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 GlanceNovember 2013

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 1

P bli Fo eign 13 5%CP Group Public

shareholders

62.5% 37.5%

- Foreign 13.5%- Local 24.0%

100.0%99.41/% 100.0%2/

Mobile Group Pay TV Wireline/Online

• Fixed-line operator with 1.7 mn• 22.4 mn subs • Thailand’s leading nationwide Fixed line operator with 1.7 mnsubs in Greater Bangkok area

• Broadband leadership with 1.7 mn broadband Internet customers via FTTx , DOCSIS 3.0,

22.4 mn subs• 25.2% subscriber market share• 4G LTE 2100 MHz• 3G+ 850, 2100 MHz• 2G 1800 MHz

Thailand s leading nationwide pay TV provider

• 2.4 mn subs (91.7% DsTV; 8.3% cable TV)

• Enhanced, secure HD

and xDSL• Over 100,000 WiFi hotspots• 36.2% broadband subscriber

market share

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

broadcasting system with MPEG-4 & secure silicon

Note: 1/ Holds 100.0% in Real Future Co., Ltd.; indirectly holds 99.3% in True Move Co., Ltd. and 99.4% 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 September 30, 2013 (source: Company) 4/ Estimated shareholding figures are as at August 8 2013

• Convergence/bundled packages

4/ Estimated shareholding figures are as at August 8, 2013

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

2

Transformation from a fixed line concessionaire to a quad play operator

1995: Launched cable TV service 2013: Launched under UTV; merged with IBC in 1998 to form UBC

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

2011: Completed Hutch acquisition; started rolling out commercial 3G

Thailand’s first 4G LTE services while achieving over 93% population coverage on the 850 MHz; acquired

2003: Launched Broadband services

which offered popular convergence package of TrueMove and TrueVisions

commercial 3G services; launched DOCSIS 3.0 Cable Modem network

850 MHz; acquired broadcasting TV service and network licenses

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

2006: Achieved nationwide mobile coverage (92%) on the 1800 MHz- Completed UBC tender offer; rebranded as “TrueVisions’; expand pay TV services to mass market

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

2012: Acquired the 2.1 GHz spectrum license; achieved extensive 3G+ coverage nationwide; offered the

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

market- Introduced first public WiFi service

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

Thai telecom industry’s competitive landscape3

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 2GconcessionsMobile 2G

concessionsMobile 3G

CAT TelecomMobile 3G

CAT Telecom

AIS’s DPCAIS’s DPC

Fixed-line concessionsFixed-line

concessions

AISAIS BFKTBFKT

co cess o sco cess o s 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

Group long-term financial trendsService Revenue NIOGO

4

8.4 8.9 9.4 9.5 9.6 9.7

10.5

41.5 50.5 51.8

51.9 52.6 52.6 56.8 61.9

Bt bn

Service Revenue NIOGO

(1.6)(3 0)

(1.2)0.1 (0.5) (1.4)

Bt bn

18.1 20.1 22.6 22.6 22.8 23.0 24.0 24.5 26.0 26.4 26.0 26.9 28.1

1.7 4.5 8.2 19.6 22.3 23.8

22.8 23.6 23.3 27.2 31.2

18.1 20.1 24.2 27.0

30.4 (5.0) (4.3) (4.5)(3.0) (3.8)

(6.0) (5.4)(6.6)

'00 '01 '02 '03 '04 '05 '06 '07 '08 '09 '10 '11 '12TrueOnline True Mobile TrueVisions

*Segment results are presented before intersegment elimination

'00 '01 '02 '03 '04 '05 '06 '07 '08 '09 '10 '11 '12TrueOnline True Mobile TrueVisions Group

2 4 2.5 2.7 2.6 2.3 2 2 2 0

15.7 17.3

19.8 18.5 19.6 18.4 17.1 16.7

Bt bn 49%44%

38% 42% 40% 36% 33% 37% 35% 35% 33%27%

%

EBITDA EBITDA margin*

9.5 9.0 11.8 11.9 11.5 10.7 9.9 9.7 10.2 9.8 9.8 10.0 10.1

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

9.5 9.0 9.8 11.6 12.9 22%

9.0

(1.9) (0.3)'00 '01 '02 '03 '04 '05 '06 '07 '08 '09 '10 '11 '12

TrueOnline True Mobile TrueVisions'00 '01 '02 '03 '04 '05 '06 '07 '08 '09 '10 '11 '12

