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  • 1. Hyundai CardHyundai Cardis...Hyundai Card Investor Presentation 1Q13
  • 2. DisclaimerThese presentation materials have been prepared by Hyundai Card Co., Ltd. (“HCC or the Company”), solely for the use at this presentation and havenot been independently verified. No representations or warranties, express or implied, are made as to, and no reliance should be placed on, theaccuracy, fairness or completeness of the information presented or contained in this presentation. Neither the Company nor any of its affiliates,advisers or representatives accepts any responsibility whatsoever for any loss or damage arising from any information presented or contained in thispresentation. The information presented or contained in this presentation is current as of the date hereof and is subject to change without notice andits accuracy is not guaranteed. Neither the Company nor any of its affiliates, advisers or representatives make any undertaking to update any suchits accuracy is not guaranteed. Neither the Company nor any of its affiliates, advisers or representatives make any undertaking to update any suchinformation subsequent to the date hereof. This presentation should not be construed as legal, tax, investment or other advice.Certain information and statements made in this presentation contain “forward-looking statements.” Such forward-looking statements canbe identified by the use of forward-looking terminology such as “anticipate,” “believe,” “considering,” “depends,” “estimate,” “expect,” “intend,” “plan,”“planning,”“planned,” “project,”“trend,” and similar expressions. All forward-looking statements are the Company’s current expectation of futureevents and are subject to a number of factors that could cause actual results to differ materially from those described in the forward-lookingstatements. Caution should be taken with respect to such statements and you should not place undue reliance on any such forward-lookingstatements.Certain industry and market data in this presentation was obtained from various trade associations, and the Company have not verified such data withindependent sources. Accordingly, the Company make no representations as to the accuracy or completeness of that data, and such data involves risksand uncertainties and is subject to change based on various factors.This presentation does not constitute an offer or invitation to purchase or subscribe for any shares or other securities of the Company and neither anypart of this presentation nor any information or statement contained therein shall form the basis of or be relied upon in connection with any contract orcommitment whatsoever. Any decision to purchase shares in any offering of shares of the Company should be made solely on the basis of theinformation contained in the offering document which may be published or distributed in due course in connection with any offering of shares of theCompany, if any.The contents of this presentation may not be reproduced, redistributed or passed on, directly or indirectly, to any other person or published, in wholeor in part, for any purpose.
  • 3. • Stable profitability : Operating profit of KRW 62 billion and ROA of 2.0%1Key Highlights 1Q13• Effective marketing : Innovative branding increased market share to 14.5% as of 2012• Excellent asset quality : 0.8% delinquency rate, the lowest rate among Korean FIs• Sound capital structure : Leverage of 4.7x and a capital adequacy ratio of 20.7%• Strong liquidity : Short term debt coverage ratio of 75.5%
  • 4. 2Resilient GDP Growth and Increasing Credit Card UsageGDP Growth Rate & Unemployment RateGDP Growth Rate Unemployment RateCredit Card Spending & Usage RateCredit Card Spending (KRW Tn)Despite of slower GDP growth, unemployment rate has been stabilizedCredit card usage takes up high portion of total private consumptionCredit card spending / Total private consumption6.1%3.6%3.6% 3.5%3.0%3.2% 3.2%*279.3303.9350.7390.2451.249.7%52.8%56.8%59.6%66.3%Source: Bank of Korea, Unemployment Rate based on April Source: Credit Finance Association0.2%2.0%1.5%2009 2010 2011 2012 1Q13 2008 2009 2010 2011 2012
