[PPT] - INVESTOR PRESENTATION FOURTH QUARTER 2013 Outline I. Company PowerPoint Presentation

SLIDE 1

INVESTOR PRESENTATION

FOURTH QUARTER 2013

SLIDE 2

Outline

I. Company Overview

2

II. Understanding the Business

8

III. Key Shareholder Information in a Nutshell

18

IV. Appendix
a. Business Overview

22

b. Consolidated Financial Performance

30

c. Corporate Structure and Governance

36

d. Country Overviews

40

e. Glossary of Commonly Used Terms

48

SLIDE 3

I. Company Overview

SLIDE 4

INVESTOR PRESENTATION | FOURTH QUARTER 2013 4

GB Auto is leveraging its brand equity, its regional presence, and the strength

f its network to expand across the automotive value chain
Passenger Cars in Egypt,

Iraq, Libya, Algeria

CV&CE in Egypt and Libya
2- and 3-Wheelers in Egypt
Tires in Egypt, Iraq, Libya,

Jordan, Algeria

Expanding bus offer-

ings

Seeking new regional

expansions

Seeking new represen-

tations

Sales and Distribution

Passenger Cars
Commercial Vehicles
2- and 3-Wheelers
Expand to support op-

erations in new regional markets

In Egypt, new retail
perations will distribute

tires, tire parts, batteries and lubricants

After-Sales Services

GB Lease: fjnancial

leasing

Mashroey:

microfjnance

Drive: consumer fjnance

and factoring

Increase customer reach
Diversify product port-

folios

Financing

Bus body

manufacturing

Trailers and super

structures

Manufacturing of

bus body on new chassis has begun in the GB Polo facility and more models on their way

Manufacturing

Passenger car Com-

pletely Knocked Down (CKD) assembly

2- and 3-Wheelers

Semi Knocked Down assembly

Assembly of additional

PC and CV models and potentially value added products

Assembly

Currently: Next Steps:

SLIDE 5

INVESTOR PRESENTATION | FOURTH QUARTER 2013 5

72.1% 14.6% 4.6% 3.3% 5.3% Passenger Cars 4Q13 Sales Revenue 4Q13 Sales Revenue Motorcycles & Three Wheelers

Assembly and distribution
f imported completely-

knocked-down (CKD) kits with a production capacity

f 60,000-70,000 units per

year for the Egyptian market

Distribution of imported

completely-built-up (CBU) vehicles across footprint

After-Sales service and

distribution of spare parts

Financing options provided

through Drive in Egypt

Markets: Egypt, Iraq,

Algeria, Libya

Distribution of motorcycles

and three-wheelers (“tuk- tuks”)

After-Sales service and

distribution of spare parts

Financing options provided

through Mashroey

Market: Egypt

Commercial Vehicles & Construction Equipment Financing Businesses Tires

GB Auto’s operations are segmented across five primary lines of business

4Q13 Sales Revenue 4Q13 Sales Revenue 4Q13 Sales Revenue

Assembly and distribution
f trucks
Bus-body manufacturing;

distribution of buses

Manufacturing and distribu-

tion of superstructures and trailers

Distribution of construction

and farming equipment

After-Sales service and

distribution of spare parts

Markets: Egypt, Libya
GB Auto’s Financing Busi-

nesses offer financing in all segments of the market

GB Lease provides financ-

ing for commercial vehicle and corporate lease clients

Mashroey finances the

purchase of motorcycles, tuk-tuks, YTO tractors and motor tricycles

Drive offers consumer fi-

nancing of passenger cars and factoring of auto and non-auto products

Market: Egypt
Distribution of passenger

car, van, truck, construction equipment and bus tires

Markets: Egypt, Iraq, Libya,

Algeria, Jordan

SLIDE 6

INVESTOR PRESENTATION | FOURTH QUARTER 2013 6

GB Auto’s activities are part of a three-axis strategy designed to maximize long-term growth

Expanding New Ventures Targeting High-Growth Markets Growing our Product Portfolio

The company’s key strategic goals in the coming year include:

1. Develop newly established ventures in Libya and Algeria, with the support of strong sustainable growth from Egypt and Iraq. 2. Expand brand representation and product portfolio and expand product reach across all countries of operations. 3. Continue to expand in new high-growth markets with a focus on Sub-Saharan Africa as the next growth phase.

GB Auto’s ultimate goal is to become the largest automotive player in Africa and the Middle East

SLIDE 7

INVESTOR PRESENTATION | FOURTH QUARTER 2013 7

WHERE WE SEE THE OPPORTUNITY…

Maintain leadership in passenger

car market

Fill in product gaps
Capitalize on expansions already

made and in-progress in after- sales

Support sales through financing
ptions
Target a c.10% market share in the

medium-term of passenger cars

Create after-sales network based on

the successful Egyptian model

Potential expansion of GB Auto’s

product range

Enter select Sub-Saharan African mar-

kets with a strong product range that addresses pent-up demand in traditionally under-served industry segments

EGYPT LIBYA IRAQ ALGERIA AFRICA

Given growth of the economy and

pent-up demand, current unit sales are considered the “tip of the iceberg”

Continue to expand after-sales network

to support sales, solidify market presence and increase profitability

Potential expansion of GB Auto’s

product range

Target a c.5% market share in the

medium-term of passenger cars

Augment passenger car sales with a

wide range of tire brands

Potential expansion of GB Auto’s

product range

Management’s future plans focus on regional and product expansions

SLIDE 8

INVESTOR PRESENTATION | FOURTH QUARTER 2013 8

2,818.9 2,354.2 1,877.5 1,762.0 1,318.1 4Q09 4Q10 4Q11 4Q12 4Q13 347.5 353.4 243.0 217.9 213.1 175.6 205.2 131.9 109.3 148.8 45.1 75.9 43.6 40.1 89.9 9,126.7 8,290.2 7,415.3 6,873.8 4,258.4 FY09 FY10 FY11 FY12 FY13 1,170.3 1,070.0 883.3 885.4 593.9 586.5 615.0 519.2 527.7 380.6 116.0 217.8 190.6 257.9 201.5 4Q09 4Q10 4Q11 4Q12 4Q13 4Q09 4Q10 4Q11 4Q12 4Q13 4Q09 4Q10 4Q11 4Q12 4Q13 FY09 FY10 FY11 FY12 FY13 FY09 FY10 FY11 FY12 FY13 FY09 FY10 FY11 FY12 FY13

4Q Five-Year Progression of Key Indicators

(all figures in LE million)

Gross Profjt EBIT Net Income Revenues

GB Auto consistently reports strong performance in key indicators

Gross Profjt EBIT Net Income Revenues FY Five-Year Progression of Key Indicators

(all figures in LE million)

SLIDE 9

II. Understanding the Business

SLIDE 10

INVESTOR PRESENTATION | FOURTH QUARTER 2013 10

Libya

Population 6.0 mn Nominal GDP (2013e) US$ 70.9 bn GDP / Capita: US$ 13,300 Motorization / 1,000 people 290 (in 2007)

