6-K

Table of Contents

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

Form 6-K

REPORT OFFOREIGN PRIVATE ISSUER

PURSUANT TO RULE 13a-16 OR15d-16 UNDER

THE SECURITIES EXCHANGE ACT OF 1934

For the month of November 2021

Commission File Number: 001-31811

Woori Financial Group Inc.

(Translation of registrant’s name into English)

51, Sogong-ro, Jung-gu, Seoul, 04632, Korea

(Address of principal executive office)

Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.

Form 20-F  ☒            Form 40-F  ☐

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1):  ☐

Note: Regulation S-T Rule 101(b)(1) only permits the submission in paper of a Form 6-K if submitted solely to provide an attached annual report to security holders.

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7):  ☐

Note: Regulation S-T Rule 101(b)(7) only permits the submission in paper of a Form 6-K if submission to furnish a report or other document that the registration foreign private issuer must furnish and make public under the laws of the jurisdiction in which the registrant is incorporated, domiciled or legally organized (the registrant’s “home country”), or under the rules of the home country exchange on which the registrant’s securities are traded, as long as the report or other document is not a press release, is not required to be and has not been distributed to the registrant’s security holders, and if discussing a material event, has already been the subject of a Form 6-K submission or other Commission filing on EDGAR.

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Index

1.	Summary of 2021 3Q Business Report
2.	Exhibit 99.1 Woori Financial Group Review Report for 2021 3Q (Consolidated)
3.	Exhibit 99.2 Woori Financial Group Review Report for 2021 3Q (Separate)

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Summary of 2021 Third Quarter Business Report

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I.	INTRODUCTION OF THE COMPANY		5
	1.	Overview of the Company	5
	2.	Capital Structure (Changes in Capital)	9
	3.	Total Number of Authorized Shares	9
II.	BUSINESS OVERVIEW		11
	1.	Results of Operations	11
	2.	Funding Sources and Uses of Funds	11
	3.	Other Information Necessary for Making Investment Decisions	12
III.	FINANCIAL INFORMATION		16
	1.	Condensed Financial Statements (Consolidated)	16
	2.	Condensed Financial Statements (Separate)	18
	3.	Dividend Information	20
IV.	INDEPENDENT AUDITOR’S OPINION		21
	1.	Independent Auditor’s Opinion	21
	2.	Compensation to the Independent Auditor	21
V.	CORPORATE GOVERNANCE		23
	1.	About the Board of Directors	23
	2.	Shareholder’s Meeting	25
III.	SHAREHOLDER INFORMATION		27
	1.	Share Distribution	27
	2.	Stock Price and Stock Market Performance	28
IV.	DIRECTORS AND EMPLOYEE INFORMATION		30
	1.	Directors and Executives	30
	2.	Employee Status	31
	3.	Directors’ Compensation	31

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Except where indicated otherwise, financial information contained in this document (including the attached financial statements) has been prepared in accordance with the Korean equivalent of International Financial Reporting Standards (“Korean IFRS”), which differ in certain important respects from generally accepted accounting principles in the United States.

All references to “Woori Financial Group,” “we,” “us” or the “Company” are to Woori Financial Group Inc. and, unless the context requires otherwise, its subsidiaries. In addition, all references to “Won” or “KRW” in this document are to the currency of the Republic of Korea.

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I.	Introduction of the Company
1.	Overview of the Company
---	---
a.	History
---	---
January 11, 2019	Establishment of the Company pursuant to a comprehensive stock transfer, by which Woori Bank, Woori FIS, Woori Finance Research Institute, Woori Credit Information, Woori Fund Services and Woori Private Equity Asset Management<br>became wholly-owned subsidiaries of the Company.
---	---
February 13, 2019	Listed on the Korea Exchange (KRX).
April 5, 2019	Entered into share purchase agreements to acquire Tongyang Asset Management Corp. and ABL Global Asset Management Co., Ltd.
June 21, 2019	Entered into a purchase agreement with Woori Bank to acquire the common shares of Woori Investment Bank Co., Ltd. (“Woori Investment Bank”) and integrate Woori Investment Bank as a first-tier subsidiary of the Company<br>(Buyer: Woori Financial Group, Seller: Woori Bank)
July 3, 2019	Entered into a stock exchange agreement between the Company and Woori Card Co., Ltd (“Woori Card”) to integrate Woori Card as a first-tier subsidiary of the Company
July 25, 2019	Entered into a share purchase agreement to acquire Kukje Asset Trust, Ltd.
August 1, 2019	Integrated Woori Asset Management Corp. (formerly known as Tongyang Asset Management Co., Ltd.) as a first-tier subsidiary of the Company.
September 10, 2019	Integrated Woori Card and Woori Investment Bank as first-tier subsidiaries of the Company.
September 26, 2019	Disposed 4% of common shares of the Company held by Woori Bank to a Taiwanese company, Fubon Life Insurance Co., Ltd.
December 6, 2019	Integrated Woori Global Asset Management Corp. as a first-tier subsidiary of the Company
December 30, 2019	Integrated Woori Asset Trust Ltd. as a first-tier subsidiary of the Company
March 25, 2020	Held the first annual general meeting of shareholders of Woori Financial Group; reappointed the Chief Executive Officer

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October 26, 2020	Entered into a share purchase agreement to acquire Aju Capital Co., Ltd.
December 10, 2020	Integrated Woori Financial Capital Co., Ltd., (formerly known as Aju Capital Co., Ltd.) as a first-tier subsidiary of the Company
	Integrated Woori Savings Bank (formerly known as Aju Savings Bank) as a second-tier subsidiary of the Company
January 15, 2021	Joined the Carbon Disclosure Project (CDP), announced support for the Task force on Climate related Financial Disclosure (TCFD) and established the ESG management principles of Woori Financial Group
March 5, 2021	Established the Board ESG Management Committee
March 12, 2021	Integrated Woori Savings Bank as a first-tier subsidiary of the Company
April 9, 2021	After-hours trading of a 2% stake in Woori Financial Group held by the Korea Deposit Insurance Corporation
April 15, 2021	Purchased additional equity shares of Woori Financial Capital Co., Ltd., increasing the Company’s equity ownership by 12.9%
May 13, 2021	Participated in the capital increase of Woori Savings Bank (KRW 100 billion)
May 24, 2021	Purchased 3.6% of Woori Financial Capital Co., Ltd. in treasury shares
June 4, 2021	Entered into a stock exchange agreement to acquire the remaining shares of Woori Financial Capital Co., Ltd.
August 10, 2021	Integrated Woori Financial Capital Co., Ltd., as a wholly-owned subsidiary of the Company (Completion of stock exchange)
September 9, 2021	Announcement of contemplated sales of the remaining stake in Woori Financial Group held by the Korea Deposit Insurance Corporation
October 8, 2021	Joined the SBTi (Science Based Targets initiative) as part of the roadmap for achieving carbon neutrality
November 2, 2021	Obtained regulatory approval for using the IRB (Internal Rating Based) approach
b.	Affiliated Companies
---	---
(1)	Overview of Business Group
---	---
1.	Name of business group: Woori Financial Group Inc.
---	---
(2)	Affiliated companies within the business group
---	---

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As of September 30, 2021

Type	Name of Company
Listed company<br><br><br>(3 companies)	Woori Financial Group
	Woori Investment Bank
	PT Bank Woori Saudara Indonesia
Unlisted company<br><br><br>(26 companies)	Woori Bank
	Woori Card
	Woori Financial Capital
	Woori Asset Trust
	Woori Asset Management
	Woori Savings Bank
	Woori Credit Information
	Woori Fund Services
	Woori Private Equity Asset Management
	Woori Global Asset Management
	Woori FIS
	Woori Finance Research Institute
	Korea BTL Infrastructure Fund
	Woori America Bank
	Woori Bank China Limited
	AO Woori Bank
	Banco Woori Bank do Brazil S.A.
	Woori Global Markets Asia Limited
	Woori Bank Vietnam Limited
	Woori Wealth Development Bank
	Woori Finance Myanmar
	WB Finance Co., Ltd (Cambodia)
	Woori Bank Europe Gmbh
	Tutu Finance-WCI Myanmar
	Woori-Hanwha Eureka Private Equity Fund
	Arden Woori Apparel 1^st^ Private Equity Fund
Note	1) Includes subsidiaries, etc. under the Financial Holding Company Act as of September 30, 2021<br>
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Table of Contents

2.	Capital Structure (Changes in Capital)
	(units: Won, shares)
---	---	---	---	---	---	---	---
Date	Item	Type
		Common Shares		PreferredShares		Others
September 30, 2021	Number of issued shares		728,060,549		—		—
	Par Value		5,000		—		—
	Capital Stock		3,640,302,745,000		—		—
December 31, 2020	Number of issued shares		722,267,683		—		—
	Par Value		5,000		—		—
	Capital Stock		3,611,338,415,000		—		—
December 31, 2019	Number of issued shares		722,267,683		—		—
	Par Value		5,000		—		—
	Capital Stock		3,611,338,415,000		—		—

Note 1) Our common shares increased by 5,792,866 shares on August 10, 2021 due to a comprehensive stock exchange to integrate Woori Financial Capital as a wholly-owned subsidiary.

As of September 30, 2021			(units: Won, shares)
			Stock Decrease/Increase
Date	Category		Type		Quantity		ParValue		Issueprice		Note
January 11, 2019		—		Common		680,164,306		5,000		26,415	Establishment<br> <br>(comprehensive stock transfer)
September 10, 2019		—		Common		42,103,377		5,000		12,350	Comprehensive stock exchange<br> <br>Stock increase ratio: 6.19018%
August 10, 2021		—		Common		5,792,866		5,000		11,100	Comprehensive stock exchange<br> <br>Stock increase ratio: 0.80204%

Note 1) Due to Woori Financial Group’s establishment through a comprehensive stock transfer, the issue price was calculated by dividing the total equity from its financial statements at the time of establishment (KRW 17,966,458,911,689) by the total number of issued shares (680,164,306).

Note 2) Our capital changed in September 2019 and August 2021 due to a comprehensive stock exchanges. The issue prices were based on the closing stock price of the comprehensive stock exchange date.

3.	Total Number of Authorized Shares
As of September 30, 2021	(unit: shares)
---	---	---	---	---	---	---	---
Items	Type				Notes
	Common Shares		Total
Number of authorized shares		4,000,000,000		4,000,000,000		—
Number of issued shares		728,060,549		728,060,549		Note 1	)
Number of treasury shares		2,324		2,324		Note 2	)
Number of outstanding shares		728,058,225		728,058,225		—

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Note 1) Includes the 5,792,866 new common shares issued on August 10, 2021 due to a comprehensive stock exchange between Woori Financial Group and Woori Financial Capital.

Note 2) Acquired from the issuance of fractional shares (2,322 new fractional shares were added in August 2021 due to the comprehensive stock exchange between Woori Financial Group and Woori Financial Capital.)

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II.	Business Overview
1.	Results of Operations
---	---
	(unit: billions of Won)
---	---	---	---	---	---	---
Type	2021 3Q		2020		2019
Operating income		3,076		2,080		2,800
Non-operating income		77		-79		-77
Income from continuing operations before income tax		3,153		2,001		2,723
Income tax expense from continuing operations		791		486		685
Income from discontinued operations		—		—		—
Net income		2,362		1,515		2,038
Controlling Interest		2,198		1,307		1,872
Non-controlling Interest		164		208		165

Note 1) Based on K-IFRS consolidated financial statements

2.	Funding Sources and Uses of Funds
a.	Sources of Funds
---	---
For the periods indicated other than as noted below														(units: millions of Won, %)
---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---
Classification	Funding Source	2021 3Q						2020						2019
		AverageBalance		InterestRate		Proportion		AverageBalance		Interest<br>Rate		Proportion		AverageBalance		Interest<br>Rate		Proportion
Source	Deposits		287,701,206		0.78		71.00		265,636,358		1.08		71.78		249,106,041		1.51		71.14
	Borrowings		21,055,577		1.01		5.20		19,606,056		1.31		5.30		18,013,074		1.92		5.14
	Debentures		39,963,468		1.80		9.86		32,287,676		2.24		8.73		30,401,987		2.56		8.68
	Others		28,872,801		—		7.13		26,523,338		—		7.17		28,928,780		—		8.26
	Total Liabilities		377,593,052		—		93.19		344,053,429		—		92.97		326,449,882		—		93.23
Total Equity			27,594,780		—		6.81		25,996,721		—		7.03		23,703,431		—		6.77
Total Liabilities & Equity			405,187,833		—		100.00		370,050,150		—		100.00		350,153,313		—		100.00

Note 1) Average Balance : simple average of the starting balance for the fiscal year and the balance at the end of each quarter

Note 2) Based on K-IFRS consolidated financial statements

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b.	Use of Funds
For the periods indicated other than as noted below								(units: millions of Won, %)
---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---
Type	Managed Item	2021 3Q						2020						2019
		Average<br>Balance		Interest<br>Rate		Proportion		AverageBalance		InterestRate		Proportion		AverageBalance		InterestRate		Proportion
Use	Cash & Due from Banks		14,127,075		0.31		3.49		11,925,297		0.45		3.22		9,202,054		1.55		2.63
	Marketable securities		56,645,068		1.74		13.98		54,474,169		1.87		14.72		50,396,362		2.29		14.39
	Loans		298,090,486		2.75		73.57		269,533,892		2.98		72.84		254,691,201		3.48		72.74
	Loans in local currency		259,041,382		2.54		63.93		233,117,610		2.75		63.00		219,418,214		3.22		62.66
	Loans in foreign Currency		24,402,287		3.61		6.02		22,614,578		3.99		6.11		20,982,894		4.59		5.99
	Guarantee payments		28,417		2.48		0.01		15,845		4.04		0.00		12,410		1.48		0.00
	Credit card receivables		9,057,989		7.43		2.24		8,207,859		7.87		2.22		8,139,789		7.98		2.32
	Foreign bills bought		5,560,410		0.81		1.37		5,578,001		1.53		1.51		6,137,894		2.96		1.75
	Bad debt expense in local currency (-)		1,874,975		—		0.46		1,708,074		—		0.46		1,666,215		—		0.48
	Others		38,200,178		—		9.43		35,824,866		—		9.68		37,529,911		—		10.72
Total Assets			405,187,833		—		100.00		370,050,150		—		100.00		350,153,313		—		100.00

Note 1) Average Balance : simple average of the balances at the start of the fiscal year and at the end of each quarter

Note 2) Based on K-IFRS consolidated financial statements

3.	Other Information Necessary for Making Investment Decisions
a.	Capital Adequacy Ratios
---	---

Group BIS Capital Adequacy Ratios

As of the end of the period indicated	(units: billions of Won, %)
Type	2021 3Q		2020		2019
Equity capital (A)		28,825		27,448		27,115
Risk weighted assets (B)		194,322		198,269		228,046
BIS(Capital adequacy) ratio (A/B)		14.83		13.84		11.89

Note 1) BIS (Bank for International Settlements) Capital Adequacy Ratios = Equity capital / Risk weighted assets * 100

Note 2) Based on K-IFRS consolidated financial statements and Basel III standards (2019 figures based on Standardized Approach / 2020 figures partially based on IRB Approach / 2021 3Q figures fully based on IRB Approach)

Note 3) 2021 3Q figures are estimates only and are subject to change

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Capital Adequacy Ratios for Significant Subsidiaries and Consolidated Companies

As of the end of the periods indicated					(units: millions of Won, %)
Name of Company	Type		2021 3Q		2020		2019
Woori Bank<br><br><br>Note 2)	BIS ratio<br> <br>Note 1)	Equity capital (A)		26,469,192		25,269,072		24,314,212
		Risk weighted assets (B)		158,927,775		145,755,395		157,889,535
		Capital adequacy ratio (A/B)		16.65		17.34		15.40
Woori Card<br><br><br>Note 3)	Adjusted capital ratio			18.12		19.93		18.33
	Tangible common equity ratio			12.16		13.48		14.29
Woori Financial Capital<br><br><br>Note 3)	Adjusted capital ratio			11.76		12.17		13.46
	Tangible common equity ratio			10.51		10.77		12.08
Woori Investment Bank<br><br><br>Note 4)	BIS ratio<br> <br>Note 1)	Equity capital (A)		557,000		491,799		338,136
		Risk weighted assets (B)		3,693,700		3,192,245		2,630,349
		Capital adequacy ratio (A/B)		15.08		15.41		12.86
Woori Asset Trust<br><br><br>Note 5)	Operating capital ratio			1,111.68		1,286.43		1,397.97
Woori Asset Management<br><br><br>Note 3)	Minimum operating capital ratio			723.25		754.11		655.84
Woori Savings Bank<br><br><br>Note 6)	BIS Capital adequacy ratio Note 1)			22.19		13.40		13.46

Note 1) BIS (Bank for International Settlements) Capital Adequacy Ratio : Equity capital / Risk weighted assets * 100

Note 2) Figures for Woori Bank are based on K-IFRS consolidated financial statements and Basel III standards. 2021 3Q figures are estimates only and subject to change

Note 3) Figures for Woori Card, Woori Financial Capital, Woori Asset Management are based on the applicable standards for business reports submitted to the Financial Supervisory Service and our K-IFRS separate financial statements

Note 4) Figures for Woori Investment Bank are based on the applicable standards for business reports submitted to the Financial Supervisory Service and our K-IFRS consolidated financial statements

Note 5) Figures for Woori Asset Trust are based on K-IFRS separate financial statements

Note 6) Figures for Woori Savings Bank are based on K-GAAP

b.	Liquidity Ratio

Won Liquidity Ratios

As of the end of the periods indicated															(units: millions of Won, %)
Type	2021 3Q						2020						2019
	Won<br>Liquidity<br>Assets		Won<br>Liquidity<br>Liabilities		Won<br>Liquidity<br>Ratio		Won<br>Liquidity<br>Assets		Won<br>Liquidity<br>Liabilities		Won<br>Liquidity<br>Ratio		Won<br>Liquidity<br>Assets		Won<br>Liquidity<br>Liabilities		Won<br>Liquidity<br>Ratio
Woori Financial Group<br><br><br>Note 1)		419,858		5,456		7,695.3		40,308		7,911		509.5		45,079		7,475		603.1
Woori Card<br><br><br>Note 2)		7,152,313		1,651,106		433.2		6,255,965		1,406,387		444.8		5,976,031		1,407,335		424.6
Woori Financial Capital<br><br><br>Note 2)		1,290,249		765,270		168.6		1,357,876		616,632		220.2		1,037,894		498,197		208.3
Woori Investment Bank<br><br><br>Note 2)		2,585,576		1,895,861		136.4		2,166,208		1,555,418		139.3		1,671,823		1,118,318		149.5
Woori Asset Trust<br><br><br>Note 2)		160,408		14,909		1075.9		148,856		16,157		921.3		67,555		14,595		462.9
Woori Savings Bank<br><br><br>Note 2), Note 3)		271,155		164,281		165.06		267,927		209,712		127.8		263,961		228,491		115.5

Note 1) Based on current assets and liabilities within one month of maturity

Note 2) Based on current assets and liabilities within 90 days of maturity

Note 3) Based on K-GAAP

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Foreign Currency (FC) Liquidity Ratios

As of the end of the periods indicated															(units: millions of Won, %)
Type	2021 3Q						2020						2019
	FC<br>Liquidity<br>Assets		FC<br>Liquidity<br>Liabilities		FC<br>Liquidity<br>Ratio		FC<br>Liquidity<br>Assets		FC<br>Liquidity<br>Liabilities		FC<br>Liquidity<br>Ratio		FC<br>Liquidity<br>Assets		FC<br>Liquidity<br>Liabilities		FC<br>Liquidity<br>Ratio
Woori Investment Bank<br><br><br>Note 1)		758		—		—		425		—		—		38,111		34,734		109.7

Note 1) Based on current assets and liabilities within three months of maturity

Liquidity Coverage Ratios

						(unit: %)
Name of Company	Type	2021 3Q		2020		2019
Woori Bank	Liquidity coverage ratio Note 1)		88.33		92.07		107.27
	Foreign currency liquidity coverage ratio Note 1)		103.96		106.06		110.50
	Ratio of business purpose premises and equipment		11.06		11.68		12.22

Note 1) The method of calculation is based on the business disclosure, and the applicable periods are 2021 3Q, 2020 4Q and 2019 4Q

Under the [Plans for Temporary Easing of Financial Regulations in Response to<br>COVID-19] announced by the Financial Services Commission, the liquidity coverage ratio and the foreign currency liquidity coverage ratio requirements for banks has been reduced from 100% to 85% and from 80% to<br>70%, respectively, until the end of March 2022.
c.	Profitability Ratio Note 1), Note 2)
---	---
Type	2021 3Q Note 3)				2020				2019
---	---	---	---	---	---	---	---	---	---	---	---	---
	ROA		ROE		ROA		ROE		ROA		ROE
Woori Financial Group
Including non-controlling interests		0.75		13.06		0.40		6.80		0.57		10.11
Excluding non-controlling interests		0.70		12.15		0.34		5.87		0.52		9.29
Woori Bank		0.65		10.32		0.38		5.83		0.55		8.36
Woori Card		1.15		6.41		0.98		5.29		0.90		5.05
Woori Financial Capital		1.88		17.73		1.53		13.83		1.64		12.64
Woori Investment Bank		1.49		12.26		1.47		13.13		1.69		13.66
Woori Asset Trust		21.09		30.22		22.03		31.51		25.18		37.40
Woori Asset Management		7.20		7.48		5.85		6.12		7.41		7.77
Woori Savings Bank Note 4)		0.91		7.45		0.97		10.10		1.05		11.41

Note 1) Based on the applicable standards for business reports submitted to the Financial Supervisory Service. The figures for Woori Financial Group are on a consolidated basis and figures for the other subsidiaries are on a non-consolidated basis

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Note 2) Total assets and total equity : simple average of the starting balance for the fiscal year and each quarter’s ending balance

Note 3) On an annualized basis based on the applicable standards for business reports submitted to the Financial Supervisory Service

Note 4) Figures for Woori Savings Bank are based on K-GAAP

d.	Asset Quality

Group Asset Quality

	(units: billions of Won, %)
Type	2021 3Q		2020		2019
Total loans		326,689		299,075		266,432
Substandard and below loans		1,027		1,256		1,198
Substandard and below ratio		0.31		0.42		0.45
Non-Performing Loans		930		1,149		1,068
NPL Ratio		0.28		0.38		0.40
Substandard and below coverage ratio (A/B)		177.5		153.8		133.6
Loan Loss reserve (A)		1,824		1,932		1,600
Substandard and below loans (B)		1,027		1,256		1,198

Note 1) Based on the applicable standards for financial holding company business reports submitted to the Financial Supervisory Service

Asset Quality for Significant Subsidiaries and Consolidated Companies

																	(units: %)
	2021 3Q						2020						2019
Type	Substandard<br>and below<br>ratio		NPL<br>ratio		Substandard<br>and below<br>coverage<br>ratio		Substandard<br>and below<br>ratio		NPL<br>ratio		Substandard<br>and below<br>coverage<br>ratio		Substandard<br>and below<br>ratio		NPL<br>ratio		Substandard<br>and below<br>coverage<br>ratio
Woori Bank		0.21		0.20		193.37		0.32		0.30		153.95		0.40		0.36		121.80
Woori Card		0.51		—		102.52		0.63		—		102.65		0.80		—		102.84
Woori Financial Capital		1.31		—		149.38		1.77		—		140.15		2.28		—		97.86
Woori Investment Bank		0.63		0.63		93.03		0.79		0.20		84.78		0.49		0.21		168.61
Woori Asset Trust		61.32		—		—		63.64		—		—		37.51		—		—
Woori Savings Bank<br><br><br>Note 2)		2.32		—		104.23		3.40		—		90.37		3.51		—		79.42

Note 1) Based on the applicable standards for business reports submitted to the Financial Supervisory Service

Note 2) Based on K-GAAP

15

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III.	Financial Information
1.	Condensed Financial Statements (Consolidated)
---	---

Summary Consolidated Statement of Financial Position

(The Company and its Consolidated Subsidiaries, as of the end of the periods indicated)				(unit: millions of Won)
Classification	2021 3Q			2020			2019
ASSETS
Cash and cash equivalents		11,076,079			9,990,983			6,392,566
Financial assets at fair value through profit or loss (“FVTPL”)		15,647,021			14,762,941			8,069,144
Financial assets at fair value through other comprehensive income		32,918,386			30,028,929			27,730,531
Securities at amortized cost		16,765,018			17,020,839			20,320,539
Loans and other financial assets at amortized cost		353,924,799			320,106,078			293,717,693
Investments in joint ventures and associates		1,194,639			993,291			806,360
Investment properties		389,177			387,464			280,239
Premises and equipment		3,212,135			3,287,198			3,364,716
Intangible assets and goodwill		781,841			792,077			844,110
Assets held for sale		20,470			60,002			10,556
Net defined benefit asset		—			5,658			2,582
Current tax assets		40,211			75,655			47,367
Deferred tax assets		34,274			46,088			39,544
Derivative assets (designated for hedging)		139,315			174,820			121,131
Other assets		2,041,545			1,348,994			233,646
Total assets	****	438,184,910	****	****	399,081,017		****	361,980,724	****
LIABILITIES
Financial liabilities at FVTPL		5,737,332			6,813,822			2,958,302
Deposits due to customers		311,804,476			291,477,279			264,685,578
Borrowings		24,385,783			20,745,466			18,998,920
Debentures		42,378,307			37,479,358			30,858,055
Provisions		561,692			501,643			443,980
Net defined benefit liability		66,995			52,237			92,470
Current tax liabilities		430,100			370,718			182,690
Deferred tax liabilities		255,736			160,250			134,322
Derivative liabilities (designated for hedging)		21,666			64,769			6,837
Other financial liabilities		23,681,968			14,215,817			17,706,767
Other liabilities		546,084			473,813			420,471
Total liabilities	****	409,870,139	****	****	372,355,172	****	****	336,488,392	****
EQUITY
Owners’ equity:		25,315,939			23,053,608			21,510,370
Capital stock		3,640,303			3,611,338			3,611,338
Hybrid securities		2,094,818			1,895,366			997,544
Capital surplus		680,706			626,111			626,295
Other equity		(2,118,929	)		(2,347,472	)		(2,249,322	)
Retained earnings		21,019,041			19,268,265			18,524,515
Non-controlling interests		2,998,832			3,672,237			3,981,962
Total equity	****	28,314,771	****	****	26,725,845		****	25,492,332	****
Total liabilities and equity	****	438,184,910	****	****	399,081,017		****	361,980,724	****
Number of Consolidated Subsidiaries (excluding holding company)	****	140	****	****	131	****	****	102	****

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Summary Consolidated Statement of Comprehensive Income

(The Company and its Consolidated Subsidiaries, for the periods indicated)	(unit: millions of Won, except per share amounts)
Classification	2021 3Q			2020 3Q			2020			2019
Operating income	****	3,075,608	****	****	1,847,758	****	****	2,080,394		****	2,799,976	****
Net interest income		5,088,871			4,428,288			5,998,512			5,893,706
Net fees and commissions income		1,105,776			731,049			1,014,039			1,102,628
Dividend income		262,937			99,140			138,543			107,959
Net gain or loss on financial instruments at FVTPL		238,204			531,931			421,709			25,455
Net gain or loss on financial assets at FVTOCI		45,830			18,677			24,138			11,015
Net gain or loss arising on financial assets at amortized cost		97,755			40,319			44,443			102,115
Impairment losses due to credit loss		(311,661	)		(586,720	)		(784,371	)		(374,244	)
General and administrative expenses		(2,792,841	)		(2,688,620	)		(3,956,181	)		(3,766,077	)
Other net operating income (expenses)		(659,263	)		(726,306	)		(820,438	)		(302,581	)
Non-operating income (expense)	****	77,122	****	****	(137,929	)	****	(79,143	)	****	(76,927	)
Net income before income tax expense	****	3,152,730	****	****	1,709,829	****	****	2,001,251		****	2,723,049	****
Income tax expense		(791,083	)		(414,081	)		(486,002	)		(685,453	)
Net income	****	2,361,647	****	****	1,295,748	****	****	1,515,249		****	2,037,596
Net income attributable to owners		2,197,936			1,140,764			1,307,266			1,872,207
Net income attributable to the non-controlling<br>interests		163,711			154,984			207,983			165,389
Other comprehensive income (loss), net of tax	****	217,085	****	****	(29,330	)	****	(82,207	)	****	51,782
Items that will not be reclassified to profit or loss		134,124			(49,753	)		54,964			(92,777	)
Items that may be reclassified to profit or loss		82,961			20,423			(137,171	)		144,559
Total comprehensive income	****	2,578,732	****	****	1,266,418	****	****	1,433,042		****	2,089,378
Comprehensive income attributable to the owners		2,403,294			1,116,291			1,233,097			1,914,393
Comprehensive income attributable to non-controlling<br>interests		175,438			150,127			199,945			174,985
Net income per share:
Basic and diluted loss per share (in Korean Won)		2,971			1,532			1,742			2,727

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2.	Condensed Financial Statements (Separate)

Summary Statement of Financial Position

(The Company, as of the end of the period indicated)	(unit: millions of Won)
Classification	2021 3Q			2020			2019
ASSETS
Cash and cash equivalents		618,962			69,176			43,670
Financial assets at fair value through profit or loss		7,247			7,247			9,434
Financial assets at fair value through other comprehensive income		148,082			149,614			—
Loans and other financial assets at amortized cost		510,152			619,117			1,269,203
Investments in subsidiaries		21,944,915			21,562,229			19,873,593
Premises and equipment		8,921			12,538			7,383
Intangible assets		5,496			5,282			3,310
Net defined benefit asset		—			3,509			—
Current tax assets		18,213			307			—
Deferred tax assets		1,568			964			—
Other assets		360			—			—
Total assets	****	23,263,916	****	****	22,429,983	****	****	21,206,593	****
LIABILITIES
Debentures		1,367,295			1,147,503			947,679
Provisions		393			782			600
Net defined benefit liability		1,192			—			3,482
Current tax liabilities		345,166			215,071			133,526
Deferred tax liabilities		—			—			154
Other financial liabilities		37,823			22,085			10,745
Other liabilities		1,232			570			4,142
Total liabilities	****	1,753,101	****	****	1,386,011	****	****	1,100,328	****
EQUITY
Capital stock		3,640,303			3,611,338			3,611,338
Hybrid securities		2,094,745			1,895,322			997,544
Capital surplus		10,909,281			14,874,084			14,874,084
Other equity		(2,789	)		(1,518	)		(631	)
Retained Earnings		4,869,275			664,746			623,930
Total equity	****	21,510,815	****	****	21,043,972	****	****	20,106,265	****
Total liabilities and equity	****	23,263,916	****	****	22,429,983	****	****	21,206,593	****

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Summary Statement of Comprehensive Income

(The Company, for the period indicated)	(unit: millions of Won, except per share amounts)
Classification	2021 3Q			2020 3Q			2020			2019
Operating income (expense)	****	621,659	****	****	618,788	****	****	594,752	****	****	629,437	****
Net interest income		(16,493	)		(7,751	)		(12,953	)		40
Interest income		2,686			8,998			10,082			7,741
Interest expense		(19,179	)		(16,749	)		(23,035	)		(7,701	)
Net fees and commissions loss		(9,728	)		(10,730	)		(15,394	)		(15,833	)
Fees and commissions income		604			—			805			—
Fees and commissions expense		(10,332	)		(10,730	)		(16,199	)		(15,833	)
Dividend income		691,315			679,085			680,375			676,000
Net gain (loss) on financial instruments at FVTPL		—			—			(920	)		9,434
Reversal (Provision) of impairment losses due to credit loss		88			(174	)		116			(263	)
General and administrative expenses		(43,523	)		(41,642	)		(56,472	)		(39,941	)
Non-operating income (expense)	****	(5	)	****	(220	)	****	(215	)	****	(750	)
Net income before income tax expense	****	621,654	****	****	618,568	****	****	594,537	****	****	628,687	****
Income tax income (expense)		132			378			781			(394	)
Net income (loss)	****	621,786	****	****	618,946	****	****	595,318	****	****	628,293	****
Other comprehensive income (loss), net of tax		(1,245	)		(1,237	)		(887	)		(631	)
Items that will not be reclassified to profit or loss		(1,245	)		(1,237	)		(887	)		(631	)
Net gain (loss) on valuation of equity securities at FVTOCI		(1,111	)		383			(280	)		—
Remeasurement of the net defined benefit liability		(134	)		(1,620	)		(607	)		(631	)
Total comprehensive Income	****	620,541	****	****	617,709	****	****	594,431	****	****	627,662	****
Net Income per share:
Basic and diluted income per share (in Korean Won)		792			809			757			900

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3.	Dividend Information
•	In the mid- to long-term, Woori Financial Group plans to not only<br>increase dividends per share according to improvement in net income, but also to gradually increase its dividend payout ratio to around 30% based on the group’s mid- to long-term management plan (resolved<br>by the board of directors on December 18, 2020). In 2021 the company paid an interim dividend for the first time since its establishment. Moreover, the company plans to review various market-friendly shareholder return policies to improve<br>shareholder value while maintaining capital adequacy, once COVID-19 stabilizes.
---	---
•	The above plans are subject to change taking into account factors such as the<br>COVID-19 situation and changes in the domestic and overseas business environment. Further details will be separately disclosed after a resolution of the board of directors of our company.<br>
---	---
Items		2021 3Q		2020		2019
---	---	---	---	---	---	---	---
Par value per share (Won)			5,000		5,000		5,000
Net profit (Millions of Won)			2,197,936		1,307,266		1,872,207
Earnings per share (Won)			2,971		1,742		2,727
Total cash dividends (Millions of Won)			108,340		260,016		505,587
Total stock dividends (Millions of Won)			—		—		—
Cash dividend payout ratio (%)			4.93		19.89		27.00
Cash dividend yield (%)	Common Shares		1.3		3.6		5.8
	Preferred Shares		—		—		—
Stock dividend yield (%)	Common Shares		—		—		—
	Preferred Shares		—		—		—
Cash dividend per share (Won)	Common Shares		150		360		700
	Preferred Shares		—		—		—
Stock dividend per share (Share)	Common Shares		—		—		—
	Preferred Shares		—		—		—

Note ) Interim dividend (resolved by the board of directors on July 23, 2021)

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IV.	Independent Auditor’s Opinion
1.	Independent Auditor’s Opinion
---	---
	2021 3Q	2020	2019
---	---	---	---	---
Auditor	Samil PricewaterhouseCoopers	Samil PricewaterhouseCoopers		Deloitte Anjin LLC
Auditor’s Opinion	Note 1)	Note 2)		Note 3)

Note 1) In its review report attached to this report, Samil PricewaterhouseCoopers has stated that nothing had come to their attention that caused them to believe that the accompanying consolidated and separate interim financial statements of Woori Financial Group are not presented fairly in all material respects, in accordance with Korean IFRS.

Note 2) In its audit report, Samil PricewaterhouseCoopers has stated that the financial statements are presented fairly, in all material respects, in accordance with Korean IFRS.

Note 3) In its audit report, Deloitte Anjin LLC has stated that the financial statements are presented fairly, in all material respects, in accordance with Korean IFRS.

2.	Compensation to the Independent Auditor
a.	Audit Services
---	---
Term	Auditor	Description	Contract				Actual
---	---	---	---	---	---	---	---	---	---	---
			Fee		Time		Fee		Time
2021 3Q	Samil PricewaterhouseCoopers	1Q/1H/3Q Review<br><br><br>Closing audit<br>(including internal accounting management system)		KRW 1,172 million		10,450 hours		KRW 670 million		4,220 hours
2020	Samil PricewaterhouseCoopers	1Q/1H/3Q Review<br><br><br>Closing audit<br>(including internal accounting management system)		KRW 1,135 million		10,400 hours		KRW 1,135 million		10,514 hours
2019	Deloitte Anjin LLC	1Q/1H/3Q Review<br><br><br>Closing audit<br>(including internal accounting management system)		KRW 752 million		7,995 hours		KRW 752 million		10,849 hours

Note 1) Fee excludes VAT

Note 2) Time includes planning time up until the commencement of the applicable services

b.	Other Audit Services
Term	Auditor		Description	Fee
---	---	---	---	---	---
2019		Deloitte Anjin LLC	Auditing services provided in connection with the submission of a holding company establishment report to the Fair Trade Commission		KRW 67 million

Note 1) Fee excludes VAT

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c.	Current Status of Audit Service Agreements with the Independent Auditor Relating to U.S. Listing
Term	Auditor	Description	Fee
---	---	---	---
2020	Samil<br>PricewaterhouseCoopers	U.S. PCAOB standard audit of consolidated financial statements and internal control over financial<br>reporting (for FY2021)	KRW 2,370 million
		U.S. PCAOB standard audit of consolidated financial statements and internal control over financial<br>reporting (for FY2020)	KRW 2,280 million
2019	Deloitte Anjin LLC	U.S. PCAOB standard audit of consolidated financial statements and internal control over financial<br>reporting (for FY2019)	KRW 1,873 million

Note 1) Fee excludes VAT

d.	Non-Audit Services
Term	Date of Executionof Agreement		Description of Service	Service Term		Fees
---	---	---	---	---	---	---	---
2021 3Q		March 29, 2021	Tax adjustment (including review relating to application of consolidated tax)		June 1, 2021 ~ May 31, 2022		KRW 61 million
2020		July 9, 2020	Tax adjustment (including review relating to application of consolidated tax)		July 9, 2020 ~ May 31, 2021		KRW 61 million
2019		April 18, 2019	Tax adjustment (including review relating to application of consolidated tax)		April 18, 2019 ~ May 31, 2020		KRW 88 million
		May 14, 2019	Issuance of agreed-upon procedure report relating to asset management company establishment registration submitted to the Financial Supervisory Service		May 14, 2019 ~ May 31, 2020		KRW 18 million

Note 1) Fee excludes VAT

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V.	Corporate Governance
1.	About the Board of Directors
---	---
a.	Composition of the Board of Directors
---	---

The board of directors consists of standing directors, outside directors and non-standing directors.

In the third quarter of 2021, two outside directors, Zhiping Tian and Dennis Chan, resigned for personal reasons before the expiration of their terms.

b.	Committees under the Board of Directors

We currently have the following committees serving under the board of directors:

(a)	Audit Committee
(b)	Board Risk Management Committee
---	---
(c)	Compensation Committee
---	---
(d)	Committee for Recommending Executive Officer Candidates
---	---
(e)	Committee for Recommending Subsidiary Representative Director Candidates
---	---
(f)	Committee for Internal Control Management
---	---
(g)	Board ESG Management Committee
---	---

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(As of September 30, 2021)<br><br><br>Name of Committee	Composition	Names of Members
Audit Committee	Three outside directors	(Chairman) Chan-Hyoung Chung (outside director)<br><br><br>Sung-Tae Ro (outside director)<br><br><br>Dong-Woo Chang (outside director)
Board Risk Management Committee	Two outside directors<br><br><br>One non-standing director	(Chairman) Sang-Yong Park (outside director)<br><br><br>Chan-Hyoung Chung (outside director)<br><br><br>Hong-Tae Kim (non-standing director)
Compensation Committee	Four outside directors<br><br><br>One non-standing director	(Chairman) Chan-Hyoung Chung (outside director)<br><br><br>Sung-Tae Ro (outside director)<br><br><br>Sang-Yong Park (outside director)<br> <br>Dong-Woo Chang (outside director)<br> <br>Hong-Tae Kim (non-standing director)
Committee for Recommending Executive Officer Candidates	Four outside directors	(Chairman) Dong-Woo Chang (outside director)<br><br><br>Sung-Tae Ro (outside director)<br><br><br>Sang-Yong Park (outside director)<br><br><br>Chan-Hyoung Chung (outside director)
Committee for Recommending Subsidiary Representative Director Candidates	Four outside directors<br><br><br>One standing director	(Chairman) Tae-Seung Son (standing director)<br><br><br>Sung-Tae Ro (outside director)<br><br><br>Sang-Yong Park (outside director)<br><br><br>Chan-Hyoung Chung (outside director)<br><br><br>Dong-Woo Chang (outside director)
Committee for Internal Control Management	One outside director<br><br><br>One non-standing director<br><br><br>Two standing directors	(Chairman) Sang-Yong Park (outside director)<br><br><br>Hong-Tae Kim (non-standing director)<br><br><br>Tae-Seung Son (standing director)<br><br><br>Won-Duk Lee (standing director)
Board ESG Management Committee	Four outside directors<br><br><br>One non-standing director<br><br><br>Two standing directors	(Chairman) Sung-Tae Ro (outside director)<br><br><br>Sang-Yong Park (outside director)<br><br><br>Chan-Hyoung Chung (outside director)<br><br><br>Dong-Woo Chang (outside director)<br><br><br>Hong-Tae Kim (non-standing director)<br><br><br>Tae-Seung Son (standing director)<br><br><br>Won-Duk Lee (standing director)

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2.	Shareholder’s Meeting
a.	Voting Rights Note 1)
---	---
	(unit: shares)
---	---	---	---	---	---	---	---
Items			Number ofshares		Notes
Number of issued shares		Common Shares		722,267,683		—
		Preferred Shares		—		—
Number of shares without voting rights		Common Shares		2		Note 2	)
		Preferred Shares		—		—
Number of shares for which voting rights are excluded pursuant to the articles of<br>incorporation		Common Shares		—		—
		Preferred Shares		—		—
Number of shares for which voting rights are limited by law		Common Shares		11,669,293		Note 3	)
		Preferred Shares		—		—
Number of shares for which voting rights have been restored		Common Shares		—		—
		Preferred Shares		—		—
Number of shares for which voting rights may be exercised		Common Shares		710,598,388		—
		Preferred Shares		—		—

Note 1) As of the annual general meeting of shareholders for 2020 in March 2021

Note 2) Acquired treasury shares from the issuance of fractional shares (pursuant to Article 369 of the Commercial Act)

Note 3) A non-financial business operator is restricted from exercising voting rights in excess of 4% of the total number of outstanding voting shares of a financial holding company (pursuant to Article 8-2 of the Financial Holding Company Act)

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b.	Summary of the Minutes of Shareholder’s Meeting
	Agenda	Result
---	---	---
Annual General Meeting of Shareholders for 2019<br><br><br>(March 25, 2020)	1. Approval of financial statements for the fiscal year 2019	Approved as submitted
	2. Approval of amendments to the Articles of Incorporation	Approved as submitted
	3. Appointment of directors (4 directors)<br><br><br>- 3-1 Candidate for outside director : Dennis Chan<br><br><br>- 3-2 Candidate for non-standing director : Hong-Tae Kim<br> <br>- 3-3 Candidate for standing director : Won-Duk<br>Lee<br> <br>- 3-4 Candidate for standing director : Tae-Seung Son	Approved as submitted
	4. Approval of the maximum limit on directors’ compensation	Approved as submitted
Annual General Meeting of Shareholders for 2020<br><br><br>(March 26, 2021)	1. Approval of financial statements for the fiscal year 2020	Approved as submitted
	2. Approval of amendments to the Articles of Incorporation	Approved as submitted
	3. Approval of reduction of Capital Reserve	Approved as submitted
	4. Appointment of directors (1 standing director, 4 outside directors)<br><br><br>- 4-1 Candidate for standing director : Won-Duk Lee<br><br><br>- 4-2 Candidate for outside director : Sung-Tae Ro<br><br><br>- 4-3 Candidate for outside director : Sang-Yong Park<br><br><br>- 4-4 Candidate for outside director : Zhiping Tian<br><br><br>- 4-5 Candidate for outside director : Dong-Woo<br>Chang	Approved as submitted
	5. Appointment of outside director who will serve as an Audit Committee Member<br><br><br>- Candidate for outside director who will serve as an Audit Committee Member<br><br><br>: Chan-Hyoung Chung	Approved as submitted
	6. Appointment of Audit Committee Members who are outside directors<br><br><br>- 6-1 Candidate for Audit Committee Member who is an outside director<br><br><br>: Sung-Tae Ro<br><br><br>- 6-2 Candidate for Audit Committee Member who is an outside director<br><br><br>: Dong-Woo Chang	Approved as submitted
	7. Approval of the maximum limit on directors’ compensation	Approved as submitted

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III.	Shareholder Information
1.	Share Distribution
---	---
a.	Share Information of the Largest Shareholder and Specially Related Parties
---	---
As of September 30, 2021	(units: shares, %)
---	---	---	---	---	---	---	---	---	---	---	---	---	---	---
Name	Relation		Type		Shares Held								Notes
				Beginning balance					Ending balance
				Number			Share		Number		Share
Korea Deposit<br><br><br>Insurance Corporation (KDIC)		Largest<br> <br>Shareholder	Common			124,604,797		17.25		110,159,443		15.13		—
Total			Common			124,604,797		17.25		110,159,443		15.13		—
			Others			—		—		—		—		—
b.	Changes in the largest shareholder
---	---
As of September 30, 2021	(units: shares, %)
---	---	---	---	---	---	---
Change of Date	Largest Shareholder	Number Held		Share		Notes
January 11, 2019	Korea Deposit Insurance Corporation		124,604,797		18.32	Comprehensive Stock Transfer<br> <br>(Woori Financial Group) Note 1)
September 10, 2019	Korea Deposit Insurance Corporation		124,604,797		17.25	Issuance of new common shares<br>(42,103,377 shares) Note 2)
April 9, 2021	Korea Deposit Insurance Corporation		110,159,443		15.25	Sales of KDIC’S 14,445,354 shares<br>through after-hours trading Note 3)
August 10, 2021	Korea Deposit Insurance Corporation		110,159,443		15.13	Issuance of new common shares<br> <br>(5,792,866 shares) Note 4)

Note 1) Woori Financial Group was established pursuant to a comprehensive stock transfer of Woori Bank and five other companies, and the KDIC received new shares of Woori Financial Group in accordance with the stock transfer ratio.

ø transfer ratio Woori Bank : Woori Financial Group = 1: 1.0000000

Note 2) Comprehensive stock exchange between Woori Financial Group and Woori Card.

Note 3) Refer to the prior disclosures on Form 6-K on April 13, 2021.

Note 4) Comprehensive stock exchange between Woori Financial Group and Woori Financial Capital

27

Table of Contents

c.	Share Ownership of More Than 5%
As of September 30, 2021	(units: shares, %)
---	---	---	---	---	---	---	---	---
	Name	Shares				Notes
		No. of shares		Percentage of shareholding
Share ownership of more than 5%	Korea Deposit Insurance Corporation		110,159,443		15.13		Note 1	)
	National Pension Service		68,570,024		9.42		Note 1	)
	Nobis1, Inc. (IMM PE)		40,560,000		5.57		Note 1	)
Employee Stock Ownership Association			64,061,180		8.80		Note 2	)

Note 1) Shares based on the list of shareholders as of end of the July 2021 (Percentage of shareholding was calculated by using total No. of shares, 728,060,549, reflecting the issuance of new common shares of 5,792,866 on August 10, 2021 due to a comprehensive stock exchange between Woori Financial Group and Woori Financial Capital)

Note 2) Total shares of the employee stock ownership association of Woori Financial Group and Woori Bank

2.	Stock Price and Stock Market Performance
a.	Domestic Stock Market
---	---
												(units: Won, shares)
---	---	---	---	---	---	---	---	---	---	---	---	---	---
Period		April<br>2021		May<br>2021		June<br>2021		July<br>2021		August<br>2021		September<br>2021
Common Shares	High		10,900		11,300		11,950		11,650		11,400		11,650
	Low		10,000		10,500		11,200		10,850		10,550		10,800
	Average		10,402		11,024		11,532		11,305		11,036		11,145
Monthly<br><br><br>Trade Volume	High		19,929,467		6,795,728		3,850,099		36,701,721		3,163,116		5,995,776
	Low		1,325,415		1,566,228		1,115,860		998,476		1,536,421		1,305,667
	Monthly Total		74,819,567		49,490,946		48,288,680		79,894,156		48,611,353		47,086,520

Note 1) Source: KRX KOSPI Market

Note 2) Share prices are based on closing prices.

28

Table of Contents

b.	Foreign Stock Market (NYSE)
										(units: US Dollars, Won, ADSs)
---	---	---	---	---	---	---	---	---	---	---	---	---	---
Period		April<br>2021		May<br>2021		June<br>2021		July<br>2021		August<br>2021		September<br>2021
ADS	High		29.55		30.71		32.55		30.96		30.00		29.84
	Low		26.98		27.98		30.12		28.29		27.43		27.52
	Average		27.97		29.52		30.89		29.59		28.92		28.50
Won Conversion	High		32,277		34,610		36,707		35,053		35,124		34,698
	Low		30,250		31,410		33,635		32,460		32,217		32,408
	Average		31,310		33,158		34,641		33,849		33,560		33,337
Monthly Trade Volume	High		39,387		28,147		20,417		48,890		203,792		30,095
	Low		6,326		4,111		4,891		3,676		5,035		6,137
	Monthly Total		274,543		262,915		228,939		235,763		606,675		282,421

Note 1) Source: standard trading rate (daily and monthly average) (Seoul Money Brokerage, www.smbs.biz)

Note 2) One ADS represents three common shares.

Note 3) Share prices are based on closing prices.

29

Table of Contents

IV.	Directors and Employee Information
1.	Directors and Executives
---	---
As of September 30, 2021
---	---	---	---	---	---	---
Position		Name	CommonSharesOwned		Term<br>Commencement Date	Expiration of Term
Chief Executive Officer	Registered	Tae-Seung Son		98,127	January 11, 2019 ~	Note 1)
Senior Deputy President	Registered	Won-Duk Lee		22,500	December 18, 2020 ~	Note 2)
Outside Director	Registered	Sung-Tae Ro		5,000	January 11, 2019 ~	Note 2)
Outside Director	Registered	Sang-Yong Park		1,000	January 11, 2019 ~	Note 2)
Outside Director	Registered	Chan-Hyoung Chung		10,532	January 11, 2019 ~	Note 2)
Outside Director	Registered	Dong-Woo Chang		—	January 11, 2019 ~	Note 2)
Non-standing Director	Registered	Hong-Tae Kim		—	March 25, 2020 ~	Note 2)
Deputy President	Non-Registered	Min-Cheol Shin		21,000	December 24, 2020 ~	December 23, 2022
Deputy President	Non-Registered	Dong-Su Choi		20,738	January 11, 2019 ~	December 17, 2021
Deputy President	Non-Registered	Jin-Ho Noh		7,000	February 11, 2020 ~	December 17, 2021
Deputy President	Non-Registered	Kyu-Mok Hwang		17,239	December 18, 2020 ~	December 17, 2021
Deputy President	Non-Registered	Seok-Tae Lee		19,857	December 18, 2020 ~	December 17, 2021
Deputy President	Non-Registered	Seok-Young Chung		22,951	December 18, 2020 ~	January 10, 2023
Senior Managing Director	Non-Registered	Weon-Cheol Hwang		6,000	December 18, 2020 ~	December 17, 2021
Senior Managing Director	Non-Registered	Jong-Il Park		15,619	December 18, 2020 ~	December 31, 2021
Senior Managing Director	Non-Registered	Byoung-Kwon Woo		7,500	December 18, 2020 ~	February 10, 2022
Senior Managing Director	Non-Registered	Sung-Wook Lee		13,000	December 18, 2020 ~	December 31, 2021
Managing Director	Non-Registered	Jong-Keun Lee		3,000	December 18, 2020 ~	December 17, 2022

Note 1) End of the annual general meeting of shareholders for FY2022

Note 2) End of the annual general meeting of shareholders for FY2021

Note 3) Term commencement date: date of inauguration for registered officers or directors / date of appointment for non-registered officers or directors

Note 4) Common shares owned are as of the date of submission of this report, and those owned by executives exclude shares owned through the Employee Stock Ownership Association.

30

Table of Contents

2.	Employee Status
As of September 30, 2021															(units: persons, millions of Won)
---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---
	Number of Employees										Average<br>Tenure	TotalCompensation		AverageCompensation<br>Per Person		Note
	Regular				Contract				Total
	Total		(Short time<br>worker)		Total		(Short time<br>worker)
Total		117		—		33		—		150	2 years 3 months<br> <br>(15 years<br>10 months)		20,686		134		—

Note 1) 26 employees concurrently employed by affiliated companies are excluded

Note 2) Average tenure: term in (  ) includes tenure at affiliated companies

Note 3) Contract employees include non-registered executives

3.	Directors’ Compensation
As of September 30, 2021			(units: persons, millions of Won)
---	---	---	---	---	---	---	---	---
Items	Number ofPersons		TotalCompensation		AverageCompensation<br>Per Director		Note
Registered Directors<br><br><br>(excludes outside directors and audit committee members)		3		1,309		436		—
Outside Directors<br><br><br>(excludes audit committee members)		1		142		50		—
Audit Committee Members		3		111		37		—
Auditor		—		—		—		—

Note 1) Registered directors and audit committee members include uncompensated directors

Note 2) Only the compensation amount paid by Woori Financial Group is included for the three executives concurrently employed by Woori Bank

Note 3) Average compensation per director was calculated by dividing the total compensation until September 30, 2021 by the annualized number of persons. / In the third quarter of 2021, two outside directors resigned before the expiration of their terms

31

Table of Contents

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

	Woori Financial Group Inc.
	(Registrant)
Date: November 15, 2021	By:	/s/ Sung-Wook Lee
	(Signature)
	Name: Sung-Wook Lee
	Title: Senior Managing Director

32

EX-99.1

Exhibit 99.1

WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

CONSOLIDATED INTERIM FINANCIAL STATEMENTS

AS OF AND FOR THE THREE-MONTH AND NINE-MONTH PERIODS ENDED

SEPTEMBER 30, 2021 AND 2020

WOORI FINANCIAL GROUP INC.

	Page(s)
Report on Review of Consolidated Interim Financial Statements		1-2
Consolidated Interim Financial Statements
Consolidated Interim Statements of Financial Position		4
Consolidated Interim Statements of Comprehensive Income		5-6
Consolidated Interim Statements of Changes in Equity		7
Consolidated Interim Statements of Cash Flows		8-9
Notes to the Consolidated Interim Financial Statements		10-126

Report on Review of Consolidated Interim Financial Statements

English Translation of a Report Originally Issued in Korean on November 15, 2021

To the Shareholders and the Board of Directors of Woori Financial Group Inc.

Reviewed Financial Statements

We have reviewed the accompanying consolidated interim financial statements of Woori Financial Group Inc. and its subsidiaries (collectively referred to as the “Group”). These financial statements consist of the consolidated interim statement of financial position of the Group as at September 30, 2021 and the related consolidated interim statements of comprehensive income for the three-month and nine-month periods ended September 30, 2021 and 2020, and consolidated interim statements of changes in equity and cash flows for the nine-month periods ended September 30, 2021 and 2020, and a summary of significant accounting policies and other explanatory notes, expressed in Korean Won.

Management’s Responsibility for the Financial Statements

Management is responsible for the preparation and fair presentation of these consolidated interim financial statements in accordance with International Financial Reporting Standards as adopted by the Republic of Korea (“Korean IFRS”) 1034 Interim Financial Reporting, and for such internal control as management determines is necessary to enable the preparation of consolidated interim financial statements that are free from material misstatement, whether due to fraud or error.

Auditor’s Responsibility

Our responsibility is to issue a report on these consolidated interim financial statements based on our review.

We conducted our review in accordance with quarterly or semi-annual review standards established by the Securities and Futures Commission of the Republic of Korea. A review of interim financial information consists of making inquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance with Korean Standards on Auditing and consequently does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion.

Conclusion

Based on our review, nothing has come to our attention that causes us to believe the accompanying consolidated interim financial statements are not presented fairly, in all material respects, in accordance with Korean IFRS 1034 Interim Financial Reporting.

• 1 -

Emphasis of Matters

Without qualifying our conclusion, we draw attention to Note 3 of the consolidated financial statements, which indicates that the outbreak of COVID-19 may have a negative impact on the Group’s financial condition and results of operations.

Other Matters

We have audited the consolidated statement of financial position of the Group as at December 31, 2020, and the related consolidated statements of comprehensive income, changes in equity and cash flows for the year then ended, in accordance with Korean Standards on Auditing. We expressed an unqualified opinion on those financial statements, not presented herein, in our audit report dated March 12, 2021. The consolidated statement of financial position as at December 31, 2020, presented herein for comparative purposes, is consistent, in all material respects, with the above audited consolidated statement of financial position as at December 31, 2020.

Review standards and their application in practice vary among countries. The procedures and practices used in the Republic of Korea to review such financial statements may differ from those generally accepted and applied in other countries.

/s/ Samil PricewaterhouseCoopers

Seoul, Korea

November 15, 2021

Notice to Readers

This report is effective as of November 15, 2021, the review report date. Certain subsequent events or circumstances, which may occur between the review report date and the time of reading this report, could have a material impact on the accompanying consolidated interim financial statements and notes thereto. Accordingly, the readers of the review report should understand that there is a possibility that the above review report may have to be revised to reflect the impact of such subsequent events or circumstances, if any.

• 2 -

WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

CONSOLIDATED INTERIM FINANCIAL STATEMENTS

AS OF AND FOR THE THREE-MONTH AND NINE-MONTH PERIODS ENDED

SEPTEMBER 30, 2021 AND 2020

The accompanying consolidated interim financial statements including

all footnote disclosures were prepared by, and are the responsibility of, the management of Woori Financial Group Inc.

Tae Seung Son

Presidentand Chief Executive Officer

Main Office Address: (Road Name Address) 51, Sogong-ro, Jung-gu, Seoul

(Phone Number)        02-2125-2000

• 3 -

WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

CONSOLIDATED INTERIM STATEMENTS OF FINANCIAL POSITION

AS OF SEPTEMBER 30, 2021 (UNAUDITED) AND DECEMBER 31, 2020

	September 30,<br>2021			December 31,<br>2020
	(Korean Won in millions)
ASSETS
Cash and cash equivalents (Note 6)		11,076,079			9,990,983
Financial assets at fair value through profit or loss (“FVTPL”) (Notes 4, 7, 11, and<br>24)		15,647,021			14,762,941
Financial assets at fair value through other comprehensive income (“FVTOCI”) (Notes 4,<br>8, and 11)		32,918,386			30,028,929
Securities at amortized cost (Notes 4, 9, and 11)		16,765,018			17,020,839
Loans and other financial assets at amortized cost (Notes 4, 10, 11, and 39)		353,924,799			320,106,078
Investments in joint ventures and associates (Note 12)		1,194,639			993,291
Investment properties (Note 13)		389,177			387,464
Premises and equipment (Notes 14)		3,212,135			3,287,198
Intangible assets (Note 15)		781,841			792,077
Assets held for sale (Note 16)		20,470			60,002
Net defined benefit asset (Note 22)		—			5,658
Current tax assets		40,211			75,655
Deferred tax assets		34,274			46,088
Derivative assets (Designated for hedging) (Notes 4, 11 and 24)		139,315			174,820
Other assets (Notes 17 and 39)		2,041,545			1,348,994
Total assets		438,184,910			399,081,017
LIABILITIES
Financial liabilities at fair value through profit or loss (“FVTPL”) (Notes 4, 11, 18<br>and 24)		5,737,332			6,813,822
Deposits due to customers (Notes 4, 11, 19 and 39)		311,804,476			291,477,279
Borrowings (Notes 4, 11 and 20)		24,385,783			20,745,466
Debentures (Notes 4, 11 and 20)		42,378,307			37,479,358
Provisions (Notes 21, 38 and 39)		561,692			501,643
Net defined benefit liability (Note 22)		66,995			52,237
Current tax liabilities		430,100			370,718
Deferred tax liabilities		255,736			160,250
Derivative liabilities (Designated for hedging) (Notes 4, 11 and 24)		21,666			64,769
Other financial liabilities (Notes 4, 11, 23 and 39)		23,681,968			14,215,817
Other liabilities (Notes 23 and 39)		546,084			473,813
Total liabilities		409,870,139			372,355,172
EQUITY
Owners’ equity (Note 26)
Capital stock		3,640,303			3,611,338
Hybrid securities		2,094,818			1,895,366
Capital surplus		680,706			626,111
Other equity		(2,118,929	)		(2,347,472	)
Retained earnings		21,019,041			19,268,265
		25,315,939			23,053,608
Non-controlling interests		2,998,832			3,672,237
Total equity		28,314,771			26,725,845
Total liabilities and equity		438,184,910			399,081,017

The accompanying notes are part of this consolidated interim financial statements.

