Fundamental Equity Analysis & Analyst Recommendations - South Korean KOSPI 200 Index components 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 South Korean KOSPI 200 Index March 2012

Q M S Advisors .

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27.02.2013

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

12/2012 12/yy 1'584'000.00 1'091'000.00 178'764.00 1527000 -3.60% 39.96% 88.44% 147.3 224'926'080.00 4'796'865.00 119'467.0 0.0 14'630'145.00 215'300'454.60

1.0 M .8 M .6 M

600000

.4 M

400000

.2 M

200000 0 f-12 m-12 a-12 m-12 j-12

j-12

a-12 s-12 o-12 n-12 d-12

j-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

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

1.2 M

1200000 1000000 800000

Latest Fiscal Year: LTM as of: 52-Week High (03.01.2013) 52-Week Low (12.07.2012) Daily Volume Current Price (2/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 31.12.2012 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

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

1.4 M

1600000 1400000

Valuation Analysis

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

1800000

LTM-4Q

31.12.2009 31.12.2010 31.12.2011 31.12.2012 89'772'834.0 112'249'475.0 120'815'977.0 141'206'400.0 1.05x 1.02x 1.06x 14'207'387.0 20'345'636.0 18'987'465.0 6.61x 5.60x 6.75x 6'208'140.0 13'236'461.0 10'029'152.0 17'398'500.0 18.96x 10.69x 15.82x Profitability 18'987'465.00 18'510'400.00 13.11% 9.51% 12.82% 16.55% 16.09% 1.14% 25.2% 18.0% 13.1% 12.3% 1.46 1.11 4.08% 5.40% 7.93 18.47

Price/ Cash Flow

LTM

FY+1

.0 M f-13

1.11 106.62 31.11% 0.33% 1.113 51 4.824 252'632 262'188 273'638 FY+2

FQ+1

FQ+2

12/yy 12/yy 12/13 Y 12/14 Y 03/13 Q1 06/13 Q2 ######### ######### ######### ######### 3.69x 3.37x 0.86x 0.74x ######### ######### ######### ######### 6.75x 0.00x 3.84x 3.63x ######### ######### ######### ######### 15.90x 0.00x 7.27x 6.86x S&P Issuer Ratings Long-Term Rating Date 25.01.2006 Long-Term Rating A Long-Term Outlook POS Short-Term Rating Date 25.01.2006 Short-Term Rating A-1 Credit Ratios EBITDA/Interest Exp. 75.22 (EBITDA-Capex)/Interest Exp. 23.73 Net Debt/EBITDA -0.40 Total Debt/EBITDA 0.11 Reference Total Debt/Equity 5.4% Total Debt/Capital 5.1% Asset Turnover 1.14 Net Fixed Asset Turnover 3.39 Accounts receivable turnover-days 46.18 Inventory Days 19.82 Accounts Payable Turnover Day 29.23 Cash Conversion Cycle 37.74 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

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 |

27.02.2013

Samsung Electronics Co Ltd Holdings By:

All

Holder Name SAMSUNG ELECTRONICS SAMSUNG LIFE INSURAN NATIONAL PENSION SER CITIBANK NA SAMSUNG C&T CORP KUN HEE LEE CAPITAL GROUP COMPAN KOREA INVESTMENT TRU BLACKROCK VANGUARD GROUP INC FMR LLC SAMSUNG FIRE & MARIN SAMSUNG INVESTMENT T T ROWE PRICE ASSOCIA MIRAE ASSET GLOBAL I JAE-YONG LEE MAPS INVESTMENT MANA CARMIGNAC GESTION KB ASSET MANAGEMENT SCHRODER 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 n/a n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios

Analyst

Morgan Stanley SHAWN KIM Credit Suisse KEON HAN Sanford C. Bernstein & Co MARK C NEWMAN KTB Securities JIN SUNG-HAE Nomura CHANG-WON CHUNG Shinyoung Securities Co., Ltd. LIM DORI Macquarie DANIEL KIM Hanwha Securities Co., Ltd AHN SEONG-HO Mirae Asset Securities DOH HYUN-WOO LIG Investment Securities CHOI DO-YEON Samsung Securities MINSEONG HWANG Korea Investment & Securities KEVIN SUNG-HYUK LEE HMC Investment Securities Co Ltd GREG GEUN-CHANG ROH HSBC RICKY JUIL SEO Woori Investment & Securities YOUNG PARK BNP Paribas Equity Research PETER YU KIWOOM Securities Co Ltd KIM SUNG-IN Barclays BAE SEUNG-CHUL IBK Securities Co Ltd SEUNG-WOO LEE Daewoo Securities JAMES SONG Tong Yang Investment Bank HYUN PARK Leading Investment & Securities SANG-WOO OH E*Trade Securities Korea JI-WOONG KIM Ji Asia STEVE MYERS NH Investment & Securities LEE SUN-TAE JPMorgan JJ Park Dongbu Securities Co Ltd KWON SUNG-RYUL Daishin Securities Co., Ltd. KANG JEONG-WON JEFF Daiwa Securities Co. Ltd. JAE H LEE Eugene Investment & Securities Co., LtdLEE JEONG Shinhan Investment Corp KIM YOUNG-CHAN Kim Eng Securities WARREN LAU KB Investment & Securities Co., Ltd BYUN HAN-JOON Kyobo Securities KOO JA-WOO Hana Daetoo Securities CHUN SUNG-HOON Taurus Investment Securities Co Ltd KIM HYUNG-SIK Standard Chartered SEAN KIM Mizuho Securities CHARLES PARK Susquehanna Financial Group MEHDI HOSSEINI EVA Dimensions ANDREW S ZAMFOTIS Wedge Partners BRIAN BLAIR HI Investment Securities SONG MYUNG-SUP SK Securities Co Ltd SUNG-JAE DAVID CHOI

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

Recommendation Overwt/Attractive outperform outperform buy buy neutral outperform buy buy buy buy buy buy overweight buy buy buy overweight buy buy buy buy market perform sell buy overweight buy buy buy buy buy buy buy buy buy buy outperform buy Positive buy no rating system buy buy

Amt Held 16'513'149 11'071'751 10'316'789 7'316'976 5'976'362 4'985'464 4'257'980 3'989'329 3'163'988 3'019'125 2'794'677 1'856'370 1'434'993 950'933 902'957 840'403 744'031 526'619 517'807 514'731

% Out 11.21 7.52 7 4.97 4.06 3.38 2.89 2.71 2.15 2.05 1.9 1.26 0.97 0.65 0.61 0.57 0.51 0.36 0.35 0.35

Weighting

Change

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

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

Latest Chg (399'465) 1'473'927 (739'645) 79'032 (83'124) (83'433) 90'082 106'644 (9'546) (27'405) 4'418 (58'661) 40'626

Target Price 1'700'000 1'900'000 2'300'000 1'900'000 2'000'000 #N/A N/A 2'300'000 1'850'000 1'900'000 1'900'000 1'900'000 2'000'000 1'850'000 2'000'000 1'800'000 2'300'000 2'100'000 2'000'000 1'800'000 1'900'000 2'000'000 1'920'000 1'520'000 1'162'000 1'900'000 1'900'000 1'800'000 2'000'000 2'000'000 1'900'000 1'900'000 2'300'000 1'900'000 1'850'000 1'750'000 1'850'000 2'100'000 1'800'000 2'000'000 #N/A N/A #N/A N/A 1'800'000 1'900'000

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

File Dt Inst Type 30.09.2012 Corporation 30.09.2012 Insurance Company 20.11.2012 Investment Advisor 31.12.2011 Bank 31.12.2011 Corporation 17.04.2012 n/a 31.12.2012 Investment Advisor 30.11.2012 Investment Advisor 25.02.2013 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2011 Insurance Company 28.09.2012 Investment Advisor 31.12.2012 Investment Advisor 28.09.2012 Investment Advisor 23.12.2011 n/a 28.09.2012 Mutual Fund Manager 31.12.2012 Investment Advisor 28.09.2012 Mutual Fund Manager 31.12.2012 Investment Advisor

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

Date 26.02.2013 26.02.2013 26.02.2013 26.02.2013 26.02.2013 25.02.2013 25.02.2013 25.02.2013 25.02.2013 25.02.2013 22.02.2013 21.02.2013 21.02.2013 20.02.2013 18.02.2013 18.02.2013 18.02.2013 18.02.2013 18.02.2013 13.02.2013 12.02.2013 12.02.2013 12.02.2013 08.02.2013 07.02.2013 06.02.2013 05.02.2013 04.02.2013 31.01.2013 28.01.2013 28.01.2013 28.01.2013 28.01.2013 28.01.2013 28.01.2013 28.01.2013 26.01.2013 25.01.2013 22.01.2013 17.01.2013 08.01.2013 06.01.2013 04.01.2013

27.02.2013

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.

Price/Volume 300000 250000 200000 150000

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (02.05.2012) 52-Week Low (28.01.2013) Daily Volume Current Price (2/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 31.12.2012 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

12/2012 09/yy 272'500.00 195'000.00 537'829.00 215000 -21.10% 10.26% 23.87% 220.3 47'359'444.00 3'945'391.00 331'011.0 0.0 10'087'560.00 38'033'397.99

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

50000 0 f-12 m-12 a-12 m-12

j-12

a-12

s-12

o-12

n-12 d-12

j-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 32'189'786.0 0.20x 3'221'449.0 2.05x 1'447'904.0 7.42x

100000

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

31.12.2012 6'242'388.00 4'684'413.00 10.95% 13.72% 10.01% 15.35% 14.50% 0.90% 25.3% 14.6% 11.0% 11.1% 1.45 1.22 7.85% 12.26% 10.61 18.40

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 f-13

LTM

FY+1

0.81 1.10 136.94 3.25% -1.60% 1.096 48 4.833 538'736 691'623 664'779 FY+2

FQ+1

FQ+2

09/yy 09/yy 12/13 Y 12/14 Y 03/13 Q1 06/13 Q2 ######### ######### ######### ######### ######### ######### 3.74x 3.76x 0.61x 0.66x ######### ######### ######### ######### 7.04x 6.63x 5.50x 5.15x ######### ######### ######### ######### ######### ######### 12.32x 12.78x 5.84x 5.44x S&P Issuer Ratings Long-Term Rating Date 20.03.2012 Long-Term Rating BBB+ Long-Term Outlook STABLE Short-Term Rating Date Short-Term Rating Credit Ratios EBITDA/Interest Exp. 21.78 (EBITDA-Capex)/Interest Exp. 16.80 Net Debt/EBITDA -0.98 Total Debt/EBITDA 0.63 Reference Total Debt/Equity 12.3% Total Debt/Capital 10.8% Asset Turnover 0.90 Net Fixed Asset Turnover 3.50 Accounts receivable turnover-days 34.39 Inventory Days 19.83 Accounts Payable Turnover Day 41.89 Cash Conversion Cycle 12.34 Sales/Revenue/Turnover

14.00

45'000'000.0

12.00

40'000'000.0 35'000'000.0

10.00

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 03.01.2009

5'000'000.0 0.0 03.07.2009

03.01.2010

03.07.2010

03.01.2011

03.07.2011

03.01.2012

03.07.2012

03.01.2013

2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011

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

27.02.2013

Hyundai Motor Co Holdings By:

All

Holder Name HYUNDAI MOBIS NATIONAL PENSION SER MIRAE ASSET GLOBAL I MONG-KOO CHUNG HYUNDAI MOTOR CO VANGUARD GROUP INC BLACKROCK CAPITAL GROUP COMPAN FMR LLC WADDELL & REED FINAN SAMSUNG INVESTMENT T MAPS INVESTMENT MANA SCHRODER INVESTMENT T ROWE PRICE ASSOCIA WILLIAM BLAIR & COMP THORNBURG INVESTMENT KOREA INVESTMENT TRU HARTFORD INVESTMENT UBS HANA ASSET MANAG 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 Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios WILLIAM BLAIR & COMP Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios

Analyst

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

Source EXCH Co File EXCH EXCH Co File MF-AGG ULT-AGG ULT-AGG ULT-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG 13F MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG

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

Amt Held 45'782'023 14'873'261 13'054'486 11'408'874 11'006'710 8'296'224 4'677'232 4'588'802 3'847'881 3'643'100 2'076'357 1'797'719 1'550'511 1'364'038 1'232'719 1'083'402 951'365 805'514 709'750 663'568

% Out 20.78 6.75 5.93 5.18 5 3.77 2.12 2.08 1.75 1.65 0.94 0.82 0.7 0.62 0.56 0.49 0.43 0.37 0.32 0.3

Weighting

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

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

Latest Chg (2'548'444) 150'272 72'610 (225'800) (246'285) 941'000 137'993 (35'886) 33'508 215'747 124'875 (395'900) 244'748 (43'007) (20'486) -

Target Price 260'000 265'000 270'000 245'000 300'000 300'000 320'000 330'000 270'000 254'500 350'500 330'000 280'000 250'000 300'000 230'000 250'000 232'000 227'000 275'000 271'000 270'000 290'000 310'000 300'000 265'000 310'000 290'000 270'000 290'000 295'000 290'000 280'000 350'000 290'000 290'000 #N/A N/A 290'000 257'000 320'000 330'000 300'000 320'000

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

File Dt Inst Type 20.03.2012 Corporation 31.12.2011 Investment Advisor 29.01.2010 Investment Advisor 20.03.2012 n/a 31.12.2011 Corporation 31.12.2012 Investment Advisor 25.02.2013 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 28.09.2012 Investment Advisor 28.09.2012 Mutual Fund Manager 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 28.09.2012 Investment Advisor 31.01.2013 Investment Advisor 28.09.2012 Mutual Fund Manager 31.07.2012 Investment Advisor

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

Date 26.02.2013 22.02.2013 22.02.2013 20.02.2013 20.02.2013 20.02.2013 19.02.2013 19.02.2013 18.02.2013 18.02.2013 15.02.2013 15.02.2013 12.02.2013 12.02.2013 04.02.2013 03.02.2013 01.02.2013 27.01.2013 26.01.2013 25.01.2013 25.01.2013 25.01.2013 25.01.2013 25.01.2013 25.01.2013 25.01.2013 25.01.2013 25.01.2013 25.01.2013 25.01.2013 24.01.2013 24.01.2013 24.01.2013 24.01.2013 24.01.2013 24.01.2013 17.01.2013 14.01.2013 07.01.2013 02.11.2012 29.10.2012 01.08.2012 15.05.2012

27.02.2013

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 (02.03.2012) 52-Week Low (21.11.2012) Daily Volume Current Price (2/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 31.12.2012 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 12/yy 426'500.00 304'500.00 173'042.00 352500 -17.35% 15.76% 41.80% 87.2 30'733'360.00 11'641'328.00 0.0 0.0 2'187'300.00 39'140'414.51

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

1.8 M

400000

1.6 M

350000

1.4 M

300000

1.2 M

250000

1.0 M

200000

.8 M

150000

.6 M

100000

.4 M

50000

.2 M

0 f-12 m-12 a-12 m-12

j-12

a-12

s-12

o-12

n-12 d-12

j-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

450000

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

2.84 1.02 68.68 -13.22% 1.00% 1.015 47 4.660 199'356 149'988 178'477 FY+2

FQ+1

31.12.2012 12/yy 12/yy 12/13 Y 12/14 Y 03/13 Q1 35'664'933.1 ######### ######### ######### ######### ######### 4.26x 3.14x 1.17x 1.14x 4.94x - ######### ######### ######### ######### ######### 6.36x 0.00x 7.92x 7.22x 7.44x 2'499'522.9 ######### ######### ######### ######### 628'754.5 9.21x 0.00x 10.43x 10.80x 10.21x S&P Issuer Ratings 6'103'603.23 Long-Term Rating Date 2'789'597.26 Long-Term Rating 7.82% Long-Term Outlook 10.38% Short-Term Rating Date 6.26% Short-Term Rating 8.66% Credit Ratios 7.43% EBITDA/Interest Exp. 0.77% (EBITDA-Capex)/Interest Exp. Net Debt/EBITDA 15.6% Total Debt/EBITDA 15.6% Reference 7.8% Total Debt/Equity 7.0% Total Debt/Capital Asset Turnover 2.78 Net Fixed Asset Turnover 1.28 Accounts receivable turnover-days 22.08% Inventory Days 30.96% Accounts Payable Turnover Day 10.08 Cash Conversion Cycle 5.03

Price/ Cash Flow

.0 M f-13

FQ+2 06/13 Q2 ######### 4.72x ######### 723'690.9 10.19x 22.10.2012 BBB+ STABLE 13.80 6.30 1.55 1.91 31.0% 23.6% 0.77 1.89 36.19 72.52 14.43 94.28

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

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 |

27.02.2013

POSCO Holdings By:

All

Holder Name BANK OF NEW YORK POSCO NATIONAL PENSION SER EMPLOYEE STOCK OWNER BLACKROCK VANGUARD GROUP INC CAPITAL GROUP COMPAN MITSUBISHI CORP DIMENSIONAL FUND ADV SAMSUNG INVESTMENT T MITSUI & CO LTD GRANTHAM MAYO VAN OT KYOBO AXA INVESTMENT KOREA INVESTMENT TRU MATTHEWS INTERNATION MIRAE ASSET GLOBAL I FMR LLC UBS HANA ASSET MANAG FRANKLIN RESOURCES JF ASSET MANAGEMENT

Firm Name

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

Analyst

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

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

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

Amt Held 13'243'566 9'942'391 5'176'927 1'953'871 1'855'746 1'227'200 894'900 880'587 694'069 587'964 482'000 281'906 242'428 233'848 195'584 175'337 170'736 153'471 149'373 128'001

% Out 15.19 11.4 5.94 2.24 2.13 1.41 1.03 1.01 0.8 0.67 0.55 0.32 0.28 0.27 0.22 0.2 0.2 0.18 0.17 0.15

Weighting

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

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 M M U N M M N N N

Latest Chg (760'396) (6'451) 10'969 (252'230) 63'650 (953) (6'111) (110'355) (96'915) (41'488) 27'856 18'000

Target Price 420'000 416'000 420'000 450'000 480'000 470'000 450'000 460'000 420'000 420'000 450'000 380'000 400'000 436'000 380'000 430'000 440'000 420'000 420'000 420'000 450'000 350'000 437'000 430'000 360'000 420'000 465'000 420'000 430'000 450'000 440'000 428'000 320'000 420'000 440'000 #N/A N/A 470'000 420'000 368'000 457'647 460'000 420'000 480'000

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

File Dt Inst Type 31.12.2011 Investment Advisor 31.12.2011 Corporation 30.06.2012 Investment Advisor 31.12.2011 n/a 25.02.2013 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.03.2012 Corporation 31.07.2012 Investment Advisor 28.09.2012 Investment Advisor 31.03.2012 Corporation 31.05.2012 Investment Advisor 28.09.2012 Mutual Fund Manager 28.09.2012 Investment Advisor 28.09.2012 Investment Advisor 28.09.2012 Investment Advisor 31.12.2012 Investment Advisor 28.09.2012 Mutual Fund Manager 31.12.2012 Investment Advisor 30.09.2011 Mutual Fund Manager

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

Date 27.02.2013 26.02.2013 25.02.2013 22.02.2013 22.02.2013 22.02.2013 22.02.2013 21.02.2013 21.02.2013 18.02.2013 18.02.2013 16.02.2013 15.02.2013 15.02.2013 13.02.2013 31.01.2013 31.01.2013 30.01.2013 30.01.2013 30.01.2013 30.01.2013 30.01.2013 30.01.2013 30.01.2013 30.01.2013 30.01.2013 30.01.2013 30.01.2013 30.01.2013 30.01.2013 30.01.2013 29.01.2013 29.01.2013 29.01.2013 25.01.2013 17.01.2013 07.01.2013 10.12.2012 24.10.2012 23.10.2012 18.09.2012 27.08.2012 30.04.2012

27.02.2013

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 (17.09.2012) 52-Week Low (14.01.2013) Daily Volume Current Price (2/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 31.12.2012 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 f-12 m-12 a-12 m-12

j-12

a-12

s-12

o-12

n-12 d-12

j-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 12/yy 325'000.00 250'500.00 177'996.00 307000 -5.54% 22.55% 68.46% 97.3 29'884'566.00 1'810'896.00 127.0 0.0 2'396'260.00 28'087'980.94

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

FY+1

.0 M f-13

0.57 1.02 59.97 15.29% 6.60% 1.017 44 4.955 207'348 260'102 273'394 FY+2

FQ+1

FQ+2

31.12.2012 12/yy 12/yy 12/13 Y 12/14 Y 03/13 Q1 06/13 Q2 16'865'693.7 ######### ######### ######### 8.00x 4.71x 1.08x - ######### ######### ######### 11.79x 0.00x 8.39x 2'251'251.8 ######### ######### ######### 15.99x 0.00x 8.65x 9.44x 15.13x S&P Issuer Ratings 2'316'807.00 Long-Term Rating Date 20.03.2012 2'312'365.94 Long-Term Rating BBB+ 13.71% Long-Term Outlook STABLE 14.42% Short-Term Rating Date 11.30% Short-Term Rating 16.60% Credit Ratios 14.63% EBITDA/Interest Exp. 59.08 1.03% (EBITDA-Capex)/Interest Exp. 51.18 Net Debt/EBITDA -0.25 19.9% Total Debt/EBITDA 0.78 14.6% Reference 13.7% Total Debt/Equity 16.1% 13.3% Total Debt/Capital 13.8% Asset Turnover 1.03 1.62 Net Fixed Asset Turnover 9.00 1.42 Accounts receivable turnover-days 82.42 10.96% Inventory Days 21.55 16.06% Accounts Payable Turnover Day 54.16 4.43 Cash Conversion Cycle 49.82 16.94

Price/ Cash Flow

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

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 |

27.02.2013

Hyundai Mobis Holdings By:

All

Holder Name KIA MOTORS CORP ALLIANCE BERNSTEIN NATIONAL PENSION SER MONG-KOO CHUNG CAPITAL GROUP COMPAN HYUNDAI STEEL CO VANGUARD GROUP INC HYUNDAI MOBIS BLACKROCK T ROWE PRICE ASSOCIA LAZARD ASSET MANAGEM INVESCO LTD KOREA INVESTMENT TRU SAMSUNG INVESTMENT T FMR LLC SCHRODER INVESTMENT JP MORGAN MIRAE ASSET GLOBAL I MATTHEWS INTERNATION KB ASSET MANAGEMENT

Firm Name

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

Analyst

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

Source EXCH ULT-AGG EXCH EXCH ULT-AGG EXCH MF-AGG EXCH ULT-AGG MF-AGG ULT-AGG MF-AGG MF-AGG MF-AGG ULT-AGG MF-AGG ULT-AGG MF-AGG MF-AGG MF-AGG

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

Amt Held 16'427'074 6'903'539 6'827'430 6'778'966 6'434'194 5'504'846 3'993'909 1'806'615 1'756'516 1'258'180 1'189'948 632'223 631'795 592'952 533'348 450'007 363'022 336'731 331'697 318'883

% Out 16.88 7.09 7.01 6.96 6.61 5.66 4.1 1.86 1.8 1.29 1.22 0.65 0.65 0.61 0.55 0.46 0.37 0.35 0.34 0.33

Weighting

Change 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 5 5 5 5 5 5 5 5 5 5 5 5 5 5 5 5

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

Latest Chg 989'681 11'853 (10'144) (473) 159'775 66'376 (88'397) 77'045 68'597 (679'947) 44'162 (75'228) 62'450 (12'548) 10'242

Target Price 400'000 405'000 370'000 400'000 370'000 370'000 291'000 400'000 365'000 350'000 364'000 355'000 380'000 360'000 390'000 420'000 390'000 390'000 410'000 360'000 400'000 390'000 391'000 370'000 320'000 340'000 400'000 390'000 360'000 348'000 #N/A N/A 320'000 400'000 345'000 410'000 400'000 380'000 393'000 370'000 370'000 370'000 450'000

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

File Dt Inst Type 24.08.2012 Corporation 31.12.2011 Investment Advisor 30.11.2012 Investment Advisor 24.08.2012 n/a 31.12.2012 Investment Advisor 24.08.2012 Corporation 31.12.2012 Investment Advisor 27.04.2012 Corporation 25.02.2013 Investment Advisor 31.12.2012 Investment Advisor 31.01.2013 Unclassified 26.02.2013 Investment Advisor 28.09.2012 Investment Advisor 28.09.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Unclassified 28.09.2012 Investment Advisor 28.09.2012 Investment Advisor 28.09.2012 Mutual Fund Manager

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

Date 25.02.2013 25.02.2013 18.02.2013 12.02.2013 12.02.2013 12.02.2013 07.02.2013 07.02.2013 06.02.2013 03.02.2013 01.02.2013 01.02.2013 01.02.2013 01.02.2013 01.02.2013 01.02.2013 01.02.2013 01.02.2013 01.02.2013 01.02.2013 01.02.2013 01.02.2013 31.01.2013 31.01.2013 31.01.2013 31.01.2013 31.01.2013 31.01.2013 31.01.2013 31.01.2013 17.01.2013 16.01.2013 14.01.2013 05.01.2013 26.10.2012 11.10.2012 30.07.2012 25.06.2012 02.05.2012 16.03.2012 30.01.2012 31.10.2011

27.02.2013

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 (19.03.2012) 52-Week Low (25.07.2012) Daily Volume Current Price (2/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 31.12.2012 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 12/yy 45'900.00 33'100.00 756'261.00 42100 -8.28% 27.19% 67.58% 474.2 19'963'802.00 7'039'393.00 274'055.0 0.0 2'220'166.00 27'149'563.61

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

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

j-12

a-12

s-12

o-12

n-12

d-12

j-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 f-12 m-12 a-12 m-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 12/yy 12/yy 992'718.0 ######### 944'816.0 52.74x 83.80x - ######### 902'680.0 11.78x 0.00x 590'447.0 ######### 590'447.0 13.50x 0.00x 2'053'001.00 95.86% 79.09% 5.72% 7.04% 6.22% 0.07% 96.7% 59.5% 22.82% 36.75% -

Price/ Cash Flow

1.78 1.07 452.70 -1.69% 8.37% 1.073 44 4.636 1'415'653 1'077'374 1'111'068

FY+1

FY+2

FQ+1

FQ+2

12/13 Y

12/14 Y

03/13 Q1

06/13 Q2

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

.0 M f-13

2.35 3.43 36.7% 26.6% 0.07 1409.50 -

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

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 |

27.02.2013

Shinhan Financial Group Co Ltd Holdings By:

All

Holder Name NATIONAL PENSION SER BNP PARIBAS SA EMPLOYEE STOCK OWNER VANGUARD GROUP INC LAZARD ASSET MANAGEM BLACKROCK MIZUHO FINANCIAL GRO DIMENSIONAL FUND ADV ABU DHABI INVESTMENT FMR LLC SAMSUNG INVESTMENT T JAE-GEUN YOO KOREA INVESTMENT TRU COMMONWEALTH BANK OF ROBECO INVESTOR SERV KYOBO AXA INVESTMENT UBS HANA ASSET MANAG SWEDBANK ROBUR FONDE MIRAE ASSET GLOBAL I T ROWE PRICE ASSOCIA

Firm Name

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

Analyst

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

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

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

Amt Held 34'829'793 30'106'275 16'974'245 12'768'672 11'798'921 8'764'663 5'979'550 5'891'780 5'626'182 4'332'165 4'126'372 3'043'256 2'927'860 2'289'300 1'399'233 1'358'974 1'258'761 1'110'649 1'067'566 1'007'973

% Out 7.34 6.35 3.58 2.69 2.49 1.85 1.26 1.24 1.19 0.91 0.87 0.64 0.62 0.48 0.3 0.29 0.27 0.23 0.23 0.21

Weighting

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

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

Latest Chg 1'217'271 341'800 43'760 (232'275) (1'291'171) (276'351) (818'128) 80'870 (86) 6'866 (135'750) 260'686 (2'189'925) (1'689'972)

Target Price 51'000 53'000 51'000 49'000 42'300 50'000 48'500 49'700 44'800 50'800 51'000 50'000 49'000 49'000 51'800 47'500 49'000 47'000 54'000 49'000 48'000 48'000 49'000 41'000 52'500 48'000 #N/A N/A 40'000 41'000 57'000 48'400 44'000 39'900 50'900 48'000 53'000 45'000 41'000 51'000 54'000

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

File Dt Inst Type 31.12.2011 Investment Advisor 31.12.2011 Bank 31.12.2011 n/a 31.12.2012 Investment Advisor 31.01.2013 Unclassified 25.02.2013 Investment Advisor 20.06.2012 Bank 31.07.2012 Investment Advisor 31.12.2011 Government 31.12.2012 Investment Advisor 28.09.2012 Investment Advisor 30.03.2012 n/a 28.09.2012 Investment Advisor 31.10.2012 Bank 31.12.2012 Investment Advisor 28.09.2012 Mutual Fund Manager 28.09.2012 Mutual Fund Manager 31.12.2012 Investment Advisor 28.09.2012 Investment Advisor 31.12.2012 Investment Advisor

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

Date 26.02.2013 21.02.2013 19.02.2013 18.02.2013 18.02.2013 17.02.2013 15.02.2013 08.02.2013 08.02.2013 08.02.2013 08.02.2013 08.02.2013 08.02.2013 08.02.2013 08.02.2013 08.02.2013 08.02.2013 08.02.2013 08.02.2013 07.02.2013 07.02.2013 03.02.2013 23.01.2013 22.01.2013 21.01.2013 21.01.2013 17.01.2013 10.01.2013 08.01.2013 08.01.2013 24.12.2012 28.11.2012 21.11.2012 01.11.2012 01.11.2012 01.11.2012 31.10.2012 31.10.2012 21.09.2012 12.03.2012

27.02.2013

Kia Motors Corp Kia Motors Corporation manufactures, sells, and exports passenger cars, mini-buses, trucks, and commercial vehicles. The Company also produces various auto parts.

Price/Volume 90000

6.0 M

80000

5.0 M

70000 60000

4.0 M

50000

12/2012 12/yy 84'800.00 47'850.00 1'968'781.00 55400 -34.67% 15.78% 18.00% 405.4 22'457'130.00 3'701'693.00 0.0 0.0 2'646'377.00 21'893'609.42

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

30000

2.0 M

20000

1.0 M

10000 0 f-12 m-12 a-12 m-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

j-12

a-12

s-12

o-12

n-12

d-12

j-13

LTM

FY+1

.0 M f-13

1.08 0.95 235.00 -17.48% -1.95% 0.949 44 4.591 1'526'109 2'002'578 1'998'659 FY+2

FQ+1

FQ+2

31.12.2012 12/yy 12/yy 12/13 Y 12/14 Y 03/13 Q1 06/13 Q2 28'007'913.0 ######### ######### ######### ######### 4.20x 3.13x 0.68x 0.63x - ######### ######### ######### ######### 10.77x 0.00x 7.29x 7.29x 2'136'797.0 ######### ######### ######### ######### 14.72x 0.00x 5.29x 4.86x S&P Issuer Ratings 2'597'837.00 Long-Term Rating Date 20.03.2012 1'645'332.00 Long-Term Rating BBB+ 5.87% Long-Term Outlook STABLE 8.51% Short-Term Rating Date 8.09% Short-Term Rating 14.92% Credit Ratios 11.82% EBITDA/Interest Exp. 17.61 1.24% (EBITDA-Capex)/Interest Exp. 11.69 Net Debt/EBITDA 0.41 21.0% Total Debt/EBITDA 1.42 9.4% Reference 5.9% Total Debt/Equity 28.4% 7.6% Total Debt/Capital 22.1% Asset Turnover 1.24 0.90 Net Fixed Asset Turnover 4.22 0.71 Accounts receivable turnover-days 32.71 15.83% Inventory Days 17.83 28.36% Accounts Payable Turnover Day 52.83 11.16 Cash Conversion Cycle -2.30 20.47

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

j-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

40000

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (02.05.2012) 52-Week Low (28.01.2013) Daily Volume Current Price (2/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 31.12.2012 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

0.0 02.07.2010

02.01.2011

02.07.2011

02.01.2012

02.07.2012

02.01.2013

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 |

27.02.2013

Kia Motors Corp Holdings By:

All

Holder Name HYUNDAI MOTOR CO NATIONAL PENSION SER CAPITAL GROUP COMPAN VANGUARD GROUP INC BLACKROCK EUI SUN CHUNG FMR LLC SAMSUNG INVESTMENT T MIRAE ASSET GLOBAL I MAPS INVESTMENT MANA KOREA INVESTMENT TRU KB ASSET MANAGEMENT ALLIANZ ASSET MANAGE UBS HANA ASSET MANAG EMPLOYEE STOCK OWNER KYOBO AXA INVESTMENT INVESTEC ASSET MANAG SHINHAN BNP PARIBAS ALLIANZ GLOBAL INVES PCA INVESTMENT TRUST

Firm Name

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

Analyst

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

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

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

Amt Held 137'318'251 24'374'709 16'395'287 13'674'113 7'297'947 7'061'331 5'151'282 3'356'040 2'001'644 1'773'507 1'722'251 1'410'985 1'397'040 1'229'277 1'168'532 823'411 699'448 633'920 575'710 533'583

% Out 33.88 6.01 4.04 3.37 1.8 1.74 1.27 0.83 0.49 0.44 0.42 0.35 0.34 0.3 0.29 0.2 0.17 0.16 0.14 0.13

Weighting

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

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 D M M M M M M M M M

Latest Chg (3'779'604) 2'847'100 (168'233) 2'736 (321'554) (91'306) (1'128'135) (1'372'669) 14'696 (321'282) 442'735 (759'020) (79'025) 12'796 (277'838) (388'326) (14'953)

Target Price 79'000 75'000 61'000 74'900 80'000 100'000 63'000 70'000 64'900 65'000 58'000 60'000 69'000 66'000 70'000 66'000 79'000 58'000 70'000 73'000 70'000 90'000 71'000 85'000 74'000 68'000 80'000 51'000 60'000 60'000 63'000 100'000 56'000 67'000 #N/A N/A 55'000 87'000 70'000 120'000 110'000 #N/A N/A 88'000

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

File Dt 30.06.2012 01.11.2012 31.12.2012 31.12.2012 25.02.2013 30.06.2012 31.12.2012 28.09.2012 28.09.2012 28.09.2012 28.09.2012 28.09.2012 31.01.2013 28.09.2012 30.06.2012 28.09.2012 31.12.2012 28.09.2012 28.09.2012 28.09.2012

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

Inst Type Corporation Investment Advisor Investment Advisor Investment Advisor Investment Advisor n/a Investment Advisor Investment Advisor Investment Advisor Mutual Fund Manager Investment Advisor Mutual Fund Manager Investment Advisor Mutual Fund Manager n/a Mutual Fund Manager Investment Advisor Investment Advisor Mutual Fund Manager Mutual Fund Manager

Date 22.02.2013 21.02.2013 20.02.2013 20.02.2013 20.02.2013 19.02.2013 19.02.2013 18.02.2013 18.02.2013 12.02.2013 03.02.2013 01.02.2013 29.01.2013 28.01.2013 28.01.2013 28.01.2013 28.01.2013 28.01.2013 28.01.2013 28.01.2013 28.01.2013 28.01.2013 28.01.2013 28.01.2013 28.01.2013 28.01.2013 28.01.2013 27.01.2013 26.01.2013 26.01.2013 25.01.2013 25.01.2013 25.01.2013 25.01.2013 15.01.2013 14.01.2013 09.01.2013 07.01.2013 31.10.2012 27.09.2012 01.02.2012 30.01.2012

27.02.2013

SK Hynix Inc SK Hynix Inc. 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 (28.03.2012) 52-Week Low (25.07.2012) Daily Volume Current Price (2/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 09.01.2013 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 12/yy 30'950.00 20'100.00 3'098'659.00 26250 -15.19% 30.60% 59.45% 694.2 18'221'588.00 5'744'740.00 0.0 0.0 1'517'747.00 22'448'581.88

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

15.0 M

15000

10.0 M

10000 5.0 M

5000 0 f-12 m-12 a-12 m-12

j-12

a-12

s-12

o-12

n-12 d-12

j-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 f-13

1.18 459.93 -6.08% 1.94% 1.179 46 4.652 3'710'096 4'285'423 4'379'742 FY+2

FQ+1

FQ+2

31.12.2012 12/yy 12/yy 12/13 Y 12/14 Y 03/13 Q1 06/13 Q2 10'001'783.0 ######### ######### ######### ######### ######### ######### 2.22x 7.33x 8.50x 1.95x 1.77x 1'630'975.0 ######### ######### ######### ######### 13.61x 7.35x 13.61x 5.48x 4.56x (489'990.0) 129'142.0 (489'990.0) 897'329.0 ######### 83'300.0 207'600.0 100.23x 0.00x 22.71x 17.06x 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 -2.83% Short-Term Rating -5.40% Credit Ratios - EBITDA/Interest Exp. 5.54 0.58% (EBITDA-Capex)/Interest Exp. -4.66 Net Debt/EBITDA 2.57 10.5% Total Debt/EBITDA 3.52 16.3% Reference -6.2% Total Debt/Equity 57.7% -4.9% Total Debt/Capital 36.6% Asset Turnover 0.58 1.11 Net Fixed Asset Turnover 1.19 0.74 Accounts receivable turnover-days 55.63 31.56% Inventory Days 43.53 57.68% Accounts Payable Turnover Day 31.31 6.58 Cash Conversion Cycle 67.85 8.41

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

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 |

27.02.2013

SK Hynix Inc Holdings By:

All

Holder Name SK TELECOM CO LTD NATIONAL PENSION SER VANGUARD GROUP INC KOREA FINANCE CORPOR BLACKROCK FMR LLC SAMSUNG INVESTMENT T UBS HANA ASSET MANAG MIRAE ASSET GLOBAL I CAPITAL GROUP COMPAN MAPS INVESTMENT MANA ALLIANZ GLOBAL INVES KYOBO AXA INVESTMENT KOREA INVESTMENT TRU PUTNAM INVESTMENT MA KB ASSET MANAGEMENT ALLIANCE BERNSTEIN NH-CA ASSET MANAGEME SHINHAN BNP PARIBAS CAPITAL INTERNATIONA

Firm Name

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

Analyst

Sanford C. Bernstein & Co MARK C NEWMAN KTB Securities JIN SUNG-HAE Nomura CHANG-WON CHUNG Daishin Securities Co., Ltd. KANG JEONG-WON JEFF Hanwha Securities Co., Ltd AHN SEONG-HO Mirae Asset Securities DOH HYUN-WOO LIG Investment Securities CHOI DO-YEON Samsung Securities MINSEONG HWANG IBK Securities Co Ltd SEUNG-WOO LEE Taurus Investment Securities Co Ltd KIM HYUNG-SIK HSBC RICKY JUIL SEO Daewoo Securities JAMES SONG KIWOOM Securities Co Ltd KIM SUNG-IN Shinhan Investment Corp KIM YOUNG-CHAN Shinyoung Securities Co., Ltd. LIM DORI Tong Yang Investment Bank HYUN PARK Leading Investment & Securities SANG-WOO OH Woori Investment & Securities YOUNG PARK Dongbu Securities Co Ltd SHIN HYUNJOON Korea Investment & Securities SEO WON-SEOK Eugene Investment & Securities Co., LtdLEE JEONG HMC Investment Securities Co Ltd GREG GEUN-CHANG ROH JPMorgan JJ Park Mizuho Securities CHARLES PARK KB Investment & Securities Co., Ltd BYUN HAN-JOON Hana Daetoo Securities DAE-JONG NAM E*Trade Securities Korea JI-WOONG KIM Barclays BAE SEUNG-CHUL Morgan Stanley LEE KA KEUN Goldman Sachs MARCUS SHIN Credit Suisse KEON HAN Macquarie DANIEL KIM Daiwa Securities Co. Ltd. JAE H LEE HI Investment Securities SONG MYUNG-SUP Kyobo Securities KOO JA-WOO EVA Dimensions ANDREW S ZAMFOTIS BNP Paribas Equity Research PETER YU SK Securities Co Ltd SUNG-JAE DAVID CHOI Standard Chartered SEAN KIM Deutsche Bank SEUNGHOON HAN Meritz Securities Co., Ltd SEI CHEOL LEE NH Investment & Securities LEE SUN-TAE Frontier Investment & Capital Advisors OM PRAKASH SINGH

Source EXCH EXCH MF-AGG 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 ULT-AGG MF-AGG MF-AGG MF-AGG

Recommendation market perform buy neutral buy buy buy buy buy buy buy overweight buy buy buy buy buy buy buy buy buy buy buy neutral buy buy buy strong buy overweight Overwt/Attractive neutral/attractive outperform neutral buy buy buy sell buy buy outperform buy buy buy buy

Amt Held 146'100'000 63'194'657 26'381'565 24'772'435 13'459'540 6'253'349 5'735'122 4'285'017 3'762'370 3'742'730 2'859'382 1'974'605 1'783'030 1'745'445 1'366'180 1'333'172 1'209'020 1'179'417 1'165'494 1'138'930

% Out 21.05 9.1 3.8 3.57 1.94 0.9 0.83 0.62 0.54 0.54 0.41 0.28 0.26 0.25 0.2 0.19 0.17 0.17 0.17 0.16

Weighting

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

Latest Chg 7'134'465 (356'060) (7'640'500) (6'570) 1'561'451 (10'377) 388'433 (3'300'607) (3'382'260) 814'930 (162'400) (1'853'555) 190'580 (887'294) (57'370) 15'275 (903'303) 99'720

Target Price 27'000 30'000 25'000 28'000 33'000 34'000 33'000 35'000 33'000 33'000 33'000 33'000 39'000 32'000 31'000 31'000 33'000 32'000 32'000 32'000 32'000 30'000 22'000 32'000 35'000 31'000 40'000 28'000 34'000 23'000 32'000 26'000 32'000 32'000 31'000 #N/A N/A 32'000 34'000 34'000 34'000 33'000 35'000 31'729

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

File Dt 22.06.2012 02.11.2012 31.12.2012 14.02.2012 25.02.2013 31.12.2012 28.09.2012 28.09.2012 28.09.2012 30.09.2012 28.09.2012 28.09.2012 28.09.2012 28.09.2012 31.12.2012 28.09.2012 31.12.2012 28.09.2012 28.09.2012 30.09.2012

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

Inst Type Corporation Investment Advisor Investment Advisor Government Investment Advisor Investment Advisor Investment Advisor Mutual Fund Manager Investment Advisor Investment Advisor Mutual Fund Manager Mutual Fund Manager Mutual Fund Manager Investment Advisor Investment Advisor Mutual Fund Manager Investment Advisor Mutual Fund Manager Investment Advisor Mutual Fund Manager

Date 26.02.2013 26.02.2013 26.02.2013 25.02.2013 25.02.2013 25.02.2013 25.02.2013 22.02.2013 22.02.2013 21.02.2013 20.02.2013 18.02.2013 18.02.2013 15.02.2013 12.02.2013 12.02.2013 12.02.2013 07.02.2013 05.02.2013 31.01.2013 31.01.2013 31.01.2013 31.01.2013 31.01.2013 31.01.2013 31.01.2013 31.01.2013 31.01.2013 30.01.2013 30.01.2013 30.01.2013 30.01.2013 30.01.2013 30.01.2013 28.01.2013 17.01.2013 14.01.2013 03.01.2013 29.10.2012 30.07.2012 27.07.2012 21.06.2012 11.07.2011

27.02.2013

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

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (22.03.2012) 52-Week Low (25.07.2012) Daily Volume Current Price (2/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 31.12.2012 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 12/yy 44'500.00 32'500.00 1'059'881.00 38850 -12.70% 19.54% 52.08% 386.4 15'009'763.00 179'988.00 0.0 14'910'796.27

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

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

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

31.12.2012 646'235.5 -19'210.00 -241.58% -0.34% -0.36% -0.35% 0.00% -71.2% -235.9% 0.97% 1.02% -

Price/ Cash Flow

LTM

12/yy 12/yy 26'999.0 692'650.0 2183.95x 22.00x (19'210.0) 660'843.0 0.00x 0.00x (63'678.0) 646'235.0 0.00x 0.00x

20.0 M 15.0 M 10.0 M 5.0 M

j-12

a-12

s-12

o-12

n-12 d-12

.0 M f-13

j-13

1.85 1.21 351.07 -3.50% 2.51% 1.213 44 4.591 1'624'484 1'977'009 1'605'023

FY+1

FY+2

FQ+1

FQ+2

12/13 Y

12/14 Y

03/13 Q1

06/13 Q2

S&P Issuer Ratings

-9.37 1.0% 1.0% 0.00 28.91 -

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

25.0 M

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

50000 45000 40000 35000 30000 25000 20000 15000 10000 5000 0 f-12 m-12 a-12 m-12

0.0 02.07.2010

02.01.2011

02.07.2011

02.01.2012

02.07.2012

02.01.2013

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 |

27.02.2013

KB Financial Group Inc Holdings By:

All

Holder Name CITIBANK NA NATIONAL PENSION SER FRANKLIN RESOURCES BLACKROCK VANGUARD GROUP INC LAZARD ASSET MANAGEM SAMSUNG INVESTMENT T DIMENSIONAL FUND ADV EMPLOYEE STOCK OWNER FMR LLC KOREA INVESTMENT TRU JF ASSET MANAGEMENT KB ASSET MANAGEMENT CAPITAL GROUP COMPAN KYOBO AXA INVESTMENT MIRAE ASSET GLOBAL I BANK OF NEW YORK MEL ALLIANCE BERNSTEIN ROBECO INVESTOR SERV SWEDBANK ROBUR FONDE

Firm Name

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

Analyst

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

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

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

Amt Held 33'653'277 31'817'770 28'260'026 9'294'316 8'612'133 8'449'020 3'955'573 3'780'711 3'404'834 3'086'115 2'738'559 2'323'200 2'253'679 1'870'000 1'209'031 1'154'167 1'111'300 1'100'295 1'018'262 877'394

% Out 8.71 8.24 7.31 2.41 2.23 2.19 1.02 0.98 0.88 0.8 0.71 0.6 0.58 0.48 0.31 0.3 0.29 0.28 0.26 0.23

Weighting

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

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 M M M M M N M M M M M

Latest Chg 3'922'890 (81'170) (2'750) (293'682) 20'600 (340'194) 917'902 369'849 315'047 315'064 26'883 (892'451) 3'090 (108'123) 906 408'498

Target Price 57'000 45'000 48'000 47'000 48'000 47'000 39'400 49'000 48'000 46'000 49'000 53'000 #N/A N/A 44'200 46'000 50'000 48'000 50'700 43'000 47'000 48'000 44'000 47'000 49'000 51'000 #N/A N/A 50'000 47'000 40'000 41'000 44'500 39'000 50'000 39'000 52'000 55'000 52'000 55'000 50'000 57'500

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

File Dt Inst Type 31.12.2011 Bank 01.08.2012 Investment Advisor 15.01.2013 Investment Advisor 25.02.2013 Investment Advisor 31.12.2012 Investment Advisor 31.01.2013 Unclassified 28.09.2012 Investment Advisor 31.07.2012 Investment Advisor 31.12.2011 n/a 31.12.2012 Investment Advisor 28.09.2012 Investment Advisor 30.09.2011 Mutual Fund Manager 28.09.2012 Mutual Fund Manager 31.12.2012 Investment Advisor 28.09.2012 Mutual Fund Manager 28.09.2012 Investment Advisor 25.02.2013 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor

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

Date 27.02.2013 25.02.2013 22.02.2013 21.02.2013 18.02.2013 18.02.2013 18.02.2013 15.02.2013 15.02.2013 15.02.2013 12.02.2013 08.02.2013 08.02.2013 08.02.2013 08.02.2013 08.02.2013 08.02.2013 08.02.2013 07.02.2013 07.02.2013 23.01.2013 22.01.2013 21.01.2013 16.01.2013 16.01.2013 15.01.2013 14.01.2013 11.01.2013 10.01.2013 08.01.2013 24.12.2012 21.12.2012 06.12.2012 18.11.2012 29.10.2012 29.10.2012 29.10.2012 29.10.2012 26.10.2012 02.04.2012

27.02.2013

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 450000

3.5 M

400000

3.0 M

350000

2.5 M

300000

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (02.03.2012) 52-Week Low (04.06.2012) Daily Volume Current Price (2/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 31.12.2012 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 12/yy 408'000.00 261'500.00 331'663.00 294500 -27.82% 12.62% 25.60% 66.3 19'516'838.00 1'483'109.00 38'144.0 0.0 1'117'301.00 20'064'692.95

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

2.0 M

200000

1.5 M

150000

1.0 M

100000

.5 M

50000 0 f-12 m-12 a-12 m-12

j-12

a-12

s-12

o-12

n-12 d-12

j-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

250000

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 12/yy 12/yy 20'442'789.6 ######### ######### 5.39x 3.30x - ######### ######### 6.89x 0.00x 1'440'317.0 ######### ######### 11.51x 0.00x 3'095'214.00 1'726'959.36 8.45% 13.07% 10.71% 16.14% 13.63% 1.45% 18.3% 12.2% 8.4% 7.0% 1.58 0.99 11.05% 16.36% 6.94 8.52

Price/ Cash Flow

1.35 39.16 -23.37% -10.76% 1.345 41 4.854 205'832 191'765 211'065

FY+1

FY+2

FQ+1

FQ+2

12/13 Y

12/14 Y

03/13 Q1

06/13 Q2

11.04x 10.52x S&P Issuer Ratings

.0 M f-13

24.11.2010 ASTABLE 71.00 27.93 0.20 0.80 16.4% 14.0% 1.45 3.22 52.72 42.94 25.99 62.68

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

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 |

27.02.2013

LG Chem Ltd Holdings By:

All

Holder Name LG CORP NATIONAL PENSION SER VANGUARD GROUP INC BLACKROCK FMR LLC SAMSUNG INVESTMENT T MAPS INVESTMENT MANA MIRAE ASSET GLOBAL I CAPITAL GROUP COMPAN SCHRODER INVESTMENT LG CHEM LTD KB ASSET MANAGEMENT UBS HANA ASSET MANAG JP MORGAN KOREA INVESTMENT TRU IVY MANAGEMENT INCOR ALLIANZ ASSET MANAGE ALLIANZ GLOBAL INVES PCA INVESTMENT TRUST SHINHAN BNP PARIBAS

Firm Name

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

Analyst

NH Investment & Securities CHOI JI-HWAN Tong Yang Investment Bank HWANG KYU-WON KB Investment & Securities Co., Ltd PARK JAE-CHUL Hyundai Securities BAEK YOUNG-CHAN HSBC BRIAN SOHN KTB Securities YOO YOUNG KOOK Woori Investment & Securities KIM SUN-WOO Credit Suisse CHO A-HYUNG Hanwha Securities Co., Ltd LEE DA-SOL Standard Chartered DANIEL DO YEON LEE Daishin Securities Co., Ltd. AHN SANG-HEE Samsung Securities SEUNGWOO KIM Eugene Investment & Securities Co., LtdKWAK JIN-HEE JPMorgan SAMUEL SW LEE Macquarie BRANDON I LEE BNP Paribas Equity Research POR YONG LIANG HI Investment Securities LEE HEE-CHEOL KIWOOM Securities Co Ltd KYUNG-HYUK MIN Mirae Asset Securities YOUNG-BAE KWON Taurus Investment Securities Co Ltd JAESUNG YOON Deutsche Bank SHAWN PARK Morgan Stanley HARRISON H HWANG Shinyoung Securities Co., Ltd. OH JUNG-IL Nomura CINDY PARK Daewoo Securities PARK YEON-JU Korea Investment & Securities PARK KIYONG EVA Dimensions CRAIG STERLING IBK Securities Co Ltd CHOONG-JAE LEE SK Securities Co Ltd SOHN JI-WOO LIG Investment Securities PARK YOUNG-HOON E*Trade Securities Korea WON YONG-JIN Kyobo Securities YOUNG-JOO SON Shinhan Investment Corp YI EUNG-JU BS Securities Co Ltd SEUK-WON CHOI Bookook Securities Co Ltd CHOI SANG-DO Meritz Securities Co., Ltd HWANG YOU SIK YuHwa Securities Ltd PARK GUN-TAE

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

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

Amt Held 22'219'326 4'508'785 2'358'637 1'285'345 835'479 534'729 510'640 506'189 397'589 388'851 359'784 327'564 297'807 296'380 285'713 256'690 166'389 155'400 127'502 123'488

% Out 33.53 6.8 3.56 1.94 1.26 0.81 0.77 0.76 0.6 0.59 0.54 0.49 0.45 0.45 0.43 0.39 0.25 0.23 0.19 0.19

Weighting

Change 5 5 5 5 5 5 5 5 5 3 5 5 5 3 5 5 5 5 5 5 5 5 5 5 5 5 3 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 M M M M M M M M M M M M M M M M M M M M M

Latest Chg (30'333) (79'484) (41'862) (58'846) 52'175 39'873 295'800 18'628 (15'658) (48'003) 232'478 77'490 (100'000) (11'464) 144'720 15'592 (8'289)

Target Price 380'000 440'000 370'000 370'000 365'000 360'000 370'000 412'000 400'000 300'000 400'000 375'000 380'000 310'000 380'000 345'000 400'000 410'000 380'000 410'000 370'000 400'000 380'000 450'000 380'000 350'000 #N/A N/A 350'000 410'000 395'000 440'000 367'000 385'000 390'000 390'000 400'000 350'000

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

File Dt 31.12.2011 31.12.2011 31.12.2012 25.02.2013 31.12.2012 28.09.2012 28.09.2012 28.09.2012 31.12.2012 31.12.2012 21.05.2012 28.09.2012 28.09.2012 31.12.2012 28.09.2012 31.12.2012 31.12.2012 28.09.2012 28.09.2012 28.09.2012

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

Inst Type Holding Company Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Mutual Fund Manager Investment Advisor Investment Advisor Investment Advisor Corporation Mutual Fund Manager Mutual Fund Manager Unclassified Investment Advisor Investment Advisor Investment Advisor Mutual Fund Manager Mutual Fund Manager Investment Advisor

Date 26.02.2013 26.02.2013 26.02.2013 21.02.2013 19.02.2013 19.02.2013 18.02.2013 18.02.2013 13.02.2013 05.02.2013 30.01.2013 30.01.2013 30.01.2013 30.01.2013 30.01.2013 30.01.2013 30.01.2013 30.01.2013 30.01.2013 30.01.2013 29.01.2013 29.01.2013 29.01.2013 29.01.2013 25.01.2013 24.01.2013 17.01.2013 16.01.2013 07.01.2013 27.11.2012 13.11.2012 12.11.2012 23.10.2012 22.10.2012 20.07.2012 02.07.2012 02.07.2012

27.02.2013

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.

Price/Volume

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (27.02.2012) 52-Week Low (04.06.2012) Daily Volume Current Price (2/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 31.12.2012 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

12/2012 12/yy 190'000.00 124'000.00 216'162.00 175500 -7.63% 41.53% 80.30% 92.5 16'227'706.00 1'407'800.78 0.0 1'516'926.20 15'831'882.84

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

1.4 M 1.2 M 1.0 M .8 M .6 M .4 M .2 M j-12

j-12

a-12

s-12

o-12

n-12 d-12

j-13

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 f-12 m-12 a-12 m-12

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

FY+1

.0 M f-13

1.60 1.30 52.56 -3.12% 0.86% 1.295 38 4.474 260'812 310'616 318'101 FY+2

FQ+1

FQ+2

31.12.2012 12/yy 12/yy 12/13 Y 12/14 Y 03/13 Q1 06/13 Q2 2'349'804.7 ######### ######### ######### - 346'300.0 365'000.0 43.99x 18.33x - 617'521.0 ######### 20.97x 0.00x 950'870.8 ######### 950'870.5 7.77x 0.00x 9.51x S&P Issuer Ratings 623'643.00 Long-Term Rating Date 12.03.2008 1'209'465.81 Long-Term Rating BBB 51.47% Long-Term Outlook STABLE 144.36% Short-Term Rating Date 8.02% Short-Term Rating 14.38% Credit Ratios 10.15% EBITDA/Interest Exp. 7.77 0.07% (EBITDA-Capex)/Interest Exp. 0.44 Net Debt/EBITDA -0.17 54.5% Total Debt/EBITDA 2.26 40.9% Reference 51.5% Total Debt/Equity 11.2% 40.5% Total Debt/Capital 10.1% Asset Turnover 0.07 4.48 Net Fixed Asset Turnover 0.26 3.84 Accounts receivable turnover-days 469.74 9.46% Inventory Days 1402.65 11.20% Accounts Payable Turnover Day -167.33 0.78 Cash Conversion Cycle 2039.72 0.26

Price/ Cash Flow

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

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 |

27.02.2013

SK Innovation Co Ltd Holdings By:

All

Holder Name SK HOLDINGS CO LTD FRANKLIN RESOURCES NATIONAL PENSION SER VANGUARD GROUP INC BLACKROCK JX HOLDINGS INC KOREA INVESTMENT TRU SAMSUNG INVESTMENT T TEMPLETON INVESTMENT DIMENSIONAL FUND ADV SCHRODER INVESTMENT UBS HANA ASSET MANAG KB ASSET MANAGEMENT MIRAE ASSET GLOBAL I MAPS INVESTMENT MANA INVESTEC ASSET MANAG SHINHAN BNP PARIBAS KYOBO AXA INVESTMENT FMR LLC JF ASSET MANAGEMENT

Firm Name

Portfolio Name 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 n/a Multiple Portfolios

Analyst

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

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

Recommendation buy buy buy buy buy buy buy buy buy buy buy buy outperform buy buy buy buy Equalwt/Cautious neutral buy buy in-line buy underweight neutral buy hold buy buy strong buy buy buy buy neutral buy

Amt Held 30'883'788 10'332'304 7'946'224 3'224'635 1'571'542 913'642 719'733 650'995 626'896 618'679 427'389 402'313 386'254 378'148 361'945 300'613 289'658 272'345 209'789 170'500

% Out 33.4 11.17 8.59 3.49 1.7 0.99 0.78 0.7 0.68 0.67 0.46 0.44 0.42 0.41 0.39 0.33 0.31 0.29 0.23 0.18

Weighting

Change 5 5 5 5 5 5 5 5 5 5 5 5 5 5 5 5 5 3 3 5 5 3 5 1 3 5 3 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 M M M M M M D D M M M M U M M M N M

Latest Chg (55'966) 930'221 (26'918) (247) 38'833 1'366 50'598 45'192 (65'191) 123'511 136'322 5'744 (4'103) 4'316 (424'485) 170'500

Target Price 203'000 220'000 210'000 230'000 220'000 260'000 220'000 210'000 210'000 230'000 220'000 210'000 206'000 220'000 200'000 220'000 200'000 159'000 150'000 200'000 225'000 170'000 210'000 150'000 150'000 185'000 #N/A N/A 200'000 200'000 216'000 220'000 200'000 218'000 140'000 240'000

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

File Dt 31.12.2011 30.09.2012 27.12.2012 31.12.2012 25.02.2013 31.03.2012 28.09.2012 28.09.2012 30.09.2012 31.07.2012 31.12.2012 28.09.2012 28.09.2012 28.09.2012 28.09.2012 31.12.2012 28.09.2012 28.09.2012 31.12.2012 30.09.2011

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

Inst Type Corporation Investment Advisor Investment Advisor Investment Advisor Investment Advisor Corporation Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Mutual Fund Manager Mutual Fund Manager Investment Advisor Mutual Fund Manager Investment Advisor Investment Advisor Mutual Fund Manager Investment Advisor Mutual Fund Manager

Date 26.02.2013 26.02.2013 26.02.2013 26.02.2013 26.02.2013 25.02.2013 25.02.2013 22.02.2013 21.02.2013 19.02.2013 18.02.2013 13.02.2013 07.02.2013 04.02.2013 04.02.2013 04.02.2013 04.02.2013 03.02.2013 03.02.2013 01.02.2013 01.02.2013 30.01.2013 29.01.2013 16.01.2013 16.01.2013 16.01.2013 15.01.2013 07.01.2013 05.12.2012 12.11.2012 17.10.2012 13.08.2012 19.07.2012 12.07.2012 14.11.2011

27.02.2013

NHN Corp NHN 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 350000

.8 M

300000

.7 M

250000

.6 M .5 M

200000

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (28.09.2012) 52-Week Low (26.03.2012) Daily Volume Current Price (2/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 31.12.2012 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 12/yy 292'500.00 210'000.00 88'984.00 264000 -9.74% 25.71% 66.06% 48.1 12'705'714.00 108'374.75 0.0 0.0 654'853.83 12'095'498.15

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

.2 M

50000

.1 M

0 f-12 m-12 a-12 m-12

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

LTM

31.12.2012 12/yy 12/yy 1'511'391.0 ######### ######### 24.05x 22.16x - 673'827.4 519'408.2 12.96x 0.00x 536'116.0 471'703.0 536'116.3 19.86x 0.00x 673'960.32 684'887.00 45.32% 43.62% 25.62% 32.29% 30.51% 0.78% 47.0% 45.3% 35.5% 4.19 3.86 5.46% 6.79% 8.51 -

Price/ Cash Flow

j-12

a-12

s-12

o-12

n-12

d-12

j-13

.0 M f-13

0.20 0.65 35.25 11.23% 16.30% 0.655 45 4.378 242'600 236'037 262'377

FY+1

FY+2

FQ+1

FQ+2

12/13 Y

12/14 Y

03/13 Q1

06/13 Q2

S&P Issuer Ratings

69.81 66.71 -0.81 0.16 6.8% 6.4% 0.78 5.59 42.88 -

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

.3 M

100000

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

.4 M

150000

0.0 02.07.2010

02.01.2011

02.07.2011

02.01.2012

02.07.2012

02.01.2013

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 |

27.02.2013

NHN Corp Holdings By:

All

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

Firm Name

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 Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios

Analyst

Shinyoung Securities Co., Ltd. CHOI YOON-MEE Samsung Securities JAY PARK Tong Yang Investment Bank LEE CHANG-YOUNG Woori Investment & Securities JOSEPH CHUNG Deutsche Bank HANJOON KIM CIMB HOWON RIM IBK Securities Co Ltd ANNE SEONAE LEE Korea Investment & Securities HONG JONG-GIL E*Trade Securities Korea SUNG JONG-HWA KTB Securities CHOI CHAN-SEOK SK Securities Co Ltd CHOI GWAN-SOON Nomura STANLEY YANG BNP Paribas Equity Research KYUN JANG Daewoo Securities CHANG KWEAN KIM HMC Investment Securities Co Ltd HAN-WOO PARK KB Investment & Securities Co., Ltd HOON CHOI KIWOOM Securities Co Ltd AHN JAE-MIN Mirae Asset Securities JEONG WOO-CHEOL Heungkuk Securities Co., Ltd. LEE SEUNG-HOON Barclays SEYON PARK LIG Investment Securities JEONG DAE-HO Morgan Stanley SAM MIN Credit Suisse JEFF KAHNG Daiwa Securities Co. Ltd. THOMAS Y KWON Kyobo Securities LEE DAE-WOO Hana Daetoo Securities HWANG SEUNG-TAEK NH Investment & Securities KIM JIN-GU Daishin Securities Co., Ltd. KANG LOK-HEE Eugene Investment & Securities Co., LtdKIM DENNY EVA Dimensions ANDREW S ZAMFOTIS Ji Asia JUSTIN WEISS Riedel Research Group Inc DAVID R RIEDEL Dongbu Securities Co Ltd DAE-UP PARK Shinhan Investment Corp KYUNG-JIN CHOI Goldman Sachs MICHAEL BANG Leading Investment & Securities JINA KIM Hyundai Securities KIM MIN Hanwha Securities Co., Ltd RAH TAEYEARL Taurus Investment Securities Co Ltd SOO-JI LEE YuHwa Securities Ltd SEUNG-JOON YOO JPMorgan CHANG SUNG-MIN

Source EXCH Co File ULT-AGG EXCH MF-AGG EXCH EXCH EXCH EXCH EXCH 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 hold neutral buy buy buy buy buy buy buy buy buy buy buy buy buy equalweight buy Equalwt/Attractive neutral outperform buy buy buy buy buy overweight sell sell buy buy Sell/Neutral buy buy buy buy buy neutral

Amt Held 4'450'330 4'158'189 3'110'544 3'015'188 2'473'177 2'462'007 2'329'072 2'235'283 1'942'585 1'800'000 1'309'056 1'146'932 817'681 814'369 743'709 656'354 480'000 467'252 398'786 396'327

% Out 9.25 8.64 6.46 6.26 5.14 5.12 4.84 4.64 4.04 3.74 2.72 2.38 1.7 1.69 1.55 1.36 1 0.97 0.83 0.82

Weighting

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

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

Latest Chg 489'480 828 (494'083) (8'167) (630'233) (513'485) 192'346 (4'644) 85'973 88'743 19'744 (135'572) (6'100) 51'193 145'253

Target Price 340'000 375'000 380'000 320'000 242'000 280'000 320'000 330'000 370'000 300'000 320'000 330'000 310'000 330'000 323'000 323'000 320'000 360'000 300'000 260'000 320'000 280'000 267'000 265'000 342'000 320'000 420'000 350'000 330'000 #N/A N/A 190'000 184'000 320'000 360'000 210'000 314'500 280'000 300'000 340'000 300'000 200'000

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

File Dt Inst Type 26.11.2012 Investment Advisor 31.12.2011 Corporation 31.01.2013 Unclassified 14.09.2012 Investment Advisor 31.12.2012 Investment Advisor 03.08.2012 Investment Advisor 07.12.2010 Government 18.07.2012 n/a 17.01.2011 n/a 18.07.2012 n/a 31.12.2012 Investment Advisor 25.02.2013 Investment Advisor 28.09.2012 Mutual Fund Manager 28.09.2012 Investment Advisor 26.02.2013 Investment Advisor 31.10.2012 Bank 30.06.2011 Investment Advisor 28.09.2012 Investment Advisor 28.09.2012 Investment Advisor 28.09.2012 Mutual Fund Manager

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

Date 26.02.2013 25.02.2013 25.02.2013 25.02.2013 22.02.2013 22.02.2013 22.02.2013 21.02.2013 21.02.2013 20.02.2013 18.02.2013 18.02.2013 14.02.2013 08.02.2013 08.02.2013 08.02.2013 08.02.2013 08.02.2013 08.02.2013 08.02.2013 08.02.2013 07.02.2013 07.02.2013 07.02.2013 07.02.2013 07.02.2013 30.01.2013 18.01.2013 18.01.2013 15.01.2013 10.01.2013 22.11.2012 13.11.2012 09.11.2012 08.11.2012 03.09.2012 10.08.2012 10.08.2012 10.08.2012 18.06.2012 10.05.2012

27.02.2013

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 400000 350000 300000 250000 200000

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (02.03.2012) 52-Week Low (23.11.2012) Daily Volume Current Price (2/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 31.12.2012 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 12/yy 346'500.00 193'500.00 195'343.00 213500 -38.38% 10.34% 14.38% 76.0 16'226'000.00 3'962'673.00 0.0 0.0 627'317.75 20'984'128.31

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

100000 50000 0 f-12 m-12 a-12 m-12

j-12

a-12

s-12

o-12

n-12 d-12

j-13

Market Data

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

150000

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

FY+1

1.87 1.35 40.00 -31.73% -11.78% 1.351 41 4.366 263'341 249'830 240'631 FY+2

FQ+1

FQ+2

31.12.2012 12/yy 12/yy 12/13 Y 12/14 Y 03/13 Q1 06/13 Q2 25'086'000.0 ######### ######### ######### ######### 4.12x 2.57x 0.74x 0.69x - ######### ######### ######### ######### 6.13x 0.00x 6.20x 5.85x - ######### ######### ######### ######### 8.09x 0.00x 9.83x 7.49x S&P Issuer Ratings 3'116'212.68 Long-Term Rating Date 2'612'841.90 Long-Term Rating 10.44% Long-Term Outlook 10.12% Short-Term Rating Date 6.65% Short-Term Rating 14.00% Credit Ratios 11.67% EBITDA/Interest Exp. 0.86% (EBITDA-Capex)/Interest Exp. Net Debt/EBITDA 15.4% Total Debt/EBITDA 12.5% Reference 10.4% Total Debt/Equity 7.8% Total Debt/Capital Asset Turnover 0.83 Net Fixed Asset Turnover 0.44 Accounts receivable turnover-days 13.24% Inventory Days 26.92% Accounts Payable Turnover Day 4.23 Cash Conversion Cycle 8.05

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 f-13

22.29 17.20 1.07 1.27 26.9% 21.2% 0.86 3.13 86.37 45.33 130.22 1.47

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

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 |

27.02.2013

Hyundai Heavy Industries Co Ltd Holdings By:

All

Holder Name HYUNDAI HEAVY INDUST MONG-JOON CHUNG HYUNDAI MIPO DOCKYAR NATIONAL PENSION SER MIRAE ASSET GLOBAL I KCC CORP VANGUARD GROUP INC EMPLOYEE STOCK OWNER BLACKROCK SAMSUNG INVESTMENT T KB ASSET MANAGEMENT JF ASSET MANAGEMENT KOREA INVESTMENT TRU UBS HANA ASSET MANAG KYOBO AXA INVESTMENT DIMENSIONAL FUND ADV FMR LLC SHINHAN BNP PARIBAS JP MORGAN NH-CA ASSET MANAGEME

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 n/a Multiple Portfolios n/a Multiple Portfolios

Analyst

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

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

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

Amt Held 14'711'560 7'717'769 6'063'000 3'860'321 3'247'376 2'369'393 2'190'652 1'258'281 1'072'419 464'763 236'770 233'835 199'423 184'548 168'541 155'401 135'668 135'447 126'524 114'020

% Out 19.36 10.15 7.98 5.08 4.27 3.12 2.88 1.66 1.41 0.61 0.31 0.31 0.26 0.24 0.22 0.2 0.18 0.18 0.17 0.15

Weighting

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

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

Latest Chg 618'458 (2'739'670) (7'482) (795) 50'648 76'958 74'033 (186'863) 26'395 (6'937) (388'248) 12'241 16'784 14'006

Target Price 250'000 290'000 260'000 250'000 216'000 260'000 264'000 265'000 440'000 210'000 260'000 250'000 250'000 270'000 240'000 280'000 260'000 396'000 270'000 281'000 200'000 290'000 265'000 250'000 240'000 #N/A N/A 317'000 220'000 310'000 #N/A N/A 390'000 251'000 300'000 290'000 300'000 330'000 290'000 400'000 209'500

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

File Dt 31.12.2011 24.02.2012 24.02.2012 09.08.2011 31.12.2011 13.01.2012 31.12.2012 31.12.2011 25.02.2013 28.09.2012 28.09.2012 30.09.2011 28.09.2012 28.09.2012 28.09.2012 31.07.2012 31.12.2012 28.09.2012 31.10.2012 28.09.2012

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

Inst Type Corporation n/a Corporation Investment Advisor Investment Advisor Corporation Investment Advisor n/a Investment Advisor Investment Advisor Mutual Fund Manager Mutual Fund Manager Investment Advisor Mutual Fund Manager Mutual Fund Manager Investment Advisor Investment Advisor Investment Advisor Unclassified Mutual Fund Manager

Date 25.02.2013 22.02.2013 21.02.2013 20.02.2013 18.02.2013 18.02.2013 14.02.2013 12.02.2013 12.02.2013 08.02.2013 08.02.2013 08.02.2013 08.02.2013 08.02.2013 08.02.2013 08.02.2013 08.02.2013 08.02.2013 08.02.2013 07.02.2013 07.02.2013 06.02.2013 31.01.2013 23.01.2013 22.01.2013 17.01.2013 13.01.2013 09.01.2013 22.12.2012 30.11.2012 27.11.2012 29.10.2012 26.10.2012 24.09.2012 17.09.2012 17.09.2012 14.08.2012 07.05.2012 29.11.2011

27.02.2013

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 (27.04.2012) Daily Volume Current Price (2/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 31.12.2012 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

12/2011 09/yy 35'400.00 21'200.00 1'679'364.00 32450 -8.33% 53.07% 68.31% 642.0 20'831'734.00 31'136'205.00 0.0 0.0 191'053.00 57'641'989.30

31.12.2007 28'983'884.9 1.35x 2'273'459.0 17.24x 1'556'815.1 15.83x

15.0 M

15000 10000

10.0 M

5000

5.0 M

0 f-12 m-12 a-12 m-12

31.12.2008 31.12.2009 31'522'382.5 33'685'713.5 1.18x 1.28x (1'704'903.9) 1'448'864.2 29.77x (2'952'468.4) (77'712.7) Profitability

LTM-4Q 31.12.2010 39'291'282.0 1.17x 623'137.0 74.05x (1'478'227.0) -

j-12

a-12

s-12

o-12

n-12 d-12

j-13

LTM

FY+1

.0 M f-13

0.00 0.63 70.00 28.01% 6.57% 0.631 30 4.667 1'529'741 1'958'804 1'955'028 FY+2

FQ+1

FQ+2

31.12.2011 09/yy 09/yy 12/12 Y 12/13 Y 12/12 Q4 03/13 Q1 43'214'858.0 ######### ######### ######### ######### - ######### 1.08x 4.34x 4.04x (1'033'075.0) 85'264.0 ######### ######### ######### 510.24x 0.00x 8.47x 5.92x (3'514'130.0) ######### ######### ######### ######### - 445'000.0 0.00x 0.00x 18.56x S&P Issuer Ratings -1'033'075.00 Long-Term Rating Date 17.09.2012 -3'575'662.00 Long-Term Rating A+ -8.27% Long-Term Outlook STABLE -8.00% Short-Term Rating Date 27.07.2005 -3.76% Short-Term Rating A-1 -7.59% Credit Ratios - EBITDA/Interest Exp. -0.73 0.46% (EBITDA-Capex)/Interest Exp. -4.07 Net Debt/EBITDA -5.5% Total Debt/EBITDA -30.14 -2.4% Reference -8.3% Total Debt/Equity 70.1% -8.1% Total Debt/Capital 41.2% Asset Turnover 0.46 0.53 Net Fixed Asset Turnover 0.81 0.50 Accounts receivable turnover-days 46.91 32.85% Inventory Days 0.52 70.06% Accounts Payable Turnover Day 28.52 7.78 Cash Conversion Cycle 18.91 697.62

Price/ Cash Flow

Sales/Revenue/Turnover

180.00

50'000'000.0

160.00

45'000'000.0

140.00

40'000'000.0 35'000'000.0

120.00

30'000'000.0

100.00 80.00

25'000'000.0 20'000'000.0

60.00

15'000'000.0

40.00

10'000'000.0

20.00

5'000'000.0

0.00 03.01.2009

j-12

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

20.0 M

20000

Valuation Analysis

0.0 03.07.2009

03.01.2010

03.07.2010

03.01.2011

03.07.2011

03.01.2012

03.07.2012

03.01.2013

2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011

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

27.02.2013

Korea Electric Power Corp Holdings By:

All

Holder Name REPUBLIC OF KOREA KOREA FINANCE CORPOR JP MORGAN NATIONAL PENSION SER KOREA ELECTRIC POWER K R&C MAPS INVESTMENT MANA BLACKROCK MIRAE ASSET GLOBAL I VANGUARD GROUP INC KOREA INVESTMENT TRU SAMSUNG INVESTMENT T RUFFER LLP FMR LLC SHINYOUNG INVESTMENT BANK OF NEW YORK MEL KYOBO AXA INVESTMENT TRUSTON ASSET MANAGE JF ASSET MANAGEMENT ING INVESTMENT 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 Multiple Portfolios n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios

Analyst

KIWOOM Securities Co Ltd KIM SANG-KU Daishin Securities Co., Ltd. YANG JI-HWAN Samsung Securities SUJIN BUM KTB Securities SHIN JI-YOON Woori Investment & Securities LEE CHANG-MOK Eugene Investment & Securities Co., LtdJOO ICK-CHAN Hyundai Securities KIM DAE-SUNG Korea Investment & Securities YUN HEE-DO Dongbu Securities Co Ltd YOO DEOK-SANG Shinhan Investment Corp SHIN MIN-SEOK EVA Dimensions AUSTIN BURKETT Nomura KEITH NAM Shinyoung Securities Co., Ltd. CHANG-SUK HWANG Deutsche Bank HAN SANG-HI Meritz Securities Co., Ltd KIM SEUNG CHURL Mirae Asset Securities LEE HAK-MOO LIG Investment Securities JOO HAE-MEE Morgan Stanley HARRISON H HWANG Credit Suisse CHO A-HYUNG Daiwa Securities Co. Ltd. MIKE OH KB Investment & Securities Co., Ltd CHOI WON-YEOL Macquarie EUGENE JUNG JPMorgan CHANG SUNG-MIN IBK Securities Co Ltd JEONG MIN LEE Goldman Sachs SEUNG SHIN YuHwa Securities Ltd PARK GUN-TAE Daewoo Securities HAN SEUNG-KUK

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

Recommendation buy buy buy buy buy buy buy buy buy buy underweight buy buy buy buy buy buy Equalwt/In-Line outperform outperform buy neutral overweight buy neutral/cautious buy trading buy

Amt Held 328'077'058 192'159'940 57'432'471 24'087'867 18'929'995 8'710'933 5'967'248 5'630'516 5'512'786 4'819'975 3'021'720 2'725'618 1'723'000 1'714'076 1'608'480 1'145'800 916'784 644'390 594'500 574'136

% Out 51.11 29.93 8.95 3.75 2.95 1.36 0.93 0.88 0.86 0.75 0.47 0.42 0.27 0.27 0.25 0.18 0.14 0.1 0.09 0.09

Weighting

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

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

Latest Chg (23'500'000) 884'877 (7'540) 629'060 38'020 8'160 726'140 140'415 (244'743) (157'990) (346'090) (1'278'970) (98)

Target Price 42'000 43'000 41'000 38'000 43'000 35'000 43'000 38'000 44'000 45'000 #N/A N/A 50'000 41'000 41'300 41'500 36'000 36'000 28'600 40'000 38'000 40'000 24'000 33'000 36'000 23'000 32'500 34'000

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

File Dt 15.10.2012 30.06.2012 30.06.2012 30.06.2012 30.06.2012 08.01.2013 28.09.2012 25.02.2013 28.09.2012 31.12.2012 28.09.2012 28.09.2012 28.09.2012 31.12.2012 28.09.2012 31.12.2012 28.09.2012 28.09.2012 30.09.2011 31.12.2012

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

Inst Type Government Government Unclassified n/a Government n/a Mutual Fund Manager Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Hedge Fund Manager Investment Advisor Mutual Fund Manager Investment Advisor Mutual Fund Manager Mutual Fund Manager Mutual Fund Manager Investment Advisor

Date 27.02.2013 25.02.2013 21.02.2013 20.02.2013 18.02.2013 14.02.2013 04.02.2013 31.01.2013 29.01.2013 25.01.2013 25.01.2013 23.01.2013 16.01.2013 15.01.2013 10.01.2013 10.01.2013 10.01.2013 09.01.2013 09.01.2013 09.01.2013 03.01.2013 15.11.2012 14.11.2012 28.09.2012 23.08.2012 13.08.2012 05.07.2011

27.02.2013

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

1.6 M 1.4 M

100000

1.2 M 80000

Latest Fiscal Year: LTM as of: 52-Week High (28.01.2013) 52-Week Low (07.03.2012) Daily Volume Current Price (2/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 31.12.2012 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

03/2012 09/yy 110'000.00 87'700.00 166'858.00 102500 -6.82% 16.88% 68.61% 200.0 20'500'000.00 0.00 0.0 0.0 1'591'388.00 17'887'984.00

31.03.2008 23'466'049.0 714'579.0 -

.8 M .6 M

40000

.4 M 20000

.2 M

0 f-12 m-12 a-12 m-12

j-12

a-12

s-12

o-12

n-12 d-12

j-13

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

1.0 M

60000

Valuation Analysis

31.03.2009 31.03.2010 22'035'766.0 24'084'887.0 113'027.0 906'095.0 Profitability

LTM-4Q 31.03.2011 22'617'001.0 0.87x 2'257'598.0 9.12x

LTM

FY+1

1.95 0.71 85.80 18.03% 8.70% 0.710 30 4.600 204'129 263'875 199'338 FY+2

FQ+1

FQ+2

31.03.2012 09/yy 09/yy 03/13 Y 03/14 Y 03/13 Q4 06/13 Q1 21'123'995.0 ######### ######### ######### ######### ######### ######### 0.86x 3.43x 2.69x 0.0 0.0 0.00x 0.00x 932'781.0 ######### 987'978.0 997'881.0 ######### 299'212.5 305'667.3 21.05x 9.69x 19.11x 20.31x 17.98x 17.73x 18.05x S&P Issuer Ratings - Long-Term Rating Date - Long-Term Rating 2.66% Long-Term Outlook 5.61% Short-Term Rating Date 0.61% Short-Term Rating 5.63% Credit Ratios 5.80% EBITDA/Interest Exp. 0.14% (EBITDA-Capex)/Interest Exp. Net Debt/EBITDA - Total Debt/EBITDA - Reference - Total Debt/Equity 4.4% 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 M f-13

0.0% 0.0% 0.14 -

Sales/Revenue/Turnover

3.50

30'000'000.0

3.00

25'000'000.0

2.50

20'000'000.0

2.00

15'000'000.0 1.50

10'000'000.0 1.00

5'000'000.0

0.50 0.00 04.04.2009

0.0 04.10.2009

04.04.2010

04.10.2010

04.04.2011

04.10.2011

04.04.2012

04.10.2012

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 |

27.02.2013

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 VANGUARD GROUP INC SAMSUNG LIFE INSURAN KOREA INVESTMENT TRU SAMSUNG INVESTMENT T BLACKROCK MONTGOMERY ASSET MAN MACQUARIE GROUP LTD COMGEST GROWTH PLC KYOBO AXA INVESTMENT DIMENSIONAL FUND ADV INVESCO ASSET MANAGE SCHRODER INVESTMENT INVESCO LTD MIRAE ASSET GLOBAL I UBS HANA ASSET MANAG

Firm Name

Portfolio Name 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 Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios

Analyst

HSBC JAMES GARNER Samsung Securities SEAN CHANG Woori Investment & Securities STEPHANIE HAN EVA Dimensions AUSTIN BURKETT Kyobo Securities KIM JI-YOUNG Daewoo Securities JEONG GIL-WON Daishin Securities Co., Ltd. KANG SEUNG-GUN Korea Investment & Securities LEE CHUL-HO Eugene Investment & Securities Co., LtdSEO BO-ICK Shinhan Investment Corp SONG IN-CHAN Hanwha Securities Co., Ltd YOON TAE-HO KB Investment & Securities Co., Ltd YOO SEUNG-CHANG Hana Daetoo Securities SHIN SEUNG-HYUN E*Trade Securities Korea LEE CHI-YOUNG Standard Chartered JUSTIN KIM Morgan Stanley SARA LEE Goldman Sachs STAN LEE JPMorgan MW KIM Nomura MICHAEL NA BNP Paribas Equity Research MICHELLE CHO Macquarie CJ YUN KTB Securities OH JIN-WON SK Securities Co Ltd BAE JUNG-HYUN Dongbu Securities Co Ltd LEE BYUNG-GUN Hyundai Securities RHEE TAE-KYUNG Deutsche Bank JEE HOON PARK Shinyoung Securities Co., Ltd. PARK EUN-JOON

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

Recommendation overweight buy buy hold buy buy market perform buy hold buy buy hold buy market perform outperform Overwt/Attractive Buy/Neutral overweight buy buy outperform buy buy buy buy not rated buy

Amt Held 41'519'180 38'688'000 14'762'667 10'985'850 7'984'912 3'179'564 3'000'000 2'958'779 1'856'723 1'414'738 385'137 329'805 325'000 313'767 295'366 250'000 182'630 178'485 168'850 140'905

% Out 20.76 19.34 7.38 5.49 3.99 1.59 1.5 1.48 0.93 0.71 0.19 0.16 0.16 0.16 0.15 0.12 0.09 0.09 0.08 0.07

Weighting

Change

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

Latest Chg (9'508) (112'906) 140'328 (2'822) 20'000 (600) 5'074 250'000 14'790 157'240 34'126 (69'800)

Target Price 136'000 140'000 132'000 #N/A N/A 125'000 125'000 120'000 116'000 110'000 132'000 121'000 110'000 124'700 120'000 153'000 135'000 129'000 145'000 128'000 128'000 120'000 115'000 110'000 117'500 125'000 #N/A N/A 110'000

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

File Dt Inst Type 13.06.2012 n/a 13.06.2012 Corporation 31.03.2012 Corporation 06.09.2011 Corporation 31.03.2012 n/a 31.12.2012 Investment Advisor 31.03.2012 Insurance Company 28.09.2012 Investment Advisor 28.09.2012 Investment Advisor 25.02.2013 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 30.06.2011 Investment Advisor 28.09.2012 Mutual Fund Manager 31.07.2012 Investment Advisor 31.05.2012 Mutual Fund Manager 30.06.2012 Investment Advisor 26.02.2013 Investment Advisor 28.09.2012 Investment Advisor 28.09.2012 Mutual Fund Manager

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

Date 24.02.2013 22.02.2013 18.02.2013 18.02.2013 15.02.2013 08.02.2013 08.02.2013 08.02.2013 08.02.2013 08.02.2013 08.02.2013 08.02.2013 08.02.2013 08.02.2013 07.02.2013 07.02.2013 07.02.2013 07.02.2013 07.02.2013 25.01.2013 11.01.2013 04.01.2013 06.12.2012 25.10.2012 04.10.2012 05.09.2012 23.04.2012

27.02.2013

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

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (07.02.2013) 52-Week Low (24.05.2012) Daily Volume Current Price (2/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 31.12.2012 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 12/yy 183'500.00 120'000.00 194'553.00 176000 -4.09% 46.67% 85.83% 80.7 14'211'245.00 19'675'928.40

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

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

3.0 M 2.5 M 2.0 M 1.5 M 1.0 M .5 M j-12

j-12

a-12

s-12

o-12

n-12 d-12

j-13

LTM

FY+1

.0 M f-13

0.45 23.23 34.22% 15.41% 0.446 38 4.474 195'212 270'268 226'957 FY+2

FQ+1

FQ+2

31.12.2012 12/yy 12/yy 12/13 Y 12/14 Y 03/13 Q1 06/13 Q2 12'332'719.4 ######### ######### ######### - ######### ######### 4.10x 3.59x - ######### ######### 2.52x 0.00x 1'242'767.5 ######### ######### ######### 5.90x 0.00x 8.74x 7.10x S&P Issuer Ratings - Long-Term Rating Date 14.02.2012 - Long-Term Rating A- Long-Term Outlook STABLE - 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 10.1% Total Debt/Capital Asset Turnover - Net Fixed Asset Turnover - Accounts receivable turnover-days - Inventory Days - Accounts Payable Turnover Day - Cash Conversion Cycle -

Price/ Cash Flow

Sales/Revenue/Turnover

4.50

14'000'000.0

4.00

12'000'000.0

3.50

10'000'000.0

3.00 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 02.01.2010

3.5 M

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

200000 180000 160000 140000 120000 100000 80000 60000 40000 20000 0 f-12 m-12 a-12 m-12

0.0 02.07.2010

02.01.2011

02.07.2011

02.01.2012

02.07.2012

02.01.2013

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 |

27.02.2013

SK Telecom Co Ltd Holdings By:

All

Holder Name CITIBANK ADR SK HOLDINGS CO LTD SK TELECOM CO LTD NATIONAL PENSION SER TRADEWINDS GLOBAL IN SAMSUNG INVESTMENT T KB ASSET MANAGEMENT EMPLOYEE STOCK OWNER KOREA INVESTMENT TRU VANGUARD GROUP INC PICTET & CIE BLACKROCK BANK OF NEW YORK MEL ROBECO INVESTOR SERV ALLIANZ GLOBAL INVES KYOBO AXA INVESTMENT MIRAE ASSET GLOBAL I CAPITAL GROUP COMPAN WELLS FARGO T ROWE PRICE ASSOCIA

Firm Name

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 Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios n/a n/a Multiple Portfolios

Analyst

NH Investment & Securities KIM VALENTINE HONG-SIK Dongbu Securities Co Ltd HYUNG-WOON WON Shinhan Investment Corp SUNG JUNWON Daiwa Securities Co. Ltd. THOMAS Y KWON CIMB SAMUEL MARTENS Deutsche Bank JOHN KIM Korea Investment & Securities YANG JONG-IN Hyundai Securities MISONG KIM Daishin Securities Co., Ltd. KIM HUE-JAE Eugene Investment & Securities Co., LtdKIM DENNY HMC Investment Securities Co Ltd HWANG SUNG-JIN Shinyoung Securities Co., Ltd. CHOI YOON-MEE Tong Yang Investment Bank CHOI NAM-KON JPMorgan HELAINE KANG KTB Securities SONG JAE-KYOUNG Hanwha Securities Co., Ltd PARK JONG-SOO KIWOOM Securities Co Ltd AHN JAE-MIN Hana Daetoo Securities HWANG SEUNG-TAEK IBK Securities Co Ltd JANG-WON KIM Morgan Stanley SAM MIN Credit Suisse JEFF KAHNG HSBC NEALE ANDERSON Nomura STANLEY YANG New Street Research IAIN JOHNSTON Macquarie EUGENE JUNG SK Securities Co Ltd YI DONG-SUP BNP Paribas Equity Research KYUN JANG EVA Dimensions ANDREW S ZAMFOTIS Barclays SEYON PARK Leading Investment & Securities BO-KEUM SONG E*Trade Securities Korea HYO-JUN KIM Samsung Securities PARK SOPHIA Goldman Sachs SEUNG SHIN Kyobo Securities OH SEAN Woori Investment & Securities JOSEPH CHUNG

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

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

Amt Held 21'711'446 20'363'452 11'050'712 4'078'042 3'804'257 459'857 422'186 299'241 290'231 274'626 272'974 267'334 252'879 221'512 209'021 203'225 151'009 147'150 147'006 146'112

% Out 26.89 25.22 13.69 5.05 4.71 0.57 0.52 0.37 0.36 0.34 0.34 0.33 0.31 0.27 0.26 0.25 0.19 0.18 0.18 0.18

Weighting

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

M N 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 D M M M M N

Latest Chg 80'632 7'180 118'430 (167'314) 5'029 2 (19'710) (13) 104'505 2'577 (25'501) 245 (161'786)

Target Price 174'500 215'000 220'000 188'000 223'000 194'000 220'000 230'000 210'000 200'000 210'000 197'000 195'000 223'000 200'000 210'000 215'000 204'000 190'000 152'000 155'000 206'000 170'000 185'000 200'000 175'000 174'000 #N/A N/A 190'000 170'000 185'000 180'000 149'000 207'000 210'000

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

File Dt 31.12.2011 31.03.2012 01.02.2012 05.10.2011 31.03.2012 28.09.2012 28.09.2012 31.12.2011 28.09.2012 31.12.2012 30.11.2012 25.02.2013 25.02.2013 31.12.2012 28.09.2012 28.09.2012 28.09.2012 30.09.2012 31.12.2012 31.12.2012

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

Inst Type n/a Corporation Corporation Investment Advisor Investment Advisor Investment Advisor Mutual Fund Manager n/a Investment Advisor Investment Advisor Mutual Fund Manager Investment Advisor Investment Advisor Investment Advisor Mutual Fund Manager Mutual Fund Manager Investment Advisor Investment Advisor Unclassified Investment Advisor

Date 27.02.2013 27.02.2013 27.02.2013 25.02.2013 20.02.2013 19.02.2013 13.02.2013 07.02.2013 06.02.2013 06.02.2013 06.02.2013 06.02.2013 06.02.2013 06.02.2013 06.02.2013 06.02.2013 06.02.2013 06.02.2013 06.02.2013 05.02.2013 05.02.2013 05.02.2013 05.02.2013 05.02.2013 24.01.2013 21.01.2013 17.01.2013 15.01.2013 08.01.2013 07.01.2013 27.11.2012 07.11.2012 02.05.2012 11.10.2011 14.09.2011

27.02.2013

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

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (03.04.2012) 52-Week Low (15.11.2012) Daily Volume Current Price (2/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 31.12.2012 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 09/yy 45'300.00 30'100.00 627'346.00 39850 -12.03% 32.39% 67.76% 243.0 9'685'533.00 3'394'075.00 0.0 0.0 13'039'457.06

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

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

j-12

a-12

s-12

o-12

n-12

d-12

j-13

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

50000 45000 40000 35000 30000 25000 20000 15000 10000 5000 0 f-12 m-12 a-12 m-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

31.12.2012 381'205.00 83.69% 43.65% 1.20% 1.39% 1.21% 0.03% 90.5% 43.8% 20.44% 26.17% -

Price/ Cash Flow

LTM

09/yy 09/yy ######### 69'296.0 16.82x 702.39x ######### 15'297.0 0.00x 755.77x ######### (143'580.0) 3.54x 0.00x

1.51 1.37 216.18 -1.05% 14.84% 1.371 43 4.674 869'269 1'000'459 1'076'250

FY+1

FY+2

FQ+1

FQ+2

12/13 Y

12/14 Y

03/13 Q1

06/13 Q2

S&P Issuer Ratings

.0 M f-13

8.90 8.90 26.2% 20.7% 0.03 154.65 -

Sales/Revenue/Turnover

30.00

2'500'000.0

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 03.01.2009

0.0 03.07.2009

03.01.2010

03.07.2010

03.01.2011

03.07.2011

03.01.2012

03.07.2012

03.01.2013

2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011

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

27.02.2013

Hana Financial Group Inc Holdings By:

All

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

Firm Name

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

Analyst

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

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

Recommendation buy buy outperform buy buy outperform overweight buy buy buy market perform buy buy buy overweight buy buy buy buy neutral buy buy buy market perform buy Overwt/In-Line buy buy buy outperform outperform buy buy buy buy market perform buy buy Buy/Neutral buy

Amt Held 22'732'503 21'794'850 12'550'811 10'844'689 9'774'707 7'229'434 4'413'813 3'916'977 2'872'418 2'691'769 2'077'851 2'020'000 1'990'808 1'819'216 1'735'692 1'706'531 1'697'504 1'556'991 1'284'490 1'132'749

% Out 9.35 8.97 5.16 4.46 4.02 2.97 1.82 1.61 1.18 1.11 0.85 0.83 0.82 0.75 0.71 0.7 0.7 0.64 0.53 0.47

Weighting

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

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

Latest Chg (313'700) (46'010) (7'500'000) (2'663'766) (5'793'825) (330) 751'533 (1'637'590) (1'206'596) 552'715 (30'084) 301'322 15'380 (165'076) -

Target Price 50'000 52'000 54'000 52'300 48'000 48'000 48'000 52'000 45'700 52'000 #N/A N/A 52'900 46'000 57'000 48'000 51'600 51'000 47'000 53'000 40'000 55'000 55'000 50'000 41'000 49'600 48'000 48'000 50'000 49'000 50'000 47'000 #N/A N/A 48'000 55'000 50'000 36'500 44'000 56'000 48'000 48'000

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

File Dt Inst Type 31.12.2011 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 21.04.2011 n/a 12.12.2011 Investment Advisor 31.08.2011 Other 25.02.2013 Investment Advisor 31.07.2012 Investment Advisor 31.12.2012 Investment Advisor 28.09.2012 Investment Advisor 28.09.2012 Investment Advisor 31.12.2011 Corporation 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 28.09.2012 Mutual Fund Manager 31.01.2013 Investment Advisor 31.12.2011 n/a 28.09.2012 Mutual Fund Manager 14.09.2012 Investment Advisor 31.05.2012 Investment Advisor

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

Date 27.02.2013 26.02.2013 25.02.2013 22.02.2013 22.02.2013 21.02.2013 21.02.2013 18.02.2013 18.02.2013 17.02.2013 08.02.2013 08.02.2013 08.02.2013 08.02.2013 08.02.2013 08.02.2013 08.02.2013 08.02.2013 08.02.2013 07.02.2013 07.02.2013 29.01.2013 29.01.2013 29.01.2013 29.01.2013 28.01.2013 28.01.2013 28.01.2013 24.01.2013 23.01.2013 21.01.2013 17.01.2013 08.01.2013 08.01.2013 03.01.2013 21.11.2012 22.10.2012 22.10.2012 19.10.2012 02.12.2011

27.02.2013

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 90000

2.5 M

80000 2.0 M

70000 60000

1.5 M

50000 40000

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (28.03.2012) 52-Week Low (16.11.2012) Daily Volume Current Price (2/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 31.12.2012 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 12/yy 82'700.00 54'900.00 232'692.00 65100 -21.28% 18.58% 37.41% 156.2 10'169'776.00 3'675'142.00 23'243.3 0.0 888'142.76 12'980'018.94

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

20000

.5 M

10000 0 f-12 m-12 a-12 m-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

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

1.0 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

0.77 1.26 117.48 -11.91% 3.99% 1.258 35 4.714 424'081 586'196 565'694 FY+2

FQ+1

FQ+2

31.12.2012 12/yy 12/yy 12/13 Y 12/14 Y 03/13 Q1 06/13 Q2 17'241'095.0 ######### ######### ######### - ######### ######### 0.70x 3.21x 3.01x 477'662.6 365'017.5 477'662.6 25.17x 33.86x 25.17x 416'124.6 297'721.2 416'124.6 474'000.0 806'000.0 127'200.0 114'100.0 22.24x 33.85x 22.21x 12.99x 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 f-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

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 |

27.02.2013

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 VANGUARD GROUP INC KOREA INVESTMENT TRU BLACKROCK SAMSUNG INVESTMENT T KUN HEE LEE JP MORGAN DIMENSIONAL FUND ADV FMR LLC UBS HANA ASSET MANAG MAPS INVESTMENT MANA KB ASSET MANAGEMENT JF ASSET MANAGEMENT TRUSTON ASSET MANAGE KYOBO AXA INVESTMENT CHINA INTERNATIONAL

Firm Name Mirae Asset Securities E*Trade Securities Korea Shinyoung Securities Co., Ltd. KB Investment & Securities Co., Ltd Kyobo Securities Hana Daetoo Securities LIG Investment Securities EVA Dimensions Korea Investment & Securities KTB Securities Credit Suisse KIWOOM Securities Co Ltd Woori Investment & Securities Daishin Securities Co., Ltd. NH Investment & Securities Dongbu Securities Co Ltd Hyundai Securities Samsung Securities Shinhan Investment Corp Hanwha Securities Co., Ltd HI Investment Securities Nomura Morgan Stanley Goldman Sachs Standard Chartered Deutsche Bank Tong Yang Investment Bank HSBC Daewoo Securities SK Securities Co Ltd Taurus Investment Securities Co Ltd Daiwa Securities Co. Ltd.

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

Analyst BYUN SUNG-JIN SANG-YEON PARK JONG-HYO HAN HEU MOON-WOOK CHO JOO-HYUNG SEUNG-WOO SHIN CHAE SANG-WOOK CRAIG STERLING LEE KYUNG-JA SUN-MI KIM SINN MIN-SEOK WILLIAM PARK JOONG-SUN WAYNE WANG-SANG LEE CHO YOON-HO KANG SEUNG-MIN RYAN YOO DEOK-SANG EMILY KIM KS KANG LEE SUN-IL CHO DONG-PIL KIYOUNG ROH KEITH NAM JOON SEOK JINMOOK KIM JAMES KP HONG HAN SANG-HI SANG-HYUP CHONG BRIAN CHO SONG HEUNG-IK PARK HYUNG-RYUL PARK YONG-HEE MIKE OH

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

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

Amt Held 15'121'632 11'547'819 9'084'557 7'986'611 6'612'295 6'504'938 5'181'477 3'558'617 3'528'111 2'206'110 2'076'952 1'191'739 1'024'563 945'174 907'338 855'240 566'499 485'852 426'508 360'839

% Out 9.68 7.39 5.82 5.11 4.23 4.16 3.32 2.28 2.26 1.41 1.33 0.76 0.66 0.61 0.58 0.55 0.36 0.31 0.27 0.23

Weighting

Change

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

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 U M M M M

Latest Chg (5'200) (21'109) (6'821'478) (31'563) (352'776) 3'192 159'093 (372'015) 332'507 60'272 (827'531) (79'519) 106'405 230'813 17'761 83'711

Target Price 65'000 87'000 92'000 76'100 76'000 #N/A N/A 85'000 #N/A N/A 97'000 80'000 72'000 72'300 86'200 82'000 80'000 75'000 78'000 70'000 76'000 85'000 88'000 88'000 63'000 66'000 80'000 85'400 83'000 80'000 77'000 80'000 85'000 73'000

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

File Dt 31.12.2011 30.04.2012 30.04.2012 21.09.2012 27.04.2010 31.12.2012 28.09.2012 25.02.2013 28.09.2012 30.04.2012 31.10.2012 31.07.2012 31.12.2012 28.09.2012 28.09.2012 28.09.2012 30.09.2011 28.09.2012 28.09.2012 30.06.2012

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

Inst Type Investment Advisor Corporation Corporation Insurance Company Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor n/a Unclassified Investment Advisor Investment Advisor Mutual Fund Manager Mutual Fund Manager Mutual Fund Manager Mutual Fund Manager Mutual Fund Manager Mutual Fund Manager Investment Advisor

Date 27.02.2013 27.02.2013 26.02.2013 25.02.2013 25.02.2013 25.02.2013 25.02.2013 25.02.2013 20.02.2013 19.02.2013 14.02.2013 14.02.2013 04.02.2013 29.01.2013 29.01.2013 29.01.2013 29.01.2013 29.01.2013 29.01.2013 29.01.2013 29.01.2013 29.01.2013 28.01.2013 28.01.2013 23.01.2013 22.01.2013 09.01.2013 06.12.2012 19.11.2012 23.07.2012 28.06.2012 12.06.2012

27.02.2013

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 (12.03.2012) Daily Volume Current Price (2/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 31.12.2012 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 12/yy 92'300.00 70'200.00 320'678.00 76500 -17.12% 8.97% 24.43% 137.3 10'502'876.00 5'477.00 0.0 0.0 887'720.55 9'620'632.47

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

j-12

a-12

s-12

o-12

n-12 d-12

j-13

Fiscal Year Ended 31.12.2008 2'644'656.5 3.81x 1'110'025.9 9.09x 894'290.3 11.51x

100000 90000 80000 70000 60000 50000 40000 30000 20000 10000 0 f-12 m-12 a-12 m-12

31.12.2009 31.12.2010 2'776'403.2 2'499'931.4 2.86x 2.98x 1'126'532.9 984'860.1 7.05x 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 f-13

0.30 119.58 7.34% -5.32% 0.303 33 4.394 382'916 360'638 364'003 FY+2

FQ+1

FQ+2

31.12.2012 12/yy 12/yy 12/13 Y 12/14 Y 03/13 Q1 06/13 Q2 2'637'612.2 ######### ######### ######### ######### 3.52x 12.94x 14.26x 1'089'515.0 ######### ######### 8.53x 9.48x 8.53x 768'437.9 775'938.9 768'438.9 783'300.0 850'800.0 13.22x 13.26x 13.22x 13.18x 12.22x 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 13.56% Short-Term Rating 16.27% Credit Ratios 16.26% EBITDA/Interest Exp. 1213.27 0.47% (EBITDA-Capex)/Interest Exp. 1040.43 Net Debt/EBITDA -0.81 62.8% Total Debt/EBITDA 0.01 41.3% Reference 36.9% Total Debt/Equity 0.1% 29.1% Total Debt/Capital 0.1% Asset Turnover 0.47 3.31 Net Fixed Asset Turnover 2.27 1.81 Accounts receivable turnover-days 80.68 0.09% Inventory Days 331.11 0.11% Accounts Payable Turnover Day 7.63 4.54 Cash Conversion Cycle 404.16 1.11

Price/ Cash Flow

Sales/Revenue/Turnover

14.00

3'000'000.0

12.00

2'500'000.0

10.00

2'000'000.0

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

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 |

27.02.2013

KT&G Corp Holdings By:

All

Holder Name KT&G CORP LAZARD ASSET MANAGEM INDUSTRIAL BANK OF K VANGUARD GROUP INC FIRST EAGLE INVESTME BLACKROCK DEUTSCHE BANK AG EMPLOYEE STOCK OWNER JAPAN TOBACCO INC FMR LLC MATTHEWS INTERNATION MIRAE ASSET GLOBAL I MAPS INVESTMENT MANA T ROWE PRICE ASSOCIA SAMSUNG INVESTMENT T EASTSPRING INVESTMEN DWS INVESTMENT SA CAUSEWAY CAPITAL MAN MONTGOMERY ASSET MAN JF ASSET MANAGEMENT

Firm Name

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

Analyst

Hana Daetoo Securities KANG HEE-YOUNG Credit Suisse SONIA KIM SEUNG-HYUN Woori Investment & Securities COOKIE HAN Kyobo Securities JEONG SEONG-HOON Korea Investment & Securities LEE KYUNG JOO Goldman Sachs CHRISTINE CHO Nomura CARA EUN JUNG SONG Deutsche Bank JI-HYUN SONG Daewoo Securities BAEK WOON-MOK Daishin Securities Co., Ltd. LEE SUN-KYOUNG Samsung Securities ILWOO YANG HMC Investment Securities Co Ltd HYESEUNG CHUNG JPMorgan YOUNA KIM KTB Securities KIM MIN-JEONG KIWOOM Securities Co Ltd WOO WON-SUNG Morgan Stanley KELLY H KIM Shinyoung Securities Co., Ltd. KIM YUN-OH Barclays PAUL HWANG Hyundai Securities JI GI-CHANG IBK Securities Co Ltd PARK AE-RAN EVA Dimensions AUSTIN BURKETT Macquarie NA HONG-SUK HSBC KAREN CHOI Dongbu Securities Co Ltd CHA JAE-HEON Standard Chartered BOYOUNG KIM Daiwa Securities Co. Ltd. PARK SANG HEE Meritz Securities Co., Ltd SONG KWANG-SOO Ji Asia MIKIHIKO YAMATO Shinhan Investment Corp JUNG-YOON KIM E*Trade Securities Korea PARK JONG-ROK Eugene Investment & Securities Co., LtdKIM DENNY

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

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

Amt Held 11'534'697 10'669'239 9'510'485 5'920'171 4'873'112 4'055'829 3'326'652 3'105'042 2'864'904 2'421'850 1'612'831 1'598'875 1'392'661 1'191'995 1'012'217 998'081 753'253 644'756 640'491 601'890

% Out 8.4 7.77 6.93 4.31 3.55 2.95 2.42 2.26 2.09 1.76 1.17 1.16 1.01 0.87 0.74 0.73 0.55 0.47 0.47 0.44

Weighting

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

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

Latest Chg (1'373'815) 35'634 2'000 (38'182) (400) (180'414) 735'015 445'025 363'903 336'969 188'735 126'303 3'686 (32'747) 50'000 189'062

Target Price 97'000 75'000 88'000 100'000 92'000 80'000 82'000 90'000 94'000 90'000 90'000 93'000 67'000 90'000 92'000 100'000 100'000 83'000 93'000 102'000 #N/A N/A 96'000 85'000 90'000 100'000 86'000 105'000 105'000 100'000 95'000 50'000

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

File Dt 30.06.2012 04.02.2013 31.12.2011 31.12.2012 30.09.2012 25.02.2013 31.12.2012 31.03.2012 31.03.2012 31.12.2012 28.09.2012 28.09.2012 28.09.2012 31.12.2012 28.09.2012 14.09.2012 28.12.2012 31.12.2012 31.12.2012 19.12.2011

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

Inst Type Corporation Unclassified Government Investment Advisor Hedge Fund Manager Investment Advisor Investment Advisor n/a Government Investment Advisor Investment Advisor Investment Advisor Mutual Fund Manager Investment Advisor Investment Advisor Investment Advisor Mutual Fund Manager Investment Advisor Investment Advisor Mutual Fund Manager

Date 27.02.2013 26.02.2013 20.02.2013 14.02.2013 12.02.2013 30.01.2013 25.01.2013 18.01.2013 18.01.2013 18.01.2013 18.01.2013 18.01.2013 18.01.2013 18.01.2013 18.01.2013 17.01.2013 17.01.2013 17.01.2013 16.01.2013 16.01.2013 15.01.2013 14.01.2013 09.01.2013 06.11.2012 19.10.2012 18.10.2012 04.10.2012 18.09.2012 19.07.2012 22.05.2012 03.05.2011

27.02.2013

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. Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (15.03.2012) 52-Week Low (25.07.2012) Daily Volume Current Price (2/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 31.12.2012 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

Price/Volume

12/2012 12/yy 94'300.00 55'800.00 584'696.00 77900 -17.39% 39.61% 57.40% 163.6 12'748'165.00 5'825'846.00 85'930.0 0.0 1'464'211.00 16'641'209.71

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) -

LTM

31.12.2012 12/yy 12/yy 25'427'205.2 ######### ######### 2.44x 1.84x - 458'280.0 862'521.0 36.15x 0.00x (354'760.0) (277'919.0) (354'760.0) 0.00x 0.00x 458'280.00 42'772.51 0.17% -1.43% 0.93% 3.24% 2.59% 1.05% 18.0% 3.5% 0.4% -1.4% 0.92 0.74 24.07% 55.97% 4.65 19.04

Price/ Cash Flow

j-12

a-12

s-12

o-12

n-12 d-12

j-13

1.11 92.16 -5.55% 5.84% 1.109 46 4.239 1'216'544 932'420 1'131'660

FY+1

FY+2

FQ+1

FQ+2

12/13 Y

12/14 Y

03/13 Q1

06/13 Q2

S&P Issuer Ratings

14.10.2011 BBBSTABLE 2.10 -2.70 4.19 6.01 56.0% 35.7% 1.05 5.05 78.69 19.22 78.63 19.13

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

j-12

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 f-13

Market Data

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 f-12 m-12 a-12 m-12

0.0 02.07.2010

02.01.2011

02.07.2011

02.01.2012

02.07.2012

02.01.2013

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 |

27.02.2013

LG Electronics Inc Holdings By:

All

Holder Name LG CORP NATIONAL PENSION SER VANGUARD GROUP INC BLACKROCK JP MORGAN DIMENSIONAL FUND ADV KB ASSET MANAGEMENT KOREA INVESTMENT TRU SAMSUNG INVESTMENT T FMR LLC LG ELECTRONICS INC COMMONWEALTH BANK OF IG INVESTMENT MANAGE BANK OF NEW YORK MEL SHINHAN BNP PARIBAS MACQUARIE GROUP LTD SHINYOUNG INVESTMENT KYOBO AXA INVESTMENT SWEDBANK ROBUR FONDE UBS HANA ASSET MANAG

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

Portfolio Name 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 Multiple Portfolios

Analyst KIM WOON-HO EUNJEONG SONG PARK WON-JAE MARK C NEWMAN CHO SUNG-EUN SOH HYUN-CHEOL KEVIN SUNG-HYUK LEE JIN HO CHO JAE H LEE SEUNG-WOO LEE JOHN SUNG LIM DORI HYUN PARK KWON SUNG-RYUL PARK KANG-HO MICHAEL BANG HANJOON KIM LEE SUN-TAE GREG GEUN-CHANG ROH SOPHIA KIM PARK SANG-HYUN CHARLES PARK BYUN HAN-JOON KIM JI-SAN CHUN SUNG-HOON KI-YOUNG KIM LEE KA KEUN JJ Park JAMES KIM BRIAN SOHN KIM JEFF BAE SEUNG-CHUL PETER YU CRAIG STERLING DANIEL KIM JI MOK-HYUN HYUN-YONG KIM SONG EUN-JEONG YOO-JIN KIM SEAN KIM PARK SEONG-MIN STEVE MYERS

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

Recommendation buy buy buy underperform buy buy buy buy hold buy underperform buy buy buy buy neutral/attractive hold buy buy buy buy neutral buy buy buy buy Equalwt/In-Line overweight buy overweight buy equalweight reduce buy outperform buy buy buy buy in-line buy buy

Amt Held 55'094'582 15'453'143 5'533'279 2'762'774 1'961'371 1'898'834 1'656'900 1'295'185 1'081'813 914'162 763'165 506'817 402'248 392'411 371'922 306'719 306'553 272'647 257'808 234'381

% Out 33.67 9.44 3.38 1.69 1.2 1.16 1.01 0.79 0.66 0.56 0.47 0.31 0.25 0.24 0.23 0.19 0.19 0.17 0.16 0.14

Weighting

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

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 M M M M M M M M M M M M M M M M M

Latest Chg 4'753'152 3'330'622 (27'209) (16'690) 1'647'957 716'360 58'895 47'900 905'988 378 171'194 (10'869) 31'423 37'888 156'504 64'933

Target Price 100'000 95'000 110'000 50'000 120'000 100'000 90'000 88'000 75'000 91'000 63'000 101'000 105'000 105'000 95'000 70'000 76'400 100'000 85'000 95'000 96'000 77'000 105'000 100'000 140'000 110'000 73'000 100'000 101'000 107'000 96'000 81'000 58'000 #N/A N/A 100'000 90'000 85'000 95'000 80'000 64'000 100'000 85'469

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

File Dt 31.12.2011 13.11.2012 31.12.2012 25.02.2013 31.12.2012 31.07.2012 28.09.2012 28.09.2012 28.09.2012 31.12.2012 31.12.2011 31.10.2012 28.09.2012 25.02.2013 28.09.2012 31.12.2012 28.09.2012 28.09.2012 31.12.2012 28.09.2012

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

Inst Type Holding Company Investment Advisor Investment Advisor Investment Advisor Unclassified Investment Advisor Mutual Fund Manager Investment Advisor Investment Advisor Investment Advisor Corporation Bank Investment Advisor Investment Advisor Investment Advisor Investment Advisor Mutual Fund Manager Mutual Fund Manager Investment Advisor Mutual Fund Manager

Date 27.02.2013 27.02.2013 26.02.2013 26.02.2013 22.02.2013 22.02.2013 21.02.2013 21.02.2013 20.02.2013 18.02.2013 13.02.2013 12.02.2013 12.02.2013 05.02.2013 04.02.2013 04.02.2013 31.01.2013 31.01.2013 31.01.2013 31.01.2013 31.01.2013 31.01.2013 31.01.2013 31.01.2013 31.01.2013 31.01.2013 30.01.2013 30.01.2013 30.01.2013 28.01.2013 25.01.2013 24.01.2013 23.01.2013 15.01.2013 16.11.2012 25.10.2012 25.10.2012 25.10.2012 25.10.2012 08.10.2012 01.08.2012 14.05.2012

27.02.2013

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

.8 M .7 M

250000

.6 M 200000

Latest Fiscal Year: LTM as of: 52-Week High (02.10.2012) 52-Week Low (12.06.2012) Daily Volume Current Price (2/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 31.12.2012 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

03/2012 12/yy 244'500.00 195'500.00 49'068.00 224500 -8.18% 14.83% 62.24% 47.4 10'635'651.00 1'671.0 0.0 970'890.85 9'496'633.66

31.03.2008 9'779'935.6 0.88x 476'490.1 19.65x

.4 M .3 M

100000

.2 M 50000

.1 M

0 f-12 m-12 a-12 m-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

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

.5 M

150000

Valuation Analysis

31.03.2009 31.03.2010 10'359'007.8 11'864'682.6 0.67x 0.66x 598'707.9 524'510.2 11.82x 15.35x Profitability

LTM-4Q 31.03.2011 7'325'197.4 1.40x 676'406.0 15.91x

LTM

FY+1

1.67 0.68 38.60 7.76% 2.98% 0.685 35 4.829 137'283 110'597 111'217 FY+2

FQ+1

FQ+2

31.03.2012 12/yy 12/yy 03/13 Y 03/14 Y 03/13 Q4 06/13 Q1 7'686'272.0 ######### ######### ######### ######### ######### ######### 3.85x 1.58x 0.0 0.0 0.00x 0.00x 784'528.7 756'813.0 772'726.1 817'287.4 929'439.9 230'239.8 234'798.7 12.10x 12.32x 0.00x 12.71x 11.27x 11.68x 11.50x S&P Issuer Ratings - Long-Term Rating Date - Long-Term Rating 12.47% Long-Term Outlook 13.76% Short-Term Rating Date 2.21% Short-Term Rating 10.81% Credit Ratios - EBITDA/Interest Exp. 0.22% (EBITDA-Capex)/Interest Exp. Net Debt/EBITDA - Total Debt/EBITDA - Reference - Total Debt/Equity 10.2% 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 f-13

A+ POS 0.0% 0.22 -

Sales/Revenue/Turnover

5.00

14'000'000.0

4.50

12'000'000.0

4.00 3.50

10'000'000.0

3.00

8'000'000.0

2.50

6'000'000.0

2.00

4'000'000.0

1.50 1.00

2'000'000.0

0.50 0.00 04.04.2009

0.0 04.10.2009

04.04.2010

04.10.2010

04.04.2011

04.10.2011

04.04.2012

04.10.2012

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 |

27.02.2013

Samsung Fire & Marine Insurance Co Ltd Holdings By:

All

Holder Name SAMSUNG LIFE INSURAN FIRST STATE INVESTME SAMSUNG FIRE & MARIN NATIONAL PENSION SER COMMONWEALTH BANK OF GENESIS ASSET MANAGE VANGUARD GROUP INC KOREA INVESTMENT TRU TOKIO MARINE & NICHI BLACKROCK SAMSUNG INVESTMENT T FMR LLC WILLIAM BLAIR & COMP SAMSUNG CARD CO LTD ALLIANZ GLOBAL INVES MIRAE ASSET GLOBAL I MAPS INVESTMENT MANA SCHRODER INVESTMENT KB ASSET MANAGEMENT UBS HANA ASSET MANAG

Firm Name

Portfolio Name n/a n/a n/a n/a Multiple Portfolios n/a Multiple Portfolios Multiple Portfolios n/a n/a Multiple Portfolios n/a WILLIAM BLAIR & COMP n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios

Analyst

Credit Suisse GIL HYUNG KIM Nomura MICHAEL NA NH Investment & Securities KIM TAE-HYUN HSBC SINYOUNG PARK Dongbu Securities Co Ltd LEE BYUNG-GUN KTB Securities OH JIN-WON Kyobo Securities KIM JI-YOUNG Samsung Securities SEAN CHANG Daewoo Securities JEONG GIL-WON Korea Investment & Securities LEE CHUL-HO Eugene Investment & Securities Co., LtdSEO BO-ICK Shinhan Investment Corp SONG IN-CHAN Woori Investment & Securities STEPHANIE HAN JPMorgan MW KIM Hanwha Securities Co., Ltd YOON TAE-HO KIWOOM Securities Co Ltd KYUNG-HEE CHA Hana Daetoo Securities SHIN SEUNG-HYUN Morgan Stanley SARA LEE Goldman Sachs STAN LEE Standard Chartered JUSTIN KIM BNP Paribas Equity Research MICHELLE CHO Daishin Securities Co., Ltd. KANG SEUNG-GUN EVA Dimensions AUSTIN BURKETT Macquarie CJ YUN KB Investment & Securities Co., Ltd YOO SEUNG-CHANG Tong Yang Investment Bank WON JAE-WOONG SK Securities Co Ltd JUNG-KYUN AHN Hyundai Securities RHEE TAE-KYUNG E*Trade Securities Korea LEE CHI-YOUNG Deutsche Bank JEE HOON PARK Shinyoung Securities Co., Ltd. PARK EUN-JOON IBK Securities Co Ltd HAN-SANG LEE

Source Co File EXCH Co File Co File MF-AGG EXCH MF-AGG MF-AGG Co File ULT-AGG MF-AGG ULT-AGG 13F Co File MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG

Recommendation neutral neutral buy overweight buy buy buy buy buy buy buy buy buy overweight buy buy buy Overwt/Attractive Buy/Neutral outperform buy buy overweight outperform buy buy buy buy market perform not rated buy buy

Amt Held 4'905'718 4'561'004 3'599'589 3'348'727 2'575'383 2'372'451 1'862'978 1'530'517 1'488'150 1'011'445 925'609 366'711 352'647 298'377 258'353 225'083 200'300 187'833 169'598 137'754

% Out 10.36 9.63 7.6 7.07 5.44 5.01 3.93 3.23 3.14 2.13 1.95 0.77 0.74 0.63 0.55 0.48 0.42 0.4 0.36 0.29

Weighting

Change

3 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 3 #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 M M M M D M M M

Latest Chg 522'717 (26'177) (2'210) (166'097) (2'135) 15'747 48'948 11'038 29'877 (96'089) (127'963) (287'551) (4'064) 39'471

Target Price 230'000 241'000 280'000 290'000 287'000 280'000 280'000 285'000 303'000 260'000 280'000 280'000 282'000 280'000 300'000 267'000 277'000 252'000 280'000 280'000 260'000 290'000 #N/A N/A 319'000 270'000 280'000 276'000 260'000 268'000 #N/A N/A 300'000 270'000

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

File Dt 31.03.2012 25.04.2012 30.06.2012 31.03.2012 31.10.2012 01.08.2012 31.12.2012 28.09.2012 31.03.2012 25.02.2013 28.09.2012 31.12.2012 31.12.2012 31.03.2012 28.09.2012 28.09.2012 28.09.2012 31.12.2012 28.09.2012 28.09.2012

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

Inst Type Insurance Company Investment Advisor Insurance Company Investment Advisor Bank Investment Advisor Investment Advisor Investment Advisor Insurance Company Investment Advisor Investment Advisor Investment Advisor Investment Advisor n/a Mutual Fund Manager Investment Advisor Mutual Fund Manager Investment Advisor Mutual Fund Manager Mutual Fund Manager

Date 26.02.2013 26.02.2013 25.02.2013 24.02.2013 20.02.2013 18.02.2013 15.02.2013 04.02.2013 01.02.2013 01.02.2013 01.02.2013 01.02.2013 01.02.2013 01.02.2013 01.02.2013 01.02.2013 01.02.2013 31.01.2013 31.01.2013 28.01.2013 25.01.2013 24.01.2013 15.01.2013 11.01.2013 07.01.2013 27.11.2012 29.10.2012 04.10.2012 24.09.2012 05.09.2012 29.06.2012 30.04.2012

27.02.2013

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

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

3.0 M 2.5 M

30000

12/2012 12/yy 39'850.00 27'550.00 1'622'056.00 35650 -10.54% 29.40% 57.32% 261.1 9'308'636.00 8'514'178.00 0.0 0.0 894'812.00 16'561'697.96

25000

2.0 M

20000

1.5 M

15000

1.0 M

10000

.5 M

5000 0 f-12 m-12 a-12 m-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

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

3.5 M

40000 35000

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (26.11.2012) 52-Week Low (24.05.2012) Daily Volume Current Price (2/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 31.12.2012 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

45000

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 12/yy 12/yy 18'863'226.2 ######### ######### 3.30x 2.46x - ######### ######### 3.33x 0.00x 719'342.0 ######### 719'342.0 6.73x 0.00x 4'886'554.00 1'074'646.73 5.70% 8.22% 5.08% 11.30% 8.48% 0.79% 24.2% 5.7% 3.8% 1.06 0.90 32.19% 72.56% 4.94 -

Price/ Cash Flow

5.61 0.50 202.40 15.87% 0.42% 0.498 36 4.278 975'816 1'127'036 1'139'112

FY+1

FY+2

FQ+1

FQ+2

12/13 Y

12/14 Y

03/13 Q1

06/13 Q2

S&P Issuer Ratings

.0 M f-13

26.11.2010 A NEG 10.28 3.95 1.56 1.74 72.6% 42.0% 0.79 1.54 73.95 -

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

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 |

27.02.2013

KT Corp Holdings By:

All

Holder Name NIPPON TELEGRAPH & T NATIONAL PENSION SER KT CORP MIRAE ASSET GLOBAL I MAPS INVESTMENT MANA THORNBURG INVESTMENT KOREA INVESTMENT TRU PICTET & CIE SAMSUNG INVESTMENT T KB ASSET MANAGEMENT SEB SHINYOUNG INVESTMENT CAPITAL GROUP COMPAN VANGUARD GROUP INC GRANTHAM MAYO VAN OT BLACKROCK DJE INVESTMENT SA KYOBO AXA INVESTMENT BANK OF NEW YORK MEL PRINCIPAL FINANCIAL

Firm Name

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

Analyst

NH Investment & Securities KIM VALENTINE HONG-SIK Dongbu Securities Co Ltd HYUNG-WOON WON CIMB SAMUEL MARTENS Deutsche Bank JOHN KIM Korea Investment & Securities YANG JONG-IN Daishin Securities Co., Ltd. KIM HUE-JAE Eugene Investment & Securities Co., LtdKIM DENNY HMC Investment Securities Co Ltd HWANG SUNG-JIN Shinhan Investment Corp SUNG JUNWON Tong Yang Investment Bank CHOI NAM-KON Credit Suisse JEFF KAHNG KTB Securities SONG JAE-KYOUNG Hanwha Securities Co., Ltd PARK JONG-SOO KIWOOM Securities Co Ltd AHN JAE-MIN Hana Daetoo Securities HWANG SEUNG-TAEK New Street Research IAIN JOHNSTON Morgan Stanley SAM MIN JPMorgan HELAINE KANG HSBC NEALE ANDERSON Nomura STANLEY YANG Shinyoung Securities Co., Ltd. CHOI YOON-MEE Macquarie EUGENE JUNG BNP Paribas Equity Research KYUN JANG Hyundai Securities MISONG KIM EVA Dimensions ANDREW S ZAMFOTIS Barclays SEYON PARK Riedel Research Group Inc DAVID R RIEDEL E*Trade Securities Korea HYO-JUN KIM IBK Securities Co Ltd JANG-WON KIM SK Securities Co Ltd YI DONG-SUP Daiwa Securities Co. Ltd. THOMAS Y KWON Samsung Securities PARK SOPHIA Kyobo Securities OH SEAN Goldman Sachs SEUNG SHIN Woori Investment & Securities JOSEPH CHUNG

Source ULT-AGG EXCH EXCH EXCH MF-AGG MF-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 ULT-AGG

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

Amt Held 22'711'035 17'854'633 17'810'562 13'062'618 5'367'131 3'140'150 2'906'245 1'868'463 1'752'018 1'621'831 1'507'380 1'488'895 1'242'420 1'228'909 1'226'126 1'088'469 928'080 810'700 491'830 488'560

% Out 8.7 6.84 6.82 5 2.06 1.2 1.11 0.72 0.67 0.62 0.58 0.57 0.48 0.47 0.47 0.42 0.36 0.31 0.19 0.19

Weighting

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

M N N 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 N

Latest Chg 511'995 2'386'761 298'310 445'042 34'330 343'601 190'115 855'850 (186'654) 40'500 (7'140) (31'910) (13'520) 151'240

Target Price 45'000 45'000 39'000 32'600 48'000 47'000 48'000 46'000 47'000 43'000 45'000 43'000 48'000 47'000 49'000 40'200 37'000 39'000 44'000 40'000 50'000 36'000 41'000 54'000 #N/A N/A 36'000 42'500 43'000 45'000 45'000 40'000 38'000 45'000 37'000 54'000

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

File Dt 31.03.2012 18.10.2012 12.04.2012 02.11.2012 28.09.2012 31.12.2012 28.09.2012 30.11.2012 28.09.2012 28.09.2012 31.12.2012 28.09.2012 30.09.2012 31.12.2012 31.05.2012 25.02.2013 30.11.2012 28.09.2012 25.02.2013 31.01.2013

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

Inst Type Corporation Investment Advisor Corporation Investment Advisor Mutual Fund Manager Investment Advisor Investment Advisor Mutual Fund Manager Investment Advisor Mutual Fund Manager Unclassified Mutual Fund Manager Investment Advisor Investment Advisor Investment Advisor Investment Advisor Mutual Fund Manager Mutual Fund Manager Investment Advisor Investment Advisor

Date 27.02.2013 27.02.2013 20.02.2013 19.02.2013 13.02.2013 04.02.2013 04.02.2013 04.02.2013 04.02.2013 04.02.2013 04.02.2013 04.02.2013 04.02.2013 04.02.2013 04.02.2013 04.02.2013 03.02.2013 03.02.2013 03.02.2013 01.02.2013 24.01.2013 24.01.2013 17.01.2013 15.01.2013 15.01.2013 08.01.2013 21.12.2012 29.11.2012 20.11.2012 06.11.2012 05.11.2012 03.08.2012 07.02.2012 06.02.2012 02.12.2011

27.02.2013

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.

