True Corporation Public Company LimitedTrue Corporation Public Company Limited

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2

True Group Thailand’s convergence lifestyle leader

Public shareholders

31%51%18%

Pay TV100%100%

Wireline/onlineMobile Group Wireline/Online

100%

• #1 Broadband Operator N ti id d #1 Fi d

• Market Leader in 3G & 4G high speed mobile data ser ice

• Thailand’s #1 nationwide TV id

Wireline/onlineMobile Group Wireline/Online

Nationwide and #1 Fixed‐line operator in BMA

• 41.5% broadband revenue market share

• 2 4 mn broadband

high speed mobile data service• Thailand’s largest licensed

frequency resources covering all ecosystems

• 3G & 4G networks cover 97%

pay TV provider• 55% revenue market share• 3.1 mn subscribers• Enhanced, secure HD

broadcasting system with• 2.4 mn broadband subscribers

• With largest over 100,000 WiFi hotspots

• 3G & 4G networks cover 97% and 80% population coverage

• 20.8% revenue market share• 19.1 mn subscribers

broadcasting system with MPEG‐4

• 41 self produced Thai language channels

3

True Transformation

from a fixed‐line concessionaire to a quad‐play operator

1995Launched cable TV service under UTV; merged with IBC in 1998

2003Launched broadband services

2007Launched the first bundled package “True Life Freeview” offering

2011Completed Hutch acquisition; First Thai operator to launch

2013Launched Thailand’s first 4G LTE services; successfully launched Thailand’s first

20154G and 3G leadership whose networks cover 80% and 97% of the Thai merged with IBC in 1998

to form UBCLife Freeview , offering popular convergence package of TrueMove and TrueVisions

operator to launch commercial 3G services, greatly reducing regulatory costs; launched DOCSIS 3.0 cable modem network

Telecom infrastructure fund “DIF”; acquired TV broadcasting service and network licenses

population, respectively; Thailand’s largest licensed bandwidth post 1800MHz & 900MHz spectrum acquisitions

1990 1995 2000 2005 2010 2015

1991Started fixed‐line telephone service under a B‐T‐O concession with

2002TA Orange launched its cellular service under the “Orange” brand

2006Completed UBC tender offer and rebranded as “TrueVisions”; expanded

2009First Thai operator to launch Apple iPhone 3G; offered 3G 850 MHz trial

2012Acquired the 2.1 GHz spectrum license; offered the fastest consumer

2014Capital raising of Bt 65 bnvia partnership with China Mobile and Rightsa B T O concession with

TOT (first 2 mn lines)Orange brand TrueVisions ; expanded

pay TV services to mass market; Introduced first public WIFI service

offered 3G 850 MHz trial service

the fastest consumer broadband experience at 200 Mbps; activated the new broadcasting system (MPEG‐4)

China Mobile and Rights Offering

4

2015 Financial Achievements

Group service revenue (Bt bn) Group EBITDA (Bt bn) Group Profit (Bt bn)

64 6 67 574.8

+10.8% YoY

Group service revenue (Bt bn)

10 3% Y Y +240.9% YoY

Group EBITDA (Bt bn) Group Profit (Bt bn)

64.6 67.5

14.9 20.1 22.1

+10.3% YoY

1.3 4.4

+240.9% YoY

(9.1)

Service Revenue grew in EBITDA surged on strong Profit improved on higher

2013 2014 2015 2013 2014 2015

(9.1)2013 2014 2015

gall key segments, mainly standout performance in the cellular business

g grevenue growth, outpacing higher expenses related to network and service

p goperating profits, interest expense drop & completed 2G depreciation

5

expansionp

Remark: 2013 figures exclude contributions from the sold non‐core subsidiaries for a meaningful YoY comparison

Investment Highlights

Significant Growth Potential post 900MHz & 1800MHz spectrum acquisition; Leader in mobile broadband 1

Accelerating Revenue Growth and Market Share in Cellular business; Network strength is the key driver 2

Solid Customer Acquisition, leveraging on the full benefits of Convergence b t M bil B db d & TV3 between Mobile, Broadband & TV3

Strong Partnership with CP Group and China Mobile 4

6

Significant Growth Potential post Spectrum Auctions

“Leader in mobile broadband”

23 6%26.4% 27.0%

28.4%

Securing No.1 mobile Internet position and 4G leadershipthrough the best & unmatched network

