Digital Telecommunications Infrastructure Fund (“DIF”) Roadshow Material Apr 2017

Strictly Private and Confidential

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[DRAFT]

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Disclaimer This document is not an offer of securities for sale into the United States. The securities referred to herein have not been and will not be registered under the U.S. Securities Act of 1933 (the “Securities Act”), and may not be offered or sold in the United States, except pursuant to an applicable exemption from registration. No public offering is being made in the United States.

This document has been prepared by True Corporation Public Company Limited (“True”) and SCB Asset Management Company Limited (the “Management Company”) solely for use at this presentation in connection with the proposed information of Digital Telecommunications Infrastructure Fund (“DIF”) and is being made available to you solely for your information and for use at such presentation.

The contents of this document are based, in part, on certain assumptions and information obtained from True, the Management Company and their respective directors, officers, employees, agents, affiliates and/or from other sources. All information included in this document and any oral information provided in connection herewith speaks as of the date of this presentation (or earlier, if so indicated) and is subject to change without notice. The information contained in this presentation has not been independently verified. The information in this presentation is in summary form and does not purport to be completed. No representation or warranty, express or implied, is made or given by True, the Management Company, Siam Commercial Bank Public Company Limited or any of their respective directors, agents, employees, representatives or affiliates as to, and no reliance should be placed on the accuracy, reliability, fairness or completeness of the information presented or as to the reasonableness of any assumptions on which any of the same is based. True, the Management Company, Siam Commercial Bank Public Company Limited or any of their respective directors, agents, employees, representatives or affiliates accept no responsibility, obligation (including, but not limited to, any obligation to update any information contained in this document) or liability (whether direct or indirect, in contract, tort or otherwise) for any losses arising from any information contained in this presentation or oral information provided in connection herewith.

This presentation contains forward-looking statements and during the course of this presentation, True and the Management Company may make projections or other forward-looking statements regarding, among other things, DIF’s business outlook and investments, competition, estimates of future performance, anticipated results, future revenues, cash flows or capital requirements that involve risks and uncertainties. All statements other than statements of historical facts are forward-looking statements. These statements involve known and unknown risks, uncertainties and other factors that may cause our actual results, performance or achievements to be materially different from those expressed or implied by the forward-looking statements. In some cases you can identify these statements by words such as “could,” “may,” “expects,” “anticipates,” “believes,” “intends,” “estimates,” or similar words. You shall review the risk factors discussed in the Thai prospectus or the international preliminary offering memorandum which are being prepared by True and the Management Company in connection with the contemplated transaction. In light of these risks and uncertainties and other factors not currently viewed as material, there is no assurance that the forward-looking statements made during this presentation will in fact be realized and actual results may differ materially from those described in the forward-looking statements. You should not rely upon forward-looking statements as predictions of future events. These forward-looking statements speak only as at the date as of which they are made, and, except as otherwise required by applicable securities laws, True, the Management Company, Siam Commercial Bank Public Company and their respective directors, agents, employees, representatives or affiliates disclaim any intention or obligation to supplement, amend, update or revise any of these forward-looking statements. Accordingly, any reliance you place on such forward-looking statements will be at your sole risk.

All amounts included in this presentation are expressed in Thai Baht, unless otherwise noted.

This presentation does not constitute or form part of an offer to sell or issue or a solicitation of an offer to buy or invitation to purchase or subscribe for any securities of DIF in any jurisdiction in which the making of such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of such jurisdiction or would not otherwise be in compliance with the laws or regulations of such jurisdiction, and no part of this presentation shall form the basis of or be relied upon in connection with any contract or commitment or investment decision whatsoever. Specifically, any investment and/or voting decision should be made exclusively on the basis of the Thai Prospectus or the final offering memorandum (as applicable) or Unitholders Meeting Circular to be prepared by the Management Company and True in connection with the contemplated transaction. Investing in the investment units referred to herein involves certain risks and potential investors should note that the value of the investment units may go down as well as up. Investors shall obtain and review the relevant information carefully before investing. The recipients of this document must conduct their own investigation and analysis of the contemplated transaction and the information and data contained herein should the recipient proceed.

