CHAPTER I. GENERAL PROVISIONS

Article 1 Company Name

The name of the Company is, in Korean, HYUNDAI Glovis Chusik Hoesa and in English, HYUNDAI Glovis Co., Ltd. (abbreviated as "Glovis", hereinafter referred to as the "Company").

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Article 2 Purpose

The purpose of the Company is to engage in the following business activities.

1. Land, marine and air freight transportation and related services
2. Freight transportation brokerage business
3. Operation of logistics center and related services
4. Freight wrapping services
5. Air, land and marine freight handling business and related services
6. Common and complex logistics business
7. Manufacturing, leasing, and operation of logistics equipments and containers and related services
8. Leasing of industrial machine and equipments
9. Leasing delivery equipments
10. Courier business
11. Logistics education business
12. Logistics consulting business
13. Leasing and maintenance of real property
14. Insurance brokerage and distributorship
15. Export,import and sales of automobile, automobile parts and machinery
16. Automobile servicing business
17. Sales and purchase of used cars and automobile wreckage business
18. Manufacturing and sales of automobile parts; telemarketing; agency sales
19. Sales of petroleum, petroleum related products and related products
20. Ecommerce and internet related business
21. Recycling environmental business
22. Engineering and construction
23. Publishing related to logistics
24. Digital media business related to logistics
25. Sale on commission
26. Material and parts purchase agency
27. Installation of machines and facilities
28. Mail and package delivery services
29. Dock unloading business
30. Marine transportation business
31. Advertising production and agency
32. Collection and processing of wastes
33. Anti-rust and manufacturing of other chemical products
34. Manufacturing of wrapping wood containers and mats
35. Sanitation of building and other business sites
36. Engineering business related to machines and facilities
37. Used car auctioning
38. Automobile registration agency
39. Maintenance of facilities
40. Telemarketing through catalogue, computers etc.
41. Home shopping
42. Warehouse business
43. Anti-rust processing business
44. Manufacturing and sales of automobile body and trailers
45. Parking lot management
46. Other specialized wholesale business
47. Other wholesale business of industrial intermediate goods and recycling materials
48. Exploitation and sales of domestic and overseas resources
49. Any other business ancillary to the foregoing.

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Article 3 Location of the Head Office

1. ① The head office of the Company shall be located in Seoul, Korea.
2. ② Branches, sub-offices or local subsidiaries may be established within or outside Korea as required, by resolutions of the Board of Directors of the Company (hereinafter referred to as the "Board of Directors").

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Article 4 Notice

Public notices by the Company shall be made by publishing them in the Korea Economic Daily, a daily circulation newspaper published in Seoul, Korea; provided, however, that if publication in the Korea Economic Daily is not possible (e.g., fire, etc.), it can be made in the Maeil Economic Daily or Munwha Daily News.

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CHAPTER II. SHARES

Article 5 Authorized Shares

The total number of shares which the Company is authorized to issue (hereinafter referred to as the "Authorized Shares") is two hundred million (200,000,000) shares.

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Article 6 Par Value Per Share

The par value of the Authorized Shares shall be five hundred (500) Won per share.

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Article 7 Shares Issued at the Time of Establishment of the Company

The total number of shares to be issued by the Company at the time of its establishment shall be two hundred fifty thousand six hundred (250,600) shares.

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Article 8 Class of Shares and Types of Share Certificates

The Company shall have one class of shares consisting of common shares in registered form. There shall be eight (8) types of share certificates in denominations of one (1), five (5), ten (10), fifty (50), one hundred (100), five hundred (500), one thousand (1,000), five thousand (5,000) and ten thousand (10,000).

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Article 9 Preemptive Right

1. ①.The Company's shareholders shall have the preemptive right to subscribe for new shares in proportion to their respective shareholding ratios.
2. ② Notwithstanding the provision of Paragraph (1), the Company may allocate new shares to persons other than the existing shareholders in the following cases:
   1. Where new shares are issued by initial public offering or where underwriters are made to underwrite new shares in accordance with the Financial Investment Services and Capital Markets Act (“FSCMA”) within the limit of 20/100 of the total issued and outstanding shares as of after the initial public offering;
   2. Where the Company issues new shares preferentially to the members of the Employee Stock Ownership Association, in accordance with Article 165-7 of the FSCMA
   3. Where new shares are issued by general public offering pursuant to approval of the board of directors in accordance with the FSCMA within the limit of 10/100 of the total issued and outstanding shares as of after the general public offering; and
   4. Where new shares represented by depositary receipt (“DR”) are issued in accordance with the FSCMA, within the limit of 10/100 of the total issued and outstanding shares as of after the DR issuance.
3. ③ In the event new shares are issued in accordance with Paragraph (2) above, the type, number and price of the shares will be determined through the resolution of the board of directors.
4. ④ If any shares are not subscribed for by a shareholder or if fractional shares result from the allocation of new shares, the shares which have not been subscribed for or allocated shall be disposed of in accordance with a resolution of the Board of Directors.

