Thanks to the Interconnection Fee adjustment announced in September, as well as the continuous improvement of the Voice business, the Q3 Revenue has increased 2.8% QoQ, and 4.5% YoY to reach 2 trillion 712.5 billion won. The Wireless Internet Revenue edged down 0.8% compared to the previous quarter to 670.2 billion won, but it was a 2.6% increase YoY, taking up 27.8% of Revenue, excluding Interconnection revenue. The Marketing Expense came down 14.5% QoQ, but increased 13.2% on a Year-on-Year basis to 512.7 billion won, taking up 18.9% of Revenue. This was the result of SKT’s market stabilization efforts through efficient execution of marketing expenses despite the implementation of handset subsidy regime in the market.

The Operating Income for Q3 was 758.1 billion won. Due to the Revenue increase and the adjusted Interconnection rates, the Operating Income rose 13% compared to the same period last year. If you also reflect the marketing expense reduction in Q3 compared to Q2, the effective increase was 22.4%. The Net Income improved 22.4% QoQ. However, due to the one-off Extraordinary Income from the sale of SK Teletech in 2005, there has been a 22.3% reduction in Net Income on a YoY basis to 456.8 billion won. EBITDA reached 1 trillion 174.9 billion won, which was a 17.8% increase QoQ, and an 8.8% increase YoY. That was the earnings highlights for this Quarter. Now let me move on to other areas of interest.

Firstly, regarding the nation-wide roll-out of HSDPA network. Originally, SK Telecom was planning to offer HSDPA services with Dual Band Dual Mode handsets. However, encouraged by the progress of the global roll-out of WCDMA/HSDPA and the ensuing price competitiveness of relevant equipments and handsets, SKT has decided to pursue the SBSM strategy instead which is considered more advantageous to the mid-to-long-term profitability and the corporate value. To that end, SK Telecom plans to complete the nation-wide rollout of HSDPA by the first Half of next year. Let me now address the Global Businesses.

Supported by the enhanced marketing competitiveness of S-Telecom in Vietnam and the expanded Network Coverage, the YTD net addition increased by more than 600,000 , making the total subscriber number over 1 million. We believe that the growth momentum for S-Telecom to emerge as a major player in this market has been secured. We plan to achieve over 1.2 million subscriber base by the year-end from this upward trend. Regarding the strategic alliance with China Unicom, both sides are in the process of identifying win-win opportunities in the 6 cooperation areas which have been agreed upon. We anticipate further communications on the specifics of the implementations within next year. Although there has been an issue of handset sourcing for Helio operation in the US at its early stage, we are making efforts to secure high ARPU subscribers through brand image enhancement and the strengthening of the distribution channels.

Lastly, as promised at the beginning of the year, and as was disclosed, the share buy-back was conducted in August and September, considering the market climate and the foreign ownership limit. We completed the buy-back and cancellation of 1 million 83,000 shares, or 1.3% of the total outstanding shares worth 209.1 billion won. The management and employees at SKT believes that the continuous growth based on market leadership, coupled with a healthy shareholder return, creates a virtuous cycle, which is the best we can give back to our shareholders for their interest and unwavering support. We ask for your continuous interest and encouragement going forward as well.