Daewoo International Corporation

March 2008

CONTENTS

II Company Profile

IIII Myanmar Gas Development

IIIIII Financial Highlights

IVIV Appendix

Business Portfolio (5 Biz Model)Vision & Chronology & Long-term TargetOrganization and PersonnelSubsidiariesResources Development StatusResource Asset DividendsEnergy Resources ProjectsMineral Resources ProjectsKyobo Life Insurance Shares

Company ProfilePart IPart I

4

Business Portfolio (5 Biz Model)

Steel division: POSCO’s largest exporter Metal division: Korea’s largest trader

COMMODITYSteel/metalsChemicalsCommodities/Energy

OEM

Automotive & Component

Daewoo Busan Factory

BRANDMedia & Electronics

Textile

Daewoo Dept. Store

PROJECTMachinery

IT Business

Overseas Investment

Subsidiaries

Resource development

Management

5

Vision & Chronology & Long-term Target

Sales W15.5t

Operating Profit

W365b (Excluding dividend of

Myanmar gas fields)

Sales W20.0t

Operating Profit W800b

2012 Business Target 2015 Business Target

•Graduation from debt 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•Operator of MyanmarAD-7 block•11 Resource projects

2007

•Spun off from Daewoo Corp•Operator of Myanmar A-1 Block

2000

Vision 2015 “World Best Global Trading & Investment Company”★ Credit Rating AAA in 2015

6

Organization and Personnel

Trading (HQ) Overseas Branches

Overseas Subsidiaries Domestic Management

11 Sales Division

47 Sales Team56 Branches & Agents 11 Trading Co.

28 Subsidiaries

11 Resource PJTs

Busan Factory

Daewoo Dept. Store

4 Division

14 Team

INTERNATIONALINTERNATIONAL DOMESTICDOMESTIC HQ (Seoul)HQ (Seoul)

424 Korean : 220

Non-Korean : 15,300

Factory : 657

Dept. Store : 213

193

Overseas Employees

Overseas Network : 106

Total Employees : 17,007 ① Korean: 1,707a) Trading: 837b) Domestic: 870

② Non-Korean: 15,300

(as of Jan 2008)

EmployeesEmployees Employees

7

Subsidiaries

SubsidiariesSubsidiaries Total: 39

InvestmentInvestment US$ 330mil

GTCGMC

Korea LNG

DW TextileFergana Textile

DW CementDW ChinaDW Paper(2)Shanghai Lansheng DW(2)Suzhou Jinwoo WPD

Myanmar E&P / MDL / MDIL / MKTIL / MDCM

PT Rismar DW Apparel / PT Int’l Steel IndonesiaHanjung Power

DW Int’l AmericaDW Italy

DW Int’l Deutchland

Vietnam Textile / Daewoo STC VINA

DW Int’l Japan

Daytek

Daewoo Int’l S’pore

(as of Jan 2008)

Mexico Coil Center

POS ESDC Ltd. Daewoo Canada

8

Resources Development Status

13 Projects in progress 2 Projects under investigation

RUSSIARUSSIAIRKUTSK (gas)

UZBEKISTANUZBEKISTAN

JAPADNO GOLD

MYANMARMYANMAR

MONYWA COPPER

RUSSIARUSSIA

WEST KAMCHATKA (Oil)

CANADACANADA

BAKER LAKE URANIUM

PERUPERU

BLOCK 8 (Oil)

MYANMARMYANMAR

A-1 (gas)

VIETNAMVIETNAM

11-2 (PNG)

MYANMARMYANMAR

A-3 (gas)

MYANMARMYANMAR

AD-7

OMANOMAN

KOLNG

MADAGASCARMADAGASCAR

AMBATOVY NICKEL

AZERBAIJANAZERBAIJAN

INAM (Oil)

UZBEKISTANUZBEKISTAN

Bock 35 & Block 36

(as of March 2008)

9

Resource Asset Dividends

Myanmar offshore

block A1 & A3 (Natural Gas)

Vietnamoffshore

block 11-2 (PNG)

Oman KOLNG(LNG Plant)

Peru 8 Field(Crude Oil)

2000(60.0 %)

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

218.5

33.5

1.6

14.8

InvestmentInvestment(Dec 2007)(Dec 2007)

Contract YearContract Year(Stake)(Stake)

ProjectProject

Total - 21.118.7 19.8268.4

Note: 1) Vietnam block 11-2 (PNG): production began in Dec 2006 2) New energy projects: Myanmar offshore block AD-7, Azerbaijan Inam

block (crude oil), Russia West Kamchatka block (crude oil) 3) Minerals: gold mine (Uzbekistan), nickel mine (Madagascar), uranium mine (Canada)4) 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

