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AVTOVAZ GROUP INTERNATIONAL FINANCIAL REPORTING STANDARDS INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS 30 June 2016 AVTOVAZ GROUP Interim Condensed Consolidated Financial Statements 30 June 2016 Contents Section page number Report on Review of Interim Condensed Consolidated Financial Statements ..................................................................................... 3 Interim Condensed Consolidated Statement of Financial Position ....................................................................................................... 5 Interim Condensed Consolidated Statement of Comprehensive Income .............................................................................................. 6 Interim Condensed Consolidated Statement of Cash Flows ................................................................................................................. 7 Interim Condensed Consolidated Statement of Changes in Equity ...................................................................................................... 8 Selected Explanatory Notes to the Interim Condensed Consolidated Financial Statements ............................................................... .9 1. Corporate information ......................................................................................................................................................... 9 2. Going concern ..................................................................................................................................................................... 9 3. Basis of preparation of the interim condensed consolidated financial statements and changes to significant accounting policies and estimates ........................................................................................................................................................ 9 4. Impairment of non-financial assets ................................................................................................................................... 12 5. Balances and transactions with related parties .................................................................................................................. 13 6. Cash and cash equivalents ................................................................................................................................................. 15 7. Trade receivables .............................................................................................................................................................. 15 8. Financial assets ................................................................................................................................................................. 16 9. Inventories ......................................................................................................................................................................... 16 10. Other current assets ........................................................................................................................................................... 16 11. Property, plant and equipment ........................................................................................................................................... 17 12. Intangible assets ................................................................................................................................................................ 17 13. Investments in associates and a joint venture .................................................................................................................... 17 14. Receivables for jointly controlled assets ........................................................................................................................... 18 15. Other payables and accrued expenses ............................................................................................................................... 18 16. Provisions .......................................................................................................................................................................... 18 17. Loans and borrowings ....................................................................................................................................................... 19 18. Other taxes ........................................................................................................................................................................ 19 19. Share capital ...................................................................................................................................................................... 20 20. Sales .................................................................................................................................................................................. 20 21. Cost of sales ...................................................................................................................................................................... 20 22. Administrative expenses ................................................................................................................................................... 20 23. Distribution costs .............................................................................................................................................................. 21 24. Other operating income and expenses ............................................................................................................................... 21 25. Other financial income and expenses ................................................................................................................................ 21 26. Income tax benefit ............................................................................................................................................................. 21 27. Contingencies, commitments and guarantees .................................................................................................................... 21 28. Segment information ......................................................................................................................................................... 22 29. Financial instruments and fair value hierarchy .................................................................................................................. 23 Ernst & Young LLC ООО «Эрнст энд Янг» Sadovnicheskaya Nab., 77, bld. 1 Россия, 115035, Москва Moscow, 115035, Russia Садовническая наб., 77, стр. 1 Tel: +7 (495) 705 9700 Тел.: +7 (495) 705 9700 +7 (495) 755 9700 +7 (495) 755 9700 Fax: +7 (495) 755 9701 Факс: +7 (495) 755 9701 www.ey.com/ru ОКПО: 59002827 Report on review of interim condensed consolidated financial statements To the shareholders of JSC AVTOVAZ Introduction We have reviewed the accompanying interim condensed consolidated financial statements of JSC AVTOVAZ and its subsidiaries, which comprise the interim condensed consolidated statement of financial position as at 30 June 2016 and the related interim condensed consolidated statements of comprehensive income, changes in equity and cash flows for the six-month period then ended and selected explanatory notes. Management of JSC AVTOVAZ is responsible for the preparation and presentation of these interim condensed consolidated financial statements in accordance with IAS 34 Interim Financial Reporting. Our responsibility is to express a conclusion on these interim condensed consolidated financial statements based on our review. Scope of review We conducted our review in accordance with International Standard on Review Engagements 2410 Review of Interim Financial Information Performed by the Independent Auditor of the Entity. A review of interim financial statements consists of making inquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance with International Standards on Auditing and consequently does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion. A member firm of Ernst & Young Global Limited Conclusion Based on our review, nothing has come to our attention that causes us to believe that the accompanying interim condensed consolidated financial statements are not prepared, in all material respects, in accordance with IAS 34 Interim Financial Reporting. Emphasis of matter Without qualifying our conclusion, we draw attention to Note 2 in the interim condensed consolidated financial statements, which indicates that JSC AVTOVAZ and its subsidiaries incurred a net loss of 27,037 million rubles during the six-month period ended 30 June 2016 and, as of that date, JSC AVTOVAZ and its subsidiaries’ current liabilities exceeded their current assets by 74,559 million rubles. These conditions, along with other matters as set forth in Note 2, indicate the existence of a material uncertainty that may cast significant doubt on JSC AVTOVAZ and its subsidiaries’ ability to continue as a going concern. 27 July 2016 Togliatti, Russia A member firm of Ernst & Young Global Limited AVTOVAZ GROUP Interim Condensed Consolidated Statement of Financial Position as at 30 June 2016 (In millions of Russian Roubles unless otherwise stated)

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