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

Key investment & growth strategy5

Lead mobile Internet arena via Thailand’s first 4G LTE services and best 3G network;leverage on perfect combination of the 2100 MHz and the 850 MHz frequencies as well

tt ti b dli k ith id f d i f ll t

1

as attractive bundling packages with a wide range of devices for all segments

Secure Broadband leadership with an expanding network coverage, mainly via2DOCSIS 3.0, superior service quality as well as competitive and unique broadbandInternet offerings

HDTV i DOCSIS 3 0 th i TV k t ith h dHDTV via DOCSIS 3.0; secure the premium pay TV market with an enhancedbroadcasting system, quality content and technology improvement; capture advertisinggrowth potential by further expanding into the mass and free-to-air markets

3

Further strengthen convergence platform by developing content and applications toenhance customer loyalty and reduce churn as well as simplifying convergence

4

proposition to make it more appeal to the Thai audience

Seek regional business opportunities5

True Mobile shines in the non-voice& postpaid segments6

True Mobile Group continued its robust growth while capturing more shares 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% 22.9% 26.1%

12.8%14.9% 13.5%

15.1%17.9% 17.4% 19.6%

12.2%

Bt mnBt mn

40,535 41,218 43,310 49,052 57,879 42,056 52,378

2008 2009 2010 2011 2012 9M12 9M13

20,962 21,021 26,148 35,220 50,407 35,986 49,907

2008 2009 2010 2011 2012 9M12 9M13

* 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 share

True Mobile Group Structure

7

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 mobiled t /I t t k t

True Mobile GroupTrue Mobile Group

2.1 GHz licenseeReal Future

data/Internet market

• Thailand’s best 3G+ nationwide coverage (>93% population coverage) Lease Agreement

BFKTBFKT850 MHz equipment

BITCOBITCOHolding Company

99.40%100.00%

(>93% 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

True Mobile Group targets & strategic outlook8

Maintain mobile Internet leadership through the largest coverage and highest network quality, using 3G and 4G LTE technologies

Launch more competitive device-bundling promotions as well as innovative applications and content

Leverage on True Group’s rich content and strong convergence platform

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 4.0 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

B db d l d hi i h 1 75 b ib b 3Q13Broadband leadership with 1.75 mn subscribers by 3Q13Successful expansion of DOCSIS 3.0 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

“S kX3” bi i b db d I t t bil ’ i d d t ll “SookX3”, combining broadband Internet, mobile’s voice and data usage as well as pay TV services through the same cable network

Broadband Subscribers & ARPU

‘ b b

728 701 707 699 710 722

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

235 186 179

1,026 1,175 1,335 1,570 1,521

1,749 ‘000 subscribers

927 1,026 1,175

2009 2010 2011 2012 9M12 9M13

Previous subs Net adds

targets & strategic outlook 11

Outperform the broadband market by continuing to offer market’s most competitive and unique packagesStrengthen broadband leadership position by expanding coverage to reach all 77 Strengthen broadband leadership position by expanding coverage to reach all 77 provinces by mid 2014Continue to enhance customers’ experience and service quality at all touch pointsLeverage content within the Group by introducing more convergence packages

Thailand broadband penetrationBroadband penetration by household

107% 103% 99%

75%

Thailand broadband penetrationBroadband penetration by household

18 721.2

6 0

8.0 Subscribers (mn)Penetration rate (%)

75%

26% 21% 20% 4.4 6.4 10.2

12.9 15.7

18.7

2.0

4.0

6.0

Source: NBTC (subscriber) NESDB (household)Source: BuddeComm

-2006 2007 2008 2009 2010 2011 2012

Source: NBTC (subscriber), NESDB (household) Source: BuddeComm

12penetrates into all market segments

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

Secured exclusive partnership with world’s leading content providers

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

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

13’ ARPU and customers continue solid YoY growth

b b Subscribers & ARPUBt/sub/mo

988 806 744 765 870 843 927

143199 256 290

735 529

881 1,469 1,663 1,705 1,642

2,042 1,791

2,368

‘000 subs

479 459 455 430 435 428 360

320 470 475 396 308 330 387

527 536 520 526 564 504 741 143 290

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

2008 2009 2010 2011 2012 9M12 9M13

ARPU grew YoY due to continued positive momentum from the successful activation of the new broadcasting system (MPEG-4) in July 2012