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Article 9-2 Dividend Calculation Base Date With Respect to New Shares

In the event that the Company issues new shares by capital increase with consideration or capital increase without consideration or stock dividends, with respect to dividends on new shares, such new share shall be deemed to have been issued on the close of the fiscal year immediately preceding the fiscal year during which such new shares were issued.

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Article 10 Alteration of Entry

1. ① The Company shall retain a transfer agent for shares.
2. ② The transfer agent, the location where its services are to be rendered and the scope of its duties shall be determined by a resolution of the Board of Directors of the Company and made public.
3. ③ The shareholders registry of the Company or its counterpart shall be placed at the location where the transfer agent’s services are to be rendered, and the changes in the shareholders’ name, registration and de-registration of pledges, indication or de-registration of trust assets, issuance of share certificates, acceptance of reports and other matters relating to shares shall be performed by the transfer agent.
4. ④ Those activities by the transfer agent described in Paragraph ③ above shall be performed in accordance with the Regulations for Securities Agency Business of the Transfer Agent.

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Article 11 Report of Addresses, Names, and Seals or Signatures of Shareholders

1. ① Shareholders and registered pledgees of shares shall report their names, addresses, and seals or signatures to the Company.
2. ② Shareholders and registered pledges of shares who reside in a foreign country shall report their addresses and appointed agents in Korea to whom notices are to be sent.
3. ③ The above provisions shall also apply to changes in any item mentioned in Paragraphs ① and ② above.

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Article 12 Closing of Shareholders Registry and Record Date

1. ① The Company shall suspend any entry of name change, pledge registration or cancellation, or trust recordation or cancellation into the shareholders registry from the next day after the last day of each fiscal year to the last day of the month in which the next day after the last day of such fiscal year falls.
2. ② The Company shall deem the shareholders who are registered in the shareholders registry as of the last date of each fiscal year as the ones who are entitled to exercise the rights at the relevant ordinary General Meeting of Shareholders pertaining to that fiscal year.
3. ③ The Company may, in the case of convention of an extraordinary General Meeting of Shareholders or in any other necessary cases, suspend any entry into the shareholders registry for a period not exceeding three (3) months as determined by a resolution of the Board of Directors, or determine that the shareholders who are registered in the shareholders registry as of a certain record date designated by a resolution of the Board of Directors as the shareholders who are entitled to exercise their rights. The Company may suspend entry into the shareholders registry and designate the record date at the same time, if it is deemed necessary by the Board of the Directors. The Company shall give at least two (2) weeks' prior public notice in such cases.

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CHAPTER III. BONDS

Article 13 Total Amount of Bonds

The total amount of the Company’s bonds shall not exceed four (4) times the amount of the net assets existing on the final balance sheet.

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CHAPTER IV. GENERAL MEETING OF SHAREHOLDERS

Article 14 Convening of General Meetings

1. ① An ordinary General Meeting of Shareholders shall be held within three (3) months after the end of each fiscal year. An extraordinary General Meeting of Shareholders may be convened at any time when necessary in compliance with resolutions of the Board of Directors and applicable requirements of Korean laws.
2. ② Except for those agenda which have been notified to the shareholders in advance, no other agenda shall be resolved at a General Meeting of Shareholders, unless all shareholders agree otherwise.
3. ③ All General Meeting of Shareholders shall be held at the head office of the Company or at a near-by place to the head office, if necessary.
4. ④ Unless otherwise specified by law or regulation, the General Meeting of Shareholders shall be convened by the Representative Director or by a Director authorized by the Representative Director.

