GM Daewoo Labor and Management Signed the Agreement on 2009 Wage Negotiation

SEOUL, KOREA – August 13, 2009: GM Daewoo Auto & Technology (GM Daewoo) formalized an agreement on 2009 wage negotiation with its labor union at the automaker’s Bupyeong headquarters in Incheon.

The final definitive agreement was signed by GM Daewoo President and CEO Michael Grimaldi and Nam-Mook Lee, Chairman of GM Daewoo’s labor union.

The agreement including wage freeze for 2009 was provisionally completed on July 17 after 12 rounds of negotiations, and was ratified after receiving the support of 66.3 percent of union members who voted on July 22 and 23.

GM Daewoo Auto & Technology was established on October 17, 2002. It has five manufacturing facilities in Korea as well as an assembly facility in Vietnam. In addition, GM Daewoo provides market and brand-specific vehicle kits for assembly at GM facilities in China, Thailand, India, Colombia and Venezuela. In 2008, GM Daewoo sold in Korea and exported more than 1.9 million units, including CKD products. GM Daewoo now produces vehicles and kits that are offered in more than 150 markets on six continents. More information on GM Daewoo and its products can be found on the company’s website at http://media.gmdaewoo.co.kr/.