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  "documentTitle": "Hyundai Motor Group",
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      "text": "1 The proposed ownership structure is inefficient in terms of tax and capital structure",
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      "text": "Total annual tax savings (based on 2017 dividends) of KRW 123 billion representing a total present value of KRW 1.8 trillion",
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      "text": "Under the HMG Restructuring Plan structure",
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      "text": "The unwinding of the current circular shareholding by itself is not enough for the Group to declare this restructuring a corporate governance improvement, especially if the transaction is not supported by sound business rationale and lacks clear benefits to minority shareholders",
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      "text": "Source: Company fillings and IR materials, market data. Notes: 1. Based on (i) perpetual growth rate of 3% and (ii) discount rate of 10%. Calculation is for illustrative purposes only, based on 2017 dividend information and tax rate.",
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      "text": "More needs to be done to benefit the companies and all stakeholders",
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      "text": "Yet the HMG Restructuring Plan is inefficient and fails to achieve any meaningful simplification of HMG's opaque and unsustainable corporate structure",
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