Document:

AGREEMENT OF LEASE

         THIS AGREEMENT OF LEASE is made between  Dongsuh  Securities Co., Ltd.,
with offices at 34-1  Yoido-Dong,  Youngdeungpo-Gu,  Seoul,  represented by Kwan
Jong  Kim,  its  Representative   Director   (hereinafter  referred  to  as  the
"Landlord") and Dongsuh  Finance Co., Ltd., with offices at 826-24  Yoksam-Dong,
Kangnam-Gu,  Seoul,  represented  by Hyun Yi Kang, its  Representative  Director
(hereinafter referred to as the "Tenant") for the premises consisting of part of
the Dongsuh Securities Building.

         Article 1 (Leasing of Premises)
         ------------------------------

         1.  Landlord  hereby  leases to Tenant  and  Tenant  hereby  hires from
Landlord the premises as described below (the "Premises"):

         Entire first floor  (693.65 sq. m) and entire  second floor (693.65 sq.
         m),  total  1,368.12  sq.  m,  in the  building  known  as  826-24,  25
         Yoksam-Dong,   Kangnam-Gu,   Seoul,  inclusive  of  common  areas,  but
         exclusive of parking Lot.

         2.  Tenant  shall  not be  granted  any  other  property  rights on the
Premises by virtue of this Lease other than the rights specifically set forth in
this Agreement of Lease.

         3.  Tenant  shall use and occupy the  Premises  for  offices and for no
other purpose.

         Article 2 (Term)
         ---------------

         1. The term of this Lease shall be from the 1st day of  July,
1996 to the 30th day of June, 2000.

         2. In the event the Tenant  fails to take  possession  of the  Premises
within one (1) month of the  commencement  of the lease  term or to deposit  the
entire amount of security on or before the  commencement of the lease term, this
Agreement of Lease shall automatically  become null and void and any monies paid
to the Landlord shall belong to the Landlord.

         3.  This  Agreement  of Lease  shall be  renewed  automatically  for an
additional period of six (6) months on the same terms and conditions  unless, at
least one (1) month  prior to the  expiration  of the lease term,  either  party
notifies the other party in writing of its  intention to modify the terms of the
Lease.

         4.  Either  party may  terminate  this Lease by giving a two (2) months
written notice to the other party,  in which event this Agreement of Lease shall
terminate upon the passage of two (2) months after receipt of such a notice.

         Article 3 (Security)
         --------------------

         1. Upon the execution of this Agreement of Lease,  Tenant shall deposit
the sum of 148,000,000 Won with the Landlord.

         2. In the event of renewal of this Lease,  Tenant shall make additional
deposit in  proportion  to the increase of rent on or before the previous day of
the  expiration of this Lease.  Tenant agrees to pay interest at the  prevailing
default  interest rate in the event of Tenant's  failure to make the  additional
deposit in a timely manner.

         3. Tenant may not apply the Security to rent  payment.  Tenant  further
covenants  that it will not assign or  encumber or attempt to assign or encumber
the monies deposited herein as security.

         4. The  Security  shall be returned to the Tenant  within 15 days after
the  expiration of this Lease or earlier  termination  and after the delivery of
entire  possession of the Premises to Landlord in accordance  with the provision
of Article 16 hereof.  Landlord shall have the right to deduct from the Security
any and all costs,  expenses,  obligations  or  liabilities  which the Tenant is
obligated to pay.

         Article 4 (Rent)
         ----------------

         1.  Tenant  agrees to pay the  Landlord  the sum of  14,800,000  Won as
monthly  rent on or before the 5th day of each month at a place as the  Landlord
may designate. Value added taxes shall be the responsibility of the Tenant.

         2. In the event the  monthly  rent is not paid on or before the 5th day
of each  month,  a late  charge  shall be  assessed  at the rate as set forth in
Article 3 (2) above.

         Article 5 (Maintenance Charges)
         ------------------------------

         1. Tenant  agrees to pay the  Landlord  each month the sum of 5,870,200
Won  for  maintenance  of  the  Premises   including  salaries  for  maintenance
personnel,  electricity,  water and  cleaning.  Value  added  taxes shall be the
responsibility of the Tenant.

