UK SsangYong Importer Welcomes News of Definitive agreement With Mahindra

LUTON, UNITED KINGDOM – November 25, 2010: Paul Williams, managing director of Koelliker UK has warmly welcomed the news that SsangYong Motor Company and Mahindra & Mahindra have signed a definitive agreement to jointly build a global SUV (sports utility vehicle) company.

Under the agreement, Mahindra will acquire a 70% stake in SsangYong at a total cost of $463 million, and is expected to be concluded by March 2011. Full press statement attached.

Said Mr Williams: “This is great news for our customers, dealers and staff here in the UK. It secures a firm footing from which to move forwards, and with the imminent arrival of Korando, our new

C sector crossover vehicle, means we can look forward to a successful new era for the SsangYong brand.

“The Korando was extremely well received when presented to international motoring journalists in September. The first shipment is due here in the New Year, and will be competitively priced to compete against cars such as the Hyundai ix35, Kia Sportage and Nissan Qashqai.

“The new car is also attracting much interest in the motor trade. We are on the point of appointing five new dealers, and interest in the franchise has never been stronger.”