0. Korea Western Power Annual Ratings Review Presentation October 2010
Strictly Private and Confidential

1. Table of Contents 1 Company Overview 2 Regulatory Environment 3
Operation Overview 4
Financial Management 5
Financial Forecast

2. Introduction to KOWEPO
Inception
Spun off from KEPCO in April 2, 2001
Ownership
100% owned by KEPCO (51% owned by Korean Government)
Generation Capacity
9,604 MW
Total Assets
1H 2010 : KRW 4,725 bn (USD 3,868mn)
FY2009 : KRW 4,482 bn (USD 3,668mn)
Total Revenue
1H 2010 : KRW 2,334 bn (USD 1,911mn)
FY2009 : KRW 3,817 bn (USD 3,124mn)
Net Income
1H 2010 : KRW 173 bn (USD 142 mn)
FY2009 : KRW 88bn (USD 72 mn)
Note : Applied FX rate : KRW /USD (Bloomberg as of June 30, 2010)

3. Seoul and Gyeonggi Metropolitan Area
Power Plants Portfolio
Base load, intermediate load, and peak load account for 42%, 15% and 43% respectively in terms of generation capacity in operation
Over 85% of capacity is located in or near the Seoul and Gyeonggi metropolitan areas
Seoul and Gyeonggi metropolitan areas comprise approximately 40% of total national demand
Generation Capacity by Type of Plant
Location of Plant Complex
4,198MW
Taean
Pyeongtaek
Gunsan
Cheongsong
Seoincheon
Samrangjin
Seoul and Gyeonggi Metropolitan Area
Coal
LNG
BC Oil
Pumped Storage
Hydro
Solar
4,000MW
Cheongsong P/S (600 MW)
Samrangjin P/S (600 MW)
Gunsan C/C (718 MW)
Taean T/P
(4,000 MW)
1,400MW
Seoincheon C/C (1,800 MW)
Pyeongtaek T/P (1,400 MW)
Pyeongtaek
C/C (480 MW)
Note: T/P denotes “Thermal Power Plant”, C/C denotes “Combined Cycle”, P/S denotes “Pumped Storage”

4. KOWEPO’s Market Position -1H 2010
Generation Capacity Market Share
Sales Volume Market Share
(MW)
(GWh)
Total Generation Capacity 74,407 MW
Total Electricity Sales 215,316 GWh

5. Table of Contents 1 Company Overview 2 Regulatory Environment 3
Operation Overview 4
Financial Management 5
Financial Forecast

6. Latest Power Industry Operating Environment
The power industry restructuring plan delayed and the former privatization plan for Gencos cancelled
MOCIE announced restructuring plan for power industry
Incorporation of generation companies
Cost-based pool bidding (“CBP”) mechanism
IPO of KOSEP was delayed
Implementation of TWBP was suspended
Privatization plan for Gencos cancelled
Gencos will be designated as market oriented public firms
1999
2000
2001
2002
2003
2004
2005
2006
2007
2008
2009
2010
Introduction of vesting contracts for Gencos deferred
Wholesale competition was put on a hold
Initiation of KOSEP privatization
Plan to separate KEPCO’s distribution sector was halted due to substantial risk and uncertain benefits from the separation plan
Update on Gencos Privatization and Consolidation Plan
Privatization plan for KEPCO and its Gencos was cancelled in July 2008
Gencos will be designated as market oriented public firms by government to create a more efficient management structure and enhance their competitiveness in 2011

7. Latest Power Industry Operating Environment (Cont’d)
Electric Power Industry Reorganization - Transfer of Water Pump Generators to KHNP
Purpose: Exclude water pump generator from competition and seek stability in electricity system network at the same time achieving synergy from integration of the water pump generation and water generation
Timeline: Before 2010; all assets must have been transferred before 2011
Effect on governance: No change in corporate governance – KEPCO will continue to hold 100% of respective GENCOs
Transfer of water pump generators to Korea Hydro Nuclear Power
Implication for Korea Western Power
Genco
Generator
Power Capacity (kW)
South East
Mooju
600,000
Mid
Yangyang
1,000,000
West
Samrangjin
Chungsong
South
Chungpyung
400,000
East West
Sanchung
700,000
Total
6 Generators
3,900,000
Site
Asset
Rev (% M/S)
Net Inc.
Gener-ation (% M/S)
Samrangjin
1,244
645 (1.63%) 99
385GWh (0.84%)
Chungsong
3,651
817 (2.06%)
-17
533GWh (1.17%)
Note: Unit in KRW100mm
Based on 2009YE total asset of W4,481.6bn, water pump generator is 10.9% of total asset
As a result of the transfer of water pump generator, we expect approximately 11% decrease in asset size, but given profit and generation consists of only 2-4%, the decrease relative to asset size is small