Algeria

Population 36.9 mn Nominal GDP (2013e) US$ 202.4 bn GDP / Capita: US$ 7 ,500 Motorization / 1,000 people 114 (in 2010)

Egypt

Population 83.6 mn Nominal GDP (2013e) US$ 270.0 bn GDP / Capita: US$ 2,700 Motorization / 1,000 people 32 (in 2010)

Iraq

Population 31.9 mn Nominal GDP (2013e) US$ 238.7 bn GDP / Capita: US$ 3,750 Motorization / 1,000 people 77 (in 2006)

Jordan

Population 6.2 mn Nominal GDP US$ 28.8 bn GDP / Capita: US$ 6,000 Motorization / 1,000 people 165 (in 2011)

GB Auto is on its way to becoming a major regional player

Sources: International Monetary Fund, EFG Hermes Research, UNCTAD, World Bank, GB Auto company research

SLIDE 11

INVESTOR PRESENTATION | FOURTH QUARTER 2013 11

Location Passenger Cars Commercial Vehicles & Construction Equipment Motorcycles & Three-Wheelers Tires Financing Businesses

Egypt Iraq Libya Algeria Jordan

GB Auto has secured key representations in key regional markets

SLIDE 12

INVESTOR PRESENTATION | FOURTH QUARTER 2013 12

FY08 FY07 FY09 FY10 FY11 FY12 FY13 198,800 133,165 179,178 192,848 158,926 144,204 133,760

>1.6L 1.5L -1.6L <1.3L 1.3-1.5L

13.9% 6.3% 26.7% 53.1%

ALGERIA 7,500 JORDAN 6,000 LIBYA 13,300 IRAQ 3,750 EGYPT 2,700 GDP per Capita (USD) Country 32* 77 290 165 114

The Egyptian passenger car market is showing early signs of recovery, and the long-term outlook is strong Management has focused CKD assembly on models in the largest market segment

PC Market, Annual Sales PC Market Segmentation, FY13

Sources: Automotive Marketing Information Council (AMIC); World Bank, Business Monitor International, CIA World Fact Book, GB Auto Research

Management anticipates substantial future growth on the back of relatively low penetration rates per 1,000 people, as shown here:

The Egyptian passenger car market’s fundamentals are strong, and will continue to be so in the years to come

*Please note that this figure refers to passenger cars only, while the motorization figures of the other countries in this graphic refer to cars, buses, and freight vehicles but do not include two-wheelers.

SLIDE 13

INVESTOR PRESENTATION | FOURTH QUARTER 2013 13

GB Auto is the leading market player with a

29.9% market share in FY13 (across all brands)

Hyundai Motor Co.’s Best Distributor in Africa and Top 5 worldwide

Largest national distribution and after-sales service network

PC Revenue for Egyptian activities reached

LE 3,701.1 million in FY13

Geely has 30 points of presence and was the 4th best-selling brand nationwide in FY13 with 7.3% market share

Egypt Location of GB Auto Distribution and After-Sales Facilities Under Construction Currently Operating FY13 Market Share of Key Players*

* Source: Automotive Marketing Information Council (AMIC). Please note that AMIC figures are based on individual companies willingly contributing / reporting their sales and that GB Auto cannot check the full accuracy of these or guarantee that all companies operating in Egypt report to AMIC

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

Hyundai Chevrolet Kia Geely Toyota

FY11 FY12 FY13

17.3% 14.1% 4.6% 0.2% 7.3% 16.0% 9.4% 6.7% n/a 2.6% 8.6 18.3% 32.2% 28.6% 22.4%

SLIDE 14

INVESTOR PRESENTATION | FOURTH QUARTER 2013 14

GB Auto’s Motorcycles & Three-Wheelers line of business registered a strong finish to the year

Despite a challenging third quarter on the back of logistics disruptions associated

with recent events — and the doubling of customs duties earlier this year on three-wheelers — the segment reports a strong close to FY13. This performance continued into February 2014, with the segment reporting record sales in January despite the winter season being the traditional slow sales months for Motorcycles & Three-Wheelers.

An effective ban on the import of motorcycles and three-wheelers will have a

minimal impact on the company’s bottom line in the current fiscal year; the 12-month ban on fully built-up units was announced by the Ministry of Trade and Industry in February 2014, alongside a three-month prohibition on the import of components.

Management is confident that organic growth, new business ventures and cost

control initiatives will allow the company to deliver the same profitability in FY14 as we had originally planned, even as our top line falls slightly short.

Management remains convinced that the ban will have a sharply negative impact
n the Egyptian economy and the development of peri-urban and rural areas.

GB Auto offers a wide product range within this business segment Data on Egypt’s three-wheeler market overall is not reliable; however, it is clear that the market has enjoyed particularly robust growth in the past several years, especially following the introduction of Mashroey microfinancing in late 2010

GB Auto’s Three Wheeler Sales Volume

The Motorcycles & Three-Wheelers segment may be facing a challeng- ing year given recent regulatory decisions, but has a solid long-term out- look supported by strong market fundamentals and visionary leadership

FY09 FY08 FY10 FY11 FY12 FY13 36,615 61,722 40,805 42,592 68,527 60,801

SLIDE 15

INVESTOR PRESENTATION | FOURTH QUARTER 2013 15

The largest segment of the truck market, the pick-up truck, is absent from GB Auto’s product range for now An ongoing lack of economic clarity has dampened the light & medium trucks market

Truck Market Sales Volume (excluding pickup trucks)

The bus market remains volatile, but its long-term fundamentals are sound

Bus Market Sales Volume (excluding microbus)

Source: Automotive Marketing Information Council (AMIC)

Egypt’s commercial vehicle market is likely to remain volatile until significant economic recovery spurs infrastructure and corporate spending

Truck Market Segmentation, FY13 Bus Market Segmentation, FY13

Pickup Truck Light Truck Medium Truck Heavy Truck

1.8% 23.3% 4.8% 70.1%

Microbus Minibus Midibus Maxibus

88.7% 2.5% 0.5% 8.3% 3,000 1,000 2,500 800 2,000 600 1,500 400 1,000 500 200 Light & Medium Trucks Heavy Trucks 1Q12 3Q12 2Q12 4Q11 4Q12 1Q13 2Q13 3Q13 4Q13 1Q12 3Q12 2Q12 4Q11 4Q12 1Q13 2Q13 3Q13 4Q13

GB Auto signed an agreement with Chery (international) to distribute Kerry seven- seater vehicles and introduced the 17-seat X-Bus microbus to serve the growing bus segment

SLIDE 16

INVESTOR PRESENTATION | FOURTH QUARTER 2013 16

Unit sales of trucks are up 46.9%

Y-o-Y in 4Q13, despite a drop in the overall trucks market

Management is exploring the
pportunity to fjll the product

gaps in this segment

Unit sales rose 552.9% Y-o-Y

in 4Q13

Corporate and government

spending is still curtailed, pending revitalization of infrastructure spending nationwide, expected in the medium-term

