- Hyundai Commercial Inc. presented its 1H 2014 investor presentation, which included financial results and business strategies - Revenue slightly decreased due to low interest rates, but profit margins increased on high-yield lease products - Net income declined due to decreased operating revenue and losses on equity investments - The company aims to strengthen its business for prolonged low growth and interest rates by pursuing new opportunities and efficiency

1. Hyundai Commercial Inc.
Investor Presentation (1H 2014)

2. Disclaimer
These presentation materials have been prepared by Hyundai Commercial Inc. (“HCI or the Company”), solely for the use at this presentation and have
not been independently verified. No representations or warranties, express or implied, are made as to, and no reliance should be placed on, the
accuracy, 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 this
presentation. The information presented or contained in this presentation is current as of the date hereof and is subject to change without notice and
its accuracy is not guaranteed. Neither the Company nor any of its affiliates, advisers or representatives make any undertaking to update any such
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Certain information and statements made in this presentation contain “forward-looking statements.” Such forward-looking statements can be
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“planning,” “planned,” “project,” “trend,” and similar expressions. All forward-looking statements are the Company’s current expectation of future
events and are subject to a number of factors that could cause actual results to differ materially from those described in the forward-looking
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3.  Profit slightly slowed down but revenue stream
has been diversified
- Revenue slightly went down due to low-interest policy
- But profit margin of high-yield lease product increased
- Maintained growth of fundamental by increasing sales volume
 Net Income declined
- Decreased in Operating Revenue
- Loss on equity method valuation of HLI decreased
3
Income statement (KRW Bn)
2012 2013 1H13 1H14 YoY
Op. Revenue 3,467 3,462 1,735 1,701 -2.0%
Op. Expenses 2,639 2,704 1,359 1,373 1.1%
Bad debt expense 216 251 129 153 18.5%
Op. Income 828 769 376 328 -12.9%
Net Income 436 366 201 157 -21.9%
ROA
2.9% 3.0%
2.7%
2.4%
2011 2012 2013 1H14
* New handling ROA
 Strengthen fundamentals for prolonged low
growth and low interest rates
- Search new business opportunity and accumulate abilities
- Pursue efficiency by keeping a good balance in expenses
Profitability
Key Highlights
Vision and Strategy

4. 4
Sound Asset Portfolio and Dominant Market Share
Asset Portfolio (KRW Bn) Key Highlights
PF 2.7%
Corporat
e Finance
12.4%
Used
Auto
31.4%
Machine
Tool
5.9%
Market Share
• Total Balance : 3.8 Bn KRW
• Auto portion : 78.8%
New Auto
47.4%
New Auto Captive Used Auto
87.7% 91.0% 86.5% 84.8%
51.4% 52.5% 50.5% 56.0%
2011 2012 2013 1H14
 Maintained dominant market position
- Enlarged line-up of commodity based on
service (lease, RV *etc.)
- beyond B2C and focused on B2B financing
 Diversified asset portfolio
- Corporate finance, Machine tool increased
 Stable growth on Corporate Finance focusing
captive loans for HMG group
- Maintained no-loss in real-estate PF
Vision and Strategy
 Continue to develop high-yield products
- Operating lease, Rental, Inventory financing
* RV : Residual Value

5. 5
Excellent Asset Quality and Conservative Reserve Policy
0.8%
1.1%
0.7%
0.8%
2011 2012 2013 1H14
Total Reserve (KRW Bn)
2011 2012 2013 1H14
Total reserve 253 381 413 389
Total reserve
/Regulatory Requirment 102% 142% 137% 130%
Key Highlights
 Superb asset quality
- Delinquency rate decreased despite the
recession
 Conservative reserve policy
- Total reserve well exceeded regulatory
requirement
Vision and Strategy
 Maintained excellent asset quality by enhancing
underwriting and collection management
30+ day delinquency Rate (%)

6. 6
Leverage and Sound Capital Structure
Leverage Trend (KRW Bn)
Total Equity Leverage
3,494 3,381 3,544
4,791
10.9x
12.5x 11.7x
9.4x
2011 2012 2013 1H2014
Capital Adequacy Ratio
 Elimination of leverage issue
- Secured medium and long term growth
through issue of hybrid-bond in ‘14.1H
(1200 Bn KRW)
 Manage leverage under 9%
 Capital adequacy ratio > 7% (FSS guideline)
* Hybrid bond excluded
*
Leverage restriction
< 10
Key Highlights
14.0%
11.3% 11.0%
9.9%
2011 2012 2013 2014
Vision and Strategy

