UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

Form 6-K

REPORT OF FOREIGN PRIVATE ISSUER PURSUANT TO

RULE 13a-16 OR 15d-16 UNDER THE SECURITIES

EXCHANGE ACT OF 1934

For the month of February 2003

KT Corporation

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     X      Form 40-F         

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

Yes          No     X    

This Current Report on Form 6-K is being filed to incorporate by reference into Registration Statement No. 333-100251 on Form F-3, effective December 27, 2002, relating to $1,210,050,000 0.25% Convertible Notes Due 2007, $500,000,000 4.30% Bonds Due 2005 and Warrants to Purchase 9,270,200 Common Shares.

(KSE: 30200 / NYSE: KTC)

Year 2002

Preliminary Earnings Commentary

Disclaimer

This material contains estimated information of unaudited non-consolidated preliminary financial and operating data of KT Corporation (“KT” or “the company”) as of 2002 year end and forward-looking statements with respect to the financial condition, results of operations and business of KT management. 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 plan, 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.

Please note that 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 audit financial statements and report as of and for the fiscal year end of 2002 will be filed with the Korea Financial Supervisory Commission in March 31, 2003.

If you have any questions in connection with this presentation, please contact the Investor Relations Department of KT Corp.

KT Corporation

Investor Relations

Tel: 82-31-727-0941~5

Fax: 82-31-727-0939

E-mail: minhee@kt.co.kr

Financial Highlights

A. Summary of Balance Sheet

(KRW billion)

Sector	FY2002E		FY2001		2002Y/2001Y			2002 4Q		2002 3Q		2002 4Q/2002 3Q
					Amount	%						Amount	%
Total Assets	22,018.5		22,851.1		-832.6	-3.6	%	22,018.5		22,743.0		-724.5	-3.2	%
Current Assets	3,781.2		2,810.2		971.0	34.6	%	3,781.2		3,482.6		298.6	8.6	%
Quick Assets	3,689.3		2,755.6		933.7	33.9	%	3,698.3		3,439.9		249.9	7.3	%
Cash & Cash Equivalents	997.9		911.6		86.3	9.5	%	997.9		1,072.9		-75.0	-7.0	%
Account Receivables	2,122.8		1,616.8		506.0	31.3	%	2,122.8		1,910.4		212.4	11.1	%
Others	568.6		227.2		341.4	150.3	%	568.6		456.6		112.0	24.5	%
Investories	91.9		54.6		37.3	68.4	%	91.9		42.7		49.2	115.1	%
Fixed Assets	18,237.3		20,040.9		-1,803.6	-9.0	%	18,237.3		19,260.4		-1,023.1	-5.3	%
Invested Assets	6,174.6		7,244.8		-1,070.2	-14/8	%	6,174.6		7,359.7		-1,185.0	-16.1	%
KTF Shares	2,362.0		2,468.8		-106.8	-4.3	%	2,362.0		2,407.7		-45.7	-1.9	%
KTICOM Shares	0		847.4		—	—		0		848.0		—	—
SKT Shares	872.3		2,483.5		-1,611.2	-64.9	%	872.3		1,959.3		-1,086.9	-55.5	%
Deferred Assets	318.5		532.0		-213.5	-40.1	%	318.5		447.6		-129.1	-28.8	%
Long-term Loans	1,132.5		219.5		913.0	415.8	%	1,132.5		936.1		196.4	21.0	%
Others	1,489.3		693.6		795.7	114.7	%	1,489.3		761.0		728.4	95.7	%
Tangible Assets	11,838.6		12,534.3		-695.7	-5.6	%	11,838.6		11,685.2		153.4	1.3	%
Intangible Assets	224.0		261.7		-37.7	-14.4	%	224.0		215.5		8.6	4.0	%
Total Liabilities	14,222.2		11,057.6		3,164.7	28.6	%	14,222.2		13,579.6		642.6	4.7	%
Current Liabilities	4,325.9		3,829.7		496.2	13.0	%	4,325.9		3,476.5		849.4	24.4	%
Interest-bearing Debts	1,543.1		1,462.6		80.5	5.5	%	1,543.1		1,235.4		307.8	24.9	%
Account Payable	955.5		943.4		12.1	1.3	%	955.5		719.3		236.2	32.8	%
Others	1,827.3		1,423.7		403.6	28.3	%	1,827.3		1,521.8		305.5	20.1	%
Long-term Liabilities	9,896.3		7,227.9		2,668.5	36.9	%	9,896.3		10,103.1		-206.8	-2.0	%
Interest-bearing Debts	7,601.9		4,299.2		3,302.7	76.8	%	7,601.9		7,748.6		-146.7	-1.9	%
Installation Deposit	1,535.8		2,352.9		-817.2	-34.7	%	1,535.8		1,600.9		-65.2	-4.1	%
Others	758.7		575.7		183.0	31.8	%	758.7		753.6		5.1	0.7	%
Total Shareholders’ Equity	7,796.3		11,793.5		-3,977.3	-33.9	%	7,796.3		9,163.3		-1,367.1	-14.9	%
Capital Stock	1,561.0		1,561.0		0.0	0.0	%	1,561.0		1,561.0		0.0	0.0	%
Capital Surplus	1,440.3		1,440.3		0.0	0.0	%	1,440.3		1,440.3		0.0	0.0	%
Retained Earnings	8,132.6		6,562.3		1,570.3	23.9	%	8,132.6		7,857.8		274.7	3.5	%
Capital Adjustment	-3,337.6		2,230.0		-5,567.6	-249.7	%	-3,337.6		-1,695.8		-1,641.8	96.8	%
Treasury Stock	-4,109.1		-91.1		-4,018.0	-4,409.0	%	-4,109.1		-3,471.0		-638.1	-18.4	%
Unrealized Gain on Investments	781.0		2,321.1		-1,540.2	-66.4	%	781.0		1,782.0		-1,001.0	-562.	%
Others	-9.4		0		-9.4	—		-9.4		-6.7		-2.7	—
Total Interest-bearing Debts	9,145.0		5,761.8		3,383.2	587.	%	9,145.0		8,983.9		161.1	1.8	%
Net Debts	8,148.2		4,850.2		3,296.9	68.0	%	8,147.2		2,320.3		5,826.9	251.1	%
Debt/Equity Ratio	182.4	%	93.8	%	88.7%p			182.4	%	148.2	%	34.2%p