• 4 -

WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

CONSOLIDATED INTERIM STATEMENTS OF COMPREHENSIVE INCOME

FOR THE THREE-MONTH AND NINE-MONTH PERIODS ENDED SEPTEMBER 30, 2021 AND 2020 (UNAUDITED)

	Periods ended September 30, 2021						Periods ended September 30, 2020
	Three-month			Nine-month			Three-month			Nine-month
	(Korean Won in millions, except per share data)
Interest income		2,482,980			7,193,451			2,272,434			7,188,437
Financial assets at FVTPL		10,866			33,286			12,908			39,118
Financial assets at FVTOCI		90,588			266,195			103,380			344,380
Financial assets at amortized cost		2,381,526			6,893,970			2,156,146			6,804,939
Interest expense		(716,728	)		(2,104,580	)		(784,995	)		(2,760,149	)
Net interest income (Notes 11, 28 and 39)	****	1,766,252	****	****	5,088,871	****	****	1,487,439	****	****	4,428,288	****
Fees and commissions income		546,115			1,612,031			399,010			1,207,003
Fees and commissions expense		(169,793	)		(506,255	)		(166,310	)		(475,954	)
Net fees and commissions income (Notes 11, 29 and 39)	****	376,322	****	****	1,105,776	****	****	232,700	****	****	731,049	****
Dividend income (Notes 11, 30 and 39)		132,199			262,937			28,138			99,140
Net gain(loss) on financial instruments at FVTPL (Notes 11, 31 and 39)		101,797			238,204			130,342			531,931
Net gain on financial assets at FVTOCI (Notes 11 and 32)		771			45,830			7,650			18,677
Net gain arising on financial assets at amortized cost (Note 11)		59,075			97,755			7,657			40,319
Impairment losses due to credit loss (Notes 33 and 39)		(107,085	)		(311,661	)		(140,041	)		(586,720	)
General and administrative expense (Notes 34 and 39)		(937,348	)		(2,792,841	)		(899,062	)		(2,688,620	)
Other net operating expense (Notes 11, 24, 34 and 39)		(300,215	)		(659,263	)		(179,663	)		(726,306	)
Operating income	****	1,091,768	****	****	3,075,608	****	****	675,160	****	****	1,847,758	****
Share of gain of joint ventures and associates (Note 12)		20,541			46,782			9,983			33,935
Other non-operating income(expense)		22,673			30,340			(9,163	)		(171,864	)
Non-operating income(expense) (Note<br>35)	****	43,214	****	****	77,122	****	****	820	****	****	(137,929	)
Net income before income tax expense	****	1,134,982	****	****	3,152,730	****	****	675,980	****	****	1,709,829	****
Income tax expense (Note 36)		(310,586	)		(791,083	)		(154,265	)		(414,081	)
Net income	****	824,396	****	****	2,361,647	****	****	521,715	****	****	1,295,748	****
Net gain(loss) on valuation of equity securities at FVTOCI		(72,200	)		99,901			69,689			(25,525	)
Changes in capital due to equity method		(2,256	)		(2,279	)		—			—
Remeasurement loss related to defined benefit plan		22,898			36,502			2,012			(24,228	)
Items that will not be reclassified to profit or loss	****	(51,558	)	****	134,124	****	****	71,701	****	****	(49,753	)
Net gain(loss) on valuation of debt securities at FVTOCI		(36,389	)		(162,742	)		(23,328	)		46,135
Changes in capital due to equity method		2,958			4,857			1,987			(2,634	)
Net gain on foreign currency translation of foreign operations		149,097			235,358			(75,989	)		(18,514	)
Net gain(loss) on valuation of cash flow hedge		1,442			5,488			5,466			(4,564	)
Items that may be reclassified to profit or loss	****	117,108	****	****	82,961	****	****	(91,864	)	****	20,423	****
Other comprehensive income(loss), net of tax	****	65,550	****	****	217,085	****	****	(20,163	)	****	(29,330	)
Total comprehensive income	****	889,946	****	****	2,578,732	****	****	501,552	****	****	1,266,418	****

(Continued)

• 5 -

WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

CONSOLIDATED INTERIM STATEMENTS OF COMPREHENSIVE INCOME

FOR THE THREE-MONTH AND NINE-MONTH PERIODS ENDED SEPTEMBER 30, 2021 AND 2020 (UNAUDITED) (CONTINUED)

	Periods ended September 30, 2021				Periods ended September 30, 2020
	Three-month		Nine-month		Three-month		Nine-month
	(Korean Won in millions, except per share data)
Net income attributable to:	****	824,396	****	2,361,647	****	521,715	****	1,295,748
Net income attributable to owners		778,238		2,197,936		480,200		1,140,764
Net income attributable to non-controlling<br>interests		46,158		163,711		41,515		154,984
Total comprehensive income attributable to:	****	889,946	****	2,578,732	****	501,552	****	1,266,418
Comprehensive income attributable to owners		833,863		2,403,294		467,871		1,116,291
Comprehensive income attributable to non-controlling<br>interests		56,083		175,438		33,681		150,127
Earnings per share (Note 37)
Basic and diluted earnings per share (Unit: In Korean Won)		1,049		2,971		645		1,532

The accompanying notes are part of this consolidated interim financial statements.

• 6 -

WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

CONSOLIDATED INTERIM STATEMENTS OF CHANGES IN EQUITY

FOR THE NINE-MONTH PERIODS ENDED SEPTEMBER 30, 2021 AND 2020 (UNAUDITED)

	Capital<br>Stock		Hybrid<br>securities		Capital<br>surplus		Other<br>equity			Retained<br>earnings			Owners’<br>equity in<br>total			Non-controlling<br>interests			Total<br>equity
	(Korean Won in millions)
January 1, 2020		3,611,338		997,544		626,295		(2,249,322	)		18,524,515			21,510,370			3,981,962			25,492,332
Total comprehensive income
Net income		—		—		—		—			1,140,764			1,140,764			154,984			1,295,748
Net gain(loss) on valuation of financial instruments at FVTOCI		—		—		—		20,647			—			20,647			(37	)		20,610
Net gain(loss) due to disposal of equity securities at FVTOCI		—		—		—		2,665			(2,665	)		—			—			—
Changes in capital due to equity method		—		—		—		(2,634	)		—			(2,634	)		—			(2,634	)
Gain on foreign currency translation of foreign operations		—		—		—		(13,670	)		—			(13,670	)		(4,844	)		(18,514	)
Loss on valuation of cash flow hedge		—		—		—		(4,564	)		—			(4,564	)		—			(4,564	)
Remeasurement loss related to defined benefit plan		—		—		—		(24,252	)		—			(24,252	)		24			(24,228	)
Transactions with owners and others
Dividends to common stocks		—		—		—		—			(505,587	)		(505,587	)		(2,062	)		(507,649	)
Issuance of hybrid securities		—		698,277		—		—			—			698,277			—			698,277
Dividends to hybrid securities		—		—		—		—			(34,640	)		(34,640	)		(118,659	)		(153,299	)
Redemption of hybrid securities		—		—		—		(31,252	)		—			(31,252	)		(555,744	)		(586,996	)
Changes in subsidiaries’ capital		—		—		1,201		4,853			(6,350	)		(296	)		(37	)		(333	)
September 30, 2020 (Unaudited)		3,611,338		1,695,821		627,496		(2,297,529	)		19,116,037			22,753,163			3,455,587			26,208,750
January 1, 2021		3,611,338		1,895,366		626,111		(2,347,472	)		19,268,265			23,053,608			3,672,237			26,725,845
Total comprehensive income
Net income		—		—		—		—			2,197,936			2,197,936			163,711			2,361,647
Net gain(loss) on valuation of financial instruments at FVTOCI		—		—		—		(62,912	)		—			(62,912	)		71			(62,841	)
Net gain(loss) due to disposal of equity securities at FVTOCI		—		—		—		(1,354	)		1,354			—			—			—
Changes in capital due to equity method		—		—		—		3,484			(906	)		2,578			—			2,578
Gain on foreign currency translation of foreign operations		—		—		—		223,881			—			223,881			11,477			235,358
Gain on valuation of cash flow hedge		—		—		—		5,319			—			5,319			169			5,488
Capital related to non-current assets held for<br>sale		—		—		—		(901	)		901			—			—			—
Remeasurement gain(loss) related to defined benefit plan		—		—		—		36,492			—			36,492			10			36,502
Transactions with owners and others
Comprehensive stock exchange		28,965		—		35,197		—			—			64,162			—			64,162
Dividends to common stocks		—		—		—		—			(368,357	)		(368,357	)		(9,382	)		(377,739	)
Acquisition of treasury stocks		—		—		—		(3,819	)		—			(3,819	)		—			(3,819	)
Issuance of hybrid securities		—		199,452		—		—			—			199,452			—			199,452
Dividends to hybrid securities		—		—		—		—			(48,900	)		(48,900	)		(100,158	)		(149,058	)
Redemption of hybrid securities		—		—		—		(27,365	)		—			(27,365	)		(549,904	)		(577,269	)
Changes in subsidiaries’ capital		—		—		7,703		32,730			(31,252	)		9,181			(9,062	)		119
Others		—		—		11,695		22,988			—			34,683			(180,337	)		(145,654	)
September 30, 2021 (Unaudited)		3,640,303		2,094,818		680,706		(2,118,929	)		21,019,041			25,315,939			2,998,832			28,314,771

The accompanying notes are part of this consolidated interim financial statements.

• 7 -

WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

CONSOLIDATED INTERIM STATEMENTS OF CASH FLOWS

FOR THE NINE-MONTH PERIODS ENDED SEPTEMBER 30, 2021 AND 2020 (UNAUDITED)

	For the nine-month periods ended<br>September 30
	2021			2020
	(Korean Won in millions)
Cash flows from operating activities:
Net income		2,361,647			1,295,748
Adjustments to net income:
Income tax expense		791,083			414,081
Interest income		(7,193,451	)		(7,188,437	)
Interest expense		2,104,580			2,760,149
Dividend income		(262,937	)		(99,140	)
		(4,560,725	)		(4,113,347	)
Additions of expenses not involving cash outflows:
Loss on valuation of financial instruments at FVTPL		46,876			—
Loss on financial assets at FVTOCI		1,281			535
Impairment loss due to credit loss		311,661			586,720
Loss on other provisions		76,101			171,114
Retirement benefit		133,055			129,699
Depreciation and amortization		583,994			398,713
Net loss on foreign currency translation		93,795			357,877
Loss on derivatives (designated for hedge)		61,601			20,746
Loss on fair value hedge		1,947			91,251
Loss on investments in joint ventures and associates		10,877			16,974
Loss on disposal of premises and equipment, intangible assets and other assets		2,933			1,736
Impairment loss on premises and equipment, intangible assets and other assets		641			8,429
		1,324,762			1,783,794
Deductions of income not involving cash inflows:
Gain on valuation of financial instruments at FVTPL		—			162,056
Gain on financial assets at FVTOCI		47,111			19,212
Gain on other provisions		700			353
Gain on derivatives (designated for hedge)		61,060			102,540
Gain on fair value hedge		72,926			4,767
Gain on investments in joint ventures and associates		128,193			50,909
Gain on disposal of premises and equipment, intangible assets and other assets		46,322			6,549
Reversal of impairment loss on premises and equipment, intangible assets and other assets		92			87
Other income		27,560			9,351
		383,964			355,824
Changes in operating assets and liabilities:
Financial instruments at FVTPL		335,653			(428,484	)
Loans and other financial assets at amortized cost		(30,993,726	)		(14,528,362	)
Other assets		(854,651	)		(118,168	)
Deposits due to customers		17,717,378			13,688,884
Provisions		(18,087	)		(169,146	)
Net defined benefit liability		(63,224	)		(68,569	)
Other financial liabilities		9,002,391			485,840
Other liabilities		57,070			40,249
		(4,817,196	)		(1,097,756	)
Interest income received		7,059,836			7,329,781
Interest expense paid		(2,252,858	)		(3,101,429	)
Dividends received		241,698			99,269
Income tax paid		(543,381	)		(323,310	)
Net cash inflow (outflow) from operating activities		(1,570,181	)		1,516,926

(Continued)

• 8 -

WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

CONSOLIDATED INTERIM STATEMENTS OF CASH FLOWS

FOR THE NINE-MONTH PERIODS ENDED SEPTEMBER 30, 2021 AND 2020 (UNAUDITED) (CONTINUED)

	For the nine-month periods ended<br>September 30
	2021			2020
	(Korean Won in millions)
Cash flows from investing activities:
Cash in-flows from investing activities:
Net increase in derivatives designated for hedging purpose		—			491
Disposal of financial instruments at FVTPL		7,004,991			4,969,738
Disposal of financial assets at FVTOCI		17,653,915			15,843,334
Redemption of securities at amortized cost		3,798,270			4,148,133
Disposal of investments in joint ventures and associates		152,802			36,162
Disposal of investment properties		—			356
Disposal of premises and equipment		2,804			17,221
Disposal of intangible assets		354			611
Disposal of assets held for sale		84,979			180
Net decrease of other assets		65,273			—
		28,763,388			25,016,226
Cash out-flows from investing activities:
Acquisition of financial instruments at FVTPL		9,323,090			6,007,849
Acquisition of financial assets at FVTOCI		20,220,223			17,747,437
Acquisition of securities at amortized cost		3,486,036			1,712,770
Acquisition of investments in joint ventures and associates		231,191			327,295
Acquisition of investment properties		—			2,432
Acquisition of premises and equipment		81,299			90,450
Acquisition of intangible assets		102,223			88,294
Net increase of other assets		—			2,671
		33,444,062			25,979,198
Net cash outflow from investing activities		(4,680,674	)		(962,972	)
Cash flows from financing activities:
Cash in-flows from financing activities:
Net increase in borrowings		2,847,174			3,661,819
Issuance of debentures		23,228,492			15,295,688
Net increase of other liabilities		3,364			2,704
Issuance of hybrid securities		199,452			698,277
Capital increase of non-controlling interests		1,623			—
Net increase in non-controlling interests<br>liabilities		8,416			—
		26,288,521			19,658,488
Cash out-flows from financing activities:
Net decrease in derivatives designated for hedging purpose		172			15,943
Redemption of debentures		18,588,699			16,217,533
Redemption of lease liabilities		133,302			151,688
Issuance cost of new stocks		140			—
Acquisition of treasury stocks		3,757			—
Dividends paid		368,357			505,587
Redemption of hybrid securities		587,650			598,850
Dividends paid to hybrid securities		149,058			153,299
Dividends paid to non-controlling interest		9,382			2,062
Changes in non-controlling interests		81,410			—
Paid-in capital decrease on<br>non-controlling interests		—			13
		19,921,927			17,644,975
Net cash inflow from financing activities		6,366,594			2,013,513
Net increase in cash and cash equivalents		115,739			2,567,467
Cash and cash equivalents, beginning of the period		9,990,983			6,392,566
Effects of exchange rate changes on cash and cash equivalents		969,357			(145,789	)
Cash and cash equivalents, end of the period (Note 6)		11,076,079			8,814,244

The accompanying notes are part of this consolidated interim financial statements.

• 9 -

WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED INTERIM FINANCIAL STATEMENTS

AS OF SEPTEMBER 30, 2021 AND 2020 (UNAUDITED)

1.	GENERAL
(1)	Summary of the Parent company
---	---

Woori Financial Group, Inc. (hereinafter referred to the “Parent company” or the “Company”) is primarily aimed at controlling subsidiaries that operate in the financial industry or those that are closely related to the financial industry through the ownership of shares and was established on January 11, 2019 under the Financial Holding Company Act through the comprehensive transfer with shareholders of Woori Bank (hereinafter referred to the “Bank”), Woori FIS Co., Ltd., Woori Finance Research Institute Co., Ltd., Woori Credit Information Co., Ltd., Woori Fund Services Co., Ltd. and Woori Private Equity Asset Management Co. Ltd. The headquarters of the Parent company is located at 51, Sogong-ro, Jung-gu, Seoul, Korea, and the capital is 3,640,303 million Won as of September 30, 2021 while the Korea Deposit Insurance Corp. (“KDIC”), the Parent company’s largest shareholder, owns 110,159,443 shares (15.13%) of the Parent company’s stocks issued. The Company’s stocks were listed on the Korea Exchange on February 13, 2019, and its American Depository Shares (“ADS”) are also being traded as the underlying common stock on the New York Stock Exchange since the same date.

The details of stock transfer between the Parent company and subsidiaries as of incorporation are as follows (Unit: Number of shares)

Stock transfer company	Total number of<br>issued shares		Exchange ratio<br>per share		Number of Parent<br>company’s stocks
Woori Bank		676,000,000		1.0000000		676,000,000
Woori FIS Co., Ltd.		4,900,000		0.2999708		1,469,857
Woori Finance Research Institute Co., Ltd.		600,000		0.1888165		113,289
Woori Credit Information Co., Ltd.		1,008,000		1.1037292		1,112,559
Woori Fund Service Co., Ltd.		2,000,000		0.4709031		941,806
Woori Private Equity Asset Management Co., Ltd.		6,000,000		0.0877992		526,795

As of August 1, 2019, the Parent company acquired a 73% interest in Tongyang Asset Management Co., Ltd. and changed the name to Woori Asset Management Corp. Also, as of August 1, 2019, the Parent company gained 100% control of ABL Asset Management Co., Ltd., added it as a consolidated subsidiary and changed the name to Woori Global Asset Management Co., Ltd. on December 6, 2019.

The Parent company paid 598,391 million Won in cash and 42,103,377 new shares of the Parent company to acquire 100% interest of Woori Card Co., Ltd. from its subsidiary, Woori Bank, on September 10, 2019. On the same date, the Parent company also acquired 59.8% interest of Woori Investment Bank Co., Ltd. from Woori Bank with 392,795 million Won in cash.

As of December 30, 2019, the Parent company acquired a 67.2% interest (excluding treasury stocks, 51% interest including treasury stocks) in Woori Asset Trust Co., Ltd. (formerly Kukje Asset Trust Co., Ltd.) and added it as a consolidated subsidiary at the end of 2019.

The Parent company acquired 76.8% (excluding treasury stocks, 74.0% interest including treasury stocks) interest in Woori Financial Capital Co., Ltd. (formerly Aju Capital Co., Ltd.) on December 10, 2020. In addition, as of April 15, 2021, the Group acquired 13.3% interests (excluding treasury stock, 12.9% when including treasury stock) in Woori Financial Capital Co., Ltd., and as of May 24, 2021, the Group additionally acquired treasury stock (3.6%) which Woori Financial Capital Co., Ltd. possessed.

The Parent Company paid 113,238 million Won in cash to acquire 100% interest of Woori Savings Bank from its subsidiary, Woori Financial Capital Co., Ltd., on March 12, 2021.

As of August 10, 2021, the Parent company paid 5,792,866 new shares of the Company to the shareholders of Woori Financial Capital Co., Ltd. (excluding the Parent company) through comprehensive stock exchange and acquired residual interest (9.5%) of Woori Financial Capital Co., Ltd., to make it a wholly owned subsidiary.

• 10 -

(2)	Details of the Parent company and subsidiaries (hereinafter referred to the “Group”) as of<br>September 30, 2021 and December 31, 2020 are as follows:
		Percentage of ownership<br>(%)				Location		Financial<br>statements<br>date<br>        of use
---	---	---	---	---	---	---	---	---
Subsidiaries	Main business	September 30,2021		December 31,2020
Held by Woori Financial Group Inc.
Woori Bank	Bank		100.0		100.0		Korea	September 30
Woori Card Co., Ltd.	Finance		100.0		100.0		Korea	September 30
Woori Financial Capital Co., Ltd.	Finance		100.0		76.8		Korea	September 30
Woori Investment Bank Co., Ltd.	Other credit finance business		58.7		58.7		Korea	September 30
Woori Asset Trust Co., Ltd.	Real estate trust		67.2		67.2		Korea	September 30
Woori Asset Management Corp.	Finance		73.0		73.0		Korea	September 30
Woori Savings Bank (*7)	Savings bank		100.0		—		Korea	September 30
Woori Credit Information Co., Ltd.	Credit information		100.0		100.0		Korea	September 30
Woori Fund Service Co., Ltd.	Financial support service business		100.0		100.0		Korea	September 30
Woori Private Equity Asset Management Co., Ltd.	Finance		100.0		100.0		Korea	September 30
Woori Global Asset Management Co., Ltd.	Finance		100.0		100.0		Korea	September 30
Woori FIS Co., Ltd.	System software development & maintenance		100.0		100.0		Korea	September 30
Woori Finance Research Institute Co., Ltd.	Other service business		100.0		100.0		Korea	September 30
Held by Woori Bank
Woori America Bank	Finance		100.0		100.0		America	September 30
Woori Global Markets Asia Limited	Finance		100.0		100.0		Hong Kong	September 30
Woori Bank China Limited	Finance		100.0		100.0		China	September 30
AO Woori Bank	Finance		100.0		100.0		Russia	September 30
PT Bank Woori Saudara Indonesia 1906 Tbk	Finance		83.5		79.9		Indonesia	September 30
Banco Woori Bank do Brasil S.A.	Finance		100.0		100.0		Brazil	September 30
Korea BTL Infrastructure Fund	Finance		99.9		99.9		Korea	September 30
Woori Finance Myanmar Co., Ltd.	Finance		100.0		100.0		Myanmar	September 30
Wealth Development Bank	Finance		51.0		51.0		Philippines	September 30
Woori Bank Vietnam Limited	Finance		100.0		100.0		Vietnam	September 30
WB Finance Co., Ltd. (*1)	Finance		100.0		100.0		Cambodia	September 30
Woori Bank Europe	Finance		100.0		100.0		Germany	September 30
Kumho Trust First Co., Ltd. (*2)	Asset securitization		0.0		0.0		Korea	September 30
Asiana Saigon Inc. (*2)	Asset securitization		0.0		0.0		Korea	September 30
KAMCO Value Recreation First Securitization Specialty Co., Ltd. (*2)	Asset securitization		15.0		15.0		Korea	September 30
Hermes STX Co., Ltd. (*5)	Asset securitization		—		0.0		Korea	-
BWL First Co., LLC (*5)	Asset securitization		—		0.0		Korea	-
Deogi Dream Fourth Co., Ltd. (*2)	Asset securitization		0.0		0.0		Korea	September 30
Jeonju Iwon Ltd. (*2)	Asset securitization		0.0		0.0		Korea	September 30
Wonju I one Inc. (*2)	Asset securitization		0.0		0.0		Korea	September 30
Heitz Third Co., Ltd. (*2)	Asset securitization		0.0		0.0		Korea	September 30
Woorihansoop 1st Co., Ltd. (*2)	Asset securitization		0.0		0.0		Korea	September 30
Woori International First Co., Ltd. (*2)	Asset securitization		0.0		0.0		Korea	September 30
Wibihansoop 1st Co., Ltd. (*2)	Asset securitization		0.0		0.0		Korea	September 30
Uri QS 1st Co., Ltd. (*2)	Asset securitization		0.0		0.0		Korea	September 30
Uri Display 1st Co., Ltd. (*2)	Asset securitization		0.0		0.0		Korea	September 30
Tiger Eyes 2nd Co., Ltd. (*2)	Asset securitization		0.0		0.0		Korea	September 30
Uri Display 2nd Co., Ltd. (*2)	Asset securitization		0.0		0.0		Korea	September 30
Woori the Colony Unjung Securitization Specialty Co., Ltd. (*5)	Asset securitization		—		0.0		Korea	-
Woori Dream 1st Co., Ltd. (*5)	Asset securitization		—		0.0		Korea	-
Woori Dream 2nd Co., Ltd. (*2)	Asset securitization		0.0		0.0		Korea	September 30
Woori H 1st Co., Ltd. (*2)	Asset securitization		0.0		0.0		Korea	September 30
Woori Sinnonhyeon 1st Inc. (*5)	Asset securitization		—		0.0		Korea	-

• 11 -

		Percentage of ownership<br>(%)				Location	Financial<br>statements<br>date<br>        of use
Subsidiaries	Main business	September 30,<br>2021		December 31,<br>2020
Woori K 1st Co., Ltd. (*2)	Asset securitization		0.0		0.0	Korea	September 30
Uri S 1st Co., Ltd. (*2)	Asset securitization		0.0		0.0	Korea	September 30
Uri Display 3rd Co., Ltd. (*2)	Asset securitization		0.0		0.0	Korea	September 30
TY 1st Co., Ltd. (*2)	Asset securitization		0.0		0.0	Korea	September 30
Woori HJ 2nd Co., Ltd. (*5)	Asset securitization		—		0.0	Korea	-
Woori-HJ 3rd Co., Ltd. (*2)	Asset securitization		0.0		0.0	Korea	September 30
Uri K 2nd Co., Ltd. (*2)	Asset securitization		0.0		0.0	Korea	September 30
Woori KC No.1 Co., Ltd. (*2)	Asset securitization		0.0		0.0	Korea	September 30
Woori QSell 2nd Co., Ltd. (*5)	Asset securitization		—		0.0	Korea	-
Quantum Jump the 1st Co., Ltd. (*2)	Asset securitization		0.0		0.0	Korea	September 30
Quantum Jump the 2nd Co., Ltd. (*2)	Asset securitization		0.0		0.0	Korea	September 30
Woori BK the 1st Co., Ltd. (*2)	Asset securitization		0.0		0.0	Korea	September 30
Woori-HC 1st Co., Ltd. (*2)	Asset securitization		0.0		0.0	Korea	September 30
Wivi Synergy 1st Co., Ltd. (*2)	Asset securitization		0.0		0.0	Korea	September 30
ATLANTIC TRANSPORTATION 1 S.A. (*2)	Asset securitization		0.0		0.0	Marshall islands	September 30
Woori Gongdeok First Co., Ltd. (*2)	Asset securitization		0.0		0.0	Korea	September 30
HD Project Co., Ltd. (*2)	Asset securitization		0.0		0.0	Korea	September 30
Woori HW 1st Co., Ltd. (*2)	Asset securitization		0.0		0.0	Korea	September 30
Woori HC 2nd Co., Ltd. (*2)	Asset securitization		0.0		0.0	Korea	September 30
Woori Dream 3rd Co., Ltd. (*2)	Asset securitization		0.0		0.0	Korea	September 30
Woori SJS 1st Co., Ltd. (*2)	Asset securitization		0.0		0.0	Korea	September 30
Woori Steel 1^st^ Co., Ltd (*2)	Asset securitization		0.0		0.0	Korea	September 30
SPG the 1^st^Co., Ltd. (*2)	Asset securitization		0.0		0.0	Korea	September 30
Woori-HWC 1st Co., Ltd. (*2)	Asset securitization		0.0		0.0	Korea	September 30
Woori HC 3rd Co., Ltd. (*2).	Asset securitization		0.0		0.0	Korea	September 30
Woori Park I 1st co., Ltd (*2)	Asset securitization		0.0		0.0	Korea	September 30
Woori DS 1^st^ co., Ltd (*2)	Asset securitization		0.0		0.0	Korea	September 30
Woori HC 4th Co., Ltd. (*2).	Asset securitization		0.0		0.0	Korea	September 30
Woori SKR 1st Co., Ltd. (*2).	Asset securitization		0.0		0.0	Korea	September 30
Woori Hchemical 1st Co.,Ltd (*2)	Asset securitization		0.0		—	Korea	September 30
HE the 1st Co.,Ltd. (*2)	Asset securitization		0.0		—	Korea	September 30
Woori Hub The 1st Co., Ltd. (*2)	Asset securitization		0.0		—	Korea	September 30
Woori K The 3rd Co., Ltd. (*2)	Asset securitization		0.0		—	Korea	September 30
Woori KF 1st Co., Ltd. (*2)	Asset securitization		0.0		—	Korea	September 30
WooriI TS 1st Co., Ltd. (*2)	Asset securitization		0.0		—	Korea	September 30
Woori H Square 1st Co., Ltd. (*2)	Asset securitization		0.0		—	Korea	September 30
Woori L Yongsan 1st Co., Ltd. (*2)	Asset securitization		0.0		—	Korea	September 30
Woori HC 5th Co., Ltd. (*2)	Asset securitization		0.0		—	Korea	September 30
Woori Ladena 1st Co., Ltd. (*2)	Asset securitization		0.0		—	Korea	September 30
G5 Pro Short-term Bond Investment Fund 13 (*3)	Securities investment and others		100.0		100.0	Korea	September 30
Heungkuk Global Private Placement Investment Trust No. 1 (*3)	Securities investment and others		98.5		98.5	Korea	September 30
AI Partners UK Water Supply Private Placement Investment Trust No.2 (*3)	Securities investment and others		97.3		97.3	England	September 30
Multi Asset Global Real Estate Investment Trust<br>No. 5-2 (*3)	Securities investment and others		99.0		99.0	Korea	September 30
Igis Australia Investment Trust No. 209-1<br>(*3)	Securities investment and others		99.4		99.4	Korea	September 30
INMARK Spain Private Placement Real Estate Investment Trust<br>No. 26-2 (*3)	Securities investment and others		97.7		97.7	Korea	September 30
Woori G Japan Investment Trust No. 1-2 (*3)	Securities investment and others		98.8		98.8	Korea	September 30
IGIS Global Private Placement Real Estate Fund<br>No. 316-1 (*3)	Securities investment and others		99.3		99.3	Korea	September 30
Woori G Secondary Private Placement Investment Trust No. 1 (*3)	Securities investment and others		97.2		97.2	Korea	September 30

• 12 -

		Percentage of ownership<br>(%)				Location		Financial<br>statements<br>date<br>        of use
Subsidiaries	Main business	September 30,<br>2021		December 31,<br>2020
WooriG Japan Blind Private Placement Real Estate Feeder Investment Trust No.1 (*3)	Securities investment and others		99.7		—		Korea	September 30
Principal Guaranteed Trust (*4)	Trust		0.0		0.0		Korea	September 30
Principal and Interest Guaranteed Trust (*4)	Trust		0.0		0.0		Korea	September 30
Held by Multi Asset Global Real Estate Investment Trust<br>No. 5-2
MAGI No.5 LuxCo S.a.r.l.	Asset securitization		54.6		54.6		Luxembourg	September 30
Held by MAGI No.5 LuxCo S.a.r.l.
ADP 16 Brussels (*2)	Asset securitization		0.0		0.0		Belgium	September 30
Held by Woori Card Co., Ltd.
TUTU Finance –WCI Myanmar Co., Ltd.	Finance		100.0		100.0		Myanmar	September 30
Woori Card one of 2017-2 Securitization Specialty Co.,<br>Ltd. (*5)	Asset securitization		—		0.5		Korea	-
Woori Card one of 2018-1 Securitization Specialty Co.,<br>Ltd. (*2)	Asset securitization		0.5		0.5		Korea	September 30
Woori Card 2019-1 Asset Securitization Specialty Co.,<br>Ltd. (*2)	Asset securitization		0.5		0.5		Korea	September 30
Woori Card 2020-1 Asset Securitization Specialty Co.,<br>Ltd. (*2)	Asset securitization		0.5		0.5		Korea	September 30
Woori Card 2021-1 Asset Securitization Specialty Co.,<br>Ltd. (*2)	Asset securitization		0.5		—		Korea	September 30
Held by Woori Financial Capital Co., Ltd.
Woori Savings Bank (*5)	Savings bank		—		100.0		Korea	-
ACE Auto Invest the 46th Securitization Specialty Co., Ltd. (*5)	Asset securitization		—		1.0		Korea	-
ACE Auto Invest the 47th Securitization Specialty Co., Ltd. (*5)	Asset securitization		—		1.0		Korea	-
ACE Auto Invest the 48th Securitization Specialty Co., Ltd. (*2)	Asset securitization		1.0		1.0		Korea	September 30
ACE Auto Invest the 49th Securitization Specialty Co., Ltd. (*2)	Asset securitization		1.0		1.0		Korea	September 30
Specified Money Market Trust (*5)	Trust		—		100.0		Korea	-
Held by Woori Investment Bank Co., Ltd.
Seari First Securitization Specialty Co., Ltd. (*2)	Asset securitization		5.0		5.0		Korea	September 30
Seari Second Securitization Specialty Co., Ltd. (*2)	Asset securitization		5.0		5.0		Korea	September 30
Namjong 1st Securitization Specialty Co.,<br><br><br>Ltd. (*2)	Asset securitization		5.0		5.0		Korea	September 30
Bukgeum First Securitization Specialty Co., Ltd. (*2)	Asset securitization		5.0		5.0		Korea	September 30
Bukgeum Second Securitization Specialty Co., Ltd. (*2)	Asset securitization		5.0		5.0		Korea	September 30
WS1909 Securitization Specialty Co., Ltd. (*2)	Asset securitization		5.0		5.0		Korea	September 30
WS2003 Securitization Specialty Co., Ltd. (*2)	Asset securitization		5.0		5.0		Korea	September 30
WS2006 Securitization Specialty Co., Ltd. (*2)	Asset securitization		5.0		5.0		Korea	September 30
WJ2008 Securitization Specialty Co., Ltd. (*2)	Asset securitization		5.0		5.0		Korea	September 30

• 13 -

		Percentage of ownership<br>(%)				Location		Financial<br>statements<br>date<br>        of use
Subsidiaries	Main business	September 30,<br>2021		December 31,<br>2020
WH2103 Securitization Specialty Co., Ltd. (*2)	Asset securitization		5.0		—		Korea	September 30
WN2103 Securitization Specialty Co., Ltd. (*2)	Asset securitization		5.0		—		Korea	September 30
WH2106 Securitization Specialty Co., Ltd. (*2)	Asset securitization		5.0		—		Korea	September 30
One Punch Korea the 1st Co., Ltd. (*2).	Asset securitization		0.0		0.0		Korea	September 30
One Punch blue the 1^st^ Co., Ltd.<br>(*2)	Asset securitization		0.0		0.0		Korea	September 30
One Punch red the 1^st^ Co., Ltd.<br>(*2)	Asset securitization		0.0		—		Korea	September 30
Held by Woori Asset Management Corp.
Woori China Convertible Bond Hedging feeder Investment Trust H (debt-oriented hybrid)<br>(*5)	Securities investment and others		—		99.6		Korea	-
Woori China Convertible Bond Master Fund (debt-oriented hybrid) (*5)(*8)	Securities investment and others		—		34.5		Korea	-
Woori Yellow Chip High Yield Strategic Allocation 1 (FOF) (*5)	Securities investment and others		—		89.8		Korea	-
Woori Together TDF 2025 (*3)	Securities investment and others		36.5		47.6		Korea	September 30
Woori Together TDF 2030 (*3)	Securities investment and others		37.2		47.4		Korea	September 30
Woori Together TDF 2035 (*3)	Securities investment and others		58.4		47.8		Korea	September 30
Woori Together TDF 2040 (*3)	Securities investment and others		58.1		48.8		Korea	September 30
Woori Together TDF 2045 (*3)	Securities investment and others		68.5		47.7		Korea	September 30
Woori Together TDF 2050 (*3)	Securities investment and others		66.5		87.0		Korea	September 30
Woori Star50 Feeder Fund(H) (*3)	Securities investment and others		44.7		—		Korea	September 30
Held by Woori Financial Capital Co., Ltd., Woori Private Equity Asset Management Co., Ltd. and<br>Woori Investment Bank Co., Ltd. (*6)
Japanese Hotel Real Estate Private Equity Fund 1 (*3)	Securities investment and others		100.0		100.0		Korea	September 30
Held by Woori Global Asset Management Co., Ltd.
Woori G Global Multi Asset Income Private Placement Investment Trust_Class Cs (*3)	Securities investment and others		37.9		22.2		Korea	September 30
Held by Woori Bank, Woori Financial Capital Co., Ltd., Woori Investment Bank Co., Ltd., Woori<br>Savings Bank and Woori Private Equity Asset Management Co., Ltd. (*6)
Woori Innovative Growth Professional Investment Type Private Investment Trust No.1 (*3)	Securities investment and others		90.0		90.0		Korea	September 30
Held by Woori Bank, Woori Financial Capital Co., Ltd., Woori Investment Bank Co., Ltd. and Woori<br>Private Equity Asset Management Co., Ltd. (*6)
Woori Innovative Growth Professional Investment Type Private Investment Trust No.2 (*3)	Securities investment and others		85.0		85.0		Korea	September 30

• 14 -

		Percentage of ownership<br>(%)				Location		Financial<br>statements<br>date<br>        of use
Subsidiaries	Main business	September 30,<br>2021		December 31,<br>2020
Held by Woori Bank, Woori Financial Capital Co., Ltd., and Woori Investment Bank Co., Ltd.<br>(*6)
WooriG GP Commitment Loan Private Placement Investment Trust No.1 (*3)	Securities investment and others		100.0		50.0		Korea	September 30
WooriG Equity Bridge Loan Professional Type Private Investment Trust No.1 (*3)	Securities investment and others		80.0		—		Korea	September 30
Held by Woori bank and Woori Investment Bank Co., Ltd. (*6)
Heungkuk Woori Tech Company Private Placement Investment Trust No. 1 (*3)	Securities investment and others		100.0		100.0		Korea	September 30
Woori Global Development Infrastructure Synergy Company Private Placement Investment Trust No.1<br>(*3)	Securities investment and others		100.0		100.0		Korea	September 30
Woori G NorthAmerica Infra Private Placement Investment Trust No. 1 (*3)	Securities investment and others		100.0		100.0		Korea	September 30
Woori G Infrastructure New Deal Specialized Investment Private Equity Investment Trust No. 1<br>(*3)	Securities investment and others		100.0		100.0		Korea	September 30
Woori G Private Placement Real Estate Investment Trust No.2 (*3)	Securities investment and others		30.1		30.1		Korea	September 30
Held by Woori bank (*6)
Woori G Woori Bank Partners Professional Type Private Investment Trust No. 1 (*3)	Securities investment and others		92.6		92.6		Korea	September 30
Woori G Private Placement Real Estate Investment Trust No.1[USD] (*3)	Securities investment and others		80.0		80.0		Korea	September 30
WooriG Global Mid-market Secondaries Private Placement<br>Investment Trust No.1 (EUR) (*3)	Securities investment and others		80.0		80.0		Korea	September 30
Woori G Woori Bank Partners Professional Type Private Investment Trust No. 2 (*3)	Securities investment and others		90.9		—		Korea	September 30
Held by Woori Financial Capital Co., Ltd.
Woori G Japan Private Placement Real Estate Feeder Investment Trust No.1-1 (*3)	Securities investment and others		63.2		63.2		Korea	September 30
Held by Woori G Japan Private Placement Real Estate Feeder Investment Trust No.1-1 and Woori G Japan Investment Trust No. 1-2
Woori G Japan Private Placement Real Estate Master Investment Trust No.1 (*3)	Securities investment and others		100.0		100.0		Korea	September 30
Held by Woori Financial Capital Co., Ltd. and Woori Investment Bank Co., Ltd. (*6)
Woori G Japan Private Placement Real Estate Master Investment Trust No.2-1 (*3)	Securities investment and others		100.0		—		Korea	September 30
Held by Woori G Japan Private Placement Real Estate Master Investment Trust No.1 and Woori G Japan<br>Private Placement Real Estate Master Investment Trust No.2-1

• 15 -

		Percentage of ownership<br>(%)				Location		Financial<br>statements<br>date<br>        of use
Subsidiaries	Main business	September 30,<br>2021		December 31,<br>2020
Woori G Japan Private Placement Real Estate Master Investment Trust No.2 (*3)	Securities investment and others		100.0		—		Korea	September 30
Held by Woori G Japan Private Placement Real Estate Master Investment Trust No.1
GK OK Chatan (*3)	Other financial services		99.9		99.9		Japan	September 30
(*1)	The entity was merged with WB Finance Co., Ltd., which is a second-tier subsidiary, during prior period.<br>
---	---
(*2)	The entity is a structured entity for the purpose of asset securitization. Although the Group is not a majority<br>shareholder, the Group 1) has the power over the investee, 2) is exposed to or has rights to variable returns from its involvement with the investee, and 3) has the ability to use its power to affect its returns.
---	---
(*3)	The entity is a structured entity for the purpose of investment in securities. Although the Group is not a<br>majority shareholder, the Group 1) has the power over the investee, 2) is exposed to or has rights to variable returns from its involvement with the investee, and 3) has the ability to use its power to affect its returns.
---	---
(*4)	The entity is a ‘money trust’ under the Financial Investment Services and Capital Markets Act.<br>Although the Group is not a majority shareholder, the Group 1) has the power over the investee, 2) is exposed to or has rights to variable returns from its involvement with the investee, and 3) has the ability to use its power to affect its returns.<br>
---	---
(*5)	Companies are excluded from the consolidation as of September 30, 2021.
---	---
(*6)	Determined that the Group controls the investees, considering the Group 1) has the power over the investee, 2)<br>is exposed to or has rights to variable returns from its involvement with the investee, and 3) has the ability to use its power to affect its returns, by two or more subsidiaries’ investment or operation.
---	---
(*7)	During March 2021, the Company acquired a 100% equity of Woori Financial Savings Bank from the company’s<br>subsidiary Woori Financial Capital Co., Ltd. which makes a business combination under the same control. For business combinations under the same control, the company accounts the business combination in the carrying amount method, and the assets and<br>liabilities transferred are measured at the carrying amount included in the consolidated financial statements. The amounts of assets and liabilities transferred due to the business combination are 1,119,371 million won and<br>1,084,771 million won, respectively.
---	---
(*8)	As a master-feeder fund, the equity ratio is the equity of the subsidiary in parent fund.<br>
---	---

• 16 -

(3)	The Group has not consolidated the following entities as of September 30, 2021 and December 31, 2020<br>despite having more than 50% ownership interest:
---	---	---	---	---	---
Subsidiaries		Main Business		Percentage ofownership (%)
Mirae Asset Maps Clean Water Private Equity Investment Trust 7th (*)	Korea		Securities Investment		59.7
Kiwoom Yonsei Private Equity Investment Trust (*)	Korea		Securities Investment		88.9
IGIS Europe Private Placement Real Estate Fund<br>No. 163-2 (*)	Korea		Securities Investment		97.9
IGIS Global Private Placement Real Estate Fund<br>No. 148-1 (*)	Korea		Securities Investment		75.0
IGIS Global Private Placement Real Estate Fund<br>No. 148-2 (*)	Korea		Securities Investment		75.0
Mirae Asset Seoul Ring Expressway Private Special Asset Fund No. 1 (*)	Korea		Securities Investment		66.7
Hangkang Sewage Treatment Plant Fund (*)	Korea		Securities Investment		55.6
KIM Pocheon-Hwado Highway Infra Private Placement Special Asset Fund (*)	Korea		Securities Investment		55.2
Kiwoom-Harmony Private Placement Investment Trust No.2 (*)	Korea		Securities Investment		97.0
Kiwoom-Harmony Private Placement Investment Trust No.1 (*)	Korea		Securities Investment		95.7
Midas Global Private Placement Real Estate Investment Trust<br>No. 7-2 (*)	Korea		Securities Investment		58.3
Together-Korea Government Private Pool Private Securities Investment Trust No.3 (*)	Korea		Securities Investment		100.0
INMARK France Private Placement Investment Trust<br>No. 18-1 (*)	Korea		Securities Investment		93.8
Kiwoom Vibrato Private Placement Investment Trust 1-W()<br>(*)	Korea		Securities Investment		99.5
KOTAM Global Infra Private Fund 1-4 (*)	Korea		Securities Investment		99.7
JB Airline Professional investor type private placement fund 8 (*)	Korea		Securities Investment		96.7
UBSHana Class 1 Special Asset Investment Trust 3 Class C 2 (*)	Korea		Securities Investment		51.0
Kiwoom Bright Light Professional Private Investment Trust (*)	Korea		Securities Investment		50.0
Consus GyeongJuGreen Specialized Private Special Asset Investment Trust 1 (*)	Korea		Securities Investment		50.0

All values are in Euros.

(*)	Since the investee is a private equity investment fund, the Group does not have the power over the fund’s<br>activities even though it holds more than 50% of ownership interest.
---	---	---	---	---	---
Subsidiaries		Main Business		Percentage ofownership (%)
Mirae Asset Maps Clean Water Private Equity Investment Trust 7th (*)	Korea		Securities Investment		59.7
Kiwoom Yonsei Private Equity Investment Trust (*)	Korea		Securities Investment		88.9
IGIS Europe Private Placement Real Estate Fund<br>No. 163-2 (*)	Korea		Securities Investment		97.9
IGIS Global Private Placement Real Estate Fund<br>No. 148-1 (*)	Korea		Securities Investment		75.0
IGIS Global Private Placement Real Estate Fund<br>No. 148-2 (*)	Korea		Securities Investment		75.0
Mirae Asset Seoul Ring Expressway Private Special Asset Fund No. 1 (*)	Korea		Securities Investment		66.7
Hangkang Sewage Treatment Plant Fund (*)	Korea		Securities Investment		55.6
KIM Pocheon-Hwado Highway Infra Private Placement Special Asset Fund (*)	Korea		Securities Investment		55.2
Kiwoom-Harmony Private Placement Investment Trust No.2 (*)	Korea		Securities Investment		96.3
Kiwoom-Harmony Private Placement Investment Trust No.1 (*)	Korea		Securities Investment		95.7
Midas Global Private Placement Real Estate Investment Trust<br>No. 7-2 (*)	Korea		Securities Investment		58.3
Together-Korea Government Private Pool Private Securities Investment Trust No.3 (*)	Korea		Securities Investment		100.0
INMARK France Private Placement Investment Trust<br>No. 18-1 (*)	Korea		Securities Investment		93.8
Kiwoom Vibrato Private Placement Investment Trust 1-W()<br>(*)	Korea		Securities Investment		99.3

All values are in Euros.

(*)	Since the investee is a private equity investment fund, the Group does not have the power over the fund’s<br>activities even though it holds more than 50% of ownership interest.

• 17 -

(4)	The summarized financial information of the major subsidiaries are as follows. The financial information of<br>each subsidiary was prepared based on their consolidated financial statements (Unit: Korean Won in millions):
	As of September 30, 2021				For the nine-month period ended September 30,2021
---	---	---	---	---	---	---	---	---	---	---	---	---
Subsidiaries	Assets		Liabilities		Operating<br>revenue		Net income(loss)attributable toowners			Comprehensiveincome(loss)attributable toowners
Woori Bank		408,422,792		384,051,547		19,703,102		1,986,718			2,191,520
Woori Card Co., Ltd.		13,572,392		11,342,429		1,157,398		174,617			180,223
Woori Financial Capital Co., Ltd.		9,392,491		8,416,294		658,701		128,672			130,242
Woori Investment Bank Co., Ltd.		5,038,916		4,452,323		232,260		66,488			66,455
Woori Asset Trust Co., Ltd.		231,233		70,492		67,406		32,670			32,649
Woori Asset Management Corp.		142,019		22,461		23,480		6,456			6,509
Woori Savings Bank		1,366,945		1,146,808		57,512		13,845			13,443
Woori Credit Information Co., Ltd.		40,462		9,015		27,677		984			981
Woori Fund Service Co., Ltd.		20,649		2,101		11,431		2,532			2,532
Woori Private Equity Asset Management Co., Ltd.		40,635		1,876		3,091		2,794			2,734
Woori Global Asset Management Co., Ltd.		35,151		7,174		9,114		(151	)		(151	)
Woori FIS Co., Ltd.		94,590		66,929		192,558		(10,066	)		(10,242	)
Woori Finance Research Institute Co., Ltd.		6,262		2,716		5,115		15			4
	As of December 31, 2020				For the nine-month period ended September 30,2020
---	---	---	---	---	---	---	---	---	---	---	---	---
Subsidiaries	Assets		Liabilities		Operating<br>revenue		Net income(loss)attributable toowners			Comprehensiveincome(loss)attributable toowners
Woori Bank		374,310,415		350,790,158		17,760,315		1,158,642			1,147,932
Woori Card Co., Ltd.		11,366,596		9,312,986		1,014,678		107,412			96,260
Woori Financial Capital Co., Ltd. (*)		8,880,117		8,053,840		—		—			—
Woori Investment Bank Co., Ltd.		4,332,474		3,803,594		194,798		50,143			50,075
Woori Asset Trust Co., Ltd.		185,634		56,396		56,790		27,270			27,238
Woori Asset Management Corp.		136,460		23,411		17,764		5,156			4,743
Woori Credit Information Co., Ltd.		40,860		9,830		30,152		1,738			1,579
Woori Fund Service Co., Ltd.		18,957		2,172		9,839		1,883			1,883
Woori Private Equity Asset Management Co., Ltd.		38,035		2,009		3,548		(91	)		(120	)
Woori Global Asset Management Co., Ltd.		37,935		9,807		7,482		(1,157	)		(1,157	)
Woori FIS Co., Ltd.		97,479		59,577		192,206		4,093			3,959
Woori Finance Research Institute Co., Ltd.		7,232		3,689		4,751		283			277
(*)	Since Woori Financial Capital Co., Ltd. has acquired control after the end of the first half of last year,<br>operating income, profit or loss from the parent company, and total comprehensive income of the parent company have not been prepared.
---	---

• 18 -

(5)	The financial support that the Group provides to consolidated structured entities is as follows:<br>
•	Structured entity for asset securitization
---	---

The structured entity which is established for the purpose of securitization of project financing loans, corporate bonds, and other financial assets. The Group is involved with the structured entity through provision of credit facility over asset-backed commercial papers issued by the entity, originating loans directly to the structured entity, or purchasing 100% of the subordinated debts issued by the structured entity.

•	Structured entity for the investments in securities

The structured entity is established for the purpose of investments in securities. The Group acquires beneficiary certificates through its contribution of funding to the structured entity by the Group, and it is exposed to the risk that it may not be able to recover its fund depending on the result of investment performance of asset managers of the structured entity.

•	Money trust under the Financial Investment Services and Capital Markets Act

The Group provides with financial guarantee of principal and interest or solely principal to some of its trust products. Due to the financial guarantees, the Group may be obliged when the principal and interest or principal of the trust product sold is short of the guaranteed amount depending on the result of investment performance of the trust product.

As of September 30, 2021 and December 31, 2020, the Group provides 2,786,452 million Won and 2,547,418 million Won of credit facilities, respectively, for the structured entities mentioned above. As of September 30, 2021 and December 31, 2020, the purchase commitment amounts to 1,299,897 million Won and 854,231 million Won, respectively.

• 19 -

(6)	The Group has entered into various agreements with structured entities such as asset securitization, structured<br>finance, investment fund, and monetary trust. The characteristics and the nature of risks related to unconsolidated structured entities over which the Group does not have control in accordance with Korean IFRS 1110 are as follows:<br>

The interests in unconsolidated structured entities that the Group hold are classified into asset securitization vehicles, structured finance, investment fund and real-estate trust, based on the nature and the purpose of each structured entity.

Unconsolidated structured entities classified as ‘asset securitization vehicles’ are entities that issue asset-backed securities, pay the principal and interest or distributes dividends on asset-backed securities through borrowings or profits from the management, operation and sale of securitized assets. The Group has been purchasing commitments of asset-backed securities or issuing asset-backed securities through credit grants, and the structured entities recognize related interest or fee revenue. There are entities that provide additional funding and conditional debt acquisition commitments before the Group’s financial support, but the Group is still exposed to losses arising from the purchase of financial assets issued by the structured entities when it fails to renew the securities.

Unconsolidated structured entities classified as ‘structured financing’ include real estate project financing investment vehicle, social overhead capital companies, and special purpose companies for ship (aircraft) financing. Each entity is incorporated as a separate company with a limited purpose in order to efficiently pursue business goals. ‘Structured financing’ is a financing method for large-scale risky business, with investments made based on feasibility of the specific business or project, instead of credit of business owner or physical collaterals. The investors receive profits from the operation of the business. The Group recognizes interest revenue, profit or loss from assessment or transactions of financial instruments, or dividend income. With regard to uncertainties involving structured financing, there are entities that provide financial support such as additional fund, guarantees and prioritized credit grants prior to the Group’s intervention, but the Group is exposed to possible losses due to loss of principal from reduction in investment value or irrecoverable loans arising from failure to collect scheduled cash flows and cessation of projects.

Unconsolidated structured entities classified as ‘investment funds’ include investment trusts and private equity funds. An investment trust orders the investment and operation of funds to the trust manager in accordance with trust contract with profits distributed to the investors. Private equity funds finances money required to acquire equity securities to enable direction of management and/or improvement of ownership structure, with profit distributed to the investors. The Group recognizes pro rata amount of valuation gain or loss on investment and dividend income as an investor and may be exposed to losses due to reduction in investment value. Investments in MMF (Money Market Funds) as of September 30, 2021 and December 31, 2020 are 2,010,810 million Won and 427,375 million Won, respectively, and there are no additional commitments for MMF.

‘Real estate trust’ is to be entrusted the underlying property for the purpose of managing, disposing, operating or developing from the consignor who owns the property and distributes the proceeds achieved through the trust to the beneficiary. When the consignee does not fulfill his or her important obligations in the trust contract or it is, in fact, difficult to run the business, the Group may be exposed to the threat of compensating the loss.

The total assets of the unconsolidated structured entity held by the Group, the carrying amount of the items recognized in the consolidated financial statements, the maximum loss exposure, and the losses from the unconsolidated structured entity are as follows. The maximum loss exposure includes the amount of investment recognized in the consolidated financial statements and the amount that is likely to be confirmed in the future when satisfies certain conditions by contracts such as purchase arrangements, credit offerings. As of September 30, 2021 and December 31, 2020, the purchase commitment amounts to 3,306,470 million Won and 4,266,319 million Won, respectively.

• 20 -

	September 30, 2021
	Asset<br>securitization<br>vehicle		Structured<br>Finance		Investment<br>Funds		Real-estate<br>trust
Total asset of the unconsolidated structured entities		4,712,451		93,790,876		76,697,273		1,409,986
Assets recognized in the consolidated financial statements related to the unconsolidated<br>structured entities		508,177		4,636,579		4,351,954		53,370
Financial assets at FVTPL		380,439		5,522		3,860,330		13,045
Financial assets at FVTOCI		39,928		46,710		—		—
Financial assets at amortized cost		87,034		4,580,961		39,960		40,325
Investments in joint ventures and associates		—		—		451,664		—
Derivative assets		776		3,386		—		—
Liabilities recognized in the consolidated financial statements related to the unconsolidated<br>structured entities		718		1,293		—		2,444
Other liabilities(provisions)		718		1,293		—		2,444
The maximum exposure to risks		723,142		5,666,206		4,357,991		112,635
Investment assets		508,177		4,636,579		4,351,954		53,370
Credit facilities and others		214,965		1,029,627		6,037		59,265
Loss recognized on unconsolidated structured entities		44		4,020		37,948		200
	December 31, 2020
---	---	---	---	---	---	---	---	---
	Asset<br>securitization<br>vehicle		Structured<br>Finance		Investment<br>Funds		Real-estate<br>trust
Total asset of the unconsolidated structured entities		3,900,254		69,010,369		44,629,638		76,772
Assets recognized in the consolidated financial statements related to the unconsolidated<br>structured entities		648,700		4,291,535		3,350,605		22,402
Financial assets at FVTPL		374,231		167,271		2,922,716		—
Financial assets at FVTOCI		163,808		41,378		—		—
Financial assets at amortized cost		109,008		4,072,321		39,955		22,402
Investments in joint ventures and associates		—		5,958		387,902		—
Derivative assets		1,653		4,607		32		—
Liabilities recognized in the consolidated financial statements related to the unconsolidated<br>structured entities		130		963		—		400
Other liabilities(provisions)		130		963		—		400
The maximum exposure to risks		970,628		5,366,037		3,438,924		65,722
Investment assets		648,700		4,291,535		3,350,605		22,402
Credit facilities and others		321,928		1,074,502		88,319		43,320
Loss recognized on unconsolidated structured entities		—		6,079		25,454		2,363

• 21 -

(7)	As of September 30, 2021 and December 31, 2020, the share of<br>non-controlling interests on the net income and equity of subsidiaries in which non-controlling interests that are significant are as follows (Unit: Korean Won in<br>millions):
1)	Accumulated non-controlling interests at the end of the reporting<br>period
---	---
	September 30,<br>2021		December 31,<br>2020
---	---	---	---	---
Woori Bank (*)		2,555,166		3,105,070
Woori Financial Capital Co., Ltd.		—		166,369
Woori Investment Bank Co., Ltd.		246,374		222,289
Woori Asset Trust Co., Ltd.		58,692		49,738
Woori Asset Management Corp		33,275		31,369
PT Bank Woori Saudara Indonesia 1906 Tbk		86,611		79,890
Wealth Development Bank		20,642		19,521
(*)	Hybrid securities issued by Woori Bank
---	---
2)	Net income attributable to non-controlling interests<br>
---	---
	For the nine-month<br>periods ended September 30
---	---	---	---	---
	2021		2020
Woori Bank (*)		100,158		118,659
Woori Financial Capital Co., Ltd.		17,948		—
Woori Investment Bank Co., Ltd.		27,709		20,329
Woori Asset Trust Co., Ltd.		9,326		7,556
Woori Asset Management Corp		1,892		1,290
PT Bank Woori Saudara Indonesia 1906 Tbk		5,990		6,534
Wealth Development Bank		661		588
(*)	Distribution of the hybrid securities issued by Woori Bank
---	---
3)	Dividends to non-controlling interests
---	---
	For the nine-month<br>periods ended September 30
---	---	---	---	---
	2021		2020
Woori Bank (*)		100,158		118,659
Woori Financial Capital Co., Ltd.		4,121		—
Woori Investment Bank Co., Ltd.		3,610		—
Woori Asset Trust Co., Ltd		365		365
PT Bank Woori Saudara Indonesia 1906 Tbk		1,262		1,669
(*)	Distribution of the hybrid securities issued by Woori Bank
---	---

• 22 -

2.	BASIS OF PREPARATION AND SIGNIFICANT ACCOUNTING POLICIES

The Group maintains its accounting records in Korean won and prepares statutory financial statements in the Korean language (Hangul) in accordance with International Financial Reporting Standards as adopted by the Republic of Korea (Korean IFRS). The accompanying consolidated interim financial statements have been condensed, restructured and translated into English from the Korean language financial statements. The Group’s condensed consolidated interim financial statements are condensed interim financial statements prepared in applying International Financial Reporting Standards as adopted by the Republic of Korea (“Korean IFRS”) 1034 Interim Finance Reporting for some of periods in which the annual consolidated financial statements belong. It is necessary to use the Group’s annual consolidated financial statements for the year ended December 31, 2020 for understanding of the accompanying condensed consolidated interim financial statements.

