Form 6-K

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 February 2010

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: February 1, 2010 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

January 29, 2010

4th Quarter 2009
Preliminary Earnings Commentary
(KRX : 030200 / NYSE : KT)

Disclaimer

This material contains estimated information of unaudited preliminary financial and operating data of KT Corporation (“KT” or “the company”) for the fourth 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 fourth quarter will be filed with the Financial Supervisory Service(FSS) and the Korea Exchange(KRX) on March 30, 2010.

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

Tel : 82-31-727-5392, 5391, 7363
Fax : 82-31-727-0949
E-mail: ir@kt.com

2009 4Q 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		‘09-4Q		QoQ			YoY			2008		2009		YoY

Operating Revenue		2,967.0		3,029.0		2,913.5		2,875.3		2,773.1		3,564.3		4,821.2		4,747.6		-1.5	%		65.1	%		11,784.8		15,906.2		35.0	%
Service Revenue		2,741.3		2,757.5		2,718.1		2,713.1		2,593.9		3,055.2		3,865.1		3,893.2		0.7	%		43.5	%		10,930.0		13,407.5		22.7	%
Sales of Merchandise		225.7		271.6		195.3		162.2		179.2		509.0		956.1		854.4		-10.6	%		426.6	%		854.8		2,498.7		192.3	%
o Wireless		419.9		428.8		364.6		350.7		336.0		1,132.2		2,501.7		2,468.2		-1.3	%		603.8	%		1,564.0		6,438.1		311.6	%
o Telephone		1,387.3		1,374.7		1,310.9		1,305.2		1,264.5		1,248.8		1,227.9		1,150.8		-6.3	%		-11.8	%		5,378.1		4,892.1		-9.0	%
o Internet		635.1		688.0		690.6		656.8		642.3		649.3		638.7		648.5		1.5	%		-1.3	%		2,670.5		2,578.7		-3.4	%
o Data		402.4		413.0		419.8		415.0		417.3		390.4		319.9		322.7		0.9	%		-22.2	%		1,650.1		1,450.3		-12.1	%
o Real estate		58.7		60.5		63.4		63.2		65.3		70.0		74.9		76.7		2.3	%		21.3	%		245.8		286.9		16.7	%
o Others		63.6		64.0		64.2		84.4		47.7		73.6		57.9		80.8		39.5	%		-4.3	%		276.2		260.1		-5.8	%

Operating Expense		2,634.0		2,661.4		2,584.0		2,792.0		2,388.6		3,200.8		4,408.1		5,297.1		20.2	%		89.7	%		10,671.4		15,294.6		43.3	%
o Labor expense		683.3		627.4		600.7		703.5		598.2		670.3		655.1		1,498.5		128.7	%		113.0	%		2,614.9		3,422.1		30.9	%
o Commission		170.9		173.0		182.4		211.1		207.3		237.0		295.7		346.7		17.3	%		64.2	%		737.5		1,086.7		47.4	%
o Sales promotion		79.3		69.0		64.9		69.8		61.3		162.2		286.7		275.4		-4.0	%		294.5	%		283.0		785.5		177.6	%
o Sales commission		230.1		228.8		174.6		172.3		171.8		332.0		510.5		398.4		-22.0	%		131.2	%		805.7		1,412.7		75.3	%
o Bad debt expense		6.9		49.4		22.7		-3.3		15.6		14.7		3.5		15.7		345.1	%		-576.3	%		75.6		49.5		-34.5	%
o Depreciation & Amortization		482.3		493.8		560.2		666.8		485.0		543.3		750.7		857.7		14.3	%		28.6	%		2,203.2		2,636.5		19.7	%
o Advertising		16.9		32.3		17.2		17.5		8.4		32.8		50.5		43.9		-13.0	%		150.3	%		83.9		135.6		61.7	%
o Repair & Maintenance		22.0		32.1		26.6		49.1		17.3		18.2		38.4		55.0		43.3	%		11.9	%		129.8		128.9		-0.7	%
o Cost of goods sold		157.3		180.8		117.7		106.4		127.2		403.9		912.8		828.1		-9.3	%		678.4	%		562.2		2,272.0		304.1	%
o Cost of service provided		476.8		481.0		489.8		515.0		456.0		519.5		540.8		574.8		6.3	%		11.6	%		1,962.6		2,091.1		6.5	%
o Research & Development		56.8		57.2		59.4		77.7		43.8		49.9		60.8		80.5		32.3	%		3.5	%		251.1		235.1		-6.4	%
o Activation, Installation & A/S cost		96.5		92.1		98.7		86.9		73.1		83.9		83.2		97.8		17.6	%		12.5	%		374.3		338.0		-9.7	%
o Others		154.9		144.5		169.1		119.1		123.8		133.1		219.3		224.7		2.5	%		88.7	%		587.5		700.8		19.3	%

Operating Income		333.0		367.6		329.4		83.3		384.5		363.5		413.1		-549.5	TR			TR				1,113.4		611.6		-45.1	%
EBITDA		815.4		861.5		889.7		750.1		869.4		906.7		1,163.8		308.2		-73.5	%		-58.9	%		3,316.6		3,248.1		-2.1	%

Non-operating Income		134.3		133.8		295.3		291.9		225.1		204.9		302.1		152.2		-49.6	%		-47.9	%		855.3		884.3		3.4	%
Non-operating Expense		269.6		307.9		425.8		405.3		434.1		9.9		259.7		236.0		-9.1	%		-41.8	%		1,408.6		939.7		-33.3	%

Income before Income Taxes		197.8		193.5		198.9		-30.1		175.5		558.5		455.4		-633.3	TR			TR				560.0		556.2		-0.7	%
Income tax		43.7		32.9		37.5		-3.9		36.0		102.4		104.1		-202.8								110.2		39.6		-64.0	%

Net Income		154.1		160.5		161.4		-26.2		139.6		456.1		351.4		-430.5	TR			TR				449.8		516.5		14.8	%
EPS (in KRW)		756		788		799		-130		691		2,226		1,497		-1,890								2,214		2,524		14.0	%


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

2009 4Q KT Earnings Release — KGAAP version


B. Balance Sheet	‘08-1Q			‘08-2Q			‘08-3Q			‘08-4Q			‘09-1Q			‘09-2Q			‘09-3Q			‘09-4Q			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			24,342.5			1.3	%		30.3	%
o Current assets		3,058.7			3,084.1			3,616.1			3,778.1			4,208.1			7,151.4			6,713.1			6,474.6			-3.6	%		71.4	%
¡ Quick assets		2,953.5			2,964.0			3,468.1			3,610.6			4,042.5			6,676.2			6,188.9			5,867.8			-5.2	%		62.5	%
- Cash & cash equivalents		884.5			829.5			1,362.0			1,425.9			1,763.0			2,850.7			2,115.6			1,574.6			-25.6	%		10.4	%
- Accounts receivables		1,662.6			1,746.0			1,673.0			1,687.4			1,734.0			3,132.6			3,365.0			3,491.1			3.7	%		106.9	%
¡ Inventories		105.2			120.1			148.0			167.5			165.6			475.2			524.2			606.8			15.8	%		262.2	%
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			17,867.9			3.2	%		19.9	%
¡ Investment		3,468.8			3,481.5			3,535.9			3,517.9			3,542.2			1,219.5			1,225.5			1,274.7			4.0	%		-63.8	%
- 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			1,081.0			3.2	%		-68.8	%
- Available-for-sale securities		13.0			20.5			18.9			16.4			18.0			31.2			45.2			60.3			33.4	%		267.3	%
¡ Tangible assets		10,371.0			10,501.9			10,450.7			10,428.7			10,107.4			13,755.4			13,755.8			14,203.8			3.3	%		36.2	%
¡ Intangible assets		412.6			391.7			374.5			397.0			361.9			1,238.5			1,173.8			1,206.6			2.8	%		203.9	%
¡ Others		285.0			342.0			500.9			563.2			622.2			1,258.5			1,161.5			1,182.8			1.8	%		110.0	%
Total Liabilities		8,983.8			9,025.9			9,583.7			9,853.0			10,310.5			14,466.3			13,483.4			13,944.2			3.4	%		41.5	%
o Current liabilities		2,455.7			2,399.7			2,648.9			2,585.9			2,686.4			4,999.2			4,272.0			5,684.3			33.1	%		119.8	%
¡ Current portion of LT debt		235.1			13.5			411.6			410.0			629.0			1,110.0			476.3			1,024.7			115.1	%		149.9	%
¡ Current portion of LT accrued payables		0.0			0.0			0.0			0.0			0.0			145.1			146.8			148.5			1.2	%
¡ Accounts payable		664.0			758.6			658.0			644.1			491.8			1,160.2			827.3			1,350.1			63.2	%		109.6	%
¡ Others		1,556.6			1,627.7			1,579.4			1,531.7			1,565.7			2,583.9			2,821.6			3,160.9			12.0	%		106.4	%
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			8,259.9			-10.3	%		13.7	%
¡ Bonds		5,051.6			5,135.2			5,425.9			5,815.9			6,218.4			7,841.0			7,637.9			6,739.1			-11.8	%		15.9	%
¡ Long-term borrowings		23.3			32.0			29.6			28.1			25.7			96.2			77.6			63.1			-18.6	%		125.0	%
¡ Long-term accounts payables		0.0			0.0			0.0			0.0			0.0			157.3			159.0			160.8			1.1	%		0.0	%
¡ Installation deposit		833.1			813.3			808.8			781.9			763.1			743.0			723.3			696.7			-3.7	%		-10.9	%
¡ Others		620.1			645.6			670.5			641.3			616.8			629.7			613.7			600.2			-2.2	%		-6.4	%
Total Stockholders’ Equity		8,612.3			8,775.4			8,894.4			8,831.9			8,531.4			10,156.9			10,546.2			10,398.3			-1.4	%		17.7	%
o Common stock		1,561.0			1,561.0			1,561.0			1,561.0			1,561.0			1,564.5			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			1,448.6			-0.7	%		0.6	%
o Retained earnings		9,592.2			9,752.7			9,840.3			9,814.1			9,727.4			9,674.6			10,026.0			9,595.5			-4.3	%		-2.2	%
o Capital adjustment		-3,815.8			-3,828.0			-3,815.1			-3,994.7			-4,158.3			-2,509.4			-2,507.6			-2,165.7			-13.6	%		-45.8	%
¡ Treasury stock		-3,824.9			-3,837.4			-3,824.9			-3,824.9			-3,989.2			-1,407.2			-1,407.2			-956.2			-32.1	%		-75.0	%
¡ Gain/loss on disposal of treasury stock		-0.1			-0.1			-0.1			0.0			0.0			-791.3			-791.3			-890.7			12.5	%
o Accumulated Other Comprehensive Income		-1.9			31.2			50.9			10.9			-39.3			-31.5			4.6			-44.5

