Investor Presentation

December 2011

Disclaimer
This presentation material is being presented to you solely for your information only and may not be taken away you and may not be reproduced, redistributed or passed on, directly or indirectly, to any other person or published, in whole or in part, for any purpose. This presentation material is not an offer or sale of the securities of Korea Electric Power Corporation ("KEPCO" or the "Company") in the United States and does not constitute a prospectus or other offering circular, in whole or in part. Neither any part of this presentation nor any information or statement contained therein shall form the basis of or be relied upon in connection with any contract or commitment whatsoever. Any decision to purchase securities in the context of the offering of securities, if any, should be made solely on the basis of information contained in a published prospectus or other offering circular issued by the Company in connection with such an offering. This presentation material has been prepared by the Company, solely for the use at this presentation and have not been independently verified. No representations or warranties, express or implied, are made as to, and no reliance should be placed on, the accuracy, fairness or completeness of the information presented or contained in this presentation. Neither the Company nor any of its affiliates, advisers or representatives accepts any responsibility whatsoever for any loss or damage arising from any information presented or contained in this presentation material. Unless otherwise stated, the information presented or contained in this presentation material is current as of the date hereof and is subject to change without notice and its accuracy is not guaranteed. Neither the Company nor any of its affiliates, advisers or representatives make any undertaking to update any such information subsequent to the date hereof. This presentation material should not be construed as legal, tax, investment or other advice. Certain information and statements made in this presentation contain "forward-looking statements". Such forward-looking statements can be identified by the use of forward-looking terminology such as "anticipate," "believe," "considering," "depends," "estimate," "expect," "intend," "plan," "planning," "planned," "project," "trend," and similar expressions. All forward-looking statements are the Company's current expectation of future events and are subject to a number of factors that could cause actual results to differ materially from those described in the forward-looking statements. Caution should be taken with respect to such statements and you should not place undue reliance on any such forward-looking statements. Certain industry and market data in this presentation was obtained from various trade associations, and the Company has not verified such data with independent sources. Accordingly, the Company makes no representations as to the accuracy or completeness of that data, and such data involves risks and uncertainties and is subject to change based on various factors. This presentation material contains certain estimated unaudited financial information relating to the financial condition and results of operations of KEPCO and its six wholly-owned generation subsidiaries ("GENCOs") as of and for the year ended December 31, 2009, which is presented on a combined basis by simply adding the non-consolidated information of KEPCO and the GENCOs after adjusting for major intercompany transactions among those entities. Such information represents preliminary internal estimates made by KEPCO based on Korean GAAP. Such information has neither been audited nor reviewed by KEPCOs independent accountants or any other independent public accountants, and may differ significantly from the actual results of operations of KEPCO and/or the GENCOs of and for the year ended December 31, 2009 and accordingly should not be relied upon for investment, including but not limited to purchase of any securities, or for other purposes.

Table of Contents

l
ll lll

COMPANY PROFILE
BUSINESS & OPERATION FINANCIALS Overseas Business

lV

I. Company Profile

Dominant Player in Korea

Major Business
Transmission & Distribution 100% market share in Korean power market (100%) (100%)

Company Profile

(A1 / A )

Korean Government (51%)

(A1 / A )
Assets : 99.6 Trillion Revenues : 39.4 Trillion

(100%)

(100%)

(100%)

(100%)

Generation
91% market share in Korean power market

KHNP

KOSEP
Thermal & Renewable
Assets: 5,479 Bn Revenues: 4,228 Bn

KOMIPO
Thermal & Renewable
Assets: 5,140 Bn Revenues: 4,840 Bn

WP
Thermal & Renewable
Assets: 4,499 Bn Revenues: 4,767Bn

KOSPO
Thermal & Renewable
Assets: 5,010 Bn Revenues: 5,153Bn

EWP
Thermal & Renewable
Assets: 4,519 Bn Revenues: 4,573 Bn

Nuclear & Hydro

Assets: 30,245 Bn Revenues: 5,830 Bn

GENCOs Asset and revenues are as of Dec, 31, 2010

Others**

KEPCO E&C
Engineering Service

(74.9%)

KEPCO KPS KEPCO KDN

IT Service

(75.0%)

LG U+ KOGAS

(7.5%)

KEPID
Retail Metering

(29.0%)

Maintenance & Repair

(96.4%) (100%)

Mobile & Internet Service

(24.5%)

