Analyst Conference 2013Analyst Conference 2013March 7, 2014Disclaimer: This presentation contains statements about expected future events and financial results that are forward‐looking and subject to risks and uncertainties. For these statements, we claim the protection of the safe harbor for forward‐looking statements contained in the Private Securities Litigation Reform Act of 1995. Discussion of factors that may affect future results is contained in our recent filings with the Securities and Exchange Commission.

2

2013 strategic highlights

True Group reported healthy service revenue growth, driven by rising revenues in all core segmentsrising revenues in all core segments

Mobile non‐voice revenue sustained robust growth

ll f l d b db dExcellent response to convergence campaigns fueled broadband and Pay TV acquisitions

T Vi i h biddi f di i l i l TVTrueVisions won the bidding for two digital terrestrial TV licenses, paving way for accelerated advertising growth

Li i i d TRUEGIF k d i t t il t fLicensing regime and TRUEGIF marked important milestones for True Group and Thai Telecommunications industry

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Group revenue continues solid growthGroup service revenue grew on continued growth in all core business segments, mainly mobile’s non‐voice services

EBITDA slightly softened mainly from costs related to 2G migration, network expansion and marketing activities

EBITDAService revenue

Bt mnBt mn

10 463 10,728 61,865 66,291

16,738 16,385

+7.2%YoY‐2.1%YoY

2,574 2,657 2,725 2 845 2 016

560 477 461 228 292

4,742 4,731 4,337 3,975 3,343 7,309 7,342 7,477 7,679 6,160 2,999 2,653 2,756 2,653 2,665

16,409 16,356 16,359 17,069 16,508

31 184 35 211

28,126 28,658

10,463

10,089 10,243

1,966 1,458

1,649 1,659 1,243 1,047 962

2,725 2,845 2,016

4Q12 1Q13 2Q13 3Q13 4Q13True Mobile TrueOnline TrueVisions

8,312 8,500 8,475 9,118 9,118

4Q12 1Q13 2Q13 3Q13 4Q13True Mobile TrueOnline TrueVisions

31,184 35,211

2012 2013

4,852 4,910

2012 2013

True Mobile TrueOnline TrueVisions

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“ ” a new chapter for True and industrySuccessfully listed on SET on December 27

Transaction value Bt 58.1 bn

K b fitKey benefits:

Leverage reduction, strengthening capital structure

Economy of scaleEconomy of scale

Well position to propel alongside industry’s expansion

Net gain recognition of Bt 6.3 bn in 4Q13Net gain recognition of Bt 6.3 bn in 4Q13

Amount proceed 58,080.00Less: Advance received (for 6,000 towers) (16,390.56)

Cash proceed, net advance received 41,689.44Less: Costs of assets sale and relevant costs (30,570.44)Less: Fund related expenses (1,437.17)

Total gain from assets sale 9,681.83Less: Unrealised gain from assets sale (3,346.93)

Gain recognised in 2013 6,334.90

True Mobile Groupp

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TrueMobile sustains robust YoY revenue growth

Service revenue increased due to continued strong momentum of non‐voice services

Non‐voice surged on accelerated mobile Internet growth

Service revenue

33 3% 35 6% 37.5% 39.4% 40.3% 38.2%

Non‐voice revenue breakdown

Bt mn +12.9%YoY1 723

13,463

33.3% 35.6% 37.5%29.0%

Bt mn+49.0%YoY

19 57618 803

9,035 13,463

31,184 35,211

2,765 3,025 3,178 3,591 3,669 8,312 8,500 8,475 9,118 9,118

6,509 10,975

1,572

1,723 9,035

2 133 2 363 2,560 2,938 3,113 416 443 430

467 384 2,765 3,025 3,178 3,591 3,669

68 6%YoY19,576 18,803 4,841 4,729 4,565 4,792 4,716

4Q12 1Q13 2Q13 3Q13 4Q13 2012 2013Voice Non‐voice

954 765

f

216 218 187 186 173 2,133 2,363 2,560 ,

4Q12 1Q13 2Q13 3Q13 4Q13 2012 2013Messaging Mobile Internet Content

68.6%YoY

True Mobile Group

% of service revenue

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TrueMove H shines, a brighter future for TrueMobileNormalized 2013 results True Mobile GroupNormalized 2013 results – True Mobile Group

Baht (millions) 2G 3G & CDMA True Mobile Group

Network rental revenue 33 7 410 8 082Network rental revenueService revenue

3314,507

‐35.1% YoY

7,41023,535

+116.8% YoY

8,08235,211

+12.9% YoY

EBITDA ‐45 4 805 4 910EBITDA 45N.M.

4,805+491.4% YoY

4,910+1.2% YoY

NIOGO (11,107) (1,714) (12,737)

Normalized 4Q13 results – True Mobile Group

Baht (millions) 2G 3G & CDMA True Mobile Group

Network rental revenueService revenue

391,972

‐47.6% QoQ/‐61.7% YoY

3,1927,778

+21.8% QoQ/+97.9% YoY

3,4679,118

+0.0% QoQ/+9.7% YoY

EBITDA (862)N.M./N.M.

