# EDGAR Filing Document

**Accession Number:** 0000873465
**File Stem:** 0001193125-25-209904
**Filing Date:** 2025-9
**Character Count:** 32355
**Document Hash:** 877f1afbdb2a369ce3890206a6e93827
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-25-209904.hdr.sgml**: 20250922

**ACCESSION NUMBER**: 0001193125-25-209904

**CONFORMED SUBMISSION TYPE**: POS EX

**PUBLIC DOCUMENT COUNT**: 3

**FILED AS OF DATE**: 20250922

**DATE AS OF CHANGE**: 20250922

**EFFECTIVENESS DATE**: 20250922

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** EXPORT IMPORT BANK OF KOREA
- **CENTRAL INDEX KEY:** 0000873463
- **STANDARD INDUSTRIAL CLASSIFICATION:** FOREIGN GOVERNMENTS [8888]
- **ORGANIZATION NAME:** International Corp Fin
- **EIN:** 000000000
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** POS EX
- **SEC ACT:** 1933 Act
- **SEC FILE NUMBER:** 333-288366
- **FILM NUMBER:** 251328344

**BUSINESS ADDRESS:**
- **STREET 1:** 460 PARK AVE 8TH FL
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10022
- **BUSINESS PHONE:** 12123557280

**MAIL ADDRESS:**
- **STREET 1:** 460 PARK AVE 8TH FL
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10022
**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** REPUBLIC OF KOREA
- **CENTRAL INDEX KEY:** 0000873465
- **STANDARD INDUSTRIAL CLASSIFICATION:** FOREIGN GOVERNMENTS [8888]
- **ORGANIZATION NAME:** International Corp Fin
- **EIN:** 000000000

**FILING VALUES:**
- **FORM TYPE:** POS EX
- **SEC ACT:** 1933 Act
- **SEC FILE NUMBER:** 333-288366-01
- **FILM NUMBER:** 251328345

**BUSINESS ADDRESS:**
- **ADDRESS IS A NON US LOCATION:** YES
- **STREET 1:** MINISTRY OF ECONOMY AND FINANCE, SEJONG
- **STREET 2:** GOVERNMENT COMPLEX, 42, DOUM, 6-RO
- **CITY:** SEJONG-SI
- **PROVINCE COUNTRY:** M5
- **ZIP:** 30112
- **BUSINESS PHONE:** 8225039267

**MAIL ADDRESS:**
- **ADDRESS IS A NON US LOCATION:** YES
- **STREET 1:** MINISTRY OF ECONOMY AND FINANCE, SEJONG
- **STREET 2:** GOVERNMENT COMPLEX, 42, DOUM, 6-RO
- **CITY:** SEJONG-SI
- **PROVINCE COUNTRY:** M5
- **ZIP:** 30112

**As filed with the Securities and Exchange Commission on September 22, 2025** 

**Registration Statement No. 333-288366** 

**SECURITIES AND EXCHANGE COMMISSION** 

**WASHINGTON, D.C. 20549** 

**POST-EFFECTIVE AMENDMENT NO. 1** 

**TO** 

**REGISTRATION STATEMENT** 

***UNDER***

***SCHEDULE B***

***OF***

***THE SECURITIES ACT OF 1933***

## THE EXPORT-IMPORT BANK OF KOREA
**(Name of Registrant)** 

## THE REPUBLIC OF KOREA
**(Name of Co-Registrant and Guarantor)** 

***Names and Addresses of Authorized Representatives in the United States:***

---

| | |
|:---|:---|
| **Jin Yi**<br> **or Seyoung Kim**<br> **Duly Authorized Representatives of**<br> **The Export-Import Bank of Korea**<br> **460 Park Avenue, 8<sup>th</sup> Floor**<br> **New York, NY 10022** | **Munkyu Park**<br> **Duly Authorized Representative of**<br> **The Republic of Korea**<br> **460 Park Avenue, 9<sup>th</sup> Floor**<br> **New York, NY 10022** |

---

***Copies to:***

**Jinduk Han, Esq.** 

**Cleary Gottlieb Steen & Hamilton LLP** 

**c/o 19F, Ferrum Tower** 

**19, Eulji-ro 5-gil, Jung-gu** 

**Seoul 04539** 

**The Republic of Korea**

The securities registered hereby will be offered on a delayed or continuous basis pursuant to the procedures set forth in Securities Act Release Nos. 33-6240 and 33-6424.