(1)	From the accounting period beginning on January 1, 2021, the Group has newly applied the following<br>standards and interpretations.
1)	Korean IFRS 1109 ‘Financial Instruments’, Korean IFRS 1039 ‘Financial Instruments:Recognition and Measurement’, Korean IFRS 1107 ‘Financial Instruments: Disclosures’, Korean IFRS 1104 ‘Insurance Contracts’ and Korean IFRS 1116 ‘Lease’; Interest Rate Benchmark<br>Reform-Phase 2
---	---

The amendment indicates that the effective interest rate shall be adjusted rather than the carrying amount when changing the interest rate benchmark for financial instruments measured at amortized cost. In addition, it allows hedge accounting to continue without interruption even when changes to interest rate benchmark occur in the hedging relationship.

The Group has applied ‘Interest Rate Benchmark Reform-Phase 2’, which is an amendment to Korean IFRS 1109, 1039, 1107 and 1116, beginning on January 1, 2021. In accordance with the transition provisions, the amendments were applied retrospectively to the hedging relationship and financial instruments.

①	Hedging relationship

The Phase 2 amendments address issues arising from ‘Interest Rate Benchmark Reform-Phase 1’, including when the designation and documentation of hedges should be updated and when alternative rates are permitted as hedged risk.

The Phase 1 amendments include an exceptional regulation that temporarily mitigates the application of specific hedge accounting requirements to hedging relationships directly affected by ‘Interest Rate Benchmark Reform’. Due to this mitigation, ‘Interest Rate Benchmark Reform’ typically does not stop hedge accounting until there is a change of the contract. However, hedge ineffectiveness continues to be recorded in the income statement. It also suggests when the application of these exceptions should end, for instance, exceptional regulation should end when uncertainties due to ‘Interest Rate Benchmark Reform’ no longer appear.

• 23 -

For the period beginning January 1, 2021, the Group has applied the following hedge accounting mitigation provisions provided in the Phase 2 amendments:

Designation of a hedging relationship: When the Phase 1 amendments cause to apply, the Group will reflect the changes required by the Interest Rate Benchmark Reform by amending the formal designation of the hedging relationship as previously documented to make one or more of these changes: will amend the designation of a hedging relationship to reflect the changes required by the Interest Rate Benchmark Reform when there is a change in one or more of the followings:

•	Designating the alternative benchmark rate (contractually or<br>non-contractually specified) as a hedged risk;
•	Amending the description of the hedged item so it refers to the alternative benchmark rate; or<br>
---	---
•	Amending the description of the hedging instrument.
---	---

The Group will amend the hedging relationship documentation to reflect these amendments by the end of the reporting period during which the changes are made. These amendments do not require the discontinuance of the hedging relationship.

②	Financial instruments measured at amortized cost

For financial instruments measured at amortized cost (including financial assets at FVTOCI-debt instruments), the Phase 2 amendments do not require the financial instrument to recognize gains or losses from the change because the change in the contractual cash flow basis required by the interest rate reform is reflected by adjusting the effective interest rate.

A similar practical expedient exists for lease liabilities. This practical expedient is applicable only to changes required by interest rate indicator reform. When the changes are necessary as a direct result of Interest Rate Benchmark Reform and the new criteria for determining contractual cash flows are economically equivalent to the previous one, it is considered as a required change due to Interest Rate Benchmark Reform.

If some or all of the changes in the instrument’s contractual cash flow calculation criteria do not meet the above criteria, the Group shall first apply the practical expedient to the changes made under the Interest Rate Benchmark Reform and then apply the general financial instrument requirements(In other words, the entity shall determine whether a modification or elimination is made and recognizes immediately in profit or loss any modification on financial instrument which has not been eliminated).

For lease liabilities which basis for determining contractual cash flows is changed, as a practical expedient, the lease liabilities are remeasured at a discount rate that reflects the change in interest rates due to the Interest Rate Benchmark Reform. If an additional lease change is made in addition to the lease changes required by the Interest Rate Benchmark Reform, the general requirements of Korean IFRS 1116 apply to the accounting for all simultaneous lease changes, including those required by the Interest Rate Benchmark Reform.

• 24 -

The details of Woori Bank’s financial instruments that have not completed the conversion to interest rates benchmark at the end of the quarter are as follows: Non-derivative financial instrument is at the carrying amount, while the derivative financial instrument and commitments/financial guarantee is at the nominal amount. (Unit: Korean Won in millions)

	(*1)	(*2)	(*2)	(*2)	CHF(*2)		Total
Non-derivative financial assets
Financial assets at FVTOCI						—		541,594
Financial assets at amortized cost						—		4,653,476
Total						—		5,195,070
Non-derivative financial liabilities
Financial liabilities at amortized cost						—		575
Derivative finance
Interest rate related(trading)						1,268		23,433,384
Currency related(trading)						—		31,850,895
Interest rate related(hedging)						—		2,192,065
Total						1,268		57,476,344
Commitments and financial guarantee						—		5,602

All values are in US Dollars.

(*1)	Financial instruments related to USD Libor (overnight rate, 1, 3, 6, 12month rates) that will be expired before<br>June 30, 2023 are excluded.
(*2)	Financial instruments that are expired before December 31, 2021 are excluded.
---	---
2)	Amendments to Korean IFRS 1116 Lease – COVID-19 related<br>rent concession continuously offered after June 30, 2021
---	---

As a practical expedient, a lessee may elect not to assess whether a rent concession occurring as a direct consequence of the COVID-19 pandemic is a lease modification. The scope of the practical expedient has been expanded to reduce lease fees that affect lease payments due on or before June 30, 2022. Lessee should consistently apply practical expedients to contracts with similar characteristics in similar circumstances. Please see Note 40 for the details of the amount recognized in profit or loss during the reporting period to reflect changes in lease payments arising from the rent concession.

(2)	The details of Korean IFRSs that have been issued and published since January 1, 2021 but have not yet<br>reached the effective date are as follows:
1)	Amendments to Korean IFRS 1103 Business Combination – Citation of Conceptual Framework<br>
---	---

The amendments update a reference of definition of assets and liabilities qualify for recognition in revised Conceptual Framework for Financial Reporting. However, the amendments add an exception for the recognition of liabilities and contingent liabilities within the scope of Korean IFRS 1037 Provisions, Contingent Liabilities and Contingent Assets, and Korean IFRS 2121 Levies. The amendments also confirm that contingent assets should not be recognized at the acquisition date. The amendments should be applied for annual periods beginning on or after January 1, 2022, and earlier application is permitted. The Group does not expect that these amendments have a significant impact on the consolidated financial statements.

• 25 -

2)	Amendments to Korean IFRS 1016 Property, Plant and Equipment – Proceeds before intended use<br>

The amendments prohibit an entity from deducting from the cost of an item of property, plant and equipment any proceeds from selling items produced while the entity is preparing the asset for its intended use. Instead, the entity will recognize the proceeds from selling such items, and the costs of producing those items, in profit or loss. The amendments should be applied for annual periods beginning on or after January 1, 2022, and earlier application is permitted. The Group does not expect that these amendments have a significant impact on the consolidated financial statements.

3)	Amendments to Korean IFRS 1037 Provisions, Contingent Liabilities and Contingent Assets – Onerous<br>Contracts: Cost of Fulfilling a Contract

The amendments clarify that the direct costs of fulfilling a contract include both the incremental costs of fulfilling the contract and an allocation of other costs directly related to fulfilling contracts when assessing whether the contract is onerous. The amendments should be applied for annual periods beginning on or after January 1, 2022, and earlier application is permitted. The Group does not expect that these amendments have a significant impact on the consolidated financial statements.

4)	Annual Improvements to Korean IFRS 2018-2020

Annual improvements of Korean IFRS 2018-2020 Cycle should be applied for annual periods beginning on or after January 1, 2022, and earlier application is permitted. The Group does not expect that these amendments have a significant impact on the consolidated financial statements.

•	Korean IFRS 1101 First time Adoption of Korean International Financial Reporting Standards- Subsidiaries<br>that are first-time adopters
•	Korean IFRS 1109 Financial Instruments - Fees related to the 10% test for derecognition of financial<br>liabilities
---	---
•	Korean IFRS 1116 Leases- Lease incentives
---	---
•	Korean IFRS 1041 Agriculture - Measuring fair value
---	---
5)	Amendments to Korean IFRS 1001 Presentation of Financial Statements – Classification of Liabilities<br>as Current or Non-current
---	---

The amendments clarify that liabilities are classified as either current or non-current, depending on the substantive rights that exist at the end of the reporting period. Classification is unaffected by the likelihood that an entity will exercise right to defer settlement of the liability or the expectations of management. Also, the settlement of liability include the transfer of the entity’s own equity instruments, however, it would be excluded if an option to settle them by the entity’s own equity instruments if compound financial instruments is met the definition of equity instruments and recognized separately from the liability. The amendments should be applied for annual periods beginning on or after January 1, 2023, and earlier application is permitted. The Group does not expect that these amendments have a significant impact on the consolidated financial statements.

The above enacted or amended standards will not have a significant impact on the Group.

(3)	Significant accounting policies and method of computation used in the preparation of the condensed consolidated<br>interim financial statements are consistent with those of the consolidated financial statements for the year ended December 31, 2020, except for the one described below.
•	Income tax expense
---	---

Income tax expense for the interim period is recognized based on management’s best estimate of the weighted average annual income tax rate expected for the full financial year. The estimated average annual tax rate is applied to the pre-tax income.

• 26 -

3.	SIGNIFICANT ACCOUNTING ESTIMATES AND ASSUMPTIONS

The outbreak of COVID-19 has had a significant impact on the global economy including Korea. Financial and economic shocks may have negative impacts on the Group’s financial condition and results of operations in various forms both domestically and internationally, however, the Korean government is providing unprecedented financial and economic relief measures such as extension of maturity of loans. Despite the announcement of these various forms of government support policies, the negative impact of the COVID-19 on the global economy continues, and uncertainties in recovery or deterioration will persist.

The Group will continue to assess the adequacy of forward-looking information related to the duration of the impact of COVID-19 on economy and government policies.

<Woori Bank>

The Bank determined that the credit risk of loans affected by the loan deferment has significantly increased; and evaluated that the possibility of default is high. As a result, total loans (Loans, payment guarantees) that are subject to loan deferment and interest deferment amount to 2,039,649 million Won and expected credit loss allowance have increased for 208,026 million Won (199,192 million Won of corporate loan and 8,834 million Won of retail loan).

Total loans (Loans, payment guarantees) that are subject to loan deferment and interest deferment consist of corporate loan of 1,883,460 million Won and retail loan of 156,189 million Won. Among total loans, loans changed its stage from 12-month to lifetime (Stage 2) expected credit losses amount to 1,682,590 million Won, which consist of corporate loan of 1,552,782 million Won and retail loan of 129,808 million Won.

<Woori Card>

Woori Card Co., Ltd. determined that the credit risk of obligors receiving financial support due to COVID-19 significantly increased, and transferred the loss allowance at the amount equivalent to lifetime expected credit loss. As of September 30, 2021, financial assets at amortized cost of obligors subject to loan deferment and interest deferment amount to 7,629 million Won, and the cumulative expected credit loss allowance have increased for 185 million Won.

<Woori Financial Capital Co., Ltd.>

Woori Financial Capital Co., Ltd. determined that the credit risk of obligors receiving financial support due to COVID-19 significantly increased; and evaluated that the possibility of default is high. As a result, as of September 30, 2021, financial assets at amortized cost of obligors subject to loan deferment and interest deferment amount to 5,458 million Won and cumulative expected credit loss allowance have increased for 3,434 million Won.

Management shall make judgments, estimates and assumptions that affect the application of accounting policies and application of assets, liabilities and revenues and expenses in preparing condensed consolidated interim financial statements. Therefore, the actual results may differ from these estimates.

The important judgements by the management on accounting policies and the main sources of estimation uncertainty for preparing condensed consolidated interim financial statements are identical to ones used in the Company’s annual separate financial statements for the year ended December 31, 2020, except for the methods of estimation used to determine income tax expense.

• 27 -

4.	RISK MANAGEMENT

The Group’s operating activity is exposed to various financial risks and the and the main types of risks are credit risk, market risk, liquidity risk, etc. The risk management department analyze and assess the level of complex risks in order to manage the risks and the risk management standards such as policies, regulations, management systems and decision-making have been established and operated for sound management of the Group.

The risk management organization is operated by risk management committee, risk management responsible, and risk management department. The Board of Directors operates a risk management committee comprised of outside directors for professional risk management. The risk management committee plays a role as the top decision-making body in risk management by establishing basic policies for risk management that are in line with the Group’s management strategy and determining the risk level that the Group is willing to take. The risk management officer (CRO) assists the risk management committee and operates a group risk management council comprised of risk management managers of subsidiaries to periodically check and improve the risk burden of external environments and the Group. The risk management department is independent and is in charge of risk management of the Group. It also supports reporting and decision-making of key risk-related issues.

(1)	Credit risk

Credit risk represents the possibility of financial losses incurred due to the refusal of the transaction or when the counterparty fails to fulfill its contractual obligations. The goal of credit risk management is to maintain the Group’s credit risk exposure to a permissible degree and to optimize its rate of return considering such credit risk.

1)	Credit risk management

The Group considers the probability of failure in performing the obligation of its counterparties, credit exposure to the counterparty, the related default risk and the rate of default loss. The Group uses the credit rating model to assess the possibility of counterparty’s default risk; and when assessing the obligor’s credit grade, other than quantitative methods utilizing financial statements and others, and assessor’s judgement, the Group utilizes credit grades derived using statistical methods.

In order to manage credit risk limit, the Group establishes the appropriate credit line per obligor, company or industry. It monitors obligor’s credit line, total exposures and loan portfolios when approving the loan.

The Group mitigates credit risk resulting from the obligor’s credit condition by using financial and physical collateral, guarantees, netting agreements and credit derivatives. The Group has adopted the entrapment method to mitigate its credit risk. Credit risk mitigation is reflected in qualifying financial collateral, trade receivables, guarantees, residential and commercial real estate and other collaterals. The Group regularly performs a revaluation of collateral reflecting such credit risk mitigation.

• 28 -

2)	Maximum exposure

The Group’s maximum exposure to credit risk shows the uncertainties related to the maximum possible variation of financial assets’ net value as a result of changes in the specific risk factors, prior to the consideration of collaterals that are recorded at net book value after allowances and other credit enhancements. However, the maximum exposure is the fair value amount (recorded on the books) for derivatives, maximum contractual obligation for payment guarantees and unused amount of commitments for loan commitment.

The maximum exposure to credit risk as of September 30, 2021 and December 31, 2020 is as follows (Unit: Korean Won in millions):

		September 30, 2021		December 31, 2020
Loans and other financial assets at amortized cost (*1)	Korean treasury and government agencies		16,931,922		9,725,719
	Banks		20,441,850		19,493,188
	Corporates		129,369,494		114,131,996
	Consumers		187,181,533		176,755,175
	Sub-total		353,924,799		320,106,078
Financial assets at FVTPL (*2)	Deposit		70,008		48,796
	Debt securities		2,838,985		2,887,097
	Loans		494,004		676,291
	Derivative assets		5,591,590		6,901,742
	Sub-total		8,994,587		10,513,926
Financial assets at FVTOCI	Debt securities		31,833,791		28,948,141
Securities at amortized cost	Debt securities		16,765,018		17,020,839
Derivative assets	Derivative assets (Designated for hedging)		139,315		174,820
Off-balance accounts	Guarantees (*3)		13,108,788		11,809,456
	Loan commitments		115,525,719		112,088,680
	Sub-total		128,634,507		123,898,136
	Total		540,292,017		500,661,940
(*1)	Cash and cash equivalents are not included.
---	---
(*2)	Puttable financial instruments are not included.
---	---
(*3)	As of September 30, 2021 and December 31, 2020, the financial guarantee amounts of<br>4,079,201 million Won and 4,163,382 million Won are included, respectively.
---	---

• 29 -

a) Credit risk exposure by geographical areas

The following tables analyze credit risk exposure by geographical areas (Unit: Korean Won in millions):

	September 30, 2021
	Korea		China		USA		UK		Japan		Others (*)		Total
Loans and other financial assets at amortized cost		331,829,457		5,156,716		3,585,906		246,613		847,765		12,258,342		353,924,799
Securities at amortized cost		16,282,317		200,959		99,170		—		—		182,572		16,765,018
Financial assets at FVTPL		6,966,131		581		1,057,066		209,524		66,903		694,382		8,994,587
Financial assets at FVTOCI		28,436,888		781,153		1,043,386		12,045		23,062		1,537,257		31,833,791
Derivative assets (Designated for hedging)		11,176		—		128,139		—		—		—		139,315
Off-balance accounts		124,801,241		1,067,903		386,480		33,035		53,868		2,291,980		128,634,507
Total		508,327,210		7,207,312		6,300,147		501,217		991,598		16,964,533		540,292,017
(*)	Others consist of financial assets in Indonesia, Hong Kong, Germany, Australia, and other countries.<br>
---	---
	December 31, 2020
---	---	---	---	---	---	---	---	---	---	---	---	---	---	---
	Korea		China		USA		UK		Japan		Others (*)		Total
Loans and other financial assets at amortized cost		296,186,751		4,356,747		3,988,304		1,990,490		1,404,670		12,179,116		320,106,078
Securities at amortized cost		16,749,531		—		110,597		—		—		160,711		17,020,839
Financial assets at FVTPL		6,954,630		13,403		1,083,096		493,285		480,760		1,488,752		10,513,926
Financial assets at FVTOCI		25,966,333		608,893		1,092,636		5		5,460		1,274,814		28,948,141
Derivative assets (Designated for hedging)		—		—		165,458		3,740		—		5,622		174,820
Off-balance accounts		119,699,069		1,393,734		399,678		38,389		41,378		2,325,888		123,898,136
Total		465,556,314		6,372,777		6,839,769		2,525,909		1,932,268		17,434,903		500,661,940
(*)	Others consist of financial assets in Indonesia, Hong Kong, Germany, Australia, and other countries.<br>
---	---
b)	Credit risk exposure by industries
---	---
①	The following tables analyze credit risk exposure by industries, which are service, manufacturing, finance and<br>insurance, construction, individuals and others in accordance with the Korea Standard Industrial Classification Code as of September 30, 2021 and December 31, 2020 (Unit: Korean Won in millions):
---	---
	September 30, 2021
---	---	---	---	---	---	---	---	---	---	---	---	---	---	---
	Service		Manufacturing		Finance and<br>insurance		Construction		Individuals		Others		Total
Loans and other financial assets at amortized cost		65,793,141		39,734,576		43,053,886		4,653,633		183,203,901		17,485,662		353,924,799
Securities at amortized cost		420,534		—		7,703,349		271,395		—		8,369,740		16,765,018
Financial assets at FVTPL		82,857		165,253		7,354,789		26,489		3,062		1,362,137		8,994,587
Financial assets at FVTOCI		394,484		272,476		22,988,380		138,040		—		8,040,411		31,833,791
Derivative assets (Designated for hedging)		—		—		139,315		—		—		—		139,315
Off-balance accounts		18,676,507		19,890,100		11,213,057		4,085,021		68,158,095		6,611,727		128,634,507
Total		85,367,523		60,062,405		92,452,776		9,174,578		251,365,058		41,869,677		540,292,017
	December 31, 2020
---	---	---	---	---	---	---	---	---	---	---	---	---	---	---
	Service		Manufacturing		Finance and<br>insurance		Construction		Individuals		Others		Total
Loans and other financial assets at amortized cost		56,627,927		35,933,953		35,450,774		3,493,000		172,116,780		16,483,644		320,106,078
Securities at amortized cost		492,172		6,691		8,926,909		302,225		—		7,292,842		17,020,839
Financial assets at FVTPL		301,296		234,712		8,520,127		32,240		14,619		1,410,932		10,513,926
Financial assets at FVTOCI		475,881		207,903		23,017,149		142,396		—		5,104,812		28,948,141
Derivative assets (Designated for hedging)		—		—		174,820		—		—		—		174,820
Off-balance accounts		18,828,656		21,460,581		12,086,935		4,060,358		62,477,117		4,984,489		123,898,136
Total		76,725,932		57,843,840		88,176,714		8,030,219		234,608,516		35,276,719		500,661,940

• 30 -

②	The detailed industries of financial assets and corporate loans that might get affected by the spread of COVID-19 as of September 30, 2021 and December 31, 2020 are as follows and the industries that can be affected may change by future economic conditions (Unit: Korean Won in millions):<br>

< Woori Bank >

			September 30, 2021
			Loans and other<br>financial assets at<br>amortized cost		Financial assets<br>at FVTPL		Financial assets<br>at FVTOCI
Service business	Distribution business	General retail<br>business		710,163		46		—
		General wholesale<br>business		751,956		415		—
		Sub-total		1,462,119		461		—
	Accommodation business			1,484,420		625		15,461
	Travel business			52,271		—		—
	Art/sports, leisure service			622,831		1,970		—
	Food business			1,274,617		507		—
	Transportation business			447,021		107		—
	Others			1,046,859		986		—
	Sub-total			6,390,138		4,656		15,461
Manufacturing	Textile			2,651,438		1,154		10,705
	Metal			190,875		114		—
	Non-metal			169,748		27		—
	Chemical			923,530		2,691		—
	Electronics			99,787		108		—
	Others			195,983		—		—
	Sub-total			4,231,361		4,094		10,705
	Total			10,621,499		8,750		26,166
			September 30, 2021
---	---	---	---	---	---	---
			Off-balance accounts		Total
Service business	Distribution business	General retail<br>business		303,317		1,013,526
		General wholesale<br>business		274,173		1,026,544
	Sub-total			577,490		2,040,070
	Accommodation business			209,941		1,710,447
	Travel business			14,216		66,487
	Art/sports, leisure service			69,186		693,987
	Food business			165,288		1,440,412
	Transportation business			172,761		619,889
	Others			197,970		1,245,815
	Sub-total			1,406,852		7,817,107
Manufacturing	Textile			1,021,192		3,684,489
	Metal			10,429		201,418
	Non-metal			28,337		198,112
	Chemical			700,433		1,626,654
	Electronics			33,222		133,117
	Others			116,567		312,550
	Sub-total			1,910,180		6,156,340
	Total			3,317,032		13,973,447

• 31 -

			December 31, 2020
			Loans and other<br>financial assets at<br>amortized cost		Financial assets<br>at FVTPL		Financial assets<br>at FVTOCI
Service business	Distribution business	General retail<br>business		1,070,789		11,944		5,461
		General wholesale<br>business		1,407,563		3,573		—
		Sub-total		2,478,352		15,517		5,461
	Accommodation business			1,525,157		9,305		5,471
	Travel business			59,858		—		—
	Art/sports, leisure service			1,467,643		17,739		—
	Food business			1,078,832		2,515		—
	Transportation business			395,873		461		8,752
	Education business			367,701		489		—
	Others			1,286,578		2,691		—
	Sub-total			8,659,994		48,717		19,684
Manufacturing	Textile			2,281,344		6,608		6,559
	Metal			1,390,290		47,903		—
	Non-metal			698,478		8,357		—
	Chemical			1,819,207		19,161		—
	Transportation			3,268,095		2,060		—
	Electronics			1,424,297		19,280		—
	Cosmetics			323,231		217		—
	Others			368,123		277		—
	Sub-total			11,573,065		103,863		6,559
	Total			20,233,059		152,580		26,243
			December 31, 2020
---	---	---	---	---	---	---
			Off-balance accounts		Total
Service business	Distribution business	General retail<br>business		897,101		1,985,295
		General wholesale<br>business		483,360		1,894,496
	Sub-total			1,380,461		3,879,791
	Accommodation business			152,059		1,691,992
	Travel business			21,350		81,208
	Art/sports, leisure service			114,388		1,599,770
	Food business			135,680		1,217,027
	Transportation business			193,578		598,664
	Education business			48,064		416,254
	Others			318,641		1,607,910
	Sub-total			2,364,221		11,092,616
Manufacturing	Textile			1,064,005		3,358,516
	Metal			1,581,887		3,020,080
	Non-metal			377,506		1,084,341
	Chemical			3,233,405		5,071,773
	Transportation			2,183,616		5,453,771
	Electronics			1,789,605		3,233,182
	Cosmetics			54,518		377,966
	Others			1,483,551		1,851,951
	Sub-total			11,768,093		23,451,580
	Total			14,132,314		34,544,196

• 32 -

< Woori Card Co., Ltd. >

	September 30, 2021
	Loans and other<br>financial assets at<br>amortized cost		Financial assets<br>at FVTPL		Financial assets<br>at FVTOCI		Off-balance<br>accounts		Total
Accommodation business		2,143		—		—		15,713		17,856
Travel business		2,332		—		—		20,822		23,154
Aviation		1,176		—		—		3,853		5,029
Cosmetics industry		3,092		—		—		12,008		15,100
Distribution business		9,487		—		—		47,699		57,186
Food industry		29,619		—		—		134,800		164,419
Art/sports, leisure service		9,428		—		—		49,061		58,489
Total		57,277		—		—		283,956		341,233
	December 31, 2020
---	---	---	---	---	---	---	---	---	---	---
	Loans and other<br>financial assets at<br>amortized cost		Financial assets<br>at FVTPL		Financial assets<br>at FVTOCI		Off-balance<br>accounts		Total
Accommodation business		4,959		—		—		12,315		17,274
Travel business		2,175		—		—		25,367		27,542
Aviation		479		—		—		4,179		4,658
Cosmetics industry		2,462		—		—		13,376		15,838
Distribution business		8,050		—		—		44,354		52,404
Food industry		33,084		—		—		163,711		196,795
Art/sports, leisure service		6,156		—		—		51,962		58,118
Total		57,365		—		—		315,264		372,629

• 33 -

<Woori Financial Capital Co., Ltd.>

			September 30, 2021
			Loans and other<br>financial assets at<br>amortized cost		Financial assets<br>at FVTPL		Financial assets<br>at FVTOCI
Service business	Distribution business	General retail<br>business		19,807		—		—
		General wholesale<br>business		74,513		—		—
		Sub-total		94,320		—		—
	Accommodation business			1,867		—		—
	Travel business			14		—		—
	Art/sports, leisure service			2,174		—		—
	Food business			31,826		—		—
	Transportation business			152,412		—		—
	Education business			5,628		—		—
	Others			26,155		—		—
	Sub-total			314,396		—		—
Manufacturing	Textile			1,313		—		—
	Metal			5,098		—		—
	Non-metal			1,260		—		—
	Chemical			311		—		—
	Transportation			791		—		—
	Electronics			7,209		—		—
	Cosmetics			1,236		—		—
	Others			195,957		—		—
	Sub-total			213,175		—		—
Total COVID-19 vulnerable business				527,571		—		—
Other business	Others			6,806,295		20,100		—
	Total			7,333,866		20,100		—
			September 30, 2021
---	---	---	---	---	---	---
			Off-balance accounts		Total
Service business	Distribution business	General retail<br>business		—		19,807
		General wholesale<br>business		—		74,513
	Sub-total			—		94,320
	Accommodation business			—		1,867
	Travel business			—		14
	Art/sports, leisure service			—		2,174
	Food business			—		31,826
	Transportation business			—		152,412
	Education business			—		5,628
	Others			172,142		198,297
	Sub-total			172,142		486,538
Manufacturing	Textile			—		1,313
	Metal			—		5,098
	Non-metal			—		1,260
	Chemical			—		311
	Transportation			—		791
	Electronics			—		7,209
	Cosmetics			—		1,236
	Others			2,811		198,768
	Sub-total			2,811		215,986
Total COVID-19 vulnerable business				174,953		702,524
Other business	Others			685,459		7,511,854
	Total			860,412		8,214,378

• 34 -

			December 31, 2020
			Loans and other<br>financial assets at<br>amortized cost		Financial assets<br>at FVTPL		Financial assets<br>at FVTOCI
Service business	Distribution business	General retail<br>business		8,978		—		—
		General wholesale<br>business		57,587		—		—
		Sub-total		66,565		—		—
	Accommodation business			6,292		—		—
	Travel business			1,293		—		—
	Art/sports, leisure service			615		—		—
	Food business			21,774		—		—
	Transportation business			28,270		—		—
	Education business			1,132		—		—
	Others			365,860		27,364		—
	Sub-total			491,801		27,364		—
Manufacturing	Textile			29,415		—		—
	Metal			17,963		—		—
	Non-metal			4,780		—		—
	Chemical			2,501		—		—
	Transportation			52,514		—		—
	Electronics			12,665		—		—
	Others			5,335		—		—
	Sub-total			125,173		—		—
Total COVID-19 vulnerable business				616,974		27,364		—
Other business	Others			6,202,754		225,078		—
	Total			6,819,728		252,442		—
			December 31, 2020
---	---	---	---	---	---	---
			Off-balance accounts		Total
Service business	Distribution business	General retail<br>business		—		8,978
		General wholesale<br>business		—		57,587
	Sub-total			—		66,565
	Accommodation business			—		6,292
	Travel business			—		1,293
	Art/sports, leisure service			—		615
	Food business			—		21,774
	Transportation business			—		28,270
	Education business			—		1,132
	Others			38,681		431,905
	Sub-total			38,681		557,846
Manufacturing	Textile			—		29,415
	Metal			3,365		21,328
	Non-metal			—		4,780
	Chemical			—		2,501
	Transportation			—		52,514
	Electronics			—		12,665
	Others			—		5,335
	Sub-total			3,365		128,538
Total COVID-19 vulnerable business				42,046		686,384
Other business	Others			333,766		6,761,598
	Total			375,812		7,447,982

• 35 -

< Woori Investment Bank Co., Ltd. >

	September 30, 2021
	Loans and other<br>financial assets at<br>amortized cost		Financial assets<br>at FVTPL		Financial assets<br>at FVTOCI		Off-balance<br>accounts		Total
Accommodation business		57,433		—		—		—		57,433
Distribution business		13,430		—		—		—		13,430
Food business		9,995		—		—		—		9,995
Art/sports, leisure service		29,766		—		—		—		29,766
Total		110,624		—		—		—		110,624
	December 31, 2020
---	---	---	---	---	---	---	---	---	---	---
	Loans and other<br>financial assets at<br>amortized cost		Financial assets<br>at FVTPL		Financial assets<br>at FVTOCI		Off-balance<br>accounts		Total
Accommodation business		44,900		—		—		—		44,900
Distribution business		15,716		20,000		—		—		35,716
Art/sports, leisure service		28,000		—		—		—		28,000
Total		88,616		20,000		—		—		108,616

• 36 -

3)	Credit risk exposure
a)	Financial assets
---	---

The maximum exposure to credit risk by asset quality, except for financial assets at FVTPL and derivative asset (Designated for hedging) as of September 30, 2021 and December 31, 2020 is as follows (Unit: Korean Won in millions):

	September 30, 2021
	Stage 1				Stage 2				Stage 3		Total		Loss<br>allowance			Total, net
	Above<br>appropriate<br>credit rating<br>(*1)		Less than a<br>limited credit<br>rating<br>(*2)		Above<br>appropriate<br>credit rating<br>(*1)		Less than a<br>limited<br>credit rating<br>(*2)
Loans and other financial assets at amortized cost		308,915,878		22,890,347		11,936,553		10,711,236		1,358,668		355,812,682		(1,887,883	)		353,924,799
Korean treasury and government agencies		16,923,904		12,200		—		—		—		16,936,104		(4,183	)		16,931,921
Banks		19,966,000		398,103		55,974		—		35,753		20,455,830		(13,980	)		20,441,850
Corporates		107,367,693		16,015,840		2,163,098		4,280,692		667,307		130,484,830		(1,115,335	)		129,369,495
General business		69,081,034		8,858,188		1,658,075		2,897,647		486,873		82,981,817		(827,314	)		82,154,503
Small- and medium-sized enterprise		32,076,442		6,578,749		505,023		1,369,712		155,973		40,685,899		(258,039	)		40,427,860
Project financing and others		6,210,217		578,903		—		13,333		14,661		6,817,114		(29,982	)		6,787,132
Consumers		164,658,281		6,464,204		9,717,481		6,430,544		665,408		187,935,918		(754,385	)		187,181,533
Securities at amortized cost		16,769,626		—		—		—		—		16,769,626		(4,608	)		16,765,018
Financial assets at FVTOCI (*3)		31,619,890		213,901		—		—		—		31,833,791		(10,384	)		31,833,791
Total		357,305,394		23,104,248		11,936,553		10,711,236		1,358,668		404,416,099		(1,902,875	)		402,523,608
	September 30, 2021
---	---	---	---	---	---	---	---	---
	Collateral value
	Stage 1		Stage 2		Stage 3		Total
Loans and other financial assets at amortized cost		204,286,689		17,672,621		641,925		222,601,235
Korean treasury and government agencies		19,173		—		—		19,173
Banks		1,255,291		—		—		1,255,291
Corporates		73,616,860		4,605,646		353,337		78,575,843
General business		40,160,779		3,130,103		256,548		43,547,430
Small- and medium-sized enterprise		30,293,886		1,475,543		93,371		31,862,800
Project financing and others		3,162,195		—		3,418		3,165,613
Consumers		129,395,365		13,066,975		288,588		142,750,928
Securities at amortized cost		—		—		—		—
Financial assets at FVTOCI (*3)		—		—		—		—
Total		204,286,689		17,672,621		641,925		222,601,235
(*1)	Credit grade of corporates are AAA ~ BBB, and consumers are grades 1 ~ 6.
---	---
(*2)	Credit grade of corporates are BBB- ~ C, and consumers are grades 7 ~<br>10.
---	---
(*3)	Financial assets at FVTOCI has been disclosed as the amount before deducting allowance for credit losses<br>because allowance for credit losses does not reduce the carrying amount.
---	---

• 37 -

	December 31, 2020
	Stage 1				Stage 2				Stage 3		Total		Loss<br>allowance			Total, net
	Above<br>appropriate<br>credit rating<br>(*1)		Less than a<br>limited credit<br>rating<br>(*2)		Above<br>appropriate<br>credit rating<br>(*1)		Less than a<br>limited<br>credit rating<br>(*2)
Loans and other financial assets at amortized cost		278,729,012		21,249,885		10,356,251		10,143,839		1,623,276		322,102,263		(1,996,185	)		320,106,078
Korean treasury and government agencies		9,674,891		1,063		52,279		—		—		9,728,233		(2,514	)		9,725,719
Banks		19,301,570		105,890		75,876		—		25,598		19,508,934		(15,745	)		19,493,189
Corporates		93,889,922		14,873,376		1,890,564		3,860,389		839,234		115,353,485		(1,221,491	)		114,131,994
General business		61,082,336		9,013,955		1,349,053		2,585,868		576,078		74,607,290		(869,744	)		73,737,546
Small- and medium-sized enterprise		27,504,992		5,415,312		538,909		1,207,706		227,003		34,893,922		(304,077	)		34,589,845
Project financing and others		5,302,594		444,109		2,602		66,815		36,153		5,852,273		(47,670	)		5,804,603
Consumers		155,862,629		6,269,556		8,337,532		6,283,450		758,444		177,511,611		(756,435	)		176,755,176
Securities at amortized cost		17,025,405		—		—		—		—		17,025,405		(4,566	)		17,020,839
Financial assets at FVTOCI (*3)		28,789,281		158,860		—		—		—		28,948,141		(9,631	)		28,948,141
Total		324,543,698		21,408,745		10,356,251		10,143,839		1,623,276		368,075,809		(2,010,382	)		366,075,058
	December 31, 2020
---	---	---	---	---	---	---	---	---
	Collateral value
	Stage 1		Stage 2		Stage 3		Total
Loans and other financial assets at amortized cost		187,731,443		15,677,871		696,709		204,106,023
Korean treasury and government agencies		19,280		—		—		19,280
Banks		1,003,971		—		—		1,003,971
Corporates		62,817,305		3,963,101		400,340		67,180,746
General business		35,578,470		2,670,480		271,815		38,520,765
Small- and medium-sized enterprise		25,404,002		1,290,941		118,265		26,813,208
Project financing and others		1,834,833		1,680		10,260		1,846,773
Consumers		123,890,887		11,714,770		296,369		135,902,026
Securities at amortized cost		—		—		—		—
Financial assets at FVTOCI (*3)		—		—		—		—
Total		187,731,443		15,677,871		696,709		204,106,023
(*1)	Credit grade of corporates are AAA ~ BBB, and consumers are grades 1 ~ 6.
---	---
(*2)	Credit grade of corporates are BBB- ~ C, and consumers are grades 7 ~<br>10.
---	---
(*3)	Financial assets at FVTOCI has been disclosed as the amount before deducting allowance for credit losses<br>because allowance for credit losses does not reduce the carrying amount.
---	---

• 38 -

b)	Guarantees and commitments

The credit quality of the guarantees and loan commitments as of September 30, 2021 and December 31, 2020 are as follows (Unit: Korean Won in millions):

	September 30, 2021
Financial assets	Stage 1				Stage 2				Stage 3		Total
	Above<br>appropriate<br>credit rating<br>(*1)		Less than a<br>limited<br>credit rating<br>(*2)		Above<br>appropriate<br>credit rating<br>(*1)		Less than a<br>limited<br>credit rating<br>(*2)
Off-balance accounts
Guarantees		11,695,106		1,060,776		37,107		241,484		74,315		13,108,788
Loan Commitments		109,300,427		3,020,683		2,216,249		983,980		4,380		115,525,719
Total		120,995,533		4,081,459		2,253,356		1,225,464		78,695		128,634,507
(*1)	Credit grade of corporates are AAA ~ BBB, and consumers are grades 1 ~ 6.
---	---
(*2)	Credit grade of corporate are BBB- ~ C, and consumers are grades 7 ~<br>10.
---	---
	December 31, 2020
---	---	---	---	---	---	---	---	---	---	---	---	---
Financial assets	Stage 1				Stage 2				Stage 3		Total
	Above<br>appropriate<br>credit rating<br>(*1)		Less than a<br>limited<br>credit rating<br>(*2)		Above<br>appropriate<br>credit rating<br>(*1)		Less than a<br>limited<br>credit rating<br>(*2)
Off-balance accounts
Guarantees		10,152,900		1,382,592		11,504		191,962		70,498		11,809,456
Loan Commitments		105,108,967		4,045,595		1,951,649		977,185		5,284		112,088,680
Total		115,261,867		5,428,187		1,963,153		1,169,147		75,782		123,898,136
(*1)	Credit grade of corporates are AAA ~ BBB, and consumers are grades 1 ~ 6.
---	---
(*2)	Credit grade of corporate are BBB- ~ C, and consumers are grades 7 ~<br>10.
---	---
4)	Collateral and other credit enhancements
---	---

For the nine-month period ended September 30, 2021 and for the year ended December 31, 2020, there have been no significant changes in the value of collateral or other credit enhancements held by the Group and there have been no significant changes in collateral or other credit enhancements due to changes in the collateral policy of the Group.

• 39 -

(2)	Market risk

Market risk is the possible risk of loss arising from trading position and non-trading position as a result of the volatility of market factors such as interest rates, stock prices and foreign exchange rates.

1)	Market risk management

Market risk management refers to the process of making and implementing decisions for the avoidance, acceptance or mitigation of risks by identifying the underlying source of the risks and measuring its level, and evaluating the appropriateness of the level of accepted market risks.

a)	Trading activities

The Group uses the standard method and the internally developed model (the Bank) in measuring market risk for trading positions, and allocates market risk capital through the Risk Management Committee. Risk management departments of the Group and its subsidiaries manage limits in detail including those on risk and loss with their management result regularly reported to the Risk Management Committee.

Woori Bank, a subsidiary of the Group, uses the internal model approved by the Financial Supervisory Service to measure the VaR using the Historical Simulation Method based on a 99% confidence level and a 10-day retention period, and calculates the required capital risk for calculating the BIS ratio. For internal management purposes, limit management is performed on a daily basis measuring VaR based on a 99% confidence and 1-day retention period. In addition, Woori Bank perform a daily verification that compares VaR measurement and profit and loss to verify the suitability of the model.

The minimum, maximum and average VaR of the Bank for the nine-month period September 30, 2021 and for the year ended December 31, 2020, and the VaR of the Bank as of September 30, 2021 and December 31, 2020 are as follows (Unit: Korean Won in millions):

	September 30,<br>2021				For the nine-month period ended<br>September 30, 2021									December 31,<br>2020			For the year ended<br>December 31, 2020
Risk factor				Average				Maximum			Minimum				Average				Maximum		Minimum
Interest rate		4,462				4,710			14,017			2,405			6,815			7,959		15,065		2,427
Stock price		3,177				3,372			6,423			1,609			2,283			5,783		14,394		1,982
Foreign currencies		6,049				7,007			13,144			4,747			11,160			8,814		11,233		4,613
Diversification		(4,913	)			(7,536	)		(19,753	)		(3,627	)		(11,087	)		(11,175	)	(18,796	)	(3,452	)
Total VaR(*)		8,775				7,553			13,831			5,134			9,171			11,381		21,896		5,570
(*)	VaR (Value at Risk): Retention period of 1-day, Maximum expected losses<br>under 99% level of confidence.
---	---

• 40 -

b)	Non-trading activities

From the end of 2019 for the Bank and the beginning of 2021 for non-banking subsidiaries, the Bank and its subsidiaries manage and measure interest risk for non-trading activities through DNII(Change in Net Interest Income) and DEVE(Change in Economic Value of Equity) in accordance with IRRBB(Interest Rate Risk in the Banking Book).

DNII represents a change in net interest income that may occur over a certain period (e.g. one year) due to changes in net interest income, and DEVE indicates the economic value changes in equity capital that could be caused by changes in interest rates affecting the present value of asset, liabilities, and others.

DEVE and DNII calculated on interest risk in banking book(IRRBB) basis for assets and liabilities by subsidiary as of the end of September 30, 2021 and December 31, 2020 are as follows(Unit: Korean Won in millions):

	September 30, 2021				December 31, 2020 (*3)
	DEVE<br>(*1)		DNII<br>(*2)		DEVE<br>(*1)		DNII<br>(*2)
Woori Bank		897,794		92,473		634,596		66,138
Woori Card Co., Ltd.		121,785		42,756		—		—
Woori Financial Capital Co., Ltd.		52,287		2,984		—		—
Woori Investment Bank Co., Ltd.		10,708		19,235		—		—
Woori Asset Trust Co., Ltd.		787		1,175		—		—
Woori Asset Management Corp.		1,452		316		—		—
Woori Savings Bank		12,627		1,100		—		—
Woori Private Equity Asset Management Co., Ltd.		1,234		111		—		—
Woori Global Asset Management Co., Ltd.		329		86		—		—
(*1)	DEVE: change in Economic Value of Equity
---	---
(*2)	DNII: change in Net Interest Income
---	---
(*3)	As of December 31, 2020, for the remaining subsidiaries except the bank, consolidated trusts, and<br>consolidated subsidiaries of the bank, EVE and NII were not calculated.
---	---

For the remaining subsidiaries except the Bank, consolidated trusts, and consolidated subsidiaries of the Bank as of December 31, 2020, the interest rate EaR and VaR calculated based on the BIS Framework are as follows (Unit: Korean Won in millions):

	December 31, 2020
	EaR (*1)		VaR (*2)
Woori Card Co., Ltd.		106,645		157,085
Woori Financial Capital Co., Ltd.		3,701		12,550
Woori Investment Bank Co., Ltd.		1,479		5,005
Woori Asset Trust Co., Ltd.		3,211		398
Woori Asset Management Corp.		64		493
Woori Private Equity Asset Management Co., Ltd.		193		37
Woori Global Asset Management Co., Ltd.		119		318
(*1)	EaR (Earning at Risk): Change of maximum expected income and expense
---	---
(*2)	VaR (Value at Risk): Maximum expected losses
---	---

• 41 -

The Group estimates and manages risks related to changes in interest rate due to the difference in the maturities of interest-bearing assets and liabilities and discrepancies in the terms of interest rates. Cash flows (both principal and interest), interest bearing assets and liabilities, presented by each re-pricing date, are as follows (Unit: Korean Won in millions):

	September 30, 2021
	Within 3<br>months		4 to 6<br>months		7 to 9<br>months		10 to 12<br>months		1 to 5<br>years		Over 5<br>years		Total
Asset:
Loans and other financial assets at amortized cost		198,542,199		55,394,839		17,205,450		13,679,303		63,061,244		4,646,143		352,529,178
Financial assets at FVTPL		2,282,285		73,359		52,560		51,360		256,243		13,543		2,729,350
Financial assets at FVTOCI		3,550,729		3,239,742		3,242,889		3,263,012		18,592,783		568,444		32,457,599
Securities at amortized cost		2,299,606		1,098,739		891,626		809,738		10,691,877		1,729,352		17,520,938
Total		206,674,819		59,806,679		21,392,525		17,803,413		92,602,147		6,957,482		405,237,065
Liability:
Deposits due to customers		143,262,990		52,815,905		34,396,086		19,571,954		61,639,384		59,226		311,745,545
Borrowings		12,406,365		3,146,913		1,965,136		1,349,673		5,218,660		457,965		24,544,712
Debentures		3,711,238		2,722,579		4,183,305		5,276,790		24,748,093		3,363,933		44,005,938
Total		159,380,593		58,685,397		40,544,527		26,198,417		91,606,137		3,881,124		380,296,195
	December 31, 2020
---	---	---	---	---	---	---	---	---	---	---	---	---	---	---
	Within 3<br>months		4 to 6<br>months		7 to 9<br>months		10 to 12<br>months		1 to 5<br>years		Over 5<br>years		Total
Asset:
Loans and other financial assets at amortized cost		177,214,415		54,035,826		12,410,513		11,140,520		64,799,854		5,170,572		324,771,700
Financial assets at FVTPL		609,542		263,510		91,791		94,879		150,148		13,239		1,223,109
Financial assets at FVTOCI		4,344,718		3,339,086		3,751,882		2,915,238		14,648,033		473,124		29,472,081
Securities at amortized cost		1,372,094		1,471,309		933,715		1,869,352		11,080,632		1,018,002		17,745,104
Total		183,540,769		59,109,731		17,187,901		16,019,989		90,678,667		6,674,937		373,211,994
Liability:
Deposits due to customers		127,557,303		46,471,099		35,455,403		29,354,652		52,395,811		50,655		291,284,923
Borrowings		11,223,338		2,832,846		1,126,728		949,892		3,828,384		452,495		20,413,683
Debentures		3,246,233		3,396,427		3,929,346		3,495,915		21,899,788		3,257,026		39,224,735
Total		142,026,874		52,700,372		40,511,477		33,800,459		78,123,983		3,760,176		350,923,341
2)	Currency risk
---	---

Currency risk arises from the financial instruments denominated in foreign currencies other than the functional currency. Therefore, no currency risk arises from non-monetary items or financial instruments denominated in the functional currency.

• 42 -

Financial instruments in foreign currencies exposed to currency risk as of September 30, 2021 and December 31, 2020 are as follows (Unit: USD in millions, JPY in millions, CNY in millions, EUR in millions, and Korean Won in millions):

		September 30, 2021
								CNY							Others		Total
		Foreigncurrency	Korean Won<br>equivalent		Foreigncurrency	Korean<br>Won<br>equivalent		Foreign<br>currency		Korean<br>Won<br>equivalent		Foreigncurrency	Korean<br>Won<br>equivalent		Korean<br>Won<br>equivalent		Korean Won<br>equivalent
Asset	Cash and cash equivalents			5,731,268			344,378		2,032		371,987			211,508		880,454		7,539,595
	Loans and other financial assets at amortized cost			29,920,897			1,564,122		21,398		3,916,550			2,834,538		6,192,233		44,428,340
	Financial assets at FVTPL			510,710			179,511		—		—			542,262		115,501		1,347,984
	Financial assets at FVTOCI			3,146,995			—		4,235		775,180			43,729		757,532		4,723,436
	Securities at amortized cost			356,280			—		1,098		201,042			40,199		138,847		736,368
Total				39,666,150			2,088,011		28,763		5,264,759			3,672.236		8,084,567		58,775,723
Liability	Financial liabilities at<br>FVTPL			380,491			271,672		—		—			322,141		357,401		1,331,705
	Deposits due to customers			22,801,541			2,375,105		24,382		4,462,642			2,214,181		4,226,552		36,080,021
	Borrowings			6,309,751			173,253		482		88,137			555,034		2,008,281		9,134,456
	Debentures			4,281,680			—		—		—			—		339,413		4,621,093
	Other financial liabilities			2,833,489			66,102		2,761		505,396			205,858		557,071		4,167,916
Total				36,606,952			2,886,132		27,625		5,056,175			3,297,214		7,488,718		55,335,191
Off-balance accounts				9,355,534			360,539		2,882		527,452			803,525		1,472,453		12,519,503

All values are in US Dollars.

		December 31, 2020
								CNY							Others		Total
		Foreigncurrency	Korean Won<br>equivalent		Foreigncurrency	Korean<br>Won<br>equivalent		Foreign<br>currency		Korean<br>Won<br>equivalent		Foreigncurrency	Korean<br>Won<br>equivalent		Korean<br>Won<br>equivalent		Korean Won<br>equivalent
Asset	Cash and cash equivalents			6,074,879			240,710		4,580		764,686			154,154		501,900		7,736,329
	Loans and other financial assets at amortized cost			23,595,957			1,821,554		24,230		4,045,435			2,678,382		4,857,438		36,998,766
	Financial assets<br>at FVTPL			304,146			198,781		73		11,989			332,182		88,745		935,843
	Financial assets at FVTOCI			2,981,832			—		2,601		434,258			49,789		565,893		4,031,772
	Securities at amortized cost			347,570			—		—		—			45,197		115,534		508,301
Total				33,304,384			2,261,045		31,484		5,256,368			3,259,704		6,129,510		50,211,011
Liability	Financial liabilities at<br>FVTPL			463,678			152,792		—		—			211,525		115,429		943,424
	Deposits due to customers			18,130,448			2,320,983		26,733		4,463,300			2,050,400		3,443,631		30,408,762
	Borrowings			6,154,464			510,750		—		—			789,955		697,234		8,152,403
	Debentures			4,322,800			—		—		—			—		444,711		4,767,511
	Other financial liabilities			2,590,147			70,690		1,853		309,319			85,553		193,128		3,248,837
Total				31,661,537			3,055,215		28,586		4,772,619			3,137,433		4,894,133		47,520,937
Off-balance accounts				8,095,297			263,478		3,007		502,106			712,846		556,988		10,130,715

All values are in US Dollars.

• 43 -

(3)	Liquidity risk

Liquidity risk refers to the risk that the Group may encounter difficulties in meeting obligations from its financial liabilities.

1)	Liquidity risk management

Liquidity risk management is to prevent potential cash shortages as a result of mismatching the use of funds (assets) and sources of funds (liabilities) or unexpected cash outflows. The financial liabilities that are relevant to liquidity risk are incorporated within the scope of risk management. Derivatives instruments are excluded from those financial liabilities as they reflect expected cash flows for a pre-determined period.

Assets and liabilities are grouped by account under Asset Liability Management (“ALM”) in accordance with the characteristics of the account. The Group manages liquidity risk by identifying the maturity gap and such gap ratio through various cash flows analysis (i.e. based on remaining maturity and contract period, etc.), while maintaining the gap ratio at or below the target limit.

2)	Maturity analysis of non-derivative financial liabilities<br>

a) Cash flows of principals and interests by remaining contractual maturities of non-derivative financial liabilities as of September 30, 2021 and December 31, 2020 are as follows (Unit: Korean Won in millions):

	September 30, 2021
	Within 3<br>months		4 to 6<br>months		7 to 9<br>months		10 to 12<br>months		1 to 5<br>years		Over 5<br>years		Total
Financial liabilities at FVTPL		70,299		10,886		40,848		258,976		—		—		381,009
Deposits due to customers		220,650,535		37,376,889		21,872,765		22,538,199		9,398,617		1,966,082		313,803,087
Borrowings		9,839,653		3,074,610		3,174,290		2,225,735		5,727,479		507,529		24,549,296
Debentures		3,711,238		2,722,579		4,183,305		5,276,790		24,748,093		3,363,933		44,005,938
Lease liabilities		45,190		36,837		47,279		25,265		162,739		40,555		357,865
Other financial liabilities		16,339,617		73,427		35,558		10,624		665,282		1,679,430		18,803,938
Total		250,656,532		43,295,228		29,354,045		30,335,589		40,702,210		7,557,529		401,901,133
	December 31, 2020
---	---	---	---	---	---	---	---	---	---	---	---	---	---	---
	Within 3<br>months		4 to 6<br>months		7 to 9<br>months		10 to 12<br>months		1 to 5<br>years		Over 5<br>years		Total
Financial liabilities at FVTPL		64,183		135,232		42,418		112,102		—		—		353,935
Deposits due to customers		191,660,253		34,349,298		25,213,410		31,144,452		9,230,904		1,793,143		293,391,460
Borrowings		10,159,819		2,524,572		1,714,490		1,866,810		4,177,634		463,376		20,906,701
Debentures		3,246,233		3,396,427		3,929,346		3,495,915		21,899,788		3,257,228		39,224,937
Lease liabilities		53,429		44,551		40,809		34,761		201,113		34,780		409,443
Other financial liabilities		8,121,978		70,277		10,294		10,897		451,096		2,142,772		10,807,314
Total		213,305,895		40,520,357		30,950,767		36,664,937		35,960,535		7,691,299		365,093,790

• 44 -

b) Cash flows of principals and interests by expected maturities of non-derivative financial liabilities as of September 30, 2021 and December 31, 2020 are as follows (Unit: Korean Won in millions):

	September 30, 2021
	Within 3<br>months		4 to 6<br>months		7 to 9<br>months		10 to 12<br>months		1 to 5<br>years		Over 5<br>years		Total
Financial liabilities at FVTPL		70,299		10,886		40,848		258,976		—		—		381,009
Deposits due to customers		226,798,660		38,143,806		20,569,435		19,393,811		8,134,059		381,684		313,421,455
Borrowings		9,839,653		3,074,610		3,174,290		2,225,735		5,727,479		507,529		24,549,296
Debentures		3,711,238		2,722,579		4,183,305		5,276,790		24,748,093		3,363,933		44,005,938
Lease liabilities		45,508		38,228		48,031		25,620		167,940		42,033		367,360
Other financial liabilities		16,339,617		73,427		35,558		10,624		665,282		1,679,430		18,803,938
Total		256,804,975		44,063,536		28,051,467		27,191,556		39,442,853		5,974,609		401,528,996
	December 31, 2020
---	---	---	---	---	---	---	---	---	---	---	---	---	---	---
	Within 3<br>months		4 to 6<br>months		7 to 9<br>months		10 to 12<br>months		1 to 5<br>years		Over 5<br>years		Total
Financial liabilities at FVTPL		68,909		131,496		41,428		112,102		—		—		353,935
Deposits due to customers		199,931,480		35,912,096		23,924,403		25,477,917		7,582,278		105,413		292,933,587
Borrowings		10,159,819		2,524,572		1,714,490		1,866,810		4,177,634		463,376		20,906,701
Debentures		3,246,233		3,396,427		3,929,346		3,495,915		21,899,788		3,257,228		39,224,937
Lease liabilities		53,429		44,894		40,949		35,074		208,125		36,950		419,421
Other financial liabilities		8,121,978		70,277		10,294		10,897		451,096		2,142,772		10,807,314
Total		221,581,848		42,079,762		29,660,910		30,998,715		34,318,921		6,005,739		364,645,895
3)	Maturity analysis of derivative financial liabilities
---	---

Derivatives held for trading purpose are not managed in accordance with their contractual maturity, since the Group holds such financial instruments with the purpose of disposing or redemption before their maturity. As such, those derivatives are incorporated as “within 3 months” in the table below. Derivatives designated for hedging purpose are estimated by offsetting cash inflows and cash outflows.

The cash flow by the maturity of derivative financial liabilities as of September 30, 2021 and December 31, 2020 is as follows (Unit: Korean Won in millions):

		Remaining maturity
		Within 3<br>months		4 to 6<br>months			7 to 9<br>months			10 to 12<br>months			1 to 5<br>years			Over 5<br>years			Total
September 30, 2021	Cash flow risk hedge		617		(88	)		(103	)		(179	)		(297	)		(4,332	)		(4,382	)
	Fair value risk hedge		309		(1,525	)		380			(1,507	)		15,607			—			13,264
	Trading purpose		5,353,143		—			—			—			—			—			5,353,143
December 31, 2020	Cash flow risk hedge		2,655		6,004			515			239			55,744			—			65,157
	Fair value risk hedge		255		(302	)		233			(287	)		126			—			25
	Trading purpose		6,460,472		—			—			—			—			—			6,460,472
4)	Maturity analysis of off-balance accounts (Guarantees loan commitments<br>and others)
---	---

A financial guarantee represents an irrevocable undertaking that the Group should meet a customer’s obligations to third parties if the customer fails to do so. The loan commitment represents the limit if the Group has promised a credit to the customer. Commitments to lend include commercial standby facilities and credit lines, liquidity facilities to commercial paper conduits and utilized overdraft facilities. The maximum limit to be paid by the Group in accordance with guarantees and loan commitment only applies to principal amounts. There are contractual maturities for financial guarantees, such as guarantees for debentures issued or loans, unused loan commitments, and other guarantees, however, under the terms of the guarantees and unused loan commitments, funds should be paid upon demand from the counterparty. Details of off-balance accounts are as follows (Unit: Korean Won in millions):

	September 30, 2021		December 31, 2020
Guarantees		13,108,788		11,809,456
Loan commitments		115,525,719		112,088,680
Other commitments		3,811,214		4,933,086

• 45 -

(4)	Operational risk

The Group defines the operational risk that could cause a negative effect on capital resulting from inadequate internal process, labor work and systematic problem or external factors.

1)	Operational risk management

The Group has established and operated an operating risk management system to strengthen external competitiveness, reduce risk capital volume, enhance operational risk management capacity and prevent accidents through compliance with Basel II, and has obtained approval from the Financial Supervisory Service for “Advanced Measurement Approaches”(AMA) based on self-compliance verification and independent third-party inspection results.

2)	Operational risk measurement

The Group is applying the basic indicator method for the purpose of calculating the regulatory capital of operation risk, and the Bank is applying the advanced measurement method. The Bank applies AMA using internal and external loss data, business environment and internal control factors, and scenario analysis.

• 46 -

5.	OPERATING SEGMENTS

In evaluating the results of the Group and allocating resources, the Group’s Chief Operation Decision Maker (“CODM”) utilizes the information per type of customers. This financial information of the segments is regularly reviewed by the CODM to make decisions about resources to be allocated to each segment and evaluate its performance.

(1)	Segment by type of organization

The Group’s reporting segments consist of banking, credit card, capital, investment banking and other sectors, and the composition of such reporting segments was divided based on internal report data periodically reviewed by the management to evaluate the performance of the segment and make decisions on the resources to be distributed.