Management is exploring op-

tions to expand this segment in new markets in North Africa and the Middle East

Unit sales of tractors rose

11.8% Y-o-Y in 4Q13

With the growth and modern-

ization of Egypt’s agricultural sector, management expects to see tractor sales perform quite well going forward, especially as our micro-fjnancing arm has begun fjnancing tractor sales

Unit sales of trailers dropped

94.8% Y-o-Y in 4Q13

This is another segment that

should become important

nce economic stability is

achieved in Egypt

A focus on exports should be

the next step

Unit sales of buses rose 13.2%

Y-o-Y in 4Q13, as the market has begun to pick up

GB Polo continues to focus on

building a strong export pipeline to the GCC and Sub-Saharan Africa

The introduction of the 17-seat

X-Bus microbus and Chery- branded Kerry, a seven-seater, closed two key gaps in GB Auto’s product portfolio

Buses Trucks Trailers Construction Equipment Tractors

The CV & CE line of business saw steady improvement in 2013 on contributions from new products and the effect of filling the gaps in the bus range, but awaits broad-based economic growth for full recovery

SLIDE 17

INVESTOR PRESENTATION | FOURTH QUARTER 2013 17

Distribution of passenger

car, van, truck, construction equipment and bus tires in fjve markets

Our Goodyear representation

in Algeria is the latest achievement in our ongoing efforts to round out this LOB’s product offering, with more important representations to come on stream soon

Regional tires sales

contributed LE 20.2 million to the top line in 4Q13

Passenger car tires
Light truck tires
Light truck tires
Truck tires
Bus Radial tires (TBR)
Passenger car tires
Light truck tires
Truck tires
Passenger car tires
Light truck tires
Truck tires
Off-the-road (OTR) tires

Operations in: Libya Operations in: Algeria Operations in: Egypt Operations in: Egypt, Iraq Operations in: Egypt, Algeria

Light truck tires
Truck tires
Bus Radial tires (TBR)

Operations in: Egypt, Iraq, Jordan

GB Auto’s Tires LOB has seen several quarters of outstanding growth and is an increasingly important contributor to overall profitability

Passenger car tires
Light truck tires
Truck tires

Operations in: Algeria

Truck tires

SLIDE 18

INVESTOR PRESENTATION | FOURTH QUARTER 2013 18

Finances consumer purchases of

passenger cars as well as factoring

Has completed phase one of its launch

strategy ahead of schedule, in which its focus was on serving Hyundai and Geely passenger car sales out of GB Auto showrooms

Has now expanded operations to include

GB Auto’s independent dealer network while simultaneously covering retail client purchases of brands that are not exclusive to GB Auto

Extends lease fjnance to a diverse asset

base: commercial vehicles, corporate fmeets and other asset classes

Focuses on risk diversifjcation by asset

class, industry sector and clients

Operates leading prudent risk

management practices with respect to provisions and risk recognition

Now ranks among the top 10 leasing

institutions in Egypt

Micropayments venture, which fjnances

the sale of GB Auto’s Bajaj-branded motorcycles and three-wheelers and YTO-branded tractors, as well as minivans, and pre-owned tuk-tuks on credit terms to low income consumers

To offset the potential impact of the

effective ban on the import of tuk-tuks and motorcycles, management will work to funnel a higher proportion of units for sale via Mashroey.

Network of 60 branches nationwide

GB Auto’s Financing Businesses are contributing more to the profitability, driven by the diversity of their portfolios

SLIDE 19

III. Key Shareholder Information In a Nutshell

SLIDE 20

INVESTOR PRESENTATION | FOURTH QUARTER 2013 20

Expanding regionally, with maturing position in Iraq and new presence

in key North African markets of Algeria and Libya

Leading position in the Egyptian automotive market, which is

characterized by low penetration rates

A diversified portfolio of partners including the leading global brands of

Hyundai, Geely, Mazda, Bajaj, Fuso, Volvo, Iveco, YTO Tractors, Great Wall, Lassa, Yokohama, Westlake, Diamond Back, Triangle and Goodyear with more to follow as part of our expansion drive

Highly profitable, low-cost assembly (passenger cars) and

manufacturing (bus-body, trailers, superstructures)

Largest distribution and after-sales network in Egypt for passenger

cars, motorcycles & three-wheelers and commercial vehicles (vital infrastructure that would be significantly costly for competitors to replicate); network is now growing in Iraq and will be introduced in Libya and Algeria

Strong leadership
Solid balance sheet and financing potential
Consistently strong performance despite market challenges resulting

from the Arab Spring

GB Auto is a compelling play on strong underlying fundamentals

SLIDE 21

INVESTOR PRESENTATION | FOURTH QUARTER 2013 21

GB Auto FY Stock Performance Geographic Distribution of the Free Float Free Float Ghabbour Family

A closer look at our shareholding structure

GB Auto’s Shareholding Structure

71% 29%

GB Auto is focused on the long-term sustainability of the business and its ability to deliver to shareholders

Saudi Arabia Egypt United States South Africa United Kingdom Rest of Europe Rest of World

29.3% 12.7% 17.9% 15.0% 10.9% 13.9% 0.3% Volume

SLIDE 22

INVESTOR PRESENTATION | FOURTH QUARTER 2013 22

Launched two service centers in 2011-12 in Egypt; another under construction

and expected to open in 1Q14

Four service centers now open in Iraq (Baghdad, Irbil, Suleimaniyya, Basra);

with additional centers to follow in 2014

Expand After-Sales Capacity

Added 9 representations in 3 years: Geely, Iveco, Great Wall, YTO, Diamond Back,

Triangle, Westlake, Grandstone, Goodyear

In process of fjnalizing additional representations to round out product offerings

Pursue New Representations

Currently implementing new business processes resulting from institutionalization plan
Created an organization structure that will support the business for years to come
Recruitment efforts include an Excellence Program to attract high caliber graduates

Deepen Management Team and Institutionalization

Growing Mashroey, the microfjnance venture extending credit to purchasers of

three-wheelers

Formed Drive, a consumer fjnance and factoring venture to extend credit to

purchasers of passenger cars

Harness Consumer Credit Growth

Launched operations in Algeria with passenger cars and tires
Launched operations in Libya with passenger cars, pick-up trucks and tires
Expanded operations in Iraq to include after-sales and tires

Penetrate New Markets

We promised… and we delivered

SLIDE 23

IV. Appendix
a. Business Overview

SLIDE 24

INVESTOR PRESENTATION | FOURTH QUARTER 2013 24

Total Passenger Car Sales Activity (All Brands and Markets)

Passenger Car Financial Performance (1/2)

4Q11 4Q12 4Q13 % Change 4Q12 v 4Q13 FY11 FY12 FY13 % Change FY12 v FY13 CBU Sales Volume (Units) 11,810 11,624 9,686

16.67%

50,103 44,562 34,869

21.75%

CKD Sales Volume (Units) 4,828 5,470 9,590 75.32% 17,749 21,598 28,764 33.18% Total Sales Volume (Units) 16,638 17,094 19,276 12.76% 67,852 66,160 63,633

3.82%

Sales Revenue (LE million) 1,384.03 1,579.69 1,953.29 23.65% 5,554.63 5,830.74 6,231.75 6.88% Gross Profjt (LE million) 147.76 214.88 200.76

