Doosan Corp.

IR Presentation

2010. 12.

TABLE OF CONTENTS

Doosan Group’s TransformationDoosan Group’s Transformation11

D C ’ B i O i & P fD C ’ B i O i & P f22

Doosan Corp’s Value as a Holding CompanyDoosan Corp’s Value as a Holding Company33

Doosan Corp’s Business Overview & PerformanceDoosan Corp’s Business Overview & Performance22

Doosan Corp s Value as a Holding CompanyDoosan Corp s Value as a Holding Company33

Appendix : Financials Highlights Introduction of EMAppendix : Financials Highlights Introduction of EMAppendix : Financials, Highlights, Introduction of EMAppendix : Financials, Highlights, Introduction of EM

Disclaimer

The information herein is provided for your information purposes only and contains preliminary figures which may be materially different from the final figures. We make no guarantees and assume no responsibility for i t t d i i W t t d i i ill b b d i d d t j d t

1

investment decisions. We trust your decisions will be based on your own independent judgment. The financial data in this presentation is non-consolidated basis.

Shareholding Structure of Doosan Group

Doosan Corp • As of Nov. 30, 2010• Listed, Unlisted

(Unit: %)OperatingBusiness EM, Mottrol, Fashion, Glonet, I&C

Doosan Heavy41.3%

DIP Holdings100%

Oricom69.2%

• Feed & Livestock 100%• Doosan Tower 100%• Doosan Dong-A 100%g

E i C it l5)D I fC&E4) DPS6) 100%SRS2)

50.9%DST1)

50.9%

KAI3)

Engine53.0%

Capital5)

20.0%Doosan Infracore

38.8%C&E4)

72.8%

73% 27%

Babcock & Skoda

DPS ) 100%

Samhwa24%

1) DST : Defense System & Technology 4) C&E : Merged Mecatec on Nov. 1.

10.5% 73% 27%Bobcat24%

Sold on Oct.

2

2) SRS : System Restaurant Service (KFC & Burger King) 5) Capital : Infracore owns 20% shares beside Doosan Heavy3) KAI : Korea Aerospace Industries 6) DPS : Doosan Power Systems※ Minority shares held by affiliates not displayed

Change from Consumer Goods to ISB*

Business mix (Sales)Business mix (Sales)

3.4tn 23.4tn

( )( )

(Unit: KRW tn)

(Unit: KRW tn)

IndustrialGoods(33%)

Sales from ISB : KRW 19.8tn

Subsidiaries Sales (Total)

ISB*(85%)

7.33.22.52.0

• Doosan Heavy• Doosan Infracore• Doosan Const.• DII (Bobcat)

ConsumerGoods(67%)

1.91.80.70.4

• Doosan Engine• Doosan Power System• Doosan Mecatec• Doosan Mottrol

Sales from Non-ISB : KRW 3.6tn

’10(E)

Non-ISB(15%)

’98

3

’10(E)’98* Infrastructure Support Business

Change from Local Leader to Global Leader

Top-tier Position in Global MarketTop-tier Position in Global Market

DoosanHeavy

• Nuclear Power Reactor• Desalination MSF1)y• HRSG2)

• Crankshaft • Casting/Forging

E tDoosanInfracoreISB

• Excavator • Machine Tools• SSL/CTL3)

• Attachment

EngineE&C

• Portable Air Compressor

• Ship Engine • CPE (Chemical Process Equipment)

1) MSF : Multi Stage Flashing

Non-ISB Elector-Material • CCL (Copper Clad Laminator)

4

1) MSF : Multi –Stage Flashing2) HRSG : Heat Recovery Steam Generator3) SSL : Skid Steer Loader, CTL : Compact Track Loader

WHY ISB?

