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Investor Presentaiton

Regional Operations On a regional level, GB Auto distributes CBU units of Hyundai passenger cars in Iraq; Bajaj motorcycles & three-wheelers in Iraq; and operates after-sales service centers in Iraq. However, GB Auto will discontinue its representation of Hyundai in Iraq in 2020. • Regional Operations Regional operations witnessed a revenue decline of 5.7% y-o-y in 1Q20 to LE 1.494.6 million on the back of a drop in PC volumes. The decline was largely due to the complete lockdown in Iraq which was enforced in early March and April, effectively bringing sales activities to a halt. After discontinuing its representation of Hyundai, GB Auto successfully secured new representation with MG, a reputable British brand under Chinese ownership. Hyundai Passenger Cars in Iraq HYUNDAI Iraq Passenger Cars • Iraq PC Operations reported a 5.4% y-o-y decline in PC volumes in 1Q20, settling in at 4,016 units. Management pressed on with the liquidation of the remaining Hyundai inventory with the anticipated rollout of the MG brand towards the end of the year. Two- and Three-Wheelers Volumes recorded a solid 30.9% y-o-y increase in 1Q20 to 30,661 units, with average sales per month increasing to 2,951 units/month in 1Q20 compared to 2,254.0 units/month in 1Q19. Two & Three-Wheelers in Iraq Regional Performance 1Q19 1Q20 % Change BAJAJ Total Regions Revenues (LE million) 1,585.3 1,494.6 -5.7% Total Regions Gross Profit (LE million) 125.3 151.3 20.8% Motorcycles Gross Margin (%) Three-Wheelers 7.9% 10.1% 2.2 INVESTOR PRESENTATION | FIRST QUARTER 2020 TUCSON 20
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