##### 



Exhibit 15.4
 Enforcement
Decree of the Telecommunications Business Act
 Wholly amended By
    
    1991 ·
    12
    ·31
    
    Presidential Decree No. 13558Amended By
    
    1993 ·
    7
    ·23
    
    Presidential Decree No. 13935Amended By
    
    1995 ·
    4
    · 6
    
    Presidential Decree No. 14572Amended By
    
    1997 ·
    2
    ·22
    
    Presidential Decree No. 15283Amended By
    
    1997 ·
    3
    ·31
    
    Presidential Decree No. 15328Amended By
    
    1997 ·
    12
    ·31
    
    Presidential Decree No. 15579Amended By
    
    1999 ·
    3
    ·17
    
    Presidential Decree No. 16186Amended By
    
    1999 ·
    6
    ·30
    
    Presidential Decree No. 16424Amended By
    
    2000 ·
    3
    ·13
    
    Presidential Decree No. 16751Amended By
    
    2000 ·
    4
    · 1
    
    Presidential Decree No. 16774Amended By
    
    2001 ·
    6
    ·12
    
    Presidential Decree No. 17237Amended By
    
    2003 ·
    6
    ·23
    
    Presidential Decree No. 18006Amended By
    
    2004 ·
    1
    ·13
    
    Presidential Decree No. 18223Amended By
    
    2004 ·
    3
    · 9
    
    Presidential Decree No. 18309Amended By
    
    2004 ·
    5
    ·10
    
    Presidential Decree No. 18388Amended By
    
    2006 ·
    9
    ·22
    
    Presidential Decree No. 19684Amended By
    
    2007 ·
    3
    ·16
    
    Presidential Decree No. 19934




---



##### 



Article 1 (Purpose)
 Telecommunications Business Act
 Article 2 (Definition)
  Article 2-2 (Contents of Universal Service)
 Article 3-2 (4) of the Act




---



##### 



Article 2-3 (Designation of Telecommunications Business Operator who Provides Universal Services)
  Article 44-2 of the
Framework Act on Telecommunications




---



##### 



Article 2-4 (Replenishment of Losses Incurred from Provision of Universal Services)
 Article 29 (1) of the Act




---



##### 



Article 2-5 (Application for License, etc.)
 Article 5 (1) of the Act
 Article 5 (4) of the Act Article
44-2 of the Framework Act on Telecommunications Article 5 (2)
of the Act
 Article 3 (Examination Criteria etc. for Public Interest Nature)
 Article 6-3 (1) of the Act
 Article 6-3 (1) 3 of the Act




---



##### 



Article 6-3 (1) 4 of the
Act
  Article 4 (Composition etc. of Public Interest Nature Examination Committee)
 Article 6-4 (2) of the Act




---



##### 



Article 4-2 (Operation etc. of Public Interest Nature Examination Committee)




---



##### 



Article 4-3 (Imposition and Payment etc. of Charge for Compelling Execution)
 Article 7-2 of the Act
 Article 7-2 (2) of
the Act
    Article 7-2 of the Act




---



##### 



Article 13-4
  Article 5 (Business Excluded from Approval for Concurrent Operation)
 Article 11 (1) of the Act
  Article 2




---



##### 



Work Business Act
 Article 2 of the Information and
Communication Work Business Act
  Article 6
  Article 7
  Articles 8 through 8-4
  Article 9 (Report, etc. of Value-Added Communications Business Operator)
 Article 21 of the Act




---



##### 



Article 10 (Services Subject to Reduction and Exemption of Fees)
 Article 32 of the Act
    Broadcasting Act




---



##### 



Article 10-2
  Article 10-3 (Provision of Transmission or Line Facilities, etc.)
 Broadcasting Act Article 32-4 (1) of the Act




---



##### 



Article 10-5 (Types and Standards of Prohibited Acts)
 Article 36-3 (3) of the
Act
   Article 11 (Investigation of Facts)
 Article 36-5 (2) of
the Act
  Article 12 (Measures, etc. on Prohibited Acts)




---



##### 



Article 37
(1) of the Act
       Article 12-2 (Period of Implementing Orders to Take Corrective Measures)
 Article 37 (2) of the Act




