Investor Presentation

September 30, 2008 Disclaimer

This presentation has been prepared by SK Telecom Co., Ltd. (“the Company”). This presentation is being presented solely for your information and is subject to change without notice. No representation or warranty, expressed or implied, is made and no reliance should be placed on the accuracy, fairness or completeness of the information presented. The Company, its affiliates, advisers or representatives accept no liability whatsoever for any losses arising from any information contained in the presentation.

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1 TableTable ofof ContentsContents

1 Industry Overview

2 Financial Results

3 Growth Strategy

4 Investment Assets & Commitments to Shareholders

2 1 Industry Overview

2 Financial Results

3 Growth Strategy

4 Investment Assets & Commitments to Shareholders

3 OverviewOverview ofof KoreanKorean WirelessWireless MarketMarket Revenue growth driver is shifting to wireless data sector

(000s, %) Subscriber Trend Wireless Market: Total & Data Revenue

93.2% (KRW Bn) 91.3% 92.7% 83.2% 89.8% 79.4% 20,107 75.9% 45,275 70.1% 44,266 44,983 18,825 43,498 40,197 17,884 38,342 16,578 36,586 33,592 16,006 14,581

14,682 5,705 9,056 12,344 166

2003 2004 2005 2006 2007 2008.1Q 2008. 2Q 2008. 3Q Total Subscribers WCDMA Subscribers Penetration 3,887 3,726 Market Share by Subscribers 3,250 2,500 9% (000s, %) GR 2 LGT 1,911 CA 18.0% 1,266 8,140 2002 2003 2004 2005 2006 2007 22,876 SKT 14,259 50.5% Total Revenue Data Revenue KTF 31.5%

Source: as of September 30, Korea Communications Commission & Company Data

4 IndustryIndustry ConvergenceConvergence Convergence in telecom and media industries as well as advanced technologies are creating new competitive dynamics.

TELECOM MOBILE & & MEDIA FIXED

NEW Wireless voice & data VoIP COMPETITIVE Advanced fixed-line IPTV DYNAMICS voice & data

BUNDLED PRODUCTS

Broadband + Wireless TPS, QPS

5 1 Industry Overview

2 Financial Results

3 Growth Strategy

4 Investment Assets & Commitments to Shareholders

6 ComparisonComparison ofof KeyKey FinancialFinancial DataData

Solid performance in the increasingly competitive market

Revenue & Wireless Data Revenue Ratio Marketing Expense to Sales Ratio

(KRW Bn) 41% 32% 11,286 30% 30% 28% 28% 30% 10,651 29% 26 10,161 24% 27% 25% 25% 28.5% 21% 22% 27.5% LGT 19% 21% 26.6% KTF 5,572 SKT 17%

5,220 ‘05 ‘06 ‘07 ‘08.1Q ‘08.2Q ‘08.3Q 5,008 17.3% 17.2% 3,249 Average Monthly Churn Rate 16.1% 2,954

2,675 11.3% 5.1% 5.1% 10.8% 4.0% 3.8% 8.8% 3.9% 4.2% 3.0% 2.9% 3.7% 3.5% LGT 2005 2006 2007 KTF 2.6% 2.7% 3.1% 3.2% 2.6% 2.5% SK Telecom KTF LG Telecom SKT 1.8% 2.0% Wireless Data Revenue to Sales Ratio (excl. Interconnection Revenue) ‘05 ‘06 ‘07 ‘08.1Q ‘08.2Q ‘08.3Q

Source: Company Data, Merrill Lynch Global Wireless Matrix(4Q07)

7 FinancialFinancial ResultsResults -- 3Q 3Q 20082008

3Q 2008 2Q 2008 QoQ 3Q 2007 YoY (KRW Bn)

Revenue 2,900 2,931 △ 1.1% 2,816 3.0%

Marketing Expense 728 876 △ 16.9% 711 2.4% (Ratio to Revenue) (25.1%) (29.9%) (△ 4.8%p) (25.2%) (△ 0.1%p)

Operating Income 504 533 △5.4% 537 △6.1% (Operating Margin) (17.4%) (18.2%) (△ 0.8%p) (19.1%) (△1.7%p)

EBITDA 1,009 969 4.2% 1,011 △0.2% (EBITDA Margin) (34.8%) (33.0%) (1.8%p) (35.9%) (△1.1%p)

Net income 334 298 12.0% 777 △57.1%

Capital 421 327 28.7% 442 △26.0% Expenditure

Subscribers 22,876 22,744 0.6% 21,606 5.9% (’000)

