True Corporation Plc

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

At a GlanceMarch 2014

True Corporation Plc.

g jsafe 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.

1

True Group – Thailand’s convergence lifestyle leader

CP Group Public shareholders

60.1% 39.9%

- Foreign 16.2%- Local 23.7%

100.0%100.0%1/ 33.3%100.0%2/

• Fixed-line operator with 1 7 mn • 22 9 mn subs • Thailand’s leading

Wireline/onlineMobile Group Pay TV Wireline/Online Telecom Infrastructure Fund

• Thailand’s first and only Telecom • Fixed line operator with 1.7 mn subs in Greater Bangkok area

• Broadband leadership with 1.8 mn broadband Internet subs via FTTx, DOCSIS 3.0 and xDSL

• 22.9 mn subs• 25.0% subscriber market share• 4G LTE 2100 MHz• 3G+ 850, 2100 MHz• 2G 1800 MHz (temporary

• Thailand s leading nationwide pay TV provider

• 2.4 mn subs (90.1% DsTV; 9.9% cable TV)

• Enhanced, secure HD

• Thailand s first and only Telecom infrastructure fund

• The leading and most diverse portfolio of telecom infrastructure assets,

• Over 100,000 WiFi hotspots• 36.8% broadband subscriber

market share

p ymeasure)

• International call services: 006 (TDM), 00600 (VoIP)

broadcasting system with MPEG-4 & secure silicon

- 11,845 Telecom towers*- 1,037,545 core-km of FOC system*- 1.2 mn ports HFC network for

Note: 1/ Holds 100.0% in Real Future Co., Ltd. and indirectly holds 99.4% in True Move Co., Ltd. and 99.5% in Real Move Co., Ltd.2/ Indirectly holds 100.0% in True Visions Group Co., Ltd. (which holds 99.3% in True Visions PLC and 99.0% in True Visions Cable PLC) 3/ Market share and subscriber figures are as at December 31, 2013 (source: Company) 4/ E i d h h ldi fi M h 18 2014

cable TV and broadband services

4/ Estimated shareholding figures are as at March 18, 2014

* Transfer of the AWC towers and a call option for TRUEGIF to buy the assets from BFKT when AWC Leasing Agreement/ HSPA Leasing Agreement expires

2

Key strategic milestonesTransformation from a fixed-line concessionaire to a quad-play operator

1995 L h d bl TV i1995: Launched cable TV service under UTV; merged with IBC in 1998 to form UBC

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

2011: Completed Hutch acquisition; started rolling out

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

2003: Launched broadband services

True Life Freeviewwhich offered popular convergence package of TrueMove and TrueVisions

started rolling out commercial 3G services; launched DOCSIS 3.0 cable modem network

Thailand s first Telecom infrastructure fund “TRUEGIF”; acquired TV broadcasting service and network licenses

2002: TA Orange launched its cellular service underthe “Orange” brand

2006: Completed UBC tender offer and rebranded as “TrueVisions”; expanded pay TV services to mass market; introduced first public WiFi

2009: First Thai operator to launch Apple’s iPhone 3G; offered 3G 850 MHz trial service

2012: Acquired the 2.1 GHz spectrum license; offered the fastest consumer broadband experience

2014: Acquired license for two digital terrestrialTV channels

1991: Started fixed-line telephone service under a

service broadband experience at 200 Mbps; activated the new broadcasting system (MPEG-4)

pB-T-O concession with TOT (first 2 mn lines)

Liberalized Telecom industry, a new chapter for True Group3

True Group marks a new era by securing licenses in all core segments and launching Telecom infrastructure fund “TRUEGIF”, paving way for the Group’s sustainable growthGroup s sustainable growth

• Ready to capture high growth potential in the liberalized Telecom industry

• Well positioned to benefit from rapid mobile and broadband network expansion

• Leverage on the Group’s competitiveness in a “level playing field” industry

• Better returns on investment via improved pcost and capital structure as well as economy of scale from TRUEGIF

• Extend the Group’s businesses; mitigate regulatory risk post concession periodconcession period

Thai telecom industry’s competitive landscape4

NTC/NBTCNTC/NBTC

M bil liWire-line license

Industry regulator

TOTTOT TrueMoveTrueMove

Mobile license

TUCTUC Real Future(TrueMove H brand)

Real Future(TrueMove H brand)