  • 5. 3Balanced-Risk Asset Portfolio and Consistent Market ShareAsset Portfolio (KRW Bn) Market Share TrendLump Sum Installments Cash AdvanceCard Loan OthersCredit Purchase* MarketCredit purchase accounts for more than 60% of total assetMaintain stable market share with 15% lever for credit purchase and 14% lever for total card usageCard Loan OthersTotal Credit Card Market (credit purchase*+ financial products)13.8%15.7% 15.7% 15.5% 15.5%11.2%13.1%14.1% 14.3% 14.5%7,1369,1869,5639,8989,16525.8%10.7%15.0%25.0%12.6%21.6%25.4%10.6%21.0%22.3%9.5%23.4%18.7%9.7%25.8%* Excludes corporate accountsSource: FISIS2008 2009 2010 2011 20122009 2010 2011 2012 1Q1348.5% 40.7%42.8% 44.4% 45.4%
  • 6. 4Good Profitability Underscores Strong Fundamentals2010 2011 2012 1Q12 1Q13 YoYIncome Statement (KRW Bn) Return on Equity & Return on AssetsROE ROA15.1%17.6%Key HighlightsOperating Revenues 2,337 2,408 2,526 615 643 4.5%(Excluding FX effect) 2,260 2,370 2,460 600 606 1.0%Operating expenses 1,966 2,084 2,292 536 581 8.3%(Excluding FX effect) 1,890 2,045 2,227 521 544 4.5%15.1%12.6%9.0% 8.5%3.5% 3.5%2.6%2.0% 2.0%2009 2010 2011 2012 1Q13Key HighlightsOperating income was down YoY due to:- Reduced profitability as a result of regulatory changes- Increase in bad debt expense due to economy slowdownMaintained stable market share and number of card holdersBad debt expense 185 200 203 42 55 30.0%Operating income 371 324 233 79 62 -21.5%Net Income 278 239 191 75 47 -37.0%
  • 7. 5Excellent Asset Quality and Conservative Reserve Policy30+ Day Delinquency Rate (%) Total Reserve VS Regulatory Requirement (KRW Bn)Regulatory Requirement Reserve under Accounting Principles30+ Delinquency rate has been slightly increased due to the slowdown in the macro economyMaintained conservative reserve policy which is always higher than regulatory requirementSupplemental Reserve Total Reserve/ Regulatory Requirement0.3% 0.4%0.6%0.7%0.8%363 357378544 537123.9% 127.7%199.1%157.1% 155.7%0.3% 0.4%2009 2010 2011 2012 1Q13114 148 190346345142189 1741811802042009 2010 2011 2012 1Q13
  • 8. 6Leverage and Capital Adequacy Soundly ManagedLeverage Trend Capital Adequacy Ratio (KRW Bn)Total Assets / Total Shareholders Equity Adjusted Capital CARLeverage was controlled below FSS regulation of 6XCapital adequacy ratio has been well controlling above the regulatory guideline of 8%Managed Borrowings / Total Shareholders Equity4.9x6.0x5.4x5.1x4.7x22.5%18.7% 19.6% 18.7%20.7%3.5x4.4x3.5x3.2x2.9x2009 2010 2011 2012 1Q131,699 1,8431,845 1,8011,8382009 2010 2011 2012 1Q13
  • 9. • Maintain the proportions of ABS and CPunder 20% and 10%, respectively7Well Diversified, Stable Funding PortfolioFunding Portfolio by Product Funding PrinciplesABSABSABSABS13.6%13.6%13.6%13.6%• Maintain the average maturity ratio ofliability-to-asset at over 100%• Contingency plans under regular reviewBondsBondsBondsBonds84.4%84.4%84.4%84.4%LoansLoansLoansLoans1.9%1.9%1.9%1.9%13.6%13.6%13.6%13.6%1.01.2HCC 3Y Spread (%)• Funding Balance : KRW 6,589Bn• Long-term funding : 68.1%0.00.20.40.60.81.0Jan-11 May-11 Sep-11 Jan-12 May-12 Sep-12 Jan-13 May-13
  • 10. 8Strong Liquidity Position and Well-Spread Debt MaturityLiquidity Profile (Unit: KRW Bn) Debt Maturity Profile (Unit: KRW Bn)Credit LineCash Short-term Debt Coverage Ratio* CP LoanBond ABS28.0%28.0%28.0%28.0%Liquidity coverage was extended to 6M from 3M in 2011 and since that, well-achieving the targetWell diversified debt maturity4988418247911,1481,5841,514 1,58918.6%36.7%79.0%65.5%75.5%23931492984507.9%7.9%7.9%7.9%16.1%16.1%16.1%16.1%27.5%27.5%27.5%27.5% 28.0%28.0%28.0%28.0%10.9%10.9%10.9%10.9%9.6%9.6%9.6%9.6%1,0591,811 1,843720634* Short-term Debt Coverage Ratio= (Cash + Unused committed credit line)/ Short-term debt balance391650743 690798204984112009 2010 2011 2012 1Q135108871,420 1,393720634137.9%7.9%7.9%7.9%5236342Q13 2H13 2014 2015 2016 2017~
  • 11. Hyundai CardHyundai CardCompany OverviewHyundai Card Investor Presentation 1Q13
  • 12. I. Who is Hyundai Card?
