GB Auto Corporate Growth and Expansion Strategy

AUTO 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

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