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Cryomax Cooling System Corp.

Investor Conference

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Disclaimer

This presentation contains insights into future operations. of future are based on
Opinions operations many assumptions. Some of them are likely to be beyond the company’s control such as changes of economy trend. Therefore, forecasts mentioned in the report may have risks and uncertainties.
The actual results of the company's future development could be changed due to some uncontrollable factors which might be different from the current opinions.
The forward-looking statements contained in this presentation based on our best knowledge as of the report date, and we undertake no obligation to update the forward-looking statements to reflect subsequent events or circumstances, except as required by law.

`Agenda`

ICompany Profile
IIOperation Overview
IIIFinancial Results
IVFuture Prospects

`I. Company Profile`

Company Name	Cryomax Cooling System Corporation
Company address	No.28 Gongqu Rd., Fangyuan Township, Changhua County , Taiwan
Established on	August 22, 1984
Paid-in Capital	TWD NT $677,359,000
Employees	618 employees
Chairman	Andy Liu
President	Andy Liu
Main Business	Specializes in manufacturing, developing and selling all kinds of automotive radiators , cooling systems and related components.

Milestones

1984	 Formation of Cryomax, start the production for copper radiator
1994	 Approval from Military, and start supplying for military vehicles including Hummer
1999	 Establishment of complete Aluminum Radiator Manufacturing
2006	 Establishment of China Factory (in Dongguan)  Establishment of CRYOMAX USA (MarketingCenter and California warehouse)
2007	 Establishment of the warehouse in the U.S. (Virginia warehouse)  TS16949 certification (Cryomax Taiwan)
2010	 Cryomax approved as a OTC listing company
2011	 Cooperation withDENSO Japan. Access toDENSOtechnology. Produce and supply radiators toDENSOcompanies.
2013	 Establishment of the China Factory (in Nanjing), and achieving a fully one-stop production.
2015	 Factory in Nanjing started massive production, and established Cryomax LianDe company.
2016	 Rewarded the only certification for U.S. Toyota OES
2017	 Became the first DIY manufacturer in the U.S.
2018	 Listed in Taiwan Stock Exchange in April 16th. `2`

Organization

Cryomax Group

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Cryomax LianDe
Cryomax Taiwan Cryomax DongGuan Cryomax Nanjing Cryomax USA
Date of Establishment:
Date of Establishment: Date of Establishment: Date of Establishment:
Date of Establishment:
04-02-2015
04-10-2006 05-29-2013 05-15-2006
8-22-1984
Tooling Center and Heat Exchange of
Manufacturing Center Marketing Center (U.S.)
Manufacturing Electronic radiator
Headquarter One-stop production Warehouses(CA/VA)
development and
R&D Department
Size of factory: manufacturing
Manufacturing Size of factory: Size of factory:
7,900/m2
39,092/m2 3,251/m2
Size of factory:
32,166/m2
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Product-Radiator
PASSENGER CAR
RADIATOR: Plastic-Aluminum/copper/aluminum
OIL COOLER: plate / Concentric oil cooler/
motor oil cooler
TRUCK/HEAVY DUTY/BUS
RADIATOR: copper/aluminum
INDUSTRIAL
RADIATOR: Copper/aluminum, oil/water/gas transmission oil cooler
HEATER
EXCHANGER
EXTERNAL OIL
INVERTER
COOLER
CONDENSER COOLER
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Production – Mold and Tooling

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Major Production of Mold
and Tooling
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Professional
Molding
Factory
Stamping Tooling
Injection Mold 5
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`Cross-Market Products`

(Product)

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Projector radiator
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`(Application)`

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Large projector
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(Product)

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Cloud Sever Radiator

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(Application)

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Host Computer
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`II. Operation Overview`

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Auto Parts Market
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Original design and
Manufacture (ODM)
•
DENSO
Vehicle • MAHLE BEHR
•
Assembly VALEO
Original Equipment
Manufacturing (OEM)
Original Equipment
Sold (OES)
Repair Service
Cryomax
After Market(AM )
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`、、` OEM OES AM Markets