This Post-Effective Amendment No. 1 is a post-effective amendment filed pursuant to Rule 462(d) under the Securities Act of 1933, as amended (the "Securities Act").

------

**EXPLANATORY NOTE** 

This Post-Effective Amendment No. 1 to the registrant's Registration Statement under Schedule B (File No. 333-288366), declared effective by the Securities and Exchange Commission on July 9, 2025, is being filed solely for the purpose of filing Exhibits M-3 and M-4 to such Registration Statement pursuant to Rule 462(d) under the Securities Act. This Post-Effective Amendment No. 1 is a post-effective amendment filed pursuant to Rule 462(d) under the Securities Act. No changes or additions are being made hereby to the Prospectus which forms part of such Registration Statement.

------

**PART II** 

**INFORMATION NOT REQUIRED IN THE PROSPECTUS** 

**Item 11.** **Estimated Expenses.\*** <br>

It is estimated that our expenses in connection with the sale of the debt securities, warrants and guarantees hereunder, exclusive of compensation payable to underwriters and agents, will be as follows:

---

| | | |
|:---|:---|:---|
|  SEC Registration Fee | US$ | 765500.0 |
|  Printing Costs |  | 250000.0 |
|  Legal Fees and Expenses |  | 450000.0 |
|  Fiscal Agent Fees and Expenses |  | 50000.0 |
|  Blue Sky Fees and Expenses |  | 50000.0 |
|  Rating Agencies' Fees |  | 350000.0 |
|  Miscellaneous (including amounts to be paid to underwriters in lieu of reimbursement of certain expenses) |  | 200000.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total | US$ | 2115500.0 |

---

\* Based on three underwritten offerings of the debt securities.

------

**UNDERTAKINGS** 

The Registrants hereby undertake:

(a) To file, during any period in which offers or sales are being made, a post-effective amendment to this
Registration Statement:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) To include any prospectus required by Section 10(a)(3) of the Securities Act of 1933;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) To reflect in the prospectus any facts or events arising after the effective date of this Registration
Statement (or the most recent post-effective amendment thereto) which, individually or in the aggregate, represent a fundamental change in the information set forth in this Registration Statement; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) To include any material information with respect to the plan of distribution not previously disclosed in this
Registration Statement or any material change to such information in this Registration Statement;

(b) That, for the purpose of determining any liability under the Securities Act of 1933, each such post-effective
amendment shall be deemed to be a new registration statement relating to the securities offered therein, and the offering of such securities at that time shall be deemed to be the initial bona fide offering thereof; and

(c) To remove from registration by means of a post-effective amendment any of the securities being registered which
remain unsold at the termination of the offering.

(d) That, for purposes of determining liability under the Securities Act of 1933 to any purchaser:

each prospectus filed pursuant to Rule 424(b) as part of a registration statement relating to an offering, other than registration statements relying on Rule 430B or other than prospectuses filed in reliance on Rule 430A, shall be deemed to be part of and included in the registration statement as of the date it is first used after effectiveness. Provided, however, that no statement made in a registration statement or prospectus that is part of the registration statement or made in a document incorporated or deemed incorporated by reference into the registration statement or prospectus that is part of the registration statement will, as to a purchaser with a time of contract of sale prior to such first use, supersede or modify any statement that was made in the registration statement or prospectus that was part of the registration statement or made in any such document immediately prior to such date of first use.

(e) That, for the purpose of determining any liability under the Securities Act of 1933 to any purchaser in the
initial distribution of the securities:

The undersigned registrants undertake that in a primary offering of securities of the undersigned registrants pursuant to this registration statement, regardless of the underwriting method used to sell the securities to the purchaser, if the securities are offered or sold to such purchaser by means of any of the following communications, the undersigned registrants will be sellers to the purchaser and will be considered to offer or sell such securities to such purchaser;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Any preliminary prospectus or prospectus of the undersigned registrants relating to the offering required to be
filed pursuant to Rule 424;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Any free writing prospectus relating to the offering prepared by or on behalf of the undersigned registrants or
used or referred to by the undersigned registrants;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) The portion of any other free writing prospectus relating to the offering containing material information about
the undersigned registrants or their securities provided by or on behalf of the undersigned registrants; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) Any other communication that is an offer in the offering made by the undersigned registrants to the purchaser.

