A. 1) On December 7, 2005, the president of the Busan National University: (a) on December 7, 2005, the president of the Busan National University projects for profit-making private investment facilities for the establishment and operation of the Korea National Institute of Education and Human Resources Development (hereinafter “instant project”).

(2) On December 21, 2005, the president of the Busan National University established and publicly announced the master plan for facilities-based private investment in the Korea National University established and operated under the Act on Private Participation in Infrastructure (hereinafter “Private Investment Act”) with respect to the construction, maintenance, management, and operation of the Korea National Institute of Culture (hereinafter “Non-Governmental Investment Act”) with respect to the investment of financial resources by private enterprises.

3) On June 1, 2006, the president of the Busan National University, Inc., a potential concessionaire, selected based on the instruction for proposal for private investment on June 1, 2006 (hereinafter “C&C”).

(B) The instant concession agreement was concluded between Busan National University and “BO Private Investment Project (hereinafter “instant concession agreement”). The main contents of the instant concession agreement are as follows: (a) the main contents of the instant concession agreement are as follows.

Article 6 (Reversion, etc. of Ownership of Facilities) (1) Ownership of the facilities shall revert to the competent authority upon completion and at the same time, and the competent authority shall grant the concessionaire the rights to manage and operate the facilities as a means to guarantee the concessionaire’s rights and legal status pursuant to the Convention upon completion inspection.

Article 53 (Early Cancellation of Convention) (1) - Where any cause attributable to a concessionaire prescribed in Article 48 occurs, the competent authority shall cancel this Convention after notifying the concessionaire in writing and may cancel the designation of the concessionaire or cancel the management and operation rights and take other necessary measures pursuant to the Private Investment Act.