August 2013

KEXIMKorea’s Official Export Credit Agency

KEXIM at a Glance 3 SECTION 1

Strength of Korean Economy 8 SECTION 2

Funding Activities 13 SECTION 3

Table of Contents

2

SECTION 1

KEXIM at a Glance

3

114.8%

92.5%

65.9%

52.6%

33.4% 31.3%

0%

20%

40%

60%

80%

100%

120%

Korea Germany UK China Japan US

Categorized as “Sovereigns, Supranationals and Agencies” (SSA)by financial publication such as IFR and Euroweek

Categorized as “Sovereigns, Supranationals and Agencies” (SSA)by financial publication such as IFR and Euroweek

Promoting international trade is indispensable in maintaining sustainable

growth of the nation’s economy

Source: Bank of Korea, IMF, WTO* Defined as the sum of annual exports and imports divided by Gross Domestic Product

KEXIM is an Export Credit Agency mandated with promoting export and

competitiveness of Korean goods and services

100% Ownership

Official ExportCredit Agency

A 100% Government Owned Export Credit Agency

▒ Pivotal Role in the Korean Economy

Trade Dependency Ratio (2012)*

4

Korea

The Export-Import Bank of Korea

Canada

Japan Japan Bank for International Cooperation

Australia

EXPORT-IMPORT BANK

of the UNITED STATESU.S.A.

Key ECAs in Other Countries

China

Germany

U.K.

▒ KEXIM is the Official Export Credit Agency of Korea

5

LOANS GUARANTEES

Export Credit Import Credit Overseas Investment Credit

Total Loans: KRW48tn(as of December 31, 2012)

Financial Guarantee Project Related Guarantee

Total Guarantees: KRW39tn(as of December 31, 2012)

On behalf of Korean Government, KEXIM administrates EDCF and IKCF, both of which are SEPARATED ACCOUNTS FROM KEXIM

Economic Development Cooperation Fund (“EDCF”)

Since 1987

Promote economic cooperation between Korea and developing countries

Total Loans: KRW3.3tn

(as of Dec 31, 2012)

Since 1991

Promote exchanges and cooperation between the two Koreas

Total Disbursement including Grant: KRW5.7tn

(as of Dec 31, 2012)

▒ Government-Entrusted Funds

Inter-Korean Cooperation Fund (“IKCF”)

Key Operations

▒ KEXIM’s Own Accounts

6

Increase in Paid-in-Capital in line with Loan Growth

Source: KEXIM, as of July 2013”

“Article 37 (Compensation for Amount of Loss)

The Export-Import Bank shall compensate for net loss of final

accounts with the reserve each business year, and the Gov-

ernment shall compensate for the loss when the reserve

is insufficient 3.3 4.0 5.0 5.2 6.3 7.1 7.2 20.1

32.4 37.4

41.2 48.0 47.8 54.0

0102030405060

0.0

2.0

4.0

6.0

8.0

2007 2008 2009 2010 2011 2012 July 2013

KRW 3.9 tn

KEXIM’s credit rating has been on par with Korea sovereign rating since its establishment

True Proxy to Sovereign Credit

“…there is an "almost certain" likelihood that the Korean government would provide timely and sufficient extraordinary support to KEXIM in the event of financial distress.”

“…there is an "almost certain" likelihood that the Korean government would provide timely and sufficient extraordinary support to KEXIM in the event of financial distress.”

A+ (Stable)

Standard & Poor’s

“the South Korean government is legally obliged to cover KEXIM’s losses should the bank’s capital reserve funds fail to cover them, as per Article 37 of the KEXIM Act.”

“the South Korean government is legally obliged to cover KEXIM’s losses should the bank’s capital reserve funds fail to cover them, as per Article 37 of the KEXIM Act.”

AA- (Stable)

Fitch

“… Underpinned by 1) the stipulation in the KEXIM Act, which holds the government responsible for its solvency, 2) the 100% ownership by the government, 3) no legal barrier for timely support …

“… Underpinned by 1) the stipulation in the KEXIM Act, which holds the government responsible for its solvency, 2) the 100% ownership by the government, 3) no legal barrier for timely support …

Aa3 (Stable)

Moody’s

“…the importance of KEXIM to the government's policy is extremely high, and there is no probability of KEXIM being privatized. Its financial soundness is maintained through continuous contributions from the government.”

