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Disclourse

 Disclosure System
When an issuer makes any managerial decisions that may affect investors, such matters should be disclosed.
KSDA maintains disclosure for two years regarding listing and other related documents. Investors may gain access to these documents through KSDA's Investor Protection Center or through FSS website, i.e., Data Analysis, Retrieval and Transfer system (dart.fss.or.kr). The KSDA also discloses through its own website (www.freeboard.or.kr) a summary outline of the documents.
Disclosures are divided into three categories :
， Disclosure of lssuers Major Managerial Matters.
， Disclosure Concerning Issuer's Summary of closing statement, etc.
， Disclosure Upon Inquiring.
， Disclosure of Issuers Major Managerial Matters.

 Ongoing Disclosures
If any of the following is applicable to an issuer, then it must disclose such fact in writing or by fax to the KSDA: on the day of occurrence within one day after the occurrence
， Main business is suspended
， Commencement, completion or abolition of company reorganization
， Relocation of head office, reappointment of representative director, or change
  in trade name or business objective
， Increase or reduction of capital stock
， Stock split or reverse stock split
， Other decisions of the board of directors, e.g., asset revaluation, interim dividend,
  shareholder meeting notice, corporate merger, etc
 

  Disclosure Upon Inquiry
The KSDA may require that the disclosure officer of an issuer confirm the validity of any disclosure-related matters.
If such a request is made, then the issuer must submit, in document form, a response to the KSDA by the following day.

  Disclosure Concerning Issuer's summary of closing statement, etc.
The issuer must file annual and semi-annual reports within a specific time after the end of the reporting period. Specifically, the annual reports must be submitted within 90 days after the end of a fiscal year. The issuer must file the semi-annual within 45 days after the end of the half year.

 Failure of Disclosure Obligations

If an issuer fails to faithfully adhere to its disclosure obligations (e.g., delaying of disclosure) or fails to adhere to such due to negligence, the KSDA designates the issuer as a corporation of unfaithful disclosure makes the fact public through its QDS System, and takes disciplinary actions such as trading suspension. Also, if an issuer is designated as a corporation of unfaithful disclosure three times within the last two years, the designation of the issure as a Free Board Stock should be terminated.