(Macquarie Korea Infrastructure Fund) 1 : (Macquarie Korea Infrastructure Fund) : 110 11(:100-755) : 02-3705-4921 2 : / 3 : (Macquarie Shinhan Infrastructure Asset Management Co, Ltd) ( 110 11Tel: 3705-4921) 4 : wwwsamsungfncom 26 Tel: 2020-7586 23-2 Tel: 6050-2194 wwwgoodicom 110 8 Tel: 3705-8738 wwwiprovestcom 26-4 Tel: 3771-9095 2185 Tel: 3770-2675 wwwmyassetcom wwwkoreastockcokr 23-5 Tel: 3772-7432, 5 : 2006 3 7 6 : (MSIAM),,, (wwwamakorkr)
(MKIF) (Macquarie Bank Limited ACN 008 583 542), (MSIAM) MKIF (MKIF) I/We acknowledge that Investments in Macquarie Korea Infrastructure Fund are not deposits with or other liabilities of Macquarie Bank Limited ACN 008 583 542, or of any entity in the Macquarie Bank Group and are subject to investment risk, including possible delays in repayment and loss of income and capital invested None of Macquarie Bank Limited, Macquarie Shinhan Infrastructure Asset Management Co, Ltd, and any member company of the Macquarie Bank Group guarantees any particular rate of return or the performance of the Macquarie Korea Infrastructure Fund, nor do they guarantee the repayment of capital from Macquarie Korea Infrastructure Fund,, 1933 (US Securities Act of 1933)Regulation S " " ("US person") "The subscriber: - if it is a natural person, is not a US citizen or resident in the US - if it is not a natural person, is not a "US person" as defined in Regulation S under the US Securities Act of 1933"
[]1 I 1 1 1 2 1 3 1 4 1 II 2 1 2 2 6 3 10 4 12 5 13 III 14 1 14 2 15 3 17 []20 1 20 20 1 20 2 21 3 21 4 22 5 22 6 24 7 25 II 25 1 26 2 30 3 34 4 36 5 37 III, 38 1 38 2 38 3 56 IV, 58 1 58 2 82 3 82 2 85 I 85 1 85 2 88 3 101 4 189
5 190 II, 193 1 193 2 195 197 1 197 2 (MD&A) 209 3 228 I 228 1 228 2 228 3 2 233 4 233 5 233 II 234 1 234 2 246 III 247 1 247 2 248 IV 250 1 250 2 250 V 252 1 252 2 252 4 253 I 253 1 253 2 258 3 258 4 259 5 259 6 259 II 261 1 261 2 262 3 264
[] (, MKIF ) I 1 : (Macquarie Korea Infrastructure Fund) 2 : ( ) 30 3 : / ( ) 4 : (Macquarie Shinhan Infrastructure Asset Management Co, Ltd, MSIAM ) 20021213MSIAM 20021224, 2003212, 20051110, 2006216 MSIAM MSIAM MSIAM 2002 10 17, ( ) 20051111 : 110 11100-755, Tel : 02-3705-4921 (1) : 30 (2) : 26 MSIAM 50%, 50%, 801% 1
II 1,,,,,,,,,,,,,, 14 2, 3-1 2, 1 - - - 9, 1-4 ( - ), 2
1,,,,, 2000 25 14 5,,, 4 3, 2005 12 31 411,713 3, (refinancing),, 3
14, 12 6,,, MSIAM,, MSIAM,,,, MSIAM 14 1 9,, (KRX) (GDS),,,,, 4
,, 2000 25,,,,,, (Macquarie Bank Limited) ISF (Infrastructure & Specialised Fund) ( MSIAM ),, ISF, ISF ISF,, MSIAM,,,, 5
Macquarie Investment Management (UK) Limited ( MIM UK ) MSIAM MSIAM, MSIAM ISF 2,,,,, ( 5 ),,,,,,,,,,, (1) 6
14 ( SMFA ), SMFA,,, ( ),, (SMFA ) (Separate Arm s Length Fee) (2),,,,,,,,,,,,,, (3),, 4 3 7
SMFA SMFA,,, 2005 12 31 12,604,,,, 30% -, 2005 12 30 178 (4),, (5),,,,,, 8
(6) 25,, 3, (7) MSIAM (MSIM), 2002 12 13 MSIAM MIM UK MSIAM 2005 11 11 MSIAM 4,, MSIAM,, 3,,, 1990, 21 600 ISF 2005 12 31 230 ISF,,,,, ISF 1996 2005 12 31 300 2005 12 31,,,,,,, 20 90 (8),,,,,,,,, 9
3 ( 2 I 2 (87 ) ) GDS (1), (2) (3) (4),,,, (5), (6) (7) (8) (9), (10) (11), (12), 10
(13),,, (14) (15) (1) (2) (3), (4) (5) (refinancing) (6) (7) 5,,, (8),,, (9), (10), (11), (12), (13) -,, 11
(14) (15) (16) (17),, (18) (1) (2), (3) (4) 5, (5),, (6) (7) 11 (Put-back Option) 4,,, 54 ( (Heavy tail), 2008, 3 55% ( ), 3 154% ( ) ( 15 12
),,,,, (2008 ) 5, 1800% 1600% 1400% 1200% 1000% 800% 600% 400% 200% 000% 1 2 3 4 1200% 1000% 800% 600% 400% 200% 000% ( : ) 1 (20021212 ~ 20021231) 2 (200311 ~ 20031231) 3 (200411 ~ 20041231) 4 (200511 ~ 20051231) (1) - 40,325 382,013 925,647 (4) (1) (2) - 6,694 39,584 94,000 (3) ((2)/(1)) - 1660% 1036% 1016% 1233% (2) (4) 1039% 841% 1081% 986% (3) (5) - - - - - : (1) :,, 2005 12 31 13
(2) : (3) : (4) : III 1 (, %) (1) 15 000% - 0040% 00175% (2) 0070% (3) (3) (4) (4) : (1), (Management fees) (Performance fees) 331, 630, 930 1231,,,, 7,952 1,330,, ( ) 500, 300 ( 1 III, 2 ) 14
(3) (1) ( : ) (1) 219,524 (2) 9,112 [ (1)-(2) ] 210,412 1) 7,000 31,360,640, 2) 6,586 30% ( : ) 26 [10,800 + 1,000 0004%]1/3 2,500, IR,,, 9,112 2 90% (1) 2008 914 ( ) 3 154% ( ), 3 55% ( ) 15
,, 1, () () ( 461 ) () - 14% 10% * : 154% ( 14% + 14%) ( ) 4,, ( 3% 100 ) 1 33% ( ), 22% ( ) 015% 015%, 05% (2) - - - (3) 275% ( ), 11% ( ) 275% ( ),, 16
5 25% 3 ( :,) 31,360,640 7,000 219,524,480,000 31,360,640 7,000 219,524,480,000 (1) 31,360,640, (2) 7,000 (3) (Korea Exchange) (" ), (London Stock Exchange) Professional Securities Market ( PSM ) ( "GDS" (Global Depository Shares) ) ( " " ) (4) ( ),, Macquarie Bank LimitedMerrill Lynch Pierce, Fenner & Smith Incorporated ( " " " ) (5) (Korea Exchange), 1 1GDS (6) (1) : (%) (4) (1) 21,952,448 (700%) 7,000 153,667,136,000 (2) 4,704,096 (150%) 7,000 32,928,672,000 (3) 4,704,096 (150%) 7,000 32,928,672,000 17
31,360,640 (1000%) 7,000 219,524,480,000 1) : 2 9 2 10 [ ] " " 1 1 17 1 2 41 ( ) 3,, 4 ( ) 135 1 4 6 " 1 1 ( ) 50% 2, ( 31 32 ) 50% 3 1, 1 2,, 30% BBB- 50% BBB- A3-60% 4 BBB- A3-50% 5 87 2 81 2 2) : 3 (,, ) 3) : 3 (,, ) 4) 7,000 (2) :, (MKIF) (3) : 36 18
: 38~ 310(3 ), 38(1 ), 39~10(2 ) ( ) : 315 1, IV, 1 2002 12 31 2005 12 31 2006 1 (1/1 ~ 12/31) ( ) () 2002 12 31 0 0 2003 630 1,7000 1857 2003 12 31 3,2218 855 2004 630 13,8876 2127 2004 12 31 18,8793 1271 2005 630 49,2412 2714 2005 12 31 53,5500 2231 1, IV, 3 19
[] 1 1 : (Macquarie Korea Infrastructure Fund) 110 11 (:100-755), 2005 12 31 1, 1,533 524, 2005 12 31 1, 1,152 940, MSIAM,, MSIAM 20
UK (Macquarie Investment Management UK, MIMUK ) 2005 12 31 23 7,600, (MIHL) 51% 151% 2002 12 12 2002 12 26 2005 9 29 MSIAM 2006 2 8 () 465, 104-81-77509, 110111-2672586 110 11 02-3705- 4921 2 : 30 3 : ( ) 2002 12 (), ( ) 1 2 3 1 2 ( ) 4 1 3 5 21
4 : (Macquarie Shinhan Infrastructure Asset Management Co, Ltd, MSIAM ) 20021213MSIAM 20021224, 2003212, 20051110, 2006216 MSIAM MSIAM MSIAM 2002 10 17, 2005 11 11 110111-2633364 : 110 11100-755, Tel : 02-3705-4921 (1) : 30 (2) : 26 MSIAM 50%, 50%, 801% 5 200204 200210, ( :Macquarie Shinhan Infrastructure Management Co, Ltd) 200212 ( : ) ( ) 200212 1 (2,470 /12 ), 1 200303 2 1 100% 200306 2 (1,205 / 5, 3,675 /17 ) 200309 () ( 320 ) 200312 () () 3 (2,627 / 2, 22
6,302 /19 ) 200403 () 992% 200407 4 (6,302 /, 12,604 / 19 ) 200409-200410 241%, 2 200411 2, 1 200412-75% 200502 905% 100% 200503 200505-60% 663% 200505 9 200509 200510-200511 MSIM ( ) MSIM ( ()) ( ) 200512 2005 12 31 23
