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iNDR SingaporeTrue Corporation Public Company Limited 18 March 201118 March 2011

True Group – Thailand’s convergence lifestyle leader 1

CP Group Public shareholders

- Foreign 6.0%- Local 29.3%

64.74% 35.3%

99.99% 98.91% 99.99%99.99%1/ 99.99%

(Wireline)

• Broadband leader, 66% value share in Bangkok Metropolitan Area

(Digital commerce)(Pay-TV) (Digital content & access)(Wireless)

• No.3 mobile player

• 17.1 mn subs

24 5% k t h

• No.1 pay TV operator

• Sole nationwide player

1 7 b (93% D TV

• Mobile payment leader

• Over 7 mn e-wallet subs

W ld’ fi t bil

• Richest content across

different platforms

N 1 l li• 814K Broadband subs

• Largest fixed line (BMA)

• 1.8 mn fixed line subs

• International call services: 006 (TDM) 00600 (V IP)

• 24.5% market share • 1.7 mn subs (93% DsTV; 7% cable TV)

• ~1.1 mn subs from mass market strategy success

• Ad revenue (Bt482mn in 2010) as growth area

• World’s first mobile payment via RFID

• Key convergence tool

• No.1 casual on-line game

• Leading community portal

006 (TDM), 00600 (VoIP) 2010) as growth area

Note: (1) True indirectly holds 99.99% in TrueVisions Group (which holds 99.3% in TrueVisions PLC and 99.0% in TrueVisions Cable PLC)(2) Subscriber figures as of December 31, 2010

Key strategies2

Strengthen position as Thailand’s only quadruple play operator1

Increase mobile market share: focus on non-voice, smartphones and leverage Hutch share purchase to lead 3G in Thailand

2

Expand mass market penetration for Pay-TV and Broadband3

Develop and roll out new innovative technologies to respond to consumer demands and maintain market leadership4 p

Continue deleveraging, cost management strategy and focus spending on core growth areas

5core growth areas

True Convergence Index continues to rise3

True Convergence Index*

1 9052,137

2,349 2,438 2,479 ‘000 households

* No. of households using two or more True services; third-party survey normally conducted twice a year

395 403 385 477 483 498 518

1,019 1,139 1,279 1,470 1,684 1,761 1,790 1,565 1,693

1,905

151 151 241 190 182 179 171 395 403 385 477 483 498 518

Feb'08 Jul'08 Feb'09 Jul'09 Feb'10 Jul'10 Feb'114 products 3 products 2 products

Broadband

h

Subscriber growth across all businessesIncreased share of bundled subs in key businesses

Benefits of convergence

High churn

Low churn

Medium churn

− 60% of TrueMove postpaid subs− 42% of Broadband subs − 43% of TrueVisions rental subs

MobilePay TV

Reduce churn for mobile (1.8%) and pay TV (1.4%) by bundling with Broadband services

Difficult for competitors to replicate

Group long-term financial trend4

41 5

50.5 51.8 51.9 52.6 52.6 Bt bn

Service Revenue excl IC EBITDA

15.717.3

19.818.5 19.6

18.4

Bt bn

14.3 18.1 20.1

24.2 27.0 30.4

41.5

7.49.5 9.0 9.8

11.612.9

'99 '00 '01 '02 '03 '04 '05 '06 '07 '08 '09 '10 '99 '00 '01 '02 '03 '04 '05 '06 '07 '08 '09 '10

0.1 Bt bn

10.6 10.4 10.9

Bt bn

Ongoing Results (NIOGO) CAPEX

(4 3)

(1.6)

(4 5)

(3.2)(2.8)

(1.2)(0.5) (0.6)

4.0

9.0

4.1

7.3 7.3

5.3

7.5

(5.8)(5.0)

(4.3) (4.5)

(6.0)