  • 13. 9The Premier Korean Credit Card Company• Industry leader across key quality metrics- Excellent asset quality with the industry’s lowest delinquency rate of only 0.8%- Strong customer loyalty with high card usage per customer• Marketing innovations differentiate brand and drive growth- Strategic marketing program with Hyundai Motor Group- Leadership position in super premium segment• Seven-year-long partnership between two global leaders:Hyundai Motor Group and GE Capital- Strong governance with GE Capitals active involvement in management & daily operations- Strong governance with GE Capitals active involvement in management & daily operations- Joint promotions with Hyundai Motor Group• Strong credit profile based on robust fundamentals- International – Fitch: BBB / S&P: BBB- Domestic – AA+
  • 14. - Innovative “Point Programs”- Stable & solid operational base- Extensive sales networkShareholder Financial & Operational SupportRelationship with Shareholders GE Capital’s Financial Support2013201320132013 - Total Investment to date : U$622mm(As of 1Q13 end)10- GE Capital increases paid in capitalby KRW 165bn- 2006 ~ 2008Exercising of Warrants(Additional equity investment)- GE Capital provides U$200mm back-upcredit-line54.0%- Extensive sales network- Powerful financing arm- Effective marketing tool- Most successful joint venture- Sole consumer finance window in Korea2010201020102010200820082008200820062006200620062012201220122012 - Total Investment to date : U$725mm- GE Capital acquires KRW 313bnequity interest in HCC- Establishment of joint venturewith GE Capital43.3% - Advanced knowledge of riskmanagement- Financial support- Active involvement in managementand daily operations2005200520052005- GE Capital purchases KRW 200bnsubordinated bond
  • 15. 11Management Strategy• Continuous product and service innovation and profit improvement toovercome regulatory changes and intensifying market competition• Enhance customer value through spending stimulation and increasingcustomer loyalty• Achieve sustainable growth through prioritizing risk management anda strong capital structure
  • 16. 12Committed to Transparent Corporate GovernanceBoard of DirectorsBoard of DirectorsBoard of DirectorsBoard of Directors• HMC 5 : GECC 4 : Outside directors 3• GECC has veto rightsRisk Control CommitteeRisk Control CommitteeRisk Control CommitteeRisk Control Committee• Member : 5 from HMC, 5 from GECC• Frequency : Monthly• Function-Determination of risk indicator levelsand appropriate course of actions inExecutive Finance CommitteeExecutive Finance CommitteeExecutive Finance CommitteeExecutive Finance Committee• Member : 4 from HMC, 3 from GECC• Frequency : Monthly• Function-Approval of various operatingexpenses, Capex, business andCompliance Review BoardCompliance Review BoardCompliance Review BoardCompliance Review Board• Member : 9 from HMC, 7 from GECC• Frequency : Quarterly• Function-Formulation and execution ofcompliance strategy, schemes, andand appropriate course of actions inrespect thereofexpenses, Capex, business andfunding planscompliance strategy, schemes, andimprovements• C-Suite executives: Vice President, Deputy CFO, Deputy CRO, Deputy CMO, Controller• Working level : GE employees also involved in day-to-day operations• Transfer of advanced knowledge in various functions through best practice sharing programGEPresence
