NAV Analysis of Young Poong and Three Potential Scenarios of Choi Family's Strategy to Fight Back

• We have significantly raised the NAV of Young Poong to 965,193 won (up 105% than previously). Our current NAV estimate of the company is 150% higher than current price.

• Some traders have been positioning for Young Poong to be deleted from the KOSPI200 in the next round of rebalancing. Young Poong is not likely to be deleted from KOSPI200.

• We also provide three potential scenarios of the Choi family's strategy to fight back to gain control of Korea Zinc.