WF

Business Context and Reporting Period

This Form 6-K filing by Woori Finance Holdings Co., Ltd. (Woori Financial Group Inc.) reports preliminary, unaudited financial performance figures for the fourth quarter and full fiscal year 2004. The Board of Directors resolved these figures on February 4, 2005, with a shareholders' meeting expected on March 30, 2005. The data is presented on a non-consolidated basis.

Key Financial Metrics

Balance Sheet Highlights (Billions KRW):

• Total Assets: 9,619 (up from 8,248 in 4Q 2003)
• Total Liabilities: 2,300 (down from 2,650 in 4Q 2003)
• Paid-in Capital: 3,982
• Shareholders' Equity: 7,319 (up from 5,598 in 4Q 2003)
• Shareholders' Equity to Paid-in Capital Ratio: 183.8% (up from 144.4%)

Material Changes

The company reported extraordinary growth in profitability and revenue compared to the prior year. Net income increased by 555.62%, and operating revenue rose by 281.84%. Total liabilities decreased by 350 billion KRW while total assets increased by 1,371 billion KRW, significantly strengthening the equity position.

Management Commentary and Unusual Items

Management attributes the primary reason for the increases in revenue, profit, and net income to an increase in valuation gain using the equity method. The filing explicitly states that these figures are interim, unaudited, and subject to adjustment.

Investor Verification Checklist

• Verify the specific nature and sustainability of the "valuation gain using the equity method" driving the 555% profit increase.
• Confirm the final audited figures once the independent audit is completed, as current numbers are preliminary.
• Review the upcoming shareholders' meeting materials (expected March 30, 2005) for final approval of these results.
• Assess the impact of the non-consolidated basis on the reported financial strength compared to consolidated group figures.