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GB Auto “Everything on Wheels” “EVERYTHINGGB Auto ON WHEELS” The Ghabbour Group of Companies “EverythingGB Auto, on S.A.E Wheels” Initial Public Offering InvestorInvestor PresentationPresentation | February 2008 1 GB Auto GB Auto I. Executive Summary GB Auto… … is the leading player in the automotive market. … is a commercial operation, focused on the distribution and servicing of automotive vehicles and related products, providing transportation solutions to its clientele. … has a dominant market share in the domestic passenger car market, the largest player in the three- wheeler market, and has a rapidly growing presence in the commercial vehicle market. … operates activities throughout the value chain: Assembly Sales and Distribution After-Sales Service … engages in four primary lines of business: 1. Passenger Cars 12% 2. Commercial Vehicles 12% 71% 3. 3-wheelers & Motorcycles Revenue 5% 4. Other: Tires Breakdown Construction Equipment 9M2007 Transportation Services … has built a strong reputation in the local market as “standing behind its customers” and is renowned for providing an unmatched after-sales service network. GB Auto = Dominant Market Position + Diverse Product Base 3 GB Auto On July 9, 2007 GB Auto shares began trading on the CASE, after successfully raising EGP 1.2 billion worth of new shares in an IPO… Offering Structure Primary Offering Private Placement : 25,663,000 shares (Capital Increase) Public Offering : 7,500,000 shares Total Capital Increase 33,163,000 shares Secondary Offering Private Placement : 1,676,100 shares TOTAL OFFERING SIZE 34,839,100 shares Price Range | EGP Offering Price 33 34 3536 37 38 39 Subscription Highlights Foreign Institutions Local Institutions 23% Private Placement 7x oversubscribed Local Retail Public Offering 4x oversubscribed 7% 70% Geographical Approximately 12,000 participants in Public Offering Distribution Subscriber Base IPO Proceeds Expansion of distribution and after-sales network nation-wide Investment in new “jigs” and fixtures to support CKD model expansion Capitalization of leasing and finance “NewCos” Financing inventory build-up Other general corporate purposes 4 GB Auto …since then, GB Auto has been consistently outperforming the CASE 9 July 2007 9 August 2007 15 November 2007 13 December 2007 GB Auto announces the GB Auto begins End of Blackout 9M2007 Earnings signing consumer finance trading on the CASE Period Release agreement with Citibank 21 August 2007 GB Auto 65 1H2007 Earnings CASE Release 60 55 50% 50 45 24% 40 35 GB Auto Stock Performance 30 09Jul07 to 27Jan08 9-Jul-07 9-Aug-07 9-Sep-07 9-Oct-07 9-Nov-07 9-Dec-07 9-Jan-08 5 GB Auto GB Auto II. GB Auto Overview and Historical Performance GB Auto dominates the passenger vehicle market in Egypt… PASSENGER CARS Exclusive agent and sole distributor for Hyundai 25% 40,000 34,450 27,649 Imports and distributes Completely Built Up (CBU) 30,000 19,129 units and assembles Completely Knocked Down 11,699 (CKD) units CKD CBU 20,000 15,950 15,321 10,000 Widest product range in the market positioned as Sales - Vehicle Units “best value for money” 9M2006 9M2007 Has the largest distribution and after-sales GB Auto network of four 3S facilities (sales, service and 27% spare parts) Other 51% Toyota Market Share 12% Recent launch of new products to further Daewoo (in units) 10% penetrate larger engine segment (>1.6L) 9M2007 Getz Verna Matrix Santa Fe 1.0 L SUV > 2.0 L 7 GB Auto LoB Historical Performance: Passenger Cars 40,000 CAGR: 125% 3,000 36,266 CAGR: 97% 2,230 30,000 25,375 2,000 1,603 20,000 1,000 7,163 578 Sales 10,000 Revenues Volume - - EGP million 2004 2005 2006 Vehicle Units 2004 2005 2006 290 300 15% 13.0% 13.0% 11.6% 12% 208 200 9% 6% 100 67 Operating Operating Profit 3% Profit Margin - 0% EGP million 2004 2005 2006 % 2004 2005 2006 8 GB Auto Robust product offering in buses… COMMERCIAL VEHICLES: BUSES 1,200 27% 1,033 811 Exclusive agent for Mitsubishi, Volvo and Hyundai 800 buses 400 Assembles and distributes buses targeting the public, commercial and tourism sectors Sales - Vehicle Units 9M2006 9M2007 Ghabbour is the largest player in the mid- to large- bus market GB Auto 39% Other Market Share 61% (in units) 9M2007, exc. microbus Mitsubishi Canter Mitsubishi Rosa Hyundai Aero Volvo Splendido mini-buses large coach 9 GB Auto …and rapidly growing presence in the Truck market COMMERCIAL VEHICLES: TRUCKS & TRAILERS Exclusive agent for Mitsubishi and Volvo trucks 1,000 43% 824 750 Target clients include fleet operators, contractors, and 578 large industrial corporates 500 Massive growth potential in the Egyptian market 250 especially in heavy-truck segment (2,000 heavy-trucks Sales - sold in 1998, while only 650 sold in 2006) Vehicle Units 9M2006 9M2007 Commercial Vehicle Exports: GB Auto Currently limited export activity to neighboring 16% markets Market Share Focus going forward on upgrading product depth and (in units) Other 84% quality to