8. Nationwide Power Consumption
Power consumption has continued to rise on the back of strong economic growth
Continuous increase in power consumption expected
* 2010 GDP growth rate : 5.8%(Forecast), 1H 2010 : 7.6%
* Source: “Statistics of Electric Power in Korea”, KEPCO / The Bank of Korea (July 2010) “Electricity Supply and Demand Basic Plan #4, MKE (Dec 2009)

9. Electricity Demand Forecast
Korea’s electricity sector is expected to enjoy robust demand growth – Continuous economic growth will be the primary driver of power demand growth
Power demand is expected to grow at a rate of 2.2% per annum from 2008 to 2018
(Unit: TWh)
Source: MKE (Electricity Supply and Demand Basic Plan #4 – Published in Dec 2009)

10. Government’s Mid-to-Long Term Energy Strategy
Govt’s Mid-to-Long Term Energy Supply Scheme
Expansion on cost effective base load infrastructure in addition to promotion of environmental friendly energy sources such as renewable energies, following the Government’s Green Growth Plan
By year 2022, the installed capacity for
Nuclear Power : 24.8% (’08)  33.0% (’22)
Coal : 33.2% (’08)  29.2% (’22)
LNG : 25.2% (’08)  22.9% (’22)
Installed Capacity Forecast by different energy sources
Source: MKE (Electricity Supply and Demand Basic Plan #4 – Published in Dec 2009)

11. Update on Electricity Pricing Mechanism
Application of The Adjusted Coefficient of SMP
Abolition of Regulated Market Price (RMP) system
KOWEPO can pass through 100% of its fuel cost through the energy price
Electricity Generation Cost Evaluation Committee annually determines The Adjusted Coefficient
Power Price Comparison
Price type
Price
Remarks
Capacity Payment
(CP)
Base Load
KRW 7.46/kWh
KRW 7.46/kWh as a base price, CP is differentiated by regions, by seasons and by hours
Non Base Load
Energy Price
[Max {(SMP-Fuel Cost), 0} x
The Adjusted Coefficient + Fuel Cost]
The Adjusted Coefficient (Aug ~ )
Nuclear : (←0.3052)
Coal : (←0.1865)
Anthracite : (←0.7500)
Others/General : (← )
Newly lowered Adjusted Coefficient will decrease KOWEPO’s operating income by KRW 57 billion for 5 months. (Aug.’10 ~ Dec.’10)
※ RMP : Regulated Market Price, SMP : System Marginal Price
Introduction of “The Adjusted Coefficient of SMP” will motivate Gencos to construct base load power plants and lead to fair competition among Gencos. It will increase the efficiency of the power market by stimulating cost reduction

12. Table of Contents 1 Company Overview 2 Regulatory Environment 3
Operation Overview 4
Financial Management 5
Financial Forecast

13. Power Plant Facilities in Operation
KOWEPO operates 47 generation units with total generation capacity of 9,604MW.
Type
Fuel Type
Number of Units
Total Capacity
Sales
(GWh)
Utilization Rate (%)
Load Factor (%)
Taean
Thermal
Bituminous 8
4,000
15,615
94.06
90.19
Pyeongtaek
BC Oil 4
1,400
1,761
29.95
29.93
Combined Cycle
LNG
GT : 4
ST : 1
320
160
631
30.62
27.42
Seoincheon
GT : 8
ST : 8
1,200
600
5,913
76.38
64.85
Samrangjin
Pumped Storage - 2
121
4.65
5.3
Cheongsong
266
10.22
11.31
Solar 1
0.1
12.28
14.86 3
12.41
15.43
Hydraulic
2.2
21.03
36.99
Gusan
GT : 2
718
453
29.35
28.07
TOTAL 47
9,604
24,764
64.62
68.34
Taean IGCC (300MW) will be added in Dec 2015.
Source: Company. As of June 30, 2010

