EGYPTIAN AUTOMOTIVE MARKET

EGYPTIAN AUTOMOTIVE MARKET AMIC 2010 REPORT SPONSORED BY:

1. Preface 3 2.. Local industry analysis 4 2.1. Total market 5 2.2. Passenger cars market 11 2.3. Buses market 25 2.4. Trucks market 33 2

1. PREFACE The methodology, used in this report is mainly relying on the following steps: * Gathering primary and secondary data from members. * Validating missing data and cross checking of data from different sources * Processing, Analyzing and presenting data in a useful way to members. * Gathering Macro Economic and Automotive industry news from: Newspapers and other sources Confidentiality Clause: This report as well as the attached Excel sheet are the Exclusive property of and its members and should not be reproduced or distributed to outsider parties. This report was prepared and developed by: Integrated Management Consultancy IMC, which is a Management Consultancy Office with specific areas of strengths in: * Marketing Specially Business to Business, * Human Resources Specifically in Learning Organizations, * Six Sigma Methodology - Manufacturing. * SME Upgrading and Training - World bank / Business Edge Partner * On the Job Coaching. IMC Rami Y. Camel-Toueg & Associates 22 RASHID ST. OFF EL OROUBA ST. 1ST FLOOR, SUITE # 6, 11341 HELIOPOLIS, CAIRO, EGYPT. MOBILE: + (2010) 19 757 11 TEL. /FAX: + (202) 2690 1472 / + (202) 2690 1476 / + (202) 258 4015 Email: IMC-Egypt@link.net 3

2. LOCAL INDUSTRY ANALYSIS 4

2.1. TOTAL AUTOMOTIVE MARKET Total Market split September 2009 - September 2010 in volume September 2009 September 2010 Buses, 880, 5% Buses, 1,146, 5% PC, 14,407, 8 Trucks, 2,424, 14% PC, 16,995, 79% Trucks, 3,525, 16% Passenger Cars Buses Trucks Total Market Volume 14,407 880 2,424 17,711 Passenger Cars Buses Trucks Total Market Volume 16,995 1,146 3,525 21,666 Total Market volume for the month of September 2010 was higher than September 2009 sales by 2 from 17,711 to 21,666 units. The Passenger cars segment had a volume increase of 18% in units, when comparing September 2009 to September 2010; the Buses segment had a volume increase of 30%, and the Trucks segment had a volume increase of 45% 5

Total Market split YTD 2009 YTD 2010 in volume YTD 2009 YTD 2010 PC, 112,560, 77% Buses, 9,969, 7% Buses, 13,192, 7% Trucks, 24,099, 16% Trucks, 29,566, 16% PC, 144,739, 77% Passenger Cars 112,560 Passenger Cars 144,739 Buses 9,969 Buses 13,192 Trucks 24,099 Trucks 29,566 Total Market Volume 146,628 Total Market Volume 187,497 Total Market volume for the YTD 2010 was higher than YTD 2009 sales by to 187,497 units. 28% from 146,628 The Passenger cars segment had a volume increase of almost 29% in units, when to YTD 2009; the Buses segment had a volume growth of 3 and the Trucks segment had a volume increase of 23% 6

Total Market September 2010 sales analysis in volume 17,551 20,569 19,647 15,376 22,590 21,896 22,424 19,341 15,601 19,616 19,536 15,931 21,813 21,666 18,944 17,711 19,756 18,723 20,414 13,148 10,765 2010 2009 2010 YTD Avg 2009 YTD Avg Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec This chart is developed in order to assist in giving a comparative view of current month results to all directly relevant previous results, which could have impact on future market performance projections and/or demand forecasts. This chart has been developed consistently for all 3 sectors. * September 2010 sales are higher than 2010 YTD average by * September 2010 sales are higher than 2009 YTD average by * September 2010 sales are higher than 2009 average by * September 2010 sales are higher than September 2009 by * September 2010 sales are Lower than August 2010 by 4.0% 33.0% 26.5% 22.3% -0.7% Performance in September 2010 is higher than the YTD 2010 average, the YTD 2009 average, 2009 Average, September 2009 Sales but lower than August 2010 Sales 7

Total Market YTD 2009 YTD 2010 by Origin in volume 101,216 86,281 80,792 65,836 CKD CBU YTD 09 YTD 10 CKD sales for Year 2010 are higher than Year 2009 by YTD 2010 to 2009 results. 3 when comparing From another side, CBU YTD 2010 sales are higher by 25% than 2009. 8

