Kiwoom is advanced, but will furtherdownload.kiwoom.com/company/kfinance/Kiwoom FY2011 Annual... · 2012-08-31 · Kiwoom is a leader embracing innovative changes. We have built strong

Kiwoom is a leader embracing innovative changes.

We have built strong relationships by providing differentiated

business models, business strategies and services.

We have satisfied and inspired our customers as well as

our shareholders by having the ability to read the market trends

early on and provide advanced solutions.

Our goal doesn't stop with being the leader in the equity brokerage market.

We will position ourselves as a global comprehensive financial investment

house by delivering differentiated investment paradigm.

Kiwoom is advanced, but will further enhance itself in the future.

Kiwoom is a leader embracing innovative changes.

We have built strong relationships by providing differentiated

business models, business strategies and services.

We have satisfied and inspired our customers as well as

our shareholders by having the ability to read the market trends

early on and provide advanced solutions.

Our goal doesn't stop with being the leader in the equity brokerage market.

We will position ourselves as a global comprehensive financial investment

house by delivering differentiated investment paradigm.

Kiwoom is advanced, but will further enhance itself in the future.

Pride in being the leader for 7 consecutive years,

Outstanding results from astonishing competitiveness

02 / 03K IWOOM SECUR IT IES ANNUAL REPORT F Y 2 0 1 1

Market Leadership Paradigm Leadership

Kiwoom's past has been full of challenges. Kiwoom, established in 2000 as

an independent online brokerage earned the leadership position within 5

years of inception. We were able to record the market share leader for 7

consecutive years by offering industry/low fee of 0.015%, a convenient

Home-Trading System (HTS) HERO, tailored Customer Care Center and a

strong Research Center along with the support of our customers. Our

undisputed leadership in the brokerage industry was created by our sound

financial structure.

No. 1 M/S in the Korean equity brokerage market for

7 consecutive years -

Kiwoom has created a new marketing phenomenon

Anyone can become a leader at least once, however, maintaining the

leadership position for 7 consecutive years is not an easy task. We have

been able to maintain this due to endless endeavor and efforts. We will

continue to reinforce our pride and honor by strengthening our business

infrastructure and manpower.

Pride of being No. 1 will firmly be preserved

Market Leadership

Intuitive reading of the market trends, seeking

greater potential of the investment market


Market Leadership Paradigm Leadership

Innovation is the core strength of Kiwoom. Kiwoom was established in 2000

introducing online investment as a new innovative paradigm to the brokerage

industry. When we first emerged into the Korean equity brokerage market,

few predicted our success. We created a sensation in the market by

offering hi-tech diversified trading platforms and were able to overcome

the obstacles of being a "start-up."

Capturing the online brokerage market -

differentiated innovation nurtures its core competence

Kiwoom has proven its unique business model in South Korea and with that

foundation, plans to position itself amongst the big players in the global

market. We plan to further enhance our global competitiveness by offering

mobile trading via smartphones, online asset management services,

investment banking, bond brokerage, institutional brokerage and global

sales.

Kiwoom reaches beyond to become a global brokerage house

ParadigmLeadership

CEORecord performance since foundationPromising a stronger 2012

Honorable shareholders and investors of Kiwoom Securities,

Starting off with the Eurozone financial crisis, the domestic economy and financial market faced volatility with rising

uncertainties in the global market including weakened US economic conditions and stagnating Chinese economy.

However, Kiwoom Securities still posted the highest performance since our establishment. This is attributable to the

consistent encouragement and support of our shareholders and investors.

We not only achieved our best performance as of yet, but have also laid the foundation for our next leap into the

future. We achieved robust results in divisions in principle investment, investment banking and wholesale whilst

strengthening our dominance in the brokerage sector. We also took preemptive actions in the rapid supply of

smartphones along with the changing environment of trading channels. Kiwoom Asset Management and Kiwoom

Securities Indonesia have created a touchstone for our future growth prospects.

The fiscal 2011 business performance posted 168.0 billion KRW in operating income (22.6% increase YoY) and 127.0

billion KRW in net income (21.7% increase YoY). Our customer base has also continued to show growth as well. As of

the end of March 2012, there are 1.61 million consigned accounts (19% increase YoY). Customer assets have also

increased 21% compared to the prior year.

In 2012, global turbulence continues to persist with Eurozone risks and global economic slowdown, while domestically

there are concerns over instability with real estate and household debt.

Despite these challenges, in 2012 Kiwoom Securities will focus on the following challenges.

First, we will enhance our leadership in our traditional profit base of online brokerage. We will also show an advanced

business model backed by creativity and innovation that is unshaken by the rapidly changing capital market environment,

while maintaining a balanced business portfolio by enhancing our competence in bond brokerage, institutional

brokerage, investment banking and principle investment.

Second, we will strive to maximize performance of our business divisions through creating synergies with our

subsidiaries Kiwoom Asset Management, Kiwoom Investment and Kiwoom Securities Indonesia. We will work to create

financial products and generate new customers to continue to expand our global network.

Third, we will strengthen our risk management. Volatility tends to expand in a global economy along with risk factors.

It is crucial to be mindful of unexpected conditions and take risk-averse action.

Kiwoom Securities aims to go beyond leading the Korean equity brokerage market to become a global leader, driven

by our stellar performance as well as honest and transparent managerial practices. The staff of Kiwoom promises to

spare no effort in living up to your expectations. We ask of your continued interest and support. Thank You.


Ceo Message Management Team

Kwon, Yongwon

CEO & President

Kiwoom Securities

Executive management team promises to

maintain No. 1 M/S position

Lee, HyunSenior Executive Vice President

Retail Business Division

Strategy & Planning Division

Hwang, Hyun Soon

Executive Director

Principal Investment Division

Park, Yun Chae

Executive Director

Head of Research Center

Choi, Chang Min

Executive Director

Investment Banking Division

Park, Bong Yong

Executive Director


Retail Sales

Park, Hee Jung

Executive Director

Research Center

Corporate Analysis

Bae, Chung Seob

Executive Director


Customer Care Center /

Business Support Department

Kim, Do Wan

Executive Director

Strategic & Planning Division

Service Development

Kwon, Hyuk dong

Executive Director

Risk Management

Lee, Jin Hyuk

CEO & President

PT Kiwoom Securities Indonesia


Ceo Message Management Team

Choi, Byung Yong

Auditor

Audit Committee

Kim, Mun Ki

Executive Vice President

Management Support Division

Ahn, Dong Won

Executive Vice President

Wholesale Business Division

Heo, Young Hong

Executive Director


Bond Sales

Lim, Gyoung Ho

Executive Director


International Sales

Yoo, Kyung Oh

Executive Director


Planning

Eom, Ju Sung

Executive Director


Principal Investment

Kim, Young Kook

Executive Director


Investment Finance

Kim, Seung Jae

Executive Director


OTC Derivatives Product

Kim, Sung In

Executive Director

Research Center

Kim, Seong Hoon

Executive Director

Institutional Business

Kiwoom keeps moving forward to unfold a better tomorrow

for our shareholders and investors.

