Amendment No. 2 to the Administration Agreement between the Republic of Korea, acting through the
 Ministry of Economy and Finance, and the International Bank for Reconstruction and Development
 and the International Development Association concerning the Korea Trust Fund for Economic and
                  Peace-Building Transitions – Phase 2 (Trust Fund No. TF072968)


1.      Reference is made to the Administration Agreement between the Republic of Korea, acting through
the Ministry of Economy and Finance (the “Donor”) and the International Bank for Reconstruction and
Development and the International Development Association (collectively, the “Bank” and together with
the Donor, the “Parties” and each a “Party”) regarding the Korea Trust Fund for Economic and Peace-
Building Transitions – Phase 2 (Trust Fund No. TF072968) (the “Trust Fund”) effective as of December 11,
2017, as amended (the “Administration Agreement”).

2.     The Parties agree to amend the Administration Agreement as follows:

       Paragraph 5.1 of Annex 2 is deleted in its entirety and replaced with the following:

       “5.1. It is expected that the funds deposited in the Trust Fund will be fully disbursed by the
       Bank by June 30, 2022 (the “End Disbursement Date”). The Bank shall only disburse funds
       deposited in the Trust Fund for the purposes of this Administration Agreement (other than returns
       to Donors) after such date to the extent such date is changed in accordance with amendments
       made to the Administration Agreements of all the Donors. Following the End Disbursement
       Date, the Bank shall return any remaining balance of the Trust Fund to each Donor in the Holding
       Currency in the manner specified in its respective Administration Agreement on a pro rata basis
       with regard to the total funds deposited in the Trust Fund by such Donor relative to the total funds
       deposited in the Trust Fund by all Donors, all calculated as Holding Currency amounts.”

3.     All other terms of the Administration Agreement shall remain the same.

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4.     Each of the Parties represents, by confirming its agreement below, that it is authorized to enter into
this Amendment and act in accordance with these terms and conditions. The Parties are requested to sign
and date this Amendment, and upon possession by the Bank of this fully signed Amendment, this
Amendment shall become effective as of the date of the last signature.

INTERNATIONAL BANK FOR RECONSTRUCTION AND DEVELOPMENT
INTERNATIONAL DEVELOPMENT ASSOCIATION



By:_________________________________/s1/ /d1/
Franck Bousquet
Senior Director, FCV/n1/
     26-Mar-2020
Date:_______________________________
/t1/



REPUBLIC OF KOREA
ACTING THROUGH THE MINISTRY OF ECONOMY AND FINANCE



By:_______________________________/s2/                    /d2/
Dae Joong Lee
Director of Development Finance Division/n2/
      30-Mar-2020
Date:_____________________________
/t2/




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