Mitsubishi Motors (Thailand) Co.,Ltd

เอกสารแนบ 6 Roadshow Presentation Mitsubishi Motors (Thailand) Co.,Ltd.

Investor Presentation November 2005

Disclaimer

This presentation contains public information, which has been provided by Mitsubishi Motors (Thailand) Company Limited (“MMTh”) for the purpose of issuance of THB debentures by MMTh (the "Debentures"). SIAM COMMERCIAL BANK Public Company Limited (SCB), KASIKORNBANK Public Company Limited (KBANK), and Bangkok Bank Public Company Limited (BBL) (collectively referred to as the “Co-Lead Arrangers”) have been authorized by MMTh to arrange for the sales of the Debentures to qualified investors.

This presentation provides a brief summary of this transaction structure, including terms and conditions of the Debentures and is not intended to provide basis for any investment decision nor as the substitution for the analysis and investigation of potential investors. Potential investors are advised to make their own decisions and analysis and should not consider this presentation as recommendations to buy the Debentures.

Whilst MMTh has taken all reasonable care to ensure that all information contained in this presentation are accurate, neither Co-Lead Arrangers nor its officers, employees, related bodies, advisors has verified the information contained herein. Accordingly, no representation, warranty or undertaking, express or implied, is made and no responsibility or liability is accepted by Co-Lead Arrangers or its officers, employees, related bodies, advisors as to the accuracy of the information contained in this presentation or as to the future performance of the Debentures. This presentation is incomplete without reference to the Information Memorandum and other information to be provided.

1 Executive Summary

Automobile Industry Background

MMTh Business

Financial Performance

MMC Information

Guarantor Information

Offering Information

Executive Summary

• Mitsubishi Motors (Thailand) Co., Ltd. (MMTh) is the manufacturer and distributor of “Mitsubishi” vehicles in Thailand. • Its production facility has an annual capacity of 180,000 units. • MMTh is 99.8% owned by Mitsubishi Motors Corporation, Japan (MMC). • It is selected as the only production base for Mitsubishi’s one-ton pickup for global sales, “One Factory for the World”. • MMTh is the 1st exporter among the Thai vehicles manufacturers. And it maintains the No.1 exporter position until 2004 from 1988. MMTh shared 27% of total exported vehicles from Thailand in 2004. • In terms of domestic market share, MMTh ranked the 5th with 5.9% market share in 2004. • Strong operating performance in 2004 pushed its EBITDA up to 8,704 MB and debt service coverage to 4.8 times. • MMTh plans to issue guaranteed debentures which will be fully covered by irrevocable and unconditional guarantee issued by the Bank of Tokyo-Mitsubishi Ltd., Japan (BTM). • Mitsubishi Tokyo Financial Group (BTM’s parent) has recently merged with UFJ Holdings to form Mitsubishi UFJ Financial Group (MUFG), “the world largest financial group”. • Fitch rates BTM’s international Long-term foreign currency rating at ‘A-’ with a Stable Outlook and BTM’s support rating at ‘1’. 4

2 Executive Summary

Automobile Industry Background

MMTh Business

Financial Performance

MMC Information

Guarantor Information

Offering Information

Units Sales in Domestic Market

Units (‘000) 700 % 626 589 28 600 572 = 04 553 486 -20 500 456 98 450 19 409 R 400 363 363 G Others CA 304 297 Pick-up 300 269 262 Passenger car 218 200 144 100

0 1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 8M 2005

• The domestic demand for car prior to the crisis reached its peak in 1996 (589,126 units) and suddenly dropped to 144,065 units during the period of Asian economic crisis. • After the crisis, domestic demand for car has regained its up-trend position with a compound annual growth rate (CAGR) of 28% from 1998 to 2004. • Thailand domestic automobile market made a new highest sales volume record in 2004 for a total amount of 626,024 units. 6 Source: Global Insight