10

Energy Resources Projects

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: 2007 US$10m

2006 US$ 7.6m

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 : 2007 US$12.1m2006 US$13.5m

Vietnam offshore block 11-2 (PNG)

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$1m~2m annually 2007 US$ 1.6m

DEVELO

PMEN

T

Myanmar offshore block A-1(gas field)

60% (*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

(GCA)

-

Gas sales bidding process begun - Pre-FEED-

2008 : GSA & FEED & EPC-

Gas production in 2011

Myanmar offshore block A-3(gas field)

60% (*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

(GCA)

-

Now Gas Sales Bidding - Pre-FEED-

2008: GSA & FEED & EPC-

Gas production in 2011

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

Russia West Kamchtka block (oil

field)

4%(10% of KC) n/a - Dec 2005: SPA (operator: Rosneft

(60%))- 2005~2006: 2D seismic acquisition & interpretation

- Exploration drilling in 2nd

H,2008- Possible reserves: 10.3b bbl- Oil production in 2013

Azerbaijan Inam block (oil field)

2% (10% of KC) n/a -

2007: Participation (operator : BP) - Exploration drilling in 1st

H,2008- Possible reserves: 2b bbl

Note) “KC”

means Korean Consortium.

11

Mineral Resources Projects

ProjectProject EquityEquity ReserveReserve RemarksRemarks

MIN

ERA

L RESO

UR

CES

DEVELO

PMEN

T

MadagascarAmbatovy

Nickel Mine

2.75% (10% of KC) 125 MM ton

- 2006: Participation - Operator: Sheritte

(Canadian company)- Parties: Sherritt

40%, Sumitomo 27.5%, Korean consortium 27.5% (KORES 21%)

* KORES: owned by Korea Government- 2010: Commercial production (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%, Korean consortium 50% (KORES 20%)

* KORES: owned by Korea Government

Canada Baker Lake

Uranium1.7% 104 MM lbs

- 1983: Participation - Parties: AREVA, JCU Canada, etc- 1997: Completion of pre-feasibility study- 2005: Reorganize project team- 2006~2007: Conduct feasibility study- Environmental study, final feasibility study,

construction of facilities

Note) “KC”

means Korean Consortium.

12

Kyobo Life Insurance Shares

Kyobo Life Insurance Holdings(end-Sep 2007)

Shin Family 47.9%Kyobo ESOP 1.0%

Corsair Capital 5.3% (New)

Others 1.6%- Goldman Sachs 1.1% (New)- Minorities 0.5%

SBI Holdings 4.5%(Soft Bank Group)

MOFE 5.9%(Korean Government)

KAMCO 10.0%Daewoo Int’l 24.0%

* Total : 20.5m shares

Status of Daewoo’s Shares

Provided as collateral for KAMCO borrowings (W64.3b)

Valuation of Daewoo’s Shares

4.92m shares worth KRW567b (book value)

as of Dec 2007 (calculated at W115,244 per share)

Daewoo’s Asset Disposal Plan

Resume disposals in cooperation with KAMCO after Kyobo Life is listed on KOSPI

Status of MOFE’s Shares

Disposal rights delegated to KAMCO

< end-2007 >Shares of Shin Family : 40.3% = CEO Shin 33.6% + others 6.7%New Shareholders

-

Shares of SC Bank : 5.3%-

Shares of AXA Insurance : 2.2%Corsair Capital : 9.8%

-

bought 4.5% from SBI Holdings

Status of Kyobo Life Insurance

• Founded in 1958 → CEO C. J. Shin since 2000• Credit Rating : AAA (Dec.07)• B/S(Dec.07) : Asset W45.5t, Debt W43.1t, Equity W2.4t• P/L(April~Dec.07) : Revenue W9.3t, Net Income W359b• In Sept.07, Kyobo

Life issued 2mil Shares of capital.→ Daewoo’s new shares : 480k (*Price: W185k / share)

Myanmar Offshore Blocks (A-1, A-3, & AD-7)

Gas Fields & Prospects

Gas Reserves Certification

Milestone Plan

Route Feasibility Study

Pre-Feed: PNG Case

Myanmar Gas DevelopmentPart IIPart II

14

Myanmar Offshore Blocks (A-1 & A-3 & AD-7)

1. Project Name: Myanmar block A-1 (Aug 2000)Myanmar block A-3 (Feb 2004)

►Location: Northwest Sea of Myanmar►Acreage: (A-1) 2,966 km2 / (A-3) 6,780 km2

►Contract Type: Production sharing contract►Ownership: Daewoo Int’l 60% (Operator)

