Sept 2008

DaewooInternationalCorporation

ContentsContentsCOMPANY PROFILEI

CORE COMPETENCIES

FINANCIAL PERFOMANCEII

III

GROWTH STRATEGIESIV

KEY ISSUESV

Part I.Part I. COMPANY PROFILECOMPANY PROFILECHRONOLOGY

ORGANIZATION & PERSONNEL

BUSINESS STRUCTURE

SHAREHOLDERS

CORPORATE GOVERNANCE

4

Chronology

Completed workout program

2003

Sales W5T

Credit rating BBB-

Discovery of Shwe gas field in Myanmar A-1 block

Operator of Myanmar A-3 block

2004

Credit rating BBB+

Discovery of Shwe Phyu gas field in Myanmar A-1 block

2005

Sales W6T

Discovery of Mya gas field in Myanmar A-3 block

Gas reserves certified

2006

Credit Rating A

Sales W7.8T: ranked 41st in sales volume in Korea

Operator of Myanmar AD-7 block

2007

Spun off from Daewoo Corp

Operator of Myanmar A-1 block

2000

5

Trading Overseas Branches

Overseas Subsidiaries DomesticManagement

3 Groups

11 Sales Divisions

48 Sales Teams

54 Branches & Agents

11 Trading Co.

30 Subsidiaries

13 Resource projects

Busan Factory

Daewoo Dept. Store4 Divisions

14 Teams

1 TFT

INTERNATIONALINTERNATIONAL DOMESTICDOMESTICHQ (Seoul)HQ (Seoul)

430 Residents 200 Factory : 646

Dept. Store : 207199

Overseas Employees

(as of end-June 2008)

Employees Employees Employees

Overseas Network : 108

Total Employees : 17,031

Locals 15,349

Organization & Personnel

6

Business Group 1- Steel- Metal

Business Group 2- Machinery & Plant - Automotive &

Component- Media & Electronic

Business Group 3- Commodity &

Natural Resources- Chemical- Textile- Energy Development

Business Group 4- Busan Factory- Daewoo Dept. store

(Wb) Revenue (2007)

▶ Exports 4,218▶ Trilateral 3,286▶ Domestic 312

Business Structure

Revenue (2007) W7,816b Operating Profit (2007) W92b

7

8 Domestic Financial Institutions (Korea EXIM Bank, KDB AM, KDB, Woori Bank, others) 31,571K (33.3%)

Korean Investors21,791K (22.9%)

Daewoo Int’l ESOP790K (0.8%)

Total Shares Outstanding : 94,988,776Total Shares Outstanding : 94,988,776(Paid-in Capital : W474.9b)

Joint Disposal AssociationSignatories : KAMCO and 8 Financial InstitutionsRestriction on independent selling Number of Shares held : 65,316 thousand (68.8%)

(As of end-June 2008)

Shareholders

KAMCO33,745K (35.5%)

Korean Investors18,200K (19.2%)

Foreign Investors10,683K (11.2%)

8

Corporate Governance

ShareholdersShareholders

BOD

CEOCEO

External Auditors

Business Operations Internal ControlInternal Committees

Credit Investment FX & Interest-Rate Brand

Ethics ManagementInternal Account ControllerAudit / Legal AffairsRisk ManagementAsset Management

Audit CommitteeSupervisory

Report majorManagerial issues& Suggest solutions

Transparent and Fair Disclosure

Audit

Executive Committee

Part II.Part II. FINANCIAL FINANCIAL PERFORMANCEPERFORMANCE

FINANCIAL HIGHLIGHTS

FINANCIAL RATIOS

SALES BREAKDOWN

CASH-FLOWS & BORROWINGS

OPERATING RESULTS (Quarterly)

10

OperatingResults

Sales

((WbWb))

5,144.53 6,383.61 7,816.15 3,886.86

20052005 20062006 20072007 1H 20071H 2007 1H 20081H 2008

4,994.38

OperatingProfit (%)

61.47(1.19)

77.70(1.22)

91.88(1.18)

61.52(1.58)

84.31(1.69)

187.63(3.65)

154.35(2.42)

128.88(1.65)

87.27(2.25)

71.93(1.44)

PretaxProfit (%)

Assets(Cash)

1,705.37(277.23)

1,928.79(202.02)

2,164.05(274.10)

2,113.32(119.40)

2,735.96(186.13)

Liabilities(Borrowings)

