ContentsChapter 1. Chapter 2. Chapter 3. Chapter 4. Chapter 5. Investment highlightsAppendix . .

1. Today & Tomorrow 2. : Chapter 1 !!

1_1 Today & Tomorrow - Wired & WirelessInternet LeaderTomorrow Mobile Contents & Mobile CommerceToday

1_2 3 , CAGR 117%, 120% , Cash Cow

Chart6

103.3744.71

153.34160.36

287.98178.58

())

Sheet1

200120022003

5 6 7

$12,651$24,626$30,122

$10,237$20,838$23,706

$2,414$3,788$6,416

$5,475$11,938$12,331

$5,363$9,082$12,035

$112$2,856$296

$7,176$12,688$17,791

$2,145$2,145$2,145

$3,100$3,100$3,100

()$1,931$7,443$12,546

---

$14,808$31,370$46,656

$7,613$12,681$15,851

()$2,397$5,602$6,700

()$2,363$6,682$5,986

()$1,852$5,512$5,103

$3,883$3,980$7,750

Sheet2

2001200220032004200520062007

5 6 7 8 9 10 11

$12,651$24,626$30,1220.00.00.00.0

-$10,237$20,838$23,706

-$2,414$3,788$6,416

$5,475$11,938$12,3310.00.00.00.0

-$5,363$9,082$12,035

-$112$2,856$296

$7,176$12,688$17,7910.00.00.00.0

-$2,145$2,145$2,145

-$3,100$3,100$3,100

-()$1,931$7,443$12,546

-0.00.00.0

$14,808$31,370$46,656

$7,613$12,681$15,851

()$2,397$5,602$6,700

()$2,363$6,682$5,986

()$1,852$5,512$5,103

$3,883$3,980$7,750

IR

(1~3) 2004

(: )

2004 12004 2004

$29,913,859$30,678,022$53,867,919

-$23,272,236$23,372,236$42,320,195

-$6,641,623$7,305,786$11,547,724

$10,703,059$9,927,444$8,830,333

-$10,317,040$9,541,424$8,466,086

-$386,020$386,020$364,247

$19,210,800$20,750,578$45,037,586

-$2,145,000$2,145,000$3,190,000

-$3,099,568$3,099,568$22,954,568

-()$13,966,232$15,506,010$18,893,018

-0.00.00.0

$12,854,520$25,997,040$58,023,718

$3,761,967$7,853,934$19,713,622

()$1,685,330$3,520,660$8,331,903

()$1,665,373$3,490,746$7,444,398

()$1,419,779$2,959,557$6,346,565

(4)

(: )

2001200220032004200520062007

$10,337$15,334$28,798$34,558$39,741$43,716$46,994

$1,673$4,459$3,785$5,184$5,961$6,557$7,049

$4,471$16,036$17,858$22,680$29,484$38,329$49,827

$724$1,143$2,914$3,402$4,423$5,970$8,359

0.00.00.0$786$3,500$7,250$10,875

0.00.00.0$(254)$525$1,088$1,631

$14,808$31,370$46,656$58,024$72,725$89,294$107,697

$2,397$5,602$6,700$8,332$10,909$13,615$17,039

(5)

200120022003

90025004500

4009781738

44%39%39%

-

-

- 39~42%, 14~17%, 5%

- , IR , CP , CP Royalty

( P.65 )

(6)

- , 7~8%

- CP , ,

- 5% 2~3%

(7)

SK3/6/10

KTF10-

LG10-

- 1~2

- P.107

supunk: /DMB

(1~3) 2004

(: )< >(:)

2004 12004 2004 MM

$29,913,859$30,678,022$53,867,9192001103450148

-$23,272,236$23,372,236$42,320,19520021531600314

-$6,641,623$7,305,786$11,547,72420032881790467

$10,703,059$9,927,444$8,830,333< >(:)2004(E)3462278580

-$10,317,040$9,541,424$8,466,086 2007(E)4704981091,077

-$386,020$386,020$364,2472001103450148< >

$19,210,800$20,750,578$45,037,58620021531600314MM

-$2,145,000$2,145,000$3,190,00020032881790467200170%30%0%100%

-$3,099,568$3,099,568$22,954,5682004(E)3462278580200249%51%0%100%

-()$13,966,232$15,506,010$18,893,018200362%38%0%100%

-0.00.00.02004(E)60%39%1%100%

$12,854,520$25,997,040$58,023,7182007(E)44%46%10%100%

$3,761,967$7,853,934$19,713,622

()$1,685,330$3,520,660$8,331,903

()$1,665,373$3,490,746$7,444,398

()$1,419,779$2,959,557$6,346,565

(4) < >(:)

(: )MM

$2,001$2,002$2,0032004(E)2005(E)2006(E)2007(E)2001177024

$10,337$15,334$28,798$34,558$39,741$43,716$46,99420024511056

$1,673$4,459$3,785$5,184$5,961$6,557$7,04920033829067

$4,471$16,036$17,858$22,680$29,484$38,329$49,8272004(E)5234383

$724$1,143$2,914$3,402$4,423$5,970$8,359

0.00.00.0$786$3,500$7,250$10,875

0.00.00.0$(254)$525$1,088$1,631

$14,808$31,370$46,656$58,024$72,725$89,294$107,697

$2,397$5,602$6,700$8,332$10,909$13,615$17,039

(5)

200120022003

90025004500(:)