'99 '00 '01 '02 '03 '04 '05 '06 '07 '08 '09 '10

1.3 1.7

'99 '00 '01 '02 '03 '04 '05 '06 '07 '08 '09 '10

5

Financial highlights – FY10(Units in millions of Baht unless otherwise indicated) TrueOnline1/ TrueMove1/ TrueVisions1/ ConsolidatedTotal Revenue (excl IC) 28,031 26,336 9,803 55,965% growth Y-o-Y 4.1% 0.9% 0.8% 1.0%

Service Revenue (excl IC) 27,328 23,616 9,585 52,649% growth Y-o-Y 3.6% 0.2% 0.5% 0.1%

EBITDA 9,670 6,313 2,326 18,392, , , ,% growth Y-o-Y -1.4% -12.6% -11.3% -6.1%

Depreciation & amortization (6,061) (4,229) (1,012) (11,252) % growth Y-o-Y 4.8% 3.0% 1.9% 3.9%

Interest expense (2,476) (3,192) (624) (6,100) % th Y Y 21 2% 12 1% 93 4% 11 3%% growth Y-o-Y -21.2% -12.1% 93.4% -11.3%

Tax, net (891) (189) (297) (1,437) Current tax (431) - (139) (570) growth Y-o-Y 24 - (358) (334) Deferred income tax (460) (189) (158) (866)

th Y Y 314 (598) 121 (163) growth Y-o-Y 314 (598) 121 (163)

NIOGO 2/ 230 (1,419) 520 (610) growth Y-o-Y 331 (8) (463) (91)

NIOGO excl. deferred tax 690 (1,229) 678 257 growth Y-o-Y 645 (606) (342) (254)

Free Cash Flow 1,707 229 (128) 1,786 growth Y-o-Y (1,133) 103 (1,416) (2,369)

Capex 3,397 3,416 681 7,483 growth Y-o-Y 846 780 449 2,194

1/ Before eliminating inter-company transactions 2/ NIOGO: Net income (loss) from ongoing operations

6

Balance sheet improving

times

Net debt-to-EBITDA vs. EBITDA coverageLong-term debt composition

83 8794

85

Bt bn

4.8 4.5

3.5 3.7 3.1 3.3

83 79

0 7 14 32 3332

29 29 26 22

1211

11 119 12

8377 79 75 73 72 77

87 8578 76

68 67

3.3 2.7 2.5 2.5 2.6 2.8

2005 2006 2007 2008 2009 2010

83 77 79 75 73 65 63 54 50 42 38 36 33 33

22

1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2005 2006 2007 2008 2009 2010

Net debt to EBITDA EBITDA-to-Interest coverage

Note: 1/ Figures include current portion of long-term debt but do not include financial lease and debt issuance costs

Note: Figures do not include financial leases1/ 3Q09 Net debt-to-EBITDA was adjusted (from 3 0x) to exclude cash

1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010

TrueOnline TrueMove TrueVisions

financial lease and debt issuance costs2/ TrueVisions’ debt includes all long-term loans for TrueVisions acquisition

Bt 5.4 bn debt repaid according to schedule in 2010 (Bt 1.4 bn net additional borrowing)

/ 3Q09 Net debt to EBITDA was adjusted (from 3.0x) to exclude cash raised for refinancing in 4Q10

Bt 5.4 bn debt repaid according to schedule in 2010 (Bt 1.4 bn net additional borrowing)

Deleveraging is a key priority; short-term borrowing required for business growth

7

TrueVisions refinancing completed in 2Q10TrueVisions Group repayment schedule*

5.5

Previous repayment

1 11.5 1.6

1 0

1.8 1.9 1.9 1.9 1.9

1 0

New repaymentBt bn

1.1

0.20.5

1.0 1.0

2010 2011 2012 2013 2014 2015 2016 2017 2018

New facility: Bt 12 bn in Thai Baht loans from 4 major banks carrying interest rate of MLR-0.5%Refinanced existing loans of Bt 9,732 mn (US$ 186.12 mn + Bt 2.8 bn) at 7.68% interest ratePart of remaining proceeds to support pay TV business opportunitiesPart of remaining proceeds to support pay TV business opportunities