KEPCO NF
Nuclear Fuel

KDHC
District Heating

(19.6%)

Import & Supply of LNG

** Others include only major subsidiaries and affiliates of KEPCO other than 6 GENCOs

* % of KEPCOs ownership is as of Dec. 2011 * Assets and Revenues are as of Dec 31, 2010

II. Business & Operation

Power Demand Growth

Historical Demand & GDP Growth
Demand Growth(%)

Business & Operation

Demand Growth Forecast

GDP Growth(%)

2012 (F)

: 4.4%1)

7.6

8 7

10.1 5.4 6.3 6.5 4.9 5.7 4.5 3.1 4.7 4.2 5 5
2.4

6.1

4.8 3.6(P)

2013 ~ 2015 (F) : 4.1% 2016 ~ 2024 (F) : 2.6%

1) Based on budget for 2011 and GDP growth assumption of 4.5%

3.8

2.5 0.2

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011

240 278 294 258 Sales Volume (1,000 GWh)

312

332

349

369

385

394

Forecast from 2012 : Based on the 5th Basic Plan of Long-Term Electricity Supply & Demand by the Ministry of Knowledge & Economy Actual results may differ from the forecast

Demand Growth (Jan-Dec) 2011 (yoy)

Volume Revenue

Sales Breakdown for 4Q(Jan-Dec) 2011

Unit Price 18%
(KRW/kWh)

15.5% 5%
55% 22% 8.1%

81.9

9.6% 4.8%

102.4
105.9 67.6

2.1% -0.9% 1.5%

5.8%

Residential

Commercial

Industrial

Average

Average

90.0

Tariff (1)
Formula1)
Fair Rate of Return
(Weighted Average Cost of Capital)

Business & Operation

Cost of Debt (after tax) Debt Proportion Operating Income (1 - tax rate) + Investment Income from GENCOs

Cost of Equity2) Equity Proportion

Net Plant in Service3) + 2 Month Working Capital4) + Equity Interest in GENCOs

Actual Rate of Return

1) 2) 3) 4)

Basis of tariff adjustment subject to further discussion between the government and KEPCO Cost of Equity is determined by CAPM (Capital Asset Pricing Model) : Risk Free Rate + Market Risk Premium x Beta Utility plant minus accumulated depreciation minus revaluation reserve Working Capital : Cash operating expense

Tariff Adjustment Flow

Application

KEPCO
Authorization Put into Effect

MKE
(Ministry of Knowledge & Economy)

Deliberations

Expert Committee on Electric Tariff & Consumer Protection

Discussion

Notice & Implementation

MOSF
(Ministry of Strategy & Finance)

Consultation

Public Utility Charges Advisory Committee

Tariff (2)
Historical Tariff Adjustment
Effective

Business & Operation

Dec 05
2.8%

Dec 06 No Change
-

Jan 07
2.1%

Jan 08

Nov 08
4.5%

Jun 09
3.9%

Aug 10
3.5%

Aug 11
4.9%

Dec 11
4.5%

Avg Change 2.4% 2.8% 3.3%

0.0%
0.0% 0.0% 4.2% 0.0% -3.2% 0.0% 3.0% 0.0% 2.3% 2.0% 0.0% 2.0% 4.4% 0.0% 4.5%

Residential Commercial Industrial

1.0%

8.1%

6.5%

5.8%

6.1%

6.5%

Roadmap for Tariff Adjustment Plan

Current System

Regulation based on Fair ROR (Annual Adjustment)

Fuel Cost + Non-fuel cost + Fair Return

Fuel Cost Pass-thru From July 2011 Incentive Regulation In mid to long-term Tariff Schedules by Voltage In mid to long-term

Fuel Cost-adjusted Tariff System (Monthly Adjustment) Fuel Cost-adjusted Tariff System (Monthly Adjustment)
Current Commercial, Educational, Industrial Sectors Tariff gaps among sectors to be reduced

+ +

Regulation based on Fair ROR (Annual Adjustment)

Incentive Regulation System e.g. Price Cap (RPI-X)
After change

By Type of Usage

By Voltages

Low Voltage High Voltage (A)(B)(C)

Fuel Cost Adjusted-Tariff System

Current System
Changes to Tariff Setting System Basic Charge Energy Usage Charge Basic Charge Energy Usage Charge

