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1. Opportunity day
Q1/2014 Results Presentation
28th May 2014
At Stock Exchange of Thailand
Presented by:
Sompong Phaoenchoke, MD.
Naiyana Prachotrattanakul, IR Mgr.

2. 2
Contents
• Company Profile
• Industry Overview
• Financial Review
• Outlook and Direction

3. 3
Group Structure & Business
Thai Rung Union Car Plc.
“TRU”
-R&D, Auto Assembly
-Pressed Metal Parts, Plastic Parts, Car Seat
Thai Rung Tools and Dies Co. Ltd.
“TRT”
- Tooling (Dies/Jigs/CF)
Thai Auto Conversion Co. Ltd.
“TAC” (JV. with Toyota group)
- Special Purpose Vehicles
Thai Auto Pressparts Co. Ltd.
“TAP”
- Pressed Metal Parts
Delta Thairung Co. Ltd.
“DTC” (JV. with Delta Kogyo, Japan)
- Seats & Seat Components
Thai V.P. Auto Service Co. Ltd.
“TVS”
- After-sales Services & Spare Parts
Thai Ultimate Car Co. Ltd.
“TUC”
- Automotive, consulting & admin. services
Subsidiary Companies Associated Companies
94%
91%
94%
20%
30%
99.53%
Kyowa Thairung Co. Ltd.
“KTR” (JV. with Kyowa Sangyo, Japan)
- Parts & Cabin of Industrial Machinery and etc.
49%
Trex Thairung Co. Ltd.
“TTR” (JV. with Trex group, Japan)
- Truck body, dump truck, mixer truck and etc.
40%

4. 4
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

5. 5
TRU’s Strengths
• Comprehensive and
integrated scope of
work: from R&D,
tooling, parts stamping,
auto seats, EDP/1 &
painting, through to
production of various
kinds of vehicles and
after-sale service.
Note : 1. EDP = Electro Deposit Primer
After-sales
service
Special
Purpose
Vehicles
Auto
Assembly
(Welding,
Trimming) EDP/1 &
Painting
Auto Seats
Part
Making
(Metal &
Plastic)
Tooling
(Dies/Jigs/CF)
R&D
TRU
Group

6. 6
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
based special purpose vehicles
Note : 1. EDP = Electro Deposit Primer
2. MUV4 = Military Utility Vehicle 4WD
MUV4/2 & Transformer

7. 7
Business Units
Special Purpose Vehicles
& Service centre
Tooling & OEM Parts Contract Assembly
& Painting
70% 21% 3%
Total Revenues
as of Mar. 2014

8. 8
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.

9. 9
Contents
• Company Profile
• Industry Overview
• Financial Review
• Outlook and Direction

10. Top 10 World Vehicle Production 2013
10
Million Units
Source : The International Organization of Motor Vehicle Manufacturers ( OCIA )
Passenger cars : 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.
22.12
2.38
1 2 3 4 5 6 7 8 9 10
11.05
4.52
5.72
9.63
3.05
3.743.88
2.53
Thailand move from
no. 10 in last year to
no. 9 in this year.

11. Thai Auto Industry 2004-2015F
0.93
1.13 1.19
1.29
1.39
1.00
1.65
1.46
2.45
2.33
2.50
0.63 0.70 0.68
0.63 0.62
0.55 0.80
0.80
1.44
1.33
1.15 1.13
0.33
0.44
0.54
0.69 0.78
0.54
0.90
0.74
1.03
1.13
1.17
1.38
0.00
0.50
1.00
1.50
2.00
2.50
3.00
2014(F)2015(F)
Production
Domestic
Export
Mil. Units
Source : - Year 2004-2014 (F) The Federation of Thai Industries,
Note - Year 2015 forecasted by TRU, Estimate Domestic 45%, Export 55%
+65%
-28%
-11%
+68%
+8%
+8%
+21%
+6%
+0.1%
-5%
+7%
Hamburger
crisis
-
Japanese tsunami in Q2
and Thai floods in Q4
11
First car tax scheme