Total Market by Brand YTD 2009 YTD 2010 in volume ( Top 12 ) Chevrolet 36,590 51,248 Hyundai 29,213 40,638 Kia Nissan Speranza 8,243 11,385 8,708 9,699 7,857 16,835 Toyota Suzuki Renault Mercedes Skoda Volkswagen Mitsubishi 7,418 7,270 5,534 6,321 3,393 5,176 3,425 3,642 2,644 3,183 3,599 2,919 3,768 12,030 21,763 21,624 0 10,000 20,000 30,000 40,000 50,000 60,000 YTD 2010 YTD 2009 9

Total Market by Brand YTD 2009 YTD 2010 in market share (Top 12) Chevrolet 25.0% 27.3% Hyundai 21.7% 19.9% Kia 5.6% 9.0% Nissan 6. 5.9% Speranza 5. 5.4% Toyota 4.0% 8. Suzuki Renault 3.9% 3.8% 3.4% 2.3% Mercedes 2.8% 2.3% Skoda 1.9% 1.8% Volkswagen 1.7% 2.5% Mitsubishi 1.6% 2.6% 11.6% 14.7% 0.0% 5.0% 10.0% 15.0% 20.0% 25.0% 30.0% YTD 2010 YTD 2009 10

2.2. Passenger Cars: PC Market split September 2009 September 2010 in volume September 2009 1.5L~1.6L 59% 1.6L~2.0L September 2010 1.5L~1.6L 63% 1.3L~1.5L 19% 1.0L~1.3L 1 >2.0L SUV<=2.0L 4% SUV>2.0L 4% <= 1.0L 1.3L~1.5L 20% 1.0L~1.3L 6% 1.6L~2.0L >2.0L SUV<=2.0L 3% SUV>2.0L <= 1.0L 3% <= 1.0 L 169 <= 1.0 L 318 1.0L ~ 1.3 L 1,518 1.0L ~ 1.3 L 958 1.3L ~1.5 L 2,748 1.3L ~1.5 L 3,499 1.5L ~1.6 L 8,504 1.5L ~1.6 L 10,670 1.6L ~ 2.0 L 162 1.6L ~ 2.0 L 360 > 2.0 L 113 > 2.0 L 185 SUV<=2.0 L 650 SUV<=2.0 L 524 SUV > 2.0 L 543 SUV > 2.0 L 481 PC Volume 14,407 PC Volume 16,995 For the month of September, the overall total PC market grew by 14,407 to 16,995 units. The main reason of this growth is due to the growth of 1.5L-1.6L by over the figures of September 2009. 18% from 25.5% 11

PC Market split YTD 2009 YTD 2010 in volume 1.5L~1.6L 58% YTD 2009 1.5L~1.6L 64% YTD 2010 1.3L~1.5L 20% 1.0L~1.3L 9% 1.6L~2.0L >2.0L SUV<=2.0L 5% SUV>2.0L 3% <= 1.0L 1.3L~1.5L 18% 1.0L~1.3L 6% 1.6L~2.0L >2.0L SUV<=2.0L 4% SUV>2.0L 3% <= 1.0L <= 1.0 L 1.0L ~ 1.3 L 2,367 10,480 2-16% <= 1.0 L 1.0L ~ 1.3 L 2,879 8,768 1.3L ~1.5 L 1.5L ~1.6 L 1.6L ~ 2.0 L 21,917 65,055 2,355 16% 43% 44% 1.3L ~1.5 L 1.5L ~1.6 L 1.6L ~ 2.0 L 25,377 93,041 3,391 > 2.0 L 1,331-0% > 2.0 L 1,327 SUV<=2.0 L 5,157 9% SUV<=2.0 L 5,602 SUV > 2.0 L 3,898 1 SUV > 2.0 L 4,354 PC Volume 112,560 29% PC Volume 144,739 The overall total PC market grew by 29% from 112,560 units to units. The main reason of this growth is due to the 1.5L-1.6L which has respective growth of 43% over the figures of 2009. 144,739 12

