Address : Daewoo Center, 541, 5-ga, Namdaemunno, Jung-gu,

Seoul, 100-714, Korea

Telephone : +82-2-2288-3334

Facsimile : +82-2-2288-3368, 3672

http: // www.daewooenc.com

Daewoo Engineering & Construction Co., Ltd.

Annual Report 2003

Annual Report 2003 01

Company Profile

Founded in 1973 Daewoo E&C has grown to become one of the

best engineering and construction companies in Korea. With our

strong commercial competitiveness and extensive technical expertise

of more than 3,500 professional staff, Daewoo E&C is becoming a

world leader in our core business fields of power plants,

petrochemical plants, LNG facilities, high-rise buildings and large-

scale civil projects.

For the last several years Daewoo E&C has topped most of the other

leading Korean construction companies in key commercial

indicators such as total amount of new contracts,

operating income, net profits, amount of public

works, and the number of residential apartments

built. Daewoo E&C also has a most healthy balance

sheet with total assets over US$ 4 billion and a debt-to-

capital ratio of 1.79.

Our worldwide experience covers more than 30 countries spreading

across five continents. With support from 28 branch offices and

subsidiaries in Asia, Middle East, Africa, Europe and America, we are

currently executing 30 overseas projects. In terms of international

performance Daewoo E&C is positioned within ENR’s 50 top global

contractors.

With innovation and creativity Daewoo E&C remains focused on

providing best value for its customers and clients in Korea and all

around the world.

CONTENTS

Company Profile

Management Policy

Financial Highlights

CEO Message

Company Chronology

Review of Operation

HSE & Quality

Financial Section

Organization

Overseas Networks

01

02 03

03

04 05

06 07

08 13

14 15

16 57

58 59

60

Daewoo Provides Global Expertise For a Better Future

Financial HighlightsManagement Policy

02 Management Policy / Financial Highlights Annual Report 2003 03

Sales Up 23% To US$ 3.53Billion

{2002 - US$2.87Billion}

Operating Income US$ 261.1Million

{2002 - US$258.8Million}

New Contracts Up 17% To US$5.06Billion

{2002 - US$4.32Billion}

Total Sales 4,231,084 3,451,065 3,532,379 2,874,929

Operating Income 312,693 310,680 261,056 258,813

Net Income 163,745 121,644 136,705 101,335

Total Assets 5,300,933 4,860,447 4,425,558 4,049,023

Current assets 3,349,445 2,986,693 2,796,331 2,488,081

Non-current assets 1,951,488 1,873,754 1,629,227 1,560,941

Total Liabilities 3,398,458 3,126,161 2,837,250 2,604,266

Current liabilities 1,889,337 1,362,517 1,577,339 1,135,052

Long-term liabilities 1,509,121 1,763,644 1,259,911 1,469,214

Total Shareholders' equity 1,902,475 1,734,286 1,588,308 1,444,757

Total New Contracts 6,054,889 5,179,940 5,055,008 4,315,178

Total Backlog 14,112,212 12,065,747 11,781,777 10,051,439

2003

In Millions of Korean Won

In Millions of US $

In Thousands of US $

2002 2003 2002

Accounts in Korean Won have been translated into US dollars at KRW 1,197.80/US$,

and 1,200.40/US$, the prevailing rates on December 31, 2003 and 2002, respectively.

CEO Message

04 CEO Message Annual Report 2003 05

Dear Shareholders,

In conveying our sincere appreciation for yourencouragement and support, it is an honor for me topresent these highlights of our achievements duringthe past year.

I am delighted to say that 2003 proved to be anexceptional year with overall performanceoutstripping our planned business targets. There isno doubt that we achieved our ambition of being"New and Strong".

In 2003 we celebrated our 30th anniversary since thecompany was formed in 1973 and I feel it is worthreflecting on our successful independence from theDaewoo Group, despite the enormous difficultiesand hardships that we faced. All our employeesworked relentlessly as a team with dedication anddevotion towards the rebirth of Daewoo E&C asKorea's leading contractor. The spin-off processbegan on 27th December 2000 and through ourcollective efforts we have achieved progressivelyimpressive results through 2001, 2002 and 2003.Our total commitment was rewarded by thesuccessful conclusion of the 3-year and 9-monthworkout on 30th December 2003.

