PRESS RELEASE: THREE INVESTORS INCLUDING A FOREIGN INVESTOR SUBMIT A BID FOR ACQUIRING SSANGYONG MOTOR

▪Out of 11 investors who have submitted an LOI, 7 participated in the preliminary due-diligence, of which three investors submitted a final bid by Sep. 15, 2021 - Edison Motors (consortium), EL B&T (consortium), and INDI EV, INC.

▪Not only the acquisition money proposed but also bidders’ capability to help the Company grow to be looked at as a criteria for selecting a preferred bidder by the end of the month

▪After the selection of a preferred bidder, an MOU to be signed in the first week of October

▪Preferred bidder to conduct a due-diligence in October before signing an investment agreement in November

 ▪Ssangyong Motor to reflect the investment plan in the Company’s rehabilitation plan and gather support for the plan from creditors and stakeholders before applying for the Court’s approval of the plan before the end of the year.