Kiwoom Makes You Valuable.

Expanding business scopes realizing future visions


MOST POWERFUL MAN POWER ENTREPENEURSHIP BUSINESS PURPOSES

New businesses selected with keen foresight -

growth driver to become a global brokerage

Kiwoom thinks and acts differently. We spread our brand identity by offering

differentiated management paradigm and investment strategy amidst the

complex and rapidly changing equity brokerage market. With our success in

online brokerage, we have stepped up to face the challenge in new business

areas such as F/X margin trading, cross-border equity, over-the-counter

(OTC) derivatives and domestic and overseas futures. Our real value lies within

online asset management and we plan to nurture this sector to set standard

for future growth.

Key industrial experts give real returns to customers



Stellar expertise and customer-oriented mindset -

Kiwoom's investment experts sets the global standard

One of Kiwoom's key assets is manpower. We heavily focus on nurturing

key investment specialists armed with unrivaled expertise and commitment

to our customers. Our research analysts are recognized as the brains of

the industry along with our IT experts that provide optimal system for trading

by having the capability to catch the latest trends. Our HQ sales reps work

around the clock to meet the needs of our customers and the customer care

center continues to provide unparalleled services. This is the key core

competence that brought Kiwoom to take the leadership position for 7

consecutive years.

Exploring unchartered territory with creative mindset



Passion to explore unchartered territory -

entrepreneurial mindset is Kiwoom's most valued asset

The core competence of Kiwoom is creativity. If we had taken the same path

of our predecessors, we would not have been able to gain the credibility

we have today. Furthermore, if we had settled for past results, we would not

have been able to generate such explosive growth. We seek differences with

our creative strategy, investment and vision. Starting with the challenge of

establishing an online brokerage, Kiwoom is reaching beyond being the No. 1

in Korea, and has set eyes to become a top-tier worldwide brokerage house.

We aspire to become equity specialists with an innovative entrepreneurial mindset.

Rise beyond Korea’s No.1 and aspire to become a world-class brokerage house



Kiwoom's next stage is the global market. Utilizing the experience and knowledge

of being No.1 for 7 consecutive years in the Korean equity brokerage market,

we now strive for the challenges to be faced in the global market. The acquisition

of a local brokerage company in Indonesia will spearhead other opportunities

worldwide. Our flagship online trading system now seeks to become the standard

of online trading in the global market and we won't stop until we reach the top.

Kiwoom plans to unfold its dream in the global financial

markets based on its No.1 pride and competitive advantage

Kiwoom keeps moving forward to unfold a beautiful future,

allowing our shareholders and investors to smile.

Kiwoom Makes You Smile.

01Retail BusinessProviding optimal system. Promising optimal customer satisfaction.

Online Brokerage

Kiwoom - Korea's No. 1 brokerage house for 7 consecutive years

In FY2011, Kiwoom secured 21.8% of the retail equity market, maintaining a 7-year streak as No.1

brokerage house in Korea since 2005. Brokerage accounts have also reached a record high of 1.61

million as of March 2012 from 1.00 million in August of 2009. The growth is also noted in customer cash

deposits recording 1.78 trillion KRW. In addition, Kiwoom achieved 30% market share due to the

explosive expansion of smartphones and mobile trading demands. Despite the heated competition of

offering free smartphones and commission free events, in the mobile trading market, Kiwoom is the

industry’s first to generate an accumulated trading value of 100 trillion KRW in April of 2012.

Kiwoom - offering differentiated services in the retail sector

Kiwoom Securities has been setting new standards in online brokerage. Our 'HERO' home trading system

(HTS) boasts the best stability, convenience and speed. It is the optimal system for promoting a healthy

online investment culture. Not only does our system provide traditional equity brokerage, but also KOSPI

futures and options, overnight futures and options, cross-border equity and F/X margin trading to open

a new paradigm that allows customers to invest broadly.

Kiwoom has also acquired diverse customer channels. Our customers can open accounts at 15 financial

institutions including major regional banks, post office and the Korea Federation of Community Credit

Cooperatives. Once an account is activated, the customer can choose from a variety of channels, such

as 'HERO,' 'THUNDER,' web-trading (WTS) via PC, but also smartphones, tablets, mobiles phones and

Trustworthy partner for smart investors -

Kiwoom's services are a step ahead of customer expectations

automated-response system (ARS) to begin their trade. We are especially aggressive in the smartphone

market. 'HERO S' is our trading application developed for the iPhone and Android. Each app is specially

designed to meet the requirements of the device and as of the end of March has recorded accumulated

downloads of 600,000. Furthermore, continued service developments and upgrades brought about the

release of 'HERO S World' for F/X margin trading (Jul. of 2011), 'HERO SF,' and 'HERO S Night' (April of

2012). We also provide web-browser app and 'HERO T' for tablet PCs. We will continue to put the needs

of our customers first in our business to maintain the top level of satisfaction and secure our leadership

position.

International Sales & Business

Kiwoom Securities was the first to offer online brokerage services in Hong Kong in 2007, and the

company has now expanded coverage to include four nations (Hong Kong, China, Japan and US). In

addition, overseas futures brokerage services have been provided regarding items listed on the US

CME & SGX since February 2010. Also, derivatives brokerage services such as the KOSPI 200 Index

futures and options of KRX has been listed on CME and EUREX and is offered through Kiwoom.

Hence, customers can not only trade in foreign equities, but also invest in diversified investment

instruments including F/X, Index/yield futures, raw materials, commodities and Kiwoom has a

secured leading position in brokerage service for global financial products.

F/X margin trading has shown an especially stellar performance in only a year and a half since its

launch and stepped up to become market share leader in 2011. This business has also been a new

revenue contributor. Kiwoom has also proved its potential in the online financial instrument market

with market share exceeding 39% in only 3-months after launch of KOSPI 200 Index options which is

linked to EUREX that opened in June of 2011.


