Automotive Investments: Climate in Russia, Focus on St. Petersburg and Leningrad Region

1 half-year 2008 Sales of Passenger Cars Market share by brand in 1H 2008 Foreign brands sales continue to go up, 15.7% 24.8% however the sales Russian brands Hyundai Chevrolet Ford 2.5% growth rate has slowed 2.7% Toyota Nissan (+47% in 1H 2008 3.5% Mitsubishi Renault comparing to +70% in 3.7% ■Opel Daewoo 8.9% 1H 2007) 3.8% Kia Mazda 4.0% Honda Other 4.2% 7.3% 5.5% 6.9% 6.3% 2007 1H 2008 1H 2007 Gro Passenger Cars ('000) wth Russian 752 349,500 304,700 15 New Imports 1,194 760,600 521,500 46 Foreign Russia-made 452 300,500 198,600 51 Used Imports 380 201,800 160,100 26 TOTAL 2,786 1,612,400 1,184,900 36 Source: ASM-holding September 4, 2008 9 Investment Climate in St. Petersburg and Leningrad Oblast ERNST & YOUNG Quality In Everything We Do

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