Price/Volume

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (27.02.2012) 52-Week Low (04.06.2012) Daily Volume Current Price (2/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 31.12.2012 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

12/2012 12/yy 131'500.00 86'400.00 189'673.00 99900 -24.03% 15.63% 30.16% 112.6 11'247'021.00 3'743'121.00 10'055.0 0.0 1'154'629.00 14'868'271.92

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

1.4 M

120000

1.2 M

100000

1.0 M

80000

.8 M

60000

.6 M

40000

.4 M

20000

.2 M

0 f-12 m-12 a-12 m-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

j-12

a-12

s-12

o-12

n-12 d-12

j-13

LTM

FY+1

.0 M f-13

4.80 1.31 34.83 -20.00% -3.94% 1.308 38 4.105 237'058 261'916 299'206 FY+2

FQ+1

FQ+2

31.12.2012 12/yy 12/yy 12/13 Y 12/14 Y 03/13 Q1 06/13 Q2 34'723'545.1 ######### ######### ######### ######### ######### ######### 2.10x 1.28x 0.39x 0.37x - ######### 481'194.0 ######### ######### 6.68x 0.00x 7.96x 8.13x 605'457.7 ######### 605'458.0 ######### ######### 9.76x 0.00x 9.00x 9.17x S&P Issuer Ratings 2'073'282.00 Long-Term Rating Date 30.03.2009 818'303.82 Long-Term Rating BBB 2.36% Long-Term Outlook STABLE 4.97% Short-Term Rating Date 10.28% Short-Term Rating 24.18% Credit Ratios 15.36% EBITDA/Interest Exp. 35.49 2.75% (EBITDA-Capex)/Interest Exp. 26.74 Net Debt/EBITDA 1.25 7.0% Total Debt/EBITDA 1.81 6.5% Reference 2.4% Total Debt/Equity 71.8% 1.7% Total Debt/Capital 41.7% Asset Turnover 2.75 1.22 Net Fixed Asset Turnover 8.36 0.52 Accounts receivable turnover-days 25.21 28.35% Inventory Days 46.41 71.76% Accounts Payable Turnover Day 25.68 14.48 Cash Conversion Cycle 45.94 7.86

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

j-12

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

140000

0.0 02.07.2010

02.01.2011

02.07.2011

02.01.2012

02.07.2012

02.01.2013

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 |

27.02.2013

S-Oil Corp Holdings By:

All

Holder Name ARAMCO OVERSEAS BV HANJIN ENERGY NATIONAL PENSION SER VANGUARD GROUP INC BLACKROCK SAMSUNG INVESTMENT T EASTSPRING INVESTMEN BANK OF NEW YORK MEL KB ASSET MANAGEMENT SEB FMR LLC SHINHAN BNP PARIBAS S-OIL CORP UBS HANA ASSET MANAG KYOBO AXA INVESTMENT NH-CA ASSET MANAGEME JP MORGAN MIRAE ASSET GLOBAL I DAIWA SB INVESTMENTS WOORI ASSET MANAGEME

Firm Name

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

Analyst

Tong Yang Investment Bank HWANG KYU-WON KB Investment & Securities Co., Ltd PARK JAE-CHUL KTB Securities YOO YOUNG KOOK Korea Investment & Securities PARK KIYONG Daewoo Securities PARK YEON-JU Eugene Investment & Securities Co., LtdKWAK JIN-HEE Shinhan Investment Corp YI EUNG-JU Macquarie BRANDON I LEE 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 Taurus Investment Securities Co Ltd JAESUNG YOON Morgan Stanley HARRISON H HWANG Samsung Securities SEUNGWOO KIM Woori Investment & Securities KIM SUN-WOO Credit Suisse CHO A-HYUNG JPMorgan SAMUEL SW LEE HSBC DENNIS HYUNCHUL YOO BNP Paribas Equity Research POR YONG LIANG Nomura CINDY PARK Standard Chartered DUKE SUTTIKULPANICH Shinyoung Securities Co., Ltd. OH JUNG-IL EVA Dimensions CRAIG STERLING IBK Securities Co Ltd CHOONG-JAE LEE SK Securities Co Ltd SOHN JI-WOO Daishin Securities Co., Ltd. AHN SANG-HEE E*Trade Securities Korea WON YONG-JIN Deutsche Bank SHAWN PARK Mizuho Securities ANDREW S F CHAN Hyundai Securities BAEK YOUNG-CHAN NH Investment & Securities CHOI JI-HWAN LIG Investment Securities PARK YOUNG-HOON

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

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

Amt Held 39'403'974 31'983'586 5'645'490 2'407'673 1'203'190 669'965 664'437 350'076 337'221 285'224 280'635 217'640 184'080 183'657 169'719 159'083 158'440 153'361 124'170 109'247

% Out 35 28.41 5.01 2.14 1.07 0.6 0.59 0.31 0.3 0.25 0.25 0.19 0.16 0.16 0.15 0.14 0.14 0.14 0.11 0.1

Weighting

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

Latest Chg (1'122'704) (2'952) 5'084 130'631 664'437 22'476 281'351 266'060 33'292 (235'997) (20'290) (8'998) (54'300) (61'122) 24'000 (36'437)

Target Price 120'000 120'000 130'000 120'000 130'000 114'000 115'000 84'000 120'000 120'000 119'000 108'000 130'000 125'000 112'000 115'000 120'000 124'000 78'000 60'000 97'000 110'000 90'000 115'000 #N/A N/A 120'000 120'000 130'000 130'000 113'000 113'000 130'000 #N/A N/A 130'000

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

File Dt 24.01.2013 24.01.2013 09.05.2012 31.12.2012 25.02.2013 28.09.2012 14.09.2012 25.02.2013 28.09.2012 31.12.2012 31.12.2012 28.09.2012 31.12.2011 28.09.2012 28.09.2012 28.09.2012 31.12.2012 28.09.2012 24.07.2012 28.09.2012

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

Inst Type Other Other Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Mutual Fund Manager Unclassified Investment Advisor Investment Advisor n/a Mutual Fund Manager Mutual Fund Manager Mutual Fund Manager Unclassified Investment Advisor Investment Advisor Mutual Fund Manager

Date 26.02.2013 26.02.2013 25.02.2013 22.02.2013 01.02.2013 01.02.2013 01.02.2013 01.02.2013 01.02.2013 01.02.2013 01.02.2013 01.02.2013 01.02.2013 01.02.2013 31.01.2013 31.01.2013 31.01.2013 31.01.2013 31.01.2013 31.01.2013 31.01.2013 31.01.2013 30.01.2013 29.01.2013 17.01.2013 16.01.2013 07.01.2013 26.11.2012 23.11.2012 31.10.2012 31.10.2012 10.10.2012 09.10.2012 19.07.2012

27.02.2013

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 (04.06.2012) Daily Volume Current Price (2/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 31.12.2012 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 12/yy 36'950.00 19'600.00 1'486'580.00 30950 -16.24% 57.91% 65.13% 357.8 11'074'396.00 4'428'269.00 0.0 0.0 1'404'890.00 14'297'445.92

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 f-12 m-12 a-12 m-12

j-12

a-12

s-12

o-12

n-12

d-12

j-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

FY+1

1.18 200.40 8.22% -0.32% 1.180 47 4.447 2'467'763 2'337'373 2'573'739 FY+2

FQ+1

FQ+2

31.12.2012 12/yy 12/yy 12/13 Y 12/14 Y 03/13 Q1 06/13 Q2 28'672'354.8 ######### ######### ######### ######### 2.12x 1.33x 0.41x 0.36x - ######### ######### ######### ######### 5.06x 0.00x 2.61x 2.50x 28'548.7 (991'032.0) 28'549.0 646'359.0 967'590.0 0.00x 0.00x 17.13x 11.45x S&P Issuer Ratings 2'329'470.00 Long-Term Rating Date 626'478.12 Long-Term Rating 2.18% Long-Term Outlook -5.72% Short-Term Rating Date -1.30% Short-Term Rating -3.26% Credit Ratios - EBITDA/Interest Exp. 1.09% (EBITDA-Capex)/Interest Exp. Net Debt/EBITDA 2.1% Total Debt/EBITDA 14.3% Reference 2.2% Total Debt/Equity 0.1% Total Debt/Capital Asset Turnover 0.77 Net Fixed Asset Turnover 0.55 Accounts receivable turnover-days 18.24% Inventory Days 45.71% Accounts Payable Turnover Day 6.92 Cash Conversion Cycle 11.84

Price/ Cash Flow

.0 M f-13

14.89 -9.34 0.85 1.20 45.7% 31.4% 1.09 2.01 52.90 30.92 53.87 35.66

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

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 |

27.02.2013

LG Display Co Ltd Holdings By:

All

Holder Name LG ELECTRONICS INC NATIONAL PENSION SER ALLIANCE BERNSTEIN VANGUARD GROUP INC BLACKROCK KB ASSET MANAGEMENT MAPS INVESTMENT MANA MIRAE ASSET GLOBAL I SAMSUNG INVESTMENT T DIMENSIONAL FUND ADV UBS HANA ASSET MANAG CAPITAL GROUP COMPAN COMMONWEALTH BANK OF KYOBO AXA INVESTMENT SHINHAN BNP PARIBAS NH-CA ASSET MANAGEME JF ASSET MANAGEMENT ALLIANZ ASSET MANAGE BARING FUND MANAGERS ACADIAN ASSET MANAGE

Firm Name

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

Analyst

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

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

Recommendation buy buy Overwt/In-Line buy buy buy buy buy buy hold buy outperform buy buy buy in-line buy buy buy trading buy buy buy buy underperform neutral buy buy buy buy overweight buy buy neutral/attractive overweight overweight hold overweight hold buy buy hold market perform buy

Amt Held 135'625'000 21'633'625 17'409'682 12'192'267 6'050'334 5'952'426 3'179'658 2'549'292 1'876'429 1'634'810 1'345'740 1'075'000 1'033'710 821'498 747'395 622'673 585'000 555'495 515'850 499'210

% Out 37.9 6.05 4.87 3.41 1.69 1.66 0.89 0.71 0.52 0.46 0.38 0.3 0.29 0.23 0.21 0.17 0.16 0.16 0.14 0.14

Weighting

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

Latest Chg (3'628'269) 54'700 (284'980) (2'506'585) 1'086'671 815'680 (242'431) (215'700) 34'760 (11'910) 172'162 238'150 (138'010) (189'400) 114'770 -

Target Price 40'000 42'000 35'000 42'000 36'000 36'000 39'000 41'000 43'000 #N/A N/A 47'000 45'000 48'000 42'000 43'000 24'000 43'000 37'000 37'000 34'000 48'000 39'000 40'000 31'000 31'000 40'000 38'000 37'000 42'000 45'000 38'000 36'000 33'000 50'000 51'500 30'000 #N/A N/A 29'000 40'000 38'000 31'000 #N/A N/A 32'000

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

File Dt 16.03.2012 27.04.2012 31.12.2012 31.12.2012 25.02.2013 28.09.2012 28.09.2012 28.09.2012 28.09.2012 31.07.2012 28.09.2012 31.12.2012 31.10.2012 28.09.2012 28.09.2012 28.09.2012 30.09.2011 31.01.2013 31.10.2012 31.12.2012

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

Inst Type Corporation Investment Advisor Investment Advisor Investment Advisor Investment Advisor Mutual Fund Manager Mutual Fund Manager Investment Advisor Investment Advisor Investment Advisor Mutual Fund Manager Investment Advisor Bank Mutual Fund Manager Investment Advisor Mutual Fund Manager Mutual Fund Manager Investment Advisor Investment Advisor Investment Advisor

Date 25.02.2013 22.02.2013 20.02.2013 20.02.2013 20.02.2013 18.02.2013 18.02.2013 18.02.2013 15.02.2013 14.02.2013 14.02.2013 13.02.2013 13.02.2013 12.02.2013 07.02.2013 05.02.2013 05.02.2013 31.01.2013 25.01.2013 25.01.2013 25.01.2013 25.01.2013 25.01.2013 25.01.2013 25.01.2013 25.01.2013 25.01.2013 25.01.2013 25.01.2013 25.01.2013 25.01.2013 25.01.2013 24.01.2013 24.01.2013 24.01.2013 24.01.2013 17.01.2013 14.01.2013 29.10.2012 29.10.2012 28.10.2012 27.07.2012 04.05.2012

27.02.2013

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 (02.05.2012) 52-Week Low (25.10.2012) Daily Volume Current Price (2/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 31.12.2012 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 09/yy 42'350.00 31'650.00 453'631.00 38300 -9.56% 21.01% 61.68% 230.9 8'842'527.00 1'482'711.02 574.2 0.0 1'228'346.74 9'541'036.48

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

4.5 M

40000

4.0 M

35000

3.5 M

30000

3.0 M

25000

2.5 M

20000

2.0 M

15000

1.5 M

10000

1.0 M

5000

.5 M

0 f-12 m-12 a-12 m-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

Fiscal Year Ended 31.12.2008 10'664'465.5 0.45x 994'596.1 4.84x 627'342.7 7.80x

45000

31.12.2009 31.12.2010 13'094'943.6 13'071'184.9 0.53x 0.78x 1'074'873.0 1'392'926.2 6.44x 7.35x 669'854.9 976'468.6 7.79x 9.12x Profitability

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

31.12.2012 1'300'684.18 1'046'990.39 7.84% 8.56% 5.01% 19.86% 13.64% 0.77% 12.7% 9.7% 7.8% 6.5% 0.93 0.51 9.24% 32.20% 2.81 20.73

Price/ Cash Flow

LTM

FY+1

.0 M f-13

1.31 1.51 163.20 3.90% -0.65% 1.511 43 4.953 816'585 746'013 832'539 FY+2

FQ+1

FQ+2

09/yy 09/yy 12/13 Y 12/14 Y 03/13 Q1 06/13 Q2 ######### ######### ######### ######### ######### ######### 2.70x 2.23x 0.64x 0.65x ######### ######### ######### ######### 4.69x 6.63x 6.32x 6.16x 913'622.1 848'637.0 872'031.8 915'981.7 208'500.0 198'500.0 6.58x 9.63x 10.00x 9.22x 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

511.52 416.43 0.16 1.14 32.2% 24.4% 0.77 2.85 130.03 17.61 133.19 14.46

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 03.01.2009

2'000'000.0 0.0 03.07.2009

03.01.2010

03.07.2010

03.01.2011

03.07.2011

03.01.2012

03.07.2012

03.01.2013

2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011

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

27.02.2013

Samsung Heavy Industries Co Ltd Holdings By:

All

Holder Name SAMSUNG ELECTRONICS SAMSUNG HEAVY INDUST NATIONAL PENSION SER MIRAE ASSET GLOBAL I KOREA INVESTMENT TRU VANGUARD GROUP INC MAPS INVESTMENT MANA BLACKROCK SAMSUNG INVESTMENT T FMR LLC JP MORGAN INVESTEC ASSET MANAG UBS HANA ASSET MANAG WILLIAM BLAIR & COMP KYOBO AXA INVESTMENT PRINCIPAL FINANCIAL BNP PARIBAS INV PART NORTHERN TRUST CORPO DIMENSIONAL FUND ADV ALLIANZ GLOBAL INVES

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 Multiple Portfolios Multiple Portfolios WILLIAM BLAIR & COMP Multiple Portfolios n/a n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios

Analyst

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

Source EXCH EXCH Co File EXCH EXCH MF-AGG MF-AGG ULT-AGG MF-AGG ULT-AGG ULT-AGG MF-AGG MF-AGG 13F MF-AGG ULT-AGG ULT-AGG MF-AGG MF-AGG MF-AGG

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

Amt Held 40'675'641 14'158'529 12'591'135 11'648'547 9'457'671 8'477'426 5'462'325 4'385'370 4'030'899 3'786'536 2'689'680 1'499'560 963'362 751'587 699'970 687'300 554'160 501'174 482'820 379'645

% Out 17.62 6.13 5.45 5.05 4.1 3.67 2.37 1.9 1.75 1.64 1.16 0.65 0.42 0.33 0.3 0.3 0.24 0.22 0.21 0.16

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 5 5 5 5 5 3 5 5 5 5 5 5 5 5 5 5

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

Latest Chg (1'000) 468'573 (2'238'689) (42'330) 542'393 (2'340) 136'637 1'447'585 (301'120) 25'410 456'002 49'600 39'670 147'170 (32'800) 88'886 (228'615)

Target Price 47'000 49'000 44'000 48'000 53'000 48'000 45'000 54'000 41'000 50'000 46'200 49'000 45'000 40'000 45'000 46'000 42'000 48'000 45'000 50'000 48'000 52'300 49'000 50'000 47'000 40'000 #N/A N/A 52'000 #N/A N/A 42'000 46'000 57'000 48'500 55'000 48'000 43'000 42'000 49'000 46'000

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

File Dt 12.02.2013 27.09.2012 31.12.2011 27.11.2012 31.10.2012 31.12.2012 28.09.2012 25.02.2013 28.09.2012 31.12.2012 31.12.2012 31.12.2012 28.09.2012 31.12.2012 28.09.2012 31.01.2013 31.12.2012 31.12.2012 31.07.2012 28.09.2012

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

Inst Type Corporation Unclassified Investment Advisor Investment Advisor Investment Advisor Investment Advisor Mutual Fund Manager Investment Advisor Investment Advisor Investment Advisor Unclassified Investment Advisor Mutual Fund Manager Investment Advisor Mutual Fund Manager Investment Advisor Investment Advisor Investment Advisor Investment Advisor Mutual Fund Manager

Date 27.02.2013 19.02.2013 18.02.2013 14.02.2013 12.02.2013 08.02.2013 08.02.2013 08.02.2013 08.02.2013 03.02.2013 31.01.2013 31.01.2013 31.01.2013 31.01.2013 31.01.2013 31.01.2013 31.01.2013 31.01.2013 31.01.2013 31.01.2013 30.01.2013 30.01.2013 30.01.2013 30.01.2013 30.01.2013 23.01.2013 17.01.2013 14.01.2013 03.01.2013 22.12.2012 04.12.2012 30.11.2012 27.11.2012 06.11.2012 02.11.2012 02.11.2012 29.10.2012 11.06.2012 28.04.2012

27.02.2013

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 (09.03.2012) 52-Week Low (21.05.2012) Daily Volume Current Price (2/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 31.12.2012 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

12/2011 09/yy 72'000.00 51'800.00 158'352.00 65400 -9.17% 26.25% 67.82% 172.6 11'285'236.00 55'000.00 16'573.0 0.0 51'981.72 11'143'139.37

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 f-12 m-12 a-12 m-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

Fiscal Year Ended 31.12.2007 1'060'264.9 11.56x 851'040.4 14.40x 942'631.4 12.99x

80000

31.12.2008 31.12.2009 992'451.8 455'296.6 7.57x 27.71x 810'287.2 344'371.6 9.27x 36.63x 912'032.4 264'523.9 8.20x 47.20x Profitability

LTM-4Q 31.12.2010 590'657.8 25.39x 484'400.2 30.96x 421'115.5 35.66x

31.12.2011 589'467.7 18.00x 481'987.3 22.01x 395'494.9 27.30x 481'987.28 468'168.71 79.42% 79.57% 5.27% 5.55% 0.08% 80.4% 77.7% 67.1% 0.36 0.26 0.73% 0.77% -

Price/ Cash Flow

LTM

09/yy 09/yy 582'140.0 608'997.7 90.87x 68.56x 474'939.0 489'636.3 21.52x 21.62x 400'948.3 399'879.9 26.43x 27.35x

1.24 122.78 -2.49% 0.31% 1.245 20 4.900 316'292 314'793 365'760

FY+1

FY+2

FQ+1

FQ+2

12/12 Y

12/13 Y

12/12 Q4

03/13 Q1

S&P Issuer Ratings

.0 M f-13

55.52 54.43 0.03 0.8% 0.8% 0.08 28.50 -

Sales/Revenue/Turnover

70.00

6'000'000.0

60.00

5'000'000.0

50.00

4'000'000.0

40.00

3'000'000.0 30.00

2'000'000.0 20.00

1'000'000.0

10.00 0.00 03.01.2009

0.0 03.07.2009

03.01.2010

03.07.2010

03.01.2011

03.07.2011

03.01.2012

03.07.2012

03.01.2013

2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011

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

27.02.2013

LG Corp Holdings By:

All

Holder Name BON-MOO KOO BON-JOON KOO BON-NEUNG KOO FIRST STATE INVESTME NATIONAL PENSION SER COMMONWEALTH BANK OF VANGUARD GROUP INC BLACKROCK SKAGEN AS DIMENSIONAL FUND ADV SAMSUNG INVESTMENT T FMR LLC JF ASSET MANAGEMENT KB ASSET MANAGEMENT THIRD AVENUE MANAGEM SHINHAN BNP PARIBAS TRUSTON ASSET MANAGE JP MORGAN KOREA INVESTMENT TRU LITMAN/GREGORY FUND

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

Analyst SONG IN-CHAN EUNPYO KANG KIM JOON-SUP DONG-YANG KIM LEE HOON JUN YONG-KI CRAIG STERLING OH JIN-WON KANG BONG-WOO WILLIAM PARK JOONG-SUN JANG-WON KIM LEE SANG-WON KIM YONG-SIK SHAWN KIM DAERO JEONG LEE SANG-HUN DANIEL KIM JUNG KYU-BONG YOUNA KIM

Source EXCH EXCH EXCH EXCH EXCH MF-AGG MF-AGG ULT-AGG MF-AGG MF-AGG MF-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 outperform buy buy buy Overwt/Attractive buy buy outperform buy overweight

Amt Held 18'818'169 13'317'448 8'855'032 8'678'061 8'672'581 5'056'220 4'878'081 2'614'523 2'081'717 1'125'075 844'673 790'211 729'600 650'472 592'505 573'216 498'602 494'400 454'132 408'340

% Out 10.91 7.72 5.13 5.03 5.03 2.93 2.83 1.52 1.21 0.65 0.49 0.46 0.42 0.38 0.34 0.33 0.29 0.29 0.26 0.24

Weighting

Change 5 5 5 5 5 5 5 5 5 5 5 5 5 5 5 5 5 5 5

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

Latest Chg 130'000 30'000 55'557 (25'943) (458'003) 233'346 125'541 340'455 (48'549) 159'311 (105'077) 168'000 141'621 -

Target Price 83'600 89'000 90'000 98'000 85'000 79'000 #N/A N/A 90'000 95'000 71'500 90'000 112'000 97'000 78'000 90'000 85'000 94'000 100'000 88'700

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

File Dt 24.08.2012 01.06.2012 24.08.2012 16.07.2012 26.10.2012 31.10.2012 31.12.2012 25.02.2013 31.01.2013 31.07.2012 28.09.2012 31.12.2012 30.09.2011 28.09.2012 31.10.2012 28.09.2012 28.09.2012 31.10.2012 28.09.2012 31.12.2012

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

Inst Type n/a n/a n/a Investment Advisor Investment Advisor Bank Investment Advisor Investment Advisor Mutual Fund Manager Investment Advisor Investment Advisor Investment Advisor Mutual Fund Manager Mutual Fund Manager Hedge Fund Manager Investment Advisor Mutual Fund Manager Unclassified Investment Advisor Investment Advisor

Date 25.02.2013 20.02.2013 20.02.2013 18.02.2013 14.02.2013 13.02.2013 15.01.2013 08.01.2013 02.01.2013 18.12.2012 05.12.2012 28.11.2012 19.11.2012 14.11.2012 02.11.2012 19.10.2012 03.09.2012 10.10.2011 23.08.2011

27.02.2013

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

600000

.1 M .1 M

400000

Latest Fiscal Year: LTM as of: 52-Week High (09.01.2013) 52-Week Low (27.02.2012) Daily Volume Current Price (2/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 31.12.2012 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 09/yy 697'000.00 482'500.00 29'397.00 617000 -11.48% 27.88% 58.04% 15.6 9'636'428.00 500'231.60 10'498.0 0.0 11'127.00 10'387'458.81

.1 M

300000 200000

.0 M

100000

.0 M

0 f-12 m-12 a-12 m-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

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

.1 M

700000 500000

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

31.12.2012 285'251.05 241'512.48 12.10% 12.12% 11.39% 29.85% 15.69% 1.15% 50.7% 14.2% 12.0% 9.5% 0.94 0.52 30.05% 63.78% 6.61 6.58

Price/ Cash Flow

LTM

09/yy 09/yy ######### ######### 14.62x 17.31x 280'617.6 302'676.1 29.78x 33.24x 187'248.3 211'221.3 47.75x 50.43x

0.65 8.52 23.37% -6.09% 0.648 30 4.467 25'310 39'488 34'117

FY+1

FY+2

FQ+1

FQ+2

12/13 Y

12/14 Y

03/13 Q1

06/13 Q2

S&P Issuer Ratings

.0 M f-13

11.20 8.78 2.45 2.51 63.8% 38.6% 1.15 8.13 55.39 55.61 59.50 37.29

Sales/Revenue/Turnover

60.00

2'500'000.0

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 03.01.2009

0.0 03.07.2009

03.01.2010

03.07.2010

03.01.2011

03.07.2011

03.01.2012

03.07.2012

03.01.2013

2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011

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

27.02.2013

LG Household & Health Care Ltd Holdings By:

All

Holder Name LG CORP LG HOUSEHOLD & HEALT FIDELITY FUNDS SICAV GOVT OF SINGAPORE IN T ROWE PRICE INTERNA FMR LLC VANGUARD GROUP INC T ROWE PRICE ASSOCIA BLACKROCK MAPS INVESTMENT MANA MIRAE ASSET GLOBAL I COMMONWEALTH BANK OF JP MORGAN SAMSUNG INVESTMENT T HARRIS TRUST & SAVIN CARMIGNAC GESTION VONTOBEL ASSET MANAG SCHRODER INVESTMENT ALLIANZ ASSET MANAGE SUK-YONG CHA

Firm Name Macquarie E*Trade Securities Korea Daiwa Securities Co. Ltd. Woori Investment & Securities Credit Suisse KTB Securities Nomura Daewoo Securities Hyundai Securities Samsung Securities Shinhan Investment Corp KB Investment & Securities Co., Ltd IBK Securities Co Ltd Morgan Stanley JPMorgan HSBC Korea Investment & Securities EVA Dimensions Meritz Securities Co., Ltd NH Investment & Securities Deutsche Bank Goldman Sachs Standard Chartered Hana Daetoo Securities SK Securities Co Ltd Mirae Asset Securities 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 Multiple Portfolios Multiple Portfolios n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios n/a n/a

Analyst NA HONG-SUK YANG JI-HAE PARK SANG HEE COOKIE HAN SONIA KIM SEUNG-HYUN KIM MIN-JEONG CARA EUN JUNG SONG KIM MINA KIM HYE-RIM EUNKYUNG PARK HYUN-AH CHO LEE JI-YEON JI-YOUNG AHN KELLY H KIM YOUNA KIM KAREN CHOI LEE JUNG-IN AUSTIN BURKETT SONG KWANG-SOO EUN-YOUNG BAE JI-HYUN SONG CHRISTINE CHO BOYOUNG KIM CHO YOON-JUNG HA TAE-GI SEAN KIM JIN-IL LEE SONG CHI-HO

Source EXCH EXCH EXCH ULT-AGG EXCH ULT-AGG MF-AGG MF-AGG ULT-AGG MF-AGG MF-AGG MF-AGG ULT-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG ULT-AGG EXCH

Recommendation outperform buy hold buy outperform buy buy buy buy buy buy buy buy Equalwt/Attractive overweight overweight buy underweight buy buy buy neutral/neutral outperform buy neutral buy buy buy

Amt Held 5'315'500 958'406 943'072 780'125 775'081 651'521 487'752 377'749 298'259 285'971 268'999 236'333 219'286 184'943 156'093 130'984 117'182 106'972 74'218 39'888

% Out 34.03 6.14 6.04 4.99 4.96 4.17 3.12 2.42 1.91 1.83 1.72 1.51 1.4 1.18 1 0.84 0.75 0.68 0.48 0.26

Weighting

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

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

Latest Chg 158'487 (16'991) 184'494 (3'139) (13'723) (186) 17'122 15'500 (6'505) 1'345 6'873 11'190 10'405 (3'157) 5'000

Target Price 730'000 790'000 620'000 750'000 745'000 820'000 730'000 800'000 750'000 793'000 760'000 700'000 750'000 670'000 720'000 770'000 790'000 #N/A N/A 770'000 770'000 768'000 640'000 740'000 820'000 620'000 630'000 720'000 590'000

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

File Dt Inst Type 02.05.2012 Holding Company 02.05.2012 n/a 25.07.2012 Investment Advisor 21.06.2011 Government 18.08.2011 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 25.02.2013 Investment Advisor 28.09.2012 Mutual Fund Manager 28.09.2012 Investment Advisor 31.10.2012 Bank 31.10.2012 Unclassified 28.09.2012 Investment Advisor 31.12.2012 Unclassified 31.12.2012 Investment Advisor 31.10.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 13.02.2013 n/a

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

Date 26.02.2013 25.02.2013 21.02.2013 20.02.2013 15.02.2013 04.02.2013 29.01.2013 23.01.2013 23.01.2013 23.01.2013 23.01.2013 23.01.2013 23.01.2013 22.01.2013 22.01.2013 22.01.2013 21.01.2013 17.01.2013 16.01.2013 15.01.2013 11.01.2013 10.01.2013 18.12.2012 25.10.2012 26.07.2012 25.04.2012 30.03.2012 28.11.2011

27.02.2013

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

3.0 M

12/2012 12/yy 112'500.00 85'700.00 204'245.00 94000 -16.44% 9.68% 32.09% 74.7 7'021'207.50 916'732.15 14'534.9 0.0 451'106.81 7'170'908.34

2.0 M 1.5 M

40000

1.0 M

20000

.5 M

0 f-12 m-12 a-12 m-12

j-12

a-12

s-12

o-12

n-12 d-12

j-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

FY+1

.0 M f-13

1.14 52.34 6.07% -5.24% 1.138 42 4.619 317'983 368'753 507'383 FY+2

FQ+1

FQ+2

31.12.2012 12/yy 12/yy 12/13 Y 12/14 Y 03/13 Q1 06/13 Q2 5'469'200.4 ######### ######### ######### 7.36x 4.33x 1.45x - 404'817.9 492'948.5 634'723.0 16.07x 0.00x 11.30x 498'072.6 294'260.9 498'072.5 372'209.0 20.46x 0.00x 19.62x S&P Issuer Ratings 404'817.93 Long-Term Rating Date 373'390.12 Long-Term Rating 6.83% Long-Term Outlook 8.50% Short-Term Rating Date 9.42% Short-Term Rating 14.61% Credit Ratios 11.97% EBITDA/Interest Exp. 0.95% (EBITDA-Capex)/Interest Exp. Net Debt/EBITDA 16.5% Total Debt/EBITDA 11.4% Reference 5.9% Total Debt/Equity 9.1% Total Debt/Capital Asset Turnover 1.28 Net Fixed Asset Turnover 0.90 Accounts receivable turnover-days 18.30% Inventory Days 28.19% Accounts Payable Turnover Day 5.75 Cash Conversion Cycle 15.83

Price/ Cash Flow

12.24 -1.21 0.19 1.33 28.2% 21.9% 0.95 3.34 63.67 23.12 36.03 49.86

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

2.5 M

60000

Latest Fiscal Year: LTM as of: 52-Week High (10.05.2012) 52-Week Low (15.10.2012) Daily Volume Current Price (2/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 31.12.2012 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

3.5 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

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 |

27.02.2013

Samsung Electro-Mechanics Co Ltd Holdings By:

All

Holder Name SAMSUNG ELECTRONICS NATIONAL PENSION SER KOREA INVESTMENT TRU VANGUARD GROUP INC SAMSUNG INVESTMENT T BLACKROCK UBS HANA ASSET MANAG MIRAE ASSET GLOBAL I MAPS INVESTMENT MANA INVESCO ASSET MANAGE KYOBO AXA INVESTMENT NH-CA ASSET MANAGEME PCA INVESTMENT TRUST DIMENSIONAL FUND ADV ALLIANZ GLOBAL INVES KB ASSET MANAGEMENT KTB ASSET MANAGEMENT SHINHAN BNP PARIBAS TONG YANG INVESTMENT ROYAL BANK OF CANADA

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

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

Analyst KIM WOON-HO CHO SUNG-EUN PETER YU KIM JI-SAN KYU JIN EO JIN HO CHO HANJOON KIM LIM DORI HYUN PARK KEVIN SUNG-HYUK LEE SEAN KIM KWON SUNG-RYUL ROK-HO KIM PARK WON-JAE JAE-YEON HWANG JI MOK-HYUN GREG GEUN-CHANG ROH HA JOON-DOO SOPHIA KIM HELAINE KANG SOYUN SHIN PARK SANG-HYUN BYUN HAN-JOON CHUN SUNG-HOON BAE SEUNG-CHUL LEE KA KEUN MARCUS SHIN KEON HAN JAMES KIM BRIAN SOHN ANDREW S ZAMFOTIS KI-YOUNG KIM HYUN-YONG KIM JOSHUA OH BAEK JONG-SUK JI-WOONG KIM LEE KWAN-SOO PARK SEONG-MIN HAN EUNMEE

Source EXCH EXCH EXCH MF-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 MF-AGG MF-AGG ULT-AGG

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

Amt Held 17'693'084 4'533'430 3'989'329 3'070'782 1'918'230 1'646'384 449'759 314'490 262'948 230'000 188'047 173'715 162'608 160'757 158'918 157'638 156'392 123'356 119'221 110'882

% Out 23.69 6.07 5.34 4.11 2.57 2.2 0.6 0.42 0.35 0.31 0.25 0.23 0.22 0.22 0.21 0.21 0.21 0.17 0.16 0.15

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 3 5 3 3 5 5 5 1 5 5 5 5 3 5 5 5

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 M M M M M M M M N M M

Latest Chg 754'109 336'721 (19'629) 59'665 (1'387) (197'234) (267'118) (426'069) 230'000 (13'990) 8'983 68'113 (66'665) (307'172) (164'108) (6'496) (41'123) 3'500

Target Price 130'000 130'000 125'000 140'000 120'000 125'000 125'000 125'000 140'000 #N/A N/A 127'000 130'000 120'000 119'000 130'000 120'000 125'000 110'000 120'000 130'000 130'000 125'000 135'000 105'000 120'000 100'000 95'000 114'000 120'000 125'000 #N/A N/A 135'000 120'000 130'000 145'000 110'000 127'000 121'000 130'000

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

File Dt 21.03.2012 25.04.2012 30.11.2012 31.12.2012 28.09.2012 25.02.2013 28.09.2012 28.09.2012 28.09.2012 31.05.2012 28.09.2012 28.09.2012 28.09.2012 31.07.2012 28.09.2012 28.09.2012 28.09.2012 28.09.2012 28.09.2012 28.09.2012

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

Inst Type Corporation Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Mutual Fund Manager Investment Advisor Mutual Fund Manager Mutual Fund Manager Mutual Fund Manager Mutual Fund Manager Mutual Fund Manager Investment Advisor Mutual Fund Manager Mutual Fund Manager Mutual Fund Manager Investment Advisor Mutual Fund Manager Bank

Date 27.02.2013 20.02.2013 19.02.2013 18.02.2013 18.02.2013 14.02.2013 12.02.2013 12.02.2013 12.02.2013 08.02.2013 05.02.2013 05.02.2013 04.02.2013 01.02.2013 01.02.2013 01.02.2013 01.02.2013 01.02.2013 01.02.2013 01.02.2013 01.02.2013 01.02.2013 01.02.2013 01.02.2013 01.02.2013 31.01.2013 31.01.2013 31.01.2013 31.01.2013 29.01.2013 17.01.2013 15.01.2013 08.01.2013 03.01.2013 26.10.2012 26.10.2012 22.10.2012 01.08.2012 27.07.2012

27.02.2013

Samsung Engineering Co Ltd Samsung Engineering Co., Ltd. provides engineering and construction services in the domestic and international markets. The Company constructs governmental buildings, petrochemical plants, industrial plants, power plants, gas plants, and sewage treatment facilities.

Price/Volume 300000

.7 M

250000

.6 M .5 M

200000

Latest Fiscal Year: LTM as of: 52-Week High (27.03.2012) 52-Week Low (01.11.2012) Daily Volume Current Price (2/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 31.12.2012 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 12/yy 255'500.00 141'000.00 66'118.00 153000 -40.12% 8.51% 11.35% 40.0 6'120'000.00 0.00 0.0 0.0 388'260.62 6'114'888.22

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

.3 M

100000

.2 M

50000

.1 M

0 f-12 m-12 a-12 m-12

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

LTM

31.12.2012 12/yy 12/yy 8'867'692.4 ######### ######### 3.97x 2.52x - 552'000.6 596'998.3 12.79x 0.00x 518'977.0 475'492.4 518'977.4 15.66x 0.00x 558'265.80 722'483.10 8.15% 7.60% 12.96% 42.01% 42.26% 2.22% 11.8% 6.9% 8.1% 5.9% 1.18 0.97 0.00% 0.00% 4.83 -

Price/ Cash Flow

j-12

a-12

s-12

o-12

n-12

d-12

j-13

.0 M f-13

1.96 1.14 25.69 -28.05% -7.55% 1.142 37 4.297 111'263 128'366 158'713

FY+1

FY+2

FQ+1

FQ+2

12/13 Y

12/14 Y

03/13 Q1

06/13 Q2

S&P Issuer Ratings

150.80 92.51 -0.70 0.00 0.0% 0.0% 2.22 16.44 75.63 104.56 -

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

j-12

Fiscal Year Ended 31.12.2008 2'635'598.0 0.44x 146'796.1 7.99x 188'369.4 8.83x

.4 M

150000

Valuation Analysis

0.0 02.07.2010

02.01.2011

02.07.2011

02.01.2012

02.07.2012

02.01.2013

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 |

27.02.2013

Samsung Engineering Co Ltd Holdings By:

All

Holder Name CHEIL INDUSTRIES INC NATIONAL PENSION SER SAMSUNG ENGINEERING SAMSUNG SDI CO LTD JF ASSET MANAGEMENT VANGUARD GROUP INC KOREA INVESTMENT TRU T ROWE PRICE ASSOCIA BLACKROCK SAMSUNG INVESTMENT T JP MORGAN FMR LLC SCHRODER INVESTMENT CARMIGNAC GESTION ALLIANCE BERNSTEIN MIRAE ASSET GLOBAL I CAPITAL GROUP COMPAN COLUMBIA WANGER ASSE JF ASSET MANAGEMENT INVESCO LTD

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

Portfolio Name 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 n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios

Analyst BYUN SUNG-JIN HEU MOON-WOOK SEUNG-WOO SHIN LEE SOKJE SINN MIN-SEOK JAMES KP HONG HYUNG-GUN KIM LEE SUN-IL KIYOUNG ROH CHO YOON-HO KANG SEUNG-MIN RYAN EMILY KIM KS KANG BRIAN CHO SUN-MI KIM CHO JOO-HYUNG SANG-YEON PARK KEITH NAM JONG-HYO HAN CRAIG STERLING CHO DONG-PIL WAYNE WANG-SANG LEE SANG-HYUP CHONG CHAE SANG-WOOK LEE KYUNG-JA SONG HEUNG-IK JINMOOK KIM JOON SEOK HAN SANG-HI YOO DEOK-SANG LEE KWANG-SOO PARK YONG-HEE MIKE OH PARK HYUNG-RYUL

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

Recommendation buy hold not rated overweight outperform outperform buy buy buy buy market perform market perform buy overweight hold hold buy buy buy underweight buy buy buy hold hold buy Buy/Neutral Equalwt/In-Line buy buy buy hold outperform buy

Amt Held 5'238'299 3'837'636 3'042'638 2'036'966 2'020'701 1'567'381 1'545'447 817'991 770'814 724'851 614'319 582'298 287'285 190'352 171'086 163'398 151'000 145'999 138'117 118'979

% Out 13.1 9.59 7.61 5.09 5.05 3.92 3.86 2.04 1.93 1.81 1.54 1.46 0.72 0.48 0.43 0.41 0.38 0.36 0.35 0.3

Weighting

Change

5 3 #N/A N/A 5 5 5 5 5 5 5 3 3 5 5 3 3 5 5 5 1 5 5 5 3 3 5 5 3 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 N U M M D M M

Latest Chg 212'994 2'020'701 (10'502) (62'034) 144'301 (545) 19'619 (131'077) (307'246) 228'343 47'930 (41'196) (108'000) (41'612) (26'457)

Target Price 200'000 194'000 #N/A N/A 220'000 190'000 220'000 190'500 190'000 200'000 208'000 #N/A N/A 170'000 170'000 231'000 180'000 165'000 190'000 230'000 250'000 #N/A N/A 230'000 230'000 200'000 175'000 #N/A N/A 230'000 203'000 170'000 205'000 230'000 215'000 220'000 230'000 235'000

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

File Dt Inst Type 30.04.2012 Corporation 31.12.2011 Investment Advisor 31.12.2011 n/a 29.03.2012 Corporation 13.02.2013 Investment Advisor 31.12.2012 Investment Advisor 28.09.2012 Investment Advisor 31.12.2012 Investment Advisor 25.02.2013 Investment Advisor 28.09.2012 Investment Advisor 31.10.2012 Unclassified 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 28.09.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 30.09.2011 Mutual Fund Manager 26.02.2013 Investment Advisor

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

Date 27.02.2013 25.02.2013 25.02.2013 18.02.2013 14.02.2013 05.02.2013 04.02.2013 30.01.2013 30.01.2013 29.01.2013 29.01.2013 29.01.2013 29.01.2013 29.01.2013 29.01.2013 29.01.2013 29.01.2013 28.01.2013 23.01.2013 17.01.2013 16.01.2013 15.01.2013 09.01.2013 07.01.2013 03.01.2013 21.12.2012 14.12.2012 07.12.2012 06.11.2012 26.10.2012 15.10.2012 09.10.2012 17.09.2012 19.07.2012

27.02.2013

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

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (03.01.2013) 52-Week Low (15.05.2012) Daily Volume Current Price (2/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 31.12.2012 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 12/yy 190'000.00 113'000.00 105'713.00 173500 -8.68% 53.54% 82.47% 47.0 8'147'874.50 3'391'718.00 3'800.0 0.0 128'952.00 11'172'624.38

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

.8 M .7 M .6 M .5 M .4 M .3 M .2 M .1 M j-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

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

200000 180000 160000 140000 120000 100000 80000 60000 40000 20000 0 f-12 m-12 a-12 m-12

31.12.2009 31.12.2010 766'714.2 600'778.0 8.29x 14.50x 377'921.1 386'138.0 16.82x 22.56x 284'265.2 162'101.0 12.72x 35.00x Profitability

LTM-4Q 31.12.2011 765'123.0 10.67x 578'426.0 14.11x 426'553.0 11.50x

31.12.2012 733'203.6 377'474.7 578'426.00 552'826.95 75.40% 55.43% 3.90% 5.63% 0.07% 97.8% 75.6% 75.4% 51.5% 0.18 0.13 30.17% 43.88% 88.02 1.28

Price/ Cash Flow

LTM

12/yy 12/yy 767'447.0 738'259.0 47.45x 36.32x 580'750.0 544'968.0 14.06x 0.00x 426'553.0 377'475.0 11.50x 0.00x

1.12 1.30 23.24 11.71% -3.07% 1.299 16 4.500 107'049 145'095 159'998

FY+1

FY+2

FQ+1

FQ+2

12/13 Y

12/14 Y

03/13 Q1

06/13 Q2

S&P Issuer Ratings

.0 M f-13

02.07.2007 NR 02.02.1998 NR 3.69 3.66 5.64 5.86 43.9% 30.5% 0.07 13.40 4.15 285.11 -20.61 309.88

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

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 |

27.02.2013

SK Holdings Co Ltd Holdings By:

All

Holder Name SK C&C CO LTD SK HOLDINGS CO LTD NATIONAL PENSION SER VANGUARD GROUP INC BLACKROCK DIMENSIONAL FUND ADV KOREA INVESTMENT TRU SAMSUNG INVESTMENT T PCA INVESTMENT TRUST PRINCIPAL FINANCIAL KB ASSET MANAGEMENT NORDEA INVESTMENT FU NORDEA INV MANAGEMEN KYOBO AXA INVESTMENT MIRAE ASSET GLOBAL I STATE STREET HI ASSET MANAGEMENT ACADIAN ASSET MANAGE FMR LLC DIMENSIONAL FUND ADV

Firm Name Woori Investment & Securities KIWOOM Securities Co Ltd KTB Securities Hyundai Securities KB Investment & Securities Co., Ltd EVA Dimensions Samsung Securities HI Investment Securities Shinhan Investment Corp IBK Securities Co Ltd Daewoo Securities Korea Investment & Securities E*Trade Securities Korea LIG Investment Securities Morgan Stanley JPMorgan

Portfolio Name 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 Multiple Portfolios Multiple Portfolios n/a Multiple Portfolios

Analyst DONG-YANG KIM WILLIAM PARK JOONG-SUN SHIN JI-YOON JUN YONG-KI LEE SANG-WON CRAIG STERLING EUNPYO KANG LEE SANG-HUN SONG IN-CHAN JANG-WON KIM DAERO JEONG LEE HOON KIM JOON-SUP KANG BONG-WOO SHAWN KIM YOUNA KIM

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

Recommendation buy buy buy buy buy hold buy buy buy buy buy buy buy buy Underwt/Attractive restricted

Amt Held 14'944'432 6'484'650 2'271'594 1'405'459 693'994 565'440 252'450 244'739 188'294 154'096 146'836 125'890 106'510 98'214 89'009 88'211 84'279 75'349 70'590 68'903

% Out 31.82 13.81 4.84 2.99 1.48 1.2 0.54 0.52 0.4 0.33 0.31 0.27 0.23 0.21 0.19 0.19 0.18 0.16 0.15 0.15

Weighting

Change

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

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

Latest Chg (480'741) (9'287) 4'347 167'823 81'732 179'388 (51'096) 2'386 3'095 (86'026) (12'904) 63'838 (140'955) -

Target Price 230'000 270'000 230'000 260'000 210'000 #N/A N/A 204'000 250'000 216'000 230'000 235'000 234'000 175'000 240'000 163'000 #N/A N/A

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

File Dt 30.06.2012 30.06.2012 21.04.2009 31.12.2012 25.02.2013 31.07.2012 28.09.2012 28.09.2012 28.09.2012 31.01.2013 28.09.2012 31.12.2012 31.12.2012 28.09.2012 28.09.2012 26.02.2013 28.09.2012 31.12.2012 31.12.2012 30.11.2012

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

Inst Type Corporation Corporation Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Mutual Fund Manager Investment Advisor Mutual Fund Manager Investment Advisor Investment Advisor Mutual Fund Manager Investment Advisor Investment Advisor Mutual Fund Manager Investment Advisor Investment Advisor Investment Advisor

Date 25.02.2013 01.02.2013 22.01.2013 21.01.2013 21.01.2013 17.01.2013 14.01.2013 02.01.2013 27.12.2012 05.12.2012 30.11.2012 30.11.2012 15.10.2012 04.10.2012 11.09.2012 07.06.2012

27.02.2013

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 90000

1.6 M

80000

1.4 M

70000

1.2 M

60000

1.0 M

50000

Latest Fiscal Year: LTM as of: 52-Week High (13.03.2012) 52-Week Low (26.07.2012) Daily Volume Current Price (2/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 31.12.2012 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 12/yy 87'500.00 55'600.00 295'867.00 67000 -23.43% 20.50% 37.30% 111.4 7'460'836.50 1'354'810.77 494.0 0.0 1'314'050.08 8'051'634.26

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

.6 M

30000 20000

.4 M

10000

.2 M

0 f-12 m-12 a-12 m-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

Fiscal Year Ended 31.12.2008 7'271'096.8 0.88x 513'812.4 12.41x 373'474.0 16.96x

.8 M

40000

Valuation Analysis

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

FY+1

0.75 1.26 57.69 -17.00% -4.29% 1.260 38 4.684 392'850 420'166 425'014 FY+2

FQ+1

31.12.2012 12/yy 12/yy 12/13 Y 12/14 Y 03/13 Q1 10'433'442.0 ######### ######### ######### ######### ######### 3.27x 2.49x 0.57x 0.48x 2.64x - 513'584.8 108'729.0 932'080.5 ######### 194'291.0 15.34x 0.00x 8.64x 7.38x 9.15x 347'018.5 503'311.3 340'984.0 589'720.7 712'838.7 113'602.0 15.58x 0.00x 12.66x 9.69x 12.30x S&P Issuer Ratings 513'619.79 Long-Term Rating Date 415'633.66 Long-Term Rating 3.98% Long-Term Outlook 6.05% Short-Term Rating Date 4.80% Short-Term Rating 12.00% Credit Ratios 10.03% EBITDA/Interest Exp. 0.96% (EBITDA-Capex)/Interest Exp. Net Debt/EBITDA 8.5% Total Debt/EBITDA 5.1% Reference 4.0% Total Debt/Equity 3.3% Total Debt/Capital Asset Turnover 1.48 Net Fixed Asset Turnover 0.86 Accounts receivable turnover-days 12.68% Inventory Days 31.38% Accounts Payable Turnover Day 4.10 Cash Conversion Cycle 8.63

Price/ Cash Flow

.0 M f-13

FQ+2 06/13 Q2 ######### 2.42x 208'733.0 138'075.0 11.40 10.82 0.08 2.64 31.4% 23.9% 0.96 32.79 89.11 42.29 100.55 30.86

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

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 |

27.02.2013

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 VANGUARD GROUP INC MAPS INVESTMENT MANA BLACKROCK SAMSUNG INVESTMENT T KB ASSET MANAGEMENT KOREA INVESTMENT TRU UBS HANA ASSET MANAG SHINHAN BNP PARIBAS PCA INVESTMENT TRUST KYOBO AXA INVESTMENT CAPITAL GROUP COMPAN SWEDBANK ROBUR FONDE ALLIANZ GLOBAL INVES HYUNDAI INVESTMENTS

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

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 Multiple Portfolios Multiple Portfolios Multiple Portfolios n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios

Analyst BYUN SUNG-JIN HEU MOON-WOOK CHO JOO-HYUNG SEUNG-WOO SHIN SINN MIN-SEOK WILLIAM PARK JOONG-SUN SANG-YEON PARK LEE KYUNG-JA BRIAN CHO SONG HEUNG-IK CHO YOON-HO KANG SEUNG-MIN RYAN KS KANG LEE KWANG-SOO JONG-HYO HAN LEE SUN-IL WAYNE WANG-SANG LEE SUN-MI KIM CHO DONG-PIL KIYOUNG ROH CHAE SANG-WOOK JINMOOK KIM JOON SEOK LEE SOKJE KEITH NAM HYUNG-GUN KIM JAMES KP HONG CRAIG STERLING SANG-HYUP CHONG MIKE OH YOO DEOK-SANG EMILY KIM PARK HYUNG-RYUL PARK YONG-HEE HAN SANG-HI

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

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

Amt Held 23'327'400 11'005'585 9'719'750 5'831'850 5'510'939 3'654'985 3'491'488 2'305'761 1'742'577 1'248'784 1'078'067 862'445 768'757 495'132 431'489 317'450 272'611 270'227 270'098 260'670

% Out 20.95 9.88 8.73 5.24 4.95 3.28 3.14 2.07 1.56 1.12 0.97 0.77 0.69 0.44 0.39 0.29 0.24 0.24 0.24 0.23

Weighting

Change

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

Latest Chg (166'793) (8'739'000) (2'849) 560'385 (1'071) (308'514) 89'288 28'735 292'819 (156'115) 50'597 5'353 193'035 3'138 (9'288)

Target Price 69'000 79'000 85'000 #N/A N/A 85'000 84'700 110'000 90'000 90'000 90'000 85'000 90'000 82'000 84'000 105'000 85'000 75'000 90'000 92'000 90'000 100'000 64'000 82'000 87'000 110'000 90'000 66'000 #N/A N/A 82'000 86'000 90'000 89'000 104'000 80'000 87'400

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

File Dt 30.06.2012 30.06.2012 30.06.2012 30.06.2012 07.05.2012 01.04.2011 31.12.2012 28.09.2012 25.02.2013 28.09.2012 28.09.2012 28.09.2012 28.09.2012 28.09.2012 28.09.2012 28.09.2012 30.09.2012 31.12.2012 28.09.2012 28.09.2012

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

Inst Type Corporation Investment Advisor Corporation Corporation Investment Advisor Government Investment Advisor Mutual Fund Manager Investment Advisor Investment Advisor Mutual Fund Manager Investment Advisor Mutual Fund Manager Investment Advisor Mutual Fund Manager Mutual Fund Manager Investment Advisor Investment Advisor Mutual Fund Manager Mutual Fund Manager

Date 27.02.2013 25.02.2013 25.02.2013 25.02.2013 14.02.2013 14.02.2013 13.02.2013 07.02.2013 31.01.2013 28.01.2013 28.01.2013 28.01.2013 28.01.2013 28.01.2013 28.01.2013 28.01.2013 28.01.2013 28.01.2013 28.01.2013 28.01.2013 28.01.2013 27.01.2013 25.01.2013 25.01.2013 25.01.2013 24.01.2013 23.01.2013 17.01.2013 09.01.2013 09.01.2013 03.12.2012 29.10.2012 24.10.2012 10.10.2012 09.07.2012

27.02.2013

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

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (10.05.2012) 52-Week Low (12.04.2012) Daily Volume Current Price (2/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 31.12.2012 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 12/yy 171'500.00 127'000.00 126'751.00 138500 -19.24% 9.06% 25.84% 45.6 6'309'830.00 645'632.32 8'239.5 0.0 261'928.28 6'556'731.06

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

1.8 M

160000

1.6 M

140000

1.4 M

120000

1.2 M

100000

1.0 M

80000

.8 M

60000

.6 M

40000

.4 M

20000

.2 M

0 f-12 m-12 a-12 m-12

j-12

a-12

s-12

o-12

n-12 d-12

j-13

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

180000

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 12/yy 12/yy 4'907'778.3 ######### ######### 5.76x 4.16x - 334'544.7 281'071.1 18.46x 0.00x 2'547'189.6 (45'477.7) ######### 0.00x 0.00x 334'544.69 58'155.16 1.18% 1.87% 28.34% 37.95% 34.85% 0.54% 9.6% 7.4% -0.1% 51.9% 1.06 0.80 8.93% 11.79% 5.12 14.83

Price/ Cash Flow

0.95 29.58 1.35% -8.28% 0.949 43 4.628 165'314 137'290 154'749

FY+1

FY+2

FQ+1

FQ+2

12/13 Y

12/14 Y

03/13 Q1

06/13 Q2

S&P Issuer Ratings

.0 M f-13

23.23 5.11 0.66 1.59 11.8% 10.5% 0.54 3.81 71.51 24.68 36.35 59.08

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

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 |

27.02.2013

Samsung SDI Co Ltd Holdings By:

All

Holder Name SAMSUNG ELECTRONICS NATIONAL PENSION SER KOREA INVESTMENT TRU MIRAE ASSET GLOBAL I SAMSUNG SDI CO LTD VANGUARD GROUP INC MAPS INVESTMENT MANA SAMSUNG INVESTMENT T BLACKROCK DIMENSIONAL FUND ADV FMR LLC INVESCO ASSET MANAGE JULIUS BAER MULTIPAR TRUSTON ASSET MANAGE KB ASSET MANAGEMENT UBS HANA ASSET MANAG SAMSUNG LIFE INSU CU TONG YANG INVESTMENT DIMENSIONAL FUND ADV WOORI ASSET MANAGEME

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

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

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

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

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

Amt Held 9'282'753 4'375'877 3'372'585 2'297'083 2'195'849 1'758'690 1'154'702 1'046'147 1'001'541 664'580 354'588 150'000 142'505 135'357 127'768 97'935 95'628 91'281 86'872 72'032

% Out 20.38 9.6 7.4 5.04 4.82 3.86 2.53 2.3 2.2 1.46 0.78 0.33 0.31 0.3 0.28 0.21 0.21 0.2 0.19 0.16

Weighting

Change 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 3 3 3 5 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 M M M M M M M M M M M M M M N M M M

Latest Chg (460'006) (13'904) 110'428 107'945 (1'914) 332'357 150'000 142'505 (9'382) (38'677) (102'358) (7'710) 4'650

Target Price 180'000 190'000 175'000 198'000 190'000 165'000 190'000 180'000 190'000 169'000 170'000 190'000 200'000 200'000 185'000 170'000 180'000 156'000 180'000 200'000 190'000 200'000 203'000 180'000 200'000 205'000 200'000 190'000 142'000 155'000 146'000 200'000 170'000 #N/A N/A 198'000 200'000 187'000 200'000 200'000 176'000

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

File Dt 30.06.2012 30.06.2012 30.06.2012 31.01.2013 30.06.2012 31.12.2012 28.09.2012 28.09.2012 25.02.2013 31.07.2012 31.12.2012 31.05.2012 29.02.2012 28.09.2012 28.09.2012 28.09.2012 30.06.2012 28.09.2012 30.11.2012 28.09.2012

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

Inst Type Corporation Investment Advisor Investment Advisor Investment Advisor Corporation Investment Advisor Mutual Fund Manager Investment Advisor Investment Advisor Investment Advisor Investment Advisor Mutual Fund Manager Mutual Fund Manager Mutual Fund Manager Mutual Fund Manager Mutual Fund Manager n/a Mutual Fund Manager Investment Advisor Mutual Fund Manager

Date 27.02.2013 22.02.2013 18.02.2013 18.02.2013 15.02.2013 12.02.2013 08.02.2013 05.02.2013 05.02.2013 04.02.2013 31.01.2013 31.01.2013 30.01.2013 30.01.2013 30.01.2013 30.01.2013 30.01.2013 30.01.2013 30.01.2013 30.01.2013 30.01.2013 30.01.2013 30.01.2013 30.01.2013 30.01.2013 30.01.2013 30.01.2013 29.01.2013 29.01.2013 29.01.2013 29.01.2013 18.01.2013 17.01.2013 15.01.2013 09.01.2013 07.01.2013 17.12.2012 31.10.2012 06.09.2012 02.05.2012

27.02.2013

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 16000

12.0 M

14000

10.0 M

12000 8.0 M

10000 8000

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (04.04.2012) 52-Week Low (28.11.2012) Daily Volume Current Price (2/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 31.12.2012 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 12/yy 14'000.00 9'700.00 958'053.00 12900 -7.86% 32.99% 74.42% 806.0 10'397'598.00 3'653'967.60 0.0 33'537.67 13'766'925.94

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

4.0 M

4000 2.0 M

2000 0 f-12 m-12 a-12 m-12

j-12

a-12

s-12

o-12

n-12 d-12

.0 M f-13

j-13

Fiscal Year Ended 31.12.2008 666'266.9 12.60x 600'902.6 13.97x 454'478.0 11.26x

6.0 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 396'898.0 582'188.17 97.86% 51.46% 1.71% 2.17% 1.72% 0.03% 98.7% 51.6% 20.18% 25.71% -

Price/ Cash Flow

LTM

12/yy 12/yy 589'734.1 617'786.9 89.47x 63.03x 582'188.2 615'251.9 19.27x 0.00x 304'480.2 396'898.3 25.15x 0.00x

1.94 1.30 314.14 10.24% 9.32% 1.296 41 4.195 1'512'047 1'770'747 1'865'349

FY+1

FY+2

FQ+1

FQ+2

12/13 Y

12/14 Y

03/13 Q1

06/13 Q2

S&P Issuer Ratings

31.10.2008 BBB+ STABLE 31.10.2008 A-2 6.22 6.28 25.7% 20.4% 0.03 1064.44 -

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

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 |

27.02.2013

Woori Finance Holdings Co Ltd Holdings By:

All

Holder Name KOREA DEPOSIT INSURA MIRAE ASSET GLOBAL I NATIONAL PENSION SER CAPITAL GROUP COMPAN VANGUARD GROUP INC FRANKLIN RESOURCES BLACKROCK DIMENSIONAL FUND ADV SHINHAN BNP PARIBAS GRANTHAM MAYO VAN OT SAMSUNG INVESTMENT T KB ASSET MANAGEMENT STATE STREET KYOBO AXA INVESTMENT ACADIAN ASSET MANAGE MIRAE ASSET GLOBAL I LANDESBANK BERLIN IN MIDAS ASSET MANAGEME NH-CA ASSET MANAGEME BARING FUND MANAGERS

Firm Name

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

Analyst

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

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

Recommendation outperform buy buy reduce outperform buy market perform buy hold buy buy buy neutral buy buy in-line outperform buy outperform buy buy buy buy buy market perform buy buy hold market perform buy buy Equalwt/In-Line neutral/neutral hold buy buy buy equalweight buy restricted

Amt Held 459'198'609 49'967'187 32'594'103 27'011'350 19'472'699 11'298'832 8'116'230 6'525'027 4'460'057 4'231'790 3'624'947 3'607'973 1'365'850 1'230'770 1'147'225 1'045'243 1'033'640 925'685 773'780 767'210

% Out 56.97 6.2 4.04 3.35 2.42 1.4 1.01 0.81 0.55 0.53 0.45 0.45 0.17 0.15 0.14 0.13 0.13 0.11 0.1 0.1

Weighting

Change

5 5 5 2 5 5 3 5 3 5 5 5 3 5 5 3 5 5 5 5 5 5 5 5 3 5 5 3 3 5 5 3 3 3 5 5 5 3 5 #N/A N/A

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

Latest Chg (8'282'814) 23'610 3'763'348 8'560 (460'228) (3'566'635) 157'092 (63'940) (14'320) 189'930 13'260 (18'587) (240'730) -

Target Price 15'000 16'600 16'000 10'300 15'500 14'000 #N/A N/A 15'900 #N/A N/A 14'000 15'000 15'000 12'400 17'000 15'000 13'000 14'500 15'000 16'000 #N/A N/A 17'800 14'000 15'000 15'900 14'000 16'000 15'000 12'000 11'800 14'000 16'000 12'000 12'000 11'000 15'000 14'000 13'500 13'000 17'000 #N/A N/A

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

File Dt 20.04.2012 09.04.2010 01.11.2012 31.12.2012 31.12.2012 30.09.2012 25.02.2013 31.07.2012 28.09.2012 31.05.2012 28.09.2012 28.09.2012 26.02.2013 28.09.2012 31.12.2012 28.09.2012 31.01.2013 28.09.2012 28.09.2012 31.10.2012

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

Inst Type Government Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Mutual Fund Manager Investment Advisor Mutual Fund Manager Investment Advisor Investment Advisor Mutual Fund Manager Investment Advisor Mutual Fund Manager Investment Advisor

Date 21.02.2013 19.02.2013 18.02.2013 18.02.2013 15.02.2013 12.02.2013 08.02.2013 08.02.2013 08.02.2013 08.02.2013 08.02.2013 08.02.2013 07.02.2013 07.02.2013 04.02.2013 23.01.2013 22.01.2013 22.01.2013 21.01.2013 17.01.2013 14.01.2013 11.01.2013 08.01.2013 08.01.2013 04.01.2013 24.12.2012 20.12.2012 28.11.2012 21.11.2012 02.11.2012 02.11.2012 01.11.2012 01.11.2012 01.11.2012 09.10.2012 27.09.2012 23.08.2012 14.05.2012 05.10.2011 15.06.2011

27.02.2013

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 120000

1.6 M 1.4 M

100000

1.2 M 80000

Latest Fiscal Year: LTM as of: 52-Week High (29.02.2012) 52-Week Low (15.11.2012) Daily Volume Current Price (2/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 31.12.2012 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 12/yy 116'000.00 74'800.00 319'349.00 84200 -27.41% 12.57% 24.27% 85.3 7'183'479.00 10'103'739.49 0.0 0.0 1'426'734.37 16'353'137.23

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

.8 M .6 M

40000

.4 M 20000

.2 M

0 f-12 m-12 a-12 m-12

j-12

a-12

s-12

o-12

n-12 d-12

j-13

Fiscal Year Ended 31.12.2008 10'502'957.2 0.65x 1'586'684.2 4.30x 822'540.3 3.84x

1.0 M

60000

Valuation Analysis

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

0.59 1.32 47.56 -23.01% -4.10% 1.316 44 4.500 235'016 276'823 325'395 FY+2

FQ+1

31.12.2012 12/yy 12/yy 12/13 Y 12/14 Y 03/13 Q1 14'128'666.0 ######### ######### ######### ######### ######### 4.65x 3.57x 1.15x 0.95x - ######### ######### ######### ######### 421'600.0 8.46x 0.00x 8.81x 7.52x 8.61x 791'448.0 735'256.4 791'447.8 717'693.8 929'399.7 128'882.5 10.95x 0.00x 9.90x 7.99x 10.03x S&P Issuer Ratings 1'978'662.86 Long-Term Rating Date 870'769.00 Long-Term Rating 6.16% Long-Term Outlook 5.86% Short-Term Rating Date 3.54% Short-Term Rating 8.40% Credit Ratios 5.74% EBITDA/Interest Exp. 0.74% (EBITDA-Capex)/Interest Exp. Net Debt/EBITDA 11.9% Total Debt/EBITDA 13.0% Reference 6.2% Total Debt/Equity 5.6% Total Debt/Capital Asset Turnover 1.04 Net Fixed Asset Turnover 0.62 Accounts receivable turnover-days 46.58% Inventory Days 111.16% Accounts Payable Turnover Day 6.59 Cash Conversion Cycle 5.59

Price/ Cash Flow

.0 M f-13

FQ+2 06/13 Q2 ######### 495'200.0 198'052.5 15.11.2010 BBBSTABLE 4.81 0.39 4.39 5.11 111.2% 52.6% 0.74 1.26 55.37 65.31 24.36 96.31

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

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 |

27.02.2013

Hyundai Steel Co Holdings By:

All

Holder Name KIA MOTORS CORP MONG-KOO CHUNG NATIONAL PENSION SER MIRAE ASSET GLOBAL I VANGUARD GROUP INC BLACKROCK DIMENSIONAL FUND ADV HYUNDAI STEEL CO KB ASSET MANAGEMENT SAMSUNG INVESTMENT T PCA INVESTMENT TRUST UBS HANA ASSET MANAG FMR LLC SHINHAN BNP PARIBAS KYOBO AXA INVESTMENT FRANKLIN RESOURCES GRANTHAM MAYO VAN OT HYUNDAI INVESTMENTS T ROWE PRICE ASSOCIA BNP PARIBAS INV PART

Firm Name

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

Analyst

Deutsche Bank CHANWOOK PARK E*Trade Securities Korea KANG TAE-HYUN Barclays EPHREM RAVI HMC Investment Securities Co Ltd PARK HYUN-WOOK Shinyoung Securities Co., Ltd. KANG-UN CHO Nomura CINDY PARK Hana Daetoo Securities KIM JUNG-WOOK Daewoo Securities JEON SEUNG-HUN KIWOOM Securities Co Ltd CHANG-HO KIM HSBC BRIAN CHO Woori Investment & Securities WILL BYUN Daiwa Securities Co. Ltd. CHUNG SUNG-YOP Standard Chartered JAMES KP HONG Credit Suisse SINN MIN-SEOK Korea Investment & Securities MOON SUN CHOI Samsung Securities CHRIS KIM Eugene Investment & Securities Co., LtdGYUNG-JUNG KIM Shinhan Investment Corp JINJOO HONG Tong Yang Investment Bank KEE-HYUN PARK JPMorgan AKIRA KISHIMOTO KTB Securities SHIM HYE-SUN Hanwha Securities Co., Ltd KIM KANG-OH KB Investment & Securities Co., Ltd KIM HYUN-TAE HI Investment Securities BANG MINJIN Kyobo Securities UM JIN-SEOK IBK Securities Co Ltd PARK BYUNGCHIL Taurus Investment Securities Co Ltd JI-WOONG YOO LIG Investment Securities YOON-SANG KIM Morgan Stanley YOUNG SUK SHIN DBS Vickers LEE EUN YOUNG Mirae Asset Securities KWON HAE-SOON Hyundai Securities KIM JI-HWAN EVA Dimensions CRAIG STERLING SK Securities Co Ltd LEE WON JAE Meritz Securities Co., Ltd LEE JONG-HYOUNG Daishin Securities Co., Ltd. MOON JEONG-UP Goldman Sachs SEUNG SHIN BNP Paribas Equity Research JONGIK KWON VTB Capital WIKTOR BIELSKI BS Securities Co Ltd YOON KWAN-CHUL

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

Recommendation buy buy equalweight buy buy neutral buy buy buy overweight buy hold outperform outperform buy buy buy buy buy overweight buy buy buy hold buy buy buy buy Overwt/In-Line buy hold buy underweight neutral buy buy Sell/Neutral buy buy buy

Amt Held 18'159'517 10'681'769 7'774'580 4'163'681 2'836'291 1'365'890 1'255'697 1'028'980 848'380 552'252 318'881 304'831 268'957 244'653 228'226 201'766 185'586 175'752 166'103 138'932

% Out 21.29 12.52 9.11 4.88 3.32 1.6 1.47 1.21 0.99 0.65 0.37 0.36 0.32 0.29 0.27 0.24 0.22 0.21 0.19 0.16

Weighting

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

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

Latest Chg (683'489) (17'918) (416) 98'641 (48'034) (12'199) 11'470 51'626 (13'697) 22'893 (9'673) 18'678 147'629 (2'535)

Target Price 106'000 125'000 100'000 125'000 110'000 88'000 110'000 110'000 103'000 100'000 100'000 90'000 100'000 100'000 111'000 100'000 100'000 103'000 116'000 109'000 100'000 100'000 90'000 87'000 116'000 110'000 110'000 110'000 95'000 95'000 85'000 115'000 #N/A N/A 85'000 100'000 100'000 60'400 99'000 117'462 136'000

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

File Dt 30.09.2012 30.09.2012 30.09.2012 23.11.2009 31.12.2012 25.02.2013 31.07.2012 27.04.2012 28.09.2012 28.09.2012 28.09.2012 28.09.2012 31.12.2012 28.09.2012 28.09.2012 28.09.2012 31.05.2012 28.09.2012 31.12.2012 31.12.2012

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

Inst Type Corporation n/a Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Corporation Mutual Fund Manager Investment Advisor Mutual Fund Manager Mutual Fund Manager Investment Advisor Investment Advisor Mutual Fund Manager Investment Advisor Investment Advisor Mutual Fund Manager Investment Advisor Investment Advisor

Date 26.02.2013 26.02.2013 25.02.2013 22.02.2013 22.02.2013 22.02.2013 22.02.2013 21.02.2013 20.02.2013 19.02.2013 18.02.2013 18.02.2013 16.02.2013 15.02.2013 01.02.2013 01.02.2013 01.02.2013 01.02.2013 01.02.2013 01.02.2013 01.02.2013 01.02.2013 01.02.2013 01.02.2013 01.02.2013 01.02.2013 01.02.2013 01.02.2013 31.01.2013 25.01.2013 23.01.2013 17.01.2013 15.01.2013 13.01.2013 10.12.2012 19.11.2012 01.11.2012 17.10.2012 15.10.2012 30.04.2012

27.02.2013

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 35000

3.0 M

30000

2.5 M

25000

2.0 M

20000

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (12.02.2013) 52-Week Low (07.08.2012) Daily Volume Current Price (2/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 31.12.2012 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

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

1.0 M

10000

.5 M

5000 0 f-12 m-12 a-12 m-12

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

j-12

a-12

s-12

o-12

n-12

d-12

j-13

LTM

FY+1

.0 M f-13

0.53 111.69 20.23% 7.69% 0.531 28 4.143 332'999 377'028 496'304 FY+2

FQ+1

FQ+2

31.12.2012 12/yy 12/yy 12/13 Y 12/14 Y 03/13 Q1 06/13 Q2 1'292'896.1 ######### ######### ######### ######### 343'928.0 329'989.0 14.41x 9.42x - 565'654.2 389'754.9 596'064.7 722'447.3 7.86x 0.00x 9.56x 7.89x 416'789.4 393'401.5 416'789.2 408'064.5 500'003.7 91'700.0 95'650.0 14.06x 0.00x 16.68x 13.22x 14.21x S&P Issuer Ratings 565'685.24 Long-Term Rating Date 416'789.42 Long-Term Rating 32.24% Long-Term Outlook 40.51% Short-Term Rating Date 13.11% Short-Term Rating 15.43% Credit Ratios 15.45% EBITDA/Interest Exp. 0.48% (EBITDA-Capex)/Interest Exp. Net Debt/EBITDA 58.1% Total Debt/EBITDA 38.9% Reference 33.7% Total Debt/Equity 32.2% Total Debt/Capital Asset Turnover 2.54 Net Fixed Asset Turnover 2.46 Accounts receivable turnover-days 0.00% Inventory Days 0.00% Accounts Payable Turnover Day 771.53 Cash Conversion Cycle 371.80

Price/ Cash Flow

1323.03 974.86 -2.06 0.00 0.0% 0.0% 0.48 0.99 0.47 0.98 0.91 1.43

Sales/Revenue/Turnover

14.00

1'400'000.0

12.00

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 02.01.2010

j-12

Fiscal Year Ended 31.12.2008 1'149'282.9 2.05x 516'818.8 4.55x 309'254.5 9.27x

1.5 M

15000

12/2012 12/yy 33'150.00 22'300.00 183'551.00 31500 -4.98% 41.26% 84.79% 213.9 6'739'126.00 0.00 0.0 0.0 1'077'954.67 5'700'999.80

0.0 02.07.2010

02.01.2011

02.07.2011

02.01.2012

02.07.2012

02.01.2013

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 |

27.02.2013

Kangwon Land Inc Holdings By:

All

Holder Name MINE RECLEMATION COR GANGWONDO DEVELOPMEN KANGWON LAND INC VANGUARD GROUP INC INTERNATIONAL VALUE BLACKROCK HARRIS TRUST & SAVIN VONTOBEL ASSET MANAG SAMSUNG INVESTMENT T UNION INVESTMENT GMB ROYAL BANK OF CANADA THREADNEEDLE INVESTM NOMURA KYOBO AXA INVESTMENT JP MORGAN DEKA INTERNATIONAL S ROBECO INVESTOR SERV SHINHAN BNP PARIBAS EMPLOYEE STOCK OWNER DIMENSIONAL FUND ADV

Firm Name

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

Analyst

Daewoo Securities CHANG KWEAN KIM Daishin Securities Co., Ltd. YOON-JIN JOSEPH KIM Korea Investment & Securities HONG JONG-GIL Samsung Securities ILWOO YANG HMC Investment Securities Co Ltd HWANG SUNG-JIN Shinyoung Securities Co., Ltd. HAN SEUNG-HO KTB Securities CHOI CHAN-SEOK Mirae Asset Securities JEONG WOO-CHEOL IBK Securities Co Ltd ANNE SEONAE LEE Taurus Investment Securities Co Ltd LEE HEUI-JEONG JPMorgan CHANG SUNG-MIN HI Investment Securities MIN YOUNG-SANG Barclays SEYON PARK Morgan Stanley HYUNTAEK LEE Credit Suisse SONIA KIM SEUNG-HYUN Macquarie NA HONG-SUK Daiwa Securities Co. Ltd. THOMAS Y KWON Woori Investment & Securities THOMAS BAE Shinhan Investment Corp SUNG JUNWON Goldman Sachs EUNICE LEE E*Trade Securities Korea SUNG JONG-HWA Hyundai Securities HAN IK-HEE EVA Dimensions CRAIG STERLING KB Investment & Securities Co., Ltd PARK SO-YOUN Eugene Investment & Securities Co., LtdLEE WOO-SEUNG Tong Yang Investment Bank LEE KUN-HO SK Securities Co Ltd LEE HYUNJUNG

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

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

Amt Held 77'587'786 13'576'214 10'779'512 5'099'346 3'545'640 3'251'058 2'047'560 1'238'770 1'068'482 697'000 600'000 438'730 424'100 391'370 376'220 363'000 334'190 301'762 285'630 282'220

% Out 36.27 6.35 5.04 2.38 1.66 1.52 0.96 0.58 0.5 0.33 0.28 0.21 0.2 0.18 0.18 0.17 0.16 0.14 0.13 0.13

Weighting

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

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

Latest Chg 547'786 (547'786) (5'520) (311'450) (43'160) 591'760 202'143 (22'300) 25'140 (72'440) 23'360 270'400 (289'983) -

Target Price 37'000 31'000 40'000 31'500 38'000 43'000 30'000 38'000 36'000 44'000 34'000 37'000 30'000 33'800 32'000 33'000 37'500 34'000 42'000 29'000 30'000 43'000 #N/A N/A 32'000 34'000 34'000 24'000

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

File Dt Inst Type 21.12.2012 Corporation 26.12.2012 n/a 30.06.2012 n/a 31.12.2012 Investment Advisor 30.06.2012 Investment Advisor 25.02.2013 Investment Advisor 31.12.2012 Unclassified 31.10.2012 Investment Advisor 28.09.2012 Investment Advisor 28.09.2012 Investment Advisor 28.09.2012 Bank 31.10.2012 Investment Advisor 22.06.2012 Unclassified 28.09.2012 Mutual Fund Manager 31.12.2012 Unclassified 28.12.2012 Mutual Fund Manager 31.12.2012 Investment Advisor 28.09.2012 Investment Advisor 30.06.2012 n/a 31.07.2012 Investment Advisor

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

Date 18.02.2013 18.02.2013 18.02.2013 18.02.2013 18.02.2013 18.02.2013 18.02.2013 18.02.2013 18.02.2013 18.02.2013 17.02.2013 17.02.2013 17.02.2013 15.02.2013 15.02.2013 15.02.2013 15.02.2013 14.02.2013 05.02.2013 24.01.2013 24.01.2013 17.01.2013 17.01.2013 04.01.2013 28.11.2012 16.08.2011 09.08.2010

27.02.2013

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 40000

4.5 M

35000

4.0 M

30000

3.5 M 3.0 M

25000

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (02.03.2012) 52-Week Low (16.11.2012) Daily Volume Current Price (2/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 31.12.2012 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 12/yy 36'600.00 21'100.00 757'125.00 30150 -17.62% 42.89% 62.90% 191.4 5'770'431.50 2'934'642.48 0.0 0.0 341'426.05 9'359'522.10

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

1.20 1.00

2.0 M

15000

1.5 M

10000

1.0 M

5000

.5 M

0 f-12 m-12 a-12 m-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

Fiscal Year Ended 31.12.2008 11'074'643.9 0.20x 1'176'466.7 1.86x 401'728.1 7.22x

2.5 M

20000

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 f-13

1.66 1.48 180.99 -5.07% 11.05% 1.477 38 4.421 893'781 880'279 1'032'576 FY+2

FQ+1

FQ+2

31.12.2012 12/yy 12/yy 12/13 Y 12/14 Y 03/13 Q1 06/13 Q2 12'565'400.0 ######### ######### ######### ######### ######### ######### 2.64x 1.98x 0.68x 0.60x - ######### 458'252.7 ######### ######### 6.19x 0.00x 9.09x 8.89x 137'000.0 743'175.9 136'999.8 449'008.0 570'554.0 948.0 1'127.0 6.18x 0.00x 12.77x 10.07x S&P Issuer Ratings 1'167'540.20 Long-Term Rating Date 451'600.00 Long-Term Rating 3.59% Long-Term Outlook 8.66% Short-Term Rating Date 5.15% Short-Term Rating 17.49% Credit Ratios 11.30% EBITDA/Interest Exp. 0.85% (EBITDA-Capex)/Interest Exp. Net Debt/EBITDA 12.3% Total Debt/EBITDA 9.5% Reference 3.6% Total Debt/Equity 1.1% Total Debt/Capital Asset Turnover 0.82 Net Fixed Asset Turnover 0.60 Accounts receivable turnover-days 20.17% Inventory Days 64.82% Accounts Payable Turnover Day 2.72 Cash Conversion Cycle 22.12

19.29 15.67 2.19 2.51 64.8% 39.3% 0.85 3.02 134.43 16.50 179.37 -28.44

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 |

27.02.2013

Daewoo Shipbuilding & Marine Engineering Co Ltd Holdings By:

All

Holder Name KOREA DEVELOPMENT BA NATIONAL PENSION SER VANGUARD GROUP INC BLACKROCK DAEWOO SHIPBUILDING KOREA ASSET MANAGEME KOREA INVESTMENT TRU SAMSUNG INVESTMENT T FMR LLC DIMENSIONAL FUND ADV PCA INVESTMENT TRUST KYOBO AXA INVESTMENT EMPLOYEE STOCK OWNER BNP PARIBAS INV PART ARTISAN PARTNERS HOL ALLIANZ GLOBAL INVES NH-CA ASSET MANAGEME UBS HANA ASSET MANAG SHINYOUNG INVESTMENT MIDAS ASSET MANAGEME

Firm Name

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

Analyst

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

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

Recommendation buy buy buy buy neutral not rated outperform overweight buy buy buy buy buy buy buy buy hold neutral outperform neutral buy buy buy buy buy buy underweight buy buy buy buy hold neutral hold outperform buy overweight suspended coverage

Amt Held 59'825'596 7'553'773 4'938'414 2'641'540 2'343'870 2'272'720 1'573'460 1'224'833 1'043'380 568'632 563'405 461'242 457'732 322'930 315'284 313'360 301'910 233'855 227'994 227'260

% Out 31.26 3.95 2.58 1.38 1.22 1.19 0.82 0.64 0.55 0.3 0.29 0.24 0.24 0.17 0.16 0.16 0.16 0.12 0.12 0.12

Weighting

Change

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

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

Latest Chg (2'088'886) (5'510) (2'660) (34'294'112) (586'100) 145'606 (829'098) 81'554 (217'390) (5'980) (2'930) (136'240) 114'160 (1'234'696) (301'525) (157'680)

Target Price 35'000 35'000 36'600 42'000 27'000 #N/A N/A 38'000 39'000 37'000 33'000 45'000 33'000 33'000 37'000 33'000 45'000 29'400 30'000 31'000 23'000 31'000 36'000 40'000 36'000 38'000 32'000 #N/A N/A 36'000 35'000 34'000 31'000 23'000 #N/A N/A 24'000 35'000 40'000 36'000 #N/A N/A

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

File Dt 31.03.2012 19.08.2011 31.12.2012 25.02.2013 31.03.2012 22.02.2013 28.09.2012 28.09.2012 31.12.2012 31.07.2012 28.09.2012 28.09.2012 31.03.2012 30.11.2012 31.12.2012 28.09.2012 28.09.2012 28.09.2012 28.09.2012 28.09.2012

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

Inst Type Government Investment Advisor Investment Advisor Investment Advisor Corporation Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Mutual Fund Manager Mutual Fund Manager n/a Investment Advisor Investment Advisor Mutual Fund Manager Mutual Fund Manager Mutual Fund Manager Mutual Fund Manager Investment Advisor

Date 27.02.2013 22.02.2013 19.02.2013 19.02.2013 18.02.2013 15.02.2013 14.02.2013 03.02.2013 31.01.2013 29.01.2013 29.01.2013 29.01.2013 29.01.2013 29.01.2013 29.01.2013 29.01.2013 28.01.2013 28.01.2013 28.01.2013 28.01.2013 28.01.2013 25.01.2013 25.01.2013 23.01.2013 21.01.2013 21.01.2013 15.01.2013 07.01.2013 07.01.2013 28.12.2012 22.12.2012 20.11.2012 12.11.2012 29.10.2012 29.08.2012 11.06.2012 05.06.2012 30.04.2012

27.02.2013

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

1.2 M 1.0 M

60000

Latest Fiscal Year: LTM as of: 52-Week High (04.09.2012) 52-Week Low (14.11.2012) Daily Volume Current Price (2/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 31.12.2012 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 12/yy 108'500.00 85'100.00 155'100.00 88000 -18.89% 3.41% 14.96% 52.4 4'614'513.50 794'139.87 0.0 0.0 75'298.34 5'673'480.46

.8 M .6 M

40000

.4 M 20000

.2 M

0 f-12 m-12 a-12 m-12

j-12

a-12

s-12

o-12

n-12 d-12

j-13

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

1.4 M

80000

Valuation Analysis

31.12.2008 3'727'783.4 0.70x 353'252.5 7.35x 157'470.2 12.35x

1.6 M

100000

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

LTM-4Q 31.12.2011 5'417'336.5 1.08x 385'716.1 15.11x 241'062.3 20.58x

LTM

FY+1

0.85 0.85 41.31 -7.89% -6.58% 0.847 33 4.394 222'149 209'414 250'209 FY+2

FQ+1

FQ+2

31.12.2012 12/yy 12/yy 12/13 Y 12/14 Y 03/13 Q1 06/13 Q2 5'741'248.4 ######### ######### ######### ######### 4.36x 3.12x 0.84x 0.78x - 385'706.7 401'111.2 646'346.0 782'522.0 15.11x 0.00x 8.78x 7.25x 240'940.8 241'062.3 240'941.1 299'365.0 380'041.0 20.52x 0.00x 15.41x 12.14x S&P Issuer Ratings 385'716.11 Long-Term Rating Date 329'249.61 Long-Term Rating 5.73% Long-Term Outlook 4.77% Short-Term Rating Date 5.53% Short-Term Rating 8.18% Credit Ratios 7.61% EBITDA/Interest Exp. 1.24% (EBITDA-Capex)/Interest Exp. Net Debt/EBITDA 27.4% Total Debt/EBITDA 7.1% Reference 5.7% Total Debt/Equity 4.2% Total Debt/Capital Asset Turnover 1.69 Net Fixed Asset Turnover 0.74 Accounts receivable turnover-days 16.59% Inventory Days 25.11% Accounts Payable Turnover Day 11.24 Cash Conversion Cycle 6.49

Price/ Cash Flow

.0 M f-13

12.17 2.45 1.86 2.06 25.1% 20.1% 1.24 4.24 32.48 56.20 28.12 60.55

Sales/Revenue/Turnover

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

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 |

27.02.2013

Cheil Industries Inc Holdings By:

All

Holder Name NATIONAL PENSION SER SAMSUNG CARD CO KOREA INVESTMENT TRU MIRAE ASSET GLOBAL I VANGUARD GROUP INC SAMSUNG INVESTMENT T CHEIL INDUSTRIES INC BLACKROCK JP MORGAN MAPS INVESTMENT MANA UBS HANA ASSET MANAG PCA INVESTMENT TRUST TRUSTON ASSET MANAGE KB ASSET MANAGEMENT SHINHAN BNP PARIBAS DIMENSIONAL FUND ADV KYOBO AXA INVESTMENT GUARDIAN INVESTOR SE TONG YANG INVESTMENT KTB ASSET MANAGEMENT

Firm Name

Portfolio Name 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 Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios

Analyst

Taurus Investment Securities Co Ltd LEE SUNG-HEE IBK Securities Co Ltd KYU JIN EO Tong Yang Investment Bank HYUN PARK Morgan Stanley HARRISON H HWANG Daewoo Securities WOOHYUNG CHO Meritz Securities Co., Ltd HWANG YOU SIK Eugene Investment & Securities Co., LtdLEE JEONG Shinhan Investment Corp HA JOON-DOO SK Securities Co Ltd HAN-SUP JUNG Woori Investment & Securities JULIUS KIM Credit Suisse CHO A-HYUNG KTB Securities PARK SANG-HYUN Kyobo Securities CHOI JI-SOO KIWOOM Securities Co Ltd KIM BYUNG-KI Hana Daetoo Securities DAE-JONG NAM Barclays KIM SUNWOO JPMorgan HELAINE KANG Macquarie SOYUN SHIN Deutsche Bank HANJOON KIM Goldman Sachs MARCUS SHIN Nomura CINDY PARK HSBC BRIAN SOHN EVA Dimensions CRAIG STERLING Daishin Securities Co., Ltd. AHN SANG-HEE Korea Investment & Securities JONGWOO YOO Samsung Securities CHANG JUNGHOON E*Trade Securities Korea SONG EUN-JEONG Dongbu Securities Co Ltd KANG JEONG-HO HMC Investment Securities Co Ltd YOUNG-WOO KIM HI Investment Securities LEE HEE-CHEOL Bookook Securities Co Ltd CHOI SANG-DO

Source EXCH EXCH Co File EXCH MF-AGG MF-AGG Co File 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 buy buy Equalwt/Attractive buy buy buy buy buy buy neutral buy buy buy buy equalweight overweight neutral hold neutral/cautious neutral neutral underweight buy buy buy buy buy buy buy hold

Amt Held 5'137'196 4'000'566 3'121'024 2'558'809 2'447'750 1'937'376 1'848'992 1'385'504 1'136'957 428'341 389'565 285'564 236'205 227'240 217'227 176'609 172'216 162'400 120'588 108'274

% Out 9.8 7.63 5.95 4.88 4.67 3.69 3.53 2.64 2.17 0.82 0.74 0.54 0.45 0.43 0.41 0.34 0.33 0.31 0.23 0.21

Weighting

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

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 M M M

Latest Chg 594'125 203'170 (1'280'139) (4'077) 127'740 (14'589) (212'573) 361'672 179'639 (10'377) 112'017 147'233 (54'973) 17'063 (64'600) (10'778) (30'726)

Target Price 120'000 110'000 120'000 97'000 110'000 140'000 110'000 106'000 120'000 115'000 93'000 115'000 115'000 130'000 115'000 99'000 110'000 90'000 105'000 93'000 105'000 98'000 #N/A N/A 120'000 135'000 110'000 130'000 130'000 130'000 110'000 120'000

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

File Dt 27.11.2012 06.12.2012 30.09.2012 29.07.2011 31.12.2012 28.09.2012 30.09.2012 25.02.2013 28.09.2012 28.09.2012 28.09.2012 28.09.2012 28.09.2012 28.09.2012 28.09.2012 31.07.2012 28.09.2012 31.12.2012 28.09.2012 28.09.2012

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

Inst Type Investment Advisor Corporation Investment Advisor Investment Advisor Investment Advisor Investment Advisor Corporation Investment Advisor Unclassified Mutual Fund Manager Mutual Fund Manager Mutual Fund Manager Mutual Fund Manager Mutual Fund Manager Investment Advisor Investment Advisor Mutual Fund Manager Investment Advisor Mutual Fund Manager Mutual Fund Manager

Date 20.02.2013 18.02.2013 12.02.2013 04.02.2013 04.02.2013 04.02.2013 04.02.2013 04.02.2013 04.02.2013 04.02.2013 04.02.2013 04.02.2013 04.02.2013 04.02.2013 04.02.2013 04.02.2013 03.02.2013 02.02.2013 01.02.2013 01.02.2013 01.02.2013 30.01.2013 15.01.2013 11.01.2013 07.01.2013 31.10.2012 31.10.2012 10.10.2012 09.10.2012 12.06.2012 05.08.2011

27.02.2013

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 1200000

.3 M

1000000

.2 M

800000

Latest Fiscal Year: LTM as of: 52-Week High (14.11.2012) 52-Week Low (27.02.2012) Daily Volume Current Price (2/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 19.02.2013 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 12/yy 1'149'000.00 696'000.00 16'069.00 1046000 -8.96% 50.29% 74.17% 6.0 6'243'461.00 346'951.48 0.0 0.0 21'113.50 6'620'409.97

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

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

.1 M

200000 0 f-12 m-12 a-12 m-12

LTM-4Q 31.12.2011 757'148.1 5.14x 86'581.2 44.92x 45'988.2 77.48x

31.12.2012 814'842.8 5'843.1 86'581.21 56'134.12 6.89% 8.92% 3.67% 6.44% 5.42% 0.60% 39.2% 11.4% 6.9% 0.7% 0.59 0.39 27.58% 47.54% 7.91 8.48

Price/ Cash Flow

LTM

12/yy 12/yy 757'148.1 814'842.9 15.81x 18.81x 86'581.2 53'102.5 44.92x 0.00x 45'988.2 5'842.8 77.49x 0.00x

j-12

a-12

s-12

o-12

n-12 d-12

j-13

.0 M f-13

0.29 0.17 3.55 42.90% -4.82% 0.169 30 4.467 17'475 19'914 21'010

FY+1

FY+2

FQ+1

FQ+2

12/13 Y

12/14 Y

03/13 Q1

06/13 Q2

S&P Issuer Ratings

5.09 1.57 3.76 4.01 47.5% 32.2% 0.60 1.81 46.15 43.02 42.99 46.18

Sales/Revenue/Turnover

45.00

900'000.0

40.00

800'000.0

35.00

700'000.0

30.00

600'000.0

25.00

500'000.0

20.00

400'000.0

15.00

300'000.0

10.00

200'000.0

5.00

100'000.0

0.00 02.01.2010

.1 M

400000

Fiscal Year Ended 31.12.2008 558'431.1 2.59x 50'485.9 28.69x (29'044.2) -

.2 M

600000

Valuation Analysis

0.0 02.07.2010

02.01.2011

02.07.2011

02.01.2012

02.07.2012

02.01.2013

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 |

27.02.2013

Orion Corp/Republic of South Korea Holdings By:

All

Holder Name HWA-KYUNG LEE ORION CORP CHEOL-GON TAM FMR LLC NATIONAL PENSION SER FID DIVERSIFIED INTR VANGUARD GROUP INC SAMSUNG INVESTMENT T BLACKROCK MAPS INVESTMENT MANA MIRAE ASSET GLOBAL I ALLIANZ GLOBAL INVES HARRIS TRUST & SAVIN VONTOBEL ASSET MANAG UBS HANA ASSET MANAG PRUDENTIAL FINANCIAL AMERICAN CENTURY COM JF ASSET MANAGEMENT INVESCO ASSET MANAGE SHINHAN BNP PARIBAS

Firm Name Hana Daetoo Securities Shinhan Investment Corp Woori Investment & Securities Daewoo Securities Hyundai Securities KIWOOM Securities Co Ltd IBK Securities Co Ltd HSBC Korea Investment & Securities Goldman Sachs Deutsche Bank EVA Dimensions HMC Investment Securities Co Ltd Shinyoung Securities Co., Ltd. KTB Securities Nomura Daiwa Securities Co. Ltd. Daishin Securities Co., Ltd. Samsung Securities Morgan Stanley JPMorgan Hanwha Securities Co., Ltd Meritz Securities Co., Ltd Dongbu Securities Co Ltd Tong Yang Investment Bank E*Trade Securities Korea Kyobo Securities

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 Multiple Portfolios Multiple Portfolios n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios

Analyst KANG HEE-YOUNG HYUN-AH CHO COOKIE HAN BAEK WOON-MOK JI GI-CHANG WOO WON-SUNG PARK AE-RAN KAREN CHOI LEE KYUNG JOO CHRISTINE CHO JI-HYUN SONG AUSTIN BURKETT HYESEUNG CHUNG KIM YUN-OH KIM MIN-JEONG CARA EUN JUNG SONG PARK SANG HEE LEE SUN-KYOUNG ILWOO YANG KELLY H KIM YOUNA KIM HYUNG-WOON LEE SONG KWANG-SOO CHA JAE-HEON SONG CHI-HO PARK JONG-ROK JEONG SEONG-HOON

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

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

Amt Held 793'542 709'233 550'626 358'314 356'863 320'926 186'794 106'756 94'775 68'982 67'833 55'786 44'017 34'093 25'840 22'672 17'517 15'372 15'000 14'932

% Out 13.29 11.88 9.22 6 5.98 5.38 3.13 1.79 1.59 1.16 1.14 0.93 0.74 0.57 0.43 0.38 0.29 0.26 0.25 0.25

Weighting

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

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

Latest Chg (44'355) (59'446) (65'609) (366) 15'005 (27) 12'031 26'030 16'336 3'081 19'465 (49) (10) 1'811 (22'000) 8'719

Target Price 1'100'000 1'250'000 1'300'000 1'200'000 1'400'000 1'350'000 1'550'000 1'250'000 1'230'000 1'100'000 1'280'000 #N/A N/A 1'360'000 1'250'000 1'300'000 1'250'000 1'130'000 1'410'000 1'350'000 960'000 1'300'000 1'260'000 1'500'000 1'110'000 1'080'000 796'000 750'000

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

File Dt 21.12.2012 31.12.2011 21.12.2012 31.12.2012 12.03.2012 13.12.2012 31.12.2012 28.09.2012 25.02.2013 28.09.2012 28.09.2012 28.09.2012 31.12.2012 31.10.2012 28.09.2012 31.12.2012 31.12.2012 30.09.2011 31.05.2012 28.09.2012

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

Inst Type n/a Government n/a Investment Advisor Investment Advisor Bank Investment Advisor Investment Advisor Investment Advisor Mutual Fund Manager Investment Advisor Mutual Fund Manager Unclassified Investment Advisor Mutual Fund Manager Investment Advisor Investment Advisor Mutual Fund Manager Mutual Fund Manager Investment Advisor

Date 27.02.2013 26.02.2013 20.02.2013 15.02.2013 15.02.2013 15.02.2013 15.02.2013 14.02.2013 12.02.2013 30.01.2013 18.01.2013 17.01.2013 15.01.2013 07.01.2013 07.01.2013 07.01.2013 17.12.2012 30.11.2012 30.11.2012 29.11.2012 29.11.2012 26.11.2012 15.11.2012 06.11.2012 06.08.2012 11.04.2012 09.03.2012

27.02.2013

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 400000

1.2 M

350000

1.0 M

300000 .8 M

250000 200000

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (02.03.2012) 52-Week Low (23.11.2012) Daily Volume Current Price (2/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 15.01.2013 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 12/yy 361'500.00 186'000.00 288'010.00 237500 -34.30% 27.69% 33.05% 34.3 8'140'412.00 1'450'997.15 0.0 0.0 932'224.58 9'147'505.09

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

.4 M

100000 .2 M

50000 0 f-12 m-12 a-12 m-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

j-12

a-12

s-12

o-12

n-12 d-12

j-13

LTM

FY+1

.0 M f-13

0.74 1.36 13.61 -31.16% -3.26% 1.359 40 4.100 144'758 147'264 189'136 FY+2

FQ+1

FQ+2

31.12.2012 12/yy 12/yy 12/13 Y 12/14 Y 03/13 Q1 06/13 Q2 9'095'887.2 ######### ######### ######### ######### ######### ######### 5.48x 3.24x - ######### 548'531.5 8.21x 0.00x 344'905.0 760'716.3 344'905.5 12.48x 0.00x 9.95x 9.99x S&P Issuer Ratings 1'219'251.16 Long-Term Rating Date 401'474.90 Long-Term Rating 4.41% Long-Term Outlook 11.89% Short-Term Rating Date 9.87% Short-Term Rating 15.77% Credit Ratios 12.77% EBITDA/Interest Exp. 1.12% (EBITDA-Capex)/Interest Exp. Net Debt/EBITDA 14.5% Total Debt/EBITDA 14.4% Reference 4.4% Total Debt/Equity 3.8% Total Debt/Capital Asset Turnover 1.58 Net Fixed Asset Turnover 1.19 Accounts receivable turnover-days 17.53% Inventory Days 28.51% Accounts Payable Turnover Day 9.96 Cash Conversion Cycle 14.21

Price/ Cash Flow

23.93 9.13 0.42 1.19 28.5% 22.2% 1.12 3.61 36.65 25.69 39.73 22.61

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

j-12

Fiscal Year Ended 31.12.2008 3'098'210.3 0.51x 163'790.4 9.68x (45'284.0) -

.6 M

150000

0.0 02.07.2010

02.01.2011

02.07.2011

02.01.2012

02.07.2012

02.01.2013

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 |

27.02.2013

Lotte Chemical Corp Holdings By:

All

Holder Name LOTTE MOOLSAN CO LTD HOTEL LOTTE CO LTD LOTTE HOLDINGS NATIONAL PENSION SER VANGUARD GROUP INC BLACKROCK SAMSUNG INVESTMENT T JP MORGAN ALLIANZ GLOBAL INVES KOREA INVESTMENT TRU SWEDBANK ROBUR FONDE KB ASSET MANAGEMENT FMR LLC SHINHAN BNP PARIBAS UBS HANA ASSET MANAG ALLIANZ ASSET MANAGE NH-CA ASSET MANAGEME KTB ASSET MANAGEMENT DIMENSIONAL FUND ADV HI ASSET MANAGEMENT

Firm Name

Analyst

NH Investment & Securities CHOI JI-HWAN Eugene Investment & Securities Co., LtdKWAK JIN-HEE Tong Yang Investment Bank HWANG KYU-WON KB Investment & Securities Co., Ltd PARK JAE-CHUL Hyundai Securities BAEK YOUNG-CHAN HSBC DENNIS HYUNCHUL YOO KTB Securities YOO YOUNG KOOK HI Investment Securities LEE HEE-CHEOL Woori Investment & Securities KIM SUN-WOO Standard Chartered DANIEL DO YEON LEE Samsung Securities SEUNGWOO KIM Shinhan Investment Corp YI EUNG-JU SK Securities Co Ltd SOHN JI-WOO JPMorgan SAMUEL SW LEE Hanwha Securities Co., Ltd LEE DA-SOL Kyobo Securities YOUNG-JOO SON KIWOOM Securities Co Ltd KYUNG-HYUK MIN Mirae Asset Securities YOUNG-BAE KWON Taurus Investment Securities Co Ltd JAESUNG YOON Morgan Stanley HARRISON H HWANG Credit Suisse CHO A-HYUNG BNP Paribas Equity Research POR YONG LIANG Nomura CINDY PARK Shinyoung Securities Co., Ltd. OH JUNG-IL Daewoo Securities PARK YEON-JU Korea Investment & Securities PARK KIYONG Macquarie BRANDON I LEE EVA Dimensions CRAIG STERLING IBK Securities Co Ltd CHOONG-JAE LEE LIG Investment Securities PARK YOUNG-HOON E*Trade Securities Korea WON YONG-JIN Deutsche Bank SHAWN PARK Daishin Securities Co., Ltd. AHN SANG-HEE Meritz Securities Co., Ltd HWANG YOU SIK YuHwa Securities Ltd PARK GUN-TAE BS Securities Co Ltd #N/A N/A

Source EXCH EXCH EXCH EXCH MF-AGG ULT-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 MF-AGG MF-AGG

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

Amt Held 10'718'818 4'346'818 3'186'000 2'371'696 746'101 410'210 239'433 185'221 141'178 126'199 125'144 112'490 101'490 87'867 87'477 86'295 49'854 48'433 44'385 44'344

% Out 31.27 12.68 9.3 6.92 2.18 1.2 0.7 0.54 0.41 0.37 0.37 0.33 0.3 0.26 0.26 0.25 0.15 0.14 0.13 0.13

Weighting

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

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 D M M M M M M M

Latest Chg 418'426 (1'287) (162) 92'198 185'221 131'961 61'898 124'771 (44'776) (134'912) 25'391 (68'428) 5'497 11'335 47'379 18'450

Target Price #N/A N/A 330'000 260'000 300'000 280'000 200'000 280'000 320'000 250'000 141'000 255'000 300'000 310'000 160'000 300'000 282'000 310'000 300'000 325'000 310'000 290'000 250'000 330'000 300'000 #N/A N/A 280'000 310'000 #N/A N/A #N/A N/A 350'000 335'000 220'000 300'000 330'000 300'000 320'000

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

File Dt 23.01.2013 23.01.2013 23.01.2013 28.09.2012 31.12.2012 25.02.2013 28.09.2012 28.09.2012 28.09.2012 28.09.2012 31.12.2012 28.09.2012 31.12.2012 28.09.2012 28.09.2012 31.12.2012 28.09.2012 28.09.2012 31.07.2012 28.09.2012

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

Inst Type Unclassified Corporation n/a Investment Advisor Investment Advisor Investment Advisor Investment Advisor Unclassified Mutual Fund Manager Investment Advisor Investment Advisor Mutual Fund Manager Investment Advisor Investment Advisor Mutual Fund Manager Investment Advisor Mutual Fund Manager Mutual Fund Manager Investment Advisor Mutual Fund Manager

Date 26.02.2013 26.02.2013 26.02.2013 26.02.2013 21.02.2013 19.02.2013 19.02.2013 19.02.2013 18.02.2013 05.02.2013 05.02.2013 05.02.2013 05.02.2013 05.02.2013 05.02.2013 05.02.2013 05.02.2013 05.02.2013 05.02.2013 04.02.2013 04.02.2013 04.02.2013 04.02.2013 29.01.2013 25.01.2013 24.01.2013 24.01.2013 17.01.2013 16.01.2013 27.11.2012 15.11.2012 31.10.2012 24.10.2012 02.07.2012 02.07.2012 02.05.2012

27.02.2013

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

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (07.02.2013) 52-Week Low (20.07.2012) Daily Volume Current Price (2/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 22.01.2013 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 09/yy 404'500.00 273'500.00 36'035.00 385000 -4.82% 40.77% 87.40% 31.5 12'123'993.00 4'202'325.00 0.0 0.0 1'446'672.06 15'333'003.20

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

.2 M

400000

.2 M

350000

.1 M

300000

.1 M

250000

.1 M

200000

.1 M

150000

.1 M

100000

.0 M

50000

.0 M

0 f-12 m-12 a-12 m-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

31.12.2012 1'627'090.76 1'253'021.90 8.25% 7.39% 3.40% 5.76% 5.06% 0.69% 29.9% 10.7% 8.3% 4.9% 0.71 0.35 18.40% 31.80% 42.56 7.81

Price/ Cash Flow

j-12

a-12

s-12

o-12

n-12

d-12

j-13

LTM

FY+1

.0 M f-13

0.39 0.77 11.14 3.08% 2.12% 0.770 38 4.579 50'755 54'894 50'135 FY+2

FQ+1

FQ+2

09/yy 09/yy 12/13 Y 12/14 Y 03/13 Q1 06/13 Q2 ######### ######### ######### ######### ######### ######### 4.34x 3.23x 0.33x 0.27x ######### ######### ######### ######### 9.22x 7.90x 6.37x 5.79x 761'456.5 859'978.4 ######### ######### 271'700.0 274'800.0 15.33x 10.81x 10.60x 9.26x 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

10.82 4.21 1.64 2.58 31.8% 24.1% 0.69 1.37 8.58 46.71 72.90 -17.61

Sales/Revenue/Turnover

16.00

16'000'000.0

14.00

14'000'000.0

12.00

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 03.01.2009

j-12

Fiscal Year Ended 31.12.2008 10'509'250.5 0.64x 1'134'806.9 5.92x 742'824.6 8.23x

450000

0.0 03.07.2009

03.01.2010

03.07.2010

03.01.2011

03.07.2011

03.01.2012

03.07.2012

03.01.2013

2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011

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

27.02.2013

Lotte Shopping Co Ltd Holdings By:

All

Holder Name DONG-BIN SHIN DONG-JOO SHIN HOTEL LOTTE CO LTD KOREA FUJIFILM CO LT LOTTE CONFECTIONERY NATIONAL PENSION SER LOTTE DATA COMMUNICA VANGUARD GROUP INC KOREA INVESTMENT TRU KYUK-HO SHIN KYEOK-HO SIN JP MORGAN BLACKROCK YOUNG-JA SHIN DIMENSIONAL FUND ADV KB ASSET MANAGEMENT UBS HANA ASSET MANAG SHINYOUNG INVESTMENT INVESTEC ASSET MANAG 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 n/a n/a n/a n/a n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios

Analyst

Morgan Stanley KELLY H KIM LIG Investment Securities LEE JI-YOUNG Barclays PAUL HWANG KIWOOM Securities Co Ltd SOHN YOON-KYUNG Woori Investment & Securities GENE PARK Credit Suisse SONIA KIM SEUNG-HYUN Daiwa Securities Co. Ltd. PARK SANG HEE Daishin Securities Co., Ltd. CHUNG YON-WOO NH Investment & Securities HONG SUNG-SOO Korea Investment & Securities YEO YEONGSANG Hyundai Securities LEE SANG-KOO Samsung Securities OJ NAM Eugene Investment & Securities Co., LtdKIM MI-YEON Shinhan Investment Corp PARK HEE-JIN JPMorgan CHANG SUNG-MIN Macquarie NA HONG-SUK KTB Securities LEE HYE-RIN Mirae Asset Securities YUMI PARK IBK Securities Co Ltd JI-YOUNG AHN Taurus Investment Securities Co Ltd JI-HYO KIM HI Investment Securities MIN YOUNG-SANG Hanwha Securities Co., Ltd KIM KYEONG-KI Deutsche Bank JI-HYUN SONG EVA Dimensions CRAIG STERLING Meritz Securities Co., Ltd YOO JOO-YEON Hana Daetoo Securities PARK JONG-DAE HMC Investment Securities Co Ltd Park Jong Ryeol Daewoo Securities KIM MINA Nomura CARA EUN JUNG SONG Mizuho Securities PETER TANG Shinyoung Securities Co., Ltd. SEO JUNG-YEON Tong Yang Investment Bank SANG-HWA HAN SK Securities Co Ltd KI-YEONG KIM Standard Chartered BOYOUNG KIM Dongbu Securities Co Ltd CHA JAE-HEON HSBC KAREN CHOI

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

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

Amt Held 4'237'627 4'235'883 2'781'947 2'474'543 2'474'543 1'744'734 1'515'653 527'321 375'314 293'877 293'877 284'343 273'991 232'818 184'048 170'281 87'509 80'833 74'476 60'516

% Out 13.46 13.45 8.83 7.86 7.86 5.54 4.81 1.67 1.19 0.93 0.93 0.9 0.87 0.74 0.58 0.54 0.28 0.26 0.24 0.19

Weighting

Change

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

M M M M M M D 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

Latest Chg 293'692 1'473 35'552 48'908 (3'293) 1'261 (6'854) (22'366) 1'259 (4'909)

Target Price 370'000 500'000 420'000 470'000 450'000 380'000 410'000 480'000 430'000 520'000 450'000 451'000 480'000 480'000 405'000 360'000 470'000 450'000 470'000 480'000 460'000 440'000 374'000 #N/A N/A 467'000 460'000 450'000 420'000 410'000 418'000 500'000 470'000 420'000 430'000 410'000 #N/A N/A

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

File Dt Inst Type 23.03.2012 n/a 23.03.2012 n/a 23.03.2012 n/a 23.03.2012 n/a 14.02.2012 Corporation 06.12.2012 Investment Advisor 23.03.2012 Corporation 31.12.2012 Investment Advisor 28.09.2012 Investment Advisor 30.03.2012 n/a 14.02.2012 n/a 28.09.2012 Unclassified 25.02.2013 Investment Advisor 30.03.2012 n/a 31.07.2012 Investment Advisor 28.09.2012 Mutual Fund Manager 28.09.2012 Mutual Fund Manager 28.09.2012 Mutual Fund Manager 31.12.2012 Investment Advisor 28.09.2012 Investment Advisor

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

Date 21.02.2013 21.02.2013 20.02.2013 19.02.2013 18.02.2013 15.02.2013 15.02.2013 08.02.2013 08.02.2013 08.02.2013 08.02.2013 08.02.2013 08.02.2013 08.02.2013 08.02.2013 08.02.2013 08.02.2013 08.02.2013 08.02.2013 08.02.2013 07.02.2013 06.02.2013 18.01.2013 17.01.2013 08.01.2013 07.01.2013 04.01.2013 14.12.2012 12.12.2012 11.12.2012 05.12.2012 12.11.2012 09.11.2012 28.09.2012 25.09.2012 09.08.2012

27.02.2013

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

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (09.11.2012) 52-Week Low (27.06.2012) Daily Volume Current Price (2/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 31.12.2012 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 12/yy 76'000.00 49'850.00 334'659.00 68200 -10.26% 36.81% 72.08% 92.9 6'336'829.00 580'003.00 8'924.0 0.0 71'773.00 6'999'954.78

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 f-12 m-12 a-12 m-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

Fiscal Year Ended 31.12.2008 139'235.9 21.61x (73'364.8) 15'646.1 170.25x

80000

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 168'341.5 96'615.6 129'806.23 77.11% 78.63% 4.57% 5.29% 5.25% 0.06% 77.1% 57.4% 0.25 0.24 10.76% 12.49% -

Price/ Cash Flow

LTM

FY+1

.0 M f-13

1.98 1.22 74.80 9.27% -5.28% 1.218 33 4.152 259'280 316'343 335'458 FY+2

FQ+1

FQ+2

12/yy 12/yy 12/13 Y 12/14 Y 03/13 Q1 06/13 Q2 347'939.0 168'342.0 80.69x 112.53x 0.0 0.0 0.00x 0.00x 244'827.0 96'616.0 885'800.0 ######### 19.61x 0.00x 8.23x 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

12.5% 11.1% 0.06 261.61 -

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

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 |

27.02.2013

GS Holdings Holdings By:

All

Holder Name NATIONAL PENSION SER CHANG-SOO HUH YONG-SOO HUH VANGUARD GROUP INC DONG-SOO HUR BLACKROCK MIRAE ASSET GLOBAL I DIMENSIONAL FUND ADV MAPS INVESTMENT MANA KOREA INVESTMENT TRU SAMSUNG INVESTMENT T KB ASSET MANAGEMENT UBS HANA ASSET MANAG SHINYOUNG INVESTMENT KYOBO AXA INVESTMENT HI ASSET MANAGEMENT SHINHAN BNP PARIBAS ALLIANZ ASSET MANAGE DIMENSIONAL FUND ADV TRUSTON ASSET MANAGE

Firm Name

Analyst

Eugene Investment & Securities Co., LtdKWAK JIN-HEE KB Investment & Securities Co., Ltd PARK JAE-CHUL KTB Securities YOO YOUNG KOOK Korea Investment & Securities PARK KIYONG Shinhan Investment Corp YI EUNG-JU Woori Investment & Securities DONG-YANG KIM Hanwha Securities Co., Ltd LEE DA-SOL NH Investment & Securities CHOI JI-HWAN Hyundai Securities BAEK YOUNG-CHAN SK Securities Co Ltd SOHN JI-WOO Mirae Asset Securities YOUNG-BAE KWON Morgan Stanley HARRISON H HWANG Samsung Securities SEUNGWOO KIM BNP Paribas Equity Research POR YONG LIANG Nomura CINDY PARK Standard Chartered DUKE SUTTIKULPANICH Shinyoung Securities Co., Ltd. OH JUNG-IL Daewoo Securities PARK YEON-JU EVA Dimensions CRAIG STERLING Macquarie BRANDON I LEE IBK Securities Co Ltd CHOONG-JAE LEE Meritz Securities Co., Ltd HWANG YOU SIK Taurus Investment Securities Co Ltd JAESUNG YOON HI Investment Securities LEE HEE-CHEOL Credit Suisse CHO A-HYUNG LIG Investment Securities PARK YOUNG-HOON HSBC DENNIS HYUNCHUL YOO E*Trade Securities Korea WON YONG-JIN Deutsche Bank SHAWN PARK Mizuho Securities ANDREW S F CHAN

Source EXCH Co File EXCH MF-AGG Co File ULT-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-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 Underwt/Cautious buy hold buy in-line buy buy hold neutral buy buy buy buy outperform buy neutral buy hold underperform

Amt Held 7'488'958 4'417'695 3'906'813 2'623'154 2'281'720 1'188'056 1'146'979 987'013 967'833 824'120 723'173 388'671 365'657 274'618 260'221 251'185 167'026 144'454 138'155 123'696

% Out 8.06 4.75 4.2 2.82 2.46 1.28 1.23 1.06 1.04 0.89 0.78 0.42 0.39 0.3 0.28 0.27 0.18 0.16 0.15 0.13

Weighting

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

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

Latest Chg 953'473 95'000 (2'945) 7'550 238'197 271'651 81'240 319'836 (99'581) 311'603 (121'574) 49'859 249'870 119'998 5'200 (73'987)

Target Price 92'000 80'000 94'000 80'000 85'000 91'000 90'000 76'000 91'000 80'000 85'000 58'500 80'000 72'000 97'000 69'000 80'000 80'000 #N/A N/A 66'000 76'000 85'000 94'000 95'000 80'000 88'000 77'500 87'000 68'000 44'000

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

File Dt 13.11.2012 30.06.2012 27.07.2012 31.12.2012 30.06.2012 25.02.2013 28.09.2012 31.07.2012 28.09.2012 28.09.2012 28.09.2012 28.09.2012 28.09.2012 28.09.2012 28.09.2012 28.09.2012 28.09.2012 31.12.2012 30.11.2012 28.09.2012

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

Inst Type Investment Advisor n/a n/a Investment Advisor n/a Investment Advisor Investment Advisor Investment Advisor Mutual Fund Manager Investment Advisor Investment Advisor Mutual Fund Manager Mutual Fund Manager Mutual Fund Manager Mutual Fund Manager Mutual Fund Manager Investment Advisor Investment Advisor Investment Advisor Mutual Fund Manager

Date 26.02.2013 26.02.2013 25.02.2013 22.02.2013 21.02.2013 18.02.2013 13.02.2013 06.02.2013 06.02.2013 06.02.2013 06.02.2013 05.02.2013 05.02.2013 05.02.2013 05.02.2013 30.01.2013 29.01.2013 25.01.2013 17.01.2013 16.01.2013 16.01.2013 15.01.2013 10.01.2013 16.11.2012 15.11.2012 30.10.2012 25.10.2012 17.10.2012 18.09.2012 12.07.2012

27.02.2013

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 (02.03.2012) 52-Week Low (26.07.2012) Daily Volume Current Price (2/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 31.12.2012 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

03/2012 09/yy 61'800.00 45'050.00 141'693.00 57100 -7.61% 26.75% 73.73% 76.4 4'364'448.00 8'471'857.34 0.0 0.0 167'836.39 13'288'656.96

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 f-12 m-12 a-12 m-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

Fiscal Year Ended 31.03.2008 1'182'097.3 8.11x 665'060.8 14.42x 358'236.6 13.11x

70000

31.03.2009 31.03.2010 1'039'573.5 1'262'824.1 8.81x 8.64x 561'546.6 715'927.6 16.30x 15.24x 229'712.7 245'308.3 16.24x 16.05x Profitability

LTM-4Q 31.03.2011 1'213'654.3 10.05x 237'322.7 21.96x

LTM

FY+1

1.23 1.30 67.05 -3.51% 6.93% 1.298 25 4.280 334'148 291'954 319'128 FY+2

FQ+1

FQ+2

31.03.2012 09/yy 09/yy 03/13 Y 03/14 Y 03/13 Q4 06/13 Q1 1'309'865.2 ######### ######### 860'775.2 949'272.3 232'504.7 235'432.0 9.56x 38.68x 41.07x 10.53x 9.53x 0.0 0.0 253'533.5 313'226.5 58'985.0 58'369.0 0.00x 0.00x 52.41x 42.43x 56.37x 134'719.3 268'883.0 89'018.4 194'569.3 251'677.0 52'184.8 55'473.3 28.69x 12.53x 46.50x 21.35x 16.59x S&P Issuer Ratings - Long-Term Rating Date - Long-Term Rating 18.63% Long-Term Outlook 15.84% Short-Term Rating Date 0.90% Short-Term Rating 4.48% Credit Ratios - EBITDA/Interest Exp. 0.09% (EBITDA-Capex)/Interest Exp. Net Debt/EBITDA - Total Debt/EBITDA - Reference - Total Debt/Equity 10.3% Total Debt/Capital Asset Turnover - Net Fixed Asset Turnover - Accounts receivable turnover-days 54.77% Inventory Days 261.10% Accounts Payable Turnover Day - Cash Conversion Cycle -

Price/ Cash Flow

.0 M f-13

261.1% 72.3% 0.09 15.68 -

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 04.04.2009

0.0 04.10.2009

04.04.2010

04.10.2010

04.04.2011

04.10.2011

04.04.2012

04.10.2012

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 |

27.02.2013

Samsung Securities Co Ltd Holdings By:

All

Holder Name SAMSUNG LIFE INSURAN SAMSUNG FIRE & MARIN NATIONAL PENSION SER KOREA INVESTMENT TRU VANGUARD GROUP INC SAMSUNG SECURITIES C EMPLOYEE STOCK OWNER BLACKROCK SAMSUNG INVESTMENT T UBS HANA ASSET MANAG DIMENSIONAL FUND ADV KYOBO AXA INVESTMENT TONG YANG INVESTMENT NH-CA ASSET MANAGEME KB ASSET MANAGEMENT SHINYOUNG INVESTMENT CREDIT SUISSE ASSET MIRAE ASSET GLOBAL I GOLDMAN SACHS ASSET GOLDMAN SACHS ASSET

Firm Name

Portfolio Name 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 Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios

Analyst

Daewoo Securities JEONG GIL-WON Woori Investment & Securities DAHEE WOO Deutsche Bank JEE HOON PARK Shinyoung Securities Co., Ltd. PARK EUN-JOON EVA Dimensions AUSTIN BURKETT Shinhan Investment Corp SOHN MI-JI Morgan Stanley SARA LEE KTB Securities CHO SOUNG KYUNG Kyobo Securities KIM JI-YOUNG IBK Securities Co Ltd PARK JIN-HYOENG Eugene Investment & Securities Co., LtdSEO BO-ICK SK Securities Co Ltd JUNG-KYUN AHN Tong Yang Investment Bank WON JAE-WOONG JPMorgan MW KIM KIWOOM Securities Co Ltd SEO YOUNG-SOO Taurus Investment Securities Co Ltd LEE MIN-HEE Daishin Securities Co., Ltd. KANG SEUNG-GUN HSBC TODD DUNIVANT Hana Daetoo Securities HAN JEONG-TAE Macquarie CJ YUN Hyundai Securities RHEE TAE-KYUNG Korea Investment & Securities LEE CHUL-HO Meritz Securities Co., Ltd PARK SUN-HO

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

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

Amt Held 8'513'524 6'132'246 5'510'056 5'367'789 3'199'973 2'062'843 1'733'604 1'613'194 1'503'798 280'685 231'117 206'556 180'925 166'321 146'444 122'389 116'464 94'111 84'315 83'784

% Out 11.14 8.02 7.21 7.02 4.19 2.7 2.27 2.11 1.97 0.37 0.3 0.27 0.24 0.22 0.19 0.16 0.15 0.12 0.11 0.11

Weighting

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

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

Latest Chg 67'480 (8'912) (2'540) 225'502 248'674 9'637 (34'664) (3'080) 15'050 23'482 (886) (34'191) (3'220) (17'013)

Target Price 71'000 65'000 53'000 63'800 #N/A N/A 70'000 65'000 57'000 73'000 70'000 65'000 64'000 55'000 53'000 63'000 62'000 62'000 52'000 70'000 68'000 58'000 64'000 73'000

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

File Dt 13.06.2012 13.06.2012 31.03.2012 30.04.2012 31.12.2012 31.03.2012 31.03.2012 25.02.2013 28.09.2012 28.09.2012 31.07.2012 28.09.2012 28.09.2012 28.09.2012 28.09.2012 28.09.2012 28.12.2012 28.09.2012 28.09.2012 31.10.2012

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

Inst Type Insurance Company Insurance Company Investment Advisor Investment Advisor Investment Advisor n/a n/a Investment Advisor Investment Advisor Mutual Fund Manager Investment Advisor Mutual Fund Manager Mutual Fund Manager Mutual Fund Manager Mutual Fund Manager Mutual Fund Manager Mutual Fund Manager Investment Advisor Mutual Fund Manager Investment Advisor

Date 22.02.2013 15.02.2013 29.01.2013 17.01.2013 17.01.2013 15.01.2013 09.01.2013 08.01.2013 08.01.2013 21.12.2012 30.11.2012 30.11.2012 30.11.2012 30.11.2012 30.11.2012 30.11.2012 29.11.2012 29.11.2012 19.11.2012 15.08.2012 17.05.2012 13.05.2012 21.03.2012

27.02.2013

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 (02.05.2012) Daily Volume Current Price (2/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 31.12.2012 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 09/yy 1'334'000.00 923'000.00 16'578.00 1010000 -24.29% 9.43% 18.73% 5.8 5'904'307.50 0.00 5'279.0 0.0 270'614.00 5'650'685.26

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

.1 M

1200000

.1 M

1000000

.1 M

800000

.0 M

600000

.0 M

400000

.0 M

200000

.0 M

0 f-12 m-12 a-12 m-12

j-12

a-12

s-12

o-12

n-12 d-12

j-13

Fiscal Year Ended 31.12.2008 1'531'336.4 2.39x 318'361.0 11.48x 170'235.5 23.17x

1400000

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 14.98x 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

31.12.2012 438'407.24 369'862.24 16.13% 18.33% 11.66% 14.66% 14.64% 0.90% 68.1% 15.9% 13.9% 1.86 1.19 0.00% 0.00% 12.33 4.23

Price/ Cash Flow

LTM

09/yy 09/yy ######### ######### 8.28x 10.17x 427'882.0 75'738.4 15.49x 0.00x 259'208.5 320'062.0 31.30x 25.43x

0.53 2.79 -3.81% -16.80% 0.527 31 3.968 13'486 16'802 14'469

FY+1

FY+2

FQ+1

FQ+2

12/13 Y

12/14 Y

03/13 Q1

06/13 Q2

S&P Issuer Ratings

.0 M f-13

953.06 300.70 0.0% 0.0% 0.90 1.52 29.68 86.57 33.53 76.67

Sales/Revenue/Turnover

30.00

2'500'000.0

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 03.01.2009

0.0 03.07.2009

03.01.2010

03.07.2010

03.01.2011

03.07.2011

03.01.2012

03.07.2012

03.01.2013

2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011

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

27.02.2013

Amorepacific Corp Holdings By:

All

Holder Name AMOREPACIFIC GROUP KYUNG-BAE SUH FIRST STATE INVESTME NATIONAL PENSION SER COMMONWEALTH BANK OF CAPITAL RESEARCH & M VANGUARD GROUP INC T ROWE PRICE ASSOCIA FMR LLC BLACKROCK CAPITAL GROUP COMPAN MATTHEWS INTERNATION MIRAE ASSET GLOBAL I MAPS INVESTMENT MANA KOREA INVESTMENT TRU JP MORGAN SAMSUNG INVESTMENT T FROSTROW CAPITAL LLP INVESCO ASSET MANAGE HARDING LOEVNER LP

Firm Name Deutsche Bank Woori Investment & Securities E*Trade Securities Korea Credit Suisse Leading Investment & Securities Korea Investment & Securities Samsung Securities SK Securities Co Ltd JPMorgan Macquarie KTB Securities KB Investment & Securities Co., Ltd IBK Securities Co Ltd Morgan Stanley Hyundai Securities Goldman Sachs HSBC Daiwa Securities Co. Ltd. Nomura EVA Dimensions NH Investment & Securities Shinhan Investment Corp Erste Bank Meritz Securities Co., Ltd Daewoo Securities Hana Daetoo Securities Hanwha Securities Co., Ltd Standard Chartered Shinyoung Securities Co., Ltd.

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

Analyst JI-HYUN SONG COOKIE HAN YANG JI-HAE SONIA KIM SEUNG-HYUN HYE-YUN LEE LEE JUNG-IN EUNKYUNG PARK HA TAE-GI YOUNA KIM NA HONG-SUK KIM MIN-JEONG LEE JI-YEON JI-YOUNG AHN KELLY H KIM KIM HYE-RIM CHRISTINE CHO KAREN CHOI PARK SANG HEE CARA EUN JUNG SONG AUSTIN BURKETT EUN-YOUNG BAE HYUN-AH CHO STEPHAN LINGNAU SONG KWANG-SOO KIM MINA CHO YOON-JUNG JIN-IL LEE BOYOUNG KIM KIM HYUN-TAE

Source EXCH EXCH EXCH EXCH MF-AGG EXCH MF-AGG MF-AGG ULT-AGG ULT-AGG ULT-AGG MF-AGG MF-AGG MF-AGG MF-AGG ULT-AGG MF-AGG MF-AGG MF-AGG MF-AGG

Recommendation hold hold buy neutral buy buy buy buy neutral neutral buy buy neutral Equalwt/Attractive buy neutral/neutral overweight outperform neutral underweight buy buy buy buy buy buy buy in-line buy

Amt Held 2'069'586 626'445 456'165 354'961 328'066 214'506 166'348 155'901 105'343 99'038 84'743 70'620 57'930 54'588 46'471 39'445 33'007 22'220 22'000 21'120

% Out 35.4 10.72 7.8 6.07 5.61 3.67 2.85 2.67 1.8 1.69 1.45 1.21 0.99 0.93 0.79 0.67 0.56 0.38 0.38 0.36

Weighting

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

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 M M M

Latest Chg 58'599 59'206 1'738 (93'792) 422 10'231 (25'464) (36) (47'040) (563) 3'582 (410) 43'902 (22'438) (65) (2'000) (150)

Target Price 1'110'000 1'090'000 1'120'000 1'000'000 1'430'000 1'290'000 1'200'000 1'350'000 850'000 1'080'000 1'250'000 1'400'000 #N/A N/A 1'000'000 1'500'000 1'030'000 1'340'000 1'150'000 1'140'000 #N/A N/A 1'480'000 1'460'000 #N/A N/A 1'550'000 1'530'000 1'520'000 1'450'000 1'280'000 1'340'000

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

File Dt Inst Type 17.01.2012 Corporation 10.04.2012 n/a 08.10.2012 Investment Advisor 18.10.2012 Investment Advisor 31.10.2012 Bank 21.08.2012 n/a 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 25.02.2013 Investment Advisor 31.12.2012 Investment Advisor 28.09.2012 Investment Advisor 28.09.2012 Investment Advisor 28.09.2012 Mutual Fund Manager 28.09.2012 Investment Advisor 31.10.2012 Unclassified 28.09.2012 Investment Advisor 30.09.2012 Unclassified 31.05.2012 Mutual Fund Manager 30.06.2012 Investment Advisor

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

Date 21.02.2013 20.02.2013 18.02.2013 15.02.2013 12.02.2013 08.02.2013 08.02.2013 08.02.2013 08.02.2013 08.02.2013 08.02.2013 08.02.2013 08.02.2013 07.02.2013 07.02.2013 07.02.2013 07.02.2013 07.02.2013 06.02.2013 17.01.2013 15.01.2013 09.01.2013 16.12.2012 21.11.2012 09.11.2012 08.11.2012 10.05.2012 24.04.2012 21.10.2011

27.02.2013

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

.3 M

500000

.2 M

400000

Latest Fiscal Year: LTM as of: 52-Week High (05.10.2012) 52-Week Low (15.05.2012) Daily Volume Current Price (2/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 31.12.2012 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 09/yy 505'000.00 316'500.00 73'163.00 377500 -25.25% 19.27% 31.56% 18.9 7'123'425.00 247'237.56 0.0 0.0 689'436.37 6'698'094.38

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

.1 M

200000

.1 M

100000 0 f-12 m-12 a-12 m-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

Fiscal Year Ended 31.12.2008 2'454'243.0 0.38x 602'418.4 1.56x 282'718.6 4.57x

.2 M

300000

Valuation Analysis

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

31.12.2012 964'510.33 882'989.75 18.18% 18.33% 18.65% 22.65% 20.81% 1.34% 19.5% 19.9% 18.2% 13.9% 5.48 2.38 6.34% 7.47% 33.92 5.05

Price/ Cash Flow

LTM

FY+1

.0 M f-13

1.32 1.07 9.72 -12.51% -6.79% 1.072 31 4.742 98'974 74'548 77'355 FY+2

FQ+1

FQ+2

09/yy 09/yy 12/13 Y 12/14 Y 03/13 Q1 06/13 Q2 ######### ######### ######### ######### ######### ######### 5.16x 5.42x 1.00x 0.84x 876'789.8 925'538.1 ######### ######### 5.43x 8.87x 6.44x 6.57x 636'562.5 627'715.5 727'100.0 840'740.0 151'666.7 183'666.7 8.09x 13.75x 10.60x 9.03x 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

143.37 110.02 -0.46 0.26 7.5% 7.0% 1.34 4.57 10.76 72.22 12.60 70.38

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 03.01.2009

0.0 03.07.2009

03.01.2010

03.07.2010

03.01.2011

03.07.2011

03.01.2012

03.07.2012

03.01.2013

2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011

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

27.02.2013

Korea Zinc Co Ltd Holdings By:

All

Holder Name YOUNG POONG CORP NATIONAL PENSION SER KOREA ZINC CO LTD HYUNG-JIN JANG VANGUARD GROUP INC MIRAE ASSET GLOBAL I YOON-BEOM CHOI MAPS INVESTMENT MANA BLACKROCK SAMSUNG INVESTMENT T CHANG-YOUNG CHOI CHANG-KEUN CHOI ALLIANZ GLOBAL INVES UBS HANA ASSET MANAG KB ASSET MANAGEMENT GRANTHAM MAYO VAN OT SHINHAN BNP PARIBAS FMR LLC NH-CA ASSET MANAGEME KTB ASSET MANAGEMENT

Firm Name

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 n/a Multiple Portfolios Multiple Portfolios

Analyst

Nomura CINDY PARK Barclays EPHREM RAVI Korea Investment & Securities MOON SUN CHOI Shinhan Investment Corp JINJOO HONG Deutsche Bank CHANWOOK PARK SK Securities Co Ltd LEE WON JAE Meritz Securities Co., Ltd LEE JONG-HYOUNG Samsung Securities CHRIS KIM HMC Investment Securities Co Ltd PARK HYUN-WOOK Shinyoung Securities Co., Ltd. KANG-UN CHO Tong Yang Investment Bank KEE-HYUN PARK KTB Securities SHIM HYE-SUN Hanwha Securities Co., Ltd KIM KANG-OH HI Investment Securities BANG MINJIN Kyobo Securities UM JIN-SEOK Hana Daetoo Securities KIM JUNG-WOOK LIG Investment Securities YOON-SANG KIM Morgan Stanley YOUNG SUK SHIN Daewoo Securities JEON SEUNG-HUN DBS Vickers LEE EUN YOUNG Woori Investment & Securities WILL BYUN EVA Dimensions CRAIG STERLING Eugene Investment & Securities Co., LtdGYUNG-JUNG KIM Standard Chartered JAMES KP HONG E*Trade Securities Korea KANG TAE-HYUN IBK Securities Co Ltd PARK BYUNGCHIL KB Investment & Securities Co., Ltd KIM HYUN-TAE Daishin Securities Co., Ltd. MOON JEONG-UP Hyundai Securities KIM JI-HWAN Goldman Sachs SEUNG SHIN

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

Recommendation buy overweight buy buy buy buy buy buy buy buy buy buy outperform buy trading buy buy buy Overwt/No Rating trading buy hold hold overweight buy outperform buy buy buy market perform buy neutral/neutral

Amt Held 5'078'297 1'322'467 1'195'760 850'829 452'204 347'722 336'302 331'658 211'744 178'182 172'748 170'412 123'791 121'885 102'527 57'846 56'578 41'841 38'736 37'887

% Out 26.91 7.01 6.34 4.51 2.4 1.84 1.78 1.76 1.12 0.94 0.92 0.9 0.66 0.65 0.54 0.31 0.3 0.22 0.21 0.2

Weighting

Change 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 3 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 U

Latest Chg 418 3'504 53'158 (89) 26'967 (10'000) 61'709 (20'102) (42'192) (57'959) (76'295) 9'864 (18'706)

Target Price 450'000 490'000 590'000 550'000 502'000 480'000 450'000 480'000 480'000 430'000 487'000 500'000 430'000 470'000 440'000 550'000 470'000 480'000 480'000 470'000 450'000 #N/A N/A 480'000 520'000 500'000 540'000 520'000 420'000 480'000 360'000

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

File Dt 30.06.2012 30.06.2012 30.06.2012 30.06.2012 31.12.2012 28.09.2012 30.06.2012 28.09.2012 25.02.2013 28.09.2012 18.01.2013 30.06.2012 28.09.2012 28.09.2012 28.09.2012 31.05.2012 28.09.2012 31.12.2012 28.09.2012 28.09.2012

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

Inst Type Corporation Investment Advisor n/a n/a Investment Advisor Investment Advisor n/a Mutual Fund Manager Investment Advisor Investment Advisor n/a n/a Mutual Fund Manager Mutual Fund Manager Mutual Fund Manager Investment Advisor Investment Advisor Investment Advisor Mutual Fund Manager Mutual Fund Manager

Date 27.02.2013 22.02.2013 21.02.2013 14.02.2013 13.02.2013 13.02.2013 08.02.2013 08.02.2013 08.02.2013 08.02.2013 08.02.2013 08.02.2013 08.02.2013 08.02.2013 08.02.2013 08.02.2013 08.02.2013 07.02.2013 25.01.2013 25.01.2013 22.01.2013 15.01.2013 14.01.2013 12.01.2013 10.01.2013 04.01.2013 02.01.2013 31.10.2012 31.10.2012 21.06.2012

27.02.2013

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 (31.05.2012) Daily Volume Current Price (2/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 31.12.2012 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

03/2012 12/yy 8'200.00 5'880.00 1'985'227.00 7210 -12.07% 22.62% 56.47% 868.5 6'262'101.50 0.00 0.0 0.0 204'428.71 6'010'215.27

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

2000

5.0 M

1000 0 f-12 m-12 a-12 m-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

Fiscal Year Ended 31.03.2008 11'055'363.0 358'691.3 -

10.0 M

3000

31.03.2009 31.03.2010 9'394'281.0 10'228'051.5 0.72x 83'015.7 418'340.8 15.05x Profitability

LTM-4Q 31.03.2011 10'229'441.1 0.62x 433'839.9 15.16x

LTM

FY+1

3.19 1.00 189.99 -0.31% -7.09% 1.001 27 4.000 4'993'040 1'162'672 830'633 FY+2

FQ+1

FQ+2

31.03.2012 12/yy 12/yy 03/13 Y 03/14 Y 03/13 Q4 06/13 Q1 10'753'514.4 ######### ######### ######### ######### ######### ######### 0.57x 2.26x 1.89x 0.0 0.0 0.00x 0.00x 521'588.5 387'281.9 557'432.6 562'113.1 603'910.1 138'618.0 150'824.2 12.36x 16.52x 0.00x 10.87x 10.10x 10.44x 10.23x S&P Issuer Ratings - Long-Term Rating Date - Long-Term Rating 6.49% Long-Term Outlook 6.43% Short-Term Rating Date 0.78% Short-Term Rating 8.00% Credit Ratios - EBITDA/Interest Exp. 0.16% (EBITDA-Capex)/Interest Exp. Net Debt/EBITDA - Total Debt/EBITDA - Reference - Total Debt/Equity 4.9% 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 f-13

0.0% 0.0% 0.16 -

Sales/Revenue/Turnover

160.00

12'000'000.0

140.00

10'000'000.0

120.00

8'000'000.0

100.00 80.00

6'000'000.0

60.00

4'000'000.0

40.00

2'000'000.0 20.00 0.00 04.04.2009

0.0 04.10.2009

04.04.2010

04.10.2010

04.04.2011

04.10.2011

04.04.2012

04.10.2012

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 |

27.02.2013

Hanwha Life Insurance Co Ltd Holdings By:

All

Holder Name HANWHA E & C KOREA DEPOSIT INSURA HANWHA CORP LAZARD ASSET MANAGEM EMPLOYEE STOCK OWNER HANWHA LIFE INSURANC KOREA LIFE INSURANCE HANHWA LIFE INSURANC VANGUARD GROUP INC BLACKROCK SAMSUNG INVESTMENT T DIMENSIONAL FUND ADV LAZARD GLOBAL ACTIVE KYOBO AXA INVESTMENT UNITED SERVICES AUTO MIRAE ASSET GLOBAL I SMITH BARNEY FUND MA KOREA INVESTMENT TRU NH-CA ASSET MANAGEME DIMENSIONAL FUND ADV

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 Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios

Analyst

BNP Paribas Equity Research MICHELLE CHO HSBC JAMES GARNER Hanwha Securities Co., Ltd YOON TAE-HO Kyobo Securities KIM JI-YOUNG Daishin Securities Co., Ltd. KANG SEUNG-GUN Hana Daetoo Securities SHIN SEUNG-HYUN Daewoo Securities JEONG GIL-WON Korea Investment & Securities LEE CHUL-HO Hyundai Securities RHEE TAE-KYUNG Samsung Securities SEAN CHANG Eugene Investment & Securities Co., LtdSEO BO-ICK Shinhan Investment Corp SONG IN-CHAN JPMorgan MW KIM KB Investment & Securities Co., Ltd YOO SEUNG-CHANG Morgan Stanley SARA LEE Goldman Sachs STAN LEE Nomura MICHAEL NA Standard Chartered JUSTIN KIM EVA Dimensions AUSTIN BURKETT Macquarie CJ YUN KTB Securities OH JIN-WON E*Trade Securities Korea LEE CHI-YOUNG Dongbu Securities Co Ltd LEE BYUNG-GUN Deutsche Bank JEE HOON PARK SK Securities Co Ltd BAE JUNG-HYUN Woori Investment & Securities STEPHANIE HAN

Source Co File EXCH Co File ULT-AGG Co File EXCH Co File EXCH MF-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 underweight buy buy buy buy buy hold buy hold buy buy overweight hold Overwt/Attractive neutral/neutral reduce in-line buy neutral buy buy hold not rated buy buy

Amt Held 216'048'039 214'962'000 188'185'795 33'786'171 31'761'482 26'000'000 26'000'000 26'000'000 9'115'003 4'375'640 2'794'960 1'895'262 1'546'201 1'336'060 858'400 783'744 578'978 474'031 424'830 375'920

% Out 24.88 24.75 21.67 3.89 3.66 2.99 2.99 2.99 1.05 0.5 0.32 0.22 0.18 0.15 0.1 0.09 0.07 0.05 0.05 0.04

Weighting

Change

5 1 5 5 5 5 5 3 5 3 5 5 5 3 5 3 2 3 5 3 5 5 3 #N/A N/A 5 5

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

Latest Chg 23'590 (137'270) 60 274'319 26'560 858'400 238'740 (84'560) 119'130 (83'870) -

Target Price 8'900 6'700 9'500 9'000 9'300 9'500 9'100 #N/A N/A 9'000 7'700 8'500 9'350 9'200 7'500 9'000 8'400 5'900 8'100 #N/A N/A 7'600 9'000 9'000 8'500 #N/A N/A 9'100 8'000

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

File Dt Inst Type 30.09.2012 n/a 28.12.2012 Government 30.09.2012 n/a 31.01.2013 Unclassified 30.09.2012 n/a 30.06.2012 n/a 30.09.2012 n/a 31.01.2012 Insurance Company 31.12.2012 Investment Advisor 25.02.2013 Investment Advisor 28.09.2012 Investment Advisor 31.07.2012 Investment Advisor 31.01.2013 Investment Advisor 28.09.2012 Mutual Fund Manager 30.11.2012 Investment Advisor 28.09.2012 Investment Advisor 31.12.2012 Investment Advisor 28.09.2012 Investment Advisor 28.09.2012 Mutual Fund Manager 30.11.2012 Investment Advisor

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

Date 26.02.2013 24.02.2013 18.02.2013 15.02.2013 08.02.2013 08.02.2013 07.02.2013 07.02.2013 07.02.2013 07.02.2013 07.02.2013 07.02.2013 07.02.2013 07.02.2013 06.02.2013 06.02.2013 06.02.2013 28.01.2013 17.01.2013 11.01.2013 04.01.2013 09.11.2012 25.10.2012 05.09.2012 11.05.2012 07.12.2011

27.02.2013

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

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (14.01.2013) 52-Week Low (13.07.2012) Daily Volume Current Price (2/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 31.12.2012 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 12/yy 390'000.00 273'000.00 55'996.00 383000 -1.79% 40.29% 85.47% 13.1 5'011'567.50 2'680'376.02 6'637.2 0.0 62'650.41 7'345'847.48

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

.5 M

400000

.4 M

350000

.4 M

300000

.3 M

250000

.3 M

200000

.2 M

150000

.2 M

100000

.1 M

50000

.1 M

0 f-12 m-12 a-12 m-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

Fiscal Year Ended 31.12.2008 3'494'878.3 0.96x 350'843.0 9.53x 25'366.1 90.91x

450000

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 12/yy 12/yy 4'671'189.3 ######### ######### 4.43x 4.15x - 282'021.5 310'574.8 22.11x 0.00x 179'832.9 158'547.8 179'833.3 25.26x 0.00x 282'021.49 246'110.20 5.27% 5.29% 2.94% 6.27% 4.41% 0.82% 27.1% 6.4% 5.3% 3.8% 0.65 0.25 44.06% 109.73% 9.15 5.38

Price/ Cash Flow

0.47 0.39 6.20 14.40% 7.74% 0.390 26 4.692 41'053 40'491 42'415

FY+1

FY+2

FQ+1

FQ+2

12/13 Y

12/14 Y

03/13 Q1

06/13 Q2

S&P Issuer Ratings

.0 M f-13

5.62 0.45 9.28 9.50 109.7% 52.3% 0.82 2.13 39.90 67.79 16.02 91.67

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

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 |

27.02.2013

CJ CheilJedang Corp Holdings By:

All

Holder Name CJ CORP NATIONAL PENSION SER MIRAE ASSET GLOBAL I CJ CHEILJEDANG CORP VANGUARD GROUP INC KOREA INVESTMENT TRU MAPS INVESTMENT MANA BLACKROCK UBS HANA ASSET MANAG SHINHAN BNP PARIBAS PCA INVESTMENT TRUST SAMSUNG INVESTMENT T EMPLOYEE STOCK OWNER JAY-HYUN LEE INVESCO ASSET MANAGE ALLIANZ GLOBAL INVES DIMENSIONAL FUND ADV ROBECO INVESTOR SERV KB ASSET MANAGEMENT KYOBO AXA INVESTMENT

Firm Name Hana Daetoo Securities Woori Investment & Securities Credit Suisse Kyobo Securities Korea Investment & Securities HSBC Goldman Sachs Daishin Securities Co., Ltd. Deutsche Bank EVA Dimensions Meritz Securities Co., Ltd Hyundai Securities IBK Securities Co Ltd HMC Investment Securities Co Ltd Shinyoung Securities Co., Ltd. Morgan Stanley KIWOOM Securities Co Ltd KTB Securities Daewoo Securities Hanwha Securities Co., Ltd Tong Yang Investment Bank Dongbu Securities Co Ltd Samsung Securities JPMorgan Shinhan Investment Corp E*Trade Securities Korea

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

Analyst KANG HEE-YOUNG COOKIE HAN SONIA KIM SEUNG-HYUN JEONG SEONG-HOON LEE KYUNG JOO KAREN CHOI CHRISTINE CHO LEE SUN-KYOUNG JI-HYUN SONG AUSTIN BURKETT SONG KWANG-SOO JI GI-CHANG PARK AE-RAN HYESEUNG CHUNG KIM YUN-OH KELLY H KIM WOO WON-SUNG KIM MIN-JEONG BAEK WOON-MOK HYUNG-WOON LEE SONG CHI-HO CHA JAE-HEON ILWOO YANG YOUNA KIM JUNG-YOON KIM PARK JONG-ROK

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

Recommendation buy buy neutral buy buy overweight Buy/Neutral buy buy underweight buy buy buy buy buy Overwt/In-Line buy buy buy buy buy buy buy overweight buy neutral

Amt Held 4'834'878 1'254'164 657'196 606'897 409'893 327'371 270'607 222'368 99'109 95'308 91'481 86'841 72'336 70'931 70'000 61'510 54'957 50'000 47'926 41'450

% Out 36.95 9.58 5.02 4.64 3.13 2.5 2.07 1.7 0.76 0.73 0.7 0.66 0.55 0.54 0.53 0.47 0.42 0.38 0.37 0.32

Weighting

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

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

Latest Chg (402) 46'885 (45'001) (82) (65'447) (30'456) 66'756 23'741 (1'656) (75'000) (80'000) 53'548 (867) 40'563 (12'498)

Target Price 390'000 400'000 300'000 420'000 390'000 440'000 440'000 490'000 411'000 #N/A N/A 500'000 420'000 318'000 450'000 440'000 420'000 440'000 430'000 440'000 420'000 400'000 430'000 430'000 380'000 390'000 356'000

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

File Dt 31.12.2011 31.12.2011 14.06.2012 31.12.2011 31.12.2012 28.09.2012 28.09.2012 25.02.2013 28.09.2012 28.09.2012 28.09.2012 28.09.2012 31.03.2012 25.09.2012 31.05.2012 28.09.2012 31.07.2012 31.12.2012 28.09.2012 28.09.2012

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

Inst Type Corporation Investment Advisor Investment Advisor n/a Investment Advisor Investment Advisor Mutual Fund Manager Investment Advisor Mutual Fund Manager Investment Advisor Mutual Fund Manager Investment Advisor n/a n/a Mutual Fund Manager Mutual Fund Manager Investment Advisor Investment Advisor Mutual Fund Manager Mutual Fund Manager

Date 27.02.2013 20.02.2013 19.02.2013 14.02.2013 12.02.2013 06.02.2013 30.01.2013 29.01.2013 18.01.2013 17.01.2013 16.01.2013 16.01.2013 16.01.2013 15.01.2013 14.01.2013 09.01.2013 08.01.2013 07.01.2013 03.01.2013 26.11.2012 20.11.2012 06.11.2012 02.11.2012 02.11.2012 14.08.2012 03.05.2012

27.02.2013

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 (25.02.2013) 52-Week Low (03.08.2012) Daily Volume Current Price (2/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 31.12.2012 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 12/yy 16'000.00 10'550.00 502'699.00 15250 -4.69% 44.55% 88.99% 193.4 2'949'043.50 518'395.75 0.0 0.0 169'651.08 3'576'629.00

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

31.12.2009 -

4000

.5 M

2000 0 f-12 m-12 a-12 m-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

Fiscal Year Ended 31.12.2008

1.0 M

6000

31.12.2010

Profitability

LTM-4Q 31.12.2011 135'049.8 18.41x 130'513.9 19.04x 122'569.7 17.43x

31.12.2012 80'434.8 130'513.85 96.31% 90.76% 3.65% 4.34% 3.68% 0.05% 94.2% 90.8% 15.95% 19.00% -

Price/ Cash Flow

LTM

12/yy 135'049.8 84.69x 130'513.9 19.04x 122'569.7 17.43x

12/yy 11'736.8 769.85x 5'227.8 0.00x 80'434.6 0.00x

0.92 164.29 8.56% 15.53% 0.916 41 4.561 544'069 663'336 575'286

FY+1

FY+2

FQ+1

FQ+2

12/13 Y

12/14 Y

03/13 Q1

06/13 Q2

S&P Issuer Ratings

.0 M f-13

4.60 4.64 19.0% 16.0% 0.05 271.67 -

Sales/Revenue/Turnover

25.00

160'000.0 140'000.0

20.00

120'000.0 100'000.0

15.00

80'000.0 10.00

60'000.0 40'000.0

5.00

0.00 02.01.2010

20'000.0 0.0 02.07.2010

02.01.2011

02.07.2011

02.01.2012

02.07.2012

02.01.2013

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 |

27.02.2013

BS Financial Group Inc Holdings By:

All

Holder Name ABERDEEN THE LOTTE SCHOLARSHI NATIONAL PENSION SER VANGUARD GROUP INC BLACKROCK FRANKLIN RESOURCES DIMENSIONAL FUND ADV FMR LLC AGF INVESTMENTS INC COLUMBIA WANGER ASSE SAMSUNG INVESTMENT T SHINYOUNG INVESTMENT KB ASSET MANAGEMENT EMPLOYEE STOCK OWNER EDINBURGH FUND MANAG BANK OF NEW YORK MEL GS ASSET MANAGEMENT NORTHERN TRUST CORPO TOUCHSTONE ADVISORS KYOBO AXA INVESTMENT

Firm Name

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

Analyst

Daewoo Securities TAYE SHIM Barclays HA SUN MOK Woori Investment & Securities JASON CHOI CIMB DAEHYUN KIM BNP Paribas Equity Research MICHELLE CHO Credit Suisse GIL HYUNG KIM HI Investment Securities YOO SANG-HO JPMorgan SCOTT YH SEO Daishin Securities Co., Ltd. CHOI JUNG-WOOK NH Investment & Securities KIM EUN-GAB Dongbu Securities Co Ltd LEE BYUNG-GUN Korea Investment & Securities LEE JOANNE Hyundai Securities KOO KYUNG-HWE Samsung Securities JAEWOO KIM Eugene Investment & Securities Co., LtdKIM IN Shinyoung Securities Co., Ltd. IM IL-SUNG Shinhan Investment Corp KIM SOO-HYUN SEAN KB Investment & Securities Co., Ltd SHIM HYUN-SOO Mirae Asset Securities HEATHER KANG Hana Daetoo Securities HAN JEONG-TAE IBK Securities Co Ltd PARK JIN-HYOENG LIG Investment Securities SOHN JOON-BEUM HSBC SOJUNG PARK Hanwha Securities Co., Ltd KYU-SUN SHIM Nomura MICHAEL NA Standard Chartered JUSTIN KIM KIWOOM Securities Co Ltd SEO YOUNG-SOO Macquarie CHAN HWANG EVA Dimensions AUSTIN BURKETT Deutsche Bank JEE HOON PARK Kyobo Securities HWANG SEOK-KYU Taurus Investment Securities Co Ltd LEE CHANG-WOOK Daiwa Securities Co. Ltd. ANDERSON CHA Tong Yang Investment Bank SUNG BYUNG-SOO E*Trade Securities Korea HA HAKSOO HMC Investment Securities Co Ltd SEUNG-JOON LEE Goldman Sachs STAN LEE KTB Securities HONG HUN-PIO

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

Recommendation buy equalweight buy outperform hold neutral buy overweight buy buy buy buy buy buy buy buy buy buy buy buy buy buy neutral buy buy outperform buy outperform buy buy buy buy buy buy buy buy neutral/neutral buy

Amt Held 37'605'093 18'291'620 9'816'990 9'630'881 3'161'815 3'108'965 2'803'791 2'200'905 2'037'080 1'917'000 1'911'489 1'583'329 1'032'794 846'389 765'709 744'354 631'350 623'251 559'514 557'330

% Out 19.45 9.46 5.08 4.98 1.64 1.61 1.45 1.14 1.05 0.99 0.99 0.82 0.53 0.44 0.4 0.38 0.33 0.32 0.29 0.29

Weighting

Change 5 3 5 5 3 3 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 3 5

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 M M U M M M M M M

Latest Chg 1'768'316 (110'410) 1'020 (75'660) 2'720 (577'721) (202'027) 518'590 214'670 (450) 17'850 22'652 6'930

Target Price 18'200 18'000 19'000 20'000 14'800 12'500 17'000 15'500 17'000 16'500 18'300 19'000 18'000 16'500 16'000 17'000 17'000 19'000 17'000 18'000 17'000 18'000 15'400 19'400 16'000 17'000 17'000 17'000 #N/A N/A 16'500 18'400 15'800 15'000 15'000 14'700 18'000 14'000 17'000

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

File Dt 31.01.2013 04.04.2011 30.03.2011 31.12.2012 25.02.2013 31.12.2012 31.07.2012 31.12.2012 28.09.2012 31.12.2012 28.09.2012 28.09.2012 28.09.2012 31.12.2011 31.01.2013 25.02.2013 28.09.2012 31.12.2012 31.12.2012 28.09.2012

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

Inst Type Unclassified n/a Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Mutual Fund Manager Mutual Fund Manager n/a Investment Advisor Investment Advisor Mutual Fund Manager Investment Advisor Mutual Fund Manager Mutual Fund Manager

Date 22.02.2013 22.02.2013 21.02.2013 21.02.2013 18.02.2013 15.02.2013 12.02.2013 08.02.2013 07.02.2013 07.02.2013 07.02.2013 07.02.2013 07.02.2013 07.02.2013 07.02.2013 07.02.2013 07.02.2013 07.02.2013 07.02.2013 07.02.2013 07.02.2013 07.02.2013 06.02.2013 06.02.2013 06.02.2013 23.01.2013 22.01.2013 21.01.2013 17.01.2013 08.01.2013 08.01.2013 24.12.2012 12.12.2012 28.11.2012 21.11.2012 05.11.2012 02.11.2012 02.08.2012

27.02.2013

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

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (29.02.2012) 52-Week Low (16.11.2012) Daily Volume Current Price (2/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 31.12.2012 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 09/yy 131'500.00 66'900.00 114'736.00 94400 -28.21% 41.11% 44.43% 34.8 3'285'120.00 1'552'925.00 21'000.0 0.0 1'134'337.62 3'957'456.84

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

1.4 M

120000

1.2 M

100000

1.0 M

80000

.8 M

60000

.6 M

40000

.4 M

20000

.2 M

0 f-12 m-12 a-12 m-12

j-12

a-12

s-12

o-12

n-12 d-12

j-13

Fiscal Year Ended 31.12.2008 5'892'211.8 0.46x 408'069.2 6.65x 101'487.6 16.96x

140000

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

31.12.2012 432'228.26 406'819.26 5.66% 7.79% 4.67% 10.34% 8.64% 0.78% 11.6% 6.0% 5.7% 6.0% 1.55 0.79 16.27% 35.80% 3.53 5.37

Price/ Cash Flow

LTM

FY+1

.0 M f-13

0.11 1.30 24.47 -24.34% 8.51% 1.302 37 4.784 279'040 255'454 290'029 FY+2

FQ+1

FQ+2

09/yy 09/yy 12/13 Y 12/14 Y 03/13 Q1 06/13 Q2 ######### ######### ######### ######### ######### ######### 2.70x 1.85x 0.36x 0.33x 1.75x 1.47x 375'013.8 519'282.1 517'363.0 611'445.0 89'497.0 104'857.0 11.73x 7.65x 7.65x 6.47x 7.65x 408'188.8 402'285.4 457'000.0 542'000.0 100'061.0 99'442.3 9.12x 9.04x 7.99x 5.69x 7.99x 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

4.73 4.25 0.75 3.59 35.8% 26.3% 0.78 9.44 103.39 67.94 95.63 75.70

Sales/Revenue/Turnover

25.00

8'000'000.0 7'000'000.0

20.00

6'000'000.0 5'000'000.0

15.00

4'000'000.0 10.00

3'000'000.0 2'000'000.0

5.00

0.00 03.01.2009

1'000'000.0 0.0 03.07.2009

03.01.2010

03.07.2010

03.01.2011

03.07.2011

03.01.2012

03.07.2012

03.01.2013

2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011

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

27.02.2013

Daelim Industrial Co Ltd Holdings By:

All

Holder Name DAELIM CORP NATIONAL PENSION SER KOREA INVESTMENT TRU VANGUARD GROUP INC BLACKROCK DIMENSIONAL FUND ADV SAMSUNG INVESTMENT T FMR LLC PRINCIPAL FINANCIAL SHINHAN BNP PARIBAS ALLIANZ GLOBAL INVES SHINYOUNG INVESTMENT KB ASSET MANAGEMENT HAE-WOOK LEE DAIWA SB INVESTMENTS BANK OF NEW YORK MEL NH-CA ASSET MANAGEME KTB ASSET MANAGEMENT DIMENSIONAL FUND ADV KYOBO AXA INVESTMENT

Firm Name Mirae Asset Securities KB Investment & Securities Co., Ltd Hana Daetoo Securities Samsung Securities Woori Investment & Securities Hanwha Securities Co., Ltd Credit Suisse KIWOOM Securities Co Ltd Korea Investment & Securities Shinhan Investment Corp Daishin Securities Co., Ltd. NH Investment & Securities Dongbu Securities Co Ltd Hyundai Securities HMC Investment Securities Co Ltd KTB Securities HI Investment Securities E*Trade Securities Korea LIG Investment Securities Shinyoung Securities Co., Ltd. JPMorgan Daiwa Securities Co. Ltd. Nomura Standard Chartered Daewoo Securities Meritz Securities Co., Ltd EVA Dimensions Kyobo Securities Goldman Sachs HSBC Deutsche Bank Taurus Investment Securities Co Ltd SK Securities Co Ltd Tong Yang Investment Bank Hong Yuan Securities

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

Analyst BYUN SUNG-JIN HEU MOON-WOOK SEUNG-WOO SHIN KS KANG WAYNE WANG-SANG LEE CHO DONG-PIL SINN MIN-SEOK WILLIAM PARK JOONG-SUN LEE KYUNG-JA LEE SUN-IL CHO YOON-HO KANG SEUNG-MIN RYAN YOO DEOK-SANG EMILY KIM LEE KWANG-SOO SUN-MI KIM KIYOUNG ROH SANG-YEON PARK CHAE SANG-WOOK JONG-HYO HAN LEE SOKJE MIKE OH KEITH NAM JAMES KP HONG SONG HEUNG-IK HYUNG-GUN KIM CRAIG STERLING CHO JOO-HYUNG JINMOOK KIM BRIAN CHO HAN SANG-HI PARK YONG-HEE PARK HYUNG-RYUL SANG-HYUP CHONG PANG LINLIN

Source EXCH EXCH EXCH MF-AGG ULT-AGG MF-AGG MF-AGG ULT-AGG ULT-AGG MF-AGG MF-AGG MF-AGG MF-AGG EXCH MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG

Recommendation hold buy not rated buy buy buy outperform buy buy buy buy buy buy buy buy buy buy buy buy buy neutral outperform buy outperform buy buy buy trading buy neutral/neutral overweight hold buy strong buy buy add

Amt Held 7'541'162 2'627'937 1'947'110 1'445'846 723'956 547'096 507'268 449'598 357'161 282'404 251'074 245'226 213'015 163'644 151'600 102'456 94'879 90'509 74'749 73'018

% Out 21.67 7.55 5.6 4.15 2.08 1.57 1.46 1.29 1.03 0.81 0.72 0.7 0.61 0.47 0.44 0.29 0.27 0.26 0.21 0.21

Weighting

Change

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

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 M M N

Latest Chg (83'517) 195'076 (16'078) (439) 62'628 (418'701) (14'141) 56'239 91'693 (52'654) 5'000 56'885 75'096 (10'479)

Target Price 89'000 102'000 #N/A N/A 105'000 134'000 125'000 125'000 117'000 121'000 110'000 100'000 120'000 110'000 100'000 123'000 110'000 120'000 105'000 124'000 125'000 95'000 115'000 128'000 100'000 120'000 109'500 #N/A N/A 90'000 75'000 115'000 81'500 109'000 160'000 150'000 #N/A N/A

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

File Dt 08.02.2012 03.01.2013 30.04.2012 31.12.2012 25.02.2013 31.07.2012 28.09.2012 31.12.2012 31.01.2013 28.09.2012 28.09.2012 28.09.2012 28.09.2012 08.02.2012 09.07.2012 31.12.2012 28.09.2012 28.09.2012 30.11.2012 28.09.2012

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

Inst Type Corporation Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Mutual Fund Manager Mutual Fund Manager Mutual Fund Manager n/a Investment Advisor Investment Advisor Mutual Fund Manager Mutual Fund Manager Investment Advisor Mutual Fund Manager

Date 27.02.2013 25.02.2013 25.02.2013 22.02.2013 22.02.2013 15.02.2013 14.02.2013 14.02.2013 04.02.2013 30.01.2013 29.01.2013 29.01.2013 29.01.2013 29.01.2013 29.01.2013 29.01.2013 29.01.2013 29.01.2013 29.01.2013 28.01.2013 28.01.2013 28.01.2013 28.01.2013 23.01.2013 17.01.2013 15.01.2013 15.01.2013 07.01.2013 14.12.2012 10.12.2012 29.11.2012 28.11.2012 24.10.2012 08.10.2012 11.10.2011

27.02.2013

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

1.2 M

12/2012 12/yy 272'500.00 144'500.00 76'857.00 169000 -37.98% 16.96% 19.14% 23.8 4'030'543.75 668'459.84 0.0 0.0 754'262.58 4'823'301.82

.8 M .6 M

100000

.4 M

50000

.2 M

0 f-12 m-12 a-12 m-12

j-12

a-12

s-12

o-12

n-12 d-12

j-13

Fiscal Year Ended 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 12/yy 12/yy 2'409'028.5 ######### ######### 8.89x 7.08x - ######### 393'366.9 4.15x 0.00x 54'036.8 729'164.9 54'037.2 7.00x 0.00x 1'242'152.89 -13'726.76 -0.57% 25.42% 14.73% 27.06% 22.12% 0.69% 31.7% 36.5% -0.6% 2.2% 2.23 1.67 11.80% 19.94% 8.98 8.56

Price/ Cash Flow

.0 M f-13

1.30 1.35 16.58 -35.74% 2.11% 1.352 31 3.258 115'184 196'223 236'801

FY+1

FY+2

FQ+1

FQ+2

12/13 Y

12/14 Y

03/13 Q1

06/13 Q2

42'000.0 197'000.0 96.96x 10.61x S&P Issuer Ratings

37.12 -2.56 -0.07 0.54 19.9% 16.6% 0.69 1.11 40.65 42.65 16.96 66.34

Sales/Revenue/Turnover

18.00

4'000'000.0

16.00

3'500'000.0

14.00

3'000'000.0

12.00

2'500'000.0

10.00

2'000'000.0

8.00

1'500'000.0

6.00

1'000'000.0

4.00

500'000.0

2.00 0.00 02.01.2010

1.0 M

150000

Latest Fiscal Year: LTM as of: 52-Week High (29.02.2012) 52-Week Low (23.11.2012) Daily Volume Current Price (2/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 31.12.2012 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

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

1.4 M

250000 200000

Valuation Analysis

31.12.2008 2'119'789.3 2.19x 673'150.9 6.89x 317'448.7 14.11x

300000

0.0 02.07.2010

02.01.2011

02.07.2011

02.01.2012

02.07.2012

02.01.2013

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 |

27.02.2013

OCI Co Ltd Holdings By:

All

Holder Name SOO-YOUNG LEE MIRAE ASSET GLOBAL I BOK-YOUNG LEE HWA-YOUNG LEE CAPITAL GROUP COMPAN NATIONAL PENSION SER JP MORGAN SECURITIES JF ASSET MANAGEMENT VANGUARD GROUP INC OCI COMPANY LTD BLACKROCK INCHEON FOUNDATION F JF ASSET MANAGEMENT WOO-HYUN LEE JP MORGAN SAMSUNG INVESTMENT T ALLIANCE BERNSTEIN FMR LLC DIMENSIONAL FUND ADV 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 n/a n/a Multiple Portfolios n/a n/a Multiple Portfolios n/a n/a Multiple Portfolios Multiple Portfolios

Analyst

NH Investment & Securities CHOI JI-HWAN Hyundai Securities BAEK YOUNG-CHAN Hanwha Securities Co., Ltd LEE DA-SOL Nomura CHANG-WON CHUNG Macquarie BRANDON I LEE Dongbu Securities Co Ltd SHIN HYUNJOON Korea Investment & Securities PARK KIYONG Samsung Securities SEUNGWOO KIM SK Securities Co Ltd SOHN JI-WOO Woori Investment & Securities BRIAN JIN JPMorgan HELAINE KANG KTB Securities PARK SANG-HYUN KIWOOM Securities Co Ltd KYUNG-HYUK MIN Mirae Asset Securities LEE HAK-MOO Goldman Sachs SEUNG SHIN Credit Suisse CHO A-HYUNG Shinyoung Securities Co., Ltd. OH JUNG-IL Daewoo Securities PARK YEON-JU Meritz Securities Co., Ltd HWANG YOU SIK EVA Dimensions CRAIG STERLING Eugene Investment & Securities Co., LtdKWAK JIN-HEE Shinhan Investment Corp YI EUNG-JU Daishin Securities Co., Ltd. AHN SANG-HEE HSBC BRIAN SOHN Bookook Securities Co Ltd CHOI SANG-DO HI Investment Securities LEE HEE-CHEOL E*Trade Securities Korea WON YONG-JIN Daiwa Securities Co. Ltd. PRANAB KUMAR SARMAH

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

Recommendation buy market perform outperform neutral underperform hold hold hold buy hold underweight hold outperform buy neutral/neutral outperform neutral hold hold sell hold buy buy underweight hold hold buy outperform

Amt Held 2'604'921 1'529'027 1'308'237 1'295'198 1'208'329 1'121'587 1'069'931 899'921 815'520 400'000 371'679 293'086 224'432 214'751 151'572 114'250 99'673 62'058 56'178 54'435

% Out 10.92 6.41 5.49 5.43 5.07 4.7 4.49 3.77 3.42 1.68 1.56 1.23 0.94 0.9 0.64 0.48 0.42 0.26 0.24 0.23

Weighting

Change 5 3 5 3 1 3 3 3 5 3 1 3 5 5 3 5 3 3 3 1 3 5 5 1 3 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 D M M M M

Latest Chg (331'737) (270'233) (145'717) (320'144) (2'152) 85'539 5'591 196'651 (102'552) 2'241 (9'548) (40'003) (8'713)

Target Price 240'000 170'000 200'000 182'000 132'000 180'000 180'000 180'000 230'000 200'000 140'000 175'000 190'000 220'000 169'000 215'000 #N/A N/A #N/A N/A 170'000 #N/A N/A 210'000 210'000 210'000 154'000 230'000 240'000 330'000 208'000

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

File Dt Inst Type 29.10.2012 n/a 30.06.2011 Investment Advisor 29.10.2012 n/a 29.10.2012 n/a 21.12.2012 Investment Advisor 31.08.2012 Investment Advisor 11.11.2010 Investment Advisor 28.09.2011 Investment Advisor 31.12.2012 Investment Advisor 04.11.2011 Corporation 25.02.2013 Investment Advisor 28.08.2012 n/a 30.09.2011 Mutual Fund Manager 29.10.2012 n/a 28.09.2012 Unclassified 28.09.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.07.2012 Investment Advisor 28.09.2012 Mutual Fund Manager

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

Date 26.02.2013 21.02.2013 20.02.2013 20.02.2013 08.02.2013 07.02.2013 07.02.2013 07.02.2013 07.02.2013 07.02.2013 07.02.2013 07.02.2013 07.02.2013 07.02.2013 06.02.2013 06.02.2013 29.01.2013 25.01.2013 15.01.2013 15.01.2013 08.01.2013 17.12.2012 18.10.2012 17.10.2012 27.07.2012 25.07.2012 25.07.2012 24.07.2012

27.02.2013

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

.8 M

120000

.7 M .6 M

100000

.5 M

80000

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (28.02.2012) 52-Week Low (24.05.2012) Daily Volume Current Price (2/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 31.12.2012 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 09/yy 127'000.00 81'200.00 124'623.00 101500 -20.08% 25.00% 46.51% 50.0 5'075'000.00 1'247'818.00 0.0 0.0 338'586.00 6'327'701.90

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

.3 M

40000

.2 M

20000

.1 M

0 f-12 m-12 a-12 m-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

Fiscal Year Ended 31.12.2008 1'275'185.5 123'201.1 145'766.2 -

.4 M

60000

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 09/yy 09/yy 1'528'627.9 ######### ######### 15.84x 15.53x - 208'911.2 208'522.7 36.93x 27.78x 127'083.6 169'986.1 103'401.2 40.85x 45.51x 212'776.73 181'059.34 11.84% 13.12% 4.53% 13.88% 7.39% 0.50% 13.1% 11.8% 8.3% 0.97 0.89 40.30% 111.17% 3.37 -

Price/ Cash Flow

0.99 0.73 21.64 -18.78% -1.46% 0.727 15 4.600 91'117 59'458 62'072

FY+1

FY+2

FQ+1

FQ+2

12/13 Y

12/14 Y

03/13 Q1

06/13 Q2

S&P Issuer Ratings

.0 M f-13

3.62 1.94 4.10 5.86 111.2% 52.6% 0.50 4.65 108.22 -

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

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 |

27.02.2013

SK C&C Co Ltd Holdings By:

All

Holder Name TAE-WON CHEY GI-WON CHOI SK C&C JX HOLDINGS INC VANGUARD GROUP INC BLACKROCK EMPLOYEE STOCK OWNE SAMSUNG INVESTMENT T MORGAN STANLEY KYOBO AXA INVESTMENT DIMENSIONAL FUND ADV MIRAE ASSET GLOBAL I NH-CA ASSET MANAGEME SHINHAN BNP PARIBAS INVESCO LTD WOORI ASSET MANAGEME KOREA INVESTMENT TRU KB ASSET MANAGEMENT GYEONG-HWAN GWON CREDIT SUISSE ASSET

Firm Name Samsung Securities Daewoo Securities Hyundai Securities KTB Securities E*Trade Securities Korea Morgan Stanley KIWOOM Securities Co Ltd Daishin Securities Co., Ltd. EVA Dimensions SK Securities Co Ltd Woori Investment & Securities 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 Multiple Portfolios n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios n/a Multiple Portfolios

Analyst EUNPYO KANG DAERO JEONG JUN YONG-KI CHOI CHAN-SEOK KIM JOON-SUP SHAWN KIM AHN JAE-MIN KANG LOK-HEE ANDREW S ZAMFOTIS CHOI GWAN-SOON DONG-YANG KIM JEONG WOO-CHEOL KYUNG-JIN CHOI RAH TAEYEARL LEE CHANG-YOUNG

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

Recommendation hold buy buy buy buy Overwt/Attractive buy buy sell buy buy buy buy buy buy

Amt Held 19'000'000 5'250'000 2'500'000 1'164'500 1'155'806 629'333 345'743 199'531 102'409 78'064 52'176 41'877 38'328 33'845 30'934 30'643 29'250 27'639 21'000 18'213

% Out 38 10.5 5 2.33 2.31 1.26 0.69 0.4 0.2 0.16 0.1 0.08 0.08 0.07 0.06 0.06 0.06 0.06 0.04 0.04

Weighting

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

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

Latest Chg (9'060) (419) (18'828) (5'651) (7'656) (1'578) 8'313 (18'684) (32'763) 8'710 1'614 -

Target Price 114'000 140'000 132'000 130'000 135'000 145'000 140'000 125'000 #N/A N/A 150'000 136'000 183'000 133'000 165'000 163'000

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

File Dt 28.12.2012 28.12.2012 03.05.2012 31.03.2012 31.12.2012 25.02.2013 31.12.2011 28.09.2012 31.12.2012 28.09.2012 31.07.2012 28.09.2012 28.09.2012 28.09.2012 26.02.2013 28.09.2012 28.09.2012 28.09.2012 30.03.2012 28.12.2012

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

Inst Type n/a n/a n/a Corporation Investment Advisor Investment Advisor n/a Investment Advisor Investment Advisor Mutual Fund Manager Investment Advisor Investment Advisor Mutual Fund Manager Investment Advisor Investment Advisor Mutual Fund Manager Investment Advisor Mutual Fund Manager n/a Mutual Fund Manager

Date 26.02.2013 07.02.2013 07.02.2013 07.02.2013 07.02.2013 06.02.2013 23.01.2013 18.01.2013 17.01.2013 07.01.2013 07.12.2012 26.11.2012 09.11.2012 02.08.2012 28.06.2011

27.02.2013

Industrial Bank of Korea Industrial Bank of Korea (IBK) provides commercial banking services to small and mid-sized companies. The Bank provides loans, discount bills, deposits, installment savings deposits, domestic remittances, foreign exchange, safe deposit boxes, and payment acceptances and guarantees. IBK also provides PC banking and telephone banking services.