Total interesting bearing debt		5,339.7			5,210.2			5,903.6			6,291.5			6,913.3			9,615.0			8,497.6			8,136.3			-4.3	%		29.3	%
Net debt		4,455.2			4,380.7			4,541.6			4,865.6			5,150.3			6,461.9			6,076.2			6,252.4			2.9	%		28.5	%
Net debt (including LT A/P)		4,455.2			4,380.7			4,541.6			4,865.6			5,150.3			6,764.2			6,382.1			6,561.7			2.8	%		34.9	%

Debt/ equity ratio		104.3	%		102.9	%		107.8	%		111.6	%		120.9	%		142.4	%		127.9	%		134.1	%		6.3	%p		22.5	%p
Net debt/ equity ratio		51.7	%		49.9	%		51.1	%		55.1	%		60.4	%		63.6	%		57.6	%		60.1	%		2.5	%p		5.0	%p
Net debt/ equity ratio (including LT A/P)		51.7	%		49.9	%		51.1	%		55.1	%		60.4	%		66.6	%		60.5	%		63.1	%		2.6	%p		8.0	%p

2009 4Q 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		‘09-4Q		QoQ			YoY			2008		2009		YoY

		419.9		428.8		364.6		350.7		336.0		1,132.2		2,501.7		2,468.2		-1.3	%		603.8	%		1,564.0		6,438.1		311.6	%
o Service revenue		255.9		259.4		249.5		241.9		230.3		701.0		1,639.7		1,695.3		3.4	%		600.9	%		1,006.6		4,266.4		323.8	%

¡ Voice		222.7		226.4		218.5		215.7		203.0		487.4		1,050.5		1,073.1		2.2	%		397.5	%		883.2		2,814.1		218.6	%
Monthly base fee		137.1		137.1		134.2		131.2		126.0		295.3		638.2		675.2		5.8	%		414.6	%		539.6		1,734.7		221.5	%
Airtime charge		79.8		84.0		79.4		80.2		72.6		201.1		453.4		452.7		-0.2	%		464.5	%		323.4		1,179.9		264.8	%
Value added service		9.0		8.6		7.8		7.2		6.5		16.2		35.0		33.5		-4.3	%		362.7	%		32.6		91.2		179.6	%
Other voice revenue		-0.8		-0.7		-0.5		-0.6		-0.3		7.6		28.1		25.4		-9.5	%					-2.6		60.7
(Voice discount)		-2.5		-2.6		-2.4		-2.3		-1.9		-32.7		-104.1		-113.7		9.2	%					-9.8		-252.4

¡ Data		19.3		20.1		19.1		18.3		17.2		103.2		302.9		319.1		5.4	%					76.7		742.4		867.5	%
Monthly base fee		0.0		0.0		0.0		0.0		0.0		27.4		99.8		105.5		5.8	%					0.1		232.8
Messaging (SMS, MMS)		15.9		16.6		15.9		15.6		14.7		39.3		85.6		89.2		4.3	%		471.3	%		64.0		228.9		257.4	%
Wireless data usage		3.2		3.3		3.0		2.5		2.4		26.1		84.8		88.1		3.9	%					12.0		201.5
Contents		0.0		0.0		0.0		0.0		0.0		6.8		19.6		21.0		7.2	%					0.0		47.3
Others		0.2		0.2		0.1		0.1		0.1		3.5		13.2		15.3		15.6	%					0.6		32.0

¡ Interconnection revenue		0.0		0.0		0.0		0.0		0.0		72.5		222.4		214.8		-3.4	%					0.0		509.7

¡ Other revenue		13.9		12.9		11.9		7.9		10.1		38.0		63.9		88.2		38.1	%					46.7		200.2		328.9	%
Activation fee		9.9		8.8		7.0		5.8		6.1		17.1		28.9		23.7		-17.9	%		308.9	%		31.6		75.8		139.9	%
Others		4.0		4.1		4.9		2.2		4.0		20.8		35.0		64.5		84.3	%		2894.1	%		15.1		124.4		724.2	%

o Handset sales		164.0		169.4		115.1		108.8		105.6		431.2		862.0		772.9		-10.3	%		610.5	%		557.4		2,171.8		289.6	%


B. Telephone Revenue	‘08-1Q		‘08-2Q		‘08-3Q		‘08-4Q		‘09-1Q		‘09-2Q		‘09-3Q		‘09-4Q		QoQ			YoY			2008		2009		YoY

		1,387.3		1,374.7		1,310.9		1,305.2		1,264.5		1,248.8		1,227.9		1,150.8		-6.3	%		-11.8	%		5,378.1		4,892.1		-9.0	%
o Subscriber connection		340.3		335.3		329.1		322.1		320.0		309.5		291.9		285.8		-2.1	%		-11.3	%		1,326.8		1,207.2		-9.0	%
¡ Activation & Installation fee		17.1		14.5		10.8		11.2		9.3		9.7		8.9		8.1		-8.7	%		-27.7	%		53.6		35.9		-33.0	%
¡ Monthly base fee		270.1		267.5		264.9		261.4		255.5		248.0		240.2		232.0		-3.4	%		-11.2	%		1,063.8		975.7		-8.3	%
¡ Interconnection		53.1		53.3		53.4		49.6		55.2		51.8		42.8		45.7		6.8	%		-7.7	%		209.4		195.6		-6.6	%

o Local		224.2		217.9		212.1		220.5		203.1		209.3		189.0		164.0		-13.2	%		-25.6	%		874.7		765.5		-12.5	%
¡ Local airtime charge		148.5		140.5		134.8		132.2		126.3		119.9		112.9		105.7		-6.3	%		-20.0	%		556.0		464.8		-16.4	%
¡ Local interconnection		23.8		25.4		25.0		22.9		21.6		22.7		18.8		19.1		1.6	%		-16.8	%		97.2		82.2		-15.4	%
¡ Others		51.8		52.0		52.3		65.4		55.2		66.7		57.4		39.3		-31.6	%		-40.0	%		221.5		218.6		-1.4	%

o Domestic long distance		152.2		140.2		136.7		133.6		123.0		113.8		108.5		103.1		-4.9	%		-22.8	%		562.7		448.4		-20.3	%
¡ DLD airtime charge		142.9		132.9		128.6		125.9		117.6		109.2		103.6		98.3		-5.1	%		-21.9	%		530.3		428.7		-19.2	%
¡ DLD interconnection		9.0		7.0		7.9		7.4		5.2		4.4		4.7		4.5		-2.3	%		-38.5	%		31.3		18.8		-40.0	%
¡ Others		0.2		0.3		0.3		0.3		0.2		0.2		0.2		0.2		6.2	%		-7.1	%		1.0		0.9		-9.2	%