6.57%

509.19 637.71 654.14 2.57% Gross Profjt Margin (%) 10.68% 13.60% 10.28%

3.32

9.17% 10.94% 10.50%

0.44

After-Sales Revenue (LE million) 48.51 76.15 80.53 5.75% 187.24 241.55 305.10 26.31% After-Sales Gross Profjt (LE million) 16.26 26.01 26.31 1.17% 59.80 81.27 112.18 38.03% After-Sales Gross Profjt Margin (%) 33.52% 34.15% 32.67%

1.48

31.94% 33.65% 36.77% 3.12 Total Passenger Car Revenues (LE million) 1,432.54 1,655.84 2,033.82 22.83% 5,741.87 6,072.29 6,536.85 7.65% Total Passenger Car Gross Profjt (LE million) 164.02 240.89 227.07

5.74%

569.00 718.99 766.32 6.58% Passenger Car Gross Margin (%) 11.45% 14.55% 11.16%

3.38

9.91% 11.84% 11.72%

0.12

SLIDE 25

INVESTOR PRESENTATION | FOURTH QUARTER 2013 25

Breakdown of Units Sold, all brands and markets* Passenger Car Revenue Breakdown by Segment

Passenger Car Financial Performance (2/2)

Hyundai Iraq Hyundai Egypt Geely Egypt After-Sales Mazda Egypt 4Q12 4Q13 64.3% 39.6% 0.2% 3.4% 43.0% 4.0% 3 2 . 2 % 44.4% 4.6% 1.1% 4 9 . 9 % 12.3% 4Q11 CBU CKD 4Q11 4Q12 4Q13 4,828 11,810 5,470 11,624 9,590 9,686

*Markets currently include Egypt, Iraq, Libya and Algeria; Iraq, Libya and Algeria are CBU only

1.1%

SLIDE 26

INVESTOR PRESENTATION | FOURTH QUARTER 2013 26

Two- and Three-Wheelers Financial Performance (1/2)

4Q11 4Q12 4Q13 % Change 4Q12 v 4Q13 FY11 FY12 FY13 % Change FY12 v FY13 Three-wheeler Sales Volume (Units) 14,938 25,373 20,441

19.44%

61,722 68,527 60,801

11.27%

Motorcycle Sales Volume (Units) 4,466 10,040 11,180 11.35% 12,105 33,648 33,235

1.23%

Total Sales Volume (Units) 19,404 35,413 31,621

10.71%

73,827 102,175 94,036

7.97%

Sales Revenue (LE million) 246.88 413.07 400.31

3.09%

967.31 1,156.23 1,168.36 1.05% Gross Profjt (LE million) 61.51 75.71 62.53

17.41%

247.72 217.11 178.05

17.99%

Gross Profjt Margin (%) 24.92% 18.33% 15.62%

2.71

25.61% 18.78% 15.24%

3.54

After-Sales Revenue (LE million) 9.02 19.14 12.44

35.02%

34.29 52.74 60.62 14.94% After-Sales Gross Profjt (LE million) 0.12 3.94 2.35

40.33%

6.67 11.38 12.33 8.37% After-Sales Gross Profjt Margin (%) 1.37% 20.59% 18.91%

1.68

19.44% 21.58% 20.34%

1.23

Total Motorcycle & Three- Wheeler Revenues (LE million) 255.91 432.22 412.75

4.50%

1,001.60 1,208.97 1,228.98 1.66% Total Motorcycle & Three- Wheeler Gross Profjt (LE million) 61.64 79.65 64.89

18.54%

254.39 228.49 190.38

16.68%

Motorcycle & Three- Wheeler Gross Margin (%) 24.09% 18.43% 15.72%

2.71

25.40% 18.90% 15.49%

3.41

SLIDE 27

INVESTOR PRESENTATION | FOURTH QUARTER 2013 27

Breakdown of Units Sold Motorcycles & Three-Wheelers Revenue Break- down by Segment

Motorcycles and Three-Wheelers Financial Performance (2/2)

Three-Wheelers Motorcycles After-Sales 4Q12 4Q13 3.5% 9.8% 3.0% 83.5% 80.4% 86.7% 4.4% 12.1% 16.6% 4Q11 Motorcycles Three-Wheelers 4Q11 4Q12 4Q13 14,938 4,466 10,040 20,441 11,180 25,373

SLIDE 28

INVESTOR PRESENTATION | FOURTH QUARTER 2013 28

Commercial Vehicle & Construction Equipment Financial Performance (1/2)

4Q11 4Q12 4Q13 % Change 4Q12 v 4Q13 FY11 FY12 FY13 % Change FY12 v FY13 Bus Sales Volume (Units) 130 76 86 13.16% 482 470 495 5.32% Truck Sales Volume (Units) 161 241 354 46.89% 542 1,063 1,090 2.54% Tractor Sales Volume (Units)

51

57 11.76%

51

146 186.27% Trailer Sales Volume (Units) 14 96 5

94.79%

127 230 88

61.74%

Construction Equipment Sales Volume (Units) 13 17 111

37

45 141 213.33% Total Sales Volume (Units) 318 481 613 27.44% 1,188 1,859 1,960 5.43% Sales Revenue (LE million) 88.42 91.96 113.15 23.04% 286.75 410.16 421.31 2.72% Gross Profjt (LE million) 0.80 0.63 7.77

3.88

10.48 28.00 167.09% Gross Profjt Margin (%) 0.90% 0.68% 6.86% 6.18

1.35%

2.56% 6.65% 4.09 After-Sales Revenue (LE million) 12.58 16.12 15.26

5.34%

53.70 55.65 59.67 7.23% After-Sales Gross Profjt (LE million) 2.57 3.27 2.59

20.73%

10.14 9.96 9.86

1.00%

After-Sales Gross Profjt Margin (%) 20.39% 20.26% 16.96%

3.29

18.88% 17.90% 16.53%

1.37

Total Commercial Vehicles & Construction Equipment Revenue (LE million) 101.00 108.09 128.41 18.81% 340.45 465.81 480.98 3.26% Total Commercial Vehicles & Construction Equipment Gross Profjt (LE million) 3.36 3.89 10.35 165.88% 6.26 20.45 37.87 85.19% Commercial Vehicles & Construction Equipment Gross Margin (%) 3.33% 3.60% 8.06% 4.46 1.84% 4.39% 7.87% 3.48

SLIDE 29

INVESTOR PRESENTATION | FOURTH QUARTER 2013 29

Breakdown of Units Sold Commercial Vehicles & Construction Equipment Revenue Breakdown by Segment

Commercial Vehicle & Construction Equipment Financial Performance (2/2)

Buses Trucks Construction Equipment Tractors Trailers After-Sales 4Q12 4Q13 12.5% 14.9% 11.9% 4.5% 9 . 2 % 16.3% 1.4% 6.9% 4.6% 38.0% 52.0% 33.9% 39.9% 20.4% 23.2% 8.5% 1.9% 4Q11 4Q11 4Q12 4Q13

130 161 14 13 76 241 96 17 51 n/a 86 354 5 111

57 Buses Trailers Trucks Construction Equipment Tractors

SLIDE 30

INVESTOR PRESENTATION | FOURTH QUARTER 2013 30

Tire Summary Performance, All Brands and Markets

Other Lines of Business Financial Performance

* Please note that the contribution of both Drive and Mashroey to the total revenues figures for the Financing Businesses excludes intercompany accounts with passenger cars (for Drive) and two and three-wheelers (for Mashroey).

