However, with respect to Defendant 1, the execution of the above punishment shall be suspended for two years from the date this judgment becomes final and conclusive.

The sum totaling KRW 379,700,430 shall be additionally collected from Defendant 1.

The Defendant, a listed corporation, served as the representative director of Nonindicted Co. 2 (hereinafter “Nonindicted Co. 2”), and since July 3, 2008, as the representative director of Defendant 2 Co. 2 (hereinafter “Defendant 2”) until the time of the split-off of Nonindicted Co. 2, a listed corporation, he was in office as the representative director of Defendant 2 Co., Ltd. (hereinafter “Defendant 2”) and was in charge of overall business of Defendant 2.

A. Violation of the prohibition on the use of undisclosed information

Any person who becomes aware of the information pertaining to the conduct of tender offer which is not open to the public in connection with the business of the issuer of the securities subject to tender offer, and who obtains such information from him, shall not use or allow another person to use the information in connection with the sale and purchase or other transaction of the securities issued by the issuer of the securities subject to

1) Violation of Defendant 2’s prohibition on the use of undisclosed information related to the tender offer of Nonindicted Company 2’s stocks

In 207, the Defendant commenced a project to improve the governance structure to convert Nonindicted Company 2 into a pure holding company in order to attract Nonindicted Company 2’s overseas expansion and investment. On December 2007, 2007, ○ Accounting Firm submitted a “written review on the improvement of the controlling structure” from ○ Accounting Firm on or around the end of December, 2007. On March 2008, 2008, ○○ Accounting Firm established a “pro rata for the improvement of the controlling structure” and carried out a “pro rata for the improvement of the controlling structure” to implement it in detail.

On April 11, 2008, Nonindicted Company 2 passed a resolution on the division of Nonindicted Company 2 in the society of Nonindicted Company 2, published the fact of the decision on division on the date of the resolution. On May 29, 2008, a temporary general meeting of shareholders was held and approved a division, completed the registration of division on July 3, 2008, and completed the change listing and re-listed listing of Nonindicted Company 2, a newly incorporated corporation on July 29, 2008.

On August 208, 2008, unlike the anticipated share price of Nonindicted Company 2 and Defendant 2, the Defendant formed a higher share price of Defendant 2’s holding company than the share price of Nonindicted Company 2, which is a business company, and, as a result, the first plan to receive an investment in Nonindicted Company 2, which is a business company, was obstructed, the Defendant examined the incorporation of Nonindicted Company 2 into the subsidiaries by 100%, and ordered Nonindicted Company 2 to review the detailed procedures and procedures for the incorporation into the subsidiaries through the tender offer of Nonindicted Company 2’s shares.

On August 18, 2008, according to the orders of the above Defendant, in the △△ Investment Securities, the Defendant submitted to Defendant 2 the “Position PMO Pro rata” stating the details of Nonindicted Company 2’s de-listing procedures, etc. through a tender offer of 100% of the stocks of Nonindicted Company 2. On the same day, the Defendant, who was reported by Nonindicted 4 Vice-President, ordered Nonindicted 5 Head of the Fund to identify and report the details of Defendant 2’s funds.

On August 24, 2008, the Defendant was reported on August 24, 2008 by the vice president of Nonindicted Party 4, the “Review of Measures to Secure PMF liquidity” stating Defendant 2’s financial statements prepared by Nonindicted Party 5 team leader through the vice president of Nonindicted Party 4

Around August 2008, the Defendant decided that Nonindicted Co. 2’s share price fell to KRW 20,000 and that it was appropriate to execute the tender offer, and instructed Nonindicted Co. 4 vice-presidents to implement the tender offer. Nonindicted Co. 6’s structural improvement telecommunication/F team leader instructed Nonindicted Co. 6 to conclude the tender offer advisory service contract with △△ Investment Securities, and instructed Nonindicted Co. 13’s strategic planning team leader to establish the schedule for the tender offer.

On August 208, 2008, the head of Nonindicted 6 team suggested △△ Investment Securities to conclude a tender offer advisory service contract, and on September 2008, Nonindicted 13 team leader established the schedule of the board of directors and reported it to the Defendant.

Accordingly, the defendant decided to make a tender offer of 100% of the shares of the non-indicted 2 company as the representative director of the defendant 2 company around August 2008.

The Defendant intended to purchase the shares of Defendant 2 using an important information that “the disclosure of the fact through public disclosure would lead to an increase in the share price of Nonindicted Company 2 when disclosing the fact to the public, and that it was not disclosed to the general public in the course of performing the said company’s duties,” which was not disclosed to the public.

On September 3, 2008, the Defendant purchased 5,510 shares of Nonindicted Company 2 with the securities account in the name of Nonindicted Party 3, which is the Defendant’s borrowed account (e.g., the e., the e., the e., the e., the e., the e., the e., the e., the e., the e., the e., the e., the e., the e., the e., the e., the e., the e., the e., the e., the e., the e., the e., Nonindicted Party 3 and Nonindicted Party 8,9, 11, and 12.

After that, around September 19, 2008, Defendant 2 published the disclosure of Non-Indicted Party 2’s shares on the bulletin board of the Securities Futures Exchange (Autonomous Public Notice) as the title “other important management matters (Autonomous Public Notice)”.

