Chaebols Underwent Corporate Rehabilitation Procedures

Name of the As of the end of 1997 Type of corporate rehabilitation procedures chaebol Number of Total Borrowings affiliates (billion won) Top Daewoo 250 25,347 Workout (1999. 8.26) 30 Kia 40 5,819 Corporate Reorganization (1998. 4.15) chaebols Ssangyong 75 9,004 Workout (Ssangyong Construction 1998. 11.1) Halla 36 4,501 Composition (1998. 3.20) Kohab 25 3,384 Workout (1998. 7.14) DongAh 42 3,696 Corporate Reorganization (DongAh Construction: discontinuance of corporate reorganization 2001. 3.9) Jinro 32 1,443 Composition (1998.2.3) Hanil 20 1,578 Corporate Reorganization (1999. 1.19) Anam 34 2,217 Workout (Anam Semiconductor: 1998. 10.30) Haitai 37 3,254 Corporate Reorganization (2001. 4.11) Shinho 33 1,569 Workout (1998. 7.16) Tongil 18 1,373 Corporate Reorganization (1999. 4.23) New Core 18 691 Corporate Reorganization (1998.11.16) Dongkuk 24 1,091 Workout (1998. 10.27) Saehan 24 1,805 Workout (2000. 5.27) Kabeul 23 832 Workout (1998. 7.24) Keopyong 20 1,960 Workout (1998. 7.23) 17 chaebols 751 69,564 31-63 Byuksan 20 1,064 Workout (1998. 8.14) chaebols Daenong 26 1,137 Corporate Reorganization (1997. 12.30) Woobang 14 833 Workout (1998. 7.25) Soosan Heavy 18 506 Corporate Reorganization (1998. 9.22) Kangwon 29 1,566 Workout (1998. 7.28) Industry Chungkoo 20 750 Corporate Reorganization (19998. 8.17) Sepoong 10 531 Workout (1998. 7.24) Bosung 12 543 Workout (1998. 5.6) Jindo 24 807 Workout (1998. 7.23) Corporate Reorganization (2001. 5.16) Shinwon 26 870 Workout (1998. 7.24) Nasan 20 881 Corporate Reorganization (1998. 7.14) Keukdong 19 899 Corporate Reorganization (1998. 7.6) Daedong 9 334 Composition (2000. 3.22) 13 chaebols 247 10,721 30 chaebols 998 80,284 Source: The Board of Audit and Inspection (2001), “An Audit Report on Management and Oversight of Public Funds”

The Top 30 Chaebols in 2006

Number of Total assets Debt/equity ratio Chaebols Rank in 1997 affiliates (Trillion won) (%) 1. Samsung 59 115.9 49.9 2 2. Hyundai Motors 40 62.2 74.7 Not on list 3. SK 56 54.8 125.3 5 4. LG 30 54.4 87.8 3 5. Lotte 43 33.0 69.2 10 6. POSCO 21 30.2 33.3 Not on list 7. GS 50 21.8 97.9 Not on list 8. Hanjin 22 20.7 184.7 7 9. Hyundai Heavy Industry 7 17.3 243.9 Not on list 10. Hanwha 31 16.5 159.3 9 11. Doosan 18 13.7 199.9 14 12. Gumho 23 13.0 193.5 11 13. Hynix 5 10.4 65.7 Not on list 14. Dongbu 22 8.7 211.8 22 15. Hyundai 9 7.1 203.5 1 16. Shinsegae 14 7.0 126.2 Not on list 17. CJ 56 6.8 91.8 Not on list 18. LS 19 6.6 122.6 Not on list 19. Daelim 13 6.5 91.8 15 20. GM Daewoo 3 6.5 176.4 Not on list 21. Hite 13 6.0 238.4 22 22. Daewoo Construction 11 6.0 126.2 Not on list 23. Dongkuk 12 5.7 102.5 18 24. Daewoo Shipbuilding 5 5.4 257.1 Not on list 25. STX Pan Ocean 10 4.9 168.9 Not on list 26. Tongyang 15 4.6 230.9 23 27. Hyosung 17 4.5 194.6 17 28. Hyundai Oilbank 2 4.4 191.4 Not on list 29. Hyundai Department 23 4.4 68.3 Not on list 30. Kolon 23 4.4 217.6 20