14. New Business(1)
KOWEPO plans to maintain its leading market position and superior operating performance promoting growth with new plant constructions and new business
Domestic
Power Plant
Type
Generation Capacity
Completion
Remarks
New Plant
Taean
IGCC
300MW
Dec. 2015
Integrated Gasification Combined Cycle
R&D project supported by Government
Equity Investment
Garorim
Tidal
520MW
Dec. 2014
Consortium With Posco E&C, Daewoo E&C, Lotte E&C
Project Financing
KOWEPO to be in charge of operation and maintenance
Dongducheon
Combined Cycle
1500MW
Consortium with Samsung E&C
Ansan
750MW
Mar. 2014
Consortium with Posco E&C

15. New Business(2)
KOWEPO plans to diversify its revenue sources through overseas expansion by leveraging its proven experiences and track records in operating and maintaining power plants
Project financing as a key funding source to minimize the financial risks
Overseas
Power Plant
Type
Generation Capacity
Remarks
Equity Investment
Philippines Kanan
Hydro
150MW
Consortium with SK E&C (Korea)
Build, Own, Operate
Project Financing
KOWEPO to be in charge of operation and maintenance
Indonesia Takalar
Thermal (Coal)
200MW
Consortium with SAMBU, Yooho and MSC (Indonesia)
Laos Xe-Namnoi
390MW
Consortium with SK E&C (Korea), Ratchaburi (Thai) and LHSE (Laos)
Build, Own, Operate, Transfer
Saudi Arabia Rabigh
Thermal (Heavy Oil)
1,204MW
Consortium between KEPCO and ACWA received order for
Consortium between KOWEPO and NOMAC (Saudi)
received mandate for O&M from KEPCO–ACWA consortium

16. Global Fuel Market Trend
Recent Fuel Market Trends
COAL
Coal prices picked up in the initial months of the year and have stabilized thereafter
Pacific: Newcastle Index (Australia)
Atlantic: Richards Bay Index (South Africa)
OIL
Fluctuated between US$70/bbl and US$85/bbl ranges
Experienced a range bound movement throughout the year and currently testing US$80-85/bbl ranges
US$
US$
Fuel Market Forecast
COAL
Likely to maintain upward trend due to the increasing demand from China and India
OIL
Reasons for price hike: Favorable global economic condition, weakness in dollar, concern on inflation, strong demand from emerging markets
NATURAL GAS
The trend in natural gas will be in line with oil
Competitive market environment will continue on the back of large-scale capital expenditure and development time which are required for new gas field exploitation
Widely known global view that the coal price will remain competitive compared with oil or gas
Forecast of Newcastle coal price: around US$ in 2H 2010 and nearing around US$100’s/ton in 2011
Reasons for fall in price: Infeasibility of OPEC’s production cuts, Completion of security of Strategy Petroleum Reserve of U.S. and China,
Forecast of oil prices: around US$90’s/bbl in 2011
Source: Bloomberg; Factset 16

17. Contract amount (1,000 ton/year)
Long –Term Supply Contracts
KOWEPO enters into long-term supply contracts
To assure an adequate supply of the raw materials for a streamlined operation
KOWEPO will adjust the portion of long-term supply contracts according to the market price volatility
Bituminous
Supplier
Country
Contract Amount
(1,000 ton/year)
Terms
Xstrata
Australia
505
Apr 01 ~ Dec 10
Peabody
500
Jan 05 ~ Dec 10
Flame
Jan 07 ~ Dec 10
Rio Tinto
1,000
Oct 08 ~ Sep 11
ECM
Jan 10 ~ Dec 12
Bengalla
250
Jun 10 ~ Dec 12
SONOMA
750
Feb 08 ~ Apr 14
Felix
625
Sep 09 ~ Life of mine
Australia: Sub-total
5,130 (38.0%)
Shanxi Coal
China
Apr 99 ~ Mar 11
China Coal
Jan 96 ~ Mar 11
Xinhua
960
Jul 01 ~ Mar 11
China: Sub-total
2,460 (18.2%)
Indominco
Indonesia
Sep 03 ~Dec 12
ABK
720
Apr 10 ~ Dec 10
MSJ
800
Jan 08 ~ Dec 15
Glencore (MHU)
300
Apr 09 ~ Dec 10
May 07 ~ Apr 11
VITOL
325
Oct 10 ~ Sep 13
EMH
420
Morgan Stanley
260
Tiger
Jan 09 ~ Dec 13
Indonesia: Sub-total
4,950 (36.6%)
SUEK
Russia
455
Russia: Sub-total
455 (3.4%) US
520
US: Sub-total
520 (3.8%)
TOTAL
13,515 (100%)
LNG
Contract amount (1,000 ton/year)
KOGAS
1,340
07 ~ 26 (20 years)
Bituminous Coal
LNG