Credit profile improved with FX risk eliminated and more favorable termsLow interest rate -- MLR-0.5%8 years maturity with step up repayments better matching cash flow conditions relaxed8 years maturity with step up repayments, better matching cash flow, conditions relaxed

TrueMove refinancing in the pipeline

Overview of the purchase of shares in Hutch companies8

Deal completed on January 27, 2011

Transaction value Bt 6.3 bn (Bt 4.35 mn for share purchase; Bt 6.3 bn for BFKT refinancing)

Key benefits:Key benefits:

Mobile business extended by about 14 years until 2025

First-mover advantage for commercial 3G services

Increased business scale (~800,000 subscribers)

True Group’s Mobile service revenue Mobile market revenue

4,08023,371

27,451Bt mn

HCAT 13 14 1314 145

152 158 157 166 Bt bn

+9.4%+17.5%

23,371 23,371

, HCAT (HCWML)

TrueMove122 124 123 123 126

13 15 21 21 26 11 13 14 13 +24.4%

+2.3%

Pre- Transaction Post- Transaction 2006 2007 2008 2009 2010Voice Non-voice IR and Others

9

Hutch deal - Corporate and inter-company loan structure

True Corporation PCL.

99.99%98.91%

Post-acquisition

True Properties

Telecom Holding(TH)

99.99%

BITCO

99 93% 99 94%

Real Move(RMV)

100% 92.5%Asia Wireless Telecommunications

(AWC)

p(TP)

44.4%Song DaoTrue Move(TMV)

Samutprakarn Media Corporation

99.92% 100% 99.93% 99.94% 55.5%

100%

HWMH

74%

Tawan Telecom

7.5%Rosy Legend(RL)

Real Future(RF)

100%

Bt928mn100%

Bt6.3bn

BFKT

HMSTL

HCWML/HCAT CAT26%

100%Intercompany loans

Bt928mn

Bt29.9bnProspect Gain

(PG)Bt2.5bn

HMSTL

HTTCL

100%

11

Broadband, business data and convergence drive growth

782 1,000 45 690

1,201 Bt mn

NIOGOService revenue

10,179 8,564 7,538

23,972 24,528 25,989 26,387 27,328 Bt mn

(2,713)(158) (101)

230

7 250 8 2847,792

9,235 9,998

10,573 11,506

13,070 11,452 ,

(2,456)2006 2007 2008 2009 2010

NIOGO excl. deferred income tax NIOGO

3,110 3,841 5,812 7,250 8,284

2006 2007 2008 2009 2010

New revenue streams (IDD and VoIP), convergenceBroadband Internet and Business data services

EBITDA & EBITDA margin Free cash flow

Traditional voice (fixed-line, payphone, PCT)

40.3% 38.8% 38.1% 36.4% 34.5%5 517

6,558

5 392

Bt mn

9,899 9,670 10,195 9,804 9,670

Bt mn

4,131

5,517 5,392 5,104

3,601 3,397

2006 2007 2008 2009 2010EBITDA EBITDA margin

1,8492,408 2,551

2006 2007 2008 2009 2010Cash flow from operations Capex

EBITDA EBITDA marginp p

%FY07 %FY08 %FY09 %FY10Service revenue +2.3% +6.0% +1.5% +3.6%EBITDA -2.3% +5.4% -3.8% -1.4%

Superior network yields competitive advantageCSN

12

True PSTN Network in Bangkok Metropolitan Area (BMA)

TNOptic Fiber

CSN

RCU RCURCURCU

(OSP ‐ Copper)

Fiber and advanced electronics= greater reliability and stability

(OSP Copper)

