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SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

Form 6-K

REPORT OF FOREIGN PRIVATE ISSUER
PURSUANT TO RULE 13a-16 OR 15d-16 OF
THE SECURITIES EXCHANGE ACT OF 1934

For the month of November 2009

Commission File Number 1-14926

KT Corporation

(Translation of registrant’s name into English)

206 Jungja-dong
Bundang-gu, Sungnam
Kyunggi-do
463-711
Korea
(Address of principal executive offices)

Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F:

Form 20-F þ Form 40-F o

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1): o

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7): o

Indicate by check mark whether by furnishing the information contained in this Form, the registrant is also thereby furnishing the information to the Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of 1934.

Yes o No þ

If “Yes” is marked, indicate below the file number assigned to the registrant in connection with Rule 12g3-2(b): 82-

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.



Dated: November 4, 2009 KT Corporation
By:	/s/ Thomas Bum Joon Kim
	Name:	Thomas Bum Joon Kim
	Title:	Managing Director


By:	/s/ Young Jin Kim
	Name:	Young Jin Kim
	Title:	Director

November 3, 2009

3rd Quarter 2009
Preliminary Earnings Commentary
(KRX : 030200 / NYSE : KTC)

Disclaimer

This material contains estimated information of unaudited preliminary financial and operating data of KT Corporation (“KT” or “the company”) for the third quarter of 2009 and forward-looking statements with respect to the financial condition, results of operations and business of KT. Statements that are not historical facts, including statements about KT’s beliefs and expectations, are forward-looking statements. Such forward-looking statements involve known and unknown risks, uncertainties and other future results or performance expressed or implied by such forward-looking statements. Such forward-looking statements were based on current plans, estimates and perfections of KT and the political and economic environment in which KT will operate in the future and therefore you should not place undue reliance on them.

Therefore, KT does not make any representation or warranty, expressed or implied, as to the accuracy or completeness of the unaudited financial and operating data contained in this material and such information maybe materially different from the actual results or performance of KT. KT speaks only as of the date it is made, and KT undertakes no obligation to update publicly any of them in light of new information or future events.

The financial and operating data contained in this presentation have been rounded. Since affiliated companies have not finished accounting, estimated figures were used for the equity method gains/losses.

KT’s non-consolidated financial statements and report for 2009 third quarter will be filed with the Financial Supervisory Service(FSS) and the Korea Exchange(KRX) on November 13, 2009.

If you have any questions in connection with the preliminary earnings, please contact Investor Relations Department of KT.

Tel : 82-31-727-5392, 5412, 7363

Fax : 82-31-727-0949

E-mail: ir@kt.com

2009 3Q KT Earnings Release — KGAAP version

This material contains the financial statements of the merged entity prepared in accordance with Korean GAAP. Note that all financial results before June 1, 2009 (merger date) are of KT before the merger.



1. Financial Highlights		(unit : KRW bn)


A. Income Statement	’08-1Q	’08-2Q	’08-3Q	’08-4Q	’09-1Q	’09-2Q	’09-3Q	QoQ			YoY			’08 Cumm	’09 Cumm	YoY

Operating Revenue	2,967.0	3,029.0	2,913.5	2,875.3	2,773.1	3,564.3	4,821.2		35.3	%		65.5	%	8,909.5	11,158.5		25.2	%
Service Revenue	2,741.3	2,757.5	2,718.1	2,713.1	2,593.9	3,055.2	3,865.1		26.5	%		42.2	%	8,216.9	9,514.2		15.8	%
Sales of Merchandise	225.7	271.6	195.3	162.2	179.2	509.0	956.1		87.8	%		389.4	%	692.6	1,644.3		137.4	%
o Wireless	419.9	428.8	364.6	350.7	336.0	1,132.2	2,501.7		121.0	%		586.1	%	1,213.3	3,969.9		227.2	%
o Telephone	1,387.3	1,374.7	1,310.9	1,305.2	1,264.5	1,248.8	1,227.9		-1.7	%		-6.3	%	4,072.9	3,741.2		-8.1	%
o Internet	635.1	688.0	690.6	656.8	642.3	649.3	638.7		-1.6	%		-7.5	%	2,013.7	1,930.3		-4.1	%
o Data	402.4	413.0	419.8	415.0	417.3	390.4	319.9		-18.1	%		-23.8	%	1,235.2	1,127.6		-8.7	%
o Real estate	58.7	60.5	63.4	63.2	65.3	70.0	74.9		7.1	%		18.2	%	182.7	210.2		15.1	%
o Others	63.6	64.0	64.2	84.4	47.7	73.6	57.9		-21.3	%		-9.7	%	191.8	179.3		-6.5	%

Operating Expense	2,634.0	2,661.4	2,584.0	2,792.0	2,388.6	3,200.8	4,408.1		37.7	%		70.6	%	7,879.4	9,997.5		26.9	%
o Labor expense	683.3	627.4	600.7	703.5	598.2	670.3	655.1		-2.3	%		9.1	%	1,911.5	1,923.6		0.6	%
o Commission	170.9	173.0	182.4	211.1	207.3	237.0	295.7		24.7	%		62.1	%	526.3	740.0		40.6	%
o Sales promotion	79.3	69.0	64.9	69.8	61.3	162.2	286.7		76.8	%		342.0	%	213.1	510.2		139.4	%
o Sales commission	230.1	228.8	174.6	172.3	171.8	332.0	510.5		53.7	%		192.4	%	633.5	1,014.3		60.1	%
o Bad debt expense	6.9	49.4	22.7	-3.3	15.6	14.7	3.5		-75.9	%		-84.4	%	78.9	33.8		-57.2	%
o Depreciation & Amortization	482.3	493.8	560.2	666.8	485.0	543.3	750.7		38.2	%		34.0	%	1,536.4	1,778.9		15.8	%
o Advertising	16.9	32.3	17.2	17.5	8.4	32.8	50.5		53.9	%		194.4	%	66.4	91.7		38.2	%
o Repair & Maintenance	22.0	32.1	26.6	49.1	17.3	18.2	38.4		110.3	%		44.4	%	80.7	73.9		-8.3	%
o Cost of goods sold	157.3	180.8	117.7	106.4	127.2	403.9	912.8		126.0	%		675.7	%	455.8	1,443.9		216.8	%
o Cost of service provided	476.8	481.0	489.8	515.0	456.0	519.5	540.8		4.1	%		10.4	%	1,447.6	1,516.3		4.7	%
o Research & Development	56.8	57.2	59.4	77.7	43.8	49.9	60.8		21.8	%		2.4	%	173.4	154.6		-10.9	%
o Activation, Installation & A/S cost	96.5	92.1	98.7	86.9	73.1	83.9	83.2		-0.9	%		-15.7	%	287.4	240.2		-16.4	%
o Others	154.9	144.5	169.1	119.1	123.8	133.1	219.3		64.8	%		29.7	%	468.5	476.1		1.6	%

Operating Income	333.0	367.6	329.4	83.3	384.5	363.5	413.1		13.7	%		25.4	%	1,030.1	1,161.1		12.7	%
EBITDA	815.4	861.5	889.7	750.1	869.4	906.7	1,163.8		28.3	%		30.8	%	2,566.5	2,939.9		14.6	%

Non-operating Income	134.3	133.8	295.3	291.9	225.1	204.9	302.1		47.4	%		2.3	%	563.4	732.2		29.9	%
Non-operating Expense	269.6	307.9	425.8	405.3	434.1	9.9	259.7					-39.0	%	1,003.4	703.7		-29.9	%

Income before Income Taxes	197.8	193.5	198.9	-30.1	175.5	558.5	455.4		-18.4	%		129.0	%	590.1	1,189.5		101.6	%
Income tax	43.7	32.9	37.5	-3.9	36.0	102.4	104.1		1.6	%		177.4	%	114.1	242.4		112.4	%

Net Income	154.1	160.5	161.4	-26.2	139.6	456.1	351.4		-23.0	%		117.7	%	476.0	947.0		99.0	%
EPS (in KRW)	756	788	799	-130	691	2,226	1,497		-32.8	%		87.4	%	2,343	4,414		88.4	%


