56'998 40'000 7'220 (3'400) 6'200 46'350 (2'070)

Target Price 9'100 10'000 10'000 8'600 7'850 11'000 7'700 6'000 #N/A N/A 11'000 15'000 12'000

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt 29.03.2013 30.06.2012 30.06.2012 28.05.2013 30.04.2013 25.09.2013 30.06.2013 31.03.2013 30.06.2012 31.12.2012 31.03.2013 22.10.2012 31.03.2013 31.12.2012 28.06.2013 31.03.2013 31.03.2013 29.03.2013 31.07.2013 31.03.2013

Date 6 month 12 month 6 month 12 month 12 month 6 month 6 month 12 month Not Provided 12 month 12 month 12 month

Inst Type Corporation Bank Government Government Investment Advisor Investment Advisor Unclassified Investment Advisor n/a Investment Advisor Investment Advisor n/a Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor n/a Investment Advisor Investment Advisor

Date 24.09.2013 12.08.2013 02.08.2013 02.08.2013 02.08.2013 02.08.2013 15.07.2013 05.07.2013 06.06.2013 06.05.2013 03.01.2013 27.11.2012

27.09.2013

Mirae Asset Securities Co Ltd Mirae Asset Securities Co., Ltd. provides brokerage, investment trust, and underwriting services. The Company also provides services in the areas of cyber trading, mutual funds, asset backed securities (ABS) issuing, and municipal bonds trading.

Price/Volume

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (20.05.2013) 52-Week Low (16.11.2012) Daily Volume Current Price (9/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 30.06.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance 037620 KS EQUITY YTD Change 037620 KS EQUITY YTD % CHANGE

03/2013 06/yy 51'000.00 27'800.00 80'938.00 36200 -29.02% 30.22% 37.07% 41.9 1'516'498.75 5'542'706.44 0.0 0.0 18'921.29 13'517'846.87

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

1.2 M

50000

1.0 M

40000

.8 M

30000

.6 M

20000

.4 M

10000

.2 M

0 s-12

31.03.2010 31.03.2011 749'905.9 751'504.9 8.78x 8.56x 411'980.0 359'290.7 15.98x 17.90x 168'150.2 164'763.3 13.95x 11.92x Profitability

LTM-4Q 31.03.2012 826'548.0 8.11x 419'895.3 15.97x 111'180.8 14.66x

31.03.2013 854'353.3 8.56x 537'007.6 13.61x 138'445.4 12.91x

537'007.57 35.57% 21.73% 0.91% 6.61% 1.86% 0.06% 62.9% 16.2% 33.60% 256.42% -

Price/ Cash Flow

n-12

d-12

j-13

f-13 m-13 a-13 m-13

j-13

a-13

LTM

FY+1

.0 M s-13

2.76 1.66 38.25 6.55% 4.16% 1.662 16 3.875 132'566 159'290 138'688 FY+2

FQ+1

FQ+2

06/yy 06/yy 03/14 Y 03/15 Y 09/13 Q2 12/13 Q3 793'852.2 805'835.2 526'350.0 582'700.0 133'050.0 133'000.0 31.65x 43.66x 416'070.4 500'784.7 15.38x 27.41x 88'163.5 138'412.9 180'700.0 218'050.0 52'100.0 14.47x 12.46x 8.30x 6.90x S&P Issuer Ratings Long-Term Rating Date Long-Term Rating Long-Term Outlook Short-Term Rating Date Short-Term Rating Credit Ratios EBITDA/Interest Exp. (EBITDA-Capex)/Interest Exp. Net Debt/EBITDA Total Debt/EBITDA Reference Total Debt/Equity Total Debt/Capital Asset Turnover Net Fixed Asset Turnover Accounts receivable turnover-days Inventory Days Accounts Payable Turnover Day Cash Conversion Cycle

10.29 10.32 256.4% 71.9% 0.06 59.51 -

Sales/Revenue/Turnover

8.00

1'000'000.0

7.00

900'000.0 800'000.0

6.00

700'000.0

5.00

600'000.0

4.00

500'000.0 400'000.0

3.00

300'000.0

2.00

200'000.0

1.00

100'000.0

0.00 03.04.2010

o-12

Fiscal Year Ended 31.03.2009 750'425.5 8.26x 466'236.8 13.29x 126'126.5 23.42x

60000

0.0 03.10.2010

03.04.2011

03.10.2011

03.04.2012

03.10.2012

03.04.2013

2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

27.09.2013

Mirae Asset Securities Co Ltd Holdings By:

All

Holder Name MIRAE ASSET CAPITAL MIRAE ASSET GLOBAL I NATIONAL PENSION SER BOSTON COMPANY ASSET MAPS INVESTMENT MANA DIMENSIONAL FUND ADV MIRAE ASSET SECURITI BLACKROCK SAMSUNG INVESTMENT T BANK OF NEW YORK MEL EMPLOYEE STOCK OWNER VANGUARD GROUP INC HYUN-MAN CHOI FRANKLIN RESOURCES KYOBO AXA INVESTMENT YURIE ASSET MANAGEME HIRTLE CALLAGHAN & C SHIN YOUNG INVESTMEN CAISSE DE DEPOT ET P BYUNG-YOON KIM

Firm Name

Portfolio Name n/a n/a n/a n/a Multiple Portfolios n/a n/a n/a Multiple Portfolios Multiple Portfolios n/a n/a n/a n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios n/a Multiple Portfolios n/a

Analyst

Hana Daetoo Securities HAN JEONG-TAE Shinhan Investment Corp SOHN MI-JI KTB Securities CHO SOUNG KYUNG Woori Investment & Securities DAHEE WOO Morgan Stanley SARA LEE Samsung Securities SEAN CHANG Daishin Securities Co., Ltd. KANG SEUNG-GUN KIWOOM Securities Co Ltd SEO YOUNG-SOO EVA Dimensions DOUG WALTERS Hyundai Securities LEE TAE KYUNG Daewoo Securities JEONG GIL-WON Taurus Investment Securities Co Ltd LEE MIN-HEE Deutsche Bank JEE HOON PARK Meritz Securities Co., Ltd PARK SUN-HO Eugene Investment & Securities Co., LtdSEO BO-ICK Tong Yang Investment Bank WON JAE-WOONG Shinyoung Securities Co., Ltd. PARK EUN-JOON

Source Co File EXCH EXCH EXCH MF-AGG ULT-AGG Co File ULT-AGG MF-AGG MF-AGG Co File ULT-AGG EXCH ULT-AGG MF-AGG MF-AGG MF-AGG ULT-AGG MF-AGG EXCH

Recommendation buy buy hold hold Equalwt/Cautious hold buy buy hold buy neutral buy sell buy hold buy neutral

Amt Held 15'493'009 2'552'174 2'136'691 2'076'307 1'032'983 643'469 615'299 552'562 520'602 341'747 291'619 282'857 234'812 97'920 94'380 91'827 73'780 66'068 62'241 59'000

% Out 36.98 6.09 5.1 4.96 2.47 1.54 1.47 1.32 1.24 0.82 0.7 0.68 0.56 0.23 0.23 0.22 0.18 0.16 0.15 0.14

Weighting

Change 5 5 3 3 3 3 5 5 3 5 3 5 1 5 3 5 3

M M M M M M M M U M M U D M M M D

Latest Chg 437'569 (428'990) 87'630 12'430 4'160 199'085 340 (186'033) 19'860 (3'110) 77'347 66'068 95

Target Price 52'000 46'000 40'000 43'000 43'000 38'000 45'000 60'000 #N/A N/A 58'000 #N/A N/A 48'000 29'000 42'000 35'000 40'000 #N/A N/A

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt 31.12.2012 28.06.2013 26.03.2013 29.01.2013 31.03.2013 30.04.2013 31.12.2012 25.09.2013 31.03.2013 25.09.2013 31.12.2012 30.06.2013 05.06.2012 28.06.2013 31.03.2013 31.03.2013 28.03.2013 31.03.2013 31.12.2012 26.06.2012

Date 12 month 12 month 12 month 12 month 12 month 12 month 6 month 6 month Not Provided 12 month Not Provided 6 month 12 month 6 month 12 month 12 month Not Provided

Inst Type Investment Advisor Investment Advisor Government Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor n/a Unclassified n/a Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor n/a

Date 10.09.2013 09.09.2013 06.09.2013 16.08.2013 18.07.2013 16.07.2013 04.07.2013 26.06.2013 21.06.2013 31.05.2013 10.04.2013 25.02.2013 29.01.2013 20.12.2012 19.11.2012 22.10.2012 17.07.2012

27.09.2013

CJ Korea Express Co Ltd CJ Korea Express Corp. provides land and marine transportation, and logistics services. The Company also operates stevedoring, distribution, and warehousing businesses that serve domestic and international customer needs. The Company transports a variety of products, ranging from consumer goods to machinery and turbines and also operates Internet home shopping business.