18. Fuel Procurement Strategy
Hedging Strategy
Established an internal infrastructure that analyzes the real time fuel market condition
For bituminous coal, the portion of long term contracts is as high as 70% whereas the remaining 30% from the spot market which will be changed according to market situation
99% of required volume for 2010 and 30% of the required volume for 2011 already secured as of Oct 2010
Entered into agreements with KEPCO and other Gencos for development of overseas resources and also for stable and economical supply of bituminous coal
Stability in supply and demand secured by using both domestic and offshore bidding strategies
More than 90% of transportation is already secured through long-term (dedicated carrier +long-term charter) transportation plan, providing a stable and economical means of transportation
Collective negotiation and information sharing by 5 Gencos reinforces purchasing competitiveness
Collaboration with other GENCOs
Recently co-purchased Australian Moolarben coal with other Gencos through close co-operation
Have jointly bid for Australia, Canada, Russia and South Africa coal along with other Gencos `
Update on LNG procurement
100% of LNG will be supplied from KOGAS as the long-term supply/purchase contract has been renewed
Plans to purchase LNG directly with other Gencos from overseas suppliers when the Government eases the regulation in the future 18

19. Insurance Coverage -1H 2010
KOWEPO is fully insured on its facilities under operation or construction and shipment/transportation of fuels and raw materials to refrain from any unexpected accident and subsequent losses.
Asset Comprehensive Insurance
Assembly Insurance
Insurance on Cargo
Details
Insurance Type
2010 Asset Comprehensive Insurance
Insurer
Meritz fire & Marine and five others
Insured Amount
KRW 6,031,436mn
Insured Target
Generation Facilities
Details
Insurance Type
Construction works for Taean Site
Insurer
Samsung fire & Marine
Insured Amount
KRW 162,721mn
Insured Target
Fuel Unloading dock and Equipments
Details
Insurance Type
Fuel and Equipment Facilities Comprehensive Insurance on Cargo
Insurer
LIG Insurance
Insured Amount
KRW 1,591,714mn
Insured Target
Fuel and Equipments

20. View on KRW/USD and its Impact
Management’s View on KRW/USD
Current
2011
2012
2013
2014
USD/KRW
1,140
1,060
1,048
USD/KRW rate is expected to be gradually stabilized with downward tendency
The precise estimation of USD/KRW rate is difficult given the volatile nature of world’s macro economies
Impact of change in FX rate on KOWEPO
Under the CBP (Cost-Based Pool) system, the fuel price hikes as a result of depreciation of KRW (or appreciation of USD) shall be 100% compensated.
In that reason, KEPCO’s financial condition could be impacted by the FX fluctuation.
The company enters into the cross-currency swaps for all its long-term foreign currency denominated debt, thus neutrally positioned against FX fluctuation. 20

21. Table of Contents 1 Company Overview 2 Regulatory Environment 3
Operation Overview 4
Financial Management 5
Financial Forecast

22. Capital Structure -1H 2010 Capital Structure Assets Liability
Shareholders Equity
Revenue
EBITDA
KRW 4,725 bn
- Non-Current Assets/Total
Assets Ratio : 79.9%
Capital Structure
KRW 2,224 bn
- Debt/Capital Ratio : 40.2%
KRW 2,501 bn
- Stake is wholly owned by
KEPCO
KRW 2,334 bn
KRW 394bn
- Net Income : 173 bn

23. Financial Performance(1)
Sales revenue has shown a continuous growth rate
EBITDA has been stable but we have seen a decline in 2008 resulting from the surge in raw material costs
Revenue
EBITDA

24. Financial Performance(2)
Coverage ratio was deteriorated in 2008 and 1H 2009 due to the sharp increase in raw material costs, but has recovered in 1H 2010
Leverage ratio has been deteriorated due to increased debt, but still maintains a stable level
Coverage
Leverage

