ANTITRUST PRACTICE - Yulchon

ANTITRUST PRACTICE

“Observers speak with one voice in proclaiming it one of the most respected and reliable practices in Korea.”• Chambers Global : The World’s Leading Lawyers for Business •CONTENTSOur Firm 2Antitrust Practice 3Representative Cases and Transactions 4

23COMMITMENTINNOVATIONEXCELLENCEAntitrustPractice“Observers speak with one voice in proclaiming itone of the most respected and reliable practices in Korea.”• Chambers Global •“Top 30 Rapidly Growing Law Firm in Asia”• Asian Legal Business •“2009 National Competitiveness Award”• Presidential Council on National Competitiveness, Republic of Korea & Seoul Economic Daily •“Most Preferred Law Firm for Antitrust”• The Chosun Ilbo, The Dongah Ilbo •“Top Tier Law Firm for Antitrust”• Chambers Asia •“Tier 1, Antitrust and Competition”• Legal 500 •“Tier 1, Competition”• IFLR1000 •Our FirmSince its formation in 1997, Yulchon has grown into one of the largest law firmsin Korea with more than 250 lawyers and other professionals. Yulchon adviseson a full range of specialized practice areas, including corporate, antitrust,finance, tax, litigation and intellectual property.Yulchon has become an acknowledged market leader in the development andpractice of law. We are known for our high standards of excellence, our cultureof collaborative problem solving, and our strong relationships with governmentagencies and other international law firms. We are frequently retained tonegotiate multi-billion dollar transactions, to help draft new legislation andregulations, and to represent clients in high-stakes adversarial proceedings.Antitrust PracticeOur antitrust practice has been recognized worldwide for its expertise in representing clients in various high-profile cases.Our highly qualified professionals are pioneers in the field of antitrust, and have substantial experience and accumulatedknowledge of the relevant antitrust regulations and practices through their extended experience in handling variouscases, study abroad, training at specialized institutions and/or work experience at the Korea Fair Trade Commission(KFTC). In addition, we have successfully represented international and domestic clients in landmark antitrust cases inKorea, including the ground-breaking abuse of market dominance cases against Microsoft, Intel and Qualcomm. Since2002, our antitrust team has consistently been ranked by Global Competition Review (GCR) as one of the world’s top100 antitrust law firms, and our lawyers continue to be recognized as leading antitrust lawyers by GCR and otherpublications.We take great pride in providing our clients with the best legal service. From providing advice at the business planningphase, to responding to an investigation by the KFTC, to administrative, civil and criminal proceedings to successfullyresolve legal issues under the Monopoly Regulation and Fair Trade Act (MRFTA), we believe our antitrust team is the bestone to protect the interests of our clients.At Yulchon the antitrust team is a stand-alone practice, and not just part of the corporate law group. Sai Ree Yun iswidely recognized as a pioneer and one of the best antitrust lawyers in Korea. The team is comprised of several formerjudges (including partners Hae Sik Park and Kum Ju Son) and former high-ranking KFTC officials (Commissioners SoonSik Ju and Sung Hwan Oh, and a former Secretary-General Sang Yong Park. Most of Yulchon’s antitrust team membersdevote almost 100 percent of their time to antitrust matters. As a result, the entire team has substantial and specializedexperience in, and accumulated knowledge of, antitrust regulations and practices. To see our antitrust teamprofessionals’ profiles, please see the attached file.

