ㅇ Samsung Corporation has made continued efforts to reduce net borrowings through the sale of assets and the ample cash flow from operating activities. In 2003 alone, the Company decreased net borrowings by 320 billion won, reducing net borrowings to 0.94 trillion won (from 1.26 trillion won at the end of 2002). Net borrowings will continue to decrease in 2004. ㅇ Thus, the Company's debt ratio decreased to less than 94% in 2003, compared to 191% in 2000, 139% in 2001 and 131% in 2002, showing a noticeable improvement in the financial structure. Trend for Borrowings (Billions of Won)   '99 '00 '01 '02 '03 Amount of Borrowings 2,696.3 2,193.3 1,651.8 1,838.0 1,620.5 Borrowings Ratio 87% 87% 51% 53% 36% Net Borrowings 2,632.1 1,999.7 1,484.2 1,263.6 942.3 Debt Ratio 142% 191% 139% 131% 94%