Price/Volume 4.0 M

12000

3.5 M 3.0 M 2.5 M

8000

Latest Fiscal Year: LTM as of: 52-Week High (19.03.2012) 52-Week Low (21.11.2012) Daily Volume Current Price (2/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 31.12.2012 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 12/yy 14'800.00 10'950.00 628'686.00 13050 -11.82% 19.18% 51.95% 546.0 7'125'318.50 91'976'054.00 489'862.0 0.0 6'338'685.00 -

2.0 M

6000

1.5 M

4000

1.0 M

2000

.5 M

0 f-12 m-12 a-12 m-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

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

4.5 M

14000 10000

Valuation Analysis

31.12.2008 9'278'814.0 767'023.0 4.98x

16000

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 10'139'048.1 1'552'216.1 5.29x

31.12.2012 1'120'551.5 44.27% 36.56% 0.90% 10.79% 1.51% 0.06% 27.5% 51.11% 730.80% -

Price/ Cash Flow

LTM

FY+1

.0 M f-13

4.44 1.08 169.97 3.16% 10.13% 1.082 43 3.767 1'207'660 1'139'478 1'031'108 FY+2

FQ+1

FQ+2

12/yy 12/yy 12/13 Y 12/14 Y 03/13 Q1 06/13 Q2 ######### ######### ######### ######### 0.00x 0.00x 0.0 0.0 0.00x 0.00x ######### ######### ######### ######### 5.29x 0.00x 6.33x 6.13x S&P Issuer Ratings Long-Term Rating Date 21.03.2007 Long-Term Rating A Long-Term Outlook STABLE Short-Term Rating Date 21.03.2007 Short-Term Rating A-1 Credit Ratios EBITDA/Interest Exp. (EBITDA-Capex)/Interest Exp. Net Debt/EBITDA Total Debt/EBITDA Reference Total Debt/Equity 730.8% Total Debt/Capital 87.6% Asset Turnover 0.06 Net Fixed Asset Turnover 7.96 Accounts receivable turnover-days Inventory Days Accounts Payable Turnover Day Cash Conversion Cycle 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

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 |

27.02.2013

Industrial Bank of Korea Holdings By:

All

Holder Name KOREA FINANCE CORPOR VANGUARD GROUP INC BLACKROCK DIMENSIONAL FUND ADV GRANTHAM MAYO VAN OT SKAGEN AS FMR LLC BANK OF NEW YORK MEL SAMSUNG INVESTMENT T EMPLOYEE STOCK OWNER TRUSTON ASSET MANAGE SHINYOUNG INVESTMENT MIRAE ASSET GLOBAL I STATE STREET KB ASSET MANAGEMENT NORTHERN TRUST CORPO KYOBO AXA INVESTMENT PRUDENTIAL ASSET MAN WELLS FARGO DIMENSIONAL FUND ADV

Firm Name

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

Analyst

CIMB DAEHYUN KIM Shinyoung Securities Co., Ltd. IM IL-SUNG Daiwa Securities Co. Ltd. ANDERSON CHA BNP Paribas Equity Research MICHELLE CHO KIWOOM Securities Co Ltd SEO YOUNG-SOO IBK Securities Co Ltd PARK JIN-HYOENG Credit Suisse GIL HYUNG KIM Daishin Securities Co., Ltd. CHOI JUNG-WOOK HI Investment Securities YOO SANG-HO NH Investment & Securities KIM EUN-GAB Dongbu Securities Co Ltd LEE BYUNG-GUN Korea Investment & Securities LEE JOANNE Samsung Securities JAEWOO KIM Shinhan Investment Corp KIM SOO-HYUN SEAN JPMorgan SCOTT YH SEO Hanwha Securities Co., Ltd KYU-SUN SHIM Mirae Asset Securities HEATHER KANG HSBC SOJUNG PARK Nomura MICHAEL NA Woori Investment & Securities JASON CHOI Standard Chartered JUSTIN KIM Daewoo Securities KU YONG UK Macquarie CHAN HWANG EVA Dimensions AUSTIN BURKETT Hana Daetoo Securities HAN JEONG-TAE Eugene Investment & Securities Co., LtdKIM IN KB Investment & Securities Co., Ltd SHIM HYUN-SOO Taurus Investment Securities Co Ltd LEE CHANG-WOOK Barclays HA SUN MOK Tong Yang Investment Bank SUNG BYUNG-SOO LIG Investment Securities SOHN JOON-BEUM E*Trade Securities Korea HA HAKSOO HMC Investment Securities Co Ltd SEUNG-JOON LEE Morgan Stanley JOON SEOK Goldman Sachs STAN LEE Meritz Securities Co., Ltd JUN JAE-GON Hyundai Securities KOO KYUNG-HWE Deutsche Bank JEE HOON PARK KTB Securities HONG HUN-PIO Kyobo Securities HWANG SEOK-KYU

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

Recommendation outperform buy underperform reduce buy buy neutral buy buy market perform hold hold hold buy neutral buy hold neutral neutral hold in-line buy neutral buy buy hold buy hold equalweight buy buy market perform buy Equalwt/In-Line Buy/Neutral buy buy hold buy buy

Amt Held 374'583'387 8'493'970 3'371'860 3'268'190 2'375'334 2'000'655 1'706'900 1'644'190 1'503'320 1'410'064 1'255'600 944'175 747'237 728'140 693'084 603'090 602'070 504'873 486'902 442'140

% Out 68.6 1.56 0.62 0.6 0.44 0.37 0.31 0.3 0.28 0.26 0.23 0.17 0.14 0.13 0.13 0.11 0.11 0.09 0.09 0.08

Weighting

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

N 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 M M M N M M M M

Latest Chg 15'470 13'320 (312'295) (61'926) 34'820 (280'522) 110'090 3'010 16'040 114'810 14'130 229'186 24 -

Target Price 15'000 16'000 11'500 10'700 17'000 16'000 11'000 15'000 16'000 #N/A N/A 12'500 #N/A N/A 13'000 14'000 13'000 15'300 12'500 12'200 13'400 15'000 14'000 16'200 13'000 #N/A N/A 16'000 13'000 14'500 13'800 12'000 14'000 16'000 14'000 15'000 12'000 14'500 16'000 17'000 13'000 16'000 18'000

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

File Dt 30.06.2012 31.12.2012 25.02.2013 31.07.2012 31.05.2012 31.01.2013 31.12.2012 25.02.2013 28.09.2012 30.06.2012 28.09.2012 28.09.2012 28.09.2012 26.02.2013 28.09.2012 31.12.2012 28.09.2012 28.09.2012 31.12.2012 30.11.2012

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

Inst Type Government Investment Advisor Investment Advisor Investment Advisor Investment Advisor Mutual Fund Manager Investment Advisor Investment Advisor Investment Advisor n/a Mutual Fund Manager Mutual Fund Manager Investment Advisor Investment Advisor Mutual Fund Manager Investment Advisor Mutual Fund Manager Mutual Fund Manager Unclassified Investment Advisor

Date 21.02.2013 19.02.2013 19.02.2013 18.02.2013 18.02.2013 18.02.2013 15.02.2013 12.02.2013 12.02.2013 08.02.2013 08.02.2013 08.02.2013 08.02.2013 08.02.2013 08.02.2013 08.02.2013 08.02.2013 07.02.2013 07.02.2013 24.01.2013 23.01.2013 22.01.2013 21.01.2013 17.01.2013 14.01.2013 08.01.2013 08.01.2013 24.12.2012 14.12.2012 28.11.2012 27.11.2012 21.11.2012 05.11.2012 04.11.2012 02.11.2012 18.10.2012 28.08.2012 23.08.2012 06.08.2012 12.03.2012

27.02.2013

Coway Co Ltd Coway Co., Ltd. develops, manufactures, maintains, and markets environment relat ed products, such as water purifiers, air cleaners, and water softeners. In Ad dition, the Company provides water testing service.

Price/Volume 60000

3.5 M

50000

3.0 M 2.5 M

40000

Latest Fiscal Year: LTM as of: 52-Week High (21.02.2013) 52-Week Low (02.10.2012) Daily Volume Current Price (2/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 31.12.2012 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 12/yy 51'900.00 28'650.00 162'243.00 49400 -4.82% 72.43% 88.82% 77.1 3'809'965.00 541'535.23 0.0 0.0 64'910.27 4'275'607.72

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

1.5 M

20000

1.0 M

10000

.5 M

0 f-12 m-12 a-12 m-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

Fiscal Year Ended 31.12.2008 1'314'402.9 1.57x 331'329.6 6.25x 129'064.7 15.37x

2.0 M

30000

Valuation Analysis

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

2.13 0.72 70.78 34.97% 13.43% 0.724 12 5.000 201'406 168'008 165'400 FY+2

FQ+1

FQ+2

31.12.2012 12/yy 12/yy 12/13 Y 12/14 Y 03/13 Q1 06/13 Q2 1'806'833.0 ######### ######### ######### ######### 470'232.8 483'671.0 7.54x 5.02x 2.08x 1.90x 8.93x 8.63x - 441'135.9 0.0 486'340.1 539'920.4 110'400.0 110'900.0 7.23x 0.00x 8.79x 7.92x 9.35x 119'749.0 177'105.6 119'748.4 246'373.7 244'966.4 81'126.8 49'086.3 15.48x 0.00x 15.30x 15.31x 15.88x S&P Issuer Ratings 441'135.87 Long-Term Rating Date 227'812.00 Long-Term Rating 12.61% Long-Term Outlook 13.18% Short-Term Rating Date 12.07% Short-Term Rating 24.01% Credit Ratios 16.82% EBITDA/Interest Exp. 1.17% (EBITDA-Capex)/Interest Exp. Net Debt/EBITDA 67.7% Total Debt/EBITDA 25.8% Reference 12.6% Total Debt/Equity 6.6% Total Debt/Capital Asset Turnover 0.96 Net Fixed Asset Turnover 0.58 Accounts receivable turnover-days 34.35% Inventory Days 72.36% Accounts Payable Turnover Day 7.59 Cash Conversion Cycle 7.55

Price/ Cash Flow

.0 M f-13

17.50 5.62 1.08 1.23 72.4% 42.0% 1.17 3.50 48.12 48.33 24.62 71.82

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

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 |

27.02.2013

Coway Co Ltd Holdings By:

All

Holder Name COWAY HOLDINGS, INC. LAZARD ASSET MANAGEM LAZARD ASSET MANAGEM WOORI BANK MORGAN STANLEY KB ASSET MANAGEMENT NATIONAL PENSION SER WOONGJIN COWAY CO LT VANGUARD GROUP INC PICTET & CIE BLACKROCK COLUMBIA WANGER ASSE FMR LLC JULIUS BAER MULTIPAR SAMSUNG INVESTMENT T DIMENSIONAL FUND ADV LAZARD GLOBAL ACTIVE ING INTERNATIONAL AD BANQUE DE LUXEMBOURG NORTHERN TRUST CORPO

Firm Name Daishin Securities Co., Ltd. Korea Investment & Securities Hyundai Securities Shinhan Investment Corp Credit Suisse IBK Securities Co Ltd HSBC Macquarie EVA Dimensions Hana Daetoo Securities JPMorgan

Portfolio Name 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 Multiple Portfolios

Analyst LEE SUN-KYOUNG NA EUNCHAE LEE SANG-KOO JOSHUA KONG SONIA KIM SEUNG-HYUN JI-YOUNG AHN KAREN CHOI NA HONG-SUK CRAIG STERLING PARK JONG-DAE YOUNA KIM

Source EXCH Co File ULT-AGG EXCH ULT-AGG 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

Recommendation buy buy buy buy outperform buy overweight outperform overweight buy overweight

Amt Held 23'829'150 11'179'586 5'164'485 4'500'000 3'852'515 3'595'681 3'081'795 2'890'000 2'815'118 1'569'193 1'419'741 688'860 498'320 421'744 381'362 371'950 235'858 229'530 213'700 200'474

% Out 30.9 14.5 6.7 5.83 5 4.66 4 3.75 3.65 2.03 1.84 0.89 0.65 0.55 0.49 0.48 0.31 0.3 0.28 0.26

Weighting

Change 5 5 5 5 5 5 5 5 5 5 5

M U M M U M M M M M M

Latest Chg (945'990) (288'712) (812'307) (15'000) (6'040) 25'050 139'080 (210) (14'961) (1'190) 3'000 41'733

Target Price 63'000 56'000 65'000 60'000 55'000 60'000 54'000 58'000 #N/A N/A 46'000 46'000

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

File Dt Inst Type 02.01.2013 Corporation 30.06.2012 n/a 31.01.2013 Unclassified 26.09.2012 Bank 31.12.2012 Investment Advisor 08.10.2012 Mutual Fund Manager 26.04.2011 Investment Advisor 11.09.2012 Corporation 31.12.2012 Investment Advisor 30.11.2012 Mutual Fund Manager 25.02.2013 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 29.02.2012 Mutual Fund Manager 28.09.2012 Investment Advisor 31.07.2012 Investment Advisor 31.01.2013 Investment Advisor 31.08.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor

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

Date 18.02.2013 18.02.2013 18.02.2013 18.02.2013 18.02.2013 18.02.2013 17.02.2013 05.02.2013 15.01.2013 13.08.2012 20.09.2011

27.02.2013

Korea Exchange Bank Korea Exchange Bank offers a wide range of financial services through its domestic and overseas branches. The Bank's services include commercial banking, corporate banking, investment banking, retail banking, foreign exchange, securities trading, credit card, trustee, and Internet banking.

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (19.03.2012) 52-Week Low (14.11.2012) Daily Volume Current Price (2/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 31.12.2012 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance 004940 KS EQUITY YTD Change 004940 KS EQUITY YTD % CHANGE

Price/Volume

12/2012 12/yy 9'120.00 6'680.00 1'164'777.00 7490 -17.87% 12.13% 34.43% 644.9 4'830'352.00 14'150'952.00 0.0 0.0 7'360'222.00 -

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

6.0 M 5.0 M 4.0 M 3.0 M 2.0 M 1.0 M

j-12

a-12

s-12

o-12

n-12

d-12

j-13

Fiscal Year Ended 31.12.2008 6'502'995.0 782'618.0 5.21x

10000 9000 8000 7000 6000 5000 4000 3000 2000 1000 0 f-12 m-12 a-12 m-12

31.12.2009 31.12.2010 5'633'125.0 5'129'257.0 891'737.0 1'057'203.0 10.48x 7.32x Profitability

LTM-4Q 31.12.2011 5'853'772.0 1'622'111.0 2.96x

LTM

31.12.2012 12/yy 12/yy 9'737'864.7 ######### ######### 0.00x 0.00x 0.0 0.0 0.00x 0.00x 639'512.7 ######### 639'513.0 2.96x 0.00x 47.65% 51.30% 1.68% 18.75% 7.34% 0.06% 39.5% 14.59% 167.38% -

Price/ Cash Flow

20.16 0.89 578.41 -7.53% -1.71% 0.891 34 3.647 1'561'675 1'135'115 920'338

FY+1

FY+2

FQ+1

FQ+2

12/13 Y

12/14 Y

03/13 Q1

06/13 Q2

S&P Issuer Ratings

.0 M f-13

10.02.2012 ASTABLE 31.10.2008 A-2 167.4% 62.6% 0.06 4.94 -

Sales/Revenue/Turnover

7.00

12'000'000.0

6.00

10'000'000.0

5.00

8'000'000.0

4.00

6'000'000.0 3.00

4'000'000.0 2.00

2'000'000.0

1.00 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

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 |

27.02.2013

Korea Exchange Bank Holdings By:

All

Holder Name HANA FINANCIAL GROUP BANK OF KOREA NATIONAL PENSION SER VANGUARD GROUP INC BLACKROCK DIMENSIONAL FUND ADV GRANTHAM MAYO VAN OT PICTET & CIE FRANKLIN RESOURCES SAMSUNG INVESTMENT T EMPLOYEE STOCK OWNER BANK OF NEW YORK MEL MIRAE ASSET GLOBAL I KYOBO AXA INVESTMENT NOMURA ROBECO INVESTOR SERV DIMENSIONAL FUND ADV MSG & PARTNERS LIMIT JOHN HANCOCK ADVISER KOREA INVESTMENT TRU

Firm Name

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

Analyst

Barclays HA SUN MOK Samsung Securities JAEWOO KIM Nomura MICHAEL NA Morgan Stanley JOON SEOK Daishin Securities Co., Ltd. CHOI JUNG-WOOK Korea Investment & Securities LEE JOANNE Mirae Asset Securities HEATHER KANG Shinhan Investment Corp KIM SOO-HYUN SEAN Woori Investment & Securities JASON CHOI Standard Chartered JUSTIN KIM Daewoo Securities KU YONG UK NH Investment & Securities KIM EUN-GAB Macquarie CHAN HWANG Hanwha Securities Co., Ltd KYU-SUN SHIM IBK Securities Co Ltd PARK JIN-HYOENG EVA Dimensions AUSTIN BURKETT Hana Daetoo Securities HAN JEONG-TAE Eugene Investment & Securities Co., LtdKIM IN Taurus Investment Securities Co Ltd LEE CHANG-WOOK Tong Yang Investment Bank SUNG BYUNG-SOO LIG Investment Securities SOHN JOON-BEUM E*Trade Securities Korea HA HAKSOO JPMorgan SCOTT YH SEO Credit Suisse GIL HYUNG KIM KIWOOM Securities Co Ltd SEO YOUNG-SOO Goldman Sachs STAN LEE HMC Investment Securities Co Ltd SEUNG-JOON LEE Hyundai Securities KOO KYUNG-HWE KTB Securities HONG HUN-PIO Daiwa Securities Co. Ltd. ANDERSON CHA Kyobo Securities HWANG SEOK-KYU Deutsche Bank JEE HOON PARK

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

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

Amt Held 386'952'719 39'500'000 25'622'989 13'390'490 6'146'090 5'340'929 5'283'263 3'875'780 2'613'632 2'153'639 1'326'985 1'323'280 1'147'214 1'010'380 957'390 805'968 707'311 597'867 550'190 416'760

% Out 60 6.12 3.97 2.08 0.95 0.83 0.82 0.6 0.41 0.33 0.21 0.21 0.18 0.16 0.15 0.12 0.11 0.09 0.09 0.06

Weighting

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

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

Latest Chg 147'730 (8'785'970) 35'660 160 (1'279'000) (2'005'610) (265'637) 455'740 14'400 (252) 3'610

Target Price 11'000 9'000 8'500 9'000 10'000 #N/A N/A 8'000 8'900 9'000 8'000 #N/A N/A #N/A N/A 8'000 8'400 9'000 #N/A N/A 9'000 8'000 8'400 8'000 9'000 9'000 7'500 8'000 8'500 8'300 11'000 10'500 10'000 10'000 10'800 8'500

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

File Dt Inst Type 02.07.2012 Corporation 30.06.2012 Bank 18.02.2011 Investment Advisor 31.12.2012 Investment Advisor 25.02.2013 Investment Advisor 31.07.2012 Investment Advisor 31.05.2012 Investment Advisor 30.11.2012 Mutual Fund Manager 31.12.2012 Investment Advisor 28.09.2012 Investment Advisor 30.06.2012 n/a 31.12.2012 Investment Advisor 28.09.2012 Investment Advisor 28.09.2012 Mutual Fund Manager 22.06.2012 Unclassified 31.12.2012 Investment Advisor 30.11.2012 Investment Advisor 30.09.2011 Investment Advisor 30.04.2011 Investment Advisor 28.09.2012 Investment Advisor

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

Date 21.02.2013 08.02.2013 07.02.2013 03.02.2013 01.02.2013 29.01.2013 29.01.2013 28.01.2013 24.01.2013 23.01.2013 22.01.2013 21.01.2013 21.01.2013 17.01.2013 16.01.2013 15.01.2013 14.01.2013 09.01.2013 24.12.2012 28.11.2012 27.11.2012 21.11.2012 26.10.2012 22.10.2012 22.10.2012 19.10.2012 10.10.2012 28.08.2012 17.07.2012 11.06.2012 02.04.2012 14.02.2012

27.02.2013

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

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

1.2 M 1.0 M

60000

12/2012 12/yy 80'900.00 55'000.00 619'311.00 63700 -21.26% 15.82% 30.12% 53.1 3'384'381.00 772'236.49 0.0 0.0 213'530.05 3'943'087.44

50000

.8 M

40000

.6 M

30000

.4 M

20000

.2 M

10000 0 f-12 m-12 a-12 m-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

Fiscal Year Ended 31.12.2008 2'339'638.8 0.92x 226'138.6 9.49x 73'623.3 12.69x

1.4 M

80000 70000

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (18.06.2012) 52-Week Low (05.11.2012) Daily Volume Current Price (2/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 31.12.2012 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

90000

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 12/yy 12/yy 2'794'855.0 ######### ######### 1.33x 6.21x 5.82x 202'120.6 140'632.7 201'231.3 18.45x 24.48x 18.54x 102'865.5 223'251.9 102'522.3 30.82x 12.75x 26.99x 202'120.59 121'494.27 4.35% 4.33% 3.32% 6.84% 5.82% 0.90% 19.1% 7.2% 4.3% 3.7% 1.31 0.66 24.87% 52.74% 5.74 6.04

Price/ Cash Flow

1.05 39.48 1.79% 6.70% 1.054 22 4.000 607'217 308'535 294'357

FY+1

FY+2

FQ+1

FQ+2

12/13 Y

12/14 Y

03/13 Q1

06/13 Q2

S&P Issuer Ratings

.0 M f-13

5.83 4.59 2.75 3.84 52.7% 34.5% 0.90 4.20 63.77 60.57 29.45 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

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 |

27.02.2013

Samsung Techwin Co Ltd Holdings By:

All

Holder Name SAMSUNG ELECTRONICS KOREA INVESTMENT TRU JF ASSET MANAGEMENT VANGUARD GROUP INC SAMSUNG INVESTMENT T BLACKROCK JF ASSET MANAGEMENT UBS HANA ASSET MANAG JP MORGAN TONG YANG INVESTMENT DIMENSIONAL FUND ADV GOLDMAN SACHS ASSET KYOBO AXA INVESTMENT GOLDMAN SACHS GROUP SHINYOUNG INVESTMENT MIRAE ASSET GLOBAL I NH-CA ASSET MANAGEME WOORI ASSET MANAGEME GOLDMAN SACHS ASSET HI ASSET MANAGEMENT

Firm Name Shinhan Investment Corp Hanwha Securities Co., Ltd Taurus Investment Securities Co Ltd Dongbu Securities Co Ltd Daishin Securities Co., Ltd. Daewoo Securities Korea Investment & Securities SK Securities Co Ltd Woori Investment & Securities KB Investment & Securities Co., Ltd KIWOOM Securities Co Ltd Hana Daetoo Securities Goldman Sachs HSBC Nomura EVA Dimensions E*Trade Securities Korea Meritz Securities Co., Ltd LIG Investment Securities Hyundai Securities Samsung Securities KTB Securities

Portfolio Name 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 Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios

Analyst HA JOON-DOO KIM WOON-HO KIM HYUNG-SIK KWON SUNG-RYUL ROK-HO KIM PARK WON-JAE SEO WON-SEOK KIM YUNG YONG YOUNG PARK BYUN HAN-JOON KIM JI-SAN CHUN SUNG-HOON MARCUS SHIN RICKY JUIL SEO JAMES KIM CRAIG STERLING JI-WOONG KIM JI MOK-HYUN KI-YOUNG KIM PARK KEN TEAM COVERAGE MIN CHEON-HONG

Source EXCH EXCH EXCH MF-AGG MF-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 MF-AGG MF-AGG MF-AGG

Recommendation buy buy buy buy buy buy hold buy hold buy outperform neutral neutral/attractive underweight neutral underweight buy buy buy buy buy buy

Amt Held 13'526'935 4'398'742 2'120'306 1'967'410 1'066'708 1'048'254 407'312 256'124 255'315 183'899 136'028 129'986 121'575 99'350 75'280 74'295 67'871 60'363 50'391 44'367

% Out 25.46 8.28 3.99 3.7 2.01 1.97 0.77 0.48 0.48 0.35 0.26 0.24 0.23 0.19 0.14 0.14 0.13 0.11 0.09 0.08

Weighting

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

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

Latest Chg (537'615) (590'887) (5'473) 94'780 (885) 77'517 193'126 (823'568) 7'572 20'249 (58'830) 6'292 65'491 (115'455) (46'490) (13'945) (51'549) (75'447)

Target Price 75'000 80'000 80'000 85'000 77'000 79'000 #N/A N/A 80'000 63'000 100'000 67'000 65'000 58'000 53'000 62'000 #N/A N/A 75'000 75'000 87'500 117'000 72'000 120'000

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

File Dt 27.04.2012 31.07.2012 06.12.2011 31.12.2012 28.09.2012 25.02.2013 30.09.2011 28.09.2012 28.09.2012 28.09.2012 31.07.2012 31.10.2012 28.09.2012 31.12.2012 28.09.2012 28.09.2012 28.09.2012 28.09.2012 28.09.2012 28.09.2012

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

Inst Type Corporation Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Mutual Fund Manager Mutual Fund Manager Unclassified Mutual Fund Manager Investment Advisor Investment Advisor Mutual Fund Manager Investment Advisor Mutual Fund Manager Investment Advisor Mutual Fund Manager Mutual Fund Manager Mutual Fund Manager Mutual Fund Manager

Date 27.02.2013 27.02.2013 26.02.2013 05.02.2013 04.02.2013 31.01.2013 31.01.2013 31.01.2013 31.01.2013 31.01.2013 31.01.2013 31.01.2013 30.01.2013 30.01.2013 30.01.2013 17.01.2013 23.11.2012 23.10.2012 09.10.2012 25.07.2012 18.11.2011 29.03.2011

27.02.2013

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 (09.04.2012) 52-Week Low (25.07.2012) Daily Volume Current Price (2/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 31.12.2012 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 12/yy 185'500.00 116'000.00 54'541.00 150000 -19.14% 29.31% 51.08% 23.4 3'510'366.25 505'093.41 0.0 0.0 7'784.51 3'891'444.01

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

31.12.2012 1'026'100.8 222'748.3 304'113.84 279'221.27 27.21% 36.03% 8.15% 13.00% 11.28% 0.30% 80.0% 31.7% 27.2% 21.7% 0.57 0.47 14.34% 23.22% 2.95 6.90

Price/ Cash Flow

.4 M .3 M .3 M .2 M .2 M .1 M .1 M j-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

LTM

FY+1

.0 M f-13

0.43 0.86 13.40 -15.01% -5.66% 0.858 41 4.415 71'877 88'174 83'484 FY+2

FQ+1

FQ+2

12/yy 12/yy 12/13 Y 12/14 Y 03/13 Q1 06/13 Q2 959'778.4 ######### 16.69x 11.80x 303'134.7 244'931.6 604'960.0 655'816.5 14.03x 0.00x 6.43x 5.93x 262'674.8 222'748.3 380'921.5 423'307.7 97'700.0 95'200.0 14.18x 0.00x 9.57x 8.87x 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

22.84 -22.64 1.64 1.66 23.2% 18.8% 0.30 0.55 123.81 52.92 497.52 -320.79

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 f-12 m-12 a-12 m-12

0.0 02.07.2010

02.01.2011

02.07.2011

02.01.2012

02.07.2012

02.01.2013

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 |

27.02.2013

Hyundai Department Store Co Ltd Holdings By:

All

Holder Name JI-SUN CHUNG HYUNDAI GREENFOOD C NATIONAL PENSION SER FIDELITY FUNDS SICAV UBS FMR LLC VANGUARD GROUP INC MONG-GEUN CHUNG HYUNDAI DEPARTMENT S BLACKROCK INVESCO LTD ROBECO INVESTOR SERV SCHRODER INVESTMENT KOREA INVESTMENT TRU T ROWE PRICE ASSOCIA SAMSUNG INVESTMENT T ROYAL BANK OF CANADA MAPS INVESTMENT MANA MIRAE ASSET GLOBAL I KYOBO AXA INVESTMENT

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 Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios

Analyst

Hyundai Securities LEE SANG-KOO KB Investment & Securities Co., Ltd LEE SANG-WON NH Investment & Securities HONG SUNG-SOO Credit Suisse SONIA KIM SEUNG-HYUN Daishin Securities Co., Ltd. CHUNG YON-WOO Eugene Investment & Securities Co., LtdKIM MI-YEON HMC Investment Securities Co Ltd Park Jong Ryeol Shinhan Investment Corp PARK HEE-JIN SK Securities Co Ltd KI-YEONG KIM Tong Yang Investment Bank SANG-HWA HAN Woori Investment & Securities GENE PARK Macquarie NA HONG-SUK KIWOOM Securities Co Ltd SOHN YOON-KYUNG Mirae Asset Securities YUMI PARK Barclays PAUL HWANG IBK Securities Co Ltd JI-YOUNG AHN LIG Investment Securities LEE JI-YOUNG JPMorgan CHANG SUNG-MIN Morgan Stanley KELLY H KIM E*Trade Securities Korea YANG JI-HAE HSBC KAREN CHOI Samsung Securities OJ NAM EVA Dimensions CRAIG STERLING Meritz Securities Co., Ltd YOO JOO-YEON KTB Securities LEE HYE-RIN Hana Daetoo Securities PARK JONG-DAE Daewoo Securities KIM MINA Nomura CARA EUN JUNG SONG Daiwa Securities Co. Ltd. PARK SANG HEE Hanwha Securities Co., Ltd KIM KYEONG-KI Korea Investment & Securities YEO YEONGSANG HI Investment Securities MIN YOUNG-SANG Shinyoung Securities Co., Ltd. SEO JUNG-YEON Deutsche Bank JI-HYUN SONG Dongbu Securities Co Ltd CHA JAE-HEON Taurus Investment Securities Co Ltd JI-HYO KIM Standard Chartered BOYOUNG KIM BS Securities Co Ltd #N/A N/A

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

Recommendation buy not rated buy outperform buy buy buy buy buy buy buy neutral outperform buy equalweight buy buy neutral Overwt/In-Line buy overweight buy underweight buy buy buy trading buy buy buy buy buy buy neutral buy hold buy in-line buy

Amt Held 4'001'668 2'819'226 2'178'379 1'134'914 1'059'147 805'793 797'458 616'644 367'255 355'861 320'020 281'000 230'305 173'672 167'025 150'426 136'000 118'725 108'815 88'069

% Out 17.1 12.05 9.31 4.85 4.53 3.44 3.41 2.63 1.57 1.52 1.37 1.2 0.98 0.74 0.71 0.64 0.58 0.51 0.46 0.38

Weighting

Change

5 #N/A N/A 5 5 5 5 5 5 5 5 5 3 5 5 3 5 5 3 5 5 5 5 1 5 5 5 5 5 5 5 5 5 3 5 3 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 M M M M M D M M M

Latest Chg 65'700 243'248 (486'101) (349'092) 436'607 (11'163) (124'600) (114) 41'476 190'600 161'354 166'030 1'130 30'000 1'353 3'998 4'052

Target Price 185'000 #N/A N/A 175'000 195'000 185'000 190'000 197'000 184'000 190'000 180'000 200'000 145'000 180'000 200'000 150'000 220'000 187'000 140'000 191'000 180'000 220'000 186'000 #N/A N/A 193'000 200'000 197'000 187'000 190'000 180'000 240'000 187'000 180'000 #N/A N/A 195'000 165'000 180'000 143'000 190'000

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

File Dt Inst Type 17.07.2012 n/a 23.03.2012 Corporation 22.11.2012 Investment Advisor 21.05.2012 Investment Advisor 29.05.2009 Unclassified 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 17.07.2012 n/a 31.12.2011 Corporation 25.02.2013 Investment Advisor 26.02.2013 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 28.09.2012 Investment Advisor 31.12.2012 Investment Advisor 28.09.2012 Investment Advisor 28.09.2012 Bank 28.09.2012 Mutual Fund Manager 28.09.2012 Investment Advisor 28.09.2012 Mutual Fund Manager

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

Date 27.02.2013 19.02.2013 18.02.2013 15.02.2013 05.02.2013 05.02.2013 05.02.2013 05.02.2013 05.02.2013 05.02.2013 05.02.2013 05.02.2013 05.02.2013 05.02.2013 05.02.2013 05.02.2013 05.02.2013 04.02.2013 28.01.2013 28.01.2013 22.01.2013 21.01.2013 15.01.2013 08.01.2013 08.01.2013 07.01.2013 14.12.2012 12.12.2012 06.12.2012 04.12.2012 13.11.2012 13.11.2012 12.11.2012 29.10.2012 25.09.2012 10.09.2012 01.08.2012 27.04.2012

27.02.2013

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

1.4 M

250000

1.2 M 1.0 M

200000

Latest Fiscal Year: LTM as of: 52-Week High (14.09.2012) 52-Week Low (12.03.2012) Daily Volume Current Price (2/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 31.12.2012 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 12/yy 245'000.00 175'000.00 182'173.00 202500 -17.35% 15.71% 27.14% 37.5 7'593'750.00 668'262.65 0.0 0.0 494'672.01 7'987'710.91

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

.6 M

100000

.4 M

50000

.2 M

0 f-12 m-12 a-12 m-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

j-12

a-12

s-12

o-12

n-12 d-12

j-13

LTM

FY+1

.0 M f-13

0.74 0.82 12.58 10.80% -8.58% 0.817 30 4.800 98'811 88'260 80'447 FY+2

FQ+1

31.12.2012 12/yy 12/yy 12/13 Y 12/14 Y 03/13 Q1 9'272'885.3 ######### ######### ######### ######### ######### 3.54x 2.79x 0.72x 0.62x 3.13x - 368'147.5 367'389.3 560'459.7 668'783.1 133'869.8 20.03x 0.00x 14.25x 11.94x 14.39x 406'093.9 302'176.5 406'093.9 506'386.1 574'473.1 106'033.0 23.83x 0.00x 15.05x 12.74x 16.75x S&P Issuer Ratings 368'147.49 Long-Term Rating Date 422'901.52 Long-Term Rating 4.56% Long-Term Outlook 4.96% Short-Term Rating Date 11.05% Short-Term Rating 23.56% Credit Ratios 16.55% EBITDA/Interest Exp. 2.76% (EBITDA-Capex)/Interest Exp. Net Debt/EBITDA 8.4% Total Debt/EBITDA 4.9% Reference 4.6% Total Debt/Equity 4.4% Total Debt/Capital Asset Turnover 1.30 Net Fixed Asset Turnover 0.99 Accounts receivable turnover-days 20.95% Inventory Days 46.74% Accounts Payable Turnover Day 8.53 Cash Conversion Cycle 22.30

Price/ Cash Flow

FQ+2 06/13 Q2 ######### 2.91x 144'041.0 13.68x 116'070.6 20.03.2012 BBB+ STABLE 33.58 21.50 0.47 1.82 46.7% 31.9% 2.76 14.33 42.80 16.37 25.00 34.17

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

j-12

Fiscal Year Ended 31.12.2008 3'065'235.4 0.52x 145'319.2 10.91x 117'662.0 14.88x

.8 M

150000

Valuation Analysis

0.0 02.07.2010

02.01.2011

02.07.2011

02.01.2012

02.07.2012

02.01.2013

2000 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 |

27.02.2013

Hyundai Glovis Co Ltd Holdings By:

All

Holder Name EUI SUN CHUNG MONG-KOO CHUNG WILH WILHELMSEN ASA NATIONAL PENSION SER HYUNDAI MOTOR CO VANGUARD GROUP INC SAMSUNG INVESTMENT T BLACKROCK MIRAE ASSET GLOBAL I UBS HANA ASSET MANAG MAPS INVESTMENT MANA T ROWE PRICE ASSOCIA ALLIANZ GLOBAL INVES IVY MANAGEMENT INCOR PCA INVESTMENT TRUST KTB ASSET MANAGEMENT SHINHAN BNP PARIBAS AMERICAN CENTURY COM GUARDIAN INVESTOR SE HYUNDAI INVESTMENTS

Firm Name

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 Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios

Analyst

Barclays PAUL HWANG HMC Investment Securities Co Ltd DONG-JIN KANG Hana Daetoo Securities SEONG-BONG PARK Daewoo Securities RYU JE-HYUN JAY Daishin Securities Co., Ltd. YANG JI-HWAN Dongbu Securities Co Ltd YIM EUN-YOUNG Korea Investment & Securities YUN HEE-DO Samsung Securities EUNPYO KANG Shinhan Investment Corp SHIN MIN-SEOK Tong Yang Investment Bank KANG SEONGJIN Woori Investment & Securities SONG JAE-HAK MARTIN KTB Securities SHIN JI-YOON KB Investment & Securities Co., Ltd SHIN CHUNG-KWAN E*Trade Securities Korea MIN-JI KIM Taurus Investment Securities Co Ltd LEE HEUI-JEONG Morgan Stanley HYUNTAEK LEE Deutsche Bank CHANWOOK PARK JPMorgan PARK WAN SUN Nomura ANGELA HONG EVA Dimensions CRAIG STERLING KIWOOM Securities Co Ltd CHO BYUNG-HEE Golden Bridge Investment & Securities KIM SEUNG-HWAN Shinyoung Securities Co., Ltd. HYUNG-SIL LEE Hyundai Securities JUN YONG-KI Eugene Investment & Securities Co., LtdJOO ICK-CHAN HSBC PAUL CHOI Kyobo Securities JUNG YUN-JIN BS Securities Co Ltd #N/A N/A Meritz Securities Co., Ltd KIM SEUNG CHURL

Source EXCH EXCH EXCH EXCH EXCH MF-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 MF-AGG

Recommendation overweight buy buy buy buy buy buy buy buy buy buy buy buy buy buy Overwt/In-Line buy overweight buy underweight buy buy buy buy buy overweight buy buy buy

Amt Held 11'954'460 4'317'701 3'763'582 3'030'827 1'830'939 665'679 503'608 319'117 248'705 243'426 207'751 185'140 176'590 123'361 114'828 104'096 103'606 73'885 71'040 65'236

% Out 31.88 11.51 10.04 8.08 4.88 1.78 1.34 0.85 0.66 0.65 0.55 0.49 0.47 0.33 0.31 0.28 0.28 0.2 0.19 0.17

Weighting

Change 5 5 5 5 5 5 5 5 5 5 5 5 5 5 5 5 5 5 5 1 5 5 5 5 5 5 5 5 5

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 U M M M

Latest Chg (937'500) 392'695 (6'202) 199'369 3'474 35'069 38'462 27'255 5'232 89'640 4'850 (47'162) 33'174 17'968 4'410 (19'060) 3'686

Target Price 240'000 280'000 250'000 240'000 260'000 230'000 260'000 227'000 290'000 280'000 230'000 270'000 300'000 300'000 263'000 320'000 250'000 260'000 270'000 #N/A N/A 310'000 290'000 350'000 330'000 255'000 280'000 270'000 250'000 260'000

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

File Dt 17.08.2012 17.08.2012 21.08.2012 25.09.2012 17.08.2012 31.12.2012 28.09.2012 25.02.2013 28.09.2012 28.09.2012 28.09.2012 31.12.2012 28.09.2012 31.12.2012 28.09.2012 28.09.2012 28.09.2012 31.12.2012 31.12.2012 28.09.2012

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

Inst Type n/a n/a Corporation Investment Advisor Corporation Investment Advisor Investment Advisor Investment Advisor Investment Advisor Mutual Fund Manager Mutual Fund Manager Investment Advisor Mutual Fund Manager Investment Advisor Mutual Fund Manager Mutual Fund Manager Investment Advisor Investment Advisor Investment Advisor Mutual Fund Manager

Date 20.02.2013 14.02.2013 08.02.2013 28.01.2013 28.01.2013 28.01.2013 28.01.2013 28.01.2013 28.01.2013 28.01.2013 28.01.2013 28.01.2013 28.01.2013 28.01.2013 28.01.2013 27.01.2013 25.01.2013 25.01.2013 25.01.2013 17.01.2013 11.01.2013 04.12.2012 26.11.2012 29.10.2012 29.10.2012 10.09.2012 20.07.2012 30.04.2012 21.12.2011

27.02.2013

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 60000

1.8 M 1.6 M

50000

1.4 M

40000

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (14.03.2012) 52-Week Low (18.05.2012) Daily Volume Current Price (2/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 14.02.2013 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 12/yy 57'100.00 43'100.00 336'828.00 43950 -23.03% 1.97% 6.07% 72.9 3'201'856.50 13'847'546.96 6'896.0 0.0 1'394'920.09 15'964'996.05

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

1.0 M .8 M

20000

.6 M .4 M

10000

.2 M

0 f-12 m-12 a-12 m-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

Fiscal Year Ended 31.12.2008 10'212'578.1 1.26x 676'711.6 18.96x (1'942'430.0) -

1.2 M

30000

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 0.97 46.78 -12.10% -2.98% 0.972 33 4.455 353'734 338'848 431'800 FY+2

FQ+1

FQ+2

31.12.2012 12/yy 12/yy 12/13 Y 12/14 Y 03/13 Q1 06/13 Q2 12'263'866.6 ######### ######### ######### ######### ######### ######### 5.18x 3.96x 1.28x 1.13x - ######### ######### ######### ######### 9.06x 0.00x 7.39x 6.72x 259'596.5 (301'090.8) 259'596.6 20'355.8 204'338.0 (117'359.3) 93'804.5 0.00x 0.00x 22.27x 10.12x 32.10x S&P Issuer Ratings 1'698'364.94 Long-Term Rating Date 271'621.44 Long-Term Rating 2.21% Long-Term Outlook -3.75% Short-Term Rating Date -1.58% Short-Term Rating -12.65% Credit Ratios - EBITDA/Interest Exp. 0.62% (EBITDA-Capex)/Interest Exp. Net Debt/EBITDA 13.5% Total Debt/EBITDA 14.4% Reference 2.2% Total Debt/Equity 2.1% Total Debt/Capital Asset Turnover 0.46 Net Fixed Asset Turnover 0.35 Accounts receivable turnover-days 68.48% Inventory Days 635.35% Accounts Payable Turnover Day 13.47 Cash Conversion Cycle 26.68

Price/ Cash Flow

.0 M f-13

3.41 2.16 7.33 8.15 635.4% 86.4% 0.62 0.91 27.10 13.68 9.57 31.21

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

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 |

27.02.2013

Korean Air Lines Co Ltd Holdings By:

All

Holder Name HANJIN TRANSPORTATIO NATIONAL PENSION SER YANG-HO CHO KOREAN AIR LINES CO MIRAE ASSET GLOBAL I VANGUARD GROUP INC KB ASSET MANAGEMENT FMR LLC BLACKROCK SAMSUNG INVESTMENT T PCA INVESTMENT TRUST SHINYOUNG INVESTMENT UBS HANA ASSET MANAG SHINHAN BNP PARIBAS KYOBO AXA INVESTMENT KOREA INVESTMENT TRU DIMENSIONAL FUND ADV MORGAN STANLEY FRANKLIN RESOURCES GOLDMAN SACHS ASSET

Firm Name

Portfolio Name 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 n/a n/a Multiple Portfolios

Analyst

Nomura CARA EUN JUNG SONG Deutsche Bank JOE LIEW Credit Suisse TIMOTHY ROSS Hanwha Securities Co., Ltd HAN KANG-SOO Daishin Securities Co., Ltd. YANG JI-HWAN Eugene Investment & Securities Co., LtdJOO ICK-CHAN Woori Investment & Securities SONG JAE-HAK MARTIN KTB Securities SHIN JI-YOON IBK Securities Co Ltd SHIM WON-SUP Daewoo Securities RYU JE-HYUN JAY Korea Investment & Securities YUN HEE-DO Samsung Securities EUNKYUNG PARK HMC Investment Securities Co Ltd DONG-JIN KANG Shinhan Investment Corp SHIN MIN-SEOK Tong Yang Investment Bank KANG SEONGJIN KB Investment & Securities Co., Ltd CHOI WON-YEOL KIWOOM Securities Co Ltd CHO BYUNG-HEE E*Trade Securities Korea MIN-JI KIM Taurus Investment Securities Co Ltd LEE HEUI-JEONG LIG Investment Securities JOO HAE-MEE JPMorgan CORRINE PNG Hyundai Securities KIM DAE-SUNG EVA Dimensions CRAIG STERLING Hana Daetoo Securities SEONG-BONG PARK CIMB ANDREW ORCHARD Morgan Stanley HYUNTAEK LEE HSBC ZHEWEI SIM Shinyoung Securities Co., Ltd. UM KYUNG-A Kyobo Securities JUNG YUN-JIN BS Securities Co Ltd PARK SAE-JIN Goldman Sachs HINO LAM Dongbu Securities Co Ltd YOO DEOK-SANG Meritz Securities Co., Ltd KIM SEUNG CHURL

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

Recommendation buy sell outperform buy buy buy buy buy buy buy buy buy buy buy buy buy buy buy buy buy overweight buy sell buy outperform Equalwt/In-Line overweight buy buy buy Sell/Neutral buy buy

Amt Held 7'127'096 7'054'675 7'037'556 4'437'327 3'601'582 1'846'369 1'033'307 1'032'031 968'485 684'941 609'695 487'637 483'370 345'894 256'253 225'785 202'484 164'912 150'009 136'900

% Out 9.78 9.68 9.66 6.09 4.94 2.53 1.42 1.42 1.33 0.94 0.84 0.67 0.66 0.47 0.35 0.31 0.28 0.23 0.21 0.19

Weighting

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

Latest Chg 71'729 (798'390) (34'570) 729'006 1'029'526 2'430 33'388 393'883 86'200 (217'606) 9'042 (15'523) (66'566) (5'798) 14'036 127'590

Target Price 61'000 37'500 58'000 66'000 58'000 59'000 61'000 52'000 53'000 60'000 60'000 54'000 64'000 60'000 58'000 66'000 59'000 70'000 61'000 62'000 52'000 65'000 #N/A N/A 64'000 65'000 47'300 67'000 65'000 75'000 62'000 37'600 65'000 60'000

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

File Dt 04.02.2013 31.12.2011 01.02.2013 31.12.2011 25.07.2011 31.12.2012 28.09.2012 31.12.2012 25.02.2013 28.09.2012 28.09.2012 28.09.2012 28.09.2012 28.09.2012 28.09.2012 28.09.2012 31.07.2012 31.12.2012 28.09.2012 31.10.2012

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

Inst Type Corporation Investment Advisor n/a Corporation Investment Advisor Investment Advisor Mutual Fund Manager Investment Advisor Investment Advisor Investment Advisor Mutual Fund Manager Mutual Fund Manager Mutual Fund Manager Investment Advisor Mutual Fund Manager Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor

Date 26.02.2013 25.02.2013 22.02.2013 19.02.2013 08.02.2013 08.02.2013 08.02.2013 08.02.2013 08.02.2013 04.02.2013 04.02.2013 04.02.2013 04.02.2013 04.02.2013 04.02.2013 04.02.2013 04.02.2013 04.02.2013 04.02.2013 04.02.2013 01.02.2013 23.01.2013 15.01.2013 13.01.2013 15.11.2012 25.10.2012 18.10.2012 20.07.2012 18.06.2012 07.05.2012 02.02.2012 01.02.2012 21.12.2011

27.02.2013

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 350000 300000 250000 200000

Valuation Analysis

150000

Latest Fiscal Year: LTM as of: 52-Week High (06.04.2012) 52-Week Low (06.02.2013) Daily Volume Current Price (2/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 20.02.2013 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 12/yy 328'000.00 125'000.00 389'477.00 144000 -56.10% 15.20% 7.64% 21.9 3'153'477.00 0.00 0.0 0.0 451'500.68 2'738'506.84

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

50000 0 f-12 m-12 a-12 m-12

j-12

a-12

s-12

o-12

n-12 d-12

j-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 68'749.3 207'755.50 101'008.83 21.25% 43.96% 16.40% 20.01% 20.06% 0.46% 81.0% 41.5% 21.3% 14.5% 4.29 3.65 0.00% 0.00% 8.46 608.08

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 f-13

LTM

FY+1

0.42 0.90 12.86 -45.44% -4.32% 0.895 37 4.622 246'974 314'377 319'388 FY+2

FQ+1

FQ+2

12/yy 12/yy 12/13 Y 12/14 Y 03/13 Q1 06/13 Q2 500'177.2 475'302.5 775'740.0 ######### 171'730.0 171'960.0 43.01x 31.73x 3.03x 1.67x 207'755.5 84'296.8 448'610.0 683'040.0 27.16x 0.00x 6.10x 4.01x 176'924.9 68'749.1 348'060.0 508'250.0 72'060.0 72'480.0 34.40x 0.00x 9.06x 6.20x 9.06x 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

415.74 69.28 -2.35 0.00 0.0% 0.0% 0.46 1.92 43.14 0.60 -

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

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 |

27.02.2013

NCSoft Corp Holdings By:

All

Holder Name NEXON CO LTD TAEK-JIN KIM NCSOFT CORPORATION NATIONAL PENSION SER VANGUARD GROUP INC BLACKROCK SAMSUNG INVESTMENT T FMR LLC MAPS INVESTMENT MANA MIRAE ASSET GLOBAL I KB ASSET MANAGEMENT UBS HANA ASSET MANAG SHINHAN BNP PARIBAS KYOBO AXA INVESTMENT KOREA INVESTMENT TRU MORGAN STANLEY FIDELITY INVT ASSET HI ASSET MANAGEMENT GUARDIAN INVESTOR SE FRANKLIN RESOURCES

Firm Name

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

Analyst

Daewoo Securities CHANG KWEAN KIM Tong Yang Investment Bank LEE CHANG-YOUNG Deutsche Bank HANJOON KIM CIMB HOWON RIM E*Trade Securities Korea SUNG JONG-HWA Hyundai Securities KIM MIN Heungkuk Securities Co., Ltd. LEE SEUNG-HOON KB Investment & Securities Co., Ltd HOON CHOI NH Investment & Securities KIM JIN-GU Korea Investment & Securities HONG JONG-GIL HMC Investment Securities Co Ltd HAN-WOO PARK SK Securities Co Ltd CHOI GWAN-SOON Woori Investment & Securities JOSEPH CHUNG Credit Suisse JEFF KAHNG KTB Securities CHOI CHAN-SEOK Daiwa Securities Co. Ltd. THOMAS Y KWON Kyobo Securities LEE DAE-WOO KIWOOM Securities Co Ltd AHN JAE-MIN Mirae Asset Securities JEONG WOO-CHEOL Hana Daetoo Securities HWANG SEUNG-TAEK Taurus Investment Securities Co Ltd SOO-JI LEE LIG Investment Securities JEONG DAE-HO Morgan Stanley SAM MIN Samsung Securities JAY PARK Nomura STANLEY YANG Shinyoung Securities Co., Ltd. CHOI YOON-MEE Eugene Investment & Securities Co., LtdKIM DENNY Daishin Securities Co., Ltd. KANG LOK-HEE EVA Dimensions ANDREW S ZAMFOTIS Dongbu Securities Co Ltd DAE-UP PARK Shinhan Investment Corp KYUNG-JIN CHOI Goldman Sachs MICHAEL BANG Hanwha Securities Co., Ltd RAH TAEYEARL IBK Securities Co Ltd ANNE SEONAE LEE JPMorgan CHANG SUNG-MIN

Source EXCH EXCH EXCH EXCH MF-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 MF-AGG MF-AGG ULT-AGG

Recommendation buy buy buy outperform buy buy buy buy buy buy not rated buy buy neutral buy buy strong buy buy buy buy buy buy Underwt/Attractive buy buy buy buy buy sell buy buy Buy/Neutral outperform buy overweight

Amt Held 3'218'091 2'188'000 1'970'546 1'551'078 788'315 413'622 305'158 237'200 230'555 220'656 99'527 99'469 86'167 70'450 62'961 62'374 57'776 50'614 49'675 49'195

% Out 14.7 9.99 9 7.08 3.6 1.89 1.39 1.08 1.05 1.01 0.45 0.45 0.39 0.32 0.29 0.28 0.26 0.23 0.23 0.22

Weighting

Change

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

M M M N 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

Latest Chg (62'194) (223'506) (6'968) (147) (5'393) (136'937) 56'363 23'527 (95'182) 37'197 (16'027) 14'905 9'190 (6'556) 38'671 (20'530) (22'125) 49'042

Target Price 200'000 200'000 232'000 190'000 180'000 185'000 210'000 180'000 200'000 200'000 #N/A N/A 180'000 180'000 132'000 150'000 200'000 320'000 200'000 310'000 280'000 190'000 160'000 130'000 188'000 157'000 240'000 215'000 280'000 #N/A N/A 330'000 296'000 255'000 295'000 450'000 380'000

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

File Dt 08.06.2012 19.07.2012 09.03.2012 26.11.2012 31.12.2012 25.02.2013 28.09.2012 31.12.2012 28.09.2012 28.09.2012 28.09.2012 28.09.2012 28.09.2012 28.09.2012 28.09.2012 31.12.2012 28.09.2012 28.09.2012 31.12.2012 28.09.2012

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

Inst Type n/a n/a Corporation Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Mutual Fund Manager Investment Advisor Mutual Fund Manager Mutual Fund Manager Investment Advisor Mutual Fund Manager Investment Advisor Investment Advisor Mutual Fund Manager Mutual Fund Manager Investment Advisor Investment Advisor

Date 26.02.2013 25.02.2013 22.02.2013 22.02.2013 22.02.2013 21.02.2013 21.02.2013 12.02.2013 06.02.2013 06.02.2013 06.02.2013 06.02.2013 06.02.2013 06.02.2013 06.02.2013 06.02.2013 06.02.2013 06.02.2013 06.02.2013 06.02.2013 06.02.2013 06.02.2013 05.02.2013 05.02.2013 05.02.2013 30.01.2013 25.01.2013 18.01.2013 15.01.2013 08.11.2012 08.11.2012 07.11.2012 09.08.2012 09.08.2012 23.04.2012

27.02.2013

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 (15.03.2012) Daily Volume Current Price (2/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 31.12.2012 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

12/2011 09/yy 87'400.00 35'500.00 225'437.00 71100 -18.65% 100.28% 64.74% 77.3 5'494'928.50 23'084'296.92 0.0 0.0 32'431.34 31'001'741.15

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 j-12

j-12

a-12

s-12

o-12

n-12 d-12

j-13

Fiscal Year Ended 31.12.2007 14'260'834.9 0.84x 1'135'001.0 10.50x 364'760.5 12.79x

100000 90000 80000 70000 60000 50000 40000 30000 20000 10000 0 f-12 m-12 a-12 m-12

31.12.2008 31.12.2009 23'166'088.9 19'391'828.6 0.81x 0.97x 1'181'217.0 1'403'609.2 15.90x 13.44x 330'783.9 238'003.2 12.62x 14.83x Profitability

LTM-4Q 31.12.2010 22'611'376.3 0.98x 1'784'049.2 12.44x 250'380.7 14.07x

LTM

31.12.2011 09/yy 09/yy 28'254'770.7 ######### ######### 0.92x 3.23x 3.19x 1'765'763.0 ######### ######### 14.77x 13.19x 14.92x 208'399.0 109'289.6 438'959.8 14.53x 20.63x 11.88x 1'765'762.99 1'004'983.73 3.56% 1.49% 0.66% 2.85% 2.01% 0.89% 4.5% 6.2% 3.6% 0.7% 1.54 0.82 67.43% 313.07% 5.07 9.79

Price/ Cash Flow

FY+1

.0 M f-13

1.07 0.63 27.48 81.61% -5.33% 0.629 22 3.818 340'875 350'012 347'303 FY+2

FQ+1

FQ+2

12/12 Y

12/13 Y 12/12 Q4 03/13 Q1 - ######### - ######### - 451'000.0 - 438'700.0 S&P Issuer Ratings

17.09.2012 A+ STABLE 12.12.2011 A-1 2.43 0.85 13.05 13.07 313.1% 75.8% 0.89 1.75 71.99 37.29 20.84 88.44

Sales/Revenue/Turnover

7.00

30'000'000.0

6.00

25'000'000.0

5.00

20'000'000.0

4.00

15'000'000.0 3.00

10'000'000.0 2.00

5'000'000.0

1.00 0.00 03.01.2009

0.0 03.07.2009

03.01.2010

03.07.2010

03.01.2011

03.07.2011

03.01.2012

03.07.2012

03.01.2013

2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011

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

27.02.2013

Korea Gas Corp Holdings By:

All

Holder Name REPUBLIC OF KOREA KOREA ELECTRIC POWER NATIONAL PENSION SER KOREA GAS CORP VANGUARD GROUP INC SAMSUNG INVESTMENT T BLACKROCK MIDAS ASSET MANAGEME UBS HANA ASSET MANAG KB ASSET MANAGEMENT PRINCIPAL FINANCIAL KTB ASSET MANAGEMENT HI ASSET MANAGEMENT DONGBU ASSET MANAGEM SHINHAN BNP PARIBAS KYOBO AXA INVESTMENT MIRAE ASSET GLOBAL I DIMENSIONAL FUND ADV PRUDENTIAL ASSET MAN KOREA INVESTMENT TRU

Firm Name

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

Analyst

KIWOOM Securities Co Ltd KIM SANG-KU Daishin Securities Co., Ltd. YANG JI-HWAN Eugene Investment & Securities Co., LtdJOO ICK-CHAN Korea Investment & Securities YUN HEE-DO Samsung Securities SUJIN BUM Shinyoung Securities Co., Ltd. HWANG CHANG-SEOK Shinhan Investment Corp SHIN MIN-SEOK KTB Securities SHIN JI-YOON HI Investment Securities LEE SANG-HUN Mirae Asset Securities LEE HAK-MOO Hana Daetoo Securities SEONG-BONG PARK Credit Suisse CHO A-HYUNG JPMorgan CHANG SUNG-MIN EVA Dimensions AUSTIN BURKETT KB Investment & Securities Co., Ltd CHOI WON-YEOL Deutsche Bank HAN SANG-HI Woori Investment & Securities LEE CHANG-MOK Morgan Stanley HARRISON H HWANG Meritz Securities Co., Ltd KIM SEUNG CHURL Dongbu Securities Co Ltd YOO DEOK-SANG Macquarie EUGENE JUNG Taurus Investment Securities Co Ltd PARK YONG-HEE Daewoo Securities HAN SEUNG-KUK

Source Co File Co File EXCH Co File MF-AGG MF-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 outperform buy buy buy hold buy buy buy not rated buy buy neutral neutral underweight hold hold buy Equalwt/In-Line buy hold underperform buy trading buy

Amt Held 20'758'110 18'900'000 5'446'279 4'675'760 1'194'305 1'153'179 630'078 227'086 222'453 182'305 158'753 158'495 146'635 143'378 141'724 132'571 128'031 112'245 96'003 95'252

% Out 26.86 24.46 7.05 6.05 1.55 1.49 0.82 0.29 0.29 0.24 0.21 0.21 0.19 0.19 0.18 0.17 0.17 0.15 0.12 0.12

Weighting

Change

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

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

Latest Chg 790'232 (24'040) 935'810 270 177'747 119'176 (61'101) 153'405 112'495 (70'936) 15'524 (89'075) (211'029) (39'524) (72'323)

Target Price 81'000 90'000 125'000 110'000 65'000 120'000 90'000 100'000 #N/A N/A 110'000 102'000 77'000 93'000 #N/A N/A 61'000 69'400 105'000 67'000 110'000 83'000 50'000 73'000 42'000

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

File Dt 30.06.2012 30.06.2012 09.11.2012 30.06.2012 31.12.2012 28.09.2012 25.02.2013 28.09.2012 28.09.2012 28.09.2012 31.01.2013 28.09.2012 28.09.2012 28.09.2012 28.09.2012 28.09.2012 28.09.2012 31.07.2012 28.09.2012 28.09.2012

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

Inst Type Government Government Investment Advisor n/a Investment Advisor Investment Advisor Investment Advisor Investment Advisor Mutual Fund Manager Mutual Fund Manager Investment Advisor Mutual Fund Manager Mutual Fund Manager Mutual Fund Manager Investment Advisor Mutual Fund Manager Investment Advisor Investment Advisor Mutual Fund Manager Investment Advisor

Date 27.02.2013 26.02.2013 26.02.2013 21.02.2013 21.02.2013 21.02.2013 21.02.2013 21.02.2013 21.02.2013 20.02.2013 20.02.2013 22.01.2013 22.01.2013 15.01.2013 03.01.2013 20.11.2012 20.11.2012 19.11.2012 19.11.2012 23.10.2012 25.08.2012 22.08.2012 21.10.2011

27.02.2013

Hyundai Wia Corp Hyundai Wia Corp. manufactures automobile parts. The Company also produces machine tools, robots, presses, industrial machinery, and aircraft parts.

Price/Volume 250000

4.0 M 3.5 M

200000

3.0 M 2.5 M

150000

2.0 M

Valuation Analysis

100000

Latest Fiscal Year: LTM as of: 52-Week High (14.09.2012) 52-Week Low (19.03.2012) Daily Volume Current Price (2/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 31.12.2012 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 12/yy 194'500.00 126'500.00 72'416.00 154000 -20.82% 21.74% 38.97% 25.7 3'962'438.25 663'929.39 0.0 0.0 294'410.62 4'167'715.31

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

1.0 M .5 M

0 f-12 m-12 a-12 m-12

j-12

a-12

s-12

o-12

n-12 d-12

j-13

Fiscal Year Ended 31.12.2008 3'186'517.0 164'671.2 46'392.0 -

1.5 M

50000

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

0.84 11.84 13.98% -10.98% 0.841 34 4.824 106'294 161'755 149'040 FY+2

FQ+1

FQ+2

31.12.2012 12/yy 12/yy 12/13 Y 12/14 Y 03/13 Q1 06/13 Q2 6'253'825.0 ######### ######### ######### - ######### ######### 2.79x 2.17x 0.60x - 342'245.0 403'205.8 666'400.0 762'800.0 11.79x 0.00x 6.25x 5.46x 363'774.3 216'690.8 363'774.1 464'100.0 524'300.0 113'700.0 116'200.0 16.64x 0.00x 8.51x 7.51x S&P Issuer Ratings 342'244.96 Long-Term Rating Date 468'237.99 Long-Term Rating 7.49% Long-Term Outlook 4.92% Short-Term Rating Date 9.55% Short-Term Rating 22.62% Credit Ratios 17.05% EBITDA/Interest Exp. 1.75% (EBITDA-Capex)/Interest Exp. Net Debt/EBITDA 8.3% Total Debt/EBITDA 8.4% Reference 7.0% Total Debt/Equity 5.8% Total Debt/Capital Asset Turnover 1.25 Net Fixed Asset Turnover 0.86 Accounts receivable turnover-days 18.68% Inventory Days 48.29% Accounts Payable Turnover Day 5.17 Cash Conversion Cycle 10.07

Price/ Cash Flow

.0 M f-13

9.18 4.33 0.36 1.18 48.3% 32.6% 1.75 6.48 70.84 36.33 71.61 29.09

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

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 |

27.02.2013

Hyundai Wia Corp Holdings By:

All

Holder Name HYUNDAI MOTOR CO KIA MOTORS CORP NATIONAL PENSION SER SAMSUNG INVESTMENT T EMPLOYEE STOCK OWNER VANGUARD GROUP INC BLACKROCK MIRAE ASSET GLOBAL I KB ASSET MANAGEMENT UBS HANA ASSET MANAG ALLIANZ GLOBAL INVES MAPS INVESTMENT MANA KTB ASSET MANAGEMENT SHINHAN BNP PARIBAS HI ASSET MANAGEMENT MYASSET INVESTMENT M NH-CA ASSET MANAGEME KYOBO AXA INVESTMENT GS ASSET MANAGEMENT HYUNDAI INVESTMENTS

Firm Name Deutsche Bank Credit Suisse Dongbu Securities Co Ltd KTB Securities Taurus Investment Securities Co Ltd Barclays Hanwha Securities Co., Ltd LIG Investment Securities Daewoo Securities Hyundai Securities HMC Investment Securities Co Ltd Shinhan Investment Corp Woori Investment & Securities KB Investment & Securities Co., Ltd KIWOOM Securities Co Ltd E*Trade Securities Korea IBK Securities Co Ltd Goldman Sachs HSBC Hana Daetoo Securities Macquarie Korea Investment & Securities Samsung Securities JPMorgan Daiwa Securities Co. Ltd. Nomura Mirae Asset Securities EVA Dimensions BNP Paribas Equity Research Standard Chartered SK Securities Co Ltd Bookook Securities Co Ltd

Portfolio Name 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 Multiple Portfolios Multiple Portfolios

Analyst CHANWOOK PARK HENRY KWON YIM EUN-YOUNG NAM KYEONG MOON YANG HEE-JOON PAUL HWANG KIM YEON-CHAN IN-WOO PARK PARK YOUNG HO CHAE HEE-GUEN LEE MYUNG-HOON CHOI JUNGHYUK CHO SOO-HONG SHIN CHUNG-KWAN LEE HYUN-SOO KIM JOON-SUP SAE-HWAN AHN SEUNG SHIN PAUL CHOI SONG SUN-JAE MICHAEL SOHN SUH SUNGMOON EUNJEE KIM PARK WAN SUN CHUNG SUNG-YOP ANGELA HONG YOON-KI KIM CRAIG STERLING JONGIK KWON DAVID KIM KIM YONG-SOO AHN JONG-HOON

Source EXCH EXCH EXCH EXCH EXCH 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 MF-AGG MF-AGG

Recommendation buy outperform buy buy buy overweight buy buy buy buy buy buy buy buy buy buy buy Sell/Neutral overweight buy outperform buy buy overweight buy buy buy hold buy outperform buy buy

Amt Held 6'893'596 3'654'004 2'387'489 1'286'311 860'693 799'009 376'062 244'356 218'842 209'884 207'573 157'704 133'118 118'197 116'234 83'645 80'263 73'681 67'958 62'302

% Out 26.79 14.2 9.28 5 3.35 3.11 1.46 0.95 0.85 0.82 0.81 0.61 0.52 0.46 0.45 0.33 0.31 0.29 0.26 0.24

Weighting

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

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

Latest Chg 266'681 (10'399) 135 68'544 (23'885) (58'222) (51'435) 46'463 (18'261) (1'062) 38'563 788 17'615 18'155 (11'053) 825

Target Price 218'000 250'000 220'000 250'000 225'000 191'000 223'000 220'000 215'000 195'000 220'000 210'000 210'000 210'000 215'000 250'000 210'000 130'000 200'000 190'000 200'000 230'000 210'000 220'000 190'000 220'000 200'000 #N/A N/A 212'000 230'000 210'000 220'000

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

File Dt 30.03.2012 30.03.2012 17.10.2012 12.05.2011 23.02.2012 31.12.2012 25.02.2013 28.09.2012 28.09.2012 28.09.2012 28.09.2012 28.09.2012 28.09.2012 28.09.2012 28.09.2012 28.09.2012 28.09.2012 28.09.2012 28.09.2012 28.09.2012

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

Inst Type Corporation Corporation Investment Advisor Investment Advisor n/a Investment Advisor Investment Advisor Investment Advisor Mutual Fund Manager Mutual Fund Manager Mutual Fund Manager Mutual Fund Manager Mutual Fund Manager Investment Advisor Mutual Fund Manager Mutual Fund Manager Mutual Fund Manager Mutual Fund Manager Mutual Fund Manager Mutual Fund Manager

Date 19.02.2013 18.02.2013 12.02.2013 12.02.2013 12.02.2013 11.02.2013 07.02.2013 05.02.2013 04.02.2013 04.02.2013 04.02.2013 04.02.2013 04.02.2013 04.02.2013 04.02.2013 04.02.2013 04.02.2013 03.02.2013 03.02.2013 03.02.2013 02.02.2013 01.02.2013 01.02.2013 01.02.2013 01.02.2013 01.02.2013 30.01.2013 15.01.2013 05.12.2012 11.10.2012 28.08.2012 30.07.2012

27.02.2013

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 14.0 M

14000

12.0 M

12000

10.0 M

10000

8.0 M

8000

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (19.03.2012) 52-Week Low (16.11.2012) Daily Volume Current Price (2/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 31.12.2012 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

03/2012 09/yy 14'550.00 9'730.00 901'930.00 12100 -16.84% 24.36% 50.21% 326.7 3'953'080.75 14'579'854.00 70'379.0 0.0 3'165'376.00 16'570'521.78

31.03.2008 1'293'382.3 9.05x 705'476.5 16.59x 336'790.6 12.56x

6.0 M

6000 4000

4.0 M

2000

2.0 M

0 f-12 m-12 a-12 m-12

31.03.2009 31.03.2010 1'124'624.7 1'370'886.3 10.25x 10.51x 575'991.8 740'419.1 20.01x 19.46x 180'503.9 319'088.1 20.69x 13.02x Profitability

LTM-4Q 31.03.2011 1'380'355.0 11.31x 664'722.0 23.49x 213'326.0 22.72x

j-12

a-12

s-12

o-12

n-12 d-12

j-13

LTM

FY+1

.0 M f-13

1.32 1.48 288.32 -11.56% 0.83% 1.482 22 2.955 1'737'420 1'397'024 1'645'534 FY+2

FQ+1

FQ+2

31.03.2012 09/yy 09/yy 03/13 Y 03/14 Y 03/13 Q4 06/13 Q1 1'345'641.0 ######### ######### 757'150.0 938'000.0 232'700.0 209'700.0 11.69x 44.88x 42.39x 696'050.0 661'958.8 742'004.0 22.61x 19.33x 22.54x 171'568.0 184'576.8 161'172.0 149'135.0 197'261.0 62'587.5 39'493.0 20.34x 11.81x 25.45x 24.86x 19.96x S&P Issuer Ratings 696'050.00 Long-Term Rating Date - Long-Term Rating 23.80% Long-Term Outlook 16.59% Short-Term Rating Date 0.83% Short-Term Rating 5.02% Credit Ratios 1.02% EBITDA/Interest Exp. 0.06% (EBITDA-Capex)/Interest Exp. Net Debt/EBITDA - Total Debt/EBITDA 51.7% Reference - Total Debt/Equity 12.7% Total Debt/Capital Asset Turnover - Net Fixed Asset Turnover - Accounts receivable turnover-days 65.58% Inventory Days 374.73% Accounts Payable Turnover Day - Cash Conversion Cycle -

Price/ Cash Flow

16.40 20.95 374.7% 78.6% 0.06 5.18 -

Sales/Revenue/Turnover

16.00

1'600'000.0

14.00

1'400'000.0

12.00

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 04.04.2009

j-12

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

16000

0.0 04.10.2009

04.04.2010

04.10.2010

04.04.2011

04.10.2011

04.04.2012

04.10.2012

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 |

27.02.2013

Daewoo Securities Co Ltd Holdings By:

All

Holder Name KDB FINANCIAL GROUP EMPLOYEE STOCK OWNER VANGUARD GROUP INC NATIONAL PENSION SER DAEWOO SECURITIES CO BLACKROCK DIMENSIONAL FUND ADV SAMSUNG INVESTMENT T KYOBO AXA INVESTMENT DIMENSIONAL FUND ADV MIRAE ASSET GLOBAL I WOORI ASSET MANAGEME NH-CA ASSET MANAGEME KOREA INVESTMENT TRU UBS HANA ASSET MANAG EATON VANCE MANAGEME FRANKLIN RESOURCES GOLDMAN SACHS ASSET KB ASSET MANAGEMENT GOLDMAN SACHS ASSET

Firm Name

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

Analyst

Samsung Securities SEAN CHANG Woori Investment & Securities DAHEE WOO Deutsche Bank JEE HOON PARK Shinhan Investment Corp SOHN MI-JI EVA Dimensions AUSTIN BURKETT Morgan Stanley SARA LEE KTB Securities CHO SOUNG KYUNG IBK Securities Co Ltd PARK JIN-HYOENG SK Securities Co Ltd JUNG-KYUN AHN Daishin Securities Co., Ltd. KANG SEUNG-GUN JPMorgan MW KIM Eugene Investment & Securities Co., LtdSEO BO-ICK Hana Daetoo Securities HAN JEONG-TAE Tong Yang Investment Bank WON JAE-WOONG Kyobo Securities KIM JI-YOUNG Korea Investment & Securities LEE CHUL-HO KIWOOM Securities Co Ltd SEO YOUNG-SOO Shinyoung Securities Co., Ltd. PARK EUN-JOON Hyundai Securities RHEE TAE-KYUNG Meritz Securities Co., Ltd PARK SUN-HO

Source Co File Co File MF-AGG EXCH Co File ULT-AGG MF-AGG MF-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 hold hold sell buy sell Underwt/In-Line hold buy neutral market perform neutral reduce buy hold buy hold market perform neutral market perform buy

Amt Held 140'481'383 24'580'702 8'617'390 7'647'105 4'580'283 4'307'695 3'369'492 1'965'764 572'983 365'165 304'142 293'357 236'944 235'541 214'570 212'452 198'025 160'980 151'582 149'810

% Out 43 7.52 2.64 2.34 1.4 1.32 1.03 0.6 0.18 0.11 0.09 0.09 0.07 0.07 0.07 0.07 0.06 0.05 0.05 0.05

Weighting

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

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

Latest Chg (141'490) (6'270) 305'463 7'940 63'770 22'600 (68'800) (51'344) 181'628 198'025 (12'200) 23'426 149'810

Target Price 8'500 12'000 7'000 14'000 #N/A N/A 9'000 13'000 14'000 12'500 9'951 12'000 10'000 16'000 12'000 16'000 #N/A N/A 10'000 #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 30.09.2012 30.09.2012 31.12.2012 21.04.2011 30.09.2012 25.02.2013 31.07.2012 28.09.2012 28.09.2012 30.11.2012 28.09.2012 28.09.2012 28.09.2012 28.09.2012 28.09.2012 31.12.2012 28.09.2012 31.10.2012 28.09.2012 28.09.2012

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

Inst Type Holding Company n/a Investment Advisor Investment Advisor n/a Investment Advisor Investment Advisor Investment Advisor Mutual Fund Manager Investment Advisor Investment Advisor Mutual Fund Manager Mutual Fund Manager Investment Advisor Mutual Fund Manager Investment Advisor Investment Advisor Investment Advisor Mutual Fund Manager Mutual Fund Manager

Date 18.02.2013 15.02.2013 29.01.2013 16.01.2013 15.01.2013 09.01.2013 08.01.2013 21.12.2012 30.11.2012 29.11.2012 29.11.2012 19.11.2012 19.11.2012 23.10.2012 23.10.2012 28.09.2012 23.08.2012 16.07.2012 03.05.2012 21.03.2012

27.02.2013

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 (28.09.2012) 52-Week Low (19.06.2012) Daily Volume Current Price (2/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 31.12.2012 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 09/yy 24'700.00 17'100.00 307'387.00 23150 -6.28% 35.38% 86.84% 115.0 2'663'204.25 2'314.12 0.0 0.0 460'082.67 2'294'746.98

31.12.2008 575'344.4 0.83x 39'294.7 12.10x 87'467.1 9.68x

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

1.0 M

0 f-12 m-12 a-12 m-12

LTM-4Q 31.12.2011 720'415.9 2.24x 74'247.5 21.71x 79'294.2 26.14x

31.12.2012 74'247.48 66'263.88 9.20% 13.55% 6.65% 12.11% 12.09% 0.60% 33.5% 10.3% 9.2% 11.0% 1.77 1.74 0.18% 0.35% 1.55 -

Price/ Cash Flow

LTM

09/yy 09/yy 656'836.7 863'943.9 7.96x 8.02x 67'370.1 68'580.0 24.27x 31.94x 98'667.7 57'955.8 0.00x 44.37x

j-12

a-12

s-12

o-12

n-12

d-12

j-13

.0 M f-13

0.69 0.55 84.05 19.95% 7.42% 0.546 20 4.500 333'346 349'599 508'906

FY+1

FY+2

FQ+1

FQ+2

12/13 Y

12/14 Y

03/13 Q1

06/13 Q2

S&P Issuer Ratings

262.37 221.91 -6.17 0.03 0.3% 0.3% 0.60 10.30 236.14 307.86 -

Sales/Revenue/Turnover

100.00

800'000.0

90.00

700'000.0

80.00

600'000.0

70.00

500'000.0

60.00 50.00

400'000.0

40.00

300'000.0

30.00

200'000.0

20.00

100'000.0

10.00 0.00 03.01.2009

4.0 M

10000

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

5.0 M

15000

Valuation Analysis

0.0 03.07.2009

03.01.2010

03.07.2010

03.01.2011

03.07.2011

03.01.2012

03.07.2012

03.01.2013

2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011

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

27.02.2013

Cheil Worldwide Inc Holdings By:

All

Holder Name SAMSUNG C&T CORP KOREA INVESTMENT TRU NATIONAL PENSION SER MATTHEWS INTERNATION SAUDI ARABIAN MONETA MORGAN STANLEY MATTHEWS INTERNATION CHEIL WORLDWIDE INC SCHRODER INVESTMENT SCHRODER INVESTMENT BLACKROCK SAMSUNG INVESTMENT T FMR LLC VANGUARD GROUP INC KB ASSET MANAGEMENT CAPITAL GROUP COMPAN DIMENSIONAL FUND ADV TONG YANG INVESTMENT HI ASSET MANAGEMENT ROBECO INVESTOR SERV

Firm Name

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

Analyst

Woori Investment & Securities GENE PARK Daewoo Securities JEE-HYUN MOON Korea Investment & Securities KIM SHIWOO Hyundai Securities HAN IK-HEE Samsung Securities JUNGHYUN SHIN Eugene Investment & Securities Co., LtdLEE WOO-SEUNG HMC Investment Securities Co Ltd HWANG SUNG-JIN Macquarie EUGENE JUNG KTB Securities CHOI CHAN-SEOK Hanwha Securities Co., Ltd PARK JONG-SOO KB Investment & Securities Co., Ltd HOON CHOI HI Investment Securities MIN YOUNG-SANG Morgan Stanley SHAWN KIM Shinyoung Securities Co., Ltd. HAN SEUNG-HO Credit Suisse JEFF KAHNG Nomura STANLEY YANG EVA Dimensions CRAIG STERLING SK Securities Co Ltd LEE HYUNJUNG Shinhan Investment Corp KYUNG-JIN CHOI Tong Yang Investment Bank LEE KUN-HO Mirae Asset Securities KWON YOUNG-JOON

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

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

Amt Held 14'539'350 11'495'600 10'675'604 7'103'974 6'402'050 6'255'436 6'110'765 5'628'500 5'386'380 2'606'850 2'229'620 2'061'271 1'335'840 1'126'725 1'071'302 636'610 593'565 543'460 540'640 400'000

% Out 12.64 9.99 9.28 6.18 5.57 5.44 5.31 4.89 4.68 2.27 1.94 1.79 1.16 0.98 0.93 0.55 0.52 0.47 0.47 0.35

Weighting

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

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

Latest Chg (46'130) 2'379'302 (1'167'940) (1'173'210) (178'950) (1'182'840) 76'170 48'180 357'195 (45'650) 197'530 (788) (280'900) 8'470 471'410 -

Target Price 25'000 28'000 26'500 26'700 25'000 27'000 27'500 28'000 23'000 26'500 28'000 26'000 21'000 30'000 20'400 26'000 #N/A N/A 27'000 27'000 23'000 16'500

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

File Dt Inst Type 12.02.2013 Corporation 25.10.2012 Investment Advisor 24.09.2012 Investment Advisor 15.06.2012 Investment Advisor 15.06.2012 Government 31.12.2012 Investment Advisor 28.09.2012 Investment Advisor 31.12.2011 Corporation 11.01.2012 Investment Advisor 31.12.2012 Investment Advisor 25.02.2013 Investment Advisor 28.09.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 28.09.2012 Mutual Fund Manager 31.12.2012 Investment Advisor 31.07.2012 Investment Advisor 28.09.2012 Mutual Fund Manager 28.09.2012 Mutual Fund Manager 31.12.2012 Investment Advisor

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

Date 25.02.2013 30.01.2013 30.01.2013 30.01.2013 30.01.2013 30.01.2013 30.01.2013 30.01.2013 30.01.2013 30.01.2013 30.01.2013 30.01.2013 29.01.2013 29.01.2013 29.01.2013 29.01.2013 15.01.2013 29.10.2012 26.10.2012 27.07.2012 12.05.2010

27.02.2013

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.

Price/Volume 80000

2.0 M

50000

12/2012 12/yy 72'400.00 39'900.00 234'364.00 43050 -40.54% 7.89% 10.00% 105.9 4'557'112.50 2'878'313.31 0.0 0.0 386'061.73 8'047'156.70

1.5 M

30000

1.0 M

20000 .5 M

10000 0 f-12 m-12 a-12 m-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

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

2.5 M

60000 40000

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (06.03.2012) 52-Week Low (03.12.2012) Daily Volume Current Price (2/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 31.12.2012 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

31.12.2008 5'709'659.6 1.27x 568'186.3 12.72x (65'851.3) -

3.0 M

70000

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 12/yy 12/yy 7'856'768.6 ######### ######### 4.81x 3.23x - 491'950.3 515'899.5 16.85x 0.00x (205'979.0) 171'580.5 (205'978.8) 34.05x 0.00x 491'950.31 554'913.52 7.06% 3.44% 1.74% 4.75% 4.64% 0.68% 14.0% 7.4% 7.1% -2.6% 0.86 0.56 27.58% 78.97% 3.08 18.97

Price/ Cash Flow

1.74 1.00 43.81 -37.56% -4.76% 0.996 26 4.538 265'155 418'702 477'784

FY+1

FY+2

FQ+1

FQ+2

12/13 Y

12/14 Y

03/13 Q1

06/13 Q2

S&P Issuer Ratings

.0 M f-13

3.35 2.04 4.97 5.85 79.0% 44.1% 0.68 3.35 118.62 19.24 134.59 3.27

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

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 |

27.02.2013

Doosan Heavy Industries & Construction Co Ltd Holdings By:

All

Holder Name DOOSAN CORP DOOSAN HEAVY INDUSTR MIRAE ASSET GLOBAL I VANGUARD GROUP INC KOREA DEVELOPMENT BA BLACKROCK SAMSUNG INVESTMENT T KOREA INVESTMENT TRU FMR LLC PCA INVESTMENT TRUST KYOBO AXA INVESTMENT DIMENSIONAL FUND ADV NH-CA ASSET MANAGEME MAPS INVESTMENT MANA PIONEER INVESTMENT M TONG YANG INVESTMENT WOORI ASSET MANAGEME DIMENSIONAL FUND ADV KBC GROUP NV MIDAS ASSET MANAGEME

Firm Name KB Investment & Securities Co., Ltd Tong Yang Investment Bank Credit Suisse IBK Securities Co Ltd Daewoo Securities Daishin Securities Co., Ltd. Korea Investment & Securities Hyundai Securities Samsung Securities SK Securities Co Ltd Woori Investment & Securities Hanwha Securities Co., Ltd KIWOOM Securities Co Ltd E*Trade Securities Korea LIG Investment Securities Deutsche Bank JPMorgan Daiwa Securities Co. Ltd. Nomura Dongbu Securities Co Ltd EVA Dimensions Hana Daetoo Securities HSBC KTB Securities Shinyoung Securities Co., Ltd. Meritz Securities Co., Ltd

Portfolio Name 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 Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios

Analyst HEU MOON-WOOK LEE JAE-WON HENRY KWON JIN-HO HONG SUNG KI-JONG JEON JAE-CHEON RICHARD PARK LEE SANG-HWA YOUNGSOO HAN LEE JI-HOON HAH SUK-WON PAUL DONG-IK JEONG CHOI WON-KYUNG PARK MOO-HYUN CHOI GWANG-SHIK SANJEEV RANA PARK WAN SUN MIKE OH KEITH NAM KIM HONG-GYUN CRAIG STERLING SANG-WOO LEE BRIAN CHO HYUN JIN KWON HYUNG-SIL LEE SUH JUNG-DUK

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

Recommendation hold buy neutral buy buy buy hold buy buy buy buy buy buy buy buy buy overweight outperform neutral buy underweight buy overweight buy buy buy

Amt Held 43'645'207 16'812'505 5'379'941 2'466'488 1'346'909 1'119'881 828'219 816'452 303'065 248'603 213'478 191'374 127'420 78'436 66'056 62'219 58'040 48'791 47'883 42'549

% Out 41.23 15.88 5.08 2.33 1.27 1.06 0.78 0.77 0.29 0.23 0.2 0.18 0.12 0.07 0.06 0.06 0.05 0.05 0.05 0.04

Weighting

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

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

Latest Chg (1'275'103) (2'041) (6'185'633) 56'072 391'800 (217'409) 299'274 34'690 37'992 (103'795) (9'372) (11'437) (58'826) 16'660 (1'561) 3'101

Target Price 60'000 61'000 49'000 60'000 60'000 55'000 #N/A N/A 56'000 51'000 58'000 62'000 55'000 65'000 53'000 57'000 55'000 62'000 52'000 75'000 70'000 #N/A N/A 79'600 66'000 81'000 85'000 84'000

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

File Dt 30.06.2012 30.06.2012 29.05.2009 31.12.2012 08.10.2010 25.02.2013 28.09.2012 28.09.2012 31.12.2012 28.09.2012 28.09.2012 31.07.2012 28.09.2012 28.09.2012 30.11.2012 28.09.2012 28.09.2012 30.11.2012 31.01.2013 28.09.2012

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

Inst Type Holding Company Corporation Investment Advisor Investment Advisor Government Investment Advisor Investment Advisor Investment Advisor Investment Advisor Mutual Fund Manager Mutual Fund Manager Investment Advisor Mutual Fund Manager Mutual Fund Manager Mutual Fund Manager Mutual Fund Manager Mutual Fund Manager Investment Advisor Investment Advisor Investment Advisor

Date 25.02.2013 22.02.2013 18.02.2013 06.02.2013 05.02.2013 05.02.2013 05.02.2013 05.02.2013 05.02.2013 05.02.2013 05.02.2013 05.02.2013 05.02.2013 05.02.2013 05.02.2013 04.02.2013 04.02.2013 04.02.2013 04.02.2013 30.01.2013 15.01.2013 05.11.2012 24.10.2012 08.08.2012 16.02.2012 08.08.2011

27.02.2013

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 180000 160000 140000 120000 100000 80000

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (05.03.2012) 52-Week Low (15.11.2012) Daily Volume Current Price (2/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 31.12.2012 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 12/yy 167'500.00 95'600.00 327'005.00 109500 -34.63% 14.54% 19.33% 30.5 3'336'212.25 2'094'747.00 15'117.0 0.0 414'578.58 5'002'719.35

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

40000 20000 0 f-12 m-12 a-12 m-12

j-12

a-12

s-12

o-12

n-12 d-12

j-13

Market Data

Fiscal Year Ended 31.12.2008 3'182'489.8 0.73x 353'461.4 6.61x (19'745.7) -

60000

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 12/yy 12/yy 4'872'724.7 ######### ######### 4.49x 3.09x - 778'080.9 267'642.0 7.53x 0.00x 96'116.0 343'319.7 96'116.2 9.67x 0.00x 778'082.00 214'783.77 4.41% 8.94% 9.31% 32.78% 14.08% 1.43% 15.7% 14.7% 4.4% 2.0% 0.70 0.48 53.14% 175.81% 9.53 10.34

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 f-13

1.83 1.16 16.05 -28.66% -16.09% 1.161 24 4.083 277'715 175'758 216'811

FY+1

FY+2

FQ+1

FQ+2

12/13 Y

12/14 Y

03/13 Q1

06/13 Q2

7.62x S&P Issuer Ratings

5.90 4.58 2.16 2.69 175.8% 63.5% 1.43 3.65 38.30 35.29 24.88 48.71

Sales/Revenue/Turnover

25.00

6'000'000.0 5'000'000.0

20.00

4'000'000.0 15.00

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

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 |

27.02.2013

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 JF ASSET MANAGEMENT VANGUARD GROUP INC BLACKROCK SAMSUNG INVESTMENT T GOLDMAN SACHS ASSET GOLDMAN SACHS ASSET KOREA INVESTMENT TRU GOLDMAN SACHS GROUP NH-CA ASSET MANAGEME ALLIANZ GLOBAL INVES DIMENSIONAL FUND ADV TONG YANG INVESTMENT LANSFORSAKRINGAR FON 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 Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios

Analyst

Tong Yang Investment Bank HWANG KYU-WON KB Investment & Securities Co., Ltd PARK JAE-CHUL Hana Daetoo Securities LEE JEONG HEON Hyundai Securities BAEK YOUNG-CHAN HSBC DENNIS HYUNCHUL YOO Samsung Securities SEUNGWOO KIM Eugene Investment & Securities Co., LtdKWAK JIN-HEE Shinhan Investment Corp YI EUNG-JU SK Securities Co Ltd SOHN JI-WOO HI Investment Securities LEE HEE-CHEOL KIWOOM Securities Co Ltd KYUNG-HYUK MIN Mirae Asset Securities YOUNG-BAE KWON IBK Securities Co Ltd CHOONG-JAE LEE Taurus Investment Securities Co Ltd JAESUNG YOON Woori Investment & Securities KIM SUN-WOO Nomura CINDY PARK Standard Chartered DANIEL DO YEON LEE Daewoo Securities PARK YEON-JU Daishin Securities Co., Ltd. AHN SANG-HEE Korea Investment & Securities PARK KIYONG Meritz Securities Co., Ltd HWANG YOU SIK EVA Dimensions CRAIG STERLING BS Securities Co Ltd SEUK-WON CHOI E*Trade Securities Korea WON YONG-JIN LIG Investment Securities PARK YOUNG-HOON Bookook Securities Co Ltd CHOI SANG-DO

Source Co File Co File EXCH EXCH EXCH EXCH EXCH 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 hold buy not rated buy underweight hold buy buy buy buy buy buy buy buy buy neutral in-line hold buy hold buy sell buy buy hold buy

Amt Held 5'592'528 4'281'715 3'040'882 2'183'120 2'030'964 1'562'325 1'254'384 723'044 307'804 205'510 124'438 93'484 78'030 59'689 56'658 42'426 39'737 38'084 36'800 34'621

% Out 18.36 14.05 9.98 7.17 6.67 5.13 4.12 2.37 1.01 0.67 0.41 0.31 0.26 0.2 0.19 0.14 0.13 0.12 0.12 0.11

Weighting

Change

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

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 (24'954) (6'884) 499 77'505 65'954 82'334 50'837 33'260 7'284 41'429 36'190 9'280 (4'341)

Target Price 110'000 150'000 #N/A N/A 135'000 95'000 125'000 164'000 140'000 140'000 170'000 160'000 140'000 160'000 150'000 150'000 135'000 114'000 #N/A N/A 160'000 #N/A N/A 150'000 #N/A N/A 150'000 140'000 #N/A N/A 240'000

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

File Dt 31.12.2011 31.12.2011 22.02.2013 22.02.2013 22.02.2013 10.08.2012 13.01.2011 31.12.2012 25.02.2013 28.09.2012 31.10.2012 28.09.2012 28.09.2012 31.12.2012 28.09.2012 28.09.2012 31.07.2012 28.09.2012 31.12.2012 28.09.2012

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

Inst Type Corporation Government n/a n/a n/a Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Mutual Fund Manager Investment Advisor Investment Advisor Mutual Fund Manager Mutual Fund Manager Investment Advisor Mutual Fund Manager Investment Advisor Investment Advisor

Date 26.02.2013 26.02.2013 25.02.2013 21.02.2013 19.02.2013 08.02.2013 08.02.2013 08.02.2013 08.02.2013 08.02.2013 08.02.2013 08.02.2013 08.02.2013 08.02.2013 07.02.2013 07.02.2013 05.02.2013 25.01.2013 25.01.2013 24.01.2013 15.01.2013 15.01.2013 22.10.2012 25.09.2012 25.09.2012 20.02.2012

27.02.2013

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

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (21.03.2012) 52-Week Low (16.11.2012) Daily Volume Current Price (2/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 31.12.2012 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 12/yy 111'000.00 47'150.00 316'143.00 54000 -51.35% 14.53% 13.08% 51.0 2'754'000.00 1'543'781.00 0.0 0.0 1'632'996.83 3'438'819.66

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

3.0 M

100000

2.5 M

80000

2.0 M

60000

1.5 M

40000

1.0 M

20000

.5 M

0 f-12 m-12 a-12 m-12

31.12.2009 31.12.2010 7'376'924.6 7'865'282.6 0.66x 0.69x 595'936.8 548'142.1 8.22x 9.94x 382'800.7 386'599.6 14.02x 14.85x Profitability

LTM-4Q 31.12.2011 8'524'883.7 0.52x 381'733.0 11.70x 412'570.6 11.05x

j-12

a-12

s-12

o-12

n-12 d-12

j-13

LTM

FY+1

.0 M f-13

1.85 1.35 29.86 -43.32% -5.76% 1.351 36 3.667 354'416 441'230 458'904 FY+2

FQ+1

FQ+2

31.12.2012 12/yy 12/yy 12/13 Y 12/14 Y 03/13 Q1 06/13 Q2 8'530'989.2 ######### ######### ######### ######### ######### ######### 2.40x 1.61x 0.30x 0.22x 1.00x 0.90x - 381'733.8 221'645.3 507'007.0 601'748.3 127'498.0 137'537.0 11.70x 0.00x 6.78x 5.71x 5.62x 119'134.2 412'571.5 119'133.9 320'465.5 463'542.8 74'592.0 86'495.0 11.05x 0.00x 8.33x 5.94x 6.74x S&P Issuer Ratings 381'733.03 Long-Term Rating Date 07.12.2012 133'216.13 Long-Term Rating BBB1.56% Long-Term Outlook NEG 6.02% Short-Term Rating Date 4.06% Short-Term Rating 11.17% Credit Ratios 8.78% EBITDA/Interest Exp. 10.32 0.84% (EBITDA-Capex)/Interest Exp. 9.39 Net Debt/EBITDA -0.38 11.0% Total Debt/EBITDA 4.04 4.5% Reference 1.6% Total Debt/Equity 40.8% 1.4% Total Debt/Capital 29.0% Asset Turnover 0.84 1.49 Net Fixed Asset Turnover 8.03 1.13 Accounts receivable turnover-days 159.59 14.98% Inventory Days 13.37 40.84% Accounts Payable Turnover Day 77.23 2.29 Cash Conversion Cycle 95.73 27.30

Price/ Cash Flow

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

j-12

Fiscal Year Ended 31.12.2008 6'865'848.0 0.42x 508'453.6 5.67x 381'553.9 7.54x

120000

0.0 02.07.2010

02.01.2011

02.07.2011

02.01.2012

02.07.2012

02.01.2013

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 |

27.02.2013

GS Engineering & Construction Corp Holdings By:

All

Holder Name CHANG-SOO HUH FRANKLIN RESOURCES NATIONAL PENSION SER JIN-SU HEO UBS HANA ASSET MANAG VANGUARD GROUP INC MYUNG-SOO HUH GS ENGINEERING & CON CCMP CAPITAL ASIA PT BLACKROCK KB ASSET MANAGEMENT SCHRODER INVESTMENT SAMSUNG INVESTMENT T KOREA INVESTMENT TRU FMR LLC DIMENSIONAL FUND ADV ALLIANZ GLOBAL INVES ROBECO INVESTOR SERV SHINHAN BNP PARIBAS DAIWA SB INVESTMENTS

Firm Name Mirae Asset Securities Meritz Securities Co., Ltd Hanwha Securities Co., Ltd KB Investment & Securities Co., Ltd Hana Daetoo Securities HMC Investment Securities Co Ltd Credit Suisse Deutsche Bank Daishin Securities Co., Ltd. NH Investment & Securities Dongbu Securities Co Ltd Samsung Securities Shinyoung Securities Co., Ltd. Shinhan Investment Corp Woori Investment & Securities KTB Securities HI Investment Securities Kyobo Securities E*Trade Securities Korea Korea Investment & Securities JPMorgan Nomura Standard Chartered Daiwa Securities Co. Ltd. EVA Dimensions Daewoo Securities LIG Investment Securities Goldman Sachs Taurus Investment Securities Co Ltd HSBC Tong Yang Investment Bank Hyundai Securities SK Securities Co Ltd

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 Multiple Portfolios n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios

Analyst BYUN SUNG-JIN HYUNG-GUN KIM CHO DONG-PIL HEU MOON-WOOK SEUNG-WOO SHIN LEE KWANG-SOO SINN MIN-SEOK HAN SANG-HI CHO YOON-HO KANG SEUNG-MIN RYAN YOO DEOK-SANG KS KANG JONG-HYO HAN LEE SUN-IL WAYNE WANG-SANG LEE SUN-MI KIM KIYOUNG ROH CHO JOO-HYUNG SANG-YEON PARK LEE KYUNG-JA LEE SOKJE KEITH NAM JAMES KP HONG MIKE OH CRAIG STERLING SONG HEUNG-IK CHAE SANG-WOOK JINMOOK KIM PARK YONG-HEE BRIAN CHO SANG-HYUP CHONG EMILY KIM PARK HYUNG-RYUL

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

Recommendation hold buy buy hold not rated buy underperform hold market perform buy buy hold buy neutral hold buy buy hold buy hold neutral buy in-line underperform underweight buy hold neutral/neutral buy overweight buy buy buy

Amt Held 10'203'051 7'003'005 2'959'573 2'958'100 2'488'442 1'848'282 1'847'225 1'521'151 1'521'151 865'973 605'528 603'853 500'011 435'752 376'703 316'630 222'026 200'000 162'265 151'860

% Out 20.01 13.73 5.8 5.8 4.88 3.62 3.62 2.98 2.98 1.7 1.19 1.18 0.98 0.85 0.74 0.62 0.44 0.39 0.32 0.3

Weighting

Change

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

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

Latest Chg (68'000) 38'610 (708'234) (1'113'506) (12'592) (681) 4'857 68'727 119'429 (166'128) (944'969) 220'758 57'533 -

Target Price 51'000 77'500 77'000 72'200 #N/A N/A 77'000 45'000 50'300 60'000 79'000 67'000 50'000 65'000 54'000 66'000 68'000 62'000 52'000 67'000 #N/A N/A 67'000 75'000 60'000 49'000 #N/A N/A 77'000 65'000 52'000 71'000 83'000 119'000 110'000 123'000

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

File Dt Inst Type 26.03.2012 n/a 08.02.2013 Investment Advisor 15.11.2012 Investment Advisor 26.03.2012 n/a 21.02.2011 Mutual Fund Manager 31.12.2012 Investment Advisor 26.03.2012 n/a 15.03.2012 n/a 31.12.2011 Unclassified 25.02.2013 Investment Advisor 28.09.2012 Mutual Fund Manager 31.12.2012 Investment Advisor 28.09.2012 Investment Advisor 28.09.2012 Investment Advisor 31.12.2012 Investment Advisor 31.07.2012 Investment Advisor 28.09.2012 Mutual Fund Manager 31.12.2012 Investment Advisor 28.09.2012 Investment Advisor 24.07.2012 Investment Advisor

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

Date 27.02.2013 26.02.2013 26.02.2013 25.02.2013 25.02.2013 21.02.2013 14.02.2013 08.02.2013 08.02.2013 08.02.2013 08.02.2013 08.02.2013 08.02.2013 08.02.2013 08.02.2013 08.02.2013 08.02.2013 08.02.2013 08.02.2013 07.02.2013 07.02.2013 07.02.2013 23.01.2013 15.01.2013 15.01.2013 10.01.2013 07.01.2013 14.12.2012 28.11.2012 07.11.2012 08.10.2012 19.09.2012 04.07.2012

27.02.2013

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 (19.03.2012) 52-Week Low (26.07.2012) Daily Volume Current Price (2/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 31.12.2012 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

03/2012 09/yy 48'950.00 31'300.00 126'409.00 45800 -6.44% 46.33% 79.89% 55.7 2'552'250.50 1'407'507.31 29'291.3 0.0 212'109.03 3'356'226.37

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

31.03.2009 31.03.2010 (123'176.0) 276'087.9 8.98x (134'822.0) 257'542.1 9.62x (141'735.1) 211'265.5 8.58x Profitability

LTM-4Q 31.03.2011 39'996.0 73.14x (30'148.7) -

31.03.2012 331'361.7 10.87x 274'752.2 9.59x

96.26% 82.92% 8.56% 11.77% 0.10% 82.9% 38.23% 63.34% -

Price/ Cash Flow

.5 M .4 M .3 M .2 M .1 M

j-12

a-12

s-12

o-12

n-12

d-12

j-13

LTM

FY+1

.0 M f-13

1.53 1.33 36.90 6.19% 7.64% 1.328 17 4.647 123'531 97'818 102'958 FY+2

FQ+1

FQ+2

09/yy 09/yy 03/13 Y 03/14 Y 03/13 Q4 06/13 Q1 336'255.1 199'799.6 662'000.0 719'000.0 33.26x 64.01x 0.0 0.0 0.00x 0.00x 282'724.9 127'588.9 163'643.0 209'382.0 7.19x 18.40x 15.80x 11.59x 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

63.3% 38.5% 0.10 11682.71 -

Sales/Revenue/Turnover

10.00

700'000.0

9.00

600'000.0

8.00

500'000.0

7.00

400'000.0

6.00 5.00

300'000.0

4.00

200'000.0

3.00

100'000.0

2.00

0.0

1.00 0.00 04.04.2009

.6 M

Fiscal Year Ended 31.03.2008 341'179.1 9.08x 331'684.7 9.34x 287'396.6 9.46x

50000 45000 40000 35000 30000 25000 20000 15000 10000 5000 0 f-12 m-12 a-12 m-12

-100'000.0 04.10.2009

04.04.2010

04.10.2010

04.04.2011

04.10.2011

04.04.2012

04.10.2012

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

-200'000.0

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

27.02.2013

Korea Investment Holdings Co Ltd Holdings By:

All

Holder Name NAM-GOO KIM NATIONAL PENSION SER ORBIS INVESTMENT MAN PLATINUM INVESTMENT KOREA INVESTMENT HOL TRUSTON ASSET MANAGE VANGUARD GROUP INC DIMENSIONAL FUND ADV BLACKROCK PCA INVESTMENT TRUST FRANKLIN RESOURCES KB ASSET MANAGEMENT SAMSUNG INVESTMENT T GRANTHAM MAYO VAN OT SHINHAN BNP PARIBAS HI ASSET MANAGEMENT KYOBO AXA INVESTMENT VALIC CO I DIMENSIONAL FUND ADV INVESCO ASSET MANAGE

Firm Name Morgan Stanley Daewoo Securities Samsung Securities Shinyoung Securities Co., Ltd. Woori Investment & Securities Deutsche Bank Shinhan Investment Corp EVA Dimensions KTB Securities Kyobo Securities JPMorgan Daishin Securities Co., Ltd. KIWOOM Securities Co Ltd Tong Yang Investment Bank HSBC Hana Daetoo Securities

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 Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios

Analyst SARA LEE JEONG GIL-WON SEAN CHANG PARK EUN-JOON DAHEE WOO JEE HOON PARK SOHN MI-JI AUSTIN BURKETT CHO SOUNG KYUNG KIM JI-YOUNG MW KIM KANG SEUNG-GUN SEO YOUNG-SOO WON JAE-WOONG TODD DUNIVANT HAN JEONG-TAE

Source Co File EXCH Co File Co File Co File Co File 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 Overwt/In-Line buy buy buy buy hold buy sell buy buy overweight buy buy buy overweight buy

Amt Held 11'271'636 4'526'678 4'467'573 4'320'864 2'987'479 2'815'938 2'039'806 877'906 784'814 767'966 505'555 433'561 332'181 260'471 199'230 150'565 131'370 129'250 111'850 109'817

% Out 20.23 8.12 8.02 7.75 5.36 5.05 3.66 1.58 1.41 1.38 0.91 0.78 0.6 0.47 0.36 0.27 0.24 0.23 0.2 0.2

Weighting

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

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

Latest Chg 571'452 (36'530) (330) 54'419 (17'511) 5'940 31'926 (49'154) (129'075) (540) (4'310) 16'200

Target Price 60'000 58'000 48'000 51'000 48'000 46'000 55'000 #N/A N/A 55'000 58'000 52'000 55'000 49'000 53'000 45'000 50'000

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

File Dt 30.09.2012 09.11.2012 30.09.2012 30.09.2012 30.09.2012 30.09.2012 31.12.2012 31.07.2012 25.02.2013 28.09.2012 31.12.2012 28.09.2012 28.09.2012 31.05.2012 28.09.2012 28.09.2012 28.09.2012 31.12.2012 30.11.2012 31.07.2012

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

Inst Type n/a Investment Advisor Investment Advisor Investment Advisor Investment Advisor Mutual Fund Manager Investment Advisor Investment Advisor Investment Advisor Mutual Fund Manager Investment Advisor Mutual Fund Manager Investment Advisor Investment Advisor Investment Advisor Mutual Fund Manager Mutual Fund Manager Investment Advisor Investment Advisor Mutual Fund Manager

Date 24.02.2013 22.02.2013 22.02.2013 18.02.2013 15.02.2013 29.01.2013 17.01.2013 17.01.2013 08.01.2013 08.01.2013 03.12.2012 29.11.2012 07.11.2012 23.10.2012 10.10.2012 17.09.2012

27.02.2013

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

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (20.03.2012) 52-Week Low (27.02.2013) Daily Volume Current Price (2/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 31.12.2012 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 12/yy 32'300.19 17'400.00 385'491.00 17500 -45.82% 0.57% 0.34% 154.3 2'699'781.50 5'921'033.00 0.0 0.0 770'874.00 8'443'103.51

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

3.5 M

30000

3.0 M

25000

2.5 M

20000

2.0 M

15000

1.5 M

10000

1.0 M

5000

.5 M

0 f-12 m-12 a-12 m-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

Fiscal Year Ended 31.12.2008 8'003'038.6 0.72x 832'943.5 6.91x 676'931.0 7.17x

35000

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 64.32 -44.20% -25.85% 1.169 16 2.875 441'398 313'153 453'748 FY+2

FQ+1

FQ+2

31.12.2012 12/yy 12/yy 12/13 Y 12/14 Y 03/13 Q1 06/13 Q2 7'713'825.2 ######### ######### ######### ######### ######### ######### 4.89x 3.73x - (65'070.0) (172'692.0) 0.00x 0.00x (998'937.6) (473'244.0) (998'938.0) (567'200.0) (26'700.0) (220'400.0) (152'900.0) 0.00x 0.00x 51.03x S&P Issuer Ratings -88'487.00 Long-Term Rating Date -519'778.49 Long-Term Rating -6.74% Long-Term Outlook -6.31% Short-Term Rating Date -5.60% Short-Term Rating -23.58% Credit Ratios - EBITDA/Interest Exp. 0.85% (EBITDA-Capex)/Interest Exp. Net Debt/EBITDA -2.2% Total Debt/EBITDA -1.2% Reference -6.7% Total Debt/Equity -12.9% Total Debt/Capital Asset Turnover 1.19 Net Fixed Asset Turnover 0.69 Accounts receivable turnover-days 70.22% Inventory Days 348.31% Accounts Payable Turnover Day 13.94 Cash Conversion Cycle 21.81

Price/ Cash Flow

.0 M f-13

-0.30 -0.90 -66.91 348.3% 77.7% 0.85 1.91 26.19 16.74 27.07 15.86

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

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 |

27.02.2013

Hyundai Merchant Marine Co Ltd Holdings By:

All

Holder Name HYUNDAI ELEVATOR CO HYUNDAI HEAVY INDUST HYUNDAI ENGINEERING HYUNDAI SAMHO HEAVY NEXGEN CAPITAL LIMIT CAPE FORTUNE BV JEONG-EUN HYUN VANGUARD GROUP INC HYUNDAI MERCHANT MAR BLACKROCK SAMSUNG INVESTMENT T KYOBO AXA INVESTMENT MIRAE ASSET GLOBAL I DIMENSIONAL FUND ADV NH-CA ASSET MANAGEME KOREA INVESTMENT TRU KB ASSET MANAGEMENT HYUNDAI INVESTMENTS WOORI ASSET MANAGEME 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 n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios

Analyst

Nomura ANDREW LEE Morgan Stanley HYUNTAEK LEE Daewoo Securities RYU JE-HYUN JAY E*Trade Securities Korea MIN-JI KIM Tong Yang Investment Bank KANG SEONGJIN Samsung Securities EUNKYUNG PARK Woori Investment & Securities SONG JAE-HAK MARTIN Clarkson Capital Markets LLC URS M DUR Fearnley Fonds RIKARD VABO EVA Dimensions CRAIG STERLING Shinhan Investment Corp SHIN MIN-SEOK KIWOOM Securities Co Ltd CHO BYUNG-HEE Dongbu Securities Co Ltd KIM HONG-GYUN KB Investment & Securities Co., Ltd CHOI WON-YEOL Shinyoung Securities Co., Ltd. UM KYUNG-A Eugene Investment & Securities Co., LtdJOO ICK-CHAN

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

Recommendation reduce Underwt/In-Line trading buy market perform hold hold hold market perform reduce sell neutral market perform hold hold neutral buy

Amt Held 37'233'471 23'424'037 11'048'227 10'479'174 7'041'283 3'011'798 2'594'216 2'384'408 1'804'510 974'187 720'456 296'097 159'867 126'886 124'583 114'822 77'585 73'945 73'894 63'960

% Out 24.13 15.18 7.16 6.79 4.56 1.95 1.68 1.55 1.17 0.63 0.47 0.19 0.1 0.08 0.08 0.07 0.05 0.05 0.05 0.04

Weighting

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

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

Latest Chg 390'724 (8'080) (2'924'576) 89'947 93'937 42'710 32'310 (760) (14'354) 6'160 (8) (8'580) 850

Target Price 11'200 12'600 21'000 19'000 24'000 16'000 21'000 26'000 20'000 #N/A N/A 25'000 27'500 25'111 30'528 #N/A N/A 35'451

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

File Dt 07.01.2013 30.06.2012 30.06.2012 30.06.2012 21.12.2012 12.12.2012 10.01.2013 31.12.2012 30.06.2012 25.02.2013 28.09.2012 28.09.2012 28.09.2012 31.07.2012 28.09.2012 28.09.2012 28.09.2012 28.09.2012 28.09.2012 28.09.2012

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

Inst Type Corporation Corporation Corporation Corporation n/a Corporation n/a Investment Advisor n/a Investment Advisor Investment Advisor Mutual Fund Manager Investment Advisor Investment Advisor Mutual Fund Manager Investment Advisor Mutual Fund Manager Mutual Fund Manager Mutual Fund Manager Mutual Fund Manager

Date 26.02.2013 25.02.2013 21.02.2013 20.02.2013 18.02.2013 15.02.2013 15.02.2013 31.01.2013 23.01.2013 17.01.2013 13.11.2012 13.11.2012 23.10.2012 02.10.2012 17.09.2012 27.07.2012

27.02.2013

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 160000

.4 M

140000

.3 M

120000

.3 M

100000

Latest Fiscal Year: LTM as of: 52-Week High (27.02.2013) 52-Week Low (23.07.2012) Daily Volume Current Price (2/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 18.02.2013 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

12/2011 09/yy 144'000.00 70'600.00 157'479.00 144000 0.00% 103.97% 95.74% 29.0 4'178'322.50 689'108.22 11'301.1 0.0 519'091.03 4'302'429.67

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

.2 M

60000 40000

.1 M

20000

.1 M

0 f-12 m-12 a-12 m-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

Fiscal Year Ended 31.12.2007 1'973'391.8 1.18x 224'426.9 10.39x 38'053.4 49.97x

.2 M

80000

Valuation Analysis

31.12.2008 31.12.2009 148'483.7 244'832.9 7.10x 7.11x 9'589.6 194'107.7 109.96x 8.97x 292'829.4 172'863.6 3.51x 10.13x Profitability

LTM-4Q 31.12.2010 67'707.9 32.29x 23'686.5 92.31x 20'095.7 110.20x

31.12.2011 90'275.5 24.20x 43'178.3 50.60x 442'325.7 4.89x 43'178.34 40'266.92 44.60% 642.30% 12.73% 16.97% 14.16% 0.03% 47.8% 44.6% 490.0% 1.33 1.21 20.10% 26.95% -

Price/ Cash Flow

LTM

09/yy 09/yy 89'483.0 104'063.9 90.53x 93.11x 36'631.0 62'276.7 48.05x 44.00x 471'525.5 109'316.3 4.66x 26.36x

0.45 0.65 11.54 72.36% 21.52% 0.654 14 4.286 109'755 123'148 130'045

FY+1

FY+2

FQ+1

FQ+2

12/12 Y

12/13 Y

12/12 Q4

03/13 Q1

S&P Issuer Ratings

.0 M f-13

1.47 1.45 3.94 15.96 27.0% 21.2% 0.03 8.86 -

Sales/Revenue/Turnover

2'500.00

3'000'000.0 2'500'000.0

2'000.00

2'000'000.0 1'500.00

1'500'000.0 1'000.00

1'000'000.0

500.00

0.00 03.01.2009 03.07.2009

500'000.0 0.0 03.01.2010 03.07.2010

03.01.2011 03.07.2011

03.01.2012 03.07.2012

03.01.2013

2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011

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

27.02.2013

CJ Corp Holdings By:

All

Holder Name JAY-HYUN LEE CJ CORP NATIONAL PENSION SER TRUSTON ASSET MANAGE VANGUARD GROUP INC DIMENSIONAL FUND ADV BLACKROCK PCA INVESTMENT TRUST KB ASSET MANAGEMENT SAMSUNG INVESTMENT T ACADIAN ASSET MANAGE FMR LLC AXA ROSENBERG INTL KOREA INVESTMENT TRU ALLIANZ GLOBAL INVES MACQUARIE GROUP LTD KYOBO AXA INVESTMENT DIMENSIONAL FUND ADV JOHN HANCOCK ADVISER MIRAE ASSET GLOBAL I

Firm Name Hyundai Securities E*Trade Securities Korea LIG Investment Securities EVA Dimensions Samsung Securities KTB Securities HI Investment Securities KIWOOM Securities Co Ltd Woori Investment & Securities IBK Securities Co Ltd KB Investment & Securities Co., Ltd Morgan Stanley Korea Investment & Securities Shinhan Investment Corp

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

Analyst JUN YONG-KI KIM JOON-SUP HEE-SANG KWAK CRAIG STERLING EUNPYO KANG OH JIN-WON LEE SANG-HUN WILLIAM PARK JOONG-SUN DONG-YANG KIM JANG-WON KIM LEE SANG-WON SHAWN KIM LEE HOON SONG IN-CHAN

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

Recommendation buy buy buy sell buy buy buy buy hold buy buy Equalwt/In-Line hold trading buy

Amt Held 12'323'072 2'971'553 2'162'234 814'364 743'513 377'694 337'507 124'621 118'423 115'953 95'729 83'326 83'070 74'311 49'598 45'695 43'994 39'177 32'407 31'671

% Out 42.47 10.24 7.45 2.81 2.56 1.3 1.16 0.43 0.41 0.4 0.33 0.29 0.29 0.26 0.17 0.16 0.15 0.14 0.11 0.11

Weighting

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

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

Latest Chg (2'368) (718'810) 407 (153) 30'948 (7'389) 1'178 (7'825) (1'475) 57'524 49'389 368 5'685

Target Price 185'000 140'000 160'000 #N/A N/A 144'000 145'000 140'000 140'000 118'000 128'000 128'000 108'000 #N/A N/A 110'000

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

File Dt 31.12.2011 31.03.2012 06.03.2012 06.12.2012 31.12.2012 31.07.2012 25.02.2013 28.09.2012 28.09.2012 28.09.2012 31.12.2012 31.12.2012 30.09.2012 28.09.2012 28.09.2012 31.12.2012 28.09.2012 30.11.2012 30.04.2011 28.09.2012

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

Inst Type n/a Corporation Investment Advisor Mutual Fund Manager Investment Advisor Investment Advisor Investment Advisor Mutual Fund Manager Mutual Fund Manager Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Mutual Fund Manager Investment Advisor Mutual Fund Manager Investment Advisor Investment Advisor Investment Advisor

Date 21.02.2013 04.02.2013 28.01.2013 15.01.2013 08.01.2013 08.01.2013 02.01.2013 18.12.2012 07.12.2012 05.12.2012 28.11.2012 15.11.2012 18.10.2012 17.10.2012

27.02.2013

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 12000

1.4 M 1.2 M 1.0 M

6000

Latest Fiscal Year: LTM as of: 52-Week High (27.02.2012) 52-Week Low (25.07.2012) Daily Volume Current Price (2/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 31.12.2012 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 12/yy 11'000.00 7'940.00 625'831.00 8870 -19.36% 11.71% 36.93% 415.6 3'686'572.75 1'683'032.00 0.0 0.0 655'244.58 5'868'602.98

.8 M

4000

.6 M .4 M

2000

.2 M

0 f-12 m-12 a-12 m-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

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

1.6 M

8000

Valuation Analysis

31.12.2008 6'577'701.4 0.77x 437'348.8 11.53x 247'004.3 11.53x

1.8 M

10000

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 1.29 406.29 -17.10% -10.85% 1.286 30 3.533 423'559 440'273 463'693 FY+2

FQ+1

FQ+2

31.12.2012 12/yy 12/yy 12/13 Y 12/14 Y 03/13 Q1 06/13 Q2 8'180'269.6 ######### ######### ######### ######### ######### ######### 3.53x 2.08x 0.66x 0.53x 2.89x 2.43x - 383'799.0 352'627.4 561'954.0 650'721.5 87'339.0 116'954.0 13.92x 0.00x 10.44x 9.02x 12.12x 159'398.7 226'757.2 159'398.7 320'511.7 413'338.0 1'295.0 79'457.0 19.02x 0.00x 11.12x 9.29x 14.31x S&P Issuer Ratings 383'800.01 Long-Term Rating Date 365'215.79 Long-Term Rating 4.46% Long-Term Outlook 3.70% Short-Term Rating Date 2.46% Short-Term Rating 6.86% Credit Ratios 7.17% EBITDA/Interest Exp. 0.76% (EBITDA-Capex)/Interest Exp. Net Debt/EBITDA 9.5% Total Debt/EBITDA 5.5% Reference 4.5% Total Debt/Equity 1.9% Total Debt/Capital Asset Turnover 1.62 Net Fixed Asset Turnover 0.91 Accounts receivable turnover-days 18.73% Inventory Days 50.08% Accounts Payable Turnover Day 2.64 Cash Conversion Cycle 11.03

Price/ Cash Flow

.0 M f-13

2.17 1.69 2.59 4.39 50.1% 33.4% 0.76 39.30 138.14 33.09 39.81 131.42

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

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 |

27.02.2013

Daewoo Engineering & Construction Co Ltd Holdings By:

All

Holder Name KDB VALUE VI LLC SEBT INVESTMENT LTD MIRAE ASSET GLOBAL I VANGUARD GROUP INC DAEWOO ENGINEERING & EMPLOYEE STOCK OWNER BLACKROCK SAMSUNG INVESTMENT T DIMENSIONAL FUND ADV KYOBO AXA INVESTMENT KOREA INVESTMENT TRU NH-CA ASSET MANAGEME JOHN HANCOCK ADVISER SHINHAN BNP PARIBAS KB ASSET MANAGEMENT DIMENSIONAL FUND ADV WOORI ASSET MANAGEME HANWHA INVESTMENT TR TONG YANG INVESTMENT IPCONCEPT FUND MANAG

Firm Name KB Investment & Securities Co., Ltd Hana Daetoo Securities Credit Suisse Shinhan Investment Corp Daishin Securities Co., Ltd. NH Investment & Securities Samsung Securities HMC Investment Securities Co Ltd Shinyoung Securities Co., Ltd. HSBC KTB Securities Hanwha Securities Co., Ltd HI Investment Securities Kyobo Securities JPMorgan Daiwa Securities Co. Ltd. Nomura Deutsche Bank EVA Dimensions Woori Investment & Securities Tong Yang Investment Bank LIG Investment Securities Korea Investment & Securities Daewoo Securities Goldman Sachs Hyundai Securities Taurus Investment Securities Co Ltd Dongbu Securities Co Ltd SK Securities Co Ltd

Portfolio Name 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 Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios

Analyst HEU MOON-WOOK SEUNG-WOO SHIN SINN MIN-SEOK LEE SUN-IL CHO YOON-HO KANG SEUNG-MIN RYAN KS KANG LEE KWANG-SOO JONG-HYO HAN LEE YEON-JUNG SUN-MI KIM CHO DONG-PIL KIYOUNG ROH CHO JOO-HYUNG LEE SOKJE MIKE OH KEITH NAM HAN SANG-HI CRAIG STERLING WAYNE WANG-SANG LEE SANG-HYUP CHONG CHAE SANG-WOOK LEE KYUNG-JA SONG HEUNG-IK JINMOOK KIM EMILY KIM PARK YONG-HEE YOO DEOK-SANG PARK HYUNG-RYUL

Source EXCH EXCH EXCH MF-AGG EXCH Co File 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

Recommendation buy not rated underperform hold buy buy hold hold buy neutral buy buy buy buy neutral hold neutral hold underweight hold buy buy buy buy Sell/Neutral market perform buy hold neutral

Amt Held 210'931'209 51'042'007 22'297'974 5'370'406 4'736'918 3'081'062 2'461'942 1'876'863 1'524'103 805'970 241'998 203'920 198'010 192'270 182'737 182'220 174'310 167'290 141'860 119'000

% Out 50.75 12.28 5.36 1.29 1.14 0.74 0.59 0.45 0.37 0.19 0.06 0.05 0.05 0.05 0.04 0.04 0.04 0.04 0.03 0.03

Weighting

Change

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

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 D U D M

Latest Chg (110'400) 9'340 419'945 181'810 (77'100) (52'980) 124'350 8'250 (15'610) 640 (54'050) -

Target Price 11'300 #N/A N/A 7'500 9'900 11'000 11'500 10'300 10'000 12'000 10'600 11'000 12'000 11'000 11'100 11'000 9'000 8'000 8'900 #N/A N/A 11'700 13'500 12'000 13'000 12'000 7'900 10'000 12'000 11'000 11'000

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

File Dt 08.03.2012 09.08.2012 04.01.2011 31.12.2012 08.03.2012 31.12.2011 25.02.2013 28.09.2012 31.07.2012 28.09.2012 28.09.2012 28.09.2012 30.04.2011 28.09.2012 28.09.2012 30.11.2012 28.09.2012 28.09.2012 28.09.2012 28.12.2012

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

Inst Type Government Investment Advisor Investment Advisor Investment Advisor Corporation n/a Investment Advisor Investment Advisor Investment Advisor Mutual Fund Manager Investment Advisor Mutual Fund Manager Investment Advisor Investment Advisor Mutual Fund Manager Investment Advisor Mutual Fund Manager Mutual Fund Manager Mutual Fund Manager Mutual Fund Manager

Date 25.02.2013 25.02.2013 14.02.2013 01.02.2013 31.01.2013 31.01.2013 31.01.2013 31.01.2013 31.01.2013 31.01.2013 31.01.2013 31.01.2013 31.01.2013 31.01.2013 30.01.2013 30.01.2013 30.01.2013 22.01.2013 17.01.2013 15.01.2013 09.01.2013 07.01.2013 03.01.2013 21.12.2012 14.12.2012 25.10.2012 15.10.2012 13.08.2012 10.08.2012

27.02.2013

S1 Corp/Korea 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

.3 M

70000

.3 M

60000 .2 M

50000 40000

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (21.12.2012) 52-Week Low (08.03.2012) Daily Volume Current Price (2/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 31.12.2012 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 09/yy 75'500.00 51'600.00 59'769.00 68500 -9.27% 32.75% 68.20% 38.0 2'602'943.75 0.00 0.0 0.0 432'455.13 2'202'888.84

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

.1 M

20000 .1 M

10000 0 f-12 m-12 a-12 m-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

Fiscal Year Ended 31.12.2008 751'538.7 1.93x 201'529.4 7.21x 114'872.4 16.18x

.2 M

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 212'820.35 145'343.81 15.24% 16.20% 12.56% 17.19% 17.19% 1.02% 38.0% 22.3% 15.2% 12.3% 3.12 2.84 0.00% 0.00% 18.34 21.83

Price/ Cash Flow

LTM

09/yy 09/yy 940'304.3 977'834.1 6.44x 6.44x 209'414.3 200'321.8 6.79x 9.54x 118'208.6 99'291.5 15.41x 23.26x

1.82 0.79 28.57 26.72% -2.00% 0.787 14 4.429 68'066 46'819 51'838

FY+1

FY+2

FQ+1

FQ+2

12/13 Y

12/14 Y

03/13 Q1

06/13 Q2

S&P Issuer Ratings

.0 M f-13

-2.03 0.00 0.0% 0.0% 1.02 3.12 19.90 16.72 19.65 16.97

Sales/Revenue/Turnover

16.00

1'200'000.0

14.00

1'000'000.0

12.00

800'000.0

10.00 8.00

600'000.0

6.00

400'000.0

4.00

200'000.0 2.00 0.00 03.01.2009

0.0 03.07.2009

03.01.2010

03.07.2010

03.01.2011

03.07.2011

03.01.2012

03.07.2012

03.01.2013

2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011

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

27.02.2013

S1 Corp/Korea Holdings By:

All

Holder Name SAMSUNG SDI CO LTD SAMSUNG LIFE INSURAN NATIONAL PENSION SER KOREA INVESTMENT TRU VANGUARD GROUP INC MATTHEWS INTERNATION SAMSUNG CARD CO BLACKROCK SAMSUNG INVESTMENT T INTUIT INC MIRAE ASSET GLOBAL I CAPITAL GROUP COMPAN DIMENSIONAL FUND ADV GUARDIAN CAPITAL INC TRUSTON ASSET MANAGE MAPS INVESTMENT MANA TONG YANG INVESTMENT PUTNAM INVESTMENT MA ARTISAN PARTNERS HOL UBS HANA ASSET MANAG

Firm Name Daewoo Securities Korea Investment & Securities Hyundai Securities HMC Investment Securities Co Ltd Shinhan Investment Corp Daishin Securities Co., Ltd. EVA Dimensions Daiwa Securities Co. Ltd. Samsung Securities Tong Yang Investment Bank Nomura SK Securities Co Ltd E*Trade Securities Korea

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

Analyst DAERO JEONG HONG JONG-GIL LEE SANG-KOO HAN-WOO PARK YOUNG-KYU GONG KANG LOK-HEE CRAIG STERLING THOMAS Y KWON PARK SOPHIA LEE BYUNG-JOON STANLEY YANG SANG-YOUNG JEON KIM BONG-KI

Source EXCH EXCH EXCH EXCH MF-AGG MF-AGG EXCH ULT-AGG MF-AGG 13G MF-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 buy underweight outperform buy buy buy buy buy

Amt Held 4'190'681 2'045'001 1'864'158 1'638'348 867'929 771'922 725'060 649'188 645'672 489'313 211'761 179'000 149'515 145'824 127'745 102'841 102'554 85'078 84'055 82'050

% Out 11.03 5.38 4.91 4.31 2.28 2.03 1.91 1.71 1.7 1.29 0.56 0.47 0.39 0.38 0.34 0.27 0.27 0.22 0.22 0.22

Weighting

Change 5 5 5 5 5 5 1 5 5 5 5 5 5

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

Latest Chg 14'525 (399'519) (468'417) 1'221 132 207'200 149'868 (9'133) 88'457 (18'252) 37'307 22'638 32'772

Target Price 79'000 80'000 82'000 85'000 80'000 75'000 #N/A N/A 73'000 77'000 #N/A N/A 75'000 75'100 65'000

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

File Dt 23.03.2012 20.03.2012 18.04.2012 31.01.2013 31.12.2012 28.09.2012 01.12.2010 25.02.2013 28.09.2012 31.12.2001 28.09.2012 31.12.2012 31.07.2012 30.09.2012 28.09.2012 28.09.2012 28.09.2012 31.12.2012 31.12.2012 28.09.2012

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

Inst Type Corporation Insurance Company Investment Advisor Investment Advisor Investment Advisor Investment Advisor Corporation Investment Advisor Investment Advisor Corporation Investment Advisor Investment Advisor Investment Advisor Mutual Fund Manager Mutual Fund Manager Mutual Fund Manager Mutual Fund Manager Investment Advisor Investment Advisor Mutual Fund Manager

Date 30.01.2013 30.01.2013 30.01.2013 30.01.2013 30.01.2013 18.01.2013 15.01.2013 18.12.2012 22.10.2012 09.10.2012 20.09.2012 30.07.2012 26.06.2012

27.02.2013

Mando Corp Mando Corp. manufactures and markets automotive parts and equipments. The Company products includes brake system, suspension system, and steering system.

