Obligation KEXEM 3.25% ( US302154BN89 ) en USD

KEXEM

99.02 % ▲

Coree du sud

US302154BN89 ( en USD )

3.25% par an ( paiement semestriel )

11/08/2026

Prospectus brochure de l'obligation KEXIM US302154BN89 en USD 3.25%, échéance 11/08/2026

302154BN8

12/02/2026 ( Dans 97 jours )

KEXIM (Korea Export-Import Bank) est une banque publique sud-coréenne qui soutient le commerce international et l'investissement sud-coréens en fournissant des financements, des assurances et des garanties aux entreprises.

L'Obligation émise par KEXEM ( Coree du sud ) , en USD, avec le code ISIN US302154BN89, paye un coupon de 3.25% par an.
Le paiement des coupons est semestriel et la maturité de l'Obligation est le 11/08/2026

424(B)(2)
424B2 1 d945066d424b2.htm 424(B)(2)
Table of Contents
Filed pursuant to Rule 424(b)(2)
Registration Statement No. 333-203445

PROSPECTUS SUPPLEMENT
(To Prospectus Dated June 11, 2015)

The Export-Import Bank of Korea
(A statutory juridical entity established under The Export-Import Bank of Korea Act of 1969, as amended, in the Republic of Korea)
US$600,000,000 2.625% Notes due 2020
US$400,000,000 3.250% Notes due 2026
Our US$600,000,000 aggregate principal amount of notes due 2020 (the "2020 Notes") will bear interest at a rate of 2.625% per annum. Interest on the 2020 Notes is payable semi-
annually in arrears on June 30 and December 30 of each year. The first interest payment on the 2020 Notes will be made on December 30, 2015 in respect of the period from (and
including) June 30, 2015 to (but excluding) December 30, 2015. The 2020 Notes will mature on December 30, 2020.
Our US$400,000,000 aggregate principal amount of notes due 2026 (the "2026 Notes" and, together with the 2020 Notes, the "Notes") will bear interest at a rate of 3.250% per
annum. Interest on the 2026 Notes is payable semi-annually in arrears on February 12 and August 12 of each year. The first interest payment on the 2026 Notes will be made on August
12, 2015 in respect of the period from (and including) February 12, 2015 to (but excluding) August 12, 2015. The 2026 Notes will mature on August 12, 2026. The 2026 Notes offered
hereby shall constitute a further issuance of, and be fungible with and be consolidated and form a single series with, our US$500,000,000 3.250% Notes due 2026 issued on August 12,
2014 (the "Original 2026 Notes"). The total principal amount of the Original 2026 Notes and the 2026 Notes now being issued is US$900,000,000.
The Notes will be issued in minimum denominations of US$200,000 principal amount and integral multiples of US$1,000 in excess thereof. The Notes will be represented by one
or more global securities registered in the name of a nominee of The Depository Trust Company, as depositary.

Neither the Securities and Exchange Commission nor any state securities commission has approved or disapproved of these securities or determined if this prospectus
supplement or the accompanying prospectus is truthful or complete. Any representation to the contrary is a criminal offense.

2020 Notes

2026 Notes

Per Note

Total

Per Note

Total

Public offering price

99.863%
US$599,178,000
99.195%
US$396,780,000
Underwriting discounts

0.300%
US$
1,800,000
0.300%
US$
1,200,000
Proceeds to us, before expenses

99.563%
US$597,378,000
98.895%
US$395,580,000
For the 2020 Notes, in addition to the initial public offering price, you will have to pay for accrued interest, if any, from and including June 30, 2015.
For the 2026 Notes, in addition to the initial public offering price, you will have to pay for accrued interest from and including February 12, 2015 but excluding June 30, 2015.
Application has been made to the Singapore Exchange Securities Trading Limited (the "SGX-ST") for the listing and quotation of the Notes. There can be no assurance that such
listing will be obtained for the Notes. The SGX -ST assumes no responsibility for the correctness of any statements made, opinions expressed or reports contained herein. Approval in-
principle from, admission of the Notes to the Official List of, and the listing and quotation of any Notes on, the SGX -ST are not to be taken as an indication of the merits of the issuer
or the Notes.
The underwriters expect to deliver the Notes to investors through the book-entry facilities of The Depository Trust Company on or about June 30, 2015.