40097817382001200220032004(E)2005(E)2006(E)2007(E)

44%39%39%M$10,337$15,334$28,798$34,558$39,741$43,716$46,994

- M$4,471$16,036$17,858$22,680$29,484$38,329$49,827

- /DMB0.00.00.0$(254)$525$1,088$1,631

- 39~42%, 14~17%, 5% $14,808$31,370$46,656$56,984$69,750$83,132$98,453

- , IR , CP , CP Royalty

( P.65 )(:)

2001200220032004(E)2005(E)2006(E)2007(E)

(6) M$103$153$288$346$397$437$470

- , 7~8% M$45$160$179$227$295$383$498

- CP , , /DMB0.00.00.0$(3)$5$11$16

- 5% 2~3% $148$314$467$570$698$831$985

23.9756.026783.32109.09136.15170.39

(7)

SK3/6/10

KTF10-

LG10-

- 1~2

- P.107

< 2004 >

(: )

2004 12004 2004

$12,854,520$25,997,040$58,023,718

$3,761,967$7,853,934$19,713,622

()$1,685,330$3,520,660$8,331,903

()$1,665,373$3,490,746$7,444,398

()$1,419,779$2,959,557$6,346,565

2004 (Acceration)()

200220031Q041H04(E)2004(E)

$314$467$129$260$580

$56$67$17$35$83

$55$51$14$26$64

2001200220032003()

$148$314$467$467

$24$56$67$81

$19$55$51$51

supunk: /DMB

00

00

00

&A

Page &P

148

314

467

()

000

000

000

24

56

67

M

M

0

0

0

&A

Page &P

2007(E)

0

0

0

&A

Page &P

2003

M, 62%

M, 38%

000

000

000

000

&A

Page &P

()

148

314

467

570

M

M

/DMB

0

0

0

0

0

0

0

&A

Page &P

()

0

0

0

0

0

&A

Page &P

()

00

00

00

00

00

&A

Page &P

()

0

0

0

0

&A

Page &P

()

< >

200320022001

SKARS-1001005030< SKT WAP >

WAP1Poly180180180-

16Poly300300300-1Poly180

40Ploy350350--16Poly300

64Poly450---40Ploy350

600---64Poly450

WEB1Poly250250250-600

16Poly350350350-ARS100

40Ploy400400--WAP700

64Poly500---WEB1200

600---

KTARS-1001005030

ME1Poly180180180-

16Poly2803002802802003.10

40Ploy380380--

64Poly450---

600---

WEB1Poly1802501801802003.10

16Poly2803502802802003.10

40Ploy380400380-2003.10

64Poly450500--2003.10

600---

LGARS-1001005030

WAP1Poly200200180-

16Poly300300250-

40Ploy400400--

64Poly500---

----

WEB1Poly200200180-

16Poly300300250-

40Ploy400400--

64Poly500---

----

200320022001

SKARS100100-30

WAP700700--

WEB12001200--

KTARS100100-30

ME700700--

WEB700700--

LGARS100100-30

WAP700700--

WEB12001200--

(:)

< >()

200120022003

SKT27.2169.26184.75

KTF18.9124.2133.95

LGT 57.1525.3418.72

16.7229.5932.92

7.3324.5729.13

15.3260.04111.31

6.4724.5514.76

TV 10.9356.1341.02

()

237

892.6629213483

802.9625

793

673.5373134328

465.152173913

0

0

0

0

0

0

0

0

&A

Page &P

()

0

0

0

0

0

0

16,013

31,370

46,656

1,093

5,613

4,102

TV 30

647

2,455

1,476

1,532

6,004

11,131

1,361

733

2,457

2,913

1,672

2,959

3,292

5,715

2,534

1,872

LG 25

1,891

2,421

3,395

KT

2,731

6,926

18,475

SK

2001

2002

2003

&A

Page &P

()

2001

2002

2003

SKT

SKT

SKT

KTF

KTF

KTF

LGT

LGT

LGT

TV

TV

TV

27.21

69.26

184.75

18.91

24.21

33.95

57.15

25.34

18.72

16.72

29.59

32.92

7.33

24.57

29.13

15.32

60.04

111.31

6.47

24.55

14.76

10.93

56.13

41.02

&A

Page &P

()

429

184

CB25

1,641,00025.7%

440,0006.9%

364,2005.7%

973,70015.3%

871,10013.7%

368,0005.8%

1,104,00017.3%

368,0005.8%

(CB)250,0003.9%

6,380,000100.0%

1,621,00025.4%

440,0006.9%

2,847,00044.6%

368,0005.8%

1,104,00017.3%

6,380,000100.0%

00

00

00

00

00

00

00

00

00

&A

Page &P

00

00

00

00

00

&A

Page &P

< >

91.4

475.4

0

0

&A

Page &P

< (>

200120022003

SMS49.0%40.7%27.0%

42.0%41.4%41.5%

9.0%17.9%31.5%

2,2404,000

SMS49.0%40.7%27.0%

42.0%41.4%41.5%

9.0%17.9%31.5%

: ETRI

< >

2000200120022003

16089025004500

12050010001800

280139035006300

()542529%

25%

10%

10%

( 55)27%

00

00

00

00

&A

Page &P

()

0

0

0

0

0

&A

Page &P

10%

Chart2

23.94

56.02

66.99

()