Price/Volume 140000

1.6 M

120000

1.4 M 1.2 M

100000

1.0 M

80000

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (23.01.2013) 52-Week Low (15.04.2013) Daily Volume Current Price (9/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 30.06.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance 000120 KS EQUITY YTD Change 000120 KS EQUITY YTD % CHANGE

12/2012 06/yy 126'500.00 87'100.00 46'780.00 97900 -22.61% 12.40% 28.68% 22.8 2'233'328.50 245'890.87 0.0 0.0 101'708.82 2'983'759.91

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

.6 M

40000

.4 M

20000

.2 M

0 s-12

o-12

n-12 d-12

j-13

f-13 m-13 a-13 m-13

j-13

a-13

Fiscal Year Ended 31.12.2008 1'828'322.5 0.44x 157'005.2 5.15x 137'739.7 22.79x

.8 M

60000

31.12.2009 31.12.2010 1'831'699.9 2'097'718.8 0.76x 0.92x 312'381.9 140'501.3 4.45x 13.75x 6'525.0 66'762.0 16.67x 21.29x Profitability

LTM-4Q 31.12.2011 2'244'115.7 0.60x 141'483.7 9.45x 53'244.1 24.49x

LTM

31.12.2012 06/yy 06/yy 2'492'867.5 ######### ######### 0.76x 2.43x 2.84x 148'292.2 155'965.8 118'337.6 12.76x 9.31x 20.39x 71'864.4 75'691.0 38'979.4 24.32x 17.94x 42.57x 148'292.18 102'830.70 4.12% 3.85% 2.44% 3.18% 3.26% 0.84% 8.0% 5.9% 4.1% 2.9% 1.30 1.15 8.28% 10.73% 5.67 218.22

Price/ Cash Flow

.0 M s-13

0.00 1.02 4.72 3.27% -2.59% 1.015 17 4.294 33'473 42'999 45'647

FY+1

FY+2

12/13 Y

12/14 Y

FQ+1

FQ+2

09/13 Q3 12/13 Q4 - 668'284.0 683'531.0 S&P Issuer Ratings

10.75 -2.29 0.97 1.66 10.7% 9.7% 0.84 1.96 64.50 1.68 31.48 34.70

Sales/Revenue/Turnover

80.00

3'000'000.0

70.00

2'500'000.0

60.00

2'000'000.0

50.00 40.00

1'500'000.0

30.00

1'000'000.0

20.00

500'000.0 10.00 0.00 02.01.2010

0.0 02.07.2010

02.01.2011

02.07.2011

02.01.2012

02.07.2012

02.01.2013

02.07.2013

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

27.09.2013

CJ Korea Express Co Ltd Holdings By:

All

Holder Name CJ KOREA EXPRESS COR CJ CHEILJEDANG CORP. KX HOLDINGS CORP DAEWOO ENGINEERING & NATIONAL PENSION SER ASIANA AIRLINES ALLIANZ GLOBAL INVES MIRAE ASSET GLOBAL I DIMENSIONAL FUND ADV MAPS INVESTMENT MANA VANGUARD GROUP INC UBS HANA ASSET MANAG SAMSUNG INVESTMENT T PCA INVESTMENT TRUST KYOBO AXA INVESTMENT Hanwha Investment Tr NH-CA ASSET MANAGEME KOREA INVESTMENT TRU SHINHAN BNP PARIBAS KB ASSET MANAGEMENT

Firm Name HMC Investment Securities Co Ltd KTB Securities Morgan Stanley Daiwa Securities Co. Ltd. Shinhan Investment Corp E*Trade Securities Korea Daewoo Securities Daishin Securities Co., Ltd. Woori Investment & Securities Hanwha Securities Co., Ltd KIWOOM Securities Co Ltd Macquarie Hana Daetoo Securities Tong Yang Investment Bank EVA Dimensions Korea Investment & Securities LIG Investment Securities Kyobo Securities

Analyst DONG-JIN KANG SHIN JI-YOON HYUNTAEK LEE MIKE OH JINJOO HONG MIN-JI KIM RYU JE-HYUN JAY YANG JI-HWAN SONG JAE-HAK MARTIN HYUN-SOO KANG Cho Byoung Hee LEE JUWON SEONG-BONG PARK KANG SEONGJIN TIMOTHY STANISH YUN HEE-DO JOO HAE-MEE JUNG YUN-JIN

Source Co File EXCH EXCH EXCH EXCH EXCH MF-AGG MF-AGG ULT-AGG MF-AGG ULT-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG

Recommendation buy hold Overwt/In-Line underperform buy buy buy buy buy buy outperform outperform buy hold underweight buy buy strong buy

Amt Held 5'423'419 4'581'261 4'581'261 1'215'291 1'142'560 1'138'427 246'804 237'355 165'657 149'809 99'391 87'162 69'418 33'868 29'595 24'932 19'871 14'218 11'677 10'266

% Out 23.77 20.08 20.08 5.33 5.01 4.99 1.08 1.04 0.73 0.66 0.44 0.38 0.3 0.15 0.13 0.11 0.09 0.06 0.05 0.05

Weighting

Change 5 3 5 1 5 5 5 5 5 5 5 5 5 3 1 5 5 5

M M M M M M M M M M M M M M M M M M

Latest Chg 24'944 36'896 (1'078) (5'744) 83'351 64'584 7'732 21'720 (25'315) 18'012 5'784 4'689 (10'058) 495

Target Price 123'000 100'000 152'000 88'000 120'000 130'000 130'000 117'000 150'000 123'000 124'000 129'000 112'000 120'000 #N/A N/A 130'000 145'000 120'000

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt 31.12.2012 09.04.2013 09.04.2013 28.03.2013 07.05.2013 28.03.2013 31.03.2013 31.03.2013 30.04.2013 31.03.2013 30.06.2013 31.03.2013 31.03.2013 31.03.2013 31.03.2013 31.03.2013 31.03.2013 31.03.2013 31.03.2013 31.03.2013

Date 6 month 12 month 12 month Not Provided 12 month 12 month 12 month 12 month 12 month 6 month 6 month 12 month 12 month 12 month Not Provided 12 month 12 month 6 month

Inst Type Corporation Corporation Corporation Corporation Government Corporation Investment Advisor Investment Advisor Investment Advisor Investment Advisor Unclassified Investment Advisor Investment Advisor Investment Advisor Investment Advisor Unclassified Investment Advisor Investment Advisor Investment Advisor Investment Advisor

Date 27.09.2013 27.09.2013 25.09.2013 25.09.2013 29.08.2013 27.08.2013 02.08.2013 02.08.2013 02.08.2013 02.08.2013 02.08.2013 01.08.2013 21.07.2013 18.07.2013 06.06.2013 03.05.2013 04.03.2013 26.07.2012

27.09.2013

LG International Corp LG International Corporation is a commodity trading and mining company. The Company develops and trades coal, oil, gas, non-ferrous metals, palm oil, woodchips and renewable energy. LG International also trades IT related component/equipment, petrochemical and steel product.

Price/Volume 60000

2.5 M

50000

2.0 M

40000

Latest Fiscal Year: LTM as of: 52-Week High (04.01.2013) 52-Week Low (25.06.2013) Daily Volume Current Price (9/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 30.06.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance 001120 KS EQUITY YTD Change 001120 KS EQUITY YTD % CHANGE

12/2012 06/yy 50'300.00 29'650.00 510'321.00 32900 -34.59% 10.96% 19.61% 38.8 1'275'204.00 1'044'256.25 0.0 0.0 556'935.00 1'917'314.70

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

1.0 M

20000

.5 M

10000 0 s-12

31.12.2009 31.12.2010 4'316'075.5 6'069'895.0 0.39x 0.41x 170'718.8 211'776.5 9.87x 11.65x 104'294.1 132'896.7 11.21x 11.24x Profitability

LTM-4Q 31.12.2011 7'378'210.0 0.36x 150'387.9 17.81x 261'576.9 6.97x

n-12

d-12

j-13

f-13 m-13 a-13 m-13

j-13

a-13

LTM

FY+1

.0 M s-13

1.52 1.24 20.08 -27.18% -31.95% 1.244 18 4.778 294'284 374'032 344'461 FY+2

FQ+1

FQ+2

31.12.2012 06/yy 06/yy 12/13 Y 12/14 Y 09/13 Q3 12/13 Q4 5'945'490.0 ######### ######### 0.40x 1.54x 1.56x 194'336.2 152'700.6 220'219.3 363'200.0 367'700.0 12.13x 14.84x 8.51x 5.28x 5.21x 337'481.9 229'643.2 327'676.1 213'600.0 213'800.0 5.54x 5.94x 3.76x 5.97x 5.96x S&P Issuer Ratings 194'336.23 Long-Term Rating Date 158'706.23 Long-Term Rating 2.67% Long-Term Outlook 6.64% Short-Term Rating Date 10.14% Short-Term Rating 24.86% Credit Ratios 14.64% EBITDA/Interest Exp. 1.79% (EBITDA-Capex)/Interest Exp. Net Debt/EBITDA 7.5% Total Debt/EBITDA 3.3% Reference 2.7% Total Debt/Equity 5.7% Total Debt/Capital Asset Turnover 1.38 Net Fixed Asset Turnover 1.23 Accounts receivable turnover-days 32.75% Inventory Days 71.37% Accounts Payable Turnover Day 7.03 Cash Conversion Cycle 41.75

