Opportunity day 2013 Results Presentation

19th March 2014 At Stock Exchange of Thailand

Presented by: Sompong Phaoenchoke, MD. Naiyana Prachotrattanakul, IR Mgr. Contents

• Company Profile • Industry Overview • Financial Review • Outlook and Direction

2 Group Structure & Business

Thai Rung Union Plc. “TRU” -R&D, Auto Assembly -Pressed Metal Parts, Plastic Parts, Car Seat Subsidiary Companies Associated Companies

Thai Rung Tools and Dies Co. Ltd. 94% 20% Thai Auto Conversion Co. Ltd. “TRT” “TAC” (JV. with group) - Tooling (Dies/Jigs/CF) - Special Purpose Vehicles

Thai Auto Pressparts Co. Ltd. 91% 30% Delta Thairung Co. Ltd. “TAP” “DTC” (JV. with Delta Kogyo, Japan) - Pressed Metal Parts - Seats & Seat Components

Thai V.P. Auto Service Co. Ltd. Kyowa Thairung Co. Ltd. * 94% 49% “TVS” “KTR” (JV. with Kyowa Sangyo, Japan) - After-sales Services & Spare Parts - Parts & Cabin of Industrial Machinery and etc.

99.53% * Under process of company registration Thai Ultimate Car Co. Ltd. “TUC” - Automotive, consulting & admin. services 3 Scope of Business

•Research & Development (R&D) •Tooling (Dies/Jigs/CF/1) •Pressed metal parts & plastic parts •EDP/2 & Painting •Auto Assembly •Seats •After-sales service & Spare parts

Note : 1. CF = Checking Fixture 2. EDP = Electro Deposit Primer 4 TRU’s Strengths

• Comprehensive and R&D integrated scope of After-sales Tooling service (Dies/Jigs/CF) work: from R&D, tooling, parts stamping, Special Part TRU Purpose Making auto seats, EDP/1 & Group (Metal & Vehicles Plastic) painting, through to Auto Assembly production of various (Welding, Auto Seats kinds of vehicles and Trimming) EDP/1 & Painting after-sale service.

Note : 1. EDP = Electro Deposit Primer 5 TRU’s Strengths (Cont.)

• Own EDP/1 & paint shop with top quality to meet latest global standards for export • Flexible production line can quickly adapt to customers’ needs • Leading producer of “flat deck” cargo boxes for pick-ups • Specialist producer of pick-up MUV4/2 & Transformer based special purpose vehicles

Note : 1. EDP = Electro Deposit Primer 2. MUV4 = Military Utility Vehicle 4WD 6 Business Units

Total Revenues as of Dec. 2013 61% 29% 3% Tooling & OEM Parts Contract Assembly Special Purpose Vehicles & Painting & Service centre

7 Awards

• Nov. 2013 Best Company Performance Awards 2013 (SET market capitalization of THB 2 bln. – THB 10 bln.)

• 2009-2013 Corporate Governance (CG) - “Very Good” level, 5 consecutive years

• 2008-2013 AGM check-list performance – “Excellent” level, 6 consecutive years.

8 Contents

• Company Profile • Industry Overview • Financial Review • Outlook and Direction

9 Top 10 World Vehicle Production 2013

Million Units

22.12

Thailand move from no. 10 in last year to no. 9 in this year. 11.05 9.63

5.72 4.52 3.88 3.74 3.05 2.53 2.38

1 2 3 4 5 6 7 8 9 10

Source : The International Organization of Motor Vehicle Manufacturers ( OCIA ) Passenger : motor vehicles with at least four wheels, used for the transport of passenger and comprising no more than eight seats in addition to the driver's seat Commercial vehicles include light commercial vehicles, heavy trucks, coaches and buses. 10 Thai Auto Industry 2004-2015F

First car tax scheme Mil. Units

Japanese tsunami in Q2 3.00 and Thai floods in Q4 +68% +0.1% +7% -5% Hamburger 2.45 2.50 2.50 Production crisis 2.33 Domestic 2.00 Export +65% 1.65 -11% +8% +8% 1.46 +6% 1.39 1.44 1.38 1.50 +21% 1.29 1.33 1.13 1.19 -28% 1.17 1.00 0.93 0.90 1.00 0.80 1.13 1.15 1.13 0.69 0.78 1.03 0.63 0.70 0.68 0.55 0.80 0.74 0.50 0.63 - 0.54 0.62 0.54 0.44 0.33 0.00 2014(F)2015(F)

Source : - Year 2004-2014 (F) The Federation of Thai Industries, Note - Year 2015 forecasted by TRU, Estimate Domestic 45%, Export 55% 11 Production Volumes in Thailand 2013

-11% QoQ Units Units -28% YoY +0.14% YoY 2,800,000 800,000 730,099 2,600,000 2,453,717 2,457,057 700,000 2,400,000 2,200,000 589,292 600,000 2,000,000 526,799 1,800,000 500,000 1,600,000 400,000 1,400,000 1,200,000 300,000 1,000,000 800,000 200,000 600,000 100,000 400,000 200,000 0 0 Q4/12 Q3/13 Q4/13

