#1AUTO Investor Presentation | Third Quarter 2010#2GB Auto I. Company Overview AUTO#3AUTO GB Auto's integrated value chain provides a unique platform for growth GB Auto provides customers a differentiated service experience, building brand equity... Sales After-Sales Assembly Manufacturing and Distribution Financing Service ...and provides investors diversified and growing exposure across various automotive fields in growth-driven markets 3 GB Auto#4AUTO 4 GB Auto offers a compelling investment case Leading position in the Egyptian automotive market • Highly profitable, low-cost assembly (passenger car and commercial vehicles) and manufacturing (bus-body, trailers, superstructures) • Largest distribution and after-sales network in Egypt for passenger cars and commercial vehicles (vital infrastructure that would be significantly costly for competitors to replicate) • Exclusive Egyptian distributor for leading global brands such as Hyundai, Mazda, Mitsubishi, and Volvo • Expanding export potential (buses and trailers) and first-mover investment advantage in other MENA markets, such as Iraq, will add significant growth • Operating in stable, under-penetrated Egyptian economy with strong consumption growth; supported by government • • • Supported by growth in retail bank lending and Egyptian consumer spending, rendering it one of the only "consumer plays" on the Egyptian stock market Strong management team and compounded annual revenue growth of nearly 40% over the past five years • Solid balance sheet and financing potential GB Auto#5AUTO GB Auto's operations are segmented across four primary lines of business Passenger Cars ("PC") 76.3% of 9M10 Sales Revenue Commercial Vehicles and Construction Equipment ("CV") Motorcycles and Three Wheeler 'Tuk-tuks' ("2- and 3-Wheelers") 9.0% of 9M10 Sales Revenue 7.9% of 9M10 Sales Revenue Others 6.8% of 9M10 Sales Revenue B HYUNDAI mazda Assembly and distribution of imported un-assembled units (CKD) Distribution of fully-assembled imported units (CBU) After-sales service and distribution of spare parts Entered market in Iraq, Hyundai representation Launched Mazda in Egypt Expanding after-sales and distribution network CKD capacity expansion expected by year end VOLVO FUSO Marcopolo Assembly and distribution of trucks and buses Bus-body manufacturing Manufacturing and distribution of superstructures and trailers Distribution of construction equipment After-sales service and distribution of spare parts GB Polo factory's new paint-shop facility expected to more than double capacity to 14 buses per shift * BAJAJ Distribution of two-wheel scooters, Boxer motorcycles and three-wheelers ("tuk-tuks") Introduction of new model in January 2010 Customers provided with financing options through Mashroey Substantial growth in spare parts activity مشروعي Mashroey LASSA YOKOHAMA Distribution of passenger car, truck, and bus tires Microfinance venture to finance the purchase of GB Auto tuk-tuks Finance for commercial vehicle and corporate lease clients Passenger transportation services Launch of micro-finance venture, Mashroey Launch of new tire representation, Yokohama 5 GB Auto#6GB Auto II. Understanding the Business AUTO#7AUTO Strong demand, fueled by increasing consumption, solid market recovery and low penetration rates, sets the stage for growth in the Egyptian passenger car market PC Egypt Remarkable growth over the past 5 years was driven by increasing purchasing power of a rising middle class PC Market, Annual Sales Over the past year, the market has steadily climbed to pre-crisis levels PC Quarterly Sales Units 60,000 250,000 200,000 198,800 179,178 158,926 133,591 150,000 40,000 94,322 100,000 55,471 50,000 20,000 2004 2005 2006 2007 2008 2009 CAGR:37.6% CAGR:23.4% Q3-10 Q2-10 Q1-10 Q4-09 Q3-09 Q2-09 Q1-09 Q4-08 Q3-08 Q2-08 Q1-08 Management has focused CKD assembly on models within the largest market segment PC Market Segmentation, FY09 Management anticipates substantial future growth on the back of relatively low penetration rates 7 GB Auto 10% 8% China >1.6L <1.3L 17% Algeria Morocco 1.3L 1.5L 65% Egypt 1.5L-1.6L Vehicle Ownership Nominal GDP per capita (USD) Number of cars per thousand people 3,566 128 3,816 109 2,847 53 2,450 30 Egypt possesses considerable growth potential as it approaches GDP per capita of USD 3,000 Sources: Automotive Marketing Information Council (AMIC); GB Auto Research#8AUTO PC GB Auto dominates the local market on the back of its unmatched distribution and after- sales network, wide product offering, and positioning as the "best-value-for-money" product Leading market player with 28.4% Egypt market share* Hyundai Motor Co.'s Best Distributor in Africa and Top 5 worldwide Largest Nationwide distribution and after- sales service network currently tripling in capacity Accent HYUNORI 8 9M Volume of Key Market Players Hyundai Chevrolet Kia Speranza Nissan 10,000 20,000 30,000 40,000 50,000 9M-08 9M-09 9M-10 Hyundai gains, Chevrolet and Kia lose, and Speranza and Nissan benefit from Toyota's loss in market share Location of GB Auto Distribution and After-Sales Facilities Currently Operating Under Construction Planned for Construction PC Revenue reaching EGP 3.9 billion in 9M2010, with gross margin over 10% GB Auto Recently re-introduced Mazda vehicles to expand product offering Partnership with Canada's Centennial College to establish GB Auto Academy to train up to 4,000 employees Source: Automotive Marketing Information Council (AMIC) *GB Auto market share calculated as Hyundai + Mazda MATRIX#99 Thousand b/d, avg 1,000 2,000 2008 3,000 * Economist Intelligence Unit estimates GB Auto 2009 Iraq millions 10 20 30 MENA Population Statistics AUTO PC The Iraqi market promises significant growth potential given elevated pent-up demand Iraq boasts the largest population among its peers in the Gulf and Levant region Iraq's economy is experiencing relatively solid GDP growth rates Libya Jordan UAE With oil production on the rise... 2010* Iraq Oil Production 2011* Lebanon Kuwait Qatar USD Bahrain 1,500 3,000 -5.0% 0.0% 5.0% 10.0% Iraq GDP Growth vs. Peers in Gulf and Levant ווייי Qatar Lebanon Syria Iraq Bahrain Jordan KSA ...GDP per capita and subsequently demand is witnessing gradual increases 4,500 Iraq GDP Per Capita (PPP) Source: Economist Intelligence