EXHIBIT 99.3
[English Translation]
July 24, 2003
HANARO TELECOM, INC.
EXCLUSION OF AFFILIATED COMPANY
---------------------------------------------------------------------------------------------------------------------------------
Yun-Shik Shin,
1. Affiliated Company Name of Company KDMC CEO Sung Duk Park
---------------------------------------------------------------------------------------------------------------------------------
Paid-in Capital (KRW) 3,420,000,000
---------------------------------------------------------------------------------------------------------------------------------
Total Assets (KRW) 1,402,529,919
---------------------------------------------------------------------------------------------------------------------------------
Major Business Digital programming, contents, Internet TV, etc.
---------------------------------------------------------------------------------------------------------------------------------
2. Disposition Price (KRW)
---------------------------------------------------------------------------------------------------------------------------------
- No. of Shares Disposed
---------------------------------------------------------------------------------------------------------------------------------
- Investment Ratio after Disposition (%)
---------------------------------------------------------------------------------------------------------------------------------
3. Name of Affiliated Group Hanaro Telecom, Inc.
---------------------------------------------------------------------------------------------------------------------------------
4. No. of Affiliated Companies Before Exclusion 8
---------------------------------------------------------------------------------------------------------------------------------
After Exclusion 7
---------------------------------------------------------------------------------------------------------------------------------
5. Total Assets of Affiliated Companies (KRW) Before Exclusion 4,208,510,336,287
---------------------------------------------------------------------------------------------------------------------------------
After Exclusion 4,207,107,806,368
---------------------------------------------------------------------------------------------------------------------------------
6. Reason(s) for Addition Due to a new rights issue by KDMC, Hanaro's equity holding ratio in KDMC has
decreased, and Hanaro is no longer the largest shareholder of KDMC.
---------------------------------------------------------------------------------------------------------------------------------
7. Date of Addition July 24, 2003
---------------------------------------------------------------------------------------------------------------------------------
8. Others The paid-in capital stated above is the total amount of capital stock after
the new rights issue and the total assets is as of the end of 2002.
Hanaro's equity holding ratio in KDMC after the rights issue: 14.62%
---------------------------------------------------------------------------------------------------------------------------------