Gaining postpaid share while capturing huge growth

TrueMobile’s postpaid value share

20.3%23.6%

2011 2012 2013 2014 2015

opportunity from fast‐growing data usage and M2M/ IoT

The country’s fastest 4G speed up to 335 Mbps

“TRUE to accelerate prepaid share”

Significant upside from tapping into the large prepaid TrueMobile’s prepaid value share

11.9%11.0% 10 6%

13.4%

Significant upside from tapping into the large prepaid market and 900MHz ecosystem which is new revenue stream for TRUE

Over 60% of industry’s revenue comes from prepaid

TrueMobile s prepaid value share

9.9%10.6%

2011 2012 2013 2014 2015

Over 60% of industry s revenue comes from prepaid marketHandsets that are capable of accessing TRUE’s network will be doubled post spectrum auctions

7Source: Company’s estimate

Network strength is TRUE’s key advantage

Rapid growth through superior network while saving Bt 47 bn investment p g g p gcost in reaching 98% 4G & 2G coverage to match 3G nationwide coverage

Significant growth opportunity to break into 900MHz ecosystem

Accommodating all market segments (network and devices) with a full range of 2G, 3G and 4G services

*based on free space path loss calculation

8

Solid and ongoing cellular’s value share gain

9

Cellular’s revenue growth strongly outperforms industry’s

Capitalizing on the aforementioned growth opportunity to furtherCapitalizing on the aforementioned growth opportunity to further accelerating revenue and market share gainNon‐voice revenue, representing 55% of TrueMobile’s service

i d k h d irevenue, remained key growth driver

Thailand service revenue growth % YoY% YoY

11 7%14.5%

18.7%15.7%

20.2%

9.7% 9.1% 8.2% 7.1%

11.7%

1.5% 0.3% 0.6% 1.5% 0.7%

‐1.0% ‐0.7% ‐0.1% ‐0.9%

4Q13 1Q14 2Q14 3Q14 4Q14 1Q15 2Q15 3Q15 4Q15

10

Other major players

Convergence fuels Group postpaid subscription

Top of mind for 4G&3G leadership

Top of mind for hi‐speed Internet leadership

Top of mind for cable TV& satellite leadership

Postpaid subscribers Broadband subscribers Paying subscribers

3 879 4,009 4,130 4,344

4,726 ‘000 sub ‘000 sub ‘000 sub

2,152 2,212

2,322 2,388

1 020 1,110 1,253

1,400

3,879 4,009

4Q14 1Q15 2Q15 3Q15 4Q15

2,0812,152

4Q14 1Q15 2Q15 3Q15 4Q15

940 1,020 1,110

4Q14 1Q15 2Q15 3Q15 4Q15

11

4Q14 1Q15 2Q15 3Q15 4Q15 4Q14 1Q15 2Q15 3Q15 4Q15 4Q14 1Q15 2Q15 3Q15 4Q15

Strong partnership with CP Group and China Mobile

Leveraging on strong partnership and scales

Network and device procurement

International roaming alliance

E d d di t ib ti h l d b i tExpanded distribution channels and business partners

E‐Commerce

Best practices and experience sharing

12

Appendixpp

13

Group Quarterly Financial Performance

EBITDA (Bt mm)Service Revenue (Bt mn) ( )( )

17 101 17 569 18,002 18,210 18,830 19,76120,000

25,000

4 742 4 7195,123

5,467 5,412 5,470 5,184

6,0426,000

7,000

5.4% 4.9% 7.0% 4.4%4.3% 3.7% 3.5% 6.4% 9.2% 11.5% 10.1%YoY % Growth 27.1% 24.7% 20.2%20.7% 28.8% 28.9% 30.0% 31.1% 30.1% 27.5%EBITDA

Margin 30.0%12.5% 30.6%

15,801 15,757 16,526 16,508 16,491 16,336 17,101 17,569 18,002 ,

5,000

10,000

15,000

20,000

erv

ice

Re

venu

e

4,2853,895

3,423 3,343

4,742 4,719,

1,000

2,000

3,000

4,000

5,000

EBIT

DA

Recurring Net Income from Continuing Operations (Bt mn) Net Profit (Bt mn)

01Q13 2Q13 3Q13 4Q13 1Q14 2Q14 3Q14 4Q14 1Q15 2Q15 3Q15 4Q15

Se

01Q13 2Q13 3Q13 4Q13 1Q14 2Q14 3Q14 4Q14 1Q15 2Q15 3Q15 4Q15

Recurring Net Income from Continuing Operations (Bt mn) Net Profit (Bt mn)

