How Craft Changed Oreo Marketing Strategy in China

How Kraft Changed the Oreo and Its Global Marketing Strategy for Success in China Gale Business Insights: Global Case Study Collection Learning Objectives After analyzing this case study, students should be able to do the following: Explain at least three benefits of market research in product development for international and emerging markets Identify traditional and nontraditional strategies for increasing revenue through entering new global markets Appreciate the effect of cultural norms and tastes for firms expanding to new markets Discuss how firms can focus products to local tastes while increasing brand value globally IntroductionOne of the more popular strategies for firms to increase profits in the 21st century has been to expand to new, growing markets. China, India, and other Asian and Pacific countries have received a great deal of attention by North American and European firms attempting to tap growing levels of expendable income from the emerging middle classes in these countries. The strategy seems sound, but its execution is critical to its success or failure. Many examples exist of companies in the 1990s and the first decade of the 2000s failing to gain traction in these new markets.Firms often try to attract new customers by offering essentially the same products that have worked in other markets. They support this strategy by adding sales and marketing staff and other resources to convince potential buyers in the new market of the value of their products. Offering a standard product across markets can minimize costs and increase profit margins. However, cultural norms, tastes, and preferences vary greatly between a firm’s home market and the new market it may be attempting to enter.It is often difficult for firms to gauge the right mix of standardization and localization while still making growth profitable rather than being a drag on profits. For example, Campbell Soup Co. saw an opportunity to make big profits in Russia and China wit h its preprepared soup products. According to The Wall Street Journal, Campbell estimated that Russians and Chinese eat soup five times per week on average. As life in China and Russia gets busier and more women enter the workplace, the company forecasted that people would have less time to prepare meals and that the demand for preprepared food would increase.However, Campbell found after years of marketing its products in these countries that its canned soup strategy did not capture the revenue it needed to be profitable. Campbell introduced and then pulled its condensed soups out of China in the 1990s, and the company announced in June 2011 that it would close its Russian operations four years after entering the market. Kraft Foods Inc. is another company that sees opportunities for new and growing profits in Asia. The company’s first attempts to enter Asian markets were as unsuccessful as Campbell’s initial attempts.However, Kraft decided to shift to a new marketing strategy, grounded in a different understanding of how to best expand into new markets. Kraft Foods and the Oreo in 2005: In Need of a Change The first Oreo cookies were produced in New York City in 1912 and registered as a Nabisco trademark one year later. Nearly a century of popular marketing campaigns made Oreos one of the best selling cookies and best-known food brands in the United States. Throughout this period of popularity, very little changed about the physical cookie: Oreos remained a sandwich cookie with chocolate ends and a cream-filled center.The design of the cookie helped initiate an eating ritual that advertisers soon appropriated to make the cookie even more popular: the â€Å"twist, lick, and dunk† method for eating the cookie has been a centerpiece of Oreo advertising for many years. By 2005, the Oreo cookie had been a mainstay in U. S. consumer culture for nearly a century. However, sales in the United States had seemed to peak, and international growth i n emerging markets in Asia and elsewhere was slow if barely noticeable at all. The Oreo was introduced in China in 1996, in he same form that a customer would find it in a grocery store in the United States. Sales had been flat for the first five years of the 2000s and were in decline. â€Å"In 2007, Kraft Foods China was an unprofitable, $100 million business that was not growing,† noted Sanjay Khosla, Kraft Foods’ president of developing markets, in an interview published by the Boston Consulting Group. Kraft was even thinking of pulling the product out of the Chinese market completely, due to poor sales. The company as a whole was performing poorly. This led to a shake-up of executive management in 2006, with Irene B.Rosenfeld installed as chief executive officer (CEO). Rosenfeld had previously worked at Kraft for 22 years before leaving in 2003 to head Frito-Lay North America. In early 2007, Rosenfeld outlined a strategy to turn the company around that included pro duct quality, research and development (R&D), and acquisitions as critical to the future growth of the company. Rosenfeld hired cutting-edge business leaders such as Khosla to help create the strategy that would change the way Kraft Foods Inc. does business. Fewer, but Larger Bets: Growth Through Focus and the 5-10-10 Strategy at Kraft FoodsWhen Sanjay Khosla left Fonterra Group in 2007 to spearhead Kraft Foods’ business in developing countries, he was tasked with discovering a way to realize the potential for growth in developing markets that had eluded Kraft and so many other large, successful multinational firms. That different approach eschewed the traditional idea that a company must produce more in order to sell more. In a 2011 feature on Khosla in Chicago Magazine, Khosla noted that â€Å"[c]ompanies were just planting their flags, with a one-size-fits-all attitude that didn’t work.You can’t just force stuff from one country to another. † Instead, Kraft Foods would redesign the way it, and other firms, entered emerging markets. Khosla coauthored an article with Mohanbir Sawhney for Strategy+Business magazine, called â€Å"Growth Through Focus,† in which the authors details the many changes that took place at Kraft Foods to succeed in developing markets. â€Å"A typical ‘growth through more’ strategy,† they write, â€Å"diffuses the organization’s efforts. It increases the complexity of the organization and its operations. Companies should not produce more to drive growth but should instead focus its operations and strategy to achieve growth. â€Å"The engines of growth,† write Khosla and Sawhney, â€Å"are focus (fewer brands, fewer categories, and fewer markets) and simplicity (simple vision, simplified execution, and simpler organizational designs). † Kraft Foods would choose which brands have the best chances of winning in which markets and then supply its management and emp loyees with an abundance of resources to succeed. â€Å"We have found that seemingly mature businesses can be energized by making fewer but larger bets. The executive team at Kraft had a strategy for winning but had to ensure that its employees at all levels understood and executed the strategy, so it came up with a vision statement or â€Å"hook† that would be communicated throughout the ranks, called the â€Å"5-10-10† strategy: five categories, ten brands, and ten markets. â€Å"5-10-10† would help communicate to all employees exactly what the major priorities for the company would be, providing a sense in its culture that executive management was open and committed with its strategies and goals.After conducting several workshops with its managers and employees all over the world, where open and candid feedback was encouraged, Kraft Foods decided that its best chance at winning would be to focus on two categories: biscuits and chocolate. Although it has been successful mostly in the United States, Oreo had recently, in 2006, become the bestselling biscuit in China, due to new marketing and product development tactics implemented by a team led by Shawn Warren, vice president of Marketing at Kraft Foods International.By focusing on China with the Oreo and taking focus away from other successful brands and emerging markets, Kraft Foods Inc. was making a big bet indeed. Breaking the Cookie Mold: Recreating the Oreo for the Chinese Consumer What followed was a focused, open-minded market research project to find out why the traditional Oreo was not working in China and, more importantly, to figure out the kind of biscuit (called cookie in the United States) would appeal to Chinese consumers. The findings uncovered precisely why the Oreo was not catching on with the Chinese.It may seem obvious that different cultures have different tastes and norms, but sometimes it takes a lot of investment in market research to discover exactly what those differences are and to move from anecdotal opinions to actionable empirical evidence. First, the Oreo that had appealed to millions of Americans over the course of a century was simply too sweet for the Chinese palate. Put simply, the Chinese did not particularly like the taste of the traditional Oreo. Research also found that the cookie itself was too big and that the price of 72 cents for 14 Oreos was too high.Product Development and Recasting the Oreo Cookie In response to this new understanding of Chinese consumer opinions, Kraft Foods’ Asia Pacific division went to work to create the kind of product that might be able to catch on in the region. The Wall Street Journal reported that 20 prototypes were developed with reduced sugar content. Kraft tested the prototypes to find a formula that Chinese consumers would find most appetizing. They did the same for packaging and pricing, settling on a package that cost 29 cents and contained fewer Oreos.Other product development in novations, based on market research insights, went further in transforming the Oreo in China. Learning that demand for wafer-type biscuits was on the rise in China, Kraft introduced a wafer version of the Oreo that looked nothing like the one so well known in North America but tasted nearly the same as the cookie form, under its new Chinese balance of sweetness and chocolate. This new Oreo contained four crispy wafer layers filled with vanilla and chocolate cream, all covered in chocolate coating.Innovative product development followed to react to market research and attempt to tailor the marketing of the Oreo brand to the Chinese consumer. New filling flavors aimed specifically at the Chinese consumer were introduced, including green tea, orange, mango, and blueberry. In an interview with Retail in Asia, a web publication that covers Asia retail news, Kraft Foods Asia Pacific Sales vice president Andy Tosney described how Kraft Foods had even invested in new R&D to custom fit its O reo brand products to suit the particular needs of the Asia Pacific consumer: W]e discovered that biscuits and sweets snacking tends to be a ‘cold weather phenomenon,’ meaning that sometimes consumption tends to slow down if the temperature gets very hot. With this insight, we developed Oreo IceCream. The fillings in the biscuits have different ice-cream flavours. The advanced technology we use allows the ice-cream fillings to give out an amazing cooling sensation in the mouth as though you’re eating an ice cream. The product is fantastically successful in China and Indonesia.Tosney added that Kraft had taken a further step of transforming its supply-chain logistics in order to ship the ice-cream-filled cookies from the colder northern China climates to the much hotter south of China. Kraft doubled its China sales force to sell these new products, truly bringing to bear the â€Å"Focus through Growth† model that Khosla and CEO Irene Rosenfeld were now cham pioning for the entire company. It did not take long for these changes to take effect on the marketplace. In 2006, the Oreo became the number one–selling biscuit in China.From 2008 to 2010, according to Khosla in his Boston Consulting Group interview, revenues from the Oreo brand grew by more than 30 percent per year on average, with better-than-average margins. Before Kraft Foods’ big push in China, the biscuit and cookie market was not particularly profitable compared to other countries. The Wall Street Journal reported that the Chinese market for biscuits in 2007 was US$1. 3 billion compared to the US$3. 5 billion U. S. market. Now that Kraft Foods felt it had the products the Chinese wanted, it had to let Chinese consumers know about it.Going â€Å"Glocal† with the Oreo Brand and the Marketing Mix Kraft Foods’ innovative strategies to grow in China did not stop at new product development. To advertise the new, tailored Oreo brand, Kraft Foods had to a pply the same locally focused thinking to advertising its products. Kraft did this through what Khosla has termed a â€Å"glocal† strategy. Glocal is the idea of utilizing a firm’s global financial and organizational muscle while localizing marketing leadership and tactics.The first step was to push larger marketing decision-making out of Kraft Foods’ headquarters just outside of Chicago, Illinois, United States, to the regional managers. The idea is simple but often unutilized by large multinational firms: Managers who live in different markets surely know the markets better than the executives at headquarters. These local managers should be challenged to be entrepreneurial with their segment of the business and thus given control of a great deal of strategy and financial resources, resources that are typically centralized at home office.As Khosla and Sawhney write in â€Å"Growth through Focus,† â€Å"decision making needs to be moved closer to custome rs and consumers so that the people responsible for results have the operating freedom they need. † Supported with corporate resources but free to choose how to utilize those resources, local managers are able to innovate and execute quickly, instead of waiting for corporate approval to undertake initiatives. Given this freedom, local managers in the Chinamarket innovated effective new ways to get the word out about the new Oreo to Chinese consumers.Important to the glocal ethos the company had now initiated, these managers developed marketing campaigns that utilized local means to target Chinese populations, while simultaneously supporting the Oreo brand, increasing its global equity. For example, advertising focused on teaching the Chinese consumer about the â€Å"twist, lick, and dunk† technique that is so popular in the United States. The new Oreo products introduced in China were designed intentionally to share in that same experience, although in slightly differen t ways.Kraft launched a TV campaign where children were shown demonstrating the technique to their parents. Another TV ad featured a twist on this situation, with China-born NBA basketball star Yao Ming showing his son how to twist, lick, and, in particular, dunk an Oreo. In addition to the TV ad strategy, Kraft Foods realized that mobilizing support on the ground was just as important as spreading the word on China’s airwaves. To encourage the pairing of milk with Oreo cookies, Kraft organized a grassroots campaign to get Chinese university students to do its marketing for them.Thirty Chinese universities were chosen to participate in an Oreo Aambassador program, drawing 6,000 applications from students. Three hundred of these students were chosen to become Oreo brand ambassadors, and they undertook a range of activities, including riding their bicycles around Beijing with Oreo-branded wheel covers and organizing basketball games with a marketing angle of comparing dunking a basketball with dunking an Oreo in milk. Oreo samples were handed out to more than 300,000 customers. In a Wall Street Journal article on the Oreo’s success in China, Kraft Foods Inc.CEO Irene Rosenfeld called the Oreo bicycle campaign â€Å"a stroke of genius that only could have come from local managers. The more opportunity our local managers have to deal with local conditions will be a source of competitive advantage for us. † The Oreo Ambassador program was so successful that it has been extended to other markets, such as India and Indonesia, and each Oreo Ambassador iteration is promoted on Facebook and other social media sites, in order to reach active college crowds in these markets. ConclusionIn 2007, the year after Kraft introduced the new Oreo into the Chinese market, sales doubled, and the Oreo became China’s number one cookie. Sales in China helped the Oreo brand to pass the US$1 billion mark in global sales. In 2009, Forbes reported that in the ye ar ending September 2009 Kraft Foods had earned a 22. 4 percent market share in the US$1. 6 billion cookie market. According to Kraft’s website, China is now the second-largest market for the Oreo, after the United States. Kraft Foods’ glocal marketing strategy shows a new way for firms to branch out into new markets and reach the new customers that the market research promises.Kraft’s strategy works because it is founded on the assumption that growing in a new, developing market is not necessarily an easy proposition and requires a deep level of understanding of the consumers in that market and a willingness to dedicate substantial resources to create products and marketing campaigns that truly serve actual consumers. This may sound like Marketing 101, but the many examples of firms that have failed to grab hold of Asia-Pacific consumers shows that Kraft Foods’ execution of this strategy played a large role in the company’s success in this market. In an interview with Marketing-interactive. com, Kraft Foods Asia Pacific vice president of marketing Shawn Warren nicely states the difference between those firms that succeed and those who do not: â€Å"The importance of shifting from the ‘I think’ culture to the ‘I know’ culture, that’s a vital lesson we learnt in China. † Questions What did Kraft Foods Inc. learn about the Chinese consumer through market research that it did not know before? Do you believe that the company reacted properly to the market research? How might they have reacted differently?What did Kraft do differently from other firms that try to grow through entering new markets? Do you think Kraft’s methods would work for all multinational firms trying to grow in new markets or regions? Do you think that the Oreo brand has been strengthened, or weakened, due to Kraft Foods’ actions of changing the Oreo cookie itself in other markets? Can you think of other bra nds that it would benefit to undergo a similar transformation? Which brands could lose value if a drastic product change were made? Think of another developing market a firm may want to enter.How do you think this market’s consumers might be different from Chinese consumers? How might they be similar? Could Sanjay Khosla and Mohanbir Sawhney’s â€Å"Growth Through Focus† strategy can be applied to all companies? Which companies may not benefit from this growth framework? Further Readings References/Bibliography Chowdhry, Seema. â€Å"Sanjay Khosla: Khosla and the Chocolate Factory. † Livemint. com, November 19, 2011. Accessed March 7, 2012. http://www. livemint. com/2011/11/18201634/Sanjay-Khosla Khosla-and-the. html. â€Å"Finding the Right Blend Is Crucial: Kraft CEO Irene Rosenfeld. The Economic Times, November 23, 2011. Accessed March 7, 2012. http://articles. economictimes. indiatimes. com/2011-11-23/news/30433514_1_kraft-ceo-irene-rosenfeld-oreo-kr aft-executives. Jacobson, Robert R. , and David E. Salamie. â€Å"Kraft Foods Inc. † International Directory of Company Histories. Ed. Jay P. Pederson. Vol. 91. Detroit: St. James Press, 2008. 291-306. Jargon, Julie. â€Å"Campbell Soup To Exit Russia† Wall Street Journal (Eastern Edition), June 19, 2001: B9. ———. â€Å"Kraft Reformulates Oreo, Scores in China. † Wall Street Journal, May 1, 2008: B1. Khosla, Sanjay, and Mohanbir Sawhney. Growth through Focus: A Blueprint for Driving Profitable Expansion. † Strategy+Business 60. August 24, 2010. Accessed March 7, 2012. http://www. strategy-business. com/article/00034? gko=63292. Lautman, Victoria. â€Å"Kraft Foods’s Brand New World. † Chicagomag. com, June 2011. Accessed March 7, 2012. http://www. chicagomag. com/Chicago-Magazine/June-2011/Kraft-Foodss-Brand-New-World. Ng, Erica. â€Å"Profile: Shawn Warren, VP Marketing Kraft APAC. † Marketing-interactive. com, Oc tober 27, 2010. Accessed March 7, 2012. http://www. marketing-interactive. com/news/22808. Silverstein, Michael J. Sanjay Khosla on the Power of Focus: An Interview with the President of Kraft’s Developing Markets Business. † Bgc. perspectives by The Boston Consulting Group, December 5, 2011. Accessed March 7, 2012. https://www. bcgperspectives. com/content/interviews/consumer_products_globalization_khosla_sanjay_president_krafts_developing_markets_business. â€Å"Talking Shop: Kraft Foods—Conquering the Asian Market with Global Thinking. † Retail in Asia, February 8, 2011. Accessed March 7, 2012. http://www. retailinasia. com/article/sectors/food-beverage/2011/02/talking-shop-kraft-foods-%E2%80%93-conquering-asian-market-global-thin.