o LM revenue		364.1		358.5		340.6		330.3		305.2		297.5		285.0		266.4		-6.5	%		-19.4	%		1,393.6		1,154.1		-17.2	%

o International long distance		46.9		49.1		43.7		40.2		35.3		35.0		33.5		31.9		-4.7	%		-20.7	%		180.0		135.6		-24.6	%

o International long distance settlement		49.7		47.6		42.9		67.7		63.5		54.0		55.0		47.0		-14.5	%		-30.5	%		207.8		219.6		5.7	%

o VoIP		10.2		21.5		19.6		23.7		41.5		50.9		87.3		81.4		-6.7	%		242.9	%		75.1		261.0		247.7	%

o VAS		93.4		83.0		89.2		74.2		77.0		87.4		85.3		83.6		-1.9	%		12.7	%		339.7		333.3		-1.9	%

o Public phones & 114 service		42.7		38.2		41.6		49.2		44.5		38.1		37.5		38.1		1.6	%		-22.5	%		171.6		158.2		-7.9	%

o Others		63.6		83.5		55.3		43.7		51.5		53.3		55.0		49.4		-10.3	%		13.0	%		246.1		209.1		-15.0	%


C. Internet Revenue	‘08-1Q		‘08-2Q		‘08-3Q		‘08-4Q		‘09-1Q		‘09-2Q		‘09-3Q		‘09-4Q		QoQ			YoY			2008		2009		YoY

		635.1		688.0		690.6		656.8		642.3		649.3		638.7		648.5		1.5	%		-1.3	%		2,670.5		2,578.7		-3.4	%

Internet Access		528.1		539.8		534.1		527.9		519.5		524.9		513.0		505.1		-1.5	%		-4.3	%		2,129.9		2,062.4		-3.2	%

o Broadband		501.1		508.4		509.5		500.7		485.0		481.7		477.5		463.1		-3.0	%		-7.5	%		2,019.7		1,907.3		-5.6	%
o Nespot		8.5		8.0		7.3		6.9		6.5		6.2		5.6		5.4		-3.0	%		-22.0	%		30.7		23.7		-22.7	%
o WiBro		17.9		22.9		15.8		20.5		27.5		35.4		28.9		35.4		22.3	%		72.6	%		77.1		127.3		65.1	%
o Others		0.7		0.5		1.4		-0.3		0.5		1.5		1.0		1.2		22.4	%		-504.6	%		2.4		4.1		76.0	%

Internet Application		106.9		148.2		156.5		129.0		122.8		124.4		125.8		143.4		14.0	%		11.2	%		540.6		516.3		-4.5	%

o IDC		48.9		70.6		71.1		59.3		50.8		51.1		57.1		59.5		4.2	%		0.4	%		249.8		218.6		-12.5	%
o bizmeka		36.7		47.4		51.8		33.9		33.1		34.0		25.6		32.8		28.1	%		-3.1	%		169.8		125.5		-26.1	%
o IPTV		5.0		9.6		14.3		17.6		19.9		21.1		25.1		33.3		32.6	%		89.0	%		46.6		99.4		113.4	%
o Others		16.3		20.6		19.3		18.2		19.0		18.2		17.9		17.7		-1.3	%		-2.7	%		74.5		72.9		-2.1	%

2009 4Q KT Earnings Release — KGAAP version


D. Data Revenue	‘08-1Q		‘08-2Q		‘08-3Q		‘08-4Q		‘09-1Q		‘09-2Q		‘09-3Q		‘09-4Q		QoQ			YoY			2008		2009		YoY

		402.4		413.0		419.8		415.0		417.3		390.4		319.9		322.7		0.9	%		-22.2	%		1,650.1		1,450.3		-12.1	%
o Leased line		268.3		269.9		280.0		277.1		277.9		251.6		183.2		186.2		1.6	%		-32.8	%		1,095.3		898.9		-17.9	%
¡ Local		116.8		115.6		115.4		117.5		115.2		102.9		74.9		77.0		2.8	%		-34.5	%		465.4		370.0		-20.5	%
¡ Domestic long distance		80.2		81.2		83.5		85.6		85.1		80.2		65.6		65.7		0.2	%		-23.3	%		330.4		296.6		-10.2	%
¡ International long distance		5.0		6.3		7.3		6.3		6.3		7.1		6.7		6.4		-4.3	%		1.3	%		25.0		26.6		6.3	%
¡ Broadcasting & others		66.2		66.9		73.8		67.7		71.3		61.5		36.0		37.1		2.9	%		-45.2	%		274.5		205.8		-25.0	%

o Kornet		62.9		67.8		65.2		61.4		63.7		64.4		62.1		59.9		-3.6	%		-2.5	%		257.4		250.1		-2.8	%

o VPN		15.4		16.4		17.3		17.5		16.9		17.4		19.2		22.8		18.8	%		29.8	%		66.7		76.3		14.5	%

o National network ATM		20.7		21.3		21.7		21.3		21.7		20.4		12.5		10.3		-17.8	%		-51.8	%		85.0		64.8		-23.8	%

o Satellite		26.0		27.7		26.6		27.3		26.8		27.1		26.3		26.6		1.3	%		-2.4	%		107.6		106.9		-0.7	%

o Others		9.1		9.8		9.0		10.2		10.2		9.5		16.6		17.0		2.3	%		65.7	%		38.1		53.3		39.6	%


E. Operating Expense	‘08-1Q		‘08-2Q		‘08-3Q		‘08-4Q		‘09-1Q		‘09-2Q		‘09-3Q		‘09-4Q		QoQ			YoY			2008		2009		YoY

		2,634.0		2,661.4		2,584.0		2,792.0		2,388.6		3,200.8		4,408.1		5,297.1		0.0	%		0.0	%		10,671.4		15,294.6		0.0	%
Labor Expense		683.3		627.4		600.7		703.5		598.2		670.3		655.1		1,498.5		128.7	%		113.0	%		2,614.9		3,422.1		30.9	%
o Salaries & wages		476.8		450.6		437.9		444.9		445.2		446.0		471.9		478.2		1.3	%		7.5	%		1,810.1		1,841.2		1.7	%
o Provision for retirement		98.0		57.3		49.8		117.2		40.2		69.0		57.3		905.2					672.5	%		322.2		1,071.7		232.6	%
o Employee welfare		108.5		119.6		113.1		141.5		112.8		155.3		125.9		115.2		-8.5	%		-18.6	%		482.6		509.2		5.5	%

Commission		170.9		173.0		182.4		211.1		207.3		237.0		295.7		346.7		17.3	%		64.2	%		737.5		1,086.7		47.4	%

Sales Promotion		79.3		69.0		64.9		69.8		61.3		162.2		286.7		275.4		-4.0	%		294.5	%		283.0		785.5		177.6	%

Sales Commission		230.1		228.8		174.6		172.3		171.8		332.0		510.5		398.4		-22.0	%		131.2	%		805.7		1,412.7		75.3	%

Bad Debt Expenses		6.9		49.4		22.7		-3.3		15.6		14.7		3.5		15.7		345.1	%		-576.3	%		75.6		49.5		-34.5	%

Depreciation & Amortization		482.3		493.8		560.2		666.8		485.0		543.3		750.7		857.7		14.3	%		28.6	%		2,203.2		2,636.5		19.7	%

Advertising		16.9		32.3		17.2		17.5		8.4		32.8		50.5		43.9		-13.0	%		150.3	%		83.9		135.6		61.7	%

Repair & Maintenance		22.0		32.1		26.6		49.1		17.3		18.2		38.4		55.0		43.3	%		11.9	%		129.8		128.9		-0.7	%

Cost of Goods Sold		157.3		180.8		117.7		106.4		127.2		403.9		912.8		828.1		-9.3	%		678.4	%		562.2		2,272.0		304.1	%
o Cost of mobile handset sold		106.8		99.5		47.7		58.1		54.4		325.4		824.2		724.2		-12.1	%					312.2		1,928.2		517.7	%
o Others		50.4		81.3		70.0		48.3		72.8		78.5		88.6		103.9		17.3	%		115.1	%		250.0		343.8		37.5	%