“…the importance of KEXIM to the government's policy is extremely high, and there is no probability of KEXIM being privatized. Its financial soundness is maintained through continuous contributions from the government.”

A+ (Stable)

R&I

▒ The Government’s Dedication to Protect KEXIM’s Solvency

7

(KRW tn)(KRW tn)

SECTION 2

Strength of Korean Economy

8

1953

1955

1957

1959

1961

1963

1965

1967

1969

1971

1973

1975

1977

1979

1981

1983

1985

1987

1989

1991

1993

1995

1997

1999

2001

2003

2005

2007

2009

2011

Source: Bank of KoreaNote: AUD≈ KRW1,066.86

1976Establishment of

The Export-Import Bank of Korea Korea becomes the first developing

nation to have an ECA

(KRW tn)

2011

Korea becomes the 9th country to record

USD1tn in trade volume

2010

Korea becomes 7th largest exporter in

the world .

2000

Korea becomes the 11th largest economy

in the world

1996

Korea becomes the 29th member of OECD

1995

Korean exportexceeds

USD100bn

1989

Electronics and automobile

export totals USD20bn

1977

First export of color TV

1976

First export of automobile

1969

First export of commercial

vessel

1960

GDP per capita of USD79

1953

Three-year long Korean War ends in a stalemate

1,400

1,200

1,000

800

600

400

200

0

1,273 TrillionKRW

1,026 TrillionKRW

100 TrillionKRW

10 TrillionKRW1 Trillion

KRW

Snapshot of Korean Economic History

2012

▒ Korea’s GDP Growth and Key Economic Achievements

2012

Korea becomes the 7th nation to join a group of countries with GDP per capita of USD20,000

and a population of 50mn

9

524

258

136 93 68 66 63 61 53 48 45

USA Japan China UK South Korea Canada France India Germany Hong Kong Switzerland

Korea is home to numerous leading

companies with global brands

____________________Clarkson (by order value)As of 2012

____________________International Data CorporationAs of 1Q 2013

____________________OICAAs of 2012

____________________World Steel AssociationAs of 2012

1st1st 6th 6th 1st1st

Ship BuildingDRAM Automobile Steel Production TFT-LCDMobile Phone

____________________DRAMexchangeAs of 4Q 2012

____________________Display SearchAs of 2012

AAA AA AAA AAAAAA AAA AAAAA-AA BBB AAA

▒ Korea’s Ranking in Key Industries

▒ Forbes ’12: Top Host Countries of the World’s 2000 Leading Companies

Export-Driven Industrial Powerhouse

10

Others6%

Japan7%

North America12%

Europe14%

Middle East7%Latin America

7%

China24%

Southeast Asia23%

Source: Korea Statistical Office, 2012 YE

▒ Exports Destinations▒ Export By Geography

Source: Korea Customs Service, 2012 YESource: Korea Customs Service, 2012 YE

China 24%

Developing Countries 51%

Japan 7%DM Europe 6%

North America12%

2012

Historical Trend

Petroleum-related12%

Steel9%

Electronics28%

Chemical11%

Machinery10%

Auto8%

Light Industry7%

Shipbuilding7%

Others8%

Exports toEmergingMarkets:

76%

1965

1969

1973

1977

1981

1985

1989

1993

1997

2001

2005

2009

0%

10%

20%

30%

40%

50%

60%

70%

80%

90%

100%

Diversified Export Portfolio

1965 1977 1989 2001 20120%

10%

20%

30%

40%

50%

60%70%

80%90%

100%

▒ Export By Product

11

▒ The 3rd Largest Economic Territory via Bilateral Free Trade Agreements

Source: Ministry of Strategy and Finance(1) Defined as a nation’s GDP combined with the GDPs of its FTA countries, divided by the world GDP

In Implementation45 Countries54.1% of World GDP(1)

