Some key points from the document: - Canadian vehicle sales were down slightly in July and September but up in August, resulting in a 1% increase year-to-date for 2011. - Certain manufacturers like Hyundai/Kia saw significant gains while others like Honda, Mazda, and Toyota saw losses. - Top selling vehicles included the Ford Escape, Chrysler Journey, Honda Civic, and Hyundai Elantra among compacts and mid-size sedans and the Ford F-Series and Ram pickups. - Competition is fierce across segments, with manufacturers constantly jockeying for position through new products and adjustments to strategy.

1. by Strada October 2011 Canadian SalesThree Quarter Point 2011

2. Trend Of The Third QuarterJuly: - 5%August: +3%September: - 0.5 %YTD 2011: + 1% Did everyone decide to take it easy at the beginning and end of the quarter. While gaining momentum in the middle. In a compressed market it’s a game of who deploys the most effective tactics for the month. While adhering to their strategies for the quarter.

3. Success Some manufacturers are hitting the sweet spot of the Canadian market, and their objectives. In a fiercely competitive and unforgiving market.

4. It sure does! Three quarters of the way in 2011 some manufacturers are by now well entrenched in the mediocrity groove. While disseminating a variety of reasons and rationales.

5. Down Acura: - 14% GM: - 1% Honda: - 16% Infiniti: - 17% Lexus: - 11% Mazda: - 14% Subaru: - 2% Suzuki: - 41% Toyota: - 12%

6. Plus + Minus - Chrysler: + 22,982 Ford: + 9,157 Hyundai: + 8,565 Kia: + 9,337 VW (Jetta): + 8,710 Total: 58,751 In a stagnant market with ferocious competition these folks gain sales, and market share. Not a coincidence that their gains are someone else losses. Hyundai/Kia are becoming an MBA case study. GM: - 1,421 Honda: - 16,299 Mazda: - 8,722 Nissan: - 4 Subaru: - 294 Suzuki: - 2,953 Toyota: - 16,568 Total: 46,261 A competitive manufacturer instantly picks up the shortcomings. The strategy is not to get caught too far behind. GM-Nissan-Subaru are on the “bubble”. Must Be A Coincidence…Or NotYTD market is up by 18,292 vehicles

7. Compact Mid Size Sedans Honda Civic………37,774 Hyundai Elantra.…36,652 Mazda 3…………..28,781 Toyota Corolla…....27,608 Chevrolet Cruze.…27,257 VW Jetta………….20,969 Civic remains in the lead with the slimmest of margin. Elantra, Cruze, and Jettaare disrupting the segment. With ongoing elbowing for position. Sales results from: Automotive News Ford Fusion……....15,252 Hyundai Sonata….13,341 Nissan Altima…….10,284 Chevy Malibu………9,419 Toyota Camry………8,681 Honda Accord..........7,196 Fusion remains the lead with a comfortable margin! Sonata persists in making its presence felt. Camry and Accord are still trailing. Some NumbersThree Quarter Point 2011

8. CUV/SUV Pick Ups Ford Escape…………35,322 Chrysler Journey…….23,286 Hyundai Santa Fe……20,016 Honda CR-V…….……18,087 Chevy Equinox….……17,663 Toyota RAV4……….…15,390 Escape in the lead as usual, with the Journey reinforcing its position. The Santa Fe gained momentum. Ford F Series……………74,620 Ram………………………48,447 GMC Sierra………..….…34,046 Chevy Silverado…………29,436 Is the Ram stealing sales from the others? Ram is gaining sales in a stagnant segment. What do you think? Some Numbers – 1Three Quarter Point 2011

9. Entry Luxury Luxury CUV/SUV BMW 3 Series…………8,849 M-B C Class…….....…6,725 Audi A4……………..…4,377 Infiniti G…………..……2,704 Cadillac CTS…….……2,511 Buick LaCrosse….……2,306 Acura TL………….……2,022 Lexus IS…………..……1,744 Volvo S60……….……..1,155 MerBimAucontinues, the G regained its position. Have sales of sedans reached a ceiling? What do you think? Lexus RX………………..4,856 Acura MDX…………..…4,225 M-B GLK…………..……4,042 Audi Q5…………....……3,553 BMW X3……….……..…3,343 Lincoln MKX…..………..3,215 BMW X5……….………..2,995 Buick Enclave….…..…..2,864 Cadillac SRX……...……2,446 M-B M Class……..….….2,167 Acura RDX……...…..….2,021 The ferocity of competition is increasing in this segment. Some Numbers – 2Three Quarter Point 2011

10. Pony Cars Did You Know? Mustang…………….4,031 Camaro……………..3,242 Challenger………….2,112 Seems that who wanted one, got one! YTD 11 = 9,385 YTD 10 = 10,954 What do you think? SLS AMG……………….84 Lamborghini……………..52 Maserati………..…..…..112 Ferrari…………..………162 Panamera……….….…..289 GT-R…………….….….…56 R8……………………..….118 Bentley……………..…….78 Equus……………….…….94 Cinquecento…….…….4,364 Grand Cherokee………7,344 Explorer……………..…7,223 Some Numbers – 3Three Quarter Point 2011

11. CanadaBy now its abundantly clear which manufacturers are more focused on the Canadian market. While achieving dramatically different results. Some manufacturers have embarked on a journey, and are executing strategies to increase their sales in Canada. Other manufacturers are still waiting for “something” to come along, while relinquishing sales to the competition. Needless to mention that a market that has grown by 1% in the first 9 months is competitive, and fraught with perils.

12. Our Thoughts The losers have persisted to increase their losses. Some are hanging on to uphold their market position. Others are inexorably gaining on a monthly, and quarterly basis. New product is always a powerful lever to increase sales. The third quarter has confirmed who will win and lose. We all know who they are, and what story lines they disseminate. Have pick ups have reached a sales ceiling? Sedans are inexorably morphing into some form “utility vehicle”. Certified Pre Owned continues its positive vector. Some manufacturers will have to finally admit, and face up to a new reality by year end. Fascinating to see the execution of “Going into 2011 it will be a tight, unforgiving market” from the various manufacturers. The last quarter will solidify what we already know, but expect some maneuvering for positions. Thank You