85% 85% 100% 2006 2 8 () 2006 2 16 2005 12 31 2005 7 1 12 31 6 53,5500 2006 2 16 3 1 6, ( :,, %) 20021212 20,000 5,000 100,000,000 20021212 20021231 2003317 2003627 2003 9 25 1,980,000 5,000 10,000,000,000 9900% ( ) 2,714,000 5,000 23,570,000,000 13570% (/ ) 2,638,330 4,90292 36,505,520,924 5488% ( ) 2,491,853 5,04949 49,088,107,728 3447% (/ ) 2,931,663 5,11654 64,220,886,006 3083% ( ) 20031205 62,520,886,006 20031218 20031223 20040119 20040226 20040308 4,287,324 5,13139 84,520,817,506 3519% ( ) 20,633,151 5,13736 190,520,742,126 12540% ( ) 3,010,990 5,14746 205,886,885,438 814% (/ ) 3,186,216 5,17761 222,383,869,261 801% (/ ) 21,397,378 5,18755 333,383,837,504 4990% ( ) 24
20040924 20041124 20041126 20041207 20041208 20041221 20050215 20050322 20050407 20051028 20051124 39,406,475 5,20219 538,383,807,683 6149% ( ) 25,604,793 5,25325 672,892,186,510 2498% ( ) 1,425,690 5,25470 680,383,759,753 111% ( ) 15,990,919 5,28032 764,820,929,167 1241% () ( ) ( ) 851,225 5,28109 769,316,325,002 059% 12,716 5,29967 769,383,715,605 001% 12,420,177 5,34211 835,733,667,358 862% ( ) 15,825,810 5,36781 920,683,608,534 1016% ( ) 4,604,757 5,27714 944,983,555,889 264% ( ) 12,465,623 5,32464 1,011,358,510,739 702% ( ) 46,177,829 5,35628 1,258,699,892,548 2446% () 7 30 II 25
1,,,,,,,,,,,,,, 14 2, 3-1 2, 1 - - - 9, 1-4 ( - ), 26
1,,,,, 2000 25 14 5,,, 4 3, 2005 12 31 411,713 3, (refinancing),, 27
14, 12 6,,, MSIAM,, MSIAM,,,, MSIAM 14 1 9,, (KRX) (GDS),,,,, 28
,, 2000 25,,,,,, ISF ( MSIAM ),, ISF, ISF ISF,, MSIAM,,,, 29
MIM UK MSIAM MSIAM, MSIAM ISF 2,,,,, ( 5 ),,,,,,,,,,, (1) 14 30
( SMFA ), SMFA,,, ( ),, (SMFA ) (Separate Arm s Length Fee) (2),,,,,,,,,,,,,, (3),, 4 3 31
SMFA SMFA,,, 2005 12 31 12,604,,,, 30% -, 2005 12 30 178 (4),, (5),,,,,, (6) 32
25,, 3, (7) MSIAM (MSIM), 2002 12 13 MSIAM MIM UK MSIAM 2005 11 11 MSIAM 4,, MSIAM,, 3,,, 1990, 21 600 ISF 2005 12 31 230 ISF,,,,, ISF 1996 2005 12 31 300 2005 12 31,,,,,,, 20 90 (8),,,,,,,,, 33
3 ( 2 I 2 (87 ) ) GDS (1), (2) (3) (4),,,, (5), (6) (7) (8) (9), (10) (11), (12), 34
(13),,, (14) (15) (1) (2) (3), (4) (5) (refinancing) (6) (7) 5,,, (8),,, (9), (10), (11), (12), (13) -,, 35
(14) (15) (16) (17),, (18) (1) (2), (3) (4) 5, (5),, (6) (7) 11 (Put-back Option) 4,,, 54 (Heavy tail), 2008, 3 55% ( ), 3 154% ( ) ( 15 36
),,,,, (2008 ) 5, 1800% 1600% 1400% 1200% 1000% 800% 600% 400% 200% 000% 1 2 3 4 1200% 1000% 800% 600% 400% 200% 000% ( : ) 1 (20021212 ~ 20021231) 2 (200311 ~ 20031231) 3 (200411 ~ 20041231) 4 (200511 ~ 20051231) (1) - 40,325 382,013 925,647 (4) (1) (2) - 6,694 39,584 94,000 (3) ((2)/(1)) - 1660% 1036% 1016% 1233% (2) (4) 1039% 841% 1081% 986% (3) (5) - - - - - : (1) :,, 2005 12 31 (2) : 37
(3) : (4) : III, 1 (, %) 2 (4) 15 000% - 0040% 00175% (1) (1) (2) (2) (3) (3) : (2) (4) ( : ) (1) 219,524 (2) 9,112 [ (1)-(2) ] 210,412 38
1) 7,000 31,360,640, 2) 6,586 30% ( : ) 26 [10,800 + 1,000 0004%]1/3 2,500, IR,,, 9,112 (4), (Management fees) (Performance fees) 331, 630, 930 1231,, (Management fees),, (Trusts) ( ) 15,000 : [R (NIV+C)115% + (1-R) (NIV+C)125%] (N/365),, (Trusts) ( ) 15,000 : [RT115%+R (NIV+C-T)105%+(1-R)T125%+(1-R) (NIV+C-T)110%] (N/365), R = ; C/(NIV+C) NIV = C =,, (Trusts) ( ) T = 15,000 N = (NIV) 39
(), ; (), ;, (, ), (, ), 15 15 ( ) (1) (Management Fee) : (A) (Market Value) W1,500,000 (B) (C) (D) W0 W300,000 W400,000 92 (NIV) = A + B D =1,500,000 + 0 400,000 =1,100,000 NIV + C = 1,100,000 + 300,000 40
= 1,400,000 R = C / (NIV + C) = 300,000 / 1,400,000 = 2143% : = [2143% 1,400,000 115% + (1-2143%) 1,400,000 125%] (92/365) = (3,450 +13,750 ) (92/365) = 4,33534 : (a) (Market Value) W2,000,000 (B) (C) (D) W0 W300,000 W400,000 92 (Net Investment Value): = A + B - D = 2,000,000 + 0-400,000 = 1,600,000 NIV + C = 1,600,000 + 300,000 = 1,900,000 R = C / (NIV + C) = 300,000 / 1,900,000 = 1579% : = [1579% 1,500,000 115% + 1579% (1,600,000 +300,000-1,500,000 ) 105% + (1-1579%) 1,500,000 125% + (1-1579%) (1,600,000 + 300,000-1,500,000 ) 11%] (92/365) 41
= (2,72368 + 66316 + 15,78947 + 3,70526 ) (92/365) = 576741 (Performance fee) ( ) (benchmark),,, ( ) ( ) 20% = 20% ( + - - ): = A1 + A2, A 1 = S1x B1 C1 C1 A1 = ( 15 ) S1 =, 15 ( 15 ( ) ) 15 B1 = Morgan Stanley Capital International Inc (, (Reporting Agency) 15 C1 =, 15 ( 15 ( ) ) B2 C2 A2 = S 2x C2 42
A2 = 15 15 S2 = ( 15 15 ) B2 = 15 C2 = = BR1 + BR2, BR1 = S1 x (108 N/365-1) BR1 = ( 15 ) S1 = S1 N = : BR2 = S2 x (108 N/365-1) BR2 = 15 15 S2 = S2 N = ( ) 43
B1 C1 A1 = S1x C1 + NS1x B1 IP1 IP1 A1 = S1 = ( ) ( ) B1 = 15 C1 = NS1 = IP1 = ( ) 15, BR1 = S1 x (108 N1/365 1) + NS1 x (108 N1/365-1) BRI = SI = S1 N1 = ( ) NSI = NSI (deficit) (, ),, ( ), 44
(surplus ) (, ), ( ),, 15 15 ( ) (1) 1 : (S1) (S2) 15 ( 15 ) W2,000,000 W0 (C1) 15 100 (B1) (X1)/ (X2) 15 102 (108 91/365-1) 194% 45
: = A1 + A2 = [S1 (B1 C1)/C1] + [S2 x (B2 C2)/C2] = [2,000,000 (102-100)/100] + 0 = 40,000 : = BR1 + BR2 = (S1 X1) + (S2 x X2) = 2,000,000 194% + 0 = 38,74562 : = 20% (40,000-38,74562 ) = 25088 : = 0 0,, 25088 2 : (S1) S2 15 ( 15 ) W2,000,000 W0 (C1) (B1) (X1)/ (X2) (D) 15 102 15 103 (108 92/365-1) 196% W0 46
= A1 + A2 = [S1 (B1 C1)/C1] + [S2 x (B2 C2)/C2] = [2,000,000 (103-102)/102] + 0 = 19,60784 : = BR1 + BR2 = (S1 X1) + (S2 x X2) = (2,000,000 196%) + 0 = 39,17554 : = 20% (19,60784-39,17554 ) = 0 < > = 19,60784-39,17554 = 19,56770,, 19,56770 3 : (S1) (S2) 15 ( 15 ) W2,000,000 W0 (C1) (B1) (X1)/ (X2) (D) 15 103 15 106 (108 91/365-1) 194% W19,56770 47
= A1 + A2 = [S1 (B1 C1)/C1] + [S2 x (B2 C2)/C2] = [2,000,000 (106-103)/103] + 0 = 58,25243 = BR1 + BR2 = (S1 X1) + (S2 x X2) = (2,000,000 194%) + 0 = 38,74562 = 20% (58,25243 (38,74562 + 19,56770 )) = 20% 6089 = 0 ( + ) = 19,56770 = 19,50681 0, 4 : (S1) (S2) (C1) (B1) (X1)/ (X2) (D) (S) 15 ( 15 ) W2,000,000 15 106 15 1095 (108 90/365-1) 192% W19,56770 W19,50681 W0 48
: = A1 + A2 = [S1 (B1 C1)/C1] + [S2 x (B2 C2)/C2] = [2,000,000 (1095-106)/106] + 0 = 66,03774 : = BR1 + BR2 = (S1 X1) + (S2 x X2) = (2,000,000 1 92%) + \0 = 38,31579 : = 20% (66,03774 + 19,50681 ) (38,31579 + 19,56770 ) = 20% 27,66105 = 5,53221 : = 0 : = 0 5,53221 5 : (S1) (C1) (B1) (X1) (A2) (C2) (B2) (X2) 15 W2,000,000 15 110 15 115 (108 92/365-1) 1961% ( 27 ) W50,000 15 113 115 057% 49
