Tong Yang Life Insurance in Won 340 Billion IPO

October 6, 2009

Cleary Gottlieb represented Tong Yang Life Insurance Co., Ltd. and the selling shareholders in Tong Yang Life Insurance’s Won 340 billion (approximately $285 million) common stock IPO. The transaction was the first-ever IPO, and the first international equity offering, by a Korean life insurance company. Credit Suisse, Daiwa SMBC and Morgan Stanley served as international joint bookrunners and Daewoo Securities, Shinhan Investment Corp., Hanwha Securities, IBK Securities and Tong Yang Securities acted as domestic joint bookrunners. The stock was sold through a public offering in Korea and a Rule 144A/Reg. S offering elsewhere. The deal priced on September 25, 2009 and closed on October 6, 2009.