B. Summary of Income Statement

(KRW billion)

Sector	FY2002E		FY2001		2002Y/2001Y			2002 4Q		2002 3Q		2002 4Q/2002 3Q
					Amount	%						Amount	%
Operating Revenue	11,694.3		11518.3		176.0	1.5	%	3,007.0		2,878.2		128.2	4.5	%
Operating Expense	9,951.6		10,063.1		-111.5	-1.1	%	2,909.5		2,454.4		455.1	18.5	%
Depreciation	2,639.6		2,967.0		-327.4	-11.0	%	766.0		644.5		101.5	15.3	%
Labor	2,687.0		2,573.2		113.8	4.4	%	644.3		682.6		-38.4	-5.6	%
Commission	576.0		464.9		111.2	23.9	%	160.2		142.5		17.7	12.4	%
Sales Promotion	223.9		200.4		23.5	11.7	%	94.1		55.0		39.1	71.1	%
Sales Commission	71.1		47.5		23.6	49.7	%	35.5		13.8		21.7	157.1	%
Allowance for Sales	186.4		80.7		105.7	130.9	%	126.0		13.5		112.5	834.8	%
Advertising	157.1		101.7		55.4	54.5	%	50.5		32.6		17.9	55.0	%
Repairs & Maintenance	323.4		308.8		14.6	4.7	%	92.7		91.5		1.1	1.3	%
Cost of Goods	268.2		225.9		42.4	18.8	%	51.5		57.3		-5.7	-10.0	%
Cost of Service Provided	2,064.2		2,384.9		-320.8	-13.5	%	656.2		513.8		142.4	27.7	%
Cost of Service	424.4		349.6		74.8	21.4	%	132.7		100.1		32.6	32.5	%
LM Interconnection	1,185.4		1,645.2		-459.8	-27.9	%	290.9		307.5		-16.7	-5.4	%
Intn’l Settlement	177.9		200.0		-22.0	-11.0	%	42.5		50.0		-7.5	-15.0	%
Cost of SI/NI Services	276.4		190.2		86.3	45.4	%	190.1		56.1		134.0	238.7	%
R&D	233.9		218.3		15.6	7.1	%	71.3		53.4		17.9	33.6	%
Others	520.7		489.8		30.9	6.3	%	161.2		133.9		27.3	20.3	%
Operating Income	1,742.7		1,455.1		287.5	19.8	%	97.5		423.8		-326.3	-77.0	%
Operating Margin	14.9	%	12.6	%	2.3%P			3.2	%	14.7	%	-11.5%P
EDITDA	4,382.3		4,422.2		-39.9	-0.9	%	863.5		1,088.3		-224.8	-20.7	%
EDITDA Margin	37.5	%	38.4	%	-0.9%P			28.7	%	37.8	%	-9.1%P
Non-operating Income	1,783.2		1,013.6		769.5	75.9	%	1,035.7		146.0		889.7	609.5	%
Gains on Disp. Of Inv. Assets	1.154.4		615.5		538.9	87.6	%	908.3		0		908.3	—
Interest Income	55.1		48.7		6.4	13.1	%	41.2		12.0		2.2	18.1	%
FX Transaction Gain	30.5		6.8		23.6	346.8	%	15.1		5.8		9.3	160.4	%
FX Translation Gain	115.3		11.8		103.5	876.5	%	16.3		-27.6		43.9	-158.9	%
USO Fund	145.5		72.6		72.9	100.4	%	7.8		102.8		-95.0	-92.4	%
Others	282.4		258.2		24.3	9.4	%	74.1		53.0		21.1	39.9	%
Non-operating Expense	921.7		1,102.6		-180.9	-16.4	%	277.6		179.7		97.8	54.4	%
Interest Expense	418.0		423.6		-5.6	-1.3	%	105.8		111.7		-5.9	-5.3	%
FX Transaction Loss	24.8		8.9		15.9	177.3	%	3.8		11.3		-7.5	-66.2	%
FX Translation Loss	18.6		38.6		-20.0	51.7	%	3.4		-15.3		18.7	122.4	%
Loss on Equity Method	106.8		132.6		-25.8	-19.5	%	49.5		26.0		23.6	90.7	%
Loss on Disp. Of Inv. Assets	85.8		196.2		-110.4	-56.3	%	42.3		10.6		31.6	298.0	%
Others	267.7		302.7		-35.0	-11.6	%	72.7		35.4		37.3	105.2	%
Ordinary Income	2,604.2		1,366.2		1,238.1	90.6	%	855.7		390.1		465.6	119.4	%
Income Tax	653.7		279.0		374.7	134.3	%	200.8		84.4		116.4	137.9	%
Net Income	1,950.5		1,087.2		863.3	79.4	%	654.9		305.7		349.2	114.2	%

2002 VS. 2001 Financial Highlights Comparison

Operating Revenue

• Despite a 17.7% LM interconnection tariff cut in May 1^st, 2002, the revenue for year 2002 increased KRW 176.0 billion (1.5%) to KRW 11.694 trillion as Internet including broadband, wireless, and telephone revenues continued to grow.

Operating Income

• Operating expense for year 2002 decreased KRW 111.5 billion (1.1%) as depreciation cost decreased due to efficient CAPEX control and interconnection cost paid to wireless operators reduced. With a support from the operating expense, operating income for year 2002 increased KRW 287.5 billion (19.8%) to KRW 1.743 trillion.

Non-Operating Income & Expense

• Non-operating income for year 2002 increased substantially by KRW 769.5 billion (75.9%) to KRW 1.783 trillion, due to the sale of SKT shares, USO compensation rate increase up to 50% and FX gains.

• Non-operating expense for year 2002 decreased KRW 180.9 billion (16.4%) to KRW 921.7 billion. It’s mainly driven by a decrease in the loss on disposition of tangible assets by KRW 110.4 billion (56.3%) and a decrease in the loss on equity methods by KRW 25.8 billion (19.5%) as operational performance of subsidiaries including KTF improved.

Net Income

• Net income increased KRW 863.2 billion (79.4%) to KRW 1.950 trillion, with a support from operating expense reduction, SKT share disposal, and USO compensation rate increase.

