(A)

(B)

(C)

CONFIDENTIAL

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Annex B

(page 1)

Hyundai Engineering & Construction Co. Ltd

Employed Capital

Minimum required for listing as Hong Kong Government's Approved Contractor for Public Works -

HK$6.80 million (US$0.88 million)

Hyundai's Employed Capital as assessed on 28 March 1992 -

US$ million

(1)

Sharehlders' Fund

620.5

(2)

Less provision for possible investment loss in Iraq and Kuwait

(844.9)

(3)

Less deferred loss in

(11.7)

foreign exchange conversion

(4)

Add profit on recent land sales

149.5

Overall Deficit in Employed Capital

( 86.6)

Total shortfall [(A) + (B)]

US$87.5 million

GF 323

CONFIDENTIAL #

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