Continental has Acquired 89.66 Percent of Oltas SPA

HANOVER – August 29, 2008: After the approval of the Turkish antitrust authorities last week Continental AG has acquired 89.66 percent of the shares in Oltas SPA headquartered in Istanbul, Turkey.

Oltas is Continental's exclusive tire distributor for the passenger car and commercial vehicle tire brands Continental, Uniroyal and Barum in Turkey. "We are glad about this quick approval process. Now we will improve our market position for commercial vehicle and passenger car tires in Turkey and in Eastern Europe overall significantly step by step," said Dr. Alan Hippe, Executive Board member responsible for the Passenger Car Tire division who was elected as deputy CEO for Continental AG recently.

Turkey is considered to be one of the European growth markets for the next few years and is also one of the biggest markets for commercial vehicle tires in Europe. Oltas SPA achieved sales of some 39 million euros in 2007 with a workforce of 65. Today, it has a franchise dealer network with more than 200 shops that is to be expanded even further.