We have now set a solid foundation for viablegrowth in our core business fields of power plants,petrochemical plants, LNG facilities, high-risebuildings and large-scale civil projects.

In 2003 our operational performance produced thebest results in the history of the company. We

BAK SE-HEOM President & CEO

received 6.05 Trillion Won in new orders, our totalsales increased to 4.23 Trillion Won and ourordinary income totaled 227 billion won.On the domestic front, last year saw our companybeing recognized as the best national contractor ingovernment orders and also in housing supply. Withthe award of mammoth projects including 14turnkey governmental orders and the New WolsungNuclear Power Plant Nos. 1 & 2, our company hasmaintained its position as the leading governmentcontractor. At the same time, our Housing Divisionhas performed exceedingly well by supplying morethan 21,000 new homes across the nation. Thisachievement has enabled us to remain the leadinghousing contractor for 3 consecutive years.

Internationally, we had to face many new challengesin 2003. The Iraq conflict caused a slow down inbusiness, particularly in the Middle East and theoutbreak of SARS (Severe Acute RespiratorySyndrome) affected our projects in Libya whereentry restrictions were imposed on nationals frommany Asian countries and disrupted our activities.

Despite such difficulties, we have succeeded instrengthening our overseas capabilities. The award ofBenghazi North Power Plant Project in Libya (USD290 Mil) serves to demonstrate the competitivenessof our EPC capabilities in the world market.In addition, we successfully concluded an agreementwith the Pakistani Government on the repaymentterms of our large outstanding receivables and thishas enhanced the company's liquidity.Our Branch Offices and subsidiaries around theworld are very active and are optimistic on the new

opportunities that are emerging.

As we head into 2004, we have adopted a new goal -“It’s Possible”. In portraying this motivating message,we wish to express our eagerness to tackle any projectand the commitment of all our employees toovercome the challenges in completing projects ontime and to a high standard of quality. As we allknow well, unforeseen events or unexpectedcircumstances always seem to arise and it is ourability to cope with such setbacks that distinguishesour company when it comes to successfullydelivering large-scale projects to the full satisfactionof our clients.

Before closing, I would like to take this opportunityto thank our directors, staff and employees for alltheir hard work and splendid achievements last year.As we look to the future, we will continue to developDaewoo E&C as a best value company throughsustainable growth and maximum returns for theshareholders and investors.

I can assure you that we are passionately committedto this task and we look forward to your continuedconfidence and support.

1970’s

1980’s

1990’s 2000’s06 Company Chronology Annual Report 2003 07

1970’s 2000~

1980’s

1990’s

Company Chronology

�Received Safety Award from Exxonmobil for 5 Mil. Man-Hours without LTI Incident on the

QIT Infrastructure Project

�Awarded Grand Prize, National Convention for Case Studies of Construction Site Safety Measures

�Awarded contract for Dhauliganga Hydroelectric Power Plant, India

�Completed the ASEM and Trade Center, Seoul

�Completed New Incheon International Airport, Korea

�Exported core nuclear power plant construction technology to Taiwan

�Received Safety Award from NLNG from 8 Mil. Man-hours without LTI on the Nigeria LNG Project

�Daewoo Engineering & Construction established as an independent corporate entity

�Awarded contract for Cawthorne Channel Associated Gas Gathering Project in Nigeria

�Awarded contract for Benghazi Hospital Project in Libya

�Awarded KEDO nuclear power plant, main equipment installation

�Completed the Malaysia Telecom HQ Building

�Completed the Hadong Thermal Power Plant #5,6

�Awarded contract for WLGP Project, WAFA Desert, Libya

�Won the Gold Prize for the Korea Nuclear Technology

�Awarded contract for the Construction of Seoul Subway Line #9, Unit 901

�Start of the New International Harbor in Dalian Huanghai, China

�Received Safety Award from NLNG for 5 Mil. Man-hours without LTI on the

Nigeria LNG Expansion Project

�Awarded contract for the LNG Expansion Train #5

�Awarded contract for the Cell Trion Biopharmaceutical Manufacturing Facility,

the first AIDS Vaccine Factory in the World

�Received Safety Award from NHPC for 4.1Mil. Man-hours without LTI on the

Dhauliganga Hydroelectric Power Project

�Awarded contract for Busan-Keoje Fixed Link Private Participation Project, Korea

