SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

Form 6-K

REPORT OF FOREIGN PRIVATE ISSUER

PURSUANT TO RULE 13a-16 OR 15d-16 UNDER

THE SECURITIES EXCHANGE ACT OF 1934

For the month of August 2021

Commission File Number: 001-31811

Woori Financial Group Inc.

(Translation of registrant’s name into English)

51, Sogong-ro, Jung-gu, Seoul, 04632, Korea

(Address of principal executive office)

Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.

Form 20-F  ☒             Form 40-F  ☐

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1):  ☐

Note: Regulation S-T Rule 101(b)(1) only permits the submission in paper of a Form 6-K if submitted solely to provide an attached annual report to security holders.

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7):  ☐

Note: Regulation S-T Rule 101(b)(7) only permits the submission in paper of a Form 6-K if submission to furnish a report or other document that the registration foreign private issuer must furnish and make public under the laws of the jurisdiction in which the registrant is incorporated, domiciled or legally organized (the registrant’s “home country”), or under the rules of the home country exchange on which the registrant’s securities are traded, as long as the report or other document is not a press release, is not required to be and has not been distributed to the registrant’s security holders, and if discussing a material event, has already been the subject of a Form 6-K submission or other Commission filing on EDGAR.

Index

1.	Summary of 2021 1H Business Report
2.	Exhibit 99.1 Woori Financial Group Review Report for 2021 1H (Consolidated)
3.	Exhibit 99.2 Woori Financial Group Review Report for 2021 1H (Separate)

2

Summary of 2021 First Half Business Report

Table of Contents

I.	INTRODUCTION OF THE COMPANY		5
	1.	Overview of the Company	5
	2.	Capital Structure (Changes in Capital)	9
	3.	Total Number of Authorized Shares	9
II.	BUSINESS OVERVIEW		11
	1.	Results of Operations	11
	2.	Funding Sources and Uses of Funds	11
	3.	Other Information Necessary for Making Investment Decisions	12
III.	FINANCIAL INFORMATION		16
	1.	Condensed Financial Statements (Consolidated)	16
	2.	Condensed Financial Statements (Separate)	18
	3.	Dividend Information	20
IV.	INDEPENDENT AUDITOR’S OPINION		21
	1.	Independent Auditor’s Opinion	21
	2.	Compensation to the Independent Auditor	21
V.	CORPORATE GOVERNANCE		23
	1.	About the Board of Directors	23
	2.	Shareholder’s Meeting	25
III.	SHAREHOLDER INFORMATION		27
	1.	Share Distribution	27
	2.	Stock Price and Stock Market Performance	28
IV.	DIRECTORS AND EMPLOYEE INFORMATION		30
	1.	Directors and Executives	30
	2.	Employee Status	31
	3.	Directors’ Compensation	31

3

Except where indicated otherwise, financial information contained in this document (including the attached financial statements) has been prepared in accordance with the Korean equivalent of International Financial Reporting Standards (“Korean IFRS”), which differ in certain important respects from generally accepted accounting principles in the United States.

All references to “Woori Financial Group,” “we,” “us” or the “Company” are to Woori Financial Group Inc. and, unless the context requires otherwise, its subsidiaries. In addition, all references to “Won” or “KRW” in this document are to the currency of the Republic of Korea.

4

I. Introduction of the Company

1. Overview of the Company

a. History

January 11, 2019	Establishment of the Company pursuant to a comprehensive stock transfer, by which Woori Bank, Woori FIS, Woori Finance Research Institute, Woori Credit Information, Woori Fund Services and Woori Private Equity Asset Management became wholly-owned subsidiaries of the Company.
February 13, 2019	Listed on the Korea Exchange (KRX).
April 5, 2019	Entered into share purchase agreements to acquire Tongyang Asset Management Corp. and ABL Global Asset Management Co., Ltd.
June 21, 2019	Entered into a purchase agreement with Woori Bank to acquire the common shares of Woori Investment Bank Co., Ltd. (“Woori Investment Bank”) and integrate Woori Investment Bank as a first-tier subsidiary of the Company (Buyer: Woori Financial Group, Seller: Woori Bank)
July 3, 2019	Entered into a stock exchange agreement between the Company and Woori Card Co., Ltd (“Woori Card”) to integrate Woori Card as a first-tier subsidiary of the Company
July 25, 2019	Entered into a share purchase agreement to acquire Kukje Asset Trust, Ltd.
August 1, 2019	Integrated Woori Asset Management Corp. (formerly known as Tongyang Asset Management Co., Ltd.) as a first-tier subsidiary of the Company.
September 10, 2019	Integrated Woori Card and Woori Investment Bank as first-tier subsidiaries of the Company.
September 26, 2019	Disposed 4% of common shares of the Company held by Woori Bank to a Taiwanese company, Fubon Life Insurance Co., Ltd.
December 6, 2019	Integrated Woori Global Asset Management Corp. as a first-tier subsidiary of the Company
December 30, 2019	Integrated Woori Asset Trust Ltd. as a first-tier subsidiary of the Company
March 25, 2020	Held the first annual general meeting of shareholders of Woori Financial Group; reappointed the Chief Executive Officer

5

October 26, 2020	Entered into a share purchase agreement to acquire Aju Capital Co., Ltd.
December 10, 2020	Integrated Woori Financial Capital Co., Ltd., (formerly known as Aju Capital Co., Ltd.) as a first-tier subsidiary of the Company
	Integrated Woori Savings Bank (formerly known as Aju Savings Bank) as a second-tier subsidiary of the Company
January 15, 2021	Joined the Carbon Disclosure Project (CDP), announced support for the Task force on Climate related Financial Disclosure (TCFD) and established the ESG management principles of Woori Financial Group
March 5, 2021	Established the Board ESG Management Committee
March 12, 2021	Integrated Woori Savings Bank as a first-tier subsidiary of the Company
April 9, 2021	After-hours trading of a 2% stake in Woori Financial Group Inc. held by the Korea Deposit Insurance Corporation
April 15, 2021	Purchased additional equity shares of Woori Financial Capital Co., Ltd., increasing the Company’s equity ownership by 12.9%
May 13, 2021	Participated in the capital increase of Woori Savings Bank (KRW 100 billion)
May 24, 2021	Purchased 3.6% of Woori Financial Capital Co., Ltd. in treasury shares
June 4, 2021	Entered into a stock exchange agreement to acquire the remaining shares of Woori Financial Capital Co., Ltd.

