January 25, 2011

Results for the Year

Ended December 31, 2010
* Korean GAAP, Non-Audited

Seoul, Korea, January 25, 2011 – SK Telecom Co., Ltd. (KSE: 017670, NYSE: SKM)
(“SKT” or “the Company”), the leading wireless telecommunications company in Korea,
today announced the results of its operations for the Year ended December 31, 2010.

This material contains forward-looking statements with respect to the financial condition, results of
operations and business of SK Telecom and plans and objectives of the management of SK Telecom.
Statements that are not historical facts, including statements about SK Telecom’s beliefs and expectations,
are forward-looking statements. Such forward-looking statements involve known and unknown risks,
uncertainties and other factors which may cause the actual results or performance of SK Telecom to be
materially different from any future results or performance expressed or implied by such forward-looking
statements. SK Telecom does not make any representation or warranty, expressed or implied, as to the
accuracy or completeness of the information contained in this management presentation, and nothing
contained herein is, or shall be relied upon as, a promise or representation, whether as to the past or the
future.
Such forward-looking statements were based on current plans, estimates and projections of SK Telecom and
the political and economic environment in which SK Telecom will operate in the future, and therefore you
should not pplace undue reliance on them. Forward-looking g statements speak
p onlyy as off the date theyy are
made, and SK Telecom undertakes no obligation to update publicly any of them in light of new information
or future events. Additional information concerning these and other risk factors are contained in SK
Telecom’s latest annual report on Form 20-F and in SK Telecom’s other filings with the U.S. Securities and
Exchange Commission (SEC).
 Contents

I. Financial Highlights ………………………………………………………………… 1

II. Financial Results ……..………………………………………….…………………… 2

1. Income Statement

2. Capital Expenditure

3. Balance Sheet

III. Operating Result …..…………………………………………………………..…… 6

IV. Appendix (Financial Statements) .……………………………………………… 7

V. IR C
Contacts ………………………..………………………..…………….…..….… 9
I. Financial Highlights

● Summary of Income Statement

(KRW bn) 2010 2009 Change Q4 '10 Q3 '10 Change
Operating revenue 12,460 12,101 3% 3,172 3,181 0%
Operating expenses 10,425 9,922 5% 2,719 2,661 2%
Operating income 2,035 2,179 -7% 453 519 -13%
Operating margin 16.3% 18.0% -1.7%p 14.3% 16.3% -2.0%p

Other income 561 786 -29% 248 122 103%

Other expenses 779 1,308 -40% 266 162 65%
Income before income tax 1,817 1,657 10% 435 480 -9%
Net income 1,411 1,288 10% 361 364 -1%
Net margin 11.3% 10.6% 0.7%p 11.4% 11.4% 0.0%p

EBITDA 1) 4,221 4,209 0% 1,096 1,065 3%

EBITDA margin 33.9% 34.8% -0.9%p 34.5% 33.5% 1.1%p

1) EBITDA = Operating income + Depreciation (including R&D related depreciation)

● Other Main Items

(KRW bn) 2010 2009 Change Q4 '10 Q3 '10 Change

Wireless Internet sales 3,010 2,660 13% 864 768 12%

% of Cellular revenue 26.8% 24.5% 2.4%p 29.9% 27.0% 2.9%p

Marketing expenses
to sales ratio 24.2% 24.7% -0.6%p 20.8% 23.9% -3.2%p
(KCC guideline)
Marketing expenses
26.7% 26.9% -0.2%p 23.4% 26.7% -3.3%p
to sales ratio*
* Marketing expenses to sales ratio includes Advertising costs and Wireline-related revenue and expenses.

