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Authorized Participants

Request for creation of the Fund to the Manager

Prepares settlement statement notifies beneficiaries

the

and the

Delivers the paid-in assets to the Trustee (account transfer to the Korea Securities Depository)

thereof

*The

Manager

applies to the KRX for listing on the KRX.

Asset Manager

Korea Securities Depository

Trustee

Announcement of the Portfolio Deposit File (to KRX, etc)

Confirms

and

approves

the

creation of the Fund

Receives and put together the details on the creation of the fund and gives notification

Issues (and deposits

with the Securities

Korea

Depository) all of the shares issued Receives and puts together the details of the creation of the Fund and gives notification Confirms that the paid-in assets have been deposited

  • 2.

    Redemption

  • 1)

    Redemption of Shares

A. A shareholder may request redemption of the shares to the distributor or the Authorized Participant in Creation Unit or any integral multiple thereof. If the distributor is unable to respond to the redemption request because of dissolution, cancellation of licenses, suspension of its business, force majeure or any other causes (the "Business Wind-Up"), the shareholder may make the redemption request to the Authorized Participant.

Ú

Effect of Redemption Request

¾

Requests for redemption of the Fund Requests for redemption after that immediately following business day.

may

be made until

3:30 p.m. each

business

day.

time

are deemed

to have been

made on

the

¾

Cancellation of a request for redemption is possible until 3:30 p.m. of the day on which

the request was made.

Any cancellation after that time is void.

B.

The distributor who has received a redemption request above from a shareholder must request the Authorized Participant to effect redemption of the Shares. If the Authorized Participant is unable to redeem the shares because of a Business Wind-Up, the distributor may request the asset manager to directly respond to the

redemption request.

C. If the shareholder requests redemption to the Authorized Participant, it must make

a redemption request to the asset manager.

If the Authorized Participant, to

which the shareholder has made a redemption request pursuant to Paragraph (A) above, is unable to redeem the shares because of a Business Wind-Up, the

17

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