------

**CONTENTS** 

This Registration Statement is comprised of:

(1) Facing Sheet.

(2) Explanatory Note.

(3) Part I, consisting of the Prospectus.

(4) Part II, consisting of pages II-1 to II-10.

(5) The Exhibits as listed on pages II-4 to II-5.

------

**EXHIBIT INDEX** 

---

| | |
|:---|:---|
| A-1 | Form of Underwriting Agreement Standard Terms, incorporated herein by reference to Exhibit A-1 to the Registration Statement of The Export-Import Bank of Korea (No. 33-41654). |
| B-1 | Form of Fiscal Agency Agreement, including forms of Debt Securities, incorporated herein by reference to Exhibit B-1 to the Registration Statement of The Export-Import Bank of Korea (No. 33-41654). |
| B-2 | Form of global Debt Security that bears interest at a fixed rate, incorporated herein by reference to Exhibit B-2 to the Registration Statement of The Export-Import Bank of Korea (No. 33-41654). |
| B-3 | Letter of successor Fiscal Agent, incorporated herein by reference to Exhibit B-3 to the Registration Statement of The Export-Import Bank of Korea (No. 33-41654). |
| B-4 | Letter of 2<sup>nd</sup> successor Fiscal Agent, incorporated herein by reference to Exhibit B-4 to the Registration Statement of The Export-Import Bank of Korea (No. 333-9564). |
| B-5 | Letter of 3<sup>rd</sup> successor Fiscal Agent, incorporated herein by reference to Exhibit B-5 to the Registration Statement of The Export-Import Bank of Korea (No. 333-136378). |
| B-6 | Form of Guarantee to be issued by The Republic of Korea.\*\* |
| C | Form of Warrant Agreement, including form of Warrants.\*\* |
| D-1 | Consent of the Director General of The Export-Import Bank of Korea (included on page II-5). |
| D-2 | Power of Attorney of the Director General of The Export-Import Bank of Korea.\* |
| E-1 | Consent of the Minister of Economy and Finance of The Republic of Korea (included on Page II-6). |
| E-2 | Power of Attorney of the Minister of Economy and Finance of The Republic of Korea, incorporated herein by reference to Exhibit E-2 to the Registration Statement of The Export-Import Bank of Korea (No. 333-156218). |
| F | Consent of KPMG Samjong Accounting Corp.\* |
| G-1 | Letter appointing certain persons as authorized agents of The Export-Import Bank of Korea in the United States.\* |
| G-2 | Letter appointing Authorized Agents of The Republic of Korea in the United States (included in Exhibit E-2). |
| H | The Export-Import Bank of Korea Act.\* |
| I | The Enforcement Decree of The Export-Import Bank of Korea Act.\* |
| J | The Articles of Incorporation of The Export-Import Bank of Korea.\* |
| K | Form of Prospectus Supplement relating to The Export-Import Bank of Korea's Medium-Term Notes, Series A, Due Not Less Than Nine Months From Date of Issue (the "MTNs"), incorporated herein by reference to Exhibit K to the Registration Statement of The Export-Import Bank of Korea (No. 33-41654). |
| L | Form of Distribution Agreement between The Export-Import Bank of Korea and the Agents named therein relating to the offer and sale from time to time of the MTNs, incorporated herein by reference to Exhibit L to the Registration Statement of The Export-Import Bank of Korea (No. 33-41654). |
| M-1 | Opinion (including consent) of Cleary Gottlieb Steen & Hamilton LLP, c/o 19F, Ferrum Tower, 19, Eulji-ro 5-gil, Jung-gu, Seoul, Korea, United States counsel to The Export-Import Bank of Korea, in respect of the legality of the Debt Securities (with or without Warrants).\* |
| M-2 | Opinion (including consent) of Yoon & Yang LLC, 19th Floor, ASEM Tower, 517, Yeongdong-daero, Gangnam-gu, Seoul, Korea, Korean counsel to The Export-Import Bank of Korea, in respect of the legality of the Debt Securities (with or without Warrants) and the Guarantees to be issued by The Republic of Korea.\* |
| M-3 | Opinion (including consent) of Cleary Gottlieb Steen & Hamilton LLP, c/o 19F, Ferrum Tower, 19, Eulji-ro 5-gil, Jung-gu, Seoul, The Republic of Korea, United States counsel to The Export-Import Bank of Korea, in respect of the legality of The Export-Import Bank of Korea's US$1,000,000,000 3.750% Notes due 2030 and US$500,000,000 Floating Rate Notes due 2028. |
| M-4 | Opinion (including consent) of Yulchon LLC, Parnas Tower, 38F, 521 Teheran-ro, Gangnam-gu, Seoul, Korea, Korean counsel to The Export-Import Bank of Korea, in respect of the legality of The Export-Import Bank of Korea's US$1,000,000,000 3.750% Notes due 2030 and US$500,000,000 Floating Rate Notes due 2028. |