Unit, CIA World Fact Book UAE Kuwait Libya#10AUTO PC Iraq GK Auto continues to achieve sales and growth levels in-line with management expectations Understanding the Iraqi Joint Venture... GK Auto's performance year-to-date... • . • GK Auto is a 50-50 joint venture set up between GB Auto (Egypt) and Al Kasid* (Iraq) GB Auto is responsible for day-to-day management, Al-Kasid provides resources to support the operation GK Auto, set up in the Jordanian Free Zone Area, wholly owns an Iraqi subsidiary which distributes Hyundai vehicles throughout Iraq Jordan Iraq • • Average monthly sales increased from 2,250 units per month to current levels of 2,500 units per month Gross margins currently in the range of 6%, and will be maintained at 6-7% through year end, with net margins at 4-5% The gradual phase out of parallel imports, should see gross margins increase to the 7- 8% range in the near-term • Strategy going forward is to expand Iraqi footprint through network of distribution and after-sales service network • To minimize capital expenditure requirements, this will be accomplished through cost-effective rental of properties *Al Kasid Group hold exclusive rights to distribute Hyundai Motor Company products in Iraq 10 GB Auto#11AUTO Going forward, continued growth is expected as GK-Auto and Mazda Egypt operations mature, supported by Hyundai Egypt's market dominance. PC 11 GB Auto Egypt • • • Roll-out of 8 new service centers is planned for 2010 and 2011, tripling the total number of bays GB Auto is exploring the opportunity to partner with a global car manufacturer to assemble an entry level car in Egypt, with the right to distribute in Egypt, the Middle East, Africa, and parts of Europe • Currently confirming price-positioning of Mazda in the market to create solid platform for growth in 2011 Iraq • • • • Based on automotive penetration rates and GDP growth in Iraq, current sales of c.2,500 units per month represent the "tip of the iceberg” Burgeoning of Iraq passenger car operations as GB Auto continues to successfully phase-out parallel imports thereby dominating its market segment, and potentially earning a market share greater than that in Egypt Margin improvement as operations evolve from the "start-up” phase, and parallel imports are phased out • Cost-efficient investment in an after-sales network is planned covering North Iraq in Irbil (currently under construction), South Iraq in Basra (planning phase) and Central Iraq in Baghdad (site location and selection)#12AUTO CV Egypt The commercial vehicle market has been gradually recovering, with 3Q10 significantly improved over 3Q09, although not yet up to 3Q08 levels After two years of fluctuating trends, the truck market is clearly on the path towards recovery and growth Units 3,000 2,000 Medium and Heavy Truck Market Sales Volume The bus market is beginning to recover, driven by improving demand from corporate clients and the tourism industry Units 1,600 1,200 Bus Market (excluding microbus) Sales Volume 4Q-09 1Q-10 2Q-10 3Q-10 3Q-09 800 400 1Q-08 3Q-10 2Q-10 1Q-10 4Q-09 3Q-09 2Q-09 1Q-09 2% 8% 5% Minibus Midibus Maxibus Microbus The largest segment of the truck market, the pick-up truck, is absent from GB Auto's product range Truck Market Segmentation, FY09 The microbus represents the highest sales among smaller buses sold in the market Bus Market Segmentation, FY09 1,000 1Q-08 2Q-08 3Q-08 2Q-09 1Q-09 4Q-08 71% 24% 12 GB Auto Light Truck 3% 12% Medium Truck Heavy Truck ■ Pickup Truck 85% Source: Automotive Marketing Information Council (AMIC)#13AUTO CV Egypt The Commercial Vehicle Division has seen modest growth on 2009; while sales are driven by a pick-up in demand, margins remain under pressure Buses Trucks Trailers Construction Equipment • • • 39.7% market share in 9M2010 (exc. microbuses) Bus sales were challenged by a sharp slowdown in pace at which traffic authorities were granting new minibus licenses to private contractors—the majority of GB Auto's clients Margins are under pressure due to the expected price sensitivity of a recovering market and reduction of high- COGS inventory Margins will improve with release of high-COGS inventory and higher utilization rates in GB Polo Suez facility • Investment in quality-upgrade of manufactured buses over the past year creating high export potential • • • 15.9% market share in 9M10 Price-sensitive public sector contracts currently dominating heavy truck market The heavy truck market is 20% down year-on-year, further hampering sales • Light-medium trucks are the primary growth drivers for the truck division • Margins continue to be challenged by the ongoing devaluation of the Egyptian pound • Management is exploring the opportunity to enter into the sizeable pick-up truck segment • Quality issues on trailers continue to be addressed; this is expected to continue throughout 2010 • Unit sales down in 3Q10 as management continues to move old stock after addressing quality issues • New demand from GB-Allab Remorque having positive impact on sales • • • Sales results have been modest year-to-date A key supplier has agreed to measures that should improve our competitiveness Possible additional government stimulous spending, and a speed-up in spending by developers would enhance prospects for this segment 13 GB Auto#14AUTO CV Going forward, the CV segment is set to experience positive changes with the introduction of products to complete the product range, and strengthening of internal systems New Products New Markets • • GB Auto is exploring partnering with a global automotive manufacturer to complete GB Auto's product range in Egypt: . CKD Assembly of pick up trucks and microbuses ⚫ Manufacturing of bus body on city-bus (coach) chassis to be used for inter-city transportation Development of a large distribution and after-sales network to support the above operations • • Management plans to capitalize on presence in Iraq by replicating the GB Auto Egypt model in Iraq, through expansion of Commercial Vehicle operations and developing an after-sales network With the GB Polo Suez facility in full swing as of 4Q2010, export operations are expected to develop in 2011 New Systems / Managerial Approach • • Strengthening operating processes relating to stock management, after-sales, product development and pricing