PC Market September 2010 sales analysis in volume 13,951 15,670 14,938 15,036 17,444 18,411 16,013 15,402 15,759 16,281 15,265 16,995 14,407 16,212 14,681 15,473 9,313 11,665 11,086 12,558 7,105 2010 2009 2010 YTD Avg 2009 YTD Avg Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec This chart is developed in order to assist in giving a comparative view of current month results to all directly relevant previous results, which could have impact on future market performance projections and/or demand forecasts. This chart has been developed consistently for all 3 sectors. * September 2010 sales are higher than 2010 YTD average by * September 2010 sales are higher than 2009 YTD average by * September 2010 sales are higher than 2009 average by * September 2010 sales are higher than September 2009 by * September 2010 sales are higher than August 2010 by 5.7% 36% 28% 18% 4.4% Performance in September 2010 is higher than the YTD 2010 average, the YTD 2009 average, 2009 Average, September 2009 Sales and August 2010 Sales. 13

PC Market split by Origin YTD 2009 YTD 2010 in volume 89,128 YTD 09 69,378 YTD 10 55,611 43,182 CKD CBU CKD increased in volume by 29%, and CBU increased by 28%. 14

PC Market split by Brand Origin YTD 2009 YTD 2010 in volume 56,964 17,252 22,111 20,580 17,827 37,924 23,397 32,264 YTD 09 YTD 10 11,45013,067 100 0 1,857 2,506 Europe Japan S.Korea Turkey US Asia China * European grew by * Japanese dropped by * South Korean grew by * Turkish dropped by * US increased by * Asian increased by * Chinese increased by 28% -13% 50. -100% 37.9% 34.9% 14. 15

PC Market by Brand YTD 2009 YTD2010 in volume ( Top 12 ) HYUNDAI 28,959 40,129 Chevrolet 30,130 21,475 KIA 8,243 16,835 Speranza 7,857 9,699 Nissan 6,096 7,944 RENAULT 3,347 6,321 SKODA 2,644 3,642 MERCEDES 3,506 2,581 VW 2,989 3,138 TOYOTA 2,739 5,525 Suzuki 2,334 1,841 Proton 2,074 1,586 16,397 19,268 YTD 10 YTD 09 16

PC Market by Brand YTD 2009 YTD 2010 in Market Share ( Top 12 ) HYUNDAI 26% 27.73% Chevrolet 19% 20.8 KIA 7% 11.63% Speranza 6.70% 7% Nissan 5.49% 5% RENAULT 4.37% 3% SKODA 2.5 MERCEDES 2.4 VW 2.07% 3% TOYOTA 1.89% 5% Suzuki 1.6 Proton 1.43% 11.33% 17% 0.00% 5.00% 10.00% 15.00% 20.00% 25.00% 30.00% 17

PC Brands by Origin versus CKD & CBU YTD 2009 YTD 2010 (Volume) CKD Chevrolet HYUNDAI Speranza Nissan MERCEDES BMW JEEP MAHINDRA KOMODO BRILLIANCE Auto Great Wall 432 271 386 1,099 153 335 130-1,334 1,403 1,068 288 345 2,146 1,587 1,726 6,769 4,877 9,941 9,699 7,780 16,509 13,723 16,100 YTD 10 YTD 09 * Chevrolet increased by * Hyundai increased by * Speranza increased by * Nissan increased by 20% 6 25% 39% * Mercedes increased by 35% * BMW sales increased by 29% * Jeep sales increased by 3 * Komodo dropped by -65% * Brilliance Auto dropped by -54% * Mahindra increased by 59% CBU HYUNDAI KIA Chevrolet RENAULT SKODA VW TOYOTA Suzuki Proton DAIHATSU BRILLIANCE Auto MERCEDES MITSUBISHI FIAT Nissan HONDA SEAT Geely OPEL BMW Speranza 8,243 7,752 6,321 3,347 3,642 2,644 2,989 3,138 2,739 5,525 2,334 1,841 2,074 1,586 1,969 2,339 1,636 955 1,360 994 1,232 2,532 1,193 942 1,175 1,219 963 2,045 888 800 497 475 379 982 246 337 0 77 3,006 2,587 13,621 19,018 16,835 24,029 YTD 10 YTD 09 * Hyundai grew by 26% * Kia increased by 104% * Chevrolet increased by 76% * Renault increased by 89% * Skoda increased by 38% * VW dropped by -5% * Toyota dropped by -50% * Suzuki increased by 27% * Proton increased by 3 * Daihatsu decreased by -16% * Brilliance Auto increased by 7 * Mercedes increased by 37% * Mitsubishi decreased by -5 * Fiat increased by 27% * Nissan decreased by -4% * Honda decreased by -53% * Seat increased by 1 * Geely increased by 5% * Opel decreased by -6 * BMW dropped by -27% 18

