Exhibit 7.1

Computation of Ratios of Earnings to Fixed Charges

	Year Ended December 31,
Korean GAAP	2003		2004		2005
	(Millions of Won)
Earnings:
Net earnings	821,734		1,282,216		1,051,942
Income tax	523,631		577,889		420,788
Income from equity investees	(5,462	)	(11,310	)	(11,204	)
Dividend from equity method affiliates	554		333		2,247
Fixed charges	720,744		708,364		639,073
Less interest capitalized (a)	—		—		—
Minority interest in earnings of consolidated subsidiaries	235,695		148,931		274,586
Total earnings	2,296,896		2,706,423		2,377,432
Fixed charges:
Interest expense	705,540		678,514		616,540
Capitalized interest (a)	—		—		—
One-third of rent expenses on operating leases, deemed to be representative of interest expense	15,204		29,850		22,533
Total fixed charges	720,744		708,364		639,073
Radios of earnings to fixed charges	3.19:1		3.82:1		3.72:1

U.S. GAAP
Earnings:
Net earnings	395,443		1,404,616		1,148,534
Income tax	217,568		386,934		356,109
Income from equity investees	(10,559	)	(36,136	)	(234,868	)
Dividend from equity method affiliates	958		45,153		51,549
Fixed charges	443,078		467,365		417,658
Less interest capitalized	(21,469	)	(12,154	)	(7,339	)
Minority interest in losses of consolidated subsidiaries	(22	)	(1,760	)	6,787
Total earnings	1,024,997		2,254,018		1,738,430
Fixed charges:
Interest expense	421,609		455,211		410,319
Capitalized interest	21,469		12,154		7,339
One-third of rent expense on operating leases, deemed to be representative of interest expense	—		—		—
Total fixed charges	443,078		467,365		417,658
Radios of earnings to fixed charges	2.31:1		4.82:1		4.16:1

(a) Effective on January 1, 2003, in accordance with Korean GAAP, the Company elected to no longer capitalize interest costs on all borrowings incurred related to qualifying assets.