1. Deloitte was engaged to report on Hyundai Capital Services Inc.'s use of proceeds from issuing CNY 600 million in notes in September 2020. 2. The proceeds were intended to provide new car installment financing and automotive loans for eligible Hyundai and Kia vehicle models, defined as hybrid, electric, or fuel cell vehicles meeting certain fuel efficiency and emissions standards. 3. Based on its procedures, Deloitte found nothing to cause it to believe that Hyundai Capital Services Inc.'s statement on the use of proceeds was not prepared in accordance with the criteria outlined in the management statement and attachments.

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Independent Practitioner’s Limited Assurance Report
To the Board of Directors of Hyundai Capital Services Inc.
Scope
We have been engaged to report on Hyundai Capital Services Inc. (the “Company”)’s use of proceeds
in the amount of CNY 600 million from the issuance of notes at 3.55% on September 11, 2020 (the
“Notes”) and the accompanying management’s statement described in Attachment A that the
proceeds from the Notes were used to provide new car installment financing and automotive loans for
vehicle models which meet the criteria set forth in the management’s statement.
The Company’s Responsibilities
The Company is responsible for preparing the accompanying statement described in Attachment A,
including the completeness and accuracy of the statement; and using the proceeds from the net
proceeds from the sale of the Notes solely for the purpose of providing new car installment financing
and automotive loans for eligible vehicle models.
Our Independence and Quality Control
We have complied with the independence and other ethical requirements of the Code of Ethics for
Professional Accountants issued by the International Ethics Standards Board for Accountants, which
is founded on fundamental principles of integrity, objectivity, professional competence and due care,
confidentiality and professional behavior.
The firm applies International Standard on Quality Control 1 and accordingly maintains a
comprehensive system of quality control including documented policies and procedures regarding
compliance with ethical requirements, professional standards and applicable legal and regulatory
requirements.
Our Responsibilities
Our responsibility is to express a limited assurance conclusion on the accompanying management’s
statement and use of proceeds from the Notes based on our procedures we have performed and the
evidence we have obtained. We conducted our limited assurance 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
limited assurance about whether the management statement is free from material misstatement.
A limited assurance engagement undertaken in accordance with ISAE 3000 involves assessing the
risks of material misstatement of the management statement whether due to fraud or error,
responding to the assessed risks as necessary in the circumstances, and evaluating the overall
presentation of the management statement. A limited assurance engagement is substantially less in
scope than a reasonable assurance engagement in relation to both the risk assessment procedures,
including an understanding of internal control, and the procedures performed in response to the
assessed risks.
The procedures we performed were based on our professional judgement and included inquiries,
inspection of documents, and agreeing or reconciling with underlying records. Given the circumstances
of the engagement, in performing the procedures listed above we examined evidences on a sampling
basis for supporting the management’s statement, interviewed key personnel responsible for
collection, preparation and presentation of the management’s statement, analyzed information
obtained and performed other relevant procedures to collection of the appropriate review evidence.
The procedures performed in a limited assurance engagement vary in nature and timing from, and

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are less in extent than for a reasonable assurance engagement. Consequently, the level of assurance
obtained in a limited assurance engagement is substantially lower than the assurance level that would
have been obtained had we performed a reasonable assurance engagement. Accordingly, we do not
express a reasonable assurance opinion about whether Hyundai Capital Services Inc.’s statement has
been prepared, in all material respects, in accordance with the criteria applied as explained in the
accompanying management statement.
Limited Assurance Conclusion
Based on the procedures we have performed and the evidence we have obtained, nothing has come
to our attention that causes us to believe that Hyundai Capital Services Inc.’s statement in Attachment
A is not prepared, in all material respects, in accordance with the criteria applied as explained in the
accompanying management statement.
Restriction on use
Our work has been undertaken to enable us only to express a limited assurance conclusion in
accordance with the terms of our engagement agreed with the Company. We do not accept or assume
liability to any party other than the Company, for our work, for this report, or for the conclusion we
have reached.
November 10, 2020
Jong Sung Hong
Deloitte Anjin LLC.
Seoul, Republic of Korea