---

------

---

| | |
|:---|:---|
| N-1 | Form of the MTNs that bears interest at a fixed rate, incorporated herein by reference to Exhibit N-1 to the Registration Statement of The Export-Import Bank of Korea (No. 33-41654). |
| N-2 | Form of the MTNs that bears interest at a floating rate, incorporated herein by reference to Exhibit N-2 to the Registration Statement of The Export-Import Bank of Korea (No. 33-41654). |
| O | Form of Calculation Agency Agreement between The Export-Import Bank of Korea and the calculation agent named therein relating to the MTNs that bear interest at a floating rate, incorporated herein by reference to Exhibit O to the Registration Statement of The Export-Import Bank of Korea (No. 33-41654). |

---

\* Previously filed.

\*\* May be filed by amendment.

------

**SIGNATURE OF THE EXPORT-IMPORT BANK OF KOREA** 

Pursuant to the requirements of the Securities Act of 1933, as amended, The Export-Import Bank of Korea has duly caused this Registration Statement or amendment thereto to be signed on its behalf by the undersigned, thereunto duly authorized, in Seoul, The Republic of Korea, on the 22nd day of September 2025.

---

| | |
|:---|:---|
| **THE EXPORT-IMPORT BANK OF KOREA** | **THE EXPORT-IMPORT BANK OF KOREA** |
| By: | JA YOUNG GU\*† |
|  | **Director General** |
| †By: | /S/ JUNGSOO YANG |
|  | **Jungsoo Yang**<br> **(Attorney-in-fact)** |

---

\* Consent is hereby given to the use of his name in connection with the information specified in this Registration Statement or amendment thereto to have been supplied by him and stated on his authority.

------

**SIGNATURE OF THE REPUBLIC OF KOREA** 

Pursuant to the requirements of the Securities Act of 1933, as amended, The Republic of Korea has duly caused this Registration Statement or amendment thereto to be signed on its behalf by the undersigned, thereunto duly authorized, in The City of New York, New York, on the 22nd day of September 2025.

---

| | |
|:---|:---|
| **THE REPUBLIC OF KOREA** | **THE REPUBLIC OF KOREA** |
| By: | YUN CHEOL KOO\*† |
|  | **Minister of Economy and Finance** |
| †By: | /S/ MUNKYU PARK |
|  | **Munkyu Park**<br> **(Attorney-in-fact)** |

---

\* Consent is hereby given to the use of his name in connection with the information specified in this Registration Statement or amendment thereto to have been supplied by him and stated on his authority.

------

**SIGNATURE OF AUTHORIZED REPRESENTATIVE** 

**OF THE EXPORT-IMPORT BANK OF KOREA** 

Pursuant to the Securities Act of 1933, as amended, the undersigned, a duly authorized representative in the United States of The Export-Import Bank of Korea, has signed this Registration Statement or amendment thereto in The City of New York, New York, on the 22nd day of September 2025.

---

| | |
|:---|:---|
| †By: | /S/ JIN YI |
|  | **Jin Yi** |
|  | **New York Representative Office** |
|  | **The Export-Import Bank of Korea** |

---

------

**SIGNATURE OF AUTHORIZED REPRESENTATIVE** 

**OF THE EXPORT-IMPORT BANK OF KOREA** 

Pursuant to the Securities Act of 1933, as amended, the undersigned, a duly authorized representative in the United States of The Export-Import Bank of Korea, has signed this Registration Statement or amendment thereto in The City of New York, New York, on the 22nd day of September 2025.

