SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

Form 6-K

REPORT OF FOREIGN PRIVATE ISSUER
PURSUANT TO RULE 13a-16 OR 15d-16 UNDER
THE SECURITIES EXCHANGE ACT OF 1934

Woori Finance Holdings Co., Ltd.

(Translation of Registrant’s name into English)

203, Hoehyon-dong, 1-ga, Chung-gu, Seoul, Korea 100-792

(Address of principal executive offices)

     Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.

Form 20-F þ     Form 40-F o

     Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1): o

     Note: Regulation S-T Rule 101(b)(1) only permits the submission in paper of a Form 6-K if submitted solely to provide an attached annual report to security holders.

     Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7): o

     Note: Regulation S-T Rule 101(b)(7) only permits the submission in paper of a Form 6-K if submission to furnish a report or other document that the registration foreign private issuer must furnish and make public under the laws of the jurisdiction in which the registrant is incorporated, domiciled or legally organized (the registrant’s “home country”), or under the rules of the home country exchange on which the registrant’s securities are traded, as long as the report or other document is not a press release, is not required to be and has not been distributed to the registrant’s security holders, and if discussing a material event, has already been the subject of a Form 6-K submission or other Commission filing on EDGAR.

     Indicate by check mark whether by furnishing the information contained in this Form, the registrant is also thereby furnishing the information to the Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of 1934.

Yes o     No þ

 

 

Summary of 2010 1Q Business Report

Table of Contents

I.		Company Overview			4
1.		Purpose of the Company			4
		a.   Scope of Business			4
		b.   Scope of Business of Subsidiaries			4
2.		History of the Company			5
		a.   Company History			5
		b.   Associated Business Group			6
3.		Capital Structure			11
		a.   Changes in Capital			11
		b.   Convertible Bonds			11
4.		Total Number of Authorized Shares			12
		a.   Total Number of Authorized Shares			12
		b.   Treasury Stock			12
5.		Voting Rights			12
6.		Dividend Information			13
		a.   Dividend information for the past three years			13
II.		Description of Business			14
1.		Business Overview			14
		a.   Organizational Chart			14
2.		Overview of Operations			15
		a.   Performance of Operations			15
		b.   Financing of Operations			15
		c.   Transactions related to Commission Fees			16
3.		Other Information Relevant to Investment Decisions			17
		a.   BIS Ratio			17
		b.   Credit Ratings for the Past Three Years			17
		c.   Won-denominated Current Ratio			17
		d.   Foreign Currency-denominated Current Ratio			18
		e.   Debt Ratio			18
		f.   30 Largest Exposures by Borrower			19
		g.  20 Largest Loan Exposures Classified as Sub-Standard or Below by Borrower			20
		h.   20 Largest Loan Exposures Classified as Precautionary by Borrower			21
III.		Financial Information			22
1.		Condensed Financial Statements (Non-consolidated)			22
2.		Condensed Financial Statements (Consolidated)			23
3.		Accounting Information			24
		a.   Loan Loss Reserves			24
IV.		Independent Auditor’s Opinion			25
1.		Independent Auditor’s Opinion			25
		a.   Independent Auditor			25
2.		Compensation to the Independent Auditor for the Past Three Years			25
		a.   Auditing Service			25
		b.   Compensation for Services Other than the Audit			25

V.		Corporate Governance and Affiliated Companies			26
1.		About the Board of Directors			26
2.		Related Companies			28
3.		Investments in Other Companies			29
VI.		Stock Information			30
1.		Stock Distribution			30
		a.   Stock Information of the Largest Shareholder and Specially Related Parties			30
		b.   Share Ownership of More Than 5%			30
		c.   Shareholder Distribution			30
2.		Stock Price and Stock Market Performance for the Past Six Months			31
		a.   Domestic Stock Market			31
		b.   Foreign Stock Market (NYSE)			31
VII.		Directors and Employee Information			32
1.		Directors			32
2.		Employee Status			32
3.		Directors’ Compensation			32
VIII.		Related Party Transactions			33
					33
1.		Transactions with Affiliated Parties			33
		a.   Transactions of Provisional Payments and Loans (including secured loans)			33
		b.   Payment Transactions			33
Exhibit A- Financial Statements					34

All financial information contained in this document (including the attached financial statements) have been prepared in accordance with generally accepted accounting principles in Korea, which differ in certain important respects from generally accepted accounting principles in the United States.