• Normalized net income, excluding gains on SKT share disposal, also increased KRW 488.4 billion (81.8%) to KRW 1.086 trillion.

III. Operating Results

A.  Operating Revenue

Overview

(KRW billion)

Sector	FY2002E	FY2001	2002Y/2001Y			2002 4Q	2002 3Q	2002 4Q/2002 3Q
			Amount	%				Amount	%
Operating Revenue	11,694.3	11,518.3	176.0	1.5	%	3,007.0	2,878.2	128.8	4.5	%
Internet	2,000.4	1,519.4	481.0	31.7	%	548.4	501.1	47.3	9.4	%
Broadband	1,573.4	1,117.3	456.1	40.8	%	429.7	402.2	27.5	6.8	%
Telephone	4,741.5	4,610.4	131.1	2.8	%	1,179.9	1,197.0	-17.1	-1.4	%
Land-to-Mobile	2,224.4	2,799.8	-575.4	-20.6	%	516.8	502.9	13.9	2.8	%
Leased Line	1,388.6	1,395.3	-6.8	-0.5	%	337.4	340.6	-3.2	-0.9	%
Other data	209.4	262.9	-53.5	-20.4	%	55.5	50.1	5.4	10.9	%
Wireless (PCS resale etc.)	662.5	518.2	144.3	27.8	%	164.0	167.8	-3.8	-2.2	%
Satellite	124.2	101.0	23.3	23.0	%	23.9	39.6	-15.8	-39.8	%
Others	343.3	311.2	32.1	10.3	%	181.0	79.0	102.0	129.1	%

• Despite a 17.7% LM interconnection tariff cut in May 1^st, 2002, the total operating revenue for year 2002 increased KRW 176.0 billion (1.5%) year over year. It’s mainly driven by the continuous growth in broadband, telephone and PCS Resale.

• In particular, Internet revenue accounts for 17.1% of the total operating revenue in 2002 whereas it only accounted for 13.2% in 2001.

2.    Internet Revenue

(KRW billion)

	FY2002E	FY2001	2002Y/2001Y			2002 4Q	2002 3Q	2002 4Q/2002 3Q
Sector			Amount	%				Amount	%
Total Internet Revenue	2000.4	1519.4	481.0	31.7	%	548.4	501.1	47.3	9.4	%
Broadband	1573.8	1117.1	456.7	40.9	%	429.7	402.2	27.5	6.8	%
Kornet	284.0	297.5	-13.5	-4.5	%	70.7	69.4	1.3	1.9	%
Others	142.6	104.8	37.7	36.0	%	48.0	29.5	18.5	62.9	%
IDC	82.4	38.9	43.5	111.8	%	29.5	20.8	8.7	41.9	%
Bizmeka	12.0	0.0	12.0	—		5.6	2.0	3.5	174.7	%
Others (Hanmir, VOIP etc)	48.1	65.9	-17.8	-0.8		12.9	6.7	6.3	-1.5
Broadband Subscriber No. (‘000)	4,922	3,858	1,064	27.6	%	4,992	4,558	434.0	9.5	%

• Core growth business, Internet business revenue increased KRW 481 billion (31.7%) year over year and KRW 47.3 billion (9.4%) quarter over quarter.

• In 3Q of 2002 net addition of broadband subscribers slowed down; however, with a support of recent launch of VDSL and W-LAN the net addition accelerated in 4Q. Monthly net addition in October was 115,930, 122,255 in November and 126,344 in December.

• Kornet revenue decreased KRW 13.5 billion (4.5%) year over year, due to fierce market competition and new service offered, such as metro-ethernet. Nevertheless, Kornet revenue increased slightly by KRW 1.3 billion (1.9%) quarter over quarter.

• IDC revenue increased KRW 43.5 billion (111.8%) and Bizmeka revenue, a customized solution service for SMEs, increased KRW 12 billion compared to last year; however, other internet revenue decreased KRW 17.8 billion (0.8%) compared to last year, due to the spin-off of ‘BuynJoy’, internet shopping mall, in May 2002,

3. Telephone Revenue

(KRW billion)

Sector	FY2002E	FY2001	2002 Y/2001 Y			2002 4Q	2002 3Q	2002 4Q/2002 3Q
			Amount	%				Amount	%
Total Telephone Revenue	4,741.5	4,610.4	131.1	2.8	%	1.180.0	1,197.0	-17.1	-1.4	%
Subscriber Connection	1,567.5	1,384.4	183.1	13.2	%	369.3	381.0	-11.7	-3.1	%
Subscription Fee	250.6	233.1	17.5	7.5	%	32.4	51.2	-18.8	-36.8	%
Basic Monthly Fee	1,114.5	939.3	175.3	18.7	%	286.3	282.0	4.3	1.5	%
Installation	49.6	49.1	0.5	1.0	%	12.8	10.9	1.9	17.3	%
Interconnection	152.2	161.0	-8.7	-5.4	%	37.6	36.9	0.7	1.9	%
Others	0.5	2.0	-1.4	-72.2	%	0.3	0.0	0.3	1,195.3	%
Local	1,400.9	1,504.6	-103.7	-6.9	%	368.3	335.2	33.1	9.9	%
Usage	1,005.2	1,181.4	-176.2	-14.9	%	260.0	233.8	26.2	11.2	%
Interconnection	120.5	112.8	7.7	6.8	%	32.6	30.2	2.3	7.7	%
Others	275.3	210.4	64.9	30.8	%	75.8	71.1	4.7	6.5	%
Domestic Long Distance	1,050.4	1,032.9	17.5	1.7	%	272.6	258.9	13.7	5.3	%
Usage	984.1	990.0	-5.9	-0.6	%	254.5	241.9	12.5	5.2	%
Interconnection	65.7	42.5	23.3	54.8	%	18.0	16.8	1.2	6.8	%
Others	0.6	0.5	0.1	17.7	%	0.1	.0.1	0.0	21.8	%
International Long Distance	346.2	364.7	-18.5	-5.1	%	89.6	85.8	3.7	4.4	%
Usage	342.5	362.8	-20.3	-5.6	%	88.7	84.9	3.8	4.5	%
Others	3.7	1.9	1.8	95.7	%	0.9	1.0	-0.0	-5.0	%
International Settlement Revenue	150.6	134.0	16.7	12.4	%	42.0	46.2	-4.2	-9.0	%
VAS	132.6	102.7	29.9	29.1	%	35.7	33.9	1.8	5.2	%
114 Phone Directory Service	98.2	55.3	42.9	77.5	%	4.1	57.3	-53.2	-92.8	%
Public Telephone	105.1	143.7	-38.6	-26.8	%	23.4	27.2	-3.8	-14.0	%
Miscellaneous	2.0	4.2	-2.2	-52.5	%	0.4	0.4	0.0	1.2	%
Sales D/C	-112.0	-116.1	4.1	-3.6	%	-25.5	-28.9	3.4	-11.7	%

• Telephone revenue increased KRW 131.1 billion (2.8%) year over year. The main reason for the increase is 4,271,000 non-refundable subscriber net additions. The total number of telephone subscribers increased from 21,897,000 to 22,327,000; as a result, revenue from basic monthly fee increased.

