With a view to partaking in the international community's effort to curb Iran's nuclear program, Korea has been undertaking specific measures in the areas of finance, trade, transportation and energy to restrict and monitor the private sector's transactions with Iran.

Most recently, closely following the heels of the resolution adopted by the IAEA Board of Governors on November 18, 2011 ("IAEA Resolution"), the Korean government has announced an additional set of guidelines on December 16, 2011.

The attached analysis provides a summary of Korea's new guideline ("Guideline"), and how it is expected to affect the private sector in doing business with Iran. Please note that in lock steps with future legislation in the U.S. and other United Nations member states, Korea may further reinforce its sanctions against Iran.

Our thanks to law firm Kim & Chang in South Korea who have provided this guidance for us.

Members wishing to contact the firm should refer to the following:

1st Floor, 223 Naeja-dong, Jongno-gu, Seoul 110-720, Korea

Telephone : (822) 3703-1114

Facsimile : (822) 737-9091~3

E-Mail : lawkim@kimchang.com

Website: www.kimchang.com