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SAT SAT ... To Become the Auto Parts Manufacturing Leader in ASEAN ... To Become the Auto Parts Manufacturing Leader in ASEAN 3Q08 Operating Results 3Q08 Operating Results 3 December 2008 3 December 2008 Agenda Industry Overview

  1. SAT SAT ... To Become the Auto Parts Manufacturing Leader in ASEAN… … ... To Become the Auto Parts Manufacturing Leader in ASEAN 3Q08 Operating Results 3Q08 Operating Results 3 December 2008 3 December 2008

  2. Agenda • Industry Overview • Group Business • Performance Review • Future Outlook • Appendices

  3. 10M08 Car Production & Sales Overview Units 1,200,000 1,193,088 Passenger 22% % Exp 3 1,057,251 1 Sales 1,000,000 Pick Up & PPV 78% 800,000 Passenger 666,462 38% Dom Others 552,004 600,000 % Sales 7% 1 509,186 510,200 2 Pick Up & PPV 55% % 0 400,000 Passenger 29% 200,000 Prod Others 1% Pick Up & PPV 70% 0 10M07 10M08 Production Domestic Sales Export Sales Source : Thailand Automotive Institute (pls. find details on page 29) 3

  4. 10M08 Car Production by Type & Brand 1,200,000 15,396 Nissan 4% Mitsubishi 2% 19,475 342,641 Units Honda 1,000,000 39% 261,965 Others % P/C 1 9% 3 800,000 Toyota 46% 600,000 835,051 Mitsubishi AAT 17% 400,000 14% 775,811 P/U % Nissan 5% 8 &PPV Isuzu 24% 200,000 Toyota 40% 0 10M07 10M08 Pickup & PPV Passenger Car Others Source : Thailand Automotive Institute (pls. find details on page 29) 4

  5. 10M08 Domestic Car Sales by Type & Brand 600,000 Nissan 3% % 2 Units i h s % i b 2 u 34,152 35,235 s a t d i M z Honda a M 500,000 37% Others 10% P/C 153,171 400,000 193,480 Toyota 46% % 6 2 300,000 Nissan 7% % 6 i h s 321,863 i 200,000 b Isuzu 281,485 u s t i 41% M P/U AAT 5% &PPV -13% 100,000 Toyota 41% 0 10M07 10M08 Pickup & PPV Passenger Car Others Source : Thailand Automotive Institute (pls. find details on page 29) 5

  6. 10M08 Export Car Sales by Type & Brand Mitsubishi 2% 700,000 Units 147,759 Honda 600,000 Others 41% % 7% 1 2 P/C Nissan 5% 500,000 122,019 Toyota 44% 400,000 518,703 300,000 429,985 AAT Isuzu 20% % 14% 1 2 200,000 P/U &PPV Mitsubishi Nissan 5% 22% Toyota 100,000 39% 0 10M07 10M08 Pickup & PPV Passenger Car Source : Thailand Automotive Institute (pls. find details on page 29) 6

  7. 10M08 Export Car Sales Destinations 552,004 Units 666,462 Units Others % 0.03% 1.43% 100% Africa (-6%) 7% 8% 12% Central&S. America (+ 76%) 8% 13% 75% 15% Europe (+ 7%) 19% Middle East (+ 14%) 20% 50% Asia (+ 50%) 20% 25% 25% Aus, NZ & Oceania (+ 10%) 27% 25% 0% 10M07 10M08 Source : Thailand Automotive Institute (pls. find details on page 29) 7

  8. Thailand Car Production & Sales Thousand units 1,600 1,427 1,250 (-12%) 1,287 1,200 1,407 1,188 Asia’s 1,125 1,200 Recovery 928 770,000 751 800 682,161 690,100 Asia Financial 703,261 585 Crisis of 650,000 626,026 1997-98 631,251 459 538,966 412 533,176 363,156 440,705 296,985 400 360 409,362 262,189 327 332,053 181,471 144,065 218,330 235,122 158 175,299 152,835 125,702 67,857 42,218 0 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008F 2009F Actual Production Carmakers Prod Forecast TAI Prod Forecast Domestic Sales Export Sales Source: 1997-2007 Federation of Thai Industry 8