Retail Business Wholesale Business Research Center Investment Banking Principal Investment Division Subsidiary

01In 2012, overseas futures brokerage and cross-border equity brokerage will become a core business

for Kiwoom. In addition, we will upgrade the level of global financial investment products by providing

diverse investment products such as index, currency, yield along with competitive system and rational

fee policies for products listed on CME & SGX. We also plan to expand into LME and EUREX.

We plan to continue to enhance the synergy of global financial investment products by pioneering

new markets. This will provide the utmost global investment service to our customers.

△ International Sales & Business Team's Service

May 18, 2007 Opened direct services in Hong Kong

Aug. 14, 2007 Opened direct services in China

Feb. 28, 2008 Opened direct services in Japan

Feb. 22, 2010 Opened F/X margin trading, overseas futures, services in US

June 20, 2011 Opened EUREX backed KOSPI200 Index option brokerage service

Kiwoom will provide differentiated and intuitive investment services

commensurating as Korea's top brokerage firm.

Financial Products

Kiwoom has been offering a wealth of financial instruments starting with the launch of the online fund

mall (May of 2007), the ELS (Sept. 2010) and the new funds from Kiwoom Asset Management (Dec. 2010).

Even during the outflow of capital from the domestic fund market in equity since the global financial

crisis, the manage assets continued to grow with the success of the mutual fund free of front load

charge. The online sales of ELS have also been strong.

Kiwoom views 2012 will be the year to fully launch an online asset management service. Reaching beyond

financial products, we will expand our scope to offer wrap accounts. We also plan to provide the utmost

asset management service that suits our character as being the No. 1 brokerage house by offering

diversified services such as development for a dedicated mobile app, strengthening the assistance for

investor information, partnership marketing and online VIP customer care.



01Kiwoom’s diverse retail services

Online Advisory

Kiwoom offers 'Kiwo-Dream' and 'Platinum' services for investors seeking advisory services. 'Kiwo-Dream'

is an online advisory service by professional consultants that are recognized domestically and

internationally who provide one-on-one customized consulting with the aim to generate stable profits.

'Platinum' is a high-end advisory service for customers managing large sums. We have tailored to the

needs of beginners looking for professional assistance and training, high net worth investors seeking

strategies in asset management, data radar and office workers unable to follow the market movements

during the day. In 2012, we are preparing mobile app for smartphones, so that our customers can obtain

access to manage their portfolio and get a hold of investor news at their convenience.

Open broadcast "Channel K"

Kiwoom airs free real-time broadcasts with our analysts and investment consultants. Channel K provides

free service of investment guides including market information, issue analysis, company analysis,

real-time company consultation along with diverse educational features. In addition, Channel K provides

live broadcasts, past video-on-demand (VOD) services and real-time trading information via mobile

apps that are available at their convenience.

Investment tutorial video "How-to-Stock"

Kiwoom is the first to offer an online investment tutorial video-on-demand (VOD) service, "How-to-

Stock" to arm our customers with the knowledge to be successful and to nurture proper values in

investment. Customers may learn the basic rules of the economy, investment principles, risk management

and various investment techniques free of charge. We strongly believe that beginners and professional

investors will find the program informative. In addition, busy office workers and students may access

the tutorials while on the move as we provide "How-to-Stock" apps for smartphone mobile devices free

of charge along with diversified contents on mobile websites.



More comfortable and amicable customer care center -

will always be by your side like family

Customer Care Center

The Customer Care Center at Kiwoom will handle your inquiries on orders, securities business and

transaction channels as quickly as possible. In addition, we provide support for equity trading, public

offering subscriptions and rights issuance. We try our utmost best to provide convenient services in

financial product trading with support for our home trading system (HTS) and mobile trading. Dedicated

support for our VIP customers and hosting various events brings us closer to our customers. We are

constantly checking customer needs through consultation and utilization of our bulletin boards to ensure

that there are no shortfalls.

60,000

80,000

40,000

20,000

0

FY06 FY07 FY08 FY09 FY10 FY11 FY12

Online equity market M/S

Timeline : Monthly Unit : Billion KRW

Online contract Online M/S

22.50%

30.00%

15.00%

7.50%

0%

02Wholesale BusinessRecognized as a competent investment partner. Regarded as a reliable investment guide.

Institutional Sales

Diverse services for each field of expertise

Kiwoom's Wholesale Business is made up of two domestic institutional business teams, an International

Sales & Business Team and Futures & Options Sales Team. Analytical research papers and closely

monitored market news are put together to service institutions in and out of the country as well as

providing brokerage for equity and derivatives.

The Institutional Business team has a prominent presence in Korea by serving 7 pension funds including

the National Pension Fund and Korea Post, 15 banks including KB and Woori, 7 insurance firms including

Samsung Life Insurance and Korea Life Insurance, and 74 investment trusts and asset managers

including Mirae Asset Management.

The International Sales & Business team works with institutional investors in Hong Kong, Singapore and

Taiwan and holds monthly and quarterly Non-Deal Roadshows (NDR) and seminars to expand the

customer base.

The Futures & Options Sales team deals with 30 domestic institutions including pension funds, public

organizations and asset managers based on the domestic index fund. The monthly Quant service and

detailed arbitrage trading services increase the return on investment and trading volume, building on

our trust with institutional investors.

In 2012, the Institutional Business Teams will expand their business scope from equity transactions to

KOSPI200 futures and options, Equity-linked warrant (ELW) and Equity-linked securities (ELS) to position

itself as one of the top in the industry.

Bond Brokerage - Best partner for institutional investors

Kiwoom does not just remain at being No. 1 in brokerage. Kiwoom is leading the bond brokerage market

amongst 50 firms with a market share of 5%. The size of the bond market today reaches roughly 1,488

trillion KRW with about 1,000 participants, such as brokers and managers cutting deals worth a daily

Unit : Million KRW

2007 2008 2009 2010 2011 2007 2008 2009 2010 2011

13,274

7,475

10,638

16,255

Institutional sales Bond sales

Unit : Million KRW



21,662

13,000

14,908

6,559

18,774

10,105

average of 24 trillion KRW. Competition is intense, but we are enhancing our competitive advantage via

continuing to establish close relationships with customers and providing top-quality research papers.

