On January 31 of 2002, our Board of Directors has authorized the Company to purchase approximately 350 billion worth of SK Telecom (SKT) shares held by SK Global (SKG). The shares were bought at a closing price in the exchange by the trust fund the Company set up in October 2001.

Last October, the Company formed a KRW 1.3 trillion share repurchase trust intended to stabilize the impact of any possible share overhang. The trust’s first action was the repurchase of 3% (2,674,580) of SKT shares owned by Korea Telecom in October last year.

As a part of that ongoing objective, the BOD approved the purchase of SKT shares from SK Global. Keeping in faith with this grand objective, the company will continue to explore additional buybacks to address any future share overhang.