TrueVisionsGroup

TrueVisionsGroup

Television license Temporary measure

CATCAT

Mobile 2GconcessionMobile 2Gconcession

Mobile 3GTOT’s Thai Mobile

Mobile 3GTOT’s Thai Mobile

Mobile 2GconcessionMobile 2Gconcession

Mobile 3GCAT Telecom

Mobile 3GCAT Telecom

AIS’s DPCAIS’s DPC

Fixed-line concessionsFixed-line

concessions

AISAIS BFKTBFKT

co cess oco cess o CAT TelecomCAT Telecom

Equipment lease

Real Move (TrueMove H brand)

Real Move (TrueMove H brand)

DTACDTACTrueTrue

TT&TTT&T

MVNO

and O&M

C iC iC iT 3 T 3 t ld MVNO/Reseller

ConcessionMVNO/Reseller

ConcessionConcessionType-3 telecom license

Type-3 telecom license and

2.1 GHz IMT Spectrum License

BroadcastingTV service and

network licenses

Two digital terrestrialTV liTV licenses

Group long-term financial trendsService Revenue NIOGO

5

9 7 10.5 10.7 50 5 51.8 51.9

52.6 52.6 56.8 61.9 66.3 Bt bn

Service Revenue NIOGO

(4.3)(1.6)

(4.5)(3.0) (3.8)

(1.2)0.1 (0.5) (1.4)

(5 4)

Bt bn

20 1 22 6 22 6 22 8 23 0 24 0 24 5 26 0 26 4 26 0 26 9 28.1 28.7 1.7 4.5 8.2

19.6 22.3 23.8 22.8 23.6 23.3 27.2

31.2 35.2 8.4 8.9 9.4 9.5 9.6 9.7

20.1 24.2 27.0 30.4

41.5 50.5 51.8 (6.0) (5.4)

(6.6)

(13.1)

20.1 22.6 22.6 22.8 23.0 24.0 24.5 26.0 26.4 26.0 26.9 28.1 28.7

'01 '02 '03 '04 '05 '06 '07 '08 '09 '10 '11 '12 '13TrueOnline True Mobile TrueVisions

*Segment results are presented before intersegment elimination

'01 '02 '03 '04 '05 '06 '07 '08 '09 '10 '11 '12 '13TrueOnline True Mobile TrueVisions Group

2 4 2.5 2.7 2.6 2.3 2 2 2 0 1 5 12 9

15.7 17.3

19.8 18.5 19.6 18.4 17.1 16.7 16.4

Bt bn 44%38% 42% 40% 36% 33% 37% 35% 35% 33%

27%22%

EBITDA EBITDA margin*

9.0 11.8 11.9 11.5 10.7 9.9 9.7 10.2 9.8 9.8 10.0 10.1 10.2

1.8 5.1 5.1 7.6 5.7 7.2 6.2 5.0 4.9 4.9 2.4 2.2 2.0 1.5

9.0 9.8 11.6

12.9 22% 20%

9.0

(1.9) (0.3)'01 '02 '03 '04 '05 '06 '07 '08 '09 '10 '11 '12 '13

TrueOnline True Mobile TrueVisions'01 '02 '03 '04 '05 '06 '07 '08 '09 '10 '11 '12 '13

TrueOnline True Mobile TrueVisions Group* on total revenue excluding IC and network rental revenue

2013 Highlights

1. Year 2013 marked a crucial milestone for True Group with the successful establishment of TRUEGIF and the end of the concession regime

2. True Mobile Group posted remarkable growth in the non-voice and t id t 3G b i ti d t t t t l postpaid segments; 3G business continued strong momentum; total

subscriber base increased to 22.9 mn3 TrueOnline gained exceptional yearly net adds of 240k bringing 3. TrueOnline gained exceptional yearly net adds of 240k, bringing

subscriber base up to 1.8 mn, while expanding broadband network to reach 4.3 mn homepasses in 61 provinces

4. TrueVisions successfully penetrated into the mass segment given strong response to convergence package with TrueOnline; customer b i d h li f bbase increased to 2.4 mn; the two DTT licenses pave way for robust advertising growth

True Mobile shines in the non-voice& postpaid segments7

True Mobile Group continued its robust growth in the non-voice and postpaid segments, mainly on rising mobile Internet usageKey strengths: TrueMove H’s best 3G and 4G LTE services, attractive device-bundling packages, and innovative content and applications

