The two Korean sovereign credit risk indicators, the sovereign
credit default swap (CDS) premium and the sovereign foreign currency
bond (Foreign Exchange Stabilization Fund Bond) spread, remained
very low up until mid-2007. Following the onset of the subprime
mortgage crisis in July 2007, they rose sharply, however. Compared to
other Asian emerging countries, the Korean sovereign CDS premium
rose more rapidly and its volatility was higher during the current
global financial crisis.

※ Please refer to the attached file.