This material has been prepared by SK Telecom for the information of investors of the company. This is not intended as an offer or solicitation for the purchas e or sale of any financial instrument or securities. While reasonable care bas been taken to ensure that the information contained herein is not untrue or misleading at the time of preparation, the company makes no representation as to its accuracy or completeness. Any projections or estimates may be different from actual results.

September 2003

KSE ConferenceKSE ConferenceInvestor PresentationInvestor Presentation

Discussion TopicsDiscussion Topics

Corporate Corporate GovernanceGovernance

n Implementing measures and systems to ensure transparency and decision-making for shareholders

n Implementing measures and systems to ensure transparency and decision-making for shareholders

Regulatory Regulatory FrameworkFramework

n On-going regulatory developments will have minimal impact on SKT’sbusiness and operations

n On-going regulatory developments will have minimal impact on SKT’sbusiness and operations

Industry Industry LeadershipLeadership n World’s premier CDMA operator with advanced technical track recordn World’s premier CDMA operator with advanced technical track record

Growth Growth StoryStory n SKT is still a growth story!n SKT is still a growth story!

11

CONFIDENTIAL

22

Industry Leadership

22

World’s Premier CDMA OperatorWorld’s Premier CDMA Operator

Jan 1996 Aug 1999 Oct 2000 Jan 2002

n First operator globally to launch CDMA technology

n First operator globally to launch CDMA technology

n Began upgrade of IS-95A network with IS-95B infrastructure

n Began upgrade of IS-95A network with IS-95B infrastructure

n First operator globally to launch CDMA 1x RTT services

n First operator globally to launch CDMA 1x RTT services

n First operator globally to launch CDMA 1xEV/DO services

n First operator globally to launch CDMA 1xEV/DO services

17,220 17,956

2,8914,571

5,967

10,07710,935

11,867

1996 1997 1998 1999 2000 2001 2002 A u g 0 3

No. of SubscribersNo. of Subscribers(1000 persons)(1000 persons)

33

EBITDA MarginEBITDA MarginM O UM O U11ARPUARPUMarket ShareMarket Share

SKT Maintains Dominant Position in KoreaSKT Maintains Dominant Position in Korea

54.2

31.5

14.3

S K T K T F L G T S K T K T F L G T

45,276

39,250

32,594

1 5 5

1 2 8

1 9 7

S K T K T F L G T

49

40

32

S K T K T F L G T

Our performance metrics are unmatched by our competitorsOur performance metrics are unmatched by our competitors

( % )( % ) ( % )( % )

11 I n c l u d e s o n l y o u t g o i n g , n o nI n c l u d e s o n l y o u t g o i n g , n o n --I D D m i n u t e sI D D m i n u t e sM a r k e t s h a r e i s a s o f A u g M a r k e t s h a r e i s a s o f A u g ‘‘03 , APRU i s f o r Ju l 03 , APRU i s f o r Ju l ’’03 , MOU i s f o r Jun 03 , MOU i s f o r Jun ’’0 3 , a n d E B I T D A M a r g i n i s f o r 1 H 0 3 0 3 , a n d E B I T D A M a r g i n i s f o r 1 H 0 3 S o u r c e : C o m p a n y d a t a , K T F , L G TS o u r c e : C o m p a n y d a t a , K T F , L G T

((Won)Won) ((MinutesMinutes))

44

2,288

1,4349 9 1

2,561

3,362

4,198

2,031

1998 1999 2000 2001 2002 1 H 0 2 1 H 0 3

4 ,630

3 ,545

4 ,285

5 ,7616 ,227

8 ,634

4 ,045

1998 1999 2000 2001 2002 1H 02 1H 03

EBITDA GrowthEBITDA GrowthRevenue GrowthRevenue Growth

S o u r c e : C o m p a n y d a t aS o u r c e : C o m p a n y d a t a

Growth ContinuesGrowth Continues

(Won in bi l l ions)(Won in bi l l ions) (Won in bi l l ions)(Won in bi l l ions)

* 1) EBITDA = Operat ing income + depreciat ion expense in statement of cash f low

CAGR 24.9%

CAGR 24.9%

CAGR 30.8%

CAGR 30.8%

14.4%14.4%

12.7%12.7%

55

Achieving Our 2003 Operation TargetsAchieving Our 2003 Operation Targets

Revenue

EBITDA(Margin)

Subscriber(1000 persons)

Wireless internet revenue(% to cel lular revenue)

ARPU(Won)

Marketing expense(% to total revenue)

Capital Expenditure(% to total revenue)

2003 Target2003 Target

4,560(48 .0%)

9,500

18,700

1,284(15 .0%)

44,000

1,634(17 .2%)

1,950(20 .5%)

* 1 ) E B I T D A i s n o t a m e a s u r e o f o u r o p e r a t i n g p e r f o r m a n c e u n d e r K o r e a n G A A P

