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

For the month of March 2011

Woori Finance Holdings Co., Ltd.

(Translation of Registrant’s name into English)

(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

 

 

Index

1. Summary of Fiscal Year 2010 Business Report
2. Exhibit 99.1 Woori Finance Holdings Co., Ltd. Audit Reports for Fiscal Year 2010
Exhibit 99.1

Summary of FY2010 Business Report

Table of Contents

I.		Company Overview			1
1.		Purpose of the Company			1
a.		Scope of Business			1
b.		Scope of Business of Subsidiaries			1
2.		History of the Company			2
a.		Company History			2
b.		Associated Business Group			4
c.		Consolidated Subsidiaries			8
3.		Capital Structure			8
a.		Changes in Capital			8
b.		Convertible Bonds			9
4.		Total Number of Authorized Shares			9
a.		Total Number of Authorized Shares			9
b.		Treasury Stock			9
5.		Voting Rights			10
6.		Dividend Information			10
a.		Dividend information for the past three years			10
II.		Description of Business			11
1.		Business Overview			11
a.		Organizational Chart			11
2.		Overview of Operations			12
a.		Performance of Operations			12
b.		Financing of Operations			12
c.		Transactions related to Commission Fees			13
3.		Other Information Relevant to Investment Decisions			14
a.		Selected Ratios			14
b.		Credit Ratings for the Past Three Years			14
c.		Won-denominated Current Ratio			15
d.		Debt Ratio			15
e.		30 Largest Exposures by Borrower			16
f.		20 Largest Loan Exposures Classified as Sub-Standard or Below by Borrower			17
g.		Recent Developments			17
III.		Financial Information			18
1.		Condensed Financial Statements (Non-consolidated)			18
2.		Condensed Financial Statements (Consolidated)			19
IV.		Independent Auditor’s Opinion			20
1.		Independent Auditor’s Opinion			20
a.		Independent Auditor			20
2.		Compensation to the Independent Auditor for the Past Three Years			20
a.		Auditing Service			20
b.		Compensation for Services Other than the Audit			20

V.		Corporate Governance and Affiliated Companies			21
1.		About the Board of Directors			21
2.		Related Companies			23
3.		Investments in Other Companies			24
VI.		Stock Information			25
1.		Stock Distribution			25
a.		Stock Information of the Largest Shareholder and Specially Related Parties			25
b.		Share Ownership of More Than 5%			25
c.		Minority Shareholders			25
2.		Stock Price and Stock Market Performance for the Past Six Months			26
a.		Domestic Stock Market			26
b.		Foreign Stock Market (NYSE)			26
VII.		Directors and Employee Information			27
1.		Directors			27
2.		Employee Status			27
3.		Directors’ Compensation			27
VIII.		Related Party Transactions			28
1.		Transactions with Affiliated Parties			28
a.		Transactions of Provisional Payments and Loans (including secured loans)			28
b.		Payment Transactions			28

All financial information contained in this document (including the financial statements attached as Exhibit 99.1 hereto) 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
December 30, 2009		Dissolution of Woori LB Third Asset Securitization Specialty Co., Ltd.
March 11, 2010		MOU with National Bank of Abu Dhabi Group

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 December 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		46 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 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 F&I Sixteenth Asset Securitization Specialty Co., Ltd.
		Woori F&I Seventeenth Asset Securitization Specialty Co., Ltd.
		Woori EA Third Asset Securitization Specialty Co., Ltd.
		Woori EA Fourth Asset Securitization Specialty Co., Ltd.
		Woori EA Fifth Asset Securitization Specialty Co., Ltd.
		WR Creditors Co., Ltd.
		Woori EA Eighth Asset Securitization Specialty Co., Ltd.
		Woori F&I Eighteenth Asset Securitization Specialty Co., Ltd.
		WR Investment America LLC
		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
		LG Investment Holdings B.V. GG
		Connacht Capital Market Investment Ltd.
		Woori CBV Securities Corporation
		Brim Asian Credit Fund
		Woori Absolute Return Investment Strategies
		KoFC Woori Growth Champ 2010 No. 3 Private Equity Fund

c.