Financing Business Summary Performance

4Q11 4Q12 4Q13 % Change 4Q12 v 4Q13 FY11 FY12 FY13 % Change FY12 v FY13 Total Sales Revenues (LE million) 36.01 77.11 91.80 19.05% 163.39 290.10 390.38 34.57% Total Gross Profjt (LE million) 4.77 10.11 13.15 30.13% 24.62 42.73 58.25 36.33% Gross Margin (%) 13.25% 13.11% 14.33% 1.22 15.07% 14.73% 14.92% 0.19 4Q11 4Q12 4Q13 % Change 4Q12 v 4Q13 FY11 FY12 FY13 % Change FY12 v FY13 Total Sales Revenues (LE million) 50.83 80.13 150.75 88.13% 156.50 248.97 476.30 91.30% Total Gross Profjt (LE million) 11.84 21.62 36.57 69.17% 38.48 69.39 123.87 78.51% Gross Margin (%) 23.29% 26.98% 24.26%

2.72

24.59% 27.87% 26.01%

1.86

SLIDE 31

IV. Appendix
b. Consolidated Financial Performance

SLIDE 32

INVESTOR PRESENTATION | FOURTH QUARTER 2013 32

4Q11 4Q12 4Q13 FY11 FY12 FY13 Volume (units) Passenger Cars, Egypt

11,697 10,225 12,573 43,131 41,756 40,868

Passenger Cars, Iraq

4,941 6,869 6,703 24,721 24,404 22,765

Three-Wheelers

14,938 25,373 20,441 61,722 68,527 60,801

Motorcycles

4,466 10,040 11,180 12,105 33,648 33,235

Buses

130 76 86 482 470 495

Trucks

161 241 354 542 1,063 1,090

Tractors

51 57 51 146

Trailers

14 96 5 127 230 88

Construction Equipment

13 17 111 37 45 141

Revenue (LE million) Passenger Cars, Egypt

971.75 813.93 1,147.89 3,555.60 3,392.04 3,701.08

Passenger Cars, Iraq

460.79 841.91 884.87 2,186.27 2,680.25 2,834.72

Motorcycles & Three-Wheelers

255.91 432.22 412.75 1,001.60 1,208.97 1,228.98

Commercial Vehicles & Construction Equipment

101.00 108.09 128.41 340.45 465.81 480.98

Tires

36.01 77.11 91.80 163.39 290.10 390.38

Financing Businesses

50.83 80.13 150.75 156.50 248.97 476.30

Total Sales Revenue

1,877.51 2,354.22 2,818.86 7,415.29 8,290.15 9,126.72

Sales Summary

SLIDE 33

INVESTOR PRESENTATION | FOURTH QUARTER 2013 33

4Q11 4Q12 4Q13 FY11 FY12 FY13 Gross Profit (LE million) Passenger Cars, Egypt

125.65 113.41 141.38 418.52 426.33 488.24

Passenger Cars, Iraq

38.37 127.47 85.56 150.48 292.66 277.95

Motorcycles & Three-Wheelers

61.64 79.65 64.89 254.39 228.49 190.38

Commercial Vehicles & Construction Equipment

3.36 3.89 10.35 6.26 20.45 37.87

Tires

4.77 10.11 13.15 24.62 42.73 58.25

Financing Businesses

11.84 21.62 36.57 38.48 69.39 123.87

Gross Profjt

243.01 353.38 347.48 883.30 1,070.04 1,170.29

Gross Profit Margin (%) Passenger Cars, Egypt

12.93% 13.93% 12.32% 11.77% 12.57% 13.19%

Passenger Cars, Iraq

8.33% 15.14% 9.67% 6.88% 10.92% 9.81%

Motorcycles & Three-Wheelers

24.09% 18.43% 15.72% 25.40% 18.90% 15.49%

Commercial Vehicles & Construction Equipment

3.33% 3.60% 8.06% 1.84% 4.39% 7.87%

Tires

13.25% 13.11% 14.33% 15.07% 14.73% 14.92%

Financing Businesses

23.29% 26.98% 24.26% 24.59% 27.87% 26.01%

Gross Profjt Margin (%)

12.94% 15.01% 12.33% 11.91% 12.91% 12.82%

Gross Profit Summary

SLIDE 34

INVESTOR PRESENTATION | FOURTH QUARTER 2013 34

Three Months Ended Twelve Months Ended (LE million) 4Q12 4Q13 % Change FY12 FY13 % Change

Passenger Cars Revenues 1,655.8 2,033.8 22.8% 6,072.3 6,536.9 7.7% Motorcycles & Three-Wheelers Revenues 432.2 412.7

4.5%

1,209.0 1,229.0 1.7% Commercial Vehicles & Construction Equipment Revenues 108.1 128.4 18.8% 465.8 481.0 3.3% Tires Revenues 77.1 91.8 19.1% 290.1 390.4 34.6% Financing Businesses Revenues 80.1 150.8 88.1% 249.0 476.3 91.3% Others 0.8 1.3 59.0% 4.0 13.2 230.1% Total Sales Revenues 2,354.2 2,818.9 19.7% 8,290.1 9,126.7 10.1% Total Gross Profit 353.4 347.5

1.7%

1,070.0 1,170.3 9.4% Gross Profit Margin (%) 15.01% 12.33%

2.7

12.9% 12.8%

0.1

Selling and Marketing

93.9
108.4

15.5%

286.9
373.8

30.3% Administration Expenses

45.7
63.4

38.8%

178.5
219.6

23.0% Other Operating Income (Expenses) 7.8 7.0

9.9%

27.7 30.0 8.3% Operating Profit 221.6 182.6

17.6%

632.3 606.9

4.02%

Operating Profit Margin (%) 9.4% 6.5%

2.9

7.6% 6.6%

1.0

Net Provisions and Non-Operating

16.4
7.0
57.3%
17.3
20.4

17.6% EBIT 205.2 175.6

14.4%

615.0 586.5

4.6%

EBIT Margin (%) 8.7% 6.2%

2.5

7.4% 6.4%

1.0

Foreign Exchange Gains (Losses)