• As it gets more urbanized, Infra-structure business, such as power plants, civil/housing engineering, construction equipments, desalination, etc. becomes more necessary to support these changes

1100mn of People increased between ’00~’15

No. of cities with more than 0.5mn people Increased 146 cities

(Unit: 100 Mn)Less Developed countriesMore Developed countries

Population of Urban in the World

p p

(Unit: No. of cities)

39X 1.4

869

1,015X 1.332

X 1.5

X 1 3

28

20

10

29 783869

23

※ Source : UN World Urbanization Prospects (2005 Revision

X 1.38

’00

10

’15(E) ’00 ’05 ’15(E)’05

9

5

※ Source : UN World Urbanization Prospects (2005 Revision Population Database)

TABLE OF CONTENTS

Doosan Group’s TransformationDoosan Group’s Transformation11

Doosan Corp’s Overview & Business PerformanceDoosan Corp’s Overview & Business Performance22

Doosan Corp’s Value as a Holding CompanyDoosan Corp’s Value as a Holding Company33

Appendix : Financials, Highlights, Introduction of EMAppendix : Financials, Highlights, Introduction of EM

6

Doosan Corp. – Outline

• Doosan corporation is an operating holding company

[as of Nov.30, 2010]

63% 21% 16%

Assets Assets as of Sep 30, 2010as of Sep 30, 2010 (Total Asset W2.9tn)(Total Asset W2.9tn)CEO James B. Bemowski

Paid-in Capital W154.1 bn

T t l Sh 30,812,425 SharesInvestment Current

Tangible/Intangible

63% 21% 16%Total Shares 30,812,425 Shares(Com. 25,042,611)

Market Cap. W3,796.9bn

Credit Rating A060%

Equity Method Securities W1.756tnEmployees 2,700

q y

Sales Breakdown by BusinessSales Breakdown by Business

’09 Results (Sales W1.2tn) ’10(E) Results (Sales W1.5tn)[as of Nov.30, 2010, Common Shares]

Others22.8%

Treasury Shares26.6%

11%

I&C2)5%

Others

10%I&C

13%

Mottrol3)

09 Results (Sales W1.2tn) 10(E) Results (Sales W1.5tn)

YongkangFoundation 2 0%

Park family34 0%

Foreign14.6%

47%

Fashion21%

Glonet 16% EM1) 48%

Fashion

14%Glonet

10%

15%

EM

7

Foundation 2.0% 34.0% Fashion1) EM: Electro-Materials 2) I&C: Information & Communication3) Including only 2H of sales from Mottrol

Reorganization of Business Portfolio

• Selection & Concentration : Restructured its business from 12 to 4 business• Merge completion of Doosan Mottrol as of Jul 1, 2010, Fashion business will be closed as of Dec 31, 2010

2007 2008 20092006 2010 7/1 2011

12 Business 4 Business

Electro-Materials

Fashion

Electro-Materials

FashionEnd in Dec. 2010

+Glonet

MottrolTrading

R&D

BIO

I&C

• Transfer at W12bn in Oct. 2007

• Spun off in Dec. 2007

I&C

Magazine

Tower

• Spun off in Oct. 2008

• Disposal at W105bn in Nov. 2006• Disposal at W400bn

in Nov. 2008

Publishing

Food

Techpack

8

• Disposal at W503bn in Mar. 2009Liquor

2010 Outlook

• We expect operating revenue to grow by 42% and operating income to turn in black in 2010– In self-operating business, we expect sales and OP to improve by 33% and 53% YoY– The 3Q accumulated operating revenue & income achieved 74% and 79% versus 2010 Outlook

Income Statement

3Q10 2010

(Unit: KRW bn, %)

2009 3Q10(YTD) YoY 2010

Outlook YoY

Operating Revenue 1,203.1 1,265.2 +42.9% 1,710.1 +42.1%

- Self-Operating Biz Sales 1,161.6 1,143.0 +34.2% 1,546.1 +33.1%

- Equity Method Gain 41.5 122.2 +259.4% 164.0 +295.2%

Operating Cost 1 241 1 1 034 3 +5 4% 1 418 1 +14 3%Operating Cost 1,241.1 1,034.3 +5.4% 1,418.1 +14.3%

- COGS/SG&A 1,078.2 1,029.0 +31.6% 1,418.1 +31.5%

- Equity Method Loss 162.9 5.3 -97.3% - -100.0%

Operating Income -38.0 230.9 TB 292.0 TB

- Self-Operating Biz OP 83.4 114.0 +63.8% 128.0 +53.4%

9

- Equity Method G/L -121.4 116.9 TB 164.0 TB

Operating Business Performance [Yearly Trend]

• Sales and OP have continuously increased since 2006• In 2010, we expect sales and OP to grow by 33% and 53% YoY

Yearly Sales & OP since 2006

(Unit: KRW bn,%)Sales +33%OP +53%

1,546.1

1 161 6

Sales128.0

859.6 890.4999.0

1,161.6

OP(%)

