The common family name of Lee is often spelled Rhee, Ri or Yi (meaning opposition leader Lee Hoi Chang, South Korea's first president Syngman Rhee, North Korean basketball star Ri Myong Hun and 16th-century naval hero Yi Sun Shin all share the same family name).

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Honoring Admiral Yi Sun-Shin, famous for guiding victories against the Japanese during the Joseon Dynasty, the naval festival marks the only time during the year when Jinhae's Republic of Korea Naval Academy campus and Naval Museum are open to visitors.

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