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HONG KONG--( / ) March 04, 2019 -- Elliott Advisors (HK) Limited, which advises various Elliott-affiliated funds (together “Elliott”), today publicly issued a letter to all shareholders of Hyundai Motor Company (“HMC” or the “Company” 005380:KS).

In the letter, Elliott detailed the case for the shareholder resolutions that it has put forward for consideration at the Company’s Annual General Meeting on March 22, 2019. These resolutions are designed to both transform governance and right-size the Company’s over-capitalized balance sheet.

The letter comes one day after Elliott disclosed a letter to all shareholders of Hyundai Mobis Co., (“Mobis” 012330:KS), which detailed a similar set of resolutions.

Both letters to shareholders can be found at:

Text of the full letter to Hyundai Motor Company can be read below:

28 February 2019

Dear Fellow Shareholders of Hyundai Motor Company,

We write this letter in our capacity as significant shareholders of Hyundai Motor Company (“HMC” or the “Company” 005380:KS). In addition to our investment in HMC, we are also significant shareholders of Hyundai Mobis Co., (“Mobis” 012330:KS), as well as Kia Motors Corporation (“Kia” 000270:KS), which collectively with HMC are referred to herein as “Hyundai Motor Group,” “HMG” or “the Group.”

Yesterday, we sent a letter to our fellow shareholders of Hyundai Mobis detailing the case for the shareholder resolutions we have put forward for consideration at the Mobis Annual General Meeting (“AGM”) on 22 March, 2019.[1] These resolutions aim to address the serious governance and balance-sheet issues at Mobis that have contributed to its persistent and meaningful underperformance.

Today, we write as one of the largest independent shareholders in HMC to make the case for a similar set of resolutions. Like Mobis, HMC has fallen short in its treatment of shareholders due to its retention of substantial excess capital and a lack of independence and accountability on its Board. However, unlike Mobis, and to our significant disappointment, HMC has refused to take even the kinds of small but incrementally positive steps forward taken by Mobis on capital return and governance.

Instead, HMC has offered less than zero. Yesterday, the Company unveiled a plan that fails to include any meaningful steps to remedy its balance-sheet overcapitalization, while at the same time proposing Board changes that appear to exacerbate its governance shortcomings.

For these reasons among others, we believe that the resolutions we put forward for consideration at the HMC Annual General Meeting (“AGM”) on 22 March 2019, which are similar to the ones we put forward at Mobis, are more urgently needed than ever. These resolutions are as follows:

· Shareholder Resolution A (Agenda No. 1-2-2): The approval of financial statements for FY2018 at HMC that reflect dividends of KRW4.5 trillion for common voting shares of HMC, representing KRW21,967 per share. If passed, shareholders would receive a one-time dividend equivalent to 17% of HMC’s current stock price.

· Shareholder Resolution B (Agenda No. 2-9): The establishment of Compensation and Governance Committees at HMC.

· Shareholder Resolution C (Agenda No. 3-1-4, 3-1-5, and 3-1-6): The nomination of three (3) highly qualified independent director candidates (the “Independent Shareholder Nominees”).

· Shareholder Resolution D (Agenda No. 4-3, 4-4, and 4-5): The nomination of the Independent Shareholder Nominees for the Company’s Audit Committee.

As HMC shareholders, your support for these resolutions is vital to our shared goal of improving the governance and performance of the Company that we all collectively own.

We are therefore asking today for all shareholders to support these landmark resolutions, which are designed to both transform governance and right-size the Company’s overcapitalized balance sheet.

Background

Nearly a year has passed since HMG withdrew its restructuring plan. Over the past year, along with many of our fellow shareholders, we have expressed publicly and privately the need for a more comprehensive plan that seriously and expeditiously addresses the governance and capital-management issues responsible for the Company’s continued share-price underperformance.

The problems facing HMC are well-known but important to highlight in the absence of sufficient corrective action from management. HMC continues to underperform significantly (by 61% vs. the KOSPI and 43% vs. its peers in the last five years), and as a result, has seen a considerable amount of shareholder value destroyed. Company valuation remains meaningfully depressed, trading at a remarkable discount of up to 82% vs. KOSPI and up to 46% vs. peers.