25. Financial Highlights(1)
(Unit : KRW bn)
2007
2008
2009
1H 2009
1H 2010
Sales
3,069
3,700
3,817
1,857
2,334
Cost of Sales
2,769
3,736
3,681
1,753
2,074
Gross Profit
300
(35)
136
104
260
SG&A 36 38 32 15 18
Operating Income
264
(73) 89
242
Non-Operating Income 26
197
141 84 56
Non-Operating Expense 54
248
132 82 68
Income before Tax
236
(125)
113 92
230
Tax Expense 61
(22) 25 21 57
Net Income
175
(104) 88 71
173
Cash & Equivalents 43
126
121
308
Other Current Asset
434
696
717
574
640
Investment Assets 13 46 74 65 79
Tangible Assets
3,051
2,999
3,275
3,239
3,441
Intangible Asset
167
161
159
154
Other Asset 48
249
128
223
Total Asset
3,885
4,199
4,482
4,381
4,725
Current Liabilities
543
740
956
785
944
Debenture, net of discount
655
907
809
1,005
819
Long-term Debt 86 93
178 80
266
Other L/T Liabilities
187
184
185
196
Total Liabilities
1,459
1,926
2,127
2,055
2,224
Total Stockholder's Equities
2,426
2,272
2,354
2,326
2,501
Income Statement
Balance Sheet

26. Financial Highlights(2)
(Unit : KRW bn)
2007
2008
2009
1H 2009
1H 2010
Cash Flows from Operating Activities
Net Income
174.8
(103.5)
87.9
70.9
173.2
Non-cash Expense and Income
373.5
371.2
305.9
134.3
171.3
Depreciation
351.3
345.9
319.4
156.9
152.0
Changes in Assets and Liabilities
(66.8)
(190.3)
97.8
125.6
(5.4)
Net cash flows provided by operating activities
481.4
77.4
491.6
330.7
339.1
Cash Flows from Investing Activities
Cape / Purchase of Fixed Assets
(282.5)
(294.1)
(593.1)
(390.8)
(245.9)
Other
(1.7)
(17.1)
(34.3)
(24.6)
(65.0)
Net cash flows used in investing activities
(284.2)
(311.3)
(627.4)
(415.4)
(310.9)
Cash flows from Financing Activities
Cash inflows
880.9
1,028.9
1,233.9
686.8
438.2
Cash outflows
(1,069.5)
(923.7)
(1,013.5)
(521.9)
(284.4)
Dividends
(51.3)
(69.9)
(26.4) -
Net cash flows used in financing activities
(188.7)
105.2
220.4
164.9
153.8
NET INCREASE(DECREASE) IN CASH
8.6
(128.7)
84.5
80.2
182.0
CASH, BEGINNING OF THE YEAR
166.9
175.5
46.8
131.3
CASH, END OF THE YEAR
127.0
313.3
Cash flow
Statement

27. Sales Breakdown Revenue source
In 2007, sales increased due to the completion of Taean Coal plant #7-8
In 2008, sales increased due to the fuel price and FX rates hikes
Revenue source
KRW billion
2006
2007
2008
2009
1H 2010
LNG
963.2
1,223.2
1,596.2
1,056.0
830.3
Coal
864.7
1,133.3
1,542.5
2,149.6
1,103.8
Oil
504.0
569.6
350.5
443.7
286.1
Pumped Storage
41.6
65.3
139.3
113.9
77.4
Others -
0.2
0.9
1.2
0.5
TOTAL
2,373.5
2,991.6
3,629.4
3,764.4
2,298.1
Sales (GWh)
37,046
46,987
45,266
43,539
24,764
Unit Price (KRW/kWh)
65.45
66.80
81.39
86.5
95.0
Note : Sales unit price includes other revenues associated with power generation

28. Details on Credit Line Facilities -1H 2010
Bank overdraft Facilities
Bank
Amount
Used
NACF
KRW billion -
Bill Acceptance Facilities
Bank
Amount
Used Amount
KEB
KRW billion -
Woori
KRW billion
Shinhan
KRW 100 Billion
Short-term FCY Credit Facilities
Bank
Amount
Used Amount
KEB
USD million -
RBS
USD million
USD million
BNP Paribas
USD million
SC First Bank
USD million
Shinhan
USD million

29. Debt Profile(1) –1H 2010
KOWEPO prefers long-term funding of at least 5 year as the plant construction usually takes mid to long term period to complete
The company prefers to borrow 70% to 80% of it total debt in KRW and the remaining in foreign currencies
88% of KOWEPO’s debt carries fixed interest rate, while 12% is in floating rate
All of total debt is unsecured.
Debt Repayment Schedule
(KRW in billions)
Total Debt Profile : 1,471 billion
Currency Distribution
Type of Instrument
JPY 7.4% (KRW 109bn)
Eurobond 9.8% (KRW 144bn)
Long Term
Borrowing 19.1% (KRW 281bn)
USD 16.4% (KRW 241bn)
KRW 76.2% (KRW 1,121bn)
Local Bond 71.1% (KRW 1,046bn)
Note: 1. Total debt in 2010 represents the remaining outstanding debt as of June 30, 2010.
2. Total amount of debt is reflected currency swap in case of foreign currency bond.

