Vertical spin-off of distribution business and grains business of Nonghyup (“NH”)

In March 2, 2015, National Agricultural Cooperative Federation executed a vertical spin-off for internal reorganization pursuant to the Agriculture Unions Act, with the total deal valued at KRW 606,851,000,000. It involved the spin-off of distribution business and grains business into separate entities, respectively named “Nonghyup Hanaro Mart, Inc.” and “Agriculture Corporation Nonghyup Food Grain, Inc. and Lee & Ko provided comprehensive review of the potential legal issues including proposing the most effective transactional process for the deal.