Hyundai Commercial Inc.

Investor Presentation (1Q 2014)

DisclaimerThese 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.

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3

Market Position of HCI

No.1in Commercial Vehicle Financing

HCI

91.5%

Others

8.5%

- Captive New Auto M/S

HCI

50.4%

Others

49.6%

- Used Auto M/S(Open Market)

Market Leader

• Demonstrated industry leading indexes in sales

power, profitability and asset quality

• Excellent Profitability (As of 2013)

- ROA : 1.5% Vs. Industry Average 1.2%

- ROE : 16.6% Vs. Industry Average 8.3%

• Outstanding Asset Quality (30+ Delinquency)

• Dominant in both the Captive and Open Market

1.0%0.8%

1.1%0.7% 0.7%

3.7%

2.4%

3.6%

2.5% 2.6%

1.6%2.0%

2.3% 2.4%2.6%

'10 '11 '12 '13 1Q14

HCI AA- AA+

4

Product Portfolio

New Auto

47.4%

Used Auto

31.6%

Machine

Tool 6.1%

Corporate

Finance

12.2%

PF

2.7%

Receivables Breakdown by Product

• Financial Receivables : KRW 3.7 Tn

• Auto portion : 79.0%

• Diversified asset portfolio

- Maintained solid asset growth

- High-yield lease portion increased

- Corporate Finance achieved stable growth

focusing on captive loans for HMG group

• Reinforced Non-Auto part

- Improved expertise and restructure HR system

• Developed high-yield products

- Operating lease, Rental, Inventory financing

5

Revenue and Profit

• Profit growth slowed down but revenue

stream has been diversified

- Revenue went down slightly due to

low-interest policy

- But profit margin of high-yield lease

product increased (53% ↑)

• Efficiency-focused system is implemented

to manage leverage level (~2015)

- Accelerate revenue stream diversification

- Keep focus on cost-efficiency

2012 2013 1Q 13 1Q 14 YoY

Operating Revenues 347 346 87 84 -3.2%

Operating Expenses 264 270 71 69 -3.0%

Interest expenses 163 158 40 38 -3.3%

Bad Debt expenses 22 25 8 8 -1.5%

Operating Income 83 76 16 15 -4.0%

Non-operating Income 11 10 -3 -4 21.6%

Net Income 28 26 9 8 -11.1%

ROA 3.0% 2.7% 2.9% 2.5% -0.4%

(Unit: KRW Bn)

• Net Income declined due to increase in

loss on equity method valuation of HLI

* Consolidated Financial Statements

6

Excellent Asset Quality and Reserve

Well Maintained Reserve (Unit: KRW Bn)

26 21 23 25 24

1

15 16

13 26 22

38 41

37

168%

102%

142% 134% 133%

'10 '11 '12 '13 1Q14

1.0%

0.8%

1.1%

0.7% 0.7%

'10 '11 '12 '13 1Q14

30+ Delinquency Ratio Maintained Low

• Superior asset quality

- Delinquency rate decreased despite the recession

• Enhanced risk management system

- Adopted collection management system

- Improved new product management system

• Conservative reserve policy

Reserve

Allowance for bad debts

Total Reserve/Regulatory Requirement

7

Bonds

81.5%

Loans

6.2%

CP

5.9%

ABS

6.4%

* KOFC excluded

Diversified, Stable Funding Portfolio

Funding Portfolio by Product

• Total Balance : KRW 3. 8 Tn

• ALM ratio : 134.0%

• Long-term borrowings : 62.7%

1,154 1,119896

653

30.2% 29.3%23.4%

17.1%

'14 '15 '16 '17~

Funding Portfolio by Maturity (Unit: KRW Bn)

• Conservative funding policy

- Product mix guideline : ABS 10%↓, CP 10% ↓

- Long-term borrowings > 60%

- ALM target > 130%

• Pursue stability and efficiency

- Long-term Bonds and low-interest CP portion

increased

- Minimized refinancing risk by dispersing debt

maturity

8

Sound Capital Structure

Leverage (Unit: KRW Bn)

169

328 320 367 362

16.1x

10.9x

12.5x11.6x 11.8x

2010 2011 2012 2013 1Q14

Leverage*Total Equity

2010 2011 2012 2013 1Q14

10.1% 14.0% 11.3% 11.0% 10.1%

* FSS Guideline : 7%

Capital Adequacy Ratio

* Separate Financial Statements

• Adopted leverage management system

- Developed diverse methods to control dramatic

asset growth while maintaining sales capacity

- Issued True-Sale ABS (‘12~‘13)

• Diversified leverage management tools

- Consider additional tools other than true-sale ABS

• Maintained Capital Adequacy Ratio above required

level

9

Strong Liquidity Position and Contingency Plans

Liquidity Profile (Unit: KRW Bn)

* Short-term Debt Coverage Ratio= (Cash + Unused committed credit line)/ Short-term debt balance

100

276 283 281 279 150

175

325 405 405

250

451

608

686 684

'10 '11 '12 '13 1Q14

26.4%41.0% 46.2% 48.6% 48.0%

Contingency Framework

Crisis Detection

Stress TestLiquidity

Management

Normal

Volatile

Actions

• Daily monitoring of key market indicators (Early Warning System)

• Contingency funding

• Asset slow down (Sales)

• Crisis communication

• Contingency monitoring

• 3M Coverage

Credit LineCash Short-term Debt Coverage Ratio*

10

Investment Highlights

• Value Proposition of HCI

• Key Financials of 1Q 2014

– Financial Receivables : KRW 3.7 Tn

– Operating Income : KRW 15.4 Bn

– Net Income : KRW 7.7 Bn

– 30+ Delinquency Ratio : 0.7%

– Leverage : 11.8X

– HMG’s only business finance company

– Dominant market position in domestic commercial vehicles financing market

– Stable and solid fundamental

– Unparalleled corporate culture driving ceaseless change

Further Information

IR Homepage : http://ir.hyundaicommercial.com

IR email address : irHCI@hyundaicommercial.com