b. Affiliated Companies

(1) Overview of Business Group

1. Name of business group: Woori Financial Group Inc.

(2) Affiliated companies within the business group

6

As of June 30, 2021

Type	Name of Company
Listed company     (4 companies)	Woori Financial Group
	Woori Financial Capital
	Woori Investment Bank
	PT Bank Woori Saudara Indonesia
Unlisted company     (25 companies)	Woori Bank
	Woori Card
	Woori Asset Trust
	Woori Asset Management
	Woori Savings Bank
	Woori Credit Information
	Woori Fund Services
	Woori Private Equity Asset Management
	Woori Global Asset Management
	Woori FIS
	Woori Finance Research Institute
	Korea BTL Infrastructure Fund
	Woori America Bank
	Woori Bank China Limited
	AO Woori Bank
	Banco Woori Bank do Brazil S.A.
	Woori Global Markets Asia Limited
	Woori Bank Vietnam Limited
	Woori Wealth Development Bank
	Woori Finance Myanmar
	WB Finance Co., Ltd (Cambodia)
	Woori Bank Europe Gmbh
	Tutu Finance-WCI Myanmar
	Woori-Hanwha Eureka Private Equity Fund
	Arden Woori Apparel 1st Private Equity Fund

Note 1) Includes subsidiaries, etc. under the Financial Holding Company Act as of June 30, 2021

7

8

2. Capital Structure (Changes in Capital)

	(units: Won, shares)
Date	Item	Type
		Common Shares		Preferred Shares		Others
June 30, 2021	Number of issued shares		722,267,683		—		—
	Par Value		5,000		—		—
	Capital Stock		3,611,338,415,000		—		—
December 31, 2020	Number of issued shares		722,267,683		—		—
	Par Value		5,000		—		—
	Capital Stock		3,611,338,415,000		—		—
December 31, 2019	Number of issued shares		722,267,683		—		—
	Par Value		5,000		—		—
	Capital Stock		3,611,338,415,000		—		—

Note 1) Our common shares increased by 5,792,866 shares on August 10, 2021 due to a comprehensive stock exchange to integrate Woori Financial Capital as a wholly-owned subsidiary.

As of June 30, 2021			(units: Won, shares)
			Stock Decrease/Increase
Date	Category		Type		Quantity		Par Value		Issue price		Note
January 11, 2019		—		Common		680,164,306		5,000		26,415	Establishment (comprehensive stock transfer)
September 10, 2019		—		Common		42,103,377		5,000		12,350	Comprehensive stock exchange Stock increase ratio: 6.19018%

Note 1) Due to Woori Financial Group’s establishment through a comprehensive stock transfer, the issue price was calculated by dividing the total equity from its financial statements at the time of establishment (KRW 17,966,458,911,689) by the total number of issued shares (680,164,306).

Note 2) Our capital changed in September 2019 due to a comprehensive stock exchange. The issue price is based on the closing stock price of the comprehensive stock exchange date.

Note 3) Our common shares increased by 5,792,866 shares on August 10, 2021, due to a comprehensive stock exchange to integrate Woori Financial Capital as a wholly-owned subsidiary.

3. Total Number of Authorized Shares

As of June 30, 2021	(unit: shares)
Items	Type				Notes
	Common Shares		Total
Number of authorized shares		4,000,000,000		4,000,000,000		—
Number of issued shares		722,267,683		722,267,683		Note 1	)
Number of treasury shares		2		2		Note 2	)
Number of outstanding shares		722,267,681		722,267,681		—

9

Note 1) Excludes the 5,792,866 new common shares issued on August 10, 2021 due to a comprehensive stock exchange between Woori Financial Group and Woori Financial Capital.

Note 2) Acquired from the issuance of fractional shares.

10

II. Business Overview

1. Results of Operations

	(unit: billions of Won)
Type	2021 1H		2020		2019
Operating income		1,984		2,080		2,800
Non-operating income		34		-79		-77
Income from continuing operations before income tax		2,018		2,001		2,723
Income tax expense from continuing operations		480		486		685
Income from discontinued operations		—		—		—
Net income		1,537		1,515		2,038
Controlling Interest		1,420		1,307		1,872
Non-controlling Interest		118		208		165

Note 1) Based on K-IFRS consolidated financial statements

2. Funding Sources and Uses of Funds

a. Sources of Funds

For the periods indicated other than as noted below														(units: millions of Won, %)
Classification	Funding Source	2021 1H						2020						2019
		Average Balance		Interest Rate		Proportion		Average Balance		Interest Rate		Proportion		Average Balance		Interest Rate		Proportion
Source	Deposits		284,078,461		0.79		71.27		265,636,358		1.08		71.78		249,106,041		1.51		71.14
	Borrowings		20,290,367		0.92		5.09		19,606,056		1.31		5.30		18,013,074		1.92		5.14
	Debentures		39,158,522		1.85		9.82		32,287,676		2.24		8.73		30,401,987		2.56		8.68
	Others		27,718,352		—		6.95		26,523,338		—		7.17		28,928,780		—		8.26
	Total Liabilities		371,245,702		—		93.14		344,053,429		—		92.97		326,449,882		—		93.23
Total Equity			27,354,783		—		6.86		25,996,721		—		7.03		23,703,431		—		6.77
Total Liabilities & Equity			398,600,485		—		100.00		370,050,150		—		100.00		350,153,313		—		100.00

Note 1) Average Balance : simple average of the starting balance for the fiscal year and the balance at the end of each quarter