Kiwoom's OTC derivatives

Kiwoom received approval to offer OTC derivatives in July of 2010 and issued the first ELS and 4 ELW

products in September. As of March 2012, a total of 196 ELS products were issued with an accumulated

amount of 235.0 billion KRW. Also, 191 ELW products were issued with an accumulated amount of 807.0

billion KRW.

Our derivatives business tapped into our sturdy online customer base and the stable online service to

enlarge our territory by developing and supplying products customized to meet the needs of the

customer. ELS will be put forth through various public offerings regularly via the online channel while

also expanding to the mobile channel, whereas ELW will be promoted via liquidity provider (LP).

Furthermore, Kiwoom will expand private offerings of over-the-counter derivatives and channels of

institutional investors to establish a more stable and efficient operation process and strengthen product

competitiveness.

Kiwoom's service for institutional investors -

detailed and strategic approach brings great satisfaction

03Research CenterKiwoom's boastful think tank. The brain servicing our customers.

Research powered by 3 synergetic teams

The Research Center was launched in June of 2006 to better serve institutional investors. The Center is

comprised of three teams - Strategy Analysis, Corporate Analysis and Quantitative Analysis. The Strategy

Analysis Team reads the overall trends of the market and draws up analysis of equity and bond markets

as well as outlook on investment strategy. The Corporate Analysis Team supports the decision-making

process via an in-depth analysis of domestic businesses and industries. The Quantitative Analysis Team

puts out diverse information created with quantitative models. In addition, we deliver daily updates on

the increasingly important Chinese market.

Expectations for the greater future of Kiwoom's Research Center

Despite its short history, Kiwoom's Research Center is among the top 10 selected by prominent economic

papers since 2008, rapidly raising its brand name and credibility. The strength of the Center lies in senior

analysts with extensive experience in each industry. We especially lead the markets in IT and finance

sector with weight in market capitalization. The 2011 media polls ranked us first in semiconductor sector,

second in electronics/electricity, banking, securities, petrochemical and pharmaceutical.In addition, we

ranked third for media and fifth for shipbuilding/machinery.



Kiwoom Universe Coverage Research Center Coverage

06/08 06/12 07/12 08/12 09/12 10/12 12/03

159156154

133

115

84

62

Aiming for Top 5

Kiwoom's Research Center aspires to rank amongst the domestic top 5 research houses. We take pride

that our Research Center is considered one of the most efficient in Korea. We will strive to maintain our

leadership position in the IT and finance sectors whilst putting in our best efforts to obtain recognition

in other sectors with a high market cap position. We will also focus on investing into nurture junior

analysts who will become the next to lead the research house. These efforts will ensure that we reach

our goal of ranking amongst the top 5 ahead of schedule.

More efficient and advanced Research Center -

Top-quality analysts provide reliable intuitive insights

IT

Finance

Auto

Chemicals

Steel

Telecom

Retail/Media

Other

16

25

1110

10

7

18

36

04Investment BankingKiwoom's experience raises efficiency. Kiwoom's service raises satisfaction.

Equity Capital Market (ECM) - optimal partner for corporate finance

Equity Capital Market (ECM) consists of the Corporate Finance Teams 1 and 2, which covers IPO, rights

issuance, and the recruiting and underwriting of the sum and balance of bonds such as CB and BW.

ECM offers IPO services for financially sound SME ventures and large corporations. A successful IPO is

ensured through services matching the needs of the client company starting with pre-IPO investment

consulting, daily operations, to corporate IR. Financing services for listed companies are also available

via capital increase and the consulting, recruiting, and underwriting of equity linked bonds. As a result,

we have successfully listed Opticis on KOSDAQ market with high subscription ratio of 907:1 in 2011. In

addition, we offer total financing solution suited for individual companies via block deal brokerage and

M&A consulting.

Debt Capital Market (DCM), the optimal partner for corporate investment

Debt Capital Market (DCM) is comprised of the Investment Finance Team and Structured Finance Team,

which provides consultations on asset-backed legislation and real estate financing services via

underwriting corporate debt and asset-backed securities (ABS), asset-backed commercial paper (ABCP).

In FY2011, we acquired 1.8 trillion KRW in corporate bonds and plans to strengthen and expand workforce

to prepare for the intensifying competition in corporate debt market. The Structured Finance Team

offers comprehensive services related to structured financing such as alternative investment, shipping



Investment Banking net revenue

Unit : Million KRW

2007 2008 2009 2010 2011

7,318

2,985

10,029

8,627

9,215

Kiwoom's IB division - Stellar Trustworthiness

Putting our customer's profits as our priority amid volatile financial conditions

finance, and eco-friendly finance. The services cover the entire range required in a project from

designing the financial structure to bringing in investors, and liquidation and other financing means.

With recent recession in real estate market, structured financing market had withered, however,

approximately 650 billion KRW in ABCP was underwritten along with profits generated from added clients

and strengthening existing clients via active refinancing on existing deals.

Rising to the top-tier of investment banking in Korea

IB continues to develop products that match the needs of our customers. We are trying our best to provide

professional financing services with competitiveness in Cross-Border Deals, PEF, and M&As to counteract

on volatile external and internal conditions in 2012. We will continue to strengthen our IB capabilities by

training our staff and recruiting professionals. By tapping into our customer base, which is recording

the highest market share for seven consecutive years, we will increase deal sourcing channels and

emerge as a top-tier IB in Korea within three years.

05Principal Investment DivisionExpanding new investment scope; reaping trustworthy success.

Principal Investment – Kiwoom’s potential growth driver

Principal Investment division was newly formed in 2009 to enhance the profitability and diversify our

sources of income. Amid difficult investment environment in the domestic finance market, the team

obtained earnings of 11.7 billion KRW in FY2009, 17.5 billion KRW in FY 2010 and 17.8 billion KRW in FY2011.

This set root as a new growth catalyst for the company. In addition, the team displayed qualitative

growth utilizing innovative investment structure and extensive research.

Having a challengeable mindset and taking responsibility

As Kiwoom has been the pioneer of internet-based trading since 2000, the Principal Investment division

is also passionately pioneering the overseas market seeking new investment products. Hence, this division

has set a new growth catalyst as a stable profit generator amidst the unstable equity market.