further penetrate export markets 9M2007, exc. Pick ups Mitsubishi Canter Mitsubishi Fuso Volvo FH (heavy-duty) light-truck medium-truck heavy-truck 10 GB Auto LoB Historical Performance: Commercial Vehicles 500 1,200 1,109 CAGR: 77% 408 400 900 805 Buses 300 Trucks 600 185 491 200 407 130 286 298 300 100 Sales Revenues Volume - - EGP million 200420052006 Vehicle Units 2004 2005 2006 100 86 24% 23.7% 21.0% 75 18.6% 18% 50 44 12% 24 25 Operating Operating Profit 6% Profit Margin - 0% EGP million % 2004 2005 2006 2004 2005 2006 11 GB Auto GB Auto is creating the 2- and 3-Wheeler Market… THREE-WHEELERS AND MOTORCYCLES Exclusive agent for Bajaj three-wheelers (auto- 30,000 2,327 25,000 20% rickshaws or “tuk-tuks”) and motorcycles 2-wheeler 3-wheeler 20,000 1,942 28,031 Bajaj is the largest global manufacturer of three- 15,000 57% 17,826 wheelers 10,000 Sales 5,000 Used for personal and commercial purposes in rural Vehicle units 9M2006 9M2007 and low-income areas as an alternative to urban and peri-urban transport Other Potential for growth on the back of government plans 1% to grant license for “tuk-tuks” to operate in the major Market Share cities (in units) GB Auto 99% 9M2007 motorcycles tuk-tuks 12 GB Auto LoB Historical Performance: 2- and 3-wheelers 30,000 26,798 400 366 CAGR: 124% CAGR: 95% 300 20,000 188 13,170 200 10,000 96 5,357 100 Sales Revenues Volume - - EGP million 2004 2005 2006 Vehicle Units 2004 2005 2006 60 16% 15.0% 50 13.6% 12.6% 45 12% 30 24 8% 14 15 Operating Operating Profit 4% Profit - Margin 0% EGP million 200420052006 % 2004 2005 2006 13 GB Auto …while, other currently “small” businesses poised for impressive growth OTHER Tires: • Ghabbour is the distributor of Lassa (Turkey) passenger car tires and Double Coin (China) truck and bus tires Construction Equipment: Car tires CV tires • Ghabbour supplies Volvo construction equipment and Linde material handling equipment Transportation Services (New Business): • Public passenger transportation services by participating in inter- and intra-city privatization of bus transport • Private cargo freight transportation for heavy industries (professional logistics services) material handling earth-moving 14 GB Auto LoB Historical Performance: Tires and Construction Equipment TIRES 60,000 25% 22.7% 20.0% 45,940 20% 45,000 36,258 36,281 15.6% 15% 30,000 10% 15,000 Gross Profit 5% Revenues Margin - 0% EGP thousand 2004 2005 2006 % 2004 2005 2006 CONSTRUCTION EQUIPMENT 25% 22.7% 12,000 10,803 20.0% 20% 9,000 15.6% 6,660 15% 6,000 10% 3,188 3,000 Gross Profit 5% Revenues Margin - 0% % EGP thousand 2004 2005 2006 2004 2005 2006 15 GB Auto GB Auto’s strategy is built upon 3 core axes Further entrench 1 Increase market share throughout all lines of GB Auto’s business by: dominant market • Invest in an unmatched nation-wide distribution and position across the widest range of after-sales network infrastructure; products • Position products as having lowest ‘ownership cost’; • Create a ‘one-stop-shop’ for the clientele by vertically Make GB Auto integrating sales, consumer financing and after-sales ‘indispensable’ to support functions; and any OEM who • Leverage GB Auto’s value-adding image from one wants to business unit to the other. successfully operate in Egypt’s automotive sector 2 Capture export opportunities in commercial vehicle manufacturing (mainly buses and trailers) by leveraging Egypt’s low cost availability of labor Profitably capture domestic growth 3 Strengthen business relations with current prospects and be partners while searching for the right partners for positioned to new businesses successfully penetrate regional export markets 16 GB Auto Significant expansion in GB Auto’s distribution and after-sales geographic coverage – the winning strategy TODAY BY 2009 Investing in unrivaled distribution and after-sales infrastructure 6 PC service centers 14 PC service centers (383 PC service bays) (841 PC service bays) 4 CV service centers 8 CV service centers (25 CV service bays) (67 CV service bays) 1 Enables GB Auto to own and control the lion’s share of retail sales 2 Further solidifies GB Auto’s leadership position in the market 3 Reinforces GB Auto’s ‘low cost of ownership’ strategy throughout its product range 4 Strengthen GB Auto’s position vis-à-vis the OEM (i.e Hyundai, Volvo, Mitsubishi) 5 Leverage GB Auto’s image and brand name across the various lines of business 17 GB Auto The Company has experienced HR restructuring involving the promotion of division heads and the recruitment of key corporate positions Dr. Raouf Ghabbour Chief Executive Officer Consultants • George Abd El Malak – Industrial Projects • Anton Michael –Finance • Georg Farah –BOD secretary Gamil William • Magdy Hafez – Construction Projects D.H Chief Internal Auditor • Mahmoud Abd El Wahab – Legal Affairs D.H • Kameel Kamel – Real Estate D.H • Nageb Ibrahem – Construction Projects • Zaki Hashem –Legal Mr Ibrahim Nagib Mr.
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