Note 2) Based on K-IFRS consolidated financial statements

11

b. Use of Funds

For the periods indicated other than as noted below								(units: millions of Won, %)
Type	Managed Item	2021 1H						2020						2019
		Average Balance		Interest Rate		Proportion		Average Balance		Interest Rate		Proportion		Average Balance		Interest Rate		Proportion
Use	Cash & Due from Banks		13,925,421		0.29		3.49		11,925,297		0.45		3.22		9,202,054		1.55		2.63
	Marketable securities		55,403,603		1.74		13.90		54,474,169		1.87		14.72		50,396,362		2.29		14.39
	Loans		293,567,979		2.75		73.65		269,533,892		2.98		72.84		254,691,201		3.48		72.74
	Loans in local currency		255,826,053		2.55		64.18		233,117,610		2.75		63.00		219,418,214		3.22		62.66
	Loans in foreign Currency		23,475,953		3.64		5.89		22,614,578		3.99		6.11		20,982,894		4.59		5.99
	Guarantee payments		29,351		2.29		0.01		15,845		4.04		0.00		12,410		1.48		0.00
	Credit card receivables		8,937,767		7.35		2.24		8,207,859		7.87		2.22		8,139,789		7.98		2.32
	Foreign bills bought		5,298,854		0.83		1.33		5,578,001		1.53		1.51		6,137,894		2.96		1.75
	Bad debt expense in local currency (-)		1,896,954		—		0.48		1,708,074		—		0.46		1,666,215		—		0.48
	Others		37,600,436		—		9.43		35,824,866		—		9.68		37,529,911		—		10.72
Total Assets			398,600,485		—		100.00		370,050,150		—		100.00		350,153,313		—		100.00

Note 1) Average Balance : simple average of the balances at the start of the fiscal year and at the end of each quarter

Note 2) Based on K-IFRS consolidated financial statements

3. Other Information Necessary for Making Investment Decisions

a. Capital Adequacy Ratios

Group BIS Capital Adequacy Ratios

As of the end of the period indicated	(units: billions of Won, %)
Type	2021 1H		2020		2019
Equity capital (A)		28,860		27,448		27,115
Risk weighted assets (B)		209,864		198,269		228,046
BIS(Capital adequacy) ratio (A/B)		13.75		13.84		11.89

Note 1) BIS (Bank for International Settlements) Capital Adequacy Ratios = Equity capital / Risk weighted assets * 100

Note 2) Based on K-IFRS consolidated financial statements and Basel III standards (2019 figures based on Standardized Approach / 2020 and 2021 1H figures based on IRB Approach)

Note 3) 2021 1H figures are estimates only and are subject to change

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Capital Adequacy Ratios for Significant Subsidiaries and Consolidated Companies

As of the end of the periods indicated					(units: millions of Won, %)
Name of Company	Type		2021 1H		2020		2019
Woori Bank Note 2)	BIS ratio Note 1)	Equity capital (A)		26,247,299		25,269,072		24,314,212
		Risk weighted assets (B)		153,186,345		145,755,395		157,889,535
		Capital adequacy ratio (A/B)		17.13		17.34		15.40
Woori Card Note 3)	Adjusted capital ratio			18.78		19.93		18.33
	Tangible common equity ratio			12.68		13.48		14.29
Woori Financial Capital Note 3)	Adjusted capital ratio			12.05		12.17		13.46
	Tangible common equity ratio			10.75		10.77		12.08
Woori Investment Bank Note 4)	BIS ratio Note 1)	Equity capital (A)		531,893		491,799		338,136
		Risk weighted assets (B)		3,466,624		3,192,245		2,630,349
		Capital adequacy ratio (A/B)		15.34		15.41		12.86
Woori Asset Trust Note 5)	Operating capital ratio			1,318.40		1,286.43		1,397.97
Woori Asset Management Note 3)	Minimum operating capital ratio			714.56		754.11		655.84
Woori Savings Bank Note 6)	BIS Capital adequacy ratio Note 1)			23.49		13.40		13.46

Note 1) BIS (Bank for International Settlements) Capital Adequacy Ratio : Equity capital / Risk weighted assets * 100

Note 2) Figures for Woori Bank are based on K-IFRS consolidated financial statements and Basel III standards. 2021 1H figures are estimates only and subject to change

Note 3) Figures for Woori Card, Woori Financial Capital, Woori Asset Management are based on the applicable standards for business reports submitted to the Financial Supervisory Service and our K-IFRS separate financial statements

Note 4) Figures for Woori Investment Bank are based on the applicable standards for business reports submitted to the Financial Supervisory Service and our K-IFRS consolidated financial statements

Note 5) Figures for Woori Asset Trust are based on K-IFRS separate financial statements

Note 6) Figures for Woori Savings Bank are based on K-GAAP

b. Liquidity Ratio

Won Liquidity Ratios

As of the end of the periods indicated															(units: millions of Won, %)
	2021 1H						2020						2019
Type	Won Liquidity Assets		Won Liquidity Liabilities		Won Liquidity Ratio		Won Liquidity Assets		Won Liquidity Liabilities		Won Liquidity Ratio		Won Liquidity Assets		Won Liquidity Liabilities		Won Liquidity Ratio
Woori Financial Group Note 1)		253,536		2,963		8,556.7		40,308		7,911		509.5		45,079		7,475		603.1
Woori Card Note 2)		6,506,290		1,382,932		470.5		6,255,965		1,406,387		444.8		5,976,031		1,407,335		424.6
Woori Financial Capital Note 2)		1,354,129		924,007		146.6		1,357,876		616,632		220.2		1,037,894		498,197		208.3
Woori Investment Bank Note 2)		2,304,607		1,960,247		117.6		2,166,208		1,555,418		139.3		1,671,823		1,118,318		149.5
Woori Asset Trust Note 2)		168,565		13,087		1,288.0		148,856		16,157		921.3		67,555		14,595		462.9
Woori Savings Bank Note 2), Note 3)		265,718		225,684		117.7		267,927		209,712		127.8		263,961		228,491		115.5

Note 1) Based on current assets and liabilities within one month of maturity

Note 2) Based on current assets and liabilities within 90 days of maturity

Note 3) Based on K-GAAP

13

Foreign Currency (FC) Liquidity Ratios

As of the end of the periods indicated															(units: millions of Won, %)
Type	2021 1H						2020						2019
	FC Liquidity Assets		FC Liquidity Liabilities		FC Liquidity Ratio		FC Liquidity Assets		FC Liquidity Liabilities		FC Liquidity Ratio		FC Liquidity Assets		FC Liquidity Liabilities		FC Liquidity Ratio
Woori Investment Bank Note 1)		633		—		—		425		—		—		38,111		34,734		109.7

Note 1) Based on current assets and liabilities within three months of maturity

Liquidity Coverage Ratios

						(unit: %)
Name of Company	Type	2021 1H		2020		2019
Woori Bank	Liquidity coverage ratio Note 1)		90.05		92.07		107.27
	Foreign currency liquidity coverage ratio Note 1)		106.12		106.06		110.50
	Ratio of business purpose premises and equipment		11.09		11.68		12.22