Consolidated Subsidiaries

				Total Assets (2009)
Name of Company		Business Activities		(unit: in millions of Won)
Woori Bank		Banking			222,341,359
Kwangju Bank		Banking			15,896,819
Kyongnam Bank		Banking			20,410,974
Woori Investment & Securities		Securities			18,406,605
Woori Asset Management		Investment Trusts			92,363
Woori Financial		Other Financial			2,151,217
Woori Aviva Life Insurance		Insurance			1,743,822
Woori F&I		Other Financial			508,542
Woori Private Equity		Other Financial			25,095
Woori Finance Information System		Financial Information Technology			221,876
Woori Credit Information		Debt Collection and Credit Rating			29,288
Woori America Bank		Banking			1,242,988
P.T. Bank Woori Indonesia		Banking			411,542
Woori Global Markets Asia Ltd.		Banking			186,919
Woori Bank (China) Limited		Banking			1,752,025
ZAO Woori Bank		Banking			151,402
Woori Futures		Futures			449,579
Woori Investment Asia Pte. Ltd.		Securities			51,332
Mars Private Equity Fund No. 1		Other Financial			42,908
Mars Private Equity Fund No. 2		Other Financial			217,966
Woori Investment & Securities (HK) Ltd.		Securities			26,458
LG Investment Holdings B.V. GG		Other Financial			32,551
Connacht Capital Market Investment Ltd.		Other Financial			44,215
Woori Absolute Global Opportunity Fund		Asset Management			43,478
Woori Absolute Return Investment Strategies		Other Financial			—
Woori CBV Securities Corporation		Securities			11,338
Woori AMC		Other Financial			11,788
Woori F&I Sixth Asset Securitization Specialty Co., Ltd.		Other Financial			12,597
Woori F&I Seventh Asset Securitization Specialty Co., Ltd.		Other Financial			22,285
Woori F&I Tenth Asset Securitization Specialty Co., Ltd.		Other Financial			17,441
Woori F&I Eleventh Asset Securitization Specialty Co., Ltd.		Other Financial			13,435
Woori F&I Thirteenth Asset Securitization Specialty Co., Ltd.		Other Financial			76,321
Woori SB Tenth Asset Management		Other Financial			65,947
WR Investment America LLC		Other Financial			—
Woori Private Equity Fund		Private Equity Investment			218,216
Kumho Investment Bank		Financial Services			1,592,068
Woori Renaissance Holdings		Other Financial			194,383
U.P. Chemical		Other Chemicals			81,656
SAHN EAGLE LLC		Real Estate Leasing			216,696

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 December 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			2,561				2,561
Free float shares			806,012,779				806,012,779

b.

Treasury Stock

As of December 31, 2010		(unit: shares)

Acquisition

Method

Type of Stock

Beg.

Acquired

Disposal

Canceled

End

Remarks

Direct purchase under Sub-section 1, section 165-2

Common

Preferred

Direct purchase other than the conditions under Sub-section 1, section 165-2

Common

2,560

1

2,561

Preferred

Subtotal

Common

2,560

1

2,561

Preferred

Indirect acquisition from trust agreement

Common

Preferred

Total

Common

2,560

1

2,561

Preferred

5.

Voting Rights

As of December 31, 2010		(unit: shares)

Items

Number of stock

Notes

Total number of shares

Common Shares

806,015,340

Preferred Shares

Stocks without voting rights

Common Shares

Preferred Shares

Stocks with limited voting rights under the Securities & Exchange Law

—

2,561

Stocks with voting rights restored

—

Stocks with voting rights

Common Shares

806,012,779

Preferred Shares

6.

Dividend Information

a.

Dividend information for the past three years

(Non-consolidated)

Items						2010				2009				2008
Par value per share (Won)							5,000				5,000				5,000
Net profit (Won in Millions)							1,194,979				1,026,024				454,478
Earnings per share (Won)							1,483				1,273				564
Total cash payout (Won in Millions)							201,503				80,601				—
Total stock dividends (Won in Millions)															—
Cash dividend payout ratio (%)							16.86				7.86
Cash dividend yield (%)		Common Shares					1.6				0.7				1.3
		Preferred Shares
Stock dividend yield (%)		Common Shares
		Preferred Shares
Cash dividend per share (Won)		Common Shares					250				100
		Preferred Shares
Stock dividend per share (Won)		Common Shares
		Preferred Shares

II.

Description of Business

1.

Business Overview

a.

Organizational Chart

(As of December 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				2009				2008
Shareholders’ Equity			14,538,812				13,720,923				12,207,338
Capital			4,030,077				4,030,077				4,030,077
Capital Surplus			158,608				179,488				186,959
Retained Earnings			9,463,066				8,346,186				7,323,148
Capital Adjustments			887,061				1,165,172				667,154
Borrowings			3,862,134				3,824,205				3,412,854
Debentures			3,654,843				3,744,156				3,393,702
Bank Borrowings			—				60,000				—
Commercial Paper			—				—				—
Other Borrowings			—				—				—
Other Liabilities			207,291				20,049				19,152
Total			18,400,946				17,545,128				15,620,192

(2)

Use of Funds

(unit: in millions of Won)

Items		2010				2009				2008
Subsidiary Stock			18,175,265				17,350,078				15,285,356
Woori Bank			14,181,149				13,621,824				11,900,128
Kyongnam Bank			1,530,858				1,443,661				1,245,318
Kwangju Bank			1,066,933				976,284				920,938
Woori Financial Information System			17,171				15,013				13,076
Woori F&I			189,810				166,563				139,999
Woori Investment & Securities			818,320				754,782				709,114
Woori Asset Management			62,898				67,456				41,296
Woori Private Equity			25,859				24,246				12,844
Woori Financial			181,962				207,346				228,456
Woori Aviva Life Insurance			100,306				72,903				74,187
Investment Securities			—				—				—
Loan Obligations			995				139,300				169,150
Tangible Assets			420				415				566
Intangible Assets			19				8				14
Cash			65,444				23,267				119,350
Other Assets			158,803				32,060				45,756
Total			18,400,946				17,545,128				15,620,192

c.