*		EPS : Net Income / Number of Weighted Average Outstanding Shares

2009 3Q KT Earnings Release — KGAAP version


B. Balance Sheet	’08-1Q			’08-2Q			’08-3Q			’08-4Q			’09-1Q			’09-2Q			’09-3Q			QoQ			YoY

Total Assets		17,596.1			17,801.3			18,478.1			18,684.9			18,841.8			24,623.3			24,029.6			-2.4	%		30.0	%
o Current assets		3,058.7			3,084.1			3,616.1			3,778.1			4,208.1			7,151.4			6,713.1			-6.1	%		85.6	%
O Quick assets		2,953.5			2,964.0			3,468.1			3,610.6			4,042.5			6,676.2			6,188.9			-7.3	%		78.5	%
- Cash & cash equivalents		884.5			829.5			1,362.0			1,425.9			1,763.0			2,850.7			2,115.6			-25.8	%		55.3	%
- Accounts receivables		1,662.6			1,746.0			1,673.0			1,687.4			1,734.0			3,132.6			3,365.0			7.4	%		101.1	%
O Inventories		105.2			120.1			148.0			167.5			165.6			475.2			524.2			10.3	%		254.2	%
o Non-current assets		14,537.4			14,717.2			14,862.0			14,906.8			14,633.7			17,471.9			17,316.5			-0.9	%		16.5	%
O Investment		3,468.8			3,481.5			3,535.9			3,517.9			3,542.2			1,219.5			1,225.5			0.5	%		-65.3	%
- Investment stocks accounted in equity method		3,416.0			3,419.4			3,477.7			3,462.6			3,490.0			1,103.8			1,047.3			-5.1	%		-69.9	%
- Available-for-sale securities		13.0			20.5			18.9			16.4			18.0			31.2			45.2			44.9	%		138.7	%
O Tangible assets		10,371.0			10,501.9			10,450.7			10,428.7			10,107.4			13,755.4			13,755.8			0.0	%		31.6	%
O Intangible assets		412.6			391.7			374.5			397.0			361.9			1,238.5			1,173.8			-5.2	%		213.4	%
O Others		285.0			342.0			500.9			563.2			622.2			1,258.5			1,161.5			-7.7	%		131.9	%
Total Liabilities		8,983.8			9,025.9			9,583.7			9,853.0			10,310.5			14,466.3			13,483.4			-6.8	%		40.7	%
o Current liabilities		2,455.7			2,399.7			2,648.9			2,585.9			2,686.4			4,999.2			4,272.0			-14.5	%		61.3	%
O Current portion of LT debt		235.1			13.5			411.8			410.2			629.3			1,110.3			476.5			-57.1	%		15.7	%
O Current portion of LT accrued payables		0.0			0.0			0.0			0.0			0.0			145.1			146.8			1.2	%
O Accounts payable		664.0			758.6			658.0			644.1			491.8			1,160.2			827.3			-28.7	%		25.7	%
O Others		1,556.5			1,627.7			1,579.1			1,531.6			1,565.3			2,583.6			2,821.4			9.2	%		78.7	%
o Non-current liabilities		6,528.2			6,626.1			6,934.8			7,267.2			7,624.1			9,467.2			9,211.4			-2.7	%		32.8	%
O Bonds		5,081.2			5,164.8			5,462.1			5,853.2			6,258.3			7,906.1			7,698.4			-2.6	%		40.9	%
O Long-term borrowings		23.3			32.0			29.6			28.1			25.7			96.2			77.6			-19.4	%		161.7	%
O Long-term accounts payables		0.0			0.0			0.0			0.0			0.0			157.3			159.0			1.1	%
O Installation deposit		833.1			813.3			808.8			781.9			763.1			743.0			723.3			-2.7	%		-10.6	%
O Others		590.5			616.1			634.3			604.0			576.9			564.6			553.2			-2.0	%		-12.8	%
Total Stockholders’ Equity		8,612.3			8,775.4			8,894.4			8,831.9			8,531.4			10,156.9			10,546.2			3.8	%		18.6	%
o Common stock		1,561.0			1,561.0			1,561.0			1,561.0			1,561.0			1,564.5			1,564.5			0.0	%		0.2	%
o Capital surplus		1,276.7			1,258.5			1,257.3			1,440.6			1,440.6			1,458.7			1,458.7			0.0	%		16.0	%
o Retained earnings		9,592.2			9,752.7			9,840.3			9,814.1			9,727.4			9,674.6			10,026.0			3.6	%		1.9	%
o Capital adjustment		-3,815.8			-3,828.0			-3,815.1			-3,994.7			-4,158.3			-2,509.4			-2,507.6			-0.1	%		-34.3	%
O Treasury stock		-3,824.9			-3,837.4			-3,824.9			-3,824.9			-3,989.2			-1,407.2			-1,407.2			0.0	%		-63.2	%
O Gain/loss on disposal of treasury stock		-0.1			-0.1			-0.1			0.0			0.0			-791.3			-791.3			0.0	%
o Accumulated Other Comprehensive Income		-1.9			31.2			50.9			10.9			-39.3			-31.5			4.6			-114.7	%		-90.9	%

Total interesting bearing debt		5,339.7			5,210.2			5,903.6			6,291.5			6,913.3			9,615.0			8,558.3			-11.0	%		45.0	%
Net debt		4,455.2			4,380.7			4,541.6			4,865.6			5,150.3			6,461.9			6,136.8			-5.0	%		35.1	%
Net debt (including LT A/P)		4,455.2			4,380.7			4,541.6			4,865.6			5,150.3			6,764.2			6,442.7			-4.8	%		41.9	%

Debt/ equity ratio		104.3	%		102.9	%		107.8	%		111.6	%		120.9	%		142.4	%		127.9	%		-14.6	%p		-79.9	%p
Net debt/ equity ratio		51.7	%		49.9	%		51.1	%		55.1	%		60.4	%		63.6	%		58.2	%		-5.4	%p		-92.9	%p
Net debt/ equity ratio (including LT A/P)		51.7	%		49.9	%		51.1	%		55.1	%		60.4	%		66.6	%		61.1	%		-5.5	%p		-90.0	%p

2009 3Q KT Earnings Release — KGAAP version


2. Operating Results	(unit:KRW bn)


A. Wireless Revenue		’08-1Q		’08-2Q		’08-3Q		’08-4Q		’09-1Q		’09-2Q		’09-3Q	QoQ			YoY				’08 Cumm		’09 Cumm	YoY

		419.9		428.8		364.6		350.7		336.0		1,132.2		2,501.7		121.0	%		586.1	%		1,213.3		3,969.9		227.2	%
o Service revenue		255.9		259.4		249.5		241.9		230.3		701.0		1,639.7		133.9	%		557.2	%		764.7		2,571.1		236.2	%
O Voice		222.7		226.4		218.5		215.7		203.0		487.4		1,050.5		115.5	%		380.8	%		667.5		1,740.9		160.8	%
Monthly base fee		137.1		137.1		134.2		131.2		126.0		295.3		638.2		116.1	%		375.5	%		408.4		1,059.5		159.4	%
Airtime charge		79.8		84.0		79.4		80.2		72.6		201.1		453.4		125.5	%		471.3	%		243.2		727.2		199.0	%
Value added service		9.0		8.6		7.8		7.2		6.5		16.2		35.0		116.7	%		347.9	%		25.4		57.7		127.3	%
Other voice revenue		-0.8		-0.7		-0.5		-0.6		-0.3		7.6		28.1		271.3	%					-2.0		35.3
(Voice discount)		-2.5		-2.6		-2.4		-2.3		-1.9		-32.7		-104.1		218.8	%					-7.5		-138.7

O Data		19.3		20.1		19.1		18.3		17.2		103.2		302.9		193.5	%					58.5		423.3		623.8	%
Monthly base fee		0.0		0.0		0.0		0.0		0.0		27.4		99.8		263.4	%					0.0		127.2
Messaging (SMS, MMS)		15.9		16.6		15.9		15.6		14.7		39.3		85.6		117.5	%		436.9	%		48.4		139.6		188.5	%
Wireless data usage		3.2		3.3		3.0		2.5		2.4		26.1		84.8		224.6	%					9.5		113.3
Contents		0.0		0.0		0.0		0.0		0.0		6.8		19.6		187.9	%					0.0		26.3
Others		0.2		0.2		0.1		0.1		0.1		3.5		13.2		279.0	%					0.5		16.8

O Interconnection revenue		0.0		0.0		0.0		0.0		0.0		72.5		222.4		206.8	%					0.0		294.8

O Other revenue		13.9		12.9		11.9		7.9		10.1		38.0		63.9		68.3	%		436.8	%		38.7		112.0		189.1	%
Activation fee		9.9		8.8		7.0		5.8		6.1		17.1		28.9		68.6	%		310.9	%		25.8		52.1		102.0	%
Others		4.0		4.1		4.9		2.2		4.0		20.8		35.0		68.0	%		618.0	%		12.9		59.9		362.7	%

o Handset sales		164.0		169.4		115.1		108.8		105.6		431.2		862.0		99.9	%		648.8	%		448.6		1,398.9		211.8	%