Note 1) The method of calculation is based on the business disclosure, and the applicable periods are 2021 2Q, 2020 4Q and 2019 4Q

Under the [Plans for Temporary Easing of Financial Regulations in Response to COVID-19] announced by the Financial Services Commission, the liquidity coverage ratio and the foreign currency liquidity coverage ratio requirements for banks has been reduced from 100% to 85% and from 80% to 70%, respectively, until the end of September 2021.

c. Profitability Ratio Note 1), Note 2)

Type	2021 1H Note 3)				2020				2019
	ROA		ROE		ROA		ROE		ROA		ROE
Woori Financial Group
Including non-controlling interests		0.75		12.97		0.40		6.80		0.57		10.11
Excluding non-controlling interests		0.69		11.98		0.34		5.87		0.52		9.29
Woori Bank		0.66		10.30		0.38		5.83		0.55		8.36
Woori Card		0.86		4.65		0.98		5.29		0.90		5.05
Woori Financial Capital		1.73		16.09		1.53		13.83		1.64		12.64
Woori Investment Bank		1.57		13.17		1.47		13.13		1.69		13.66
Woori Asset Trust		21.75		31.11		22.03		31.51		25.18		37.40
Woori Asset Management		7.53		7.84		5.85		6.12		7.41		7.77
Woori Savings Bank Note4)		0.99		9.20		0.97		10.10		1.05		11.41

Note 1) Based on the applicable standards for business reports submitted to the Financial Supervisory Service. The figures for Woori Financial Group are on a consolidated basis and figures for the other subsidiaries are on a non-consolidated basis

14

Note 2) Total assets and total equity : simple average of the starting balance for the fiscal year and each quarter’s ending balance

Note 3) On an annualized basis based on the applicable standards for business reports submitted to the Financial Supervisory Service

Note 4) Figures for Woori Savings Bank are based on K-GAAP

d. Asset Quality

Group Asset Quality

	(units: billions of Won, %)
Type	2021 1H		2020		2019
Total loans		314,679		299,075		266,432
Substandard and below loans		1,157		1,256		1,198
Substandard and below ratio		0.37		0.42		0.45
Non-Performing Loans		1,075		1,149		1,068
NPL Ratio		0.34		0.38		0.40
Substandard and below coverage ratio (A/B)		164.3		153.8		133.6
Loan Loss reserve (A)		1,901		1,932		1,600
Substandard and below loans (B)		1,157		1,256		1,198

Note 1) Based on the applicable standards for financial holding company business reports submitted to the Financial Supervisory Service

Asset Quality for Significant Subsidiaries and Consolidated Companies

																	(units: %)
Type	2021 1H						2020						2019
	Substandard and below ratio		NPL ratio		Substandard and below coverage ratio		Substandard and below ratio		NPL ratio		Substandard and below coverage ratio		Substandard and below ratio		NPL ratio		Substandard and below coverage ratio
Woori Bank		0.27		0.25		164.62		0.32		0.30		153.95		0.40		0.36		121.80
Woori Card		0.60		—		102.36		0.63		—		102.65		0.80		—		102.84
Woori Financial Capital		1.46		1.44		144.34		1.77		1.75		140.15		2.28		2.28		97.86
Woori Investment Bank		0.67		0.67		90.75		0.79		0.20		84.78		0.49		0.21		168.61
Woori Asset Trust		55.36		—		—		63.64		—		—		37.51		—		—
Woori Savings Bank		2.75		—		102.78		3.40		—		90.37		3.51		—		79.42

Note 1) Based on the applicable standards for business reports submitted to the Financial Supervisory Service

15

III. Financial Information

1. Condensed Financial Statements (Consolidated)

Summary Consolidated Statement of Financial Position

(The Company and its Consolidated Subsidiaries, as of the end of the periods indicated)				(unit: millions of Won)
Classification	2021 1H			2020			2019
ASSETS
Cash and cash equivalents		10,411,346			9,990,983			6,392,566
Financial assets at fair value through profit or loss (“FVTPL”)		12,264,521			14,762,941			8,069,144
Financial assets at fair value through other comprehensive income		30,284,891			30,028,929			27,730,531
Securities at amortized cost		15,725,241			17,020,839			20,320,539
Loans and other financial assets at amortized cost		345,150,425			320,106,078			293,717,693
Investments in joint ventures and associates		1,175,274			993,291			806,360
Investment properties		386,650			387,464			280,239
Premises and equipment		3,190,194			3,287,198			3,364,716
Intangible assets and goodwill		775,614			792,077			844,110
Assets held for sale		35,495			60,002			10,556
Net defined benefit asset		1,809			5,658			2,582
Current tax assets		33,606			75,655			47,367
Deferred tax assets		37,365			46,088			39,544
Derivative assets (designated for hedging)		129,562			174,820			121,131
Other assets		1,668,613			1,348,994			233,646
Total assets		421,270,606			399,081,017			361,980,724
LIABILITIES
Financial liabilities at FVTPL		3,928,181			6,813,822			2,958,302
Deposits due to customers		302,492,676			291,477,279			264,685,578
Borrowings		22,545,862			20,745,466			18,998,920
Debentures		40,917,952			37,479,358			30,858,055
Provisions		500,497			501,643			443,980
Net defined benefit liability		57,736			52,237			92,470
Current tax liabilities		333,409			370,718			182,690
Deferred tax liabilities		268,786			160,250			134,322
Derivative liabilities (designated for hedging)		44,045			64,769			6,837
Other financial liabilities		21,549,754			14,215,817			17,706,767
Other liabilities		471,534			473,813			420,471
Total liabilities		393,110,432			372,355,172			336,488,392
EQUITY
Owners’ equity:		24,559,151			23,053,608			21,510,370
Capital stock		3,611,338			3,611,338			3,611,338
Hybrid securities		2,094,818			1,895,366			997,544
Capital surplus		631,368			626,111			626,295
Other equity		(2,176,729	)		(2,347,472	)		(2,249,322	)
Retained earnings		20,398,356			19,268,265			18,524,515
Non-controlling interests		3,601,023			3,672,237			3,981,962
Total equity		28,160,174			26,725,845			25,492,332
Total liabilities and equity		421,270,606			399,081,017			361,980,724
Number of Consolidated Subsidiaries (excluding holding company)		141			131			102

