True Corporation Plc

Disclaimer: This presentation contains statements about expected future events and financial results that are forward‐looking and subject to risks and

At a GlanceMay 2015

True Corporation Plc.

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.

True Group – Thailand’s convergence lifestyle leaderP bli

1

CP GroupPublic

shareholders

18% 31%

China Mobile

51%

100.0%100.0%1/ 28.1%100.0%2/

• Fixed‐line operator with 1 6 mn• 21 5 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 1.6 mn subs in Greater Bangkok area

• Broadband leadership with 2.2 mn broadband Internet subs via FTTx, DOCSIS 3.0 and xDSL

• 21.5 mn subs• 23.4% subscriber market share• 4G LTE 2100 MHz• 3G+ 850, 2100 MHz• 2G 1800 MHz (temporary

• Thailand s leading nationwide pay TV provider

• 2.6 mn subs• Enhanced, secure HD

broadcasting system with

• Thailand s first and only Telecom infrastructure fund

• Diverse portfolio of telecom infrastructure assets− 12,183 Telecom towers*,

• Over 100,000 WiFi hotspots• 41% broadband subscriber

market share

( p ymeasure)

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

g yMPEG‐4 & secure silicon

,− 1,106,827 core‐km of FOC

system*− 1.2 mn ports HFC network for

cable TV and broadband

Note: 1/ Holds 100.0% in True Move H Universal Communication Co., Ltd. (formerly “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 99.5% in True Visions PLC and 99.1% in True Visions Cable PLC)

/

services

3/ Market share and subscriber figures are as at Mar 31, 2015 (source: Company)

* 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

Transformation from a fixed‐line concessionaire to a quad‐play operatorKey strategic milestones

2

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

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

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

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

2014: Capital raising of Bt 65 bn via partnership

2003: Launched broadband services

True Life Freeviewwhich offered popular convergence package of TrueMove and TrueVisions

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

with China Mobile and Rights Offering; acquired digital terrestrialTV 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 service

2011: Completed Hutch acquisition; First Thai operator to launch commercial 3G services, greatly

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

2015: 4G leadership with 4G network covering 80% of the Thai population; additional assets

1991: Started fixed‐line telephone service under a B‐T‐O concession with TOT (first 2 mn

p , g yreducing regulatory costs; launched DOCSIS 3.0 cable modem network

“TRUEIF”; acquired TV broadcasting service and network licenses

additional assets divestment to TRUEIF completed in March

concession with TOT (first 2 mn lines)

Key strategiesGroup Key Strategies3

Competitive Excellent network pconvergence campaigns

Excellent network quality and coverage

A wide array of devices and Synergies with China Mobileset‐top boxes for all segments

Localized marketingInnovative and exclusive content and applications

bStrong distribution and direct sales force capacity

Excellent services and Special privileges

1Q15 Highlights4

True Group reported continued profitability with impressive YoY revenue growth

TrueMobile service revenue growth continued to outpace industry

li b db d d b d bl dTrueOnline broadband revenue surged by double‐digit rate

TrueVisions maintained upward trend of subscription and d ti iadvertising revenues

Healthy capital structure with ongoing financial discipline

Additional asset divestment to TRUEGIF completed in March

Shareholders approved True’s capital reduction proposal, paving way for future dividend payments

True Group’s financial highlights5

67,497 Bt mn

Group service revenue

+4.5% YoY

64,591

18 002

+2.5% QoQ+9.2% YoY

Group service revenue increased strongly due to continued growth in all

16,491 16,336 17,101 17,569 18,002 g

three core businesses

1Q14 2Q14 3Q14 4Q14 1Q15 2013 2014

Net profit (loss) to shareholder of the Company

-15 2% QoQBt

(1,051) (1 708)

1,920 1,629

*

15.2% QoQN.M. YoY

Profitability improved sharply on revenue&

Bt mnN.M. YoY

1,425

(1,708) (2,641)

1Q14 2Q14 3Q14 4Q14 1Q15 2013 2014

productivity enhancement as well as recapitalization(9,063)

1Q14 2Q14 3Q14 4Q14 1Q15 2013 2014

* Exclude one‐off incremental net asset value of TRUEGIF in 1Q14Remark: 2013 financial results exclude performance from the sold non‐core subsidiaries; N.M. represents a change from negative sign to positive sign

Recapitalization and Strategic Partnership6

Credit profile enhancementHealthy capital structure& financial performance

Benefits from Recapitalization

Procurement

Synergies with China Mobile

Healthy capital structure& financial performanceSignificant debt reduction

Lower cost of debt and interest burden

Handsets/ devices

True SMART 3.5" Touch

True SMART 4G 5.5”86

Net debt‐to‐EBITDAInterest bearing debt

Bt bn Times

Telecom equipment

International roaming alliance

4.2X

1.6X 1.3X40 39

International roaming alliance

Best practices sharing

C t t& li ti 7,766

Interest Expense

‐35.5% YoYBt mn

2013 2014 1Q152013 2014 1Q15

Content& applications

exchange

5,006

1,493 641

‐57.0% YoY

2013 2014 1Q14 1Q15

Hi hli ht

7

Highlights

“Strongest revenue growth among peers” with accelerating market share gain, driven by surging mobile data usage and upcountry expansion