3 Domestic Market Share for One-Ton Pickup

Units • Thailand is the second largest market 400,000 358,478 of the world for one-ton pickup with the 298,202 total sales of 358,478 units in 2004. 300,000 272,601 229,277 • For 8M 2005, total domestic sales for 200,000 one-ton pickup rose significantly with the annual growth rate of 26.9% 100,000 compared to the same period of the last year. 0 • The key players in this market segment 2002 2003 2004 8M05 are Isuzu, Toyota, Mitsubishi and Nissan. Isuzu Toyota Nissan Mitsubishi Others • Mitsubishi ranked the 3rd in this market with market share of around 8.2% for % share 2002 2003 2004 8M05 8M 2005. Izusu 37.4% 40.7% 37.5% 37.1% • With the new product, Triton, which Toyota 29.9% 32.2% 33.9% 34.4% was introduced to the market in August Mitsubishi 8.9% 8.0% 7.9% 8.2% Nissan 12.3% 10.1% 9.5% 7.3% this year, it is expected that Mitsubishi will capture more market shares in the years forwards. 7 Source: Federation of Thai industries

Domestic Market Share for Passenger Car

Units 250,000 • For passenger car segment, Japanese 221,960 196,910 manufacturer dominates the segment 200,000 especially Toyota and Honda with the 149,625 150,000 combined total market share of 76.2% 122,886 as of 31 August 2005. 100,000 • Other key players for non-Japanese 50,000 manufacturer are BMW and Daimler Chrysler. 0 2002 2003 2004 8M05 • As of 31 August 2005, total passenger car sales were 122,886 units. A 14.9% Toyota Honda Nissan decrease from the same period last Mitsubishi Others year.

% share 2002 2003 2004 8M05 • However, Mitsubishi’s market shares Toyota 33.9% 42.1% 46.8% 48.9% slightly increased from the same period Honda 36.3% 35.1% 33.8% 27.3% last year. Nissan 9.7% 5.8% 4.4% 4.6% Mitsubishi 5.2% 3.1% 2.5% 4.6%

8 Source: Federation of Thai industries

4 Units Sales in Export Market

350 • Thailand automobile export was 300 CAGR 1997-2004 = 34% started in 1988 by MMTh as a 250

)

0 pioneer.

‘ 200

(

s • The export volume has been growing

n 150

U with the growth rate of 42% in 2004. 100 • The market has been dominated by 50 Mitsubishi of which export volume 0 has been driven by its one-ton pickup 1996 1997 1998 1999 2000 2001 2002 2003 2004 8M05 product line. Mitsubishi Toyota Honda • Government’s policies and supportive AAT GM/Isuzu Other measures to make Thailand become

Units ('000) 2000 2001 2002 2003 2004 8M05 the Detroit of Asia encourage major Mitsubishi 64 60 76 67 88 56 automotive manufacturers to relocate Ford/Mazda 50 42 47 55 74 52 their production facilities to Thailand, GM/Isuzu125335487255 enhancing the upward trend of Toyota 16 12 12 27 53 73 Honda 6 7 10 38 45 33 Thailand export volume.

9 Source: Federation of Thai industries

The Master Plan for Thai Automotive Industry

Background: Ministry of Industry has assigned Thailand Automotive Institute to develop “the Master plan” for Automotive industry in order to develop Thailand to become a central base for car production in Asia (Detroit of Asia). The objectives of the Master plan are as follow: – Target production volume of 1 million units by 2006 – Target production volume of 1.8 million units by 2010

Actual 12M Expected Target of Government Master Plan

2,000 Achieve earlier 1,800 than the plan 1,500 Domestic 1,150 Government 1,000 Export 1,000 considers revising 813 to 2 million units

(In 1,000 units) 500

0 9M20059M'05 2005 2005 target 2006 2006 Plan 2010 2010 Plan 10 Source: Thailand Automotive Institute as of September 2002, Daily News and Manager Daily newspapers issued 3 November 2005 .

5 Growth in Worldwide One-Ton Pickup Demand

2,500 Worldwide 2,000

)

‘ 1,500

(

U 1,000 USA Others*

500 Thailand

0 EU 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010

• The world demand for one-ton pickup is expected to continually rise for the next 5 years. • Despite an expected decreasing US demand, USA continue to be the largest market for pickup trucks. However, tax barrier imposed by the US Government has increased the cost of pickup trucks exported from area outside the NAFTA. Hence, US market is less attractive to some manufacturers. • As such future growth in global demand will be largely driven by markets outside USA, this will be a growth opportunity for Japanese manufacturer.

Note* Other countries include Australia, Middle East, Latin America, Philippines, and Indonesia . 11 Source: Global Insight.

