Letter from Yariv Gilat, Gas Gas Motos Chairman

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Following my letter from January 22, I would like to update you on the situation of the company.

Unfortunately, the restructuring process is taking longer than expected. However, we are heading towards an agreement with all the relevant parties, and I hope to conclude all within the next couple of weeks.

Also, and as you may have already heard, we have appointed Mr. Cobi Moise as our new chief executive, to replace Ramon Puente. We are confident that Mr. Moise has the experience and capabilities to support the company in the coming challenges this industry is substituting. I’m sure that during the coming months, you will get to know Mr. Moise, who will approach you directly.

With the support of Mr. Moise, we will devote a lot of our focus on growth, and stability, without disregarding the improvement of the sales process, after sales and spare parts, production, and supply chain.

I want to use this opportunity to thank Mr. Puente on the long time he served as the CEO of the company.

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