2 ) E B I T D A = O p e r a t i n g i n c o m e + d e p r e c i a t i o n e x p e n s e i n s t a t e me n t o f c a s h f l o w

2,288(49 .4%)

4,630

17,857

571(13 .9%)

43,877

748(16 .2%)

504(10 .9%)

2003 1H2003 1H

PPP

PP

PP

On TargetOn Target

(Unit : KRW (Unit : KRW B nB n unless noted)unless noted)

66

CONFIDENTIAL

77

Growth Story

77

3G3G2.5G2.5G2G2G

C D M A I S -9 5

A

J a n 1 9 9 6

SKT’s Service Offerings Have Continued to Grow with the Evolution of its NetworkSKT’s Service Offerings Have Continued to Grow with the Evolution of its Network

C D M A I S -9 5

B

A u g 1 9 9 6

CDMA 2000 1xOctober 2000

CDMA 1x EV-D OFebruary 2002

144Kbps 2.4Mbps9 .6Kbps 6 4 K b p s

nn T eT exx t based servicest based services

nn G rG reey screen saversy screen savers

nn 11, 4, , 4, 16 16 ppoly oly bb ellell tonestones

nn T eT exx t based servicest based services

nn G rG reey screen saversy screen savers

nn CColorolor screen saversscreen savers

nn Low qual i ty mult imediaLow qual i ty mult imedia

nn 1616, , 3232, , 40 40 pp oly oly bb ellell tonestones

nn TeTe xxt based serv icest based serv ices

nn G rG reey / color screen saversy / color screen savers

nn Visual d isp lay phonesVisual d isp lay phones

nn Mobi le mul t imedia (s t reaming / VOD)Mobi le mul t imedia (s t reaming / VOD)

nn CD qua l i ty mus ic on demandCD qua l i ty mus ic on demand

nn LiLivv e bell e bell tonestones

nn LiveLive s c r e e ns c r e e nss

88

EVEV--DO / DO / SubscribersSubscribers

230

364

608

852

1,140

1,433

1,777

2,173

123195

393

526

686

829

961

1,103

J a n - 0 3 F e b - 0 3 M a r - 0 3 Apr -03 M a y - 0 3 J u n - 0 3 Jul -03 A u g - 0 3

E V - D O J u n e

(1000 persons)(1000 persons)

Consumers Have Responded Favorably to New Services …Consumers Have Responded Favorably to New Services …

S o u r c e : C o m p a n y d a t aS o u r c e : C o m p a n y d a t a

99

Packet Occupation Rate Packet Occupation Rate

… And Profitable Content is Gaining Popular Momentum …… And Profitable Content is Gaining Popular Momentum …

(For the month of August 2003)

1010

33.7%

25.1%

16.1%

12.3%

3.5% 3.4%2.1%

0.5%

3.3%

OthersTraffic

Information

G a m eJune

Special

Movie .

Animat ion

Phone

Decorat ion

MusicAdult

Content

T V

… Through Customer-Oriented Services… Through Customer-Oriented Services

Mobi le MovieMobi le Movie

Live Broadcast ingLive Broadcast ing Traffic Info.Traffic Info.

Music VideoMusic Video

SKT has often been the worldSKT has often been the world’’s first to successfully commercialize such sophisticated services first to successfully commercialize such sophisticated servicess

1111

On-Going Introduction of Advanced Services Will Drive Continued ARPU GrowthOn-Going Introduction of Advanced Services Will Drive Continued ARPU Growth

(( W o n )W o n )

ARPU by Handset TypeARPU by Handset Type

72,736

62,750

41,245

26,944

23,448

17,800

5,036

1,308

Tota l ARPU D a t a A R P U

JUNEJUNE

1x EV1x EV --DODO

1x RTT1x RTT

95AB95AB

S o u r c e : C o m p a n y d a t a S o u r c e : C o m p a n y d a t a As o f Ju lyAs o f Ju ly 2 0 0 32 0 0 3* T o t a l A R P U i s n e t o f i n t e r c o n n e c t i o n f e e s a n d s i g n u p f e e s* T o t a l A R P U i s n e t o f i n t e r c o n n e c t i o n f e e s a n d s i g n u p f e e s

* * D a t a A R P U = W i r e l e s s I n t e r n e t r e v e n u e s e x c l u d i n g p h o n e m a i l r e v eD a t a A R P U = W i r e l e s s I n t e r n e t r e v e n u e s e x c l u d i n g p h o n e m a i l r e v e n u e n u e / / I n t e rne t use rI n t e rne t use r

32.2%32.2%

28.4%28.4%

12.2%12.2%

4.9%4.9%

1212

0.12.2

4.66.1

1.33.5

8.0

12.1

61.0 61.9

39.835.9

30.0

26.0

58.960.6

1-03 3-03 6-03 8-03

J u n e 1 x E V - D O 1 x R T T 95AB

Subscriber Composition by Handset Type *Subscriber Composition by Handset Type *

Subscriber Base Continues to Move Up-MarketSubscriber Base Continues to Move Up-Market