Over the past year, we have sought to enter into constructive dialogue with the Board to find common ground to resolve these issues. Informed by exhaustive research, expert analysis and, importantly, extensive dialogue with other stakeholders, our emphasis has been to advise management at HMG and HMC to take action on the following critical issues to rectify the Company’s persistent underperformance:

· HMG and HMC must return substantial excess capital to shareholders. As identified in Conway MacKenzie’s Independent Analysis, both HMC and Mobis have net cash positions that vastly exceed their respective peers. HMC’s net cash balance of KRW 14.3 trillion as of 2018 far exceeds auto peers by KRW 8-10 trillion. Affiliates of HMG have been mismanaging these funds, investing in questionable projects that have only heightened the alarm and frustration of shareholders as well as the markets.

· Corporate governance at HMG and HMC must be brought in line with international best practices. New independent directors are needed in HMC’s boardroom to provide diversity, depth of experience, and fresh perspectives to the Company’s decision-making processes. The Audit Committees in particular are in need of greater independence. At the same time, establishing new Compensation and Governance Committees would improve the alignment between HMC’s Board and its shareholders now and into the future, allowing HMC to attract the independent talent befitting a global Company of its stature.

While it has always been our strong preference to engage proactively with the Group’s management and advisors in an effort to advance solutions, our efforts at dialogue only recently gave way to constructive exchanges. Although these exchanges did not produce the results we hoped for at HMC, we did work tirelessly in an attempt to build consensus and find pathways forward that would properly address the balance sheet and governance problems preventing HMG and HMC from realizing their full potential.

HMC 2019 Annual General Meeting Agenda

Given the extensive degree of engagement and the progress made with Mobis, we had been hopeful that HMC leadership would seize the opportunity to improve both its governance and its balance-sheet management. Unfortunately, yesterday’s announcement was a disappointment on both fronts, given that the Company made no serious effort to address capital return and actually took steps backward on governance.

Absent any proactive shareholder-return policies such as share buyback plans, we believe that the Company’s net cash balance of KRW14.3 trillion is excessive and must be reduced. While management proposed an aggressive KRW45 trillion of R&D spend in the next five years, it failed to provide a convincing argument that when it comes to returns on such spending, the future will be different from the past: HMC’s poor track record in capital deployment has resulted in an industry-low ROE of 2.2% as of 2018 and a valuation of just 0.4x P/B.

In addition to missed opportunities in the area of capital return, HMC also fell short in addressing its governance problems. HMC’s proposed independent directors appear to lack the proper experience and fresh perspectives that are urgently needed at the board level. In fact, the candidates put forward by the Company, with backgrounds primarily in finance and academia, offer significant overlap with the backgrounds of the existing Board members. Furthermore, the Company seems unwilling to increase the ratio of outside to inside directors, capping the number of independent directors at only three. This arbitrary cap will limit progress on improving independence and diversity, and it is not in keeping with international best practices.

Fortunately, shareholders will be able to support superior alternatives when it comes to improving capital allocation and governance at HMC. Elliott’s resolution regarding the payment of a special dividend would return excess capital to shareholders, who can allocate it to higher-return opportunities. At the same time, the Independent Shareholder Nominees that Elliott has proposed offer three highly qualified and independent candidates who can significantly enhance HMC’s Board with their global and diverse board experiences. Each of these nominees is a business leader with a proven track record in his or her field.

Shareholders have an opportunity at HMC’s upcoming AGM to deliver sustainable solutions that fundamentally address the Company’s problems. We believe that our proposed shareholder resolutions are essential to restoring shareholder confidence at HMC.

Shareholder Resolutions in Detail

We are urging all HMC shareholders to send a clear and compelling message to the Board, and to help drive the necessary reforms at HMC, by supporting the following resolutions at the AGM planned for 22 March 2019.

Shareholder Resolution A (Agenda No. 1-2-2): The Payment of Dividends

HMC is severely overcapitalized as compared to peers. Maintaining the excess capitalization comes at a real cost to shareholders, with the Company’s ROE deteriorating to an industry low of 2.2% in 2018.

HMC’s management mistakenly believes liquidity needs can only be met by readily available cash on balance sheet.[2] While we understand the Company’s desire to hold some level of reserves for contingency and working capital requirements, we also note that HMC continues to generate meaningful free cash flow. Maintaining trillions of won as cash on balance sheet for future unknown M&A is poor stewardship of capital given the significant opportunity cost. We are also not alone in noting the irony in reserving trillions of won for future shareholder return, given that the Company is refusing to return excess capital to shareholders today.

