(HANARO TELECOM, INC. LOGO)



FOR IMMEDIATE RELEASE







                                   Contacts:  Hanaro Telecom, Inc.

                                              Kyu June Hwang, Investor Relations

                                              822-6266-2380

                                              kyujune@hanaro.com

                                              - or -

                                              Taylor Rafferty, New York

                                              Brian Rafferty

                                              1-212-889-4350

                                              Taylor Rafferty, London

                                              Noah Schwartz

                                              44-20-7936-0400

                                              hanaro@taylor-rafferty.com





                     HANARO TELECOM ACHIEVES NET INCOME AND

                           SECURES FOREIGN INVESTMENT



     SEOUL, SOUTH KOREA - November 14, 2003 - Hanaro Telecom, Inc. (KOSDAQ:

     33630) (NASDAQ: HANA) ("Hanaro" or "the Company"), one of Korea's largest

     broadband Internet access and local call service providers, today announced

     the results of its operations for the third quarter ended September 30,

     2003. The results are unaudited, unconsolidated, and prepared in accordance

     with generally accepted accounting principles in Korea.



--------------------------------------------------------------------------------

     3Q03 HIGHLIGHTS

-    Net income was recorded for the first time of KRW 5.7 billion (US$ 5.0

     million).

-    EBITDA increased 23.5% in 3Q03 to KRW 151.3 billion (US$ 131.5 million)

     from KRW 122.5 billion in 2Q03, recording a significant EBITDA margin of

     42.9%.

-    Revenues increased 2.4% to KRW 352.6 billion (US$ 306.6 million) in 3Q03

     from KRW 344.4 billion in 2Q03.

-    Operating costs decreased by 4.9% to KRW 310.4 billion (US$ 269.9 million)

     in 3Q03 from KRW 326.4 billion in 2Q03.

--------------------------------------------------------------------------------

* Income Statement figures have been converted for reader convenience at the

exchange rate of US$ 1 = KRW 1,150.2, which is the "Korea Exchange Bank closing

standard rate" on September 30, 2003.



                                     -more-



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Hanaro's Vice President, Mr. Young Wan Cho, commented, "This has been a very

noteworthy quarter within Hanaro's history. We are thrilled to provide our

shareholders with a net income result, having steadily moved towards this goal

through a resolute approach of balancing creative revenue generating activities

while remaining focused on costs-control measures. In addition to reaching

operational profitability within a challenging market environment, we have also

overcome our immediate cash requirement issues by securing significant foreign

investment. The record results achieved this quarter, together with the recent

strategic and restructuring initiatives, give Hanaro's management further

confidence in the company's compelling offering and ability to provide

shareholder value."



(BAR CHART OF EBITDA)            (BAR CHART OF OPERATING LOSS/PROFIT TO REVENUE)





OPERATIONAL REVIEW



RECORD RESULTS



Hanaro outperformed this quarter by recording its first net income result of KRW

5.7 billion and operating profit of KRW 42.2 billion. EBITDA jumped to a record

high of KRW 151.3 billion with an EBITDA margin of 42.9%. Such outstanding

records are largely due to overall cost reduction of 4.9% quarter-on-quarter,

mainly resulting from a substantial drop in marketing costs.





SUBSCRIBER GROWTH (SEE TABLE 1)



The total broadband subscriber base at the end of 3Q03 was 2,975,338,

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