Shorter “last mile” connection improves Broadband performance – avg. within 3km

Costly and difficult to replicate

Fiber rich (>240,000 core kilometre in BMA; >300 000 km nationwide)>300,000 km nationwide)

780++ RCUs (instead of 70‐80 central offices)

Broadband net adds more than double in 201013

5 9316,505

744 755 720 Bt/sub/mo

Broadband revenue* & ARPU

122 634 692 814 ‘000 subscribers

Subscribers* & net adds

3,258

4,617 5,354

5,931

Bt mn

443 549 634 692 143

106 85

58 443

549

2006 2007 2008 2009 2010

Broadband Internet revenue Blended ARPU

300

2006 2007 2008 2009 2010Previous subs Net adds

Broadband market share by subscribers(estimated as of YE10)

* Broadband revenue and subscribers were reclassified and restated to include revenues from corporate Internet services in 3Q10.

* Broadband revenue and subscribers were reclassified and restated to include revenues from corporate Internet services in 3Q10.

Others84%

Super Hi-speed sub by speed*

True

TOT20%

3BB11%

3%

True33%

3BB25%

Others4%

84%

< 3Mbps

3-5Mbps

6-8Mbps 27%

59%

True66%

BMA

TOT38%

Nationwide

12% 4%

2009

> 8Mbps8% 6%

2010*Connection speed for the standard package (Bt599/month) was upgraded from*Connection speed for the standard package (Bt599/month) was upgraded from 3Mbps to 4Mbps in Oct’09 and to 6Mbps in Aug’10

%FY07 %FY08 %FY09 %FY10Broadband revenue +41.7% +16.0% +10.8% +9.7%Broadband subscribers +24.1% +15.4% +9.1% +17.7%

New technology drives future Broadband growth14

TrueOnline’s Broadband roadmapBroadband subscribers

>1mn

814k • DOCSIS 3.0 • FTTx• WiMAX• Quad Play• HD Content• NGN/NBN

814k692k

DOCSIS 3.0 NGN/NBNFTTx

Up to 400 Mbps

Up to 1 Gbps

ADSL, VDSL

Up to 50 Mbps128 Kbps

3.7k

21.2

26.4 Thailand Broadband penetration forecast

98.0%94.0%81 0%79 0%

2009 Fixed-line Broadband penetration

2011 and beyond2002 2003 2004 2007 2008 2009 2010

2.1 2.6 3.2 4.1 5.2

7.0 9.5

12.7 16.6 81.0%79.0%

41.0%14.5% 11.1% 10.7%2006 2007 2008 2009 2010E 2011E 2012E 2013E

Subscribers Penetration rate (%)

Source: Frost & Sulivan, 2007Source: True Corp & Point Topic, March 2010

15

IDD and International Gateway create new revenue streams

TIG’s revenue breakdown*

836Bt mn

IDD revenue

656248

258

180

370 285

568 704

836

56%44%

66%

34%

R k TIG T I t ti l G t C Ltd

4 320 446

656 370 281

2006 2007 2008 2009 2010TIC 006 00600 Revenue share from CAT to True fixed line

2009

Data gateway Internet gateway

2010

TIC generated Bt 656 mn in 2010; continues to grow strongly

Remark : TIG = True International Gateway Co., Ltd.TIC 006, 00600 Revenue share from CAT to True fixed-line*non-affiliated revenue

Internet and Data Gateways expanding regionally; virtual node deals recently signed with major international carriers

%FY07 %FY08 %FY09 %FY10IDD revenue -22.9% +99.4% +23.9% +18.7%

17

Service revenue stable as non-voice offsets voice declines

15.3% 15.7% 14.4% 15.0% 14.2%

Service revenue & market share NIOGO

22,309 23,835 22,796 23,575 23,616 Bt mn

(777) (624)(1,229)

46 Bt mn

18 077 18 868 17 868

2,131 2,490 2,679 3,134 3,534

2,101 2,477

2,660 2,573 3,090 , ,

(3,433)(2,883)