45RepresentativeCases and Transactions1. Mergers and Acquisitions• In 2011, we represented Texas Instruments in its acquisition of NationalSemiconductor, an analog semiconductor manufacturing company. This deal involvedobtaining merger approvals from many different jurisdictions, including the U.S., EU,China and Korea. We provided timely advice to our client in obtaining acceleratedapproval of the merger (within 14 days of submission of the merger report) from theKFTC, and Texas Instruments obtained the earliest approval of the merger from theKFTC as compared to other jurisdictions.• In 2011, we represented a private equity fund established by Fila Korea and MiraeAsset MAPS investment management in its acquisition of Acushnet, an internationallyrenowned golf equipment company known for its popular Titleist golf balls. Weprovided comprehensive legal advice throughout the entire transaction process, andsuccessfully obtained merger approval from the KFTC.• In 2010, we represented Lotte Shopping during its acquisition of GS Mart. This deal,involving two of the biggest conglomerates in Korea, was one of the most significantM&A deals in the nation. We provided timely advice to Lotte during the wholetransaction process, including the competitive bidding, selection of the preferredbidder, negotiation and execution of the business transfer agreement, and obtainingunconditional approval of the merger from the KFTC. Obtaining unconditionalapproval for our client was particularly meaningful in light of the fact that previoussimilar deals had either only obtained conditional approval or failed to obtain anyapproval at all from the KFTC.• In 2009, we represented Samsung Electronics and Samsung Electro-Mechanics intheir joint establishment of Samsung LED, a new company exclusively in charge ofSamsung’s LED production. We provided comprehensive legal advice regarding itsestablishment and successfully assisted in filing the merger report in six jurisdictions.• In 2008, we represented Samsung Electronics and Samsung SDI in their jointestablishment of Samsung Mobile Display, a new company exclusively in charge ofSamsung’s production of mid/small LCD screens and AMOLED screens. Weprovided comprehensive advice regarding its establishment and successfully assistedthe client in filing the merger report in three jurisdictions.• In 2007, we represented Rhodia Polyamide in its opposition to Owens Corning’sacquisition of Saint-Gobain Vetrotex’s reinforcements and composite fabricsbusinesses. We successfully argued that the acquisition would restrict competition inthe relevant market. As a result, the KFTC issued a corrective measure requiringOwens Corning to sell some of its shares or the entire set of its equipment related tothe businesses.• In 2006, we represented Hyundai Communications Network (HCN), the parentcompany of HCN Kumho Systems, in acquiring full ownership of Daegu BukbuBroadcasting. HCN Kumho Systems and Daegu Bukbu Broadcasting were the onlytwo system operators in Daegu. Although the merger would make HCN a monopolistin the district, we were able to reach a reasonable settlement with the KFTC on termssatisfactory to our client• In 2005, we represented the seller in Hite Brewery’s acquisition of shares in Jinro.Hite Brewery was the largest beer manufacturer in Korea and Jinro was the largestsoju manufacturer. The transaction was worth at least KRW 3 trillion. We succeededin obtaining conditional approval of the merger for our client.• In 2005, we represented SK Telecom, the top mobile service provider in Korea, inacquiring Loen Entertainment to secure a stable supply of music sources in the onlineand mobile music businesses. We obtained business combination approval within ina short period of time to our client’s satisfaction.• In 2004, we represented Crown Confectionery in its acquisition of HaitaiConfectionery & Foods. Crown Confectionery, which was then the fourth largestcompany in the Korean confectionery industry, formed a consortium to acquire HaitaiConfectionery & Foods, the third largest company. The resulting company wouldhave the second largest market share. We obtained approval for the merger within ashort period of time, enabling our client to successfully acquire Haitai.• In 2004, we assisted STX Corporation in its acquisition of Bumyang Merchant Marine.We advised our client throughout the entire process of the merger, from the initialnegotiations, execution of the agreement, and reporting the merger to the KFTC forits review. We successfully obtained approval for the merger.

671. Mergers and Acquisitions continued• In 2002, we advised Lotte Shopping in its acquisition of Midopa. We provided legalcounsel throughout the entire process of the merger, from the initial negotiations,execution of the agreement, and reporting the merger to the KFTC for its review. Wesuccessfully obtained approval for the merger.• In 2002, we advised SK Networks Company in its acquisition of Korea Thrunet. Weprovided legal counsel throughout the entire process of the merger, from the initialnegotiations, execution of the agreement, and reporting the merger to the KFTC forits review. We successfully obtained approval for the merger.• In 2000, we advised SK Telecom, the largest wireless communication service providerin Korea, in its acquisition of shares in Shinsegi Telecom, the third largest wirelesscommunication service provider in Korea. This was the largest M&A transaction inKorea in 2000. We advised our client throughout the entire process of the acquisition,from initial negotiations, execution of the agreement, and reporting the merger to theKFTC for its review. Contrary to skeptical views, we succeeded in obtainingconditional approval for the merger.2. Cartels• In 2011, we represented Samsung Electronics in a price-fixing and supply-fixing cartelcase involving 10 TFT-LCD manufacturing/distribution companies from Korea andTaiwan. In this case, the KFTC originally imposed an administrative fine of 194 billionKorean Won against ten TFT-LCD companies. We assisted Samsung Electronics fromthe investigation stage to the end of the KFTC proceedings.• In 2011, we represented Dongbu life insurance and KDB life insurance in a caseinvolving 16 life insurance companies charged with engaging in unfair collaborativeacts with regard to expected interest rates and publicly announced interest rates ofindividual insurance products. We assisted our clients from the investigation stage tothe end of the KFTC proceedings and obtained on Dongbu’s behalf a full exemptionfrom fines and on KDB’s behalf a substantial reduction of the fines originallyrecommended by the examiner.• In 2011, we represented Universal Music, SM Entertainment, and Neowiz Internetfrom the investigation stage to the end of the KFTC proceedings in a music sourceprice-fixing cartel case involving 13 music source distributors. We succeeded inobtaining a greater reduction in the degree of the sanctions recommended by theexaminer against our clients as compared to other respondents in the case.• In 2010, we represented Korea Investors Service (KIS) before the Korea Fair TradeCommission (KFTC) and demonstrated its capabilities as a full-service law firmthroughout the entire KFTC process, starting from conducting an internal investigationand maneuvering through the KFTC process.• In 2010, we represented Lufthansa and Swiss International Air Lines, a Lufthansasubsidiary, in a price-fixing cartel case involving twenty-six international air carriers.This case was the biggest global cartel case in Korea to date and involved manycomplex Korean antitrust law issues. We assisted Lufthansa and Swiss InternationalAir Lines from the investigation stage to the end of the KFTC proceedings.• In 2009, we represented GS Caltex, the second largest oil company in Korea and ajoint venture company between Chevron of the United States and GS Group ofKorea, in a case involving six Korean LPG suppliers charged with fixing LPG prices.We assisted GS Caltex from the investigation stage to the plenary session of theKFTC and succeeded in obtaining a 75% reduction in fines as well as an exemptionfrom criminal prosecution.• In 2009, we represented Donga Otsuka, a joint venture company between DongaPhar- maceutical of Korea and Otsuka of Japan, in a case involving five beveragemanufacturers charged with jointly increasing their beverage prices. We assistedDonga Otsuka from the investigation stage to the end of the KFTC and obtained anexemption from corrective measures and fines for our client.• In 2009, we represented one of four credit rating agencies charged with jointlyincreasing their rating service fees. We assisted our client from the investigation stageto the plenary session of the KFTC and obtained an exemption from correctivemeasures and fines for our client.• In 2009, we represented Samsung Electronics in a price-fixing cartel case andobtained a dismissal decision without any penalties from the KFTC.• In 2009, we represented Bridgestone in cartel case involving six marine hosemanufacturers charged with bid riggings for marine hoses. We assisted Bridgestonefrom the investigation stage to end of the KFTC proceedings and obtained asubstantial reduction in fines.• In 2009, we represented UPM in an international cartel case involving four copy paperdistributors charged with jointly increasing their paper prices. We assisted UPM fromthe investigation stage to the end of the KFTC proceedings and obtained a fullexemption from sanctions, including corrective measures and fines.• In 2008, we represented two life insurance companies and two casualty insurancecompanies in a case involving 24 insurance companies and the National AgriculturalCooperative Federation charged with jointly increasing the insurance premium ratesfor their group insurance and retirement insurance policies and rigging a bid for publicservants’ group insurance policy. We assisted our clients from the investigation stageto the end of the KFTC proceedings and [obtained a two-third reduction in fines – allclients obtained the same percentage of reduction?] and an exemption from criminalprosecution for our clients.

