HONDA Siel CARS ANNOUNCES SUBSTANTIAL REDUCTION IN PRICES POST-BUDGET 2003

March 3, 2003 New Delhi

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Honda Siel Cars India, one of the leading manufacturers of premium and luxury cars in the country, has announced revised prices for its cars, following the eight per cent reduction in excise duty as per Budget 2003-04. The prices of Honda cars have been reduced in the range of Rs. 27,000-35,000 for the Honda City models and upto Rs. 65,000 for Honda Accord. The new prices would be effective across the country with immediate effect. Reacting on the excise cut announced in the Budget, Mr. N.K. Goila, Vice-President, Honda Siel Cars India, said, “The eight per cent reduction in the excise duty on cars is surely a long-awaited and welcome decision. We are sure this move will more than cover up for the low industry sales during the month of February ’03, in the wake of the expected excise cut.” Honda Siel Cars sold 316 units of its cars during February 2003. About Honda Siel Cars India Ltd. (HSCI): HSCI was established in December 1995, with Honda Motor Co., (Japan) and Siel Ltd. (India) being the key promoters. The company figures among the top players in the Indian premium and luxury car market. HSCI started commercial production in December 1997 with an indigenisation level of over 50%, which has been raised progressively and is currently over 72%. Honda Siel introduced the Honda City car, an extremely successful engineering marvel, in India in December 1997 and the New Honda City in November 1999. In August 2000, Honda Siel added to the line-up by introducing the Honda City VTEC. The internationally successful Honda Accord, the latest offering by the company, was launched in July 2001.