: (108 27/365-1) (D) W0 : = A1 + A2 = (S1 (B1 C1)/C1) + (S2 (B2 - C2)/C2) = (2,000,000 (115-110)/110) + (50,000 (115-113)/113) = 90,90909 + 88496 = 91,79405 : = BR1 + BR2 = (S1 X1) + (S2 X2) = (2,000,000 196%) + (50,000 057%) = 39,17554 + 28546 = 39,46100 : = 20% (91,79405 39,46100 ) = 10,46661 ( )0 ( ), 10,46661 (2) () 125%, 15% ; () 150%, 5%, () 200%, 5% ()() (0) (0) (Net Performance), (+), (-), (0) 50
51 (Past Performance Fee), ( ) ((+) ), (Benchmark Performance),, ( ) (Actual Performance), ( ) () ( ) ; (),,
AP = X (VWAP /, AP = X = 25% VWAP = (3 ) (6 9 ), 52
() 1, 3, 1, 3, () : () 1 (), 7,952 1,330,, ( ) 500, 300 ( ),, ( ), (),,,, ( ), ( ) 53
,,,, ( ),,,,,,,, ( ),,,,,,,,,,,,,,,,,,,,,,,,, (,,, ),,,, ( ),,,, (,,,,,,, ),,,,, 54
, 2/3 90,, 30 90,,,, 16 14 ( ),, (i) 4 3(ii) 12,,, (PR1) PR1 = B1 = 55
56 IP1 = IP1 (PBR1) PBR1 =,,, 30 ( ) 3, 90% (1) 2008 914 ( ) 3 154% ( ), 3
55% ( ),, 1, () () ( 461 ) () - 14% 10% * : 154% ( 14% + 14%) ( ) 4,, ( 3% 100 ) 1 33% ( ), 22% ( ) 015% 015%, 05% (2) - - - (3) 275% ( ), 11% ( ) 275% ( ), 57
, 5 25% IV, 1 ( :,) 31,360,640 7,000 219,524,480,000 31,360,640 7,000 219,524,480,000 1) 2) 6,800 ~ 8,250, 7,000 3) (Korea Exchange) ( " ), (London Stock Exchange) PSM (Professional Securities Market, PSM) [ "GDS" (Global Depository Shares) ] ( " " ) 4) ( ),,, Macquarie Bank Limited Merrill Lynch Pierce, Fenner & Smith Incorporated ( " " " ) 5) " ", 1 1GDS 6), 7) ( " ), 1 58
(http://www samsungfncom, http://www goodicom) 2006 3 7 8) 9) GDS PMS, GDS PMS, GDS PMS, GDS, GDS PMS GDS PMS 10) " ",, GDS 1 1 GDS 11) 2006 37 [ : ] ( :,) ( ) ( ) 40,067,932 63,160,514 7,000 722,599,122,000 40,067,932 63,160,514 7,000 722,599,122,000 1) ( ) 7,000 2) 3), 4) 1% 5) 6) [ : ] ( :,) 59
31,360,640-31,360,640 2330% 40,067,932 63,160,514 103,228,446 7670% 71,428,572 63,160,514 134,589,086 10000% 1) 2) 3), " " [ : ] ( :,) 15,484,266 7,000 108,389,862,000 108,389,862,000 15,484,266 7,000 108,389,862,000 1) ( ) 6,800 ~ 8,250 7,000 [ ] 90% [ : ] 60
31,360,640 (100%) (%) - - - 31,360,640 (100%) (1) (%) (1) 21,952,448 (70%) 7,000 153,667,136,000 (2) 4,704,096 (15%) 7,000 32,928,672,000 (3) 4,704,096 (15%) 7,000 32,928,672,000 31,360,640 (100%) 7,000 219,524,480,000 1) : 2 9 2 10 2 " " 1 1 17 1 2 41 ( ) 3,, 4 ( ) 135 1 4 6 " 1 1 ( ) 50% 2, ( 31 32 ) 50% 3 1, 1 2,, 30% 61
BBB- 50% BBB- A3-60% 4 BBB- A3-50% 5 87 2 81 2 2) : 3 (,, ) 3) : 3 (,, ) ( ) ' ',, ' ' [ ] () 20,179,840 6435% () 5,882,400 1876% 3,532,000 1126% () 588,800 188% () 588,800 188% () 588,800 188% 31,360,640 10000% (2) () () 2,996,496 () 824,400 62
- () () () 294,400 294,400 294,400 4,704,096 () () () 2,996,496 824,400 - () () () 294,400 294,400 294,400 4,704,096 () () () 14,186,848 4,233,600 3,532,000 () - () - () - 21,952,448 (3) () : 2 9 2 10 63
() : 3 (, ) () : 3 (,, ) ( ) ( ) GDS,,,,,,,,,,,,,, 1 7,000 (http://wwwsamsungfncom, http://wwwgoodicom) 2006 3 7 7,000, 31,360,640 219,524,480,000 (1) : 39,200,800 7,000 6,800 ~ 8,250 ( ) 266,565 ~ 323,407 219,524 64
(1) 3 8 3 10 - - - - 100% (2) - - - 3 14 ( ) 2006 11 1) :, /,, /, 4,704,096 50, 50 1, 50 100 ~ 500 50 500 ~ 1,000 100 1,000 ~ 2,000 200 2,000 ~ 5,000 500 5,000 ~ 10,000 1,000 10,000 ~ 20,000 2,000 65
20,000 ~ 50,000 5,000 50,000 10,000, 3, 2) 100% 100% 3) : : :, [ ] 2,996,496 824,400-3,820,896 294,400 294,400 294,400 883,200 4,704,096 66
[ ] 2,996,496 824,400-3,820,896 294,400 294,400 294,400 883,200 4,704,096,,,,,, 4) 1 (2006 3 8 ) 1 (2) 2006 33 (1) 2006 37 (2) 2006 38, 2006 314 (3) 1) 2006 3 3 ( ) (http://wwwsamsungfncom, http://wwwgoodicom) 67
2) 2006 3 7 ( ) (http://wwwsamsungfncom, http://wwwgoodicom) 3) 2006 3 14 ( ) (http://wwwsamsungfncom, http://wwwgoodicom), ' ' (), : 2006 3 3 (http://wwwsamsungfncom, http://wwwgoodicom) 2006 3 3 ( ) 2006 3 6 ( ) - ( : 02-3705-4921) ( : 02-2020-7586) ( : 02-6050-2194) ( : 02-3705-8738) - 1) 2006 3 6 ( ) 18:00 2) : 2 9 2 10 : 2 9 1 1 17 1 2 41 ( ) 3,, 4 ( ) 135 1 4 6 : 2 10 1 68
1 ( ) 50% 2, ( 31 32 ) 50% 3 1, 1 2,, 30% BBB- 50% BBB- A3-60% 4 BBB- A3-50% 5 87 2 81 2 - [, ] " ", 1,,, -, - - : 69
21,952,448 70% 15% 15% ( ) 21,952,448 10,000 10,000 5% ( ) 21,952,448 16 23 2 3, ( ) * : 10,000 * : 50 : - (, ) - -, ( ) - - (, ) - - ( ) - 70
- (, ) - 135 1 4 6 - (, ) (Fax), " " (Fax) * : 2006 3 6 ( ) 18 * : (, 18:00 ) * : 10 26 10 Tel: 02-2020-7586 Fax: 02-2020-7550 IB ECM 445 7 Tel: 02-6050-2194 Fax: 02-6050-2157 ECM 110 9 Tel: 02-3705-8738 Fax: 02-3705-8729,,, (FAX), " " (Fax) 18:00 (, ) 71
,,, (, ), ( ),, ( ),,,, GDS,, GDS,, 2006 3 7 (wwwsmbsbiz) bloomberg,, GDS, GDS,, 50, 50 GDS,,, 72
, 30% 200637( ) (http://wwwsamsungfncom or http://wwwgoodicom) - = () () - () 1,000 100 1,000 080 ) ( ),,,,,,,,,, ( ) 100 () 15% 100 15% ~ 25% 060 25% 040 (wwwsamsungfncom or wwwgoodicom) 2006 3 7 ( ) 1 2 (2006 3 8 ) ( 100%) 73
, 1 (2006 3 8 ) 1,,,,, " ", (12 ) (, wwwgoodicom) [ : ] : (2006 2 21 ~ 3 6 ( )) 10, : GDS, :,, GDS,, 74
, GDS,, 2006 3 7 (wwwsmbsbiz) Bloomberg,, GDS, GDS,, 50, 50, GDS,,,,,, GDS, GDS,, () (,, ) 1 1, " ", 2 1 3 1 4,704,096, ( ), ( :, : 5% ),, 75
, 1933 (US Securities Act of 1933)Regulation S ( US person ) () : : :,, 2,996,496 824,400 - () 294,400 () 294,400 () 294,400 4,704,096 2,996,496 824,400 - () 294,400 () 294,400 () 294,400 4,704,096 76
() (%) ( ) 14,186,848 (4524%) 4,233,600 (1350%) ( ) ( ) 3,532,000 (1126%) 2,996,496 (955%) ( ) ( ) ( ) 824,400 (263%) - ( ) 294,400 (094%) ( ) 294,400 (094%) ( ) 294,400 (094%) 2,996,496 (955%) ( ) ( ) ( ) 824,400 (263%) - ( ) 294,400 (094%) ( ) 294,400 (094%) ( ) 294,400 (094%) 31,360,640 (10000%) 1) GDS,,,, 77
2),,,,,,,,, 70% (21,952,448 ) GDS,,,, 1 (2006 3 8 ) 1,,,,,,, 1 56, 5 6, (-) 56 () 78
, GDS : : 174 5, (1), [ : ( ) ] ( :, ) 63,160,514 442,123,598,000 - - 63,160,514 442,123,598,000 - - 1) GDS 2) 7,000 3) (2), [ : ( ) ],,, GDS 35,688,917, 15,471,597, 9,000,000, 3,000,000 GDS 63,160,514 (1) 79
( :, %) 53,255,346 2218% 38,054,482 1585% 23,075,351 961% 19,063,811 794% 19,051,786 794% 17,183,467 716% 17,125,280 713% 12,164,524 507% 11,401,264 475% 7,616,681 317% 5,729,061 239% ( ) 4,763,571 198% 3,825,138 159% 3,808,340 159% 1,911,391 080% 670,874 028% 668,064 028% ( ) 573,621 024% 114,867 005% 20,000 001% 0 000% 240,076,919 10000% 311,505,491 17,566,429 564% 38,054,482 1222% 7,603,754 244% 19,063,811 612% 19,051,786 612% 8,183,467 263% 17,125,280 550% 12,164,524 391% 11,401,264 366% 4,616,681 148% 5,729,061 184% 4,763,571 153% 3,825,138 123% 3,808,340 122% 1,911,391 061% 670,874 022% 668,064 021% 573,621 018% 114,867 004% 20,000 001% 134,589,086 4321% 10000% : (1), 63,160,514, 14,623,368, GDS (2) 63,160,514 31,360,640 219,524 80
