Other Major Business Matters

27 Sep 2007 07:00

Other Major Business Matters I

1. Participation in Additional Capital Increase of SK Telecom USA Holdings

2. Details: To strengthen competitiveness of MVNO business in the U.S.

A. Name of the Company subject to Capital Increase: SK Telecom USA Holdings, Inc. B. Total Budget for Capital Contribution: up to US$200 million C. Depending on how the business proceeds, specific amount of capital contribution, timing and other details will be determined, provided that they are within the total budget.

3. Date of Determination (Confirmation): September 20, 2007.

4. The above plan is subject to change depending upon changes in the operating

results and business environment.

Other Major Business Matters II

1. Investment in the Internet business in the U.S. as a foundation for

conducting operating global Internet business.

2. Investment in the Internet business in the U.S., which may include the

social network service ("SNS"). A. Amount of Investment: up to US$ 110 million. B. Within the above amount, decision and execution of investment details such as specific form of business entity or size and timing of investment are delegated to the representative director.

3. Date of Determination (Confirmation): September 20, 2007.

4. The above business plan is subject to change depending upon changes in the

operating results and business environment.

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 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. By: /s/ Tae Jin Park Name: Tae Jin Park Title: Vice PresidentDate: September 21, 2007