Corporate governance

MKIF Board of Directors

The MKIF Board of Directors is required to act in the best interests of MKIF and its shareholders and is comprised one Corporate Director and three Supervisory Directors. The MKIF Board carries out functions and responsibilities as defined under MKIF's Articles of Incorporation (the "AOI"), the FSCMA and other relevant legislation, including the Korean Commercial Code.

In accordance with the FSCMA, MKAM as the Corporate Director must appoint one of its officers or employees to represent it on the MKIF Board. Responsibilities of the Corporate Director include managing the assets and reporting the status of the business at least once every quarter and representing and conducting the business of MKIF.

Supervisory Directors of MKIF provide oversight in relation to compliance of MKIF and MKAM with the terms of MKIF's AOI, the FSCMA and other relevant legislation. In addition, the Supervisory Directors have the right to request the Corporate Director, the Custodian, the Sales Agent or the Administrator to provide a status report of MKIF's business or assets whenever the Supervisory Directors deem necessary. Upon the receipt of such status reports, the Supervisory Directors may make demands to the Manager to correct violations, if any.

The Board shall have the rights to decide the following matters:

• Execution and/or termination of the Management Agreement, the Custodian Agreement, the Sales Agency Agreement and/or the Administrator Agreement;
• Convening of the general shareholders' meeting;
• Issuance of new shares;
• Payment of expenses or fees (or commissions) payable to service providers in connection with the management, custody or distribution of MKIF's assets, the administration of MKIF or other services;
• Matters relating to distribution; and
• Any other matters which require the resolution of MKIF's Board under MKIF's AOI, FSCMA, or any relevant legislations and regulations.

Board meetings are to be held at least once every quarter, where the directors of the board will be provided with the items on the agenda in advance to enable an informed discussion.

The current Directors of MKIF are:

• MKAM - Corporate Director
• Hwa-Jin Kim - Supervisory Director
• Tae-Yeon Nam – Supervisory Director
• Jae Do Moon - Supervisory Director