I.

Company Overview

1.

Purpose of the Company

a.

Scope of Business

Acquisition/ownership of shares in companies that are engaged in financial services or are closely related to financial services, as well as the governance and/or management of such companies.

(1)

Corporate Management

	1.		Setting management targets for and approving business plans of the subsidiaries;
	2.		Evaluation of the subsidiaries’ business performance and establishment of compensation levels;
	3.		Formulation of corporate governance structures of the subsidiaries;
	4.		Inspection of operation and assets of the subsidiaries; and
	5.		Other activities complementary to the items mentioned in numbers 1 to 4.

(2)

Corporate Management Support Activities

	1.		Funding for the affiliate companies (including direct and indirect subsidiaries, the “Affiliates”);
	2.		Capital investment in subsidiaries or procurement of funds for the Affiliates; and
	3.		Activities ancillary to the above items, for which authorization, permission or approval is not required under the relevant laws and regulations.

(3)

All activities directly or indirectly related to the items listed above.

b.

Scope of Business of Subsidiaries

(1)

Bank Subsidiaries (Woori Bank, Kwangju Bank and Kyongnam Bank):

	1.		Banking business as prescribed by the Banking Act;
	2.		Trust business;
	3.		Foreign exchange business; and
	4.		Other authorized businesses.

(2)

Woori Investment & Securities: businesses authorized under the Financial Investment Services and Capital Markets Act and related laws and regulations.

	(3)		Woori Aviva Life Insurance: life insurance and other insurance activities and other business activities permitted under the Insurance Business Act.
	(4)		Woori Asset Management: asset management business.
	(5)		Woori Financial: consumer finance business.
	(6)		Woori Finance Information System: finance-related IT services.
	(7)		Woori F&I: securitization business.
	(8)		Woori Private Equity: private equity business.

2.

History of the Company

a.

Company History

(1)

Background: Major developments.

March 30, 2004		Appointment of new management
March 31, 2004		Woori Card merged into Woori Bank
June 18, 2004		Woori Securities becomes a wholly-owned subsidiary
December 21, 2004		Capital increase through conversion of CBs (Total capital after conversion: Won 4.0 trillion)
December 24, 2004		Acquired LG Investment & Securities and incorporated as a subsidiary
February 17, 2005		Capital increase through conversion of CBs (Total capital after conversion: Won 4.0 trillion)
March 11, 2005		Capital increase through conversion of CBs (Total capital after conversion: Won 4.0 trillion)
March 31, 2005		Woori Securities and LG Investment & Securities merged (the name of the surviving entity, LG Investment & Securities, changed to Woori Investment & Securities)
May 6, 2005		Incorporated LG Investment Trust Management from 2nd tier subsidiary to 1st tier subsidiary
May 31, 2005		Woori Investment Trust Management and LG Investment Trust Management merged (the name of the surviving entity, LG Investment Trust Management, changed to Woori Asset Management)
August 3, 2005		Dissolution of Woori LB Second Asset Securitization Specialty Co., Ltd.

September 5, 2005		Woori Asset Management becomes a wholly-owned subsidiary through capital reduction and cancellation
October 21, 2005		Woori Private Equity is established and incorporated as a subsidiary
October 27, 2005		Closure of strategic investment agreement with Lehman Brothers
February 23, 2006		Joint venture arrangement between Woori CA Asset Management, a 2nd tier subsidiary, and Japan’s Shinsei Bank (involving a transfer of 49% of Woori F&I’s 100% stake in Woori CA Asset Management to Shinsei Bank)
April 11, 2006		Joint venture agreement to transfer 30% of the shares of Woori Asset Management to Credit Suisse Asset Management International Holdings, a wholly owned subsidiary of Credit Suisse.
May 30, 2006		Upon the 30% share transfer to Credit Suisse Asset Management International Holdings, Woori Asset Management was renamed Woori Credit Suisse Asset Management.
March 30, 2007		Appointment of new management
September 14, 2007		Acquired Hanmi Capital as a subsidiary (Hanmi Capital was renamed Woori Financial as of October 26, 2007)
April 4, 2008		Acquired LIG Life Insurance as a subsidiary (LIG Life Insurance was renamed Woori Aviva Life Insurance as of April 1, 2008)
June 27, 2008		Appointment of new management
April 29, 2009		Termination of joint venture with Credit Suisse regarding Woori Credit Suisse Asset Management. Renamed “Woori Asset Management” (May 30, 2009)
October 28, 2009		Acquired the remaining 30% equity stake in Woori Credit Suisse Asset Management from Credit Suisse Asset Management International Holding and completed the establishment of Woori Asset Management as our wholly-owned subsidiary

b.