892. Cartels continued• In 2008, we represented Woori Bank, the second largest bank in Korea, in a caseinvolving four banks charged with collaborating on deciding fees for their joint CDnetwork’s cash withdrawal service. We assisted Woori Bank from the investigationstage to the plenary session of the KFTC and our client was cleared of all chargesfiled by the examiners.• In 2008, we represented Megabox, one of the largest cinema chain firms in Korea, ina case involving six movie theater operators charged with engaging in unfaircollaborative acts to increase the ticket prices in their cinemas located in Daejeon,Masan, and Changwon. We assisted our client from the investigation stage to theend of the KFTC proceedings and our client was cleared of all charges by the KFTC.• In 2007, we represented Dongbu Insurance in a case involving ten insurancecompanies charged with engaging in unfair collaborative acts regarding their generalinsurance premium rates. We represented our client from the investigation stage tothe plenary session of the KFTC and obtained a full reduction of fines.• In 2007, we co-represented KT in a trial over a fine of approximately KRW 110 billion(approximately USD 93.5 million) imposed against landline communication serviceproviders by the KFTC for allegedly engaging in unfair collaborative acts regardinglocal phone call charges. We convinced the court to revoke the fine.• In 2007, we represented Ssangyong Engineering & Construction in a case involvingthree construction companies charged with unfairly collaborating in a bid held by theEnvironmental Management Corporation. We represented our client from theinvestigation stage to the end of KFTC’s proceedings and obtained a full exemption offines.• In 2006, we represented SK Telecom in a case involving three mobile communicationservice providers charged with unfair collaboration on service charges. This was thefirst case regarding unfair collaborative acts committed by mobile communicationservice providers. We assisted our client from the investigation stage to the end ofthe KFTC’s proceedings. Our client was cleared of some of the allegations at theinvestigation stage, and also obtained a substantial reduction of fines for one of thecharges.• In 2005, we represented a foreign company involved in an international cartel schemeand filed the first leniency application in an international cartel case in Korean history.As a result, the client received full exemption from fines and other sanctions...• In 2002, we represented Nippon Carbon in an appeal to the KFTC in a case involvingsix graphite electrode manufacturers charged with price-fixing. This was the firstKFTC case involving extraterritorial application of the Korean antitrust law in anantitrust case. We obtained a 67% reduction in fines, the most favorable measureobtained by any of the five companies that had appealed the original penalties.3. Abuse of Market Dominance• Between 2007 and 2011, we defended Hyundai Motors against allegations ofabusing its market dominant position in the Korean automobile and truck (5 tons orless) markets. Hyundai Motor was charged with restricting sales agencies fromrelocating, limiting the recruiting of sales employees, and forcing sales targets onsales. Our firm successfully obtained a substantial reduction of fines from the KFTC,and in 2008, in the related administrative appeal, secured a decision revoking allsanctions (including corrective orders and fines) imposed against our client withregard to alleged practice of forcing sales targets. In 2011, during surchargerecalculation on the remaining charges, we successfully challenged recalculation ofsales revenue affected by the alleged violations, and ultimately obtained a 90%reduction of fines as compared to the originally imposed fine amount of approximatelyKRW 21.6 billion.• Between 2007 and 2011, we defended SKT against charges that it abused its marketdominant position by establishing a system through which subscribers using SKT’sMP3 phones could play only those MP3 files downloaded from the company’s musicsite, Melon. We obtained a significant reduction in fines recommended by theexaminer at the KFTC proceeding, then filed and won an administrative appealrevoking the corrective orders and administrative fines in their entirety. The SupremeCourt of Korea upheld this decision in 2011.• In 2010, we represented Asiana Airlines (Asiana) in the KFTC investigation into Asianaand Korean Air’s alleged abuse of market dominance in the airline industry. Asianaand Korean Air were charged with interfering with budget airlines’ entry into the aircarrier market, changing the methodology of calculating fuel surcharges in a mannerunfavorable to consumers, and providing volume incentives to travel agents on thecondition of exclusivity. Yulchon was able to distinguish Asiana’s actions from thoseof Korean Air and justify Asiana’s volume incentives and method of charging fuelsurcharges, while obtaining a substantial reduction of fines regarding the charge ofinterfering with budget airlines’ entry into the air carrier market.• In 2009, we represented Texas Instruments, Broadcom, Nextreaming, and Ericsson ina case where Qualcomm was charged with abusing its market dominant position inthe CDMA technology market and chipset market for CDMA mobile phones.Qualcomm was charged with offering discriminative royalties and kickbacks andrefusing to disclose certain essential information. Qualcomm received the largest fine,KRW 260 billion (approximately USD 221 million), ever imposed by the KFTC.• In 2008, we represented AMD in a case where Intel was charged with abusing itsmarket dominant position in the Korean CPU market, which excluded AMD fromcompetition. Intel was charged with providing kickbacks to PC manufacturers inexchange for not using AMD products or maintaining the use of Intel products at acertain level. Intel received a KRW 26.6 billion (approximately USD 22.1 million) finefrom the KFTC.

