Investor Presentation

Home , Globe Telecom, Singtel, Telkomsel

February 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.

This presentation does not constitute an offer or invitation to purchase or subscribe for any shares of the Company, and no part of this presentation shall form the basis of or be relied upon in connection with any contract or commitment.

The contents of this presentation may not be reproduced, redistributed or passed on, directly or indirectly, to any other person or published, in whole or in part, for any purpose.

1 TableTable ofof ContentsContents

1. Industry Overview

2. 2007 Operating Results

3. Growth Strategy

4. SK Telecom’s Investment Assets

5. Commitment to Shareholders

2 1. Industry Overview

2. 2007 Operating Results

3. Growth Strategy

4. SK Telecom’s Investment Assets

5. Commitment to Shareholders

3 OverviewOverview ofof KoreanKorean WirelessWireless MarketMarket

Despite the maturing market, wireless data market continues to grow

Mobile Telecommunications Market Trend Wireless Data Market Growth

(000s, %) 83.2% 89.8% (KRW Bn) 79.4% 75.9% 43,498 70.1% 40,197 67.9% 38,342 .0% 3,887 36,586 29 : 3,685 33,592 R 32,342 AG C 3,285 yr 6-

2,424

1,736

1,086

166 5,7005,700 166 2002 2003 2004 2005 2006 2007 2002 2003 2004 2005 2006 2007

Total subscribersWCDMA subscribers Penetration Source: Earnings Release Source: MIC, NSO

4 20072007 CompetitiveCompetitive Landscape Landscape SK Telecom continues to demonstrate undisputed market leadership

Market Share by Subscribers Revenue

(000s, %) (KRW Bn) LGT 11,286 18.0% 7,809 5,572 * 3,249 * 21,968 13,721 SKT 50.5% KTF 31.5% SKT KTF LGT

* Service revenue(Handset revenue excluded)

Marketing Expense to Sales EBITDA

(%) (KRW Bn)

29.8 28.7 4,024 25.3 1,583 678

SKT KTF LGT SKT KTF LGT

※ As of December 31, 2007

5 1. Industry Overview

2. 2007 Operating Results

3. Growth Strategy

4. SK Telecom’s Investment Assets

5. Commitment to Shareholders

6 20072007 ResultsResults Review of performance in 2007

2007 2006 YoY 4Q2007 3Q2007 QoQ (KRW Bn)

Revenue 11,286 10,651 6% 2,916 2,816 4%

Marketing expense to 25.3% 20.5% 4.7%p 29.3% 25.2% 4.0%p revenue

EBITDA 4,024 4,232 855 1,011 -5% -15% (EBITDA Margin) (35.7%) (39.7%) (29.3%) (35.9%)

Net income 1,642 1,447 14% 66 777 -91%

Capital 1,855 1,518 22% 696 442 57% expenditure

Subscribers 21,968 20,271 8% 21,968 21,606 2% (000’)

7 1. Industry Overview

2. 2007 Operating Results

3. Growth Strategy

4. SK Telecom’s Investment Assets

5. Commitment to Shareholders

8 WCDMAWCDMA Enhancing competitiveness in WCDMA market through upgrades of network quality, extensive handset line-ups and innovative services

Strengthen WCDMA competitiveness Network Cutting-edge network Device through reinforcement of handset quality/coverage achieved line-ups Nationwide HSUPA service - 14 models in 2007(30% of total line-ups by 2009 introduced in 2007) WCDMA subscribers 2.5mil., - Introduce 28~35 models in 2008 exceeding the target of (60% of new models planned in 2008) 1.5mil. in 2007 Plans to introduce handsets by global manufacturers in 2008

Wireless-to-wireless, web-to-wireless, GSM / WCDMA covers 80% of the world fixed-to-wireless visual phone Service Global roaming alliance with Bridge Image coloring, image message call Alliance*(190mil. subscribers) in Asia and VU traffic report, VU monitoring Freemove in Europe Visual Global

T-login : Hi-speed Internet access Wireless financial services via USIM Full-browsing: Mobile web browser - Credit card transactions, mobile banking and payment services, membership UCC, video messenger, web-like e-mail Convenience Internet cards, mobile gift cards, etc

* A partnership of eleven leading mobile operators in Asia Pacific region including Bharti Airtel, Telkomsel, AIS, Globe Telecom, Optus, SingTel, etc.

