Scenario Analysis of Korea Zinc's Share Buyback, Cancellation, and Tender Offer + NPS's Five Options

• We discuss the next steps in the fight for the control of Korea Zinc, after the completion of the tender offer by the MBK Partners and Young Poong alliance.

• After the tender offer, MBK and Young Poong's stake in Korea Zinc increased from 33.13% to 38.47%, coming close to more than half of the voting rights.

• We continue to believe that at current stage, MBK/Young Poong alliance has the advantage in the fight for the control of Korea Zinc.