TNAG-2409-FCO40-3503-Hong-Kong-Port-and-Airport-Development-Strategy-(PADS)-Brit-1992 — Page 115

(A)

CONFIDENTIAL #

Annex B

(page 2)

Hyundai Engineering & Construction Co. Ltd

Working Capital

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

HK$6.80 million (US$0.88 million)

(B)

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

US$ million

(1) Working Capital for the year ending 31 December 1990

112.5

(2)

Less outstanding payments from Iraq and Kuwait which were not likely to be collected as a result of continued UN sanction (a position admitted by Hyundai)

(819.1)

(3) Add additional banking

290

facilities granted to Hyundai;

revenue (current part) from recent land sales

114

Overall Deficit in Working Capital

(302.6)

(C)

Total shortfall [(A) + (B)]

US$303.5 million

GF 323

CONFIDENTIAL ##