GDS 63,160,514 ( : ) (1) 219,524 (2) 9,112 [ (1)-(2) ] 210,412 1) 7,000 31,360,640, 2) 6,586 30% ( : ) 26 [10,800 + 1,000 0004%]1/3 2,500, IR,,, 9,112 (Lock-Up) 1 1 2005 3 15, 79,074,019, 2006 11 23 MIHL,, 6 GDS MIHL,,, 81
12 4 12 (best effort) GDS,,, GDS 2 3 2002 12 31 2005 12 31 6 2006 1 (1/1 ~ 12/31) ( ) () 2002 12 31 0 0 2003 630 1,7000 1857 2003 12 31 3,2218 855 2004 630 13,8876 2127 2004 12 31 18,8793 1271 2005 630 49,2412 2714 2005 12 31 53,5500 2231, /, (refinancing) 100%6,, 82
, 2006,,, 100%, 90% 2003, 2004, 2005, 4,921, 32,766, 102,791 6,694, 39,584, 94,000 2006 2 8 2006 12 31 400,, 50, ( ),,,,,, 2006 1 6,,, GDS 83
GDS, 84
2 I 1,,,,, ( 5 ),,,,,,,,,,, (1) 14 85
( SMFA ), SMFA,,, ( ),, (SMFA ) (Separate Arm s Length Fee) (2),,,,,,,,,,,,,, (3),, 4 3 SMFA SMFA, 86
,, 2005 12 31 12,604,,,, 30% -, 2005 12 30 178 (4),, (5),,,,,, (6) 25,, 3 87
, (7) MSIAM (MSIM), 2002 12 13 MSIAM MIM UK MSIAM 2005 11 11 MSIAM 4,, MSIAM,, 3,,, 1990, 21 600 ISF 2005 12 31 230 ISF,,,,, ISF 1996 2005 12 31 300 2005 12 31,,,,,,, 20 90 (8),,,,,,,,, 2 GDS 88
(1), ( ) (2) 2002 12 13 90 2/3,, 16 14 ( ), 4 3 3, (3),,,,,,, GDS (4),,,, 89
/ 14, 7,,,,,,,, (5),, (6) /,,,,, (7),,,, 30% 100% 90
,, (8), ( ),,,,, (9),, 90% ( ) 100%,,,,,, 100%, 90% 90%, 1 143%, 1 275%, (10) MSIAM, MSIAM ( ) MSIAM 91
(11),,,,, (12),, (13),,,,,,,,,,,,,,,, (,,, ),, (14) 92
MSIAM MIM UK,, 2 3, MSIAM MSIAM,,,, MSIAM MSIAM,, (global coordinator), (bookrunner), ; SMFA, ; ;, ; ;,, (15), (1) 14 13,,,,,,, 93
(2),,,,,,,,, (3),,, 94
95 (4),,,, (5) (refinancing),, 2004, 2005, 500 (, ) 2006,, 2004 (, ) (6)
25 30,,,,, (7) 5,,,,,,,,,,,,,,,, (8),,,,,,,,,,,,,,,,,,,, 96
,,,,,,,,, (9),,,, (10),,,,,, (11),,, 97
(12),,,,, (13) -,,,,,, ( ) (14),,,,,,,,,,,, 98
, (15),,, (16),,,, (, ),,, (17),,,,,,,,,,, (18) 99
,,,,,, (1),,,,,, (2), (3) 1 1 2005315, 79,074,019, 20061123 MIHL,, 6 GDS MIHL,,, 12 100
GDS,,, GDS (4) 5, 6, (5),,,, (6), (7) 11 (Put-back Option) 11 (Put-back Option) 3 41,,,,,,, 101
1 2,604,,,, 14 2, 3-1 2, 1 - - - 9, 1-4 ( - ), 14 102
, 14,,, 2 (1), : 25-30 103
:,,, : ( ), :, : : (2),,,,,,,,, (3),, 104
/ ),, ) ) ) ) 25-30,,,,,,,,,,, (4),, (Patronage) ( ), (5) 3 (Patronage),,,,,,,, 105
/,,,,,,, (6),,,,,,,,, 25-30,,,,,,,,,, 106
,,,,,,, (7) 1 50, ( ) GDP, 1 GDP,,,, 1999 112 2004 149 330% 1 GDP,, 2001,, 10, 2002 2011 10 200, 185 397, (8) 2 1 2 (http://wwwmoctgokr News World http://wwwnewsworldcokr) 107
,,, 7X9, 6,160 7 9 2020, 30 7X9 (1),, 1994 BTO ( - - ), BTL ( - - ), BOT ( - - ), BOO ( - - ) BTL,, 108
, 3 10% 3,,,,, / ( ), ( ),, ( ) ( ) 109
( 60% ~ 90% ) (110% ~ 140%),, ( ), BOT, BTO BOT, 0%, 2005 127,,,,, ( ) BTL, 3,000,, 3,,, 5% ;, ( ), 2005 1 27 2005 1 27 50 100 110
, 10% 30%,,,,,,,, (i) (ii) (iii), ( ) (iv) (i) (iii) ( 87 ), (88 ),,, (89 2 4 ), (94 ) (96 2 ),, (2),,,, 111
( 50 ), 26 2 2,, (i),,, (ii), (iii) 27 (, ),,,,,, ( ), (a), (b), (c),,, 112
, 3 ( ), 3,, 3 (1) 2002 12,, 1 2,604,,,,,,,,,, 14 2, 3-1 2, 1 - - - 113
9, 1-4 ( - ), (2),,, 14, 13 ( ),, 576%,,,, 2005 12 31 (1) (2) ( km) ( ) ( ) 402km W1,099 W1,099 241% W517 (3) 57% 23 1,254 1,254 992% W1,244 2, 35 1,039 878 750% 3-1 W750 2, 56 1,951 (5) 1,903 (5) 1000% 1 W1,420 (5) W400 30 203 203 360% 11% - 810 2,700 2,700 600% W1,823 23 1,416 1,384 1000% W195 W750-821 492 320 W 492, 65% (6)(7) 4 ( - ) (8) 73 895 0 850% W320 2273km W 11,049 W 9,741 576% 65% 54% 102% 141% 74% 26% 47% : (1) (2) 2005 12 31 (3) 19,183 (4) 2006 6 144, 75% (5) 114
(6), 2008 9 30 492 65% (7) 100% (8) 100% 85%, 85% 2005 12 31 (1) (2) (3) ( km) ( ) ( ) (4) 17 2008 W1,008 W219 : 49% - (5) : 100% W513 614 2009 794 0 W794 41% 255 2009 744 0 245% 9, 1 W335 123 2010 3,521 0 41% - W 894 (7) W 1,880 (8) 229 2009 2,066 0 35~67% W 770 1238 km W 8,133 W 219 424% 53% 39% 184% 108% : 2005 12 31 19,183, 100% 2005 12 31, 794-875, - 15%486 245% 894 1,880 770 35% 1,348, 2 90% 32% (528 ~718 ), 32% - ( ) - - (SOPE) 1,250 30 2006 4 ( ~ ) 850 26 2006 900+ 30 2006 2-3 30 2006 115
( ) - 960 30 2006 14, 25,,,,, 3, 5 2, 1, 1, 1,, (1) (1) (2) 2000 12 30 20 80% 2000 1 25 25 90% (3) 110% (3) 2, 3-1 2004 12 30 30 90% 110% 2, 1 2001 1 28 28 85% (4) 115% 116
(1) (1) (5) 2004 1 30 30 85% (6) - 2002 12 30 20 82% 2002 4 25 25 90% (7)(8) 110% (8) 4 ( - ) 2002 9 24 20 798% (9) 1202% (10) - 2006 2 30 20 90% 110% 30 30 80% 120% (11) - 30 15 9, 1 30 15 30 15 80% 120% - 30 10 70% (15) 130% (13) (12) (14) : (1) (2) 80% 90%, 40% 90% 100%, + 60% 100% 110%, + 80% 110%, + (3) 1 90% 110%, (4) 2009 12 31, 2010 1 90% (5), 90% 97%, 40% 97% 103%, + 60% 103% 110%, + 80% 110%, + (6) 82% 92%, 40% 92% 102%, + 60% 102% 110%, + 80% 110%, + (7) 915% (8) 1 90% 110%, (9) 2002 9 1 2022 8 31 2005 5 31 90% 798% (10) 2005 9 1 2022 8 31 2005 5 31 110% 1202% (11) 1~5 80% 6~10 70% 11~15 60% 50% (12), 1~5 120% 6~10 130% 11~15 140% (13) 1~5 90% 6~10 80% 11~15 70% 50% (14), 1~5 110% 6~10 120% 11~15 130% (15) 50% 117
2000 12 31 2039 12 31 (3) (4) 118
( 12 31 ) 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 ( : ) (1) - 1,888 2,074 2,277 2,501 2,033 2,140 2,253 2,372 2,498 1,786 1,840 1,889 1,955 2,016 2,079 2,142 2,212 2,282 2,354 83 98 132 133 134 145 156 157 159 160 162 163 164 166 167 169 170 172 174 175 (3) 2, 3-1 - - - - 9 108 112 116 121 125 130 135 140 143 145 147 150 152 155 157 (4) 2, 1-198 207 217 221 231 242 254 266 279 293 307 317 327 338 349 360 368 376 385 - - - - 241 250 256 261 267 273 348 356 364 372 380 465 476 486 497 507 (6) - - - - 1,025 1,061 1,111 1,186 1,229 1,278 1,328 1,437 1,491 1,539 1,586 1,631 1,678 1,725 1,773 1,821 1,865 - - 92 121 121 121 146 146 146 146 146 170 170 170 170 170 170 170 170 170 (8) - - - - - - 1,137 1,600 1,697 1,801 1,911 2,028 2,153 2,210 2,270 2,331 2,394 2,458 2,535 2,613 2,695 (9) - - 63 196 204 213 222 231 241 251 262 273 282 291 300 309 318 347 358 369 (10) - - - - - - - - 155 215 224 232 241 252 260 269 276 285 293 298 (11) - - - - - - - - - - 1,002 1,055 1,088 1,112 1,124 1,226 1,237 1,248 1,259 1,269 1,348 (12) 9, 1 - - - - - - - - - 476 729 864 942 1,013 1,080 1,164 1,269 1,355 1,435 1,488 (13) - - - - - - - - - 84 515 