2008 2Q Financial Results

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2 Disclaimer This presentation is for informational purposes only, contains preliminary financial and other information about Korean Air Lines Co., Ltd. and is subject to updating, revision, amendment and completion. This presentation does not and is not intended to constitute or contain any offer of securities for sale or a solicitation of an offer to purchase any securities of Korean Air Lines Co., Ltd. or any other company and neither this presentation nor anything contained herein shall form the basis of any contract or commitment. Certain statements contained in this presentation may be statements of future expectations and other forward-looking statements or trend information that are based on management's current views and assumptions and involve known and unknown risks and uncertainties that could cause actual results, performance or events to differ materially from those in the forward-looking statements in this presentation. In addition to statements which are forwardlooking by reason of context, including without limitation, statements referring to risk limitations, operational profitability, financial strength, performance targets, profitable growth opportunities, and risk adequate pricing, the words "may, will, should, expects, plans, intends, anticipates, believes, estimates, predicts, or continue", "potential, future, or further", and similar expressions are intended to identify forward-looking statements. Korean Air Lines Co., Ltd. assumes no obligation to update or revise any such statements or any other information contained herein to reflect events or circumstances that may arise after the date of this presentation.

3 Summarized Income Statements Operating Revenues 17.5% 6.3% 51.7% 31.0% 11.0% Q Operating Income turned to loss Bil KRW Q 7.4% 52.1% 28.4% 12.1% Q 75.4 Bil KRW Q Dom. PAX Int l PAX Cargo Others Operating Revenue Operating Expense Operating Income Non-operating Revenue Non-operating Expense Income Before Tax Income Tax Net Income (Unit : Bil. KRW) Q Q YOY 2, , % 2, , % % %

4 Summarized Balance Sheets Asset Composition 3.6% 7.1% 70.6% 18.7% End of Q 60.3% 23.8% End of Q 1.4% 7.0% 73.1% 18.5% End of Q 57.9% 27.3% 14.8% End of Q Cash & Short Term Instruments Receivables & Inventories Tangible Assets Others Liabilities/Equity Composition 15.9% Liabilities Equity Others (Unit : Bil. KRW) End of End of Changes Q Q Amount % Assets Current Assets 2, , % Non-Current Assets 13, , % Total Assets 15, , % Liabilities Current Liabilities 3, , % Non-Current Liabilities 8, , % Total Liabilities 11, , , % Shareholder's Equity Common Stock % Capital Surplus 3, , % R/E % Capital Adjustment % Others % Total S/H's Equity 3, , %

5 Operating Results per Segment Operating Revenues 2, ,981.5 (Unit : Bil. KRW) Q Q Operating Income Air Transportation Aerospace Catering In-Flight Sales/Hotel

6 Revenue Breakdown by Business Operating Revenues 2,476.3 Bil. KRW Catering 0.6% Aerospace 2.4% Inflight Sales 2.6% Flight Related 0.4% Ancillary 5.0% Cargo 31.0% Dom. Pax 6.3% Int'l Pax 51.7%

7 Traffic Figures Q Q YOY Domestic Pax Capacity (mil ASK) Traffic (mil RPK) 1, , % -2.5% L/F(%) 74.6% 76.3% -1.7%p Yield (Cent) % Yield (KRW) % Int l Pax Capacity (mil ASK) Traffic (mil RPK) 18,061 13,011 17,381 12, % 2.1% L/F(%) 72.0% 73.3% -1.3%p Yield (Cent) % Yield (KRW) %

8 Traffic Figures Q Q YOY Cargo Capacity (mil AFTK) 3,072 3, % Traffic (mil FTK) 2,348 2, % L/F(%) 76.4% 75.9% 0.6%p Yield (Cent) % Yield (KRW) %

9 Revenue by Route Passenger Cargo Europe 19% Oceania 5% Japan 12% Domestic 11% Europe 29% Oceania 2% Dom 1% Americas 31% SE Asia 12% China 10% Americas 42% SE Asia 13% China 10% Japan 4%

10 Revenue by Region Passenger Cargo Oceania SE Asia 3% 4% China 4% Americas 15% Europe 5% China 26% SE Asia 14% Oceania 1% Americas 12% Europe 11% Japan 9% Korea 60% Japan 10% Korea 26%

11 Composition of Operating Expenses Maintenance Sales Comm. 3% Rentals 6% PAX/CGO Handling 3% 3% Airport Related 9% Others 14% Depreciation 7% Staff 13% Fuel 42% Operating Expenses 2,592.7 Bil. KRW

12 Key Expenses (Unit : Bil. KRW) Q Q YOY Aircraft Fuel 1, % Consumption (mil Gallons) % Average Price per Gallon (Cent) % Staff Cost % Aircraft Rentals % Aircraft Depreciation % No. of Aircraft Interest Expenses % Outstanding Debt 9, , %

13 Non-operating Income/Expense (Unit : Bil. KRW) Non-operating Income Gain on Interest Gain on FX Transaction Gain on FX Translation Earnings of Equity Method Invest Q Q YOY % % % % % Others % Non-Operating Expenses % Interest Expense % Loss on FX Transaction % Loss on FX Translation Others % Non-operating Income

14 Assets (Unit : Bil. KRW) End of Q End of Q Changes Current Assets 2, , % Cash & Cash Equivalents % Non-current Assets 13, , % Aircraft Investments 8, , % 1, , % Total Assets 15, , %

15 Liabilities (Unit: Bil. KRW) End of Q End of Q Changes Current Liabilities Financial Debt Amt Non-current Liabilities Debentures, less Discount Long-term Non-trade Payables ABS Loan Long-term loans (Foreign Curr.) Long-term obligations under Installment Purchases & Obligation under Capital Lease Others Total Liabilities Debt Ratio 3, , % 2, , % 8, , % 2, , % % % 1, , % 2, , % % 11, , % 319% 267% 23%p

16 Borrowings (As of Jun 30, 2008) Local Balance (Bil. US$) Weights Average Interest Rates USD $5.3 Bil % 4.5% KRW 3,518.2 Bil % 5.6% JPY 39.1 Bil % 1.6% Total % 4.8%