Amore Pacific and IBM Korea Sign 10-Year Information System Outsourcing Contract

IBM Korea to operate and manage Amore Pacific's IT infrastructure and information systems

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ARMONK, N.Y. - 29 Aug 2003: Amore Pacific Inc., Korea's leading cosmetics manufacturer, and IBM Korea have signed a contract valued at approximately $100 million for IBM to operate and manage Amore Pacific's IT infrastructure for 10 years.

IBM Korea will provide Amore Pacific Inc. with services including operation and management of IT infrastructure and user support. IBM Korea also will move Amore Pacific's IT infrastructure to the IBM e-business Hosting Center in the Seoul metropolitan area to ensure smooth service delivery and to allow Amore Pacific to leverage the center's on-demand operating environment, tools and processes. IBM Korea will provide an integrated support system via IBM Global Services and Business Consulting Services.

The agreement is part of Amore Pacific's strategy to concentrate on its core competencies to provide new products and services utilizing innovative technologies that respond to market changes.

"Amore Pacific has invested in a business structure that will result in development of our core competencies and value-based management to maximize return to our shareholders" said Mr. Kyung-Bae Suh, CEO of Amore Pacific. "It also is part of our business strategy to utilize information system outsourcing services from a global and professional IT company such as IBM. This will be of great service to Amore Pacific as we evolve into a world-class company based on our strong brand power and customer-driven services."

"Our experience in the outsourcing business and wide portfolio of professional services skills place IBM as the leading company in the information system outsourcing service market," said Mr. Chaechol Shin, General Manager, IBM Korea, "In addition, IBM's ability to integrate technology with business strategy will support Amore Pacific's goals to innovate and transform itself into an on-demand enterprise."

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