19.4

3.7

118.8%
46.1
17.1
62.9%

Net Finance Cost

68.7
98.1

42.7%

254.1
355.2

39.8% Earnings Before Tax 117.0 81.2

30.6%

314.8 214.2

32.0%

Income Taxes

17.2
15.9
7.5%
38.9
29.8
23.3%

Net Profit Before Minority Interest 99.9 65.3

34.6%

275.9 184.4

33.2%

Minority Interest

24.0
20.2
15.6%
58.1
68.4

17.6% Net Income 75.9 45.1

40.6%

217.8 116.0

46.7%

Net Profit Margin (%) 3.2% 1.6%

1.6

2.6% 1.3%

1.4

Income Statement

SLIDE 35

INVESTOR PRESENTATION | FOURTH QUARTER 2013 35

Balance Sheet

As of (LE million) 31-Dec-12 31-Dec-13 % Change

Cash 1,264.7 1,085.1

14.2%

Net Accounts Receivable 781.5 875.5 12.0% Inventory 1,752.3 2,127.6 21.4% Assets Held For Sale 330.0 313.1

5.1%

Other Current Assets 463.5 513.3 10.7% Total Current Assets 4,592.0 4,914.6 7.0% Net Fixed Assets 1,439.1 1,710.5 18.9% Goodwill and Intangible Assets 269.1 280.0 4.1% Lessor Assets 282.0 502.2 78.1% Investment Property 3.1 3.1 0.0% Other Long-Term Assets 61.2 204.4 233.7% Total Long-Term Assets 2,054.5 2,700.2 31.4% Total Assets 6,646.5 7,614.9 14.6% Short-Term Notes and Debt 2,007.0 3,095.0 54.2% Accounts Payable 1,267.4 1,373.4 8.4% Other Current Liabilities 77.1 84.7 9.8% Total Current Liabilities 3,351.5 4,553.0 35.9% Long-Term Notes and Debt 510.7 217.0

57.5%

Other Long-Term Liabilities 253.6 217.8

14.1%

Total Long-Term Liabilities 764.3 434.8

43.1%

Minority Interest 424.5 611.5 44.1% Common Stock 131.2 131.1 0.0% Shares Held With the Group

3.3
3.3

0.0% Legal Reserve 225.5 288.7 28.1% Other Reserves 1,052.1 1,089.5 3.6% Retained Earnings (Losses) 700.8 509.4

27.3%

Total Shareholder’s Equity 2,106.3 2,015.5

4.3%

Total Liabilities and Shareholder’s Equity 6,646.5 7,614.9 14.6%

SLIDE 36

INVESTOR PRESENTATION | FOURTH QUARTER 2013 36

* Refers to 12-month trailing EBITDA

Key Ratios FY 2012 FY 2013

Current Ratio 1.37 1.08 Net Debt to Equity 0.50 0.85 Net Debt to EBITDA* 1.69 2.92

Changes between FY12 and FY13

Our year of investment and growth led to a natural

increase in the company’s SG&A expenses, which we expect to decline as our new businesses begin contributing to the top line and as we continue with our aggressive cost rationalization strategies.

Total group debt climbed to LE 3.3 billion at year-end

2013, leading to a 24% increase in our interest expenses to LE 372 million.

Receivables reached LE 875 million at year-end, with the

increase driven mainly by the growth in our financing businesses.

Due to the inventory build-up during the full year as well

as the interest incurred, the group ran an operational cash flow deficit of about LE 206 million, a trend we are expect- ing to reverse during 2014.

Balance Sheet Summary

SLIDE 37

IV. Appendix
c. Corporate Structure and Governance

SLIDE 38

INVESTOR PRESENTATION | FOURTH QUARTER 2013 38

1. Dr. Raouf Ghabbour, Chairman of the Board of Directors and Chief Executive Offjcer, founded the Ghabbour Group of Companies, which he began incepting in 1985. Dr.

Ghabbour began 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 transformed into successful businesses. Dr. Ghabbour has grown the Company to a leading automotive assembler and distributor in the Middle East and North Africa.

2. Mr. Ahmed El Matbouly, Director of Commercial Vehicles, began his career at GB Auto 13 years ago, upon graduating from business school in 2000. Starting off as a

marketing executive he was engaged in marketing activities across the full product portfolio at the time. Three years later he went on to get a Masters degree in International Busi- ness Administration from France for one year and then rejoined GB Auto in 2004 as a Commercial Vehicles After Sales Assistant Manager and later as a Commercial Vehicles Sales Assistant Manager. In 2006 he was appointed as LCV Sales Department Manager where he achieved notable success and sustainable growth resulting in his appointment, in 2008, as Commercial Vehicles Sales Director. With proven managerial capabilities, he was appointed Director of Commercial Vehicles and remains, to date, responsible for all operations across the business unit, including both Sales and After-Sales departments.

3. Mr. Alain Sykora, Regional Chief Operating Offjcer, 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.

4. Mrs. Amal Ragheb, Chief Operating Offjcer 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 33 years, Mrs. Ragheb joined GB Auto from Mashreq Bank, UAE Headquarters 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 the region, 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 Africa.

5. Mr. Ghassan Kabbani, Chief Operating Offjcer of Two- and Three-Wheelers, brings more than 30 years’ experience to GB Auto. He first worked in the family textile busi-

ness from 1980 through 1994, when he left to join T.E.S. sheet metal. In 1996, together with Dr. Ghabbour and other partners, he established CITI (a 2+3 wheeler company). In 2007 CITI merged with GB Auto, at which time Mr. Kabbani joined the company. Mr. Kabbani graduated from AUC in 1979 with a BA in Economics and Business Administration.

6. Mr. Kamal Fahmy, Tires Director, joined GB Auto in 2008 as part of the team working to grow the Tires line of business, as well as managing the company’s transport, public

and cargo operations. Mr. Fahmy has been key in taking the company’s Tires operations regional, with activities now in five countries, and a greatly expanded brand and product

ffering. Mr. Fahmy holds a Bachelor’s degree from the American University in Cairo.

Executive Management Biographies (1/2)

SLIDE 39

INVESTOR PRESENTATION | FOURTH QUARTER 2013 39

7. Mrs. Menatalla Sadek, Director of Corporate Finance and Investments, joined GB Auto in December 2011 to lead the creation of an in-house corporate finance department

to screen, initiate and conclude merger and acquisition transactions as part of the company’s growth strategy. Mrs. Sadek is also directing the firm’s investor relations activities. She is a member of the company’s Executive Committee and a regular attendee of the firm’s board meetings. Mrs. Sadek brings with her more than a decade of experience in the investment field in Egypt and Europe. She was head of consumer goods research at regional investment bank Beltone Financial, where she was part of the team that helped take GB Auto public. Previously, she was in Sweden with Standard & Poor’s European Rating Team, and was earlier Assistant Corporate Manager at Barclays Bank. Sadek is a CFA Charterholder.

8. Mr. Mostafa El Mahdi, Chief Financial Offjcer, brings to GB Auto 22 years of experience at KPMG, where he joined in 1990 before being promoted to Partner in 2001. While

there, he was Head of the Manufacturing and Consumer Market line of business and the Responsible Partner for Audit Efficiency. Mr. El Mahdi has also worked as Chief Internal Auditor and Advisor to the President of the Board of Directors for IGI. He has extensive experience in restructuring projects and transaction services, including due diligence and mergers & acquisitions. Mr. El Mahdi holds a Bachelor of Commerce degree with a focus in Accounting from Cairo University and is a Fellow of the Egyptian Society of Accoun- tants and Auditors, as well as a Member of the American Institute of Accounts and Auditors.