30. Barclays / Deutsche Bank
Debt Profile(2) -1H 2010
Rating Triggers/Financial Covenants
Bond # 5~ 6(KRW)
Bond # 9~14 (KRW)
Bond #7(JPY)
Bond #8(USD)
Rating Trigger -
No lower than BBB-
Financial Covenants
Liability/Equity ratio
500% or less
200% or less
Collateral
Not permitted
Sales of assets
Sales more than 5 trillion KRW are not permitted in the same fiscal year
Sales more than 0.5 trillion KRW are not permitted in the same fiscal year
Maturity
2010.3~2014.5
2011.3
Currency Swap
Eurobond
Bond #7
Bond #8
Issue
USD 150mn / 5.95%
JPY14bn / Tibor + 0.5%
USD 100mn / Libor + 1.3%
Currency Swap
KRW 143.8bn / 4.95%
KRW 109.1bn / 5.25%
KRW 97.3bn / 4.15%
Counter Party
Barclays / Deutsche Bank
BTMU
BNP / RBS / Woori

31. Capital Expenditure Plan
Capital Expenditure Schedule
(Unit : KRW bn)
568
607
383
468

32. Table of Contents 1 Company Overview 2 Regulatory Environment 3
Operation Overview 4
Financial Management 5
Financial Forecast

33. Key Assumption 2010 2011 2012 Inflation - Domestic 3.00%
- International
2.50%
FX rate (KRW/USD)
1,150
1,100
Oil Price (US$/barrel)
85.00
90.00
Coal (US$/ton)
95.00
Gross Generation(GWh)
45,865
46,150
46,201
Note: Forecast subject to change by year-end

34. Financial Statements(1)
Balance Sheet
(Unit : KRW bn)
2010
2011
2012
Assets
Current Assets
725.5
717.2
736.0
Non-Current Assets
3,970.5
4,128.1
4,115.5
Total Assets
4,696.0
4,845.3
4,851.5
Liabilities
Current Liabilities
798.9
682.4
444.6
Non-Current Liabilities
1,498.1
1,724.3
1,927.3
Total Liabilities
2,297.0
2,406.7
2,371.9
Stockholder’s Equity
Capital Stock
176.0
Capital Surplus
1,266.6
Retained Earnings
956.4
996.0
1,037.0
Total Stockholders’ Equity
2,399.0
2,438.6
2,479.6
Total Liabilities and Stockholders’ Equity
Note: Forecast subject to change by year-end

35. Financial Statements(2)
Income Statement
(Unit : KRW bn)
2010
2011
2012
Sales
3,915.6
3,886.6
3,905.4
Sales of Electric Power
3,896.7
3,867.9
3,886.5
Others
18.9
18.7
Cost of Sales & SGA
3,704.5
3,759.2
3,780.3
Operating Income
211.1
127.4
125.1
Non-Operating Income
9.1
9.2
12.8
Non-Operating Expense
45.7
63.0
62.6
Income before Tax
174.5
73.6
75.3
Income Tax
41.5
17.1
16.7
Net Income
133.0
56.5
58.6
Dividend
39.9
17.0
17.6
Plans to declare annual dividend at the level of 30% of net income
Note: Forecast subject to change by year-end

36. Financial Statements(3)
Cash Flow Forecasts
(Unit : KRW bn)
2010
2011
2012
Operating Activities
516.6
429.3
400.0
Net Income
133.0
56.5
58.6
Non-cash Expenses &Incomes
372.6
381.6
373.1
Depreciation
357.3
365.7
360.2
Changes in Assets and Liabilities
11.0
(8.8)
(31.7)
Investing Activities
(551.3)
(519.6)
(340.2)
Plant Construction &Facility Improvement
(455.4)
(386.3)
(244.1)
Others
(95.9)
(133.3)
(96.1)
Financing Activities
31.5
90.0
(59.7)
Cash Balance, Beginning of Year
42.4
39.2
38.9
Net Cash
(3.2)
(0.3)
0.1
Cash Balance, End of Year
39.0
Plans to maintain year-end cash balance at approx. KRW40 billion
Note: Forecast subject to change by year-end

37. Thank you