[July 25, 2007] Moody's upgrade Busan Bank's Foreing Currency Long term/Short term depost ratings to A2/P1 from previous A3/P2, as the government's long-term foreign currency and local currency was raised to A2 from A3.

Following is the press release made by Moody's Investors Service.

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Busan Bank DETAILED RATING CONSIDERATIONS

Detailed rating considerations for Busan Bank's currently assigned ratings, as follows: Bank Financial Strength Rating Moody's has assigned a C- BFSR to Busan Bank. Foreign Currency Deposit Rating Moody's assigns A2/P-1foreign currency deposit ratings to Busan, in line with local currency ones.

ABOUT MOODY'S BANK RATINGS Bank Financial Strength RatingMoody's Bank Financial Strength Ratings (BFSRs) represent Moody's opinion of a bank's intrinsic safety and soundness and, as such, exclude certain external credit risks and credit support elements that are addressed by Moody's Bank Deposit Ratings.