- Hyundai Commercial Inc. presented its 3Q 2014 investor presentation which provided an overview of the company's financial performance and business strategies. - While operating revenue grew slightly, operating income declined due to a temporary increase in bad debt expenses. Net income increased due to losses from equity investments. - The company maintained its dominant market share in commercial vehicle financing and focused on diversifying its asset portfolio and developing new high-yield products. - It emphasized strengthening its fundamentals to prepare for a prolonged low growth, low interest rate environment through pursuing new business opportunities and efficiency.

1. Hyundai Commercial Inc.
Investor Presentation (3Q 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
information 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 can be
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 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
statements. Caution should be taken with respect to such statements and you should not place undue reliance on any such forward-looking
statements.
Certain industry and market data in this presentation was obtained from various trade associations, and the Company have not verified such data with
independent sources. Accordingly, the Company make no representations as to the accuracy or completeness of that data, and such data involves risks
and 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 any
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Company, 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 whole
or in part, for any purpose.

3.  Maintained growth of Op. Revenue by revenue stream
has been diversified
- Interest rate 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
 Op. Income declined
- Temporarily increase in bad debt expense
- Net income increased because of loss on equity method
3
Income statement (KRW Bn)
2012 2013 3Q13 3Q14 YoY
Op. Revenue 3,467 3,462 2,574 2,591 0.7%
Op. Expenses 2,639 2,704 1,991 2,089 4.9%
Bad debt expense 216 251 188 245 30.3%
Op. Income 828 769 583 503 -13.7%
Net Income 436 366 292 294 0.7%
ROA
2.9% 3.0%
2.7%
2.4%
2011 2012 2013 3Q14
* New handling ROA
valuation of HLI decreased
 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 3.4%
Used
Auto
32.7%
Market Share
• Total Balance : 3.9 Bn KRW
• Auto portion : 76.9%
New Auto
44.2%
87.7% 91.0% 86.5% 85.0%
51.4% 52.5% 50.5% 53.7%
2011 2012 2013 3Q14
Machine
Tool
3.7%
Corporate
Finance
16.0%
New Auto Captive Used Auto
 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 3Q14
Total Reserve (KRW Bn)
2011 2012 2013 3Q14
Total reserve 253 381 413 416
Total reserve
/Regulatory Requirment 102% 142% 137% 140%
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
4,944
10.9x
12.5x 11.7x
9.5x
2011 2012 2013 3Q14
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%
9.7%
2011 2012 2013 3Q14
Vision and Strategy

7. 7
Well Diversified, Stable Funding Portfolio
Funding Portfolio by Product
Bonds
88.1%
Loans
6.1%
CP
4.5%
ABS
3.6%
 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 : 4.0 Bn KRW
• Long-term Borrowings : 61.3%
• ALM : 134.6%
Vision and Strategy

8. 8
Liquidity Profile (KRW Bn)
Cash Credit Line Short-term Debt Coverage Ratio*
41.0% 46.2% 48.6% 45.0%
4,510
1,750
6,078
6,855 7,015
3,250 4,050 4,050
2,760 2,828 2,805 2,965
2011 2012 2013 3Q14
* Short-term Debt Coverage Ratio
= (cash+ Unused committed credit line)/ short-term debt balance
Debt maturity (KRW Bn)
6,668
10,126 9,246
5,017
9,130
16.6%
25.2% 23.0%
12.5%
22.7%
1Q15 2015 2016 2017 2018~
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 3Q13 3Q14
Domestic Sales of
Commercial
Vehicles
Total (unit) 20,152 19,795 21,479 18,842 15,620 14,851 10,812 10,852
HMG M/S 54.0% 60.1% 64.2% 65.8% 62.3% 70.2% 67.7% 77.5%
Asset
Portfolio
Total 1,050 1,439 2,333 2,882 3,254 3,503 3,485 3,968
Auto Sector 77.8% 86.4% 85.4% 82.1% 80.7% 77.5% 79.3% 77.9%
Others 22.2% 13.6% 14.6% 17.9% 19.3% 22.5% 20.7% 22.1%
Asset
Quality
Substandard & Below 1.2% 0.7% 0.9% 1.2% 1.5% 1.1% 1.0% 2.7%
NPL 1.2% 0.6% 0.6% 1.0% 1.0% 1.0% 1.0% 0.5%
30+ Delinquency 2.1% 0.9% 1.0% 0.8% 1.1% 0.7% 0.6% 0.8%
NPL Coverage Ratio 140.8% 224.7% 172.5% 84.1% 114.8% 126.4% 132.4% 263.9%
Profitability Operating Income 14.1 27.6 57.5 86.4 82.8 75.9 58.3 50.3
Asset & Capital Adequacy Ratio 7.8% 9.3% 10.1% 14.0% 11.3% 11.0% 10.9% 9.7%
Leverage Borrowing Leverage 13.5X 15.0X 16.1X 10.9X 12.5X 11.6X 11.7X 9.5X
Funding
Portfolio
Total 998 1,481 2,477 3,026 3,464 3,663 3,659 4,039
Bond / Loan 91.1% 80.9% 78.9% 83.5% 85.0% 90.2% 86.8% 94.2%
CP/Asset backed
8.9% 19.1% 13.0% short-term bond
4.6% 6.1% 2.5% 5.0% 2.3%
ABS - - 8.1% 11.9% 8.9% 7.3% 8.1% 3.6%
Short-term debt
coverage
24.0% 13.8% 26.4% 41.0% 46.2% 48.6% 47.8% 45.0%
Debt
Maturity
ALM ratio 93.2% 105.5% 132.3% 143.0% 129.5% 132.4% 134.2% 129.7%
Asset maturity (Y) 1.33 1.30 1.28 1.27 1.28 1.27 1.29 1.37
Debt maturity (Y) 1.24 1.37 1.69 1.79 1.66 1.69 1.73 1.85
9