         2. Further,  Tenant  agrees to pay all costs and expenses,  electricity
and taxes and assessments for maintaining facilities and appurtenances installed
by the Tenant for its own use.

         3. Landlord will submit to the Tenant monthly statement for maintenance
charges at the  beginning  of each month.  Tenant  agrees to make the  necessary
payment on or before the 5th day of each  month at a place as the  Landlord  may
designate.  In the event of late payment, a late charge shall be assessed at the
rate as set forth in Article 3 (2) above.

         4. In the event the lease term commences or terminates in the middle of
a month, the monthly maintenance charges shall be prorated for that month.

         5. In the event of substantial increases of taxes, assessments or other
prices or change of economic circumstances,  the monthly maintenance charges may
be increased accordingly after consultation between the Landlord and the Tenant.

         Article 6 (Requirements of Law, Rules and Regulations)
         -----------------------------------------------------

         Tenant shall comply with all applicable laws, orders and regulations in
conducting its  businesses  operations.  Tenant and its employees  shall observe
faithfully  and comply  strictly with the Rules and  Regulations  as Landlord or
Landlord's  agent may from time to time adopt concerning the use of the Premises
and other facilities and equipment.

         Article 7 (Assignment or Sublease)
         ---------------------------------

         1. Tenant  shall not assign this  Agreement  nor sublet the Premises or
part thereof to others.

         2. Other than the  employees  of the  Tenant,  Tenant  shall not permit
others to occupy the Premises or part thereof nor post signs of others.

         Article 8 (Prohibition of Residential Occupancy)
         -----------------------------------------------

         1.  Tenant  is  strictly   prohibited   from  using  the  Premises  for
residential purposes.  Only the Tenant's night watchmen, to the extent permitted
by the Landlord in writing, may stay on the Premises overnight.

         2.  Landlord  may  prohibit or restrict  the use of  elevators or other
facilities on legal holidays or Sundays or prior to 8:00 a.m. or after 7:00 p.m.
on business days.

         3. In the event the Tenant  decides to work on  holidays or beyond 7:00
p.m. on business days, Tenant shall pay additional  maintenance charges based on
the additional maintenance services provided by the Landlord.

         Article 9 (Indemnity of Landlord)
         ---------------------------------

         Landlord  shall not be liable  for any  damage  to  property  of Tenant
(including  vehicles  parked in the  parking  lot)  resulting  from any cause of
whatsoever nature.  Landlord shall only be required to assign and manage a guard
or guards to protect the common areas of the building.

         Article 10 (Prohibited Activities)
         ---------------------------------

         Tenant  agrees  not  to  engage  in  the  following  activities  on the
Premises:

         1.  Installation of signs or  advertisement  materials which will cause
nuisance to the general public.

         2. Delivery or storage of explosives  or other  materials  dangerous to
persons or property of others.

         3. Unauthorized use of heating  equipment or fuel such as woods,  coal,
oil or gas.

         4. Unauthorized use of heating or air conditioning equipment.

         5. Keeping animals or pets other than fish bowls.

         6. Damaging the Landlord's structures,  equipment or facilities; making
alterations to the structures of the building without the Landlord's consent; or
installation of signs or advertisement  materials without the Landlord's consent
or approval.

         7. Manufacturing or selling contraband goods.

         8. Use of the Premises for purposes  otherwise  unauthorized under this
Lease Agreement.

         Article 11 (Improvements and Installations)
         ------------------------------------------

         Tenant  is  prohibited   from  doing  the  following   improvements  or
installations without the Landlord's prior written consent. All the improvements
and  installations  shall be done under the  supervision  of the Landlord at the
expense of the Tenant.

         1. Alterations of the Premises; partitioning; or installation or change
of windows, etc.

         2.  Installation  or transfer of electrical  outlets;  installation  of
telephone system; or installation,  addition, transfer or change of water supply
or gas supply facilities.

         3. Posting trade name,  trademark,  etc. on the exterior walls or plate
glass of the building.

         4. Installation of safe or other heavy equipment.

         5. Installation of signs or advertisement materials.

         Article 12 (Repairs)
         -------------------

         1. Tenant shall be  responsible  for all the repairs of walls,  ceiling
and floors including painting. However, Landlord will do the regular painting of
ceilings and walls.

