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ENFORCEMENT RULES OF THE KOREA TECHNOLOGY CREDIT GUARANTEE FUND ACT

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ENFORCEMENT RULES OF THE KOREA TECHNOLOGY CREDIT GUARANTEE FUND ACT

Ordinance of the Ministry of Finance No. 1718, Jul. 16, 1987 Ordinance of the Ministry of Finance No. 1730, Dec. 17, 1987 Ordinance of the Ministry of Finance No. 1786, Apr. 1, 1989 Ordinance of the Ministry of Finance No. 1801, Dec. 8, 1989 Ordinance of the Ministry of Finance No. 1856, Mar. 30, 1991 Ordinance of the Ministry of Finance No. 1881, Apr. 24, 1992 Ordinance of the Ministry of Finance No. 1892, Aug. 25, 1992 Ordinance of the Ministry of Finance No. 1898, Dec. 17, 1992 Ordinance of the Ministry of Finance No. 1922, Apr. 24, 1993 Ordinance of the Ministry of Finance No. 2002, Aug. 25, 1994 Ordinance of the Ministry of Finance and Economy No. 668, Dec. 31, 1997 Ordinance of the Ministry of Finance and Economy No. 67, Mar. 12, 1999 Ordinance of the Ministry of Finance and Economy No. 176, Jan. 20, 2001 Ordinance of the Ministry of Finance and Economy No. 458, Aug. 26, 2005 Ordinance of the Ministry of Finance and Economy No. 481, Jan. 24, 2006 Ordinance of the Ministry of Finance and Economy No. 491, Feb. 22, 2006 Ordinance of the Ministry of Finance and Economy No. 562, Jun. 4, 2007 Ordinance of the Prime Minister No. 875, Mar. 3, 2008 Article 1 (Purposes)

The purpose of these Rules is to provide for the matters necessary for the enforcement of the Korea Technology Credit Guarantee Fund Act and its Enforcement Decree.

Article 2 (Definitions)

Except as otherwise provided for in these Rules, the definitions of terms used in these Rules shall be governed by the Korea Technology Credit Guarantee Fund Act (hereinafter the "Act") and its Enforcement Decree (hereinafter the "Decree").

Article 3 (Scope of Loans Extended by Venture Capitalist) (1) The scope of loans that become the basis of contributions made to the ENFORCEMENT RULES OF THE KOREA TECHNOLOGY CREDIT

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Korea Technology Credit Guarantee Fund by a specialized credit financial company that has registered a venture capital business under the Specialized Credit Financial Business Act (hereinafter a "venture capitalist") pursuant to Article 13 (3) of the Act shall be the amount calculated by deducting loans falling under subparagraph 2 from loans falling under subparagraph 1 (hereinafter "loans that become the basis of contributions by a venture capitalist"):

1. New Technology Financial Loans on balance sheet; and

2. Loans falling under the following subparagraphs: (a) Loans from Government Funds or Public Funds whose financial resources are funds provided by the State or local governments; (b) Loans from Foreign Funds;

(c) Loans whose financial resources are borrowings from financial institutions; and

(d) Loans whose interest margins are guaranteed by the Government. (2) Loans described in each subparagraph of paragraph (1) shall be determined according to the balance sheet and its account headings that are submitted by a venture capitalist to the Financial Services Commission established under the Act on the Establishment, etc. of Financial Services Commission pursuant to Article 54 of the Specialized Credit Financial Business Act and Article 23-2 of its Enforcement Decree. [This Article Newly Inserted by Ordinance of the Ministry of Finance and Economy No. 562, Jun. 4, 2007]

Article 4 (Scope of Loans Extended by Financial Institution) (1) The scope of loans that become the basis of contributions made to the Korea Technology Credit Guarantee Fund by a financial institution pursuant to Article 13 (3) of the Act shall be the amount calculated by deducting loans falling under subparagraph 2 from loans falling under subparagraph 1 (hereinafter "loans that become the basis of contributions by a financial institution"):

1. Loans falling under the following items on Balance Sheet: (a) Loans in banking account;

(b) The following headings on Trust Account:

() Loans;

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() Privately placed bonds (limited to those directly purchased from companies);

() Bills bought (limited to commercial papers directly bought from companies); and

() Credit card receivables (limited to corporate purchasing card receivables and corporate sales card receivables); (c) The following headings on merchant banking account: () Discounted notes;

() Discounted trade bills ;

() Factoring; and

() Advances for customers; and

() CMA assets;

2. Loans falling under the following items: (a) The following descriptions in the heading "Loans" in banking account: () Won-denominated loans in falling under the following: a) Equipment loans to Enterprises; and

b) Loans to Households;

() Foreign Currency-denominated loans falling under the following: a) Loans for Equipment;

b) Loans extended in foreign countries by overseas branches, agents, places of business or other offices established by financial institutions; and

c) Loans extended (for up to one year) to import companies by financial institutions in a manner that the financial institutions directly remit the import prices to the parties to the import companies;

