(1999=100) CSI() () ()

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2 (1999=100) CSI() () ()

3 100 (%) ( 8,000 7,000 6,000 5,000 4,000 3,000 7,164 4,077 2,408 2,000 1,000

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6 (%) 2, () 90,000 () () (%) 9.0 2,400 2,350 2,300 2,250 2,200 2,150 2, ,000 80,000 75,000 70, , ,000 `00.1Q `00.3Q `01.1Q `01.3Q `02.1Q `02.3Q `03.1Q `03.3Q 0.0 ( 16,000 14,000 ( 45,000 40,000 12,000 35,000 10,000 8,000 30,000 25,000 20,000 6,000 15,000 4,000 10,000 2,000 5, ,000 `00.1Q `00.2Q `00.3Q `00.4Q `01.1Q `01.2Q `01.3Q `01.4Q `02.1Q `02.2Q `02.3Q `02.4Q `03.1Q `03.2Q `03.3Q `03.4Q 04.1Q 04.2Q 04.3Q

7 ( M ( ) N ( ) ( e A+ ( ) ( ) A+ e M ( ) N ( )

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9 0% 20% 40% 60% 80% 100% e-learning () 160, , , ,000 80,000 60,000 40,000 20,000 0 () = 120,000 70,000 60,000 50,000 40,000 30,000 20,000 10,000 0 '01. 7 '02. 1 '02. 7 '03. 1 '03. 7 '04. 1 ( 1,400 1,200 1, EBS ( ) (%) () () () ()

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11 ( ( P 2005E 2006E P 2005E 2006E % 9.3% 23.9% 14.8% ( ) 34.2% 36.1% 41.0% 39.6% % 6.1% 14.5% 17.4% % -3.6% 18.7% 18.1% % -0.9% 17.9% 17.4% % -2.1% 17.5% 17.3% (,%,) P 2005E 2006E Valuation() PER PBR PCFR PSR EV /EBITDA ( P 2005E 2006E EPS 3,234 2,447 2,875 3, BPS 5,532 10,762 11,439 11, CFPS 3,330 2,524 2,955 3, SPS 9,818 8,294 10,274 11, EBITDAPS 4,474 3,339 3,951 4, EBITDA Margin ROE (X)

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13 ( ( E 2006E E 2006E % 20.9% 18.5% 14.5% ( ) 43.4% 48.5% 47.9% 47.1% % 9.9% 20.0% 16.3% % 1.6% 34.3% 16.9% % 15.6% 38.5% 10.0% % 14.2% 35.4% 9.2% (,%,) E 2006E Valuation() PER PBR PCFR PSR EV/EBITDA ( E 2006E EPS BPS 2,798 2,915 3,233 3, CFPS SPS 3,596 3,536 4,191 4, EBITDAPS EBITDA Margin ROE (X)

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