119.0 127.1 168.3

837.59 909.84 988.30 930.49 1,019.67Equities

103.6 112.0L/E (%)

FinancialPosition

867.78(261.86)

1,018.95(239.12)

1,175.75(289.79)

1,182.83(337.42)

1,716.29(417.61)

Financial Highlights

172.30(3.35)

112.81(1.77)

101.99(1.30)

60.20(1.55)

52.66(1.05)

Net Profit(%)

11

Operating Results (Quarterly)

30.18(1.09)

22.48(1.00)

18.70(0.98)

23.10(1.14)

38.68(1.97)

21.52(1.12)

Net Profit(%)

39.56(1.43)

32.37(1.44)

8.77(0.46)

32.83(1.62)

53.09(2.70)

34.18(1.78)

PretaxProfit(%)

△ 10.20△ 28.88△ 9.03△ 10.463.26△ 5.54G/L on FX(Net)

△ 3.40△ 3.82△ 4.47△ 4.40△ 5.59△ 3.75InterestExpense

45.98(1.67)

38.32(1.71)

2.06(0.11)

28.30(1.40)

28.25(1.44)

33.26(1.73)

OperatingProfit(%)

2,748.582,245.801,901.852,027.441,965.531,921.33SALES

2Q 20081Q 20084Q 20073Q 20072Q 20071Q 2007Wb

12

Sales & Operating ProfitSales & Operating Profit Interest CoverageInterest Coverage

PER & PBRPER & PBRL/E & B/AL/E & B/A

0

2,000

4,000

6,000

8,000

2005 2006 20070

30

60

90

120

150

0%

30%

60%

90%

120%

150%

180%

2005 2006 2007 1H 20080%

5%

10%

15%

20%

25%

30%

L/E(LHS)

B/A(RHS)

Sales (LHS)(CAGR 23% )

Operating Profit (RHS)(CAGR 22% )

21.1X

32.9X36.9X

4.3X4.1X 3.8X

2.3X3.2X

103.6%112.0%

119.0%

15.4%12.4% 13.4%

5,144b6,384b

7,816b

61b78b

92b

15.3%

168.3%

39.8X(E)

4.1X(E)

0

1

2

3

4

5

6

2005 2006 2007 1H 2008

InterestCoverage

0

1

2

3

4

5

2005 2006 2007 1H 2008

PER(X10)

PBR

Financial Ratios

3.1X

6.0X

(Wb) (Wb)

13

Sales Breakdown

20062006 20072007 1H 20081H 2008

6,384 7,816 (22.4% ) 4,994 (28.5% )

SALES SALES TYPETYPE

Export3,851

Trilateral2,279

Domestic254

Export4,218

(10% )

Trilateral3,286

(44% )

Domestic312 (23% )

Export2,615

(27% )

Trilateral2,225

(33% )

Domestic154 (6% )

Steel 1,157

Metal2,102

Commodity771

Chemical1,092

Other1,262

Chemical750.0

Steel 1,365

Metal2,863

Commodity1,034

Chemical1,237

Other1,317

ITEMSITEMS

Steel965.2

Metal1,954.4

Commodity699.3

Other625.5

(Wb)

14

(Wb) 2006 2007

Cash & Cash Equiv.(Beginning of Period)

153 107

CFO 7 214

Net Profit 113 102

Depreciation 15 14

CFI 8 -161

Investment onResource

Development

-68 -100

CFF -61 39

Dividend -24 -28

Cash and Cash Equiv.(End of period)

107 199

90.56

293.73

30.9

230.96

33.4

205.72128.07

161.72244.54

173.07

2004 2005 2006 2007

LT

ST

81.63

302.66

77.93

183.93

73.74

165.38

69.01

220.78

66.41

351.20

InterestBearing

Interest-free

■ LT vs ST

■ Interest Bearing vs Interest Free

(Wb)

(Wb)

