▪ From the 11 candidates submitting letters of interest, seven conducted a preliminary inspection, with three companies going through to the bidding stage

▪ A preferred bidder will be selected after the bid price and their appropriate level of business management post-acquisition are taken into consideration

▪ The timescale then allows for a detailed inspection following the signing of the Memorandum of Understanding, leading to the conclusion of the investment contract

SsangYong Motor Company has announced that three domestic and foreign bidders have submitted final investment proposals for the business by the deadline of September 15th. The companies are Edison Motors Consortium, EL B&T Consortium and INDI EV Inc.

SsangYong Motor and EY (Ernst & Young) Korea, the appointed assessor, set a deadline for investment proposals (Bind Bidding) by 15:00 on Wednesday 15^thSeptember, and conducted a preliminary inspection that included checking company’s financial status and visiting factories virtually.

With the bidding now closed, SsangYong Motor and EY Korea will announce the preferred bidder and preliminary bidder by the end of September, based on the proposals submitted, and following the merger & acquisition (M&A) rules agreed with the court.

The preferred bidder will be selected on the basis of the perceived ability of the business to manage SsangYong Motor as a stable company after the acquisition, and not just on the size of the bid.

After selecting the preferred bidder, SsangYong plans for the Memorandum of Understanding (MOU) to be signed. This will then allow for a detailed inspection to be conducted over the following two weeks. After this, the final purchase price will be negotiated and major contract terms and conditions agreed, with the conclusion of the investment contract to be finalised.

Providing this M&A procedure proceeds smoothly, SsangYong will then prepare its rehabilitation plan based on the investment contract, and make every effort to get the consent of all interested parties including creditors and shareholders by the end of the year. -Ends-