In addition to our investment in HMC, we are also significant shareholders of Hyundai Mobis Co., ("Mobis" 012330:KS), as well as Kia Motors Corporation ("Kia" 000270:KS), which collectively with HMC are referred to herein as "Hyundai Motor Group," "HMG" or "the Group." Yesterday, we sent a letter to our fellow shareholders of Hyundai Mobis detailing the case for the shareholder resolutions we have put forward for consideration at the Mobis Annual General Meeting ("AGM") on 22 March, 2019. 1 These resolutions aim to address the serious governance and balance-sheet issues at Mobis that have contributed to its persistent and meaningful underperformance. Today, we write as one of the largest independent shareholders in HMC to make the case for a similar set of resolutions. Like Mobis, HMC has fallen short in its treatment of shareholders due to its retention of substantial excess capital and a lack of independence and accountability on its Board.