Details of MBK's Four Major Concerns on Management of Korea Zinc

• In this insight, we discuss in detail MBK's four major concerns on the management of Korea Zinc.

• We believe that MBK has legitimate concerns on especially the three factors including poor investments, deteriorating profitability, and increase in equity capital/disposal of treasury shares.

• If and when the 2 trillion won+ is raised, then it could lead to another tender offer and the four concerns highlighted in this insight become much more important.