Source: Fair Trade Commission

1

Transition Matrix Based on IPCRs, 1996-2005

1996 1st quintile 2nd quintile 3rd quintile 4th quintile 5th quintile total 1st 261 146 101 73 113 694 quintile (37.6%) (21.0%) (14.6%) (10.5%) (16.3%) (100%) 2nd 150 170 159 101 114 694 quintile (21.6%) (24.5%) (22.9%) (14.6%) (16.4%) (100%) 3rd 100 153 153 171 117 694 2005 quintile (14.4%) (22.0%) (22.0%) (24.6%) (16.9%) (100%) 4th 78 110 157 198 151 694 quintile (11.2%) (15.9%) (22.6%) (28.5%) (21.8%) (100%) 105 115 124 151 199 694 5th quintile (15.1%) (16.6%) (17.9%) (21.8%) (28.7%) (100%) 694 694 694 694 694 3,470 Total (100%) (100%) (100%) (100%) (100%) (100%)

2

Share of Firms with IPCR below 1 (Number of firms, trillion won) IPCR < 1

Two Consecutive Years Three Consecutive Years 2005 (2004 and 2005) (2003, 2004 and 2005) Number of 107 56 19 Top 70 firms (18.2%) (9.5%) (3.2%) Chaebols 16.7 2.6 0.9 Borrowings (9.7%) (1.5%) (0.5%) Number of 2,642 1,469 664 Non- firms (27.5%) (15.3%) (6.9%) Chaebols 81.2 50.43 23.5 Borrowings (43.2%) (26.8%) (12.5%) Number of 2,749 1,525 683 firms (27.0%) (15.0%) (6.7%) Total 97.9 53.0 24.3 Borrowings (27.3%) (14.8%) (6.8%) Note: Figures in parentheses indicate the share of firms and the share of total borrowings in each group.

3 < Table 2-5 > Key Items of Minority Shareholders’ Rights

Former Commercial Code Amendments Securities and Exchange Act 3% 0.5%(0.25%) Removal of a Director 5% (Art.385 ) (Art.191/13 ) 1% 0.5%(0.25%) Right to Injunction 5% (Art.402) (Art.191/13 ) 1% 0.01% Derivative Suit 5% (Art.403) (Art.191/13 ) 3% 1%(0.5%) Shareholder's Proposal - (Art.363 ) (Art.191/14 ) 3% 3%(1.5%) Demand for Convocation 5% (Art.366 ) (Art.191/13 ) Right to Inspect Account 3% 1%(0.5%) 5% Books (Art.466 ) (Art.191/13 ) Right to Inspect Affairs 3% 3%(1.5%) 5% and Company Property (Art.467 ) (Art.191/13 ) 3% 0.5%(0.25%) Removal of Liquidation 5% (Art.539 ) (Art.191/13 ) * Parentheses show the case of corporations with more than 100 billion won, paid-in capital in the end of the recent business year.

4

Corporate Governance and Investor Protection Institution Index Enforcement Index (A)-(B) (A) (B) Disclosure and Audit 0.79 0.50 0.29 Disclosure 0.88 0.47 0.41 Audit 0.63 0.53 0.10 Supervision and Litigation by shareholders 0.72 0.39 0.33 Independence of supervisory bodies 0.50 0.47 0.03 Power of supervisory bodies 1.00 0.51 0.49 Litigation by shareholders 0.67 0.19 0.48 Accountability of managers 0.90 0.45 0.45 Shareholders’ rights 0.88 0.34 0.54 Market for corporate control 1.00 0.56 0.44 Director/controlling shareholders’ liability 0.83 0.45 0.38 Overall 0.80 0.45 0.35 * Index score ranges between 0 and 1, with 1 being the perfect score ** The institution index is constructed by examining the legal framework, while the enforcement index is based on a survey of experts Source: Youngjae Lim et. al (KDI, 2003), Recited from OECD (2004)

5

Financial Institutions Closed or Merged

(As of October, 2006, unit: number of institution)

