Investor Relations 2021

www.hyundaiezwel.com

Q1 2021

Disclaimer

This document is designed to help investors better understand Hyundai Ezwel Co., Ltd. (hereinafter referred to as the "Company").

The Company has not taken an independent verification of the information contained herein

and does not offer any warranty or guarantee as to the fairness, accuracy or completeness of

the information and opinions provided below.

Neither the Company nor its affiliates and employees will be held liable for any civil, criminal

or administrative action arising out of or in connection with this document and any information contained herein,

whether by intentional conduct or negligence.

This document contains information that reflects the forecast of the Company (hereinafter referred to as the “forecast”).

The forecast is based on the given assumptions about the future that the company cannot control,

and includes the risks and uncertainties that may result in the consequences

at variance with those expected by the associated forecast.

The Company is not under any obligation to update any changes to the information provided in relation to the forecast.

Please note that all or part of this document may not be separated, reproduced, or redistributed in any way whatsoever,

and any unauthorized distribution and reproduction of the modified document without the prior approval of the Company

may be subject to legal action.

EZWEL sets the benefit

standards of Korea

Chapter 1

01 About the Company

02 History

In March, 2021, Hyundai Ezwel was incorporated into Hyundai Department Store Group as its affiliate,a company ranked 21st (18 trillion won) on the list of the largest companies by asset

30th by net profit during the term (256 billion won), and 15th in terms of the debt ratio (47%),and the Company prides itself on being the No.1 benefit platform provider in Korea.

Chapter 1

CompanyName

ㆍHyundai EZWEL Co., Ltd.

CEO ㆍYoungSoon Chang

Founded on ㆍJanuary 14, 2003

Capital ㆍ11.9 billion Korean won

Employees ㆍ337

MajorBusinesses

ㆍCorporate benefit servicesand public benefit services

Location ㆍ43 Digital-ro 34-gil, Guro-gu, Seoul

LargestShareholder

ㆍHyundai Green Food(ownership percentage: 28.26%) ※ Transaction volume & operating income (as of 2020)

Operating

Income

13.2 billion

Platform User

2million

Key Metrics

Benefit Point

Transaction

Volume

1trillion

541.1 billion

4

01 About Company

2013 2014 2015 2016 2017 2018 2019 2020 2021 -

Transaction volume (million won)

203,018

242,084

269,445 269,310

299,408

376,047

457,932

541078

Listed on KOSDAQ

Surpassed1,000 customers

Order from KT Group

> Surpassed 1,700 customers> Pioneered into the public benefit service

> Operating profitexceeded 10 billion won

02 History

5

Chapter 1

Incorporated into HyundaiDepartment Store Group

Transaction volume (million won)

Since the Company was listed on KOSDAQ in 2013,its benefit business has continued to display a solid growth and launch new businesses to secure a new growth engine.

EZWEL designs customer happiness

with innovation in value

Chapter 2

01 Market Status

02 Business Structure

03 Platform Composition and Features

04 Platform Upgrade Plan

05 Strength

Hyundai Ezwel is market leader that dominates 50% of the corporate benefit market.

01 Market Status

7

Chapter 2

90%

25%

10%

75%

Public agency

General enterprise

Adopted Not adopted

→ The Company targets general enterprises with more than 200

employees and 25% have so far adopted the points,

displaying high growth potential

→ Since the benefit system is important in the HR strategy,

companies are projected to continue adopting benefit points

that result in high employee satisfaction.

General enterprise

Public agency

Adopted Not adopted

The Corporate Welfare Platform targets companies operating an employee benefit system,and the platform’s main source of revenue arises from the sales commission

created from the products and services traded on the platform.