�Awarded contract for the Benghazi Combined Cycle Power Plant, Libya

�Received Safety Award from AGIP B.V. for 5 Mil. Man-hours without LTI on the

West Libya Gas WAFA Plant Project

�Awarded contract for Shin-Wolsong Nuclear Power Plant Unit 1 and 2, Korea

�Received Safety Award from SPDC for 3 Mil. Man-hours without LTI on the

Cawthorne Channel Associated Gas Gathering Project

�Awarded contract for College of Information Techonology at Maqam Campus Package 1, UAE

2000

2001

2002

2003

�Established DAEWOO Construction Co., Ltd.

�Ground-breaking for DAEWOO Center Building, Korea’s largest office building

�Expanded into international market with projects in Ecuador

�Expanded international construction activities by entering Libya market

�Completed Dongjak Grand Bridge in Seoul, Korea

�Completed mammoth Okpo Shipyard, Korea

1973

1975

1976

1978

1979

�Completed Ulsan Thermal Power Plant Units 4, 5 and 6, Korea

�Selected as the 15th largest international construction company by ENR

�Entered overseas construction markets in Nigeria, Malaysia, Iran, and United Arab Emirates

�Completed Choongbu Highway, Korea

�Completed Subway Line No. 3 Construction Project, Seoul, Korea

�Expanded the Botswana and Indonesian construction markets

�Entered overseas construction markets in Cameroon, Algeria, Taiwan, USA, Japan, and Bangladesh

1981

1982

1983

1986

1988

�Awarded for the Asia Information Trade Center, Fukuoka, Japan

�Received U.S. ASME Certificate

�Awarded turnkey construction of a 347-km Lahore-Islamabad Motorway in Pakistan

�Awarded construction contract for Wolsung Nuclear Power Plant Units 3 and 4, Korea

�Awarded construction contract for Plaza Rakyat, Kuala Lumpur, Malaysia

�Entered Laos construction market with massive Houay Ho Dam Project on a B.O.T. basis

�First ever Korean Company to be received the ISO 9001 Quality Certificate

�Commenced construction of giant cement plant in Shandong, China

�Founded local corporation in Malaysia and received order for Vision City complex in Kuala Lumpur

�Awarded contract for the Malaysia Telecom HQ Building, Kuala Lumpur, Malaysia

�Completed construction of Tripoli Central Hospital, Libya

�Received orders for the Indonesian Bosowa Cement Plant

�Entered overseas construction markets in Poland, Philippines, Romania and the Ukraine

�Awarded contracts for Shanghai DAEWOO Center and Nigeria LNG Plant

�Commenced North Korean Light Water Reactor Construction Project

�Completed the Lahore-Islamabad Motorway, Pakistan

�Received Safety Award for 2 Mil. Man-hours without LTI on the Shedgum Gas Plant PhaseII Project

�Completed Unit 3, Wolsung Nuclear Power Plant, Korea

�Completed the Malaysian Vision City Office Tower, Kuala Lumpur

�Awarded contract for Sohar Harbor Construction, Oman

1990

1991

1992

1994

1995

1996

1997

1998

1999

Western Libya Gas- WAFA Plant

DAEWOO Center Building

Awoba Gas Plant

Inchon LNG Receiving Terminal ExtensionProject

Dongjak Grand Bridge

Tripoli Central Hospital

Nitrogenous Fertilizer Plant

Telekom Malaysia Headquarters Building

Hadong Thermal Power Plant

Civil Division

Annual Report 2003 09

Comparing the major achievements over the last three years, Daewoo E&C has been recording successively better resultsin annual performance. For New Contracts, the figures increased from US$ 3,378 Mil. in 2001, to US$ 4,315 Mil. in2002 and reached US$ 5,505 Mil. in 2003, which reflect an expansion rate of 20% ~ 30% per year. Regarding Sales, thefigures increased from US 2,293 Mil. in 2001, to US$ 2,875 Mil. in 2002 and reached US $ 3,532 Mil. in 2003,reflecting an expansion rate of over 20% per year.

