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P1 GETS RM200 MILLION BOOST TO ACCELERATE ITS DUAL 4G WIMAX/LTE NETWORK EXPANSION
KUALA LUMPUR, Malaysia, 16 May, 2011 — SK Telecom (NYSE:SKM‚ KSE:017670) (“SKT”) of Korea and Green Packet Berhad (KUL:GPacket 0082)‚ the major shareholders of Packet One Networks (Malaysia) Sdn Bhd (“P1”) are investing a further RM201.6 million in P1 to support the accelerated expansion of its 4G WiMAX ⁄ TD-LTE network expansion.

The investment is made up of RM50.5m from SKT and up to RM151.1 million from Green Packet.

In June 2010‚ SKT invested US$100 million in P1 making it the second largest shareholder in P1 after Green Packet. On completion of this additional investment‚ SKT will hold a 25.97% share in P1 while Green Packet will hold a 59.36% share.

CEO of P1, Michael Lai‚ said‚ “We will invest these funds in three key areas. Firstly‚ to be prepared for the exponential growth in demand for data that we called it “Perpetual Data Tsunami”. Secondly, to cater to our customers desire for more‚ better, faster and value – added 4G broadband services. Last but not least‚ to support the government’ s strategic goal to accelerate the roll out of world class mobile and wireless infrastructure and services to the entire nation.”

Puan Chan Cheong‚ Group Managing Director and CEO of Green Packet‚ said, “We were the first to roll out 4G services in Malaysia and SE Asia and now we are ready to take the next step to help Malaysia stay at the forefront of wireless broadband services development. We have in place the finance‚ the technical partnerships and the management capacity to take our investment to the next stage - a dual 4G WiMAX⁄TD – LTE network – which will match the best available networks anywhere in the world.”

With this investment‚ P1 will be positioned to respond to the trend in data consumption by ramping up its mobile broadband coverage via its dual 4G WiMAX⁄TD – LTE (Time Division – Long Term Evolution) network expansion and offer more affordable packages to consumers. P1’ s expansion from WiMAX to a TD – LTE network requires only a software upgrade as both the WiMAX and TD – LTE standards can be supported on the same platform and can operate on the same 2.3GHz spectrum.

P1 has already invested more than RM1 billion for capex and opex. P1 has‚ to date‚ utilised 50% of its US$150 million of vendor financing facilities from ZTE.

From left to right:
Puan Chan Cheong, Group Managing Director and Group CEO of Green Packet Berhad, Michael Lai,
CEO of P1 and representing SKT is P1 as Chief Strategy Officer and Deputy CEO Dr Ahn Hoekyun
formalizing the RM200 million boost for P1's network expansion.

SKT’ s Dr Ahn Hoekyun‚ Chief Strategy Officer and Deputy CEO P1‚ said‚ “We have enjoyed an excellent partnership with P1 and with the Malaysian regulators‚ particularly MCMC. We are pleased to have had the opportunity to bring our experience and expertise from Korea‚ where we are the leader with 25 million subscribers‚ to Malaysia. SKT will roll out LTE in Korea in July. We are investing US$ 2.1 billion in the transition which represents the biggest capex investment ever in the history of the company. We will commence LTE services in Seoul and expand our coverage nationwide by 2013.”

Ahn continued‚ "SKT is keen to develop key LTE markets around the world and with successful partnerships such as the one we have with Malaysia’ s regulators via P1‚ we will continue to support the world class development of mobile broadband in Malaysia."

Michael Lai went on to comment‚ "We have already begun trials with our technology partner‚ ZTE‚ to co-exist both TD – LTE and WiMAX‚ leveraging the power of two 4G technologies. Just recently we demonstrated the capability of our technology to key media‚ and they witnessed download speeds of 130Mbps at 2.3Ghz. We are ready to trial on the 2.6Ghz spectrum. Our 300‚000 subscribers are ready‚ and we are ready to roll out our higher speed‚ higher capacity services. The timing is subject to the allocation of the spectrum."

About Green Packet Berhad [534942–H]

Listed on the Main Board of the Malaysian Bourse (KUL : Gpacket 0082)‚ Green Packet Berhad ("The Group") aims to be the visionary global leader providing best connectivity to enrich lives. Bringing forth best–of–class technologies‚ devices and services to simplify and enhance connectivity and communications‚ The Group fulfils a wide array of targeted needs by employing its two key business pillars of Solutions and Converged Communications Services; the latter via 4G WiMAX operator and service provider arm‚ Packet One Networks (Malaysia) Sdn Bhd; 4G WiMAX global services‚ Packet One International Pte Ltd‚ and provider of discounted‚ MVNO and wholesale voice services via its Alternative Voice Services subsidiary companies. For more information‚ please log on to: www.greenpacket.com

About Packet One Networks (Malaysia) Sdn. Bhd. [571389–H]

Packet One Networks (Malaysia) Sdn Bhd ("P1")‚ a subsidiary of Green Packet Berhad‚ is Malaysia’ s first and leading 4G telecommunications company with the country’ s widest WiMAX coverage. P1 4G represents the first large-scale commercial 4G WiMAX deployment in Southeast Asia‚ and the first large–scale deployment of an 802.16e 2.3GHz WiMAX network outside Korea. P1’ s goal is to bridge the digital divide by making access to the internet universal‚ ubiquitous and affordable for every Malaysian. P1 hopes to play a major part in realizing the nation’ s goal providing Broadband for All. For more information‚ please log on to: www.p1.com.my

About SK Telecom

SK Telecom (NYSE: SKM‚ KSE: 017670) is Korea’ s leading telecommunications provider with more than 25 million subscribers‚ which accounts for more than 50% of the total market. The company established in 1984‚ reached KRW 12.5 trillion in revenue in 2010. SK Telecom was the first to launch and commercialize CDMA‚ CDMA 2001x‚ CDMA EV-DO and HSDPA networks‚ and it currently provides cellular‚ wireless internet‚ mobile media‚ global roaming service and more. For more information‚ please log on to www.sktelecom.com or email to press@sktelecom.com.