Conditions Supportive For Continued Outperformance

Russian new vehicle sales continue to post robust growth, helped partly by the government-sponsored vehicle scrappage scheme and partly by the strength of economic growth in the country. Although we expect demand to begin cooling down from as early as 2012, we believe that the autos market remains well poised to be a significant outperformer in the region. We are currently forecasting total vehicle sales to grow an average 8.2% year-on-year (y-o-y) between 2012 and 2016, after an expected 39% y-o-y growth in 2011.

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