Original Equipment (OEM/OES) After Market (AM) Market new cars Directly proportional to Directly proportional to the vehicle’s impacts market usage, mileage, and it’s life cycle. 30% less than original equipment, Three times of after market manufactures and retailers share the Price products rest 70% of price (25% to manufactures and 45% to retailers) Large-volume but small-variety Small-volume but large-variety Needs roduction roduction p p Cryomax own molds, and we can OEM Factory or Tier 1 factory find the most attractive products and Competition pay for molding, and the yield and provide the complete product Index capacity production factors will be coverage for the competition the competition indicator. indicator. 1.New cars as well as remodeled 1.Repair store or body shop(AM) Application cars(OEM) 2.Remodel cars 2.Original Factory repair （ OES ）

Sales of after markets radiators

Until 2022, AF radiator industry is growing every year

Resources ： Global Industry Analysts, Inc(2017/03)

`Cryomax Market` ’ `s Position`

Supplier

Cryomax provides 2/3 radiators
of DENSO’s all products

High Price DENSO (OES) Middle Price (AM) Low Price (AM)

Cryomax is certified by
TOYOTA USA OES

DENSO/吉茂

Competitors in China / Cryomax

Quality Advantage

Cryomax participates in Long-term core competitiveness Partnership global network of DENSO

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PPAP
Performance/
Market
Durability test
Information
equipment and
Collection
system
Supply Owned
Capacity Tooling
Technical Complete
Support by supply chain,
DENSO Flexible quick
Quality Productio support.
Guarantee n
Certified
Monthly Production
TS16949/ISO
capacity : 100,000
9001
pcs
Productivity
Advantage
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One Stop Production Process

One stop production(in house) : Production efficiency and Lead time advantages.
Self-made components : Quality control and cost advantages.

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Product Variety

Owned 3,350 molds

 Product coverage can go up to 4,955 items

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History of Major Automotive Product Development

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Radiators?
Challenges and
Electric car &
opportunities to high
cross market
technology
IGBT water
Product quality is Gas-electric cooling
Quick
highly rated, hybrid radiator
Charging
Moving forward to
Model
OES Supply Chain HEV Intercooler
Develop a wide range of
radiators and components HEV.PHEV.BEV
as its foundation. OES Inverter radiator LED Radiator Model
HEV.PHE
AM Nissan V.BEV
Condenser
Toyota
Mitsubishi
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Application
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III. Financial Results

Currency: TWD NT ;%

Year Item	2015	2016	2017	June 2018
Operating revenue	1,436,276	1,475,362	1,353,380	661,546
Gross profit (loss) from operations	358,510	356,073	288,272	119,476
Gross Margin (%)	24.96%	24.13%	21.30%	18.06%
Net operating income (loss)	83,287	73,246	31,995	(10,086)
Operating Margin(%)	5.80%	4.96%	2.36%	(1.52%)
EPS	1.17	1.06	0.27	(0.12)

Regional Revenue Ratio

0 10 20 30 40 50 60 %	2015 2016 2017 Jun-18 U.S. Taiwan Europe Asia Other	2015 2016 2017 Jun-18 U.S. Taiwan Europe Asia Other	2015 2016 2017 Jun-18 U.S. Taiwan Europe Asia Other	2015 2016 2017 Jun-18 U.S. Taiwan Europe Asia Other	2015 2016 2017 Jun-18 U.S. Taiwan Europe Asia Other	2015 2016 2017 Jun-18 U.S. Taiwan Europe Asia Other	2015 2016 2017 Jun-18 U.S. Taiwan Europe Asia Other	2015 2016 2017 Jun-18 U.S. Taiwan Europe Asia Other
	2015		2016		2017		June 2018
	`NT$ 000`	%	`NT$ 000`	%	`NT$ 000`	%	`NT$ 000`	%
U.S.	802,919	56	805,539	55	683,718	51	345,951	52
Taiwan	303,799	21	298,380	20	295,161	22	139,981	21
Europe	126,201	9	132,534	9	116,452	9	57,307	9
Asia	107,382	7	157,041	10	171,669	12	81,944	13
Other	95,975	7	81,868	6	86,380	6	36,363	5
Total	1,436,276	100	1,475,362	100	1,353,380	100	661,546	100

2018 Business Growth Trend


Year/Quarter	1st Quarter	2nd Quarter	3rd Quarter	Total
2017	340,638	348,325	347,050	1,036,013
2018	295,854	365,692	374,878	1,036,424
Growth Rate	-13%	5%	8%	0.04%

IV. Future Prospects

 Middle to Long term goals

Sustainable global partnership development and distribution.
Deliver within 7 days after receiving orders
Become an all-dimensional supplier of automotive radiators, molds and components.

