GIIR, Forms Strategic Alliance with Clear Channel Outdoor

June 22, 2006

Paying keen attention to the growth of the domestic OOH market, GIIR formed a strategic alliance with Clear Channel Outdoor to reinforce its expertise and competitiveness.

On June 22nd, GIIR (CEO Chong S. Lee) formed a strategic alliance with the world¡¯s leading OOH agency Clear Channel Outdoor (hereafter ¡°CCO¡±) to fiercely move forward in the continuously growing domestic outdoor advertising market.

The signing ceremony for the strategic alliance took place at the LG Mapo Building with GIIR vice chairman Chong S. Lee and CCO Asia Pacific President Mark Thewlis and other representatives of the two companies attending.

The OOH market in Korea accounts for approximately 14% or 900 billion KRW of the total advertising market but it continues to record steady growth each year due to an increase in overall national income and growth in the leisure population.

GIIR will be able to expand its efficient marketing communications tools to strengthen its OOH expertise and competitiveness while securing another platform for growth by diversifying its media business through this alliance.

GIIR¡¯s newest partner CCO is the world¡¯s leading outdoor advertisement specialist agency and a member of the Clear Channel Communication (CCC) Group. Last year¡¯s billings reached 2.6 trillion KRW and profits 61.5 billion KRW. CCO manages more than 870 thousand outdoor advertisements in 50 countries including billboards in New York¡¯s Time Square and recently added China, Hong Kong, Singapore, Taiwan, India and other Asian markets to its list of operating markets. In Korea, it set up a joint venture five years ago to work on OOH ads for Incheon International Airport.

GIIR¡¯s vice chairman Chong S. Lee said, ¡°We look forward to the strategic alliance with the world¡¯s largest OOH agency CCO to not only help us secure competitiveness by adopting their exclusive production and operation methods but also strengthen our sales power by providing a greater variety of communication channels to our clients.¡±