Thailand mobile non-voice market size* Thailand mobile postpaid market size*

12 2% 14.1% 14.6%20.3%

23.6% 26.8%

12.8%14.9% 13.5%

15.1%17.9% 19.7%

12.2%

Bt mnBt mn

40,535 41,218 43,310 49,052 57,879 70,490

2008 2009 2010 2011 2012 2013

20,962 21,021 26,148 35,220 50,407 68,423

2008 2009 2010 2011 2012 2013

* Consisting of TrueMove, TrueMove H, Hutch (CDMA service was officially shut down in April’13), AIS and DTAC

Postpaid market value % TrueMobile's market shareNon-voice market value % TrueMobile's market shareSource: Company’s estimate

True Mobile Group Structure

8

Officially launched on Aug 30 2011

TrueMove H dominates mobile Internet arenaTrue Mobile Group StructureOfficially launched on Aug 30, 2011

High-value postpaid subscribers dominatedcustomer base

TRUE CorpTRUE Corp

b lb lcustomer base

Well-positioned to capture growth in mobileI t t k t

True Mobile GroupTrue Mobile Group

2.1 GHz licenseeReal Future

Internet market

• Thailand’s best 3G+ nationwide coverage (>95% population coverage) Lease Agreement

BFKTBFKT850 MHz equipment

BITCOBITCOHolding Company

99.50%100.00%

(>95% population coverage)

• Thailand’s first 4G LTE services

• Competitive device bundling packages with

Lease Agreement

CATCATRealMove (TrueMove H brand)RealMove (TrueMove H brand)

3G 850 MHz (reseller)

Wholesale Agreement

99.99% 99.92%

TrueMoveTrueMove2G 1800 MHz

Network O&M

• Competitive device-bundling packages with a wide array of devices for all segments

• Innovative content and applications

92.5%

3G 850 MHz (reseller)

HWMHHWMH73 92%Innovative content and applications

• over 100,000 WiFi hotspots

• Excellent after-sale services

Marketing Contract HCATHCATCDMA

73.92%

* CDMA service was officially shut down in April’13Excellent after-sale services

9leads the broadband market

Offered the most competitive ULTRA hi-speed Internet packages (10-200 Mbps) with attractive value-added services

DOCSIS 3.0 and FTTx technologies enabled TrueOnline to offer Thailand’s fastest consumer download speed of 200 MbpsMbps

Enhanced customers’ experience with superior service quality and greater network coverage with 4.3 mn homepasses in 61 provincesConducted localized marketing activities to raise awareness of TrueOnline’s brand and competitive offerings

DOCSIS 3.0 facilitates subscriber and ARPU growth10

Broadband leadership with 1 8 mn subscribers by FY13Broadband leadership with 1.8 mn subscribers by FY13Successful expansion to new territories and excellent market response to bundled packages fueled subscriber and APRU growthDOCSIS 3.0 facilitated real triple-play offerings with the launch of better-valued convergence packages

“SukX3” combining broadband Internet mobile’s voice and data usage as well as pay TV SukX3 , combining broadband Internet, mobile s voice and data usage as well as pay TV services through the same cable network

728 701 707 699 712

Broadband Subscribers & ARPU

927 1 026 1,175 1,335 1,570 98 150 160

235 240

1,026 1,175 1,335 1,570

1,810 ‘000 subscribers

927 1,026 1,175

2009 2010 2011 2012 2013

Previous subs Net adds ARPU

11penetrates into all market segments

Equipped portfolio with a wide array of top international and local quality content

Secured exclusive partnership with world’s leading content providersSecured exclusive partnership with world’s leading content providers

Enhanced viewing experience via Thailand’s highest HD offering of 50 channels

L h d t i d d k t t th i th Launched customized and convergence packages to capture growth in the untapped segments

Revitalized True Knowledge package to include more quality content at an affordable price

Introduced new services (i.e. TrueVisions Anywhere, Thailand’s first 3D service) to better match consumers’ changing lifestylesbetter match consumers changing lifestyles

Partnered with leading satellite and cable TV operators

12’ ARPU and customers continue solid YoY growth

b b Subscribers & ARPUBt/sub/mo

988 806 744 765 870 895

143199 256 290

735 870 1,469 1,663 1,705 1,642

2,042 2,371

‘000 subs

479 459 455 430 435 343

320 470 475 396 308 419

527 536 520 526 564 740 143 290

Blended ARPUFreeview Free-to-air boxPremium (Platinum, Gold, Silver) Standard (Knowledge)

2008 2009 2010 2011 2012 2013

ARPU continued YoY upward trend due to positive impact, mainly in the platinum segment, from the MPEG-4 activation