16

Summary Consolidated Statement of Comprehensive Income

(The Company and its Consolidated Subsidiaries, for the periods indicated)	(unit: millions of Won, except per share amounts)
Classification	2021 1H			2020 1H			2020			2019
Operating income		1,983,840			1,172,598			2,080,394			2,799,976
Net interest income		3,322,619			2,940,849			5,998,512			5,893,706
Net fees and commissions income		729,454			498,349			1,014,039			1,102,628
Dividend income		130,738			71,002			138,543			107,959
Net gain or loss on financial instruments at FVTPL		136,407			401,589			421,709			25,455
Net gain or loss on financial assets at FVTOCI		45,059			11,027			24,138			11,015
Net gain or loss arising on financial assets at amortized cost		38,680			32,662			44,443			102,115
Impairment losses due to credit loss		(204,576	)		(446,679	)		(784,371	)		(374,244	)
General and administrative expenses		(1,855,493	)		(1,789,558	)		(3,956,181	)		(3,766,077	)
Other net operating income (expenses)		(359,048	)		(546,643	)		(820,438	)		(302,581	)
Non-operating income(expense)		33,908			(138,749	)		(79,143	)		(76,927	)
Net income before income tax expense		2,017,748			1,033,849			2,001,251			2,723,049
Income tax expense		(480,497	)		(259,816	)		(486,002	)		(685,453	)
Net income		1,537,251			774,033			1,515,249			2,037,596
Net income attributable to owners		1,419,698			660,564			1,307,266			1,872,207
Net income attributable to the non-controlling interests		117,553			113,469			207,983			165,389
Other comprehensive income (loss), net of tax		151,535			(9,167	)		(82,207	)		51,782
Items that will not be reclassified to profit or loss		185,682			(121,454	)		54,964			(92,777	)
Items that may be reclassified to profit or loss		(34,147	)		112,287			(137,171	)		144,559
Total comprehensive income		1,688,786			764,866			1,433,042			2,089,378
Comprehensive income attributable to the owners		1,569,431			648,420			1,233,097			1,914,393
Comprehensive income attributable to non-controlling interests		119,355			116,446			199,945			174,985
Net income per share:
Basic and diluted loss per share (in Korean Won)		1,922			887			1,742			2,727

17

2. Condensed Financial Statements (Separate)

Summary Statement of Financial Position

(The Company, as of the end of the period indicated)	(unit: millions of Won)
Classification	2021 1H			2020			2019
ASSETS
Cash and cash equivalents		253,265			69,176			43,670
Financial assets at fair value through profit or loss		7,247			7,247			9,434
Financial assets at fair value through other comprehensive income		149,151			149,614			—
Loans and other financial assets at amortized cost		714,944			619,117			1,269,203
Investments in subsidiaries		21,880,614			21,562,229			19,873,593
Premises and equipment		10,068			12,538			7,383
Intangible assets		5,211			5,282			3,310
Net defined benefit asset		—			3,509			—
Current tax assets		18,213			307			—
Deferred tax assets		1,188			964			—
Other assets		93			—			—
Total assets		23,039,994			22,429,983			21,206,593
LIABILITIES
Debentures		1,147,688			1,147,503			947,679
Provisions		392			782			600
Net defined benefit liability		903			—			3,482
Current tax liabilities		261,230			215,071			133,526
Deferred tax liabilities		—			—			154
Other financial liabilities		34,736			22,085			10,745
Other liabilities		678			570			4,142
Total liabilities		1,445,627			1,386,011			1,100,328
EQUITY
Capital stock		3,611,338			3,611,338			3,611,338
Hybrid securities		2,094,745			1,895,322			997,544
Capital surplus		10,874,084			14,874,084			14,874,084
Other equity		(2,324	)		(1,518	)		(631	)
Retained Earnings		5,016,524			664,746			623,930
Total equity		21,594,367			21,043,972			20,106,265
Total liabilities and equity		23,039,994			22,429,983			21,206,593

18

Summary Statement of Comprehensive Income

(The Company, for the period indicated)	(unit: millions of Won, except per share amounts)
Classification	2021 1H			2020 1H			2020			2019
Operating Income:		643,330			638,150			594,752			629,437
Net interest income		(10,728	)		(3,332	)		(12,953	)		40
Interest income		1,585			7,699			10,082			7,741
Interest expense		(12,313	)		(11,031	)		(23,035	)		(7,701	)
Net fees and commissions loss		(6,609	)		(8,168	)		(15,394	)		(15,833	)
Fees and commissions income		402			—			805			—
Fees and commissions expense		(7,011	)		(8,168	)		(16,199	)		(15,833	)
Dividend income		690,025			677,795			680,375			676,000
Net gain or loss on financial instruments at FVTPL		—			—			(920	)		9,434
Reversal(Provision) of impairment losses due to credit loss		(19	)		9			116			(263	)
General and administrative expenses		(29,339	)		(28,154	)		(56,472	)		(39,941	)
Non-operating Income(expense)		95			(20	)		(215	)		(750	)
Net Income before income tax expense		643,425			638,130			594,537			628,687
Income tax expense		(81	)		(1,058	)		781			(394	)
Net Income		643,344			637,072			595,318			628,293
Other comprehensive loss, net of tax		(806	)		(769	)		(887	)		(631	)
Items that will not be reclassified to profit or loss		(806	)		(769	)		(887	)		(631	)
Net gain or loss on valuation of equity securities at FVTOCI		(336	)		192			(280	)		—
Remeasurement of the net defined benefit liability		(470	)		(961	)		(607	)		(631	)
Total comprehensive Income		642,538			636,303			594,431			627,662
Net Income per share:
Basic and diluted income per share (in Korean Won)		847			854			757			900

19

3. Dividend Information

• In the mid- to long-term, Woori Financial Group plans to not only increase dividends per share according to improvement in net income, but also to gradually increase its dividend payout ratio to around 30% based on the group’s mid- to long-term management plan (resolved by the board of directors on December 18, 2020). The company also plans to review various market-friendly shareholder return policies to improve shareholder value while maintaining capital adequacy, once COVID-19 stabilizes.