Business & Operation

Fuel Cost Adjusted-Tariff Effective July 1, 2011

Fuel Cost Adjustment Charge
Monthly Adjustment

Annual Adjustment

Annual Adjustment

All Costs

Costs unrelated to Fuels

Fuel Costs Movement

Feb Monthly Fuel Cost Adjustment Mechanism

Mar

Apr

May

Jun

Jul

Aug

Sep

(S) Standard Fuel Cost(3M Avg) (M1) Moving Avg Fuel Cost(3M Avg)
Difference(S-M1) to be reflected
after 2 months after 2 months

Adjustment Adjustment

(M2) Moving Avg Fuel Cost(3M Avg)

Difference(S-M2) to be reflected

Current Status

Fuel Cost Adjusted Tariff System has been suspended by the Government
Account Receivables have been recorded since August, 2011
* Fuel import price will be in KRW term for oil, LNG and coal, which will be derived from Foreign Trade Statistics by Korea Customs Service. * This slide shows only an example of how the system currently under review may operate, which is subject to further adjustment.

10

Fuel Price & Expense

Generation Mix
3Q 2010
16%
3% LNG Oil1)

Business & Operation

Fuel Cost Mix

3Q 2011
17%
2% 45% 10% Oil 8%

3Q 2010
41% LNG

3Q 2011
43%

46%

Coal

43%
35%

Coal Nuclear

43%

Nuclear2)

36% 6%

6%

1) Generation of renewable energy, less than 0.1% of the total generation is included 2) Generation of Hydro accounts for approximately 1% of the total generation

* All figures are as of 3Q2011 (Jan-Sep).

Fuel Expense
Unit Price & FX Rate Change Fuel Expense yoy 13.5% 9.4% 24.2% (KRW Bn) B.Coal

3Q 2010
B. Coal* 99.4 787.4 606.7

3Q 2011
112.8 861.7 753.8

3Q 2010
5,660 5,788 1,325 564 396 13,733

3Q 2011
6,632 6,892 1,201 647 372 15,744

yoy 17.2% 19.1% -9.3% 14.7% -6.1% 14.6%

LNG*
B.C. Oil** KRW/USD

1,164.6

1,095.4
* 1,000Won/ton

-5.9%
** Won/liter

LNG Oil Nuclear Others

Total

11

Fuel Cost Saving Strategies

Fuel Cost Adjusted-Tariff System
Implemented as of July 1, 2011
Temporarily suspended by the Government Secure fuels for power generation

Business & Operation

Improving Self-sufficient Fuel Supply

Overseas Resources Development
Hedge against fluctuations in fuel prices

Lifting of the suspension currently in discussion

Generate income from its stakes in mines

2010 Actual Self-sufficient Coal 34% 22% Secured Volume 24mn tons 1,040 tons 2020 Target 60% 60%

Account Receivables have been recorded since August, 2011

Uranium

Increasing Utilization of Nuclear Power

13 additional Nuclear Units with the installed
capacity of 35,916MW to be Built by 2024

Optimizing Fuel Purchase

Joint Fuel Purchase among KEPCO companies
Enhance Bargaining Power

% of Nuclear Generation in Korea

2010(A)

2015(E)

2020(E)

2024(E)

31.1%

37.2%

44.0%

48.5%

2009~2010 Result : Cost reduction of KRW223 bn through joint purchase of coal from China and Australia

Based on the 5th Basic Plan of Long-Term Electricity Supply & Demand of the MKE

12

III. Financials

13

Capital Structure
Capital Structure*
Total SHs Equity

Financials

Debt Ratio & Cost*

Interest Bearing Debt to Equity Ratio Average Interest Rate

Total Liability

KRW 55.6 Tn (USD 47.1 Bn) * Consolidated basis as of Sept. 30, 2011

KRW 79.1 Tn (USD 67.1 Bn) 2006

2007

2008

2009

2010

3Q 2011

Interest Bearing Debt**

(KRW Tn) KRW 92% FX 8% Total Debt* : KRW43.7 Tn

Debt** Repayment Schedule

Total Maturing Debt

FX Debt (KRW Tn) 6.1

2.6

7.9 6.7 6.9

5.9
4.6

USD 88%

JPY & EUR Total FX Debt 12% : KRW3.4 Tn

3.0

* Fixed vs. Floating = 92 : 8

KRW/USD=1,179.5 (As of Sept. 30, 2011 closing)

1.9 0.2 0.7 0.6 2011 2012 2013 2014 2015 2016 2017 2018 & after
* Debt : KEPCO + GENCOs, as of Sept. 30, 2011