Price/ Cash Flow

5.19 4.97 2.51 5.37 71.4% 41.6% 1.79 102.42 52.09 8.77 37.71 23.15

Sales/Revenue/Turnover

25.00

25'000'000.0

20.00

20'000'000.0

15.00

15'000'000.0

10.00

10'000'000.0

5.00

5'000'000.0

0.00 02.01.2010

o-12

Fiscal Year Ended 31.12.2008 5'916'709.9 0.18x 167'080.7 6.26x 49'829.6 11.33x

1.5 M

30000

Valuation Analysis

0.0 02.07.2010

02.01.2011

02.07.2011

02.01.2012

02.07.2012

02.01.2013

02.07.2013

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

27.09.2013

LG International Corp Holdings By:

All

Holder Name BON-JOON KOO NATIONAL PENSION SER EMPLOYEE STOCK OWNER MIRAE ASSET GLOBAL I NORGES BANK ALLIANZ GLOBAL INVES SHINHAN BNP PARIBAS KB ASSET MANAGEMENT KOREA INVESTMENT TRU SAMSUNG INVESTMENT T DIMENSIONAL FUND ADV FMR LLC VANGUARD GROUP INC PRUDENTIAL ASSET MAN KYOBO AXA INVESTMENT PCA INVESTMENT TRUST UBS HANA ASSET MANAG LG INTERNATIONAL COR SHIN YOUNG INVESTMEN HI ASSET MANAGEMENT

Firm Name

Portfolio Name n/a #N/A N/A n/a n/a n/a n/a n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios n/a n/a n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios n/a n/a Multiple Portfolios

Analyst

HMC Investment Securities Co Ltd Park Jong Ryeol Eugene Investment & Securities Co., LtdJOO ICK-CHAN HI Investment Securities MYUNG-HYUN LEE Daewoo Securities RYU JE-HYUN JAY EVA Dimensions TIMOTHY STANISH Hana Daetoo Securities SANG-WOO LEE Daishin Securities Co., Ltd. CHUNG YON-WOO NH Investment & Securities HONG SUNG-SOO Korea Investment & Securities YEO YEONGSANG Shinyoung Securities Co., Ltd. HWANG CHANG-SEOK Shinhan Investment Corp MINHO HUR E*Trade Securities Korea KIM JOON-SUP Woori Investment & Securities DONG-YANG KIM SK Securities Co Ltd KI-YEONG KIM Mirae Asset Securities KWON HAE-SOON KB Investment & Securities Co., Ltd KIM HYUN-TAE KIWOOM Securities Co Ltd KIM SANG-KU KTB Securities JUNGMI NAM Meritz Securities Co., Ltd KIM SEUNG CHURL

Source EXCH EXCH Co File EXCH EXCH EXCH EXCH MF-AGG MF-AGG MF-AGG ULT-AGG ULT-AGG ULT-AGG MF-AGG MF-AGG MF-AGG MF-AGG Co File ULT-AGG MF-AGG

Recommendation buy buy hold buy overweight buy buy buy hold buy buy buy buy buy buy buy buy buy buy

Amt Held 10'789'797 3'944'091 3'795'543 1'901'753 1'598'856 1'564'887 1'336'342 478'904 299'766 288'588 280'499 223'029 222'831 202'636 142'170 131'706 105'811 100'751 87'692 71'650

% Out 27.84 10.18 9.79 4.91 4.13 4.04 3.45 1.24 0.77 0.74 0.72 0.58 0.57 0.52 0.37 0.34 0.27 0.26 0.23 0.18

Weighting

Change 5 5 3 5 5 5 5 5 3 5 5 5 5 5 5 5 5 5 5

M M M N D M M M M M M M M M M M M M N

Latest Chg 169 40'080 (146'507) (398'063) (425'794) (612'511) (76'636) 124'322 (42'871) 15'530 55'950 (77'335) (51'000) 131'706 (304'749) (50'968) (29'350)

Target Price 40'000 41'000 40'000 42'000 #N/A N/A 41'000 40'000 36'000 #N/A N/A 41'000 41'500 55'000 52'000 40'000 42'000 46'000 52'000 64'000 50'000

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt 31.03.2013 24.09.2013 31.12.2012 05.04.2012 19.06.2012 02.05.2012 04.09.2013 31.03.2013 31.03.2013 31.03.2013 30.04.2013 31.07.2013 30.06.2013 31.03.2013 31.03.2013 31.03.2013 31.03.2013 31.12.2012 31.03.2013 31.03.2013

Date 6 month 12 month 6 month 12 month Not Provided 12 month 12 month 6 month Not Provided 12 month 12 month 12 month 12 month 6 month 12 month 12 month 6 month 12 month 6 month

Inst Type n/a Government n/a Investment Advisor Government Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Unclassified Investment Advisor Investment Advisor Investment Advisor Investment Advisor Corporation Investment Advisor Investment Advisor

Date 24.09.2013 23.09.2013 23.09.2013 29.08.2013 22.08.2013 12.08.2013 25.07.2013 25.07.2013 25.07.2013 25.07.2013 25.07.2013 25.07.2013 23.07.2013 15.07.2013 05.07.2013 29.05.2013 26.04.2013 23.01.2013 12.07.2012

27.09.2013

LG Innotek Co Ltd LG Innotek develops and produces cellular phone parts such as mini vibration motors, LCD modules, light emitting diode (LED), camera modules, protection circuit modules. The Company also manufactures liquid crystal displays (LCD) and plasma display panels (PDP) parts such as inverters, intelligent power modules, multi chip modules, and tuners.

Price/Volume 120000 100000 80000 60000

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (30.05.2013) 52-Week Low (07.02.2013) Daily Volume Current Price (9/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 30.06.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance 011070 KS EQUITY YTD Change 011070 KS EQUITY YTD % CHANGE

12/2012 06/yy 109'000.00 68'800.00 169'403.00 88500 -18.81% 28.63% 46.27% 20.2 1'785'111.75 2'008'397.00 0.0 0.0 318'550.41 3'429'382.50

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

20000 0 s-12

o-12

n-12 d-12

j-13

f-13 m-13 a-13 m-13

j-13

a-13

Market Data

Fiscal Year Ended 31.12.2008 1'415'644.1 0.26x 94'436.9 3.89x 56'410.6 6.74x

40000

31.12.2009 31.12.2010 1'858'470.8 3'719'351.4 1.24x 1.09x 130'845.7 351'583.0 17.56x 11.51x 33'172.0 204'439.2 43.60x 12.42x Profitability

LTM-4Q 31.12.2011 4'310'661.1 0.72x 304'460.9 10.14x (164'340.2) -

LTM

FY+1

1.22 9.04 8.32% 7.53% 1.218 38 3.947 243'439 178'719 154'187 FY+2

FQ+1

FQ+2

31.12.2012 06/yy 06/yy 12/13 Y 12/14 Y 09/13 Q3 12/13 Q4 5'071'753.1 ######### ######### ######### ######### ######### ######### 0.66x 2.91x 2.46x 0.56x 0.46x 419'101.0 334'279.4 473'864.8 632'031.0 726'950.0 7.99x 10.11x 7.35x 5.43x 4.72x (41'088.7) (117'929.2) (67'382.7) 50'169.3 127'455.5 22'400.0 24'600.0 0.00x 0.00x 33.61x 12.63x S&P Issuer Ratings 419'100.96 Long-Term Rating Date -315.04 Long-Term Rating -0.01% Long-Term Outlook -0.92% Short-Term Rating Date -1.52% Short-Term Rating -5.29% Credit Ratios - EBITDA/Interest Exp. 1.22% (EBITDA-Capex)/Interest Exp. Net Debt/EBITDA 8.7% Total Debt/EBITDA 8.7% Reference 0.4% Total Debt/Equity -0.8% Total Debt/Capital Asset Turnover 1.05 Net Fixed Asset Turnover 0.79 Accounts receivable turnover-days 43.02% Inventory Days 162.19% Accounts Payable Turnover Day 5.11 Cash Conversion Cycle 17.79

Price/ Cash Flow

1.0 M .9 M .8 M .7 M .6 M .5 M .4 M .3 M .2 M .1 M .0 M s-13

3.96 1.14 3.47 4.13 162.2% 61.9% 1.22 2.73 71.44 20.52 43.88 46.64

Sales/Revenue/Turnover

250.00

6'000'000.0 5'000'000.0

200.00

4'000'000.0 150.00

3'000'000.0 100.00

2'000'000.0

50.00

0.00 02.01.2010

1'000'000.0 0.0 02.07.2010

02.01.2011

02.07.2011

02.01.2012

02.07.2012

02.01.2013

02.07.2013

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

27.09.2013

LG Innotek Co Ltd Holdings By:

All

Holder Name LG ELECTRONICS INC NATIONAL PENSION SER NORGES BANK BLACKROCK DIMENSIONAL FUND ADV DEUTSCHE BANK AG VANGUARD GROUP INC SAMSUNG INVESTMENT T SHINHAN BNP PARIBAS KYOBO AXA INVESTMENT SHIN YOUNG INVESTMEN ALLIANZ GLOBAL INVES MIRAE ASSET GLOBAL I MAPS INVESTMENT MANA KOREA INVESTMENT TRU CAISSE DE DEPOT ET P KB ASSET MANAGEMENT NH-CA ASSET MANAGEME DWS FINANZ SERVICE G PRUDENTIAL ASSET MAN

Firm Name BNP Paribas Equity Research Daewoo Securities Samsung Securities KTB Securities Dongbu Securities Co Ltd Korea Investment & Securities Daishin Securities Co., Ltd. E*Trade Securities Korea HMC Investment Securities Co Ltd Hanwha Securities Co., Ltd KIWOOM Securities Co Ltd Tong Yang Investment Bank Hyundai Securities Shinhan Investment Corp Shinyoung Securities Co., Ltd. SK Securities Co Ltd HI Investment Securities Macquarie Mirae Asset Securities Barclays IBK Securities Co Ltd Deutsche Bank Morgan Stanley Goldman Sachs Credit Suisse JPMorgan HSBC CIMB Nomura KB Investment & Securities Co., Ltd Daiwa Securities Co. Ltd. Meritz Securities Co., Ltd Hana Daetoo Securities EVA Dimensions LIG Investment Securities Taurus Investment Securities Co Ltd Kyobo Securities

Portfolio Name n/a n/a n/a n/a n/a n/a n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios

Analyst PETER YU PARK WON-JAE JONGWOOK LEE JANG WOO-YOUNG KWON SUNG-RYUL KEVIN SUNG-HYUK LEE PARK KANG-HO HYUN-YONG KIM SANG PYO KIM KIM WOON-HO KIM JI-SAN HYUN PARK BAEK JONG-SUK HA JOON-DOO LIM DORI CHONG HAN SUP SONG EUN-JEONG SOYUN SHIN JIN HO CHO KIM SUNWOO KYU JIN EO HANJOON KIM LEE KA KEUN MICHAEL BANG JOHN SUNG NARCI CHANG BRIAN SOHN SAMUEL MARTENS JAMES KIM BYUN HAN-JOON JOSHUA OH JI MOK-HYUN CHUN SUNG-HOON ANDREW S ZAMFOTIS KI-YOUNG KIM YOO-JIN KIM PARK SEONG-MIN

Source Co File Co File EXCH ULT-AGG ULT-AGG ULT-AGG ULT-AGG MF-AGG MF-AGG MF-AGG ULT-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG

Recommendation hold buy hold buy buy buy buy buy buy outperform buy hold buy hold buy buy buy underperform hold equalweight buy hold Equalwt/In-Line sell/attractive underperform overweight overweight neutral buy buy hold buy neutral hold buy buy buy

Amt Held 9'653'181 1'434'583 799'234 298'294 185'375 85'200 83'175 72'884 58'209 42'437 41'198 35'747 29'554 27'867 27'720 27'247 18'579 15'347 15'000 14'059

% Out 47.86 7.11 3.96 1.48 0.92 0.42 0.41 0.36 0.29 0.21 0.2 0.18 0.15 0.14 0.14 0.14 0.09 0.08 0.07 0.07

Weighting

Change 3 5 3 5 5 5 5 5 5 5 5 3 5 3 5 5 5 1 3 3 5 3 3 1 1 5 5 3 5 5 3 5 3 3 5 5 5

M M M M M M M M M M M M M D M N M M M M M M M M M M M M M M M M M D M M M

Latest Chg (222'796) 2'178 2'049 7'053 (16'984) 44'941 7'874 41'198 33'941 3'503 (2'603) 16'165 3'689 2'575 7'833

Target Price 82'000 114'000 90'000 110'000 115'000 110'000 130'000 130'000 125'000 110'000 130'000 92'000 115'000 #N/A N/A 115'000 120'000 110'000 78'000 90'000 87'000 116'000 85'200 81'000 57'000 61'000 120'000 113'000 95'000 125'000 100'000 85'000 110'000 85'000 #N/A N/A 108'000 100'000 123'000

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt 30.06.2013 30.06.2013 21.09.2012 25.09.2013 30.04.2013 31.07.2013 30.06.2013 31.03.2013 31.03.2013 31.03.2013 31.03.2013 31.03.2013 31.03.2013 31.03.2013 31.03.2013 31.12.2012 31.03.2013 31.03.2013 10.12.2012 31.03.2013

Date 12 month 12 month 12 month 12 month 12 month 12 month 12 month 12 month 6 month 6 month 6 month 12 month 12 month Not Provided 12 month 6 month 6 month 12 month 12 month Not Provided Not Provided 12 month 12 month 12 month Not Provided 15 month Not Provided 12 month Not Provided 12 month Not Provided 6 month 12 month Not Provided 12 month 6 month 12 month

Inst Type Corporation Government Government Investment Advisor Investment Advisor Investment Advisor Unclassified Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor

Date 27.09.2013 26.09.2013 16.09.2013 13.09.2013 11.09.2013 11.09.2013 09.09.2013 02.09.2013 30.08.2013 27.08.2013 23.08.2013 22.08.2013 21.08.2013 21.08.2013 19.08.2013 30.07.2013 29.07.2013 25.07.2013 25.07.2013 25.07.2013 25.07.2013 24.07.2013 24.07.2013 24.07.2013 24.07.2013 24.07.2013 24.07.2013 24.07.2013 24.07.2013 04.07.2013 20.06.2013 25.04.2013 25.04.2013 22.04.2013 05.04.2013 06.12.2012 01.08.2012

27.09.2013

NongShim Co Ltd Nongshim Co., Ltd. manufactures, and markets instant noodles, snacks, and beverages. The Company also produces refined palm oil and food ingredients.

Price/Volume 400000

.3 M

350000

.2 M

300000 250000

Latest Fiscal Year: LTM as of: 52-Week High (17.04.2013) 52-Week Low (22.08.2013) Daily Volume Current Price (9/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 30.06.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance 004370 KS EQUITY YTD Change 004370 KS EQUITY YTD % CHANGE

12/2012 06/yy 362'000.00 229'500.00 10'882.00 258000 -28.73% 12.42% 24.15% 6.1 1'569'321.63 85'688.00 0.0 0.0 450'367.51 1'176'381.57

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

.1 M

150000 100000

.1 M

50000 0 s-12

o-12

n-12

d-12

j-13

f-13 m-13 a-13 m-13

j-13

a-13

Fiscal Year Ended 31.12.2008 1'675'847.6 0.74x 177'761.6 7.00x 78'465.4 18.02x

.2 M

200000

Valuation Analysis

31.12.2009 31.12.2010 1'845'571.5 1'895'168.3 0.59x 0.40x 182'609.4 201'285.0 5.93x 3.75x 127'456.7 138'052.3 11.30x 8.52x Profitability

LTM-4Q 31.12.2011 1'970'686.4 0.47x 162'343.7 5.76x 86'173.8 15.60x

LTM

FY+1

1.55 0.77 0.83 -2.48% -4.97% 0.765 27 3.889 13'238 17'850 17'304 FY+2

FQ+1

FQ+2

31.12.2012 06/yy 06/yy 12/13 Y 12/14 Y 09/13 Q3 12/13 Q4 1'958'917.7 ######### ######### ######### ######### 471'968.4 481'718.6 0.62x 1.77x 2.57x 0.60x 0.53x 2.37x 2.33x 169'007.2 142'624.8 171'825.4 174'035.3 189'296.1 41'903.5 46'952.8 7.13x 5.52x 6.65x 6.76x 6.21x 6.71x 6.75x 207.5 (37'062.1) 102'599.6 103'971.9 118'512.2 27'451.7 29'603.9 7541.67x 0.00x 14.96x 14.96x 12.76x 14.55x 14.62x S&P Issuer Ratings 169'007.15 Long-Term Rating Date 101'573.30 Long-Term Rating 5.19% Long-Term Outlook 1.74% Short-Term Rating Date 0.01% Short-Term Rating 0.01% Credit Ratios 0.01% EBITDA/Interest Exp. 0.92% (EBITDA-Capex)/Interest Exp. Net Debt/EBITDA 26.8% Total Debt/EBITDA 8.6% Reference 5.2% Total Debt/Equity 0.0% Total Debt/Capital Asset Turnover 1.44 Net Fixed Asset Turnover 1.16 Accounts receivable turnover-days 4.13% Inventory Days 5.95% Accounts Payable Turnover Day 12.40 Cash Conversion Cycle 11.51