• Revenue from subscription fee increased KRW 17.5 billion (7.5%) year over year, whereas it decreased KRW 18.8 billion (36.8%) quarter over quarter, due to a decrease in non-refundable subscriber net addition. The net addition in 3Q was 838,000, and 451,000 in 4Q.

• Comparing to 3Q of 2002 local and domestic long distance telephone usage revenues increased KRW 26.2 billion (11.2%), and KRW 12.5 billion (5.2%), respectively with a support from a newly introduced optional flat rate program, which was offered for 3 months starting from September 2002.

• The usage revenue from international long distance decreased KRW 20.3 billion (5.6%) year over year, mainly driven by a loss in market share (67.1% as of December 2001 ® 66.2% as of November 2002), due to intense competition in the market. Nevertheless, it increased KRW 3.8 billion (4.5%) quarter over quarter

• Comparing to last year, 114 phone directory service revenue increased KRW 42.9 billion (77.5%), but it decreased KRW 53.2 billion (92.8%) compared to 3Q. The 92.8% quarter over quarter decrease was because the retroactive settlement recorded previously as revenue receivable in advance was adjusted in 4Q. 114 phone directory service has been offered to mobile operators at a price below the cost. However, in year 2002 mobile operators have agreed to pay 114 phone directory service they receive at its cost and to make retroactive settlement for the service they received from 1998 until 2001 based on the cost. According to the new settlement method, KTF made retroactive payment in 6 installments in 2002; however, the settlement with other mobile operators is still under negotiation.

4.    LM (Land to Mobile) Interconnection Revenue

(KRW billion)

	FY2002E		FY2001		2002Y/2001Y			2002 4Q		2002 3Q		2002 4Q/2002 3Q
Sector					Amount	%						Amount	%
LM Revenue	2,224.4		2,799.8		-575.4	-20.6	%	516.8		502.9		13.9	2.8	%
LM Interconnection Cost	1,185.4		1,645.2		-459.8	-27.9	%	290.9		307.5		-16.7	-5.4	%
LM Operating Profit	1,039.0		1,154.6		-115.6	-10.0	%	226.0		195.4		30.5	15.6	%
LM Margin	46.7	%	41.2	%	5.5%p			43.7	%	38.9	%	4.9%p

• There were 17.7% LM tariff cut and 22% LM interconnection rate cut in 2002, as results, LM revenue and LM interconnection cost both decreased KRW 575.4 billion (20.6%) and decreased KRW 459.8 billion (27.9%) year over year, respectively. Despite the LM tariff cut, LM margin increased 5.5%p year over year from 41.2% to 46.7%. Comparing to 3Q, LM revenue and LM margin increased 2.8% and 4.9%p quarter over quarter as traffic increased due to active promotion and relatively low price recognition by customers.

5.     Leased Line Revenue

(KWR billion)

	FY2002E	FY2001	2002Y/2001Y			2002 4Q	2002 3Q	2002 4Q/2002 3Q
Sector			Amount	%				Amount	%
Total Leased Line Revenue	1,388.6	1,395.3	-6.8	-0.5	%	337.4	340.6	-3.2	-0.9	%
Local	717.4	707.5	10.0	1.4	%	180.4	178.7	1.7	0.9	%
Domestic Long Distance	554.8	581.4	-26.6	-4.6	%	133.6	138.1	-4.5	-3.2	%
Intn’l Long Distance	13.3	10.1	-3.25	-32.2	%	14.3	16.1	-1.8	-11.1	%
Broadcasting & Others	103.0	96.4	6.6	6.9	%	9.1	7.7	1.4	17.8	%

• Leased line service revenue decreased KRW 6.8 billion (0.5%) and KRW 3.2 billion (0.9%) year over year and quarter over quarter, respectively. It is mainly due to severe competition and introduction of alternative services, such as metro-Ethernet and IP-VPN.

• However, local and broadcasting leased line revenue slightly increased year over year on the back of 5~10% tariff raise in services providing speed less than 1.5Mbps.

6.    Other Data Revenue

(KWR billion)

	FY2002E	FY2001	2002Y/2001Y			2002 4Q	2002 3Q	2002 4Q/2002 3Q
Sector			Amount	%				Amount	%
Other Data Revenue	209.4	262.9	-53.5	-20.4	%	55.5	50.1	5.4	10.9	%
Dial-up (014xy)	26.5	99.5	-73.0	-73.4	%	4.1	5.4	-1.4	-25.1	%
Packet Data	55.1	76.5	-21.4	-28.0	%	11.6	13.1	-1.6	-11.9	%
EDI	27.9	17.2	10.7	62.4	%	11.9	5.3	6.6	123.1	%
Others (ATM etc.)	99.8	69.7	30.2	43.3	%	28.0	26.2	1.8	6.8	%

• Dial-up revenue continued to decrease due to the migration to the broadband service.

• However, EDI and other data services showed an increasing trend both yearly and quarterly.