         2. If the  Landlord's  repairs are  needed,  Tenant  shall  immediately
notify the Landlord.  Tenant's  repairs shall be done in  consultation  with the
Landlord.

         Article 13 (Damages)
         --------------------

         1. In the event of damages to the  Premises  or the  facilities  in the
Building caused by the Tenant, its employees,  agents or invitees,  Tenant shall
immediately notify the Landlord and pay the necessary damages.

         2. Tenant  shall be liable for any damages of which the Tenant fails to
notify the Landlord.

         3. The amount of damages shall be  determined by the Landlord  based on
the fair market value.  Landlord's  determination herein shall be conclusive and
final.

         Article 14 (Access)
         ------------------

         Landlord or its agents  shall have access to the  Premises at all times
during the term of this Lease for the purpose of necessary inspection, emergency
measures for sanitation,  fire  prevention and crime  prevention and to show the
Premises to future tenants.

         Article 15 (Landlord's Termination)
         ----------------------------------

         1.  Landlord  shall  have  the  right  to  terminate  this  Lease  upon
occurrence of the Tenant's defaults as follows:

                  a.  Failure  to pay rents and  additional  rents or two (2) or
more months beyond the due dates as provided for in Article 4 and Article 5.

                  b.  Encumbrance  or  attachment  of the  monies  deposited  as
security.

                  c. Other defaults of the Tenant.

         2. In the event of the Tenant's default,  Landlord shall have the right
to terminate this Lease,  to refuse the renewal or extension of the term of this
Lease and to demand immediate surrender of the Premises.  Further,  Landlord may
take any and all other actions it deems  appropriate to enforce its rights under
this Lease.

         Article 16 (Surrender and Restoration)
         -------------------------------------

         1. Tenant  shall  remove all its  property and assets and return to the
Landlord the keys and other  property  belongings to the Landlord on or prior to
the expiration of the term of this Lease.

         2. At the end of the term of this Lease,  Tenant  shall  remove all the
partitions or other facilities  installed by the Tenant and restore the Premises
to its original condition.

         Article 17 (Force Majeure)
         -------------------------

         Landlord shall not be responsible for damages to Tenant's equipment and
other property caused by fire theft, natural disaster, earthquake and other acts
of  god.  Tenant  shall  be  responsible  for  installation  of  facilities  and
instruments  necessary for  prevention of fire and other damages to the property
to its own.

         Article 18 (Interpretation)
         --------------------------

         Any disputes  arising under this Lease  Agreement  shall be resolved in
accordance with the laws of the Republic of Korea.

         Article 19 ( Jurisdiction)
         -------------------------

         Any legal actions  concerning  this Lease Agreement shall be subject to
the jurisdiction of Seoul Civil District Court.

         Article 20 (Management regulations)
         ----------------------------------

         Tenant  agrees to observe the  regulations  which the Landlord may from
time to time  establish  in order to protect  the  property of the Tenant and to
manage the Premises.

         IN WITNESS  WHEREOF,  the parties have executed two (2) counterparts of
this Lease Agreement.

Dated:  May 21, 1998

Landlord:      Dongsuh Securities, Co., Ltd.
               34-1 Yoido-Dong
               Youngdeungpo-Gu, Seoul
               By:  Kwan Jong Kim
                    Representative Director

Tenant:        Dongsuh Finance Co., Ltd.
               826-24 Yoksam-Dong
               Kangham-Gu, Seoul
               By:  Hyun Yi Kang
                    Representative DirectorMBS UNDERWRITING AGREEMENT

         NewState  Capital Co.,  Ltd.  (hereinafter  referred to as  "NewState")
hereby agrees to hire Daewoo  Securities Co., Ltd.  (hereinafter  referred to as
"Daewoo  Securities") and Daewoo  Securities hereby agrees to accept said hiring
in underwriting  NewState's  issuance of MBS based on housing mortgage loans and
structuring of MBS on the terms and conditions set forth herein.