Principal Investment Division net revenue

Unit : Million KRW

2009 2010 2011

17,80317,493

11,680

Kiwoom’s investment specialists are unfolding new challenges in the

capital market with passion and intuitive analysis

The division regards responsibility as a priority over investment performance. Our principles for investment

are based on responsible analysis and investments for long term results rather than seeking

short-term returns. Furthermore, the division will continue to utilize adequate risk management methods

accordingly to their investment targets.

The division comprises of three teams – Equity Trading Team, Alternative Investment and Fixed Income

Team. These three teams will utilize their expertise and mutual cooperation to create a new model in

investment management.

06SubsidiaryGrowing together with Kiwoom’s expertise, raising credibility with Kiwoom’s name.

Kiwoom’s subsidiaries – Kiwoom’s strategic selection to grow as a

comprehensive financial investment group

Kiwoom’s brand will not settle merely in the realm as an online brokerage. Sound and competitive

subsidiaries are earning the trust of customers via the brand identity of Kiwoom in a wider range

of areas. Kiwoom Asset Management, Kiwoom Investment and Kiwoom Securities Indonesia will

enhance synergy through Kiwoom Securities. The scope of investment will expand with talented

manpower, stable and advanced systems and diverse products, transitioning Kiwoom into a

comprehensive financial investment group.

Kiwoom Asset Management –

rewriting Kiwoom Securities’ 10-year history in the asset management realm

First year, achieved top performance in overall investment measures

Kiwoom Asset Management established in Dec. 2010 as the 77th domestic asset management firm

released equity-based “Winner Fund,” and “Little Giant Fund,” along with hybrid “Long-pole triple plus

fund,” index-based “e-alpha index” and ETF ikon100 listed on the KRX.

In the first year of operation, we achieved top performance in overall investment measures. Our “Winner

Fund” is focused on undervalued stocks from 3 ~ 4 sectors with an upward cycle. The performance

ranked in the top 5% in the past year and earned absolute return of 15.9% outperforming the KOSPI200

by 17%p. “Little Giant Fund,” is focused on local stocks with a growth potential from mid-cap to large-cap

company with high product market share within the industry, ranked the top in mid/small cap fund

average performance while generating 3.5% profits surpassing KOSPI benchmark by 8.1%p and

mid/small cap stock fund average performance by 13.5%p. “Kiwoom’s Long-pole triple plus hybrid

fund,” is focused on achieving an absolute return via investing in domestic/overseas IPO stocks,

long/short trading, and event-driven strategies, ranked in the top 10% within entire absolute return

funds, and “e-Alpha Index Fund”, pioneer in lowering management fee with industry low rate at 0.07%,

performance ranked the top within K200 stock type in the past year.



Kiwoom Asset Management –

presenting a new paradigm to the investment industry

Kiwoom Asset Management was awarded the “Rising Star Awards” at the 11th Korea Fund Awards

based on stellar performance in 2011.

Philosophy on ‘Winning Investment’

Kiwoom Asset Management’s philosophy lies in winning investments. Kiwoom Asset Management seeks

to find long-term investment measures by concentrating on a broader scope rather than short-term

trading. When making an investment based on such strategies, Kiwoom Asset Management visits and

analyzes the companies’ current status on-site. Kiwoom Asset Management also focuses on risk

management to secure stability. Rational decision-making is ensured through a consistent system that

promotes consent in the team. Balanced management is also found by keeping top-down and bottom-up

analyses aligned.

06Keen investment outlook backed by 13 years of experience

Kiwoom Investment is a veteran investment firm managing venture capital and private equity funds. The

company, which was founded in 1999, currently has 44.6 billion KRW in equity and manages 122 billion

KRW in funds. The stakeholders of the current investment union are the government sponsored K-VIC,

Korea Finance Corporation, Korea Development Bank, and local mobile carriers.

Kiwoom Investment started as a professional investor in IT and semiconductors, and expanded to cover

energy, bio, healthcare, and other new growth engines. Coverage is also growing from start-ups to

listed companies and mezzanine to listed stocks. The firm has invested in a total of 273 companies since

foundation, and has been acknowledged for its performance when 48 of these companies successfully

completed their IPOs on not only the KOSDAQ but also the NASDAQ.

Becoming a competent and supportive partner

The competitiveness of Kiwoom Investment lies in talent and teamwork. Our staff members have an

extensive experience in investment, planning, and finance in industrial and financial sectors, and our staff

play to their strengths creating synergies.

Kiwoom Investment has increased the mix of next-generation green industries, supported local companies

to go global, and invested in a broader portfolio of regions.

Kiwoom Investment will transform into a world class investment house handling over 300 billion KRW in

the next three years. It will also strive to support our client companies and grow with them together.

Kiwoom Investment –advancing with superb manpower and team work to be a trustworthy investment partner

Kiwoom Investment’s talent and

teamwork promise to support you as partners



Spearheading global strategies - Kiwoom Securities Indonesia

Indonesia, which is a part of the G20, has immense potential as the leader of the frontier market with

abundant natural resources and labor pool. Kiwoom Securities Indonesia was founded in 1995, and

became a subsidiary as Kiwoom Securities acquired a stake in 2010. It is building on 16 years of local

experience and active communication with customers in successfully undertaking securities transaction,

brokerage, corporate finance, and asset management.

Taking the next step with Kiwoom’s expertise

Kiwoom Securities Indonesia, after being acquired by Kiwoom Securities in 2010, has started operation in

earnest with launching of Hero, new HTS system, on July 2011. Currently, Kiwoom Indonesia has put untiring

efforts to position itself as a leader in the online retail market via marketing and education programs for

local clients. Kiwoom Securities Indonesia plans to introduce ‘HERO S’, a mobile application, for the

expanding mobile market in 2012. In addition, we will studiously differentiate ourselves from rising competition

among government-owned and foreign securities firms. Leveraging advanced financial techniques will

generate growth in corporate financing and asset management, transitioning the company into the top

securities firm in Indonesia. We will tap the abundant resources in not only Daou’s financial institutions

including Kiwoom Securities, Kiwoom Asset Management, and Kiwoom Investment, but also non-financial

entities to identify projects that create synergies and mutual profit between the nations to serve the

interests of all stakeholders. Kiwoom will write another success story in Indonesia by incorporating the

localization strategy accumulated during the past 16 years with Kiwoom Securities’ business and IT expertise.

Kiwoom Securities IndonesiaGaining an early footing in emerging Indonesia to grow into a global company

Another success story will be written in

Indonesia backed by differentiated managements and IT expertise

Kiwoom keeps moving forward to unfold a happier and

hopeful year for our shareholders and investors.