Sheet1

200120022003

5 6 7

$12,651$24,626$30,122

$10,237$20,838$23,706

$2,414$3,788$6,416

$5,475$11,938$12,331

$5,363$9,082$12,035

$112$2,856$296

$7,176$12,688$17,791

$2,145$2,145$2,145

$3,100$3,100$3,100

()$1,931$7,443$12,546

---

$14,808$31,370$46,656

$7,613$12,681$15,851

()$2,397$5,602$6,700

()$2,363$6,682$5,986

()$1,852$5,512$5,103

$3,883$3,980$7,750

Sheet2

2001200220032004200520062007

5 6 7 8 9 10 11

$12,651$24,626$30,1220.00.00.00.0

-$10,237$20,838$23,706

-$2,414$3,788$6,416

$5,475$11,938$12,3310.00.00.00.0

-$5,363$9,082$12,035

-$112$2,856$296

$7,176$12,688$17,7910.00.00.00.0

-$2,145$2,145$2,145

-$3,100$3,100$3,100

-()$1,931$7,443$12,546

-0.00.00.0

$14,808$31,370$46,656

$7,613$12,681$15,851

()$2,397$5,602$6,700

()$2,363$6,682$5,986

()$1,852$5,512$5,103

$3,883$3,980$7,750

IR

(1~3) 2004

(: )

2004 12004 2004

$29,913,859$30,678,022$53,867,919

-$23,272,236$23,372,236$42,320,195

-$6,641,623$7,305,786$11,547,724

$10,703,059$9,927,444$8,830,333

-$10,317,040$9,541,424$8,466,086

-$386,020$386,020$364,247

$19,210,800$20,750,578$45,037,586

-$2,145,000$2,145,000$3,190,000

-$3,099,568$3,099,568$22,954,568

-()$13,966,232$15,506,010$18,893,018

-0.00.00.0

$12,854,520$25,997,040$58,023,718

$3,761,967$7,853,934$19,713,622

()$1,685,330$3,520,660$8,331,903

()$1,665,373$3,490,746$7,444,398

()$1,419,779$2,959,557$6,346,565

(4)

(: )

2001200220032004200520062007

$10,337$15,334$28,798$34,558$39,741$43,716$46,994

$1,673$4,459$3,785$5,184$5,961$6,557$7,049

$4,471$16,036$17,858$22,680$29,484$38,329$49,827

$724$1,143$2,914$3,402$4,423$5,970$8,359

0.00.00.0$786$3,500$7,250$10,875

0.00.00.0$(254)$525$1,088$1,631

$14,808$31,370$46,656$58,024$72,725$89,294$107,697

$2,397$5,602$6,700$8,332$10,909$13,615$17,039

(5)

200120022003

90025004500

4009781738

44%39%39%

-

-

- 39~42%, 14~17%, 5%

- , IR , CP , CP Royalty

( P.65 )

(6)

- , 7~8%

- CP , ,

- 5% 2~3%

(7)

SK3/6/10

KTF10-

LG10-

- 1~2

- P.107

supunk: /DMB

(1~3) 2004

(: )< >(:)

2004 12004 2004 MM

$29,913,859$30,678,022$53,867,9192001103450148

-$23,272,236$23,372,236$42,320,19520021531600314

-$6,641,623$7,305,786$11,547,72420032881790467

$10,703,059$9,927,444$8,830,333< >(:)2004(E)3462278580

-$10,317,040$9,541,424$8,466,086 2007(E)4704981091,077

-$386,020$386,020$364,2472001103450148< >

$19,210,800$20,750,578$45,037,58620021531600314MM

-$2,145,000$2,145,000$3,190,00020032881790467200170%30%0%100%

-$3,099,568$3,099,568$22,954,5682004(E)3462278580200249%51%0%100%

-()$13,966,232$15,506,010$18,893,018225.3%111.9%48.7%4200362%38%0%100%

-0.00.00.02004(E)60%39%1%100%

$12,854,520$25,997,040$58,023,7182007(E)44%46%10%100%

$3,761,967$7,853,934$19,713,622

()$1,685,330$3,520,660$8,331,903

()$1,665,373$3,490,746$7,444,398

()$1,419,779$2,959,557$6,346,565

< >(:)

(4) < >(:)MM

(: )MM2001177024

$2,001$2,002$2,0032004(E)2005(E)2006(E)2007(E)200117702420024511056134.0%

$10,337$15,334$28,798$34,558$39,741$43,716$46,994200245110562003382906719.6%

$1,673$4,459$3,785$5,184$5,961$6,557$7,049200338290672004(E)523438324.4%

$4,471$16,036$17,858$22,680$29,484$38,329$49,8272004(E)5234383

$724$1,143$2,914$3,402$4,423$5,970$8,359

0.00.00.0$786$3,500$7,250$10,875

0.00.00.0$(254)$525$1,088$1,631

$14,808$31,370$46,656$58,024$72,725$89,294$107,697

$2,397$5,602$6,700$8,332$10,909$13,615$17,0392001103450

20021531600

(5) 20032881790

2001200220032004(E)3462278

90025004500(:)

40097817382001200220032004(E)2005(E)2006(E)2007(E)

44%39%39%M$10,337$15,334$28,798$34,558$39,741$43,716$46,994

- M$4,471$16,036$17,858$22,680$29,484$38,329$49,827

- /DMB0.00.00.0$(254)$525$1,088$1,631

- 39~42%, 14~17%, 5% $14,808$31,370$46,656$56,984$69,750$83,132$98,453

- , IR , CP , CP Royalty

( P.65 )(:)

