Upgrade for our proposal for NewChin

Daewood Automobile Romania

Dear Friends,

Our Board of Directors decided the folowing upgrades to proposals we have already made:

- raising initial investment so we would manufacture in the first year 200.000 cars and after four yeras our production would be 650.000 cars and 30% of which produced for export.
- ownership:
- management: We propose a 13 member Board of Directors:
- 7 Daewoo Automobile Romania
- 5 NewChin
- 1 Foreign Investment Commission of China
- financing:

a) 40% Equity

- 60% to be provided by Daewoo Automobile Romania
- 40% to be provided by NewChin

b) 60% to be borrowed in the form of bonds by our joint venture.

- locations: in the municipality of Xiamen.
- technology transfer and training
- rapid training of Newchin Corporation technicians and management in China and Romania
- rapid and meaningful technology transfer
- after the first two years, 60% of components to be supplied within China and after two more years that will be 100%.

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