NOMURA ON AUTOS Volumes Below Our Estimate For Ashok Leyland, TVS & Tata Motors M&M’s Tractor Volumes Covered Up For Weaker SUV Sales Bajaj Auto’s & Maruti’s Wholesales Ahead Partly Driven By Higher Exports Small Cars Unlikely To See Significant Revival & SUVs Will Continue To Gain Share NOMURA ON AUTOS Volumes Below Our Estimate For Ashok Leyland, TVS & Tata Motors M&M’s Tractor Volumes Covered Up For Weaker SUV Sales Bajaj Auto’s & Maruti’s Wholesales Ahead Partly Driven By Higher Exports Small Cars Unlikely To See Significant Revival & SUVs Will Continue To Gain Share

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