Induced Pluripotent Stem Cells

Induced Plenteous Stem Cells Applied to the Held of Regenerative Medicine Imagine having the opportunity to travel back in time with the power to alter the outcome of the future. As pleasing as this may sound, such occurrences just do not seem realistic or even possible in today's world. Although, if we take a step back and look into time travel on a smaller scale, at the cellular level, it is indeed possible to revert to an earlier stage of life.Specifically focusing on terminally differentiated anatomic cells, scientists are now able to induce plenipotentiary thanks to the findings from Sir John B. Gordon, and Shinny Yamaha. Findings from Cordon's paper inform us that all cells in an organism contain the same genetic Information. The difference in gene expression leads to one cell type over another. This Implies that somatic cells should have the ability to give rise to a variety of cell types under the appropriate conditions because all of the cells have the same DNA content.Findi ngs from Handyman's paper tell us that the factors responsible from the maintenance of allurements in early embryos and embryonic stem cells also are responsible for inducing plenipotentiary in somatic cells. The factors from Handyman's discovery are COT-3/4, KILL, SOX, and c-NYC; these four transcription factors work together to effectively induce plenipotentiary and have greatly advanced the technological applications of genetic reprogramming. The field of regenerative medicine has especially benefited from the genetic reprogramming advances.One of the main goals of regenerative medicine is to restore structures of damaged tissues as well as to restore functions of damaged organs . A major application for regenerative medicine Is In the field of cardiovascular medicine. The use of regenerative medicine for cardiovascular disease treatment Is appealing because It Is much less Invasive that transplantation and open-heart surgery. In order to determine which combination transcription factors are able to create normal cell fates from the damaged cardiac tissue, induced plenteous stem cells are an intricate part of the drug screening technique often used.The drugs capable of inducing plenipotentiary and repairing the damaged tissue have the potential to treat cardiovascular disease n human patients. Alternative options for repairing damaged tissue include transplantation of new organs from donors. Cardiovascular diseases continue to account for the leading cause of death in American. Due to the high frequency of deaths caused by heart malfunctions in society, researchers are constantly trying to discover new ways for treatment and prevention.Despite the alternative methods used to treat cardiovascular diseases, the use of Induced plenteous stem cells for regenerative medicine Is overall beneficial to the field of cardiovascular medicine cause It Is a less Invasive option that can effectively restore wounded cardiac tissue by replacing cardiologists and reducing o ccurrences of fibrosis (Upon, 2011). Cardiovascular repair than other options, such as transplanting an entire heart. Before regenerative medicine had the clinical potential it currently possesses, scientists first needed to have a comprehensive understanding of the heart and its development processes.Muscle tissue in the heart is referred to as cardiac muscle. One cell type that encompasses cardiac muscle is the cardiology. Each mature dull cardiology only contains a single, unique nucleus and expresses cardiac transcriptions factors, which allows for their calcium ion handling and contractile properties (Upon, 2011). Normally, these adult cardiologists cannot regenerate once damaged (Upon). This leads to the malfunction or loss of function within the heart, causing many of the heart conditions prevalent in society.Studies show that induced plenteous stem cells can differentiate into the three electroencephalographic phenotypes of cardiologists: nodal, trial, and ventricular (Upon, 2011). In a injunction human heart, nodal cardiologists are found at the bottom, trial cardiologists pump blood in, and ventricular cardiologists pump blood out to the lungs and the rest of the body. Each phenotype shows that suppositories can successfully increase the rate of contraction while ceremonially can decrease the rate of contraction (Upon).Ellen Peon's review paper explains that the function of cardiologists in the heart is to perform the contraction for blood flow. More importantly, it explains that the presence of specific chemicals, suppositories and ceremonially, effects the speed of contraction. Peon's findings about the specifics of heart contractions are extremely beneficial information in terms of regenerative medicine applied to cardiovascular diseases because a heart that is uncontrollably pumping too fast or too slow has the potential to be regulated simply by adding either suppositories or ceremonially concentrations to the environment.Both chemicals could be studied further to determine if a drug design involving the two is reasonable for treatment. Even though using induced plenteous stem cells to generate heart tissue is less invasive, there are drawbacks to be looked onto further by researchers. In the review paper, Upon notes that cardiology's derived from induced plenteous cells are immature functionally and structurally. This is problematic because at immature stages, the electrical properties of the cardiologists are similar to that of those of heart failure.It was also observed the the derived cardiologists were about ten times smaller than the normal adult cardiologists. Most importantly, the safety and practical worth of the induced cardiology's is unknown because there is not a lot of information about the amphibology of these cells. Downsides noted in Samurai's paper include the large-scale preparation that goes into creating these induced cardiologists and the elimination of undifferentiated induced plenteous stem cells fr om generating the cardiology's.With all that being said, there is promising potential for using regenerative medicine as a less invasive means to treat cardiovascular diseases. An alternate method used to bypass these downfalls is the cell-sheet technique. This technique involves harvesting a sheet of undamaged cells and transplanting them directly on top of the injured organ. The idea is that the undamaged cells will essentially promote recovery of the organ's wounded cells. Kumara and others illustrate the efficacy of induced plenteous stem cell derived cardiology sheets. Improve cardiac function (Kumara, 2011).Chemic cardiopulmonary is when there is a lack of oxygen supply to the heart muscle tissue, causing measurable deterioration of it function. Sheets of cardiologists capable of restoring tissue after being deteriorated is a feasible option for treating chemic cardiopulmonary. However, this is still invasive for the patient and tissue is still be removed from one action and t ransplanted to another. Inducing regenerative cardiologists is still a much less invasive option to restore cardiac tissue. As previously mentioned, there is not a lot of regenerative potential for heart tissue once it has been wounded.One of the reasons for this is due to the activation of cardiac fibroblasts (Song 2012). A cardiac fibroblast is a particular heart cell type that is responsible for maintaining the structural integrity of connective tissues. Activation of these fibroblasts leads to cardiac fibrosis (Song, 2012), which is simply the formation of excess connective issue in the hearth. It is the fibrosis that interferes with regeneration of cardiac cells causing a number of problems like the loss of contractile function and the increased susceptibility to arrhythmias (Song, 2012).But because most of the cells of the heart are in fact cardiac fibroblasts, they are a potential regenerative medicinal source of cardiac function restoration. One major success of regenerative medicine as it relates to cardiovascular medicine is the repair of heart tissue by reprogramming non- mystery with cardiac transcription factors performed by Kuhn Song along with there researchers. Song's paper shows that GATE, Hand, MFC, and TPTB are able to reprogram mouse cardiac fibroblasts into contracting cardiac-like mystery in vitro and in vivo.The discovery of these essential cardiac inducing factors can act as the platform for answering more fundamental research questions in the future. Data from Songs research illustrate that the expression of these four transcription factors enhances cardiac function while decreeing adverse ventricular remodeling following infarction. Findings from this study shows that the efficiency of reprogramming to induced cardiac-like mystery using GATE, Hand, MFC, and TPTB is comparable to the reprogramming of induced plenteous stem cells by the Yamaha factors (Song).The method of retrovirus transduction was used to incorporate the transcription factors into the genome of the non-moseyed in order to bring the cells back to a plenteous state. Although viral and retrovirus transduction is a convenient method to incorporate new DNA sequences, there are drawbacks that may be adversely effecting outcomes of the induced plenteous cells. There are a couple of key disadvantages using viruses and vectors to incorporate DNA into a host's genome. One disadvantage is the genomic integration that occurs with retrovirus vectors.Genomic integration involves inserting DNA sequences directly into the host's cells DNA. The problem is that vectors integrate near the starting point of transcription causing either enhance transcription more than normal or this can disrupt transcriptions. The results from both outcomes are altered expression due to the technique used rather than the genetic information present. The likelihood of residual transgender expression is another disadvantage to using vectors as a means of incorporating new DNA sequence s.Residual transgender expression is when genetic material from one organism remains after it is transferred leading to the protein synthesis with the contents of the lingering DNA. Residual transgender expressions, research has been done to find alternative methods that are as practical in a clinical setting. A successful alternative to retrovirus transduction involves virus-free integration methods. In relation to cardiovascular medicinal applications, cardiologists have been successfully derived from virus- free induced plenteous cells.Shish Meta and others demonstrate that virus-free induced plenteous stem cells are able to differentiate into cardiologists with the characteristic cardiac-specific properties. The induced cardiologists showed think and thin filaments of muscle proteins, as expected to be seen normal adult cardiologists (Meta, 2011). Additionally, the induced cardiologists expressed calcium ion handling and ion channel proteins, which further confirms the heart tis sue development. Overall, the virus-free methods are preferred over retrovirus vector methods in clinical settings because the outcomes have less harmful potential in vivo.Despite some of the critical downfalls discussed, it is clear that the use of induced plenteous stem cells for regenerative medicine is ultimately useful to the field of cardiovascular medicine because it is a less invasive option that effectively restores wounded cardiac tissue by inducing cardiologists and reducing occurrences of fibrosis (Upon, 2012). Peon's paper shows that in the presence of suppositories and ceremonially, cardiologists contraction rates are affected. Drug designers working to create heart-regulatory drugs to control abnormalities in retreats now have more information to work with.Additionally, researchers are able to use this information as a platform for additional research to understand how to control irregularities in cardiology contractions. The use of regenerative medicine for cardiovas cular disease treatments is an emerging technological strategy that holds great potential for the future of human health.