Kiwoom Makes You Happy.

FY06 FY07 FY08 FY09 FY10 FY11

34,389

24,640

10,900

13,080

17,410

38,019

Unit : 100 million KRW

Total Assets


6,9047,052

3,520

1,630

4,513

8,220


Shareholder’s Equity


16.6% 17.2%

13.5%

30.4% 34.5%

16.8%

Roe(%)

Key Financial Performance(Figures based on K-IFRS from FY 2011)


2,679

2,351

2,060

1,228

1,751

3,360


Total Net Revenues


1,165

1,372

796

610

1,251

1,680


Operating Profit


876

1,115

544

439

897

1,270


Net Income


Key Financial Performance Financial Statement Organization Parent Company

(Korean won in thousands) FY2011 FY2010 FY2009

Assets

Cash and due from banks \ 198,519,417 \ 499,270,873 \ 204,255,194

Financial assets held-for-trading 376,481,379 432,123,950 387,528,180

Financial assets designated at fair value

through profit or loss 1,607,453,293 1,317,400,756 1,072,640,431

Derivative financial instruments 4,859,099 3,566,146 2,007,643

Available-for-sale financial assets 54,625,845 50,507,170 40,012,870

Loans receivables 697,825,355 663,207,718 604,144,260

Investments in associates 26,861,683 12,028,914 11,056,680

Property and equipment 24,929,981 22,016,450 21,111,121

Investment properties 81,550,608 82,373,774 91,405,101

Intangible assets 26,043,531 13,991,976 16,797,928

Current tax assets - 24,071 273

Deferred tax assets 2,239,758 1,060,990 1,111,166

Other assets 700,253,936 1,503,703,899 740,221,380

Assets classified as held-for-sale 270,754 4,269,271 3,550,501

Total assets \ 3,801,914,639 \ 4,605,545,958 \ 3,195,842,728

CONSOLIDATED STATEMENTS OF FINANCIAL POSITIONAs of March 31, 2012, 2011 and April 1, 2010

(Korean won in thousands) FY2011 FY2010 FY2009

Liabilities

Financial liabilities held-for-trading \ 924,877 \ 154,178,662 \ 123,871,475

Financial liabilities designated at fair value

through profit or loss 144,466,663 87,659,600 -

Derivative financial instruments 52,726 114,154 635,624

Deposits 1,752,665,263 1,857,686,303 1,342,638,977

Borrowings 256,709,398 271,836,469 217,977,617

Employee benefit liability 3,023,848 2,558,497 2,840,547

Provisions 186,646 - -

Current tax liabilities 23,742,073 21,732,862 18,774,151

Deferred tax liabilities 2,576,893 1,738,310 2,101,018

Other liabilities 795,518,751 1,503,900,396 857,018,840

Total Liabilities 2,979,867,138 3,901,405,253 2,565,858,249

Equity

Issued capital 110,498,700 110,498,700 110,498,700

Capital surplus 187,706,394 187,239,246 187,214,276

Capital adjustments (3,231,306) (2,671,207) 1,234,327

Accumulated other comprehensive income 3,837,623 3,402,595 3,412,437

Retained earnings 505,769,898 396,479,017 312,189,864

Equity attributable to owners of the parent 804,581,309 694,948,351 614,549,604

Non-controlling interest 17,466,192 9,192,354 15,434,875

Total equity 822,047,501 704,140,705 629,984,479

Total liabilities and equity \ 3,801,914,639 \ 4,605,545,958 \ 3,195,842,728

CONSOLIDATED STATEMENTS OF FINANCIAL POSITIONAs of March 31, 2012, 2011 and April 1, 2010



CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOMEFor the years ended March 31, 2012 and 2011

(Korean won in thousands, except per share amounts) FY2011 FY2010

Operating revenue

Fee and Commission income \ 218,102,682 \ 174,724,429

Gain on financial assets and liabilities held-for-trading 135,143,768 85,388,571

Gain on financial assets and liabilities

designated at fair value through profit or loss 90,011,630 43,053,283

Gain on derivative financial instruments 22,511,229 96,928,952

Gain on available-for-sale financial assets 11,205,348 5,581,388

Gain on loans receivables 1,886,667 3,171,207

Gain on other financial assets 30,568 -

Interest income 81,851,025 91,252,012

Gain on foreign currency translation and transactions 4,849,643 3,049,210

Other operating income 2,475,409 629,733

568,067,969 503,778,785

Operating expenses

Fee and commission expenses 39,077,068 35,609,767

Loss on financial assets and liabilities held-for-trading 121,062,327 62,378,639

Loss on financial assets and liabilities 21,490,155 4,198,029

designated at fair value through profit or loss 19,990,281 85,047,343

Loss on derivative financial instruments 2,532,029 755,961

Loss on available-for-sale financial assets 3,447,439 2,480,900

Loss on loans receivables 300,363 758,103

Loss on other financial assets 18,480,943 17,174,295

Interest expenses 4,087,966 2,977,533

Loss on foreign currency translation and transactions 167,959,046 155,219,353

General and administrative expenses 1,607,415 169,321

Other operating expenses 400,035,032 366,769,244

Operating income 168,032,937 137,009,541

Non-operating income 10,223,870 9,060,689

Non-operating expense (11,095,101) (4,916,009)

Net income before income tax expense 167,161,706 141,154,221

Income tax expense 39,556,317 36,185,336

Net income \ 127,605,389 \ 104,968,885

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOMEFor the years ended March 31, 2012 and 2011

(Korean won in thousands, except per share amounts) FY2011 FY2010

Attributable to: Owners of the parent 126,970,673 104,272,390

Attributable to: Non-controlling interests 634,716 696,495

Other comprehensive income:

Loss on valuation of available-for-sale financial assets (37,260) (98,259)

Changes in equity adjustments

arising from equity method associates 431,495 223,574

Exchange differences on translation of foreign operations (239,852) (472,945)

Total comprehensive income 127,759,772 104,621,255

Attributable to: Owners of the parent 127,405,701 104,262,548

Attributable to: Non-controlling interests 354,071 358,707

Earnings per share

Basic & Diluted earnings per share \ 5,745 \ 4,718



As of April 1, 2011 \ 110,498,700 \ 187,239,246 (2,671,207) \ 3,402,595 \ 396,479,017 \ 694,948,351 \ 9,192,354 \ 704,140,705