Associated Business Group

(1)

Overview of Business Group

1.

Name of business group: Woori Financial Group

	(2)		Related companies within the business group
			As of March 31, 2010

Type		Name of Company		Controlling Company		Notes
Holding Company		Woori Finance Holdings		Korea Deposit Insurance Corporation		1 company
1st Tier Subsidiaries		Woori Bank		Woori Finance Holdings		10 companies
		Kwangju Bank
		Kyongnam Bank
		Woori Finance Information System
		Woori F & I
		Woori Asset Management
		Woori Investment & Securities
		Woori Private Equity
		Woori Financial
		Woori Aviva Life Insurance
2nd Tier Subsidiaries		Woori Credit Information		Woori Bank		38 companies
		Woori America Bank
		P.T. Bank Woori Indonesia
		Korea BTL Infrastructure Fund
		Woori Global Markets Asia Ltd.
		ZAO Woori Bank
		Woori Bank (China) Limited
		Woori AMC		Woori F&I
		Woori F&I Fifth Asset Securitization Specialty Co., Ltd.
		Woori F&I Sixth Asset Securitization Specialty Co., Ltd.
		Woori F&I Seventh Asset Securitization Specialty Co., Ltd.
		Woori F&I Eighth Asset Securitization Specialty Co., Ltd.
		Woori F&I Ninth Asset Securitization Specialty Co., Ltd.
		Woori SB Tenth Asset Management
		Woori F&I Tenth Asset Securitization Specialty Co., Ltd.
		Woori F&I Eleventh Asset Securitization Specialty Co., Ltd.
		Woori F&I Thirteenth Asset Securitization Specialty Co., Ltd.
		Woori F&I Fourteenth Asset Securitization Specialty Co., Ltd.
		Woori Private Equity Fund		Woori Private Equity
		Woori Blackstone Korea Opportunity Private Equity Fund No. 1
		Woori Futures		Woori Investment & Securities
		Woori Investment & Securities International Ltd.
		Woori Investment & Securities (HK) Ltd.
		Woori Investment & Securities America Inc.
		Mars Private Equity Fund No. 1
		Mars Private Equity Fund No. 2
		Woori Investment Asia Pte. Ltd.
		Mars Private Equity Fund No. 3
		Mars Private Equity Fund No. 4
		Woori Absolute Partners PTE, Ltd.
		Woori Absolute Global Opportunity Fund
		Woori Korindo Securities Indonesia
		High Technology Venture Investment
		Global Technology Investment
		LG Investment Holdings B.V. GG

Type		Name of Company		Controlling Company		Notes
		Connacht Capital Market Investment Ltd.
		Bien Viet Securities Joint Stock Company
		Brim Asian Credit Fund