2001200220032004(E)2005(E)2006(E)2007(E)

(6) M$103$153$288$346$397$437$470

- , 7~8% M$45$160$179$227$295$383$498

- CP , , /DMB0.00.00.0$(3)$5$11$16

- 5% 2~3% $148$314$467$570$698$831$985

23.9756.026783.32109.09136.15170.39

(7)

SK3/6/10

KTF10-

LG10-

- 1~2

- P.107

< 2004 >

(: )

2004 12004 2004

$12,854,520$25,997,040$58,023,718

$3,761,967$7,853,934$19,713,622

()$1,685,330$3,520,660$8,331,903

()$1,665,373$3,490,746$7,444,398

()$1,419,779$2,959,557$6,346,565

2004 (Acceration)()

200220031Q041H04(E)2004(E)

$314$467$129$260$580

$56$67$17$35$83

$55$51$14$26$64

2001200220032003()

$148$314$467$467

$24$56$67$81

$19$55$51$51

supunk: /DMB

00

00

00

&A

Page &P

148

314

467

()

000

000

000

24

56

67

M

M

0

0

0

&A

Page &P

2007(E)

0

0

0

&A

Page &P

2003

M, 62%

M, 38%

103.365244.711720

153.33535160.363630

287.98144178.580160

345.577728226.7968032-2.5371500139

&A

Page &P

()

148

314

467

570

M

M

/DMB

0

0

0

0

0

0

0

&A

Page &P

()

0

0

0

0

0

&A

Page &P

()

00

00

00

00

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Page &P

()

0

0

0

0

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Page &P

()

000

000

000

314

467

580

()

0

0

0

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()

< >

200320022001

SKARS-1001005030< SKT WAP >

WAP1Poly180180180-

16Poly300300300-1Poly180

40Ploy350350--16Poly300

64Poly450---40Ploy350

600---64Poly450

WEB1Poly250250250-600

16Poly350350350-ARS100

40Ploy400400--WAP700

64Poly500---WEB1200

600---

KTARS-1001005030

ME1Poly180180180-

16Poly2803002802802003.10

40Ploy380380--

64Poly450---

600---

WEB1Poly1802501801802003.10

16Poly2803502802802003.10

40Ploy380400380-2003.10

64Poly450500--2003.10

600---

LGARS-1001005030

WAP1Poly200200180-

16Poly300300250-

40Ploy400400--

64Poly500---

----

WEB1Poly200200180-

16Poly300300250-

40Ploy400400--

64Poly500---

----

200320022001

SKARS100100-30

WAP700700--

WEB12001200--

KTARS100100-30

ME700700--

WEB700700--

LGARS100100-30

WAP700700--

WEB12001200--

(:)

< >()

200120022003

SKT27.2169.26184.75

KTF18.9124.2133.95

LGT 57.1525.3418.72

16.7229.5932.92

7.3324.5729.13

15.3260.04111.31

6.4724.5514.76

TV 10.9356.1341.02

()

237

892.6629213483

802.9625

793

673.5373134328

465.152173913

0

0

0

0

0

0

0

0

&A

Page &P

()

0

0

0

0

0

0

16,013

31,370

46,656

1,093

5,613

4,102

TV 30

647

2,455

1,476

1,532

6,004

11,131

1,361

733

2,457

2,913

1,672

2,959

3,292

5,715

2,534

1,872

LG 25

1,891

2,421

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Chapter 2 1. 2. , 3. 4. !!

3,400 , 2_1 : SKT :

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265550001850000000

280930002123600000

282439592243200000

290455962387400041930000

296699842575300075830000

3088726626871000103180000

3208024428517000140260000

323424932909500016537747173977

328594452977213518823018699673

3316924230444413210146771656406

3320791130871978229937152965556

3359175831430576248267374378621

()

CDMA2000-1X

CDMA2000-1X EVDO

Sheet1

2001 32001 62001 92001 122002 32002 62002 92002 122003 32003 62003 92003 12

$26,555,000$28,093,000$28,243,959$29,045,596$29,669,984$30,887,266$32,080,244$32,342,493$32,859,445$33,169,242$33,207,911$33,591,758

$18,500,000$21,236,000$22,432,000$23,874,000$25,753,000$26,871,000$28,517,000$29,095,000$29,772,135$30,444,413$30,871,978$31,430,576

CDMA2000-1X0.00.00.0$4,193,000$7,583,000$10,318,000$14,026,000$16,537,747$18,823,018$21,014,677$22,993,715$24,826,737

CDMA2000-1X EVDO0.00.00.00.00.00.00.0$173,977$699,673$1,656,406$2,965,556$4,378,621

2001 12001 22001 32001 42001 52001 62001 72001 82001 92001 102001 112001 122002 12002 22002 32002 42002 52002 62002 72002 82002 92002 102002 112002 122003 12003 22003 32003 42003 52003 62003 72003 82003 92003 102003 112003 12

ARPU$42,606$41,215$44,621$45,796$47,041$45,855$46,943$48,196$48,248$49,081$49,383$48,227$42,826$40,596$43,508$42,668$45,436$42,295$44,320$44,439$43,767$45,537$45,606$46,501$43,295$41,598$43,788$44,704$45,556$44,150$45,276$44,652$44,486$45,769$45,189$45,812