10113. Abuse of Market Dominance continued• In 2006, we represented Daum Communications and RealNetworks in a case againstMicrosoft, which was charged with abusing its market dominant position in the onlinemessenger and streaming media markets. We assisted our clients in reaching asettlement in which Microsoft agreed to provide economic benefits worth USD 30million and USD 760 million to Daum Communications and Real Networks,respectively. We also represented the KFTC in a motion filed by Microsoft with theSeoul High Court for suspension of enforcement and prevailed (The case did notproceed further since Microsoft dropped the litigation).• In 2003, we represented LG Card in a case where Hyundai Capital, Samsung Capital,and our client were charged with harming consumer benefits by charging highcommissions for installment financing. Our client was cleared of all charges.• In 2001, we represented Hyundai Hysco in a case where POSCO was charged withabusing its market dominant position. We also advised the KFTC in issuing acorrective measure on POSCO for its violations.4. Unfair Trade PracticesA. Unfair Solicitation of Customers• During the period from 2007 to 2009, we represented many pharmaceuticalcompanies (domestic as well as multinational) in cases where those companies werecharged with engaging in unfair solicitation of customers by providing economicbenefits to healthcare professionals of medical institutions in return for prescriptionsfor their medical products. We assisted our clients from the investigation stage to theplenary session of the KFTC and obtained substantial reductions in fines.• In 2002, we successfully defended Hyundai Motor Company and Kia MotorsCorporation before the KFTC (obtaining a surcharge reduction of 30%) againstallegations that they provided favorable rates on auto-installment paymentagreements to their affiliated companies. We won on appeal to the Seoul High Court,which was upheld by the Supreme Court.• In 2001, we represented SK Telecom in a case involving discriminatory treatment ofits subsidiary, SK Global. We assisted our client from the investigation stage to theplenary session of the KFTC and obtained reductions of most of the surcharges. Wewon on appeal in the administrative case filed with the Seoul High Court and theSupreme Court (2004).C. Abuse of Superior Trading Position• In 2011, we represented SM entertainment, Korea’s largest multimedia entertainmentcompany, in a case where it was charged with abusing its superior trading position inmaking unfair exclusive contracts with its entertainers and trainees. We assisted ourclient in the KFTC proceeding and successfully obtained a substantial reduction in thescope of the KFTC’s corrective order.• In 2008, we represented Korea Infoservice in a case where it was charged with abuseof its superior trading position due to its termination of contracts with its sales agentsbefore the contracts’ terms expired. We assisted our client from the investigationstage to the plenary session of the KFTC and obtained a dismissal for our client.• In 2006, our successful defense of Hyundai IPark Mall resulted in the KFTC’s decisionto end its investigation into the allegation that Hyundai IPark Mall was abusing itssuperior trading position vis-a-vis its advertising agency.• In 2004 and 2005, we provided legal advice to Samchully Co., Ltd., the largest citygas provider in Korea. We assisted our client and obtained the KFTC’s decision notto initiate the examination process and a dismissal for the company.B. Unlawful Discriminatory Practices• In 2008, we successfully defended Daum Communications Corp. against allegationsthat it provided free advertisements to its affiliates, thereby discriminating againstother advertisers. We assisted our client from the investigation stage to the plenarysession of the KFTC and obtained a dismissal for Daum.• In 2006, we successfully defended Woori Bank against allegations that it unlawfullydiscriminated in favor of its affiliates by allowing them to charge a higher commissionthan non-affiliates. We obtained a dismissal at the investigation stage of the KFTC.D. Unfair Refusal to Deal• In 2011, we represented Baxter, a multinational pharmaceutical company, in a casewhere Hanall Biopharma submitted a complaint to the KFTC accusing Baxter ofunfairly refusing to deal (which involved negotiations between Baxter and Hanall topreserve Hanall’s status as the exclusive dealer of certain Baxter medical products)and unfairly soliciting customers. We assisted our client in the KFTC investigationstage and obtained a dismissal of all charges.• In 2003, we represented Daum Communications Corp. during the KFTC’sinvestigation into alleged unfair discrimination in anti-spam measures. We assistedour client and obtained a dismissal at the investigation stage of the KFTC.