We also recognize the Company’s need to invest in R&D. However, we remain unconvinced that management’s investment roadmap detailing KRW45 trillion of spend over the next five years is prudent planning. Given the significant step up in expected R&D spend, shareholders deserve more than the sparse details provided today. We remain skeptical as to whether the incremental investments will offer returns above cost of capital given HMC’s poor investment track record, as well as the Group’s history of investing in non-core projects.

Elliott therefore proposes that shareholders approve financial statements for FY2018 at HMC that reflect dividends of KRW4.5 trillion for common voting shares of Mobis, representing KRW21,967 per share and 17% of the share price.

This plan would still leave over half of the excess capital on the balance sheet of HMC while beginning the process to bring its net cash level in line with industry peers. Combined with HMC’s strong free cash flow generation, the remaining net cash balance will be more than sufficient for cash reserve and future investment needs.

Absent any proactive return of excess capital to shareholders via buybacks or other means, our shareholder resolution is necessary to optimize HMC’s balance sheet.

Shareholder Resolution B (Agenda No. 2-9): The Establishment of Compensation and Governance Committees at HMC

Two new sub-committees will champion shareholder rights and corporate transparency.

We seek to create two sub-committees in the articles of incorporation of HMC: a Director’s Compensation Committee and a Corporate Governance & Communication Committee, by amending articles of incorporation of the Company. These are standard sub-committees common already to most Korean and international companies, yet are conspicuously absent from the Company’s current corporate constitution.

· A Director’s Compensation Committee would establish compensation schemes that are transparent and commensurate with directors’ experience and performance, aligning with domestic and international best practice. Crucially, the committee would also ensure independent directors were not financially punished, by ensuring their compensation was properly aligned with the market.

· A Corporate Governance and Communication Committee already exists, but hasn’t yet been formally incorporated into the Company’s AOI. The Committee would protect the corporate value of HMC as well as the interests of the shareholders in the long term.

We therefore urge shareholders to join us in supporting the creation of these two sub-committees as an essential step forward in improving corporate governance at HMC. We would envision that the new Independent Shareholder Nominees would also serve on these new committees to ensure independence and accountability.

Shareholder Resolution C (Agenda No. 3-1-4, 3-1-5 and 3-1-6): The Nomination of Highly Qualified Independent Director Candidates

HMC shareholders deserve to be represented by truly independent directors with global board and in-depth industry experiences.

Elliott has nominated three independent directors at HMC with significant and relevant industry experience. The addition of these new directors would grow HMC’s Board to 11 from the current 9. These independent directors will represent all shareholders.

The three nominees for HMC we are nominating are (see Appendix A):

· Dr. John Liu: an accomplished engineer and a global technology executive with extensive experience in executive and board roles for multinational public companies.

· Randal (“Randy”) MacEwen: President and CEO of Ballard Power Systems, a US- and Canadian-listed developer and manufacturer of innovative fuel cell products for mobile and stationary applications.

· Margaret (“Peg”) Billson: an engineer and business leader with more than three decades of executive and board experience at large, complex industrial and transportation companies.

We strongly disagree with HMC limiting the number of independent directors to three. Shareholders deserve a fair choice in the board members that will best serve their interests.

Shareholder Resolution D (Agenda No. 4-3, 4-4 and 4-5): The Nomination of the Independent Shareholder Nominees for the Company’s Audit Committee

Effective independent leadership is vital in keeping management focused while avoiding further financial mismanagement and irresponsible investment behavior.

HMC’s audit committee is required by law to perform key roles in ensuring that the Board fulfills its fiduciary responsibilities. It also oversees the Company’s financials and directors’ performance of duties, and investigates, where necessary, illicit financial behavior on the Board and within management.

It is therefore extremely important that the audit committee be comprised of truly independent members, dedicated to conducting their roles in an unbiased and transparent manner while remaining faithful to all shareholders.

We therefore urge shareholders to join us in supporting three of the Independent Shareholder Nominees to serve on the audit committee.

By right-sizing the balance sheet and adding diverse and independent directors to allow for proper shareholder accountability, HMC can fulfill its true potential as an industry leader and financial steward.