These remarkable achievements were due to a combination of reasons including best technology, marketingcompetitiveness, effective project management, stable financial structure and united teamwork of all staff and employees.With the aim of becoming one of the world's leading engineering & construction firms in this new century, DaewooE&C is forging ahead with new confidence and strength.

In 2004, the company aims to consolidate the basis for long-term and stable growth by enhancing company value. Fromthis point of view, Daewoo E&C plans to concentrate on highly profitable business. Especially by sharpeningcompetitiveness in the hard-core businesses including energy, environmental facilities, environmentally friendly housing,high-speed railroads, SOC developments, our company will achieve added value and sustainable growth.

REVIEW OF OPERATION

Sales By Business Unit (In Million of US$) New Contracts By Business Unit (In Million of US$)

In 2003, Daewoo E&C made excellent progress in the domestic civil construction market including the award of 11mega-sized turnkey projects such as “Busan New Harbor Railroad Section 3”, “Pyeongtaek-Eumsung Highway Section7”, “Hwaseong Golf Club”, “Han River Sewage Culvert Improvement Section 4 & 5”, “Busan-Keoje Fixed Link PrivateParticipation Project”, “Seoun-Anseong Road Expansion and Pavement”.

This enabled Daewoo E&C to maintain its leading position for new contracts awarded in the industry for 3 consecutiveyears. In particular, the “Busan-Keoje Fixed Link Private Participation Project”, which is the biggest single domestic civilproject in Korea, includes such features as the advanced technology for the deep “Twin-Tube Immersed Tunnel” beingintroduced into Korea for the first time. Through such challenging projects Daewoo is setting new standards for itscapabilities at home and abroad.

The results for 2003 show the Civil Division’s share of Total Sales within the company as 26% (US$910 Mil) and theshare of Total Contracts as 28% (US$ 1,416 Mil).

Share of Total SalesCivil Division(910 Million US$)

Share of Total Contracts Civil Division(1,416 Million US$)

High Speed Railroad

Kulpochon Sewage Treatment Plant (600,000 T/D)

Busan Harbor Container Terminal

In Millions of US $ In Millions of US $

On the basis of the company’s domestic and international accomplishments over three decades, Daewoo E&C stands ona solid foundation of advanced technical expertise in a wide spectrum of plant projects. The company has also earnedASME, ISO 9001, ISO 14001 recognition for Quality, Environmental Management and Health & Safety Systems.Daewoo E&C’s reputation for outstanding technology and quality was further augmented by completion and operationof Korea’s Wolsong Nuclear Power Plant Units 3 & 4 (CANDU) in 1999. Daewoo E&C’s capabilities for successfullycompleting huge-scale plant projects can be further demonstrated by Seoincheon Combined Cycle Power Plant with acapacity of 4,000MW in Korea.

In 2003, the company’s newly awarded contracts enabled Daewoo E&C to achieve a market share of over 11% inDomestic Plant Construction. Based on the expertise and enhanced technology from the successful completion ofWolsong Nuclear Power Plant Units 3 & 4, in July 2003 Daewoo E&C won the contract for New Wolsong NuclearPower Plant Units 1 & 2, worth US$ 700 million. 2003. In addition, with its own “G7 Incineration Technology,”targeting both domestic and overseas markets, Daewoo E&C hasenhanced its reputation by winning Jinhae Incineration Plant project.Moreover, the Company secured the contract to construct IncheonNonhyun Energy Complex, leading to a stronger position in theEnergy field.

The results for 2003 show the Plant Division’s share of Total Saleswithin the company as 6% (US$208 Mil) and the share of TotalContracts as 9% (US$466 Mil).

Architectural Work DivisionPlant Division

10 Review Of Operation Annual Report 2003 11

In architectural works as well, Daewoo E&C ranked 1st in the amount of orders received for governmental and privateconstruction in 2003. Worthy of note are the awards of the “Police Comprehensive Academy Building”, “SeoulUniversity Graduate School Research Center”, “Gwangju Design Center”, “Kookmin Bank Call Center”, “YongdongSeverance Hospital Detached Building”, and impressive success has been achieved in the niche market of large-scaleresidential/commercial studios through the company's own “The O’ Ville” brand style.