Pandemic avian influenza Essay Example | Topics and Well Written Essays - 1000 words

Pandemic avian influenza - Essay Example Each combination represents a different subtype. All known subtypes of influenza A viruses can be found in birds. The H5N1 subtype of the avian flu is currently causing alarm all over the world. Avian influenza viruses are carried by wild birds in their intestines, but usually do not get sick from them. Domesticated birds, including chickens, ducks, and turkeys, are very much prone to infection to avian influenza and it can affect some birds and make them very sick and even kill them. Infected birds spread influenza virus through their saliva, nasal emission, and feces. Domesticated birds can get infected with avian influenza virus through direct contact with infected waterfowl or other infected poultry, or through contact with surfaces such as water, fowl feed, feces or cages that have been contaminated with the virus. Two main forms of disease are caused by avian influenza infection in domestic poultry that are distinguished by low and high extremes of virulence. The low pathogenic form may go undetected and usually causes only mild symptoms such as ruffled feathers and a drop in egg production. However, the highly pathogenic form spreads more rapidly through flocks of poultry. This form may cause disease that affects multiple internal organs and has a mortality rate that can reach 90-100%, often within 48 hours. The H5N1 virus is highly pathogenic. PREVALENCE During 2004, large parts of Asia experienced unprecedented outbreaks of highly pathogenic avian influenza, caused by the H5N1 virus, in poultry. ETIOLOGY Most pandemics over the centuries have originated in parts of Asia where dense populations of humans live in close proximity to water fowl, ducks and pigs. In this part of the world, surveillance for both animal influenza and clusters of unusual respiratory disease in humans performs an important early warning function. PATHOPHYSIOLOGY The outbreaks of highly pathogenic H5N1 avian influenza in Asia in 2004 are clearly unprecedented in respect of the geographical scale and the endemicity of the virus, which now appears firmly entrenched in parts of Asia. Other unique features of the outbreaks suggest that the complex ecology of influenza viruses may be changing in ominous ways. Domestic ducks are now known to be excreting H5N1 in its highly pathogenic form yet - like wild ducks - appear to be perfectly healthy. They may thus be silently perpetuating transmission of the virus to chickens and other poultry and possibly also to humans. The recent detection of highly pathogenic H5N1 in dead migratory birds - long considered asymptomatic carriers - may suggest another ominous change, but more research is needed before any conclusions can be reached. The factors that determine the interspecies transmission and pathogenicity of influenza

Vietnam the history of, and the political policies of the United Term Paper

Vietnam the history of, and the political policies of the United States and Vietnam - Term Paper Example However, this was not always the case. Although there were behind the scenes talks between the two countries in the twenty years since the end of the war in 1975 it was not until 1995 that diplomatic relations were officially re-established. Since then the relationship between the two have been improving with each passing year. The present U.S. administration, headed by President Barack Obama has now officially designated the Republic of Vietnam as a â€Å"significant partner†. This paper will briefly outline the changes that have occurred in the last forty years, concluding that overall there is now a strong diplomatic and economic bond uniting the two nations. The U.S. relationship with Vietnam in the twenty years leading up to 1995 was strained. Almost immediately after its victory over South Vietnam the new Republic further antagonised American interests by turning to the U.S.S.R. for military aid and financial assistance (Largo 2002). China, other smaller South East Asian nations and the United States were all concerned with the growing influenced of the Soviet Union in the region; ironically, the very reason that the U.S. had previously involved itself in the Vietnamese civil war. The Vietnamese decision to invade Cambodia in 1979 also strained an already tense relationship. The U.S. promised to continue the trade embargo put in place after 1975 until Vietnam removed its occupying forces from Cambodia (Largo 2002). The prisoner of war issue also strained the relationship between the two countries. For many years after the end of the war in 1975 the U.S. claimed that Hanoi was not doing enough to repatriate American service personnel held prisoner during the war. While it is unlikely that American POW’s remained captive after the end of the war the image remained a strong one for many in the U.S; indeed, the image of the captive American was such a powerful cultural icon that it had a significant negative effect

Case Analysis Essay Example | Topics and Well Written Essays - 750 words

Case Analysis - Essay Example As I read the case study I remembered some writings on sexuality, porn debates and mass media messages for young people I had read not long before. Certainly, CK advertising wasn’t ethical. Yet, I felt it can be named ‘normal’ for our society. The problem with that advertising campaign was about the controversies in the society itself. To understand the situation it is necessary to examine social attitudes and perceptions of sexuality and porn, which must have been necessary prerequisites for the ads release. It is necessary to take into account the historical background and social processes of that time. In fact, CK’s advertising has always been provocative and revealing. The company’s target market consists of teenagers, young people under 30, and those, who want to be sexually attractive and stylish. As far as I remember, I have always associated CK with rather shocking unreserved sexual appeal. It has become their brand image. The company usually uses very young models, whose postures and gestures reveal splashing-out sexuality. Their advertising is rather pedophilic and gay-appealing. Each time, as you see their ads, you feel slightly shocked. Sex is marked as dirty and evil in our society. It is not decent to speak of sex. It is not customary to reveal you sexual desires. Frank expression of one’s sexuality is viewed as unethical and improper. Especially, if sexuality is untraditional or teenage. The debates around pornography are still hot. In times of CK’s campaign they were at their peak. The war on porn started in 1980s guided by feminists Andrea Dworkin, Susan Brownmiller and Gloria Steinem. Church joined in. The anti-porn campaign was so aggressive that another feminist wing even started to oppose the anti-porn movement. Dworkin’s famous Pornography: Men Possessing Women was met with a mixture of trepidation and inner protest and anger. Many women were caught into double bind: they felt that watching pornography was

Cybercrime Research Paper Example | Topics and Well Written Essays - 2000 words

Cybercrime - Research Paper Example This IP operated similar to a house address and represented a specific group or a company. Therefore there was an automatic controls system on the internet IP could be traced. This stopped people from trying to use internet as a means of stealing money or another fraud activity because they knew that it could be traced back to them. In the last decade however the growth of internet has been phenomenal. From a mere few million users of the nineties it has grown in to billions. This growth has made it impossible to maintain the old system. Moreover the wireless internet system has made it even more difficult to track internet criminals. This is because airports, bus terminals and even Starbucks coffee shops all have wireless internet facilities. These facilities operate on temporary IPs. This therefore means that each time you connect to the internet a new IP address is assigned to your computer. Thus it becomes almost impossible to track and convict criminals on internet fraud. The co nviction becomes even more difficult as it is not easy to prove anything in the court of law. One of the most popular cyber crimes is the Credit Card frauds. This type of fraud has increased over the years with the increase in usage of credit cards. The availability of all types of services through credit cards ensures that they become an attractive option for fraud, especially when it comes to online purchases. There are millions of business in US and Europe which only accept payments through credit cards. This is no longer restricted to online services as it did in the nineties. Businesses like Netflix have ensured that customers rely completely on credits cards for all types of consumer items. Credit card fraud is the term used for describing the fraud or theft of money committed by using the credit cards in illegal payments and money transactions to obtain illegal goods and services or to illegally transfer funds from others accounts. They are among

Billing Programs Research Paper Example | Topics and Well Written Essays - 2750 words

Billing Programs - Research Paper Example The proposed visa would give foreign investors and their families a path to permanent residence in the U.S. if they invest at least $250,000. In the proposed StartUp Visa, investors would be given an initial two year visa and when its business had employed at least five workders after two years in business, the said investor would be given a green card. II. Concerns about the bill Indeed, the housing problem in the United States needs to be addressed. Unless the housing industry recovers, US economy cannot be considered as being out of economic crisis. At the onset, the bill looks novel and positive because it intends to solve the housing problem without any cost to the Federal Government. This however comes with a price of citizenship to foreigners whom we do not know and being such, might bring in unintended problems (Sarner). This necessitates a close scrutiny of the proposed bill if its intended benefits outweigh its projected issues. In addition, there is already a similar progr am in placed and one cannot help but ask, â€Å"what is really new with this bill?† Cost benefit analysis of the proposed bill under the lens of economics The first question that needs to be addressed is whether such bill will solve the housing problem in the US without first considering other factors such as security and social service. Scrutinizing it strictly under the lens of economics, the bill seems to be promising. The rest of the world especially China has performed relatively well compared to the United States (2% GDP compared to China’s 9.7% in the first half of 2011) in terms of combating the economic crisis and being such, it has the economic capability to make such purchase. Economically, it seems to be a win-win... Indeed, the housing problem in the United States needs to be addressed. Unless the housing industry recovers, US economy cannot be considered as being out of economic crisis. At the onset, the bill looks novel and positive because it intends to solve the housing problem without any cost to the Federal Government. This however comes with a price of citizenship to foreigners whom we do not know and being such, might bring in unintended problems (Sarner). This necessitates a close scrutiny of the proposed bill if its intended benefits outweigh its projected issues. In addition, there is already a similar program in placed and one cannot help but ask, â€Å"what is really new with this bill?† Cost benefit analysis of the proposed bill under the lens of economics. The first question that needs to be addressed is whether such bill will solve the housing problem in the US without first considering other factors such as security and social service. Scrutinizing it strictly under the lens of economics, the bill seems to be promising. The rest of the world especially China has performed relatively well compared to the United States (2% GDP compared to China’s 9.7% in the first half of 2011) in terms of combating the economic crisis and being such, it has the economic capability to make such purchase. Economically, it seems to be a win-win solution because it is beneficial to the foreigner who is going to buy the house for he or she also gains an extended stay. It is also beneficial to the US economy as it stimulates demands to the slumping housing industry.

Canadas Social Welfare History Term Paper Example | Topics and Well Written Essays - 2500 words

Canadas Social Welfare History - Term Paper Example The industries were witnessing lack of significant demand for their goods, resulting in providing layoff to their workers. With few primary products in hand and failure of high tariffs, the stock market crashed and riots initiated. The social services that were influenced by a political shift in Ottawa and in several provinces witnessed a fiscal crisis of unprecedented dimensions and deep cuts in social service funding. This in turn escorted to predictable crises in administration and service delivery with a national health care system in jeopardy, putting the unemployment level higher than ever, diminished career prospects for the young, lack of national identity and a steep decline in public confidence in the ability of government to cope effectively even with its basic tasks (Crane, 1994, p. 4). People lost confidence in government which was further accompanied by declining faith in the efficacy and trustworthiness of professionals of various kinds. The economic crises during late 1930s lead reform debates to criticize the department of public health, which acquired a budget of more than eight million dollars and responsibility for the survival of population of approximately 750,000 people. As a result reform advocates began to raise fundamental questions about the role of the state in health care and social welfare, as well as the balance of federal and provincial responsibilities. Such criticism and growing concern on the part of privately-owned health programs and public health services became a topic of debate during the 1935 provincial election, which was subsequently won by the Social Credit party (Ismael & Vaillancourt, 1988, p. 45). Government while recognizing that more intensive programs were required took steps to develop a plan for financing the increasing demand for a wide range of social services. Among significant steps to cope up with the economic crises, one step taken by the new government was to make local authorities responsible for both the hospitalization of their impoverished sick residents and for developing specialized health programs and services. There was a slow but steady development in the public health services sector and by 1951 it was increasingly evident that public health programs were needed throughout the province. The Health Unit Act of 1951 while realizing how badly social reforms were needed in the health care, divided provinces into geographic areas to be served by local health units. The Government was contented to allow each unit having its own board and administrative system and received up to 60% of its budget from the province (Ismael & Vaillancourt, 1988, p. 45). In 1935, when the Social Credit government established the Bureau of Relief and Public Welfare under the direction of the minister of Public Health, it successfully reorganized relief and welfare programs within the Department of Public Health. However the new Social Credit party made a substantial social, educational, and cultural progress from 1940s through 1960s with prosperity in welfare programs that the Department of