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Article 15 Notice and Public Notice of Convening of General Meetings; Proceedings

1. ① In convening a General Meeting of Shareholders, a written notice or electronic document thereof, which sets forth the time, date, place and agenda of the meeting, in Korean and English, shall be sent to each shareholder at least two (2) weeks prior to the date of the meeting.
2. ② The written notice to shareholders holding not more than one percent of the total number of issued and outstanding voting shares may be replaced by public notices made at least twice in Korea Economy Daily Newspaper and Mail Economy Daily Newspaper or by public notices made in Data Analysis, Retrieval and Transfer (“DART”) System operated by Korea Exchange at least two (2) weeks prior to the meeting.
3. ③ The proceedings for the General Meeting of Shareholders shall be held in Korean and English. An English translation of the documents related to the General Meeting of Shareholders shall be provided to foreign shareholders.

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Article 16 Chairman

The Representative Director shall be the Chairman of the General Meeting of Shareholders. In his absence, the Director designated by the Representative Director shall be the Chairman. If there is no such designation, a director appointed through resolution of the board of directors shall perform the duties of the Chairman.

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Article 17 Voting by Proxy

A shareholder may exercise his vote by proxy. In such case, the proxy shall present documents evidencing his power of representation prior to the opening of the General Meeting of Shareholders.

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Article 17-2 Written Voting

1. ① Shareholders may exercise their voting rights in writing without attending the General Meeting of the Shareholders.
2. ② The Company shall attach the necessary document and reference materials necessary for the exercise of voting rights to the notice convening the General Meeting of the Shareholders.
3. ③ Shareholders desiring to exercise their voting rights in writing shall submit materials necessary for the exercise of voting rights in writing by the day prior to the General Meeting of the Shareholders.

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Article 18 Quorum and Method of Resolutions

1. ① Except as otherwise provided by laws, regulations or the Articles of Incorporation, all resolutions of the General Meeting of the Shareholders shall be adopted by the affirmative vote of a majority of voting rights of shareholders present at the meeting and representing at least one-fourth (1/4) of the total issued and outstanding shares.
2. ② Each share shall have one (1) vote.

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Article 19 Maintenance of Order

The Chairman of a General Meeting of Shareholders may order persons who seriously disturb the orderly proceeding of the meeting (e.g., who speak or behave with an intention to obstruct the proceedings of the meeting) to stop a speech or to leave the place of the meeting, and may restrict the time and number of speeches of a shareholder as deemed necessary for the purpose of harmonious progress of the proceeding of the meeting.

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Article 20 Minutes of General Meetings

The substance of the course of the proceedings of a General Meeting of Shareholders and the results thereof shall be recorded in minutes in the Korean and English languages, which shall bear the names and signatures or seals thereon of the Chairman and of the Directors present at the meeting, and shall be preserved in the Company.

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CHAPTER V. DIRECTORS AND AUDITORS

Article 21 Election

1. ① The members of the Board of Directors and auditor shall be elected at and by the General Meeting of Shareholders.
2. ② The members of the Board of Directors and auditor shall be elected by the affirmative vote of a majority of voting rights of shareholders present at the meeting and representing at least one-fourth (1/4) of the total issued and outstanding shares; provided, that for the election of the auditor, a shareholder owning more than 3% of the total issued and outstanding shares shall not be able to exercise his voting rights with respect to such shares in excess of 3% of the total issued and outstanding shares
3. ③ If two (2) or more Directors are being elected, a shareholder may exercise one (1) vote for each of his share. The cumulative voting system under Article 382 of the Commercial Code shall not apply in case of electing two (2) or more Directors.

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Article 22 Number of Directors and Auditors

The Company shall have eight members of the Board of Directors, of which two (2) shall be outside directors. The Company shall have one (1) standing auditor.

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Article 23 Term of Office

1. ① The term of office of the Directors shall be three (3) years, provided, however, that if the term of office expires before the ordinary General Meeting of Shareholders convened in respect of such fiscal year, the term of office shall be extended up to the close of such ordinary General Meeting of Shareholders.
2. ② The term of office of an auditor shall expire at the close of the ordinary General Meeting of Shareholders convened with respect to the last fiscal year which ends before a date three (3) years after taking his office.

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Article 24 Removal of Directors and Auditors and Vacancy

1. ① The removal of Directors and auditors shall be made in accordance with Articles 385 and 415 of the Commercial Code.
2. ② On the occurrence of any one of the following events to a Director or an auditor, the office of the Director or an auditor, as the case may be, shall become vacant.
3. ②-1 Submission of resignation to the Company;
4. ②-2 Declaration of bankruptcy;
5. ②-3 3 Declared to be an incompetent or quasi-incompetent; or
6. ②-4 Death.

