A. On June 28, 2003, the owners of land, etc. in Seocho-gu Seoul Metropolitan Government Ddong Ddong-dong (hereinafter “Ddong-dong”) held an inaugural general meeting for the establishment of an association and passed a resolution to approve the following association regulations and business regulations:

[Rules of the Association] Article 16 (Remuneration, etc. of Executives and Employees) (1) The Association shall not pay remuneration to executives other than full-time executives.

Provided, That expenses incurred by an executive in performing his/her duties may be paid by the executive.

(2) The Cooperative shall pay remuneration to full-time executives and paid employees in accordance with the separate remuneration regulations set by the Cooperative.

In such cases, the remuneration regulations shall be approved in advance by the general meeting.

Addenda

1. This Code shall enter into force on the date of obtaining authorization for establishment of A apartment reconstruction association from the head of Seocho-gu;

[Rules on Business] The amount of benefits, sales-related expenses, allowances, etc. under Article 57 (Benefits, etc.) may be raised due to price increase, etc.

The salaries, the official fees, allowances, etc. for the year 2003 shall be applied as follows:

(1) Monthly salary for full-time workers, 2003

1. President of a cooperative: 2.5 million won;

2. Standing directors: 2 million won;

3. Management personnel: one million won. (2) Bonuses and various allowances may be paid later within budgetary limits.

Article 62 (Persons Eligible for Retirement Allowances) Where an executive officer or employee works for at least one year and retires, he/she shall be paid retirement allowances.

Article 63 (Payment of Retirement Allowances) Retirement allowances shall pay the average wage of 30 days for each year of continuous service as retirement allowances.

Article 1 (Enforcement Date) This Regulation shall enter into force upon the resolution of the general meeting.

B. However, the former Act on the Maintenance and Improvement of Urban Areas and Dwelling Conditions for Residents (amended by Act No. 7392, Mar. 18, 2005; hereinafter “Urban Improvement Act”) was enforced, and owners of the above land were not immediately authorized to establish the association. On November 24, 2003, according to Article 13(2) of the former Urban Improvement Act and Article 9 of the Addenda, the Seocho-gu head of the housing reconstruction and improvement project association shall be the housing reconstruction and improvement project association.