PC Models market share by segment YTD 2010 in volume: Suzuki - M800 Maruti 65% Chevrolet - Spark 3 Daihatsu - Sirion 1.0 4% Suzuki - Alto 1.0L Suzuki - Alto 0.8L 0% 0% 0% 20% 40% 60% 80% Speranza - A113 26% KIA - Picanto 19% HYUNDAI - I10 17% PROTON - Saga 10% FIAT - Punto 7% HYUNDAI - ATOS 6% Suzuki - Celerio 3% MITSUBISHI - Lancer 3% GEELY - Panda 3% DAIHATSU - Sirion TOYOTA - Avanza Jac A-138 TOYOTA - Yaris 0% 0% 10% 20% 30% Segment <=1 L Segment From 1L to 1.3 L 2,879 Units 8,768 Units CHEVROLET - Lanos CHEVROLET - Aveo 1.5 HYUNDAI - Verna Viva VW - Passat 1.4 BRILLIANCE AUTO FSV KIA - Rio VW - Golf 6 FIAT - Grand Punto SUBARU - Impriza HONDA - CITY GWM - Florid TOYOTA - Avanza 1.5 FRV 6% 4% 3% 3% 6% 2 5 0% 10% 20% 30% 40% 50% 60% Segment from 1.3L to 1.5L 25,377 Units 19

PC Models market share by segment YTD 2010 in volume (continued) Hyundai - Verna 1.6 17. Hyundai - Elantra Hyundai -New Accent 8.9% 8.5% Kia - New Cerato Nissan - Sunny1.6 7.3% 7.8% Kia - New Carens Chevrolet - Cruze 6. 6.0% Chevrolet - OPTRA Renault - Logan Sedan 4.8% 5.3% Skoda - Oct. Fantasia Speranza - A516 Hyundai - Matrix 2.6% 3. 3.7% Toyota - Corolla NG 1.6 HYUNDAI - Getz Renault - Fluence Mercedes - C180 VW - Jetta Mitsubishi - Lancer 1.6 Honda - Civic Proton - Gen2 Nissan - Tiida Proton - Persona Ford - Focus Renault - Logan MCV Geely - CKII Opel - Vectra Brilliance Auto - FRV Opel - Astra Geely - MK 1.9% 1.8% 1.3% 1. 1. 0.9% 0.8% 0.6% 0.6% 0.5% 0.3% 0. 0. 0. 0. 0. 0. 6.4% 0.0% 2.0% 4.0% 6.0% 8.0% 10.0% 12.0% 14.0% 16.0% 18.0% Segment from 1.5L to 1.6L 93,041 Units 20

PC Models market share by segment YTD 2010 in volume (continued) BMW - 318i 25% Mercedes - E250CGI 20% Mercedes - C250 CGI 17% Speranza - A620 9% BMW - 320i 9% Hyundai - Sonata 5% Brilliance Auto - Galena 5% Mercedes - E-Class 4% Audi - A4 4% -10% 0% 10% 20% 30% 40% 50% 60% E 300 S 350 C300Av. AMG 525iB 5-series Town & Country 750Li S 500 330i XF 525iE Sonata 523i 7-Series Accord 7% 7% 5% 5% 5% 5% 3% 3% 3% 15% 34% -10% 0% 10% 20% 30% 40% 50% 60% Segment from 1.6L to 2L Segment >2L 3,391 Units 1,327 Units Tiggo 1.6 5 Terios 29% Tiggo 2.0 8% Hover Tiguan 1.4 Tuscon Scorpio GLX GRAND VITARA Explosion 1.6 Explosion 1.3 0% 0% 20% 40% 60% Wrangler Mahindra - Chevrolet - X-Trail Komodo GLX Prado Land Cruiser BMW X3 Mercedes GLK Komodo GL Dpdge - Ram Kia - New Explorer Grand Kia - MOHAVE BMW - X-series Santa Fe 9% 7% 7% 6% 6% 6% 5% 4% 5% 1 0% 5% 10% 15% SUV< =2L SUV > 2L 5,602 Units 4,354 Units 21