	Operational scope
Banking	Loans/deposits, financial services and other relevant services for customers of Woori Bank
Credit card	Credit card, cash services, card loans and other relevant services of Woori Card Co., Ltd.
Capital	Installments, loans including lease financing and other relevant services of Woori Financial Capital Co., Ltd.
Investment banking	Securities operation, sale of financial instruments, project financing and other related services for comprehensive financing of Woori Investment Bank Co., Ltd.
Others	Woori Financial Group Inc., Woori Asset Trust Co., Ltd., Woori Asset Management Corp., Ltd., Woori Savings Bank, Woori Credit Information Co., Ltd., Woori Fund Services Inc., Woori Private Equity Asset Management Co., Ltd., Woori<br>Global Asset Management Co., Ltd., Woori FIS Co., Ltd. and Woori Finance Research Institute

(2) The details of income (expense) by each segment are as follows (Unit: Korean Won in millions):

	For the nine-month period ended September 30, 2021
	Banking (*1)			Credit card			Capital			Investment<br>banking			Others (*2)			Sub-total			Adjustments<br>(*3)			Total
Net interest income		3,747,793			449,944			227,004			79,057			19,916			4,523,714			565,157			5,088,871
Non-interest income(expense)		1,315,502			47,787			68,095			40,846			991,182			2,463,412			(1,372,173	)		1,091,239
Impairment losses due to credit loss		(72,200	)		(102,945	)		(50,486	)		3,160			(7,531	)		(230,002	)		(81,659	)		(311,661	)
General and administrative expense		(2,403,110	)		(157,164	)		(71,142	)		(35,972	)		(322,198	)		(2,989,586	)		196,745			(2,792,841	)
Net operating income(expense)		2,587,985			237,622			173,471			87,091			681,369			3,767,538			(691,930	)		3,075,608
Non-operating income(expense)		74,518			(4,275	)		(15,529	)		(179	)		3,435			57,970			19,152			77,122
Net income(expense) before tax		2,662,503			233,347			157,942			86,912			684,804			3,825,508			(672,778	)		3,152,730
Tax income(expense)		(669,108	)		(58,730	)		(29,270	)		(20,424	)		(13,939	)		(791,471	)		388			(791,083	)
Net income(loss)		1,993,395			174,617			128,672			66,488			670,865			3,034,037			(672,390	)		2,361,647
Total assets		408,422,792			13,572,392			9,392,491			5,038,916			25,241,862			461,668,453			(23,483,543	)		438,184,910
Total liabilities		384,051,547			11,342,429			8,416,294			4,452,323			3,082,673			411,345,266			(1,475,127	)		409,870,139

(*1) The banking sector includes banks and their consolidated subsidiaries (such as overseas subsidiaries)

(*2)	Other segments include gains and losses from Woori Financial Group Inc., Woori Asset Trust Co., Ltd., Woori<br>Asset Management Corp., Woori Savings Bank, Woori Credit Information Co., Ltd., Woori Fund Service Inc., Woori Private Equity Asset Management Co., Ltd., Woori Global Asset Management Co., Ltd., Woori FIS Co., Ltd. and Woori Finance Research<br>Institute.
(*3)	Adjustments were made for the presentation of profit or loss in accordance with the Accounting Standards from<br>the reporting segments in accordance with the Managerial Accounting Standards.
---	---

• 47 -

	For the nine-month period ended September 30, 2020
	Banking (*1)			Credit card			Investment<br>banking			Others (*2)			Sub-total			Adjustments (*3)			Total
Net interest income		3,407,584			420,518			55,990			(2,099	)		3,881,993			546,295			4,428,288
Non-interest income(expense)		1,096,317			8,527			29,062			959,560			2,093,466			(1,398,656	)		694,810
Impairment losses due to credit loss		(413,446	)		(139,026	)		(2,302	)		(1,877	)		(556,651	)		(30,069	)		(586,720	)
General and administrative expense		(2,425,439	)		(145,997	)		(25,928	)		(284,823	)		(2,882,187	)		193,567			(2,688,620	)
Net operating income(expense)		1,665,016			144,022			56,822			670,761			2,536,621			(688,863	)		1,847,758
Non-operating expense		(127,036	)		(3,614	)		(455	)		(105	)		(131,210	)		(6,719	)		(137,929	)
Net income(expense) before tax		1,537,980			140,408			56,367			670,656			2,405,411			(695,582	)		1,709,829
Tax income(expense)		(360,240	)		(32,996	)		(6,224	)		(12,535	)		(411,995	)		(2,086	)		(414,081	)
Net income(loss)		1,177,740			107,412			50,143			658,121			1,993,416			(697,668	)		1,295,748
Total assets (*4)		374,120,064			11,366,596			4,332,474			31,872,690			421,691,824			(22,610,807	)		399,081,017
Total liabilities (*4)		348,706,682			9,312,986			3,803,594			9,606,742			371,430,004			925,168			372,355,172
(*1)	Banking includes gains and losses from separate Bank and local subsidiaries abroad.
---	---
(*2)	Other subsidiaries include gains and losses from Woori Financial Group Inc., Woori Asset Trust Co., Ltd., Woori<br>Asset Management Corp., Woori Credit Information Co., Ltd., Woori Fund Service Inc., Woori Private Equity Asset Management Co., Ltd., Woori Global Asset Management Co., Ltd., Woori FIS Co., Ltd. and Woori Finance Research Institute.<br>
---	---
(*3)	Adjustments were made for the presentation of profit or loss in accordance with the Accounting Standards from<br>the reporting segments in accordance with the Managerial Accounting Standards.
---	---
(*4)	Total assets and liabilities are amounts at the end of the previous year.
---	---
(3)	Operating profit or loss from external customers for the nine-month periods ended September 30, 2021 and<br>2020 are as follows (Unit: Korean Won in millions):
---	---
	For the nine-month period<br>ended September 30
---	---	---	---	---
	2021		2020
Domestic		2,812,858		1,714,237
Foreign		262,750		133,521
Total		3,075,608		1,847,758
(4)	Major non-current assets as of September 30, 2021 and<br>December 31, 2020 are as follows (Unit: Korean Won in millions):
---	---
	September 30, 2021 (*)		December 31, 2020 (*)
---	---	---	---	---
Domestic		5,094,203		5,026,161
Foreign		483,589		433,869
Total		5,577,792		5,460,030
(*)	Major non-current assets included investments in joint ventures and<br>associates, investment properties, property, plant and equipment, and intangible assets.
---	---
(5)	Information about major customers
---	---

The Group does not have any single customer that generates 10% or more of the Group’s total revenue for the nine-month periods ended September 30, 2021 and 2020.

• 48 -

6.	CASH AND CASH EQUIVALENTS

Details of cash and cash equivalents are as follows (Unit: Korean Won in millions):

	September 30, 2021		December 31, 2020
Cash		2,814,119		1,611,282
Foreign currencies		505,446		514,565
Demand deposits		7,205,138		7,314,353
Fixed deposits		551,376		550,783
Total		11,076,079		9,990,983
7.	FINANCIAL ASSETS AT FVTPL
---	---
(1)	Details of financial assets at FVTPL as of September 30, 2021 and December 31, 2020 are as follows<br>(Unit: Korean Won in millions):
---	---
	September 30, 2021		December 31, 2020
---	---	---	---	---
Financial assets at fair value through profit or loss measured at fair value		15,647,021		14,762,941
(2)	Financial assets at fair value through profit or loss measured at fair value are as follows (Unit: Korean Won<br>in millions):
---	---
	September 30, 2021		December 31, 2020
---	---	---	---	---
Deposits:
Gold banking asset		70,008		48,796
Securities:
Debt securities
Korean treasury and government agencies		1,146,013		1,020,418
Financial institutions		956,918		873,031
Corporates		696,137		761,681
Others		39,917		231,967
Equity securities		375,288		485,793
Capital contributions		1,082,431		865,685
Beneficiary certificates		5,103,211		2,812,558
Others		91,504		84,979
Sub-total		9,491,419		7,136,112
Loans		494,004		676,291
Derivatives assets		5,591,590		6,901,742
Total		15,647,021		14,762,941

The Group does not have financial assets at fair value through profit or loss designated as upon initial recognition as of September 30, 2021 and December 31, 2020.

• 49 -

8.	FINANCIAL ASSETS AT FVTOCI
(1)	Details of financial assets at FVTOCI as of September 30, 2021 and December 31, 2020 are as follows<br>(Unit: Korean Won in millions):
---	---
	September 30, 2021		December 31,<br>2020
---	---	---	---	---
Debt securities:
Korean treasury and government agencies		5,354,255		2,922,671
Financial institutions		17,317,779		17,996,660
Corporates		4,240,638		3,896,744
Bond denominated in foreign currencies		4,723,380		4,031,721
Securities loaned		197,739		100,345
Sub-total		31,833,791		28,948,141
Equity securities		1,084,595		1,080,788
Total		32,918,386		30,028,929
(2)	Details of equity securities designated as financial assets at FVTOCI as of September 30, 2021 and<br>December 31, 2020 are as follows (Unit: Korean Won in millions):
---	---
Purpose of acquisition	September 30, 2021		December 31, 2020		Remarks
---	---	---	---	---	---	---
Investment for strategic business partnership purpose		861,212		778,657
Debt-equity swap		223,377		302,090
Others		6		41		Development Trust management purpose, etc.
Total		1,084,595		1,080,788
(3)	Changes in the allowance for credit losses and gross carrying amount of financial assets at FVTOCI are as<br>follows (Unit: Korean Won in millions):
---	---
1)	Allowance for credit losses
---	---
	For the nine-month period ended September 30, 2021
---	---	---	---	---	---	---	---	---	---	---
	Stage 1			Stage 2		Stage 3		Total
Beginning balance		(9,631	)		—		—		(9,631	)
Transfer to 12-month expected credit losses		—			—		—		—
Transfer to lifetime expected credit losses		—			—		—		—
Transfer to credit-impaired financial assets		—			—		—		—
Net provision of allowance for credit losses		(2,565	)		—		—		(2,565	)
Disposal		1,941			—		—		1,941
Others (*)		(129	)		—		—		(129	)
Ending balance		(10,384	)		—		—		(10,384	)
(*)	Others consist of foreign currencies translation, etc.
---	---
	For the nine-month period ended September 30, 2020
---	---	---	---	---	---	---	---	---	---	---
	Stage 1			Stage 2		Stage 3		Total
Beginning balance		(8,569	)		—		—		(8,569	)
Transfer to 12-month expected credit losses		—			—		—		—
Transfer to lifetime expected credit losses		—			—		—		—
Transfer to credit-impaired financial assets		—			—		—		—
Net provision of allowance for credit losses		(1,425	)		—		—		(1,425	)
Disposal		504			—		—		504
Others (*)		(214	)		—		—		(214	)
Ending balance		(9,704	)		—		—		(9,704	)
(*)	Others consist of foreign currencies translation, etc.
---	---

• 50 -

2)	Gross carrying amount
	For the nine-month period ended September 30, 2021
---	---	---	---	---	---	---	---	---	---	---
	Stage 1			Stage 2		Stage 3		Total
Beginning balance		28,948,141			—		—		28,948,141
Transfer to 12-month expected credit losses		—			—		—		—
Transfer to lifetime expected credit losses		—			—		—		—
Transfer to credit-impaired financial assets		—			—		—		—
Acquisition		20,219,842			—		—		20,219,842
Disposal/ Recovery		(17,526,521	)		—		—		(17,526,521	)
Loss on valuation		(172,996	)		—		—		(172,996	)
Amortization based on effective interest method		(2,873	)		—		—		(2,873	)
Others (*)		368,198			—		—		368,198
Ending balance		31,833,791			—		—		31,833,791
(*)	Changes due to foreign currencies translation, etc.
---	---
	For the nine-month period ended September 30, 2020
---	---	---	---	---	---	---	---	---	---	---
	Stage 1			Stage 2		Stage 3		Total
Beginning balance		26,795,161			—		—		26,795,161
Transfer to 12-month expected credit losses		—			—		—		—
Transfer to lifetime expected credit losses		—			—		—		—
Transfer to credit-impaired financial assets		—			—		—		—
Acquisition		17,717,064			—		—		17,717,064
Disposal/ Recovery		(15,833,741	)		—		—		(15,833,741	)
Gain on valuation		70,225			—		—		70,225
Amortization based on effective interest method		(9,446	)		—		—		(9,446	)
Others (*)		(26,167	)		—		—		(26,167	)
Ending balance		28,713,096			—		—		28,713,096
(*)	Changes due to foreign currencies translation, etc.
---	---
(4)	During the nine-month period ended September 30, 2021 and 2020, the Group sold its equity securities,<br>designated as financial assets at FVTOCI in accordance with decision of disposal by the creditors, and the fair values at disposal dates were 137,313 million Won and 2,770 million Won, respectively, and cumulative gains at disposal dates<br>for 2021 were 1,868 million Won and cumulative losses at disposal dates for 2020 were 3,641 million Won.
---	---
9.	SECURITIES AT AMORTIZED COST
---	---
(1)	Details of securities at amortized cost as of September 30, 2021 and December 31, 2020 are as follows<br>(Unit: Korean Won in millions):
---	---
	September 30, 2021			December 31, 2020
---	---	---	---	---	---	---
Korean treasury and government agencies		7,876,285			6,947,495
Financial institutions		2,972,772			4,843,534
Corporates		5,184,201			4,726,075
Bond denominated in foreign currencies		736,368			508,301
Allowance for credit losses		(4,608	)		(4,566	)
Total		16,765,018			17,020,839

• 51 -

(2)	Changes in the allowance for credit losses and gross carrying amount of securities at amortized cost are as<br>follows (Unit: Korean Won in millions):
1)	Loss allowance
---	---
	For the nine-month period ended September 30, 2021
---	---	---	---	---	---	---	---	---	---	---
	Stage 1			Stage 2		Stage 3		Total
Beginning balance		(4,566	)		—		—		(4,566	)
Transfer to 12-month expected credit losses		—			—		—		—
Transfer to lifetime expected credit losses		—			—		—		—
Transfer to credit-impaired financial assets		—			—		—		—
Net reversal of allowance for credit losses		(34	)		—		—		(34	)
Others (*)		(8	)		—		—		(8	)
Ending balance		(4,608	)		—		—		(4,608	)
(*)	Changes due to foreign currencies translation, etc.
---	---
	For the nine-month period ended September 30, 2020
---	---	---	---	---	---	---	---	---	---	---
	Stage 1			Stage 2		Stage 3		Total
Beginning balance		(5,511	)		—		—		(5,511	)
Transfer to 12-month expected credit losses		—			—		—		—
Transfer to lifetime expected credit losses		—			—		—		—
Transfer to credit-impaired financial assets		—			—		—		—
Net reversal of allowance for credit losses		122			—		—		122
Others (*)		3			—		—		3
Ending balance		(5,386	)		—		—		(5,386	)
(*)	Changes due to foreign currencies translation, etc.
---	---
2)	Gross carrying amount
---	---
	For the nine-month period ended September 30, 2021
---	---	---	---	---	---	---	---	---	---	---
	Stage 1			Stage 2		Stage 3		Total
Beginning balance		17,025,405			—		—		17,025,405
Transfer to 12-month expected credit losses		—			—		—		—
Transfer to lifetime expected credit losses		—			—		—		—
Transfer to credit-impaired financial assets		—			—		—		—
Acquisition		3,486,036			—		—		3,486,036
Disposal/ Recovery		(3,799,589	)		—		—		(3,799,589	)
Amortization based on effective interest method		9,214			—		—		9,214
Others (*)		48,560			—		—		48,560
Ending balance		16,769,626			—		—		16,769,626
(*)	Changes due to foreign currencies translation, etc.
---	---
	For the nine-month period ended September 30, 2020
---	---	---	---	---	---	---	---	---	---	---
	Stage 1			Stage 2		Stage 3		Total
Beginning balance		20,326,050			—		—		20,326,050
Transfer to 12-month expected credit losses		—			—		—		—
Transfer to lifetime expected credit losses		—			—		—		—
Transfer to credit-impaired financial assets		—			—		—		—
Acquisition		1,712,770			—		—		1,712,770
Disposal/ Recovery		(4,148,133	)		—		—		(4,148,133	)
Amortization based on effective interest method		407			—		—		407
Others (*)		4,214			—		—		4,214
Ending balance		17,895,308			—		—		17,895,308
(*)	Changes due to foreign currencies translation, etc.
---	---

• 52 -

10.	LOANS AND OTHER FINANCIAL ASSETS AT AMORTIZED COST
(1)	Details of loans and other financial assets at amortized cost as of September 30, 2021 and<br>December 31, 2020 are as follows (Unit: Korean Won in millions):
---	---
	September 30,<br>2021		December 31,<br>2020
---	---	---	---	---
Due from banks		17,396,439		9,863,160
Loans		327,612,702		302,794,182
Other financial assets		8,915,658		7,448,736
Total		353,924,799		320,106,078
(2)	Details of due from banks are as follows (Unit: Korean Won in millions):
---	---
	September 30, 2021			December 31, 2020
---	---	---	---	---	---	---
Due from banks in local currency:
Due from Bank of Korea (“BOK”)		13,573,483			6,519,226
Due from depository banks		155,063			84,195
Due from non-depository institutions		13,134			266
Due from the Korea Exchange		55			227
Others		125,332			172,914
Loss allowance		(3,234	)		(1,576	)
Sub-total		13,863,833			6,775,252
Due from banks in foreign currencies:
Due from banks on demand		1,702,598			1,608,126
Due from banks on time		199,422			296,489
Others		1,633,657			1,186,083
Loss allowance		(3,071	)		(2,790	)
Sub-total		3,532,606			3,087,908
Total		17,396,439			9,863,160
(3)	Details of restricted due from banks are as follows (Unit: Korean Won in millions):
---	---
	Counterparty	September 30, 2021		Reason of restriction
---	---	---	---	---
Due from banks in local currency:
Due from BOK	BOK		13,573,483	Reserve deposits under BOK Act
Due from KSFC	KB Securities Co. Ltd.		55	Futures trading margin
Others	Korea Federation of Savings Banks and others		104,193	Guarantees, mortgage of domestic exchange transactions and others
Sub-total			13,677,731
Due from banks in foreign currencies:
Due from banks on demand	BOK and others		1,684,290	Reserve deposits under BOK Act and others
Due from banks on time	National Bank Cambodia		237	Reserve deposits and others
Others	Korea Investment & Securities and others		1,628,222	Overseas futures and options trade deposits and others
Sub-total			3,312,749
Total			16,990,480

• 53 -

	Counterparty	December 31, 2020		Reason of restriction
Due from banks in local currency:
Due from BOK	BOK		6,519,226	Reserve deposits under BOK Act
Due from KSFC	KB Securities Co. Ltd.		227	Futures trading margin
Others	Korea Federation of Savings Banks and others		89,562	Guarantees, mortgage of domestic exchange transactions and others
Sub-total			6,609,015
Due from banks in foreign currencies:
Due from banks on demand	BOK and others		1,544,492	Reserve deposits under BOK Act and others
Due from banks on time	National Bank Cambodia		54	Reserve deposits and others
Others	Korea Investment & Securities and others		1,180,570	Overseas futures and options trade deposits and others
Sub-total			2,725,116
Total			9,334,131
(4)	Changes in the allowance for credit losses and gross carrying amount of due from banks are as follows (Unit:<br>Korean Won in millions):
---	---
1)	Allowance for credit losses
---	---
	For the nine-month period ended September 30, 2021
---	---	---	---	---	---	---	---	---	---	---
	Stage 1			Stage 2		Stage 3		Total
Beginning balance		(4,366	)		—		—		(4,366	)
Transfer to 12-month expected credit losses		—			—		—		—
Transfer to lifetime expected credit losses		—			—		—		—
Transfer to credit-impaired financial assets		—			—		—		—
Provision for allowance for credit loss		(1,932	)		—		—		(1,932	)
Others (*)		(7	)		—		—		(7	)
Ending balance		(6,305	)		—		—		(6,305	)
(*)	Changes due to foreign currencies translation, etc.
---	---
	For the nine-month period ended September 30, 2020
---	---	---	---	---	---	---	---	---	---	---
	Stage 1			Stage 2		Stage 3		Total
Beginning balance		(4,860	)		—		—		(4,860	)
Transfer to 12-month expected credit losses		—			—		—		—
Transfer to lifetime expected credit losses		—			—		—		—
Transfer to credit-impaired financial assets		—			—		—		—
Provision for allowance for credit loss		(888	)		—		—		(888	)
Others (*)		109			—		—		109
Ending balance		(5,639	)		—		—		(5,639	)
(*)	Changes due to foreign currencies translation, etc.
---	---

• 54 -

2)	Gross carrying amount
	For the nine-month period ended September 30, 2021
---	---	---	---	---	---	---	---	---
	Stage 1		Stage 2		Stage 3		Total
Beginning balance		9,867,526		—		—		9,867,526
Transfer to 12-month expected credit losses		—		—		—		—
Transfer to lifetime expected credit losses		—		—		—		—
Transfer to credit-impaired financial assets		—		—		—		—
Net increase		7,472,661		—		—		7,472,661
Others (*)		62,557		—		—		62,557
Ending balance		17,402,744		—		—		17,402,744
(*)	Changes due to foreign currencies translation, etc.`
---	---
	For the nine-month period ended September 30, 2020
---	---	---	---	---	---	---	---	---	---	---
	Stage 1			Stage 2		Stage 3		Total
Beginning balance		14,497,083			—		—		14,497,083
Transfer to 12-month expected credit losses		—			—		—		—
Transfer to lifetime expected credit losses		—			—		—		—
Transfer to credit-impaired financial assets		—			—		—		—
Net decrease		(1,272,308	)		—		—		(1,272,308	)
Others (*)		26,919			—		—		26,919
Ending balance		13,251,694			—		—		13,251,694
(*)	Changes due to foreign currencies translation, etc.
---	---
(5)	Details of loans are as follows (Unit: Korean Won in millions):
---	---
	September 30, 2021			December 31, 2020
---	---	---	---	---	---	---
Loans in local currency		268,251,309			249,264,947
Loans in foreign currencies		23,873,403			20,025,092
Domestic banker’s usance		3,307,888			2,240,830
Credit card accounts		9,425,729			8,542,619
Bills bought in foreign currencies		6,345,077			5,763,427
Bills bought in local currency		293,706			133,650
Factoring receivables		29,164			38,017
Advances for customers on guarantees		25,915			31,300
Private placement bonds		539,622			353,585
Securitized loans		2,707,901			2,561,914
Call loans		3,217,960			2,352,034
Bonds purchased under resale agreements		6,929,276			10,145,749
Financial lease receivables		1,091,278			586,216
Installment financial bond		2,558,740			1,925,493
Others		171			380
Loan origination costs and fees		824,598			744,109
Discounted present value		(6,774	)		(6,656	)
Allowance for credit losses		(1,802,261	)		(1,908,524	)
Total		327,612,702			302,794,182

• 55 -

(6)	Changes in the allowance for credit losses of loans are as follows (Unit: Korean Won in millions):<br>
	For the nine-month period ended September 30, 2021
---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---
	Consumers									Corporates
	Stage 1			Stage 2			Stage 3			Stage 1			Stage 2			Stage 3
Beginning balance		(121,527	)		(84,463	)		(205,693	)		(327,460	)		(521,907	)		(388,744	)
Transfer to 12-month expected credit losses		(18,409	)		17,601			808			(104,128	)		74,794			29,334
Transfer to lifetime expected credit losses		9,434			(12,159	)		2,725			15,691			(37,917	)		22,226
Transfer to credit-impaired financial assets		4,359			15,810			(20,169	)		1,684			23,025			(24,709	)
Net reversal (provision) of allowance for credit losses		(5,517	)		(30,811	)		(77,689	)		87,141			(62,051	)		(106,175	)
Recovery		—			—			(56,286	)		—			—			(43,135	)
Charge-off		—			—			128,148			—			—			189,088
Disposal		—			12			12,241			—			53			55,368
Interest income from impaired loans		—			—			10,807			—			—			9,695
Others		123			221			4,261			(13,767	)		(5,913	)		2,390
Ending balance		(131,537	)		(93,789	)		(200,847	)		(340,839	)		(529,916	)		(254,662	)
	For the nine-month period ended September 30, 2021
---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---
	Credit card accounts									Total
	Stage 1			Stage 2			Stage 3			Stage 1			Stage 2			Stage 3
Beginning balance		(62,712	)		(90,481	)		(105,537	)		(511,699	)		(696,851	)		(699,974	)
Transfer to 12-month expected credit losses		(22,906	)		22,738			168			(145,443	)		115,133			30,310
Transfer to lifetime expected credit losses		7,277			(8,004	)		727			32,402			(58,080	)		25,678
Transfer to credit-impaired financial assets		514			1,671			(2,185	)		6,557			40,506			(47,063	)
Net reversal (provision) of allowance for credit losses		8,926			(28,601	)		(102,949	)		90,550			(121,463	)		(286,813	)
Recovery		—			—			(48,945	)		—			—			(148,366	)
Charge-off		—			—			154,056			—			—			471,292
Disposal		—			—			25,576			—			65			93,185
Interest income from impaired loans		—			—			—			—			—			20,502
Others		(4	)		—			—			(13,648	)		(5,692	)		6,651
Ending balance		(68,905	)		(102,677	)		(79,089	)		(541,281	)		(726,382	)		(534,598	)

• 56 -

	For the nine-month period ended September 30, 2020
	Consumers									Corporates
	Stage 1			Stage 2			Stage 3			Stage 1			Stage 2			Stage 3
Beginning balance		(85,148	)		(77,962	)		(125,588	)		(324,258	)		(297,718	)		(390,045	)
Transfer to 12-month expected credit losses		(20,419	)		19,749			670			(32,413	)		24,104			8,309
Transfer to lifetime expected credit losses		8,531			(10,276	)		1,745			16,401			(40,792	)		24,391
Transfer to credit-impaired financial assets		5,022			8,224			(13,246	)		2,539			11,605			(14,144	)
Net reversal (provision) of allowance for credit losses		1,277			(7,969	)		(85,126	)		(75,525	)		(90,303	)		(172,839	)
Recovery		—			—			(52,491	)		—			—			(52,146	)
Charge-off		—			—			140,741			—			—			155,732
Disposal		61			2			976			—			13			33,645
Interest income from impaired loans		—			—			7,016			—			—			11,271
Others		461			58			471			782			(85	)		23,261
Ending balance		(90,215	)		(68,174	)		(124,832	)		(412,474	)		(393,176	)		(372,565	)
	For the nine-month period ended September 30, 2020
---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---
	Credit card accounts									Total
	Stage 1			Stage 2			Stage 3			Stage 1			Stage 2			Stage 3
Beginning balance		(74,726	)		(71,533	)		(128,042	)		(484,132	)		(447,213	)		(643,675	)
Transfer to 12-month expected credit losses		(14,400	)		14,262			138			(67,232	)		58,115			9,117
Transfer to lifetime expected credit losses		6,467			(6,839	)		372			31,399			(57,907	)		26,508
Transfer to credit-impaired financial assets		50,628			64,597			(115,225	)		58,189			84,426			(142,615	)
Net reversal (provision) of allowance for credit losses		(45,746	)		(62,535	)		(28,508	)		(119,994	)		(160,807	)		(286,473	)
Recovery		—			—			(48,385	)		—			—			(153,022	)
Charge-off		—			—			190,299			—			—			486,772
Disposal		—			—			23,653			61			15			58,274
Interest income from impaired loans		—			—			—			—			—			18,287
Others		—			—			—			1,243			(27	)		23,732
Ending balance		(77,777	)		(62,048	)		(105,698	)		(580,466	)		(523,398	)		(603,095	)

• 57 -

(7)	Changes in the gross carrying amount of loans are as follows (Unit: Korean Won in millions):<br>
	For the nine-month period ended September 30, 2021
---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---
	Consumers									Corporates
	Stage 1			Stage 2			Stage 3			Stage 1			Stage 2			Stage 3
Beginning balance		125,990,038			12,016,711			537,106			149,574,932			7,328,741			717,909
Transfer to 12-month expected credit losses		4,103,633			(4,091,047	)		(12,586	)		1,753,834			(1,720,513	)		(33,321	)
Transfer to lifetime expected credit losses		(6,120,684	)		6,146,317			(25,633	)		(3,388,362	)		3,434,382			(46,020	)
Transfer to credit-impaired financial assets		(91,113	)		(82,941	)		174,054			(171,057	)		(152,176	)		323,233
Charge-off		—			—			(128,148	)		—			—			(189,088	)
Disposal		—			(221	)		(37,344	)		—			(990	)		(135,003	)
Net increase (decrease)		7,892,847			(816,933	)		1,161			18,036,390			(684,567	)		(108,282	)
Ending balance		131,774,721			13,171,886			508,610			165,805,737			8,204,877			529,428
	For the nine-month period ended September 30, 2021
---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---
	Credit card accounts									Total
	Stage 1			Stage 2			Stage 3			Stage 1			Stage 2			Stage 3
Beginning balance		7,278,975			1,078,220			180,074			282,843,945			20,423,672			1,435,089
Transfer to 12-month expected credit losses		310,387			(310,192	)		(195	)		6,167,854			(6,121,752	)		(46,102	)
Transfer to lifetime expected credit losses		(464,447	)		465,296			(849	)		(9,973,493	)		10,045,995			(72,502	)
Transfer to credit-impaired financial assets		(24,293	)		(15,671	)		39,964			(286,463	)		(250,788	)		537,251
Charge-off		—			—			(154,056	)		—			—			(471,292	)
Disposal		—			—			(56,520	)		—			(1,211	)		(228,867	)
Net increase (decrease)		1,009,906			(29,855	)		112,960			26,939,143			(1,531,355	)		5,839
Ending balance		8,110,528			1,187,798			121,378			305,690,986			22,564,561			1,159,416
	For the nine-month period ended September 30, 2020
---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---
	Consumers									Corporates
	Stage 1			Stage 2			Stage 3			Stage 1			Stage 2			Stage 3
Beginning balance		111,253,283			12,448,807			417,674			134,443,979			4,910,598			740,257
Transfer to 12-month expected credit losses		4,555,200			(4,545,485	)		(9,715	)		1,157,712			(1,136,783	)		(20,929	)
Transfer to lifetime expected credit losses		(5,135,772	)		5,161,330			(25,558	)		(2,825,991	)		2,839,992			(14,001	)
Transfer to credit-impaired financial assets		(82,417	)		(105,893	)		188,310			(251,852	)		(93,720	)		345,572
Charge-off		—			—			(140,741	)		—			—			(155,732	)
Disposal		(5,635,127	)		(4,269	)		(38,403	)		—			(398	)		(104,818	)
Net increase (decrease)		14,224,482			(1,688,347	)		15,597			8,122,039			(956,679	)		(107,737	)
Ending balance		119,179,649			11,266,143			407,164			140,645,887			5,563,010			682,612
	For the nine-month period ended September 30, 2020
---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---
	Credit card accounts									Total
	Stage 1			Stage 2			Stage 3			Stage 1			Stage 2			Stage 3
Beginning balance		7,278,467			885,832			228,367			252,975,729			18,245,237			1,386,298
Transfer to 12-month expected credit losses		258,784			(258,584	)		(200	)		5,971,696			(5,940,852	)		(30,844	)
Transfer to lifetime expected credit losses		(292,625	)		293,064			(439	)		(8,254,388	)		8,294,386			(39,998	)
Transfer to credit-impaired financial assets		(80,228	)		(77,346	)		157,574			(414,497	)		(276,959	)		691,456
Charge-off		—			—			(190,299	)		—			—			(486,772	)
Disposal		—			—			(43,781	)		(5,635,127	)		(4,667	)		(187,002	)
Net increase (decrease)		169,470			(45,545	)		33,546			22,515,991			(2,690,571	)		(58,594	)
Ending balance		7,333,868			797,421			184,768			267,159,404			17,626,574			1,274,544
(8)	Details of other financial assets are as follows (Unit: Korean Won in millions):
---	---
	September 30, 2021			December 31, 2020
---	---	---	---	---	---	---
Cash Management Account asset (CMA asset)		100,000			210,000
Receivables		6,182,133			3,809,929
Accrued income		1,015,869			864,107
Telex and telephone subscription rights and refundable deposits		873,492			936,878
Domestic exchange settlement debit		553,153			1,518,775
Other assets		270,328			192,342
Allowance for credit losses		(79,317	)		(83,295	)
Total		8,915,658			7,448,736

• 58 -

(9)	Changes in the allowances for credit losses on other financial assets are as follows (Unit: Korean Won in<br>millions):
	For the nine-month period ended September 30, 2021
---	---	---	---	---	---	---	---	---	---	---	---	---
	Stage 1			Stage 2			Stage 3			Total
Beginning balance		(3,666	)		(5,450	)		(74,179	)		(83,295	)
Transfer to 12-month expected credit losses		(261	)		231			30			—
Transfer to lifetime expected credit losses		149			(395	)		246			—
Transfer to credit-impaired financial assets		146			110			(256	)		—
Reversal (Provision) of allowance for credit losses		174			182			(6,343	)		(5,987	)
Charge-off		—			—			8,446			8,446
Disposal		—			—			1,098			1,098
Others		(692	)		(28	)		1,141			421
Ending balance		(4,150	)		(5,350	)		(69,817	)		(79,317	)
	For the nine-month period ended September 30, 2020
---	---	---	---	---	---	---	---	---	---	---	---	---
	Stage 1			Stage 2			Stage 3			Total
Beginning balance		(3,196	)		(1,666	)		(72,277	)		(77,139	)
Transfer to 12-month expected credit losses		(142	)		132			10			—
Transfer to lifetime expected credit losses		102			(125	)		23			—
Transfer to credit-impaired financial assets		380			75			(455	)		—
Provision of allowance for credit losses		(1,753	)		(1,334	)		(1,808	)		(4,895	)
Charge-off		—			—			414			414
Disposal		—			—			1,131			1,131
Others		701			—			(433	)		268
Ending balance		(3,908	)		(2,918	)		(73,395	)		(80,221	)
(10)	Changes in the gross carrying amount of other financial assets are as follows (Unit: Korean Won in millions):<br>
---	---
	For the nine-month period ended September 30, 2021
---	---	---	---	---	---	---	---	---	---	---	---	---
	Stage 1			Stage 2			Stage 3			Total
Beginning balance		7,267,426			76,418			188,187			7,532,031
Transfer to 12-month expected credit losses		8,712			(8,697	)		(15	)		—
Transfer to lifetime expected credit losses		(16,536	)		16,562			(26	)		—
Transfer to credit-impaired financial assets		(782	)		(723	)		1,505			—
Charge-off		—			—			(8,446	)		(8,446	)
Disposal		—			(2	)		(1,302	)		(1,304	)
Net increase (decrease)		1,452,206			(1,530	)		22,018			1,472,694
Ending balance		8,711,026			82,028			201,921			8,994,975
	For the nine-month period ended September 30, 2020
---	---	---	---	---	---	---	---	---	---	---	---	---
	Stage 1			Stage 2			Stage 3			Total
Beginning balance		8,059,844			92,647			117,874			8,270,365
Transfer to 12-month expected credit losses		8,760			(8,743	)		(17	)		—
Transfer to lifetime expected credit losses		(12,595	)		12,608			(13	)		—
Transfer to credit-impaired financial assets		(2,153	)		(728	)		2,881			—
Charge-off		—			—			(414	)		(414	)
Disposal		—			—			(1,311	)		(1,311	)
Net increase (decrease)		1,938,191			(22,050	)		73,883			1,990,024
Ending balance		9,992,047			73,734			192,883			10,258,664

• 59 -

11.	FAIR VALUE OF FINANCIAL ASSETS AND LIABILITIES
(1)	The fair value hierarchy
---	---

The fair value hierarchy for financial instruments is determined by the amount of observable market data. The specific financial instruments characteristics and market condition such as the existence of the transactions among market participants and transparency are reflected to the market observable inputs. The fair value hierarchy gives the highest priority to quoted prices (unadjusted) in active markets for identical assets or liabilities. The Group maximizes the use of observable inputs and minimizes the use of unobservable inputs when measuring fair value of its financial assets and financial liabilities. Fair value is measured based on the perspective of a market participant. As such, even when market assumptions are not readily available, the Group’s own assumptions reflect those that market participants would use for measuring the assets or liabilities at the measurement date.

The fair value measurement is described in the one of the following three levels used to classify fair value measurements:

•	Level 1—fair value measurements are those derived from quoted prices (unadjusted) in active markets for<br>identical assets or liabilities. The types of financial assets or liabilities generally included in Level 1 are publicly traded equity securities, derivatives, and debt securities issued by governmental bodies.
•	Level 2— fair value measurements are those derived from inputs other than quoted prices included within<br>Level 1 that are observable for the asset or liability, either directly (i.e. prices) or indirectly (i.e. derived from prices). The types of financial assets or liabilities generally included in Level 2 are debt securities not traded in<br>active markets and derivatives traded in OTC but not required significant judgment.
---	---
•	Level 3— fair value measurements are those derived from valuation technique that include inputs for the<br>assets or liabilities that are not based on observable market data (unobservable inputs). The types of financial assets or liabilities generally included in Level 3 are non-public securities and<br>derivatives and debt securities of which valuation techniques require significant judgments and subjectivity.
---	---

The inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, the level within the fair value hierarchy is based on the lowest level of input that is significant to the fair value measurement. The Group’s assessment of the significance of a particular input to a fair value measurement in its entirety requires judgment and consideration of inherent factors of the asset or liability.

• 60 -

(2)	Fair value hierarchy of financial assets and liabilities measured at fair value are as follows (Unit: Korean<br>Won in millions):
	September 30, 2021
---	---	---	---	---	---	---	---	---
	Level 1 (*)		Level 2 (*)		Level 3		Total
Financial assets:
Financial assets at FVTPL
Deposits		70,008		—		—		70,008
Debt securities		957,660		1,878,998		2,327		2,838,985
Equity securities		32,340		—		342,948		375,288
Capital contributions		—		—		1,082,431		1,082,431
Beneficiary certificates		49,795		2,884,939		2,168,477		5,103,211
Loans		—		234,642		259,362		494,004
Derivative assets		7,347		5,560,156		24,087		5,591,590
Others		—		—		91,504		91,504
Sub-total		1,117,150		10,558,735		3,971,136		15,647,021
Financial assets at FVTOCI
Debt securities		5,636,132		26,197,659		—		31,833,791
Equity securities		491,581		—		593,014		1,084,595
Sub-total		6,127,713		26,197,659		593,014		32,918,386
Derivative assets (Designated for hedging)		—		139,315		—		139,315
Total		7,244,863		36,895,709		4,564,150		48,704,722
Financial liabilities:
Financial liabilities at FVTPL
Deposits due to customers		70,299		—		—		70,299
Derivative liabilities (Designated for trading)		4,915		5,346,945		2,460		5,354,320
Securities sold		312,713		—		—		312,713
Sub-total		387,927		5,346,945		2,460		5,737,332
Derivative liabilities (Designated for hedging)		—		21,666		—		21,666
Total		387,927		5,368,611		2,460		5,758,998
(*)	There were no transfers between Level 1 and Level 2 of financial assets and liabilities measured at<br>fair value. The Group recognizes transfers among levels at the end of reporting period in which events have occurred or conditions have changed.
---	---

• 61 -

	December 31, 2020
	Level 1 (*)		Level 2 (*)		Level 3		Total
Financial assets:
Financial assets at FVTPL
Deposits		48,796		—		—		48,796
Debt securities		516,597		2,365,882		4,618		2,887,097
Equity securities		35,422		—		450,371		485,793
Capital contributions		—		—		865,685		865,685
Beneficiary certificates		24,895		869,852		1,917,811		2,812,558
Loans		—		467,229		209,062		676,291
Derivative assets		18,416		6,875,454		7,872		6,901,742
Others		—		—		84,979		84,979
Sub-total		644,126		10,578,417		3,540,398		14,762,941
Financial assets at FVTOCI
Debt securities		3,092,237		25,855,904		—		28,948,141
Equity securities		510,073		—		570,715		1,080,788
Sub-total		3,602,310		25,855,904		570,715		30,028,929
Derivative assets (Designated for hedging)		—		174,820		—		174,820
Total		4,246,436		36,609,141		4,111,113		44,966,690
Financial liabilities:
Financial liabilities at FVTPL
Deposits due to customers		49,279		—		—		49,279
Derivative liabilities (Designated for trading)		6,024		6,433,727		20,136		6,459,887
Securities sold		285,026		—		—		285,026
Sub-total		340,329		6,433,727		20,136		6,794,192
Financial liabilities at FVTPL designated as upon initial recognition
Equity-linked securities		—		—		19,630		19,630
Derivative liabilities (Designated for hedging)		—		64,769		—		64,769
Total		340,329		6,498,496		39,766		6,878,591
(*)	There were no transfers between Level 1 and Level 2 of financial assets and liabilities measured at<br>fair value. The Group recognizes transfers among levels at the end of reporting period in which events have occurred or conditions have changed.
---	---

• 62 -

Financial assets and liabilities at FVTPL, financial liabilities at FVTPL designated as upon initial recognition, financial assets at FVTOCI, and derivative assets and liabilities are recognized at fair value. Fair value is the amount that would be received to sell an asset, or paid to transfer a liability, in an orderly transaction between market participants at the measurement date.

Financial instruments are measured at fair value using a quoted market price in active markets. If there is no active market for a financial instrument, the Group determines the fair value using valuation methods. Valuation methods and input variables for each type of financial instruments are as follows:

1)	Valuation methods and input variables for each type of financial instrument classified into level 2 in<br>September 30, 2021 and December 31, 2020 are as follows:
	Valuation methods	Input variables
---	---	---
Debt securities	Fair value is measured by discounting the future cash flows of debt securities applying the<br>risk-free market rate with credit spread.	Risk-free market rate and credit spread
Beneficiary certificates	The beneficiary certificates classified as Level 2 are MMF and are measured at the standard<br>price.	Standard price
Derivatives	Fair value is measured by models such as option model (Closed form), DCF model, FDM and Monte<br>Carlo Simulation.	Discount rate, values of underlying assets such as foreign exchange rate and stock prices,<br>volatility, risk-free market rate, forward rate, etc.
Loans	The future cash flows of debt instruments are measured at a discount by applying the market<br>interest rate applied to entities with similar creditworthiness to the debtor.	Risk-free market rate and credit spread
2)	Valuation methods and input variables for each type of financial instrument classified into level 3 in<br>September 30, 2021 and December 31, 2020 are as follows:
---	---
	Valuation methods	Input variables
---	---	---
Loans	Fair value is calculated by using the Binomial Tree, which is a valuation technique commonly used<br>in the market taking into account the price and variability of the underlying asset, and LSMC. The future cash flows of debt instruments are measured at a discount by applying the market interest rate applied to entities with similar<br>creditworthiness to the debtor.	Values of underlying assets, volatility, risk-free market rate and credit spread
Debt securities	The future cash flows of debt instruments are measured at a discount by applying the market<br>interest rate applied to entities with similar creditworthiness to debt securities issuers.	Risk-free market rate and credit spread
Equity securities, capital contributions and Beneficiary certificates	Among DCF (Discounted Cash Flow) Model, FCFE (Free Cash Flow to Equity) Model, Comparable Company<br>Analysis, Dividend Discount Model, Risk-adjusted Rate of Return Method, Net Asset Value Method, LSMC, and Binomial Tree, more than one method is used given the characteristic of the subject of fair value measurement.	Risk-free market rate, market risk premium, corporate Beta, stock prices, volatility of underlying<br>asset, net asset of the investment association and discount rate
Derivatives	Fair value is measured by models such as option model (Closed form), DCF model, FDM and Monte<br>Carlo Simulation.	Risk-free market rate, discount rate, values of underlying assets such as foreign exchange rate<br>and stock prices, volatility, etc.
Others	Fair value is measured by DCF model, LSMC, etc.	Stock prices, volatility of underlying assets, etc.

• 63 -

Valuation methods of financial assets and liabilities measured at fair value and classified into Level 3 and significant but unobservable inputs are as follows:

	Fair value<br>measurement<br>technique	Type	Input variable	Range(%)	Impact of changes in significant<br>unobservable inputs on fair value<br>measurement
Loans	Binomial Tree		Stock prices, Volatility of underlying asset	20.89%	Variation of fair value increases as volatility of underlying asset increases.
	LSMC		Stock prices, Volatility of underlying asset	17.76%	Variation of fair value increases as volatility of underlying asset increases.
Derivative assets	Option valuation model and others	Interest rate related	Correlation coefficient	0.90~0.98	Variation of fair value increases as correlation coefficient increases.
			Volatility of underlying asset	21.05 ~ 90.22%	Variation of fair value increases as volatility of underlying assets increases.
		Equity related	Correlation coefficient	0.22 ~ 0.76	Variation of fair value increases as correlation coefficient increases.
			Volatility of underlying asset	—	Variation of fair value increases as volatility of underlying assets increases.
	DCF model	Interest rate related	Credit risk adjustment ratio	100.00%	Variation of fair value decreases as credit risk adjustment ratio increases.
Derivative liabilities	Option valuation model and others	Interest rate related	Correlation coefficient	0.90~0.98	Variation of fair value increases as correlation coefficient increases.
			Volatility of underlying asset	21.05 ~ 90.22%	Variation of fair value increases as volatility of underlying assets increases.
		Equity related	Correlation coefficient	0.22~0.76	Variation of fair value increases as correlation coefficient increases.
			Volatility of underlying asset	—	Variation of fair value increases as volatility of underlying assets increases.
Equity securities, capital contributions, and beneficiary certificates	LSMC		Stock prices, Volatility of underlying asset	15.63%	Variation of fair value increases as volatility of underlying asset increases.
	DCF model and others		Discount rate	0.00 ~ 38.92%	Fair value increases as discount rate decreases.
			Terminal growth rate	1.00%	Fair value increases as terminal growth rate increases.
			Liquidation value	0.00%	Variation of liquidation value increases as volatility of underlying assets increases

• 64 -

	Fair value<br>measurement<br>technique	Type	Input variable	Range(%)	Impact of changes in significant<br>unobservable inputs on fair value<br>measurement
Others	Income approach		Discount rate	12.69%	Fair value increases as discount rate decreases.
			Growth rate	1.00%	Fair value increases as growth rate increases.
	LSMC		Stock prices, Volatility of underlying asset	15.63 ~ 31.76%	Variation of fair value increases as volatility of underlying asset increases.

Fair value of financial assets and liabilities classified into Level 3 is measured by the Group using its own valuation methods or using external specialists. Unobservable inputs used in the fair value measurements are produced by the internal system of the Group, and the appropriateness of inputs is reviewed regularly.

(3)	Changes in financial assets and liabilities measured at fair value classified into Level 3 are as follows<br>(Unit: Korean Won in millions):
	For the nine-month period ended September 30, 2021
---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---
	Beginning<br>balance		Net Income<br>(loss)<br>(*1)			Other<br>comprehensive<br>income		Purchases/<br>issuances			Disposals /<br>settlements			Transfer to<br>or out of Level 3<br>(*2)			Ending<br>balance
Financial assets:
Financial assets at FVTPL
Debt securities		4,618		(770	)		—		1,000			(2,521	)		—			2,327
Equity securities		450,371		(22,176	)		—		17,007			(102,254	)		—			342,948
Capital contributions		865,685		59,119			—		343,951			(186,324	)		—			1,082,431
Beneficiary certificates		1,917,811		14,201			—		278,155			(41,690	)		—			2,168,477
Loans		209,062		13,252			—		622,344			(585,296	)		—			259,362
Derivative assets		7,872		19,007			—		4,122			(1,076	)		(5,838	)		24,087
Others		84,979		12,152			—		6,998			(12,625	)		—			91,504
Sub-total		3,540,398		94,785			—		1,273,577			(931,786	)		(5,838	)		3,971,136
Financial assets at FVTOCI
Equity securities		570,715		—			21,937		480			(118	)		—			593,014
Total		4,111,113		94,785			21,937		1,274,057			(931,904	)		(5,838	)		4,564,150
Financial liabilities:
Financial liabilities at FVTPL
Derivative liabilities		20,136		2,233			—		(2,654	)		(11,001	)		(6,254	)		2,460
Financial liabilities at FVTPL designated as upon initial recognition
Equity-linked securities		19,630		(102	)		—		—			(19,528	)		—			—
Derivative liabilities (Designated for hedging)		—		—			—		—			—			—			—
Total		39,766		2,131			—		(2,654	)		(30,529	)		(6,254	)		2,460
(*1)	The losses that increase financial liabilities are presented as positive amounts, and the gains that decrease<br>financial liabilities are presented as negative amounts. The gain amounting to 109,455 million Won for the nine-month period ended September 30, 2021, which is from financial assets and liabilities that the Group holds as at the end of the<br>period, has been recognized in net gain(loss) on financial assets at FVTPL and net gain(loss) on financial assets at FVTOCI in the consolidated statement of comprehensive income.
---	---
(*2)	The Group recognizes transfers between levels at the end of reporting period within such events have occurred<br>or conditions have changed.
---	---

• 65 -

	For the nine-month period ended September 30, 2020
	Beginning<br>balance		Net<br>Income (loss)<br>(*1)			Other<br>comprehensive<br>income			Purchases/<br>issuances		Disposals /<br>settlements			Transfer to or<br>out of Level 3<br>(*2)			Ending<br>balance
Financial assets:
Financial assets at FVTPL
Debt securities		5,826		337			—			—		(76	)		—			6,087
Equity securities		464,741		31,537			—			2,837		(14,149	)		32			484,998
Capital contributions		515,199		20,873			—			144,875		(39,094	)		—			641,853
Beneficiary certificates		1,275,734		15,230			—			493,404		(169,490	)		—			1,614,878
Loans		152,629		6,244			—			125,654		(88,395	)		—			196,132
Derivative assets		25,048		41,478			—			10,161		(19,843	)		(12,224	)		44,620
Others		63,880		3,670			—			8,998		—			—			76,548
Sub-total		2,503,057		119,369			—			785,929		(331,047	)		(12,192	)		3,065,116
Financial assets at FVTOCI
Equity securities		493,698		—			(19,452	)		31,836		(2,478	)		2,192			505,796
Total		2,996,755		119,369			(19,452	)		817,765		(333,525	)		(10,000	)		3,570,912
Financial liabilities:
Financial liabilities at FVTPL
Derivative liabilities		72,039		18,282			—			4,762		(53,246	)		(18,534	)		23,303
Financial liabilities at FVTPL designated as upon initial recognition
Equity-linked securities		87,626		(4,141	)		—			—		(67,029	)		—			16,456
Derivative liabilities (Designated for hedging)		321		—			—			—		(321	)		—			—
Total		159,986		14,141			—			4,762		(120,596	)		(18,534	)		39,759
(*1)	The losses that increase financial liabilities are presented as positive amounts, and the gains that decrease<br>financial liabilities are presented as negative amounts. The gain amounting to 116,771 million Won for the nine-month period ended September 30, 2020, which is from financial assets and liabilities that the Group holds as at the end of the<br>period, has been recognized in net gain(loss) on financial assets at FVTPL and net gain(loss) on financial assets at FVTOCI in the consolidated statement of comprehensive income.
---	---
(*2)	The Group recognizes transfers between levels at the end of reporting period within such events have occurred<br>or conditions have changed.
---	---

• 66 -

(4)	Sensitivity analysis results on reasonable fluctuation of the significant unobservable input variables for the<br>fair value of Level 3 financial instruments are as follows.

The sensitivity analysis of the financial instruments has been performed by classifying with favorable and unfavorable changes based on how changes in unobservable assumptions would have effects on the fluctuations of financial instruments’ value. When the fair value of a financial instrument is affected by more than one unobservable assumption, the below table reflects the most favorable or the most unfavorable changes which resulted from varying the assumptions individually. The sensitivity analysis was performed for two types of level 3 financial instruments: (1) interest rate related derivatives, currency related derivatives, equity related derivatives, equity-linked securities beneficiary certificates and loans of which fair value changes are recognized as net income; (2) equity securities of which fair value changes are recognized as other comprehensive income.

Meanwhile, among the financial instruments that are classified as Level 3 amounting to 4,566,610 million Won and 4,150,879 million Won as of September 30, 2021 and December 31, 2020 respectively, equity instruments of 3,402,378 million Won and 3,052,432 million Won whose carrying amount are considered to represent the reasonable approximation of fair value are excluded from the sensitivity analysis.

