Hyundai Commercial's financial results have remained solid despite slowing profit growth. Revenue increased 3.3% in the first half of 2013 driven by growth in non-auto profits such as leasing. Expenses also increased due to hiring experts and increased regulation. Asset quality remains excellent with delinquency rates decreasing and reserves exceeding requirements. The company aims to enhance its non-auto business and maintain a conservative financial profile.

1. Hyundai Commercial
is…
Investor Presentation Hyundai Commercial

2. 1
Solid Profit Underscores Strong Fundamentals
Analysis and ForecastingIncome Statement (KRW Bn)
Category 2011 2012 1H12 1H13 YoY
Operating
Revenue
324 349 168 174 3.3%
Operating
Expense
238 267 122 136 11.3%
Interest
Expense
148 164 81 79 -1.9%
SG&A
Expense
60 66 30 33 10.7%
Bad Debt
Expense
21 25 9 13 48.4%
Other-Operating
Expense
9 12 3 11 275.1%
Operating
Income
86 83 46 38 -18.0%
Non-Operating
Revenue
13 -17 -11 -8 -30.4%
EBT 100 66 35 30 -14.1%
Category Current State Outlook
Revenue
• Profit growth slowed
down due to low-interest
policy
• Non-Auto Profit increased
- Lease Profit : +44.2%
• New model release
will lead revenue
growth
• Portfolio Mix Change
- Non-Auto portion
continues to grow
Expense
• SG&A expense increased
due to hiring experts in
corporate financing
• Bad debt expenses
increased with asset
growth
• Other operating expenses
increased due to
government regulation
• Asset quality will
remain solid
• Improved expertise
will raise productivity

3. 2,3332,3332,3332,333
2,8822,8822,8822,882
3,2543,2543,2543,254
3,5093,5093,5093,509
2010 2011 2012 1H13
New Car Used Car Machine Tool Corporate Finance PF
2
Disciplined Asset Diversification
8.8%
85.4%85.4%85.4%85.4% 82.1%82.1%82.1%82.1% 80.7%80.7%80.7%80.7% 78.9%78.9%78.9%78.9%
Asset Portfolio (KRW Bn) Highlight
Strategic Direction
• Growth in Non-Auto part
- Corporate Finance and Machine Tool portions
constantly grow
• Stable Asset Growth with dominant Market Share
- New Car MS : 80%
- Used Car MS : 55%
• Enhance specialty in Non-Auto part
- Introduce a new HR system for experts
- Specialize sales branches
55.7%
26.4%
4.3%
3.7%
9.9%
55.4%
30.0%
3.7%
3.5%
7.4%
53.2%
27.6%
4.2%
3.4%
11.7%
51.7%
27.2%
4.9%
3.2%
13.0%

4. 1.0%
0.8%
1.1%
0.7%
104.6% 101.5%
141.7%
137.1%
2010 2011 2012 1H13
3
Excellent Asset Quality & Conservative Reserve Policy
Asset Quality Highlight
Strategic Direction
• Delinquency rate decreased despite the recession
- Stringent Risk management policy
• Conservative reserve policy
- Total reserve well exceeded regulatory requirement
• Closely monitor risky factors as portfolio mix
changes
• Maintain conservative reserve policy
30+ Delinquency Rate
Total Reserve/Regulatory Requirement

5. 4
Solid Capital Base
Leverage Trend & Capital Adequacy Ratio Highlight
14.5x
9.9x
11.5x
12.1x
10.1%
14.6%
11.7%
10.5%
2010 2011 2012 1H13
Capital Adequacy RatioLeverage Trend
• Leverage increased and Capital adequacy
ratio decreased
- Natural change coming from asset growth
Strategic Direction
• Seek diverse leverage management policies
such as True-Sale ABS issuance
• Maintain Capital Adequacy Ratio above 10%

6. 5
Well Diversified Funding Portfolio
Funding Portfolio (KRW Bn)
Funding Plan in 2013
(KRW Bn) Sep Oct Nov Dec
Bond 110 - 40 100
Funding Strategy
• Long-term borrowings target > 60%
• ALM index target > 130%
• Cash held > 250 KRW Bn
2,4772,4772,4772,477
3,0273,0273,0273,027
3,4643,4643,4643,464
3,6893,6893,6893,689
2010 2011 2012 1H13
Bond Loan CP ABS
8.4%
2.7%
14.4%
74.5%
8.9%
6.1%
14.8%
70.2%
11.9%
4.6%
19.4%
64.1%
8.1%
13.0%
18.2%
60.7%
LongLongLongLong----TermTermTermTerm
BorrowingsBorrowingsBorrowingsBorrowings
61.5%61.5%61.5%61.5% 63.7%63.7%63.7%63.7% 61.8%61.8%61.8%61.8% 61.5%61.5%61.5%61.5%

7. 6
Strong Liquidity Position
Liquidity Profile (Unit: KRW Bn)
C/LCash
Short-term Debt Coverage Ratio*
* Short-term Debt Coverage Ratio
= (Cash + Unused committed credit line)/ Short-term debt balance
2010 2011 2012
Short-term Debt
26.4%
41.0%
46.2% 47.8%
9,467
11,006
13,168
14,211
1,500 1,750
3,250
4,0501,000
2,760
2,828
2,738
2,500
4,510
6,078
6,788
1H13
Highlight
• Solid short-term coverage
- 3M Liquidity coverage
- 1Y Current Ratio : 127%
Strategic Direction
• Strictly manage liquidity profile
- Short-term funding < 40%
- Liquidity coverage target > 3M
- Flexibly reflect financial market monitoring results
on liquidity strategy
3M Coverage

8. [Appendix] Fact Sheet - HCI
(Unit : KRW Bn) 2008 2009 2010 2011 2012 1H13
Domestic
Sales of
Commercial
Vehicles
Sum(unit) 20,152 19,795 21,479 18,842 15,620 8,389
HMC/KMC M/S 54.0% 60.1% 64.2% 65.8% 62.3% 66.6%
Asset
Portfolio
Total 1,050 1,439 2,333 2,882 3,254 3,509
Auto Sector 77.8% 86.4% 85.4% 82.1% 80.7% 78.9%
Others 22.2% 13.6% 14.6% 17.9% 19.3% 21.1%
Asset
Quality
Substandard &
Below
1.2% 0.7% 0.9% 1.2% 1.5% 1.0%
NPL 1.2% 0.6% 0.6% 1.0% 1.0% 1.0%
30+ Delinquency 2.1% 0.9% 1.0% 0.8% 1.1% 0.7%
NPL Coverage ratio 140.8% 224.7% 172.5% 84.1% 114.8% 129.4%
Profitability Operating Income 14.1 27.6 57.5 86.4 82.8 37.6
Asset &
Capital Adequacy
Ratio
7.8% 9.3% 10.1% 14.6% 11.7% 10.5%
Leverage Borrowing Leverage 15.3X 15.0X 14.5X 9.9X 11.5X 12.1X
Funding
Portfolio
Bond / Loan 91.1% 80.9% 78.9% 83.5% 85.0% 88.9%
CP 8.9% 19.1% 13.0% 4.6% 6.1% 2.7%
ABS - - 8.1% 11.9% 8.9% 8.4%
Total 998 1,481 2,477 3,026 3,464 3, 689
CP Coverage 124.1% 34.2% 77.4% 322.1% 289.4% 673.0%
Debt
Maturity
Debt Maturity - 1.37Y 1.69Y 1.79Y 1.66Y 1.70Y
Maturity 2013 2014 2015 2016 2017 2018~
Volume 676 1,305 774 601 120 213