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Guarantee of Debt Payment for the Third Party (Including Provision of Collateral)

2003.08.26 No. 185


1. Name of guarantee(debtor): Equus Cayman Finance Ltd.
    - Relationship with company: -

2. Creditor : Overseas Investor
    - Relationship with company : -

3. Principal debts :
    - Amount : KRW 472,000,000,000
    - Details : Reflects the USD bond`s principal and interest issued by the principal debtor from overseas

4. Principal debts :
    - Amount of guarantee concerned : KRW 472,000,000,000
    - Accumulated balance of debt payment guaranteed : KRW 472,000,000,000
    - Period of guarantee : September 11, 2003 ~ September 10, 2008 (5 years)
    - Details : This bond is related to the derivatives transaction contract between
    Hyundai Motor Company, CSFB and JP Morgan Chase and serves as the Guarantee
    towards the bonds issued by the principal debtor

5. Total Balance of debt guaranteed : KRW 472,000,000,000
    - Paid-in capital at the end of the previous fiscal year : KRW 1,476,454,200,000
    - Ratio to paid-in capital (%) : 31.97

6. Date of board resolution : August 26, 2003
    - 3 out of 4 outside directors were present.
    - 3 out of 3 auditors were present.

7. Total Assets at the end of the previous fiscal year : KRW 20,867,273,000,000

8. Others :
    - The bond issued by Equus Cayman Finance. Ltd and guaranteed by Hyundai
    Motor Company is expected to be listed and transacted through the Luxemburg
    Stock Exchange
    - The above principal debt, guarantee debt and total balance of debt guaranteed
    amounts have been derived from approximately USD 400,000,000 (F/X=1,180), and
    may be subject to change in the future at time of contract
    - Total interests other than the principal (the interest rate to be determined at a later
    date) and the total amount to be paid by the issuer in accordance with the terms of
    the bond are included in the guaranteed debt amount.
    - The period of guarantee above may be subject to change depending on the market
    situation
    - Amounts less than KRW 1,000,000 have been deleted from #7 above.
    - The BOD has approved this transaction on the condition that needed government
    approval be attained
    - The above auditors in #6 are Hyundai Motor Company`s internal auditors whose
    rights are delegated by the audit committee

[ Balance of debt payment guaranteed (including provision of collateral) per debtor ]

Debtor Relationship with Company Balance (KRW) Remark
Equus Cayman Finance Ltd - 472,000,000,000 Total interests other than the principal and the total amount to be paid by the issuer in accordance with the terms of the bond are included in the guaranteed debt amount

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