. KorNor. 22/2552 Re: Determination of Investment Management not being regarded as Securities Business in the Category of Private Fund Management _____________ By virtue of Section 4 and Section 14 of the

each customer separately from the account of its own, in accordance with the rules specified in the notification of the SEC. In cases where the derivatives business operator has advanced its own asset to

cases where the derivatives business operator has advanced its own asset to secure or satisfy the obligations incurred incidental to or resulted from derivatives transaction for the account of a customer

license or securities business licenses in the following categories and is regarded as a Non-Publicly Accountable Entities, according to the Federation of Accounting Professions’ financial reporting

signature on each and every page of the documents and the amendments thereto. Accordingly, any document without my/our initial or signature shall not be regarded as the information to which I/we have

. Accordingly, any document without my/our initial or signature shall not be regarded as the information to which I/we have certified.” Page 1 of 6

hereby signed my/our initial or signature on each and every page of the documents and the amendments thereto. Accordingly, any document without my/our initial or signature shall not be regarded as the

documents and the amendments thereto. Accordingly, any document without my/our initial or signature shall not be regarded as the information to which I/we have certified. Dated this day of 20 . Signature

person who is approved by the SEC Office under this Notification shall be exempted from being regarded as securities business in the following categories during the period of such regulatory sandbox, but

shall be exempted from being regarded as derivatives business in the following categories during the period of such regulatory sandbox , but only within the units or departments providing services under