Cancellation of Treasury Stock

4 Sep 2006 08:28

Report on Important Business Matters Cancellation of Treasury Stock 1. The category and number of Common Stock 592,000 shares to be cancelled Preferred Stock -- 2. Total number of shares issued Common Stock 81,785,711 Preferred Stock -- 3. Face value per share (Won) 500 4. Amount of shares to be cancelled(Won) 110,112,000,000 5. Share repurchase period Start Date September 4, 2006 End Date December 3, 2006 6. Method of share repurchase Open market purchase 7. Cancellation date -- 8. Securities companies appointed for share Daewoo Securities, Mirae Asset repurchase Securities, Hana Securities, Korea Investment Securities, SK Securities 9. Date of resolution by the Board of August 31, 2006 Directors * Attendance of external Present 7 directors Absent -- * Attendance of auditors -- 10. Item subject to report to the Fair Trade No Commission 11. Other noteworthy matters(1) 4. Amount of shares to be cancelled: Won 110,112,000,000 * Calculated based on the closing price on August 30, 2006 (Won 186,000). May vary depending upon the actual purchase price. (2) 7. Cancellation date: To be decided by the representative director incompliance with the Telecommunications Business Law which limits foreignshareholdings in us.Forward-Looking Statement DisclaimerThe material above contains forward-looking statements. Statements that are nothistorical facts, including statements about our beliefs and expectations, areforward-looking statements. These statements are based on current plans,estimates and projections, and therefore you should not place undue reliance onthem. Such forward-looking statements involve known and unknown risks,uncertainties and other factors which may cause the our actual results orperformance to be materially different from any future results or performanceexpressed or implied by such forward-looking statements. We do not make anyrepresentation or warranty, express or implied, as to the accuracy orcompleteness of the information contained herein, and nothing contained hereinis, or shall be relied upon as, a promise or representation, whether as to thepast or the future. Forward-looking statements speak only as of the date theyare made, and we undertake no obligation to update publicly any of them inlight of new information or future events. Additional information concerningthese and other risk factors are contained in our latest annual report on Form20-F and in our other filings with the U.S. Securities and Exchange Commission.SIGNATURESPursuant to the requirements of the Securities Exchange Act of 1934, theregistrant has duly caused this report to be signed on its behalf by theundersigned, thereunto duly authorized.SK Telecom Co., Ltd.(Registrant)By: /s/ Hyun Jong Song(Signature)Name: Hyun Jong SongTitle: Vice PresidentDate: September 4 , 2006ENDSK TELECOM CO LD (GDR)