Analyst Conference 1Q13y QMay 22, 2013Disclaimer: 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.

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1Q13 strategic highlights

True Group received Frost & Sullivan’s 2013 Thailand Excellence AwardsAwards

Strong YoY growth in Group service revenue and EBITDA was driven by continued momentum of TrueMove H and broadbanddriven by continued momentum of TrueMove H and broadband

TrueMove H continued mobile Internet leadership with the best 3G coverage3G coverage

Non‐voice and postpaid revenues continued impressive growthgrowth

TrueOnline achieved record broadband Internet revenue

Subscription revenue at TrueVisions continued its upward trendSubscription revenue at TrueVisions continued its upward trend

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Solid YoY growth in Group revenue, EBITDA

Group service revenue grew YoY mainly on strong growth of TrueMove H and broadband Internet

EBITDA expanded YoY due to rising revenue in all core businesses

Baht (millions) TrueMobile TrueOnline TrueVisions True Group

Service revenue 8,5002 3% Q Q

7,3420 % Q Q

2,653% Q Q

16,3560 3% Q Q+2.3% QoQ

+13.9% YoY+0.4% QoQ+4.9% YoY

‐11.5% QoQ+7.5% YoY

‐0.3% QoQ+9.1% YoY

EBITDA 1,6590 6% Q Q

2,6573 2% Q Q

47714 8% Q Q

4,7310 2% Q Q+0.6% QoQ

+28.3% YoY+3.2% QoQ+3.4% YoY

‐14.8% QoQ+8.2% YoY

‐0.2% QoQ+11.0% YoY

NIOGO excl. deferred tax (1,814) 369 (87) (1,564)

Net profit (loss) to shareholders of the parent (1,888) 785 35 (1,109)

True Mobile Groupp

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TrueMove H fuels TrueMobile’s revenue growthStrong momentum at TrueMove H with growing non‐voice usage continued to drive service revenue growth

EBITDA surged YoY mainly on solid growth in service revenue and regulatory cost savings

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

Network rental revenue 132 1 407 1 539

Normalized 1Q13 results – True Mobile Group

Network rental revenueService revenue

1324,639

‐9.9% QoQ‐25.3% YoY

1,4074,415

+12.3% QoQ+176.1% YoY

1,5398,500

+2.3% QoQ+13.9% YoY

EBITDA 438‐59.3% QoQ‐69.7% YoY

1,299+118.3% QoQ

NM

1,659+0.6% QoQ+28.3% YoY69.7% YoY NM 28.3% YoY

NIOGO excl. deferred tax (1,479) (216) (1,814)

Subscribers 18.3 million 3.2 million 21.5 million

True Mobile Group

Subscribers 18.3 million 3.2 million 21.5 million

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Non‐voice and postpaid surge on mobile InternetIncreasing popularity of mobile Internet and smartphones drove non‐voice and postpaid revenues

Key strengths: Best 3G coverage, attractive device‐bundling packages, and innovative applications and content

48 7% 50 4%

TrueMobile postpaid revenue

30 8% 33.3% 35.6%

Non‐voice revenue breakdown

38.6% 42.0% 45.4% 48.7% 50.4%

+5.8% QoQ+48.6% YoY

23.7% 27.6% 30.8% 33.3%

2 765 3,025 Bt mn

+9.4%QoQ +70.7%YoY

2,883 3,214 3,518 4,048 4,284

Bt mn

1 155 1,498 1,723 2,133 2,363 332 383 442

416 443 1,772 2,111 2,387

2,765 ,

1Q12 2Q12 3Q12 4Q12 1Q13Postpaid revenue % of service revenue

285 231 222 216 218 1,155 ,

1Q12 2Q12 3Q12 4Q12 1Q13Messaging Mobile Internet Content

True Mobile Group

p% of service revenue

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TrueMove H – Thailand’s first 4G and best 3G

Launched Thailand’s first 4G serviceLaunched Thailand’s first 4G service

Continued 3G leadership through enhanced network qualityenhanced network quality

Facilitated subscriber acquisition through segmentation strategythrough segmentation strategy

Introduced new various device‐bundling packages to better g p grespond to customers’ lifestyles

True Mobile Group

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Strategic Outlook – True Mobile Group

Key challenges Actiony g

Maintain strong Continue to launch attractive device‐momentum in mobile Internet

bundling packages through expanded nationwide service coverage

1800 MHz concession expiration in 2013

Take necessary steps according to NBTC’s clear guidance on the matterexpiration in 2013 NBTC s clear guidance on the matter

True Mobile Group

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Strategic Outlook – True Mobile Group (Cont’d)

Targets & Key Initiatives

Strengthen mobile services through greater network coverage

Introduce more competitive device‐bundling promotionsdevice bundling promotions

Leverage on True Group’s rich content and convergence platform

True Mobile Group

TrueOnlineTrueOnline

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Revenue, EBITDA rise on solid broadband growthService revenue grew on strong growth in broadband Internet revenue

EBITDA increased QoQ mainly on broadband and lower selling and advertising expenses; broadband Internet’s robust growth drove EBITDA YoY