7.    Wireless Revenue

(KRW billion)

Sector	FY2002E	FY2001	2002Y/2001Y			2002 4Q	2002 3Q	2002 4Q/2002 3Q
			Amount	%				Amount	%
Total Wireless Revenue	662.5	518.2	144.3	27.9	%	164.0	167.8	-3.8	-2.2	%
PCS Resale	664.3	458.4	205.9	44.9	%	167.0	167.3	-0.3	-0.2	%
PCS Service	413.2	280.3	132.9	47.4	%	110.3	108.1	2.2	2.0	%
Handset Sales	247.4	178.1	69.4	39.0	%	53.0	59.2	-6.2	-10.4	%
Other Wireless Revenue	-1.8	59.8	-61.6	-103.0	%	-3.0	0.5	-3.5	-730.6	%
PCS Resale Expense	403.8	280.7	123.1	43.87	%	94.1	95.5	-1.4	-1.5	%
Cost of Handset	241.1	186.4	54.8	29.4	%	47.5	55.1	-7.7	-13.9	%
Interconnection Fee to KTF	162.7	94.3	68.4	72.5	%	46.7	40.4	6.3	15.6	%
Resale subscribers (’000)	1,422.0	1,147.0	275	24.0	%	1,422.0	1,391.0	31.0	2.2	%

• The wireless revenue increased KRW 144.3 billion (27.9%) to KRW 662.5 billion as 275,000 wireless subscriber net addition gained in 2002.

• However, quarter over quarter handset sales decreased KRW 6.2 billion (10.4%) as net addition slowed down in 4Q.

8.    Satellite Revenue

(KRW billion)

Sector	FY2002E	FY2001	2002Y/2001Y			2002 4Q	2002 3Q	2002 4Q/2002 3Q
			Amount	%				Amount	%
Total Satellite Revenue	124.2	101.0	23.3	23.0	%	23.9	39.6	-15.8	-39.8	%

• The satellite revenue increased KRW 23.3 billion (23.0%) year over year due to KDB service expansion.

• However, quarter over quarter revenue decreased KRW 15.8 billion (39.8%) due to seasonality in demands.

9.    Other Revenue

(KRW billion)

Sector	FY2002E	FY2001	2002Y/2001Y			2002 4Q	2002 3Q	2002 4Q/2002 3Q
			Amount	%				Amount	%
Other Revenue	343,3	311.2	32.1	10.3	%	181.0	79.0	102.0	129.1	%
SI/NI	255.9	198.7	57.3	28.8	%	168.1	57.3	110.7	193.2	%

• Other revenue is comprised of System Integration and Network Integration (SI/NI), local and international telex, yellow page and so forth.

• In 2002 SI/NI revenue increased KRW 57.3 billion (28.8%) year over year as KT won more projects.

B.    Operating Expenses

1. Labor Expense

(KRW billion)

Sector	FY2002E	FY2001	2002Y/2001Y			2002 4Q	2002 3Q	2002 4Q/2002 3Q
			Amount	%				Amount	%
Total Labor Expense	2,687.0	2,573.2	113.8	4.4	%	644.3	682.6	-38.4	-5.6	%
Salaries & Wages	1,881.9	1,778.0	103.8	5.8	%	447.8	447.2	0.6	0.1	%
Salaries	1,076.7	1,032.6	44.1	4.3	%	271.7	269.8	1.9	0.7	%
Wages	802.1	720.2	81.8	11.4	%	175.2	176.6	-1.4	-0.8	%
*Performance-based Bonus	510.5	450.1	60.4	13.4	%	132.8	87.2	45.6	52.2	%
Miscellaneous	3.2	25.3	-22.1	-87.5	%	0.9	0.8	0.1	13.7	%
Employee Benefits	558.7	508.9	49.9	9.8	%	132.9	177.9	-45.0	-25.3	%
Bonus	142.0	137.6	4.5	0	%	0.0	71.6	-71.6	-100.0	%
Retirement Allowance	246.4	286.3	-39.9	-13.9	%	63.6	57.5	6.1	10.6	%

• The total labor expense increased KRW 113.8 billion (4.4%) year over year. Main reasons for the increase are due to regular promotions and a 3.1% salary increase according to the salary agreement with the labor union in 2002 and.

• On the other hand, the total labor expense decreased KRW 38.4 billion (5.6%) quarter over quarter, due to the time difference in yearly bonus payment (refer to the bonus payment schedule below)

*    Annual Bonus Payment Schedule (100% equals to roughly one month’s basic salary)

Term	Yr 2002		Yr 2001
1Q	Performance-Based Bonus Lunar New Year Bonus	50% 100%	Performance-Based Bonus Lunar New Year Bonus	100% 100%
2Q	Performance-Based Bonus	250%	Performance-Based Bonus	185%
3Q	Performance-Based Bonus Lunar Thanksgiving Bonus	100% 100%	Performance-Based Bonus Lunar Thanksgiving Bonus	100% 100%
4Q	Performance-Based Bonus	150%	Performance-Based Bonus	100%

2.    Depreciation

• Depreciation cost decreased KRW 327.4 billion (11.0%) year over year due to efficient management on capital investments. However, depreciation cost increased 101.5 billion (15.3%) quarter over quarter, due to more construction completed in 4Q.

3. Commissions

(KRW billion)

Sector	FY2002E	FY2001	2002Y/2001Y			2002 4Q	2002 3Q	2002 4Q/2002 3Q
			Amount	%				Amount	%
Total Commission	576.0	464.9	111.2	23.9	%	160.2	142.5	17.7	12.4	%
Commission to KT Linkus	132.1	148.1	-16.0	-10.8	%	25.5	36.1	-10.6	-29.44	%
Commission to 114 (KOIS, KOID)	121.4	58.0	63.4	109	%	31.6	30.5	1.0	3.3	%
Commission to Call Center	77.9	61.5	16.3	26.6	%	24.5	20.2	4.2	20.9	%
Commission to Hitel	8.8	2.4	6.3	263.2	%	4.1	2.7	1.3	48.5	%
Commission to KM Credit	25.3	14.1	11.2	79.5	%	2.6	7.9	-5.3	-67.1	%
Commission for Submarine Cable Maintenance	8.7	7.4	1.3	17.5	%	2.3	1.8	0.5	29.0	%
Commission for Telex Delivery	11.0	10.0	1.1	10.7	%	2.3	2.3	0.0	0.3	%
Others	190.9	163.4	27.5	16.9	%	67.3	40.9	26.4	92.2	%

• The total commission expense increased by KRW 111.2 billion (23.9%), and KRW 17.7 billion (12.4%) year over year and quarter over quarter, respectively. It is driven by a number of outsourcing increase including call center, Hitel, KM Credit, and submarine cable maintenance, and telex delivery.