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Article 25 Filling Vacancy in the Office of Director and Auditor

1. ① A vacancy in the office of Director or auditor shall be filled by resolution of a General Meeting of Shareholder.
2. ② The term of office of a member of the Board of Directors elected to fill a member of the Board of Directors vacancy shall be the remainder of the term of office of his predecessor.

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Article 26 Duties of Directors

1. ① A Director is a member of the Board of Director and has the authority to participate in the management decisions concerning the Company’s business and to supervise the performance of mangers through the Board of Directors.
2. ② In the event that a Director becomes aware of any facts which may cause substantial losses to the Company, he must immediately report it to the auditor of the Company.
3. ③ A Director shall faithfully carry out his duties for the Company in accordance with laws, regulations and the Articles of Incorporation.

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Article 27 Duties of Auditor

1. ① The auditor shall examine the performance of duties by the Directors.
2. ② The auditor shall examine the accounts and business of the Company and prepare an audit report on the year-end financial statements and report them at the General Meeting of Shareholders.
3. ③ At any time, the auditor may inspect or reproduce the accounting records and documents and request the Directors to provide a business report or investigate the Company’s affairs and financial status.
4. ④ The auditor may attend meetings of the Board of Directors and express his opinions.
5. ⑤ If a Director violates law, regulations or the Articles of Incorporation or if it is recognized that there is a risk of such violation by a Director, the auditor shall report it to the Board of Directors.
6. ⑥ The auditor shall examine the agenda and documents to be submitted by Directors to a General Meeting of Shareholders in order to verify if any of them violates the pertinent law or regulations or the Articles of Incorporation or if there is any other likelihood of serious inequity, and state his opinion thereon at the meeting.
7. ⑦ The auditor may request the Company’s subsidiary to report the details of the operation, if deemed necessary for performance of his duties. In such a case, if the subsidiary fails to immediately report the details or if it is necessary to confirm the contents of the report, the auditor may investigate the subsidiary’s business operation and financial status

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Article 28 Compensation of Directors

1. ① The amount of compensation and work-related expenses for Directors shall be determined by the Board of Directors within the ceiling of the payments determined at a General Meeting of Shareholders.
2. ② The payment amount, method and timing for incentive payments such as bonuses and performance rewards shall be determined by the Board of Directors after taking into consideration various factors such as business results, profit increase, etc.
3. ③ Severance payments for Directors shall be made in accordance with the Regulation on Severance Payment for Officers to be separately adopted.

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Article 28-2 Compensation of Auditor

Article 28 above shall apply, mutatis mutandis, to the compensation and severance payments for the auditor.

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Article 29 Liabilities of Directors and Auditor

1. ① For dereliction of duty, etc., the Directors and the auditor shall be liable to third parties as specified under laws and regulations such as the Commercial Code.
2. ② All litigation fees, other losses, damages and liabilities of the Directors of the Board of Directors and the auditor of the Company arising from their performance of duties shall be indemnified by the Company, unless such losses, damages or liabilities were attributable to the relevant Director or auditor’s malice or violation of their duties due to gross negligence or unless the indemnification by the Company is not permitted by laws and regulations.

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CHAPTER VI. BOARD OF DIRECTORS