ARPU 3.61%3.37%3.49%3.60%3.64%3.77%4.06%4.34%4.43%4.74%5.16%5.61%6.26%6.47%7.04%7.16%7.53%8.01%8.38%8.86%8.99%9.52%11.03%11.98%11.95%11.31%12.16%12.72%12.89%12.81%13.49%13.77%14.85%15.50%17.29%16.95%

2002 92003 6

/30.70%32.80%

20.50%18.00%

14.60%11.70%

//4.10%3.90%

//6.30%4.50%

4.00%4.90%

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200232002920036

12-1965.273.583.5

2046.95858.3

3018.625.130.9

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50 1.51.42.8

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Chart8

42605.76139594740.0360586154

41214.59826663620.0337351277

44621.1522856420.0348630061

45796.12962908280.035996856

47040.83136601930.0363509188

45855.4843939820.0376902943

46942.56129008550.0405532635

48195.74263004160.0433695655

48248.0564793060.0443448189

49080.84571980850.0473579462

49383.29735898080.0516299516

48226.50640142360.0561346029

42825.59525330750.062574071

40595.56648321660.0646556149

43507.52582840830.0703634052

426680.071599325

45435.88539194180.0753307214

42295.2011504070.0801155614

44320.29244918710.0838388663

44439.47719039450.088550672

43767.40105289640.0898881532

455370.0951973121

456060.1102705784

465010.1197608654

43295.13726130290.119528435

41598.0906144610.1130538497

43788.39416704240.121615744

44704.27338778730.1271927815

45556.13733153860.1288548963

44149.9149453210.1281351187

45275.97153667160.134897981

44652.24433186540.1377470362

44486.38593399950.1484516944

45768.88071321760.1549915789

45188.96674659410.1728641012

45812.23354831860.1695238292

()

ARPU

ARPU

Sheet1

2001 32001 62001 92001 122002 32002 62002 92002 122003 32003 62003 92003 12

$26,555,000$28,093,000$28,243,959$29,045,596$29,669,984$30,887,266$32,080,244$32,342,493$32,859,445$33,169,242$33,207,911$33,591,758

$18,500,000$21,236,000$22,432,000$23,874,000$25,753,000$26,871,000$28,517,000$29,095,000$29,772,135$30,444,413$30,871,978$31,430,576

CDMA2000-1X0.00.00.0$4,193,000$7,583,000$10,318,000$14,026,000$16,537,747$18,823,018$21,014,677$22,993,715$24,826,737

CDMA2000-1X EVDO0.00.00.00.00.00.00.0$173,977$699,673$1,656,406$2,965,556$4,378,621

200112001 22001 32001 42001 5200162001 72001 82001 92001 102001112001 122002 12002 22002 32002 42002 52002 62002 72002 82002 92002 102002 112002 122003 12003 22003 32003 42003 52003 62003 72003 82003 92003 102003 11200312

ARPU$42,606$41,215$44,621$45,796$47,041$45,855$46,943$48,196$48,248$49,081$49,383$48,227$42,826$40,596$43,508$42,668$45,436$42,295$44,320$44,439$43,767$45,537$45,606$46,501$43,295$41,598$43,788$44,704$45,556$44,150$45,276$44,652$44,486$45,769$45,189$45,812

ARPU 3.61%3.37%3.49%3.60%3.64%3.77%4.06%4.34%4.43%4.74%5.16%5.61%6.26%6.47%7.04%7.16%7.53%8.01%8.38%8.86%8.99%9.52%11.03%11.98%11.95%11.31%12.16%12.72%12.89%12.81%13.49%13.77%14.85%15.50%17.29%16.95%

2002 92003 6

/30.70%32.80%

20.50%18.00%

14.60%11.70%

//4.10%3.90%

//6.30%4.50%

4.00%4.90%

0.00%6.10%

//5.20%6.30%

14.60%11.80%

200232002920036

12-1965.273.583.5

2046.95858.3

3018.625.130.9

409.88.215.9

50 1.51.42.8

Sheet1

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Page &P

2002 9

2003 6

Sheet2

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20023

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ARPU

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Chart3

0.3070.328

0.2050.18

0.1460.117

0.0410.039

0.0630.045

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2002 9

2003 6

Sheet1

2001 32001 62001 92001 122002 32002 62002 92002 122003 32003 62003 92003 12

$26,555,000$28,093,000$28,243,959$29,045,596$29,669,984$30,887,266$32,080,244$32,342,493$32,859,445$33,169,242$33,207,911$33,591,758

$18,500,000$21,236,000$22,432,000$23,874,000$25,753,000$26,871,000$28,517,000$29,095,000$29,772,135$30,444,413$30,871,978$31,430,576

CDMA2000-1X0.00.00.0$4,193,000$7,583,000$10,318,000$14,026,000$16,537,747$18,823,018$21,014,677$22,993,715$24,826,737

CDMA2000-1X EVDO0.00.00.00.00.00.00.0$173,977$699,673$1,656,406$2,965,556$4,378,621

2001 12001 22001 32001 42001 52001 62001 72001 82001 92001 102001 112001 122002 12002 22002 32002 42002 52002 62002 72002 82002 92002 102002 112002 122003 12003 22003 32003 42003 52003 62003 72003 82003 92003 102003 112003 12