(8.3)

29.0(3 4)

58.8(6.6) 47.8

(4.8)

83.4(7.2)

Aft 2Q S l d OP i 2010 i d b 30% d 188% t fl t b tt 1H10 lt

(%)

’10(E)*’06

(3.4)

‘07 ‘08 ‘09

10

• After 2Q, Sales and OP in 2010 were revised up by 30% and 188% to reflect better 1H10 results- Only 2H of Sales and OP from Mottrol are added

Operating Business Performance [Quarterly Trend]

• In 3Q10, sales rose 39% YoY to KRW443.3bn and OP grew 12% YoY to KRW39.0bn– By merging Mottrol in July 1st , Doosan Corp’s sales and OP in 3Q10 showed continuous growth trend YoY

(3Q10 Mottrol Sales KRW 93.3bn, OP KRW 13.8bn)

Quarterly Sales & OP

(Unit: KRW bn,%)

Sales +39%OP +12%

381.1

443.3Mottrol

93.3

318.6290.9

319.1 310.0

241.5Sales

30.5(9.6)22.1

(7.6)

34.9(10.9)

13.8

44.5(11.7)

19.2(7.9)

39.0(8.8)

OP(%)

’10.1Q2Q 3Q 4Q

(4.6)

2Q’09.1Q

( )

3Q

( )

11

EBITDA 39.631.3 44.2 24.6 53.827.5 50.3• Considering disposed alcoholic beverage business(W6.5bn), the 1Q09 operating profit of W19.2bn is actually W12.7bn

Business Units – Sales & OP [Yearly Trend]

• Electro Materials – Dominant market leader in MCCL* & FCCL*

• Fashion – Local licensing franchise for POLO Ralph Lauren (U it KRW b %)(U it KRW b %)

516.0571.9

471 8

522.8

731.0

100 4 198 5

249.7

215.8 219.7 207.2Sales

(Unit: KRW bn,%)

Sales

(Unit: KRW bn,%)

471.8

6.7(1.3)

73.8(12.9)26.4

(5.1)15.5(3.2)

100.4(13.7)

198.527.6

(12.5) 19.4(7.7)

23.1(11.6)16.9

(7.8) 0(0)

Sales

OP(%)

OP(%)

‘08 ‘09‘07‘06 ’10(E)

Gl I f i & C i i

‘08 ‘09‘07‘06 ’10(E)

*MCCL/FCCL (Metal / Flexible Copper Clad Laminate)

196.3189.6180 7

229.2134.2

116 5146.0

• Glonet – Logistic support center in Doosan group

• Information & Communication – IT service provider in Doosan group

(Unit: KRW bn,%) (Unit: KRW bn,%)

S l136.4

180.7

6.0(3.3)

6.1(3.1)-0.8

( 0 6)-0.6

( 0 1)

8.0(3.5)

79.956.2

116.5

12.1(10.4)

19.5(14.5)7.0

(8.8)3.8

(6.7)

20.0(13.7)

Sales

OP(%)

Sales

OP(%)

12

(-0.6)(-0.1)

‘08 ‘09‘07‘06 ’10(E) ‘08 ‘09‘07‘06 ’10(E)

A New Growth Engine – Doosan MOTTROL

• Doosan Mottrol has been developing and producing Hydraulic components which are essential to various construction equipments and defense systems.

Products [Hydraulic Components]Mottrol’s Mid-term Direction

• Why Mottrol?– More than 30 years of experiences with

hi-efficient technology as a hydraulic components manufacturerCreating a great synergy effect with– Creating a great synergy effect with current subsidiaries’ business

• Mid-term Strategy– Perfect supplier to captive market,e ec supp e o cap e a e ,

· Expand the supply to Infracore– Expand its business to the global non-

captive market, such as China• Capacity Growth

– 2009 cap. 180thn units (15,000 u/m)– 2010(E) cap. 200thn units (17,000 u/m)

2011(E) 280th it (23 000 / )

13

– 2011(E) cap. 280thn units (23,000 u/m)

MOTTROL – Sales & OP Trend / Sales Breakdown

• Until 3Q10, Sales in 3 domestic construction

Hydraulic Equipment Sales BreakdownSales & OP since 2006

• Sales showed steady growth since 2006 and normal Until 3Q10, Sales in 3 domestic construction equipment makers accounted for 65%