Executive Summary

Automobile Industry Background

MMTh Business

Financial Performance

MMC Information

Guarantor Information

Offering Information

6 Mitsubishi Motors (Thailand) Co., Ltd. (MMTh)

Business: • The production facility of “Mitsubishi” vehicles in Thailand • The sole distributor of “Mitsubishi” vehicles in Thailand • The sole Mitsubishi’s one-ton pickup truck manufacturer for global sales

Product Line: • One-ton pickup truck “Strada” and “Triton”

• Passenger car “Lancer”

• Multi-purpose vehicle “Space Wagon” 1 (Awarded “Best MPV Car of The Year 2005”)

• Sport-utility vehicle “Pajero”

Production

• In 2004, MMTh is the 3rd largest automobile manufacturer in Thailand. • The company has 1 plant with 2 factories in Laemchabang Industrial Estate, Sriracha, a strategic location for export. Capacity Products Turnaround Utilization time Factory 1 60,000 Lancer, Space Wagon & Strada 10.7 units/ hr Factory 2 120,000 Strada & Triton 25 units/ hr Total* 180,000 70-80%

* Increase to 200,000 units is scheduled by early 2007 by improving efficiency of existing production lines

HEAD OFFICE ( RANGSIT ) AIRPORT ( DONMUANG )

Lardkrabang Factory, MFTT BANGKOK AIRPORT (SUWANAPHUME ) Bangko 170 k ◎ Km. THE GULF OF THAILAND LAEMCHABANG FACTORY LAEMCHABANG PORT PATTAYA

7 Domestic Sales Network

• 91 dealers 15/20 • 141 outlets • 1,506 sales persons 20/23 (Figures as of 31 July 2005) 42/77

A = Number of dealers 14/21 A/B B = Number of outlets

44 Years of Mitsubishi History in Thailand

May 1961 Sittipol Motor Co (SMC), the wholesaler, was established Oct 1964 United Development Motor Industry (UDMI), the assembler, was established Oct 1965 Mitsubishi Heavy Industry (MHI) acquired 60% of UDMI Apr 1970 Establishment of MMC by separation from MHI Dec 1973 MMC acquired 40% of SMC Jan 1987 Formation of MMC Sittipol Co (MSC) by amalgamation of SMC & UDMI (Lee 52%, MMC 48%) Jan 1988 Start export of Lancer Champ to Canada as the first automobile export from Thailand Mar 1992 Start production at Factory 1, Laemchabang plant Mar 1996 Start production at Factory 2, Laemchabang plant, concentrating MMC’s one-ton pickup in Thailand Aug 1997 MMC acquired controlling stake of MSC Nov 2003 Name change to MMTh (MMC 99.8% and Lee family 0.2%) Jan 2004 Separation of Fuso Operation to Mitsubishi Fuso Truck (Thailand) (MFTT) Nov 2004 Space Wagon introduction Aug 2005 Triton introduction in Thailand

8 Shareholding Structure

PhoenixPhoenix CapitalCapital MitsubishiMitsubishi Group*Group*

13.1 % 34.2%

MitsubishiMitsubishi MotorsMotors LeeLee FamilyFamily CorporationCorporation (MMC)(MMC)

0.2 % 99.8 %

Scope of MitsubishiMitsubishi MotorsMotors (Thailand)(Thailand) consolidation (MMTh)(MMTh)

99.99% 93.9% 99.99% MMThMMTh EngineEngine KoratKorat AutomotiveAutomotive SittipolSittipol ComputerComputer && (MEC)(MEC) (KAC)(KAC) ConsultantConsultant (SCC)(SCC) 99.99% 99.99% MSMS MaintenanceMaintenance MSMS TransportationTransportation (MSM)(MSM) (MST)(MST)

Engine Bus assembling maintenance Dormant Dormant Dormant

* Mitsubishi Group includes Mitsubishi Heavy Industries, Mitsubishi Corporation, Bank of Tokyo-Mitsubishi and other Mitsubishi companies. 17 Note: Information as of 30 September 2005

Business Structure

Japan Thailand Europe BU MME MECMEC SuppliersSuppliers MME KD Engine Raw material etc & parts Australia BU MMAL MMCMMC KD 30% 70% MMAL

BU, KD MMThMMTh Exports Philippines BU BU, KD BU MMPCMMPC Exports Distributors Dealers Distributors Dealers Indonesia BU Middle East, Africa, Latin KTBKTB America % figures represented proportion in term of units

KD = Knock-Down kits, BU = Built-Up vehicles, MMC = Mitsubishi Motors Corp., MEC = MMTh Engine Co., Ltd., MME = Mitsubishi Motors Europe B.V., MMAL = Mitsubishi Motors Australia Ltd., MMPC = Mitsubishi Motors Philippines Corp., KTB = PT Krama Yudha Tiga Berlin Motors

Related Party Transactions

• The intercompany transactions are priced based on the idea of “Arm’s Length”, pricing will be set at the same level as transactions with non-related parties.