By attending this presentation and/or accepting a copy of this document, you agree to be bound by the foregoing limitations and conditions and, in particular, will be taken to have represented, warranted and undertaken that: (i) you have read and agree to comply with the contents of this notice; (ii) you are either (x) a U.S. person (as defined in Regulation S under the Securities Act ) who is a qualified institutional buyers as defined in Rule 144A under the Securities Act and also a qualified purchaser (as defined in Section 2(a)(51) of the U.S. Investment Company Act of 1940) or (y) a non-U.S. person who is not a resident of the United States; (iii) a “special subscriber” as such term is provided in the Notification of the Capital Market Supervisory Board No. Thor Nor 1/2554 Re: Rules, Conditions and Procedures for the Establishment and Management of the Infrastructure Funds and the Notification of the Office of the Securities and Exchange Commission of Thailand No. Thor Nor 1/2554 Re: Rules, Conditions and Procedures for the Establishment and Management of the Infrastructure Fund; and (iv) you will not purchase any investment units referred to in this document except of the basis of information in the final Thai prospectus and/or the offering memorandum (as applicable) or UHD Meeting Circular prepared by True and the Management Company in relation to the contemplated transaction together with any supplementary prospectus/memorandum or other pricing information.

Investment contains certain risk. Investors are recommended to study the Thai prospectus and/or related information before making an investment.

For more information, please contact SCB Asset Management Company Limited at +66 2 777 7777, press 0, press 6.

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DIF’s Overview &

Relevant Tax Benefits

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Fund name Digital Telecommunications Infrastructure Fund (DIF)

Fund supervisor Kasikorn Bank Public Company Limited

Number of unit 5,808,000,000 units

Registrar Thailand Securities Depository Company Limited (TSD)

Current appraiser Discover Management Company Limited

Current market capitalization

THB 82.47 billion as of 31 March 2017

Fund size (NAV) THB 84.41 billion as of 28 February 2017

Current NAV THB 14.5333 per unit as of 28 February 2017

Asset manager Telecom Asset Management Company (True’s subsidiary)

Fund establishment date 23 December 2013

Listing The Stock Exchange of Thailand (SET)

DIF overview

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Transaction structure overview

Proceeds from sales of investment units to investors

Payment on a regular basis based on MLA

- Sale and lease back (Asset transfer)

- Long term lease + Call option

- Sale of right to net revenues + Call option

4

• #2nd mobile operator by number of subscribers #3rd mobile operator by total revenues

• #1st fixed Internet broadband provider

• #1st pay TV service provider

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DIF structure (as of 31 December 2016)

Source: Company information.

DIF

True

Public unitholders

Marketing of services for telecom infrastructure assets

Fund supervisor appointment agreement

Telecom asset manager

71.89%

Dividends

Dividends

Investment advisory committee

SCB Asset Management

(as Management Company)

Kasikornbank Public Co., Ltd. (as Fund Supervisor)

Fund scheme

Investment advice

28.11% Pay rent for telecom assets

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TAX benefits

Investor level

IFF Corporate

Dividend tax

Capital gain tax

for sales of units

in the stock

exchange

Dividend tax

Capital gain tax

for sales of shares

in the stock

exchange

Thai

investor

Individual investor - 1 - 10% -

Juristic investor -

Listed - 2 20% - 2 20%

Juristic investor - Non

- listed 10% - 20% 3 20% 10% 20%

Foreign

investor

Individual investor -1, 4 - 10% -

Juristic investor - - 10% 15%

Note :

1. 10 years exemption, starting from the day the fund is established.

2. They may enjoy tax exemption when holding units 3 months prior to and after dividend payment

3. They may enjoy tax exemption by half when holding units 3 months prior to and after dividend payment

4. Reside in Thailand not less than 180 days

Among other investment types, IFF provides the best tax benefits to unitholders (no CIT at fund level and no dividend tax and capital gain tax for foreign juristic investors at investor level).

IFF Corporate

Corporate

income tax Other relevant tax

Corporate

income tax Other relevant tax

Fund/Corporate level

None (the IFF is

not considered

a tax entity)

VAT: Not

exempted

20%

VAT: Not

exempted

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Investment Summary

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DIF asset overview (post-transaction)

Source: Company information as of February 2015 (1) True to deliver or procure delivery of 3,000 towers by end of 2014 and 3,000 additional towers by end of 2015; however, advanced rental payments will be made by Real

Future (“RF”) starting from 1 Jan 2014. Once procured, these towers can be marketed for colocation to 3rd party mobile operators. (2) If in 2026, TRUE group renews its operating license, and either following condition is met (A) its total revenue from broadband service business is above pre-determined

threshold, or (B) total market share in broadband service > 33%, TRUE group is obliged to sublease for another 10 years or the remaining term of renewed license, whichever is shorter.