  • 17. 13Business Area FeaturesProduct Overview & Market ShareMarket Share TrendTotal Credit Card Market (credit purchase*+ financial products)Credit Purchase* MarketCreditPurchaseLump sum• Single-payment purchases• Repaid on a monthly billing cycleInstallment• Multiple-payment purchases• Payment period of 2-12 monthsCard loan• Unsecured loans to cardholders9.8%11.8%12.8%13.8%15.7% 15.7% 15.5% 15.5%10.1%11.2%13.1%14.1% 14.3% 14.5%FinancialProductsCard loan• 3 – 36 month maturityCash advance• Cash withdrawal• Lump sum or installment payback* Excludes corporate accountsSource: FISIS7.0%8.8%10.1%2005 2006 2007 2008 2009 2010 2011 2012
  • 18. II. Premium Brand & Marketing
  • 19. 14One of Korea’s Most Well Recognized & Respected BrandsStrong Brand Drives Higher Customer Loyalty Innovative Branding ActivitiesStrategy:Innovative Experience- Liquid metal card plates- British Rock Sound Identity - Pop-up stores- Super event seriesEmotionalEmotionalEmotionalEmotionalCommunicationCommunicationCommunicationCommunication• Customizable card materials& design• Music platform promotingindependent artistsInnovative ExperienceClassic Dynamic*88.1% (Source: TNS RI Research 2011)• Restaurant reviewSmartphone application• ‘Pop-up stores’ in style-focused locationsResult:- Well respected, trendsetting image withhigh customer awareness*- Higher customer loyalty & spending, evidencedthrough average card usage per customer
  • 20. 15Effective Market Segmentation & PositioningCustomer Segmentation Product Positioning• Joint marketing with Hyundai Motor Company- Vehicle price discounts based on reward point programsLifestyle• Tailored reward programs & brand tie-ins- Demographic catered promotions, discounts, and rewards• Events & performances- Discounted access to Hyundai Card Super-event series• Exclusivity- Limited membership, targeting VVIPs by invitation-onlyLifestyleIncomeLevel• Premium services- Travel, leisure & luxury brand promotions• VVIP Community- High-class events, fine culture performances & exclusiveloungesIncomeLevel
  • 21. III. Macro &Industry Environment
  • 22. 16Korea’s Macro EnvironmentGDP Growth Rate & Consumer Price IndexGDP Growth Rate Consumer Price IndexCredit Card Spending & Usage RateCredit Card Spending (KRW Tn)Credit card spending / Total private consumption66.3%6.1%3.6%2.8% 3.0%4.0%2.2%1.4%279.3303.9350.7390.2451.249.7%52.8%56.8%59.6%66.3%Source: Bank of Korea Source: Credit Finance Association0.2%2.0%1.5%2009 2010 2011 2012 1Q13 2008 2009 2010 2011 2012
  • 23. Korean Credit Card Market Features17• Conservative lending environment- Low usage of revolving credit card products, as full payment of monthly balancepreferredpreferred• Strong credit infrastructure- Well developed credit bureau system provides a quantitative customer credit scorebased on all previous credit history• Cash-less society- Ubiquitous acceptance of credit cards, high popularity of online shopping, and taxincentives for credit card use• Strict government oversight- Regulations governing new origination practices and customer cash advance limits