Joint Bookrunners and Lead Managers

Crédit Agricole CIB

Credit Suisse

Goldman Sachs International

HSBC

J.P. Morgan

Mizuho Securities

Morgan Stanley
Joint Lead Manager
KDB Daewoo Securities
Prospectus Supplement Dated June 23, 2015
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424(B)(2)
Table of Contents
You should rely only on the information contained in or incorporated by reference in this prospectus supplement and the accompanying
prospectus. We have not authorized anyone to provide you with different information. We are not making an offer of these securities in any state
where the offer is not permitted.
TABLE OF CONTENTS

Page
Prospectus Supplement

Summary of the Offering
S-6
Use of Proceeds
S-8
Recent Developments
S-9
Description of the Notes
S-13
Clearance and Settlement
S-15
Taxation
S-18
Underwriting
S-19
Legal Matters
S-23
Official Statements and Documents
S-23
General Information
S-23
Prospectus

Certain Defined Terms and Conventions

1
Use of Proceeds

2
The Export-Import Bank of Korea

3
Overview

3
Capitalization

4
Business

5
Selected Financial Statement Data

7
Operations

9
Description of Assets and Liabilities

14
Debt

23
Credit Policies, Credit Approval and Risk Management

25
Capital Adequacy

26
Overseas Operations

27
Property

28
Management and Employees

28
Tables and Supplementary Information

30
Financial Statements and the Auditors

39
The Republic of Korea
125
Land and History
125
Government and Politics
126
The Economy
130
Principal Sectors of the Economy
139
The Financial System
146
Monetary Policy
151
Balance of Payments and Foreign Trade
155
Government Finance
162
Debt
164
Tables and Supplementary Information
166
Description of the Securities
170
Description of Debt Securities
170
Description of Warrants
176
Terms Applicable to Debt Securities and Warrants
177
Description of Guarantees
178
Limitations on Issuance of Bearer Debt Securities and Bearer Warrants
179

S-2
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424(B)(2)
Table of Contents

Page
Taxation
180
Korean Taxation
180
United States Tax Considerations
182
Plan of Distribution
190
Legal Matters
191
Authorized Representatives in the United States
191
Official Statements and Documents
191
Experts
191
Forward-Looking Statements
192
Further Information
194

