Today, the banking privatization steering committee will likely approve the release of a KB information memorandum to potential investors. This would correspond to the government’s KB privatization schedule. It seems likely that the information memorandum will not contain a specific commitment on guarantees by the government, but rather a vague statement on the government’s willingness to provide guarantees and perhaps a brief characteristic of the type of guarantees. Although we have a favorable long-term investment opinion on KB, we consider the stock vulnerable in the short term. In particular, we consider the current stock price to be supported by too optimistic expectations concerning the benefit to KB of the government’s pre-privatization assistance.