589 618 646 677 710 746 779 816 855 (14) - - - - - - - - 402 421 441 460 479 498 518 537 566 576 581 585 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 2036 2037 2038 2039 ( : ) (1) 2,429 2,429 2,429 2,429 2,429 2,429 2,429 2,429 2,429 2,429 2,429 - - - - - - - - - 177 178 180 182 183 - - - - - - - - - - - - - - - (3) 2, 3-1 160 163 165 169 172 176 180 184 188 192 196 200 204 209 191 - - - - - (4) 2, 1 393 402 411 420 429 439 449 459 469 - - - - - - - - - - - 518 526 534 540 540 540 540 540 540 540 540 540 540 540 - - - - - - (6) - 1,902 1,940 1,979 1,979 1,979 1,979 1,979 1,979 1,979 1,979 1,979 1,979 1,979 - - - - - - - 170 170 170 170 170 170 170 28 - - - - - - - - - - - - (8) - 2,778 2,865 2,865 2,865 2,865 2,865 2,865 2,865 2,865 2,865 2,865 2,865 2,865 2,865 2,865 716 - - - - (9) 381 393 393 393 393 393 262 (10) 304 310 315 322 328 334 340 346 352 357 362 367 372 377 383 388 393 399 100 - (11) - 1,360 1,372 1,383 1,395 1,437 1,449 1,462 1,476 1,489 1,499 1,508 1,518 1,527 1,537 1,547 1,557 1,567 1,577 1,587 - (12) 9, 1 1,533 1,578 1,625 1,673 1,696 1,710 1,723 1,737 1,751 1,762 1,771 1,780 1,789 1,799 1,804 1,809 1,814 1,818 1,823 450 (13) 899 920 943 968 996 1,019 1,045 1,072 1,103 1,129 1,158 1,176 1,197 1,212 1,231 1,250 1,272 1,289 1,308 1,106 (14) 590 595 600 605 610 615 620 625 630 634 638 643 647 652 656 660 665 669 - - : (1) 2000 11, (2) 1998 18, (3) 1999 85, (4) 2000 12, (5) (1997 811 4% ), (6) 2000 11, (7) 1997 1, (8) 1999 10 1, (9) 2001 11, (10) 2001 815, (11) 2002 12 31, (12) 2003 12, (13) 2000 11, (14) 2004 11, 119
120 ( ),,, 9 7, 75% 10% 80% 85%, 75% 10%, 75% 10% 90%, 75% 10% 95% 2, ( ) :,, :,, :
,,,,,,, (3) 9 / 2, 3-1 2, 1 - - 4 ( - ),,, /, / (Completed Construction All Risks Policy) 121
,, (,, ),,,,,,, 5 A 402 km 6-8 1995 12 2000 12, 71% (44km 256km )630m 2004 12 ACI (Airport Council International) 2004 12 5, 2000 2004 10%,, 2009 2007 2010 1995 10 27, 1 (2000 12 27 ), 2 (2004 4 21 ), 2001 1 30 2000 12 5, 2030 12,, 2005 12 31,,, ( ) W 8,452 2,144 2,198 W 12,794 1,099, 582, 517 122
2003 12 29, 1,099 241%, 241% 582 517 (451%), (150%), (89%) 2005 12 31, ( : ) (MKIF ) 10,400 (1) 8,452 (2) (3) (4) 2014 928 MKIF 2,144 (5) 2,144 (5) (6) 139% 2017 130 : (1) Tranche 1 8,400, Tranche 2 1,700, Tranche 3 300 (2) Tranche 1 7,029, Tranche 2 1,423, Tranche 3 0 (3) Tranche 1: 90% Tranche 2: Tranche 3: 3 AA- + 185% 91 CD + 25% (4) Tranche 1 2: 2004 328 Tranche 3: (5) 517 1 (6) 2015 4 268 1 400,,,,,, 2,144,,,,, 80% 123
2001, 2002, 2003, 2004, 2005 12 31 1, ( ) (1 ) (1) (2) 2001 2002 2003 2004 2005 ( : ) 5173 5681 6239 6834 5569 (3) 1889 2458 2661 2867 3070 : (1) (2) 2000 11 (3),, 2001,, 2004 6 1,049, 2005 6 905 ( ) 2004 214, 2006 1 2005 12 31 1, 1,121 ( ),, 2005 1, 167, 2,574 (2000 1 1 ) 5 2030 12 20 80% 2004 98,,, 6 A+ 3, 124
(i) (ii) (iii) 80% 90%, 40% 90% 100%, 60% + (i) 100% 110%, 80% + (ii) (iv) 110%, + (iii),, (1) (1) (1) (1) (1) ( ) ( ) ( ) ( ) ( ) 2000-2007 2,253 2014 2,016 2021 2,429 2028 2,429 2001 1,888 2008 2,372 2015 2,079 2022 2,429 2029 2,429 2002 2,074 2009 2,498 2016 2,142 2023 2,429 2030 2,429 2003 2,277 2010 1,786 2017 2,212 2024 2,429 2004 2,501 2011 1,840 2018 2,282 2025 2,429 2005 2,033 2012 1,889 2019 2,354 2026 2,429 2006 2,140 2013 1,955 2020 2,429 2027 2,429 : (1) 2000 11 (, ),, 120 - - - 120 125
60,, 6 50% 1 6,,,,,,,,,,,, 2005 12 31 1, 203 ( ) B 23km 4,,, - - 1993 7 1998 1 1999 12 20 (), 2000 10 31 () (), () () 1998 1 (), (), 25 2000 1 9 2025 126
1, () 2005 12 31, () (), ( : ) W1,254 10 W1,264 ()1,254, 992, 1,244 () 2004 3 () 992% () 08% 2005 12 31, () ( : ) MKIF JM 1,254 (1) 1,254 (1) 2008 3 9 13%, 15% 2024 39 : (1) 1,244 () 1,254,, (),,, () () 90% 110% 127
,, () () (), () () 2004 1 1 ( " ) 900 () 2000, 2001, 2002, 2003, 2004, 2005 12 31 1, ( ) ( ) (1 ) 2000 2001 2002 2003 2004 2005 ( : ) (1) (2) 227 269 360 364 366 397 (3) 196 270 400 414 417 (4) 445 (4) : (1) (2) 1998 18 (3),, (4) 2004 1 () 2000 2000 2000 2003 () 2005 ()2004 1 1 2005 6 30 12 6 () 2004 10 2005 3 2005 6 10 5 () 2004 20 7 2006 ()2005 12 31 1 983 151 ( ) 128
() () ()() () 3 () () 2005 12 31 1, ()31, 206 (1998 1 8, ) 5 90%, (),, (), 2004 10 2, 2006 () () 2000, 90% 110%, () (1) ( ) (1) ( ) (1) ( ) (1) ( ) (1) ( ) 2000 83 2005 145 2010 162 2015 169 2020 177 2001 98 2006 156 2011 163 2016 170 2021 178 2002 132 2007 157 2012 164 2017 172 2022 180 2003 133 2008 159 2013 166 2018 174 2023 182 2004 134 2009 160 2014 167 2019 175 2024 183 : (1) 1998 18 (, ) 129
() () () () () () 6 50% 1, 6 60 60 () () () C 2, 3-1 2, 3-1 35km 6 ( 2, 2, 1), 2002 4 2004 11 3-1 2 2, 1 2, 1 2 3-1 2, 3-1 - 2004 11 23 2004 12 1 2, 3-1, 2, 3-1 30 2004 12 1,, 2034 11,, 130
2005 12 31, ( : ) W 978 385 W 1,363 289 750 734 2004 12, 289 96 750%250% 50% 50% (144 ) 2006 6 2005 12 31, ( : ) MKIF 1,000 (1) 978 (2) (3) 785 % 2019 12 8 : (1) 750 (2) 734 (3) 2010,, 2, 3-1 2, 3-1 2004 12 1 15, 1 6 2005, 131
2004, 2005 12 31 1, (, ) (1 ) 2004 2005 ( : ) (1) (2) 279 296 (3) 137 124 : (1) (2) 1999 85, (3),, 2005 12 31, 45 ( ) 2004 12,, 2004, 5 3 2006 3 2, 3-1 () ()3, 713, 144 (1999 8 5 ) 5 2, 3-1 2034 11 30 90% 30, 2,, A+ 3 132
, 110%, 1) (1) (1) ( ) (1) (1) ( ) ( ) ( ) ( ) 2000-2007 116 2014 145 2021 163 2028 188 2001-2008 121 2015 147 2022 165 2029 192 2002-2009 125 2016 150 2023 169 2030 196 2003-2010 130 2017 152 2024 172 2031 200 2004 9 2011 135 2018 155 2025 176 2032 204 2005 108 2012 140 2019 157 2026 180 2033 209 2006 112 2013 143 2020 160 2027 184 2034 191 (1) 1999 85 (, ) 2, 3-1,,, 60 120 - - - 60 133
120 60 2, 3-1 -,,,,,,,,, 2, 3-1 - D 2, 1 2, 1, 1, 56km 6, 4, 10, 2,, 2 1 2, 1 1997 6 2000 12 2,1 5 (SPC) 2000 12 29, 2004 10 16, 2001 1 1 2, 1, 2, 1 28 2001 1 1 2003 1 30, 1,750, 2028 12, 2005 12 31, 1,903, 131, 1,420, 320, 33 2005 12 31,,, 134
( : ) W1,420 320 33 131 W1,903 2005 12 31, ( : ) (1) MKIF 1,420 1,420 10% 2018 331 MKIF 360 320 20% 2018 630 MKIF 40 33 15% 2018 630 2) : (1) 2008 331 10 (2) 1,420,,,,, 40 2018 6 30 2, 1-11 14 (3 )- 2 2, 2 50% 2 50%,, 85% 135
2001, 2002, 2003, 2004, 2005 12 31 1, ( ) (1 ) 2001 2002 2003 2004 2005 ( : ) (1)(2) 492 516 540 548 576 (3) 261 320 323 325 323 : (1) (2) 2000 12 (3),, 2002,,, 2004 11 47, 2005 3 63, 2004 70 2006 2005 12 31 1, 118 ( ) 2, 1 () () 3 2005 1, 35, 2000 12 121 5 2, 1-2028 12 28, 85%, 2004 10 16, 136