Blended ARPUFree to air box

Customer base increased to 2.4 mn, driven by strong response to the convergence packages, particularly the SukX2, and partnership with leading satellite operator

Advertising offers strong growth opportunities for13

Advertising spending

2 83.1 3.2

3.5 3.5USD bn

0.91.1 1.1 1.1 1.2 1.2 1.1

1.2 1.31.4 1.4

1 21.5 1.6

1.92.2

2.5 2.6 2.7 2.8 2.7 2.7

0.8 0.8 0.9 1.0 1.1 1.3 1.4 1.5 1.6 1.6 1.5 1.6 1.8 1.9 2.1 2.10.4 0.40.6 0.6

0.71.2 1.2

'98 '99 '00 '01 '02 '03 '04 '05 '06 '07 '08 '09 '10 '11 '12 '13

TV OthersSource: AGB Nielsen

TrueVisions is well placed to capture advertising growth via its strong and fully-diversified platform

The acquisition of the two digital terrestrial TV licenses paves way for accelerated advertising revenues while increasing upselling opportunities

2014 targets & guidance14

Enhance financial performance:

High single-digit service revenue growth at True Groupg g g g p

Focus on cost control implementation

Strengthen the Group’s convergence platform:Strengthen the Group s convergence platform:

Competitive convergence campaigns

A wide array of devices for all segments

Innovative and exclusive content and applications

Strong distribution, direct Salesforce and localized marketing

Excellent services and Special privileges

4Q/FY13 results4Q/FY13 results

(Units in millions of Baht unless otherwise indicated) TrueOnline1/ True Mobile1/ TrueVisions1/m Consolidated

Financial highlights – 4Q1316

Total Revenue (excl IC & network rental) 6,217 14,891 2,695 22,351 % growth Q‐o‐Q ‐22.3% 25.5% 0.8% 11.2% % growth Y‐o‐Y ‐21.4% 6.6% ‐12.1% ‐0.8%

Service Revenue 2/ 6,160 9,118 2,665 16,508 % growth Q‐o‐Q ‐19 8% 0 0% 0 4% ‐3 3% % growth Q‐o‐Q ‐19.8% 0.0% 0.4% ‐3.3%

% growth Y‐o‐Y ‐15.7% 9.7% ‐11.1% 0.6%

EBITDA 2,016 962 292 3,343 % growth Q‐o‐Q ‐29.2% ‐8.1% 27.8% ‐15.9% % growth Y‐o‐Y ‐21.7% ‐41.7% ‐47.9% ‐29.5%

Interest expense (620) (1,116) (240) (1,975) % growth Q‐o‐Q ‐2.4% ‐3.6% 3.7% ‐2.4% % growth Y‐o‐Y 0.3% 9.7% 147.9% 15.5%

Tax, net 188 127 126 441 growth Q o Q (460) (814) 30 (1 244) growth Q‐o‐Q (460) (814) 30 (1,244)

growth Y‐o‐Y (418) (354) (142) (867)

NIOGO 3/ (23) (4,682) (372) (4,858)

growth Q‐o‐Q (95) (1,353) (151) (1,282) growth Y‐o‐Y (113) (2 880) (525) (3 313) growth Y o Y (113) (2,880) (525) (3,313)

NIOGO excl. deferred tax (121) (4,804) (512) (5,218)

growth Q‐o‐Q (401) (2,124) (140) (2,348) growth Y‐o‐Y (443) (3,233) (628) (4,051)

Free Cash Flow 14 992 (11 055) (734) 5 460Free Cash Flow 14,992 (11,055) (734) 5,460 growth Q‐o‐Q 16,936 (9,835) 686 10,028 growth Y‐o‐Y 15,459 1,241 (743) 18,159

Capex 2,976 5,288 846 9,311 growth Q‐o‐Q (131) 2,028 246 2,602 growth Y‐o‐Y (642) (3,379) 316 (3,338)

1/ Before eliminating inter-company transactions; 2/ Revenue from telephone and other services excluding IC revenue and network rental revenue3/ NIOGO: Net income (loss) from ongoing operations

Financial highlights – FY1317

(Units in millions of Baht unless otherwise indicated) TrueOnline1/ True Mobile1/ TrueVisions1/ Consolidated(Units in millions of Baht unless otherwise indicated) TrueOnline True Mobile TrueVisions Consolidated