Developing effective owned and independent dealer network to support sales growth • Improving cost structure and cash generation • Improving customer satisfaction by providing best-in-class customer and product support in the sales and after-sales experience 14 GB Auto#15AUTO Cycles, Scooters, Tuk-Tuks The Motorcycles and Three-Wheelers segment continues to perform well due to strong market fundamentals and GB Auto's responsiveness to market needs The three-wheeler market has been enjoying robust growth over the past 3 years Three Wheeler Market Sales Volume GB Auto offers a wide product range within this business segment Egypt Units 60,000 47,878 40,830 43,251 40,000 29,401 20,000 2006 2007 CAGR: 17.6% 2008 2009 YogeshSarkar.com interwebin GB Auto continues to witness strong performance of its Motorcycles and Three-Wheelers business • . In 9M2010, 10.0% growth over 9M2009 unit sales despite supply issue in third quarter related to the phasing in of new Egyptian Standards Organization (ESO) standards for three-wheelers Gross profit margins strengthened by 3.0% • After-sales segment is performing above management expectations GB Auto offers the most after-sales outlets for tuk- tuks, leading to strong customer loyalty • While historically GB Auto was the only market player, competition is now emerging In 2010, competition entered the market for the first time and although management recognizes that market share erosion is inevitable, demand has so far not been affected Management is protecting its first-mover advantage and market leadership, through • • Mashroey, the first micropayments venture for tuk-tuks which currently drives over 10% of sales After-sales network and solid spare parts activity now with open channels to dealers 15 GB Auto#16AUTO Other GB Auto's other lines of business are contributing more to the top line, predominantly due to the success of newly operational ventures Tire Egypt . • Tires sales continue to perform well, with revenues up 43.6% in 9M10 year-on-year; with healthy gross margins of 18.0% In July 2010, Yokohoma representation became operational; sales have been constrained by FX pressures, but the new segment has seen wide acceptance in the market Current Product Range: LASSA Passenger car tires Light truck tries 16 GB Auto YOKOHAMA Passenger car tires Semi-truck tires Truck tires Bus Tires Financing Business مشروعي • • Mashroey Micropayments venture, which finances the purchase of two- and three-wheelers through GB Auto • In its first three months of operation: • Mashroey has been a strong sales driver and has already surpassed management projections with 16 branches year-to-date; on track to have around 20 branches by year-end • 2,069 loans for tuk-tuks and 63 motorcycles since it launched in April 2010; current monthly run rate of over 350 vehicle loans • GB Lease • Finance for commercial vehicle sales and corporate fleet sales • Total leased assets of EGP 134.4 million as at 30 • September 2010 • Zero non-performing loans at the end of 9M10 • GB Lease nonetheless continues to make provisions and focuses on the implementation of leading risk- management practices#17AUTO Business Strategy Existing Business 17 GB Auto GB Auto is leveraging its brand equity, regional presence, and the strength of its network to expand across the automotive value chain Sales Assembly Manufacturing and Financing After-Sales Service Distribution Passenger Car CKD assembly Bus Body Manufacturing Passenger Cars Commercial Vehicles Tuk-tuk SKD assembly Trailers Two- and Three- Wheelers Tires Commercial vehicle sales and fleet sales Mashroey Passenger Cars Commercial Vehicles Two- and Three- Wheelers Assembly of new entry-level passenger car in Egypt Assembly of pick-up truck and microbus Manufacture of bus body on new chassis for large coach to be used for inter-city transportation Expand CV operations to Iraq Broaden passenger car, bus and truck ranges, with stronger export capabilities Develop consumer finance operations in collaboration with one of the top three local banks Expand after-sales know-how and spare parts activity to support PC operations in Iraq#18AUTO Management's future plans focus on key growth and profitability drivers Egypt Where we see the opportunity... Iraq . Maintain leadership in passenger car market . • Dominate the mini-bus segment • Continue to expand after-sales and distribution center thereby expanding customer reach • Support sales of passenger cars, commercial vehicles and three- and two-wheelers through financing options • Increased profitability due to larger contribution of financing businesses to the top-line and larger contribution of after-sales segment, particularly post-rollout of service centers in 2010 • Given growth of the economy and pent-up demand, monthly sales of 2,500 units are considered the "tip of the iceberg" • Operating after-sales network to support sales, solidify market presence and increase profitability • • Potential expansion of GB Auto's commercial vehicle and tuk-tuk operations in Iraq 18 GB Auto#19GB Auto III. GB Auto's Commitment to its Shareholders AUTO#20AUTO GB Auto boasts a diversified shareholder base, and is focused on the long-term sustainability of the business and its ability to deliver to Shareholders GB Auto's Shareholding Structure A Closer Look at Shareholding Structure Segmentation of Free Float Geographic Distribution of Institutional Base 27% 73% 4% 5% 5% 31% 31% 6% 38% 34% 46% ■Ghabbour Family ■Free Float ■ HNWS ■ Institutions ■Retail ■South Africa ■UK US Egypt Europe Other GB Auto's Commitment to Shareholders GB Auto delivers on promises made to investors GB Auto is committed to continuously enhancing the depth of its management team GB Auto is committed to implementing international best-practices with regards to corporate governance and transparency 20 GB Auto#21AUTO We promised... and we delivered Expand After-Sales Capacity Opened new service center in Hurghada (Industrial Zone) with capacity of 22 working bays in October 2010 ✓ A total of 6 more after-sales service centers currently under construction across Egypt Deepen Management Team and Institutionalization Currently implementing new business processes resulting from institutionalization plan Created an organization structure that will support the