DIF’s telecom infrastructure asset portfolio is the biggest and the most diverse in Thailand in terms of interests in telecom towers and types of telecom infrastructure

AWC True BFKT TUC Assets / Entity All

9,169 links & 47,250 km FOC

(680,400 core km)

5,112 km FOC (122,974 core km)

Fiber Optic Cable

(FOC) & Transmission

9,169 links & 60,343 km FOC (1,106,827 core km)

Sale of Right to Net Revenues + Call Option (THB 10mn) Asset Transfer Structure Total

4,698 towers

6,000 towers(1) 1,485 towers Towers 12,183 towers

Upcountry Broadband

System (UBB)

1.2 million ports encompassing 6,114 km FOC

(198,085 core km)

1.2 million ports encompassing 6,114 km FOC

(198,085 core km)

(“New Tower Assets”)

7,981 km FOC (303,453 core km)

Growth

Growth

Long Term Lease +

Call Option (THB 500mn)

AWC

Call Option Year 2035

Lease-Back Contract Term

2025

2025 2026 + 10 Years(2) 2026 & 2027 2018 (Active Assets)

2026 (Passive Assets)

Growth

Potential Growth from 2025 onwards

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DIF asset overview – contractual NCF growth (before Opex)

AWC True BFKT TUC Assets / Entity

All

Net CF: Stable (revenues received based on # of links) (No Opex borne by DIF)

Fiber Optic Cable

(FOC) & Transmission

9,169 links & 60,343 km FOC (1,106,827 core km)

Sale of Right to Net Revenues + Call Option (THB 10mn) Asset transfer Structure Total

Rev: Fixed Exp: Assumed Growth Net CF: - 1%p.a. (No Opex borne by DIF)

Rev: Fixed Exp: Assumed Growth Net CF: - 1.5%p.a. (No Opex borne by DIF)

Towers 12,183 towers

Upcountry Broadband

System (UBB)

Active & Passive Net CF: + CPI

1.2 million ports encompassing 6,114 km FOC

(198,085 core km)

Net CF: + 2.7% p.a.

Q: + 0.7% p.a. P: Fixed Net CF: + 0.7% p.a.

Long Term Lease +

Call Option (THB 500mn)

AWC

FOC Q: + 1.5% p.a. P: Fixed Net CF: + 1.5%p.a. Related Equipment Net CF: Fixed

Without good news (without 3rd party revenue) and bad news (without any unprecedented charges), net investment income to be distributed to

unitholders will likely grow at approximately 2% per annum.

Note: Assumed Inflation Rate = 2.0% per annum

Assumed

Inflation Rate

Expected

Distribution Growth

2.5% 1.9%

2.0% 1.8%

1.5% 1.8%

1.0% 1.7%

0.5% 1.6%

0.0% 1.5%

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Assets with growth

potential 64%

Stability 36%

Assets with growth

potential 57%

Stability 43%

Asset mix profiles

Asset Mix Proportion of Assets with Growth Potential

Revenue Mix

Pre-Transaction Post-Transaction

Post-transaction asset mix is enlarged mainly by FOC assets which are sharable, with growth potential

Note: Calculation based on fund revenue from projected financial information for the period 1 April 2015 to 31 March 2016 by independent auditor.

FOC 48%

Towers 52%

FOC 57%

Towers 43%

Pre-Transaction Post-Transaction

Note: Calculation based on NAV as of 30 Sep 2014 and appraisal report 26 Jan 2015 from Silom Advisory

Note: Calculation based on NAV as of 30 Sep 2014 and appraisal report 26 Jan 2015 from Silom Advisory

Fund revenue 2015

pre post

Net revenue from True from new towers (straight

lined for accounting purpose)

581 581

BFKT & AWC towers (revenue sharing) 1,486 1,486

Revenue from third party (Existing assets) 11 11

New Towers - 66

BFKT FOC (net revenue sharing) 1,551 1,551

TUC 1,329 1,329

New FOC - 555

Total revenue 4,959 5,581

Physical Asset

Pre New Post

Towers 11,845 Towers 338 Towers 12,183 Towers

FOC * 803,374

Core-km

303,453

Core-km

1,106,827

Core-km 5,125 5,125

830

0

1,000

2,000

3,000

4,000

5,000

6,000

7,000

Pre Post

New towers and FOC assets

THB mm

* Not include FOC under upcountry broadband system Existing assets

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Telecom Landscape Background

in Thailand

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Mobile operators industry

AIS still takes the lead. TRUE became the number two mobile operator by total number of subscribers in 2016 and continued to gain more market share with the largest 4G network coverage and

convergence package strategy.