Blended ARPUFree to air box

Customer base increased to 2.4 mn, driven by partnership with leading satellite operator through the launch of PSI-True TV set-top boxes

Advertising offers strong growth opportunities for14

Advertising spending

3 3

3.8USD bn

0 91.1 1.1 1.1 1.2 1.2 1.1

1.2 1.31.6

1.1 1.11.5 1.6

1.92.2

2.5 2.6 2.7 2.8 2.7 2.73.1

3.3

2.6 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 2.0 2.21.6 1.70.4 0.4

0.6 0.6 0.70.9

1.2 1.21.5

'98 '99 '00 '01 '02 '03 '04 '05 '06 '07 '08 '09 '10 '11 '12 9M12 9M13

TV OthersSource: AGB Nielsen

Rising eyeballs of TrueVisions’ content will facilitate TrueVisions’ advertising growth opportunity

15

targets & strategic outlook

Acquire more world-class quality content

Develop more bundled packages with other segments within True Group

Partner with leading TV manufacturers and selected retail stores

Increase customer base through an expansion of TrueVisions Anywhere

2013 targets & guidance16

High single-digit service revenue growth at True Group

Low double-digits growth at True Mobile Groupg g p

High single-digit growth at TrueOnline and TrueVisions

Group CAPEX of Bt 26 5 bn Group CAPEX of Bt 26.5 bn

Strengthen the Group’s convergence platform:

Continue to expand service coverage

Launch more competitive convergence offerings

Develop innovative applications and content

3Q/9M13 results3Q/9M13 results

Financial highlights – 3Q1318

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

Total Revenue (excl IC & network rental) 7,999 11,862 2,675 20,107 % growth Q‐o‐Q 3.0% ‐0.4% ‐4.7% 0.1% % growth Y‐o‐Y 8.1% 20.9% ‐1.8% 12.4%

Service Revenue 2/ 7,679 9,118 2,653 17,069 % growth Q‐o‐Q 2.7% 7.6% ‐3.7% 4.3%g Q Q % growth Y‐o‐Y 9.8% 17.7% 1.1% 10.6%

EBITDA 2,845 1,047 228 3,975 % growth Q‐o‐Q 4.4% ‐15.8% ‐50.5% ‐8.4% % growth Y‐o‐Y 10.2% 45.5% ‐48.4% 6.8%

Interest expense (635) (1,158) (231) (2,023) % growth Q‐o‐Q 3.3% 2.8% 4.7% 4.9% % growth Y‐o‐Y 10.5% 29.3% 1.1% 22.4%

Tax, net (272) (687) 155 (803) growth Q‐o‐Q 58 428 (231) 273 growth Q o Q 58 428 (231) 273

growth Y‐o‐Y (16) 498 (176) 381

NIOGO 3/ 72 (3,329) (221) (3,576)

growth Q‐o‐Q (144) (673) (55) (931) growth Y‐o‐Y (36) (1,059) (138) (1,420) g ( ) ( , ) ( ) ( , )

NIOGO excl. deferred tax 280 (2,679) (372) (2,870)

growth Q‐o‐Q (122) (265) (262) (690) growth Y‐o‐Y (31) (626) (307) (1,076)

Free Cash Flow (1,943) (1,220) (1,421) (4,568) ( , ) ( , ) ( , ) ( , ) growth Q‐o‐Q (2,069) (1,385) (1,343) (4,096) growth Y‐o‐Y (2,520) 787 (725) (2,443)

Capex 3,108 3,260 600 6,710 growth Q‐o‐Q 657 813 253 1,490

th Y Y (132) 2 170 (19) 1 807

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

growth Y‐o‐Y (132) 2,170 (19) 1,807

Financial highlights – 9M1319

(Units in millions of Baht unless otherwise indicated) T O li 1/ T M bil 1/ T Vi i 1/ Consolidated(Units in millions of Baht unless otherwise indicated) TrueOnline / True Mobile / TrueVisions / Consolidated

Total Revenue (excl IC & network rental) 23,448 36,380 8,164 61,018% growth Y‐o‐Y 6.6% 17.6% 7.4% 12.1%

