AGREEMENT
CHE-IL MERCHANT BANKING CORP. (hereinafter referred to as the "first party") and
NewState Capital co., Ltd. (f/k/a Dongsuh finance co., Ltd. And hereinafter
referred to as the "second party") hereby agree, pursuant to the agreement dated
September 17, 1998, to extend the maturity of the bond issued by the second
party (Issuer : Dongsuh Finance co., Ltd. : Issue date : July 14, 1997 :
Maturity January 14, 1999 : Registration Sequence : No.17) as set forth below :
1. Amount : 4,000,000,000 Won.
2. Maturity : To be repaid in installments as per the aforementioned
agreement.
3. Interest : To be determined By the first party at the time of interest
payment.
4. Payment of Interest : The second party agrees to pay to the first party
interest, in advance, for the next three month period, on the 14th day
of January, April, July and October of each year, at the interest rate
to be calculated in accordance with Article 3 above.
5. Overdue Interest : To be determined by the first party.
6. Delivery of security : To secure the compliance with the agreement
hereof, the second party agrees to deliver to the first party a
promissory note (together with certification necessary for bank
transaction) in the principal amount as set forth in Article 1 above.
7. Miscellaneous :
(1) All other matters that are not specifically provided in this Agreement
shall be resolved in accordance with the custom of trade.
(2) This Agreement shall be executed in duplicate, each of which shall be
kept by each party.
Dated : January 14, 1999
The First Party : Che-Il Merchant Banking Corp.
By : Tae Byung Chae, Receiver
(Corporate seal affixed)
The Second Party : NewState Capital Co., Ltd.
826-24 Yoksam-dong
Kangnam- Gu, Seoul
By : Noh Bok Huh, President
(corporate seal affixed)