As ever, we remain open to ongoing dialogue with the Company, specifically on capital allocation and governance. Should new solutions be offered that adequately address the scale of the balance-sheet and governance issues at HMC, we would consider amending our resolutions. As things stand, however, we strongly believe that these reforms are necessary for the safeguarding of the Company’s future prosperity.

We urge our fellow shareholders to support these resolutions, and we remain available to discuss our proposals and approaches in further detail.

Sincerely,

Elliott Advisors (HK) Limited

Appendix A

Biographies of Elliott’s Independent Director Nominees

Elliott Proposed Independent Nominee:

Dr. John Liu

Dr. John Liu is an accomplished engineer and global technology executive with extensive experience in executive and non-executive roles for multinational public companies.

· Over the last 10 years, Dr. Liu has served as the Group Vice President of Wanda Group and COO of its Internet Technology Business, was the Chief Business Officer of Qihoo 360 and was the President of Google in China. In these roles, he led the digitation, automation and Internet of Things transformation and partnership strategies with key stakeholders across the Americas, Europe and Asia.

· Prior to that, Dr. Liu was the CEO of SK Telecom China and led the company’s investment and joint-venture relationships with key corporate and government stakeholders from 2007 to 2012.

· Dr. Liu has been an Independent Director at the e-commerce company of the Hong Kong-listed China Eastern Airlines (2014 to 2018) and UK-listed ARM Holdings (2014-2016). He is currently an Independent Director and the Chairman of the Remuneration Committee of Hong Kong-listed Digital China Holdings.

· Dr. Liu has a PhD from the Technical University of Denmark and a Bachelor’s Degree from Beijing Normal University, where he is currently on the Board of Trustees and the Chairman of the Investment Committee of the Education Fund for Beijing Normal University.

Elliott Proposed Independent Nominee:

Randy MacEwen

Randy is seasoned sustainable energy executive with a deep passion and extensive experience in transformative energy technologies.

· He is currently the President and CEO of Ballard Power Systems, a US- and Canadian-listed developer and manufacturer of innovative fuel cell products for mobile and stationary applications.

· From 2001 to 2014, Randy was the CEO and held senior executive positions at various sustainable energy companies, including Solar Integrated Technologies and Stuart Energy Systems Corporation.

· Randy began his career at Torys, a leading Canadian business law firm and today represents Ballard as a supporting member Hydrogen Council and is a Vice Chairman of the International Hydrogen and Fuel Cell Association, both of which Hyundai is a member.

· Randy has a Bachelor of Law degree from the University of Western Ontario and Bachelor of Arts degree from York University.

Elliott Proposed Independent Nominee:

Margaret (“Peg”) Billson

Peg Billson is an engineer and business leader with more than three decades of experience at large, complex industrial and transportation companies.

· From 2009 to 2016, Peg was a senior executive and divisional CEO at BBA Aviation, an aftermarket parts and services business supplying the global aviation industry, where she led 2000 employees across four continents.

· She served as President and COO of a start-up light jet manufacturer from 2005 to 2008 where she oversaw the engineering and design, production, supply chain and flight operations teams.

· From 1993 to 2005, Peg was a leading executive at Honeywell International Inc. and Douglas Aircraft Company.

· Peg previously served as an Independent Director at Skywest Inc., a US-listed aviation company, and currently serves as a member of the Human Resources and Nomination & Governance Committees at CAE Inc., a Canadian-listed aviation training and simulation company serving the civil and defense sectors.

· Peg has a Bachelor’s Degree from Embry Riddle Aeronautical University and a Master’s Degree in Engineering - Aerospace from California State University Long Beach.

About Elliott

Elliott Management Corporation manages two multi-strategy funds which combined have more than $34 billion of assets under management. Its flagship fund, Elliott Associates, L.P., was founded in 1977, making it one of the oldest funds of its kind under continuous management. The Elliott funds’ investors include pension plans, sovereign wealth funds, endowments, foundations, funds-of-funds, and employees of the firm. Elliott Advisors (HK) Limited is an affiliate of Elliott Management Corporation. With a strong understanding of the Korean market and corporate structures, Elliott has a history of successfully enhancing shareholder value in Korea.

[1] Elliott’s letter to Mobis shareholders can be read in its entirety at

[2] Hyundai Motor Company CEO Investor Day presentation, Slide 26: Required Liquidity, February 27, 2019Korea Newswire distributes your news across every media channels through the industry’s largest press release distribution network

CHONBURI, THAILAND--( / ) January 17, 2019 -- TurbineAero, a portfolio company of The Gores Group, announced 라이브스코어7m CHONBURI,the acquisition of the APU 기능성콘돔 piece part repair product line 라이브스코어중계 CHONBURI,from Triumph Aviation Services Asia, Ltd.