PC by Model YTD 2009 YTD 2010 in volume (>1500 cars) Verna 1.6 9,756 15,904 Chevrolet Lanos 10,347 12,860 ELANTRA 8,250 7,660 New Accent 1.6 3731 7,951 New Cerato 2,848 7,303 SUNNY 4,877 6,769 New Carens 1,257 5,739 Cruze 879 5,624 OPTRA 3,865 4,972 LOGAN SEDAN 1,816 4,511 AVEO 1.5 3,649 3,376 Oct. Fantasia 957 3,434 Speranza A516 2,985 3,280 Tiggo 1.6 1,177 2,914 MATRIX Speranza A113 2,433 1,746 2,266 1714 YTD 10 YTD 09 Suzuki Maruti 1,871 1,318 COROLLA NG 1.6 1,799 2,679 22

Taxi Project Sales Total Taxi 2500 2028 2000 1500 1297 1777 1795 1355 1429 1633 1685 1573 1423 1328 1299 1496 1000 441 500 363 141 576 715 0 Apr-09 May-09 Jun-09 Jul-09 Aug-09 Sep-09 Oct-09 Nov-09 Dec-09 Jan-10 Feb-10 Mar-10 Apr-10 May-10 Jun-10 Jul-10 Aug-10 Sep-10 Taxi Project Sales as Percentage of Total PC Sales Percentage of Total PC 14.00% 12.00% 10.33% 13.17% 11.28% 11.76% 11.1 11.28% 10.00% 8.00% 9.4 8.8 10.89% 9.08% 7.2 7.98% 8.80% 6.00% 4.00% 3.98% 2.43% 3.60% 4.10% 2.00% 0.94% 0.00% Apr-09 May-09 Jun-09 Jul-09 Aug-09 Sep-09 Oct-09 Nov-09 Dec-09 Jan-10 Feb-10 Mar-10 Apr-10 May-10 Jun-10 Jul-10 Aug-10 Sep-10 23

September 2010 Taxi Sales 900 800 835 700 600 500 400 300 200 353 301 100 0 7 Chevrolet / LANOS HYUNDAI / Verna 1.6 PEUGEOT / PARS SPERANZA / A516 SPERANZA / A113 0 24

2.3 Buses Buses Market split September 2009 September 2010 in volume September 2009 Transport Micro Micro 36% Tourism Micro 8% Transport Micro 3 September 2010 Transport Midi Transport Maxi 0% Tourism Maxi Transport Maxi- City 6% Transport Micro Micro 26% Transport Maxi- City 0% Transport Maxi 0% Transport Mini 15% Tourism Mini Tourism Micro 8% Tourism Maxi Transport Midi Transport Mini 14% Tourism Mini 6% Transport Micro 4 Transport Micro Micro 317 Transport Micro Micro 296 Tourism Micro 67 Tourism Micro 86 Transport Micro 280 Transport Micro 487 Tourism Mini 52 Tourism Mini 9 Transport Mini Transport Midi 125 12 Transport Mini Transport Midi 170 13 Tourism Maxi Transport Maxi 17 3 Tourism Maxi Transport Maxi 10 4 Transport Maxi-City 7 Transport Maxi-City 71 Buses Volume 880 Buses Volume 1,146 When comparing September 2009 to September 2010, total Buses Segment increased by an overall of 30% from 880 units to 1,146 units. 25

Buses Market split YTD 09 YTD 10 in volume Tourism Micro 16% YTD 2009 Tourism Micro 7% Transport Micro 35% YTD 2010 Tourism Mini Transport Micro Micro 33% Transport Maxi-City 0% Transport Maxi 0% Tourism Maxi Transport Midi 3% Transport Mini 1 Tourism Mini 3% Transport Micro Micro 3,289 Tourism Micro 1,612 Transport Micro 3,199 Tourism Mini 278 Transport Mini 1,158 Transport Midi 275 Tourism Maxi 64 Transport Maxi 61 Transport Maxi-City 33 Buses Volume 9,969 Transport Micro 3 Transport Micro Micro 4 Transport Mini 8% Transport Midi Tourism Maxi Transport Maxi Transport Maxi- City 3% Transport Micro Micro 5,549 Tourism Micro 880 Transport Micro 4,649 Tourism Mini 283 Transport Mini 1,055 Transport Midi 168 Tourism Maxi 164 Transport Maxi 122 Transport Maxi-City 322 Buses Volume 13,192 When comparing YTD 2009 to YTD 1010, total Buses Segment grew by an overall of 3 from 9,969 units to 13,192 units. Tourism segments volume decreased by -3. Transport segments volume increased by 48% 26