• This treatment aims to avoid dispute among tax authorities of different countries. 18

9 Revenue Structure

• Major sources of revenue came from Breakdown of Y2004 Unit Sales export sales. Export unit sales in 2004 (147,241 units) represented 74% of total sales volume

(109,454 units) whereas domestic volume Domestic contributed 26% (37,787 units). Export 26% 74% • Pickup truck is MMTh’s key product line. It accounted for 94% of total sale volume in 2004. • In domestic market, MMTh was ranked the 5th in Thai domestic automobile market Breakdown of Y2004 Sales by (5.9%) and the 4th in Thai one-ton pickup Type of Vehicle market (7.9%) in 2004. Passenger cars 6% • Whilst, it secured the largest market share

of total cars exported from Thailand over Pickup 94% the past 16 years of its export until 2004 (88,034 built up vehicles in 2004 – excluding KD). Note: Sales of exported pick up trucks included sales of KD & BU. 19 Source: Mitsubishi Motors (Thailand) Co., Ltd.

Domestic Unit Sales

• Pickup trucks shared over 70% of total unit sales. The portion rose to 83% in 2004. • MMTh showed continuous improvements in domestic market owing to a strong recovery in Thailand’s automotive industry and general economic condition that enhance the sales of 1-ton pickup (“Strada”).

• The launch of “Space Wagon” in late 2004 and the strong effort of MMTh’s sale force pushed the domestic market share up to 6.3% during 8M 2005 from 5.9% in FY2004.

• Further improvement is expected from the success of Triton. MMTh targets a 2-digit share in Thai domestic automobile market by 2010. Breakdown of Domestic Unit Sales Passenger cars Pickup trucks Truck & bus % of pickup 50,000 100%

40,000 37,787 90% 83.36% 83.08% 81.55% 30,000 76.74% 75.53% 80% Units 73.35% 74.17% 27,850 20,000 71.28% 70% 10,000

0 60% 1998 1999 2000 2001 2002 2003 2004 8M05 20 Source: Mitsubishi Motors (Thailand) Co., Ltd. Span off truck & bus business

10 Export Unit Sales

Breakdown of Export Unit Sales

• MMTh is the sole manufacturer of Passenger cars Pick up trucks* Truck & bus % of pickup

Mitsubishi 1-ton pickup for global 120,000 120% distribution. 97.12% 99.49% 99.40% 98.16% 100,000 95.08% 96.66% 96.69% 96.09% 100% • In 2004, MMTh had a record high of more 80,000 than 100,000 export units. (109,454 units 80% in 2004 and 67,886 units in 8M 2005) 60,000 Units 60% • 1-ton pickup truck (BU and KD) 40,000 40% represents 98% and 96% of FY2004 and 20,000 8M2005 export sales units, respectively. 0 20% • Further surge in export volume is 1998 1999 2000 2001 2002 2003 2004 8M05 expected as MMTh will start shipping Note: * Including BU and KD Triton to Europe in the beginning of 2006. 2004 CBU Export Unit by Destinations • By leveraging MMC’s global distribution Others Oceania 3% Africa network, MMTh sells products to more 11% 20% ASEAN M East 2% than 140 countries. 14% • Major export destinations are Europe, Latin Africa, Middle East, Oceania and Latin America America. 7% Europe 43%

Note: CBU = Complete Built-Up vehicle 21 Source: Mitsubishi Motors (Thailand) Co., Ltd.

MMTh’s One-ton Pick Up in Major Export Markets

Market Market Share Key success factors

Europe • 31% market share where • Multi-purpose usage that fits European demand averages around demand (leisure+commercial) 136,000 units a year for • Strong brand heritage and brand image in the next 5 years. this region • High customer purchasing power • Strong & experienced dealer networks • Influence from Paris-Dakar Racing heritage Africa • 19% market share • Product durability and performance that suit agricultural-based environment • Affordable price • Influence from Paris-Dakar Racing (hometown of Dakar)

Middle East • 16% market share • Product performance • Multi-purpose usage

22 Sources: Global Insight and Mitsubishi Motors (Thailand) Co., Ltd.

11 Corporate Philosophy & Business Strategies

Corporate philosophy :

“We are committed to providing the utmost driving pleasure & safety for our valued customers and our community. On these commitments we will never compromise. This is the Mitsubishi Motors way.”