KOGAS 10% (Korean) ONGC Videsh Ltd 20% (Indian) GAIL (India) Ltd 10% (Indian)

★ Proven Reserves 1) Discovery of giant gas field (Shwe) in A-1 (Jan 2004)2) Discovery of gas field (Shwe Phyu) in A-1 ( Mar 2005)3) Discovery of gas field (Mya) in A-3 (Jan 2006)

2. Project Name: Myanmar block AD-7 (Feb 2007)

Location: Northwest Sea of MyanmarAcreage: 1,684 km2

Contract Type: Production sharing contract 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

15

Gas Fields & Prospects

ShweShwe PhyuPhyu

ShweShwe

MyaMya

•

More than 50 experts in Myanmar Daewoo E&P involved in exploration & development of offshore blocks A-1, A-3, and AD-7 for seven years. Partners KOGAS, ONGC, and GAIL are excellent E&P companies.

16

Gas Reserves Certification

Energy Certification Firm: US-based Gaffney, Cline & Associates (GCA)Date of Certification: Aug 21, 2007

Certification Results

* Exploration in block A-3: 3 prospects newly identified * Exploration in block AD-7: Assumed 100% ownership in Feb-2007; now undergoing 3D survey preparation

Block Gas field Gas Initially In Place (TCF) Recoverable Resources (TCF)

A-1 Shwe (gold) 3.35 ~ 5.42 2.87 ~ 4.67

Shwe Phyu (white gold ) 0.49 ~ 1.17 0.38 ~ 0.91

A-3 Mya (emerald) 1.52 ~ 2.49 1.28 ~ 2.16

Total - 5.36 ~ 9.08 4.53 ~ 7.74(* as a crude oil : 815 mil ~ 1.39 bil

bbl)

17

First Gas (Production)

Detail Design, Construction and Commissioning

FEED / EPC

Government Approval of FDP Declaration of Commerciality

Gas Sales HOA / GSA

Option Selection (PNG/LNG)

Milestone Plan

20062006 20072007 20082008 20092009 20102010 20112011

Pre - FEED

20122012

18

Route Feasibility Study

Case 3

Case 2

Case 6

Case 1 Case 5 (LNG)

Case 4

Option Route Length (km)

Case 2 Myanmar –

India PNGSea : 70Land : 222

Case 4 Myanmar –

Thailand PNGSea : 1,061Land : 101

Case 5 LNG Plant in Myanmar Sea : 122

Case 6 Myanmar –

China PNGSea : 122Land : 882

19

Pre-FEED : PNG Case

Sittwe

Kyaukphyu

Myanmar

Legend

Multiphase PipelineLNGCondensate PipelineGas PipelineWell Control UmbilicaMeg line

Forecasted daily production (unsettled): PNG 600 mmcf (for 20~25years)

SHWE PHYUIn 95m WD

SHWE In 105m WD

MYA-NIn 200m WD

MYA-SIn 560m WD

NOTES

Shwe/Shwe

Phyu

wells drilled with JUPMya

wells drilled with semi-sub/drillshipManned HubFuture LP compression on future bridge linked platformSatellite WHP is a normally unattended installationFlowline

lengths include 10% allowance for routing

To Indian borderMetering Station

Let down stationCondensate storage

& offloading

3 slot Template/Manifolds3P wells (deviated)Well test by MPFM

CENTRAL PROCESSING HUBSeparationDehydrationDew pointingCompressionMeteringPW TreatmentCondensate treatment and exportIntelligent Pigging (temporary)

WHP 9 slot6P wellsInstalled 12 years after Shwe

Future PlatformFuture LP C ompressionPlatform installed 15 yearsAfter Shwe

WHP 15 slots10P wells

28”

× 70kmDry, Sales Gas pipeline

26”

× 13.6kmWet Gas 2-phaseInsulated pipeline

26”

× 7.3kmWet Gas 2-phaseInsulated pipeline

32”

× 222kmDry Sales Gas

20”

NB× 20.5kmWet gas 2-phaseInsulated pipeline

Condensate toLocal Market

HH

Future Template/ManifoldInstalled 10 years after Shwe

HH

HH

HH

4”

× 70kmStabilised

Condensate pipeline

Rev 0

Shwe/Shwe Phyu/Mya Development – Feasibility Study Option C2-Full offshore processing with Gas to India (Onshore route), Condensate to Sittwe