The results for 2003 show the Architectural Work Division’s share of Total Sales within the company as 10% (US$345Mil) and the share of Total Contracts as 13% (US$ 649 Mil).

In 2004, Daewoo E&C has ambitious plans of supplying 1,200 houses with “The O’ Superium”, the upgraded versionof The O’ Ville, and six series of The O’ Ville projects such as Seoul national University Station The O’ Ville.

Share of Total Sales Plant Division(208 Million US$)

Share of Total ContractsPlant Division(466 Million US$)

Share of Total SalesArchitectural Work Division(345 Million US$)

Share of Total ContractsArchitectural Work Division(649 Million US$)

Tripoli Central Hospital

Wolsong Nuclear Power Plant Tongyeong LNG Terminal Project Seocho Kyobo Building Daeha Business Center Phase-I (Hotel)

Overseas Business DivisionHousing Division

12 Review Of Operation Annual Report 2003 13

Despite the unstable conditions in the world economy, Daewoo E&C continued to strengthen its position as a world-leading construction company during 2003. Currently, large-scale gas processing plants are under construction in Libyawith the AGIP WLGP WAFA DESERT Project, which is worth over US$ 194 million, and in Nigeria where theCAWTHORNE CHANNEL AGG Project and NLNG TRAIN 5 are worth more than US$ 300 million. Based onreliable performance, Daewoo E&C is increasing its market share in LNG Projects as well as Oil & Gas Projects andplans to expand its activities in the overseas markets this year including the Middle East.

The Company's extensive experience in petrochemical, environmental control and industrial plants has earned it ajustifiable reputation for constructing major complex facilities to meet the most stringent requirements of its clients.Daewoo E&C is also exerting utmost effort into the development of sophisticated technology to meet the diversifyingneeds in all plant construction areas.

The results for 2003 show the Overseas Business Division's share of Total Sales within the company as 16% (US$ 566Mil) and the share of Total Contracts as 3% (US$ 173 Mil).

By constructing 13,000 houses in 2001, 23,000 houses in 2002, and 21,000 houses in 2003 Daewoo E&C hasmaintained its top ranking in the supply of domestic houses. These outstanding results have led to impressivecommendations and awards such as the “The Best Apartment to Live Competition” hosted by Korea Housing BuildersAssociation and Maeil Business Newspaper.

In 2003, Daewoo E&C launched a new series of flats with the brand name “Prugio” and engaged in full-scale brandmarketing. The company also continued its efforts in the specialized market through "Miraesarang", the newlyintroduced residential/commercial building, and “Trump World”, the spectacular residential and commercial towerbuilding located in the center of the city. These exciting developments led to successes, not only in the Seoul and theareas surrounding the capital, but also in Busan, Daegu, Ulsan, Gimhae, and other regions.

The results for 2003 show the Housing Division’s share of Total Sales within the company as 42% (US$ 1,504 Mil)and the share of Total Contracts as 47% (US$ 2,351 Mil).

In 2004 Daewoo E&C will continue to promote the popular “Prugio” brand and expand into new niche markets inresponse to market changes in order to remain at the forefront of the domestic apartment housing industry.

Share of Total SalesHousing Division(1,503 Million US$)

Share of Total ContractsHousing Division(2,351 Million US$)

Share of Total Sales Overseas Business Division(566 Million US$)

Share of Total ContractsOverseas Business Division(173 Million US$)

Marina Condominium Phase-I, II, III

Daewoo Apartment - Interior Houay Ho Hydroelectric Power Station

Yoido Daewoo Trump World I Telekom Malaysia Headquarters Building NLNG Plant

14 Review Of Operation Annual Report 2003 15

HSE & Quality

About Health, Safety & Environmental

We, Daewoo E&C, consider safety, health, and environmental (HSE) performance to be of prime importance to ourbusiness and are totally committed to continual improvement in these areas.