14

FY2011 3Q(Jan~Sep) Earnings Results

(KRW Bn) 3Q 2010 3Q 2011 YoY

Financials

Major Factors of YoY Change

Operating Income : 89.1% decrease
Mainly because of fuel cost and purchased power increase

OPERATING REVENUE
Sale of electric power Revenues for Other Business OPERATING EXPENSE Fuel Purchased Power Depreciation Maintenance Research & development Other expenses Other business OTHER REVENUES OTHER EXPENSES OPERATING INCOME FINANCE INCOME(LOSS) EQUITY INCOME(LOSS) OF AFFILIATES GAIN(LOSS) ON DIPOSAL OF AFFILIATES Income before income tax Income tax expenses NET INCOME Non controlling interest CONTROLLING INTEREST

28,857
27,572 1,285 27,699 13,758 3,687 4,431 948 300 3,022 1,555 569 93 1,634 -1,404 66 -52 243 -371 -128 57 -185

31,641
29,859 1,782 31,947 15,788 5,342 4,414 965 346 3,082 2,009 640 156 177 -1,733 118 4 -1,435 -123 -1,313 58 -1,370

9.6%
8.3% 38.7% 15.3% 14.8% 44.9% -0.4% 1.9% 15.4% 2.0% 29.2% 12.5% 67.9% -89.1% -23.4% 78.8% 107.1% -690.5% -133.0% -927.8% 0.7% -641.0%

Operating Expense : 15.3% increase

Due to 14.8% fuel cost increase and 44.9% increase of purchased power

Equity income of affiliates : 78.8% increase

Attributable to KRW 70 billion investment income from overseas affiliates

Net Income(Controlling Interest) decreased by KRW 1,185 billion Net Loss of KRW 1,370 billion

( Based on K-IFRS Consolidated Financials)

15

Investment Plan
Capital Expenditure Projection
13,124 17,184 17,900
4,719
4,810
(26%)
(27%) (30%) (10%) ( 7%)

Financials

* Based on KEPCO + 6 GENCOs as of Jan.2011

18,091
3,818
(21%) (29%) (32%) ( 12%) ( 6%)

17,660
3,973
5,650
(22%) (32%)

(In KRW Bn)

Transmission & Distribution Nuclear Generation

5,420 4,878 4,692

1,948 508 1,098
(37%)

(32%)
(28%)

5,249 5,726 2,236 1,062 2014(E)

4,877
(36%)

Thermal Generation 5,426 1,759 1,186 2013(E) 5,065 2,057 915 2015(E)
(29%)
( 12%) ( 5%)

(15%) ( 4%) ( 8%)

4,619 1,274 994 2012(E)

(27%) ( 7%) ( 6%)

Renewable Energy Others

2011(E) (% of total)

New Capacity Addition Plan*

(MW)

Current Capacity 2010End 1) Nuclear 17,716 (20) Coal 24,205 LNG 14,274 KEPCO Oil 4,478 Group Renewable 425 Others2) 4,462 Sub-total 65,560 IPP 10,518 Total 76,078

2011 2,000 -450 459 2,009 870 2,879

2012 1,000 -200 450 625 -48 1,827 929 2,756

2013 2,400 -455 -50 327 -1 2,221 2,011 4,232

Annual Net Increase 2014 2015 1,400 752 3,350 1,000 241 915 -6 3,387 4,265 1,537 1,149 4,924 5,414

2016~2024 11,400 4,500 378 16,278 32 16,310

Total 18,200 (14) 7,947 950 2,945 -55 29,987 6,528 36,515

Future Capacity 2024End 35,916 (34) 32,152 15,224 4,478 3,370 4,407 95,547 17,046 112,593

* Based on 5th Basic Plan of Long-Term Electricity Supply & Demand as of Dec. 2010 1) ( ): number of nuclear units 2) Others: Pumped storage, etc.