B. Telephone Revenue	’08-1Q		’08-2Q		’08-3Q		’08-4Q		’09-1Q		’09-2Q		’09-3Q		QoQ			YoY			’08 Cumm		’09 Cumm		YoY

		1,387.3		1,374.7		1,310.9		1,305.2		1,264.5		1,248.8		1,227.9		-1.7	%		-6.3	%		4,072.9		3,741.2		-8.1	%
o Subscriber connection		340.3		335.3		329.1		322.1		320.0		309.5		291.9		-5.7	%		-11.3	%		1,004.7		921.4		-8.3	%
O Activation & Installation fee		17.1		14.5		10.8		11.2		9.3		9.7		8.9		-8.5	%		-18.1	%		42.4		27.8		-34.4	%
O Monthly base fee		270.1		267.5		264.9		261.4		255.5		248.0		240.2		-3.1	%		-9.3	%		802.4		743.7		-7.3	%
O Interconnection		53.1		53.3		53.4		49.6		55.2		51.8		42.8		-17.4	%		-19.8	%		159.9		149.9		-6.2	%

o Local		224.2		217.9		212.1		220.5		203.1		209.3		189.0		-9.7	%		-10.9	%		654.2		601.4		-8.1	%
O Local airtime charge		148.5		140.5		134.8		132.2		126.3		119.9		112.9		-5.9	%		-16.3	%		423.8		359.1		-15.3	%
O Local interconnection		23.8		25.4		25.0		22.9		21.6		22.7		18.8		-17.1	%		-24.8	%		74.2		63.1		-15.0	%
O Others		51.8		52.0		52.3		65.4		55.2		66.7		57.4		-14.0	%		9.7	%		156.1		179.3		14.8	%

o Domestic long distance		152.2		140.2		136.7		133.6		123.0		113.8		108.5		-4.7	%		-20.7	%		429.1		345.3		-19.5	%
O DLD airtime charge		142.9		132.9		128.6		125.9		117.6		109.2		103.6		-5.1	%		-19.4	%		404.4		330.4		-18.3	%
O DLD interconnection		9.0		7.0		7.9		7.4		5.2		4.4		4.7		6.7	%		-40.8	%		23.9		14.2		-40.4	%
O Others		0.2		0.3		0.3		0.3		0.2		0.2		0.2		-4.3	%		-12.7	%		0.8		0.7		-10.0	%

o LM revenue		364.1		358.5		340.6		330.3		305.2		297.5		285.0		-4.2	%		-16.3	%		1,063.3		887.7		-16.5	%

o International long distance		46.9		49.1		43.7		40.2		35.3		35.0		33.5		-4.3	%		-23.4	%		139.8		103.7		-25.8	%

o International long distance settlement		49.7		47.6		42.9		67.7		63.5		54.0		55.0		1.9	%		28.3	%		140.1		172.5		23.1	%

o VoIP		10.2		21.5		19.6		23.7		41.5		50.9		87.3		71.5	%		344.5	%		51.3		179.6		249.9	%

o VAS		93.4		83.0		89.2		74.2		77.0		87.4		85.3		-2.5	%		-4.4	%		265.5		249.6		-6.0	%

o Public phones & 114 service		42.7		38.2		41.6		49.2		44.5		38.1		37.5		-1.6	%		-9.8	%		122.5		120.1		-2.0	%

o Others		63.6		83.5		55.3		43.7		51.5		53.3		55.0		3.2	%		-0.5	%		202.4		159.8		-21.1	%


C. Internet Revenue	’08-1Q		’08-2Q		’08-3Q		’08-4Q		’09-1Q		’09-2Q		’09-3Q		QoQ			YoY			’08 Cumm		’09 Cumm		YoY

		635.1		688.0		690.6		656.8		642.3		649.3		638.7		-1.6	%		-7.5	%		2,013.7		1,930.3		-4.1	%

Internet Access		528.1		539.8		534.1		527.9		519.5		524.9		513.0		-2.3	%		-4.0	%		1,602.0		1,557.3		-2.8	%

o Broadband		501.1		508.4		509.5		500.7		485.0		481.7		477.5		-0.9	%		-6.3	%		1,519.0		1,444.2		-4.9	%
o Nespot		8.5		8.0		7.3		6.9		6.5		6.2		5.6		-10.0%			-23.8	%		23.8		18.3		-22.9	%
o WiBro		17.9		22.9		15.8		20.5		27.5		35.4		28.9		-18.3	%		83.5	%		56.6		91.9		62.3	%
o Others		0.7		0.5		1.4		-0.3		0.5		1.5		1.0		-38.0%			-34.0	%		2.6		3.0		12.5	%

Internet Application		106.9		148.2		156.5		129.0		122.8		124.4		125.8		1.1	%		-19.7	%		411.6		373.0		-9.4	%

o IDC		48.9		70.6		71.1		59.3		50.8		51.1		57.1		11.7	%		-19.7	%		190.5		159.0		-16.5	%
o bizmeka		36.7		47.4		51.8		33.9		33.1		34.0		25.6		-24.6%			-50.6	%		135.9		92.6		-31.8	%
o IPTV		5.0		9.6		14.3		17.6		19.9		21.1		25.1		18.9	%		75.6	%		29.0		66.1		128.3	%
o Others		16.3		20.6		19.3		18.2		19.0		18.2		17.9		-1.4	%		-7.0	%		56.2		55.2		-1.9	%

2009 3Q KT Earnings Release — KGAAP version


D. Data Revenue		’08-1Q		’08-2Q		’08-3Q		’08-4Q		’09-1Q		’09-2Q		’09-3Q	QoQ			YoY				’08 Cumm		’09 Cumm	YoY

		402.4		413.0		419.8		415.0		417.3		390.4		319.9		-18.1	%		-23.8	%		1,235.2		1,127.6		-8.7	%
o Leased line		268.3		269.9		280.0		277.1		277.9		251.6		183.2		-27.2	%		-34.6	%		818.2		712.8		-12.9	%
O Local		116.8		115.6		115.4		117.5		115.2		102.9		74.9		-27.2	%		-35.1	%		347.9		293.0		-15.8	%
O Domestic long distance		80.2		81.2		83.5		85.6		85.1		80.2		65.6		-18.2	%		-21.4	%		244.8		230.9		-5.7	%
O International long distance		5.0		6.3		7.3		6.3		6.3		7.1		6.7		-5.1	%		-8.3	%		18.6		20.1		8.0	%
O Broadcasting & others		66.2		66.9		73.8		67.7		71.3		61.5		36.0		-41.4	%		-51.2	%		206.9		168.7		-18.4	%

o Kornet		62.9		67.8		65.2		61.4		63.7		64.4		62.1		-3.5	%		-4.7	%		195.9		190.2		-2.9	%

o VPN		15.4		16.4		17.3		17.5		16.9		17.4		19.2		10.2	%		10.8	%		49.1		53.5		9.0	%

o National network ATM		20.7		21.3		21.7		21.3		21.7		20.4		12.5		-38.6	%		-42.3	%		63.6		54.5		-14.3	%

o Satellite		26.0		27.7		26.6		27.3		26.8		27.1		26.3		-3.1	%		-1.3	%		80.3		80.3		-0.1	%

o Others		9.1		9.8		9.0		10.2		10.2		9.5		16.6		74.2	%		84.0	%		27.9		36.3		30.0	%


E. Operating Expense	’08-1Q		’08-2Q		’08-3Q		’08-4Q		’09-1Q		’09-2Q		’09-3Q		QoQ			YoY			’08 Cumm		’09 Cumm		YoY

		2,634.0		2,661.4		2,584.0		2,792.0		2,388.6		3,200.8		4,408.1		37.7	%		70.6	%		7,879.4		9,997.5		26.9	%
Labor Expense		683.3		627.4		600.7		703.5		598.2		670.3		655.1		-2.3	%		9.1	%		1,911.5		1,923.6		0.6	%
o Salaries & wages		476.8		450.6		437.9		444.9		445.2		446.0		471.9		5.8	%		7.8	%		1,365.3		1,363.0		-0.2	%
o Provision for retirement		98.0		57.3		49.8		117.2		40.2		69.0		57.3		-16.9	%		15.2	%		205.0		166.5		-18.8	%
o Employee welfare		108.5		119.6		113.1		141.5		112.8		155.3		125.9		-19.0	%		11.3	%		341.2		394.0		15.5	%

Commission		170.9		173.0		182.4		211.1		207.3		237.0		295.7		24.7	%		62.1	%		526.3		740.0		40.6	%

Sales Promotion		79.3		69.0		64.9		69.8		61.3		162.2		286.7		76.8	%		342.0	%		213.1		510.2		139.4	%

Sales Commission		230.1		228.8		174.6		172.3		171.8		332.0		510.5		53.7	%		192.4	%		633.5		1,014.3		60.1	%

Bad Debt Expenses		6.9		49.4		22.7		-3.3		15.6		14.7		3.5		-75.9	%		-84.4	%		78.9		33.8		-57.2	%