Buses Market September 2010 sales analysis in volume 2,307 1,783 1,420 1,689 1,417 1,523 881 774 1,133 1,119 1,319 1,384 1,141 1,004 1,087 1,154 1,146 880 751 1,092 1,337 2010 2009 2010 YTD Avg 2009 YTD Avg Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec This chart is developed in order to assist in giving a comparative view of current month results to all directly relevant previous results, which could have impact on future market performance projections and/or demand forecasts. * September 2010 sales are lower than 2010 YTD average by * September 2010 sales are higher than 2009 YTD average by * September 2010 sales are higher than 2009 average by * September 2010 sales are higher than September 2009 by * September 2010 sales are Lower than August 2010 by -2 3% 5% 30% -25% Performance in September 2010 is higher than the YTD 2009 average, the 2009 average and September 2009 Sales, but lower than 2010 YTD Average and August 2010 Sales 27

Buses Market YTD 2009 YTD 2010 by Origin in volume 7,317 4,820 5,149 5,875 CKD CBU YTD 09 YTD 10 CKD increased by by 14% 5 in volume against last year's volume; CBU increased 28

Buses Market by Brand YTD 2009 YTD2010 in volume SUZUKI 3,289 4,385 TOYOTA 2,399 3,432 CHEVROLET 588 1,498 King Long - 1,097 NISSAN 556 1,015 BRILLIANCE AUTO 950 860 MCV/MERCEDES 333 795 MITSUBISHI 678 501 HYUNDAI 298 245 77 165 YTD 10 YTD 09 29

Buses Market by Brand YTD 2009 YTD2010 in Percentage SUZUKI 33. 33% TOYOTA 18. 34% CHEVROLET 6% 11.4% King Long 0% 8.3% NISSAN 6% 7.7% BRILLIANCE AUTO 7. 9% MCV/MERCEDES 3% 6.0% MITSUBISHI HYUNDAI 5. 5% 2.3% YTD 10 YTD 09 0.6% 0% 5% 10% 15% 20% 25% 30% 35% 40% 30

Buses Models Market Share By Segment YTD 2010 In Volume Chevrolet - N200, 1164, 2 Suzuki - Microbus Chevrolet - N200 Suzuki - Microbus, 4385, 79% Transport Micro Micro Segment 5549 3% Nissan Urvan 2 0% H-1 STAREX TQ 3 Toyota Hiace 35% BRILLIAN CE AUTO 20% Toyota Hiace 65% King Long -SXQ6500 24% Transport Micro Segment 4649 Tourism Micro Segment 880 29% MCV 240E 19% GB CRUISER NGL\GB 2 GM- NPR66L 25% Transport Mini Segment 1055 31

Buses by Model YTD 2009 YTD2010 in volume SUZUKI/Microbus 3289 4385 TOYOTA/HIACE King Long SXQ6500-1,097 2210 3167 UR-VAN BRILLIANCE AUTO Hyundai/H-1Starex TQ GM-NPR66L MCV 240E Toyota Coaster MERCEDES/MCV 600 GM-NQR 71R GB Cruiser C1 953 496 950 860 286 236 262 372 198 134 189 265 106 45 72 192 1 68 1,718 2,483 YTD 10 YTD 09 32

2.4 TRUCKS Trucks Market split September 2009 September 2010 in volume September 2009 Light Trucks 5% September 2010 Light Trucks 5% Light Medium Trucks 24% Light Medium Trucks 16% Pickup 73% medium Trucks 0% Heavy Trucks 3% Mini Pickup/ Van Pickup 65% Mini Pickup/ Van 3% Heavy Trucks medium Trucks 0% Mini Pickup /Van 57 Mini Pickup /Van Pickup 1,772 Pickup Light Trucks 119 Light Trucks Light Medium Trucks 396 Light Medium Trucks Medium Trucks 9 Medium Trucks Heavy Trucks 71 Heavy Trucks Truck Volume 2,424 Truck Volume 104 2,308 179 841 19 74 3,525 Trucks segment increased by 45%, mainly due to Pickup segment increased by 30% which has the highest contribution in volume. 33

