22 November 2013

* Company: STX Pan Ocean Co., Ltd * Legal Administrator: You Sik Kim * Location: STX Namsan Tower, 631, Namdaemunno 5-ga, Jung-gu, Seoul, Korea Tel) 82-2-316-5114 Website) http://www.stxpanocean.com

* Person in charge:

Position) Executive Director Tel) 82-2-316-5114

Name) Bo Yeon Kim

Decision on Paid-in Capital Increase Common Stock (shares) Preferred Stock (shares) 1,230,833,476 1,000 92,297,189 Allotment to the 3rd Party

1. Number and Type of New Shares

2. Par Value per Share (KRW) 3. Total Number of Issued Stock Before Capital Increase(shares) Preferred Stock (shares) Facilities Fund (KRW) Operating Fund (KRW) 4. Purpose of Capital Increase Fund for Acquisition of Other Companys share (KRW) Other Funds (KRW) 5. Method of Capital Increase Common Stock (shares)

6. Issuing Price of New Shares

Common Stock (KRW) Preferred Stock (KRW)

1,000 -

7. Discount Rate or Premium Rate against the standard share price (%) 8. Ground in Articles of Association Regarding Allotment to the 3 Party
rd

Article 11 (Preemptive Right) Section 2, Number 9, In the case of issuing new shares by converting claims for public interest, secured claims and unsecured claims into equity

9. Payment Date for New Shares 10. Record Date of Dividend Payout of New Shares 11. Delivery Date of New Share Certificates 12. Listing Date of New Shares 13. Relevance to Backdoor Listing by Contribution in Kind - Presence of Contribution in Kind - Presence of Unlisted Company among Contribution Property Contribution in Kind Contribution in Kind Price (KRW) - Contribution in Kind Price of Shares Scheduled to be Paid Ratio to Consolidated Total Asset of the Company of Immediately Business Year (%) - Number of Shares to be Paid 14. Compliance with Backdoor Listing Requirement 15. Date of Board Resolution (Decision Date) - Attendance of Independent Directors - Attendance of Auditors 16. If Required to Submit Securities Report Present (No.) Absent (No.) Preceding

12 December 2013 1 January 2013 23 January 2014 24 January 2014 Not Applicable No No

Not Applicable 22 November 2013 No

17. Reason if Exempted from Submitting Securities Report, the Reason

According to Article 277 in DEBTOR REHABILITATION AND BANKRUPTCY ACT; When the Debtor of Public Limited Company or a New Company issues shares or bonds, the Article 119 in FINANCIAL INVESTMENT SERVICES AND CAPITAL MARKETS ACT is Not Applicable.

18. Subject to Reporting to Fair Trade Commission

Not Applicable

19. Reference - As the Company received the ruling from Seoul Central District Court (the Court) on the approval of the rehabilitation plan on 22nd November 2013 in accordance with 'DEBTOR REHABILITATION AND BANKRUPTCY ACT', the board of directors and the general meeting of shareholders substitute by the Court ruling. - The decision date above is the date of the rehabilitation plan approval. - The payment date for new shares is the date of debt-to-equity conversion, there is no payment for the new shares. - The delivery date is the date to deliver the shares after 2nd capital reduction followed by the completion of 1st capital reduction and debt-to-equity conversion consecutively. - The effective date of debt-to-equity conversion is 13 December 2013 which is in 10 business days from the effective date of 1st capital reduction(29 November 2013) according to the rehabilitation plan. - The fractional shares less than 1 share accrued from the paid-in capital increase will be nullified. - The procedures of the above paid-in capital increase will be carried out after the completion of 1st share consolidation by the rehabilitation plan of the Company, and the schedule is changeable according to the practice of relevant organizations. - The listing date of new shares is the date to list the shares upon the whole completion of 1st Capital Reduction, Debt-to Equity Conversion and 2nd Capital Reduction. - The number of new shares issued by paid-in capital increase can be changeable due to the nullification of fractional shares, and if the number of shares to be issued and capital is different from the above due to the nullification of fractional shares, the actual result of issuing will be applied. - The shares issued by the paid-in capital increase is the object of 2nd capital reduction.

- For the creditors who doesnt submit the identification document, the debt-to-equity conversion will be reserved this time and be proceeded separately upon the Courts approval followed by acquisition of the identification document. [Ground for Allotment to the 3rd Party and the Purpose] Article of Association as Ground for Allotment to the 3 Party Article 11 (Preemptive Right) Section 2, Number 9, In the case of issuing new shares by converting claims for public interest, secured claims and unsecured claims into equity Financial Structure Improvement
rd

Purpose of Allotment to the 3rd Party

[Details of 3rd Party Selection, Transaction, Allotted Shares by each 3rd Party for Allotment] Relations 3rd Party for Allotment with the Reason for Selection Transaction History and Allotted Shares(No.)

Company or Major

Plan before and after Decision of Capital Increase

Others

Shareholder Korea Development Bank Creditor Unsecured Claims of Debt-toEquity Conversion

154,906,706

Creditor of Debt-toKorea Finance Unsecured Equity Corporation Claims Conversion Hana Bank Creditor of Debt-toUnsecured Equity Claims Conversion

108,483,193

69,428,707

The Korean Creditor of Debt-toTeachers Credit Unsecured Equity Union Claims Conversion NongHyup Creditor of Debt-toUnsecured Equity Claims Conversion Creditor of Debt-toUnsecured Equity Claims Conversion

53,847,991

51,804,844

Woori Bank

48,062,729

Relations 3rd Party for Allotment with the Reason for Selection

Transaction History and Allotted Shares(No.)

Company or Major

Plan before and after Decision of Capital Increase -

Others

Shareholder Marine LLC Solution Creditor of Debt-toUnsecured Equity Claims Conversion

37,735,561

Creditor of Debt-toShinhan Unsecured Equity Investment Corp. Claims Conversion STX Service Marine Creditor of Debt-toUnsecured Equity Claims Conversion

33,500,000

29,683,790

Creditor of Debt-toSTX Corporation Unsecured Equity Claims Conversion

24,561,653

BY ORDER OF THE COMPANY

Lotus Isabella Lim Mei Hua Company Secretary