•		Woori Finance Holdings, Woori Investment & Securities and Woori Financial are listed on the KRX KOSPI Market
•		On March 5, 2007, Mars Private Equity Fund No. 2, with KRW 31,500 million paid-in-capital, was included as our 2nd tier subsidiary. Woori Investment & Securities, which owns a 4.76% stake, is its general partner.
•		On March 27, 2007, Nexbi Tech, a subsidiary of Woori Finance Information System, was removed from our list of 2nd tier subsidiaries as the company undertook a second capital reduction (the first capital reduction was as of Oct. 18, 2006), liquidating all the shares held by Woori Finance Information System.
•		On May 23, 2007, Woori F&I Fifth Asset Securitization Specialty Co., Ltd. was included as our 2nd tier subsidiary. Woori F&I Co., Ltd. owns 100% of its equity.
•		On September 14, 2007, Hanmi Capital was included as our 1st tier subsidiary to strengthen our non-banking business (Hanmi Capital was renamed Woori Financial as of October 26, 2007).
•		On September 20, 2007, Woori Investment Asia Pte. Ltd. was included as our 2nd tier subsidiary. Woori Investment & Securities owns a 100% stake in Woori Investment Asia Pte. Ltd.
•		On October 26, 2007, Woori Bank (China) Limited was included as our 2nd tier subsidiary. Woori Bank owns a 100% stake in Woori Bank (China) Limited.
•		On November 22, 2007, ZAO Woori Bank was included as our 2nd tier subsidiary. Woori Bank owns a 100% stake in ZAO Woori Bank, excluding one ZAO Woori Bank share which is owned by a related party of Woori Bank in order to comply with Russian regulations on single shareholder limitations.
•		On December 12, 2007, Woori F&I Sixth Asset Securitization Specialty Co., Ltd. and Woori F&I Seventh Asset Securitization Specialty Co., Ltd. were included as our 2nd tier subsidiaries. Woori F&I Co., Ltd. owns a 100% stake in each of these two subsidiaries.
•		On March 18, 2008, Mars Private Equity Fund No. 3, with an expected paid-in-capital of KRW 51 billion, was included as our 2nd tier subsidiary. Woori Investment & Securities, as its general partner, will have contributed 1.96% of the capital of Mars Private Equity Fund No. 3.
•		On April 3, 2008, Woori F&I Eighth Asset Securitization Specialty Co., Ltd. was included as our 2nd tier subsidiary. Woori F&I Co., Ltd. owns 100% of its equity.
•		On April 4, 2008, LIG Life Insurance was included as our 1st tier subsidiary (LIG Life Insurance was renamed Woori Aviva Life Insurance as of April 1, 2008).
•		On May 14, 2008, Mars Private Equity Fund No. 4, with an expected paid-in-capital of KRW 51 billion, was included as our 2nd tier subsidiary. Woori Investment & Securities, as its general partner, will have contributed 0.99% of the capital.

•		On May 29, 2008, Woori Absolute Partners Pte. Ltd., an investment advisory service company wholly-owned by Woori Investment & Securities and established in Singapore to manage offshore funds, was included as our 2nd tier subsidiary.
•		On June 27, 2008, Woori SB Tenth Asset Securitization Specialty Co., Ltd. was included as our 2nd tier subsidiary. Woori F&I owns a stake of 50% plus one share in the company.
•		On July 21, 2008, Woori Absolute Asia Multi Strategy Fund, an offshore financial company wholly-owned by Woori Investment & Securities, was included as our 2nd tier subsidiary.
•		On July 21, 2008, Woori Absolute Global Opportunity Fund, an offshore financial company wholly-owned by Woori Investment & Securities, was included as our 2nd tier subsidiary.
•		On September 9, 2008, Woori F&I Ninth Asset Securitization Specialty Co., Ltd. was included as our 2nd tier subsidiary. Woori F&I Co., Ltd. owns 100% of its equity.
•		On March 3, 2009, PT Clemont Securities Indonesia was included as our 2nd tier subsidiary. Woori Investment & Securities owns a 60% stake in PT Clemont Securities Indonesia.
•		On March 12, 2009, Woori F&I Tenth Asset Securitization Specialty Co., Ltd. was included as our 2nd tier subsidiary. Woori F&I Co., Ltd. owns 100% of its equity.
•		On July 24, 2009, Woori F&I Twelfth Asset Securitization Specialty Co., Ltd. was removed as our 2nd tier subsidiary following the sale of Woori F&I’s equity stake in Woori F&I Twelfth Asset Securitization Specialty Co., Ltd.
•		On August 31, 2009, Woori F&I Thirteenth Asset Securitization Specialty Co., Ltd. was included as our 2nd tier subsidiary.
•		On September 28, 2009, Bien Viet Securities Joint Stock Company was included as our 2nd tier subsidiary. Woori Investment & Securities owns a 49% stake in Bien Viet Securities Joint Stock Company.
•		On October 15, 2009, we acquired an additional 2.41% of common shares of Woori Financial, and our shareholding is currently 52.52%.
•		On October 28, 2009, Woori Asset Management became our wholly-owned subsidiary following our acquisition of Credit Suisse’s 30% interest in Woori Asset Management.
•		High Technology Venture Investment, Global Technology Investment, LG Investment Holdings B.V. GG and Connacht Capital Market Investment, which are offshore finance companies and subsidiaries of Woori Investment & Securities, are currently undergoing liquidation or other change of control-related proceedings. Due to an expansion in the types of entities that are considered 2nd tier subsidiaries of financial holding companies, these entities became our 2nd tier subsidiaries.
•		On December 28, 2009, Woori SB Asset Management changed its name to Woori AMC and became a wholly-owned subsidiary of Woori F&I following the termination of its joint venture with Shinsei Bank.

