Ssangyong Motor

The top executive of Shanghai Automotive Industry Corp., which recently completed its acquisition of South
Korea's Ssangyong Motor Co., has sent e-mails to the Korean company's employees, promising job security
and other support, according to Ssangyong Motor Sunday.

The offer came in an internal e-mail Shanghai Automotive president Hu Maoyuan sent to employees of
Ssangyong Motor, in which he promised to give his utmost efforts for job guarantees and company
development.

"I will try to respect and develop an agreement signed by management and the labor union," Hu was quoted
as saying in the e-mail.

"I welcome the employees of Ssangyong Motor into the family of Shanghai Automotive. We will share our lot
with Ssangyong Motor employees in the future," he said.

On Feb. 2, about 7,900 employees of Ssangyong Motor received one month's pay as a special bonus from
Shanghai Automotive ahead of the Lunar New Year holiday, the company said.

On Jan. 27, Shanghai Automotive, China's biggest automaker, completed the acquisition of a 48.9-percent
stake in Ssangyong Motor, the country's fourth-largest carmaker.

Ssangyong Motor, specializing in sports utility vehicles and large sedans, controls about 10 percent of the
domestic market.

- Source from Yonhap News (Feb 06, 2005) -