---

| | |
|:---|:---|
| †By: | /S/ SEYOUNG KIM |
|  | **Seyoung Kim** |
|  | **New York Representative Office** |
|  | **The Export-Import Bank of Korea** |

---

------

**SIGNATURE OF AUTHORIZED REPRESENTATIVE** 

**OF THE REPUBLIC OF KOREA** 

Pursuant to the Securities Act of 1933, as amended, the undersigned, a duly authorized representative in the United States of The Republic of Korea, has signed this Registration Statement or amendment thereto in The City of New York, New York, on the 22nd day of September 2025.

---

| | |
|:---|:---|
| †By: | /S/ MUNKYU PARK |
|  | **Munkyu Park** |
|  | **Financial Attaché** |
|  | **Korean Consulate General in New York** |

---

## Ex-99.(M-3)

**Exhibit M-3** 

[Cleary Gottlieb Steen & Hamilton LLP Letterhead]

September 22, 2025

The Export-Import Bank of Korea

38 Eunhaeng-ro

Yeongdeungpo-gu

Seoul 07242

Republic of Korea

Ladies and Gentlemen:

We have acted as special United States counsel to The Export-Import Bank of Korea, a statutory juridical entity established in the Republic of Korea under The Export-Import Bank of Korea Act of 1969, as amended (the "Bank"), in connection with the Bank's offering pursuant to a registration statement under Schedule B (No. 333-288366) of US$1,000,000,000 aggregate principal amount of its 3.750% notes due 2030 and US$500,000,000 aggregate principal amount of its floating rate notes due 2028 (the "Notes") issued under a fiscal agency agreement dated as of August 1, 1991 (the "Fiscal Agency Agreement") between the Bank and The Bank of New York Mellon, as fiscal agent. Such registration statement, as amended when it became effective, is herein called the "Registration Statement;" the related prospectus dated July 9, 2025, as filed with the Securities and Exchange Commission (the "Commission") pursuant to Rule 424(b) under the Securities Act of 1933, as amended (the "Securities Act"), is herein called the "Base Prospectus;" the related prospectus supplement dated September 15, 2025, as filed with the Commission pursuant to Rule 424(b) under the Securities Act, is herein called the "Prospectus Supplement;" and the Base Prospectus and the Prospectus Supplement, together, are herein called the "Prospectus."

In arriving at the opinion expressed below, we have reviewed the following documents:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the Registration Statement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the Prospectus;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) specimens of the Notes; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) an executed copy of the Fiscal Agency Agreement.

In addition, we have reviewed the originals or copies certified or otherwise identified to our satisfaction of all such other documents, and we have made such investigations of law, as we have deemed appropriate as a basis for the opinion expressed below.

In rendering the opinion expressed below, we have assumed the authenticity of all documents submitted to us as originals and the conformity to the originals of all documents submitted to us as copies. In addition, we have assumed and have not verified (i) the accuracy as to factual matters of each document we have reviewed and (ii) that the Notes conform to the specimens thereof that we have reviewed and have been duly authenticated in accordance with the terms of the Fiscal Agency Agreement.

Based on the foregoing, and subject to the further assumptions and qualifications set forth below, it is our opinion that the Notes are the valid, binding and enforceable obligations of the Bank, entitled to the benefit of the Fiscal Agency Agreement.

In connection with the foregoing opinion, (a) we have assumed that each of the Bank and the Fiscal Agent has satisfied those legal requirements that are applicable to it to the extent necessary to make the Fiscal Agency Agreement and the Notes enforceable against it (except that no such assumption is made as to the Bank regarding matters of the federal law of the United States of America or the law of the State of New York that in our experience normally would be applicable with respect to the Fiscal Agency Agreement and the Notes), (b) such opinion is subject to applicable bankruptcy, insolvency and similar laws affecting creditors' rights generally and to general principles of equity and (c) such opinion is subject to the effect of judicial application of foreign laws or foreign governmental actions affecting creditors' rights. In addition, we note that (i) the enforceability of the waiver of immunities by the Bank set forth in the Notes is subject to the limitations imposed by the Foreign Sovereign Immunities Act of 1976 and (ii) the designation of the U.S. federal courts sitting in The City of New York as a venue for actions or proceedings relating to the Notes is (notwithstanding the waiver in such provisions) subject to the power of such courts to transfer actions pursuant to 28 U.S.C. §1404(a) or to dismiss such actions or proceedings on the grounds that such federal court is an inconvenient forum for such action or proceeding. We express no opinion as to the subject matter jurisdiction of any United States federal court to adjudicate any action relating to the Notes where jurisdiction based on diversity of citizenship under 28 U.S.C. §1332 does not exist.

