2009½Å¿ëÆò°¡-³»Áö0713

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1 Special Report

2 KIS Credit Monitor

3 Special Report

4 KIS Credit Monitor GM GM 8,,, or,,, GMC 4 4 GM,, GM ,246 3,605 ( ) ( ) ( ) (09 3 ) 170

47 30 582 488 6,246 3,605 (2010 10 ) 3.5 2.

5 Special Report ~5 Big3 61.8% 60.1% 58.2% 54.9% 51.8% 48.1% 45.3% Big3 24.1% 26.3% 28.3% 30.7% 32.6% 34.8% 34.5% ( ) 2.4% 2.5% 2.7% 2.8% 2.9% 3.0% 4.2% ( ) 1.4% 1.6% 1.6% 1.8% 1.9% 2.1% 3.1% + 3.8% 4.1% 4.3% 4.5% 4.8% 5.1% 7.3% 5.5% 5.2% 5.1% 5.6% 5.9% 6.7% 7.3% 4.8% 4.3% 4.0% 4.3% 4.9% 5.2% 5.6% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% ~5 Big3-1.7%p -1.9%p -3.3%p -3.1%p -3.7%p -2.8%p Big % 107.3% 72.1% 60.1% 61.1% -12.3% ( ) 4.5% 10.9% 2.3% 4.6% 3.8% 42.6% ( ) 10.2% 1.4% 4.7% 3.8% 4.7% 35.4% % 12.4% 6.9% 8.4% 8.5% 78.0% -14.9% -5.2% 13.2% 10.1% 22.9% 20.5% -30.5% -14.4% 7.7% 21.4% 7.5% 13.7% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% () GM, Fiat

0% 100.0% 100.0% 100.0% 100.0% 100.0% 2004 2005 2006 2007 2008 09.1~5 Big3-1.7%p -1.9%p -3.3%p -3.1%p -3.7%p -2.8%p Big3 130.6% 107.3% 72.1% 60.1% 61.1% -12.3% ( ) 4.5% 10.9% 2.3% 4.

6 KIS Credit Monitor

7 Special Report

8 KIS Credit Monitor

9 Special Report

10 KIS Credit Monitor

11 Special Report (40) 30(10) 60(50) (322) 150(128) 43(28) 30(22) 223(178) 332(310) (68) 60(32) 60(50) (500)

12 KIS Credit Monitor Santro, i10, Getz, Accent, PB, MC, Avante, Sonata Accent, Matrix, Grace, Starex Elantra(HD), Elantra(XD), EF Sonata, NF Sonata, Tucson NF Sonata, Santa-Fe i30 Pride(Rio), Cerato, Optima, Carnival, Sportage Cee d, Sportage

13 Special Report Sonata Santa Fe Elantra Accent ~5 27.1% 17.4% 44.5% 26.2% 11.7% 17.5% 55.5% ~5 29.1% 15.8% 44.9% 20.0% 14.9% 20.2% 55.1% Cee d Sportage Morning Pride ~5 42.3% 12.1% 54.4% 18.6% 8.5% 18.6% 45.6% ~5 39.3% 8.8% 48.1% 19.5% 9.5% 22.9% 51.9%

9% 20.2% 55.1% Cee d Sportage Morning Pride 2008.1~5 42.3% 12.1% 54.

14 KIS Credit Monitor Aaa Aa A Baa Ba B Caa Debt/EBITDA

15 Special Report Kia Motors America, Inc ,486-1,300 1,441-2,810-1,369 Kia Canada, Inc , ,158 Kia Motors Europe GmbH -4, , Kia Motors Australia Pty Ltd Kia Motors Deutschland GmbH , ,894-2,670-8, ,824-3,479

-897-95 -993-1,032-126 -1,158 Kia Motors Europe GmbH -4,011-685 -4,696 573-759

16 KIS Credit Monitor

17 Special Report

18 KIS Credit Monitor BMW A1/STA A2/NEG A3/NEG Daimler A3/POS A3/STA A3/NEG Fiat Baa3/STA Baa3/STA Ba1/NEG Peugeot Baa1/NEG Baa2/STA Baa3/NEG Renault Baa1/NEG Baa2/STA Ba1/STA Volkswagen A3/POS A3/POS A3/URD Kia Baa3/STA Baa3/STA Ba1/NEG Hyundai Baa3/STA Baa3/STA Baa3/NEG Mitsubishi Ba2/POS Ba2/NEG Rating Withdrawn Honda Aa3/STA Aa3/STA A1/STA Toyota Aaa Aaa/URD Aa1/NEG Nissan A3/POS A3/STA Baa2/STA Tata Ba2/NEG B1/NEG B3/STA Ford B3/NEG Caa3/NEG Caa3/NEG Chrysler Caa1/URD Ca/NEG nm GM Caa1/NEG Ca/NEG nm Moody s Baa3/negative Ba1/negative S&P BBB-/negative BBB-/negative Fitch BB+/negative BB+/negative

Baa1/NEG Baa2/STA Ba1/STA Volkswagen A3/POS A3/POS A3/URD Kia Baa3/STA Baa3/STA Ba1/NEG Hyundai Baa3/STA Baa3/STA Baa3/NEG Mitsubishi Ba2/POS Ba2/NEG Rating

19 Special Report AA AAA AAA AA AAA AA EBITDA RCF EBITDA ROA / / /EBITDA / / AA AA BBB AA AA AAA AA AAA

20 KIS Credit Monitor R&D & & & & FAQ? GM/?? Over capacity??? Moody s KIS?,,,, / D/A Retail Sale Wholesale 2008 Retail Sale %, 6 Full Capacity 71% ~5 Global Retail Sale 3% EBITDA Debt, or Moody s (Outlook ). /. KIS Mapping AA Expansion Strategy Quantitative Factor

,,,, / D/A Retail Sale Wholesale 2008 Retail Sale 2009 84%, 6 Full

2009½Å¿ëÆò°¡-³»Áö0309

2009½Å¿ëÆò°¡-³»Áö0309 Special Report KIS Credit Monitor 2009.3.9 14 15 Special Report 2005 2006 2007 2008(F) 2009(F) TV 21,492 21,839 21,076 - - 2,683 2,799 2,807 - - 24,175 24,638 23,883 22,000 20,500~22,650 4 16,724 17,013