Surrogacy Essay Example | Topics and Well Written Essays - 500 words - 1

Surrogacy - Essay Example s regard, Eva kittay’s cognitive disability, Carol Levine’ s recipients-care gives relations, Martha Nussbaum, Jeff MacMahan and Peter Singer’s attributes in the description of meaning and significance of surrogacy in relation to cognitive disabilities is worth understanding. Conversely, based on their ideas generated, ethical issues, virtues, and the best surrogate practice is defined though in a different version (Christiano & Christman, 2009). On a broad analysis, Eva Kittay describes cognitive disability in relation to surrogacy descriptive meaning and significance as a growing awareness that incorporates moral status and the theories of justice directly to address the mental disabled individuals and their caregiver related issues. Ketay supports his stance in favor of Carol Levine’s caregiver and recipients’ relationship to demonstrate the meaning and significance of surrogacy in healthcare systems. For instance, Ketay advocates for health practitioners to act with surrogacy in handling the mentally challenged individual such as respecting their rights as human beings (Kittay & Carlson, 2010). However,Levine supports Kettay’s argument but with a different version expressing the best health care practice that legal guardians for the cognitively disabled individuals should be given a mandate to such as signing treatment consent before treatment. Similarly, the same approach was used by Bruce Jenningsà ¢â‚¬â„¢ capacity preservation and restoration of communication and personal identity kind of assistance for dementia patients by the community and family members (Levine, 2013). Comparative Martha Nussbaum bases her argument on a distributive justice of social contractive theory pointing out the importance of caring for the cognitively disabled individuals in making performed choices. For example, Nussbaum supports the importance of surrogacy by building a form of human dignity for the exceptionalities within the education systems in ensuring inclusive

In the heart of the sea the tragedy of the whaleship essex analysis Term Paper

In the heart of the sea the tragedy of the whaleship essex analysis - Term Paper Example The main aspect in the story is the whaling ship Essex as well as its inmates who sets out for whaling and gets destroyed by an attack of a sperm whale. The story background is set during the year 1819 when the whale ship having a crew of twenty people abroad sets out for a two year voyage. The ship faces disasters for nearly one and a half years and gets rammed by the sperm whale and sank in the pacific. All the crew gets on to three whaleboats and were lost at sea for three unbearable months equipped with short rations and very little fresh water. This situation leads to death due to starvation as well as killing by others for food. During the course, one boat gets disappeared and the other two gets separated. When the rescue time arrives at the coast of Chile, only five men had survived this tremendous ordeal. This includes the captain and the first mate as well as three others rescued from a nearby Henderson island. The story brings out an era of life giving its readers a nostalg ic and tragic picture of the whaling industry and its society. The story relies upon the narratives of two survivors. One of the survivors has just been found through his narratives, the hardships of life of a whaling sailors are descripted in a very interesting manner. His narratives include modern medical knowledge of the physical and mental effect of starvation. The book also has descriptions of other two shipwrecks as well as stories of survivors who loved their rest of their lives as well as an introduction to the recent work of the Nantucket whaling museum. â€Å"The heart of the sea† is one of the greatest sea stories ever written. It has an extraordinary ordeal of ordinary men along with a wealth of whale lore as well as a brilliantly described portrait of the ones who are lost among the unique community of Nantucket whalers. It is the story of man against nature. The impact of the shipwreck of Essex had far sighted impact on the community of Nantucket. It inspired ma ny writers including the creation of world classic Mobi Dick by Hermann Melville which was written on the basis of this story. The community consisting of about seven thousand people lived on a gently sloping crowded with houses and topped by wind mills and church towers. The community lived here peacefully. Only the sea below was crowded with activity. The destruction of the ship Essex cast a shadow on the family of crew members. Children lost their joyfulness due to their loss of their fathers. Moreover the destruction and its aftermath teached the community a new type of psychology of survival and the incidence of cannibalism in extreme conditions. The destruction also had an impact on the nation. Since it was times of economic depression every one looked at the whaling community with expectations. The whaling industry was concentrated in and around Nantucket and it was shortly going to become one of the wealthiest towns in America within a short span of time. Destruction of Esse x created a shadow in their prosperity expectations. The capsizing of the ship was blockbuster news in New England and New York during the 1820’s. The survival tactics became well known tribulations about people going without food for very long periods. The author Nathaniel Philbrik has used the narrative of Owen Chase to write this book he also has taken into account the uncovered account of cabin boy

China Bank Internationalisation Project Essay Example for Free

China Bank Internationalisation Project Essay This approach to a project is very similar to what happens regularly in the financial services industry. A project has to be completed, a team is set up (usually with individuals of different skills with different backgrounds and from different countries) who then have to work together to complete the task. Managers then evaluate each team member in such a process on the basis of the quality of the final joint work produced. Background China’s banks are trying to internationalise and your task is to help advise a Chinese bank on how to do this. Bank of China, for example, has on its website its ‘Strategic Goal† and other banks have similar goals: Strategic Goal Aiming at excellence, sustaining growth and building a first-class international bank. Strategic Positioning A large transnational banking group focusing on commercial banking business and providing diversified services integrated both at home and abroad. Commercial banking focused diversification With commercial banking business as the core and foundation of the groups development, Bank of China will keep improving its brand popularity and core competitiveness by expanding business network and customer base and nhancing product innovation. By taking advantage of the comparative competitiveness of diversified services for unified customers via unified channels under unified strategy and brand, it will strive to develop various business lines such as investment banking, fund, insurance, investment and leasing so as to create a synergistic effect on the div ersified platform in the interest of comprehensive and excellent financial services for customers. To provide a structure to this advice, you are required to write answers to each of the five topics below (though you need not follow exactly the items in each). Each of the five sections should be not more than 500 words i. e. 2,500 words maximum for the whole project. This will also make it much easier to present each project in class i. e. to read out the paper in class. Also, it will help you understand the need to be concise. Most business papers have an ‘Executive Summary’ at the front of a paper and in the case of this project, the ‘executive summary’ is the actual paper. You will, of course, be likely to write more on your section in the first instance but you will then have to reduce it in size to make this summary the correct length. Although you may choose to allocate one section to each person in the group, it is VITAL that the quality of English (grammar, spelling), is high throughout. Thus one person who is good at English should check through the whole paper. Also, each section should use the same font and typesize. You should also ensure that each of you understands each of the 5 topics and is able to speak in class about any of them. I may choose any one of you to present and to explain your proposals. Project China’s banks are trying to internationalise. You have been employed as consultants to a well-known large Chinese bank. They have asked you to write a report for them as below: â€Å"Until now, we have been principally a domestic financial institution operating in mainland China. We expect that the profitability of our existing domestic business may decline and that our balance sheet size will not increase as fast as before. We are therefore considering trying to internationalise. We need to learn from Western experience of internationalisation and try to apply that experience (though modified for specific Chinese characteristics) to our own internationalisation project. Please prepare a report that will help us achieve our objectives. † Having chosen your bank (one of the big four) set out a strategy that it might follow. You should start by looking at the bank’s latest annual report and accounts and any press references to internationalization of Chinese banks. Some topics that you might cover are suggested below but the actual topics that you think are relevant may be wider than this. You should also look at the experience of Western banks which have tried to become full-service i. e. international financial supermarkets. I. Examine balance sheet strength, current and future expected loan losses on existing domestic loans, current and future required Basel ratios and current price to book ratios of the bank or banks you have chosen and any other relevant information. You have to provide a summary of your chosen bank’s financial strengths and weakness relative to competitors. Consider any competitive advantages that Chinese banks might have in trying to internationalise in relation to any weaknesses of European or US banks at the present time in terms of funding availability, currency related issues, term of loans, regulatory ratios, ownership structure etc. II. Consider reasons why Chinese domestic banking is likely to be less profitable from 2012 onwards compared with previous years (consider interest margins and loan write-offs and any other factors). Consider in which countries a bank might best open overseas operations, what commercial banking products and services might be offered and why. Consider products and services to be offered to Chinese companies doing business abroad and also local companies in the foreign market which may or may not do business with China. Give reasons why you think a Chinese bank could gain competitive advantage in these markets with the different types of customer they might attract. Also consider where you might put the international head office of such a bank and whether the senior management in a country should be natives of that country or expatriate managers from China. III. Chinese banks are currently principally commercial banks involved in lending, trade financing, foreign exchange services and leasing. Consider the other types of products and services, in particular investment banking and asset management services, that they might want to offer outside China and the advantages and possible drawbacks of trying to compete with US investment banks in such products. Finish with a recommendation on the scope of products the bank should offer. IV. If you recommend that your bank should go ahead with an internationalisation programme, advise it on the relative merits of a new start-up bank versus a policy of acquisition of local banks in the chosen markets. You might, for example, suggest that the bank acquire RBS from the UK government. V. Japanese commercial and investment banks have not been very successful in their internationalising efforts (see Chapter 27 of your textbook). Consider the economic, cultural and foreign branch/ subsidiary management, employee and governance (and any other) issues that might have hindered their development. Consider how a Chinese banks may, or may not, be able to overcome these same difficulties. Citigroup has also proven not to be very successful. You should examine what its strategy was and why it collapsed (rescued by the US government) and why it is now downsizing and simplifying. RBS has also cut back its investment banking activities dramatically. You should consider why it has done this. Some articles from the FT that might be useful in this endeavour are included on Blackboard under â€Å"Course Documents†. However, it is important that you access other sources of information which may include private information that you have access to. You should give references where appropriate. Brian Scott-Quinn [ 1 ]. Bank of China, China Construction Bank, Industrial and Commercial Bank of China, Agricultural Bank of China

Sandra Cisneros The House on Mango Street Essay Example for Free

Sandra Cisneros The House on Mango Street Essay In the short story The House on Mango Street Sandra Cisneros unfolds her childhood memories where she and her family struggled with poor living conditions on the way to their own house, and she seems to suffer from it more than anyone of the family. When one day they finally get the house of their own and her family seems to be ready to settle with it, she continues suffering because its not the house wed thought wed get (501), the one she imagined and built up in her dreams. At that point Cisneros obtains her dream to be fulfilled: she decides that whatever happens, she must have the house of her dream. This difference between her dream and reality is quite obvious and seems to upset her a lot; however, the impact of it is tremendous because it caused her to obtain the energy necessary for a dreams fulfillment. During the narration, Cisneros specifies the features of the house of her dream. It has to be not just her own place to live, but also a place that she could be proud of. She describes her dream house as one I could point to; inside it would have real stairs, not a hallway stairs, but stairs inside like the houses on TV (501); it would be white with trees around it, a great big yard and grass growing without a fence. Even though these features are not necessities for living, the authors own dream becomes her necessity to be fulfilled. However, while living with her parents she understands that here her dream is not going to come true. The authors present house contrasts with the house of her dream: Its small and red with tight steps in front and windows so small youd think they are holding their breath. Bricks are crumbling in places and the front door is so swollen you have to push hard to get in.(Cisneros 502). And this evokes a feeling of shame for her house, which is familiar to her since the last place they lived at. This huge inequality between the authors dream and reality, just like a difference in potential generates a driving force, gives her energies to dream and to be sure that shell fulfill her wish. Sandra Cisneros experienced what not having her own place is like, moving all the time and being ashamed of her living conditions; that helped her to build a dream, to  know exactly what she wants from life, and gave a will to pursue her goal. She says, I knew then I had to have a house. A real house.(Cisneros 502). Our dreams are often formed by childhood experiences; once we collide with harsh reality, feel awkward or ashamed- we know for sure for ourselves: when I grow up, Ill do everything for this not to happen. And this gives us energy to achieve success. Works Cited: Cisneros, Sandra. The House on Mango Street. 40 Short Stories. Ed. Beverly Lawn. New York: Bedford, 2001

