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Ford Selected As Sole Preferred Bidder for Daewoo

29 June 2000

Statement by David Snyder, Exec. Dir., Asia-Pacific New Business Development for Ford Motor Company

    DEARBORN, Mich. - Ford Motor Company is very pleased with its selection as 
sole preferred bidder in the second round negotiation process for Daewoo Motor.  
We respect the decision of the Corporate Restructuring Committee and believe 
that our selection as sole bidder will expedite the process of negotiations.  
We will now move forward into the second round of due diligence and negotiations 
with the Corporate Restructuring Committee where we will receive additional
information about Daewoo.

    We appreciate the professionalism and openness with which the Corporate
Restructuring Committee has conducted the first round of due diligence and are
fully aware of the importance of the decisions that it has faced in deciding
what is best for Daewoo, for the Korean auto industry and for Korea itself.
Working with the Committee, we will seek the best way for all concerned -- the
employees, the suppliers, the creditors and the customers -- to normalize
operations at Daewoo at the earliest possible date.

    Daewoo is a great company with great people and a bright future.  As we
indicated in our proposal to the Corporate Restructuring Committee, our vision
is to establish a strategic partnership with Daewoo.  Ford is the world's most
profitable automaker, and has a great deal of experience with its wide range
of strong global brands and overseas partnerships, as well as a long history
in Korea.  We are here to understand all that we can about Daewoo and ensure
that it remains a source of national pride as well as a successful global
brand -- just as we have done with our many other global brands and
affiliations around the world.