Depreciation & Amortization		482.3		493.8		560.2		666.8		485.0		543.3		750.7		38.2	%		34.0	%		1,536.4		1,778.9		15.8	%

Advertising		16.9		32.3		17.2		17.5		8.4		32.8		50.5		53.9	%		194.4	%		66.4		91.7		38.2	%

Repair & Maintenance		22.0		32.1		26.6		49.1		17.3		18.2		38.4		110.3	%		44.4	%		80.7		73.9		-8.3	%

Cost of Goods Sold		157.3		180.8		117.7		106.4		127.2		403.9		912.8		126.0	%		675.7	%		455.8		1,443.9		216.8	%
o Cost of mobile handset sold		106.8		99.5		47.7		58.1		54.4		325.4		824.2		153.3	%					254.1		1,204.0		373.8	%
o Others		50.4		81.3		70.0		48.3		72.8		78.5		88.6		12.9	%		26.7	%		201.7		239.9		18.9	%

Cost of Service Provided		476.8		481.0		489.8		515.0		456.0		519.5		540.8		4.1	%		10.4	%		1,447.6		1,516.3		4.7	%
o Cost of service		226.5		235.6		238.4		260.8		210.6		207.8		127.8		-38.5	%		-46.4	%		700.5		546.2		-22.0	%
o International long distance settlement cost		59.3		59.3		54.7		67.9		60.3		55.4		64.9		17.2	%		18.6	%		173.3		180.6		4.2	%
o Interconnection expense		184.5		176.8		183.9		161.7		165.2		222.3		305.7		37.5	%		66.2	%		545.2		693.2		27.2	%
o Others		6.5		9.3		12.8		24.6		20.0		33.9		42.5		25.3	%		232.3	%		28.7		96.4		236.3	%

Research & Development		56.8		57.2		59.4		77.7		43.8		49.9		60.8		21.8	%		2.4	%		173.4		154.6		-10.9	%

Activation, Installation & A/S Cost		96.5		92.1		98.7		86.9		73.1		83.9		83.2		-0.9	%		-15.7	%		287.4		240.2		-16.4	%

Others		154.9		144.5		169.1		119.1		123.8		133.1		219.3		64.8	%		29.7	%		468.5		476.1		1.6	%

CAPEX		395.3		653.0		511.1		627.4		147.1		250.6		865.2		245.3	%		69.3	%		1,559.4		1,262.9		-19.0	%


F. Marketing Cost	’08-1Q		’08-2Q		’08-3Q		’08-4Q		’09-1Q		’09-2Q		’09-3Q		QoQ			YoY			’08 Cumm		’09 Cumm		YoY

o Sales Promotion		79.3		69.0		64.9		69.8		61.3		162.2		286.7		76.8	%		342.0	%		213.1		510.2		139.4	%
o Sales Commission		230.1		228.8		174.6		172.3		171.8		332.0		510.5		53.7	%		192.4	%		633.5		1,014.3		60.1	%
o Advertising		16.9		32.3		17.2		17.5		8.4		32.8		50.5		53.9	%		194.4	%		66.4		91.7		38.2	%
(Profits from mobile handset sold)		-57.2		-69.9		-67.4		-50.7		-51.2		-105.8		-37.8		-64.3	%		-43.9	%		-194.5		-194.9		0.2	%

Total Marketing Cost		269.1		260.1		189.2		208.9		190.2		421.2		809.9		92.3	%		328.0	%		718.5		1,421.3		97.8	%


G. Interconnection Expenses	’08-1Q		’08-2Q		’08-3Q		’08-4Q		’09-1Q		’09-2Q		’09-3Q		QoQ			YoY			’08 Cumm		’09 Cumm		YoY

		184.5		176.8		183.9		161.7		165.2		222.3		305.7		37.5	%		66.2	%		545.2		693.2		27.2	%
O MM		0.0		0.0		0.0		0.0		0.0		58.6		180.5		208.0	%					0.0		239.1
O ML		0.0		0.0		0.0		0.0		0.0		3.3		9.0		174.7	%					0.0		12.3
O LM		164.0		158.2		165.9		139.6		144.6		140.9		96.7		-31.3	%		-41.7	%		488.1		382.3		-21.7	%
O Others		20.4		18.6		18.1		22.0		20.5		19.6		19.4		-0.7	%		7.5	%		57.1		59.5		4.3	%


*		Interconnection expenses may not move proportionally to voice traffic due to difference in estimation.

2009 3Q KT Earnings Release — KGAAP version


H. Non-operating Income	’08-1Q	’08-2Q	’08-3Q	’08-4Q	’09-1Q	’09-2Q	’09-3Q	QoQ		YoY		’08 Cumm	’09 Cumm	YoY

	134.3	133.8	295.3	291.9	225.1	204.9	302.1	47.4	%	2.3	%	563.4	732.2	29.9	%
o Interest Income	18.2	25.8	22.3	37.3	26.0	52.6	42.8	-18.5	%	91.7	%	66.3	121.4	83.1	%
o Gain on foreign currency transaction	6.3	5.2	16.1	21.4	14.6	5.8	6.0	2.5	%	-62.9	%	27.7	26.4	-4.4	%
o Gain on foreign currency translation	11.0	6.5	14.6	4.3	18.1	-5.3	164.5					32.1	177.3	452.6	%
o Gain on Equity Method	19.1	30.6	15.4	7.4	57.2	57.2	29.6	-48.2	%	91.6	%	65.1	144.0	121.2	%
o Gain on disposal of tangible assets	0.4	1.6	1.0	0.5	0.4	5.2	-2.4	-147.0	%	-338.9	%	3.0	3.2	5.5	%
o Others	79.3	64.1	225.9	221.0	108.8	89.5	61.6	-31.1	%	-72.7	%	369.3	259.9	-29.6	%


I. Non-operating Expense	’08-1Q	’08-2Q	’08-3Q	’08-4Q	’09-1Q	’09-2Q	’09-3Q	QoQ		YoY		’08 Cumm	’09 Cumm	YoY

	269.6	307.9	425.8	405.3	434.1	9.9	259.7			-39.0	%	1,003.4	703.7	-29.9	%
o Interest Expense	72.6	85.8	78.8	92.1	98.1	87.6	127.9	46.0	%	62.3	%	237.2	313.6	32.2	%
o Loss on foreign currency transaction	2.0	5.4	10.4	21.2	12.2	9.5	7.9	-16.2	%	-23.9	%	17.8	29.6	65.9	%
o Loss on foreign currency translation	108.4	88.0	290.1	170.8	242.4	-181.3	-46.9	-74.1	%	-116.2	%	486.5	14.1	-97.1	%
o Loss on Equity Method	36.5	54.4	-7.7	-9.8	23.8	18.8	10.1	-46.1	%	-231.1	%	83.2	52.7	-36.7	%
o Loss on disposal of tangible assets	7.9	16.3	6.7	18.7	4.9	14.0	17.7	26.8	%	164.5	%	30.9	36.6	18.2	%
o Others	42.2	58.0	47.5	112.3	52.7	61.4	143.0	132.8	%	200.9	%	147.7	257.1	74.1	%

[Attachment]
2009 3Q KT Earnings Release — Guidance version

The unaudited business and financial results of the merged company contained in this material prepared in accordance with Korean GAAP is for the sole convenience of investors and analysts.



1. Financial Highlights		(unit : KRW bn)


A. Income Statement	’08-1Q	’08-2Q	’08-3Q	’08-4Q	’09-1Q	’09-2Q	’09-3Q	QoQ		YoY		’08 Cumm	’09 Cumm	YoY

Operating Revenue	4,752.9	5,006.6	4,641.6	4,531.7	4,514.5	4,872.5	4,821.2	-1.1	%	3.9	%	14,401.1	14,208.2	-1.3	%
Service Revenue	3,878.0	3,960.8	3,928.6	3,954.9	3,787.7	3,888.1	3,865.1	-0.6	%	-1.6	%	11,767.3	11,540.9	-1.9	%
Sales of Merchandise	874.9	1,045.8	713.1	576.8	726.8	984.4	956.1	-2.9	%	34.1	%	2,633.8	2,667.3	1.3	%
o Wireless	2,310.2	2,515.7	2,200.9	2,100.3	2,183.0	2,507.9	2,501.7	-0.2	%	13.7	%	7,026.8	7,192.7	2.4	%
o Telephone	1,361.9	1,348.4	1,284.3	1,282.3	1,239.9	1,234.1	1,227.9	-0.5	%	-4.4	%	3,994.6	3,701.9	-7.3	%
o Internet	633.5	686.3	689.0	655.4	640.7	646.2	638.7	-1.2	%	-7.3	%	2,008.8	1,925.7	-4.1	%
o Data	323.6	331.3	337.7	344.1	335.5	338.6	319.9	-5.5	%	-5.3	%	992.7	994.1	0.1	%
o Real estate	62.3	63.3	67.9	67.0	69.1	73.1	74.9	2.5	%	10.4	%	193.5	217.2	12.3	%
o Others	61.5	61.7	61.8	82.5	46.2	72.6	57.9	-20.1	%	-6.3	%	184.9	176.7	-4.5	%