Cost of Service Provided		476.8		481.0		489.8		515.0		456.0		519.5		540.8		574.8		6.3	%		11.6	%		1,962.6		2,091.1		6.5	%
o Cost of service		226.5		235.6		238.4		260.8		210.6		207.8		127.8		150.9		18.1	%		-42.1	%		961.3		697.1		-27.5	%
o International long distance settlement cost		59.3		59.3		54.7		67.9		60.3		55.4		64.9		65.2		0.4	%		-4.1	%		241.3		245.7		1.9	%
o Interconnection expense		184.5		176.8		183.9		161.7		165.2		222.3		305.7		306.3		0.2	%		89.5	%		706.8		999.5		41.4	%
o Others		6.5		9.3		12.8		24.6		20.0		33.9		42.5		52.4		23.4	%		113.0	%		53.3		148.8		179.3	%

Research & Development		56.8		57.2		59.4		77.7		43.8		49.9		60.8		80.5		32.3	%		3.5	%		251.1		235.1		-6.4	%

Activation, Installation & A/S Cost		96.5		92.1		98.7		86.9		73.1		83.9		83.2		97.8		17.6	%		12.5	%		374.3		338.0		-9.7	%

Others		154.9		144.5		169.1		119.1		123.8		133.1		219.3		224.7		2.5	%		88.7	%		587.5		700.8		19.3	%

CAPEX		395.3		653.0		511.1		627.4		147.1		250.6		865.2		1,471.6		70.1	%		134.6	%		2,186.8		2,734.5		25.0	%


F. Marketing Cost	‘08-1Q		‘08-2Q		‘08-3Q		‘08-4Q		‘09-1Q		‘09-2Q		‘09-3Q		‘09-4Q		QoQ			YoY			2008		2009		YoY

o Sales Promotion		79.3		69.0		64.9		69.8		61.3		162.2		286.7		275.4		-4.0	%		294.5	%		283.0		785.5		177.6	%
o Sales Commission		230.1		228.8		174.6		172.3		171.8		332.0		510.5		398.4		-22.0	%		131.2	%		805.7		1,412.7		75.3	%
o Advertising		16.9		32.3		17.2		17.5		8.4		32.8		50.5		43.9		-13.0	%		150.3	%		83.9		135.6		61.7	%
(Profits from mobile handset sold)		-57.2		-69.9		-67.4		-50.7		-51.2		-105.8		-37.8		-48.7		28.8	%		-4.0	%		-245.2		-243.6		-0.7	%

Total Marketing Cost		269.1		260.1		189.2		208.9		190.2		421.2		809.9		669.0		-17.4	%		220.2	%		927.4		2,090.3		125.4	%


G. Interconnection Expenses	‘08-1Q		‘08-2Q		‘08-3Q		‘08-4Q		‘09-1Q		‘09-2Q		‘09-3Q		‘09-4Q		QoQ			YoY			2008		2009		YoY

		184.5		176.8		183.9		161.7		165.2		222.3		305.7		306.3		0.2	%		89.5	%		706.8		999.5		41.4	%
¡ MM		0.0		0.0		0.0		0.0		0.0		58.6		180.5		176.8		-2.1	%					0.0		415.9
¡ ML		0.0		0.0		0.0		0.0		0.0		3.3		9.0		7.6		-15.4	%					0.0		19.9
¡ LM		164.0		158.2		165.9		139.6		144.6		140.9		96.7		99.1		2.5	%		-29.0	%		627.7		481.4		-23.3	%
¡ Others		20.4		18.6		18.1		22.0		20.5		19.6		19.4		22.8		17.2	%		3.3	%		79.1		82.3		4.0	%


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

2009 4Q KT Earnings Release — KGAAP version


H. Non-operating Income	‘08-1Q		‘08-2Q		‘08-3Q		‘08-4Q		‘09-1Q		‘09-2Q		‘09-3Q		‘09-4Q		QoQ			YoY			2008		2009		YoY

		134.3		133.8		295.3		291.9		225.1		204.9		302.1		152.2		-49.6	%		-47.9	%		855.3		884.3		3.4	%
o Interest Income		18.2		25.8		22.3		37.3		26.0		52.6		42.8		38.3		-10.7	%		2.4	%		103.6		159.6		54.0	%
o Gain on foreign currency transaction		6.3		5.2		16.1		21.4		14.6		5.8		6.0		5.7		-3.8	%		-73.2	%		49.0		32.2		-34.4	%
o Gain on foreign currency translation		11.0		6.5		14.6		4.3		18.1		-5.3		164.5		55.0		-66.5	%					36.4		232.4		538.6	%
o Gain on Equity Method		19.1		30.6		15.4		7.4		57.2		57.2		29.6		38.1		28.9	%		416.1	%		72.5		182.1		151.3	%
o Gain on disposal of tangible assets		0.4		1.6		1.0		0.5		0.4		5.2		-2.4		1.8		-173.9	%		270.5	%		3.5		5.0		42.2	%
o Others		79.3		64.1		225.9		221.0		108.8		89.5		61.6		13.2		-78.6	%		-94.0	%		590.2		273.1		-53.7	%


I. Non-operating Expense	‘08-1Q		‘08-2Q		‘08-3Q		‘08-4Q		‘09-1Q		‘09-2Q		‘09-3Q		‘09-4Q		QoQ			YoY			2008		2009		YoY

		269.6		307.9		425.8		405.3		434.1		9.9		259.7		236.0		-9.1	%		-41.8	%		1,408.6		939.7		-33.3	%
o Interest Expense		72.6		85.8		78.8		92.1		98.1		87.6		127.9		132.2		3.4	%		43.5	%		329.4		445.9		35.4	%
o Loss on foreign currency transaction		2.0		5.4		10.4		21.2		12.2		9.5		7.9		6.9		-12.7	%		-67.4	%		39.0		36.5		-6.5	%
o Loss on foreign currency translation		108.4		88.0		290.1		170.8		242.4		-181.3		-46.9		-2.6		-94.4	%		-101.5	%		657.2		11.5		-98.2	%
o Loss on Equity Method		36.5		54.4		-7.7		-9.8		23.8		18.8		10.1		10.4		2.9	%		-205.9	%		73.4		63.1		-14.0	%
o Loss on disposal of tangible assets		7.9		16.3		6.7		18.7		4.9		14.0		17.7		53.8		203.9	%		188.0	%		49.6		90.4		82.2	%
o Others		42.2		58.0		47.5		112.3		52.7		61.4		143.0		35.2		-75.4	%		-68.6	%		260.0		292.4		12.4	%

[Attachment]
2009 4Q 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		‘09-4Q		QoQ			YoY			2008		2009		YoY

Operating Revenue		4,752.9		5,006.6		4,641.6		4,531.7		4,514.5		4,872.5		4,821.2		4,747.6		-1.5	%		4.8	%		18,932.8		18,955.8		0.1	%
Service Revenue		3,878.0		3,960.8		3,928.6		3,954.9		3,787.7		3,888.1		3,865.1		3,893.2		0.7	%		-1.6	%		15,722.2		15,434.1		-1.8	%
Sales of Merchandise		874.9		1,045.8		713.1		576.8		726.8		984.4		956.1		854.4		-10.6	%		48.1	%		3,210.6		3,521.7		9.7	%
o Wireless		2,310.2		2,515.7		2,200.9		2,100.3		2,183.0		2,507.9		2,501.7		2,468.2		-1.3	%		17.5	%		9,127.1		9,660.9		5.8	%
o Telephone		1,361.9		1,348.4		1,284.3		1,282.3		1,239.9		1,234.1		1,227.9		1,150.8		-6.3	%		-10.3	%		5,276.9		4,852.7		-8.0	%
o Internet		633.5		686.3		689.0		655.4		640.7		646.2		638.7		648.5		1.5	%		-1.1	%		2,664.2		2,574.1		-3.4	%
o Data		323.6		331.3		337.7		344.1		335.5		338.6		319.9		322.7		0.9	%		-6.2	%		1,336.8		1,316.8		-1.5	%
o Real estate		62.3		63.3		67.9		67.0		69.1		73.1		74.9		76.7		2.3	%		14.4	%		260.5		293.8		12.8	%
o Others		61.5		61.7		61.8		82.5		46.2		72.6		57.9		80.8		39.5	%		-2.0	%		267.4		257.5		-3.7	%