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Attachment A.
Management’s Statement Regarding Use of Proceeds
Hyundai Capital Services, Inc. issued CNY 600 Million notes due 2023 at 3.55% on September 11, 2020 (the
“Notes”), solely for purpose of providing new car installment financing and automotive loans for eligible
vehicle models (such financing, the “Financing”). The Financing was entered from September 2019 through
October 2019, and the eligible vehicle models were manufactured by Hyundai Motor Company and Kia
Motors Corporation, which meet the following criteria (each such model, and “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 carbon-dioxide emissions of 110 grams-per-kilometer or less, OR,
II. An alternative power fuel train such as an electric vehicle or fuel cell vehicle.
As of September 11, 2020, Eligible Green Models are 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, Soul EV,
Sorento HEV and Avante HEV.
Model Fuel Powertrain
Fuel Economy
(km/liter)*
CO2 Emissions
(g/km)
HYUNDAI
MOTORS
IONIQ HEV Gasoline/Electricity 20.2 -22.4 69-78
IONIQ PHEV Gasoline/Electricity 20.5 17
IONIQ EV Electricity - 0
SONATA HEV Gasoline/Electricity 17.6-20.1 91
GRANDEUR HEV Gasoline/Electricity 16.2 97
KONA HEV Gasoline/Electricity 17.4-19.3 87
KONA EV Electricity - 0
NEXO Fuel Cell - 0
KIA
MOTORS
NERO HEV Gasoline/Electricity 17.1-19.5 92
NERO PHEV Gasoline/Electricity 18.6 26
NERO EV Electricity - 0
SOUL EV Electricity - 0
K5 HEV Gasoline/Electricity 17.2-20.1 94
* Depends on the size of the tire selected for the model
Expected Results
We, Hyundai Capital Services Inc., estimated the environmental contribution performance based on the
calculation of carbon-dioxide reduction level of aforementioned eligible vehicle models. The estimated total
carbon-dioxide reduction amount is 4,313 tons. (Average Mileage: 14,053km/year, based on Korea
Transportation Safety Authority)

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Attachment B.
Hyundai Capital Service, Inc. Management Flow of Funds Report
As of September 11, 2020
Proceeds from Issuance: CNY 600,000,000 (equivalent to KRW 104,346,000,000)
Use of Proceeds
(In KRW*)
September 2019 October 2019 Total
Hybrid
IONIQ HEV 1,361,700,000 1,134,200,000 2,495,900,000
IONIQ PHEV 47,700,000 84,300,000 132,000,000
SONATA HEV 6,034,900,000 8,609,800,000 14,644,700,000
GRANDEUR HEV 10,132,600,000 29,673,500,000 39,806,100,000
KONA HEV 3,298,600,000 3,877,200,000 7,175,800,000
NERO HEV 3,855,000,000 4,280,500,000 8,135,500,000
NERO PHEV 62,600,000 180,200,000 242,800,000
K5 HEV 918,200,000 974,300,000 1,892,500,000
Total Hybrid 25,711,300,000 48,814,000,000 74,525,300,000
Electric
IONIQ EV 761,400,000 721,700,000 1,483,100,000
KONA EV 7,118,700,000 8,536,100,000 15,654,800,000
NERO EV 1,748,900,000 1,862,500,000 3,611,400,000
SOUL EV 384,400,000 496,300,000 880,700,000
Total Electric 10,013,400,000 11,616,600,000 21,630,000,000
Fuel Cell NEXO 3,696,200,000 4,494,500,000 8,190,700,000
Total Fuel Cell 3,696,200,000 4,494,500,000 8,190,700,000
Total Use of Proceeds 39,420,900,000 64,925,100,000 104,346,000,000
Total amount of financing for Eligible Green Model equals to KRW 107,125,200,000
Note: Exchange Rate
SWAP exchange rate in between Korean Won (KRW) and Chinese Yuen (CNY) as of September 11, 2019 is
173.01 as indicated in the contract. No representation is made that the KRW or CNY amounts referred to
herein could have been or could be converted to CNY or KRW, as the case may be, at any particular rate or
at all.