Capital expenditure 1,845 1,769 4% 984 487 102%

% of Revenue 14.8% 14.6% 0.2%p 31.0% 15.3% 15.7%p

Interest-bearing debt 3,993 4,530 -12% 3,993 4,503 -11%

Debt/Equity ratio 34.9% 40.3% -5.4%p 34.9% 39.4% -4.6%p

1
II. Financial Results

1. Income Statement

A. Operating revenue
(KRW bn) 2010 2009 Change Q4 '10 Q3 '10 Change
Sign-up fees 326 404 -19% 76 90 -15%
Monthly fees 4,502 4,161 8% 1,097 1,139 -4%
Call charges 2,745 3,259 -16% 654 671 -2%
VAS & others 646 394 64% 198 175 13%
Wireless Internet sales 3,010 2,660 13% 864 768 12%
% of Cellular service 26.8% 24.5% 2.4%p 29.9% 27.0% 2.9%p
Total Cellular service 11,229 10,877 3% 2,889 2,843 2%
Interconnection revenue 1,231 1,225 0% 283 338 -16%
L→M 455 451 1% 106 119 -11%
M→M 776 774 0% 177 220 -19%
Operating revenue 12,460 12,101 3% 3,172 3,181 0%

1) Sign-up fees
- The YoY decrease was mainly due to cut in sign-up fees.
- The QoQ decrease was mainly due to decrease in the number of new subscribers.

2) Monthly fees
- The YoY increase was mainly due to increase in 1) the average number of subscribers and 2) the number of premium
flat rate plan subscribers.
- The QoQ decrease was mainly due to increase in the subscribers of discount tariff plans.

3) Call charges
- The YoY decrease was mainly due to 1) introduction of per second billing, 2) increase in the number of subscribers
signing up for discount price plans, and 3) increase in free call charges resulted from conversion of pay as you go price plan
subscribers to flat rate plan subscribers.
- The QoQ decrease was mainly due to increase in the number of subscribers signing up for discount price plans, and
increase in free call charges resulted from conversion of pay as you go price plan subscribers to flat rate plan subscribers.

4) VAS & others

- The YoY increase was mainly due to increase in the leased-line revenue, roaming service revenue and SK Broadband
service resale.
- The QoQ increase was mainly due to billing commissions revenue related to handset installment receivables and increase
in the SK Broadband service resale.

5) Wireless Internet sales

- The YoY and QoQ increase was mainly due to increase in data flat rate plan revenue resulted from increase in the number of
premium flat rate plan subscribers and data contents usage revenue.

6) Interconnection revenue
- The YoY slight increase was mainly due to increase in MM call traffic volume, despite interconnection rate adjustment.
- The QoQ decrease was mainly due to the reflection of retroactive revenue of 1Q~3Q resulted from interconnection rate
adjustment in 4Q '10.

2
B. Operating expenses
(KRW bn) 2010 2009 Change Q4 '10 Q3 '10 Change
Labor cost 559 520 8% 119 115 3%
Commissions paid 4,961 4,595 8% 1,242 1,276 -3%
Marketing commissions 3,065 2,985 3% 672 782 -14%
Initial commissions 1,942 1,834 6% 383 467 -18%
Monthly commissions 470 430 9% 123 122 1%
Retention commissions 652 721 -10% 165 193 -14%
Other commissions 1,896 1,610 18% 570 494 15%
Advertising 259 265 -3% 69 67 3%
1)
Depreciation 2,186 2,030 8% 643 546 18%
Network interconnection 1,030 1,068 -4% 198 302 -34%
M→M 825 850 -3% 151 247 -39%
M→L 205 219 -6% 47 54 -13%
Leased line 189 333 -43% 51 47 9%
2)
Others 1,241 1,111 12% 398 309 29%
Operating expenses 10,425 9,922 5% 2,719 2,661 2%
1) Includes R&D related depreciation
2) For details, please refer to non-consolidated statements of income in appendix