S o u r c e : C o m p a n y D a t a

* 1 x E V - D O i n c l u d e s J u n e -b r a n d s u b s c r i b e r s

( % )( % )

1313

WWireless ireless IInternetnternet Revenue Revenue

15%

8%

9%

10%

12%

13%

14%

2,736

3,290

5,068

5,743

4,893

3,847

1Q02 2Q02 3Q02 4Q02 1Q03 2Q03 2 0 0 3 ( E )

% o f T o t a l R e v e n u e s * W I A R P U

CAGR 81%CAGR 81%

* E x c l u d i n g i n t e r c o n n e c t i o n r e v e n u e* E x c l u d i n g i n t e r c o n n e c t i o n r e v e n u e

(Won)(Won)

Internet Revenue Growth Has AcceleratedInternet Revenue Growth Has Accelerated

1414

3.3% 3.6% 3.5% 3.6% 3.9% 4.3%

Port ion of SMSPort ion of SMS

n Explore new business area to take advantage of accumulated R&C

– Convergence

e.g satellite DMB

– Utilizing technology and expertise

e.g platform operation business

Growth Will Enhance Corporate ValueGrowth Will Enhance Corporate Value

Growth Engine

Final GoalFinal GoalMethodMethod

Maximize

Total

Corporate

ValueManagement Innovation

n “Change Management”

– 1.5 years, over 100 people involved in development

– Corporate innovation program

– Virtuous value cycle:

people / customers / shareholdersC V

P V S V

1515

CONFIDENTIAL

1616

Regulatory Framework

1616

Regulatory TimelineRegulatory Timeline

n Government announces “New Competition Policy”

n Caller ID tariff cut from KRW 2,000 to KRW 1,000

n Introduction of number portability (MNP)

n Mobile number prefix recall and consolidation

n Focus on fixed line area

n Nominal impact to SKT

n Minimal impact to SKT’srevenue stream

n Minimal impact due to high switching costs and SKT’ssuperior service quality

n Customer retention through proactive differentiation and product brand marketing

Jul 2003 Oct 2003 Jan 2004 2007

Regulatory Event / Change

Impact /SKT Response

1717

CONFIDENTIAL

1818

Corporate Governance

1818

Strengthening Role of BOD to Ensure Transparency Strengthening Role of BOD to Ensure Transparency

Outside Director Nomination Committee

Board of Directors

Audit Committee

Compensation Committee

12 board members of which 6 are outsiders

n Operation details being finalized

n To be established within 2003

n Consists of all 6 outside board members

Capex Review Committee

n Better checks and balances on management

n Sub-committees review capex and management compensation decisions

1919

Original Guidance 2003 Estimate

Going ForwardGoing ForwardFCF UsageFCF Usage

FCF Policy Guidelinea Priority on Return to ShareholdersFCF Policy Guidelinea Priority on Return to Shareholders

*Approx imate ly KRW 520Bn **Assuming same level of d iv idend as 2002(KRW 152Bn). Div idend amount for 2003 has not been decided

n Resolve shareholder concern on 10.53% of treasury shares

– Explore ways to achieve cancellation effect on treasury shares

– Execution plan to be announced early next year

n Review new dividend policy

– Interim dividend policy being considered

n B/S improvement

– Target Debt/Equity ratio of 50%

Return to Shareholders

Improve Balance Sheet ,

New

Business Investment

30%30%

70%70% 60%60%

40%40%

3% buyback3% buybackand cancellat ion*,and cancellat ion*,

dividend **dividend **

2020

Maintains Arms-Length Relationship with SK Group CompaniesMaintains Arms-Length Relationship with SK Group Companies

n Maintain transparency in all dealings with SK Group companies

n Transactions exceeding W10 Bn with any SK Group company requiresmajority of outside director’s approval before BOD meeting

n BOD endorsed a resolution on principles for transactions with SK Global

– No part ic ipat ion in SK Global’s recapital izat ion

– No transact ions with SK Global for the sole purpose of support

n SKT leases lines from SK Global at market price

n Leasing from SK Global provides distinct advantages

– Ensures secur i ty and conf ident ia l i ty

– Provides pr ior i ty of use in case of emergency

OverallOverall

SK SK GlobalGlobal

2121

SummarySummary

Corporate Corporate GovernanceGovernance

n Implementing measures and systems to ensure transparency and decision-making for shareholders

n Implementing measures and systems to ensure transparency and decision-making for shareholders

Regulatory Regulatory FrameworkFramework

n On-going regulatory developments will have minimal impact on SKT’sbusiness and operations

n On-going regulatory developments will have minimal impact on SKT’sbusiness and operations

Industry Industry LeadershipLeadership n World’s premier CDMA operator with advanced technical track recordn World’s premier CDMA operator with advanced technical track record

Growth Growth StoryStory n SKT is still a growth story!n SKT is still a growth story!

2222

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