TWG1

completed

City Group Company K.S.C. (“CGC”), a Kuwait-based listed joint stock company with core operations in urban bus transportation, has recently embarked on a regional expansion program. As one of the most successful listed public transportation companies in the MENA region, CGC is in a good position to acquire potentially viable public transportation businesses in the region, recapitalize them and improve their operations to restore profitability. Their move is well timed as traffic congestion in the region’s capital cities has reached critical levels.In December 2009, CGC agreed to invest JOD15 million (US$21.3 million) into the Comprehensive Multiple Transportation Company (“CMTC”), a listed, Jordan-based bus public transportation operator through a capital increase, making it the 1st foreign investor in the Jordanian bus public transportation sector. CMTC was established in 2005 and is the largest public transportation company in the greater Amman area, operating more than 75% of the city’s bus routes. The capital increase will be used towards financing a comprehensive capital expenditure program of approximately US$40 million to fund, among other investments, the construction of a new, state-of-the-art central operations hub with modern maintenance facilities and a major fleet renewal and expansion plan. City Group is also pursuing other investment opportunities in the region and is considering an investment in a public transportation company in another Levant market that would enable such a company to improve and expand its operations.