16

Major Statistics
Operating Profit Margin1) Net Profit Margin2)

Financials

2007

2008

2009

2010

3Q 2011

2007

2008

2009

2010

3Q 2011

Interest Coverage Ratio3) & EBITDA Margin4)

EBITDA Margin EBITDA Interest Coverage

Return on Equity5)

2007

2008

2009

2010

3Q 2011

2007

2008

2009

2010

3Q 2011

1) Operating Profit Margin : Operating Income/Op. Revenues 2) Net Profit Margin : Net Income/Op. Revenues * Based on consolidated financial statements

3) Interest Coverage Ratio : EBITDA/Total Interest Expense 4) EBITDA Margin : EBITDA/Operating Revenues 5) Return on Equity (ROE) : Net Income/Shareholders Equity

17

Asset Sales Plan

Company Business Current Ownership Book Value*

Vision & Strategy

Sales Plan

KEPCO E&C1)

Design and engineering of power plants

74.9%

53

16.9% to be sold by 2012

KEPCO KPS2)

Maintenance of power plants Providing telecommunication and broadband Internet services

75.0%

321

15% to be sold by 2012

LG U+3)

7.5%

247

To be sold by 2012, sale amount remains flexible

KEPID4)

Reading of electricity meters

29.0%
Total

22
643

To be sold by 2012

* Book Value (KRW Bn) : As of Nov. 30, 2011 1) KEPCO Engineering & Construction Company (Formerly known as KOPEC) (20% IPO was completed in Dec. 2009) 2) Korea Plant Service & Engineering Co., Ltd. (20% IPO was completed in Dec. 2007) 3) LG U+ (Formerly known as LG Telecom)

4) Korea Electric Power Industrial Development Co., Ltd.

18

lV. Overseas Business

19

Overseas Business - Major Projects

Generation (13 Projects)
Projects in Operation* Philippines Philippines Philippines China China China Jordan Cebu Ilijan SPC(Naga) Gansu Neimenggu Shanxi Al Qatrana BOO1) BOT2) M&A BOO3) BOO M&A/BOO BOO Coal-fired plant Combined-cycle plant Coal-fired/Diesel plant Wind power plant Wind power plant Coal-fired plant Gas-fired plant Total (7 Projects)

Overseas Business

As of Nov 30, 2011

Total Capacity (MW)

200 1,200 448 99 727 5,489 373 8,536 Total Capacity (MW) 489 881 1,204 433 1,600 5,600 10,207

KEPCO Capacity** (MW)

120 612 179 40 290 1,867 298 3,406 KEPCO Capacity (MW) 196 299 482 243 314 1,534

Period Jan-11 Mar-99 Feb-06 Apr-07 Oct-05 Apr-07 Oct-09 ~ ~ ~ ~ ~ ~ ~ Jun-36 Jun-22 Mar-12 Apr-27 Jan-34 Apr-57 Nov-35

Investment (U$ MN)

81.0 91.0 20.0 14.7 150.3 273.0 96.0 726 Investment (U$ MN) 75.0 196.0 54.0 56.0 381

Projects in Progress China China Saudi Arabia Mexico UAE UAE Neimenggu Shanxi Rabigh Norte Shuweihat S3 BOO M&A/BOO BOO BOO BOO EPC Wind power plant Coal-fired plant Oil-fired plant Gas-fired plant Gas-fired plant

Period Oct-05 Apr-07 Jul-09 Sep-10 Mar-14 Dec-09 ~ ~ ~ ~ ~ Jan-34 Apr-57 Mar-33 May-38 Mar-39

Nuclear Power Plants Construction Total (6 Projects)

~ May-20

* Projects in Operation : Generation projects with construction completed or in commercial operation ** Capacity for KEPCOs equity ownership 1) BOO : Build, Operate & Own 2) BOT : Build, Operate & Transfer

20

Overseas Business - UAE Nuclear Project

Project Overview Project Capacity : 5,600MW (APR* 1400 4 units)

Overseas Business

Contract Amount : USD18.6 Bn (Subject to change based on price escalation provisions) Contract Term : Dec. 2009 to May. 2020 Scope of Major Services : Design and construction of 4 nuclear units, supply of nuclear fuel, technical support, training and education Target Completion : Unit #1(May 2017), #2(May 2018), #3(May 2019), #4(May 2020) Key Contract Parties and Functions
UAE ENEC KEPCO

Architecture Engineering

Maintenance

Nuclear Fuel

Main Equipment

Turbine Generator

Construction

Construction

* APR: Advanced Power Reactor

21

Overseas Business - Major Projects

Exploration & Production (12 Projects)

Overseas Business

As of Dec 31, 2011

Fuel

Country

Projects under Operation & Progress Bylong Coal Mine

Resources (Ton) 0.4 Bn t 0.2 Bn t 0.6 Bn t 1.1 Bn t 1.0 Bn t

Equity (%) 100.0 51.0 5.0 4.9 20.0

Investment Fuel Secured (KRW Bn) (Ton) 455.0 79.0 18.5 615.8 7.5 Mn t 2.0 Mn t 2.5 Mn t 2.0 Mn t 7.0 Mn t