2009 12 31 2010 1 1 90% 2002 1 1 2009 12 31, 90,, A+ 3, 115% 1) ( ) (1) ( ) (1) ( ) (1) ( ) (1) ( ) 2000-2006 242 2012 317 2018 376 2024 429 2001 198 2007 254 2013 327 2019 385 2025 439 2002 207 2008 266 2014 338 2020 393 2026 449 2003 217 2009 279 2015 349 2021 402 2027 459 2004 221 2010 293 2016 360 2022 411 2028 469 2005 231 2011 307 2017 368 2023 420 : (1) 2000 12 (, ) 2, 1, ( ), 60 120 137
( ) 6 120 2, 1,,,,,,,,, 2, 1 -,,,, E 30 km 4, 1998 8 2004 1, ()1998 5 19 2004 1 ( 2003 4 18 2005 3 2 ) () 2004 1 30 2004 1 6, () 2034 1 () 2005 12 31, (),, ( : ) W 1,087 18 138
87 532 W1,724 2005 11 22, 36% 203 () 24% (), 25%, 15% 2005 12 31, () ( : ), (1) 1,150 1,087 2016 12 24 (2) 100 18 3 A+ + 208% 2006 3 24 3 87 87 : 5 (1) 3 A+ + 168% () 5 (2) 2006 3 24, 30%2011 1, 70% 1,150 (), (),,,,,, (), 2005 12 31 ( ),, () () 139
87 /, 5 2003 12 800 ( ) 2000 ( ) 2004 2009 2,000 ( ), 2010 2014 2,500 ( ), 2014 3,000 ( ), 85%, () ; 90% () ; (),, () 2004, 2005 12 31 1, ( ) (1 ) ( : ) (1)(2) 659 686 (3) 237 279 : (1) (2), 1997 811 4% (3),, () 2004 2005 7, () 2004 1 2005 6 18 () 2006 151 140
()2005 12 31 1 102 ( ) -, (), 2005 1 27, 1, 118 (1997 8 11, ) 5 -, 85% (), 2, (i) (ii) (iii) (iv) 90% 97%, 40% 97% 103%, 60% + (i) 103% 110%, 80% + (ii) 110%, + (iii) 1) (1) (1) ( ) (1) (1) ( ) ( ) ( ) ( ) 2000-2007 261 2014 380 2021 526 2028 540 2001-2008 267 2015 465 2022 534 2029 540 2002-2009 273 2016 476 2023 540 2030 540 2003-2010 348 2017 486 2024 540 2031 540 2004 241 2011 356 2018 497 2025 540 2032 540 2005 250 2012 364 2019 507 2026 540 2033 540 2006 256 2013 372 2020 518 2027 540 : (1) 1997 811 4% (, ) 141
(), () -,, 120 120 - - - 120 120 120 -, (), (), (),,,,,, () 142
-,, F - - 81 2, 2, 44 7-1997 12, 2002 12, 2002 12 - ()2000 12 14 (2005 2 5 ) 2002 12 -, - 30 2002 12 24 () 2032 12, (), 2005 12 31, (), ( ) W 7,300 3,038 1,462 W11,800 ()2,700, 878, 1,823 () () 905% 5 2004 2, 2005 2 305% 60% () ( ) (155%), (150%) (95%),, 2005 12 31 () 143
( ) () 7,300 (1) (2) 7,300 1,500 +1,000+500( ) (5) (6) - (3) 2 (4) (7) (8) MKIF 3,038 3,038 (9) 2029 519 : (1) 370, 230, 500, 500, 1,700, 4,000 Tranche() (2) Tranche 692%, 722%, 742%, 762%, 782% 862% (3) Tranche 2006 (5 ), 2007 (6 ), 2008 (7 ), 2009 2010 (10 ), 2011 2016 (15 ) 227 (4) 5, 6, 7 10 2 15 5 (5) 2001 2 17 10, I III 1,500, 15 I III 500 II 1,000, () I, III, II II (6) : 1: + 25% 2: 1 + 25% 3: I + 03% (7) : 1, 3: 2, 2: 2, (8) 2007 6%, 2008 8%, 2009 2012 16%, 2013 20% (9) 19 5 7 3,,,,, (Debt coverage ratio) (), () () (), (),, (), 1 3, 3,038,,,,,, M&A,, 3,038,, 50% () 144
() - -,,, () () 50% 2003, 2004, 2005 12 31 1, ( ) (1 ) 2003 2004 2005 ( : ) (1)(2) 2808 2900 3045 (3) 1387 1630 1837 : (1) (2) 2000 11 (2),, ()2005 12 31 1 671 ( ) 2002,, 2005 3 2004, 2005 84 386 - () 2005 12 31 1 174, 195 145
1,051 (2000 11 ) 5-2002 12 20, 82%, 7, 2, A+ 3 (), () 2002 12 20, () 20% 50%, 50%, I 82% 92% 82% 40%, II 92% 102% 92% 60% + (i) III 102% 110% 102% 80%, + (ii) IV 110% 110%100% + (iii) 1) 1) 1) 1) 1) ( ) ( ) ( ) ( ) ( ) 2000-2007 1,229 2014 1,631 2021 1,940 2028 1,979 2001-2008 1,278 2015 1,678 2022 1,979 2029 1,979 2002-2009 1,328 2016 1,725 2023 1,979 2030 1,979 2003 1,025 2010 1,437 2017 1,773 2024 1,979 2031 1,979 2004 1,061 2011 1,491 2018 1,821 2025 1,979 2032 1,979 2005 1,111 2012 1,539 2019 1,865 2026 1,979 2006 1,186 2013 1,586 2020 1,902 2027 1,979 146
: (1) 2000 11, -,, 60 120 : - - - ( ) 60 120 60 -, (),,, (),,,,, () 147
- 2005 12 31 1, 5,992 ( ) G,, 23km 4 2004 12 31 5 1997 11 2001 12, 2001 12 2001 12 2002 4 1999 12 22 2002 4 2, 2004 5 13 2006 1 19 2001 7 10,, 25 2002 4 19 2027 4,, 2005 12 31, ( ) W 720 193 56 (1) W 969 : (1)2005 12 31, 56, 100% (Global Infrastructure Fund) 471 1,384, 471, 912 100% 100%2005 2 16 2005 12 31 148
( : ) (1) MKIF 750 720 85 % 2017 516 MKIF 195 193 200% 2017 516 : (1) 2007 516 720 193 2003 12, 2004 1 1 2006 12 31, 1,700, 1 1,000 700,, 90% 110%,, 2002, 2005 12 31 505 2004 759 2006 2 2002, 2003, 2004, 2005 12 31 1, ( ) ( ) (1 ) 2002 2003 2004 2005 ( ) (1)(2) 252 332 331 332 (3) 205 214 221 238 : 149
(1 ) 2002 2003 2004 2005 ( ) (1) (2) 1997 1 (3),,, 2004 1 2005 12 31 1 75 2002, 2003 2005 4 45 8,700 2004 45 9,500, 2006 () ()3, 2005 1 55 14 85 (1997 1 ) 5 2002 4 25 90%, 915% 2006 1 19,, 8, 3 2%, 90% 110%, 150
(1) ( ) (1) ( ) (1) ( ) (1) ( ) (1) ( ) 2000 2006 146 2012 170 2018 170 2024 170 2001 2007 146 2013 170 2019 170 2025 170 2002 92 2008 146 2014 170 2020 170 2026 170 2003 121 2009 146 2015 170 2021 170 2027 28 2004 121 2010 146 2016 170 2022 170 2005 121 2011 170 2017 170 2023 170 : (1) 1997 1, 110% 6 50% 1, 6 60 60,, 151
H - - 821Km, 2, 3 5 (,,,, ) 105 13 7, 2001 2 2005 12 2006 1 2006 2 - - 1998 3 17, 2000 12 14 () (), 30 () () 2005 12 31, (),,,, ( ) 2005 12 31 ( ) W 4,900 W 2,705 5,000 5,000 500 500 1,171 1,013 6,797 6,797 7,058 6,281 W25,426 W 22,296 2005 12 31, ()320 2008 9 () 492, 320, 172 () 152
250 2005 12 30, 172 ( ), 2008 9,, ( ), 65% 492 100%,,,, 2005 12 31 () MKIF (, USD Mil) W4,900 W2,705 3 A+ 16 + 16% US$1000 US$1000 3 LIBOR + 2018 921 145% (2) (4) W00 + 10% 5 (1) (3) W3,000 (5) W3,000 (6) (7) (8) W500 (9) W500 (10) (7) (8) W700 (11) W700 (12) (7) (8) W800 (13) W00 (14) (7) (8) MKIF W500 (15) W500 (15) 9% 2008 930 : (1) 5, 6 (2) 659%(631%, 646%, 640% ) (3) 63 2008 10 25 153
(4) 2006 1 1 2007 12 31 1,300, 2008 1 1 2010 12 31 1,700 5 (5) 5 Tranche, Tranche 600 (6) Tranche 541%, 586%, 596%, 611% 621% (7) Tranche 2013, 2015, 2017, 2019, 2021 623 (8) Tranche, (9) 5 Tranche, Tranche 100 (10) Tranche 500%, 543%, 553%, 568% 576% (11) 5 Tranche, Tranche 140 (12) Tranche 452%, 496%, 506%, 521% 531% (13) 5 Tranche, Tranche 160 (14) Tranche 525%, 565%, 577%, 592% 602% (15) 320 4,900,,,,,,,, / (), () () 1,,,,,,,, / (), () () 1,300 1,700 5 4,900 / 5,000 5,000 4 2005 12 31, (tranche)5,000 () ()2006, 2007 2008 6 23 -, () 154
(), 3 15 () (), 50% - 5,009 880 (1999 10 ) 5-20, 90% (), 20 () 20%, 50% 50%, (), 110% (1) ( ) ( ) (1) (1) ( ) (1) ( ) (1) ( ) 2000 2007 1,697 2014 2,331 2021 2,865 2028 2,865 2001 2008 1,801 2015 2,394 2022 2,865 2029 2,865 2002 2009 1,911 2016 2,458 2023 2,865 2030 2,865 155
2003 2010 2,028 2017 2,535 2024 2,865 2031 2,865 2004 2011 2,153 2018 2,613 2025 2,865 2032 2,865 2005 1,137 2012 2,210 2019 2,695 2026 2,865 2034 2,865 2006 1,600 2013 2,270 2020 2,778 2027 2,865 2035 716 : (1) 1999 10 1, -,, 120 : - - - ( ) 120 60 -, (, ), (), () 156
