THAI SUMMIT EXPANDS INVESTMENT IN CHASSIS PRODUCTION TO BECOME THAILAND’S LARGEST CHASSIS SUPPLIER

TSPKK and Siam Auto Manufacturing Ltd. today ink their Bt350 million share transfer deal TSPKK, an auto parts manufacturing subsidiary of Thai Summit Group and Siam Auto Manufacturing (SAM), a wholly-owned auto parts manufacturing subsidiary of Siam Nissan, today signed a Bt350 million agreement on total SAM share transfer to TSPKK. The deal will put TSPKK as the country’s largest chassis frame manufacturer in the country and contribute to both companies’ higher competitiveness. TSPKK is a joint venture between Thai Summit Group, the country’s leading auto, electrical appliance and agricultural engine parts manufacturing conglomerate, and Press Kogyo, a leading Japanese auto parts manufacturer. The company is well established in Thailand and is a major auto parts supplier to various carmakers in the country. Mrs. Somporn Juangroongruangkit, President of Thai Summit Group and President of TSPKK, said: “This deal is very important not because of its value but because it will secure our position as the biggest one-ton pickup chassis supplier in Thailand with 70% of the total market share. At present, Thailand is the world’s 14th largest car producer with greater future opportunities. We are confident that after SAM shares are transferred to TSPKK, the company will enjoy a great deal of synergy and stronger competitiveness. With our stronger market position and greater production capability, we will be able to contribute significantly to the country’s goal to become a major global replacement equipment manufacturer (REM) and vehicle exporter.” Established since 1996, Siam Auto Manufacturing (SAM) is the sole producer of one-ton pickup chassis frame for Nissan’s current pickup models in Thailand. Located in Chon Buri province, the company has 100 skilled employees and has an annual production capacity of production capacity of 50,000 frames. Under the agreement, effective from December 1, all SAM’s shares, its employees and manufacturing plant will be transferred to and operated by TSPKK. The deal will automatically make TSPKK the country’s No. 1 pickup chassis frames and truck axles manufacturer supplying the products to most of the leading car makers in the country including Nissan, Isuzu, Mitsubishi and joint Ford-Mazda venture AutoAlliance. The combined annual capacity of TSPKK and SAM will reach 580,000 (Note: 530,000 units + 50,000 by SAM). Mr. Hideo Kumada, President of Press Kogyo (Thailand), said: “The deal is a major progress in TSPKK business development. In the current intense global competitive landscape, doing business as usual is not enough anymore. We have to continue growing our business and providing more value to customers. The deal will enable us to provide quality products to customers faster and in order to better meet their increasing demand enjoy a bigger market share.” Mr. Kosaku Hosokawa, President of Siam Nissan Automobile Co., Ltd., (SNA) commented on the deal: “Siam Auto Manufacturing is our affiliate and the sole chassis producer for Nissan one-ton pickup trucks. Transferring 100% shares in SAM to TSPKK will enable us to focus more on our core business while enabling TSPKK to benefit more from increased flexibility, greater manufacturing capacity, broader market and customer base and greater business opportunities. The deal will also support Nissan’s global development plans for new pickup models. We believe its advanced technology and professionalism will make TSPKK the best auto part manufacturer in the market.” About Thai Summit Group Thai Summit Group is a Thai conglomerate of over 30 subsidiaries with more than 13,000 employees that specializes in the part manufacturers for automotive, motorcycle, electrical appliance and agricultural engine industries. The group has operations located in Thailand, Malaysia and India. Furthermore, the group has diversified into hotel and golf business. Net revenue is approximately US$ 550 million in 2004, and US$660 revenue is expected in 2005. About TSPKK TSPKK is a joint venture between Thai Summit Group and Press Kogyo, a leading Japanese auto part manufacturer. Established in 1989, the company is widely recognized locally and globally as a major auto frame supplier to various carmakers in Thailand including Isuzu, Mitsubishi, and AutoAlliance (Thailand). About Siam Auto Manufacturing Ltd. Established since 1996, Siam Auto Manufacturing (SAM) is an affiliate of Siam Nissan Automobile Co., Ltd., the distributor of Nissan cars in Thailand. SAM is the sole producer of one-ton pickup chassis frame for Nissan’s current pickup models produced in Thailand. Located in Chon Buri province, the company has 100 skilled employees and has a total capacity of producing 50,000 frames per annum. Issued on behalf of : Thai Summit PKK Co., Ltd. For more information: Jintana Duangkaew ([email protected]) Kovit Savangvareesakul ([email protected]) Ogilvy Public Relations Worldwide Tel. 0 2205 6653 and 02205 6613 Click for photo release at www.thaipr.net End.

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