OREANDA-NEWS. June 03, 2008 At GM-AVTOVAZ General Shareholders’ Meeting Mr. B. Aleshin, President of AVTOVAZ Group was unanimously elected as a Chairman of the Company’s Board of Directors, reported the press-centre of AVTOVAZ.

Messrs. Chris Gubbey and Eduard Vaino were elected as members of the Board of Directors replacing Mr. W. P. Browne and Mr. V. Kapustin.

BoD members and the Company’s management expressed their gratitude to Mr. Baunov for his contribution into achieving positive operational results of the JV and his constructive leadership in developing the future of GM-AVTOVAZ. Also the BoD members expressed their gratitude to Mr.Kapustin and Mr.Browne for their activity as BoD members and for their contributions to GM-AVTOVAZ.

The election of Mr. Aleshin to a position of Chairman of the BoD is evidence of the serious commitments of both parties to the further development of the Joint Venture.

GM-AVTOVAZ Board of Directors

Boris Aleshin – President of AVTOVAZ Group;

Chris Gubbey – GME Vice-president, Managing Director GM Russia and CIS;

Eric Stevens – GME Vice-president Manufacturing;

Luca Maestri - GME Vice-president Finance;

Viktor Baunov – AVTOVAZ Group Vice- president Social Policy;

Eduard Vaino – AVTOVAZ Group Vice-president Corporate Management;

Duncan Senior – Senior Banker, EBRD.