Business strategies :

Corporate Brand Image Governance Redefinition

Cost Quality Reduction & Initiatives Supplier Mgt Program

Product Conservative Innovation Credit Policy Customer Loyalty & Satisfaction

Executive Summary

Automobile Industry Background

MMTh Business

Financial Performance

MMC Information

Guarantor Information

Offering Information

12 Sales Revenue & Gross Margin Analyses

Sales revenue Gross profit Gross profit margin 100,000 25% 19% 80,000 18% 18% 20% 16% 56,929 65,062 Note: For indicative 60,000 15% purpose, 6M 2005 11% 64,990 56,357 figures are multiplied by 40,000 32,495 10% 2 to obtain Annualized 2005 figures. Baht in million 20,000 5% 12,652 11,498 6,077 8,946 5,749 0 0% 2002 2003 2004 6M 2005 *Annualized 2005 Continuous improvements in gross margin

• MMTh’s consolidated revenue from sales & services increased by Baht 8 billion or 14% from 2002 to 2004 as a result of increasing export sales and recovery in domestic market. • MMTh had taken several cost reduction initiatives started from 2002 i.e. increasing % of local contents, forming supplier management program to achieve higher cost competitiveness. • Consequently, gross profit margin substantially improved from 11% in 2002 to 19% in 2004. • However, increasing prices of raw materials such as steel has slightly trimmed down gross profit margin of 6M 2005 by 1% point (from 19% in 2004 to 18% in 6M 2005). 25 Source: Audited financial statements 2000-2004, reviewed interim financial statements 6 M 2005.

EBITDA & Net Profit Analyses

Net profit EBITDA EBITDA margin 12,000 16.0% 13.4% 10,000 11.5% 11.5% 14.0% 8,704 12.0% 8,000 8.8% 7,485 6,344 10.0% 5,814 6,000 4,938 8.0% 4.5% 3,742 6.0% Baht in million Baht 4,000 2,907 2,538 4.0% 2,000 1,961 551 2.0% - 0.0% 2002 2003 2004 6M 2005 *Annualized 2005 Note: For indicative purpose, 6M 2005 figures are multiplied by 2 to obtain Annualized 2005 figures.

Successful turnaround with notable improvements - EBITDA jump to 8,704 MB in 2004

• EBITDA and net profit figures substantially improved from 2002 to 2004 as a result of better operating margins described earlier and decreasing interest expenses from debt repayments during these periods. • Net profit sharply increased to Baht 6.3 billion in 2004, an increase of Baht 4.4 billion or 223.5% from that of 2003.

26 Source: Audited financial statements 2000-2004, reviewed interim financial statements 6M 2005.

13 Leverage Level

Total assets Total liabilities Total equity Total liabilities to equity Net debt to equity

50,000 4.8 5.0 40,000 4.0 32,864

30,438 Times 30,000 25,532 3.0 21,136 20,043 2.1 17,742 17,177 20,000 15,687 2.0 13,651 12,696 1.1 10,000 6,393 1.4 1.0 Baht in million in Baht 1.2 4,396 0.6 0.0 - 0.0 - 2002 2003 2004 6M 2005 Impact from 1997 crisis has been recovered

• Severely affected by 1997 currency crisis, unhedged foreign debt peaked to Baht 29 billion in 1998. • Thanks to capital support from the parent company (MMC), Baht 15.3 billion equity was injected in late 2001 to pay down short-term loan from financial institutions and relax MMTh’s financial constraints. • Revenue hikes from strong recovery in automobile sales since 2002 largely improved MMTh’s operating cash flows and strengthened the debt repayment capability accordingly. • Capital reduction of Baht 9.1 billion (from Baht 16.1 billion in 2002 to Baht 7 billion in 2003) was authorized to offset all retained losses in 2003. • Leverage position, represented by total liabilities to equity and net debt to equity ratios, showed continuous improvements since 2002. MMTh is expected to be able to maintain low leverage level after debenture issuance since long-term loans will be fully repaid within 2006. 27 Source: Audited financial statements 2000-2004, reviewed interim financial statements 6M 2005.