Operators Market share of

subscribers

Market share of

revenue

Market capitalization

(THB) Remark

45.57 % 50.65 % 529.21 bn.

27.24% 25.67 % 226.90 bn. Anchor tenant

27.19 % 23.68 % 104.18 bn. Second tenant

Data as of December 30,2016. Source: SET and EIC

✓

✓

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2

3

1

2

3

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Fixed broadband industry

TrueOnline’s fixed broadband business continued to deliver solid performance proven with the number one of this industry and continue expansion of the Group’s fiber to the home footprint will

greatly support the country’s transition to Thailand 4.0.

Operators Market share Market capitalization

(THB) Remark

38.7 % 226.90 bn.

Only tenant

34.2 % 46.90 bn.

18.6 % N/A

4.0 %

529.21 bn.

Others* 4.5 %

N/A

Note : Market share as of Q3’2016 and market capitalization as of December 31,2016. Source: NBTC

Note : Others such as CS loxinfo, KSC, and NET

✓

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Performance Summary

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9.0

9.5

10.0

10.5

11.0

11.5

12.0

12.5

13.0

13.5

14.0

14.5

15.0

15.5

16.0

0

1

2

3

4

5

6

Monthly ADTV (RHS) Unit Price (LHS)

2014

Key developments since fund inception

Key Events Since Inception

Source: SETSMART and Bloomberg as of March 2017 Note: Dividend payment from profits, no capital reduction

27 Dec 2014 IPO

THB 10.00

2 May XD for

dividend (THB 0.2643)

2015

9 Jun Anchor tenant

announced recapitalization

25 Jul TRUE’s

shareholders approved the

Recapitalization

29 Oct DIF’s

announcement of colocation with DTAC

6 Aug XD for

dividend (THB 0.1938)

27 Oct Announced

dividend (THB 0.2603)

19 Jan 2015 DIF’s

announcement of additional

asset acquisition

29 April Announced

dividend (THB 0.235)

26 Oct Announced

dividend (THB 0.2370)

26 Jan Announced

dividend (THB 0.2375)

26 Apr Announced

dividend (THB 0.2380)

20 Jan 2016 Signed amended deal with DTAC

31 Aug Announced

name-changing to DIF

26 July Announced

dividend (THB 0.2390)

24 July Announced

dividend (THB 0.2365)

28 Oct Announced

dividend (THB 0.2390)

23 Jan Announced

dividend (THB 0.2400)

2016 2017

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1,518 1,461 1,461 1,461

5,901 5,788

269 269 269 269

1,076 1,076

1Q15 2Q15 3Q15 4Q15 FY2015 2015F

Total Income Unearned income

+

1,294 1,334 1,301 1,442

5,370 5,300

295 295 295 295

1,181 1,181

1Q16 2Q16 3Q16 4Q16 FY2016 2016F

Net investment income Unearned income

2015 and 2016 performance summary

Adjusted Revenue 2015 Adjusted Net Investment Income 2015

Unit: THB mm

Source: DIF financial statements for 2015 and 2016 and forecasted financial statement for 2015 and 2016. (1) Unearned income = advanced rental income for both batches of towers

Adjusted Revenue 2016 Adjusted Net Investment Income 2016

Unit: THB mm Unit: THB mm

+

=

+

+

=

+ +

1,563 1,572 1,585 1,671

6,391 6,332

295 295 295 295

1,181 1,181

1Q16 2Q16 3Q16 4Q16 FY2016 2016FTotal Income Unearned income

1,408 1,222 1,194 1,224

5,048 4,685

269 269 269 269

1,076 1,076

1Q15 2Q15 3Q15 4Q15 FY2015 2015F

Net investment income Unearned income

Unit: THB mm

+ + =

+ + +

= =

= + + +

+ + + = + + + =

1,787 1,730 1,730 1,730 1,677 1,491 1,463 1,493

1,858 1,867 1,880 1,967 1,589 1,629 1,596 1,737

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0.91 0.95

0.24 0.24 0.24 0.24

0.96

FY2014 FY2015 1Q16 2Q16 3Q16 4Q16 FY2016

84,761 (1,388) 1,442 2 91 84,908 81,312

NAV as at30 Sep2016

Cashdistribution

- Q3'16

Netinvestment

income

Netunrealized

gain onINV

Netunrealizedgain from

SWAP

NAV as at31 Dec2016

MarketCap as at

31 Dec2016

2015 and 2016 Performance Summary (Cont’d)

