24-May-2012

  Reference No :   055823740

  The Bank of New York Mellon (Ireland)                             BNY Mellon, Seoul Branch

   listingdublin@bnymellon.com                                            00.822.399.0036

  GSQ@bnymellon.com                                                    gsp@bankofny.com

  KAL Japan ABS 5 Cayman Limited                                  Moody's Investors Service

  c/o Walkers SPV Ltd

  The Directors                                                                 Structured Finance Group

  001-345-945-4757                                                           00-852-3758-1616

  The Bank of New York Mellon (Luxembourg) S.A.              BONY - Hong Kong

  Global Corporate Trust                                                    Hong Kong

  00-352-2452-4204                                                           Global Corporate Trust

                                                                                       00 852 2295 3283

  Korea Finance Corporation                                              The Korea Development Bank

  J.S. Cho                                                                        SH Kang

  0082-2-6922-6665                                                           00-82-2-787-7397

As Agent Bank, please be advised of the following rate determined on :  24-May-2012

  Issue                           : KAL Japan ABS 5 Cayman Limited

                                        ¥40,000,000,000 Secured FRN due 27 Nov 2013

  ISIN Number                :  XS0558237409

  Common Code /          : 055823740

  144A ISIN

  Issue Nominal  JPY     :  40,000,000,000.00

  Period                          :  28-May-2012     to      27-Jun-2012              Payment Date :  27-Jun-2012

  Number of Days          :  30

  Rate                             :  1.09429                             Pool Factor :     0.511566

  Denomination  JPY     :  20,462,653,524

  Amount Payable          :  18,660,064

  per Denomination

  Regards

  Bank of New York Mellon

  Rate Fix Desk                                                 Telephone    44 1202 689580

  Corporate Trust Services                                   Facsimilie     44 1202 689601                                  Authorised Signatory

         The Bank of New York Mellon - Incorporated with limited liability by Charter in the State of New

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