The sensitivity on fluctuation of input variables by financial instruments as of September 30, 2021 and December 31, 2020 is as follows (Unit: Korean Won in millions):

	September 30, 2021
	Net income(loss)					Other comprehensive income(loss)
	Favorable		Unfavorable			Favorable		Unfavorable
Financial assets:
Financial assets at FVTPL
Derivative assets (*1)		1,287		(1,404	)		—		—
Loans (*2)		1,081		(1,064	)		—		—
Debt securities		13		(13	)		—		—
Equity securities (*2) (*3) (*4)		6,547		(5,486	)		—		—
Beneficiary certificates (*4)		1,333		(1,196	)		—		—
Others (*2)		799		(766	)		—		—
Financial assets at FVTOCI
Equity securities (*3) (*4)		—		—			31,648		(24,432	)
Total		11,060		(9,929	)		31,648		(24,432	)
Financial liabilities:
Financial liabilities at FVTPL
Derivative liabilities (*1)		87		(94	)		—		—
Total		87		(94	)		—		—
(*1)	Fair value changes of equity related derivatives assets and liabilities are calculated by increasing or<br>decreasing historical volatility of the stock price and correlation, which are major unobservable variables, by 10%, respectively. In the case of interest rate related derivative assets and liabilities, fair value changes are calculated by<br>increasing or decreasing the volatility of interest rate, which are major unobservable variables, by 10%.
---	---
(*2)	Fair value changes of equity securities are calculated by increasing or decreasing stock prices (-10%~10%) and volatility (-10~10%). The stock prices and volatility are major unobservable variables.
---	---
(*3)	Fair value changes of equity securities are calculated by increasing or decreasing terminal growth rate (-0.5%~0.5%) and discount rate (-1~1%) or liquidation value (-1~1%). The growth rate, discount rate, and liquidation value are major<br>unobservable variables.
---	---
(*4)	Even if the sensitivity analysis of the capital contributions and beneficiary certificates is not possible in<br>practice, fair value changes of beneficiary certificates and other securities whose major unobservable variables are composed of the real estate are calculated by increasing or decreasing price fluctuation rate of real estate which is underlying<br>assets and discount rate by 1%.
---	---

• 67 -

	December 31, 2020
	Net income(loss)					Other comprehensive income(loss)
	Favorable		Unfavorable			Favorable		Unfavorable
Financial assets:
Financial assets at FVTPL
Derivative assets (*1)		110		(257	)		—		—
Loans (*2)		933		(932	)		—		—
Debt securities		13		(10	)		—		—
Equity securities (*2) (*3) (*4)		8,539		(7,337	)		—		—
Beneficiary certificates (*4)		1,403		(1,537	)		—		—
Others (*2)		640		(547	)		—		—
Financial assets at FVTOCI
Equity securities (*3) (*4)		—		—			21,587		(16,740	)
Total		11,638		(10,620	)		21,587		(16,740	)
Financial liabilities:
Financial liabilities at FVTPL
Derivative liabilities (*1)		776		(405	)		—		—
Financial liabilities at FVTPL designated as upon initial recognition
Equity-linked securities (*1)		57		(45	)		—		—
Total		833		(450	)		—		—
(*1)	Fair value changes of equity related derivatives assets and liabilities and equity-linked securities are<br>calculated by increasing or decreasing historical volatility of the stock price and correlation, which are major unobservable variables, by 10%, respectively. In the case of interest rate related derivative assets and liabilities, fair value changes<br>are calculated by increasing or decreasing the volatility of interest rate, which are major unobservable variables, by 10%.
---	---
(*2)	Fair value changes of equity securities are calculated by increasing or decreasing stock prices (-10%~10%) and volatility (-10~10%). The stock prices and volatility are major unobservable variables.
---	---
(*3)	Fair value changes of equity securities are calculated by increasing or decreasing terminal growth rate (-0.5%~0.5%) and discount rate (-1~1%) or liquidation value (-1~1%). The growth rate, discount rate, and liquidation value are major<br>unobservable variables.
---	---
(*4)	Even if the sensitivity analysis of the capital contributions and beneficiary certificates is not possible in<br>practice, fair value changes of beneficiary certificates and other securities whose major unobservable variables are composed of the real estate are calculated by increasing or decreasing price fluctuation rate of real estate which is underlying<br>assets and discount rate by 1%.
---	---

• 68 -

(5)	Fair value and carrying amount of financial assets and liabilities that are recorded at amortized cost are as<br>follows (Unit: Korean Won in millions):
	September 30, 2021
---	---	---	---	---	---	---	---	---	---	---
	Fair value								Book<br>value
	Level 1		Level 2		Level 3		Total
Financial assets:
Securities at amortized cost		2,260,707		14,505,245		—		16,765,952		16,765,018
Loans and other financial assets at amortized cost		—		3		349,903,903		349,903,906		353,924,799
Financial liabilities:
Deposits due to customers		—		311,952,796		—		311,952,796		311,804,476
Borrowings		—		23,482,333		826,504		24,308,837		24,385,783
Debentures		—		42,316,295		—		42,316,295		42,378,307
Other financial liabilities		—		22,713,048		320,689		23,033,737		23,318,362
	December 31, 2020
---	---	---	---	---	---	---	---	---	---	---
	Fair value								Book<br>value
	Level 1		Level 2		Level 3		Total
Financial assets:
Securities at amortized cost		2,968,875		14,299,748		—		17,268,623		17,020,839
Loans and other financial assets at amortized cost		—		—		318,144,845		318,144,845		320,106,078
Financial liabilities:
Deposits due to customers		—		291,767,282		—		291,767,282		291,477,279
Borrowings		—		20,586,930		176,745		20,763,675		20,745,466
Debentures		—		37,931,989		—		37,931,989		37,479,358
Other financial liabilities		—		13,305,067		286,489		13,591,556		13,808,386

The fair values of financial instruments are measured using quoted market price in active markets. In case there is no active market for financial instruments, the Group determines the fair value by using valuation methods. Valuation methods and input variables for financial assets and liabilities that are measured at amortized cost are given as follows:

	Valuation methods	Input variables
Securities at amortized cost	The fair value is measured by discounting the projected cash flows of debt securities by applying<br>risk-free market rate with credit spread.	Risk-free market rate and credit spread
Loans and other financial assets at amortized cost	The fair value is measured by discounting the projected cash flows of loan products by applying<br>the market discount rate that has been applied to a proxy company that has similar credit rating to the debtor.	Risk-free market rate, credit spread and prepayment rate
Deposits due to customers, borrowings, debentures and other financial liabilities	The fair value is measured by discounting the projected cash flows of debt products by applying<br>the market discount rate that is reflecting credit rating of the Group.	Risk-free market rate, credit spread and forward rate

• 69 -

(6)	Financial instruments by category

Carrying amounts of financial assets and liabilities by each category are as follows (Unit: Korean Won in millions):

	September 30, 2021
	Financial<br>assets at<br>FVTPL		Financial<br>assets at<br>FVTOCI		Financial<br>assets at<br>amortized cost		Derivatives<br>assets<br>(Designated<br>for hedging)		Total
Financial assets
Deposits		70,008		—		17,396,439		—		17,466,447
Securities		9,491,419		32,918,386		16,765,018		—		59,174,823
Loans		494,004		—		327,612,702		—		328,106,706
Derivative assets		5,591,590		—		—		139,315		5,730,905
Other financial assets		—		—		8,915,658		—		8,915,658
Total		15,647,021		32,918,386		370,689,817		139,315		419,394,539
	September 30, 2021
---	---	---	---	---	---	---	---	---
	Financial<br>liabilities at<br>FVTPL		Financial<br>liabilities at<br>amortized cost		Derivatives<br>liabilities<br>(Designated<br>for hedging)		Total
Financial liabilities
Deposits due to customers		70,299		311,804,476		—		311,874,775
Borrowings		312,713		24,385,783		—		24,698,496
Debentures		—		42,378,307		—		42,378,307
Derivative liabilities		5,354,320		—		21,666		5,375,986
Other financial liabilities		—		23,318,362		—		23,318,362
Total		5,737,332		401,886,928		21,666		407,645,926
	December 31, 2020
---	---	---	---	---	---	---	---	---	---	---
	Financial<br>assets at<br>FVTPL		Financial<br>assets at<br>FVTOCI		Financial<br>assets at<br>amortized cost		Derivatives<br>assets<br>(Designated<br>for hedging)		Total
Financial assets
Deposits		48,796		—		9,863,160		—		9,911,956
Securities		7,136,112		30,028,929		17,020,839		—		54,185,880
Loans		676,291		—		302,794,182		—		303,470,473
Derivative assets		6,901,742		—		—		174,820		7,076,562
Other financial assets		—		—		7,448,736		—		7,448,736
Total		14,762,941		30,028,929		337,126,917		174,820		382,093,607
	December 31, 2020
---	---	---	---	---	---	---	---	---	---	---
	Financial<br>liabilities at<br>FVTPL		Financial<br>liabilities<br>designated at<br>FVTPL		Financial<br>liabilities at<br>amortized cost		Derivatives<br>liabilities<br>(Designated<br>for hedging)		Total
Financial liabilities
Deposits due to customers		49,279		—		291,477,279		—		291,526,558
Borrowings		285,026		19,630		20,745,466		—		21,050,122
Debentures		—		—		37,479,358		—		37,479,358
Derivative liabilities		6,459,887		—		—		64,769		6,524,656
Other financial liabilities		—		—		13,808,386		—		13,808,386
Total		6,794,192		19,630		363,510,489		64,769		370,389,080

• 70 -

(7)	Income or expense from financial instruments by category

Income or expense from financial assets and liabilities by each category during the nine-month periods ended September 30, 2021 and 2020 are as follows (Unit: Korean Won in millions):

	For the nine-month period ended September 30, 2021
	Interest<br>income<br>(expense)			Fees and<br>commissions<br>income			Reversal<br>(provision) of<br>credit loss			Gain(loss) on<br>valuation and<br>transactions		Others		Total
Financial assets at FVTPL		33,286			(225	)		—			238,204		243,152		514,417
Financial assets at FVTOCI		266,195			1,211			(2,565	)		45,830		19,785		330,456
Securities at amortized cost		239,631			—			(34	)		—		—		239,597
Loans and other financial assets at amortized cost		6,654,339			367,405			(325,645	)		97,755		—		6,793,854
Financial liabilities at amortized cost		(2,099,008	)		1,662			—			—		—		(2,097,894	)
Net derivatives (designated for hedging)		—			—			—			70,438		—		70,438
Total		5,094,443			370,053			(328,244	)		452,227		262,937		5,851,416
	For the nine-month period ended September 30, 2020
---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---
	Interest<br>income<br>(expense)			Fees and<br>commissions<br>income		Reversal<br>(provision) of<br>credit loss			Gain(loss) on<br>valuation and<br>transactions			Others		Total
Financial assets at FVTPL		38,855			—		—			531,931			82,063		652,849
Financial assets at FVTOCI		344,380			209		(1,425	)		18,677			17,077		378,918
Securities at amortized cost		294,673			—		122			—			—		294,795
Loans and other financial assets at amortized cost		6,510,266			39,638		(573,057	)		40,319			—		6,017,166
Financial liabilities at amortized cost		(2,752,819	)		—		—			—			—		(2,752,819	)
Net derivatives (designated for hedging)		—			—		—			(4,690	)		—		(4,690	)
Total		4,435,355			39,847		(574,360	)		586,237			99,140		4,586,219

• 71 -

12.	INVESTMENTS IN JOINT VENTURES AND ASSOCIATES
(1)	Investments in associates accounted for using the equity method of accounting are as follows:<br>
---	---
		Percentage of ownership<br>(%)
---	---	---	---	---	---	---	---	---	---
Joint ventures and associates	Main business       <br>	September 30,<br>2021		December 31,<br>2020		Location		Financial<br>statements as of
Woori Bank
W Service Networks Co., Ltd. (*1)	Freight & staffing services		4.9		4.9		Korea		2021.8.31<br>(*4)
Korea Credit Bureau Co., Ltd. (*2)	Credit information		9.9		9.9		Korea		2021.9.30
Korea Finance Security Co., Ltd. (*1)	Security service		15.0		15.0		Korea		2021.8.31<br>(*4)
Wongwang Co., Ltd. (*3)	Wholesale and real estate		29.0		29.0		Korea		—
Sejin Construction Co., Ltd. (*3)	Construction		29.6		29.6		Korea		—
ARES-TECH Co., Ltd. (*3)	Electronic component manufacturing		23.4		23.4		Korea		—
Sinseong Trading Co., Ltd. (*3)	Manufacturing		27.2		27.9		Korea		—
Reading Doctors Co., Ltd. (*3)	Other services		35.4		35.4		Korea		—
Cultizm Korea LTD Co., Ltd. (*3)	Wholesale and retail sales		31.3		31.3		Korea		—
NK Eng Co., Ltd. (*3)	Manufacturing		23.1		23.1		Korea		—
Beomgyo.,Ltd. (*3)	Telecommunication equipment retail sales		23.1		23.1		Korea		—
Woori Growth Partnerships New Technology Private Equity Fund	Other financial services		23.1		23.1		Korea		2021.9.30
2016KIF-IMM Woori Bank Technology Venture Fund	Other financial services		20.0		20.0		Korea		2021.9.30
K BANK Co., Ltd. (*2) (*9)	Finance		12.6		26.2		Korea		2021.8.31<br>(*4)
Smart Private Equity Fund No.2 (*4)	Other financial services		—		20.0		Korea		—
Woori Bank-Company K Korea Movie Asset Fund	Other financial services		25.0		25.0		Korea		2021.9.30
Well to Sea No. 3 Private Equity Fund (*4)	Finance		—		50.0		Korea		—
Partner One Value Up I Private Equity Fund	Other financial services		23.3		23.3		Korea		2021.9.30
IBK KIP Seongjang Dideemdol 1st Private Investment Limited Partnership	Other financial services		20.0		20.0		Korea		2021.9.30
Crevisse Raim Impact 1st Startup Venture Specialist Private Equity Fund	Other financial services		25.0		25.0		Korea		2021.9.30
LOTTE CARD Co., Ltd.	Credit card and installment financing		20.0		20.0		Korea		2021.6.30<br>(*4)
Together-Korea Government Private Pool Private Securities Investment Trust No.3	Other financial services		100.0		100.0		Korea		2021.9.30
Genesis Environmental Energy Company 1st Private Equity Fund	Trust and collective investment		24.8		24.8		Korea		2021.9.30
Union Technology Finance Investment Association	Trust and collective investment		29.7		29.7		Korea		2021.9.30
Dicustody Co., Ltd.(*2)	Other information technology and computer operation related services		1.0		—		Korea		2021.9.30
Woori Bank (*6)
Japanese Hotel Real Estate Private Equity Fund 2	Other financial services		19.9		19.9		Korea		2021.9.30

• 72 -

		Percentage of ownership<br>(%)
Joint ventures and associates	Main business       <br>	September 30,<br>2021		December 31,<br>2020		Location		Financial<br>statements as of
Woori G Clean Energy No.1 (*4)	Investment trust and discretionary investment business		—		29.3		Korea		—
Woori Goseong Power EBL Private Special Asset Fund	Trust and collective investment		16.7		16.7		Korea		2021.9.30
Woori Seoul Beltway Private Special Asset Fund	Trust and collective investment		25.0		25.0		Korea		2021.9.30
Woori Multi Return Private Securities Investment Trust 3(Balanced Bond)	Collective investment business		20.0		—		Korea		2021.9.30
Woori Short-term Bond Securities Investment Trust(Bond)<br>ClassC-F	Collective investment business		4.3		—		Korea		2021.9.30
Woori Financial Capital Co., Ltd.
Woori TAERIM 1st Fund	Other financial services		25.6		25.6		Korea		2021.9.30
Portone-Cape Fund No.1	Other financial services		20.0		20.0		Korea		2021.9.30
KIWOOM WOORI Financial 1st Fund (*7)	Other financial services		9.1		9.1		Korea		2021.9.30
DeepDive WOORI Financial Investment Fund (*7)	Other financial services		11.9		—		Korea		2021.9.30
Woori Investment Bank Co., Ltd. (*5)
Woori FirstValue Private Real Estate Fund No.2	Real estate business		12.0		12.0		Korea		2021.9.30
Woori Asset Management Co. Ltd.
Woori High plus G.B. Securities Feeder Fund1(G.B.)	Collective investment business		28.0		21.8		Korea		2021.9.30
Woori Star50 Master Fund ClassC-F (*7)	Collective investment business		44.6		24.5		Korea		—
Woori BIG2 Plus Securities Investment Trust(Balanced Bond)	Collective investment business		26.2		—		Korea		2021.9.30
Woori Private Equity Asset Management Co., Ltd.
Woori Hanhwa Eureka Private Equity Fund (*2)	Other financial services		0.8		0.8		Korea		2021.9.30
Aarden Woori Apparel 1st Private Equity Fund (*2)	Other financial services		0.5		—		Korea		2021.9.30
Japanese Hotel Real Estate Private Equity Fund 1
Godo Kaisha Oceanos 1	Other financial services		47.8		47.8		Japan		2021.7.31<br>(*4)
Woori G Japan Private Placement Real Estate Master Investment Trust No.2
Woori Zip 1	Other financial services		64.0		—		Japan		2021.6.30<br>(*4)
Woori Zip 2	Other financial services		64.0		—		Japan		2021.6.30<br>(*4)
Woori bank and Woori card Co., Ltd. (*6)
Dongwoo C & C Co., Ltd. (*3)	Construction		24.5		24.5		Korea		—
SJCO Co., Ltd. (*3)	Aggregate transportation and wholesale		29.7		28.7		Korea		—

• 73 -

		Percentage of ownership<br>(%)
Joint ventures and associates	Main business       <br>	September 30,<br>2021		December 31,<br>2020		Location		Financial<br>statements as of
G2 Collection Co., Ltd. (*3)	Wholesale and retail sales		29.2		29.2		Korea		—
The Base Enterprise Co., Ltd. (*3)	Manufacturing		48.4		48.4		Korea		—
Kyesan Engineering Co., Ltd. (*3)	Construction		23.3		23.3		Korea		—
Good Software Lap Co., Ltd. (*3)	Service		29.4		29.4		Korea		—
QTS Shipping Co., Ltd. (*3)	Complex transportation brokerage		49.8		49.8		Korea		—
DAEA SNC Co., Ltd. (*3)	Wholesale and retail sales		25.5		25.5		Korea		—
Force TEC Co., Ltd.	Manufacturing		24.5		25.8		Korea		2021.6.30<br>(*4)
PREXCO Co., Ltd. (*3)	Manufacturing		28.1		28.1		Korea		—
JiWon Plating Co., Ltd. (*3)	Plating		20.8		20.8		Korea		—
Youngdong Sea Food Co., Ltd. (*3)	Processed sea food manufacturing		24.5		24.5		Korea		—
KUM HWA Co., Ltd.	Telecommunication equipment retail sales		20.1		—		Korea		2021.6.30<br>(*4)
Woori bank and Woori Financial Capital Co., Ltd. (*6)
JC Assurance No.2 Private Equity Fund	Collective investment business		29.3		29.3		Korea		2021.9.30
Dream Company Growth no.1 PEF	Collective investment business		27.8		27.8		Korea		2021.9.30
HMS-Oriens 1st Fund	Trust and collective investment		22.8		22.8		Korea		2021.9.30
Woori G Senior Loan No.1	Investment trust and discretionary investment business		21.7		21.7		Korea		2021.9.30
Genesis Eco No.1 Private Equity Fund	Other financial services		29.0		—		Korea		2021.9.30
PARATUSWOORI MATERIALS PARTS EQUIPMENT PRIVATE EQUITY FUND	Other financial services		29.9		—		Korea		2021.9.30
Woori Bank and Woori Investment Bank Co., Ltd. (*6)
PCC-Woori LP Secondary Fund	Other financial services		38.8		38.8		Korea		2021.9.30
Woori bank and Woori Asset Management Co., Ltd. (*6)
Woori High Plus Short-term High Graded ESG Bond Sec Feeder Inv Trust 1	Collective investment business		27.7		23.3		Korea		2021.9.30
Woori Bank and Woori Private Equity Asset Management Co., Ltd. (*6)
Woori-Q Corporate Restructuring Private Equity<br>Fund	Trust and collective investment		37.8		38.4		Korea		2021.9.30
Woori Bank, Woori Financial Capital Co., Ltd., Woori Investment Bank Co., Ltd. and Woori Private<br>Equity Asset Management Co., Ltd. (*6)
Woori-Shinyoung Growth-Cap Private Equity Fund I	Other financial services		35.0		35.0		Korea		2021.9.30
(*1)	Most of the significant business transactions of associates are with the Group as of September 30, 2021<br>and December 31, 2020.
---	---

• 74 -

(*2)	The Group can participate in decision-making body and exercise significant influence over financial policies<br>and operational policies decision making of the associates.
(*3)	There is no investment balance as of September 30, 2021 and December 31, 2020.
---	---
(*4)	There is no investment balance as of September 30, 2021.
---	---
(*5)	The equity method was applied using the most recent financial statements available from the settlement date<br>because no financial statements were available at the end of December and the significant transactions or events that occurred between the end of the reporting period of the associate and the end of the reporting period of the subsidiary were duly<br>reflected.
---	---
(*6)	Two or more subsidiaries may invest or operate to exert significant influence on the decision-making process<br>for activities related to the investee.
---	---
(*7)	The Group can participate as a co-operator to exert significant<br>influence.
---	---
(*8)	It has been reclassified as a subsidiary from an associate due to an increase in ownership interest.<br>
---	---
(*9)	Due to the failure of associates to participate in the capital increase with consideration, the percentage of<br>ownership decreased, for the nine-month period September 30, 2021.
---	---
(*10)	WooriG Oncorp Corporate support of Major Industry Professional Type Private Placement Investment Trust (Type 2)<br>can exercise significant influence but was classified as an item measured at fair value through profit or loss.
---	---

• 75 -

(2)	Changes in the carrying value of investments in associates accounted for using the equity method of accounting<br>are as follows (Unit: Korean Won in millions):
	For the nine-month period ended September 30, 2021
---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---
	Acquisition<br>cost		January 1,<br>2021		Share of<br>profits<br>(losses)<br>and others			Acquisition		Disposal/<br>Reclassification			Dividends			Change<br>in<br>capital		September 30,<br>2021
W Service Networks Co., Ltd.		108		191		(8	)		—		—			(4	)		—		179
Korea Credit Bureau Co., Ltd.		3,313		8,125		909			—		—			(90	)		—		8,944
Korea Finance Security Co., Ltd.		3,267		3,066		(93	)		—		—			—			—		2,973
Woori Growth Partnerships New Technology Private Equity Fund		16,371		15,032		(917	)		—		(567	)		—			—		13,548
2016KIF-IMM Woori Bank Technology Venture Fund		8,396		13,238		1,049			—		(3,497	)		(631	)		—		10,159
K BANK Co., Ltd. (*1)		236,232		174,097		63,770			—		—			—			221		238,088
Smart Private Equity Fund No.2		—		1,481		(796	)		—		(685	)		—			—		—
Woori Bank-Company K Korea Movie Asset Fund		476		2,788		218			—		(1,624	)		(176	)		—		1,206
Partner One Value Up I Private Equity Fund		5,039		9,816		2,455			—		(4,961	)		(800	)		—		6,510
IBK KIP Seongjang Dideemdol 1st Private Investment Limited Partnership		14,236		9,756		—			5,040		(560	)		—			—		14,236
Crevisse Raim Impact 1st Startup Venture Specialist Private Equity Fund		4,192		4,129		—			63		—			—			—		4,192
LOTTE CARD Co.,Ltd.		346,810		422,832		24,275			—		—			(10,374	)		5,470		442,203
Together-Korea Government Private Pool Private Securities Investment Trust No.3		10,000		10,023		30			—		—			—			—		10,053
Genesis Environmental Energy Company 1st Private Equity Fund		3,738		3,979		46			—		—			—			—		4,025
Union Technology Finance Investment Association		10,500		4,485		(260	)		6,000		—			—			—		10,225
Dicustody Co., Ltd.		1		—		—			1		—			—			—		1
Japanese Hotel Real Estate Private Equity Fund 2		3,291		3,234		166			—		—			(141	)		12		3,271
Woori G Clean Energy No.1		2,477		1,024		—			1,462		(2,338	)		(148	)		—		—
Woori Goseong Power EBL Private Special Asset Fund		14,915		15,118		370			—		—			(370	)		—		15,118
Woori Seoul Beltway Private Special Asset Fund		6,273		5,613		87			1,392		—			(84	)		—		7,008
Woori Corporate Private Securities Fund 1(Bond)		10,000		—		—			10,000		(10,000	)		—			—		—
Woori G Star Private Placement Investment Trust No.33 [FI]		20,000		—		—			20,000		(20,000	)		—			—		—
Woori Multi Return Private Securities Investment Trust 3(Balanced Bond)		10,000		—		(8	)		10,000		—			—			—		9,992
Woori Short-term Bond Securities Investment Trust(Bond)<br>ClassC-F		50,000		—		574			50,000		—			—			—		50,574
WOORI TAERIM 1st Fund		1,100		283		714			—		—			—			—		997
Portone-Cape Fund No.1		340		960		189			—		(660	)		—			—		489

• 76 -

	For the nine-month period ended September 30, 2021
	Acquisition<br>cost		January 1,<br>2021		Share of<br>profits<br>(losses)<br>and others			Acquisition		Disposal/<br>Reclassification			Dividends			Change<br>in<br>capital			September 30,<br>2021
KIWOOM WOORI Financial 1st Investment Fund		1,000		994		(15	)		—		—			—			—			979
DeepDive WOORI 2021-1 Financial Investment Fund		1,000		—		(2	)		1,000		—			—			—			998
Woori FirstValue Private Real Estate Fund No.2		9,000		2,130		(637	)		—		—			(730	)		—			763
Woori High plus G.B. Securities Feeder Fund1(G.B.)		6,000		6,076		(71	)		—		—			—			35			6,040
Woori Star50 Master Fund ClassC-F		200		184		35			—		(219	)		—			—			—
Woori BIG2 Plus Securities Investment Trust(Balanced Bond)		200		—		3			—		201			—			—			204
Woori Hanhwa Eureka Private Equity Fund		186		403		130			—		(214	)		—			—			319
Aarden Woori Apparel 1st Private Equity Fund		100		—		(1	)		100		—			—			—			99
Godo Kaisha Oceanos 1		10,800		10,193		62			—		—			(370	)		(6	)		9,879
Woori Zip 1		16,380		—		—			16,380		(5,355	)		—			—			11,025
Woori Zip 2		22,883		—		—			22,855		(7,481	)		—			—			15,374
Force TEC Co., Ltd. (*2)		—		393		(393	)		—		—			—			—			—
KUM HWA Co., Ltd. (*2)		—		—		—			—		—			—			—			—
JC Assurance No.2 Private Equity Fund		29,349		29,050		(437	)		299		—			—			—			28,912
Dream Company Growth no.1 PEF		8,000		7,705		693			—		—			(471	)		—			7,927
HMS-Oriens 1st Fund		12,000		12,000		377			—		—			—			—			12,377
Woori G Senior Loan No.1		73,610		52,045		2,024			21,651		—			(1,255	)		—			74,465
Genesis Eco No.1 Private Equity Fund		11,805		—		(729	)		11,805		—			—			—			11,076
PARATUSWOORI MATERIALS PARTS EQUIPMENT PRIVATE EQUITY FUND		17,300		—		(88	)		17,700		—			—			—			17,612
PCC-Woori LP Secondary Fund		10,100		8,128		369			2,525		—			—			—			11,022
Woori High Plus Short-term High Graded ESG Bond Sec Feeder Inv Trust 1		110,221		93,474		756			20,000		(30,000	)		(2,503	)		—			81,727
Woori-Q Corporate Restructuring Private Equity<br>Fund		20,267		22,904		901			119		(2,996	)		—			—			20,928
Woori-Shinyoung Growth-Cap Private Equity<br>Fund I		17,840		38,342		21,067			12,799		(32,532	)		(10,754	)		—			28,922
		1,159,316		993,291		116,814			231,191		(123,488	)		(28,901	)		5,732			1,194,639
(*1)	Included 70,120 million Won of deemed gain on disposal in accordance with the decrease in percentage of<br>ownership from disproportionate contribution for the nine-month period ended September 30, 2021.
---	---
(*2)	As a result of discontinuation of the equity method, related companies’ losses amount not recognized is 67<br>million Won for Force TEC Co., Ltd. and 1 million Won for KUM HWA Co., Ltd.
---	---

• 77 -

	For the nine-month period ended September 30, 2020
	Acquisition<br>cost		January 1,<br>2020		Share of<br>profits<br>(losses)			Acquisition		Disposal/<br>Reclassification			Dividends			Change<br>in<br>capital			September 30,<br>2020
W Service Networks Co., Ltd.		108		186		1			—		—			(3	)		—			184
Korea Credit Bureau Co., Ltd.		3,313		6,845		1,358			—		—			(90	)		—			8,113
Korea Finance Security Co., Ltd.		3,267		3,287		(241	)		—		—			—			—			3,046
Saman Corporation		8,521		849		(406	)		—		—			—			37			480
Woori Growth Partnerships New Technology Private Equity Fund		18,666		19,212		(1,863	)		—		(1,728	)		(212	)		—			15,409
2016KIF-IMM Woori Bank Technology Venture Fund		12,385		15,141		900			—		(492	)		(1,088	)		(1,563	)		12,898
K BANK Co., Ltd.		73,150		31,254		(12,108	)		163,082		—			—			(1,733	)		180,495
Smart Private Equity Fund No.2		2,915		2,764		(31	)		—		—			—			—			2,733
Woori Bank-Company K Korea Movie Asset Fund		2,100		3,323		439			—		(900	)		—			—			2,862
Well to Sea No.3 Private Equity Fund		101,483		209,023		28,869			—		—			(24,651	)		(1,174	)		212,067
Partner One Value Up I Private Equity Fund		10,000		9,908		(74	)		—		—			—			—			9,834
IBK KIP Seongjang Dideemdol 1st Private Investment Limited Partnership		7,736		4,576		—			3,160		—			—			—			7,736
Crevisse Raim Impact 1st Startup Venture Specialist Private Equity Fund		4,130		4,375		—			75		(321	)		—			—			4,129
LOTTE CARD Co.,Ltd		346,810		409,444		16,251			810		—			(5,710	)		(1,146	)		419,649
Together-Korea Government Private Pool Private Securities Investment Trust No.3		100,000		—		130			100,000		—			—			—			100,130
Genesis Environmental Energy Company 1st Private Equity Fund		4,084		—		(88	)		4,084		—			—			—			3,996
Japanese Hotel Real Estate Private Equity Fund 2		3,291		3,291		184			—		—			(117	)		(12	)		3,346
Woori G Clean Energy No.1		26		—		—			26		—			—			—			26
Woori Hanhwa Eureka Private Equity Fund		350		342		(3	)		—		—			—			—			339
Godo Kaisha Oceanos 1		10,800		10,952		(47	)		—		—			(850	)		238			10,293
Force TEC Co., Ltd.		—		—		1,470			—		—			—			(448	)		1,022
Woori-Shinyoung Growth-Cap Private Equity Fund I		32,572		11,841		(121	)		19,907		—			—			—			31,627
Chin Hung International Inc.		130,779		51,176		(742	)		—		(50,411	)		—			(23	)		—
Woori G Senior Loan No.1		18,557		—		49			18,557		—			—			—			18,606
PCC-Woori LP Secondary Fund		7,575		2,525		(131	)		5,050		—			—			—			7,444
Woori High plus G.B. Securities Feeder Fund1(G.B.)		6,000		—		142			6,141		—			—			—			6,283
Woori-Q Corporate Restructuring Private Equity<br>Fund		6,129		6,046		(90	)		8,152		—			—			—			14,108
		914,747		806,360		33,848			329,044		(53,852	)		(32,721	)		(5,824	)		1,076,855

• 78 -

(3)	Summary financial information relating to investments in associates accounted for using the equity method of<br>accounting is as follows (Unit: Korean Won in millions):
	September 30, 2021
---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---
	Assets		Liabilities		Operating<br>revenue			Net income<br>(loss)			Other<br>comprehensive<br>income(loss)			Total<br>comprehensive<br>income(loss)
W Service Networks Co., Ltd.		5,952		2,334		12,473			755			—			755
Korea Credit Bureau Co., Ltd.		130,426		42,689		91,862			15,648			—			15,648
Korea Finance Security Co., Ltd.		34,466		14,644		42,190			(600	)		—			(600	)
Woori Growth Partnerships New Technology Private Equity Fund		58,929		223		1,360			(3,443	)		—			(3,443	)
2016KIF-IMM Woori Bank Technology Venture Fund		51,369		574		10,452			8,768			—			8,768
K BANK Co., Ltd.		13,512,780		11,779,758		162,430			3,135			(13,162	)		(10,027	)
Woori Bank-Company K Korea Movie Asset Fund		4,873		48		917			867			—			867
Partner One Value Up I Private Equity Fund		27,995		2		11,596			10,633			—			10,633
IBK KIP Seongjang Dideemdol 1st Private Investment Limited Partnership		70,629		858		2,529			1,482			—			1,482
Crevisse Raim Impact 1st Startup Venture Specialist Private Equity Fund		15,649		—		—			(227	)		—			(227	)
LOTTE CARD Co.,Ltd (*)		15,581,247		13,143,386		954,729			107,240			20,281			127,521
Together-Korea Government Private Pool Private Securities Investment Trust No.3		10,055		1		22			19			—			19
Genesis Environmental Energy Company 1st Private Equity Fund		20,473		4,211		4,606			272			—			272
Union Technology Finance Investment Association		34,715		290		8			(874	)		—			(874	)
Dicustody Co., Ltd.		98		—		—			(2	)		—			(2	)
Japanese Hotel Real Estate Private Equity Fund 2		16,480		15		911			837			(877	)		(40	)
Woori Goseong Power EBL Private Special Asset Fund		90,730		21		2,289			2,221			—			2,221
Woori Seoul Beltway Private Special Asset Fund		28,033		1		374			347			—			347
Woori Multi Return Private Securities Investment Trust 3(Balanced Bond)		122,293		72,333		10			8			—			8
Woori Short-term Bond Securities Investment Trust(Bond)<br>ClassC-F		1,337,272		160,928		(1	)		(6	)		—			(6	)
WOORI TAERIM 1st Fund		4,049		150		—			(64	)		—			(64	)
Portone-Cape Fund No.1		2,447		—		1,050			947			—			947
KIWOOM WOORI Financial 1st Investment Fund		10,820		55		1			(164	)		—			(164	)
DeepDive WOORI Financial Investment Fund		8,387		—		—			(13	)		—			(13	)
Woori FirstValue Private Real Estate Fund No.2		69,673		63,309		—			—			—			—
Woori High plus G.B. Securities Feeder Fund1(G.B.)		21,569		—		(12	)		(12	)		—			(12	)
Woori BIG2 Plus Securities Investment Trust(Balanced Bond)		809		30		1			1			—			1
Woori Hanhwa Eureka Private Equity Fund		39,868		94		19,244			18,911			—			18,911
Aarden Woori Apparel 1st Private Equity Fund		21,152		83		—			(131	)		—			(131	)
Godo Kaisha Oceanos 1		66,049		45,386		2,351			130			225			355
Woori Zip 1		54,035		54,033		560			—			—			—
Woori Zip 2		76,493		76,492		794			—			—			—
Force TEC Co., Ltd.		12,369		23,504		14,628			(8,720	)		—			(8,720	)
KUM HWA Co., Ltd.		29		182		43			(7	)		—			(7	)
JC Assurance No.2 Private Equity Fund		98,681		—		—			(758	)		—			(758	)
Dream Company Growth no.1 PEF		28,583		44		—			1,550			—			1,550
HMS-Oriens 1st Fund		54,257		4		2,057			1,622			—			1,622
Woori G Senior Loan No.1		343,978		19		9,962			9,351			—			9,351
Genesis Eco No.1 Private Equity Fund		38,217		2		—			(159	)		—			(159	)
PARATUSWOORI MATERIALS PARTS EQUIPMENT PRIVATE EQUITY FUND		59,104		200		3			(296	)		—			(296	)
PCC-Woori LP Secondary Fund		28,379		3		1,453			953			—			953
Woori High Plus Short-term High Graded ESG Bond Sec Feeder Inv Trust 1		301,032		—		2,735			2,735			—			2,735
Woori-Q Corporate Restructuring Private Equity<br>Fund		55,853		441		280			(1,137	)		—			(1,137	)
Woori-Shinyoung Growth-Cap Private Equity<br>Fund I		82,464		410		83,115			81,832			—			81,832

• 79 -

(*)	The amount is after reflecting the fair value adjustment that occurred when acquiring the shares and the<br>adjustments that occurred by difference of accounting policies with the Group.
	December 31, 2020
---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---
	Assets		Liabilities		Operating<br>revenue		Net income<br>(loss)			Other<br>comprehensive<br>income(loss)			Total<br>comprehensive<br>income(loss)
W Service Networks Co., Ltd.		6,305		2,448		18,525		1,197			—			1,197
Korea Credit Bureau Co., Ltd.		117,077		37,599		107,810		13,391			—			13,391
Korea Finance Security Co., Ltd.		36,978		16,536		60,599		(1,985	)		—			(1,985	)
Woori Growth Partnerships New Technology Private Equity Fund		65,390		252		1,589		(9,601	)		—			(9,601	)
2016KIF-IMM Woori Bank Technology Venture Fund		64,109		1,198		7,425		6,201			—			6,201
K BANK Co., Ltd.		4,040,051		3,530,074		68,144		(83,989	)		(1,354	)		(85,343	)
Smart Private Equity Fund No.2		13,667		51		1		(204	)		—			(204	)
Woori Bank-Company K Korea Movie Asset Fund		11,273		119		1,926		1,461			—			1,461
Well to Sea No.3 Private Equity Fund		22,001		3,102		610,535		16,061			3,976			20,037
Partner One Value Up I Private Equity Fund		42,205		—		308		(329	)		—			(329	)
IBK KIP Seongjang Dideemdol 1st Private Investment Limited Partnership		46,542		655		1,024		(411	)		—			(411	)
Crevisse Raim Impact 1st Startup Venture Specialist Private Equity Fund		15,747		—		284		(85	)		—			(85	)
LOTTE CARD Co.,Ltd (*)		14,578,716		12,238,805		1,255,593		78,781			(9,040	)		69,741
Together-Korea Government Private Pool Private Securities Investment Trust No.3		10,025		1		187		23			—			23
Genesis Environmental Energy Company 1st Private Equity Fund		16,192		118		1,400		974			—			974
Union Technology Finance Investment Association		15,151		51		1		(50	)		—			(50	)
Japanese Hotel Real Estate Private Equity Fund 2		16,293		15		1,359		1,271			(940	)		331
Woori G Clean Energy No.1		3,496		1		33		32			—			32
Woori Goseong Power EBL Private Special Asset Fund		90,728		21		3,060		2,969			—			2,969
Woori Seoul Beltway Private Special Asset Fund		22,452		1		352		323			—			323
WOORI TAERIM 1st Fund		1,192		86		—		(22	)		—			(22	)
Portone-Cape Fund No.1		4,800		—		—		—			—			—
KIWOOM WOORI Financial 1st Investment Fund		10,986		57		—		(71	)		—			(71	)
Woori FirstValue Private Real Estate Fund No.2		20,220		2,467		9		(9	)		—			(9	)
Woori High plus G.B. Securities Feeder Fund1(G.B.)		27,870		—		148		148			—			148
Woori Star50 Master Fund ClassC-F		1,011		246		11		11			—			11
Woori Hanhwa Eureka Private Equity Fund		50,382		235		8,150		7,676			—			7,676
Godo Kaisha Oceanos 1		66,793		45,472		1,425		14			—			14
Force TEC Co., Ltd.		47,077		45,552		25,914		(415	)		(2,745	)		(3,160	)
JC Assurance No.2 Private Equity Fund		98,431		13		—		(732	)		—			(732	)
Dream Company Growth no.1 PEF		28,727		43		—		(116	)		—			(116	)
HMS-Oriens 1st Fund		52,685		53		90		20			—			20
Woori G Senior Loan No.1		240,414		15		1,721		1,584			—			1,584
PCC-Woori LP Secondary Fund		20,927		4		2,082		1,425			—			1,425
Woori High Plus Short-term High Graded ESG Bond Sec Feeder Inv Trust 1		402,015		—		10,727		10,727			—			10,727
Woori-Q Corporate Restructuring Private Equity<br>Fund		58,355		433		206		(1,590	)		—			(1,590	)
Woori-Shinyoung Growth-Cap Private Equity<br>Fund I		110,452		825		23,875		21,106			—			21,106
(*)	The amount is after reflecting the fair value adjustment that occurred when acquiring the shares and the<br>adjustments that occurred by difference of accounting policies with the Group.
---	---

• 80 -

(4)	The entities that the Group has not applied equity method of accounting although the Group’s ownership<br>interest is more than 20% as of September 30, 2021 and December 31, 2020 are as follows:
	September 30, 2021
---	---	---	---	---
Associate (*)	Number of<br>shares owned		Ownership (%)
Orient Shipyard Co., Ltd.		464,812		21.4
Yuil PESC Co., Ltd.		8,642		24.0
CL Tech Co., Ltd.		13,759		38.6
(*)	Even though the Group’s ownership interest of the entity is more than 20%, the Group does not have<br>significant influence over the entity since it is going through work-out process under receivership, thus it is excluded from the investment in joint ventures and associates.
---	---
	December 31, 2020
---	---	---	---	---
Associate (*)	Number of<br>shares owned		Ownership (%)
Orient Shipyard Co., Ltd.		464,812		21.4
Yuil PESC Co., Ltd.		8,642		24.0
CL Tech Co., Ltd.		13,759		38.6
(*)	Even though the Group’s ownership interest of the entity is more than 20%, the Group does not have<br>significant influence over the entity since it is going through work-out process under receivership, thus it is excluded from the investment in joint ventures and associates.
---	---
(5)	As of September 30, 2021 and December 31, 2020, the reconciliations from the net assets of the<br>associates to the book value of the shares of the investment in joint ventures and associates are as follows (Unit: Korean Won in millions except for ownership):
---	---
	September 30, 2021
---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---
	Total net<br>asset		Ownership<br>(%)		Ownership<br>portion of net<br>assets		Basis<br>difference		Impairment			Intercompany<br>transaction		Book<br>value
W Service Networks Co., Ltd.		3,618		4.9		179		—		—			—		179
Korea Credit Bureau Co., Ltd.		87,737		9.9		8,698		246		—			—		8,944
Korea Finance Security Co., Ltd.		19,822		15.0		2,973		—		—			—		2,973
Woori Growth Partnerships New Technology Private Equity Fund		58,706		23.1		13,548		—		—			—		13,548
2016KIF-IMM Woori Bank Technology Venture Fund		50,795		20.0		10,159		—		—			—		10,159
K BANK Co., Ltd. (*1) (*2)		1,733,003		12.6		217,938		21,894		(1,744	)		—		238,088
Woori Bank-Company K Korea Movie Asset Fund		4,825		25.0		1,206		—		—			—		1,206
Partner One Value Up Ist Private Equity Fund		27,993		23.3		6,510		—		—			—		6,510
IBK KIP Seongjang Dideemdol 1st Private Investment Limited Partnership		69,771		20.0		13,954		—		—			282		14,236
Crevisse Raim Impact 1st Startup Venture Specialist Private Equity Fund		15,649		25.0		3,912		—		—			280		4,192
LOTTE CARD Co., Ltd (*1)		2,211,014		20.0		442,203		—		—			—		442,203
Together-Korea Government Private Pool Private Securities Investment Trust No.3		10,054		100.0		10,053		—		—			—		10,053
Genesis Environmental Energy Company 1st Private Equity Fund		16,262		24.8		4,025		—		—			—		4,025
Union Technology Finance Investment Association		34,425		29.7		10,225		—		—			—		10,225
Dicustody Co., Ltd.		98		1.0		1		—		—			—		1
Japanese Hotel Real Estate Private Equity Fund 2		16,465		19.9		3,271		—		—			—		3,271

• 81 -

	September 30, 2021
	Total net<br>asset			Ownership<br>(%)		Ownership<br>portion of net<br>assets			Basis<br>difference		Impairment		Intercompany<br>transaction		Book<br>value
Woori Goseong Power EBL Private Special Asset Fund		90,709			16.7		15,118			—		—		—		15,118
Woori Seoul Beltway Private Special Asset Fund		28,032			25.0		7,008			—		—		—		7,008
Woori Multi Return Private Securities Investment Trust 3(Balanced Bond)		49,960			20.0		9,992			—		—		—		9,992
Woori Short-term Bond Securities Investment Trust (Bond)<br>ClassC-F		1,176,344			4.3		50,574			—		—		—		50,574
WOORI TAERIM 1st Fund		3,899			25.6		997			—		—		—		997
Portone-Cape Fund No.1		2,447			20.0		489			—		—		—		489
KIWOOM WOORI Financial 1st Investment Fund		10,765			9.1		979			—		—		—		979
DeepDive WOORI Financial Investment Fund		8,387			11.9		998			—		—		—		998
Woori FirstValue Private Real Estate Fund No.2		6,364			12.0		763			—		—		—		763
Woori High plus G.B. Securities Feeder Fund1(G.B.)		21,569			28.0		6,040			—		—		—		6,040
Woori BIG2 Plus Securities Investment Trust (Balanced Bond)		779			26.2		204			—		—		—		204
Woori Hanhwa Eureka Private Equity Fund		39,774			0.8		319			—		—		—		319
Aarden Woori Apparel 1st Private Equity Fund		21,069			0.5		99			—		—		—		99
Godo Kaisha Oceanos 1		20,663			47.8		9,879			—		—		—		9,879
Woori Zip 1		2			64.0		11,025			—		—		—		11,025
Woori Zip 2		1			64.0		15,374			—		—		—		15,374
Force TEC		(11,135	)		24.5		(2,733	)		—		—		2,733		—
KUM HWA Co., Ltd.		(153	)		20.1		(31	)		—		—		31		—
JC Assurance No.2 Private Equity Fund		98,681			29.3		28,912			—		—		—		28,912
Dream Company Growth no.1 PEF		28,539			27.8		7,927			—		—		—		7,927
HMS-Oriens 1st Fund		54,253			22.8		12,377			—		—		—		12,377
Woori G Senior Loan No.1		343,959			21.7		74,465			—		—		—		74,465
Genesis Eco No.1 Private Equity Fund		38,215			29.0		11,076			—		—		—		11,076
PARATUSWOORI MATERIALS PARTS EQUIPMENT PRIVATE EQUITY FUND		58,904			29.9		17,612			—		—		—		17,612
PCC-Woori LP Secondary Fund		28,376			38.8		11,022			—		—		—		11,022
Woori High Plus Short-term High Graded ESG Bond Sec Feeder Inv Trust 1		301,032			27.7		81,727			—		—		—		81,727
Woori-Q Corporate Restructuring Private Equity<br>Fund		55,412			37.8		20,928			—		—		—		20,928
Woori-Shinyoung Growth-Cap Private Equity<br>Fund I		82,054			35.0		28,922			—		—		—		28,922
(*1)	The net asset equity amount is after the<br>debt-for-equity swap, non-controlling etc.
---	---
(*2)	As a result of conducting an impairment test on the investment stocks of the related companies, the recoverable<br>value was less than the carrying amount and thus the impairment loss was recognized.
---	---

• 82 -

	December 31, 2020
	Total net<br>asset		Ownership<br>(%)		Ownership<br>portion of net<br>assets		Basis<br>difference		Impairment			Intercompany<br>transaction			Book<br>value
W Service Networks Co., Ltd.		3,857		4.9		191		—		—			—			191
Korea Credit Bureau Co., Ltd.		79,478		9.9		7,876		246		—			3			8,125
Korea Finance Security Co., Ltd.		20,442		15.0		3,066		—		—			—			3,066
Woori Growth Partnerships New Technology Private Equity Fund		65,138		23.1		15,034		—		—			(2	)		15,032
2016KIF-IMM Woori Bank Technology Venture Fund		62,911		20.0		12,582		—		—			656			13,238
K BANK Co., Ltd. (*1) (*2)		509,978		26.2		133,614		44,117		(3,634	)		—			174,097
Smart Private Equity Fund No.2 (*2)		13,616		20.0		2,723		—		(1,242	)		—			1,481
Woori Bank-Company K Korea Movie Asset Fund		11,154		25.0		2,788		—		—			—			2,788
Well to Sea No.3 Private Equity Fund (*3)		18,899		50.0		—		—		—			—			—
Partner One Value Up Ist Private Equity Fund		42,205		23.3		9,817		—		—			(1	)		9,816
IBK KIP Seongjang Dideemdol 1st Private Investment Limited Partnership		45,888		20.0		9,178		—		—			578			9,756
Crevisse Raim Impact 1st Startup Venture Specialist Private Equity Fund		15,747		25.0		3,937		—		—			192			4,129
LOTTE CARD Co., Ltd (*1)		2,114,159		20.0		422,832		—		—			—			422,832
Together-Korea Government Private Pool Private Securities Investment Trust No.3		10,024		100.0		10,024		—		—			(1	)		10,023
Genesis Environmental Energy Company 1st Private Equity Fund		16,074		24.8		3,979		—		—			—			3,979
Union Technology Finance Investment Association		15,100		29.7		4,485		—		—			—			4,485
Japanese Hotel Real Estate Private Equity Fund 2		16,278		19.9		3,234		—		—			—			3,234
Woori G Clean Energy No.1		3,495		29.3		1,024		—		—			—			1,024
Woori Goseong Power EBL Private Special Asset Fund		90,707		16.7		15,118		—		—			—			15,118
Woori Seoul Beltway Private Special Asset Fund		22,451		25.0		5,613		—		—			—			5,613
WOORI TAERIM 1st Fund		1,106		25.6		283		—		—			—			283
Portone-Cape Fund No.1		4,800		20.0		960		—		—			—			960
KIWOOM WOORI Financial 1st Investment Fund		10,929		9.1		994		—		—			—			994
Woori FirstValue Private Real Estate Fund No.2		17,753		12.0		2,130		—		—			—			2,130
Woori High plus G.B. Securities Feeder Fund1(G.B.)		27,870		21.8		6,076		—		—			—			6,076
Woori Star50 Master Fund ClassC-F		765		24.5		184		—		—			—			184
Woori Hanhwa Eureka Private Equity Fund		50,147		0.8		403		—		—			—			403
Godo Kaisha Oceanos 1		21,321		47.8		10,193		—		—			—			10,193
Force TEC		1,526		25.8		393		—		—			—			393
JC Assurance No.2 Private Equity Fund		98,418		29.3		29,050		—		—			—			29,050
Dream Company Growth no.1 PEF		28,684		27.8		7,705		—		—			—			7,705
HMS-Oriens 1st Fund		52,632		22.8		12,000		—		—			—			12,000

• 83 -

	December 31, 2020
	Total net<br>asset		Ownership<br>(%)		Ownership<br>portion of net<br>assets		Basis<br>difference		Impairment		Intercompany<br>transaction		Book<br>value
Woori G Senior Loan No.1		240,399		21.7		52,045		—		—		—		52,045
PCC-Woori LP Secondary Fund		20,923		38.8		8,126		—		—		2		8,128
Woori High Plus Short-term High Graded ESG Bond Sec Feeder Inv Trust 1		402,015		23.3		93,474		—		—		—		93,474
Woori-Q Corporate Restructuring Private Equity<br>Fund		57,922		38.4		22,220		—		—		684		22,904
Woori-Shinyoung Growth-Cap Private Equity Fund I		109,627		35.0		38,342		—		—		—		38,342
(*1)	The net asset equity amount is after the<br>debt-for-equity swap, non-controlling etc.
---	---
(*2)	As a result of conducting an impairment test on the investment stocks of the related companies, the recoverable<br>value was less than the carrying amount and thus the impairment loss was recognized.
---	---
(*3)	The estimated recoverable amount of 15,687 million Won at the time of liquidation was classified as<br>receivable.
---	---
13.	INVESTMENT PROPERTIES
---	---
(1)	Details of investment properties are as follows (Unit: Korean Won in millions):
---	---
	September 30, 2021			December 31, 2020
---	---	---	---	---	---	---
Acquisition cost		413,463			409,702
Accumulated depreciation		(24,200	)		(22,152	)
Accumulated impairment losses		(86	)		(86	)
Net carrying value		389,177			387,464
(2)	Changes in investment properties are as follows (Unit: Korean Won in millions):
---	---
	For the nine-month period ended September 30
---	---	---	---	---	---	---
	2021			2020
Beginning balance		387,464			280,239
Acquisition		—			2,432
Disposal		—			(356	)
Depreciation		(2,106	)		(1,812	)
Transfer		1,643			29,580
Foreign currencies translation adjustments		1,991			446
Others		185			815
Ending balance		389,177			311,344

• 84 -

14.	PREMISES AND EQUIPMENT
(1)	Details of premises and equipment as of September 30, 2021 and December 31, 2020 are as follows<br>(Unit: Korean Won in millions):
---	---
	September 30, 2021
---	---	---	---	---	---	---	---	---	---	---	---	---	---	---
	Land		Building		Equipment<br>and vehicles		Leasehold<br>improvement		Construction<br>in progress		Structures		Total
Premises and equipment (owned)		1,727,747		768,825		255,162		49,323		4,516		1		2,805,574
Right-of-use<br>asset		—		388,865		17,696		—		—		—		406,561
Carrying value		1,727,747		1,157,690		272,858		49,323		4,516		1		3,212,135
	December 31, 2020
---	---	---	---	---	---	---	---	---	---	---	---	---	---	---
	Land		Building		Equipment<br>and vehicles		Leasehold<br>improvement		Construction<br>in progress		Structures		Total
Premises and equipment (owned)		1,726,045		787,040		268,225		50,085		8,246		2		2,839,643
Right-of-use<br>asset		—		435,132		12,423		—		—		—		447,555
Carrying value		1,726,045		1,222,172		280,648		50,085		8,246		2		3,287,198
(2)	Details of premises and equipment (owned) as of September 30, 2021 and December 31, 2020 are as<br>follows (Unit: Korean Won in millions):
---	---
	September 30, 2021
---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---
	Land			Building			Equipment<br>and vehicles			Leasehold<br>improvement			Construction<br>in progress		Structures			Total
Acquisition cost		1,728,407			1,082,913			1,163,175			469,167			4,516		20			4,448,198
Accumulated depreciation		—			(314,088	)		(908,013	)		(419,844	)		—		(19	)		(1,641,964	)
Accumulated impairment losses		(660	)		—			—			—			—		—			(660	)
Net carrying value		1,727,747			768,825			255,162			49,323			4,516		1			2,805,574
	December 31, 2020
---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---
	Land			Building			Equipment<br>and vehicles			Leasehold<br>improvement			Construction<br>in progress		Structures			Total
Acquisition cost		1,726,705			1,076,647			1,142,653			478,290			8,246		20			4,432,561
Accumulated depreciation		—			(289,607	)		(874,428	)		(428,205	)		—		(18	)		(1,592,258	)
Accumulated impairment losses		(660	)		—			—			—			—		—			(660	)
Net carrying value		1,726,045			787,040			268,225			50,085			8,246		2			2,839,643

• 85 -

(3)	Details of changes in premises and equipment (owned) are as follows (Unit: Korean Won in millions):<br>
	For the nine-month period ended September 30, 2021
---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---
	Land			Building			Equipment<br>and vehicles			Leasehold<br>improvement			Construction<br>in progress			Structures			Total
Beginning balance		1,726,045			787,040			268,225			50,085			8,246			2			2,839,643
Acquisitions		—			12,791			43,294			14,957			9,838			—			80,880
Disposals		—			(1,969	)		(1,430	)		(867	)		—			—			(4,266	)
Depreciation		—			(25,160	)		(69,945	)		(15,892	)		—			(1	)		(110,998	)
Classified as<br>held-for-sale		(759	)		(1,412	)		—			—			—			—			(2,171	)
Transfer		(1,590	)		(53	)		12,606			—			(12,606	)		—			(1,643	)
Foreign currencies translation adjustments		994			654			2,695			1,458			104			—			5,905
Others		3,057			(3,066	)		(283	)		(418	)		(1,066	)		—			(1,776	)
Ending balance		1,727,747			768,825			255,162			49,323			4,516			1			2,805,574
	For the nine-month period ended September 30, 2020
	Land			Building			Equipment<br>and vehicles			Leasehold<br>improvement			Construction<br>in progress			Structures			Total
Beginning balance		1,761,159			802,299			278,016			54,839			1,287			2			2,897,602
Acquisitions		55			13,870			57,293			15,113			4,084			—			90,415
Disposals		(6,478	)		(346	)		(982	)		(353	)		—			—			(8,159	)
Depreciation		—			(26,849	)		(70,779	)		(19,787	)		—			—			(117,415	)
Transfer		(28,266	)		(1,314	)		—			—			—			—			(29,580	)
Foreign currencies translation adjustments		(563	)		(622	)		335			305			(13	)		—			(558	)
Others		—			(3,579	)		1,901			239			(502	)		—			(1,941	)
Ending balance		1,725,907			783,459			265,784			50,356			4,856			2			2,830,364
(4)	Details of right-of-use assets<br>as of September 30, 2021 and December 31, 2020 are as follows (Unit: Korean Won in millions):
---	---
	September 30, 2021
---	---	---	---	---	---	---	---	---	---
	Building			Equipment and vehicles			Total
Acquisition cost		722,002			30,546			752,548
Accumulated depreciation		(333,137	)		(12,850	)		(345,987	)
Net carrying value		388,865			17,696			406,561
	December 31, 2020
---	---	---	---	---	---	---	---	---	---
	Building			Equipment and vehicles			Total
Acquisition cost		720,417			28,463			748,880
Accumulated depreciation		(285,285	)		(16,040	)		(301,325	)
Net carrying value		435,132			12,423			447,555

• 86 -

(5)	Details of changes in<br>right-of-use assets for the nine-month periods ended September 30, 2021 and 2020 are as follows (Unit: Korean Won in millions):
	For the nine-month period ended September 30, 2021
---	---	---	---	---	---	---	---	---	---
	Building			Equipment and vehicles			Total
Beginning balance		435,132			12,423			447,555
New contracts		140,112			14,390			154,502
Changes in contract		4,262			184			4,446
Termination		(42,235	)		(1,176	)		(43,411	)
Depreciation		(173,679	)		(7,898	)		(181,577	)
Others		25,273			(227	)		25,046
Ending balance		388,865			17,696			406,561
	For the nine-month period ended September 30, 2020
	Building			Equipment and vehicles			Total
Beginning balance		449,878			17,236			467,114
New contracts		156,329			5,231			161,560
Changes in contract		9,374			50			9,424
Termination		(4,674	)		(323	)		(4,997	)
Depreciation		(170,039	)		(7,640	)		(177,679	)
Others		(6,059	)		(1,094	)		(7,153	)
Ending balance		434,809			13,460			448,269
15.	INTANGIBLE ASSETS
---	---
(1)	Details of intangible assets are as follows (Unit: Korean Won in millions):
---	---
	September 30, 2021
---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---
	Goodwill		Industrial<br>property<br>rights			Development<br>cost			Other<br>intangible<br>assets			Membership<br>deposit			Construction<br>in<br>progress		Total
Acquisition cost		345,207		1,938			639,544			1,156,460			40,678			1,325		2,185,152
Accumulated amortization		—		(1,271	)		(434,392	)		(930,650	)		—			—		(1,366,313	)
Accumulated impairment losses		—		—			—			(33,552	)		(3,446	)		—		(36,998	)
Net carrying value		345,207		667			205,152			192,258			37,232			1,325		781,841
	December 31, 2020
	Goodwill		Industrial<br>property<br>rights			Development<br>cost			Other<br>intangible<br>assets			Membership<br>deposit			Construction<br>in<br>progress		Total
Acquisition cost		334,290		1,810			582,998			1,114,615			39,454			6,669		2,079,836
Accumulated amortization		—		(1,101	)		(374,125	)		(875,636	)		—			—		(1,250,862	)
Accumulated impairment losses		—		—			—			(33,534	)		(3,363	)		—		(36,897	)
Net carrying value		334,290		709			208,873			205,445			36,091			6,669		792,077

• 87 -

(2)	Details of changes in intangible assets are as follows (Unit: Korean Won in millions):
	For the nine-month period ended September 30, 2021
---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---
	Goodwill		Industrial<br>property<br>rights			Development<br>cost			Other<br>intangible<br>assets			Membership<br>deposit			Construction<br>in<br>progress			Total
Beginning balance		334,290		709			208,873			205,445			36,091			6,669			792,077
Acquisitions		—		128			52,793			31,258			1,607			791			86,577
Disposal		—		—			—			—			(334	)		—			(334	)
Amortization (*)		—		(170	)		(60,263	)		(51,288	)		—			—			(111,721	)
Impairment losses		—		—			—			(18	)		(133	)		—			(151	)
Transfer		—		—			3,749			2,920			—			(6,669	)		—
Foreign currencies translation adjustments		10,917		—			—			2,877			201			—			13,995
Others		—		—			—			1,064			(200	)		534			1,398
Ending balance		345,207		667			205,152			192,258			37,232			1,325			781,841
(*)	Amortization of other intangible assets amounting to 10,386 million Won is included in other<br>operating expenses.
---	---
	For the nine-month period ended September 30, 2020
---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---
	Goodwill			Industrial<br>property<br>rights			Development<br>cost			Other<br>intangible<br>assets			Membership<br>deposit			Construction<br>in<br>progress			Total
Beginning balance		350,682			692			225,193			234,147			29,330			4,066			844,110
Acquisitions		—			223			38,256			29,966			4,960			3,238			76,643
Disposal		—			—			—			—			(759	)		—			(759	)
Amortization (*)		—			(160	)		(53,079	)		(48,566	)		—			—			(101,805	)
Impairment losses		—			—			—			(7,687	)		(17	)		—			(7,704	)
Transfer		—			—			428			164			—			(592	)		—
Foreign currencies translation adjustments		(8,997	)		—			—			(677	)		69			(3	)		(9,608	)
Others		(1,617	)		—			(197	)		809			(69	)		—			(1,074	)
Ending balance		340,068			755			210,601			208,156			33,514			6,709			799,803
(*)	Amortization of other intangible assets amounting to 9,363 million Won is included in other operating<br>expenses.
---	---
16.	ASSETS HELD FOR SALE
---	---

Assets held for sale are as follows (Unit: Korean Won in millions):

Assets (*)	September 30, 2021		December 31, 2020
Premises and equipment		464		2,130
Investments of associates		13,395		50,411
Others		6,611		7,461
Total		20,470		60,002
(*)	The Group classifies assets as held for sale that are highly likely to be sold within one year from<br>September 30, 2021 and December 31, 2020.
---	---

The Group measured assets held for sale at the lower of their net fair value or carrying amount.

• 88 -

17.	OTHER ASSETS

Details of other assets are as follows (Unit: Korean Won in millions):

	September 30, 2021		December 31, 2020
Lease assets		1,511,174		1,116,175
Prepaid expenses		276,268		170,820
Advance payments		73,515		28,256
Assets for non-business use		12,084		12,135
Others		168,504		21,608
Total		2,041,545		1,348,994
18.	FINANCIAL LIABILITIES AT FVTPL
---	---
(1)	Financial liabilities at FVTPL are as follows (Unit: Korean Won in millions):
---	---
	September 30, 2021		December 31, 2020
---	---	---	---	---
Financial instruments at fair value through profit or loss measured at fair value		5,737,332		6,794,192
Financial liabilities at fair value through profit or loss designated as upon initial<br>recognition		—		19,630
Total		5,737,332		6,813,822
(2)	Financial liabilities at fair value through profit or loss measured at fair value are as follows (Unit: Korean<br>Won in millions):
---	---
	September 30, 2021		December 31, 2020
---	---	---	---	---
Deposits
Gold banking liabilities		70,299		49,279
Borrowings
Securities sold		312,713		285,026
Derivative liabilities		5,354,320		6,459,887
Total		5,737,332		6,794,192
(3)	Financial liabilities at fair value through profit or loss designated as upon initial recognition as of<br>September 30, 2021 and December 31, 2020 are as follows (Unit: Korean Won in millions):
---	---
	September 30, 2021		December 31, 2020
---	---	---	---	---
Equity-linked securities
Equity-linked securities in short position		—		19,630

The Group designated the financial liability at a fair value through profit or loss since the financial liability is a compound contract that includes one or more embedded derivatives which IFRS 1109 ‘Financial Instruments’ allows designation of fair value through profit or loss.

(4)	There are no accumulated changes in credit risk adjustments to financial liabilities at fair value through<br>profit or loss designated as upon initial recognition.

The adjustment to reflect the Group’s credit risk is considered in measuring the fair value of equity-linked securities index. The Group’s credit risk is determined by adjusting credit spread observed in credit rating of the Group.