125. Misleading or Deceptive Labeling & Advertising Practices• In 2011, we represented Lock & Lock, the largest player in domestic plastic packagecontainer market in a case where it brought a complaint to the KFTC againstSamkwang Glass’ Glass-lock for its misleading advertising practice with regard to itspatent and environmental hormone. We successfully convinced the KFTC to impose acorrective order, an administrative fine, and a publication order (requiring publicationby Samkwang Glass in a major daily newspaper that a corrective order was imposedupon it by the KFTC due the misleading advertisement) on Samkwang Glass.• In 2006, we successfully defended Isu Engineering and Construction Co., Ltd. againstclaims of false and exaggerated advertising with regard to the company’s newly builtapartments. We obtained a dismissal from the KFTC at the initial investigation stage.• From 2003 to 2005, we represented Daum Communications in an administrativeaction before the Korean Supreme Court to appeal a corrective order imposed onDaum. The case arose from advertisements posted by a third-party entity thatconducted business on an internet shopping mall operated by Daum. With thereversal of the original decision, we obtained a decision in favor of Daum from theKorean Supreme Court.• In 2002, we successfully defended CJ O Shopping Co., Ltd. (formerly, 39 TV HomeShopping Company) against allegations of unfair advertising and succeeded in havingthe surcharge revoked.• In 2000, we filed a defamation complaint with the KFTC on behalf of Global VillageCulture Information Service, which was the sole standard computer network providerfor issuance of admission tickets, and obtained an injunction prohibiting thedistribution of defamatory materials and refraining from any defamatory actions.6. Other Cases Related to the Antitrust Law• We have advised Samsung Group, Hyundai Motor Group, SK Group, LG Group,Kolon Group, Lotte Group, Doosan Group, Dongbu Group, and their affiliates onmatters covered by the KFTC. The issues were mainly related to the MRFTA,Subcontract Law and Act on Fair Labeling and Advertisement, Regulation on Affiliatesof Large Business Groups designated by the KFTC, Regulations on HoldingCompanies, abuse of market-dominant position and unfair trading practices.• We have provided legal opinions regarding all types of issues under the MRFTA.

ProfessionalsMr. Sai Ree YunPartner• TEL_+82.2.528.5202• Email_sryun@yulchon.comYulchon’s Antitrust TeamMr. Sai Ree Yun is a founding partner of Yulchon and co-heads the firm’s Corporate & Finance Group. He servesas the vice president of the Korea Competition Law Society, director of the Korea Competition Forum and hasacted as a non-governmental advisor to International Competition Network since its establishment. Mr. Yunlectures and speaks on antitrust issues at many conferences and institutions such as the International BarAssociation, American Bar Association, Fordham Conference and International Competition Network.Mr. Yun was on the Legal Advisory Committee of the Korean Broadcasting Commission. He was selected as oneof the International Who’s Who of Professionals, and a Competition Law specialist by Global CompetitionReview, International Financial Law Review and AsiaLaw. He also served as a legal advisor and was a member ofthe Competition Policy Advisory Board for the KFTC. In addition to antitrust, Mr. Yun is a leading practitioner ofM&A and tax law.Mr. Yun is recognized as a pioneer in the field of antitrust law in Korea and has handled antitrust matters inalmost all areas including abuse of market dominance, cartel, merger review, and at almost all levels andagencies such as the KFTC, courts, and private transactions. For example, he represented AMD against Intel,RealNetworks against Microsoft, various IT companies against Qualcomm, and many companies in internationalcartel cases involving products such as DRAM, LCD, CRT, air cargo, marine hose, and pulp. He alsosuccessfully represented Hyundai Motors’ acquisition of Kia Motors, the largest automotive industry acquisitionin Korean history, and KT’s merger with KTF, the largest telecommunications industry merger in Korean history.Mr. Yun has published various articles on antitrust law including “The Regulation of Conglomerate Mergers inKorea (Harvard Law School LL.M. Thesis, 1982), “Regulation of Business Combination under the MRFTA withEmphasis on the Case Law” (Journal of Korean Law Vol. 2, 2002), “Antitrust Law in Korea, International AntitrustLaw & Policy”( Fordham Corp. L. Inst., 2002), and “Antitrust Law in Korea” (The International Lawyer Volume 43Number 2 Year-In-Review, American Bar Association (Co-Author) (2009).In 1980, prior to the enactment of the MRFTA, Mr. Yun received his master degree from the Seoul NationalUniversity with his thesis on “A Study on Unfair Trade Practices” and served as a public prosecutor with theBusan District Prosecutors’ Office. In 1982, he received his LL.M. degree from Harvard Law School andreturned to Korea to work for the law firm of Lee & Ko (1983-1984). After receiving his J.D. from University ofCalifornia, Hastings College of Law in 1986, he worked at Baker & McKenzie’s Chicago and New York Offices forthree years, and then as a partner at the Korean law firm of Yoon & Partners (1989 to 1997).Mr. Yun is licensed as a lawyer in Korea (1980), Illinois (1986), New York (1988) and Washington, D.C. (1990).