• The above plans are subject to change taking into account factors such as the COVID-19 situation and changes in the domestic and overseas business environment. Further details will be separately disclosed after a resolution of the board of directors of our company.

Items		2021 1H		2020		2019
Par value per share (Won)			5,000		5,000		5,000
Net profit (Millions of Won)			1,419,642		1,307,266		1,872,207
Earnings per share (Won)			1,922		1,742		2,727
Total cash dividends (Millions of Won)			108,340		260,016		505,587
Total stock dividends (Millions of Won)			—		—		—
Cash dividend payout ratio (%)			7.63		19.89		27.00
Cash dividend yield (%)	Common Shares		1.3		3.6		5.8
	Preferred Shares		—		—		—
Stock dividend yield (%)	Common Shares		—		—		—
	Preferred Shares		—		—		—
Cash dividend per share (Won)	Common Shares		150		360		700
	Preferred Shares		—		—		—
Stock dividend per share (Share)	Common Shares		—		—		—
	Preferred Shares		—		—		—

Note 1) 2021 1H : Interim dividend (resolved by the board of directors on July 23, 2021)

20

IV. Independent Auditor’s Opinion

1. Independent Auditor’s Opinion

	2021 1H	2020	2019
Auditor	Samil PricewaterhouseCoopers	Samil PricewaterhouseCoopers		Deloitte Anjin LLC
Auditor’s Opinion	Note 1)	Note 2)		Note 3)

Note 1) In its review report attached to this report, Samil PricewaterhouseCoopers has stated that nothing had come to their attention that caused them to believe that the accompanying consolidated and separate interim financial statements of Woori Financial Group are not presented fairly in all material respects, in accordance with Korean IFRS.

Note 2) In its audit report, Samil PricewaterhouseCoopers has stated that the financial statements are presented fairly, in all material respects, in accordance with Korean IFRS.

Note 3) In its audit report, Deloitte Anjin LLC has stated that the financial statements are presented fairly, in all material respects, in accordance with Korean IFRS.

2. Compensation to the Independent Auditor

a. Audit Services

Term	Auditor	Description	Contract				Actual
			Fee		Time		Fee		Time
2021 1H	Samil PricewaterhouseCoopers	1Q/1H/3Q Review Closing audit (including internal accounting management system)		KRW 1,172 million		10,450 hours		KRW 340 million		2,670 hours
2020	Samil PricewaterhouseCoopers	1Q/1H/3Q Review Closing audit (including internal accounting management system)		KRW 1,135 million		10,400 hours		KRW 1,135 million		10,514 hours
2019	Deloitte Anjin LLC	1Q/1H/3Q Review Closing audit (including internal accounting management system)		KRW 752 million		7,995 hours		KRW 752 million		10,849 hours

Note 1) Fee excludes VAT

Note 2) Time includes planning time up until the commencement of the applicable services

b. Other Audit Services

Term	Auditor		Description	Fee
2019		Deloitte Anjin LLC	Auditing services provided in connection with the submission of a holding company establishment report to the Fair Trade Commission		KRW 67 million

Note 1) Fee excludes VAT

21

c. Current Status of Audit Service Agreements with the Independent Auditor Relating to U.S. Listing

Term	Auditor	Description	Fee
2020	Samil PricewaterhouseCoopers	U.S. PCAOB standard audit of consolidated financial statements and internal control over financial reporting (for FY2021)	KRW 2,370 million
		U.S. PCAOB standard audit of consolidated financial statements and internal control over financial reporting (for FY2020)	KRW 2,280 million
2019	Deloitte Anjin LLC	U.S. PCAOB standard audit of consolidated financial statements and internal control over financial reporting (for FY2019)	KRW 1,873 million

Note 1) Fee excludes VAT

d. Non-Audit Services

Term	Date of Execution of Agreement		Description of Service	Service Term		Fees
2021 1H		March 29, 2021	Tax adjustment (including review relating to application of consolidated tax)		June 1, 2021 ~ May 31, 2022		KRW 61 million
2020		July 9, 2020	Tax adjustment (including review relating to application of consolidated tax)		July 9, 2020 ~ May 31, 2021		KRW 61 million
2019		April 18, 2019	Tax adjustment (including review relating to application of consolidated tax)		April 18, 2019 ~ May 31, 2020		KRW 88 million
		May 14, 2019	Issuance of agreed-upon procedure report relating to asset management company establishment registration submitted to the Financial Supervisory Service		May 14, 2019 ~ May 31, 2020		KRW 18 million

Note 1) Fee excludes VAT

22

V. Corporate Governance

1. About the Board of Directors

a. Composition of the Board of Directors

The board of directors consists of standing directors, outside directors and non-standing directors.

b. Committees under the Board of Directors

We currently have the following committees serving under the board of directors:

(a) Audit Committee

(b) Board Risk Management Committee

(c) Compensation Committee

(d) Committee for Recommending Executive Officer Candidates

(e) Committee for Recommending Subsidiary Representative Director Candidates

(f) Committee for Internal Control Management

(g) Board ESG Management Committee

23

(As of June 30, 2021) Name of Committee	Composition	Names of Members
Audit Committee	Three outside directors	(Chairman) Chan-Hyoung Chung (outside director) Sung-Tae Ro (outside director) Dong-Woo Chang (outside director)
Board Risk Management Committee Note 1)	Three outside directors One non-standing director	(Chairman) Sang-Yong Park (outside director) Dennis Chan (outside director) Zhiping Tian (outside director) Hong-Tae Kim (non-standing director)
Compensation Committee	Six outside directors One non-standing director	(Chairman) Chan-Hyoung Chung (outside director) Sung-Tae Ro (outside director) Sang-Yong Park (outside director) Dennis Chan (outside director) Zhiping Tian (outside director) Dong-Woo Chang (outside director) Hong-Tae Kim (non-standing director)
Committee for Recommending Executive Officer Candidates	Six outside directors	(Chairman) Dong-Woo Chang (outside director) Sung-Tae Ro (outside director) Sang-Yong Park (outside director) Chan-Hyoung Chung (outside director) Dennis Chan (outside director) Zhiping Tian (outside director)
Committee for Recommending Subsidiary Representative Director Candidates	Six outside directors One standing director	(Chairman) Tae-Seung Son (standing director) Sung-Tae Ro (outside director) Sang-Yong Park (outside director) Chan-Hyoung Chung (outside director) Dennis Chan (outside director) Zhiping Tian (outside director) Dong-Woo Chang (outside director)
Committee for Internal Control Management Note 1)	One outside director One non-standing director Two standing directors	(Chairman) Sang-Yong Park (outside director) Hong-Tae Kim (non-standing director) Tae-Seung Son (standing director) Won-Duk Lee (standing director)
Board ESG Management Committee	Six outside directors One non-standing director Two standing directors	(Chairman) Sung-Tae Ro (outside director) Sang-Yong Park (outside director) Chan-Hyoung Chung (outside director) Dennis Chan (outside director) Zhiping Tian (outside director) Dong-Woo Chang (outside director) Hong-Tae Kim (non-standing director) Tae-Seung Son (standing director) Won-Duk Lee (standing director)