Cash Flows & Borrowings

Cash FlowsCash Flows Borrowings BreakdownBorrowings Breakdown

1H2008

2004 2005 2006 2007 1H2008

Part III.Part III. CORE COMPETENCIESCORE COMPETENCIESCORE COMPETENCIES

BUSINESS PORTFOLIO

GLOBAL NETWORK

ENERGY & RESOURCES

ENERGY PROJECTS

MINERAL RESOURCE PROJECTS

ENERGY DIVIDENDS

16

Core Competencies

Trade Experts

Professional Project Organizer & Global Trader

38% of employees in DWIC have worked in overseas network

Synergy

Global Network

108 overseas units in 52 countries: 54 branches, 41 subsidiaries,

13 resource projects

Partners: 6,000 buyers & sellersin 180 countries

Brand Value& Reliability

Valuable “Daewoo” Brand Confidence in the global market

IT BasedReal Time Enterprise

Global Knowledge Management SystemMarketing Data Research Value-added Business Creation

StableBusiness Portfolio

International Trade

Project Organizing

Energy & Resource Development

Overseas Investment

17

Business Portfolio

Creation of the Global Value as a company

specialized ininternational trade

& investment

International Trade

Project Organizing Energy & Resource Development

Overseas Investment

• Creation of new transaction complex

• Upgrade of Export & Import function

• Reinforcing overseas network

• M&A & IB in overseas

• Overseas energy development

• Increasing investment in mineral resource projects

• Turn-key based plant

• Power plant project

18

(as of end-June 2008)

Global Network

54 Branches

200 Residents / 15,349 Locals

30 Production & Service subsidiaries

11 Trading subsidiaries

13 Resource Development

19

10 Energy Projects 3 Mineral Resource Projects

(as of end-June 2008)

UZBEKISTANUZBEKISTAN

JAPADNO (gold)

RUSSIARUSSIA

WEST KAMCHATKA

CANADACANADA

BAKER LAKE (uranium)

PERUPERU

BLOCK 8 (Oil)

MYANMARMYANMARA-1 (gas)

(Operator)

VIETNAMVIETNAM

11-2 (gas)

MYANMARMYANMAR

A-3 (gas)(Operator)

MYANMARMYANMAR

AD-7(Operator)

OMANOMAN

KOLNG

MADAGASCARMADAGASCAR

AMBATOVY (nickel)

AZERBAIJANAZERBAIJAN

INAM

UZBEKISTANUZBEKISTAN

Bock 35 (Operator)

UZBEKISTANUZBEKISTAN

Block 36 (Operator)

Energy & Resources

20

ProjectProject EquityEquity ReserveReserve History & StatusHistory & Status RemarksRemarks

ENER

GY R

ESOU

RC

ES

PRO

DU

CTIO

N

Peru block 8(oil field) 11.7% 45 MM

bbl- 1996: Participation (operator : Pluspetrol)- Production: 18,000 bbbl/day (crude oil)

- Dividend: US$10m in 2007 US$ 7.6m in 2006

Oman KOLNG

(LNG plant)

20%(1% of OLNG)

14 TCF

- 1997: Participation (operator : Shell)- 2000: Production (dividend since 2002)• QLNG (stake of OLNG: 36.8%)

: Production In 2006 (capa: LNG 3.7MT)

- Dividend : US$12.1m in 2007US$13.5m in 2006

Vietnam offshore block 11-2 (gas field)

4.9%(6.5% of KC)

0.9 TCF23 MM

bbl

- 1992: Participation (operator : KNOC)- Gas field + condensate - Dec 2006: commercial gas production

- Dividend : US$ 1.6m in 2007

DEVELO

PMEN

T

Myanmar offshore block A-1(gas field)

51% (*Operator)

3.3 ~ 5.6TCF

- Aug 2000: Signed Production Sharing Contract- Jan 2004: Discovery of Shwe gas field- Mar 2005: Discovery of Shwe Phyu gas field- Aug 2007: Certification of reserves in Shwe &

Shwe-Phyu gas fields (from GCA)

- Sales MOU & GSA in 2008- Gas production in 2012

Myanmar offshore block A-3(gas field)

51% (*Operator)

1.3 ~ 2.2TCF

- Feb 2004: Signed Production Sharing Contract - Jan 2006: Discovery of Mya gas field- Aug 2007: Certification of reserves in Mya

gas field (from GCA)

- Sales MOU & GSA in 2008- Gas production in 2012

EXPLOR

ATIO

N

Myanmar offshore block AD-7

100% (*Operator) n/a

- Feb 2007: Signed Production sharing contract- 2007: 2D seismic acquisition & interpretation- 2008: 3D seismic survey

