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Kookmin Bank (KBKD)


Thursday 28 December, 2000

Kookmin Bank

Memorandum of Understanding

Kookmin Bank
26 December 2000

                                MOU MERGER SIGNING

Summary of Major Issues:

1. Merger:  Both Kookmin and Housing & Commercial Bank will move forward on
   the merger on a friendly basis.

2. Merger Type:  The new bank will be formed as both Kookmin and H&CB will cease
   to exist as legal entities. However, the merger committee will have the 
   final decision after the negotiations.

3. Merger Ratio: In principle, the merger ratio will be calculated by the share
   price but the merger committee will adjust the merger ratio accordingly in
   the case there is a difference in the due diligence of assets and            

4. Effective Merger Date:  June 30, 2001

Note:  Public disclosures will be released at the appropriate times once the
       details of the merger have been finalized.

Signing Date of MOU:  December 22, 2000


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