------

The foregoing opinion is limited to the federal law of the United States of America and the law of the State of New York.

We hereby consent to the filing of this opinion letter as an exhibit to the Registration Statement and to the reference to us under the heading "Legal Matters" in the Prospectus. In giving such consent, we do not thereby admit that we are experts with respect to any part of the Registration Statement, including this exhibit, within the meaning of the term "expert" as used in the Securities Act, or the rules and regulations of the Commission issued thereunder. We assume no obligation to advise you, or to make any investigations, as to any legal developments or factual matters arising subsequent to the date hereof that might affect the opinion expressed herein.

---

| | |
|:---|:---|
| Very truly yours, | Very truly yours, |
| CLEARY GOTTLIEB STEEN & HAMILTON LLP | CLEARY GOTTLIEB STEEN & HAMILTON LLP |
| By | /s/ Jinduk Han |
|  | Jinduk Han, a Partner |

---

## Ex-99.(M-4)

**Exhibit M-4** 

[Yulchon LLC Letterhead]

September 22, 2025

The Export-Import Bank of Korea

38 Eunhaeng-ro

Yeongdeungpo-gu

Seoul 07242

Republic of Korea

---

| | |
|:---|:---|
| **Re:** | **<u>The Export-Import Bank of Korea / US$1,000,000,000 3.750% Notes Due 2030 and US$500,000,000 Floating Rate Notes Due 2028</u>**  |

---

Ladies and Gentlemen:

We have acted as Korean counsel for The Export-Import Bank of Korea (the "**Issuer**"), a statutory juridical entity duly established pursuant to the Export-Import Bank of Korea Act of 1969, as amended (the "**KEXIM Act**") and validly existing under the laws of the Republic of Korea ("**Korea**"), in connection with the Issuer's offering, pursuant to a registration statement, as amended (Registration No. 333-288366, the "**Registration Statement**"), under Schedule B of the U.S. Securities Act of 1933, as amended (the "**Securities Act**") when it became effective, of US$1,000,000,000 3.750% Notes due 2030 and US$500,000,000 Floating Rate Notes due 2028 (the "**Notes**") to be issued under the fiscal agency agreement dated August 1, 1991 (the "**Fiscal Agency Agreement**") and made by and between the Issuer and The Bank of New York Mellon.

In connection with providing legal opinions set forth herein, we have examined the originals or copies, certified or otherwise identified to our satisfaction of the documents, records, certificates of public officials and other instruments, as we have deemed necessary or advisable as a basis for this opinion:

1. a copy of the Registration Statement;

2. a copy of the prospectus dated July 9, 2025 contained in the Registration Statement (the "**Base Prospectus**") as supplemented by the preliminary prospectus supplement dated September 2, 2025 relating to the Notes (as supplemented, the "**Preliminary Prospectus** ");

3. the Base Prospectus as supplemented by the prospectus supplement dated September 15, 2025 relating to the
Notes (as supplemented, the "**Prospectus** ");

4. an executed copy of the Fiscal Agency Agreement;

5. executed copies of the Notes in global form;

6. copies of the Articles of Incorporation of the Issuer currently in effect and the Commercial Registry extracts
of the Issuer dated September 22, 2025;

7. a copy of the selected pages of the Issuer's internal regulations regarding allocation of approval
authority of the Issuer currently in effect;

8. a copy of the internal authorization sheet of the Issuer dated August 6, 2025;

9. a copy of the seal impression certificate of the Issuer dated July 23, 2025; and

10. a copy of the report filed with the Ministry of Economy and Finance of Korea (the "**MOEF** ")
dated September 8, 2025 with respect to the issuance of the Notes.

