Si Sa Foreign Language Academy
201-19 Namsung Dong
Sangju Si
Kyungsangbuk Do
Korea 742-010


Dear Sir:

Beginning on August 9, 1999, R. Walter Ogburn IV has been employed as an English instructor at the Si Sa Foreign Language Academy in Sangju, South Korea. The following is a record of his gross income and deductions from his monthly wages for the months of August through December, 1999.

In U.S. Dollars:

(Converted at $1 = 1121 won)

Month Gross Income Deducted for Taxes Deducted for Utilities Deducted for Other Net Income
August 1,338 89 89 321 839
September 1,338 89 89 0 1,160
October 1,338 89 89 0 1,160
November 1,341 89 89 0 1,160
December 1,445 89 89 0 1,267
.
TOTAL 6,800 445 445 321 5588


In South Korean Won:

Month Gross Income Deducted for Taxes Deducted for Utilities Deducted for Other Net Income
August 1,500,000 100,000 100,000 360,000 940,000
September 1,500,000 100,000 100,000 0 1,300,000
October 1,500,000 100,000 100,000 0 1,300,000
November 1,503,493 100,000 100,000 0 1,303,493
December 1,620,000 100,000 100,000 0 1,420,000
.
TOTAL 7,623,493 500,000 500,000 360,000 6,263,493


Notes: The "other deductions" for August are 100,000 won ($89) for mandatory health insurance coverage, and 260,000 won ($232) for overnight travel to Fukuoka, Japan, to secure a Korean working visa.

The basic monthly salary for a native English instructor is 1.5 million won (about $1,400).

The extra 3,493 won (about $3) earned in November is interest accrued in a checking account within Korea.

The extra 120,000 won ($107) earned in December is overtime pay.

Column sums in the U.S. dollars table may not match exactly because of rounding after the currency conversion.


                                                    Sincerely,



                                                    Seol Chung Ja, Director
                                                    Si Sa Foreign Language Academy