1,557+116.9% QoQ/+113.5% YoY

962‐8.1% QoQ/‐41.7% YoY

NIOGO (4,605) (322) (4,682)

True Mobile Group

NIOGO (4,605) (322) (4,682)

Subscribers on 3G business continues to expand8

True Mobile Group’s subscriber base increased to 22.9 mn by the end of 2013

12 mn subscribers migrated to 3G business both under 850 MHz and 2100 MHz

TrueMobile’s cumulative subscribers & blended ARPU

B / b/

4420,972 21,528 22,087 22,394 22,876

20,972 22,876

126 126 121 126 124 123 124 Bt/sub/mo

‘000 subscribers

8 719 12,223 12,223 18,037 18,297 18,223

13,675 10,653

18,037

10,653 46 44 46

Net adds(‘000) +628 +555 +560 +307 +482 +2,032 +1,904

2,889 3,187 3,865 8,719

2,889 4Q12 1Q13 2Q13 3Q13 4Q13 2012 2013

TrueMove H TrueMove Hutch

True Mobile Group

TrueMove H TrueMove Hutch

TrueOnline

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Broadband Internet underpins FY revenue growthService revenue reached Bt 28.7 bn, driven by continued solid growth of broadband Internet

EBITDA grew on rising revenue and improved cost management despite impact from the new licensing structure

TrueOnline service revenue EBITDA and EBITDA margin

6,517 6,217

28,126 28,658

7,309 7,342 7,477 7,679

Bt mn

+1.9%YoY

10 243

+1.5%YoY+1.5%YoY

14,336 16,183

7,274 6,259

6,517 ,

3,625 4,010 4,080 4,167 3,927

2,073 1,746 1,865 2,001 647

1,611 1,586 1,533 1,512 1,585

, ,6,160 10,089 10,243

2,574 2,657 2,725 2,845

Bt mn

2,016

Bt mn

2012 20134Q12 1Q13 2Q13 3Q13 4Q13Traditional voice (fixed line, payphone, PCT)New revenue, convergence & others

2012 20134Q12 1Q13 2Q13 3Q13 4Q13

Internet, Broadband and Business data services

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FY13 broadband revenue, net adds accelerateSuccessful DOCSIS 3.0 expansion fueled broadband Internet revenue and net adds, driven by

Superior network and service quality

High‐value convergence packages

localized marketing activities

Broadband Internet revenue* Broadband subscribers and ARPU*

678 731 726 702 686 699 712

Broadband Internet revenue* Broadband subscribers and ARPU*

Bt/sub/mo

+17.3%YoY

3 504 3 597 3 613 3 663

Bt mn12,258

14,377

1 749

48 55 56 68 61 235

240 1,570 1,624 1,680 1,749 1,810 1,570

1,810 ‘000 subscribers

3,142 3,504 3,597 3,613 3,663

4Q12 1Q13 2Q13 3Q13 4Q13 2012 2013

1,521 1,570 1,624 1,680 1,749 1,335 1,570

4Q12 1Q13 2Q13 3Q13 4Q13 2012 2013

Previous subs Quarterly net adds

* In 4Q13, TrueOnline changed accounting policy in reporting revenue from bundled packages. As such, broadband Internet revenue and ARPU for 1Q13‐3Q13 were normalized to reflect this change.

TrueVisions

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Sponsorship, advertising boost FY revenue growthFY13 service revenue grew on rising revenues from

sponsorship, mainly the Voice programs, and advertising

EBITDA softened on incremental expenses related to content and marketing activities

Service revenue breakdown EBITDA

Bt mn244

2,999 2 653 2,756 2 653 2,665

Bt mn869 934

10,463 10,728

+2.5%YoY

‐25 8%YoY1,966

1,458 560

477 461

2922,157 2,164 2,091 1 953 1 840

598 312 448 451 535

244 177 217 249 290

2,653 , 2,653 ,

8,032 8,048

1,562 1,746 25.8%YoY

2012 2013

228 292

4Q12 1Q13 2Q13 3Q13 4Q13

, , 2,091 1,953 1,840

4Q12 1Q13 2Q13 3Q13 4Q13Subscription & installation Others Advertising

2012 2013

p g

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TrueVisions is well placed to capture future growth

Fully‐diversified portfolio with a wide f lit t t Subscribers & ARPUrange of quality content

Thailand’s best and highest HD offering of 50 channels 954 972 934 872 802 870 895

Bt/sub/mo

Subscribers & ARPU

735 816 859 881 870 735

870 2,042 2,175 2,274 2,368 2,371

2,042 2,371

of 50 channels

Competitive convergence& lifestyle packages

802

435 429 393 360 343 435 343 308 312 340 387 419 308 419

564 616 683 741 740 564 740

735 816 735 p g

Attractive value‐added services

TrueVisions Anywhere, 3D service4Q12 1Q13 2Q13 3Q13 4Q13 2012 2013

Premium (Platinum, Gold, Silver) Standard (Knowledge)

Freeview Free‐to‐air box

y ,

Two digital terrestrial TV licenses to facilitate advertising growth opportunities Blended ARPU

Looking Forward

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2014, EBITDA harvesting year

Significantly strengthen financial performance through

High single‐digit service revenue growth

Cost cutting efforts, targeting 10% reduction in opexg , g g p

Selling and Marketing spending

Core opeCore opex

Regulatory cost

Cash capex: Bt 26.5 bn

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2014 Strategies

Competitive convergenceconvergence campaigns

A wide array of devices and set-top boxes for all

Strong distribution and localized and set-top boxes for all

segmentsmarketing

Direct Salesforce capacity

Innovative and exclusiveInnovative and exclusive content and applications

Excellent services and Special privileges

Q&AQ&A