Price/ Cash Flow

.0 M s-13

55.04 37.69 -2.16 0.51 5.9% 5.6% 0.92 2.11 29.50 31.81 73.49 -12.18

Sales/Revenue/Turnover

80.00

2'500'000.0

70.00

2'000'000.0

60.00 50.00

1'500'000.0

40.00

1'000'000.0

30.00 20.00

500'000.0

10.00 0.00 02.01.2010

0.0 02.07.2010

02.01.2011

02.07.2011

02.01.2012

02.07.2012

02.01.2013

02.07.2013

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

27.09.2013

NongShim Co Ltd Holdings By:

All

Holder Name NONG SHIM HOLDINGS C DONG-WON SHIN NATIONAL PENSION SER CHOON-HO SHIN INTERNATIONAL VALUE NONG SHIM CO LTD INTERNATIONAL VALUE YOULCHON FOUNDATION BOSTON COMPANY ASSET FIRST EAGLE INVESTME KOREA INVESTMENT TRU INVESCO ASSET MANAGE DIMENSIONAL FUND ADV ALLIANCE BERNSTEIN SAMSUNG INVESTMENT T GOLDMAN SACHS GROUP VANGUARD GROUP INC BANK OF NEW YORK MEL LOMBARD ODIER DARIER SHIN YOUNG INVESTMEN

Firm Name KTB Securities Korea Investment & Securities Kyobo Securities Woori Investment & Securities Shinhan Investment Corp Samsung Securities HMC Investment Securities Co Ltd KB Investment & Securities Co., Ltd E*Trade Securities Korea Morgan Stanley Deutsche Bank JPMorgan Daishin Securities Co., Ltd. HSBC KIWOOM Securities Co Ltd IBK Securities Co Ltd EVA Dimensions Daewoo Securities Dongbu Securities Co Ltd Macquarie Leading Investment & Securities Tong Yang Investment Bank Hyundai Securities Credit Suisse Hanwha Securities Co., Ltd Shinyoung Securities Co., Ltd. Meritz Securities Co., Ltd

Portfolio Name n/a n/a n/a n/a n/a n/a n/a n/a n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios n/a n/a Multiple Portfolios n/a n/a Multiple Portfolios Multiple Portfolios n/a

Analyst KIM MIN-JEONG KYOUNG JU LEE JEONG SEONG-HOON KOOKHEE HAN HYUN-AH CHO ILWOO YANG HYESEUNG CHUNG Kyung-Shin Lee HYE-MI KIM KELLY H KIM JI-HYUN SONG YOUNA KIM LEE SUN-KYOUNG KAREN CHOI WOO WON-SUNG PARK AE-RAN CRAIG STERLING BAEK WOON-MOK CHA JAE-HEON NA HONG-SUK JINA KIM SONG CHI-HO JI GI-CHANG SONIA KIM SEUNG-HYUN HYUNG-WOON LEE KIM YUN-OH SONG KWANG-SOO

Source Co File Co File Co File Co File EXCH Co File EXCH Co File EXCH MF-AGG MF-AGG MF-AGG ULT-AGG ULT-AGG MF-AGG ULT-AGG ULT-AGG MF-AGG MF-AGG ULT-AGG

Recommendation buy buy trading buy buy buy buy hold buy market perform Underwt/In-Line hold neutral buy underweight outperform neutral buy buy hold neutral hold buy buy underperform outperform neutral buy

Amt Held 1'990'070 1'710'500 506'778 450'000 430'778 300'016 298'515 293'955 247'828 206'632 130'897 95'000 77'590 50'863 34'482 34'155 31'790 31'451 29'980 20'472

% Out 32.72 28.12 8.33 7.4 7.08 4.93 4.91 4.83 4.07 3.4 2.15 1.56 1.28 0.84 0.57 0.56 0.52 0.52 0.49 0.34

Weighting

Change 5 5 5 5 5 5 3 5 3 1 3 3 5 1 5 3 5 5 3 3 3 5 5 1 5 3 5

U M M M M M M M M M M M M M M M M M M D D N M M M M M

Latest Chg 62'938 (67'782) (64'925) (1'072) (14'150) 25'000 (2'210) 8'762 (17'050) (11'418) 10'578 9'147 980 9'774

Target Price 320'000 330'000 305'000 320'000 320'000 300'000 300'000 310'000 310'000 260'000 236'000 260'000 320'000 260'000 300'000 #N/A N/A #N/A N/A 380'000 320'000 310'000 340'000 330'000 320'000 210'000 310'000 #N/A N/A 270'000

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt Inst Type 31.12.2012 Holding Company 31.12.2012 n/a 31.12.2012 Government 31.12.2012 n/a 15.02.2011 Investment Advisor 31.12.2012 Corporation 10.10.2012 Investment Advisor 31.12.2012 Other 28.09.2012 Investment Advisor 30.06.2013 Hedge Fund Manager 31.03.2013 Investment Advisor 31.05.2013 Investment Advisor 30.04.2013 Investment Advisor 30.06.2013 Investment Advisor 31.03.2013 Investment Advisor 30.06.2013 Investment Advisor 30.06.2013 Unclassified 25.09.2013 Investment Advisor 31.05.2013 Investment Advisor 31.03.2013 Investment Advisor

Date 12 month 12 month 6 month 12 month 12 month 12 month 6 month 12 month 12 month 12 month 12 month 9 month Not Provided Not Provided 6 month Not Provided Not Provided 12 month 12 month 12 month 12 month 12 month 12 month Not Provided 6 month Not Provided 6 month

Date 25.09.2013 16.09.2013 16.09.2013 28.08.2013 23.08.2013 16.08.2013 16.08.2013 16.08.2013 16.08.2013 15.08.2013 14.08.2013 14.08.2013 06.08.2013 16.07.2013 09.07.2013 09.07.2013 06.06.2013 21.05.2013 21.05.2013 20.05.2013 01.04.2013 26.03.2013 25.01.2013 25.01.2013 17.01.2013 10.11.2012 13.07.2012

27.09.2013

Samsung Fine Chemicals Co Ltd Samsung Fine Chemicals Co., Ltd. produces general and fine chemicals such as urea, ammonia, epichlorohydrin, caustic soda, and dimethylformamide. The Company also manufactures chemicals used in pharmaceutical and paint manufacturing such as mecellose and malonate.

Price/Volume 80000 70000 60000 50000 40000

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (17.10.2012) 52-Week Low (26.06.2013) Daily Volume Current Price (9/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 30.06.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance 004000 KS EQUITY YTD Change 004000 KS EQUITY YTD % CHANGE

12/2012 06/yy 71'000.00 40'300.00 119'125.00 50000 -29.58% 24.07% 29.15% 25.8 1'290'000.00 142'598.95 0.0 0.0 42'578.14 1'566'983.32

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

20000 10000 0 s-12

31.12.2009 31.12.2010 1'038'396.1 1'130'032.3 0.96x 1.68x 139'893.3 113'013.5 7.12x 16.81x 86'673.4 81'627.9 13.73x 25.74x Profitability

n-12

d-12

j-13

f-13 m-13

a-13 m-13

j-13

a-13

Market Data

LTM-4Q 31.12.2011 1'333'619.9 1.06x 141'422.7 9.98x 73'798.5 21.01x

LTM

FY+1

1.00 17.25 -24.47% -18.03% 0.996 8 4.000 100'817 101'728 132'684 FY+2

FQ+1

FQ+2

31.12.2012 06/yy 06/yy 12/13 Y 12/14 Y 09/13 Q3 12/13 Q4 1'430'857.1 ######### ######### ######### ######### 396'740.0 446'545.0 1.16x 3.65x 4.55x 1.07x 0.89x 123'844.6 77'890.1 0.0 114'470.0 210'410.0 13.35x 0.00x 0.00x 13.69x 7.45x 81'303.6 79'126.4 33'479.0 39'520.0 96'610.0 13'210.0 34'375.0 19.10x 19.23x 32.24x 32.64x 13.35x 21.24x 18.06x S&P Issuer Ratings 123'844.60 Long-Term Rating Date 58'255.14 Long-Term Rating 4.07% Long-Term Outlook 6.50% Short-Term Rating Date 2.03% Short-Term Rating 2.93% Credit Ratios - EBITDA/Interest Exp. 0.84% (EBITDA-Capex)/Interest Exp. Net Debt/EBITDA 11.6% Total Debt/EBITDA - Reference 1.1% Total Debt/Equity 5.7% Total Debt/Capital Asset Turnover 2.24 Net Fixed Asset Turnover 1.18 Accounts receivable turnover-days 8.84% Inventory Days 12.31% Accounts Payable Turnover Day 5.23 Cash Conversion Cycle 7.21

Price/ Cash Flow

79.13 -60.24 12.3% 11.0% 0.84 1.98 69.73 50.65 55.60 80.76

Sales/Revenue/Turnover

50.00

1'600'000.0

45.00

1'400'000.0

40.00

1'200'000.0

35.00

1'000'000.0

30.00 25.00

800'000.0

20.00

600'000.0

15.00

400'000.0

10.00

200'000.0

5.00 0.00 02.01.2010

o-12

Fiscal Year Ended 31.12.2008 1'130'889.0 0.77x 167'558.0 5.21x 85'289.3 11.38x

30000

.5 M .5 M .4 M .4 M .3 M .3 M .2 M .2 M .1 M .1 M .0 M s-13

0.0 02.07.2010

02.01.2011

02.07.2011

02.01.2012

02.07.2012

02.01.2013

02.07.2013

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

27.09.2013

Samsung Fine Chemicals Co Ltd Holdings By:

