NAV Valuation of Young Poong Precision and A Case Study for Future Tender Offers in Korea

• Our NAV valuation of Young Poong Precision suggests NAV of 325 billion won or NAV per share of 20,657 won which is 70% higher than current price.

• Young Poong Precision tender offer could become one of the most important case studies for future tender offers in Korea.

• The biggest component of the NAV is Young Poong Precision's 1.85% stake in Korea Zinc which is worth 255 billion won (133% of its current market cap).