March 23, 2006


MG racing memorabilia to be sold at auction

While the Nanjing Automobile Corporation is preparing to build
200,000-250,000 MG cars in China, with the first model, the MG 75, set to
roll off the assembly line in the first half of 2007, back in England, the
remaining assets of the MG-Rover car company are being prepared for auction
on March 25, 2006.

Nanjing Auto’s revival plan, known as Project 566, was submitted to the
Chinese government’s National Development and Reform Commission for approval
on March 10, reports the Shanghai Daily. The commission’s approval will
restart production of the MG and Austin brands that Nanjing bought for
US$87.5 million last July.

The assets included complete assembly lines, research and development
equipment, and several models under the MG and Austin brands.

The plans by Nanjing will conflict with rival Shanghai Automobile Industry
Corporation in reviving the famous British marque in China. SAIC paid US$128
million to acquire the designs and intellectual property rights of the Rover
75, Rover 25, and related technologies.

Meanwhile, back in England, the assets of MG’s Sport and Racing division (MG
XPower) will be auctioned March 25, 2006. Auctioneer Wyles Hardy & Co will
conduct the auction of clothing, memorabilia, helmets, wheels, engines and
complete MG racing cars online at www.wyleshardy.com.

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