Operating Expense		4,360.4		4,684.1		4,173.8		4,272.0		3,916.3		4,389.1		4,408.1		5,297.1		20.2	%		24.0	%		17,490.3		18,010.6		3.0	%
o Labor expense		744.8		680.3		659.1		757.9		660.0		703.7		655.1		1,498.5		128.7	%		97.7	%		2,842.2		3,517.2		23.8	%
o Commission		263.1		274.2		281.9		316.0		299.5		311.3		295.7		346.7		17.3	%		9.7	%		1,135.2		1,253.2		10.4	%
o Sales promotion		164.0		376.8		263.9		198.6		194.1		269.4		286.7		275.4		-4.0	%		38.6	%		1,003.3		1,025.7		2.2	%
o Sales commission		714.4		644.8		467.2		536.7		503.9		544.4		510.5		398.4		-22.0	%		-25.8	%		2,363.2		1,957.2		-17.2	%
o Bad debt expense		6.9		55.7		38.9		19.4		35.1		18.5		3.5		15.7		345.1	%		-18.7	%		120.9		72.9		-39.7	%
o Depreciation & Amortization		794.5		803.6		863.0		986.9		775.3		736.6		750.7		857.7		14.3	%		-13.1	%		3,448.1		3,120.3		-9.5	%
o Advertising		41.3		65.2		47.6		39.6		26.3		42.8		50.5		43.9		-13.0	%		10.8	%		193.7		163.5		-15.6	%
o Repair & Maintenance		35.0		48.4		42.9		70.7		27.8		26.7		38.4		55.0		43.3	%		-22.2	%		197.0		147.9		-24.9	%
o Cost of goods sold		674.9		815.6		530.5		401.5		568.0		836.9		912.8		828.1		-9.3	%		106.2	%		2,422.5		3,145.9		29.9	%
o Cost of service provided		502.1		517.4		540.6		561.4		493.6		557.9		540.8		574.8		6.3	%		2.4	%		2,121.5		2,167.1		2.2	%
o Research & Development		57.6		58.2		61.2		79.6		44.9		50.9		60.8		80.5		32.3	%		1.2	%		256.5		237.2		-7.5	%
o Activation, Installation & A/S cost	96.5			92.1		98.7		86.9		73.1		83.9		83.2		97.8		17.6	%		12.5	%		374.3		338.0		-9.7	%
o Others		265.3		251.8		278.2		216.8		214.8		205.9		219.3		224.7		2.5	%		3.7	%		1,012.1		864.7		-14.6	%

Operating Income		392.6		322.4		467.8		259.7		598.2		483.4		413.1		-549.5	TR			TR				1,442.5		945.2		-34.5	%
EBITDA		1,187.1		1,126.0		1,330.9		1,246.6		1,373.5		1,220.0		1,163.8		308.2		-73.5	%		-75.3	%		4,890.6		4,065.4		-16.9	%

Non-operating Income		166.5		160.6		371.7		356.3		252.2		150.1		302.1		152.2		-49.6	%		-57.3	%		1,055.1		856.6		-18.8	%
Non-operating Expense		339.5		341.4		580.9		576.2		561.1		35.8		259.7		236.0		-9.1	%		-59.0	%		1,838.0		1,092.6		-40.6	%

Income before Income Taxes		219.6		141.6		258.6		39.8		289.3		597.7		455.4		-633.3	TR			TR				659.6		709.2		7.5	%
Income tax		54.1		-4.7		63.2		19.8		91.6		93.5		104.1		-185.0								132.4		104.1		-21.4	%

Net Income		165.5		146.3		195.3		20.0		197.7		504.2		351.4		-448.3	TR			TR				527.1		605.1		14.8	%
EPS (in KRW)		705		623		832		85		842		2,148		1,497		-1,890								2,246		2,597		15.6	%



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


¡ Operating Revenue		QoQ 1.5% fall due to declining merchandise sales, mainly mobile handsets.
		However, service revenue rose 0.7% QoQ on the back of steady wireless data revenue growth.

¡ Operating Income		Quarterly OP turned to red due to W876.4bn expenses for the Eearly Retirement Program (ERP).
		(excluding this one-time ERP expenses, the annual OP should have been W1.82tr.)

¡ Net Income		Quarterly NP turned to red due to the anomalous ERP cost.
		(excluding this one-time ERP expenses, the annual NP should have been W1.27tr.)

[Attachment]
2009 4Q KT Earnings Release — Guidance version


B. Balance Sheet	‘08-1Q			‘08-2Q			‘08-3Q			‘08-4Q			‘09-1Q			‘09-2Q			‘09-3Q			‘09-4Q			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			24,342.5			1.3	%		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			6,474.6			-3.6	%		12.5	%
¡ Quick assets		4,319.0			4,348.3			5,007.3			5,378.2			6,062.3			6,676.2			6,188.9			5,867.8			-5.2	%		9.1	%
- Cash & cash equivalents		1,029.5			890.0			1,558.5			1,824.9			2,291.1			2,850.7			2,115.6			1,574.6			-25.6	%		-13.7	%
- Accounts receivables		2,723.8			2,920.2			2,821.9			2,855.0			3,010.3			3,132.6			3,365.0			3,491.1			3.7	%		22.3	%
¡ Inventories		281.6			398.2			391.5			377.9			392.3			475.2			524.2			606.8			15.8	%		60.6	%
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			17,867.9			3.2	%		-2.7	%
¡ Investment		1,181.3			1,247.9			1,270.5			1,217.3			1,228.8			1,219.5			1,225.5			1,274.7			4.0	%		4.7	%
- Investment stocks accounted in equity method		820.5			888.2			932.8			902.5			899.3			1,103.8			1,047.3			1,081.0			3.2	%		19.8	%
- Available-for-sale securities		261.6			252.7			240.7			219.1			242.1			31.2			45.2			60.3			33.4	%		-72.5	%
¡ Tangible assets		14,622.5			14,699.0			14,640.2			14,591.3			14,173.4			13,755.4			13,755.8			14,203.8			3.3	%		-2.7	%
¡ Intangible assets		1,557.0			1,481.8			1,407.3			1,372.5			1,278.1			1,238.5			1,173.8			1,206.6			2.8	%		-12.1	%
¡ Others		624.8			824.7			1,089.9			1,189.9			1,250.8			1,258.5			1,161.5			1,182.8			1.8	%		-0.6	%
Total Liabilities		11,922.9			12,291.8			12,954.3			13,296.1			13,796.8			14,466.3			13,483.4			13,944.2			3.4	%		4.9	%
o Current liabilities		4,301.9			4,344.4			4,640.6			4,370.7			4,825.3			4,999.2			4,272.0			5,684.3			33.1	%		30.1	%
¡ Current portion of LT debt		594.9			383.7			1,025.1			1,037.6			1,113.9			1,110.0			476.3			1,024.7			115.1	%		-1.2	%
¡ Current portion of LT accrued payables		124.3			125.7			127.2			128.7			143.4			145.1			146.8			148.5			1.2	%		15.4	%
¡ Accounts payable		1,073.0			1,200.1			852.4			757.3			786.0			1,160.2			827.3			1,350.1			63.2	%		78.3	%
¡ Others		2,509.8			2,634.8			2,635.8			2,447.0			2,782.0			2,583.9			2,821.6			3,160.9			12.0	%		29.2	%
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			8,259.9			-10.3	%		-7.5	%
¡ Bonds		5,723.1			6,052.8			6,363.3			6,989.0			7,225.6			7,841.0			7,637.9			6,739.1			-11.8	%		-3.6	%
¡ Long-term borrowings		92.8			94.6			124.6			116.1			108.4			96.2			77.6			63.1			-18.6	%		-45.6	%
¡ Long-term accounts payables		286.3			289.4			292.6			295.7			155.5			157.3			159.0			160.8			1.1	%		-45.6	%
¡ Installation deposit		833.0			813.3			808.7			781.8			763.1			743.0			723.3			696.7			-3.7	%		-10.9	%
¡ Others		685.9			697.4			724.6			742.9			719.1			629.7			613.7			600.2			-2.2	%		-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			10,398.3			-1.4	%		-4.0	%
o Common stock		1,564.5			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			1,448.6			-0.7	%		0.6	%
o Retained earnings		9,592.2			9,752.7			9,840.3			9,814.1			9,727.4			9,674.6			10,026.0			9,595.5			-4.3	%		-2.2	%
o Capital adjustment		-1,930.6			-2,082.0			-2,045.4			-1,994.6			-2,099.0			-2,509.4			-2,507.6			-2,165.7			-13.6	%		8.6	%
¡ Treasury stock		-1,388.2			-1,400.8			-1,388.2			-1,388.2			-1,552.5			-1,407.2			-1,407.2			-956.2			-32.1	%		-31.1	%
¡ Gain/loss on disposal of treasury stock		-791.9			-791.9			-791.9			-791.7			-791.7			-791.3			-791.3			-890.7			12.5	%		12.5	%
o Accumulated Other Comprehensive Income		-3.5			32.1			52.2			6.3			-44.6			-31.5			4.6			-44.5						-805.0	%