UK Free Market Trading: Advantages and Disadvantages

UK Free Market Trading: Advantages and Disadvantages The UK economic system is based on the free market system and is one of the most globalised economies in the world. It is a successful country which accepts this system. Although many countries have success in this system, sometimes it is not suitable for developing countries such as China or Thailand. Most countries try to practice the free market trading in order to enhance their economic system and undeniably, this system is an ideology which each country may have to adapt appropriately. Even though capitalism and free trade are currently allowed to operate in UK, the role of government also plays a crucial role in many economic activities to ensure fairness of exchange transactions. Free market can be defined as an economic system which buyers and sellers are responsible for making their choices without regulation by the government. The price mechanism plays an important role in a free market to determine allocation and distribution goods and services. This system has several benefits which both of the producers and consumers satisfy with the price. It seems to be that free market system has many great advantages but there are a number of arguments which indicate the possible disadvantages. The fundamental characteristic of a free market is that people who can control resources and wealth have privilege to purchase goods and services at high price so the poor people are thrown out of the market implicitly. Because of this situation, several ethical problems such as unemployment, crime, and environmental problems increase. This essay will focus on an analysis of ethics and benefit of the UK free market since 1990. The first section examines the benefits and drawbacks of free market trading. The feature of free market is based on individualism and utilitarianism which form two sides of the argument. Next, the ethical problems caused from free market system will be highlighted. Due to the aspect of freedom, people may do what they want to regardless of reconsideration of society. The last point will analyze the possibility of the UK free market trading in the future and evaluate advantages and disadvantages for developing countries. 1. An analysis of benefits and drawbacks of the free market trading 1.1 Background the UK free market The free market system was accepted since the eighteenth century in the UK. This system was continuously developed until now so as to obtain maximum benefit. Even though the freedom, which is the basic concept, plays a key role in the UK economic system, practically the government may enter to the market in some sections especially public goods and services. In other words, most decisions in UK are made by the price mechanism in the market and some decisions need to manage by the state such as education, hospital, and public utility. For example, road users have to pay for the road network through the petrol tax system controlled by the UK government (Bearshaw et al., 2001). They also confirmed that the state is responsible for almost 40% of all expenditure in the UK. 1.2 The concept of free market Individualism is the basic feature of the free market system. It can be defined as the nature, evolution, and function of such institutions in terms of the unplanned and unintended action of free individual agents (Schotter, 1990, p. 6). Buyers can easily purchase any commodities and sellers also produce and distribute whichever products they want to. There are no obstacles put in place by the state to limit the flow of goods and services between trading nations (ibid., p.7). 1.3 The benefits of free market Based on the concept of individualism, there are three benefits of the free market system. First of all, Schotter (1990) stated that the entrepreneurs can make their own decisions about quantities and what goods should be produced. He also explained that if they produce a product which nobody want to or they produce too much, their profit will be decreased, reducing their income and forcing the production of new different products which the market demands. Secondly, the consumers may have various choices and can choose to buy quality goods. Every entrepreneur wants to produce the products which are sold to many people so there are also many competitors that can produce the same goods or better through the market. Therefore the producer should create distinctive products or produce high quality goods and services in order to increase sales. Lastly, there has been an increase in higher levels of education for graduate employment. Philo and Miller (2001, p.3) stated that The essential i ndividual freedoms were for employers to employ, for workers to be able to sell labor without the restrictions of the trade union and for consumers to be able to buy. The demand for the right to work is therefore converted to workers who have the individuals right to go to work. It is suggested that the workers attempt to enhance their skills so as to satisfy the wage rate because everyone can sell their abilities into the market and the employers are free to hire employees at the lowest possible price. If people have different skills which are required in the market, they will have several opportunities to choose their jobs and request higher salaries. 1.4 The drawbacks of free market On the other hand, Schotter (1990, p.47) insisted that the very individual rationality that makes the market work so sell often destroys the optimality of its results. The disadvantages can be divided into two parts. Firstly, he argued that people, who have good performance under the existing set of institutions, may have encouragement to work hard in contrast with people who do badly may not be supported. This is due to the fact that unequal distribution of income is in the society. Even though in the free market system workers free to supply their abilities, sometimes many skills which each one can do well might not be demanded in the market or many people have the same capability. Secondly, the public goods such as street lighting and public transportation, lack the encouragement from people to pay for them since there is no profit to provide these goods despite the fact that they are important for everybody. Schotter (1990) illustrated that the problem might happen if people thin k of public goods based on the free trade concept (ibid., p. 58). For example, the street lights should be installed to protect people but there is no one who wants to contribute to them because all people believe that everybody may use them which cannot be specified each person. 2. Identifying the ethical problem caused from the free market system 2.1 The ethical problems It seems that the free market has several advantages. However, the benefits of this system also lead to ethical problems such as unemployment and environmental problems. Obviously, competition is a characteristic of the free market hence people who cannot compete with others will be easily ignored by the market system. Eventually they may lead to one part of the ethical problems. Two areas of moral problems can be identified. Firstly, there was an increase in unemployment and poverty rate in the society. Most entrepreneurs try to reduce costs of their product in order to gain the high profit in the market. Consequently, they attempt to create new innovations such as machine and robot which can help them to manufacture many products in a short time and replace many workers. For example, the self checkout machines, which can be found at many ratailers such as Sainsburys in UK, can replace a lot of staffs. The buyers can make a payment by scanning the barcodes on their own goods to machines. Furthermore, an increase in jobless may be one effect of crime in the society. Secondly, the environmental problems such as greenhouse effect, air pollution, etc may result from the free market system. Due to the concept of trade without any tariffs or subsidies imposed by the state, every firm produces their products in a way that they expect to obtain the highest profit. Therefore, they do not consider the full costs of pollution (Mankiw, 2001) . Exhaust from automobile creates smog that is breathed by the public, and hence the pollution created by drivers should be included the costs attributed to a company. Bearshaw et al., (2001) also stated that the main industries responsible for a release of carbon dioxide to the air are electricity, gas and transportation. These industries are important for production and distribution in a developed country, and yet have a significant effect on global warming. It is suggested that while the company receives full benefit from the free market trading, the problem of environment will continue to be a problem. 2.2 A case study of carbon footprint emissions of two retailers in UK The Sainsburys and Tesco are currently the leading supermarkets in the UK and they create a vast amount of pollutions that lead to several environmental problems. They produce carbon footprint in many ways such as transportation, their buildings. For instance, refrigeration, which accounts for direct carbon emissions, is necessary for this business because they sell a lot of fresh food. However, they attempt to reduce their carbon footprint by several ways. Sainsburys convinces customers to bring their own bags so as to reduce the numbers of bags which bring about an increase in carbon emissions. This company also use 50% recycled material for producing their bags given to customers (J-Sainsburys, 2010). In addition, Tesco promoted the campaign Greener living Brand since September 2009 which encouraged the customers to buy products such as energy-saving light bulb which can reduce the global warming. It also launched the website which contains methods of carbon footprint reduction. F or example, this website shows ten ways to decrease carbon emissions such as washing clothes at 30 Celsius or lower. It will save around 45 kilograms of carbon dioxide per year. (Tesco, 2010) 3. Way forward for the free market in UK 3.1 An analysis of current UK economic trends It is difficult to decide whether the UK free market will be maintained over the next hundred years or will be immediately accepted by a new system. However, the UK is a country which successfully practices the free market system, as can be evaluated by the gross domestic product (GDP) . The figure 1 shows that the annual changes in GDP index from 1979 to the first quarter of 2010. Overall, the GDP growth trend remained positive and increased gradually from 2005 to the second quarter of 2008. This implies that after the free market had accepted, the UK economic system developed in the right way. However, the UK GDP growth fell and became negative during the fourth quarter of 2008 until 2009 and turned into positive in early 2010 due to global financial crisis. In this case, the state attempt to cut unnecessary public expenditure so as to reduce fiscal deficit which is the result of the recession in 2009. Additionally, the unemployment rate increased sharply from 1979 to 1986 and then decreased until 1990 as can be seen in the figure 2. It was because of the initial free market system that people became jobless. In 1990, there was a rapid increase in unemployment rate due to the contraction in monetary policy aimed at bringing down high inflation until 1993 (Jenkins, 2010). After that, the unemployment rate declined continuously until 2008 and then dramatically rose to 6.9% in the first quarter of 2009. This was due to the global recession which caused demand across the world fell sharply (Jenkins, 2010). However, figure 3 shows that the public sectors increasingly employed the staffs during 2008 to 2009 while the private sectors needed to reduce workforce and froze salaries. The UK government involved in this case in order that the labour market might recover quickly. (ONS, 2010) 3.2 Benefits and drawbacks for developing countries Undeniably, the UK has a powerful role in the global economy and success of the free market system. However, it may have advantages and disadvantages of this system. If developing countries try to practice this system, they should learn from the UK and adapt the system in conformity with the nature of each country. Thailand is one of developing countries which support the free enterprise system. It learns from several situations in developed countries such as UK and USA. It started to open up the country since the late twentieth century. Thai entrepreneurs have freedom to invest in Thailand or foreign countries and international investors can also open and expand their businesses in Thailand. Thus, there are several benefits which improve Thai economic in a good way. However, it had to face with the Asian financial crisis in 1997 which bring about a dramatic increase in unemployment. It might also have several environmental problems such as air pollution that is caused by many indust ries. Due to these situations, Thai government may integrate free market trading to solve the problems effectively by formulating legislation. For example, in Thailand every factory must control harmful gases which release to the atmosphere by setting up the filterable equipments. Conclusion In conclusion, this essay has discussed about the benefits and drawbacks from the market system. It is also identified the ethical problems which come from accepting free market system. Some countries have received a considerable number of benefits from this system. Meanwhile, they might be confronted with several moral problems such as poverty, crime, and environmental problems. Nowadays, most successful countries increasingly become aware of the social problems. For example, many countries should be concerned about global warming that impact on the creatures in the world because of an increase in temperature near the surface of the earth. Moreover, the state of each country should play a key role to control the problems by formulating the policy. The free trading concept is accepted in the UK economic system and it is a successful country. Even though the price mechanism plays an important role in the UK market, some sections may be regulated by the government in order to support s ocial justice. However, developing countries can apply the free market system from UK. In practice, every country may have to suitably adapt the concept in order to increase economic welfare. This is due to the fact that each country has different characteristic such as population, geography, and history of economic system. Perhaps the free trade might be advantageous for developed countries. This may not mean that every developing country should practice according to them since the free market system has also positive and negative effects. Furthermore, the GDP can measure the growth of each country but it cannot use as an indicator to evaluate human happiness. Although some countries have their high GDP index, it cannot imply that everybody who lives there have a sense of well-being and those countries do not have the social problems. Consequently, the economics should grow in parallel with concerns for human welfare.

My Father Was a Paradox Essay -- Personal Narrative, essay about my fa

I'll miss my father, I already miss him, greatly... I'll miss his stories, his laughter, the fire of his opinions, and especially the quiet strength of him. Yet, I think it's one of the truths of the world that the people we miss the most are also the ones that we can't miss, because we carry so much of them with us. My father was something of a paradox. On the one hand he stands out in my mind for his stories, his wit, and the fire of his opinions. Anyone who's argued with him, and that's quite a few of us, knew that he had strong opinions and argued them with zeal. On the other hand, at the same time, he was a quiet man, who kept a lot of what he felt on the inside, someone who taught more by example than by lecture. Did he believe that there was something for us after death? I don't really know. I asked him about God and the after life years ago. He explained to me what agnosticism meant to him, that you could never really know, a... ...ver really miss him. He's in everything I do, and everything I am. If you ever need a story about him just ask... Or hang around a bit, they burst out on their own. One of the last full sentences he ever said to me was that he ought to go off and "set old Bill Shakespeare right on a few things." Somehow, I expect that Bill's now learning what a lot of us know, what an experience it is to know my father. And his stories will never be the same again.

Synopsis :: Essays Papers

Synopsis Both the movie and the book should be approached as a mystery that unfolds. It is written realistically but has a great deal of mystical overtones throughout the story. Both the movie and the novel begin in the middle of the story which in the beginning may be slightly confusing to either the movie go’er or the reader. Once the story has gone full circle it comes together in and attempts to question some primal beliefs as freedom, love, self worth, and the â€Å"natural† instinct for a mother to protect her child. Here is a brief summary of what has happened prior to the novel and movie’s opening. Mr. Garner purchases a 13-year old black slave girl named Sethe in order to assist his wife by doing the routine jobs around the house. Sethe is the only female slave owned by Mr. Garner who has five other male slaves – three Pauls, Halle, and Sixo. Sethe marries Halle and gives birth to four children. While she is pregnant with her fourth child, the six adult slaves decide to escape the household. Her three children make it to safety due to the aid of a runaway slave woman but Sethe waited for Halle, which caused her to get caught. She is then brutally raped and severely beaten by the slave owners but Sethe does eventually manage to escape without Halle. Sethe makes it out of Kentucky and gave birth to â€Å"Denver† the night before she crosses the river to Ohio. For 28 days Sethe and her children happily live with Halle’s mother, Baby Suggs, but she is soon found by the slave-owner who had come to retrieve them. To avoid a return to slavery, Sethe decid es to kill her children and herself. She is only able to kill her toddler, later known as â€Å"Beloved†. At the novel and films opening, which takes place after slavery has been abolished, the entire family is tortured by the ghost of the baby girl haunting the house, and the Black Community has turned their back on Sethe for her seemingly horrendous actions. Observations The character Sethe is presented as a former slave woman who chooses to kill her baby girl rather than allowing the child to be exposed to the physically, emotionally, and spiritually oppressive horrors of a life spent in the confines of slavery.