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바로가기 : 콘돔샵 토토배당률 우리카지노 야애니 섹시천사링크 밤에남자사이트 Txxx야동 모바일방송 떡마차접속 밤왕서버 바카라하는곳 두리안같은사이트 여고생스타킹 섹스게임 홍도깨비막힘 열매 온라인카지노운영 Txxx일본야동 AV노리새주소 바나나티비우회 야한만화 2019황금성솔루션 개조아 두리안서양야동 딸자닷컴우회 신작온라인게임 서윤19 야베스트같은사이트 워커힐카지노 떡방닷컴 보솜이새주소 바카라그림보는법 pornwhite서양야동 PORNDIG접속 미니스커트노출 아우디녀클럽 도널드트럼프 18모아 일본그라비아 소라스포사이트 AV팝서버 하앙 강원랜드카지노 휴지랑서양야동 오나니막힘 폭딸넷트위터 안전놀이터 빨통 NHL 밍키링크 야한동영상사이트 T팬티 휴지킹접속 밍키넷서버 나는야한여자가좋다 딸잡go일본야동 쎅스 황금성2 텀블소같은사이트 Widzewlodz 부산호텔카지노 sbobet watchmygf주소 69맥심성인 플레이온카지노 PORNDIG서양야동 18모아4최신주소 플레이온카지노 보스카지노 구르마넷주소 젖팔계막힘 소라카지노 송송넷우회 엠카지노 나이키아동화 걸천사서양야동 부산호텔카지노 송송넷사이트 엠카지노 인터넷성인방송 꽁딸시즌2 바다이야기프로그램 AV팝일본야동 확률게임 릴게임놀이터 40대채팅 18모아4 JAVJOB같은사이트 PornTube주소찾기 꿀떡넷우회 양귀비게임 아이엠카지노 바나나티비우회 LetFap성인 특수콘돔 릴게임용의눈 세븐럭 야마토인물 백설 송송넷성인 밤에남자주소찾기 야마토솔루션 현자 허봉넷링크 애니야동 휴지랑막힘 4tube막힘 콘돔종류 미미123막힘 붐카지노 딸북스트위터 야마토게임사이트 와따세 성인방송 고구마서버 황금성3 야마토8게임 진짜야마토 제주하얏트호텔카지노 JAVJOB접속 섹시움짤 릴게임추천사이트 딸북스접속 메가카지노 밤왕 쿵쾅닷컴성인 온라인야마토게임 youporn서버 노출 analdin주소 섹코주소 부산파라다이스카지노 소라넷일탈우회 얼짱 랜챗 우리넷새주소 휴지킹주소 온라인릴게임사이트 골뱅이서버 딸구닷컴우회 채팅사이트 꽁짜릴게임다운 야한소설 떡마차서양야동 송송넷막힘 스카이러브 야마토3게임동영상 밤딸기야동 성인용 youporn같은사이트 텀블소우회 섹시만화 거유 밤열한시닷컴일본야동 삼삼카지노 쎅스 2011바다이야기 우리넷 구강성교 일본야한방송 백경 Beroe tube8야동 야동넷트위터 걸천사커뮤니티 야마토5릴게임 펑키새주소 딸잡go 채티어플순위 오션파라다이스 쿵쾅닷컴일본야동 온라인신천지 watchmygf사이트 야부리같은 자선냄비막힘 아프리카tv회원가입 Bryne 성인동 뒤태 딸북스서양야동 여자사정 여자가슴사진 우리넷사이트 딸기넷우회 누나넷접속 여캠 야마토4게임하기 안드로이드실시간tv어플 xxx 젖팔계성인 HOTSCOPE새주소 NBA분석사이트 누나넷 지옥넷커뮤니티 일배야일본야동 올맨우회 순심이네 카지노바 벗방 보토리넷주소찾기 강친닷컴 싱가포르카지노 밤에남자사이트 남친구함 블러드앤소울 xxx 연금복권 연타잭팟 온라인무료바다이야기 바카라이기는법 영종도카지노 4tube서양야동 무료실시간tv어플 야마토선장 여자가슴 밤열한시닷컴서양야동 이브넷 조개파티서양야동 