•		On December 30, 2009, Woori Third Asset Securitization Specialty Co., Ltd. was dissolved and removed from our list of subsidiaries.
•		On March 8, 2010, Woori F&I Thirteenth Asset Securitization Specialty Co., Ltd. was included as our 2nd tier subsidiary.

3.

Capital Structure

a.

Changes in Capital

(units: Won, shares)

				Stock Decrease/Increase
Date		Category		Type		Quantity				Par Value				Issue price				Note
2001.3.27		Establishment		Common			727,458,609				5,000				5,000			—
2002.5.31		Exercise B/W		Common			165,782				5,000				5,000			—
2002.6.12		Capital increase w/ consideration		Common			36,000,000				5,000				6,800			Capital contribution ratio: 0.0494
2002.6.30		Exercise B/W		Common			1,416,457				5,000				5,000			—
2002.9.30		Exercise B/W		Common			2,769,413				5,000				5,000			—
2002.12.31		Exercise B/W		Common			4,536				5,000				5,000			—
2003.3.31		Exercise B/W		Common			1,122				5,000				5,000			—
2003.6.30		Exercise B/W		Common			7,688,991				5,000				5,000			—
2004.6.18		Stock Exchange		Common			8,571,262				5,000				8,902			Exchange with Woori Sec shares on a 1-to-0.55 basis
2004.11.4		Exercise CB		Common			666,301				5,000				5,380			—
2004.12.2		Exercise CB		Common			7,995,613				5,000				5,380			—
2004.12.21		Exercise CB		Common			3,717,472				5,000				5,380			—
2005.2.17		Exercise CB		Common			3,481,173				5,000				5,588			—
2005.3.11		Exercise CB		Common			5,914,180				5,000				7,313			—
2005.3.11		Exercise CB		Common			164,429				5,000				7,228			—

b.

Convertible Bonds

Not applicable

4.

Total Number of Authorized Shares

a.

Total Number of Authorized Shares

As of March 31, 2010

(unit: shares)

		Type
Items		Common Shares				Total
Total number of shares authorized			2,400,000,000				2,400,000,000
Total number of issued stock			806,015,340				806,015,340
Treasury stock			2,560				2,560
Free float shares			806,012,780				806,012,780

b.

Treasury Stock

As of March 31, 2010

(unit: shares)

Acquisition Method

Type of Stock

Beg.

Acquired

Disposal

Canceled

End

Remarks

Direct purchase under

Common

Sub-section 1, section 165-2

Preferred

Direct purchase other than

Common

2,560

2,560

the conditions under

Preferred

Sub-section 1, section 165-2

Subtotal

Common

2,560

2,560

Preferred

Indirect acquisition from

Common

trust agreement

Preferred

Total

Common

2,560

2,560

Preferred

5.

Voting Rights

As of March 31, 2010

(unit: shares)

Items				Number of stock				Notes
Total number of shares		Common Shares Preferred Shares			806,015,340
Stocks without voting rights		Common Shares Preferred Shares
Stocks with limited voting rights under the Securities & Exchange Law		—			2,560
Stocks with voting rights restored		—
Stocks with voting rights		Common Shares Preferred Shares			806,012,780

6.

Dividend Information

a.

Dividend information for the past three years

(Non-consolidated)		(unit: Won)

Items		2009				2008				2007
Par value per share (Won)			5,000				5,000				5,000
Net profit (Won in Millions)			1,026,024				454,478				1,943,560
Earnings per share (Won)			1,273				564				2,411
Total cash payout (Won in Millions)			80,601								201,503
Total stock dividends (Won in Millions)											—
Cash dividend payout ratio (%)			7.86								10.37
Cash dividend yield (%) Common Shares			0.7								1.3
Preferred Shares
Stock dividend yield (%) Common Shares Preferred Shares
Cash dividend per share (Won) Common Shares			100								250
Preferred Shares
Stock dividend per share (Won) Common Shares Preferred Shares

II.