business for years to come Restructured senior management to include C-Suite and Business Directors Recruitment efforts include an Excellence Program to attract high caliber graduates Pursue New Representations Resumed exclusive representation of Mazda Obtained rights to import and distribute Yokohama-brand tires Harness Consumer Credit Growth Formed Mashroey, a microfinance venture extending credit to purchasers of 3-wheelers Explore New Sources of Financing Target 25% of the National Taxi Replacement Program In 2009, GB Auto refined its financing mix by working with international institutions In March 2010, issued EGP 1 billion public bond Recorded 37.6% market share in the first phase of the taxi replacement program Recorded 64.0% market share at start of second phase of the taxi replacement program Penetrate New Markets 21 21 GB Auto Formed GK-Auto, a JV with exclusive distributorship rights for Hyundai products in Iraq#22AUTO GB Auto boasts a management team with extensive industry experience and a proven track record of performance Board of Directors Chief Internal Auditor CEO Dr. Raouf Ghabbour COO-Passenger Projects Division Legal Counsel COO- C-CAT COO - Financing Business Vehicles Mrs. Amal Ragheb Mr. Nader Ghabbour Mr. Osman Sever Chief Manufacturing & Supply Chain Officer Mr. Seifi Hassanali 22 22 Refer to Appendix (c) for management biographies GB Auto PC Advisor, Mr. Alain Sykora Financial Advisor Joint Ventures Chief Financial Officer GB Polo Mr. Wafa Tawfillis Mr. Colin Sykes Chief Business Development Officer Ms. Dina Ghabbour Chief Human Resources Officer Mr. Sherif Hanna GB Allab Remorque Mr. Hazem Raouf GK Auto Mr. Mostafa Abdel Halim#23AUTO GB Auto boasts a strong, experienced management team and superior investor relations products and services What we have... • Accessible Investor Relations team • Continuous press releases on latest company developments • Availability of latest annual report in English on company website, detailing operations, board composition, and future direction Given family-owned majority, two-thirds of the board are independent members • Board members are re-elected every 3 years Key committees established: audit, governance, remuneration • Disclosure of related-party transactions What we are working on... • Development of clear succession plans Alignment between corporate social responsibility (CSR) efforts and overall group strategy • Clear division of responsibility between Chief Executive and Chairman • Strengthening user-friendliness of the website, and completion of Arabic version of website • IFRS Reporting 23 GB Auto#24GB Auto IV. Financial Performance and Peer Analysis AUTO#25AUTO The first 9 Months of 2010 has witnessed strong top-line performance, not only recovering but surpassing 2008 pre-crisis levels, though margins are recovering more gradually (EGP million) FY09 FY08 9M-10 9M-09 9M-08 3Q-10 3Q-09 3Q-08 Revenue 4,258.4 5,192.3 5,111.8 2,940.3 4,301.0 2,045.5 1,225.9 1,677.3 Gross Profit 593.9 873.2 667.5 380.8 751.2 240.4 166.3 305.4 % margin 13.9% 16.8% 13.1% 12.9% 17.5% 11.8% 13.6% 18.2% Operating Profit 382.8 627.4 442.3 229.2 566.3 150.1 111.7 243.1 % margin 9.0% 12.1% 8.7% 7.8% 13.2% 7.3% 9.1% 14.5% Net Profit 201.4 415.7 217.8 111.5 410.3 71.4 64.1 175.8 % margin 4.7% 8.0% 4.3% 3.8% 9.5% 3.5% 5.2% 10.5% EBITDA, 12-month trailing 437.8 678.6 636 343 739.6 Net Debt 755.2 849.6 1,022.6 611.9 596.2 Net Debt/Equity 0.39 0.49 0.49 0.34 0.34 Net Debt/EBITDA 1.72 1.25 1.61 1.78 0.82 25 GB Auto#26AUTO Based on a comparables analysis of emerging markets peers operating in automotive retail, GB Auto is currently undervalued (based on 2011 estimates) FV/Sales FV/EBITDA European auto-retailers, average 0.3x EBITDA Margin 5.8x 5.3% P/E 8.9x Emerging markets auto retailers, average 0.7x 7.1x 9.4% 12.2x Select Emerging Markets: Dogus Otomotiv (Turkey) 0.4x 6.1x 5.8% 11.3x Astra International (Indonesia) 1.5x 9.4x 15.7% 15.5x Barloworld (South Africa) 0.4x 4.9x 8.2% 12.9x Delek (Israel) CFAO Tofas (Turkey) 1.0x 8.0x 12.1% 9.5x 0.8x 8.0x 10.1% 16.8x 0.7x 7.4x 10.3% 10.7x GB Auto* * GB Auto estimates, FactSet, Broker Research 26 GB Auto 0.7x 6.7x 10.0% 11.9x#27GB Auto V. Appendix AUTO#28GB Auto a. Business Overview AUTO#29Passenger Car Product Range AUTO PC 29 GB Auto Matrix#30AUTO Passenger Car Financial Performance (1/2) PC Passenger Car Sales Volume | units Passenger Car Sales Revenue | EGP million 2007 2008 2009 Hyundai Egypt 27,679 30,555 27,501 Hyundai Iraq Mazda Egypt 9M-10 9M-09 24,546 19,262 15,166 432 2007 2008 2009 9M-10 9M-09 Hyundai Egypt TOTAL 20,944 20,963 14,145 48,623 51,518 41,646 16,092 9,892 56,236 29,154 Hyundai Egypt Hyundai Iraq Mazda Egypt Hyundai Egypt 2,040.8 2,261.0 1,935.3 1,741.1 1,378.7 1,188.9 52.2 TOTAL 1,154.1 1,252.5 798.7 3,194.9 3,513.5 2,734.0 914.3 554.4 3,896.5 1,933.1 Passenger Car Gross Profit | EGP million Passenger Car Gross Profit Margin | % 2007 2008 2009 Hyundai Egypt 198.7 313.5 184.8 9M-10 9M-09 181.1 128.0 Hyundai Iraq Mazda Egypt Hyundai Egypt 75.5 3.3 Hyundai Egypt Hyundai Iraq 2007 2008 9.7% 13.9% 2009 9.5% 9M-10 9M-09 10.4% 9.3% 6.3% TOTAL 197.6 241.3 114.4 396.4 545.3* 281.9* 157.6 71.6 417.8* 181.4* Mazda Egypt Hyundai Egypt 6.2% TOTAL 17.1% 19.3% 14.3% 12.4% 15.5% 10.3% 17.2% 12.9% 10.4% 9.4% Service and Parts Revenue | EGP million Service and Parts Gross Profit and Margin | EGP million, % Hyundai Egypt Hyundai Iraq 2007 2008 2009 119.5 161.9 159.1 9M-10 9M-09 138.1 118.9 2007 Hyundai Egypt Hyundai Iraq 50.9 2008 2009 67.8 66.4 9M-10 57.4 9M-09 49.4 Mazda Egypt TOTAL 119.5 161.9 159.1 138.1 118.9 Mazda Egypt TOTAL 50.9 67.8 66.4 57.4 49.4 GPM 42.6% 41.9% 41.7% 57.4% 49.4% Discrepancies in sum of the parts figure and the total figure result from the inclusion of under-recovered overheads in the total figure 30 GB Auto#31AUTO Passenger Car Financial Performance (2/2) Total PC Performance | EGP million, % PC 2007 2008 2009 9M-10 9M-09 Sales Volume PC Revenue 48,623 51,518 41,646 56,236 29,154 3,194.9 3,513.5 2,734.0 3,896.5 1,933.1 Service and Parts Revenue 119.5 161.9 159.1 138.1 118.9 Sales Revenue PC Gross Profit 3,314.4 3,675.4 2,893.1 4,034.6 2,052.0 396.4 545.3 281.9 417.5 181.4 Service and Parts Gross Profit 50.9 67.8 66.4 57.4 49.4 Gross Profit 447.3 613.1 348.2 474.9 230.8 % margin 13.5% 16.7% 