고추클럽막힘 섹스클럽 바나나티비서버 인터넷배팅 여자수영복 온라인야마토6 지옥넷성인 야동보는법 놀이터추천 나체 폰허브트위터 떡마차링크 밤열한시닷컴일본야동 AVMANY우회 Jelgava 위야넷막힘 채티어플순위 SEX 프리미어리그 노블타운일본야동 69맥심주소찾기 온라인야마토sp연타 188벳 슈어맨배너먹튀 슈어맨해태 홍도깨비서버 젖팔계새주소 슈어맨삽니다 55토토 더블업카지노 Pervclips트위터 일본배우추천 천사티비 소리넷우회 올맨서양야동 AV팝일본야동 블랙썬카지노 2019오션최신버전주소 파워볼먹튀검증 vporn트위터 Pervclips서버 섹스장면 해외안전놀이터 2019바다이야기게임다운 웹툰사이트 토렌트사이트 AVMANY같은사이트 JAV베드링크 온라인릴게임정보 먹튀폴리스아레나 딸딸나라야동 누나넷주소 쩍벌 먹튀검증스포위키 아시안커넥트 JAV베드서버 조개파티같은사이트 외국영화 야한망가 최신버전 야한여자사진 엉덩이 LetFap서양야동 딸통령주소찾기 야킹사이트 야피스일본야동 pornwhite링크 탑툰 안전놀이터 먹튀폴리스검증업체 야동조아서버 일본그라비아 조개넷커뮤니티 정선카지노 소라스포링크 섹쉬 베스트초이스야동 딸딸나라링크 섹스하는사진 도신닷컴서양야동 맥스카지노 섹시한옷 2019황금성게임 안전놀이터 딸통령사이트 야플TV야동 릴게임정보 쿵쾅닷컴막힘 꽁딸시즌2야동 무료성인사이트 우리바카라 PornTube같은사이트 vporn서버 AV팝새주소 HOTSCOPE우회 PornTube새주소 부산파라다이스카지노 pornwhite막힘 먹튀폴리스아레나 신정환카지노 섹스리스 AV팝트위터 비키니화보 파워사다리 인갤 코인카지노 알파카코믹스 조또TV주소 인터넷PC게임 AV쇼미야동 파워볼예측사이트 JAVJOB 골프 야동공장 엔트리파워볼분석 폭시에브링크 어덜트 야한것들 파워볼필승법 무료웹툰 제왕카지노 AVMANY야동 파워사다리 야동조아막힘 온라인릴게임정보 소라조아새주소 애니메이션 물사냥일본야동 세븐포커족보 온라인바다이야기 레드존 야마토동영상 엔트리파워볼규칙 엔트리파워볼룰 애로영화 19사이즈사이트 2011야마토 딸자닷컴우회 AVDDR트위터 성인동영상사이트 소리넷접속 섹스사이트 섹스싸이트 야마토선장 파워볼예측프로그램 늑대비디오같은사이트 오이넷트위터 야빵야동 파워볼분석기다운로드 하앍 야마토먹튀 야동받는곳 분수넷우회 미소넷 wankoz서양야동 pornwhite성인 야마토7 도신닷컴서양야동 고추클럽트위터 야동조아일본야동 밍키서양야동 베스트초이스막힘 딸북스일본야동 파워볼예측사이트 인터넷릴게임 밤에만넷접속 파워볼예측프로그램 69맥심트위터 일반인노출 심심해 Pervclips새주소 동행복권파워볼확률 야마토추천인 18모아4새주소 꽁딸시즌2사이트 밤왕우회 키노사다리중계 파워볼분석기다운로드 파워볼엔트리 데일리비디오링크 야왕 카지노에이전시 윙크티비 섯다끗계산 19사이즈주소찾기 세븐카드포커 현자타임즈주소 섹스용품 케이팝딥페이크사이트 달툰 미미커뮤니티 포커족보알고리즘 성인병에좋은음식 19사이즈성인 온라인게임사이트 고스톱게임하기 온카지노 아시안커넥트 섯다땡잡이 관련검색:섯다 다보자막힘 황금성4 섹스경험담 자선냄비야동 고스톱나는점수 일본성인방송 PC싱글고스톱 황금성2 바카라노하우 조또TV새주소 유리룸 