------

In such examination, we have assumed the genuineness of all signatures, stamps and seals, the legal capacity of natural persons, the authenticity, accuracy and up-to-datedness of all documents submitted to us as originals, the conformity to original documents of all documents submitted to us as certified or photostatic copies, and the authenticity of the originals of such copies. As to any facts material to the opinions set forth herein, which we did not independently establish or verify, we have relied upon statements and representations of officers and other representatives of the Issuer. We have also assumed, in relation to the documents, that other than by or in relation to the Issuer, each of the documents is within the capacity and powers of, and has been validly authorized, executed and delivered by, the relevant parties thereto and is legal, valid, binding and enforceable in accordance with its respective terms under the laws of the relevant jurisdiction by which it is expressed to be governed, and there has been no breach of any of the terms thereof.

As to any other matters of fact material to the opinion expressed herein, we have made no independent inquiry and have relied solely upon the certificates or oral or written statements of officers and other representatives of the Issuer.

We are admitted to practice law in Korea, and the legal opinions provided herein are confined to and given on the basis of the laws of Korea in effect as at the date hereof. We do not represent ourselves to be familiar with the laws of any jurisdiction other than Korea, and we do not pass upon nor express any opinion in respect of those matters governed by or construed in accordance with any of such laws.

Based upon the foregoing, and subject to further qualifications set forth below, we are of the opinion that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Issuer is a statutory juridical entity duly established under the KEXIM Act and validly existing under the
laws of Korea, with power and authority to own its properties and conduct its business as described in the Prospectus forming a part of the Registration Statement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Fiscal Agency Agreement has been duly authorized and executed by the Issuer;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The statements in the Prospectus concerning matters of Korean law (except for (x) Korean tax related
statements as to which we opine on (d) and (y) the financial statements and related schedules and other financial and statistical data contained therein as to which we express no opinion) are accurate and up-to-date as of the date hereof in all material respects;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The statements of Korean law contained in the Prospectus under the heading "Korean Taxation"
provide a fair summary of the principal Korean tax consequences of an investment in the Notes in all material respects; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) The Notes have been duly authorized, executed, issued and delivered by the Issuer and constitute valid, binding
and enforceable obligations of the Issuer.

Our opinion is subject to the following reservations and qualifications:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) the obligations of the Issuer under the Notes and the Fiscal Agency Agreement and the enforcement thereof may
be limited or affected by the bankruptcy, insolvency, fraudulent conveyance, compulsory composition, liquidation, corporate reorganization, rehabilitation, moratorium and other laws of general application relating to or affecting the rights of
creditors;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) certain restrictions may be imposed by the Korean government, such as temporary suspension of performance under
any or all foreign exchange transactions or requiring the Issuer to obtain prior approval from the MOEF for repatriation of any amount payable under the Notes, in the event of emergency circumstances including but not limited to grave and sudden and
significant changes in domestic and foreign economic conditions or extreme difficulty in stabilizing the balance of payments;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(C) the obligations of the Issuer under the Notes and the Fiscal Agency Agreement and the enforcement thereof may
be limited or affected by the general principles of good morals and other social order and the general principle of good faith and fairness as provided in the Civil Code of Korea;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(D) nothing in this opinion should be taken as indicating that the remedies of specific performance or injunction
(being in some instances discretionary remedies of the court) would necessarily be available with respect to any particular provision of the Notes or the Fiscal Agency Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(E) failure to exercise a right of action for more than a certain period of time may operate as a bar to the
exercise of such right, and failure to exercise such a right for a certain period of time may, under certain circumstances, be deemed by the Korean courts to constitute a waiver thereof; and

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(F) provisions in the Notes and the Fiscal Agency Agreement that permit any party thereto or any other person to
take action or make determinations, or require payments under indemnity or similar provisions, may be interpreted by a Korean court to be subject to the requirement that such action be taken or such determination be made on a reasonable basis and in
good faith, and that any action or omission to act in respect of which any indemnity or other payment is required be reasonable and in good faith.

This opinion is limited to the matters addressed herein and is not to be read as an opinion with respect to any other matter.

We hereby consent to the filing of this opinion as an exhibit to the Registration Statement and to the reference to us under the heading "Legal Matters" in the Registration Statement, without thereby admitting that we are "experts" under the Securities Act or the rules and regulations of the U.S. Securities and Exchange Commission thereunder for the purpose of any part of the Registration Statement, including the exhibit as which this opinion is filed.

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| Very truly yours, |
| /s/ Yulchon LLC |
| Yulchon LLC |

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