WARRANT PURCHASE AGREEMENT





         THIS WARRANT PURCHASE AGREEMENT (this "AGREEMENT") is made and entered

into as of December 30, 2002, by and between SB Thrunet Pte Ltd., a Singapore

corporation ("SELLER"), and Hanaro Telecom, Inc., a Korean corporation

("PURCHASER").



                                     RECITAL



         WHEREAS, Purchaser and certain shareholders ("SELLING SHAREHOLDERS") of

Korea Thrunet Co., Ltd., a Korean corporation (the "COMPANY"), entered into a

Share Purchase Agreement dated December 30, 2002 (the "SHARE PURCHASE

AGREEMENT"), pursuant to which Purchaser has agreed to purchase from Selling

Shareholders, and Selling Shareholders have agreed to sell to Purchaser, all of

the shares of common stock of the Company held by Selling Shareholders; and



         WHEREAS, in connection with the transactions contemplated under the

Share Purchase Agreement, on the terms and subject to the conditions contained

herein, Purchaser desires to purchase from Seller, and Seller desires to sell to

Purchaser, warrants to subscribe for (i) an aggregate of 17,370,892 shares (as

adjusted) of common stock of the Company, as represented by Series 17 Warrant,

Certificates Nos. 1 to 10, and (ii) an aggregate of 8,685,446 shares (as

adjusted) of the Company's common stock, as represented by Series 18 Warrant,

Certificate No. 1 (collectively, the "WARRANTS").





                                    AGREEMENT



         NOW, THEREFORE, in consideration of the foregoing premises and the

mutual covenants and conditions contained herein, the parties to this Agreement

hereby agree as follows:



1.       PURCHASE AND SALE OF THE WARRANTS. At the Closing (as defined in

Section 2 below), on the terms and subject to the conditions contained herein,

Purchaser shall purchase the Warrants from Seller, and Seller shall sell the

Warrants to Purchaser. The purchase price for the Warrants (the "PURCHASE

PRICE") shall be Two Million U.S. Dollars (US$2,000,000).



2.       THE CLOSING.



         2.1   The Closing. The closing of the purchase and sale of the Warrants

as contemplated hereby (the "CLOSING") shall take place on the date of the

Second Closing under the Share Purchase Agreement, which is contemplated to take

place occur on or about February 7, 2003 (the "CLOSING DATE"), at the offices of

Shin & Kim. Purchaser shall make commercially reasonable efforts to effect the

First and Second Closings under the Share Purchase Agreement on or prior to

February 7, 2003.



{PAGE}



         2.2   Closing Deliveries.  The following deliveries shall be made by

the parties at the Closing:



               (a)   Delivery of Certificates for the Warrants. Seller shall

deliver to Purchaser the original certificates representing the Warrants.



               (b)   Delivery of Purchase Price. Purchaser shall deliver the

Purchase Price to Seller by wire transfer of immediately available funds to an

account specified by Seller at least two (2) business days prior to the Closing.

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