  • 24. 18Korea Credit Card Industry: Then & NowCombined Asset portfolio Total Asset Quality (30+ Day Delinquency Rate)Credit Purchase Financial ProductsCombined Capital Adequacy Ratio Regulatory & Infrastructure Changes:- Credit bureau system established35.1%66.3%64.9%33.7%2003 201228.3%1.9%2003 2012Source: FSS- Credit bureau system established- Marketing regulations restricting new originations- Companies must maintain capital adequacy ratio ofabove 8%- Leverage limit of 6x (Dec. 2012)-5.5%25.8%2003 2012
  • 25. IV. Asset Portfolio &Performance
  • 26. 19Balanced Asset Portfolio of Credit and Financial ProductsAsset Portfolio (Unit: KRW Bn)Lump Sum Installments Cash AdvanceCard Loan Others9,1869,5639,8989,1653,5084,5075,6187,1369,186 9,16528.9%12.6%14.5%25.8%10.7%15.0%25.0%12.6%21.6%25.4%10.6%21.0%12.3%13.5%7.9%22.3%9.5%23.4%18.7%9.7%25.8%2006200620062006 2007200720072007 2008200820082008 2009200920092009 2010201020102010 2011201120112011 2012201220122012 1Q131Q131Q131Q1344.0%48.5% 40.7%42.8%50.6%23.5%58.5%19.0%11.9%44.4% 45.4%
  • 27. Best in Class Risk ManagementStrong governance for risk monitoring Examples of pre-emptive risk managementCategory Recent actions taken• Risk Control Committee (RCC)– Decision making for most supreme risk– Review portfolio risk performance20CashAdvanceLowered cash advance limits for lower creditquality customersCard LoanTightened underwriting policy for heavydebtors• Systematic New Product Risk Analysis- Two-stage RCC approval process- Pre-launch new product introduction and creditreview point assessment• Risk Appetite Management– Establish guidelines for portfolio / asset quality– Determine risk management strategy per productCreditPurchaseTightened underwriting policy for revolvingproducts and new originations• Portfolio Quality Review– Monitoring of main risk indices– Follow-up on effects of credit policy changes• Stress Test & Contingency Planning– Scenario analysis based on economic forecasting– Prepare action plans per contingency stage
  • 28. Historical Asset Quality30+ Day Delinquency Rate (%)212.2%0.4%0.7%0.4%0.6%0.7%0.8%0.4%0.3%0.4%2006200620062006 2007200720072007 2008200820082008 2009200920092009 2010201020102010 2011201120112011 2012201220122012 1Q131Q131Q131Q13
  • 29. 22Historical Reserve & FSS Requirement Coverage RatioTotal Reserve VS Regulatory Requirement (KRW Bn)Regulatory Requirement Reserve under Accounting Principles Supplemental Reserve Total Reserve/ Regulatory Requirement178.1%200.4% 199.1%204363 357178.1%143.3%123.9% 127.7%157.1% 155.7%378544 537K-GAAP K-IFRS895294 114148190346345158104135142 189 174 181 1802009200920092009 2010201020102010 2011201120112011 201220122012201220082008200820082006200620062006 2007200720072007 1Q131Q131Q131Q13
