Hanwha's 64th Anniversary Commemorative Message

Seung Youn Kim, Chairman

Today, we celebrate the 64th anniversary of the 1952 founding of the Hanwha Group.

I would like to extend my sincerest gratitude to all who have been with us on this great journey with the spirit of "Going further together": our customers, employees in Korea and abroad, shareholders, and our business partners.

I would also like to express my deepest respect for the Hanwha pioneers who have gone before us, forging the future for our company, with their philosophy to contribute to our nation and society through business.

For the past 64 years, we have carried forward the legacy of our founders to advance the development of our country and the people worldwide. This means creating a better life for all and ensuring a sustainable tomorrow. This is a passion and a conviction we still share with our forefathers; they remain vibrant within us, drive us, and are integral to our core spirit.

These are lofty goals, and to reach them, we must constantly innovate and change. At the same time,
we must remain steadfast to our fundamentals and principles, especially in today’s world of uncertainties, risks and even crisis. We must stay true to the spirit of our predecessors and be consistent to the values that made this company great.

To this end, we have aggressively taken on new challenges in amidst a difficult business climate. We have made strong investments that already show equally strong promise but we’re not slowing down; we are investing in our future. However, as our business expands and our market position strengthens,
our corporate culture must also commensurately rise to higher levels.
Even as we celebrate our 64 years, we must not forget the days of our humble beginnings and our noble founding philosophy. We must each stir the "Young Hanwha" that, we know, lives within.

Samuel Ullman wrote in his poem "Youth" that growing old is not through the passage of time but
“by deserting our ideals.” For youth, we must not “give up enthusiasm” but rather embrace “optimism” and “courage.”

This poem resonates with us. Hanwha's past has been a series of bold and innovative decisions.
We blazed new trails when others hesitated. We invested in the future while others operated for the present and sought short-term profits. We were rewarded with success but resisted the urge to stop and in so doing, kept our hearts from growing old. We must continue to fearlessly change and innovate for the future. We must shun the familiar, and instead, challenge ourselves to overcome new hurdles. We must fight against bureaucracy, passivism and complacency that accelerate the aging of an organization.
We must sail against the headwinds of time and always remain a company in our prime. We must continue to be youthful, full of ideals that are strong, exciting and coursing hope through our entire organization. This is what we will do. This is the Hanwha way.

To reach these goals, the Hanwha Group will create real plans for change to establish a young, forward-thinking culture. Becoming a global leader in the face of today's intense competition will require a more active and open corporate culture. We must continue to nurture the positive aspects of Hanwha's culture while leaving behind the old and outdated. The Group has explored new initiatives for creating this new corporate culture by closely listening to your input and feedback. In response, we will soon implement plans for transformations in each Hanwha company that promote more freedom and creativity.

The open and flexible organizational culture of a "Young Hanwha" will enhance the quality of our workplace, our products and the lives they touch. The Group will strive to create a workplace where everyone wants to work, where everyone comes to commit and where everyone will continuously innovate. This is the culture we seek and will maintain.

Our chemical and defense units, which are currently completing successful integrations, must be part of a greater synergy – part of a unified Hanwha. I hope we can share our own unique best practices that we have acquired through our diverse experiences through more communication and collaborations.

Our overseas companies must also play a key role in our group-wide effort to also become No. 1. However, to do this, we must first shed traditional ways of thinking – our goals should no longer be No. 1 in revenue or production. We must become No. 1 in quality and customer value. We must stop following the business-as-usual practices of the past and instead set new standards with core competencies that lead in the world arena, not merely strive to find a place in it. This way of thinking needs to be ingrained in us and part of our new DNA so that as our key businesses continue to expand and operate overseas,
so do our reputation as a company and of our products, globally.

The competition in the global arena will be more intense. I know as ambassadors of our Hanwha, you will take pride in your vital roles and rise to the challenge, full of hope, courage and youth.

I know you will also be vigilant, preparing for winter even in the abundance of summer.
Our company has posted positive business results this year, but as we look closer, we can see potential shadows looming ahead. We must therefore always be prepared, even when everything appears to be progressing smoothly.

We will never reach the top if we are content with modest targets with minimal efforts. We must always be alert for any signs of threat outside while we look for signs of complacency and lethargy inside ourselves. Such ambition and vigilance must serve as our foundation with which we create the best products, the best services and the best technologies.

And so my dear members of the Hanwha family!

The greatest discovery in the world is the realization that we can change our lives, by changing how we think. Sometimes, lives changed this way are called miracles…and such lives inspire people all over the world. The youthful thoughts of our Hanwha family members will also become the seeds that similarly will inspire a greater future for Hanwha. And such mindsets will lead to miracles that will
…change the world.

The future always begins with a moment. Let us live our lives with youth, fiery passion, and fierce conviction that begin now, with this moment.

Thank you.

October 10, 2016
Chairman Seung Youn Kim

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