MGM카지노 아라비안카지노 섯다땡잡이 소라아오이 Pervclips막힘 섹스용품 야부리새주소 Txxx일본야동 AV노리접속 네토닷컴사이트 노름닷컴 소리넷성인 소라스포주소 야마토에스피 야베스트일본야동 페티쉬사이트 에이플러스카지노 뉴맞고열어줘 여친구함 온디멘디 모아따트위터 블랙잭하는법 릴게임양귀비 걸천사커뮤니티 강원랜드칩걸 온라인게임정보 씹구멍링크 남성자위 영상요청 텀블소야동 딸구닷컴서버 AV팝커뮤니티 포커스트레이트ka234 Pervclips주소찾기 밍키주소찾기 워커힐카지노 고추클럽 18모아02주소 캔디넷성인 wankoz커뮤니티 자선냄비서양야동 야잘알닷컴트위터 온라인게임사이트 거유 SEX Txxx주소 누나넷성인 세븐포커전략 섹수 숀리 인터넷도박 야동공유 성인소설 여자똥꼬 누나한자 조또TV같은사이트 폭유 SEX동영상 섹스돌 구르마넷주소 카지노추천 오이넷커뮤니티 맥스카지노 하앙 두리안주소찾기 육봉넷서양야동 색스 페티시 케이팝딥페이크사이트 조개파티새주소 코코킹 ADULT 무료온라인게임 소라걸스새주소 pornhat막힘 소음순모양 쿵쾅닷컴성인 당첨자추첨 69TV 야한사이트 걸천사접속 여자애액 연예인 나우토토 조또TV같은사이트 누드 야동 카지노사이트 에스피연타 소라스포야동 야한동영상사이트 토렌토 analdin같은사이트 오카다호텔카지노 붐카지노 딸기넷우회 고추클럽서양야동 친구사귀기 AVMANY막힘 AVMANY접속 자선냄비일본야동 씹구멍주소 자놀서양야동 FETISH 위야넷서버 야한천사주소 야마토신뢰도 코리아영화 쿵쾅닷컴주소찾기 강원랜드카지노 누나곰닷컴막힘 소라스포일본야동 물사냥 19곰닷컴성인동영상 18모아 야동넷같은사이트 세계카지노 밀리언클럽카지노 소라게 셀툰 베네시안카지노 여비서서버 JAVJOB링크 야마토선장 케이팝딥페이크사이트 릴게임신천지 여자거기 슴가 AVMANY트위터 c컵 여자똥꼬 이비자넷주소 서면성인용품 폭딸넷성인 보솜이같은사이트 야마토9게임동영상 꽁딸시즌2막힘 휴지킹우회 네토닷컴야동 코믹스토리 야한망가 섹시천사링크 구강성교 야동동영상 일본성인용품 19사이즈서버 밤에만넷서양야동 성인용품젤 구르마넷커뮤니티 도신닷컴주소 소라넷일탈우회 무료온라인게임 성관계 폰허브주소 그남자그여자의사정 분수넷서버 벨라지오카지노 여비서서양야동 온라인바다이야기게임 이브콘돔 밤왕 AV팝야동 킨제이 일배야커뮤니티 성인용품배달 인터넷릴게임 인스타그램검색 누드 다모아카지노 boomboom 천사티비일본야동 무료섹스사이트 에그벳 밍키넷서양야동 섹스걸 비키니화보 3D릴게임 굿타임콘돔 오프라인야마토게임장 야마토선장 야인커뮤니티 블러드앤소울 스킨레스 페티쉬 자선냄비성인 부산호텔카지노 조개넷새주소 꽁딸시즌2사이트 딸통령일본야동 2019황금성릴게임 일본성인방송 wankoz커뮤니티 사가미콘돔 watchmygf사이트 캐나다카지노 수갑플레이 핑보넷 소라조아야동 유니더스지브라 콩카페동영상 오나니같은사이트 자선냄비사이트 딸잡go같은사이트 SEXY 엉덩이 코리아비디오 야동보는법 이브콘돔스 밍키넷서버 AV팝서버 오딸넷같은사이트 4tube서버 써지셀 자선냄비성인 야동공장 서양녀 자놀우회 펑키서버 비아그라처방전 JAV베드 인터넷성인방송 보솜이일본야동 트레티노인 밤에남자주소 레드존 섹코막힘 케이팝딥페이크우회 남성조루치료법 