(1,229)

(3,100) (3 244)

(1,411) (1,419)

18,077 18,868 17,457 17,868 16,992

2006 2007 2008 2009 2010V i N i I t ti l R i d th

( , ) (3,244)

2006 2007 2008 2009 2010

NIOGO excl. deferred income tax NIOGO

21.4%30.6%

24.3% 27.7% 24.0%


Voice Non-voice International Roaming and others

5,262 5,070

Bt mn

% TMV service revenue market share

5,072

7,566

5,691 7,226

6,313

Bt mn

4,9044,111 3,880

2,762 3,6454,232

2 637

3,416

,

2006 2007 2008 2009 2010Net IC - +164 (845) (32) +181

2,637

2006 2007 2008 2009 2010

Cash flow from operations CapexEBITDA EBITDA margin

p p

%FY07 %FY08 %FY09 %FY10Service revenue excl. IC +6.8% -4.4% +3.4% +0.2%EBITDA +49.2% -24.8% +27.0% -12.6%

18

Overall subscriber share remains stable

1 31314 757 15,801 17,118

‘000 b ib

Subscribers - TrueMove Share of subscribers – Big Three

50.1% 46.4% 44.9% 44.8% 44.6%

7 03111,362

13,786 14,575 15,805 547

718 971 1,226

1,313

7,578

12,080 14,757 ,

‘000 subscribers

23 2% 24 3% 24 6% 24 5%

30.5% 30.4% 30.8% 30.6% 30.9%

50.1%

7,031

2006 2007 2008 2009 2010

Prepaid Postpaid

Net add +3,119 +4,502 +2,677 +1,044 +1,317(‘000 sub)

19.4% 23.2% 24.3% 24.6% 24.5%

2006 2007 2008 2009 2010

TrueMove DTAC AIS

p p

ARPU - TrueMove Subscriber mix - TrueMove

772 676

Bt/sub/mo

7.7%

292 191

130 115 105 250

510 428 424

7.8%

Prepaid

Postpaid

92.3%

2010

250 158

105 90 79

2006 2007 2008 2009 2010

Blended Prepaid Postpaid

92.2%

2009

Blended Prepaid Postpaid

%FY07 %FY08 %FY09 %FY10Total Subscribers +59.4% +22.2% +7.1% +8.3%Blended ARPU -34.6% -32.2% -11.0% -8.6%

19

Convergence, non voice drive postpaid growth; competition pressures prepaidPostpaid subscribers Postpaid revenue & ARPU

1 5043934,870 4,930

5,807 6,333 Bt mn

772 676 510 428 424

Bt/sub/mop

11.3% 14.1% 16.0% 19.1% 19.6%

87 971

1,226 1,313

3,929 4,338 4,225 4,725 4,829

464 532 705

1,082 1,504 4,393 , ,

449 546718

971 1,226

97 171

253

256 8

546 718

971 ‘000 subscribers

2006 2007 2008 2009 2010

Voice Non-voice Postpaid ARPU% TMV subscriber market share

449 546

2006 2007 2008 2009 2010Previous sub Net adds

Prepaid subscribers Prepaid revenue & ARPU

15,815 16,488 15 206 15 195

Bt mn

250 158 105 90 79

Bt/sub/moPrepaid subscribers Prepaid revenue & ARPU

20.6% 24.2% 25.2% 25.2% 25.0%

13 786 14,57515,805

14,147 14,530 13,232 13,143 12,164

1,668 1,958 1,974 2,052 2,030

15,815 15,206 15,195 14,194

11,362 13,786 14,575

3,022

4,331

2,424 789

1,230

7,031

11,362 13,786 14,575

‘000 subscribers

,

2006 2007 2008 2009 2010

Voice Non-voice Prepaid ARPU% TMV subscriber market share

4,009 7,031

,,

2006 2007 2008 2009 2010Previous sub Net adds

Postpaid %FY07 %FY08 %FY09 %FY10Service revenue excl. IC +10.9% +1.2% +17.8% +9.0%Subscribers +31.3% +35.2% +26.3% +7.1%

