Vladimir Putin Visited KAMAZ

On 11 February Vladimir Putin, Russia’s Prime Minister made a business visit to KAMAZ.

In the presence of Vladimir Putin a letter of intent between KAMAZ and Daimler AG regarding their strategic partnership and supply contracts between KAMAZ and the RF Ministry of Defence and Minisrty of Emergency Situations were signed. Letters of intent were also signed with the RF Ministry of the Interior, the RF Federal Penitentiary Service and OAO State Transport Leasing Company.

Prime Minister congratulated KAMAZ on the conclusion of contracts, highly appreciated the company’s activity under the current difficult conditions and made special mention of the Russian Governement’s particular role in KAMAZ’s progress and its crisis-management measures taken to support the Russian automobile industry. In conclusion Vladimir Putin said:

– I wish you every success this year. I have confidence that this company will not only overcome the hardships caused by the recession, but will even expand, taking advantage of its opportunities in the domestic and international markets. Good luck!

The documents were signed in the presence of Sergey Chemezov, Chairman of KAMAZ Board of Directors, Director General of the Russian Technologies State Corporation, Andreas Renshler, a member of the Board of Management of Daimler AG, Head of Daimler Trucks Division, Sergey Kogoghin, Director General of OJSC KAMAZ, and Sergey Skvortsov, Managing Director, President of Troika Capital Partners.

Besides, Vladimir Putin visited the Auto-Racing Centre and met with members of the KAMAZ-master team, the winners of the recent Dakar.

Thursday, 11 February 2010

Daimler Trucks to increase stake in Russian truck manufacturer KAMAZ with planned support of the European Bank for Reconstruction & Development

• Daimler Trucks expands its local presence in Russia
• Daimler Trucks and KAMAZ have implemented initial projects as part of their strategic partnership and are about to begin producing and selling trucks in Russia in the first quarter 2010
• European Bank for Reconstruction and Development (EBRD) is also proposing to become a KAMAZ shareholder

Stuttgart/Moskau – Daimler AG and Russia’s leading investment bank Troika Dialog have signed a memorandum of understanding (MoU) regarding the strengthening of Daimler’s role in the Russian truck manufacturer KAMAZ, through the acquisition of five percent of the KAMAZ shares held by Troika Dialog.

Under this plan, Daimler AG and the EBRD, are in negotiations to acquire this stake in KAMAZ owned by Troika Dialog. The acquisitions would be made in parallel and closely coordinated.

Daimler AG will initially increase its holding in KAMAZ by one percent to 11 percent. The remaining four percent of the deal would be bought by the EBRD. As a result of this transaction, the EBRD would obtain representation on the KAMAZ Board of Directors. Daimler AG has a seat on the KAMAZ Board of Directors since 2009.

The parties to the contract have agreed not to disclose the price at which the five percent stake will be purchased from Troika Dialog.

Daimler Trucks began a strategic partnership with KAMAZ, Russian Technologies and Troika Dialog in December 2008, when Daimler acquired a 10 percent stake in KAMAZ.

“The planned increase of our stakes in KAMAZ is strengthening the strategic partnership of Daimler Trucks at KAMAZ,” says Andreas Renschler, Daimler Board of Management member responsible for Daimler Trucks and Daimler Buses. “This is not only a strategically important step for Daimler Trucks, especially under the currently difficult economic conditions — it also sends a clear signal. The strategic partnership with KAMAZ and the projects that have already been completed have set a further milestone toward opening up the Russian market with its promising growth opportunities. It will allow us to further expand Daimler Trucks’ global presence.”

Sergei Kogogin, General Director of KAMAZ, adds: “The increase of Daimler Trucks in the strategic partnership with KAMAZ demonstrates that our co-operation is on the right course and is making KAMAZ to an internationally competitive company.”

According to Ruben Vardanian, Chairman and CEO of Troika Dialog, “As the financial investor Troika Dialog is very pleased to contribute the development of this partnership, which commenced at the beginning of the global recession and has produced results in such short time, leading to today’s broadening of its financial and technological parameters. KAMAZ chose a very reliable partner in Daimler, which should be commended for its commitment to and confidence in this partnership and its strategy, as well as in the Russian auto market in general. Troika Dialog will continue to support the partnership in the future”.

“This agreement carries strategic significance for Russia and the Russian auto sector. It also speaks to a great deal of trust in Russia’s machinery industry and its overall economy, as well as the readiness of Western companies to invest in the Russian Federation,” said Sergey Chemezov, General Director at Rostechnologii State Corporation and Chairman of the Board of Directors of OJSC KAMAZ.

Daimler Trucks and KAMAZ are making very good progress in the implementation of joint projects

In November 2009, Daimler Trucks and KAMAZ signed agreements for the establishment of two joint ventures.

Daimler AG and KAMAZ each will own 50 percent of the first joint venture Fuso KAMAZ Trucks Rus, which is beginning to import semi-knocked-down (SKD) assembly kits of Fuso trucks from Japan in the first quarter of 2010. The trucks will be manufactured in Naberezhnye Chelny, where KAMAZ has its truck plant; the new company’s sales headquarter is in Kazan.

Daimler AG and KAMAZ each also will own 50 percent of the second joint venture, Mercedes-Benz Trucks Vostok, which will initially build the heavy-duty Mercedes-Benz Actros and Axor trucks in SKD assembly also located in Naberezhnye Chelny. The sales headquarters for Mercedes-Benz Trucks and Buses as well as Setra Coaches in Russia will remain in Moscow. Truck production is scheduled to commence in the second quarter of 2010, while the sales operations already began in January 2010 via the new company Mercedes-Benz Trucks Vostok.

Thursday, 11 February 2010

Meeting of KAMAZ Board of Directors

On 10 February the regular meeting of KAMAZ Board of Directors took place in Moscow.

KAMAZ Board of Directors preliminarily summed up execution of the company’s business plan for 2009.

Board of Directors again appointed Sergey Kogoghin to the post of Director General of OJSC KAMAZ for a term of four years and appointed members of KAMAZ Board of Management for a term of 4 years.

Thursday, 11 February 2010