, (),,,,,, - I 4 ( - ) 4 ( - ) 6, 41 Km 32 Km 4 ( - ) 1997 8 2002 8, 2002 9 4 ( - ) 2002 3 13 (2005 6 7 ),, 24 2002 9 1 () 2026 8, (), 2005 12 31, (), ( ) W 1,066 377 297 W 1,740 895 100% 85%575,, 85% 320 157
, 65%, 2005 12 31 () ( ) 866 866 70% 2019520 4 11 200 200 3 AA- + 14% 2019520 4 11 300 (1) - 91 CD + 25% 2019520 2, 399 377 (2) 150% 2019520 13,, 14 50% : (1) (2), 320 1,066,, (), 4 ( - ) - 4 ( - ) ( ), 158
() 2002, 2003, 2004, 2005 12 31 1, ( ) (1 ) 2002 2003 2004 2005 ( ) (1)(2) 513 536 558 582 (3) 214 201 185 190 : (1) (2) 2001 11 (3),, 2002,, 2003, 2004 2005 32, 121 43 2002, 2003 2004 2005 2006 84 (2005 2006 54 ) ()2005 12 31 69 ( ) 4 ( - ) (), 2005 12 31 1 26 245 (2001 11 ) 4 ( - ) 159
2002 9 20, 2005 5 31 90%, 2005 6 1 20 798%, 2005, 2005 2006 54 6, 2, A+ 3 (), (), 2005 5 31 110%, 2005 6 20 1202% 1) ( ) 1) ( ) 1) ( ) 1) ( ) 1) ( ) 2000-2006 222 2012 281 2018 358 2024 392 2001-2007 231 2013 290 2019 369 2025 392 2002 63 2008 241 2014 299 2020 380 2026 262 2003 196 2009 251 2015 309 2021 392 2004 204 2010 262 2016 318 2022 392 2005 213 2011 273 2017 347 2023 392 : (1) 2001 11, 4 ( - ),, 160
60 120 : - - - ( ) 60 120 60 4 ( - ), (),,, (),,,,, 4 ( - ) ( ), 4 ( - ),, (4) 5 / 161
- 9, 1 -,,,,,,,, (,,, 3 ),,,, A 4 17Km 2004 4 2008 6, () 162
2003 5 13, () 30,,, () () (),,,, 2,528 (2001 8 15 ), 2005 12 31 1,309 ( ) (),,, 2005 12 31 ( ) 2005 12 31 ( ) W1,960 W721 793 (1) 236 513 138 568 (2) 286 W3,834 W1,381 : (1) 5% (2) () 1,008 (, ) 2005 12 31, () 138 81 Bouygues Travaux Publics ( Bouygues ) () 49% Bouygues () 217 100% () Bouygues, 8108 1892,, Bouygues 30 30, 15 2005 12 31 () 163
( ),, 2,220 (1) 721 (2) (3) (4) (5) (6) MKIF 513 138 20% 2029 6 : (1) Tranche (), Tranche A D (term loan) Tranche A: Tranche B: Tranche C: Tranche D: (Standby facility): 696 464 480 320 200 : 60 (2) Tranche A, B, C, D (3) Tranche Tranche A: Tranche B: Tranche C: (1) : 91 CD + 28% (2) : 91 CD + 19% 3 AA- + 215% (() ) 84% Tranche D: 77 % (1) : 91 CD + 21% (2) : 91 CD + 115% 3 AA- + 14% (() ) : 91 CD + 25% : 91 CD + 15% Tranche A Tranche C 768% (4) Tranche Tranche A: Tranche B: Tranche C: Tranche D: 17 17 17 17 : 10 : 12 (5) Tranche Tranche A: Tranche B: Tranche C: Tranche D: : 87, 40 (10 ) 87, 40 (10 ) 111, 32 (8 ) 111, 32 (8 ) 2 2 : VAT 12 (6) 2024 6 31, 2,220 3 4 Tranche (limited recourse basis), () 164
(),, 513 (), () () (), () 634 (2001 8 15 )2004 2007 2005 12 31, 236, () 90%, 2005 12 31,,, (), () 10% () () (), () 1 01%, 10%, () (), (4) 165
, () 721 209 (2001 8 ) 5 30 () 80% (), 2, 3 A+ (), () 20%, 50% 50%, 120% () 2008 4, (1) ( ) (1) ( ) (1) ( ) (1) ( ) (1) ( ) 2000 2008 155 2016 276 2024 328 2032 372 2001 2009 215 2017 285 2025 334 2033 377 2002 2010 224 2018 293 2026 340 2034 383 2003 2011 232 2019 298 2027 346 2035 388 2004 2012 241 2020 304 2028 352 2036 393 2005 2013 252 2021 310 2029 357 2037 399 2006 2014 260 2022 315 2030 362 2038 100 2007 2015 269 2023 322 2031 367 : (1) 2001 815, 166
120 6 70% 12 120 5,, 120 120 - - - - ( ) - 120 1 1 167
, ( ), (),,,,,,, () B - - 614 km 6 4, - 2004 8, 60 - - 2004 3 19-30, - - - -,,, 1 4,296 (2002 12 31 ) 2005 12 31 1,735 ( ) -,,, ( ), 2005 12 31 2005 12 31 ( ) W10,000 W0 1,588 (1) 0 3,238 (2) 1,813 (2) 5,023 (3) 0 W19,849 ) W 1,813 168
: (1) 2005 12 31, 794, - 875, - 1,749 (2) - 15%486 (3) 4% 2004 12 28-794 2005 12 31-875, - 15%486 ( ) MKIF 10,000 (1) 00 (2) (3) 17 MKIF 1,588 (4) (5) 00 22 (6) : (1) Tranche : Tranche I: W7,200 Tranche II: W1,800 Tranche III: W1000 (2) Trranche Tranche I: 1 AA- + 165% 2 14 Tranche II: 652 %, - Tranche I 13 702% Tranche III: 3 CD + 20% 25% (3) Tranche Tranche I II: 6 ( 1 ) Tranche III: (4) 2005 12 31, 794, - 875, - 1,749 (5) 2005 12 31, 90 %, 12 %, - 110%, 1159% (6) 17 Tranche I Tranche II 9,000 1,000 Tranche III - 169
-, 10 -,, 1 1,588 2005 12 31, 2006, 75% -, 10 (refinancing) -,, 2, 4,284 (2002 12 31 ), 2006-2004 8 60, 4,284 (2002 12 31 ), - 10%, - 1-10%, 01%, -, 170
(4) 2005 12 31, -,, - 2-20%, 50% - ( ) 3,918 457 (2002 12 31 ) 5-15 5 80% 6 ~ 10 70% 11 ~ 15 60% 50% -, 2 3 AA-, - 171
5 120% 6 ~ 10 130% 11 ~ 15 140% (1) (1) ( ) ( ) (1) ( ) (1) ( ) (1) ( ) 2000 2008 2016 1,248 2024 1,437 2032 1,527 2001 2009 1,002 2017 1,259 2025 1,449 2033 1,537 2002 2010 1,055 2018 1,269 2026 1,462 2034 1,547 2003 2011 1,088 2019 1,348 2027 1,476 2035 1,557 2004 2012 1,112 2020 1,360 2028 1,489 2036 1,567 2005 2013 1,124 2021 1,372 2029 1,499 2037 1,577 2006 2014 1,226 2022 1,383 2030 1,508 2038 1,587 2007 2015 1,237 2023 1,395 2031 1,518 : (1) 2002 12 31 - -, - - ( ) - - -,, - - 6 - - 120 : 172
- - - - ( ) - 6 120 1 1, 1 6 - ( ), - - -,,,,,, - - - - C 9, 1 9, 1 25 255km (13 ),, 6 2006 2/4 42, 9, 1, 9, 1-9 173
2005 5 15 9 9, 1 30 9 9,, 9,,,, 9,,, 8,995 (2003 12 ) 9 ( ) 2005 12 31 2005 12 31 ( : ) W 5,360 (1) W 0 668 0 1,671 759 5,196 (2) 0 W12,895 W759 : (1) 500 500 (2) 5% 9 410, 335 744 410 9 245% 9 (250%), (149%), (76%), (51%), (51%) 2007, 9, 100 2005 12 31 9 ( : ) (MKIF ) 5,360 (1) 00 (MKIF ) 668 (4) 00 15% (2) 19 (3) (5) 26 174
: (1) Tranche( ) Tranche I: 2,180 Tranche II: 2,180 Tranche III: 500 Tranche IV: 500 (2) Tranche : Tranche I: 72 % Tranche II: 3 AA- + 17 % ( ) + 165 % (), 9 91 CD + 26 %, 69% Tranche III: 91 CD + 25 % Tranche IV: Tranche II + 07 (3) Tranche Tranche I, II: 53 Tranche III: 1 Tranche IV: 2 (4) 335 (5) 24 5,360, 9 9, 10 668 2005 12 31 2007 1 9 9, 10 9,,, 2 9, 1, 2006 2008 1 9 4,200 (2003 1 2 ), 9 90%, 9 10%,, 9 9 1, 9 10% 175
01%,, 9 3 12, (4) 2006 2 42 9, 1, 9, 9 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 ( :) 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 (%) 341 341 341 341 341 341 341 341 341 341 ( :) 1,264 1,307 1,352 1,398 1,446 1,495 1,546 1,599 1,653 1,710 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 ( :) 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 (%) 149 149 149 149 149 0 0 0 0 0 ( :) 1,735 1,761 1,787 1,814 1,840 1,840 1,840 1,840 1,840 1,840 2029 2030 2031 2032 2033 2034 2035 2036 2037 2038 ( :) 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 (%) 0 0 0 0 0 0 0 0 0 0 ( :) 1,840 1,840 1,840 1,840 1,840 1,840 1,840 1,840 1,840 1,840, 9 2005 12 31, 9, 9 9, 176
