DAEWOO INTERNATIONAL

As head of all our employees, I would sincerely like to thank you very much for your great support and guidance for Daewoo International throughout the last year. Now is a major milestone for unfolding the future of Daewoo International, and I am honored to become the CEO of the company. As well as being a great honor for me, it fills me at the same time with a sense of the responsibilities and challenges for making a leap to a higher level. I would like to take this change to express my thanks to all Daewoo International customers one more time.

Daewoo International has been witness to the long history of Korea’s economic miracle. Major universities overseas have studied Daewoo International as a successful global business case and in 1999, at the time of the IMF intervention, our corporation was broken up and went through intense restructuring under the management of our creditors. Fortunately, we were able to exit this trial phase early, and our employees were all determined to survive on their own, devoting themselves to further growth. In 2010, we joined up with a strong partner, POSCO, and this has helped us to make a giant leap towards a brighter future, with first class management. Looking back at the history, I am convinced that our glory and our pain have made us much stronger, creating a stepping stone for a leap for the great tomorrow.

With our experience and know-how, I now want to set out our vision of a "Jump! for the Great Tomorrow", and open a new chapter of challenges for the future of Daewoo International.

For this purpose, first of all, I want to pursue growth-oriented management.  With secure management, established over a number of years, we must improve the situations of the IPP and power/infra business and real estate development as new growth engines for the company, and make sure that strong investment in these fields of business can expand the market for us. Through professionalism, we must improve our competitiveness in steel, materials, agriculture/fisheries, commodities and automobile parts. In general trading, for example in chemicals, electronics and machinery, we must advance the sales patterns and provide packages to secure the basis for further leaps. There is also a challenge in the area of petroleum gas and mineral development. Having turned the Myanmar gas field into a success with our unstinting efforts throughout the past 13 years, we are determined to develop other gas fields. As well as this, better marketing in strategic countries such as Myanmar, Uzbekistan, and the Ukraine will also be an important foundation stone for our success in the future. I have no doubt that the growth of Daewoo International will create a new synergy through close cooperation with the POSCO family of companies.

Second, I will achieve human-oriented management closely linked to accomplishments.  The best assets of our company are our employees, who now work day and night throughout the entire world. The dynamic network that connects human to human is our strength and our competitiveness. I would like to make sure that management resource is concentrated on all phases of human resource development, from recruiting to education and welfare. Above all, I will make sure that the system can provide a fair evaluation and compensation that are directly linked to actual accomplishment, in a way that everyone can agree to.

Third, I will make every effort to integrate our sales forces.  Through 'organizational promotion' and 'open, sharing management', I would like to unite all our sales power. Our sales organization should have the frontier spirit, should be creative with challenges, and management should develop the quality of our sales support service to the top global level. Also, our overseas organizations should take the leadership in leveraging company growth with their dynamic sales forces. I firmly believe that an open, sharing management style will create a fun, exciting working culture where every employee can participate with mutual trust, so that eventually, all their potential can be fully realized. In steel, materials and other projects, our duty is to unify the capabilities of the POSCO group to complete "a global POSCO family".

Finally, I would like to add that in this age of modern enterprise, corporate social responsibility' is of absolutely vital importance.  As a global ethical company, Daewoo International will become a role model, complying with international regulations and fair trade as it relates to human rights and the environment, and we will fulfill our corporate social responsibilities. In particular, in line with the 'voluntary fair trade compliance program' operated within the company, I would solemnly urge you to make every effort to help develop a company culture based on fair trade.

You are the reason why I am standing here today in front of you. I have no doubt that your interest and active participation are the keys to successful execution of the declaration made at the inauguration today, "Jump! for the Great Tomorrow". Please join me in this great adventure of growing the bright future of Daewoo International! I am sure we can share both happiness and success.

For the future, I look forward to your continued support and love for Daewoo International.  I hope your home is full of happiness and love.

Thank you very much.

Jeon Byeong Eal, President and CEO of Daewoo International