Report

1. Samjong Accounting Corp.
27th Floor, Gangnam Finance Center, Tel +82 2 2112 0100
152 Teheran-ro, Gangnam-gu, Seoul 06236 Fax +82 2 2112 0101
Republic of Korea www.kpmg.com/kr
© 2020 KPMG Samjong Accounting Corp., the Korean member firm of the KPMG network of independent member firms affiliated with
KPMG International Cooperative (“KPMG International”), a Swiss entity. All rights reserved. Printed in Korea.
Independent Reasonable Assurance Report
to Hyundai Capital Services, Inc. On Use of Proceeds
We were engaged by the management of Hyundai Capital Services, Inc.(the “Company”) to report on
the Company’s use of proceeds in the amount of CHF 300,000,000 from the issuance of a bond at 0.7525%
on July 6, 2020 (the “Green Bond”) and the accompanying the management’s assertion described in
Attachment A that the proceeds from the Green Bond were used to provide new car installment
financing and automotive loans for vehicle models. The eligible vehicle models were manufactured by
Hyundai Motor Company and Kia Motors Corporation, which meet the criteria set forth in Attachment
A.
Management’s Responsibility
The Company’s management is responsible for the assertion that is free from material misstatement and
for the information contained therein.
Our Responsibilities
Our responsibility is to examine the management’s assertion and to report thereon in the form of an
independent reasonable assurance conclusion based on the evidence obtained. We conducted our
engagement in accordance with International Standard on Assurance Engagements (ISAE) 3000,
Assurance Engagements Other Than Audits or Reviews of Historical Financial Information issued by
the International Auditing and Assurance Standards Board. That standard requires that we plan and
perform our procedures to obtain reasonable assurance about whether the management’s assertion is
fairly presented, in all material respects.
Our procedures include examining, on a sample basis, evidence supporting management's assertion and
performing other procedures as we considered necessary in the circumstances. We believe that the
evidence we have obtained is adequate and appropriate to provide a basis for our conclusion.
Conclusion
Our conclusion has been formed in accordance with, and is subject to, the matters outlined in this report.
In our opinion, management’s assertion referred to above is fairly stated, in all material respects, based
on the use of the Green Bond proceeds.
KPMG Samjong Accounting Corp.
Seoul, Republic of Korea
July 6, 2020
Attachment A: Management's Assertion Regarding Use of Proceeds and Eligible Green Model Criteria
Attachment B: Hyundai Capital Service, Inc. Management Flow of Funds Report

2. © 2020 KPMG Samjong Accounting Corp., the Korean member firm of the KPMG network of independent member firms affiliated with
KPMG International Cooperative (“KPMG International”), a Swiss entity. All rights reserved. Printed in Korea.
Samjong Accounting Corp.
27th Floor, Gangnam Finance Center, Tel +82 2 2112 0100
152 Teheran-ro, Gangnam-gu, Seoul 06236 Fax +82 2 2112 0101
Republic of Korea www.kpmg.com/kr
Attachment A
Management's Assertion Regarding Use of Proceeds
Hyundai Capital Services, Inc. used the net proceeds from the sale of the Notes (after deducting
underwriting discounts and estimated expenses), solely for the purpose of providing new car
installment financing and automotive loans for eligible vehicle models (such financing, the
“Financing”). The Financing was initiated from January 2019 to August 2019, and the eligible
vehicle models were manufactured by Hyundai Motor Company and Kia Motors Corporation, which
meet the following criteria (each such model, an “Eligible Green Model”).
Eligible Green Model Criteria
i) Gas-electric hybrid with minimum highway and city kilometers per liter (or kilometers-per-liter
equivalent) fuel mileage, which represents the number of kilometers a vehicle can go using a
quantity of fuel with the same energy content as a liter of gasoline, of at least 15 kilometers-per-
liter, and with maximum CO2 emissions of 110 grams-per-kilometer orless.
ii) An alternative fuel powertrain such as an electric vehicle or fuel cellvehicle.
As of July 6, 2020, Eligible Green Models included Sonata HEV, Grandeur HEV, Ioniq HEV, Ioniq
PHEV, Ioniq EV, Kona HEV, Kona EV, Nexo Fuel Cell, Niro HEV, Niro PHEV, Niro EV, K5 HEV,
K7 HEV and Soul EV.
Model Fuel Powertrain Fuel Economy CO2 emissions
Hybrid
IONIQ Hybrid Gasoline/Electricity 20.2~22.4 km/liter* 69~78 g/km*
IONIQ PHEV Gasoline/Electricity 20.5 km/liter 17 g/km
Sonata Hybrid Gasoline/Electricity 18.8~20.1 km/liter* 79~85 g/km*
Grandeur Hybrid Gasoline/Electricity 16.2 km/liter 97 g/km
KONA Hybrid Gasoline/Electricity 17.4~19.3 km/liter* 82~92 g/km*
Niro Hybrid Gasoline/Electricity 17.1~19.5 km/liter* 79~92 g/km*
Niro PHEV Gasoline/Electricity 18.6 km/liter 26 g/km
K5 Hybrid Gasoline/Electricity 17.2~18.0 km/liter* 89~94 g/km*
K7 Hybrid Gasoline/Electricity 16.2 km/liter 97 g/km
Electric
IONIQ Electric Electricity - 0
KONA Electric Electricity - 0
Niro Electric Electricity - 0
SOUL Electric Electricity - 0
Fuel Cell NEXO Fuel Cell - 0
* Depends on the size of the tire selected for the model

