Hyundai Electronics Balances its Board of Directors with 50 Percent Outsiders

Business Wire, March 30, 2000

Business Editors/High Tech Writers

SAN JOSE Calif.--(BUSINESS WIRE)--March 30, 2000

Hyundai Electronics announced today during its annual shareholders meeting that it has elected four individuals from outside of the company to its board of directors. Hyundai Electronics now has 50 percent outside representation on its board of eight directors. Hyundai expects that the outside experts from fields such as finance and engineering will help the company achieve more professional and transparent management of its operations.

"The newly organized board of directors will help Hyundai improve its corporate focus and strengthen its infrastructure, thus making the company more responsive to market and industry trends," said Dr. Chong-sup Park, president and CEO of Hyundai Electronics Industries. In order to enhance the business efficiency and financial stability of the company, Hyundai also appointed a new president and CEO as well as a new CFO/CIO last week.

Of the four outside directors, one was re-elected, while the other three are new on the Hyundai board. The four outside directors are as follows:

Newly elected Mr. Young Sohn is currently president and CEO of Oak Technology, headquartered in San Jose, CA. He was formerly president of the hard drive business of Quantum Corporation and was a senior executive of Intel Corporation. He is also now serving as an outside director on the boards of PLX Technology, Earjam.com, Massachusetts High Technology Council, and Asian American Business Association, all located in the U.S. Mr. Sohn majored in electrical engineering at the University of Pennsylvania and received his MBA from Sloan School of Management at Massachusetts Institute of Technology.

Dr. Chul-hee Kang was re-elected to the Hyundai board. He is currently a professor of the Electronics Engineering Department of Korea University in Seoul, Korea. Previously he was vice president of the Telecommunications System Division for ETRI (Electronics & Telecommunications Research Institute). He obtained his doctorate in electronic telecommunications from Waseda University in Japan.

Newly elected to the Hyundai board, Mr. Chang-rok Woo is a managing director of Woo, Yun, Kang, Jeong and Han, an international law firm in Seoul, Korea. He obtained his LL.M. degree from the University of Washington Law School, located in Seattle, WA.

Dr. Yong-wook Jun is also a newly elected member of the board of directors. He is a professor with College of Business Administration of Chungang University in Seoul, Korea. He earned his MBA from Kellog Business School of Northwestern University and his doctorate from Massachusetts Institute of Technology.

In addition, Hyundai disclosed a plan to establish an audit committee that will be primarily composed of outside directors. This audit committee is intended to reinforce a rigorous audit function. Hyundai will also formulate a nominating committee composed of outside directors to select professional outside members for its board of directors.

About Hyundai Electronics(TM)

Hyundai Electronics is an industry leader in the development, manufacture, sales, marketing, and distribution of high-quality Semiconductors (including DRAM, SRAM, Flash memory, and System IC devices), Telecommunications, and Liquid Crystal Displays. In addition, Hyundai is expanding its System IC business unit with leading technology and added deep-submicron foundry services to strategically broaden its overall semiconductor presence and achieve its goal of leading the global semiconductor market. The Semiconductor Group of Hyundai Electronics is the world's largest DRAM supplier with eleven semiconductor manufacturing facilities world wide, and production capacity of over 300,000 wafer starts per month. Based in Korea, Hyundai maintains development, manufacturing, sales and marketing facilities strategically worldwide. Hyundai Electronics America (HEA) is a U.S. subsidiary of Hyundai Electronics Industries Co., Ltd. HEA is headquartered at 3101 North First Street, San Jose, CA 95134. More information on Hyundai Electronics America and its products is available from the company's web site at http://www.hea.com.

Hyundai Electronics is a trademark, and Hyundai is a registered trademark of Hyundai Electronics America. All other trademarks are the property of their respective owners.