- Exploration drilling in 2008

Uzbekistanblock 35 & 36

100% (*Operator) n/a - Feb 2008: Signed Exploration Agreement

- 2 onshore blocks - Gravity & Magnetic Survey

in 2008~2009

Russia West Kamchatka

offshore block

4%(10% of KC) n/a

- Dec 2005: SPA (operator: Rosneft (60% stake))- 2005~2007: 2D & 3D seismic acquisition &

interpretation - Exploration drilling in 2008

Azerbaijan Inam block

2% (10% of KC) n/a - 2007: Participation (operator : BP)

Note) “KC” : Korean Consortium / “TCF” : Trillion Cubic Feet / “KNOC” : Korea National Oil Corporation

Energy Projects

21

ProjectProject EquityEquity ReserveReserve RemarksRemarks

MIN

ERA

L RESO

UR

CES

DEVELO

PMEN

T

MadagascarAmbatovy

(Nickel)

2.75% (10% of KC) 125 MM ton

- 2006: Participation - Operator: Sheritte (Canadian)- Parties: Sherritt 40%, Sumitomo 27.5%,

KC27.5% (KORES 21%)- Production in 2010- Production period : 27 years- Capacity (annual): Nickel 60,000 MT

Cobalt 5,600 MT

EXPLOR

ATIO

N

Uzbekistan Japadno

(gold)

10% (20% of KC) 40 ton

- 2005: Participation - Parties: Uzbekistan government 50%,

KC 50% (KORES 20%, DWIC 10%, etc) - 2006~2008 : Exploration

Canada Baker Lake (uranium)

1.7% 104 MM lbs

- 1983: Participation - Parties: AREVA (Canadian), JCU Canada etc- 1997: Completion of pre-feasibility study- 2005: Reorganize project team- 2006~2007: Conduct viability study- 2008~2011 : Environmental assessment study,

Final feasibility study

Note) “KC” : Korean Consortium / “KORES” : Korea Resources Corporation

Mineral Resource Projects

22

Energy Dividends

MyanmarBlock A3

Vietnamblock 11-2

Oman Korea LNG

Peru block 8 field

2004(51.0 %)

1992 (4.9 %)

1997(20.0 %)

1996(11.7 %)

-

1.6

12.1

10.0

20072007

DividendDividend

20042004

-

-

9.0

9.7

20052005

-

-

9.8

10.0

102.4

34.8

1.6

14.8

InvestmentInvestment(June 2008)(June 2008)

Contract Contract YearYear

(Stake)(Stake)ProjectProject

Total - 21.118.7 19.8288.4

Note: 1) Vietnam block 11-2 (PNG): production began in Dec 2006 2) E&P projects have borrowed from Korean government’s special energy fund (up to 60% of investment)

(US$m)

-

-

13.5

7.6

20062006

23.6

-

0.8

12.5

11.4

1H 20081H 2008

24.7

Myanmarblock A-1

2000(51.0 %) -- -134.8 - -

Part IV.Part IV. GROWTH STRATEGYGROWTH STRATEGYVISION

FUTURE GROWTH ENGINE

BUSINESS DEVELOPMENT STRATEGY

LONG-TERM BUSINESS PLAN

24

Vision

World Best Global Trading & Investment Company

GlobalHolding

Company

Credit RatingAAA

Energy &Resource

Development

Forbes500

25

Future Growth Engine

Creating new growth engines & profit models

M&A specialization( Building-up

new businesses )

Business diversification

Advancingtrading performance( Global Know-how )

Creation of higher value-added

business

Monetizationenergy & resources

( Investment Source )

Investment source

26

Monetization ofMyanmar Gas

Building-upCore Competencies

Foundation for Growth

Word-Class Company(2012 ~ 2015)

2nd Take-Off(2007 ~ 2011)

Diversification of Business portfolio(Spin-off ~ 2006)

* Strengthening Operation based on IB / M&A

* Raising Revenue fromEnergy & Resource Development

* Top Global Company (Global Holding Company)

* Increasing Investment inenergy & resource development

* Creating higher value-addedbusiness diversification

* Regaining trading power* Building-up integration

of enterprise operation * Building up Integrated

Risk Management System

Business Development Strategy

27

Sales

Salesper employee

Operating Profit

Operating Profitper employee

15,500

16

365

0.4

2012 P2012 P 2015 P2015 P

20,000

20

800

0.8

20072007

7,816

8

92

0.1

(Wb)