All

Holder Name SAMSUNG SDI CO LTD KOREA INVESTMENT TRU SAMSUNG ELECTRONICS NATIONAL PENSION SER SAMSUNG C&T CORP GAUL INVESTMENT MANA SAMSUNG INVESTMENT T SAMSUNG FINE CHEMICA DIMENSIONAL FUND ADV VANGUARD GROUP INC MIRAE ASSET GLOBAL I KYOBO AXA INVESTMENT BLACKROCK CONSUS ASSET MANAGEM BANK OF NEW YORK MEL NORGES BANK STATE STREET CORP IBK-SG ASSET MANAGEM NH-CA ASSET MANAGEME EATON VANCE MANAGEME

Firm Name

Portfolio Name n/a n/a n/a n/a n/a n/a Multiple Portfolios n/a n/a n/a Multiple Portfolios Multiple Portfolios n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios

Analyst

KB Investment & Securities Co., Ltd PARK JAE-CHUL Eugene Investment & Securities Co., LtdKWAK JIN-HEE Samsung Securities JONGWOOK LEE EVA Dimensions TIMOTHY STANISH HI Investment Securities LEE HEE-CHEOL Korea Investment & Securities JUNGSOO KIM Standard Chartered DANIEL DO YEON LEE Woori Investment & Securities THOMAS BAE LIG Investment Securities YOUNG-WHA SEO Leading Investment & Securities LEE HWA-YOUNG

Source EXCH Co File EXCH EXCH EXCH EXCH MF-AGG Co File ULT-AGG ULT-AGG MF-AGG MF-AGG ULT-AGG MF-AGG MF-AGG MF-AGG ULT-AGG MF-AGG MF-AGG MF-AGG

Recommendation buy hold buy sell hold buy outperform buy buy buy

Amt Held 2'963'483 2'350'189 2'164'970 1'595'088 1'441'982 550'346 433'872 331'350 175'313 162'004 69'974 59'681 46'304 46'157 43'194 34'051 30'691 30'172 24'708 24'250

% Out 11.49 9.11 8.39 6.18 5.59 2.13 1.68 1.28 0.68 0.63 0.27 0.23 0.18 0.18 0.17 0.13 0.12 0.12 0.1 0.09

Weighting

Change 5 3 5 1 3 5 5 5 5 5

M D M D D M M M M M

Latest Chg (260'310) (1'449'336) 4'327 12'263 41'456 (2'343) 2'257 150 45'689 240 2'454 708 -

Target Price 64'000 52'000 70'000 #N/A N/A 60'000 71'000 83'000 75'000 74'000 73'000

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt 18.07.2013 31.12.2012 18.07.2013 26.04.2013 18.07.2013 04.02.2013 31.03.2013 31.12.2012 30.04.2013 30.06.2013 31.03.2013 31.03.2013 25.09.2013 31.03.2013 25.09.2013 31.12.2012 26.09.2013 31.03.2013 31.03.2013 30.06.2013

Date 12 month 12 month 12 month Not Provided 6 month 12 month 12 month 12 month 12 month 12 month

Inst Type Corporation Investment Advisor Corporation Government Corporation Investment Advisor Investment Advisor Corporation Investment Advisor Unclassified Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Government Investment Advisor Investment Advisor Investment Advisor Investment Advisor

Date 24.09.2013 29.07.2013 16.07.2013 16.07.2013 19.06.2013 24.01.2013 31.10.2012 03.10.2012 30.07.2012 30.04.2012

27.09.2013

Hyundai Securities Co Ltd Hyundai Securities Co., Ltd. provides a wide range of financial services, such as brokerage, securities dealing, underwriting, corporate finance, mutual funds, online trading, and derivatives. The Company also sells stock type unit trusts called beneficiary certificates.

Price/Volume

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (03.01.2013) 52-Week Low (28.08.2013) Daily Volume Current Price (9/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 30.06.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance 003450 KS EQUITY YTD Change 003450 KS EQUITY YTD % CHANGE

03/2013 06/yy 9'470.00 5'540.00 395'026.00 6820 -27.98% 23.10% 34.10% 170.0 1'159'400.00 14'192'996.36 333'062.7 0.0 346'417.51 12'905'617.60

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

1.8 M 1.6 M 1.4 M 1.2 M 1.0 M .8 M .6 M .4 M .2 M o-12

n-12

d-12

j-13

f-13 m-13 a-13 m-13

j-13

a-13

Fiscal Year Ended 31.03.2009 837'122.4 9.64x 445'494.6 18.11x 149'189.2 12.49x

10000 9000 8000 7000 6000 5000 4000 3000 2000 1000 0 s-12

31.03.2010 31.03.2011 925'476.0 894'810.0 10.21x 12.97x 471'751.4 433'680.6 20.03x 26.76x 178'861.2 276'303.8 12.30x 7.73x Profitability

LTM-4Q 31.03.2012 960'917.8 11.90x 431'602.5 26.48x 146'495.8 15.16x

31.03.2013 781'052.0 19.74x 324'441.4 47.51x (2'129.9) -

324'441.42 6.72% 0.93% -0.01% -1.34% -0.01% 0.05% 41.5% -0.3% 76.21% 516.68% -

Price/ Cash Flow

LTM

FY+1

.0 M s-13

0.73 1.34 96.22 -26.83% -23.83% 1.342 14 3.429 583'366 509'971 408'758 FY+2

FQ+1

FQ+2

06/yy 06/yy 03/14 Y 03/15 Y 09/13 Q2 12/13 Q3 841'876.6 757'432.7 ######### ######### 468'933.0 478'311.0 49.08x 71.20x 320'846.0 301'776.9 35.10x 42.17x 57'556.4 (26'190.0) 51'575.0 79'159.0 32'697.0 7'007.0 27.50x 0.00x 16.62x 18.30x S&P Issuer Ratings Long-Term Rating Date Long-Term Rating Long-Term Outlook Short-Term Rating Date Short-Term Rating Credit Ratios EBITDA/Interest Exp. (EBITDA-Capex)/Interest Exp. Net Debt/EBITDA Total Debt/EBITDA Reference Total Debt/Equity Total Debt/Capital Asset Turnover Net Fixed Asset Turnover Accounts receivable turnover-days Inventory Days Accounts Payable Turnover Day Cash Conversion Cycle

42.68 43.75 516.7% 82.2% 0.05 4.05 -

Sales/Revenue/Turnover

10.00

1'200'000.0

9.00

1'000'000.0

8.00 7.00

800'000.0

6.00

600'000.0

5.00 4.00

400'000.0

3.00 2.00

200'000.0

1.00 0.00 03.04.2010

0.0 03.10.2010

03.04.2011

03.10.2011

03.04.2012

03.10.2012

03.04.2013

2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

27.09.2013

Hyundai Securities Co Ltd Holdings By:

All

Holder Name HYUNDAI MERCHANT MAR HYUNDAI SECURITIES C EMPLOYEE STOCK OWNER DIMENSIONAL FUND ADV BLACKROCK VANGUARD GROUP INC SAMSUNG INVESTMENT T BANK OF NEW YORK MEL NORGES BANK MIRAE ASSET GLOBAL I STATE STREET CORP CAISSE DE DEPOT ET P ING INTERNATIONAL AD KYOBO AXA INVESTMENT HYUNDAI INVESTMENTS JOHN HANCOCK ADVISER MAPS INVESTMENT MANA ROBECO NH-CA ASSET MANAGEME JEONG-EUN HYUN

Firm Name

Portfolio Name n/a n/a n/a n/a n/a n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios n/a Multiple Portfolios n/a

Analyst

Hana Daetoo Securities HAN JEONG-TAE Samsung Securities SEAN CHANG EVA Dimensions DOUG WALTERS IBK Securities Co Ltd PARK JIN-HYOENG KIWOOM Securities Co Ltd SEO YOUNG-SOO Daewoo Securities JEONG GIL-WON Shinhan Investment Corp SOHN MI-JI KTB Securities CHO SOUNG KYUNG Meritz Securities Co., Ltd PARK SUN-HO Daishin Securities Co., Ltd. KANG SEUNG-GUN Eugene Investment & Securities Co., LtdSEO BO-ICK Tong Yang Investment Bank WON JAE-WOONG Kyobo Securities KIM JI-YOUNG Korea Investment & Securities LEE CHUL-HO

Source EXCH Co File Co File ULT-AGG ULT-AGG ULT-AGG MF-AGG MF-AGG MF-AGG MF-AGG ULT-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG ULT-AGG MF-AGG EXCH

Recommendation buy hold hold neutral market perform neutral hold hold buy market perform hold hold trading buy hold

Amt Held 44'033'676 16'723'241 12'739'043 3'391'623 2'744'485 1'301'925 1'108'295 515'510 438'569 319'956 302'910 296'561 291'940 270'950 265'634 177'537 161'069 158'635 148'636 143'342