Operating Expense	4,360.4	4,684.1	4,173.8	4,272.0	3,916.3	4,389.1	4,408.1	0.4	%	5.6	%	13,218.3	12,713.5	-3.8	%
o Labor expense	744.8	680.3	659.1	757.9	660.0	703.7	655.1	-6.9	%	-0.6	%	2,084.3	2,018.8	-3.1	%
o Commission	263.1	274.2	281.9	316.0	299.5	311.3	295.7	-5.0	%	4.9	%	819.1	906.5	10.7	%
o Sales promotion	164.0	376.8	263.9	198.6	194.1	269.4	286.7	6.4	%	8.6	%	804.7	750.3	-6.8	%
o Sales commission	714.4	644.8	467.2	536.7	503.9	544.4	510.5	-6.2	%	9.3	%	1,826.5	1,558.7	-14.7	%
o Bad debt expense	6.9	55.7	38.9	19.4	35.1	18.5	3.5	-80.9	%	-90.9	%	101.5	57.2	-43.7	%
o Depreciation & Amortization	794.5	803.6	863.0	986.9	775.3	736.6	750.7	1.9	%	-13.0	%	2,461.1	2,262.6	-8.1	%
o Advertising	41.3	65.2	47.6	39.6	26.3	42.8	50.5	18.0	%	6.2	%	154.0	119.6	-22.3	%
o Repair & Maintenance	35.0	48.4	42.9	70.7	27.8	26.7	38.4	43.6	%	-10.6	%	126.3	92.9	-26.5	%
o Cost of goods sold	674.9	815.6	530.5	401.5	568.0	836.9	912.8	9.1	%	72.1	%	2,021.0	2,317.8	14.7	%
o Cost of service provided	502.1	517.4	540.6	561.4	493.6	557.9	540.8	-3.1	%	0.0	%	1,560.1	1,592.3	2.1	%
o Research & Development	57.6	58.2	61.2	79.6	44.9	50.9	60.8	19.4	%	-0.5	%	176.9	156.7	-11.4	%
o Activation, Installation & A/S cost	96.5	92.1	98.7	86.9	73.1	83.9	83.2	-0.9	%	-15.7	%	287.4	240.2	-16.4	%
o Others	265.3	251.8	278.2	216.8	214.8	205.9	219.3	6.5	%	-21.2	%	795.3	640.0	-19.5	%

Operating Income	392.6	322.4	467.8	259.7	598.2	483.4	413.1	-14.5	%	-11.7	%	1,182.8	1,494.7	26.4	%
EBITDA	1,187.1	1,126.0	1,330.9	1,246.6	1,373.5	1,220.0	1,163.8	-4.6	%	-12.6	%	3,643.9	3,757.3	3.1	%

Non-operating Income	166.5	160.6	371.7	356.3	252.2	150.1	302.1	101.2	%	-18.7	%	698.8	704.4	0.8	%
Non-operating Expense	339.5	341.4	580.9	576.2	561.1	35.8	259.7	625.7	%	-55.3	%	1,261.9	856.6	-32.1	%

Income before Income Taxes	219.6	141.6	258.6	39.8	289.3	597.7	455.4	-23.8	%	76.1	%	619.8	1,342.5	116.6	%
Income tax	54.1	-4.7	63.2	19.8	91.6	93.5	104.1	11.3	%	64.5	%	112.6	289.2	156.7	%

Net Income	165.5	146.3	195.3	20.0	197.7	504.2	351.4	-30.3	%	79.9	%	507.1	1,053.3	107.7	%
EPS (in KRW)	705	623	832	85	842	2,148	1,497	-30.3	%	79.9	%	2,160	4,487	107.7	%


*		EPS : Net Income / Number of Weighted Average Outstanding Shares



O Operating Revenue		QoQ 1.1% fall in operating revenue due to an increase in the number of bundle and long-term contract subscribers. YoY 3.9% rise stemmed from growth in subscribers and wireless data revenue.

O Operating Income		Fall in revenue and increase in depreciation and amortization cost led to a 14.5% QoQ decrease. Decreased 11.7% YoY affected by an increase in marketing cost.

O Net Income		QoQ 30.3% fall due to decrease in operating income. Reduction in loss on foreign currency transaction led to a 79.9% YoY growth.

[Attachment]
2009 3Q KT Earnings Release — Guidance version


B. Balance Sheet	’08-1Q			’08-2Q			’08-3Q			’08-4Q			’09-1Q			’09-2Q			’09-3Q			QoQ			YoY

Total Assets		22,586.2			22,999.9			23,806.7			24,127.1			24,385.8			24,623.3			24,029.6			-2.4	%		0.9	%
o Current assets		4,600.6			4,746.5			5,398.8			5,756.1			6,454.7			7,151.4			6,713.1			-6.1	%		24.3	%
O Quick assets		4,319.0			4,348.3			5,007.3			5,378.2			6,062.3			6,676.2			6,188.9			-7.3	%		23.6	%
- Cash & cash equivalents		1,029.5			890.0			1,558.5			1,824.9			2,291.1			2,850.7			2,115.6			-25.8	%		35.7	%
- Accounts receivables		2,723.8			2,920.2			2,821.9			2,855.0			3,010.3			3,132.6			3,365.0			7.4	%		19.2	%
O Inventories		281.6			398.2			391.5			377.9			392.3			475.2			524.2			10.3	%		33.9	%
o Non-current assets		17,985.6			18,253.4			18,407.9			18,371.0			17,931.2			17,471.9			17,316.5			-0.9	%		-5.9	%
O Investment		1,181.3			1,247.9			1,270.5			1,217.3			1,228.8			1,219.5			1,225.5			0.5	%		-3.5	%
- Investment stocks accounted in equity method		820.5			888.2			932.8			902.5			899.3			1,103.8			1,047.3			-5.1	%		12.3	%
- Available-for-sale securities		261.6			252.7			240.7			219.1			242.1			31.2			45.2			44.9	%		-81.2	%
O Tangible assets		14,622.5			14,699.0			14,640.2			14,591.3			14,173.4			13,755.4			13,755.8			0.0	%		-6.0	%
O Intangible assets		1,557.0			1,481.8			1,407.3			1,372.5			1,278.1			1,238.5			1,173.8			-5.2	%		-16.6	%
O Others		624.8			824.7			1,089.9			1,189.9			1,250.8			1,258.5			1,161.5			-7.7	%		6.6	%
Total Liabilities		11,922.9			12,291.8			12,954.3			13,296.1			13,796.8			14,466.3			13,483.4			-6.8	%		4.1	%
o Current liabilities		4,301.9			4,344.4			4,640.6			4,370.7			4,825.3			4,999.2			4,272.0			-14.5	%		-7.9	%
O Current portion of LT debt		595.1			383.9			1,025.6			1,037.9			1,114.4			1,110.3			476.5			-57.1	%		-53.5	%
O Current portion of LT accrued payables		124.3			125.7			127.2			128.7			143.4			145.1			146.8			1.2	%		15.4	%
O Accounts payable		1,073.0			1,200.1			852.4			757.3			786.0			1,160.2			827.3			-28.7	%		-3.0	%
O Others		2,509.5			2,634.6			2,635.3			2,446.7			2,781.5			2,583.6			2,821.4			9.2	%		7.1	%
o Non-current liabilities		7,621.0			7,947.4			8,313.7			8,925.5			8,971.5			9,467.2			9,211.4			-2.7	%		10.8	%
O Bonds		5,754.8			6,085.2			6,402.9			7,030.3			7,269.1			7,906.1			7,698.4			-2.6	%		20.2	%
O Long-term borrowings		92.8			94.6			124.6			116.1			108.4			96.2			77.6			-19.4	%		-37.8	%
O Long-term accounts payables		286.3			289.4			292.6			295.7			155.5			157.3			159.0			1.1	%		-45.6	%
O Installation deposit		833.0			813.3			808.7			781.8			763.1			743.0			723.3			-2.7	%		-10.6	%
O Others		654.2			665.0			684.9			701.6			675.5			564.6			553.2			-2.0	%		-19.2	%
Total Stockholders’ Equity		10,663.4			10,708.1			10,852.4			10,831.0			10,589.0			10,156.9			10,546.2			3.8	%		-2.8	%
o Common stock		1,564.5			1,564.5			1,564.5			1,564.5			1,564.5			1,564.5			1,564.5			0.0	%		0.0	%
o Capital surplus		1,440.8			1,440.8			1,440.8			1,440.6			1,440.6			1,458.7			1,458.7			0.0	%		1.2	%
o Retained earnings		9,592.2			9,752.7			9,840.3			9,814.1			9,727.4			9,674.6			10,026.0			3.6	%		1.9	%
o Capital adjustment		-1,930.6			-2,082.0			-2,045.4			-1,994.6			-2,099.0			-2,509.4			-2,507.6			-0.1	%		22.6	%
O Treasury stock		-1,388.2			-1,400.8			-1,388.2			-1,388.2			-1,552.5			-1,407.2			-1,407.2			0.0	%		1.4	%
O Gain/loss on disposal of treasury stock		-791.9			-791.9			-791.9			-791.7			-791.7			-791.3			-791.3			0.0	%		-0.1	%
o Accumulated Other Comprehensive Income		-3.5			32.1			52.2			6.3			-44.6			-31.5			4.6			-114.7	%		-91.1	%