12.0% 11.8 11.2 31 GB Auto#32AUTO Passenger Car Market Growth Drivers PC Key Growth Drivers Significant GDP Growth Egypt is a Natural Export Hub Large, Fast-Growing Consumer Base Comments Experts predict that GDP will grow 5.5% in FY 2010/11, and return to the 7% range the following year. Egypt's strategic location, one or two-days' travel to major European, Middle Eastern and African hubs, makes the country a natural export hub. Low costs of raw materials, labor and utilities provide Egypt's exporters with a natural price advantage. Egypt has the largest population in the Middle East, and one of the youngest, as well, with nearly half of all Egyptians being under the age of 25. Consumer confidence is rising, spurring expectations of strong growth throughout the economy in the coming years Rapidly Forming Middle Class Low Motorization Index Availability of Consumer Finance The latest statistics show that GDP per capita is approaching the USD 3,000 range, accelerating demand for cars, with multipliers of up to 2.5x the rate of GDP growth being sustained for several years. Recent statistics show that the average global motorization index is 100 cars per 1,000 persons, while Egypt boasts a mere 30 cars per capita. GB Auto's management foresees the local index tripling in the coming years, given population and economic growth trends. Auto loans and microfinance are becoming more prevalent in the Egyptian market, with both lenders and borrowers in this traditionally cash-based culture growing more comfortable with the practice. Egypt's automotive market appears to have fully recovered from the recent crisis, with demand projected to return to 2008 levels this year 32 GB Auto#33AUTO Commercial Vehicle Product Range CV ROSA 33 GB Auto ROSA D MITSUBISHI VOLVO#34AUTO Commercial Vehicle & Construction Equipment Financial Performance (1/2) Sales Volume | units CV Sales Revenue | EGP million 2007 Buses 1,651 2008 2009 1,319 792 9M-10 9M-09 711 546 Buses Trucks 966 1,397 1,228 1,076 737 Trucks 2007 2008 2009 392.1 338.3 183.5 162.0 280.0 233.3 9M-10 9M-09 178.9 127.0 203.3 131.8 Trailers 227 625 646 316 513 Trailers 29.1 89.8 105.1 62.9 80.6 Cons. Equip. 21 38 85 19 38 Total 2,865 3,379 2,751 2,122 1,834 Cons. Equip. TOTAL 16.0 599.2 44.0 53.5 752.1 575.4 15.4 13.4 460.5 352.8 Gross Profit | EGP million Gross Profit Margin | % 2007 2008 2009 9M-10 9M-09 2007 Buses 75.1 66.9 31.5 20.8 23.1 Buses 19.2% Trucks 36.4 47.7 35.4 25.5 19.9 Trucks 22.5% Trailers 2.8 9.8 12.9 10.6 10.0 Trailers Cons. Equip. 1.3 5.6 5.6 1.3 2.7 TOTAL 115.7 121.5* 66.6* 47.0* 36.9* Cons. Equip. TOTAL 2008 2009 19.8% 17.2% 17.1% 15.2% 9.7% 10.9% 12.3% 8.1% 12.7% 10.5% 19.3% 16.2% 11.6% 9M-10 9M-09 11.6% 18.2% 12.5% 15.1% 16.8% 12.4% 8.7% 20.3% 10.2% 10.5% Service and Parts Performance | EGP million, % 2007 2008 2009 9M-10 9M-09 Revenue 36.3 62.0 69.6 59.1 49.5 Gross Profit 14.2 17.9 21.5 14.3 15.6 % margin 39.1% 28.9% 30.9% 24.3% 31.4% Discrepancies in sum of the parts figure and the total figure results from the inclusion of under-recovered overheads in the total figure 34 GB Auto#35AUTO CV Commercial Vehicle & Construction Equipment Financial Performance Total CV Performance | EGP million, % Sales Volume CV & CE Revenue (2/2) 2007 2008 2009 9M-10 9M-09 2,865 3,379 2,751 2,122 1,834 599.2 752.1 575.4 460.5 352.8 Service and Parts Revenue 36.3 62.0 69.6 59.1 49.5 Sales Revenue CV & CE Gross Profit 635.5 814.1 645.0 519.6 402.3 115.7 121.5 66.6 47.0 36.9 Service and Parts Gross Profit 14.2 17.9 21.5 14.3 15.6 Gross Profit % margin 35 GB Auto 129.9 139.4 88.1 61.3 52.5 20.4% 17.1% 13.7% 11.8% 13.1%#36AUTO Two- and Three-Wheelers Product Range Cycles, Scooters, Tuk-Tuks 36 GB Auto FLATINA#37Two- and Three-Wheelers Financial Performance AUTO (1/2) Sales Volume | units Sales Revenue | EGP million Cycles, Scooters, Tuk-Tuks 2007 3-Wheelers 2-Wheelers Total 2008 2009 37,575 36,615 42,592 3,255 6,636 5,286 40,830 43,251 47,878 9M-10 9M-09 2007 2008 2009 9M-10 9M-09 28,118 27,674 6,337 3,652 34,455 31,326 3-Wheelers 507.2 512.9 547.3 365.5 357.0 2-Wheelers 19.5 45.0 34.1 40.5 23.5 Total 526.6 557.9 581.4 406.0 380.5 Gross Profit | EGP million Gross Profit Margin | % 2007 2008 2009 3-Wheelers 2-Wheelers 82.6 105.6 139.1 9M-10 9M-09 99.3 84.2 2007 2008 2009 3-Wheelers 3.2 6.6 6.0 6.9 4.0 2-Wheelers TOTAL 85.7 112.3 145.1 106.1 88.2 TOTAL 16.3% 20.6% 25.4% 16.3% 14.8% 17.7% 16.3% 20.1% 25.0% 9M-10 9M-09 27.2% 23.6% 17.0% 17.0% 26.1% 23.2% Service and Parts Performance | EGP million, % 2007 2008 2009 9M-10 9M-09 Revenue 1.6 13.4 16.4 19.9 12.9 Gross Profit 0.3 2.8 3.5 6.0 2.8 % margin 18.8% 20.9% 21.3% 30.2% 22.0% 37 GB Auto#38AUTO Two- and Three-Wheelers Financial Performance Cycles, Scooters, Tuk-Tuks Total 2- and 3-Wheeler Performance | EGP million, % Sales Volume 2-W and 3-W Revenue (2/2) 2007 2008 2009 9M-10 9M-09 40,830 43,251 47,878 34,455 31,326 526.6 557.9 581.4 406.0 380.5 Service and Parts Revenue 1.6 13.4 16.4 19.9 12.9 Sales Revenue 2-W and 3-W Gross Profit 528.2 571.3 597.8 425.9 393.4 85.7 112.3 145.1 106.1 88.2 Service and Parts Gross Profit 0.3 2.8 3.5 6.0 2.8 Gross Profit 38 GB Auto 86.0 115.1 148.6 112.2 91.0 % margin 16.3% 20.1% 24.9% 26.3% 23.1%#39AUTO Other Lines of Business Financial Performance Tire Summary Performance | EGP million, % Other Sales Revenue Gross Profit % margin 2007 2008 2009 9M-10 9M-09 112.0 75.1 62.7 71.0 49.5 13.9 11.2 12.8 12.8 9.9 12.4% 14.9% 20.4% 18.0% 19.9% Financing Business Summary Performance | EGP million, % Sales Revenue Gross Profit % margin 2007 2008 2009 9M-10 9M-09 3.0 6.1 32.0 3.4 1.1 2.9 9.6 1.4 36.3% 47.8% 30.1% 41.7% Transportation Services Summary Performance | EGP million, % Sales Revenue Gross Profit % margin 39 GB Auto 2007 2008 2009 9M-10 9M-09 40.1 56.0 53.6 28.7 39.8 (6.1) (5.6) (6.0) -7.2 -4.8 -15.2% -10.0% -11.3% -25.1% -12.1%#40GB Auto b. Consolidated Financial Performance AUTO#41Sales Revenue (EGP million) 41 GB Auto Sales Summary AUTO Volume (units) 3Q-10 3Q-09 3Q-08 9M-10 9M-09 9M-08 Passenger Cars, Hyundai Egypt 14,609 13,412 16,731 40,638 29,154 44,198 Passenger Cars, Hyundai Iraq 8,043 15,166 Passenger Cars, Mazda Egypt 203 432 Three-Wheelers 130.0 156.2 12,946 28,118 27,674 24,568 Two-Wheelers 20.1 9.1 1,508 6,337 3,652 5,685 Buses Trucks Trailers 206 134 549 711 546 1,288 300 