Price/Volume

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (02.05.2012) 52-Week Low (28.01.2013) Daily Volume Current Price (2/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 31.12.2012 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance 060980 KS EQUITY YTD Change 060980 KS EQUITY YTD % CHANGE

12/2012 12/yy 183'000.00 115'000.00 88'948.00 131000 -28.42% 13.91% 16.18% 18.2 2'386'038.25 387'616.71 0.0 0.0 191'114.28 2'896'645.89

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

.7 M .6 M .5 M .4 M .3 M .2 M .1 M j-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

Fiscal Year Ended 31.12.2008 1'574'800.0 119'654.7 41'272.5 -

200000 180000 160000 140000 120000 100000 80000 60000 40000 20000 0 f-12 m-12 a-12 m-12

31.12.2009 31.12.2010 1'512'520.2 2'117'310.5 1.12x 160'673.1 176'581.1 13.42x 107'413.1 95'494.6 23.56x Profitability

LTM-4Q 31.12.2011 2'823'879.4 1.38x 227'604.1 17.15x 164'222.7 22.77x

LTM

31.12.2012 12/yy 12/yy 3'140'669.3 ######### ######### 5.31x 3.13x - 227'604.1 154'829.6 17.15x 0.00x 123'236.1 164'222.7 123'236.1 22.97x 0.00x 227'604.07 128'540.44 4.09% 6.47% 7.45% 14.31% 12.37% 1.28% 13.0% 8.1% 4.1% 3.9% 1.26 0.99 15.42% 32.77% 4.98 22.51

Price/ Cash Flow

0.95 0.65 11.37 -18.26% 1.95% 0.654 39 4.231 82'945 70'823 94'308

FY+1

FY+2

FQ+1

FQ+2

12/13 Y

12/14 Y

03/13 Q1

06/13 Q2

11.59x 9.35x S&P Issuer Ratings

.0 M f-13

22.28 0.19 0.83 1.70 32.8% 24.7% 1.28 3.70 73.22 16.22 59.87 29.57

Sales/Revenue/Turnover

25.00

3'500'000.0 3'000'000.0

20.00

2'500'000.0 15.00

2'000'000.0 1'500'000.0

10.00

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

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 |

27.02.2013

Mando Corp Holdings By:

All

Holder Name HALLA ENGINEERING & TRUSTON ASSET MANAGE NATIONAL PENSION SER MONG-WON CHUNG MIRAE ASSET GLOBAL I VANGUARD GROUP INC MAPS INVESTMENT MANA BLACKROCK SAMSUNG INVESTMENT T MANDO CORP PCA INVESTMENT TRUST CAPITAL GROUP COMPAN BANK OF NEW YORK MEL JP MORGAN INVESTMENT MASSACHUSETTS FINANC FMR LLC GUARDIAN INVESTOR SE UNITED SERVICES AUTO LAZARD ASSET MANAGEM DIMENSIONAL FUND ADV

Firm Name E*Trade Securities Korea NH Investment & Securities Credit Suisse KTB Securities Korea Investment & Securities Hanwha Securities Co., Ltd Daewoo Securities Hyundai Securities HMC Investment Securities Co Ltd Shinyoung Securities Co., Ltd. Shinhan Investment Corp Woori Investment & Securities KB Investment & Securities Co., Ltd Kyobo Securities KIWOOM Securities Co Ltd Barclays LIG Investment Securities Goldman Sachs Hana Daetoo Securities Macquarie Samsung Securities JPMorgan Daiwa Securities Co. Ltd. Nomura Mirae Asset Securities SK Securities Co Ltd EVA Dimensions HSBC Deutsche Bank Taurus Investment Securities Co Ltd BNP Paribas Equity Research Dongbu Securities Co Ltd Standard Chartered Leading Investment & Securities YuHwa Securities Ltd

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

Analyst KANG SANG-MIN LEE SANG-HYUN HENRY KWON NAM KYEONG MOON SUH SUNGMOON KIM YEON-CHAN YUN MICHAEL TAE-SIK CHAE HEE-GUEN LEE MYUNG-HOON HYUNG-SIL LEE CHOI JUNGHYUK CHO SOO-HONG SHIN CHUNG-KWAN DONG-HA KIM LEE HYUN-SOO PAUL HWANG IN-WOO PARK SEUNG SHIN SONG SUN-JAE MICHAEL SOHN YOON PIL JOONG PARK WAN SUN CHUNG SUNG-YOP ANGELA HONG YOON-KI KIM KIM YONG-SOO CRAIG STERLING PAUL CHOI CHANWOOK PARK YANG HEE-JOON JONGIK KWON YIM EUN-YOUNG DAVID KIM PARK JOON-MO SEUNG-JOON YOO

Source EXCH EXCH EXCH EXCH EXCH MF-AGG MF-AGG ULT-AGG MF-AGG EXCH MF-AGG ULT-AGG MF-AGG MF-AGG MF-AGG ULT-AGG MF-AGG MF-AGG ULT-AGG MF-AGG

Recommendation buy buy neutral buy buy buy buy buy buy buy buy buy buy buy buy overweight buy neutral/neutral buy neutral buy neutral buy neutral buy buy underweight neutral hold hold hold hold outperform buy buy

Amt Held 3'641'691 1'706'292 1'570'937 1'372'519 897'936 698'621 420'302 292'151 232'757 214'545 159'918 148'700 142'632 120'000 111'275 92'505 76'872 61'200 55'745 42'354

% Out 19.99 9.37 8.62 7.54 4.93 3.84 2.31 1.6 1.28 1.18 0.88 0.82 0.78 0.66 0.61 0.51 0.42 0.34 0.31 0.23

Weighting

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

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

Latest Chg 380'852 (181'952) (39'602) (9'990) (61'042) 94'358 51'097 3'472 (378'578) 16'072 37'306 9'812 -

Target Price 230'000 160'000 135'000 160'000 170'000 151'000 165'000 137'000 180'000 155'000 170'000 180'000 200'000 190'000 150'000 140'000 180'000 113'000 150'000 135'000 168'000 100'000 150'000 145'000 170'000 180'000 #N/A N/A 135'000 139'000 145'000 133'000 160'000 225'000 225'000 250'000

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

File Dt 28.11.2012 07.02.2013 20.03.2012 28.11.2012 16.10.2012 31.12.2012 28.09.2012 25.02.2013 28.09.2012 20.04.2012 28.09.2012 31.12.2012 31.12.2012 31.12.2011 31.12.2012 31.12.2012 31.12.2012 30.11.2012 31.01.2013 31.07.2012

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

Inst Type n/a Mutual Fund Manager Investment Advisor n/a Investment Advisor Investment Advisor Mutual Fund Manager Investment Advisor Investment Advisor n/a Mutual Fund Manager Investment Advisor Investment Advisor Mutual Fund Manager Investment Advisor Investment Advisor Investment Advisor Investment Advisor Unclassified Investment Advisor

Date 27.02.2013 19.02.2013 18.02.2013 12.02.2013 08.02.2013 07.02.2013 04.02.2013 04.02.2013 04.02.2013 04.02.2013 04.02.2013 04.02.2013 04.02.2013 04.02.2013 04.02.2013 04.02.2013 04.02.2013 03.02.2013 03.02.2013 02.02.2013 01.02.2013 01.02.2013 01.02.2013 01.02.2013 30.01.2013 16.01.2013 15.01.2013 10.01.2013 08.01.2013 07.01.2013 05.12.2012 05.11.2012 11.10.2012 30.04.2012 05.03.2012

27.02.2013

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

.4 M .3 M

200000

.3 M

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (13.11.2012) 52-Week Low (30.04.2012) Daily Volume Current Price (2/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 31.12.2012 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 12/yy 195'000.00 105'000.00 17'086.00 173500 -11.03% 65.24% 73.89% 11.2 1'934'966.75 0.00 1'180.9 0.0 295'321.98 1'626'470.34

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

.2 M

100000

.2 M .1 M

50000

.1 M

0 f-12 m-12 a-12 m-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

Fiscal Year Ended 31.12.2008 595'720.0 3.29x 88'004.6 22.30x 125'683.2 18.67x

150000

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 69'573.3 67'560.95 30'404.63 3.99% 13.94% 6.61% 7.65% 7.67% 0.53% 37.2% 10.1% 4.0% 9.1% 4.44 3.68 0.00% 0.00% 4.52 5.18

Price/ Cash Flow

LTM

FY+1

.0 M f-13

0.72 0.75 6.62 43.80% 0.29% 0.749 20 5.000 34'454 28'535 34'917 FY+2

FQ+1

FQ+2

12/yy 12/yy 12/13 Y 12/14 Y 03/13 Q1 06/13 Q2 667'652.4 762'793.0 904'953.3 ######### 202'297.6 231'071.9 6.30x 4.28x 1.74x 1.52x 7.97x 6.95x 67'561.0 33'737.7 71'760.3 88'501.8 16'146.3 18'409.7 15.14x 0.00x 22.67x 18.38x 21.90x 83'103.0 69'572.8 99'155.7 117'721.9 28'030.8 15'085.1 16.68x 0.00x 19.79x 16.68x 19.91x 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

-4.37 0.00 0.0% 0.0% 0.53 3.91 80.77 70.44 58.85 92.36

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

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 |

27.02.2013

Yuhan Corp Holdings By:

All

Holder Name YUHAN FOUNDATION NATIONAL PENSION SER YUHAN ACADEMY YUHAN CORP MATTHEWS INTERNATION MATTHEWS INTERNATION FIRST STATE INVESTME BOSTON COMPANY ASSET NEWTON INV MGMT VANGUARD GROUP INC BLACKROCK SAMSUNG INVESTMENT T SHINYOUNG INVESTMENT JF ASSET MANAGEMENT TRUSTON ASSET MANAGE DIMENSIONAL FUND ADV KYOBO AXA INVESTMENT SHINHAN BNP PARIBAS ALLIANZ GLOBAL INVES KB ASSET MANAGEMENT

Firm Name NH Investment & Securities Tong Yang Investment Bank Woori Investment & Securities HSBC KTB Securities Daewoo Securities Hyundai Securities Samsung Securities Shinyoung Securities Co., Ltd. Shinhan Investment Corp SK Securities Co Ltd Hanwha Securities Co., Ltd Korea Investment & Securities HI Investment Securities KIWOOM Securities Co Ltd EVA Dimensions Hana Daetoo Securities Macquarie IBK Securities Co Ltd Leading Investment & Securities Kyobo Securities KTB Securities

Portfolio Name n/a n/a n/a n/a n/a Multiple Portfolios 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 TAE HEE KIM MI-HYUN KIM LEE SEUNG-HO NAM PARK LEE HYE-RIN KIM NA-YEON KIM HYE-RIM JUNGHYUN SHIN KIM HYUN-TAE BAE KIDAL HA TAE-GI JUNG BO-RA LEE JUNG-IN LEE ALEUM KIM JI-HYUN ANDREW S ZAMFOTIS CHO YOON-JUNG EUNICE BU KIM HYUN-WOOK EUN-HYUN JANG YEOM DONG-YEON LEE HAE-RIN

Source Co File EXCH Co File Co File EXCH MF-AGG EXCH EXCH EXCH 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 overweight buy buy buy buy buy buy buy buy buy buy buy overweight buy outperform buy buy buy buy

Amt Held 1'717'623 1'102'836 844'663 821'117 691'033 597'416 551'485 459'530 454'253 443'083 248'331 107'082 94'234 86'000 75'010 63'700 50'519 45'366 42'075 39'535

% Out 15.4 9.89 7.57 7.36 6.2 5.36 4.94 4.12 4.07 3.97 2.23 0.96 0.84 0.77 0.67 0.57 0.45 0.41 0.38 0.35

Weighting

Change 5 5 5 5 5 5 5 5 5 5 5 5 5 5 5 5 5 5 5 5 5 5

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

Latest Chg 112'552 142'542 (600) (235'214) (113'659) (114'169) (928) (79) 27'844 (40'492) 5'754 18'553 26'994 17'855 16'216 8'858

Target Price 235'000 240'000 240'000 204'000 210'000 200'000 224'000 230'000 220'000 230'000 198'000 213'000 215'000 220'000 242'000 #N/A N/A 260'000 210'000 191'000 187'000 218'000 200'000

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

File Dt 31.12.2011 03.09.2012 31.12.2011 31.12.2011 27.07.2012 28.09.2012 10.05.2012 12.09.2012 04.11.2010 31.12.2012 25.02.2013 28.09.2012 28.09.2012 30.09.2011 28.09.2012 31.07.2012 28.09.2012 28.09.2012 28.09.2012 28.09.2012

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

Inst Type n/a Investment Advisor n/a n/a Investment Advisor Investment Advisor Investment Advisor Investment Advisor Mutual Fund Manager Investment Advisor Investment Advisor Investment Advisor Mutual Fund Manager Mutual Fund Manager Mutual Fund Manager Investment Advisor Mutual Fund Manager Investment Advisor Mutual Fund Manager Mutual Fund Manager

Date 19.02.2013 18.02.2013 18.02.2013 18.02.2013 18.02.2013 06.02.2013 06.02.2013 06.02.2013 06.02.2013 06.02.2013 06.02.2013 06.02.2013 05.02.2013 05.02.2013 28.01.2013 17.01.2013 14.01.2013 31.10.2012 31.10.2012 17.09.2012 27.06.2011 05.01.2011

27.02.2013

Shinsegae Co Ltd Shinsegae Co., Ltd. operates department stores in Korea. The Company retails food, clothing, household goods, electronics, and other items through several branch stores.

Price/Volume 300000

.1 M

250000

.1 M .1 M

200000

Latest Fiscal Year: LTM as of: 52-Week High (27.02.2012) 52-Week Low (25.07.2012) Daily Volume Current Price (2/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 31.12.2012 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 12/yy 274'000.00 182'500.00 26'832.00 220500 -19.53% 20.82% 46.45% 9.8 2'170'862.50 698'958.00 0.0 0.0 68'133.01 3'023'450.55

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

.1 M

100000

.0 M

50000

.0 M

0 f-12 m-12 a-12 m-12

j-12

a-12

s-12

o-12

n-12

d-12

Fiscal Year Ended 31.12.2008 8'891'057.0 1.48x 1'065'709.9 12.37x 573'805.3 15.84x

.1 M

150000

Valuation Analysis

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

j-13

.0 M f-13

0.34 0.84 7.16 -15.45% 0.92% 0.840 40 4.050 26'762 32'175 27'544 FY+2

FQ+1

FQ+2

31.12.2012 12/yy 12/yy 12/13 Y 12/14 Y 03/13 Q1 06/13 Q2 1'521'212.5 ######### ######### ######### ######### 499'545.0 458'200.0 14.47x 5.88x 1.97x 2.07x 7.57x 8.32x - 319'213.5 211'735.3 371'660.9 413'210.3 88'789.5 89'540.5 9.53x 0.00x 8.13x 7.32x 9.30x 137'919.8 ######### 137'919.5 175'049.3 198'329.0 43'868.4 47'441.0 23.67x 0.00x 12.54x 10.92x 12.92x S&P Issuer Ratings 319'215.38 Long-Term Rating Date 02.05.2011 182'883.46 Long-Term Rating NR 12.02% Long-Term Outlook 14.42% Short-Term Rating Date 38.62% Short-Term Rating 73.23% Credit Ratios 52.00% EBITDA/Interest Exp. 9.67 0.16% (EBITDA-Capex)/Interest Exp. 4.75 Net Debt/EBITDA 1.98 74.6% Total Debt/EBITDA 2.19 22.3% Reference 12.0% Total Debt/Equity 36.6% 9.1% Total Debt/Capital 26.8% Asset Turnover 0.16 0.18 Net Fixed Asset Turnover 0.27 0.11 Accounts receivable turnover-days 26.98 18.89% Inventory Days 217.31 36.59% Accounts Payable Turnover Day 7590.39 13.53 Cash Conversion Cycle -7346.11 1.68

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

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 |

27.02.2013

Shinsegae Co Ltd Holdings By:

All

Holder Name ABERDEEN MYUNG-HEE LEE OPPENHEIMERFUNDS INC YONG-JIN CHUNG OPPENHEIMERFUNDS INC FIRST STATE INVESTME VANGUARD GROUP INC YOO-KYUNG CHUNG BLACKROCK COMMONWEALTH BANK OF T ROWE PRICE ASSOCIA BANK OF NEW YORK MEL SCHRODER INVESTMENT DIMENSIONAL FUND ADV COMGEST GROWTH PLC SAMSUNG INVESTMENT T DANSKE INVEST MANAGE MACKAY SHIELDS LLC DUPONT CAPITAL MANAG DANSKE INVEST A/S

Firm Name

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

Analyst

Mirae Asset Securities YUMI PARK Credit Suisse SONIA KIM SEUNG-HYUN Barclays PAUL HWANG Daishin Securities Co., Ltd. CHUNG YON-WOO Korea Investment & Securities YEO YEONGSANG Hyundai Securities LEE SANG-KOO HMC Investment Securities Co Ltd Park Jong Ryeol Tong Yang Investment Bank SANG-HWA HAN IBK Securities Co Ltd JI-YOUNG AHN LIG Investment Securities LEE JI-YOUNG JPMorgan CHANG SUNG-MIN Morgan Stanley KELLY H KIM Deutsche Bank JI-HYUN SONG HSBC KAREN CHOI EVA Dimensions CRAIG STERLING HI Investment Securities MIN YOUNG-SANG Meritz Securities Co., Ltd YOO JOO-YEON KTB Securities LEE HYE-RIN Hana Daetoo Securities PARK JONG-DAE Daewoo Securities KIM MINA Nomura CARA EUN JUNG SONG Woori Investment & Securities GENE PARK Daiwa Securities Co. Ltd. PARK SANG HEE Shinyoung Securities Co., Ltd. SEO JUNG-YEON SK Securities Co Ltd KI-YEONG KIM Shinhan Investment Corp PARK HEE-JIN Samsung Securities OJ NAM Macquarie NA HONG-SUK KIWOOM Securities Co Ltd SOHN YOON-KYUNG Standard Chartered BOYOUNG KIM Dongbu Securities Co Ltd CHA JAE-HEON NH Investment & Securities HONG SUNG-SOO Eugene Investment & Securities Co., LtdKIM MI-YEON Taurus Investment Securities Co Ltd JI-HYO KIM BS Securities Co Ltd #N/A N/A Hanwha Securities Co., Ltd KIM KYEONG-KI

Source ULT-AGG Co File EXCH Co File MF-AGG EXCH MF-AGG Co File 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 hold neutral equalweight buy buy buy hold buy buy hold neutral Equalwt/In-Line hold overweight overweight buy buy buy buy trading buy buy hold hold buy neutral buy hold neutral outperform in-line hold buy hold hold buy buy

Amt Held 1'751'068 1'702'890 748'575 720'203 708'681 412'958 358'982 247'650 201'769 154'779 140'351 124'836 95'451 90'524 68'904 41'830 26'484 25'813 24'351 22'879

% Out 17.79 17.3 7.6 7.32 7.2 4.19 3.65 2.52 2.05 1.57 1.43 1.27 0.97 0.92 0.7 0.42 0.27 0.26 0.25 0.23

Weighting

Change 3 3 3 5 5 5 3 5 5 3 3 3 3 5 5 5 5 5 5 5 5 3 3 5 3 5 3 3 5 3 3 5 3 3 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 M M M M D N M D M D N N M

Latest Chg (9'891) 43'835 (197'302) (5'004) 1'001 140'132 (88'867) (30'508) 15'000 (4'915) 4'867

Target Price 230'000 240'000 228'000 255'000 250'000 300'000 240'000 250'000 310'000 225'000 217'000 240'000 245'000 280'000 #N/A N/A 290'000 276'000 280'000 268'000 252'000 260'000 230'000 210'000 350'000 220'000 252'000 257'000 190'000 250'000 220'000 260'000 300'000 240'000 240'000 280'000 400'000

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

File Dt 03.01.2013 31.12.2011 26.06.2012 31.12.2011 30.12.2012 02.04.2012 31.12.2012 31.12.2011 25.02.2013 31.10.2012 31.12.2012 25.02.2013 28.09.2012 31.07.2012 30.06.2011 28.09.2012 29.06.2012 31.12.2012 31.12.2012 31.01.2013

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

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

Date 21.02.2013 20.02.2013 15.02.2013 30.01.2013 30.01.2013 30.01.2013 30.01.2013 30.01.2013 30.01.2013 30.01.2013 29.01.2013 28.01.2013 18.01.2013 17.01.2013 17.01.2013 15.01.2013 08.01.2013 08.01.2013 07.01.2013 14.12.2012 12.12.2012 07.12.2012 13.11.2012 12.11.2012 29.10.2012 18.10.2012 17.10.2012 17.10.2012 17.10.2012 28.09.2012 25.09.2012 16.08.2012 16.08.2012 26.06.2012 02.05.2012 16.04.2012

27.02.2013

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 30000 25000 20000 15000

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (14.03.2012) 52-Week Low (23.11.2012) Daily Volume Current Price (2/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 31.12.2012 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 12/yy 24'650.00 15'100.00 886'352.00 15650 -36.51% 3.64% 5.24% 168.7 2'639'498.25 2'651'171.22 0.0 0.0 186'245.33 5'144'346.77

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

5000 0 f-12 m-12 a-12 m-12

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 12/yy 12/yy 4'243'618.7 ######### ######### 5.14x 4.12x - 464'451.3 227'026.6 11.79x 0.00x (121'315.6) 313'803.5 (121'315.1) 16.70x 0.00x 456'701.01 53'691.38 1.27% 7.35% 5.83% 20.11% 10.27% 0.82% 21.5% 10.3% 1.3% -2.9% 0.92 0.52 45.36% 157.00% 5.53 6.55

Price/ Cash Flow

j-12

a-12

s-12

o-12

n-12

d-12

j-13

0.00 1.22 86.53 -32.10% -7.94% 1.215 26 4.231 761'594 892'056 1'018'355

FY+1

FY+2

FQ+1

FQ+2

12/13 Y

12/14 Y

03/13 Q1

06/13 Q2

28.10x 11.64x S&P Issuer Ratings

3.76 2.49 5.38 5.81 157.0% 61.1% 0.82 3.50 65.97 55.70 52.29 69.37

Sales/Revenue/Turnover

40.00

5'000'000.0

35.00

4'500'000.0 4'000'000.0

30.00

3'500'000.0

25.00

3'000'000.0

20.00

2'500'000.0 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

j-12

Market Data

Fiscal Year Ended 31.12.2008 3'963'379.0 0.95x 418'027.2 9.05x (121'818.1) -

10000

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 f-13

0.0 02.07.2010

02.01.2011

02.07.2011

02.01.2012

02.07.2012

02.01.2013

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 |

27.02.2013

Doosan Infracore Co Ltd Holdings By:

All

Holder Name DOOSAN HEAVY INDUSTR MIRAE ASSET GLOBAL I NATIONAL PENSION SER VANGUARD GROUP INC BLACKROCK JP MORGAN UBS HANA ASSET MANAG SAMSUNG INVESTMENT T KOREA INVESTMENT TRU TRUSTON ASSET MANAGE FMR LLC HI ASSET MANAGEMENT FRANKLIN RESOURCES KYOBO AXA INVESTMENT DIMENSIONAL FUND ADV GOLDMAN SACHS ASSET KB ASSET MANAGEMENT GOLDMAN SACHS GROUP KTB ASSET MANAGEMENT GOLDMAN SACHS ASSET

Firm Name Daishin Securities Co., Ltd. Woori Investment & Securities Hanwha Securities Co., Ltd KIWOOM Securities Co Ltd Daiwa Securities Co. Ltd. Morgan Stanley HMC Investment Securities Co Ltd Tong Yang Investment Bank JPMorgan E*Trade Securities Korea LIG Investment Securities Samsung Securities Dongbu Securities Co Ltd Daewoo Securities SK Securities Co Ltd EVA Dimensions Nomura IBK Securities Co Ltd Korea Investment & Securities Hana Daetoo Securities Hyundai Securities KTB Securities HSBC BS Securities Co Ltd Deutsche Bank

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

Analyst JEON JAE-CHEON HAH SUK-WON PAUL DONG-IK JEONG CHOI WON-KYUNG MIKE OH YOUNG SUK SHIN DONG-EUN YEOM LEE JAE-WON PARK WAN SUN PARK MOO-HYUN CHOI GWANG-SHIK YOUNGSOO HAN KIM HONG-GYUN SUNG KI-JONG LEE JI-HOON CRAIG STERLING ANGELA HONG JIN-HO HONG RICHARD PARK SANG-WOO LEE LEE SANG-HWA HYUN JIN KWON PAUL CHOI KWAK MIN-JUNG CHANWOOK PARK

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

Recommendation buy buy outperform buy hold Underwt/In-Line buy buy overweight buy buy hold buy buy buy sell buy buy hold buy buy buy overweight buy not rated

Amt Held 75'509'366 13'950'352 6'345'610 5'176'490 2'249'600 1'471'368 1'441'520 1'175'487 1'003'195 802'130 731'496 564'228 554'919 445'764 340'940 314'440 241'654 207'180 200'926 194'090

% Out 44.77 8.27 3.76 3.07 1.33 0.87 0.85 0.7 0.59 0.48 0.43 0.33 0.33 0.26 0.2 0.19 0.14 0.12 0.12 0.12

Weighting

Change

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

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 5'270'588 (2'302'448) (59'430) (490) (3'202'660) (718'260) (414'330) 194'480 278'820 497'445 561'868 545'445 (168'806) 25'320 126'812 20'970 178'084 (95'480)

Target Price 21'000 18'000 21'500 20'000 16'500 14'000 20'000 21'000 19'000 21'000 21'000 17'400 23'000 22'000 21'000 #N/A N/A 23'000 24'000 #N/A N/A 21'300 20'000 27'000 23'000 26'000 #N/A N/A

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

File Dt 31.12.2011 31.03.2010 10.04.2012 31.12.2012 25.02.2013 28.09.2012 28.09.2012 28.09.2012 28.09.2012 28.09.2012 31.12.2012 28.09.2012 28.09.2012 28.09.2012 31.07.2012 31.10.2012 28.09.2012 31.12.2012 28.09.2012 28.09.2012

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

Inst Type Corporation Investment Advisor Investment Advisor Investment Advisor Investment Advisor Unclassified Mutual Fund Manager Investment Advisor Investment Advisor Mutual Fund Manager Investment Advisor Mutual Fund Manager Investment Advisor Mutual Fund Manager Investment Advisor Investment Advisor Mutual Fund Manager Investment Advisor Mutual Fund Manager Mutual Fund Manager

Date 19.02.2013 18.02.2013 18.02.2013 18.02.2013 15.02.2013 06.02.2013 06.02.2013 06.02.2013 06.02.2013 06.02.2013 06.02.2013 05.02.2013 30.01.2013 29.01.2013 29.01.2013 15.01.2013 10.01.2013 10.01.2013 18.12.2012 05.11.2012 26.10.2012 30.07.2012 11.07.2012 27.04.2012 28.02.2011

27.02.2013

Hyundai Development Co Hyundai Development Company 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

1.4 M

25000

1.2 M 1.0 M

20000

Latest Fiscal Year: LTM as of: 52-Week High (16.03.2012) 52-Week Low (16.11.2012) Daily Volume Current Price (2/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 31.12.2012 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 12/yy 28'850.00 17'800.00 224'971.00 24600 -14.73% 38.20% 60.18% 75.4 1'854'450.88 1'919'122.51 0.0 0.0 508'008.22 3'425'820.23

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

1.20 1.00

.6 M

10000

.4 M

5000

.2 M

0 f-12 m-12 a-12 m-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

Fiscal Year Ended 31.12.2008 2'667'034.0 1.15x 293'730.4 10.45x 227'842.3 10.48x

.8 M

15000

Valuation Analysis

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

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 M f-13

2.85 1.47 59.47 5.58% 13.63% 1.474 27 3.370 403'797 416'117 334'166 FY+2

FQ+1

FQ+2

31.12.2012 12/yy 12/yy 12/13 Y 12/14 Y 03/13 Q1 06/13 Q2 2'207'250.9 ######### ######### ######### ######### 594'866.7 710'757.3 4.14x 4.36x 0.96x 0.81x 4.16x 3.62x - 361'092.6 17'339.2 280'150.0 292'250.0 48'035.5 60'770.5 7.33x 0.00x 12.23x 11.72x 13.99x 9'758.9 226'416.4 9'759.0 143'081.6 187'326.3 21'960.0 38'261.3 5.46x 0.00x 12.30x 9.49x 11.86x S&P Issuer Ratings 365'509.62 Long-Term Rating Date 66'422.51 Long-Term Rating 3.01% Long-Term Outlook 9.26% Short-Term Rating Date 3.97% Short-Term Rating 9.17% Credit Ratios 7.07% EBITDA/Interest Exp. 0.54% (EBITDA-Capex)/Interest Exp. Net Debt/EBITDA 19.8% Total Debt/EBITDA 11.8% Reference 3.0% Total Debt/Equity 0.4% Total Debt/Capital Asset Turnover 2.24 Net Fixed Asset Turnover 0.81 Accounts receivable turnover-days 32.40% Inventory Days 75.10% Accounts Payable Turnover Day 2.95 Cash Conversion Cycle 1.38

3.51 3.25 3.86 5.25 75.1% 42.9% 0.54 10.37 123.86 264.89 38.84 349.90

Sales/Revenue/Turnover

3'500'000.0 3'000'000.0 2'500'000.0

0.80

2'000'000.0 0.60

1'500'000.0

0.40

1'000'000.0 500'000.0

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 |

27.02.2013

Hyundai Development Co Holdings By:

All

Holder Name FRANKLIN RESOURCES MONG-GYU CHUNG NATIONAL PENSION SER JF ASSET MGMT LIMITE VANGUARD GROUP INC TEMPLETON INVESTMENT HYUNDAI DEVELOPMENT JF ASSET MANAGEMENT BLACKROCK DIMENSIONAL FUND ADV BANK OF NEW YORK MEL ROBECO INVESTOR SERV SAMSUNG INVESTMENT T ALLIANZ ASSET MANAGE SHINYOUNG INVESTMENT KB ASSET MANAGEMENT JP MORGAN FUNDS LUXE PCA INVESTMENT TRUST KYOBO AXA INVESTMENT DIMENSIONAL FUND ADV

Firm Name Mirae Asset Securities KB Investment & Securities Co., Ltd HMC Investment Securities Co Ltd Kyobo Securities Shinhan Investment Corp Daishin Securities Co., Ltd. NH Investment & Securities Samsung Securities KTB Securities Credit Suisse Nomura Woori Investment & Securities Daiwa Securities Co. Ltd. Deutsche Bank EVA Dimensions Tong Yang Investment Bank Korea Investment & Securities Goldman Sachs Hana Daetoo Securities Daewoo Securities HSBC SK Securities Co Ltd JPMorgan LIG Investment Securities

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

Analyst BYUN SUNG-JIN HEU MOON-WOOK LEE KWANG-SOO CHO JOO-HYUNG LEE SUN-IL CHO YOON-HO KANG SEUNG-MIN RYAN KS KANG SUN-MI KIM SINN MIN-SEOK KEITH NAM WAYNE WANG-SANG LEE MIKE OH HAN SANG-HI CRAIG STERLING SANG-HYUP CHONG LEE KYUNG-JA JINMOOK KIM LEE CHANG-KEUN SONG HEUNG-IK BRIAN CHO PARK HYUNG-RYUL SCOTT YH SEO PARK YOUNG-DO

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

Recommendation hold hold buy hold neutral buy buy hold hold neutral buy hold underperform buy underweight buy hold neutral/neutral buy hold underweight buy overweight hold

Amt Held 19'377'953 10'271'300 3'808'483 3'104'541 2'948'732 2'696'356 1'800'000 1'778'211 1'418'989 1'406'090 838'034 489'970 476'973 407'940 360'380 264'918 257'790 231'119 172'770 157'660

% Out 25.71 13.63 5.05 4.12 3.91 3.58 2.39 2.36 1.88 1.87 1.11 0.65 0.63 0.54 0.48 0.35 0.34 0.31 0.23 0.21

Weighting

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

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

Latest Chg 16'990 (771'450) (42'140) 494'511 (1'200) (124'340) (10) (201'800) 276'820 85'966 198'414 (141'490) -

Target Price 21'000 24'000 29'000 22'000 20'000 28'000 26'000 24'000 22'000 22'000 30'000 22'000 17'000 27'000 #N/A N/A 35'000 #N/A N/A 19'000 27'700 #N/A N/A 12'000 32'000 30'000 40'400

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

File Dt 04.01.2013 30.06.2012 09.07.2012 06.09.2011 31.12.2012 30.09.2012 30.06.2012 30.09.2011 25.02.2013 31.07.2012 25.02.2013 31.12.2012 28.09.2012 31.12.2012 28.09.2012 28.09.2012 30.06.2011 28.09.2012 28.09.2012 30.11.2012

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

Inst Type Investment Advisor n/a Investment Advisor n/a Investment Advisor Investment Advisor Corporation Mutual Fund Manager Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Mutual Fund Manager Mutual Fund Manager Mutual Fund Manager Mutual Fund Manager Mutual Fund Manager Investment Advisor

Date 27.02.2013 25.02.2013 21.02.2013 13.02.2013 07.02.2013 06.02.2013 06.02.2013 06.02.2013 06.02.2013 05.02.2013 05.02.2013 25.01.2013 23.01.2013 22.01.2013 17.01.2013 11.01.2013 03.01.2013 14.12.2012 28.11.2012 19.11.2012 07.11.2012 23.07.2012 05.06.2012 05.04.2011

27.02.2013

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

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (27.02.2012) 52-Week Low (21.05.2012) Daily Volume Current Price (2/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 31.12.2012 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 12/yy 37'300.00 25'850.00 170'135.00 34500 -7.51% 33.46% 75.98% 75.0 2'586'076.25 2'084'877.56 2'396.5 0.0 30'969.35 4'640'665.96

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

.8 M

35000

.7 M

30000

.6 M

25000

.5 M

20000

.4 M

15000

.3 M

10000

.2 M

5000

.1 M

0 f-12 m-12 a-12 m-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

Fiscal Year Ended 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

31.12.2012 12/yy 12/yy 5'242'016.5 ######### ######### 3.62x 2.47x - 160'035.6 102'836.5 27.16x 0.00x 69'286.6 69'559.2 69'286.9 33.35x 0.00x 160'036.03 112'742.89 2.15% 1.90% 1.14% 2.70% 2.89% 0.89% 6.7% 2.9% 2.2% 1.3% 0.83 0.46 33.84% 81.07% 5.74 8.06

Price/ Cash Flow

1.30 1.27 46.54 -5.22% 0.88% 1.269 13 4.538 174'781 124'319 153'439

FY+1

FY+2

FQ+1

FQ+2

12/13 Y

12/14 Y

03/13 Q1

06/13 Q2

S&P Issuer Ratings

.0 M f-13

1.64 0.48 12.83 13.03 81.1% 44.7% 0.89 7.63 63.56 45.30 46.50 62.37

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

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 |

27.02.2013

Hanwha Corp Holdings By:

All

Holder Name SEUNG-YOUN KIM HANWHA CORP NATIONAL PENSION SER VANGUARD GROUP INC BLACKROCK DIMENSIONAL FUND ADV SAMSUNG INVESTMENT T ACADIAN ASSET MANAGE KYOBO AXA INVESTMENT STATE STREET DIMENSIONAL FUND ADV BANK OF NEW YORK MEL MIRAE ASSET GLOBAL I KB ASSET MANAGEMENT EATON VANCE MANAGEME KOREA INVESTMENT TRU WOORI ASSET MANAGEME APS ASSET MGMT NH-CA ASSET MANAGEME CREDIT SUISSE ASSET

Firm Name Shinhan Investment Corp E*Trade Securities Korea IBK Securities Co Ltd EVA Dimensions KTB Securities KIWOOM Securities Co Ltd HI Investment Securities Morgan Stanley KB Investment & Securities Co., Ltd Hyundai Securities Daewoo Securities Korea Investment & Securities LIG Investment Securities Bookook Securities Co Ltd

Portfolio Name 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 Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios

Analyst SONG IN-CHAN KIM JOON-SUP JANG-WON KIM CRAIG STERLING OH JIN-WON WILLIAM PARK JOONG-SUN LEE SANG-HUN SHAWN KIM LEE SANG-WON JUN YONG-KI DAERO JEONG LEE HOON KANG BONG-WOO CHOI SANG-DO

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

Recommendation buy buy buy hold buy market perform buy Equalwt/Attractive buy buy buy buy buy buy

Amt Held 16'977'949 5'880'000 5'540'904 2'368'015 1'033'986 912'235 567'233 244'550 205'190 146'328 122'751 104'333 86'043 56'553 55'590 55'321 51'687 49'770 44'133 40'690

% Out 22.65 7.84 7.39 3.16 1.38 1.22 0.76 0.33 0.27 0.2 0.16 0.14 0.11 0.08 0.07 0.07 0.07 0.07 0.06 0.05

Weighting

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

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

Latest Chg 169'377 (3'360) 8'660 294'270 11'150 (6'950) 16'990 (18'190) 3'824 (4'650) 25'410 (16'620) -

Target Price 41'000 45'000 45'000 #N/A N/A 41'000 34'500 42'500 35'000 46'000 45'000 42'000 42'000 43'000 50'000

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

File Dt 21.09.2012 30.06.2012 31.12.2011 31.12.2012 25.02.2013 31.07.2012 28.09.2012 31.12.2012 28.09.2012 26.02.2013 30.11.2012 25.02.2013 28.09.2012 28.09.2012 31.12.2012 28.09.2012 28.09.2012 31.10.2012 28.09.2012 28.12.2012

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

Inst Type n/a Corporation Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Mutual Fund Manager Investment Advisor Investment Advisor Investment Advisor Investment Advisor Mutual Fund Manager Investment Advisor Investment Advisor Mutual Fund Manager Investment Advisor Mutual Fund Manager Mutual Fund Manager

Date 22.02.2013 25.01.2013 15.01.2013 15.01.2013 08.01.2013 18.12.2012 12.12.2012 28.11.2012 28.11.2012 10.10.2012 24.08.2012 24.05.2012 23.05.2012 22.08.2011

27.02.2013

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

.7 M

100000

.6 M .5 M

80000

Latest Fiscal Year: LTM as of: 52-Week High (21.09.2012) 52-Week Low (17.04.2012) Daily Volume Current Price (2/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 31.12.2012 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 09/yy 100'500.00 72'400.00 107'299.00 85600 -14.83% 18.23% 46.98% 32.2 2'756'320.00 79'931.00 0.0 0.0 23'770.00 2'776'385.00

31.12.2008 2'351'927.0 0.95x 80'171.0 28.00x (30'267.0) -

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

.2 M

20000

.1 M

0 f-12 m-12 a-12 m-12

LTM-4Q 31.12.2011 92'198.0 23.50x 68'687.0 31.54x 55'549.0 37.98x

31.12.2012 68'687.00 63'974.00 69.39% 65.79% 3.06% 3.37% 3.43% 0.05% 74.5% 69.4% 60.2% 0.30 0.18 4.37% 4.81% -

Price/ Cash Flow

LTM

09/yy 09/yy 91'341.0 108'689.0 123.78x 87.57x 68'908.0 85'002.0 30.39x 31.89x 55'406.0 70'872.0 37.06x 37.96x

j-12

a-12

s-12

o-12

n-12

d-12

j-13

.0 M f-13

1.46 1.02 13.93 1.47% -9.23% 1.017 14 4.429 101'352 92'423 84'647

FY+1

FY+2

FQ+1

FQ+2

12/13 Y

12/14 Y

03/13 Q1

06/13 Q2

S&P Issuer Ratings

17.01 16.92 0.82 1.16 4.8% 4.6% 0.05 1.67 -

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 03.01.2009

.3 M

40000

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

.4 M

60000

Valuation Analysis

0.0 03.07.2009

03.01.2010

03.07.2010

03.01.2011

03.07.2011

03.01.2012

03.07.2012

03.01.2013

2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011

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

27.02.2013

LS Corp Holdings By:

All

Holder Name JA-YEOL KOO LS CORP NATIONAL PENSION SER MIRAE ASSET GLOBAL I VANGUARD GROUP INC JA-HONG KOO KOREA INVESTMENT TRU KB ASSET MANAGEMENT BLACKROCK UBS HANA ASSET MANAG SAMSUNG INVESTMENT T MAPS INVESTMENT MANA HI ASSET MANAGEMENT DIMENSIONAL FUND ADV SHINYOUNG INVESTMENT SHINHAN BNP PARIBAS NH-CA ASSET MANAGEME PRUDENTIAL ASSET MAN KYOBO AXA INVESTMENT ASSETPLUS INVESTMENT

Firm Name Deutsche Bank Daewoo Securities Samsung Securities KIWOOM Securities Co Ltd Mirae Asset Securities E*Trade Securities Korea IBK Securities Co Ltd Hana Daetoo Securities Hyundai Securities EVA Dimensions Korea Investment & Securities Shinhan Investment Corp HI Investment Securities Woori Investment & Securities

Portfolio Name 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 Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios

Analyst HAN SANG-HI PARK WON-JAE SUJIN BUM KIM JI-SAN KWON HAE-SOON KIM JOON-SUP JANG-WON KIM SANG-WOO LEE JUN YONG-KI CRAIG STERLING MOON SUN CHOI LEE KWAN-HEE HAN EUNMEE CHRIS YOO

Source Co File Co File Co File EXCH MF-AGG Co File MF-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 buy buy buy buy buy buy buy buy buy underweight buy buy buy buy

Amt Held 9'849'861 4'432'929 3'069'978 1'607'461 931'454 911'500 886'502 395'667 382'078 372'707 294'125 204'765 148'622 141'557 137'124 123'588 115'073 105'083 87'652 51'906

% Out 30.59 13.77 9.53 4.99 2.89 2.83 2.75 1.23 1.19 1.16 0.91 0.64 0.46 0.44 0.43 0.38 0.36 0.33 0.27 0.16

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 (97'971) (20'988) 21'204 (45'717) (1'291) (33'965) 15'134 135'217 89'769 (109'352) (75'097) (25'666) 20'003 (57'489) (1'416)

Target Price 113'000 104'000 120'000 130'000 112'000 125'000 120'000 113'000 120'000 #N/A N/A 130'000 120'000 110'000 138'000

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

File Dt 30.06.2012 30.06.2012 30.06.2012 24.06.2011 31.12.2012 30.06.2012 28.09.2012 28.09.2012 25.02.2013 28.09.2012 28.09.2012 28.09.2012 28.09.2012 31.07.2012 28.09.2012 28.09.2012 28.09.2012 28.09.2012 28.09.2012 28.09.2012

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

Inst Type n/a Corporation Investment Advisor Investment Advisor Investment Advisor n/a Investment Advisor Mutual Fund Manager Investment Advisor Mutual Fund Manager Investment Advisor Mutual Fund Manager Mutual Fund Manager Investment Advisor Mutual Fund Manager Investment Advisor Mutual Fund Manager Mutual Fund Manager Mutual Fund Manager Mutual Fund Manager

Date 08.02.2013 08.02.2013 08.02.2013 08.02.2013 08.02.2013 08.02.2013 08.02.2013 07.02.2013 05.02.2013 17.01.2013 15.11.2012 17.10.2012 13.08.2012 21.09.2011

27.02.2013

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

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (22.02.2013) 52-Week Low (21.05.2012) Daily Volume Current Price (2/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 31.12.2012 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 12/yy 9'070.00 5'130.00 2'393'337.00 8570 -5.51% 67.06% 89.85% 436.6 3'741'759.25 8'120'699.36

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

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 j-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

Fiscal Year Ended 31.12.2008 4'797'950.8 0.72x 778'833.0 4.47x 283'559.5 9.71x

10000 9000 8000 7000 6000 5000 4000 3000 2000 1000 0 f-12 m-12 a-12 m-12

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 3.76x 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

31.12.2012 -

Price/ Cash Flow

LTM

12/yy 12/yy ######### ######### 2.63x 2.58x ######### ######### 5.00x 0.00x 80'850.0 (50'393.0) 39.57x 0.00x

0.62 158.30 37.12% 9.87% 0.616 38 4.211 1'699'073 2'078'743 2'032'711

FY+1

FY+2

FQ+1

FQ+2

12/13 Y

12/14 Y

03/13 Q1

06/13 Q2

S&P Issuer Ratings

.0 M f-13

07.09.2011 NR -

Sales/Revenue/Turnover

12.00

10'000'000.0 9'000'000.0

10.00

8'000'000.0 7'000'000.0

8.00

6'000'000.0

6.00

5'000'000.0 4'000'000.0

4.00

3'000'000.0 2'000'000.0

2.00 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

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 |

27.02.2013

LG Uplus Corp Holdings By:

All

Holder Name LG CORP LG UPLUS CORP KOREA ELECTRIC POWER NEWTON INV MGMT VANGUARD GROUP INC BLACKROCK DIMENSIONAL FUND ADV ROBECO INVESTOR SERV GRANTHAM MAYO VAN OT SAMSUNG INVESTMENT T MACQUARIE GROUP LTD SHINHAN BNP PARIBAS ROBECO FUND MANAGEME GOLDMAN SACHS ASSET FMR LLC MIRAE ASSET GLOBAL I DIMENSIONAL FUND ADV JP MORGAN FUNDS LUXE KB ASSET MANAGEMENT KYOBO AXA INVESTMENT

Firm Name

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 n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios

Analyst

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

Source Co File Co File Co File Co File MF-AGG ULT-AGG MF-AGG MF-AGG MF-AGG MF-AGG ULT-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 sell buy buy buy buy buy buy overweight buy buy buy buy Overwt/In-Line outperform neutral buy neutral outperform buy sell buy overweight buy buy buy hold buy neutral/neutral

Amt Held 157'376'777 82'291'881 38'409'376 30'228'415 11'860'486 5'662'937 5'182'291 4'989'790 3'416'098 2'109'556 1'914'847 1'656'276 1'057'702 790'590 730'608 659'461 628'960 600'790 555'756 555'600

% Out 36.05 18.85 8.8 6.92 2.72 1.3 1.19 1.14 0.78 0.48 0.44 0.38 0.24 0.18 0.17 0.15 0.14 0.14 0.13 0.13

Weighting

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

M N N M 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 N M M M M M

Latest Chg (279'440) (8'340) (48'900) (236'425) 47'870 846'556 3'142 790'590 81'480 212'850 300'590 (257'420)

Target Price 8'670 10'700 9'200 10'200 9'800 10'000 9'500 5'400 9'800 8'800 10'000 10'000 11'000 11'500 10'600 9'200 9'600 11'900 9'000 8'900 9'000 9'000 9'100 7'900 10'100 10'000 #N/A N/A 10'000 9'200 8'500 10'000 9'000 7'500 8'700 5'400

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

File Dt 30.06.2011 30.06.2011 30.06.2011 30.09.2010 31.12.2012 25.02.2013 31.07.2012 31.12.2012 31.05.2012 28.09.2012 31.12.2012 28.09.2012 31.12.2012 28.09.2012 31.12.2012 28.09.2012 30.11.2012 30.06.2011 28.09.2012 28.09.2012

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

Inst Type Holding Company n/a Government Mutual Fund Manager Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Mutual Fund Manager Investment Advisor Investment Advisor Investment Advisor Mutual Fund Manager Mutual Fund Manager Mutual Fund Manager

Date 27.02.2013 27.02.2013 20.02.2013 19.02.2013 13.02.2013 13.02.2013 04.02.2013 04.02.2013 31.01.2013 31.01.2013 31.01.2013 31.01.2013 31.01.2013 31.01.2013 31.01.2013 31.01.2013 31.01.2013 31.01.2013 31.01.2013 30.01.2013 30.01.2013 30.01.2013 30.01.2013 30.01.2013 24.01.2013 21.01.2013 15.01.2013 14.01.2013 08.01.2013 10.12.2012 02.11.2012 02.11.2012 01.11.2012 28.10.2011 27.10.2011

27.02.2013

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 30000

4.0 M 3.5 M

25000

3.0 M 20000

Latest Fiscal Year: LTM as of: 52-Week High (27.02.2012) 52-Week Low (26.11.2012) Daily Volume Current Price (2/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 31.12.2012 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 12/yy 29'400.00 15'800.00 587'181.00 19350 -34.18% 22.47% 25.74% 140.3 2'714'486.00 1'760'021.68 5'618.7 0.0 386'586.67 4'480'002.13

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

2.0 M 1.5 M

10000

1.0 M 5000

.5 M

0 f-12 m-12 a-12 m-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

j-12

a-12

s-12

o-12

n-12

d-12

j-13

LTM

FY+1

.0 M f-13

2.33 1.46 62.84 -32.22% 5.45% 1.458 29 2.793 498'999 505'790 690'807 FY+2

FQ+1

FQ+2

31.12.2012 12/yy 12/yy 12/13 Y 12/14 Y 03/13 Q1 06/13 Q2 3'559'004.2 ######### ######### ######### - 915'800.0 949'400.0 6.69x 3.97x - 598'487.7 249'100.6 8.07x 0.00x 120'611.6 411'519.3 120'611.8 289'500.0 - 111'700.0 52'200.0 8.45x 0.00x 13.21x 8.11x S&P Issuer Ratings 598'487.70 Long-Term Rating Date 141'180.69 Long-Term Rating 3.97% Long-Term Outlook 13.74% Short-Term Rating Date 6.88% Short-Term Rating 12.25% Credit Ratios 9.17% EBITDA/Interest Exp. 0.66% (EBITDA-Capex)/Interest Exp. Net Debt/EBITDA 20.0% Total Debt/EBITDA 15.1% Reference 4.0% Total Debt/Equity 3.4% Total Debt/Capital Asset Turnover 1.00 Net Fixed Asset Turnover 0.68 Accounts receivable turnover-days 28.23% Inventory Days 50.91% Accounts Payable Turnover Day 8.97 Cash Conversion Cycle 11.38

Price/ Cash Flow

8.38 2.16 2.29 2.94 50.9% 33.7% 0.66 2.16 40.69 32.08 48.82 23.95

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

j-12

Fiscal Year Ended 31.12.2008 3'036'966.5 0.67x 364'925.9 5.57x 41'496.9 18.46x

2.5 M

15000

Valuation Analysis

0.0 02.07.2010

02.01.2011

02.07.2011

02.01.2012

02.07.2012

02.01.2013

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 |

27.02.2013

Hanwha Chemical Corp Holdings By:

All

Holder Name HANWHA CORP SEONG-YONG KIM NATIONAL PENSION SER VANGUARD GROUP INC BLACKROCK DIMENSIONAL FUND ADV SAMSUNG INVESTMENT T GRANTHAM MAYO VAN OT DIMENSIONAL FUND ADV CONSUS ASSET MANAGEM EMPLOYEE STOCK OWNER KYOBO AXA INVESTMENT MIRAE ASSET GLOBAL I MAPS INVESTMENT MANA SHINHAN BNP PARIBAS EATON VANCE MANAGEME JOHN HANCOCK ADVISER NH-CA ASSET MANAGEME KB ASSET MANAGEMENT WOORI ASSET MANAGEME

Firm Name

Portfolio Name 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 Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios

Analyst

NH Investment & Securities CHOI JI-HWAN Tong Yang Investment Bank HWANG KYU-WON KB Investment & Securities Co., Ltd PARK JAE-CHUL Hyundai Securities BAEK YOUNG-CHAN Hanwha Securities Co., Ltd LEE DA-SOL HSBC DENNIS HYUNCHUL YOO KTB Securities YOO YOUNG KOOK Standard Chartered DANIEL DO YEON LEE Shinyoung Securities Co., Ltd. OH JUNG-IL Daewoo Securities PARK YEON-JU Woori Investment & Securities KIM SUN-WOO EVA Dimensions CRAIG STERLING Nomura CINDY PARK Morgan Stanley HARRISON H HWANG Samsung Securities SEUNGWOO KIM Eugene Investment & Securities Co., LtdKWAK JIN-HEE SK Securities Co Ltd SOHN JI-WOO Mirae Asset Securities YOUNG-BAE KWON Korea Investment & Securities PARK KIYONG Shinhan Investment Corp YI EUNG-JU Macquarie BRANDON I LEE Credit Suisse CHO A-HYUNG Deutsche Bank SHAWN PARK Daishin Securities Co., Ltd. AHN SANG-HEE JPMorgan SAMUEL SW LEE LIG Investment Securities PARK YOUNG-HOON Meritz Securities Co., Ltd HWANG YOU SIK HI Investment Securities LEE HEE-CHEOL Bookook Securities Co Ltd CHOI SANG-DO Kyobo Securities YOUNG-JOO SON

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

Recommendation market perform hold buy market perform buy underweight hold underperform neutral hold hold underweight neutral Equalwt/Attractive hold hold buy hold hold neutral neutral underperform sell buy underweight hold hold hold buy buy

Amt Held 53'117'578 16'977'949 6'920'469 4'398'980 1'972'721 1'849'947 692'475 682'765 222'380 217'970 205'258 165'852 131'530 131'054 129'367 119'710 115'780 92'945 81'956 80'942

% Out 37.86 12.1 4.93 3.14 1.41 1.32 0.49 0.49 0.16 0.16 0.15 0.12 0.09 0.09 0.09 0.09 0.08 0.07 0.06 0.06

Weighting

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

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

Latest Chg (1'720'352) 12'370 (840) 178'977 216'190 5'230 26'390 (22'410) 41'372 (11'390) 8'360 (3'840)

Target Price #N/A N/A 22'000 23'000 16'000 26'000 15'000 22'000 11'000 #N/A N/A #N/A N/A 20'000 #N/A N/A 21'000 19'000 20'700 20'000 20'000 18'000 #N/A N/A 16'500 15'500 15'000 15'000 24'000 17'000 #N/A N/A 20'000 26'500 39'000 41'600

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

File Dt 17.12.2012 31.12.2011 08.09.2011 31.12.2012 25.02.2013 31.07.2012 28.09.2012 31.05.2012 30.11.2012 28.09.2012 31.12.2011 28.09.2012 28.09.2012 28.09.2012 28.09.2012 31.12.2012 30.04.2011 28.09.2012 28.09.2012 28.09.2012

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

Inst Type Corporation n/a Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Mutual Fund Manager n/a Mutual Fund Manager Investment Advisor Mutual Fund Manager Investment Advisor Investment Advisor Investment Advisor Mutual Fund Manager Mutual Fund Manager Mutual Fund Manager

Date 26.02.2013 26.02.2013 26.02.2013 21.02.2013 20.02.2013 19.02.2013 19.02.2013 05.02.2013 29.01.2013 25.01.2013 22.01.2013 17.01.2013 15.01.2013 10.01.2013 10.01.2013 08.01.2013 07.01.2013 28.12.2012 29.11.2012 26.11.2012 24.11.2012 23.11.2012 31.10.2012 11.10.2012 26.09.2012 25.09.2012 23.08.2012 25.07.2012 01.12.2011 10.10.2011

27.02.2013

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 400000

200000

12/2012 12/yy 380'500.00 252'500.00 17'320.00 280500 -26.28% 11.09% 22.27% 10.5 2'950'860.00 860'237.08 0.0 0.0 748'780.12 3'723'045.34

.3 M

150000

.2 M

100000 .1 M

50000 0 f-12 m-12 a-12 m-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

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

LTM-4Q 31.12.2011 3'016'124.0 0.96x 283'679.5 10.25x 291'706.7 9.59x

LTM

31.12.2012 12/yy 12/yy 2'873'047.4 ######### ######### 4.55x 3.68x - 283'679.5 235'984.3 10.25x 0.00x 406'592.3 291'706.7 406'591.8 9.59x 0.00x 283'679.47 148'250.35 5.16% 13.77% 3.79% 5.42% 4.95% 0.39% 16.8% 9.4% 5.2% 14.2% 2.45 1.78 12.14% 17.40% 4.43 6.02

Price/ Cash Flow

2.85 1.11 4.29 -17.24% -5.56% 1.105 7 4.429 16'154 18'046 18'459

FY+1

FY+2

FQ+1

FQ+2

12/13 Y

12/14 Y

03/13 Q1

06/13 Q2

S&P Issuer Ratings

.0 M f-13

10.08.2007 BBB STABLE 10.71 -7.91 0.39 3.03 17.4% 14.8% 0.39 1.20 82.45 60.63 32.52 110.55

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

.4 M

250000

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

.5 M

300000

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (05.03.2012) 52-Week Low (21.05.2012) Daily Volume Current Price (2/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 31.12.2012 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

31.12.2008 2'488'127.8 1.44x 369'786.6 9.67x 187'262.1 15.54x

.6 M

350000

0.0 02.07.2010

02.01.2011

02.07.2011

02.01.2012

02.07.2012

02.01.2013

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 |

27.02.2013

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 VANGUARD GROUP INC KOREA INVESTMENT TRU MACQUARIE GROUP LTD SAMSUNG INVESTMENT T DIMENSIONAL FUND ADV BLACKROCK INVESCO ASSET MANAGE COLUMBIA WANGER ASSE SHINYOUNG INVESTMENT TRUSTON ASSET MANAGE UBS HANA ASSET MANAG FRANKLIN RESOURCES

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 Multiple Portfolios Multiple Portfolios n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios n/a

Analyst

KTB Securities YOO YOUNG KOOK EVA Dimensions CRAIG STERLING Eugene Investment & Securities Co., LtdKWAK JIN-HEE HI Investment Securities LEE HEE-CHEOL Korea Investment & Securities LEE KYUNG-JA Daishin Securities Co., Ltd. AHN SANG-HEE HSBC BRIAN CHO Woori Investment & Securities KIM JAE JOONG

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

Recommendation buy hold buy buy buy buy neutral buy

Amt Held 2'047'158 927'260 803'000 723'065 641'898 556'180 526'000 442'553 218'606 148'878 125'040 99'398 95'162 90'457 85'000 82'200 61'708 53'649 40'953 37'380

% Out 19.46 8.81 7.63 6.87 6.1 5.29 5 4.21 2.08 1.42 1.19 0.94 0.9 0.86 0.81 0.78 0.59 0.51 0.39 0.36

Weighting

Change 5 3 5 5 5 5 3 5

M M M U M M M M

Latest Chg 107'339 (270'202) (5'837) (1'743) (318) 52'666 1'576 35'000 58'418 (48'550) (1'862) (597) 1'166

Target Price 370'000 #N/A N/A 397'000 380'000 348'000 370'000 370'000 500'000

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

File Dt 01.08.2012 01.08.2012 31.12.2011 31.12.2011 28.02.2012 01.08.2012 01.08.2012 05.04.2010 31.12.2012 28.09.2012 31.12.2012 28.09.2012 31.07.2012 25.02.2013 31.05.2012 31.12.2012 28.09.2012 28.09.2012 28.09.2012 28.09.2012

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

Inst Type n/a n/a Corporation n/a Investment Advisor n/a n/a Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Mutual Fund Manager Investment Advisor Mutual Fund Manager Mutual Fund Manager Mutual Fund Manager Investment Advisor

Date 19.02.2013 15.01.2013 08.01.2013 09.10.2012 08.10.2012 11.08.2012 16.03.2012 30.08.2011

27.02.2013

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 (04.06.2012) Daily Volume Current Price (2/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 31.12.2012 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 12/yy 44'250.00 28'100.00 192'429.00 36900 -16.61% 31.32% 55.73% 113.9 4'202'035.00 4'934'938.59 0.0 0.0 288'478.11 7'838'729.35

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

j-12

a-12

s-12

o-12

n-12

d-12

j-13

LTM

FY+1

.0 M f-13

0.54 0.88 34.22 5.92% -6.94% 0.878 18 4.778 214'638 403'065 376'669 FY+2

FQ+1

FQ+2

31.12.2012 12/yy 12/yy 12/13 Y 12/14 Y 03/13 Q1 06/13 Q2 17'011'373.5 ######### ######### ######### ######### 1.63x 1.48x - 176'698.5 140'034.3 43.20x 0.00x 306'041.0 160'087.6 306'040.0 218'700.0 760'150.0 49'500.0 50'600.0 18.59x 0.00x 18.00x 7.95x S&P Issuer Ratings 176'698.12 Long-Term Rating Date 140'991.77 Long-Term Rating 0.83% Long-Term Outlook 0.95% Short-Term Rating Date 2.28% Short-Term Rating 11.25% Credit Ratios 3.97% EBITDA/Interest Exp. 2.67% (EBITDA-Capex)/Interest Exp. Net Debt/EBITDA 4.9% Total Debt/EBITDA 0.9% Reference 0.8% Total Debt/Equity 1.8% Total Debt/Capital Asset Turnover 1.12 Net Fixed Asset Turnover 0.86 Accounts receivable turnover-days 63.08% Inventory Days 324.51% Accounts Payable Turnover Day 6.47 Cash Conversion Cycle 24.84

Price/ Cash Flow

2.51 1.36 26.29 27.93 324.5% 76.4% 2.67 75.49 56.42 14.70 18.99 52.13

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 f-12 m-12 a-12 m-12

0.0 02.07.2010

02.01.2011

02.07.2011

02.01.2012

02.07.2012

02.01.2013

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 |

27.02.2013

Daewoo International Corp Holdings By:

All

Holder Name POSCO NATIONAL PENSION SER VANGUARD GROUP INC KOREA INVESTMENT TRU BLACKROCK SAMSUNG INVESTMENT T FMR LLC LOMBARD ODIER DARIER PCA INVESTMENT TRUST EMPLOYEE STOCK OWNER KTB ASSET MANAGEMENT SHINHAN BNP PARIBAS UBS HANA ASSET MANAG TRUSTON ASSET MANAGE DONGBU ASSET MANAGEM MIDAS ASSET MANAGEME NH-CA ASSET MANAGEME KYOBO AXA INVESTMENT DIMENSIONAL FUND ADV TONG YANG INVESTMENT

Firm Name

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

Analyst

Korea Investment & Securities YEO YEONGSANG Shinhan Investment Corp MINHO HUR Daishin Securities Co., Ltd. CHUNG YON-WOO HMC Investment Securities Co Ltd Park Jong Ryeol Hana Daetoo Securities SANG-WOO LEE Hyundai Securities JUN YONG-KI SK Securities Co Ltd KI-YEONG KIM JPMorgan CHANG SUNG-MIN KIWOOM Securities Co Ltd KIM SANG-KU E*Trade Securities Korea KIM JOON-SUP Morgan Stanley HARRISON H HWANG Eugene Investment & Securities Co., LtdJOO ICK-CHAN NH Investment & Securities HONG SUNG-SOO EVA Dimensions CRAIG STERLING Mirae Asset Securities KWON HAE-SOON KTB Securities JUNGMI NAM Daewoo Securities KIM MINA HI Investment Securities MIN YOUNG-SANG

Source Co File EXCH MF-AGG MF-AGG ULT-AGG MF-AGG ULT-AGG MF-AGG MF-AGG Co File 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 buy buy overweight buy buy Overwt/Attractive buy buy sell buy buy trading buy buy

Amt Held 68'681'566 10'446'380 2'291'307 1'362'758 1'036'072 949'499 940'619 834'359 728'234 399'638 328'564 322'738 276'476 240'080 221'723 203'460 160'374 151'750 146'306 141'111

% Out 60.31 9.17 2.01 1.2 0.91 0.83 0.83 0.73 0.64 0.35 0.29 0.28 0.24 0.21 0.19 0.18 0.14 0.13 0.13 0.12

Weighting

Change 5 5 5 5 5 5 5 5 5 5 5 5 5 1 5 5 5 5

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

Latest Chg 2'017'803 (115'600) 70'183 (1'030) 598'016 937'177 (112'000) 449'952 113'706 233'601 58'940 (40'130) (54'511) 155'130 18'450 77'090 (40'230)

Target Price 45'000 49'300 46'000 53'000 48'000 48'000 55'000 42'000 45'000 50'000 48'700 45'000 49'000 #N/A N/A 50'000 55'000 39'000 42'000

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

File Dt 30.03.2012 16.11.2012 31.12.2012 28.09.2012 25.02.2013 28.09.2012 31.12.2012 31.12.2012 28.09.2012 31.03.2012 28.09.2012 28.09.2012 28.09.2012 28.09.2012 28.09.2012 28.09.2012 28.09.2012 28.09.2012 31.07.2012 28.09.2012

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

Inst Type Corporation Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Mutual Fund Manager Mutual Fund Manager n/a Mutual Fund Manager Investment Advisor Mutual Fund Manager Mutual Fund Manager Mutual Fund Manager Investment Advisor Mutual Fund Manager Mutual Fund Manager Investment Advisor Mutual Fund Manager

Date 19.02.2013 14.02.2013 13.02.2013 13.02.2013 13.02.2013 08.02.2013 08.02.2013 08.02.2013 08.02.2013 08.02.2013 07.02.2013 21.01.2013 18.01.2013 17.01.2013 11.01.2013 08.01.2013 26.07.2012 29.06.2012

27.02.2013

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. Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (10.09.2012) 52-Week Low (23.05.2012) Daily Volume Current Price (2/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 31.12.2012 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

Price/Volume

12/2012 12/yy 50'500.00 33'250.00 265'430.00 35550 -29.60% 6.92% 16.23% 80.2 2'851'110.00 818'504.63 0.0 0.0 404'447.21 3'408'676.39

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

6.0 M

50000

5.0 M

40000

4.0 M

30000

3.0 M

20000

2.0 M

10000

1.0 M

0 f-12 m-12 a-12 m-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

j-12

a-12

s-12

o-12

n-12

d-12

j-13

LTM

FY+1

.0 M f-13

0.70 1.05 28.03 -4.93% -21.78% 1.048 35 4.486 414'963 343'158 247'664 FY+2

FQ+1

FQ+2

31.12.2012 12/yy 12/yy 12/13 Y 12/14 Y 03/13 Q1 06/13 Q2 7'074'626.0 ######### ######### ######### ######### ######### ######### 2.17x 1.67x 0.55x 0.47x - 569'181.4 404'493.6 725'181.5 803'558.3 139'100.0 148'900.0 5.64x 0.00x 4.70x 4.24x 5.27x 230'444.0 255'430.4 230'444.4 303'608.9 359'582.7 60'255.6 72'266.7 10.94x 0.00x 8.98x 7.75x 9.77x 8.88x S&P Issuer Ratings 570'684.70 Long-Term Rating Date 343'024.00 Long-Term Rating 4.85% Long-Term Outlook 4.60% Short-Term Rating Date 7.23% Short-Term Rating 18.09% Credit Ratios 12.36% EBITDA/Interest Exp. 1.96% (EBITDA-Capex)/Interest Exp. Net Debt/EBITDA 8.5% Total Debt/EBITDA 8.2% Reference 4.8% Total Debt/Equity 3.3% Total Debt/Capital Asset Turnover 1.00 Net Fixed Asset Turnover 0.63 Accounts receivable turnover-days 21.77% Inventory Days 53.51% Accounts Payable Turnover Day 9.74 Cash Conversion Cycle 10.86

Price/ Cash Flow

16.75 3.42 0.73 1.43 53.5% 34.9% 1.96 4.53 37.46 33.62 53.11 17.96

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

j-12

Fiscal Year Ended 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

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 |

27.02.2013

Hyundai Hysco Co Ltd Holdings By:

All

Holder Name HYUNDAI MOTOR CO KIA MOTORS CORP MONG-KOO CHUNG JFE HOLDINGS INC VANGUARD GROUP INC BLACKROCK HYUNDAI HYSCO HAE-GWAN YUM SAMSUNG INVESTMENT T SHINHAN BNP PARIBAS ALLIANZ GLOBAL INVES KYOBO AXA INVESTMENT KOREA INVESTMENT TRU HYUNDAI INVESTMENTS FMR LLC DIMENSIONAL FUND ADV PRINCIPAL FINANCIAL WON-KAB KIM SWEDBANK ROBUR FONDE GS ASSET MANAGEMENT

Firm Name

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

Analyst

KTB Securities SHIM HYE-SUN Deutsche Bank CHANWOOK PARK Meritz Securities Co., Ltd LEE JONG-HYOUNG E*Trade Securities Korea KANG TAE-HYUN Hanwha Securities Co., Ltd KIM KANG-OH Kyobo Securities UM JIN-SEOK Mirae Asset Securities KWON HAE-SOON Heungkuk Securities Co., Ltd. WONYOUNG SONG Standard Chartered JAMES KP HONG Daewoo Securities JEON SEUNG-HUN Korea Investment & Securities MOON SUN CHOI Hyundai Securities KIM JI-HWAN Samsung Securities CHRIS KIM Eugene Investment & Securities Co., LtdGYUNG-JUNG KIM HMC Investment Securities Co Ltd PARK HYUN-WOOK 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 KIWOOM Securities Co Ltd CHANG-HO KIM Hana Daetoo Securities KIM JUNG-WOOK IBK Securities Co Ltd PARK BYUNGCHIL Taurus Investment Securities Co Ltd JI-WOONG YOO LIG Investment Securities YOON-SANG KIM Morgan Stanley YOUNG SUK SHIN Tong Yang Investment Bank KEE-HYUN PARK EVA Dimensions CRAIG STERLING Shinyoung Securities Co., Ltd. KANG-UN CHO Daishin Securities Co., Ltd. MOON JEONG-UP BNP Paribas Equity Research JONGIK KWON Daiwa Securities Co. Ltd. CHUNG SUNG-YOP Leading Investment & Securities PARK JOON-MO BS Securities Co Ltd YOON KWAN-CHUL

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

Recommendation buy hold buy buy buy buy buy buy underperform hold buy buy buy buy buy trading buy buy buy buy buy outperform buy buy buy buy Equalwt/In-Line buy hold buy market perform buy buy hold buy

Amt Held 23'554'188 12'554'680 8'020'000 6'410'000 1'675'530 788'829 721'880 660'000 612'280 384'482 308'840 216'105 203'300 165'939 158'200 128'012 111'560 110'000 101'623 90'450

% Out 29.37 15.65 10 7.99 2.09 0.98 0.9 0.82 0.76 0.48 0.39 0.27 0.25 0.21 0.2 0.16 0.14 0.14 0.13 0.11

Weighting

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

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

Latest Chg 6'500 420 152'048 206'719 100'980 1'245 (47'695) 1'731 (1'017) 7'863 (9'960)

Target Price 48'000 39'000 50'000 50'000 50'000 51'000 47'000 48'000 33'000 #N/A N/A 54'000 53'000 60'000 46'000 48'000 45'000 46'000 48'000 53'000 50'000 48'000 63'000 52'000 56'000 49'000 41'000 53'000 #N/A N/A 60'000 45'000 57'000 53'000 53'000 48'000

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

File Dt 30.06.2012 30.06.2012 30.06.2012 30.06.2012 31.12.2012 25.02.2013 30.06.2012 24.10.2011 28.09.2012 28.09.2012 28.09.2012 28.09.2012 28.09.2012 28.09.2012 31.12.2012 31.07.2012 31.01.2013 30.06.2012 31.12.2012 28.09.2012

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

Inst Type Corporation Corporation n/a Corporation Investment Advisor Investment Advisor n/a n/a Investment Advisor Investment Advisor Mutual Fund Manager Mutual Fund Manager Investment Advisor Mutual Fund Manager Investment Advisor Investment Advisor Investment Advisor n/a Investment Advisor Mutual Fund Manager

Date 27.02.2013 26.02.2013 22.02.2013 21.02.2013 18.02.2013 18.02.2013 18.02.2013 18.02.2013 16.02.2013 29.01.2013 29.01.2013 29.01.2013 29.01.2013 29.01.2013 29.01.2013 29.01.2013 29.01.2013 29.01.2013 29.01.2013 29.01.2013 29.01.2013 29.01.2013 29.01.2013 29.01.2013 29.01.2013 28.01.2013 17.01.2013 17.01.2013 02.01.2013 02.11.2012 02.11.2012 01.11.2012 08.10.2012 07.06.2012

27.02.2013

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

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (29.02.2012) 52-Week Low (16.11.2012) Daily Volume Current Price (2/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 31.12.2012 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

03/2012 09/yy 14'450.00 9'940.00 638'583.00 12600 -12.80% 26.76% 61.20% 199.3 2'510'598.75 16'214'972.00 99'355.0 0.0 220'515.00 20'075'872.67

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

8.0 M

14000

7.0 M

12000

6.0 M

10000

5.0 M

8000

4.0 M

6000

3.0 M

4000

2.0 M

2000

1.0 M

0 f-12 m-12 a-12 m-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

Fiscal Year Ended 31.03.2008 1'327'634.0 10.70x 802'423.0 17.71x 326'266.0 9.14x

16000

31.03.2009 31.03.2010 1'258'373.0 1'177'311.0 10.20x 12.20x 770'126.0 614'996.0 16.67x 23.36x 181'805.0 180'543.0 13.13x 12.03x Profitability

LTM-4Q 31.03.2011 1'077'013.0 16.24x 534'568.0 32.72x 160'688.0 17.27x

LTM

FY+1

1.83 1.52 100.60 -8.40% 6.33% 1.523 20 4.200 1'311'802 1'109'165 1'179'584 FY+2

FQ+1

FQ+2

31.03.2012 09/yy 09/yy 03/13 Y 03/14 Y 03/13 Q4 06/13 Q1 1'190'670.0 ######### ######### 750'225.0 919'466.7 226'900.0 225'300.0 15.69x 58.95x 63.49x 15.15x 12.55x 617'014.0 521'250.0 621'635.0 215'586.0 309'059.0 30.27x 29.84x 32.00x 93.12x 64.96x 168'021.0 119'594.0 150'799.0 138'823.5 216'251.6 57'208.3 43'156.0 12.35x 12.83x 12.93x 18.86x 12.49x S&P Issuer Ratings 617'014.00 Long-Term Rating Date - Long-Term Rating 26.63% Long-Term Outlook 18.51% Short-Term Rating Date 0.78% Short-Term Rating 5.46% Credit Ratios 0.90% EBITDA/Interest Exp. 0.05% (EBITDA-Capex)/Interest Exp. Net Debt/EBITDA - Total Debt/EBITDA 51.8% Reference - Total Debt/Equity 14.1% Total Debt/Capital Asset Turnover - Net Fixed Asset Turnover - Accounts receivable turnover-days 72.36% Inventory Days 483.14% Accounts Payable Turnover Day - Cash Conversion Cycle -

Price/ Cash Flow

.0 M f-13

25.92 26.28 483.1% 82.4% 0.05 3.76 -

Sales/Revenue/Turnover

50.00

1'400'000.0

45.00

1'200'000.0

40.00 35.00

1'000'000.0

30.00

800'000.0

25.00

600'000.0

20.00

400'000.0

15.00 10.00

200'000.0

5.00 0.00 04.04.2009

0.0 04.10.2009

04.04.2010

04.10.2010

04.04.2011

04.10.2011

04.04.2012

04.10.2012

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 |

27.02.2013

Woori Investment & Securities Co Ltd Holdings By:

All

Holder Name WOORI FINANCE HOLDIN EMPLOYEE STOCK OWNER NATIONAL PENSION SER VANGUARD GROUP INC DIMENSIONAL FUND ADV BLACKROCK SAMSUNG INVESTMENT T WOORI INVESTMENT & S UBS HANA ASSET MANAG KYOBO AXA INVESTMENT DIMENSIONAL FUND ADV BANK OF NEW YORK MEL FRANKLIN RESOURCES PRUDENTIAL ASSET MAN MIRAE ASSET GLOBAL I JOHN HANCOCK ADVISER KOREA INVESTMENT TRU SHINHAN BNP PARIBAS EATON VANCE MANAGEME NH-CA ASSET MANAGEME

Firm Name

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

Analyst

Deutsche Bank JEE HOON PARK Eugene Investment & Securities Co., LtdSEO BO-ICK Shinyoung Securities Co., Ltd. PARK EUN-JOON Samsung Securities SEAN CHANG EVA Dimensions AUSTIN BURKETT Morgan Stanley SARA LEE KTB Securities CHO SOUNG KYUNG IBK Securities Co Ltd PARK JIN-HYOENG Shinhan Investment Corp SOHN MI-JI Daishin Securities Co., Ltd. KANG SEUNG-GUN Kyobo Securities KIM JI-YOUNG KIWOOM Securities Co Ltd SEO YOUNG-SOO Taurus Investment Securities Co Ltd LEE MIN-HEE Tong Yang Investment Bank WON JAE-WOONG Hana Daetoo Securities HAN JEONG-TAE Macquarie CJ YUN Hyundai Securities RHEE TAE-KYUNG Korea Investment & Securities LEE CHUL-HO Meritz Securities Co., Ltd PARK SUN-HO Daewoo Securities JEONG GIL-WON

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

Recommendation sell buy buy buy underweight Underwt/In-Line hold buy buy buy buy buy hold buy buy outperform buy buy buy buy

Amt Held 75'426'214 13'435'370 8'353'845 6'731'897 3'732'187 3'141'537 1'392'881 1'092'984 437'873 412'364 357'560 343'892 329'450 279'561 188'812 156'460 152'392 145'944 144'330 127'670

% Out 37.85 6.74 4.19 3.38 1.87 1.58 0.7 0.55 0.22 0.21 0.18 0.17 0.17 0.14 0.09 0.08 0.08 0.07 0.07 0.06

Weighting

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

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

Latest Chg (104'710) 34'550 398'437 337'496 (25'644) 176'006 (115'890) 17'386 (61'919) 103'437 (12'480)

Target Price 10'000 13'000 14'600 48'000 #N/A N/A 10'000 13'000 15'000 14'000 14'000 16'000 14'000 13'400 13'000 17'500 15'000 15'000 14'000 17'000 17'000

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

File Dt 31.03.2012 31.03.2012 28.03.2012 31.12.2012 31.07.2012 25.02.2013 28.09.2012 31.03.2012 28.09.2012 28.09.2012 30.11.2012 25.02.2013 28.09.2012 28.09.2012 28.09.2012 30.04.2011 28.09.2012 28.09.2012 31.12.2012 28.09.2012

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

Inst Type Government n/a Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Mutual Fund Manager Mutual Fund Manager Investment Advisor Investment Advisor Investment Advisor Mutual Fund Manager Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Mutual Fund Manager

Date 29.01.2013 24.01.2013 24.01.2013 23.01.2013 17.01.2013 09.01.2013 08.01.2013 21.12.2012 14.12.2012 29.11.2012 28.11.2012 28.11.2012 28.11.2012 23.10.2012 17.09.2012 15.08.2012 22.05.2012 21.05.2012 21.03.2012 02.03.2012

27.02.2013

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 40000 35000 30000 25000 20000

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (13.03.2012) 52-Week Low (29.06.2012) Daily Volume Current Price (2/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 31.12.2012 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 12/yy 43'550.00 29'600.00 77'999.00 38250 -12.17% 29.22% 62.37% 115.9 4'431'602.50 7'957'425.43 0.0 0.0 440'701.17 11'742'381.47

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

10000 5000 0 f-12 m-12 a-12 m-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

Market Data

Fiscal Year Ended 31.12.2008 2'264'593.5 5.13x 1'557'010.8 7.45x 257'742.2 17.02x

15000

31.12.2009 31.12.2010 2'437'112.1 3'504'579.6 4.93x 3.93x 1'560'864.9 1'833'977.3 7.70x 7.51x 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

31.12.2012 749'874.6 1'113'409.81 14.15% 12.40% 5.25% 13.27% 5.98% 0.24% 46.9% 12.1% 49.35% 128.74% -

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 f-13

LTM

FY+1

0.88 31.68 -7.17% 4.79% 0.878 24 4.167 97'885 83'795 106'122 FY+2

FQ+1

FQ+2

12/yy 12/yy 12/13 Y 12/14 Y 03/13 Q1 06/13 Q2 ######### ######### ######### ######### 634'900.0 642'900.0 16.52x 11.38x ######### ######### 11.03x 0.00x 375'164.0 749'874.4 328'359.0 397'236.0 82'700.0 95'400.0 12.70x 0.00x 14.19x 11.13x 6.17x 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

4.14 4.39 128.7% 56.3% 0.24 19.94 -

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

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 |

27.02.2013

Samsung Card Co Ltd Holdings By:

All

Holder Name SAMSUNG ELECTRONICS SAMSUNG LIFE INSURAN CAPITAL GROUP COMPAN KOREA INVESTMENT TRU ARGO CAPITAL MANAGEM SM WALTAM SEMINAR 11 VANGUARD GROUP INC SAMSUNG INVESTMENT T BLACKROCK JP MORGAN SAMSUNG CARD CO EMPLOYEE STOCK OWNER GRANTHAM MAYO VAN OT TONG YANG INVESTMENT FIDELITY INVESTMENTS FRANKLIN RESOURCES FMR LLC DIMENSIONAL FUND ADV KYOBO AXA INVESTMENT NH-CA ASSET MANAGEME

Firm Name

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

Analyst

CIMB DAEHYUN KIM Daishin Securities Co., Ltd. CHOI JUNG-WOOK Hyundai Securities KOO KYUNG-HWE Samsung Securities JAEWOO KIM Shinhan Investment Corp KIM SOO-HYUN SEAN Woori Investment & Securities DAHEE WOO KIWOOM Securities Co Ltd SEO YOUNG-SOO Taurus Investment Securities Co Ltd LEE CHANG-WOOK JPMorgan SCOTT YH SEO HSBC SINYOUNG PARK Hanwha Securities Co., Ltd KYU-SUN SHIM BNP Paribas Equity Research DAVE KO Nomura MICHAEL NA Standard Chartered JUSTIN KIM EVA Dimensions AUSTIN BURKETT KB Investment & Securities Co., Ltd SHIM HYUN-SOO Barclays HA SUN MOK Tong Yang Investment Bank SUNG BYUNG-SOO Morgan Stanley JOON SEOK Eugene Investment & Securities Co., LtdKIM IN KTB Securities HONG HUN-PIO Credit Suisse YUN SOK-MO Kyobo Securities HWANG SEOK-KYU

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

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

Amt Held 43'393'170 32'468'868 5'185'650 4'681'920 4'416'619 2'942'088 2'220'380 1'491'520 859'133 831'550 496'493 365'398 244'510 182'752 143'125 133'870 125'205 114'282 111'907 108'803

% Out 37.45 28.02 4.48 4.04 3.81 2.54 1.92 1.29 0.74 0.72 0.43 0.32 0.21 0.16 0.12 0.12 0.11 0.1 0.1 0.09

Weighting

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

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 (894'998) (512'103) (21'980) (164'053) 13'920 (52'430) (9'530) 11'358 (35'550) (540) 40'220

Target Price 47'000 47'000 42'000 45'000 45'000 45'000 40'000 34'200 39'000 46'000 49'500 40'000 53'000 36'000 #N/A N/A 36'000 39'000 47'000 43'000 44'000 42'000 71'000 57'500

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

File Dt 31.12.2011 31.12.2011 31.12.2012 28.09.2012 31.12.2011 31.12.2011 31.12.2012 28.09.2012 25.02.2013 28.09.2012 31.12.2011 31.03.2012 31.05.2012 28.09.2012 31.12.2010 31.12.2012 31.12.2012 30.11.2012 28.09.2012 28.09.2012

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

Inst Type Corporation Insurance Company Investment Advisor Investment Advisor Unclassified Unclassified Investment Advisor Investment Advisor Investment Advisor Unclassified Corporation n/a Investment Advisor Mutual Fund Manager Mutual Fund Manager Investment Advisor Investment Advisor Investment Advisor Mutual Fund Manager Mutual Fund Manager

Date 18.02.2013 29.01.2013 29.01.2013 29.01.2013 29.01.2013 29.01.2013 29.01.2013 29.01.2013 28.01.2013 28.01.2013 28.01.2013 28.01.2013 28.01.2013 23.01.2013 15.01.2013 08.01.2013 21.11.2012 16.10.2012 15.10.2012 08.10.2012 23.07.2012 31.01.2012 25.01.2012

27.02.2013

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

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (03.01.2013) 52-Week Low (25.07.2012) Daily Volume Current Price (2/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 31.12.2012 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 12/yy 75'700.00 44'700.00 750'713.00 57200 -24.44% 27.96% 54.84% 35.1 2'008'718.38 3'499'090.00 0.0 0.0 141'670.76 5'167'633.19

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

.8 M

70000

.7 M

60000

.6 M

50000

.5 M

40000

.4 M

30000

.3 M

20000

.2 M

10000

.1 M

0 f-12 m-12 a-12 m-12

31.12.2009 31.12.2010 7'039'730.7 8'198'966.0 0.68x 0.77x 716'397.8 686'166.4 6.66x 9.19x 338'919.9 210'541.8 8.36x 16.75x Profitability

LTM-4Q 31.12.2011 9'283'305.0 0.56x 478'099.2 10.96x 108'044.7 16.50x

LTM

31.12.2012 12/yy 12/yy 9'284'877.6 ######### ######### 2.36x 1.71x - 476'185.2 334'657.7 11.00x 0.00x 192'424.2 108'046.7 192'424.5 16.51x 0.00x 478'099.23 185'450.27 2.00% 1.68% 1.34% 3.78% 3.42% 1.15% 11.1% 5.2% 2.0% 2.1% 0.89 0.51 41.13% 121.46% 5.88 8.35

Price/ Cash Flow

j-12

a-12

s-12

o-12

n-12

d-12

j-13

.0 M f-13

1.75 1.15 19.35 -12.39% -22.28% 1.151 8 4.000 165'010 130'148 146'438

FY+1

FY+2

FQ+1

FQ+2

12/13 Y

12/14 Y

03/13 Q1

06/13 Q2

S&P Issuer Ratings

3.37 -0.39 7.02 7.32 121.5% 54.8% 1.15 3.29 62.11 43.73 45.50 60.35

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

j-12

Fiscal Year Ended 31.12.2008 6'925'725.5 0.48x 611'625.2 5.44x 136'373.5 9.32x

80000

0.0 02.07.2010

02.01.2011

02.07.2011

02.01.2012

02.07.2012

02.01.2013

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 |

27.02.2013

Hyosung Corp Holdings By:

All

Holder Name SEOK-RAE JO HYEON-SANG JO HYUN-JOON CHO HYUN-MOON CHO NATIONAL PENSION SER HYOSUNG CORP ALLIANZ GLOBAL INVES JP MORGAN VANGUARD GROUP INC DIMENSIONAL FUND ADV BLACKROCK ALLIANCE BERNSTEIN SAMSUNG INVESTMENT T ROBECO INVESTOR SERV GWANG-JA SONG GRANTHAM MAYO VAN OT KYOBO AXA INVESTMENT SANFORD C BERNSTEIN DIMENSIONAL FUND ADV 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 n/a n/a Multiple Portfolios Multiple Portfolios n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios

Analyst

KTB Securities YOO YOUNG KOOK Hyundai Securities KIM DONG-KUN HSBC BRIAN CHO Eugene Investment & Securities Co., LtdKWAK JIN-HEE EVA Dimensions CRAIG STERLING KIWOOM Securities Co Ltd WILLIAM PARK JOONG-SUN Samsung Securities SEUNGWOO KIM Daishin Securities Co., Ltd. AHN SANG-HEE

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

Recommendation buy buy underweight buy sell buy buy buy

Amt Held 3'628'174 2'773'395 2'549'049 2'521'058 2'148'769 1'848'851 1'758'862 1'300'966 1'193'028 574'456 530'188 219'149 211'231 194'700 161'489 119'772 96'649 77'140 64'765 53'049

% Out 10.33 7.9 7.26 7.18 6.12 5.26 5.01 3.7 3.4 1.64 1.51 0.62 0.6 0.55 0.46 0.34 0.28 0.22 0.18 0.15

Weighting

Change 5 5 1 5 1 5 5 5

M M D M M M M M

Latest Chg 376'893 43'500 (22'823) (267) (32'610) 20'956 24'582 (13'600) 35'753

Target Price 80'000 90'000 53'000 78'000 #N/A N/A 87'000 75'000 80'000

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

File Dt Inst Type 15.02.2013 n/a 15.02.2013 n/a 15.02.2013 n/a 15.02.2013 n/a 15.11.2012 Investment Advisor 30.06.2012 Corporation 07.12.2012 Mutual Fund Manager 28.09.2012 Unclassified 31.12.2012 Investment Advisor 31.07.2012 Investment Advisor 25.02.2013 Investment Advisor 31.12.2012 Investment Advisor 28.09.2012 Investment Advisor 31.12.2012 Investment Advisor 15.02.2013 n/a 31.05.2012 Investment Advisor 28.09.2012 Mutual Fund Manager 31.12.2012 Investment Advisor 30.11.2012 Investment Advisor 28.09.2012 Investment Advisor

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

Date 27.02.2013 21.02.2013 18.02.2013 30.01.2013 17.01.2013 11.01.2013 10.12.2012 05.12.2012

27.02.2013

Lotte Confectionery Co Ltd Lotte Confectionery Co., Ltd. manufactures confectionaries. The Company's products include ice creams, chocolates, biscuits and gums.

Price/Volume

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (02.03.2012) 52-Week Low (16.11.2012) Daily Volume Current Price (2/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 31.12.2012 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 12/yy 1'900'000.00 1'415'000.00 2'317.00 1785000 -6.05% 26.15% 87.42% 1.4 2'537'199.00 389'677.98 0.0 0.0 204'629.00 2'724'801.88

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

j-12

a-12

s-12

o-12

n-12 d-12

j-13

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

0.22 0.95 0.81 -1.00% 9.51% 0.945 6 4.000 2'145 1'585 1'606 FY+2

FQ+1

FQ+2

31.12.2012 12/yy 12/yy 12/13 Y 12/14 Y 03/13 Q1 06/13 Q2 1'524'226.5 ######### ######### ######### ######### 6.25x 4.84x - 214'365.7 107'580.9 12.07x 0.00x 102'925.1 127'203.8 102'925.5 18.89x 0.00x S&P Issuer Ratings 214'367.71 Long-Term Rating Date 131'005.23 Long-Term Rating 8.59% Long-Term Outlook 11.92% Short-Term Rating Date 3.38% Short-Term Rating 4.92% Credit Ratios 4.67% EBITDA/Interest Exp. 0.40% (EBITDA-Capex)/Interest Exp. Net Debt/EBITDA 40.0% Total Debt/EBITDA 14.1% Reference 8.6% Total Debt/Equity 6.8% Total Debt/Capital Asset Turnover 1.00 Net Fixed Asset Turnover 0.65 Accounts receivable turnover-days 10.44% Inventory Days 15.19% Accounts Payable Turnover Day 9.09 Cash Conversion Cycle 6.87

Price/ Cash Flow

.0 M .0 M .0 M .0 M .0 M .0 M .0 M .0 M .0 M .0 M .0 M f-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

2000000 1800000 1600000 1400000 1200000 1000000 800000 600000 400000 200000 0 f-12 m-12 a-12 m-12

11.70 7.67 0.86 1.82 15.2% 13.2% 0.40 1.60 40.16 53.13 46.70 46.60

Sales/Revenue/Turnover

25.00

1'800'000.0 1'600'000.0

20.00

1'400'000.0 1'200'000.0

15.00

1'000'000.0 800'000.0

10.00

600'000.0 400'000.0

5.00

200'000.0 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

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 |

27.02.2013

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 INTERNATIONAL VALUE DONG-JU SHIN VANGUARD GROUP INC YOUNG-JA SHIN DIMENSIONAL FUND ADV MACQUARIE GROUP LTD LOTTE CONFECTIONERY BLACKROCK TRUSTON ASSET MANAGE MONTGOMERY ASSET MAN SAMSUNG INVESTMENT T AMUNDI LUXEMBOURG SA BRANDES INVESTMENT P

Firm Name Woori Investment & Securities Korea Investment & Securities EVA Dimensions KTB Securities Samsung Securities Daewoo Securities

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

Analyst COOKIE HAN LEE KYUNG JOO AUSTIN BURKETT KIM MIN-JEONG ILWOO YANG BAEK WOON-MOK

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

Recommendation hold buy hold hold buy buy

Amt Held 217'268 127'818 123'576 97'057 88'585 69'350 57'137 49'484 49'450 36'871 35'873 14'799 14'285 14'000 13'965 9'349 7'227 5'674 3'935 3'360

% Out 15.29 8.99 8.69 6.83 6.23 4.88 4.02 3.48 3.48 2.59 2.52 1.04 1 0.98 0.98 0.66 0.51 0.4 0.28 0.24

Weighting

Change 3 5 3 3 5 5

M M M M M M

Latest Chg (14'589) (931) 85 108 (7) (756) (3'029) 820

Target Price 1'700'000 2'000'000 #N/A N/A 1'900'000 1'900'000 2'100'000

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

File Dt Inst Type 09.01.2013 Corporation 08.08.2011 Investment Advisor 09.01.2013 Corporation 09.01.2013 n/a 30.09.2012 Hedge Fund Manager 09.01.2013 n/a 01.02.2013 n/a 30.06.2012 Investment Advisor 09.01.2013 n/a 31.12.2012 Investment Advisor 09.01.2013 n/a 31.07.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2011 Corporation 25.02.2013 Investment Advisor 28.09.2012 Mutual Fund Manager 31.12.2012 Investment Advisor 28.09.2012 Investment Advisor 28.09.2012 Investment Advisor 31.12.2012 Investment Advisor

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

Date 20.02.2013 12.02.2013 17.01.2013 07.01.2013 10.12.2012 21.06.2012

27.02.2013

Dong-A Pharmaceutical Co Ltd Dong-A Pharmaceutical Co., Ltd. manufactures pharmaceutical products, including vaccines, AIDS diagnostic kit, chemotherapeutic, nutrition and health drinks, antipyretic, analgesic, and other over-the-counter drugs. The Company, through its subsidiaries, produces cosmetics, and provides logistic and financial services.

Price/Volume

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (07.02.2013) 52-Week Low (21.05.2012) Daily Volume Current Price (2/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 31.12.2012 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance 000640 KS EQUITY YTD Change 000640 KS EQUITY YTD % CHANGE

12/2012 12/yy 129'500.00 68'600.00 288'666.00 124000 -4.25% 80.76% 90.97% 11.1 1'380'740.00 278'038.24 0.0 0.0 191'690.78 1'480'049.64

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

.4 M

120000

.3 M

100000

.3 M

80000

.2 M

60000

.2 M

40000

.1 M

20000

.1 M

0 f-12 m-12 a-12 m-12

31.12.2009 31.12.2010 801'060.2 846'822.0 1.93x 1.73x 116'520.5 127'651.4 13.26x 11.45x 63'263.3 70'410.4 19.76x 18.22x Profitability

LTM-4Q 31.12.2011 907'293.5 1.17x 124'512.3 8.52x 60'653.9 15.92x

31.12.2012 930'980.0 68'076.0 124'512.32 89'595.00 9.62% 9.53% 5.06% 8.30% 7.10% 0.76% 55.6% 13.7% 9.6% 7.3% 1.28 0.92 22.48% 37.96% 6.84 3.42

Price/ Cash Flow

j-12

a-12

s-12

o-12

n-12

d-12

j-13

LTM

FY+1

0.81 0.52 5.63 44.03% 13.76% 0.522 22 4.909 108'961 81'997 57'745 FY+2

FQ+1

FQ+2

12/yy 12/yy 12/13 Y 12/14 Y 03/13 Q1 06/13 Q2 907'293.5 930'980.1 ######### ######### 232'275.8 263'233.4 4.99x 3.43x 1.45x 1.32x 6.40x 5.67x 124'447.5 81'607.0 134'771.5 153'405.4 32'065.5 37'558.0 8.52x 0.00x 10.98x 9.65x 10.25x 60'584.1 68'075.7 76'009.2 88'192.5 15'887.1 19'589.8 15.94x 0.00x 18.96x 16.32x 19.07x 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

9.19 4.21 0.67 2.23 38.0% 27.5% 0.76 1.70 53.33 106.87 44.82 115.39

Sales/Revenue/Turnover

16.00

1'000'000.0

14.00

900'000.0 800'000.0

12.00

700'000.0

10.00

600'000.0

8.00

500'000.0 400'000.0

6.00

300'000.0

4.00

200'000.0

2.00

100'000.0

0.00 02.01.2010

.0 M j-12

Fiscal Year Ended 31.12.2008 702'315.8 1.66x 100'828.1 11.57x 43'375.2 20.95x

140000

0.0 02.07.2010

02.01.2011

02.07.2011

02.01.2012

02.07.2012

02.01.2013

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 |

27.02.2013

Dong-A Pharmaceutical Co Ltd Holdings By:

All

Holder Name GLAXO GROUP LIMITED NATIONAL PENSION SER HANMI HOLDINGS CO LT EMPLOYEE STOCK OWNER OTSUKA PHARMACEUTICA SHIN-HO KANG CHUNG-SIK YOO SHINYOUNG INVESTMENT KOREA INVESTMENT TRU GRANTHAM MAYO VAN OT SAMSUNG INVESTMENT T JUNG-SEOK KANG VANGUARD GROUP INC DIMENSIONAL FUND ADV ALLIANZ ASSET MANAGE PUTNAM INVESTMENT MA KYOBO AXA INVESTMENT BARING FUND MANAGERS TONG YANG INVESTMENT NIPPON LIFE INSURANC

Firm Name Nomura NH Investment & Securities Tong Yang Investment Bank KTB Securities Daewoo Securities Daishin Securities Co., Ltd. Korea Investment & Securities Hyundai Securities Samsung Securities Shinyoung Securities Co., Ltd. Shinhan Investment Corp SK Securities Co Ltd KIWOOM Securities Co Ltd HSBC Hana Daetoo Securities HI Investment Securities EVA Dimensions Hanwha Securities Co., Ltd IBK Securities Co Ltd Macquarie Woori Investment & Securities LIG Investment Securities Kyobo Securities

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 Multiple Portfolios n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios n/a

Analyst KARAN AHUJA TAE HEE KIM MI-HYUN KIM LEE HYE-RIN KIM NA-YEON LEE JEONG-KI LEE JUNG-IN KIM HYE-RIM JUNGHYUN SHIN KIM HYUN-TAE BAE KIDAL HA TAE-GI KIM JI-HYUN NAM PARK CHO YOON-JUNG LEE ALEUM ANDREW S ZAMFOTIS JUNG BO-RA KIM HYUN-WOOK EUNICE BU LEE SEUNG-HO CHAN-HO LEE YEOM DONG-YEON

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

Recommendation neutral buy buy buy trading buy buy buy buy buy buy buy buy buy overweight buy buy overweight buy buy outperform buy buy buy

Amt Held 1'103'674 1'045'322 969'647 717'871 669'419 569'244 292'604 225'143 189'633 125'332 95'156 78'841 75'090 62'869 53'261 52'307 34'943 34'627 27'261 24'738

% Out 9.91 9.39 8.71 6.45 6.01 5.11 2.63 2.02 1.7 1.13 0.85 0.71 0.67 0.56 0.48 0.47 0.31 0.31 0.24 0.22

Weighting

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

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

Latest Chg (24'670) (46'511) (25'697) 400 (4'003) (3'526) 5'051 (28'238) -

Target Price 90'000 155'000 150'000 140'000 115'000 150'000 168'000 148'000 150'000 152'000 138'000 154'000 179'000 150'000 180'000 140'000 #N/A N/A 141'000 133'000 99'000 110'000 110'000 130'000

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

File Dt Inst Type 25.02.2013 n/a 31.12.2011 Investment Advisor 31.12.2011 Corporation 31.12.2011 n/a 25.02.2013 Corporation 25.02.2013 n/a 25.02.2013 n/a 28.09.2012 Mutual Fund Manager 28.09.2012 Investment Advisor 31.05.2012 Investment Advisor 28.09.2012 Investment Advisor 25.02.2013 n/a 31.12.2012 Investment Advisor 31.07.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 28.09.2012 Mutual Fund Manager 31.10.2012 Investment Advisor 28.09.2012 Mutual Fund Manager 20.09.2011 Insurance Company

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

Date 26.02.2013 19.02.2013 18.02.2013 18.02.2013 30.01.2013 22.01.2013 22.01.2013 22.01.2013 22.01.2013 22.01.2013 22.01.2013 22.01.2013 22.01.2013 21.01.2013 21.01.2013 15.01.2013 15.01.2013 07.01.2013 29.10.2012 24.10.2012 30.07.2012 02.05.2012 29.07.2011

27.02.2013

Kumho Tire Co Inc Kumho Tire Co., Inc. designs and produces tires. The Company's main products include various automobile tires and tubes used in sedan, SUV, RV, truck, and bus. Kumho Tire also provides racing tires.

Price/Volume

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (18.06.2012) 52-Week Low (05.02.2013) Daily Volume Current Price (2/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 31.12.2012 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance 073240 KS EQUITY YTD Change 073240 KS EQUITY YTD % CHANGE

12/2012 12/yy 16'350.00 10'700.00 413'841.00 12300 -24.77% 14.95% 31.86% 126.3 1'552'968.50 1'754'813.62 0.0 0.0 74'809.11 3'210'097.66

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

1.8 M

16000

1.6 M

14000

1.4 M

12000

1.2 M

10000

1.0 M

8000

.8 M

6000

.6 M

4000

.4 M

2000

.2 M

0 f-12 m-12 a-12 m-12

31.12.2009 31.12.2010 1'894'699.7 2'701'990.2 0.96x 0.89x (104'495.8) 330'558.4 7.27x (776'168.1) 8'900.8 27.48x Profitability

LTM-4Q 31.12.2011 3'247'967.0 0.86x 338'591.0 8.23x 106'114.7 9.60x

LTM

31.12.2012 12/yy 12/yy 3'342'328.4 ######### ######### 3.77x 3.00x - 338'592.0 278'798.0 8.23x 0.00x 129'127.2 106'535.7 129'128.7 9.48x 0.00x 338'591.00 272'163.52 8.14% 4.75% 3.88% 15.69% 8.55% 1.04% 18.3% 10.7% 8.6% 3.9% 0.93 0.64 52.44% 252.76% 3.77 9.48

Price/ Cash Flow

j-12

a-12

s-12

o-12

n-12

d-12

j-13

.0 M f-13

1.43 73.57 -4.65% -5.38% 1.432 5 3.200 792'439 376'631 323'010

FY+1

FY+2

FQ+1

FQ+2

12/13 Y

12/14 Y

03/13 Q1

06/13 Q2

S&P Issuer Ratings

3.02 2.46 4.40 4.66 252.8% 71.7% 1.04 3.38 97.10 38.59 44.85 44.09

Sales/Revenue/Turnover

18.00

4'000'000.0

16.00

3'500'000.0

14.00

3'000'000.0

12.00

2'500'000.0

10.00

2'000'000.0

8.00

1'500'000.0

6.00

1'000'000.0

4.00

500'000.0

2.00 0.00 02.01.2010

j-12

Fiscal Year Ended 31.12.2008 2'398'560.3 0.68x 187'510.0 8.73x (200'356.3) -

18000

0.0 02.07.2010

02.01.2011

02.07.2011

02.01.2012

02.07.2012

02.01.2013

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 |

27.02.2013

Kumho Tire Co Inc Holdings By:

All

Holder Name WOORI BANK KOREA DEVELOPMENT BA NATIONAL PENSION SER KOOKMIN BANK EXPORT-IMPORT BANK O KOREA EXPRESS CO LTD SHINBO CHAE-AN FUND SAM-GU PARK SE-CHANG PARK KOREA INVESTMENT TRU FRANKLIN RESOURCES SAMSUNG INVESTMENT T TRUSTON ASSET MANAGE VANGUARD GROUP INC DIMENSIONAL FUND ADV KYOBO AXA INVESTMENT TONG YANG INVESTMENT MIRAE ASSET GLOBAL I WOORI ASSET MANAGEME NH-CA ASSET MANAGEME

Firm Name Nomura KTB Securities Standard Chartered EVA Dimensions Taurus Investment 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 n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios

Analyst ANGELA HONG NAM KYEONG MOON DAVID KIM CRAIG STERLING YANG HEE-JOON

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

Recommendation reduce buy outperform underweight hold

Amt Held 22'514'800 13'161'600 7'640'454 7'544'200 7'197'800 7'038'752 4'601'800 4'182'481 4'065'693 1'354'342 894'599 861'020 516'380 504'620 270'784 227'880 216'140 164'050 145'860 115'470

% Out 17.83 10.42 6.05 5.98 5.7 5.57 3.64 3.31 3.22 1.07 0.71 0.68 0.41 0.4 0.21 0.18 0.17 0.13 0.12 0.09

Weighting

Change 2 5 5 1 3

N M M M N

Latest Chg 2'100'797 (763'800) 198'450 161'135 395'247 (488'160) 16'590 1'250 (20'040) 34'460 (42'870) (8'290)

Target Price 8'500 18'000 14'000 #N/A N/A 14'000

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

File Dt 30.06.2012 30.06.2012 26.09.2012 30.06.2012 30.06.2012 07.12.2011 30.11.2010 30.06.2012 30.06.2012 28.09.2012 31.10.2012 28.09.2012 28.09.2012 31.12.2012 31.07.2012 28.09.2012 28.09.2012 28.09.2012 28.09.2012 28.09.2012

Date Not Provided 12 month 12 month Not Provided 6 month

Inst Type Bank Government Investment Advisor Bank Government n/a n/a n/a n/a Investment Advisor Investment Advisor Investment Advisor Mutual Fund Manager Investment Advisor Investment Advisor Mutual Fund Manager Mutual Fund Manager Investment Advisor Mutual Fund Manager Mutual Fund Manager

Date 20.02.2013 12.02.2013 31.01.2013 17.01.2013 07.01.2013

27.02.2013

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 (14.03.2012) 52-Week Low (26.07.2012) Daily Volume Current Price (2/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 31.12.2012 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

03/2012 12/yy 43'500.00 27'100.00 192'116.00 43250 -0.57% 59.59% 90.85% 41.9 1'811'838.88 5'131'296.65 0.0 0.0 57'460.02 7'498'032.05

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

j-12

a-12

s-12

o-12

n-12

d-12

j-13

31.03.2009 31.03.2010 750'425.5 749'905.9 8.26x 8.78x 466'236.8 411'980.0 13.29x 15.98x 126'126.5 168'150.2 23.42x 13.95x Profitability

LTM-4Q 31.03.2011 751'504.9 8.56x 359'290.7 17.90x 164'763.3 11.92x

31.03.2012 826'548.0 8.11x 419'895.3 15.97x 111'180.8 14.66x 419'895.29 26.37% 18.13% 0.87% 5.65% 1.63% 0.06% 50.8% 13.5% 36.72% 253.39% -

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 f-13

Market Data

Fiscal Year Ended 31.03.2008 890'149.7 10.41x 534'315.9 17.34x 267'617.2 19.88x

50000 45000 40000 35000 30000 25000 20000 15000 10000 5000 0 f-12 m-12 a-12 m-12

LTM

FY+1

1.16 1.30 38.56 16.27% 21.49% 1.304 17 3.706 165'413 98'769 91'017 FY+2

FQ+1

FQ+2

12/yy 12/yy 03/13 Y 03/14 Y 03/13 Q4 06/13 Q1 806'222.8 827'800.1 481'050.0 538'000.0 131'000.0 123'400.0 31.08x 32.93x 405'716.6 480'991.3 14.90x 14.87x 122'635.9 118'160.4 134'400.0 150'250.0 40'200.0 25'600.0 10.64x 12.42x 14.31x 12.14x 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

12.08 12.22 253.4% 71.7% 0.06 57.69 -

Sales/Revenue/Turnover

12.00

1'000'000.0 900'000.0

10.00

800'000.0 700'000.0

8.00

600'000.0

6.00

500'000.0 400'000.0

4.00

300'000.0 200'000.0

2.00 0.00 04.04.2009

100'000.0 0.0 04.10.2009

04.04.2010

04.10.2010

04.04.2011

04.10.2011

04.04.2012

04.10.2012

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 |

27.02.2013

Mirae Asset Securities Co Ltd Holdings By:

All

Holder Name MIRAE ASSET CAPITAL BOSTON COMPANY ASSET NATIONAL PENSION SER VANGUARD GROUP INC MAPS INVESTMENT MANA BANK OF NEW YORK MEL MIRAE ASSET SECURITI DIMENSIONAL FUND ADV MIRAE ASSET GLOBAL I BLACKROCK EMPLOYEE STOCK OWNER SAMSUNG INVESTMENT T HYUN-MAN CHOI JF ASSET MANAGEMENT KYOBO AXA INVESTMENT FRANKLIN RESOURCES DIMENSIONAL FUND ADV BYUNG-YOON KIM MAN-SUN PARK DEGROOF GESTION INST

Firm Name

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

Analyst

Shinhan Investment Corp SOHN MI-JI KIWOOM Securities Co Ltd SEO YOUNG-SOO Taurus Investment Securities Co Ltd LEE MIN-HEE Morgan Stanley SARA LEE Daewoo Securities JEONG GIL-WON HSBC SOJUNG PARK Samsung Securities SEAN CHANG Woori Investment & Securities DAHEE WOO Deutsche Bank JEE HOON PARK EVA Dimensions AUSTIN BURKETT 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 Hana Daetoo Securities HAN JEONG-TAE Shinyoung Securities Co., Ltd. PARK EUN-JOON Hyundai Securities LEE TAE KYUNG

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

Recommendation buy buy buy Overwt/In-Line neutral neutral hold hold sell underweight hold buy buy hold buy buy neutral buy

Amt Held 15'493'009 2'076'307 1'665'815 1'177'797 920'503 662'399 650'260 563'110 524'562 428'682 344'456 284'358 234'812 208'910 90'460 78'060 60'272 59'000 42'000 40'888

% Out 36.98 4.96 3.98 2.81 2.2 1.58 1.55 1.34 1.25 1.02 0.82 0.68 0.56 0.5 0.22 0.19 0.14 0.14 0.1 0.1

Weighting

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

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

Latest Chg (428'990) (442'881) 6'570 (29'978) (150'425) 8'980 28'150 208'910 760 (130) 95 (8'000)

Target Price 48'000 52'000 48'000 50'000 #N/A N/A 42'000 30'000 38'000 29'000 #N/A N/A 40'000 42'000 45'000 35'000 40'000 43'000 #N/A N/A 50'000

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

File Dt Inst Type 30.09.2012 Investment Advisor 29.01.2013 Investment Advisor 04.04.2011 Investment Advisor 31.12.2012 Investment Advisor 28.09.2012 Mutual Fund Manager 25.02.2013 Investment Advisor 30.09.2012 Investment Advisor 31.07.2012 Investment Advisor 28.09.2012 Investment Advisor 25.02.2013 Investment Advisor 30.09.2012 n/a 28.09.2012 Investment Advisor 05.06.2012 n/a 30.09.2011 Mutual Fund Manager 28.09.2012 Mutual Fund Manager 31.12.2012 Investment Advisor 30.11.2012 Investment Advisor 26.06.2012 n/a 17.10.2011 n/a 30.03.2012 Investment Advisor

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

Date 25.02.2013 25.02.2013 25.02.2013 24.02.2013 22.02.2013 22.02.2013 18.02.2013 15.02.2013 29.01.2013 17.01.2013 08.01.2013 20.12.2012 29.11.2012 19.11.2012 22.10.2012 17.09.2012 17.07.2012 26.09.2011

27.02.2013

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

2.5 M

10000

2.0 M

8000

Latest Fiscal Year: LTM as of: 52-Week High (27.02.2012) 52-Week Low (08.02.2013) Daily Volume Current Price (2/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 31.12.2012 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 12/yy 11'250.00 7'560.00 718'993.00 7830 -30.40% 3.57% 2.44% 248.2 1'943'309.25 3'096'997.00 28'184.7 0.0 1'097'857.84 4'190'901.02

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

1.0 M

4000

.5 M

2000 0 f-12 m-12 a-12 m-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

Fiscal Year Ended 31.12.2008 21'897'444.1 0.21x 599'183.7 7.56x 92'575.3 21.82x

1.5 M

6000

Valuation Analysis

31.12.2009 31.12.2010 21'190'407.5 23'523'724.4 0.17x 0.22x 500'079.0 333'460.2 7.16x 15.30x 50'484.3 152'885.2 50.00x 21.67x Profitability

LTM-4Q 31.12.2011 26'224'419.0 0.17x 412'367.3 11.00x 138'054.1 18.17x

LTM

FY+1

1.92 1.03 124.97 -26.91% -7.34% 1.029 12 4.333 664'959 600'129 622'430 FY+2

FQ+1

FQ+2

31.12.2012 12/yy 12/yy 12/13 Y 12/14 Y 03/13 Q1 06/13 Q2 25'511'199.4 ######### ######### ######### - ######### ######### 0.74x 0.56x - 221'125.2 237'746.6 0.00x 0.00x 96'476.4 138'054.9 96'476.0 136'000.0 - 29'700.0 53'100.0 18.20x 0.00x S&P Issuer Ratings 412'367.32 Long-Term Rating Date 279'460.51 Long-Term Rating 1.10% Long-Term Outlook 0.78% Short-Term Rating Date 1.42% Short-Term Rating 4.48% Credit Ratios 3.70% EBITDA/Interest Exp. 2.70% (EBITDA-Capex)/Interest Exp. Net Debt/EBITDA 6.6% Total Debt/EBITDA 1.6% Reference 1.1% Total Debt/Equity 0.4% Total Debt/Capital Asset Turnover 0.89 Net Fixed Asset Turnover 0.63 Accounts receivable turnover-days 30.17% Inventory Days 99.84% Accounts Payable Turnover Day 14.20 Cash Conversion Cycle 23.98

Price/ Cash Flow

.0 M f-13

3.25 2.13 4.85 7.51 99.8% 49.7% 2.70 8.08 25.70 15.22 45.40 -4.48

Sales/Revenue/Turnover

18.00

30'000'000.0

16.00

25'000'000.0

14.00

20'000'000.0

12.00 10.00

15'000'000.0

8.00

10'000'000.0

6.00 4.00

5'000'000.0

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

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 |

27.02.2013

SK Networks Co Ltd Holdings By:

All

Holder Name SK HOLDINGS CO LTD SHINHAN BANK KOREA FINANCE CORPOR NATIONAL PENSION SER VANGUARD GROUP INC DIMENSIONAL FUND ADV BLACKROCK SAMSUNG INVESTMENT T PRUDENTIAL ASSET MAN MIRAE ASSET GLOBAL I EMPLOYEE STOCK OWNER AXA ROSENBERG INTL CONSUS ASSET MANAGEM BANK OF NEW YORK MEL SHIN-WON CHOI KYOBO AXA INVESTMENT DIMENSIONAL FUND ADV WOORI ASSET MANAGEME KB ASSET MANAGEMENT CI INVESTMENTS INC

Firm Name

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

Analyst

Hana Daetoo Securities SANG-WOO LEE NH Investment & Securities HONG SUNG-SOO HMC Investment Securities Co Ltd Park Jong Ryeol Shinhan Investment Corp MINHO HUR SK Securities Co Ltd KI-YEONG KIM Hanwha Securities Co., Ltd KIM KYEONG-KI HI Investment Securities MIN YOUNG-SANG Mirae Asset Securities KWON HAE-SOON EVA Dimensions CRAIG STERLING Korea Investment & Securities YEO YEONGSANG E*Trade Securities Korea KIM JOON-SUP Eugene Investment & Securities Co., LtdJOO ICK-CHAN

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

Recommendation buy buy buy buy neutral buy buy hold underweight buy buy buy

Amt Held 97'142'856 17'620'683 12'448'350 12'429'497 6'125'640 2'930'628 2'079'320 1'705'876 657'510 515'901 481'819 450'130 402'390 350'671 326'288 319'328 318'922 267'617 243'473 195'800

% Out 39.14 7.1 5.02 5.01 2.47 1.18 0.84 0.69 0.26 0.21 0.19 0.18 0.16 0.14 0.13 0.13 0.13 0.11 0.1 0.08

Weighting

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

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

Latest Chg (194'110) (1'660) (110'071) (91'760) 104'020 79'080 356'520 10'000 (124'070) 12'690 (24'690) -

Target Price 11'000 10'000 10'000 9'200 9'000 19'000 10'000 9'000 #N/A N/A 15'000 12'000 11'000

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

File Dt 30.06.2012 30.06.2012 30.06.2012 30.06.2012 31.12.2012 31.07.2012 25.02.2013 28.09.2012 28.09.2012 28.09.2012 30.06.2012 30.09.2012 28.09.2012 25.02.2013 05.06.2012 28.09.2012 30.11.2012 28.09.2012 28.09.2012 30.06.2012

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

Inst Type Corporation Bank Government Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Mutual Fund Manager Investment Advisor n/a Investment Advisor Mutual Fund Manager Investment Advisor n/a Mutual Fund Manager Investment Advisor Mutual Fund Manager Mutual Fund Manager Investment Advisor

Date 13.02.2013 06.02.2013 06.02.2013 06.02.2013 06.02.2013 06.02.2013 06.02.2013 06.02.2013 17.01.2013 03.01.2013 27.11.2012 13.11.2012

27.02.2013

AMOREPACIFIC Group Amorepacific Group is an investment holding company. The Company, through its subsidiaries, produce cosmetics and toiletries.

Price/Volume

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (15.10.2012) 52-Week Low (09.03.2012) Daily Volume Current Price (2/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 31.12.2012 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 09/yy 517'000.00 226'000.00 9'734.00 417000 -19.34% 84.51% 64.60% 8.0 3'327'283.75 0.00 4'555.0 0.0 289'652.00 3'022'641.70

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

.3 M

500000

.3 M

400000

.2 M

300000

.2 M

200000

.1 M

100000

.1 M

0 f-12 m-12 a-12 m-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

Fiscal Year Ended 31.12.2008 51'432.0 9.21x 43'585.7 10.86x 70'805.3 11.23x

600000

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

LTM-4Q 31.12.2011 28'495.0 56.46x 21'812.0 73.76x 25'327.2 82.95x

31.12.2012 21'812.00 21'577.00 75.72% 115.23% 1.56% 1.39% 1.63% 0.02% 92.3% 76.5% 75.7% 88.9% 105.02 95.77 0.00% 0.00% 41.84 -

Price/ Cash Flow

09/yy 28'451.0 186.90x 22'425.9 63.79x 27'630.9 68.49x

LTM 09/yy 36'059.7 243.52x (380.0) 0.00x 37'303.7 108.23x

0.48 0.77 2.98 74.48% -10.80% 0.766 3 3.667 12'461 12'122 12'250

FY+1

FY+2

FQ+1

FQ+2

12/13 Y

12/14 Y

03/13 Q1

06/13 Q2

S&P Issuer Ratings

.0 M f-13

21812.00 20809.64 -13.28 0.00 0.0% 0.0% 0.02 0.27 8.72 -

Sales/Revenue/Turnover

160.00

1'400'000.0

140.00

1'200'000.0

120.00

1'000'000.0

100.00

800'000.0

80.00

600'000.0

60.00

400'000.0

40.00

200'000.0

20.00 0.00 03.01.2009

0.0 03.07.2009

03.01.2010

03.07.2010

03.01.2011

03.07.2011

03.01.2012

03.07.2012

03.01.2013

2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011

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

27.02.2013

AMOREPACIFIC Group Holdings By:

All

Holder Name KYUNG-BAE SUH AMOREPACIFIC GROUP COMMONWEALTH BANK OF VANGUARD GROUP INC TRIMARK INVESTMENT M FMR LLC BLACKROCK DIMENSIONAL FUND ADV PCA INVESTMENT TRUST SAMSUNG INVESTMENT T TRUSTON ASSET MANAGE SCHRODER INVESTMENT FRANKLIN RESOURCES ROBECO INVESTOR SERV INVESCO CANADA LTD MIRAE ASSET GLOBAL I UBS HANA ASSET MANAG INVESCO LTD KB ASSET MANAGEMENT MAPS INVESTMENT MANA

Firm Name Samsung Securities Woori Investment & Securities EVA Dimensions

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

Analyst EUNKYUNG PARK COOKIE HAN AUSTIN BURKETT

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

Recommendation buy buy underweight

Amt Held 4'443'959 551'551 203'122 153'916 80'145 78'905 69'211 60'663 57'934 56'442 36'171 33'784 26'967 22'956 13'046 12'184 8'677 7'124 7'076 6'385

% Out 55.7 6.91 2.55 1.93 1 0.99 0.87 0.76 0.73 0.71 0.45 0.42 0.34 0.29 0.16 0.15 0.11 0.09 0.09 0.08

Weighting

Change 5 5 1

M N M

Latest Chg (11'166) 1'004 (16'308) 94 14'001 5'999 (1'397) 15'487 7'277 7'758 (2'059) (1'327) 6'315

Target Price 527'000 500'000 #N/A N/A

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

File Dt 31.12.2011 31.12.2011 31.10.2012 31.12.2012 30.09.2012 31.12.2012 25.02.2013 31.07.2012 28.09.2012 28.09.2012 28.09.2012 31.12.2012 28.09.2012 31.12.2012 30.09.2012 28.09.2012 28.09.2012 26.02.2013 28.09.2012 28.09.2012

Date 12 month 12 month Not Provided

Inst Type n/a Corporation Bank Investment Advisor Unclassified Investment Advisor Investment Advisor Investment Advisor Mutual Fund Manager Investment Advisor Mutual Fund Manager Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Mutual Fund Manager Investment Advisor Mutual Fund Manager Mutual Fund Manager

Date 22.02.2013 20.02.2013 17.01.2013

27.02.2013

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 180000

.4 M

160000

.4 M

140000

.3 M

120000

.3 M

100000

Latest Fiscal Year: LTM as of: 52-Week High (12.03.2012) 52-Week Low (23.11.2012) Daily Volume Current Price (2/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 31.12.2012 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 12/yy 167'000.00 102'500.00 44'240.00 116000 -30.54% 13.17% 21.71% 20.0 2'320'000.00 0.00 0.0 0.0 480'661.33 2'110'115.92

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

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

40000

.1 M

20000

.1 M

0 f-12 m-12 a-12 m-12

LTM-4Q 31.12.2011 4'173'777.5 0.41x 392'135.1 4.37x 227'864.4 9.63x

j-12

a-12

s-12

o-12

n-12

d-12

j-13

LTM

FY+1

.0 M f-13

1.72 1.48 8.66 -18.49% -8.66% 1.479 35 3.886 92'707 99'044 103'188 FY+2

FQ+1

FQ+2

31.12.2012 12/yy 12/yy 12/13 Y 12/14 Y 03/13 Q1 06/13 Q2 4'003'284.8 ######### ######### ######### ######### 954'350.0 977'150.0 1.98x 1.64x 0.60x 0.59x - 392'135.1 132'977.4 184'156.8 189'884.8 4.37x 0.00x 11.46x 11.11x 111'289.3 227'864.4 111'289.3 117'054.3 163'278.3 37'400.0 33'900.0 9.63x 0.00x 18.12x 13.79x S&P Issuer Ratings 392'135.14 Long-Term Rating Date 109'955.90 Long-Term Rating 2.75% Long-Term Outlook 8.03% Short-Term Rating Date 3.53% Short-Term Rating 6.25% Credit Ratios - EBITDA/Interest Exp. 0.65% (EBITDA-Capex)/Interest Exp. Net Debt/EBITDA 10.6% Total Debt/EBITDA 9.4% Reference 2.7% Total Debt/Equity 2.8% Total Debt/Capital Asset Turnover 1.01 Net Fixed Asset Turnover 0.61 Accounts receivable turnover-days 0.00% Inventory Days 0.00% Accounts Payable Turnover Day 6.75 Cash Conversion Cycle 19.50

Price/ Cash Flow

4517.97 3768.68 -1.24 0.00 0.0% 0.0% 0.65 6.75 54.09 18.71 29.04 43.76

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

.2 M

60000

Fiscal Year Ended 31.12.2008 3'804'734.5 0.31x 580'224.0 2.05x 519'141.6 5.02x

.2 M

80000

Valuation Analysis

0.0 02.07.2010

02.01.2011

02.07.2011

02.01.2012

02.07.2012

02.01.2013

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 |

27.02.2013

Hyundai Mipo Dockyard Holdings By:

All

Holder Name HYUNDAI SAMHO HEAVY NATIONAL PENSION SER VANGUARD GROUP INC HYUNDAI MIPO DOCKYAR JF ASSET MANAGEMENT BLACKROCK EMPLOYEE STOCK OWNER FRANKLIN RESOURCES KOREA INVESTMENT TRU DIMENSIONAL FUND ADV TRUSTON ASSET MANAGE SHINHAN BNP PARIBAS PCA INVESTMENT TRUST KB ASSET MANAGEMENT SAMSUNG INVESTMENT T SHINYOUNG INVESTMENT JP MORGAN FUNDS LUXE NORTHERN TRUST CORPO CONSUS ASSET MANAGEM HI ASSET MANAGEMENT

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

Portfolio Name #N/A N/A 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 Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios

Analyst JAE-HUN YU SUNG KI-JONG HENRY KWON LEE SOKJE KJ HWANG JEON JAE-CHEON RICHARD PARK YOUNGSOO HAN DONG-EUN YEOM LEE SANG-WON CHUNG WOO CHANG CHOI GWANG-SHIK SANJEEV RANA PARK SANG-KYOO ANGELA HONG PAUL CHOI PARK MOO-HYUN DONG-IK JEONG CHOI WON-KYUNG LEE JAE-WON CRAIG STERLING SANG-WOO LEE LEE SANG-HWA JAMES HIE SUK YOON LEE KANG-ROK HUR SUNG DUCK SHIM WON-SUP LEE JI-HOON KIM HONG-GYUN HYUNG-MO Yang UM KYUNG-A LEE JUWON OH SEAN

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

Recommendation hold buy underperform overweight neutral buy neutral hold buy buy buy buy hold Underwt/Attractive reduce underweight buy market perform buy buy underweight buy market perform buy buy buy buy buy buy buy buy underperform buy

Amt Held 9'193'769 1'475'406 580'431 409'596 317'951 308'029 256'763 239'681 183'206 130'874 112'015 88'579 78'889 78'261 68'564 60'352 60'000 59'736 53'155 51'506

% Out 45.97 7.38 2.9 2.05 1.59 1.54 1.28 1.2 0.92 0.65 0.56 0.44 0.39 0.39 0.34 0.3 0.3 0.3 0.27 0.26

Weighting

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

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

Latest Chg (91) 462'497 (10'775) 75'543 (125) 14'560 68'956 (44'367) (29'834) 4'528 11'165 (25'525) (21'884) 5'699 52'922 48'595

Target Price 120'000 148'000 88'000 185'000 130'000 135'000 #N/A N/A 120'000 140'000 150'000 134'000 180'000 106'000 96'000 98'000 100'000 220'000 132'000 170'000 161'000 #N/A N/A 155'000 110'000 150'000 140'000 150'000 147'000 161'000 165'000 145'000 200'000 110'000 162'000

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

File Dt 22.02.2013 17.09.2012 31.12.2012 10.01.2012 30.09.2011 25.02.2013 31.12.2011 31.12.2012 28.09.2012 31.07.2012 28.09.2012 28.09.2012 28.09.2012 28.09.2012 28.09.2012 28.09.2012 30.06.2011 31.12.2012 28.09.2012 28.09.2012

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

Inst Type Corporation Investment Advisor Investment Advisor Corporation Mutual Fund Manager Investment Advisor n/a Investment Advisor Investment Advisor Investment Advisor Mutual Fund Manager Investment Advisor Mutual Fund Manager Mutual Fund Manager Investment Advisor Mutual Fund Manager Mutual Fund Manager Investment Advisor Mutual Fund Manager Mutual Fund Manager

Date 27.02.2013 18.02.2013 18.02.2013 18.02.2013 14.02.2013 12.02.2013 12.02.2013 12.02.2013 12.02.2013 12.02.2013 12.02.2013 12.02.2013 11.02.2013 08.02.2013 08.02.2013 04.02.2013 30.01.2013 28.01.2013 23.01.2013 21.01.2013 17.01.2013 13.01.2013 09.01.2013 09.01.2013 07.01.2013 03.01.2013 03.01.2013 20.12.2012 27.11.2012 13.11.2012 17.09.2012 14.09.2012 27.08.2012

27.02.2013

LG International Corp LG International Corporation engages in the trading business. The Company operates in coal, crude oil, nonferrous metals, industrial forestation, and oil palm plantation. The Company also engages in import/export and third-party transactions in IT, machines, petrochemicals, steel as well as engineering projects.

Price/Volume

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (27.02.2012) 52-Week Low (18.07.2012) Daily Volume Current Price (2/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 31.12.2012 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 12/yy 61'200.00 33'600.00 276'839.00 42600 -30.39% 26.79% 31.52% 38.8 1'651'176.00 1'289'659.96 0.0 0.0 433'798.00 2'602'964.91

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

1.4 M

60000

1.2 M

50000

1.0 M

40000

.8 M

30000

.6 M

20000

.4 M

10000

.2 M

0 f-12 m-12 a-12 m-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

LTM

31.12.2012 12/yy 12/yy 5'945'490.2 ######### ######### 1.50x 1.30x - 150'387.0 107'875.7 17.81x 0.00x 337'481.4 261'576.9 342'730.6 6.97x 0.00x 150'387.88 158'706.54 2.67% 5.09% 8.45% 24.49% 12.49% 2.38% 5.6% 2.0% 2.7% 5.7% 1.12 0.95 37.21% 103.02% 7.27 34.85

Price/ Cash Flow

j-12

a-12

s-12

o-12

n-12

d-12

j-13

.0 M f-13

1.17 1.22 24.15 -27.41% -11.89% 1.224 16 4.625 365'991 223'014 246'728

FY+1

FY+2

FQ+1

FQ+2

12/13 Y

12/14 Y

03/13 Q1

06/13 Q2

S&P Issuer Ratings

4.77 3.48 5.69 8.58 103.0% 50.7% 2.38 156.86 50.19 10.47 32.85 27.82

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

j-12

Fiscal Year Ended 31.12.2008 5'916'709.9 0.18x 167'080.7 6.26x 49'829.6 11.33x

70000

0.0 02.07.2010

02.01.2011

02.07.2011

02.01.2012

02.07.2012

02.01.2013

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 |

27.02.2013

LG International Corp Holdings By:

All

Holder Name BON-JOON KOO NATIONAL PENSION SER KLEINWORT BENSON INV MIRAE ASSET GLOBAL I NORGES BANK ALLIANZ GLOBAL INVES KB ASSET MANAGEMENT SAMSUNG INVESTMENT T PRUDENTIAL ASSET MAN SHINHAN BNP PARIBAS UBS HANA ASSET MANAG VANGUARD GROUP INC DIMENSIONAL FUND ADV MIDAS ASSET MANAGEME FMR LLC HI ASSET MANAGEMENT KOREA INVESTMENT TRU KYOBO AXA INVESTMENT SHINYOUNG INVESTMENT LG INTL CORP

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 n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios n/a

Analyst

Hana Daetoo Securities SANG-WOO LEE Daishin Securities Co., Ltd. CHUNG YON-WOO NH Investment & Securities HONG SUNG-SOO Korea Investment & Securities YEO YEONGSANG Eugene Investment & Securities Co., LtdJOO ICK-CHAN HMC Investment Securities Co Ltd Park Jong Ryeol Shinhan Investment Corp MINHO HUR KTB Securities SHIN JI-YOON KIWOOM Securities Co Ltd KIM SANG-KU HI Investment Securities MIN YOUNG-SANG EVA Dimensions CRAIG STERLING Mirae Asset Securities KWON HAE-SOON Woori Investment & Securities DONG-YANG KIM E*Trade Securities Korea KIM JOON-SUP SK Securities Co Ltd KI-YEONG KIM Meritz Securities Co., Ltd KIM SEUNG CHURL

Source EXCH EXCH EXCH EXCH EXCH EXCH MF-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 Co File

Recommendation buy buy buy hold buy buy buy buy buy buy underweight buy buy buy buy buy

Amt Held 10'789'628 3'677'294 1'957'313 1'901'753 1'598'856 1'564'887 532'080 472'842 345'866 340'867 331'028 314'822 224'510 210'533 167'609 143'714 138'942 126'470 125'715 100'751

% Out 27.84 9.49 5.05 4.91 4.13 4.04 1.37 1.22 0.89 0.88 0.85 0.81 0.58 0.54 0.43 0.37 0.36 0.33 0.32 0.26

Weighting

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

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

Latest Chg 46'740 813'149 (146'507) (398'063) (425'794) 250'808 77'170 14'663 37'384 138'542 3'460 (10'076) (235'234) 86'763 (95'911) (208'454) -

Target Price 66'000 55'000 53'000 #N/A N/A 79'000 59'000 59'000 64'000 60'000 57'000 #N/A N/A 70'000 66'000 55'000 55'000 50'000

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

File Dt 01.06.2012 06.07.2012 10.05.2010 05.04.2012 19.06.2012 02.05.2012 28.09.2012 28.09.2012 28.09.2012 28.09.2012 28.09.2012 31.12.2012 31.07.2012 28.09.2012 31.12.2012 28.09.2012 28.09.2012 28.09.2012 28.09.2012 31.12.2011

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

Inst Type n/a Investment Advisor Investment Advisor Investment Advisor Government Mutual Fund Manager Mutual Fund Manager Investment Advisor Mutual Fund Manager Investment Advisor Mutual Fund Manager Investment Advisor Investment Advisor Investment Advisor Investment Advisor Mutual Fund Manager Investment Advisor Mutual Fund Manager Mutual Fund Manager n/a

Date 13.02.2013 24.01.2013 24.01.2013 24.01.2013 24.01.2013 24.01.2013 24.01.2013 24.01.2013 24.01.2013 23.01.2013 15.01.2013 11.01.2013 10.01.2013 07.01.2013 04.09.2012 12.07.2012

27.02.2013

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

.3 M .3 M

50000

.2 M

40000

Latest Fiscal Year: LTM as of: 52-Week High (06.12.2012) 52-Week Low (23.05.2012) Daily Volume Current Price (2/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 31.12.2012 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 12/yy 74'300.00 50'200.00 82'906.00 65700 -11.57% 30.88% 61.41% 30.0 1'971'000.00 533'191.15 0.0 0.0 88'034.22 2'447'130.69

.2 M

30000 20000

.1 M

10000

.1 M

0 f-12 m-12 a-12 m-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

LTM

31.12.2012 12/yy 12/yy 1'651'122.7 ######### ######### 7.00x 4.43x - 169'076.3 173'236.5 14.17x 0.00x 100'886.0 58'829.1 100'885.7 33.15x 0.00x 169'076.31 151'189.19 9.16% 5.77% 3.73% 8.00% 6.22% 0.89% 20.6% 12.1% 9.2% 6.1% 1.58 1.11 32.85% 71.33% 3.82 8.98

Price/ Cash Flow

j-12

a-12

s-12

o-12

n-12

d-12

j-13

.0 M f-13

0.91 1.04 12.87 4.52% -2.09% 1.041 11 4.455 82'313 88'639 90'299

FY+1

FY+2

FQ+1

FQ+2

12/13 Y

12/14 Y

03/13 Q1

06/13 Q2

S&P Issuer Ratings

6.70 3.06 2.60 3.15 71.3% 41.6% 0.89 2.95 95.65 40.64 72.40 63.90

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

j-12

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

.4 M

70000 60000

Valuation Analysis

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

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 |

27.02.2013

LS Industrial Systems Co Ltd Holdings By:

All

Holder Name LS CORP NATIONAL PENSION SER KB ASSET MANAGEMENT LS INDUSTRIAL SYSTEM SAMSUNG INVESTMENT T VANGUARD GROUP INC FMR LLC BLACKROCK MAPS INVESTMENT MANA KTB ASSET MANAGEMENT DIMENSIONAL FUND ADV KYOBO AXA INVESTMENT MYASSET INVESTMENT M TONG YANG INVESTMENT SWISSCANTO FONDSLEIT MIRAE ASSET GLOBAL I SPP FONDER AB NH-CA ASSET MANAGEME MIDAS ASSET MANAGEME WOORI ASSET MANAGEME

Firm Name Daishin Securities Co., Ltd. KIWOOM Securities Co Ltd Daewoo Securities E*Trade Securities Korea Hana Daetoo Securities Hyundai Securities EVA Dimensions Samsung Securities Woori Investment & Securities Korea Investment & Securities HI Investment Securities Shinhan Investment Corp

Portfolio Name 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 Multiple Portfolios Multiple Portfolios

Analyst ROK-HO KIM KIM JI-SAN SUNG KI-JONG KIM JOON-SUP SANG-WOO LEE JUN YONG-KI CRAIG STERLING SUJIN BUM HAH SUK-WON PAUL MOON SUN CHOI HAN EUNMEE KIM SOO-HYUN SEAN

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

Recommendation buy buy buy buy buy buy sell buy buy hold buy buy

Amt Held 13'800'000 2'649'627 1'502'725 674'970 664'164 563'357 487'843 369'382 198'204 185'496 98'390 54'375 53'696 52'220 30'000 28'570 24'764 22'336 21'502 21'280

% Out 46 8.83 5.01 2.25 2.21 1.88 1.63 1.23 0.66 0.62 0.33 0.18 0.18 0.17 0.1 0.1 0.08 0.07 0.07 0.07

Weighting

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

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

Latest Chg 131'491 (105'157) 40'477 13'041 71'848 17'813 50'370 9'099 2'225 10'764 753 16'719 (2'837)

Target Price 88'000 100'000 75'000 80'000 94'000 100'000 #N/A N/A 80'000 100'000 #N/A N/A 86'000 100'000

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

File Dt 30.06.2012 30.06.2012 23.04.2012 30.06.2012 28.09.2012 31.12.2012 31.12.2012 25.02.2013 28.09.2012 28.09.2012 31.07.2012 28.09.2012 28.09.2012 28.09.2012 30.11.2012 28.09.2012 31.01.2013 28.09.2012 28.09.2012 28.09.2012

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

Inst Type Corporation Investment Advisor Mutual Fund Manager n/a Investment Advisor Investment Advisor Investment Advisor Investment Advisor Mutual Fund Manager Mutual Fund Manager Investment Advisor Mutual Fund Manager Mutual Fund Manager Mutual Fund Manager Mutual Fund Manager Investment Advisor Investment Advisor Mutual Fund Manager Investment Advisor Mutual Fund Manager

Date 04.02.2013 04.02.2013 01.02.2013 01.02.2013 24.01.2013 23.01.2013 17.01.2013 26.11.2012 30.10.2012 28.09.2012 13.08.2012 22.07.2011

27.02.2013

Hite Jinro Co Ltd Hite Jinro specializes in manufacturing Soju, vodka-like distilled Korean liquor. The Company also produces and sells other alcoholic beverages, such as wine, whiskey, and ginseng liquors as well as non-alcoholic beverages including mineral water and soft drinks. In addition, Jinro also provides information processing and financial services as well as construction services.