9. Mr. Mostafa Nagy, Chief Information Offjcer, joined GB Auto from Coca-Cola Bottling Company. He started with Coca-Cola in the IT Support team and was later promoted to

lead the IT team in Egypt. He then assumed responsibility for Libya, and ended his time there as IT Director of Egypt, Libya and Yemen. At Coca-Cola he was involved with com- pleting the business application portfolio, streamlining and aligning operations in line with the organization’s objectives. In Libya he revamped operations and established a hosted IT service organization in Egypt. He reengineered Coca-Cola Yemen’s business processes and implemented Oracle E-Business Suite there. Mr. Nagy earned his Bachelor’s degree in Engineering from Alexandria University and did his engineering training with Siemens KWU in Germany. He acquired his MBA with Majors in Strategic Management and Infor- mation Management from the German University in Cairo. Mr. Nagy holds IT and Management certifications and in 2008 was awarded the Symantec EMEA IT Visionary Award. 10.

Mr. Nader Ghabbour, Group Chief Operating Offjcer, 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 a Bachelor of Arts in Business Administration from Boston University. 11.

Mr. Osman Sever, Chief Business Development Offjcer, joined GB Auto in 2009 to assume the Chief Operating Officer-Commercial Vehicles Position. He assumed the Chief

Business Development Office role at the end of 2010 to coordinate and lead the growth strategy of GB Auto. Mr. Sever has dedicated his entire career to automotive industry, with more than 25 years of experience at Renault Turkey, Ford Turkey and Karsan AS in Turkey in positions including sales, marketing, engineering and export areas. Accordingly, Mr. Sever has considerable exposure to MENA and international automotive markets. Prior to joining GB Auto Mr. Sever worked as General Manager in Bayraktar Automotive, General Manager in Tirsan AS and Deputy GM in Karsan. He holds a Bachelor of Science in Mechanical Engineering from Istanbul Technical University and an MBA from Huron University.

Executive Management Biographies (2/2)

SLIDE 40

INVESTOR PRESENTATION | FOURTH QUARTER 2013 40

1. Dr. Raouf Ghabbour, Chairman of the Board of Directors and Chief Executive Offjcer, founded the Ghabbour Group of Companies, which he began incepting in 1985. Dr. Ghab-

bour began 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 transformed into successful businesses. Dr. Ghabbour has grown the Company to a 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 Invest-

ment 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. Mr. Khaled Kandil, Independent Director, joins the Board of Directors after serving GB Auto as COO for Hyundai Motor Corp operations. He joined the company from ExxonMobil,

where he was most recently Vice-Chairman of ExxonMobil Egypt and Managing Director of ExxonMobil Lubricants and Specialties covering operations in North and East Africa. He participated in the merger between the Exxon and Mobil corporations as well as a number of market entry and exit projects in South America, South East Asia and Africa. A 32-year veteran of the oil and gas industry, in 1996 he headed a business reengineering project for the company’s Egyptian operations after which he led the implementation of Mobil Lubri- cants’ integrated business strategy. This strategy saw the company become the market leader in less than one year, after being traditionally the third-ranked market player.

4. Mr. Mostafa El Mahdi, Executive Director and Chief Financial Offjcer, brings to GB Auto 22 years of experience at KPMG, where he joined in 1990 before being promoted to

Partner in 2001. While there, he was Head of the Manufacturing and Consumer Market line of business and the Responsible Partner for Audit Efficiency. Mr. El Mahdi has also worked as Chief Internal Auditor and Advisor to the President of the Board of Directors for IGI. He has extensive experience in restructuring projects and transaction services, including due diligence and mergers & acquisitions. Mr. El Mahdi holds a Bachelor of Commerce degree with a focus in Accounting from Cairo University and is a Fellow of the Egyptian Society of Accountants and Auditors, as well as a Member of the American Institute of Accounts and Auditors.

5. Mr. Nader Ghabbour, Executive Director and Group Chief Operating Offjcer, 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

fficer 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 a Bachelor of Arts in Business Administration from Boston University.

6. 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 de-

veloped 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

f the Abanumay Commercial Center; between November 1990 and February 1993, he worked in the Treasury and Corporate Banking department of SAMBA. Mr. Abanumay is a board

member of several prominent companies, including: Madinet Nasr for Housing and Development (since 1998), Raya Holding (since 2005), and Beltone Financial.

7. 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.

Board of Directors Biographies

SLIDE 41

IV. Appendix
d. Country Overviews

SLIDE 42

INVESTOR PRESENTATION | FOURTH QUARTER 2013 42

01 03 05 02 04 06

Key Growth Drivers Comments

Significant GDP Growth

Regionwide, political uncertainty and rising global commodities prices will somewhat dampen growth. That said, real GDP growth in MENA is expected to be c.4% in the coming three years, while Sub-Saharan Africa is likely to grow at 5-6% over the same period. The MENA region is strategically located at the juncture of several key waterways and

verland transport routes, providing the region’s businesses with short lead times on

importing and exporting key goods. Regionwide, there are significant discrepancies in GDP per capita. However, sustained and sustainable GDP growth has led to a rapidly growing middle class throughout the Middle East and Africa. Statistics show that the average global motorization index is 100 cars per 1,000 persons, with that number in the MENA region being on average much lower. Management foresees the local index tripling in the coming years, given population and economic growth trends. In this traditionally cash-based culture, auto loans and microfinance are becoming more prevalent, with both lenders and borrowers growing more comfortable with the practice. The Middle East and Africa is home to one of the youngest and fastest growing populations in the world, providing a built-in consumer base.

Strategic Location Large, Fast-Growing Consumer Base Rapidly Forming Middle Class Availability of Consumer Finance Low Motorization Index

Economic fundamentals remain solid, fueling ex- pectations

f strong

growth in the coming years The region’s automotive market is poised for expansion

Sources: Business Monitor International, GB Auto Research

Regional Market Growth Drivers

SLIDE 43

INVESTOR PRESENTATION | FOURTH QUARTER 2013 43

The International Monetary Fund is projecting that real GDP growth across the MENA region will increase from 1.9% growth in 2012 to 3.7% in 2014.

Gross Domestic Product

(US$ bn, market exchange rates)

Gross Domestic Product

(% change, year on year)

GB Auto is Active in Some of the MENA Region’s Most Dynamic Economies

Source: The Economist Intelligence Unit Country Report August 2013 Source: The Economist Intelligence Unit Country Report August 2013

Saudi Arabia Iran United Arab Emirates Egypt Israel Algeria Sudan Iraq Lebanon Qatar Tunisia Kuwait Syria Morocco Yemen Libya Jordan Oman Bahrain Saudi Arabia Iran United Arab Emirates Egypt Israel Algeria Sudan Iraq Lebanon Qatar Tunisia Kuwait Syria Morocco Yemen Libya Jordan Oman Bahrain

SLIDE 44

INVESTOR PRESENTATION | FOURTH QUARTER 2013 44

Overall, the IMF reports that consumer infmation across the MENA region is moderate, and projects that it will decrease in the coming one to two years as the region continues its stabilization trend.