9 9 10% 9, 1 9 10 3, 9 9 2 2,060 2,250 (2003 1 ) 5 9, 1 15 9 5 90% 6 10 80% 11 15 70% 50%, 3, 3 A+ 5 50% 9 5 110% 6 10 120% 11 15 130% (1 ) ( ) (1) (1) ( ) ( ) (1) ( ) 2000-2008 - 2016 1,269 2024 1,696 2032 1,789 2001-2009 476 2017 1,355 2025 1,710 2033 1,799 2002-2010 729 2018 1,435 2026 1,723 2034 1,804 2003-2011 864 2019 1,488 2027 1,737 2035 1,809 (1) ( ) 2004-2012 942 2020 1,533 2028 1,751 2036 1,814 177
(1 ) ( ) (1) (1) ( ) ( ) (1) ( ) 2000-2008 - 2016 1,269 2024 1,696 2032 1,789 2001-2009 476 2017 1,355 2025 1,710 2033 1,799 2005-2013 1013 2021 1,578 2029 1,762 2037 1,818 2006-2014 1,080 2022 1,625 2030 1,771 2038 1,823 2007-2015 1,164 2023 1,673 2031 1,780 2039 450 (1) ( ) : (1) 2003 12 ( ) 9, 1 9 9 2 9 5 9 9 9,, 9 18 9 2 9 ( ) 9 18 178
6 50% 18 9, 1, 9 (, ) 9,, 9,,,, 9, 1 9 D 123km 6 2005 7 1, 2009, 5 2005 5 3,,, 30,,,,, 1 961 (2000 1 1 ) 1,646 ( )2005 12 31,, 2005 12 31 ( ) 2005 12 31 ( : ) W 6,280 (1) W 1,301 1,547 169 179
2005 12 31 1,646 446 7,683 (2) 20 W 17,156 W 2,116 : (1) 500 (2) 2004 1, 4% 2005 12 31, 41% 675 79, 1,880 894, 2006, 3,521 747 ( ), 894 1,880 2005 12 31 ( : ) MKIF 6,280 (1) 1,301 (2) 19 MKIF 1,547 169 21 (6) : (1) 5,780 (term loan)500 (stanby facility) (2) 1,301 0 (3) : : 10 80%, 3 + 19% : CD + 23 % (4) : : 5 : 2 (5) 10 120%, 3 AA- + 60% (6) 145 6,280,,,, 180
1,547,, 2005 7 2009, 2005 4 2009 4 5,720 (2000 1 1 ) 2005 12 31, 200, 10% 1, 10% 01%,,,,, 2005 12 31 147%, 2005 12 31, 120%, 815% 2006 4/4, AMEC Project Investment, 90% (,, GS,,,, ) 20%, 3 (4) 181
7 3, ( ) 2,566 1,798 (2000 1 ), 5, 15 80%,,,,, 3, 2, 3 AA-, 15 120% (1) (1) 1) ( ) ( ) ( ) ( ) (1) ( ) ( ) 2000 2008 2016 746 2024 996 2032 1,197 2001 2009 84 2017 779 2025 1,019 2033 1,212 2002 2010 515 2018 816 2026 1,045 2034 1,231 2003 2011 589 2019 855 2027 1,072 2035 1,250 2004 2012 618 2020 899 2028 1,103 2036 1,272 2005 2013 646 2021 920 2029 1,129 2037 1,289 2006 2014 677 2022 943 2030 1,158 2038 1,309 2007 2015 710 2023 968 2031 1,176 2039 1,106 : (1) 2000 11 ( ) 3 6 182
18 3 70% 6 2 2 2, 3, 90 60, 3 3 60% (Call-back Option) -, ( ),,,,,,,,, E - 183
- 229km 4 6 - - 2005 1 10,,, 30, -,, (,,, )7,742 (2004 1 1 ) 411 ( )2005 12 31,,, 2005 12 31 ( ) 2005 12 31 ( : ) W 3,630 W 0 1,320 0 1,650 494 3,204 (1) 0 W 9,804 W 494 : (1) 4% 578 ( 35% ), 770 1,348,, 32% 2 528 718, 67% 2005 12 31 ( : ) MKIF 3,630 (1) 0 19 (3) MKIF 1,320 0 (5) 25 : (1) 1,815 tranche 184
(2) : I: 70%, AA- 3 + 14% II: 7% 10 I (3) 6 (4) 3 130%, 150% (5) 20 5 3,630,,,,,, 1,320,, - 1 2005 10 2 2006 2, 2, 36 2009 2006 2 2,900 (2004 1 1 ), 10%, 10% 01%,,,, (4) - 185
- 5 3, ( ) 2,029 270 (2004 1 1 ), 5 -, 10 70%,, 50%,,,,, 30, 2, 3 AA-, 10 130% (1) (1) 1) ( ) ( ) ( ) ( ) (1) ( ) ( ) 2000 2008 402 2016 566 2024 610 2032 647 2001 2009 421 2017 576 2025 615 2033 652 2002 2010 441 2018 581 2026 620 2034 656 2003 2011 460 2019 585 2027 625 2035 660 2004 2012 479 2020 590 2028 630 2036 665 2005 2013 498 2021 595 2029 634 2037 669 2006 2014 518 2022 600 2030 638 2038 -- 2007 2015 537 2023 605 2031 643 2039 -- : (1) 2004 11 ( ) - 186
( ),, 120 : -, - - - ( ),, 120 1 1 1 6, ( ),,,,,,,,, - 187
,,,,,,,,,,,,, (, ), 2010 2007 2010 2, ( ), MSIAM,,, - - 3-188
, MSIAM 110 11 ( 100-755), 878 2006 4 MSIAM,, 2004 10 2005 11 40 2005 11,,,,,, /, / (Completed Construction All Risks Policy),, 2005 11 10, Macquarie Macquarie logo ( ) 4 41 (i) (ii) (iii), ( ) (iv) (i) (iii) 189
, 44 88 5 (MKIF) (SPC), (1) MSIAM (MSIAM 3 ) 51% 151% (, ), (global co-ordinator) (bookrunner) (global offering) SMFA SMFA,, (2) ( ) MSIAM 190
(Initial Purchasers) ( ) SMFA (3) ISF,,, 3,,, 6,,, (, ), 3,,, (4), 191
,,, 3, 191 19 801% 199% 2 (3), ISF, 3, ISF ( MSIAM ),, ISF, ISF ISF,, ( ) ISF,, ( ) (staff trading policy), SMFA, 192
193 II, 1, 103 (1) (2) (3) (4)
194 (5) 103,,
( ) 31,950 2 1 3,261 2 1 142,000 2 1 () 51,670 124,408 14,761 73,355 2 3 19,261 71,950 182,250-714,866 13,050 2 1 () 59,880 992 8,231 29,495 2 3 47,248 93,813-274,584 38,230-38,230 2 : (NAV) = ( ) / (NAV) : 5,466 (1) : 1,335,287 (2) : 23,037 195
(3) : 1,312,250 (4) : 240,076,919 (NAV) = (1,335,287 23,037 ) / 240,076,919 200512 (NAV), 196
1 (1) (MD&A),, : 197
198
199, 103 (1) (2), 3 (3), (4) (5)
200 103,, ( ) ( ) 2 (6), (7) (8) ( ) ( ) ( ) (9) 1, (, ) 51 2 90%, (10)
3 (11), (200311~ 20031231) - (200411~ 20041231) - (200511~ 20051231) - (2) (MD&A),, 201
202
203
: 12 31 1 ( ) 2003 2004 2005 (200311) 204
205 (1),,,, (2) (3) (4) (5)
(6) (7),, ( ) 30 ~ 50 4 ~ 5 4 ~ 5 206
(8) ( ), (0), 30 - (9) (10) 207
208 (14) ( ) ( ) ( ) (15), (16) (17)
(200311~ 20031231) - (200411~ 20041231) - (200511~ 20051231) 2 (MD&A) (Management s Discussion and Analysis of Financial Condition and Results of Operations) 209
(2005 12 31 1 2,604 ),, 210
85% 85% 100% 2006 2 8 () 2006 2 16 2005 12 31 2005 7 1 12 31 6 53,5500 2006 2 16 3 1 211
212
213
214 - - ( 320 ),, 320 2003 12 31 338, 2004 12 31 401, 2005 12 31 383, 2003 2004 1,841, 6,272 2005 1,883
215
216
217
218
219, 90% ( )
2004 43,0176 2005 153,3067 2564% 2004 2005 12 31 2004 2005 ( ) W - W 6,2710 - - () 7138 1,9390 () - 5,7373 () - 38,5910 W 7138 W 52,5383 2005 (2004 ), ( ), 2 1, (2004 ) 2004 2005 12 31 2004 2005 ( ) W 11,9090 W 11,7852-4,5304 () 14,5390 14,3228 () - 7,5235 () - 35,8367 W 26,4480 W 73,9985 2004 2005 220
221
222
2003, 2004, 2005 321,4895, 318,5271, 320,5882, 2003, 2004 2005 6,2768, 104,3373, 278,2070, 2003, 2004 2005 5,8007, 5,0114, 104,2795,,, 223
, 12 2005 12 31 ( ) ( ) 1 W 37,0000 W 57,7207 1 2 23,0000 57,9892 2 3 50,0000 58,4056 3 4 50,0000 65,5773 4 5 85,0000 60,5431 5 631,9436 498,6364 Total W 876,9436 W 798,8723 (1) : (1) 2005 12 31, ( ) 224
12 31 2003 2004 2005 ( ) ( ) W - W - W - - - 37,0000 154,6715 40,2638 843,9001 W 154,6715 W 40,2638 W 880,9001,,,,,,,,,,,,,,,,, 225
2005 12 31, 100% 880,9001 ( 3,9565 ), 226
227
3 I 1 : (MSIAM) 20021213MSIAM 20021224, 2003212, 20051110, 2006216 MSIAM MSIAM MSIAM 2002 10 17, 2005 11 11 110111-2633364 : 110 11100-755, Tel : 02-3705-4921 (1) : 30 (2) : 26 MSIAM 50%, 50%, 801% 2 MSIAM,,,,,,,,,, 228
229 3, 2 1 ( ), 30 5 2 ( 30 5 2 ) ( ) : < >
(PR1) PR1 = B1 = IP1 = IP1 (PBR1) PBR1 = (1+X)^ (N1/365) -1) PBR1 =,,, 30 ( ) 1 III, 230
231,, (, ),,,,,,,
232, 3,,,,, (4),,, (1), 1 (2) 386 2 (NAV) (1) (2) 20,
3 2 ( : ) 2005331 2004331 7,860 4,463 464 140 8,324 4,603 6,278 6,856 514 259 6,792 7,115 50 50 ( ) 1,482 (2,562) 0 0 1,532 (2,512) ( : ) 2004 4 1~2005331 2003 4 1~2004331 9,406 1,382 4,716 3,626 ( ) 4,690 (2,244) 49 68 20 50 ( ) 4,719 (2,226) 674 99 4,045 (2,326) 4 20051231, MSIAM 12,587, 12,604 5 233