Total interesting bearing debt		6,853.2			6,980.3			8,046.4			8,608.8			9,190.7			9,615.0			8,558.3			-11.0	%		6.4	%
Net debt		5,413.1			5,675.2			6,068.1			6,359.4			6,600.7			6,461.9			6,136.8			-5.0	%		1.1	%
Net debt (including LT A/P)		5,823.6			6,090.3			6,487.9			6,783.9			6,899.6			6,764.2			6,442.7			-4.8	%		-0.7	%

Debt/ equity ratio		111.8	%		114.8	%		119.4	%		122.8	%		130.3	%		142.4	%		127.9	%		-14.6	%p		8.5	%p
Net debt/ equity ratio		50.8	%		53.0	%		55.9	%		58.7	%		62.3	%		63.6	%		58.2	%		-5.4	%p		2.3	%p
Net debt/ equity ratio (including LT A/P)		54.6	%		56.9	%		59.8	%		62.6	%		65.2	%		66.6	%		61.1	%		-5.5	%p		1.3	%p

[Attachment]
2009 3Q KT Earnings Release — Guidance version

2. Operating Results

(unit : KRW bn)


A. Wireless Revenue	’08-1Q	’08-2Q	’08-3Q	’08-4Q	’09-1Q	’09-2Q	’09-3Q	QoQ		YoY			’08 Cumm	’09 Cumm	YoY

	2,310.2	2,515.7	2,200.9	2,100.3	2,183.0	2,507.9	2,501.7	-0.2	%		13.7	%	7,026.8	7,192.7		2.4	%
o Service revenue	1,495.7	1,570.8	1,566.9	1,576.0	1,528.9	1,598.5	1,639.7	2.6	%		4.6	%	4,633.5	4,767.0		2.9	%
O Voice	991.9	1,034.4	1,031.8	1,043.8	1,011.1	1,037.9	1,050.5	1.2	%		1.8	%	3,058.1	3,099.6		1.4	%
Monthly base fee	569.4	577.8	591.8	601.2	605.8	619.2	638.2	3.1	%		7.8	%	1,738.9	1,863.2		7.1	%
Airtime charge	417.1	457.4	449.1	458.8	425.0	453.0	453.4	0.1	%		1.0	%	1,323.6	1,331.4		0.6	%
Value added service	42.4	40.1	40.2	38.5	40.4	37.9	35.0	-7.5	%		-12.8	%	122.7	113.2		-7.7	%
Other voice revenue	18.9	22.2	23.1	26.6	25.2	21.7	28.1	29.4	%		21.4	%	64.2	75.0		16.8	%
(Voice discount)	-55.8	-63.1	-72.4	-81.3	-85.2	-93.9	-104.1	10.9	%		43.9	%	-191.3	-283.3		48.1	%

O Data	250.7	265.1	272.0	270.8	275.4	288.0	302.9	5.2	%		11.3	%	787.8	866.2		10.0	%
Monthly base fee	83.1	86.4	87.4	88.9	94.1	96.8	99.8	3.1	%		14.2	%	256.8	290.7		13.2	%
Messaging (SMS, MMS)	75.4	81.8	84.4	86.0	83.5	89.2	85.6	-4.1	%		1.4	%	241.6	258.3		6.9	%
Wireless data usage	61.4	65.5	67.1	66.0	67.4	70.9	84.8	19.7	%		26.4	%	194.0	223.1		15.0	%
Contents	22.5	22.7	23.9	21.2	20.2	20.2	19.6	-3.2	%		-18.3	%	69.1	60.0		-13.2	%
Others	8.3	8.7	9.2	8.7	10.2	10.8	13.2	21.6	%		42.6	%	26.3	34.2		30.1	%

O Interconnection revenue	187.7	199.9	198.1	222.9	198.1	205.1	222.4	8.4	%		12.2	%	585.7	625.6		6.8	%

O Other revenue	65.4	71.4	65.0	38.6	44.2	67.5	63.9	-5.3	%		-1.7	%	201.8	175.6		-13.0	%
Activation fee	42.5	40.7	28.9	25.1	27.0	34.3	28.9	-15.9	%		0.0	%	112.1	90.2		-19.5	%
Others	22.9	30.7	36.1	13.4	17.2	33.2	35.0	5.6	%		-3.0	%	89.8	85.4		-4.8	%

o Handset sales	814.4	944.8	634.0	524.4	654.2	909.4	862.0	-5.2	%		36.0	%	2,393.3	2,425.7		1.4	%


O Voice		QoQ rise by 1.2% due to increase in number of subscribers and roaming revenue.
		YoY 1.8% rise due to subscriber growth which offset loss from increased tariff discounts.

O Data		Rise of 5.2% QoQ and 11.3% YoY from an increase in the number of flat rate subscribers and data usage plan.

O Handset sales		Decline in number of handset sales affected by fall in number of new subscribers led to a QoQ 5.2% decrease.


B. Telephone Revenue	’08-1Q		’08-2Q		’08-3Q		’08-4Q		’09-1Q		’09-2Q		’09-3Q		QoQ			YoY			’08 Cumm	’09 Cumm	YoY

		1,361.9		1,348.4		1,284.3		1,282.3		1,239.9		1,234.1		1,227.9		-0.5	%		-4.4	%	3,994.6	3,701.9		-7.3	%
o Subscriber connection		328.7		323.3		317.0		311.7		304.7		303.9		291.9		-3.9	%		-7.9	%	969.0	900.5		-7.1	%
O Activation & Installation fee		17.1		14.5		10.8		11.2		9.3		9.7		8.9		-8.5	%		-18.1	%	42.4	27.8		-34.4	%
O Monthly base fee		270.0		267.4		264.8		261.3		255.4		248.0		240.2		-3.1	%		-9.3	%	802.2	743.5		-7.3	%
O Interconnection		41.6		41.4		41.4		39.2		40.1		46.3		42.8		-7.5	%		3.5	%	124.4	129.2		3.9	%

o Local		218.6		212.1		206.3		215.5		197.6		206.0		189.0		-8.2	%		-8.4	%	636.9	592.6		-7.0	%
O Local airtime charge		148.2		140.2		134.5		131.9		126.3		119.9		112.9		-5.9	%		-16.1	%	422.9	359.1		-15.1	%
O Local interconnection		19.8		21.2		20.7		19.3		17.4		20.2		18.8		-7.1	%		-9.4	%	61.7	56.4		-8.6	%
O Others		50.6		50.7		51.0		64.3		53.9		65.8		57.4		-12.9	%		12.5	%	152.3	177.1		16.3	%

o Domestic long distance		149.7		137.7		134.1		131.3		123.8		111.5		108.5		-2.7	%		-19.1	%	421.4	343.8		-18.4	%
O DLD airtime charge		142.9		132.9		128.6		125.9		117.6		109.2		103.6		-5.1	%		-19.4	%	404.4	330.3		-18.3	%
O DLD interconnection		6.6		4.5		5.3		5.2		6.0		2.1		4.7		122.4	%		-12.2	%	16.3	12.8		-21.8	%
O Others		0.2		0.3		0.3		0.3		0.2		0.2		0.2		-4.3	%		-12.7	%	0.8	0.7		-10.0	%

o LM revenue		364.0		358.4		340.5		330.2		305.1		297.5		285.0		-4.2	%		-16.3	%	1,062.9	887.5		-16.5	%

o International long distance		46.9		49.1		43.6		40.1		35.3		35.0		33.5		-4.3	%		-23.3	%	139.5	103.7		-25.7	%

o International long distance settlement		49.5		47.4		42.7		67.5		63.5		54.0		55.0		1.9	%		28.8	%	139.7	172.5		23.5	%

o VoIP		10.2		21.5		19.6		23.7		41.5		50.9		87.3		71.6	%		344.6	%	51.3	179.6		249.8	%

o VAS		90.1		79.6		85.7		71.2		74.5		85.5		85.3		-0.3	%		-0.5	%	255.3	245.3		-3.9	%

o Public phones & 114 service		40.6		36.1		39.4		47.3		42.4		36.6		37.5		2.5	%		-4.9	%	116.1	116.5		0.3	%

o Others		63.6		83.5		55.3		43.7		51.4		53.3		55.0		3.2	%		-0.5	%	202.4	159.8		-21.1	%


O Local, DLD, LM		QoQ and YoY decline due to fall in subscribers and call traffic.