Article 30 Constitution and Authority of the Board of Directors

1. ① The Board of Directors shall be composed of Directors. The Board of Directors shall have the authority to adopt resolutions in respect of important matters of the Company related to its business including the maters specified in laws, regulations and the Articles of the Incorporation and each of the following matters. The Board of Directors also has the authority to supervise the job performance of the management.
   1. Approval of the annual budget, capital investment plan and business plan or agreeing to any material variation to or departure from the original budget, capital investment plan and/or business plan;
   2. Any borrowing of funds in excess of US$5 million or any lending of funds or providing guarantee in excess of US$1 million;
   3. Entering into, amending or terminating any agreement or transaction with any shareholder or its affiliates (excluding (i) entering into any agreement which needs to be conducted on an urgent basis, subject to ratification by the Board, and (ii) entering into, amending or terminating any agreement or transaction within the Company’s ordinary course of business);
   4. Commencing, settling or withdrawing litigation where the amount involved exceeds US$ 1 million;
   5. Entering into, amending or terminating any employment agreement or consulting agreement with any person with the value of agreement in excess of US$500,000;
   6. Selection or dismissal of external auditor;
   7. Any change of accounting policies;
   8. Adoption or modification to the Company regulation concerning the Board of Directors or any other material corporate governance and operation related regulations;
   9. Investment into Hyundai Motor Company or its affiliates;
   10. Preparation of annual profit distribution plan;
   11. Appointment and removal of the Representative Director;
   12. Any merger;
   13. Any joint venture or material cooperation arrangements with a value in excess of US$10 million;
   14. Amendment to the Articles of Incorporation; and
   15. Any other matters the adoption of which requires a special resolution at a General Meeting of Shareholders under the applicable laws.
   Any monetary threshold as stated in this Article 30, Paragraph (1) shall be deemed adjusted automatically on September 30 of each year in proportion to the growth rate of the shareholder equity (i.e., net asset amount) from the immediately preceding fiscal year of the Company; provided, however, that any growth to the shareholder equity attributable to the initial public offering of the Company shall not be taken into consideration for such adjustment.
2. ② The Company may adopt a separate regulation concerning the Board of Directors in order to specify the matters that are necessary for the operation of the Board of Directors such as the delegation of authority.

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Article 31 Convening of Meetings; Proceedings; and Method of Resolution

1. ① Meetings of the Board of Directors may be called at the request of the Representative Director or any other designated Director. In convening a meeting of the Board of Directors, a written notice thereof in Korean and English shall be given to each Director and auditor one (1) week prior to the date of the meeting; provided, however, that if there is a written consent of all Directors and auditors, a meeting of the Board of Directors may be convened at any time without following the foregoing convening procedure.
2. ② A meeting of the Board of Directors where all Directors participate in adopting resolutions by way of communication means which can transmit and receive pictures and voices simultaneously is permitted, even though all or some Directors may not necessarily attend the meeting in person. In such case, the relevant Directors shall be deemed to have directly attended the meeting in person.
3. ③ The proceedings for the meetings of the Board of Directors shall be held in Korean and English. An English translation of the documents related to the meeting shall be provided to foreign shareholders.
4. ④ Except as otherwise provided by laws, regulations or the Articles of Incorporation, resolutions of the Board of Directors shall be adopted by the affirmative vote of a majority of the Directors present at a meeting where a majority of all Directors in office are present; provided, that a Director who has a special interest in a particular resolution shall not be able to exercise his voting rights.

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Article 31-2 Special Resolution

Each of the following actions shall be adopted by the affirmative vote of at least seven (7) members of the Board of Directors

1. Acquisition or transfer of shares, business or assets (including vessels and operating leases therefor) exceeding US$15 million, except for investment in securities of non-logistics companies belonging to the Hyundai Motor Company or its affiliates;
2. Issuance of new shares or any securities convertible into or exchangeable for shares, or issuance of bonds with warrants, or granting of rights or options to subscribe for or purchase shares or bonds convertible into or exchangeable for shares;
3. Any borrowing of funds in excess of US$15 million or any provision of guarantee or indemnity in excess of US$1 million;
4. Any lending of funds in excess of US$1 million;
5. Entering into, amending or terminating any agreement in excess of US$15 million, (excluding (i) any agreements with Hyundai Motor Company or it affiliates within the Company’s ordinary course of business and (ii) any logistics contracts (including transportation service contracts) within the Company’s ordinary course of business);
6. Commencing or consenting to bankruptcy, liquidation, dissolution, composition or corporate reorganization proceedings or other similar proceedings
7. Establishment, acquisition or disposition of subsidiaries or joint venture companies, excluding affiliates and subsidiaries established or to be established outside Korea in connection with the provision of logistics service to Hyundai Motor Company or its affiliates;
8. Matters related to employee stock options;
9. A capital expenditure or other expenditure in excess of US$15 million, excluding the types of transaction specified in 1. through 8. above;
10. Distribution of profits or earned surplus or establishment of reserves, excluding those that are required under relevant laws and regulations;
11. Any merger;
12. Any joint venture or material cooperation arrangements with a value in excess of US$10 million;
13. Amendment to the Articles of Incorporation; and
14. Any other matters the adoption of which requires a special resolution at a General Meeting of Shareholders under the applicable laws.