Description of Business

1.

Business Overview

a.

Organizational Chart

(As of March 31, 2010)

2.

Overview of Operations

a.		Performance of Operations
		As a financial holding company under the Financial Holding Company Act, our main income consists of dividend payments made to us by our subsidiaries. We are not involved in any other operations.

b.

Financing of Operations

(1)

Source of Funds

(unit: in millions of Won)

Items		2010 1Q				2009				2008
Shareholders’ Equity			14,150,567				13,720,923				12,207,338
Capital			4,030,077				4,030,077				4,030,077
Capital Surplus			179,868				179,488				186,959
Retained Earnings			8,837,465				8,346,186				7,323,148
Capital Adjustments			1,103,157				1,165,172				667,154
Borrowings			3,844,505				3,824,205				3,412,854
Debentures			3,744,899				3,744,156				3,393,702
Bank Borrowings			—				60,000				—
Commercial Paper			—				—				—
Other Borrowings			—				—				—
Other Liabilities			99,606				20,049				19,152
Total			17,995,072				17,545,128				15,620,192

(2)

Use of Funds

(unit: in millions of Won)

Items		2010 1Q				2009				2008
Subsidiary Stock			17,546,039				17,350,078				15,285,356
Woori Bank			13,729,702				13,621,824				11,900,128
Kyongnam Bank			1,465,380				1,443,661				1,245,318
Kwangju Bank			1,003,060				976,284				920,938
Woori Financial Information System			16,224				15,013				13,076
Woori F&I			162,779				166,563				139,999
Woori Investment & Securities			799,176				754,782				709,114
Woori Asset Management (formerly Woori CS Asset Management)			71,794				67,456				41,296
Woori Private Equity			25,128				24,246				12,844
Woori Financial			198,691				207,346				228,456
Woori Aviva Life Insurance			74,105				72,903				74,187
Investment Securities			—				—				—
Loan Obligations			99,500				139,300				169,150
Tangible Assets			377				415				566
Intangible Assets			21				8				14
Cash			312,986				23,267				119,350
Other Assets			36,149				32,060				45,756
Total			17,995,072				17,545,128				15,620,192

c.

Transactions related to Commission Fees

(unit: in millions of Won)

Category		2010 1Q				2009				2008
Commission Revenue (A)			—				—				—
Commission Expense (B)			889				7,001				7,119
Commission Profit (A-B)			(889	)			(7,001	)			(7,119	)

3.

Other Information Relevant to Investment Decisions

a.

BIS Ratio

(unit: in millions of Won)

Items		2010 1Q				2009				2008
Total Capital (A)			24,916,159				24,824,094				22,436,482
Risk weighted assets (B)			203,388,308				200,954,776				206,606,315
BIS Ratio (A/B)			12.25	%			12.35	%			10.86	%

b.

Credit Ratings for the Past Three Years

				Credit		Company		Evaluation
Date of Rating		Evaluated Securities		Rating		(Ratings Range)		Category
2007.05.07				A2		Moody’s (Aaa ~ C)		Case evaluation
2007.08.17		Debentures		AAA		NICE (AAA ~ D)		Case evaluation
2007.08.17		Debentures		AAA		KIS Ratings (AAA ~ D)		Case evaluation
2007.11.27		Debentures		AAA		NICE (AAA ~ D)		Case evaluation
2007.11.27		Debentures		AAA		Korea Ratings (AAA ~ D)		Case evaluation
2008.04.03		Debentures		AAA		KIS Ratings (AAA ~ D)		Case evaluation
2008.04.03		Debentures		AAA		NICE (AAA ~ D)		Case evaluation
2008.06.04				BBB+		S&P (AAA ~ D		Case evaluation
2008.06.12		Debentures		AAA		NICE (AAA ~ D)		Case evaluation
2008.06.16		Debentures		AAA		Korea Ratings (AAA ~ D)		Case evaluation
2008.09.12		Debentures		AAA		NICE (AAA ~ D)		Case evaluation
2008.09.16		Debentures		AAA		Korea Ratings (AAA ~ D)		Case evaluation
2008.12.02		Debentures		AAA		KIS Ratings (AAA ~ D)		Case evaluation
2008.12.02		Debentures		AAA		Korea Ratings (AAA ~ D)		Case evaluation
2009.03.13		Debentures		AAA		Korea Ratings (AAA ~ D)		Case evaluation
2009.03.13		Debentures		AAA		NICE (AAA ~ D)		Case evaluation
2009.06.30		Debentures		AAA		NICE (AAA ~ D)		Case evaluation
2009.06.30		Debentures		AAA		Korea Ratings (AAA ~ D)		Case evaluation
2009.11.05		Debentures		AAA		Korea Ratings (AAA ~ D)		Case evaluation
2009.11.05		Debentures		AAA		KIS Ratings (AAA ~ D)		Case evaluation