ARPU$42,606$41,215$44,621$45,796$47,041$45,855$46,943$48,196$48,248$49,081$49,383$48,227$42,826$40,596$43,508$42,668$45,436$42,295$44,320$44,439$43,767$45,537$45,606$46,501$43,295$41,598$43,788$44,704$45,556$44,150$45,276$44,652$44,486$45,769$45,189$45,812

ARPU 3.61%3.37%3.49%3.60%3.64%3.77%4.06%4.34%4.43%4.74%5.16%5.61%6.26%6.47%7.04%7.16%7.53%8.01%8.38%8.86%8.99%9.52%11.03%11.98%11.95%11.31%12.16%12.72%12.89%12.81%13.49%13.77%14.85%15.50%17.29%16.95%

2002 92003 6

/30.70%32.80%

20.50%18.00%

14.60%11.70%

//4.10%3.90%

//6.30%4.50%

4.00%4.90%

0.00%6.10%

//5.20%6.30%

14.60%11.80%

2002.32002.92003.6

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Chapter 41. 2. !!

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$12,651$24,626$30,122

$10,237$20,838$23,706

$2,414$3,788$6,416

$5,475$11,938$12,331

$5,363$9,082$12,035

$112$2,856$296

$7,176$12,688$17,791

$2,145$2,145$2,145

$3,100$3,100$3,100

()$1,931$7,443$12,546

---

$14,808$31,370$46,656

$7,613$12,681$15,851

()$2,397$5,602$6,700

()$2,363$6,682$5,986

()$1,852$5,512$5,103

$3,883$3,980$7,750

Sheet2

2001200220032004200520062007

5 6 7 8 9 10 11

$12,651$24,626$30,1220.00.00.00.0

-$10,237$20,838$23,706

-$2,414$3,788$6,416

$5,475$11,938$12,3310.00.00.00.0

-$5,363$9,082$12,035

-$112$2,856$296

$7,176$12,688$17,7910.00.00.00.0

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2004 12004 2004

$29,913,859$30,678,022$53,867,919

-$23,272,236$23,372,236$42,320,195

-$6,641,623$7,305,786$11,547,724

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$3,761,967$7,853,934$19,713,622

()$1,685,330$3,520,660$8,331,903

()$1,665,373$3,490,746$7,444,398

()$1,419,779$2,959,557$6,346,565

(4)

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2001200220032004200520062007

$10,337$15,334$28,798$34,558$39,741$43,716$46,994

$1,673$4,459$3,785$5,184$5,961$6,557$7,049

$4,471$16,036$17,858$22,680$29,484$38,329$49,827

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0.00.00.0$786$3,500$7,250$10,875

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$2,397$5,602$6,700$8,332$10,909$13,615$17,039

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$4,471$16,036$17,858$22,680$29,484$38,329$49,8272004(E)5234383

$724$1,143$2,914$3,402$4,423$5,970$8,359

0.00.00.0$786$3,500$7,250$10,875

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$14,808$31,370$46,656$58,024$72,725$89,294$107,697

$2,397$5,602$6,700$8,332$10,909$13,615$17,039

(5)

200120022003

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44%39%39%M$10,337$15,334$28,798$34,558$39,741$43,716$46,994

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2001200220032004(E)2005(E)2006(E)2007(E)

(6) M$103$153$288$346$397$437$470

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2004 12004 2004

$12,854,520$25,997,040$58,023,718

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()$1,685,330$3,520,660$8,331,903

()$1,665,373$3,490,746$7,444,398

()$1,419,779$2,959,557$6,346,565

2004 (Acceration)()

200220031Q041H04(E)2004(E)

$314$467$129$260$580

$56$67$17$35$83

$55$51$14$26$64

2001200220032003()

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16Poly2803002802802003.10

40Ploy380380--

64Poly450---

600---

WEB1Poly1802501801802003.10

16Poly2803502802802003.10

40Ploy380400380-2003.10

64Poly450500--2003.10

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LGARS-1001005030

WAP1Poly200200180-

16Poly300300250-

40Ploy400400--

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WEB1Poly200200180-

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200320022001

SKARS100100-30

WAP700700--

WEB12001200--

KTARS100100-30

ME700700--

WEB700700--

LGARS100100-30

WAP700700--

WEB12001200--

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< >()

200120022003

SKT27.2169.26184.75

KTF18.9124.2133.95

LGT 57.1525.3418.72

16.7229.5932.92

7.3324.5729.13

15.3260.04111.31

6.4724.5514.76

TV 10.9356.1341.02

()

237

892.6629213483

802.9625

793

673.5373134328

465.152173913

0

0

0

0

0

0

0

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0

0

0

0

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16,013

31,370

46,656

1,093

5,613

4,102

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1,476

1,532

6,004

11,131

1,361

733

2,457

2,913

1,672

2,959

3,292

5,715

2,534

1,872

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1,891

2,421

3,395

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2,731

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2002

2003

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LGT

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27.21

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184.75

18.91

24.21

33.95

57.15

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18.72

16.72

29.59

32.92

7.33

24.57

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200120022003

SMS49.0%40.7%27.0%

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9.0%17.9%31.5%

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: ETRI

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2000200120022003

16089025004500

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Chart1

6181128

153173247

314466580

()

2002

2003

2004(E)

Sheet2

2002 1Q2002 1H2002Y2003 1Q2003 1H2003Y2004 1Q2004 1H2004Y(E)