63 286 1,076 737 1,020 62 117 194 316 513 499 Passenger Cars, Egypt 982.6 890.7 1,122.8 2,707.5 1,933.1 2,997.8 Passenger Cars, Iraq 657.9 1,188.9 Three- and Two-Wheelers 150.1 165.3 184.4 406.0 380.5 375.0 Commercial Vehicles & Construction 118.9 73.1 260.2 460.5 352.8 656.2 Equipment After-Sales 74.8 61.2 62.6 217.2 181.3 178.9 Tires 37.0 20.6 27.9 71.0 49.5 59.5 Financing Businesses 15.7 1.9 1.6 32.0 3.4 2.0 Total 2,045.5 1,225.9 1,677.2 5,111.8 2,940.3 4,301.8#42Gross Profit Margin (%) AUTO Gross Profit (EGP million) Gross Profit Summary 3Q-10 3Q-09 3Q-08 9M-10 9M-09 9M-08 Passenger Cars, Egypt 118.4 97.9 184.7 342.1 181.4 489.3 Passenger Cars, Hyundai Iraq 37.5 75.5 Three- and Two-Wheelers 36.2 41.2 45.1 106.1 88.2 127.1 Commercial Vehicles & Construction Equipment 9.9 -1.24 50.2 47.0 36.9 115.6 After-Sales Tires Financing Businesses Gross Profit 27.5 6.4 21.5 81.6 67.8 63.3 6.0 5.0 3.7 12.8 9.9 9.3 4.8 0.8 0.1 9.6 1.4 -0.2 240.4 166.3 305.4 667.5 380.8 165.3 Passenger Cars, Egypt 12.0 11.0 16.4 12.6 9.4 17.5 Passenger Cars, Iraq 5.7 6.3 Three- and Two-Wheelers 24.1 24.9 24.5 26.1 23.2 20.8 Commercial Vehicles & Construction 8.4 -1.7 19.3 10.2 10.5 17.6 Equipment After-Sales Tires Financing Businesses 36.8 10.4 34.3 37.6 37.4 35.4 16.2 24.1 13.4 18.0 19.9 15.7 30.5 42.9 3.5 30.1 41.7 -10.7 42 GB Auto#43Balance Sheet Summary AUTO (EGP million) Inventory Receivables Sep-10 Jun-10 1,642.3 1,450.9 612.4 551.6 Other debtors and pre-payments 418.6 595.9 Dec-09 Dec-08 1,184.0 1,345.2 519.3 500.3 248.3 230.8 Changes between FY09 and 1H10 Properties held for resale Payables 5.4 5.6 7.5 (1,087.8) (1,005.6) (650.7) 13.1 (709.5) Other creditors and accruals Net working capital Net fixed assets 1,680.7 (207.3) (90.2) 1,383.6 1,508.3 1,643.6 Financial leasing assets 111.1 96.8 Net Assets Employed 3,175.4 3,248.6 (97.1) (140.8) 1,211.3 1,239.1 1,558.4 109.7 34.6 2,804.4 5.3 2,654.1 Inventory is related to Iraq EGP 350 million and Egypt EGP 100 million Debtors and prepayments increase is payments to suppliers for purchase of cars (EGP 150 million) Payables increases are directly related to increase in inventory Other creditors include EGP 100 million that will transfer to minority in 4Q Overdrafts less cash (180.3) (29.4) 541.0 622.0 Dividends Payable Term debt and notes 1,202.9 Long-term payables 50.5 1,198.7 50.9 214.1 54.2 227.5 63.3 Shareholder's Equity 2,004.2 Minority interest 98.2 Net capital employed 3,175.4 1,933.4 95.1 3,248.6 1,928.4 1,726.2 66.6 2,804.4 15.0 2,654.1 Current assets: Current liabilities 1.61 1.60 1.30 1.31 Net debt-to-EBITDA* *12-month trailing EBITDA 43 GB Auto 1.61 1.52 1.72 1.25 Shareholders' Equity increases marginally despite EGP 217.7 million profit because of dividend paid#44AUTO Debt Ratios Working Capital and Debt Ratios Working Capital Ratios: 90-Day moving average (days) Debtors Inventory Payables Net Working Capital Current Ratio Net Debt-to-Equity 9M-10 1H-10 FY-09 FY-08 20 24 32 51 72 12 75 81 136 (22) (23) (29) (47) 70 76 - 84 140 1.61 1.60 1.30 1.31 0.49 0.58 0.39 0.49 Net Debt-to-EBITDA* 1.61 1.52 1.72 1.25 Debt Service Coverage 2.69 2.56 2.85 1.83 *12-month trailing EBITDA 44 GB Auto#45AUTO Financial Position and Working Capital Management Cost Considerations Working Capital, Debt Position Currency effects and supply shortages had significant impact on 3Q performance ■ Devaluation of the EGP against the USD and YEN resulted in a net EGP 20.9 million reduction in profits ▪ Supply shortages of CBU vehicles in Iraq (EGP 5.6 million in lost profits) and tuk-tuks in Egypt (EGP 16.3 million in lost profits) ■ The one-off tuk-tuk shortage has been addressed; management continues to work with Hyundai to refine the mix and quantity of product available in Iraq ■ SG&A costs rose in 3Q10, on the back of the one-time cost of launching the new Mazda representation, increased costs due to the new Mashro'ey and the Iraqi operations ■ Financial costs have increased because the company is incurring costs of the bond while the funds are underutilized at present ■ 3Q saw an increase in working capital due to rise in business activity, leading to rise in debt Overall inventory (the largest WC component) remains at around 2 months for Passenger Cars and 6 months for Commercial Vehicles ■ Net debt-to-equity fell to 0.49 at the end of 3Q10 from 0.58 at the end of 2010 ■ The increase in Net debt-to-equity from 0.38 at the end of December 2009 is as expected due to the investments in Iraq and the after-sales expansion 45 GB Auto#46GB Auto c. Corporate Structure and Governance AUTO#47AUTO Management Depth, C-Suite and Operational Directors Chief Internal Auditor Board of Directors Legal Counsel COO - Financing Business Mrs. Amal Ragheb Mr. Nader Ghabbour COO-Passenger Vehicles Mr. Osman Sever Chief Manufacturing & Supply Chain Officer Mr. Seifi Hassanali Joint Ventures GB Lease Hyundai Franchise Volvo & Hyundai Warehousing Consumer Finance Mazda Franchise Mitsubishi Logistics & Insurance GB Polo Mr. Wafa Tawfillis GB Allab Remorque Hazem Raouf Projects Division COO- C-CAT CEO Dr. Raouf Ghabbour PC Advisor, Mr. Alain Sykora Financial Advisor Chief Financial Officer Mr. Colin Sykes Finance Chief Business Development Officer Ms. Dina Ghabbour Business Development Chief Human Resources Officer Mr. Sherif Hanna Administration - Treasury and Risk Marketing Human Resources Mashroey Scooters & Motorcycles Construction Equipment Procurement GK Auto Mostafa Abdel Halim Investor Relations Communications Recruitment Other Car Franchises Trailers Vehicle Manufacturing After Sales Tires Strategic Planning Analysis Personnel Information Systems Training & Development 47 GB Auto Haram Transport After Sales Financial Control#48AUTO Executive Management Biographies (1/2) 1 Dr. Raouf Ghabbour, Chairman of the Board of Directors and Chief Executive Officer, is the founder of The Ghabbour Group of Companies, which he began incepting in 1985. Dr. Ghabbour jump-started his career working in his family's auto-related trading business, where he initially established himself in the tire division. Having quickly gained a commendable reputation in the market for his business savvy, Dr. Ghabbour went on to acquire agency agreements from global OEMs, which he steadfastly turned into successful businesses. Dr. Ghabbour has grown the Company to the leading automotive assembler and distributor in the Middle East and North Africa. 