c.

Won-denominated Current Ratio

(unit: in millions of Won)

Items		2010 1Q				2009				2008				2007
Current Assets (A)			317,152				23,682				119,566				32,874
Current Liabilities (B)			86,705				8,995				18,376				12,207
Current Ratio* (A/B)			365.78	%			263.29	%			650.66	%			269.30	%

d.

Foreign Currency-denominated Current Ratio

(unit: in millions of Won)

Items		2010 1Q				2009				2008				2007
Current Assets (A)			—				—				—				—
Current Liabilities (B)			—				—				—				—
Current Ratio* (A/B)			—				—				—				—

e.

Debt Ratio

(unit: in millions of Won)

Items		2010 1Q				2009				2008				2007
Liabilities (A)			3,844,504				3,824,205				3,412,854				2,129,288
Equity (B)			14,150,567				13,720,923				12,207,338				(*)13,062,368
Debt Ratio (A/B)			27.17	%			27.87	%			27.96	%			16.30	%

The figures in the table above reflect our adoption of Statements of Korea Accounting Standard No. 15 (“Equity method accounting”).

f.

30 Largest Exposures by Borrower

(unit: in billions of Won)

		Total
		Credit								Pre-				Sub-								Estimated								Total
Name		Exposure				Normal				cautionary				standard				Doubtful				Loss				Securities				Exposure
Korea Development Bank			0				0				0				0				0				0				1,408				1,408
Samsung Electronics Co., Ltd.			1,188				1,188				0				0				0				0				114				1,303
Industrial Bank of Korea			0				0				0				0				0				0				1,179				1,179
STX Offshore & Shipbuilding Co., Ltd.			1,028				1,028				0				0				0				0				130				1,157
SH Corporation			1,026				1,026				0				0				0				0				0				1,026
National Agricultural Cooperation Federation			0				0				0				0				0				0				1,009				1,009
Samsung Heavy Industries Co., Ltd.			871				871				0				0				0				0				6				877
Kookmin Bank			0				0				0				0				0				0				761				761
Sung-Dong Ship Marine Co., Ltd.			725				346				379				0				0				0				0				725
SLS Shipbuilding Co., Ltd.			657				645				0				11				0				0				53				710
Seoul Metropolitan Government Office			705				705				0				0				0				0				0				705
Korea Housing Finance Corporation			0				0				0				0				0				0				699				699
Hyundai Steel			694				694				0				0				0				0				0				694
Hyundai Heavy Industries Co., Ltd.			625				625				0				0				0				0				37				662
Shinhan Bank			0				0				0				0				0				0				606				606
LG Chem, Ltd.			552				552				0				0				0				0				0				552
SPP Shipbuilding			534				534				0				0				0				0				11				545
Hana Bank			0				0				0				0				0				0				510				510
Kumho Tire Co., Ltd.			489				99				0				390				0				0				0				489
Poonglim Industrial Co., Ltd.			314				9				305				0				0				0				127				440
Hanwha Group			333				333				0				0				0				0				99				432
Hyosung Co., Ltd.			408				408				0				0				0				0				0				408
Kumho Petrochemical Co., Ltd.			395				97				299				0				0				0				10				406
Kia Motors			404				404				0				0				0				0				0				404
Woori Partner Plus Private Equity Investment Trust			0				0				0				0				0				0				400				400
PI Investment			397				40				357				0				0				0				0				397
Hyundai Samho Heavy Industries Co., Ltd.			368				368				0				0				0				0				0				368
STX			344				344				0				0				0				0				10				354
Wise Private Equity Investment Trust			0				0				0				0				0				0				352				352
Hyundai Motors			343				343				0				0				0				0				0				343
Total			12,399				10,658				1,339				402				0				0				7,520				19,919

g.

