Subject

NACF had New Chairman

- Mr. Choi Won-Byung was elected as NACF's new leader.

The election was held on December 27th in NACF's Main Auditorium and Nationwide presidents of NACF's member cooperatives were present. The voting ended after the second round where Choi received 614 votes, which was 52% of the total 1,183 votes. The runner-up candidate Kim Byung-Won received 569 votes.

Five candidates-Kim Byung-Won; Park Jun-Sik; Shin Young-Chul; Choi Won- Byung; and Choi Duk-Gyu (in the order of their numbers)-competed in this election. On the first round, no candidate received more than half of the votes, so Kim Byung-Won and Choi Won-Byung, who received the most number of votes, competed in the second round, which ended with Choi's victory.

Chairman Choi will serve as NACF's Chairman for four years.