2 Mr. Nader Ghabbour, COO of Passenger Cars, 2- and 3- Wheelers, started his career at GB Auto as a showroom sales representative for the passenger car division. He worked his way up to running the daily sales operations within the show room and later assumed the role of showroom sales supervisor and manager. Mr. Ghabbour's managerial capabilities were proven when he took on the more strategic role of managing the business-to-business arm of the passenger car segment. He currently serves as the chief operating officer for the passenger car division, managing the passenger car sales and after sales functions, regional operations, and the 2- and 3-Wheeler operations. Mr. Ghabbour graduated with BA in Business Administration from Boston University. 3 Mr. Osman Sever, COO of Commercial Vehicles and Construction Equipment, has dedicated his entire career to the automotive industry in which he has more than 20 years of experience. Mr. Sever recently joined GB Auto from Bayraktar Automotive A.S. in Turkey where he was a General Manager. He previously served in a number of Turkey's most prominent automotive companies: Tirsan Treyler San, Karsan Automotive Sanayi, Ford Automotive Sanayi, and Oyak Renault. Accordingly, Mr. Sever has considerable exposure to MENA and international automotive markets. Mr. Sever holds a B.Sc. in Mechanical Engineering from Istanbul Technical University and an MBA from Huran University. 4 Mr. Wafa Tawfillis, CEO of GB Polo Manufacturing JV, possesses over 24 years of industrial experience, of which 14 are in commercial vehicles in general, and bus manufacturing in particular, in multinational organizations in a number of markets including Japan, Europe, Middle East and North and South America. Mr. Tawfillis led the startup and full operation of MCV in Egypt with Mercedes Benz and later in the UK. Mr. Tawfillis has also led other projects with MCV in South Africa and Europe. Mr. Tawfillis has diversified industrial experience in a variety of fields such as heavy industry, project erecting, home appliances and FMCG products with a broad scope of managerial skills and techniques. 5 Mrs. Amal Ragheb, COO of Financing Businesses, joined GB Auto in 2009 to take charge of the Group's business activities: Leasing, Microfinance and Consumer Finance. Mrs. Ragheb holds the position of Executive Chairman for each of the individual entities set up for such purposes. Mrs. Ragheb is also in charge of the entire credit risk management policies and applications for the Group. A seasoned hands-on and results-oriented banker with a proven track record spanning 30 years, Mrs. Ragheb joined GB Auto from Mashreq Bank, UAE where she held the position of Senior Vice President of Risk Management for 2 years, moving from the same bank in Egypt where she was CEO and Country Manager for 4 years, during which period she restructured and turned around the Bank and forged its future growth strategies in Egypt. Mrs. Ragheb started her banking career with Bank of America where she spent 23 years; spanning across a series of various positions in Cairo and Dubai, until finally rising to become Bank of America's Country Manager and CEO for Egypt, as well as Regional Manager for the MENA Region, Turkey, and Sub-Sahara Africa. 48 GB Auto#49AUTO Executive Management Biographies (2/2) 6 Mr. Colin Sykes, Chief Financial Officer, has an international career that spans more than 20 years in publicly listed, equity-backed and private family-owned organizations advising various types of shareholders and businesses on corporate strategy, business and operational matters. Mr. Sykes' leadership has been in the finance, corporate finance and investor relations areas and in some cases has extended to operational areas such as supply chain and assembly. Mr. Sykes has been with GB Auto over two years as CFO. Prior to that Mr. Sykes held CFO and Finance Director positions at Lecico Egypt, Tellermate plc and the Gargour Group. He qualified as a Chartered Accountant in 1984 with the international BDO partnership and also holds a Fuqua School of Business MBA from Duke University in the USA. 7 Mr. Alain Sykora, PC Advisor, has developed extensive wholesale and retail experience in the automotive industry in both mature and emerging markets. Mr. Sykora also has experience in the sales, after-sales, marketing and business development segments of the business. Previously, Mr. Sykora worked at Zahid Tractor in Saudi Arabia as Director of the Automotive Division and held several managerial roles in Volvo Dubai and Volvo Canada. Mr. Sykora holds a degree in Economics from the University of Quebec, an Executive MBA from Paris- Dauphine-UQAM and has attended the Advanced Management Program of INSEAD. 8 Ms. Dina Ghabbour, Chief Business Development Officer, began her career at GB Auto in 2004 in the commercial vehicle division as a heavy truck sales person and grew to assume a general and strategic management position in the commercial vehicle division. By early 2006, Ms. Ghabbour was assigned the role of IPO coordinator and worked closely with different entities, including investment banks, law firms and the stock exchange throughout the process of instituionalizing the business and successfully taking it public. She was also involved in setting strategies, budgets and growth plans for GB Auto. In 2008, Ms. Ghabbour received an MBA from Instituto de Empresa in Madrid and returned to GB Auto to head the Business Development and Marketing units of GB Auto. 9 Mr. Sherif Hanna, Chief Human Resource Officer, recently joined GB Auto from Pepsico where he spent 6 years and held a number of positions. During his last position as the North East Africa Business Unit HR Director, he was responsible for the total HR strategic operations covering approximately 11,000 employees. In his previous experience, Mr. Hanna worked with American Express for 11 years in several locations including Egypt, the UK and Bahrain where he was responsible for the Middle East and North Africa Region as HR Development manager accountable for strategic direction and new HR initiatives for the Region. 