Leping

Execution Copy

MEMORANDUM OF UNDERSTANDING

THJS MEMORANDUM OF UNDERSTANDING (this “MOU”) is made and entered into as ofiuly 4, 2019 (the ‘Effective Date”) by and between SK Telecom Co., Ltd., a company incorporated under the laws of the Republic of Korea, having its principal place of business at 65, Eulji-ro, Jung-gu, Seoul 04539, Korea (hereinafter referred to as “SKT”) and the Estonian Ministry of Economic Affairs and Communications, located at Suur-Ameerika 1, 10129 Tallinn, Estonia (hereinafter referred to as the “Ministry”).

SKT and the Ministry are hereinafter referred to individually as a “Party” and collectively as the “Parties”.

WHEREAS

A. SKT is an innovative mobile telecommunications service provider and a giobal ICT leader with capabilities including state-of-the-art technologies for offering the most advanced wireless telecommunications services and ICT platforms, solutions and technologies that make customers’ businesses more productive and profitable.

B. The Ministry’s main strategic objectives involve encouraging entrepreneurship and innovation as weIl as constantly developing information society.

C. The Parties have entered into friendly discussions with a view to cooperating with each other to create mutually beneficial cooperation opportunities, particularly in the area of establishing strategic partnership to build bilateral collaboration platform between SK Telecom and the Republic ofEstonia.

D. The Parties acknowledge that their respective cooperation objectives are uniquely and closely aligned with each other, and the Parties desire to engage in good faith discussions in respect of the collaboration described in this MOU in further detail.

NOW THEREFORE, the Parties agree to describe herein their mutual intent and understandings to further facilitate materialization of the shared cooperation objectives.

ARTICLE 1 OVERVIEW OF COOPERATION

1 .1 In recognition of the importance of developing cooperative relations, this MOU expresses the Parties’ mutual intention to engage in further discussions in good faith to encourage the following cooperation ideas (“Collaborative Partnership”):

(a) Strategic partnership creating social and economic value, including cultivating a giobal business model based on SK’s Social Value initiatives and Estonia’s advanced digital performance.

Confidential MOU Page 1

Execution Copy

(b) Giobal Bio R&D collaboration project based on cooperation between the Estonian Genome Center and SKT to pursue seamless Genome Bio-Data based Analysis and Distribution Platform.

(c) Impiementation of effective data transformation strategies based on SKT’s experiences and expertise in the Al and Data Science areas.

(d) Business partnership development with the Estonian innovative technology companies in the 4th industrial revolution area for investment and business opportunities.

(e) Evaluation of social value of the Estonian e-Residency program in order to globalize the e-Residency program and SK’s Social Value methodologies.

(0 Giobal compatible job portal for skilled young Koreans to develop new giobal job opportunities in EU as weII as Estonia thru encouraging mutual synergies and effective ecosystem.

(g) Joint Development Program for the discovery and investment in Korean and Estonian start-up companies including support in coaching and market access promotions.

1.2 The Parties agree to discuss further Collaborative Partnership described above and the method of cooperation described in Article 2 in good faith, and memorialize the mutually agreed terms and conditions of the Collaborative Partnership in a definitive agreement to be entered into between the Parties (the “Definitive Agreement”).

ARTICLE 2 METHOD OF COOPERATION

2.1 In order to facilitate successful impiementation of the Collaborative Partnership,

(a) The Parties shall use their reasonable efforts to cooperate with each other through exchange and provision of information, technical assistance and support necessary for the Collaborative Partnership.

(b) As soon as practicable after the Effective Date, the Parties wiII discuss in good faith with respect to the formation ofworking group, designation of representatives in order to enter into the Definitive Agreement which will address among others, developing of strategic partnerships for mutually beneficial projects that would allow sharing of the Parties’ know-how and technology.

Confidential MOU Page 2

Execution Copy

ARTICLE 3 CONFIDENTIALITY

3.1 Each of the Parties agrees that it will use this MOU and any information disclosed by the other Party relating hereto solely for the purpose of evaluating and iniplementing the subject matter of this MOU, and keep such confidential information strictly confidential. Notwithstanding the foregoing, each Party is permitted to disclose confidential information to its representatives who have a need to know such information for the purpose of implementing this MOU, who agree in writing to be bound by the terms hereofas ifthey were the Parties hereto.

3.2 Notwithstanding any expiration or termination of this MOU, the obligations of confidentiality contained in this Article 3 shall survive for a period of two (2) years from the expiration or termination date ofthis MOU as the case may be.