• Direct export to China local makers steadily increased to 26%

Sales showed steady growth since 2006 and normal operating profit margin was approximately 7%

• Expected sales of W390bn in 2010 increased by 71% YoY, OP will be increased by 197% YoY

(Unit: KRW bn,%)Sales +71%OP +197%

51.1(13.1)14.8

17.1(7 7) 14.0

17.2(7 6)

(Unit: KRW bn,%)

OP390.523%

(7.6)(7.7)

222 7

(5.7)

243.77%

(7.6)

228 4

Others3)

DirectExport2) 15%

11%163.3

14%

139.9

10%

9%140.7 220.4

26%

9%

OP(%)

Defense77%Forklift*

194.7

30%

17%

222.7

26%

11% 26%

67%

7% 228.4

36%3%

p

3 CE Co.1) 74%

15%

70%

16%

81%65%

26%Sales

Hydraulic

’10(P)*’06

52%

’07

63%

’08

67%

’09

61%

’08 ’09’07 3Q10 (YTD)

14

*Forklift business has been ceased manufacturing as of July 2009. 1) 3 CE Co. : Infracore, Hyundai Heavy, Volvo Korea2) Direct Export : China, Attachment export3) Others : After Service Market

Equity Method Gain/Loss

• In 2010, we expect total equity method gain of W164bn• In 3Q10, equity method G/L of +W23.7bn was down by KRW36.7bn QoQ

① After 3Q, Mottrol Holdings’ equity method G/L added up to operating profit② Doosan Heavy’s equity method G/L of KRW 10.5bn has dropped by KRW 28.1bn QoQ (Unit: KRW bn, %)

Affiliates Stake2009 2010

1H 2H Total 1Q 2Q 3Q 3Q Acc m lated

2010(E)Accumulated

( )

DHI 41.3% -112.0 -42.3 -154.3 11.4 38.6 10.5 60.5

Oricom 57.8% -0.3 1.8 1.5 - 0.9 0.3 1.2

Doosan Dong-A 100% -7.0 6.0 -1.0 -3.5 -1.5 -0.3 -5.3

Doosan F&L 100% 0 5.0 5.0 1.2 -0.2 2.0 3.0

Doosan Tower 100% -3.0 2.5 -0.5 1.2 1.2 2.1 4.6

Doosan Mottrol Holdings 100% -3.2 4.9 1.7 9.9 9.5 Merged 19.5

DIP Holdings 100% 0.8 15.7 16.5 9.7 10.6 9.1 29.4

S h * 1 9 0 8 2 7Samhwa* - 1.9 0.8 2.7 - - - -

SRS* - 10.2 0 10.2 - - - -

Others - -4.1 0.9 -3.2 2.9 1.3 - 4.0

T t l 116 7 4 7 121 4 32 8 60 4 23 7 116 9 164 0

15

* SRS and Samhwa were not displayed since June 29, 2009 (SRS) and August 20, 2009 (Samhwa), respectively → Those are appeared under DIP holdings with valuation of equity method hereafter

Total - -116.7 -4.7 -121.4 32.8 60.4 23.7 116.9 164.0

Affiliates’ Performance

• DHI : Although sales in 3Q10(YTD) were down by 5.9% YoY, net income turned surplus in light of equity method gain recovery

• DIP Holdings: Net income recorded W29.4bn in 3Q10(YTD) thanks to sales growth from DST and SRS

Affiliates 2009 3Q10(YTD)

Sales YoY OP YoY Net YoY Sales YoY OP YoY Net YoY

(Unit: KRW bn, %)

Sales YoY OP YoY Income YoY Sales YoY OP YoY Income YoY

DHI 6,279.5 +10.0% 403.8 -14.9% -328.3 Increased Deficit 4,251.4 -5.9% 275.0 +5.7% 108.8 Turned

Surplus

DIP Holdings* - - 21.8 - 16.6 - - - 37.7 - 29.4 -

• Doosan DST 706.0 +32.5% 60.4 +295.1% 48.0 +4,253.6% 714.6 +43.8% 59.8 +43.1% 47.0 +42.9%