Profit & Loss Summary

Sales Bar Graph

Profit Bar Graph

Turnover

Sales and Operating Profit Breakdown

Balance Sheet

Debt Status

Financial HighlightsPart IIIPart III

21

Profit & Loss Summary

((WbWb)) 2005200520032003 20042004 20062006

Ordinary Profit

(Interest Expense)

Operating Profit (%)

Sales (Exports; US$b)

187.6

(26.9)

61.5 (1.2)

5,144.5 (3.1)

50.5

(57.9)

78.0 (1.9)

4,130.7 (2.6)

157.3

(35.3)

96.0 (1.9)

5,017.2 (2.8)

154.3

(24.6)

77.7 (1.2)

6,383.6 (3.9)

Net Profit 172.354.5 114.1 112.8

Interest Coverage Ratio 2.29 X1.35 X 2.72 X 3.16 X

20072007

128.9

(18.2)

91.9 (1.2)

7,816.1 (4.3)

102.0

5.05 X

22

Sales Bar Graph

1,247 1,263 1,239

1,3951,482

1,595 1,6131,694

1,921 1,966

500

800

1,100

1,400

1,700

2,000

1Q05 2Q05 3Q05 4Q05 1Q06 2Q06 3Q06 4Q06 1Q07 2Q07

(Wb)

3Q07

2,027

4Q07

1,902

23

Profit Bar Graph

(Wb) * Left : Operating Profit* Right :Ordinary Profit

1621

18

6

20

33

21

5

3328

92

38

2731

59

43

3022

34

53

0

20

40

60

80

100

1Q05 2Q05 3Q05 4Q05 1Q06 2Q06 3Q06 4Q06 1Q07 2Q07 3Q07

2833

4Q07

29

24

Turnover

20062005

Import147

TrilateralTrade2,034

Export3,074

Export3,873(26% )

Import186 (14% )

TrilateralTrade2,680

(32% )

5,255 6,721 (27.9% )

(US$m)

2007

Export4,272(10% )

Import247 (33% )

TrilateralTrade3,535

(32% )

8,054 (19.8% )

25

6,383.6

Sales and Operating Profit Breakdown

Operating Profit Breakdown Sales Breakdown

Commodity81%

OEM 9%

Brand 7%

Project 3%

(WB)

2006

2007

Commodity78%

Project 6%

Brand 2%

OEM 14%

Commodity83.8%

OEM 6.5%

Brand 6.3%

Project 3.4%

77.7

7,807.9

(WB)

2007 Sales & Operating Income Breakdown, excluding P/L of administration division

Commodity88.7%

OEM 7.2%

98.1Project 3.5%

Brand 0.6%

26

Balance Sheet

909.8(474.9)

837.6(474.9)

522.2(472.9)

443.0(213.9)

Equity (Capital)

112104213282L/E Ratio (%)

1,019.0(239.1)

867.8(261.9)

1,114.5(489.1)

1,248.3(515.5)

Liabilities(Debt)

1,928.8(202.0)

1,705.4(277.2)

1,636.7(128.2)

1,691.3(241.9)

Assets(Cash)

Dec 2006Dec 2006Dec 2005Dec 2005Dec 2003Dec 2003Dec 2002Dec 2002((WbWb))

988.3(474.9)

119

1,175.7(289.8)

2,164.0(274.1)

Dec 2007Dec 2007

27

Debt Status

(872.5)608.4

(533.2)343.2

(470.7)307.1

Dec 03 Dec 05 Dec 06

165.9 138.2 127.3

442.5

205.0 179.8

264.1

190.0163.6

Total Debt(HQ+Subs)DWIC H.Q

Debt ofDWIC H.Q

Debt ofOverseasSubsidiaries

(Wb)

KAMCO 61.5(Shares of Kyobo life as collateral)

AKA Bank 56.8(11year Equal installments from Dec 06)

KEIC 110.5(12 year Equal installments from 04)

Overseas Subsidiaries Interest Non-interest

110.5

236.4

186.6

(533.5)346.9

Dec 07

Short-term loans have increased W94.5b since end-2006due to increase in trade financing & banker’s usances.