() Domestic Banker's Usance;

() Foreign Currency-denominated Off-shore Loans in ; () Call Loans;

() Bills Purchased in Won (excluding commercial papers purchased directly from companies);

() Bills Purchased in Foreign Currencies;

() Credit Card Receivables (excluding Corporate Purchasing Card Receivables and Corporate Sales Card Receivables); () Debit Card Receivables (excluding Corporate Purchasing Card Receivables and Corporate Sales Card Receivables); ENFORCEMENT RULES OF THE KOREA TECHNOLOGY CREDIT

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() Bonds Purchased under Resale Agreements;

() Factoring Receivables (excluding those for which an agreement is concluded to the effect that a financial institution can excercise the right to claim repayment against a transferrer of account receivables);

() Receivables Convertible to Equity Securities; and ( ) Gold Loans;

(b) The following descriptions in the heading "Loans" in Trust Account: () Equipment Loans to Enterprises;

() Loans to Households;

(c) The following descriptions in the headings "Discounted Notes" and "CMA Assets" in Merchant Bank Account:

() Discounted Notes that are sold within five business days from the purchase day; and

() The following descriptions under the heading "CMA Assets": a) Discounted Notes sold within five business days from the purchase date;

b) Securities;

c) Deposits; and

d) Other operating assets;

(d) Loans from Government Funds or Public Funds whose financial resources are funds provided by the State or local governments; (e) Loans from Foreign Funds;

(f) Loans between Financial Institutions; and

(g) Loans from the Export-Import Bank of Korea under Article 18 of the Export-Import Bank of Korea Act (excluding loans extended (for up to one year) for unspecified export trades); (h) Loans that Become the Basis of Contributions for the Fund under Article 3 of the Enforcement Rules of the Korea Housing Finance Corporation Act and loans that Become the Basis of the Contributions for the Account under Article 5 of the same Enforcement Rule; (i) Loans extended to the Non-performing Loan Resolution Fund established under Article 38 of the Act on the Efficient Disposal of Non-Performing Assets, etc. of Financial Institutions and the Establishment of Korea Asset Management Corporation (j) Loans extended to the Deposit Insurance Fund established under ENFORCEMENT RULES OF THE KOREA TECHNOLOGY CREDIT

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Article 24 (1) of the Depositor Protection Act;

(k) Loans extended to the Export Insurance Fund established under Article 30 of the Export Insurance Act;

(l) Specific Equipment Loans for the Promotion of Enterprise's Investment;

(m) Won-denominated Loans for the Promotion of the Enterprise's Equipment Investments financed by foreign currency and are designated by the Financial Services Commission;

(n) Loans for the Support for the Structural Improvement Projects of Small or Medium-Sized Enterprises that are designated by the Financial Services Commission;

(o) Loans whose financial resources are borrowings from the Korea Development Bank, among those extended to corporations that are relocated to an area outside the Seoul Metropolitan area pursuant to Article 63-2 (1) of the Restriction of Special Taxation Act; (p) Loans on Property Formation Savings provided for in Article 45 (1) of Act No. 3930, the Act on Assistance to the Residential Stability and Lump Sum-raising Savings of Workers;

(q) Loans extended to Enterprises Subject to Rationalization under Article 12 (2) of the Addenda of Act No. 5584, the amended Regulation of Tax Reduction and Exemption Act for which interest is exempted or reduced or deterred from collection; and

(r) Loans financial resources for which are borrowings from the Bank of Korea and which are extended to the Korea Asset Management Corporation for the purpose of supporting the rehabilitation of persons who have defaulted on financial debt, to cover their living expenses. (2) Loans described in each subparagraph of paragraph (1) shall be determined according to the balance sheet and its headings submitted to the Financial Services Commission under the Act on the Establishment, etc. of Financial Services Commission pursuant to Article 47 of the Banking Act, Articles 47 and 49 of the Korea Development Bank Act, Article 3 of the Industrial Bank of Korea Act, Articles 39 and 41 of the Export-Import Bank of Korea Act, and other related Acts and subordinate statutes. [This Article Newly Inserted by Ordinance of the Ministry of Finance and Economy No. 562, Jun. 4, 2007]

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Article 5 (Amount of Contributions and Time and Method of Making Contribution)

(1) Each venture capitalist shall contribute to the Korea Technology Credit Guarantee Fund an amount at an annual rate of 3/1000 of the average quarterly balance of loans that become the basis of contributions by a venture capitalist at the end of each quarter, by not later than the last day of the month following the end of each quarter. (2) Each financial institution shall contribute to the Korea Technology Credit Guarantee Fund an amount at the contribution rate stated in annexed Table of average monthly balance of loans that become the basis of contributions by a financial institution at the end of each month, by not later than the last day of the following month. (3) Each venture capitalist or financial institution shall submit the following documents to the Korea Technology Credit Guarantee Fund when making contributions pursuant to paragraph (1) or (2):

1. Calculation statements of contributions;

2. Documents verifying average monthly balance or average quarterly balance;

3. Detailed statement of loans described in each item of Article 3 (1) 2 and each item of Article 4 (1) 2; and

4. Other documents designated and publicly announced by the Financial Services Commission.

(4) Notwithstanding the provisions of paragraphs (1) and (2), where the Korea Technology Credit Guarantee Fund requests a venture capitalist or financial institution to pay contributions in advance after obtaining approval of the Financial Services Commission on contributions receivable, time of receipt, method of ex-post settlement, etc., the venture capitalist or financial institution may prepay such contributions.