---



##### 



Article 13 (Offenses Subject to Imposition of Penalty Surcharge, and Amount of Penalty Surcharge,
etc.)
 Article 37-2 (2) of the Act
       Article 13-2 (Computation Methods of Penalty Surcharge)




---



##### 



Article
37-2 (1) of the Act
 Article 37-2 (1) of the
Act




---



##### 



Article 13-3 (Imposition and Payment of Penalty Surcharge)
 Article 37-2 of the Act
    Article 13-4 (Demand for Penalty Surcharge Payment)
 Article 37-2 (4) of the Act




---



##### 



Article 14
  Article 15 (Reduction and Exemption of Expenses for Moving)
 Article 51 (3) of the Act




---



##### 



Article 15-2 (Request for Orders to Suspend Dealings with Illegal Communications)
 Article 53 (2) of the Act Article 53 (1) 7 through 9 of
the Act




---



##### 



Article 16 (Causes for Exemption from Presenting Opinions)
 Article 53 (3) 2 of the
Act
     Article 16-2 (Organization of Information Communication Ethics Committee, etc.)
 Article 53-2 of the Act




---



##### 



Article 53 of the Act
 Article 16-3
 Article 16-3




---



##### 



Article 16-3 (Scope of Information Subject to Deliberation)
 Article 53-2 (4)
2 of the Act
   Article 53
(1) of the Act




---



##### 



Article 16-4 (Request, etc. for Corrections)
 Article 53-2 (4) 2 of
the Act
    Article 16-2
  Article 53 (1) of the Act




---



##### 



Article 53 (2)
of the Act
  Article 16-5 (Raising Objections, etc.)
 Article 16-4




---



##### 



Article 16-6 (Secretariat of Information Communication Ethics Committee)
     Article 16-7 (Report of Current Status of Supplying Communication Data)
 Article 54 (6) of
the Act
  Article 17 (Restriction on and Suspension of Service)




---



##### 



Article 55 of the
Act




---



##### 



Article 18
  Article 19 (Approval, etc. for International Telecommunications Services)
 Article 59 (2) of the Act




---



##### 



Article 59-2 of the
Act
 Article 59 (2) of the Act
     Article 19-2
  Article 20 (Methods for Computing Penalty Surcharges)
 Article 64 (1) of the Act




---



##### 



Article 64 (1)
of the Act
   
 Article 21 (Offences Subject to Imposition of Penalty Surcharge, and Amount of Penalty Surcharge,
etc.)
 Article 64 (2) of the Act




---



##### 



Articles 13-3 13-4 Article 64 of the
Act
 Article 22 (Extension of Time Limit of Payment of Penalty Surcharge, and Payment in Installments
Thereof)
 Article 64-2 of the Act
 Article 64-2 (1) of
the Act Article
13-2
 Article 64-2 of
the Act
 Article 64-2 of the Act




---



##### 



Article 64-2 of the Act
     Article 23 (Classification and Appraisal, etc. of Securities)
 Articles 29 34 of the Framework Act on National
Taxes Articles 13 17 of its Enforcement Decree Article 64-2 of the Act




---



##### 



Article 23-2 (Important Communications)
 Article 65 (2) 3 of the Act
      Article 24 (Delegation of Authority)
 Article 68 (1) of the Act




---



##### 



Article 19 (1) of the Act
 Article 21 of the Act
 Article 22 of the
Act
 Article 25 of the Act
 Article 27 of the Act
 Article 28 (1) of the Act
 Article 28 (2) of the Act
 Article 42 (3) of the Act
 Article 63 of the Act




---



##### 



Article 64 of the Act
 Article 65 (1) of the Act
 Article 78 of the Act
  Article 25 (Fine for Negligence)
 Article 78 (2) of the Act




---



##### 



Article 1 (Enforcement Date)
  Article 2 (Contents of Restructuring)




---



##### 



Article 3




---



##### 



Article 1 (Enforcement Date)
  Articles 2 through 5




---



##### 



Article 1 (Enforcement Date)
  Articles 2 through 10




---



##### 



Article 2-4




---



#####