Debt Serviceability

• MMTh showed notable improvement in the debt service capability owing to higher profitability, repayment of long-term loans and lower interest environment. • Debt service coverage improved remarkably from 0.8 times in 2002 to 4.8 and 4.5 times in 2004 and 6M 2005 respectively. • Net debt to EBITDA ratio decreased significantly from 2.0 times in 2002 to 0.0 time in 2004 and 6M 2005 as a result of improving EBITDA and decreasing debt burden.

Debt service coverage Net debt to EBITDA 6 4.8 5 4.5 5 4 4 3 3 2.0

Times 1.8 2

2 Times 0.8 0.8 1 1 0.0 0.0 - - 2002 2003 2004 6M 2005 2002 2003 2004 6M 2005

Note: Debt service coverage = EBITDA/ Current portion Note: Net debt to EBITDA = Interest-bearing debt – cash / EBITDA of long-term loan + interest 28 Source: Audited financial statements 2000-2004, reviewed interim financial statements 6 M 2005.

14 Executive Summary

Automobile Industry Background

MMTh Business

Financial Performance

MMC Information

Guarantor Information

Offering Information

MMTh’s Parent - Mitsubishi Motors Corporation (MMC)

• Established: 22 April 1970

• Business: Development, design, manufacturing, assembly, sales and purchase, importing and other transactions relating to automobiles and to component parts and replacement parts of said automobiles

• Shareholders - Mitsubishi Group Companies: - Mitsubishi Heavy Industries, Ltd. - Mitsubishi Corporation 34.2% - The Bank of Tokyo-Mitsubishi, Ltd. - Other Mitsubishi companies

- Phoenix Capital Co., Ltd 13.1%

• Automotive Sales: 1,313 thousands units (Result in FY04)

• Products Sold in: More than 170 countries

• Manufacturing Facilities: 8 facilities in 6 countries

• R&D/ Design Facilities: 5 facilities in 3 countries

30 Note: Information as of 30 September 2005

15 MMC’s Summary of Financial Result in FY2005/H1

('000 units / JPY Billion)

FY2005/1H FY2005/1H FY2005 Progress Plan Actual Forecast

Unit Sales (Retail) 647 659 +12 1,370

Net Sales 980 991 +11 2,220

Operating Income -38 -20 +18 -14

Ordinary Income -51 -34 +17 -40

Net Income -73 -64 +9 -64

" Progress in FY05/1H is all positive compared to the Plan. " Significant loss in FY05/1H due to extra-ordinary loss of approx. JPY 30 billion containing influence of introduction of Asset-impairment accounting and restructuring costs. "Strong recovery from FY05/2H by the introduction of new models in various markets. 31

MMC’s Financial Plan and Status

('000 units / JPY Billion)

[Mid-term Plan] [Key Numbers in B/S]

FY06 FY07 FY05/1H End Plan Plan (Sep.05 End)

Unit Sales (Retail) 1,408 1,435 Assets 1,514

Net Sales 2,159 2,427 Interest Bearing Liabilities 441

Operating Income 43 74 Shareholders' Equity 259

Ordinary Income 21 53

Net Income 841

16 Important Market for MMC: Asia & Others

Financial Results Steady Growth in Sales Strong Brand Image in Asia & the ASEAN Region Strength in Other Areas (the Middle East, Africa, Central & South America)

• Thailand " Strengthening the core production base position " New one-ton pick up truck (Triton) domestic sales (Aug 05 ) " New one-ton pick up truck (Triton) export (Jan 06) • China " Establishment of dealer network for expansion of Mitsubishi brand vehicles is underway • Australia " New locally produced model (380) (Oct 05) • Other Areas " Maintain Strength in the Middle East, Africa, Central & South America 33

FY2005 New Model Introduction

Financial Results

May 2005 Eclipse (North America)

Aug 2005 Triton (Thailand)

Sep 2005 Lancer Evolution Wagon (Japan)

Oct 2005 Outlander (Japan)

Raider (North America)

380 (Australia)

Jan 2006 i (Japan)

17 FY05 New Models in Japan

Outlander

FY05 New Models in Japan and Australia

Lancer Evolution Wagon

380 (Three-eighty)

