INDEPENDENT ACCOUNTANTS’ REVICEW REPORT

Independent Accountants' Review Report Based on a report originally issued in Korean To the Stockholders and Board of Directors KT&G Corporation: We have reviewed the accompanying balance sheets of KT&G Corporation (the "Company") as of June 30, 2004 and 2003, and the related statements of income and cash flows for the three-month and six-month ... ................
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