Mandated Management Regulations of the National Pension Insurance Fund Article 6

If the performance of a manager during the effective period of the contract is better than the evaluation criteria set by the BLF or the performance of the BLF’s mandated assets of the same type and the manager has not violated any relevant laws, regulations, or the mandate agreement with the BLF, the BLF may increase the entrusted amount to the said manager without further review process. The increased entrusted amount shall not exceed two times the original entrusted amount.If the performance of a manager is better than the evaluation criteria set by the BLF and the manager has not violated any relevant laws, regulations, or the mandate agreement with the BLF,the BLF may, upon the expiration of the mandate agreement with the said manager, renew the mandate agreement with the said manager without review and increase the entrusted amount within the scope of two times the original entrusted amount.The evaluation method and period for the management performance prescribed in the two preceding Paragraphs shall be expressly set forth in the mandate agreement. The scope of the increase of the entrusted amount and the benchmark date for evaluation shall be determined by the BLF.If any issues arise between a manager and the BLF regarding a manager who has qualified for renewal of the mandate agreement without review under Paragraph 2 during the period between the benchmark evaluation date and the mandate agreement expiration date, and corrective action is required, the BLF may reduce the entrusted amount or revoke the manager’s qualification for renewing the mandate agreement at its sole discretion.