Prepaid %FY07 %FY08 %FY09 %FY10Service revenue excl. IC +4.3% -7.8% -0.1% -6.6%Subscribers +61.6% +21.3% +5.7% +8.4%

20

Non-voice grows on mobile Internet, smartphone usage

9.6% 10.4% 11.8% 13.3% 15.0%

3,534

Non-voice revenue

1 367 1,512 1,616

1,510 2,131 2,490 2,679

3,134 3,534

Bt mn

752 787 805 949 901 206 336 362

569 1,123 1,173

1,367

2006 2007 2008 2009 20102006 2007 2008 2009 2010

Messaging (SMS/MMS) Mobile Internet Content & RBT

FY10 mobile Internet revenue almost doubled, accounting for 1/3 of non-voice revenue

% of service revenue excl. IC

FY10 mobile Internet revenue almost doubled, accounting for 1/3 of non voice revenue

Enhanced data network/packages supported rising demand for mobile Internet, smartphones

%FY07 %FY08 %FY09 %FY10Non-voice revenues +16.9% +7.6% +17.0% +12.8%

True positioned as Thailand’s premier smartphone service21

True develops premium services for smartphone users

− 300 “IT Friends” – in-store smartphone experts300 IT Friends in store smartphone experts

− 6 “IT Bars” – smartphone service & lifestyle centers

− True App Center produced 120+ custom applications for iOS Android and BlackBerry including exclusive True apps

IT Bar

iOS, Android and BlackBerry, including exclusive True apps

Regulatory/Litigation Update22

Frequency Allocation Act passed into law, formation of NBTC underway

i d b h ld l3G 2.1GHz auction expected to be held in late 2012

3G 850MHz trial expansion approved by CAT, but no commercial launch yet

Mobile Number Portability launched on December 5

C i d t C bi t l d t t itt t ti tConcession amendments Cabinet resolved to set up a committee to negotiate with operators

24

Mass market drives full-year subscriber growth

1,217 1,104 988 806 744

Bt/sub/moSubscribers & ARPU Bundled package subscribers & upselling rate

19.0%30.4% 38.0% 38.0%

470 475319 527

536 520 143

198 255

624

1,039

1,469 1,663 1,705 ‘000 subscribers

524 92

515 46 546

141

394

819

1,029 1,059 ‘000 subscribers

466 481 479 459 455 93 149

320 470 475 65 -

2006 2007 2008 2009 2010Net adds +140 +415 +430 +194 +42(‘000)

75 249 391 403

-

92

319

2006 2007 2008 2009 2010

Upsold Non-upsold (Free-to-air) Non-upsold (Free view)Premium (Platinum, Gold, Silver) Standard (Knowledge)Freeview Free-to-air

Blended ARPU * Upselling rate refers to the upgrading of mass market subscribers to higher-value packages

**Restated to include subscribers of TrueVisions – Hi-speed bundling

Upsold Non-upsold (Free-to-air) Non-upsold (Free view)

% Upselling rate

Restated to include subscribers of TrueVisions Hi speed bundling packages since 4Q09

FY10 subscribers increased 2.5% mainly on mass market growth

%FY07 %FY08 %FY09 %FY10Total subscribers +66.6% +41.4% +13.2% +2.5%ARPU -9.3% -10.5% -18.4% -7.7%