Transactions related to Commission Fees

(unit: in millions of Won)

Category		2010				2009				2008
Commission Revenue (A)			35,626				—				—
Commission Expense (B)			4,209				7,001				7,119
Commission Profit (A-B)			31,417				(7,001	)			(7,119	)

3.		Other Information Relevant to Investment Decisions
a.		Selected Ratios

BIS Ratio

(unit: in millions of Won)

Items		2010				2009				2008				2007
Total Capital (A)			24,839,544				24,824,094				22,436,482				20,102,976
Risk weighted assets (B)			198,250,944				200,954,776				206,606,315				174,367,585
BIS Ratio (A/B)			12.53	%			12.35	%			10.86	%			11.53	%

Other Selected Ratios

(Unit: %)

Category		2010				2009
Net income as a percentage of average total assets			0.4	%			0.3	%
Net income as a percentage of average stockholders’ equity			8.4				7.9
Net interest margin			2.31				1.99
Loans classified as sub-standard or below as a percentage of total loans			3.3				1.7

b.

Credit Ratings for the Past Three Years

		Evaluated		Credit		Company		Evaluation
Date of Rating		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
2010.05.10		Debentures		AAA		Korea Ratings (AAA ~ D)		Case evaluation
2010.05.10		Debentures		AAA		KIS Ratings (AAA ~ D)		Case evaluation
2010.07.23		Debentures		AAA		Korea Ratings (AAA ~ D)		Case evaluation
2010.07.23		Debentures		AAA		NICE (AAA ~ D)		Case evaluation
2010.10.28		Debentures		AAA		Korea Ratings (AAA ~D)		Case evaluation
2010.10.28		Debentures		AAA		KIS Ratings (AAA ~D)		Case evaluation
2011.02.14		Debentures		AAA		NICE (AAA ~ D)		Case evaluation
2011.02.14		Debentures		AAA		KIS Ratings (AAA ~D)		Case evaluation
2011.03.02		Debentures		AAA		Korea Ratings (AAA ~D)		Case evaluation
2011.03.03		Debentures		AAA		KIS Ratings (AAA ~D)		Case evaluation

c.

Won-denominated Current Ratio

(unit: in millions of Won)

Items		2010				2009				2008				2007
Current Assets (A)			65,497				23,682				119,566				32,874
Current Liabilities (B)			9,260				8,995				18,376				12,207
Current Ratio* (A/B)			707.31	%			263.29	%			650.66	%			269.30	%

d.

Debt Ratio

(unit: in millions of Won)

Items		2010				2009				2008				2007
Liabilities (A)			3,862,134				3,824,205				3,412,854				2,129,288
Equity (B)			14,538,812				13,720,923				12,207,338				(*)13,062,368
Debt Ratio (A/B)			26.56	%			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”).

e.

30 Largest Exposures by Borrower

(As of December 31, 2010)		(unit: in hundred millions of Won)

