On April 10, 2020, KB Financial Group Inc. (“KB Financial Group”) disclosed that its board of directors resolved to acquire all of the outstanding shares of The Prudential Life Insurance Company of Korea, Ltd., a provider of life insurance services in Korea (“POK,” and such acquisition, the “Acquisition”), from Prudential Financial, Inc. (the “Seller”). Further details of the Acquisition are as follows:

1. 1. Information on POK as of December 31, 2019:
   • - Total share capital: KRW 150,000,000,000
   • - Total number of shares issued: 15,000,000 shares
2. 2. Details of the Acquisition:
   • - Number of shares to be acquired: 15,000,000 shares
   • - Purchase price: KRW 2,265,000,000,000
   • - KB Financial Group shareholders’ equity as of December 31, 2019: KRW 39,119,325,044,561
   • - Ratio of purchase price to KB Financial Group shareholders’ equity: 5.79%
   • - Total number of POK’s shares to be owned by KB Financial Group following the Acquisition: 15,000,000 shares, representing 100.0% of POK’s total number of shares issued and outstanding.
3. 3. Method of the Acquisition: Cash payment
4. 4. Purpose of the Acquisition: Strengthening the competitiveness of KB Financial Group’s life insurance business
5. 5. Other material information for an investment decision:
   • KB Financial Group entered into a share purchase agreement (the “SPA”) with the Seller, dated as of April 10, 2020, in connection with the Acquisition.
   • The amount of the base Purchase Price is calculated based on a valuation of POK as of December 31, 2019. The Purchase Price is a fixed amount plus total interest accrued on the base Purchase Price up to the date of the completion of the Acquisition (the “Completion Date”), which amount will be further adjusted as set out in the SPA.
   • The Completion Date is generally required to be the last business day of the month in which all conditions precedent specified in the SPA, including the receipt of approvals from the relevant regulatory authorities, have been satisfied. However, such plan may change based on negotiation between the relevant parties.
   • Pursuant to the terms of the SPA, the expected date of the Acquisition currently remains to be determined. However, such date will be determined upon the progress of relevant events, including the receipt of approvals from the relevant regulatory authorities.
   • The Acquisition and the subsequent incorporation of POK as a subsidiary of KB Financial Group require an approval from the Financial Services Commission of Korea pursuant to the Financial Holding Company Act and other relevant laws.

<Key financial information of Prudential>

(Unit: millions of KRW)