Profit & Loss Statement (2001~2007)

Debt Status (2001~2007)

Ownership Structure

Corporate Governance

Core Competencies

Enterprise Risk Management

Guarantee & Contingent Liabilities

AppendixPart IVPart IV

29

Profit & Loss Statement (2001~2007)

Ordinary Profit (LHS)

(WB)

Sales (LHS)

Growth Rate (RHS)

(40)(20)0204060

0

1,0002,0003,000

4,0005,0006,0007,000

2005

5,144.5

2004

5,017.2

2003

4,130.7

2002

3,516.8

2001

4,253.5

2006

6,383.6

2007

7,816.1

(%)

(200)(150)(100)(50)

050

100150200250

(4.0)(3.0)(2.0)(1.0)0.01.02.03.04.0

2005

187.6

2004

157.3

2003

50.5

2002

72.7

2001

-169

2006

154.3

2007

128.9

(%)(WB)Profit Rate (RHS)

30

Debt Status (2001~2007)

As of end-2000 : 940%

(WB)

0%

50%

100%

150%

200%

250%

300%

350%

400%

450%

500%

0

200

400

600

800

1,000

1,200

1,4001,600

Dec 2001 Dec 2002 Dec 2003 Dec 2004 Dec 2005 Dec 2006

681681

1,3671,367

239239

1,019 1,019

464%464%

112%112%290290

1,176 1,176

Dec 2007

119%119%104%104%

262262

868868Liabilities

Debt

L/E Ratio

31

Ownership Structure

KAMCO33,745K (35.5%)

Former Korean Creditors (KDB, Korea EXIM Bank, Woori Bank, others)31,693K (33.4%)

Korean Investors22,372K (23.6%)

Daewoo Int’l ESOP763K (0.8%)

Foreign Investors6,416K (6.8%)

Total Outstanding Shares : 94,989,000Total Outstanding Shares : 94,989,000(Paid-in Capital : W474.9b)

Joint Disposal of SharesSignatories : KAMCO and 8 Financial InstitutionsRestraint for sell down Number of Shares : 65,438 thousand (68.9%)

(As of end-Dec 2007)Dividend (Since 2004)- 2004 : KRW 250

(Major Share holders KRW 150)- 2005 : KRW 250- 2006 : KRW 300- 2007 : KRW 350

32

Corporate Governance

ShareholdersShareholders

BOD

CEOCEO

External Auditors

Overseas/DomesticBusiness Operations

Internal ControlInternal Committees

Ethics OfficeCredit Management / Investment ReviewFX & Interest-Rate ManagementBrand ManagementLogistics TFT

Internal Account ControllerAudit Office / Legal AffairsFinance / FX & Trade FinanceRisk ManagementOverseas Management

Audit CommitteeSupervisory Report major

Managerial issues& Present solutions

Transparent and Fair Disclosure

Audit

※ Enterprise Risk Management based on IT Infra

33

Core Competencies

Trading Experts

Professional Project Organizer & International Trader * Overseas Job experience: 38%

Synergy

Global Biz Network

106 Overseas Units in 50 Countries:56 branches / 39 subsidiaries11 resource projects

Partners: 6,000 Buyers & Sellersin 180 Countries

Brand Value

Valuable “Daewoo” Brand Confidence in the global market

IT Based RTE

Global Knowledge Management SystemMarketing Data Research Value-added Business Creation

Sustainable Business Portfolio

Leading Global General TraderIndependent E&P Company 5 Business Model : Commodities, OEM, Projects, Brands,Overseas Investment

( Note: RTE –

Real Time Enterprise )

34

Enterprise Risk Management

Building up Integrated Risk Management System- Utilizing Customer Data Base- Operating Credit and Investment Review Committees

100% FX Hedging for Sales Transactions

Maximum Utilization of Trade Insurance Policies- Expand export Insurance Coverage Ratio to 100%

Long-term Orders(end-Dec 2007)

58%

Insurance Coverage(end-Dec 2007)

75%

Order Backlog end-Jun 2007 : US$ 7.4b end-Dec 2007 : US$ 4.0b

35

Guarantee & Contingent Liabilities

DWIC Guarantee

As of end-Dec 2007

Contingent Liabilities

(DWIC Guarantee)

KRW109.7b

KRW506.7b(Provisioning: (Provisioning:

KRW71.2b)KRW71.2b)

Daewoo Cement: KRW98.2b (pay off in installments; 2017) ☞☞ Recourse debtors: Daewoo E&C 66% & DWIC 34%Recourse debtors: Daewoo E&C 66% & DWIC 34%

PNG Power Plant: KRW8.2b (pay off in installments; 2010) ☞☞ Recourse debtors: Recourse debtors: DoosanDoosan Heavy 50% & DWIC 50%Heavy 50% & DWIC 50%

Foreign Creditors: KRW500.9b (Exim India & other banks )

Korean Creditors: KRW5.8b

☞☞ Recourse debtors: Daewoo E&C 66% & DWIC 34%Recourse debtors: Daewoo E&C 66% & DWIC 34%

Thank you!