오락/예능 엠카지노 온라인백경 온라인게임갤러리 밍키넷같은사이트 PornTube일본야동 여자생식기 서윤 Txxx새주소 아밤 오나니서버 콘돔착용법 올맨성인 신천지 N/S20ML 하노이카지노 올벳카지노 야마토에스피 온라인게임갤러리 야콤 섹스동영상 테라솝 AVMANY주소 언년이 성교육영상 카지노랜드 고추클럽사이트 데일리비디오새주소 라이브야마토릴게임 비아그라효과 넥스트벳 야한망가 인터넷릴게임 딸통령성인 최신온라인게임 남성정력 캔디넷서버 토토사이트10bet 여자거기 송송넷새주소 더블업카지노 꿀떡넷새주소 인터넷신천지 아프리카섹시댄스 TCA 클락카지노 온라인게임 섹스걸 캔디넷우회 야인일본야동 블랙잭 아밤 솔레어카지노 온라인야마토게임 JAV베드새주소 걸천사새주소 밤딸기주소찾기 1090TV 밤열한시닷컴성인 오구멘틴 PornTube주소 마이다스호텔카지노 2019야마토 조루약 비아그라탈모 릴게임다빈치 pornwhite같은사이트 뉴야넷 통기계버전 f컵 야동공장성인 69맥심사이트 PornTube성인 구르마넷성인 씹구멍우회 철수넷 밤딸기서양야동 AVDDR야동 미미막힘 국산성인용품 바나나티비트위터 1090TV 야마토연타 AV팝사이트 이브넷 떡마차새주소 여자의몸 소라바다링크 야플TV서버 마카오카지노 꿀떡넷같은사이트 휴지랑서양야동 가슴애무 떡지도링크 파워사다리분석프로그램 네토닷컴사이트 알라딘최신버전 허봉넷주소 드림카지노 우리넷우회 성인영화추천 성인영화추천 소라넷 하앙 딸구닷컴막힘 릴게임다빈치 딸기넷새주소 쿵쾅닷컴커뮤니티 야마토3공략 XO카지노 우리넷주소 30대채팅 엠카지노 돌기형콘돔 휴지킹우회 휴지킹서버 밍키넷야동 pornwhite접속 섹스하는동영상 바카라이기는법 야동영화 새만금카지노 레이싱모델순위 노블타운성인 베스트초이스 베이코리안즈 페티시 tube8주소 야왕서버 인터넷실시간개인방송 2011바다이야기 실시간야동 에메필웨딩브라 바다이야기게임 4tube서양야동 sexygirls 딸자닷컴일본야동 야동사진 tube8접속 온라인카지노 정선카지노 2019바다이야기다운로드 젖팔계트위터 모아따커뮤니티 먹튀폴리스믿을만 딸자닷컴막힘 아이폰홀덤 자선냄비우회 에로틱 플러스카지노 미단시티카지노 배너교환 일배야우회 카지노바 마이다스호텔카지노 엉덩이노출 밤딸기주소찾기 속옷노출 여비서서양야동 강남카지노 정선카지노 구르마넷서버 C팬티 릴게임알라딘 블랙잭잘하는법 성인용품구매 모아따서버 밤에남자커뮤니티 백보지 pornhat일본야동 최고확율 watchmygf커뮤니티 야마토동영상 여캠bj 팔팔정가격 콩카페 밤꽃 pornhat우회 추천인 폰허브접속 AV팝서버 Pervclips서버 태양성카지노 야동다운로드 야툰 모아따 어우동티비 여자친구 더킹카지노 유니더스슬림제로 최신버전 야플TV트위터 watchmygf 성인용품콘돔 슬림콘돔 무료성인동영상 watchmygf커뮤니티 비아그라종류 폰허브사이트 AV팝같은사이트 딸기넷같은사이트 철이 pornwhite트위터 물사냥같은사이트 러브용품 우리넷막힘 40대채팅 성인영화전용관 떡지도일본야동 다보자일본야동 섹시카지노 카지노알바 2019황금성 밤에만넷링크 성인플래시 미미서버 꿀떡넷새주소 밤에남자일본야동 일본그라비아아이돌 동아에스티 걸천사같은사이트 꿀떡넷 일본야한만화 야잘알닷컴새주소