Note 1) In order to secure the independence of the risk management function and strengthen the management of internal controls, Won-Duk Lee was moved from the Board Risk Management Committee to the Committee for Internal Control Management.

24

2. Shareholder’s Meeting

a. Voting Rights

As of June 30, 2021	(unit: shares)
Items			Number of shares		Notes
Number of issued shares		Common Shares		722,267,683		—
		Preferred Shares		—		—
Number of shares without voting rights		Common Shares		2		Note 1	)
		Preferred Shares		—		—
Number of shares for which voting rights are excluded pursuant to the articles of incorporation		Common Shares		—		—
		Preferred Shares		—		—
Number of shares for which voting rights are limited by law		Common Shares		11,669,293		Note 2	)
		Preferred Shares		—		—
Number of shares for which voting rights have been restored		Common Shares		—		—
		Preferred Shares		—		—
Number of shares for which voting rights may be exercised		Common Shares		710,598,388		—
		Preferred Shares		—		—

Note 1) Acquired treasury shares from the issuance of fractional shares (pursuant to Article 369 of the Commercial Act).

Note 2) A non-financial business operator is restricted from exercising voting rights in excess of 4% of the total number of outstanding voting shares of a financial holding company.(pursuant to Article 8-2 of the Financial Holding Company Act)

25

b. Summary of the Minutes of Shareholder’s Meeting

	Agenda	Result
Annual General Meeting of Shareholders for 2019 (March 25, 2020)	1. Approval of financial statements for the fiscal year 2019	Approved as submitted
	2. Approval of amendments to the Articles of Incorporation	Approved as submitted
	3. Appointment of directors (4 directors) - 3-1 Candidate for outside director : Dennis Chan - 3-2 Candidate for non-standing director : Hong-Tae Kim - 3-3 Candidate for standing director : Won-Duk Lee - 3-4 Candidate for standing director : Tae-Seung Son	Approved as submitted
	4. Approval of the maximum limit on directors’ compensation	Approved as submitted
Annual General Meeting of Shareholders for 2020 (March 26, 2021)	1. Approval of financial statements for the fiscal year 2020	Approved as submitted
	2. Approval of amendments to the Articles of Incorporation	Approved as submitted
	3. Approval of reduction of Capital Reserve	Approved as submitted
	4. Appointment of directors (1 standing director, 4 outside directors) - 4-1 Candidate for standing director : Won-Duk Lee - 4-2 Candidate for outside director : Sung-Tae Ro - 4-3 Candidate for outside director : Sang-Yong Park - 4-4 Candidate for outside director : Zhiping Tian - 4-5 Candidate for outside director : Dong-Woo Chang	Approved as submitted
	5. Appointment of outside director who will serve as an Audit Committee Member - Candidate for outside director who will serve as an Audit Committee Member : Chan-Hyoung Chung	Approved as submitted
	6. Appointment of Audit Committee Members who are outside directors - 6-1 Candidate for Audit Committee Member who is an outside director : Sung-Tae Ro - 6-2 Candidate for Audit Committee Member who is an outside director : Dong-Woo Chang	Approved as submitted
	7. Approval of the maximum limit on directors’ compensation	Approved as submitted

26

III. Shareholder Information

1. Share Distribution

a. Share Information of the Largest Shareholder and Specially Related Parties

As of June 30, 2021	(units: shares, %)
Name	Relation		Type	Shares Held								Notes
				Beginning balance				Ending balance
				Number		Share		Number		Share
Korea Deposit Insurance Corporation (KDIC)		Largest Shareholder	Common		124,604,797		17.25		110,159,443		15.25		Note 1	)
Total			Common		124,604,797		17.25		110,159,443		15.25		—
			Others		—		—		—		—		—

Note 1) KDIC disposed of 14,445,354 shares through after-hours trading on April 9, 2021 (Publicly disclosed on a Form 6-K on April 13, 2021)

b. Changes in the largest shareholder

As of June 30, 2021	(units: shares, %)
Change of Date	Largest Shareholder	Number Held		Share		Notes
January 11, 2019	Korea Deposit Insurance Corporation		124,604,797		18.32	Comprehensive Stock Transfer (Woori Financial Group) Note 1)
September 10, 2019	Korea Deposit Insurance Corporation		124,604,797		17.25	Issuance of new common shares (42,103,377 shares) Note 2)
April 9, 2021	Korea Deposit Insurance Corporation		110,159,443		15.25	Sales of KDIC’S 14,445,354 shares through after-hours trading Note 3)

Note 1) Woori Financial Group was established pursuant to a comprehensive stock transfer of Woori Bank and five other companies, and the KDIC received new shares of Woori Financial Group in accordance with the stock transfer ratio.

transfer ratio Woori Bank : Woori Financial Group = 1: 1.0000000

Note 2) Small scale stock exchange between Woori Financial Group and Woori Card.

Note 3) Refer to the prior disclosures on Form 6-K on April 13, 2021.

