New Investments in Equipment

5 Dec 2006 07:00

Report on Important Business Matters New Investments in Equipment

The management of SK Telecom Co., Ltd. ("SK Telecom") has approved plans for the following new investments in telecommunications equipment. The planned investments are within the target amount set forth in the 2006 capital expenditures guidance provided in SK Telecom's future business and management plans as disclosed in February 2006.

Investment in High Speed Downlink Packet Access ("HSDPA") Equipment

1. Investment Type Investment in HSDPA equipment 2. Investment Investment Amount 240,000,000,000 Details (Won) SK Telecom 8,255,563,302,000 Capitalization (Won) Investment as 2.9% Percentage of Capitalization (%) 3. Purpose of Construction of nation-wide WCDMA Investment Network 4. Investment Period November 2006 to December 2006 5. Date of October 24, 2006 Management Approval

Investment in Wireless Broadband Equipment

1. Investment Type Investment in Wireless Broadband equipment 2. Investment Investment Amount 117,000,000,000 Amounts (Won) SK Telecom 8,255,563,302,000 Capitalization (Won) Investment as 1.4% Percentage of Capitalization (%) 3. Purpose of Expansion of "Hot-zone" coverage and Investment provision of subway-related services equipment 4. Investment December 2006 to March 2007 Period 5. Date of November 30, 2006 Management Approval

Forward-Looking Statement Disclaimer

The material above contains forward-looking statements. Statements that are not historical facts, including statements about our beliefs and expectations, are forward-looking statements. These statements are based on current plans, estimates and projections, and therefore you should not place undue reliance on them. Such forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the our actual results or performance to be materially different from any future results or performance expressed or implied by such forward-looking statements. We do not make any representation or warranty, express or implied, as to the accuracy or completeness of the information contained herein, and nothing contained herein is, or shall be relied upon as, a promise or representation, whether as to the past or the future. Forward-looking statements speak only as of the date they are made, and we undertake no obligation to update publicly any of them in light of new information or future events. Additional information concerning these and other risk factors are contained in our latest annual report on Form 20-F and in our other filings with the U.S. Securities and Exchange Commission.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

SK Telecom Co., Ltd. (Registrant) By: /s/ Hyun Jong Song (Signature) Name: Hyun Jong Song Title: Vice PresidentDate: December 5, 2006