The Board of Directors of Volvik Inc. (KOSE:A048550) authorized a share repurchase program on March 23, 2002. Under the program, the company will repurchase up to KRW 500 million worth own shares pursuant to a trust agreement with Hana Bank. The purpose behind the program is to stabilize the stock price. Repurchases will be funded through company's own funds. Repurchases will commence on March 23, 2002 and will continue until March 22, 2003. As of March 22, 2002, the company has no shares in treasury. On March 22, 2003, the company announced that it has extended the program till March 22, 2004. On March 23, 2004, the company announced that it has extended the program till March 22, 2005. On March 22, 2005, the company announced that it has extended the program till March 22, 2006. On March 22, 2006, the company announced that it has extended the program till September 22, 2006. On September 22, 2006, the company announced that it has extended the program till March 21, 2007. On March 21, 2007, the company announced that it has extended the program till September 20, 2007. On September 20, 2007, the company announced that it has extended the program till March 20, 2008. On March 20, 2008, the company announced that it has extended the program till September 19, 2008. On September 19, 2008, the company announced that it has extended the program till March 19, 2009. On March 19, 2009, the company announced that it has extended the program till June 18, 2009. On June 18, 2009, the company announced that it has extended the program till September 18, 2009. On September 18, 2009, the company announced that it has extended the program till December 18, 2009. On December 18, 2009, the company announced that it has extended the program till March 18, 2010. On March 18, 2010, the company announced that it has extended the program till June 18, 2010. On June 18, 2010, the company announced that it has extended the program till December 17, 2010. On December 17, 2010, the company announced that it has extended the program till June 17, 2011. On June 17, 2011, the company announced that it has extended the program till December 15, 2011. On December 16, 2011, the company announced that it has extended the program till June 17, 2012. Hana Bank, Woori Investment & Securities Co. Ltd. and Samsung Securities Co. Ltd. acted as the brokers to the company for the buyback. SM Culture & Contents Co., Ltd.'s share repurchase program expired on June 17, 2012. Under the plan, the company has repurchased 249,480 shares.