Any monetary threshold as stated in this Article 31-2 shall be deemed adjusted automatically on September 30 of each year in proportion to the growth rate of the shareholder equity (i.e., net asset amount) from the immediately preceding fiscal year of the Company; provided, however, that any growth to the shareholder equity attributable to the initial public offering of the Company shall not be taken into consideration for such adjustment.

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Article 32 Representative Director

The Representative Director shall be elected by the Board of Directors. The Representative Director shall represent the Company.

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Article 33 Chairman

1. ① Each year, the Board of Directors shall elect the Chairman of the Board of Directors (whose term of office shall be a one (1) year) at the first meeting of the Board of Directors held after the annual ordinary General Meeting of Shareholders.
2. ② If the Chairman cannot attend the meeting of the Board of Directors because of an unavoidable reason, the Chairman may designate a temporary Chairman among the Directors who shall carry out the duties of the Chairman.
3. ③ In order to prepare for a situation where the Chairman is absent from a meeting of the Board of Directors without designating a temporary Chairman, the Board of Directors may establish the order of priority among the Directors who shall perform the duties of the Chairman in his absence.

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Article 34 Agenda

The Chairman shall present the agenda for the meeting of the Board of Directors; provided, however, that if the other Directors desire to propose an agendum, the relevant Director shall submit the gist of the agendum to the Chairman.

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Article 35 Minutes

The meetings of the Board of Directors shall be recorded in minutes in the Korean and English language, and in these minutes, the agendum and the substance of the course of the proceedings and the results thereof, and the name of Director in opposition of the decision and the reason therefor shall be recorded. Further, these minutes shall bear the names and signatures or seals thereon of the Chairman of the Board of Directors and all other members of the Board of Directors and auditor present at the meeting.

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Article 36 Management

1. ① The Company may have mangers in order to carry out the resolutions adopted by the Board of Directors.
2. ② The matters related to the managers shall be separately specified in a regulation of the Board of Directors.

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Article 37 Advisors

1. ① The Representative Director may commission advisors and consultants, if necessary for the business.
2. ② The Representative Director may determine and pay the compensation or work-related expenses to the advisors and consultants at the level equivalent to the managers.

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CHAPTER VII. ACCOUNTING

Article 38 Fiscal Year

The fiscal year of the Company shall commence on 1 January of each year and shall end on 31 December of such year.

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Article 39 Preparation and Maintenance of Financial Statements

1. ① The Representative Director of the Company shall prepare the following documents, supplementary documents hereto and the business report, and submit such documents to the auditors for audit six (6) weeks prior to the day set for the ordinary General Meeting of Shareholders. The Representative Director shall submit the following documents and the business report to the ordinary General Meeting of the Shareholders;.
   1. ①-1 Balance sheet;
   2. ①-2 Profit and loss statement; and
   3. ①-3 Statement of appropriation of retained earnings or statement of disposition of deficit.
2. ② The Representative Director shall keep on file the documents described in Paragraph ① above and supplementary documents together with the business report and the auditors' report at the head office of the Company for five (5) years and certified copies of all of such documents at the branches of the Company for three (3) years from one (1) week before the day set for the ordinary General Meeting of Shareholders.
3. ③ The Representative Director shall give public notice of the balance sheet immediately after the documents referred to in Paragraph ① above have been approved at the General Meeting of Shareholders.

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Article 40 Payment of Dividends

1. ① Dividends shall be paid to the shareholders or pledgees of shares who are registered in the shareholders registry as of the end of each fiscal year; provided, that profits may be distributed to shareholders once during a fiscal year as interim dividends on a specified date pursuant to a resolution of the Board of Directors.
2. ② Dividends may be paid in either cash or shares. Interim dividends shall be paid in cash. Share dividends shall be based on the par value of the shares, and if the Company has issued several types of shares, it can be made in each of the same type of shares.
3. ③ The right to claim dividends shall be extinguished if the right is not exercised within five (5) years.
4. ④ After the expiration of the period set forth in Paragraph ③ above, unclaimed dividends shall revert to the Company.

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CHAPTER VIII. ADDENDA

Article 1 Regulations

The Company may adopt, by resolution of the Board of Directors, regulations as may be required for the administration of the Company.

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Article 2 Application

Matters not specifically provided for herein shall be in conformity with the Korean Commercial Code or other laws and regulations.

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Article 3 Effective Date

The effective date of the Articles of Incorporation shall be March 11th, 2011.

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