Women Overcoming Domestic Violence in Zora Neale Hurstons Sweat Essay

Zora Neale Hurston's 'Sweat' is a short story about the struggles and hardships in the life of an African American woman living in the south. The short story talked about the treatment of women in these times. Many women of present times can identify with the hardships that Delia encountered in her marriage. The story also deals with adultery in relationships and the dishonesty and heartache it brings to a relationship. The story gives many women of domestic violence the strength and the courage to stand up for themselves and against their husbands. In these times it was hard for African American women to stand up to their abusive husbands. Getting a divorce was not a very common thing to do. Most women endured the pain and troubles of being physically and mentally abused everyday. A number of women were too poor to get a divorce or even runaway from their husbands. Husbands of these times supported the family and were the only ones who had a job in the family. In 'Sweat' Delia was the supporter of the family she worked every day supporting herself and Sykes. This was not very common in these times. Most women stayed home and watched the children while the men supported the family. With women not working this made it hard for them to get enough money to leave their husbands and support themselves and their children without their husbands. The story gives women of domestic violence courage and strength to get out of an abusive relationship. In one part of the story Delia...

How to Throw a Baseball

Throwing of a Baseball There are many different factors that come into play when you are learning to throw a baseball. Some of these factors are the grip of the baseball, the proper throwing position, the delivery of the throw, the follow through and other throwing mechanics. Learning to grip the baseball correctly is a key to throwing well. Grip the ball firmly but not tightly. You are not trying to choke the baseball. You want to place your thumb under the baseball and your forefinger and middle finger on top of the ball. Place the ball on the fingertips and not deep in the palm for greater accuracy and control when you throw.Make sure your fingers and thumb are across the seams and not placed on the seams. This placement helps the ball stay on a straight path. As you get more experience, you will be able to throw with the seams to get additional movement on the ball. The proper throwing position requires you to square yourself to the target. If you are right-handed, you want your left shoulder pointed at the player who is going to catch the ball. The instep of your right foot should also be facing your target. Raise the ball to ear level. If you are left-handed, it should be done in the opposite manner.Make sure your elbow is higher than your shoulder. You are now ready to throw the baseball. The delivery requires you to keep your eyes focused on your target as you begin the throwing process and keep them there throughout your delivery. Step with your front foot toward the target, beginning the transfer of your weight from back to front. As you step forward, bend your front knee and bring your arm forward. As your arm gets into an extended position, snap your wrist forward and release the ball. Your middle finger should be pointed directly at the target, allowing you to have greater accuracy and velocity on your throw.The follow through is when you continue moving forward with your arm after the ball has been released. Bring your back leg around so it is sli ghtly in front of your opposite leg. Your arm will continue to move, and you should bring it to a spot on the outside of your frame between your thigh and hip. Your upper body should be over your feet when you finish the throwing process. Never simply stop the throwing motion after you release the ball. That could cause shoulder and/or elbow injuries. Follow through fully after releasing the ball. You can throw a baseball without pitching it, but you can't pitch a baseball without throwing it.This emphasizes that pitching is all about defeating the batter. And throwing is a component of the pitching process. But throwing in itself does not constitute pitching. The difference between pitching mechanics and throwing mechanics. In reality, there should be no difference, but more often than not what is deemed as good pitching mechanics is more about defeating the batter than it is about throwing a baseball. Effective throwing is efficient use of the body to throw the baseball. Effective throwing is the least amount of wasted effort necessary to achieve the desired throwing result.There are two primary components at work in throwing a baseball: strength and mechanics. The strength component can manifest itself in several ways. The good way is when the strength component works in conjunction with the mechanical component primarily in the form of maintaining what is called connection during a transfer of momentum from the larger body parts and the arm itself. One interesting aspect of throwing is that once the momentum has been drained out of the torso, the action of the arm is far more passive and active. The arm behaves more like a whip that has been driven by the body.The negative aspect of arm strength is when the arm itself becomes the primary factory to throw the baseball. This can also be described as disconnection. A consequence of this disconnection forces the arm-shoulder complex to become more active than it should in terms of throwing a baseball. The play er is trying to make up for the lack of efficient transfer of momentum by â€Å"muscling† the ball to the plate. So the main points of throwing a baseball is the grip of the baseball, the proper throwing position, the delivery of the throw, the follow through and other throwing mechanics.

Autism and Social Skills Essay

Autism spectrum distemper is a neurodevelopmental disorder that ranges from mild to complete(a) impairments in communication, genial interaction, and repetitive convention of interest. Children with autism desire early companionable skills maintenance to develop their companionable interactions and understanding. Autism spectrum disorders (ASD) and societalization among sassy-fashi unmatchedd babyren and adolescence is one of the major impairments, along with linguistic process individuals have. Social skills mathematical groups are prearranged groups with, a sharpen goal orientated to engage materialization chelaren and adolescences with the appropriate support, in the development of companionable skills. Social skills groups for immature children and adolescences can be a viable tool, in destiny children with ASD to check how to cordialize appropriately. The Socialization of young children with a diagnosis of ASD has shown some validatory results.This pilot k nowledge was conducted in settle to the heightened awareness and the convey for young children with ASD to learn complaisant skills. The conjures of ill children, the children that have a diagnosis of ASD and the facilitators of the groups, will engage the children in social sessions, in hopes to build social relationships. The parents will fill out questionnaires as to the progress they see their children making. This pilot study sets out to answer the following ii questions. Is participation in a social skills group beneficial for young children / adolescence with ASD from the childs, Parents and the facilitators perspectives? The second question constitute was, is there any improvement in the sick childs office to communicate or interrelate socially. methodologyBased on a go off of literature on Autism, a psychologist and a clinical psychologist planed a structured 5-week program, for one-hour sessions, one day a week. Only children with a diagnosis of ASD were invited . The childrens ages ranged from seven to 18. development the qualitative method, the parental focus group was used to gather data and answer two research questions. Each parent received three questionnaires developed for the procedure of this evaluation. One was a pre- questionnaire, to be realized at the beginning of the groups, the post questionnaire, at the end of groups, and a review questionnaire, to be completed six months following the social skills groups. The questionnaires were used for the parents to rate their childs current level of difficulties.Results and DiscussionsThe high personify of one on one therapy for autistic children has become too high for caregivers and the need for alternative approaches was necessary. Evidence suggested that social skills groups for autistic children would be an alternative Dunlop, Knott and Mackay (2000). The information gather from parent questionnaires and through observations from the facilitators and the higher operation ado lescents with ASD showed there was a need for social skills programs. Some parents mat their children benefitted and others seen no change.The feedback was in truth positive and most of the participants would deal the social skills groups to continue. There were several areas identified inside the program that needs fine-tuning such as, small groups, the level or severity of ASD the children have, longstanding duration of sessions without summer breaks and addressing how to manage the gainsay behaviors some of the autistic children displayed, which prevented them from engaging socially within the groups. There was no period for one on one interaction, to get ahead those children that did not socializeduring the five-week program. The facilitators observed this and felt that it was an important issue to address along with the other recommendations above, when planning social skills programs. I choose this article because I am a parent of an autistic child and I am always expr ession for new treatment methods. I like to stay informed of all the new research on autism to share with my son. I think there is a need to socialize all persons with autism and the ideal of social skills groups cannot hurt it can enhance the tonus of life for the autistic child.

Only the Strong Survive

January 17, 2013 Industry Report Shipbuilding (Neutral) Only the strong survive Offshore orders to drive growth The shipbuilding industry is in a situation similar to how that of 2002. In 2013, plunging order volume and weak new building prices are fueling intensifying competition. In 2002, shipbuilding shares rose because of an increase in orders, but then quickly fell on concerns over weak new building prices, which caused earnings to stagnate. For a period in 2002, shipbuilders went into red.Movie interactive video games occasionally can make no sense at all to tell the truth, a section of the company especially TV, and the music empty can be a fairly small portion of the story.Daewoo Securities Co. , Ltd. Ki-jong Sung +822-768-3263 kijong. [email  protected] com Ryan Kang +822-768-3065 ryan.Youre in need of a leader of culture if youre new beginning an agency.

Although shipbuilding shares currently trade at a P/B of 1. 0x, we believe they have the potential trade at a P/B of 1. 2x.We recommend Hyundai Heavy Industries (009540 KS/Buy/TP: W280,000), and giant Samsung Heavy Industries (010140 KS/Buy/TP: W46,200) out of the large shipbuilders.Respect and seeing possible is.share price of major shipbuilders (R) (1/31/2005=100) 1,000 6,000 800 600 2,000 400 -2,000 200 -6,000 05 06 07 08 09 10 11 12 13F 13 14 14F 0 Source: KDB Daewoo Securities Research Analysts who prepared this report are registered as research analysts in Korea but not in any other jurisdiction, including the U. S. January 17, 2013 Shipbuilding Figure 1. New orders and newbuilding price good for commercial vessels (mnCGT) 100 New orders (L) Newbuilding price (R) 80 180 160 60 140 40 120 20 100 80 99 00 01 02 03 04 05 06 07 08 09 10 11 12 13F 14F (1988=100) 200 Source: Clarkson, KDB Daewoo Securities Research Figure 2.You should have a feeling of self pride.

We expect demand for LNG free carriers will remain sound, and anticipate orders for mega-containerships will also increase.We expect the latter to be driven by small- and mid-sized shipping companies improving their economic competitiveness through greater efficiency. We also expect shipbuilders will be forced to take new orders at lower-than-normal prices because of the dearth of order backlogs for commercial vessels. We forecast the number of bids and orders for large offshore-plant construction projects to increase for each company in 2013.Let your much joy scream.We believe share prices will improve (despite concerns about lower-priced orders) thanks to increasing orders, and improved cashflow. Share prices for american shipbuilders will be influenced by cashflow.Despite intensifying market competition, we anticipate Hyundai Mipo Dockyard will take an increasing amount of orders, even though some will be lower-priced. 3.Many people think tattoos for men will need to be fero cious and tough.

We expect these trends will continue in 2013. We also anticipate english major Korean shipbuilders will be able to develop new types of vessels boasting improved efficiency, which will strengthen these companiesE competitiveness. Risk factors Earnings at shipbuilders will not recover easily, due to orders at lower-than-normal prices and won appreciation. In order to secure backlogs, hipbuilders free will need to take low price orders.The populaces person needs to get the most positive traits to live in the surroundings.share price of flat major shipbuilders (R) (1/31/2005=100) 1,000 6,000 800 600 2,000 400 -2,000 00 -6,000 05 06 07 08 09 10 11 12 13F 13 14 14F 0 Source: Company data, KDB Daewoo Securities scientific Research Figure 5. Korean and Chinese shipbuildersE restructuring (No. of shipuilders) 200 Korea China 160 197 120 -88. 3% 80 40 24 23 -66.The intention isnt to humiliate or belittle anyone.

In addition, the ROE of shipbuildersE is projected to improve to 19%. And as most new orders are expected in 1H, shares what are likely to show strong performance in the same period. The relative share performance of global shipbuilders has changed. Thanks to the rising proportion of offshore orders, Korean shipbuilders and Hyundai Mipo Dockyard are now grouped together with Keppl Corp.Theres a good deal of variety, to simulate real social life conditions.Although we believe the shares have bottomed, we do not expect a long term recovery until new building prices rebound in earnest. We suggest accumulating the shares near a P/B of 1. 0x. Shipbuilding shares will likely begin to recover full-swing from 2014, when the market starts to turnaround, along with increased orders for commercial vessels, improved cashflow, and earnings recovery.Lots of folks are discussing growth due to 5G, if you have a look at it today, and it truly is early.

0x 30 20 30 1. 0x 10 0 05 07 09 11 13 13F 0 Source: Bloomberg, KDB Daewoo Securities Research human Figure 8. Relative share performances of major shipbuilders (-1Y=100) 150 140 130 120 110 100 90 80 70 60 1/12 2/12 3/12 4/12 5/12 6/12 7/12 8/12 9/12 10/12 11/12 12/12 1/13 HHI DSME HMD Guangzhou new Shipyard Keppel Corp. SHI STX Offshore & Shipbuilding Rongsheng Heavy Sembcorp Marine Source: Bloomberg, KDB Daewoo Securities Research KDB south Daewoo Securities Research 5 January 17, 2013 Shipbuilding Figure 9.Then will humanity be changed at the Kingdom of Gods region.0x 2. 5x 2. 0x 1. 5x 1.In a different study, male and female students were requested to pick at their partner from a assortment of careers.