S-3
Table of Contents
CERTAIN DEFINED TERMS
All references to "we" or "us" mean The Export-Import Bank of Korea. All references to "Korea" or the "Republic" contained in this
prospectus supplement mean The Republic of Korea. All references to the "Government" mean the government of Korea. References to "?" or
"Won" are to the lawful currency of Korea and "US$" or "U.S. dollars" are to the lawful currency of the United States. Terms used but not defined
in this prospectus supplement shall have the same meanings given to them in the accompanying prospectus.
Unless otherwise indicated, all references to "2020 Notes" contained in this prospectus supplement are to the US$600,000,000 aggregate
principal amount of 2.625% notes due 2020 and all references to "2026 Notes" are to the US$400,000,000 aggregate principal amount of 3.250%
notes due 2026. Unless otherwise indicated, all references to the "Notes" are to the 2020 Notes and 2026 Notes, collectively.
In this prospectus supplement and the accompanying prospectus, where information has been provided in units of thousands, millions or
billions, such amounts have been rounded up or down. Accordingly, actual numbers may differ from those contained herein due to rounding. Any
discrepancy between the stated total amount and the actual sum of the itemized amounts listed in a table, is due to rounding.
Commencing in 2013, we prepare our financial statements in accordance with International Financial Reporting Standards as adopted in
Korea ("Korean IFRS" or "K-IFRS") and our separate financial information as of December 31, 2014 and March 31, 2015 and for the three months
ended March 31, 2015 and 2014 included in this prospectus supplement has been prepared in accordance with Korean IFRS. References in this
prospectus supplement to "separate" financial statements and information are to financial statements and information prepared on a non-
consolidated basis. Unless specified otherwise, our financial and other information included in this prospectus supplement is presented on a
separate basis in accordance with Korean IFRS and does not include such information with respect to our subsidiaries.
ADDITIONAL INFORMATION
The information in this prospectus supplement is in addition to the information contained in our accompanying prospectus dated June 11,
2015. The accompanying prospectus contains information regarding ourselves and Korea, as well as a description of some terms of the Notes. You
can find further information regarding us, Korea, and the Notes in registration statement no. 333-203445, as amended, relating to our debt
securities, with or without warrants, and guarantees, which is on file with the U.S. Securities and Exchange Commission.
WE ARE RESPONSIBLE FOR THE ACCURACY OF THE INFORMATION IN THIS DOCUMENT
We are responsible for the accuracy of the information in this document and confirm that to the best of our knowledge we have included all
facts that should be included not to mislead potential investors. The address of our registered office is 38 Eunhaeng-ro, Youngdeungpo-gu, Seoul
150-996, The Republic of Korea. The SGX-ST assumes no responsibility for the contents of this prospectus supplement and the accompanying
prospectus, and makes no representation as to liability whatsoever for any loss howsoever arising from or in reliance upon the whole or any part of
the contents of this prospectus supplement and the accompanying prospectus. Approval in-principle from, and admission of the Notes to the
Official List of, the SGX-ST are not to be taken as an indication of the merits of the issuer or the Notes.
NOT AN OFFER IF PROHIBITED BY LAW
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424(B)(2)
The distribution of this prospectus supplement and the accompanying prospectus, and the offer of the Notes, may be legally restricted in some
countries. If you wish to distribute this prospectus supplement or the accompanying prospectus, you should observe any restrictions. This
prospectus supplement and the accompanying prospectus should not be considered an offer and it is prohibited to use them to make an offer, in any
state or country which prohibits the offering.
The Notes may not be offered or sold in Korea, directly or indirectly, or to any resident of Korea, except as permitted by Korean law.
For more information, see "Underwriting--Foreign Selling Restrictions."

S-4
Table of Contents
INFORMATION PRESENTED ACCURATE AS OF DATE OF DOCUMENT
This prospectus supplement and the accompanying prospectus are the only documents on which you should rely for information about the
offering. This prospectus supplement may only be used for the purposes for which it has been published. We have authorized no one to provide
you with different information. You should not assume that the information in this prospectus supplement or the accompanying prospectus is
accurate as of any date other than the date on the front of each document.