We work closely with customers, suppliers, and contractors to implement a comprehensive safety, health, andenvironmental system. Our proven HSE management system integrates the highest international standards includingISO 14001(1996) and OHSAS 18001(1998) into each project phase and verifies our consistent and completeperformance.

We measure our performance through audit procedures and performance against annual objectives andtrainingachievement.

Using a total project approach, our experts strive to meet customers' HSE objectives and provide safe and effectivefacilities.

Major Awards & Safety Performance

Major Safety Awards2003 �The Prime Minister’s Safety Award for 2 Project

�The Korea Labour Minister’s Safety Performance Awards for 6 Projects �The Korea Occupational Safety & Health Agency’s Chief Director’s Award

for Excellence in Construction Safety Activities for 3 Projects2002 �The Korea President's Safety Award for Gulpochon Waterway Project

�The Korea Labour Minister's Safety Performance Awards for 5 Projects�The Korea Occupational Safety & Health Agency's Chief Director's Award

for Excellence in Construction Safety Activities for 2 Projects

Man-hours Without LTI

2003 �4,100,000 Man-hours without LTI on the Dhauliganga Hydroelectric Power Project in India

�5,000,000 Man-hours without LTI on the West Libya Gas WAFA Plant Poject �3,000,000 Man-hours without LTI on the Cawthorne Channel Associated

Gas Gathering Project in Nigeria�2,000,000 Man-hours without LTI on the Benghazi Central Hospital Project

in Libya

2002 �5,000,000 Man-hours without LTI on the Nigeria LNG Expansion Project

About Quality

Daewoo E&C sets its fundamental policy to stay as the leading company of Korea with competitiveness and continuousinnovation, by ensuring quality products based on technology and continuous improvement from total qualitymanagement of all employees.

Daewoo E&C establishes and controls the measurable Quality Objectives to achieve the Quality Policy, and implementsthe Quality Management System on all processes, including planning, feasibility-studying, engineering, purchasing,building, supervising, delivering and servicing. All the management and employees ensure the satisfaction andconfidence from customers by complying with the quality management system, and continuously improving theeffectiveness of the quality management system.

Recognized at home and abroad for its construction capabilities and excellence, Daewoo E&C was the first Koreanconstruction firm to receive the prestigious ISO 9001(2000) quality certification from BSI of the U.K.

Daewoo E&C has three certificates accredited by the ASME. Three certificates are NA / NPT / NS and it means thatDaewoo E&C has an acceptable quality assurance program and the capability to staff, equip and otherwise implementthe program according to the Code. Also, Daewoo E&C has certificates accredited by the NBBI. It means that theNational Board of Boiler and Pressure Vessel Inspectors offers to Daewoo E&C the Certificate of Authorization and "R"symbol stamp for the repair and/or alteration of boilers, pressure vessels, and other pressure-retaining items.

ASME NPTASME NAISO 9001ISO 14001

OHSAS 18001

ASME NS

Annual Report 2003 17

Report of Independent Auditors17 -18

Non-Consolidated Financial Statements

Balance Sheets 19 -20

Income Statements 21 -22

Statements of Appropriations of Retained Earnings 23

Statements of Cash Flows 24 -25

Notes to Financial Statements 26 -57

Financial Section

Report of Independent Auditors

To the Board of Directors and Shareholders ofDaewoo Engineering & Construction Co., Ltd.

We have audited the accompanying non-consolidated balance sheets of Daewoo Engineering & Construction Co.,Ltd. (the “Company”) as of December 31, 2003 and 2002, and the related non-consolidated statements of income,appropriations of retained earnings and cash flows for the years then ended, expressed in Korean Won. Thesefinancial statements are the responsibility of the Company’s management. Our responsibility is to express anopinion on these financial statements based on our audits.We conducted our audits in accordance with auditing standards generally accepted in the Republic of Korea. Thosestandards require that we plan and perform the audit to obtain reasonable assurance about whether the financialstatements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting theamounts and disclosures in the financial statements. An audit also includes assessing the accounting principles usedand significant estimates made by management, as well as evaluating the overall financial statement presentation.We believe that our audits provide a reasonable basis for our opinion. In our opinion, the non-consolidated financial statements referred to above present fairly, in all material respects, thefinancial position of Daewoo Engineering & Construction Co., Ltd. as of December 31, 2003 and 2002, and theresults of its operations, the changes in its retained earnings and its cash flows for the years then ended in conformitywith accounting principles generally accepted in the Republic of Korea.