  9. Thai OEMs’ Actions in the Midst of the Global Crisis • Keep expansion of passenger car production line as Honda planned • Launch strategy to penetrate new potential market ; Eastern Europe, Middle East AAT • Temporarily shut down plant (during Dec08-Jan09) • Cut 30% of production volume during Nov08-Apr09 (~ 45,000 units) • Total estimated car production volume in 2009 dropped by Toyota 20% for domestic sales and 30% for export sales (~ 570,000 units). But PC to be considered again in Feb09. • Less fixed cost by terminating of 350 sub-contract workers • Cut 15% of production volume during Dec08-Mar09 (~ 35,000 units) Isuzu • Total estimated car production volume dropped by 30% in 2009 • Temporarily shut down plant (during Dec08-Jan09), then GM transfer production to Isuzu plants. • Cut 40% production volume plan during Feb-Jun09 MMth (dropped by 20% of 2008) 9

  10. 2009 a Tough Year for Thai Suppliers Opportunities Threats Opportunities Threats • The dramatically lower oil • The highly uncertain price would ease new car situation makes it sales pressure presently impossible for OEMs to submit a reliable • Gain car production forecast for 2009 and volume of the shut-down hence reaffirm their plants in other countries medium-term goals • Merge for business • OEMs demand further synergy i.e. economies of cost cuts scales, knowledge sharing • Costly imported steel for the result on the baht continued depreciating against USD • Lack of liquidity as a result of global credit crunch 10

  11. Thai Export Destination in Prospect 2009(E) % GDP Growth % Economic growth Global 2.2% -1.5% USA -0.7% -0.7% Euro area -0.5% -0.7% Japan -0.2% -0.7% China 8.5% -1.2% India 6.3% -1.5% ASEAN-5 4.2% -1.2% Asia (excl. Japan) 6.5% -1.2% Emerging Countries 5.1% -1.5% Australia 1.8% -0.6% Middle East 5.3% -0.8% Thailand 4.0% -0.5% Sources : IMF ( November 2008) 11

  12. Agenda • Industry Overview • Group Business • Performance Review • Future Outlook • Appendices

  13. Market Share of Product Champions Rear Axle Shaft Target 85 % Rear Axle Shaft Target 85 % Customer Model Toyota (100%) Fortuner, Vigo Other Mitsubishi (100%) Strada, Triton 4% SMT AAT (Mazda & Ford) (100%) BT-50, Everest SAT Market share 8% 88% Isuzu (66%) D-Max 4x4, 2x4 , 4x2 (3,000cc. Only), MU-7 Aug Y 2008 100% 85.65% 90% 80% 80% 70% 60% 50% 2006 2007 Customer Model Coil Spring Target 28 % Coil Spring Target 28 % Other Mitsubishi (29%) Lancer (Rear) 1% Toyota (6%) Camry (Rear) Honda (8%) Jazz BSK 29% Market share NHK Customer Model Aug Y 2008 70% 50% Toyota (55%) Fortuner, Vigo 4x4 40% 28.36% 24% 30% Mitsubishi (100%) Strada, Triton 20% 10% 13 0% 2006 2007

  14. Market Share of Product Champions Leaf Spring Leaf Spring Customer Model Mitsubishi (100%) Strada, Triton NHK 78% Market share Customer Model Aug Y2008 BSK Hino (1%) Bus 22% 50% Mitsubishi Fuso Truck (100%) Trucks 40% 30% 17.53% 17% 20% 10% 0% Stabilizer Bar Target 31% 2006 2007 Stabilizer Bar Target 31% Customer Model Mitsubishi (29%) Lancer Other Honda (40%) Jazz/City/Accord (RR) 1% Toyota (23%) New Altis (FR) BSK NHK Market share Aug Y 2008 35% Customer Model 64% Toyota (51%) Fortuner, Vigo 4x4 50% 33.08% 33% 40% Mitsubishi (100%) Strada, Triton 30% Nissan (93%) Frontier 4x2, Navara 20% 10% 0% 14 2006 2007

