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.
|--- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------