Dividend Distribution 4Q 2016 Net Asset Value

72,113 1,408

72,111 73,181

NAV as at 31Dec 2014

Netunrealizedloss fromSWAP

Netinvestment

income

Cashdistribution

NAV as At31 Mar 2015

Market Capas at 30 Apr

2015

14.59 (0.24) 0.25 0.00 14.62

Unit: THB mm

THB / Unit

14.00

Unit: THB per Unit

+

(1)

=

103.5%

+

Source: DIF financial statements for the year 2015 and 2016. (1) DPS for 23 Dec 2013 to 31 Mar 2014 is THB0.26 per unit. After removing dividend for the period from 23 to 31 Dec 2013 by pro-rating using number of days, adjusted DPS for the period from 1 Jan 2014 to 31 Mar 2014 is THB0.24 per unit.

2016 2014

+

0.02 2015

101.1%

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6,000

Towers (TRUE)

(1,185.7) 19%

Tower + FOC Transmission (AWC&BFKT)

(3,112.0) 49%

FOC Network + UBB

(AWC&TUC) (2,082.2)

32%

FY 2016 P&L analysis Accounting Revenue - 2016

4Q 2015 Net Asset Value

72,113 1,408

72,111 73,181

NAV as at 31Dec 2014

Netunrealizedloss fromSWAP

Netinvestment

income

Cashdistribution

NAV as At31 Mar 2015

Market Capas at 30 Apr

2015

12.36 (0.24) 0.21 (0.01) 12.32

Unit: THB mm

THB / Unit

12.40

71,812 1,224 71,579 72,019

NAV as at 30Sep 2015

Cashdistribution -

Q3'15

Netinvestment

income

Netunrealized

loss from INV& SWAP

NAV as at 31Dec 2015

Market Capas at 31 Dec

2015

Expense - 2016

2016 Accounting Revenue Breakdown Unit: THB mm

1. Fund Management Fee 64.4

2. Mutual Fund Supervisor Fee 14.0 3. Registrar Fee 5.0 4. Telecom Asset Manager Fee 47.4 5. Operating Expense 94.0 6. Finance cost 596.6

Adjusted NAV(2) <= THB 30 bn 0.11% of the portion THB 30 bn < Adjusted NAV <= THB 50 bn 0.075% of the portion Adjusted NAV > THB 50 bn 0.05% of the portion

NAV <= THB 50 bn 0.02% of the portion NAV > THB 50 bn 0.018% of the portion

0.023% of the registered capital of the Fund, a maximum of Baht 5.0 million

Criteria

(1) Admin services: Fixed THB 18.6 mm in 2016 with CPI growth + Variable 0.15% of monthly net revenue (2) Marketing services: Fixed THB 20 mm in 2016 + Variable 2% of 3rd party revenues

Right of Way cost for both batches = THB 97.1 mm + Tower Retrofit cost = THB 1.2 mm

Jan 1 to Sep 6, 2016: Interest Expense per Facility Agreement = THB 428.3 mm Loss from Interest Rate Swap (IRS) agreement = THB 59.4 mm Sep 7 to Dec 31, 2016: Interest Expense per Facility Agreement = THB 197.2 mm Accrued loss from IRS agreement = THB 29.9 mm(3) Total = THB 714.8 mm

(2) Adjusted NAV is the total assets minus non-interest bearing liabilities. (3) This item is not shown in P&L.

