GM-AVTOVAZ Board Meeting

GM-AVTOVAZ regularly scheduled Board of Directors meeting took place on June 2nd in Togliatti. The shareholders openly and constructively discussed the joint venture’s 2009 performance results, highlighting that ongoing success has made it possible for the company to resume paying dividends to the partners. Together with JV Management, the Board also discussed operational issues and future investment ideas for the Company.

Following recent restructuring moves within General Motors, some changes have taken place in Board membership. Particulalry James P. Bovenzi, John R. Buttermore and Hans Demant joined the Board on the part of GM. Accordingly, membership of the Board of Directors now includes the following persons: on the part of JSC «AVTOVAZ»:

• Igor Komarov — JSC «AVTOVAZ» President
• Oleg Lobanov — Executive Finance and Corporate Development, Vice President
• Polina Grishina — Corporate Management Vice President

on the part of General Motors:

• James P. Bovenzi, Managing Director GM Russia
• John R. Buttermore, GM International Operations Manufacturing Vice President
• Hans Demant, GM Vice President Global Intellectual Property Rights

on the part of EBRD:

• Michael Hoffmann — Head of EBRD Office in Volga Federal District