Hyosung Agrees To Purchase Michelin Tire Cord Facility

Under an agreement signed by Hyosung America Inc., New York City, and Michelin North America Inc.,
Greenville, Hyosung is to purchase Michelin’s polyester and nylon cord textile facility located in
Scottsville, Va. The agreement also includes a supply contract, whereby Michelin will purchase all
of the Scottsville plant’s tire cord production for the next seven years.

Hyosung expects to begin operating the facility this month and intends to offer employment to
current employees at the Scottsville facility.

“Our decision to sell the Scottsville plant is part of our ongoing cost reduction efforts,”
said Jim Micali, chairman and president, Michelin North America Inc. “Occasionally, suppliers such
as Hyosung can provide us with products and services more efficiently than we can. Textiles is one
of Hyosung’s core businesses, and we are pleased with their commitment to modernize the plant.”

January 2003