O VoIP		QoQ and YoY increase due to rise in subscribers.

[Attachment]
2009 3Q KT Earnings Release — Guidance version


C. Internet Revenue	’08-1Q	’08-2Q	’08-3Q	’08-4Q	’09-1Q	’09-2Q	’09-3Q	QoQ			YoY			’08 Cumm	’09 Cumm	YoY

	633.5	686.3	689.0	655.4	640.7	646.2	638.7		-1.2	%		-7.3	%	2,008.8	1,925.7		-4.1	%

Internet Access	527.2	538.8	533.1	527.0	518.2	524.1	513.0		-2.1	%		-3.8	%	1,599.0	1,555.3		-2.7	%

o Broadband	500.5	507.8	508.9	500.2	483.8	481.1	477.5		-0.7	%		-6.2	%	1,517.2	1,442.4		-4.9	%
o Nespot	8.5	8.0	7.3	6.9	6.5	6.2	5.6		-10.0	%		-23.8	%	23.8	18.3		-22.9	%
o WiBro	17.5	22.5	15.4	20.2	27.4	35.3	28.9		-18.0	%		88.3	%	55.4	91.6		65.3	%
o Others	0.7	0.5	1.5	-0.3	0.5	1.5	1.0		-38.0	%		-34.4	%	2.7	3.0		11.4	%

Internet Application	106.3	147.5	155.9	128.4	122.5	122.1	125.8		3.0	%		-19.3	%	409.8	370.4		-9.6	%

o IDC	48.3	70.0	70.5	58.8	50.6	48.8	57.1		16.9	%		-19.0	%	188.8	156.5		-17.1	%
o bizmeka	36.6	47.3	51.8	33.8	33.0	33.9	25.6		-24.5	%		-50.5	%	135.7	92.6		-31.8	%
o IPTV	5.0	9.6	14.3	17.6	19.9	21.1	25.1		18.9	%		75.6	%	29.0	66.1		128.3	%
o Others	16.3	20.6	19.3	18.2	19.0	18.2	17.9		-1.4	%		-7.0	%	56.2	55.2		-1.9	%


O Internet Access		Fall in broadband revenue due to increasing discounts to bundling and long-term discount subscribers.

O Internet Application		Growth in IDC and IPTV led to a 3.0% QoQ increase.

O IPTV		QoQ and YoY increase due to growth in suscribers and ARPU.


D. Data Revenue	’08-1Q		’08-2Q		’08-3Q		’08-4Q		’09-1Q		’09-2Q		’09-3Q		QoQ			YoY			’08 Cumm	’09 Cumm	YoY

		323.6		331.3		337.7		344.1		335.5		338.6		319.9		-5.5	%		-5.3	%	992.7	994.1		0.1	%
o Leased line		190.7		189.5		199.2		207.3		197.3		200.4		183.2		-8.6	%		-8.0	%	579.4	581.0		0.3	%
O Local		80.2		77.7		77.3		84.6		77.1		74.0		74.9		1.3	%		-3.0	%	235.1	226.0		-3.9	%
O Domestic long distance		60.0		60.3		62.5		67.5		63.0		69.4		65.6		-5.5	%		4.9	%	182.8	198.1		8.3	%
O International long distance		5.0		6.2		7.3		6.3		6.3		7.0		6.7		-4.5	%		-7.5	%	18.5	20.0		8.6	%
O Broadcasting & others		45.5		45.3		52.1		49.0		50.9		50.0		36.0		-28.0	%		-30.9	%	142.9	136.9		-4.2	%

o Kornet		62.4		67.3		64.7		61.0		63.3		64.1		62.1		-3.1	%		-4.0	%	194.5	189.5		-2.5	%

o VPN		14.8		15.7		16.6		16.9		16.2		17.0		19.2		12.6	%		15.5	%	47.0	52.5		11.5	%

o National network ATM		20.7		21.3		21.7		21.3		21.7		20.4		12.5		-38.6	%		-42.3	%	63.6	54.5		-14.3	%

o Satellite		25.9		27.7		26.6		27.3		26.8		27.1		26.3		-3.1	%		-1.1	%	80.2	80.2		0.0	%

o Others		9.1		9.8		9.0		10.2		10.2		9.5		16.6		74.2	%		84.0	%	27.9	36.3		30.0	%


O Data		Decline in leased line revenue led to a QoQ and YoY decrease.

[Attachment]
2009 3Q KT Earnings Release — Guidance version


E. Operating Expense	’08-1Q		’08-2Q		’08-3Q		’08-4Q		’09-1Q		’09-2Q		’09-3Q		QoQ			YoY			’08 Cumm	’09 Cumm	YoY

		4,360.4		4,684.1		4,173.8		4,272.0		3,916.3		4,389.1		4,408.1		0.4	%		5.6	%	13,218.3	12,713.5		-3.8	%
Labor Expense		744.8		680.3		659.1		757.9		660.0		703.7		655.1		-6.9	%		-0.6	%	2,084.3	2,018.8		-3.1	%
o Salaries & wages		523.3		490.6		484.7		486.2		494.1		470.0		471.9		0.4	%		-2.6	%	1,498.6	1,436.0		-4.2	%
o Provision for retirement		105.0		61.3		53.1		121.1		45.0		71.5		57.3		-19.8	%		7.9	%	219.4	173.8		-20.8	%
o Employee welfare		116.6		128.4		121.3		150.6		120.9		162.2		125.9		-22.4	%		3.8	%	366.3	409.0		11.6	%
Commission		263.1		274.2		281.9		316.0		299.5		311.3		295.7		-5.0	%		4.9	%	819.1	906.5		10.7	%

Sales Promotion		164.0		376.8		263.9		198.6		194.1		269.4		286.7		6.4	%		8.6	%	804.7	750.3		-6.8	%

Sales Commission		714.4		644.8		467.2		536.7		503.9		544.4		510.5		-6.2	%		9.3	%	1,826.5	1,558.7		-14.7	%

Bad Debt Expenses		6.9		55.7		38.9		19.4		35.1		18.5		3.5		-80.9	%		-90.9	%	101.5	57.2		-43.7	%

Depreciation & Amortization		794.5		803.6		863.0		986.9		775.3		736.6		750.7		1.9	%		-13.0	%	2,461.1	2,262.6		-8.1	%

Advertising		41.3		65.2		47.6		39.6		26.3		42.8		50.5		18.0	%		6.2	%	154.0	119.6		-22.3	%

Repair & Maintenance		35.0		48.4		42.9		70.7		27.8		26.7		38.4		43.6	%		-10.6	%	126.3	92.9		-26.5	%

Cost of Goods Sold		674.9		815.6		530.5		401.5		568.0		836.9		912.8		9.1	%		72.1	%	2,021.0	2,317.8		14.7	%
o Cost of mobile handset sold		624.4		734.3		460.5		353.2		495.3		758.4		824.2		8.7	%		79.0	%	1,819.3	2,077.9		14.2	%
o Others		50.4		81.3		70.0		48.3		72.8		78.5		88.6		12.9	%		26.7	%	201.7	239.9		18.9	%

Cost of Service Provided		502.1		517.4		540.6		561.4		493.6		557.9		540.8		-3.1	%		0.0	%	1,560.1	1,592.3		2.1	%
o Cost of service		128.1		118.6		136.8		167.6		121.0		137.0		127.8		-6.7	%		-6.6	%	383.5	385.7		0.6	%
o International long distance settlement cost		64.9		67.6		63.0		79.3		70.5		62.2		64.9		4.3	%		3.0	%	195.5	197.6		1.1	%
o Interconnection expense		293.7		308.7		317.3		281.2		272.9		319.2		305.7		-4.2	%		-3.7	%	919.6	897.9		-2.4	%
o Others		15.4		22.5		23.6		33.2		29.2		39.5		42.5		7.6	%		80.3	%	61.5	111.1		80.8	%

Research & Development		57.6		58.2		61.2		79.6		44.9		50.9		60.8		19.4	%		-0.5	%	176.9	156.7		-11.4	%

Activation, Installation & A/S Cost		96.5		92.1		98.7		86.9		73.1		83.9		83.2		-0.9	%		-15.7	%	287.4	240.2		-16.4	%

Others		265.3		251.8		278.2		216.8		214.8		205.9		219.3		6.5	%		-21.2	%	795.3	640.0		-19.5	%

CAPEX		679.1		862.8		759.3		849.1		299.5		322.4		865.2		168.3	%		13.9	%	2,301.2	1,487.1		-35.4	%


O Labor		Rise in employee welfare in previous quarter due to one-off compensation led to a relative QoQ decline.
		QoQ decline in provision for retirement due to fall in number of retiring employee.