		Total
		Credit								Pre-				Sub-								Estimated								Total
Name		Exposure				Normal				cautionary				standard				Doubtful				Loss				Securities				Exposure(1)
Industrial Bank of Korea			7				7				—				—				—				—				20,514				20,521
Korea Land & Housing Corporation			302				302				—				—				—				—				15,950				16,252
Korea Housing Finance Corporation			—				—				—				—				—				—				15,953				15,953
Samsung Electronics			13,482				13,482				—				—				—				—				324				13,806
Kookmin Bank			1,839				1,839				—				—				—				—				11,218				13,057
SH Corporation			10,697				10,697				—				—				—				—				1,696				12,394
Korea Development Bank			—				—				—				—				—				—				11,679				11,679
Korea Finance Corporation			—				—				—				—				—				—				10,310				10,310
Hyundai Heavy Industries			9,586				9,586				—				—				—				—				142				9,728
STX Shipbuilding			9,485				9,485				—				—				—				—				17				9,502
Sungdong Shipbuilding & Marine			9,136				3,683				5,453				—				—				—				—				9,136
Hyundai E&C			2,523				2,523				—				—				—				—				5,638				8,161
National Agricultural Cooperative Federation			332				332				—				—				—				—				7,696				8,028
Hyundai Steel			6,786				6,786				—				—				—				—				809				7,595
Samsung Engineering			6,940				6,940				—				—				—				—				14				6,954
Kumho Tire			5,606				445				5,161				—				—				—				1,325				6,931
SLS Shipbuilding			6,499				4,408				—				9				2,071				11				—				6,499
Hynix			776				776				—				—				—				—				5,121				5,898
Kumho Industrial			4,976				377				—				4,599				—				—				871				5,847
Samsung Card			4,834				4,834				—				—				—				—				829				5,663
Samsung Heavy Industries			5,575				5,575				—				—				—				—				18				5,593
Seoul Metropolitan City			5,300				5,300				—				—				—				—				—				5,300
POSCO			585				585				—				—				—				—				4,638				5,223
Hyundai Samho Heavy Industries			4,933				4,933				—				—				—				—				100				5,033
Daewoo International			4,386				4,386				—				—				—				—				298				4,684
LG Display			4,164				4,164				—				—				—				—				392				4,557
Hyosung			4,395				4,395				—				—				—				—				32				4,428
LG Chemical			4,387				4,387				—				—				—				—				40				4,427
Shinhan Bank			—				—				—				—				—				—				4,300				4,300
Hyundai Capital			2,000				2,000				—				—				—				—				2,186				4,186
Total			129,533				112,230				10,614				4,607				2,071				11				122,112				251,644

f.

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

(As of December 31, 2010)		(unit: in hundred millions of Won)

								Sub-standard or
Name		Industry		Total Exposure				below				Loan Loss Reserve
A		Construction			4,976				4,599				895
B		Real Estate & Lease			3,971				3,572				1,790
C		Construction			3,063				3,048				610
D		Shipbuilding			6,499				2,090				989
E		Real Estate & Lease			1,949				1,949				975
F		Construction			1,930				1,930				381
G		Construction			1,779				1,779				356
H		Real Estate & Lease			1,050				1,050				515
I		Finance & Insurance			1,001				1,001				200
J		Real Estate & Lease			1,000				1,000				200
K		Finance & Insurance			996				996				398
L		Construction			947				941				257
M		Real Estate & Lease			902				902				451
N		Finance & Insurance			900				900				248
O		Real Estate & Lease			900				900				180
P		Construction			900				900				441
Q		Real Estate & Lease			857				857				171
R		Real Estate & Lease			850				850				417
S		Shipbuilding			1,339				844				107
T		Manufacturing			839				838				168
Total					36,646				30,945				9,746

g.

Recent Developments

On February 18, 2011, Woori Finance Holdings was selected as the preferred bidder for the purchase of the assets and assumption of the liabilities of Samhwa Mutual Savings Bank and signed a memorandum of understanding on March 11, 2011 with KDIC related to such purchase. In order to effect such purchase, Woori Finance Holdings established a new subsidiary, Woori Financial Group Savings Bank Co., Ltd., which began operations on March 25, 2011.

III.		Financial Information
1.		Condensed Financial Statements (Non-consolidated)

(unit: in millions of Won, except per share amounts)

Items		2010				2009				2008				2007				2006
Cash and Due from Banks			65,444				23,267				119,350				32,502				89,724
Securities			18,175,265				17,350,078				15,285,356				15,062,711				13,591,413
Loans			995				139,300				169,150				0				49,750
Tangible Assets			420				415				566				438				630
Other Assets			158,822				32,068				45,770				96,005				62,004
Total Assets			18,400,946				17,545,128				15,620,192				15,191,656				13,793,521
Borrowings			0				60,000				—				—				—
Debentures			3,654,843				3,744,155				3,393,702				2,116,679				1,847,591
Other Liabilities			207,291				20,050				19,152				12,609				12,858
Total Liabilities			3,862,134				3,824,205				3,412,854				2,129,288				1,860,449
Common Stock			4,030,077				4,030,077				4,030,077				4,030,077				4,030,077
Capital Surplus			158,607				179,488				186,959				187,554				187,955
Capital Adjustment			(64,588	)			(54,201	)			(57,219	)			(55,812	)			(55,854	)
Consolidated Other Comprehensive Income			951,649				1,219,373				724,373				1,842,300				2,173,349
Retained Earnings			9,463,067				8,346,186				7,323,148				7,058,249				5,597,545
Total Stockholder’s Equity			14,538,812				13,720,923				12,207,338				13,062,368				11,933,072
Operating Revenue			1,530,492				1,326,855				666,267				2,080,957				2,031,611
Operating Income			1,216,281				1,028,463				455,812				1,939,374				1,893,248
Income before Income Tax			1,211,740				1,026,024				454,478				1,943,561				2,029,319
Net Income			1,194,979				1,026,024				454,478				1,943,561				2,029,319
Earnings per share (in Won)			1,483				1,273				564				2,411				2,518