10 Mr. Seifi Hasanali, Chief Manufacturing and Supply Chain Officer (CMSCO), recently joined GB Auto from Lecico Egypt SAE, a manufacturer sanitary products with 5,700 employees, where he held the position of Chief Operating Officer. Prior to this, he spent 17 years with Alfa Laval, where he managed multiple manufacturing locations in Canada and the United States. He has also managed large structural/special projects, and his last position was managing a global parts distribution center with complete order-to-fulfillment responsibility including procurement, materials management, warehousing and logistics functions. Mr. Seifi holds a Bachelor degree in Mechanical Engineering from the University of Birmingham in England. 49 GB Auto#50AUTO Board of Directors Biographies 1 Dr. Raouf Ghabbour, (Chairman of the Board of Directors and Chief Executive Officer), is the founder of The Ghabbour Group of Companies, which he began incepting in 1985. Dr. Ghabbour jump-started his career working in his family's auto-related trading business, where he initially established himself in the tire division. Having quickly gained a commendable reputation in the market for his business savvy, Dr. Ghabbour went on to acquire agency agreements from global OEMS, which he steadfastly turned into successful businesses. Dr. Ghabbour has grown the Company to the leading automotive assembler and distributor in the Middle East and North Africa. 2 Mr. Aladdin Hassouna Saba (independent director) is the co-founder and Chairman of Beltone Financial, a leading regional financial services institution operating in the fields of Investment Banking, Asset Management, Private Equity, Brokerage and Equity Research. Mr. Saba is also a founding member of the Egyptian Investment Management Association, in addition to the Egyptian Capital Markets Association. Mr. Saba sits on the boards of The Egyptian Stock Exchange, National Bank of Egypt, as well as various corporations and investment funds. 3 Dr. Walid Sulaiman Abanumay (independent director) has been the Managing Director of Al-Mareefa Al Saudia Company since 1997, where he oversees investments in both developed and emerging markets. Mr. Abanumay has held several executive roles: between February 1993 and January 1994, he was the General Manager of the Investment Department of the Abanumay Commercial Center; between November 1990 and February 1993, he worked in the Treasury and Corporate Banking department of SAMBA. Mr. Abanumay is board member of several prominent companies: Madinet Nasr for Housing and Development (since 1998), Raya Holding (since 2005), and Beltone Financial. 4 Mr. Hassan Abdalla (independent director) is the Vice Chairman and Managing Director of the Arab African International Bank (AAIB). He sits on the boards of a number of prominent private and government businesses, including the Central Bank of Egypt, the Egyptian Stock Exchange, and UBAF Bank in Hong Kong. Mr. Abdalla is Chairman of the Arab African Investment Management Company and the founder and former chairman of the Egyptian Junior Business Association. 5 Mr. Yasser Hashem (independent director) is a Managing Partner of the renowned law firm, Zaki Hashem & Partners. A member of the Egyptian Bar Association since 1989, Mr. Hashem graduated from the American University in Cairo with an undergraduate degree, and achieved his LLB in 1989 from Cairo University. 6 Mr. J.E. Kim (independent director) is the Chief Executive Officer and President of LOHAS Logitec. Mr. Kim has long been affiliated with Hyundai Motor Corporation (HMC), which he first joined in September 1978. Working his way up through the ranks, Mr. Kim became an HMC Service Team Engineer in 1980 and by 2003 had become Export Director for Middle East & Africa; his final posting at HMC was as CEO of Huyndai Motor America. Mr. Kim graduated from Korea's Kyungpook National University in 1976 with a degree in Mechanical Engineering. 50 GB Auto#51AUTO Board of Directors Biographies 7 Mr. Colin Sykes (Chief Financial Officer) has an international career that spans more than 20 years in publicly listed, equity-backed and private family-owned organizations advising various types of shareholders and businesses on corporate strategy, business and operational matters. Mr. Sykes' leadership has been in the finance, corporate finance and investor relations areas and in some cases has extended to operational areas such as supply chain and assembly. Mr. Sykes has been with GB Auto over two years as CFO. Prior to that Mr. Sykes held CFO and Finance Director positions at Lecico Egypt, Tellermate plc and the Gargour Group. He qualified as a Chartered Accountant in 1984 with the international BDO partnership and also holds a Fuqua School of Business MBA from Duke University in the USA. 8 Mr. Rainer Schmückle (independent director) comes to us with 15 years experience from Daimler AG, where for the past five years he was Chief Operating Officer (COO) for Mercedes Benz cars in Germany. Mr. Schmückle also brings important commercial vehicles experience to the Board, having served five years as Chief Financial Officer of Daimler's Freightliner business and then a further five years as Chief Executive Officer of the same. He left Daimler AG earlier this year to pursue international independent directorships in the field. Mr. Schmückle holds a degree in Industrial Engineering from Karlsruhe University in Germany. 51 GB Auto#52GB Auto d. Peer Group AUTO#53Peer Comparables Ratios AUTO (Based on 2009 Performance) Gross Profit Operating Net Profit Net Debt/ Net Debt/ Current Profit Margin EBITDA Equity Ratio Margin Margin European, average US, average 14.1% 2.3% 0.9% 2.77 0.8 1.0 15.0% 3.8% 2.0% 2.97 0.8 1.3 Select Emerging Markets: Dogus Otomotiv (Turkey) 14.2% 3.6% 1.4% 8.18 0.8 1.0 Astra International (Indonesia) 23.1% 14.0% 10.2% 5.04 0.3 1.4 Barloworld (South Africa) 23.0% 4.7% 1.7% 2.01 0.7 1.5 Delek (Israel) 14.8% 3.2% 2.8% 9.86 0.7 1.1 GB Auto, 9M2010 13.7% 9.1% 4.2% 1.61 0.5 1.6 GB Auto, FY2009 14.0% 9.3% 4.7% 1.72 0.4 1.3 53 GB Auto#54GB Auto Thank you www.ghabbourauto.com INVESTOR RELATIONS CONTACT INFORMATION: Ms. Hoda Yehia Email: Direct: Tel: Fax: Address: [email protected] +20 (2) 3910 0485 +20 (0)2 3539 1201 / 3539 3037 +20 (0)2 3539 1198 Abu Rawash Industrial Zone, Cairo-Alexandria Desert Road, Km. 28, P.O. Box 120, Giza, Egypt AUTO