▪SYMC closes a deal with Sollersto export in KD System for a total of 160,000 units until 2017, which is an annual average of 20,000 units.
▪Following the signing ceremony, there was a signing for the MOU and an opening ceremony for the new KD center.
▪The contract with Sollers will lead to the achievement of this year's goal for export and continuous expansion of export volume.

Ssangyong Motor Company (www.smotor.com) announced on June 15th that it has held a signing ceremony with its Russian partner Sollers to finalize the details on a massive, long-term export project that would ship about 160,000 vehicles to Russia until 2017.

By signing the contract, Ssangyong's vehicles will be shipped to Russia using the KD (knock down) system in accordance with the following schedule: 16,700 units in 2011, 22,000 units in 2012, 22,300 units in 2013, 23,300 units in 2014, 23,800 units in 2015, and finally 24,000 units in 2016 and 2017. The total volume is 168,100 units if you count the 12,000 vehicles that are destined to Russia this year.

Since having signed a distributorship contract in 2005, Ssangyong and Sollers have maintained a close collaborative relationship with a recorded 40,000 units of export. The two companies have discussed ways for an a full-fledged, long-term based export plan since Sollers completed building a new KD plant in Vladivostok which started production earlier this year.

At the signing ceremony which took place at the Philos Hotel in Pohang, I deleted top management from both companies which included Lee Yoo-il, a Legal trustee of Ssangyong, Vadim Shvetsov, chairman of Sollers, and Alexander Korneychuk, president of Sollers Far East Factory, attended and signed a contract for exporting Ssangyong's SUVs, Rexton, Kyron, Actyon Sport, and the Korando C that is due for I deleted launch later this year.

The contract with Sollers is meaningful for Ssangsyong as it has taken efforts to both expand its export sales and I deleted pioneer new overseas markets. Renewing of the contract is also expected to expedite the accomplishment of this year's goal for export as well as to continue to increase export.

Sollers' Far East Plant, aided by the central government under a program to develop the Far East, is the first manufacturing facility to build a complete vehicle in this region and will serve as the platform to cover all of Russia, including Moscow.

Following the signing ceremony, there was a ceremony for signing the MOU for using container docks at Yeongil Bay in Pohang as well as for celebrating the opening of the new KD center. Some 200 people, including Park Young-tae, a Legal trustee of Ssangyong, Vadim Shvetsov, chairman of Sollers, and Park Seung-ho, the mayor of Pohang attended the ceremony to celebrate the new partnership among Ssangyong, Sollers, Pohang City, Pohang Regional Maritime Affairs and Port Office, Pohang Yeongil New Port Corporation and Pohang Customs.

"Sales increase is vital for Ssangyong to build a founding block for a long-term based turnaround. By signing the contract with our Russian partner, export to this region will be significantly enlarged," said Lee Yoo-il, co-manager in receivership. "It is a significant event for us, and we expect our cooperative relationship to develop into a long-lasting consolidated partnership that will lead to mutual prosperity," he added.