Price/Volume

1.2 M 1.0 M

25000

.8 M

20000

Latest Fiscal Year: LTM as of: 52-Week High (06.02.2013) 52-Week Low (04.06.2012) Daily Volume Current Price (2/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 31.12.2012 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance 000080 KS EQUITY YTD Change 000080 KS EQUITY YTD % CHANGE

12/2012 12/yy 35'600.00 19'550.00 59'849.00 34500 -3.09% 76.47% 92.83% 69.5 2'396'981.25 1'329'386.32 5'674.2 0.0 46'887.75 3'698'099.44

.6 M

15000 10000

.4 M

5000

.2 M

0 f-12 m-12 a-12 m-12

31.12.2009 31.12.2010 681'861.3 705'579.1 2.74x 2.44x 141'653.7 115'557.7 13.17x 14.89x 121'367.2 62'290.8 14.06x 22.84x Profitability

LTM-4Q 31.12.2011 984'947.0 3.01x 150'158.2 19.76x 60'070.5 20.67x

31.12.2012 1'674'527.3 124'158.3 150'158.17 138'223.99 8.25% 8.68% 2.51% 5.89% 4.59% 0.41% 41.9% 15.2% 8.3% 7.4% 0.54 0.31 38.69% 96.58% 4.10 6.98

Price/ Cash Flow

j-12

a-12

s-12

o-12

n-12

d-12

j-13

LTM

FY+1

.0 M f-13

3.62 0.65 25.51 35.83% 13.49% 0.654 12 3.500 124'811 180'140 209'019 FY+2

FQ+1

FQ+2

12/yy 12/yy 12/13 Y 12/14 Y 03/13 Q1 06/13 Q2 984'947.0 ######### ######### ######### 9.72x 5.21x 1.91x 1.77x 150'158.2 206'022.4 276'758.5 411'741.0 19.76x 0.00x 13.36x 8.98x 60'070.5 124'158.0 123'537.0 149'462.0 20.30x 0.00x 17.36x 16.22x 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

4.06 2.22 8.53 8.85 96.6% 49.0% 0.41 0.73 89.08 52.31 37.56 103.83

Sales/Revenue/Turnover

50.00

1'800'000.0

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

j-12

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

1.4 M

35000 30000

Valuation Analysis

31.12.2008 735'259.4 166'338.8 154'802.7 -

40000

0.0 02.07.2010

02.01.2011

02.07.2011

02.01.2012

02.07.2012

02.01.2013

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 |

27.02.2013

Hite Jinro Co Ltd Holdings By:

All

Holder Name HITE HOLDINGS CO LTD BOSTON COMPANY ASSET LAZARD ASSET MANAGEM HITE JINRO LTD MOON-DEUK PARK BANK OF NEW YORK MEL COLUMBIA WANGER ASSE EMPLOYEE STOCK OWNER FRANKLIN RESOURCES SAMSUNG INVESTMENT T DIMENSIONAL FUND ADV CAPITAL GROUP COMPAN JINRO INC PRINCIPAL FINANCIAL DWS INVESTMENT S A ING INVESTMENT MANAG ING INTERNATIONAL AD KYOBO AXA INVESTMENT SHINYOUNG INVESTMENT MIRAE ASSET GLOBAL I

Firm Name

Portfolio Name 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 Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios

Analyst

Daiwa Securities Co. Ltd. PARK SANG HEE Woori Investment & Securities COOKIE HAN Hyundai Securities JI GI-CHANG Eugene Investment & Securities Co., LtdSUL YOO-JIN HSBC KAREN CHOI EVA Dimensions AUSTIN BURKETT Credit Suisse SONIA KIM SEUNG-HYUN Daewoo Securities BAEK WOON-MOK JPMorgan YOUNA KIM Morgan Stanley KELLY H KIM KTB Securities KIM MIN-JEONG Meritz Securities Co., Ltd SONG KWANG-SOO KIWOOM Securities Co Ltd WOO WON-SUNG E*Trade Securities Korea PARK JONG-ROK HMC Investment Securities Co Ltd HYESEUNG CHUNG

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

Recommendation buy buy buy buy overweight sell underperform trading buy underweight Equalwt/In-Line not rated buy not rated neutral buy

Amt Held 38'016'353 2'939'772 2'735'569 2'722'628 1'811'922 1'092'233 1'000'730 988'188 715'614 367'736 346'348 340'893 248'082 219'500 201'256 187'652 152'570 106'156 102'070 100'949

% Out 54.72 4.23 3.94 3.92 2.61 1.57 1.44 1.42 1.03 0.53 0.5 0.49 0.36 0.32 0.29 0.27 0.22 0.15 0.15 0.15

Weighting

Change

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

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

Latest Chg (1'361'003) (1'037'937) 22'310 105'473 (3'300) 23'730 (1'840) 730 (52'630) 49'243

Target Price 39'000 42'000 38'000 46'000 48'000 #N/A N/A 25'000 37'000 22'000 29'000 #N/A N/A 40'000 #N/A N/A 26'000 42'000

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

File Dt Inst Type 24.01.2013 Holding Company 15.11.2012 Investment Advisor 31.01.2013 Unclassified 30.06.2012 n/a 24.01.2013 n/a 25.02.2013 Investment Advisor 31.12.2012 Investment Advisor 10.05.2012 n/a 30.09.2012 Investment Advisor 28.09.2012 Investment Advisor 31.07.2012 Investment Advisor 31.12.2012 Investment Advisor 19.07.2012 n/a 31.01.2013 Investment Advisor 28.12.2012 Mutual Fund Manager 31.12.2012 Investment Advisor 31.08.2012 Investment Advisor 28.09.2012 Mutual Fund Manager 28.09.2012 Mutual Fund Manager 28.09.2012 Investment Advisor

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

Date 27.02.2013 20.02.2013 12.02.2013 06.02.2013 06.02.2013 17.01.2013 14.01.2013 21.12.2012 28.11.2012 27.11.2012 26.11.2012 31.10.2012 29.10.2012 16.01.2012 30.05.2011

27.02.2013

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

100000

1.2 M 1.0 M

80000

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (23.01.2013) 52-Week Low (25.05.2012) Daily Volume Current Price (2/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 31.12.2012 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

12/2011 09/yy 126'500.00 62'100.00 35'394.00 115000 -9.09% 85.19% 81.37% 22.8 2'623'419.50 234'610.53 0.0 0.0 202'290.88 2'682'384.38

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

.6 M

40000

.4 M

20000

.2 M

0 f-12 m-12 a-12 m-12

j-12

a-12

s-12

o-12

n-12 d-12

j-13

Fiscal Year Ended 31.12.2007 1'266'910.3 1.31x 132'839.5 12.54x 76'002.9 21.25x

.8 M

60000

31.12.2008 31.12.2009 1'828'322.5 1'831'699.9 0.44x 0.76x 157'005.2 312'381.9 5.15x 4.45x 137'739.7 6'525.0 22.79x 16.67x Profitability

LTM-4Q 31.12.2010 2'097'718.8 0.92x 140'501.3 13.75x 66'762.0 21.29x

LTM

FY+1

0.00 0.98 5.87 37.72% 14.43% 0.984 15 4.467 43'716 56'462 73'876 FY+2

FQ+1

FQ+2

31.12.2011 09/yy 09/yy 12/12 Y 12/13 Y 12/12 Q4 03/13 Q1 2'244'115.7 ######### ######### ######### ######### 667'000.0 662'600.0 0.60x 3.37x 2.44x 141'483.7 137'130.3 154'724.6 9.45x 11.07x 11.27x 53'244.1 66'391.7 93'950.2 102'400.0 117'950.0 26'200.0 28'300.0 24.49x 17.40x 17.93x 26.35x 20.86x S&P Issuer Ratings 141'483.71 Long-Term Rating Date 100'974.93 Long-Term Rating 4.50% Long-Term Outlook 4.37% Short-Term Rating Date 1.79% Short-Term Rating 2.41% Credit Ratios 2.59% EBITDA/Interest Exp. 0.75% (EBITDA-Capex)/Interest Exp. Net Debt/EBITDA 8.5% Total Debt/EBITDA 6.3% Reference 4.5% Total Debt/Equity 2.4% Total Debt/Capital Asset Turnover 1.78 Net Fixed Asset Turnover 1.63 Accounts receivable turnover-days 8.01% Inventory Days 10.55% Accounts Payable Turnover Day 4.87 Cash Conversion Cycle 199.83

Price/ Cash Flow

.0 M f-13

6.59 1.28 0.23 1.66 10.6% 9.5% 0.75 1.93 74.97 1.83 36.29 40.51

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 03.01.2009

0.0 03.07.2009

03.01.2010

03.07.2010

03.01.2011

03.07.2011

03.01.2012

03.07.2012

03.01.2013

2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011

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

27.02.2013

CJ Korea Express Co Ltd Holdings By:

All

Holder Name KOREA EXPRESS CO LTD CJ CHEILJEDANG CORP. CJGLS DAEWOO ENGINEERING & ASIANA AIRLINES DIMENSIONAL FUND ADV ALLIANZ GLOBAL INVES MIRAE ASSET GLOBAL I KB ASSET MANAGEMENT MAPS INVESTMENT MANA SAMSUNG INVESTMENT T HI ASSET MANAGEMENT CAPITA FINANCIAL MAN MIDAS ASSET MANAGEME KYOBO AXA INVESTMENT MIRAE ASSET GLOBAL I VANGUARD GROUP INC DIMENSIONAL FUND ADV JOHN HANCOCK ADVISER DAISHIN INVESTMENT T

Firm Name Tong Yang Investment Bank EVA Dimensions HMC Investment Securities Co Ltd Daewoo Securities Daiwa Securities Co. Ltd. Taurus Investment Securities Co Ltd E*Trade Securities Korea Daishin Securities Co., Ltd. Shinhan Investment Corp KTB Securities KIWOOM Securities Co Ltd Woori Investment & Securities Korea Investment & Securities LIG Investment Securities Kyobo Securities

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 Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios

Analyst KANG SEONGJIN CRAIG STERLING DONG-JIN KANG RYU JE-HYUN JAY SOYOUNG WANG LEE HEUI-JEONG MIN-JI KIM YANG JI-HWAN SHIN MIN-SEOK SHIN JI-YOON CHO BYUNG-HEE SONG JAE-HAK MARTIN YUN HEE-DO JOO HAE-MEE JUNG YUN-JIN

Source Co File EXCH EXCH EXCH EXCH 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 MF-AGG

Recommendation hold underweight buy buy buy buy buy buy trading buy hold buy buy buy buy strong buy

Amt Held 5'423'419 4'581'261 4'581'261 1'215'291 1'138'427 158'538 139'343 68'797 62'346 58'737 39'098 35'471 30'000 29'667 27'356 22'574 20'998 19'321 14'564 13'900

% Out 23.77 20.08 20.08 5.33 4.99 0.69 0.61 0.3 0.27 0.26 0.17 0.16 0.13 0.13 0.12 0.1 0.09 0.08 0.06 0.06

Weighting

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

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

Latest Chg (1'142'238) (472'000) 117'971 57'316 53'077 58'486 (17'532) 19'396 30'000 29'167 8'346 22'574 565 11'731

Target Price 120'000 #N/A N/A 133'000 150'000 143'000 134'000 111'000 140'000 120'000 119'000 150'000 140'000 130'000 145'000 120'000

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

File Dt 31.12.2011 23.02.2012 23.02.2012 28.09.2012 05.12.2012 31.07.2012 28.09.2012 28.09.2012 28.09.2012 28.09.2012 28.09.2012 28.09.2012 28.09.2012 28.09.2012 28.09.2012 28.09.2012 31.12.2012 30.11.2012 30.04.2011 28.09.2012

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

Inst Type n/a Corporation Corporation Corporation Corporation Investment Advisor Mutual Fund Manager Investment Advisor Mutual Fund Manager Mutual Fund Manager Investment Advisor Mutual Fund Manager Mutual Fund Manager Investment Advisor Mutual Fund Manager Investment Advisor Investment Advisor Investment Advisor Investment Advisor Mutual Fund Manager

Date 23.01.2013 23.01.2013 22.01.2013 21.01.2013 18.01.2013 14.01.2013 09.01.2013 08.01.2013 08.01.2013 08.01.2013 07.01.2013 02.11.2012 01.11.2012 11.10.2012 26.07.2012

27.02.2013

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 14000

3.0 M

12000

2.5 M

10000

2.0 M

8000

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (16.03.2012) 52-Week Low (04.06.2012) Daily Volume Current Price (2/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 31.12.2012 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

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

1.0 M

4000

.5 M

2000 0 f-12 m-12 a-12 m-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

Fiscal Year Ended 31.03.2008 963'771.7 8.05x 473'333.2 16.39x 186'747.4 12.15x

1.5 M

6000

03/2012 09/yy 11'800.00 7'700.00 339'638.00 8830 -25.17% 14.68% 28.29% 170.0 1'501'100.00 10'549'410.21 0.0 736'186.45 13'070'696.84

31.03.2009 31.03.2010 837'122.4 925'476.0 9.64x 10.21x 445'494.6 471'751.4 18.11x 20.03x 149'189.2 178'861.2 12.49x 12.30x Profitability

LTM-4Q 31.03.2011 894'810.0 12.97x 433'680.6 26.76x 276'303.8 7.73x

31.03.2012 960'917.8 11.90x 431'602.5 26.48x 146'495.8 15.16x 431'602.49 21.60% 19.88% 1.00% 3.85% 1.12% 0.07% 44.9% 15.2% 69.92% 345.46% -

Price/ Cash Flow

LTM

FY+1

.0 M f-13

2.27 1.31 108.97 -18.18% -2.00% 1.306 14 3.571 465'309 363'453 370'430 FY+2

FQ+1

FQ+2

09/yy 09/yy 03/13 Y 03/14 Y 03/13 Q4 06/13 Q1 962'492.7 858'595.6 636'900.0 - 171'900.0 43.18x 53.66x 472'307.2 362'241.1 19.72x 35.87x 293'256.9 87'055.0 (10'225.0) 93'170.0 5'734.0 24'805.0 5.21x 20.96x 57.22x 19.94x 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

22.74 24.44 345.5% 77.6% 0.07 6.10 -

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 04.04.2009

0.0 04.10.2009

04.04.2010

04.10.2010

04.04.2011

04.10.2011

04.04.2012

04.10.2012

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 |

27.02.2013

Hyundai Securities Co Ltd Holdings By:

All

Holder Name HYUNDAI MERCHANT MAR HYUNDAI SECURITIES C VANGUARD GROUP INC DIMENSIONAL FUND ADV BLACKROCK SAMSUNG INVESTMENT T ING INVESTMENT MANAG DIMENSIONAL FUND ADV HYUNDAI INVESTMENTS STATE STREET JOHN HANCOCK ADVISER KYOBO AXA INVESTMENT ING INTERNATIONAL AD MIRAE ASSET GLOBAL I MAPS INVESTMENT MANA JEONG-EUN HYUN DAIWA SB INVESTMENTS ROBECO FUND MANAGEME YURIE ASSET MANAGEME NH-CA ASSET MANAGEME

Firm Name

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

Analyst

Daewoo Securities JEONG GIL-WON Samsung Securities SEAN CHANG EVA Dimensions AUSTIN BURKETT KTB Securities CHO SOUNG KYUNG IBK Securities Co Ltd PARK JIN-HYOENG Meritz Securities Co., Ltd PARK SUN-HO Shinhan Investment Corp SOHN MI-JI KIWOOM Securities Co Ltd SEO YOUNG-SOO 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 Hana Daetoo Securities HAN JEONG-TAE

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

Recommendation neutral hold underweight hold buy buy trading buy market perform market perform hold hold trading buy hold buy

Amt Held 44'033'676 16'715'957 5'732'362 2'964'558 2'625'805 1'391'808 725'230 332'020 283'013 264'440 255'827 253'080 229'360 220'810 198'590 143'342 130'000 127'900 110'570 109'263

% Out 25.9 9.83 3.37 1.74 1.54 0.82 0.43 0.2 0.17 0.16 0.15 0.15 0.13 0.13 0.12 0.08 0.08 0.08 0.07 0.06

Weighting

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

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

Latest Chg (157'920) (5'380) 1'138'453 414'170 (91) (190) 37'790 (5'686) 80'000 76'700 (22'070)

Target Price #N/A N/A 6'500 #N/A N/A 9'500 10'500 11'000 10'000 8'000 10'500 9'000 10'000 10'500 #N/A N/A 12'500

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

File Dt 10.12.2012 31.12.2011 31.12.2012 31.07.2012 25.02.2013 28.09.2012 31.12.2012 30.11.2012 28.09.2012 26.02.2013 30.04.2011 28.09.2012 31.08.2012 28.09.2012 28.09.2012 08.08.2012 15.02.2012 31.12.2012 28.09.2012 28.09.2012

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

Inst Type Corporation Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Mutual Fund Manager Investment Advisor Investment Advisor Mutual Fund Manager Investment Advisor Investment Advisor Mutual Fund Manager n/a Investment Advisor Investment Advisor Mutual Fund Manager Mutual Fund Manager

Date 22.02.2013 18.02.2013 15.01.2013 08.01.2013 21.12.2012 20.12.2012 14.12.2012 03.12.2012 29.11.2012 19.11.2012 23.10.2012 23.10.2012 28.09.2012 17.09.2012

27.02.2013

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 350000

.3 M

300000

.2 M

250000

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (14.01.2013) 52-Week Low (13.06.2012) Daily Volume Current Price (2/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 31.12.2012 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 12/yy 300'000.00 203'000.00 14'838.00 284000 -5.33% 39.90% 77.32% 6.1 1'727'470.38 101'018.70 0.0 0.0 510'950.68 1'382'216.14

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

.2 M

150000

.1 M

100000 .1 M

50000 0 f-12 m-12 a-12 m-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

Fiscal Year Ended 31.12.2008 1'675'847.6 0.74x 177'761.6 7.00x 78'465.4 18.02x

200000

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

1.41 0.64 2.54 15.75% 4.60% 0.644 27 4.111 15'498 19'607 22'278 FY+2

FQ+1

FQ+2

31.12.2012 12/yy 12/yy 12/13 Y 12/14 Y 03/13 Q1 06/13 Q2 1'958'917.7 ######### ######### ######### ######### 502'637.7 482'540.5 1.86x 1.46x 0.64x 0.56x 2.62x 2.72x - 162'343.7 122'196.7 189'196.7 204'462.8 48'854.5 42'884.5 5.76x 0.00x 7.31x 6.76x 7.31x 207.5 86'173.8 207.8 117'830.2 133'241.5 30'439.9 25'985.5 15.60x 0.00x 14.48x 12.82x 14.91x S&P Issuer Ratings 162'343.67 Long-Term Rating Date 101'754.50 Long-Term Rating 5.19% Long-Term Outlook 6.49% Short-Term Rating Date 4.02% Short-Term Rating 5.91% Credit Ratios 5.65% EBITDA/Interest Exp. 0.92% (EBITDA-Capex)/Interest Exp. Net Debt/EBITDA 25.7% Total Debt/EBITDA 8.2% Reference 5.2% Total Debt/Equity 0.0% Total Debt/Capital Asset Turnover 1.36 Net Fixed Asset Turnover 1.12 Accounts receivable turnover-days 4.65% Inventory Days 6.83% Accounts Payable Turnover Day 12.93 Cash Conversion Cycle 12.62

Price/ Cash Flow

.0 M f-13

61.79 34.00 -2.53 0.62 6.8% 6.4% 0.92 2.11 28.23 28.92 76.15 -19.00

Sales/Revenue/Turnover

16.00

2'500'000.0

14.00

2'000'000.0

12.00 10.00

1'500'000.0

8.00

1'000'000.0

6.00 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

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 |

27.02.2013

NongShim Co Ltd Holdings By:

All

Holder Name NONG SHIM HOLDINGS C NATIONAL PENSION SER CHOON-HO SHIN INTERNATIONAL VALUE INTERNATIONAL VALUE NONG SHIM CO LTD INTERNATIONAL VALUE YOULCHON FOUNDATION BOSTON COMPANY ASSET FIRST EAGLE INVESTME INVESCO ASSET MANAGE KOREA INVESTMENT TRU SCHRODER INVESTMENT DIMENSIONAL FUND ADV SAMSUNG INVESTMENT T ALLIANCE BERNSTEIN KB ASSET MANAGEMENT BANK OF NEW YORK MEL VANGUARD GROUP INC LOMBARD ODIER DARIER

Firm Name Hana Daetoo Securities Daewoo Securities Woori Investment & Securities Korea Investment & Securities Kyobo Securities HSBC Daishin Securities Co., Ltd. Hyundai Securities Samsung Securities HMC Investment Securities Co Ltd Credit Suisse JPMorgan KTB Securities IBK Securities Co Ltd Morgan Stanley Leading Investment & Securities Deutsche Bank Hanwha Securities Co., Ltd EVA Dimensions Macquarie KIWOOM Securities Co Ltd Dongbu Securities Co Ltd Shinyoung Securities Co., Ltd. Shinhan Investment Corp Meritz Securities Co., Ltd E*Trade Securities Korea

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

Analyst KANG HEE-YOUNG BAEK WOON-MOK COOKIE HAN LEE KYUNG JOO JEONG SEONG-HOON KAREN CHOI LEE SUN-KYOUNG JI GI-CHANG ILWOO YANG HYESEUNG CHUNG SONIA KIM SEUNG-HYUN YOUNA KIM KIM MIN-JEONG PARK AE-RAN KELLY H KIM JINA KIM JI-HYUN SONG HYUNG-WOON LEE AUSTIN BURKETT NA HONG-SUK WOO WON-SUNG CHA JAE-HEON KIM YUN-OH JUNG-YOON KIM SONG KWANG-SOO PARK JONG-ROK

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

Recommendation neutral buy hold buy trading buy underweight buy buy buy buy underperform neutral hold neutral Equalwt/In-Line buy hold outperform buy outperform buy buy neutral trading buy buy buy

Amt Held 1'990'070 506'778 450'000 430'778 314'696 300'016 298'515 293'955 247'828 210'004 100'000 97'420 78'524 70'792 50'990 46'361 43'169 40'653 34'358 21'500

% Out 32.72 8.33 7.4 7.08 5.17 4.93 4.91 4.83 4.07 3.45 1.64 1.6 1.29 1.16 0.84 0.76 0.71 0.67 0.56 0.35

Weighting

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

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

Latest Chg 134'627 62'938 (67'782) (64'925) (2'310) (4'109) 10'036 (7'839) 40'626 (5'441) 2'951

Target Price 300'000 340'000 300'000 330'000 305'000 240'000 320'000 320'000 340'000 340'000 210'000 230'000 300'000 #N/A N/A 260'000 340'000 241'000 310'000 #N/A N/A 330'000 310'000 310'000 #N/A N/A 235'000 270'000 319'000

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

File Dt 31.12.2011 06.12.2012 31.12.2011 15.02.2011 30.06.2012 31.12.2011 10.10.2012 25.03.2010 28.09.2012 30.09.2012 31.05.2012 28.09.2012 30.06.2012 31.07.2012 28.09.2012 31.12.2012 28.09.2012 31.12.2012 31.12.2012 31.12.2012

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

Inst Type Holding Company Investment Advisor n/a Investment Advisor Investment Advisor Corporation n/a n/a Investment Advisor Hedge Fund Manager Mutual Fund Manager Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Mutual Fund Manager Investment Advisor Investment Advisor Mutual Fund Manager

Date 27.02.2013 26.02.2013 20.02.2013 12.02.2013 07.02.2013 06.02.2013 25.01.2013 25.01.2013 25.01.2013 25.01.2013 25.01.2013 25.01.2013 25.01.2013 25.01.2013 24.01.2013 21.01.2013 18.01.2013 17.01.2013 17.01.2013 08.01.2013 20.12.2012 13.11.2012 10.11.2012 09.08.2012 13.07.2012 16.05.2012

27.02.2013

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 180000 160000 140000 120000 100000 80000

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (09.03.2012) 52-Week Low (24.12.2012) Daily Volume Current Price (2/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 31.12.2012 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 12/yy 179'096.30 118'377.10 24'485.00 128500 -28.25% 8.55% 15.02% 20.9 2'680'358.50 723'678.96 28'849.0 0.0 163'011.50 3'269'594.95

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

40000 20000 0 f-12 m-12 a-12 m-12

j-12

a-12

s-12

o-12

n-12

d-12

j-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

31.12.2012 12/yy 12/yy 1'841'080.7 ######### ######### 7.54x 4.78x - 231'538.9 151'874.4 12.85x 0.00x 75'368.9 155'322.6 75'369.0 20.79x 0.00x 231'748.90 136'325.02 7.40% 8.84% 4.95% 6.92% 6.95% 0.62% 23.3% 12.0% 7.4% 4.1% 1.24 0.92 22.77% 37.32% 5.71 12.11

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 f-13

2.33 0.94 2.36 -22.75% -0.39% 0.936 20 4.900 44'567 40'487 79'741

FY+1

FY+2

FQ+1

FQ+2

12/13 Y

12/14 Y

03/13 Q1

06/13 Q2

6.13x 7.86x S&P Issuer Ratings

7.01 3.70 2.42 3.12 37.3% 26.9% 0.62 5.04 63.97 30.15 59.78 34.34

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

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 |

27.02.2013

Doosan Corp Holdings By:

All

Holder Name DOOSAN CORP YONG-KON PARK NATIONAL PENSION SER JEONG-WON PARK GEE-WON PARK YONG MAAN PARK YONG-SUNG PARK YONG-HYUN PARK HYE-WON PARK IN-WON PARK VANGUARD GROUP INC BLACKROCK SAMSUNG INVESTMENT T DIMENSIONAL FUND ADV FMR LLC TONG YANG INVESTMENT KOREA INVESTMENT TRU HI ASSET MANAGEMENT JAE-KYUNG LEE BANK OF NEW YORK MEL

Firm Name Daiwa Securities Co. Ltd. Woori Investment & Securities HSBC HI Investment Securities Daewoo Securities Daishin Securities Co., Ltd. Hyundai Securities Samsung Securities JPMorgan KTB Securities KB Investment & Securities Co., Ltd E*Trade Securities Korea Morgan Stanley LIG Investment Securities Korea Investment & Securities EVA Dimensions KIWOOM Securities Co Ltd IBK Securities Co Ltd Shinhan Investment Corp Hana Daetoo Securities Deutsche Bank 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 Multiple Portfolios n/a Multiple Portfolios Multiple Portfolios n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios n/a Multiple Portfolios

Analyst MIKE OH DONG-YANG KIM BRIAN CHO LEE SANG-HUN DAERO JEONG KIM YONG-SIK JUN YONG-KI EUNPYO KANG YOUNA KIM OH JIN-WON LEE SANG-WON PARK MOO-HYUN SHAWN KIM HEE-SANG KWAK LEE HOON CRAIG STERLING CHOI WON-KYUNG JANG-WON KIM SONG IN-CHAN SANG-WOO LEE JI-HYUN SONG JUNG KYU-BONG

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

Recommendation outperform buy overweight buy buy buy buy buy overweight buy buy buy Equalwt/Attractive buy buy overweight buy buy buy buy buy buy

Amt Held 8'145'956 3'487'229 1'508'094 1'337'013 891'321 870'155 634'558 626'773 441'302 410'550 399'065 260'426 145'875 120'839 100'270 68'395 65'513 62'477 61'994 39'644

% Out 39.05 16.72 7.23 6.41 4.27 4.17 3.04 3 2.12 1.97 1.91 1.25 0.7 0.58 0.48 0.33 0.31 0.3 0.3 0.19

Weighting

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

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

Latest Chg 28'668 (198'731) 10'171 6'780 10'193 19'113 19'113 (22'975) 16'888 60'910 99'495 16'863 13'599 27'423 -

Target Price 142'000 190'832 170'000 157'000 160'000 193'000 140'000 145'000 168'381 163'279 214'303 150'000 145'930 155'000 178'586 #N/A N/A 153'074 163'279 181'137 163'279 209'201 178'586

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

File Dt Inst Type 27.03.2012 Holding Company 19.11.2012 n/a 20.12.2012 Investment Advisor 19.11.2012 n/a 19.11.2012 n/a 19.11.2012 n/a 19.11.2012 n/a 19.11.2012 n/a 29.02.2012 n/a 29.02.2012 n/a 31.12.2012 Investment Advisor 25.02.2013 Investment Advisor 28.09.2012 Investment Advisor 31.07.2012 Investment Advisor 31.12.2012 Investment Advisor 28.09.2012 Mutual Fund Manager 28.09.2012 Investment Advisor 28.09.2012 Mutual Fund Manager 30.03.2012 n/a 25.02.2013 Investment Advisor

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

Date 20.02.2013 18.02.2013 18.02.2013 06.02.2013 05.02.2013 05.02.2013 05.02.2013 05.02.2013 05.02.2013 05.02.2013 05.02.2013 05.02.2013 04.02.2013 28.01.2013 24.01.2013 17.01.2013 16.01.2013 20.12.2012 04.12.2012 05.11.2012 28.02.2012 10.08.2011

27.02.2013

Kolon Industries Inc Kolon Industries Inc. manufactures a variety of chemical fibers and textiles such as nylon yarns and fabrics, chamude, tire cord fabrics, and air bag fabrics. The Company also produces films and media materials including polyester films, nylon films, and audio/video tapes. In addition, Kolon makes engineering plastic products.

Price/Volume .4 M

70000

.3 M

60000

.3 M

50000

.2 M

40000

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (02.04.2012) 52-Week Low (15.11.2012) Daily Volume Current Price (2/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 31.12.2012 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance 120110 KS EQUITY YTD Change 120110 KS EQUITY YTD % CHANGE

12/2012 12/yy 76'300.00 50'300.00 59'086.00 57100 -25.16% 13.52% 31.92% 25.1 1'430'688.38 1'289'082.08 13'839.3 0.0 96'153.90 2'726'111.46

31.12.2009 -

.2 M

30000 20000

.1 M

10000

.1 M

0 f-12 m-12 a-12 m-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

Fiscal Year Ended 31.12.2008 Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

80000

Profitability

31.12.2010 3'228'788.8 0.86x 387'808.3 7.20x 179'435.1 7.24x

LTM-4Q 31.12.2011 4'063'828.8 0.68x 413'672.2 6.66x 185'310.6 8.30x

LTM

31.12.2012 12/yy 12/yy 4'103'325.5 ######### ######### 2.95x 2.17x - 413'672.2 291'681.6 6.66x 0.00x 130'707.4 185'310.6 130'707.4 8.12x 0.00x 413'672.22 257'095.90 6.27% 5.62% 4.07% 9.86% 7.23% 1.15% 26.9% 9.4% 6.4% 3.2% 0.99 0.54 36.02% 88.10% 5.94 4.73

Price/ Cash Flow

0.70 12.54 -20.99% -10.36% 0.698 9 5.000 150'505 73'253 65'003

FY+1

FY+2

FQ+1

FQ+2

12/13 Y

12/14 Y

03/13 Q1

06/13 Q2

S&P Issuer Ratings

.0 M f-13

5.34 2.74 3.32 3.57 88.1% 46.6% 1.15 3.28 61.65 77.33 47.84 75.99

Sales/Revenue/Turnover

25.00

4'500'000.0 4'000'000.0

20.00

3'500'000.0 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

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

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 |

27.02.2013

Kolon Industries Inc Holdings By:

All

Holder Name KOLON CORP KB ASSET MANAGEMENT NATIONAL PENSION SER TRUSTON ASSET MANAGE ALLIANZ GLOBAL INVES TORAY INDUSTRIES INC NORGES BANK KOREA INVESTMENT TRU EMPLOYEE STOCK OWNER KOLON INDUSTRIES INC WOONG-YEUL LEE DIMENSIONAL FUND ADV VANGUARD GROUP INC SAMSUNG INVESTMENT T PRUDENTIAL ASSET MAN GRANTHAM MAYO VAN OT KYOBO AXA INVESTMENT DONG-CHAN LEE NH-CA ASSET MANAGEME DIMENSIONAL FUND ADV

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 Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios n/a Multiple Portfolios Multiple Portfolios

Analyst

Tong Yang Investment Bank HWANG KYU-WON Hyundai Securities KIM DONG-KUN HI Investment Securities LEE HEE-CHEOL Kyobo Securities YOUNG-JOO SON EVA Dimensions CRAIG STERLING Eugene Investment & Securities Co., LtdKWAK JIN-HEE Daishin Securities Co., Ltd. AHN SANG-HEE Samsung Securities SEUNGWOO KIM Shinhan Investment Corp YI EUNG-JU Meritz Securities Co., Ltd HWANG YOU SIK Woori Investment & Securities KIM SUN-WOO YuHwa Securities Ltd PARK GUN-TAE Bookook Securities Co Ltd CHOI SANG-DO

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

Recommendation buy buy buy buy overweight buy buy buy buy buy buy buy buy

Amt Held 7'495'499 2'658'243 2'276'987 2'151'168 1'124'520 1'021'233 997'266 670'747 632'280 594'211 300'904 296'357 180'855 174'707 78'837 72'119 58'325 52'140 45'027 38'669

% Out 29.92 10.61 9.09 8.59 4.49 4.08 3.98 2.68 2.52 2.37 1.2 1.18 0.72 0.7 0.31 0.29 0.23 0.21 0.18 0.15

Weighting

Change 5 5 5 5 5 5 5 5 5 5 5 5 5

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

Latest Chg (70'500) 402'313 430'188 (110'396) (256'456) 144'896 1'537 60'922 (42'241) (352) 29'149 -

Target Price 110'000 79'000 75'000 78'100 #N/A N/A 74'000 83'000 67'000 100'000 75'000 75'000 115'000 130'000

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

File Dt 13.02.2013 26.02.2013 22.09.2011 06.12.2012 06.04.2012 13.02.2013 21.09.2012 28.09.2012 31.12.2011 23.03.2012 13.02.2013 31.07.2012 31.12.2012 28.09.2012 28.09.2012 31.05.2012 28.09.2012 13.02.2013 28.09.2012 30.11.2012

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

Inst Type Corporation Mutual Fund Manager Investment Advisor Mutual Fund Manager Mutual Fund Manager Corporation Government Investment Advisor n/a Corporation n/a Investment Advisor Investment Advisor Investment Advisor Mutual Fund Manager Investment Advisor Mutual Fund Manager n/a Mutual Fund Manager Investment Advisor

Date 26.02.2013 21.02.2013 19.02.2013 18.02.2013 17.01.2013 08.01.2013 21.12.2012 10.12.2012 29.02.2012 28.11.2011 25.11.2011 24.10.2011 14.09.2011

27.02.2013

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 (27.04.2012) Daily Volume Current Price (2/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 31.12.2012 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 09/yy 71'000.00 50'100.00 82'480.00 55400 -21.97% 10.58% 22.01% 25.8 1'429'320.00 18'258.00 0.0 0.0 158'596.71 1'440'906.70

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

20000 10000 0 f-12 m-12 a-12 m-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

Market Data

Fiscal Year Ended 31.12.2008 1'130'889.0 0.77x 167'558.0 5.21x 85'289.3 11.38x

30000

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

LTM-4Q 31.12.2011 1'333'619.9 1.06x 141'422.7 9.98x 73'798.5 21.01x

31.12.2012 141'422.66 77'429.52 5.81% 6.82% 4.87% 6.53% 6.30% 0.95% 12.1% 4.9% 5.5% 2.51 1.65 1.30% 1.68% 5.87 6.96

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 f-13

LTM

FY+1

1.10 15.29 -7.92% -9.18% 1.099 10 4.600 138'692 187'829 170'537 FY+2

FQ+1

FQ+2

09/yy 09/yy 12/13 Y 12/14 Y 03/13 Q1 06/13 Q2 ######### ######### ######### ######### 381'885.0 417'415.0 4.88x 4.15x 1.00x 0.91x 137'477.9 32'309.5 220'020.0 271'485.0 6.71x 0.00x 6.55x 5.31x 83'565.5 72'773.5 98'330.0 121'540.0 11'280.0 29'780.0 12.63x 23.40x 14.59x 11.76x 14.00x 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

256.25 -61.73 1.7% 1.7% 0.95 2.66 62.33 52.61 49.15 74.26

Sales/Revenue/Turnover

30.00

1'600'000.0 1'400'000.0

25.00

1'200'000.0 20.00

1'000'000.0 800'000.0

15.00

600'000.0

10.00

400'000.0 5.00 0.00 03.01.2009

200'000.0 0.0 03.07.2009

03.01.2010

03.07.2010

03.01.2011

03.07.2011

03.01.2012

03.07.2012

03.01.2013

2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011

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

27.02.2013

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 CHEIL INDUSTRIES INC ANZ BANKING GROUP LI GAUL INVESTMENT MANA SAMSUNG INVESTMENT T SAMSUNG FINE CHEMICA EASTERN INVESTMENTS BLACKROCK VANGUARD GROUP INC MAPS INVESTMENT MANA DIMENSIONAL FUND ADV MYASSET INVESTMENT M TONG YANG INVESTMENT ARGO CAPITAL MANAGEM KYOBO AXA INVESTMENT MIRAE ASSET GLOBAL I

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 Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios n/a Multiple Portfolios Multiple Portfolios

Analyst

KB Investment & Securities Co., Ltd PARK JAE-CHUL Samsung Securities JONGWOOK LEE Eugene Investment & Securities Co., LtdKWAK JIN-HEE Korea Investment & Securities JUNGSOO KIM EVA Dimensions CRAIG STERLING HI Investment Securities LEE HEE-CHEOL 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 EXCH EXCH EXCH EXCH Co File Co File EXCH MF-AGG EXCH Co File ULT-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG Co File MF-AGG MF-AGG

Recommendation buy buy buy buy sell buy outperform buy buy buy

Amt Held 2'963'483 2'568'423 2'164'970 1'855'398 1'441'982 816'468 577'376 550'346 453'501 332'000 219'946 217'356 191'868 148'992 141'117 95'289 93'536 66'911 53'064 46'915

% Out 11.49 9.96 8.39 7.19 5.59 3.16 2.24 2.13 1.76 1.29 0.85 0.84 0.74 0.58 0.55 0.37 0.36 0.26 0.21 0.18

Weighting

Change 5 5 5 5 1 5 5 5 5 5

M M M M M M M M M M

Latest Chg (7'139) 548'215 (1'449'336) 72'999 (315'466) 85'296 10'257 4'617 18'370 (35'134)

Target Price 75'000 78'000 77'000 71'000 #N/A N/A 90'000 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 20.04.2012 03.07.2012 20.04.2012 01.11.2012 20.04.2012 31.12.2011 31.12.2011 04.02.2013 28.09.2012 20.04.2012 31.12.2011 25.02.2013 31.12.2012 28.09.2012 31.07.2012 28.09.2012 28.09.2012 31.12.2011 28.09.2012 28.09.2012

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

Inst Type Corporation Investment Advisor Corporation Investment Advisor Corporation Corporation Unclassified Investment Advisor Investment Advisor n/a Other Investment Advisor Investment Advisor Mutual Fund Manager Investment Advisor Mutual Fund Manager Mutual Fund Manager Unclassified Mutual Fund Manager Investment Advisor

Date 26.02.2013 28.01.2013 28.01.2013 24.01.2013 15.01.2013 06.11.2012 31.10.2012 03.10.2012 30.07.2012 30.04.2012

27.02.2013

SK Chemicals Co Ltd SK Chemicals Co., Ltd. manufactures polyester and acetate yarns for textile, garment, and industrial uses. The Company also produces petrochemical and fine chemical products, such as polyethylene terephthalate (PET) bottles, prepregs, adhesives, and various resin products. The Company's subsidiaries specialize in gas distribution and pharmaceuticals manufacturing.

Price/Volume

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (02.03.2012) 52-Week Low (04.06.2012) Daily Volume Current Price (2/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 31.12.2012 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance 006120 KS EQUITY YTD Change 006120 KS EQUITY YTD % CHANGE

12/2012 12/yy 71'500.00 49'850.00 48'455.00 55200 -22.80% 10.73% 21.48% 20.8 1'150'536.25 797'155.00 14'085.6 0.0 48'384.85 2'057'439.23

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 f-12 m-12 a-12 m-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

Fiscal Year Ended 31.12.2008 1'086'405.2 1.33x 111'074.0 12.96x 6'564.5 79.26x

80000

31.12.2009 31.12.2010 1'276'454.6 1'334'514.6 1.23x 1.34x 120'938.7 100'213.7 13.01x 17.80x 124'457.0 273'766.9 9.64x 4.02x Profitability

LTM-4Q 31.12.2011 1'546'107.7 1.36x 98'379.8 21.33x 30'835.8 38.18x

LTM

FY+1

0.72 0.56 13.24 -19.70% -7.54% 0.558 4 4.000 87'571 98'077 113'512 FY+2

FQ+1

FQ+2

31.12.2012 12/yy 12/yy 12/13 Y 12/14 Y 03/13 Q1 06/13 Q2 1'476'191.5 ######### ######### ######### ######### 365'950.0 403'250.0 4.88x 3.99x 1.28x 1.23x 5.23x 4.80x 98'345.1 70'150.3 110'802.5 127'184.5 26'316.0 26'388.0 21.34x 0.00x 18.57x 16.18x 17.20x 39'324.6 30'835.8 39'324.4 20'000.0 48'561.0 5'300.0 11'150.0 38.20x 0.00x 28.45x 19.46x 28.52x S&P Issuer Ratings 98'379.82 Long-Term Rating Date 48'390.28 Long-Term Rating 3.28% Long-Term Outlook 2.06% Short-Term Rating Date 1.61% Short-Term Rating 3.40% Credit Ratios 3.79% EBITDA/Interest Exp. 0.80% (EBITDA-Capex)/Interest Exp. Net Debt/EBITDA 19.4% Total Debt/EBITDA 6.4% Reference 3.3% Total Debt/Equity 2.7% Total Debt/Capital Asset Turnover 1.31 Net Fixed Asset Turnover 0.77 Accounts receivable turnover-days 39.20% Inventory Days 87.79% Accounts Payable Turnover Day 5.26 Cash Conversion Cycle 5.98

Price/ Cash Flow

.0 M f-13

3.26 -0.88 7.61 8.10 87.8% 46.4% 0.80 2.78 69.42 61.06 50.01 80.47

Sales/Revenue/Turnover

35.00

1'800'000.0

30.00

1'600'000.0 1'400'000.0

25.00

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

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 |

27.02.2013

SK Chemicals Co Ltd Holdings By:

All

Holder Name SK CHEMICALS CO LTD CHANG-WON CHOI NATIONAL PENSION SER MIRAE ASSET GLOBAL I TRUSTON ASSET MANAGE MAPS INVESTMENT MANA SAMSUNG INVESTMENT T KFAS KOREA INVESTMENT TRU VANGUARD GROUP INC DIMENSIONAL FUND ADV SHINYOUNG INVESTMENT UBS HANA ASSET MANAG GRANTHAM MAYO VAN OT KTB ASSET MANAGEMENT CONSUS ASSET MANAGEM KYOBO AXA INVESTMENT MIDAS ASSET MANAGEME WOORI ASSET MANAGEME DONGBU ASSET MANAGEM

Firm Name SK Securities Co Ltd Woori Investment & Securities Daewoo Securities EVA Dimensions

Analyst HA TAE-GI LEE SEUNG-HO KIM NA-YEON CRAIG STERLING

Source Co File Co File Co File EXCH EXCH MF-AGG MF-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 sell

Amt Held 3'236'603 2'122'761 1'942'121 1'811'938 1'750'104 752'486 316'772 240'523 173'300 157'438 141'304 124'289 121'380 107'316 95'205 80'258 57'027 52'599 47'280 46'632

% Out 15.53 10.18 9.32 8.69 8.4 3.61 1.52 1.15 0.83 0.76 0.68 0.6 0.58 0.51 0.46 0.39 0.27 0.25 0.23 0.22

Weighting

Change 5 5 5 1

M M M M

Latest Chg (210'178) 264'297 (21'397) 18'914 (8'851) 1'917 79'458 63'010 19'081 39'212 (45'048) 51'415 (2'940) 6'261

Target Price 72'000 70'000 75'000 #N/A N/A

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

File Dt 30.06.2012 30.06.2012 30.06.2012 28.09.2012 07.02.2013 28.09.2012 28.09.2012 30.06.2012 28.09.2012 31.12.2012 31.07.2012 28.09.2012 28.09.2012 31.05.2012 28.09.2012 28.09.2012 28.09.2012 28.09.2012 28.09.2012 28.09.2012

Date 6 month 12 month 12 month Not Provided

Inst Type Corporation n/a Investment Advisor Investment Advisor Mutual Fund Manager Mutual Fund Manager Investment Advisor n/a Investment Advisor Investment Advisor Investment Advisor Mutual Fund Manager Mutual Fund Manager Investment Advisor Mutual Fund Manager Mutual Fund Manager Mutual Fund Manager Investment Advisor Mutual Fund Manager Mutual Fund Manager

Date 04.02.2013 03.02.2013 01.02.2013 15.01.2013

27.02.2013

Halla 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

6.0 M 5.0 M 4.0 M

15000

Latest Fiscal Year: LTM as of: 52-Week High (05.07.2012) 52-Week Low (01.11.2012) Daily Volume Current Price (2/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 31.12.2012 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

12/2011 09/yy 28'200.00 17'400.00 159'203.00 24200 -14.18% 39.08% 64.35% 106.8 2'583'592.00 29'973.04 0.0 0.0 91'394.16 2'438'553.28

3.0 M

10000

2.0 M

5000

1.0 M

0 f-12 m-12 a-12 m-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

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

7.0 M

25000 20000

Valuation Analysis

31.12.2007 1'472'862.0 0.69x 141'912.6 7.14x 100'378.9 9.23x

30000

31.12.2008 31.12.2009 1'533'693.4 1'409'680.4 0.56x 1.00x 148'822.7 124'315.4 5.74x 11.36x 94'348.5 151'378.0 8.20x 9.49x Profitability

LTM-4Q 31.12.2010 1'769'483.0 1.17x 168'349.3 12.25x 151'692.8 14.07x

LTM

FY+1

2.74 0.64 23.39 10.89% 2.11% 0.635 15 4.467 180'935 140'527 165'259 FY+2

FQ+1

FQ+2

31.12.2011 09/yy 09/yy 12/12 Y 12/13 Y 12/12 Q4 03/13 Q1 2'005'795.5 ######### ######### ######### ######### 577'397.5 564'885.5 1.13x 4.86x 4.38x 1.14x 1.05x 4.31x 4.33x 149'273.2 139'102.8 154'185.6 209'231.5 241'013.5 42'911.0 45'293.0 15.18x 18.56x 14.98x 11.65x 10.12x 14.08x 13.85x 136'333.0 134'093.1 148'774.3 191'044.5 209'824.0 64'031.0 48'079.0 17.07x 19.50x 16.51x 13.54x 12.30x 10.91x 10.65x S&P Issuer Ratings 149'273.23 Long-Term Rating Date 84'602.58 Long-Term Rating 4.22% Long-Term Outlook 8.65% Short-Term Rating Date 8.88% Short-Term Rating 12.54% Credit Ratios 12.41% EBITDA/Interest Exp. 1.31% (EBITDA-Capex)/Interest Exp. Net Debt/EBITDA 11.9% Total Debt/EBITDA 7.4% Reference 4.2% Total Debt/Equity 6.8% Total Debt/Capital Asset Turnover 1.51 Net Fixed Asset Turnover 1.12 Accounts receivable turnover-days 1.91% Inventory Days 2.70% Accounts Payable Turnover Day 5.62 Cash Conversion Cycle 23.69

Price/ Cash Flow

.0 M f-13

54.82 16.57 -0.41 0.20 2.7% 2.6% 1.31 5.97 64.99 15.41 55.31 25.08

Sales/Revenue/Turnover

20.00

2'500'000.0

18.00

2'000'000.0

16.00 14.00

1'500'000.0

12.00 10.00

1'000'000.0

8.00 6.00

500'000.0

4.00 2.00 0.00 03.01.2009

0.0 03.07.2009

03.01.2010

03.07.2010

03.01.2011

03.07.2011

03.01.2012

03.07.2012

03.01.2013

2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011

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

27.02.2013

Halla Climate Control Corp Holdings By:

All

Holder Name VIHI, LLC NATIONAL PENSION SER SAMSUNG INVESTMENT T VANGUARD GROUP INC FRANKLIN RESOURCES TONG YANG INVESTMENT BANK OF NEW YORK MEL DIMENSIONAL FUND ADV SCHRODER INVESTMENT KOREA INVESTMENT TRU HYUNDAI INVESTMENTS BRANDES INVESTMENT P PRUDENTIAL FINANCIAL VALIC CO I MIRAE ASSET GLOBAL I BLACKROCK UBS HANA ASSET MANAG KB ASSET MANAGEMENT NH-CA ASSET MANAGEME CANADA LIFE MANAGMEN

Firm Name Morgan Stanley Nomura KTB Securities KB Investment & Securities Co., Ltd EVA Dimensions Hana Daetoo Securities Mirae Asset Securities SK Securities Co Ltd Dongbu Securities Co Ltd Kyobo Securities Korea Investment & Securities NH Investment & Securities Daewoo Securities Samsung Securities YuHwa Securities Ltd

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

Analyst PARK SANG-KYOO ANGELA HONG NAM KYEONG MOON SHIN CHUNG-KWAN CRAIG STERLING SONG SUN-JAE YOON-KI KIM KIM YONG-SOO YIM EUN-YOUNG DONG-HA KIM SUH SUNGMOON LEE SANG-HYUN PARK YOUNG HO EUNJEE KIM SEUNG-JOON YOO

Source EXCH EXCH MF-AGG MF-AGG ULT-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG ULT-AGG MF-AGG MF-AGG ULT-AGG MF-AGG MF-AGG MF-AGG MF-AGG

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

Amt Held 74'720'000 8'645'193 933'669 559'226 497'980 261'330 251'300 237'940 235'210 203'122 176'985 169'460 162'890 142'240 126'715 122'900 116'586 113'299 98'640 97'000

% Out 69.99 8.1 0.87 0.52 0.47 0.24 0.24 0.22 0.22 0.19 0.17 0.16 0.15 0.13 0.12 0.12 0.11 0.11 0.09 0.09

Weighting

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

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

Latest Chg (1'106'919) 433'725 166'700 (30'640) 246'810 32'400 169'300 (23'478) 78'260 61'290 (640) 110'671 (930'661) 31'050 -

Target Price 26'000 24'000 29'000 35'000 #N/A N/A 29'000 30'000 28'000 32'000 28'500 28'000 #N/A N/A 28'000 27'000 30'000

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

File Dt 31.10.2012 16.04.2012 28.09.2012 31.12.2012 31.12.2012 28.09.2012 25.02.2013 31.07.2012 31.12.2012 28.09.2012 28.09.2012 31.12.2012 31.12.2012 31.12.2012 28.09.2012 25.02.2013 28.09.2012 28.09.2012 28.09.2012 30.04.2012

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

Inst Type Holding Company Investment Advisor Investment Advisor Investment Advisor Investment Advisor Mutual Fund Manager Investment Advisor Investment Advisor Investment Advisor Investment Advisor Mutual Fund Manager Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Mutual Fund Manager Mutual Fund Manager Mutual Fund Manager Investment Advisor

Date 26.02.2013 25.02.2013 12.02.2013 18.01.2013 17.01.2013 16.01.2013 11.01.2013 03.12.2012 22.10.2012 18.10.2012 11.10.2012 05.07.2012 15.06.2012 04.06.2012 04.07.2011

27.02.2013

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 (28.12.2012) 52-Week Low (08.03.2012) Daily Volume Current Price (2/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 31.12.2012 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 12/yy 1'625'000.00 1'192'000.00 1'047.00 1450000 -10.77% 21.64% 61.43% 1.2 1'793'944.38 602'789.00 600.0 0.0 94'645.41 2'230'659.43

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

.0 M

1600000

.0 M

1400000

.0 M

1200000

.0 M

1000000

.0 M

800000

.0 M

600000

.0 M

400000

.0 M

200000

.0 M

0 f-12 m-12 a-12 m-12

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

j-12

a-12

s-12

o-12

n-12 d-12

j-13

LTM

FY+1

.0 M f-13

0.21 0.61 0.49 13.73% -4.29% 0.608 10 4.600 1'028 1'065 1'168 FY+2

FQ+1

FQ+2

31.12.2012 12/yy 12/yy 12/13 Y 12/14 Y 03/13 Q1 06/13 Q2 2'015'764.7 ######### ######### ######### ######### 5.08x 3.21x - 194'898.6 211'025.7 11.91x 0.00x 87'931.3 52'387.5 87'932.5 38.04x 0.00x S&P Issuer Ratings 194'898.56 Long-Term Rating Date 154'062.22 Long-Term Rating 7.64% Long-Term Outlook 5.86% Short-Term Rating Date 1.56% Short-Term Rating 1.97% Credit Ratios 2.43% EBITDA/Interest Exp. 0.47% (EBITDA-Capex)/Interest Exp. Net Debt/EBITDA 40.2% Total Debt/EBITDA 12.5% Reference 7.6% Total Debt/Equity 4.4% Total Debt/Capital Asset Turnover 0.69 Net Fixed Asset Turnover 0.38 Accounts receivable turnover-days 17.27% Inventory Days 28.19% Accounts Payable Turnover Day 9.45 Cash Conversion Cycle 5.83

Price/ Cash Flow

8.56 5.01 2.57 3.09 28.2% 22.0% 0.47 1.16 38.62 62.61 60.00 41.24

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

j-12

Fiscal Year Ended 31.12.2008 1'181'420.6 0.77x 130'509.3 6.98x 59'040.9 22.02x

1800000

0.0 02.07.2010

02.01.2011

02.07.2011

02.01.2012

02.07.2012

02.01.2013

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 |

27.02.2013

Lotte Chilsung Beverage Co Ltd Holdings By:

All

Holder Name LOTTE CONFECTIONERY NATIONAL PENSION SER LOTTE ALUMINUM CO LT LOTTE MIDOPA CO LTD INTERNATIONAL VALUE LOTTE FOUNDATION HOTEL LOTTE CO LTD DONG-BIN SHIN TRUSTON ASSET MANAGE INTERNATIONAL VALUE DONG-JU SHIN FMR LLC YOUNG-JA SHIN MACQUARIE GROUP LTD KYUK-HO SHIN COLUMBIA WANGER ASSE DIMENSIONAL FUND ADV KOREA INVESTMENT TRU SAMSUNG INVESTMENT T MONTGOMERY ASSET MAN

Firm Name Samsung Securities Woori Investment & Securities Hana Daetoo Securities KIWOOM Securities Co Ltd HMC Investment Securities Co Ltd EVA Dimensions KTB Securities Shinyoung Securities Co., Ltd. Daishin Securities Co., Ltd. Hyundai Securities E*Trade Securities Korea 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 n/a n/a n/a n/a n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios

Analyst ILWOO YANG COOKIE HAN Eun-Joo Shim WOO WON-SUNG HYESEUNG CHUNG AUSTIN BURKETT KIM MIN-JEONG KIM YUN-OH LEE SUN-KYOUNG YOO JIN PARK JONG-ROK SONG KWANG-SOO

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

Recommendation buy hold buy buy buy hold buy buy buy buy buy buy

Amt Held 145'237 112'408 109'718 81'292 79'595 77'650 73'280 63'040 62'397 58'932 35'070 33'557 32'872 23'820 16'110 16'068 15'546 11'944 9'559 7'255

% Out 11.74 9.09 8.87 6.57 6.43 6.28 5.92 5.1 5.04 4.76 2.83 2.71 2.66 1.93 1.3 1.3 1.26 0.97 0.77 0.59

Weighting

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

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

Latest Chg 13'261 (12'878) (2'989) 26'872 (53) 4'089 (2'128) (3'012) -

Target Price 1'960'000 1'500'000 1'750'000 2'000'000 1'920'000 #N/A N/A 1'900'000 1'700'000 1'800'000 1'600'000 1'850'000 2'000'000

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

File Dt Inst Type 31.12.2010 Corporation 24.09.2012 Investment Advisor 31.12.2010 Corporation 31.12.2010 Corporation 26.04.2012 n/a 31.12.2010 n/a 31.12.2010 Corporation 31.12.2010 n/a 06.02.2013 Mutual Fund Manager 30.06.2012 Investment Advisor 31.12.2010 n/a 31.12.2012 Investment Advisor 31.12.2010 n/a 31.12.2012 Investment Advisor 31.12.2010 n/a 31.12.2012 Investment Advisor 31.07.2012 Investment Advisor 28.09.2012 Investment Advisor 28.09.2012 Investment Advisor 31.12.2012 Investment Advisor

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

Date 22.02.2013 20.02.2013 06.02.2013 31.01.2013 15.01.2013 15.01.2013 26.11.2012 10.11.2012 30.08.2012 03.05.2012 27.02.2012 14.12.2011

27.02.2013

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 120000

.9 M .8 M

100000

.7 M

80000

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (27.02.2012) 52-Week Low (15.11.2012) Daily Volume Current Price (2/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 31.12.2012 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 12/yy 110'500.00 55'300.00 55'973.00 85200 -22.90% 54.07% 54.35% 38.2 3'256'344.00 5'210.00 0.0 0.0 377'534.84 2'973'528.58

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

.5 M .4 M

40000

.3 M .2 M

20000

.1 M

0 f-12 m-12 a-12 m-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

Fiscal Year Ended 31.12.2008 347'292.2 24'810.0 27'462.5 -

.6 M

60000

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 785'586.0 134'311.0 144'544.12 153'128.00 19.49% 23.20% 17.71% 32.27% 32.04% 1.01% 34.4% 21.8% 19.5% 17.1% 1.66 1.55 0.70% 1.37% 5.25 547.98

Price/ Cash Flow

LTM

FY+1

.0 M f-13

2.50 0.83 9.15 -17.37% 21.54% 0.833 13 4.077 86'070 82'239 82'097 FY+2

FQ+1

FQ+2

12/yy 12/yy 12/13 Y 12/14 Y 03/13 Q1 06/13 Q2 663'334.8 785'586.1 892'069.8 ######### 224'332.5 244'000.0 14.29x 10.26x 3.19x 2.60x 144'544.1 113'586.2 205'308.8 236'333.4 21.91x 0.00x 14.48x 12.58x 116'095.1 134'310.6 157'622.7 180'402.7 43'975.8 41'057.0 30.49x 0.00x 20.68x 18.05x 19.26x 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

7589.61 5958.63 -2.58 0.04 1.4% 1.4% 1.01 9.68 69.58 0.67 38.16 32.08

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

200'000.0 100'000.0

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

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 |

27.02.2013

KEPCO Engineering & Construction Co Inc Holdings By:

All

Holder Name KOREA ELECTRIC POWER KB ASSET MANAGEMENT EMPLOYEE STOCK OWNER SAMSUNG INVESTMENT T SHINHAN BNP PARIBAS MIDAS ASSET MANAGEME DIMENSIONAL FUND ADV MAPS INVESTMENT MANA NH-CA ASSET MANAGEME KYOBO AXA INVESTMENT KTB ASSET MANAGEMENT FRANKLIN RESOURCES CLARIDEN SICAV MIRAE ASSET GLOBAL I VANGUARD GROUP INC GOLDMAN SACHS GROUP AMUNDI LUXEMBOURG SA WOORI ASSET MANAGEME KOREA INVESTMENT TRU HYUNDAI INVESTMENTS

Firm Name

Portfolio Name 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 Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios

Analyst

Hana Daetoo Securities SEUNG-WOO SHIN KB Investment & Securities Co., Ltd CHOI WON-YEOL Shinyoung Securities Co., Ltd. CHANG-SUK HWANG Nomura KEITH NAM EVA Dimensions CRAIG STERLING Samsung Securities SUJIN BUM Deutsche Bank HAN SANG-HI Eugene Investment & Securities Co., LtdJOO ICK-CHAN Dongbu Securities Co Ltd YOO DEOK-SANG Meritz Securities Co., Ltd KIM SEUNG CHURL Shinhan Investment Corp SHIN MIN-SEOK Daiwa Securities Co. Ltd. MIKE OH IBK Securities Co Ltd JEONG MIN LEE HSBC BRIAN CHO 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 MF-AGG MF-AGG MF-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

Recommendation not rated buy buy buy underweight buy buy hold hold buy hold hold buy overweight hold buy buy

Amt Held 28'612'939 655'067 441'706 166'487 52'999 52'553 41'603 34'365 23'777 19'879 19'692 17'090 17'000 15'120 12'026 11'725 10'250 10'214 9'484 7'947

% Out 74.86 1.71 1.16 0.44 0.14 0.14 0.11 0.09 0.06 0.05 0.05 0.04 0.04 0.04 0.03 0.03 0.03 0.03 0.02 0.02

Weighting

Change

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

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

Latest Chg 19'645 44'712 (2'987) 22'736 17'918 (43'181) 493 (64'562) 1'519 6'000 3'002 11'725 10'250 (15'066) 2'165 (17'128)

Target Price #N/A N/A 100'000 101'500 110'000 #N/A N/A 97'000 87'000 75'000 78'000 100'000 80'000 75'000 96'000 107'000 76'000 170'000 28'000

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

File Dt 31.12.2011 28.09.2012 31.12.2011 28.09.2012 28.09.2012 28.09.2012 31.07.2012 28.09.2012 28.09.2012 28.09.2012 28.09.2012 28.09.2012 28.12.2012 28.09.2012 31.12.2012 30.09.2012 28.09.2012 28.09.2012 28.09.2012 28.09.2012

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

Inst Type Government Mutual Fund Manager n/a Investment Advisor Investment Advisor Investment Advisor Investment Advisor Mutual Fund Manager Mutual Fund Manager Mutual Fund Manager Mutual Fund Manager Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Mutual Fund Manager Investment Advisor Mutual Fund Manager

Date 25.02.2013 20.02.2013 14.02.2013 14.02.2013 17.01.2013 15.01.2013 18.11.2012 24.10.2012 23.10.2012 23.10.2012 12.10.2012 04.09.2012 26.07.2012 06.06.2012 23.11.2011 15.11.2010 14.12.2009

27.02.2013

Binggrae Co Ltd Binggrae Co., Ltd. manufactures dairy food products. The Company has cold-storage and frozen divisions. Bonggrae's main items include Banana Flavoured Milk, yogurts and various types of ice cream.

Price/Volume 160000

.3 M

140000

.2 M

120000 100000

Latest Fiscal Year: LTM as of: 52-Week High (08.11.2012) 52-Week Low (08.03.2012) Daily Volume Current Price (2/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 31.12.2012 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance 005180 KS EQUITY YTD Change 005180 KS EQUITY YTD % CHANGE

12/2012 12/yy 135'000.00 54'900.00 103'912.00 133500 -1.11% 143.17% 91.26% 9.9 1'315'140.63 9'909.29 0.0 0.0 126'642.56 1'125'522.82

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

.1 M

60000 40000

.1 M

20000 0 f-12 m-12 a-12 m-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

Fiscal Year Ended 31.12.2008 593'586.3 0.51x 70'245.2 4.32x 41'556.3 9.21x

.2 M

80000

Valuation Analysis

31.12.2009 31.12.2010 628'592.1 684'900.7 0.54x 0.52x 77'976.2 81'707.1 4.39x 4.35x 48'788.9 48'905.2 9.26x 10.06x Profitability

LTM-4Q 31.12.2011 720'634.4 0.57x 70'079.3 5.85x 39'899.8 13.21x

31.12.2012 789'102.4 50'754.2 70'079.35 66'820.92 8.47% 7.21% 8.26% 10.38% 10.20% 1.49% 30.0% 9.7% 8.5% 6.4% 3.59 2.64 2.02% 2.51% 12.18 16.30

Price/ Cash Flow

LTM

FY+1

.0 M f-13

0.90 0.83 4.82 121.63% 19.20% 0.832 12 4.333 29'233 46'134 51'095 FY+2

FQ+1

FQ+2

12/yy 12/yy 12/13 Y 12/14 Y 03/13 Q1 06/13 Q2 720'634.4 789'102.6 860'691.5 933'102.5 165'125.2 255'072.8 2.20x 2.11x 1.29x 1.13x 6.94x 4.44x 70'085.3 88'304.5 104'374.1 117'473.5 12'422.0 42'156.0 5.85x 0.00x 10.78x 9.58x 10.19x 39'901.3 50'754.0 67'982.0 78'754.8 6'008.2 25'129.8 13.21x 0.00x 19.02x 16.53x 18.71x 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

220.38 134.86 -1.67 0.14 2.5% 2.4% 1.49 3.82 29.96 22.39 27.64 24.70

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

200'000.0 100'000.0

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

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 |

27.02.2013

Binggrae Co Ltd Holdings By:

All

Holder Name HO-YEON KIM BINGGRAE CO LTD TEMPLETON INVEST COU SAMSUNG INVESTMENT T NATIONAL PENSION SER FRANKLIN RESOURCES MI KIM T ROWE PRICE ASSOCIA INTERNATIONAL VALUE BARING FUND MANAGERS VANGUARD GROUP INC DIMENSIONAL FUND ADV RENTA 4 GESTORA SGII KB ASSET MANAGEMENT BANQUE DE LUXEMBOURG MATTHEWS INTERNATION NH-CA ASSET MANAGEME MIRAE ASSET GLOBAL I KOREA INVESTMENT TRU SKANDIA INVESTMENT M

Firm Name Hana Daetoo Securities Woori Investment & Securities Korea Investment & Securities Daewoo Securities KIWOOM Securities Co Ltd IBK Securities Co Ltd EVA Dimensions KTB Securities Hanwha Securities Co., Ltd Shinyoung Securities Co., Ltd. Samsung Securities Hyundai Securities

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 Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios

Analyst KANG HEE-YOUNG COOKIE HAN LEE KYUNG JOO BAEK WOON-MOK WOO WON-SUNG PARK AE-RAN AUSTIN BURKETT KIM MIN-JEONG HYUNG-WOON LEE KIM YUN-OH ILWOO YANG YOO JIN

Source EXCH Co File EXCH EXCH EXCH ULT-AGG EXCH 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 buy hold trading buy outperform buy underweight buy outperform neutral buy buy

Amt Held 3'276'762 1'009'440 671'163 647'503 615'500 278'061 133'120 102'110 70'345 66'065 57'790 52'784 40'000 36'316 31'300 28'890 12'550 11'632 7'169 7'078

% Out 33.26 10.25 6.81 6.57 6.25 2.82 1.35 1.04 0.71 0.67 0.59 0.54 0.41 0.37 0.32 0.29 0.13 0.12 0.07 0.07

Weighting

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

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

Latest Chg (516'372) 149'631 109'485 (209'513) (57'785) (28'100) (7'103) 911 (3'000) 32'038 1'300 (8'731) 6'818 2'155 1'992 7'078

Target Price 170'000 160'000 #N/A N/A 136'000 142'000 130'000 #N/A N/A 140'000 140'000 #N/A N/A 130'000 96'000

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

File Dt Inst Type 06.04.2012 n/a 31.12.2011 Corporation 05.11.2012 Investment Advisor 05.10.2012 Investment Advisor 30.10.2012 Investment Advisor 31.12.2012 Investment Advisor 06.04.2012 n/a 31.12.2012 Investment Advisor 31.03.2012 Investment Advisor 31.10.2012 Investment Advisor 31.12.2012 Investment Advisor 31.07.2012 Investment Advisor 30.11.2011 Investment Advisor 28.09.2012 Mutual Fund Manager 31.12.2012 Investment Advisor 28.09.2012 Investment Advisor 28.09.2012 Mutual Fund Manager 28.09.2012 Investment Advisor 28.09.2012 Investment Advisor 31.12.2012 Mutual Fund Manager

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

Date 26.02.2013 20.02.2013 12.02.2013 01.02.2013 24.01.2013 16.01.2013 15.01.2013 07.01.2013 26.11.2012 10.11.2012 14.10.2012 13.08.2012

27.02.2013

Hanmi Pharm Co Ltd Hanmi Pharm. Company Ltd. produces pharmaceutical products, including antibiotics, vitamins, and intestinal tonics. The Company also provides beverages and processes soft capsules for other pharmaceutical firms.

Price/Volume 160000

.2 M

140000

.2 M

120000

.1 M .1 M

100000

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (27.02.2013) 52-Week Low (24.05.2012) Daily Volume Current Price (2/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 31.12.2012 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance 128940 KS EQUITY YTD Change 128940 KS EQUITY YTD % CHANGE

12/2012 12/yy 153'000.00 48'000.00 57'128.00 152000 -0.65% 216.67% 99.02% 8.3 1'258'729.63 267'818.48 0.0 0.0 14'605.43 1'498'418.98

31.12.2008 -

.1 M

60000

.1 M

40000

.0 M

20000

.0 M

0 f-12 m-12 a-12 m-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

Fiscal Year Ended 31.12.2007 Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

.1 M

80000

31.12.2009

Profitability

LTM-4Q 31.12.2010 294'303.6 3.05x (5'525.6) (12'698.7) -

31.12.2011 512'496.8 1.45x 27'361.9 27.25x (8'135.2) 27'361.91 21'180.08 3.89% -2.30% -1.22% -2.74% 0.77% 49.5% 5.3% 3.9% 1.3% 1.53 1.04 40.45% 89.06% 2.78 3.21

Price/ Cash Flow

LTM

FY+1

.0 M f-13

0.00 0.59 3.50 176.12% 26.14% 0.595 15 4.333 51'058 49'085 55'207 FY+2

FQ+1

FQ+2

12/yy 12/yy 12/12 Y 12/13 Y 03/13 Q1 06/13 Q2 512'496.8 543'792.9 541'497.6 596'090.8 128'213.1 150'210.3 6.39x 4.56x 2.77x 2.47x 11.75x 9.99x 27'361.9 24'524.1 40'035.2 95'491.8 13'009.5 15'766.5 27.25x 0.00x 37.43x 15.69x 23.43x (8'135.2) 7'033.9 5'909.9 25'796.3 2'790.1 4'673.6 0.00x 0.00x 263.98x 48.23x 51.55x 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

1.76 1.04 9.21 9.79 89.1% 47.1% 0.77 3.01 131.45 113.71 57.05 188.11

Sales/Revenue/Turnover

180.00

600'000.0

160.00

500'000.0

140.00

400'000.0

120.00 100.00

300'000.0

80.00

200'000.0

60.00 40.00

100'000.0

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

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 |

27.02.2013

Hanmi Pharm Co Ltd Holdings By:

All

Holder Name HANMI HOLDINGS CO LT NATIONAL PENSION SER SKAGEN AS WELLINGTON MGMT COMP SAMSUNG INVESTMENT T JI-SEOK JUNG KOREA INVESTMENT TRU TRUSTON ASSET MANAGE SHINYOUNG INVESTMENT VANGUARD GROUP INC ZUERCHER KANTONALBAN DIMENSIONAL FUND ADV ALLIANZ GLOBAL INVES MIDAS ASSET MANAGEME SHINHAN BNP PARIBAS GOLDMAN SACHS ASSET TONG YANG INVESTMENT PCA INVESTMENT TRUST ASSETPLUS INVESTMENT GOLDMAN SACHS ASSET

Firm Name NH Investment & Securities Tong Yang Investment Bank Woori Investment & Securities KTB Securities Hyundai Securities Daewoo Securities Samsung Securities Shinhan Investment Corp HI Investment Securities KIWOOM Securities Co Ltd EVA Dimensions Hana Daetoo Securities Hanwha Securities Co., Ltd Korea Investment & Securities IBK Securities Co Ltd

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 Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios

Analyst TAE HEE KIM MI-HYUN KIM LEE SEUNG-HO LEE HYE-RIN KIM HYE-RIM KIM NA-YEON JUNGHYUN SHIN BAE KIDAL LEE ALEUM KIM JI-HYUN ANDREW S ZAMFOTIS CHO YOON-JUNG JUNG BO-RA LEE JUNG-IN KIM HYUN-WOOK

Source EXCH EXCH EXCH EXCH EXCH EXCH 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 buy buy hold buy buy buy trading buy buy buy underweight buy buy hold neutral

Amt Held 3'312'817 778'448 565'481 416'632 313'761 112'235 105'322 98'556 75'101 51'818 51'278 46'933 42'458 38'500 28'772 22'628 21'691 20'213 19'179 17'052

% Out 40 9.4 6.83 5.03 3.79 1.36 1.27 1.19 0.91 0.63 0.62 0.57 0.51 0.46 0.35 0.27 0.26 0.24 0.23 0.21

Weighting

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

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

Latest Chg 157'753 88'056 (87'593) (100'618) (97'583) 2'407 (39'131) 480 (13'707) 13'218 3'513 (1'826) (39'955) 20'213 2'064 7'413

Target Price 170'000 160'000 180'000 140'000 170'000 180'000 190'000 157'000 152'381 207'000 #N/A N/A 190'476 117'143 #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 01.01.2013 12.10.2012 07.02.2013 03.08.2010 05.10.2012 31.12.2010 28.09.2012 28.09.2012 28.09.2012 31.12.2012 31.10.2012 31.07.2012 28.09.2012 28.09.2012 28.09.2012 28.09.2012 28.09.2012 28.09.2012 28.09.2012 31.10.2012

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

Inst Type Corporation Investment Advisor Mutual Fund Manager n/a Investment Advisor n/a Investment Advisor Mutual Fund Manager Mutual Fund Manager Investment Advisor Mutual Fund Manager Investment Advisor Mutual Fund Manager Investment Advisor Investment Advisor Mutual Fund Manager Mutual Fund Manager Mutual Fund Manager Mutual Fund Manager Investment Advisor

Date 19.02.2013 18.02.2013 18.02.2013 18.02.2013 12.02.2013 08.02.2013 08.02.2013 08.02.2013 08.02.2013 08.02.2013 17.01.2013 09.12.2012 25.10.2012 28.09.2012 25.09.2012

27.02.2013

Green Cross Corp/South Korea Green Cross Corporation manufactures household medical drugs. The Company's product includes medicines for cold and fever, nutrition, antiseptic drug, and a lip balm.

Price/Volume

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (15.10.2012) 52-Week Low (22.03.2012) Daily Volume Current Price (2/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 31.12.2012 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance 006280 KS EQUITY YTD Change 006280 KS EQUITY YTD % CHANGE

12/2012 09/yy 176'500.00 114'000.00 23'161.00 147000 -16.71% 28.95% 49.60% 10.1 1'489'255.38 21'140.66 0.0 0.0 79'892.66 1'480'286.38

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

.1 M .1 M .1 M .1 M .1 M .0 M .0 M j-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

Fiscal Year Ended 31.12.2008 516'096.7 1.92x 78'352.0 12.64x 48'872.7 16.91x

200000 180000 160000 140000 120000 100000 80000 60000 40000 20000 0 f-12 m-12 a-12 m-12

31.12.2009 31.12.2010 643'208.3 791'015.3 1.85x 1.63x 136'133.4 164'863.3 8.76x 7.84x 80'524.4 104'688.6 13.97x 12.25x Profitability

LTM-4Q 31.12.2011 698'866.0 2.03x 89'954.0 15.76x 54'075.0 26.96x

31.12.2012 89'954.00 77'735.00 11.12% 11.60% 6.98% 9.34% 9.01% 0.90% 34.6% 12.9% 11.1% 7.7% 2.80 1.68 2.60% 3.42% 4.00 2.49

Price/ Cash Flow

LTM

FY+1

.0 M f-13

1.02 0.39 12.38% 6.14% 0.390 23 4.391 29'278 28'432 36'462 FY+2

FQ+1

FQ+2

09/yy 09/yy 12/13 Y 12/14 Y 03/13 Q1 06/13 Q2 528'210.0 715'199.0 772'465.0 831'254.0 168'636.0 180'704.0 10.95x 8.22x 1.87x 1.74x 8.55x 7.92x 86'238.2 93'962.0 94'756.0 119'644.0 20'425.0 18'051.0 19.08x 18.14x 15.62x 12.37x 15.62x 49'271.0 57'657.9 62'521.0 76'424.0 13'783.0 11'241.0 36.80x 29.92x 23.82x 19.49x 23.82x 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

30.10 20.02 -0.65 0.24 3.4% 3.3% 0.90 3.12 91.21 146.75 54.30 183.66

Sales/Revenue/Turnover

35.00

900'000.0

30.00

800'000.0 700'000.0

25.00

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 03.01.2009

100'000.0 0.0 03.07.2009

03.01.2010

03.07.2010

03.01.2011

03.07.2011

03.01.2012

03.07.2012

03.01.2013

2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011

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

27.02.2013

Green Cross Corp/South Korea Holdings By:

All

Holder Name GREEN CROSS HOLDINGS MOK AM RESEARCH INST NATIONAL PENSION SER MATTHEWS INTERNATION MATTHEWS INTER FUND MATTHEWS INTERNATION ALLIANZ GLOBAL INVES IL-SUP HUH MANNING & NAPIER ADV EMPLOYEE STOCK OWNER PICTET ASSET MANAGEM MAPS INVESTMENT MANA MIRAE ASSET GLOBAL I SAMSUNG INVESTMENT T VANGUARD GROUP INC KB ASSET MANAGEMENT DIMENSIONAL FUND ADV ZUERCHER KANTONALBAN NIPPON LIFE INSURANC KOREA INVESTMENT TRU

Firm Name NH Investment & Securities HSBC Tong Yang Investment Bank Woori Investment & Securities KTB Securities Nomura Daewoo Securities Korea Investment & Securities Hyundai Securities Samsung Securities Shinyoung Securities Co., Ltd. Shinhan Investment Corp Hanwha Securities Co., Ltd HI Investment Securities KIWOOM Securities Co Ltd Macquarie EVA Dimensions SK Securities Co Ltd Hana Daetoo Securities IBK Securities Co Ltd Leading Investment & Securities LIG Investment Securities Standard Chartered Kyobo Securities

Portfolio Name 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 Multiple Portfolios Multiple Portfolios n/a Multiple Portfolios

Analyst TAE HEE KIM NAM PARK MI-HYUN KIM LEE SEUNG-HO LEE HYE-RIN MOTOYA KOHTANI KIM NA-YEON SANGEUN LEE KIM HYE-RIM JUNGHYUN SHIN KIM HYUN-TAE BAE KIDAL JUNG BO-RA LEE ALEUM KIM JI-HYUN EUNICE BU ANDREW S ZAMFOTIS HA TAE-GI CHO YOON-JUNG KIM HYUN-WOOK HAN YONG-BEUM CHAN-HO LEE BOYOUNG KIM YEOM DONG-YEON

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

Recommendation market perform overweight buy buy hold buy trading buy buy buy hold buy buy buy buy outperform underperform sell buy buy buy buy buy outperform buy

Amt Held 5'075'100 4'715'710 936'091 833'207 783'049 719'049 187'270 157'248 138'440 112'491 111'577 97'258 75'532 56'504 54'251 35'598 34'985 28'000 27'266 26'351

% Out 50.09 46.55 9.24 8.22 7.73 7.1 1.85 1.55 1.37 1.11 1.1 0.96 0.75 0.56 0.54 0.35 0.35 0.28 0.27 0.26

Weighting

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

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

Latest Chg 102'314 164'011 99'000 15'000 38'022 15'313 (280) (20'833) (11'164) (8'148) 1'149 (3'270) (2'731)

Target Price #N/A N/A 170'000 154'000 170'000 150'000 163'000 165'000 175'000 180'000 150'000 161'000 162'000 170'000 155'000 157'000 110'000 #N/A N/A 174'000 200'000 184'000 225'000 165'000 178'000 191'000

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

File Dt 04.01.2013 27.12.2012 03.07.2012 06.12.2012 06.12.2012 28.09.2012 28.09.2012 04.01.2013 31.12.2012 31.12.2011 30.11.2012 28.09.2012 28.09.2012 28.09.2012 31.12.2012 28.09.2012 31.07.2012 31.10.2012 20.09.2011 28.09.2012

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

Inst Type Corporation n/a Investment Advisor n/a n/a Investment Advisor Mutual Fund Manager n/a Investment Advisor n/a Investment Advisor Mutual Fund Manager Investment Advisor Investment Advisor Investment Advisor Mutual Fund Manager Investment Advisor Mutual Fund Manager Insurance Company Investment Advisor

Date 19.02.2013 19.02.2013 18.02.2013 18.02.2013 18.02.2013 18.02.2013 04.02.2013 04.02.2013 04.02.2013 04.02.2013 04.02.2013 04.02.2013 04.02.2013 04.02.2013 04.02.2013 02.02.2013 17.01.2013 07.01.2013 09.12.2012 29.10.2012 13.08.2012 24.05.2012 03.05.2012 16.08.2011

27.02.2013

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

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (16.03.2012) 52-Week Low (07.02.2013) Daily Volume Current Price (2/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 31.12.2012 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 12/yy 109'000.00 68'800.00 97'832.00 73300 -32.75% 6.54% 12.69% 20.2 1'478'516.25 2'116'305.36 0.0 0.0 396'721.68 3'098'030.40

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 f-12 m-12 a-12 m-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

Fiscal Year Ended 31.12.2008 1'415'644.1 0.26x 94'436.9 3.89x 56'410.6 6.74x

120000

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

1.20 9.40 -18.92% -10.94% 1.199 40 4.000 120'720 115'657 111'482 FY+2

FQ+1

FQ+2

31.12.2012 12/yy 12/yy 12/13 Y 12/14 Y 03/13 Q1 06/13 Q2 5'071'753.1 ######### ######### ######### ######### ######### ######### 3.24x 2.03x 0.56x 0.45x - 304'459.9 304'175.7 578'978.0 724'416.0 10.14x 0.00x 5.35x 4.28x (41'089.1) (164'342.2) (41'088.8) 16'925.5 131'415.0 11'300.0 19'600.0 0.00x 0.00x 11.24x S&P Issuer Ratings 304'460.92 Long-Term Rating Date -315.54 Long-Term Rating -0.01% Long-Term Outlook -4.67% Short-Term Rating Date -2.08% Short-Term Rating -6.87% Credit Ratios - EBITDA/Interest Exp. 1.06% (EBITDA-Capex)/Interest Exp. Net Debt/EBITDA 7.5% Total Debt/EBITDA 7.9% Reference -0.7% Total Debt/Equity -0.8% Total Debt/Capital Asset Turnover 1.14 Net Fixed Asset Turnover 0.87 Accounts receivable turnover-days 49.83% Inventory Days 163.32% Accounts Payable Turnover Day 4.74 Cash Conversion Cycle 13.02

Price/ Cash Flow

.0 M f-13

3.08 -3.47 4.34 5.42 163.3% 62.0% 1.06 2.22 77.17 28.10 47.25 51.37

Sales/Revenue/Turnover

250.00

6'000'000.0

200.00

5'000'000.0 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

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 |

27.02.2013

LG Innotek Co Ltd Holdings By:

All

Holder Name LG ELECTRONICS INC NATIONAL PENSION SER NORGES BANK MIRAE ASSET GLOBAL I UBS GLOBAL ASSET MAN VANGUARD GROUP INC BLACKROCK DIMENSIONAL FUND ADV DEUTSCHE BANK AG SAMSUNG INVESTMENT T KANEMATSU CORP DWS INVESTMENT SA MAPS INVESTMENT MANA KYOBO AXA INVESTMENT LEGG MASON CAPITAL M KB ASSET MANAGEMENT YURIE ASSET MANAGEME SPP FONDER AB DIMENSIONAL FUND ADV NH-CA ASSET MANAGEME

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

Portfolio Name 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 Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios

Analyst KIM WOON-HO JOHN SUNG KYU JIN EO ANDREW S ZAMFOTIS JIN HO CHO LIM DORI HYUN PARK KEVIN SUNG-HYUK LEE SEAN KIM KWON SUNG-RYUL ROK-HO KIM MICHAEL BANG HANJOON KIM PARK WON-JAE JAE-YEON HWANG BAEK JONG-SUK JONGWOOK LEE HA JOON-DOO HELAINE KANG JANG WOO-YOUNG KIM JI-SAN CHUN SUNG-HOON KIM SUNWOO LEE KA KEUN JOSHUA OH JAMES KIM PETER YU BYUN HAN-JOON YOO-JIN KIM JI MOK-HYUN SONG EUN-JEONG HYUN-YONG KIM KI-YOUNG KIM SOPHIA KIM PARK SEONG-MIN HAN EUNMEE BRIAN SOHN GREG GEUN-CHANG ROH

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

Recommendation outperform underperform buy overweight buy buy buy hold in-line hold buy sell/attractive hold buy buy buy hold trading buy overweight buy outperform neutral equalweight Equalwt/In-Line hold buy hold buy buy buy market perform buy buy buy buy buy overweight hold

Amt Held 9'653'181 1'018'754 799'234 767'082 666'780 495'331 354'074 166'501 123'400 72'003 47'251 33'830 31'192 31'009 20'000 17'671 17'297 15'659 12'905 12'113

% Out 47.86 5.05 3.96 3.8 3.31 2.46 1.76 0.83 0.61 0.36 0.23 0.17 0.15 0.15 0.1 0.09 0.09 0.08 0.06 0.06

Weighting

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

M M M U 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 N M M M M M

Latest Chg (222'796) (258'478) (264'191) (19'019) (306) (3'700) (14'394) (39'895) 11'031 10'300 1'180 11'960 8'708 2'287

Target Price 90'000 58'000 93'000 #N/A N/A 83'000 105'000 90'000 #N/A N/A 77'000 90'000 95'000 58'000 83'800 93'000 100'000 114'000 90'000 83'000 110'000 90'000 85'000 85'000 84'000 90'000 80'000 110'000 88'000 100'000 100'000 100'000 92'000 120'000 98'000 110'000 123'000 98'000 108'000 85'000

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

File Dt 21.03.2012 31.07.2012 21.09.2012 13.11.2009 26.05.2010 31.12.2012 25.02.2013 31.07.2012 31.12.2012 28.09.2012 31.03.2012 28.12.2012 28.09.2012 28.09.2012 31.12.2012 28.09.2012 28.09.2012 31.01.2013 30.11.2012 28.09.2012

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

Inst Type Corporation Investment Advisor Government Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Corporation Mutual Fund Manager Mutual Fund Manager Mutual Fund Manager Investment Advisor Mutual Fund Manager Mutual Fund Manager Investment Advisor Investment Advisor Mutual Fund Manager

Date 27.02.2013 20.02.2013 18.02.2013 18.02.2013 14.02.2013 12.02.2013 12.02.2013 08.02.2013 05.02.2013 05.02.2013 04.02.2013 04.02.2013 01.02.2013 01.02.2013 01.02.2013 01.02.2013 01.02.2013 01.02.2013 01.02.2013 01.02.2013 01.02.2013 01.02.2013 01.02.2013 31.01.2013 31.01.2013 31.01.2013 14.01.2013 04.01.2013 06.12.2012 29.10.2012 26.10.2012 24.10.2012 09.10.2012 06.09.2012 01.08.2012 27.07.2012 26.07.2012 19.06.2012

27.02.2013

SKC Co Ltd SKC Co., Ltd. manufactures media materials, such as video and audiotapes, floppy disks, data storages, and compact disks. The Company also produces a variety of films, including polyester films, silicon coated films, and inkjet films and chemical products, such as propylene oxide, propylene glycol, and styrene monomer. In addition, SKC provides telecommunication equipment.

Price/Volume 60000

.7 M .6 M .5 M

30000

Latest Fiscal Year: LTM as of: 52-Week High (02.03.2012) 52-Week Low (08.02.2013) Daily Volume Current Price (2/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 31.12.2012 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance 011790 KS EQUITY YTD Change 011790 KS EQUITY YTD % CHANGE

12/2012 12/yy 49'700.00 32'700.00 160'875.00 34600 -30.38% 5.81% 11.18% 36.2 1'253'041.13 792'645.64 0.0 0.0 30'062.16 2'231'049.87

.4 M

20000

.3 M .2 M

10000

.1 M

0 f-12 m-12 a-12 m-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

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

.8 M

40000

Valuation Analysis

31.12.2008 1'018'550.4 1.32x 143'259.6 9.41x 10'189.2 33.40x

.9 M

50000

31.12.2009 31.12.2010 1'207'891.3 1'463'267.3 1.12x 1.34x 158'255.2 210'628.2 8.56x 9.34x 10'317.3 130'621.7 65.80x 10.46x Profitability

LTM-4Q 31.12.2011 1'687'461.2 1.27x 266'138.7 8.05x 139'263.0 9.82x

LTM

FY+1

1.45 0.89 16.32 -27.04% -17.81% 0.894 16 4.750 298'703 240'951 206'106 FY+2

FQ+1

FQ+2

31.12.2012 12/yy 12/yy 12/13 Y 12/14 Y 03/13 Q1 06/13 Q2 1'760'998.0 ######### ######### ######### ######### 471'310.3 550'992.7 5.96x 4.29x 1.01x 0.82x 4.72x 4.01x - 265'993.8 173'037.7 300'226.8 348'079.5 8.05x 0.00x 7.43x 6.41x 80'996.5 139'263.0 80'996.5 140'596.3 189'762.3 21'084.0 29'391.3 9.82x 0.00x 8.57x 6.59x 10.67x S&P Issuer Ratings 266'138.71 Long-Term Rating Date 165'035.29 Long-Term Rating 9.37% Long-Term Outlook 11.52% Short-Term Rating Date 6.63% Short-Term Rating 13.09% Credit Ratios 9.28% EBITDA/Interest Exp. 0.80% (EBITDA-Capex)/Interest Exp. Net Debt/EBITDA 21.2% Total Debt/EBITDA 15.8% Reference 9.4% Total Debt/Equity 4.6% Total Debt/Capital Asset Turnover 1.09 Net Fixed Asset Turnover 0.61 Accounts receivable turnover-days 35.19% Inventory Days 71.88% Accounts Payable Turnover Day 8.92 Cash Conversion Cycle 9.02

Price/ Cash Flow

.0 M f-13

7.77 0.74 2.87 2.98 71.9% 41.8% 0.80 1.49 40.92 40.47 34.03 47.35

Sales/Revenue/Turnover

14.00

2'000'000.0 1'800'000.0

12.00

1'600'000.0 10.00

1'400'000.0 1'200'000.0

8.00

1'000'000.0 800'000.0

6.00

600'000.0

4.00

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

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 |

27.02.2013

SKC Co Ltd Holdings By:

All

Holder Name SK HOLDINGS CO LTD NATIONAL PENSION SER LS ASSET MANAGEMENT ALLIANCEBERNSTEIN CO UBS HANA ASSET MANAG SHIN-WON CHOI TRUSTON ASSET MANAGE SKC CO LTD SAMSUNG INVESTMENT T SHINHAN BNP PARIBAS ALLIANCE BERNSTEIN ALLIANZ ASSET MANAGE MIRAE ASSET GLOBAL I VANGUARD GROUP INC CONSUS ASSET MANAGEM DIMENSIONAL FUND ADV ING INVESTMENT MANAG PRUDENTIAL ASSET MAN SANFORD C BERNSTEIN JAE-WON CHEY

Firm Name

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

Analyst

NH Investment & Securities CHOI JI-HWAN Tong Yang Investment Bank HWANG KYU-WON Hyundai Securities BAEK YOUNG-CHAN Standard Chartered DANIEL DO YEON LEE Korea Investment & Securities JUNGSOO KIM Samsung Securities SEUNGWOO KIM SK Securities Co Ltd SOHN JI-WOO Kyobo Securities YOUNG-JOO SON Meritz Securities Co., Ltd HWANG YOU SIK EVA Dimensions CRAIG STERLING Eugene Investment & Securities Co., LtdKWAK JIN-HEE Daishin Securities Co., Ltd. AHN SANG-HEE Woori Investment & Securities THOMAS BAE HI Investment Securities LEE HEE-CHEOL YuHwa Securities Ltd PARK GUN-TAE Bookook Securities Co Ltd CHOI SANG-DO

Source EXCH EXCH EXCH EXCH MF-AGG EXCH MF-AGG EXCH MF-AGG MF-AGG ULT-AGG ULT-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG EXCH

Recommendation buy buy buy outperform buy buy buy trading buy buy underweight buy buy buy buy buy buy

Amt Held 15'390'000 3'433'118 2'000'000 1'472'500 832'542 599'793 318'403 288'873 259'709 255'430 239'800 206'641 201'103 200'155 156'384 137'317 118'620 114'425 114'140 98'955

% Out 42.5 9.48 5.52 4.07 2.3 1.66 0.88 0.8 0.72 0.71 0.66 0.57 0.56 0.55 0.43 0.38 0.33 0.32 0.32 0.27

Weighting

Change 5 5 5 5 5 5 5 5 5 1 5 5 5 5 5 5

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

Latest Chg 379'844 (415'390) 828'676 (15'510) (178'240) 77'203 (72'190) (17'760) (12'820) 26'000 5'030 50'960 1'177 33'439 (38'430) -

Target Price 46'000 50'000 40'000 46'000 45'000 48'000 45'000 44'800 52'000 #N/A N/A 50'000 61'000 53'000 58'000 55'000 59'000

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

File Dt 31.10.2012 10.10.2012 10.09.2010 03.01.2012 28.09.2012 24.12.2012 28.09.2012 04.05.2012 28.09.2012 28.09.2012 31.12.2012 31.12.2012 28.09.2012 31.12.2012 28.09.2012 31.07.2012 28.09.2012 28.09.2012 31.12.2012 31.10.2012

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

Inst Type Corporation Investment Advisor n/a Investment Advisor Mutual Fund Manager n/a Mutual Fund Manager Corporation Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Mutual Fund Manager Investment Advisor Mutual Fund Manager Mutual Fund Manager Investment Advisor n/a

Date 26.02.2013 26.02.2013 21.02.2013 19.02.2013 07.02.2013 07.02.2013 07.02.2013 28.01.2013 15.01.2013 15.01.2013 08.01.2013 05.12.2012 12.10.2012 31.07.2012 02.07.2012 12.03.2012

27.02.2013

Daesang Corp Daesang Corporation manufactures food seasonings, fermentations, sweeteners, starches, coffee, fodder, and bulk pharmaceutical ingredients. The Company also constructs commercial buildings, infrastructures, and environmental facilities.

Price/Volume 40000

1.4 M

35000

1.2 M

30000

1.0 M

25000

Latest Fiscal Year: LTM as of: 52-Week High (22.01.2013) 52-Week Low (09.03.2012) Daily Volume Current Price (2/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 31.12.2012 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance 001680 KS EQUITY YTD Change 001680 KS EQUITY YTD % CHANGE

12/2012 12/yy 33'950.00 13'250.00 481'554.00 32650 -3.83% 146.42% 85.75% 34.4 1'123'537.88 464'518.07 0.0 158'679.05 1'403'725.22

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

.6 M

15000 10000

.4 M

5000

.2 M

0 f-12 m-12 a-12 m-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

Fiscal Year Ended 31.12.2008 920'278.5 0.62x 94'179.6 6.05x 1'427.9 152.11x

.8 M

20000

Valuation Analysis

31.12.2009 31.12.2010 1'008'987.8 1'202'371.6 0.58x 0.47x 98'844.2 118'913.5 5.96x 4.72x (5'799.8) 33'492.1 8.32x Profitability

LTM-4Q 31.12.2011 1'392'913.0 0.62x 131'457.0 6.54x 55'363.6 10.51x

LTM

FY+1

0.31 0.75 17.59 119.13% 24.62% 0.750 9 5.000 238'761 351'586 315'208 FY+2

FQ+1

FQ+2

31.12.2012 12/yy 12/yy 12/13 Y 12/14 Y 03/13 Q1 06/13 Q2 1'552'521.2 ######### ######### ######### ######### 401'213.0 436'048.5 2.07x 1.86x 0.79x 0.70x 3.50x 3.20x - 131'457.2 134'404.6 166'389.0 183'975.2 35'889.0 47'167.5 6.54x 0.00x 8.44x 7.63x 8.74x 73'782.5 55'364.3 73'781.8 93'088.0 106'112.2 17'553.3 27'525.3 10.35x 0.00x 12.14x 10.48x 12.96x S&P Issuer Ratings 131'457.00 Long-Term Rating Date 103'397.60 Long-Term Rating 6.66% Long-Term Outlook 5.51% Short-Term Rating Date 4.80% Short-Term Rating 11.23% Credit Ratios 7.32% EBITDA/Interest Exp. 1.21% (EBITDA-Capex)/Interest Exp. Net Debt/EBITDA 30.2% Total Debt/EBITDA 9.4% Reference 6.7% Total Debt/Equity 4.8% Total Debt/Capital Asset Turnover 1.09 Net Fixed Asset Turnover 0.66 Accounts receivable turnover-days 37.49% Inventory Days 90.31% Accounts Payable Turnover Day 12.73 Cash Conversion Cycle 6.33

Price/ Cash Flow

.0 M f-13

8.14 6.18 2.33 3.53 90.3% 47.5% 1.21 2.88 28.68 57.63 21.60 64.71

Sales/Revenue/Turnover

25.00

1'800'000.0 1'600'000.0

20.00

1'400'000.0 1'200'000.0

15.00

1'000'000.0 800'000.0

10.00

600'000.0 400'000.0

5.00

200'000.0 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

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 |

27.02.2013

Daesang Corp Holdings By:

All

Holder Name DAESANG HOLDINGS CO NATIONAL PENSION SER SAMSUNG INVESTMENT T DIMENSIONAL FUND ADV FMR LLC KOREA INVESTMENT TRU SHINYOUNG INVESTMENT VANGUARD GROUP INC MIDAS ASSET MANAGEME ALLIANZ GLOBAL INVES ALLIANZ ASSET MANAGE ROBECO INVESTOR SERV PCA INVESTMENT TRUST PRUDENTIAL ASSET MAN KYOBO AXA INVESTMENT ING INVESTMENT MANAG MAPS INVESTMENT MANA CAUSEWAY CAPITAL MAN FRANK RUSSELL TRUST MIRAE ASSET GLOBAL I

Firm Name IBK Securities Co Ltd Kyobo Securities Hyundai Securities Daewoo Securities Daishin Securities Co., Ltd. Dongbu Securities Co Ltd KTB Securities KIWOOM Securities Co Ltd EVA Dimensions

Analyst PARK AE-RAN JEONG SEONG-HOON JI GI-CHANG BAEK WOON-MOK LEE SUN-KYOUNG CHA JAE-HEON KIM MIN-JEONG WOO WON-SUNG AUSTIN BURKETT

Source EXCH EXCH EXCH MF-AGG ULT-AGG MF-AGG MF-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 buy overweight

Amt Held 13'599'556 3'218'256 2'715'606 540'299 350'000 281'900 222'360 219'840 143'386 137'700 133'890 127'280 122'144 105'240 68'810 57'841 56'722 56'090 55'560 49'742

% Out 39.52 9.35 7.89 1.57 1.02 0.82 0.65 0.64 0.42 0.4 0.39 0.37 0.35 0.31 0.2 0.17 0.16 0.16 0.16 0.14

Weighting

Change 5 5 5 5 5 5 5 5 5

M M M M M M M M M

Latest Chg 390'378 456'829 343'756 217'500 190'590 (119'800) (77'490) 640 114'040 82'766 36'890 (316'450) 57'120 11'671 (11'160) (555)

Target Price 35'000 40'000 40'000 36'000 33'000 37'000 36'000 35'000 #N/A N/A

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

File Dt 15.04.2011 16.11.2012 02.11.2012 31.07.2012 31.12.2012 28.09.2012 28.09.2012 31.12.2012 28.09.2012 28.09.2012 31.01.2013 31.12.2012 28.09.2012 28.09.2012 28.09.2012 28.09.2012 28.09.2012 31.12.2012 31.05.2012 28.09.2012

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

Inst Type Corporation Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Mutual Fund Manager Investment Advisor Investment Advisor Mutual Fund Manager Investment Advisor Investment Advisor Mutual Fund Manager Mutual Fund Manager Mutual Fund Manager Mutual Fund Manager Mutual Fund Manager Investment Advisor Investment Advisor Investment Advisor

Date 22.02.2013 14.02.2013 01.02.2013 29.01.2013 29.01.2013 29.01.2013 29.01.2013 29.01.2013 17.01.2013

27.02.2013

STX Pan Ocean Co Ltd STX Pan Ocean Co., Ltd is a Korean shipping company that engages in marine transportation business. The Company provides bulk cargo carrier, pure car and truck carrier, container and tanker services.

Price/Volume 9000 8000 7000 6000 5000 4000

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (15.03.2012) 52-Week Low (05.12.2012) Daily Volume Current Price (2/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 31.12.2012 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance 028670 KS EQUITY YTD Change 028670 KS EQUITY YTD % CHANGE

12/2012 12/yy 8'520.00 2'750.00 1'653'803.00 4860 -42.96% 76.73% 36.74% 205.9 1'000'471.94 3'253'400.00 0.0 0.0 328'874.00 4'998'881.91

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

2000 1000 0 f-12 m-12 a-12 m-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

Market Data

Fiscal Year Ended 31.12.2008 8'267'278.7 0.25x 842'116.3 2.50x 577'846.6 3.33x

3000

31.12.2009 31.12.2010 3'989'252.0 5'768'938.0 0.94x 0.76x 23'761.0 335'130.0 158.18x 13.16x (27'627.0) 109'742.0 21.36x Profitability

LTM-4Q 31.12.2011 5'059'026.0 0.82x 28'000.0 148.90x (4'409.0) -

LTM

FY+1

1.60 98.02 -34.15% 3.08% 1.597 24 3.583 3'207'358 5'142'549 6'013'490 FY+2

FQ+1

FQ+2

31.12.2012 12/yy 12/yy 12/13 Y 12/14 Y 03/13 Q1 06/13 Q2 4'919'475.9 ######### ######### ######### ######### - ######### 3.25x 2.93x - (24'553.0) (78'494.0) 130'413.0 298'692.0 0.00x 0.00x 38.33x 16.74x (456'644.9) (4'409.0) (456'645.0) (163'505.0) (57'069.0) - (19'800.0) 0.00x 0.00x S&P Issuer Ratings 28'000.00 Long-Term Rating Date -196'437.96 Long-Term Rating -3.99% Long-Term Outlook -0.99% Short-Term Rating Date -3.51% Short-Term Rating -9.95% Credit Ratios - EBITDA/Interest Exp. 0.75% (EBITDA-Capex)/Interest Exp. Net Debt/EBITDA -0.4% Total Debt/EBITDA -1.0% Reference -4.2% Total Debt/Equity -9.3% Total Debt/Capital Asset Turnover 1.37 Net Fixed Asset Turnover 0.72 Accounts receivable turnover-days 51.20% Inventory Days 129.51% Accounts Payable Turnover Day 11.24 Cash Conversion Cycle 83.71

Price/ Cash Flow

20.0 M 18.0 M 16.0 M 14.0 M 12.0 M 10.0 M 8.0 M 6.0 M 4.0 M 2.0 M .0 M f-13

0.23 -4.29 -80.26 129.5% 56.4% 0.75 1.03 32.55 4.37 13.48 17.34

Sales/Revenue/Turnover

140.00

9'000'000.0

120.00

8'000'000.0 7'000'000.0

100.00

6'000'000.0

80.00

5'000'000.0

60.00

4'000'000.0 3'000'000.0

40.00

2'000'000.0

20.00 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

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 |

27.02.2013

STX Pan Ocean Co Ltd Holdings By:

All

Holder Name STX CORP KOREA DEVELOPMENT BA STX OFFSHORE & SHIPB EMPLOYEE STOCK OWNER DIMENSIONAL FUND ADV SAMSUNG INVESTMENT T STX PAN OCEAN CO LTD VANGUARD GROUP INC ROBECO INVESTOR SERV JF ASSET MANAGEMENT ROBECO FUND MANAGEME BANK OF NEW YORK MEL JP MORGAN FUNDS LUXE DIMENSIONAL FUND ADV KYOBO AXA INVESTMENT MIRAE ASSET GLOBAL I JOHN HANCOCK ADVISER DUK-SOO KANG KOREA INVESTMENT TRU SHINHAN BNP PARIBAS

Firm Name

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

Analyst

Nomura ANDREW LEE CIMB RAYMOND YAP Daewoo Securities RYU JE-HYUN JAY Samsung Securities EUNKYUNG PARK HMC Investment Securities Co Ltd DONG-JIN KANG Tong Yang Investment Bank KANG SEONGJIN KTB Securities SHIN JI-YOON Fearnley Fonds RIKARD VABO KIWOOM Securities Co Ltd CHO BYUNG-HEE EVA Dimensions CRAIG STERLING Eugene Investment & Securities Co., LtdJOO ICK-CHAN Shinyoung Securities Co., Ltd. UM KYUNG-A Hana Daetoo Securities SEONG-BONG PARK Taurus Investment Securities Co Ltd LEE HEUI-JEONG Daishin Securities Co., Ltd. YANG JI-HWAN Shinhan Investment Corp SHIN MIN-SEOK Goldman Sachs RONALD KEUNG Dongbu Securities Co Ltd KIM HONG-GYUN Deutsche Bank JOE LIEW Meritz Securities Co., Ltd KIM SEUNG CHURL HSBC SHISHIR SINGH Woori Investment & Securities SONG JAE-HAK MARTIN Credit Suisse HUNG BIN TOH

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

Recommendation neutral underperform buy buy hold buy hold sell outperform underweight buy buy buy hold market perform trading buy neutral/neutral buy buy hold underweight buy neutral

Amt Held 56'316'000 30'860'000 14'441'640 4'567'996 2'467'930 1'285'980 1'127'526 1'061'320 999'300 794'830 687'289 319'244 307'120 288'183 277'870 254'369 228'240 214'500 134'940 120'410

% Out 27.36 14.99 7.02 2.22 1.2 0.62 0.55 0.52 0.49 0.39 0.33 0.16 0.15 0.14 0.13 0.12 0.11 0.1 0.07 0.06

Weighting

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

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

Latest Chg 477'367 (6) (545'200) 2'189 7'670 37'280 23'739 210

Target Price 4'221 2'894 6'500 6'500 5'300 7'900 5'000 2'000 5'100 #N/A N/A 6'900 7'700 6'800 5'000 6'000 3'800 3'700 7'000 6'500 5'500 1'600 7'200 6'111

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

File Dt Inst Type 01.02.2013 Holding Company 06.12.2012 Government 01.02.2013 Corporation 30.06.2012 n/a 31.07.2012 Investment Advisor 28.09.2012 Investment Advisor 30.06.2012 n/a 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 30.09.2011 Mutual Fund Manager 31.12.2012 Investment Advisor 25.02.2013 Investment Advisor 30.06.2011 Mutual Fund Manager 30.11.2012 Investment Advisor 28.09.2012 Mutual Fund Manager 28.09.2012 Investment Advisor 30.04.2011 Investment Advisor 01.02.2013 n/a 28.09.2012 Investment Advisor 28.09.2012 Investment Advisor

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

Date 26.02.2013 23.02.2013 22.02.2013 22.02.2013 22.02.2013 22.02.2013 22.02.2013 22.02.2013 22.02.2013 15.01.2013 14.01.2013 14.01.2013 14.01.2013 14.01.2013 21.12.2012 15.11.2012 11.11.2012 23.10.2012 07.09.2012 16.08.2012 15.08.2012 06.07.2012 18.08.2011

27.02.2013

LG Life Sciences Ltd LG Life Sciences Ltd. develops and manufactures biotechnology and genetic products. The Company's main products include medical drugs, such as vaccines, antibiotics, anticancer drugs, and recombinant biological products. LG Life Science also manufactures veterinary medicine and agrochemicals.

Price/Volume 70000

.6 M

60000

.5 M

50000

.4 M

40000

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (29.01.2013) 52-Week Low (23.05.2012) Daily Volume Current Price (2/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 31.12.2012 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance 068870 KS EQUITY YTD Change 068870 KS EQUITY YTD % CHANGE

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

31.12.2009 31.12.2010 327'257.8 334'341.0 3.26x 2.81x 62'851.8 28'198.2 16.96x 33.32x 27'355.9 16'440.1 38.11x 53.78x Profitability

.1 M

10000 0 f-12 m-12 a-12 m-12

LTM-4Q 31.12.2011 372'487.0 1.84x 26'640.9 25.74x 5'797.5 99.42x

31.12.2012 397'623.2 8'123.8 26'640.90 14'869.75 3.74% 1.17% 1.29% 2.36% 0.83% 42.9% 7.2% 3.7% 2.0% 2.25 1.43 32.85% 66.48% 4.37 3.17

Price/ Cash Flow

j-12

a-12

s-12

o-12

n-12

d-12

j-13

LTM

FY+1

.0 M f-13

0.00 0.91 10.28 57.91% 24.08% 0.912 13 4.385 125'340 135'430 124'751 FY+2

FQ+1

FQ+2

12/yy 12/yy 12/13 Y 12/14 Y 03/13 Q1 06/13 Q2 372'487.7 397'623.0 433'021.0 472'276.0 98'395.0 105'746.0 8.53x 5.98x 2.55x 2.34x 11.05x 10.39x 26'641.2 12'460.7 41'725.0 51'043.0 9'580.0 10'466.0 25.74x 0.00x 25.65x 20.96x 25.65x 5'798.7 8'123.7 12'215.5 23'655.0 1'843.0 2'578.0 99.42x 0.00x 84.00x 49.79x 84.00x 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

3.49 -4.67 4.35 6.13 66.5% 39.8% 0.83 1.91 83.58 114.99 40.69 157.88

Sales/Revenue/Turnover

45.00

450'000.0

40.00

400'000.0

35.00

350'000.0

30.00

300'000.0

25.00

250'000.0

20.00

200'000.0

15.00

150'000.0

10.00

100'000.0

5.00

50'000.0

0.00 02.01.2010

.2 M

20000

Fiscal Year Ended 31.12.2008 281'891.5 2.30x 47'141.9 13.76x 15'164.0 44.12x

.3 M

30000

12/2012 12/yy 59'400.00 27'050.00 151'085.00 55900 -5.89% 106.65% 85.16% 16.6 926'653.75 163'391.00 1'181.0 0.0 47'380.00 1'070'049.74

0.0 02.07.2010

02.01.2011

02.07.2011

02.01.2012

02.07.2012

02.01.2013

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 |

27.02.2013

LG Life Sciences Ltd Holdings By:

All

Holder Name LG CORP NATIONAL PENSION SER KOREA INVESTMENT TRU MIRAE ASSET GLOBAL I SHINYOUNG INVESTMENT SAMSUNG INVESTMENT T VANGUARD GROUP INC CI INVESTMENTS INC CI INVESTMENTS INC KB ASSET MANAGEMENT DIMENSIONAL FUND ADV COMMONWEALTH BANK OF KDB ASSET MANAGEMENT CLARIDEN SICAV HYUNDAI INVESTMENTS KYOBO AXA INVESTMENT STATE STREET BLACKROCK MAPS INVESTMENT MANA WOORI ASSET MANAGEME

Firm Name KTB Securities Daewoo Securities Hyundai Securities Samsung Securities Hanwha Securities Co., Ltd KIWOOM Securities Co Ltd HSBC EVA Dimensions Daishin Securities Co., Ltd. Shinhan Investment Corp Hana Daetoo Securities Shinyoung Securities Co., Ltd. Korea Investment & Securities

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

Analyst LEE HYE-RIN KIM NA-YEON KIM HYE-RIM JUNGHYUN SHIN JUNG BO-RA KIM JI-HYUN NAM PARK ANDREW S ZAMFOTIS LEE JEONG-KI BAE KIDAL CHO YOON-JUNG KIM HYUN-TAE LEE JUNG-IN

Source Co File EXCH EXCH EXCH MF-AGG MF-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 buy buy buy buy market perform overweight underweight buy buy buy buy hold

Amt Held 5'044'114 1'226'265 1'091'461 815'375 322'358 191'663 130'396 123'150 119'400 93'584 87'338 60'000 45'761 36'000 35'690 28'026 27'731 22'541 21'986 19'837

% Out 30.43 7.4 6.58 4.92 1.94 1.16 0.79 0.74 0.72 0.56 0.53 0.36 0.28 0.22 0.22 0.17 0.17 0.14 0.13 0.12

Weighting

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

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

Latest Chg (186'671) 263'413 (467'330) (46'830) 65'482 1'810 1'300 320 19'840 2'300 580 (204) 4'930

Target Price 65'000 65'000 68'000 77'000 65'000 61'000 70'000 #N/A N/A 60'000 59'000 65'000 50'000 #N/A N/A

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

File Dt 31.12.2011 08.02.2012 31.12.2012 29.12.2011 28.09.2012 28.09.2012 31.12.2012 30.06.2012 30.06.2012 28.09.2012 31.07.2012 31.10.2012 28.09.2012 28.12.2012 28.09.2012 28.09.2012 25.02.2013 25.02.2013 28.09.2012 28.09.2012

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

Inst Type Holding Company Investment Advisor Investment Advisor Investment Advisor Mutual Fund Manager Investment Advisor Investment Advisor Investment Advisor Investment Advisor Mutual Fund Manager Investment Advisor Bank Investment Advisor Investment Advisor Mutual Fund Manager Mutual Fund Manager Investment Advisor Investment Advisor Mutual Fund Manager Mutual Fund Manager

Date 18.02.2013 30.01.2013 30.01.2013 30.01.2013 30.01.2013 30.01.2013 29.01.2013 15.01.2013 02.01.2013 18.12.2012 10.12.2012 12.11.2012 28.09.2012

27.02.2013

Seoul Broadcasting System Seoul Broadcasting System (SBS) is a commercial television and radio broadcasting company. The Company produces and broadcasts programs, such as news, sports, weather, music, movies, and television drama series.

Price/Volume

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (28.01.2013) 52-Week Low (13.03.2012) Daily Volume Current Price (2/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 31.12.2012 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance 034120 KS EQUITY YTD Change 034120 KS EQUITY YTD % CHANGE

12/2012 12/yy 48'000.00 31'000.00 50'263.00 47250 -1.56% 52.42% 95.29% 18.3 862'434.50 109'081.78 0.0 0.0 160'275.05 846'454.21

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

.7 M .6 M .5 M .4 M .3 M .2 M .1 M j-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

Fiscal Year Ended 31.12.2008 607'216.1 0.91x 35'699.4 15.50x 7'710.7 83.80x

50000 45000 40000 35000 30000 25000 20000 15000 10000 5000 0 f-12 m-12 a-12 m-12

31.12.2009 31.12.2010 555'501.6 682'138.3 1.44x 0.70x 35'916.3 19'022.1 22.33x 25.27x 23'753.7 3'752.4 35.43x 138.11x Profitability

LTM-4Q 31.12.2011 720'570.9 0.87x 105'727.7 5.96x 58'037.2 11.73x

31.12.2012 757'064.0 28'892.0 105'727.72 40'687.00 5.37% 10.68% 7.69% 11.61% 10.11% 0.96% 33.4% 14.7% 5.4% 3.8% 1.49 1.19 12.85% 20.45% 4.17 106.16

Price/ Cash Flow

LTM

FY+1

.0 M f-13

1.59 0.56 9.32 34.82% 11.44% 0.562 16 4.875 62'927 69'165 64'374 FY+2

FQ+1

FQ+2

12/yy 12/yy 12/13 Y 12/14 Y 03/13 Q1 06/13 Q2 720'570.9 757'063.8 783'038.2 861'225.0 148'421.6 214'573.4 3.04x 2.63x 0.95x 0.81x 5.26x 3.67x 105'727.7 51'204.0 108'884.7 123'043.7 10'423.0 35'967.4 5.96x 0.00x 7.77x 6.88x 8.20x 58'037.2 28'891.6 67'316.8 77'395.9 5'489.7 25'019.9 11.73x 0.00x 12.81x 11.15x 12.43x 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

31.23 17.45 -0.74 1.03 20.5% 17.0% 0.96 2.33 87.52 3.44 35.64 55.32

Sales/Revenue/Turnover

25.00

800'000.0 700'000.0

20.00

600'000.0 500'000.0

15.00

400'000.0 10.00

300'000.0 200'000.0

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

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 |

27.02.2013

Seoul Broadcasting System Holdings By:

All

Holder Name SBS MEDIA HOLDINGS C NATIONAL PENSION SER KOREA INVESTMENT & S KOREA INVESTMENT TRU DAEHAN FLOUR MILLS C MIRAE ASSET GLOBAL I MAPS INVESTMENT MANA SHINYOUNG INVESTMENT TRUSTON ASSET MANAGE PRUDENTIAL ASSET MAN TONG YANG INVESTMENT KB ASSET MANAGEMENT SHINHAN BNP PARIBAS KYOBO AXA INVESTMENT DONGBU ASSET MANAGEM ASSETPLUS INVESTMENT KIWOOM ASSET MANAGEM KDB ASSET MANAGEMENT PLUS ASSET MANAGEMEN WOORI ASSET MANAGEME

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 Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios

Analyst

Woori Investment & Securities GENE PARK Hanwha Securities Co., Ltd PARK JONG-SOO Samsung Securities JUNGHYUN SHIN Eugene Investment & Securities Co., LtdLEE WOO-SEUNG Daishin Securities Co., Ltd. KIM HUE-JAE Shinyoung Securities Co., Ltd. HAN SEUNG-HO KTB Securities CHOI CHAN-SEOK HI Investment Securities MIN YOUNG-SANG KB Investment & Securities Co., Ltd HOON CHOI Daewoo Securities JEE-HYUN MOON Korea Investment & Securities KIM SHIWOO HMC Investment Securities Co Ltd HWANG SUNG-JIN Shinhan Investment Corp KYUNG-JIN CHOI SK Securities Co Ltd LEE HYUNJUNG Hyundai Securities HAN IK-HEE Tong Yang Investment Bank LEE KUN-HO BS Securities Co Ltd SHIN GUN SHIK

Source Co File Co File Co File EXCH Co File EXCH 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 buy buy buy buy buy hold buy buy buy not rated buy buy buy buy buy buy

Amt Held 6'338'017 1'580'095 1'480'744 1'120'194 1'014'594 852'074 331'575 261'463 116'070 95'470 75'770 57'812 43'117 35'231 27'929 26'970 23'190 19'886 17'330 15'004

% Out 34.72 8.66 8.11 6.14 5.56 4.67 1.82 1.43 0.64 0.52 0.42 0.32 0.24 0.19 0.15 0.15 0.13 0.11 0.09 0.08

Weighting

Change

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

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

Latest Chg 204'172 (270'913) (10'410) (18'654) 116'070 (12'280) (560) 43'684 4'540 (57'230) (18'810) (650) 23'070 7'070 11'590 (36'880)

Target Price 63'000 52'400 57'000 58'000 53'000 55'000 45'000 62'000 42'000 50'000 #N/A N/A 51'000 58'000 50'000 56'000 45'000 50'000

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

File Dt 30.06.2012 30.06.2012 30.06.2012 31.12.2012 30.06.2012 30.01.2013 28.09.2012 28.09.2012 28.09.2012 28.09.2012 28.09.2012 28.09.2012 28.09.2012 28.09.2012 28.09.2012 28.09.2012 28.09.2012 28.09.2012 28.09.2012 28.09.2012

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

Inst Type n/a Investment Advisor Investment Advisor Investment Advisor Corporation Investment Advisor Mutual Fund Manager Mutual Fund Manager Mutual Fund Manager Mutual Fund Manager Mutual Fund Manager Mutual Fund Manager Investment Advisor Mutual Fund Manager Mutual Fund Manager Mutual Fund Manager Mutual Fund Manager Investment Advisor Mutual Fund Manager Mutual Fund Manager

Date 25.02.2013 20.02.2013 19.02.2013 19.02.2013 18.02.2013 18.02.2013 28.01.2013 28.01.2013 04.01.2013 21.12.2012 13.12.2012 28.11.2012 26.10.2012 09.10.2012 27.07.2012 26.07.2012 13.06.2012

27.02.2013

Huchems Fine Chemical Corp Huchems Fine Chemical Corp. develops and provides fine chemical products. The main products include polyurethane, ammonium nitrate, nitric acid, and ammonia.

Price/Volume 30000 25000 20000 15000

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (26.09.2012) 52-Week Low (21.05.2012) Daily Volume Current Price (2/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 31.12.2012 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance 069260 KS EQUITY YTD Change 069260 KS EQUITY YTD % CHANGE

12/2012 12/yy 27'500.00 19'500.00 53'258.00 23900 -13.09% 22.56% 53.75% 40.9 976'998.25 163'263.81 0.0 0.0 155'449.36 1'048'976.35

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

5000 0 f-12 m-12 a-12 m-12

31.12.2009 31.12.2010 452'230.1 539'341.6 1.27x 1.29x 99'565.2 94'520.7 5.75x 7.35x 66'475.7 67'380.4 9.49x 11.28x Profitability

LTM-4Q 31.12.2011 566'909.5 1.45x 77'901.0 10.57x 53'552.0 15.23x

31.12.2012 706'733.0 52'155.0 77'901.02 66'424.00 9.40% 11.79% 8.58% 12.72% 10.66% 0.91% 15.8% 13.7% 9.4% 7.4% 1.53 1.14 23.34% 36.73% 7.85 21.81

Price/ Cash Flow

j-12

a-12

s-12

o-12

n-12

d-12

j-13

LTM

FY+1

2.93 0.82 20.90 8.88% -7.72% 0.821 17 4.765 98'102 65'739 82'060 FY+2

FQ+1

FQ+2

12/yy 12/yy 12/13 Y 12/14 Y 03/13 Q1 06/13 Q2 566'909.5 706'733.4 874'198.9 953'615.4 211'191.6 213'589.8 6.52x 4.26x 1.07x 0.95x 4.58x 4.45x 77'901.0 71'521.9 138'642.0 152'269.7 32'762.5 33'328.5 10.57x 0.00x 7.57x 6.89x 7.37x 53'552.0 52'155.0 75'033.0 89'633.8 16'312.6 18'724.8 15.23x 0.00x 13.00x 10.89x 12.60x 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

14.49 -0.87 -0.43 2.10 36.7% 26.9% 0.91 2.87 46.48 16.73 34.66 28.55

Sales/Revenue/Turnover

16.00

800'000.0

14.00

700'000.0

12.00

600'000.0

10.00

500'000.0

8.00

400'000.0

6.00

300'000.0

4.00

200'000.0

2.00

100'000.0

0.00 02.01.2010

j-12

Market Data

Fiscal Year Ended 31.12.2008 415'663.1 0.97x 61'663.0 6.56x 40'225.9 11.19x

10000

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

0.0 02.07.2010

02.01.2011

02.07.2011

02.01.2012

02.07.2012

02.01.2013

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 |

27.02.2013

Huchems Fine Chemical Corp Holdings By:

All

Holder Name TAE KWANG IND CO YEON-CHA PARK NH AGRNUSINESS GROUP NATIONAL PENSION SER JEOUNGSAN DEVELOPMEN JU-HWAN PARK ALLIANZ GLOBAL INVES HUCHEMS FINE CHEMICA ROYCE AND ASSOCIATES UBS HANA ASSET MANAG SAMSUNG INVESTMENT T AMERIPRISE FINANCIAL TONG YANG INVESTMENT VANGUARD GROUP INC DIMENSIONAL FUND ADV KYOBO AXA INVESTMENT BESSEMER GROUP INCOR GOLDMAN SACHS ASSET BANK OF NEW YORK MEL MIRAE ASSET GLOBAL I

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 Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios

Analyst

Daewoo Securities PARK YEON-JU Tong Yang Investment Bank HWANG KYU-WON KB Investment & Securities Co., Ltd PARK JAE-CHUL Hyundai Securities KIM DONG-KUN HMC Investment Securities Co Ltd HAN-WOO PARK Shinhan Investment Corp YI EUNG-JU Samsung Securities SEUNGWOO KIM Mirae Asset Securities YOUNG-BAE KWON EVA Dimensions CRAIG STERLING Eugene Investment & Securities Co., LtdKWAK JIN-HEE YuHwa Securities Ltd PARK GUN-TAE LIG Investment Securities PARK YOUNG-HOON Woori Investment & Securities THOMAS BAE Korea Investment & Securities PARK KIYONG HI Investment Securities MYUNG-HYUN LEE Deutsche Bank SHAWN PARK Bookook Securities Co Ltd CHOI SANG-DO

Source Co File EXCH Co File Co File Co File EXCH MF-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 buy buy buy buy buy underweight buy buy buy buy buy buy buy buy

Amt Held 4'620'808 4'449'761 3'406'400 3'403'298 2'520'046 1'074'696 699'630 431'171 420'756 403'749 379'731 297'060 260'812 224'376 174'563 151'490 104'698 103'020 102'939 70'494

% Out 11.3 10.89 8.33 8.33 6.16 2.63 1.71 1.05 1.03 0.99 0.93 0.73 0.64 0.55 0.43 0.37 0.26 0.25 0.25 0.17

Weighting

Change 5 5 5 5 5 5 5 5 1 5 5 5 5 5 5 5 5

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

Latest Chg 2'330 (64'300) 161'813 (158'809) (470) (75'600) 94'710 (174'480) (15'440)

Target Price 35'000 30'000 29'000 30'000 33'000 33'000 31'000 33'000 #N/A N/A 30'000 28'000 32'000 29'000 29'000 32'000 30'000 28'000

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

File Dt 30.09.2012 18.12.2012 30.09.2012 30.09.2012 30.09.2012 23.03.2012 28.09.2012 30.09.2012 31.12.2012 28.09.2012 28.09.2012 31.12.2012 28.09.2012 31.12.2012 31.07.2012 28.09.2012 31.10.2012 28.09.2012 25.02.2013 28.09.2012

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

Inst Type n/a n/a n/a Investment Advisor Other n/a Mutual Fund Manager n/a Investment Advisor Mutual Fund Manager Investment Advisor Investment Advisor Mutual Fund Manager Investment Advisor Investment Advisor Mutual Fund Manager Investment Advisor Mutual Fund Manager Investment Advisor Investment Advisor

Date 26.02.2013 26.02.2013 26.02.2013 21.02.2013 15.02.2013 15.02.2013 14.02.2013 14.02.2013 15.01.2013 08.01.2013 17.12.2012 27.11.2012 22.11.2012 09.11.2012 09.11.2012 25.09.2012 18.06.2012

27.02.2013

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 30000 25000 20000 15000

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (12.03.2012) 52-Week Low (08.02.2013) Daily Volume Current Price (2/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 31.12.2012 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 12/yy 25'850.00 12'100.00 197'948.00 12450 -51.84% 2.89% 3.27% 61.8 769'712.44 3'176'440.00 0.0 0.0 1'253'660.90 2'895'559.17

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

5000 0 f-12 m-12 a-12 m-12

j-12

a-12

s-12

o-12

n-12 d-12

j-13

Market Data

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

6.02 1.29 33.45 -44.96% -9.12% 1.289 32 2.688 191'953 211'290 343'495 FY+2

FQ+1

FQ+2

31.12.2012 12/yy 12/yy 12/13 Y 12/14 Y 03/13 Q1 06/13 Q2 4'969'375.4 ######### ######### ######### ######### ######### ######### 2.64x 2.01x 0.49x 0.45x - 420'119.5 69'025.5 346'345.3 389'681.8 7.53x 0.00x 8.36x 7.43x (225'167.1) 10'952.2 (225'167.4) (8'408.3) 34'238.1 (1'633.3) (1'966.7) 113.26x 0.00x 23.19x S&P Issuer Ratings 420'120.74 Long-Term Rating Date -115'005.87 Long-Term Rating -2.31% Long-Term Outlook 1.07% Short-Term Rating Date 0.14% Short-Term Rating 0.38% Credit Ratios 0.63% EBITDA/Interest Exp. 0.77% (EBITDA-Capex)/Interest Exp. Net Debt/EBITDA 7.2% Total Debt/EBITDA 7.1% Reference -2.3% Total Debt/Equity -4.5% Total Debt/Capital Asset Turnover 1.07 Net Fixed Asset Turnover 0.64 Accounts receivable turnover-days 40.31% Inventory Days 111.92% Accounts Payable Turnover Day 7.14 Cash Conversion Cycle 4.20

Price/ Cash Flow

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 f-13

2.87 1.00 4.58 7.56 111.9% 52.8% 0.77 1.93 51.12 86.80 111.68 26.25

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

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 |

27.02.2013

Dongkuk Steel Mill Co Ltd Holdings By:

All

Holder Name SAE-JOO CHANG JFE STEEL INTER NAT SAE-WOOK JANG NATIONAL PENSION SER VANGUARD GROUP INC DONGKUK STEEL MILL C DIMENSIONAL FUND ADV SAMSUNG INVESTMENT T BANK OF NEW YORK MEL SUMITOMO MITSUI TRUS DIMENSIONAL FUND ADV KYOBO AXA INVESTMENT MIRAE ASSET GLOBAL I HANWHA INVESTMENT TR MACQUARIE GROUP LTD KB ASSET MANAGEMENT NH-CA ASSET MANAGEME KOREA INVESTMENT TRU UBS HANA ASSET MANAG EATON VANCE MANAGEME

Firm Name Nomura HMC Investment Securities Co Ltd KIWOOM Securities Co Ltd Mirae Asset Securities DBS Vickers Woori Investment & Securities Daewoo Securities Tong Yang Investment Bank EVA Dimensions SK Securities Co Ltd Hanwha Securities Co., Ltd Kyobo Securities KTB Securities KB Investment & Securities Co., Ltd IBK Securities Co Ltd Daishin Securities Co., Ltd. Morgan Stanley Hana Daetoo Securities Samsung Securities BNP Paribas Equity Research Korea Investment & Securities Daiwa Securities Co. Ltd. Standard Chartered HI Investment Securities Deutsche Bank Goldman Sachs HSBC Hyundai Securities

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 Multiple Portfolios Multiple Portfolios n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios

Analyst CINDY PARK PARK HYUN-WOOK CHANG-HO KIM KWON HAE-SOON LEE EUN YOUNG WILL BYUN JEON SEUNG-HUN KEE-HYUN PARK CRAIG STERLING LEE WON JAE KIM KANG-OH UM JIN-SEOK SHIM HYE-SUN KIM HYUN-TAE PARK BYUNGCHIL MOON JEONG-UP YOUNG SUK SHIN KIM JUNG-WOOK CHRIS KIM JONGIK KWON MOON SUN CHOI CHUNG SUNG-YOP JAMES KP HONG BANG MINJIN CHANWOOK PARK SEUNG SHIN BRIAN CHO KIM JI-HWAN

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

Recommendation reduce buy market perform hold hold hold hold hold underweight neutral market perform trading buy hold hold neutral market perform Equalwt/In-Line neutral hold reduce hold hold in-line hold hold Sell/Neutral neutral market perform

Amt Held 9'232'765 9'199'317 6'320'000 2'336'888 1'968'414 1'245'512 1'025'589 247'373 237'300 162'550 100'760 95'160 93'185 88'260 62'770 53'675 53'040 50'359 46'533 45'830

% Out 14.93 14.88 10.22 3.78 3.18 2.01 1.66 0.4 0.38 0.26 0.16 0.15 0.15 0.14 0.1 0.09 0.09 0.08 0.08 0.07

Weighting

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

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

Latest Chg (830'719) (56'220) (103'149) 161'000 1'460 12'620 51'860 12'470 (16'050) 5'070 8'055 -

Target Price 11'500 15'600 13'000 14'000 13'000 15'000 #N/A N/A #N/A N/A #N/A N/A 15'000 16'000 16'000 14'000 11'000 #N/A N/A 15'500 15'000 23'000 17'000 12'100 #N/A N/A 15'000 16'000 18'000 15'000 10'000 18'000 22'500

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

File Dt 27.12.2012 30.05.2012 27.12.2012 14.10.2011 31.12.2012 31.12.2011 31.07.2012 28.09.2012 25.02.2013 10.05.2012 30.11.2012 28.09.2012 28.09.2012 28.09.2012 30.06.2011 28.09.2012 28.09.2012 28.09.2012 28.09.2012 31.12.2012

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

Inst Type n/a n/a n/a Investment Advisor Investment Advisor Corporation Investment Advisor Investment Advisor Investment Advisor Bank Investment Advisor Mutual Fund Manager Investment Advisor Mutual Fund Manager Investment Advisor Mutual Fund Manager Mutual Fund Manager Investment Advisor Mutual Fund Manager Investment Advisor

Date 22.02.2013 07.02.2013 06.02.2013 06.02.2013 25.01.2013 22.01.2013 21.01.2013 17.01.2013 15.01.2013 13.01.2013 11.01.2013 10.01.2013 07.01.2013 02.01.2013 03.12.2012 30.11.2012 29.11.2012 26.11.2012 21.11.2012 19.10.2012 28.09.2012 29.08.2012 22.08.2012 10.08.2012 21.06.2012 21.06.2012 17.06.2012 03.05.2012

27.02.2013

Nexen Tire Corp Nexen Tire Corporation manufactures, markets, and exports tires and inner tubes for automobiles, industrial and agricultural machinery, and construction equipment.

Price/Volume

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (05.06.2012) 52-Week Low (05.02.2013) Daily Volume Current Price (2/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 31.12.2012 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance 002350 KS EQUITY YTD Change 002350 KS EQUITY YTD % CHANGE

12/2012 12/yy 22'400.00 11'800.00 492'170.00 15100 -32.59% 27.97% 31.13% 94.9 1'433'295.88 711'028.79 3'250.0 0.0 66'091.70 2'081'483.02

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

2.5 M

20000

2.0 M

15000

1.5 M

10000

1.0 M

5000

.5 M

0 f-12 m-12 a-12 m-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

Fiscal Year Ended 31.12.2008 754'641.4 0.66x 102'716.0 4.82x (15'952.0) -

25000

31.12.2009 31.12.2010 966'207.4 1'080'302.5 0.78x 0.87x 216'969.3 157'310.6 3.46x 6.01x 114'324.7 76'743.1 5.55x 10.27x Profitability

LTM-4Q 31.12.2011 1'177'016.7 1.91x 136'608.4 16.44x 90'798.8 20.37x

LTM

FY+1

0.40 1.02 24.66 -5.28% -5.63% 1.018 31 4.161 1'166'401 642'594 532'744 FY+2

FQ+1

FQ+2

31.12.2012 12/yy 12/yy 12/13 Y 12/14 Y 03/13 Q1 06/13 Q2 1'361'164.5 ######### ######### 1.57x 7.18x 6.87x 204'400.4 136'608.4 204'400.4 10.48x 16.44x 10.48x 127'182.9 90'798.8 127'182.9 156'600.0 175'400.0 12.57x 20.09x 12.56x 12.63x 10.52x S&P Issuer Ratings 204'400.38 Long-Term Rating Date 147'638.55 Long-Term Rating 10.85% Long-Term Outlook 11.07% Short-Term Rating Date 7.83% Short-Term Rating 20.64% Credit Ratios 11.24% EBITDA/Interest Exp. 0.84% (EBITDA-Capex)/Interest Exp. Net Debt/EBITDA 26.7% Total Debt/EBITDA 15.0% Reference 10.8% Total Debt/Equity 9.3% Total Debt/Capital Asset Turnover 1.27 Net Fixed Asset Turnover 0.79 Accounts receivable turnover-days 42.04% Inventory Days 105.86% Accounts Payable Turnover Day 4.87 Cash Conversion Cycle 5.76

Price/ Cash Flow

.0 M f-13

7.39 0.78 3.16 3.48 105.9% 51.3% 0.84 1.56 75.09 63.49 20.83 117.76

Sales/Revenue/Turnover

60.00

1'600'000.0 1'400'000.0

50.00

1'200'000.0 40.00

1'000'000.0 800'000.0

30.00

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

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 |

27.02.2013

Nexen Tire Corp Holdings By:

All

Holder Name NEXEN CORP BYUNG-JOONG KANG NATIONAL PENSION SER MIRAE ASSET GLOBAL I ALLIANZ GLOBAL INVES SAMSUNG INVESTMENT T HO-CHAN KANG NEXEN TIRE CORPORATI ALLIANZ ASSET MANAGE COLUMBIA WANGER ASSE PCA INVESTMENT TRUST UBS HANA ASSET MANAG CARNEGIE FONDER AB/S VANGUARD GROUP INC MYASSET INVESTMENT M PRUDENTIAL ASSET MAN KYOBO AXA INVESTMENT SEB ALLIANZ GLOBAL INVES TONG YANG INVESTMENT

Firm Name Nomura Samsung Securities KTB Securities Deutsche Bank Barclays Goldman Sachs KB Investment & Securities Co., Ltd Shinhan Investment Corp JPMorgan Hana Daetoo Securities Dongbu Securities Co Ltd Korea Investment & Securities Hyundai Securities Shinyoung Securities Co., Ltd. Standard Chartered HMC Investment Securities Co Ltd KIWOOM Securities Co Ltd EVA Dimensions Woori Investment & Securities Macquarie Taurus Investment Securities Co Ltd Daiwa Securities Co. Ltd. Mirae Asset Securities Tong Yang Investment Bank Kyobo Securities SK Securities Co Ltd HI Investment Securities Leading Investment & Securities HSBC NH Investment & Securities

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 Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios n/a Multiple Portfolios Multiple Portfolios

Analyst ANGELA HONG YOON PIL JOONG NAM KYEONG MOON SANJEEV RANA PAUL HWANG SEUNG SHIN SHIN CHUNG-KWAN CHOI JUNGHYUK PARK WAN SUN SONG SUN-JAE YIM EUN-YOUNG SUH SUNGMOON CHAE HEE-GUEN HYUNG-SIL LEE DAVID KIM LEE MYUNG-HOON LEE HYUN-SOO CRAIG STERLING CHO SOO-HONG MICHAEL SOHN YANG HEE-JOON JUNYONG BANG YOON-KI KIM AHN SANG JUN DONG-HA KIM KIM YONG-SOO KOH TAE-BONG PARK JOON-MO PAUL CHOI LEE SANG-HYUN

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

Recommendation neutral buy buy hold equalweight neutral/neutral buy buy neutral neutral hold buy buy buy outperform buy buy underweight buy outperform hold outperform buy buy trading buy neutral buy hold overweight buy

Amt Held 38'711'969 20'000'000 7'600'247 4'494'332 3'932'108 3'812'942 2'433'000 1'504'450 1'313'020 729'540 681'595 487'516 400'000 357'490 266'780 195'990 165'830 137'710 136'160 121'300

% Out 40.78 21.07 8.01 4.73 4.14 4.02 2.56 1.58 1.38 0.77 0.72 0.51 0.42 0.38 0.28 0.21 0.17 0.15 0.14 0.13

Weighting

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

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 N M M M M

Latest Chg 289'969 (260'510) (1'010'347) (1'035'379) 58'330 558'550 207'741 94'160 150'000 3'240 (32'160) 118'090 27'290 137'710 (52'250) (36'520)

Target Price 15'000 16'000 20'000 14'300 14'900 12'400 22'000 15'000 14'000 15'000 13'000 17'500 15'000 16'000 16'000 18'000 18'000 #N/A N/A 17'000 18'000 17'500 19'000 25'000 24'000 21'000 21'000 25'000 21'500 24'000 24'000

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

File Dt 15.11.2012 30.06.2012 30.06.2012 11.05.2011 14.02.2012 20.12.2012 30.06.2012 30.06.2012 31.01.2013 31.12.2012 28.09.2012 28.09.2012 28.12.2012 31.12.2012 28.09.2012 28.09.2012 28.09.2012 31.12.2012 31.10.2012 28.09.2012

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

Inst Type Corporation n/a Investment Advisor n/a Mutual Fund Manager Investment Advisor n/a n/a Investment Advisor Investment Advisor Mutual Fund Manager Mutual Fund Manager Investment Advisor Investment Advisor Mutual Fund Manager Mutual Fund Manager Mutual Fund Manager Unclassified Investment Advisor Mutual Fund Manager

Date 21.02.2013 12.02.2013 12.02.2013 11.02.2013 11.02.2013 07.02.2013 07.02.2013 06.02.2013 06.02.2013 06.02.2013 05.02.2013 05.02.2013 05.02.2013 04.02.2013 31.01.2013 23.01.2013 22.01.2013 17.01.2013 16.01.2013 16.01.2013 07.01.2013 26.11.2012 22.11.2012 19.11.2012 01.11.2012 27.09.2012 13.08.2012 13.08.2012 09.08.2012 04.06.2012

27.02.2013

Poongsan Corp Poongsan Corporation manufactures non-ferrous metal and defense-related products. The Company also makes coin blanks, cans, stainless steel strips, lead frame alloys, tin plated strips, bars, and rods & wires. It also produces precision products such as lead frames for semiconductors, machinery, and dies & gauges.

Price/Volume 40000 35000 30000 25000 20000

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (20.09.2012) 52-Week Low (04.06.2012) Daily Volume Current Price (2/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 31.12.2012 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance 103140 KS EQUITY YTD Change 103140 KS EQUITY YTD % CHANGE

12/2012 12/yy 36'350.00 22'750.00 223'878.00 29000 -20.22% 27.47% 39.71% 28.0 812'704.06 928'321.31 0.0 0.0 20'429.22 1'708'796.68

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

10000 5000 0 f-12 m-12 a-12 m-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

Market Data

Fiscal Year Ended 31.12.2008 1'007'833.3 0.60x 104'954.6 5.78x (183'839.9) -

15000

31.12.2009 31.12.2010 1'745'872.3 2'187'161.2 0.61x 0.93x 190'871.6 213'287.9 5.55x 9.56x 147'488.7 148'870.0 4.10x 9.03x Profitability

LTM-4Q 31.12.2011 2'294'060.5 0.72x 141'070.5 11.64x 72'019.8 10.19x

LTM

FY+1

1.38 1.35 16.06 -13.82% -13.69% 1.355 25 4.760 355'972 253'139 246'656 FY+2

FQ+1

FQ+2

31.12.2012 12/yy 12/yy 12/13 Y 12/14 Y 03/13 Q1 06/13 Q2 2'341'407.0 ######### ######### ######### ######### 549'628.6 626'814.3 3.30x 2.33x 0.70x 0.67x - 141'069.5 140'115.4 227'466.7 208'000.0 11.64x 0.00x 7.51x 8.22x 85'192.0 72'018.9 85'193.6 107'755.6 119'200.0 20'140.0 28'000.0 10.19x 0.00x 7.19x 7.20x S&P Issuer Ratings 141'070.50 Long-Term Rating Date 132'218.00 Long-Term Rating 5.65% Long-Term Outlook 4.26% Short-Term Rating Date 3.49% Short-Term Rating 7.52% Credit Ratios 5.73% EBITDA/Interest Exp. 1.11% (EBITDA-Capex)/Interest Exp. Net Debt/EBITDA 8.0% Total Debt/EBITDA 6.1% Reference 5.6% Total Debt/Equity 3.6% Total Debt/Capital Asset Turnover 1.41 Net Fixed Asset Turnover 0.56 Accounts receivable turnover-days 42.70% Inventory Days 97.97% Accounts Payable Turnover Day 6.30 Cash Conversion Cycle 3.33

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 f-13

3.44 -0.20 6.44 6.58 98.0% 49.5% 1.11 2.87 57.97 109.62 16.61 150.99

Sales/Revenue/Turnover

20.00

2'500'000.0

18.00

2'000'000.0

16.00 14.00

1'500'000.0

12.00 10.00

1'000'000.0

8.00 6.00

500'000.0

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

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 |

27.02.2013

Poongsan Corp Holdings By:

All

Holder Name POONGSAN HOLDINGS CO NATIONAL PENSION SER TRUSTON ASSET MANAGE ALLIANCE BERNSTEIN KOREA INVESTMENT TRU SAMSUNG INVESTMENT T HI ASSET MANAGEMENT DIMENSIONAL FUND ADV ALLIANZ GLOBAL INVES VANGUARD GROUP INC KB ASSET MANAGEMENT BARING FUND MANAGERS GRANTHAM MAYO VAN OT FIDELITY INVT ASSET YURIE ASSET MANAGEME PRUDENTIAL ASSET MAN TONG YANG INVESTMENT KTB ASSET MANAGEMENT MIDAS ASSET MANAGEME KYOBO AXA INVESTMENT

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 Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios

Analyst

E*Trade Securities Korea KANG TAE-HYUN Korea Investment & Securities MOON SUN CHOI KB Investment & Securities Co., Ltd KIM HYUN-TAE Shinhan Investment Corp JINJOO HONG Meritz Securities Co., Ltd LEE JONG-HYOUNG Samsung Securities CHRIS KIM Eugene Investment & Securities Co., LtdGYUNG-JUNG KIM HMC Investment Securities Co Ltd PARK HYUN-WOOK Tong Yang Investment Bank KEE-HYUN PARK Woori Investment & Securities WILL BYUN KTB Securities SHIM HYE-SUN Hanwha Securities Co., Ltd KIM KANG-OH HI Investment Securities BANG MINJIN Kyobo Securities UM JIN-SEOK Taurus Investment Securities Co Ltd JI-WOONG YOO SK Securities Co Ltd LEE WON JAE Hana Daetoo Securities KIM JUNG-WOOK DBS Vickers LEE EUN YOUNG Daewoo Securities JEON SEUNG-HUN EVA Dimensions CRAIG STERLING IBK Securities Co Ltd PARK BYUNGCHIL Standard Chartered JAMES KP HONG Daishin Securities Co., Ltd. MOON JEONG-UP Hyundai Securities KIM JI-HWAN BS Securities Co Ltd YOON KWAN-CHUL

Source EXCH EXCH EXCH ULT-AGG EXCH EXCH 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 buy buy buy buy buy buy buy buy buy buy buy buy buy buy buy buy buy trading buy underweight buy outperform buy market perform buy

Amt Held 9'343'094 2'594'693 2'190'162 1'338'670 1'294'970 1'000'157 496'920 464'829 330'970 222'116 208'244 163'240 139'630 119'080 116'236 100'870 90'120 83'045 78'036 66'390

% Out 33.34 9.26 7.82 4.78 4.62 3.57 1.77 1.66 1.18 0.79 0.74 0.58 0.5 0.42 0.41 0.36 0.32 0.3 0.28 0.24

Weighting

Change 5 5 5 5 5 5 5 5 5 5 5 5 5 5 5 5 5 5 5 1 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

Latest Chg 297'519 (298'848) (307'400) (425'481) (415'289) 284'130 278'480 124'485 (27'820) 119'080 (33'084) 80'280 87'540 82'592 68'696 8'630

Target Price 38'000 40'000 40'000 42'000 36'000 36'000 40'000 39'000 39'000 36'000 43'000 38'000 35'000 36'000 40'000 34'000 45'000 36'000 34'000 #N/A N/A 41'000 40'000 36'000 35'000 35'000

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

File Dt 04.10.2012 02.02.2012 08.10.2012 04.01.2012 28.09.2012 06.09.2012 28.09.2012 31.07.2012 28.09.2012 31.12.2012 28.09.2012 31.10.2012 31.05.2012 28.09.2012 28.09.2012 28.09.2012 28.09.2012 28.09.2012 28.09.2012 28.09.2012

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

Inst Type Corporation Investment Advisor Mutual Fund Manager Investment Advisor Investment Advisor Investment Advisor Mutual Fund Manager Investment Advisor Mutual Fund Manager Investment Advisor Mutual Fund Manager Investment Advisor Investment Advisor Mutual Fund Manager Mutual Fund Manager Mutual Fund Manager Mutual Fund Manager Mutual Fund Manager Investment Advisor Mutual Fund Manager

Date 26.02.2013 18.02.2013 07.02.2013 06.02.2013 31.01.2013 31.01.2013 31.01.2013 31.01.2013 31.01.2013 31.01.2013 31.01.2013 31.01.2013 31.01.2013 31.01.2013 31.01.2013 30.01.2013 30.01.2013 25.01.2013 24.01.2013 17.01.2013 04.01.2013 22.11.2012 30.10.2012 31.07.2012 13.06.2012

27.02.2013

LG Fashion Corp LG Fashion Corp. manufactures apparel. The Company produces and markets menswear, women's clothing, casual and sports wear.

Price/Volume

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (27.02.2012) 52-Week Low (25.07.2012) Daily Volume Current Price (2/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 31.12.2012 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance 093050 KS EQUITY YTD Change 093050 KS EQUITY YTD % CHANGE

12/2011 09/yy 46'100.00 25'850.00 115'935.00 29500 -36.01% 14.12% 17.53% 29.2 862'580.00 92'302.00 0.0 0.0 7'157.52 883'061.00

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

.9 M .8 M .7 M .6 M .5 M .4 M .3 M .2 M .1 M j-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

Fiscal Year Ended 31.12.2007 738'083.8 1.09x 109'874.1 7.31x 65'736.5 13.39x

50000 45000 40000 35000 30000 25000 20000 15000 10000 5000 0 f-12 m-12 a-12 m-12

31.12.2008 31.12.2009 790'803.1 922'152.8 0.64x 0.97x 125'369.9 122'233.0 4.02x 7.30x 72'681.1 71'536.5 8.65x 12.89x Profitability

LTM-4Q 31.12.2010 1'121'225.9 0.76x 163'399.4 5.18x 92'242.3 9.94x

LTM

FY+1

1.36 0.59 14.94 -32.34% -5.75% 0.592 17 5.000 133'223 227'642 235'077 FY+2

FQ+1

FQ+2

31.12.2011 09/yy 09/yy 12/12 Y 12/13 Y 12/12 Q4 03/13 Q1 1'410'925.3 ######### ######### ######### ######### 445'183.7 389'898.9 0.90x 3.06x 2.98x 0.59x 0.50x 1.88x 2.18x 185'356.3 186'704.9 154'857.2 158'938.6 191'326.9 60'520.0 42'218.0 6.83x 6.75x 6.00x 5.56x 4.62x 5.10x 4.98x 108'090.2 111'235.6 83'313.5 84'313.6 107'066.8 36'512.8 23'994.0 10.93x 10.63x 10.89x 10.23x 8.06x 9.08x 8.34x S&P Issuer Ratings 185'356.29 Long-Term Rating Date 145'046.00 Long-Term Rating 10.28% Long-Term Outlook 10.42% Short-Term Rating Date 10.72% Short-Term Rating 14.65% Credit Ratios 13.92% EBITDA/Interest Exp. 1.40% (EBITDA-Capex)/Interest Exp. Net Debt/EBITDA 62.1% Total Debt/EBITDA 13.1% Reference 10.3% Total Debt/Equity 7.7% Total Debt/Capital Asset Turnover 2.42 Net Fixed Asset Turnover 0.57 Accounts receivable turnover-days 8.01% Inventory Days 11.04% Accounts Payable Turnover Day 13.77 Cash Conversion Cycle 1.61

Price/ Cash Flow

.0 M f-13

43.47 29.34 0.46 0.50 11.0% 9.9% 1.40 5.22 26.50 226.30 43.83 208.98

Sales/Revenue/Turnover

25.00

1'600'000.0 1'400'000.0

20.00

1'200'000.0 1'000'000.0

15.00

800'000.0 10.00

600'000.0 400'000.0

5.00

0.00 03.01.2009

200'000.0 0.0 03.07.2009

03.01.2010

03.07.2010

03.01.2011

03.07.2011

03.01.2012

03.07.2012

03.01.2013

2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011

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

27.02.2013

LG Fashion Corp Holdings By:

All

Holder Name BON-KEUL KOO NATIONAL PENSION SER BON-SOON KOO SHINHAN BNP PARIBAS BON-JIN KOO FAG BEARINGS CORPORA KOREA INVESTMENT TRU MIRAE ASSET GLOBAL I CAPITAL GROUP INTERN INVESCO ASSET MANAGE UBS HANA ASSET MANAG SHINYOUNG INVESTMENT VANGUARD GROUP INC HANDELSBANKEN FONDER INVESCO LTD FMR LLC DIMENSIONAL FUND ADV KYOBO AXA INVESTMENT SAMSUNG INVESTMENT T ICON ADVISERS INC

Firm Name Tong Yang Investment Bank E*Trade Securities Korea Samsung Securities Shinhan Investment Corp HMC Investment Securities Co Ltd EVA Dimensions Hana Daetoo Securities Korea Investment & Securities Meritz Securities Co., Ltd Shinyoung Securities Co., Ltd. NH Investment & Securities Hyundai Securities Woori Investment & Securities KTB Securities Daishin Securities Co., Ltd. Heungkuk Securities Co., Ltd. Kyobo Securities

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 Multiple Portfolios Multiple Portfolios n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios

Analyst SANG-HWA HAN YANG JI-HAE OJ NAM PARK HEE-JIN Park Jong Ryeol CRAIG STERLING PARK JONG-DAE NA EUNCHAE YOO JOO-YEON SEO JUNG-YEON EUN-YOUNG BAE MIN-JOO CHOI SARAH YOON JANG JUNG-EUN CHUNG YON-WOO BO-RA KIM JEONG HYUN-JIN

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

Recommendation buy buy buy buy buy buy buy buy buy buy buy buy buy buy buy buy buy

Amt Held 4'990'190 2'763'180 2'501'476 2'013'855 2'013'100 2'013'100 1'664'554 1'378'378 1'202'040 657'180 511'313 341'412 212'228 202'647 172'500 150'626 145'787 135'388 92'151 79'100

% Out 17.07 9.45 8.55 6.89 6.88 6.88 5.69 4.71 4.11 2.25 1.75 1.17 0.73 0.69 0.59 0.52 0.5 0.46 0.32 0.27

Weighting

Change 5 5 5 5 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 M

Latest Chg 469'451 (320'780) (119'483) (298'160) 60'380 (347'127) 10'075 1'880 (32'916) 136'436 48'912 (102'243) -

Target Price 35'000 45'000 43'000 35'000 34'000 #N/A N/A 40'000 44'000 41'000 48'000 41'000 37'000 55'000 45'000 35'700 50'000 61'000

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

File Dt 30.06.2012 30.06.2012 30.06.2012 07.12.2012 30.06.2012 28.04.2010 31.01.2013 11.04.2011 21.06.2010 31.05.2012 28.09.2012 28.09.2012 31.12.2012 31.01.2013 26.02.2013 31.12.2012 31.07.2012 28.09.2012 28.09.2012 30.11.2012

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

Inst Type n/a Investment Advisor n/a Investment Advisor n/a Corporation Investment Advisor Investment Advisor Investment Advisor Mutual Fund Manager Mutual Fund Manager Mutual Fund Manager Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Mutual Fund Manager Investment Advisor Investment Advisor

Date 25.02.2013 25.02.2013 23.01.2013 18.01.2013 17.01.2013 15.01.2013 14.01.2013 10.01.2013 18.12.2012 12.11.2012 24.10.2012 04.09.2012 30.07.2012 27.06.2012 11.06.2012 30.04.2012 28.02.2012

27.02.2013

Hyundai Elevator Co Ltd Hyundai Elevator Co., Ltd. (HELCO) manufactures, installs, sells, and services elevators, escalators, moving walkways, automated parking systems, and material handling systems. The Company also produces screen doors used on platforms in train stations.

Price/Volume 160000

.9 M

140000

.8 M

120000

.7 M .6 M

100000

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (22.03.2012) 52-Week Low (29.11.2012) Daily Volume Current Price (2/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 31.12.2012 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance 017800 KS EQUITY YTD Change 017800 KS EQUITY YTD % CHANGE

12/2011 09/yy 139'447.70 74'700.00 12'291.00 84700 -39.26% 13.39% 13.90% 12.0 1'019'153.88 427'222.42 0.0 0.0 132'668.33 1'199'048.85

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

31.12.2008 31.12.2009 673'848.4 800'109.0 0.96x 0.82x 30'063.4 42'956.9 21.62x 15.34x 29'777.0 (209'111.4) 15.47x Profitability

.3 M

40000

.2 M

20000

.1 M

0 f-12 m-12 a-12 m-12

LTM-4Q 31.12.2010 835'389.2 1.82x 52'744.9 28.84x 139'628.2 8.45x

LTM

31.12.2011 09/yy 09/yy 879'189.1 871'901.8 924'732.9 1.93x 6.75x 5.88x 33'483.0 23'355.6 56'656.5 50.63x 0.00x 21.61x (137'610.9) (255'674.8) 42'778.9 0.00x 23.42x 33'482.98 26'756.51 3.04% -20.51% -9.47% -21.91% 0.60% 10.0% 3.8% 3.0% -15.7% 1.51 0.87 29.48% 67.62% 3.87 73.63

Price/ Cash Flow

j-12

a-12

s-12

o-12

n-12

d-12

j-13

.0 M f-13

0.59 1.25 7.22 -34.68% -25.04% 1.247 1 1.000 42'119 45'275 133'633

FY+1

FY+2

FQ+1

FQ+2

12/12 Y

12/13 Y

12/12 Q4

03/13 Q1

S&P Issuer Ratings

1.21 1.04 8.05 12.76 67.6% 40.3% 0.60 6.97 94.28 4.96 55.20 44.04

Sales/Revenue/Turnover

80.00

1'000'000.0

70.00

900'000.0 800'000.0

60.00

700'000.0

50.00

600'000.0

40.00

500'000.0 400'000.0

30.00

300'000.0

20.00

200'000.0

10.00

100'000.0

0.00 03.01.2009

.4 M

60000

Fiscal Year Ended 31.12.2007 564'581.3 1.93x 41'874.9 26.09x 149'775.9 6.43x

.5 M

80000

0.0 03.07.2009

03.01.2010

03.07.2010

03.01.2011

03.07.2011

03.01.2012

03.07.2012

03.01.2013

2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011

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

27.02.2013

Hyundai Elevator Co Ltd Holdings By:

All

Holder Name SCHINDLER HOLDING AG HYUNDAI LOGIEM CO LT MUN-HEE KIM EMPLOYEE STOCK OWNER HYUNDAI SECURITIES C JEONG-EUN HYUN HYUNDAI ELEVATOR CO SAMSUNG INVESTMENT T DIMENSIONAL FUND ADV VANGUARD GROUP INC KYOBO AXA INVESTMENT MIRAE ASSET GLOBAL I NH-CA ASSET MANAGEME KOREA INVESTMENT TRU STATE STREET JOHN HANCOCK ADVISER KB ASSET MANAGEMENT WOORI ASSET MANAGEME MAPS INVESTMENT MANA YEONG-MIN KWON

Firm Name EVA Dimensions

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 n/a

Analyst CRAIG STERLING

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

Recommendation sell

Amt Held 4'211'380 2'896'677 869'224 792'436 588'623 119'527 112'856 39'983 34'633 13'514 12'825 9'891 6'593 6'396 5'983 5'134 4'333 2'707 2'538 2'392

% Out 35 24.07 7.22 6.59 4.89 0.99 0.94 0.33 0.29 0.11 0.11 0.08 0.05 0.05 0.05 0.04 0.04 0.02 0.02 0.02

Weighting

Change 1

Latest Chg 428'170 157'233 76'788 51'999 10'559 18'375 1'152 (173) 1'942 (3'521) 982 106 (291) 65 -

Target Price #N/A N/A

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

File Dt 28.12.2012 27.12.2012 27.12.2012 30.06.2012 27.12.2012 27.12.2012 30.06.2012 28.09.2012 31.07.2012 31.12.2012 28.09.2012 28.09.2012 28.09.2012 28.09.2012 25.02.2013 30.04.2011 28.09.2012 28.09.2012 28.09.2012 31.12.2011

Date Not Provided

Inst Type n/a Corporation n/a n/a Investment Advisor n/a Corporation Investment Advisor Investment Advisor Investment Advisor Mutual Fund Manager Investment Advisor Mutual Fund Manager Investment Advisor Investment Advisor Investment Advisor Mutual Fund Manager Mutual Fund Manager Mutual Fund Manager n/a

Date 17.01.2013

27.02.2013

Lotte Samkang Co Ltd Lotte Samkang Co., Ltd. is an integrated food manufacturer. The Company specializes in producing frozen sweets, soft drinks, and dairy products.

