The Board of Woori Finance Holdings Co., Ltd. (KOSE:A053000) announced the spin-off of Kwangju Bank, Ltd. on August 27, 2013. The shareholders of Kwangju Bank will receive 0.0637 shares of Kwangju Bank for every one share of Woori Finance Holdings held. Kwangju Bank will issue 51.32 million shares. Kwangju Bank will be renamed as KJB Financial Group Co., Ltd. after the spin off. In a related transaction, The Board of Woori Finance Holdings Co., Ltd. (KOSE:A053000) announced the spin-off of Kyongnam Bank on August 27, 2013. Ki-Jin Song, Yang-Ig Cho, Dae-Song Kim, Boo-Ho Roh, Tae-Gi Kim and Jong-An Mun will form the Board of Directors and audit committee of Kwangju Bank. Pursuant to the transaction, Kwangju Bank will be listed on KRX KOSPI Market of the Korea Exchange following a relisting application process in accordance with the listing rules thereof.

The transaction is subject to approval of shareholders of Woori Finance Holdings Co., Ltd. and applicable regulatory authorities. The Board of Directors of Woori Finance Holdings Co., Ltd. took the resolution and approved the transaction on August 27, 2013, the record date for determination of shareholders for the extraordinary meeting of Woori Finance's shareholders to approve the spin-off plan is October 31, 2013, the extraordinary meeting of Woori Finance's shareholders to approve the spin-off plan is December 26, 2013, the meeting of Kwangju Bank's shareholders for report of the spin-off and inaugural meetings of shareholders of Kwangju Bank is February 3, 2014, the registration date of spin off is February 4, 2014, the date of modified listing is February 14, 2014 and the date of relisting of Kwangju Bank is February 14, 2014. The record date of the spin off is February 1, 2014. The creditor objection period will be from December 27, 2013 to January 28, 2014. The record date is expected to be January 28, 2014.

As on December 6, 2013, the schedule of the spin off has been modified. The extraordinary meeting of shareholders of Woori Finance Holdings to approve the spin-off plan has been postponed to January 28, 2014, the Creditor Objection Period has been postponed to January 29, 2014 to February 28, 2014, the record date for share allotment has been postponed to February 28, 2014, the date of the spin-off has been postponed to March 1, 2014, the date of meeting of the shareholders of Kwangju Bank for report of the spin-off and inaugural meetings of shareholders of Kwangju Bank has been postponed to March 3, 2014, the date of registration of the spin-off has been postponed to March 3, 2014, the date of modified listing has been postponed to March 17, 2014 and the date of relisting of Kwangju Bank has been postponed to March 17, 2014. The record date of spin off has been postponed from January 28, 2014, to February 28, 2014.

As on March 3, 2014, the schedule of the spin off has been modified. The date of the spin-off has been postponed to May 1, 2014 and the pay date has been postponed to May 21, 2014. The date of listing has been postponed to May 22, 2014 and the record date has been postponed to April 30, 2014. As on April 25, 2014, an amendment was made that Ki-Woo Lee and Suk-Hee Lee will be removed and Young-Jun Kwon will be added as outside directors of KNB Financial.