2 3 1

4 5

= Rental Income

= Income from the right to receive net cash flow Note: + +

+

weighted avg. cost of debt = 5.46%

Payment Date: Beg of Sep & Mar

Front-End Fee = THB 39.3 mm (Total Fee: THB 196.5 mm, amortized over 5 years) Other Finance Cost = THB 0.4 mm

2017 Accounting Revenue Breakdown excl. 3rd party

6,000 Towers (TRUE)

(1,189.9) 19%

Tower + FOC Transmission (AWC&BFKT)

(3,097.3) 48%

FOC Network + UBB

(AWC&TUC) (2,096.8)

33%

1

2

3

4

5

Tower (TRUE): 6,000 towers in 2016 FOC Network (AWC&TUC) Upcountry Broadband System (TUC) Tower (AWC&BFKT): 6,183 towers FOC Transmission (BFKT) Other income Total income

1,185.7

918.8

1,163.4

1,560.6

1,551.4

11.0

6,391.0

6

Unit: THB mm

1

2

3

4

5

6

Fund Management Fee Mutual Fund Supervisor Fee Registrar Fee Telecom Asset Management Fee Operating Expense Finance Cost (6.1) Interest Expense (6.2) Financing Fees Other expense Total expense

Net investment income

70.8

15.9

5

50.4

98.3

750.6 710.9

39.7

30.0

1,020.9

5,370.1

7

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Asset Profile – Towers & FOC

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Nationwide portfolio of telecom towers

Telecommunication towers located in all

77 provinces in Thailand

Allows BFKT to reach targeted network

populations of approximately 95% through

3G mobile services

BFKT and Real Future will continue to

use towers for mobile network

requirements and new and expanding 3G

and 4G-LTE networks

The New Tower Assets also will have

available slots to host other mobile

telecommunication service providers

BFKT and TUC’s FOC grid span

approximately 52,362 km across 73

provinces in Thailand

Unique portfolio of telecommunication towers and other infrastructure assets that will be one of the largest and most diverse in Thailand

12,183(3) telecommunications towers located in all 77 provinces of Thailand

Source: Company information. Note: Geographical split of towers includes New Tower Assets. (1) Excluding BMA. (2) BMA = Bangkok Metropolitan Area. (3) Includes 6,000 towers completely transferred by True at the end of 2015.

Total 12,183 in ALL 77

provinces

East BFKT & AWC towers: 753

New Tower Assets: 591

% of total: 11.0%

North BFKT & AWC towers: 1,304

New Tower Assets: 1,046

% of total: 19.3%

Central and West(1)

BFKT & AWC towers: 957

New Tower Assets: 876

% of total: 15.0%

South BFKT & AWC towers: 1,028

New Tower Assets: 947

% of total: 16.2%

Northeast BFKT & AWC towers: 1,319

New Tower Assets: 1,134

% of total: 20.1%

BMA(2)

BFKT & AWC towers: 822

New Tower Assets: 1,406

% of total: 18.3%

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Announcement on colocation with DTAC

Number of Towers Leased by DTAC Supported by All Stakeholders

115

1,000

Contract Signed Estimated numbers of towers by SCBAM and TAM in 2016

“Leasing telecom towers …enhance the fund’s revenue and dividend to investors…and reduce the fund’s single tenant risk.”

Smith Banomyong CEO of SCBAM

Unit: # of Towers

Source: IPO Offering Circular and DIF’s SET Notification (1) As of Dec 2015, TRUE delivered all of 6,000 towers, as stated in the agreement

“DTAC has agreed to lease an initial amount of 115 slots and expects to lease more slots from DIF next year.”

Khalid Shehzad Chief Technology Officer of DTAC

“TAM will focus on signing up more co-tenants for tower assets because …operators …are expanding their networks to fuel growth of their 3G services”

Songtham Phianpattanawit, Managing Director of TAM

“…a promising initial step of infrastructure sharing in Thailand…highly encouraged by NBTC”

Thakorn Tantasith Secretary-General of the NBTC

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22

230 0 125

134 135 139

0 112 192

90 180 130

0 157 181

Excel color scheme

225 132 0

165 80 180

120 120 120

13,000

3,500

2,000

5,000

2,500

AIS

DTAC

TRUE

CAT

TOT

DIF 6,000 ✓

13,000 but under concession with AIS until Sep 2015 (AIS is currently leasing this set of towers from TOT)

?

c.13,000 but under ownership disputes with AIS and DTAC ✘

c.7,500 but under disputes with CAT

✓ Marketable ? Potentially marketable in the future

✓

✘ Not marketable in the foreseeable future

Readily available for rent?