 Future challen es and o ortunities g pp

Challenges Opportunities

Automotive industry transformation, technical challenges (The rise of the electric vehicle market)

Strive for OES orders, expand the parts market, and enter the OE system
Cross market product development, continuation of manufacturing technology advantages
Condenser, Charge Air Cooler introduction and development.

Technology Development Plan Hybrid and Electric Vehicle Technology

No	Item	Exist	Develop	No production	Not Exist
1	Radiator	HEV.PHEV			BEV
2	Oil Cooler (Engine oil cooler)	HEV.PHEV			BEV
3	Motor Radiators	~~`96`~~	~~`ategory`~~	HEV.PHEV.BEV
4	Condenser		HEV.PHEV.BEV
5	Evaporator	~~`8 Ct`~~		HEV.PHEV.BEV
6	Intercooler	~~`aegory`~~	HEV.PHEV		BEV
7	Inverter Radiator	HEV.PHEV.BEV
8	Heaters	HEV.PHEV.BEV
9	Exhaust Gas Recirculation (EGR)			HEV.PHEV	BEV

Notes: HEV(Hybrid electric vehicle) 、 PHEV(Plug-in hybrid electric vehicle) 、 BEV(Battery electric vehicle)

Market Layout and Competitive Strategy

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Current Market

New Market

•
Existing Provide radiator’s peripheral Looking for overseas market
Customer components modularization for cooperation opportunities for new products. existing customer.
• Cultivate customer loyalty
•
New China Market Cooperation opportunity for
Customer OES  Build up “brand image” of •
Cryomax Cross market development and
• sales Strengthening potential customer development

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Being after market leader

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Deliver with 7 days after receiving orders

Cross field cloud server and radiator development

One stop production

AI assistant

CM Investor Presentation 2018

51870_rns_2018-11-16_42e6e253-b7eb-4c82-b66e-bbe8ebdc8306.pdf

Cryomax Cooling System Corp.

Investor Conference

Disclaimer

`Agenda`

`I. Company Profile`

Milestones

Organization

Cryomax Group

Production – Mold and Tooling

`Cross-Market Products`

`(Application)`

`II. Operation Overview`

`、、` OEM OES AM Markets

Sales of after markets radiators

`Cryomax Market` ’ `s Position`

Supplier

Quality Advantage

One Stop Production Process

Product Variety

 Product coverage can go up to 4,955 items

History of Major Automotive Product Development

III. Financial Results

Regional Revenue Ratio

2018 Business Growth Trend

IV. Future Prospects

 Middle to Long term goals

 Future challen es and o ortunities g pp

Technology Development Plan Hybrid and Electric Vehicle Technology

Market Layout and Competitive Strategy

Current Market

New Market

Being after market leader

`Thank you`

AI assistant

CM — Investor Presentation 2018

51870_rns_2018-11-16_42e6e253-b7eb-4c82-b66e-bbe8ebdc8306.pdf

Cryomax Cooling System Corp.

Investor Conference

Disclaimer

Agenda

I. Company Profile

Milestones

Organization

Cryomax Group

Production – Mold and Tooling

Cross-Market Products

(Application)

II. Operation Overview

、 、 OEM OES AM Markets

Sales of after markets radiators

Cryomax Market ’ s Position

Supplier

Quality Advantage

One Stop Production Process

Product Variety

 Product coverage can go up to 4,955 items

History of Major Automotive Product Development

III. Financial Results

Regional Revenue Ratio

2018 Business Growth Trend

IV. Future Prospects

 Middle to Long term goals

 Future challen es and o ortunities g pp

Technology Development Plan Hybrid and Electric Vehicle Technology

Market Layout and Competitive Strategy

Current Market

New Market

Being after market leader

Thank you

More from CM

CM Investor Presentation 2018

`Agenda`

`I. Company Profile`

`Cross-Market Products`

`(Application)`

`II. Operation Overview`

`、、` OEM OES AM Markets

`Cryomax Market` ’ `s Position`

`Thank you`