02 Business Structure

Category Description

Revenue

Structure

ㆍ Sales commission

- 5-20% of the sales price

Service

Scale

ㆍ Customers: 1,700

ㆍ Members: 2 million

ㆍ Benefit point: 1 trillion won

Welfare

Content

ㆍ 220 contents in operation on health, travel,

culture, personal development, hobbies,

shopping and more

ㆍ CPs (contents providers): 5,000

Platform

User

ㆍ Composition ratio by customer type

- Central government official: 15%

- Local government official: 22%

- Public corporation employees: 15%

- General enterprise employees: 48%

Welfare system

operation

Welfarecontent

Welfare budget

spending

Welfare budgetmanagement

8

Chapter 2

03 Platform Composition and Features (1)

Customized buildingon account of customer-specific system features

(The system’s flexible structure to respond to the corporate needs)

Uniform processingfrom the allocation of benefit points to refund

(Various benefit resources are availablefor conversion into or operation as points)

Creating the largest content ecosystemexclusive for B2B in Korea

(health/personal development/culture/leisure/travel/shopping/life)

Combining offline services

(on-site payment with benefit points + membership network)

Pointsettlement

Pointallocation

Easy payment(Ezwel PAY)

Welfarecard

refund

Welfaremall

Membership(EZ members)

Administratorsystem

Usersystem

Welfareplatform

Welfarebudget

spending

Welfarecontent

[Welfare system]operation

Welfare budgetmanagement

9

Chapter 2

The benefit platform is tailored to the selective benefit system (benefit points)and it allows the integrated management of the corporate benefit system. operated by enterprises.

03 Platform Composition and Features (2)

10

Chapter 2

The platform is custom built to be tailored to the specific needs of each customer,and it is available on desktop and mobile.

Operating income (4 years)

11

30

35

40

45

50

55

60

65

0

20000

40000

60000

80000

100000

2017 2018 2019 2020

47%

42%38%

37%

Increase in Sales VSDecrease in the ratio of SG&A

Chapter 2

05 Strength (1)

→ Performance rises regardless of economic conditions(not sensitive to business cycles)

→ Allocated points must be spent in the same year

→ Platform relies less on specific customers

→ Selling, general, and administrative expenses rise toa limited extent compared to the increase in sales.

→ Profitability has continued to improve since 2017

→ Operating income ratio is on the rise.

: 11.3% in 2018 > 12.6% in 2019 > 15.1% in 2020

The benefit points ensure a stable performance anddue to the nature of the platform business, the increase in costs is limited

2017 2018 2019 2020

4.3 billion

13.3 billion

9.8 billion

7.8 billion

54.2 billion

67.9 billion

76.4 billion

87.3 billion

Cust

omer

s

DB

Life cycle

Advertising

Membership

Familymembers

Finance

Funeralservice

Life

• Paid membership service

• Turning the family members of the customers into new customers

• Childcare/marriage/home-buying/years after retirement Loan and insurance sales

• Customer and family funeral service

• Advertising revenue on the benefit platform

12

• Home-moving/wedding/consulting services

→ Secure top-ranking office employees with good employment stabilityand purchasing power as customers

→ Create a variety of added values in addition to the sales based onthe benefit points

→ The benefit platform is designed to be customizedwith small resources when extending into other areas

→ Enables rapid platform expansion.

Universal

Platform

Efficient

Platform

Affordable

Platform

Chapter 2

05 Strength (2)

Our top-ranking customers allow you to earn extra revenue andthe benefit platform is structured to facilitate your business expansion.

EZWEL continues to grow based on

its solid financial structure

Chapter 3

01 Performance in 1Q 2021

02 Summary Financial Statement (Annual)

03 Summary Financial Statement (Quarterly)

04 Investment Highlights

14

Chapter 4

01 Performance in 1Q 2021

1Q FY2021

1Q 2020 1Q 2021

Sales

55

71

`20.1Q `21.1Q

영업이익

4.5% 28.2%

1Q FY2021

53

120

`20.1Q `21.1Q

경상이익

39

103

`20.1Q `21.1Q

당기순이익

125.3%161.9%

(1) Sales: 27.1 billion won (4.5% YOY growth)

- An increase in new customers who adopt the benefit points

and the rise of online use (31% in 2020 → 33% in 2021)

and the increase in the amount of personal payment due to

products improvement (21.3 billion won in the first quarter

of 2020 → 28.8 billion won in 2021, 35% ↑)

have resulted the transaction volume on the benefit mall

to reach 182.1 billion won, a 17% rise from the previous year.

- Sales grew by 4.5% due to the low growth in the sales arising

from gift certificates

(2) Operating income: 7.1 billion (28.2% YOY growth)

- A rise in the operating income from due to a solid sales growth

and efficient execution of SG&A.