Long-term Business Plan

Part V.Part V. KEY ISSUESKEY ISSUESMYANMAR OFFSHORE BLOCKS

GAS FIELDS & PROSPECTS

DIVIDEND PAYOUT & MARKET PERFORMANCE

MILESTONE PLANS

KYOBO LIFE INSURANCE SHARES

GAS RESOURCES CERTIFICATE

29

1. Project : Myanmar block A-1 (since Aug 2000)

ㅇ Area: 2,119 km2

ㅇ Contract Type: Production sharing contractㅇ Ownership: Daewoo Int’l 51% (Operator)

ONGC Videsh 17%, MOGE 15%, KOGAS 8.5%, GAIL 8.5%

2. Project : Myanmar block A-3 (since Feb 2004)

ㅇ Area: 4,907 km2

ㅇ Contract Type: Production sharing contractㅇ Ownership: Daewoo Int’l 51% (Operator)

ONGC Videsh 17%, MOGE 15%, KOGAS 8.5%, GAIL 8.5%

3. Project : Myanmar block AD-7 (Feb 2007)ㅇ Area: 1,684 km2

ㅇ Contract Type: Production sharing contract ㅇ Ownership: Daewoo Int’l 100% (Operator)

Mandalay

Nay Pyi Taw

Yangon

SittweA-1A-1

AD-7AD-7

A-3A-3

YADANAYADANA

YETAGUNYETAGUN

BANKOK

Wang nol

Ratchaburi

Myanmar Offshore Blocks(as of end-June 2008)

30

Gas Fields & Prospects

• Over 50 experts in Daewoo Myanmar E&P office have controlled exploration & development of offshore block A-1, A-3 and AD-7.

• Consortium partners (KOGAS, ONGC, GAIL) have E&P organization.

SHWE

SHWE PHYU

MYA

31

Certified by GCA (Gaffney, Cline & Associates) on 21st Aug. 2007

Gas Resources Certificate

Certification Results

Block Gas field Recoverable Resources (TCF)

A-1 Shwe (gold) 2.87 ~ 4.67

Shwe Phyu (platinum) 0.38 ~ 0.91

A-3 Mya (emerald) 1.28 ~ 2.16

Total - 4.53 ~ 7.74(* Equivalent to 815 mil ~ 1.39 bil bbl

of crude oil)

32

First Gas (Production)

Detail Design, Construction and Commissioning

Tender for FEED & EPC contractor

Government Approval of FDP Declaration of Commerciality

Gas Sales MOU / GSA

Option Selection (PNG/LNG)

20072007 20082008 20092009 20102010 20112011 20122012

Milestone Plans

33

Status of Daewoo’s holdings

Provided as collateral for KAMCO borrowings (W52.6b)

Valuation of Daewoo’s holdings

4.92m shares valued at KRW558.6b (book value) as of June 2008 (calculated at W113,529 per share)

Status of Kyobo Life Insurance

• Founded in 1958 • CEO : C. J. Shin since 2000 (33.6% stake)• Company Credit Rating (Dec.07) : AAA• B/S (Mar.08) : Asset W46.2t, Equity W2.5t• I/S (Apr.07~Mar.08) : Revenue W12.3t,

Net Profit W442b• In Sept.07, Kyobo Life issued 2mil new shares→ Daewoo’s subscription : 480k shares

at W185k / share

(Total 20.5m shares)

Shin Family 40.27%Daewoo Int’l 24.00%KAMCO 9.93%Korean Gov’t 5.85% Others 19.95%------------------------------Total 100.00%

Kyobo Life Insurance Shares

Kyobo Life Insurance Holdings(end-April, 2008)

Kyobo Life Insurance Holdings(end-April, 2008)

34

(Wb) 2005 2006 2007

Net Profit 172 112 102

Dividends 24 28 33

Payout Ratio(%) 13.8 25.3 32.6

Dividend Payout & Market Performance

Dividend PayoutDividend Payout Share Price PerformanceShare Price Performance

Foreign HoldingsForeign Holdings

0

2

4

6

8

10

12

2004 2005 2006 2007 1H 2008

6.7

2.72.1

6.8

11.3(as of year-end)(%)

0

5,000

10,000

15,000

20,000

25,000

30,000

35,000

40,000

45,000

50,000

2004 2005 2006 20070

50

100

150

200

250

300

350

400

Share Price (RHS)Trading Volume (LHS)

10,400

38,250 39,050 39,600

226

282

216

148

(m share)(Won)

Thank you!