(1) The Company's shareholders shall have the preemptive right to subscribe for new shares in proportion to their respective shareholding ratios.

(2) Notwithstanding the provision of Paragraph (1), the Company may allocate new shares to persons other than the existing shareholders in the following cases:

(a) Where new shares are issued by initial public offering or where underwriters are made to underwrite new shares in accordance with the Securities and Exchange Act ("SEA") within the limit of 20/100 of the total issued and outstanding shares as of after the initial public offering;

(b) Where the Company issues new shares preferentially to the members of the Employee Stock Ownership Association, in accordance with Article 191-7 of the SEA;

(c) Where new shares are issued by general public offering pursuant to approval of the board of directors in accordance with the SEA within the limit of 10/100 of the total issued and outstanding shares as of after the general public offering; and

(d) Where new shares represented by depositary receipt ("DR") are issued in accordance with the SEA, within the limit of 10/100 of the total issued and outstanding shares as of after the DR issuance.

(3) For the allocation of new shares to someone who is not an existing shareholder in accordance with Paragraph (2) above, the Company shall notify and announce the matters stated in Article 416-1, 416-2, and Clause 2 of 416-2, 416-3, 461-4 of the Commercial Code to the existing shareholders 2 weeks in advance.

(4) 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.

(5) 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.