1) Labor cost
- The QoQ increase was mainly due to increase in salary payment.
2) Commissions paid
- Marketing commissions:
The YoY increase in initial commissions was mainly due to increase in the number of new subscribers.
The QoQ decrease in initial commissions was due to decrease in the aquisition cost per new subscriber and decrease in the
number of new subscribers.
The YoY and QoQ increase in monthly commissions was mainly due to increase in the average number of subscribers.
The YoY and QoQ decrease in retention commissions was mainly due to decrease in the number of current subscribers
replacing handsets.
- Other commissions:
The YoY and QoQ increase was mainly due to increase in contents sourcing related expenses and increase in commissions
resulted from changing of the purchasing entity of the handset installment receivables.
3) Advertising cost
- The QoQ increase was mainly due to increase in year-end promotional activities.
4) Depreciation
- The YoY increase was mainly due to the leased-line business acquired from SK Networks in 4Q '09.
- The QoQ increase was mainly due to increase in capital expenditure.
5) Network interconnection cost
- The YoY decrease was due to the interconnection rate adjustment in 4Q '10.
- The QoQ decrease was mainly due to the reflection of retroactive cost of 1Q~3Q resulted from the interconnection rate adjustment
in 4Q '10.
6) Leased line
- The YoY decrease was mainlyy due to the leased-line business acquired
q Q '09.
from SK Networks in 4Q
7) Others
- The YoY increase was mainly due to increase in repairing expenses of the leased-lines acquired from SK Networks in 4Q '09
and increase in frequency usage expenses resulted from newly assigned WCDMA frequency in 2010.
- The QoQ increase was mainly due to increase in frequency usage expenses in regard to newly assigned WCDMA frequency
in 2010 and seasonal increase in repairing expenses.

3
C. Non-operating items
(KRW bn) 2010 2009 Change Q4 '10 Q3 '10 Change
Other income 561 786 -29% 248 122 103%
Interest income 210 157 34% 68 51 32%
Equity in earnings of affiliates 74 64 16% 4 29 -85%
1)
Others 277 566 -51% 176 42 320%
Other expenses 779 1,308 -40% 266 162 65%
Interest expenses 276 305 -9% 67 68 -2%
Equity in losses of affiliates 181 295 -39% 56 47 18%
R&D contribution & donations 203 126 61% 108 19 474%
1)
Others 119 582 -80% 36 28 29%

1) For details, please refer to non-consolidated statements of income in appendix

1) Interest income / expenses

- The YoY increase in interest income was due to increase in handset installment receivables.
- The QoQ increase in interest income was due to the collection of the one-off interest income related to the
subordinate bonds purchased in May, 2009.
- The YoY and QoQ decrease in interest expenses was due to decrease in average level of borrowings and cost of borrowing.

2) Equity in earnings and losses of affiliates

- The YoY equity in earnings and losses of affiliates was improved due to better results of affiliates.
- Other
O h subsidiaries'
b idi i ' 4Q earningsi mainly
i l affected
ff d the
h QQoQQ ddecrease iin equity
i ini earnings
i off affiliates
ffili and
d iincrease iin
equity in losses of affiliates.

3) R&D contribution & donations

- The YoY and QoQ increase in R&D contributions & donations was mainly due to the increase in donations and the
change in the accounting policy of CDMA network related contribution cost.

4)) Ot
Others
e s in non-operating
o ope at g income
co e / eexpenses
pe ses
- The YoY decrease in other non-operating income and expenses was mainly due to stabilization of foreign exchange rate,
and the QoQ increase in other income was due to increase in gain from disposition of investment assets including SK C&C.