  • 30. Sustainable Growth Based on Strong Fundamentals2008 2009 2010 2011 2012 1Q12 1Q13 YoYIncome Statement (KRW Bn)23KKKK----IFRSIFRSIFRSIFRSKKKK----GAAPGAAPGAAPGAAPOperating Revenues 1,594 1,841 2,337 2,408 2,526 615 643 4.5%(excl. FX effect) 1,444 1,795 2,260 2,370 2,460 600 606 1.0%Operating Expenses 1,337 1,555 1,966 2,084 2,292 536 581 8.3%(excl. FX effect) 1,186 1,509 1,890 2,045 2,227 521 544 4.5%Card expenses 506 730 863 924 1,044 251 247 -1.6%Interest expenses 187 221 319 357 343 87 79 -8.4%SG&A Expenses 367 398 484 538 610 132 144 8.7%PPOP 357 441 570 525 436 123 117 -4.5%Bad Debt expenses 103 113 185 200 203 42 55 30.0%Provision forunused Credit Line-3 42 14 1 0 2 1 -70.7%Operating Income 258 286 371 324 233 79 62 -21.5%ROA 3.9% 3.5% 3.5% 2.6% 2.0% 3.2% 2.0% -ROE 16.7% 15.1% 17.6% 12.6% 9.0% 14.6% 8.5% -Income before Tax 272 295 371 324 233 79 62 -21.3%Net Income 202 213 278 239 191 75 47 -37.0%
  • 31. V. Capitalization, Funding& Liquidity
  • 32. Capital Adequacy Ratio (Unit: KRW Bn)24Strong Capital StructureAdjusted Capital CAR31.3%28.4%1,6991,8431,865 1,801 1,83828.4%23.5% 22.5%18.7% 19.6% 18.7%20.7%1,080 1,3061,4061,865 1,801 1,8382006200620062006 2007200720072007 2008200820082008 2009200920092009 2010201020102010 2011201120112011 2012201220122012 1Q131Q131Q131Q13
  • 33. Well Controlled LeverageLeverage TrendTotal Assets / Total Shareholders Equity Managed Borrowings / Total Shareholders Equity2512.3x12.3x4.1x4.1x4.6x 4.9x6.0x5.4x5.1x4.7x11.3x4.4x2.6x 2.6x3.2x3.5x4.4x3.5x3.2x2.9x2005200520052005 2006200620062006 2007200720072007 2008200820082008 2009200920092009 2010201020102010 2011201120112011 2012201220122012 1Q131Q131Q131Q13
  • 34. Diversification of Funding Portfolio over TimeManaged Borrowings (KRW Bn)26Bond-domestic Bond-overseas ABS-domestic ABS-overseas Bank loans CP2,1992,9333,9805,1657,197 7,067 7,073 6,58980.2%12.7%1.9%14.8% 10.1%14.1%8.3%7.7%11.0%6.4%11.0%73.2%4.6%9.2%10.1%83.6%6.9%6.3%4.9%84.4%13.6%1.0%%%%% of LTof LTof LTof LTFundingFundingFundingFunding50.5%50.5%50.5%50.5% 62.6%62.6%62.6%62.6% 63.1%63.1%63.1%63.1% 57.3%57.3%57.3%57.3% 56.5%56.5%56.5%56.5% 71.6%71.6%71.6%71.6% 67.3%67.3%67.3%67.3% 68.1%68.1%68.1%68.1%2,1992006200620062006 2007200720072007 2008200820082008 2009200920092009 2010201020102010 2011201120112011 2012201220122012 1Q131Q131Q131Q1359.4%15.9%9.3%47.3%19.5%14.8%13.6%49.6%15.1%61.8%
  • 35. 27Substantial Improvement in Liquidity PositionLiquidity Profile (KRW Bn)Credit LineCash Short-term Debt Coverage Ratio* 79.0%65.5%75.5%4988418247911,1481,5841,5141,58913.1%27.3%32.7%18.6%36.7%* Short-term Debt Coverage Ratio= (Cash + Unused committed credit line)/ Short-term debt balance143 149360 391650743 690798150120 201432994804112006 2007 2008 2009 2010 2011 2012 1Q13
  • 36. Investor Relations ContactsJungsang Kim, Head of Investor RelationsPhone +82 2 2167 7034jungsang.kim@hyundaicard.comMinchul Seo, Deputy General Manager of Investor RelationsPhone +82 2 2167 7051mcseo@hyundaicapital.comSuh ye Choi, Manager of Investor RelationsPhone +82 2 2167 7541Justin Lee, Manager of Investor RelationsPhone +82 2 2167 8082http://ir.hyundaicard.com/Phone +82 2 2167 7541sychoi@hyundaicard.comPhone +82 2 2167 8082justin.j.lee@hyundaicard.comJay Moon, Assistant Manager of Investor RelationsPhone +82 2 2167 5312jaymoon@hyundaicapital.comHyunyoung Jang, Assistant Manager of Investor RelationsPhone +82 2 2167 6955hyunyoung.jang@hyundaicard.com

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