• 89 -

(5)	The difference between carrying amount and maturity amount of financial liabilities at fair value through<br>profit or loss designated as upon initial recognition (Financial liabilities designated as at FVTPL) are as follows (Unit: Korean Won in millions):
	September 30, 2021		December 31, 2020
---	---	---	---	---	---
Carrying amount		—		19,630
Nominal amount at maturity		—		25,780
Difference		—		(6,150	)
19.	DEPOSITS DUE TO CUSTOMERS
---	---

Details of deposits due to customers by type are as follows (Unit: Korean Won in millions):

	September 30, 2021			December 31, 2020
Deposits in local currency
Deposits on demand		19,469,368			12,454,024
Deposits at termination		249,147,715			242,397,664
Mutual installment		24,928			26,319
Deposits on notes payables		2,973,199			2,647,492
Deposits on CMA		100,855			110,413
Certificate of deposits		2,711,392			2,072,389
Other deposits		1,305,492			1,372,461
Sub-total		275,732,949			261,080,762
Deposits in foreign currencies
Deposits in foreign currencies		36,080,021			30,408,762
Present value discount		(8,494	)		(12,245	)
Total		311,804,476			291,477,279
20.	BORROWINGS AND DEBENTURES
---	---
(1)	Details of borrowings are as follows (Unit: Korean Won in millions):
---	---
	September 30, 2021
---	---	---	---	---	---	---
	Lenders	Interest rate (%)		Amount
Borrowings in local currency
Borrowings from BOK	BOK		0.3		3,119,768
Borrowings from government funds	Small Enterprise And Market Service and others		0.0 ~ 3.5		2,125,920
Others	The Korea Development Bank and others		0.0 ~ 3.4		9,423,106
Sub-total					14,668,794
Borrowings in foreign currencies
Borrowings in foreign currencies	JPMorgan Chase & Co. and others		(0.5) ~ 7.3		8,391,646
Sub-total					8,391,646
Bills sold	Others		0.0 ~ 1.0		7,022
Call money	Bank and others		(0.4) ~ 2.0		479,673
Bonds sold under repurchase agreements	Other financial institutions		(0.5) ~ 10.6		860,594
Present value discount					(21,946	)
Total					24,385,783

• 90 -

	December 31, 2020
	Lenders	Interest rate (%)		Amount
Borrowings in local currency
Borrowings from BOK	BOK		0.3		2,678,120
Borrowings from government funds	Small Enterprise And Market Service and others		0.0 ~ 5.0		2,155,129
Others	The Korea Development Bank and others		0.0 ~ 5.5		7,255,938
Sub-total					12,089,187
Borrowings in foreign currencies
Borrowings in foreign currencies	JPMorgan Chase & Co. and others		(0.4) ~ 7.3		7,573,722
Bills sold	Others		0.0 ~ 0.9		8,924
Call money	Bank and others		(0.3) ~ 3.8		416,370
Bonds sold under repurchase agreements	Other financial institutions		(0.5) ~ 10.6		657,823
Present value discount					(560	)
Total					20,745,466
(2)	Details of debentures are as follows (Unit: Korean Won in millions):
---	---
	September 30, 2021					December 31, 2020
---	---	---	---	---	---	---	---	---	---	---
	Interest rate<br>(%)		Amount			Interest rate<br>(%)		Amount
Face value of bond (*):
Ordinary bonds		0.7 ~ 3.6		34,856,275			0.8 ~ 4.5		29,623,445
Subordinated bonds		1.9 ~ 5.1		6,790,984			1.9 ~ 5.9		6,955,515
Other bonds		0.8 ~ 17.0		760,910			0.6 ~ 17.0		925,677
Sub-total				42,408,169					37,504,637
Discounts on bonds				(29,862	)				(25,279	)
Total				42,378,307					37,479,358
(*)	Included debentures under fair value hedge amounting to 2,397,024 million Won and 2,767,208 million<br>Won as of September 30, 2021 and December 31, 2020 respectively. Also, debentures under cash flow hedge amounting to 918,731 million Won and 857,531 million Won are included as of September 30, 2021 and December 31,<br>2020 respectively.
---	---

• 91 -

21.	PROVISIONS
(1)	Details of provisions are as follows (Unit: Korean Won in millions):
---	---
	September 30, 2021		December 31, 2020
---	---	---	---	---
Asset retirement obligation		80,246		68,402
Provisions for guarantees (*1)		79,240		89,592
Provisions for unused loan commitments		109,655		122,155
Other provisions (*2)		292,551		221,494
Total		561,692		501,643
(*1)	Provisions for guarantees includes provision for financial guarantee of 59,233 million Won and<br>66,232 million Won as of September 30, 2021 and December 31, 2020, respectively.
---	---
(*2)	Other provisions consist of provision for litigation, loss compensation and others.
---	---
(2)	Changes in provisions for guarantees and unused loan commitments are as follows (Unit: Korean Won in millions):<br>
---	---
1)	Provisions for guarantees
---	---
	For the nine-month period ended September 30, 2021
---	---	---	---	---	---	---	---	---	---	---	---	---
	Stage 1			Stage 2			Stage 3			Total
Beginning balance		64,804			16,745			8,043			89,592
Transfer to 12-month expected credit loss		2,613			(2,611	)		(2	)		—
Transfer to expected credit loss for the entire period		(160	)		160			—			—
Transfer to credit-impaired financial assets		(31	)		(163	)		194			—
Provisions used		(4,978	)		—			—			(4,978	)
Net provision(reversal) of unused amount		(4,049	)		305			(207	)		(3,951	)
Others (*)		(1,435	)		12			—			(1,423	)
Ending balance		56,764			14,448			8,028			79,240
(*)	Others have occurred as a result of new financial guarantee contract valued at initial fair value.<br>
---	---
	For the nine-month period ended September 30, 2020
---	---	---	---	---	---	---	---	---	---	---	---	---
	Stage 1			Stage 2			Stage 3			Total
Beginning balance		50,801			26,303			15,382			92,486
Transfer to 12-month expected credit loss		61			(61	)		—			—
Transfer to expected credit loss for the entire period		(372	)		1,615			(1,243	)		—
Transfer to credit-impaired financial assets		(13	)		(3	)		16			—
Net provision(reversal) of unused amount		1,392			(14,823	)		1,239			(12,192	)
Others (*)		2,910			—			1			2,911
Ending balance		54,779			13,031			15,395			83,205
(*)	Others have occurred as a result of new financial guarantee contract valued at initial fair value.<br>
---	---

• 92 -

2)	Provisions for unused loan commitment
	For the nine-month period ended September 30, 2021
---	---	---	---	---	---	---	---	---	---	---	---	---
	Stage 1			Stage 2			Stage 3			Total
Beginning balance		63,240			55,726			3,189			122,155
Transfer to 12-month expected credit loss		13,009			(12,655	)		(354	)		—
Transfer to expected credit loss for the entire period		(2,510	)		3,161			(651	)		—
Transfer to credit-impaired financial assets		(127	)		(265	)		392			—
Net provision(reversal) of unused amount		(9,785	)		(2,544	)		(303	)		(12,632	)
Others		132			—			—			132
Ending balance		63,959			43,423			2,273			109,655
	For the nine-month period ended September 30, 2020
---	---	---	---	---	---	---	---	---	---	---	---	---
	Stage 1			Stage 2			Stage 3			Total
Beginning balance		65,038			43,164			4,352			112,554
Transfer to 12-month expected credit loss		6,651			(6,265	)		(386	)		—
Transfer to expected credit loss for the entire period		(1,815	)		2,326			(511	)		—
Transfer to credit-impaired financial assets		(154	)		(283	)		437			—
Net provision of unused amount		7,437			15,731			1,384			24,552
Others		(3	)		—			—			(3	)
Ending balance		77,154			54,673			5,276			137,103
(3)	Changes in asset retirement obligation for the nine-month periods ended September 30, 2021 and 2020,<br>obligation are as follows (Unit: Korean Won in millions):
---	---
	For the nine-month period ended September 30
---	---	---	---	---	---	---
	2021			2020
Beginning balance		68,402			66,485
Provisions provided		1,165			3,722
Provisions used		(4,415	)		(1,368	)
Reversal of provisions unused		(163	)		(94	)
Unwinding of discount		384			348
Increase in recovery cost and others		14,873			—
Ending balance		80,246			69,093

The amount of the asset retirement obligation is the present value of the best estimate of future expected expenditure to settle the obligation – arising from leased premises as of September 30, 2021, discounted by appropriate discount rate. The restoration cost is expected to occur by the end of each premise’s lease period, and the Group has used average lease period of each category of leases terminated during the past years in order to rationally estimate the lease period. In addition, the Group used average amount of actual recovery cost for the past 3 years and the inflation rate for last year in order to estimate future recovery cost.

• 93 -

(4)	Changes in other provisions for the nine-month periods ended September 30, 2021 and 2020, are as follows<br>(Unit: Korean Won in millions):
	For the nine-month period ended September 30
---	---	---	---	---	---	---
	2021			2020
Beginning balance		221,494			172,455
Provisions provided		76,049			171,099
Provisions used		(8,619	)		(170,933	)
Reversal of provisions unused		(537	)		(259	)
Foreign currencies translation adjustments		4,141			1,520
Others		23			(85	)
Ending balance		292,551			173,797
(5)	Others
---	---
1)	The Group has been offering Korean Won settlement services for trade with Korea and Iran; however, the Group<br>has stopped the services for trade in line with U.S. economic sanctions on September 23, 2019. The Group resumed the service humanitarian goods trade only since July 13, 2020. In connection with these services, the Group is currently being<br>investigated by the U.S. government agencies including the U.S. prosecutors (United States Attorney’s Office and New York State Attorney General’s Office) and New York State Financial Supervisory Service as to whether the Group has<br>violated United States laws by participating in prohibited transactions involving the following countries: Iran, Sudan, Syria and Cuba, which have been sanctioned by the U.S. In this regard, Office of Foreign Assets Control concluded its<br>investigation in December 2020 without taking any additional sanctions, but the investigation procedures of the U.S. Public Prosecutors’ Office and the New York State Financial Supervisory Service have yet to be completed.<br>
---	---
2)	The Group recognized the provision of the estimated compensation amount related to the miss-selling of the<br>Derivative Linked Fund (DLF) incurred during 2019 and a fine expected to be imposed by the Financial Supervisory Service as the best estimate for the expenditure required to meet its obligations at the end of the reporting period.<br>
---	---
3)	For the nine-month period ended September 30, 2021, the Group recognized the provisions for the required<br>expenditure as the best estimate to fulfill its obligations as of September 30, 2021 due to the expected losses of clients arising from the delay in the redemption of funds by Lime Asset Management and the dispute settlement by the Financial<br>Supervisory Service. As of September 30, 2021, the provision for this case is 108.8 billion. Also, provision for the penalty amounts related to the incomplete selling is 7.2 billion Won.
---	---

• 94 -

22.	NET DEFINED BENEFIT LIABILITY(ASSET)

The characteristics of the Group’s defined benefit retirement pension plans are as follows:

Employees and directors with one or more years of service are entitled to receive a payment upon termination of their employment, based on their length of service and rate of salary at the time of termination. The assets of the plans are measured at their fair value at the end of reporting date. The plan liabilities are measured using the projected unit method, which takes account of projected earnings increases, using actuarial assumptions that give the best estimate of the future cash flows that will arise under the plan liabilities.

The Group is exposed to various risks through defined benefit retirement pension plan, and the most significant risks are as follows:

Volatility of asset	The defined benefit obligation was estimated with an interest rate calculated based on blue chip corporate bonds earnings. A deficit may occur if the rate of return of plan assets falls short of the interest rate.
Decrease in profitability of blue-chip bonds	A decrease in profitability of blue-chip bonds will be offset by some increase in the value of debt securities that the employee benefit plan owns but will bring an increase in the defined benefit obligation.
Risk of inflation	Defined benefit obligations are related to inflation rate; the higher the inflation rate is, the higher the level of liabilities. Therefore, deficit occurs in the system if an inflation rate increases.
(1)	Details of net defined benefit liability are as follows (Unit: Korean Won in millions):
---	---
	September 30, 2021			December 31, 2020
---	---	---	---	---	---	---
Present value of defined benefit obligation		1,616,237			1,610,680
Fair value of plan assets		(1,549,242	)		(1,564,101	)
Net defined benefit liabilities (*)		66,995			46,579
(*)	Net defined benefit liability of 66,995 million Won and 46,579 million Won as of September 30,<br>2021 and December 31, 2020 is the subtracted amount of the net defined benefit asset of 0 million Won and 5,658 million Won from the net defined benefit liability of 66,995 million Won and 52,237 million Won.<br>
---	---
(2)	Changes in the carrying value of defined benefit obligation are as follows (Unit: Korean Won in millions):<br>
---	---
		For the nine-month period ended September 30
---	---	---	---	---	---	---	---
		2021			2020
Beginning balance			1,610,680			1,442,859
Current service cost			133,844			130,247
Interest cost			29,821			25,184
Remeasurements	Financial assumption		(72,540	)		25,680
	Demographic assumptions		—			—
	Experience adjustments		10,716			1,903
Retirement benefit paid			(97,241	)		(48,622	)
Foreign currencies translation adjustments			130			(56	)
Others			827			1,388
Ending balance			1,616,237			1,578,583

-95-

(3)	Changes in the plan assets are as follows (Unit: Korean Won in millions):
	For the nine-month period ended September 30
---	---	---	---	---	---	---
	2021			2020
Beginning balance		1,564,101			1,352,971
Interest income		30,610			25,732
Remeasurements		(11,476	)		(5,835	)
Employer’s contributions		62,509			67,809
Retirement benefit paid		(96,526	)		(47,862	)
Others		24			(276	)
Ending balance		1,549,242			1,392,539
(4)	Fair value of plan assets as of September 30, 2021 and December 31, 2020 is as follows (Unit: Korean<br>Won in millions):
---	---
	September 30, 2021		December 31, 2020
---	---	---	---	---
Cash and due from banks		1,549,242		1,564,101

Meanwhile, among plan assets, realized returns on plan assets amount to 19,134 million Won and 19,897 million Won for the nine-month periods ended September 30, 2021 and 2020, respectively.

(5)	Service cost, net interest income, loss (gain) on the curtailment or settlement and remeasurements recognized<br>in the consolidated statements comprehensive income for the nine-month periods ended September 30, 2021 and 2020 pare as follows (Unit: Korean Won in millions):
	For the nine-month period ended September 30
---	---	---	---	---	---	---
	2021			2020
Current service cost		133,844			130,247
Net interest expense (income)		(789	)		(548	)
Cost recognized in net income		133,055			129,699
Remeasurements (*)		(50,348	)		33,418
Cost recognized in total comprehensive income		82,707			163,117
(*)	Amount before tax
---	---

Meanwhile, retirement benefits related to defined contribution plans recognized as expenses are 3,572 million Won and 3,028 million Won for the nine-month periods ended September 30, 2021 and 2020, respectively.

• 96 -

23.	OTHER FINANCIAL LIABILITIES AND OTHER LIABILITIES

Other financial liabilities and other liabilities are as follows (Unit: Korean Won in millions):

	September 30, 2021			December 31, 2020
Other financial liabilities:
Accounts payable		6,248,080			4,028,639
Accrued expenses		1,621,396			2,049,401
Borrowings from trust accounts		4,249,943			2,984,031
Agency business revenue		942,411			466,485
Foreign exchange payables		755,261			789,189
Domestic exchange settlement credits		3,606,599			180,251
Lease liabilities		363,609			407,431
Other miscellaneous financial liabilities		5,908,226			3,317,358
Present value discount		(13,557	)		(6,968	)
Sub-total		23,681,968			14,215,817
Other liabilities:
Unearned income		273,528			254,702
Other miscellaneous liabilities		272,556			219,111
Sub-total		546,084			473,813
Total		24,228,052			14,689,630

• 97 -

24.	DERIVATIVES
(1)	Derivative assets and derivative liabilities are as follows (Unit: Korean Won in millions):<br>
---	---
	September 30, 2021
---	---	---	---	---	---	---	---	---	---	---	---	---	---	---
			Assets						Liabilities
	Nominal<br>amount		For cash<br>flow hedge		For fair<br>value<br>hedge		For<br>trading		For cash<br>flow hedge		For fair<br>value<br>hedge		For trading
Interest rate:
Futures		396,545		—		—		—		—		—		—
Forwards		190,000		—		—		10,117		—		—		—
Swaps		134,342,885		223		128,139		150,225		90		12,857		368,570
Purchase options		170,000		—		—		3,841		—		—		—
Written options		320,000		—		—		—		—		—		7,855
Currency:
Futures		10,605		—		—		—		—		—		—
Forwards		113,435,875		—		—		2,923,198		—		—		1,489,067
Swaps		100,408,648		10,953		—		1,521,605		8,719		—		2,275,610
Purchase options		985,848		—		—		18,233		—		—		—
Written options		1,632,317		—		—		—		—		—		12,501
Equity:
Futures		434,149		—		—		—		—		—		—
Forwards		7		—		—		—		—		—		—
Swaps		505,365		—		—		23,731		—		—		2,136
Purchase options		16,199,637		—		—		940,640		—		—		—
Written options		18,022,863		—		—		—		—		—		1,198,581
Total		387,054,744		11,176		128,139		5,591,590		8,809		12,857		5,354,320
	December 31, 2020
			Assets						Liabilities
	Nominal<br>amount		For cash<br>flow hedge		For fair<br>value<br>hedge		For<br>trading		For cash<br>flow hedge		For fair<br>value<br>hedge		For trading
Interest rate:
Futures		184,413		—		—		—		—		—		—
Swaps		137,057,240		—		174,820		318,545		1,476		28		524,190
Purchase options		330,000		—		—		6,271		—		—		—
Written options		285,440		—		—		—		—		—		5,419
Currency:
Futures		2,546		—		—		—		—		—		—
Forwards		105,146,634		—		—		2,541,957		—		—		2,848,980
Swaps		87,249,320		—		—		3,325,135		63,265		—		2,415,610
Purchase options		1,147,877		—		—		59,329		—		—		—
Written options		1,632,048		—		—		—		—		—		23,271
Equity:
Futures		123,742		—		—		—		—		—		—
Forwards		11		—		—		—		—		—		—
Swaps		269,039		—		—		—		—		—		12,533
Purchase options		9,863,110		—		—		650,505		—		—		—
Written options		10,369,009		—		—		—		—		—		629,884
Total		353,660,429		—		174,820		6,901,742		64,741		28		6,459,887

Derivatives held for trading are classified into financial assets at FVTPL (Note 7) and financial liabilities at FVTPL (Note 18), and derivatives designated for hedging are presented as a separate line item in the consolidated statements of financial position.

• 98 -

(2)	Overview of the Group’s hedge accounting

The hedging relationships that the Group applies fair value hedge accounting and cash flow hedge accounting to are affected by interest rate which is related with Interest Rate Benchmark Reform. The interest rates to which the hedging relationships are exposed are USD 1M LIBOR, USD 3M LIBOR and AUD 3M BBSW. The nominal amounts of hedging instruments related to 1M LIBOR, 3M LIBOR and 3M BBSW in the hedging relationships of the Group are USD 470,000,000, USD 1,850,000,000 and AUD 150,000,000, respectively. The Group pays close attention to discussions in the market and industry regarding the applicable alternative benchmark interest rates for the exposed interest rate. The Group determined that such uncertainty is expected to be no longer exist when the exposed interest rates are replaced by the applicable benchmark interest rates.

1)	Fair value hedge

As of the September 30, 2021, the Group has applied fair value hedge on fixed interest rate foreign currency denominated debentures amounting to 2,397,024 million Won. It is the Group’s hedging strategy to hedge changes in fair value of fixed rate debentures denominated in foreign currency attributable to fluctuations in market interest rates, and as such the Group entered into interest rate swap agreements designated as hedging instruments.

Pursuant to the interest rate swap agreement, by swapping the calculated difference between the fixed interest rate and floating interest rate applied to the nominal value, the fair value fluctuation risk is hedged as the foreign currency denominated debentures fixed interest rate terms are converted to floating interest rate. Pursuant to the interest rate swap agreement, hedge ratio is determined by matching the nominal value of hedging instrument to the face value of the hedged item.

In this hedging relationship, only the market interest rate fluctuation, which is the most significant part of the fair value change of the hedged item, is designated as the hedged risk, and other risk factors including credit risk are not included in the hedged risk. Therefore, the ineffective portion of the hedge could arise from fluctuations in the timing of the cash flow of the hedged item, price margin set by counterparty of hedging instrument, and unilateral change in credit risk of any party of hedging instrument.

The interest rate swap agreements and the hedged items are subject to fluctuations in the underlying market rate of interest and the Group expects the fair value of the interest rate swap contract and the value of the hedged item to generally change in the opposite direction.

The fair value of the interest rate swap at the end of the reporting period is determined by discounting future cash flows estimated by using the yield curve at the end of the reporting period and the credit risk embedded in the contract and the average interest rate is determined based on the outstanding balance at the end of the reporting period. The variable interest rate applied to the interest rate swap is USD Libor 3M plus spread and AUD BBSW 3M plus spread. In accordance with the terms of each interest rate swap contract designated as a hedging instrument, the Group receives interest at a fixed interest rate and pays interest at a variable interest rate.

• 99 -

2)	Cash Flow Hedge

As of the September 30, 2021, the Group has applied cash flow hedge on local currency denominated debentures amounting to 149,968 million Won, debentures on foreign currency amounting to 768,763 million Won. The Group’s hedging strategies are to ① Mitigate risks of cash flow fluctuation from variable interest rate debentures on local currency due to changes in market interest rate by entering into an interest rate swap contract and thereby designating it as hedging instrument; ② Mitigate the risks of cash flow fluctuation from principal and interest of variable interest rate debentures denominated in foreign currency due to changes in foreign exchange rates and interest rates by entering into a currency swap contract and thereby designating it as hedging instrument; ③ Mitigate the risks of cash flow fluctuation from principal and interest of fixed interest rate debentures denominated in foreign currency due to changes in foreign exchange rates by entering into a currency swap contract and thereby designating it as hedging instrument and ④ Mitigate the risks of cash flow fluctuation in variable interest rate foreign currency borrowings resulting from changes in market interest rates and designate it as a hedging instrument through entering into currency swap contracts and interest rate swap contracts.

This means exchanging a predetermined nominal amount as set forth in the interest rate swap contract adjusted by the differences between the fixed and variable interest rates, which results in the conversion of interest rates of debentures in local currency from variable interest into fixed interest, eliminating the cash flow fluctuation risk.

In addition, this also means a payment of predetermined principal amount as set forth in the currency swap adjusted by fixed interest rate, an exchange of an amount calculated by applying variable interest rate to USD or applying fixed interest rate to SGD, and an exchange of the principal denominated in KRW and principal denominated in foreign currency at maturity eliminating cash flow fluctuation risk on principal and interest.

The hedge ratio is determined by matching the nominal amount of the hedging instrument to the face amount of the hedged item in accordance with interest rate swap and currency swap.

Only interest rate and foreign exchange rate fluctuation risk, which is the most significant factor in the cash flow fluctuation of the hedged item, is addressed in this hedging relationship, and other risk factors such as credit risk are not subject to hedging.

Accordingly, hedge ineffectiveness may arise from price margin set by the counterparty of hedging instruments and unilateral change in credit risk of any party in the transaction.

The interest rate swap, currency swap contract and the hedged item are all affected by the changes in market interest rate and foreign exchange rates which are basic factors of the derivative. The Group expects that the value of interest rate swap contract, currency swap contract and value of the hedged item will generally fluctuate in opposite direction.

• 100 -

(3)	The nominal amounts of the hedging instrument are as follows (Unit: USD, AUD, SGD and Korean Won in millions):<br>
---	---	---	---	---	---	---	---
		1 year to 5 years		More than 5<br>years		Total
Fair value hedge
Interest rate risk
Interest rate swap ()	—		1,550,000,000		300,000,000		1,850,000,000
Interest rate swap (AUD)	—		150,000,000		—		150,000,000
Cash flow hedge
Interest rate risk
Interest rate swap (KRW)	100,000		50,000		—		150,000
Foreign currencies translation risk and interest rate risk
Currency swap ()	—		470,000,000		—		470,000,000
Foreign currencies translation risk
Currency swap ()	—		180,000,000		—		180,000,000

All values are in US Dollars.

		1 year to 5 years		More than 5<br>years		Total
Fair value hedge
Interest rate risk
Interest rate swap ()	1,000,000,000		1,000,000,000		300,000,000		2,300,000,000
Interest rate swap (AUD)	—		150,000,000		—		150,000,000
Cash flow hedge
Interest rate risk
Interest rate swap (KRW)	100,000		50,000		—		150,000
Foreign currencies translation risk and interest rate risk
Currency swap ()	130,000,000		470,000,000		—		600,000,000
Foreign currencies translation risk
Currency swap (SGD)	68,000,000		—		—		68,000,000

All values are in US Dollars.

• 101 -

(4)	The average interest rate and average currency rate of the hedging instrument as of September 30, 2021 and<br>December 31, 2020 are as follows:
	September 30, 2021
---	---
	Average interest rate and average exchange rate
Fair value hedge
Interest rate risk
Interest rate swap (USD)	Fixed 3.62% receipt and Libor 3M + 1.45% floating paid
Interest rate swap (AUD)	Fixed 0.84% receipt and BBSW 3M+0.72% paid
Cash flow hedge
Interest rate risk
Interest rate swap (KRW)	KRW 3Y CMS+0.40% receipt, 2.38% paid<br><br><br>KRW CD+0.73% receipt, 1.90% paid
Foreign currencies translation risk and interest rate risk
Currency swap (USD)	USD 1M Libor+0.70% receipt, KRW 0.93% paid, USD/KRW = 1,207
Foreign currencies translation risk
Currency swap (USD)	USD 1.75% receipt, KRW 1.63% paid, USD/KRW = 1,139
	December 31, 2020
---	---
	Average interest rate and average exchange rate
Fair value hedge
Interest rate risk
Interest rate swap (USD)	Fixed 4.22% receipt and Libor 3M+1.71% floating paid<br><br><br>Fixed 5.88% receipt and Libor 6M+2.15% floating paid
Interest rate swap (AUD)	Fixed 0.84% receipt and BBSW 3M+0.72% paid
Cash flow hedge
Interest rate risk
Interest rate swap (KRW)	KRW 3Y CMS+0.40% receipt, 2.38% paid<br><br><br>KRW CD+0.69% receipt, 2.06% paid<br><br><br>KRW CD+0.33% receipt, 1.68% paid
Foreign currencies translation risk and interest rate risk
Currency swap (USD)	USD 3M Libor+0.80% receipt, KRW 1.45% paid, USD/KRW = 1,155<br><br><br>USD 1M Libor+0.67% receipt, KRW 1.14% paid, USD/KRW = 1,190<br><br><br>USD 1M Libor+0.69% receipt, KRW 1.02% paid, USD/KRW = 1,199
Foreign currencies translation risk
Currency swap (SGD)	SGD 1.91% receipt, KRW 1.98% paid, SGD/KRW = 827

• 102 -

(5)	The amounts related to items designated as hedging instruments are as follows (Unit: USD, AUD, and SGD, Korean<br>won in millions):
	September 30, 2021
---	---	---	---	---	---	---	---	---	---	---	---
	Nominal amounts of<br>the hedging<br>instrument		Carrying amounts of the hedging<br>instrument				Line item in<br>the statement of financial position<br>where the hedging instrument <br>is located		Changing in fair<br>value used for<br>calculating hedge<br>ineffectiveness
					Liabilities
Fair value hedge
Interest rate risk
Interest rate swap		1,850,000,000						Derivative assets<br> <br>(designated for hedging)
Interest rate swap		AUD 150,000,000		128,139		12,857		Derivative liabilities<br> <br>(designated for hedging)		(51,753	)
Cash flow hedge
Interest rate risk
Interest rate swap		KRW 150,000		223		90		Derivative liabilities<br> <br>(designated for hedging)		1,609
Foreign currency translation risk and interest rate risk
Currency swap		470,000,000		3,060		8,719		Derivative liabilities<br> <br>(designated for hedging)		59,433
Foreign currency translation risk
Currency swap		180,000,000		7,893		—		Derivative liabilities<br> <br>(designated for hedging)		9,911

All values are in US Dollars.

	December 31, 2020
	Nominal amounts of<br>the hedging<br>instrument		Carrying amounts of the hedging<br>instrument				Line item in<br>the statement of financial position<br>where the hedging instrument is located		Changing in fair<br>value used for<br>calculating hedge<br>ineffectiveness
					Liabilities
Fair value hedge
Interest rate risk
Interest rate swap		2,300,000,000						Derivative assets<br> <br>(designated for hedging)
Interest rate swap		AUD 150,000,000		174,820		28		Derivative liabilities<br> <br>(designated for hedging)		57,221
Cash flow hedge
Interest rate risk
Interest rate swap		KRW 150,000		—		1,476		Derivative liabilities<br> <br>(designated for hedging)		(196	)
Foreign currency translation risk and interest rate risk
Currency swap		600,000,000		—		62,893		Derivative liabilities<br> <br>(designated for hedging)		(69,319	)
Foreign currency translation risk
Currency swap		SGD 68,000,000		—		373		Derivative liabilities<br> <br>(designated for hedging)		(4,699	)

All values are in US Dollars.

• 103 -

(6)	Details of carrying amount to hedge and amount due to hedge accounting are as follows (Unit: Korean Won in<br>millions):
	September 30, 2021
---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---
	Carrying amounts of<br>the hedged item				Accumulated amount of fair<br>value hedge adjustments on<br>the hedged item included in<br>the carrying amount of the<br>hedged item				Line item in the<br>statement of<br>financial position<br>in which the<br>hedged item is<br>included		Changing in<br>fair value used<br>for calculating<br>hedge<br>ineffectiveness			Cash flow<br>hedge<br>reserve (*)
	Assets		Liabilities		Assets		Liabilities
Fair value hedge
Interest rate risk
Debentures		—		2,397,024		—		86,411		Debentures		67,016			—
Cash flow hedge
Interest rate risk
Debentures		—		149,968		—		—		Debentures		(1,236	)		(7	)
Foreign currencies translation risk and interest rate risk
Debentures		—		556,203		—		—		Debentures		(52,701	)		3,202
Foreign currencies translation risk
Debentures		—		212,560		—		—		Debentures		(9,301	)		23
(*)	After tax amount
---	---
	December 31, 2020
---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---
	Carrying amounts of<br>the hedged item				Accumulated amount of fair<br>value hedge adjustments on<br>the hedged item included in<br>the carrying amount of the<br>hedged item				Line item in the<br>statement of<br>financial position<br>in which the<br>hedged item is<br>included		Changing in<br>fair value used<br>for calculating<br>hedge<br>ineffectiveness			Cash flow<br>hedge<br>reserve (*)
	Assets		Liabilities		Assets		Liabilities
Fair value hedge
Interest rate risk
Debentures		—		2,767,208		—		144,741		Debentures		(59,073	)		—
Cash flow hedge
Interest rate risk
Debentures		—		149,936		—		—		Debentures		188			(909	)
Foreign currencies translation risk and interest rate risk
Debentures		—		651,704		—		—		Debentures		61,823			(95	)
Foreign currencies translation risk
Debentures		—		55,891		—		—		Debentures		6,564			(268	)
(*)	After tax amount
---	---

• 104 -

(7)	Amounts recognized in profit or loss due to the ineffective portion of fair value hedges are as follows (Unit:<br>Korean Won in millions):
		For the nine-month period ended September 30, 2021
---	---	---	---	---
		Hedge ineffectiveness<br>recognized in profit or loss		Line item in the profit or loss that<br>includes hedge ineffectiveness
Fair value hedge	Interest rate risk		15,263	Other net operating<br>    income (expense)
		For the nine-month period ended September 30, 2020
---	---	---	---	---
		Hedge ineffectiveness<br>recognized in profit or loss		Line item in the profit or loss that<br>includes hedge ineffectiveness
Fair value hedge	Interest rate risk		4,030	Other net operating<br>    income (expense)
(8)	Reclassification of profit or loss from other comprehensive income and equity related to cash flow hedges are<br>as follows (Unit: Korean Won in millions):
---	---
		For the nine-month period ended September 30, 2021
---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---
		Changes in<br>the value of<br>hedging<br>instruments<br>recognized in OCI			Hedge<br>ineffectiveness<br>recognized in<br>profit or loss			Changes in<br>the value<br>of foreign<br>basis<br>spread<br>recognized<br>in OCI			Line item<br>recognized<br>in the profit<br>or loss	Amounts<br>reclassified<br>from cash<br>flow hedge<br>reserve to<br>profit or<br>loss			Line item affected in<br>profit or loss due to<br>reclassification
Cash flow hedge	Interest rate risk		1,518			91			—		Other net<br>operating<br>income<br>(expense)		—		Other net operating<br>income (expense)
	Foreign currencies<br>translation risk<br>and interest rate<br>risk		59,263			169			(1,628	)	Other net<br>operating<br>income<br>(expense)		(26,041	)	Other net operating<br>income (expense)
	Foreign currencies<br>translation risk		10,169			(258	)		(223	)	Other net<br>operating<br>income<br>(expense)		(95	)	Other net operating<br>income (expense)
		For the nine-month period ended September 30, 2020
		Changes in<br>the value of<br>hedging<br>instruments<br>recognized in OCI			Hedge<br>ineffectiveness<br>recognized in<br>profit or loss			Changes in<br>the value<br>of foreign<br>basis<br>spread<br>recognized<br>in OCI			Line item<br>recognized<br>in the profit<br>or loss	Amounts<br>reclassified<br>from cash<br>flow hedge<br>reserve to<br>profit or<br>loss			Line item affected in<br>profit or loss due to<br>reclassification
Cash flow hedge	Interest rate risk		(703	)		(74	)		—		Other net<br>operating<br>income<br>(expense)		(43	)	Other net operating<br>income (expense)
	Foreign currencies<br>translation risk<br>and interest rate<br>risk		(16,212	)		84			1,849		Other net<br>operating<br>income<br>(expense)		9,304		Other net operating<br>income (expense)
	Foreign currencies<br>translation risk		(228	)		151			298		Other net<br>operating<br>income<br>(expense)		797		Other net operating<br>income (expense)

• 105 -

25.	DEFERRED DAY 1 PROFITS OR LOSSES

Changes in deferred day 1 profits or losses are as follows (Unit: Korean Won in millions):

	For the nine-month period ended September 30
	2021			2020
Beginning balance		6,939			52,260
New transactions		43,471			26,267
Amounts recognized in losses		(24,674	)		(57,572	)
Ending balance		25,736			20,955

In case some variables to measure fair values of financial instruments are not observable in the market, valuation techniques are utilized to evaluate such financial instruments. Those financial instruments are recorded as the transaction price as at the time of acquisition, even though there are difference noted between the transaction price and the fair value, which is deferred and amortized to maturity using the effective interest method and reflected in profit and loss. The table above presents the difference yet to be realized as profit or loss at the end of September 30, 2021 and 2020.

26.	EQUITY
(1)	Details of equity as of September 30, 2021 and December 31, 2020 are as follows (Unit: Korean Won in<br>millions):
---	---
	September 30, 2021			December 31, 2020
---	---	---	---	---	---	---
Capital
Common stock capital		3,640,303			3,611,338
Hybrid securities		2,094,818			1,895,366
Capital surplus
Paid in capital in excess of par		643,544			608,348
Others		37,162			17,763
Sub-total		680,706			626,111
Capital adjustments
Treasury stock		(3,819	)		—
Other adjustments (*1)		(1,746,959	)		(1,775,312	)
Sub-total		(1,750,778	)		(1,775,312	)
Accumulated other comprehensive income
Financial assets at FVTOCI		(74,099	)		(9,833	)
Changes in capital due to equity method		875			(2,609	)
Loss from foreign business translation		(74,482	)		(298,363	)
Remeasurements of defined benefit plan		(224,703	)		(261,195	)
Loss on evaluation of cash flow hedge		3,933			(1,386	)
Capital related to non-current assets held for<br>sale		325			1,226
Sub-total		(368,151	)		(572,160	)
Retained earnings (*2) (*3)		21,019,041			19,268,265
Non-controlling interest (*4)		2,998,832			3,672,237
Total		28,314,771			26,725,845
(*1)	Included 178,060 million Won in capital transaction gains and losses recognized by Woori Bank and<br>(formerly) Woori Financial Group in 2014 and 2,238,228 million Won due to the spin-off of Gyeongnam Bank and Gwangju Bank.
---	---
(*2)	The regulatory reserve for credit losses in retained earnings amounted to 2,568,367 million Won and<br>2,547,547 million Won as of September 30, 2021 and December 31, 2020, respectively in accordance with the relevant article.
---	---
(*3)	The earned surplus reserve in retained earnings amounted to 122,370 million Won and 62,830 million<br>Won as of September 30, 2021 and December 31, 2020 in accordance with the Article 53 of the Financial Holding Company Act.
---	---
(*4)	The hybrid securities issued by Woori Bank amounting to 2,555,166 million Won and 3,105,070 million<br>Won as of September 30, 2021 and December 31, 2020, respectively, are recognized as non-controlling interests. 100,158 million Won and 118,659 million Won of dividends for the hybrid<br>securities issued by Woori Bank are allocated to net profit and loss of the non-controlling interests for the nine-month period ended September 30, 2021 and 2020, respectively.
---	---

• 106 -

(2)	The number of authorized shares and others of the Group are as follows:
	September 30, 2021		December 31, 2020
---	---	---	---	---
Shares of common stock authorized		4,000,000,000 Shares		4,000,000,000 Shares
Par value		5,000 Won		5,000 Won
Shares of common stock issued		728,060,549 Shares		722,267,683 Shares
Capital stock		3,640,303 million Won		3,611,338 million Won
(3)	Hybrid securities
---	---

The bond-type hybrid securities classified as owner’s equity are as follows (Unit: Korean Won in millions):

	Issue date		Maturity	Interest rate<br>(%)		September 30,<br>2021			December 31,<br>2020
Securities in local currency		2019-07-18	—		3.49		500,000			500,000
Securities in local currency		2019-10-11	—		3.32		500,000			500,000
Securities in local currency		2020-02-06	—		3.34		400,000			400,000
Securities in local currency		2020-06-12	—		3.23		300,000			300,000
Securities in local currency		2020-10-23	—		3.00		200,000			200,000
Securities in local currency		2021-04-08	—		3.15		200,000			—
Issuance cost							(5,182	)		(4,634	)
Total							2,094,818			1,895,366

The hybrid securities mentioned above do not have maturity date but are redeemable after 5 years from date of issuance.

(4)	Accumulated other comprehensive income

Changes in the accumulated other comprehensive income are as follows (Unit: Korean Won in millions):

	For the nine-month period ended September 30, 2021
	Beginning<br>balance			Increase<br>(decrease) (*)			Reclassification<br>adjustments			Income tax<br>effect (*)			Ending<br>balance
Net gain(loss) on valuation of financial assets at FVTOCI		(9,833	)		(40,336	)		(45,830	)		21,900			(74,099	)
Changes in capital due to equity method		(2,609	)		5,445			—			(1,961	)		875
Gain(loss) on foreign currency translation of foreign operations		(298,363	)		228,423			—			(4,542	)		(74,482	)
Remeasurement gain(loss) related to defined benefit plan		(261,195	)		50,334			—			(13,842	)		(224,703	)
Gain(loss) on valuation of derivatives designated as cash flow hedges		(1,386	)		4,340			1,221			(242	)		3,933
Capital related to non-current assets held for<br>sale		1,226			(1,242	)		—			341			325
Total		(572,160	)		246,964			(44,609	)		1,654			(368,151	)
(*)	The increase and decrease of financial asset valuation profit or loss at fair value through other comprehensive<br>income and capital related to non-current assets held for sale is a change due to the period evaluation and the reclassification adjustments amounting to (1,354) million Won, 906 million Won and (901) million Won are due to disposal of<br>equity securities at FVTOCI, investment stocks accounted for using the equity method and assets held for sale during the period.
---	---

-107-

	For the nine-month period ended September 30, 2020
	Beginning<br>balance			Increase<br>(decrease) (*)			Reclassification<br>adjustments			Classified as<br>held-for-sale			Income<br>tax effect			Ending<br>balance
Net gain (loss) on valuation of<br>financial assets at FVTOCI		(71,914	)		53,778			(20,083	)		—			(10,383	)		(48,602	)
Changes in capital due to equity method		915			(4,275	)		—			(1,691	)		1,641			(3,410	)
Gain (loss) on foreign currency translation of foreign operations		(152,987	)		(13,841	)		—			—			171			(166,657	)
Remeasurement gain (loss) related to defined benefit plan		(270,977	)		(33,451	)		—			—			9,199			(295,229	)
Gain (loss) on valuation of derivatives designated as cash flow hedges		(5,692	)		(4,892	)		—			—			328			(10,256	)
Capital related to noncurrent assets held for sale		—			—			—			1,691			—			1,691
Total		(500,655	)		(2,681	)		(20,083	)		—			956			(522,463	)
(*)	The increase and decrease of financial asset valuation profit or loss at fair value through other comprehensive<br>income is a change due to the period evaluation and the reclassification adjustments amounting to 2,665 million Won are due to disposal of equity securities during the period.
---	---
(5)	Regulatory Reserve for Credit Loss
---	---

In accordance with Article 26 ~ 28 of the Financial holding company Supervision Regulations, the Group calculates and discloses the regulatory reserve for credit loss.

1)	Balance of the regulatory reserve for credit loss

Balance of the planned regulatory reserve for credit loss is as follows (Unit: Korean Won in millions):

	September 30,<br>2021		December 31,<br>2020
Beginning balance		2,568,367		2,547,547
Planned provision(reversal) of regulatory reserve for credit loss		275,001		20,820
Ending balance		2,843,368		2,568,367
2)	Provision of regulatory reserve for credit loss, adjusted income after the provision of regulatory reserve and<br>others
---	---

Planned reserves provided, adjusted net income after the planned reserves provided and adjusted EPS after the planned reserves provided are as follows (Unit: Korean Won in millions, except for EPS amount):

	Periods ended September 30, 2021						Periods ended September 30, 2020
	Three-month			Nine-month			Three-month			Nine-month
Net income before regulatory reserve		824,396			2,361,647			521,715			1,295,748
Provision(reversal) of regulatory reserve for credit loss		111,154			275,001			76,265			64,029
Adjusted net income after the provision of regulatory reserve		713,242			2,086,646			445,450			1,231,719
Dividends to hybrid securities		(17,350	)		(48,900	)		(14,275	)		(34,640	)
Adjusted net income after regulatory reserve and dividends to hybrid securities		695,892			2,037,746			431,175			1,197,079
Adjusted EPS after regulatory reserve and the dividends to hybrid securities (Unit: Korean<br>Won)		959			2,817			596			1,657

• 108 -

27.	DIVIDENDS
(1)	Dividends per share and the total dividends for the fiscal year ending December 31, 2020 were 360 Won and<br>260,016 million Won, respectively, and the dividends were approved at the regular general shareholders’ meeting held on March 26, 2021 and were paid in April 2021.
---	---
(2)	On July 23, 2021, the Board of Directors decided to pay an interim dividend of 150 Won per share (total<br>dividend of 108,340 million Won) with July 30, 2021 as the record date, in accordance with a resolution of the Board of Directors, and were paid in August 2021.
---	---
28.	NET INTEREST INCOME
---	---
(1)	Interest income recognized is as follows (Unit: Korean Won in millions):
---	---
	Periods ended September 30, 2021				Periods ended September 30, 2020
---	---	---	---	---	---	---	---	---
	Three-month		Nine-month		Three-month		Nine-month
Financial assets at FVTPL		10,866		33,286		12,908		39,118
Financial assets at FVTOCI		90,588		266,195		103,380		344,380
Financial assets at amortized cost
Securities at amortized cost		78,259		239,631		92,613		294,673
Loans and other financial assets at amortized cost
Interest on due from banks		12,516		32,454		10,479		43,214
Interest on loans		2,283,458		6,598,961		2,046,402		6,444,651
Interest of other receivables		7,293		22,924		6,652		22,401
Subtotal		2,303,267		6,654,339		2,063,533		6,510,266
Total		2,482,980		7,193,451		2,272,434		7,188,437
(2)	Details of interest expense recognized are as follows (Unit: Korean Won in millions):
---	---
	Periods ended September 30, 2021				Periods ended September 30, 2020
---	---	---	---	---	---	---	---	---
	Three-month		Nine-month		Three-month		Nine-month
Interest on deposits due to customers		454,996		1,367,342		555,484		1,968,985
Interest on borrowings		68,475		164,340		56,860		222,446
Interest on debentures		178,881		538,037		164,712		531,904
Other interest expense		12,576		29,289		5,890		29,484
Interest on lease liabilities		1,800		5,572		2,049		7,330
Total		716,728		2,104,580		784,995		2,760,149

• 109 -

29.	NET FEES AND COMMISSIONS INCOME
(1)	Details of fees and commissions income recognized are as follows (Unit: Korean Won in millions):<br>
---	---
	Periods ended September 30, 2021				Periods ended September 30, 2020
---	---	---	---	---	---	---	---	---
	Three-month		Nine-month		Three-month		Nine-month
Fees and commission received for brokerage		46,249		142,240		40,617		121,753
Fees and commission received related to credit		47,497		154,306		46,243		143,146
Fees and commission received for electronic finance		32,942		99,638		31,905		93,669
Fees and commission received on foreign exchange handling		13,952		41,491		14,185		41,982
Fees and commission received on foreign exchange		19,491		51,430		18,622		50,656
Fees and commission received for guarantee		19,974		56,046		17,847		54,914
Fees and commission received on credit card		140,717		419,240		128,884		378,151
Fees and commission received on securities business		25,768		83,513		20,778		59,674
Fees and commission from trust management		57,372		155,807		34,813		121,105
Fees and commission received on credit information		2,456		7,555		3,298		10,492
Fees and commission received related to lease		97,498		266,132		—		—
Other fees		42,199		134,633		41,818		131,461
Total		546,115		1,612,031		399,010		1,207,003
(2)	Details of fees and commissions expense incurred are as follows (Unit: Korean Won in millions):<br>
---	---
	Periods ended September 30, 2021				Periods ended September 30, 2020
---	---	---	---	---	---	---	---	---
	Three-month		Nine-month		Three-month		Nine-month
Fees and commissions paid		59,330		186,319		57,521		150,926
Credit card commission		106,664		310,180		106,910		318,694
Brokerage commission		587		1,143		159		376
Others		3,212		8,613		1,720		5,958
Total		169,793		506,255		166,310		475,954
30.	DIVIDEND INCOME
---	---
(1)	Details of dividend income recognized are as follows (Unit: Korean Won in millions):
---	---
	Periods ended September 30, 2021				Periods ended September 30, 2020
---	---	---	---	---	---	---	---	---
	Three-month		Nine-month		Three-month		Nine-month
Dividend income related to financial assets at FVTPL		128,710		243,152		25,510		82,063
Dividend income related to financial assets at FVTOCI		3,489		19,785		2,628		17,077
Total		132,199		262,937		28,138		99,140
(2)	Details of dividends related to financial assets at FVTOCI are as follows (Unit: Korean Won in millions):<br>
---	---
	Periods ended September 30, 2021				Periods ended September 30, 2020
---	---	---	---	---	---	---	---	---
	Three-month		Nine-month		Three-month		Nine-month
Dividend income recognized from assets held
Equity securities		3,489		19,785		2,628		17,077

• 110 -

31.	NET GAIN OR LOSS ON FINANCIAL INSTRUMENTS AT FAIR VALUE THROUGH PROFIT OR LOSS MANDATORILY MEASURED AT FAIRVALUE
(1)	Details of gains or losses related to net gain or loss on financial instruments at FVTPL are as follows (Unit:<br>Korean Won in millions):
---	---
	Periods ended September 30, 2021					Periods ended September 30, 2020
---	---	---	---	---	---	---	---	---	---	---
	Three-month			Nine-month		Three-month			Nine-month
Gain(loss) on financial instruments at FVTPL measured at fair value		102,657			238,102		134,622			527,790
Gain(loss) on financial instruments at FVTPL designated as upon initial recognition		(860	)		102		(4,280	)		4,141
Total		101,797			238,204		130,342			531,931
(2)	Details of net gain or loss on financial instruments at fair value through profit or loss measured at fair<br>value and financial instruments held for trading are as follows (Unit: Korean Won in millions):
---	---
			Periods ended September 30, 2021						Periods ended September 30, 2020
---	---	---	---	---	---	---	---	---	---	---	---	---	---	---
			Three-month			Nine-month			Three-month			Nine-month
Financial assets at FVTPL	Securities	Gain on transactions and valuation		51,753			197,197			36,230			133,432
		Loss on transactions and valuation		(65,275	)		(164,756	)		2,851			(68,367	)
		Sub-total		(13,522	)		32,441			39,081			65,065
	Loans	Gain on transactions and valuation		4,288			18,377			133			1,863
		Loss on transactions and valuation		(331	)		(4,412	)		12			(850	)
		Sub-total		3,957			13,965			145			1,013
	Other financial assets	Gain on transactions and valuation		6,121			13,940			2,921			7,426
		Loss on transactions and valuation		(4,847	)		(10,259	)		(3,103	)		(7,298	)
		Sub-total		1,274			3,681			(182	)		128
Sub-total				(8,291	)		50,087			39,044			66,206
Derivatives (Held for trading)	Interest rates derivatives	Gain on transactions and valuation		456,140			1,302,063			538,619			1,525,179
		Loss on transactions and valuation		(423,691	)		(1,169,665	)		(519,081	)		(1,839,640	)
		Sub-total		32,449			132,398			19,538			(314,461	)
	Currency derivatives	Gain on transactions and valuation		4,498,144			9,030,249			659,344			6,860,252
		Loss on transactions and valuation		(4,413,937	)		(8,980,937	)		(592,399	)		(6,090,197	)
		Sub-total		84,207			49,312			66,945			770,055
	Equity derivatives	Gain on transactions and valuation		303,661			1,368,291			219,449			1,326,986
		Loss on transactions and valuation		(307,253	)		(1,358,205	)		(210,328	)		(1,320,607	)
		Sub-total		(3,592	)		10,086			9,121			6,379
	Other derivatives	Gain on transactions and valuation		—			—			—			—
		Loss on transactions and valuation		(2,976	)		(3,781	)		(26	)		(389	)
		Sub-total		(2,976	)		(3,781	)		(26	)		(389	)
Sub-total				110,088			188,015			95,578			461,584
Net, total				101,797			238,102			134,622			527,790

• 111 -

(3)	Details of net gain(loss) on financial instruments at fair value through profit or loss designated as upon<br>initial recognition and Losses on financial instruments designated as at fair value through profit or loss are as follows (Unit: Korean Won in millions):
	Periods ended September 30, 2021				Periods ended September 30, 2020
---	---	---	---	---	---	---	---	---	---
	Three-month		Nine-month		Three-month			Nine-month
Gain(loss) on equity-linked securities		—		102		(4,280	)		4,141
32.	NET GAIN OR LOSS ON FINANCIAL ASSETS AT FVTOCI
---	---

Details of net gain or loss on financial assets at FVTOCI recognized are as follows (Unit: Korean Won in millions):

	Periods ended September 30, 2021						Periods ended September 30, 2020
	Three-month			Nine-month			Three-month			Nine-month
Gain on redemption of securities		(8	)		(18	)		(14	)		(88	)
Gain on transactions of securities		779			45,848			7,664			18,765
Total		771			45,830			7,650			18,677
33.	REVERSAL OF (PROVISION FOR) IMPAIRMENT LOSSES DUE TO CREDIT LOSS
---	---

Reversal of (provision for) impairment losses due to credit loss are as follows (Unit: Korean Won in millions):

	Periods ended September 30, 2021						Periods ended September 30, 2020
	Three-month			Nine-month			Three-month			Nine-month
Impairment loss due to credit loss on financial assets measured at FVTOCI		(468	)		(2,565	)		(643	)		(1,425	)
Reversal of(provision for) impairment loss due to credit loss on securities at amortized<br>cost		(327	)		(34	)		169			122
Provision for impairment loss due to credit loss on loan and other financial assets at amortized<br>cost		(104,930	)		(325,645	)		(150,990	)		(573,057	)
Reversal of(provision for) provision on guarantee		(3,646	)		3,951			16,164			12,192
Reversal of(provision for) unused loan commitment		2,286			12,632			(4,741	)		(24,552	)
Total		(107,085	)		(311,661	)		(140,041	)		(586,720	)

• 112 -

34.	GENERAL AND ADMINISTRATIVE EXPENSES AND OTHER NET OPERATING INCOME(EXPENSES)
(1)	Details of general and administrative expenses recognized are as follows (Unit: Korean Won in millions):<br>
---	---
			Periods ended September 30, 2021				Periods ended September 30, 2020
---	---	---	---	---	---	---	---	---	---	---
			Three-month		Nine-month		Three-month		Nine-month
Employee benefits	Short-term employee benefits	Salaries		405,650		1,199,919		383,963		1,154,277
		Employee fringe benefits		131,487		400,739		128,017		376,478
	Share based payment			2,344		10,202		1,187		3,502
	Retirement benefit service costs			45,625		136,627		44,520		132,727
	Termination			279		834		69		290
		Subtotal		585,385		1,748,321		557,756		1,667,274
Depreciation and amortization				129,405		393,910		128,574		387,538
Other general and administrative expenses	Rent			22,781		107,280		22,106		57,278
	Taxes and public dues			28,751		107,280		26,220		100,488
	Service charges			58,564		172,279		61,610		178,234
	Computer and IT related			30,275		85,509		28,049		80,888
	Telephone and communication			19,437		57,049		17,233		52,324
	Operating promotion			10,465		29,424		10,744		31,462
	Advertising			21,356		49,707		18,417		46,828
	Printing			1,262		4,282		1,560		4,936
	Traveling			1,801		5,170		1,745		5,443
	Supplies			1,887		5,299		1,932		8,839
	Insurance premium			2,578		7,618		2,116		7,667
	Reimbursement			2,300		3,589		3,877		8,732
	Maintenance			5,457		15,235		5,095		13,089
	Water, light, and heating			3,943		11,270		3,980		11,620
	Vehicle maintenance			3,043		8,245		2,686		7,507
	Others			8,658		25,137		5,362		18,473
		Sub-total		222,558		650,610		212,732		633,808
	Total			937,348		2,792,841		899,062		2,688,620
(2)	Details of other operating income recognized are as follows (Unit: Korean Won in millions):<br>
---	---
	Periods ended September 30, 2021				Periods ended September 30, 2020
---	---	---	---	---	---	---	---	---	---
	Three-month		Nine-month		Three-month			Nine-month
Gain on transactions of foreign exchange		75,413		408,153		127,787			396,938
Gain related to derivatives<br>(Designated for hedging)		34,583		61,060		(29,816	)		102,540
Gain on fair value hedged items		11,664		72,926		4,767			4,767
Others		16,537		68,751		11,279			44,033
Total		138,197		610,890		114,017			548,278
(3)	Details of other operating expenses recognized are as follows (Unit: Korean Won in millions):<br>
---	---
	Periods ended September 30, 2021				Periods ended September 30, 2020
---	---	---	---	---	---	---	---	---	---
	Three-month		Nine-month		Three-month			Nine-month
Losses on transactions of foreign exchange		135,178		352,476		92,805			557,345
KDIC deposit insurance premium		103,039		301,257		94,054			274,584
Contribution to miscellaneous funds		94,309		270,910		85,046			242,015
Losses related to derivatives (Designated for hedging)		8,242		61,601		11,422			20,746
Losses on fair value hedged items		1,947		1,947		(16,840	)		91,251
Others (*)		95,697		281,962		27,193			88,643
Total		438,412		1,270,153		293,680			1,274,584
(*)	Other expense includes such expenses amounting to 10,386 million Won and 9,363 million Won,<br>respectively, of intangible asset amortization expense for the nine-month periods ended September 30, 2021 and 2020, respectively.
---	---

• 113 -

(4)	Share-based payment

Details of performance condition share-based payment granted to executives as of September 30, 2021 and December 31, 2020 are as follows.

1)	Performance condition share-based payment
Subject to		Shares granted for the year 2019
---	---	---
Type of payment		Cash-settled
Vesting period		January 1, 2019 ~ December 31, 2022
Date of payment		2023-01-01
Fair value (*1)		10,618 Won
Valuation method		Black-Scholes Model
Expected dividend rate		4.28%
Expected maturity date		1.25 years
Number of shares remaining	As of September 30, 2021	602,474 shares
	As of December 31, 2020	602,474 shares
Number of shares granted (*2)	As of September 30, 2021	602,474 shares
	As of December 31, 2020	602,474 shares
Subject to		Shares granted for the year 2020
Type of payment		Cash-settled
Vesting period		January 1, 2020 ~ December 31, 2023
Date of payment		2024-01-01
Fair value (*1)		10,173 Won
Valuation method		Black-Scholes Model
Expected dividend rate		4.28%
Expected maturity date		2.25 years
Number of shares remaining	As of September 30, 2021	944,343 shares
	As of December 31, 2020	944,343 shares
Number of shares granted (*2)	As of September 30, 2021	944,343 shares
	As of December 31, 2020	944,343 shares
Subject to		Shares granted for the year 2021
Type of payment		Cash-settled
Vesting period		January 1, 2021 ~ December 31, 2024
Date of payment		2025-01-01
Fair value (*1)		9,748 Won
Valuation method		Black-Scholes Model
Expected dividend rate		4.28%
Expected maturity date		3.25 years
Number of shares remaining	As of September 30, 2021	822,809 shares
	As of December 31, 2020	—
Number of shares granted (*2)	As of September 30, 2021	822,809 shares
	As of December 31, 2020	—
(*1)	As the amount of payment varies according to the base price (the arithmetic average of the weighted average<br>stock price of transactions in the past one week, the past one month, and the past two months) at the date of payment, the fair value is calculated to measure the liability according to the Black Scholes model based on the base price at the time of<br>each settlement.
---	---
(*2)	It is a system in which the amount of stock payable is determined at the beginning, and the payment rate is<br>determined in accordance with the degree of achievement of the pre-set performance target. Performance is evaluated by long-term performance indicators such as relative shareholder return, net profit, return<br>on equity (ROE), non-performing loan ratio, and job performance.
---	---

• 114 -

2)	The Group accounts for performance condition share-based payments according to the cash-settled method and the<br>fair value of the liabilities is reflected in the compensation costs by re-measuring every closing period. As of September 30, 2021 and December 31, 2020, the book value of the liabilities related to<br>the performance condition share-based payments recognized by the Group amounts to 24,025 million Won and 13,823 million Won, respectively.
35.	NON-OPERATING INCOME(EXPENSES)
---	---
(1)	Details of gains or losses on valuation of investments in joint ventures and associates are as follows (Unit:<br>Korean Won in millions):
---	---
	Periods ended September 30, 2021					Periods ended September 30, 2020
---	---	---	---	---	---	---	---	---	---	---	---
	Three-month		Nine-month			Three-month			Nine-month
Gains on valuation of investments in joint ventures and associates		18,847		57,549			15,226			50,909
Losses on valuation of investments in joint ventures and associates		1,694		(9,977	)		(5,243	)		(16,974	)
Impairment losses of investments in joint ventures and associates		—		(790	)		—			—
Total		20,541		46,782			9,983			33,935
(2)	Details of other non-operating income and expenses recognized are as<br>follows (Unit: Korean Won in millions):
---	---
	Periods ended September 30, 2021						Periods ended September 30, 2020
---	---	---	---	---	---	---	---	---	---	---	---	---
	Three-month			Nine-month			Three-month			Nine-month
Other non-operating incomes		92,821			159,152			2,801			39,915
Other non-operating expenses		(70,148	)		(128,812	)		(11,964	)		(211,779	)
Total		22,673			30,340			(9,163	)		(171,864	)
(3)	Details of other non-operating income recognized are as follows (Unit:<br>Korean Won in millions):
---	---
	Periods ended September 30, 2021					Periods ended September 30, 2020
---	---	---	---	---	---	---	---	---	---	---
	Three-month			Nine-month		Three-month			Nine-month
Rental fee income		4,583			13,747		2,367			9,944
Gains on disposal of investments in joint ventures and associates		70,644			70,644		—			—
Gains on disposal of premises and equipment, intangible assets and other assets		12,977			46,322		(26	)		6,549
Reversal of impairment loss of premises and equipment, intangible assets and other assets		(4	)		92		32			87
Others		4,621			28,347		428			23,335
Total		92,821			159,152		2,801			39,915
(4)	Details of other non-operating expenses recognized are as follows<br>(Unit: Korean Won in millions):
---	---
	Periods ended September 30, 2021				Periods ended September 30, 2020
---	---	---	---	---	---	---	---	---
	Three-month		Nine-month		Three-month		Nine-month
Depreciation on investment properties		695		2,106		725		1,812
Operating expenses on investment properties		301		868		199		581
Losses on disposal of investments in joint ventures and associate		110		110		—		—
Losses on disposal of premises and equipment, intangible assets and other assets		1,135		2,933		916		1,736
Impairment losses of premises and equipment, intangible assets and other assets		2		641		175		8,429
Donation		3,473		25,516		7,118		18,423
Others		64,432		96,638		2,831		180,798
Total		70,148		128,812		11,964		211,779

• 115 -

36.	INCOME TAX EXPENSE

Details of income tax expenses are as follows (Unit: Korean Won in millions):

	For the nine-month periods ended September 30
	2021			2020
Current tax expense
Current tax expense with respect to the current period		710,901			292,519
Adjustments recognized in the current period in relation to the tax expense of prior<br>periods		(18,714	)		(34,461	)
Sub-total		692,187			258,058
Deferred tax expense
Change in deferred tax assets(liabilities) due to temporary differences		97,242			155,067
Income tax expense directly attributable to equity		1,654			956
Sub-total		98,896			156,023
Income tax expense		791,083			414,081

Income tax expense was recognized based on the estimate of the best weighted average annual effective tax rate expected for the interim period. The weighted average annual effective tax rate for the September 30, 2021, is 25.1% % (The weighted average annual effective tax rate for the September 30, 2020, is 24.2%).