18 FY05 New Models in North America

Eclipse

Raider

Recent & Future New Models in Europe

Colt 3-door

Colt coupe-cabriolet

19 Executive Summary

Automobile Industry Background

MMTh Business

Financial Performance

MMC Information

Guarantor Information

Offering Information

Bank of Tokyo-Mitsubishi (BTM)

• BTM is a Major Commercial Banking Organization in Japan • Holding Company is Mitsubishi UFJ Financial Group, Inc. (MUFG) BTM Thailand BTM’s Long Term Credit Ratings: (Baht) Fitch A- A Moody’s A1 Baa1 S&P A A BTM’s History:

April, 1996 BTM formed through merger of Mitsubishi Bank and Bank of Tokyo

April, 2001 BTM, Mitsubishi Trust Bank (MTB) and Nippon Trust Bank established Mitsubishi Tokyo Financial Group, Inc. (MTFG)

October, 2005 MUFG formed through merger of MTFG and UFJ Holdings, Inc.

January, 2006 BTM and UFJ Bank scheduled to merge to form Bank of Tokyo- Mitsubishi UFJ (BTMU) 40

20 MUFG at a Glance

MUFG Key Indices of MUFG*2 （As of Mar. 31,2005）（JPY)

Bank of Tokyo-Mitsubishi*1

UnionBanCal Corporation Total assets 192.8TN

UFJ Bank*1 Total loans 83.8TN

Mitsubishi UFJ Trust and Total deposits 118.2TN Banking Corporation Equity Capital 5.9TN

Mitsubishi UFJ Securities BIS capital ratio 11.17% *1 Bank of Tokyo-Mitsubishi and UFJ Bank are scheduled to merge on January 1 , 2006 to become “Bank of Tokyo-Mitsubishi UFJ”. *2 Simple aggregate of MTFG and UFJ figures even when (Subject to approval by the relevant authorities) adjustment is necessary due to the difference in accounting treatment under J-GAAP. 41

Strong business foundation

z An industry-leading customer base in loans & deposits

（The following data is as of Mar31, 2005） Lending balance Lending balance Deposit balance*3 (Consolidated) to SMEs and Individuals*2 (Domestic)

（\ trillion）（\ trillion）（\ trillion） 100 MUFG*1 50 120 （MTFG＋UFJ） Loans to individuals

(including business loans 100 80 40 to individuals)

Mizuho FG Corporate 80 etc. 60 30 SMFG 60

40 20 40

20 10 20 Individuals

0 0 0

*2 Sum of banking and trust accounts. MTFG figures: BTM + MTB; UFJ figures: UFJ Bank+ UFJ Trust and certain subsidiary *1 Simple sum of MTFG and UFJ figures companies. Mizuho figures: Mizuho Bank + Mizuho Corporate Bank + Mizuho Trust＋Specialist revitalization subsidiaries. SMFG figures: SMBC non-consolidated. Source: Each company’s financial statements *3 All data is non-consolidated base. MUFG: BTM+MTB+UFJ Bank + UFJ Trust; Mizuho: Mizuho Bank + Mizuho Corporate Bank +Mizuho Trust; SMFG:SMBC. 42

21 High Profitability

zMUFG’s profit far exceeds that of other Japanese banking groups

Profitability comparison with domestic “mega banks” (FY04)

（JPY TN）（JPY TN） 4.0 2.0 Consolidated Consolidated *2 Gross Profit Business Profit*3

2.0 1.0

0.0 0.0

MUFG*1 Mizuho SMFG MUFG*1 Mizuho SMFG

*1 Simple sum of MTFG and UFJ’s results *3 MUFG: Before Provisions and Credit costs for trust accounts. *2 Before Credit costs for trust accounts The source of the other groups’ data is their financial statements.

Credit Ratings

（As of Oct.01, 2005）

22 Strong Balance Sheet (1)

Amount and ratio of NPLs disclosed Other marketable securities – under the Financial Revitalization Law*1 gains/losses*2 (Cons.)

