Hanaro Posts Revenues of KRW 493 Billion for the First Quarter of 2008

• Revenues rose by 9.3% year-on-year and 0.9% quarter-on-quarter
• The number of hanaTV and voice subscribers increased while corporate businesses including leased line and IDC continued solid growth

SEOUL, South Korea — hanarotelecom incorporated (KOSDAQ: 033630) (‘Hanaro’ or the ‘Company’), Korea’s leading integrated telecommunications company, announced that the Company posted revenues of KRW 493 billion for the first quarter of 2008, a 9.3% increase year-on-year and a 0.9% increase quarter-on-quarter.

The Company stated that revenues continued to increase on the back of subscriber growth in voice and hanaTV as well as solid growth of corporate businesses including leased line and IDC.

Hanaro posted operating income of KRW 10.0 billion, net loss of KRW 6.7 billion and EBITDA of KRW 129.3 billion for the first quarter of 2008.

The Company explained that operating income decreased due to a rise in one-time expenses such as the accrual of interconnection fee estimates and the bonus payment to compensate for the non-paid salary increase for 2007.

As for hanaTV, Hanaro posted quarterly revenue of KRW 21.3 billion and recently reached 900,000 subscribers on a cumulative basis, strengthening the position as a leading player in IPTV. Furthermore, the Company acquired 1.83 million subscribers of 100Mbps broadband services as of the end of March 2008, accounting for over 50% of its total subscribers.

Hanaro’s CFO Young-Chul Kim said, “We will place top priority on customer value innovation this year. In addition, we will improve our corporate value by enhancing fundamental competitiveness through the improvement of network and marketing infrastructure while creating synergies with the SK group, including the launch of bundled products of wireline and wireless services.”