S-5
Table of Contents
SUMMARY OF THE OFFERING
This summary highlights selected information from this prospectus supplement and the accompanying prospectus and may not contain
all of the information that is important to you. To understand the terms of our Notes, you should carefully read this prospectus supplement
and the accompanying prospectus.
The Notes
We are offering US$600,000,000 aggregate principal amount of 2.625% notes due December 30, 2020 (the "2020 Notes") and
US$400,000,000 aggregate principal amount of 3.250% notes due August 12, 2026 (the "2026 Notes", and together with the 2020 Notes, the
"Notes"). The 2026 Notes offered hereby shall constitute a further issuance of, and be fungible with and be consolidated and form a single
series with, our US$500,000,000 3.250% Notes due 2026 issued on August 12, 2014 (the "Original 2026 Notes"). The total principal amount
of the Original 2026 Notes and the 2026 Notes now being issued is US$900,000,000.
The 2020 Notes will bear interest at a rate of 2.625% per annum, payable semi-annually in arrears on June 30 and December 30 of each
year. The first interest payment on the 2020 Notes will be made on December 30, 2015 in respect of the period from (and including) June 30,
2015 to (but excluding) December 30, 2015. Interest on the 2020 Notes will accrue from June 30, 2015, and will be computed based on a 360-
day year consisting of twelve 30-day months. The 2026 Notes will bear interest at a rate of 3.250% per annum, payable semi-annually in
arrears on February 12 and August 12 of each year. The first interest payment on the 2026 Notes will be made on August 12, 2015 in respect of
the period from (and including) February 12, 2015 to (but excluding) August 12, 2015. Interest on the 2026 Notes will accrue from February
12, 2015, and will be computed based on a 360-day year consisting of twelve 30-day months. See "Description of the Notes--Payment of
Principal and Interest."
The Notes will be issued in minimum denominations of US$200,000 principal amount and integral multiples of US$1,000 in excess
thereof. The Notes will be represented by one or more global securities registered in the name of a nominee of The Depository Trust Company
("DTC"), as depositary.
We do not have any right to redeem the Notes prior to maturity.
Listing
Application has been made to the SGX-ST for the listing and quotation of the Notes. Settlement of the Notes is not conditioned on
obtaining the listing. There can be no assurance that such listing will be obtained for the Notes. The Notes will be traded on the SGX-ST in a
minimum board lot size of S$200,000 (or its equivalent in foreign currencies), for so long as the Notes are listed on the SGX-ST and the rules
of the SGX-ST so require. Accordingly, the Notes will be traded on the SGX-ST in a minimum board lot size of US$200,000.
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424(B)(2)
Form and settlement
We will issue each series of the Notes in the form of one or more fully registered global notes, registered in the name of a nominee of
DTC. Except as described in the accompanying prospectus under "Description of the Securities--Description of Debt Securities--Global
Securities," the global notes will not be exchangeable for Notes in definitive registered form, and will not be issued in definitive registered
form. Financial institutions, acting as direct and indirect participants in DTC, will represent your beneficial interests in the global notes. These
financial institutions will record the ownership and transfer of your beneficial interest through book-entry accounts. You may hold your
beneficial interests in the Notes through Euroclear Bank S.A./N.V. ("Euroclear") or Clearstream Banking, société anonyme ("Clearstream") if
you are a participant in such systems, or indirectly through organizations that are participants in such systems. Any secondary market trading
of book-entry interests in the Notes will take place through DTC participants, including Euroclear and Clearstream. See "Clearance and
Settlement--Transfers Within and Between DTC, Euroclear and Clearstream."

S-6
Table of Contents
Further Issues
We may from time to time, without the consent of the holders of the Notes, create and issue additional debt securities with the same
terms and conditions as either series of the Notes in all respects so that such further issue shall be consolidated and form a single series with
the relevant series of the Notes. We will not issue any such additional debt securities unless such additional securities have no more than a de
minimis amount of original issue discount or such issuance would constitute a "qualified reopening" for U.S. federal income tax purposes.
Delivery of the Notes
We expect to make delivery of the Notes, against payment in same-day funds on or about June , 2015, which we expect will be
the fifth business day following the date of this prospectus supplement, referred to as "T+5." You should note that initial trading of the Notes
may be affected by the T+5 settlement. See "Underwriting--Delivery of the Notes."

S-7
Table of Contents
USE OF PROCEEDS
We will use the net proceeds from the sale of the Notes for our general operations, including extending foreign currency loans and repayment
of our maturing debt and other obligations.

S-8
Table of Contents
RECENT DEVELOPMENTS
This section provides information that supplements the information about our bank and the Republic included under the headings
corresponding to the headings below in the accompanying prospectus dated June 11, 2015. Defined terms used in this section have the meanings
given to them in the accompanying prospectus. If the information in this section differs from the information in the accompanying prospectus, you
should rely on the information in this section.
THE EXPORT-IMPORT BANK OF KOREA
Our financial information as of March 31, 2015 and for the three months ended March 31, 2015 and 2014 in this prospectus supplement is
presented based on our unaudited internal management accounts.
Overview
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424(B)(2)
As of March 31, 2015, we had ?63,704 billion of outstanding loans, including ?33,036 billion of outstanding export credits, ?22,678 billion of
outstanding overseas investment credits and ?4,782 billion of outstanding import credits as compared to ?63,287 billion of outstanding loans,
including ?32,042 billion of outstanding export credits, ?21,700 billion of outstanding overseas investment credits and ?4,388 billion of outstanding
import credits as of December 31, 2014.
Capitalization
As of March 31, 2015, our authorized capital was ?15,000 billion and our capitalization was as follows:

March 31, 2015(1)
(billions of Won)

(unaudited)

Long-Term Debt(2)(3)(4)(5):

Borrowings in Korean Won

?
--
Borrowings in Foreign Currencies

4,849
Export-Import Financing Debentures

34,265

Total Long-term Debt

?
39,114

Capital and Reserves:

Paid-in Capital(6)

?
7,788
Retained Earnings

2,067
Legal Reserve

327
Voluntary Reserve

1,679
Unappropriated Retained Earnings

61
Accumulated Other Comprehensive Income

78

Total Capital and Reserve

?
9,934

Total Capitalization

?
49,048

(1)
Except as described in this prospectus supplement, there has been no material adverse change in our capitalization since March 31, 2015.
(2)
We have translated borrowings in foreign currencies as of March 31, 2015 into Won at the rate of ?1,105.0 to US$1.00, which was the
market average exchange rate as announced by the Seoul Monetary Brokerage Services Ltd., on March 31, 2015.
(3)
As of March 31, 2015, we had contingent liabilities totaling ?62,407 billion, which consisted of ?48,646 billion under outstanding guarantees
and acceptances and ?13,761 billion under contingent guarantees and acceptances issued on behalf of our clients.

S-9
Table of Contents
(4)
As of March 31, 2015, we had entered into 146 interest rate related derivative contracts with a notional amount of ?12,448 billion and 236
currency related derivative contracts with a notional amount of ?15,426 billion in accordance with our policy to hedge interest rate and
currency risks.
(5)
All of our borrowings, whether domestic or international, are unsecured and unguaranteed.
(6)
As of March 31, 2015, authorized ordinary share capital was ?15,000 billion and issued fully-paid ordinary share capital was ?7,788 billion.
In January 2015, the Government contributed ?40 billion in cash to our capital.
Business
Government Support and Supervision
In January 2015, the Government contributed ?40 billion in cash to our capital. As of March 31, 2015, our paid-in capital was ?7,788 billion
compared to ?7,748 billion as of December 31, 2014.
Selected Financial Statement Data
The following tables present selected separate financial information as of March 31, 2015 and December 31, 2014 and for the three months
ended March 31, 2015 and 2014, which has been derived from our unaudited separate internal management accounts as of March 31, 2015 and for
the three months ended March 31, 2015 and 2014 prepared in accordance with Korean IFRS.

Three Months Ended

March 31,

2015

2014

(billions of Won)

(unaudited)

Income Statement Data

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424(B)(2)
Total Interest Income

?
439
?
403
Total Interest Expenses

312

327
Net Interest Income (Expenses)

127

76
Operating Income

1,981

1,346
Operating Expenses

1,906

1,420
Income (Loss) before Income Taxes

80

(71)
Income Tax Benefit (Expense)

19

17
Net Income (Loss)

61

(54)
As of
As of
December
March 31,
31,
2015
2014

(unaudited)
(audited)

(billions of Won)

Balance Sheet Data

Total Loan Credits(1)

? 63,704
? 63,287
Total Borrowings(2)

58,861
57,310
Total Assets

73,969
73,074
Total Liabilities

64,035
63,194
Total Shareholders' Equity(3)

9,934

9,880

(1)
Gross amount, which includes bills bought, foreign exchange bought, call loans, inter-bank loans in foreign currency and others without
adjusting for valuation adjustment of loans in foreign currencies, deferred loan origination fees or allowance for loan losses.
(2)
Includes debentures.
(3)
Includes unappropriated retained earnings.
For the three months ended March 31, 2015, we had net income of ?61 billion compared to net loss of ?54 billion for the three months ended
March 31, 2014.