Total Revenue (excl IC & network rental) 29,664 51,271 10,859 83,368% growth Y‐o‐Y ‐0.8% 14.2% 1.8% 8.3%

Service Revenue 2/ 28,658 35,211 10,728 66,291

% growth Y‐o‐Y 1 9% 12 9% 2 5% 7 2%% growth Y‐o‐Y 1.9% 12.9% 2.5% 7.2%

EBITDA 10,243 4,910 1,458 16,385% growth Y‐o‐Y 1.5% 1.2% ‐25.8% ‐2.1%

Depreciation & amortization (6,681) (11,498) (1,641) (19,728) % growth Y o Y 5 3% 50 3% 33 4% 30 3%% growth Y‐o‐Y 5.3% 50.3% 33.4% 30.3%

Interest expense (2,489) (4,476) (911) (7,766) % growth Y‐o‐Y 8.2% 23.4% 15.0% 18.5%

Tax, net (497) (1,092) 173 (1,405) ( ) ( ) ( ) ( ) Current tax (44) (66) (56) (167)

growth Y‐o‐Y (205) 2 (29) (233) Deferred income tax (453) (1,026) 229 (1,238) growth Y‐o‐Y (345) 268 (188) (40)

NIOGO 3/ 478 (12 737) (852) (13 069)NIOGO / 478 (12,737) (852) (13,069)

growth Y‐o‐Y 16 (5,428) (889) (6,437)

NIOGO excl. deferred tax 931 (11,711) (1,081) (11,831) growth Y‐o‐Y (329) (5,161) (1,077) (6,477)

F C h Fl 11 516 (13 304) (2 909) (2 946)Free Cash Flow 11,516 (13,304) (2,909) (2,946) growth Y‐o‐Y 11,832 5,386 (2,442) 16,869

Capex 11,212 12,466 2,088 25,623 growth Y‐o‐Y 2,202 (3,488) (241) (1,503)

1/ Before eliminating inter-company transactions; 2/ Revenue from telephone and other services excluding IC revenue and network rental revenue3/ NIOGO: Net income (loss) from ongoing operations

True Mobile Group sustains robust revenue growthService revenue & market share NIOGO

18

Bt mn

Service revenue & market share14.4% 15.0% 14.1% 14.8% 15.4% 16.2%

NIOGO

(2,883) (624) (1,314)(4,811)

(6 550)(3 244)(1,411) (2,258)

Bt mn

22,796 23,575 23,284 27,249 31,184 35,211

(6,550)

(11,711)

(3,244)

(6,173)(7,308)

2008 2009 2010 2011 2012 2013% revenue market share

(12,737)

2008 2009 2010 2011 2012 2013Service revenue NIOGONIOGO excl. deferred income tax

Bt mn

24.3% 27.7% 24.0% 15.1% 10.8% 9.6%

Capex

15,954 Bt mn

EBITDA & EBITDA margin

5,691 7,226

6,233 4,974 4,852 4,910

Bt mn

3 880

4,232 2,637 3,429

8,643 12,466

2008 2009 2010 2011 2012 2013Net IC (845) (32) +181 (98) (1,182) (1,210)

3,880 2,762 3,667 2,419

-2,736 -837

2008 2009 2010 2011 2012 2013

Cash flow from operations CapexEBITDA marginTrueMobile EBITDA Cash flow from operations CapexEBITDA marginTrueMobile EBITDA

%FY10 %FY11 %FY12 %FY13Service revenue -1.2% +17.0% +14.4% +12.9%EBITDA -13.7% -20.2% -2.4% +1.2%

Postpaid continues its strong momentumTr e Mobile s bscribers & market share

19

Prepaid s postpaid s bscribers

2,559 3,162 15 801 17,118

18,940 20,972

22,876 ‘000 subs

24.3% 24.6% 24.5% 24.8% 25.3% 25.0%True Mobile subscribers & market share

88%Postpaid

86%

Prepaid vs. postpaid subscribers

13,786 14,575 15,805 17,127 18,414 19,715 971 1,226 1,313 1,814 2,559 14,757 15,801

