President Greetings Company President Greetings.

Since Wooyang Shipping Company was established in 1982, it has been growing rapidly as the backbone of domestic shipping companies keeping pace with Korea’s national economic slogan ‘Exporting Korea’, of which company has been putting great emphasis on the transportation of steel products and various kinds of raw materials in the route of Korea, Japan and China.

In particular, through the Contract of Affreightment(COA) with the major iron and steel company, POSCO, Wooyang Shipping Company has more been able to strengthen its transportation business in this area.

In the year 2009, we have made another strong Contract of Affreightment (COA) with POSCO and which made us to expand our transporting boundary up to South East Asia.

Also, signing three (3) Consecutive Voyage Contracts (CVC) with the subsidiary firms of Korea Electric Power Corporation (KEPCO) respectively, we did sequentially come to take over four Panamax bulk carriers in transporting coals from Indonesia to Korea.

Now, we are standing on a firm ground as a stable steel product and coal carrier through COA/CVC’s with POSCO and three subsidiary firms of KEPCO on 6 general cargo ships and 4 Panamax bulk carriers.

In the past 40 years, Wooyang Shipping Company has done its best on providing our clients with high qualified service and satisfaction.

We, Wooyang Shipping assure that we can give well differentiated services to our clients based on our accumulated experience and know-how and further do our best to be the leader of the ‘Ocean-Korea’ in the 21st century.

Thank you.

Y.G. Chae / President