TrueOnline service revenue EBITDA and EBITDA margin

34.7% 32.8% 34.9% 32.5% 34.6%

Bt mn1 611 1 586

7,001 6,821 6,995 7,309 7,342 Bt mn

+0.4%QoQ+4.9%YoY

+3.2%QoQ+3 4%YoY

2,571 2,362 2,581 2,574 2,657

3,507 3,547 3,657 3,625 4,010

1,841 1,658 1,702 2,073 1,746 1,654 1,616 1,636 1,611 1,586 +3.4%YoY

1Q12 2Q12 3Q12 4Q12 1Q13

EBITDA EBITDA margin

1Q12 2Q12 3Q12 4Q12 1Q13

Traditional voice (fixed line, payphone, PCT)New revenue, convergence & othersI t t B db d d B i d t iInternet, Broadband and Business data services

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TrueOnline reports new‐high broadband revenue

Achieved record broadband Internet revenue in 1Q13

Strengthened broadband leadership via greater network coverage and competitive offerings

Broadband network covered 3.7 mn homepassess in 53 provinces

Broadband Internet revenue Broadband subscribers

Bt mn

705 708 709 678 734 +11.9%QoQ+21.5%YoY

Bt/sub/mo

2,894 3,045 3,176 3,142 3,516

Bt mn

1 403 1 466 1 521 1 570

68 62 55 48 55 1,403 1,466 1,521 1,570 1,624 ‘000 subscribers

1Q12 2Q12 3Q12 4Q12 1Q13

1,335 1,403 1,466 1,521 1,570

1Q12 2Q12 3Q12 4Q12 1Q13

Previous subs Quarterly net adds

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Strategic Outlook ‐ TrueOnline

Key challenges Actiony g

Capture hyper‐growth Enhance service quality; launch more broadband market in UPC

competitive offerings; conduct localized marketing activities

Strengthen convergence offerings

Launch more affordable Triple‐play packages with TrueVisionsofferings packages with TrueVisions

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Strategic Outlook – TrueOnline (Cont’d)

Targets & Key Initiatives

Introduce new package for premium segment

Expand Broadband coverage to 4.2 mn homepasses in 61 provinces within 2013

Increase broadband subscriber base by ~ 20% to 1.9 mn b ib t th d f 2013subscribers at the end of 2013

TrueVisionsTrueVisions

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Subscription revenue drives YoY revenue growth

Service revenue grew YoY due to rising subscription and installation revenue; a QoQ decline was mainly driven by 4Q12’s high‐base effect from the Voice Thailand

EBITDA improved YoY but softened QoQ in line with revenue

Service revenue breakdown EBITDA and EBITDA margin

2442 469 2 3722,624

2,999 2,653

Bt mn 17.8%21.8%

16.2% 18.3% 17.8%

Bt mn ‐14.8% QoQ

‐11.5%QoQ +7.5%YoY

1,973 1,969 1,934 2,157 2,164

335 194 435 598 311

161 208 255 244

177 2,469 2,372 ,

441 523

442 560

477

+8.2% YoY

1,973 1,969 1,934

1Q12 2Q12 3Q12 4Q12 1Q13

Subscription & installation Others Advertising

1Q12 2Q12 3Q12 4Q12 1Q13

EBITDA EBITDA marginSubscription & installation Others Advertising EBITDA EBITDA margin

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ARPU and customers continue to grow

ARPU continued its upward trend driven by

Change in subscriber mix with rising Platinum subscribers

Higher revenue from installing additional service points

Customer base increased to 2 2 mn by 1Q13Customer base increased to 2.2 mn by 1Q13

Subscribers & ARPU

Blended ARPU825 853 851 954 972

Bt/sub/mo

507 501 504 564 616

354 345 529 735 816 1,641 1,601 1,791

2,042 2,175 Free‐to‐air box

Freeview

Standard (Knowledge)

428 408 428 435 429 352 347 330 308 312

507 501 504 564 616

1Q12 2Q12 3Q12 4Q12 1Q13

Standard (Knowledge)

Premium (Platinum, Gold, Silver)

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TrueVisions – Thailand’s Pay TV leader

Enhanced viewing experience via

Thailand’s highest HD offerings of 23 channelsThailand s highest HD offerings of 23 channels

Equipped portfolio with more world‐class content

Introduced new services to better match consumers’ changing lifestyles

TrueVisions Anywhere

Top‐Up TV (soft launch)

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Strategic Outlook – TrueVisions

Key challenges Action

Grow premium subscribers

Strengthen “family‐oriented” position with more world‐class content; launch

Penetrate into untapped

more premium services

Launch more lifestyle and bundled ppsegment

ypackages

2013 Targets & Key Initiatives

Increase HD channels and introduce more value‐added servicesEquip TrueVisions Anywhere with more interactive features

Looking Forwardg

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Strategic Outlook – True Group

Maintain high single‐digit service revenue growth at

True Group

Strengthen convergence platform through

Greater network coverage

Content and application developmentContent and application development

Improved customer services

Q&AQ&A