S-10
Table of Contents
The principal factors for the net income for the three months ended March 31, 2015 compared to the net loss for the three months ended
March 31, 2014 included:

· an increase in net interest income to ?127 billion in the three months ended March 31, 2015 from ?76 billion in the corresponding

period of 2014, primarily due to an increase in the volume of loans; and

· a decrease in provision for loan losses to ?148 billion in the three months ended March 31, 2015 from ?193 billion in the corresponding

period of 2014, primarily due to improved asset quality.
As of March 31, 2015, our total assets increased by 1% to ?73,969 billion from ?73,074 billion as of December 31, 2014, primarily due to a
1% increase in loans to ?63,704 billion as of March 31, 2015 from ?63,287 billion as of December 31, 2014.
As of March 31, 2015, our total liabilities increased by 1% to ?64,035 billion from ?63,194 billion as of December 31, 2014. The increase in
liabilities was primarily due to a 1% increase in debentures to ?47,933 billion as of March 31, 2015 from ?47,292 billion as of December 31, 2014.
The increase in assets and liabilities was primarily due to the increase in the volume of loans and debt, respectively. The depreciation of the
Won against the U.S. dollar as of March 31, 2015 compared to December 31, 2014 magnified the effect of the increase in the volume of loans and
debt, as a majority of our assets and liabilities consisted of foreign currency loans and debt (including significant percentages in U.S. dollars).
As of March 31, 2015, our total shareholders' equity increased by 1% to ?9,934 billion from ?9,880 billion as of December 31, 2014,
primarily due to the Government's ?40 billion contribution to our capital in January 2015.
Capital Adequacy
As of March 31, 2015, our capital adequacy ratio, on a consolidated basis, was 10.3%, a decrease from 10.5% as of December 31, 2014,
which was primarily due to an increase of credit risk-weighted asset.
The following table sets forth our capital base and capital adequacy ratios reported as of March 31, 2015:

As of March 31, 2015

(millions of Won, except for percentages)
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424(B)(2)

(consolidated)

Tier I

?
9,314,756
Paid-in Capital

7,788,055
Retained Earnings

1,493,361
Accumulated other comprehensive income

62,539
Others

2,840
Deductions from Tier I Capital

(32,039)
Capital Adjustments

--
Deferred Tax Asset

--
Others

(32,039)
Tier II (General Loan Loss Reserves)

1,245,549
Total Capital

10,560,305
Risk Adjusted Assets

102,253,633
Capital Adequacy Ratios

Tier I common equity

9.1%
Tier I

9.1%
Tier I and Tier II

10.3%

Source: Internal accounting records.

S-11
Table of Contents
THE REPUBLIC OF KOREA
The Economy
Gross Domestic Product
Based on preliminary data, GDP growth in the first quarter of 2015 was 2.5% at chained 2010 year prices, as aggregate private and general
government consumption expenditures increased by 1.9%, gross domestic fixed capital formation increased by 2.4% and exports of goods and
services increased by 0.1%, each compared with the corresponding period of 2014.
Prices, Wages and Employment
The inflation rate was 0.6% in the first quarter of 2015. The unemployment rate was 4.1% in the first quarter of 2015.
The Financial System
Securities Markets
The Korea Composite Stock Price Index was 2,055.2 on June 22, 2015.
Monetary Policy
Interest Rates
On June 11, 2015, The Bank of Korea lowered its policy rate to 1.5% from 1.75%, in response to the sluggishness of the global and domestic
economy.
Foreign Exchange
The market average exchange rate between the Won and the U.S. Dollar (in Won per one U.S. Dollar) as announced by the Seoul Money
Brokerage Service Ltd. was Won 1,104.0 to US$1.00 on June 22, 2015.
Balance of Payments and Foreign Trade
Balance of Payments
Based on preliminary data, the Republic recorded a current account surplus of approximately US$23.4 billion in the first quarter of 2015. The
current account surplus in the first quarter of 2015 increased from the current account surplus of US$15.2 billion in the corresponding period of
2014, primarily due to an increase in surplus from the goods account.
Trade Balance
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424(B)(2)
Based on preliminary data, the Republic recorded a trade surplus of US$21.6 billion in the first quarter of 2015. Exports decreased by 2.8% to
US$133.6 billion and imports decreased by 15.4% to US$112.0 billion from US$137.5 billion of exports and US$132.4 billion of imports,
respectively, in the corresponding period of 2014.
Foreign Currency Reserves
The amount of the Government's foreign currency reserves was US$371.5 billion as of May 31, 2015.