Service Revenue 2/ 22,499 26,093 8,063 49,784

% growth Y o Y 8 1% 14 1% 8 0% 9 5%% growth Y‐o‐Y 8.1% 14.1% 8.0% 9.5%

EBITDA 8,227 3,948 1,167 13,042% growth Y‐o‐Y 9.5% 23.3% ‐17.0% 8.7%

Depreciation & amortization (5,117) (7,114) (1,063) (13,223) % th Y Y 9 8% 30 4% 18 3% 20 7%% growth Y‐o‐Y 9.8% 30.4% 18.3% 20.7%

Interest expense (1,869) (3,359) (672) (5,791) % growth Y‐o‐Y 11.1% 28.7% ‐3.5% 19.6%

Tax, net (685) (1,220) 47 (1,846) Current tax (134) (72) (42) (248) growth Y‐o‐Y (117) 3 9 (105) Deferred income tax (551) (1,148) 89 (1,598) growth Y‐o‐Y (16) 620 (84) 698

3/ 501 (8 055) (481) (8 211)NIOGO 3/ 501 (8,055) (481) (8,211)

growth Y‐o‐Y 129 (2,548) (364) (3,124)

NIOGO excl. deferred tax 1,052 (6,907) (569) (6,613) growth Y‐o‐Y 113 (1,928) (449) (2,426)

( ) ( ) ( ) ( )Free Cash Flow (3,476) (2,249) (2,174) (8,406) growth Y‐o‐Y (3,627) 4,145 (1,699) (1,290)

Capex 8,236 7,178 1,241 16,312 growth Y‐o‐Y 2,843 (109) (557) 1,836

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

20

Bt mn

Service revenue & market share14.4% 15.0% 14.1% 14.8% 15.4% 15.3% 16.0%

NIOGO

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

(1,411)

Bt mn

22,796 23,575 23,284 27,249 31,184 22,872 26,093

(4,811)

(6,550)

(4,979)

(6,907)

(3,244)(2,258)

(6,173)(7,308)

(5,507)

2008 2009 2010 2011 2012 9M12 9M13% revenue market share

(7,308)(8,055)

2008 2009 2010 2011 2012 9M12 9M13Service revenue NIOGONIOGO excl. deferred income tax

Bt mn

24.3% 27.7% 24.0% 15.1% 10.8% 10.4% 10.9%

Capex

15,954 Bt mn

EBITDA & EBITDA margin

5,691 7,226

6,233 4,974 4,852

3 203 3,948

Bt mn

3 880 4 929

4,232 2,637 3,429

8,643 7,287 7,178

3,203

2008 2009 2010 2011 2012 9M12 9M13Net IC (845) (32) +181 (98) (1,182) (761) (1,001)

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

-2,736894

4,929

2008 2009 2010 2011 2012 9M12 9M13

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

%FY09 %FY10 %FY11 %FY12 %YoYService revenue +3.4% -1.2% +17.0% +14.4% +14.1%EBITDA +27.0% -13.7% -20.2% -2.4% +23.3%

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

21

Prepaid s postpaid s bscribers24.3% 24.6% 24.5% 24.8% 25.3% 25.4% 25.2%

2,559 2 361 2,930 15 801 17,118

18,940 20,972 19,460

22,087 ‘000 subs

True Mobile subscribers & market share

88%Postpaid

87%

Prepaid vs. postpaid subscribers

13,786 14,575 15,805 17,127 18,414 17,983 19,465

971 1,226 1,313 1,814 2,559 2,361 14,757 15,801

12%Prepaid

13%

2008 2009 2010 2011 2012 9M12 9M13Prepaid Postpaid % market share

Net adds +2,677 +1,044 +1,317 +1,822 +2,032 +1,404 +1,422 (‘000) 9M12 9M13

True Mobile postpaid revenue True Mobile prepaid revenue

Bt mn

1 082 1 503 2,980

5,599 3,726

6,668

4,930 5,807 6,332

9,973

13,664

9,616

13,688 Bt mn

13 232 13 143

1,974 2,052 2,030 2,334 3,437 2,545 3,126

15,206 15,195 14,194 14,439 14,947 11,390 10,192

4,225 4,725 4,829 6,993 8,065 5,890 7,020 705 1,082 1,503

2008 2009 2010 2011 2012 9M12 9M13Voice Non voice Voice Non voice

13,232 13,143 12,164 12,105 11,511 8,845 7,066

2008 2009 2010 2011 2012 9M12 9M13

Voice Non-voice Voice Non-voice

Solid broadband performance fuels TrueOnline’s revenue and profitNIOGOService revenue