Trucks Market split YTD 2009 YTD 2010 in volume YTD 2009 Light Trucks 6% YTD 2010 Light Trucks 5% Light Medium Trucks 16% Light Medium Trucks 19% Pickup 69% Medium Trucks Mini Pickup /Van 4% Heavy Trucks 4% Pickup 66% Medium Trucks Heavy Trucks 3% Mini Pickup /Van 5% Mini Pickup /Van 1000 Pickup 16655 Light Trucks 1447 Light Medium Trucks 3845 Medium Trucks 223 Heavy Trucks 929 Truck Volume 24,099 Mini Pickup /Van 1629 Pickup 19605 Light Trucks 1549 Light Medium Trucks 5484 Medium Trucks 521 Heavy Trucks 778 Truck Volume 29,566 Trucks segment grew by 22.7%, mainly due to Pickup segment growth of by 17.7% which has the highest contribution in volume. 34

Trucks Market September 2010 sales analysis in volume 3,848 3,576 3,457 4,009 3,525 2,826 2,844 2,779 2,716 2,392 3,131 2,885 2,232 3,130 2,770 2,596 2,525 2,424 2,793 2,950 3,604 2010 2009 2010 YTD Avg 2009 YTD Avg Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec This chart is developed in order to assist in giving a comparative view of current month results to all directly relevant previous results, which could have impact on future market performance projections and/or demand forecasts. This chart has been developed consistently for all 3 sectors. * September 2010 sales are higher than 2010 YTD average by * September 2010 sales are higher than 2009 YTD average by * September 2010 sales are higher than 2009 average by * September 2010 sales are higher than September 2009 by * September 2010 sales are Lower than August 2010 by 7.3% 31.6% 26.5% 45.4% -12. Performance in September 2010 is higher than the YTD 2010 average, the YTD 2009 average, 2009 Average, September 2009 Sales but lower than August 2010 Sales. 35

Trucks Market YTD 2009 YTD 2010 by Origin in volume 23,353 YTD 09 YTD 10 17,834 6,265 6,213 CKD CBU CKD increased by 30.9% and CBU decreased by -0.8%. However, CKD volume has much more influence on YTD volume than CBU. 36

Trucks Market by Brand YTD 2009 YTD2010 in volume CHEVROLET 14,527 19,620 Nissan 2,426 2,056 TOYOTA 2,280 3,073 JAC 1,099 568 MITSUBISHI 1,009 735 MCV/MERCEDES 875 511 SUZUKI 551 404 IVECO 274 328 VW 176 461 1,256 1,436 YTD 10 YTD 09 37

Trucks Market by Brand Market Share YTD 2009 YTD2010 CHEVROLET 60.3% 66.4% Nissan 8. 8.5% TOYOTA 7.7% 12.8% JAC 3.7% 2.4% MITSUBISHI 3.4% 3.0% MCV/MERCEDES 3.0% 2. SUZUKI 1.9% 1.7% IVECO 0.9% 1.4% VW 0.6% 1.9% 4. 6.0% YTD 10 YTD 09 0.0% 10.0% 20.0% 30.0% 40.0% 50.0% 60.0% 70.0% 38

Trucks Models Market Share By Segment YTD 10 in Volume Nissan Pickup S/C 1 3% 1 HILUX 1 CANTER 13% TFR SINGLE CAB 73% NQR 71 TRK 1 NPR 66 TRK 65% Pickup Segment 19605 Light Medium Trucks Segment 5484 IVECO AT720T42TH 4% IVECO AD-N410T42H 7% 35% MERCEDES ACTROS 2040 1 MERCEDES ACTROS 3340 8% MERCEDES 4140B 9% JAC HFCHT Heavy Trucks Segment 778 MERCEDES ACTROS 4048 S/L 6% MITSUBISHI MITSUBISHI FUSO HL 10% MERCEDES 4048K- MPII 7% 39

Trucks by Model YTD 2009 YTD2010 in volume Chevrolet TFR 14,521 Chevrolet NPR 66 2,652 3,578 11,019 Nissan Pickup S/C 1,620 2,383 Toyota/Hilux 2,253 3,005 Mitsubishi CANTER Chevrolet NKR55 Chevrolet/NQR 71 JAC HFCL Suzuki Pickup Daihatsu V 118 707 469 675 416 611 320 591 293 336 383 246 555 YTD 10 YTD 09 Suzuki Van JAC HFCM Mitsubishi L200 VW Crafter Nissan PickupD/C 215 21 194 187 38 80 17 181-352 2,546 3,201 40