• 116 -

37.	EARNINGS PER SHARE (“EPS”)
(1)	Basic EPS is calculated by dividing net income attributable to common shareholders by weighted-average number<br>of common shares outstanding (Unit: Korean Won in millions, except for EPS and number of shares):
---	---
	Periods ended September 30, 2021						Periods ended September 30, 2020
---	---	---	---	---	---	---	---	---	---	---	---	---
	Three-month			Nine-month			Three-month			Nine-month
Net income attributable to common shareholders		778,238			2,197,936			480,200			1,140,764
Dividends to hybrid securities		(17,350	)		(48,900	)		(14,275	)		(34,640	)
Net income attributable to common shareholders		760,888			2,149,036			465,925			1,106,124
Weighted average number of common shares outstanding (Unit: million shares)		725			723			722			722
Basic EPS (Unit: Korean Won)		1,049			2,971			645			1,532
(2)	The weighted average number of common shares outstanding is as follows (Unit: number of shares, days)<br>
---	---
	For the nine-month period ended September 30, 2021
---	---	---	---	---	---	---	---	---	---	---
	Period		Number of<br>shares			Dates<br>(Unit:<br>Day)		Accumulated number<br>of shares outstanding<br>during period
Common shares issued at the beginning of the period		2021-01-01 ~ 2021-09-30		722,267,683			273		197,179,077,459
Treasury stocks		2021-01-01 ~ 2021-09-30		(2	)		273		(546	)
Issuance of new shares (comprehensive share exchange)		2021-08-10 ~ 2021-09-30		5,792,866			52		301,229,032
Acquisition of treasury stocks		2021-08-10 ~ 2021-09-30		(343,989	)		52		(17,887,428	)
Sub-total (①)									197,462,418,517
Weighted average number of common shares outstanding (②=(①/273)									723,305,562
	For the nine-month period ended September 30, 2020
	Period		Number of<br>shares			Dates		Accumulated number<br>of shares outstanding<br>during period
Common shares issued at the beginning of the period		2020-01-01 ~ 2020-09-30		722,267,683			274		197,901,345,142
Treasury stock		2020-01-01 ~ 2020-09-30		(2	)		274		(548	)
Sub-total (①)									197,901,344,594
Weighted average number of common shares outstanding (②=(①/274)									722,267,681

Diluted EPS is equal to basic EPS because there is no dilution effect for the nine-month periods ended September 30, 2021 and 2020.

• 117 -

38.	CONTINGENT LIABILITIES AND COMMITMENTS
(1)	Details of guarantees are as follows (Unit: Korean Won in millions):
---	---
	September 30, 2021		December 31, 2020
---	---	---	---	---
Confirmed guarantees
Guarantee for loans		37,549		103,229
Acceptances		697,726		602,014
Guarantees in acceptances of imported goods		102,743		78,395
Other confirmed guarantees		7,316,200		6,491,608
Sub-total		8,154,218		7,275,246
Unconfirmed guarantees
Local letters of credit		272,152		187,146
Letters of credit		3,273,782		3,025,923
Other unconfirmed guarantees		556,643		403,652
Sub-total		4,102,577		3,616,721
Commercial paper purchase commitments and others		851,993		917,489
Total		13,108,788		11,809,456
(2)	Details of unused loan commitments and others are as follows (Unit: Korean Won in millions):<br>
---	---
	September 30, 2021		December 31, 2020
---	---	---	---	---
Loan commitments		115,525,719		112,088,680
Other commitments (*)		6,851,221		7,827,774
(*)	As of September 30, 2021 and December 31, 2020, the amount of unsecured bills (purchase note sales)<br>and discounts on electronic short-term bond sales (purchase) are 3,040,007 million Won and 2,894,688 million Won, respectively.
---	---
(3)	Litigation case
---	---

Litigation case that the key Group is a defendant in a lawsuit pending (excluding fraud lawsuits and those lawsuits that are filed only to extend the statute of limitation, etc.) are 490 cases (litigation value of 382,967 million Won) and 465 cases (litigation value of 413,744 million Won) as of September 30, 2021 and December 31, 2020 respectively, and provisions for litigations are 22,912 million Won and 24,873 million Won.

(4)	Other commitments
1)	The Group decided to enter into a stock sales agreement with a major shareholder of Woori Asset Trust Co., Ltd.<br>(formerly, Kukje Asset Trust Co., Ltd.) to acquire 44.5% of interest (58.6% of voting rights) in July 2019, and to acquire additional 21.3% of interest (28.0% of voting rights) after a certain period. As a result, the Group acquired the interest of<br>the first sales agreement in December 2019 and is planning to acquire the interest of the second sales agreement after a certain period. In regard to this acquisition, the Group recognized 128,386 million Won as other financial liabilities for<br>the second sales agreement.
---	---
2)	As of September 30, 2021, Woori Asset Trust Co., Ltd., a subsidiary, has agreed to carry out construction<br>completion obligations for 83 constructions, which includes the construction of residential and commercial complexes in Busan (U-dong, Haeundae-gu). Land Trust<br>responsible for Construction and Management is a trust that bears the obligation to fulfill the responsibility of the constructor and to compensate the loan financial institution for damages if the Group fails to fulfill the construction completion<br>obligation. As of September 30, 2021, the total PF loan amount of PF loan institutions invested in the project of the Land Trust responsible for Construction and Management is 2,405,196 million Won. Although additional losses may occur in<br>relation to the construction completion obligations, the financial statements at September 30, 2021 do not reflect these effects since losses are unlikely and the amount cannot be estimated reliably.
---	---

• 118 -

3)	Pursuant to some contracts related to asset securitization, the Group utilizes various prerequisites as<br>triggering events causing early redemption, limiting risks that investors bear due to change in asset quality. Breach of such triggering clause leads to an early redemption of the securitized bonds.

• 119 -

39.	RELATED PARTY TRANSACTIONS

Related parties of the Group as of September 30, 2021 and December 31, 2020, and assets and liabilities recognized, guarantees and commitments, major transactions with related parties and compensation to key management for the nine-month periods ended September 30, 2021 and 2020 are as follows. Please see Note 12 for the details of joint ventures and associates.

(1)	Assets and liabilities from transactions with related parties are as follows (Unit: Korean Won in millions):<br>
Related parties		Account title	September 30,<br>2021			December 31,<br>2020
---	---	---	---	---	---	---	---	---
Associates	W Service Networks Co., Ltd.	Loans		35			21
		Deposits due to customers		2,822			2,183
		Accrued expenses		6			6
		Other liabilities		423			459
	Korea Credit Bureau Co., Ltd.	Loans		1			1
		Deposits due to customers		456			2,311
		Other liabilities		—			5
	Korea Finance Security Co., Ltd.	Loans		3,422			3,440
		Loss allowance		(6	)		(6	)
		Deposits due to customers		2,676			1,927
		Other liabilities		1			1
	Chin Hung International Inc.	Loans		—			257
		Loss allowance		—			(3	)
		Deposits due to customers		—			8,715
		Other liabilities		—			171
	LOTTE CARD Co. Ltd.	Loans		4,688			7,500
		Loss allowance		(48	)		(77	)
		Other assets		6			12
		Deposits due to customers		11,631			2,697
		Other liabilities		113			113
	K BANK Co., Ltd.	Loans		137			104
		Account receivables		29			26
		Other assets		—			2
	Well to Sea No.3 Private Equity Fund	Deposits due to customers		—			4,997
	Others (*1) (*2)	Loans		75,946			44,036
		Loss allowance		(126	)		(126	)
		Other assets		516			651
		Deposits due to customers		4,749			5,831
		Other liabilities		3			5
(*1)	Others include KUM HWA Co., Ltd., Aarden Woori Apparel 1st Private Equity Fund, IBK KIP Seongjang Dideemdol 1st<br>Private Investment Limited Partnership, Woori G Senior Loan No.1, WooriG Oncorp Corporate support of Major Industry Professional Type Private Placement Investment Trust (Type 2), Dongwoo C & C Co., Ltd., Woori Growth Partnerships New<br>Technology Private Equity Fund, Woori-Shinyoung Growth-Cap Private Equity Fund, Woori-Q Corporate Restructuring Private Equity Fund, Woori High plus G.B. Securities<br>Feeder Fund1(G.B.), Uri Hanhwa Eureka Private Equity Fund, Woori BIG2 Plus Securities Investment Trust(Balanced Bond), Japanese Hotel Real Estate Private Equity Fund 2, Cultizm Korea LTD Co., Ltd., Partner One Value Up I Private Equity Fund, Godo<br>Kaisha Oceanos 1, Woori Zip1, Woori Zip2, and etc., as of September 30, 2021.
---	---
(*2)	Others include Smart Private Equity Fund No.2, IBK KIP Seongjang Dideemdol 1st Private Investment Limited<br>Partnership, Woori G IPO10 [FI_Bal][F]C(F),Woori G Senior Loan No.1, Woori G Egis Bond[FI][F](C(F)), Woori G Clean Energy No.1, Woori Star50 Feeder Fund(H), Dongwoo C & C Co., Ltd., Woori Growth Partnerships New Technology Private Equity<br>Fund, Woori-Shinyoung Growth-Cap Private Equity Fund, Woori-Q Corporate Restructuring Private Equity Fund, Woori High plus G.B. Securities Feeder Fund1(G.B.), Uri Hanhwa<br>Eureka Private Equity Fund, Japanese Hotel Real Estate Private Equity Fund 2, Partner One Value Up I Private Equity Fund, Godo Kaisha Oceanos 1 and etc., as of December 31, 2020.
---	---

• 120 -

(2)	Gain or loss from transactions with related parties are as follows (Unit: Korean Won in millions):<br>
			For the nine-month period ended September 30
---	---	---	---	---	---	---	---	---
Related parties		Account title	2021			2020
Associates	W Service Network Co., Ltd.	Other income		25			24
		Interest expenses		5			12
		Fees expenses		464			373
		Reversal of allowance for credit loss		—			(3	)
		Other expenses		1,416			1,555
	Korea Credit Bureau Co., Ltd.	Interest expenses		4			3
		Fees expenses		2,613			2,357
	Korea Finance Security Co., Ltd.	Interest income		58			52
		Interest expenses		2			2
		Provision for (reversal of) allowance for credit loss		—			6
		Other expenses		70			69
	Chin Hung International Inc	Interest expenses		—			15
		Provision for (reversal of) allowance for credit loss		—			107
	LOTTE CARD Co., Ltd.	Interest income		156			215
		Fees income		8,482			2,580
		Interest expenses		262			86
		Reversal of allowance for credit loss		(29	)		64
	K BANK Co., Ltd.	Fees income		1,506			1,313
		Fees expenses		467			—
	Well to Sea No.3 Private Equity Fund	Interest income		—			1,883
		Interest expenses		—			4
		Provision for (reversal of) allowance for credit loss		—			111
	Others (*1) (*2)	Interest income		499			—
		Fees income		2,316			1,779
		Other income		—			12
		Interest expenses		9			22
(*1)	Others include Deep Dive Woori 2021-1 Investment Fund, Aarden Woori<br>Apparel 1st Private Equity Fund, IBK KIP Seongjang Dideemdol 1st Private Investment Limited Partnership, Woori G IPO10 [FI_Bal][F]C(F), Woori G Star Private Placement Investment Trust No.33 [FI], Woori G Senior Loan No.1, WooriG Oncorp Corporate<br>support of Major Industry Professional Type Private Placement Investment Trust (Type 2), Woori G Egis Bond[FI][F](C(F)), Woori G Clean Energy No.1, Woori Growth Partnerships New Technology Private Equity Fund, Woori-Shinyoung Growth-Cap Private Equity Fund, Woori-Q Corporate Restructuring Private Equity Fund, Woori High plus G.B. Securities Feeder Fund1(G.B.), Uri Hanhwa Eureka Private Equity Fund,<br>Woori BIG2 Plus Securities Investment Trust(Balanced Bond), Japanese Hotel Real Estate Private Equity Fund 2, KIWOOM WOORI Financial 1st Investment Fund, Partner One Value Up I Private Equity Fund, PCC-Woori<br>LP Secondary Fund, Godo Kaisha Oceanos 1, Woori Zip1, Woori Zip2, and etc., as of September 30, 2021.
---	---
(*2)	Others include Smart Private Equity Fund No.2, IBK KIP Seongjang Dideemdol 1st Private Investment Limited<br>Partnership, AJU TAERIM 1st Fund, Woori G IPO10 [FI_Bal][F]C(F),Woori G Senior Loan No.1, Woori G Egis Bond[FI][F](C(F)), Woori G Clean Energy No.1, Woori Star50 Feeder Fund(H), Saman Corporation, Woori Growth Partnerships New Technology Private<br>Equity Fund, Woori-Shinyoung Growth-Cap Private Equity Fund, Woori-Q Corporate Restructuring Private Equity Fund, Woori High plus G.B. Securities Feeder Fund1(G.B.), Uri<br>Hanhwa Eureka Private Equity Fund, Japanese Hotel Real Estate Private Equity Fund 2, Partner One Value Up I Private Equity Fund, PCC-Woori LP Secondary Fund, Godo Kaisha Oceanos 1 and etc., as of<br>September 30, 2020.
---	---

• 121 -

(3)	Major loan transactions with related parties for the nine-month periods ended September 30, 2021 and 2020<br>are as follows (Unit: Korean Won in millions):
		For the nine-month period ended September 30, 2021
---	---	---	---	---	---	---	---	---	---	---	---
Related parties		Beginning<br>balance		Loan		Collection		Others		Ending<br>balance<br>(*)
Associates	W Service Network Co., Ltd.		21		187		173		—		35
	Korea Credit Bureau Co., Ltd.		1		6		6		—		1
	Korea Finance Security Co., Ltd.		3,440		255		273		—		3,422
	LOTTE CARD Co., Ltd.		7,500		—		2,812		—		4,688
	K BANK Co., Ltd.		104		1,432		1,400		—		136
	Godo Kaisha Oceanos 1		44,036		—		—		164		44,200
	Woori Zip 1		—		13,121		—		—		13,121
	Woori Zip 2		—		18,624		—		—		18,624
(*)	Payments that occurred for business reasons among related parties are excluded and net increase or decrease was<br>used for limited credit loan.
---	---
		For the nine-month period ended September 30, 2020
---	---	---	---	---	---	---	---	---	---
Related parties		Beginning<br>balance		Loan		Collection		Ending<br>balance<br>(*)
Associates	W Service Network Co., Ltd.		23		272		245		50
	Korea Credit Bureau Co., Ltd.		3		14		16		1
	Korea Finance Security Co., Ltd.		1,860		2,485		403		3,942
	Chin Hung International Inc		244		1,774		1,735		283
	LOTTE CARD Co., Ltd.		7,500		—		—		7,500
	K BANK Co., Ltd.		141		1,544		1,506		179
	Well to Sea No. 3 Private Equity Fund		4,490		67,560		—		72,050
(*)	Payments that occurred for business reasons among related parties are excluded and net increase or decrease was<br>used for limited credit loan.
---	---
(4)	Details of changes in major deposits due to customers with related parties for the nine-month period<br>September 30, 2021 and 2020 are as follows (Unit: Korean Won in millions):
---	---
		For the nine-month period ended September 30, 2021
---	---	---	---	---	---	---	---	---	---
Related parties		Beginning<br>balance		Increase		Decrease		Ending<br>balance<br>(*)
Associates	W Service Networks Co., Ltd		1,180		1,180		1,180		1,180
	Partner One Value Up I Private Equity Fund		863		637		914		586
	Korea Credit Bureau Co., Ltd.		1,000		—		1,000		—
(*)	Details of payment between related parties, demand deposit due to customers and etc. are excluded.<br>
---	---
		For the nine-month period ended September 30, 2020
---	---	---	---	---	---	---	---	---	---
Related parties		Beginning<br>balance		Borrowings		Repayment<br>and others		Ending<br>balance<br>(*1)
Associates	Saman Corporation (*2)		2,522		34		—		2,556
	W Service Networks Co., Ltd		1,180		1,180		1,180		1,180
	Chin Hung International Inc		400		—		400		—
	Partner One Value Up I Private Equity Fund		1,150		1,356		1,303		1,203
	Korea Credit Bureau Co., Ltd.		—		1,000		—		1,000
(*1)	Details of payment between related parties, demand deposit due to customers and etc. are excluded.<br>
---	---
(*2)	Excluded from the related parties due to the loss of significant influence for the nine-month period ended<br>September 30, 2020.
---	---
(5)	There are no major borrowing transactions with related parties for the nine-month periods ended<br>September 30, 2021 and 2020.
---	---

• 122 -

(6)	Guarantees provided to the related parties are as follows (Unit: Korean Won in millions):<br>
Warrantee	September 30, 2021		December 31, 2020		Warranty
---	---	---	---	---	---
Korea Finance Security Co., Ltd.		838		820	Unused loan commitment
Korea Credit Bureau Co., Ltd.		34		34	Unused loan commitment
W Service Network Co., Ltd.		165		179	Unused loan commitment
Chin Hung International Inc.		—		16,167	Unused loan commitment
K BANK Co., Ltd.		163		196	Unused loan commitment
LOTTE CARD Co. Ltd.		500,000		500,000	Unused loan commitment

As of September 30, 2021 and December 31, 2020, the recognized payment guarantee provisions are 323 million Won and 284 million Won, respectively, in relation to the guarantees provided to the related parties above.

(7)	Amount of commitments with the related parties
Warrantee	September 30, 2021		December 31, 2020		Warranty
---	---	---	---	---	---
Together-Korea Government Private Pool Private Securities Investment Trust No.3		—		990,000	Securities purchase commitment
IBK KIP Seongjang Dideemdol 1st Private Investment Limited Partnership		4,664		9,704	Securities purchase commitment
Woori G Senior Loan No.1		31,390		53,041	Securities purchase commitment
Woori Seoul Beltway Private Special Asset Fund		40,001		41,393	Securities purchase commitment
Woori-Shinyoung Growth-Cap Private Equity Fund I		—		12,799	Securities purchase commitment
Woori-Q Corporate Restructuring Private Equity<br>Fund		36,236		36,355	Securities purchase commitment
Union Technology Finance Investment Association		4,500		10,500	Securities purchase commitment
Genesis Eco No.1 Private Equity Fund		195		—	Securities purchase commitment
Genesis Environmental Energy Company 1st Private Equity Fund		916		916	Securities purchase commitment
JC Assurance No.2 Private Equity Fund		1,351		1,650	Securities purchase commitment
Crevisse Raim Impact 1st Startup Venture Specialist Private Equity Fund		488		550	Securities purchase commitment
PCC-Woori LP Secondary Fund		—		2,525	Securities purchase commitment
(8)	Compensation for key management is as follows (Unit: Korean Won in millions):
---	---
	For the nine-month period ended<br>September 30
---	---	---	---	---
	2021		2020
Short-term employee salaries		15,542		12,331
Retirement benefit service costs		642		461
Share-based compensation		4,122		1,576
Total		20,306		14,368

Key management includes executives and directors of Woori Financial Group and major subsidiaries, and also includes CEO of other subsidiaries. Outstanding assets from transactions with key management amount to 3,707 million Won and 3,888 million Won, as of September 30, 2021 and December 31, 2020, respectively and with respect to the assets, the Group has not recognized any allowance nor related impairment loss due to credit losses. Also, liabilities from transaction with key management amount to 12,680 million Won and 11,155 million Won, respectively, as of September 30, 2021 and December 31, 2020.

• 123 -

40.	LEASES
(1)	Lessor
---	---
1)	Finance lease
---	---
①	The total investment in finance lease and the present value of the minimum lease payments to be recovered are<br>as follows (Unit: Korean Won in millions):
---	---
	September 30, 2021
---	---	---	---	---
	Total investment in lease		Net investment in lease
Within one year		58,623		56,916
After one year but within two years		111,975		104,432
After two years but within three years		220,557		200,716
After three years but within four years		333,331		299,437
After four years but within five years		486,184		429,578
After five years		6		5
Total		1,210,676		1,091,084
	December 31, 2020
---	---	---	---	---
	Total investment in lease		Net investment in lease
Within one year		24,649		23,957
After one year but within two years		48,781		45,575
After two years but within three years		132,894		120,414
After three years but within four years		171,137		151,756
After four years but within five years		277,282		244,481
After five years		16		12
Total		654,759		586,195
②	The unrealized interest income of the finance lease is as follows (Unit: Korean Won in millions):<br>
---	---
	September 30, 2021		December 31, 2020
---	---	---	---	---
Total investment in lease		1,210,676		654,759
Net investment in lease		1,091,084		586,195
Present value of minimum lease payments		1,091,084		586,133
Present value of unguaranteed residual value		—		62
Unearned interest income		119,592		68,564
2)	Operating lease
---	---
①	The details of operating lease assets are as follows (Unit: Korean Won in millions):
---	---
	September 30, 2021			December 31, 2020
---	---	---	---	---	---	---
Prepaid lease assets		1,640			199
Operating lease assets
Acquisition cost		1,986,932			1,506,957
Accumulated depreciation		(477,398	)		(390,981	)
Net carrying value		1,509,534			1,115,976
Total		1,511,174			1,116,175

• 124 -

②	The details of changes in operating lease assets as of September 30, 2021 are as follows and there is no<br>details of changes in operating lease assets as of September 30, 2020 (Unit: Korean Won in millions):
	Amount
---	---	---	---
Beginning balance		1,116,175
Acquisition		629,326
Disposal		(69,984	)
Depreciation		(177,592	)
Others		11,609
Ending balance		1,509,534
③	The future lease payments to be received under the lease contracts are as follows (Unit: Korean Won in<br>millions):
---	---
	September 30, 2021		December 31, 2020
---	---	---	---	---
Within one year		323,372		240,005
After one year but within two years		296,617		223,074
After two years but within three years		214,224		156,859
After three years but within four years		130,476		80,174
After four years but within five years		57,514		24,992
Total		1,022,203		725,104
④	There is no adjusted lease payments recognized as profit or loss for the nine-month periods ended<br>September 30, 2021 and 2020.
---	---
(2)	Lessee
---	---
1)	The future lease payments under the lease contracts are as follows (Unit: Korean Won in millions):<br>
---	---
	September 30, 2021		December 31, 2020
---	---	---	---	---
Lease payments
Within one year		154,709		173,885
After one year but within five years		162,647		200,844
After five years		40,557		34,787
Total		357,913		409,516
2)	Total cash outflows from lease are as follows (Unit: Korean Won in millions):
---	---
	For the nine-month periods ended<br>September 30
---	---	---	---	---
	2021		2020
Total cash outflows from lease		135,532		153,249
3)	Details of lease payments that are not included in the measurement of lease liabilities due to the fact that<br>they are short-term leases or leases for which the underlying asset is of low value are as follows (Unit: Korean Won in millions):
---	---
	For the nine-month periods ended<br>September 30
---	---	---	---	---
	2021		2020
Lease payments for short-term leases		1,191		1,156
Lease payments for which the underlying asset is of low value		1,039		405
Total		2,230		1,561
4)	The Group uses a practical expedient for rent concession as a direct consequence of COVID-19. Accordingly, the amount recognized in profit or loss during the reporting period is 27,560 million Won, to reflect changes in lease payments arising from the rent concession.
---	---

• 125 -

41.	EVENTS AFTER THE REPORTING PERIOD

Woori Financial Capital Co., Ltd., a subsidiary of the Parent company, decided to raise 200 billion Won in shareholder allocation at the Board of Directors Meeting on November 1, 2021 and completed the payment of the shares on November 12, 2021, and the Parent company was allocated with 17,211,704 shares in relation to the paid-in capital increase.

• 126 -

EX-99.2

Exhibit 99.2

WOORI FINANCIAL GROUP INC.

SEPARATE INTERIM FINANCIAL STATEMENTS

AS OF AND FOR THE THREE-MONTH AND NINE-MONTH

PERIODS ENDED SEPTEMBER 30, 2021 AND 2020

WOORI FINANCIAL GROUP INC.

	Page(s)
Report on Review of Separate Interim Financial Statements		1-2
Separate Interim Financial Statements
Separate Interim Statements of Financial Position		4
Separate Interim Statements of Comprehensive Income		5
Separate Interim Statements of Changes in Equity		6
Separate Interim Statements of Cash Flows		7
Notes to the Separate Interim Financial Statements		8-44

Report on Review of Separate Interim Financial Statements

English Translation of a Report Originally Issued in Korean on November 15, 2021

To the Shareholders and the Board of Directors of Woori Financial Group Inc.

Reviewed Financial Statements

We have reviewed the accompanying separate interim financial statements of Woori Financial Group Inc. (the “Company”). These financial statements consist of the separate interim statement of financial position of the Company as at September 30, 2021 and the related separate interim statements of comprehensive income for the three-month and nine-month periods ended September 30, 2021 and 2020, and separate interim statements of changes in equity and cash flows for the nine-month periods ended September 30, 2021 and 2020, and a summary of significant accounting policies and other explanatory notes, expressed in Korean Won.

Management’s Responsibility for the Financial Statements

Management is responsible for the preparation and fair presentation of these separate interim financial statements in accordance with International Financial Reporting Standards as adopted by the Republic of Korea (“Korean IFRS”) 1034 Interim Financial Reporting, and for such internal control as management determines is necessary to enable the preparation of separate interim financial statements that are free from material misstatement, whether due to fraud or error.

Auditor’s Responsibility

Our responsibility is to issue a report on these separate interim financial statements based on our review.

We conducted our review in accordance with quarterly or semi-annual review standards established by the Securities and Futures Commission of the Republic of Korea. A review of interim financial information consists of making inquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance with Korean Standards on Auditing and consequently does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion.

Conclusion

Based on our review, nothing has come to our attention that causes us to believe the accompanying separate interim financial statements are not presented fairly, in all material respects, in accordance with Korean IFRS 1034 Interim Financial Reporting.

• 1 -

Emphasis of Matters

Without qualifying our conclusion, we draw attention to Note 3 of the financial statements, which indicates that the outbreak of COVID-19 may have a negative impact on the Company’s financial condition and results of operations.

Other Matters

We have audited the separate statement of financial position of the Group as at December 31, 2020, and the related separate statements of comprehensive income, changes in equity and cash flows for the year then ended, in accordance with Korean Standards on Auditing. We expressed an unqualified opinion on those financial statements, not presented herein, in our audit report dated March 12, 2021. The separate statement of financial position as at December 31, 2020, presented herein for comparative purposes, is consistent, in all material respects, with the above audited statement of financial position as at December 31, 2020.

Review standards and their application in practice vary among countries. The procedures and practices used in the Republic of Korea to review such financial statements may differ from those generally accepted and applied in other countries.

/s/ Samil PricewaterhouseCoopers

Seoul, Korea

November 15, 2021

Notice to Readers

This report is effective as of November 15, 2021, the review report date. Certain subsequent events or circumstances, which may occur between the review report date and the time of reading this report, could have a material impact on the accompanying separate interim financial statements and notes thereto. Accordingly, the readers of the review report should understand that there is a possibility that the above review report may have to be revised to reflect the impact of such subsequent events or circumstances, if any.

• 2 -

WOORI FINANCIAL GROUP INC.<br><br><br>SEPARATE INTERIM FINANCIAL STATEMENTS<br><br><br>AS OF AND FOR THE THREE-MONTH AND NINE-MONTH PERIODS<br><br><br>ENDED SEPTEMBER 30, 2021 AND 2020

The accompanying separate interim financial statements including all footnote disclosures

were prepared by, and are the responsibility of, the management of Woori Financial Group Inc.

Tae Seung Son

Presidentand Chief Executive Officer

Main Office Address: (Road Name Address) 51, Sogong-ro, Jung-gu, Seoul

(Phone Number)    02-2125-2000

• 3 -

WOORI FINANCIAL GROUP INC.

SEPARATE INTERIM STATEMENTS OF FINANCIAL POSITION

AS OF SEPTEMBER 30, 2021 (UNAUDITED) AND DECEMBER 31, 2020

	September 30, 2021			December 31, 2020
	(Korean Won in millions)
ASSETS
Cash and cash equivalents (Notes 5 and 30)		618,962			69,176
Financial assets at fair value through profit or loss (“FVTPL”) (Notes 4, 6, 9 and<br>18)		7,247			7,247
Financial assets at fair value through other comprehensive income (“FVTOCI”) (Notes 4, 7<br>and 9)		148,082			149,614
Loans and other financial assets at amortized cost (Notes 4, 8, 9 and 30)		510,152			619,117
Investments in subsidiaries (Notes 10 and 30)		21,944,915			21,562,229
Premises and equipment (Notes 11 and 30)		8,921			12,538
Intangible assets (Note 12)		5,496			5,282
Net defined benefit asset (Note 16)		—			3,509
Current tax assets		18,213			307
Deferred tax assets		1,568			964
Other assets (Note 13)		360			—
Total assets		23,263,916			22,429,983
LIABILITIES
Debentures (Notes 4, 9 and 14)		1,367,295			1,147,503
Provisions (Note 15)		393			782
Net defined benefit liability (Note 16)		1,192			—
Current tax liabilities		345,166			215,071
Other financial liabilities (Notes 4, 9, 17, 30 and 31)		37,823			22,085
Other liabilities (Note 17)		1,232			570
Total liabilities		1,753,101			1,386,011
EQUITY (Note 19)
Capital stock		3,640,303			3,611,338
Hybrid securities		2,094,745			1,895,322
Capital surplus		10,909,281			14,874,084
Other equity		(2,789	)		(1,518	)
Retained earnings		4,869,275			664,746
Total equity		21,510,815			21,043,972
Total liabilities and equity		23,263,916			22,429,983

The accompanying notes are part of this interim financial statements.

• 4 -

WOORI FINANCIAL GROUP INC.

SEPARATE INTERIM STATEMENTS OF COMPREHENSIVE INCOME

FOR THE THREE-MONTH AND NINE-MONTH PERIODS ENDED SEPTEMBER 30, 2021 AND 2020

(UNAUDITED)

	Periods ended September 30, 2021						Periods ended September 30, 2020
	Three-<br>month			Nine-month			Three-<br>month			Nine-month
	(Korean Won in millions,<br><br><br>except for per share data)
Interest income		1,101			2,686			1,299			8,998
Interest expense		(6,866	)		(19,179	)		(5,718	)		(16,749	)
Net interest income (Notes 9, 21 and 30)	****	(5,765	)	****	(16,493	)	****	(4,419	)	****	(7,751	)
Fees and commissions income		202			604			—			—
Fees and commissions expense		(3,321	)		(10,332	)		(2,562	)		(10,730	)
Net fees and commissions loss (Notes 22 and 30)	****	(3,119	)	****	(9,728	)	****	(2,562	)	****	(10,730	)
Dividend income (Notes 23 and 30)		1,290			691,315			1,290			679,085
Reversal (Provision) of impairment losses due to credit loss <br>(Notes 24 and 30)		107			88			(183	)		(174	)
General and administrative expenses (Notes 25 and 30)		(14,184	)		(43,523	)		(13,488	)		(41,642	)
Operating income(expense)	****	(21,671	)	****	621,659	****	****	(19,362	)	****	618,788	****
Non-operating income(expense) (Note<br>26)	****	(100	)	****	(5	)	****	(200	)	****	(220	)
Net income(loss) before income tax expense	****	(21,771	)	****	621,654	****	****	(19,562	)	****	618,568	****
Income tax income (Note 27)		213			132			1,436			378
Net income(loss)	****	(21,558	)	****	621,786	****	****	(18,126	)	****	618,946	****
Net gain (loss) on valuation of equity securities at FVTOCI		(775	)		(1,111	)		191			383
Remeasurement gain(loss) related to defined benefit plan		336			(134	)		(659	)		(1,620	)
Items that will not be reclassified to profit or loss:	****	(439	)	****	(1,245	)	****	(468	)	****	(1,237	)
Other comprehensive income(loss), net of tax	****	(439	)	****	(1,245	)	****	(468	)	****	(1,237	)
Total comprehensive income(loss)	****	(21,997	)	****	620,541	****	****	(18,594	)	****	617,709	****
Earnings (Loss) per share (Note 28)
Basic and diluted earnings (loss) per share (Unit: In Korean Won)		(54	)		792			(45	)		809

The accompanying notes are part of this interim financial statements.

• 5 -

WOORI FINANCIAL GROUP INC.

SEPARATE INTERIM STATEMENTS OF CHANGES IN EQUITY

FOR THE NINE-MONTH PERIODS ENDED SEPTEMBER 30, 2021 AND 2020

(UNAUDITED)

	Capital<br>stock		Capital<br>surplus			Hybrid<br>securities		Other<br>equity			Retained<br>earnings			Total<br>equity
	(Korean Won in millions)
January 01, 2020		3,611,338		14,874,084			997,544		(631	)		623,930			20,106,265
Total comprehensive income
Net income		—		—			—		—			618,946			618,946
Net gain on valuation of equity securities at FVTOCI		—		—			—		383			—			383
Remeasurement loss related to defined benefit plan		—		—			—		(1,620	)		—			(1,620	)
Transactions with owners
Dividends to common stocks		—		—			—		—			(505,587	)		(505,587	)
Issuance of hybrid securities		—		—			698,277		—			—			698,277
Dividends to hybrid securities		—		—			—		—			(34,640	)		(34,640	)
September 30, 2020 (Unaudited)		3,611,338		14,874,084			1,695,821		(1,868	)		702,649			20,882,024
January 01, 2021		3,611,338		14,874,084			1,895,322		(1,518	)		664,746			21,043,972
Total comprehensive income
Net income		—		—			—		—			621,786			621,786
Net loss on valuation of equity securities at FVTOCI		—		—			—		(1,111	)		—			(1,111	)
Remeasurement loss related to defined benefit plan		—		—			—		(134	)		—			(134	)
Transactions with owners
Comprehensive stock exchange		28,965		35,197			—		—			—			64,162
Acquisition of treasury stock		—		—			—		(26	)		—			(26	)
Dividends to common stocks		—		—			—		—			(368,357	)		(368,357	)
Issuance of hybrid securities		—		—			199,423		—			—			199,423
Dividends to hybrid securities		—		—			—		—			(48,900	)		(48,900	)
Transfer of capital surplus to retained earnings		—		(4,000,000	)		—		—			4,000,000			—
September 30, 2021 (Unaudited)		3,640,303		10,909,281			2,094,745		(2,789	)		4,869,275			21,510,815

The accompanying notes are part of this interim financial statements.

• 6 -

WOORI FINANCIAL GROUP INC.

SEPARATE INTERIM STATEMENTS OF CASH FLOWS

FOR THE NINE-MONTH PERIODS ENDED SEPTEMBER 30, 2021 AND 2020 (UNAUDITED)

	For the nine-month periods ended September 30
	2021			2020
	(Korean Won in millions)
Cash flows from operating activities:
Net income		621,786			618,946
Adjustments to net income:
Income tax income		(132	)		(378	)
Interest income		(2,686	)		(8,998	)
Interest expense		19,179			16,749
Dividend income		(691,315	)		(679,085	)
		(674,954	)		(671,712	)
Adjustments for profit/loss items not involving cash flows:
Provision(Reversal) of impairment losses due to credit loss		(88	)		174
Retirement benefit		1,731			2,844
Depreciation and amortization		4,323			3,943
		5,966			6,961
Changes in operating assets and liabilities:
Loans and other financial assets at amortized cost		(561	)		43,263
Other assets		(359	)		(265	)
Net defined benefit liability		2,785			586
Other financial liabilities		(199	)		(44,569	)
Other liabilities		662			(2,971	)
		2,328			(3,956	)
Interest income received		2,395			11,688
Interest expense paid		(18,299	)		(16,459	)
Dividends received		691,315			679,085
Income tax paid		(596	)		(199	)
		674,815			674,115
Net cash provided by operating activities		629,941			624,354
Cash flows from investing activities:
Net decrease on other investment assets		240,000			230,000
Acquisition of investments in subsidiaries		(318,385	)		(1,000,000	)
Acquisition of financial assets at FVTOCI		—			(150,000	)
Acquisition of premises and equipment		(45	)		(2,718	)
Acquisition of intangible assets		(1,061	)		(2,948	)
Increase on guarantee deposits for leases		—			(709	)
		(79,491	)		(926,375	)
Cash flows from financing activities:
Issuance of debentures		219,489			199,556
Issuance of hybrid securities		199,423			698,277
Acquisition of treasury stock		(26	)		—
Redemption of lease liabilities		(2,154	)		(1,560	)
New stock issue cost		(139	)		—
Dividends paid to hybrid securities		(48,900	)		(34,640	)
Dividends paid		(368,357	)		(505,587	)
		(664	)		356,046
Net increase in cash and cash equivalents		549,786			54,025
Cash and cash equivalents, beginning of the period		69,176			43,670
Cash and cash equivalents, end of the period (Note 5)		618,962			97,695

The accompanying notes are part of this interim financial statements.

• 7 -

WOORI FINANCIAL GROUP INC.

NOTES TO SEPARATE INTERIM FINANCIAL STATEMENTS

AS OF SEPTEMBER 30, 2021 AND 2020 (UNAUDITED)

1.	GENERAL
(1)	Summary of the parent company
---	---

Woori Financial Group, Inc. (hereinafter referred to as the “Company”) is primarily aimed at controlling subsidiaries that operate in the financial industry or those that are closely related to the financial industry through the ownership of shares and was established on January 11, 2019 under the Financial Holding Company Act through the comprehensive transfer with shareholders of Woori Bank, Woori FIS Co., Ltd., Woori Finance Research Institute Co., Ltd., Woori Credit Information Co., Ltd., Woori Fund Services Co., Ltd. and Woori Private Equity Asset Management Co. Ltd. The headquarters of the Company is located at 51, Sogong-ro, Jung-gu, Seoul, Korea, and the capital is 3,640,303 million Won as of September 30, 2021 while the Korea Deposit Insurance Corp. (“KDIC”), the Company’s largest shareholder, owns 110,159,443 shares (15.13%) of the Company’s stocks issued. The Company’s stocks were listed on the Korea Exchange on February 13, 2019, and its American Depository Shares (“ADS”) are also being traded as the underlying common stock on the New York Stock Exchange since the same date.

The details of stock transfer from the Company and subsidiaries as of incorporation are as follows (Unit: Number of shares):

Stock transfer company	Total number of<br>issued shares		Exchange ratio<br>per share		Number of Parent<br>company’s stocks
Woori Bank		676,000,000		1.0000000		676,000,000
Woori FIS Co., Ltd.		4,900,000		0.2999708		1,469,857
Woori Finance Research Institute Co., Ltd.		600,000		0.1888165		113,289
Woori Credit Information Co., Ltd.		1,008,000		1.1037292		1,112,559
Woori Fund Service Co., Ltd.		2,000,000		0.4709031		941,806
Woori Private Equity Asset Management Co., Ltd.		6,000,000		0.0877992		526,795

As of August 1, 2019, the Company acquired a 73% interest in Woori Asset Management Co. (Formerly Tongyang Asset Management Corp.). The remaining payment was completed in August 2019 after the request for the change of major shareholder was approved by the Financial Service Commission in July 2019. As a result, the Company obtained 100% control of Woori Global Asset Management Co., Ltd. (formerly ABL Global Asset Management Co., Ltd.), and classified the entity as a subsidiary.

The Company paid 598,391 million Won in cash and 42,103,377 new shares of the parent company to acquire 100% interest of Woori Card Co., Ltd. from its subsidiary Woori Bank on September 10, 2019. On the same date, the Company also acquired 59.8% interest of Woori Investment Bank Co., Ltd. from Woori Bank with 392,795 million Won in cash.

As of December 30, 2019, the Company acquired 67.2% interests (excluding treasury stock, 51.0% when including treasury stock) in Woori Asset Trust Co. (formerly Kukje Asset Trust Co.)

As of December 10, 2020, the Company acquired 76.8% interests (excluding treasury stock, 74% when including treasury stock) in Woori Financial Capital Co., Ltd. (formerly Aju Capital Co., Ltd.). In addition, as of April 15, 2021, the Company acquired 13.3% interests (excluding treasury stock, 12.9% when including treasury stock) in Woori Financial Capital Co., Ltd., and as of May 24, 2021, the company additionally acquired treasury stock (3.6%) which Woori Financial Capital Co., Ltd. possessed.

As of March 12, 2021, the Company paid 113,238 million Won in cash to acquire 100% interests on Woori Savings Bank from Woori Financial Capital Co., Ltd., our subsidiary.

As of August 10, 2021, the Company paid 5,792,866 new shares of the company to the shareholders of Woori Financial Capital Co., Ltd. (excluding the Company) through comprehensive stock exchange and acquired residual interest (9.5%) of Woori Financial Capital Co., Ltd., to make it a wholly owned subsidiary.

• 8 -

2.	BASIS OF PREPARATION AND SIGNIFICANT ACCOUNTING POLICIES

The Company’s financial statements are condensed interim financial statements prepared in accordance with Korean IFRS 1034, Interim FinancialReporting for some of periods in which the annual separate financial statements belong. They are also separate financial statements prepared in accordance with Korean IFRS 1027 Separate Financial Statements. It is necessary to use the Company’s annual separate financial statements for the year ended December 31, 2020 for understanding of the accompanying condensed interim financial statements.

(1)	Except for the impacts on the newly adopted standards and interpretations explained below, the accounting<br>policies applied in preparing the accompanying condensed interim financial statements have been applied consistently with the annual financial statements as of and for the year ended December 31, 2020.
1)	Korean IFRS 1109 ‘Financial Instruments’, Korean IFRS 1039 ‘Financial Instruments:Recognition and Measurement’, Korean IFRS 1107 ‘Financial Instruments: Disclosures’, Korean IFRS 1104 ‘Insurance Contracts’ and Korean IFRS 1116 ‘Lease’; Interest Rate Benchmark<br>Reform-Phase 2
---	---

The amendment indicates that the effective interest rate shall be adjusted rather than the carrying amount when changing the interest rate benchmark for financial instruments measured at amortized cost. In addition, it allows hedge accounting to continue without interruption even when changes to interest rate benchmark occur in the hedging relationship. The amendment does not have a significant impact on the financial statements.

2)	Amendments to Korean IFRS 1116 Lease - COVID-19 related rent<br>concession continuously offered after June 30, 2021

As a practical expedient, a lessee may elect not to assess whether a rent concession occurring as a direct consequence of the COVID-19 pandemic is a lease modification. The scope of the practical expedient has been expanded to reduce lease fees that affect lease payments due on or before June 30, 2022. Lessee should consistently apply practical expedients to contracts with similar characteristics in similar circumstances. The amendment does not have a significant impact on the financial statements.

(2)	The details of Korean IFRSs that have been issued and published since January 1, 2021 but have not yet<br>reached the effective date are as follows:
1)	Amendments to Korean IFRS 1103 Business Combination – Citation of Conceptual Framework<br>
---	---

The amendments update a reference of definition of assets and liabilities qualify for recognition in revised Conceptual Framework for Financial Reporting. However, the amendments add an exception for the recognition of liabilities and contingent liabilities within the scope of Korean IFRS 1037 Provisions, Contingent Liabilities and Contingent Assets, and Korean IFRS 2121 Levies. The amendments also confirm that contingent assets should not be recognized at the acquisition date. The amendments should be applied for annual periods beginning on or after January 1, 2022, and earlier application is permitted. The Company does not expect that these amendments have a significant impact on the financial statements.

2)	Amendments to Korean IFRS 1016 Property, Plant and Equipment – Proceeds before intended use<br>

The amendments prohibit an entity from deducting from the cost of an item of property, plant and equipment any proceeds from selling items produced while the entity is preparing the asset for its intended use. Instead, the entity will recognize the proceeds from selling such items, and the costs of producing those items, in profit or loss. The amendments should be applied for annual periods beginning on or after January 1, 2022, and earlier application is permitted. The Company does not expect that these amendments have a significant impact on the financial statements.

• 9 -

3)	Amendments to Korean IFRS 1037 Provisions, Contingent Liabilities and Contingent Assets – Onerous<br>Contracts: Cost of Fulfilling a Contract

The amendments clarify that the direct costs of fulfilling a contract include both the incremental costs of fulfilling the contract and an allocation of other costs directly related to fulfilling contracts when assessing whether the contract is onerous. The amendments should be applied for annual periods beginning on or after January 1, 2022, and earlier application is permitted. The Company does not expect that these amendments have a significant impact on the financial statements.

4)	Annual Improvements to Korean IFRS 2018-2020

Annual improvements of Korean IFRS 2018-2020 Cycle should be applied for annual periods beginning on or after January 1, 2022, and earlier application is permitted. The Company does not expect that these amendments have a significant impact on the financial statements.

•	Korean IFRS 1101 First time Adoption of Korean International Financial Reporting Standards- Subsidiaries<br>that are first-time adopters
•	Korean IFRS 1109 Financial Instruments - Fees related to the 10% test for derecognition of financial<br>liabilities
---	---
•	Korean IFRS 1116 Leases- Lease incentives
---	---
•	Korean IFRS 1041 Agriculture - Measuring fair value
---	---
5)	Amendments to Korean IFRS 1001 Presentation of Financial Statements – Classification of Liabilities<br>as Current or Non-current
---	---

The amendments clarify that liabilities are classified as either current or non-current, depending on the substantive rights that exist at the end of the reporting period. Classification is unaffected by the likelihood that an entity will exercise right to defer settlement of the liability or the expectations of management. Also, the settlement of liability include the transfer of the entity’s own equity instruments, however, it would be excluded if an option to settle them by the entity’s own equity instruments if compound financial instruments is met the definition of equity instruments and recognized separately from the liability. The amendments should be applied for annual periods beginning on or after January 1, 2023, and earlier application is permitted. The Company does not expect that these amendments have a significant impact on the financial statements.

The above enacted or amended standards will not have a significant impact on the Company.

(3)	Significant accounting policies and method of computation used in the preparation of the condensed interim<br>financial statements are consistent with those of the annual financial statements for the year ended December 31, 2020, except for the one described below.
•	Income tax expense
---	---

Income tax expense for the interim period is recognized based on management’s best estimate of the weighted average annual income tax rate expected for the full financial year. The estimated average annual tax rate is applied to the pre-tax income.

• 10 -

3.	SIGNIFICANT ACCOUNTING ESTIMATES AND ASSUMPTIONS

The outbreak of COVID-19 has had a significant impact on the global economy including Korea. Financial and economic shocks may have negative impacts on the Company’s financial condition and results of operations in various forms both domestically and internationally. The Company will continue to evaluate future prospects related to the duration of COVID-19’s economic impact and the government’s policies.

The management shall make judgements, estimates and assumptions that affect the application of accounting policies and application of assets, liabilities and revenues and expenses in preparing condensed interim financial statements. Therefore, the actual results may differ from these estimates.

The important judgements by the management on accounting policies and the main sources of estimation uncertainty for preparing condensed interim financial statements are identical to ones used in the Company’s annual separate financial statements for the year ended December 31, 2020, except for the methods of estimation used to determine income tax expense.

• 11 -

4.	RISK MANAGEMENT

The Company is exposed to various risks that may arise from its operating activities and credit risk, market risk and liquidity risk are the main types of risks. In order to manage such risks, the Risk Management Committee analyzes, assesses, and establishes risk management standards, including policies, guidelines, management systems and decision-making to ensure sound management of the Company.

The Risk Management Committee, Chief Risk Officer (“CRO”) and the Risk Management Department are operated as risk management organizations. The board of directors operates the Risk Management Committee, composed of nonexecutive directors for professional risk management. The Risk Management Committee performs as the top decision-making body for risk management by establishing fundamental risk management policies that are consistent with the Company’s management strategy and by determining the Company’s acceptable level of risk.

CRO assists the Risk Management Committee and operates the Company Risk Management Council, which is composed of the risk management managers of the subsidiaries, to periodically check and improve the external environment and the Company’s risk burden. The Risk Management Department which is independently structured, controls the risk management matter of the Company and reports key risks and assists decision-making.

(1)	Credit risk

Credit risk represents the possibility of financial losses incurred when the counterparty fails to fulfill its contractual obligations. The goal of credit risk management is to maintain the Company’s credit risk exposure to a permissible degree and to optimize its rate of return considering such credit risk.

1) Credit risk management

The Company measures expected loss on assets subject to credit risk management and uses it as a management indicator.

2) Maximum exposure

The maximum exposure to credit risk is as follows (Unit: Korean Won in millions):

		September 30, 2021		December 31, 2020
Loans and other financial assets at amortized cost (*)	Banks		473,898		598,398
	Corporates		36,254		20,719
	Sub-total		510,152		619,117
Financial assets at FVTPL	Derivative assets		7,247		7,247
	Total		517,399		626,364

(*) Cash and cash equivalents are not included.

a) Credit risk exposure by geographical areas

The following tables analyze credit risk exposure by geographical areas (Unit: Korean Won in millions):

	September 30, 2021		December 31, 2020
	Korea		Korea
Loans and other financial assets at amortized cost		510,152		619,117
Financial assets at FVTPL		7,247		7,247
Total		517,399		626,364

• 12 -

b) Credit risk exposure by industries

The following tables analyze credit risk exposure by industries, which are finance and insurance, and others in accordance with the Korea Standard Industrial Classification Code as of September 30, 2021 and December 31, 2020 (Unit: Korean Won in millions):

	September 30, 2021
	Finance and<br>insurance		Others		Total
Loans and other financial assets at amortized cost		509,972		180		510,152
Financial assets at FVTPL		7,247		—		7,247
Total		517,219		180		517,399
	December 31, 2020
---	---	---	---	---	---	---
	Finance and<br>insurance		Others		Total
Loans and other financial assets at amortized cost		617,024		2,093		619,117
Financial assets at FVTPL		7,247		—		7,247
Total		624,271		2,093		626,364

3) Credit risk exposure

The maximum exposure to credit risk by asset quality, except for financial assets at FVTPL as of September 30, 2021 and December 31, 2020 is as follows (Unit: Korean Won in millions):

	September 30, 2021
	Stage 1				Stage 2				Stage 3		Total		Loss<br>allowance			Total, net
Financial assets	Above<br>appropriate<br>credit rating<br>(*1)		Less than a<br>limited<br>credit rating<br>(*3)		Above<br>appropriate<br>credit rating<br>(*2)		Less than a<br>limited<br>credit rating<br>(*3)
Loans and other financial assets at amortized cost		510,211		—		—		—		—		510,211		(59	)		510,152
Banks		473,957		—		—		—		—		473,957		(59	)		473,898
Corporates		36,254		—		—		—		—		36,254		—			36,254
General business		36,254		—		—		—		—		36,254		—			36,254
Total		510,211		—		—		—		—		510,211		(59	)		510,152
(*1)	Credit grade of corporates are AAA ~ BBB.
---	---
(*2)	Credit grade of corporates are A- ~ BBB.
---	---
(*3)	Credit grade of corporates are BBB- ~ C.
---	---
	December 31, 2020
---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---
	Stage 1				Stage 2				Stage 3		Total		Loss<br>allowance			Total, net
Financial assets	Above<br>appropriate<br>credit rating<br>(*1)		Less than a<br>limited<br>credit rating<br>(*3)		Above<br>appropriate<br>credit rating<br>(*2)		Less than a<br>limited<br>credit rating<br>(*3)
Loans and other financial assets at amortized cost		619,264		—		—		—		—		619,264		(147	)		619,117
Banks		598,545		—		—		—		—		598,545		(147	)		598,398
Corporates		20,719		—		—		—		—		20,719		—			20,719
General business		20,719		—		—		—		—		20,719		—			20,719
Total		619,264		—		—		—		—		619,264		(147	)		619,117
(*1)	Credit grade of corporates are AAA ~ BBB.
---	---
(*2)	Credit grade of corporates are A- ~ BBB.
---	---
(*3)	Credit grade of corporates are BBB- ~ C.
---	---

• 13 -

(2)	Market risk

Market risk is the possible risk of loss arising from trading position and non-trading position as a result of the volatility of market factors such as interest rates, stock prices and foreign exchange rates, and the Company’s main market risk is interest rate risk.

The Company estimates and manages risks related to changes in interest rate due to the difference in the maturities of interest-bearing assets and liabilities and discrepancies in the terms of interest rates. Cash flows (both principal and interest), interest bearing assets and liabilities, presented by each re-pricing date, are as follows (Unit: Korean Won in millions):

	September 30, 2021
	Within 3<br>months (*1)		4 to 6<br>months		7 to 9<br>months		10 to 12<br>months		1 to 5<br>years		Over 5<br>years		Total
Asset:
Loans and other financial assets at amortized cost (*1)		770,280		10,050		—		—		—		—		780,330
Financial assets at FVTOCI (*2)		—		—		—		—		—		148,082		148,082
Sub-total		770,280		10,050		—		—		—		148,082		928,412
Liability:
Debentures		7,072		7,072		7,072		7,072		459,629		1,077,819		1,565,736
	December 31, 2020
	Within 3<br>months (*1)		4 to 6<br>months		7 to 9<br>months		10 to 12<br>months		1 to 5<br>years		Over 5<br>years		Total
Asset:
Loans and other financial assets at amortized cost (*1)		469,756		—		—		—		—		—		469,756
Financial assets at FVTOCI (*2)		—		—		—		—		—		149,614		149,614
Sub-total		469,756		—		—		—		—		149,614		619,370
Liability:
Debentures		6,100		6,100		6,100		6,100		292,074		1,027,917		1,344,391
(*1)	The principal and interest cash flows of cash and cash equivalents are included in the cash flows within three<br>months, with 619,830 million Won and 69,206 million Won as of September 30, 2021 and December 31, 2020, respectively.
---	---
(*2)	Due to the uncertain timing of the sale, it is included in the section for over 5 years in accordance with the<br>expiration of the remaining contract
---	---
(3)	Liquidity risk
---	---

Liquidity risk refers to the risk that the Company may encounter difficulties in meeting obligations from its financial liabilities.

1)	Liquidity risk management

Liquidity risk management is to prevent damages from potential liquidity shortages with effective risk management that could arise from mismatching the assets and liabilities or unexpected cash outflows. The financial liabilities in the statement of financial position that are relevant to liquidity risk are incorporated within the scope of risk management.

The Company manages liquidity risk by identifying the maturity gap and such gap ratio through various cash flows analysis (i.e. based on remaining maturity and contract period, etc.).

• 14 -

2)	Maturity analysis of non-derivative financial liabilities<br>
a)	Cash flows of principals and interests by remaining contractual maturities of<br>non-derivative financial liabilities are as follows (Unit: Korean Won in millions):
---	---
	September 30, 2021
---	---	---	---	---	---	---	---	---	---	---	---	---	---	---
	Within 3<br>months		4 to 6<br>months		7 to 9<br>months		10 to 12<br>months		1 to 5<br>years		Over<br>5 years		Total
Debentures		7,072		7,072		7,072		7,072		459,629		1,077,819		1,565,736
Lease liabilities		703		689		679		678		911		—		3,660
Other financial liabilities		6,460		883		21,888		—		4,961		—		34,192
Total		14,235		8,644		29,639		7,750		465,501		1,077,819		1,603,588
	December 31, 2020
---	---	---	---	---	---	---	---	---	---	---	---	---	---	---
	Within 3<br>months		4 to 6<br>months		7 to 9<br>months		10 to 12<br>months		1 to 5<br>years		Over<br>5 years		Total
Debentures		6,100		6,100		6,100		6,100		292,074		1,027,917		1,344,391
Lease liabilities		722		705		705		704		2,768		—		5,604
Other financial liabilities		10,247		3,304		—		391		2,604		—		16,546
Total		17,069		10,109		6,805		7,195		297,446		1,027,917		1,366,541
b)	Cash flows of principals and interests by expected maturities of<br>non-derivative financial liabilities are as follows (Unit: Korean Won in millions):
---	---
	September 30, 2021
---	---	---	---	---	---	---	---	---	---	---	---	---	---	---
	Within 3<br>months		4 to 6<br>months		7 to 9<br>months		10 to 12<br>months		1 to 5<br>years		Over 5<br>years		Total
Debentures		7,072		7,072		7,072		7,072		459,629		1,077,819		1,565,736
Lease liabilities		703		689		679		678		911		—		3,660
Other financial liabilities		6,460		883		21,888		—		4,961		—		34,192
Total		14,235		8,644		29,639		7,750		465,501		1,077,819		1,603,588
	December 31, 2020
---	---	---	---	---	---	---	---	---	---	---	---	---	---	---
	Within 3<br>months		4 to 6<br>months		7 to 9<br>months		10 to 12<br>months		1 to 5<br>years		Over 5<br>years		Total
Debentures		6,100		6,100		6,100		6,100		292,074		1,027,917		1,344,391
Lease liabilities		722		705		705		704		2,768		—		5,604
Other financial liabilities		10,247		3,304		—		391		2,604		—		16,546
Total		17,069		10,109		6,805		7,195		297,446		1,027,917		1,366,541

• 15 -

5.	STATEMENTS OF CASHFLOWS
(1)	Details of cash and cash equivalents are as follows (Unit: Korean Won in millions):
---	---
	September 30, 2021		December 31, 2020
---	---	---	---	---
Demand deposits		48,962		19,176
Fixed deposits		570,000		50,000
Total		618,962		69,176
(2)	Significant transactions of investing activities and financing activities not involving cash inflows and<br>outflows are as follows (Unit: Korean Won in millions):
---	---
	For the nine-month periods ended September 30
---	---	---	---	---	---
	2021			2020
Changes in other comprehensive income related to valuation of financial assets at FVTOCI		(1,111	)		383
Changes in<br>right-of-use assets due to new contract		267			1,312
Changes in lease liabilities due to new contract		267			1,197
6.	FINANCIAL ASSETS AT FVTPL
---	---
(1)	Details of financial assets at FVTPL as of September 30, 2021 and December 31, 2020 are as follows<br>(Unit: Korean Won in millions):
---	---
	September 30, 2021		December 31, 2020
---	---	---	---	---
Financial assets at fair value through profit or loss mandatorily measured at fair value		7,247		7,247
(2)	Financial assets at fair value through profit or loss mandatorily measured at fair value are as follows (Unit:<br>Korean Won in millions):
---	---
	September 30, 2021		December 31, 2020
---	---	---	---	---
Derivatives assets		7,247		7,247
(3)	Financial assets at FVTPL designated as upon initial recognition is nil among financial assets at FVTPL as of<br>September 30, 2021 and December 31, 2020.
---	---

• 16 -

7.	FINANCIAL ASSETS AT FVTOCI
(1)	Details of financial assets at FVTOCI as of September 30, 2021 and December 31, 2020 are as follows<br>(Unit: Korean Won in millions):
---	---
	September 30, 2021		December 31, 2020
---	---	---	---	---
Hybrid securities		148,082		149,614
(2)	Details of equity securities designated as financial assets at FVTOCI as of September 30, 2021 and<br>December 31, 2020 are as follows (Unit: Korean Won in millions):
---	---
Purpose of acquisition	September 30, 2021		December 31, 2020
---	---	---	---	---
Investment for political purpose		148,082		149,614
8.	LOANS AND OTHER FINANCIAL ASSETS AT AMORTIZED COST
---	---
(1)	Details of loans and other financial assets at amortized cost as of September 30, 2021 and<br>December 31, 2020 are as follows (Unit: Korean Won in millions):
---	---
	September 30, 2021		December 31, 2020
---	---	---	---	---
Due from banks		159,941		399,853
Other financial assets		350,211		219,264
Total		510,152		619,117
(2)	Details of due from banks are as follows (Unit: Korean Won in millions):
---	---
	September 30, 2021			December 31, 2020
---	---	---	---	---	---	---
Due from banks in local currency:
Due from depository banks		160,000			400,000
Loss allowance		(59	)		(147	)
Total		159,941			399,853
(3)	Changes in the allowance for credit losses and gross carrying amount of due from banks are as follows (Unit:<br>Korean Won in millions):
---	---
1)	Allowance for credit losses
---	---
	For the nine-month period ended September 30, 2021
---	---	---	---	---	---	---	---	---	---	---
	Stage 1			Stage 2		Stage 3		Total
Beginning balance		(147	)		—		—		(147	)
Reversal of allowance for credit loss		88			—		—		88
Ending balance		(59	)		—		—		(59	)
	For the nine-month period ended September 30, 2020
---	---	---	---	---	---	---	---	---	---	---
	Stage 1			Stage 2		Stage 3		Total
Beginning balance		(262	)		—		—		(262	)
Provision of allowance for credit loss		(175	)		—		—		(175	)
Ending balance		(437	)		—		—		(437	)

• 17 -

2)	Gross carrying amount
	For the nine-month period ended September 30, 2021
---	---	---	---	---	---	---	---	---	---	---
	Stage 1			Stage 2		Stage 3		Total
Beginning balance		400,000			—		—		400,000
Net increase(decrease)		(240,000	)		—		—		(240,000	)
Ending balance		160,000			—		—		160,000
	For the nine-month period ended September 30, 2020
---	---	---	---	---	---	---	---	---	---	---
	Stage 1			Stage 2		Stage 3		Total
Beginning balance		1,130,000			—		—		1,130,000
Net increase(decrease)		(230,000	)		—		—		(230,000	)
Ending balance		900,000			—		—		900,000
(4)	Details of other financial assets are as follows (Unit: Korean Won in millions):
---	---
	September 30, 2021		December 31, 2020
---	---	---	---	---
Receivables		346,676		215,819
Accrued income		1,492		1,419
Lease deposits		2,043		2,026
Allowance for credit losses		—		—
Total		350,211		219,264
(5)	Changes in the allowances for credit losses and gross carrying amount of other financial assets are as follows<br>(Unit: Korean Won in millions).
---	---
1)	Allowance for credit losses
---	---
	For the nine-month period ended September 30, 2021
---	---	---	---	---	---	---	---	---
	Stage 1		Stage 2		Stage 3		Total
Beginning balance		—		—		—		—
Provision of allowance for credit loss		—		—		—		—
Ending balance		—		—		—		—
	For the nine-month period ended September 30, 2020
---	---	---	---	---	---	---	---	---	---	---
	Stage 1			Stage 2		Stage 3		Total
Beginning balance		(1	)		—		—		(1	)
Reversal of allowance for credit loss		1			—		—		1
Ending balance		—			—		—		—
2)	Gross carrying amount
---	---
	For the nine-month period ended September 30, 2021
---	---	---	---	---	---	---	---	---
	Stage 1		Stage 2		Stage 3		Total
Beginning balance		219,264		—		—		219,264
Net increase(decrease)		130,947		—		—		130,947
Ending balance		350,211		—		—		350,211
	For the nine-month period ended September 30, 2020
---	---	---	---	---	---	---	---	---	---	---
	Stage 1			Stage 2		Stage 3		Total
Beginning balance		139,466			—		—		139,466
Net increase(decrease)		(45,252	)		—		—		(45,252	)
Ending balance		94,214			—		—		94,214

• 18 -

9.	FAIR VALUE OF FINANCIAL ASSETS AND LIABILITI ES
(1)	The fair value hierarchy
---	---

The fair value hierarchy is determined by the levels of judgment involved in estimating fair values of financial assets and liabilities. The specific financial instruments characteristics and market condition such as volume of transactions and transparency are reflected to the market observable inputs. The fair value hierarchy gives the highest priority to quoted prices (unadjusted) in active markets for identical assets or liabilities. The Company maximizes the use of observable inputs and minimizes the use of unobservable inputs when measuring fair value of its financial assets and financial liabilities. Fair value is measured based on the perspective of a market participant. As such, even when market assumptions are not readily available, the Company’s own assumptions reflect those that market participants would use for measuring the assets or liabilities at the measurement date.