1.       The terms used in this Agreement shall be defined as follows:

1) Housing  mortgage  loans shall mean the loans which the lending  institutions
make taking  houses as security and the  principals  and  interests of which are
amortized over a period not exceeding 30 years.

2) MBS shall mean Mortgage Backed  Securities  which are issued based on housing
mortgage loans made by lending institutions as assets.

3) Underwriting  shall mean  negotiating the terms and conditions of undertaking
with the issuer on behalf of the underwriters and handling issuance, undertaking
and subscription of MBS in general.

4) Structuring shall mean to analyze cash flow,  default ratio,  insolvency rate
of the borrowers,  etc. thereby developing optimum structure of MBS issuance and
cash flow which are proper for investment management.

5) SPC shall mean special purpose companies organized under the SPC Law.

6) Superior  securities shall mean the securities which have priority,  in terms
of legal  treatment and order of  performance,  over other  securities for their
performances.

7) Inferior  securities  shall mean the  securities  which are  entitled to the
difference  between the  interests on the housing  mortgage  loans and MBS after
satisfying the superior securities.

8) Trustee bank shall mean a bank which acts as the depository of SPC assets and
the  protector  of MBS  investors.  In the  event  NewState  should  not be in a
position  to manage  the  assets,  it will also act as the  manager of assets on
behalf of NewState.

2.       Undertakings by NewState

1) After the MBS structuring of NewState's  housing mortgage loans is completed,
NewState  shall  provide  its  housing  mortgage  loans to a  designated  credit
evaluation  institution for its examination and obtain  satisfactory  investment
qualification  grade  which are  eligible  for credit  rate of Ao,  which is the
minimum standard acceptable to Daewoo Securities, or over.

2)  NewState's  housing  mortgage  loans shall not be  ineligible  for sale to a
designated SPC on the date Application for Asset Transfer Registration is filed.

3) NewState  shall continue to collect  repayment of housing  mortgage loans and
shall maintain asset  management  system  satisfactory to the credit  evaluation
institution.  Daewoo Securities,  credit evaluation  institution or trustee bank
may inspect the asset management system and may demand corrective  measures.  In
response  to such a demand,  NewState  agrees to  cooperate  with the  demanding
institution and it must take necessary  measures if they are necessitated by its
fault.

4) On the date of the  issuance,  NewState  must  purchase  inferior  securities
corresponding to a certain portion of the housing mortgage loans. The portion of
inferior securities may be adjusted in conformity with the standard  established
by the credit evaluation institution.

5) Up until the  issuance  of MBS,  there  must not occur  workout,  bankruptcy,
default or other risks which will  seriously  affect the  financial  or business
situations of NewState.

6) All the  commissions of Daewoo  Securities will be deducted from the proceeds
of sale to SPC on the date of MBS issuance.

7)  NewState  shall  pay the  expenses  (hereinafter  called  "Other  Expenses")
necessary for  registration  with Financial  Supervision  Committee,  appraisal,
credit  evaluation  and  legal   consultations   which  are  actually  expended.
Underwriting  fee for  Daewoo  Securities  shall be 1.0% and the Other  Expenses
shall be 0.55% of the  total  amount of  issue,  respectively.  In the event the
Other  Expenses  exceed  the  aforesaid   amount,   they  shall  be  handled  in
consultation  of the parties based on good faith.  The Other  Expenses  shall be
paid by Daewoo  Securities  after  obtaining  the  consent of  NewState.  Daewoo
Securities shall also provide NewState with details of expenditures  afterwards.
Upper limits shall be set for legal fees in advance.

8) Additional expenses (trust fee, SPC audit fee, etc.) to be incurred after the
issuance  of MBS  shall  be paid  later  on and are not  included  in the  Other
Expenses.

3.       Undertakings by Daewoo Securities

1) Daewoo Securities shall be primarily  responsible for issuance of MBS and, in
the event of any legal problems or difficulties in issuing MBS with governmental
authorities  including  Supervision 10th Bureau and Accounting Management Bureau
of the Finance Supervision Committee and the National Tax Administration Office,
it shall make its best efforts to resolve such problems or difficulties.