12. 12
Production Volumes in Thailand Q1/2014
721,509
526,799 517,492
0
100,000
200,000
300,000
400,000
500,000
600,000
700,000
800,000
Q1/13 Q4/13 Q1/14
Units
Source : The Federation of Thai Industries
-2% QoQ
-28% YoY

13. 13
Domestic Sales in Thailand Q1/2014
176,959
140,296
111,259
214,756
140,112
101,621
21,541
15,977
11,291
0
100,000
200,000
300,000
400,000
500,000
Q1/13 Q4/13 Q1/14
Commercial vehicle
Passenger cars
Pick-ups+PPV
Source : - The Federation of Thai Industries
Note : - PPV = Pickup truck-based Passenger Vehicles
- Commercial vehicles = trucks, vans, buses
Units
-24% QoQ
-46% YoY
-29%
296,385
QoQ
-27%
-21%
413,256
224,171 YoY
-48%
-53%
-37%

14. 14
CBU Exports Q1/2014
188,034 181,802 191,909
99,884 99,009
99,600
0
50,000
100,000
150,000
200,000
250,000
300,000
350,000
400,000
Q1/13 Q4/13 Q1/14
Passenger cars
Pick-ups+PPV
Units
Source : - The Federation of Thai Industries
Note : - CBU = Complete y Built Up
- PPV = Pickup truck-based Passenger Vehicles
280,811287,918
+4% QoQ
+1% YoY
291,509
QoQ
+1%
+6%
YoY
-0.3%
+2%

15. 119,015 114,711
64,643 77,413
26,711 28,402
23,080 24,405
16,911 21,015
10,946 8,001
9,161 9,157
9,900 6,265
2,080
0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
100%
Q4/2013 Q1/2014
42%
23%
10%
39%
27%
10%
3%
6%
4%
8%
4%
3%
3%
7%
8%
2%
1%
15
CBU Exports Q1/2014
Source : - The Federation of Thai Industries
Note : - CBU = Complete y Built Up
59,436 70,761
86,858
82,103
58,826 57,528
42,806
31,495
10,567
19,057
22,440
13,828
16,615
0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
100%
Q4/2013 Q1/2014
21%
31%
21%
24%
20%
28%
3%
6%
1 %
8%
15%
7%
5%
Source : - The Federation of Thai Industries
Note : C&S AM = Central & South America
OCEANIA = Australia, New Zealand and Other
M/E = Middle East
Q1/2014 = 291,509 units, +4% QoQ
Q4/2013 = 280,811 units
By Region
ASIA +19%
M/E -5%
OCEANIA -2%
C&S AM -26%
EU +18%
AFRICA +20%
Toyota -4%
Mitsubishi +20%
Nissan +6%
Ford +6%
Isuzu +24%
Mazda -27%
GM -
Honda -37%
By Brand
Suzuki +368%
North AM +100%
(New market)

16. 16
Contents
• Company Profile
• Industry Overview
• Financial Review
• Outlook and Direction

17. Tooling &
OEM
Parts,
458, 65%
Contract
Assembly
&
Painting,
157, 23%
Sales of
Cars &
Service
Center,
29, 4%
Others,
57, 8%
Revenue Breakdown Q1/2014
Note: 1. Tooling (Dies/Jigs/CF)& OEM Parts include GM, Nissan,Isuzu, Mitsubishi, Komatsu,Yanmar, Kawasaki,Triumph etc..
2. Contract Assembly & Painting includes Nissan,Isuzu truck, Flat deck, Komatsu, Kobelco,Yanmar, Vacuum ICL, etc..
3. Other income includesinterest, scrap sale, share of profit from investments in associatedcompanies, etc.
458 445
157 131
29
20
57
44
0
200
400
600
800
1,000
Q4/2013 Q1/2014
Others Sales of Cars & Service Center
Contract Assembly & Painting Tooling & OEM Parts
Bt. millions
Total
640 MB.
Total
701 MB.
-9% YoY
-33%
-16%
-3%
-24%
Tooling &
OEM
Parts,
445, 69%
Contract
Assembly
&
Painting,
131, 21%
Sales of
Cars &
Service
Center,
20, 3%
Others,
44, 7%
90%
Q1/2014
88%
Q4/2013
Q1/2014 Total revenues Bt.640 million, -9 % QoQ.
- Revenues from Tooling & OEM Parts decreased by 3% YoY, mainly from GM and Nissan.
- Revenues from Contract Assembly & Painting decreased by 16% YoY, mainly from Nissan & Isuzu truck painting and assembly project decreased.
17