Australia

Ownaview Coal Mine Moolarben Coal Mine Cockatoo Coal Limited Bayan Resources

Coal

Indonesia

Adaro Energy
Longdaliq Coal Mine Coal Sub-total Cree East Mine

3.5 Bn t
0.5 Bnt Exploration Exploration 32,000 t 216,000 t 27,000 t Uranium Sub-total Total

1.5
10.0

71.5
1239.8

3.0 Mn t
3.0 Mn t 27.0 Mn t 300 t 740 t 510 t 1,550 t

12.5 32.0 15.1 10.0 40.0

5.1 18.3 84.0 288.5 395.9 1635.7

Uranium

Canada Niger U.S.

Waterbury Lake Mine Denison Imouraren Uranium Mine Gas Hill Uranium Mine

22

Overseas Business - Major Projects

Transmission & Distribution (T&D), Etc (15 Projects) Transmission (10 Projects)
Country WAPP*(1) Bangladesh(4) Cambodia(1) Kazakhstan(2) Others(2) Total(10)
* WAPP : West African Power Pool * Distribution(7 Projects) WAPP : West African Power Pool

Overseas Business

As of Nov 30, 2011

Project Name Cote Divoire-Liberia-Sierra Leone-Guinea Interconnection Project Consultancy Services for Transmission Line and Substation Project Consultancy Service for Transmission and Distribution Project Rehabilitation of 17 Substations EPC Project Moinak Transmission Line EPC Project Pakistan, Bhutan etc

Period Dec. 08 - Apr. 12 Jun. 11 - Aug. 14 Dec. 12 - Sep. 13 Mar. 11 - Dec. 13 Mar. 11 - Oct. 12 -

Contract Prices (U$ Mn) 2.3 5.2 2.1 95.0 46.0 4.6 155.2

Country Saudi Arabia(2) Dominican Republic(1) Haiti(1) India(1) Total(7)

Project Name

Period

Contract Prices (U$ Mn)

Riyadh AMR installation technical consulting

SEC Smart DAS master planning Project for Rehabilitation of Electricity Distribution Networks Project for Restoration of Electricity Distribution Networks Madhya Pradesh state Rehabilitation of Electricity Distribution Networks

Jul. 2009 - May 2013

May 2011 Apr. 2013 May 2011 Apr. 2013 Apr. 2011 Sep. 2012 Aug. 2011 Jul. 2013 Sep. 2011 Feb. 2013

2.7
2.3 46.0 3.8 2.9 100.0 157.7

Laos(1)/Uzbekistan(1) Pilot project for DAS/Pilot project for AMR

23

Appendix
General Information
Establishment : Jan. 1, 1982

Shareholders & Listing Status

(As of Dec. 5, 2011)

Company Type : Government Invested Company Paid in Capital : KRW 3.2 trillion (USD 2.7 billion)*
Major Business : Electric Power Supply (Generation, Transmission & Distribution) Fiscal Year : From January 1 to December 31 Number of Employees : 37,283 (KEPCO + GENCOs)* Head Office : 411 Youngdong-daero, Gangnam-gu, Seoul,135-791, Korea Homepage : www.kepco.co.kr * (As of Dec. 31, 2010)

Government 51% Treasury

Others Foreigners 26%

KoFC*
Govt.

30%
21%
Underlying Shares KRX since Aug. 1989 Stock Symbol : 015760

3%
22% Underlying 14% ADR 10%

ADR NYSE since Oct.1994 Stock Symbol : KEP

100%
* Korea Finance Corporation : Following the split of Korea Development Bank (KDB) into KoFC and KDB Financial Group, KDBs entire shares in KEPCO were transferred to KoFC (100% owned by the government) on Oct. 28, 2009. ** Total shares listed : 641,964,077 Cecilia(Hyangjoo) Oh Senior Manager 822-3456-4266 cecilia@kepco.co.kr Jay(Jong-hyun) Park Assistant Manager 822-3456-4265 pjh2000@kepco.co.kr *** Underlying shares : ADR = 1:2

IR Contact : Seoul Office

New York Office

SB(Seungbum) Kim Senior Manager 1-201-613-4002 sbkim96@kepco.co.kr

24