2. Capital Expenditure
(KRW bn) 2010 2009 Change Q4 '10 Q3 '10 Change
N t
Network
k 1 390
1,390 1 360
1,360 2% 728 385 89%
Non-Network 455 409 11% 256 103 150%
Total CapEx 1,845 1,769 4% 984 487 102%

4
3. Balance Sheet
(KRW bn) 2010 12
2010. 2009 12
2009. Change 2010 12
2010. 2010 9
2010. Change
Total assets 18,960 19,298 -2% 18,960 19,334 -2%
Current assets 5,483 4,983 10% 5,483 5,652 -3%
Cash & marketable securities 857 969 -12% 857 557 54%
Investment assets 4,941 5,108 -3% 4,941 4,992 -1%
Property & equipment 5,028 5,197 -3% 5,028 4,825 4%
Intangible assets 2 514
2,514 2 666
2,666 -6%
6% 2 514
2,514 2 408
2,408 4%
Other non-current assets 995 1,344 -26% 995 1,457 -32%
Total liabilities 7,505 8,056 -7% 7,505 7,910 -5%
Current liabilities 4,260 3,295 29% 4,260 4,385 -3%
Short-term borrowings - - 0% - 100 -100%
Current portion of
1,209 513 135% 1,209 1,431 -16%
long-term debt 1))
Long-term liabilities 3,246 4,762 -32% 3,246 3,525 -8%
Bond payable &
2,954 4,166 -29% 2,954 3,140 -6%
long-term borrowings
Total shareholders' equity 11,454 11,241 2% 11,454 11,424 0%
2)
Debt/Equity ratio 34.9% 40.3% -5.4%p 34.9% 39.4% -4.6%p
1) Includes current portion of long-term payables related to payment of WCDMA license fee (KRW 150 bn in 2009, KRW 170 bn in 2010.)

2) Debt/Equity ratio = Interest-bearing financial debt / Shareholders' equity

* Interest-bearing financial debt=Short-term borrowings+Current portion of long-term borrowings+Corporate bonds &long-term borrowings

1) Assets
- The YoY increase in current assets was due to the increase in the volume of the handset installment receivables.
- The QoQ decrease in current and other non-current assets was due to changing of the purchasing entity of the handset
installment receivables.
- The YoY decrease in investment assets was due to the disposition of long-term investment assets such as Sprint Nextel,
SK C&C, and iHQ.

2) Liabilities
- The YoY increase in current portion of long-term debt was mainly due to changing the account of global bond issued in '04
from
f long-term
l t debt
d bt to
t currentt portion
ti off long-term
l t d
debt.
bt
- The QoQ decrease in current portion of long-term debt was due to bond repayment.
- The debt/equity ratio decreased YoY and QoQ due to repayment of debts in 4Q '10.

3) Shareholders' Equity
- The YoY and QoQ increase in shareholders' equity was due to increase in retained earnings.

5
III. Operating Result
2010 2009 Change Q4 '10 Q3 '10 Change
Subscribers ('000) 25,705 24,270 6% 25,705 25,445 1%
Net adds 1,435 1,238 16% 260 299 -13%
Activations 9,651 8,822 9% 2,271 2,638 -14%
Deactivations 8,216 7,584 8% 2,011 2,339 -14%
Monthly churn rate 2.7% 2.6% 0.1%p 2.6% 3.1% -0.5%p
A
Average subscribers('000)
b ib ('000) 25,097
25 097 23,745
23 745 6% 25,563
25 563 25,290
25 290 1%

ARPU (KRW) 41,374 42,469 -3% 41,368 41,923 -1%

ARPU(KRW) - excluding Sing-up
36,204 36,754 -1% 36,676 36,286 1%
fee & Interconnection)
Sign-up fee 1,083 1,417 -24% 998 1,181 -16%
Monthly fee & call charge 24,063 26,038 -8% 22,834 23,862 -4%
VAS & others 2,145 1,382 55% 2,582 2,300 12%
Wireless Internet 9,996 9,334 7% 11,260 10,124 11%
Interconnection 4,086 4,298 -5% 3,694 4,457 -17%

MOU (Minutes)
Outgoing 199 1) 197 1% 204 1) 199 3%
Incoming 102 1) 103 -2% 102 1) 100 2%
1) MOU November and December of 2010 is an estimate.