4. Sales Promotion

(KRW billion)

Sector	FY2002E	FY2001	2002Y/2001Y			2002 4Q	2002 3Q	2002 4Q/2002 3Q
			Amount	%				Amount	%
Sales Promotion	481.4	328.6	152.8	46.5	%	255.7	82.3	173.4	210.7	%
Promotion	223.9	200.4	23.5	11.7	%	94.1	55.0	39.1	71.1	%
Sales Commission	71.1	47.5	23.6	49.7	%	35.5	13.8	21.7	157.1	%
Allowance	186.4	80.7	105.7	130.9	%	126.0	13.5	112.5	834.8	%

• Total sales promotion expense increased KRW 152.8 billion (46.5%) year over year to 481.4 billion.

• Promotion expense increased KRW 23.5 billion (11.7%) year over year due to more active promotion for VDSL and W-LAN service. Sales commission expense increased

KRW 23.6 billion (49.7%) year over year, because of a change in sales commission payment method to external sales distribution channel.

• Allowance for doubtful accounts increased KRW 105.7 billion (130.9%) year over year, due to an increase in delinquent accounts receivable as economy shows downturn.

Repairs & Maintenance

(KRW billion)

Sector	FY2002E	FY2001	2002Y/2001Y			2002 4Q	2002 3Q	2002 4Q/2002 3Q
			Amount	%				Amount	%
Repairs & Maintenance	323.4	308.8	14.6	4.7	%	92.7	91.5	1.1	1.3	%

• Repairs and maintenance cost increased KRW 14.6 billion (4.7%) year over year, due to an increase in installation costs of telephone and broadband, and natural disaster repairing cost.

6. Cost of Goods Sold

(KRW billion)

Sector	FY2002E	FY2001	2002Y/2001Y			2002 4Q	2002 3Q	2002 4Q/2002 3Q
			Amount	%				Amount	%
Cost of Goods Sold	268.2	225.9	42.4	18.8	%	51.5	57.3	-5.7	-10	%
PCS Handset Cost	241.1	186.4	54.8	29.4	%	47.5	55.1	-7.7	-13.9	%
Wireless LAN Card	3.7	0.0	1.6	—		2.1	1.6	0.5	32.7	%
Others	23.4	39.5	-16.07	-40.7	%	2.01	0.59	1.4	239	%

• The cost of goods sold increased KRW 42.4 billion (18.8%) year over year, as net addition of PCS resale and W-LAN increased by 275,000 and 118,521, respectively.

• However, the cost of goods sold decreased KRW 5.7 billion (10%) quarter over quarter due to a decrease in PCS resale net addition.

7. Cost of Service

(KRW billion)

Sector	FY2002E	FY2001	2002Y/2001Y			2002 4Q	2002 3Q	2002 4Q/2002 3Q
			Amount	%				Amount	%
Cost of Service Provided	2,064.2	2,384.9	-320.8	-13.5	%	656.2	513.8	142.4	27.7	%
Cost of Service	424.4	349.6	74.8	21.4	%	132.7	100.1	32.6	32.5	%
PCS Resale Network Cost to KTF	162.7	94.3	68.4	72.5	%	46.7	40.4	6.3	15.6	%
B&A Service Cost	78.8	87.7	-14.9	-17.0	%	16.0	17.7	-1.7	-9.4	%
Others	188.9	167.5	21.3	12.7	%	70.0	42.0	28.0	66.5	%
SI/NI Service Cost	276.4	190.2	86.3	45.4	%	190.1	56.1	134.0	238.7	%
International Settlement Cost	177.9	200.0	-22.0	-11.0	%	42.5	50.5	-7.5	-15.0	%
LM Interconnection Cost	1,185.4	1,645.2	-459.8	-27.9	%	290.9	307.5	-16.7	-5.4	%

• In spite of an increase in PCS resale network cost to KTF by KRW 68.4 billion (72.5%) and SI/NI service cost by KRW 86.3 billion (45.4%), the total cost of service provided decreased KRW 320.8 billion (13.5%) year over year. LM interconnection cost also decreased KRW 459.8 billion (27.9%) year over year, and KRW 307.5 billion (5.4%) quarter over quarter due to 22% LM interconnection rate cut.

8. Non-Operating Income

(KRW billion)

Sector	FY2002E	FY2001	2002Y/2001Y			2002 4Q	2002 3Q	2002 4Q/2002 3Q
			Amount	%				Amount	%
Non-Operating Income	1,783.2	1,013.6	769.5	75.9	%	1,035.7	146.0	889.7	609.5	%
Gains on Disp. Of Inv. Assets	1,154.4	615.5	538.9	87.6	%	908.3	0	908.3	—
Interest Income	55.1	48.7	6.4	13.1	%	14.2	12.0	2.2	18.1	%
FX Transaction Gain	30.5	6.8	23.6	346.8	%	15.1	5.8	9.3	160.4	%
FX Translation Gain	115.3	11.8	103.5	876.5	%	16.3	-27.6	43.9	-158.9	%
USO Fund	145.5	72.6	72.9	100.4	%	7.8	102.8	-95.0	-92.4	%
Others	282.4	258.2	24.3	9.4	%	74.1	53.0	21.1	39.9	%

• The non-operating income increased KRW 769.5 billion (75.9%) year over year, mainly aided by gains on the disposal of 5.5 million SKT shares in April and December 2002 and foreign exchange (FX) gains due to the depreciation of Korean won.

• Due to the increase in USO compensation rate announced on July 30^th, 2002 (from 10.9% in 2000 to 50% in 2002), USO compensation increased KRW 72.9 billion (100.4%) year over year.

