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I would like to express my deepest appreciation to all of you for attending the 51st General Shareholders’ Meeting despite your business schedule.

Last 2012 was important year for Ssangyong Motor. We have increased the sales continuously while decreasing operating deficit and have been consolidating the foundation for normalization.

Thanks to the increased sales of Korando C and facelift models such as Korando Sports,

Ssangyong Motor sold 120,717 vehicles and recorded sales of KRW 2,863.8 billion that is the best sales performance since 2007.

Last year, global economic downturn caused by the European sovereign debt crisis deteriorated. However, we were able to achieve more than 120,000 vehicle sales and it is our result of continuous efforts to increase sales.

Due to the economic depression and increased sales of imported vehicles, the domestic sales of Korean automakers decreased compare to the same period last year. However, we were able to record 23.4% sales increase year on year which is a significant achievement.

Despite the limited financial and human resource, we have made continuous efforts to increase product attractiveness of facelift models by incorporating market trend. Also, we carried out unique customer experience-oriented marketing activities and opened the classy flagship store to reinforce the competitiveness of our sales network. Those activities have resulted in sales increase.

Thanks to this upward trend in sales, SYMC’s operating loss decreased by 30% year on year to KRW 99 billion.

Ssangyong Motor was able to consolidate the foundation for normalization of management thanks to the cooperative and positive labor and management relations and continuous support and interest from the Shareholders.

Valued shareholders,

The Ssangyong Motor shows apparent upward trend in growth for two years since the company established a strategic alliance with Mahindra Group.

However, there will be new challenges in 2013 and we need to change ourselves against the challenges.

Ssangyong Motor set an aggressive sales target of 149,300 which is 23% increase from the last year’s sales performance. We will launch new concept SUV in domestic market to increase market share. By doing so, we will achieve sales target of 2013.

We will increase global sales further to achieve the sale target by aggressively tapping into new market and by successfully launching facelift models such as “Korando Turismo”.

“Korando Turismo” was well received in the domestic market since its launching. The vehicle was officially introduced in the European market through Geneva Motor Show 2013. It is repeating the success of Korando Series including Korando C and Korando Sports.

Furthermore, we will increase export volume to Russia Market, increase Rexton W sales in India Market and create new markets in Central and South America, Africa and Asia regions to increase global sales volume.

For this, we plan to increase production capacity of major volume models of which current production volume is not able to meet sales orders on time.

A decision to reinstate workers on unpaid leave is an example of the efforts to increase production volume.

In addition, we will actively promote development of new engines, new vehicle models and eco-friendly technologies such as technologies for high fuel efficiency and low CO2 emission to timely respond to fast changing market environment and to secure new growth engine for the future.

Last February, the Board of directors of Ssangyong Motor Company approved the paid in capital increase of KRW 80 billion with Mahindra Group as designated party for stock allotment. With this capital increase, the company will accelerate development of small CUV and other new vehicle models.

With the Mahindra Group’s decision for direct investment, we are able to secure finances for investment and able to strengthen financial soundness. The decision has a significant meaning that Mahindra group as a major shareholder displayed the willingness to support Ssangyong Motor and Ssangyong Motor demonstrated the strong intention for early normalization of management.

Honorable Shareholders!

Year 2013 will be crucial for the future of Ssangyong Motor.

For the last couple of years, we have laid foundation for normalization of management and from this year, the company will start full-scale preparation to make a second leap forward.

Ssangyong Motor has overcome challenging business environment wisely with strong passion and has been preparing thoroughly for the future.

Furthermore, we are reinforcing the growth engine for the future and competitiveness of the company by creating tangible synergic effects with Mahindra group in various ways.

Now, Ssangyong Motor will live up to Shareholders’ expectation by putting upmost efforts to recover the status and reputation as ‘the most innovative and respected Korean Automotive Company’ and ‘global SUV Maker’.

Finally, I would like to ask you for continuous support and encouragement for the company and I wish you and your family health and happiness.

Thank you very much