S-12
Table of Contents
DESCRIPTION OF THE NOTES
The following is a description of some of the terms of the Notes we are offering. Since it is only a summary, we urge you to read the fiscal
agency agreement described below and the form of global note before deciding whether to invest in the Notes. We have filed a copy of these
documents with the U.S. Securities and Exchange Commission as exhibits to the registration statement no. 333-203445.
The general terms of our Notes are described in the accompanying prospectus. The description in this prospectus supplement further adds to
that description or, to the extent inconsistent with that description, replaces it.
Governed by Fiscal Agency Agreement
We will issue the 2020 Notes under the fiscal agency agreement, dated as of August 1, 1991, between us and The Bank of New York Mellon
(formerly known as The Bank of New York) (as successor to JPMorgan Chase Bank, N.A.), as fiscal agent, as amended or supplemented from
time to time (the "Fiscal Agency Agreement"). We will issue the 2026 Notes, which, together with the Original 2026 Notes, will constitute a
single series issued under the Fiscal Agency Agreement. The fiscal agent will maintain a register for the Notes.
Payment of Principal and Interest
The 2020 Notes are initially limited to US$600,000,000 aggregate principal amount. The 2020 Notes will mature on December 30, 2020 (the
"2020 Notes Maturity Date"). The 2020 Notes will bear interest at a rate of 2.625% per annum, payable semi-annually in arrears on June 30 and
December 30 of each year (each a "2020 Notes Interest Payment Date"). The first interest payment on the 2020 Notes will be made on December
30, 2015 in respect of the period from (and including) June 30, 2015 to (but excluding) December 30, 2015. Interest on the 2020 Notes will accrue
from June 30, 2015. The 2026 Notes offered hereby shall constitute a further issuance of, and be fungible with and be consolidated and form a
single series with, the Original 2026 Notes. The total principal amount of the Original 2026 Notes and the 2026 Notes now being issued is
US$900,000,000. The 2026 Notes mature on August 12, 2026 (the "2026 Notes Maturity Date", and together with the 2020 Notes Maturity Date,
the "Maturity Dates"). The 2026 Notes will bear interest at a rate of 3.250% per annum, payable semi-annually in arrears on February 12 and
August 12 of each year (each a "2026 Notes Interest Payment Date", and together with the 2020 Notes Interest Payment Dates, the "Interest
Payment Dates"). The first interest payment on the 2026 Notes will be made on August 12, 2015 in respect of the period from (and including)
February 12, 2015 to (but excluding) August 12, 2015. Interest on the 2026 Notes will accrue from February 12, 2015. If any Interest Payment Date
or any Maturity Date falls on a day that is not a business day (as defined below), then payment will not be made on such date but will be made on
the next succeeding day that is a business day, with the same force and effect as if made on the Interest Payment Date or the Maturity Date (as the
case may be), and no interest shall be payable in respect of such delay. The term "business day" as used herein means a day other than a Saturday,
a Sunday, or any other day on which banking institutions in The City of New York, London or Seoul are authorized or required by law or executive
order to remain closed.
We will pay interest to the person who is registered as the owner of a Note at the close of business on the fifteenth day (whether or not a
business day) preceding an Interest Payment Date for such Note. Interest on the Notes will be computed on the basis of a 360-day year consisting
of twelve 30-day months. We will make principal and interest payments on the Notes in immediately available funds in U.S. dollars.
Denomination
The Notes will be issued in minimum denominations of US$200,000 principal amount and integral multiples of US$1,000 in excess thereof.
Redemption
We may not redeem the Notes prior to maturity. At maturity, we will redeem the Notes at par.
Form and Registration
We will issue each series of the Notes in the form of one or more fully registered global notes, registered in the name of a nominee of and
deposited with the custodian for DTC. Except as described in the accompanying
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424(B)(2)

