Lotte Shopping in $3.5 Billion IPO

February 8, 2006

Cleary Gottlieb represented Lotte Shopping Co., Ltd. in its $3.5 billion initial public offering of common stock and global depositary shares on the Korea Exchange and London Stock Exchange, the largest IPO ever by a Korean company. Goldman Sachs International and Nomura Securities acted as joint global coordinators leading the international syndicate, and Daewoo Securities acted as the lead manager for the Korean domestic syndicate.

Lotte Shopping also granted an over-allotment option exercisable by the joint global coordinators within 30 days of the closing to purchase from Lotte Shopping additional shares of common stock in the form of GDSs.

Lotte Shopping is the largest retailer in Korea by both revenue and store count. Lotte Shopping operates department stores, discount stores, supermarkets, movie theaters and other businesses, including a credit card subsidiary. Lotte Shopping is a member company of the Lotte Group, which is one of the largest corporate groups in Korea and is engaged in industries ranging from retail and heavy chemicals to food and beverage and construction.