• SRS 247.1 +9.8% 19.6 +84.2% 16.2 +164.3% 198.4 +6.0% 18.9 +9.2% 13.1 -13.2%

• Samhwa 78.2 -0.1% 10.0 +92.3% 11.3 +66.2% 59.8 -0.3% 5.4 -33.3% 4.6 -56.6%

• KAI 1,086.6 +19.4% 50.4 -36.5% 90.2 +373.3% 884.5 -1.4% 90.4 -19.4% 75.4 -25.4%

Doosan Dong-A 227.1 -2.0% 9.7 Turned Surplus -1.2 Reduced

Deficit 153.7 +6.4% 4.7 Turned Surplus -5.3 Reduced

Deficit

Doosan F&L 126.5 -21.1% 5.8 +333.6% 5.0 Turned S l 91.9 -5.3% 3.1 -39.2% 3.0 -25.0%Doosan F&L 126.5 21.1% 5.8 333.6% 5.0 Surplus 91.9 5.3% 3.1 39.2% 3.0 25.0%

Oricom 76.3 -18.0% 3.6 +6.9% 2.3 -5.6% 60.3 +15.5% 2.6 +766.7% 2.0 Turned Surplus

Doosan Tower 51.7 +14.6% 14.4 +16.6% 1.1 +33.8% 42.5 +12.7% 17.0 +104.8% 5.8 Turned Surplus

16

Neoplux 29.4 +36.0% 5.4 +64.5% 4.4 +87.2% 21.3 +0.9% 6.5 -18.8% 4.9 -16.9%

* DIP Holding is a SPC (Special Purpose Company), No sales recorded.

TABLE OF CONTENTS

Overview & Shareholding StructureOverview & Shareholding Structure11

Doosan Corp’s Business PerformanceDoosan Corp’s Business Performance22

Doosan Corp’s Value as a Holding CompanyDoosan Corp’s Value as a Holding Company33

Appendix : Financials, Introduction of EM, HighlightsAppendix : Financials, Introduction of EM, Highlights

17

Capable of generating stable cash through our own business1

• Doosan Corp. is capable of generating cash almost W200bn annually through EBITDA and dividend from subsidiaries

Cash Flow(Unit: KRW bn)

EBITDA 128.1166.1

38.1Depreciation 44.7

OP from Self-operating Business only

Dividend

83.41) 128.02)

1) ’09 OP: Sum of EM, I&C, Glonet, Fashion

’12(E)’11(E)

Dividendfrom Sub.

’09

23.5

’10(E)

24.5

18

2) ’10 OP: Sum of EM, I&C, Glonet, Mottrol (Planned zero OP for Fashion) - Only 2H of OP from Mottrol is added (Annual OP of KRW 51.1bn in 2010(P))

Aim for shareholders’ value-oriented management as a holding co.2

• Doosan Corp. paid dividend of W1,000 per share in 2008, W2,500 per share in 2009, and W500 per share in 2010 as an interim dividend.

• Dividend will be continuously paid to increase shareholders’ value

Dividend

(Unit: KRW) (Unit: KRW bn %)(Unit: KRW)

`08 `09 `10(E)

Net profit 109.7 232.3 -

(Unit: KRW bn, %)

Total amount of Dividend 24.2 58.3 -

- Dividend per share W1,000 W2,500 -

2,000

Dividend per share W1,000 W2,500

Dividend payout ratio 22% 25% -

2)

Year-end D. 1,000

500 5002)

1) It is made for the first time since 19982) A f J 30 id i t i di id d f W500

Dividend yield ratio2) 1.0% 2.6% -

※ As of the ending date of stock market in each year

Interim D.

‘081) ’09

500

’10(E)

5002)

19

2) As of Jun 30, we paid interim dividend of W500

Non-operating assets value3

• Current Doosan Corp’s market cap just reflects the value of non-operating assets– Market Cap of W3,797bn (as of Nov 30, 2010) vs. Non-operating assets’ adjustment value of W3,804bn– With conservative view, we applied 30% discount to the market value of listed companies and treasury shares

Market Value Adjustment Base for Discount

(Unit: KRW bn)

Value by Non-operating Assets

Market Value Adjustment Base for Discount

Listed1) DHI 3,527 2,469 · 43.6 mn shares×80,800 w/share (30% discounted)

(Current market value) Oricom 14 10 · 1.5 mn shares× 9,760 w/share (30% discounted)