  15. Market Share of Product Champions Disc Brake Target 27.7 % Disc Brake Target 27.7 % Customer Model OTHER KIRIU 1% 4% Honda (100%) Jazz/City, Civic, Accord, CR-V Mitsubishi (22%) Space Wagon AISIN Market share 65% SBM Aug Y 2008 Customer Model 30% Mitsubishi (100%) Strada, Triton 50% 40% 28.22% 23% 30% 20% 10% Customer Model 0% 2006 2007 Honda (22%) Jazz/City Drum Brake Target 35 % Drum Brake Target 35 % OTHER KIRIU 15% 4% Customer Model Mitsubishi (100%) Strada, Triton Isuzu (66%) D-Max 4x4, 2x4, 4x2 (3,000 cc. only), MU-7 Market share SBM Aug Y 2008 29% AISIN Customer Model 45% 50% 35.18% Mitsubishi Fuso Truck (89%) Trucks 40% 29% 30% 20% 10% 0% 2006 2007 15

  16. Market Share of Product Champions Exhaust Manifold Exhaust Manifold Customer Model CALSONIC OTHER 2% Mitsubishi (51%) Lancer 18% Market share SBM Aug Y2008 Customer Model 22% AISIN 58% Mitsubishi (85%) Strada, Triton 50% AAT (100%) BT-50, Everest 40% 21.70% 22% 30% 20% 10% 0% 2005 2006 16

  17. Full Capacity and Utilization Rate 2007 2008 2009E * Pieces Pieces %utilization Pieces %utilization Per Month 210,000 210,000 90% 240,000 60% Axle Shaft 120,000 255,000 60% 255,000 40% Coil Spring 109,000 109,000 79% 109,000 72% Brake Disc 100,000 100,000 65% 100,000 51% Stabilizer Bar 95,000 95,000 75% 95,000 65% Drum Brake 46,000 46,000 89% 46,000 75% Exhaust Manifold 11,000 11,000 95% 11,000 76% Fly Wheel 1,500 1,500 80% 1,500 50% Leaf Spring (tons) * To be revised in February 2009 Note : Full Capacity = 500 hrs./month 17 Max. Capacity = 650 hrs./month

  18. Agenda • Industry Overview • Group Business • Performance Review • Future Outlook • Appendices

  19. Financial Highlights 3Q07 2Q08 3Q08 YoY QoQ YTD2007 YTD2008 YoY Unit: Bt.mn Sales 1,300 1,401 1,575 21% 12% 3,656 4,375 20% Total Revenue 1,339 1,437 1,603 20% 12% 3,748 4,476 19% GP 292 287 323 11% 12% 785 926 18% SG&A 102 87 99 -3% 15% 262 271 3% EBITDA 306 322 334 9% 4% 819 1,013 24% NOPAT 195 196 212 9% 8% 509 632 24% Net Profit 162 165 183 13% 11% 423 535 26% Total Assets 5,369 5,756 6,308 17% 10% 5,756 6,308 10% Int. Bearing Debt 2,323 2,149 2,423 4% 13% 2,149 2,423 13% Total Liabilities 3,273 3,297 3,765 15% 14% 3,297 3,765 14% Equity 2,096 2,459 2,543 21% 3% 2,459 2,543 3% Depreciation 77 88 89 16% 1% 205 263 28% CAPEX 211 254 368 74% 45% 400 678 69% Effective Tax Rate 17.6% 18.4% 15.3% 19.9% 18.0% 19

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