12%Prepaid

14%

2008 2009 2010 2011 2012 2013Prepaid Postpaid % market share

Net adds +2,677 +1,044 +1,317 +1,822 +2,032 +1,904 (‘000) FY12 FY13

True Mobile postpaid revenue True Mobile prepaid revenue

18 881 Bt mn

2,980 5,599

9,210

4 930 5,807 6,332 9,973

13,664

18,881 Bt mn

13 232 13 143

1,974 2,052 2,030 2,334 3,437 4,253

15,206 15,195 14,194 14,439 14,947 13,385

4,225 4,725 4,829 6,993 8,065 9,671 705 1,082 1,503 4,930

2008 2009 2010 2011 2012 2013Voice Non voice Voice Non voice

13,232 13,143 12,164 12,105 11,511 9,132

2008 2009 2010 2011 2012 2013

Voice Non-voice Voice Non-voice

Solid broadband performance fuels TrueOnline’s growthNIOGOService revenue

20

8 564 7 538 6 812 6,517 6,217 25,989 26,387 26,043 26,876 28,126 28,658

Bt mn

1,000 1,144 1,260 931

1,201 Bt mn

NIOGOService revenue

5,812 7,250 6,973 7,043 7,274 6,259

9,998 10,573 11,532 13,021 14,336 16,183 10,179 8,564 7,538 6,812 ,

45 760

931

(101)301 427 462 478

2008 2009 2010 2011 2012 2013Convergence & othersBroadband & other Internet servicesTraditional voice (fixed-line, payphone, PCT)

2008 2009 2010 2011 2012 2013NIOGO excl. deferred income tax NIOGO

38.1% 36.4% 36.5% 35.5% 33.7% 34.5%22 728

Bt mn

EBITDA & EBITDA margin Free cash flow

10,195 9,804 9,751 9,973 10,089 10,243

Bt mn

6,558 5,392 5,104 6,2568,695

22,728

2008 2009 2010 2011 2012 2013

EBITDA EBITDA i

2,408 2,551 3,397 3,087

9,011 11,212

2008 2009 2010 2011 2012 2013

Cash flow from operations CapexEBITDA EBITDA margin Cash flow from operations Capex

%FY10 %FY11 %FY12 %FY13Service revenue -1.3% +3.2% +4.7% +1.9%EBITDA -0.5% +2.3% +1.2% +1.5%

DOCSIS boosts strong broadband Internet growthBroadband revenue Broadband customers & ARPU

21

1,810

728 701 707 699 712 Bt/sub/mo

‘000 subs12,258 14,377

Bt mn

Broadband revenue Broadband customers & ARPU

927 1,026 1,175

1,335 1,570 000 subs

8,117 8,531 9,262 10,659

2008 2009 2010 2011 2012 2013Broadband customer Blended ARPU

2008 2009 2010 2011 2012 2013

< 6 Mbps 61%

Nationwide Broadband market share

3BBOthers

Subscriber by speed*

2%11%

62%

14%

6 Mbps

7-9 Mbps

10 Mbps 5% 24%

True37%

TOT

3BB9% 3%

11% 14%

2012> 10 Mbps 8%2%

24%

2013

32%

By no. of subs*Connection speed for the standard package (Bt599/month) was upgraded from 7 Mbps t 10 Mb i O t 1 12Source: NBTC (as of 3Q13) to 10 Mbps in Oct.1,12( )

%FY10 %FY11 %FY12 %FY13Broadband revenue +8.6% +15.1% +15.0% +17.3%Broadband subscribers +14.6% +13.6% +17.6% +15.3%

Subscription, sponsorship drives revenue YoYNIOGOService revenues

22

992 910 769 831 1,562 1,746 74 482 707

869 934 9,431 9,533 9,585 9,669 10,463 10,728 Bt mnBt mn

NIOGOService revenues

1,130 1 020

1,166 983

516

Bt mn

8,426 8,549 8,334 8,131 8,032 8,048

769 831 ,

Advertising

Music entertainment & Others

1,130 1,020 674 354

(4)

516 294

37

(852)

2008 2009 2010 2011 2012 2013

Subscription & installation (1,081)

2008 2009 2010 2011 2012 2013NIOGO excl. deferred income tax NIOGO

26.1% 27.0% 23.7% 22.7% 18.4%13.4%Bt mn

EBITDA & EBITDA margin Free cash flow

2 329

Bt mn

2,666 2,622 2,322 2,236 1,966 1,458

24.8%Bt mn

1,494 1,520 2,078

1,862

614

681

1,430

2,329

2,088

,

2008 2009 2010 2011 2012 2013EBITDA EBITDA margin w/o TVS extra item

552 (821)614

232

2008 2009 2010 2011 2012 2013

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

%FY10 %FY11 %FY12 %FY13Service revenue +0.5% +0.9% +8.2% +2.5%EBITDA -11.5% -3.7% -12.1% -25.8%