3,541 2,479

Unlisted Doosan Tower 202 202 · Book values of unlisted companies

(Book Value, Sep 30) DIP Holdings 194 194

Others2) 81 81

477 477

Properties (Current market value) 168 168 · Ranch at Anmyeon-do, Factory site, etc

Treasury shares3) 971 680 · 30% discounted to the current market value

Total 5,157 3,804

1) Li t d i k t l ( f N 30 2010)

20

1) Listed companies market values (as of Nov 30, 2010)2) Publishing, Feed & Livestock, Neoplux, etc.3) Common shares 26.6%, Preferred shares 12.9% (as of Nov 30, 2010)

Stabilized financials by reducing L/E ratio4

• As of Sep 2010, L/E ratio was 50%, Net borrowings was W223bn• Credit rating was raised (A- → A0) in April 2010

L/E Ratio & Net Borrowings

(Unit: KRW bn, %) L/E Ratio316%

302%

216%

Net Debt

L/E Ratio

Disposal of Kimchi Business,Spun off Doosan Tower

Liabilities/Equity Ratio

216%

Disposal of Techpack,Spun off Publishing Business

Spun off Doosan Tower

51%1,315 1,194 949

78%

Net Debt50%

Disposal of Liquor Business

’09’08

489

200

’05 ’06 ’07 Sep ’10

223

21

090805 06 07

BBB+ BBB+ BBB+ A- A-Credit RatingSep. 10

A0

TABLE OF CONTENTS – Appendix

1. Financial Status

2. Quarterly Performance of Business Units

3. 3Q10 Highlightsg g

4. Introduction of Doosan EM

P d t• Products

• Competitors, Customers, Position

22

Appendix 1. Financials Status (Non-consolidated basis)

Summary Balance Sheet Debt & Net D/E RatioSummary Balance Sheet Debt & Net D/E Ratio

’09.12 ’10. 9(Unit: KRW bn)

’09.12 ’10. 9(Unit: KRW bn)

Current Assets 496.6 629.8

Non-Current Assets 2,251.8 2,311.7Bank 85.7 130.0

Debentures 300.0 247.0Assets 2,748.4 2,941.5

Current Liabilities 351.2 545.3

Non-Current Liabilities 581 6 437.4

Others 2.9 2.9

T t l D bt 388 6 379 9Non Current Liabilities 581.6 437.4

Liabilities 932.8 982.7

Paid-in Capital 153.2 154.1

Total Debt 388.6 379.9

Cash 188.6 156.5

Total Shareholders Equities 1,815.6 1,958.8

L/E Ratio 51% 50%

Net Debt 200.0 223.4

Net D/E Ratio 11% 11%

23

L/E Ratio 51% 50% Net D/E Ratio 11% 11%

Appendix 2. Business Units – Sales & OP [Quarterly Trend]

• Electro Material– Sales surged 17 % YoY– OP was down by -11% YoY due to LED TV

inventory adjustment by Set Makers

• Mottrol– Strong earnings growth with diversifying

customers – Sales & OP surged by 52% and 128% YoY thanks

(Unit: KRW bn,%) (Unit: KRW bn,%)

inventory adjustment by Set Makers Sales & OP surged by 52% and 128% YoY thanks to strong demand in domestic and China market

Sales 162.1153.6

169.6205.5

35.4

188.9

71.3

89.1

61.4

93.399.1

Sales

OP(%)

24.7(15.2) 14.0

(9.1)

24.2(14.3)

(17.2) 22.0(11.6) 6.5

(9.2)

13.1(14.7)6.0

(9.8)

15.6(15.8)

13.8(14.7)OP

(%)

3Q09 4Q 1Q10 2Q 3Q 4Q 1Q103Q09 2Q 3Q

24

Appendix 2. Business Units – Sales & OP [Quarterly Trend]

(Unit: KRW bn %)

• Fashion – Sales have fallen by -17% YoY– OP dropped by -41% YoY

Sales

(Unit: KRW bn,%)

50.259.860.5 61.069.6 • Fashion BG will be dropped at the end of 2010

– Termination of local licensing franchise contract with POLO Ralph Lauren

OP(%)

6.6(10.9) 4.6

(7.7)4.1

(8.2)6.5

(10.6)

9.5(13.6)

1Q10 2Q4Q3Q09 3Q

• Glonet • Information & Communication S l +15% Y Y

Sales

(Unit: KRW bn,%) (Unit: KRW bn,%)