Total No. of Total No. New Type of Resolution Institutions of Entry (Oct-2006) Institutions (end-1997) License Subtotal Ratio(%) Merger Others1) (A) Revoked (B) (B/A) Banks 33 5 11 - 16 48.5 1 18 NBFIs 2,070 164 177 536 877 42.4 109 1,302 Merchant Bank 30 22 7 - 29 96.7 1 2 Corporations Securities 36 5 7 3 15 41.7 19 40 Companies Insurance 50 10 6 4 20 40.0 21 51 Companies Investment Trust 32 7 5 - 12 37.5 29 49 Companies Mutual Savings 231 107 28 1 136 58.9 15 110 Banks Credit Unions 1,666 2 122 527 651 39.1 15 1,030 Leasing 25 11 2 1 14 56.0 9 20 Companies Total 2,103 169 188 536 893 42.5 110 1,320

Note: 1) Includes dissolution and asset transfers to bridge institutions. Source: Financial Supervisory Committee.

6

Fiscal Support for Financial Restructuring (11/1997 ~ 11/2006) (Unit: trillion won)

KDIC and Others KAMCO Capital Deposit Purchase Purchase Total Recapitalization Contribution Repayment of Assets of NPLs

Banks 34.0 13.9 0 14.4 24.6 86.9 NBFIs 29.5 4.6 30.3 2.9 11.8 79.1 Merchant Banking 2.7 0.7 18.3 0.0 1.3 23.0 Corporations Insurance 15.9 3.1 0.0 0.3 1.8 21.1 Companies Securities and 10.9 0.3 0.01 1.9 8.5 21.6 ITCs Mutual Savings 0.0 0.4 7.3 0.6 0.2 8.5 Banks Credit 0.0 0.0 4.8 0.0 0.0 4.8 Cooperatives Others 0.0 0.0 0.0 0.0 2.4 2.4 Total 63.5 18.5 30.3 17.3 38.8 168.4 Source: Public Fund Management Committee, Ministry of Finance and Economy.

7

Number of Employee by Financial Sector (1997-2006)

Commercial Merchant Mutual Savings Credit unions Insurance Securities banks banks banks 1997 128,503 1,510 9,975 30,122 83,304 25,515 1998 94,690 1,251 7,971 27,775 65,183 24,460 1999 95,540 943 6,610 24,164 61,745 30,253 2000 91,905 588 5,781 23,433 56,726 33,858 2001 90,122 285 5,464 22,483 50,818 36,715 2002 91,398 258 6,607 19,834 47,353 36,273 2003 96,223 159 6,293 19,045 46,567 33,353 2004 96,031 146 6,060 18,716 47,770 30,703 2005 94,675 145 6,418 18,448 51,455 29,817 2006 99,907 160 6,860 18,362 52,420 30,903

8

Prompt Corrective Actions in Korea (Revised in March 1999)

Conditions when measures are taken Decision- Measures Details of Measures BIS maker Others ratio 1. Above the third rate in Governor 1. Restructuring of organization CAMELS, but below of Financial 2. Cost reduction the fourth rate in terms Supervisory 3. Increasing the efficiency of of quality of assets or Service business unit Management Management capital adequacy (FSS) 4. Restrictions in fixed asset Below Improvement 2. It seems evident that investment, entry to new business, 8% Recommendations the above cut-off and new financial investment conditions are not 5. Management of insolvent assets satisfied because of the 6. Recapitalization large financial debacle 7. Restriction of dividend payout Special allowance for bad debts. 1. Below the fourth rate in Governor 1. Closure or consolidation of existing CAMELS of FSS business units or restriction of new 2. It seems evident that the (After the ones above cut-off conditions FSC vote) 2. Retrenchment of organization are not satisfied because 3. Restriction of holding risky assets of the large financial and management of assets debacle 4. Restriction of deposit rate Management 5. Restructuring of subsidiaries Below Improvement 6. Requirement of management 6% Requirements turnover 7. Partial suspension 8. Planning of M&A, or transfer of business 9. Measures specified in Clause 2, Article 34 of the Act Concerning Structural Improvement of Financial Industry Unsound financial FSC 1. Write-off of shares Institutions specified in 2. Prohibition of execution by Management Clause 3, Article 2 of the management and nomination of Below Improvement Act Concerning Structural manager 2% Orders Improvement of 3. M&A Financial Industry 4. Suspension for less than 6 months 5. Transfer of contracts