Price/Volume 800000

.0 M

700000

.0 M

600000

.0 M .0 M

500000

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (13.11.2012) 52-Week Low (07.03.2012) Daily Volume Current Price (2/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 15.01.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance 002270 KS EQUITY YTD Change 002270 KS EQUITY YTD % CHANGE

12/2012 12/yy 768'000.00 421'000.00 7'171.00 735000 -4.30% 74.58% 83.57% 1.4 1'006'535.44 121'565.30 0.0 0.0 18'046.09 1'084'231.50

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

31.12.2009 31.12.2010 514'007.8 609'459.8 0.74x 0.74x 70'391.7 77'711.9 5.38x 5.84x 45'648.5 49'462.3 6.84x 6.95x Profitability

.0 M

200000

.0 M

100000

.0 M

0 f-12 m-12 a-12 m-12

LTM-4Q 31.12.2011 714'884.2 0.87x 80'789.7 7.68x 39'615.8 13.05x

31.12.2012 1'006'991.8 60'966.6 80'789.70 60'306.75 5.99% 7.00% 5.29% 8.02% 7.10% 0.95% 19.8% 11.3% 6.0% 6.1% 1.78 1.05 15.23% 23.77% 5.76 7.01

Price/ Cash Flow

j-12

a-12

s-12

o-12

n-12

d-12

j-13

LTM

FY+1

.0 M f-13

0.17 0.53 0.81 67.81% 11.70% 0.527 5 4.600 5'282 4'531 5'001 FY+2

FQ+1

FQ+2

12/yy 12/yy 12/13 Y 12/14 Y 03/13 Q1 06/13 Q2 714'884.2 ######### ######### ######### 2.98x 2.33x 80'789.7 80'023.6 113'500.0 122'300.0 7.68x 0.00x 9.55x 8.87x 39'615.8 60'966.2 67'366.7 81'100.0 13.05x 0.00x 13.26x 11.82x 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

15.83 13.59 1.28 1.50 23.8% 19.2% 0.95 2.14 63.32 52.06 33.38 82.00

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

.0 M

300000

Fiscal Year Ended 31.12.2008 452'127.5 0.63x 56'891.5 4.99x 26'787.5 7.00x

.0 M

400000

0.0 02.07.2010

02.01.2011

02.07.2011

02.01.2012

02.07.2012

02.01.2013

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 |

27.02.2013

Lotte Samkang Co Ltd Holdings By:

All

Holder Name LOTTE CHILSUNG BEVER LOTTE CONFECTIONERY HOTEL LOTTE CO LTD ALLIANZ GLOBAL INVES NATIONAL PENSION SER FIDELITY FUNDS SICAV INTERNATIONAL VALUE SAMSUNG INVESTMENT T FMR LLC DONG-JOO SHIN DONG-BIN SHIN KOREA INVESTMENT TRU DIMENSIONAL FUND ADV YOUNG-JA SHIN VANGUARD GROUP INC SHINYOUNG INVESTMENT PRUDENTIAL ASSET MAN YOO-MI SHIN NH-CA ASSET MANAGEME SHINHAN BNP PARIBAS

Firm Name Shinyoung Securities Co., Ltd. EVA Dimensions KIWOOM Securities Co Ltd KTB Securities Daewoo 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 Multiple Portfolios n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios n/a Multiple Portfolios Multiple Portfolios

Analyst KIM YUN-OH AUSTIN BURKETT WOO WON-SUNG KIM MIN-JEONG BAEK WOON-MOK

Source EXCH EXCH EXCH EXCH EXCH EXCH EXCH EXCH ULT-AGG EXCH EXCH MF-AGG MF-AGG EXCH MF-AGG MF-AGG MF-AGG EXCH MF-AGG MF-AGG

Recommendation buy overweight outperform hold buy

Amt Held 127'813 127'677 122'013 110'328 104'298 67'172 50'054 48'514 30'037 26'899 26'899 19'695 16'620 14'972 7'422 5'751 5'311 4'582 3'417 2'872

% Out 9.33 9.32 8.91 8.06 7.62 4.91 3.66 3.54 2.19 1.96 1.96 1.44 1.21 1.09 0.54 0.42 0.39 0.33 0.25 0.21

Weighting

Change 5 5 5 3 5

M M D M M

Latest Chg 4'589 4'451 13'702 7'364 12'633 (14'454) (12'949) (15'455) 13'684 4'301 93 (4'142) 4'580 3'407 237

Target Price 1'000'000 #N/A N/A 750'000 560'000 680'000

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

File Dt 03.01.2013 05.10.2012 03.01.2013 03.01.2013 17.09.2012 13.11.2012 26.06.2012 19.03.2012 31.12.2012 10.01.2013 10.01.2013 28.09.2012 31.07.2012 10.01.2013 31.12.2012 28.09.2012 28.09.2012 10.01.2013 28.09.2012 28.09.2012

Date 12 month Not Provided 6 month 12 month 12 month

Inst Type Corporation Corporation Corporation Mutual Fund Manager Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor n/a n/a Investment Advisor Investment Advisor n/a Investment Advisor Mutual Fund Manager Mutual Fund Manager n/a Mutual Fund Manager Investment Advisor

Date 25.02.2013 17.01.2013 15.11.2012 30.06.2012 22.06.2012

27.02.2013

Able C&C Co Ltd ABLE C&C develops and manufactures cosmetic products. The Company's products include makeup, skin care, and hair care, and body care.

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (08.10.2012) 52-Week Low (28.02.2012) Daily Volume Current Price (2/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 31.12.2012 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance 078520 KS EQUITY YTD Change 078520 KS EQUITY YTD % CHANGE

Price/Volume

12/2012 12/yy 90'909.09 29'772.73 155'472.00 71800 -21.02% 141.16% 61.87% 11.3 814'864.88 200.50 0.0 0.0 76'793.25 729'202.96

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

.6 M .5 M .4 M .3 M .2 M .1 M

j-12

a-12

s-12

o-12

n-12

d-12

j-13

Fiscal Year Ended 31.12.2008 101'137.0 0.11x 10'858.0 1.06x 7'976.2 2.62x

100000 90000 80000 70000 60000 50000 40000 30000 20000 10000 0 f-12 m-12 a-12 m-12

31.12.2009 31.12.2010 181'127.5 243'142.0 0.65x 0.77x 23'712.2 34'329.2 4.98x 5.47x 17'829.2 23'772.1 6.32x 8.12x Profitability

LTM-4Q 31.12.2011 305'625.8 0.63x 39'012.1 4.95x 27'841.1 9.76x

31.12.2012 425'058.1 38'795.2 39'012.12 51'653.04 12.15% 11.81% 17.84% 27.77% 27.67% 1.96% 69.3% 12.8% 12.2% 9.1% 2.10 1.62 0.11% 0.17% 12.22 4.31

Price/ Cash Flow

LTM

FY+1

.0 M f-13

0.46 0.66 7.08 135.76% -9.00% 0.661 8 4.500 105'394 90'865 126'002 FY+2

FQ+1

FQ+2

12/yy 12/yy 12/13 Y 12/14 Y 03/13 Q1 06/13 Q2 305'625.8 425'058.2 529'967.1 630'560.0 99'372.3 108'147.3 2.33x 3.95x 1.30x 1.03x 6.98x 6.33x 38'950.2 40'813.2 80'221.4 98'340.0 14'367.0 13'504.5 4.96x 0.00x 9.09x 7.42x 9.87x 27'841.1 38'795.0 58'430.0 72'998.3 9'252.3 7'836.0 9.71x 0.00x 13.61x 11.04x 14.50x 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

6820.30 5695.22 -1.96 0.01 0.2% 0.2% 1.96 24.50 29.88 84.76 87.89 26.74

Sales/Revenue/Turnover

25.00

450'000.0 400'000.0

20.00

350'000.0 300'000.0

15.00

250'000.0 200'000.0

10.00

150'000.0 100'000.0

5.00

50'000.0 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

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 |

27.02.2013

Able C&C Co Ltd Holdings By:

All

Holder Name YOUNG-PIL SEO NATIONAL PENSION SER UBS FIDELITY FUNDS THE KOREA SEC FINANC SEI ASSET KOREA CO L ABLE C&C THORNBURG INVESTMENT SAMSUNG INVESTMENT T UBS HANA ASSET MANAG VANGUARD GROUP INC CARMIGNAC GESTION LU BARING FUND MANAGERS KWANG-YOUL LEE GOLDMAN SACHS ASSET NH-CA ASSET MANAGEME MAPS INVESTMENT MANA GOLDMAN SACHS ASSET BNP PARIBAS INV PART MIRAE ASSET GLOBAL I

Firm Name Nomura E*Trade Securities Korea Woori Investment & Securities EVA Dimensions Samsung Securities NH Investment & Securities Standard Chartered Hana Daetoo Securities

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 n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios n/a Multiple Portfolios

Analyst CARA EUN JUNG SONG YANG JI-HAE ELISSA LEE AUSTIN BURKETT EUNKYUNG PARK EUN-YOUNG BAE BOYOUNG KIM CHO YOON-JUNG

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

Recommendation buy buy hold hold buy buy outperform buy

Amt Held 3'256'823 704'024 612'801 519'731 518'076 474'353 266'201 208'780 72'791 67'447 66'494 60'500 54'413 46'674 38'174 30'581 30'008 26'988 22'950 20'248

% Out 28.7 6.2 5.4 4.58 4.56 4.18 2.35 1.84 0.64 0.59 0.59 0.53 0.48 0.41 0.34 0.27 0.26 0.24 0.2 0.18

Weighting

Change 5 5 3 3 5 5 5 5

M M D D M M N M

Latest Chg (165'000) (44'802) (110'288) (133'372) (115'187) (148'860) (12'540) 4'906 67'447 60'500 17'199 23'294 (8'020) (6'922) 13'494 (3'912) 13'996

Target Price 90'000 100'000 80'000 #N/A N/A 108'000 96'364 114'545 109'091

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

File Dt 28.08.2012 06.12.2012 31.10.2012 21.02.2011 12.11.2010 29.02.2012 31.12.2011 31.12.2012 28.09.2012 28.09.2012 31.12.2012 31.12.2012 31.10.2012 29.08.2012 28.09.2012 28.09.2012 28.09.2012 31.10.2012 31.12.2012 28.09.2012

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

Inst Type n/a Investment Advisor Unclassified n/a Investment Advisor Mutual Fund Manager Corporation Investment Advisor Investment Advisor Mutual Fund Manager Investment Advisor Investment Advisor Investment Advisor n/a Mutual Fund Manager Mutual Fund Manager Mutual Fund Manager Investment Advisor Investment Advisor Investment Advisor

Date 27.02.2013 26.02.2013 20.02.2013 23.01.2013 17.01.2013 15.01.2013 03.10.2012 16.09.2012

27.02.2013

Namyang Dairy Products Co Ltd Namyang Dairy Products Co., Ltd. produces dairy products, such as milk, baby formula, yogurt, cheese, and ice cream. The Company provides its products mainly to domestic market.

Price/Volume

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (19.09.2012) 52-Week Low (18.05.2012) Daily Volume Current Price (2/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 31.12.2012 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance 003920 KS EQUITY YTD Change 003920 KS EQUITY YTD % CHANGE

12/2011 09/yy 1'060'000.00 605'000.00 130.00 985000 -7.08% 62.81% 82.20% 0.7 709'200.00 0.00 833.3 0.0 210'316.18 522'485.57

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

.0 M

1000000

.0 M

800000

.0 M

600000

.0 M

400000

.0 M

200000

.0 M

0 f-12 m-12 a-12 m-12

31.12.2008 31.12.2009 883'332.1 1'008'917.0 0.08x 0.04x 62'447.8 67'295.2 1.14x 0.64x 41'962.4 103'208.3 7.77x 3.67x Profitability

LTM-4Q 31.12.2010 1'028'082.6 0.04x 80'219.7 0.56x 76'155.2 6.25x

LTM

31.12.2011 09/yy 09/yy 1'202'937.3 ######### ######### 0.28x 1.13x 1.15x 70'093.4 65'400.0 75'284.6 4.83x 6.52x 6.86x 52'977.3 61'031.6 61'892.0 10.39x 8.65x 11.43x 70'093.43 47'991.81 3.99% 6.03% 5.49% 6.68% 6.70% 1.25% 30.2% 5.8% 4.0% 4.4% 3.05 2.22 0.00% 0.00% 8.34 9.26

Price/ Cash Flow

j-12

a-12

s-12

o-12

n-12 d-12

j-13

.0 M f-13

0.10 0.78 0.44 25.77% 4.56% 0.783 2 5.000 499 538 621

FY+1

FY+2

FQ+1

FQ+2

12/12 Y

12/13 Y

12/12 Q4

03/13 Q1

S&P Issuer Ratings

-3.00 0.00 0.0% 0.0% 1.25 5.93 43.75 39.42 38.64 44.52

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 03.01.2009 03.07.2009

j-12

Fiscal Year Ended 31.12.2007 813'535.9 0.31x 54'728.6 4.61x 57'926.4 10.82x

1200000

0.0 03.01.2010 03.07.2010

03.01.2011 03.07.2011

03.01.2012 03.07.2012

03.01.2013

2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011

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

27.02.2013

Namyang Dairy Products Co Ltd Holdings By:

All

Holder Name WON-SIK HONG FIRST EAGLE INVESTME NAMYANG DAIRY PRODUC NATIONAL PENSION SER KOREA VALUE ASSET MA KOREA INVESTMENT TRU KB ASSET MANAGEMENT FMR LLC DIMENSIONAL FUND ADV VANGUARD GROUP INC SAMSUNG INVESTMENT T HYEON-GEUN HAN CHI-WOONG LEE DIMENSIONAL FUND ADV WOONG KIM KYOBO AXA INVESTMENT JOHN HANCOCK ADVISER MIRAE ASSET GLOBAL I NH-CA ASSET MANAGEME WOORI ASSET MANAGEME

Firm Name EVA Dimensions E*Trade Securities Korea

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

Analyst AUSTIN BURKETT KIM BONG-KI

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

Recommendation buy buy

Amt Held 197'741 62'939 38'190 36'137 22'873 20'891 15'966 13'000 7'160 5'244 3'301 2'905 2'021 1'376 1'255 1'142 919 774 547 501

% Out 27.46 8.74 5.3 5.02 3.18 2.9 2.22 1.81 0.99 0.73 0.46 0.4 0.28 0.19 0.17 0.16 0.13 0.11 0.08 0.07

Weighting

Change 5 5

M N

Latest Chg (13'365) (10'662) (536) 281 3'010 (39) 137 (8) (43)

Target Price #N/A N/A 1'000'000

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

File Dt 31.12.2011 30.09.2012 31.12.2011 05.11.2012 28.09.2012 28.09.2012 28.09.2012 31.10.2012 31.07.2012 31.12.2012 28.09.2012 30.06.2011 31.12.2011 30.11.2012 31.12.2011 28.09.2012 30.04.2011 28.09.2012 28.09.2012 28.09.2012

Date Not Provided 12 month

Inst Type n/a Hedge Fund Manager n/a Investment Advisor Investment Advisor Investment Advisor Mutual Fund Manager Investment Advisor Investment Advisor Investment Advisor Investment Advisor n/a n/a Investment Advisor n/a Mutual Fund Manager Investment Advisor Investment Advisor Mutual Fund Manager Mutual Fund Manager

Date 17.01.2013 12.06.2012

27.02.2013

Chong Kun Dang Pharm Corp Chong Kun Dang Pharmaceutical Corporation manufactures pharmaceutical products. The Company produces medical drugs in the fields of systemic anti-infective, cardiovascular system, alimentary tract, metabolism, and sensory organs.

Price/Volume

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (27.02.2013) 52-Week Low (21.05.2012) Daily Volume Current Price (2/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 31.12.2012 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance 001630 KS EQUITY YTD Change 001630 KS EQUITY YTD % CHANGE

12/2012 12/yy 46'700.00 13'600.00 94'378.00 46650 -0.11% 243.01% 95.87% 13.1 608'782.50 126'230.00 0.0 0.0 79'356.02 653'269.15

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

.3 M .2 M .2 M .1 M .1 M

j-12

a-12

s-12

o-12

n-12

d-12

j-13

Fiscal Year Ended 31.12.2008 303'233.0 0.90x 50'866.9 5.34x 20'422.2 9.72x

50000 45000 40000 35000 30000 25000 20000 15000 10000 5000 0 f-12 m-12 a-12 m-12

31.12.2009 31.12.2010 354'496.9 419'632.7 1.07x 0.82x 46'941.1 67'840.7 8.12x 5.06x 25'192.5 44'215.9 12.18x 6.36x Profitability

LTM-4Q 31.12.2011 442'194.7 0.62x 78'785.6 3.50x 49'050.6 4.69x

31.12.2012 461'246.4 25'709.1 78'785.57 57'681.39 12.51% 15.30% 9.33% 16.28% 12.71% 0.84% 60.6% 17.8% 12.5% 5.6% 1.94 1.46 22.11% 36.67% 3.27 3.43

Price/ Cash Flow

LTM

FY+1

.0 M f-13

1.50 0.88 7.64 144.24% 26.08% 0.881 13 4.846 66'968 80'215 98'113 FY+2

FQ+1

FQ+2

12/yy 12/yy 12/13 Y 12/14 Y 03/13 Q1 06/13 Q2 442'194.7 461'246.8 506'808.0 554'851.6 118'881.6 127'489.7 3.10x 1.98x 1.26x 1.11x 5.55x 5.15x 77'427.6 52'732.1 80'948.4 91'865.1 19'795.3 21'333.7 3.56x 0.00x 8.07x 7.11x 7.60x 49'050.6 25'708.7 50'224.9 57'413.2 11'800.4 13'165.3 4.69x 0.00x 12.24x 10.52x 12.26x 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

10.76 7.70 0.58 1.60 36.7% 26.8% 0.84 2.93 111.65 106.39 66.43 151.61

Sales/Revenue/Turnover

12.00

500'000.0 450'000.0

10.00

400'000.0 350'000.0

8.00

300'000.0 250'000.0

6.00

200'000.0 4.00

150'000.0 100'000.0

2.00 0.00 02.01.2010

50'000.0 0.0 02.07.2010

02.01.2011

02.07.2011

02.01.2012

02.07.2012

02.01.2013

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 |

27.02.2013

Chong Kun Dang Pharm Corp Holdings By:

All

Holder Name JANG-HAN RHEE GOCHON FOUNDATION NATIONAL PENSION SER CHONG KUN DANG PHARM SHIN YOUNG INVESTMEN SAMSUNG INVESTMENT T DIMENSIONAL FUND ADV ZUERCHER KANTONALBAN VANGUARD GROUP INC PRINCIPAL FINANCIAL YURIE ASSET MANAGEME HANWHA INVESTMENT TR KTB ASSET MANAGEMENT FMR LLC KOREA INVESTMENT TRU KYOBO AXA INVESTMENT PRUDENTIAL FINANCIAL DIMENSIONAL FUND ADV SCHRODER INVESTMENT MIRAE ASSET GLOBAL I

Firm Name IBK Securities Co Ltd NH Investment & Securities Shinyoung Securities Co., Ltd. Shinhan Investment Corp Tong Yang Investment Bank Woori Investment & Securities KTB Securities Hanwha Securities Co., Ltd HI Investment Securities KIWOOM Securities Co Ltd EVA Dimensions Hana Daetoo Securities SK Securities Co Ltd Kyobo Securities Daewoo Securities KTB Securities

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

Analyst KIM HYUN-WOOK TAE HEE KIM KIM HYUN-TAE BAE KIDAL MI-HYUN KIM LEE SEUNG-HO LEE HYE-RIN JUNG BO-RA LEE ALEUM KIM JI-HYUN ANDREW S ZAMFOTIS CHO YOON-JUNG HA TAE-GI YEOM DONG-YEON KWON JAI-HYUN LEE HAE-RIN

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

Recommendation buy buy buy buy buy buy hold buy buy buy buy buy buy buy buy buy

Amt Held 2'618'691 1'017'215 945'764 820'699 713'420 426'044 222'076 164'780 108'700 40'000 39'452 34'195 28'500 27'500 25'912 22'680 22'540 22'216 18'860 18'390

% Out 20.07 7.79 7.25 6.29 5.47 3.26 1.7 1.26 0.83 0.31 0.3 0.26 0.22 0.21 0.2 0.17 0.17 0.17 0.14 0.14

Weighting

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

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

Latest Chg 45'630 (226'672) 35'822 (21'735) 24'500 (10'620) 590 (4'020) 1'400 3'160

Target Price 49'000 58'000 54'000 54'000 56'000 55'000 43'000 53'000 54'000 55'000 #N/A N/A 50'000 39'000 49'000 41'000 35'000

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

File Dt 27.04.2012 31.12.2011 26.12.2012 12.10.2012 30.09.2011 06.09.2012 31.07.2012 31.10.2012 31.12.2012 31.01.2013 28.09.2012 28.09.2012 28.09.2012 31.12.2012 28.09.2012 28.09.2012 31.12.2012 30.11.2012 31.12.2012 28.09.2012

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

Inst Type n/a Other Investment Advisor Corporation Investment Advisor Investment Advisor Investment Advisor Mutual Fund Manager Investment Advisor Investment Advisor Mutual Fund Manager Mutual Fund Manager Mutual Fund Manager Investment Advisor Investment Advisor Mutual Fund Manager Investment Advisor Investment Advisor Investment Advisor Investment Advisor

Date 22.02.2013 19.02.2013 18.02.2013 18.02.2013 18.02.2013 18.02.2013 18.02.2013 07.02.2013 07.02.2013 28.01.2013 15.01.2013 10.12.2012 22.10.2012 16.08.2011 02.08.2011 05.01.2011

27.02.2013

LG Hausys Ltd LG Hausys, Ltd. manufactures various building materials such as wallcoverings, windows, floor coverings, and acrylic solid surfaces. The Company also produces finishing materials like high-gloss sheets used in home appliances and injection -molded parts & interior coverstocks for auto industry.

Price/Volume 90000 80000 70000 60000 50000 40000

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (23.11.2012) 52-Week Low (04.06.2012) Daily Volume Current Price (2/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 31.12.2012 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance 108670 KS EQUITY YTD Change 108670 KS EQUITY YTD % CHANGE

12/2012 09/yy 85'000.00 56'400.00 21'850.00 76900 -9.53% 36.35% 65.03% 9.0 689'613.81 504'086.00 5'162.0 0.0 329'994.00 871'666.82

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

20000 10000 0 f-12 m-12 a-12 m-12

31.12.2009 31.12.2010 1'440'890.0 1'939'116.0 0.80x 0.48x 100'786.0 11.40x 21'341.0 41'490.0 46.84x 20.21x Profitability

LTM-4Q 31.12.2011 2'067'165.0 0.46x 112'867.0 8.48x 40'534.0 20.65x

31.12.2012 112'867.00 54'997.00 2.66% 2.56% 3.92% 7.91% 6.53% 1.38% 18.5% 6.0% 3.0% 2.0% 1.42 1.19 30.71% 68.93% 4.65 14.34

Price/ Cash Flow

LTM

09/yy 09/yy ######### ######### 1.67x 1.74x 80'743.0 125'701.0 0.00x 7.25x 36'064.0 59'245.0 0.00x 13.57x

j-12

a-12

s-12

o-12

n-12

d-12

j-13

0.80 5.11 0.77% -2.90% 0.804 4 5.000 26'597 30'621 25'574

FY+1

FY+2

FQ+1

FQ+2

12/13 Y

12/14 Y

03/13 Q1

06/13 Q2

S&P Issuer Ratings

8.10 -0.83 1.41 2.79 68.9% 40.6% 1.38 3.93 78.70 25.52 49.99 48.13

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 03.01.2009 03.07.2009

j-12

Market Data

Fiscal Year Ended 31.12.2008

30000

.1 M .1 M .1 M .1 M .1 M .1 M .0 M .0 M .0 M .0 M .0 M f-13

0.0 03.01.2010

03.07.2010

03.01.2011 03.07.2011

03.01.2012

03.07.2012

03.01.2013

2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011

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

27.02.2013

LG Hausys Ltd Holdings By:

All

Holder Name LG CORP NATIONAL PENSION SER KOREA INVESTMENT TRU TRUSTON ASSET MANAGE KB ASSET MANAGEMENT DIMENSIONAL FUND ADV SAMSUNG INVESTMENT T TONG YANG INVESTMENT VANGUARD GROUP INC PCA INVESTMENT TRUST PRUDENTIAL ASSET MAN KDB ASSET MANAGEMENT LG HAUSYS LTD DONGBU ASSET MANAGEM BLACKROCK HANWHA INVESTMENT TR DIMENSIONAL FUND ADV KYOBO AXA INVESTMENT AXA ROSENBERG INTL MIRAE ASSET GLOBAL I

Firm Name NH Investment & Securities Korea Investment & Securities EVA Dimensions E*Trade Securities Korea

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 Multiple Portfolios n/a Multiple Portfolios n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios

Analyst CHOI JI-HWAN HYUNGJUN AHN CRAIG STERLING WON YONG-JIN

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

Recommendation buy buy buy buy

Amt Held 3'006'673 832'260 806'132 449'088 246'835 142'409 102'490 87'587 66'934 53'694 51'137 27'401 17'871 17'660 14'659 14'208 13'483 13'386 12'980 12'552

% Out 33.53 9.28 8.99 5.01 2.75 1.59 1.14 0.98 0.75 0.6 0.57 0.31 0.2 0.2 0.16 0.16 0.15 0.15 0.14 0.14

Weighting

Change 5 5 5 5

M M M M

Latest Chg 201'487 (84'814) 449'088 (101'668) 65'218 (7'172) (12'724) (12'041) 1'559 (162) (7'404) (688) 12'980 2'278

Target Price 100'000 106'000 #N/A N/A 117'000

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

File Dt 31.12.2011 02.01.2012 31.12.2012 25.02.2013 28.09.2012 31.07.2012 28.09.2012 28.09.2012 31.12.2012 28.09.2012 28.09.2012 28.09.2012 31.12.2011 28.09.2012 25.02.2013 28.09.2012 30.11.2012 28.09.2012 30.09.2012 28.09.2012

Date 6 month 12 month Not Provided 12 month

Inst Type Holding Company Investment Advisor Investment Advisor Mutual Fund Manager Mutual Fund Manager Investment Advisor Investment Advisor Mutual Fund Manager Investment Advisor Mutual Fund Manager Mutual Fund Manager Investment Advisor n/a Mutual Fund Manager Investment Advisor Mutual Fund Manager Investment Advisor Mutual Fund Manager Investment Advisor Investment Advisor

Date 26.02.2013 31.01.2013 17.01.2013 18.10.2012

27.02.2013

Young Poong Corp Young Poong Corporation produces and markets non-ferrous metals, such as zinc ingots, sulfate, and cadmium. The Company also generates income from leasing buildings.

Price/Volume 1600000

.0 M

1400000

.0 M

1200000

.0 M .0 M

1000000

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (02.03.2012) 52-Week Low (22.05.2012) Daily Volume Current Price (2/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 31.12.2012 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance 000670 KS EQUITY YTD Change 000670 KS EQUITY YTD % CHANGE

12/2011 09/yy 1'390'000.00 783'000.00 418.00 1046000 -24.75% 33.59% 42.01% 1.8 1'926'773.88 158'205.03 0.0 0.0 111'335.79 1'961'285.65

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

.0 M

600000

.0 M

400000

.0 M

200000

.0 M

0 f-12 m-12 a-12 m-12

j-12

a-12

s-12

o-12

n-12 d-12

j-13

Fiscal Year Ended 31.12.2007 904'109.4 0.99x 139'650.1 6.41x 165'073.0 5.17x

.0 M

800000

31.12.2008 31.12.2009 750'085.1 669'989.9 1.19x 1.51x 94'613.1 69'228.5 9.43x 14.59x 141'190.8 143'815.2 6.47x 6.80x Profitability

LTM-4Q 31.12.2010 879'813.7 1.69x 99'838.1 14.88x 188'586.5 7.80x

LTM

31.12.2011 09/yy 09/yy 1'036'692.2 ######### ######### 1.89x 6.52x 6.91x 113'576.6 123'497.6 123'906.7 17.24x 14.98x 15.85x 54'676.3 115'887.5 81'124.1 34.95x 15.32x 23.79x 113'576.55 60'466.96 5.83% 7.97% 2.94% 4.01% 3.70% 0.56% 9.4% 11.0% 5.8% 5.3% 1.67 0.71 8.01% 11.00% 41.64 5.94

Price/ Cash Flow

0.84 1.18 0.53 -20.58% -6.19% 1.181 1 3.000 709 581 768

FY+1

FY+2

FQ+1

FQ+2

12/12 Y

12/13 Y

12/12 Q4

03/13 Q1

S&P Issuer Ratings

.0 M f-13

43.26 8.10 0.41 1.39 11.0% 9.9% 0.56 2.54 8.77 61.42 16.27 53.92

Sales/Revenue/Turnover

45.00

1'200'000.0

40.00

1'000'000.0

35.00

800'000.0

30.00 25.00

600'000.0

20.00

400'000.0

15.00 10.00

200'000.0

5.00 0.00 03.01.2009 03.07.2009

0.0 03.01.2010 03.07.2010

03.01.2011 03.07.2011

03.01.2012 03.07.2012

03.01.2013

2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011

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

27.02.2013

Young Poong Corp Holdings By:

All

Holder Name SE-JUN JANG YOUNG POONG DEVELOPM JANG SE-HWAN SORIN CORPORATION YOUNG POONG CORP CHANG-YOUNG CHOI CHANG-KEUN CHOI CHANG-GYU CHOI KB ASSET MANAGEMENT HYUNG-JIN JANG DIMENSIONAL FUND ADV CHANG-GURL CHOI MIDAS ASSET MANAGEME INVESCO LTD SAMSUNG INVESTMENT T VANGUARD GROUP INC SEI ASSET KOREA CO L DIMENSIONAL FUND ADV MIRAE ASSET GLOBAL I KYOBO AXA INVESTMENT

Firm Name EVA Dimensions

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 Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios

Analyst CRAIG STERLING

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

Recommendation hold

Amt Held 311'193 260'975 205'479 190'820 121'906 76'299 68'700 52'539 48'079 20'774 9'805 5'000 3'341 2'692 1'528 1'338 1'243 1'173 1'086 764

% Out 16.89 14.17 11.15 10.36 6.62 4.14 3.73 2.85 2.61 1.13 0.53 0.27 0.18 0.15 0.08 0.07 0.07 0.06 0.06 0.04

Latest Chg -

Weighting

Change

Target Price

1 23'985 2'437 446 118 273 300 69

#N/A N/A

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

File Dt Inst Type 17.04.2012 n/a 17.04.2012 Corporation 31.12.2011 n/a 17.04.2012 n/a 31.12.2011 Corporation 17.04.2012 n/a 16.04.2012 n/a 17.04.2012 n/a 28.09.2012 Mutual Fund Manager 17.04.2012 n/a 31.07.2012 Investment Advisor 17.04.2012 n/a 28.09.2012 Investment Advisor 26.02.2013 Investment Advisor 28.09.2012 Investment Advisor 31.12.2012 Investment Advisor 28.09.2012 Mutual Fund Manager 30.11.2012 Investment Advisor 28.09.2012 Investment Advisor 28.09.2012 Mutual Fund Manager

Date Not Provided

Date 17.01.2013

27.02.2013

Lock & Lock Co Ltd LOCK&LOCK CO., LTD. produces and sells plastic food storage and outdoor airtight containers. The Company also produces various materials such as ceramic ware, pot, glass, and other kitchen stuffs.

Price/Volume 40000

3.5 M

35000

3.0 M

30000

2.5 M

25000

Latest Fiscal Year: LTM as of: 52-Week High (26.06.2012) 52-Week Low (29.10.2012) Daily Volume Current Price (2/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 31.12.2012 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance 115390 KS EQUITY YTD Change 115390 KS EQUITY YTD % CHANGE

12/2012 12/yy 35'350.00 20'000.00 328'458.00 27100 -23.34% 35.50% 46.25% 55.0 1'490'500.00 81'020.78 0.0 0.0 146'959.91 1'483'135.06

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

31.12.2009 31.12.2010 163'127.9 228'261.7 7.65x 22'229.9 30'349.9 57.52x 47'677.3 68'056.7 26.20x Profitability

10000

1.0 M

5000

.5 M

0 f-12 m-12 a-12 m-12

LTM-4Q 31.12.2011 214'466.4 9.45x 17'824.5 113.69x 14'390.9 134.09x

31.12.2012 171'024.2 7'017.6 17'824.54 -878.64 -0.51% 8.89% 2.74% 3.16% 3.23% 0.41% 40.5% 8.3% -0.5% 4.1% 3.12 2.12 12.94% 15.50% 8.82 2.60

Price/ Cash Flow

LTM

12/yy 12/yy 214'466.4 171'024.7 27.28x 28.57x 17'822.7 6'005.1 113.71x 0.00x 14'390.9 7'017.5 132.76x 0.00x

j-12

a-12

s-12

o-12

n-12

d-12

.0 M f-13

j-13

0.59 0.34 15.84 -10.98% 17.06% 0.336 12 4.500 463'035 581'802 487'920

FY+1

FY+2

FQ+1

FQ+2

12/13 Y

12/14 Y

03/13 Q1

06/13 Q2

S&P Issuer Ratings

8.22 -16.90 -3.70 4.55 15.5% 13.4% 0.41 3.05 41.39 140.55 27.91 154.02

Sales/Revenue/Turnover

250.00

250'000.0

200.00

200'000.0

150.00

150'000.0

100.00

100'000.0

50.00

50'000.0

0.00 02.01.2010

1.5 M

15000

Fiscal Year Ended 31.12.2008 158'681.1 24'597.1 19'862.7 -

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

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 |

27.02.2013

Lock & Lock Co Ltd Holdings By:

All

Holder Name JUN-IL KIM CHANG-HO KIM FID INTL DICOVERY FU NATIONAL PENSION SER EMPLOYEE STOCK OWNER LOCK&LOCK CO LTD FMR LLC CHINA ASSET MANAGEME SHINYOUNG INVESTMENT JP MORGAN INVESTMENT JF ASSET MANAGEMENT GS ASSET MANAGEMENT VANGUARD GROUP INC CARMIGNAC GESTION LU SAMSUNG INVESTMENT T ARTISAN PARTNERS HOL SEONG-PIL JANG HYO-DONG SON JO-HYEON YUN NOMURA CAPITAL MANAG

Firm Name Daewoo Securities Hyundai Securities Korea Investment & Securities IBK Securities Co Ltd Morgan Stanley Leading Investment & Securities EVA Dimensions Nomura Hana Daetoo Securities Hanwha Securities Co., Ltd Shinhan Investment Corp Tong Yang Investment Bank

Analyst HYEMI LEE SONG DONG-HEON LEE JUNG-IN JI-YOUNG AHN KELLY H KIM BO-KEUM SONG CRAIG STERLING CARA EUN JUNG SONG PARK JONG-DAE KIM KYEONG-KI JUNG-YOON KIM SONG CHI-HO

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

Recommendation buy buy buy buy Overwt/In-Line buy sell neutral buy buy buy hold

Amt Held 29'035'919 5'925'348 2'517'570 2'138'515 783'743 586'400 573'561 552'292 485'022 383'896 220'000 210'370 188'072 188'046 185'888 150'414 122'866 120'000 108'474 107'150

% Out 52.79 10.77 4.58 3.89 1.42 1.07 1.04 1 0.88 0.7 0.4 0.38 0.34 0.34 0.34 0.27 0.22 0.22 0.2 0.19

Weighting

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

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

Latest Chg (504'860) (649'329) 180'618 98'400 146'458 (224'620) 85'640 45'000 (112'696) (1'400) (18'150) -

Target Price 30'000 35'000 36'000 36'000 30'000 31'000 #N/A N/A 23'000 31'000 34'000 34'000 35'000

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

File Dt 24.10.2012 24.10.2012 18.02.2011 03.08.2012 30.06.2012 30.06.2012 30.09.2012 30.06.2012 28.09.2012 31.12.2011 30.09.2011 28.09.2012 31.12.2012 31.12.2012 28.09.2012 31.12.2012 30.11.2011 30.09.2011 24.10.2012 31.01.2013

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

Inst Type n/a n/a n/a Investment Advisor n/a n/a Investment Advisor Investment Advisor Mutual Fund Manager Mutual Fund Manager Mutual Fund Manager Mutual Fund Manager Investment Advisor Investment Advisor Investment Advisor Investment Advisor n/a n/a n/a Investment Advisor

Date 26.02.2013 18.02.2013 08.02.2013 08.02.2013 07.02.2013 28.01.2013 17.01.2013 16.01.2013 11.01.2013 24.12.2012 05.09.2012 06.02.2012

27.02.2013

Ssangyong Cement Industrial Co Ltd Ssangyong Cement Industrial Co., Ltd. produces cement and ready-mixed concrete. The Company also manufactures fine ceramics for industrial uses and ferrite magnets for components used in audio equipment. In addition, Ssangyong Cement Industrial develops housing, plant engineering, environmental resources, and leisure businesses.

Price/Volume 9000

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

8000 7000 6000 5000 4000

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (22.02.2013) 52-Week Low (04.06.2012) Daily Volume Current Price (2/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 31.12.2012 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance 003410 KS EQUITY YTD Change 003410 KS EQUITY YTD % CHANGE

12/2012 12/yy 8'140.00 3'700.00 41'280.00 7930 -2.58% 114.32% 95.72% 74.7 592'057.25 877'703.63 0.0 0.0 1'424.01 1'619'923.88

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

2000 1000 0 f-12 m-12 a-12 m-12

31.12.2009 31.12.2010 1'083'603.9 1'036'899.6 1.35x 1.10x 157'188.3 99'802.7 9.31x 11.40x 74'246.3 29'381.4 10.05x 18.42x Profitability

LTM-4Q 31.12.2011 1'165'726.6 1.02x 52'620.6 22.51x (38'814.8) -

LTM

31.12.2012 12/yy 12/yy 1'333'798.6 ######### ######### 4.28x 3.15x 52'620.6 84'502.0 22.51x 0.00x 13'148.0 (38'814.8) 13'147.6 0.00x 0.00x 52'620.63 81'942.25 6.14% -3.33% -1.71% -3.65% 0.51% 7.7% 4.5% 6.1% 1.0% 0.34 0.25 36.44% 85.32% 7.02 11.36

Price/ Cash Flow

j-12

a-12

s-12

o-12

n-12

d-12

j-13

0.00 0.95 37.01 43.14% 39.86% 0.946 1 3.000 117'276 119'658 82'971

FY+1

FY+2

FQ+1

FQ+2

12/13 Y

12/14 Y

03/13 Q1

06/13 Q2

S&P Issuer Ratings

0.81 0.06 16.65 16.68 85.3% 46.0% 0.51 0.71 51.98 32.12 81.59 2.51

Sales/Revenue/Turnover

20.00

1'600'000.0

18.00

1'400'000.0

16.00

1'200'000.0

14.00 12.00

1'000'000.0

10.00

800'000.0

8.00

600'000.0

6.00

400'000.0

4.00

200'000.0

2.00 0.00 02.01.2010

j-12

Market Data

Fiscal Year Ended 31.12.2008 1'172'373.7 1.44x 95'609.0 17.60x (168'704.8) -

3000

0.0 02.07.2010

02.01.2011

02.07.2011

02.01.2012

02.07.2012

02.01.2013

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 |

27.02.2013

Ssangyong Cement Industrial Co Ltd Holdings By:

All

Holder Name TAIHEIYO CEMENT CORP KOREA DEVELOPMENT BA SHINHAN BANK SEOUL GUARANTEE INSU HAHN & CO. CEMENT HO DAEHAN CEMENT CO LTD DIMENSIONAL FUND ADV VANGUARD GROUP INC MIRAE ASSET GLOBAL I DIMENSIONAL FUND ADV JOHN HANCOCK ADVISER HANWHA INVESTMENT TR SAMSUNG INVESTMENT T YONG-SIK KIM BESSEMER GROUP INCOR MACKAY SHIELDS LLC CHARLES SCHWAB INVES DIMENSIONAL FUND ADV PRUDENTIAL ASSET MAN YEONG-SEOK KIM

Firm Name EVA Dimensions

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 n/a

Analyst CRAIG STERLING

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

Recommendation hold

Amt Held 22'078'960 11'090'842 10'024'000 8'460'950 8'030'320 7'500'000 452'024 219'960 85'220 63'971 34'830 29'260 14'831 10'000 9'930 7'890 7'030 5'410 3'780 3'000

% Out 29.57 14.86 13.43 11.33 10.76 10.05 0.61 0.29 0.11 0.09 0.05 0.04 0.02 0.01 0.01 0.01 0.01 0.01 0.01 0

Weighting

Change 3

Latest Chg 34'310 15'050 440 (1'906) 4'000 (10) -

Target Price #N/A N/A

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

File Dt Inst Type 30.09.2012 Corporation 30.07.2012 Government 30.07.2012 Bank 30.07.2012 Insurance Company 24.09.2012 Corporation 30.07.2012 Corporation 31.07.2012 Investment Advisor 31.12.2012 Investment Advisor 28.09.2012 Investment Advisor 30.11.2012 Investment Advisor 30.04.2011 Investment Advisor 28.09.2012 Mutual Fund Manager 28.09.2012 Investment Advisor 26.07.2012 n/a 31.10.2012 Investment Advisor 30.11.2012 Investment Advisor 26.02.2013 Investment Advisor 30.11.2012 Investment Advisor 28.09.2012 Mutual Fund Manager 10.01.2012 n/a

Date Not Provided

Date 17.01.2013

27.02.2013

Seah Besteel Corp Seah Besteel Corp. manufactures specified steel products such as H-beam, alloy steel, and carbon steel. The Company also produces train and auto parts.

Price/Volume 60000 50000 40000 30000

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (27.02.2012) 52-Week Low (16.11.2012) Daily Volume Current Price (2/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 31.12.2012 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance 001430 KS EQUITY YTD Change 001430 KS EQUITY YTD % CHANGE

12/2012 12/yy 51'100.00 23'200.00 247'786.00 34050 -33.37% 46.77% 41.76% 35.9 1'221'105.13 405'470.86 0.0 0.0 275.71 1'762'305.26

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

10000 0 f-12 m-12 a-12 m-12

31.12.2009 31.12.2010 1'245'360.0 1'867'538.7 1.02x 1.01x 102'878.6 301'450.5 12.37x 6.25x (38'680.9) 143'111.5 9.06x Profitability

LTM-4Q 31.12.2011 2'484'734.0 0.83x 406'038.4 5.06x 226'558.7 7.28x

j-12

a-12

s-12

o-12

n-12

d-12

j-13

LTM

FY+1

3.52 0.87 8.44 -28.00% 18.85% 0.875 21 4.810 163'818 170'287 165'308 FY+2

FQ+1

FQ+2

31.12.2012 12/yy 12/yy 12/13 Y 12/14 Y 03/13 Q1 06/13 Q2 2'194'080.9 ######### ######### ######### ######### 487'733.2 554'116.3 3.49x 2.70x 0.66x 0.56x 3.27x 2.83x - 406'038.4 225'722.0 300'279.6 349'908.7 56'089.0 71'447.6 5.06x 0.00x 5.87x 5.04x 6.39x 119'182.0 226'558.7 119'181.7 129'702.8 170'996.1 20'936.2 33'343.2 7.28x 0.00x 9.23x 7.16x 10.22x S&P Issuer Ratings 406'038.42 Long-Term Rating Date 171'773.01 Long-Term Rating 7.83% Long-Term Outlook 10.92% Short-Term Rating Date 12.08% Short-Term Rating 20.01% Credit Ratios 15.41% EBITDA/Interest Exp. 1.33% (EBITDA-Capex)/Interest Exp. Net Debt/EBITDA 15.1% Total Debt/EBITDA 16.3% Reference 7.8% Total Debt/Equity 5.4% Total Debt/Capital Asset Turnover 1.58 Net Fixed Asset Turnover 0.57 Accounts receivable turnover-days 20.28% Inventory Days 31.48% Accounts Payable Turnover Day 9.01 Cash Conversion Cycle 4.33

Price/ Cash Flow

14.71 11.47 1.00 1.00 31.5% 23.9% 1.33 2.33 40.52 84.27 19.80 104.99

Sales/Revenue/Turnover

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

j-12

Market Data

Fiscal Year Ended 31.12.2008 1'840'728.4 0.62x 280'988.4 4.05x 101'694.5 5.79x

20000

.5 M .5 M .4 M .4 M .3 M .3 M .2 M .2 M .1 M .1 M .0 M f-13

0.0 02.07.2010

02.01.2011

02.07.2011

02.01.2012

02.07.2012

02.01.2013

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 |

27.02.2013

Seah Besteel Corp Holdings By:

All

Holder Name SEAH HOLDINGS CORP HAIDUK CO LTD NATIONAL PENSION SER SEAH STEEL CORP KB ASSET MANAGEMENT UBS HANA ASSET MANAG SAMSUNG INVESTMENT T WOON-HYUNG LEE DIMENSIONAL FUND ADV VANGUARD GROUP INC PUTNAM INVESTMENT MA SHINYOUNG INVESTMENT SOON-HYUNG LEE NH-CA ASSET MANAGEME SHINHAN BNP PARIBAS MIRAE ASSET GLOBAL I PRUDENTIAL ASSET MAN TONG YANG INVESTMENT KYOBO AXA INVESTMENT HANWHA INVESTMENT TR

Firm Name

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

Analyst

KTB Securities SHIM HYE-SUN SK Securities Co Ltd LEE WON JAE Shinhan Investment Corp JINJOO HONG E*Trade Securities Korea KANG TAE-HYUN Kyobo Securities UM JIN-SEOK LIG Investment Securities YOON-SANG KIM EVA Dimensions CRAIG STERLING Macquarie EUNICE BU DBS Vickers LEE EUN YOUNG Eugene Investment & Securities Co., LtdGYUNG-JUNG KIM Woori Investment & Securities WILL BYUN Tong Yang Investment Bank KEE-HYUN PARK Hanwha Securities Co., Ltd KIM KANG-OH KB Investment & Securities Co., Ltd KIM HYUN-TAE Hana Daetoo Securities KIM JUNG-WOOK Daishin Securities Co., Ltd. MOON JEONG-UP Goldman Sachs SEUNG SHIN Meritz Securities Co., Ltd LEE JONG-HYOUNG Hyundai Securities KIM JI-HWAN Shinyoung Securities Co., Ltd. KANG-UN CHO BS Securities Co Ltd YOON KWAN-CHUL

Source EXCH EXCH EXCH EXCH MF-AGG MF-AGG MF-AGG EXCH MF-AGG MF-AGG MF-AGG MF-AGG EXCH MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG

Recommendation buy buy buy buy buy buy hold outperform buy buy hold buy outperform buy buy buy Buy/Neutral buy buy buy buy

Amt Held 19'500'000 2'699'178 2'685'697 2'163'284 569'727 454'957 273'029 266'000 226'439 165'886 125'104 121'858 108'070 78'790 71'386 60'950 50'934 50'167 42'365 38'087

% Out 54.37 7.53 7.49 6.03 1.59 1.27 0.76 0.74 0.63 0.46 0.35 0.34 0.3 0.22 0.2 0.17 0.14 0.14 0.12 0.11

Weighting

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

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

Latest Chg 514'707 (1) (143'852) 352'712 (63'326) 4'090 29'660 (111'791) 15'483 (7'105) 37'230 (47'902) 49'314 13'163 23'040

Target Price 40'000 36'000 40'000 38'000 35'000 35'000 #N/A N/A 36'000 37'000 32'000 31'000 36'000 33'000 30'000 43'000 40'000 38'000 36'000 36'000 50'000 69'000

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

File Dt 15.06.2012 15.06.2012 30.08.2011 25.06.2012 28.09.2012 28.09.2012 28.09.2012 15.06.2012 31.07.2012 31.12.2012 31.12.2012 28.09.2012 15.06.2012 28.09.2012 28.09.2012 28.09.2012 28.09.2012 28.09.2012 28.09.2012 28.09.2012

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

Inst Type Holding Company Unclassified Investment Advisor Corporation Mutual Fund Manager Mutual Fund Manager Investment Advisor n/a Investment Advisor Investment Advisor Investment Advisor Mutual Fund Manager n/a Mutual Fund Manager Investment Advisor Investment Advisor Mutual Fund Manager Mutual Fund Manager Mutual Fund Manager Mutual Fund Manager

Date 22.02.2013 21.02.2013 20.02.2013 07.02.2013 01.02.2013 01.02.2013 31.01.2013 29.01.2013 25.01.2013 24.01.2013 21.01.2013 17.01.2013 14.01.2013 02.01.2013 26.11.2012 19.11.2012 04.11.2012 26.10.2012 26.10.2012 15.10.2012 30.04.2012

27.02.2013

Hanjin Heavy Industries & Construction Co Ltd Hanjin Heavy Industries & Construction Co.,Ltd. manufactures container vessels, chemical tankers, oil tankers, bulk carriers, reefer vessels, and wood chip carriers. The Company also constructs roadways, bridges, ports, industrial plants, and a diverse line of buildings. In addition, Hanjin Heavy Ind & Const provides ship repair services along with logistics services.

Price/Volume

20000

2.5 M 2.0 M

15000 10000

12/2012 12/yy 21'031.32 8'191.63 625'462.00 9050 -56.97% 10.48% 8.87% 69.3 627'060.63 2'986'200.00 0.0 0.0 652'226.00 3'141'319.61

1.0 M

5000

.5 M

0 f-12 m-12 a-12 m-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

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

3.0 M

1.5 M

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (15.03.2012) 52-Week Low (22.01.2013) Daily Volume Current Price (2/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 01.02.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance 097230 KS EQUITY YTD Change 097230 KS EQUITY YTD % CHANGE

31.12.2008 3'848'033.0 0.85x 561'760.0 5.83x 62'998.0 21.70x

25000

31.12.2009 31.12.2010 3'227'619.0 2'755'870.0 1.04x 1.42x 515'213.0 243'443.0 6.50x 16.07x 51'904.0 (51'745.0) 20.86x Profitability

LTM-4Q 31.12.2011 2'316'017.0 1.39x 75'658.0 42.68x (116'272.0) -

LTM

31.12.2012 12/yy 12/yy 1'980'760.8 ######### ######### 6.10x 4.66x 75'658.0 26'901.0 42.68x 0.00x 13'082.6 (116'273.0) 13'083.0 0.00x 0.00x 75'658.00 28'590.86 1.44% -4.41% -1.92% -5.97% 0.38% 6.9% 3.3% 1.4% 0.7% 1.21 0.97 50.98% 159.27% 1.79 12.08

Price/ Cash Flow

FY+1

.0 M f-13

0.00 1.53 48.86 -51.80% -21.34% 1.525 15 4.067 493'694 671'051 461'666 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 03/13 Q1 06/13 Q2 25'719.0 5'779.0 6'240.0 (416.0) 82.0 281.0 S&P Issuer Ratings

0.44 0.36 30.85 39.47 159.3% 61.4% 0.38 1.19 204.41 30.22 49.18 185.45

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

0.0 02.07.2010

02.01.2011

02.07.2011

02.01.2012

02.07.2012

02.01.2013

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 |

27.02.2013

Hanjin Heavy Industries & Construction Co Ltd Holdings By:

All

Holder Name HANJIN HEAVY IND & C KB ASSET MANAGEMENT ALLIANCE BERNSTEIN NATIONAL PENSION SER SAMSUNG INVESTMENT T DIMENSIONAL FUND ADV JF ASSET MANAGEMENT FRANKLIN RESOURCES KOREA INVESTMENT TRU VANGUARD GROUP INC NAM-HO CHO JP MORGAN FUNDS LUXE NH-CA ASSET MANAGEME DIMENSIONAL FUND ADV HANWHA INVESTMENT TR MIRAE ASSET GLOBAL I JOHN HANCOCK ADVISER KYOBO AXA INVESTMENT UOB ASSET MANAGEMENT KIWOOM ASSET MANAGEM

Firm Name KTB Securities Mirae Asset Securities KIWOOM Securities Co Ltd Daewoo Securities Samsung Securities EVA Dimensions BNP Paribas Equity Research KB Investment & Securities Co., Ltd Korea Investment & Securities Dongbu Securities Co Ltd Shinyoung Securities Co., Ltd. Daishin Securities Co., Ltd. Hanwha Securities Co., Ltd Meritz Securities Co., Ltd Shinhan Investment Corp Tong Yang Investment Bank Hana Daetoo Securities

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

Analyst LEE KANG-ROK CHUNG WOO CHANG CHOI WON-KYUNG SUNG KI-JONG YOUNGSOO HAN CRAIG STERLING JAMES HIE SUK YOON LEE SANG-WON RICHARD PARK KIM HONG-GYUN UM KYUNG-A JEON JAE-CHEON DONG-IK JEONG SUH JUNG-DUK KIM HYUN LEE JAE-WON KIM HYUN

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

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

Amt Held 17'646'759 2'475'077 2'389'054 2'375'942 1'939'991 812'069 793'382 383'229 347'838 327'584 283'860 128'000 104'630 89'437 74'010 67'956 67'029 66'480 40'400 35'541

% Out 25.47 3.57 3.45 3.43 2.8 1.17 1.15 0.55 0.5 0.47 0.41 0.18 0.15 0.13 0.11 0.1 0.1 0.1 0.06 0.05

Weighting

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

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

Latest Chg 112'208 (116'453) (1'702'467) (481'813) 151'126 72'091 1'500 45'190 (4'140) 13'620 (1'260) 32'740

Target Price 10'000 9'204 10'124 14'911 8'560 #N/A N/A 15'647 21'538 #N/A N/A 16'567 #N/A N/A 15'647 16'475 18'408 35'896 28'533 59'234

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

File Dt 31.12.2011 17.10.2012 25.10.2010 15.09.2011 09.02.2012 31.07.2012 30.09.2011 30.09.2012 28.09.2012 31.12.2012 31.12.2011 30.06.2011 28.09.2012 30.11.2012 28.09.2012 28.09.2012 30.04.2011 28.09.2012 31.12.2010 28.09.2012

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

Inst Type Corporation Mutual Fund Manager Investment Advisor Investment Advisor Investment Advisor Investment Advisor Mutual Fund Manager Investment Advisor Investment Advisor Investment Advisor n/a Mutual Fund Manager Mutual Fund Manager Investment Advisor Mutual Fund Manager Investment Advisor Investment Advisor Mutual Fund Manager Mutual Fund Manager Mutual Fund Manager

Date 06.02.2013 24.01.2013 23.01.2013 17.01.2013 17.01.2013 15.01.2013 09.01.2013 04.01.2013 30.11.2012 27.11.2012 12.11.2012 23.10.2012 02.07.2012 28.06.2012 30.04.2012 23.11.2011 25.04.2011

27.02.2013

STX Offshore & Shipbuilding Co Ltd STX Offshore & Shipbuilding Co., Ltd. produces commercial ships. The Company's products include product tankers, container ships, bulk carriers, liquid petroleum gas (LPG) carriers, and automobile carriers. In addition, STX Offshore & Shipbuilding operates real estate leasing business.

Price/Volume

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (14.03.2012) 52-Week Low (27.11.2012) Daily Volume Current Price (2/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 01.02.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance 067250 KS EQUITY YTD Change 067250 KS EQUITY YTD % CHANGE

12/2011 09/yy 17'900.00 6'360.00 317'650.00 6680 -62.68% 5.03% 2.95% 85.8 572'968.50 2'160'235.00 0.0 0.0 136'443.00 2'812'602.50

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

7.0 M 6.0 M 5.0 M 4.0 M 3.0 M 2.0 M 1.0 M j-12

j-12

a-12

s-12

o-12

n-12

d-12

.0 M f-13

j-13

Fiscal Year Ended 31.12.2007 2'129'017.3 1.60x 131'787.2 25.90x 160'798.6 21.91x

20000 18000 16000 14000 12000 10000 8000 6000 4000 2000 0 f-12 m-12 a-12 m-12

31.12.2008 31.12.2009 3'005'654.8 4'191'256.8 0.38x 0.45x 134'192.5 149'470.4 8.54x 12.67x 42'997.8 (155'677.1) 20.48x Profitability

LTM-4Q 31.12.2010 3'940'166.9 0.95x 229'723.0 16.26x 75'378.3 25.10x

LTM

31.12.2011 09/yy 09/yy 4'269'210.0 ######### ######### 0.68x 3.82x 3.04x 150'035.0 203'611.2 (47'227.0) 19.35x 21.56x 0.00x (19'700.0) 38'985.9 (138'438.0) 31.14x 0.00x 150'035.00 103'881.00 2.43% 0.42% -2.14% -8.22% 0.60% 4.3% -1.2% -2.4% -0.5% 0.63 0.05 34.68% 126.50% 5.57 19.95

Price/ Cash Flow

1.51 58.18 -59.14% -8.49% 1.507 4 3.000 512'156 540'687 738'874

FY+1

FY+2

FQ+1

FQ+2

12/12 Y

12/13 Y

12/12 Q4

03/13 Q1

S&P Issuer Ratings

1.13 0.11 -52.49 126.5% 55.8% 0.60 2.58 65.74 18.35 88.81 -26.53

Sales/Revenue/Turnover

14.00

4'500'000.0

12.00

4'000'000.0 3'500'000.0

10.00

3'000'000.0

8.00

2'500'000.0

6.00

2'000'000.0 1'500'000.0

4.00

1'000'000.0

2.00 0.00 03.01.2009 03.07.2009

500'000.0 0.0 03.01.2010 03.07.2010

03.01.2011 03.07.2011

03.01.2012 03.07.2012

03.01.2013

2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011

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

27.02.2013

STX Offshore & Shipbuilding Co Ltd Holdings By:

All

Holder Name STX CORP DIMENSIONAL FUND ADV STX OFFSHORE & SHIPB VANGUARD GROUP INC JF ASSET MANAGEMENT DIMENSIONAL FUND ADV SAMSUNG INVESTMENT T KYOBO AXA INVESTMENT MIRAE ASSET GLOBAL I FULLERTON FUND MANAG BLACKROCK JOHN HANCOCK ADVISER MACKAY SHIELDS LLC BANK OF NEW YORK MEL SHINHAN BNP PARIBAS KOREA INVESTMENT TRU STATE STREET WOORI ASSET MANAGEME KB ASSET MANAGEMENT AXA ROSENBERG INTL

Firm Name EVA Dimensions Dongbu Securities Co Ltd Shinyoung Securities Co., Ltd. Macquarie Korea Investment & Securities

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

Analyst CRAIG STERLING KIM HONG-GYUN UM KYUNG-A LEE JUWON RICHARD PARK

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

Recommendation underweight hold buy neutral hold

Amt Held 26'224'899 1'324'466 1'159'969 565'730 226'870 151'710 138'600 125'118 120'909 93'690 90'230 81'850 81'190 63'055 57'790 56'160 51'763 43'073 42'148 41'080

% Out 30.57 1.54 1.35 0.66 0.26 0.18 0.16 0.15 0.14 0.11 0.11 0.1 0.09 0.07 0.07 0.07 0.06 0.05 0.05 0.05

Weighting

Change 1 3 5 3 3

M M M M M

Latest Chg (382'970) (280'455) (330) 15'310 (790) 11'610 (110) 1'330 (9'546) 2'630 23'610

Target Price #N/A N/A 10'000 14'000 11'000 16'000

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

File Dt 27.07.2012 31.07.2012 31.12.2011 31.12.2012 30.09.2011 30.11.2012 28.09.2012 28.09.2012 28.09.2012 31.03.2011 25.02.2013 30.04.2011 31.12.2012 25.02.2013 28.09.2012 28.09.2012 25.02.2013 28.09.2012 28.09.2012 30.09.2012

Date Not Provided 12 month 12 month 12 month 12 month

Inst Type Holding Company Investment Advisor Corporation Investment Advisor Mutual Fund Manager Investment Advisor Investment Advisor Mutual Fund Manager Investment Advisor Mutual Fund Manager Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Mutual Fund Manager Mutual Fund Manager Investment Advisor

Date 17.01.2013 23.10.2012 30.07.2012 28.06.2012 29.11.2011

27.02.2013

Global & Yuasa Battery Co Ltd Global & Yuasa Battery Co., Ltd. specializes in manufacturing storage batteries used in automobiles, motorcycles, electric vehicles, and industrial machinery such as excavators and bulldozers. The Company provides its products to domestic and overseas markets.

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (21.08.2012) 52-Week Low (04.06.2012) Daily Volume Current Price (2/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 31.12.2012 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance 004490 KS EQUITY YTD Change 004490 KS EQUITY YTD % CHANGE

Price/Volume

12/2012 12/yy 51'700.00 41'700.00 13'680.00 47200 -8.70% 13.19% 53.00% 14.0 660'800.00 75'397.74 0.0 0.0 285'021.35 451'176.38

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

.6 M

50000

.5 M

40000

.4 M

30000

.3 M

20000

.2 M

10000

.1 M

0 f-12 m-12 a-12 m-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

Fiscal Year Ended 31.12.2008 624'588.9 0.26x 123'819.6 1.30x 75'368.8 2.84x

60000

31.12.2009 31.12.2010 627'174.3 790'200.2 0.43x 0.36x 108'911.7 121'906.6 2.50x 2.32x 70'289.6 79'209.5 5.03x 5.80x Profitability

LTM-4Q 31.12.2011 953'871.6 0.53x 145'154.1 3.46x 105'374.9 5.84x

31.12.2012 846'330.2 0.53x 142'376.2 3.16x 97'869.3 6.74x 142'376.21 123'145.55 14.55% 15.17% 13.18% 18.19% 15.93% 1.14% 22.6% 16.8% 14.6% 11.6% 3.14 2.49 9.76% 12.88% 4.90 6.02

Price/ Cash Flow

LTM

FY+1

.0 M f-13

0.77 2.21 -0.74% 0.11% 0.773 3 5.000 16'323 16'941 15'529 FY+2

FQ+1

FQ+2

12/yy 12/yy 12/13 Y 12/14 Y 03/13 Q1 06/13 Q2 953'871.6 846'330.2 969'700.0 ######### 236'700.0 233'100.0 2.03x 2.16x 145'154.1 142'376.2 155'000.0 169'000.0 3.46x 3.16x 2.91x 2.67x 105'374.9 97'869.3 108'700.0 120'600.0 24'200.0 26'000.0 5.84x 6.74x 6.08x 5.48x 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

83.72 57.04 -1.47 0.53 12.9% 11.4% 1.14 4.58 74.77 60.82 31.49 104.09

Sales/Revenue/Turnover

25.00

1'200'000.0

20.00

1'000'000.0 800'000.0

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

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 |

27.02.2013

Global & Yuasa Battery Co Ltd Holdings By:

All

Holder Name SEBANG CO LTD KOREA INVESTMENT TRU EUI-SUN LEE NATIONAL PENSION SER SHIN YOUNG INVST VIP RESEARCH & MANAG HANGARAM INV MGMT CO KB ASSET MANAGEMENT SAMSUNG INVESTMENT T AXA ROSENBERG INTL SANG-HUI LEE SANG-WUNG LEE DIMENSIONAL FUND ADV SHINYOUNG INVESTMENT DNB NOR ASSET MANAGE VANGUARD GROUP INC KYOBO AXA INVESTMENT NH-CA ASSET MANAGEME SCHRODER INVESTMENT MIRAE ASSET GLOBAL I

Firm Name Daewoo Securities EVA Dimensions E*Trade Securities Korea

Portfolio Name 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 Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios

Analyst GYU-SUN LEE CRAIG STERLING OH DOO-KYOON

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

Recommendation buy buy buy

Amt Held 5'312'352 1'709'535 1'668'645 1'212'128 973'081 706'569 662'920 593'449 134'648 130'300 123'550 123'549 114'220 80'879 57'970 55'940 17'499 17'476 16'590 16'260

% Out 37.95 12.21 11.92 8.66 6.95 5.05 4.74 4.24 0.96 0.93 0.88 0.88 0.82 0.58 0.41 0.4 0.12 0.12 0.12 0.12

Weighting

Change 5 5 5

M M M

Latest Chg (52'190) (19'310) 49'743 (3'120) (1'304'080) (119'512) 799 9'356 6'790 3'510

Target Price 60'000 #N/A N/A 54'000

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

File Dt 07.05.2012 30.09.2011 30.09.2011 30.09.2011 30.09.2011 07.11.2012 03.12.2010 28.09.2012 28.09.2012 30.09.2012 04.05.2012 07.05.2012 31.07.2012 28.09.2012 31.01.2013 31.12.2012 28.09.2012 28.09.2012 31.12.2012 28.09.2012

Date 12 month Not Provided 12 month

Inst Type n/a Investment Advisor n/a Investment Advisor n/a Corporation n/a Mutual Fund Manager Investment Advisor Investment Advisor n/a n/a Investment Advisor Mutual Fund Manager Investment Advisor Investment Advisor Mutual Fund Manager Mutual Fund Manager Investment Advisor Investment Advisor

Date 23.01.2013 15.01.2013 12.11.2012

27.02.2013

Daeduck Electronics Co Daeduck Electronics Co., Ltd. specializes in manufacturing printed circuit boards (PCBs) used in cellular phones, camcorders, notebook computers, and handheld computers. The Company's products include multi-layer, carbon contact, and controlled impedance PCBs. Daeduck Electronics supplies its products to telecommunication and electronic industries internationally.

Price/Volume 14000

1.6 M

12000

1.4 M

10000

1.2 M 1.0 M

8000

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (29.02.2012) 52-Week Low (29.10.2012) Daily Volume Current Price (2/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 31.12.2012 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance 008060 KS EQUITY YTD Change 008060 KS EQUITY YTD % CHANGE

12/2011 09/yy 12'850.00 8'760.00 567'206.00 10950 -14.79% 25.00% 51.10% 48.8 534'319.50 0.00 0.0 0.0 20'066.55 458'136.27

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

.6 M

4000

.4 M

2000

.2 M

0 f-12 m-12 a-12 m-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

Fiscal Year Ended 31.12.2007 318'572.3 0.20x 25'373.1 2.56x 12'261.9 18.71x

.8 M

6000

31.12.2008 31.12.2009 336'353.7 395'659.8 0.33x 32'656.0 43'849.7 3.00x (67'125.5) 44'620.3 5.34x Profitability

LTM-4Q 31.12.2010 530'735.2 0.57x 59'795.4 5.03x 47'391.1 6.48x

31.12.2011 655'724.2 0.69x 80'857.0 5.60x 42'228.8 11.19x 80'857.02 40'907.45 6.24% 7.75% 8.66% 11.38% 11.40% 1.35% 9.1% 12.3% 6.2% 6.4% 1.65 1.00 0.00% 0.00% 6.68 13.54

Price/ Cash Flow

LTM

FY+1

.0 M f-13

2.74 0.99 27.15 -9.13% 2.34% 0.995 8 5.000 378'962 313'236 395'587 FY+2

FQ+1

FQ+2

09/yy 09/yy 12/12 Y 12/13 Y 12/12 Q4 03/13 Q1 623'812.0 730'010.5 736'854.0 826'728.8 193'327.6 187'912.7 2.09x 2.38x 0.64x 0.52x 2.52x 2.48x 74'895.3 97'749.6 107'993.1 123'189.6 22'880.3 31'507.3 3.58x 3.78x 4.24x 3.72x 3.82x 3.52x 47'422.4 40'653.7 51'979.0 69'150.8 11'546.2 15'034.8 5.87x 10.95x 10.26x 7.74x 8.75x 7.82x 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

1476.79 -128.80 -0.25 0.00 0.0% 0.0% 1.35 3.31 54.64 26.95 38.09 43.50

Sales/Revenue/Turnover

12.00

700'000.0

10.00

600'000.0 500'000.0

8.00

400'000.0 6.00

300'000.0 4.00

200'000.0

2.00

100'000.0

0.00 03.01.2009 03.07.2009

0.0 03.01.2010

03.07.2010

03.01.2011 03.07.2011

03.01.2012

03.07.2012

03.01.2013

2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011

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

27.02.2013

Daeduck Electronics Co Holdings By:

All

Holder Name DAEDUCK ELECTRONICS CHUNG-SIK KIM NATIONAL PENSION SER YOUNG-JAE KIM ALLIANZ GLOBAL INVES KOREA INVESTMENT TRU SHIN YOUNG INVESTMEN SHINYOUNG INVESTMENT VANGUARD GROUP INC DIMENSIONAL FUND ADV MIDAS ASSET MANAGEME UBS HANA ASSET MANAG SEB SAMSUNG INVESTMENT T BANK OF NEW YORK MEL SHINHAN BNP PARIBAS KYOBO AXA INVESTMENT TAE-SHIK PARK TRANSAMERICA INVESTM SEI ASSET KOREA CO L

Firm Name KTB Securities HMC Investment Securities Co Ltd Daishin Securities Co., Ltd. EVA Dimensions Hanwha Securities Co., Ltd Korea Investment & Securities HI Investment Securities Taurus Investment Securities Co Ltd

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 n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios n/a Multiple Portfolios Multiple Portfolios

Analyst JANG WOO-YOUNG GREG GEUN-CHANG ROH ROK-HO KIM ANDREW S ZAMFOTIS KIM WOON-HO MATTHEW YANG HAN EUNMEE YOO-JIN KIM

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

Recommendation buy buy buy overweight buy buy buy buy

Amt Held 7'151'210 5'314'514 4'633'180 4'087'249 2'186'388 2'083'140 1'946'140 1'362'584 323'660 272'617 239'142 194'130 162'060 148'338 145'033 119'690 108'340 79'425 70'860 67'100

% Out 14.66 10.89 9.49 8.38 4.48 4.27 3.99 2.79 0.66 0.56 0.49 0.4 0.33 0.3 0.3 0.25 0.22 0.16 0.15 0.14

Weighting

Change 5 5 5 5 5 5 5 5

M M M M M M M N

Latest Chg 583'141 (940'340) (610'380) (494'531) (149'257) 5'090 (76'963) (204'920) (28'750) (691'412) 113'050 35'730 24'410 (68'920)

Target Price 16'000 18'000 15'000 #N/A N/A 15'000 14'000 14'000 16'200

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

File Dt 16.03.2012 13.08.2012 17.10.2012 13.08.2012 17.09.2012 31.01.2013 31.07.2012 28.09.2012 31.12.2012 31.07.2012 28.09.2012 28.09.2012 31.12.2012 28.09.2012 25.02.2013 28.09.2012 28.09.2012 31.12.2011 31.12.2012 28.09.2012

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

Inst Type n/a n/a Investment Advisor n/a Mutual Fund Manager Investment Advisor Investment Advisor Mutual Fund Manager Investment Advisor Investment Advisor Investment Advisor Mutual Fund Manager Unclassified Investment Advisor Investment Advisor Investment Advisor Mutual Fund Manager n/a Investment Advisor Mutual Fund Manager

Date 26.02.2013 15.02.2013 04.02.2013 15.01.2013 14.01.2013 18.10.2012 16.08.2012 25.06.2012

27.02.2013

Sung Jin Geotec Co Ltd SungJin Geotec Co., Ltd. manufactures a wide range of industrial, power and energy plants such as pressure vessel, big tower, column, heat exchanger, reactor and heat recovery steam generator. The Company also produces marine and offshore equipment including pontoon module, stern top and stem bottom.

Price/Volume 16000

.7 M

14000

.6 M

12000

.5 M

10000

Latest Fiscal Year: LTM as of: 52-Week High (15.03.2012) 52-Week Low (21.05.2012) Daily Volume Current Price (2/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 31.12.2012 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance 051310 KS EQUITY YTD Change 051310 KS EQUITY YTD % CHANGE

12/2012 12/yy 15'250.00 9'210.00 21'160.00 10800 -29.18% 17.26% 26.32% 52.1 562'320.56 424'999.93 1'290.0 0.0 34'104.18 980'280.90

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

1.20 1.00

.3 M

6000 4000

.2 M

2000

.1 M

0 f-12 m-12 a-12 m-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

Fiscal Year Ended 31.12.2008 520'147.1 0.66x 87'239.0 3.94x (190'714.1) -

.4 M

8000

Valuation Analysis

31.12.2009 31.12.2010 380'143.4 370'625.3 1.42x 2.54x (9'600.3) 1'848.1 508.57x (6'368.8) (11'843.2) Profitability

LTM-4Q 31.12.2011 632'849.5 1.42x (14'597.7) (59'180.8) -

31.12.2012 703'235.7 (29'219.0) -14'597.73 11'153.21 1.59% -11.18% -9.08% -47.06% 0.97% 0.5% -2.3% 1.6% -4.2% 1.00 0.89 59.24% 406.50% 1.95 35.60

LTM

FY+1

.0 M f-13

0.00 1.33 18.75 -15.95% 0.47% 1.329 3 3.000 60'347 41'686 46'248 FY+2

FQ+1

FQ+2

12/yy 12/yy 12/13 Y 12/14 Y 03/13 Q1 06/13 Q2 632'849.5 703'235.6 808'672.0 865'713.0 5.87x 4.47x 1.25x 1.18x (14'659.6) 20'553.8 59'097.5 67'217.0 0.00x 0.00x 16.59x 14.58x (59'180.8) (29'219.4) 26'120.5 29'859.5 0.00x 0.00x 21.52x 18.76x 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

-0.60 -1.01 -29.11 406.5% 80.1% 0.97 3.23 186.83 10.25 49.51 147.57

Sales/Revenue/Turnover

800'000.0 700'000.0 600'000.0

0.80 0.60

500'000.0 400'000.0 300'000.0

0.40 0.20

200'000.0 100'000.0 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 |

27.02.2013

Sung Jin Geotec Co Ltd Holdings By:

All

Holder Name POSCO KOREA DEVELOPMENT BA JUNG-DO CHUN SAMSUNG ENGINEERING POSCO ENGINEERING & YU YOUNG METAL CO LT BYEONG-SU PARK BLACKROCK VANGUARD GROUP INC DIMENSIONAL FUND ADV IN-WON SON HI ASSET MANAGEMENT KYOBO AXA INVESTMENT MIRAE ASSET GLOBAL I SAMSUNG INVESTMENT T PRUDENTIAL ASSET MAN YEONG-WON LEE ON-SOO SIN CHEOL KIM YONG-TAE KIM

Firm Name Tong Yang Investment Bank EVA Dimensions HSBC Woori Investment & Securities

Portfolio Name n/a 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 n/a n/a

Analyst WON SANG-PHIL CRAIG STERLING BRIAN CHO HAH SUK-WON PAUL

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

Recommendation buy sell neutral buy

Amt Held 12'345'110 6'979'927 5'498'965 5'206'671 4'848'400 4'550'910 577'900 120'670 118'220 110'190 93'000 87'550 74'370 55'090 45'321 41'410 35'300 29'900 24'200 23'060

% Out 23.71 13.41 10.56 10 9.31 8.74 1.11 0.23 0.23 0.21 0.18 0.17 0.14 0.11 0.09 0.08 0.07 0.06 0.05 0.04

Weighting

Change 5 1 3 5

M M M M

Latest Chg 86'860 (2'960) 9'710 15'950 41'270 3'000 5'100 -

Target Price 18'000 #N/A N/A 12'000 26'000

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

File Dt Inst Type 31.12.2011 Corporation 31.12.2011 Government 31.12.2011 n/a 11.01.2012 n/a 31.12.2011 n/a 31.12.2011 n/a 09.12.2010 n/a 25.02.2013 Investment Advisor 31.12.2012 Investment Advisor 31.07.2012 Investment Advisor 01.12.2010 n/a 28.09.2012 Mutual Fund Manager 28.09.2012 Mutual Fund Manager 28.09.2012 Investment Advisor 28.09.2012 Investment Advisor 28.09.2012 Mutual Fund Manager 23.11.2011 n/a 20.01.2011 n/a 31.12.2011 n/a 31.12.2011 n/a

Date 12 month Not Provided Not Provided 12 month

Date 22.01.2013 15.01.2013 15.08.2012 06.01.2012

27.02.2013

Handsome Co Ltd Handsome Co., Ltd. manufactures and retails women's and men's apparel, furs, and accessories. The Company provides its products to domestic department stores.

Price/Volume 45000

.4 M

40000

.4 M

35000

.3 M

30000

.3 M

25000

Latest Fiscal Year: LTM as of: 52-Week High (13.04.2012) 52-Week Low (26.07.2012) Daily Volume Current Price (2/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 31.12.2012 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance 020000 KS EQUITY YTD Change 020000 KS EQUITY YTD % CHANGE

12/2011 09/yy 39'250.00 21'650.00 99'972.00 26300 -32.99% 21.48% 26.99% 24.6 647'769.00 3'597.28 0.0 0.0 102'785.93 568'468.93

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

.2 M

15000 10000

.1 M

5000

.1 M

0 f-12 m-12 a-12 m-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

Fiscal Year Ended 31.12.2007 318'595.1 1.03x 68'421.2 4.78x 46'529.0 8.06x

.2 M

20000

Valuation Analysis

31.12.2008 31.12.2009 334'604.2 386'908.6 0.50x 0.86x 63'990.3 73'810.0 2.60x 4.53x 54'710.5 51'461.0 3.24x 7.02x Profitability

LTM-4Q 31.12.2010 447'463.2 0.72x 90'052.3 3.60x 71'973.2 5.70x

31.12.2011 501'007.9 1.10x 110'689.5 5.00x 80'511.2 8.10x 110'689.54 103'326.18 20.62% 21.83% 12.17% 13.89% 13.85% 0.76% 65.4% 22.1% 20.6% 16.1% 5.05 2.10 0.52% 0.59% 11.78 1.09

Price/ Cash Flow

LTM

FY+1

.0 M f-13

1.79 0.58 8.70 -23.32% -10.70% 0.580 16 4.875 155'231 101'593 94'813 FY+2

FQ+1

FQ+2

09/yy 09/yy 12/12 Y 12/13 Y 12/12 Q4 03/13 Q1 484'212.9 496'678.0 499'606.5 532'230.8 180'547.0 132'222.4 3.45x 4.33x 0.98x 0.84x 2.70x 3.66x 104'250.5 98'523.5 95'247.8 108'038.7 44'453.3 24'904.7 4.79x 5.44x 5.97x 5.26x 5.61x 5.34x 73'747.9 72'740.9 65'642.6 76'087.2 25'762.9 18'332.3 7.53x 8.46x 9.66x 8.34x 9.22x 8.38x 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

211.07 184.01 -0.90 0.03 0.6% 0.6% 0.76 4.46 30.99 335.53 34.72 331.79

Sales/Revenue/Turnover

18.00

600'000.0

16.00

500'000.0

14.00

400'000.0

12.00 10.00

300'000.0

8.00

200'000.0

6.00 4.00

100'000.0

2.00 0.00 03.01.2009 03.07.2009

0.0 03.01.2010

03.07.2010

03.01.2011 03.07.2011

03.01.2012

03.07.2012

03.01.2013

2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011

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

27.02.2013

Handsome Co Ltd Holdings By:

All

Holder Name HYUNDAI HOME SHOPPIN HANDSOME CO LTD FMR LLC FIDELITY LOW PRICED NATIONAL PENSION SER TRUSTON ASSET MANAGE YURIE ASSET MANAGEME COLUMBIA WANGER ASSE KOREA INVESTMENT TRU DIMENSIONAL FUND ADV SHINYOUNG INVESTMENT VANGUARD GROUP INC AMERIPRISE FINANCIAL CONSUS ASSET MANAGEM KYOBO AXA INVESTMENT BANK OF NEW YORK MEL SAMSUNG INVESTMENT T MIRAE ASSET GLOBAL I KDB ASSET MANAGEMENT HANDELSBANKEN FONDER

Firm Name E*Trade Securities Korea Samsung Securities Daewoo Securities Shinhan Investment Corp EVA Dimensions Hana Daetoo Securities Korea Investment & Securities Tong Yang Investment Bank Shinyoung Securities Co., Ltd. Daishin Securities Co., Ltd. NH Investment & Securities HMC Investment Securities Co Ltd Hyundai Securities Woori Investment & Securities KTB Securities Meritz Securities Co., Ltd Kyobo Securities

Analyst YANG JI-HAE OJ NAM HYEMI LEE PARK HEE-JIN CRAIG STERLING PARK JONG-DAE NA EUNCHAE SANG-HWA HAN SEO JUNG-YEON CHUNG YON-WOO EUN-YOUNG BAE Park Jong Ryeol MIN-JOO CHOI SARAH YOON JANG JUNG-EUN YOO JOO-YEON JEONG HYUN-JIN

Source Co File Co File ULT-AGG Co File EXCH EXCH EXCH 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 buy trading buy buy buy buy hold buy buy buy buy buy buy buy buy buy buy

Amt Held 8'532'763 2'660'406 2'436'150 2'436'150 2'297'247 1'818'520 917'425 689'791 583'090 333'893 203'258 131'196 105'200 86'510 74'650 65'262 44'075 35'555 35'040 31'880

% Out 34.64 10.8 9.89 9.89 9.33 7.38 3.72 2.8 2.37 1.36 0.83 0.53 0.43 0.35 0.3 0.26 0.18 0.14 0.14 0.13

Weighting

Change 5 5 5 5 5 5 3 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 M

Latest Chg 252'360 (314'332) 203'940 48'828 86'030 26'840 (136'762) 5'350 11'360 -

Target Price 34'000 36'000 32'000 34'000 #N/A N/A 38'000 #N/A N/A 36'000 42'000 38'000 34'000 33'000 39'000 40'000 36'000 37'000 41'000

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

File Dt 30.06.2012 30.06.2012 31.10.2012 30.06.2012 26.07.2012 07.02.2013 04.10.2012 31.12.2012 28.09.2012 31.07.2012 28.09.2012 31.12.2012 31.12.2012 28.09.2012 28.09.2012 25.02.2013 28.09.2012 28.09.2012 28.09.2012 31.01.2013

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

Inst Type Corporation n/a Investment Advisor Other Investment Advisor Mutual Fund Manager Mutual Fund Manager Investment Advisor Investment Advisor Investment Advisor Mutual Fund Manager Investment Advisor Investment Advisor Mutual Fund Manager Mutual Fund Manager Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor

Date 25.02.2013 28.01.2013 23.01.2013 16.01.2013 15.01.2013 14.01.2013 10.01.2013 24.12.2012 17.12.2012 28.11.2012 15.11.2012 16.10.2012 04.09.2012 30.07.2012 04.07.2012 14.06.2012 24.02.2012

27.02.2013

Hankook Tire Worldwide Co Ltd Hankook Tire Worldwide Co., Ltd. engages in investment activities.

Price/Volume 25000

6.0 M

20000

5.0 M 4.0 M

15000

3.0 M

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (02.05.2012) 52-Week Low (30.10.2012) Daily Volume Current Price (2/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 31.12.2012 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance 000240 KS EQUITY YTD Change 000240 KS EQUITY YTD % CHANGE

10000

12/2012 09/yy 24'412.91 13'550.00 560'369.00 18800 -22.99% 38.75% 43.73% 28.3 532'319.38 1'021'969.59 0.0 0.0 550'789.42 190'984.72

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

1.0 M

0 f-12 m-12 a-12 m-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

Fiscal Year Ended 31.12.2008 2'644'236.5 0.92x 415'232.0 5.84x 25'412.3 88.44x

2.0 M

5000

31.12.2009 31.12.2010 2'811'860.4 3'354'415.8 1.33x 1.42x 518'578.8 555'678.5 7.20x 8.55x 350'886.8 358'902.2 10.55x 12.84x Profitability

LTM-4Q 31.12.2011 3'955'397.5 1.78x 460'014.0 15.31x 267'188.5 24.59x

LTM

31.12.2012 09/yy 09/yy 39'331.0 ######### ######### 6.18x 6.35x - 464'585.7 632'380.4 13.52x 0.00x 3'277'158.5 284'671.9 ######### 20.66x 0.00x 460'013.99 13'629.15 34.65% 9.54% 6.21% 9.99% 7.97% 0.92% 23.2% 11.6% 34.7% 8332.2% 1.33 0.87 22.44% 36.93% 4.49 6.72

Price/ Cash Flow

11.44 0.93 16.82 -7.43% -5.05% 0.927 24 4.833 241'395 203'716 408'309

FY+1

FY+2

FQ+1

FQ+2

12/13 Y

12/14 Y

12/12 Q4

03/13 Q1

S&P Issuer Ratings

.0 M f-13

21.37 11.43 1.02 2.22 36.9% 27.0% 0.92 2.78 81.37 54.34 34.79 100.92

Sales/Revenue/Turnover

6.00

4'500'000.0 4'000'000.0

5.00

3'500'000.0 3'000'000.0

4.00

2'500'000.0 3.00

2'000'000.0 1'500'000.0

2.00

1'000'000.0 1.00 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

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 |

27.02.2013

Hankook Tire Worldwide Co Ltd Holdings By:

All

Holder Name YANG-RAI CHO JF ASSET MANAGEMENT HYUN-BUM CHO NATIONAL PENSION SER HYUN-SHIK CHO HANKOOK TIRE CO LTD VANGUARD GROUP INC DEUTSCHE BANK AG FMR LLC DWS INVESTMENT SA AGF INVESTMENTS INC FRANKLIN RESOURCES INVESCO ASSET MANAGE HARDING LOEVNER LP NORTHERN TRUST CORPO UBS HANA ASSET MANAG NUCLEAR ELECTRIC INS ALLIANZ GLOBAL INVES DIMENSIONAL FUND ADV SAMSUNG INVESTMENT T

Firm Name HI Investment Securities EVA Dimensions KTB Securities SK Securities Co Ltd JPMorgan Daewoo Securities Dongbu Securities Co Ltd Samsung Securities KB Investment & Securities Co., Ltd Kyobo Securities KIWOOM Securities Co Ltd NH Investment & Securities Hyundai Securities Shinyoung Securities Co., Ltd. Shinhan Investment Corp Tong Yang Investment Bank Macquarie Korea Investment & Securities LIG Investment Securities HSBC Bookook Securities Co Ltd Daishin Securities Co., Ltd. Leading Investment & Securities DBS Vickers Woori Investment & Securities

Portfolio Name n/a n/a n/a 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 NUCLEAR ELECTRIC INS Multiple Portfolios Multiple Portfolios Multiple Portfolios

Analyst LEE SANG-HUN TEAM COVERAGE NAM KYEONG MOON KIM YONG-SOO PARK WAN SUN PARK YOUNG HO YIM EUN-YOUNG YOON PIL JOONG SHIN CHUNG-KWAN DONG-HA KIM LEE HYUN-SOO LEE SANG-HYUN CHAE HEE-GUEN HYUNG-SIL LEE CHOI JUNGHYUK AHN SANG JUN MICHAEL SOHN SUH SUNGMOON IN-WOO PARK PAUL CHOI AHN JONG-HOON CHUNG TAEOH PARK JOON-MO JAY KIM CHO SOO-HONG

Source EXCH EXCH EXCH EXCH EXCH EXCH MF-AGG MF-AGG ULT-AGG MF-AGG MF-AGG ULT-AGG MF-AGG MF-AGG MF-AGG MF-AGG Sch-D MF-AGG MF-AGG MF-AGG

Recommendation not rated buy buy buy overweight buy buy buy buy buy buy buy buy buy buy buy outperform buy buy overweight buy buy buy hold buy

Amt Held 4'527'608 2'289'462 2'009'010 2'008'496 1'640'544 1'302'350 356'398 310'302 198'737 161'815 114'206 109'036 93'025 82'828 80'051 53'264 44'620 34'966 34'025 30'703

% Out 15.99 8.09 7.1 7.09 5.79 4.6 1.26 1.1 0.7 0.57 0.4 0.39 0.33 0.29 0.28 0.19 0.16 0.12 0.12 0.11

Weighting

Change

#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 5 3 5

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

Latest Chg 588'984 (33'990) (505'233) (8'300) 53'081 (12'870) 26'406 93'025 32'725 (15'140) (225'750) (18'500) (56'594) (167'370)

Target Price #N/A N/A #N/A N/A 29'711 27'235 28'226 35'159 27'731 33'673 29'711 28'721 28'226 26'245 26'740 27'235 29'216 29'711 27'731 28'226 26'740 14'222 28'226 32'187 25'750 22'284 24'264

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

File Dt 04.10.2012 26.10.2012 04.10.2012 10.12.2012 03.12.2012 20.04.2012 31.12.2012 31.12.2012 31.12.2012 28.12.2012 28.09.2012 31.10.2012 31.05.2012 30.06.2012 31.12.2012 28.09.2012 30.09.2012 28.09.2012 31.07.2012 28.09.2012

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

Inst Type n/a Investment Advisor n/a Investment Advisor n/a Corporation Investment Advisor Investment Advisor Investment Advisor Mutual Fund Manager Investment Advisor Investment Advisor Mutual Fund Manager Investment Advisor Investment Advisor Mutual Fund Manager Insurance Company Mutual Fund Manager Investment Advisor Investment Advisor

Date 05.11.2012 05.10.2012 30.09.2012 27.09.2012 27.09.2012 26.09.2012 24.09.2012 21.09.2012 22.08.2012 22.08.2012 20.08.2012 01.08.2012 01.08.2012 01.08.2012 01.08.2012 01.08.2012 01.08.2012 09.07.2012 24.05.2012 01.05.2012 02.04.2012 21.03.2012 19.03.2012 17.02.2012 01.02.2012

27.02.2013

Ilyang Pharmaceutical Co Ltd Il Yang Pharmaceutical Co., Ltd. manufactures a wide range of drugs acting on the digestive system, respiratory system, and circulatory system. The Company also produces antipyretic, analgesic, anti-inflammatory, and nutritional agents, tranquilizers, health food and drinks, insecticides, therapeutic agents for liver and kidney disease.

Price/Volume 35000 30000 25000 20000

Valuation Analysis

15000

Latest Fiscal Year: LTM as of: 52-Week High (15.01.2013) 52-Week Low (24.05.2012) Daily Volume Current Price (2/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 31.12.2012 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance 007570 KS EQUITY YTD Change 007570 KS EQUITY YTD % CHANGE

03/2012 12/yy 30'400.00 20'050.00 142'238.00 29700 -2.30% 48.13% 87.92% 17.9 531'489.13 137'975.00 1'112.7 0.0 8'599.06 670'762.19

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

5000 0 f-12 m-12 a-12 m-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

Market Data

Fiscal Year Ended 31.03.2008 120'289.3 6.44x 3'240.2 239.20x 1'003.3 750.00x

10000

31.03.2009 31.03.2010 114'614.7 135'952.8 4.21x 3.13x (8'823.1) 7'400.1 57.50x (16'079.8) 1'065.7 298.77x Profitability

LTM-4Q 31.03.2011 138'485.4 2.62x 9'409.4 38.51x 1'975.8 120.47x

31.03.2012 141'162.8 4.30x 6'748.0 90.03x 1'386.3 339.76x

6'747.97 3'021.20 2.14% 0.97% 0.41% 0.92% 0.42% 40.3% 4.8% 2.1% 1.0% 1.17 0.82 38.25% 78.24% 1.97 3.27

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 f-13

LTM

FY+1

0.00 0.94 11.32 10.20% 9.19% 0.941 1 1.000 100'471 83'063 91'952 FY+2

FQ+1

FQ+2

12/yy 12/yy 03/13 Y 03/14 Y 03/13 Q4 06/13 Q1 140'589.2 143'497.2 149'500.0 2.58x 12.12x 8'380.7 3'951.2 0.00x 0.00x 1'610.6 1'515.9 2'200.0 297.30x 305.62x 239.52x 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

1.19 -2.02 19.17 20.45 78.2% 43.7% 0.42 0.82 185.34 111.86 52.53 244.66

Sales/Revenue/Turnover

35.00

160'000.0

30.00

140'000.0 120'000.0

25.00

100'000.0

20.00

80'000.0 15.00

60'000.0

10.00

40'000.0

5.00

20'000.0

0.00 04.04.2009

0.0 04.10.2009

04.04.2010

04.10.2010

04.04.2011

04.10.2011

04.04.2012

04.10.2012

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 |

27.02.2013

Ilyang Pharmaceutical Co Ltd Holdings By:

All

Holder Name DO-EON CHUNG ILYANG PHARM CO LTD YOO-SEOK JEONG EMPLOYEE STOCK WONER VANGUARD GROUP INC DIMENSIONAL FUND ADV MIRAE ASSET GLOBAL I KYOBO AXA INVESTMENT SAMSUNG INVESTMENT T DONG-YOUN KIM KB ASSET MANAGEMENT YEONG-JO PARK BLACKROCK HEOUNG-HOE KOO HUI-SEOK JEONG SEONG-HAN HONG JAE-HYEONG LEE GYU-YEONG CHOI HANWHA INVESTMENT TR CHANG-NAM AN

Firm Name EVA Dimensions

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

Analyst ANDREW S ZAMFOTIS

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

Recommendation sell

Amt Held 4'326'997 882'790 741'511 554'770 120'548 85'272 30'980 28'290 23'466 9'292 8'899 8'563 6'725 5'367 4'312 4'203 4'180 4'180 3'990 3'750

% Out 24.18 4.93 4.14 3.1 0.67 0.48 0.17 0.16 0.13 0.05 0.05 0.05 0.04 0.03 0.02 0.02 0.02 0.02 0.02 0.02

Weighting

Change 1

Latest Chg 7'910 5'480 (977) (3'134) 120 5'713 4'367 4'183 60 -

Target Price #N/A N/A

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

File Dt Inst Type 17.01.2012 n/a 31.12.2011 n/a 17.01.2012 n/a 31.12.2011 n/a 31.12.2012 Investment Advisor 31.07.2012 Investment Advisor 28.09.2012 Investment Advisor 28.09.2012 Mutual Fund Manager 28.09.2012 Investment Advisor 31.12.2011 n/a 28.09.2012 Mutual Fund Manager 15.04.2011 n/a 25.02.2013 Investment Advisor 15.04.2011 n/a 17.01.2012 n/a 15.04.2011 n/a 15.04.2011 n/a 15.04.2011 n/a 28.09.2012 Mutual Fund Manager 15.04.2011 n/a

Date Not Provided

Date 17.01.2013

27.02.2013

Sindoh Co Ltd Sindoh Co., Ltd. manufactures office equipment such as copiers, facsimiles, printers, and copier related products. The Company also offers financial services through its subsidiaries.

Price/Volume 80000

.1 M

70000

.1 M

60000

.1 M

50000

Latest Fiscal Year: LTM as of: 52-Week High (21.09.2012) 52-Week Low (03.04.2012) Daily Volume Current Price (2/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 31.12.2012 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance 029530 KS EQUITY YTD Change 029530 KS EQUITY YTD % CHANGE

12/2011 09/yy 73'500.00 51'400.00 5'869.00 62300 -15.24% 21.21% 47.96% 10.1 627'985.81 0.00 0.0 0.0 442'279.81 490'367.69

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

31.12.2008 31.12.2009 643'899.8 610'623.0 0.35x 0.40x 59'004.0 52'810.6 3.83x 4.64x 67'974.9 56'564.2 8.01x 9.98x Profitability

20000

.0 M

10000

.0 M

0 f-12 m-12 a-12 m-12

LTM-4Q 31.12.2010 664'691.2 0.24x 53'447.2 2.93x 65'001.2 8.23x

31.12.2011 716'629.3 0.06x 76'922.8 0.58x 60'918.7 7.99x 76'922.78 62'881.95 8.77% 11.59% 7.25% 8.02% 8.02% 0.85% 17.5% 10.7% 8.8% 8.5% 8.99 7.64 0.00% 0.00% 9.80 7.20

Price/ Cash Flow

LTM

09/yy 09/yy 665'967.7 799'470.9 0.68x 1.42x 62'703.5 73'619.3 1.20x 7.41x 66'886.8 65'894.4 7.12x 10.37x

j-12

a-12

s-12

o-12

n-12

d-12

j-13

.0 M f-13

4.41 0.74 2.97 21.30% -1.11% 0.744 2 5.000 9'996 10'492 14'025

FY+1

FY+2

FQ+1

FQ+2

12/12 Y

12/13 Y

12/12 Q4

03/13 Q1

S&P Issuer Ratings

-5.75 0.00 0.0% 0.0% 0.85 5.87 37.24 50.67 20.44 67.47

Sales/Revenue/Turnover

9.00

800'000.0

8.00

700'000.0

7.00

600'000.0

6.00

500'000.0

5.00

400'000.0

4.00

300'000.0

3.00

200'000.0

2.00

100'000.0

1.00 0.00 03.01.2009

.0 M

30000

Fiscal Year Ended 31.12.2007 591'234.7 0.59x 53'413.5 6.58x 65'236.3 9.97x

.0 M

40000

Valuation Analysis

0.0 03.07.2009

03.01.2010

03.07.2010

03.01.2011

03.07.2011

03.01.2012

03.07.2012

03.01.2013

2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011

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

27.02.2013

Sindoh Co Ltd Holdings By:

All

Holder Name SINDO SDR RICOH CO LTD SUK-HYUNG WOO WOO JA-HYEONG SINDO SYSTEMS SHIN YOUNG INVESTMEN NATIONAL PENSION SER SHINYOUNG INVESTMENT SINDOH CO LTD KOREA INVESTMENT TRU FRANKLIN RESOURCES TRUSTON ASSET MANAGE DIMENSIONAL FUND ADV VANGUARD GROUP INC SOON-YOUNG CHOI SHINHAN BNP PARIBAS SPARINVEST SAMSUNG INVESTMENT T MIRAE ASSET GLOBAL I KYOBO AXA INVESTMENT

Firm Name EVA Dimensions E*Trade Securities Korea Woori Investment & Securities

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

Analyst ANDREW S ZAMFOTIS KIM BONG-KI SOPHIA KIM

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

Recommendation buy buy buy

Amt Held 2'281'568 1'613'748 1'179'705 638'104 609'599 569'581 506'620 317'739 247'820 241'835 143'648 114'180 63'256 37'370 32'699 22'936 18'522 13'727 12'650 12'419

% Out 22.63 16.01 11.7 6.33 6.05 5.65 5.03 3.15 2.46 2.4 1.43 1.13 0.63 0.37 0.32 0.23 0.18 0.14 0.13 0.12

Weighting

Change 5 5 5

M M M

Latest Chg 13'680 84'666 (20'694) (13'202) (25'291) (42'163) 14'628 5'047 5'647 (501)

Target Price #N/A N/A 75'000 71'000

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

File Dt Inst Type 30.06.2012 n/a 30.06.2012 Corporation 30.06.2012 n/a 30.06.2012 n/a 30.06.2012 n/a 30.11.2012 Investment Advisor 27.09.2012 Investment Advisor 28.09.2012 Mutual Fund Manager 30.06.2012 n/a 28.09.2012 Investment Advisor 31.12.2012 Investment Advisor 28.09.2012 Mutual Fund Manager 31.07.2012 Investment Advisor 31.12.2012 Investment Advisor 30.06.2012 n/a 28.09.2012 Investment Advisor 31.01.2013 Investment Advisor 28.09.2012 Investment Advisor 28.09.2012 Investment Advisor 28.09.2012 Mutual Fund Manager

Date Not Provided 12 month 12 month

Date 17.01.2013 15.05.2012 21.09.2011

27.02.2013

Taekwang Industrial Co Ltd Taekwang Industrial Co., Ltd. manufactures synthetic yarns, petrochemical products, and textiles. The Company's products include acrylic yarns, nylons, spandex, carbon fibers, spun yarns, polyester materials, and blankets. Taekwang also produces electric equipment, such as audio equipment, and cordless telephones. In addition, The Company operates real estate business.

Price/Volume 1400000

.0 M

1200000

.0 M .0 M

1000000

.0 M

800000

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (02.03.2012) 52-Week Low (21.05.2012) Daily Volume Current Price (2/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 31.12.2012 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance 003240 KS EQUITY YTD Change 003240 KS EQUITY YTD % CHANGE

12/2012 12/yy 1'318'000.00 759'000.00 617.00 1022000 -22.46% 34.65% 43.83% 1.1 1'137'894.75 110'457.36 0.0 0.0 411'994.42 849'376.62

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

.0 M

400000

.0 M

200000

.0 M

0 f-12 m-12 a-12 m-12

j-12

a-12

s-12

o-12

n-12 d-12

j-13

Fiscal Year Ended 31.12.2008 1'832'383.5 0.48x 83'409.1 10.56x (53'472.5) -

.0 M .0 M

600000

31.12.2009 31.12.2010 1'963'651.4 2'581'819.3 0.26x 0.43x 220'737.3 469'928.7 2.29x 2.38x 342'556.6 282'494.8 1.79x 3.76x Profitability

LTM-4Q 31.12.2011 3'154'925.7 0.24x 320'788.5 2.31x 224'898.5 4.64x

LTM

31.12.2012 12/yy 12/yy 2'809'980.0 ######### ######### 1.03x 0.59x - 319'520.7 53'637.2 2.32x 0.00x (31'976.6) 224'583.2 (31'976.3) 4.65x 0.00x 320'788.52 -37'256.06 -1.33% 8.92% 9.13% 11.10% 10.65% 1.28% 11.7% 10.2% -1.3% -1.1% 1.86 1.36 4.00% 5.16% 9.22 12.09

Price/ Cash Flow

0.17 1.00 0.39 -21.38% 8.15% 1.003 1 5.000 643 729 741

FY+1

FY+2

FQ+1

FQ+2

12/13 Y

12/14 Y

03/13 Q1

06/13 Q2

S&P Issuer Ratings

.0 M f-13

68.77 10.73 -0.94 0.34 5.2% 4.9% 1.28 4.47 39.59 30.19 24.42 45.36

Sales/Revenue/Turnover

12.00

3'500'000.0

10.00

3'000'000.0 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

0.0 02.07.2010

02.01.2011

02.07.2011

02.01.2012

02.07.2012

02.01.2013

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 |

27.02.2013

Taekwang Industrial Co Ltd Holdings By:

All

Holder Name TAEKWANG INDUSTRIAL HO-JIN LEE WON-JUN LEE TOTAL SYSTEM & INFO TAEKWANG REALCO CO L IL-JU ACADEMY KB ASSET MANAGEMENT SEOK-GI YOO DIMENSIONAL FUND ADV AXA ROSENBERG INTL VANGUARD GROUP INC HWA-DONG LEE SHINYOUNG INVESTMENT SUN-AE LEE ROBECO INVESTOR SERV MIRAE ASSET GLOBAL I DIMENSIONAL FUND ADV MYEONG-SEOK PARK KYOBO AXA INVESTMENT JOHN HANCOCK ADVISER

Firm Name EVA Dimensions

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

Analyst CRAIG STERLING

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

Recommendation buy

Amt Held 271'769 168'530 83'370 66'208 58'700 55'669 12'761 9'980 7'231 5'977 5'158 3'821 1'406 1'377 1'262 964 941 761 738 722

% Out 24.41 15.14 7.49 5.95 5.27 5 1.15 0.9 0.65 0.54 0.46 0.34 0.13 0.12 0.11 0.09 0.08 0.07 0.07 0.06

Weighting

Change 5

Latest Chg 992 (70) 59 1'406 137 52 -

Target Price #N/A N/A

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

File Dt Inst Type 16.10.2012 Corporation 15.01.2013 n/a 15.01.2013 n/a 15.01.2013 n/a 15.01.2013 n/a 15.01.2013 n/a 28.09.2012 Mutual Fund Manager 15.01.2013 n/a 31.07.2012 Investment Advisor 30.09.2012 Investment Advisor 31.12.2012 Investment Advisor 15.01.2013 n/a 28.09.2012 Mutual Fund Manager 15.01.2013 n/a 31.12.2012 Investment Advisor 28.09.2012 Investment Advisor 30.11.2012 Investment Advisor 23.03.2012 n/a 28.09.2012 Mutual Fund Manager 30.04.2011 Investment Advisor

Date Not Provided

Date 17.01.2013

27.02.2013

Dae Won Kang Up Co Ltd Dae Won Kang Up Co., Ltd. manufactures leaf and coil springs used in automobiles and precision springs used in electronic equipment and machinery. The Company also produces air springs, seats, vehicle stabilizer bars, and construction materials.

Price/Volume

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (08.11.2012) 52-Week Low (21.05.2012) Daily Volume Current Price (2/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 31.12.2012 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance 000430 KS EQUITY YTD Change 000430 KS EQUITY YTD % CHANGE

12/2011 09/yy 9'600.00 4'915.00 22'614.00 8260 -13.96% 68.06% 66.92% 62.0 512'120.00 136'046.08 0.0 0.0 4'216.61 638'676.83

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

31.12.2008 31.12.2009 473'903.6 401'544.5 0.38x 0.43x 11'608.1 20'754.6 15.71x 8.29x 5'911.3 5'986.8 16.20x 18.81x Profitability

LTM-4Q 31.12.2010 588'293.5 0.57x 38'135.0 8.78x 35'053.2 7.49x

31.12.2011 720'125.4 0.59x 35'476.1 12.00x 25'460.9 11.53x 35'476.07 24'984.85 3.47% 4.25% 4.14% 8.03% 7.36% 1.17% 8.2% 4.9% 3.5% 3.5% 0.70 0.55 20.79% 42.53% 5.99 24.20

Price/ Cash Flow

LTM

09/yy 09/yy 699'857.6 731'677.4 2.61x 2.54x 44'178.5 35'740.6 9.51x 15.15x 38'425.2 25'069.7 7.63x 16.53x

2.0 M 1.5 M 1.0 M .5 M

j-12

a-12

s-12

o-12

n-12

d-12

.0 M f-13

j-13

1.33 1.09 25.84 49.33% -4.29% 1.089 2 2.500 51'892 50'070 58'430

FY+1

FY+2

FQ+1

FQ+2

12/12 Y

12/13 Y

12/12 Q4

03/13 Q1

S&P Issuer Ratings

5.11 0.70 3.68 3.83 42.5% 29.8% 1.17 2.38 60.98 15.08 64.27 11.80

Sales/Revenue/Turnover

40.00

800'000.0

35.00

700'000.0

30.00

600'000.0

25.00

500'000.0

20.00

400'000.0

15.00

300'000.0

10.00

200'000.0

5.00

100'000.0

0.00 03.01.2009 03.07.2009

2.5 M

Fiscal Year Ended 31.12.2007 454'104.4 0.37x 21'107.7 7.87x 9'357.3 13.76x

10000 9000 8000 7000 6000 5000 4000 3000 2000 1000 0 f-12 m-12 a-12 m-12

0.0 03.01.2010 03.07.2010

03.01.2011 03.07.2011

03.01.2012 03.07.2012

03.01.2013

2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011

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

27.02.2013

Dae Won Kang Up Co Ltd Holdings By:

All

Holder Name MIN-CHEOL HONG KISWEL JAI-CHUL HUR HYUNDAI HOME SHOPPIN SEUNG-HO HUR KEUMKANG A&D DAE WON KANG UP CO L JAE-UNG HUR EMPLOYEE STOCK OWNER DIMENSIONAL FUND ADV VANGUARD GROUP INC KIL-YONG PARK YUN-HO HUH GYEONG-HA JEONG KYOBO AXA INVESTMENT YURL-GAK SUNG MAN-SEUNG IM MIRAE ASSET GLOBAL I DIMENSIONAL FUND ADV JOHN HANCOCK ADVISER

Firm Name Northeast Securities Co Ltd EVA Dimensions Southwest 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 n/a n/a n/a Multiple Portfolios n/a n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios

Analyst ZHOU SILI CRAIG STERLING MA FENGTAO

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

Recommendation add underweight add

Amt Held 8'956'191 6'791'125 5'239'088 4'755'695 3'605'339 3'314'918 1'052'400 993'983 525'163 510'150 201'176 170'112 136'705 94'512 91'240 86'686 72'098 65'040 56'733 53'489

% Out 14.45 10.95 8.45 7.67 5.82 5.35 1.7 1.6 0.85 0.82 0.32 0.27 0.22 0.15 0.15 0.14 0.12 0.1 0.09 0.09

Weighting

Change 4 1 4

N M N

Latest Chg 86'460 90'000 173'190 2'750 5'420 (4'500) 2'000 10'960 -

Target Price #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 Inst Type 26.09.2012 n/a 02.11.2012 n/a 05.06.2012 n/a 08.02.2013 n/a 06.11.2012 n/a 06.02.2013 Corporation 25.04.2012 Corporation 17.12.2012 n/a 31.12.2011 n/a 31.07.2012 Investment Advisor 31.12.2012 Investment Advisor 09.11.2012 n/a 23.05.2012 n/a 06.11.2012 n/a 28.09.2012 Mutual Fund Manager 06.11.2012 n/a 07.11.2012 n/a 28.09.2012 Investment Advisor 30.11.2012 Investment Advisor 30.04.2011 Investment Advisor

Date Not Provided Not Provided Not Provided

Date 18.02.2013 15.01.2013 18.08.2011

27.02.2013

Ottogi Corp Ottogi Corporation manufactures food seasonings and instant food, such as mayonnaise, ketchup, salad dressing, sesame and cooking oils, and instant curry. The Company also produces frozen salads, fruit preservatives, instant noodles, and canned tuna.

Price/Volume 300000

.0 M

250000

.0 M .0 M

200000

Latest Fiscal Year: LTM as of: 52-Week High (27.09.2012) 52-Week Low (12.04.2012) Daily Volume Current Price (2/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 31.12.2012 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance 007310 KS EQUITY YTD Change 007310 KS EQUITY YTD % CHANGE

12/2012 12/yy 265'000.00 148'500.00 2'187.00 239000 -9.81% 60.94% 73.39% 3.4 822'160.00 85'792.17 0.0 0.0 172'252.11 701'094.79

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

31.12.2009 31.12.2010 1'363'914.6 1'372'965.4 0.30x 0.28x 88'443.8 83'229.5 4.70x 4.56x 60'856.6 54'408.1 8.48x 8.10x Profitability

.0 M

50000

.0 M

0 f-12 m-12 a-12 m-12

LTM-4Q 31.12.2011 1'513'049.7 0.29x 94'950.3 4.60x 61'238.8 8.57x

j-12

a-12

s-12

o-12

n-12

d-12

j-13

LTM

FY+1

.0 M f-13

1.05 0.71 0.59 53.80% 9.38% 0.712 4 5.000 2'402 2'675 3'173 FY+2

FQ+1

FQ+2

31.12.2012 12/yy 12/yy 12/13 Y 12/14 Y 03/13 Q1 06/13 Q2 1'652'592.4 ######### ######### ######### ######### 1.00x 0.95x 94'950.3 94'951.7 4.60x 0.00x 61'833.4 61'238.8 61'833.5 76'000.0 91'300.0 8.58x 0.00x 9.70x 9.01x S&P Issuer Ratings 94'950.29 Long-Term Rating Date 95'702.40 Long-Term Rating 5.79% Long-Term Outlook 5.24% Short-Term Rating Date 7.28% Short-Term Rating 12.40% Credit Ratios 11.14% EBITDA/Interest Exp. 1.80% (EBITDA-Capex)/Interest Exp. Net Debt/EBITDA 21.4% Total Debt/EBITDA 6.3% Reference 5.8% Total Debt/Equity 3.7% Total Debt/Capital Asset Turnover 1.52 Net Fixed Asset Turnover 1.07 Accounts receivable turnover-days 9.68% Inventory Days 16.51% Accounts Payable Turnover Day 16.77 Cash Conversion Cycle 11.79

Price/ Cash Flow

22.74 10.14 -0.96 0.90 16.5% 14.2% 1.80 4.30 21.77 30.95 49.94 2.78

Sales/Revenue/Turnover

10.00

1'800'000.0

9.00

1'600'000.0

8.00

1'400'000.0

7.00

1'200'000.0

6.00

1'000'000.0

5.00

800'000.0

4.00

600'000.0

3.00

400'000.0

2.00

200'000.0

1.00 0.00 02.01.2010

.0 M

100000

Fiscal Year Ended 31.12.2008 1'251'725.8 0.38x 90'035.2 5.24x 52'743.5 9.37x

.0 M

150000

Valuation Analysis

0.0 02.07.2010

02.01.2011

02.07.2011

02.01.2012

02.07.2012

02.01.2013

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 |

27.02.2013

Ottogi Corp Holdings By:

All

Holder Name TAE-HO HAM YOUNG-JOON HAM FMR LLC FIDELITY NORTH STAR OTTOGI FOUNDATION ARISAIG PARTNERS ASI NATIONAL PENSION SER HAM YEONG-HYE HAM YEONG-RIM SANGMI FOODS CO LTD OTTOGI RAMYON CO LTD HAM CHANG-HO CHANG-HO HAM HAM YUN-SIK OTTOGI CORP OTTOGI LOGISTICS SER HAM YEON-JI OTTOGI SESAME MILLS HAM SEUNG-HO TRUSTON ASSET MANAGE

Firm Name EVA Dimensions Tong Yang Investment Bank KIWOOM Securities Co Ltd Daewoo 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 n/a n/a n/a n/a n/a n/a n/a n/a Multiple Portfolios

Analyst AUSTIN BURKETT LEE BYUNG-JOON WOO WON-SUNG BAEK WOON-MOK

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

Recommendation buy buy buy buy

Amt Held 600'543 578'986 291'000 290'000 170'000 164'941 137'363 113'980 113'980 110'291 100'000 93'024 93'024 70'130 63'080 46'580 39'772 39'000 34'218 30'562

% Out 17.46 16.83 8.46 8.43 4.94 4.79 3.99 3.31 3.31 3.21 2.91 2.7 2.7 2.04 1.83 1.35 1.16 1.13 0.99 0.89

Weighting

Change 5 5 5 5

M N M M

Latest Chg 1'000 (35'554) (12'692)

Target Price #N/A N/A #N/A N/A 210'000 200'000

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

File Dt Inst Type 30.06.2012 n/a 30.06.2012 n/a 30.09.2012 Investment Advisor 30.06.2012 n/a 30.06.2012 n/a 24.02.2010 Investment Advisor 13.07.2009 Investment Advisor 30.06.2012 n/a 30.06.2012 n/a 30.06.2012 n/a 30.06.2012 n/a 30.06.2012 n/a 30.06.2012 n/a 30.06.2012 n/a 30.06.2012 n/a 30.06.2012 n/a 30.06.2012 n/a 30.06.2012 n/a 30.06.2012 n/a 28.09.2012 Mutual Fund Manager

Date Not Provided Not Provided 6 month 12 month

Date 17.01.2013 09.10.2012 20.07.2012 22.06.2012

27.02.2013

Hansol Paper Co Hansol Paper Co., Ltd. manufactures newsprint paper, wood free paper, art paper, and white board paper. The Company also offers engineering and environmental consulting services.

Price/Volume 12000

1.6 M 1.4 M

10000

1.2 M 8000

Latest Fiscal Year: LTM as of: 52-Week High (16.01.2013) 52-Week Low (15.06.2012) Daily Volume Current Price (2/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 31.12.2012 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance 004150 KS EQUITY YTD Change 004150 KS EQUITY YTD % CHANGE

12/2012 12/yy 11'550.00 6'560.00 367'455.00 10050 -12.99% 53.20% 72.95% 43.6 438'425.94 749'745.00 0.0 0.0 12'365.00 1'074'461.96

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

.8 M .6 M

4000

.4 M 2000

.2 M

0 f-12 m-12 a-12 m-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

Fiscal Year Ended 31.12.2008 1'336'006.6 0.87x 141'641.7 8.24x 2'810.7 147.14x

1.0 M

6000

Valuation Analysis

31.12.2009 31.12.2010 1'367'948.1 1'560'223.3 0.75x 0.69x 185'375.7 167'002.2 5.54x 6.44x 44'261.4 28'883.3 10.01x 14.83x Profitability

LTM-4Q 31.12.2011 1'541'805.0 0.70x 148'758.6 7.28x 14'268.2 24.22x

LTM

FY+1

2.99 0.71 29.73 17.87% 10.20% 0.713 6 4.667 273'248 436'179 408'374 FY+2

FQ+1

FQ+2

31.12.2012 12/yy 12/yy 12/13 Y 12/14 Y 03/13 Q1 06/13 Q2 1'482'493.8 ######### ######### ######### ######### 369'076.0 376'117.7 2.73x 2.04x 0.66x 0.60x 3.00x 2.91x - 148'739.6 134'209.1 181'841.5 192'865.0 7.28x 0.00x 5.91x 5.57x 51'336.1 14'268.2 51'336.4 74'456.7 85'894.7 14'546.0 17'911.7 24.15x 0.00x 5.60x 4.87x 5.53x S&P Issuer Ratings 148'758.57 Long-Term Rating Date 103'506.24 Long-Term Rating 6.98% Long-Term Outlook 1.70% Short-Term Rating Date 0.82% Short-Term Rating 1.86% Credit Ratios 2.49% EBITDA/Interest Exp. 0.88% (EBITDA-Capex)/Interest Exp. Net Debt/EBITDA 16.7% Total Debt/EBITDA 9.6% Reference 7.0% Total Debt/Equity 3.5% Total Debt/Capital Asset Turnover 0.93 Net Fixed Asset Turnover 0.56 Accounts receivable turnover-days 42.50% Inventory Days 99.53% Accounts Payable Turnover Day 5.68 Cash Conversion Cycle 8.42

Price/ Cash Flow

.0 M f-13

3.61 2.41 4.96 5.04 99.5% 49.9% 0.88 1.70 64.21 43.34 38.75 68.79

Sales/Revenue/Turnover

12.00

1'800'000.0 1'600'000.0

10.00

1'400'000.0 1'200'000.0

8.00

1'000'000.0 6.00

800'000.0 600'000.0

4.00

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

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 |

27.02.2013

Hansol Paper Co Holdings By:

All

Holder Name NATIONAL PENSION SER HANSOL CSN HANSOL PAPER CO LTD KOREA INVESTMENT TRU ALLIANZ GLOBAL INVES IN-HEE LEE DONG-KIL CHO DIMENSIONAL FUND ADV UBS HANA ASSET MANAG ALLIANZ ASSET MANAGE VANGUARD GROUP INC GOLDMAN SACHS ASSET GOLDMAN SACHS ASSET HANWHA INVESTMENT TR PRUDENTIAL ASSET MAN KYOBO AXA INVESTMENT DIMENSIONAL FUND ADV BLACKROCK BANK OF NEW YORK MEL EMPLOYEE STOCK OWNER

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 Multiple Portfolios Multiple Portfolios n/a Multiple Portfolios n/a

Analyst

Shinhan Investment Corp MINHO HUR Korea Investment & Securities NA EUNCHAE EVA Dimensions CRAIG STERLING Hyundai Securities TAE YOON-SUN Eugene Investment & Securities Co., LtdKIM MI-YEON Woori Investment & Securities SARAH YOON HI Investment Securities YEON YONG-JIN

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

Recommendation buy buy overweight buy buy hold buy

Amt Held 4'127'740 3'522'000 3'168'898 2'795'842 2'456'410 1'530'873 1'458'126 924'554 540'531 434'170 392'720 153'460 111'240 109'000 107'760 107'600 101'180 99'450 89'749 87'516

% Out 9.46 8.07 7.26 6.41 5.63 3.51 3.34 2.12 1.24 1 0.9 0.35 0.25 0.25 0.25 0.25 0.23 0.23 0.21 0.2

Weighting

Change 5 5 5 5 5 3 5

M M M M M M M

Latest Chg 1'394'348 (541'198) 539'850 153'460 55'620 (9'990) (3'900) 1'480 2'020 -

Target Price 12'300 13'000 #N/A N/A 13'000 12'000 9'000 19'500

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

File Dt 28.09.2012 31.12.2011 31.12.2011 30.07.2010 28.09.2012 31.12.2011 31.12.2011 31.07.2012 28.09.2012 31.10.2012 31.12.2012 28.09.2012 31.10.2012 28.09.2012 28.09.2012 28.09.2012 30.11.2012 25.02.2013 25.02.2013 31.12.2011

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

Inst Type Investment Advisor Corporation Corporation Investment Advisor Mutual Fund Manager n/a n/a Investment Advisor Mutual Fund Manager Investment Advisor Investment Advisor Mutual Fund Manager Investment Advisor Mutual Fund Manager Mutual Fund Manager Mutual Fund Manager Investment Advisor Investment Advisor Investment Advisor n/a

Date 08.02.2013 28.01.2013 15.01.2013 26.07.2012 26.07.2012 04.05.2012 21.01.2011

27.02.2013

Taihan Electric Wire Co Ltd Taihan Electric Wire Co., Ltd. manufactures a wide range of cables and wires, such as power, communications, copper rod, and enameled cables and wires. The Company also produces stainless steel sheets and aluminum products including coils, sheets, and plates. In addition, Taihan Electric offers information and communications equipment, such as optical transmission and network systems.

Price/Volume

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (16.03.2012) 52-Week Low (27.12.2012) Daily Volume Current Price (2/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 31.12.2012 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance 001440 KS EQUITY YTD Change 001440 KS EQUITY YTD % CHANGE

12/2011 09/yy 19'054.19 3'635.00 892'355.00 3865 -79.72% 6.33% 2.08% 105.1 406'353.28 1'811'707.78 0.0 0.0 126'852.50 2'079'146.79

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

8.0 M 7.0 M 6.0 M 5.0 M 4.0 M 3.0 M 2.0 M 1.0 M j-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

Fiscal Year Ended 31.12.2007 2'078'617.9 1.71x 76'139.2 46.61x 77'556.5 30.23x

20000 18000 16000 14000 12000 10000 8000 6000 4000 2000 0 f-12 m-12 a-12 m-12

31.12.2008 31.12.2009 2'444'536.0 2'260'088.3 1.17x 1.36x 92'011.8 80'230.5 31.02x 38.24x 70'769.7 (277'112.7) 11.88x Profitability

LTM-4Q 31.12.2010 2'703'504.3 0.93x 86'635.4 29.09x (709'237.9) -

LTM

FY+1

0.00 0.88 84.04 -76.23% 3.20% 0.884 1 3.000 1'199'637 1'246'986 1'433'673 FY+2

FQ+1

FQ+2

31.12.2011 09/yy 09/yy 12/12 Y 12/13 Y 12/12 Q4 03/13 Q1 2'578'240.0 ######### ######### ######### ######### 547'900.0 496'700.0 0.83x 3.64x 4.06x 52'156.0 57'688.1 74'361.0 41.07x 42.05x 26.34x (213'184.2) (311'628.6) (231'343.4) (88'500.0) (16'700.0) 1'600.0 (8'800.0) 0.00x 0.00x S&P Issuer Ratings 52'156.00 Long-Term Rating Date 39'342.00 Long-Term Rating 1.53% Long-Term Outlook -8.68% Short-Term Rating Date -7.50% Short-Term Rating -40.56% Credit Ratios - EBITDA/Interest Exp. 0.91% (EBITDA-Capex)/Interest Exp. Net Debt/EBITDA 4.9% Total Debt/EBITDA 2.0% Reference 1.5% Total Debt/Equity -8.3% Total Debt/Capital Asset Turnover 0.60 Net Fixed Asset Turnover 0.33 Accounts receivable turnover-days 66.80% Inventory Days 520.26% Accounts Payable Turnover Day 4.55 Cash Conversion Cycle 13.48

Price/ Cash Flow

.0 M f-13

0.38 -0.53 30.77 34.74 520.3% 83.9% 0.91 5.28 80.14 27.08 59.30 47.93

Sales/Revenue/Turnover

2'500.00

3'000'000.0

2'000.00

2'500'000.0 2'000'000.0

1'500.00

1'500'000.0 1'000.00

1'000'000.0

500.00

500'000.0

0.00 03.01.2009 03.07.2009 03.01.2010 03.07.2010 03.01.2011 03.07.2011 03.01.2012 03.07.2012 03.01.2013

0.0 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011

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

27.02.2013

Taihan Electric Wire Co Ltd Holdings By:

All

Holder Name TAIHAN FIBEROPTICS C TAIHAN INDUSTRIAL SY SAMYANG METAL YUN-SEOK SEOL VANGUARD GROUP INC GREEN NON-LIFE INSUR GWUI-AE YANG DIMENSIONAL FUND ADV EMPLOYEE STOCK OWNER TAIHAN ELECTRIC WIRE BLACKROCK GWAN-HO SON MIRAE ASSET GLOBAL I JOHN HANCOCK ADVISER CHARLES SCHWAB INVES FLEXSHARES TRUST HUI-JEON KANG YUN-SU KIM DIMENSIONAL FUND ADV DIMENSIONAL FUND ADV

Firm Name EVA Dimensions

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

Analyst CRAIG STERLING

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

Recommendation hold

Amt Held 12'000'000 4'555'884 1'943'637 1'620'769 832'112 646'250 368'779 283'043 259'107 239'418 80'892 41'606 28'674 22'307 19'579 13'783 8'467 7'046 6'661 6'191

% Out 11.41 4.33 1.85 1.54 0.79 0.61 0.35 0.27 0.25 0.23 0.08 0.04 0.03 0.02 0.02 0.01 0.01 0.01 0.01 0.01

Weighting

Change 3

Latest Chg 314'064 (382'320) 30'766 4'983 (4'418) 4'240 6'261 5'148 (1) (1)

Target Price #N/A N/A

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

File Dt 12.12.2012 07.12.2012 03.05.2010 22.10.2012 31.12.2012 06.04.2011 22.10.2012 31.07.2012 31.12.2011 31.12.2011 25.02.2013 12.12.2012 28.09.2012 30.04.2011 26.02.2013 31.01.2013 12.12.2012 12.12.2012 30.11.2012 30.11.2012

Date Not Provided

Inst Type Corporation n/a n/a n/a Investment Advisor Insurance Company n/a Investment Advisor n/a Corporation Investment Advisor n/a Investment Advisor Investment Advisor Investment Advisor Investment Advisor n/a n/a Investment Advisor Investment Advisor

Date 17.01.2013

27.02.2013

Iljin Display Co Ltd Iljin Display Co., Ltd. develops and manufactures substrate for surface acoustic wave (SAW) filter and substrate for light emitting diode (LED). The Company also produces touch screens for mobile phones, navigators, security information terminals and monitors.

Price/Volume 25000

1.6 M 1.4 M

20000

1.2 M 1.0 M

15000

.8 M

Valuation Analysis

10000

Latest Fiscal Year: LTM as of: 52-Week High (22.11.2012) 52-Week Low (12.04.2012) Daily Volume Current Price (2/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 15.02.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance 020760 KS EQUITY YTD Change 020760 KS EQUITY YTD % CHANGE

12/2012 12/yy 24'150.00 10'450.00 266'778.00 20800 -13.87% 99.04% 76.64% 28.3 588'940.38 58'655.65 0.0 0.0 22'290.92 564'090.15

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

.4 M .2 M

0 f-12 m-12 a-12 m-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

Fiscal Year Ended 31.12.2008 9'896.3 4.13x (2'371.3) (31'599.3) -

.6 M

5000

31.12.2009 31.12.2010 33'756.8 113'943.8 4.45x 2.85x 3'911.5 18'740.1 38.36x 17.32x 519.7 10'135.2 225.20x 28.61x Profitability

LTM-4Q 31.12.2011 324'448.8 1.08x 43'808.1 8.00x 30'671.7 10.24x

31.12.2012 596'517.7 67'879.5 43'808.11 64'136.25 10.75% 9.44% 18.88% 43.46% 2.00% 15.3% 13.5% 10.8% 11.4% 1.21 0.71 32.38% 65.33% 11.96 9.79

Price/ Cash Flow

LTM

FY+1

.0 M f-13

0.48 0.89 15.55 50.72% -5.88% 0.890 15 4.600 421'219 392'155 391'137 FY+2

FQ+1

FQ+2

12/yy 12/yy 12/13 Y 12/14 Y 03/13 Q1 06/13 Q2 324'448.7 596'518.2 757'358.6 905'023.8 162'333.3 179'200.0 3.64x 2.08x 0.78x 0.61x 3.66x 3.31x 43'808.4 57'348.8 94'806.4 109'714.6 19'243.5 23'914.5 8.00x 0.00x 5.95x 5.14x 5.73x 32'963.2 67'880.0 69'636.2 80'046.6 14'440.0 16'725.0 9.42x 0.00x 8.72x 7.77x 8.29x 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

14.74 8.75 0.83 1.34 65.3% 39.5% 2.00 5.50 30.51 37.27 35.58 32.21

Sales/Revenue/Turnover

100.00

700'000.0

90.00

600'000.0

80.00 70.00

500'000.0

60.00

400'000.0

50.00

300'000.0

40.00

200'000.0

30.00 20.00

100'000.0

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

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 |

27.02.2013

Iljin Display Co Ltd Holdings By:

All

Holder Name CHIN-KYU HUH ILJIN LIGHT METAL CO NATIONAL PENSION SER ALLIANZ GLOBAL INVES KB ASSET MANAGEMENT JULIUS BAER MULTIPAR AMERIPRISE FINANCIAL SAMSUNG INVESTMENT T SHINYOUNG INVESTMENT VANGUARD GROUP INC HI ASSET MANAGEMENT DIMENSIONAL FUND ADV MIRAE ASSET GLOBAL I CREDIT SUISSE ASSET IM-SOO SHIM ILJIN DISPLAY CO LTD COLUMBIA WANGER ASSE STATE STREET BANQUE SCHRODER INVESTMENT NH-CA ASSET MANAGEME

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 Multiple Portfolios Multiple Portfolios n/a n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios

Analyst

Samsung Securities JONGWOOK LEE Daishin Securities Co., Ltd. ROK-HO KIM Korea Investment & Securities MATTHEW YANG Hanwha Securities Co., Ltd PARK YU-AK KIWOOM Securities Co Ltd JAE-YOON LEE Tong Yang Investment Bank CHOI HYUN-JAE EVA Dimensions ANDREW S ZAMFOTIS Shinyoung Securities Co., Ltd. HONG SOON-HYOUK Barclays KIM SUNWOO Daiwa Securities Co. Ltd. JAE H LEE Woori Investment & Securities SOPHIA KIM LIG Investment Securities KANG BONG-WOO Taurus Investment Securities Co Ltd YOO-JIN KIM HI Investment Securities EUNJI BAE Eugene Investment & Securities Co., LtdBYUN JUN-HO

Source EXCH EXCH EXCH EXCH EXCH MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG Co File EXCH MF-AGG MF-AGG MF-AGG MF-AGG

Recommendation buy buy buy buy buy buy sell buy equalweight outperform buy buy buy buy buy

Amt Held 7'110'605 3'208'487 2'257'418 1'297'401 1'165'223 871'856 467'920 274'520 154'430 141'680 111'600 97'588 94'330 91'000 81'966 62'834 53'690 51'710 50'920 43'880

% Out 25.11 11.33 7.97 4.58 4.12 3.08 1.65 0.97 0.55 0.5 0.39 0.34 0.33 0.32 0.29 0.22 0.19 0.18 0.18 0.15

Weighting

Change 5 5 5 5 5 5 1 5 3 5 5 5 5 5 5

M M M M M M M M N M M N M N M

Latest Chg (339'580) (318'103) 178'495 (690) 158'876 (169'610) (139'330) 75'220 91'000 (3'160) 50'110 18'920

Target Price 27'000 26'000 31'000 29'000 26'000 23'000 #N/A N/A 26'500 25'000 23'000 24'000 22'000 21'000 19'000 14'500

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt 30.01.2013 30.01.2013 04.12.2012 17.12.2012 07.02.2012 29.02.2012 31.12.2012 28.09.2012 28.09.2012 31.12.2012 28.09.2012 31.07.2012 28.09.2012 28.12.2012 31.12.2011 21.05.2012 31.12.2012 31.10.2012 30.06.2012 28.09.2012

Date 12 month 6 month 12 month 6 month 6 month 12 month Not Provided 12 month Not Provided Not Provided 12 month 12 month 6 month 6 month 12 month

Inst Type n/a n/a Investment Advisor Mutual Fund Manager Mutual Fund Manager Mutual Fund Manager Investment Advisor Investment Advisor Mutual Fund Manager Investment Advisor Mutual Fund Manager Investment Advisor Investment Advisor Investment Advisor n/a n/a Investment Advisor Investment Advisor Investment Advisor Mutual Fund Manager

Date 26.02.2013 20.02.2013 20.02.2013 01.02.2013 24.01.2013 22.01.2013 15.01.2013 27.12.2012 18.12.2012 30.10.2012 19.10.2012 15.10.2012 25.07.2012 12.06.2012 21.05.2012

27.02.2013

Capro Corp Capro Corporation manufactures and exports caprolactam, a key raw material for nylon. The Company's customers include nylon manufacturers such as Hyosung Corporation, Kolon Industries, and Taekwang Industrial. In addition, Capro also produces ammonia sulfate fertilizer for industrial and agricultural uses.

Price/Volume 30000

1.4 M

25000

1.2 M 1.0 M

20000

Latest Fiscal Year: LTM as of: 52-Week High (07.03.2012) 52-Week Low (22.11.2012) Daily Volume Current Price (2/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 31.12.2012 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance 006380 KS EQUITY YTD Change 006380 KS EQUITY YTD % CHANGE

12/2012 12/yy 27'900.00 10'300.00 760'617.00 11450 -58.96% 11.17% 9.66% 40.0 458'000.00 80'357.00 0.0 0.0 205'116.63 384'204.00

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

.6 M

10000

.4 M

5000

.2 M

0 f-12 m-12 a-12 m-12

31.12.2009 31.12.2010 685'450.5 930'748.6 0.79x 1.00x 79'985.5 167'758.0 6.73x 5.52x 8'442.0 100'506.2 45.02x 8.14x Profitability

LTM-4Q 31.12.2011 1'172'755.4 0.61x 256'020.7 2.79x 156'956.3 5.34x

j-12

a-12

s-12

o-12

n-12

d-12

j-13

LTM

FY+1

.0 M f-13

8.73 1.44 20.85 -55.16% -8.40% 1.437 3 3.667 540'952 347'452 417'046 FY+2

FQ+1

FQ+2

31.12.2012 12/yy 12/yy 12/13 Y 12/14 Y 03/13 Q1 06/13 Q2 956'646.0 ######### 956'646.4 985'406.0 ######### 240'610.5 249'060.0 3.68x 2.12x 0.35x 0.31x 1.50x 1.44x - 256'020.5 45'374.1 42'234.0 52'605.0 12.5 17'646.0 2.79x 0.00x 9.10x 7.30x 9.11x (19'241.5) 156'956.3 (19'241.2) 8'357.5 17'748.0 (6'039.0) 7'542.0 5.34x 0.00x 54.86x 25.81x 54.89x S&P Issuer Ratings 256'020.74 Long-Term Rating Date -24'023.90 Long-Term Rating -2.51% Long-Term Outlook 17.99% Short-Term Rating Date 23.14% Short-Term Rating 43.38% Credit Ratios 34.95% EBITDA/Interest Exp. 1.73% (EBITDA-Capex)/Interest Exp. Net Debt/EBITDA 20.1% Total Debt/EBITDA 21.8% Reference -2.5% Total Debt/Equity -2.0% Total Debt/Capital Asset Turnover 2.09 Net Fixed Asset Turnover 1.80 Accounts receivable turnover-days 9.05% Inventory Days 15.66% Accounts Payable Turnover Day 5.03 Cash Conversion Cycle 16.66

Price/ Cash Flow

49.25 46.78 -0.49 0.31 15.7% 13.5% 1.73 4.54 72.53 21.91 44.71 49.72

Sales/Revenue/Turnover

70.00

1'400'000.0

60.00

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

j-12

Fiscal Year Ended 31.12.2008 846'843.9 0.40x 60'912.5 5.55x (18'318.3) -

.8 M

15000

Valuation Analysis

0.0 02.07.2010

02.01.2011

02.07.2011

02.01.2012

02.07.2012

02.01.2013

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 |

27.02.2013

Capro Corp Holdings By:

All

Holder Name HYOSUNG CORP KOLON INDUSTRIES INC NATIONAL PENSION SER ALLIANZ GLOBAL INVES VANGUARD GROUP INC DIMENSIONAL FUND ADV BANK OF NEW YORK MEL SAMSUNG INVESTMENT T SEOK-RAE JO UOB ASSET MANAGEMENT WOORI ASSET MANAGEME SHINYOUNG INVESTMENT LEGG MASON CAPITAL M SEB KYOBO AXA INVESTMENT DAE-SEUNG KANG MIRAE ASSET GLOBAL I YURIE ASSET MANAGEME TONG YANG INVESTMENT PRUDENTIAL ASSET MAN

Firm Name KTB Securities EVA Dimensions Woori Investment & Securities YuHwa Securities Ltd

Portfolio Name 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 n/a Multiple Portfolios n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios

Analyst YOO YOUNG KOOK CRAIG STERLING THOMAS BAE PARK GUN-TAE

Source Co File Co File EXCH EXCH MF-AGG MF-AGG MF-AGG MF-AGG Co File MF-AGG MF-AGG MF-AGG MF-AGG ULT-AGG MF-AGG Co File MF-AGG MF-AGG MF-AGG MF-AGG

Recommendation hold overweight hold buy

Amt Held 8'417'708 7'955'218 2'552'379 1'787'861 235'820 195'290 175'155 157'900 125'520 112'300 95'030 78'280 75'180 67'660 60'980 60'800 59'990 59'940 55'400 43'310

% Out 21.04 19.89 6.38 4.47 0.59 0.49 0.44 0.39 0.31 0.28 0.24 0.2 0.19 0.17 0.15 0.15 0.15 0.15 0.14 0.11

Weighting

Change 3 5 3 5

M M M M

Latest Chg (891'896) (816'404) 12'770 (178'742) (100'880) 78'280 (30'070) (30'360) 9'650 (84'250) (1'630) (77'110)

Target Price 13'000 #N/A N/A 16'000 40'000

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt 31.12.2011 31.12.2011 12.12.2012 02.08.2012 31.12.2012 31.07.2012 25.02.2013 28.09.2012 31.12.2011 31.12.2010 28.09.2012 28.09.2012 31.12.2012 31.12.2012 28.09.2012 31.12.2011 28.09.2012 28.09.2012 28.09.2012 28.09.2012

Date 12 month Not Provided 12 month 6 month

Inst Type Corporation Corporation Investment Advisor Mutual Fund Manager Investment Advisor Investment Advisor Investment Advisor Investment Advisor n/a Mutual Fund Manager Mutual Fund Manager Mutual Fund Manager Investment Advisor Unclassified Mutual Fund Manager n/a Investment Advisor Mutual Fund Manager Mutual Fund Manager Mutual Fund Manager

Date 21.02.2013 15.01.2013 27.11.2012 26.09.2011

27.02.2013

Doosan Engine Co Ltd Doosan Engine Company Ltd. is an integrated engine manufacturer specializing in producing diesel engine for large vessels. The Company provides business in diesel power plant construction and operation, engine parts sales, and engine maintenance and repair services.

Price/Volume 16000

1.8 M

14000

1.6 M

12000

1.4 M 1.2 M

10000

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (29.02.2012) 52-Week Low (13.11.2012) Daily Volume Current Price (2/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 31.12.2012 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance 082740 KS EQUITY YTD Change 082740 KS EQUITY YTD % CHANGE

12/2012 12/yy 14'700.00 7'430.00 130'046.00 7780 -47.07% 4.71% 5.36% 69.5 540'710.00 310'846.24 0.0 0.0 467'084.10 501'218.75

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

6000

.6 M

4000

.4 M

2000

.2 M

0 f-12 m-12 a-12 m-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

Fiscal Year Ended 31.12.2008 1'734'836.6 218'566.9 (512'780.0) -

1.0 M .8 M

8000

31.12.2009 31.12.2010 1'772'597.1 1'730'068.1 150'775.5 265'571.8 (249'695.3) 165'457.3 Profitability

LTM-4Q 31.12.2011 2'003'793.1 0.33x 319'417.4 2.07x 209'636.5 3.90x

LTM

FY+1

1.30 21.35 -43.42% -9.53% 1.297 6 4.667 121'309 125'421 145'496 FY+2

FQ+1

FQ+2

31.12.2012 12/yy 12/yy 12/13 Y 12/14 Y 03/13 Q1 06/13 Q2 1'377'619.0 ######### ######### ######### ######### 2.04x 1.47x 0.06x -0.06x - 319'417.4 111'267.6 147'007.0 153'424.0 2.07x 0.00x 3.41x 3.27x 54'366.5 209'636.5 54'366.3 120'208.0 135'768.0 3.90x 0.00x 4.50x 3.98x S&P Issuer Ratings 319'417.39 Long-Term Rating Date 69'299.27 Long-Term Rating 5.03% Long-Term Outlook 14.10% Short-Term Rating Date 5.09% Short-Term Rating 16.32% Credit Ratios 11.75% EBITDA/Interest Exp. 0.81% (EBITDA-Capex)/Interest Exp. Net Debt/EBITDA 18.0% Total Debt/EBITDA 10.6% Reference 8.9% Total Debt/Equity 3.9% Total Debt/Capital Asset Turnover 0.81 Net Fixed Asset Turnover 0.49 Accounts receivable turnover-days 15.15% Inventory Days 52.66% Accounts Payable Turnover Day 15.24 Cash Conversion Cycle 4.86

Price/ Cash Flow

.0 M f-13

24.93 23.71 -0.23 1.38 52.7% 34.5% 0.81 2.81 24.02 75.30 71.98 12.96

Sales/Revenue/Turnover

140.00

2'500'000.0

120.00

2'000'000.0 100.00

1'500'000.0

80.00 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

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 |

27.02.2013

Doosan Engine Co Ltd Holdings By:

All

Holder Name DOOSAN HEAVY INDUSTR SAMSUNG HEAVY INDUST DAEWOO SHIPBUILDING EMPLOYEE STOCK OWNER VANGUARD GROUP INC DBS ASSET MANAGEMENT SAMSUNG INVESTMENT T KYOBO AXA INVESTMENT PRUDENTIAL ASSET MAN HANWHA INVESTMENT TR MIRAE ASSET GLOBAL I NH-CA ASSET MANAGEME KOREA INVESTMENT TRU WOORI ASSET MANAGEME KB ASSET MANAGEMENT SUNG-HEE LEE SEONG-HUI LEE O-YOUNG KWON JAE-JONG CHOI HYOUK-LAE MOON

Firm Name EVA Dimensions KTB Securities Mirae Asset Securities Macquarie E*Trade Securities Korea KIWOOM Securities Co Ltd Hanwha Securities Co., Ltd

Analyst CRAIG STERLING LEE KANG-ROK CHUNG WOO CHANG LEE JUWON PARK MOO-HYUN CHOI WON-KYUNG DONG-IK JEONG

Source Co File Co File Co File Co File MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG EXCH EXCH Co File EXCH EXCH

Recommendation buy buy hold outperform buy outperform not rated

Amt Held 29'650'000 9'815'000 5'600'000 2'839'614 250'440 190'000 140'359 124'830 98'290 94'640 76'160 55'070 46'920 43'020 28'220 25'000 25'000 20'200 19'450 19'300

% Out 42.66 14.12 8.06 4.09 0.36 0.27 0.2 0.18 0.14 0.14 0.11 0.08 0.07 0.06 0.04 0.04 0.04 0.03 0.03 0.03

Weighting

Change

5 5 3 5 5 5 #N/A N/A

M M N M M D M

Latest Chg 7'980 91'593 3'200 1'110 16'790 9'130 (1'900) 10'340 (19'350) 790 -

Target Price #N/A N/A 11'000 11'000 13'000 18'000 15'500 #N/A N/A

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt 31.12.2011 31.12.2011 31.12.2011 31.12.2011 31.12.2012 31.12.2010 28.09.2012 28.09.2012 28.09.2012 28.09.2012 28.09.2012 28.09.2012 28.09.2012 28.09.2012 28.09.2012 04.01.2011 31.12.2012 09.03.2012 20.12.2012 20.12.2012

Date Not Provided 12 month 12 month 12 month 12 month 6 month Not Provided

Inst Type Corporation Unclassified Corporation n/a Investment Advisor Mutual Fund Manager Investment Advisor Mutual Fund Manager Mutual Fund Manager Mutual Fund Manager Investment Advisor Mutual Fund Manager Investment Advisor Mutual Fund Manager Mutual Fund Manager n/a n/a n/a n/a n/a

Date 17.01.2013 07.01.2013 19.09.2012 31.05.2012 04.04.2012 13.03.2012 04.01.2011

27.02.2013

Bukwang Pharmaceutical Co Ltd Bukwang Pharmaceutical Co., Ltd. produces oral hygienic, and pharmaceutical products. The Company's products include over-the-counter drugs, toothpastes, and toothbrushes.