$6,111,642,321$15,286,262,578$31,369,898,807$8,127,713,617$17,372,958,648$46,654,675,997$12,854,519,846$26,000,000,000$58,000,000,000

$1,391,358,097$3,516,862,014$5,601,869,438$1,342,986,618$2,720,540,296$7,559,587,765$1,685,329,922$3,500,000,000$8,300,000,000

$1,210,838,352$3,679,646,337$5,511,906,082$992,836,986$2,083,134,074$5,470,356,482$1,419,778,686$2,600,000,000$6,400,000,000

()

2002 1Q$6,111,642,321$1,391,358,097$1,210,838,352

2003 1Q$8,127,713,617$1,342,986,618$992,836,986

2004 1Q$12,854,519,846$1,685,329,922$1,419,778,686

2002 1H$15,286,262,578$3,516,862,014$3,679,646,337

2003 1H$17,372,958,648$2,720,540,296$2,083,134,074

2004 1H$26,000,000,000$3,500,000,000$2,600,000,000

2002Y$31,369,898,807$5,601,869,438$5,511,906,082

2003Y$46,654,675,997$7,559,587,765$5,470,356,482

2004Y(E)$58,000,000,000$8,300,000,000$6,400,000,000

< >()

1Q1H1YR

200261153314

200381173466

2004(E)128247580

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2002143556

2003132776

2004(E)173283

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2002

2003

2004(E)

Sheet2

2002 1Q2002 1H2002Y2003 1Q2003 1H2003Y2004 1Q2004 1H2004Y(E)

$6,111,642,321$15,286,262,578$31,369,898,807$8,127,713,617$17,372,958,648$46,654,675,997$12,854,519,846$26,000,000,000$58,000,000,000

$1,391,358,097$3,516,862,014$5,601,869,438$1,342,986,618$2,720,540,296$7,559,587,765$1,685,329,922$3,500,000,000$8,300,000,000

$1,210,838,352$3,679,646,337$5,511,906,082$992,836,986$2,083,134,074$5,470,356,482$1,419,778,686$2,600,000,000$6,400,000,000

()

2002 1Q$6,111,642,321$1,391,358,097$1,210,838,352

2003 1Q$8,127,713,617$1,342,986,618$992,836,986

2004 1Q$12,854,519,846$1,685,329,922$1,419,778,686

2002 1H$15,286,262,578$3,516,862,014$3,679,646,337

2003 1H$17,372,958,648$2,720,540,296$2,083,134,074

2004 1H$26,000,000,000$3,500,000,000$2,600,000,000

2002Y$31,369,898,807$5,601,869,438$5,511,906,082

2003Y$46,654,675,997$7,559,587,765$5,470,356,482

2004Y(E)$58,000,000,000$8,300,000,000$6,400,000,000

< >()

1Q1H1YR

200261153314

200381173466

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65.273.583.5

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2002.3

2002.9

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2002.32002.92003.6

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2002 32002 92003 6

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Appendix1. 2. CEO 2. Key Financial Ratio 3. Chapter 6 !!

1. 10,000~12,000, 184 2004 7 5 2004 7 13~14 2 : 1,621,000 (25.4%) 1 : 128,000( 2.0%) (CB)

31 9500 1,840,000 PER 15,063EV/EBITDA 13,197 14,130 Band10,000 ~ 12,000

1,621,000 25.4%440,000 6.9%2,847,000 44.6%368,000 5.8%1,104,000 17.3% 6,380,000 100.0%

Chart1

16210000.2540752351

4400000.0689655172

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Sheet1

200120022003

5 6 7

$12,651$24,626$30,122

$10,237$20,838$23,706

$2,414$3,788$6,416

$5,475$11,938$12,331

$5,363$9,082$12,035

$112$2,856$296

$7,176$12,688$17,791

$2,145$2,145$2,145

$3,100$3,100$3,100

()$1,931$7,443$12,546

---

$14,808$31,370$46,656

$7,613$12,681$15,851

()$2,397$5,602$6,700

()$2,363$6,682$5,986

()$1,852$5,512$5,103

$3,883$3,980$7,750

Sheet2

2001200220032004200520062007

5 6 7 8 9 10 11

$12,651$24,626$30,1220.00.00.00.0

-$10,237$20,838$23,706

-$2,414$3,788$6,416

$5,475$11,938$12,3310.00.00.00.0

-$5,363$9,082$12,035

-$112$2,856$296

$7,176$12,688$17,7910.00.00.00.0

-$2,145$2,145$2,145

-$3,100$3,100$3,100

-()$1,931$7,443$12,546

-0.00.00.0

$14,808$31,370$46,656

$7,613$12,681$15,851

()$2,397$5,602$6,700

()$2,363$6,682$5,986

()$1,852$5,512$5,103

$3,883$3,980$7,750

IR

(1~3) 2004

(: )

2004 12004 2004

$29,913,859$30,678,022$53,867,919

-$23,272,236$23,372,236$42,320,195

-$6,641,623$7,305,786$11,547,724

$10,703,059$9,927,444$8,830,333

-$10,317,040$9,541,424$8,466,086

-$386,020$386,020$364,247

$19,210,800$20,750,578$45,037,586

-$2,145,000$2,145,000$3,190,000

-$3,099,568$3,099,568$22,954,568

-()$13,966,232$15,506,010$18,893,018

-0.00.00.0

$12,854,520$25,997,040$58,023,718

$3,761,967$7,853,934$19,713,622

()$1,685,330$3,520,660$8,331,903

()$1,665,373$3,490,746$7,444,398

()$1,419,779$2,959,557$6,346,565

(4)