9 AcquisitionAcquisition ofof HanaroHanaro Telecom Telecom Solidify sustainable growth trajectory and create customer value in wired/wireless convergence environment

Overview of Hanaro Telecom Expected Synergies

• 2nd largest fixed line operator with 3.6mil. broadband and 2.0mil. • Reinforce product competitiveness through telephony subscribers (Dec. 07) Bundled bundled products and services • KRW 1,868Bn sales in 2007 Products - Combine SKT’s mobile services with Hanaro Telecom’s fixed line services • 807,000 subscribers (Dec. 07) • Competitive edge from its rich • IPTV to provide growth momentum for contents relative to peers IPTV SKT’s content business Broadband Market Share (%) Sales Composition (%) • Strengthen HanaTV’s content competitiveness Others IDC & Others Solution 5.6% through SKT’s diverse content universe 19.2 KT 44.7 0.4% Leased Broadband LG line 6.3% Dacom 59.8 10.9 Convergence • Realize sustainable growth through development of new convergence business BM Hanaro Voice model Telecom 27.8 25.3 * As of September 31, 2007

※ SKT decided to acquire an additional 38.89% stake in December 2007 and will become the largest shareholder of Hanaro Telecom with a 43.59% stake after government approval

10 11 GlobalGlobal BusinessBusiness Established the basis for future growth in 2007, working to achieve concrete result in the coming years - Secure diverse business opportunities in markets such as China and US - Secure long-term growth platform in Vietnam

U.S. China Vietnam

Launched MVNO service in May Converted US$ 1 Bn of China Notable subscriber growth 2006 to target tech savvy young Unicom’s CB (Aug., 2007) - Achieved target subscribers of Americans with differentiated - Currently a 6.6% shareholder, 3.5mil. in 2007 wireless data services (entitlement of 1 BOD seat) Subscribers Market Share (%) - HELIO Music, Mobile YouTube, etc. Develop various service plans by 9.0 - Ocean, a.k.a the iPhone Killer, 7.5 utilizing customer base of CU received favorable market 3.8 feedback in 2007 Develop convergence business including telematics, music and Almost double in ARPU compared Internet based services Dec-’05 Dec-’06 Dec-’07 with major US MNOs - Average $100 in ’06 and $86 in ’07 Target 5mil. subscribers by 2008 Further increase in ownership Working towards the goal of in 2007(50 65%*) becoming a major player

* An additional $100mil. investment executed in 2007 * Source: Vietnam Government

12 1. Industry Overview

2. 2007 Operating Results

3. Growth Strategy

4. SK Telecom’s Investment Assets

5. Commitment to Shareholders

13 SKSK Telecom’sTelecom’s InvestmentInvestment AssetsAssets

Excellent portfolio of investment assets

Major Subsidiaries Global Business Other Investment Treasury Shares

• 6.6% stake • 2.8% stake • 30.0% stake • Treasury Shares (10.6%) • IT outsourcing / consulting • Market value worth • Market value worth Market value worth • Book value worth KRW 1,937Bn KRW 1,427Bn • KRW 1,038Bn KRW 2,144Bn

SK Telecom Vietnam • 4.7% stake(43.6%*) • 64.8% stake • On-line portal • Market value worth • Market value worth • 73.3% stake in SKTV KRW 117Bn(1,081Bn*) KRW 911Bn • Book value worth KRW 102Bn • Operate MNO Business in Vietnam with Saigon Postel 5.0% stake • 90.8% stake • • International / Internet calls • Book value worth • Book value worth KRW 97Bn KRW 89Bn

Sub total : KRW 2,046Bn Sub total : KRW 2,039Bn Sub total : KRW 1,633Bn(2,597*Bn) Sub total : KRW 2,144Bn * After government approval

※ Market value and book value as of December 31, 2007 14 1. Industry Overview

2. 2007 Operating Results

3. Growth Strategy

4. SK Telecom’s Investment Assets

5. Commitment to Shareholders

15 ImprovingImproving ShareholderShareholder ValueValue SK Telecom is committed to enhancing shareholder value

Special Dividends : Approx. KRW 300 Bn for 2004 Stock Buyback : KRW 200 Bn for 2006 Stock Buyback : KRW 100 Bn for 2007 Special Dividends : KRW 1,400 per share for 2007

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

2002 2003 2004 2005 2006 2007 2008E

* Overall amount is expected to Payout ratio DPS be similar to 2007

16 THANKTHANK YOUYOU