18. 18
Revenues Portfolio Q1/2014
Tooling &
OEM Parts,
445, 69%
Contract
Assembly &
Painting, 131,
21%
Sales of Cars
& Service
Center, 20,
3%
Others, 44,
7%
Q1/2014 Total revenues Bt.640 million, down by 9%
QoQ as a result of automotive industry down.
90%
Breakdown of Tooling & OEM parts and Contract
Assembly & Painting Bus by customer sector.
Automotive
83%
Industrial
Machinery
8%
Motorcycle
7%
Others
2%
(2013 = 89%)
(2013 =7%)

19. Gross Profit & Net Profit
% Gross Profit = Gross profit / Sales and Service Income
73
86
11.3%
14.4%
0%
5%
10%
15%
20%
-10
10
30
50
70
90
110
130
150
Q4/2013 Q1/2014
+18% QoQ
Q1/2014 TRU’s gross profit was increased by 18% and net profit increased by 63%, due to
increased in provision of Employee benefit obligation & Other impairment in Q4/2013.
Bt. millions
% of Sales
32
52
4.5%
8.2%
0%
5%
10%
0
10
20
30
40
50
60
70
80
Q4/2013 Q1/2014
+63% QoQ
Bt. millions
% of Total
Revenues
% Net Profit = Net profit attributable to equity holders of the company / Total Revenues 19
Gross Profit Net Profit

20. 2020
EBITDA
% EBITDA = EBITDA / Total Revenues
73
100
11.3%
15.5%
0%
5%
10%
15%
20%
0
100
200
Q4/2013 Q1/2014
+37% YoY
EBITDA increased mainly due to gross profit increased in Q1/2014.
Cumulative
Bt. millions % of Total
Revenues

21. 11.20
7.00
0
5
10
15
Q4/2013 Q1/2014
Profitability Ratio
11.70
7.37
0
5
10
15
Q4/2013 Q1/2014
ROA and ROE decreased around 4% due to net profit decreased while investments in new plant
and machinery had increased around 400 million baht.
Return on Assets
(ROA)
Return on Equity
(ROE)
-4.2% -4.33%
% ROA = EBIT / Average total assets
% ROE = Net profit attributable to equity holders of the company / Average major shareholders’ equity.
21

22. 22
0.16 0.17
0
0.1
0.2
0.3
Dec 31, 2013 Mar 31, 2014
Times
2.68
2.63
0
1
2
3
4
5
Dec 31, 2013 Mar 31, 2014
Times
22
Financial Ratios
As of Mar 31, 2014 Current liabilities increased by 42 MB from December 31, 2013, mainly from
increase in payable for next order.
Current Ratio Debt to Equity
(D/E)
-0.05 +0.01

23. 23
Contents
• Company Profile
• Industry Overview
• Financial Review
• Outlook and Direction

24. 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
• The new parts factory in Rayong province is under installation of new additional press machines
and automation system to increase the productivity.

25. 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.
• Successful to set up JV with strategic partners (Kyoukuto, Trex and Mitsiam) in order
to expand product range especially in commercial vehicle trucks such as truck body,
dump truck and dump full trailer, concrete mixer truck, bulk trailer and etc.

26. 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. 27
Questions
&
Answers