Exhibit 7.1

Computation of Ratios of Earnings to Fixed Charges

	Year Ended December 31,
Korean GAAP	2004		2005		2006
	(Millions of Won)
Earnings:
Net earnings	1,282,216		1,085,450		1,291,863
Income tax	577,889		387,280		490,046
Income from equity investees	(11,310	)	(11,204	)	(8,685	)
Dividend from equity method affiliates	333		2,247		1,247
Fixed charges	708,364		639,073		518,389
Less interest capitalized (a)	—		—		—
Minority interest in earnings of consolidated subsidiaries	148,931		274,586		217,854
Total earnings	2,706,423		2,377,432		2,510,714
Fixed charges:
Interest expense	678,514		616,540		503,244
Capitalized interest (a)	—		—		—
One-third of rent expenses on operating leases, deemed to be representative of interest expense	29,850		22,533		15,145
Total fixed charges	708,364		639,073		518,389
Radios of earnings to fixed charges	3.82:1		3.72:1		4.84:1
U.S. GAAP
Earnings:
Net earnings	1,404,616		1,148,534		1,329,343
Income tax	386,934		356,109		357,090
Income from equity investees	(36,136	)	(234,868	)	(104,336	)
Dividend from equity method affiliates	45,153		51,549		55,031
Fixed charges	467,365		417,658		379,017
Less interest capitalized	(12,154	)	(7,339	)	(9,169	)
Minority interest in losses of consolidated subsidiaries	(1,760	)	6,787		93,874
Total earnings	2,254,018		1,738,430		2,100,850
Fixed charges:
Interest expense	455,211		410,319		369,848
Capitalized interest	12,154		7,339		9,169
One-third of rent expense on operating leases, deemed to be representative of interest expense	—		—		—
Total fixed charges	467,365		417,658		379,017
Radios of earnings to fixed charges	4.82:1		4.16:1		5.54:1

(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.