Total interesting bearing debt		6,821.2			6,947.7			8,006.3			8,567.1			9,146.7			9,549.5			8,497.6			8,136.3			-4.3	%		-5.0	%
Net debt		5,381.2			5,642.6			6,028.0			6,317.8			6,556.7			6,396.4			6,076.2			6,252.4			2.9	%		-1.0	%
Net debt (including LT A/P)		5,791.7			6,057.7			6,447.8			6,742.3			6,855.6			6,698.8			6,382.1			6,561.7			2.8	%		-2.7	%

Debt/ equity ratio		111.8	%		114.8	%		119.4	%		122.8	%		130.3	%		142.4	%		127.9	%		134.1	%		6.3	%p		11.3	%p
Net debt/ equity ratio		50.5	%		52.7	%		55.5	%		58.3	%		61.9	%		63.0	%		57.6	%		60.1	%		2.5	%p		1.8	%p
Net debt/ equity ratio (including LT A/P)		54.3	%		56.6	%		59.4	%		62.2	%		64.7	%		66.0	%		60.5	%		63.1	%		2.6	%p		0.9	%p

[Attachment]
2009 4Q 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		‘09-4Q		QoQ			YoY			2008		2009		YoY

		2,310.2		2,515.7		2,200.9		2,100.3		2,183.0		2,507.9		2,501.7		2,468.2		-1.3	%		17.5	%		9,127.1		9,660.9		5.8	%
o Service revenue		1,495.7		1,570.8		1,566.9		1,576.0		1,528.9		1,598.5		1,639.7		1,695.3		3.4	%		7.6	%		6,209.5		6,462.3		4.1	%

¡ Voice		991.9		1,034.4		1,031.8		1,043.8		1,011.1		1,037.9		1,050.5		1,073.1		2.2	%		2.8	%		4,101.9		4,172.7		1.7	%
Monthly base fee		569.4		577.8		591.8		601.2		605.8		619.2		638.2		675.2		5.8	%		12.3	%		2,340.1		2,538.4		8.5	%
Airtime charge		417.1		457.4		449.1		458.8		425.0		453.0		453.4		452.7		-0.2	%		-1.3	%		1,782.4		1,784.1		0.1	%
Value added service		42.4		40.1		40.2		38.5		40.4		37.9		35.0		33.5		-4.3	%		-12.9	%		161.2		146.8		-8.9	%
Other voice revenue		18.9		22.2		23.1		26.6		25.2		21.7		28.1		25.4		-9.5	%		-4.6	%		90.8		100.4		10.5	%
(Voice discount)		-55.8		-63.1		-72.4		-81.3		-85.2		-93.9		-104.1		-113.7		9.2	%		39.8	%		-272.6		-396.9		45.6	%

¡ Data		250.7		265.1		272.0		270.8		275.4		288.0		302.9		319.1		5.4	%		17.9	%		1,058.6		1,185.4		12.0	%
Monthly base fee		83.1		86.4		87.4		88.9		94.1		96.8		99.8		105.5		5.8	%		18.7	%		345.8		396.2		14.6	%
Messaging (SMS, MMS)		75.4		81.8		84.4		86.0		83.5		89.2		85.6		89.2		4.3	%		3.8	%		327.6		347.5		6.1	%
Wireless data usage		61.4		65.5		67.1		66.0		67.4		70.9		84.8		88.1		3.9	%		33.6	%		260.0		311.2		19.7	%
Contents		22.5		22.7		23.9		21.2		20.2		20.2		19.6		21.0		7.2	%		-1.0	%		90.2		80.9		-10.3	%
Others		8.3		8.7		9.2		8.7		10.2		10.8		13.2		15.3		15.6	%		75.2	%		35.0		49.4		41.3	%

¡ Interconnection revenue		187.7		199.9		198.1		222.9		198.1		205.1		222.4		214.8		-3.4	%		-3.6	%		808.7		840.5		3.9	%

¡ Other revenue		65.4		71.4		65.0		38.6		44.2		67.5		63.9		88.2		38.1	%		128.8	%		240.4		263.8		9.8	%
Activation fee		42.5		40.7		28.9		25.1		27.0		34.3		28.9		23.7		-17.9	%		-5.7	%		137.2		113.9		-17.0	%
Others		22.9		30.7		36.1		13.4		17.2		33.2		35.0		64.5		84.3	%		380.0	%		103.2		150.0		45.3	%

o Handset sales		814.4		944.8		634.0		524.4		654.2		909.4		862.0		772.9		-10.3	%		47.4	%		2,917.6		3,198.5		9.6	%


¡ Voice		Despite increasing voice discount, expanding subsciber base led to 2.2% QoQ growth.

¡ Data		Rose 5.4% QoQ and 17.9% YoY due to bulging data usage and growing number of flat rate subscribers.

¡ Handset sales		Declined 10.3% QoQ as gross addition number fell 14.6% QoQ.


B. Telephone Revenue	‘08-1Q		‘08-2Q		‘08-3Q		‘08-4Q		‘09-1Q		‘09-2Q		‘09-3Q		‘09-4Q		QoQ			YoY			2008		2009		YoY

		1,361.9		1,348.4		1,284.3		1,282.3		1,239.9		1,234.1		1,227.9		1,150.8		-6.3	%		-10.3	%		5,276.9		4,852.7		-8.0	%
o Subscriber connection		328.7		323.3		317.0		311.7		304.7		303.9		291.9		285.8		-2.1	%		-8.3	%		1,280.6		1,186.4		-7.4	%
¡ Activation & Installation fee		17.1		14.5		10.8		11.2		9.3		9.7		8.9		8.1		-8.7	%		-27.7	%		53.6		35.9		-33.0	%
¡ Monthly base fee		270.0		267.4		264.8		261.3		255.4		248.0		240.2		232.0		-3.4	%		-11.2	%		1,063.5		975.6		-8.3	%
¡ Interconnection		41.6		41.4		41.4		39.2		40.1		46.3		42.8		45.7		6.8	%		16.7	%		163.6		174.9		6.9	%

o Local		218.6		212.1		206.3		215.5		197.6		206.0		189.0		164.0		-13.2	%		-23.9	%		852.4		756.7		-11.2	%
¡ Local airtime charge		148.2		140.2		134.5		131.9		126.3		119.9		112.9		105.7		-6.3	%		-19.9	%		554.8		464.8		-16.2	%
¡ Local interconnection		19.8		21.2		20.7		19.3		17.4		20.2		18.8		19.1		1.6	%		-1.0	%		81.0		75.5		-6.8	%
¡ Others		50.6		50.7		51.0		64.3		53.9		65.8		57.4		39.3		-31.6	%		-38.9	%		216.6		216.4		-0.1	%

o Domestic long distance		149.7		137.7		134.1		131.3		123.8		111.5		108.5		103.1		-4.9	%		-21.5	%		552.8		446.9		-19.2	%
¡ DLD airtime charge		142.9		132.9		128.6		125.9		117.6		109.2		103.6		98.3		-5.1	%		-21.9	%		530.3		428.7		-19.2	%
¡ DLD interconnection		6.6		4.5		5.3		5.2		6.0		2.1		4.7		4.5		-2.3	%		-12.2	%		21.5		17.3		-19.5	%
¡ Others		0.2		0.3		0.3		0.3		0.2		0.2		0.2		0.2		6.2	%		-7.1	%		1.0		0.9		-9.2	%

o LM revenue		364.0		358.4		340.5		330.2		305.1		297.5		285.0		266.4		-6.5	%		-19.3	%		1,393.1		1,153.9		-17.2	%

o International long distance		46.9		49.1		43.6		40.1		35.3		35.0		33.5		31.9		-4.7	%		-20.6	%		179.7		135.6		-24.5	%

o International long distance settlement		49.5		47.4		42.7		67.5		63.5		54.0		55.0		47.0		-14.5	%		-30.3	%		207.2		219.6		6.0	%

o VoIP		10.2		21.5		19.6		23.7		41.5		50.9		87.3		81.4		-6.7	%		242.9	%		75.1		261.0		247.6	%

o VAS		90.1		79.6		85.7		71.2		74.5		85.5		85.3		83.6		-1.9	%		17.4	%		326.6		328.9		0.7	%

o Public phones & 114 service		40.6		36.1		39.4		47.3		42.4		36.6		37.5		38.1		1.6	%		-19.5	%		163.4		154.6		-5.4	%

o Others		63.6		83.5		55.3		43.7		51.4		53.3		55.0		49.4		-10.3	%		13.1	%		246.0		209.1		-15.0	%


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

¡ VoIP		Rapidly rising subscribers resulted in 247% YoY growth.