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prospectus under "Description of the Securities--Description of Debt Securities--Global Securities," the global notes will not be exchangeable for
Notes in definitive registered form, and will not be issued in definitive registered form. Financial institutions, acting as direct and indirect
participants in DTC, will represent your beneficial interests in the global notes. These financial institutions will record the ownership and transfer
of your beneficial interest through book-entry accounts. You may hold your beneficial interests in the Notes through Euroclear Bank S.A./N.V.
("Euroclear") or Clearstream Banking, société anonyme ("Clearstream") if you are a participant in such systems, or indirectly through
organizations that are participants in such systems. Any secondary market trading of book-entry interests in the Notes will take place through DTC
participants, including Euroclear and Clearstream. See "Clearance and Settlement--Transfers Within and Between DTC, Euroclear and
Clearstream."
The fiscal agent will not charge you any fees for the Notes, other than reasonable fees for the replacement of lost, stolen, mutilated or
destroyed Notes. However, you may incur fees for the maintenance and operation of the book-entry accounts with the clearing systems in which
your beneficial interests are held.
For so long as the Notes are listed on the SGX-ST and the rules of the SGX-ST so require, we will appoint and maintain a paying agent in
Singapore, where the certificates representing Notes may be presented or surrendered for payment or redemption (if required), in the event that we
issue the Notes in definitive form in the limited circumstances set forth in the accompanying prospectus. In addition, an announcement of such
issue will be made through the SGX-ST. Such announcement will include all material information with respect to the delivery of the definitive
Notes, including details of the paying agent in Singapore.
Further Issues
We may from time to time, without the consent of the holders of the Notes, create and issue additional debt securities with the same terms
and conditions as either series of the Notes in all respects so that such further issue shall be consolidated and form a single series with the relevant
series of the Notes. We will not issue any such additional debt securities unless such additional securities have no more than a de minimis amount
of original issue discount or such issuance would constitute a "qualified reopening" for U.S. federal income tax purposes.
Notices
While the Notes are represented by the global note deposited with the custodian for DTC, notices to holders may be given by delivery to
DTC, and such notices will be deemed to be given on the date of delivery to DTC. The fiscal agent may also mail notices by first-class mail,
postage prepaid, to each registered holder's last known address as it appears in the security register that the fiscal agent maintains. The fiscal agent
will only mail these notices to the registered holder of the Notes. You will not receive notices regarding the Notes directly from us unless we
reissue the Notes to you in fully certificated form.
Neither the failure to give any notice to a particular holder, nor any defect in a notice given to a particular holder, will affect the sufficiency of
any notice given to another holder.

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CLEARANCE AND SETTLEMENT
We have obtained the information in this section from sources we believe to be reliable, including DTC, Euroclear and Clearstream. We
accept responsibility only for accurately extracting information from such sources. DTC, Euroclear and Clearstream are under no obligation to
perform or continue to perform the procedures described below, and they may modify or discontinue them at any time. Neither we nor the registrar
will be responsible for DTC's, Euroclear's or Clearstream's performance of their obligations under their rules and procedures. Nor will we or the
registrar be responsible for the performance by direct or indirect participants of their obligations under their rules and procedures.
Introduction
The Depository Trust Company
DTC is:

· a limited-purpose trust company organized under the New York Banking Law;
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Document Outline

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