Hyundai Glovis : 16th FY 3rd Quarter Audit Report

Hyundai Glovis Co., Ltd. and its subsidiaries

Interim condensed consolidated

financial statements

for the nine-month periods ended September 30, 2016 and 2015

with independent auditors' review report

Table of contents

Report on review of interim condensed consolidated financial statements Interim condensed consolidated financial statements

Interim condensed consolidated statements of financial position…………………… 1-2

Interim condensed consolidated statements of profit or loss……………………...… 3

Interim condensed consolidated statements of other comprehensive income…… 4

Interim condensed consolidated statements of changes in equity………………… 5

Interim condensed consolidated statements of cash flows………………………… 6

Notes to the interim condensed consolidated financial statements………………… 7-44

Report on review of interim condensed consolidated financial statements The Shareholders and Board of Directors Hyundai Glovis Co., Ltd.

We have reviewed the accompanying interim condensed consolidated financial statements of Hyundai Glovis Co., Ltd. (the "Company") and its subsidiaries (collectively referred to as the "Group"), which comprise the interim condensed consolidated statements of financial position as at September 30, 2016, and the related interim condensed consolidated statements of profit or loss and interim condensed consolidated statements of other comprehensive income for three-month and nine-month periods ended September 30, 2016 and 2015, and interim condensed consolidated statements of changes in equity and interim condensed consolidated statements of cash flows for the nine-month periods then ended, and a summary of significant accounting policies and other explanatory information.

Management's responsibility for the interim condensed consolidated financial statements

Management is responsible for the preparation and presentation of these interim condensed consolidated financial statements in accordance with Korean International Financial Reporting Standards (KIFRS) 1034 Interim Financial Reporting, and for such internal control as management determines is necessary to enable the preparation of interim financial statements that are free from material misstatement, whether due to fraud or error.

Auditors' responsibility

Our responsibility is to express a conclusion on these interim condensed consolidated financial statements based on our review.

We conducted our review in accordance with the review standards for interim financial statements in the Republic of Korea. A review of interim financial information consists of making inquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance with auditing standards generally accepted in the Republic of Korea and, consequently, it does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion.

Conclusion

Based on our review, nothing has come to our attention that causes us to believe that the accompanying interim condensed consolidated financial statements are not prepared, in all material respects, in accordance with KIFRS 1034.

Other matter

We have audited the consolidated statement of financial position of the Group as at December 31, 2015, and the related consolidated statements of profit or loss, consolidated statement of comprehensive income, consolidated statement of changes in equity and consolidated statement of cash flows for the year then ended in accordance with auditing standards generally accepted in the Republic of Korea (not presented herein), and our report dated March 03, 2016 expressed an unqualified opinion thereon. The accompanying consolidated statement of financial position as at December 31, 2015 presented for comparative purpose are not different, in all material respects, from the above audited consolidated statement of financial position.

November 11, 2016

This review report is effective as at November 11, 2016, the independent auditors' review report date. Accordingly, certain material subsequent events or circumstances may have occurred during the period from the independent auditors' review date to the time this review report is used. Such events and circumstances could significantly affect the accompanying interim condensed consolidated financial statements and may result in modifications to this review report.