|Approval on Merger as acquiring Hyundai Commercial Vehicle Engine Co.
1. Date of BOD resolution : October 1, 2004
i) 4 out of 7 directors were present.
(3 out of 4 outside directors were present)
ii) 3 out of 3 auditors were present.
i) Agenda : Approval on Merger as acquiring Hyundai Commercial
Vehicle Engine Co (HCVE).
ii) Purpose of Merger
: To enhance efficiency and to reduce R&D costs by increasing in-house
development capabilities for large commercial vehicle engines.
iii) Method of Merger
: Merger by acquiring Hyundai Commercial Vehicle Engine Co.
iv) Merging Ratio
: Ratio 1:0 (HMC : HCVE)
v) Expected contract date of merger : November 5, 2004
3. Related disclosure Date : August 27, 2004