Korea Electric Power Corporation (Kepco) reported 3Q 09 results, with revenues and earnings surpassing our expectations. A decline in global oil prices and the appreciation of local currency benefited the company reducing its fuel expenses resulting in improved margins. We maintain our HOLD rating for the common stock based on our fundamental outlook and current levels. We will reassess the common stock rating in our next update report. Based on our fundamental outlook and as we continue to anticipate a positive currency impact on the ADR over our investment horizon, we do not anticipate a change in our ADR stock rating. We will reassess the ADR (2 ADR = 1 common shares) rating in our next update report.

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