0x 4. 0x central Figure 14. Hyundai Mipo DockyardEs P/B trend (Market cap,Wbn) 10,000 2. 5x 8,000 1.They find it extremely hard to forgive an event.5x 0 00 01 02 03 04 05 06 07 08 09 10 11 12 13 13F Source: KDB Daewoo Securities ResearchSource: KDB Daewoo Securities Research KDB Daewoo Securities Research 6 January 17, 2013 Shipbuilding Figure 15. Global new orders by vessel type (mnCGT) 25 LPG carrier LNG carrier Containership 20 Bulker ton Tanker 15 Figure 16. Newbuilding prices by vessel type (US$000/TEU) 30 Containership (L) Tanker (R) Gas carrier (R) Bulker (R) (US$000/DWT) 3 20 2 10 10 5 1 0 03 04 05 06 07 08 09 10 11 12 0 04 05 06 07 08 09 10 11 12F 12 13F 13 0 Source: Clarkson, KDB Daewoo Securities Research Source: Clarkson, KDB Daewoo Securities Research Figure 17. ROE-P/B comparison (P/B ,x) 3.Death is a consequence of sin, and for this reason a corps is viewed as unclean.

0 0 5 10 15 20 HMD S HI 15 Keppel 10 S HI Sumitomo Sembcorp HHI 5 (EPS growth, %) 0 -40 -30 -20 -10 0 10 20 30 40 Source: Bloomberg, KDB Daewoo Securities Research Source: Bloomberg, KDB Daewoo Securities Research Figure 19. Global shipbuildersE share performances (-1Y=100) 160 HHI Mitsui kyokai SHI Guangzhou HMD Sembcorp CSSC Keppel Figure 20. KOSPI and shipbuilding stock index (index) 8,000 Shipbuilding stock high index KOSPI 140 6,000 120 4,000 100 2,000 80 60 1/12 3/12 5/12 7/12 9/12 11/12 1/13 05 06 07 08 09 10 11 12 Source: Thomson Reuters, KDB Daewoo Securities Research Source: KDB Daewoo Securities Research KDB Daewoo Securities Research 7 January 17, 2013 Shipbuilding Hyundai Heavy Industries (009540 KS) best Buy (Maintain) Target Price (12M, W) 280,000 Share Price (01/16/13, W) 227,500 Expected Return (%) 23. 1 EPS Growth (13F, %) 17.Its never simple to turn down.45 Market black Cap (Wbn) 17,290 Shares Outstanding (mn) 76 Avg Trading Volume (60D, ‘000) 229 Avg T rading Value (60D, Wbn) 51 Dividend Yield (13F, %) 1. Free Float (%) 59. 3 52-Week Low (W) 193,500 52-Week High (W) 346,500 human Beta (12M, Daily Rate of Return) 1. 46 Price Return Volatility (12M Daily, %, SD) 2.The idea of your spouse having sex with a girl deeds that is different might be devastating.

36%) NPS (5. 08%) Price Performance (%) 1M 6M 12M Absolute -1. 7 -3. 8 -20.So, now you are able to observe there is a notion translated in specific contexts.7bn and revenues of W26. 9tr (non-consolidated) in 2013 Implemented a self-rescue plan for the first time in 40 years. Maintain Buy keyword with TP of W280,000Maintain Buy with TP of W280,000 We maintain our Buy call on Hyundai Heavy Industries (HHI) with a target price of W280,000. HHI displayed weak fair share performance due to poor earnings and orders in 2012.0x, the lowest levels in the companyEs peer group.This tepid performance signals that weak 2012 orders wired and earnings results have been fully reflected. However, HHI has strong investment merits in 2013, as it is projected to win massive orders. Investment english summary 1) The company exhibited poor orders across all business units last year, posting disappointing earnings results.

5bn) and the Brass LNG project (US$3. 5bn) in 1Q. In addition, HHI is expected to bid for additional projects worth US$1-4bn; indeed, we believe the company will be aggressive in its order-taking efforts. 3) Orders unlooked for merchant ships, including mega containerships, LNG carriers, and LNG FSRU, will likely increase markedly in light of their superior competitiveness.Share price 130 120 110 100 90 80 70 60 1/12 5/12 9/12 1/13 KOSPI Earnings & Valuation Metrics FY 12/10 12/11 12/12F 12/13F 12/14F Revenue (Wbn) 37,342 53,712 54,741 58,433 63,025 OP OP Margin (Wbn) (%) 5,532 14. 8 4,536 8. 4 2,485 4. 5 3,331 5.7 7. 6 22,750 3,469 -2,260 10. 2 10. 6 26,750 4,320 2,005 11.5 1. 3 1. 1 1. 0 0.

2 5. 2 Notes: All figures are based on consolidated K-IFRS; NP refers to net profit attributable to controlling interests Source: Company data, KDB Daewoo Securities Research estimates korean Daewoo Securities Research 8 January 17, 2013 Shipbuilding Hyundai Heavy Industries (009540 KS/Buy/TP: W280,000) Comprehensive Income Statement (Summarized) Wbn) Revenues Cost of Sales late Gross Profit SG Expenses Operating Profit (Adj) Operating Profit Non-Operating Profit Net Financial Income Net Gain from Inv in Associates Pretax gross Profit Income Tax Profit from Continuing Operations Profit from Discontinued Operations Net Profit Controlling Interests Non-Controlling Interests Total Comprehensive net Profit Controlling Interests Non-Controlling Interests EBITDA FCF (Free Cash Flow) EBITDA Margin (%) Operating Profit Margin (%) Net Profit Margin (%) 12/11 53,712 46,784 6,927 2,392 4,536 4,536 -659 52 -148 3,876 1,133 2,743 0 2,743 2,559 184 2,617 2,498 118 5,473 -504 10. 8. 4 4.4 5. 7 3. 5 12/14F 63,025 56,408 6,618 2,836 3,782 3,782 -338 188 -150 3,444 895 2,549 0 2,549 2,449 100 2,288 2,178 110 4,768 2,297 7. 6 6.5 7. 1 5. 6 6. 8 5.0 0. 9 5. 3 8. 5 6.

1 10. 0 1. 6 0. 0 1.7. 9 -13. 5 -36. 6 24.0 13. 5 -38. 4 -32. 4 17.1 6. 1 9. 3 8. 2 8.

7 5. 8 5. 7 3. 7 4.1 12. 2 17. 3 7. 8 10.0 134. 5 90. 5 110. 6 118.1 22. 7 15. 7 6. 0 7.

1 P/E (13F, x) 9. Market P/E (13F, x) 9. 0 KOSPI 1,977. 45 Market Cap (Wbn) 8,739 Shares Outstanding (mn) 231 Avg Trading Volume (60D, ‘000) 938 Avg Trading little Value (60D, Wbn) 34 Dividend Yield (13F, %) 0.0 Major Shareholder(s) Samsung Electronics et al. (24. 42%) Treasury shares (6. 13%) Mirae Asset Global Investment (5.8 -4. 5 6. 0 Reliable again in 2013 ? ? ? 2013 orders and revenues forecast at US$14. 2bn and W14.We expect SHI to win massive orders of US$14. 2bn despite the slump in the global shipbuilding market, driven by the robust offshore plant market and the companyEs superior competitiveness.SHIEs shares are trading at a 2013F P/E of 9. 4x logical and a P/B of 1.

As such, the company has solid earnings relative to its competitors. 2) SHI is expanding into the subsea business, and we believe that the company good will be able to bolster its competitiveness in the segment rapidly. ) The commercial vessel unit, which exhibited a tepid performance last year, is likely to recover in 2013 thanks to: 1) rising mega containership orders and 2) steady orders for LNG carriers and LNG FSRU. 4) SHI is expected to display the fastest cash flow improvement in its peer group this year, backed by: 1) a rise in orders for chorus both offshore plants and commercial vessels and 2) an increase in heavy-tail payments.7 851 1,226 8. 2 929 1,198 8. 0 934 1,355 8. 6 1,015 EPS EBITDA FCF ROE (Won) (Wbn) (Wbn) (%) 4,330 1,504 598 28.9 P/E (x) 9. 5 7. 6 9. 6 9.5 1. 3 1. 1 EV/EBITDA (x) 8. 2 5.

9 8. 7 6. 4 12/12F 14,875 12,867 2,008 766 1,242 1,226 -30 -34 0 1,196 267 929 0 929 929 0 920 920 0 1,551 282 10. 4 8.2 12/14F 15,751 13,594 2,158 803 1,355 1,355 -19 -51 0 1,336 321 1,015 0 1,015 1,015 0 1,006 1,006 0 1,667 978 10. 6 8. 6 6. 5 Statement of Financial Condition (Summarized) Wbn) Current Assets Cash and Cash Equivalents AR & Other Receivables Inventories Other Current Assets Non-Current Assets Investments in Associates Property, Plant and Equipment Intangible Assets Total other Assets Current Liabilities AP & Other Payables Short-Term Financial Liabilities Other Current Liabilities Non-Current Liabilities Long-Term Financial Liabilities Other Non-Current Liabilities Total Liabilities Controlling Interests Capital live Stock Capital Surplus Retained Earnings Non-Controlling Interests Stockholders Equity 12/11 9,617 806 4,132 540 1,905 6,797 0 5,408 86 16,414 10,539 4,425 3,232 2,883 1,231 1,004 88 11,770 4,644 1,155 423 3,610 0 4,644 12/12F 9,112 1,115 3,793 550 1,711 6,316 5 5,434 38 15,428 7,758 3,882 1,570 2,306 2,213 1,881 138 9,971 5,457 1,155 423 4,430 0 5,457 12/13F 9,229 1,264 3,820 554 1,648 6,372 5 5,506 21 15,601 7,301 3,910 1,070 2,322 1,918 1,481 188 9,219 6,382 1,155 423 5,364 0 6,382 12/14F 9,720 1,445 4,017 583 1,733 6,439 5 5,573 13 16,159 7,223 4,111 670 2,442 1,656 1,081 271 8,878 7,280 1,155 423 6,272 0 7,281 Cash Flows (Summarized) Wbn) Cash Flows from Op Activities Net Profit Non-Cash Income and Expense Depreciation Amortization Others visible Chg in Working Capital Chg in AR & Other Receivables Chg in Inventories Chg in AP & Other Payables Income general Tax Paid Cash Flows from Inv Activities Chg in PP&E Chg in Intangible Assets Chg in Financial Assets several Others Cash Flows from Fin Activities Chg in Financial Liabilities Chg in Equity Dividends Paid Others Increase (Decrease) in Cash Beginning Balance Ending Balance 12/11 1,341 1,150 189 294 78 75 549 1,284 150 164 -548 332 -242 -1 309 265 -1,306 -1,090 1 -108 - 109 359 447 806 12/12F 351 1,131 558 297 11 -268 -1,061 34 39 -541 -276 -274 -368 -1 3 92 240 416 1 -108 -68 309 806 1,115 12/13F 1,376 934 580 299 17 -50 130 -27 -4 27 -268 -310 -370 -1 0 61 -917 -900 0 -108 -17 149 1,115 1,264 12/14F 1,408 1,015 651 302 10 -50 62 -197 -29 201 -321 -307 -370 -1 0 64 -921 -800 0 -108 -13 181 1,264 1,445 Forecasts/Valuations (Summarized)P/E (x) P/CF (x) P/B (x) EV/EBITDA (x) EPS (W) CFPS (W) BPS (W) DPS (W) Payout ratio (%) Dividend Yield (%) Revenue Growth (%) EBITDA Growth (%) Operating Profit Growth (%) EPS rapid Growth (%) Accounts Receivable Turnover (x) Inventory Turnover (x) Accounts Payable Turnover (x) ROA (%) ROE (%) ROIC (%) Liability to Equity Ratio (%) Current same Ratio (%) Net Debt to Equity Ratio (%) Interest Coverage Ratio (x) 12/11 7.7 1. 8 1. 9 -3. 3 -19.2 4. 8 19. 4 15. 5 253.

6 7. 2 1. 5 6. 1 4,021 5,358 26,307 0 0.7 9. 1 3. 8 27. 3 3.7 117. 5 7. 2 57. 9 12/13F 9.6 0. 0 0. 7 -2. 4 -2.

0 6. 0 15. 8 16. 9 144.6 6. 6 1. 1 4. 5 4,396 5,747 34,309 0 0.0 8. 7 4. 1 27. 7 4.9 134. 6 -22. 5 106. 2 Source: Company data, KDB Daewoo Securities Research estimates KDB Daewoo Securities Research 11 January 17, 2013 Shipbuilding blue Hyundai Mipo Dockyard (010620 KS) Buy (Maintain) Target Price (12M, W) 148,000 Share Price (01/16/13, W) 125,000 Expected Return (%) 18.

0 KOSPI 1,977. 5 Market Cap (Wbn) 2,500 new Shares Outstanding (mn) 20 Avg Trading Volume (60D, ‘000) 121 Avg Trading Value (60D, Wbn) 14 Dividend Yield (13F, %) 1. 6 Free Float (%) 51. 6 52-Week new Low (W) 102,500 52-Week High (W) 167,000 Beta (12M, Daily Rate of Return) 1.4%) NPS (7. 38%) Price Performance (%) Absolute Relative Shining in the dark ? ? ? 2013 target: US$3. 2bn in orders and W3. 6tr in revenues Stands to benefit most from industry restructuring Maintain Buy and TP of W148,000 Maintain Buy and TP of W148,000We maintain our Buy recommendation on Hyundai Mipo Dockyard (HMD) and our target price of W148,000.4tr; 8. 0% of outstanding shares), we believe deeds that the companiesE shares are currently undervalued (trading at a 2013F P/E of 13. 1x and a P/B of 0. 9x).3) In the small- to mid-sized merchant ship market, the product carrier (P/C) segment, in which HMD has the strongest competitive edge, is expected to be relatively robust in 2013. ) If the shipbuil ding market remains in a slump for a protracted period of time, HMD should be able to widen its gap with its peers. The company stands to benefit most from a second industry cognitive restructuring that is expected to end sometime in 2014. 1M 2.