(3) Ordinary income: 12 billion (125.3% YOY growth)

- Reflects 5.51 billion won arising from the disposition of

the subsidiary and beneficiary certificates

Unit: KRW 100 million

Unit: KRW 100 million

259

271

Revenue OperatingIncome

OrdinaryIncome

Net Income

15

Category 2018 2019 2020 2021.1Q

Current Assets 46,763 55,405 116,049 129,637

Non-Current Assets 35,923 34,803 20,243 19,199

I. Total Assets 82,686 90,208 136,292 148,836

Current Liabilities 53,388 51,841 74,426 79,221

Non-Current Liabilities 1,220 1,992 157 519

Ⅱ. Total Liabilities 54,608 53,833 74,582 79,739

Capital Stock 5,037 5,496 11,873 11,873

Capital Surplus 9,603 16,278 19,864 18,233

Other CapitalComponents (6,136) (6,136) - -

Accumulated othercomprehensive income (437) (3,007) (2,388) (2,390)

Retained earnings 19,631 23,645 32,361 41,380

Ⅲ. Total ShareholdersEquity 28,078 36,375 61,710 148,836

Category 2018 2019 2020 2021.1Q

1 Sales 73,065 82,317 87,188 27,104

2 Gross Profit 35,500 40,636 43,471 14,843

3 SG&A 28,499 31,229 30,160 7,769

4 Operating Income 7,001 9,407 13,311 7,075

5 Ordinary Income 2,443 6,531 12,604 12,038

6 Net Income 1,688 4,691 7,854 10,325

Unit: Million won Unit: Million won

Chapter 4

01 Summary Financial Statement (Annual)

※ Financial statements published prior to 2021 are consolidated financial statements

16

Category

2020 2021

Q1 Q2 Q3 Q4 Annual Q1 Q2 Q3 Q4 Annual

1 Sales 25,929 20,591 22,725 17,941 87,188 27,104

2 Gross Profit(Margin)

13,541(52.2%)

12,536(60.9%)

10,134(44.6%)

7,259(40.5%)

43,471(49.9%)

14,843(54.8%)

3 SG&A(Margin)

8,024(30.9%)

9,324(45.3%)

8,732(38.4%)

4,080(22.7%)

30,160(34.6%)

7,769(28.7%)

4 Operating Income(Margin)

5,517(21.3%)

3,213(15.6%)

1,402(6.2%)

3,179(17.7%)

13,311(15.3%)

7,075(26.1%)

5 Ordinary Income(Margin)

5,342(20.6%)

3,024(14.7%)

754(3.3%)

3,483(19.4%)

12,604(14.5%)

12,038(44.4%)

6 Net Income(Margin)

3,942(15.2%)

2,112(10.3%)

314(1.4%)

1,486(8.3%)

7,854(9.0%)

10,325(38.1%)

Unit: Million won

Chapter 4

02 Summary Financial Statement (Quarterly)

17

Chapter 4

03 Investment Highlights

Continuously growing benefit points (No.1 in the industry)1

- Introducing the selective benefit system and increasing the amount as the benefit of employees has become increasingly more important in the corporate management

- Benefit points ordered: “900 billion in 2019 → 1 trillion in 2020

Increasing customer satisfaction with unique and differentiated benefits2

- Over 1.2 million products and content from more than 5,000 CPs- The competitive advantage of Hyundai Ezwel's unique benefit mall, “Rainbow Benefit”

(① lowest price policy for company N), ② lowest price guarantee, ③ free exchange, ④ free return, ⑤ compensation

for late delivery, ⑥ compensation for sold-out products, and ⑦ guarantee of genuine products)

Creating synergy with Hyundai Department Store Group for the second leap forward3

– Hyundai Department Store Group's introduction of the benefit points for its affiliatesand plans to obtain orders from all affiliates

– Selling highly reliable products and content, thus, enhancing the competitive edge of the benefit mall(Department/home shopping products, clothes and accessories of the Handsome, green Hyundai Green Food,the total interior products of Livart, etc.)

Improving the corporate value along with enhanced corporate governance and shareholder value 4

Synergy with Hyundai Department Store Group is expected to drivethe competitive edge of our products and content.

Thank you.

www.ezwel.com