6
IV. Appendix (Non-Consolidated Statements of Income)
(KRW mn) 2010 2009 Change Q4 '10 Q3 '10 Change
Operating revenue 12,459,990 12,101,184 358,806 3,172,425 3,180,747 (8,322)
Operating expenses 10,424,998 9,921,847 503,150 2,719,287 2,661,424 57,863
1)
Labor cost 558,942 519,780 39,162 118,543 114,674 3,869
Commissions paid 4,960,782 4,594,727 366,054 1,242,146 1,276,044 (33,898)
Advertising 258,737 265,498 (6,762) 69,061 67,204 1,857
2)
Depreciation 2,185,674 2,030,081 155,593 642,576 545,613 96,963
Network interconnection 1,030,380 1,068,243 (37,863) 197,878 301,744 (103,866)
Leased line 189,060 332,824 (143,764) 50,743 46,747 3,996
Rent 295,226 277,018 18,208 79,800 71,703 8,098
Frequency usage fees 176,890 157,400 19,491 58,719 38,499 20,219
Bad debt 53,611 105,718 (52,106) 12,939 13,039 (100)
Others 715,695
, 570,558
, 145,137
, 246,881
, 186,157
, 60,724
,
Operating income 2,034,992 2,179,337 (144,345) 453,138 519,323 (66,185)
Other income 561,081 786,443 (225,362) 248,249 122,116 126,133
Interest income 210,248 157,104 53,144 67,572 51,024 16,548
Equity in earnings of affiliates 74,318 63,804 10,513 4,382 29,145 (24,763)
Foreign exchange & translation
22,885 99,080 (76,195) 2,303 7,835 (5,532)
gains
Others 253,630 466,454 (212,824) 173,992 34,112 139,880
Other expenses 779,219 1,308,437 (529,218) 266,493 161,818 104,676
Interest 275,790 304,569 (28,779) 66,913 67,969 (1,055)
R&D contribution & donations 203,460 126,294 77,166 107,732 18,754 88,978
Equity in losses of affiliates 181,077 295,332 (114,255) 55,672 47,155 8,517
Foreign exchange & translation
11,394
, 176,076
, (164,682)
( , ) 4,502
, (6,626)
( , ) 11,128
,
losses
Others 107,499 406,167 (298,668) 31,674 34,566 (2,892)
Income before income taxes 1,816,854 1,657,343 159,511 434,894 479,621 (44,728)
Income taxes 405,886 369,004 36,882 73,534 115,739 (42,204)
Net income 1,410,968 1,288,340 122,629 361,359 363,883 (2,523)