• Gain on disposal of SKT shares:

Sector	2002 2Q	2002 4Q		2003 1Q
Number of shares	1,000,000	4,457,635	(5%)	3,809,288	(4.27%)
Book value	18,868	18,868		18,868
Amount of sales (bn)	265.7	1,020.8		838.0
Gain on sales (bn)	246.1	908.3		794.5
Tax paid (bn)	69.2	231.6		202.6
Portion affecting net income	176.9	676.7		591.9

9. Non-Operating Expenses

(KRW billion)

Sector	FY2002E	FY2001	2002Y/2001Y			2002 4Q	2002 3Q	2002 4Q/2002 3Q
			Amount	%				Amount	%
Non-operating Expense	921.7	1,102.6	-180.9	-16.4	%	277.6	179.7	97.8	54.4	%
Interest Expense	418.0	423.6	-5.6	-1.3	%	105.8	111.7	-5.9	-5.3	%
FX Transaction Loss	24.8	8.9	15.9	177.3	%	3.8	11.3	-7.5	-66.2	%
FX Translation Loss	18.6	38.6	-20.0	51.7	%	3.4	-15.3	18.7	122.4	%
Loss on Equity Method	106.8	132.6	-25.8	-19.5	%	49.5	26.0	23.6	90.7	%
Loss on Disp. Of Inv. Assets	85.8	196.2	-110.4	-56.3	%	42.3	10.6	31.6	298.0	%
Others	267.7	302.7	-35.0	-11.6	%	72.7	35.4	37.3	105.2	%

• Non-operating expense decreased KRW 180.9 billion (16.4%) year over year, due to a decrease in loss on equity method as operational performance of subsidiaries improved.

• In addition, loss on disposition of tangible assets decreased KRW 110.4 billion (56.3%) year over year, due to a decrease in disposal or replacement of tangible assets compared to year 2001.

10. Net Income

(KRW billion)

Sector	FY2002E		FY2001		2002Y/2001Y			2002 4Q		2002 3Q		2002 4Q/2002 3Q
					Amount	%						Amount	%
Income Before Tax	2,604.1		1,366.2		1,238.0	90.6	%	855.7		390.1		465.6	17.9	%
Income Tax	653.7		279.0		374.7	134.3	%	200.8		84.4		116.4	137.9	%
Effective Tax Rate	25.1	%	20.4	%	4.7%P			23.5	%	21.6	%	3.5%P
Net Income	1,950.4		1,087.2		863.2	79.4	%	654.8		305.7		349.1	114.2	%
Gain on SKT shares disposition	864.6		489.8		374.8	76.5	%	676.7		0		676.7	—
Normalized Net Income	1,085.8		597.4		488.4	81.8	%	-21.9		305.7		-327.6	-107.2	%

• Net income increased substantially by KRW 863.2 billion (79.4%) year over year to KRW 1,950.4 billion, with a support from CAPEX savings, SKT share disposal, USO compensation rate increase and loss on disposition of tangible assets decrease.

• Normalized net income, excluding gains on SKT share disposal, also increased KRW 488.4 billion (81.8%) to KRW 1.086 trillion.

C.    Balance Sheet Highlights

1. Assets

• Total assets decreased KRW 832.6 billion (3.6%) year over year, mainly due a substantial reduction in investment assets caused by equity swap with SKT, and sale of KTICOM shares to KTF.

• Long-term loan increased KRW 913.0 billion (415.8%), because a loan was given to ESOA (Employee Stock Ownership Association) during the course of privatization in May 2002.

2. Liabilities

• Although refundable deposit decreased substantially by KRW 817.2 billion (34.7%) as a number of non-refundable subscribers increased, the total liabilities increased KRW 3.165 trillion (28.6%) to KRW 14.222 trillion. The 28.6% increase was due to the issuance of Bonds with Warrants (US$0.5 billion) and Convertible Bonds (Foreign: US$131.8 billion, Domestic: KRW 1,397.3 billion) during the course of privatization.

3. Shareholders’ Equity

• Despite an increase in retained earnings by KRW 1.570 trillion (23.9%), the total shareholders’ equity decreased KRW 3.997 trillion (33.9%) to KRW 7. 796 trillion. It was due to a 249.7% year over year decrease in capital adjustment caused by SKT share disposal and acquisition of treasury shares.

