Summary

GB Auto S.A.E would like to disclose that it has filed an arbitration case against the People's Democratic Republic of Algeria according to the Bilateral Treaty concluded between the Government of the Arab Republic of Egypt and the Government of the People's Democratic Republic of Algeria on the Encouragement and Reciprocal Protection of Investments dated 29 March 1997. These proceedings were initiated as a result of the severe damage and losses suffered by GB Auto due to the measures taken by the Algerian government against the Company's business and investments in Algeria through its indirect shareholding amounting to 54% in the capital of GBR Auto and 48,8% in the capital of GBR Services, both of which were incorporated in Algeria.