[Attachment]
2009 4Q KT Earnings Release — Guidance version


C. Internet Revenue	‘08-1Q		‘08-2Q		‘08-3Q		‘08-4Q		‘09-1Q		‘09-2Q		‘09-3Q		‘09-4Q		QoQ			YoY			2008		2009		YoY

		633.5		686.3		689.0		655.4		640.7		646.2		638.7		648.5		1.5	%		-1.1	%		2,664.2		2,574.1		-3.4	%

Internet Access		527.2		538.8		533.1		527.0		518.2		524.1		513.0		505.1		-1.5	%		-4.2	%		2,126.0		2,060.4		-3.1	%

o Broadband		500.5		507.8		508.9		500.2		483.8		481.1		477.5		463.1		-3.0	%		-7.4	%		2,017.3		1,905.5		-5.5	%
o Nespot		8.5		8.0		7.3		6.9		6.5		6.2		5.6		5.4		-3.0	%		-21.9	%		30.7		23.7		-22.7	%
o WiBro		17.5		22.5		15.4		20.2		27.4		35.3		28.9		35.4		22.3	%		75.5	%		75.6		127.0		68.0	%
o Others		0.7		0.5		1.5		-0.3		0.5		1.5		1.0		1.2		22.4	%		-515.8	%		2.4		4.1		73.4	%

Internet Application		106.3		147.5		155.9		128.4		122.5		122.1		125.8		143.4		14.0	%		11.6	%		538.2		513.7		-4.5	%

o IDC		48.3		70.0		70.5		58.8		50.6		48.8		57.1		59.5		4.2	%		1.2	%		247.6		216.0		-12.8	%
o bizmeka		36.6		47.3		51.8		33.8		33.0		33.9		25.6		32.8		28.1	%		-2.9	%		169.5		125.4		-26.0	%
o IPTV		5.0		9.6		14.3		17.6		19.9		21.1		25.1		33.3		32.6	%		89.0	%		46.6		99.4		113.4	%
o Others		16.3		20.6		19.3		18.2		19.0		18.2		17.9		17.7		-1.3	%		-2.7	%		74.5		72.9		-2.1	%


¡ Broadband		QoQ and YoY drop due to increasing discounts to bundling and long-term contract subscribers.

¡ WiBro		Stable growth from rising subscribers.

¡ IPTV		32.6% QoQ, 89% YoY growth from expanding subscriber base and ARPU growth.


D. Data Revenue	‘08-1Q		‘08-2Q		‘08-3Q		‘08-4Q		‘09-1Q		‘09-2Q		‘09-3Q		‘09-4Q		QoQ			YoY			2008		2009		YoY

		323.6		331.3		337.7		344.1		335.5		338.6		319.9		322.7		0.9	%		-6.2	%		1,336.8		1,316.8		-1.5	%
o Leased line		190.7		189.5		199.2		207.3		197.3		200.4		183.2		186.2		1.6	%		-10.2	%		786.7		767.2		-2.5	%
¡ Local		80.2		77.7		77.3		84.6		77.1		74.0		74.9		77.0		2.8	%		-9.0	%		319.7		303.0		-5.2	%
¡ Domestic long distance		60.0		60.3		62.5		67.5		63.0		69.4		65.6		65.7		0.2	%		-2.7	%		250.3		263.7		5.4	%
¡ International long distance		5.0		6.2		7.3		6.3		6.3		7.0		6.7		6.4		-4.3	%		2.2	%		24.8		26.5		6.9	%
¡ Broadcasting & others		45.5		45.3		52.1		49.0		50.9		50.0		36.0		37.1		2.9	%		-24.3	%		191.9		174.0		-9.3	%

o Kornet		62.4		67.3		64.7		61.0		63.3		64.1		62.1		59.9		-3.6	%		-1.9	%		255.5		249.4		-2.4	%

o VPN		14.8		15.7		16.6		16.9		16.2		17.0		19.2		22.8		18.8	%		34.5	%		64.0		75.2		17.6	%

o National network ATM		20.7		21.3		21.7		21.3		21.7		20.4		12.5		10.3		-17.8	%		-51.8	%		85.0		64.8		-23.8	%

o Satellite		25.9		27.7		26.6		27.3		26.8		27.1		26.3		26.6		1.3	%		-2.3	%		107.5		106.8		-0.6	%

o Others		9.1		9.8		9.0		10.2		10.2		9.5		16.6		17.0		2.3	%		65.7	%		38.1		53.3		39.6	%


¡ Data		Slightly increased QoQ due to leased line sales growth.

[Attachment]
2009 4Q KT Earnings Release — Guidance version


E. Operating Expense	‘08-1Q		‘08-2Q		‘08-3Q		‘08-4Q		‘09-1Q		‘09-2Q		‘09-3Q		‘09-4Q		QoQ			YoY			2008		2009		YoY

		4,360.4		4,684.1		4,173.8		4,272.0		3,916.3		4,389.1		4,408.1		5,297.1		20.2	%		24.0	%		17,490.3		18,010.6		3.0	%
Labor Expense		744.8		680.3		659.1		757.9		660.0		703.7		655.1		1,498.5		128.7	%		97.7	%		2,842.2		3,517.2		23.8	%
o Salaries & wages		523.3		490.6		484.7		486.2		494.1		470.0		471.9		478.2		1.3	%		-1.7	%		1,984.8		1,914.2		-3.6	%
o Provision for retirement		105.0		61.3		53.1		121.1		45.0		71.5		57.3		905.2		1478.5	%		647.8	%		340.5		1,079.0		216.9	%
o Employee welfare		116.6		128.4		121.3		150.6		120.9		162.2		125.9		115.2		-8.5	%		-23.5	%		516.9		524.1		1.4	%

Commission		263.1		274.2		281.9		316.0		299.5		311.3		295.7		346.7		17.3	%		9.7	%		1,135.2		1,253.2		10.4	%

Sales Promotion		164.0		376.8		263.9		198.6		194.1		269.4		286.7		275.4		-4.0	%		38.6	%		1,003.3		1,025.7		2.2	%

Sales Commission		714.4		644.8		467.2		536.7		503.9		544.4		510.5		398.4		-22.0	%		-25.8	%		2,363.2		1,957.2		-17.2	%

Bad Debt Expenses		6.9		55.7		38.9		19.4		35.1		18.5		3.5		15.7		345.1	%		-18.7	%		120.9		72.9		-39.7	%

Depreciation & Amortization		794.5		803.6		863.0		986.9		775.3		736.6		750.7		857.7		14.3	%		-13.1	%		3,448.1		3,120.3		-9.5	%

Advertising		41.3		65.2		47.6		39.6		26.3		42.8		50.5		43.9		-13.0	%		10.8	%		193.7		163.5		-15.6	%

Repair & Maintenance		35.0		48.4		42.9		70.7		27.8		26.7		38.4		55.0		43.3	%		-22.2	%		197.0		147.9		-24.9	%

Cost of Goods Sold		674.9		815.6		530.5		401.5		568.0		836.9		912.8		828.1		-9.3	%		106.2	%		2,422.5		3,145.9		29.9	%
o Cost of mobile handset sold		624.4		734.3		460.5		353.2		495.3		758.4		824.2		724.2		-12.1	%		105.0	%		2,172.5		2,802.1		29.0	%
o Others		50.4		81.3		70.0		48.3		72.8		78.5		88.6		103.9		17.3	%		115.1	%		250.0		343.8		37.5	%

Cost of Service Provided		502.1		517.4		540.6		561.4		493.6		557.9		540.8		574.8		6.3	%		2.4	%		2,121.5		2,167.1		2.2	%
o Cost of service		128.1		118.6		136.8		167.6		121.0		137.0		127.8		150.9		18.1	%		-10.0	%		551.1		536.7		-2.6	%
o International long distance settlement cost		64.9		67.6		63.0		79.3		70.5		62.2		64.9		65.2		0.4	%		-17.8	%		274.8		262.8		-4.4	%
o Interconnection expense		293.7		308.7		317.3		281.2		272.9		319.2		305.7		306.3		0.2	%		8.9	%		1,200.9		1,204.2		0.3	%
o Others		15.4		22.5		23.6		33.2		29.2		39.5		42.5		52.4		23.4	%		57.7	%		94.7		163.5		72.7	%

Research & Development		57.6		58.2		61.2		79.6		44.9		50.9		60.8		80.5		32.3	%		1.2	%		256.5		237.2		-7.5	%

Activation, Installation & A/S Cost		96.5		92.1		98.7		86.9		73.1		83.9		83.2		97.8		17.6	%		12.5	%		374.3		338.0		-9.7	%

Others		265.3		251.8		278.2		216.8		214.8		205.9		219.3		224.7		2.5	%		3.7	%		1,012.1		864.7		-14.6	%

CAPEX		679.1		862.8		759.3		849.1		299.5		322.4		865.2		1,471.6		70.1	%		73.3	%		3,150.3		2,958.7		-6.1	%


¡ Labor		Increased 128.7% QoQ after reflecting W876.4bn ERP expenses.