Source: Financial Supervisory Commission

9

Loan Classification Standard and Required Provisions

Prior to July 1998 Since July 1998 Definition1 Normal - - Precautionary 3~6 month past due 1~3 month past due More than 6 months past More than 3 months past Substandard due, secured due, secured More than 6 months past More than 3 months past Doubtful due, unsecured due, unsecured Estimated Loss Expected losses Expected losses Loan loss reserve requirement Normal 0.5% 0.5% Precautionary(Special mention) 1% 2% Substandard 20% 20% Doubtful 75% 75% Estimated Loss 100% 100% Provisioning for outstanding 20% of “substandard”, 75% Not required of “doubtful”, and 100% of Guarantees “estimated loss” Source: Financial Supervisory Commission.

10

Ceilings on Credit Exposures of Financial Institutions

Commercial Merchant Bank Insurance

Bank Company Company Credit Exposures to a Up to 20% of Up to 20% of bank’s

Single Borrower bank’s capital capital Combined Credit Up to 25% of Up to 25% of bank’s Up to 3% of total Exposures to Firms bank’s capital capital assets Affiliated with the Same Chaebol Total Sum of Large Up to 5 times of Up to 5 times of Loans and Credit Exposures bank’s capital Bank’s capital securities holdings up to 5% of total assets, respectively Credit Exposures to Large Up to ownership Up to ownership Shareholders of Financial shares of the Shares of the Institutions 1) Shareholder in Shareholder in

question with question with maximum of 25% maximum of 25% of of bank’s capital bank’s capital

Note: 1) Large shareholders refer to those that own 10% or more of total shares with voting rights. Source: Financial Supervisory Commission

11

Financial Conglomeration by Types in Banking, Insurance, Securities, and ITCs (Trillion Won, %)

1996 2003 No. of Institute Assets No. of Institute Assets No. % Amount % No. % Amount % FHC 0 0 0 0 14 11.4 262.7 27.2 Financial P-S 20 19.6 256.9 43.9 15 12.2 369.0 38.1 Conglomerates Mixed 40 39.2 73.2 12.5 34 27.6 185.3 19.2 Subtotal 60 58.8 329.9 56.4 63 51.2 817.1 84.5 Non-Financial 42 41.2 255.0 43.6 60 48.8 150.4 15.5 Conglomerates Total 102 100 584.9 100 123 100 967.5 100

Source: Hahm and Kim (2006)

12

Total Assets and Average Number of Affiliates for Top 30 Chaebols

600 TOP 30 30

500 Num. of affiliates (right) 25

400 20

300 15

Trillion won Trillion 200 10

100 5

0 0

92 03 1990 1991 19 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 20 2004 2005 2006 Year

Source: Fair Trade Commission, Republic of Korea

.

13

Interest Payment Coverage Ratio (IPCR) After the Crisis

8

Top 70 Chaebols

6

4 Total

2 Non Chaebols

0

-2

-4 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005

Operating Profits to Total Assets After the Crisis

9

Top 70 Chaebols 8

7

6 Total

5

4 Non Chaebols

3

2

1

0 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005

Total Borrowings to Total Assets After the Crisis (%)

60

50

40 Total

Non Chaebols 30

Top 70 Chaebols 20

10

0 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005

14

Interest Expenses to Total Sales After the Crisis (%)

8

7

6

5

4

3 Total Non Chaebols 2

Top 70 Chaebols 1

0 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005

Net Profit to Total Asset (ROA) After the Crisis (%)

8

Top 70 Chaebols

6

4 Total

2 Non Chaebols

0

-2

-4 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005

15

Operating Profits/Total Assets by Industry Group: Large Firms (%)

25

20 high- tech

15

medium- low tech

10

5

high- tech(Excluding low- tech medium- high tech Samsung Electronics)