% Out 25.9 9.84 7.49 2 1.61 0.77 0.65 0.3 0.26 0.19 0.18 0.17 0.17 0.16 0.16 0.1 0.09 0.09 0.09 0.08

Weighting

Change 5 3 3 3 3 3 3 3 5 3 3 3 5 3

M M U D M M M M M M M M D M

Latest Chg 65'270 57'270 (974'591) (98'158) 2'900 31'996 (267'040) (13'120) 1 (12'010) (4'814) 28'483 -

Target Price 9'500 6'000 #N/A N/A #N/A N/A 7'300 #N/A N/A 8'000 9'500 11'000 10'500 9'000 10'000 10'500 #N/A N/A

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt 01.08.2013 31.03.2013 31.03.2013 30.04.2013 25.09.2013 30.06.2013 31.03.2013 25.09.2013 31.12.2012 31.03.2013 26.09.2013 31.12.2012 28.03.2013 31.03.2013 31.03.2013 31.07.2013 31.03.2013 30.04.2013 31.03.2013 01.08.2013

Date 12 month 12 month Not Provided Not Provided 6 month Not Provided 12 month 12 month 6 month 6 month 12 month 12 month 12 month Not Provided

Inst Type Corporation Investment Advisor n/a Investment Advisor Investment Advisor Unclassified Investment Advisor Investment Advisor Government Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Unclassified Investment Advisor n/a

Date 10.09.2013 29.08.2013 18.07.2013 16.07.2013 26.04.2013 10.04.2013 07.03.2013 08.01.2013 20.12.2012 29.11.2012 19.11.2012 23.10.2012 23.10.2012 28.09.2012

27.09.2013

Dongkuk Steel Mill Co Ltd Dongkuk Steel Mill Co., Ltd. manufactures a variety of steel products. The Company's products include rod steel for reinforced concrete, shape steel, and steel sheet for the construction and shipbuilding industries.

Price/Volume 18000

3.5 M

16000

3.0 M

14000

2.5 M

12000

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (04.10.2012) 52-Week Low (16.04.2013) Daily Volume Current Price (9/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 30.06.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance 001230 KS EQUITY YTD Change 001230 KS EQUITY YTD % CHANGE

12/2012 06/yy 16'650.00 10'450.00 278'288.00 15600 -6.31% 49.28% 83.06% 61.8 964'458.94 2'971'384.00 0.0 0.0 1'083'211.58 3'123'833.63

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

2.0 M

8000

1.5 M

6000

1.0 M

4000

.5 M

2000 0 s-12

o-12

n-12

d-12

j-13

f-13 m-13 a-13 m-13

j-13

a-13

Fiscal Year Ended 31.12.2008 5'649'896.5 0.56x 995'267.5 3.16x 171'859.5 9.60x

10000

31.12.2009 31.12.2010 4'565'156.6 5'271'376.0 0.56x 0.66x 294'214.6 476'396.3 8.68x 7.31x 50'244.2 138'714.6 32.93x 15.34x Profitability

LTM-4Q 31.12.2011 5'909'399.0 0.54x 420'120.7 7.53x 10'952.2 113.26x

LTM

FY+1

3.21 1.36 33.45 -0.78% 13.87% 1.359 24 2.583 638'758 451'115 388'102 FY+2

FQ+1

FQ+2

31.12.2012 06/yy 06/yy 12/13 Y 12/14 Y 09/13 Q3 12/13 Q4 4'969'375.0 ######### ######### ######### ######### 953'637.5 ######### 0.59x 2.42x 2.86x 0.69x 0.70x 101'858.9 179'041.0 158'523.7 253'706.5 344'556.0 50'000.0 62'000.0 28.71x 17.94x 18.80x 12.31x 9.07x (225'167.5) (275'184.2) (284'110.7) (81'340.0) (12'740.0) (11'000.0) 966.7 0.00x 0.00x S&P Issuer Ratings 101'858.95 Long-Term Rating Date -115'006.05 Long-Term Rating -2.31% Long-Term Outlook -4.62% Short-Term Rating Date -3.00% Short-Term Rating -8.27% Credit Ratios - EBITDA/Interest Exp. 0.66% (EBITDA-Capex)/Interest Exp. Net Debt/EBITDA 2.1% Total Debt/EBITDA 2.0% Reference -2.3% Total Debt/Equity -4.5% Total Debt/Capital Asset Turnover 1.17 Net Fixed Asset Turnover 0.81 Accounts receivable turnover-days 41.64% Inventory Days 113.96% Accounts Payable Turnover Day 6.12 Cash Conversion Cycle 4.47

Price/ Cash Flow

.0 M s-13

0.60 -0.42 18.53 29.17 114.0% 53.3% 0.66 1.64 59.82 81.95 127.75 14.02

Sales/Revenue/Turnover

12.00

7'000'000.0

10.00

6'000'000.0 5'000'000.0

8.00

4'000'000.0 6.00

3'000'000.0

4.00

2'000'000.0

2.00

1'000'000.0

0.00 02.01.2010

0.0 02.07.2010

02.01.2011

02.07.2011

02.01.2012

02.07.2012

02.01.2013

02.07.2013

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

27.09.2013

Dongkuk Steel Mill Co Ltd Holdings By:

All

Holder Name SAE-JOO CHANG JFE STEEL INTL EUROP SAE-WOOK JANG NATIONAL PENSION SER DONGKUK STEEL MILL C DIMENSIONAL FUND ADV BANK OF NEW YORK MEL VANGUARD GROUP INC SAMSUNG INVESTMENT T MIRAE ASSET GLOBAL I SUMITOMO MITSUI TRUS KYOBO AXA INVESTMENT BLACKROCK KOREA INVESTMENT TRU NH-CA ASSET MANAGEME STATE STREET CORP WOORI ASSET MANAGEME JOHN HANCOCK ADVISER SHINHAN BNP PARIBAS EATON VANCE MANAGEME

Firm Name HMC Investment Securities Co Ltd KTB Securities UBS Deutsche Bank Morgan Stanley Standard Chartered Woori Investment & Securities HI Investment Securities Kyobo Securities Tong Yang Investment Bank Daewoo Securities KB Investment & Securities Co., Ltd EVA Dimensions Hanwha Securities Co., Ltd Mirae Asset Securities HSBC Hyundai Securities KIWOOM Securities Co Ltd Goldman Sachs DBS Vickers IBK Securities Co Ltd Samsung Securities Korea Investment & Securities Daiwa Securities Co. Ltd.

Portfolio Name n/a n/a n/a n/a n/a n/a Multiple Portfolios n/a Multiple Portfolios Multiple Portfolios n/a Multiple Portfolios n/a Multiple Portfolios Multiple Portfolios n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios

Analyst PARK HYUN-WOOK SHIM HYE-SUN SON YONG-SUK CHANWOOK PARK YOUNG SUK SHIN JAMES KP HONG WILL BYUN BANG MINJIN UM JIN-SEOK KEE-HYUN PARK JEON SEUNG-HUN KIM HYUN-TAE TIMOTHY STANISH KIM KANG-OH KWON HAE-SOON JENA HAN KIM JI-HWAN CHANG-HO KIM SEUNG SHIN LEE EUN YOUNG PARK BYUNGCHIL CHRIS KIM MOON SUN CHOI CHUNG SUNG-YOP

Source EXCH Co File EXCH EXCH Co File ULT-AGG MF-AGG ULT-AGG MF-AGG MF-AGG ULT-AGG MF-AGG ULT-AGG MF-AGG MF-AGG ULT-AGG MF-AGG MF-AGG MF-AGG MF-AGG

Recommendation hold hold neutral sell Underwt/In-Line underperform hold hold trading buy hold hold hold hold market perform hold underweight market perform market perform Sell/Neutral hold neutral hold hold hold

Amt Held 9'232'765 9'199'317 6'320'000 2'336'888 1'245'512 1'163'689 585'686 358'282 246'735 144'880 124'370 101'900 89'660 76'181 63'350 56'840 56'178 55'860 49'730 45'830

% Out 14.93 14.88 10.22 3.78 2.01 1.88 0.95 0.58 0.4 0.23 0.2 0.16 0.15 0.12 0.1 0.09 0.09 0.09 0.08 0.07

Weighting

Change 3 3 3 1 1 1 3 3 5 3 3 3 3 3 3 1 3 3 1 3 3 3 3 3

M M M M M M M M M M M M M M M M M M M M M M M M

Latest Chg (830'719) 24'690 80 (315'560) (14'412) 11'770 1'120 12'290 21'142 7'970 (16'330) (780) -

Target Price 15'000 17'000 13'700 8'000 9'000 8'000 15'000 13'000 12'900 #N/A N/A #N/A N/A 11'000 #N/A N/A 13'000 14'000 10'000 15'000 13'000 11'000 13'000 #N/A N/A 17'000 #N/A N/A 15'000