ProfessionalsMr. Hee Chul KangPartner• TEL_+82.2.528.5203• Email_hckang@yulchon.comYulchon’s Antitrust TeamMr. Hee Chul Kang is a founding partner of Yulchon and co-heads the firm’s Corporate & Finance Group.Mr. Kang has long been recognized as a leading lawyer with experience in the fields of M&A, labor law andsecurities law, antitrust and general corporate matters. Since 2003, IFLR and Chambers has recognizedMr. Kang each year as one of Korea’s leading lawyers in the areas of capital markets, M&A and corporategovernance.Mr. Kang is presently serving as the vice president of Korea Securities Law Society, an arbitrator for the KoreaCommercial Arbitration Board, a member of the Capital Market Investigation and Review Committee of theFinancial Services Commission and an advisor to the Listed Company Association.Mr. Kang has published numerous articles including, “Comparative Study on Laws Concerning Employer Rightto Use Strike Replacements” (1990), “Duties and Obligations of Director of Joint Stock Company under theModified Commercial Law” (co-author) (1999), “International Duplicate Lawsuits” (2003), “Several Legal Issues inSecurities Investment Trust” (co-author) (2003), “Status of Domestic and Overseas Private Equity Funds andLegal Issues in M&A” (2004), “Study on Incorporation of Holding Company” (co-author) (2005 and 2008),“Unique Nature of Incorporation, Organization and Management of Corporate under the Specialized Law”(co-author) (2008), and “Legal Relationship of Business Transfer” (2009).Mr. Kang graduated from the Seoul National University Law School in 1979, completed his training at the JRTI in1981, and received his LL.M degree from Harvard Law School in 1990. He is a licensed lawyer in Korea (1981)and New York (1991).

ProfessionalsMr. Hae Sik ParkPartner• TEL_+82.2.528.5645• Email_parkhs@yulchon.comYulchon’s Antitrust TeamMr. Hae Sik Park is a partner at Yulchon and practices primarily in the fields of antitrust, intellectual property,litigation and arbitration. In particular, Mr. Park successfully represented KT in its alleged unfair concerted actcase, and SKT Melon and Hyundai Motor Co. in their abuse of market dominance administrative lawsuits.Prior to joining Yulchon in 2007, he served as a judge at various courts including the Seoul Criminal DistrictCourt, the Seoul Civil District Court, the Seoul Administration Court, and the Supreme Court of Korea, and was apresiding judge with the Incheon District Court, Bucheon Branch. As a presiding judge (leader of theadministration team that studied antitrust cases) and a Korean Supreme Court research judge for four years from2002, he presided over major cases in relation to abuses of market dominance, unfair trade acts, unfairconcerted acts, unfair supportive acts, and unfair advertisement.Mr. Park is the author of numerous articles including, “Study on Legal Penalty Concerning Monopoly Regulationand Fair Trade” (Korea University LL.M. Thesis, 2000), “Regulation of Unfair Labeling and Advertising” (JudgmentDocumentation Vol. 87, 2000), “Assumption of Unfair Concerted Act and Meaning of Substantial Limitation onCompetition” (Economics & Law Precedent Research 2004), “Suspension of Enforcement of Imposition ofPenalty and Occurrence of Additional Charges under the Antitrust Law” (Special Law Study Vol. 7, 2005), and“Control of Franchise within Necessary Scope for Accomplishment of Purpose” (Supreme Court PrecedentCommentaries Vol. 58, 2006).He graduated from Korea University Law School in 1987, completed training at the JRTI in 1989, and is alicensed lawyer in Korea (1989).