Total comprehensive income -

Net income - - - - 126,970,673 126,970,673 634,716 127,605,389

Other comprehensive income -

Gain (loss) on valuation of

available-for-sale financial assets - - - 152,024 - 152,024 (189,284) (37,260)


arising from equity method associates - - - 442,045 - 442,045 (10,550) 431,495

Exchange differences on translation of

foreign operations - - - (159,041) - (159,041) (80,811) (239,852)

- - - 435,028 126,970,673 127,405,701 354,071 127,759,772

Transactions with owners recognized in equity

Injection of paid-in capital in subsidiaries - 464,197 (536,571) - - (72,374) 197,977 125,603

Acquisition of subsidiaries - - - - - - 13,171,218 13,171,218

Disposal of subsidiaries - - (274,250) - - (274,250) (5,449,428) (5,723,678)

Share-based payment transactions - - 250,722 - - 250,722 - 250,722

Dividends - 2,951 - - (17,679,792) (17,676,841) - (17,676,841)

As of March 31, 2012 \ 110,498,700 \ 187,706,394 (3,231,306) \ 3,837,623 \ 505,769,898 \ 804,581,309 \ 17,466,192 \ 822,047,501

As of April 1, 2010 \ 110,498,700 \ 187,214,276 \ 1,234,327 \ 3,412,437 \ 312,189,864 \ 614,549,604 \ 15,434,875 \ 629,984,479

Total comprehensive income -

Net income - - - - 104,272,390 104,272,390 696,495 104,968,885

Other comprehensive income -

Gain (loss) on valuation of available-for-sale

financial assets - - - (125,423) - (125,423) 27,164 (98,259)


arising from equity method associates - - - 223,574 - 223,574 - 223,574

Exchange differences on translation of

foreign operations - - - (107,993) - (107,993) (364,952) (472,945)

Transactions with owners recognized in equity

Injection of paid-in capital in subsidiaries - 24,970 (5,483,353) - - (5,483,353) (12,632,454) (18,090,837)

Acquisition of subsidiaries - - - - - - 6,031,226 6,031,226

Share-based payment transactions - - 1,577,819 - - 1,577,819 - 1,577,819

Dividends - - - - (19,983,237) (19,983,237) - (19,983,237)

As of March 31, 2011 \ 110,498,700 \ 187,239,246 \ (2,671,207) \ 3,402,595 \ 396,479,017 \ 694,948,351 \ 9,192,354 \ 704,140,705

CONSOLIDATED STATEMENTS OF CHANGES IN EqUITYFor the years ended March 31, 2012 and 2011

(Korean won in thousands) Issued capital Capital surplusCapital

adjustments

Accumulatedother

comprehensiveincome

Retained earnings

Equity attributable to owners

of the parent

Non-controlling interest Total equity

CONSOLIDATED STATEMENTS OF CASH FLOWSFor the years ended March 31, 2012 and 2011

(Korean won in thousands) FY2011 FY2010

Operating activities

Net income before income taxes \ 167,161,706 \ 141,154,221

Adjustments to reconcile net income before income taxes to net cash

provided by operating activities

Interest income (81,851,025) (91,252,012)

Interest expenses 18,480,943 17,174,295

Dividend income (2,258,617) (1,903,021)

Net gain on disposal of available-for sale financial assets (10,520,765) (4,299,602)

Equity adjustments arising from equity method associates (2,174,632) (333,660)

Employee benefits 2,474,371 2,893,640

Share based payment expenses 250,772 1,577,819

Depreciation and amortization 14,772,241 13,281,835

Impairment loss of intangible assets 2,369,309 -

Allowance for possible loan losses and other asset losses 3,747,802 3,239,003

Gain on disposal of property and equipment 90,707 (61,642)

Loss on disposal of investment properties - (74,443)

Provision 186,646 -

(54,432,298) (59,757,788)

Changes in operating assets and liabilities

Due from banks 308,111,258 (308,081,133)

Financial assets designated at fair value through profit or loss (234,409,966) (289,356,095)

Derivative instrument assets (1,292,953) (1,558,503)

Loans receivables (39,529,131) (64,355,109)

Other assets 803,448,100 (762,862,180)

Deposits (105,021,040) 515,047,326

Financial liabilities designated at fair value through profit or loss (153,253,785) 117,966,787

Derivative instrument liabilities 56,745,636 (521,470)

Other liabilities (709,151,986) 754,317,949

(74,353,867) (31,402,428)

Severance payment (2,009,020) (3,175,691)

Total interest received 79,821,560 90,279,268

Total interest paid (18,719,199) (17,313,002)

Total dividend received 2,186,508 1,756,678

Income tax paid (38,591,785) (33,150,968)

Net cash flows provided by operating activities \ 61,063,605 \ 88,390,290



CONSOLIDATED STATEMENTS OF CASH FLOWSFor the years ended March 31, 2012 and 2011

(Korean won in thousands) FY2011 FY2010

Investing activities

Increase in long-term deposits \ - \ (8,000,000)

Decrease in long-term deposits 6,000,000 -

Acquisition of financial assets available-for-sale (29,526,868) (13,075,793)

Disposal of financial assets available-for-sale 40,594,708 6,370,849

Decrease in loans to employees 1,464,055 2,810,751

Increase in guarantee deposits - (259,354)

Decrease in guarantee deposits 1,827,145 -

Acquisition of property and equipment (11,429,900) (8,610,142)

Disposal of property and equipment 276,966 83,481

Acquisition of Investment properties (9,294) (426,527)

Disposal of Investment properties - 8,699,838

Acquisition of intangible assets (20,651,654) (3,755,230)

Disposal of intangible assets 788,197 -

Acquisition of investment in associates (12,335,463) (415,000)

Acquisition of subsidiaries (596,494) (12,778,380)

Disposal of subsidiaries 8,281,410 -

Net cash flows used in investing activities (15,317,192) (29,355,507)

Financing activities

Net increase(decrease) in call money (90,000,000) 150,000,000

Net increase(decrease) in borrowings 74,872,929 (48,141,148)

Net change in bonds sold under repurchase agreements - (48,000,000)

Repayment of convertible preferred stock - (100,000,004)

Dividends paid (15,649,165) (19,983,238)

Increase in security deposit (3,296,717) (5,504,759)

Decrease in security deposit 2,174,685 -

Net cash flows used in investing activities (31,898,268) (71,629,149)

Effect of changes in exchange rate on cash and cash equivalents (488,344) (471,087)

