Quality. Brand power. These are the two priorities for Hyundai Motor Company as it prepares for the future. No longer content to follow and learn, Hyundai is now seeking to lead the motor industry in shaping the evolution of motor vehicles. With Hyundai's publicly stated goal of becoming one of the top five carmakers in the world by 2010, the Hyundai brand will require careful repositioning. Management realizes that achieving this goal will require strong determination, resolve but, above all, stronger public confidence in the Hyundai name.

It will also carry with it a new set of responsibilities, such as greater transparency in management and the environmental, social and economic facets of sustainable development. By publicly announcing a new global environment management body last year, Hyundai reiterated its commitment to leadership in the social sphere. Hyundai reinforced its place as a top-rated carmaker by winning the 2003 Global Automotive Shareholder Value Award presented by PriceWaterhouse Coopers and Automotive News. And for the second consecutive year, Hyundai captured top honors in the Consumers' Satisfaction Survey conducted by J.D. Power and Associates which also rated the Hyundai Sonata first in its 2002 and 2003 Initial Quality Survey.

By active implementation of four management policies in 2004, Hyundai will accelerate the speed of development. First, Hyundai will step up global management by establishing local support systems across the globe to maintain momentum as a growing global player, expand overseas manufacturing bases and raise R&D capabilities above the industry standard. Secondly, by repositioning its brand identity to be known as a maker of refined and elegant automobiles Hyundai will enhance its brand value. And by improving its product development system Hyundai will maximize the company is value.

Thirdly, Hyundai will maintain its sustainable management capabilities. Hyundai will devote itself to fulfilling social responsibilities as a global carmaker by development safer and more environmentally friendly vehicles while respecting fundamental values, striving for ethical management and expanding contributions to social causes.

Lastly, Hyundai will attach greater importance to human resources. We will expand the recruitment of engineers and global specialists multi-lingual talented individuals who are at home anywhere in the world.

Hyundai Motor will reinforce its position of strength and confidence by continually improving its management capabilities.

And by promoting the development of national and international co-prosperity, the company will raise its net value.