Without qualifying our opinion, we draw your attention to the following matters.

As discussed in Note 28 to the accompanying financial statements, the Company was under a work-out program inaccordance with the work-out agreement made with the committee of creditors and financial institutions on March15, 2000. However, due to the improvement in its operating results and financial condition, the Company wasreleased from the work-out program based on the resolution by the committee of creditors and financial institutionson December 30, 2003.

Samil PricewaterhouseCoopersKukje Center Building191 Hangangro 2 ga, YongsankuSeoul 140-702, KOREA(Yongsan P.O. Box 266, 140-600)

Samil PricewaterhouseCoopers is the Korean member firm of PricewaterhouseCoopers. PricewaterhouseCoopers refers to the network of member

firms of PricewaterhouseCoopers international Limited, each of which is a separate and independent legal entity.

58 Organization / Overseas Business Division Annual Report 2003 59

Organization / Overseas Business DivisionOrganization / Company

60 SOverseas Networks

ASIA & OCEANIA

China

Beijing Lufhthansa Center Co., Ltd.50 Liangmaqiao Road, Chaoyang District, Bejing 100016, China Tel : 86-10-6465-1015, 1018 Fax : 86-10-6467-8332

Dalian Huaghai Harbour Co., Ltd.5-4-401 Block, 64, Changsheng Street,Zhuanghe City, Dalian, ChinaTel : 86-411-987-6071, 8486, 5800Fax : 86-441-987-6052

Gulin Daewoo Hotel Co., Ltd.Binjiang Nan Road, Gulin City, Guangxi Province, China Tel : 86-773-282-5588(Ext. 8833) Fax : 86-773-281-8655

India

Daewoo Power India Ltd.B-66, 2nd Floor Soami Nagar(North), New Delhi ? 110017, India Tel : 91-11-2649-6234 Fax : 91-11-2649-5225

Indonesia

Daewoo E&C Co., Ltd. Jakarta Branch Lippo Plaza, 15th Floor (#1501), Jl. Jend. Surdirman Kav. 25, Jakarta Selatan, Indonesia Tel : 62-21-520-3497 Fax : 62-21-520-3499

Japan

Daewoo E&C Co., Ltd. Tokyo Branch 4F, Kouji-Machi Takazen BLDG.8, 4-Chome, Kouji-Machi, Chiyoda-Ku, Tokyo 102-0083, Japan Tel : 81-3-5212-2241~3 Fax : 81-3-5212-2246

Malaysia

Daewoo E&C Co., Ltd. Malaysia Branch Suite 1605, 16th Floor, Kenanga International BLDG., Jalan Sultan Ismail 50250, Kuala Lumper, Malaysia Tel : 60-3-2161-9162 Fax : 60-3-2161-9163

RHB-Daewoo SDN.BHDSuite 1605, 16th Floor, KenangaInternational BLDG., Jalan Sultan Ismail 50250, Kuala Lumper, Malaysia Tel : 60-3-2161-9162 Fax : 60-3-2161-9163

Daewoo Engineering & Construction (M) Sdn BhdSuite 1605, 16th Floor, KenangaInternational BLDG., Jalan Sultan Ismail 50250, Kuala Lumper, Malaysia Tel : 60-3-2161-9162 Fax : 60-3-2161-9163

Palau

Daewoo E&C Palau Inc.P.O.Box 6065Koror 96940, PalauTel : 680-587-3001Fax : 680-587-3006

Pakistan

Daewoo E&C Co., Ltd.Islamabad BranchHouse No. 7-A, Streat No. 5, F-8/3,Islamabad, Pakistan,Tel : 92-51-285-5604Fax : 92-51-285-5605

Philippines

Daewoo E&C Co., Ltd. Manila Branch 29th Floor, Tower 1, The Enterprise Center, 6766 Ayala Ave. Cor. Paseo De Roxas, Makati City, Philippines Tel : 63-2-884-8361~4 Fax : 63-2-884-8578