Price/Volume 18000

2.5 M

16000 2.0 M

14000 12000

Latest Fiscal Year: LTM as of: 52-Week High (15.10.2012) 52-Week Low (04.06.2012) Daily Volume Current Price (2/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 31.12.2012 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance 003000 KS EQUITY YTD Change 003000 KS EQUITY YTD % CHANGE

12/2012 12/yy 16'523.81 9'952.38 127'293.00 14300 -13.46% 43.68% 63.88% 29.7 424'528.69 20'000.00 0.0 0.0 26'010.88 372'972.11

31.12.2008 155'604.5 5.28x 46'054.8 17.84x 32'856.1 26.34x

1.0 M

6000 4000

.5 M

2000 0 f-12 m-12 a-12 m-12

j-12

a-12

s-12

o-12

n-12

d-12

.0 M f-13

j-13

Fiscal Year Ended Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

1.5 M

10000 8000

Valuation Analysis

31.12.2009 31.12.2010 161'442.4 170'810.0 3.43x 2.49x 43'939.9 42'126.8 12.60x 10.10x 30'844.3 27'873.1 17.85x 15.29x Profitability

LTM-4Q 31.12.2011 180'621.2 1.82x 46'245.6 7.12x 27'394.1 12.36x

31.12.2012 147'525.2 16'517.6 -

46'245.61 21'440.38 14.53% 21.12% 10.91% 13.92% 13.06% 0.72% 58.6% 25.6% 14.5% 11.2% 3.59 2.79 7.95% 9.92% 1.95 2.12

Price/ Cash Flow

LTM

03/yy 12/yy 180'621.2 147'525.7 7.75x 6.22x 46'245.6 19'032.1 7.12x 0.00x 27'394.1 16'518.1 12.33x 0.00x

3.17 0.45 11.79 13.48% 1.78% 0.446 1 5.000 76'665 125'896 148'510

FY+1

FY+2

FQ+1

FQ+2

12/13 Y

12/14 Y

03/13 Q1

06/13 Q2

S&P Issuer Ratings

21.17 16.60 -0.13 0.43 9.9% 9.0% 0.72 2.39 186.83 172.07 31.01 327.88

Sales/Revenue/Turnover

35.00

200'000.0 180'000.0

30.00

160'000.0 25.00

140'000.0 120'000.0

20.00

100'000.0 15.00

80'000.0 60'000.0

10.00

40'000.0 5.00 0.00 04.04.2009

20'000.0 0.0 04.10.2009

04.04.2010

04.10.2010

04.04.2011

04.10.2011

04.04.2012

04.10.2012

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 |

27.02.2013

Bukwang Pharmaceutical Co Ltd Holdings By:

All

Holder Name DONG-YEON KIM CHANG-SOO JUNG GI-HWAN KIM BUKWANG PHARMACEUTIC NATIONAL PENSION SER SANG-HOON KIM EMPLOYEE STOCK OWNER MIRAE ASSET GLOBAL I VANGUARD GROUP INC DONGBU ASSET MANAGEM KYOBO AXA INVESTMENT GOLDMAN SACHS GROUP TAE-HYUN KIM SAMSUNG INVESTMENT T WOORI ASSET MANAGEME KB ASSET MANAGEMENT SUNG-KOO LEE ALLIANZ GLOBAL INVES HANWHA INVESTMENT TR YURIE ASSET MANAGEME

Firm Name EVA Dimensions KIWOOM Securities Co Ltd

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 n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios

Analyst ANDREW S ZAMFOTIS KIM JI-HYUN

Source EXCH EXCH EXCH EXCH EXCH Co File Co File MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG EXCH MF-AGG MF-AGG MF-AGG EXCH MF-AGG MF-AGG MF-AGG

Recommendation overweight buy

Amt Held 7'497'571 3'528'098 2'808'636 1'564'684 1'516'004 544'131 389'867 330'797 144'270 113'244 49'903 45'727 28'340 24'279 17'272 15'211 11'025 7'560 6'983 6'774

% Out 25.26 11.88 9.46 5.27 5.11 1.83 1.31 1.11 0.49 0.38 0.17 0.15 0.1 0.08 0.06 0.05 0.04 0.03 0.02 0.02

Weighting

Change 5 5

M M

Latest Chg 69'300 44'869 112'320 (2'162) 45'727 (9'220) (1'131) 411 (3'544) 106 3'520

Target Price #N/A N/A 19'955

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt 27.04.2012 16.03.2012 02.04.2012 05.06.2012 19.10.2012 29.03.2012 31.03.2012 28.09.2012 31.12.2012 28.09.2012 28.09.2012 30.09.2012 27.04.2012 28.09.2012 28.09.2012 28.09.2012 27.04.2012 28.09.2012 28.09.2012 28.09.2012

Date Not Provided 6 month

Inst Type n/a n/a n/a n/a Investment Advisor n/a n/a Investment Advisor Investment Advisor Mutual Fund Manager Mutual Fund Manager Investment Advisor n/a Investment Advisor Mutual Fund Manager Mutual Fund Manager n/a Mutual Fund Manager Mutual Fund Manager Mutual Fund Manager

Date 15.01.2013 07.11.2011

27.02.2013

Daewoong Pharmaceutical Co Ltd Daewoong Pharmaceutical Co., Ltd. develops various kinds of medical drugs and vitamin supplements. The Company's medical drugs are used in areas, such as cardiology, dermatology, anti-biotic, and many other medical areas. Dae Woong's over-the-counter products include smoking deterrents, vitamins, and minerals.

Price/Volume 60000

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (27.02.2013) 52-Week Low (18.05.2012) Daily Volume Current Price (2/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 31.12.2012 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance 069620 KS EQUITY YTD Change 069620 KS EQUITY YTD % CHANGE

12/2012 12/yy 53'600.00 19'611.65 28'804.00 53400 -0.37% 172.29% 99.69% 11.6 618'723.13 29'988.11 0.0 0.0 55'094.73 587'752.30

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

31.03.2009 31.03.2010 547'664.8 613'750.3 1.00x 0.72x 54'916.0 88'291.1 10.00x 4.97x 32'877.5 49'467.0 15.24x 9.81x Profitability

.1 M

40000

.1 M

30000

.1 M .1 M

20000

.1 M .0 M

10000

.0 M

0 f-12 m-12 a-12 m-12

LTM-4Q 31.12.2011 706'643.3 0.36x 75'856.8 3.39x 51'763.4 5.46x

31.12.2012 678'843.4 34'703.3 -

75'856.79 37'914.47 5.59% 9.20% 10.46% 15.37% 13.75% 1.43% 42.1% 10.7% 5.6% 5.1% 2.09 1.25 6.08% 8.35% 7.60 4.88

Price/ Cash Flow

j-12

a-12

s-12

o-12

n-12

d-12

j-13

LTM

FY+1

.0 M f-13

1.41 0.73 3.36 105.65% 11.95% 0.734 9 4.778 14'683 17'056 20'965 FY+2

FQ+1

FQ+2

12/yy 12/yy 12/13 Y 12/14 Y 03/13 Q1 06/13 Q2 706'643.3 678'843.0 718'739.9 769'004.4 173'277.0 179'359.3 1.87x 1.21x 0.77x 0.69x 3.28x 3.18x 75'856.8 39'531.8 72'658.9 81'814.0 19'468.5 20'217.0 3.39x 0.00x 8.09x 7.18x 7.13x 51'763.4 34'703.3 47'506.5 54'711.3 10'415.5 11'958.3 5.60x 0.00x 13.50x 11.69x 12.37x 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

23.89 11.17 -0.33 0.40 8.3% 7.7% 1.43 5.97 84.24 131.20 69.81 145.63

Sales/Revenue/Turnover

20.00

800'000.0

18.00

700'000.0

16.00

600'000.0

14.00 12.00

500'000.0

10.00

400'000.0

8.00

300'000.0

6.00

200'000.0

4.00

100'000.0

2.00 0.00 04.04.2009

.2 M

Fiscal Year Ended 31.03.2008 484'242.3 2.03x 85'531.4 11.49x 58'983.0 17.29x

.2 M

50000

0.0 04.10.2009

04.04.2010

04.10.2010

04.04.2011

04.10.2011

04.04.2012

04.10.2012

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 |

27.02.2013

Daewoong Pharmaceutical Co Ltd Holdings By:

All

Holder Name DAEWOONG CO LTD DAEWOONG PHARMACEUTI NATIONAL PENSION SER DAEWOONG FOUNDATION HERMES INVESTMENT MA YOUNG-HWAN YOON EMPLOYEE STOCK OWNER PRUDENTIAL ASSET MAN BANK OF NEW YORK MEL VANGUARD GROUP INC DIMENSIONAL FUND ADV KB ASSET MANAGEMENT ZUERCHER KANTONALBAN BESSEMER GROUP INCOR KOREA INVESTMENT TRU SEI ASSET KOREA CO L KYOBO AXA INVESTMENT WOORI ASSET MANAGEME FMR LLC HYE-SUK JEON

Firm Name NH Investment & Securities Shinyoung Securities Co., Ltd. Shinhan Investment Corp KTB Securities SK Securities Co Ltd EVA Dimensions Hana Daetoo Securities IBK Securities Co Ltd Korea Investment & Securities Daewoo Securities

Analyst TAE HEE KIM KIM HYUN-TAE BAE KIDAL LEE HYE-RIN HA TAE-GI ANDREW S ZAMFOTIS CHO YOON-JUNG KIM HYUN-WOOK LEE JUNG-IN KWON JAI-HYUN

Source EXCH Co File EXCH Co File EXCH EXCH Co File MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG ULT-AGG EXCH

Recommendation buy buy buy buy buy buy buy buy hold buy

Amt Held 4'719'211 1'303'696 947'175 593'710 582'478 496'555 121'981 56'087 54'949 53'840 53'667 50'565 32'037 16'667 14'328 12'863 11'050 10'099 7'416 6'392

% Out 40.73 11.25 8.17 5.12 5.03 4.29 1.05 0.48 0.47 0.46 0.46 0.44 0.28 0.14 0.12 0.11 0.1 0.09 0.06 0.06

Weighting

Change 5 5 5 5 5 5 5 5 3 5

N M M M M M M M M M

Latest Chg 137'452 367'310 (4'466) 11'788 11'220 2'719 2'329 1 14'222 219 (1'769) (740) 186

Target Price 62'000 60'194 61'000 62'000 56'311 #N/A N/A 63'107 54'369 #N/A N/A 44'302

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt 01.01.2013 30.06.2012 28.12.2012 30.06.2012 13.10.2011 01.01.2013 30.06.2012 28.09.2012 25.02.2013 31.12.2012 31.07.2012 28.09.2012 31.10.2012 31.10.2012 28.09.2012 28.09.2012 28.09.2012 28.09.2012 31.12.2012 01.01.2013

Date 6 month 12 month 12 month 12 month 6 month Not Provided 12 month 12 month Not Provided 12 month

Inst Type Corporation n/a Investment Advisor Other Investment Advisor n/a n/a Mutual Fund Manager Investment Advisor Investment Advisor Investment Advisor Mutual Fund Manager Mutual Fund Manager Investment Advisor Investment Advisor Mutual Fund Manager Mutual Fund Manager Mutual Fund Manager Investment Advisor n/a

Date 19.02.2013 18.02.2013 18.02.2013 18.02.2013 29.01.2013 15.01.2013 10.12.2012 29.10.2012 28.09.2012 26.10.2011

27.02.2013

Samyang Holdings Corp Samyang Corporation manufactures a wide range of food, such as sugar, cooking oil, wheat flour, and livestock feed. The Company also operates trading business and produces industrial fibers and chemical products, such as engineering plastics, PET bottles and ion exchange resin.

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (25.10.2012) 52-Week Low (29.06.2012) Daily Volume Current Price (2/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 31.12.2012 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance 000070 KS EQUITY YTD Change 000070 KS EQUITY YTD % CHANGE

Price/Volume 90000

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

.1 M

70000

12/2012 09/yy 79'700.00 48'300.00 3'881.00 69000 -13.43% 42.86% 65.29% 7.7 531'644.81 113'301.19 1'112.0 0.0 32'593.87 623'155.79

60000

.0 M

50000 40000

.0 M

30000

.0 M

20000

.0 M

10000 0 f-12 m-12 a-12 m-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

Fiscal Year Ended 31.12.2008 1'308'485.6 0.30x 55'723.6 6.95x (56'027.2) -

.1 M

80000

31.12.2009 31.12.2010 1'495'948.0 1'665'497.2 0.30x 0.42x 82'320.9 60'010.7 5.48x 11.78x 83'411.7 123'453.8 4.76x 5.03x Profitability

LTM-4Q 31.12.2011 491'319.0 0.93x 91'761.0 5.00x 103'290.8 8.86x

31.12.2012 91'761.00 68'076.00 13.86% 13.77% 8.62% 12.41% 0.41% 21.3% 18.7% 13.9% 21.0% 1.17 0.58 12.42% 15.40% 5.47 5.13

Price/ Cash Flow

LTM

09/yy 09/yy ######### 426'942.0 2.25x 4.17x 38'529.7 78'318.0 20.07x 6.94x 98'291.8 86'045.8 7.21x 6.11x

2.90 0.92 3.99 -5.46% -2.82% 0.917 2 3.500 6'976 5'873 7'429

FY+1

FY+2

FQ+1

FQ+2

12/13 Y

12/14 Y

03/13 Q1

06/13 Q2

S&P Issuer Ratings

.0 M f-13

13.23 8.00 0.88 1.23 15.4% 13.3% 0.41 2.48 66.72 71.16 97.78 40.11

Sales/Revenue/Turnover

12.00

1'800'000.0 1'600'000.0

10.00

1'400'000.0 1'200'000.0

8.00

1'000'000.0 6.00

800'000.0 600'000.0

4.00

400'000.0 2.00 0.00 03.01.2009 03.07.2009

200'000.0 0.0 03.01.2010 03.07.2010

03.01.2011 03.07.2011

03.01.2012 03.07.2012

03.01.2013

1996199719981999200020012002200320042005200620072008200920102011

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

27.02.2013

Samyang Holdings Corp Holdings By:

All

Holder Name SAMYANG HOLDINGS NATIONAL PENSION SER WON KIM YANG YOUNG FOUNDATIO JEONG KIM YOON KIM ALLIANZ GLOBAL INVES SANG-HA KIM RYANG KIM KOREA INVESTMENT TRU SHINYOUNG INVESTMENT DIMENSIONAL FUND ADV VANGUARD GROUP INC FMR LLC GOLDMAN SACHS GROUP DIMENSIONAL FUND ADV MIRAE ASSET GLOBAL I JOHN HANCOCK ADVISER KYOBO AXA INVESTMENT STATE STREET

Firm Name E*Trade Securities Korea Everbright Securities Co., Ltd EVA Dimensions

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 n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios n/a

Analyst KIM JOON-SUP SONG JIAJI AUSTIN BURKETT

Source Co File EXCH EXCH EXCH EXCH EXCH EXCH EXCH EXCH EXCH MF-AGG MF-AGG MF-AGG ULT-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG ULT-AGG

Recommendation not rated accumulate hold

Amt Held 867'533 559'475 459'362 408'089 405'816 405'018 337'605 310'559 298'533 248'007 135'620 123'047 43'216 41'006 16'714 14'639 8'110 6'199 5'450 4'976

% Out 11.26 7.26 5.96 5.3 5.27 5.26 4.38 4.03 3.87 3.22 1.76 1.6 0.56 0.53 0.22 0.19 0.11 0.08 0.07 0.06

Weighting

Change

#N/A N/A 4 3

M M M

Latest Chg 79'414 (62'342) (30'000) (45'647) 7'991 1'590 (5'784) 1'370 1'136 -

Target Price #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 Inst Type 31.03.2012 Corporation 17.10.2012 Investment Advisor 29.08.2012 n/a 13.07.2012 Other 29.08.2012 n/a 29.08.2012 n/a 02.03.2012 Mutual Fund Manager 27.08.2012 n/a 29.08.2012 n/a 29.01.2010 Investment Advisor 28.09.2012 Mutual Fund Manager 31.07.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 30.09.2012 Investment Advisor 30.11.2012 Investment Advisor 28.09.2012 Investment Advisor 30.04.2011 Investment Advisor 28.09.2012 Mutual Fund Manager 25.02.2013 Investment Advisor

Date Not Provided Not Provided Not Provided

Date 18.02.2013 18.01.2013 17.01.2013

27.02.2013

Dongyang Mechatronics Corp Dongyang Mechatronics Corp. manufactures motors used in automobiles, power windows and locks, horns, and anti-theft security systems. The Company also provides hydraulic cylinders and other hydraulic equipment used in heavy duty vehicles and manufactures heavy-duty vehicles, such as concrete pump cars, and cargo cranes.

Price/Volume

1.4 M

14000

1.2 M 1.0 M

10000 8000

Latest Fiscal Year: LTM as of: 52-Week High (12.03.2012) 52-Week Low (13.11.2012) Daily Volume Current Price (2/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 31.12.2012 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance 013570 KS EQUITY YTD Change 013570 KS EQUITY YTD % CHANGE

12/2012 12/yy 16'500.00 8'030.00 261'630.00 11600 -29.70% 44.46% 46.28% 31.7 367'317.56 106'831.72 0.0 0.0 22'724.56 445'429.44

.8 M .6 M

6000 4000

.4 M

2000

.2 M

0 f-12 m-12 a-12 m-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

Fiscal Year Ended Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

1.6 M

16000 12000

Valuation Analysis

31.12.2008 418'552.6 0.22x 34'663.6 2.71x (10'664.9) -

18000

31.12.2009 31.12.2010 281'341.4 473'882.6 0.52x 0.79x 15'836.0 36'419.7 9.31x 10.27x 13'152.2 46'483.2 10.29x 7.24x Profitability

LTM-4Q 31.12.2011 595'403.6 0.80x 48'232.6 9.88x 23'884.5 16.43x

31.12.2012 620'726.2 43'900.6 48'232.61 42'637.73 6.87% 5.27% 6.48% 10.62% 9.02% 1.61% 14.8% 8.1% 6.9% 7.1% 2.16 1.53 25.78% 45.79% 4.63 9.48

Price/ Cash Flow

LTM

FY+1

.0 M f-13

1.72 1.04 17.68 -21.20% 9.43% 1.044 8 4.750 218'434 225'255 245'985 FY+2

FQ+1

FQ+2

12/yy 12/yy 12/13 Y 12/14 Y 03/13 Q1 06/13 Q2 595'403.6 620'726.6 696'138.2 782'524.0 163'556.7 174'860.3 3.73x 2.39x 0.62x 0.56x 2.86x 2.65x 48'129.2 44'989.5 63'254.5 71'041.3 12'345.0 15'075.0 9.90x 0.00x 7.04x 6.27x 8.08x 23'884.5 43'900.7 45'061.8 51'327.0 13'884.0 8'786.3 16.41x 0.00x 8.15x 7.14x 9.62x 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

10.79 -2.43 1.56 2.21 45.8% 31.4% 1.61 6.43 78.82 38.51 24.21 93.12

Sales/Revenue/Turnover

60.00

700'000.0

50.00

600'000.0 500'000.0

40.00

400'000.0 30.00

300'000.0 20.00

200'000.0

10.00

100'000.0

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

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 |

27.02.2013

Dongyang Mechatronics Corp Holdings By:

All

Holder Name BYUNG-HO CHO NATIONAL PENSION SER UBS HANA ASSET MANAG ALLIANZ GLOBAL INVES SAMSUNG INVESTMENT T TRUSTON ASSET MANAGE HANGARAM INV MGMT CO DONGYANG MECHATRONIC SEB VANGUARD GROUP INC TONG YANG INVESTMENT DIMENSIONAL FUND ADV NH-CA ASSET MANAGEME SHINYOUNG INVESTMENT PRUDENTIAL ASSET MAN MIDAS ASSET MANAGEME HYUNDAI INVESTMENTS SHINHAN BNP PARIBAS KYOBO AXA INVESTMENT SCHRODER INVESTMENT

Firm Name E*Trade Securities Korea SK Securities Co Ltd EVA Dimensions IBK Securities Co Ltd Korea Investment & Securities Daewoo Securities Tong Yang Investment Bank Nomura NH Investment & Securities Bookook Securities Co Ltd

Analyst KANG SANG-MIN KIM YONG-SOO CRAIG STERLING JIN-HO HONG SUH SUNGMOON PARK SANG-HYEON SUNGHO PARK JUSTIN LEE LEE SANG-HYUN AHN JONG-HOON

Source EXCH EXCH EXCH EXCH EXCH EXCH EXCH EXCH 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 buy buy buy hold buy buy buy dropped coverage buy

Amt Held 9'168'198 2'978'066 1'580'584 1'408'842 1'267'624 1'092'035 1'049'150 638'490 355'120 213'400 201'310 177'870 157'940 85'313 68'408 63'602 57'700 54'650 51'570 51'000

% Out 28.95 9.4 4.99 4.45 4 3.45 3.31 2.02 1.12 0.67 0.64 0.56 0.5 0.27 0.22 0.2 0.18 0.17 0.16 0.16

Weighting

Change

5 5 5 5 3 5 5 5 #N/A N/A 5

M M M M M M M M M M

Latest Chg (19'350) 67'463 (892'010) (319'961) (543'200) (568'060) 355'120 4'530 13'820 (26'510) 85'313 (60'860) (1'572) 53'950 (70'400) (270) 49'810

Target Price 23'000 16'000 #N/A N/A 18'000 #N/A N/A 21'000 16'500 18'000 #N/A N/A 19'000

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt 02.05.2012 05.11.2012 04.07.2012 15.11.2012 30.10.2012 07.04.2011 16.09.2010 02.05.2012 31.12.2012 31.12.2012 28.09.2012 31.07.2012 28.09.2012 28.09.2012 28.09.2012 28.09.2012 28.09.2012 28.09.2012 28.09.2012 30.06.2012

Date 12 month 6 month Not Provided 12 month Not Provided 12 month 12 month Not Provided Not Provided 6 month

Inst Type n/a Investment Advisor Mutual Fund Manager Mutual Fund Manager Investment Advisor Mutual Fund Manager n/a n/a Unclassified Investment Advisor Mutual Fund Manager Investment Advisor Mutual Fund Manager Mutual Fund Manager Mutual Fund Manager Investment Advisor Mutual Fund Manager Investment Advisor Mutual Fund Manager Investment Advisor

Date 21.02.2013 30.01.2013 15.01.2013 10.12.2012 11.10.2012 14.08.2012 14.08.2012 13.08.2012 07.06.2012 02.01.2012

27.02.2013

STX Corp Co Ltd STX Corporation is an investment holding company. The Company, through its subsidiaries, manufactures medium-sized diesel engines for ships, generators, trains, and tanks.

Price/Volume 18000

2.5 M

16000 2.0 M

14000 12000

Latest Fiscal Year: LTM as of: 52-Week High (02.03.2012) 52-Week Low (16.11.2012) Daily Volume Current Price (2/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 31.01.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance 011810 KS EQUITY YTD Change 011810 KS EQUITY YTD % CHANGE

12/2011 09/yy 15'400.00 7'430.00 113'300.00 7610 -50.58% 2.42% 3.14% 60.4 459'696.81 1'753'745.00 147.0 0.0 130'066.00 2'284'261.81

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

1.0 M

6000 4000

.5 M

2000 0 f-12 m-12 a-12 m-12

j-12

a-12

s-12

o-12

n-12

d-12

.0 M f-13

j-13

Fiscal Year Ended 31.12.2007 1'256'680.9 2.49x 144'126.7 21.71x 86'278.6 32.71x

1.5 M

10000 8000

Valuation Analysis

31.12.2008 31.12.2009 2'418'949.8 2'225'676.1 0.51x 0.81x 79'149.4 (88'823.4) 15.54x 23'258.3 (171'798.7) 25.31x Profitability

LTM-4Q 31.12.2010 3'245'569.5 0.82x 95'240.5 27.98x 30'462.1 46.19x

LTM

31.12.2011 09/yy 09/yy 4'173'397.0 ######### ######### 0.55x 2.83x 2.11x 65'442.0 47'927.1 35'118.0 35.17x 53.10x 65.62x 84'657.0 (12'308.8) 57'565.0 7.42x 0.00x 7.68x 65'442.00 61'711.00 1.48% 2.01% 2.73% 7.32% 1.34% 4.4% 1.6% 1.5% 2.0% 0.63 0.36 53.11% 150.60% 11.96 18.15

Price/ Cash Flow

3.29 1.41 35.51 -46.97% -9.40% 1.411 1 1.000 104'935 130'838 213'370

FY+1

FY+2

FQ+1

FQ+2

12/12 Y

12/13 Y

12/12 Q4

03/13 Q1

S&P Issuer Ratings

0.71 0.04 24.59 26.80 150.6% 60.1% 1.34 35.94 30.52 20.11 21.88 28.74

Sales/Revenue/Turnover

140.00

4'500'000.0

120.00

4'000'000.0 3'500'000.0

100.00

3'000'000.0

80.00

2'500'000.0

60.00

2'000'000.0 1'500'000.0

40.00

1'000'000.0

20.00 0.00 03.01.2009 03.07.2009

500'000.0 0.0 03.01.2010 03.07.2010 03.01.2011 03.07.2011

03.01.2012 03.07.2012 03.01.2013

2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

27.02.2013

STX Corp Co Ltd Holdings By:

All

Holder Name FORCE TEC CO LTD DUK-SOO KANG JF ASSET MANAGEMENT GLOBAL OCEAN INVEST EMPLOYEE STOCK OWNER STX CORP JP MORGAN DIMENSIONAL FUND ADV JF ASSET MANAGEMENT VANGUARD GROUP INC JP MORGAN FUNDS LUXE BANK OF NEW YORK MEL NATIONAL PENSION SER SAMSUNG INVESTMENT T SCHRODER INVESTMENT DIMENSIONAL FUND ADV BLACKROCK KYOBO AXA INVESTMENT MIRAE ASSET GLOBAL I HYEOK HEO

Firm Name EVA Dimensions

Analyst CRAIG STERLING

Source EXCH EXCH EXCH EXCH Co File Co File ULT-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG EXCH MF-AGG MF-AGG MF-AGG ULT-AGG MF-AGG MF-AGG Co File

Recommendation underweight

Amt Held 13'926'357 7'000'000 2'933'808 2'552'628 1'917'758 1'259'449 1'134'890 824'279 812'038 391'774 278'662 156'996 152'473 99'138 96'250 92'041 79'967 73'710 72'366 40'771

% Out 23.05 11.59 4.86 4.23 3.17 2.08 1.88 1.36 1.34 0.65 0.46 0.26 0.25 0.16 0.16 0.15 0.13 0.12 0.12 0.07

Weighting

Change 1

Latest Chg (613'212) (440'930) 434'158 (85'740) 26'160 (1'520) (620) 8'220 -

Target Price #N/A N/A

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt Inst Type 04.01.2013 Unclassified 04.01.2013 n/a 08.02.2012 Investment Advisor 04.01.2013 n/a 31.12.2011 n/a 31.12.2011 Holding Company 28.09.2012 Unclassified 31.07.2012 Investment Advisor 30.09.2011 Mutual Fund Manager 31.12.2012 Investment Advisor 30.06.2011 Mutual Fund Manager 25.02.2013 Investment Advisor 13.12.2010 Investment Advisor 28.09.2012 Investment Advisor 30.06.2012 Investment Advisor 30.11.2012 Investment Advisor 25.02.2013 Investment Advisor 28.09.2012 Mutual Fund Manager 28.09.2012 Investment Advisor 31.12.2011 n/a

Date Not Provided

Date 17.01.2013

27.02.2013

Hanall Biopharma Co Ltd HANALL BIOPHARMA CO., LTD. manufactures prescription drugs for hospitals. The Company specializes in making oral and non-oral antibiotics and amino-acid infusions.

Price/Volume 12000

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 f-13

10000 8000 6000

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (06.11.2012) 52-Week Low (30.05.2012) Daily Volume Current Price (2/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 21.02.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance 009420 KS EQUITY YTD Change 009420 KS EQUITY YTD % CHANGE

12/2011 09/yy 10'100.00 6'200.00 867'214.00 9280 -8.12% 49.68% 64.62% 41.3 383'036.63 35'796.12 0.0 0.0 23'813.80 392'687.01

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

2000 0 f-12 m-12 a-12 m-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

Market Data

Fiscal Year Ended 31.12.2007 82'485.6 1.90x 572.6 274.07x (1'029.7) -

4000

31.12.2008 31.12.2009 91'890.3 98'682.4 1.07x 1.83x 4'133.5 6'616.9 23.88x 27.22x 1'170.0 582.0 67.21x 260.00x Profitability

LTM-4Q 31.12.2010 106'903.7 2.72x 8'833.7 32.97x 213.7 1226.67x

31.12.2011 87'701.6 3.93x (4'833.5) (14'555.1) -4'833.55 -6'632.80 -7.56% -15.62% -12.75% -27.78% 0.77% 50.6% -5.5% -7.6% -16.6% 1.59 1.17 33.93% 70.55% 2.73 2.53

Price/ Cash Flow

LTM

09/yy 94'277.4 13.55x 714.7 450.18x (8'397.1) 0.00x

09/yy 78'758.4 15.37x (1'769.1) 0.00x (7'879.6) 0.00x

0.00 0.67 26.60 5.22% 7.28% 0.667 1 1.000 213'971 214'805 242'110

FY+1

FY+2

FQ+1

FQ+2

12/12 Y

12/13 Y

12/12 Q4

03/13 Q1

S&P Issuer Ratings

-1.39 -1.51 -7.41 70.5% 41.4% 0.77 8.00 133.92 144.52 36.64 241.80

Sales/Revenue/Turnover

300.00

120'000.0

250.00

100'000.0

200.00

80'000.0

150.00

60'000.0

100.00

40'000.0

50.00

20'000.0

0.00 03.01.2009 03.07.2009 03.01.2010 03.07.2010 03.01.2011 03.07.2011 03.01.2012 03.07.2012 03.01.2013

0.0 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

27.02.2013

Hanall Biopharma Co Ltd Holdings By:

All

Holder Name SEONG-UK KIM BYEONG-TAE KIM YUHAN CORPORATION SEONG-SU KIM UBS HANA ASSET MANAG HANALL BIOPHARMA CO VANGUARD GROUP INC DIMENSIONAL FUND ADV NH-CA ASSET MANAGEME DONGBU ASSET MANAGEM JAE-HWAN KIM KYOBO AXA INVESTMENT HWANG-SEOB JEONG SEONG-JIN KIM MIRAE ASSET GLOBAL I SUN-IM LEE KB ASSET MANAGEMENT SEONG-JUN CHOI INDEXIQ ADVISORS LLC SEUNG-GUK PARK

Firm Name EVA Dimensions Hanwha Securities Co., Ltd

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 n/a n/a Multiple Portfolios n/a Multiple Portfolios n/a Multiple Portfolios n/a

Analyst ANDREW S ZAMFOTIS KIM HEE SEONG

Source EXCH EXCH EXCH EXCH MF-AGG Co File MF-AGG MF-AGG MF-AGG MF-AGG EXCH MF-AGG EXCH EXCH MF-AGG EXCH MF-AGG Co File MF-AGG EXCH

Recommendation sell not rated

Amt Held 3'848'897 3'809'376 3'744'500 2'190'198 1'318'711 865'147 202'340 171'818 107'290 84'260 62'500 58'660 57'600 53'750 38'650 24'290 10'890 10'000 6'819 5'100

% Out 9.32 9.23 9.07 5.31 3.19 2.1 0.49 0.42 0.26 0.2 0.15 0.14 0.14 0.13 0.09 0.06 0.03 0.02 0.02 0.01

Weighting

Change

1 #N/A N/A

M M

Latest Chg 213'111 107'290 47'330 (1'940) (23'550) 6'800 (10'650) (440) -

Target Price #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 26.02.2013 26.02.2013 22.11.2012 26.02.2013 28.09.2012 30.09.2011 31.12.2012 31.07.2012 28.09.2012 28.09.2012 30.03.2012 28.09.2012 30.03.2012 26.05.2011 28.09.2012 20.04.2012 28.09.2012 30.09.2011 13.08.2012 26.02.2013

Date Not Provided Not Provided

Inst Type n/a n/a Corporation n/a Mutual Fund Manager n/a Investment Advisor Investment Advisor Mutual Fund Manager Mutual Fund Manager n/a Mutual Fund Manager n/a n/a Investment Advisor n/a Mutual Fund Manager n/a Investment Advisor n/a

Date 17.01.2013 30.01.2012

27.02.2013

Hansae Co Ltd Hansae Co., Ltd manufactures and exports apparels through Original Equipment Manufacturing methods. The Company mainly distributes its garments to North America.

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (16.11.2012) 52-Week Low (28.03.2012) Daily Volume Current Price (2/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 31.12.2012 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance 105630 KS EQUITY YTD Change 105630 KS EQUITY YTD % CHANGE

Price/Volume

12/2012 12/yy 19'300.00 7'720.00 209'115.00 15000 -22.28% 94.30% 57.69% 40.0 600'000.00 171'311.81 0.0 0.0 162'363.05 633'640.35

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

j-12

a-12

s-12

o-12

n-12

d-12

j-13

Fiscal Year Ended 31.12.2008

20000 18000 16000 14000 12000 10000 8000 6000 4000 2000 0 f-12 m-12 a-12 m-12

31.12.2009 31.12.2010 821'494.5 864'732.2 0.26x 0.24x 89'795.3 37'881.2 2.39x 5.40x 56'787.3 27'630.3 3.74x 7.23x Profitability

LTM-4Q 31.12.2011 972'372.8 0.30x 75'173.5 3.89x 51'970.9 5.46x

31.12.2012 1'075'534.0 51'741.0 75'173.53 60'105.00 5.59% 7.07% 13.50% 30.77% 17.37% 2.53% 16.2% 7.7% 5.6% 4.8% 1.46 0.90 39.10% 89.22% 22.36 7.27

Price/ Cash Flow

LTM

FY+1

.0 M f-13

0.67 0.59 16.26 84.28% -9.37% 0.594 7 5.000 150'157 193'594 262'434 FY+2

FQ+1

FQ+2

12/yy 12/yy 12/13 Y 12/14 Y 03/13 Q1 06/13 Q2 972'372.8 ######### ######### ######### 252'266.7 257'833.3 1.25x 1.27x 0.44x 0.35x 75'126.5 0.0 81'245.3 98'405.3 3.89x 0.00x 7.80x 6.44x 51'970.9 51'740.5 65'316.7 74'225.0 11'133.3 12'866.7 6.74x 0.00x 9.23x 8.18x 8.26x 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

15.89 15.45 0.12 2.28 89.2% 47.2% 2.53 88.52 16.32 50.23 16.15 50.40

Sales/Revenue/Turnover

7'000.00

1'200'000.0

6'000.00

1'000'000.0

5'000.00

800'000.0

4'000.00

600'000.0 3'000.00

400'000.0 2'000.00

200'000.0

1'000.00 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

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 |

27.02.2013

Hansae Co Ltd Holdings By:

All

Holder Name HANSAE YES24 HOLDING NATIONAL PENSION SER DONG-NYUNG KIM SHIN YOUNG INVESTMEN SEI ASSET KOREA CO L YOUNG-SOO CHO EMPLOYEE STOCK OWNER SAMSUNG INVESTMENT T ING INVESTMENT MANAG VANGUARD GROUP INC PRUDENTIAL ASSET MAN TOUCHSTONE ADVISORS FRANKLIN RESOURCES KTB ASSET MANAGEMENT DIMENSIONAL FUND ADV BLISS ASSET MANAGEME LEGG MASON GLOBAL FU MAPS INVESTMENT MANA MIRAE ASSET GLOBAL I SHINHAN BNP PARIBAS

Firm Name Shinyoung Securities Co., Ltd. Hyundai Securities Shinhan Investment Corp EVA Dimensions Hana Daetoo Securities Daewoo Securities KTB Securities

Analyst SEO JUNG-YEON MIN-JOO CHOI PARK HEE-JIN CRAIG STERLING PARK JONG-DAE HYEMI LEE JANG JUNG-EUN

Source EXCH EXCH EXCH EXCH EXCH EXCH Co File MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG ULT-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG

Recommendation buy buy buy overweight buy buy buy

Amt Held 16'759'998 3'649'275 2'635'247 1'774'584 1'544'364 384'499 303'304 290'210 207'030 162'978 71'543 58'190 41'325 32'832 31'045 13'480 12'300 11'690 9'820 7'570

% Out 41.9 9.12 6.59 4.44 3.86 0.96 0.76 0.73 0.52 0.41 0.18 0.15 0.1 0.08 0.08 0.03 0.03 0.03 0.02 0.02

Weighting

Change 5 5 5 5 5 5 5

M M M M M N M

Latest Chg 419'517 (600'269) (478'415) 290'210 148'510 (97'863) (32'450) (10'420) 7'518 13'480 2'350 (11'700) 7'570

Target Price 23'000 18'000 18'500 #N/A N/A 18'000 24'000 12'000

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt 19.09.2012 24.12.2012 19.09.2012 29.06.2012 30.11.2012 19.09.2012 30.06.2012 28.09.2012 28.09.2012 31.12.2012 28.09.2012 31.12.2012 31.10.2012 28.09.2012 31.07.2012 28.09.2012 30.11.2012 28.09.2012 28.09.2012 28.09.2012

Date 12 month Not Provided 12 month Not Provided 12 month 12 month 12 month

Inst Type Corporation Investment Advisor n/a Investment Advisor Mutual Fund Manager n/a n/a Investment Advisor Mutual Fund Manager Investment Advisor Mutual Fund Manager Mutual Fund Manager Investment Advisor Mutual Fund Manager Investment Advisor Mutual Fund Manager Investment Advisor Mutual Fund Manager Investment Advisor Investment Advisor

Date 25.02.2013 05.02.2013 05.02.2013 15.01.2013 14.01.2013 15.11.2012 27.06.2012

27.02.2013

Hanil Cement Co Ltd Hanil Cement Co., Ltd. produces, and markets cement, ready-mixed concrete, and ready-mixed dry mortar. The Company supplies its products to building and construction industry. Hanil Cement also operates construction, information, and real estate leasing businesses through its subsidiaries.

Price/Volume 70000 60000 50000 40000

Valuation Analysis

30000

Latest Fiscal Year: LTM as of: 52-Week High (26.02.2013) 52-Week Low (25.07.2012) Daily Volume Current Price (2/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 31.12.2012 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance 003300 KS EQUITY YTD Change 003300 KS EQUITY YTD % CHANGE

12/2012 12/yy 59'200.00 27'700.00 7'467.00 57500 -2.87% 107.58% 98.41% 7.5 433'855.50 481'798.05 0.0 0.0 91'695.30 821'328.60

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

10000 0 f-12 m-12 a-12 m-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

Market Data

Fiscal Year Ended 31.12.2008 594'026.9 0.72x 30'730.4 13.85x 14'493.0 32.36x

20000

31.12.2009 31.12.2010 650'179.1 651'346.4 0.83x 0.71x 69'120.7 31'591.0 7.79x 14.54x 40'391.9 8'574.3 14.06x 49.42x Profitability

LTM-4Q 31.12.2011 704'112.0 0.96x 56'682.9 11.92x 13'253.3 23.01x

31.12.2012 839'334.7 (71'850.5) 56'682.88 71'489.39 8.52% 2.73% 0.77% 1.19% 1.77% 0.41% 17.1% 8.1% 8.5% -8.6% 1.36 1.11 24.33% 39.16% 3.11 8.75

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 f-13

LTM

12/yy 12/yy 704'112.0 839'334.9 3.46x 2.47x 56'682.9 0.0 11.92x 0.00x 13'253.3 (71'850.2) 23.01x 0.00x

1.74 0.87 4.18 17.37% 18.31% 0.873 1 3.000 21'756 9'563 7'656

FY+1

FY+2

FQ+1

FQ+2

12/13 Y

12/14 Y

03/13 Q1

06/13 Q2

S&P Issuer Ratings

3.01 -7.93 6.88 8.50 39.2% 28.1% 0.41 0.91 117.36 41.71 57.67 101.41

Sales/Revenue/Turnover

16.00

900'000.0

14.00

800'000.0

12.00

700'000.0 600'000.0

10.00

500'000.0 8.00

400'000.0

6.00

300'000.0

4.00

200'000.0

2.00

100'000.0

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

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 |

27.02.2013

Hanil Cement Co Ltd Holdings By:

All

Holder Name JUNG-SUP HUH WU-DUCK FOUNDATION HANIL CEMENT CO LTD DONG-SEOB HEO NAM-SEOP HEO GI-HO HEO NATIONAL PENSION SER FRANKLIN ASSET MANAG TWEEDY BROWNE COMPAN DIMENSIONAL FUND ADV JF ASSET MANAGEMENT VANGUARD GROUP INC GI-SOO HEO JP MORGAN FUNDS LUXE SHINYOUNG INVESTMENT SAMSUNG INVESTMENT T CITADEL VALUE FUND KYOBO AXA INVESTMENT DIMENSIONAL FUND ADV MIRAE ASSET GLOBAL I

Firm Name EVA Dimensions

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 Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios

Analyst CRAIG STERLING

Source EXCH EXCH EXCH EXCH EXCH EXCH EXCH EXCH MF-AGG MF-AGG MF-AGG MF-AGG EXCH MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG

Recommendation hold

Amt Held 600'000 538'650 480'000 450'170 445'094 442'915 362'083 340'170 90'974 83'341 73'296 43'242 35'174 34'000 24'760 19'144 13'048 10'570 10'512 8'917

% Out 7.95 7.14 6.36 5.97 5.9 5.87 4.8 4.51 1.21 1.1 0.97 0.57 0.47 0.45 0.33 0.25 0.17 0.14 0.14 0.12

Weighting

Change 3

Latest Chg (94'018) (70'967) 1'590 (7'263) 15'511 (1'510) 1'500

Target Price #N/A N/A

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt 08.02.2013 08.02.2013 16.03.2012 08.02.2013 08.02.2013 08.02.2013 15.04.2011 01.02.2011 31.03.2012 31.07.2012 30.09.2011 31.12.2012 28.09.2012 30.06.2011 28.09.2012 28.09.2012 31.05.2012 28.09.2012 30.11.2012 28.09.2012

Date Not Provided

Inst Type n/a n/a n/a n/a n/a n/a Investment Advisor Unclassified Investment Advisor Investment Advisor Mutual Fund Manager Investment Advisor n/a Mutual Fund Manager Mutual Fund Manager Investment Advisor Investment Advisor Mutual Fund Manager Investment Advisor Investment Advisor

Date 17.01.2013

27.02.2013

Hansol Technics Co Ltd Hansol Technics Co., Ltd. manufactures and markets computer monitors, such as liquid crystal display (LCD), and thin film transistor (TFT) monitors. The Company also produces back light unit, a component in TFT-LCD.

Price/Volume 25000

3.0 M

20000

2.5 M 2.0 M

15000

1.5 M

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (14.03.2012) 52-Week Low (16.11.2012) Daily Volume Current Price (2/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 31.12.2012 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance 004710 KS EQUITY YTD Change 004710 KS EQUITY YTD % CHANGE

10000

12/2012 12/yy 23'331.75 9'096.20 947'700.00 20850 -10.64% 129.22% 83.97% 16.2 337'684.31 194'923.71 0.0 0.0 147.37 511'275.43

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

.5 M

0 f-12 m-12 a-12 m-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

Fiscal Year Ended 31.12.2008 1'095'765.8 0.08x 30'105.5 2.92x 6'321.8 12.95x

1.0 M

5000

31.12.2009 31.12.2010 1'102'193.9 1'531'558.9 0.17x 0.31x 19'859.8 26'890.0 9.19x 17.48x 21'159.5 11'214.7 8.60x 37.96x Profitability

LTM-4Q 31.12.2011 890'101.3 0.40x (9'159.2) (18'935.6) -

31.12.2012 548'668.1 (86'989.3) -9'159.20 -32'189.85 -5.87% -2.79% -4.64% -10.48% 2.18% 2.9% -1.0% -5.9% -15.9% 0.82 0.39 41.03% 105.75% 12.09 30.58

Price/ Cash Flow

LTM

FY+1

.0 M f-13

0.00 1.38 12.00 1.65% 43.79% 1.376 3 3.667 719'328 649'246 500'554 FY+2

FQ+1

FQ+2

12/yy 12/yy 12/13 Y 12/14 Y 03/13 Q1 06/13 Q2 890'101.3 548'668.4 778'900.0 924'800.0 164'400.0 179'900.0 1.67x 2.03x 0.66x 0.53x (2'554.7) 0.0 42'000.0 59'000.0 0.00x 0.00x 12.17x 8.67x (18'511.9) (86'989.8) 16'400.0 29'000.0 800.0 3'000.0 0.00x 0.00x 16.16x 9.15x 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

-1.72 -32.30 -21.28 105.8% 51.4% 2.18 4.51 30.19 11.93 36.69 5.43

Sales/Revenue/Turnover

700.00

1'800'000.0

600.00

1'600'000.0 1'400'000.0

500.00

1'200'000.0

400.00

1'000'000.0

300.00

800'000.0 600'000.0

200.00

400'000.0

100.00 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

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 |

27.02.2013

Hansol Technics Co Ltd Holdings By:

All

Holder Name HANSOL PAPER CO LTD CF CONGRESSO BFDEP HANSOL TECHNICS CO L SAMSUNG INVESTMENT T NATIONAL PENSION SER MIRAE ASSET GLOBAL I KOREA INVESTMENT TRU YURIE ASSET MANAGEME JIN-GI KANG EMPLOYEE STOCK OWNER VANGUARD GROUP INC DIMENSIONAL FUND ADV DIMENSIONAL FUND ADV INTERNATIONAL INVEST CHI-WOO KIM SU-HUI PARK HANWHA INVESTMENT TR KB ASSET MANAGEMENT DIMENSIONAL FUND ADV SANG-SEOP JEONG

Firm Name

Portfolio Name 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 n/a n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios n/a

Analyst

EVA Dimensions ANDREW S ZAMFOTIS Eugene Investment & Securities Co., LtdLEE JEONG KIWOOM Securities Co Ltd KIM BYUNG-KI

Source EXCH Co File EXCH EXCH EXCH MF-AGG MF-AGG EXCH EXCH Co File MF-AGG MF-AGG MF-AGG MF-AGG EXCH EXCH MF-AGG MF-AGG MF-AGG EXCH

Recommendation sell buy buy

Amt Held 2'122'614 692'853 692'353 505'319 461'436 271'760 235'476 198'204 108'369 92'841 92'394 85'724 20'360 19'216 8'608 6'155 4'594 4'373 3'737 3'325

% Out 13.11 4.28 4.27 3.12 2.85 1.68 1.45 1.22 0.67 0.57 0.57 0.53 0.13 0.12 0.05 0.04 0.03 0.03 0.02 0.02

Weighting

Change 1 5 5

M M M

Latest Chg 622'714 7'925 (271'403) 271'760 (23'160) (435'726) (1'410) (69'170) 975

Target Price #N/A N/A 22'741 18'192

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt 18.01.2013 31.12.2011 25.01.2012 30.06.2010 11.09.2012 28.09.2012 28.09.2012 24.07.2012 23.08.2011 30.06.2011 31.12.2012 31.07.2012 30.11.2012 08.01.2013 23.01.2013 23.01.2013 28.09.2012 28.09.2012 30.11.2012 18.01.2013

Date Not Provided 12 month 6 month

Inst Type Corporation Unclassified n/a Investment Advisor Investment Advisor Investment Advisor Investment Advisor Mutual Fund Manager n/a n/a Investment Advisor Investment Advisor Investment Advisor Hedge Fund Manager n/a n/a Mutual Fund Manager Mutual Fund Manager Investment Advisor n/a

Date 15.01.2013 17.12.2012 26.06.2012

27.02.2013

RNL BIO Co Ltd RNL BIO Co., Ltd. develops, manufactures, and markets biotechnological products. The Company's main products include bio-medicine and bio-feed for livestock. RNL BIO also researches stem cell for treatment of various human ailment.

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (26.09.2012) 52-Week Low (05.02.2013) Daily Volume Current Price (2/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 11.01.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance 003190 KS EQUITY YTD Change 003190 KS EQUITY YTD % CHANGE

Price/Volume

12/2012 12/yy 5'500.00 2'300.00 3'063'273.00 2585 -53.00% 12.39% 7.66% 100.8 260'682.97 57'732.45 0.0 0.0 26'836.72 315'908.47

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

30.0 M

5000

25.0 M

4000

20.0 M

3000

15.0 M

2000

10.0 M

1000

5.0 M

0 f-12 m-12 a-12 m-12

j-12

a-12

s-12

o-12

n-12

d-12

.0 M f-13

j-13

Fiscal Year Ended 31.12.2008 26'370.5 2.40x 2'546.7 24.81x (7'448.2) -

6000

31.12.2009 31.12.2010 25'398.9 34'495.5 12.17x 6.18x (11'445.7) (17'613.0) (35'582.7) (33'972.8) Profitability

31.12.2011 52'155.5 8.61x 4'076.0 110.15x (21'517.7) -

31.12.2012 40'195.1 (27'620.3) 4'075.96 -19'362.74 -48.17% -38.21% -11.72% -43.73% 0.28% 74.5% 7.8% -48.2% -68.7% 0.61 0.18 27.31% 112.89% 17.58 3.88

Price/ Cash Flow

0.00 1.28 91.62 -40.64% -23.18% 1.278 1 1.000 1'050'194 1'963'048 2'948'415

LTM-4Q

LTM

FY+1

FY+2

FQ+1

FQ+2

12/yy 52'155.5 30.40x 5'755.7 0.00x (21'517.7) 0.00x

12/yy 40'195.4 33.17x (9'126.3) 0.00x (27'620.0) 0.00x

12/13 Y

12/14 Y

03/13 Q1

06/13 Q2

S&P Issuer Ratings

0.63 -0.18 7.58 14.16 112.9% 53.0% 0.28 1.28 20.76 93.97 45.29 69.44

Sales/Revenue/Turnover

90.00

60'000.0

80.00

50'000.0

70.00

40'000.0

60.00 50.00

30'000.0

40.00

20'000.0

30.00 20.00

10'000.0

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

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 |

27.02.2013

RNL BIO Co Ltd Holdings By:

All

Holder Name JEONG-CHAN RA VANGUARD GROUP INC DIMENSIONAL FUND ADV SAMSUNG INVESTMENT T BLACKROCK BYUNG-KI KIM YEONG-SOON LEE INDEXIQ ADVISORS LLC DIMENSIONAL FUND ADV DIMENSIONAL FUND ADV BESSEMER GROUP INCOR SEONG-GEUN GANG FLEXSHARES TRUST CONSUS ASSET MANAGEM STATE STREET KB ASSET MANAGEMENT ING INVESTMENT MANAG ALLIANZ GLOBAL INVES IBK-SG ASSET MANAGEM DAISHIN INVESTMENT T

Firm Name EVA Dimensions

Portfolio Name n/a Multiple Portfolios Multiple Portfolios 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 Multiple Portfolios Multiple Portfolios Multiple Portfolios

Analyst ANDREW S ZAMFOTIS

Source EXCH MF-AGG MF-AGG MF-AGG ULT-AGG EXCH EXCH MF-AGG MF-AGG MF-AGG MF-AGG EXCH MF-AGG MF-AGG ULT-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG

Recommendation sell

Amt Held 9'139'841 787'460 563'087 147'817 126'000 60'404 24'815 17'048 9'360 4'740 3'500 3'200 3'090 2'390 2'280 2'080 1'943 900 560 150

% Out 9.06 0.78 0.56 0.15 0.12 0.06 0.02 0.02 0.01 0 0 0 0 0 0 0 0 0 0 0

Weighting

Change 1

Latest Chg 42'910 (12'597) 1'970 390 36 (2'610) (10) 150

Target Price #N/A N/A

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt 08.02.2013 31.12.2012 31.07.2012 28.09.2012 25.02.2013 31.03.2011 17.08.2011 13.08.2012 30.11.2012 30.11.2012 31.10.2012 01.02.2013 31.01.2013 28.09.2012 25.02.2013 28.09.2012 28.09.2012 28.09.2012 28.09.2012 28.09.2012

Date Not Provided

Inst Type n/a Investment Advisor Investment Advisor Investment Advisor Investment Advisor n/a n/a Investment Advisor Investment Advisor Investment Advisor Investment Advisor n/a Investment Advisor Mutual Fund Manager Investment Advisor Mutual Fund Manager Mutual Fund Manager Mutual Fund Manager Mutual Fund Manager Mutual Fund Manager

Date 17.01.2013

27.02.2013

S&T Dynamics Co Ltd S&T Dynamics Co., Ltd. manufactures automotive components, such as transmissions, axles, propeller shafts, and steering gear boxes. The Company also produces machine tools, casting products, and military products.

Price/Volume

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (29.02.2012) 52-Week Low (15.11.2012) Daily Volume Current Price (2/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 31.12.2012 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance 003570 KS EQUITY YTD Change 003570 KS EQUITY YTD % CHANGE

12/2012 12/yy 19'500.00 10'300.00 66'537.00 11900 -38.97% 15.53% 17.39% 32.5 386'433.94 0.00 0.0 0.0 110'554.40 306'543.81

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

j-12

a-12

s-12

o-12

n-12

d-12

j-13

31.12.2009 31.12.2010 467'661.4 554'126.7 0.85x 1.07x 60'273.5 72'247.4 6.56x 8.18x 41'789.7 55'080.1 11.17x 12.78x Profitability

LTM-4Q 31.12.2011 611'097.3 0.63x 72'479.3 5.34x 54'082.7 9.24x

31.12.2012 581'403.7 31'596.6 72'479.31 33'127.66 5.70% 12.41% 6.03% 8.67% 8.67% 0.68% 14.5% 11.9% 5.7% 5.4% 2.01 1.34 0.00% 0.00% 4.39 4.94

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 f-13

Market Data

Fiscal Year Ended 31.12.2008 435'013.0 0.48x 45'500.6 4.62x 32'057.7 7.51x

20000 18000 16000 14000 12000 10000 8000 6000 4000 2000 0 f-12 m-12 a-12 m-12

LTM

FY+1

3.36 0.83 15.77 -36.14% 0.00% 0.829 4 4.000 90'010 94'014 103'979 FY+2

FQ+1

FQ+2

12/yy 12/yy 12/13 Y 12/14 Y 03/13 Q1 06/13 Q2 611'097.3 581'404.1 628'800.0 704'100.0 128'400.0 146'600.0 2.54x 1.77x 72'161.7 28'838.0 5.36x 0.00x 54'082.7 31'596.2 9.25x 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

-1.53 0.00 0.0% 0.0% 0.68 1.43 83.22 73.89 82.64 74.47

Sales/Revenue/Turnover

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

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 |

27.02.2013

S&T Dynamics Co Ltd Holdings By:

All

Holder Name S&T HOLDINGS CO LTD NATIONAL PENSION SER TRUSTON ASSET MANAGE S&T DYNAMICS CO LTD KOREA INVESTMENT TRU ALLIANZ GLOBAL INVES KB ASSET MANAGEMENT ALLIANZ ASSET MANAGE FRANKLIN RESOURCES DIMENSIONAL FUND ADV VANGUARD GROUP INC BANK OF NEW YORK MEL GS ASSET MANAGEMENT SAMSUNG INVESTMENT T JAE-SEOK PARK PRUDENTIAL ASSET MAN HANWHA INVESTMENT TR DIMENSIONAL FUND ADV SHINHAN BNP PARIBAS DBS ASSET MANAGEMENT

Firm Name Daewoo Securities EVA Dimensions Hana Daetoo Securities Nomura

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 n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios

Analyst PARK YOUNG HO CRAIG STERLING SANG-WOO LEE JUSTIN LEE

Source EXCH Co File Co File Co File EXCH EXCH MF-AGG ULT-AGG ULT-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG EXCH MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG

Recommendation hold buy buy neutral

Amt Held 11'442'771 3'071'985 2'223'200 2'037'621 1'712'748 1'390'773 668'246 627'140 592'270 554'922 209'986 106'500 91'550 87'592 86'907 84'712 74'310 62'600 47'360 43'000

% Out 35.24 9.46 6.85 6.27 5.27 4.28 2.06 1.93 1.82 1.71 0.65 0.33 0.28 0.27 0.27 0.26 0.23 0.19 0.15 0.13

Weighting

Change 3 5 5 3

M M M M

Latest Chg 1'500'000 79'188 (339'510) 740 (42'950) 105'060 91'550 (224'112) (9'438) 9'260 19'760 -

Target Price #N/A N/A #N/A N/A 18'000 14'500

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt 04.05.2012 20.03.2012 20.03.2012 20.03.2012 30.04.2012 31.10.2012 28.09.2012 31.12.2012 28.09.2012 31.07.2012 31.12.2012 25.02.2013 28.09.2012 28.09.2012 04.05.2012 28.09.2012 28.09.2012 30.11.2012 28.09.2012 31.12.2010

Date Not Provided Not Provided 12 month Not Provided

Inst Type Holding Company Investment Advisor Mutual Fund Manager Unclassified Investment Advisor Mutual Fund Manager Mutual Fund Manager Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Mutual Fund Manager Investment Advisor n/a Mutual Fund Manager Mutual Fund Manager Investment Advisor Investment Advisor Mutual Fund Manager

Date 12.02.2013 17.01.2013 10.08.2012 09.08.2012

27.02.2013

Ssangyong Motor Co Ssangyong Motor Company manufactures sedans, vans, and sport utility vehicles. The Company also provides auto parts. Ssangyong Motor markets its products to domestic and overseas markets.

Price/Volume 8000

7.0 M

7000

6.0 M

6000

5.0 M

5000

Latest Fiscal Year: LTM as of: 52-Week High (23.03.2012) 52-Week Low (25.07.2012) Daily Volume Current Price (2/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 31.12.2012 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance 003620 KS EQUITY YTD Change 003620 KS EQUITY YTD % CHANGE

12/2012 12/yy 7'630.00 4'990.00 249'900.00 6290 -17.56% 26.05% 48.11% 122.7 771'623.50 135'972.45 0.0 0.0 186'844.33 750'707.00

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

3.0 M

3000 2000

2.0 M

1000

1.0 M

0 f-12 m-12 a-12 m-12

31.12.2009 31.12.2010 1'066'816.5 2'070'482.4 0.70x 0.33x (191'495.0) 59'342.2 11.40x (346'270.2) 8'115.1 37.59x Profitability

LTM-4Q 31.12.2011 2'773'120.1 0.21x (17'763.2) (112'438.8) -

LTM

31.12.2012 12/yy 12/yy 2'863'806.0 ######### ######### 1.21x 0.70x - (17'763.2) 35'177.7 0.00x 0.00x (106'069.0) (158'425.1) (106'069.1) 0.00x 0.00x -17'763.22 -99'072.00 -3.46% -4.05% -6.87% -18.40% 1.69% 11.4% -0.6% -3.5% -3.7% 1.26 0.64 7.56% 14.89% 17.85 10.36

Price/ Cash Flow

j-12

a-12

s-12

o-12

n-12

d-12

.0 M f-13

j-13

0.00 0.99 37.25 -9.76% 18.46% 0.995 1 1.000 335'287 655'056 554'742

FY+1

FY+2

FQ+1

FQ+2

12/13 Y

12/14 Y

03/13 Q1

06/13 Q2

S&P Issuer Ratings

-1.76 -11.96 -7.65 14.9% 13.0% 1.69 3.07 20.44 35.23 31.20 24.48

Sales/Revenue/Turnover

50.00

4'000'000.0

45.00

3'500'000.0

40.00

3'000'000.0

35.00 30.00

2'500'000.0

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

j-12

Fiscal Year Ended 31.12.2008 2'495'216.8 0.29x (39'555.3) (709'683.9) -

4.0 M

4000

Valuation Analysis

0.0 02.07.2010

02.01.2011

02.07.2011

02.01.2012

02.07.2012

02.01.2013

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 |

27.02.2013

Ssangyong Motor Co Holdings By:

All

Holder Name MAHINDRA & MAHINDRA VANGUARD GROUP INC CHARLES SCHWAB INVES INVESCO LTD INDEXIQ ADVISORS LLC FIRST TRUST BLACKROCK HANDELSBANKEN FONDER MAPS INVESTMENT MANA DONGBU ASSET MANAGEM EMPLOYEE STOCK OWNER KB ASSET MANAGEMENT ING INVESTMENT MANAG KDB ASSET MANAGEMENT FLEXSHARES TRUST MYEONG-HAK LEE JAE-WAN RYU KWANG-YONG HA YONG-SU AN JOHNG-SIK CHOI

Firm Name EVA Dimensions

Portfolio Name n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios n/a n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios n/a n/a n/a n/a n/a

Analyst CRAIG STERLING

Source Co File MF-AGG MF-AGG MF-AGG MF-AGG ULT-AGG ULT-AGG MF-AGG MF-AGG MF-AGG Co File MF-AGG MF-AGG MF-AGG MF-AGG EXCH EXCH EXCH EXCH EXCH

Recommendation underweight

Amt Held 85'419'047 491'340 20'300 9'920 8'407 7'380 7'040 5'338 4'429 1'540 1'466 960 949 800 620 349 208 188 151 150

% Out 69.63 0.4 0.02 0.01 0.01 0.01 0.01 0 0 0 0 0 0 0 0 0 0 0 0 0

Weighting

Change 1

Latest Chg 10'360 (13'540) (331) 34 100 150 150 150 150 -

Target Price #N/A N/A

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt 31.12.2011 31.12.2012 26.02.2013 26.02.2013 13.08.2012 25.02.2013 25.02.2013 31.01.2013 28.09.2012 28.09.2012 31.03.2012 28.09.2012 28.09.2012 28.09.2012 31.01.2013 19.05.2012 19.05.2012 19.05.2012 19.05.2012 19.05.2012

Date Not Provided

Inst Type Corporation Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Mutual Fund Manager Mutual Fund Manager n/a Mutual Fund Manager Mutual Fund Manager Investment Advisor Investment Advisor n/a n/a n/a n/a n/a

Date 15.01.2013

27.02.2013

SeAH Steel Corp SeAH Steel Corporation manufactures, and sells steel pipes. The Company also manufactures spiral, stainless, and titanium tubes as well as pipes for oiler, insulation, and structure uses.

Price/Volume

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (08.03.2012) 52-Week Low (25.07.2012) Daily Volume Current Price (2/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 31.12.2012 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance 003030 KS EQUITY YTD Change 003030 KS EQUITY YTD % CHANGE

12/2011 09/yy 126'000.00 75'700.00 9'566.00 90000 -28.57% 18.89% 25.45% 6.0 540'000.00 378'344.44 0.0 0.0 205'613.00 835'402.70

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

.1 M

120000

.1 M

100000

.1 M

80000

.0 M

60000

.0 M

40000

.0 M

20000

.0 M

0 f-12 m-12 a-12 m-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

Fiscal Year Ended 31.12.2007 1'187'437.2 0.39x 56'276.8 8.15x 18'951.1 12.79x

140000

31.12.2008 31.12.2009 1'790'689.2 1'246'731.4 0.23x 0.30x 224'801.7 46'802.4 1.83x 7.91x 118'021.1 13'296.0 1.87x 15.62x Profitability

LTM-4Q 31.12.2010 1'542'387.3 0.31x 137'208.8 3.44x 90'158.8 3.31x

LTM

FY+1

1.67 1.28 1.91 -23.48% -2.91% 1.283 5 5.000 15'695 9'415 9'353 FY+2

FQ+1

FQ+2

31.12.2011 09/yy 09/yy 12/12 Y 12/13 Y 12/12 Q4 03/13 Q1 1'711'722.0 ######### ######### ######### ######### 480'711.0 487'446.3 0.33x 1.48x 1.63x 0.39x 0.40x 1.43x 1.47x 110'551.7 110'976.2 120'236.8 149'340.0 160'147.3 34'907.5 34'949.5 5.04x 5.43x 7.95x 5.59x 5.22x 5.80x 5.67x 71'926.4 78'790.6 78'366.0 90'707.4 104'307.6 20'498.8 24'498.0 5.34x 4.89x 8.41x 5.96x 5.18x 5.94x 5.37x S&P Issuer Ratings 110'551.65 Long-Term Rating Date 95'867.65 Long-Term Rating 5.60% Long-Term Outlook 6.13% Short-Term Rating Date 5.18% Short-Term Rating 8.91% Credit Ratios 7.23% EBITDA/Interest Exp. 1.23% (EBITDA-Capex)/Interest Exp. Net Debt/EBITDA 11.1% Total Debt/EBITDA 6.5% Reference 5.6% Total Debt/Equity 4.2% Total Debt/Capital Asset Turnover 1.72 Net Fixed Asset Turnover 1.17 Accounts receivable turnover-days 23.05% Inventory Days 39.99% Accounts Payable Turnover Day 6.06 Cash Conversion Cycle 6.82

Price/ Cash Flow

.0 M f-13

8.55 5.07 1.56 3.42 40.0% 28.6% 1.23 4.60 60.20 53.51 34.06 79.66

Sales/Revenue/Turnover

16.00

2'000'000.0

14.00

1'800'000.0 1'600'000.0

12.00

1'400'000.0

10.00

1'200'000.0

8.00

1'000'000.0 800'000.0

6.00

600'000.0 4.00

400'000.0

2.00

200'000.0

0.00 03.01.2009 03.07.2009

0.0 03.01.2010 03.07.2010

03.01.2011 03.07.2011

03.01.2012 03.07.2012

03.01.2013

2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

27.02.2013

SeAH Steel Corp Holdings By:

All

Holder Name WOON-HYUNG LEE SUN-HYUNG LEE JU-SEONG LEE TAE-SEONG LEE POSCO NATIONAL PENSION SER SHIN YOUNG INVESTMEN SEAH STEEL CORP SHINYOUNG INVESTMENT DIMENSIONAL FUND ADV PRUDENTIAL ASSET MAN VANGUARD GROUP INC SEI ASSET KOREA CO L SAMSUNG INVESTMENT T TONG YANG INVESTMENT AXA ROSENBERG INTL YEON-HO JEONG ING INVESTMENT MANAG HI ASSET MANAGEMENT BANK OF NEW YORK MEL

Firm Name DBS Vickers EVA Dimensions KTB Securities Daishin Securities Co., Ltd. Hana Daetoo Securities

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 Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios

Analyst LEE EUN YOUNG CRAIG STERLING SHIM HYE-SUN MOON JEONG-UP KIM JUNG-WOOK

Source Co File Co File Co File Co File Co File EXCH EXCH EXCH MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG EXCH MF-AGG MF-AGG MF-AGG

Recommendation buy buy buy buy buy

Amt Held 775'878 680'566 646'172 644'335 610'103 518'314 252'266 200'009 75'154 56'075 20'198 17'614 17'061 16'988 14'644 10'174 10'124 9'776 9'761 7'997

% Out 12.93 11.34 10.77 10.74 10.17 8.64 4.2 3.33 1.25 0.93 0.34 0.29 0.28 0.28 0.24 0.17 0.17 0.16 0.16 0.13

Weighting

Change 5 5 5 5 5

M M M M N

Latest Chg 60'636 (98'695) (15'023) (3'734) 5'174 7'250 (6'993) (29'925) (3'646) 9'694 -

Target Price 118'000 #N/A N/A 130'000 130'000 130'000

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt 31.12.2011 31.12.2011 31.12.2011 31.12.2011 31.12.2011 21.09.2012 29.02.2012 25.07.2011 28.09.2012 31.07.2012 28.09.2012 31.12.2012 28.09.2012 28.09.2012 28.09.2012 30.09.2012 23.03.2012 31.12.2012 28.09.2012 25.02.2013

Date 12 month Not Provided 12 month 6 month 12 month

Inst Type n/a n/a n/a n/a Corporation Investment Advisor Investment Advisor Corporation Mutual Fund Manager Investment Advisor Mutual Fund Manager Investment Advisor Mutual Fund Manager Investment Advisor Mutual Fund Manager Investment Advisor n/a Investment Advisor Mutual Fund Manager Investment Advisor

Date 25.01.2013 17.01.2013 07.01.2013 12.12.2012 26.11.2012

27.02.2013

Daekyo Co Ltd Daekyo Co., Ltd. an educational information service provider. The Company publishes learning materials and provides learning programs to preschool and primary school students.

Price/Volume 8000

.3 M

7000

.3 M

6000 .2 M

5000 4000

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (15.10.2012) 52-Week Low (19.06.2012) Daily Volume Current Price (2/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 31.12.2012 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance 019680 KS EQUITY YTD Change 019680 KS EQUITY YTD % CHANGE

12/2012 12/yy 7'400.00 5'460.00 151'411.00 6340 -14.32% 16.12% 48.45% 84.7 537'016.06 3'609.83 9'713.0 0.0 182'810.10 385'998.22

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

.1 M

2000 .1 M

1000 0 f-12 m-12

a-12 m-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

Fiscal Year Ended 31.12.2008 841'092.3 0.32x 99'228.1 2.68x 21'176.6 23.38x

.2 M

3000

31.12.2009 31.12.2010 845'488.6 860'022.8 0.39x 0.35x 105'041.1 112'747.0 3.12x 2.70x 56'490.4 49'448.9 9.97x 11.39x Profitability

LTM-4Q 31.12.2011 818'473.8 0.39x 106'361.2 3.00x 61'112.5 9.48x

31.12.2012 771'528.0 31'801.4 106'361.23 40'273.42 5.22% 9.93% 7.15% 8.76% 9.27% 0.96% 18.5% 13.0% 5.2% 4.1% 2.02 1.50 0.44% 0.57% 21.59 28.84

Price/ Cash Flow

LTM

FY+1

.0 M f-13

4.10 0.55 34.18 8.91% -0.16% 0.547 9 4.556 145'050 86'913 99'695 FY+2

FQ+1

FQ+2

12/yy 12/yy 12/13 Y 12/14 Y 03/13 Q1 06/13 Q2 818'473.3 771'528.5 800'836.3 812'314.0 204'269.3 203'045.3 1.57x 1.19x 0.42x 0.35x 1.45x 1.40x 106'360.7 34'922.7 106'425.0 116'028.3 19'700.0 21'300.0 3.00x 0.00x 3.63x 3.33x 4.84x 61'110.5 31'801.9 55'477.0 66'492.3 14'029.0 11'345.5 9.44x 0.00x 11.65x 9.82x 13.51x 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

206.53 192.68 -1.72 0.03 0.6% 0.6% 0.96 4.77 16.91 12.66 4.34 25.23

Sales/Revenue/Turnover

14.00

1'000'000.0 900'000.0

12.00

800'000.0 10.00

700'000.0 600'000.0

8.00

500'000.0 6.00

400'000.0 300'000.0

4.00

200'000.0 2.00 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

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 |

27.02.2013

Daekyo Co Ltd Holdings By:

All

Holder Name DAEKYO HOLDINGS CO L DAEKYO CO LTD FRANKLIN RESOURCES YOUNG-JOONG KANG SHINYOUNG INVESTMENT DIMENSIONAL FUND ADV MACKENZIE FINANCIAL VANGUARD GROUP INC FRANKLIN MUTUAL ADVI HEARTLAND ADVISORS I TAE-YOUNG PARK SAMSUNG INVESTMENT T MIRAE ASSET GLOBAL I DIMENSIONAL FUND ADV KYOBO AXA INVESTMENT ADVISORY RESEARCH IN JOHN HANCOCK ADVISER JANUS CAPITAL MANAGE MIDAS ASSET MANAGEME MYUNG-KYU PARK

Firm Name

Portfolio Name n/a n/a n/a n/a Multiple Portfolios Multiple Portfolios 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

Eugene Investment & Securities Co., LtdKIM MI-YEON Shinyoung Securities Co., Ltd. KWAK CHAN Shinhan Investment Corp MINHO HUR IBK Securities Co Ltd JOO-RI SOHN EVA Dimensions CRAIG STERLING Samsung Securities PARK SOPHIA Korea Investment & Securities NA EUNCHAE Woori Investment & Securities SARAH YOON Hana Daetoo Securities KANG HEE-YOUNG Hyundai Securities MISONG KIM

Source EXCH Co File ULT-AGG EXCH MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG EXCH MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG ULT-AGG MF-AGG EXCH

Recommendation buy buy buy buy buy hold hold buy buy buy

Amt Held 40'171'200 6'643'692 6'265'253 3'369'330 1'198'035 690'280 361'900 331'200 155'200 125'000 110'000 90'904 87'370 87'360 74'340 63'700 62'070 31'370 29'460 29'200

% Out 47.43 7.84 7.4 3.98 1.41 0.81 0.43 0.39 0.18 0.15 0.13 0.11 0.1 0.1 0.09 0.08 0.07 0.04 0.03 0.03

Weighting

Change 5 5 5 5 5 3 3 5 5 5

M M M M M M M M M M

Latest Chg 182'420 186'853 (174'060) 30'550 17'370 22'230 (4'320) -

Target Price 7'500 9'400 7'300 8'000 #N/A N/A 7'000 #N/A N/A 9'500 7'200 7'900

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt Inst Type 14.01.2013 Holding Company 31.03.2012 n/a 31.12.2012 Investment Advisor 26.02.2013 n/a 28.09.2012 Mutual Fund Manager 31.07.2012 Investment Advisor 30.11.2012 Investment Advisor 31.12.2012 Investment Advisor 30.09.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2011 n/a 28.09.2012 Investment Advisor 28.09.2012 Investment Advisor 30.11.2012 Investment Advisor 28.09.2012 Mutual Fund Manager 31.10.2012 Investment Advisor 30.04.2011 Investment Advisor 31.12.2012 Investment Advisor 28.09.2012 Investment Advisor 09.08.2012 n/a

Date 12 month 12 month 12 month 12 month Not Provided 12 month Not Provided 12 month 12 month Not Provided

Date 20.02.2013 20.02.2013 20.02.2013 20.02.2013 17.01.2013 24.10.2012 28.09.2012 12.07.2012 20.04.2012 29.07.2011

27.02.2013

Korea Electric Terminal Co Ltd Korea Electric Terminal Co., Ltd. specializes in manufacturing a wide range of connectors used in automobiles, home appliances, and telecommunications devices, The Company also produces fiber-optic products, such as jumper cord assemblies, attenuators, couplers, and multiplexers.

Price/Volume 35000

.1 M

30000

.1 M

25000

.1 M

20000

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (05.12.2012) 52-Week Low (23.05.2012) Daily Volume Current Price (2/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 31.12.2012 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance 025540 KS EQUITY YTD Change 025540 KS EQUITY YTD % CHANGE

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

.0 M

10000

.0 M

5000 0 f-12 m-12 a-12 m-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

Fiscal Year Ended 31.12.2007 255'606.4 0.65x 28'194.4 5.87x 27'813.3 8.09x

.1 M

15000

12/2011 09/yy 29'700.00 19'850.00 11'097.00 29250 -1.52% 47.36% 94.92% 10.4 304'638.75 9'660.54 0.0 0.0 31'418.11 281'727.10

31.12.2008 31.12.2009 249'567.0 250'142.9 0.23x 0.52x 25'122.0 26'124.0 2.27x 4.99x 16'168.9 13'179.9 6.21x 12.51x Profitability

LTM-4Q 31.12.2010 356'658.2 0.47x 43'172.4 3.89x 27'345.9 6.84x

31.12.2011 409'828.2 0.50x 49'601.0 4.17x 28'005.5 7.48x 49'601.03 30'706.01 7.49% 8.61% 6.92% 9.05% 9.02% 1.01% 13.2% 12.1% 7.5% 6.8% 2.21 1.36 2.09% 2.76% 4.34 7.08

Price/ Cash Flow

LTM

FY+1

.0 M f-13

1.03 0.85 5.52 27.52% 0.52% 0.851 4 5.000 16'636 14'308 17'781 FY+2

FQ+1

FQ+2

09/yy 09/yy 12/12 Y 12/13 Y 12/12 Q4 03/13 Q1 395'225.9 432'477.7 438'300.0 473'200.0 119'600.0 1.77x 1.99x 45'013.5 48'211.6 4.38x 0.00x 27'949.8 30'831.4 6.62x 9.02x 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

80.86 25.51 -0.44 0.19 2.8% 2.7% 1.01 2.99 84.03 51.53 58.28 77.29

Sales/Revenue/Turnover

14.00

450'000.0

12.00

400'000.0 350'000.0

10.00

300'000.0

8.00

250'000.0

6.00

200'000.0 150'000.0

4.00

100'000.0

2.00 0.00 03.01.2009 03.07.2009

50'000.0 0.0 03.01.2010 03.07.2010

03.01.2011 03.07.2011

03.01.2012

03.07.2012

03.01.2013

2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

27.02.2013

Korea Electric Terminal Co Ltd Holdings By:

All

Holder Name CHANG-WON LEE SHIN YOUNG INVESTMEN KB ASSET MANAGEMENT YAZAKI CORP FMR LLC FIDELITYLOWPRICEDFUN WON-JUN LEE KETI SHINYOUNG INVESTMENT NATIONAL PENSION SER DIMENSIONAL FUND ADV VANGUARD GROUP INC SAMSUNG INVESTMENT T MAPS INVESTMENT MANA MITSUBISHI UFJ FINAN DIMENSIONAL FUND ADV PRUDENTIAL FINANCIAL KOREA INVESTMENT TRU WOORI ASSET MANAGEME JOHN HANCOCK ADVISER

Firm Name E*Trade Securities Korea EVA Dimensions Hanwha Securities Co., Ltd Leading Investment & Securities YuHwa Securities Ltd

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 Multiple Portfolios n/a Multiple Portfolios n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios

Analyst KANG SANG-MIN CRAIG STERLING JEONG HONG-SIK PARK JOON-MO SEUNG-JOON YOO

Source EXCH EXCH EXCH Co File ULT-AGG Co File EXCH EXCH MF-AGG EXCH MF-AGG MF-AGG MF-AGG MF-AGG ULT-AGG MF-AGG ULT-AGG MF-AGG MF-AGG MF-AGG

Recommendation buy buy buy buy buy

Amt Held 1'467'000 1'133'304 753'630 731'187 704'710 700'000 692'300 674'980 637'604 631'583 138'450 50'340 31'393 24'562 20'830 17'190 15'550 13'120 11'490 8'690

% Out 14.09 10.88 7.24 7.02 6.77 6.72 6.65 6.48 6.12 6.06 1.33 0.48 0.3 0.24 0.2 0.17 0.15 0.13 0.11 0.08

Weighting

Change 5 5 5 5 5

M M M N M

Latest Chg 22'020 111'930 (12'907) (113'711) (475) 23'960 9'900 490 (9'280) -

Target Price 32'000 #N/A N/A 33'000 30'000 33'000

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt 27.09.2012 30.11.2012 04.09.2012 31.12.2011 31.12.2012 31.12.2011 13.08.2012 13.08.2012 28.09.2012 29.03.2012 31.07.2012 31.12.2012 28.09.2012 28.09.2012 22.05.2012 30.11.2012 31.12.2012 28.09.2012 28.09.2012 30.04.2011

Date 12 month Not Provided 6 month 12 month 6 month

Inst Type n/a Investment Advisor Mutual Fund Manager Corporation Investment Advisor n/a n/a n/a Mutual Fund Manager Investment Advisor Investment Advisor Investment Advisor Investment Advisor Mutual Fund Manager Holding Company Investment Advisor Investment Advisor Investment Advisor Mutual Fund Manager Investment Advisor

Date 23.01.2013 15.01.2013 14.01.2013 25.06.2012 06.02.2012

27.02.2013

Hankook Shell Oil Co Ltd Hankook Shell Oil Co., Ltd. manufactures and markets lubricants, grease, and other petroleum products used for cars, vessels, industrial machinery, and cutting tools. The Company exports its products to Southeast Asian countries, Russia, and China. Hankook Shell is an affiliate of Royal Dutch Shell Group.

Price/Volume

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (22.02.2013) 52-Week Low (22.05.2012) Daily Volume Current Price (2/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 31.12.2012 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance 002960 KS EQUITY YTD Change 002960 KS EQUITY YTD % CHANGE

12/2012 12/yy 333'000.00 207'000.00 971.00 307500 -7.66% 48.55% 73.81% 1.3 399'750.00 0.00 0.0 0.0 20'734.26 379'519.37

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

.0 M

300000

.0 M

250000

.0 M

200000

.0 M

150000

.0 M

100000

.0 M

50000

.0 M

0 f-12 m-12 a-12 m-12

31.12.2009 31.12.2010 221'030.7 257'316.0 0.59x 1.01x 42'610.4 35'945.0 3.04x 7.21x 31'326.0 27'133.2 5.00x 10.73x Profitability

LTM-4Q 31.12.2011 295'622.9 0.83x 32'969.5 7.41x 26'116.0 10.15x

31.12.2012 278'463.0 31'169.0 32'969.52 38'666.00 13.89% 11.69% 27.55% 41.64% 41.64% 2.63% 22.2% 13.1% 14.1% 11.2% 2.55 1.56 0.00% 0.00% 7.89 6.61

Price/ Cash Flow

LTM

12/yy 12/yy 295'622.9 273'462.9 3.36x 2.93x 32'969.5 27'744.3 7.41x 0.00x 26'116.1 31'169.5 10.15x 0.00x

j-12

a-12

s-12

o-12

n-12

d-12

j-13

.0 M f-13

0.65 0.60 44.69% 24.75% 0.652 1 5.000 3'580 1'911 2'266

FY+1

FY+2

FQ+1

FQ+2

12/13 Y

12/14 Y

03/13 Q1

06/13 Q2

S&P Issuer Ratings

-0.53 0.00 0.0% 0.0% 2.63 25.46 46.41 55.36 32.67 66.38

Sales/Revenue/Turnover

70.00

350'000.0

60.00

300'000.0

50.00

250'000.0

40.00

200'000.0

30.00

150'000.0

20.00

100'000.0

10.00

50'000.0

0.00 02.01.2010

j-12

Fiscal Year Ended 31.12.2008 201'649.9 0.43x 17'713.3 4.93x 12'133.1 7.53x

350000

0.0 02.07.2010

02.01.2011

02.07.2011

02.01.2012

02.07.2012

02.01.2013

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 |

27.02.2013

Hankook Shell Oil Co Ltd Holdings By:

All

Holder Name SHELL PETROLEUM NV SEI ASSET KOREA CO L FMR LLC FIDELITY LOW PRICED WASATCH ADVISORS INC VANGUARD GROUP INC DIMENSIONAL FUND ADV SHINYOUNG INVESTMENT ALLIANZ GLOBAL INVES SCHRODER INVESTMENT WOORI ASSET MANAGEME SAMSUNG INVESTMENT T YURIE ASSET MANAGEME BLACKROCK DIMENSIONAL FUND ADV DIMENSIONAL FUND ADV MIRAE ASSET GLOBAL I MAPS INVESTMENT MANA BESSEMER GROUP INCOR KB ASSET MANAGEMENT

Firm Name EVA Dimensions

Portfolio Name 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 n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios

Analyst CRAIG STERLING

Source Co File EXCH ULT-AGG Co File MF-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 MF-AGG MF-AGG MF-AGG

Recommendation buy

Amt Held 700'000 73'106 69'535 68'000 12'619 5'764 4'407 3'510 792 790 652 580 324 226 71 56 52 47 22 13

% Out 53.85 5.62 5.35 5.23 0.97 0.44 0.34 0.27 0.06 0.06 0.05 0.04 0.02 0.02 0.01 0 0 0 0 0

Weighting

Change 5

Latest Chg (13'374) 1'535 2'100 900 (546) (128) 287 261 (3) -

Target Price #N/A N/A

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt 31.12.2011 21.07.2010 31.12.2012 31.12.2011 31.12.2012 31.12.2012 31.07.2012 28.09.2012 28.09.2012 31.12.2012 28.09.2012 28.09.2012 28.09.2012 25.02.2013 30.11.2012 30.11.2012 28.09.2012 28.09.2012 31.10.2012 28.09.2012

Date Not Provided

Inst Type Corporation Mutual Fund Manager Investment Advisor Other Investment Advisor Investment Advisor Investment Advisor Mutual Fund Manager Mutual Fund Manager Investment Advisor Mutual Fund Manager Investment Advisor Mutual Fund Manager Investment Advisor Investment Advisor Investment Advisor Investment Advisor Mutual Fund Manager Investment Advisor Mutual Fund Manager

Date 15.01.2013

27.02.2013

Foosung Co Ltd Foosung Co., Ltd. manufactures and sells chemical compounds and also car accessories such as car mats.

Price/Volume

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (19.03.2012) 52-Week Low (25.07.2012) Daily Volume Current Price (2/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 31.12.2012 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance 093370 KS EQUITY YTD Change 093370 KS EQUITY YTD % CHANGE

12/2011 09/yy 7'690.00 4'315.00 286'949.00 4655 -39.47% 7.88% 10.67% 84.8 394'855.50 138'037.96 0.0 0.0 2'521.81 500'098.95

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

16.0 M

7000

14.0 M

6000

12.0 M

5000

10.0 M

4000

8.0 M

3000

6.0 M

2000

4.0 M

1000

2.0 M

0 f-12 m-12 a-12 m-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

Fiscal Year Ended 31.12.2007 96'628.7 4.11x 2'267.3 175.05x 8'573.5 41.45x

8000

31.12.2008 31.12.2009 136'205.8 142'634.8 2.21x 2.71x 14'274.3 14'532.8 21.06x 26.55x 14'525.6 7'234.7 15.44x 44.28x Profitability

LTM-4Q 31.12.2010 180'146.7 2.25x 25'109.8 16.14x 5'791.3 55.25x

31.12.2011 237'603.5 3.40x 46'862.1 17.25x 19'785.1 34.02x 46'862.08 26'305.85 11.07% 9.53% 7.28% 16.28% 10.32% 0.87% 24.0% 19.7% 11.1% 8.3% 0.93 0.46 45.39% 105.59% 5.61 5.85

Price/ Cash Flow

LTM

FY+1

.0 M f-13

0.00 0.99 46.07 -34.44% -4.32% 0.986 7 4.143 424'771 472'528 592'094 FY+2

FQ+1

FQ+2

09/yy 09/yy 12/12 Y 12/13 Y 12/12 Q4 03/13 Q1 229'474.4 217'554.1 226'366.7 266'725.0 57'700.0 59'585.0 11.85x 12.64x 2.18x 1.81x 8.63x 8.32x 36'636.0 5'523.3 48'765.0 71'773.0 13'491.0 14'434.0 0.00x 0.00x 10.26x 6.97x 8.18x 7.70x 15'959.4 23'602.7 32'666.7 33'000.0 7'466.7 3'495.0 0.00x 23.48x 14.11x 12.66x 12.80x 12.52x 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

8.89 -0.79 2.89 2.95 105.6% 51.4% 0.87 1.48 65.09 62.43 45.32 82.20

Sales/Revenue/Turnover

100.00

250'000.0

90.00 80.00

200'000.0

70.00

150'000.0

60.00 50.00

100'000.0

40.00 30.00

50'000.0

20.00 10.00 0.00 03.01.2009 03.07.2009

0.0 03.01.2010 03.07.2010 03.01.2011 03.07.2011

03.01.2012 03.07.2012 03.01.2013

2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

27.02.2013

Foosung Co Ltd Holdings By:

All

Holder Name YONG-MIN KIM KEUN-SOO KIM FOOSUNG HDS CO LTD GOLDMAN SACHS ASSET VANGUARD GROUP INC DIMENSIONAL FUND ADV NH-CA ASSET MANAGEME MAPS INVESTMENT MANA FOOSUNG CO LTD WOORI ASSET MANAGEME HI ASSET MANAGEMENT AMUNDI LUXEMBOURG SA ING INVESTMENT MANAG FMR LLC KB ASSET MANAGEMENT MIRAE ASSET GLOBAL I KYOBO AXA INVESTMENT GOLDMAN SACHS ASSET GERIFONDS SA KIWOOM ASSET MANAGEM

Firm Name Daishin Securities Co., Ltd. EVA Dimensions Shinhan Investment Corp Standard Chartered Kyobo Securities Hyundai Securities Daiwa Securities Co. Ltd. Woori Investment & Securities

Portfolio Name 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 n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios

Analyst ROK-HO KIM CRAIG STERLING HA JOON-DOO DANIEL DO YEON LEE CHOI JI-SOO SONG DONG-HEON PRANAB KUMAR SARMAH PARK CATHERINE

Source Co File Co File Co File MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG Co File MF-AGG MF-AGG MF-AGG MF-AGG ULT-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG

Recommendation buy hold buy outperform buy buy underperform buy

Amt Held 19'296'687 13'065'553 6'096'211 698'870 474'666 338'872 325'910 308'396 292'934 288'470 284'670 277'650 254'629 240'220 184'040 174'830 96'740 78'080 50'000 37'470

% Out 22.75 15.4 7.19 0.82 0.56 0.4 0.38 0.36 0.35 0.34 0.34 0.33 0.3 0.28 0.22 0.21 0.11 0.09 0.06 0.04

Weighting

Change 5 3 5 5 5 5 1 5

M M M M M M D M

Latest Chg 698'870 10'540 90'240 274'836 167'060 260'400 27'810 253'549 (1'860'664) (618) (501'705) (6'090) (166'210) 36'830

Target Price 7'500 #N/A N/A 7'800 10'000 9'500 11'000 4'500 10'500

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt 30.06.2012 30.06.2012 30.06.2012 28.09.2012 31.12.2012 31.07.2012 28.09.2012 28.09.2012 30.06.2012 28.09.2012 28.09.2012 28.09.2012 28.09.2012 30.04.2012 28.09.2012 28.09.2012 28.09.2012 31.10.2012 30.09.2011 28.09.2012

Date 6 month Not Provided 12 month 12 month 6 month Not Provided Not Provided 12 month

Inst Type n/a n/a Corporation Mutual Fund Manager Investment Advisor Investment Advisor Mutual Fund Manager Mutual Fund Manager Corporation Mutual Fund Manager Mutual Fund Manager Investment Advisor Mutual Fund Manager Investment Advisor Mutual Fund Manager Investment Advisor Mutual Fund Manager Investment Advisor Mutual Fund Manager Mutual Fund Manager

Date 04.02.2013 15.01.2013 15.10.2012 18.09.2012 18.09.2012 17.08.2012 06.07.2012 15.02.2012

27.02.2013

Songwon Industrial Co Ltd Songwon Industrial Co., Ltd. manufactures plastic additives. The Company's products include polyvinyl chloride (PVC) stabilizers, antioxidants, intermediates, and plasticizers. Songwon Industrial also produces polyurethane, agricultural chemicals, polyester diol, and waste treatment chemicals.

Price/Volume 14000 12000 10000 8000

Valuation Analysis

6000

Latest Fiscal Year: LTM as of: 52-Week High (20.02.2013) 52-Week Low (04.06.2012) Daily Volume Current Price (2/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 31.12.2012 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance 004430 KS EQUITY YTD Change 004430 KS EQUITY YTD % CHANGE

12/2012 12/yy 13'100.00 7'410.00 325'796.00 12250 -6.49% 65.32% 87.70% 24.0 294'000.00 444'912.00 0.0 0.0 30'968.00 697'733.00

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

2000 0 f-12 m-12 a-12 m-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

Market Data

Fiscal Year Ended 31.12.2008 369'879.1 0.95x 35'759.9 9.79x (17'979.0) -

4000

31.12.2009 31.12.2010 418'068.3 556'162.1 1.32x 0.98x 67'883.8 56'740.6 8.14x 9.64x 25'121.4 22'170.0 12.08x 13.64x Profitability

LTM-4Q 31.12.2011 597'492.0 1.06x 57'937.0 10.98x 7'791.0 28.49x

31.12.2012 600'967.0 27'524.0 57'937.00 58'759.00 9.78% 1.77% 1.11% 3.38% 4.24% 0.85% 11.4% 9.7% 9.8% 4.6% 0.73 0.44 53.03% 166.88% 4.82 4.94

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 f-13

LTM

FY+1

0.49 0.95 10.94 16.35% 2.94% 0.945 2 3.000 352'342 261'697 305'101 FY+2

FQ+1

FQ+2

12/yy 12/yy 12/13 Y 12/14 Y 03/13 Q1 06/13 Q2 597'492.0 600'967.0 734'487.0 816'015.0 166'488.0 192'902.0 4.91x 3.25x 0.84x 0.74x 3.86x 3.30x 57'936.0 62'078.0 90'274.0 100'456.0 10.98x 0.00x 7.73x 6.95x 7'791.0 27'524.0 35'798.0 41'848.0 7'432.0 9'414.0 28.49x 0.00x 8.21x 7.03x 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

2.49 1.05 7.13 7.68 166.9% 62.5% 0.85 1.58 75.67 73.82 22.76 126.73

Sales/Revenue/Turnover

20.00

700'000.0

18.00

600'000.0

16.00 14.00

500'000.0

12.00

400'000.0

10.00

300'000.0

8.00

200'000.0

6.00 4.00

100'000.0

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

2000 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 |

27.02.2013

Songwon Industrial Co Ltd Holdings By:

All

Holder Name SONGWON PRODUCT CO L NATIONAL PENSION SER REDTULIP INVESTMENTS KYUNGSHIN INDUSTRIAL JONG-HO PARK TONG YANG INVESTMENT ING INVESTMENT MANAG SAMSUNG INVESTMENT T HYEON-JU PARK CONSUS ASSET MANAGEM VANGUARD GROUP INC DIMENSIONAL FUND ADV OK-KEUN KIM KTB ASSET MANAGEMENT YURIE ASSET MANAGEME KB ASSET MANAGEMENT HI ASSET MANAGEMENT MIRAE ASSET GLOBAL I LS ASSET MANAGEMENT DIMENSIONAL FUND ADV

Firm Name HI Investment Securities Korea Investment & Securities EVA Dimensions Shinhan Investment Corp

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 n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios

Analyst LEE SANG-HUN PARK KIYONG CRAIG STERLING YI EUNG-JU

Source EXCH EXCH Co File EXCH EXCH MF-AGG MF-AGG MF-AGG EXCH MF-AGG MF-AGG MF-AGG EXCH MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG

Recommendation not rated buy sell buy

Amt Held 5'730'410 2'244'521 2'202'540 2'196'910 392'070 317'670 206'866 191'213 190'620 171'370 119'420 115'410 89'540 86'180 76'632 48'340 38'628 23'220 20'870 17'020

% Out 23.88 9.35 9.18 9.15 1.63 1.32 0.86 0.8 0.79 0.71 0.5 0.48 0.37 0.36 0.32 0.2 0.16 0.1 0.09 0.07

Weighting

Change

#N/A N/A 5 1 5

M M M M

Latest Chg 286'000 23'290 206'857 (23'281) 171'370 78'860 (41'680) 40'480 38'618 110 20'870 -

Target Price #N/A N/A 15'000 #N/A N/A 18'000

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt 28.12.2012 19.10.2012 31.12.2011 28.12.2012 28.12.2012 28.09.2012 28.09.2012 28.09.2012 28.12.2012 28.09.2012 31.12.2012 31.07.2012 31.03.2012 28.09.2012 28.09.2012 28.09.2012 28.09.2012 28.09.2012 28.09.2012 30.11.2012

Date Not Provided 12 month Not Provided Not Provided

Inst Type n/a Investment Advisor n/a n/a n/a Mutual Fund Manager Mutual Fund Manager Investment Advisor n/a Mutual Fund Manager Investment Advisor Investment Advisor n/a Mutual Fund Manager Mutual Fund Manager Mutual Fund Manager Mutual Fund Manager Investment Advisor Mutual Fund Manager Investment Advisor

Date 18.02.2013 14.02.2013 15.01.2013 05.11.2010

27.02.2013

Basic House Co Ltd/The The Basic House Co., Ltd. manufactures and markets women's and men's apparel. The Company's products include casual wear, business casuals, sports wear and accessories.

Price/Volume 25000

1.4 M 1.2 M

20000

1.0 M

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (12.03.2012) 52-Week Low (14.11.2012) Daily Volume Current Price (2/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 31.12.2012 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance 084870 KS EQUITY YTD Change 084870 KS EQUITY YTD % CHANGE

12/2012 12/yy 21'750.00 9'980.00 98'736.00 16650 -23.45% 66.83% 58.79% 20.9 347'266.03 75'264.38 0.0 0.0 3'839.57 408'048.95

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

.8 M

10000

.6 M .4 M

5000

.2 M

0 f-12 m-12 a-12 m-12

j-12

a-12

s-12

o-12

n-12

d-12

.0 M f-13

j-13

Fiscal Year Ended 31.12.2008 208'656.2 0.52x (6'908.5) (10'383.1) -

15000

31.12.2009 31.12.2010 172'771.6 174'495.5 1.18x 2.50x 12'173.1 13'572.6 16.76x 32.18x 8'892.6 19'304.4 16.75x 19.70x Profitability

LTM-4Q 31.12.2011 181'462.2 2.35x 10'168.8 41.99x (1'491.7) -

31.12.2012 173'470.8 (4'805.2) 10'168.83 -245.25 -0.14% 0.25% -0.53% -0.86% -6.52% 0.64% 42.6% 5.6% -0.1% -2.8% 1.33 0.45 27.06% 45.64% 4.84 1.62

Price/ Cash Flow

LTM

12/yy 12/yy 181'462.2 173'470.4 10.58x 6.47x 10'168.8 1'140.5 41.99x 0.00x (1'491.7) (4'805.7) 0.00x 0.00x

0.00 0.74 12.73 -19.76% 13.65% 0.736 13 4.385 133'766 172'235 153'931

FY+1

FY+2

FQ+1

FQ+2

12/13 Y

12/14 Y

03/13 Q1

06/13 Q2

17.85x 15.05x S&P Issuer Ratings

2.38 1.30 7.02 7.40 45.6% 31.3% 0.64 3.00 75.44 224.90 32.36 267.98

Sales/Revenue/Turnover

60.00

250'000.0

50.00

200'000.0

40.00

150'000.0 30.00

100'000.0 20.00

50'000.0

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

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 |

27.02.2013

Basic House Co Ltd/The Holdings By:

All

Holder Name JONG-WAN WOO TRIUMP II INVESTMENT HAN-GON WU ORCHID ASIA V LP UBS HANA ASSET MANAG NATIONAL PENSION SER MYUNG-CHUL KIM SHINYOUNG INVESTMENT SAMSUNG INVESTMENT T VANGUARD GROUP INC DIMENSIONAL FUND ADV WOORI ASSET MANAGEME HANWHA INVESTMENT TR KYOBO AXA INVESTMENT HYUNDAI INVESTMENTS MIRAE ASSET GLOBAL I KB ASSET MANAGEMENT DIMENSIONAL FUND ADV BESSEMER GROUP INCOR DIMENSIONAL FUND ADV

Firm Name HMC Investment Securities Co Ltd Shinyoung Securities Co., Ltd. E*Trade Securities Korea NH Investment & Securities Shinhan Investment Corp Tong Yang Investment Bank EVA Dimensions Korea Investment & Securities Samsung Securities Hyundai Securities Hana Daetoo Securities KTB Securities Daishin Securities Co., Ltd.

Analyst Park Jong Ryeol SEO JUNG-YEON YANG JI-HAE EUN-YOUNG BAE PARK HEE-JIN SANG-HWA HAN CRAIG STERLING NA EUNCHAE OJ NAM MIN-JOO CHOI PARK JONG-DAE JANG JUNG-EUN CHUNG YON-WOO

Source EXCH EXCH EXCH EXCH EXCH EXCH EXCH 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 buy buy buy trading buy buy underweight buy buy buy neutral buy market perform

Amt Held 4'477'400 4'178'865 2'550'000 1'369'950 1'021'043 747'672 350'000 201'734 66'486 64'220 58'260 44'750 27'590 22'800 22'490 15'460 14'140 3'250 2'450 2'430

% Out 21.47 20.04 12.23 6.57 4.9 3.58 1.68 0.97 0.32 0.31 0.28 0.21 0.13 0.11 0.11 0.07 0.07 0.02 0.01 0.01

Weighting

Change 5 5 5 5 5 5 1 5 5 5 3 5 3

M M M M M M M M M M M M M

Latest Chg 50'000 320'410 (286'440) (314'537) (2'601) 1'566 (5'400) (1'780) (1'070) 22'490 2'720 10'090 -

Target Price 23'000 20'500 21'000 20'000 17'000 20'000 #N/A N/A 18'000 18'000 14'000 14'000 14'000 12'500

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt 10.09.2012 10.09.2012 29.11.2012 07.05.2012 02.11.2011 24.05.2012 10.09.2012 28.09.2012 28.09.2012 31.12.2012 31.07.2012 28.09.2012 28.09.2012 28.09.2012 28.09.2012 28.09.2012 28.09.2012 30.11.2012 31.10.2012 30.11.2012

Date 6 month 12 month 12 month 6 month 12 month 12 month Not Provided 12 month 12 month Not Provided 12 month 12 month 6 month

Inst Type n/a n/a n/a Investment Advisor Mutual Fund Manager Investment Advisor n/a Mutual Fund Manager Investment Advisor Investment Advisor Investment Advisor Mutual Fund Manager Mutual Fund Manager Mutual Fund Manager Mutual Fund Manager Investment Advisor Mutual Fund Manager Investment Advisor Investment Advisor Investment Advisor

Date 25.02.2013 25.02.2013 25.02.2013 20.02.2013 06.02.2013 06.02.2013 17.01.2013 15.01.2013 07.01.2013 28.08.2012 13.08.2012 27.06.2012 22.06.2012

27.02.2013

Muhak Co Ltd Muhak Co., Ltd. manufactures alcohol drinks specializing in soju. The Company also produces fruit and flower alcohol such as other plum and chrysanthemum drinks.

Price/Volume 16000

1.8 M

14000

1.6 M

12000

1.4 M 1.2 M

10000

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (14.01.2013) 52-Week Low (21.05.2012) Daily Volume Current Price (2/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 31.12.2012 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance 033920 KS EQUITY YTD Change 033920 KS EQUITY YTD % CHANGE

12/2012 12/yy 14'950.00 9'732.49 22'649.00 14300 -4.35% 46.93% 86.58% 27.0 386'100.00 0.00 0.0 0.0 30'889.99 373'382.78

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

6000

31.12.2009 31.12.2010 135'457.1 159'349.8 0.64x 1.04x 36'325.1 47'782.4 2.40x 3.46x 45'381.6 30'991.1 2.57x 5.78x Profitability

.4 M

2000

.2 M

0 f-12 m-12 a-12 m-12

LTM-4Q 31.12.2011 195'680.8 1.29x 57'119.7 4.44x 41'780.8 6.81x

31.12.2012 211'280.0 35'279.0 57'119.71 46'752.00 22.13% 28.35% 14.26% 19.63% 19.62% 0.67% 45.8% 29.2% 22.1% 16.7% 1.08 0.52 0.00% 0.00% 11.86 2.39

Price/ Cash Flow

j-12

a-12

s-12

o-12

n-12

d-12

j-13

LTM

FY+1

.0 M f-13

0.34 0.61 12.29 21.93% 5.15% 0.605 5 5.000 35'408 52'127 50'222 FY+2

FQ+1

FQ+2

12/yy 12/yy 12/13 Y 12/14 Y 03/13 Q1 06/13 Q2 195'680.8 211'280.0 233'235.3 248'006.7 56'324.5 59'550.0 5.20x 4.03x 1.34x 5.90x 5.59x 57'119.7 44'881.5 68'961.3 75'670.7 15'720.0 17'410.0 4.44x 0.00x 5.41x 4.93x 5.54x 41'780.8 35'278.6 46'316.3 51'765.3 10'649.5 11'262.0 6.81x 0.00x 8.23x 7.36x 8.39x 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

15330.04 5871.72 -0.54 0.00 0.0% 0.0% 0.67 1.89 30.78 152.95 55.86 127.87

Sales/Revenue/Turnover

25.00

250'000.0

20.00

200'000.0

15.00

150'000.0

10.00

100'000.0

5.00

50'000.0

0.00 02.01.2010

.6 M

4000

Fiscal Year Ended 31.12.2008 135'732.6 0.96x 36'244.0 3.59x 915.9 143.89x

1.0 M .8 M

8000

0.0 02.07.2010

02.01.2011

02.07.2011

02.01.2012

02.07.2012

02.01.2013

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 |

27.02.2013

Muhak Co Ltd Holdings By:

All

Holder Name JAE-HO CHOI FIDELITY LOW PRICED KB ASSET MANAGEMENT FMR LLC MUHAK CO LTD KOREA INVESTMENT TRU JI-SOO LEE VANGUARD GROUP INC KYOBO AXA INVESTMENT ALLIANZ GLOBAL INVES WOORI ASSET MANAGEME MIRAE ASSET GLOBAL I KIWOOM ASSET MANAGEM US GLOBAL INVESTORS KTB ASSET MANAGEMENT AXA ROSENBERG INTL SHINYOUNG INVESTMENT JONG-SOO LEE BLACKROCK SAMSUNG INVESTMENT T

Firm Name KIWOOM Securities Co Ltd EVA Dimensions HMC Investment Securities Co Ltd Korea Investment & Securities E*Trade Securities Korea

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 Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios n/a n/a Multiple Portfolios

Analyst WOO WON-SUNG AUSTIN BURKETT SHINWOO KANG GA-YOUNG PARK KIM BONG-KI

Source Co File EXCH EXCH ULT-AGG Co File MF-AGG Co File MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG Co File ULT-AGG MF-AGG

Recommendation buy buy buy buy buy

Amt Held 13'432'341 2'793'025 2'662'033 2'588'648 1'005'017 395'921 265'637 118'736 29'175 21'836 21'836 15'715 13'979 7'918 7'106 6'742 5'179 3'525 3'012 2'617

% Out 49.75 10.34 9.86 9.59 3.72 1.47 0.98 0.44 0.11 0.08 0.08 0.06 0.05 0.03 0.03 0.02 0.02 0.01 0.01 0.01

Weighting

Change 5 5 5 5 5

M M M M M

Latest Chg 325'835 124'711 168'588 106'582 (1'643) 21'836 (3'501) 2'782 13'979 7'106 1 (12'627) 1'239

Target Price 20'000 #N/A N/A 17'731 17'731 17'731

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt 30.06.2012 28.12.2012 20.02.2013 31.10.2012 30.06.2012 28.09.2012 30.06.2012 31.12.2012 28.09.2012 28.09.2012 28.09.2012 28.09.2012 28.09.2012 28.09.2012 28.09.2012 30.09.2012 28.09.2012 30.06.2012 25.02.2013 28.09.2012

Date 6 month Not Provided 6 month 12 month 12 month

Inst Type n/a Other Mutual Fund Manager Investment Advisor n/a Investment Advisor n/a Investment Advisor Mutual Fund Manager Mutual Fund Manager Mutual Fund Manager Investment Advisor Mutual Fund Manager Investment Advisor Mutual Fund Manager Investment Advisor Mutual Fund Manager n/a Investment Advisor Investment Advisor

Date 19.02.2013 17.01.2013 08.01.2013 29.11.2012 12.04.2012

27.02.2013

S&T Motiv Co Ltd S&T Motiv Co., Ltd. manufactures and markets a variety of automobile parts. The Company's products include motors, suspension modules, fuel rails, air bags, shock absorbers, and transmissions. S&T Daewoo also produces car televisions, car navigation systems, and alarm systems.

Price/Volume 35000

.3 M

30000

.3 M

25000

.2 M

20000

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (29.02.2012) 52-Week Low (18.10.2012) Daily Volume Current Price (2/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 31.12.2012 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance 064960 KS EQUITY YTD Change 064960 KS EQUITY YTD % CHANGE

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

31.12.2009 31.12.2010 440'422.3 648'620.7 0.88x 0.57x 37'262.3 60'778.3 10.42x 6.10x 8'821.7 38'479.4 37.34x 9.23x Profitability

.1 M

5000 0 f-12 m-12 a-12 m-12

LTM-4Q 31.12.2011 763'471.2 0.46x 46'915.6 7.56x 40'034.8 8.76x

31.12.2012 758'167.2 24'274.3 46'915.63 41'123.58 5.42% 7.36% 5.23% 9.38% 8.79% 1.00% 10.9% 6.1% 5.4% 3.2% 1.39 0.88 5.18% 9.51% 4.05 6.69

Price/ Cash Flow

j-12

a-12

s-12

o-12

n-12

d-12

j-13

LTM

FY+1

.0 M f-13

1.73 0.80 5.85 -22.53% -1.49% 0.798 6 4.000 11'398 13'836 23'911 FY+2

FQ+1

FQ+2

12/yy 763'471.2 2.07x 46'915.6 7.56x 39'739.5 8.71x

12/yy 12/13 Y 12/14 Y 03/13 Q1 06/13 Q2 758.3 832'700.0 898'900.0 194'100.0 205'500.0 1083.62x 39'304.7 0.00x 23.9 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

12.46 5.23 -0.01 0.88 9.5% 8.4% 1.00 2.34 90.03 54.55 87.81 56.77

Sales/Revenue/Turnover

18.00

900'000.0

16.00

800'000.0

14.00

700'000.0

12.00

600'000.0

10.00

500'000.0

8.00

400'000.0

6.00

300'000.0

4.00

200'000.0

2.00

100'000.0

0.00 02.01.2010

.1 M

10000

Fiscal Year Ended 31.12.2008 551'137.8 0.19x 54'824.2 1.93x 38'014.4 2.70x

.2 M

15000

12/2012 12/yy 30'950.00 17'750.00 6'950.00 23100 -25.36% 30.14% 38.26% 14.4 332'718.22 41'079.60 14'921.8 0.0 41'419.15 338'227.26

0.0 02.07.2010

02.01.2011

02.07.2011

02.01.2012

02.07.2012

02.01.2013

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 |

27.02.2013

S&T Motiv Co Ltd Holdings By:

All

Holder Name S&T HOLDINGS CO LTD KOREA INVESTMENT TRU NATIONAL PENSION SER SEOUL GUARANTEE INSU S&T MOTIV CO LTD SAMSUNG INVESTMENT T SEI ASSET KOREA CO L PYUNG-KYU CHOI KDB CAPITAL CORP DIMENSIONAL FUND ADV SHINYOUNG INVESTMENT SHINHAN BNP PARIBAS VANGUARD GROUP INC YURIE ASSET MANAGEME NH-CA ASSET MANAGEME HANWHA INVESTMENT TR DIMENSIONAL FUND ADV TAEK-KWON KIM JOHN HANCOCK ADVISER WOORI ASSET MANAGEME

Firm Name Daewoo Securities EVA Dimensions LIG Investment Securities Samsung Securities Korea Investment & Securities E*Trade Securities Korea Bookook Securities Co Ltd KTB Securities

Analyst PARK YOUNG HO CRAIG STERLING KYUNG-KEUN KIM EUNJEE KIM SUH SUNGMOON KANG SANG-MIN AHN JONG-HOON NAM KYEONG MOON

Source EXCH EXCH EXCH Co File Co File EXCH EXCH Co File EXCH MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG Co File MF-AGG MF-AGG

Recommendation hold overweight buy buy hold market perform buy buy

Amt Held 6'314'221 1'278'090 1'046'208 714'508 676'350 478'923 472'006 269'702 223'820 176'290 153'600 108'466 68'620 42'740 26'000 22'320 18'240 12'500 12'150 11'340

% Out 43.84 8.87 7.26 4.96 4.7 3.33 3.28 1.87 1.55 1.22 1.07 0.75 0.48 0.3 0.18 0.15 0.13 0.09 0.08 0.08

Weighting

Change 3 5 5 5 3 3 5 5

M M N M M N M M

Latest Chg 20'000 (103'180) (33'000) (154'160) (121'778) (1'000'000) (5'530) 719 2'910 (13'010) 300 (34'040) (8'890)

Target Price #N/A N/A #N/A N/A 23'000 24'000 #N/A N/A 23'000 41'000 40'000

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt 24.12.2012 31.12.2012 26.12.2012 30.06.2012 30.06.2012 06.09.2012 28.06.2012 30.06.2012 14.01.2011 31.07.2012 28.09.2012 28.09.2012 31.12.2012 28.09.2012 28.09.2012 28.09.2012 30.11.2012 30.06.2012 30.04.2011 28.09.2012

Date Not Provided Not Provided 12 month 12 month Not Provided 12 month 6 month 12 month

Inst Type Holding Company Investment Advisor Investment Advisor Insurance Company n/a Investment Advisor Mutual Fund Manager n/a Investment Advisor Investment Advisor Mutual Fund Manager Investment Advisor Investment Advisor Mutual Fund Manager Mutual Fund Manager Mutual Fund Manager Investment Advisor n/a Investment Advisor Mutual Fund Manager

Date 12.02.2013 15.01.2013 20.11.2012 31.10.2012 11.10.2012 23.07.2012 26.12.2011 30.09.2011

27.02.2013

Hanil E-Wha Co Ltd Hanil E-Wha Co., Ltd. manufactures automotive interior parts. The Company's products include door trims, head linings, package trays, seats, and covering shelves. Hanil E-Wha supplies its products to Hyundai Motor.

Price/Volume 12000

2.5 M

10000

2.0 M

8000

Latest Fiscal Year: LTM as of: 52-Week High (14.03.2012) 52-Week Low (27.11.2012) Daily Volume Current Price (2/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 31.12.2012 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance 007860 KS EQUITY YTD Change 007860 KS EQUITY YTD % CHANGE

12/2012 12/yy 11'300.00 6'200.00 244'765.00 9190 -18.67% 48.23% 57.84% 39.4 362'231.69 88'998.05 0.0 0.0 23'198.48 421'003.90

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

1.0 M

4000

.5 M

2000 0 f-12 m-12 a-12 m-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

Fiscal Year Ended 31.12.2008 486'879.4 0.12x 20'578.7 2.80x 38'232.6 1.13x

1.5 M

6000

Valuation Analysis

31.12.2009 31.12.2010 442'315.0 578'608.5 0.46x 0.32x 23'468.9 33'802.7 8.74x 5.51x 50'909.9 65'564.4 3.40x 3.18x Profitability

LTM-4Q 31.12.2011 692'472.0 0.52x 15'235.3 23.76x 40'719.0 7.32x

31.12.2012 793'344.2 42'795.9 15'235.30 10'678.48 1.35% 7.10% 7.59% 14.91% 12.25% 1.29% 3.3% 2.2% 1.3% 5.4% 0.94 0.78 15.19% 30.89% 4.13 100.73

Price/ Cash Flow

LTM

12/yy 12/yy 692'472.0 793'343.8 1.88x 1.44x 15'235.3 15'148.0 23.76x 0.00x 40'719.0 42'796.3 7.34x 0.00x

1.31 1.08 17.83 -8.10% 25.89% 1.078 2 4.000 171'940 258'394 233'227

FY+1

FY+2

FQ+1

FQ+2

12/13 Y

12/14 Y

03/13 Q1

06/13 Q2

S&P Issuer Ratings

.0 M f-13

23.85 -59.62 4.32 5.84 30.9% 23.6% 1.29 6.00 88.33 3.62 54.29 37.66

Sales/Revenue/Turnover

16.00

900'000.0

14.00

800'000.0

12.00

700'000.0 600'000.0

10.00

500'000.0 8.00

400'000.0

6.00

300'000.0

4.00

200'000.0

2.00

100'000.0

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

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 |

27.02.2013

Hanil E-Wha Co Ltd Holdings By:

All

Holder Name YANG-SEOK YU HANIL E-WHA CO LTD NATIONAL PENSION SER SAMSUNG INVESTMENT T KYUNG-NAE YU CONSUS ASSET MANAGEM WON-JAE CHOI SCHRODER INVESTMENT BO-AE PARK HAN IL INTERIOR CO L VANGUARD GROUP INC DIMENSIONAL FUND ADV ACADIAN ASSET MANAGE HANIL C&F CO LTD SOO-KYUNG YU SOO-BIN YU BESSEMER GROUP INCOR YURIE ASSET MANAGEME KYOBO AXA INVESTMENT MIRAE ASSET GLOBAL I

Firm Name EVA Dimensions BS Securities Co Ltd

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 Multiple Portfolios n/a n/a n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios

Analyst CRAIG STERLING CHOI DAE-SIK

Source Co File Co File EXCH EXCH Co File MF-AGG Co File MF-AGG Co File Co File MF-AGG MF-AGG MF-AGG Co File Co File Co File MF-AGG MF-AGG MF-AGG MF-AGG

Recommendation hold buy

Amt Held 11'262'110 5'500'000 2'852'714 1'982'492 760'000 444'290 391'347 284'110 256'360 250'000 216'020 194'100 173'830 120'680 120'000 76'620 62'140 51'430 46'350 32'780

% Out 28.57 13.95 7.24 5.03 1.93 1.13 0.99 0.72 0.65 0.63 0.55 0.49 0.44 0.31 0.3 0.19 0.16 0.13 0.12 0.08

Weighting

Change 3 5

M M

Latest Chg (434'850) 134'830 (147'180) 7'400 (2'750) 5'480

Target Price #N/A N/A 14'000

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt Inst Type 30.06.2012 n/a 30.06.2012 n/a 23.11.2012 Investment Advisor 30.08.2012 Investment Advisor 30.06.2012 n/a 28.09.2012 Mutual Fund Manager 30.06.2012 n/a 31.12.2012 Investment Advisor 30.06.2012 n/a 30.06.2012 n/a 31.12.2012 Investment Advisor 31.07.2012 Investment Advisor 31.12.2012 Investment Advisor 30.06.2012 n/a 30.06.2012 n/a 30.06.2012 n/a 31.10.2012 Investment Advisor 28.09.2012 Mutual Fund Manager 28.09.2012 Mutual Fund Manager 28.09.2012 Investment Advisor

Date Not Provided 6 month

Date 15.01.2013 14.06.2012

27.02.2013

Woongjin Chemical Co Ltd Woongjin Chemical Co., Ltd. manufactures polyester fibers and related products. The Company's product includes polyester filaments, polyester staple fibers and special chips and other processed textiles. Woongjin Chemical also produces environmental products, such as reverse osmosis (RO) filter, micro filter (MF) membrane and other optical display materials.

Price/Volume 1200

30.0 M

12/2011 09/yy 1'085.00 476.00 2'524'875.00 970 -10.60% 103.78% 81.12% 463.6 449'729.34 250'204.50 0.0 0.0 54'660.43 686'625.28

20.0 M 15.0 M

400

10.0 M 200

5.0 M

0 f-12 m-12 a-12 m-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

Fiscal Year Ended

25.0 M

600

Latest Fiscal Year: LTM as of: 52-Week High (21.02.2013) 52-Week Low (28.09.2012) Daily Volume Current Price (2/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 31.12.2012 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance 008000 KS EQUITY YTD Change 008000 KS EQUITY YTD % CHANGE

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

35.0 M

800

Valuation Analysis

31.12.2007 738'215.2 0.79x 45'144.7 12.91x (59'139.3) -

40.0 M

1000

31.12.2008 31.12.2009 833'144.6 803'174.8 0.55x 0.77x 58'441.3 45'970.8 7.82x 13.43x 2'188.3 10'182.5 751.25x 47.71x Profitability

LTM-4Q 31.12.2010 911'193.9 0.72x 74'822.1 8.80x 60'192.9 9.49x

LTM

FY+1

0.00 0.80 243.14 1.25% 33.79% 0.803 3 3.000 6'451'893 6'670'571 6'086'103 FY+2

FQ+1

FQ+2

31.12.2011 09/yy 09/yy 12/12 Y 12/13 Y 12/12 Q4 03/13 Q1 1'083'493.1 ######### ######### ######### ######### 310'299.0 276'910.0 0.21x 2.67x 1.78x 0.59x 0.56x 2.15x 2.39x 63'978.8 76'847.8 52'934.8 67'264.0 75'429.0 3.62x 8.03x 8.85x 10.21x 9.10x 4'016.0 50'474.5 (6'709.6) 17'649.0 26'869.0 5'966.0 5'885.0 106.67x 8.36x 0.00x 25.14x 16.60x S&P Issuer Ratings 63'978.83 Long-Term Rating Date 35'400.04 Long-Term Rating 3.27% Long-Term Outlook 0.00% Short-Term Rating Date 0.56% Short-Term Rating 1.26% Credit Ratios - EBITDA/Interest Exp. 1.52% (EBITDA-Capex)/Interest Exp. Net Debt/EBITDA 12.1% Total Debt/EBITDA 5.9% Reference 3.3% Total Debt/Equity 0.4% Total Debt/Capital Asset Turnover 1.13 Net Fixed Asset Turnover 0.69 Accounts receivable turnover-days 33.82% Inventory Days 79.97% Accounts Payable Turnover Day 9.07 Cash Conversion Cycle 9.49

Price/ Cash Flow

.0 M f-13

5.59 0.23 3.05 3.91 80.0% 44.4% 1.52 3.30 40.22 38.48 40.15 38.56

Sales/Revenue/Turnover

350.00

1'200'000.0

300.00

1'000'000.0

250.00

800'000.0

200.00

600'000.0 150.00

400'000.0 100.00

200'000.0

50.00 0.00 03.01.2009 03.07.2009 03.01.2010 03.07.2010 03.01.2011 03.07.2011 03.01.2012 03.07.2012 03.01.2013

0.0 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

27.02.2013

Woongjin Chemical Co Ltd Holdings By:

All

Holder Name WOONGJIN HOLDINGS CO WOONGJIN CHEMICAL CO VANGUARD GROUP INC DIMENSIONAL FUND ADV EMPLOYEE STOCK OWNER NH-CA ASSET MANAGEME DIMENSIONAL FUND ADV JOON-KEE HONG CHUN-HO YOON MU-GYEONG MUN SAMSUNG INVESTMENT T DIMENSIONAL FUND ADV BYEONG-SEOP YUN CHANG-GYU CHOI BESSEMER GROUP INCOR INDEXIQ ADVISORS LLC U-GYU IM YANG-YONG YUN STATE STREET HUI-SEOK IM

Firm Name EVA Dimensions Korea Investment & Securities YuHwa Securities Ltd

Portfolio Name n/a n/a Multiple Portfolios Multiple Portfolios n/a Multiple Portfolios Multiple Portfolios n/a n/a n/a Multiple Portfolios Multiple Portfolios n/a n/a Multiple Portfolios Multiple Portfolios n/a n/a n/a n/a

Analyst CRAIG STERLING PARK KIYONG PARK GUN-TAE

Source EXCH EXCH MF-AGG MF-AGG Co File MF-AGG MF-AGG EXCH EXCH EXCH MF-AGG MF-AGG EXCH EXCH MF-AGG MF-AGG EXCH EXCH ULT-AGG EXCH

Recommendation underweight hold buy

Amt Held 214'644'092 3'931'641 2'467'440 1'937'970 904'740 750'000 439'740 200'000 166'910 130'000 115'399 88'550 80'130 70'450 61'970 59'770 52'130 50'000 40'860 30'320

% Out 46.3 0.85 0.53 0.42 0.2 0.16 0.09 0.04 0.04 0.03 0.02 0.02 0.02 0.02 0.01 0.01 0.01 0.01 0.01 0.01

Weighting

Change 1 3 5

M D M

Latest Chg 3'568'496 (690'000) (903'923) 11'860 800 -

Target Price #N/A N/A #N/A N/A 1'000

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt Inst Type 21.01.2013 Holding Company 30.06.2012 Corporation 31.12.2012 Investment Advisor 31.07.2012 Investment Advisor 31.12.2011 n/a 28.09.2012 Mutual Fund Manager 30.11.2012 Investment Advisor 02.01.2013 n/a 21.03.2012 n/a 21.01.2013 n/a 28.09.2012 Investment Advisor 30.11.2012 Investment Advisor 21.01.2013 n/a 01.12.2012 n/a 31.10.2012 Investment Advisor 13.08.2012 Investment Advisor 22.02.2013 n/a 21.01.2013 n/a 25.02.2013 Investment Advisor 21.01.2013 n/a

Date Not Provided Not Provided 6 month

Date 15.01.2013 28.09.2012 23.04.2012

27.02.2013

SamkwangGlass Co Ltd SamkwangGlass Co. Ltd. manufactures glass containers and kitchenware. The Company mainly provides glass containers to beverage, pharmaceutical and cosmetic companies. SamkwangGlass also manufactures metal cans for beverages.

Price/Volume 80000 70000 60000 50000 40000

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (09.11.2012) 52-Week Low (18.05.2012) Daily Volume Current Price (2/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 31.12.2012 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance 005090 KS EQUITY YTD Change 005090 KS EQUITY YTD % CHANGE

12/2012 12/yy 76'000.00 47'650.00 13'402.00 66200 -12.89% 38.93% 68.25% 4.9 321'362.47 237'567.81 0.0 0.0 21'368.72 484'587.73

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

20000 10000 0 f-12 m-12 a-12 m-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

Market Data

Fiscal Year Ended 31.12.2008 226'741.6 0.87x 28'670.4 6.85x 18'107.5 5.21x

30000

31.12.2009 31.12.2010 242'479.8 261'602.5 1.23x 1.91x 42'301.6 34'101.8 7.02x 14.68x 26'838.2 26'318.5 7.79x 12.80x Profitability

LTM-4Q 31.12.2011 280'724.0 1.92x 30'811.9 17.46x 22'162.0 14.53x

31.12.2012 285'221.1 15'270.4 30'811.90 11'606.99 4.07% 9.31% 4.44% 10.43% 6.78% 0.56% 12.2% 11.0% 4.1% 5.4% 1.05 0.61 44.43% 107.87% 4.44 5.13

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 f-13

LTM

FY+1

1.13 0.68 1.74 2.92% -6.10% 0.685 5 4.200 9'311 10'525 10'584 FY+2

FQ+1

FQ+2

12/yy 12/yy 12/13 Y 12/14 Y 03/13 Q1 06/13 Q2 280'724.0 285'220.8 314'846.0 341'019.3 69'617.0 82'561.5 7.33x 5.15x 1.79x 1.61x 8.65x 7.25x 30'811.9 23'150.0 45'338.3 50'537.8 9'771.0 10'740.0 17.46x 0.00x 10.69x 9.59x 11.52x 22'162.0 15'270.2 29'839.5 35'946.3 6'224.5 7'658.5 14.53x 0.00x 10.76x 8.94x 11.25x 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

3.85 -2.10 7.02 7.71 107.9% 51.9% 0.56 1.29 82.24 71.09 37.12 116.21

Sales/Revenue/Turnover

90.00

300'000.0

80.00

250'000.0

70.00

200'000.0

60.00 50.00

150'000.0

40.00

100'000.0

30.00 20.00

50'000.0

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

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 |

27.02.2013

SamkwangGlass Co Ltd Holdings By:

All

Holder Name BOK-YOUNG LEE NATIONAL PENSION SER OCI COMPANY LTD HYEON-MO GU WON-JUN LEE UNID CO LTD ALLIANZ GLOBAL INVES FRANKLIN TEMPLETON I KB ASSET MANAGEMENT WOO-SUNG LEE SAMKWANG GLASS IND C FRANKLIN RESOURCES I BEST INVESTMENT CO SAMSUNG INVESTMENT T DIMENSIONAL FUND ADV VANGUARD GROUP INC YURIE ASSET MANAGEME MIRAE ASSET GLOBAL I LAZARD KOREA ASSET M WOORI ASSET MANAGEME

Firm Name Hanwha Securities Co., Ltd EVA Dimensions HMC Investment Securities Co Ltd Daewoo Securities Kyobo Securities HMC Investment Securities Co Ltd Samsung 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 n/a n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios

Analyst JEONG HONG-SIK CRAIG STERLING SHINWOO KANG PARK SANG-HYEON KIM KAP-HO HAN-WOO PARK SEUNGWOO KIM

Source Co File EXCH Co File EXCH Co File Co File EXCH EXCH EXCH Co File Co File ULT-AGG EXCH MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG

Recommendation buy underweight buy buy buy buy buy

Amt Held 1'070'000 452'919 342'222 341'000 303'200 293'000 261'235 251'537 218'768 182'800 129'715 123'647 100'480 36'967 34'849 25'222 17'650 7'740 5'115 3'975

% Out 22.04 9.33 7.05 7.02 6.25 6.04 5.38 5.18 4.51 3.77 2.67 2.55 2.07 0.76 0.72 0.52 0.36 0.16 0.11 0.08

Weighting

Change 5 1 5 5 5 5 5

M M M N N M M

Latest Chg 58'272 (94'320) 22'103 (189'520) (20'732) 3'806 (2'348) 1'370 (22) (830)

Target Price 90'000 #N/A N/A 85'000 88'000 95'000 70'000 82'600

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt 30.06.2012 24.10.2012 30.06.2012 09.12.2009 30.06.2012 30.06.2012 17.12.2012 24.10.2012 05.10.2011 30.06.2012 30.06.2012 31.10.2012 22.03.2010 28.09.2012 31.07.2012 31.12.2012 28.09.2012 28.09.2012 28.09.2012 28.09.2012

Date 6 month Not Provided 6 month 12 month 12 month 6 month 12 month

Inst Type n/a Investment Advisor Corporation n/a n/a Corporation Mutual Fund Manager Investment Advisor Mutual Fund Manager n/a n/a Investment Advisor Unclassified Investment Advisor Investment Advisor Investment Advisor Mutual Fund Manager Investment Advisor Mutual Fund Manager Mutual Fund Manager

Date 31.01.2013 17.01.2013 14.01.2013 11.12.2012 29.10.2012 27.07.2012 16.05.2011

27.02.2013

Kukdo Chemical Co Ltd Kukdo Chemical Co. Ltd. manufactures and sells organic chemicals, such as epoxy resins and hydro sulfuric acid. The Company also produces inorganic chemicals used in antiseptics, bleaches, and sterilizers.

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (29.02.2012) 52-Week Low (26.11.2012) Daily Volume Current Price (2/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 31.12.2012 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance 007690 KS EQUITY YTD Change 007690 KS EQUITY YTD % CHANGE

Price/Volume

12/2012 12/yy 58'300.00 38'800.00 20'970.00 40400 -30.70% 4.12% 9.49% 5.8 234'748.89 61'551.04 0.0 0.0 74'346.81 221'953.11

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

.1 M

50000

.1 M

40000

.1 M

30000

.1 M

20000

.0 M

10000

.0 M

0 f-12 m-12 a-12 m-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

Fiscal Year Ended 31.12.2008 433'225.7 0.32x 28'309.9 4.86x 29'212.5 4.38x

60000

31.12.2009 31.12.2010 405'235.6 623'873.9 0.35x 0.50x 31'054.0 38'667.2 4.61x 8.09x 22'655.7 26'467.8 7.07x 11.39x Profitability

LTM-4Q 31.12.2011 647'898.3 0.51x 34'266.0 9.56x 21'896.6 13.24x

31.12.2012 620'364.7 0.38x 38'718.0 6.09x 26'371.5 9.43x 38'717.97 33'168.48 5.35% 5.46% 5.66% 8.61% 7.54% 1.33% 11.0% 6.2% 5.3% 4.3% 2.13 1.56 13.26% 19.40% 5.04 9.14

Price/ Cash Flow

LTM

FY+1

.0 M f-13

2.48 1.15 2.63 -26.45% -5.61% 1.150 2 5.000 17'501 13'137 12'128 FY+2

FQ+1

FQ+2

12/yy 12/yy 12/13 Y 12/14 Y 03/13 Q1 06/13 Q2 647'898.3 620'364.7 649'410.0 642'550.0 168'470.0 160'980.0 2.37x 1.87x 34'266.0 38'718.0 42'200.0 44'980.0 10'110.0 10'460.0 9.56x 6.09x 5.26x 4.93x 5.26x 21'896.6 26'371.5 28'990.0 41'060.0 5'760.0 7'010.0 13.24x 9.43x 8.10x 5.72x 8.10x 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

10.76 10.32 -0.33 1.59 19.4% 16.2% 1.33 5.57 72.62 40.04 31.20 81.46

Sales/Revenue/Turnover

9.00

700'000.0

8.00

600'000.0

7.00

500'000.0

6.00 5.00

400'000.0

4.00

300'000.0

3.00

200'000.0

2.00

100'000.0

1.00 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

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 |

27.02.2013

Kukdo Chemical Co Ltd Holdings By:

All

Holder Name NIPPON STEEL CHEMICA NEW SEOUL CHEMICAL NATIONAL PENSION SER SHIN YOUNG INVESTMEN SEI ASSET KOREA CO L YURIE ASSET MANAGEME SI-CHANG LEE SAM-YEOL LEE SHINYOUNG INVESTMENT SAMSUNG INVESTMENT T CONSUS ASSET MANAGEM BANK OF NEW YORK MEL TONG YANG INVESTMENT DIMENSIONAL FUND ADV ALLIANZ GLOBAL INVES SHINHAN BNP PARIBAS VANGUARD GROUP INC NATIONWIDE FUND ADVI KB ASSET MANAGEMENT KYOBO AXA INVESTMENT

Firm Name SK Securities Co Ltd EVA Dimensions Tong Yang Investment Bank

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 Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios

Analyst SOHN JI-WOO CRAIG STERLING LEE BYUNG-JOON

Source Co File Co File EXCH EXCH EXCH EXCH Co File 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

Amt Held 1'300'486 1'100'711 542'118 291'750 236'013 215'659 130'500 100'000 98'776 95'298 93'215 84'330 79'589 76'204 62'440 48'631 22'192 19'810 16'486 11'277

% Out 22.38 18.94 9.33 5.02 4.06 3.71 2.25 1.72 1.7 1.64 1.6 1.45 1.37 1.31 1.07 0.84 0.38 0.34 0.28 0.19

Weighting

Change 5 5 5

M M M

Latest Chg 59'507 291'750 (119'315) (89'369) 5'322 48'223 (22'521) 2'516 14'111 (27'134) (200) 190 (1'173)

Target Price 65'000 #N/A N/A 63'000

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt 30.09.2012 30.09.2012 29.04.2011 25.01.2013 28.10.2010 26.09.2012 30.09.2012 30.09.2012 28.09.2012 28.09.2012 28.09.2012 31.12.2012 28.09.2012 31.07.2012 28.09.2012 28.09.2012 31.12.2012 30.11.2012 28.09.2012 28.09.2012

Date 6 month Not Provided 12 month

Inst Type Corporation Corporation Investment Advisor Investment Advisor Mutual Fund Manager Mutual Fund Manager n/a n/a Mutual Fund Manager Investment Advisor Mutual Fund Manager Investment Advisor Mutual Fund Manager Investment Advisor Mutual Fund Manager Investment Advisor Investment Advisor Investment Advisor Mutual Fund Manager Mutual Fund Manager

Date 13.02.2013 15.01.2013 11.10.2011

27.02.2013

SL Corp SL Corp. designs and manufactures head lamps, chassis, and power trains for autos and motorcycles. The Company exports its products to overseas market such as North America and Australia.

Price/Volume 25000 20000 15000

Valuation Analysis

10000

Latest Fiscal Year: LTM as of: 52-Week High (19.06.2012) 52-Week Low (13.11.2012) Daily Volume Current Price (2/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 31.12.2012 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance 005850 KS EQUITY YTD Change 005850 KS EQUITY YTD % CHANGE

12/2011 09/yy 23'300.00 10'550.00 278'621.00 14700 -36.91% 39.34% 33.33% 33.9 497'816.81 117'596.44 0.0 0.0 49'481.97 526'182.03

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

0 f-12 m-12 a-12 m-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

Market Data

Fiscal Year Ended 31.12.2007 286'248.0 0.43x 12'297.2 10.06x 19'661.6 5.00x

5000

31.12.2008 31.12.2009 327'038.1 321'605.5 0.68x 0.33x 21'903.7 25'653.8 10.19x 4.08x 18'692.5 (43'609.7) 8.67x Profitability

LTM-4Q 31.12.2010 353'467.3 0.77x 27'372.7 9.89x 86'052.8 3.09x

31.12.2011 525'578.5 1.62x 32'812.8 25.94x 82'105.0 10.09x 32'812.82 19'634.99 3.74% 18.16% 13.48% 20.70% 18.00% 0.86% 12.3% 6.2% 3.7% 15.6% 1.69 0.82 16.04% 25.98% 5.34 16.37

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 f-13

LTM

FY+1

1.36 1.00 12.67 -25.76% 3.89% 0.997 11 4.091 641'145 403'968 336'100 FY+2

FQ+1

FQ+2

12/yy 09/yy 12/12 Y 12/13 Y 12/12 Q4 03/13 Q1 485'422.6 554'708.7 579'779.0 608'538.3 159'488.7 150'469.0 3.50x 5.05x 0.76x 0.69x 2.74x 2.84x 33'970.3 30'977.2 34'871.3 36'675.0 15'561.0 6'943.0 17.80x 18.63x 15.09x 14.35x 15.63x 18.85x 96'714.4 33'570.6 62'309.0 69'533.7 5'225.5 10'058.8 5.70x 16.50x 7.99x 7.15x 23.14x 29.74x 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

7.94 2.23 -1.95 3.58 26.0% 20.6% 0.86 6.02 68.41 22.30 51.07 39.63

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 05.04.200805.10.200805.04.2009 05.10.200905.04.2010 05.10.201005.04.201105.10.2011 05.04.2012 05.10.2012

0.0 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

27.02.2013

SL Corp Holdings By:

All

Holder Name SUNG-YUP LEE CHOONG-KON LEE SEUNG-HUN LEE STANLEY ELECTRIC CO NATIONAL PENSION SER SAMSUNG INVESTMENT T VANGUARD GROUP INC NH-CA ASSET MANAGEME DIMENSIONAL FUND ADV TONG YANG INVESTMENT YURIE ASSET MANAGEME HANWHA INVESTMENT TR PRUDENTIAL ASSET MAN SEI ASSET KOREA CO L MIRAE ASSET GLOBAL I KYOBO AXA INVESTMENT DIMENSIONAL FUND ADV KOREA INVESTMENT TRU WOORI ASSET MANAGEME HI ASSET MANAGEMENT

Firm Name Woori Investment & Securities LIG Investment Securities EVA Dimensions Samsung Securities KIWOOM Securities Co Ltd Dongbu Securities Co Ltd Korea Investment & Securities Taurus Investment Securities Co Ltd E*Trade Securities Korea NH Investment & Securities Mirae Asset Securities YuHwa Securities Ltd Shinyoung Securities Co., Ltd.

Analyst JUNE OH KYUNG-KEUN KIM CRAIG STERLING EUNJEE KIM LEE HYUN-SOO YIM EUN-YOUNG HEONYOUNG LEE YANG HEE-JOON KANG SANG-MIN LEE SANG-HYUN Gregory BK Kim SEUNG-JOON YOO HWA-JIN PARK

Source Co File Co File Co File Co File EXCH 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 MF-AGG

Recommendation hold buy sell hold buy buy buy hold buy dropped coverage buy buy buy

Amt Held 8'118'393 4'921'323 4'820'757 1'693'258 1'633'680 220'812 116'020 110'000 103'930 87'340 82'979 50'900 43'710 36'090 34'010 29'720 21'010 17'030 13'760 12'790

% Out 23.97 14.53 14.24 5 4.82 0.65 0.34 0.32 0.31 0.26 0.25 0.15 0.13 0.11 0.1 0.09 0.06 0.05 0.04 0.04

Weighting

Change

3 5 1 3 5 5 5 3 5 #N/A N/A 5 5 5

D M M M M M M D N M M M M

Latest Chg (777'356) 69'677 3'700 80'570 (2'880) (158'055) 48'280 (1'360) 1'370 4'600 (119'560) 12'790 3'260 (5'380) (98'110)

Target Price 17'000 17'000 #N/A N/A 14'000 18'000 21'000 24'000 19'000 35'000 #N/A N/A 26'000 30'000 30'000

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt 31.12.2011 31.12.2011 31.12.2011 31.03.2012 17.12.2012 28.09.2012 31.12.2012 28.09.2012 31.07.2012 28.09.2012 28.09.2012 28.09.2012 28.09.2012 28.09.2012 28.09.2012 28.09.2012 30.11.2012 28.09.2012 28.09.2012 28.09.2012

Date 12 month 12 month Not Provided 12 month 6 month 12 month 12 month 6 month 12 month Not Provided 12 month 6 month 12 month

Inst Type n/a n/a n/a Corporation Investment Advisor Investment Advisor Investment Advisor Mutual Fund Manager Investment Advisor Mutual Fund Manager Mutual Fund Manager Mutual Fund Manager Mutual Fund Manager Mutual Fund Manager Investment Advisor Mutual Fund Manager Investment Advisor Investment Advisor Mutual Fund Manager Mutual Fund Manager

Date 26.02.2013 28.01.2013 15.01.2013 04.01.2013 21.11.2012 15.11.2012 27.09.2012 23.08.2012 23.07.2012 07.06.2012 03.05.2012 02.04.2012 14.03.2011

27.02.2013

Hwa Shin Co Ltd Hwa Shin Co., Ltd. manufactures a variety of automotive chassis and body parts. The Company's products include rear suspension arms, modules, frames, panels, center members, oil pans, and brackets. Hwa Shin sells its products to Hyundai Motor on an original equipment manufacturing (OEM) basis.

Price/Volume 14000

.8 M

12000

.7 M

10000

.6 M .5 M

8000

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (12.03.2012) 52-Week Low (09.11.2012) Daily Volume Current Price (2/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 31.12.2012 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance 010690 KS EQUITY YTD Change 010690 KS EQUITY YTD % CHANGE

12/2012 12/yy 12'950.00 7'860.00 107'369.00 11050 -14.67% 40.59% 64.64% 34.9 385'870.53 15'186.48 0.0 0.0 16'987.74 357'894.45

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

.3 M

4000

.2 M

2000

.1 M

0 f-12 m-12 a-12 m-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

Fiscal Year Ended 31.12.2008 296'206.8 0.10x 18'121.0 1.63x 9'840.8 3.80x

.4 M

6000

31.12.2009 31.12.2010 313'768.0 460'892.3 0.39x 0.86x 22'899.9 43'042.6 5.30x 9.20x 38'221.6 70'889.2 2.82x 5.13x Profitability

LTM-4Q 31.12.2011 571'238.8 0.76x 46'322.5 9.42x 49'846.8 8.79x

31.12.2012 611'770.6 25'337.3 46'322.48 37'207.42 6.08% 10.97% 12.45% 17.88% 17.38% 1.43% 12.8% 8.1% 6.1% 4.1% 1.80 1.34 3.48% 5.07% 3.86 19.16

Price/ Cash Flow

LTM

FY+1

.0 M f-13

0.90 1.04 17.41 -4.74% 9.95% 1.043 4 5.000 172'433 132'972 103'639 FY+2

FQ+1

FQ+2

12/yy 12/yy 12/13 Y 12/14 Y 03/13 Q1 06/13 Q2 571'238.8 611'770.3 635'550.0 705'000.0 3.77x 1.75x 0.58x 0.50x 46'322.5 26'138.3 65'950.0 75'350.0 9.42x 0.00x 5.43x 4.75x 49'846.8 25'337.6 67'150.0 78'250.0 8.79x 0.00x 6.17x 5.19x 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

115.74 39.53 -0.04 0.33 5.1% 4.8% 1.43 6.76 94.46 19.05 55.23 58.28

Sales/Revenue/Turnover

60.00

700'000.0

50.00

600'000.0 500'000.0

40.00

400'000.0 30.00

300'000.0 20.00

200'000.0

10.00

100'000.0

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

1997199819992000200120022003200420052006200720082009201020112012

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

27.02.2013

Hwa Shin Co Ltd Holdings By:

All

Holder Name HO JEONG GLOBAL AUTO TRADING HWA SHIN PRECISION C NATIONAL PENSION SER NEW HWA SHIN CO SEO-JIN JEONG SHINYOUNG INVESTMENT HYEON-SEOK PARK SCHRODER INVESTMENT DIMENSIONAL FUND ADV VANGUARD GROUP INC JEONG-SU LEE YURIE ASSET MANAGEME SAMSUNG INVESTMENT T KYOBO AXA INVESTMENT DIMENSIONAL FUND ADV MIRAE ASSET GLOBAL I ACADIAN ASSET MANAGE ALLIANZ GLOBAL INVES PRUDENTIAL FINANCIAL

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 n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios n/a

Analyst

LIG Investment Securities KYUNG-KEUN KIM EVA Dimensions CRAIG STERLING KIWOOM Securities Co Ltd LEE HYUN-SOO BS Securities Co Ltd CHOI DAE-SIK Golden Bridge Investment & Securities KIM SEUNG-HWAN YuHwa Securities Ltd SEUNG-JOON YOO

Source EXCH EXCH EXCH EXCH EXCH EXCH MF-AGG EXCH MF-AGG MF-AGG MF-AGG EXCH MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG ULT-AGG

Recommendation buy buy buy buy buy buy

Amt Held 5'950'390 2'988'166 2'332'020 2'067'897 1'900'000 1'735'900 435'671 432'800 237'330 162'560 153'460 100'000 55'840 49'500 34'200 26'200 24'000 18'740 16'290 10'290

% Out 17.04 8.56 6.68 5.92 5.44 4.97 1.25 1.24 0.68 0.47 0.44 0.29 0.16 0.14 0.1 0.08 0.07 0.05 0.05 0.03

Weighting

Change 5 5 5 5 5 5

M M M M M N

Latest Chg 220'000 (418'523) 2'900 3'634 5'010 (4'356) (2'160) 1'990 4'110 6'380 -

Target Price 16'000 #N/A N/A 16'000 17'000 23'500 22'000

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt 17.08.2011 24.09.2012 17.08.2011 06.02.2012 17.08.2011 11.08.2011 28.09.2012 17.08.2011 31.12.2012 31.07.2012 31.12.2012 17.08.2011 28.09.2012 28.09.2012 28.09.2012 30.11.2012 28.09.2012 31.12.2012 28.09.2012 31.12.2012

Date 12 month Not Provided 6 month 6 month 6 month 6 month

Inst Type n/a n/a Corporation Investment Advisor Other n/a Mutual Fund Manager n/a Investment Advisor Investment Advisor Investment Advisor n/a Mutual Fund Manager Investment Advisor Mutual Fund Manager Investment Advisor Investment Advisor Investment Advisor Mutual Fund Manager Investment Advisor

Date 14.02.2013 17.01.2013 21.11.2012 14.06.2012 27.06.2011 07.06.2011

27.02.2013

STX Engine Co Ltd STX Engine Co., Ltd. develops and manufactures marine diesel engine and military engine. The Company also manufactures electronic communication equipment.