¡ Commission		Rose 17.3% QoQ due to completion of various outsourcing projects.

¡ Depreciation & Amortization		Rising capex amount led to 14.3% QoQ increase.

¡ Cost of Goods Sold		QoQ drop due to falling mobile handset sales.


F. Marketing Cost	‘08-1Q		‘08-2Q		‘08-3Q		‘08-4Q		‘09-1Q		‘09-2Q		‘09-3Q		‘09-4Q		QoQ			YoY			2008		2009		YoY

o Sales Promotion		164.0		376.8		263.9		198.6		194.1		269.4		286.7		275.4		-4.0	%		38.6	%		1,003.3		1,025.7		2.2	%
o Sales Commission		714.4		644.8		467.2		536.7		503.9		544.4		510.5		398.4		-22.0	%		-25.8	%		2,363.2		1,957.2		-17.2	%
o Advertising		41.3		65.2		47.6		39.6		26.3		42.8		50.5		43.9		-13.0	%		10.8	%		193.7		163.5		-15.6	%
(Profits from mobile handset sold)		-190.0		-210.5		-173.5		-171.1		-158.9		-151.0		-37.8		-48.7		28.8	%		-71.5	%		-745.1		-396.4		-46.8	%

Total Marketing Cost		729.7		876.3		605.3		603.8		565.4		705.6		809.9		669.0		-17.4	%		10.8	%		2,815.1		2,749.9		-2.3	%


¡ Marketing Cost		Stabiized fixed and mobile market competition resulted in 17.4% QoQ drop.


G. Interconnection Expenses	‘08-1Q		‘08-2Q		‘08-3Q		‘08-4Q		‘09-1Q		‘09-2Q		‘09-3Q		‘09-4Q		QoQ			YoY			2008		2009		YoY

		293.7		308.7		317.3		281.2		272.9		319.2		305.7		306.3		0.2	%		8.9	%		1,200.9		1,204.2		0.3	%
¡ MM		151.6		175.5		174.5		175.6		150.8		171.9		180.5		176.8		-2.1	%		0.7	%		677.2		680.1		0.4	%
¡ ML		11.7		14.3		10.1		10.0		6.4		10.8		9.0		7.6		-15.4	%		-24.1	%		46.1		33.9		-26.5	%
¡ LM		109.0		99.2		113.5		82.2		98.9		113.2		96.7		99.1		2.5	%		20.6	%		403.9		407.9		1.0	%
¡ Others		21.4		19.7		19.2		13.4		16.8		23.3		19.4		22.8		17.2	%		70.5	%		73.6		82.3		11.8	%


¡ Interconnection Expenses		Interconnection expenses may not vary proportionally to voice traffic due to difference in estimation.

[Attachment]
2009 4Q KT Earnings Release — Guidance version


H. Non-operating Income	‘08-1Q		‘08-2Q		‘08-3Q		‘08-4Q		‘09-1Q		‘09-2Q		‘09-3Q		‘09-4Q		QoQ			YoY			2008		2009		YoY

		166.5		160.6		371.7		356.3		252.2		150.1		302.1		152.2		-49.6	%		-57.3	%		1,055.1		856.6		-18.8	%
o Interest Income		22.9		33.0		25.0		47.4		37.8		61.5		42.8		38.3		-10.7	%		-19.2	%		128.2		180.4		40.7	%
o Gain on foreign currency transaction		6.6		7.5		18.2		23.7		15.1		5.9		6.0		5.7		-3.8	%		-75.7	%		55.9		32.7		-41.4	%
o Gain on foreign currency translation		11.1		6.6		14.9		4.7		18.4		0.1		164.5		55.0		-66.5	%		1074.2	%		37.2		238.0		539.1	%
o Gain on Equity Method		19.4		32.6		15.6		7.5		19.4		25.9		29.6		38.1		28.9	%		410.2	%		75.1		113.0		50.6	%
o Gain on disposal of tangible assets		0.5		1.7		1.1		0.8		0.5		5.4		-2.4		1.8		-173.9	%		125.9	%		4.1		5.3		29.7	%
o Others		106.2		79.3		296.8		272.3		161.1		51.3		61.6		13.2		-78.6	%		-95.2	%		754.6		287.2		-61.9	%


¡ Gain on Equity Method		Improved due to better operating results mainly from NTC Russia and KT Rental.

¡ Others		Dropped QoQ due to incorporation of one-time asset sales gain in 3Q09.


I. Non-operating Expense	‘08-1Q		‘08-2Q		‘08-3Q		‘08-4Q		‘09-1Q		‘09-2Q		‘09-3Q		‘09-4Q		QoQ			YoY			2008		2009		YoY

		339.5		341.4		580.9		576.2		561.1		35.8		259.7		236.0		-9.1	%		-59.0	%		1,838.0		1,092.6		-40.6	%
o Interest Expense		100.3		111.3		110.5		139.9		130.5		108.8		127.9		132.2		3.4	%		-5.5	%		461.9		499.5		8.1	%
o Loss on foreign currency transaction		3.7		6.4		12.9		23.5		13.3		9.3		7.9		6.9		-12.7	%		-70.5	%		46.6		37.5		-19.4	%
o Loss on foreign currency translation		117.3		104.4		354.8		213.9		288.1		-221.3		-46.9		-2.6		-94.4	%		-101.2	%		790.4		17.2		-97.8	%
o Loss on Equity Method		51.2		26.3		31.3		32.2		54.2		31.7		10.1		10.4		2.9	%		-67.7	%		140.9		106.4		-24.5	%
o Loss on disposal of tangible assets		10.8		19.6		19.2		44.1		17.4		32.5		17.7		53.8		203.9	%		22.2	%		93.7		121.5		29.7	%
o Others		56.2		73.4		52.3		122.7		57.5		74.8		143.0		35.2		-75.4	%		-71.3	%		304.6		310.5		1.9	%


¡ Loss on disposal of tangible assets		Reflected asset disposal losses from scrapping outdated equipment.

¡ Others		Declined losses from derivative valuation due to stabilized Won/USD rate in the quarter.

[Attachment]
2009 4Q 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		‘09-4Q		QoQ			YoY

Telephony		20,881		20,944		20,882		20,194		19,972		19,852		19,819		19,753		-0.3	%		-2.2	%
PSTN		20,818		20,741		20,621		19,866		19,468		19,057		18,550		18,052		-2.7	%		-9.1	%
Household		19,861		19,768		19,635		18,883		18,483		18,070		17,561		17,069		-2.8	%		-9.6	%
Business		958		974		986		983		984		987		989		983		-0.6	%		0.0	%
VoIP		63		203		261		328		505		795		1,269		1,701		34.1	%		419.1	%
Broadband		6,627		6,687		6,754		6,712		6,714		6,738		6,818		6,953		2.0	%		3.6	%
IPTV		567		706		808		773		694		724		907		1,172		29.3	%		51.6	%
Nespot		392		387		371		352		340		330		304		296		-2.6	%		-15.8	%
Wibro		145		202		172		160		184		218		255		287		12.5	%		78.9	%


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

Subscribers (‘000)		13,940			14,165			14,259			14,365			14,547			14,713			14,904			15,016			0.8	%		4.5	%
Gross addition		2,343			2,350			1,788			1,463			1,623			2,174			1,816			1,551			-14.6	%		6.0	%
Deactivation		2,124			2,125			1,695			1,356			1,440			2,008			1,625			1,439			-11.4	%		6.1	%
Net addition		219			225			93			107			182			165			191			112			-41.4	%		5.0	%
Churn rate		4.4	%		4.4	%		3.2	%		2.6	%		2.8	%		4.1	%		3.0	%		2.7	%		-0.3	%p		0.1	%p

ARPU (KRW)		34,818			35,954			35,637			36,249			34,669			35,353			35,941			36,353			1.1	%		0.3	%
Voice		24,146			24,804			24,482			24,609			23,612			23,967			23,961			24,275			1.3	%		-1.4	%
Data		6,103			6,356			6,454			6,384			6,431			6,650			6,908			7,218			4.5	%		13.1	%
Interconnection		4,569			4,794			4,701			5,256			4,627			4,737			5,072			4,860			-4.2	%		-7.5	%


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

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