(State 4)

2. On September 15, 2008, the date on which the tender offer statement was filed on September 22, 2008, and the date on which the tender offer was made on September 15, 2008 (22 days): The date on which the tender offer was made on September 22, 2008 and October 13, 2008: The date on which the tender offer was made on September 22, 2008, and the date on which the tender offer was made on May 37, 200: The date on which the tender offer was made on June 2, 200: The date on which the tender offer was made on September 22, 2008 (the date on which the tender offer was made on September 22, 2008: The date on which the tender offer was made on September 22, 2008 (the date on which the tender offer was made on September 15, 2008).

As a result, the Defendant acquired 379,70,430 won of unfair profit by using important information, such as “application for the tender offer of stocks of Nonindicted Company 2, which is not open to the public in connection with the business affairs, for the securities transaction issued by the corporation.”

(b) Violation of obligation to report stocks owned;

Any officer or major stockholder of a stock-listed corporation shall report to the Securities and Futures Commission and the Exchange on the status of holding the stocks of the relevant corporation owned on his own account regardless of in whose name the accounts stand in and until the 10th of the month following the month in which such changes occur, if there is any change in the number of stocks held by him.

1) From September 5, 2008 to September 22, 2008, the Defendant purchased Nonindicted Company 2’s shares 34,910 shares through a borrowed account in the name of Nonindicted Party 3 (U.S.) from September 5, 2008 to September 22, 2008 (U.S. 5) and violated the Defendant’s duty to report the change in the ownership of Nonindicted Party 2’s shares on two occasions as indicated in the attached list of crimes (B) because the Defendant failed to report the change in ownership by December 34, 2008, although the obligation to report the change in ownership occurred, on December 34, 2008 to December 6, 2008, on

2) On September 17, 2008, the Defendant: (a) owned Nonindicted Company 2’s shares 1,794,111 shares (total issued shares 3,147,336 shares) with capital increase by issuing new shares; and (b) did not make a report even though the largest shareholder of Nonindicted Company 2 was the largest shareholder of Nonindicted Company 2; (c) on October 15, 2008, the Defendant violated the obligation to report the change in the ownership of Nonindicted Company 2’s shares by purchasing Nonindicted Company 2’s shares through the tender offer of Nonindicted Company 2’s shares, etc.; (d) did not report the change in the shares; and (e) violated the obligation to report on the change in the shares issued by Nonindicted Company 2 on four occasions as shown in the

2. Defendant 2

The purpose of suspect is a corporation established on July 3, 2008 with the objective of controlling all business activities of subsidiary companies by acquiring and holding stocks or equity shares of subsidiary companies, and guiding and fostering the management matters of subsidiary companies.

Defendant 1, the representative of the suspect, violated the duty to report the ownership of the suspect four times as described in the preceding paragraph.

1. Each prosecutor's interrogation protocol against Defendant 1 and Nonindicted 3

1. Each prosecutor’s statement concerning Nonindicted 14, 6, 15, 4, 5, 16, 17, 7, and 18

1. A copy of each written answer to Defendant 1 and Nonindicted 3, 17, 7, 18, 15, 6, 5, and 19

1. The current status of the daily share price of Defendant 2, the current status of shares of each company by non-indicted 2, each application for opening of each securities account, each written public disclosure, each public disclosure statement and report, the details of trading by private equity fund date, each e-mail prepared by the Defendant and non-indicted 7, Nonindicted 8, 9, 3, 11, 12, 20, and 20, each of the e-mail prepared by the date of private equity fund, the current status of stock trading, the details of sales and purchase of the shares of the Defendant and non-indicted 7, the data on the public disclosure of the shares of the non-indicted 2, the 25th minutes of the board of directors, the 25th minutes of the board of directors, the 25th temporary minutes of the board of directors, the

A. Defendant 1: Article 41 of the Addenda to the Financial Investment Services and Capital Markets Act (amended by Act No. 8635 of Aug. 3, 2007); Article 207-2 (1) 1, Article 188-2 (3) 1, Article 218-2 (1) 5, and Article 188 (6) of the former Securities and Exchange Act (amended by Act No. 8635 of Aug. 3, 2007)

B. Defendant 2: Article 41 of the Addenda to the Financial Investment Services and Capital Markets Act ( August 3, 2007), Article 215, Article 210 subparag. 5, and Article 188(6) of the former Securities and Exchange Act

1. Selection of punishment;

A. Defendant 1: Selection of imprisonment

B. Defendant 2: A corporation, which is punished by a fine;

1. Aggravation for concurrent crimes (Defendant 1);

Article 37 (former part), Article 38 (1) 2, and Article 50 of the Criminal Act

1. Suspension of execution (Defendant 1);

Article 62(1) of the Criminal Act

1. Collection (Defendant 1);

Articles 10, 8(1), and 2 of the Act on Regulation and Punishment of Criminal Proceeds

Defendant 2 Company shall be punished by a fine in consideration of the degree of violation of the obligation to report the stocks owned by Defendant 1, a representative.

It is so decided as per Disposition for the above reasons.

[Attachment]

Judges Cho Sung-sung

Note 1) Division into Defendant 2, a surviving corporation, and Nonindicted 2, a newly incorporated corporation

Note 2) On July 3, 2008, the non-indicted 2 Company continued to hold office as the representative director from July 3, 2008 to March 31, 2009.

Note 3) Change of name into the Korea Exchange as of February 4, 2009

Note 4)

Note 5) Criteria for the date of conclusion

Note 6) Criteria for the date of conclusion

Note7) Defendant 2 held 1,698,649 shares of Nonindicted Company 2 and held 95,462 shares together with 1,794,111 shares as a partner of the investment in kind by the largest shareholder of Nonindicted Company 2 and specially related persons.