2) Daewoo Securities shall undertake and sell superior liquidated  securities in
accordance  with the  spread as agreed  upon with  NewState.  The index rate for
calculating  the  price of  securities  shall  be the  interest  rate of  3-year
maturity,  credit  rate A+,  unsecured  corporate  bond for the day  before  the
subscription date as published by the Securities Business Association.

3) Daewoo  Securities shall obtain  estimates  (attached) for Other Expenses and
select consultants for MBS issuance and shall obtain NewState's consent thereto.
The estimates are only  estimated  amounts as of the execution of this Agreement
and are subject to change.

4) Daewoo shall be responsible  for  structuring MBS so that all MBS securities,
except for inferior  securities,  may obtain final rate of Ao or over, provided,
that,  it shall do its best to limit the inferior  securities  within 20% of the
total amount of issue.

4.       Miscellaneous

1) The time  period for  issuing  MBS shall be within  six (6)  months  from the
execution of this Agreement.  However, the time period herein may be adjusted by
mutual agreement of the parties.

2) While the  preparation  of MBS  issuance  is  proceeding,  each  party  shall
designate a  representative  who shall be responsible for liaison with the press
and other financial  institutions and each party shall not disclose confidential
information as much as possible.

3) The "Sale and Purchase  Agreement" to be executed  between Daewoo  Securities
and SPC and to be attached to the Report of Negotiable Instruments shall be made
in conformity with this Agreement and shall supplement this Agreement.

4) Any matters  which are not set forth in this  Agreement  shall be resolved in
accordance with the generally  established  trade custom.  Any disputes  arising
under this Agreement shall be subject to the  jurisdiction of the Seoul District
Court. This Agreement shall be construed by the laws of the Republic of Korea.

         The  parties  confirm  that they have  read and fully  understand  this
Agreement and agree to faithfully  perform it. In witness  whereof,  the parties
signed this Agreement in counterpart on the date written below.

Dated:  December 17 1999

Attachment: Estimate of Expenses

NewState Capital Co., Ltd.

         Address:          826-24 Yoksam-Dong
                           Kangnam-Gu, Seoul
                           By: Byung Ki Kim
                           (Corporate seal affixed)

Daewoo Securities Co., Ltd.
         Address:          34-3 Yoido-Dong
                           Youngdeungpo-Gu, Seoul
                           By: Jong Soo Park
                           (Corporate seal affixed)

<PAGE>

Attachment

<TABLE>
<CAPTION>

                 Estimate of Expenses (Based on 50 Billion Won)

                                                                            Amount
                                                      Percentage       (100 Million won)             Payee
------------------------------------------------- -------------------- ------------------ ----------------------------
<S>                                                        <C>                 <C>        <C>
Initial Fee
------------------------------------------------- -------------------- ------------------ ----------------------------
Structuring & Underwriting                                 1.00                500        Underwriter
------------------------------------------------- -------------------- ------------------ ----------------------------
Asset due diligence                                        0.10                 50        CPA firm
------------------------------------------------- -------------------- ------------------ ----------------------------
Legal                                                      0.16                 80        Law firm
------------------------------------------------- -------------------- ------------------ ----------------------------
Financial Supervision                                      0.09                 45        FSC
------------------------------------------------- -------------------- ------------------ ----------------------------
Committee share Forming SPC                                0.02                 10        Escrow
------------------------------------------------- -------------------- ------------------ ----------------------------
Subtotal                                                   1.55                775
------------------------------------------------- -------------------- ------------------ ----------------------------
Ongoing Fee
------------------------------------------------- -------------------- ------------------ ----------------------------
Servicer                                                                                  Servicer
------------------------------------------------- -------------------- ------------------ ----------------------------
Trustee Fee                                                0.10                 50        Trustee
------------------------------------------------- -------------------- ------------------ ----------------------------
Annual fee for credit                                      0.03                 15        Credit co.
------------------------------------------------- -------------------- ------------------ ----------------------------
Evaluation institution
------------------------------------------------- -------------------- ------------------ ----------------------------
Others                                                     0.06                 30        Depository
------------------------------------------------- -------------------- ------------------ ----------------------------

Subtotal                                                   0.19                 95
------------------------------------------------- -------------------- ------------------ ----------------------------

</TABLE>

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