Quarter Cumulative

Source : The Federation of Thai Industries 12 Domestic Sales in Thailand 2013

Units Units -7% YoY Commercial vehicle 600,000 1,436,335 Passenger cars 1,500,000 74,569 1,330,672 Pick-ups+PPV +1% QoQ 77,588 500,000 -32% YoY +4% 435,758 20,806 400,000 1,000,000 694,234 QoQ YoY 663,746 -4% 293,492 296,385 300,000 229,230 19,429 -18% 15,977 -23%

-8% 140,112 -39% 200,000 151,968 500,000

667,532 100,000 185,722 589,338 -12% 122,095 +15% 140,296 -24%

0 0 Q4/12 Q3/13 Q4/13

Quarter Cumulative Source : - The Federation of Thai Industries Note : - PPV = -based Passenger Vehicles - Commercial vehicles = trucks, vans, buses 13 CBU Exports 2013

Units Units +10% YoY

Passenger cars -8% QoQ 400,000 1,200,000 1,128,152 YoY Pick-ups+PPV -1% YoY 1,026,671 350,000 1,000,000 306,737 392,325 +48% 300,000 284,806 QoQ 280,811 YoY 264,977 800,000 250,000 84,882 111,506 -11% 99,009 +17% 200,000 600,000

150,000 400,000 761,694 735,827 -3% 100,000 199,924 195,231 -7% 181,802 -9% 200,000 50,000

0 0 Q4/12 Q3/13 Q4/13 Quarter Cumulative

Source : - The Federation of Thai Industries Note : - CBU = Complete y Built Up - PPV = Pickup truck-based Passenger Vehicles 14 CBU Exports 2013

2013 = 1,128,152 units, +10% YoY By Brand 2012 = 1,026,671 units By Region 100% 10,024 1% +100% 51,249 5% 57,377 5% +12% 100% 2% 44,091 4 +38% 25,735 4% GM +68% 60,967 5% AFRICA 90% 37,895 43,208 4% 37,078 3% Mazda -2% 69,218 7% 79,694 7% EU +15% 66,971 6% 90% 70,277 6% +5% 120,350 80% 45,517 79 243 8% 80% 12 C&S AM +21% 102,236 10% Ford +75% 13% 70% 149,829 134,982 70% 218,704 259,225 12% -10% 15% 21% 23% OCEANIA +19% 60% 60%

50% 207,833 241,921 Mitsubishi +16% 50% 243,718 20% 21% 283,676 24% 40% 40% 25% M/E +16%

30% 30% 330,590 299,073 20% 32% 20% 407,796 430,929 Toyota +6% 27% ASIA -10% 40% 10% 10% 38% 0% 0%

Source : - The Federation of Thai Industries Source : - The Federation of Thai Industries Note : - CBU = Complete y Built Up Note : C&S AM = Central & South America OCEANIA = Australia, New Zealand and Other M/E = Middle East 15 Contents

• Company Profile • Industry Overview • Financial Review • Outlook and Direction

16 Total Revenues 2013 : TRU’s revenues down by 11% YoY mainly as a result of the end of the government’s ‘first car’ incentive scheme, for which carmakers staggered deliveries carried forward from last year’s orders, largely completing them by the end of the second quarter of 2013 Bt. millions Bt. millions 4,500 1,800 Total Other income 3,781 -11 % YoY 4,000 3,781 MB. 1,600 Sales and Service income Total 281 Other income 3,500 3,375 MB. 1,400 Total -16% YoY 237 1,181 MB. 3,000 1,200 72 -41% YoY 2,500 1,000 Total Total 804 MB. 701 MB. 2,000 Sales and 800 45 Other income 3,500 Service income 57 -21% YoY 1,500 3,138 600 1110 -10 % YoY Sales and 1,000 400 759 Service income 644 -42 % YoY 500 200 0 0

Q4/12 Q3/13 Q4/13 Quarter Cumulative 17 Revenue Breakdown 2013

2013 Total revenues Bt.3,375 million, -11 % YoY, (2012 = Bt.3,781 million) - Revenues from Tooling & OEM Parts decreased by 3% YoY, mainly from GM and Nissan. - Revenues from Contract Assembly & Painting decreased by 23% YoY, mainly from Nissan & Isuzu truck painting and assembly project decreased.

Others, Bt. millions Others Sales of Cars & Service Center Sales of 2013 Cars & 237, 7% 4,500 Contract Assembly & Painting Tooling & OEM Parts Service Total -11% YoY Center, 4,000 3,781 MB. Total 108, 3% Tooling & 281 3,375 MB. OEM 3,500 119 Contract Parts, 237 -16% 108 Assembly 90% 2046, 3,000 -9% & 61% 1,280 Painting, 2,500 985 -23% 985, 29%

2,000 2012 Sales of Others, 1,500 Cars & 281, 7% Service 1,000 2,101 2,046 -3% Center, 119,3% Tooling & 500 OEM Parts, Contract 0 2101, Assembly 89% 56% & Painting, Note: 1. Tooling (Dies/Jigs/CF) & OEM Parts include GM, Nissan, Isuzu, Mitsubishi, Komatsu, Yanmar, Kawasaki, Triumph etc.. 1280,34% 2. Contract Assembly & Painting includes Nissan, Isuzu truck, Flat deck, Komatsu, Kobelco, Yanmar, Vacuum ICL, etc.. 3. Other income includes interest, scrap sale, share of profit from investments in associated companies, etc. 18 Revenues Portfolio 2013

2013 Total revenues Bt.3,375 million, down by 11% Breakdown of Tooling & OEM parts and Contract YoY as a result of down. Assembly & Painting Bus by customer sector.

