BERTRAND MALLET - Inchcape

Chile Automotive OverviewGrowing TIVPremium segmentgrowing morerapidly than rest ofmarketStill an old car parcSince 2005, the TIV in Chile has grown by an average ofclose to 10% p.a., reaching over 270k new vehicles in2010Thanks to the increase of the average income and to thegrowth of a wealthy middle-class, the premium segmenthas grown by 158% vs. 33.9% for the market in generalfrom 2006 to 2010.Despite the high growth of the past few years, the averageage of the car parc is 8.5 years in ChileCar penetrationstill lowDespite having a higher GDP per capita than Argentinaand Brazil, Chile has a lower car penetration at only 102car per 1000 people vs 110 in Brazil and 140 in ArgentinaStrong BMW brandBMW has by far the strongest premium brand in ChileThanks to its growth and to the development of the premium segment, the Chilean marketrepresents a strong opportunity for InchcapeSource: JD Power/JP Morgan Cazenove/Global Insight