Securities Act of 1933
Rule 902(b)

February 28, 2007

Response of the Office of International Corporate Finance
Division of Corporation Finance

Mr. Jung-hwan Lee
President
Management Strategy Division
Korea Exchange
50, 5-ga, Jungang-dong, Jung-gu
Busan 600-015
Republic of Korea

Dear Mr. Lee:

This letter will confirm the response of the Division of Corporation Finance to your request that the Division designate the Korea Exchange as a "designated offshore securities market" within the meaning of Rule 902(b) of Regulation S under the Securities Act of 1933. A copy of your letter is enclosed in order to avoid having to recite or summarize the facts set forth therein. On the basis of the facts presented, we hereby so designate the Korea Exchange.

Incoming Letter:

The Incoming Letter is in Acrobat format.

http://www.sec.gov/divisions/corpfin/cf-noaction/2007/koreaexchange022807-reg-s.htm