ProfessionalsMr. Seuk Joon LeePartner• TEL_+82.2.528.5448• Email_leesj@yulchon.comYulchon’s Antitrust TeamMr. Seuk Joon Lee is a partner at Yulchon and primarily practices in the area of antitrust, medicine andpharmaceutical, and broadcasting and telecommunications. At Yulchon, Mr. Lee has handled antitrust matters inall areas including cartel, merger review, abuse of market dominance, and unfair trade practice. For example,Mr. Lee successfully represented many companies in domestic and international cartels involving products andservices such as LPG, air cargo, TFT-LCD, marine hose, copy paper, beverage, life insurance, and credit ratingservice. Mr. Lee has also been involved in many merger review cases including Texas Instruments’ acquisition ofNational Semiconductor, Fila Korea’s acquisition of Acushnet, Lotte Shopping’s acquisition of GS Mart andsuccessfully obtained merger approval from the KFTC. Mr. Lee also successfully represented manypharmaceutical companies in the improper solicitation of customer cases, unfair refusal to deal cases and abuseof market dominance cases.Prior to joining Yulchon in September 2006, Mr. Lee spent over 20 years working for government agencies suchas the KFTC, the Economic Planning Board, and the Ministry of Information and Communication. At the KFTC,he held major positions such as director of the Investigation Division, director of the Labeling and AdvertisingDivision, director of the Business Group Division, director of the Competition Promotion Division, and director ofthe Monopoly Regulation Division. When he worked for the KFTC, he took a leading role in investigating manyhistorically important antitrust cases in Korea, including the abuse of market dominance cases of Microsoft, Inteland Qualcomm.Mr. Lee has published many articles including “Comparative Study on Regulation of Market Dominance in theU.S. and EU” (Competition Journal No. 129, 2006), “Analysis of Settlement System of Competition Law Cases”(Competition Journal No. 133, 2007), “Study on Improvement of Holding Company System under the MRFTA”(Competition Journal No. 134, 2007), “Comparative Analysis of Court Rulings and KFTC’s Decisions ConcerningBusiness Combination in the Retail Industry” (Competition Journal No. 141, 2008), “Relationship between CartelDamage Claim Suit and Leniency Status” (Competition Journal No. 142, 2009), “Recognition of Leniency Statusfor Companies under the Common Control” (Competition Journal No. 143, 2009), “Comparative Study on theU.S. and EU Regulation Concerning Price Squeeze of Vertical Integrated Companies” (Competition Journal No.144, 2009), and “Review on Competition Law Issues in Online Distributors’ Business Combination” (CompetitionJournal No. 145, 2009).Mr. Lee received his J.D. from Syracuse Law School in 1999 and a master’s degree in accounting from SyracuseUniversity Graduate School of Management in 2000. He is licensed as a lawyer in New York (2000) and AICPAin New York (2001).

ProfessionalsMr. Ki Young KimPartner• TEL_+82.2.528.5222• Email_kykim@yulchon.comYulchon’s Antitrust TeamMr. Ki Young Kim is a partner at Yulchon and practices primarily in the areas of antitrust, general corporatematters, M&A, and broadcasting and telecommunications. Mr. Kim joined Yulchon in 1998 and was onsecondment at Allen & Overy (Hong Kong) during 2003-2004. At Yulchon, Mr. Kim advised on SK Telecom’sacquisition of Shinsegi Communication and Jinro’s sale of Hite. Further, he has successfully dealt with the filingsof domestic and international business combinations, local cable broadcaster’s violation of businesscombination, unfair assistance of large conglomerates including Hyundai Group and Samsung Group, unfairtrade acts of major film distributors, abuse of status in trade between Hyundai Hysco and POSCO, internationalcartel cases in relation to graphite electrode rods, and chemical companies’ cartels.His major articles include “Standards for Determining ‘Unfairness’ in Unfair Trade Act under the MRFTA”(Competition Law Study Vol. 8, 2002), “A Different View of the Intra-Enterprise Conspiracy Doctrine: An Analysisof the Copperweld Decision, Its Effect on Subsequent Decisions, and a Comparison to Korean Antitrust Law”(UC Berkeley LL.M. Thesis, 2003), and “Legal Issues Concerning Merger between Financial Institutions”(co-author) (BFL No. 7, September 2004).Mr. Kim graduated from Seoul National University Law School in 1993 and received his master’s degree fromSeoul National University, Graduate School Department of Law in 2001 with a thesis titled “Study on Regulationof Unfair Supportive Act under the Monopoly Regulation Law”, and LL.M. degree from UC Berkeley Law Schoolin 2003. Mr. Kim completed his training at the JRTI in 1998 and is licensed as a lawyer in Korea (1998) and NewYork (2006).

ProfessionalsMr. Sung Wook EunPartner• TEL_+82.2.528.5305• Email_sweun@yulchon.comYulchon’s Antitrust TeamMr. Sung Wook Eun is a partner at Yulchon, and is highly recognized in the fields of antitrust and M&A.At Yulchon, he has successfully dealt with many antitrust cases, including price-fixing cartel cases, unfair tradepractice cases, and abuse of market dominance cases. Mr. Eun represented Eugene Group’s acquisition ofHimart Co., Ltd., Woongjin Holdings Co., Ltd.’s acquisition of Kukdong E&C, Shinsegae Co., Ltd.’s acquisition ofWalmart Korea, SK Telecom’s acquisition of Shinsegi Communication and subsequent merger, HyundaiMerchant Marine Co., Ltd.’s sale of automobile and transportation business, Korea Deposit InsuranceCorporation’s sale of three insolvent insurance companies of Daehan, Kukje and Legend, and has providedadvice on various corporate law issues to domestic and overseas clients.Mr. Eun graduated from Seoul National University in 1994, received his LL.M. degree from New York University,School of Law in 2005, and completed training at the JRTI in 1997. Mr. Eun is licensed as a lawyer in Korea(1997).