Net increase(decrease) in cash and cash equivalents 13,359,801 (13,065,453)

Cash and cash equivalents at the beginning of the year 135,609,143 148,674,596

Cash and cash equivalents at the end of the year \ 148,968,944 \ 135,609,143



Board of Directors

CEO & President

Risk Management Team

Compliance Team

Compliance Manager

IT Supervisory Committee

Personnel Committee

Audit Committee

Audit Team

Risk Management Committee

Independent Director Recommendation Committee

Human Resources Team

Treasury & Accounting Team

Settlement Team

IT Planning Team

Planning Team

Communication Team

Service Development Team

Corporate Analysis Team

Strategy Analysis Team

quantitative Analysis Team

Corporate Finance Team 2

Corporate Finance Team 1

Investment Finance Team

Structured Finance Team

Project Finance Team

Alternative Investment Team

Equity Trading Team

System TradingTeam

Fixed Income Team

Institutional Business Team 1

Bond Sales & Finance Team

Institutional Business Team 2

Institutional Finance Products Team

Futures & Options Sales Team

OTC Derivatives Product Team

International Sales & Business Team

Retail Planning Team

International Sales & Business Team

Marketing Team

Financial Product Team

Online Investment Consulting Team

Business Support Department

Customer Care

Center

CS Planning Team

CS Operation Team

Management Support Division






Research Center

Shareholder’s Meeting

Daou Tech is the predecessor of the Daou Group dedicated

to corporate S/W, IT outsourcing, and internet services

since being established in 1986. The company has served

to enhance the competitiveness and efficiency of local

corporations by developing a wealth of business solutions,

and takes pride in playing a role in taking the Korean

economy to the next level. Developing and maintaining

various platforms including the HERO online trading system

for Kiwoom Securities has proved Daou Tech’s edge in

technology and service. Daou Tech will continue to secure

differentiated tech prowess and develop optimal solutions

to lead the global digital economy.

DAOU TECH

IT Solution & Services

Contents & Services

Finance

Construction

Daou’s technology and creativity grows the Korean economy

•Daou Tech •Daou Data

•Daou Xilicon Technology Co.,Ltd.

•Incube Technologies, Inc.

•Korea Information Certificate Authority Inc.

•Mirae Technologies Co., Ltd.

•Daou OSD Technology (Dalian) Inc.

•Daou (Dailan) Technology Development Co.

•Daou Japan

•Kiwoom Securities

•Kiwoom Investment

•Kiwoom Asset Management

•PT Kiwoom Securities Indonesia

•DNK Construction Inc.

•Daou & Kiwoom Inc.

•SaraminHR Co., Ltd.

•eMoney Co., Ltd.

•Albain Co., Ltd.

•Kidari Studio



IT Solution & Service

Daou TechKorea’s No.1 corporate S/W, IT outsourcing, internet services companyT: 82–70–8707–1000Suji-gu, Yongin-si, Gyeonggi-do, Korea

Daou DataKorea’s No.1 corporate solution providerT: 82–70–8707–3000Suji-gu, Yongin-si, Gyeonggi-do, Korea

Daou Xilicon Technology Co., Ltd.Semiconductor solution designerT: 82–70–8707-2500 Suji-gu, Yongin-si, Gyeonggi-do, Korea

Incube Technologies, Inc.DTP and ECM solution providerT: 82–2–1566–1374Suji-gu, Yongin-si, Gyeonggi-do, Korea

Korea Information Certificate Authority Inc.T: 82–2–360-314316th Floor, Nuritkum Square Building 1605 Sangam Dong,Mapo-gu, Seoul

Mirae Technologies Co., Ltd.T: 82-2-830-4474E-Space Building, 8 th Floor Room #813 Guro 3-Dong, 212-26, Guro-gu, Seoul

Daou OSD Technology (Dalian) Inc.Offshore IT outsourcing center T: 86–411–3973–1555Nami Bldg.,3 Huoju Road, Gaoxinyuan District, Dalian, China

Daou (Dailan) Technology Development Co.IT outsourcing center

T: 86–411–3973–1516~8

Nami Bldg.,3 Huoju Road, Gaoxinyuan District, Dalian, China

Daou JapanMail solution firm

T: 81–03–5402–3675

4F Nakamaru Bldg., 2-12-11 Hamamatsucho,

Minato-ku, Tokyo, Japan

Finance

Kiwoom SecuritiesKorea’s No.1 online securities brokerage

T: 82–2–3787–5000

23-7 Yoido-dong, Youngdeungpo-gu, Seoul

Kiwoom Asset ManagementOnline asset management specialist

T: 82–2–6943–3000

16F Kiwoom Finance Square, 36-1 Yoido-dong,

Youngdeungpo-gu, Seoul

Kiwoom InvestmentVenture capital firm

T: 82–2–3430–4800

3F Sindorico Bldg., Daechi-dong, Gangnam-gu, Seoul

Kiwoom Securities IndonesiaComprehensive securities firm

T: 62–21–526–1326

Content & Service

SaraminHR Co., Ltd.T: 82–2–2025–4743

Rm. 208. Kolon Science Bldg, First 187-10, Guro-dong, Guro-gu, Seoul

eMoney Co., Ltd.Finance information website

T: 82–2–3787–6965

5F, DongYoido Bldg.,25 Yoido-dong, Youngdeungpo-gu, Seoul

Albain Co., Ltd.Part-time employment website

T: 82–2–2025–2929

Rm. 201. Kolon Science Bldg, First 187-10, Guro-dong, Guro-gu, Seoul

Kidari StudioT: 82-2-2112-8640

182-13 Daeryoong Post Tower 2-cha #701, Guro-dong, Guro-gu, Seoul

Construction

DNK Construction Inc.Specialized builder

T: 82–70–8707–2801

7F Daou Digital Square, 23-7 Jukjeon-dong,

Suji-gu, Yongin-si, Gyeonggi-do

Daou & Kiwoom Inc.Construction conductor

T: 82–70–8707–2700

7F Daou Digital Square, 23-7 Jukjeon-dong,

Suji-gu, Yongin-si, Gyeonggi-do

DAOU TECH CORPORATE HEADqUARTERS

Kiwoom is advanced, but will furtherdownload.kiwoom.com/company/kfinance/Kiwoom FY2011 Annual... · 2012-08-31 · Kiwoom is a leader embracing innovative changes. We have built strong

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