SOUTH KOREA: Ford Will Not Submit Final Bid For Daewoo Motor

The following statement was issued today in Seoul, Republic of Korea and is attributable to W. Wayne Booker, Vice Chairman: Ford Motor Company has decided not to make a final offer for the acquisition of Daewoo Motor. We believe that a proposal was not possible that would be in the best interest of Daewoo and Ford and their respective stakeholders. We have been very satisfied with the cooperation and professionalism of the Corporate Restructuring Committee and the Daewoo employees who provided support. We sincerely appreciate the lengths to which they have gone to cooperate with us. We wish Daewoo Motor every success in the future.