7. 7
Well Diversified, Stable Funding Portfolio
Funding Portfolio by Product
Bonds
85.1%
Loans
5.7%
CP
4.5%
ABS
4.7%
 Flexibly reflect financial market monitoring
results on funding strategy
- Gradually Increased portion of Bonds by
using low-interest situations
- Long-term Funding due to short-term and
long-term interest rate reduction
 Pursue stability and efficiency
- Increase long-term Bonds, low interest CP
 Long-term borrowings target > 60%
ALM > 130%
* KOFC excluded
*
Key Highlights
• Total Balance : 3.9 Bn KRW
• Long-term Borrowings : 60.3%
• ALM : 128.7%
Vision and Strategy

8. 8
Liquidity Profile (KRW Bn)
Cash Credit Line Short-term Debt Coverage Ratio*
41.0% 46.2% 48.6% 44.0%
4,510
1,750
6,078
6,855 6,860
3,250 4,050 4,050
2,760 2,828 2,805 2,810
2011 2012 2013 1H14
* Short-term Debt Coverage Ratio
= (cash+ Unused committed credit line)/ short-term debt balance
Debt maturity (KRW Bn)
7,547 7,893
5,420
9,252 8,849
19.4% 20.3%
13.9%
23.7% 22.7%
2H14 1H15 2H15 2016 2017~
Key Highlights
 Solid liquidity position
- Debt maturity has been extended to cover 2-
year cash flows
 Liquidity coverage target > 3M
 Manage stable liquidity through contingency
Plan
Strong Liquidity Position
Vision and Strategy

9. [Appendix 3] Fact Sheet - HCI
(Unit : KRW Bn, %) 2008 2009 2010 2011 2012 2013 1H13 1H14
Domestic Sales of
Commercial
Vehicles
Total (unit) 20,152 19,795 21,479 18,842 15,620 14,851 8,389 7,387
HMG M/S 54.0% 60.1% 64.2% 65.8% 62.3% 70.2% 66.6% 75.5%
Asset
Portfolio
Total 1,050 1,439 2,333 2,882 3,254 3,503 3,509 3,829
Auto Sector 77.8% 86.4% 85.4% 82.1% 80.7% 77.5% 78.9% 78.8%
Others 22.2% 13.6% 14.6% 17.9% 19.3% 22.5% 21.1% 21.2%
Asset
Quality
Substandard & Below 1.2% 0.7% 0.9% 1.2% 1.5% 1.1% 1.0% 2.9%
NPL 1.2% 0.6% 0.6% 1.0% 1.0% 1.0% 1.0% 0.8%
30+ Delinquency 2.1% 0.9% 1.0% 0.8% 1.1% 0.7% 0.7% 0.8%
NPL Coverage Ratio 140.8% 224.7% 172.5% 84.1% 114.8% 126.4% 129.4% 147.8%
Profitability Operating Income 14.1 27.6 57.5 86.4 82.8 75.9 37.6 32.8
Asset & Capital Adequacy Ratio 7.8% 9.3% 10.1% 14.0% 11.3% 11.0% 10.5% 9.9%
Leverage Borrowing Leverage 13.5X 15.0X 16.1X 10.9X 12.5X 11.6X 11.7X 9.4X
Funding
Portfolio
Total 998 1,481 2,477 3,026 3,464 3,663 3,689 3,896
Bond / Loan 91.1% 80.9% 78.9% 83.5% 85.0% 90.2% 88.6% 90.8%
CP/Asset backed
8.9% 19.1% 13.0% short-term bond
4.6% 6.1% 2.5% 2.8% 4.5%
ABS - - 8.1% 11.9% 8.9% 7.3% 8.6% 4.7%
Short-term debt
coverage
24.0% 13.8% 26.4% 41.0% 46.2% 48.6% 47.8% 44.0%
Debt
Maturity
ALM ratio 93.2% 105.5% 132.3% 143.0% 129.5% 132.4% 131.7% 128.7%
Asset maturity (Y) 1.33 1.30 1.28 1.27 1.28 1.27 1.30 1.35
Debt maturity (Y) 1.24 1.37 1.69 1.79 1.66 1.69 1.73 1.74
9