2. HIGHLIGHT Significant outcome 2005.1Q 100million won unit New ordersSales Operating profitOrdinary profit Net profit 1,224 2,069 1,401 1,312 151 144 160 104 122 83 2004.1Q 2005.1Q

3. Orders received 2005.1Q 100million won unit NEW ORDERS Civil engWater works Architecture Housing 28 44 352 80 97 346 747 1,599 2004.1Q 2005.1Q New orders 2005.1Q 100million won unit New orders in the first quarter of 2005 reached a total amount of 206.9 billion won. This amount consisted of 4.4 billion won in civil engineering works, 8 billion won in water works, 34.6 billion won in architecture and 159.9 billion won in housing. This amount also represented a increase of 69% compare to the same period in previous year. The water works sector showed decrease of 77.3% compare to the same quarter in previous year due to concentration of ordering in the second half of the year. Meanwhile civil eng sectors registered a rise of 57.1% Despite contraction in the private sector and real estate markets, the architecture and housing sectors also registered a rise 256.7% and 114.1%, respectively, over the same quarter of the previous year. New orders in the first quarter included 80.6 billion won in apartment houses in Eun-pyoung new town and 79.3 billion won in housing construction in the 4-1 district in Hwasung Dongtan.

4. Order backlog Breakdown (As of 2005.1Q) 100million won unit Order backlog 22.220 3,212 1,171 3,447 5,054 12,884 3,197 1,745 3,841 3,810 12,593 1,935 4,438 4,218 3,893 14,484 1,102 4,759 4,185 5,542 15,588 2,215 4,989 3,915 5,801 16,920 2,102 6,164 3,750 5,474 17,490 '00'01'02'03'04'05 1Q'05 (F) Civil : Roads, bridges, railways, industrial complex Water : Drainage treatment & filtration plants Architecture : Government and city office B/D, broadcasting center, hospital Housing : Apartment, Residence – commerce combination complex 100million won unit SOC 16.60% turn-key 25.80% PQ 39.70% Housing 12.00% Private 5.80% turn-key SOC PQ Private Housing private 23% public 77% private public : 4,519 : 2,905 : 6,946 : 1,018 : 2,102 : 3,120 : 14,370

5. Sales 2005.1Q 100million won unit SALES REVENUE Compared to the sales target in 2005.1Q 100million won unit Civil eng Water works Architecture Housing Etc. 342 332 406 296 384 369 220 262 49 53 2004.1Q 2005.1Q Total sales revenue in the first quarter reached 131.2 billion, decreasing 6.4% the same period of the last year. it consisted of 33.2 billion won in civil eng works[25.3%], 29.6 billion won in water works[22.6%], 36.9 billion won in architecture[28.1%], 26.2 billion won in housing[20.0%], and 5.3 billion in other revenues[4.0%] According to sector, the civil eng sector recorded a decrease of 2.9% compare to the same quarter of the last year. In particular, water works sector recorded a decrease of 27.1% due to stagnation in sales caused by slightly reduced order backlog and starting new constructions. Architecture sector declined 3.9% with completion of existing constructions On the other hand, the housing sector rose 19.1% compare to the same period of the previous year due to increasing new orders

6. Sales Breakdown 2004.1Q 2005.1Q 100million won unit Revenue ratio by business area (2005.1Q)

7. New orders 100million won unit NEW ORDERS & SALES Sales 100million won unit New orders Breakdown 100million won unit

8. Gross Profit. Operating Profit. Ordinary Profit / Net Profit 100million won unit PROFIT & LOSS 2004.1Q 2005.1Q Ordinary profit Net profit 160 104 122 83 Gross margin 100million won unit Gross Profit Gross profit in the first quarter were decreased of 6.2% due to completion of leading businesses and sale depression of new promoting constructions. Meanwhile, The gross profit margin rose 0.1% compared to the same period of the previous year with improving cost rate. According to sector, The gross profit margin of civil eng works increased 0.1% over the same period of the preceding year, and that of the water works and architecture sectors registered a rise of 2.8% and 2.0%,respectively, over the same period of the previous year. However, housing sector registered a decline of 2.7% due to increased cost in the apartment construction works in Suji Ⅱ, Yongin and Munhyoundong. Operating Profit Operating profit in the first quarter of 2005 decreased 4.4% to 14.4 billion won compared to the same period of the previous year due to reduction of sales in this quarter. The operating margin ratio was 11%, a little down by 0.2% from the previous year. Meanwhile selling & administrative expense decreased by 6% of sales compared to the same period of the previous year with slight reduction of advertising expenses and current study development costs. Ordinary Profit / Net Profit Ordinary profit and Net profit in the first quarter were 10.4 billion and 8.3 billion won, down by 34.8% and 32.1%, respectively compared to the same period of the previous year due to loss from the equity method accounting [2.9 billion won] as aggravation of actual results of SBS. (2005 1Q Net loss 7 billion won) Operating profit 151 144 Gross profit 243 229

9. 2001 2002 2003 2004.1Q2005.1Q OP margin breakdown GP. OP margin 2001 2002 2003 2004.1Q2005.1Q

10. Borrowings by year 100million won unit FINANCIAL STATE Borrowings by year 100million won unit 20012002 20032004 Total borrowings Net borrowigs 10 -363 10 -61 100 -14 1,150 1,099 1,617 1,387 2005.1Q Assets Total asset at the end of March 2005 were 828.4 billion won, increased 6.2% form the beginning of the fiscal year, due to various factors, including increasing of quick asset (17.1%) compared to last year caused by increase of receivables and prepaid from construction contract and increasing property, plant & equipment (4.5%) by construction of The honors C.C in Gyoungju. Liabilities Total liabilities in the first quarter of 2005 rose 13.9% compare to the beginning of the fiscal year, as a result of increase in short-term borrowings [46.7 billion won] for management. Capital Total capital in the first quarter of 2005 is 445.8 billion won, a slight increase[0.5%] compared to the end of last year, which is due to the increase in retained earnings caused by the occurrence of a profit from last year.

11. Major financial information %, times, won unit Trend of stock price 2003. 12 – 2005. 05 2000 2001 2002 2003 2004 2005 1Q 5.9 4.2 3.4 4.9 6.1 8.1 2005.1Q yearly financial ratio, EBITDA, EV/EBITDA and our estimation PER

12. Balanca sheets million won unit Financial stement

13. Statements of income million won unit