Others, Sales of Cars 237, 7% & Service Center, 108,3% Motorcycle 4% Others 2% Contract Assembly & Tooling & Industrial Painting, OEM Parts, Machinery 11% 985, 29% 2046, 61% (2012 =10%) 90% Automotive 83% (2012 = 85%)

19 Gross Profit & Net Profit

2013 TRU’s gross profit was down by 24% and net profit down by 36%, due to product mixed.

% of Total % of Sales Bt. millions Bt. millions Revenues

800 25% 700 20% -24% YoY -36% YoY 700 19.1% 600 14.7% 20% 600 500 15% 16.2% 556 500 10.5% 15% 400 400 667 10% 300 300 10% 200 200 5% 508 5% 100 100 354 0 0% 0 0% 2012 2013 2012 2013 Gross Profit Net Profit

% Gross Profit = Gross profit / Sales and Service Income % Net Profit = Net profit attributable to equity holders of the company / Total Revenues 20 EBITDA

EBITDA decreased mainly due to revenues and net profit was down.

Bt. millions % of Total Revenues 900 25% 800 -30% YoY 700 21.1% 600 796 20% 500 16.5% 400 300 15% 200 557 100 0 10% 2012 2013

Cumulative

% EBITDA = EBITDA / Total Revenues 21 Profitability Ratio

ROA and ROE decreased around 8% due to net profit decreased 36% while investments in new plant and machinery had increased around 400 million baht.

20 25 19.91 15 -8.71% 20 20.01 -8.34% 15 10 10 11.20 11.67 5 5 0 0 2012 2013 2012 2013 Return on Assets Return on Equity (ROA) (ROE)

% ROA = EBIT / Average total assets % ROE = Net profit attributable to equity holders of the company / Average major shareholders’ equity. 22 Financial Ratios

As of Dec 31, 2013 Current liabilities decreased by 319 MB from December 31, 2012, mainly from raw material purchasing.

Times Times 5 0.3

4 0.25 +0.24 0.2 3 -0.10 2 2.68 0.1 0.15 1 2.44 0 0 Dec 31, 2012 Dec 31, 2013 Dec 31, 2012 Dec 31, 2013

Current Ratio Debt to Equity (D/E)

23 Contents

• Company Profile • Industry Overview • Financial Review • Outlook and Direction

24 Outlook and Direction - Tooling & OEM Parts

Tooling • Boost level of die and jig design and production for turn-key projects through alliance with foreign partner so as to be able to enter more overseas tenders. • Build up a network of business alliances in Thailand to cater to the volume of new projects coming on stream, increase production capacity and be able to take on turn-key projects overseas. • Invest in new machinery to increase capacity and boost level of technology, which will attract increased parts production work for the Company. OEM Parts • Expand both metal and plastic parts making business to cater to increasing volumes of orders from automotive and other customers moving their production bases to Thailand. • Focus on high added value parts such as those requiring large (2,000 tons) press machines and/or sub-assembly • Boost parts production capacity to meet increasing customer demand, the new parts factory in Rayong province is under installation of new additional press machines.

25 Outlook and Direction – Contract Assembly & Painting

• Top-level expert contract assembler for both semi and complete components, fully integrated painting and contract assembly of complete vehicles for various brands for export. • Upgrade painting facility and equipment to increase production capacity, and developing vehicle assembly system to meet latest global standards to support customer demand • Leading designer and fully integrated producer of pick-up “flat deck” cargo box for all brands of pick-up, for export worldwide. • Expand business in industrial machinery as one stops service from part component, to complete cabin assembly. As we successful to signed JV with Kyowa Sangyo Co., Ltd. (Japan) on Feb. 2014. • Search for strategic partners in order to expand product range especially in commercial car segment i.e. trucks.

26 Outlook and Direction – Special Purpose Vehicles

• To develop special purpose vehicles based on pick-up trucks. Focus on niche market segment where automakers do not produce e.g. military vehicles for sale in the domestic market and with the aim of exporting to ASEAN and developing countries

• To expand the market for the TR transformer and have appointed ten new dealers throughout Thailand in the North, Northeast and in the South.

• Use our experience in R&D, body design and engineering to take on design work for various types of vehicles, building prototypes, making dies and jigs for auto makers and other business partners.

• Seek business alliances to develop various kinds of vehicles jointly, for export in both CBU and SKD form, particularly to ASEAN in view of advantageous AFTA duty regime.

27 Questions & Answers

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