6 5. 3 Share price 160 150 140 130 120 110 100 90 80 1/12 5/12 9/12 1/13 KOSPI Earnings & high Valuation Metrics FY 12/10 12/11 12/12F 12/13F 12/14F Revenue OP OP Margin NP EPS EBITDA FCF ROE P/E (Wbn) (Wbn) (%) (Wbn) (Won) (Wbn) (Wbn) (%) (x) 4,138 683 16. 5 493 24,629 741 431 14. 7 9.9 131 6,556 192 -563 4. 3 19. 4 4,624 191 4. 1 190 9,518 256 397 6.6 P/B EV/EBITDA (x) (x) 1. 2 4. 4 0. 8 4.6 0. 8 6. 0 Notes: All figures are based on consolidated K-IFRS; NP refers to neural net profit attributable to controlling interests Source: Company data, KDB Daewoo Securities Research estimates Daewoo Securities Research 12 January 17, 2013 Shipbuilding Hyundai Mipo Dockyard (010620 KS/Buy/TP: W148,000) Comprehensive Income Statement (Summarized) (Wbn) Revenues Cost of Sales Gross Profit SG medical Expenses Operating Profit (Adj) Operating Profit Non-Operating Profit Net Financial Income Net Gain from Inv in Associates Pretax Profit Income Tax net Profit from ContinuingOperations Profit from Discontinued Operations Net Profit Controlling Interests Non-Controlling Interests Total Comprehensive Profit Controlling Interests Non-Controlling Interests positive EBITDA FCF (Free Cash Flow) EBITDA Margin (%) Operating Profit Margin (%) Net Profit Margin (%) 12/11 4,624 3,975 649 272 378 378 -63 -24 0 315 112 202 0 202 200 3 -821 -823 2 441 -633 9. 5 8.

0 12/13F 4,624 4,143 481 290 191 191 52 -9 -2 243 58 185 0 185 190 -5 185 194 -9 256 397 5. 5 4. 1 4. 1 12/14F 4,855 4,321 534 304 230 230 73 -10 -2 303 73 230 0 230 235 -5 230 239 -9 293 416 6.4 13. 1 10. 6 8. 5 12.0 0. 9 0. 8 4. 2 13.9 20. 6 16. 6 1. 8 1.

8 5. 0 5. 0 -40. 5 -56.8 52. 2 20. 3 -59. 4 -34.2 3. 9 5. 0 18. 1 17.2 3. 8 3. 8 2. 3 1.

3 6. 4 7. 4 53. 8 8.8 162. 5 146. 2 105. 6 111.9 -16. 9 -27. 9 689. 5 45.1 P/E (13F, x) Market P/E (13F, x) 9. 0 KOSPI 1,977. 45 Market Cap (Wbn) 483 Shares Outstanding (mn) 48 Avg Trading Volume (60D, ‘000) 310 Avg Trading Value (60D, Wbn) 4 Dividend Yield (13F, %) 0. 0 Free Float (%) 62.

38%) KB Asset Management (5. 13%) Price Performance (%) 1M Absolute -23. 4 Relative -22. 5 Unlikely to weather domestic market slump ? ? ? Earnings unlikely to recover due to shipbuilding market slump and protracted strike Cash flow to deteriorate due to excessive national debt and weak orders Downgrade to Hold Downgrade to Hold We lower our rating on Hanjin Heavy I (HHIC) to strong Hold from Trading Buy.Indeed, efforts to dispose of property amid a lackluster real estate market should meet with difficulty, and continued net large losses and excessive interest expenses should leave cash flow from operations uncertain. Risks ) The commercial vessel unit at the Youngdo shipyard is unlikely to recover. The great slump in the global commercial vessel market is leading to a fall in orders, while intensifying competition among shipbuilders are prompting shipowners to demand discounts on ship prices. .Indeed, the company needs more capital to engage in the development project near the Incheon port. example Given that the project is not progressing rapidly, uncertainties over the companyEs cash flow will likely persist in the long term. 5) HHIC holds massive debt (W2. 8tr).9 -54. 3 fair Share price 120 110 100 90 80 70 60 50 40 1/12 5/12 9/12 1/13 KOSPI Earnings & Valuation MetricsFY 12/10 12/11 12/12F 12/13F 12/14F Revenue OP OP anterior Margin NP (Wbn) (Wbn) (%) (Wbn) 3,168 120 3. 8 -72 2,892 108 3. 7 -97 2,547 63 2.

1 -2,123 148 243 -5. 7 -158 195 182 -0. 6 -466 184 146 -1. 8 P/E (x) P/B (x) 1.4 EV/EBITDA (x) 14. 5 19. 9 24. 0 16.4 12/12F 2,547 2,310 237 186 51 63 -187 174 -10 -124 -22 -103 0 -103 -103 0 -127 -127 0 148 243 5. 8 2. 5 -4. 0 12/13F 2,795 2,516 280 204 76 76 -89 159 -5 -13 -3 -11 0 -11 -10 0 -35 -34 0 195 182 7.7 -1. 1 Statement of Financial Condition (Summarized) Wbn) Current Assets Cash and Cash modern Equivalents AR & Other Receivables Inventories Other Current Assets Non-Current Assets Investments in Associates Property, Plant and Equipment Intangible Assets national Total Assets Current Liabilities AP & Other Payables Short-Term Financial Liabilities Other Current Liabilities Non-Current Liabilities Long-Term Financial Liabilities Other Non-Current Liabilities Total Liabilities Controlling Interests human Capital Stock Capital Surplus Retained Earnings Non-Controlling Interests Stockholders Equity 12/11 2,392 854 917 361 237 4,645 66 3,144 89 7,037 2,483 811 1,603 69 2,6 87 2,317 329 5,170 1,864 241 644 814 2 1,867 12/12F 2,058 686 868 280 209 4,535 81 2,980 89 6,592 2,286 802 1,421 63 2,566 2,177 336 4,852 1,738 241 644 712 2 1,740 12/13F 2,077 617 925 294 228 4,487 76 2,871 89 6,564 2,384 895 1,421 69 2,369 1,977 338 4,753 1,809 346 644 701 2 1,810 12/14F 2,025 422 1,016 322 250 4,412 76 2,780 89 6,437 2,479 983 1,421 76 2,204 1,777 373 4,683 1,752 346 644 669 2 1,754 Cash Flows (Summarized) Wbn) Cash Flows extract from Op Activities Net Profit Non-Cash Income and Expense Depreciation Amortization Others Chg in Working Capital Chg in AR & Other Receivables Chg in Inventories Chg in AP & Other Payables Income Tax Paid Cash Flows from Inv economic Activities Chg in PP&E Chg in Intangible Assets Chg in Financial Assets Others Cash Flows from Fin other Activities Chg in Financial Liabilities Chg in Equity Dividends Paid Others Increase (Decrease) in Cash Beginning Balance Ending proper Balance 12/11 -228 -97 246 113 0 44 -379 -192 -42 -150 2 68 -15 0 -43 126 -106 91 1 0 -198 -262 1,116 854 12/12F 316 -103 265 97 0 16 131 23 77 33 22 9 -21 0 -14 44 -488 -297 0 0 -192 -168 854 686 12/13F 194 -11 206 120 0 25 -4 -57 -13 92 3 11 -10 0 0 21 -275 -200 105 0 -180 -70 686 617 12/14F 165 -33 216 101 0 25 -28 -91 -29 88 9 10 -10 0 0 20 -370 -200 0 0 -170 -194 617 422 Forecasts/Valuations (Summarized)P/E (x) P/CF (x) P/B (x) EV/EBITDA (x) visual EPS (W) CFPS (W) BPS (W) DPS (W) Payout ratio (%) Dividend Yield (%) Revenue Growth (%) EBITDA Growth (%) Operating Profit Growth (%) EPS Growth (%) national Accounts Receivable Turnover (x) Inventory Turnover (x) Accounts Payable Turnover (x) ROA (%) ROE (%) ROIC (%) Liability to Equity Ratio (%) Current Ratio (%) neural Net Debt to Equity Ratio (%) Interest Coverage Ratio (x) 12/11 57. 4 0. 5 19.

9 -9. 8 RR 3. 3 8. 9 3.9 96. 3 163. 0 0. 5 12/12F -112.0 -11. 9 -25. 9 -41. 8 RR 3.7 1. 4 278. 9 90. 0 166.

9 -158 1,691 24,843 0 0. 0 0. 0 9. 8 31.1 -0. 2 -0. 6 2. 1 262.1 0. 4 18. 0 -466 989 24,030 0 0. 0 0.6 10. 0 4. 0 -0. 5 -1.

4 0. 5 Source: Company data, KDB Daewoo Securities Research estimates KDB Daewoo Securities Research 15January 17, 2013 Shipbuilding Important Disclosures & Disclaimers Disclosures As of the publication date, Daewoo Securities Co. , Ltd. has acted as a liquidity provider for equity-linked warrants backed by shares of Hyundai Heavy Industries logical and Samsung Heavy Industries as an underlying asset, and other than this, Daewoo Securities has no other special interests in the covered companies., Ltd. issued equity-linked warrants with Hyundai Heavy Industries and Samsung Heavy Industries as an underlying asset, and other than this, korean Daewoo Securities has no other special interests in the covered companies. Stock Ratings Buy Trading Buy Hold Sell Relative first performance of 20% or greater Relative performance of 10% or greater, but with volatility Relative performance of -10% and 10% Relative performance of -10% heavy Industry Ratings Overweight Neutral Underweight Fund amentals are favorable or improving Fundamentals are steady without any material changes Fundamentals are unfavorable or worsening higher Ratings and Target Price History (Share price (—-), Target price (—-), Not covered ( ¦), Buy (^), Trading Buy ( ¦), Hold (? ), Sell (? )) * Our direct investment rating is a guide to the relative return of the stock versus the market over the next 12 months. * Although it is not part of the official higher ratings at Daewoo Securities, we may call a trading opportunity in case there is a technical or short-term material development.Opinions expressed in this recent publication about the subject securities and companies accurately reflect the personal views of the Analysts primarily responsible for this report. Daewoo Securities Co. , Ltd. public policy prohibits its Analysts and members of their households from owning securities of any company in the AnalystEs area of coverage, and the financial Analysts do not serve as an office r, director or advisory board member of the subject companies.except as otherwise stated herein. Disclaimers This report is published by Daewoo Securities Co. , Ltd. („Daewoo†°), a broker-dealer registered in the Republic of Korea and a member of the Korea Exchange.

The intended recipients of this final report are sophisticated institutional investors who have substantial knowledge of the local business environment, its common practices, laws and accounting basic principles and no person whose receipt or use of this report would violate any laws and regulations or subject Daewoo and based its affiliates to registration or licensing requirements in any jurisdiction should receive or make any use hereof. Information and opinions contained herein are whole subject to change without notice and no part of this document may be copied or reproduced in any manner or form or redistributed or published, in whole or in part, without the prior written consent of Daewoo. Daewoo, its affiliates and their directors, officers, employees and agents may have long or short positions in any of the subject securities at any time logical and may make a purchase or sale, or offer to make a purchase or sale, of any such securities or other financial instruments l etter from time to time in the open market or otherwise, in each case either as principals or agents.Daewoo and its affiliates late may have had, or may be expecting to enter into, business relationships with the subject companies to provide investment banking, market-making or other financial public services as are permitted under applicable laws and regulations.n the United Kingdom only to (i) investment professionals falling within Article 19(5) of the Financial Services and Markets Act 2000 (Financial Promotion) new Order 2005 (the „Order†°), and (ii) high net worth companies and other persons to whom it may lawfully be communicated, falling within Article 49(2)(A) to (E) of the social Order (all such persons together being referred to as „Relevant Persons†°). This report is directed only at Relevant Persons. Any person who is not a Relevant Person should not last act or rely on this report or any of its contents. United States: This report is distributed i n the U.Securities Exchange Act of 1934. All U. S. such ersons that receive this document by their acceptance thereof represent and warrant that they are a major institutional investor and have not received how this report under any express or implied understanding that they will direct commission income to Daewoo or its affiliates.S. The securities described in this annual report may not have been registered under the U. S. Securities Act of 1933, as amended, and, in such case, may not be offered or sold in the U.