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We have reviewed the accompanying management’s report on the operations of the internal control over financial reporting (“ICFR”) of Hanjin Transportation Co.,Ltd. (the “Company”) as of December 31, 2010. The Company’s management is responsible for the design and operations of its ICFR, including the reporting of its operations. Our responsibility is to review management’s ICFR report and issue a report based on our review. Management’s report on the operations of the ICFR of the Company states that “Based on the assessment of the operations of the ICFR, the Company’s ICFR has been effectively designed and has operated as of December 31, 2009, in all material respects, in
accordance with the Best Practice Guideline of the ICFR.”

We conducted our review in accordance with the ICFR review standards established by the Korean Institute of Certified Public Accountants. These standards require that we plan and perform our review to obtain less assurance than an audit as to management’s report on the operations of the ICFR. A review includes the procedures of obtaining an understanding of the ICFR, inquiring as to management’s report on the operations of the ICFR and performing a review of related documentation within limited scope, if necessary.

A company’s ICFR consists of an establishment of related policies and organization to ensure that it is designed to provide reasonable assurance on the reliability of financial reporting and the preparation of financial statements for external financial reporting purposes in accordance with accounting principles generally accepted in the Republic of Korea. However, because of its inherent limitations, the ICFR may not prevent or detect material misstatements of the financial statements. Also, projections of any assessment of the ICFR on future periods are subject to the risk that ICFR may become inadequate due to the changes in conditions, or that the degree of compliance with the policies or procedures may be significantly reduced.

Based on our review of the management’s report on the operations of the ICFR, nothing has come to our attention that causes us to believe that the management’s report referred to above is not presented fairly, in all material respects, in accordance with the Best Practice Guideline for ICFR.

We conducted our review of the ICFR in existence as of December 31, 2010, and we did not review the ICFR subsequent to December 31, 2010. This report has been prepared for Korean regulatory purposes pursuant to the Act on External Audit of Stock Companies, and may not be appropriate for other purposes or for other users.