) Clause 4(2) of the Notification of the Securities and Exchange Commission No. KorThor. 42/2543 Re: Rules, Conditions and Procedures for Securities Brokerage and Securities Dealing Which Are Not Debt

and Exchange Commission No. KorThor. 61/2543 Re: Rules, Conditions and Procedures for Operational Control in Securities Underwriting _____________ By virtue of Section 14 and Section 116 of the

Securities and Exchange Commission No. Or Thor. 21/2543 Re: Guidelines for the Operating Control of Brokerage and Dealing of Securities That Are Not Debt Instruments _____________________________ For the

the securities dealing which are not debt instrument mutatis mutandis . Chapter 1 Operational Control Clause 4. A securities company shall have a code of conduct in writing, to be approved by the Board

reference. Notification of the Capital Market Supervisory Board No. TorThor. 63/2552 Re: Rules, Conditions and Procedures for Brokerage and Dealing of Securities Which Are Not Debt Instruments or Investment

pledging and debt repayment capability of customer, shall not apply to the service of derivatives broker for institutional investor. Chapter 2 Organization Structure, Working System, and Operational Control

: Operational Control and Security for Information Technology of a Licensed Derivatives Broker. By virtue of the second paragraph of Clause 7 of the Notification of the Securities and Exchange Commission No

reference. PAGE 2 Notification of the Capital Market Supervisory Board No. Tor Dor. 67/2552 Re: Rules, Conditions, and Procedures for Dealing of Debt Securities _________________ By virtue of Section 16/6 of

Clause 4/1 of the Notification of the Securities and Exchange Commission No. KorThor. 42/2543 Re: Rules, Conditions and Procedures for Securities Brokerage and Securities Dealing which are not Debt

limited to debt instruments or granting credit for securities business under the law on Securities and Exchange; (4) a juristic person established under foreign law, which is a derivatives business operator