Description

✓

3,000 towers delivered to DIF within 2014 and another 3,000 within 2015

x Exclusively leased to CAT. Will be available for rent to other parties in 2025

x

Concession with AIS ends in Sep 2015. Ownership disputes between TOT and AIS

x Ownership disputes between CAT and operators

Telecom tower supply landscape

Supply of Telecom Towers

2

1

1

2

3

4

Estimated Number of Existing Telecom Towers(2)

Source: IPO Offering Circular, company filings and public news sources (1) Estimated numbers of BTS slots demand and supply by SCBAM and TAM (2) Estimated numbers of existing towers in Thailand by SCBAM and TAM

3

4

DIF is well positioned to capture the demand for BTS slots given its neutrality and

assets that are readily available for rent

Currently the only player who actively markets telco towers to other operators

3,000 towers ready for lease within 2015 and another 3,000 within 2016

Key Drivers for Colocation

Higher frequencies require

more BTS to achieve the

same network coverage

compared to lower

frequencies

Mobile operators want to

rollout networks faster

(driven by the

requirement for 90%

nationwide 3G coverage

within 2015)

Less expensive than

constructing new towers.

Capex savings can

be used for other purposes

✓

✓

✓

Estimated Number of Existing Towers(2)

? 6,183 to be transferred to fund in 2025 after exclusivity with CAT ends

✓

✓

✓

? ✓

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230 0 125

134 135 139

0 112 192

90 180 130

0 157 181

Excel color scheme

225 132 0

165 80 180

120 120 120

Readily available for rent?

Description

✓

3,000 towers delivered to DIF within 2014 and another 3,000 within 2015

x Exclusively leased to CAT. Will be available for rent to other parties in 2025

x

Concession with AIS ends in Sep 2015. Ownership disputes between TOT and AIS

x Ownership disputes between CAT and operators

2

1

1

2

3

4

3

4

East TUC & AWC: 76,207 core-km

(+359%)

North TUC & AWC: 76,528 core-km

(+530%)

Central and West(1)

TUC & AWC: 149,597 core-km

(+315%)

South TUC & AWC: 64,072 core-km

(+189%)

Northeast TUC & AWC: 60,023 core-km

(+67%)

Assets Capacity & Utilization (excl. BFKT FOC &

UBB)

Increase the chance to attract 3rd parties

More extensive grid (increase 240%) offers

more coverage to other national operators

Majority (74%) of new FoC is access system

(compared with 54% before acquisition),

implying increase in marketability due to more

comprehensive coverage

Immediate cashflow generation with long-term lease

back from TUC

Improved margin from Economy of scale

Note: 1/ Excluding Bangkok * Excluding BFKT’s 680,400 core-km under revenue sharing and excluding FOC under upcountry broadband system

Total 426,427* core-km

nationwide

East TUC: 16,596 core-km

North TUC: 12,148 core-km

Central and West(1) TUC: 36,018 core-km

South TUC: 22,188 core-km

Northeast TUC: 36,025 core-km

Pre* Post*

Pre New Post

Capacity 122,974

Core-km*

303,453

Core-km

426,427

Core-km*

Utilization 60%-72% 65%-70% 63%-71%

Unused

Capacity

29,320

Core-km

(@72% TUC

reserve)

89,635

Core-km

(@70% TUC

reserve)

118,956

Core-km

Overview of DIF’s FOC portfolio (excl. BFKT & upcountry broadband system) Nationwide portfolio of FOC grid that will be one of the largest and most diverse grid in

Thailand

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230 0 125

134 135 139

0 112 192

90 180 130

0 157 181

Excel color scheme

225 132 0

165 80 180

120 120 120

Key target customers & opportunity to DIF’s FOC

Key Players Business Segment Network coverage Key Developments

Mobile, Broadband, and

Corporate link Nationwide

Mobile, Broadband, and

Corporate link Nationwide

Mobile, Broadband, and

Corporate link Nationwide

Broadband, and

Corporate link Nationwide

Corporate link Specific province and not

fully nationwide Currently having MoU

Corporate link Specific province and not

fully nationwide

Currently having MoU

Corporate link Specific province and not

fully nationwide

Currently having MoU

Mobile, Broadband, and

Corporate link

Nationwide for mobile

Base station only

Currently under discussion with DIF

Internal use for mobile Nationwide for mobile

Base station only

Currently under discussion with DIF

DIF’s

Potential

Target

Customers

DIF’s potential target customers are telecom players who do not have nationwide coverage and/or players who may require specific areas of reach to their customers

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