The fair value measurement is described in the one of the following three levels used to classify fair value measurements:

•	Level 1—fair value measurements are those derived from quoted prices (unadjusted) in active markets for<br>identical assets or liabilities. The types of financial assets or liabilities generally included in Level 1 are publicly traded equity securities, derivatives, and debt securities issued by governmental bodies.
•	Level 2— fair value measurements are those derived from inputs other than quoted prices included within<br>Level 1 that are observable for the asset or liability, either directly (i.e. prices) or indirectly (i.e. derived from prices). The types of financial assets or liabilities generally included in Level 2 are debt securities not traded in<br>active markets and derivatives traded in OTC but not required significant judgment.
---	---
•	Level 3— fair value measurements are those derived from valuation technique that include inputs for the<br>assets or liabilities that are not based on observable market data (unobservable inputs). The types of financial assets or liabilities generally included in Level 3 are non-public securities and<br>derivatives and debt securities of which valuation techniques require significant judgments and subjectivity.
---	---

The inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, the level within the fair value hierarchy is based on the lowest level of input that is significant to the fair value measurement. The Company’s assessment of the significance of a particular input to a fair value measurement in its entirety requires judgment and consideration of inherent factors of the asset or liability.

(2)	Fair value hierarchy of financial assets and liabilities measured at fair value are as follows (Unit: Korean<br>Won in millions):
	September 30, 2021
---	---	---	---	---	---	---	---	---
	Level 1		Level 2		Level 3		Total
Financial assets:
Financial assets at FVTPL
Derivative assets		—		—		7,247		7,247
Financial assets at FVTOCI
Hybrid securities		—		—		148,082		148,082
	December 31, 2020
---	---	---	---	---	---	---	---	---
	Level 1		Level 2		Level 3		Total
Financial assets:
Financial assets at FVTPL
Derivative assets		—		—		7,247		7,247
Financial assets at FVTOCI
Hybrid securities		—		—		149,614		149,614

• 19 -

Financial assets measured at FVTPL and financial assets measured at FVTOCI are recognized at fair value. Fair value is the amount that would be received to sell an asset, or paid to transfer a liability, in an orderly transaction between market participants at the measurement date.

Financial instruments are measured at fair value using a quoted market price in active markets. If there is no active market for a financial instrument, the Company determines the fair value using valuation methods. Valuation methods and input variables for each type of financial instruments as of September 30, 2021 and December 31, 2020 are as follows:

	Valuation methods	Input variables
Derivatives	The fair value is measured considering the price and volatility of the underlying assets using the Binomial Tree, a commonly used technique in the market	Values of underlying assets, Volatility, Risk-free market return, Corporate bond yield rate
Hybrid securities	The fair value is measured using the Hull and White model and the Monte Carlo Simulations.	YTM Matrix, Additive spread by grade, Risk spread by entity, Effective Credit rating, Issuing information by item, Interest rate volatility estimate

Valuation methods of financial assets and liabilities measured at fair value and classified into Level 3 and significant but unobservable inputs are as follows:

	Fair value<br><br><br>measurement<br> <br>technique	Type	Significant<br>unobservable<br>inputs	Range	Impact of changes in significant<br>unobservable inputs on fair value<br>measurement
Derivative assets	Option valuation model and others	Equity related	Value of underlying assets and volatility	22.49% ~ 27.49%	Variation of fair value increases as value of underlying assets and volatility increases.
Hybrid securities	Hull and White model and others	Hybrid securities related	Interest rate (YTM), Market rate	Interest rate<br><br><br>0.77 %~ 2.25%<br> <br>Market rate<br>1.43% ~ 4.89%	Variation of fair value increases as variation of interest rate (YTM) increases.

The fair value of financial assets classified as level 3 uses external valuation figures.

(3)	Changes in financial assets and liabilities measured at fair value classified into Level 3 are as follows<br>(Unit: Korean Won in millions):
	For the nine-month period ended September 30, 2021
---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---
	Beginning<br>balance		Net<br>Income<br>(loss)		Other<br>comprehensive<br>income (loss)			Purchases/<br>issuances		Disposals/<br>settlements		Transfer to<br>or out of<br>Level 3		Ending<br>balance
Financial assets:
Financial assets at FVTPL
Derivative assets		7,247		—		—			—		—		—		7,247
Financial assets at FVTOCI
Hybrid securities		149,614		—		(1,532	)		—		—		—		148,082

• 20 -

	For the nine-month period ended September 30, 2020
	Beginning<br>balance		Net<br>Income<br>(loss)		Other<br>comprehensive<br>income (loss)		Purchases/<br>issuances		Disposals/<br>settlements		Transfer to<br>or out of<br>Level 3		Ending<br>balance
Financial assets:
Financial assets at FVTPL
Derivative assets		9,434		—		—		—		—		—		9,434
Financial assets at FVTOCI
Hybrid securities		—		—		528		150,000		—		—		150,528
(4)	Sensitivity analysis results on reasonable fluctuation of the significant unobservable input variables for the<br>fair value of Level 3 financial instruments are as follows.
---	---

The sensitivity analysis on financial instruments shows how changes in unobservable inputs affect changes in fair value of the instruments through favorable and unfavorable changes. When the fair value of a financial instrument is affected by more than one unobservable assumption, the below table reflects the most favorable or the most unfavorable changes which resulted from varying the assumptions individually. The sensitivity analysis was performed for equity related derivatives of which fair value changes are recognized as net income and hybrid securities of which fair value changes are recognized as other comprehensive income among level 3 financial instruments.

The following table presents the sensitivity analysis to disclose the effect of reasonably possible volatility on the fair value of a Level 3 financial instruments (Unit: Korean Won in millions):

	September 30, 2021
	Net income (loss)					Other comprehensive income (loss)
	Favorable		Unfavorable			Favorable		Unfavorable
Financial assets:
Financial assets at FVTPL
Derivative assets (*1)		724		(724	)		—		—
Financial assets at FVTOCI
Hybrid securities (*2)		—		—			5,507		(5,311	)
(*1)	Fair value changes of equity related derivatives are calculated by increasing or decreasing stock price<br>volatility rate of underlying assets and correlation, which are major unobservable variables, by 10%, respectively.
---	---
(*2)	Fair value changes of hybrid securities are calculated by increasing or decreasing market rate, which is the<br>major unobservable variable, by 1%, respectively.
---	---
	December 31, 2020
---	---	---	---	---	---	---	---	---	---	---
	Net income (loss)					Other comprehensive income (loss)
	Favorable		Unfavorable			Favorable		Unfavorable
Financial assets:
Financial assets at FVTPL
Derivative assets (*1)		724		(724	)		—		—
Financial assets at FVTOCI
Hybrid securities (*2)		—		—			6,647		(6,365	)
(*1)	Fair value changes of equity related derivatives are calculated by increasing or decreasing stock price<br>volatility rate of underlying assets and correlation, which are major unobservable variables, by 10%, respectively.
---	---
(*2)	Fair value changes of hybrid securities are calculated by increasing or decreasing market rate, which is the<br>major unobservable variable, by 1%, respectively.
---	---

• 21 -

(5)	Fair value and carrying amount of financial assets and liabilities that are recorded at amortized cost are as<br>follows (Unit: Korean Won in millions):
	September 30, 2021
---	---	---	---	---	---	---	---	---	---	---
	Fair value								Carrying amount
	Level 1		Level 2		Level 3		Total
Financial assets:
Loans and other financial assets at amortized cost (*)		—		—		510,152		510,152		510,152
Financial liabilities:
Debentures		—		1,370,810		—		1,370,810		1,367,295
Other financial liabilities (*)		—		—		34,192		34,192		34,192
(*)	The carrying amount is disclosed at fair value considering the carrying amount as an approximation of fair<br>value.
---	---
	December 31, 2020
---	---	---	---	---	---	---	---	---	---	---
	Fair value								Carrying amount
	Level 1		Level 2		Level 3		Total
Financial assets:
Loans and other financial assets at amortized cost (*)		—		—		619,117		619,117		619,117
Financial liabilities:
Debentures		—		1,186,034		—		1,186,034		1,147,503
Other financial liabilities (*)		—		—		16,546		16,546		16,546
(*)	The carrying amount is disclosed at fair value considering the carrying amount as an approximation of fair<br>value.
---	---

The fair values of financial instruments are measured using quoted market price in active markets. In case there is no active market for financial instruments, the Company determines the fair value using valuation methods. For the disclosed items in which book value is considered to be the approximate value of fair value, valuation techniques and input variables are not disclosed. Valuation techniques and input variables for the fair value of financial liabilities that are recorded at amortized cost are as follows:

	Valuation methods	Input variables
Debentures	The fair value is measured by discounting the projected cash flows of debt instrument by applying the market discount rate that is reflecting credit rating of the Company.	Risk-free market rate, etc.

• 22 -

(6)	Financial instruments by category

Carrying amounts of financial assets and liabilities by each category are as follows (Unit: Korean Won in millions):

	September 30, 2021
Financial assets	Financial        <br>assets at<br>FVTPL		Financial<br>assets at<br>FVTOCI		Financial<br>assets at<br>amortized<br>cost		Total
Deposits		—		—		159,941		159,941
Hybrid securities		—		148,082		—		148,082
Derivative assets		7,247		—		—		7,247
Other financial assets		—		—		350,211		350,211
Total		7,247		148,082		510,152		665,481
	December 31, 2020
---	---	---	---	---	---	---	---	---
Financial assets	Financial        <br>assets at<br>FVTPL		Financial<br>assets at<br>FVTOCI		Financial<br>assets at<br>amortized<br>cost		Total
Deposits		—		—		399,853		399,853
Hybrid securities		—		149,614		—		149,614
Derivative assets		7,247		—		—		7,247
Other financial assets		—		—		219,264		219,264
Total		7,247		149,614		619,117		775,978
	September 30, 2021		December 31, 2020
---	---	---	---	---
Financial liabilities	Financial<br>liabilities at<br>amortized cost		Financial<br>liabilities at<br>amortized cost
Debentures		1,367,295		1,147,503
Other financial liabilities		34,192		16,546
Total		1,401,487		1,164,049

• 23 -

(7)	Income or expense from financial instruments by category

Income or expense from financial assets and liabilities by each category for the nine-month periods ended September 30, 2021 and 2020 are as follows (Unit: Korean Won in millions):

	For the nine-month period ended September 30, 2021
	Interest<br>Income (expense)			Reversal of credit<br>loss		Others		Total
Financial assets at FVTOCI		—			—		3,870		3,870
Loans and other financial assets at amortized cost (*)		2,686			88		—		2,774
Financial liabilities at amortized cost		(19,135	)		—		—		(19,135	)
Total		(16,449	)		88		3,870		(12,491	)
(*)	892 million Won interest income of cash and cash equivalents are included.
---	---
	For the nine-month period ended September 30, 2020
---	---	---	---	---	---	---	---	---	---	---	---
	Interest<br>Income (expense)			Reversal<br>(Provision) of credit<br>loss			Others		Total
Financial assets at FVTOCI		—			—			1,290		1,290
Loans and other financial assets at amortized cost (*)		8,998			(174	)		—		8,824
Financial liabilities at amortized cost		(16,714	)		—			—		(16,714	)
Total		(7,716	)		(174	)		1,290		(6,600	)
(*)	2,780 million Won interest income of cash and cash equivalents are included.
---	---

• 24 -

10.	INVESTMENTS IN SUBSIDIARIES
(1)	Details of Investments in subsidiaries are as follows (Unit: Korean Won in millions and number of shares):<br>
---	---
Subsidiaries (*1)	Location		Capital<br>stock		Main business
---	---	---	---	---	---
Woori Bank		Korea		3,581,400	Finance
Woori Card Co., Ltd.		Korea		896,300	Finance
Woori Financial Capital Co., Ltd.		Korea		287,700	Finance
Woori Investment Bank Co., Ltd.		Korea		437,100	Other credit finance
Woori Asset Trust Co., Ltd		Korea		15,300	Finance
Woori Asset Management Corp.		Korea		20,000	Finance
Woori Savings Bank		Korea		124,000	Savings bank business
Woori Credit Information Co., Ltd.		Korea		5,000	Credit information
Woori Fund Service Co., Ltd.		Korea		10,000	Finance
Woori Private Equity Asset Management Co., Ltd.		Korea		30,000	Finance
Woori Global Asset Management Co., Ltd.		Korea		20,000	Finance
Woori FIS Co., Ltd.		Korea		24,500	System software development &<br>maintenance
Woori Finance Research Institute Co., Ltd.		Korea		3,000	Other service business
	September 30, 2021					December 31, 2020
---	---	---	---	---	---	---	---	---	---	---
Subsidiaries (*1)	Number of<br>shares		Percentage of<br>ownership<br>(%) (*2)		Financial<br>statements<br>date of use	Number of<br>shares		Percentage of<br>ownership<br>(%) (*2)		Financial<br>statements<br>date of use
Woori Bank		716,000,000		100.0	September 30,<br>2021		716,000,000		100.0	December 31,<br>2020
Woori Card Co., Ltd.		179,266,200		100.0	September 30,<br>2021		179,266,200		100.0	December 31,<br>2020
Woori Financial Capital Co., Ltd.		57,545,890		100.0	September 30,<br>2021		42,605,000		76.8	December 31,<br>2020
Woori Investment Bank Co., Ltd.		513,162,392		58.7	September 30,<br>2021		513,162,392		58.7	December 31,<br>2020
Woori Asset Trust Co., Ltd		1,560,000		67.2	September 30,<br>2021		1,560,000		67.2	December 31,<br>2020
Woori Asset Management Corp.		2,920,000		73.0	September 30,<br>2021		2,920,000		73.0	December 31,<br>2020
Woori Savings Bank		24,802,623		100.0	September 30,<br>2021		—		—	—
Woori Credit Information Co., Ltd.		1,008,000		100.0	September 30,<br>2021		1,008,000		100.0	December 31,<br>2020
Woori Fund Service Co., Ltd.		2,000,000		100.0	September 30,<br>2021		2,000,000		100.0	December 31,<br>2020
Woori Private Equity Asset Management Co., Ltd.		6,000,000		100.0	September 30,<br>2021		6,000,000		100.0	December 31,<br>2020
Woori Global Asset Management Co., Ltd.		4,000,000		100.0	September 30,<br>2021		4,000,000		100.0	December 31,<br>2020
Woori FIS Co., Ltd.		4,900,000		100.0	September 30,<br>2021		4,900,000		100.0	December 31,<br>2020
Woori Finance Research Institute Co., Ltd.		600,000		100.0	September 30,<br>2021		600,000		100.0	December 31,<br>2020
(*1)	Only subsidiaries invested directly by the Company are included.
---	---
(*2)	The percentage is based on the effective shareholding rate relative to the number of stocks outstanding.<br>
---	---

• 25 -

(2)	Changes in the carrying value of investments in subsidiaries are as follows (Unit: Korean Won in millions):<br>
	For the nine-month period ended September 30, 2021
---	---	---	---	---	---	---	---	---
	Beginning<br>balance		Acquisition		Disposal		Ending<br>balance
Woori Bank		18,921,151		—		—		18,921,151
Woori Card Co., Ltd.		1,118,367		—		—		1,118,367
Woori Financial Capital Co., Ltd. (*1)		633,758		169,448		—		803,206
Woori Investment Bank Co., Ltd.		447,673		—		—		447,673
Woori Asset Trust Co., Ltd		224,198		—		—		224,198
Woori Asset Management Corp.		122,449		—		—		122,449
Woori Savings Bank (*2)		—		213,238		—		213,238
Woori Credit Information Co., Ltd.		16,466		—		—		16,466
Woori Fund Service Co., Ltd.		13,939		—		—		13,939
Woori Private Equity Asset Management Co., Ltd.		7,797		—		—		7,797
Woori Global Asset Management Co., Ltd.		33,000		—		—		33,000
Woori FIS Co., Ltd.		21,754		—		—		21,754
Woori Finance Research Institute Co., Ltd.		1,677		—		—		1,677
Total		21,562,229		382,686		—		21,944,915
(*1)	After the Company acquiring 76.8% interests of Aju Capital Co., Ltd. in December 2020, Aju Capital Co. changed<br>its name to Woori Financial Capital Co., Ltd. The Company acquired an additional 13.7% interests during the 2^nd^ quarter and acquired residual interest(9.5%) during the current period to make Woori<br>Financial Capital Co., Ltd. a wholly owned subsidiary.
---	---
(*2)	The Company acquired 100% interests of Woori Savings Bank from its subsidiary, Woori Financial Capital Co.,<br>Ltd. in March 2021, and the capital increase of 100,000 million Won was made in May 2021.
---	---
	For the nine-month period ended September 30, 2020
---	---	---	---	---	---	---	---	---
	Beginning<br>balance		Acquisition		Disposal		Ending<br>balance
Woori Bank (*)		17,921,151		1,000,000		—		18,921,151
Woori Card Co., Ltd.		1,118,367		—		—		1,118,367
Woori Investment Bank Co., Ltd.		392,795		—		—		392,795
Woori Asset Trust Co., Ltd		224,198		—		—		224,198
Woori Asset Management Corp.		122,449		—		—		122,449
Woori Credit Information Co., Ltd.		16,466		—		—		16,466
Woori Fund Service Co., Ltd.		13,939		—		—		13,939
Woori Private Equity Asset Management Co., Ltd.		7,797		—		—		7,797
Woori Global Asset Management Co., Ltd.		33,000		—		—		33,000
Woori FIS Co., Ltd.		21,754		—		—		21,754
Woori Finance Research Institute Co., Ltd.		1,677		—		—		1,677
Total		19,873,593		1,000,000		—		20,873,593
(*)	Capital increase of 1,000,000 million Won was made in June 2020.
---	---

• 26 -

11.	PREMISES AND EQUIPMENT
(1)	Details of premises and equipment as of September 30, 2021 and December 31, 2020 are as follows<br>(Unit: Korean Won in millions):
---	---
	September 30, 2021
---	---	---	---	---	---	---	---	---
	Building		Equipment and<br>Vehicles		Leasehold<br>improvements		Total
Premises and equipment(owned)		—		2,953		2,624		5,577
Right-of-use<br>asset		2,840		504		—		3,344
Total		2,840		3,457		2,624		8,921
	December 31, 2020
---	---	---	---	---	---	---	---	---
	Building		Equipment and<br>Vehicles		Leasehold<br>improvements		Total
Premises and equipment(owned)		—		3,779		3,233		7,012
Right-of-use<br>asset		4,936		590		—		5,526
Total		4,936		4,369		3,233		12,538
(2)	Details of premises and equipment(owned) as of September 30, 2021 and December 31, 2020 are as<br>follows (Unit: Korean Won in millions):
---	---
	September 30, 2021
---	---	---	---	---	---	---	---	---	---
	Equipment and Vehicles			Leasehold improvements			Total
Acquisition cost		5,581			4,320			9,901
Accumulated depreciation		(2,628	)		(1,696	)		(4,324	)
Net carrying amount		2,953			2,624			5,577
	December 31, 2020
---	---	---	---	---	---	---	---	---	---
	Equipment and Vehicles			Leasehold improvements			Total
Acquisition cost		5,572			4,283			9,855
Accumulated depreciation		(1,793	)		(1,050	)		(2,843	)
Net carrying amount		3,779			3,233			7,012
(3)	Details of changes in premises and equipment(owned) are as follows (Unit: Korean Won in millions):<br>
---	---
	For the nine-month period ended September 30, 2021
---	---	---	---	---	---	---	---	---	---
	Equipment and Vehicles			Leasehold improvements			Total
Beginning balance		3,779			3,233			7,012
Acquisitions		9			36			45
Depreciation		(835	)		(645	)		(1,480	)
Ending balance		2,953			2,624			5,577
	For the nine-month period ended September 30, 2020
---	---	---	---	---	---	---	---	---	---
	Equipment and Vehicles			Leasehold improvements			Total
Beginning balance		3,767			1,797			5,564
Acquisitions		869			1,849			2,718
Depreciation		(748	)		(457	)		(1,205	)
Ending balance		3,888			3,189			7,077

• 27 -

(4)	Details of right-of-use assets<br>as of September 30, 2021 and December 31, 2020 are as follows (Unit: Korean Won in millions):
	September 30, 2021
---	---	---	---	---	---	---	---	---	---
	Building			Equipment and Vehicles			Total
Acquisition cost		4,544			1,154			5,698
Accumulated depreciation		(1,704	)		(650	)		(2,354	)
Net carrying amount		2,840			504			3,344
	December 31, 2020
---	---	---	---	---	---	---	---	---	---
	Building			Equipment and Vehicles			Total
Acquisition cost		8,703			1,085			9,788
Accumulated depreciation		(3,767	)		(495	)		(4,262	)
Net carrying amount		4,936			590			5,526
(5)	Details of changes in<br>right-of-use assets for the nine-month periods ended September 30, 2021 and 2020 are as follows (Unit: Korean Won in millions):
---	---
	For the nine-month period ended September 30, 2021
---	---	---	---	---	---	---	---	---	---
	Building			Equipment and Vehicles			Total
Beginning balance		4,936			590			5,526
New contracts		—			267			267
Termination		—			(60	)		(60	)
Depreciation		(1,704	)		(293	)		(1,997	)
Others		(392	)		—			(392	)
Ending balance		2,840			504			3344
	For the nine-month period ended September 30, 2020
---	---	---	---	---	---	---	---	---	---
	Building			Equipment and Vehicles			Total
Beginning balance		1,436			384			1,820
New contracts		833			479			1,312
Depreciation		(1,665	)		(243	)		(1,908	)
Ending balance		604			620			1,224
12.	INTANGIBLE ASSETS
---	---
(1)	Details of intangible assets are as follows (Unit: Korean Won in millions):
---	---
	September 30, 2021
---	---	---	---	---	---	---	---	---	---	---	---	---	---
	Software			Development<br>cost			Membership<br>deposit		Construction in progress		Total
Acquisition cost		3,367			2,231			2,371		791		8,760
Accumulated amortization		(2,345	)		(919	)		—		—		(3,264	)
Net carrying amount		1,022			1,312			2,371		791		5,496
	December 31, 2020
---	---	---	---	---	---	---	---	---	---	---	---
	Software			Development<br>cost			Membership<br>deposit		Total
Acquisition cost		3,097			2,231			2,371		7,699
Accumulated amortization		(1,832	)		(585	)		—		(2,417	)
Net carrying amount		1,265			1,646			2,371		5,282

• 28 -

(2)	Details of changes in intangible assets are as follows (Unit: Korean Won in millions):
	For the nine-month period ended September 30, 2021
---	---	---	---	---	---	---	---	---	---	---	---	---	---
	Software			Development<br>cost			Membership<br>deposit		Construction<br>in progress		Total
Beginning balance		1,265			1,646			2,371		—		5,282
Acquisitions		270			—			—		791		1,061
Amortization		(513	)		(334	)		—		—		(847	)
Ending balance		1,022			1,312			2,371		791		5,496
	For the nine-month period ended September 30, 2020
---	---	---	---	---	---	---	---	---	---	---	---	---	---
	Software			Development<br>cost			Membership<br>deposit		Construction<br>in progress		Total
Beginning balance		1,585			1,725			—		—		3,310
Acquisitions		320			216			2,371		41		2,948
Amortization		(530	)		(300	)		—		—		(830	)
Ending balance		1,375			1,641			2,371		41		5,428
13.	OTHER ASSETS
---	---

Details of other assets are as follows (Unit: Korean Won in millions):

	September 30,<br>2021		December 31,<br>2020
Prepaid expenses		255		—
Advance payments		105		—
Total		360		—
14.	DEBENTURES
---	---

Details of debentures are as follows (Unit: Korean Won in millions):

	September 30, 2021					December 31, 2020
	Interest rate (%)		Amount			Interest rate (%)		Amount
Face value of bonds:
General bonds		1.23 ~ 2.19		420,000			1.23		200,000
Subordinated bonds		2.13 ~ 2.55		950,000			2.13 ~ 2.55		950,000
Sub-total				1,370,000					1,150,000
Deducted item:
Discounts on bonds				(2,705	)				(2,497	)
Total				1,367,295					1,147,503

• 29 -

15.	PROVISIONS
(1)	Details of provisions are as follows (Unit: Korean Won in millions):
---	---
	September 30, 2021		December 31, 2020
---	---	---	---	---
Asset retirement obligation		393		782
(2)	Changes in asset retirement obligation are as follows (Unit: Korean Won in millions):
---	---
	For the nine-month periods ended September 30
---	---	---	---	---	---
	2021			2020
Beginning balance		782			600
Increase		—			108
Amortization		3			10
Others		(392	)		—
Ending balance		393			718
16.	NET DEFINED BENEFIT LIABILITY(ASSET)
---	---

The Company’s pension plan is based on the defined benefit retirement pension plan. Employees and directors with one or more years of service are entitled to receive a payment upon termination of their employment, based on their length of service and rate of salary at the time of termination. The assets of the plans are measured at their fair value at the end of reporting date. The plan liabilities are measured using the projected unit method, which takes into account of projected earnings’ increase, using actuarial assumptions that give the best estimate of the future cash flows that will arise under the plan liabilities.

The Company is exposed to various risks through defined benefit retirement pension plan, and the most significant risks are as follows:

Volatility of asset	The defined benefit obligation was estimated with an interest rate calculated based on blue chip<br>corporate bonds earnings. A deficit may occur if the rate of return of plan assets falls short of the interest rate.
Decrease in profitability of blue-chip bonds	A decrease in profitability of blue-chip bonds will be offset by some increase in the value of<br>debt securities that the employee benefit plan owns but will bring an increase in the defined benefit obligation.
Risk of inflation	Defined benefit obligations are related to inflation rate; the higher the inflation rate is, the<br>higher the level of liabilities. Therefore, deficit occurs in the system if an inflation rate increases.
(1)	Details of net defined benefit liability(asset) are as follows (Unit: Korean Won in millions):<br>
---	---
	September 30, 2021			December 31, 2020
---	---	---	---	---	---	---
Present value of defined benefit obligation		21,247			20,083
Fair value of plan assets		(20,055	)		(23,592	)
Net defined benefit liability(asset)		1,192			(3,509	)

• 30 -

(2)	Changes in the carrying value of defined benefit obligation are as follows (Unit: Korean Won in millions):<br>
	For the nine-month periods ended September 30
---	---	---	---	---	---	---
	2021			2020
Beginning balance		20,083			14,174
Transfer-in / out		(544	)		4,656
Recruit / Transfer in		—			1,266
Current service cost		1,816			1,509
Interest cost		365			288
Remeasurements
Financial assumption		(856	)		425
Demographic assumptions		—			—
Experience adjustment		795			1,740
Retirement benefit paid		(247	)		(93	)
Others		(165	)		(68	)
Ending balance		21,247			23,897
(3)	Changes in the plan assets are as follows (Unit: Korean Won in millions):
---	---
	For the nine-month periods ended September 30
---	---	---	---	---	---	---
	2021			2020
Beginning balance		23,592			10,692
Transfer-in / out		(2,858	)		4,056
Interest income		450			219
Remeasurements		(246	)		(69	)
Retirement benefit paid		(883	)		(147	)
Ending balance		20,055			14,751
(4)	The fair value of plan assets as of September 30, 2021 and December 31, 2020 is as follows (Unit:<br>Korean Won in millions):
---	---
	September 30, 2021		December 31, 2020
---	---	---	---	---
Cash and due from banks		20,055		23,592

Meanwhile, the actual revenue of plan assets for the nine-month periods ended September 30, 2021 and 2020 is 204 million Won and 150 million Won, respectively.

(5)	The amount recognized in profit or loss and total comprehensive income related to the defined benefit plan for<br>the nine-month periods ended September 30, 2021 and 2020 is as follows (Unit: Korean Won in millions):
	For the nine-month periods ended September 30
---	---	---	---	---	---
	2021			2020
Current service cost		1,816			1,509
Recruit/Transfer in		—			1,266
Net interest expense(income)		(85	)		69
Cost recognized in net income		1,731			2,844
Remeasurements (*)		185			2,234
Cost recognized in total comprehensive income		1,916			5,078
(*)	The amount is before income tax expense effect.
---	---

• 31 -

17.	OTHER FINANCIAL LIABILITIES AND OTHER LIABILITIES

Other financial liabilities and other liabilities are as follows (Unit: Korean Won in millions):

	September 30, 2021		December 31, 2020
Other financial liabilities:
Accounts payable		21,941		6,102
Accrued expenses		12,251		10,444
Lease liabilities		3,631		5,539
Sub-total		37,823		22,085
Other liabilities:
Other miscellaneous liabilities		1,232		570
Total		39,055		22,655
18.	DERIVATIVES
---	---

Derivative assets and derivative liabilities are as follows (Unit: Korean Won in millions):

	September 30, 2021				December 31, 2020
	Nominal<br>amount		Assets		Nominal<br>amount		Assets
Equity Forwards		130,599		7,247		130,599		7,247

Derivatives are classified into financial assets at FVTPL in the statements of financial position (See Note 6).

19.	EQUITY
(1)	Details of equity as of September 30, 2021 and December 31, 2020 are as follows (Unit: Korean Won in<br>millions):
---	---
	September 30,<br>2021			December 31,<br>2020
---	---	---	---	---	---	---
Capital		3,640,303			3,611,338
Hybrid securities		2,094,745			1,895,322
Capital surplus (*1)		10,909,281			14,874,084
Capital adjustments		(26	)		—
Accumulated other comprehensive income		(2,763	)		(1,518	)
Retained earnings (*1) (*2) (*3)		4,869,275			664,746
Total		21,510,815			21,043,972
(*1)	During the current period, 4,000,000 million Won was transferred from capital surplus to retained<br>earnings.
---	---
(*2)	The regulatory reserve for credit loss in retained earnings amounted to 1,086 million Won and<br>692 million Won as of September 30, 2021 and December 31, 2020 in accordance with the relevant regulation.
---	---
(*3)	The earned surplus reserve in retained earnings amounted to 122,370 million Won and 62,830 million<br>Won as of September 30, 2021 and December 31, 2020 in accordance with the Article 53 of the Financial Holding Company Act.
---	---
(2)	The number of authorized shares and others of the Company are as follows:
---	---
	September 30, 2021		December 31, 2020
---	---	---	---	---
Shares of common stock authorized		4,000,000,000 Shares		4,000,000,000 Shares
Par value		5,000 Won		5,000 Won
Shares of common stock issued		728,060,549 Shares		722,267,683 Shares
Capital stock		3,640,303 million Won		3,611,338 million Won

• 32 -

(3)	Hybrid securities

The bond-type hybrid securities classified as owner’s equity are as follows (Unit: Korean Won in millions):

	Issue date		Maturity		Interest rate<br>(%)		September 30,<br>2021			December 31,<br>2020
Securities in local currency		2019-07-18		—		3.49		500,000			500,000
Securities in local currency		2019-10-11		—		3.32		500,000			500,000
Securities in local currency		2020-02-06		—		3.34		400,000			400,000
Securities in local currency		2020-06-12		—		3.23		300,000			300,000
Securities in local currency		2020-10-23		—		3.00		200,000			200,000
Securities in local currency		2021-04-08		—		3.15		200,000			—
Issuance cost								(5,255	)		(4,678	)
Total								2,094,745			1,895,322

The hybrid securities mentioned above do not have maturity date but are redeemable after 5 years from the date of issuance.

(4)	Accumulated other comprehensive income

Changes in the accumulated other comprehensive income are as follows (Unit: Korean Won in millions):

	For the nine-month period ended September 30, 2021
	Beginning<br>balance			Increase<br>(decrease)			Income tax<br>effect			Ending<br>balance
Net gain(loss) on valuation of financial assets at FVTOCI		(280	)		(1,532	)		421			(1,391	)
Remeasurement loss related to defined benefit plan		(1,238	)		(185	)		51			(1,372	)
Total		(1,518	)		(1,717	)		472			(2,763	)
	For the nine-month period ended September 30, 2020
	Beginning<br>balance			Increase<br>(decrease)			Income tax<br>effect			Ending<br>balance
Net gain(loss) on valuation of financial assets at FVTOCI		—			528			(145	)		383
Remeasurement loss related to defined benefit plan		(631	)		(2,234	)		614			(2,251	)
Total		(631	)		(1,706	)		469			(1,868	)
(5)	Regulatory Reserve for Credit Loss
---	---

In accordance with Article 26 ~ 28 of the Financial holding company Supervision Regulations, the Company calculates and discloses the regulatory reserve for credit loss.

1)	Balance of the regulatory reserve for credit loss

Balance of the planned regulatory reserve for credit loss is as follows (Unit: Korean Won in millions):

	September 30, 2021		December 31, 2020
Beginning balance		1,086		692
Planned provision of regulatory reserve for credit loss		655		394
Ending balance		1,741		1,086

• 33 -

2)	Provision of regulatory reserve for credit loss, adjusted net income after the provision of regulatory reserve<br>and others

Planned reserves provided, adjusted net income after the planned reserves provided and adjusted EPS (Loss Per Share) after the planned reserves provided are as follows (Unit: Korean Won in millions, except for EPS (Loss Per Share) amount):

	Periods ended September 30, 2021						Periods ended September 30, 2020
	Three-month			Nine-month			Three-month			Nine-month
Net income (loss) before regulatory reserve		(21,558	)		621,786			(18,126	)		618,946
Provision(reversal) of regulatory reserve for credit loss		426			655			160			(230	)
Adjusted net income after the provision of regulatory reserve		(21,984	)		621,131			(18,286	)		619,176
Dividends to hybrid securities		(17,350	)		(48,900	)		(14,275	)		(34,640	)
Adjusted net income after regulatory reserve and dividends to hybrid securities		(39,334	)		572,231			(32,561	)		584,536
Adjusted EPS (Loss Per Share) after regulatory reserve and dividends to hybrid securities (Unit:<br>Korean Won)		(54	)		791			(45	)		809
20.	DIVIDENDS
---	---

(1) Dividends per share and the total dividends for the fiscal year ending December 31, 2020 were 360 Won and 260,016 million Won, respectively, approved at the regular general shareholders’ meeting held on March 26, 2021, and were paid in April 2021.

(2) On July 23, 2021, the Board of Directors decided to pay an interim dividend of 150 Won per share (total dividend of 108,340 million Won) with July 30, 2021 as the dividend base date, and were paid in August 2021.

21.	NET INTEREST INCOME
(1)	Details of interest income recognized are as follows (Unit: Korean Won in millions):
---	---
	Periods ended September 30, 2021				Periods ended September 30, 2020
---	---	---	---	---	---	---	---	---
	Three-month		Nine-month		Three-month		Nine-month
Interest on due from banks		1,096		2,669		1,292		8,978
Other interest income		5		17		7		20
Total		1,101		2,686		1,299		8,998
(2)	Details of interest expense recognized are as follows (Unit: Korean Won in millions):
---	---
	Periods ended September 30, 2021				Periods ended September 30, 2020
---	---	---	---	---	---	---	---	---
	Three-month		Nine-month		Three-month		Nine-month
Interest on debentures		6,853		19,135		5,707		16,714
Other interest expense		1		3		4		10
Interest on lease liabilities		12		41		7		25
Total		6,866		19,179		5,718		16,749

• 34 -

22.	NET FEES AND COMMISSIONS INCOME
(1)	Details of fees and commissions income recognized are as follows (Unit: Korean Won in millions):<br>
---	---
	Periods ended September 30, 2021				Periods ended September 30, 2020
---	---	---	---	---	---	---	---	---
	Three-month		Nine-month		Three-month		Nine-month
Fees and commissions income		202		604		—		—
(2)	Details of fees and commissions expense incurred are as follows (Unit: Korean Won in millions):<br>
---	---
	Periods ended September 30, 2021				Periods ended September 30, 2020
---	---	---	---	---	---	---	---	---
	Three-month		Nine-month		Three-month		Nine-month
Fees and commissions paid		1,204		4,129		774		5,016
Others		2,117		6,203		1,788		5,714
Total		3,321		10,332		2,562		10,730
23.	DIVIDEND INCOME
---	---

Details of dividend income recognized are as follows (Unit: Korean Won in millions):

	Periods ended September 30, 2021				Periods ended September 30, 2020
	Three-month		Nine-month		Three-month		Nine-month
Dividend income recognized from investments in subsidiaries		—		687,445		—		677,795
Dividend income recognized from FVTOCI		1,290		3,870		1,290		1,290
Total		1,290		691,315		1,290		679,085
24.	REVERSAL(PROVISION) FOR IMPAIRMENT LOSSES DUE TO CREDIT LOSS
---	---

Details of reversal (provision) for impairment losses due to credit loss recognized are as follows (Unit: Korean Won in millions):

	Periods ended September 30, 2021				Periods ended September 30, 2020
	Three-month		Nine-month		Three-month			Nine-month
Reversal(Provision) of impairment loss due to credit loss on loans and other financial assets at<br>amortized cost		107		88		(183	)		(174	)

• 35 -

25.	GENERAL AND ADMINISTRATIVE EXPENSES
(1)	Details of general and administrative expenses recognized are as follows (Unit: Korean Won in millions):<br>
---	---
			Periods ended September 30, 2021					Periods ended September 30, 2020
---	---	---	---	---	---	---	---	---	---	---	---
			Three-month		Nine-month			Three-month		Nine-month
Employee benefits	Short-term<br> <br>Employee benefits	Salaries		6,716		19,875			6,937		19,528
		Employee fringe benefits		1,349		5,977			1,374		6,583
	Retirement benefit service costs			595		1,731			640		2,844
	Share based payments			541		2,114			243		736
		Sub-total		9,201		29,697			9,194		29,691
Depreciation and amortization				1,434		4,323			1,430		3,943
Other general and administrative expenses	Rent			361		1,058			298		790
	Taxes and public dues			92		358			85		300
	Service charges			877		2,441			777		2,443
	Computer and IT related			1,370		3,431			839		2,054
	Telephone and communication			64		240			68		258
	Operating promotion			340		866			379		881
	Advertising			45		91			12		113
	Printing			15		43			7		35
	Traveling			13		46			9		43
	Supplies			29		87			37		156
	Insurance premium			55		(7	)		—		19
	Reimbursement			212		646			280		729
	Vehicle maintenance			67		182			67		154
	Others			9		21			6		33
		Sub-total		3,549		9,503			2,864		8,008
	Total			14,184		43,523			13,488		41,642

• 36 -

(2)	Share-based payment

Details of performance condition share-based payment granted to executives as of September 30, 2021 and December 31, 2020 are as follows.

1)	Performance condition share-based payment
Subject to		Shares granted for the year 2019
---	---	---
Type of payment		Cash-settled
Vesting period		January 11, 2019 ~<br>December 31, 2022
Date of payment		2023-01-01
Fair value (*1)		10,618 Won
Valuation method		Black-Scholes Model
Expected dividend rate		4.28%
Expected maturity date		1.25 years
Number of shares remaining	As of September 30, 2021	77,728 shares
	As of December 31, 2020	77,728 shares
Number of shares granted (*2)	As of September 30, 2021	77,728 shares
	As of December 31, 2020	77,728 shares
Subject to		Shares granted for the year 2020
---	---	---
Type of payment		Cash-settled
Vesting period		January 1, 2020 ~<br>December 31, 2023
Date of payment		2024-01-01
Fair value (*1)		10,173 Won
Valuation method		Black-Scholes Model
Expected dividend rate		4.28%
Expected maturity date		2.25 years
Number of shares remaining	As of September 30, 2021	189,270 shares
	As of December 31, 2020	189,270 shares
Number of shares granted (*2)	As of September 30, 2021	189,270 shares
	As of December 31, 2020	189,270 shares
Subject to		Shares granted for the year 2021
---	---	---
Type of payment		Cash-settled
Vesting period		January 1, 2021 ~<br>December 31, 2024
Date of payment		2025-01-01
Fair value (*1)		9,748 Won
Valuation method		Black-Scholes Model
Expected dividend rate		4.28%
Expected maturity date		3.25 years
Number of shares remaining	As of September 30, 2021	178,374 shares
	As of December 31, 2020	—
Number of shares granted (*2)	As of September 30, 2021	178,374 shares
	As of December 31, 2020	—
(*1)	As the amount of payment varies according to the base price (the arithmetic average of the weighted average<br>stock price of transactions in the past one week, the past one month, and the past two months) at the date of payment, the fair value is calculated and used to measure the liability according to the Black Scholes model based on the base price at the<br>time of each settlement.
---	---
(*2)	The number of payable stocks is granted at the initial contract date and the payment rate is determined based<br>on the achievement of the pre-determined performance targets. Performance is evaluated as long-term performance indication including relative shareholder return, net income, return on equity (ROE), non-performing loan ratio and job performance.
---	---
2)	The Company accounts for performance condition share-based payments according to the cash-settled method and<br>the fair value of the liabilities is reflected in the compensation costs by re-measuring every closing period. As of September 30, 2021 and December 31, 2020 the book value of the liabilities related<br>to the performance condition share-based payments recognized by the Company is 4,490 million Won and 2,376 million Won.
---	---

• 37 -

26.	NON-OPERATING INCOME(EXPENSES)
(1)	Details of non-operating income and expenses recognized are as follows<br>(Unit: Korean Won in millions):
---	---
	Periods ended September 30, 2021						Periods ended September 30, 2020
---	---	---	---	---	---	---	---	---	---	---	---	---
	Three-month			Nine-month			Three-month			Nine-month
Other non-operating income		—			126			—			181
Other non-operating expense		(100	)		(131	)		(200	)		(401	)
Total		(100	)		(5	)		(200	)		(220	)
(2)	Details of other non-operating income recognized are as follows (Unit:<br>Korean Won in millions):
---	---
	Periods ended September 30, 2021				Periods ended September 30, 2020
---	---	---	---	---	---	---	---	---
	Three-month		Nine-month		Three-month		Nine-month
Others		—		126		—		181
(3)	Details of other non-operating expenses recognized are as follows<br>(Unit: Korean Won in millions):
---	---
	Periods ended September 30, 2021				Periods ended September 30, 2020
---	---	---	---	---	---	---	---	---
	Three-month		Nine-month		Three-month		Nine-month
Donations		100		130		200		401
Others		—		1		—		—
Total		100		131		200		401
27.	INCOME TAX EXPENSE(INCOME)
---	---

Details of income tax expense(income) are as follows (Unit: Korean Won in millions):

	For the nine-month periods ended September 30
	2021			2020
Current tax expense
Current tax expense with respect to the current period		—			—
Sub-total		—			—
Deferred tax expense(income)
Change in deferred tax assets(liabilities) due to temporary differences		(604	)		(847	)
Income tax expense directly attributable to equity		472			469
Sub-total		(132	)		(378	)
Income tax expense(income)		(132	)		(378	)

Income tax expense (benefit) is recognized based on the best estimate of the weighted average annual effective tax rate expected for the interim period. The weighted average annual effective tax rate for the interim period ended September 30, 2021 and September 30, 2020 was not calculated due to income tax income.

• 38 -

28.	EARNINGS (LOSS) PER SHARE (“EPS (LOSS PER SHARE)”)
(1)	Basic EPS (Loss Per Share) is calculated by dividing net income attributable to common shareholders by<br>weighted-average number of common shares outstanding (Unit: Korean Won in millions, except for EPS (Loss Per Share) and number of shares):
---	---
	Periods ended September 30, 2021						Periods ended September 30, 2020
---	---	---	---	---	---	---	---	---	---	---	---	---
	Three-month			Nine-month			Three-month			Nine-month
Net profit (loss) attributable to Owners		(21,558	)		621,786			(18,126	)		618,946
Dividends to hybrid securities		(17,350	)		(48,900	)		(14,275	)		(34,640	)
Net income attributable to common shareholders		(38,908	)		572,886			(32,401	)		584,306
Weighted average number of common shares outstanding (Unit: million shares)		726			723			722			722
Basic EPS (Loss Per Share) (Unit: Korean Won)		(54	)		792			(45	)		809
(2)	The weighted average number of common shares outstanding is as follows: (Unit: number of shares, days)<br>
---	---
	For the nine-month period ended September 30, 2021
---	---	---	---	---	---	---	---	---	---	---
	Period		Number of<br>shares			Dates		Accumulated number<br>of shares outstanding<br>during period
Common shares issued at the beginning of the period		2021-01-01~2021-09-30		722,267,683			273		197,179,077,459
Treasury stock		2021-01-01~2021-09-30		(2	)		273		(546	)
Share repurchase		2021-08-10~2021-09-30		(2,322	)		52		(120,744	)
New stock issue (Comprehensive stock exchange)		2021-08-10~2021-09-30		5,792,866			52		301,229,032
Sub-total (①)									197,480,185,201
Weighted average number of common shares outstanding (②=①/273)									723,370,642
	For the nine-month period ended September 30, 2020
---	---	---	---	---	---	---	---	---	---	---
	Period		Number of<br>shares			Dates		Accumulated number<br>of shares outstanding<br>during period
Common shares issued at the beginning of the period		2020-01-01~2020-09-30		722,267,683			274		197,901,345,142
Treasury stock		2020-01-01~2020-09-30		(2	)		274		(548	)
Sub-total (①)									197,901,344,594
Weighted average number of common shares outstanding (②=①/274)									722,267,681

Diluted EPS (Loss Per Share) is equal to basic EPS (Loss Per Share) because there is no dilution effect for the nine-month periods ended September 30, 2021 and 2020.

• 39 -

29.	CONTINGENT LIABILITIES AND COMMITMENTS
(1)	Litigation case
---	---

As of September 30, 2021 and December 31, 2020, the Company has no litigation case in progress.

(2)	Details of loan commitments with financial institutions are as follows (Unit: Korean Won in millions):<br>
		September 30, 2021				December 31, 2020
---	---	---	---	---	---	---	---	---	---
	Financial institutions	Line of credit		Loan balance		Line of credit		Loan balance
Loans	Standard Chartered Bank Korea Ltd.		100,000		—		65,000		—
	Kookmin Bank		—		—		35,000		—
	Total		100,000		—		100,000		—
(3)	The Company decided to enter into a stock sales agreement with a major shareholder of Woori Asset Trust Co.,<br>Ltd (formerly Kukje Asset Trust Co., Ltd) to acquire 44.5% interest (58.6% of voting rights) during July, 2019, and to acquire additional 21.3% interest (28.0% of voting rights) after a certain period. As a result, the Company acquired the interest<br>of the first sales agreement in December 2019 and is planning to acquire the interest of the second sales agreement after a certain period.
---	---

In regards to this acquisition, the Company recognized 7,247 million Won as derivative assets as of September 30, 2021 and December 31, 2020 (See Note 18).

• 40 -

30.	RELATED PARTY TRANSACTIONS

Related parties of the Company as of September 30, 2021 and December 31, 2020, and assets and liabilities recognized, guarantees and commitments, major transactions with related parties and compensation to key management for the nine-month periods ended September 30, 2021 and 2020 are as follows:

(1)	Assets and liabilities from transactions with related parties are as follows (Unit: Korean Won in millions):<br>
Related party	Title of account		September 30, 2021			December 31, 2020
---	---	---	---	---	---	---	---	---
Subsidiaries
Woori Bank		Cash and cash equivalents		618,962			69,176
		Other financial assets		473,957			598,505
		Allowance for credit losses		(59	)		(147	)
		Other financial liabilities		21,303			7,718
Woori Card Co., Ltd.		Other financial assets		34,451			17,983
		Other financial liabilities		256			299
Woori FIS Co., Ltd.		Other financial assets		—			1,538
		Other financial liabilities		1,419			259
Woori Finance Research Institute Co., Ltd.		Other financial assets		27			37
		Other financial liabilities		1,770			1,465
Woori Credit Information Co., Ltd.		Other financial assets		153			517
Woori Fund Service Co., Ltd.		Other financial assets		542			643
Woori Private Equity Asset Management Co., Ltd.		Other financial liabilities		1,081			—
Associates of subsidiaries
W Service Networks Co., Ltd.		Other financial liabilities		95			122

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(2)	Gain or loss from transactions with related parties are as follows (Unit: Korean Won in millions):<br>
		For the nine-month periods<br>ended September 30
---	---	---	---	---	---	---
Related party	Title of account	2021			2020
Subsidiaries
Woori Bank	Interest income		2,685			8,998
	Fees and commissions income		604			—
	Dividend income		680,200			676,000
	Interest expenses (*2)		32			25
	Fees and commissions expense		10			11
	Provision (Reversal) of impairment loss due to credit loss		(88	)		174
	General and administrative expenses (*2)		2,718			2,420
Woori Card Co., Ltd.	Dividend income		3,870			1,290
Woori Investment Bank Co., Ltd. (*1)	Dividend income		5,132			—
Woori FIS Co., Ltd.	General and administrative expenses		3,099			1,867
Woori Finance Research Institute Co., Ltd.	Fees and commissions expenses		5,100			4,725
Woori Credit Information Co., Ltd.	Dividend income		564			494
Woori Fund Service Co., Ltd.	Dividend income		769			521
Woori Asset Trust Co., Ltd	Dividend income		780			780
Associates of subsidiaries
W Service Networks Co., Ltd.	General and administrative expenses		882			984
(*1)	Of the 160,000 million Won of debentures issued during the current period, 19,000 million Won was<br>acquired by Woori Investment Bank Co., Ltd. and the Company paid 19 million Won as an acquisition fee which is included in the discount on debentures issued. Also, of the 200,000 million Won of hybrid securities issued during the current<br>period, 19,000 million Won was acquired by Woori Investment Bank Co., Ltd. and the Company paid 29 million Won as an acquisition fee which is included in the issuance cost of hybrid securities.
---	---
(*2)	The depreciation of<br>right-of-use assets and interest expense of lease liabilities arising from lease transactions during the current term and prior term are included.
---	---
(3)	The details of the right-of-use<br>assets and lease liabilities due to lease transactions with related parties as of September 30, 2021 and 2020 are as follows (Unit: Korea Won in millions):
---	---
Related parties		Title of account	September 30, 2021		December 31, 2020
---	---	---	---	---	---	---
Subsidiaries	Woori Bank	Right-of-use assets		2,840		4,936
		Lease liabilities (*)		3,096		4,920
(*)	Cash outflows of lease liabilities redemption for the nine-month periods ended September 30, 2021 and 2020<br>are 1,857 million Won and 1,319 million Won, respectively.
---	---

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(4)	The details of loan and borrowing transactions with related parties for the nine-month periods ended<br>September 30, 2021 and 2020 are as follows (Unit: Korea Won in millions):
			For the nine-month period ended September 30, 2021
---	---	---	---	---	---	---	---	---	---	---
Related parties (*1)		Title of account	Beginning<br>balance		Increase		Decrease		Ending<br>balance
Subsidiaries	Woori Bank	Due from banks (*2)		450,000		1,490,000		1,210,000		730,000
(*1)	Of the 160,000 million Won of debentures issued during the current period, 19,000 million Won was<br>acquired by Woori Investment Bank Co., Ltd., and the entire amount was sold to the market on the date of issuance. Of the 200,000 million Won of hybrid securities issued during the current period, 19,000 million Won was acquired by Woori<br>Investment Bank Co., Ltd. and the entire amount was sold to the market on the date of issuance.
---	---
(*2)	Excludes due from banks without withdrawal limitations.
---	---
			For the nine-month period ended September 30, 2020
---	---	---	---	---	---	---	---	---	---	---
Related parties (*1)		Title of account	Beginning<br>balance		Increase		Decrease		Ending<br>balance
Subsidiaries	Woori Bank	Due from banks (*2)		1,130,000		3,330,000		3,560,000		900,000
(*1)	Of the 200,000 million Won of debentures issued during the nine-month period ended September 30,<br>2020, 40,000 million Won was acquired by Woori Investment Bank Co., Ltd., and the entire amount was sold to the market on the date of issuance.
---	---
(*2)	Excludes due from banks without withdrawal limitations.
---	---
(5)	The details of equity-related transactions with related parties for the nine-month periods ended<br>September 30, 2021 and 2020 are as follows (Unit: Korean Won in millions):
---	---
		For the nine-month period ended September 30, 2021
---	---	---	---	---	---	---	---
Related parties		Interest of<br>Woori Savings<br>Bank (*1)		Interest<br>of Woori<br>Financial Capital<br>Co., Ltd (*2)		Investment
Subsidiaries	Woori Financial Capital Co., Ltd.		113,238		88,011		—
Subsidiaries	Woori Savings Bank		—		—		100,000
(*1)	The Company acquired 100% interest of Woori Savings Bank from its subsidiary, Woori Financial Capital Co., Ltd.<br>during the current period.
---	---
(*2)	During the current period, the Company acquired treasury stocks held by Woori Financial Capital Co., Ltd. and<br>the remaining interest thereof.
---	---
		For the nine-month period ended September 30,<br>2020
---	---	---	---	---	---
Related parties		Investment		Acquisition of<br>hybrid securities
Subsidiaries	Woori Bank		1,000,000		—
Subsidiaries	Woori Card Co., Ltd.		—		150,000
(6)	There are no guarantees provided to the related parties. The unused commitments provided from the related<br>parties as of September 30, 2021 and December 31, 2020 are as follows (Unit: Korean Won in millions):
---	---
Related parties		September 30, 2021		December 31, 2020		Warranty
---	---	---	---	---	---	---	---
Subsidiaries	Woori Card Co., Ltd.		195		131		Unused loan commitment

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(7)	Compensation for key management is as follows (Unit: Korean Won in millions):
	For the nine-month periods ended September 30
---	---	---	---	---
	2021		2020
Short-term employee salaries		4,933		4,308
Retirement benefit service costs		158		170
Share-based compensation		1,550		576
Total		6,641		5,054

Key management includes registered executives and non-registered executives. The Company has not recognized any outstanding assets, allowance and related impairment loss due to credit losses from transaction with key management as of September 30, 2021 and December 31, 2020. Liabilities related to key management compensation are 5,738 million Won and 4,209 million Won as of September 30, 2021 and December 31, 2020, respectively.

31.	LEASES
(1)	The future lease payments under the lease contracts are as follows (Unit: Korean Won in millions):<br>
---	---
	September 30, 2021		December 31, 2020
---	---	---	---	---
Lease payments:
Within one year		2,749		2,836
After one year but within five years		911		2,768
Total		3,660		5,604
(2)	Total cash outflows from lease are as follows (Unit: Korean Won in millions):
---	---
	For the nine-month periods ended September 30
---	---	---	---	---
	2021		2020
Cash outflows from lease		2,255		1,656
(3)	Details of lease payments that are not included in the measurement of lease liabilities due to the fact that<br>they are leases for which the underlying asset is of low value are as follows (Unit: Korean Won in millions):
---	---
	For the nine-month periods ended September 30
---	---	---	---	---
	2021		2020
Lease payments for which the underlying asset is of low value		101		95

There are no lease payments not included in the lease liabilities measurement, resulting from short-term leases for the nine-month periods ended September 30, 2021 and 2020.

32.	EVENTS AFTER THE REPORTING PERIOD

Woori Financial Capital Co., Ltd., a subsidiary of the Company, decided to raise 200 billion Won in shareholder allocation at the Board of Directors Meeting on November 1, 2021 and completed the payment of the shares on November 12, 2021, and the Company was allocated with 17,211,704 shares in relation to the paid-in capital increase.

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