Ratified / Under Negotiation15 Countries28.8% of World GDP(1)

Effective Concluded

ASEAN

USA

Columbia

Peru

ChileSingapore

India

EU

EFTA

TurkeyKorea

AAA

AA+

Aaa

AA

A+

Aa1

AA-Aa3

A1

A2

Aa2

A-

Baa2

A

Baa1

BBB

BBB+

BBB-Baa3

A3

Aug2011

Aug2011

May2009

Jan2012

Sep2010

Mar2011

Jun2012

Oct2011

Feb2012

Negativeoutlook Negative

outlook

Jan2009

Oct2011

Apr2010

Jan2012

Apr2012

Korea’s credit rating upgraded by the 3 major

agencies in 2012

Sep2012

Sep2012

Apr2010

Aug2012

Dec2009

Dec2008

“A high degree of economic resilience and competitiveness”

“Reduced external vulnerability of the banking sector”

“A high degree of economic resilience and competitiveness”

“Reduced external vulnerability of the banking sector”Aa3

Stable

“continued economic and financial stability in a volatile global environ-

ment““strong structural fundamentals in-cluding an income level and social

and political stability”

“continued economic and financial stability in a volatile global environ-

ment““strong structural fundamentals in-cluding an income level and social

and political stability”AA-Stable

“reflects our less negative assess-ment of the geopolitical risks on the

Korean peninsula”“expect that economic indicators in

the Republic of Korea will be relatively weak”

“reflects our less negative assess-ment of the geopolitical risks on the

Korean peninsula”“expect that economic indicators in

the Republic of Korea will be relatively weak”

A+Stable

Feb2013

Negativeoutlook

Emerging MarketsDeveloped Countries

Moody’s S&P

Korea

Sovereign Rating Upgrade by All Big 3 Agencies

USA JapanUK France Italy Spain Russia Mexico

12

Jan2011

Negativeoutlook

Jan2011

Nov2012

Jan2012

Sep 2011

Negativeoutlook

Oct2006

Jul2012

Oct2011

Feb2012

Oct2012

Negativeoutlook

SECTION 3

Funding Activities

13

Top Frequent Borrower

World Bank 51

JP Morgan 20

53

KfW 134

IssuerNo. of

Issuances

EIB 2071

8

40

5

2

Rank

Top Issuance Volume

Bank of America Corporation 7,301

Morgan Stanley 6,012

7,679

KfW 102,376

IssuerAmount(US$mn)

EIB 102,8641

138

182

127

2

Rank

Source: IFR (May 2011 ~ Apr 2012)

4,296

7,923 8,253 8,324 8,245

4,641

2,0041,186

8,806

4,590

2,7383,614

5,762 5,373

1,277

2,9601,552 1,909

1,2501,620

1,725

0

2,000

4,000

6,000

8,000

10,000

2007 2008 2009 2010 2011 2012

KEXIM KDB IBK KoFC(US$ mn)

Source: Bloomberg (League Table – Korea International Bonds; based on annual vol.)

▒ Most Active Issuer out of Korea

Source: KEXIM, Bloomberg

923

5,2513,454

5,3784,059

3,0273,088 6,820

5,627

4,982

8,8198,339

10,27411,005

5,792

0

2,000

4,000

6,000

8,000

10,000

12,000

2008 2009 2010 2011 2012

USD Non-USD(US$ mn)

▒ USD vs. Non-USD

The Most Active Issuer in Korea

14

Public Offering

Funding Sources diversified over 27 Different Currencies Globally

KEXIM’s Globally Diversified Funding Sources

Zurich

EUR

CHF

Japan Los Angeles

New York

Boston

Hong Kong

Singapore

San Paulo

Bangkok

Mexico

Kuala Lumpur

SGD

HKD

MYR

USD

MXN

BRL

TRY

Lima

PENIDR

INR

Sydney

Jakarta

New Delhi

CNH

PHP

THBTaipei

GBP

TWD

ZAR

NZD

SAR

RUB

Beijing

Moscow

DKK

SEK

NOK

CZK

AUD

JPY

15