（JPY TN) NPL Amount (Left Axis) （JPY TN) 1,600 12.0 12.0% NPL Ratio (Right Axis) 1,400

10.0 10.0% 1,200

1,000 8.0 8.0% 800

6.0 6.0% 600

4.0 4.0% 400 200 2.0 2.0% 0 Mar-02 Mar-03 Mar-04 Mar-05 0.0 0.0% -200 Mar-02 Mar-03 Mar-04 Mar-05 -400

*1 Simple sum of MTFG and UFJ figures *2 Simple sum of MTFG and UFJ figures 45

Strong Balance Sheet (2)

Consolidated Capital Ratios (Based on the standards of the BIS) Footsteps

(As of Mar.31, 2005) (JPY BN) Feb. 2005

MTFG UFJ MUFG*1 MTFG : Issued JPY250BN non-dilutive Capital 6,622.6 4,513.1 11,135.7 preferred stocks Tier1 4,286.7 2,313.4 5,900.1 *2 Aug. 2005 Non-cumulative perpetual preferred stocks 372.1 1,419.6 1,791.7 Non-cumulative perpetual preferred securities 0.0 613.2 613.2 MTFG : Issued JPY165BN non-dilutive Deferred tax assets(net) 428.2 1,093.6 1,521.8 preferred securities Tier2 3,250.9 2,278.6 5,529.5 The amount of unrealized gains on investment Sep. 2005 securities, includable as qualifying capital 449.4 183.2 632.6 The amount of land revaluation excess includable 127.4 83.5 210.9 as qualifying capital UFJ : Repaid JPY100BN perpetual Subordinated loan (Bonds ) balance 2,238.7 1,559.0 3,797.7 subordinated debt held by formula allowance for loan losses 435.3 542.5 977.8 government (RCC/DIC) Tier3 -- ‐ Deductions from total qualifying capital 915.0 78.9 293.9 *2 Oct. 2005 Risk-adjusted Assets 56,271 43,406 99,676.4 MUFG : Repaid JPY323.6BN preferred Capital Ratio(%) 11.76% 10.39% 11.17% stocks held by government Tier1 Ratio(%) 7.61% 5.32% 5.91% (RCC/DIC) *1 Simple sum of MTFG and UFJ figures. *2 Excludes MTFG’s JPY 700BN investment in UFJ Banks preferred stock from Tier1 and deductions from total qualifying capital. 46

23 Aim to become “Global Top 5”

z Japanese economic recovery Market value based ranking among z Continuing deregulation global financial institutions (As of Oct. 28, 2005) (JPY TN) Market Financial Institution cap. z Leading global network and presence 1 Citigroup INC 27.3 among Japanese banks 2 Bank of America 20.3 z Clear lead in transaction base including 3 HSBC Holdings 20.2 retail deposits and broad customer base z Strong financial and capital base 4 AIG 19.2 z Highly complementary businesses 5 J.P. Morgan Chase 14.7 z Strong governance and trusted 6 MUFG 13.9 management as appropriate to NY listed 7 Berkshire Hathaway 12.4 companies 8 Wells Fargo & Co. 11.8

9 UBS 10.4 Aim to become “Global Top 5” 10 RBS 10.0

(Source: Data Stream） 47

Executive Summary

Automobile Industry Background

MMTh Business

Financial Performance

MMC Information

Guarantor Information

Offering Information

24 Debenture Features

Size : THB [4,000] million

Type : Guaranteed straight debenture

Guarantor : Bank of Tokyo-Mitsubishi

Type of Guarantee : Full, Unconditional and Irrevocable Guarantee

Issue Rating : AA+

Coupon Payment : Semiannually

Principal Repayment : Bullet repayment

Underwriters : SCB, KBANK, BBL

DHR and Registrar : SCB

Use of Proceeds : To finance the TRITON Project which includes capital expenditure of THB7.5 billion in fixed tangible assets

Key Dates

Roadshow : 16th November 2005

Bookbuilding Date : Last week of November 2005

Payment Dates : Early December 2005

Issuance Date : Early December 2005

25 Investment Highlights

Issuer • A sole production base for Mitsubishi one-ton pickup global sales • The pioneer in Thailand automobile export and has kept the highest Mitsubishi Motors market share until 2004 since export in 1988 (Thailand) • Strong EBITDA generated in 2004 (8,704 MB) and H1 2005 (3,742 MB) • Low total liabilities to equity ratio at 1.1 times as a result of improving profitability and strong capital support from MMC

Guarantor • The world largest financial group after the merger in January 2006 • International scale rating (foreign currency) at A-, one notch higher The BankGuarantor of Tokyo- than Thailand sovereign rating Mitsubishi • The Bank has a high importance to Japanese financial system due to its size, strength and operation - reflected in its highest Fitch’s Support Rating

Debenture features • 3 years • AA+ by FitchRatings Tenor/ Rating

Thank You 52