MENA Consumers are Releasing Pent-Up Demand

Gross Domestic Product per Head

(US$ ‘000;,market exchange rates)

Consumer Prices

(% change, year on year)

SAUDI ARABIA IRAN UNITED ARAB EMIRATES EGYPT ISRAEL ALGERIA SUDAN IRAQ LEBANON QATAR TUNISIA KUWAIT SYRIA MOROCCO YEMEN LIBYA JORDAN OMAN BAHRAIN Saudi Arabia Iran United Arab Emirates Egypt Israel Algeria Sudan Iraq Lebanon Qatar Tunisia Kuwait Syria Morocco Yemen Libya Jordan Oman Bahrain

Source: The Economist Intelligence Unit Country Report August 2013 Source: The Economist Intelligence Unit Country Report August 2013

SLIDE 45

INVESTOR PRESENTATION | FOURTH QUARTER 2013 45

The Economist Intelligence Unit has con- cerns about Egypt’s political situation and consumer confjdence in the short-term. However, it expects that economic growth will begin accelerating in 2014/15, driven by improved stability and security which should boost domestic demand and foreign

tourism. It furthermore anticipates that the

improved business environment would see long-delayed projects get under way. Finally, the EIU expects a softer Egyptian pound in 2014/15 to contribute to stronger services and manufacturing exports, further boosting economic growth. In hard numbers, the EIU projects that Egypt is likely to see GDP growh

f 2.2% in 2014, with steady increases each

year until it reaches 5.1% in 2017.

GB Auto is Confident of Egypt’s Long-Term Prospects

Egypt 2012 2013 Nominal GDP (USD bn) 256.7 270.0 Population (mn) 82.0 83.6 Real GDP growth (%) 2.2 2.2 Average CPI Inflation (%) 8.7 6.9 Trade Balance (in GDP , %) (12.3) (11 .6) FDI (USD bn) 2.1 1 .0 Fiscal Balance (in GDP , %) (10.8) (13.5)

Sources: International Monetary Fund, EFG Hermes Research, GB Auto company research

GB Auto has reason to be optimistic about Egypt’s long- term prospects, as the country has successfully maintained its position as one of the MENA region’s largest economies.

SLIDE 46

INVESTOR PRESENTATION | FOURTH QUARTER 2013 46

The Iraqi macro picture is positive overall in the view of the IMF. FDI was up 22% in 2012, as foreign investors are attracted to Iraq’s young, growing population and massive energy and infrastructure needs. The IMF is projecting that Iraq’s economy will grow a full 3.7% this year, as the country expands oil production and the government looks to diversify into non-oil sectors and funnels much-needed investment funds into its infrastructure and power grid. Real GDP is projected to grow by 6.3% in 2014, the high- est in the MENA region. In the medium-term, Iraq’s economy is likely to continue steadily expanding, with the IMF projecting it may reach a staggering 9.6% real GDP growth by 2018.

The Iraqi Economy is Strong and Projected Growth Medium-Term

Iraq 2012 2013 Nominal GDP (USD bn) 210 238.7* Population (mn, mid-year, est) 31 .1 31 .9 Trade Balance % GDP 14.8e 12.4* FDI (Net inflow) USD bn 2.5 N/A Fiscal Balance % GDP 4.1

0.66*

Real GDP growth % 8.4 9.0 Average CPI inflation 6.1 4.3

Sources: International Monetary Fund, UNCTAD, CIA World Factbook, GB Auto company research

* Estimated

With one of the lowest rates of consumer infmation in the region, Iraq’s consumers have reason to be

confjdent. Home to one
f the fastest-growing

economies in the world, Iraq’s 2012 GDP growth rate was also

ne of the best among

nations.

SLIDE 47

INVESTOR PRESENTATION | FOURTH QUARTER 2013 47

Following up on a run-away 104.5% real GDP growth in 2012, the IMF projects that Libya will see economic growth of 20.2% this year. Accompanying this stellar growth story, consumer infmation is at very manageable levels. The IMF projects oil production to return to pre-2011 levels this year, while massive reconstruction efforts and strong private consumption should contribute to a relative growth of the non-hydrocarbon sector. The country is looking into privatizing nine major state-owned companies, including a truck trailer factory, and is currently in the process

f amending its investment legislation to al-

low unrestricted foreign ownership.

Libya is Slated to See Impressive Growth in the Medium-Term

The restoration of Libya’s oil production and wider economic recovery has seen a boost in government spending and consumer confjdence, factors that leave GB Auto confjdent in the country’s potential as a market.

Libya 2012 2013* Nominal GDP (USD bn) 81 .9 70.9 Population (mn, mid-year, est) 5.6 6.0 Trade Balance % GDP 20.7e 19.2 FDI (Net inflow) N/A N/A Average CPI inflation (%) 6.1 2.0 Real GDP growth 104.5 20.2 Fiscal Balance % GDP 19.35

5.41

Sources: International Monetary Fund, UNCTAD, CIA World Factbook, GB Auto company research

* Estimated

SLIDE 48

INVESTOR PRESENTATION | FOURTH QUARTER 2013 48

A business-friendly regime has seen the Algerian economy register steady growth, supported by rich natural resources and active modernization of its infrastructure. Economic diversity is a key goal for Algeria, as is job creation and continued social programs to help bolster the country’s middle class. Unlike some

f its North African peers, Algeria has dem-
nstrated its ability to weather political head-

winds by increasing social spending, while at the same time not signifjcantly degrading its fjscal position. The government has recently been pursuing a responsible policy of fjscal consolidation, the result of which is expected to lead to disinfmation. The government has also implemented a number of reforms to facilitate investment in non-hydrocarbon sectors, including the automotive sector.

GB Auto is Optimistic about Algeria’s Growth Prospects

Like neighboring Libya, low consumer infmation and a growing economy give GB Auto reason to be optimistic about Algeria.

Algeria 2012 2013* Nominal GDP (USD bn) 202.4 208.9 Population (mn) 36.5 36.9 Avg Brent Crude Spot Price (USD/barrel) 112.0 107 .0 Real Non-oil Growth (%) 2.0 4.4 Inflation (%) 8.9 6.0 Trade Balance (in GDP , %) 10.0 4.6 CA Balance (in GDP , %) 6.1 0.3

Sources: International Monetary Fund, EFG Hermes Research, UNCTAD, GB Auto company research

* Estimated

SLIDE 49

IV. Appendix
e. Glossary of Commonly Used Terms

SLIDE 50

INVESTOR PRESENTATION | FOURTH QUARTER 2013 50

CKD: Completely Knocked Down. These are kits imported from the supplier and assembled in Egypt, using the locally-mandated percentage of domestic parts. CBU: Completely Built Up. This refers to vehicles that are imported fully-assembled. LOB: Line of Business. OEM: Original Equipment Manufacturer. For in- stance, Hyundai is the OEM of the Hyundai Verna. SKD: Semi Knocked Down. These are kits that arrive mostly assembled by the supplier; GB Auto simply finishes the assembly.

Glossary of Commonly Used Terms

SLIDE 51

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