Dongsung Chemical Co., Ltd.

It was such an eventful period of time for the year 2002 and early this year.
Although the econ
omic growth rate recorded 6% last year, the down streams in domestic stock market and the political instabilities caused our company more difficulties than before.

We have, however, responded quickly and flexibly to the ever changing business c
limate.

Responding to those challenges the company has appointed a new President & CEO, Mr. Sukmo Yang who has extensi
ve experience in the chemical industry along with a strong management background.
In addition, we have restructured our bu
siness organizations to meet the needs of our customers.
Our R&D activities are mainly concentrating to meet our customers
' needs.
Furthermore, we have been working on developing new ideas and products to enter new markets.
We believe that
those ideas and products will enable the company to grow further through expanding into those new markets.

Our world i
s being led us high technology and information growth.
We are more than confident that we will always maintain the principl
es of business that are based on honesty, trust, and entrepreneurship.

We recognized the high value of our shareholder
s and customers.
As well as acknowledge that they are fundamental to the company's access.

We are continuously per
forming our best to maintain and increase the company's value.
We realize that those efforts are closely associated with be
nefits to our shareholders and customers.
We look forward to long term prospective relationships with all for you.