0 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005

Operating Profits/Total Assets by Industry Group: SMEs (%)

8

7 medium- high tech 6 medium- low tech 5

4 low- tech

3

2 high- tech 1

0 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 -1

-2

16

Distribution of Operating Profitability for All Manufacturing Externally Audited Firms

0.40 1996 0.35 2003 2004 0.30 2005

0.25

0.20

0.15

0.10

0.05

0.00 -50 -25 0 25 50

17

Distribution of Operating Profitability for High-Tech Industry

Distribution of Operating Profitability for Medium-High Tech Industry

18

Distribution of Operating Profitability for Medium-Low Tech Industry

Distribution of Operating Profitability for Low Tech industry

19

20

Share of Troubled Firms (IPCR<1) by Industry Group After the Crisis: Large Firms

30% low tech midium low tech midium high tech high tech 25%

20%

15%

10%

5%

0% 1999 2000 2001 2002 2003 2004 2005

Share of Troubled Firms (IPCR<1) by Industry Group After the Crisis: SMEs

45% low tech midium low tech midium high tech 40% high tech

35%

30%

25%

20%

15%

10%

5%

0% 1999 2000 2001 2002 2003 2004 2005

21

Selection of the Board Directors (1992, 1999)

1992 1999

Government Stockholder Stock- Stockholder holders Chair of C.E.O Chair of Group Chaebol Chair of Group

Financial Institution Client Group C.E.O C.E.O Others

Source: Kim, Kim and Kim (2001)

Background of CEO (1992, 1999)

Second or third 1992 1999 generation of the founder of the Founder of the chaebol chaebol Financial institution Others Founder of Second or third the chaebol generation of Government the founder of the chaebol Another Second or Promotion cor poration third within the firm generation of the founder Government of the Government chaebol Another Promotion within corporation Promotion the firm withn the firm Financial institution

Source: Kim, Kim and Kim (2001)

22

Investment/GDP ratio

45 Inv estment 40 Facility Investment Construction Investment 35

30 25

20

15

10

5

0 1953 1957 1961 1965 1969 1973 1977 1981 1985 1989 1993 1997 2001 2005

Source: Bank of Korea

23

Real Facility Investment Growth (Externally Audited Firms) by Industry

Manufacturing Non-manufacturing

60 40 SMEs 30 40 20 SMEs 20 10 0 0 -10 -20 Large firms -20 -40 -30 Large firms -60 -40 1997 1998 1999 2000 2001 2002 2003 2004 1997 1998 1999 2000 2001 2002 2003 2004

24

Facility Investment Growth and Operating Profits by Industry

Large firms (2002-04) SMEs (2002-04) 45 40 Transport Electrical & Equip. Petroleum, Electronic Coal Machinery 35 30 Motor Vehicles Electricity, Gas & Water Motor Non-metallic Precision Supply Vehicles Mineral Instruments 25 20 Paper, Printing Products Basic Metals Hotels & & Publishing Transport Food Restaurants Metal Products FI Equip. &Beverages Gene ra l 10 Chemical 15 Non-metallic Machinery Basic Metals Wholes & Ge ne r a l Growth Precision Mineral Retail Trade Instruments Chemical Machinery Wholes & Food Products 0 Electrical & 5 Retail Trade & Beverages Electronic Paper Machinery Textiles & Textiles & Products, Sewn Wearing Sewn Wearing -10 -5 Printing & Petroleum, Publishing Electricity, Gas Post & Coal Post & & Water Telecommunic Telecommunic Hotels & Supply -20 -15 ations ations Restaurants Metal Products -30 -25 -10-5 0 5 1015 0 5 10 15 20

Operating Profitability Operating Profitability

25

Operating Profitability and Ratio of Facility Investment to Operating Profit by Listed Firms (%)

250 10

Operating profitability 200 8

150 6

100 4

50 2 Ratio of Facility Investment to Operating Profit

0 0 1990 1992 1994 1996 1998 2000 2002 2004

Source: Lim and Kim (2005)

26

Facility Investment and Cash Flows of listed firms

(trillion won) 80

60 cash flows from operating activities facility 40 investment

20

0

-20 cash flows from financial activities -40 1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004