1) Includes salary, severance pay and other benefits

2) Includes R&D related depreciation

7
IV. Appendix (Non-Consolidated Balance Sheets)
(KRW mn) 2010. 12 2009. 12 Change 2010. 12 2010. 9 Change
Total assets 18,959,912
, , 19,297,633
, , (337,721)
( , ) 18,959,912
, , 19,333,859
, , ((373,947)
, )
Current assets 5,482,863 4,983,052 499,810 5,482,863 5,651,983 (169,120)
1)
Cash and marketable securities 856,970 968,759 (111,789) 856,970 556,724 300,246
Accounts receivable - trade 1,453,061 1,557,514 (104,454) 1,453,061 1,387,271 65,789
Accounts receivable - other 2,499,969 2,032,757 467,212 2,499,969 2,769,685 (269,716)
Short-term loans 81,125 66,888 14,238 81,125 95,511 (14,385)
Inventories 9,019 22,656 (13,637) 9,019 15,627 (6,608)
Other 582,718 334,479 248,240 582,718 827,165 (244,447)
Investment assets 4,941,204 5,107,653 (166,448) 4,941,204 4,991,915 (50,711)
2)
Investment securities 4,941,135 5,101,134 (159,998) 4,941,135 4,991,846 (50,711)
Long-term deposits 69 6,519 (6,450) 69 69 (0)
Property & equipment 5,027,567 5,196,521 (168,955) 5,027,567 4,824,989 202,578
Land 412,210 416,732 (4,522) 412,210 409,921 2,288
Building & fixture 956,685 1,011,127 (54,442) 956,685 959,027 (2,343)
Machinery 2,780,838 3,078,460 (297,622) 2,780,838 2,518,681 262,156
Vehicles & others 500 939
500,939 353 368
353,368 147 570
147,570 500 939
500,939 476 264
476,264 24 674
24,674
Construction in progress 376,896 336,834 40,062 376,896 461,095 (84,198)
Intangible assets 2,513,724 2,665,936 (152,212) 2,513,724 2,408,303 105,421
Other non-current assets 994,555 1,344,471 (349,915) 994,555 1,456,669 (462,114)
Long-term loans 69,666 64,216 5,450 69,666 64,912 4,754
Guarantee deposits 164,983 172,021 (7,038) 164,983 163,325 1,658
Other 759,906 1,108,234 (348,328) 759,906 1,228,432 (468,526)
Total liabilities 7 505 495
7,505,495 8 056 183
8,056,183 (550 688)
(550,688) 7 505 495
7,505,495 7 910 181
7,910,181 (404 685)
(404,685)
Current liabilities 4,259,963 3,294,633 965,329 4,259,963 4,385,172 (125,209)
Short-term borrowings - - - - 100,000 (100,000)
Accounts payable 1,281,137 1,136,221 144,915 1,281,137 1,074,007 207,129
Income taxes payable 243,263 381,940 (138,677) 243,263 118,540 124,724
Accrued expenses 1,112,300 934,372 177,927 1,112,300 1,110,620 1,680
Current portion of long-term debt 1,208,555 513,277 695,278 1,208,555 1,431,179 (222,624)
Other 414,709 328,823 85,885 414,709 550,827 (136,118)
Long-term liabilities 3,245,533 4,761,550 (1,516,017) 3,245,533 3,525,009 (279,476)
Bond payable & long-term
2,953,641 4,165,976 (1,212,335) 2,953,641 3,139,704 (186,063)
borrowings
Deposits received 74,260 33,583 40,676 74,260 75,081 (822)
Accrued severance indemnities 25,049 25,155 (106) 25,049 42,436 (17,387)
Others 192,584 536,836 (344,252) 192,584 267,787 (75,204)
Total shareholders' equity 11,454,417 11,241,450 212,967 11,454,417 11,423,679 30,739
Capital stock 44,639 44,639 - 44,639 44,639 -
Capital surplus 3,031,780 3,032,009 (228) 3,031,780 3,033,287 (1,507)
Retained earnings 10,690,215 9,959,290 730,925 10,690,215 10,328,856 361,359
Capital adjustments (2,954,371) (2,708,407) (245,964) (2,954,371) (2,861,173) (93,198)
Treasury stock (2,202,439) (1,992,083) (210,356) (2,202,439) (2,148,171) (54,268)
Stock options - - - - - -
Losses on sales of treasury stock (716) (716) - (716) (716) -
A
Accumulated
l d other
h comprehensive
h i
3) 642,153 913,919 (271,766) 642,153 878,068 (235,915)
income/loss
1) Cash & marketable securities : Cash & cash equivalent, marketable securities & short-term financial instruments are included

2) Investment securities : Investments in affiliates with more than 20% interest, listed companies & non-listed companies are included

3) Accumulated other comprehensive income/loss : Gain/loss on valuation of investment securities and derivatives

8
V. Contacts

Investor Relations Telephone Email 주소

Jong Ah Min 02)6100-1622 jamin@sk.com

Jin Mo Kim 02)6100-1620 aries21@sk.com
Jun Kim 02)6100-1637 starish7@sk.com
Hyunyoung Jung 02)6100-1617 haley.jung@sk.com

Thank you.