4,558

2,3404,000

6,000

3,828

1,883 1,569 1,3931,051

398000

2,000

3,000

4,000

5,000

fit

‐1,972‐2,599

‐3,533

‐509 ‐660

930 1,395

35 330

‐4,000

‐2,000

0

2,000

NIO

GO

‐1,109

‐3,156

‐528

‐1,739

‐2,678

398

‐4,000

‐3,000

‐2,000

‐1,000

0

1,000N

et P

rof

14

‐4,810‐6,0001Q13 2Q13 3Q13 4Q13 1Q14 2Q14 3Q14 4Q14 1Q15 2Q15 3Q15 4Q15

‐4,269‐5,0001Q13 2Q13 3Q13 4Q13 1Q14 2Q14 3Q14 4Q14 1Q15 2Q15 3Q15 4Q15

Quarterly Operating Performance

TrueMobile Total Subscribers (million subs) TrueVisions Total Subscribers (million subs) Broadband Internet Subscribers (million subs)( )

21.5 22.1 22.4 22.9 23.1 23.2 23.4 23.621.5

19.5 18.5 19.1

( )

0 9 0 9 0 9 0 9 1.0 1.11.2

1.22.2 2.3 2.4 2.4 2.4 2.4 2.4 2.52.6 2.7

2.9 3.1

1.6 1.7 1.7 1.8 1.9 1.9 2.0 2.1 2.2 2.22.3 2.4

( )

2.6 2.7 2.9 3.2 3.3 3.5 3.7 3.9 4.0 4.1 4.3 4.7

18.9 19.4 19.5 19.7 19.8 19.7 19.8 19.8 17.5 15.4 14.1 14.4

0.4 0.4 0.4 0.3 0.3 0.3 0.3 0.3 0.3 0.3 0.3 0.3

0.3 0.3 0.4 0.4 0.5 0.5 0.5 0.6 0.7 0.8 1.0 1.10.6 0.7 0.7 0.7 0.7 0.6 0.6 0.6 0.6 0.5

0.50.5

0.8 0.9 0.9 0.9 0.9 0.9 0.9 0.9

1Q13 2Q13 3Q13 4Q13 1Q14 2Q14 3Q14 4Q14 1Q15 2Q15 3Q15 4Q15

Post‐paid Pre‐paid

1Q13 2Q13 3Q13 4Q13 1Q14 2Q14 3Q14 4Q14 1Q15 2Q15 3Q15 4Q15

Premium Standard FreeView Free‐to‐air Box

1Q13 2Q13 3Q13 4Q13 1Q14 2Q14 3Q14 4Q14 1Q15 2Q15 3Q15 4Q15

TrueMobile Blended ARPU (Bt/sub/month) TrueVisions Blended ARPU (Bt/sub/month) Broadband Internet ARPU (Bt/sub/month)

972 934872

802 783 744694

650602

731 726702

686

728705 705 704 705 694

652162184

204

602557

501458

652625

126 121 126 124 129 125 130 134 143162

15

1Q13 2Q13 3Q13 4Q13 1Q14 2Q14 3Q14 4Q14 1Q15 2Q15 3Q15 4Q15 1Q13 2Q13 3Q13 4Q13 1Q14 2Q14 3Q14 4Q14 1Q15 2Q15 3Q15 4Q151Q13 2Q13 3Q13 4Q13 1Q14 2Q14 3Q14 4Q14 1Q15 2Q15 3Q15 4Q15

2013‐Selling of non‐core subsidiaries

2014‐ Equity raising via partnership with China

2015‐ Additional assets divestment to DIF

Group Financial Position

‐Selling of non‐core subsidiaries‐DIF establishment

Equity raising via partnership with China Mobile and Rights Offering

‐ Additional assets divestment to DIF

14.7X86 92

Net debt‐to‐EBITDAInterest bearing debt Net debt‐to‐equity

THB bn Times Times

14.7X

0 5X 1 1X

4.2X

1.6X

3.7X86

40

0.5X 1.1X

2013 2014 20152013 2014 20152013 2014 2015

I t t E N t fit (l )

1,294 4,412

7,579

4,988

Interest Expense Net profit (loss)THB mn THB mn

(9,168)

2013 2014 2015

2,897

2013 2014 2015

16

2013 2014 20152013 2014 2015

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