(: )

2001200220032004200520062007

$10,337$15,334$28,798$34,558$39,741$43,716$46,994

$1,673$4,459$3,785$5,184$5,961$6,557$7,049

$4,471$16,036$17,858$22,680$29,484$38,329$49,827

$724$1,143$2,914$3,402$4,423$5,970$8,359

0.00.00.0$786$3,500$7,250$10,875

0.00.00.0$(254)$525$1,088$1,631

$14,808$31,370$46,656$58,024$72,725$89,294$107,697

$2,397$5,602$6,700$8,332$10,909$13,615$17,039

(5)

200120022003

90025004500

4009781738

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2004 12004 2004 MM

$29,913,859$30,678,022$53,867,9192001103450148

-$23,272,236$23,372,236$42,320,19520021531600314

-$6,641,623$7,305,786$11,547,72420032881790467

$10,703,059$9,927,444$8,830,333< >(:)2004(E)3462278580

-$10,317,040$9,541,424$8,466,086MM2007(E)4704981091,077

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()$1,685,330$3,520,660$8,331,903

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(4) < >(:)

(: )MM

$2,001$2,002$2,0032004(E)2005(E)2006(E)2007(E)2001177024

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$1,673$4,459$3,785$5,184$5,961$6,557$7,04920033829067

$4,471$16,036$17,858$22,680$29,484$38,329$49,8272004(E)5234383

$724$1,143$2,914$3,402$4,423$5,970$8,359

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$14,808$31,370$46,656$58,024$72,725$89,294$107,697

$2,397$5,602$6,700$8,332$10,909$13,615$17,039

(5)

200120022003

90025004500(:)

40097817382001200220032004(E)2005(E)2006(E)2007(E)

44%39%39%M$10,337$15,334$28,798$34,558$39,741$43,716$46,994

- M$4,471$16,036$17,858$22,680$29,484$38,329$49,827

- /DMB0.00.00.0$(254)$525$1,088$1,631

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2001200220032004(E)2005(E)2006(E)2007(E)

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(7)

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2004 12004 2004

$12,854,520$25,997,040$58,023,718

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()$1,665,373$3,490,746$7,444,398

()$1,419,779$2,959,557$6,346,565

2004 (Acceration)()

200220031Q041H04(E)2004(E)

$314$467$129$260$580

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200320022001

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64Poly500---WEB1200

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WEB1Poly1802501801802003.10

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200120022003

SKT27.2169.26184.75

KTF18.9124.2133.95

LGT 57.1525.3418.72

16.7229.5932.92

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15.3260.04111.31

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2. CEO

3. Key Financial Ratios : , .

(%) 200120022003 225.3111.948.7143.594.722.3357.3182.7-10.4 318.5120.725.4291.8197.7-7.4 249.4118.241.6

(%) 200120022003 51.440.434.0 16.021.312.8 12.517.610.9 26.535.921.9 35.455.533.5

(%) 20012002200376.394.169.32.410.28.7190.9229.5197.0190.9229.5197.0

(X) 200120022003 1.661.681.70 --- 3.663.994.72

(:)(:)4.

20032002200123,70620,83810,237 23,70620,83810,237 ---6,4173,7882,414 1,6971,166686 1,7101,502989 3,0101,12074030,12224,62612,65112,0359,0825,3632962,85611212,33111,9385,4752,1452,1452,1453,1003,1003,10012,5467,4431,93117,79112,6887,176

20032002200146,65631,37014,808 30,80518,6897,19515,85112,6817,6139,1527,0795,215 2,3371,7431,548 1,742337316,7005,6022,397 2702,008357 9849283905,9866,6822,363 8821,1695125,1035,5121,852

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,2004 474 FPD 20% 2007 800 . FPD .

CRT . , CRT FPD 80% . .

Glass Powder, Stud Pin, Glass Rod CRT . , 1 . , CRT .

2004 . CRT , PDP . PDP , .

1 Cash Cow CRT , PDP Powder . PDP Powder 5 2 . 2 .

PDP FPD . PDP LCD FPD .

,2004 474 FPD 20% 2007 800 . FPD .

CRT . , CRT FPD 80% . .

Glass Powder, Stud Pin, Glass Rod CRT . , 1 . , CRT .

2004 . CRT , PDP . PDP , .

1 Cash Cow CRT , PDP Powder . PDP Powder 5 2 . 2 .

, , CRT PDP , . PDP FPD . PDP LCD FPD .

,2004 474 FPD 20% 2007 800 . FPD .

CRT . , CRT FPD 80% . PDP FPD . PDP LCD FPD .

,2004 474 FPD 20% 2007 800 . FPD .

CRT . , CRT FPD 80% . , .

. .

2003 515 . CRT 411 80% .

PDP Powder 41 8% . 2004 1 PDP Powder 14416.3% 23.6 . PDP Powder 2 CAPA 200 6 2004 30% . 20 , .

1987 CRT Glass Rod Stud Pin, Anode Button . Anode Button2002 , PDP 2003 10 2004 NT .

. .

- .

() LG .CRT PDP . LG , , , , .

. , , CRT PDP , . .

. 5, 27,000 34,000. 85, 129 4. 2 58 8, 140 54% .

.

. . Appendix ..