Source: Lim and Kim (2005)

27

Decomposition of Cash Flows from Financial Activities of Listed firms

50

40 capital increase, buy-back 30

20

10

0 dividend payout -10

-20

-30 cash flows from financial activities Borrowing -40

-50 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004

Source: Lim and Kim (2005)

28

Short-term Liquid Assets held by Listed firms

70 12%

60 10% share of short- term liquid 50 asset ( right, %) 8%

40

6% 30

short- term liquid asset 4% ( left, trillion won) 20

2% 10

- 0% 1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004

Source: Lim and Kim (2005)

29

The Recovery ratio of Public Funds

60

50.2

50 45.3 42.6 39.0 40 지원 33.8 회수 회수율(% ) 30 26.3 24.4

18.0 20

10 4.3

0 1998 1999 2000 2001 2002 2003 2004 2005 2006.12

30

Inward FDI in Financial Industries ($billion) 20 120% 18.2 18 accumulated amount growth rate 100% 16 14.6 14 80% 12 11.3 10.4 10 9.4 60%

8 7.6 40% 6 5.6

4 2.8 2.2 20% 1.6 1.9 2 0.8 0.8 0.9 1.2

0 0% 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005

31 --

Share of Assets by Sector --

Others, 3.5% Others, 7.5% Credit Union, 1.3% Credit Union, 2.4% Securities, 4.8% Securities, 4.0% Mutual Savings and Mutual Savings and Finance, 2.5% Finance, 5. 2%

Insurance, 16.0% Insurance, 13.6%

Bank, 67.4% Bank, 71.8%

32 --

Concentration Ratio of the Banking Sector in terms of Assets –

100 2000

90 1800

80 1600 CR1 CR3 70 1400 HHI(right)

60 1200

50 1000

40 800

30 600

20 400

10 200

0 0 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006

Note: 1) CR1: market share of the first largest bank in the market. 2) CR3: market shares of the top 3 largest banks in the market. 3) HHI: Herfindhal-Hirshman Index

33

Profitability: Profits/Losses for Financial Industries (Trillion Won)

20

15

10

5

0 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 (5)

(10) Bank Insuranc e (15) Securities Credit Cards, etc (20)

34

Bank’s BIS Raio (%)

14 13.0 13.1 12.1 12 11.8 11.7 11.3 11.2 10.6 10.2 10

8 7.0

6

4

2

0 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006

35

NPL Ratio for the Whole Financial Industry (%)

10 9.2 9 8.5

8 7.0 7

6 4.9 5 3.7 4 3.4 3 2.8 2.3 1.9 2

1

0 1997 1999 2000 2001 2002 2003 2004 2005 2006

36

Share of Foreign Ownership in Korean Banking Sector

120% 100% 100% 100% 82.2% 79.9% 76.9% 80% 64.5% 58.5% 60% 55.3%

40% 29.5%

20% 9.3%

0%

k k p n k e k k k k an u up an an an b B ang iban b b in gr o an k m an Gro ch Cit bu Hanaba al irst us n nh F Ex Daeguban P o Kook C Je Shi S inanci F Korea i oor W

37

Market Share of Foreign Owned Banks in Korean Banking Sector

25

20

15

10

5

0 1999 2000 2001 2002 2003 2004 2005

38

Market Share of Foreign Owned NBFIs by Industry

30 Securities 25 Insurance Investment Trust

20

15

10

5

0 1997 1998 1999 2000 2001 2002 2003 2004

39

Foreign Investor’s share of Equities and Bond Market

45 Bonds 40 Equities 35

30

25

20

15

10

5

0 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006(Oct)

40

Outstanding Loans by Financial Institutions by Sector

350

300

250

200 Firms

150

100

50 Consumers

0

41

> Growth of Household Credits and Housing Prices

25 25 20 20 Household home 15 financing credit Housing prices 15 10 10 5 5 0 0 -5 -5 I II III IV I II III IV I II III IV I II III IV I II III IV I II III IV I II 1999 2000 2001 2002 2003 2004 2005

42

> Ratio of Consumer Credits to Personal Disposable Income

(to be added)

43