PRESS RELEASE

Total of 9 potential bidders submitted an LOI to acquire Ssangyong Motor

-      The M&A process to take place in the form of competitive bidding

-      With a total of 9 investors submitting an LOI, concerns surrounding the M&A resolved

-      Potential investors look at Ssangyong’s strategy for developing eco-friendly vehicles for long-term growth and survival

After the M&A announcement was made publicly on June 28, 2021, a total nine investors submitted an LOI by July 30, 2021, which was the deadline for the LOI. Most of the investors that submitted an LOI revealed their intention to expand the EV business of Ssangyong if they succeed in acquiring the company.

The LOI along with the other documents submitted will be reviewed by Ernst and Young for selecting the bidders who will be participating in the preliminary due-diligence in the month of August.

The submission of the final business acquisition proposal will take place in September and the preferred bidder will be selected based on the final proposals.

Meanwhile, Ssangyong Motor is discussing with the relevant authorities for selecting a new plant site that will enable the company to focus on establishing its eco-friendly vehicle business.