27

c. Share Ownership of More Than 5%

As of June 30, 2021	(units: shares, %)
	Name	Shares				Notes
		No. of shares		Percentage of shareholding
Share ownership of more than 5%	Korea Deposit Insurance Corporation		110,159,443		15.25		Note 1	)
	National Pension Service		70,818,135		9.80		Note 2	)
	Nobis1, Inc. (IMM PE)		40,560,000		5.62		Note 2	)
Employee Stock Ownership Association			63,234,379		8.75		Note 3	)

Note 1) KDIC disposed of 14,445,354 shares through after-hours trading on April 9, 2021 (Publicly disclosed on a Form 6-K on April 13, 2021)

Note 2) Shares based on the list of shareholders as of December 31, 2020

Note 3) Total shares of the employee stock ownership association of Woori Financial Group and Woori Bank

2. Stock Price and Stock Market Performance

a. Domestic Stock Market

												(units: Won, shares)
Period		January 2021		February 2021		March 2021		April 2021		May 2021		June 2021
Common Shares	High		10,250		9,820		10,150		10,900		11,300		11,950
	Low		8,800		8,990		9,610		10,000		10,500		11,200
	Average		9,629		9,444		9,993		10,402		11,024		11,532
Monthly Trade Volume	High		5,405,431		2,794,858		4,093,277		19,929,467		6,795,728		3,850,099
	Low		1,294,345		1,234,105		1,372,690		1,325,415		1,566,228		1,115,860
	Monthly Total		54,373,947		32,863,926		48,749,529		74,819,567		49,490,946		48,288,680

Note 1) Source: KRX KOSPI Market

Note 2) Share prices are based on closing prices.

28

b. Foreign Stock Market (NYSE)

										(units: US Dollars, Won, ADSs)
Period		January 2021		February 2021		March 2021		April 2021		May 2021		June 2021
ADS	High		28.07		26.49		27.10		29.55		30.71		32.55
	Low		23.89		24.47		25.69		26.98		27.98		30.12
	Average		26.50		25.61		26.58		27.97		29.52		30.89
Won Conversion	High		30,874		29,425		30,642		32,277		34,610		36,707
	Low		26,628		27,260		28,475		30,250		31,410		33,635
	Average		29,086		28,469		30,067		31,310		33,158		34,641
Monthly Trade Volume	High		55,960		33,889		26,461		39,387		28,147		20,417
	Low		18,846		11,675		7,330		6,326		4,111		4,891
	Monthly Total		657,375		360,600		382,624		274,543		262,915		228,939

Note 1) Source: standard trading rate (daily and monthly average) (Seoul Money Brokerage, www.smbs.biz)

Note 2) One ADS represents three common shares.

Note 3) Share prices are based on closing prices.

29

IV. Directors and Employee Information

1. Directors and Executives

As of June 30, 2021
Position		Name	Common Shares Owned		Term Commencement Date	Expiration of Term
Chief Executive Officer	Registered	Tae-Seung Son		93,127	January 11, 2019 ~	Note 1)
Senior Deputy President	Registered	Won-Duk Lee		21,500	December 18, 2020 ~	Note 2)
Outside Director	Registered	Sung-Tae Ro		5,000	January 11, 2019 ~	Note 2)
Outside Director	Registered	Sang-Yong Park		1,000	January 11, 2019 ~	Note 2)
Outside Director	Registered	Chan-Hyoung Chung		10,532	January 11, 2019 ~	Note 2)
Outside Director	Registered	Dennis Chan		—	March 25, 2020 ~	Note 2)
Outside Director	Registered	Zhiping Tian		—	January 11, 2019 ~	Note 2)
Outside Director	Registered	Dong-Woo Chang		—	January 11, 2019 ~	Note 2)
Non-standing Director	Registered	Hong-Tae Kim		—	March 25, 2020 ~	Note 2)
Deputy President	Non-Registered	Min-Cheol Shin		17,000	December 24, 2020 ~	December 23, 2022
Deputy President	Non-Registered	Dong-Su Choi		19,738	January 11, 2019 ~	December 17, 2021
Deputy President	Non-Registered	Jin-Ho Noh		6,000	February 11, 2020 ~	December 17, 2021
Deputy President	Non-Registered	Kyu-Mok Hwang		16,239	December 18, 2020 ~	December 17, 2021
Deputy President	Non-Registered	Seok-Tae Lee		18,857	December 18, 2020 ~	December 17, 2021
Deputy President	Non-Registered	Seok-Young Chung		22,951	December 18, 2020 ~	January 10, 2023
Senior Managing Director	Non-Registered	Weon-Cheol Hwang		4,000	December 18, 2020 ~	December 17, 2021
Senior Managing Director	Non-Registered	Jong-Il Park		14,619	December 18, 2020 ~	December 31, 2021
Senior Managing Director	Non-Registered	Byoung-Kwon Woo		5,500	December 18, 2020 ~	February 10, 2022
Senior Managing Director	Non-Registered	Sung-Wook Lee		11,000	December 18, 2020 ~	December 31, 2021
Managing Director	Non-Registered	Jong-Keun Lee		2,000	December 18, 2020 ~	December 17, 2022

Note 1) End of the annual general meeting of shareholders for FY2022

Note 2) End of the annual general meeting of shareholders for FY2021

Note 3) Term commencement date: date of inauguration for registered officers or directors / date of appointment for non-registered officers or directors

Note 4) Common shares owned are as of the date of submission of this report, and those owned by executives exclude shares owned through the Employee Stock Ownership Association.

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2. Employee Status

As of June 30, 2021

(units: persons, millions of Won)

Number of Employees

Average Tenure

Total Compensation

Average Compensation Per Person

Note

Regular

Contract

Total

Total

(Short time worker)

Total

(Short time worker)

Total

124

—

32

—

156

2 years (15 years 7 months)

14,258

91

—

Note 1) 25 employees concurrently employed by affiliated companies are excluded

Note 2) Average tenure: term in (  ) includes tenure at affiliated companies

Note 3) Contract employees include non-registered executives

3. Directors’ Compensation

As of June 30, 2021			(units: persons, millions of Won)
Items	Number of Persons		Total Compensation		Average Compensation Per Director		Note
Registered Directors (excludes outside directors and audit committee members)		3		1,026		342		—
Outside Directors (excludes audit committee members)		3		102		34		—
Audit Committee Members		3		75		25		—
Auditor		—		—		—		—

Note 1) Registered directors and audit committee members include uncompensated directors

Note 2) Only the compensation amount paid by Woori Financial Group is included for the three executives concurrently employed by Woori Bank

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SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

	Woori Financial Group Inc.
	(Registrant)
Date: August 17, 2021	By:	/s/ Sung-Wook Lee
	(Signature)
	Name: Sung-Wook Lee
	Title: Senior Managing Director

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