Annual General Shareholders’ Meeting and the Board of Directors meeting held at AVTOVAZ

    June 23, Annual General Shareholders meeting and the Board of Directors meeting were held at JSC AVTOVAZ in Togliatti.

    AVTOVAZ Annual General Shareholders’ meeting approved the Company’s 2015 Annual Report and 2015 Annual Accounting Report. The decision not to pay dividends on preferred and common shares was taken.

    Members of the Board of Directors were approved by the shareholders. Mr Sergey Skvortsov, Deputy General Director of Rostec, was elected as Chairman of the Board of Directors of JSC AVTOVAZ, and Mr Denis Le Vot was elected as Vice Chairman of the Board of Directors.

    Mr Carlos Ghosn (President of Renault Group, Chairman of AVTOVAZ Board of Directors) and Mr Sergey Chemezov (Rostec General Director, Vice Chairman of AVTOVAZ Board of Directors) have left the Board along with other Board members:

    ›Mr. Andersson, Bo;

    ›Mr. Artyakov, Vladimir;

    ›Mr. Kugler, Jean-Christophe.

    The following executives were elected to the Board of the Directors of AVTOVAZ for the first time:

    ›Mr. Avetisyan, Vladimir, Deputy Chairman of the Board of ROSNANO MC;

    ›Mr. Le-Vot, Denis, Renault Group Senior Vice President, Chairman of Eurasia Region;

    ›Mr. Maure, Nicolas, President of JSC AVTOVAZ;

    ›Mr. Mueller, Stefan, Renault Group Executive Vice President, Chief Performance Officer;

    ›Mr. Vaino, Eduard, Vice President for Government and Shareholder Relations of JSC AVTOVAZ.

    The following directors continue to serve on the Board of Directors of AVTOVAZ:

    ›Mr. Bollore Thierry, Renault Group Executive Vice President, Chief Competitive Officer

    ›Mr. Zavyalov, Igor, Rostec Deputy General Director

    ›Mr. Zaitsev, Sergey, AVTOVAZ Trade Union Committee Chairman

    ›Mr. Kogogin, Sergey, KAMAZ General Director

    ›Mr. Mann, Trevor, Nissan, Chief Performance Officer

    ›Mr. Papin, Jeremie, Renault Group, Vice President for Strategy and Business Development

    ›Mr. Peter, Joseph, Nissan, Executive Vice President, Chief Financial Officer

    ›Mr. Sapelin, Andrey, VNESHEKONOMBANK First Deputy Chairman

    ›Mr. Skvortsov, Sergey, Rostec Deputy General Director

    ›Mr. Thormann, Dominique, Renault GroupExecutive Vice President, special advisor

    Participants of JSC AVTOVAZ Annual General Shareholders Meeting discussed the Company’s performance in 2015, which resulted in 269 K LADA cars sold. AVTOVAZ’s production volume of LADA, Renault, Nissan and Datsun brands including complete knock down (CKD) kits amounted to 468.5K units in 2015 (19% less than in 2014). In a view of the overall Russian automotive market downfall by 36%, LADA sales have reduced by 30%. LADA brand market share has increased from 16.4% in 2014 to 17.9% in 2015.

    AVTOVAZ Group business results in Q1 2016 demonstrate that the Company maintained its position on the Russian market and showed good sales dynamics for the new generation LADA models - Vesta and XRAY. The main achievement of the Company in the first months of 2016 is approximately 20% share of the Russian passenger car market, which is one of AVTOVAZ strategic goals.

    The AVTOVAZ Board of Directors took note of the company’s mid-term plan which targets a 20% share in the Russian automotive market, to ramp-up export sales and to drive all necessary actions for the Company’s financial recovery. This plan envisages the provision of financial support to the Company by shareholders following their review. The amount and the form of it will be announced in early autumn.

    The AVTOVAZ Board of Directors has reviewed the matters related to the changes in the executive management body, validated a schedule of the Board meetings, reviewed the Company’s 2016 budget execution.