Megaworld-Daewoo Corporation 29th Floor, Tower 1, The Enterprise Center, 6766 Ayala Ave. Cor. Paseo De Roxas, Makati City, Philippines Tel : 63-2-884-8361~4 Fax : 63-2-884-8578

Daewoo Corporation Philippines Inc29th Floor, Tower 1, The Enterprise Center, 6766 Ayala Ave. Cor. Paseo De Roxas, Makati City, Philippines Tel : 63-2-884-8361~4 Fax : 63-2-884-8578

Singapore

Daewoo E&C Co., Ltd. Singapore Branch P.O. Box 149 Towner Post Office Singapore 913225 Tel : 65-6846-1906 Fax : 65-6846-1206

Vietnam

Daewoo E&C Co., Ltd. Hanoi Branch5th Floor, Office Tower, Daeha Business Center, 360 Kim Ma Street, Ba Dinh District, Hanoi, Vietnam Tel : 84-4-831-5053

84-4-771-8836, 834-5837 84-4-831-5000(Hotel)

Fax : 84-4-834-5744

Daeha Company Limited 5th Floor, Office Tower, Daeha Business Center, 360 Kim Ma Street, Ba Dinh District, Hanoi, Vietnam Tel : 84-4-831-5053

84-4-771-8836, 834-5837 84-4-831-5000(Hotel)

Fax : 84-4-834-5744

Daewoo Hanel Corporation 2nd Floor, Office-Tower, Daeha Business Center, 360 Kim Ma Street, Ba Dinh District, Hanoi, Vietnam Tel : 84-4-831-5171 Fax : 84-4-831-5175

AFRICA

Libya

Daewoo E&C Co., Ltd.Libya OfficeRoom No. 218/219, Tower #2, GreatAl Fateh Tower, Tripoli, LibyaTel : 218-21-335-1560~2Fax : 218-21-335-1565Benghazi CityTel : 218-61-89872, Fax : 218-21-335-1565

Morocco

Daewoo-Rabat S.AAviation Souissi, Rabat, MoroccoTel : 212-61-188735Fax : 212-37-672414

218-21-335-1565

Nigeria

Daewoo E&C Co., Ltd.Nigeria OfficePlot 1608, Adeola Hopewell Street,Vll Cop Box 8686, Lagos, NigeriaTel : 234-1-261-3422, 0276Fax : 234-1-262-2110

Daewoo Nigeria Ltd.Plot 1608, Adeola Hopewell Street,Vll Cop Box 8686, Lagos, NigeriaTel : 234-1-261-3422, 0276Fax : 234-1-262-2110

AMERICA

U.S.A.

Daewoo America Development(New York) Corporation.725 5th Avenue, 26th FloorNew York N.Y. 10022, U.S.ATel : 1-212-715-7291

1-212-715-7255Fax :1-212-223-4749

MIDDLE EAST

Iran

Daewoo E&C Co., Ltd.Tehran BranchNo.225, Mizay Shirazi Ave.Tehran, Iran 15867Tel : 98-21-855-4441~3Fax : 98-21-855-4440

Daewoo E&C IranNo.225, Mizay Shirazi Ave.Tehran, Iran 15867Tel : 98-21-855-4441~3Fax : 98-21-855-4440

Saudi Arabia

Daewoo Arabia Ltd.P.O.Box 691, Dhahran Airport 31932,Kingdom of Saudi ArabiaTel : 966-3-898-3275Fax : 966-3-895-2429

U.A.E.

Daewoo E&C Co., Ltd.Middle East BranchP.O. Box 74806,Office No. 101, Al MoosaTower 2, Sheikh Zayed Road,Dubai, UAETel : 971-4-3325-637Fax : 971-4-3325-638

EUROPE

United Kingdom

Daewoo E&C Co., Ltd.London BranchGround Floor Suite Hygeia Building66-68 Collage Road Harrow,Middlesex HA1 1FD,United KingdomTel : 44-20-8901-2881Fax : 44-20-8861-3852

Blue : Branch Office / Green : Subsidiary

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