8 1 Industry Overview

2 Financial Results

3 Growth Strategy

4 Investment Assets & Commitments to Shareholders

9 GrowthGrowth StrategyStrategy Overview Overview SK Telecom aims to be a world-class leader with unique and innovative -based services, exploiting opportunitiesCore Business from Complemented convergence and by strengthening New Business our to globalEnhance businesses Growth

Sustainable Core Business Growth New Growth Engine

MNO Business Convergence & Internet Global Investment

Commerce Movie

Music CDMA WCDMA 1X EV-DO USA, Vietnam & China Game

10 WCDMAWCDMA Enhancing competitiveness in WCDMA market through network upgrades, extensive handset line-ups and innovative services Service Network

Full-browsing Cutting-edge network T-login quality/coverage achieved Internet UCC, video messenger, web-like e-mail, etc. World’s first commercial HSDPA service in 2006 GSM / WCDMA covers 80% of the world World’s first commercial HSUPA service in 2007 Global roaming alliance with Bridge Alliance1 Global (200 mil. subscribers) - Nationwide service by 2009

Wireless/Web/Fixed-to-wireless visual phone Image coloring, image message call Device Visual VU traffic report, VU monitoring Strengthen WCDMA Wireless financial services via USIM competitiveness through - Credit card transactions, mobile Reinforcement of handset Convenience banking services, mobile gift cards, etc line-ups - 14 models in ’07 Gateway site of wireless data service - 28~35 models in ‘08 (Launched, Jul ’07) Plans to introduce handsets by Currently, 850 CPs offer their service ‘OpenNet’ global manufacturers in 4Q ‘08 through SKT’s ‘OpenNet’

Note: 1. A partnership of eleven leading mobile operators in Asia Pacific region including , , AIS, , , , etc. 11 ConvergenceConvergence && InternetInternet

Expanding spectrum of innovative wireless data and convergence services targeting both domestic and global markets to fuel continued data usage

3D Game Portal

World's first ubiquitous Commerce Integrated open market music service (PC, MP3, Music launched in Feb. 2008 Phone)

Internet Convergence Customized Portal & AI* service Internet

m-Banking, m-Finance LBS SNS Telematics services, Korea’s No.1 ubiquitous including real-time traffic blog service having information users to share contents

* AI: Artificial Intelligence 12 GlobalGlobal BusinessBusiness Focus on globalization on the back of technology & operational expertise, well-established business platform and innovative service Vision & Strategy SKT’s Global Footprints

“Global Convergence Leader” Will be a second-largest S/H (3.8%) of China CU/CN integrated entity and continue the strategic partnership with CU Secure portfolio in the convergence China fields through diverse BM such as Korea US telematics, music, game, etc. Vietnam Helio was acquired by Virgin Mobile, U.S US in Jun ’08 SKT’s ownership of VM : Max 17% (2 board seats out of 10) Expect value-adds in various areas such as platform, handset, postpaid, Secure long-term platform in existing billing services, etc. operations in China, Vietnam and the U.S. Vietnam Rapid increase of subscribers and M/S Secure diverse business opportunities in 9.5% major markets focusing on the existing 7.5% 9.0% 3.8% operations ’05 End ’06 End ’07 End Aug ’08 Develop various & differentiated convergence Prepare for participation in 3G business model in the U.S. and China License in Vietnam market

13 1 Industry Overview

2 Financial Results

3 Growth Strategy

4 Investment Assets & Commitments to Shareholders

14 SKSK Telecom’sTelecom’s InvestmentInvestment AssetsAssets

Excellent portfolio of investment assets

Name Description Ownership Book Value ※ KRW bil

Former Hanaro Telecom 43.4% 1,181

Major IT outsourcing / consulting 30.0% 698 2,141 Subsidiaries On-line Portal 64.8% 153

International / Internet calls 90.8% 109

China Unicome acquired 6.6% 1,594 Global China Netcom 1,705 Business SKTV Operate MNO Business 73.3% 111 with Saigon Postel

Steel Company 2.9% 1,097

Others Fixed-line Business 5.0% 72 2,895

Treasury Shares 10.35% 1,726

15 ShareholderShareholder ReturnReturn Commitment to shareholder return is one of the most important values of SK Telecom’s management.

※ Interim Dividend (KRW1,000/share) has been paid

40% KRW 35% 8,000 21% 25% 10%

2002 2003 2004 2005 2006 2007 2008E

Payout ratio DPS Overall amount is expected to be similar with Special Dividends : ’04(KRW300bn), ’07(KRW100bn) the level of 2007

Stock Buyback : ’06(KRW200bn), ’07(KRW118bn), ※ Approx. KRW100bn of share buyback and cancellation is scheduled in 2008

16 THANKTHANKTHANK YOUYOUYOU

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