The Three Mile Island Unit 2 (TMI-2) accident provides unique full scale data, thus providing opportunities to check the capability of codes to model overall plant behavior and to perform a spectrum of sensitivity and uncertainty calculations. As part of the TMI-2 analysis benchmark exercise sponsored by the Organization for Economic Cooperation and Development Nuclear Energy Agency (OECD NEA), several member countries are continuing to improve their system analysis codes using the TMI-2 data. The Republic of Korea joined this benchmark exercise in November 2005. Seoul National University has analyzed the TMI-2 accident as well as the currently proposed alternative scenario along with a sensitivity study using the Modular Accident Analysis Program Version 4.03 (MAAP4.03) code in collaboration with the Korea Hydro and Nuclear Power Company. Two input files are required to simulate the TMI-2 accident with MAAP4: the parameter file and an input deck. The user inputs various parameters, such as volumes or masses, for each component. The parameter file contains the information on TMI-2 relevant to the plant geometry, system performance, controls, and initial conditions used to perform these benchmark calculations. The input deck defines the operator actions and boundary conditions during the course of the accident. The TMI-2 accident analysis provided good estimates of the accident output data compared with the OECD TMI-2 standard reference. The alternative scenario has proposed the initial event as a loss of main feed water and a small break on the hot leg. Analysis is in progress along with a sensitivity study concerning the break size and elevation.