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt 24.09.2013 31.12.2012 24.09.2013 14.10.2011 31.12.2012 30.04.2013 25.09.2013 30.06.2013 31.03.2013 31.03.2013 12.11.2012 31.03.2013 25.09.2013 31.03.2013 31.03.2013 26.09.2013 31.03.2013 31.07.2013 31.03.2013 30.06.2013

Date 6 month 12 month 12 month 12 month 12 month 12 month 12 month 6 month Not Provided Not Provided Not Provided 12 month Not Provided 6 month 12 month Not Provided Not Provided 6 month 12 month 12 month Not Provided 12 month Not Provided Not Provided

Inst Type n/a Corporation n/a Government Corporation Investment Advisor Investment Advisor Unclassified Investment Advisor Investment Advisor Bank Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor

Date 27.09.2013 27.09.2013 15.08.2013 14.08.2013 14.08.2013 08.08.2013 01.08.2013 24.07.2013 10.07.2013 09.07.2013 04.07.2013 01.07.2013 06.06.2013 29.05.2013 07.05.2013 07.04.2013 26.03.2013 20.03.2013 03.03.2013 25.01.2013 03.12.2012 21.11.2012 28.09.2012 29.08.2012

27.09.2013

KEPCO Engineering & Construction Co Inc KEPCO Engineering & Construction Company, Inc. designs nuclear and conventionally-fueled electricity generating plants. The Company also provides power plant engineering services and consulting services to power industry.

Price/Volume

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (09.05.2013) 52-Week Low (15.11.2012) Daily Volume Current Price (9/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 30.06.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance 052690 KS EQUITY YTD Change 052690 KS EQUITY YTD % CHANGE

12/2012 06/yy 97'300.00 55'300.00 92'473.00 70500 -27.54% 27.49% 33.57% 38.2 2'694'510.00 5'210.00 0.0 0.0 353'987.16 2'324'292.98

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

.6 M

100000

.5 M

80000

.4 M

60000

.3 M

40000

.2 M

20000

.1 M

0 s-12

o-12

n-12

d-12

j-13

f-13 m-13 a-13 m-13

j-13

a-13

Fiscal Year Ended 31.12.2008 347'292.2 24'810.0 27'462.5 -

120000

31.12.2009 31.12.2010 442'323.5 580'153.7 4.21x 5.45x 103'405.6 117'127.2 17.99x 26.99x 82'647.8 96'166.2 26.41x 35.97x Profitability

LTM-4Q 31.12.2011 663'334.8 4.77x 144'544.1 21.91x 116'095.1 30.48x

31.12.2012 785'585.9 2.97x 163'572.0 14.25x 134'310.5 19.95x 163'571.99 153'128.07 19.49% 22.38% 16.77% 33.34% 32.95% 0.98% 32.7% 20.8% 19.5% 17.1% 1.62 1.49 0.60% 1.22% 4.34 21019.37

Price/ Cash Flow

LTM

FY+1

.0 M s-13

2.74 0.82 9.25 1.65% 0.57% 0.823 15 4.467 74'133 91'702 80'901 FY+2

FQ+1

FQ+2

06/yy 06/yy 12/13 Y 12/14 Y 09/13 Q3 12/13 Q4 717'282.8 802'686.5 915'403.0 ######### 270'338.0 305'913.2 14.73x 12.61x 2.58x 2.00x 8.68x 7.73x 155'337.9 129'471.6 167'402.9 230'573.8 49'804.0 57'616.5 18.23x 17.72x 13.88x 10.08x 9.97x 9.44x 127'061.5 106'050.0 132'170.7 176'445.9 38'610.6 53'303.7 24.70x 25.13x 20.39x 15.26x 14.90x 14.42x S&P Issuer Ratings Long-Term Rating Date Long-Term Rating Long-Term Outlook Short-Term Rating Date Short-Term Rating Credit Ratios EBITDA/Interest Exp. (EBITDA-Capex)/Interest Exp. Net Debt/EBITDA Total Debt/EBITDA Reference Total Debt/Equity Total Debt/Capital Asset Turnover Net Fixed Asset Turnover Accounts receivable turnover-days Inventory Days Accounts Payable Turnover Day Cash Conversion Cycle

1142.63 960.06 -2.13 0.03 1.2% 1.2% 0.98 8.72 84.37 0.02 105.30 -20.91

Sales/Revenue/Turnover

70.00

900'000.0

60.00

800'000.0 700'000.0

50.00

600'000.0

40.00

500'000.0

30.00

400'000.0 300'000.0

20.00

200'000.0

10.00 0.00 02.01.2010

100'000.0 0.0 02.07.2010

02.01.2011

02.07.2011

02.01.2012

02.07.2012

02.01.2013

02.07.2013

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

27.09.2013

KEPCO Engineering & Construction Co Inc Holdings By:

All

Holder Name KOREA ELECTRIC POWER KB ASSET MANAGEMENT EMPLOYEE STOCK OWNER SAMSUNG INVESTMENT T MIRAE ASSET GLOBAL I VANGUARD GROUP INC MIDAS ASSET MANAGEME HI ASSET MANAGEMENT FRANKLIN RESOURCES NH-CA ASSET MANAGEME DIMENSIONAL FUND ADV NORGES BANK SHINHAN BNP PARIBAS UBS HANA ASSET MANAG KYOBO AXA INVESTMENT CLARIDEN SICAV TONG YANG INVESTMENT WOORI ASSET MANAGEME AMUNDI LUXEMBOURG SA DONGBU ASSET MANAGEM

Firm Name

Portfolio Name n/a Multiple Portfolios n/a Multiple Portfolios Multiple Portfolios n/a Multiple Portfolios Multiple Portfolios n/a Multiple Portfolios n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios

Analyst

Shinhan Investment Corp MINHO HUR KIWOOM Securities Co Ltd KIM SANG-KU KB Investment & Securities Co., Ltd CHOI WON-YEOL Daishin Securities Co., Ltd. YANG JI-HWAN Samsung Securities SUJIN BUM Shinyoung Securities Co., Ltd. CHANG-SUK HWANG Hana Daetoo Securities SEONG-BONG PARK Deutsche Bank HAN SANG-HI HSBC LEE YEON-JUNG Eugene Investment & Securities Co., LtdJOO ICK-CHAN EVA Dimensions TIMOTHY STANISH KTB Securities SHIN JI-YOON Daiwa Securities Co. Ltd. MIKE OH LIG Investment Securities JOO HAE-MEE Meritz Securities Co., Ltd KIM SEUNG CHURL Dongbu Securities Co Ltd YOO DEOK-SANG IBK Securities Co Ltd JEONG MIN LEE Daewoo Securities HAN SEUNG-KUK Tong Yang Investment Bank LEE JAE-WON Woori Investment & Securities LEE CHANG-MOK

Source Co File MF-AGG Co File MF-AGG MF-AGG ULT-AGG MF-AGG MF-AGG ULT-AGG MF-AGG ULT-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG

Recommendation buy buy buy buy buy buy buy buy overweight hold underweight not rated outperform buy buy hold buy hold buy buy

Amt Held 28'612'939 567'343 344'242 155'761 77'616 77'323 64'005 54'191 52'431 44'871 43'226 42'007 37'666 30'072 22'883 22'000 21'184 20'863 16'235 13'817

% Out 74.86 1.48 0.9 0.41 0.2 0.2 0.17 0.14 0.14 0.12 0.11 0.11 0.1 0.08 0.06 0.06 0.06 0.05 0.04 0.04

Weighting

Change

5 5 5 5 5 5 5 5 5 3 1 #N/A N/A 5 5 5 3 5 3 5 5

U M M M M M M M M M M M U M M M M D M N

Latest Chg (56'351) 47'830 37'649 60'938 19'447 46'941 (5'133) 26'511 10'743 80 434 20'292 5'427 (9'148) 13'407

Target Price 83'000 110'000 100'000 91'000 94'000 86'000 117'000 90'600 92'000 75'000 #N/A N/A #N/A N/A 100'000 120'000 130'000 78'000 96'000 76'000 170'000 28'000

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt 31.12.2012 31.03.2013 31.12.2012 31.03.2013 31.03.2013 30.06.2013 31.03.2013 31.03.2013 30.04.2013 31.03.2013 30.04.2013 31.12.2012 31.03.2013 31.03.2013 31.03.2013 31.05.2013 31.03.2013 31.03.2013 30.04.2013 31.03.2013

Date 12 month 6 month 12 month 12 month 12 month 12 month 12 month 12 month Not Provided 12 month Not Provided Not Provided Not Provided 12 month 6 month 12 month Not Provided 12 month 12 month 12 month

Inst Type Government Investment Advisor n/a Investment Advisor Investment Advisor Unclassified Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Government Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor

Date 27.09.2013 27.09.2013 29.08.2013 25.07.2013 25.07.2013 25.07.2013 25.07.2013 24.07.2013 24.07.2013 11.07.2013 06.06.2013 25.04.2013 25.04.2013 25.04.2013 11.03.2013 23.10.2012 26.07.2012 23.11.2011 15.11.2010 14.12.2009