– Sales rose +28% YoY– OP was down by -17% YoY

– Sales grew +15% YoY– OP dropped by -30% YoY

61.251 1 53.7 52 8

37.137.5 33.7

43.7 43.1

Sales

OP(%)

OP(%)

51.1

1.2(2.5)

2.9(5.7) 1.4

(2.3)

47.953

1.9(3.5)

52.8

0.6(1.1)

7.0(18.7) 3.5

(9.4)

33.7

4.1(12.1)

6.0(13.6)

4.8(11.1)

25

4Q 1Q103Q09 3Q2Q

( )

4Q 1Q103Q09 2Q 3Q

Appendix 3. 1Q10 ~ 3Q10 Highlights

Doosan Corp. Subsidiaries

1Q• Equity method G/L turned surplus

followed by 4Q09 as a result of subsidiaries turnaround

• [DHI] Rising order momentum of nuclear power plants–Won the first oversea project of nuclear

power plants in UAE worth USD 3 9bn(Decpower plants in UAE worth USD 3.9bn(Dec. 2009)

• Credit rating rose from A– to A0 (April)R l ti f th i t i di id d t

• [DI] Remarkable results in Doosan InfracoreSi ifi t f i t ti2Q • Resolution of the interim dividend to

500won per share (June)–Significant performance in construction

equipment and machine tools from China–DII’s visible improvements in operations

3Q• Completion of Mottrol merger (July 1)• Resolution of closing the fashion

business (July)

• [DHI] Continuous order momentum–Won the Rabigh thermal power plant from

Saudi worth around USD3.4bn (Sep)–Termination of License Agreement with

POLO Ralph Lauren as of Dec. 31, 2010• DIP holdings sold its 24% stake in

Samhwa Crown & Closure for W30bn

– Won the Desalination plant from Saudi worth around USD1.5bn (Sep)

• [Construction] Merge Mecatec (Nov)

26

Samhwa Crown & Closure for W30bn (Oct)

Appendix 4. ELECTRO-MATERIAL – Products

• EM is one of the global leaders in Cooper Clad Laminate (CCL), which is the core material for Printed Circuit Board (PCB), including flexible CCL and metal CCL, and is extending its product portfolio to materials for OLED

CCL(Copper Clad Laminate)

CCL(Copper Clad Laminate)

It is made with copper foil, paper-phenol resin, glass-epoxy resin, or other composite resins according to the application of the product

Form circuit

CCL PCB End Product

Load parts

MCCL are materials that coated TRCC1) on aluminum sheets. It used as the LCD backlight of the LED TV and LED light sources

MCCL(Metal CCL)

MCCL(Metal CCL)

FCCL requires high resistance against repeated bending and suitability for the compact electronics, such as smart phone and notebooks.

FCCL(Flexible CCL)

FCCL(Flexible CCL)

LCD backlight of the LED TV and LED light sources.(Metal CCL)(Metal CCL)

p , p(Flexible CCL)(Flexible CCL)

OLEDOLED EM produces various kinds of powder that used in the formation of OLED film

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1) TRCC: Thermal Resin Coated Copper foil

Appendix 4. ELECTRO-MATERIAL – Competitors, Customers, Position

Major Customers Position in MarketCompetitorsP d t Major Customers(Domestic & Oversea)

Position in Market(as of end of 2009)

Competitors(Domestic & Oversea)

Products

Samsung Electro-Mechanics, • DomesticNo.1 (M/S 55%)King Board, NanyaCCL g ,Daeduck GDS, Korea Circuit etc.

( )• Global No.6 (M/S 06%)

g yPanasonic, etc.(Copper Clad

Laminate)

Daeduck GDS, Sejong Metal, Teranics, etc.

• Domestic No.1 (M/S 100%)• Global No.1 (M/S 092%)

CSEM, Hankuk Carbon

MCCL(Metal CCL)

Interflex, YoungPoong Electronics, Daeduck GDS, etc.

• Domestic No.1 (M/S 63%)• Global No.2 (M/S 15%)

Nippon Steel Corp. LG Chem, SK Energy

FCCL(Flexible CCL)

Samsung Mobile Display,LG Display, CMEL

• Domestic No.3 (M/S 10%)• Global No.7 (M/S 07%)

Dow, Idemitsu, LudisOLED

Material

28E.O.D