22

10,179 8,564 7,538 6,812 6,517

4,906 4,631

25,989 26,387 26,043 26,876 28,126

20,817 22,499

Bt mn

1,000 1,144 1,260 938 1,052

1,201 Bt mn

NIOGOService revenue

5,812 7,250 6,973 7,043 7,274 5,200 5,611

9,998 10,573 11,532 13,021 14,336 10,711 12,256

, ,

45 760

938

(101) 301 427 462 372 501

2008 2009 2010 2011 2012 9M12 9M13Convergence & othersBroadband & other Internet servicesTraditional voice (fixed-line, payphone, PCT)

2008 2009 2010 2011 2012 9M12 9M13NIOGO excl. deferred income tax NIOGO

9,011 Bt mn

EBITDA & EBITDA margin Free cash flow

38.1% 36.4% 36.5% 35.5% 33.7% 34.2% 35.1%

6,5585,392 5,104

6,2568,695

5,543 4 760

5,393

8,236

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

7,515 8,227

Bt mn

5,5 3 4,7602,408 2,551 3,397 3,087

2008 2009 2010 2011 2012 9M12 9M13

Cash flow from operations Capex

2008 2009 2010 2011 2012 9M12 9M13

EBITDA EBITDA i Cash flow from operations CapexEBITDA EBITDA margin

%FY09 %FY10 %FY11 %FY12 %YoYService revenue +1.5% -1.3% +3.2% +4.7% +8.1%EBITDA -3.8% -0.5% +2.3% +1.2% +9.5%

DOCSIS boosts strong broadband Internet growthBroadband revenue Broadband customers & ARPU

23

1,749

728 701 707 699 710 722 Bt/sub/mo

‘000 subs12,258

Bt mn

Broadband revenue Broadband customers & ARPU

927 1,026 1,175

1,335 1,570 1,521

1,749000 subs

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

9,116 10,775

2008 2009 2010 2011 2012 9M12 9M13Broadband customer Blended ARPU

2008 2009 2010 2011 2012 9M12 9M13

65%< 6 Mbps 62%

Nationwide Broadband market share

Others3%

Subscriber by speed*

15%4%

65%6 Mbps

7-9 Mbps

10 Mbps2%

6%21%

True37%

3BB28%

3%

15% 11%5%

9M12> 10 Mbps

9%2% 21%

9M13

TOT32%

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 2Q13) to 10 Mbps in Oct.1,12( )

%FY09 %FY10 %FY11 %FY12 %YoYBroadband revenue +5.1% +8.6% +15.1% +15.0% +18.2%Broadband subscribers +10.6% +14.6% +13.6% +17.6% +15.0%

Subscription, sponsorship drives revenue YoYNIOGOService revenues

24

644 7,464 8,063

992 910 769 831 1,562 74 482 707

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

NIOGOService revenues

1 130

1,166 983

516

Bt mn

5,876 6,208

964 1,211 624 644

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

769 831 ,

Advertising

Music entertainment & Others

1,130 1,020 674

354

(4) (121) (569)

516 294

37

( )

2008 2009 2010 2011 2012 9M12 9M13

Subscription & installation

(117)(481)

2008 2009 2010 2011 2012 9M12 9M13NIOGO excl. deferred income tax NIOGO

26.1% 27.0% 23.7% 22.7% 18.4% 18.5% 14.3%Bt mn

EBITDA & EBITDA margin Free cash flow

2 078 2,329

Bt mn

2,666 2,622 2,322 2,236 1,966 1 406

24.8%Bt mn

1,494 1,520 552

2,078 1,862

1,323

614 232 681

1,430

1,799 1,241

1,406 1,167

2008 2009 2010 2011 2012 9M12 9M13EBITDA EBITDA margin w/o TVS extra item

(933)

232

2008 2009 2010 2011 2012 9M12 9M13

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

%FY09 %FY10 %FY11 %FY12 %YoYService revenue +1.1% +0.5% +0.9% +8.2% +8.0%EBITDA -1.7% -11.5% -3.7% -12.1% -17.0%