Article 6 Deleted.

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ADDENDUM

These Rules shall enter into force on the date of their promulgation. ADDENDA Article 1 (Enforcement Date)

These Rules shall enter into force on January 1, 1988. Articles 2 through 4 Omitted.

ADDENDA These Rules shall enter into force on April, 1, 1989. ADDENDA (1) (Enforcement Date) These Rules shall enter into force on the date of their promulgation.

(2) (Applicability) The amended provisions of Article 4 (1) 2 (k) shall apply only to loans extended on or after December 1, 1989, the conditions and methods of which having been resolved by the Industrial Policy Deliberation Committee on November 28, 1989.

ADDENDA These Rules shall enter into force on the date of their promulgation. ADDENDA (1) (Enforcement Date) These Rulee shall enter into force on the date of their promulgation.

(2) (Applicability) The amended provisions of Article 4 (1) 2 shall apply, starting with the contributions that are compulsorily paid from the month which includes the date when these Rules enter into force. ADDENDUM These Rules shall enter into force on the date of their promulgation. ENFORCEMENT RULES OF THE KOREA TECHNOLOGY CREDIT

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ADDENDA (1) (Enforcement Date) These Rules shall enter into force on the date of their promulgation.

(2) (Applicability) The amended provisions of Article 4 (1) 2 (m) shall apply, commercing from the contributions compulsorily paid from the month which includes the date when the Minister of Finance designates as the relevant loans.

ADDENDA (1) (Enforcement Date) These Rules shall enter into force on the date of their promulgation.

(2) (Applicability) The amended provisions of Article 4 (1) 2 (n) shall apply, commercing from the contributions compulsorily paid from the month which includes the date when the Minister of Finance designates as loans for the support of the structural improvement projects of small or medium-sized enterprises.

ADDENDA (1) (Enforcement Date) These Rules shall enter into force on the date of their promulgation.

(2) (Applicability) The amended provisions of Article 4 (1) 2 shall apply, commercing from the contributions compulsorily paid from the month which includes the date when these Rules enter into force. ADDENDA

(1) (Enforcement Date) These Rules shall enter into force on January 1, 1998: Provided, That the amended provisions of Article 4 (1) 2 shall enter into force on the date of their promulgation.

(2) (Applicability) The amended provisions of Article 4 (1) 1 and 2 shall apply, commercing from the contributions compulsorily paid from the month which includes the date when these Rules enter into force. ADDENDA

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(1) (Enforcement Date) These Rules shall enter into force on the date of their promulgation.

(2) (Applicability) The amended provisions of Article 4 (1) 2 (p) shall apply, commercing from the contributions compulsorily paid from the month which includes the date when these Rules enter into force. ADDENDA

(1) (Enforcement Date) These Rules shall enter into force on February 1,

2001. (2) (Applicability) The amended provisions of Article 4 (1) 2 (q) and (r) shall apply, commercing from the contributions compulsorily paid from the month which includes the date when these Rules enter into force. ADDENDA

(1) (Enforcement Date) These Rules shall enter into force on the date of their promulgation.

(2) (Applicability) The amended provisions of Article 4 (1) 2 shall apply, commercing from the contributions compulsorily paid from the month which includes the date when these Rules enter into force. ADDENDA

(1) (Enforcement Date) These Rules shall enter into force on the date of their promulgation.

(2) (Applicability) The amended provisions of annexed Table shall apply, commercing from the contributions compulsorily paid from the month which includes the date when these Rules enter into force. ADDENDA

(1) (Enforcement Date) These Rules shall enter into force on the date of their promulgation.

(2) (Applicability) The amended provisions of Article 4 (1) 2 (s) shall apply, ENFORCEMENT RULES OF THE KOREA TECHNOLOGY CREDIT

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commercing from the contributions compulsorily paid from the month which includes the date when these Rules enter into force. ADDENDA

Article 1 (Enforcement Date)

These Rules shall enter into force on July 1, 2007. Article 2 (Transitional Measures on Loans Extended to Corporations that are Relocated to Area outside Seoul Metropolitan Area) Notwithstanding the amended provisions of Article 4 (1) 2 (o), loans under the former provisions of Article 4 (1) 2 (q) shall be excluded from loans that become the basis of contributions by a financial institution. ADDENDA

Article 1 (Enforcement Date)

These Rules shall enter into force on the date of their promulgation. Articles 2 through 5 Omitted.