Let me begin with the earnings highlights for Q1 2006. Affected by the reduced number of business days and other seasonal factors, the Revenue for the Quarter edged down 3.3% QoQ.

However, in terms of Year-on-Year comparison, the Revenue increased 5.3% to reach 2 trillion 540.3 billion won despite the Caller ID tariff cut, boosted by the increased call charges from growing subscriber base and MOU, as well as the expanding Wireless Internet Revenue. The Wireless Internet Revenue for the quarter was 663.2 billion won. The introduction of diverse data price plans, the steady revenue growth of popular services like Melon and Mobile Cyworld, together with our efforts to discover new revenue sources, helped expand the Wireless Internet Revenue by 21.1% YoY, and helped maintaining the same Revenue level QoQ despite the seasonal factors. The proportion of Wireless Internet out of Total Revenue, excluding Interconnection Fees, was 28.7%. The Marketing Expenses amounted to 440.2 billion won, or a 5.1% increase QoQ and a 1.0% increase YoY, to take up 17.3% of Revenue.

Although uncertainties in market competition persist in the current early stage of handset subsidy provision, we will continue to manage marketing expenses efficiently within the scope of maintaining the current market leadership. The Operating Income rose 8.7% YoY to reach 667.9 billion won, supported by the increase in Revenue. The QoQ increase of 2.0% was possible due to the reduction of both Depreciation and the Bad Debt Expenses. However, our Net Income reduced 8.5% YoY, and 24.7% QoQ to record 337.2 billion won, due to the increase of one-off non-operating expenses, such as the change of Severance Pay system which began this quarter. The EBITDA rose 4.6% YoY, but decreased 8.2% QoQ, to mark 1 trillion 29 billion won.

Now let me turn to the areas of interest among market participants. First, about our global businesses. The MVNO business in the US is completing the development of distribution channels, services and handsets. We plan to launch an all-out nation-wide marketing activities starting from May. We believe our business in Vietnam, S-Telecom, is well on its way to stable business with the rapid increase in subscriber base from new price plans and enhanced marketing competitiveness.

SKT will make full efforts to enhance the company value by successfully transferring our domestic experiences to other global businesses. Next, let me update you on the Satellite DMB business. Despite the commercialization of Terrestrial DMB since the beginning of the year, the Satellite DMB has exceeded the 500,000 subscriber mark, showing a smooth growth trend. We were able to reconfirm the potential of Satellite DMB through the WBC broadcast which drew nation-wide attention. Based on these experiences, we will expand TU specific contents and reorganize TU channels, to include exclusive sports broadcast among others, to reach the annual target of 1.2 million subscribers. Next, let me update you on HSDPA network roll-out plan. Also, the HSDPA is scheduled to be commercialized from May this year with the coverage of 25 major cities. The network coverage will be expanded gradually to 84 cities by year-end. Through such efforts, SKT seeks to secure the HSDPA subscriber base and reconfirm its leadership in the next-generation network competition.

Lastly, let me touch upon the treasure share buyback. Regarding the treasury share buyback announced at the beginning of year, various timing options are being reviewed with the aim of shareholder value maximization, through close monitoring of the market climate and the stock price trend of SKT. All the members of SKT have confidence that continuous growth based on our current market leadership even in this changing environment is possible. To that end, we are doing our utmost. We ask for your continued interest and support in this process. Once again, I would like to thank all the investors and analysts for your unwavering support for SKT.