ProfessionalsMs. Kyoung Yeon KimPartner• TEL_+82.2.528.5503• Email_akykim@yulchon.comYulchon’s Antitrust TeamAs a partner at Yulchon, Kyoung Yeon Kim provides advice on antitrust area, M&A, corporate general, overseasinvestment project, environment and energy and other regulatory matters.Ms. Kim joined Yulchon as an associate in 2001 and became a partner in 2009. She worked on secondment atthe Hong Kong office of Cleary Gottlieb Steen & Hamilton LLP from 2007 to 2008. She has been serving as acounsel for the Korean Ministry of Environment of since 2010 and for the Ministry of Justice since 2011.Some of the major projects she participated in are the sale of Hyundai Merchant Marine’s terminal, the sale ofHynix Semiconductor’s display division, Crown Confectionery’s acquisition of Haitai Confectionery & Foods, thejoint venture of Samsung Electronics and Samsung SDI for AMOLED business, and the incorporation ofSamsung LED, the merger case of KED Korea and the merger case of Lotte shopping Co., Ltd. and GS RetailCo., Ltd.Ms Kim has published many articles including ‘The Merger Control Review (Korea Chapter)’ (Law BusinessResearch Ltd, 2011, coauthored), ‘Analysis on the Unfair Subsidization of Person Controlling Group Companies’(Competition Case Law Review, Volume 4, 2007), ‘Legal Review on the Plan for Establishment of HoldingCompany,’ (Holding Company and Law, edited by Kon Sik Kim and Hyeok Joon Roh, 2005, coauthored), ‘M&AReview Guidelines under Korean Competition Law,’ (Journal of Korean Competition Law, Volume 11, KoreanCompetition Law Association, 2005, co-authored) and ‘Legal Issues Relating to the Mergers between FinancialInstitutions’ (BFL (Business Finance Law), Volume 7, Business and Finance Center in Seoul National University,2004, co-authored).Ms. Kim received her LL.B from Seoul National University and LL.M from the University of Michigan Law School.

ProfessionalsDr. Sang Yong ParkSenior Advisor• TEL_+82.2.528.5768• Email_sypark@yulchon.comYulchon’s Antitrust TeamDr. Sang Yong Park is a senior advisor who provides expertise on antitrust, M&A, subcontract, and generalcorporate matters. Before joining Yulchon, Dr. Park’s 17 years of service at the Korea Fair Trade Commission(KFTC) culminated in his term as Secretary General from 2009 to 2011, during which he represented the KFTC inmany OECD Competition Committee conferences.Dr. Park handled various cases while at the KFTC, including abuse of market dominance, M&A, corporategovernance, cartel (LPG price fixing, Qualcomm’s abuse of market dominance, international airfreight cargo,etc.), subcontract-related cases on unlawfully deciding or reducing subcontract payment, and consumer-relatedcases. He led efforts to revise the Installment Transaction Act to create a culture of fairness in the funeral serviceindustry, and the Door-to-Door Sales Act to create the culture of fair transaction in (the) door-to-door sales andmulti-level marketing business.In addition to his work at Yulchon, Dr. Park also lectures at Sangmyung Univeristy on antitrust and consumerprotection law. He is the author of Economic Law, which is used as a text book at universities, and translated"Competition Policies for an Intergrated World Economy." His articles incude “Globalization and Convergence ofCompetition Regulation” and “International Trends in Comeptition Policy and Our Reponse.”Dr. Park received a B.A. in economics (1979) and an M.A. in public administration (1982) from Seoul NationalUniversity. He earned a Ph.D. in economics (1993) from the University of Liverpool. He also completed the expertlegal research course on antitrust law at Seoul National University (2002). He passed the 23rd StateAdministrative Service Exam in 1979.

ProfessionalsMr. Gi Ok ChangSenior Consultant• TEL_+82.2.528.5220• Email_gochang@yulchon.comYulchon’s Antitrust TeamMr. Gi Ok Chang is a senior consultant at Yulchon and provides advice on major antitrust issues, such asbusiness combination, cartel, abuse of market dominance and unfair trade act.Before joining Yulchon, Mr. Chang was a deputy director at the various divisions of the KFTC, including theBusiness Combination Division, Business Group Division, and Legal Affairs Division. He played a key role in manyinvestigations at the KFTC. In particular, he successfully dealt with numerous business combination cases at thetime of the Asian economic crisis in 1997.He graduated from Sungkyunkwan University in 1987, and received his MBA from Sogang University GraduateSchool of Business Management in 1991.

ProfessionalsMr. Jae Woong JeonConsultant• TEL_+82.2.528.5765• Email_jwjeon@yulchon.comYulchon’s Antitrust TeamMr. Jae Woong Jeon is a consultant at Yulchon who primarily focuses on antitrust matters and governmentrelations. Before joining Yulchon, Mr. Jeon held several senior positions at the Korea Fair Trade Commission,including deputy director of the Cartel Investigation Division, deputy director of the Business Group Division, andsenior deputy director of the Committee for Consumer Transactions. At Yulchon, he provides consulting serviceswith regard to fair trade violations, including cartels and unfair trade practices, among others. He graduated fromUniversity of Seoul in 1992.

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