20 Largest Loan Exposures Classified as Sub-Standard or Below by Borrower

(units: in billions of Won, %)

																										Sub-standard				Loan
		Total								Pre-				Sub-								Estimated				or				Loss								Coverage
Name		Loans				Normal				cautionary				standard				Doubtful				Loss				below				Reserve				Collateral				Ratio
Kumho Tire Co., Ltd.			489				99				0				390				0				0				390				116				69				38	%
Kumho Industrial			298				0				0				298				0				0				298				60				201				88	%
Daewoo Motor Sales			187				0				0				187				0				0				187				37				2				21	%
21st Century Shipbuilding Co., Ltd.			113				6				0				107				0				0				107				33				40				65	%
Jun Jin Development & Construction Co., Ltd.			108				0				0				108				0				0				108				53				0				49	%
Hanwori World Resort			105				0				0				0				0				105				105				105				0				100	%
1st Kumho Trust			92				0				0				92				0								92				18				0				20	%
Samho International Co., Ltd.			69				0				0				69				0				0				69				34				0				49	%
KAMCO Value Creation 1st Securitization Company			56				0				0				56				0				0				56				27				0				49	%
Woolim Construction & Development Co., Ltd.			55				0				0				54				0				0				54				13				0				25	%
Yeon Soo Development			42				0				0				0				0				42				42				42				0				100	%
Namyang Construction Co., Ltd			41				0				0				3				0				37				40				38				3				101	%
DOMS Partners			40				0				0				18				23				0				40				40				24				159	%
City & Culture			40				0				0				40				0				0				40				8				40				120	%
Seahan Steel			36				0				0				36				0				0				36				10				2				34	%
Sungsan Prior			35				0				0				35				0				0				35				7				0				20	%
Shinsung E&C			32				0				0				13				19				0				32				12				22				107	%
Kumho Industrial (Hong Kong)			31				0				0				31				0				0				31				6				0				20	%
Hanmi Piore			27				0				0				27				0				0				27				5				0				20	%
U&C Construction			26				0				0				0				18				8				26				17				27				168	%
Total			1,921				105				0				1,564				59				192				1,815				682				430				58	%

h.

20 Largest Loan Exposures Classified as Precautionary by Borrower

(units: in billions of Won, %)

										Pre-				Sub-								Estimated				Loan Loss								Coverage
Name		Exposure				Normal				cautionary				standard				Doubtful				Loss				Reserve				Collateral				Ratio
Sungdong Shipbuilding & Marine			733				354				379				0				0				0				20				466				66	%
PI Investment			397				40				357				0				0				0				68				44				28	%
Kumho Petrochemical			395				97				299				0				0				0				25				130				39	%
Poonglim Industrial			314				9				305				0				0				0				58				119				56	%
Orient Shipyard			227				5				223				0				0				0				26				5				14	%
KSID			178				0				178				0				0				0				34				0				19	%
Asiana Airlines			150				0				150				0				0				0				11				27				25	%
Haesol City			119				0				119				0				0				0				8				0				7	%
Pungan Construction			109				0				109				0				0				0				18				0				16	%
HJ Life PFV			104				0				104				0				0				0				20				0				19	%
Pi City			100				0				100				0				0				0				19				0				19	%
DongEon			90				0				90				0				0				0				6				0				7	%
Woojong LD			86				0				86				0				0				0				16				0				19	%
Mani D&C			80				0				80				0				0				0				15				0				19	%
Dukwon Construction			80				0				80				0				0				0				15				0				19	%
Daesun Shipbuilding & Engineering			79				10				69				0				0				0				3				10				16	%
Woolim C&D			78				0				78				0				0				0				15				0				19	%
Amuty2			70				0				70				0				0				0				11				0				16	%
Landmark C&D			69				0				69				0				0				0				13				0				19	%
KFD Urban Development			63				0				63				0				0				0				4				0				7	%
Total			3,521				514				3,007				0				0				0				405				801				34	%