( )

( ) ( ) 2004 40 2004 5 21 2004 40 2004 3 24 ( ) 2005 5 21 2005 3 31 1 2 2003 12 9 3 4013 19-20 4 5 1

6 1.1 7 0755-83026688 8 9 ( ) 4400 40 4400 40 2200 20 11000 100 1 1952 1956 1964 1937 1941 1941 2

2 1959 1944 1982 1971 3 1964 2002 10 1967 2002 10 1968 2002 10 4 1978 2001 4 2003 10 2003 10 2004 5 3

2005 1 1972 1996 1996 10 2002 6 2002 6 2003 9 2004 5 5 1 2 1984 1 1 3 4 55 5 100032 6 7 1710.24 8 9 010-66107333 10 010-66106904 11 4

1 4013 19 0755-83026888 0755-83026677 2 127 12A04 010-66419318 010-66419316 1 55 010-66107900 2 618 171 021-62580818 177 3 171 021-54033888 4 68 5

400 8888 108 5 98 021 53594566 4125 6 1030 010-84864818 63266 7 35 C 010-66568587 8 26 2611 020-87555888 9 1012 0755-82133066 10 6

5047 10 24 25 0755-82493863 4013 19-20 0755-83026688 E 9 / 010-65171188 010-65176800 010-65171188 010-65176811 1 010-65246688 010-85188298 7

A 65% 30% 5% 45-75% 20-50% 5-10% 8

1 1 2 / / / 3 80% 20% 80% 20% 80% 20% 20% a. Key Factor Model 9

40-45% b. (Core Competence Analysis) ROE c. PEG EV/EBITDA PEG P/E G 3 PEG 10

PEG PEG PORTER 5 10% 2 3 1 2 3 4 5 11

6 7 8 65% 35% 2005 3 31 984,791,163.60 69.36% 323,798,200.26 22.81% 101,102,569.23 7.12% 10,047,400.54 0.71% 1,419,739,333.63 100.00% A B 73,029,973.20 5.18% C 178,201,223.03 12.65% 12

C0 7,877,964.39 0.56% C1 C2 C3 546,225.30 0.04% C4 C5 C6 135,916,036.12 9.65% C7 1,527,156.00 0.11% C8 32,333,841.22 2.29% C99 D 142,170,038.15 10.09% E 494,103.54 0.04% F 388,289,028.08 27.56% G H 38,864,373.30 2.76% I 87,303,905.05 6.20% J 5,331,988.97 0.38% K 46,265,653.20 3.28% L 24,840,877.08 1.76% M 984,791,163.60 69.89% 1 600900 13,604,584 117,679,651.60 8.35% 2 600009 5,354,657 88,351,840.50 6.27% 3 600036 10,092,937 87,303,905.05 6.20% 4 600377 12,271,191 74,854,265.10 5.31% 5 600018 3,870,767 63,828,947.83 4.53% 6 600019 8,758,700 54,041,179.00 3.84% 7 000022 1,541,879 49,679,341.38 3.53% 8 000039 1,701,879 46,801,672.50 3.32% 9 000069 5,198,388 46,265,653.20 3.28% 10 000538 1,603,066 32,333,841.22 2.29% 18,748,000.00 1.33% 280,518,333.33 19.91% 24,531,866.93 1.74% 323,798,200.26 22.98% 13

1 04 03 99,950,000.00 7.09% 2 04 01 60,051,000.00 4.26% 3 04 15 50,470,000.00 3.58% 4 04 10 50,000,000.00 3.55% 5 04 19 20,047,333.33 1.42% 1 2 3 750,000.00 3,169,024.96 6,073,215.58 55,160.00 10,047,400.54 4 1 125932 9,792,937.00 0.70% 2 126002 2 2,346,388.03 0.17% 3 110037 1,924,123.30 0.14% 4 110418 1,870,376.00 0.13% 1-3 2-4 1 2 3 4 2004.5.21 2004.12.31 1.48% 0.54% -19.17% 1.33% 20.65% -0.79% 2005.1.1 2005.3.31 4.37% 0.75% -7.04% 1.33% 11.41% -0.58% 2004.5.21 2005.3.31 5.91% 0.60% -24.86% 1.33% 30.77% -0.73% 14

15-30.00% -25.00% -20.00% -15.00% -10.00% -5.00% 0.00% 5.00% 10.00% 04-5- 31 04-6- 30 04-7- 31 04-8- 31 04-9- 30 04-10- 31 04-11- 30 04-12- 31 05-1- 31 05-2- 28 05-3- 31 1 2 3 4 5 6 7 1 1.5% H=E 1.5% H E

2 0.25% H E 0.25% H E 3 3 7 3 1 M M<100 1.5% 100 M<1000 1.2% 1000 M<5000 1.0% M 5000 0.5% 16

2 0.5 25 N N<1 0.5% 1 N<3 0.3% N 3 0 3 25 (320001) (320002) M<100 1.5% 100 M<1000 1.2% 1000 M<5000 1.0% 0 M 5000 0.5% N<1 0.5% 1 N<3 0.3% N 3 0 0 17

18 ( ) 3 2004 12 31 1 2

3 4 5 6 7 8 2005 3 31 9 2005 3 31 10 11 12 1 2005 1 22 2 2005 1 24 3 2005 1 26 4 2005 2 26 5 2005 3 24 19

6 2005 4 14 2005 5 21 2005 6 29 20