25

Revenue grows with support from advertisingNIOGOS i NIOGOService revenues

676 865 992 910 769 -

- 13 74 482 8,445 8,866

9,431 9,533 9,585 Bt mn

- Advertising- Others

8661,007

1,166 983

Bt mn

7,769 8,001 8,426 8,549 8,334 - Subscription & installation

866 1,097 1,130 1,020 678

866

520

F h fl

2006 2007 2008 2009 2010

866 1,097 1,130 1,020 678

2006 2007 2008 2009 2010NIOGO excl. deferred income tax NIOGO

2 666 2 622

24.2% 25.9% 26.1% 27.0% 23.7%

24.8%Bt mn


1,796

1 494 1 520

Bt mn

1,959

2,527 2,666 2,622 2,326

911

1,494 1,520

914

681

2006 2007 2008 2009 2010

EBITDA EBITDA margin w/o TVS extra item

552 660 614

232

2006 2007 2008 2009 2010

Cash flow from operations CapexNote: 2009 includes the reversal of over-accrued content-related costs (Bt207mn)

p p

%FY07 %FY08 %FY09 %FY10Service revenue +5.0% +6.4% +1.1% +0.5%EBITDA +29.0% +5.5% -1.7% -11.3%

26

Advertising provides strong growth opportunitiesAdvertising spending

101‘000 subs2 0% 5 0%100%

Thai broadcasting market

37 36 36 39 39 37 40

5361

71

84 86 90 92 90 90 101 000 subs

8.8%7.9%

9.6%10.4%

12.5%

4.6%6.6%

7.6%8.6%

10.3%

2.0% 5.0%14.7% 18.9% 22.7%

60%

80%

100%

Local Cable

TrueVisions

Satellite

27 30 33 37 42 47 50 53 53 51 53 61 13 14 21 20

24 29

38 41 51 53

84.7% 80.4%68.1% 62.1% 54.5%

20%

40%

Antenna

25 27 30 33 3

98 99 00 01 02 03 04 05 06 07 08 09 10TV Others

0%

2007 2008 2009 2010 2011F

Overall pay-TV advertising to grow 15-20% in 2011

Source: AGB Nielsen Jun 2010 Source: AGB Nielsen

Overall pay TV advertising to grow 15 20% in 2011

TrueVisions to expand mass market audience to tap lucrative ad revenue

Competition remains intense; consolidation begins leading to fewer pay-TV operators

27

Content development remains key

Pre

miu

mP

News & Doc Music Reality Entertainment

sM

ass

Develop exclusive HD content to attract premium subscribers

More channels available to mass market and Free-to-Air subscribers

Mid i l di it th f i l di IC

Looking forwards28

Mid-single digit growth for service revenue excluding ICCapex: approx. Bt 10 bn (TMV: Bt 2-3 bn; TOL Bt 4-5 bn; True-Hutch Bt 3-4 bn; TVS: Bt 1 bn)Support growth with network expansion; improved service qualityLeverage Hutch acquisition to lead nationwide 3G marketDrive differentiation with technology/content/service innovation Convergence to focus on customer segmentationContinue cost controls to improve bottom line

Launch next-generation Broadband (DOCSIS 3.0) in Thailand to secure market leadership, targetingLaunch next generation Broadband (DOCSIS 3.0) in Thailand to secure market leadership, targeting to reach 2 million households in 27 provinces within 2012Expand ADSL network into untapped areasTap DOCSIS 3.0 network to increase fixed-line/business data coverageRollout high-speed next generation WiFi, increase hot spots

Leverage the purchase of shares in Hutchison Group companies to lead 3G marketAggressive 3G 850MHz roll-out to achieve 75% pop coverage by 2013 Build position as premium smartphone operator, leverage convergence and MNP to boost postpaid acquisitionsFocus on un-tapped markets to drive prepaid recovery

High single-digit revenue growth, supported mainly by ad revenueHigh single digit revenue growth, supported mainly by ad revenueProduce more high-quality, local content; explore regional opportunitiesExpand mass market penetration to boost ad revenue by increasing number of channels, offering total solutions to advertisers and developing licensing partnershipsAdopt new technologies to combat piracy, retain premium subs and reduce costs

Disclaimer: 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

Thank You

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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