O Commission		QoQ 5% decline due to fall in commission costs related to directory services and other outsourcing services.

O Bad Debt Expenses		QoQ and YoY decrease due to improvements in percentage of receipts.

O Depreciation & Amortization		Rise in investments led to a QoQ 1.9% increase.


F. Marketing Cost	’08-1Q	’08-2Q	’08-3Q	’08-4Q	’09-1Q	’09-2Q	’09-3Q	QoQ		YoY		’08 Cumm	’09 Cumm	YoY

o Sales Promotion	164.0	376.8	263.9	198.6	194.1	269.4	286.7	6.4	%	8.6	%	804.7	750.3	-6.8	%
o Sales Commission	714.4	644.8	467.2	536.7	503.9	544.4	510.5	-6.2	%	9.3	%	1,826.5	1,558.7	-14.7	%
o Advertising	41.3	65.2	47.6	39.6	26.3	42.8	50.5	18.0	%	6.2	%	154.0	119.6	-22.3	%
(Profits from mobile handset sold)	-190.0	-210.5	-173.5	-171.1	-158.9	-151.0	-37.8	-75.0	%	-78.2	%	-574.0	-347.7	-39.4	%

Total Marketing Cost	729.7	876.3	605.3	603.8	565.4	705.6	809.9	14.8	%	33.8	%	2,211.2	2,080.9	-5.9	%


O Marketing Cost		QoQ increase due to promotion of new growth business and customer retention activities.
		Launch of new bundle products led to a QoQ incresase in advertising costs.


F. Marketing Cost	’08-1Q	’08-2Q	’08-3Q	’08-4Q	’09-1Q	’09-2Q	’09-3Q	QoQ		YoY		’08 Cumm	’09 Cumm	YoY

	293.7	308.7	317.3	281.2	272.9	319.2	305.7	-4.2	%	-3.7	%	919.6	897.9	-2.4	%
O MM	151.6	175.5	174.5	175.6	150.8	171.9	180.5	5.0	%	3.5	%	501.6	503.3	0.3	%
O ML	11.7	14.3	10.1	10.0	6.4	10.8	9.0	-17.1	%	-10.7	%	36.1	26.3	-27.2	%
O LM	109.0	99.2	113.5	82.2	98.9	113.2	96.7	-14.5	%	-14.8	%	321.7	308.8	-4.0	%
O Others	21.4	19.7	19.2	13.4	16.8	23.3	19.4	-16.5	%	1.3	%	60.3	59.5	-1.2	%


O Interconnection Expenses		Interconnection expenses may not move proportionally to voice traffic due to difference in estimation.

[Attachment]
2009 3Q KT Earnings Release — Guidance version


H. Non-operating Income	’08-1Q		’08-2Q		’08-3Q		’08-4Q		’09-1Q		’09-2Q		’09-3Q		QoQ			YoY			’08 Cumm	’09 Cumm	YoY

		166.5		160.6		371.7		356.3		252.2		150.1		302.1		101.2	%		-18.7	%	698.8	704.4		0.8	%
o Interest Income		22.9		33.0		25.0		47.4		37.8		61.5		42.8		-30.4	%		71.1	%	80.9	142.1		75.8	%
o Gain on foreign currency transaction		6.6		7.5		18.2		23.7		15.1		5.9		6.0		0.4	%		-67.2	%	32.3	27.0		-16.3	%
o Gain on foreign currency translation		11.1		6.6		14.9		4.7		18.4		0.1		164.5							32.5	182.9		462.0	%
o Gain on Equity Method		19.4		32.6		15.6		7.5		19.4		25.9		29.6		14.2	%		89.1	%	67.6	74.9		10.8	%
o Gain on disposal of tangible assets		0.5		1.7		1.1		0.8		0.5		5.4		-2.4		-144.8	%		-317.8	%	3.3	3.5		6.4	%
o Others		106.2		79.3		296.8		272.3		161.1		51.3		61.6		20.2	%		-79.2	%	482.3	274.0		-43.2	%


O Interest Income		Relative QoQ fall affected by reimbursed FTC fine reflected in previous quarter.

O Gain on foreign currency translation		Won/USD appreciation within the quarter resulting in QoQ increase affected by foreign denominated debt.

O Gain on disposal of tangible assets		Relative decrease due to revision affected by redistribution of accounts (Gain on disposal of tangible assets Non-Op. Income/Others)


I. Non-operating Expense	’08-1Q		’08-2Q		’08-3Q		’08-4Q		’09-1Q		’09-2Q		’09-3Q		QoQ			YoY			’08 Cumm	’09 Cumm	YoY

		339.5		341.4		580.9		576.2		561.1		35.8		259.7		625.7	%		-55.3	%	1,261.9	856.6		-32.1	%
o Interest Expense		100.3		111.3		110.5		139.9		130.5		108.8		127.9		17.6	%		15.8	%	322.1	367.2		14.0	%
o Loss on foreign currency transaction		3.7		6.4		12.9		23.5		13.3		9.3		7.9		-15.2	%		-38.8	%	23.1	30.6		32.4	%
o Loss on foreign currency translation		117.3		104.4		354.8		213.9		288.1		-221.3		-46.9		-78.8	%		-113.2	%	576.5	19.9		-96.6	%
o Loss on Equity Method		51.2		26.3		31.3		32.2		54.2		31.7		10.1		-68.1	%		-67.7	%	108.7	96.0		-11.6	%
o Loss on disposal of tangible assets		10.8		19.6		19.2		44.1		17.4		32.5		17.7		-45.5	%		-7.9	%	49.6	67.6		36.4	%
o Others		56.2		73.4		52.3		122.7		57.5		74.8		143.0		91.1	%		173.4	%	181.9	275.3		51.3	%


O Loss on foreign currency translation		Decrease due to stabilized Won/USD exchange rate.

O Others		Increase in derivative valuation due to Won/USD appreciation within the quarter.

[Attachment]
2009 3Q KT Earnings Release — Guidance version

* Operation Highlights


1. Fixed-Line (’000)	’08-1Q			’08-2Q			’08-3Q			’08-4Q			’09-1Q			’09-2Q			’09-3Q			QoQ			YoY

Telephony		20,881			20,944			20,882			20,194			19,972			19,852			19,819			-0.2	%		-5.1	%
PSTN		20,818			20,741			20,621			19,866			19,468			19,057			18,550			-2.7	%		-10.0	%
Household		19,861			19,768			19,635			18,883			18,483			18,070			17,561			-2.8	%		-10.6	%
Business		958			974			986			983			984			987			989			0.2	%		0.3	%
VoIP		63			203			261			328			505			795			1,269			59.6	%		385.9	%
Broadband		6,627			6,687			6,754			6,712			6,714			6,738			6,818			1.2	%		0.9	%
IPTV		567			706			808			773			694			724			907			25.2	%		12.2	%
Nespot		392			387			371			352			340			330			304			-7.7	%		-17.9	%
Wibro		145			202			172			160			184			218			255			16.8	%		48.3	%


2. Wireless	’08-1Q			’08-2Q			’08-3Q			’08-4Q			’09-1Q			’09-2Q			’09-3Q			QoQ			YoY

Subscribers (‘000)		13,940			14,165			14,259			14,365			14,547			14,713			14,904			1.3	%		4.5	%
Gross addition		2,343			2,350			1,788			1,463			1,623			2,174			1,816			-16.5	%		1.5	%
Deactivation		2,124			2,125			1,695			1,356			1,440			2,008			1,625			-19.1	%		-4.2	%
Net addition		219			225			93			107			182			165			191			15.6	%		105.1	%
Churn rate		4.4	%		4.4	%		3.2	%		2.6	%		2.8	%		4.1	%		3.0	%		-1.1	%p		-0.2	%p

ARPU (KRW)		34,818			35,954			35,637			36,249			34,669			35,353			35,941			1.7	%		0.9	%
Voice		24,146			24,804			24,482			24,609			23,612			23,967			23,961			0.0	%		-2.1	%
Data		6,103			6,356			6,454			6,384			6,431			6,650			6,908			3.9	%		7.0	%
Interconnection		4,569			4,794			4,701			5,256			4,627			4,737			5,072			7.1	%		7.9	%


*		Wireless ARPU was calculated based on revenue from the “Guidance” material, excluding activation fee.

**		Churn rate excludes internal migration between 2G and 3G.