IV. Summary Statistics

	Dec-00		Dec-01		Jan-02		Feb-02		Mar-02		Apr-02		May-02		Jun-02		Jul-02		Aug-02		Sep-02		Oct-02		Nov-02		Dec-02
Broadband Subs	1,729,320		3,858,194		3,907,000		3,963,150		4,076,799		4,161,658		4,254,851		4,333,268		4,388,929		4,465,225		4,558,006		4,673,936		4,796,191		4,922,535
Net Addition	1,719,021		2,128,874		48,806		56,150		113,649		84,859		93,193		78,417		55,661		76,296		92,761		115,930		122,255		126,344
Megapass ADSL	1,322,531		3,340,526		3,364,673		3,439,721		3,549,177		3,629,707		3,713,743		3,782,437		3,838,349		3,910,083		3,998,405		4,110,197		4,226,268		4,347,742
ADSL-Premium	462,747		626,293		625,330		627,309		630,101		630,698		635,444		636,634		634,397		635,738		640,599		644,708		647,879		649,834
ADSL-Lite	851,694		2,640,718		2,680,450		2,729,068		2,829,410		2,903,354		2,974,527		3,031,436		3,082,898		3,154,978		3,234,420		3,337,131		3,445,123		3,561,119
Special (1)																							218		383		413
Other ADSL Multi-IP	8,090		73,515		78,893		83,344		89,666		95,655		103,772		114,367		121,054		119,367		123,386		128,140		132,883		136,376
* VDSL applied subs (2)																			8,566		25,557		60,000		110,000		147,000
Megapass B&A	397,144		441,765		434,464		428,165		421,788		416,386		411,454		407,271		400,109		392,477		384,383		374,547		364,086		350,216
Megapass Satellites	9,036		12,020		12,051		11,960		11,872		11,816		12,092		11,966		6,271		6,159		6,108		6,087		6,146		6,029
Megapass BWLL	492		989		977		967		964		948		941		894		798		793		785		754		698		604
Megapass Ntopia	117		62,894		74,836		82,337		92,998		102,801		116,621		130,680		143,402		155,713		168,325		182,351		198,993		217,944
Broadband ARPU	39,403		30,159		29,637		30,066		31,649		30,430		30,561		30,476		30,342		30,171		29,800		29,406		29,160		29,037
	Dec-00		Dec-01		Jan-02		Feb-02		Mar-02		Apr-02		May-02		Jun-02		Jul-02		Aug-02		Sep-02		Oct-02		Nov-02		Dec-02
WLAN Subs													621		8,124		9,695		19,689		55,261		71,829		91,102		118,521
Megapass Nespot (Residential)															7,607		6,040		14,093		25,319		32,409		39,209		45,699
Kornet Nespot(Corporates) (5)															517		558		468		1,754		2,085		2,347		2,591
Nespot ID Only																	3,097		5,138		28,188		37,335		49,546		70,231
	Dec-00		Dec-01		Jan-02		Feb-02		Mar-02		Apr-02		May-02		Jun-02		Jul-02		Aug-02		Sep-02		Oct-02		Nov-02		Dec-02
Bizmeka Subs			2,276		2,594		4,290		7,361		18,841		36,131		44,000		41,154		67,101		63,392		59,951		54,680		51,675
	Dec-00		Dec-01		Jan-02		Feb-02		Mar-02		Apr-02		May-02		Jun-02		Jul-02		Aug-02		Sep-02		Oct-02		Nov-02		Dec-02
Leased Lines	592,400		593,832		601,082		602,680		596,961		599,048		599,073		602,223		603,378		602,313		600,704		600,662		600,072		599,136
Local leased line	532,264		538,308		545,157		547,226		543,268		545,494		546,544		549,688		551,361		551,113		549,750		549,569		549,381		548,509
DLD leased line	59,763		55,160		55,561		55,093		53,327		53,188		52,163		52,168		51,652		50,835		50,587		50,724		50,320		50,256
International leased line (6)	275		265		266		264		267		268		267		268		264		263		264		265		266		264
Broadcasting leased line	98		99		98		97		99		98		99		99		101		102		103		104		105		107
Internet Leased Lines	26,095		28,381		28,105		28,336		28,211		28,273		29,159		29,531		29,725		30,094		30,744		31,882		33,408		35,350
	Dec-00		Dec-01		Jan-02		Feb-02		Mar-02		Apr-02		May-02		Jun-02		Jul-02		Aug-02		Sep-02		Oct-02		Nov-02		Dec-02
KT PCS Resale Subs	725		1,147		1,128		1,201		1,297		1,252		1,295		1,366		1,342		1,344		1,391		1,403		1,417		1,422
CDMA 1x Subs (’000)			52		54		164		299		279		353		451		466		508		N/a		644		689		721
	Dec-00		Dec-01		Jan-02		Feb-02		Mar-02		Apr-02		May-02		Jun-02		Jul-02		Aug-02		Sep-02		Oct-02		Nov-02		Dec-02
Fixed-line Subs (’000) (3)	21,524		21,897		21,959		21,967		22,022		22,054		22,105		22,109		22,114		22,147		22,201		22,266		22,313		22,327
Residential users (%)	73	%	72	%	72	%	72	%	72	%	72	%	72	%	72	%	72	%	72	%	72	%	72	%	72	%	72	%
Non-refundable users (%)	32	%	48	%	49	%	52	%	53	%	55	%	58	%	61	%	62	%	63	%	64	%	65	%	65	%	66	%
Fixed-line installed (’000)	24,383		24,854		24,870		24,881		24,886		24,890		24,916		24,969		25,037		25,025		24,973		25,082		25,075		25,062
Digital(%)	79.7	%	87.5	%	87.5	%	87.5	%	87.5	%	87.5	%	87.5	%	87.7	%	88.1	%	88.3	%	88.9	%	89.4	%	89.7	%	90.4	%
Fiber optic (km)	111,728		118,815		118,567		119,071		119,557		120,168		120,770		121,410		122,130		122,863		131,244		120,252		124,051		126,732
Caller ID Users (’000)	—		848		948		1,048		1,174		1,271		1,388		1,506		1,609		1,702		1,740		1,816		1,883		1,946
VAS users (’000)	8,548		8,948		8,949		8,969		8,984		8,985		8,993		9,007		9,026		9,042		9,071		9,098		9,117		9,113
	Dec-00		Dec-01		Jan-02		Feb-02		Mar-02		Apr-02		May-02		Jun-02		Jul-02		Aug-02		Sep-02		Oct-02		Nov-02		Dec-02
Population (’000)	47,008		47,343		47,640		47,640		47,640		47,640		47,640		47,640		47,640		47,640		47,640		47,640		47,640		47,640
Number of Household	15,765		16,081		16,242		16,242		16,242		16,242		16,242		16,242		16,242		16,242		16,242		16,242		16,242		16,242
Broadband Market Share (4)
KT	44.7	%	49.4	%	49.2	%	49.0	%	49.1	%	49.0	%	49.6	%	49.7	%	48.2	%	48.2	%	48.3	%	48.8	%	49.3	%	49.9	%
Hanaro	28.5	%	26.4	%	26.7	%	26.9	%	27.0	%	27.2	%	27.6	%	27.8	%	30.0	%	30.2	%	30.2	%	30.0	%	29.7	%	29.1	%
Thrunet	19.7	%	16.7	%	16.9	%	17.0	%	16.9	%	16.6	%	15.3	%	14.9	%	14.3	%	14.1	%	13.9	%	13.6	%	13.4	%	13.2	%
Others	7.1	%	7.5	%	7.2	%	7.1	%	7.0	%	7.2	%	7.5	%	7.6	%	7.5	%	7.5	%	7.6	%	7.6	%	7.7	%	7.8	%
KT Leased Line Market Share
KT	70.9	%	70.0	%	70.6	%	70.6	%	70.6	%	70.8	%	71.1	%	70.8	%	70.7	%	70.7	%	N/A		70.7	%	70.7	%	70.7	%
Fixed-line Market Share
Local M/S (subscriber base)	98.3	%	96.9	%	96.8	%	96.6	%	96.5	%	96.3	%	96.2	%	96.1	%	96.0	%	95.9	%	95.8	%	95.7	%	95.6	%	96.0	%
DLD M/S (revenue base)	85.6	%	84.5	%	84.4	%	84.5	%	84.7	%	84.7	%	84.8	%	85.0	%	85.0	%	84.8	%	84.9	%	84.9	%	85.0	%	—
ILD (revenue base)	64.3	%	67.1	%	68.1	%	66.7	%	66.7	%	66.7	%	66.9	%	67.2	%	66.6	%	66.6	%	66.4	%	66.2	%	66.5	%	—

20

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 5, 2003

KT Corporation
By:	/s/ Jeong - Soo Suh
	Name: Jeong - Soo Suh Title: Vice President and Chief Financial Officer