Price/Volume 25000

1.8 M 1.6 M

20000

1.4 M 1.2 M

15000

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (09.03.2012) 52-Week Low (16.11.2012) Daily Volume Current Price (2/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 31.12.2012 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance 077970 KS EQUITY YTD Change 077970 KS EQUITY YTD % CHANGE

12/2011 09/yy 20'900.00 7'320.00 71'222.00 8020 -61.63% 9.56% 4.93% 28.7 229'988.20 582'735.26 3.5 0.0 27'278.15 870'289.61

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

.8 M .6 M .4 M

5000

.2 M 0 f-12 m-12 a-12 m-12

31.12.2008 31.12.2009 1'492'509.5 1'607'664.2 0.29x 0.45x 223'842.7 223'236.2 1.93x 3.25x 96'747.1 60'458.4 4.77x 9.08x Profitability

LTM-4Q 31.12.2010 1'220'718.5 1.10x 122'362.9 10.93x 58'350.8 17.05x

LTM

31.12.2011 09/yy 09/yy 1'295'460.5 ######### ######### 0.73x 2.91x 2.87x 124'899.6 112'031.6 93'913.7 7.56x 9.72x 9.52x 63'931.2 29'085.4 43'453.4 6.08x 10.30x 5.85x 124'899.61 103'858.44 8.02% 7.05% 3.26% 8.39% 6.81% 0.66% 12.9% 9.6% 8.0% 4.9% 0.78 0.48 27.93% 73.86% 2.92 5.64

Price/ Cash Flow

j-12

a-12

s-12

o-12

n-12

d-12

j-13

.0 M f-13

3.12 1.32 17.92 -57.79% -13.58% 1.320 4 2.500 65'746 82'606 134'145

FY+1

FY+2

FQ+1

FQ+2

12/12 Y

12/13 Y

12/12 Q4

03/13 Q1

S&P Issuer Ratings

4.29 3.91 4.38 4.67 73.9% 42.5% 0.66 3.62 125.04 64.69 61.51 128.22

Sales/Revenue/Turnover

5.00

1'800'000.0

4.50

1'600'000.0

4.00

1'400'000.0

3.50

1'200'000.0

3.00

1'000'000.0

2.50

800'000.0

2.00

600'000.0

1.50

400'000.0

1.00

200'000.0

0.50 0.00 03.01.2009

j-12

Fiscal Year Ended 31.12.2007 1'154'242.3 1.53x 99'738.1 17.73x 80'871.9 26.99x

1.0 M

10000

0.0 03.07.2009

03.01.2010

03.07.2010

03.01.2011

03.07.2011

03.01.2012

03.07.2012

03.01.2013

2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

27.02.2013

STX Engine Co Ltd Holdings By:

All

Holder Name STX CORP FEARNLEY FONDS ASA JF ASSET MANAGEMENT FIDELITY FUNDS NATIONAL PENSION SER DIMENSIONAL FUND ADV JF ASSET MANAGEMENT VANGUARD GROUP INC DIMENSIONAL FUND ADV BLACKROCK KYOBO AXA INVESTMENT MIRAE ASSET GLOBAL I SAMSUNG INVESTMENT T JP MORGAN LION GLOBAL INVESTOR KOREA INVESTMENT TRU WOORI ASSET MANAGEME WOO-IK SONG PRUDENTIAL ASSET MAN SHINHAN BNP PARIBAS

Firm Name EVA Dimensions Mirae Asset Securities Daewoo Securities Macquarie E*Trade Securities Korea Korea Investment & Securities

Portfolio Name 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 n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios n/a Multiple Portfolios Multiple Portfolios

Analyst CRAIG STERLING CHUNG WOO CHANG SUNG KI-JONG LEE JUWON PARK MOO-HYUN RICHARD PARK

Source EXCH Research EXCH EXCH EXCH MF-AGG MF-AGG MF-AGG MF-AGG ULT-AGG MF-AGG MF-AGG MF-AGG ULT-AGG MF-AGG MF-AGG MF-AGG EXCH MF-AGG MF-AGG

Recommendation underweight hold neutral neutral buy buy

Amt Held 9'622'692 1'461'509 1'424'350 1'165'960 1'058'738 529'312 211'990 181'954 59'177 51'670 44'476 41'515 39'601 31'850 29'870 29'660 29'652 22'849 20'590 16'870

% Out 33.56 5.1 4.97 4.07 3.69 1.85 0.74 0.63 0.21 0.18 0.16 0.14 0.14 0.11 0.1 0.1 0.1 0.08 0.07 0.06

Weighting

Change 1 3 3 3 5 5

M N D M M M

Latest Chg (334'200) (331'640) (383'435) (233'890) (1'100) 5'700 (167'475) (501'890) (11'110) (3'770) 17'240 (3'830)

Target Price #N/A N/A 10'000 #N/A N/A 9'500 33'000 22'500

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt 18.01.2013 26.02.2009 01.02.2012 28.01.2011 09.04.2012 31.07.2012 30.09.2011 31.12.2012 30.11.2012 25.02.2013 28.09.2012 28.09.2012 28.09.2012 28.09.2012 31.12.2010 28.09.2012 28.09.2012 30.06.2012 28.09.2012 28.09.2012

Date Not Provided 12 month Not Provided 12 month 12 month 12 month

Inst Type Holding Company Investment Advisor Investment Advisor n/a Investment Advisor Investment Advisor Mutual Fund Manager Investment Advisor Investment Advisor Investment Advisor Mutual Fund Manager Investment Advisor Investment Advisor Unclassified Mutual Fund Manager Investment Advisor Mutual Fund Manager n/a Mutual Fund Manager Investment Advisor

Date 17.01.2013 19.09.2012 29.08.2012 14.08.2012 25.01.2012 30.11.2011

27.02.2013

Pharmicell Co Ltd Pharmicell Co.,Ltd. is a Biotechnology company. The Company's business area inlcudes stem cell therapeutics, Stem cell banking, Bio-based business and Cosmetics.

Price/Volume

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (27.02.2012) 52-Week Low (05.02.2013) Daily Volume Current Price (2/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 31.12.2012 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance 005690 KS EQUITY YTD Change 005690 KS EQUITY YTD % CHANGE

12/2011 09/yy 9'171.68 3'915.00 291'247.00 4830 -47.34% 23.37% 17.22% 41.9 202'225.84 15'216.50 0.0 0.0 8'752.74 188'460.01

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

31.12.2008 31.12.2009 8'327.6 7'188.4 2.19x 10.60x (2'804.5) (2'219.0) (4'432.4) (3'953.2) Profitability

31.12.2010 6'368.8 29.22x (8'754.6) (13'832.6) -

31.12.2011 9'663.1 39.03x (13'197.9) (16'589.6) -13'197.89 -14'402.67 -149.05% -174.63% -25.91% -36.38% 0.15% -13.6% -136.6% -149.0% -171.7% 0.92 0.65 15.08% 18.35% 3.55 6.85

Price/ Cash Flow

4.0 M 3.5 M 3.0 M 2.5 M 2.0 M 1.5 M 1.0 M .5 M j-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

LTM-4Q

LTM

09/yy 8'762.5 113.18x (4'028.8) 0.00x (16'274.0) 0.00x

09/yy 10'701.2 106.43x (7'058.2) 0.00x (16'165.7) 0.00x

FY+1

.0 M f-13

0.00 0.98 29.65 -45.09% -5.29% 0.978 2 3.000 503'276 640'031 502'755 FY+2

FQ+1

FQ+2

12/12 Y 12/13 Y 12/12 Q4 03/13 Q1 13'654.0 44'716.0 14.23x 4.73x (10'641.0) 2'249.0 83.80x (13'390.0) (1'046.0) S&P Issuer Ratings

-7.40 -7.77 -1.15 18.4% 15.5% 0.15 4.56 102.74 53.26 21.86 134.14

Sales/Revenue/Turnover

100.00

16'000.0

90.00

14'000.0

80.00

12'000.0

70.00 60.00

10'000.0

50.00

8'000.0

40.00

6'000.0

30.00

4'000.0

20.00

2'000.0

10.00 0.00 03.01.2009 03.07.2009

4.5 M

Fiscal Year Ended 31.12.2007 12'262.4 3.43x (1'329.6) (907.9) -

10000 9000 8000 7000 6000 5000 4000 3000 2000 1000 0 f-12 m-12 a-12 m-12

0.0 03.01.2010 03.07.2010 03.01.2011 03.07.2011

03.01.2012 03.07.2012 03.01.2013

2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

27.02.2013

Pharmicell Co Ltd Holdings By:

All

Holder Name HYUN-SOO KIM COREBIT SANSUNG PAPER & CORR BUM-JUN KIM EMPLOYEE STOCK OWNER VANGUARD GROUP INC DIMENSIONAL FUND ADV NH-CA ASSET MANAGEME BYEONG-MU YU YONG-MAN KIM DONGBU ASSET MANAGEM MIN-SEOK SEO WOORI ASSET MANAGEME SI-YOUNG CHANG PHARMICELL CO LTD JONG-SEOK LEE WOON-SOUNG BACK INDEXIQ ADVISORS LLC MIRAE ASSET GLOBAL I BLACKROCK

Firm Name HSBC EVA Dimensions

Portfolio Name n/a n/a n/a n/a n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios n/a n/a Multiple Portfolios n/a Multiple Portfolios n/a n/a n/a n/a Multiple Portfolios Multiple Portfolios n/a

Analyst NAM PARK ANDREW S ZAMFOTIS

Source EXCH EXCH Co File EXCH Co File MF-AGG MF-AGG MF-AGG EXCH EXCH MF-AGG EXCH MF-AGG EXCH Co File EXCH EXCH MF-AGG MF-AGG ULT-AGG

Recommendation overweight sell

Amt Held 5'398'058 3'180'990 1'805'040 965'410 721'956 318'364 228'835 100'000 52'396 23'977 20'228 20'000 15'080 14'894 12'950 12'205 12'049 9'317 7'780 7'750

% Out 12.89 7.6 4.31 2.31 1.72 0.76 0.55 0.24 0.13 0.06 0.05 0.05 0.04 0.04 0.03 0.03 0.03 0.02 0.02 0.02

Weighting

Change 5 1

M M

Latest Chg (219'010) 57'500 9'466 1'330 15'080 2'140 2'205 7'720 -

Target Price 7'900 #N/A N/A

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt Inst Type 16.11.2012 n/a 28.01.2010 n/a 31.12.2011 n/a 29.02.2012 n/a 30.06.2012 n/a 31.12.2012 Investment Advisor 31.07.2012 Investment Advisor 28.09.2012 Mutual Fund Manager 27.06.2012 n/a 27.06.2012 n/a 28.09.2012 Mutual Fund Manager 07.09.2012 n/a 28.09.2012 Mutual Fund Manager 27.06.2012 n/a 30.06.2012 n/a 27.06.2012 n/a 27.06.2012 n/a 13.08.2012 Investment Advisor 28.09.2012 Investment Advisor 25.02.2013 Investment Advisor

Date Not Provided Not Provided

Date 24.01.2013 17.01.2013

27.02.2013

Namhae Chemical Corp Namhae Chemical Corporation produces a variety of chemical products. The Company specializes in producing agricultural chemicals, such as urea, phosphatic and compound fertilizers. Namhae Chemical also produces other chemical products such as ammonia, sulfuric acid and phosphoric acid and operates gasoline stations.

Price/Volume

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (02.03.2012) 52-Week Low (14.11.2012) Daily Volume Current Price (2/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 31.12.2012 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance 025860 KS EQUITY YTD Change 025860 KS EQUITY YTD % CHANGE

12/2012 12/yy 12'000.00 7'040.00 49'533.00 7460 -37.83% 5.97% 8.67% 49.7 370'604.16 153'467.19 0.0 0.0 32'186.12 540'117.12

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

4.5 M

12000

4.0 M

10000

3.5 M 3.0 M

8000

2.5 M

6000

2.0 M 1.5 M

4000

1.0 M

2000

.5 M

0 f-12 m-12 a-12 m-12

31.12.2009 31.12.2010 978'320.8 1'135'760.3 0.97x 0.81x (49'665.8) 36'635.4 25.24x (41'986.5) 19'097.2 44.47x Profitability

LTM-4Q 31.12.2011 1'510'056.3 0.42x 29'192.3 21.89x (8'360.9) -

j-12

a-12

s-12

o-12

n-12

d-12

j-13

LTM

FY+1

.0 M f-13

0.40 1.03 20.10 -32.22% -3.49% 1.028 1 1.000 60'516 97'153 114'095 FY+2

FQ+1

FQ+2

31.12.2012 12/yy 12/yy 12/13 Y 12/14 Y 03/13 Q1 06/13 Q2 1'468'834.9 ######### ######### ######### 1.95x 1.43x 29'192.3 (2'077.7) 21.89x 0.00x (24'915.2) (8'360.9) (24'915.6) 7'400.0 0.00x 0.00x 49.73x S&P Issuer Ratings 29'192.31 Long-Term Rating Date -39'111.65 Long-Term Rating -2.66% Long-Term Outlook -0.12% Short-Term Rating Date -1.38% Short-Term Rating -2.24% Credit Ratios - EBITDA/Interest Exp. 2.49% (EBITDA-Capex)/Interest Exp. Net Debt/EBITDA 6.7% Total Debt/EBITDA 1.9% Reference -2.7% Total Debt/Equity -1.7% Total Debt/Capital Asset Turnover 1.57 Net Fixed Asset Turnover 0.67 Accounts receivable turnover-days 24.32% Inventory Days 41.80% Accounts Payable Turnover Day 11.80 Cash Conversion Cycle 7.20

Price/ Cash Flow

11.61 5.14 4.15 5.26 41.8% 29.5% 2.49 8.94 30.92 50.71 8.65 72.99

Sales/Revenue/Turnover

450.00

1'600'000.0

400.00

1'400'000.0

350.00

1'200'000.0

300.00

1'000'000.0

250.00

800'000.0

200.00

600'000.0

150.00

400'000.0

100.00

200'000.0

50.00 0.00 02.01.2010

j-12

Fiscal Year Ended 31.12.2008 1'286'688.8 0.78x 253'620.9 3.94x 141'815.5 6.22x

14000

0.0 02.07.2010

02.01.2011

02.07.2011

02.01.2012

02.07.2012

02.01.2013

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 |

27.02.2013

Namhae Chemical Corp Holdings By:

All

Holder Name NH AGRNUSINESS GROUP NAMHAE CHEMICAL CORP SHINYOUNG INVESTMENT VANGUARD GROUP INC DIMENSIONAL FUND ADV GLOBAL X MANAGEMENT BLACKROCK KYOBO AXA INVESTMENT EATON VANCE MANAGEME FULLERTON FUND MANAG MIRAE ASSET GLOBAL I PRUDENTIAL ASSET MAN CHAE-HONG PARK TAE-GYU HONG SAMSUNG INVESTMENT T SHINHAN BNP PARIBAS HANWHA INVESTMENT TR YURIE ASSET MANAGEME INDEXIQ ADVISORS LLC DIMENSIONAL FUND ADV

Firm Name EVA Dimensions

Portfolio Name n/a n/a Multiple Portfolios Multiple Portfolios 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 Multiple Portfolios Multiple Portfolios Multiple Portfolios

Analyst CRAIG STERLING

Source EXCH Co File MF-AGG MF-AGG MF-AGG MF-AGG ULT-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG EXCH EXCH MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG

Recommendation underweight

Amt Held 27'820'149 1'730'148 242'380 239'100 180'214 105'919 58'500 51'100 47'750 44'100 34'620 31'660 22'500 10'950 10'366 9'720 6'650 5'050 5'025 4'380

% Out 56 3.48 0.49 0.48 0.36 0.21 0.12 0.1 0.1 0.09 0.07 0.06 0.05 0.02 0.02 0.02 0.01 0.01 0.01 0.01

Weighting

Change 1

Latest Chg 241'350 25'920 (3'600) 5'440 (25'460) 5'000 (20'878) (20) 6'650 (1'120) -

Target Price #N/A N/A

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt 02.03.2012 31.12.2011 28.09.2012 31.12.2012 31.07.2012 28.01.2013 25.02.2013 28.09.2012 31.12.2012 31.03.2011 28.09.2012 28.09.2012 08.11.2012 02.03.2012 28.09.2012 28.09.2012 28.09.2012 28.09.2012 13.08.2012 30.11.2012

Date Not Provided

Inst Type Other n/a Mutual Fund Manager Investment Advisor Investment Advisor Investment Advisor Investment Advisor Mutual Fund Manager Investment Advisor Mutual Fund Manager Investment Advisor Mutual Fund Manager n/a n/a Investment Advisor Investment Advisor Mutual Fund Manager Mutual Fund Manager Investment Advisor Investment Advisor

Date 15.01.2013

27.02.2013

ISU Chemical Co Ltd Isu Chemical Co., Ltd. manufactures petrochemicals, such as kerosene, alkyl benzene, and normal paraffin. The Company also produces lubricating oil used in automobiles and industrial machinery. In addition, Isu produces fine chemical products, such as pharmaceutical intermediates, and aromatic hydrocarbon solvents. Isu also has subsidiaries related to lubricating retails and finance. Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (27.02.2012) 52-Week Low (27.11.2012) Daily Volume Current Price (2/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 31.12.2012 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance 005950 KS EQUITY YTD Change 005950 KS EQUITY YTD % CHANGE

Price/Volume

12/2011 09/yy 28'850.00 17'200.00 113'312.00 17850 -38.13% 3.78% 8.15% 15.3 272'712.31 283'887.55 0.0 0.0 69'737.40 486'016.90

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

.6 M

25000

.5 M

20000

.4 M

15000

.3 M

10000

.2 M

5000

.1 M

0 f-12 m-12 a-12 m-12

31.12.2008 31.12.2009 1'379'773.8 1'082'134.5 0.24x 0.34x 57'316.9 69'424.6 5.77x 5.32x 35'909.2 33'243.3 2.72x 4.53x Profitability

LTM-4Q 31.12.2010 1'326'550.3 0.35x 88'046.4 5.33x 30'303.1 8.24x

j-12

a-12

s-12

o-12

n-12

d-12

j-13

LTM

FY+1

.0 M f-13

3.36 1.19 8.58 -35.68% -18.31% 1.191 6 5.000 202'392 95'796 84'745 FY+2

FQ+1

FQ+2

31.12.2011 09/yy 09/yy 12/12 Y 12/13 Y 12/12 Q4 03/13 Q1 1'682'729.1 ######### ######### ######### ######### 409'500.0 501'787.5 0.32x 1.32x 1.24x 0.27x 0.25x 1.27x 1.03x 81'647.0 85'609.6 58'470.0 73'983.7 91'788.0 19'047.0 21'744.0 6.68x 6.54x 9.69x 6.57x 5.29x 4.95x 4.99x 31'934.0 36'320.4 17'311.7 35'966.7 53'173.0 4'800.0 12'040.5 10.38x 8.63x 20.06x 7.20x 5.08x 5.60x 5.26x S&P Issuer Ratings 81'647.00 Long-Term Rating Date 75'793.55 Long-Term Rating 4.50% Long-Term Outlook 3.63% Short-Term Rating Date 3.75% Short-Term Rating 6.43% Credit Ratios 5.40% EBITDA/Interest Exp. 1.97% (EBITDA-Capex)/Interest Exp. Net Debt/EBITDA 6.4% Total Debt/EBITDA 4.9% Reference 4.5% Total Debt/Equity 1.9% Total Debt/Capital Asset Turnover 1.65 Net Fixed Asset Turnover 1.01 Accounts receivable turnover-days 30.35% Inventory Days 52.30% Accounts Payable Turnover Day 13.43 Cash Conversion Cycle 18.29

Price/ Cash Flow

4.75 3.28 2.57 3.48 52.3% 34.3% 1.97 7.92 27.17 19.96 5.87 41.26

Sales/Revenue/Turnover

10.00

1'800'000.0

9.00

1'600'000.0

8.00

1'400'000.0

7.00

1'200'000.0

6.00

1'000'000.0

5.00

800'000.0

4.00

600'000.0

3.00

400'000.0

2.00

200'000.0

1.00 0.00 03.01.2009 03.07.2009

j-12

Fiscal Year Ended 31.12.2007 896'673.3 0.33x 14'468.0 20.63x (10'335.2) -

30000

0.0 03.01.2010 03.07.2010

03.01.2011 03.07.2011

03.01.2012 03.07.2012

03.01.2013

2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

27.02.2013

ISU Chemical Co Ltd Holdings By:

All

Holder Name ISU CORP NATIONAL PENSION SER ASSETPLUS INVESTMENT DIMENSIONAL FUND ADV SHINYOUNG INVESTMENT ISU CHEMICAL CO LTD KOREA INVESTMENT TRU YURIE ASSET MANAGEME VANGUARD GROUP INC DIMENSIONAL FUND ADV KYOBO AXA INVESTMENT JOHN HANCOCK ADVISER MIRAE ASSET GLOBAL I IBK-SG ASSET MANAGEM SEI ASSET KOREA CO L WOORI ASSET MANAGEME IN-KU KANG DAE-SEONG KIM JAE-WON LEE TRANSAMERICA INVESTM

Firm Name Kyobo Securities Tong Yang Investment Bank EVA Dimensions LIG Investment Securities Hyundai Securities YuHwa Securities Ltd Bookook Securities Co Ltd

Analyst YOUNG-JOO SON LEE BYUNG-JOON CRAIG STERLING YOUNG-WHA SEO KIM DONG-KUN PARK GUN-TAE CHOI SANG-DO

Source EXCH EXCH EXCH MF-AGG MF-AGG Co File MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG EXCH EXCH EXCH MF-AGG

Recommendation buy buy buy buy buy buy buy

Amt Held 5'319'911 1'205'067 925'476 253'490 218'474 145'450 135'430 85'570 85'420 25'970 23'150 17'700 17'130 16'750 15'407 12'000 10'500 10'000 10'000 9'790

% Out 34.82 7.89 6.06 1.66 1.43 0.95 0.89 0.56 0.56 0.17 0.15 0.12 0.11 0.11 0.1 0.08 0.07 0.07 0.07 0.06

Weighting

Change 5 5 5 5 5 5 5

D N M M M M N

Latest Chg (9'884) (178'734) (14'077) (13'810) (1'070) 2'420 10'540 1'600 (16'520) 560

Target Price 23'300 28'500 #N/A N/A 27'000 34'000 30'000 35'000

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt 28.12.2012 16.04.2012 30.04.2012 31.07.2012 28.09.2012 31.12.2011 28.09.2012 28.09.2012 31.12.2012 30.11.2012 28.09.2012 30.04.2011 28.09.2012 28.09.2012 28.09.2012 28.09.2012 28.12.2012 28.12.2012 26.03.2012 31.12.2012

Date 6 month 12 month Not Provided 12 month Not Provided 6 month 6 month

Inst Type Corporation Investment Advisor Mutual Fund Manager Investment Advisor Mutual Fund Manager Corporation Investment Advisor Mutual Fund Manager Investment Advisor Investment Advisor Mutual Fund Manager Investment Advisor Investment Advisor Mutual Fund Manager Mutual Fund Manager Mutual Fund Manager n/a n/a n/a Investment Advisor

Date 06.02.2013 22.01.2013 15.01.2013 02.11.2012 24.09.2012 24.09.2012 20.06.2011

27.02.2013

Dongbu HiTek Co Ltd Dongbu HiTek Co., Ltd. manufactures system semiconductor and provides foundry services. The Company's products inculde fabricated wafer and integrated circuits for mobile handsets and flat panel LCDs.

Price/Volume 12000

1.6 M 1.4 M

10000

1.2 M 8000

Latest Fiscal Year: LTM as of: 52-Week High (22.03.2012) 52-Week Low (05.12.2012) Daily Volume Current Price (2/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 31.12.2012 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance 000990 KS EQUITY YTD Change 000990 KS EQUITY YTD % CHANGE

12/2012 12/yy 11'050.00 6'000.00 61'743.00 6840 -38.10% 14.00% 15.84% 44.4 303'475.97 704'520.00 717.0 0.0 59'640.26 897'945.99

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

.8 M .6 M

4000

.4 M 2000

.2 M

0 f-12 m-12 a-12 m-12

31.12.2009 31.12.2010 484'361.9 593'441.9 3.46x 1.95x 92'122.1 134'669.1 18.20x 8.60x (176'442.5) (66'059.9) Profitability

LTM-4Q 31.12.2011 534'317.2 1.73x 87'016.5 10.64x (93'085.0) -

31.12.2012 583'901.6 (30'571.5) 87'016.45 -14'429.66 -2.47% -16.68% -7.28% -25.73% 0.42% 17.1% 16.3% -2.5% -5.2% 0.33 0.16 59.51% 242.11% 6.56 5.65

Price/ Cash Flow

LTM

12/yy 12/yy 534'317.2 583'902.1 8.16x 5.00x 87'016.5 79'852.6 10.64x 0.00x (93'084.9) (30'571.3) 0.00x 0.00x

j-12

a-12

s-12

o-12

n-12

d-12

j-13

.0 M f-13

0.00 1.25 23.76 -18.96% 8.06% 1.249 2 3.000 77'982 83'039 103'101

FY+1

FY+2

FQ+1

FQ+2

12/13 Y

12/14 Y

03/13 Q1

06/13 Q2

S&P Issuer Ratings

1.47 0.52 7.39 8.10 242.1% 70.7% 0.42 0.66 55.67 64.59 22.23 98.02

Sales/Revenue/Turnover

8.00

1'600'000.0

7.00

1'400'000.0

6.00

1'200'000.0

5.00

1'000'000.0

4.00

800'000.0

3.00

600'000.0

2.00

400'000.0

1.00

200'000.0

0.00 02.01.2010

j-12

Fiscal Year Ended 31.12.2008 1'347'649.5 1.51x 173'130.7 11.76x (281'570.5) -

1.0 M

6000

Valuation Analysis

0.0 02.07.2010

02.01.2011

02.07.2011

02.01.2012

02.07.2012

02.01.2013

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 |

27.02.2013

Dongbu HiTek Co Ltd Holdings By:

All

Holder Name DONGBU CNI CO LTD DONGBU CORP DONGBU HITEK CO LTD DONGBU STEEL CO LTD JUN-KI KIM NATIONAL PENSION SER DIMENSIONAL FUND ADV VANGUARD GROUP INC DIMENSIONAL FUND ADV KB ASSET MANAGEMENT JOHN HANCOCK ADVISER MIRAE ASSET GLOBAL I SAMSUNG INVESTMENT T BESSEMER GROUP INCOR DAE-GUEN YUN NH-CA ASSET MANAGEME YONG-IN PARK INDEXIQ ADVISORS LLC DIMENSIONAL FUND ADV CHEOL-GI LEE

Firm Name EVA Dimensions Kyobo Securities

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 Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios n/a Multiple Portfolios n/a Multiple Portfolios Multiple Portfolios n/a

Analyst ANDREW S ZAMFOTIS KIM YOUNG-JOON

Source EXCH EXCH Co File EXCH EXCH EXCH MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG EXCH MF-AGG EXCH MF-AGG MF-AGG Co File

Recommendation sell buy

Amt Held 5'512'783 4'528'809 4'174'305 3'594'680 1'602'227 1'158'591 573'575 255'900 66'496 50'540 44'480 30'920 14'315 12'536 12'325 8'000 7'510 6'951 6'540 5'317

% Out 12.43 10.21 9.41 8.1 3.61 2.61 1.29 0.58 0.15 0.11 0.1 0.07 0.03 0.03 0.03 0.02 0.02 0.02 0.01 0.01

Weighting

Change 1 5

M M

Latest Chg 5'440 (686) (2'000) -

Target Price #N/A N/A 14'500

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt Inst Type 25.02.2013 Corporation 25.02.2013 Corporation 30.06.2012 Corporation 25.02.2013 Corporation 25.02.2013 n/a 17.05.2011 Investment Advisor 31.07.2012 Investment Advisor 31.12.2012 Investment Advisor 30.11.2012 Investment Advisor 28.09.2012 Mutual Fund Manager 30.04.2011 Investment Advisor 28.09.2012 Investment Advisor 28.09.2012 Investment Advisor 31.10.2012 Investment Advisor 25.02.2013 n/a 28.09.2012 Mutual Fund Manager 25.02.2013 n/a 13.08.2012 Investment Advisor 30.11.2012 Investment Advisor 30.06.2012 n/a

Date Not Provided 6 month

Date 17.01.2013 12.06.2012

27.02.2013

Dae Han Flour Mills Co Ltd Daehan Flour Mills Co., Ltd. processes, manufactures, and sells wheat flour under the brand name Gompyo. The Company supplies its products to the baking goods, noodle, and animal feed manufacturers. In addition, Daehan Flour Mills produces coffee cream, pasta, and baking mixes.

Price/Volume

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (02.03.2012) 52-Week Low (04.06.2012) Daily Volume Current Price (2/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 31.12.2012 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance 001130 KS EQUITY YTD Change 001130 KS EQUITY YTD % CHANGE

12/2012 12/yy 166'500.00 101'500.00 3'974.00 135000 -18.92% 33.00% 48.46% 1.7 228'150.00 58'969.04 0.0 0.0 114'420.45 175'188.94

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

.0 M

160000

.0 M

140000 120000

.0 M

100000

.0 M

80000

.0 M

60000

.0 M

40000

.0 M

20000 0 f-12 m-12 a-12 m-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

Fiscal Year Ended 31.12.2008 348'714.8 0.67x 14'173.9 16.51x (13'291.7) -

180000

31.12.2009 31.12.2010 369'342.8 341'828.9 0.52x 0.69x 59'204.8 52'093.7 3.22x 4.55x 54'859.6 46'376.2 4.20x 6.57x Profitability

LTM-4Q 31.12.2011 349'707.9 0.65x 9'402.0 24.35x 2'276.8 124.91x

31.12.2012 379'636.4 23'461.9 9'402.02 21'468.67 5.66% 0.98% 0.35% 0.42% 0.48% 0.54% 9.3% 2.7% 5.7% 6.2% 2.22 1.62 8.89% 10.76% 10.19 6.70

Price/ Cash Flow

LTM

12/yy 12/yy 349'707.9 379'636.4 2.48x 1.45x 9'402.0 26'394.3 24.35x 0.00x 2'276.8 23'213.8 124.91x 0.00x

2.41 0.75 1.00 -15.17% -2.88% 0.752 1 5.000 1'662 1'766 2'181

FY+1

FY+2

FQ+1

FQ+2

12/13 Y

12/14 Y

03/13 Q1

06/13 Q2

S&P Issuer Ratings

.0 M f-13

11.22 -1.38 -5.90 6.27 10.8% 9.7% 0.54 2.47 35.81 54.48 12.95 77.34

Sales/Revenue/Turnover

25.00

400'000.0 350'000.0

20.00

300'000.0 250'000.0

15.00

200'000.0 10.00

150'000.0 100'000.0

5.00

0.00 02.01.2010

50'000.0 0.0 02.07.2010

02.01.2011

02.07.2011

02.01.2012

02.07.2012

02.01.2013

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 |

27.02.2013

Dae Han Flour Mills Co Ltd Holdings By:

All

Holder Name JONG-GAK LEE DNB CO KUN-YOUNG LEE KOREA MUTUAL SAVINGS LAZARD ASSET MANAGEM DAEHAN FLOUR MILLS C EMPLOYEE STOCK OWNER JAE-YEONG LEE DIMENSIONAL FUND ADV HYE-YOUNG LEE JONG-MIN LEE HO-WOONG LEE VANGUARD GROUP INC SAE-TAEK HONG JAE-GEUN LEE SEONG-HAK KIM JAE-SEOK CHA YOUNG-SAM KIM DIMENSIONAL FUND ADV JOHN HANCOCK ADVISER

Firm Name EVA Dimensions

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 Multiple Portfolios n/a n/a n/a n/a n/a Multiple Portfolios Multiple Portfolios

Analyst AUSTIN BURKETT

Source EXCH EXCH EXCH EXCH ULT-AGG Co File Co File EXCH MF-AGG EXCH EXCH EXCH MF-AGG EXCH Co File Co File EXCH EXCH MF-AGG MF-AGG

Recommendation overweight

Amt Held 246'092 141'034 101'615 68'603 63'051 47'256 39'124 24'591 23'379 16'771 16'537 15'747 10'506 10'449 9'720 7'437 4'511 3'925 3'381 2'254

% Out 14.56 8.35 6.01 4.06 3.73 2.8 2.32 1.46 1.38 0.99 0.98 0.93 0.62 0.62 0.58 0.44 0.27 0.23 0.2 0.13

Weighting

Change 5

Latest Chg 1'000 500 (94'381) (24'299) 2'910 413 -

Target Price #N/A N/A

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt 17.08.2012 23.07.2012 20.08.2012 28.09.2012 23.03.2012 30.06.2012 31.12.2011 01.06.2012 31.07.2012 17.08.2012 17.08.2012 19.03.2012 31.12.2012 17.08.2012 31.12.2011 31.12.2011 16.03.2012 16.03.2012 30.11.2012 30.04.2011

Date Not Provided

Inst Type n/a n/a n/a Bank Unclassified Corporation n/a n/a Investment Advisor n/a n/a n/a Investment Advisor n/a n/a n/a n/a n/a Investment Advisor Investment Advisor

Date 20.02.2013

27.02.2013

Dong Ah Tire & Rubber Co Ltd Dong Ah Tire & Rubber Co., Ltd. manufactures, sells, and exports automotive tire products. The Company's products include inner tubes, rubber flaps, retread tires, batteries, carbon master batches, and other rubber parts for automobiles.

Price/Volume 18000

.4 M

16000

.3 M

14000

.3 M

12000

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (30.11.2012) 52-Week Low (04.04.2012) Daily Volume Current Price (2/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 31.12.2012 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance 007340 KS EQUITY YTD Change 007340 KS EQUITY YTD % CHANGE

12/2012 09/yy 16'550.00 10'550.00 6'700.00 15500 -6.34% 46.92% 81.67% 23.7 367'768.81 103'561.66 0.0 0.0 72'877.84 401'933.97

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

31.12.2009 31.12.2010 291'687.3 334'535.9 0.64x 0.79x 35'687.8 30'015.5 5.21x 8.84x 39'160.8 55'576.1 4.37x 3.50x Profitability

.1 M

4000

.1 M

2000 0 f-12 m-12 a-12 m-12

LTM-4Q 31.12.2011 377'329.3 0.69x 32'241.2 8.11x 29'480.9 7.83x

31.12.2012 410'243.5 36'249.0 32'241.23 40'161.14 9.79% 9.66% 4.72% 6.59% 5.53% 0.60% 10.7% 8.5% 9.8% 8.8% 1.62 1.14 17.30% 23.01% 6.11 7.01

Price/ Cash Flow

LTM

09/yy 09/yy 371'277.4 404'271.9 2.35x 3.16x 29'629.0 14'613.8 6.90x 0.00x 43'005.6 32'706.1 4.45x 9.96x

j-12

a-12

s-12

o-12

n-12

d-12

j-13

.0 M f-13

0.65 0.64 7.99 34.84% -1.90% 0.637 1 5.000 11'517 18'702 25'413

FY+1

FY+2

FQ+1

FQ+2

12/13 Y

12/14 Y

12/12 Q4

03/13 Q1

S&P Issuer Ratings

10.74 -3.15 0.95 3.21 23.0% 18.7% 0.60 4.04 59.69 52.09 29.36 82.43

Sales/Revenue/Turnover

100.00

450'000.0

90.00

400'000.0

80.00

350'000.0

70.00

300'000.0

60.00

250'000.0

50.00

200'000.0

40.00

150'000.0

30.00

100'000.0

20.00

50'000.0

10.00 0.00 02.01.2010

.2 M

6000

Fiscal Year Ended 31.12.2008 356'223.0 0.34x 37'049.7 3.23x 40'038.8 3.88x

.2 M

10000 8000

0.0 02.07.2010

02.01.2011

02.07.2011

02.01.2012

02.07.2012

02.01.2013

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 |

27.02.2013

Dong Ah Tire & Rubber Co Ltd Holdings By:

All

Holder Name MAN-SOO KIM SANG-HUN KIM DONG AH TIRE & RUBBE KOREA INVESTMENT TRU KOREA VALUE ASSET MA SHIN YOUNG INVESTMEN KB ASSET MANAGEMENT SHINYOUNG INVESTMENT EMPLOYEE STOCK OWNER DIMENSIONAL FUND ADV JONG-YEONG KIM SEUNG-BAEK YOO HUNTINGTON TRUST COM VANGUARD GROUP INC DIMENSIONAL FUND ADV SAMSUNG INVESTMENT T YURIE ASSET MANAGEME JOHN HANCOCK ADVISER ALLIANZ GLOBAL INVES DIMENSIONAL FUND ADV

Firm Name EVA Dimensions

Portfolio Name 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 Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios

Analyst CRAIG STERLING

Source EXCH EXCH Co File MF-AGG EXCH EXCH MF-AGG MF-AGG Co File MF-AGG EXCH EXCH MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG

Recommendation buy

Amt Held 6'986'601 5'308'327 3'024'774 1'757'310 1'478'210 1'008'504 652'370 435'302 227'070 120'749 104'431 83'638 83'000 77'920 23'610 21'988 17'250 14'930 7'560 3'670

% Out 29.45 22.37 12.75 7.41 6.23 4.25 2.75 1.83 0.96 0.51 0.44 0.35 0.35 0.33 0.1 0.09 0.07 0.06 0.03 0.02

Weighting

Change 5

Latest Chg 20'000 (458'810) (416'870) (201'561) 57'910 (167'140) 7'670 (2'834) 12'390 4'030 -

Target Price #N/A N/A

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt 04.05.2012 16.08.2012 31.12.2011 28.09.2012 31.10.2012 28.09.2012 28.09.2012 28.09.2012 31.12.2011 31.07.2012 04.05.2012 04.05.2012 31.12.2012 31.12.2012 30.11.2012 28.09.2012 28.09.2012 30.04.2011 28.09.2012 30.11.2012

Date Not Provided

Inst Type n/a n/a n/a Investment Advisor Investment Advisor Investment Advisor Mutual Fund Manager Mutual Fund Manager n/a Investment Advisor n/a n/a Investment Advisor Investment Advisor Investment Advisor Investment Advisor Mutual Fund Manager Investment Advisor Mutual Fund Manager Investment Advisor

Date 15.01.2013

27.02.2013

Iljin Materials Co Ltd Iljin Materials Co., Ltd. manufactures electric foils used for mobile phones, televisions, and secondary lithium batteries.

Price/Volume

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (14.03.2012) 52-Week Low (10.12.2012) Daily Volume Current Price (2/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 31.12.2012 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance 020150 KS EQUITY YTD Change 020150 KS EQUITY YTD % CHANGE

12/2012 12/yy 17'800.00 7'250.00 132'749.00 9150 -48.60% 26.21% 16.21% 39.2 358'680.00 57'252.53 0.0 0.0 1'697.67 394'501.51

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

j-12

a-12

s-12 o-12

n-12 d-12

j-13

Fiscal Year Ended 31.12.2008 200'581.9 17'903.2 33'279.7 -

20000 18000 16000 14000 12000 10000 8000 6000 4000 2000 0 f-12 m-12 a-12 m-12

31.12.2009 31.12.2010 203'289.8 298'410.4 28'959.7 48'305.7 13'292.7 38'375.9 Profitability

LTM-4Q 31.12.2011 308'006.6 2.34x 26'565.7 27.18x 13'601.4 46.45x

31.12.2012 349'536.6 (51'072.3) 26'565.67 -2'440.64 -0.70% 5.42% 3.50% 5.70% 4.64% 0.79% 9.3% 8.6% -0.7% -14.6% 1.52 0.39 12.96% 17.37% 11.38 4.18

Price/ Cash Flow

LTM

FY+1

.0 M f-13

0.55 1.68 11.71 -41.53% 1.67% 1.680 4 3.000 233'070 141'252 143'888 FY+2

FQ+1

FQ+2

12/yy 12/yy 12/13 Y 12/14 Y 03/13 Q1 06/13 Q2 308'006.3 349'536.8 390'150.0 455'850.0 60'500.0 66'400.0 10.25x 4.61x 26'636.4 0.0 46'150.0 35'000.0 27.10x 0.00x 8.55x 11.27x 13'449.4 (51'072.4) 17'050.0 20'050.0 (100.0) 1'400.0 43.81x 0.00x 21.03x 17.85x 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

19.50 -58.92 2.09 2.16 17.4% 14.8% 0.79 1.46 32.08 87.27 5.55 113.80

Sales/Revenue/Turnover

25.00

400'000.0 350'000.0

20.00

300'000.0 250'000.0

15.00

200'000.0 10.00

150'000.0 100'000.0

5.00

0.00 02.01.2010

50'000.0 0.0 02.07.2010

02.01.2011

02.07.2011

02.01.2012

02.07.2012

02.01.2013

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 |

27.02.2013

Iljin Materials Co Ltd Holdings By:

All

Holder Name JAE-MYEONG HEO KOREA DEVELOPMENT BA EMPLOYEE STOCK OWNER JULIUS BAER MULTICOO CHIN-KYU HUH WOORI ASSET MANAGEME VANGUARD GROUP INC KYOBO AXA INVESTMENT KB ASSET MANAGEMENT MIRAE ASSET GLOBAL I DIMENSIONAL FUND ADV SAMSUNG INVESTMENT T WON-JIN CHOI INTERNATIONAL INVEST ALLIANZ GLOBAL INVES INDEXIQ ADVISORS LLC DIMENSIONAL FUND ADV YURIE ASSET MANAGEME MAPS INVESTMENT MANA PRUDENTIAL ASSET MAN

Firm Name EVA Dimensions Daewoo Securities Goldman Sachs Mirae Asset Securities Woori Investment & Securities Hyundai Securities

Portfolio Name n/a 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 Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios

Analyst ANDREW S ZAMFOTIS WOOHYUNG CHO MARCUS SHIN LEE HAK-MOO THOMAS BAE JIN HONG-KUK

Source Co File Co File Co File MF-AGG Co File MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG Co File MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG

Recommendation sell hold buy/attractive hold buy buy

Amt Held 24'622'394 2'600'000 164'745 157'150 87'676 87'440 81'520 34'440 25'144 23'220 17'760 16'237 13'924 5'487 5'220 3'351 2'390 1'710 1'370 1'100

% Out 62.81 6.63 0.42 0.4 0.22 0.22 0.21 0.09 0.06 0.06 0.05 0.04 0.04 0.01 0.01 0.01 0.01 0 0 0

Latest Chg -

Weighting

Change

Target Price

1 3 5 3 5 5

M D M D M M

29 28'520 (1'690) 15'862 4'110 (5'243) 5'220 1'710 (100) 1'100

#N/A N/A #N/A N/A 17'000 10'200 19'000 20'000

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt 31.12.2011 31.12.2011 31.12.2011 29.02.2012 31.12.2011 28.09.2012 31.12.2012 28.09.2012 28.09.2012 28.09.2012 30.11.2012 28.09.2012 31.12.2011 08.01.2013 28.09.2012 13.08.2012 30.11.2012 28.09.2012 28.09.2012 30.06.2011

Date Not Provided Not Provided 12 month 12 month 12 month Not Provided

Inst Type n/a Government n/a Mutual Fund Manager n/a Mutual Fund Manager Investment Advisor Mutual Fund Manager Mutual Fund Manager Investment Advisor Investment Advisor Investment Advisor n/a Hedge Fund Manager Mutual Fund Manager Investment Advisor Investment Advisor Mutual Fund Manager Mutual Fund Manager Mutual Fund Manager

Date 17.01.2013 12.11.2012 11.11.2012 02.10.2012 15.02.2012 04.10.2011

27.02.2013

KISWIRE Ltd KISWIRE Ltd. manufactures secondary steel products, such as wire ropes and wire strands for electric wire and springs. The Company markets to the shipbuilding and construction industries, and exports products to overseas markets. KISWIRE also has a financial subsidiary.

Price/Volume

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (06.03.2012) 52-Week Low (13.02.2013) Daily Volume Current Price (2/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 31.12.2012 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance 002240 KS EQUITY YTD Change 002240 KS EQUITY YTD % CHANGE

12/2012 12/yy 45'050.00 26'750.00 19'625.00 29150 -35.29% 8.97% 12.30% 15.0 437'250.00 112'600.58 0.0 0.0 13'923.00 595'214.10

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

31.12.2009 31.12.2010 392'293.7 463'958.2 1.19x 1.09x 58'109.9 58'096.8 8.07x 8.74x 85'006.0 78'270.8 5.98x 6.14x Profitability

LTM-4Q 31.12.2011 525'491.0 1.23x 57'648.8 11.25x 33'415.2 16.45x

31.12.2012 547'093.3 90'329.4 57'648.81 22'076.22 4.04% 8.62% 2.86% 3.65% 3.58% 0.45% 15.2% 11.0% 4.0% 16.5% 1.20 0.71 9.31% 12.31% 4.68 4.61

Price/ Cash Flow

LTM

12/yy 12/yy 525'490.6 543'727.4 5.08x 3.82x 57'564.5 34'417.0 11.27x 0.00x 33'414.7 90'329.3 18.44x 0.00x

.2 M .2 M .1 M .1 M

j-12

a-12

s-12

o-12

n-12

d-12

j-13

.0 M f-13

1.20 0.74 5.96 -33.52% -5.36% 0.740 1 5.000 15'753 12'684 13'217

FY+1

FY+2

FQ+1

FQ+2

12/13 Y

12/14 Y

03/13 Q1

06/13 Q2

S&P Issuer Ratings

20.93 -7.46 1.71 1.95 12.3% 11.0% 0.45 1.84 77.99 79.26 58.80 98.44

Sales/Revenue/Turnover

30.00

600'000.0

25.00

500'000.0

20.00

400'000.0

15.00

300'000.0

10.00

200'000.0

5.00

100'000.0

0.00 02.01.2010

.3 M

Fiscal Year Ended 31.12.2008 444'219.1 0.85x 67'333.7 5.63x 110'542.0 3.89x

50000 45000 40000 35000 30000 25000 20000 15000 10000 5000 0 f-12 m-12 a-12 m-12

0.0 02.07.2010

02.01.2011

02.07.2011

02.01.2012

02.07.2012

02.01.2013

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 |

27.02.2013

KISWIRE Ltd Holdings By:

All

Holder Name YOUNG-CHUL HONG HONGDUK ENGINEERING SEOK-PYO HONG NATIONAL PENSION SER SHIN YOUNG INVESTMEN SHINYOUNG INVESTMENT KB ASSET MANAGEMENT HONGDUK CO., LTD. JONG-YEOL HONG DIMENSIONAL FUND ADV AXA ROSENBERG INTL VANGUARD GROUP INC TOYO ROPE MFG CO LTD DIMENSIONAL FUND ADV SOO-SUNG CHOI JOHN HANCOCK ADVISER MIRAE ASSET GLOBAL I BESSEMER GROUP INCOR BLACKROCK WOORI ASSET MANAGEME

Firm Name EVA Dimensions

Portfolio Name n/a 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 n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios n/a Multiple Portfolios

Analyst CRAIG STERLING

Source Co File Co File EXCH EXCH EXCH MF-AGG MF-AGG EXCH EXCH MF-AGG MF-AGG MF-AGG Co File MF-AGG EXCH MF-AGG MF-AGG MF-AGG ULT-AGG MF-AGG

Recommendation buy

Amt Held 3'527'370 2'749'666 1'490'287 908'543 750'654 502'319 322'597 184'620 143'676 111'687 78'326 38'584 22'500 15'360 13'399 11'745 7'734 4'345 3'730 3'186

% Out 23.52 18.33 9.94 6.06 5 3.35 2.15 1.23 0.96 0.74 0.52 0.26 0.15 0.1 0.09 0.08 0.05 0.03 0.02 0.02

Latest Chg -

Weighting

Change

Target Price

4 159'023 750'654 27'848 (300) 530 1'370 (440)

#N/A N/A

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt Inst Type 30.06.2011 n/a 30.06.2011 n/a 31.01.2012 n/a 16.08.2011 Investment Advisor 29.01.2013 Investment Advisor 28.09.2012 Mutual Fund Manager 28.09.2012 Mutual Fund Manager 12.12.2012 Corporation 31.01.2012 n/a 31.07.2012 Investment Advisor 30.09.2012 Investment Advisor 31.12.2012 Investment Advisor 31.03.2012 Corporation 30.11.2012 Investment Advisor 11.05.2012 n/a 30.04.2011 Investment Advisor 28.09.2012 Investment Advisor 31.10.2012 Investment Advisor 25.02.2013 Investment Advisor 28.09.2012 Mutual Fund Manager

Date Not Provided

Date 17.01.2013

27.02.2013

Moorim P&P Co Ltd Moorim P&P Co., Ltd. manufactures bleached chemical pulp for plain paper. The Company's products have application for printing, publishing, computer, and facsimile paper and for other general industrial and household uses.

Price/Volume

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (29.02.2012) 52-Week Low (26.07.2012) Daily Volume Current Price (2/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 31.12.2012 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance 009580 KS EQUITY YTD Change 009580 KS EQUITY YTD % CHANGE

12/2012 12/yy 6'250.00 3'305.00 85'793.00 3790 -39.36% 14.67% 16.81% 62.4 236'375.95 543'741.57 0.0 0.0 50'579.33 739'017.59

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

.7 M

6000

.6 M

5000

.5 M

4000

.4 M

3000

.3 M

2000

.2 M

1000

.1 M

0 f-12 m-12

31.12.2009 31.12.2010 260'635.5 309'957.8 0.65x 1.90x 12'125.9 64'577.8 13.88x 9.11x 6'267.7 58'547.1 27.36x 6.63x Profitability

LTM-4Q 31.12.2011 462'978.5 1.77x 62'555.8 13.08x 11'164.3 29.11x

31.12.2012 596'440.4 28'090.6 62'555.78 33'010.95 5.53% 3.11% 1.99% 4.44% 3.72% 0.50% 14.1% 12.4% 5.5% 4.7% 0.87 0.48 44.80% 99.88% 6.30 4.41

Price/ Cash Flow

j-12

a-12

s-12

o-12

n-12

d-12

j-13

LTM

FY+1

.0 M f-13

1.02 21.63 -35.54% -0.39% 1.022 4 4.000 150'014 111'548 161'426 FY+2

FQ+1

FQ+2

12/yy 12/yy 12/13 Y 12/14 Y 03/13 Q1 06/13 Q2 462'978.5 596'439.6 624'650.0 589'300.0 161'600.0 155'800.0 6.97x 3.90x 1.10x 1.13x 62'555.8 53'317.3 84'650.0 84'000.0 13.08x 0.00x 8.73x 8.80x 11'164.3 28'091.5 23'800.0 26'900.0 6'700.0 6'700.0 29.11x 0.00x 9.95x 8.77x 10.23x 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

4.60 -5.75 6.81 7.16 99.9% 50.0% 0.50 0.66 58.05 82.95 20.36 108.94

Sales/Revenue/Turnover

140.00

700'000.0

120.00

600'000.0

100.00

500'000.0

80.00

400'000.0

60.00

300'000.0

40.00

200'000.0

20.00

100'000.0

0.00 02.01.2010

a-12 m-12

Fiscal Year Ended 31.12.2008 287'073.7 0.38x 37'268.7 2.95x 14'138.0 10.27x

7000

0.0 02.07.2010

02.01.2011

02.07.2011

02.01.2012

02.07.2012

02.01.2013

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 |

27.02.2013

Moorim P&P Co Ltd Holdings By:

All

Holder Name MOORIM PAPER CO LTD MOORIM SPC LTD DAEGU BANK KB ASSET MANAGEMENT NATIONAL PENSION SER DIMENSIONAL FUND ADV TONG YANG INVESTMENT BANK OF NEW YORK MEL VANGUARD GROUP INC SAMSUNG INVESTMENT T KYOBO AXA INVESTMENT NH-CA ASSET MANAGEME DIMENSIONAL FUND ADV MIRAE ASSET GLOBAL I IN-JUNG KIM JOHN HANCOCK ADVISER BESSEMER GROUP INCOR SHINHAN BNP PARIBAS YURIE ASSET MANAGEME DIMENSIONAL FUND ADV

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 Multiple Portfolios Multiple Portfolios n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios

Analyst

Hyundai Securities TAE YOON-SUN Shinhan Investment Corp MINHO HUR EVA Dimensions CRAIG STERLING Eugene Investment & Securities Co., LtdKIM MI-YEON

Source EXCH EXCH EXCH Co File EXCH MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG EXCH MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG

Recommendation market perform trading buy overweight hold

Amt Held 32'161'742 5'843'952 3'322'260 3'124'222 2'673'598 669'008 660'800 320'426 238'920 115'102 73'660 66'000 63'890 58'790 55'160 28'480 19'700 15'470 10'790 10'530

% Out 51.57 9.37 5.33 5.01 4.29 1.07 1.06 0.51 0.38 0.18 0.12 0.11 0.1 0.09 0.09 0.05 0.03 0.02 0.02 0.02

Weighting

Change 3 5 5 3

M M M D

Latest Chg (38'098) (631'795) (76'710) (123'464) (4'320) 11'500 9'520 (80) (94) -

Target Price 4'000 4'100 #N/A N/A 4'000

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt 21.06.2012 14.06.2012 04.03.2011 30.06.2012 13.11.2012 31.07.2012 28.09.2012 25.02.2013 31.12.2012 28.09.2012 28.09.2012 28.09.2012 30.11.2012 28.09.2012 21.06.2012 30.04.2011 31.10.2012 28.09.2012 28.09.2012 30.11.2012

Date 12 month 12 month Not Provided 12 month

Inst Type Other n/a Investment Advisor Mutual Fund Manager Investment Advisor Investment Advisor Mutual Fund Manager Investment Advisor Investment Advisor Investment Advisor Mutual Fund Manager Mutual Fund Manager Investment Advisor Investment Advisor n/a Investment Advisor Investment Advisor Investment Advisor Mutual Fund Manager Investment Advisor

Date 18.02.2013 18.02.2013 15.01.2013 30.07.2012

27.02.2013

Kyungbang Ltd Kyungbang Ltd. is a textile manufacturer that produces cotton, polyester, various yarn products, and woven fabrics. Kyungbang also operates a department store through a subsidiary.

Price/Volume 120000

.0 M .0 M

100000

.0 M .0 M

80000

Latest Fiscal Year: LTM as of: 52-Week High (19.03.2012) 52-Week Low (01.06.2012) Daily Volume Current Price (2/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 31.12.2012 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance 000050 KS EQUITY YTD Change 000050 KS EQUITY YTD % CHANGE

12/2012 12/yy 115'000.00 71'416.66 2'529.00 90000 -21.74% 26.02% 43.79% 2.5 224'306.81 379'823.63 0.0 0.0 5'051.67 599'078.79

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

.0 M

40000

.0 M .0 M

20000

.0 M

0 f-12 m-12 a-12 m-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

Fiscal Year Ended 31.12.2008 154'821.7 1.67x 7'252.8 35.67x (14'930.5) -

.0 M

60000

Valuation Analysis

31.12.2009 31.12.2010 177'298.1 272'271.0 3.30x 2.18x 2'975.8 64'442.8 196.76x 9.23x 6'481.0 22'224.8 40.87x 11.18x Profitability

LTM-4Q 31.12.2011 275'746.9 2.10x 44'469.3 13.05x (1'822.4) -

31.12.2012 265'409.2 2.11x 31'091.4 17.99x (7'074.2) 31'091.36 8'240.62 3.10% -3.56% -0.54% -1.05% 0.20% 5.6% 11.7% 3.1% -2.7% 0.84 0.30 29.18% 56.71% 8.41 4.12

Price/ Cash Flow

LTM

12/yy 12/yy 275'746.9 265'409.2 8.07x 8.78x 44'469.3 31'091.4 13.05x 17.99x (1'822.4) (7'074.2) 0.00x 0.00x

0.88 1.18 -12.90% 0.45% 0.883 1 3.000 1'285 751 900

FY+1

FY+2

FQ+1

FQ+2

12/13 Y

12/14 Y

03/13 Q1

06/13 Q2

S&P Issuer Ratings

.0 M f-13

1.64 1.31 12.05 12.22 56.7% 36.2% 0.20 0.87 43.53 88.89 4.40 128.01

Sales/Revenue/Turnover

14.00

300'000.0

12.00

250'000.0

10.00

200'000.0

8.00

150'000.0 6.00

100'000.0 4.00

50'000.0

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

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 |

27.02.2013

Kyungbang Ltd Holdings By:

All

Holder Name TOM KIM JOON KIM DONG-A ILBO SAMYANG HOLDINGS KYUNGBANG LTD DIMENSIONAL FUND ADV WON KIM VANGUARD GROUP INC CHOONG-HONG LEE RYANG KIM JOHN HANCOCK ADVISER DIMENSIONAL FUND ADV SAMSUNG INVESTMENT T JEONG KIM ALLIANZ GLOBAL INVES MAPS INVESTMENT MANA BESSEMER GROUP INCOR KB ASSET MANAGEMENT KAK-CHOONG KIM

Firm Name EVA Dimensions

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 Multiple Portfolios n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios n/a

Analyst CRAIG STERLING

Source EXCH EXCH EXCH EXCH Co File MF-AGG EXCH MF-AGG EXCH EXCH MF-AGG MF-AGG MF-AGG EXCH MF-AGG MF-AGG MF-AGG MF-AGG EXCH

Recommendation hold

Amt Held 522'986 335'016 238'224 188'894 22'209 12'196 4'257 3'534 3'337 1'546 1'262 1'256 885 468 227 117 92 33 -

% Out 20.98 13.44 9.56 7.58 0.89 0.49 0.17 0.14 0.13 0.06 0.05 0.05 0.04 0.02 0.01 0 0 0 0

Weighting

Change 3

Latest Chg 35'923 709 257 21 78 (269) (6) 2 (9'998)

Target Price #N/A N/A

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt Inst Type 28.01.2013 n/a 28.01.2013 n/a 03.01.2013 Corporation 04.01.2013 Corporation 31.12.2011 n/a 31.07.2012 Investment Advisor 01.01.2013 n/a 31.12.2012 Investment Advisor 28.01.2013 n/a 01.01.2013 n/a 30.04.2011 Investment Advisor 30.11.2012 Investment Advisor 28.09.2012 Investment Advisor 01.01.2013 n/a 28.09.2012 Mutual Fund Manager 28.09.2012 Mutual Fund Manager 31.10.2012 Investment Advisor 28.09.2012 Mutual Fund Manager 20.04.2012 n/a

Date Not Provided

Date 15.01.2013

27.02.2013

Korea Petrochemical Ind Co Ltd Korea Petrochemical Industrial Co., Ltd. manufactures chemical products such as high density polyethylene and polypropylene. The Company also produces basic organic chemicals including ethylene, propylene, and mixed C4s. Korea Petrochemical supplies its products to the industrial and home appliances, film, pipe, toy, electric wire, and medical instrument manufacturers.

Price/Volume

.1 M .1 M .1 M

60000

Latest Fiscal Year: LTM as of: 52-Week High (28.02.2012) 52-Week Low (27.11.2012) Daily Volume Current Price (2/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 31.12.2012 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance 006650 KS EQUITY YTD Change 006650 KS EQUITY YTD % CHANGE

12/2012 09/yy 111'000.00 38'250.00 82'460.00 45500 -59.01% 18.95% 11.89% 6.5 295'750.00 276'779.74 0.0 0.0 123'618.53 500'652.02

.1 M

40000

.0 M

20000

.0 M

0 f-12 m-12 a-12 m-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

Fiscal Year Ended Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

.1 M

100000 80000

Valuation Analysis

31.12.2008 1'747'079.8 0.27x (13'355.0) (94'230.6) -

120000

31.12.2009 31.12.2010 1'659'818.8 1'821'245.5 0.27x 0.35x 207'403.8 139'232.1 2.16x 4.61x 120'833.4 76'497.3 2.75x 7.53x Profitability

LTM-4Q 31.12.2011 2'016'393.3 0.35x 87'743.2 8.05x 28'442.9 19.44x

LTM

FY+1

3.30 1.48 3.48 -57.28% -13.83% 1.480 4 3.500 35'370 30'811 43'827 FY+2

FQ+1

FQ+2

31.12.2012 09/yy 09/yy 12/13 Y 12/14 Y 12/12 Q4 03/13 Q1 2'075'256.5 ######### ######### ######### ######### 515'033.3 570'706.7 1.75x 1.31x 0.25x 0.24x 1.00x 0.91x - 120'915.1 36'244.4 85'336.7 92'760.0 11'200.0 19'300.0 5.91x 16.71x 5.87x 5.40x 7.14x 6.77x (10'359.9) 51'866.3 (4'878.9) 31'000.0 32'320.0 2'866.7 6'370.0 9.75x 0.00x 9.41x 9.02x 11.29x 10.97x S&P Issuer Ratings 87'743.23 Long-Term Rating Date -6'077.54 Long-Term Rating -0.29% Long-Term Outlook 1.79% Short-Term Rating Date 2.61% Short-Term Rating 4.47% Credit Ratios 4.21% EBITDA/Interest Exp. 1.85% (EBITDA-Capex)/Interest Exp. Net Debt/EBITDA 4.5% Total Debt/EBITDA 4.4% Reference -0.3% Total Debt/Equity -0.5% Total Debt/Capital Asset Turnover 1.66 Net Fixed Asset Turnover 1.06 Accounts receivable turnover-days 22.21% Inventory Days 36.64% Accounts Payable Turnover Day 10.46 Cash Conversion Cycle 11.62

Price/ Cash Flow

.0 M f-13

7.86 5.19 1.74 3.15 36.6% 26.8% 1.85 3.67 34.91 31.42 19.72 46.60

Sales/Revenue/Turnover

35.00

2'500'000.0

30.00

2'000'000.0 25.00

1'500'000.0

20.00 15.00

1'000'000.0

10.00

500'000.0 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

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 |

27.02.2013

Korea Petrochemical Ind Co Ltd Holdings By:

All

Holder Name UNI-PEPP LTD EMPLOYEE STOCK OWNER KOREA PETROCHEMICAL NATIONAL PENSION SER H&Q-NPS PRIVATE EQ F SAMSUNG INVESTMENT T SOON-KYU LEE KB ASSET MANAGEMENT ALLIANZ ASSET MANAGE DIMENSIONAL FUND ADV CONSUS ASSET MANAGEM MACKENZIE FINANCIAL TONG YANG INVESTMENT NH-CA ASSET MANAGEME VANGUARD GROUP INC YURIE ASSET MANAGEME BESSEMER GROUP INCOR GUTMANN KAPITALANLAG KYOBO AXA INVESTMENT DIMENSIONAL FUND ADV

Firm Name KTB Securities EVA Dimensions Samsung Securities HI Investment Securities KB Investment & Securities Co., Ltd

Analyst YOO YOUNG KOOK CRAIG STERLING SEUNGWOO KIM LEE HEE-CHEOL LEE IN-JAE

Source EXCH Co File EXCH EXCH EXCH EXCH EXCH 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 hold overweight hold hold buy

Amt Held 1'632'470 540'810 331'880 326'763 294'759 290'373 166'000 149'108 145'680 54'456 45'268 40'303 30'982 26'424 18'154 15'522 5'784 5'742 5'704 5'556

% Out 25.11 8.32 5.11 5.03 4.53 4.47 2.55 2.29 2.24 0.84 0.7 0.62 0.48 0.41 0.28 0.24 0.09 0.09 0.09 0.09

Weighting

Change 3 5 3 3 5

M M M M M

Latest Chg (141'282) (1'447'645) (65'016) 1'933 5'559 (14'148) 835 19'754 (13'873) 791 (425) -

Target Price 60'000 #N/A N/A 59'000 85'000 240'000

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt 11.09.2012 31.12.2011 11.09.2012 05.12.2012 28.06.2010 29.02.2012 11.09.2012 28.09.2012 31.10.2012 31.07.2012 28.09.2012 30.11.2012 28.09.2012 28.09.2012 31.12.2012 28.09.2012 31.10.2012 31.12.2012 28.09.2012 30.11.2012

Date 12 month Not Provided 12 month 6 month 12 month

Inst Type n/a n/a n/a Investment Advisor n/a Investment Advisor n/a Mutual Fund Manager Investment Advisor Investment Advisor Mutual Fund Manager Investment Advisor Mutual Fund Manager Mutual Fund Manager Investment Advisor Mutual Fund Manager Investment Advisor Mutual Fund Manager Mutual Fund Manager Investment Advisor

Date 19.02.2013 15.01.2013 10.01.2013 25.07.2012 17.05.2011

27.02.2013

KISCO Corp KISCO Corp. provides a wide range of steel products. The Company produces deformed bars including high tensile steel bars for nuclear power plants and low-allow steel bars for liquefied natural gas underground storage facilities.

Price/Volume

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (18.09.2012) 52-Week Low (15.05.2012) Daily Volume Current Price (2/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 31.12.2012 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance 104700 KS EQUITY YTD Change 104700 KS EQUITY YTD % CHANGE

12/2012 12/yy 33'000.00 19'550.00 6'366.00 28450 -13.79% 45.52% 62.08% 9.2 262'024.50 58'383.25 0.0 0.0 150'430.86 191'097.21

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

.0 M

30000

.0 M

25000

.0 M .0 M

20000

.0 M

15000

.0 M .0 M

10000

.0 M

5000

.0 M

0 f-12 m-12 a-12 m-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

Fiscal Year Ended 31.12.2008 316'051.9 0.67x 73'868.7 2.86x 49'290.9 5.79x

35000

31.12.2009 31.12.2010 911'503.2 879'924.3 0.40x 0.19x 106'790.8 57'869.8 3.43x 2.96x 46'053.6 15'461.3 8.82x 16.86x Profitability

LTM-4Q 31.12.2011 1'020'601.4 0.12x 34'655.0 3.39x (33'510.2) -

LTM

FY+1

3.16 0.94 3.87 1.38% 1.25% 0.940 7 5.000 6'947 4'611 5'707 FY+2

FQ+1

FQ+2

31.12.2012 12/yy 12/yy 12/13 Y 12/14 Y 03/13 Q1 06/13 Q2 987'039.9 ######### 987'040.1 ######### ######### 237'750.0 262'450.0 0.72x 0.59x 0.08x 0.05x 27'382.0 37'223.0 68'090.0 73'424.0 4.29x 0.00x 2.81x 2.60x 18'485.3 (31'737.1) 10'541.7 37'000.0 41'850.0 6'100.0 11'900.0 0.00x 0.00x 7.08x 6.29x S&P Issuer Ratings 34'655.03 Long-Term Rating Date 15'533.70 Long-Term Rating 1.57% Long-Term Outlook -4.16% Short-Term Rating Date -3.42% Short-Term Rating -4.87% Credit Ratios - EBITDA/Interest Exp. 1.04% (EBITDA-Capex)/Interest Exp. Net Debt/EBITDA 4.6% Total Debt/EBITDA 3.4% Reference 1.6% Total Debt/Equity 1.9% Total Debt/Capital Asset Turnover 1.55 Net Fixed Asset Turnover 1.05 Accounts receivable turnover-days 5.75% Inventory Days 8.66% Accounts Payable Turnover Day 5.48 Cash Conversion Cycle 7.07

Price/ Cash Flow

.0 M f-13

21.83 7.57 -2.66 1.68 8.7% 8.0% 1.04 2.15 66.63 51.64 68.90 49.37

Sales/Revenue/Turnover

14.00

1'200'000.0

12.00

1'000'000.0

10.00

800'000.0

8.00

600'000.0 6.00

400'000.0 4.00

200'000.0

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

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 |

27.02.2013

KISCO Corp Holdings By:

All

Holder Name KISCO HOLDINGS CO LT SANG-DON CHANG SHIN YOUNG INVESTMEN SE-HYUN CHANG SHINYOUNG INVESTMENT DIMENSIONAL FUND ADV IN-HUI JANG IN-YOUNG CHANG JONG-ROK KIM VANGUARD GROUP INC PRUDENTIAL ASSET MAN KYOBO AXA INVESTMENT MIDAS ASSET MANAGEME DIMENSIONAL FUND ADV MAN-YEOL KIM KB ASSET MANAGEMENT JOHN HANCOCK ADVISER ALLIANZ GLOBAL INVES FMR LLC KISCO CORP

Firm Name Tong Yang Investment Bank EVA Dimensions Kyobo Securities Hana Daetoo Securities Hanwha Securities Co., Ltd BS Securities Co Ltd KB Investment & Securities Co., Ltd

Portfolio Name 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 Multiple Portfolios n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios n/a n/a

Analyst KEE-HYUN PARK CRAIG STERLING UM JIN-SEOK KIM JUNG-WOOK KIM KANG-OH YOON KWAN-CHUL KIM HYUN-TAE

Source Co File Co File EXCH Co File MF-AGG MF-AGG EXCH Co File EXCH MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG Co File MF-AGG MF-AGG MF-AGG ULT-AGG Co File

Recommendation buy buy buy buy outperform buy buy

Amt Held 3'758'785 1'080'578 506'419 316'263 287'785 86'251 65'076 64'539 36'901 30'312 17'110 11'000 9'650 9'383 8'320 7'500 7'076 5'857 3'180 3'174

% Out 40.81 11.73 5.5 3.43 3.12 0.94 0.71 0.7 0.4 0.33 0.19 0.12 0.1 0.1 0.09 0.08 0.08 0.06 0.03 0.03

Weighting

Change 5 5 5 5 5 5 5

M M M N M M M

Latest Chg (29'413) (30'276) 2'570 (7'770) (1'440) (4'920) (8'733) -

Target Price 40'000 #N/A N/A 35'000 33'000 29'000 37'000 36'000

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt 30.09.2012 30.09.2012 31.10.2012 30.09.2012 28.09.2012 31.07.2012 30.11.2011 30.09.2012 30.11.2011 31.12.2012 28.09.2012 28.09.2012 28.09.2012 30.11.2012 30.09.2012 28.09.2012 30.04.2011 28.09.2012 31.12.2012 30.09.2012

Date 12 month Not Provided 6 month 12 month 6 month 6 month 12 month

Inst Type Holding Company n/a Investment Advisor n/a Mutual Fund Manager Investment Advisor n/a n/a n/a Investment Advisor Mutual Fund Manager Mutual Fund Manager Investment Advisor Investment Advisor n/a Mutual Fund Manager Investment Advisor Mutual Fund Manager Investment Advisor n/a

Date 17.01.2013 15.01.2013 10.01.2013 26.11.2012 05.11.2012 22.10.2012 17.07.2012

27.02.2013

Hitejinro Holdings Co Ltd Hite Jinro Holdings Co., Ltd. an investment holding company. The Company through its subsidiaries, manufactures beer, and distributes Soju, whiskey and w ine through it's affiliated companies.

Price/Volume

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (09.01.2013) 52-Week Low (12.06.2012) Daily Volume Current Price (2/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 31.12.2012 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance 000140 KS EQUITY YTD Change 000140 KS EQUITY YTD % CHANGE

12/2012 12/yy 18'950.00 8'690.00 34'305.00 16000 -15.57% 84.12% 72.71% 23.2 371'308.25 1'029'951.47 2'354.1 0.0 8.33 1'189'943.40

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

.9 M .8 M .7 M .6 M .5 M .4 M .3 M .2 M .1 M j-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

Fiscal Year Ended 31.12.2008 44'201.4 11.95x 75'421.7 7.01x 105'409.2 6.81x

20000 18000 16000 14000 12000 10000 8000 6000 4000 2000 0 f-12 m-12 a-12 m-12

31.12.2009 31.12.2010 52'587.3 27'895.6 32.31x 52.65x 50'223.2 23'958.6 33.83x 61.30x 21'986.0 (36'537.2) 19.82x Profitability

LTM-4Q 31.12.2011 62'146.0 20.33x 60'206.4 20.99x 1'098.9 228.72x

31.12.2012 54'868.9 196'096.6 60'206.45 52'366.65 95.44% 1.62% 0.06% 0.15% 0.04% 96.9% 95.4% 357.4% 0.02 0.00 56.74% 136.58% -

Price/ Cash Flow

LTM

12/yy 12/yy 62'146.0 54'868.9 84.89x 60.91x 60'206.4 52'237.4 20.99x 0.00x 1'098.9 196'096.8 228.72x 0.00x

0.94 0.90 6.49 33.33% -2.44% 0.899 1 1.000 29'563 32'333 54'285

FY+1

FY+2

FQ+1

FQ+2

12/13 Y

12/14 Y

03/13 Q1

06/13 Q2

S&P Issuer Ratings

.0 M f-13

1.03 1.03 17.11 17.11 136.6% 57.7% 0.04 4.16 -

Sales/Revenue/Turnover

90.00

1'200'000.0

80.00

1'000'000.0

70.00

800'000.0

60.00 50.00

600'000.0

40.00

400'000.0

30.00 20.00

200'000.0

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

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 |

27.02.2013

Hitejinro Holdings Co Ltd Holdings By:

All

Holder Name MOON-DEUK PARK SEOYOUNG E&T CO LTD HITE FOUNDATION HITE HOLDINGS CO LTD DIMENSIONAL FUND ADV VANGUARD GROUP INC DIMENSIONAL FUND ADV ACADIAN ASSET MANAGE JOHN HANCOCK ADVISER JOO-HYUN ROH GYEONG-HWA KIM YURIE ASSET MANAGEME FMR LLC HYUNG-TAE KIM MIRAE ASSET GLOBAL I GI-RO YUN JEE-HYUN KIM SAMSUNG INVESTMENT T DIMENSIONAL FUND ADV MAPS INVESTMENT MANA

Firm Name EVA Dimensions Daiwa Securities Co. Ltd.

Portfolio Name n/a n/a n/a n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios n/a n/a Multiple Portfolios n/a n/a Multiple Portfolios n/a n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios

Analyst AUSTIN BURKETT PARK SANG HEE

Source EXCH EXCH EXCH EXCH MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG EXCH EXCH MF-AGG ULT-AGG EXCH MF-AGG EXCH EXCH MF-AGG MF-AGG MF-AGG

Recommendation underweight outperform

Amt Held 6'843'432 6'419'688 1'749'610 1'677'649 134'825 56'340 19'010 14'760 12'240 8'242 7'435 6'080 5'900 5'580 2'860 2'232 2'232 1'760 1'477 874

% Out 29.49 27.66 7.54 7.23 0.58 0.24 0.08 0.06 0.05 0.04 0.03 0.03 0.03 0.02 0.01 0.01 0.01 0.01 0.01 0

Weighting

Change 1 5

M N

Latest Chg 930 250 1'260 (86)

Target Price #N/A N/A 169'000

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt Inst Type 25.06.2012 n/a 25.06.2012 Other 25.06.2012 n/a 18.10.2012 Holding Company 31.07.2012 Investment Advisor 31.12.2012 Investment Advisor 30.11.2012 Investment Advisor 31.12.2012 Investment Advisor 30.04.2011 Investment Advisor 25.06.2012 n/a 25.06.2012 n/a 28.09.2012 Mutual Fund Manager 31.12.2012 Investment Advisor 25.06.2012 n/a 28.09.2012 Investment Advisor 09.01.2012 n/a 25.06.2012 n/a 28.09.2012 Investment Advisor 30.11.2012 Investment Advisor 28.09.2012 Mutual Fund Manager

Date Not Provided Not Provided

Date 15.01.2013 25.03.2010

27.02.2013

Woongjin Energy Co Ltd Woongjin Energy Co., Ltd. manufactures solar power modules for the use of solar energy for residential and commercial systems.

Price/Volume 8000

14.0 M

7000

12.0 M

6000

10.0 M

5000

Latest Fiscal Year: LTM as of: 52-Week High (29.02.2012) 52-Week Low (04.12.2012) Daily Volume Current Price (2/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 31.12.2012 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance 103130 KS EQUITY YTD Change 103130 KS EQUITY YTD % CHANGE

12/2011 09/yy 7'570.00 1'690.00 1'501'447.00 2555 -66.25% 51.18% 15.73% 66.7 170'491.89 377'288.12 0.0 0.0 135'301.02 385'342.51

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

6.0 M

3000 2000

4.0 M

1000

2.0 M

0 f-12 m-12 a-12 m-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

Fiscal Year Ended 31.12.2007 2'834.5 (1'849.5) (1'909.4) -

8.0 M

4000

Valuation Analysis

31.12.2008 31.12.2009 67'679.2 118'893.6 43'491.8 69'098.5 33'771.8 41'033.3 Profitability

LTM-4Q 31.12.2010 160'346.6 7.45x 72'587.1 16.46x 47'380.9 21.58x

31.12.2011 313'376.1 1.61x 56'309.2 8.98x 21'573.1 12.20x 56'309.19 26'301.46 8.39% 4.93% 3.60% 6.97% 0.52% 13.9% 18.0% 8.4% 6.9% 2.24 1.22 50.90% 117.78% 8.45 5.37

Price/ Cash Flow

LTM

FY+1

.0 M f-13

0.00 1.28 39.39 -62.59% 42.34% 1.279 5 3.000 3'870'438 3'421'812 2'801'845 FY+2

FQ+1

FQ+2

09/yy 09/yy 12/12 Y 12/13 Y 12/12 Q4 03/13 Q1 299'724.5 194'048.9 366'090.0 457'563.5 96'272.0 109'089.0 13.28x 10.90x 1.35x 1.52x 5.13x 4.99x 64'976.2 (19'427.4) 44'296.0 97'286.5 9.15x 0.00x 8.70x 3.96x 25'529.0 (57'982.1) 35'042.0 31'447.0 10'005.0 9'213.0 14.23x 0.00x 4.53x 5.05x 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

7.65 -10.98 4.30 6.70 117.8% 54.1% 0.52 0.99 43.18 67.92 8.21 102.89

Sales/Revenue/Turnover

45.00

350'000.0

40.00

300'000.0

35.00

250'000.0

30.00 25.00

200'000.0

20.00

150'000.0

15.00

100'000.0

10.00

50'000.0

5.00 0.00 03.01.2009 03.07.2009

0.0 03.01.2010 03.07.2010

03.01.2011 03.07.2011

03.01.2012 03.07.2012

03.01.2013

2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

27.02.2013

Woongjin Energy Co Ltd Holdings By:

All

Holder Name WOONGJIN HOLDINGS CO SUNPOWER CORPORATION SAMSUNG INVESTMENT T VANGUARD GROUP INC HAK-DO YOO DIMENSIONAL FUND ADV MIRAE ASSET GLOBAL I BLACKROCK KYOBO AXA INVESTMENT DIMENSIONAL FUND ADV MAPS INVESTMENT MANA KB ASSET MANAGEMENT LEGAL & GENERAL KYUNG-HO SEO HAK-GYUN OH ALPHA ASSET MANAGEME ALLIANZ GLOBAL INVES DIMENSIONAL FUND ADV HANWHA INVESTMENT TR JONG-HOE WANG

Firm Name EVA Dimensions Korea Investment & Securities Mirae Asset Securities Kyobo Securities Hyundai Securities

Portfolio Name n/a n/a Multiple Portfolios Multiple Portfolios n/a Multiple Portfolios Multiple Portfolios n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios n/a n/a n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios n/a

Analyst ANDREW S ZAMFOTIS PARK KIYONG LEE HAK-MOO CHUNG YOO-SEOK HAN BYUNG-HWA

Source EXCH EXCH MF-AGG MF-AGG EXCH MF-AGG MF-AGG ULT-AGG MF-AGG MF-AGG MF-AGG MF-AGG ULT-AGG EXCH EXCH MF-AGG MF-AGG MF-AGG MF-AGG EXCH

Recommendation underweight hold hold buy market perform

Amt Held 23'655'490 3'249'810 440'723 382'340 360'000 281'040 263'950 157'290 94'540 82'430 61'285 44'420 40'362 30'428 26'560 24'100 19'060 13'450 11'970 11'490

% Out 35.45 4.87 0.66 0.57 0.54 0.42 0.4 0.24 0.14 0.12 0.09 0.07 0.06 0.05 0.04 0.04 0.03 0.02 0.02 0.02

Weighting

Change 1 3 3 5 3

M M M M M

Latest Chg (2'644'840) 390'457 212'990 (6'410) (22'985) 11'820 (25'620) 19'060 180 -

Target Price #N/A N/A #N/A N/A 4'700 7'300 10'000

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt 04.01.2013 04.01.2012 28.09.2012 31.12.2012 21.03.2011 31.07.2012 28.09.2012 25.02.2013 28.09.2012 30.11.2012 28.09.2012 28.09.2012 31.10.2012 04.01.2013 31.12.2012 28.09.2012 28.09.2012 30.11.2012 28.09.2012 11.05.2012

Date Not Provided Not Provided 12 month 12 month 6 month

Inst Type Holding Company n/a Investment Advisor Investment Advisor n/a Investment Advisor Investment Advisor Investment Advisor Mutual Fund Manager Investment Advisor Mutual Fund Manager Mutual Fund Manager Unclassified n/a n/a Mutual Fund Manager Mutual Fund Manager Investment Advisor Mutual Fund Manager n/a

Date 17.01.2013 28.09.2012 08.08.2012 12.07.2012 03.05.2012

27.02.2013

Unid Co Ltd Unid Co., Ltd. manufactures and sells chemicals and timber products. The Company's chemicals include potassium carbonate, hydrochloric acid, and caustic potash. Unid also produces board and timber products, such as medium density fiberboard (MDF) and timber boards and formalin for construction uses.

Price/Volume 60000

.1 M .1 M

50000

.1 M 40000

Latest Fiscal Year: LTM as of: 52-Week High (29.02.2012) 52-Week Low (18.07.2012) Daily Volume Current Price (2/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 31.12.2012 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance 014830 KS EQUITY YTD Change 014830 KS EQUITY YTD % CHANGE

12/2012 12/yy 54'700.00 30'950.00 2'591.00 37200 -31.99% 20.19% 25.89% 6.6 244'964.56 274'721.84 0.0 0.0 73'406.30 415'740.08

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

.0 M .0 M

20000

.0 M 10000

.0 M

0 f-12 m-12 a-12 m-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

Fiscal Year Ended 31.12.2008 486'413.8 0.67x 68'354.6 4.78x 69'669.8 2.76x

.1 M

30000

Valuation Analysis

31.12.2009 31.12.2010 444'220.1 474'345.0 0.65x 0.76x 54'041.7 76'368.4 5.34x 4.74x 35'196.7 71'431.6 7.22x 5.08x Profitability

LTM-4Q 31.12.2011 622'356.9 0.86x 66'749.8 8.06x 49'778.8 6.76x

31.12.2012 504'648.9 9'407.5 66'749.77 25'376.59 5.03% 9.68% 7.13% 12.02% 8.65% 0.89% 18.3% 10.7% 5.0% 1.9% 1.40 0.93 34.75% 65.22% 6.00 7.78

Price/ Cash Flow

LTM

12/yy 12/yy 622'356.9 504'649.3 3.45x 2.70x 66'749.8 33'919.2 8.06x 0.00x 49'778.8 9'407.9 6.76x 0.00x

2.02 0.82 3.08 -29.10% -2.62% 0.818 1 3.000 7'234 5'652 6'218

FY+1

FY+2

FQ+1

FQ+2

12/13 Y

12/14 Y

03/13 Q1

06/13 Q2

S&P Issuer Ratings

.0 M f-13

21.23 -27.32 3.02 4.12 65.2% 39.5% 0.89 3.17 60.79 46.89 19.25 88.43

Sales/Revenue/Turnover

9.00

700'000.0

8.00

600'000.0

7.00

500'000.0

6.00 5.00

400'000.0

4.00

300'000.0

3.00

200'000.0

2.00

100'000.0

1.00 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

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 |

27.02.2013

Unid Co Ltd Holdings By:

All

Holder Name OCI CORP HWA-YOUNG LEE SOO-YOUNG LEE NATIONAL PENSION SER HANWHA ASSET MANAGEM SHIN YOUNG INVESTMEN KOREA VALUE ASSET MA KB ASSET MANAGEMENT BOK-YOUNG LEE SHINYOUNG INVESTMENT AXA ROSENBERG INTL DIMENSIONAL FUND ADV PRUDENTIAL ASSET MAN VANGUARD GROUP INC BESSEMER GROUP INCOR EMPLOYEE STOCK OWNER HANWHA INVESTMENT TR DIMENSIONAL FUND ADV JOHN HANCOCK ADVISER KOREA INVESTMENT TRU

Firm Name EVA Dimensions

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 n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios

Analyst CRAIG STERLING

Source EXCH EXCH EXCH EXCH EXCH EXCH EXCH MF-AGG EXCH MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG Co File MF-AGG MF-AGG MF-AGG MF-AGG

Recommendation hold

Amt Held 1'650'000 681'543 492'541 480'362 404'832 335'425 313'480 234'249 173'655 165'831 116'722 71'128 54'224 24'594 21'743 19'295 8'290 7'964 6'039 3'193

% Out 25.06 10.35 7.48 7.29 6.15 5.09 4.76 3.56 2.64 2.52 1.77 1.08 0.82 0.37 0.33 0.29 0.13 0.12 0.09 0.05

Weighting

Change 3

Latest Chg 67'849 66'060 (81'800) 22'770 18'732 (31'010) 24'778 8'290 (247'190)

Target Price #N/A N/A

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt 29.10.2012 29.10.2012 29.10.2012 26.09.2012 04.12.2012 17.07.2012 29.05.2012 28.09.2012 29.10.2012 28.09.2012 30.09.2012 31.07.2012 28.09.2012 31.12.2012 31.10.2012 31.12.2011 28.09.2012 30.11.2012 30.04.2011 28.09.2012

Date Not Provided

Inst Type Corporation n/a n/a Investment Advisor Mutual Fund Manager Investment Advisor Investment Advisor Mutual Fund Manager n/a Mutual Fund Manager Investment Advisor Investment Advisor Mutual Fund Manager Investment Advisor Investment Advisor n/a Mutual Fund Manager Investment Advisor Investment Advisor Investment Advisor

Date 17.01.2013

27.02.2013

Hanjin Shipping Holdings Co Ltd Hanjin Shipping Holdings Co., Ltd. is a holding company, which operates marine transportation services such as container service, bulk service, terminal service, and ship lease.

Price/Volume

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (02.03.2012) 52-Week Low (26.07.2012) Daily Volume Current Price (2/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 31.12.2012 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance 000700 KS EQUITY YTD Change 000700 KS EQUITY YTD % CHANGE

12/2012 12/yy 9'650.00 4'965.00 22'083.00 5470 -43.32% 10.17% 13.13% 43.8 239'536.09 195'000.00 0.0 0.0 40'182.76 394'353.34

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

31.12.2009 31.12.2010 12'840.3 158'701.8 14.36x 5.48x 356'199.9 150'798.2 0.52x 5.77x (1'313'161.4) 141'756.3 123.42x 4.68x Profitability

LTM-4Q 31.12.2011 36'236.2 13.70x 26'691.7 18.60x (285'944.7) -

LTM

31.12.2012 12/yy 12/yy 40'715.0 36'236.2 40'715.0 9.67x 62.19x 43.69x 31'028.0 (27'132.2) 31'028.0 12.68x 0.00x 12.68x (215'617.6) (285'944.7) (215'617.6) 0.00x 0.00x 31'028.03 29'613.58 72.73% -531.80% -29.12% -41.58% 0.05% 76.2% 72.7% -529.6% 0.47 0.42 31.67% 49.08% 6.38 -

Price/ Cash Flow

.3 M .3 M .2 M .2 M .1 M .1 M j-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

0.00 1.25 22.05 -39.22% -3.70% 1.250 1 5.000 28'628 31'572 32'237

FY+1

FY+2

FQ+1

FQ+2

12/13 Y

12/14 Y

03/13 Q1

06/13 Q2

S&P Issuer Ratings

.0 M f-13

2.87 2.87 4.83 6.28 49.1% 32.9% 0.05 0.97 57.39 -

Sales/Revenue/Turnover

50.00

8'000'000.0

45.00

7'000'000.0

40.00

6'000'000.0

35.00 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

.4 M

Fiscal Year Ended 31.12.2008 10'378.8 270.00x 300'176.7 9.34x 320'376.8 205.68x

10000 9000 8000 7000 6000 5000 4000 3000 2000 1000 0 f-12 m-12 a-12 m-12

0.0 02.07.2010

02.01.2011

02.07.2011

02.01.2012

02.07.2012

02.01.2013

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 |

27.02.2013

Hanjin Shipping Holdings Co Ltd Holdings By:

All

Holder Name KOREAN AIR LINES CO PRIME VALUE KOREA AIRPORT SERVIC YANGHYUN FOUNDATION HILLSTAR ASSETS LTD EUN-YOUNG CHOI HANJIN SHIPPING HOLD NATIONAL PENSION SER DIMENSIONAL FUND ADV VANGUARD GROUP INC WELLS FARGO MIRAE ASSET GLOBAL I DIMENSIONAL FUND ADV EATON VANCE ADVISORS SAMSUNG INVESTMENT T HSBC INVESTMENT FUND CHARLES SCHWAB INVES NH-CA ASSET MANAGEME MAPS INVESTMENT MANA DIMENSIONAL FUND ADV

Firm Name EVA Dimensions Tong Yang Investment Bank

Analyst CRAIG STERLING KANG SEONGJIN

Source Co File Co File Co File Co File Co File Co File Co File EXCH 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

Amt Held 7'315'479 4'786'441 4'683'898 4'333'483 4'041'257 3'120'340 1'761'065 528'634 231'333 127'280 25'516 23'195 18'942 16'112 14'189 14'149 8'740 2'704 1'559 1'343

% Out 16.71 10.93 10.7 9.9 9.23 7.13 4.02 1.21 0.53 0.29 0.06 0.05 0.04 0.04 0.03 0.03 0.02 0.01 0 0

Weighting

Change 5 5

M M

Latest Chg (305'302) 10'400 15 4'080 (1'626) (58'300) (151) -

Target Price #N/A N/A 35'000

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt Inst Type 30.09.2012 Corporation 30.09.2012 n/a 30.09.2012 n/a 30.09.2012 n/a 30.09.2012 n/a 30.09.2012 n/a 30.09.2012 Corporation 21.01.2010 Investment Advisor 31.07.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Unclassified 28.09.2012 Investment Advisor 30.11.2012 Investment Advisor 31.12.2012 Investment Advisor 28.09.2012 Investment Advisor 30.11.2012 Investment Advisor 26.02.2013 Investment Advisor 28.09.2012 Mutual Fund Manager 28.09.2012 Mutual Fund Manager 30.11.2012 Investment Advisor

Date Not Provided 12 month

Date 15.01.2013 22.07.2011

27.02.2013

KPX Chemical Co Ltd KPX Chemical Co., Ltd. produces polypropylene glycol (PPG), ethoxylates (EOA), polyurethane resin, and ethanol amines (ETA). The Company supplies its products to the automobile, construction, and fine chemical industries.

Price/Volume 70000

.1 M

60000

.1 M

50000

.1 M

40000

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (13.03.2012) 52-Week Low (25.01.2013) Daily Volume Current Price (2/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 31.12.2012 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance 025000 KS EQUITY YTD Change 025000 KS EQUITY YTD % CHANGE

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

31.12.2009 31.12.2010 452'307.6 532'590.3 0.36x 0.35x 50'153.5 59'479.4 3.20x 3.16x 39'525.2 45'992.2 5.81x 6.35x Profitability

.0 M

10000 0 f-12 m-12 a-12 m-12

LTM-4Q 31.12.2011 670'643.8 0.28x 66'772.0 2.79x 47'323.0 5.90x

31.12.2012 657'142.8 36'954.1 66'772.03 40'995.52 6.24% 9.34% 13.47% 17.78% 17.17% 1.91% 12.0% 10.0% 6.2% 5.6% 2.76 2.18 5.53% 7.77% 7.22 12.85

Price/ Cash Flow

LTM

12/yy 12/yy 670'643.8 657'143.1 1.20x 0.75x 66'772.0 38'577.3 2.79x 0.00x 47'323.0 36'953.9 5.90x 0.00x

j-12

a-12

s-12

o-12

n-12 d-12

.0 M f-13

j-13

3.06 0.85 1.64 -14.23% -0.91% 0.850 1 5.000 11'676 7'702 5'775

FY+1

FY+2

FQ+1

FQ+2

12/13 Y

12/14 Y

03/13 Q1

06/13 Q2

S&P Issuer Ratings

167.10 145.30 -1.39 0.34 7.8% 7.2% 1.91 9.28 50.56 28.40 32.82 46.15

Sales/Revenue/Turnover

16.00

800'000.0

14.00

700'000.0

12.00

600'000.0

10.00

500'000.0

8.00

400'000.0

6.00

300'000.0

4.00

200'000.0

2.00

100'000.0

0.00 02.01.2010

.0 M

20000

Fiscal Year Ended 31.12.2008 467'453.4 0.22x 57'520.9 1.82x 25'461.5 6.05x

.1 M

30000

12/2012 12/yy 61'100.00 43'750.00 1'421.00 49000 -19.80% 12.00% 29.97% 4.8 237'160.00 22'436.17 0.0 0.0 115'298.26 144'036.26

0.0 02.07.2010

02.01.2011

02.07.2011

02.01.2012

02.07.2012

02.01.2013

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 |

27.02.2013

KPX Chemical Co Ltd Holdings By:

All

Holder Name KPX HOLDINGS CORP TOYOTA MOTOR CORP FID LOW PRICED STOCK FMR LLC DELTA LLOYD NV KOREA INVESTMENT TRU KB ASSET MANAGEMENT KYU-MO YANG JUN-HWA YANG MATTHEWS INTERNATION DIMENSIONAL FUND ADV VANGUARD GROUP INC KYOBO AXA INVESTMENT JUN-YEONG YANG DIMENSIONAL FUND ADV JOHN HANCOCK ADVISER VIRTUS INVESTMENT AD ALLIANZ GLOBAL INVES SAMSUNG INVESTMENT T BESSEMER GROUP INCOR

Firm Name EVA Dimensions

Portfolio Name 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 n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios

Analyst CRAIG STERLING

Source EXCH ULT-AGG Co File ULT-AGG ULT-AGG MF-AGG MF-AGG Co File EXCH MF-AGG MF-AGG MF-AGG MF-AGG EXCH MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG

Recommendation buy

Amt Held 2'025'714 486'598 483'992 483'992 260'535 170'000 123'388 101'236 96'801 23'626 22'328 10'638 8'045 3'952 3'791 2'618 2'600 1'264 1'058 787

% Out 41.85 10.05 10 10 5.38 3.51 2.55 2.09 2 0.49 0.46 0.22 0.17 0.08 0.08 0.05 0.05 0.03 0.02 0.02

Weighting

Change 5

Latest Chg 89'077 (3'930) (3'198) (2'485) (25) -

Target Price #N/A N/A

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt Inst Type 05.07.2012 Corporation 30.06.2012 Corporation 30.06.2012 n/a 31.10.2012 Investment Advisor 07.01.2013 Bank 28.09.2012 Investment Advisor 28.09.2012 Mutual Fund Manager 30.06.2012 n/a 31.10.2012 n/a 28.09.2012 Investment Advisor 31.07.2012 Investment Advisor 31.12.2012 Investment Advisor 28.09.2012 Mutual Fund Manager 31.10.2012 n/a 30.11.2012 Investment Advisor 30.04.2011 Investment Advisor 28.09.2012 Insurance Company 28.09.2012 Mutual Fund Manager 28.09.2012 Investment Advisor 31.10.2012 Investment Advisor

Date Not Provided

Date 15.01.2013

27.02.2013

Sejong Industrial Co Ltd Sejong Industrial Co., Ltd. manufactures automobile parts, including mufflers and catalytic converters. The Company also produces automobile body parts, such as side members and dash products.

Price/Volume

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (26.09.2012) 52-Week Low (15.11.2012) Daily Volume Current Price (2/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 31.12.2012 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance 033530 KS EQUITY YTD Change 033530 KS EQUITY YTD % CHANGE

12/2012 12/yy 15'000.00 9'970.00 61'851.00 11600 -22.67% 16.35% 29.42% 20.1 232'631.39 74'097.97 0.0 0.0 41'531.69 244'715.44

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

.4 M

14000

.4 M

12000

.3 M

10000

.3 M

8000

.2 M

6000

.2 M

4000

.1 M

2000

.1 M

0 f-12 m-12 a-12 m-12

31.12.2009 31.12.2010 357'390.6 429'098.3 0.24x 0.46x 31'722.6 33'807.5 2.67x 5.80x 38'677.6 47'111.3 3.34x 5.14x Profitability

LTM-4Q 31.12.2011 436'724.9 0.60x 16'651.5 15.76x 30'458.2 7.59x

31.12.2012 461'709.0 15'332.0 16'651.52 674.53 0.15% 8.10% 8.17% 12.88% 11.31% 1.17% 14.6% 3.8% 0.1% 3.3% 1.61 1.24 18.44% 30.78% 3.87 17.47

Price/ Cash Flow

LTM

12/yy 12/yy 436'724.9 461'709.0 2.91x 1.83x 16'651.5 8'729.2 15.76x 0.00x 30'458.2 15'332.3 7.59x 0.00x

j-12

a-12

s-12

o-12

n-12

d-12

j-13

.0 M f-13

1.94 1.17 6.16 -1.89% -2.11% 1.171 2 5.000 64'134 34'521 31'520

FY+1

FY+2

FQ+1

FQ+2

12/13 Y

12/14 Y

03/13 Q1

06/13 Q2

S&P Issuer Ratings

11.41 -14.86 1.93 4.45 30.8% 23.5% 1.17 6.27 94.34 20.90 53.96 61.27

Sales/Revenue/Turnover

90.00

500'000.0

80.00

450'000.0

70.00

400'000.0 350'000.0

60.00

300'000.0

50.00

250'000.0

40.00

200'000.0

30.00

150'000.0

20.00

100'000.0

10.00

50'000.0

0.00 02.01.2010

j-12

Fiscal Year Ended 31.12.2008 392'190.0 0.06x 23'266.6 1.04x 14'250.4 4.20x

16000

0.0 02.07.2010

02.01.2011

02.07.2011

02.01.2012

02.07.2012

02.01.2013

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 |

27.02.2013

Sejong Industrial Co Ltd Holdings By:

All

Holder Name JEONG-GIL PARK SE-JONG PARK HYE-SUK SEO NATIONAL PENSION SER JEONG-GYU PARK SAMSUNG INVESTMENT T REPUBLIC OF KOREA SEJONG INDUSTRIAL CO SHINYOUNG INVESTMENT DIMENSIONAL FUND ADV VANGUARD GROUP INC DONGBU ASSET MANAGEM YURIE ASSET MANAGEME SCHRODER INVESTMENT DIMENSIONAL FUND ADV PRUDENTIAL FINANCIAL JOHN HANCOCK ADVISER ALPHA ASSET MANAGEME BESSEMER GROUP INCOR HANWHA INVESTMENT TR

Firm Name EVA Dimensions BS Securities Co Ltd

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 Multiple Portfolios Multiple Portfolios Multiple Portfolios n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios

Analyst CRAIG STERLING CHOI DAE-SIK

Source Co File Co File Co File Co File Co File EXCH EXCH Co File MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG ULT-AGG MF-AGG MF-AGG MF-AGG MF-AGG

Recommendation overweight buy

Amt Held 5'045'092 2'605'264 2'345'620 1'452'576 1'403'810 1'245'005 893'854 147'770 131'250 127'850 61'120 53'400 45'380 40'440 18'580 15'860 8'680 5'760 5'490 4'940

% Out 25.16 12.99 11.7 7.24 7 6.21 4.46 0.74 0.65 0.64 0.3 0.27 0.23 0.2 0.09 0.08 0.04 0.03 0.03 0.02

Weighting

Change 5 5

M M

Latest Chg 227'958 (209'140) (27'760) 1'550 (640) (130)

Target Price #N/A N/A 17'000

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt 30.09.2012 30.09.2012 30.09.2012 30.09.2012 30.09.2012 02.11.2012 11.07.2011 30.09.2012 28.09.2012 31.07.2012 31.12.2012 28.09.2012 28.09.2012 31.12.2012 30.11.2012 31.12.2012 30.04.2011 30.09.2011 31.10.2012 28.09.2012

Date Not Provided 6 month

Inst Type n/a n/a n/a Investment Advisor n/a Investment Advisor Government n/a Mutual Fund Manager Investment Advisor Investment Advisor Mutual Fund Manager Mutual Fund Manager Investment Advisor Investment Advisor Investment Advisor Investment Advisor Mutual Fund Manager Investment Advisor Mutual Fund Manager

Date 15.01.2013 14.06.2012

27.02.2013

Kolon Corp Kolon Corp. is an investment holding company. The company, through its subsidiaries, manufactures a variety of chemical fibers, textiles, films, and engineering plastic products.

Price/Volume 30000 25000 20000 15000

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (20.03.2012) 52-Week Low (16.11.2012) Daily Volume Current Price (2/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 31.12.2012 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance 002020 KS EQUITY YTD Change 002020 KS EQUITY YTD % CHANGE

12/2011 09/yy 28'700.00 15'500.00 31'571.00 16950 -40.94% 9.35% 10.23% 12.1 204'437.08 355'000.00 5'382.0 0.0 4'062.23 605'576.34

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

5000 0 f-12 m-12 a-12 m-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

Market Data

Fiscal Year Ended 31.12.2007 1'541'030.7 0.93x 162'067.6 8.86x 10'816.3 49.22x

10000

31.12.2008 31.12.2009 1'990'182.6 2'215'211.9 0.69x 0.12x 217'759.7 286'215.2 6.32x 0.93x 94'359.0 99'837.0 6.00x 7.37x Profitability

LTM-4Q 31.12.2010 87'857.9 6.65x 37'906.9 15.40x 37'006.4 7.04x

31.12.2011 54'420.8 10.78x 28'942.6 20.27x 7'353.9 33.39x 28'942.64 25'712.43 47.25% 18.03% 0.79% 1.10% 2.06% 0.06% 91.9% 53.2% 47.2% 13.5% 0.02 0.02 35.56% 58.60% 137.41 -

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 f-13

09/yy 60'716.9 37.84x 23'733.6 26.07x 25'831.3 7.95x

LTM 09/yy 45'969.3 56.75x 20'921.6 31.08x 8'566.0 31.92x

2.95 0.96 4.87 -32.58% -3.97% 0.960 1 5.000 30'719 29'603 34'351

FY+1

FY+2

FQ+1

FQ+2

12/12 Y

12/13 Y

12/12 Q4

03/13 Q1

S&P Issuer Ratings

1.95 1.84 12.13 12.27 58.6% 36.7% 0.06 0.70 2.66 -

Sales/Revenue/Turnover

35.00

2'500'000.0

30.00

2'000'000.0 25.00

1'500'000.0

20.00 15.00

1'000'000.0

10.00

500'000.0 5.00 0.00 03.01.2009 03.07.2009

0.0 03.01.2010 03.07.2010

03.01.2011 03.07.2011

03.01.2012 03.07.2012

03.01.2013

2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

27.02.2013

Kolon Corp Holdings By:

All

Holder Name WOONG-YEUL LEE DONG-CHAN LEE TORAY INDUSTRIES INC KOREA VALUE ASSET MA NATIONAL PENSION SER GRANTHAM MAYO VAN OT KOREA INVESTMENT TRU DIMENSIONAL FUND ADV VANGUARD GROUP INC SCHRODER INVESTMENT BLACKROCK NH-CA ASSET MANAGEME ACADIAN ASSET MANAGE DIMENSIONAL FUND ADV WOORI ASSET MANAGEME BANK OF NEW YORK MEL SAMSUNG INVESTMENT T ING INVESTMENT MANAG JOHN HANCOCK ADVISER NOMURA

Firm Name EVA Dimensions

Portfolio Name 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 Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios n/a

Analyst CRAIG STERLING

Source EXCH EXCH Co File EXCH EXCH MF-AGG MF-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 ULT-AGG

Recommendation overweight

Amt Held 5'314'007 1'013'360 591'590 486'180 247'674 241'320 136'580 99'360 45'460 37'630 28'665 27'500 25'730 12'013 10'100 9'883 9'599 7'250 7'040 4'000

% Out 44.06 8.4 4.9 4.03 2.05 2 1.13 0.82 0.38 0.31 0.24 0.23 0.21 0.1 0.08 0.08 0.08 0.06 0.06 0.03

Weighting

Change 5

Latest Chg (127'000) (916'872) (545'140) 10'490 27'300 (2'130) (636) -

Target Price #N/A N/A

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt Inst Type 13.02.2013 n/a 13.02.2013 n/a 31.03.2012 Corporation 11.09.2012 Investment Advisor 08.02.2010 Investment Advisor 31.05.2012 Investment Advisor 28.09.2012 Investment Advisor 31.07.2012 Investment Advisor 31.12.2012 Investment Advisor 28.09.2012 Investment Advisor 25.02.2013 Investment Advisor 28.09.2012 Mutual Fund Manager 31.12.2012 Investment Advisor 30.11.2012 Investment Advisor 28.09.2012 Mutual Fund Manager 25.02.2013 Investment Advisor 28.09.2012 Investment Advisor 31.12.2012 Investment Advisor 30.04.2011 Investment Advisor 17.11.2010 Unclassified

Date Not Provided

Date 15.01.2013

27.02.2013

Dongbu Steel Co Ltd Dongbu Steel Co., Ltd. manufactures cold rolled sheets, such as commercial quality cold rolled steel sheets, deep drawing quality cold rolled sheets, and stabilized deep drawing cold rolled sheets. The Company also offers special cold rolled sheets and plating base metals.

Price/Volume

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (02.03.2012) 52-Week Low (26.11.2012) Daily Volume Current Price (2/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 31.12.2012 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance 016380 KS EQUITY YTD Change 016380 KS EQUITY YTD % CHANGE

12/2012 12/yy 6'930.00 3'100.00 67'510.00 3950 -43.00% 27.42% 24.02% 50.6 200'064.94 2'336'124.70 67'826.8 0.0 57'664.15 2'228'681.87

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

.4 M

7000

.4 M

6000

.3 M

5000

.3 M

4000

.2 M

3000

.2 M

2000

.1 M

1000

.1 M

0 f-12 m-12

a-12 m-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

Fiscal Year Ended 31.12.2008 3'134'236.9 0.43x 121'058.5 11.06x (91'654.4) -

8000

31.12.2009 31.12.2010 2'613'614.8 3'664'182.5 0.81x 0.70x 94'792.9 241'285.8 22.35x 10.70x 50'168.7 (26'994.4) 7.88x Profitability

LTM-4Q 31.12.2011 3'899'744.8 0.68x 177'533.7 14.86x (225'325.6) -

LTM

31.12.2012 12/yy 12/yy 3'565'729.9 ######### ######### 2.73x 1.99x - 177'532.7 114'017.2 14.86x 0.00x (48'844.7) (225'325.7) (48'844.7) 0.00x 0.00x 177'533.70 11'131.01 0.31% -5.07% -4.39% -14.61% 0.76% 5.3% 4.6% 0.3% -1.4% 0.57 0.31 45.75% 165.60% 7.69 6.22

Price/ Cash Flow

0.00 1.06 25.51 -41.04% 0.00% 1.064 1 3.000 85'516 91'961 93'325

FY+1

FY+2

FQ+1

FQ+2

12/13 Y

12/14 Y

03/13 Q1

06/13 Q2

S&P Issuer Ratings

.0 M f-13

0.91 0.43 12.81 13.16 165.6% 61.2% 0.76 1.08 47.44 58.64 111.22 -5.13

Sales/Revenue/Turnover

2.50

4'500'000.0 4'000'000.0

2.00

3'500'000.0 3'000'000.0

1.50

2'500'000.0 2'000'000.0

1.00

1'500'000.0 1'000'000.0

0.50

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

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 |

27.02.2013

Dongbu Steel Co Ltd Holdings By:

All

Holder Name DONGBU CNI CO LTD NAM-HO KIM DONGBU CORP JUN-KI KIM DONGBU INSURANCE CO DONGBU STEEL CO LTD GYEONGGI SAVINGS BAN DONGBU CULTURE FOUND EMPLOYEE STOCK OWNER DIMENSIONAL FUND ADV VANGUARD GROUP INC DIMENSIONAL FUND ADV MIRAE ASSET GLOBAL I JOHN HANCOCK ADVISER YOUNG-CHUL CHO HONG-SEOP YU KI-SOO CHUN TAE-SEOP LEE BLACKROCK GYEONG-DEOK KIM

Firm Name EVA Dimensions Tong Yang Investment Bank

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 Multiple Portfolios n/a n/a n/a n/a n/a n/a

Analyst CRAIG STERLING KEE-HYUN PARK

Source EXCH EXCH EXCH EXCH EXCH Co File EXCH EXCH Co File MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG EXCH Co File EXCH Co File ULT-AGG Co File

Recommendation hold hold

Amt Held 7'100'785 4'670'338 4'499'552 2'552'071 2'526'949 1'868'856 1'442'140 1'134'000 588'169 570'355 216'016 66'130 49'050 41'073 29'014 28'000 20'000 19'389 18'860 14'100

% Out 14.02 9.22 8.88 5.04 4.99 3.69 2.85 2.24 1.16 1.13 0.43 0.13 0.1 0.08 0.06 0.06 0.04 0.04 0.04 0.03

Weighting

Change 3 3

M M

Latest Chg (1'921'980) 21'010 6'800 -

Target Price #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 22.01.2013 22.01.2013 22.01.2013 22.01.2013 22.01.2013 30.06.2012 30.11.2012 22.01.2013 30.06.2012 31.07.2012 31.12.2012 30.11.2012 28.09.2012 30.04.2011 31.12.2012 30.06.2012 07.12.2012 30.06.2012 25.02.2013 30.06.2012

Date Not Provided Not Provided

Inst Type Corporation n/a Corporation n/a n/a Corporation n/a n/a n/a Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor n/a n/a n/a n/a Investment Advisor n/a

Date 15.01.2013 10.01.2012

27.02.2013

Motonic Corp Motonic Corporation manufactures automotive fuel injection system products. The Company's products include carburetors, throttle bodies, exhausting systems, LPG kits, rocker arms, oil filters, fuel pumps, and die casting parts.

Price/Volume 14000

.3 M

12000

.3 M

10000

.2 M

8000

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (09.11.2012) 52-Week Low (23.07.2012) Daily Volume Current Price (2/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 31.12.2012 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance 009680 KS EQUITY YTD Change 009680 KS EQUITY YTD % CHANGE

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

.1 M

4000

.1 M

2000 0 f-12 m-12 a-12 m-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

Fiscal Year Ended 31.12.2007 306'138.1 0.12x 24'796.9 1.45x 24'780.6 6.96x

.2 M

6000

12/2011 09/yy 13'750.00 6'750.00 12'350.00 11950 -13.09% 77.04% 76.43% 33.0 394'350.00 0.00 0.0 0.0 208'790.63 172'012.67

31.12.2008 31.12.2009 292'872.2 257'062.8 0.02x 21'959.1 24'498.7 0.16x 24'990.7 41'762.2 4.91x 4.26x Profitability

LTM-4Q 31.12.2010 271'583.1 24'549.3 40'252.3 4.64x

31.12.2011 237'739.0 18'395.0 25'576.3 6.24x 18'395.00 14'710.73 6.19% 13.15% 7.02% 8.16% 8.16% 0.65% 11.2% 7.7% 6.2% 10.8% 10.15 9.36 0.00% 0.00% 6.12 14.28

Price/ Cash Flow

LTM

09/yy 09/yy 239'498.0 237'147.0 0.01x 0.12x 19'403.0 21'088.7 0.00x 1.38x 28'377.7 24'087.0 5.44x 10.41x

2.09 0.94 6.05 36.13% -5.53% 0.941 1 5.000 30'673 22'232 31'580

FY+1

FY+2

FQ+1

FQ+2

12/12 Y

12/13 Y

12/12 Q4

03/13 Q1

S&P Issuer Ratings

.0 M f-13

-11.35 0.00 0.0% 0.0% 0.65 8.29 59.64 25.56 30.45 54.75

Sales/Revenue/Turnover

9.00

350'000.0

8.00

300'000.0

7.00

250'000.0

6.00 5.00

200'000.0

4.00

150'000.0

3.00

100'000.0

2.00

50'000.0

1.00 0.00 03.01.2009

0.0 03.07.2009

03.01.2010

03.07.2010

03.01.2011

03.07.2011

03.01.2012

03.07.2012

03.01.2013

2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

27.02.2013

Motonic Corp Holdings By:

All

Holder Name MOTONIC CORP YOUNG-BONG KIM YEONG-MOK KIM FIDELITY FMR LLC KOREA INVESTMENT TRU DIMENSIONAL FUND ADV VANGUARD GROUP INC MATTHEWS INTERNATION GOLDMAN SACHS ASSET DIMENSIONAL FUND ADV SANG-HAK SHIM JOHN HANCOCK ADVISER KYOBO AXA INVESTMENT BESSEMER GROUP INCOR KOREA VALUE ASSET MA HYEON-DON SIN HAE-CHAN YOO SE-JIN SIN SAMSUNG INVESTMENT T

Firm Name EVA Dimensions

Portfolio Name n/a n/a n/a n/a n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios n/a n/a n/a Multiple Portfolios

Analyst CRAIG STERLING

Source Co File Co File Co File Co File ULT-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG EXCH MF-AGG MF-AGG MF-AGG MF-AGG EXCH EXCH EXCH MF-AGG

Recommendation buy

Amt Held 10'385'221 8'286'380 4'918'800 3'299'900 3'299'900 529'290 221'500 79'580 59'060 45'580 31'280 19'557 17'805 16'500 8'590 7'380 6'745 5'979 5'940 5'439

% Out 31.47 25.11 14.91 10 10 1.6 0.67 0.24 0.18 0.14 0.09 0.06 0.05 0.05 0.03 0.02 0.02 0.02 0.02 0.02

Weighting

Change 5

Latest Chg 199'770 (5'080) 1'100 804 (2'160) (3'560) 322 322 402 (652)

Target Price #N/A N/A

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt Inst Type 30.06.2012 Other 31.12.2011 n/a 31.12.2011 n/a 31.12.2011 n/a 31.10.2012 Investment Advisor 28.09.2012 Investment Advisor 31.07.2012 Investment Advisor 31.12.2012 Investment Advisor 28.09.2012 Investment Advisor 31.10.2012 Investment Advisor 30.11.2012 Investment Advisor 21.12.2012 n/a 30.04.2011 Investment Advisor 28.09.2012 Mutual Fund Manager 31.10.2012 Investment Advisor 28.09.2012 Investment Advisor 21.12.2012 n/a 21.12.2012 n/a 21.12.2012 n/a 28.09.2012 Investment Advisor

Date Not Provided

Date 15.01.2013

27.02.2013

IS Dongseo Co Ltd IS Dongseo Co., Ltd. manufactures and markets construction materials, such as tiles, concrete made products, PC pipes, and piles. The Company also produces sanitary ceramic fixtures and structural wood products.

Price/Volume

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (10.04.2012) 52-Week Low (18.05.2012) Daily Volume Current Price (2/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 31.12.2012 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance 010780 KS EQUITY YTD Change 010780 KS EQUITY YTD % CHANGE

12/2012 12/yy 17'050.00 8'310.00 32'800.00 10550 -38.12% 26.96% 25.06% 25.5 269'378.75 290'931.79 0.0 0.0 40'003.59 564'393.89

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

.9 M

16000

.8 M

14000 12000

.7 M .6 M

10000

.5 M

8000

.4 M

6000

.3 M

4000

.2 M

2000

.1 M

0 f-12 m-12 a-12 m-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

Fiscal Year Ended 31.12.2008 160'220.9 0.75x (3'790.4) (8'912.9) -

18000

31.12.2009 31.12.2010 299'737.7 367'772.8 0.57x 1.11x 30'309.1 33'773.6 5.61x 12.07x 22'624.2 18'161.9 5.28x 14.80x Profitability

LTM-4Q 31.12.2011 376'867.1 1.60x 21'331.4 28.28x 12'778.5 26.69x

31.12.2012 527'221.7 9'892.6 21'331.35 22'301.55 4.23% 4.47% 1.86% 3.73% 3.45% 0.55% 19.0% 5.7% 4.2% 1.9% 1.92 0.56 38.20% 80.39% 3.79 2.10

Price/ Cash Flow

LTM

12/yy 12/yy 376'867.1 527'222.2 6.50x 3.65x 21'212.5 21'272.8 28.44x 0.00x 12'778.5 9'892.5 26.95x 0.00x

FY+1

.0 M f-13

2.84 1.01 8.42 -35.67% 4.98% 1.005 2 3.000 73'799 36'694 34'567 FY+2

FQ+1

FQ+2

12/13 Y

12/14 Y 03/13 Q1 06/13 Q2 - 940'000.0 - 229'580.0 - 78'000.0 - 19'058.0 3.47x S&P Issuer Ratings

2.13 1.61 11.76 13.64 80.4% 44.6% 0.55 1.94 96.34 174.03 48.07 222.30

Sales/Revenue/Turnover

2.00

600'000.0

1.80

500'000.0

1.60 1.40

400'000.0

1.20

300'000.0

1.00 0.80

200'000.0

0.60 0.40

100'000.0

0.20 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

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 |

27.02.2013

IS Dongseo Co Ltd Holdings By:

All

Holder Name IS DONGSEO CO LTD HYEOG-UN KWON EMPLOYEE STOCK OWNER DIMENSIONAL FUND ADV ING INVESTMENT MANAG SAMSUNG INVESTMENT T VANGUARD GROUP INC KB ASSET MANAGEMENT BANK OF NEW YORK MEL KOREA INVESTMENT TRU SEONG-CHEOL LEE NH-CA ASSET MANAGEME DIMENSIONAL FUND ADV JOHN HANCOCK ADVISER MIRAE ASSET GLOBAL I BESSEMER GROUP INCOR HYUN-GI LIM WON-HO JUNG DIMENSIONAL FUND ADV KYOBO AXA INVESTMENT

Portfolio Name 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 n/a n/a Multiple Portfolios Multiple Portfolios

Firm Name

Analyst

EVA Dimensions LIG Investment Securities

CRAIG STERLING CHAE SANG-WOOK

Source EXCH EXCH Co File MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG EXCH MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG EXCH EXCH MF-AGG MF-AGG

Recommendation sell buy

Amt Held 14'043'443 2'407'349 615'946 150'757 87'630 85'006 72'760 67'946 56'238 39'590 35'700 34'950 20'515 19'575 7'988 7'005 7'000 7'000 2'540 2'180

% Out 55 9.43 2.41 0.59 0.34 0.33 0.28 0.27 0.22 0.16 0.14 0.14 0.08 0.08 0.03 0.03 0.03 0.03 0.01 0.01

Weighting

Change 1 5

M M

Latest Chg 1'644'408 (109'879) 87'630 26'723 (200) (70'850) 1'360 2'180

Target Price #N/A N/A 15'000

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt 30.01.2013 23.01.2013 30.06.2012 31.07.2012 28.09.2012 28.09.2012 31.12.2012 28.09.2012 25.02.2013 28.09.2012 15.05.2012 28.09.2012 30.11.2012 30.04.2011 28.09.2012 31.10.2012 28.01.2013 28.01.2013 30.11.2012 28.09.2012

Date Not Provided 12 month

Inst Type n/a n/a n/a Investment Advisor Mutual Fund Manager Investment Advisor Investment Advisor Mutual Fund Manager Investment Advisor Investment Advisor n/a Mutual Fund Manager Investment Advisor Investment Advisor Investment Advisor Investment Advisor n/a n/a Investment Advisor Mutual Fund Manager

Date 15.01.2013 18.07.2012

27.02.2013

Hanjin Heavy Industries & Construction Holdings Co Ltd Hanjin Heavy Ind. & Const. Holdings Co.,Ltd. through its subsidiaries, invests in, develops and manages diverse line of businesses. The Company's managements include gas distribution, engineering, leisure businesses, as well as in real estate properties. Hanjin Heavy Ind & Const Holdings also invests in shipbuilding, transportation, and constructions. Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (02.03.2012) 52-Week Low (05.02.2013) Daily Volume Current Price (2/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 31.12.2012 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance 003480 KS EQUITY YTD Change 003480 KS EQUITY YTD % CHANGE

Price/Volume

12/2012 12/yy 9'710.00 6'100.00 30'813.00 6430 -33.78% 5.41% 13.85% 29.5 189'876.69 1'054.00 0.0 0.0 56'296.00 138'174.69

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

j-12

a-12

s-12

o-12

n-12

d-12

j-13

31.12.2009 31.12.2010 20'954.0 28'693.0 12.79x 12.05x 5'272.0 3'593.0 50.84x 96.26x 7'332.0 4'683.0 40.93x 83.52x Profitability

LTM-4Q 31.12.2011 13'705.0 10.43x 9'560.0 14.95x 7'001.0 26.38x

31.12.2012 13'726.5 10'147.6 9'560.00 9'486.88 69.11% 75.24% 0.66% 0.68% 0.73% 0.01% 69.8% 69.1% 73.9% 8.28 7.79 0.10% 0.10% -

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 f-13

Market Data

Fiscal Year Ended 31.12.2008 77'715.0 3.49x 74'273.0 3.65x 81'533.0 3.79x

10000 9000 8000 7000 6000 5000 4000 3000 2000 1000 0 f-12 m-12 a-12 m-12

12/yy 13'705.0 59.36x 9'560.0 14.95x 7'002.0 26.38x

LTM 12/yy 13'727.0 32.44x 9'412.0 0.00x 10'148.0 0.00x

3.89 1.17 11.52 -23.59% -12.87% 1.169 1 5.000 23'921 35'396 27'252

FY+1

FY+2

FQ+1

FQ+2

12/13 Y

12/14 Y

03/13 Q1

06/13 Q2

S&P Issuer Ratings

12.10 12.10 -5.97 0.11 0.1% 0.1% 0.01 1.26 -

Sales/Revenue/Turnover

50.00

3'000'000.0

45.00

2'500'000.0

40.00 35.00

2'000'000.0

30.00

1'500'000.0

25.00 20.00

1'000'000.0

15.00 10.00

500'000.0

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

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 |

27.02.2013

Hanjin Heavy Industries & Construction Holdings Co Ltd Holdings By:

All

Holder Name NAM-HO CHO HANJIN HEAVY IND & C JF ASSET MANAGEMENT DIMENSIONAL FUND ADV YEONG-HYE KIM WON-GUK JO MIN-HEE CHO YEONG-HWAN KIM VANGUARD GROUP INC SEON-HEE AN DIMENSIONAL FUND ADV HONG LEONG ASSET MAN UOB ASSET MANAGEMENT JOHN HANCOCK ADVISER SEUNG-CHIL LEE BLACKROCK SUN-GYU YANG JUNG-SEOP SHIM CHARLES SCHWAB INVES WELLS FARGO

Firm Name EVA Dimensions

Portfolio Name n/a n/a Multiple Portfolios Multiple Portfolios n/a n/a n/a n/a Multiple Portfolios n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios n/a n/a n/a n/a Multiple Portfolios n/a

Analyst CRAIG STERLING

Source Co File Co File MF-AGG MF-AGG Co File Co File Co File Co File MF-AGG Co File MF-AGG MF-AGG MF-AGG MF-AGG Co File ULT-AGG Co File EXCH MF-AGG ULT-AGG

Recommendation buy

Amt Held 13'730'081 3'440'308 755'000 283'235 189'592 181'525 181'395 174'183 105'354 86'831 35'318 30'300 30'300 23'700 7'533 7'190 5'195 4'356 4'290 4'016

% Out 46.5 11.65 2.56 0.96 0.64 0.61 0.61 0.59 0.36 0.29 0.12 0.1 0.1 0.08 0.03 0.02 0.02 0.01 0.01 0.01

Weighting

Change 5

Latest Chg (192'900) 13'510 1

Target Price #N/A N/A

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt Inst Type 30.06.2012 n/a 30.06.2012 Corporation 30.09.2011 Mutual Fund Manager 31.07.2012 Investment Advisor 30.06.2012 n/a 30.06.2012 n/a 30.06.2012 n/a 30.06.2012 n/a 31.12.2012 Investment Advisor 30.06.2012 n/a 30.11.2012 Investment Advisor 30.04.2011 Mutual Fund Manager 31.12.2010 Mutual Fund Manager 30.04.2011 Investment Advisor 30.06.2012 n/a 25.02.2013 Investment Advisor 30.06.2012 n/a 12.01.2011 n/a 26.02.2013 Investment Advisor 31.12.2012 Unclassified

Date Not Provided

Date 15.01.2013

27.02.2013

Tongyang Inc Tongyang Inc., operates a construction business. The Company focuses on housing and building construction and produces and supplies special cement and ready-mixed concrete.

Price/Volume

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (31.01.2013) 52-Week Low (11.12.2012) Daily Volume Current Price (2/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 31.12.2012 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance 001520 KS EQUITY YTD Change 001520 KS EQUITY YTD % CHANGE

12/2012 12/yy 1'950.00 548.00 2'571'380.00 1390 -28.72% 153.65% 64.69% 244.9 340'472.19 1'161'443.87 5'192.0 0.0 19'869.68 1'542'959.96

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

1.20 1.00

25.0 M 20.0 M 15.0 M 10.0 M 5.0 M

j-12

a-12

s-12

o-12

n-12

d-12

.0 M f-13

j-13

Fiscal Year Ended 31.12.2008 571'763.3 1.92x (452.5) (175'684.6) -

2000 1800 1600 1400 1200 1000 800 600 400 200 0 f-12 m-12 a-12 m-12

31.12.2009 31.12.2010 681'971.4 679'732.3 1.73x 1.69x 7'980.8 16'651.4 147.48x 69.13x (83'859.5) (152'666.1) Profitability

LTM-4Q 31.12.2011 877'037.7 1.61x 72'491.0 19.52x (56'274.6) -

31.12.2012 1'050'903.6 9'738.5 72'491.00 80'320.93 7.64% -6.78% -3.40% 0.53% 18.8% 8.3% 7.6% 0.9% 0.45 0.27 65.39% 490.32% 3.42 8.20

LTM

12/yy 12/yy 877'037.7 ######### 6.25x 4.04x 72'490.3 76'944.3 19.52x 0.00x (56'275.2) 9'738.8 0.00x 0.00x

0.00 0.64 49.14 15.83% 78.66% 0.641 1 1.000 3'509'000 4'142'229 2'434'001

FY+1

FY+2

FQ+1

FQ+2

12/13 Y

12/14 Y

03/13 Q1

06/13 Q2

S&P Issuer Ratings

0.79 0.43 15.59 16.02 490.3% 82.8% 0.53 1.62 106.75 44.51 86.64 64.62

Sales/Revenue/Turnover

1'600'000.0 1'400'000.0 1'200'000.0

0.80 0.60

1'000'000.0 800'000.0 600'000.0

0.40 0.20

400'000.0 200'000.0 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 |

27.02.2013

Tongyang Inc Holdings By:

All

Holder Name TONG YANG LEISURE CO TONG YANG FINAN SERV TONGYANG INC EMPLOYEE STOCK OWNER JAE-HYUN HYUN HAE-KYUNG LEE JEONG-DAM HYUN SEUNG-DAM HYUN GYEONG-DAM HYUN GWAN-HUI LEE VANGUARD GROUP INC DIMENSIONAL FUND ADV JOHN HANCOCK ADVISER JUN-YEOL YOO YONG-WOON YEOM YONG-UN LEE YOUNG-HUN KIM SAMSUNG INVESTMENT T SEOK-HWA KANG GUK-IN HWANG

Firm Name EVA Dimensions

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 n/a n/a n/a n/a Multiple Portfolios n/a n/a

Analyst CRAIG STERLING

Source EXCH EXCH Co File Co File EXCH EXCH EXCH EXCH EXCH EXCH MF-AGG MF-AGG MF-AGG EXCH EXCH EXCH EXCH MF-AGG EXCH EXCH

Recommendation sell

Amt Held 88'782'137 64'200'000 10'283'711 8'740'770 8'013'201 5'457'647 3'896'788 3'199'070 1'565'820 846'639 754'760 678'226 118'287 110'000 70'692 50'000 40'554 37'985 35'000 33'000

% Out 36.25 26.21 4.2 3.57 3.27 2.23 1.59 1.31 0.64 0.35 0.31 0.28 0.05 0.04 0.03 0.02 0.02 0.02 0.01 0.01

Weighting

Change 1

Latest Chg 5'636 -

Target Price #N/A N/A

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt 15.02.2013 15.02.2013 30.06.2012 30.06.2012 15.02.2013 15.02.2013 15.02.2013 15.02.2013 15.02.2013 15.02.2013 31.12.2012 31.07.2012 30.04.2011 26.05.2012 12.07.2012 31.10.2012 15.02.2013 28.09.2012 15.02.2013 31.01.2013

Date Not Provided

Inst Type Corporation n/a Corporation n/a n/a n/a n/a n/a n/a n/a Investment Advisor Investment Advisor Investment Advisor n/a n/a n/a n/a Investment Advisor n/a n/a

Date 17.01.2013

27.02.2013

Iljin Electric Co Ltd Iljin Electric Ltd. manufactures and sells electric products. The Company's products include electric fittings, distribution lines, electrical equipment, and automated power distribution systems. Iljin also builds power cable systems and produces aluminum casting products used in automobiles. Through its subsidiaries, the Company operates communications and financial businesses.

Price/Volume 1.4 M

7000

1.2 M

6000

1.0 M

5000

.8 M

4000

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (02.03.2012) 52-Week Low (04.06.2012) Daily Volume Current Price (2/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 31.12.2012 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance 103590 KS EQUITY YTD Change 103590 KS EQUITY YTD % CHANGE

12/2011 09/yy 6'920.00 3'770.00 122'294.00 4000 -42.20% 6.10% 7.78% 37.1 148'321.56 236'886.27 0.0 0.0 37'720.20 372'408.63

.6 M

3000 2000

.4 M

1000

.2 M

0 f-12 m-12 a-12 m-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

Fiscal Year Ended 31.12.2007 Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

8000

31.12.2008 31.12.2009 458'523.5 877'593.0 0.70x 0.56x 51'544.7 75'404.9 6.23x 6.49x (24'281.9) 49'135.2 7.66x Profitability

LTM-4Q 31.12.2010 1'044'913.0 0.51x 53'608.6 9.86x 23'928.6 16.12x

LTM

FY+1

1.15 15.49 -40.92% -11.80% 1.150 1 1.000 115'368 94'952 78'934 FY+2

FQ+1

FQ+2

31.12.2011 09/yy 09/yy 12/12 Y 12/13 Y 12/12 Q4 03/13 Q1 1'017'339.0 ######### ######### ######### ######### 280'300.0 239'400.0 0.42x 1.80x 1.69x 20'586.4 16'803.3 17'979.0 20.61x 22.88x 23.72x (11'578.0) (4'575.7) (8'486.2) 600.0 7'000.0 2'200.0 (2'000.0) 0.00x 0.00x S&P Issuer Ratings 20'586.40 Long-Term Rating Date 11'179.35 Long-Term Rating 1.10% Long-Term Outlook -1.16% Short-Term Rating Date -1.03% Short-Term Rating -2.53% Credit Ratios - EBITDA/Interest Exp. 1.24% (EBITDA-Capex)/Interest Exp. Net Debt/EBITDA 8.6% Total Debt/EBITDA 1.8% Reference 0.7% Total Debt/Equity -1.1% Total Debt/Capital Asset Turnover 1.07 Net Fixed Asset Turnover 0.70 Accounts receivable turnover-days 30.82% Inventory Days 70.97% Accounts Payable Turnover Day 7.86 Cash Conversion Cycle 9.09

Price/ Cash Flow

.0 M f-13

1.95 -2.67 12.33 14.74 71.0% 41.5% 1.24 2.22 46.56 40.25 41.67 39.95

Sales/Revenue/Turnover

45.00

1'200'000.0

40.00

1'000'000.0

35.00

800'000.0

30.00 25.00

600'000.0

20.00

400'000.0

15.00 10.00

200'000.0

5.00 0.00 03.01.2009 03.07.2009

0.0 03.01.2010 03.07.2010

03.01.2011 03.07.2011

03.01.2012 03.07.2012

03.01.2013

2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

27.02.2013

Iljin Electric Co Ltd Holdings By:

All

Holder Name ILJIN HOLDINGS CO LT NATIONAL PENSION SER DIMENSIONAL FUND ADV VANGUARD GROUP INC UOB ASSET MANAGEMENT DIMENSIONAL FUND ADV JOHN HANCOCK ADVISER JONES HEWARD INVESTM SAMSUNG INVESTMENT T ILJIN ELECTRIC CO LT DIMENSIONAL FUND ADV MAPS INVESTMENT MANA SHINYOUNG INVESTMENT JIN-WOO KIM YURIE ASSET MANAGEME MIRAE ASSET GLOBAL I KOREA INVESTMENT TRU NH-CA ASSET MANAGEME PRUDENTIAL ASSET MAN CHIN-KYU HUH

Firm Name EVA Dimensions Samsung Securities

Portfolio Name 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 Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios n/a

Analyst CRAIG STERLING SEUNGWOO KIM

Source Co File EXCH MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG Co File MF-AGG MF-AGG MF-AGG EXCH MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG EXCH

Recommendation underweight buy

Amt Held 20'023'411 1'557'017 467'543 108'980 80'000 44'880 33'420 27'880 11'196 8'121 2'690 2'438 1'900 1'590 1'470 780 380 150 132 -

% Out 54 4.2 1.26 0.29 0.22 0.12 0.09 0.08 0.03 0.02 0.01 0.01 0.01 0 0 0 0 0 0 0

Weighting

Change 1 5

M M

Latest Chg (386'021) (5'518) (282) (300) (26'850) (50) (1'740'839)

Target Price #N/A N/A 11'000

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt 30.06.2012 29.05.2012 31.07.2012 31.12.2012 31.12.2010 30.11.2012 30.04.2011 26.02.2013 28.09.2012 30.06.2012 30.11.2012 28.09.2012 28.09.2012 04.02.2009 28.09.2012 28.09.2012 30.09.2011 28.09.2012 30.06.2011 21.01.2011

Date Not Provided 12 month

Inst Type Corporation Investment Advisor Investment Advisor Investment Advisor Mutual Fund Manager Investment Advisor Investment Advisor Investment Advisor Investment Advisor n/a Investment Advisor Mutual Fund Manager Mutual Fund Manager n/a Mutual Fund Manager Investment Advisor Investment Advisor Mutual Fund Manager Mutual Fund Manager n/a

Date 15.01.2013 01.06.2011

27.02.2013

Chosun Refractories Co Ltd Chosun Refractories Co., Ltd. manufactures and markets firebricks, monolithic refractories, and other special refractories, such as ceramic materials and shroud nozzles. The Company supplies its products to the construction, steel, cement, and glass industries. Chosun Refractories also operates a golf course through its subsidiary.

Price/Volume 70000

.0 M

60000

.0 M

50000

.0 M

40000

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (05.03.2012) 52-Week Low (16.07.2012) Daily Volume Current Price (2/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 31.12.2012 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance 000480 KS EQUITY YTD Change 000480 KS EQUITY YTD % CHANGE

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

.0 M

20000

.0 M

10000 0 f-12 m-12 a-12 m-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

Fiscal Year Ended 31.12.2008 344'097.3 1.05x 15'737.0 22.90x 8'999.2 27.38x

.0 M

30000

12/2012 12/yy 66'900.00 58'100.00 857.00 63000 -5.83% 8.43% 53.41% 4.0 252'000.00 117'000.00 0.0 0.0 12'526.52 358'913.79

31.12.2009 31.12.2010 353'113.9 409'985.5 0.89x 0.76x 24'727.5 36'713.8 12.77x 8.54x 27'982.9 34'785.9 7.07x 6.11x Profitability

LTM-4Q 31.12.2011 465'542.3 0.67x 41'563.8 7.52x 29'221.4 7.12x

31.12.2012 498'488.7 27'342.5 41'563.80 27'808.68 5.58% 8.47% 4.34% 6.46% 5.86% 0.69% 14.0% 8.9% 5.6% 5.5% 1.30 0.61 17.43% 25.94% 5.97 4.18

Price/ Cash Flow

LTM

12/yy 12/yy 465'542.3 498'488.4 2.69x 1.87x 41'563.8 24'679.7 7.52x 0.00x 29'221.4 27'342.1 7.12x 0.00x

4.76 0.71 1.44 3.03% 5.35% 0.706 1 5.000 2'292 1'259 1'183

FY+1

FY+2

FQ+1

FQ+2

12/13 Y

12/14 Y

03/13 Q1

06/13 Q2

S&P Issuer Ratings

.0 M f-13

7.39 6.47 2.51 2.81 25.9% 20.6% 0.69 5.36 61.11 87.31 29.28 119.14

Sales/Revenue/Turnover

16.00

600'000.0

14.00

500'000.0

12.00

400'000.0

10.00 8.00

300'000.0

6.00

200'000.0

4.00

100'000.0 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

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 |

27.02.2013

Chosun Refractories Co Ltd Holdings By:

All

Holder Name CHOSUN REFRACTOR IN-OK LEE HWA-IL LEE DAEHAN CERAMICS CO L KOREA INVESTMENT TRU KROSAKI HARIMA CORP SHINYOUNG INVESTMENT DIMENSIONAL FUND ADV VANGUARD GROUP INC DIMENSIONAL FUND ADV JOHN HANCOCK ADVISER WON-SEOK O DONG-HO BAE SAMSUNG INVESTMENT T GI-BAE LEE PIL-GYUN PARK PRUDENTIAL ASSET MAN IL-YEOL SEO BESSEMER GROUP INCOR MIRAE ASSET GLOBAL I

Firm Name EVA Dimensions

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 n/a Multiple Portfolios n/a n/a Multiple Portfolios n/a Multiple Portfolios Multiple Portfolios

Analyst CRAIG STERLING

Source Co File EXCH EXCH EXCH MF-AGG Co File MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG Co File Co File MF-AGG Co File Co File MF-AGG Co File MF-AGG MF-AGG

Recommendation buy

Amt Held 750'000 714'075 698'028 351'712 84'045 40'000 19'254 14'275 4'506 2'080 1'489 637 507 453 300 200 144 101 73 18

% Out 18.75 17.85 17.45 8.79 2.1 1 0.48 0.36 0.11 0.05 0.04 0.02 0.01 0.01 0.01 0.01 0 0 0 0

Weighting

Change 5

Latest Chg 4'221 448 (1'621) 476 (39) -

Target Price #N/A N/A

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt Inst Type 31.12.2011 n/a 23.05.2012 n/a 30.05.2012 n/a 02.08.2012 n/a 28.09.2012 Investment Advisor 31.03.2012 Corporation 28.09.2012 Mutual Fund Manager 31.07.2012 Investment Advisor 31.12.2012 Investment Advisor 30.11.2012 Investment Advisor 30.04.2011 Investment Advisor 31.12.2011 n/a 31.12.2011 n/a 28.09.2012 Investment Advisor 31.12.2011 n/a 31.12.2011 n/a 28.09.2012 Mutual Fund Manager 31.12.2011 n/a 31.10.2012 Investment Advisor 28.09.2012 Investment Advisor

Date Not Provided

Date 15.01.2013

27.02.2013

Dongaone Co Ltd Dongaone Co., Ltd. is a flour mill and animal feed company. The Company's production involves the manufacturing, development, and distribution of its bakery flour and powder, primarily through business-to-business markets. DongA One's animal feed industry is divided into feed for chickens, pigs, dogs, fish and pets with facilities in Dangjin and Wonju South Korea. Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (12.03.2012) 52-Week Low (05.02.2013) Daily Volume Current Price (2/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 17.01.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance 008040 KS EQUITY YTD Change 008040 KS EQUITY YTD % CHANGE

Price/Volume

12/2012 12/yy 5'070.00 2'465.00 94'208.00 3100 -38.86% 25.76% 22.07% 65.2 202'059.08 322'970.37 0.0 0.0 6'882.45 551'975.37

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

12.0 M

5000

10.0 M

4000

8.0 M

3000

6.0 M

2000

4.0 M

1000

2.0 M

0 f-12 m-12 a-12 m-12 j-12

j-12

a-12 s-12 o-12 n-12 d-12

j-13

.0 M f-13

Fiscal Year Ended 31.12.2008 243'694.8 1.84x 7'832.9 57.22x (38'220.9) -

6000

31.12.2009 31.12.2010 398'764.8 408'688.3 1.11x 1.08x 32'798.7 32'301.6 13.55x 13.69x 5'252.2 3'410.3 31.83x 50.08x Profitability

LTM-4Q 31.12.2011 433'926.3 1.31x 11'949.5 47.44x (10'581.5) -

31.12.2012 512'633.8 10'607.4 11'949.46 14'279.36 2.79% -2.98% -2.04% -5.63% 0.83% 11.1% 2.8% 2.8% 2.1% 0.75 0.45 58.47% 165.54% 4.84 5.71

Price/ Cash Flow

LTM

12/yy 12/yy 433'926.3 512'634.3 4.67x 3.04x 3'404.8 18'886.2 0.00x 0.00x (10'581.5) 10'607.1 0.00x 0.00x

0.65 0.69 22.28 -31.91% 2.99% 0.687 0 89'155 116'288 152'564

FY+1

FY+2

FQ+1

FQ+2

12/13 Y

12/14 Y

03/13 Q1

06/13 Q2

S&P Issuer Ratings

1.00 0.64 25.84 27.03 165.5% 62.3% 0.83 2.75 75.39 63.96 18.12 121.23

Sales/Revenue/Turnover

14.00

600'000.0

12.00

500'000.0

10.00

400'000.0

8.00

300'000.0 6.00

200'000.0 4.00

100'000.0

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

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 |

27.02.2013

Dongaone Co Ltd Holdings By:

All

Holder Name KOREA FLOUR MILLS HI-SANG LEE GEON-HOON LEE DONGAONE CO LTD DELTA CO LTD JAE-MAN JEON CHANG-MU YIM DIMENSIONAL FUND ADV CHANG-SHIK RHEE YOUNG-HWA JEONG EMPLOYEE STOCK OWNER GEON-HUI JEONG DONG-HWAN NO GYEON-PYO HAN GYEONG-TAEK YU BYEONG-SUN CHOI DAE-CHAN GANG DIMENSIONAL FUND ADV YEONG-HWA KIM SANG-HO KIM

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 n/a n/a n/a n/a n/a Multiple Portfolios n/a n/a

Analyst

Source EXCH EXCH EXCH Co File EXCH EXCH EXCH MF-AGG EXCH EXCH Co File Co File EXCH EXCH Co File EXCH EXCH MF-AGG Co File EXCH

Recommendation

Amt Held 31'515'497 5'361'571 1'928'128 1'564'230 1'500'000 300'000 202'396 186'830 182'210 133'457 58'320 29'500 25'000 20'000 17'800 16'990 16'490 14'240 12'160 10'910

% Out 48.35 8.23 2.96 2.4 2.3 0.46 0.31 0.29 0.28 0.2 0.09 0.05 0.04 0.03 0.03 0.03 0.03 0.02 0.02 0.02

Weighting

Change

Latest Chg (4'500'000) -

Target Price

#N/A N/A

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt 04.01.2013 04.01.2013 04.01.2013 30.06.2012 13.02.2012 04.01.2013 04.01.2013 31.07.2012 04.01.2013 04.01.2013 30.06.2012 30.06.2012 04.01.2013 04.01.2013 30.06.2012 04.01.2013 04.01.2013 30.11.2012 30.06.2012 31.12.2012

Date

Inst Type Corporation n/a n/a n/a n/a n/a n/a Investment Advisor n/a n/a n/a n/a n/a n/a n/a n/a n/a Investment Advisor n/a n/a

Date