3. © 2020 KPMG Samjong Accounting Corp., the Korean member firm of the KPMG network of independent member firms affiliated with
KPMG International Cooperative (“KPMG International”), a Swiss entity. All rights reserved. Printed in Korea.
Samjong Accounting Corp.
27th Floor, Gangnam Finance Center, Tel +82 2 2112 0100
152 Teheran-ro, Gangnam-gu, Seoul 06236 Fax +82 2 2112 0101
Republic of Korea www.kpmg.com/kr
Expected Results
i) We have estimated the level of contribution to environmental improvement through calculation of
CO2 reductions by supported vehicles
ii) The CO2 reductions are expected to be 12,842ton/year
※ The average mileage of 14,053km/year in the year of 2019 has been assumed
(Source: Korea Transportation Safety Authority)
iii) In the case of considering the proportion of the Green Bond support, 11,227ton/year has been
contributed, which is 37.42 tons per million CHF issued

4. © 2020 KPMG Samjong Accounting Corp., the Korean member firm of the KPMG network of independent member firms affiliated with
KPMG International Cooperative (“KPMG International”), a Swiss entity. All rights reserved. Printed in Korea.
Samjong Accounting Corp.
27th Floor, Gangnam Finance Center, Tel +82 2 2112 0100
152 Teheran-ro, Gangnam-gu, Seoul 06236 Fax +82 2 2112 0101
Republic of Korea www.kpmg.com/kr
Attachment B
Hyundai Capital Service, Inc. Management Flow of Funds Report
As of July 6, 2020
Net proceeds from Issuance
Hyundai Capital Services proceeds in the amount of CHF 300,000,000.
Use of Proceeds as of August 31, 2019
(In millions of CHF*)
Model Q1 2019 Q2 2019 Q3 2019** Sum of Note
Sonata Hybrid - - 3.30 3.30
Grandeur Hybrid 41.70 43.00 14.74 99.43
IONIQ Hybrid 3.04 4.03 2.14 9.21
IONIQ PHEV 0.28 0.23 0.06 0.57
KONA Hybrid - - - -
K5 Hybrid 4.98 3.10 2.09 10.18
K7 Hybrid 14.03 8.06 15.48 37.58
NIRO Hybrid 16.54 22.38 10.89 49.81
NIRO PHEV 0.32 0.34 - 0.67
Subtotal Hybrid 80.90 81.16 48.70 210.75
IONIQ Electric 1.92 2.85 1.90 6.67
KONA Electric 19.41 35.57 17.07 72.05
SOUL Electric 2.27 4.46 1.04 7.77
NIRO Electric 7.38 15.69 7.73 30.80
Subtotal Electric 30.98 58.57 27.74 117.29
NEXO 1.75 8.89 4.38 15.11
Subtotal Fuel Cell 1.75 8.89 4.38 15.11
Total Use of Proceeds 113.62 148.70 80.82 343.14
* Exchange rate
The table below sets forth the average Korean Won(KRW) – Swiss Franc(CHF) exchange rate for, the period
indicated. No representation is made that the KRW or CHF amounts referred to herein could have been or could
be converted into CHF or KRW, as the case may be, at any particular rate or at all.
Year Average(*)
2019 1Q ~ 3Q ----------------------------------------------------------------- 1,168.48
(*)Source: Seoul Money Brokerage Services, Ltd
** Numbers of September 2019 has been excluded in Q3 2019.