ARTICLE 4 TERM AND TERMINATION

4.1 This MOU shall remain in fuil force and effect for a period ofone (1) year from the Effective Date or when the Definitive Agreement has been entered into, whichever occurs earlier, provided that the term of this MOU may be extended by mutual agreement of the Parties.

4.2 Notwithstanding the foregoing, any Party may terminate this MOU, with or without cause, at any time by providing a fourteen (14) days’ prior written notice to the other Party.

4.3 Upon termination of this MOU, save as provided in Articie 3 hereof, the obligations of the Parties hereunder shali cease and have no further effect, provided, however, that each Party’s rights, liabilities and obligations shall not be affected to the extent accrued prior to termination.

ARTICLE 5 NOTICE

5.1 Ali notices and information with respeet to this MOU shali be sent as follows:

A. IftoSKT:

SK Telecom Co., Ltd. 65, Eulji-ro, Jung-gu, Seoui 04539, Korea

Mobile No. +82-10-3740-3171 FaxNo. : +82-2-6100- 7813 Email : hiyangsk.com Attention: Henry Yang

Confidential MOU Page 3

Execution Copy

B. Ifto the Ministry:

The Ministry of Economic Affairs and Communications

Suur-Ameerika 1, 10129 Tailinn Estonia

Tel No.: + 372 7153402 Fax No.: +372 6313660 Email: [email protected] Attention: Andres Kikas

5.2 Any notice concerning this MOU shall be in writing and shall be delivered by hand, by recognized ovemight courier service, by registered or certified mail (return receipt requested and postage prepaid) or by facsimile or email (with confirmation of transmission). Notice in accordance with this Section shail be deemed to occur upon dispatch. Notices shali be delivered or sent to a Party’s respective address as set forth above or to such other address as a Party may estabiish by written request.

ARTICLE 6 RELATIONSHIP

This MOU is not intended to constitute, create, give effect to, or otherwise form a joint venture, partnership, or other formal business entity of any kind. Neither Party shali act as an agent for, or partner of the other Party. The rights and obligations of the Parties under this MOU are limited to those expressly set forth herein.

ARTICLE 7 MISCELLANEOUS PROVISIONS

7.1 Expenses. Unless otherwise agreed to by the Parties, ali expenses incurred by each Party in the course of the preparation and negotiations ofthis MOU wili be borne by the respective Party incurring such expenses.

7.2 Assignment. During the term of this MOU, no Party shaii assign or transfer any of its rights, interests or obiigations hereunder without the prior written consent of the other Party. Notwithstanding the forgoing, SKT may assign its rights and obiigations under this MOU to any successor to ali or substantiaiiy ali of the business or the assets of SKT (by merger or otherwise) and its affiiiates.

7.3 Binding Effect. The Parties agree that this MOU is intended only to provide the general principles for the initial cooperation between the Parties, and describes only the mutual intent and understandings of the Parties as of the date of this MOU, and that this MOU (except Articles 3, 4, 5, 6 and 7 which the Parties agree

Confidential MOU Page 4

Execution Copy

wiIi have legaily binding effect) shali not be construed to create any legally binding obligations between the Parties.

7.4 No Obiigation to Consummate. Notwithstanding anything to the contrary contained in this MOU, the mere existence of and/or signature by the Parties of this MOU shall not imply any kind of promise or obiigation to enter into a Definitive Agreement or otherwise consumniate the Coilaborative Partnership described in this MOU.

7.5 Public Announcement. The release and contents of ali pubiic announcements (other than when such disclosure is required under relevant laws) related to this MOU or Coiiaborative Partnership shali be subject to the prior written agreement of the Parties.

7.6 Governing Law & Dispute Resolution. The MOU shail be governed by and construed in accordance with the laws of the State of New York. Any dispute or ciaim arising out of or in connection with this MOU, or the breach, termination or invalidity thereof which cannot be solved by negotiation, shail be settled by arbitration in accordance with the Rules of Arbitration of the International Chamber of Commerce by one or more arbitrators appointed in accordance with the said Rules. The piace of arbitration shail be the State of New York, U.S.A. The ianguage of the arbitration shaii be Engiish. Any decision of the tribunai established pursuant to the said Rules is final and binding for the Parties.

IN WITNESS WHEREOF, each of the Parties have set their respective hands and offered their authorized signature on the date first above written.

The Ministry of Economic Affairs SK Telecom Co., Ltd. and Communications

By: /°V \“ By:_______

Name: Viljar Lubi Name: Dr. Woonghwan (Paul) Ryu

Titie: Deputy Secretary General Title: Executive Vice President for Economic Development Head of the SV Innovation Center

Confidential MOU Page 5