4G, 3G and technology leadership with the best platform for premium , gy p p psubscribers

Best 4G network as unique differentiator from peers

Postpaid segment sees remarkable growth; the business now claims the No.2 position in term of postpaid subscriber

Successful localized campaigns and device‐bundling promotionsp g g p

Excellent response to the house brand 4G&3G handsets, leveraging on synergies with China Mobile

Solid and ongoing revenue market share gain8

TrueMobile’s service revenue market share

Outperform industry with the strongest revenue growth and market share gain, driven by non‐voice segment

15 4%

16.4% 16.3%16.7%

16.3%

17.5%17.8%

18.4%18.4%

15.4% 15.3%

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

Thailand Non‐voice revenue market size True Mobile’s Non‐voice revenue % of service revenue

6888

13.5% 15.1% 17.9% 19.7% 19.0% 19.2% 20.0%

Bt bn

15 2% 19.5%29.0%

38.2%43.5% 41.3%

47.7%

26 3550

68

20 25

2010 2011 2012 2013 2014 1Q14 1Q15

15.2% 19.5%

2010 2011 2012 2013 2014 1Q14 1Q15Non‐voice market value % TrueMobile's market share

Highlights

9

Highlights

Broadband Internet maintains market leading position with solid double‐digit revenue growth and net adds

The most competitive ULTRA hi‐speed Internet packages via FTTx and DOCSIS p p p gtechnologies with attractive value‐added services

Best value and unique convergence propositions, catering to various lifestyles of all family membersof all family members

Extensive broadband network to cover 10 mn households nationwide, up from 5 mn households at present

Best position to capture robust growth along with government’s digital economy initiatives

DOCSIS 3.0 facilitates subscriber and ARPU growthBroadband leader with superior network and offerings

( )

10

Broadband Internet continued solid momentum with revenue growing by double‐digit rate (41% market share) Competitive high‐speed Internet packages (both standalone and convergence) as well as successful expansion to new territories fuelled broadband acquisition and healthy ARPU

14 37716,546 Bt mn

Broadband Internet revenue

+15.1% YoY

9,262 10,659 12,258

14,377

4,017 4,476 +11.4% YoY

2010 2011 2012 2013 2014 1Q14 1Q15

Broadband Subscribers & ARPU Thailand broadband penetration

707 699 712 710 705

19%22%

24%27% 28%

701 570 1,8102,081 2,152 ‘000 subscribers

Bt/sub/moBroadband Subscribers & ARPU Thailand broadband penetration

3.8 4.4 4.9 5.5 5.6 1,175 1,335 1,570 1,810 2,081 160 235 240 272 70 1,335 1,570 1,810

2011 2012 2013 2014 1Q15Subscribers (mn) % Household penetration

2011 2012 2013 2014 1Q15

Previous subs Net adds ARPUSource: NBTC

HighlightsP TV

11

HighlightsPay TV

Subscription revenue and advertising revenue are on the rise

Convergence campaign and mass‐market strengths drive customer base

Paying subscriber surpass the one million markPaying subscriber surpass the one million mark

Increasing contribution from digital TV channels

“TRUE4U” ranks among the top five digital TV channels and risingTRUE4U ranks among the top five digital TV channels and rising

Successful set‐top box campaign broadens viewers of TrueVisions’ content, paving way for incremental upselling and advertising

Best portfolio supports TrueVisions leadershipFully diversified portfolio with a wide range of international and local quality content

12

Fully‐diversified portfolio with a wide range of international and local quality content

Exclusive partnership with world’s leading content providers

Thailand’s best HD offering of 50 channels

Rising popularity of TrueVisions’ own produced programs

Subscribers & ARPU

Rising popularity of TrueVisions own produced programs

Competitive convergence and lifestyle packages

Successful set‐top box campaigns, paving way for strong advertising growth and upselling

Bt/sub/moSubscribers and ARPU

Blended ARPU 744 765 870 895 715 783

602

2,371 2,472 2,354 2,597 ‘000 subscribers

1,020520 526 564 740 585 700 557 256 290

735 870 947 876 1,020 1,705 1,642

2,042

Free to air

Free view package

Paying subscribers

777 1,020

1Q14 1Q15455 430 435 343 311 327 305

475 396 308 419 629 450 714 526 564

2010 2011 2012 2013 2014 1Q14 1Q15

Standard package

Premium package

2010 2011 2012 2013 2014 1Q14 1Q15