( 56-1)

2551

()

11 ((EExxeeccuuttiivvee SSuummmmaarryy)) 1 22 1 1. 1 - 1 2. 2 - 1 3. 3.1 3 - 1 3.2 3 - 20 3.3 3 - 20 3.4 3 - 22 3.5 3 - 23 3.6 3 - 27 4. 4 - 1 5. 5 - 1 6. 6 - 1 7. 7 - 1 8. 8.1 8 - 1 8.2 8 - 13 8.3 8 - 14 8.4 8 - 14 9. 9.1 9 - 1 9.2 9 - 11 9.3 9 - 14 9.4 9 - 30 9.5 9 - 30 10. 10 - 1 11. 11 - 1 12. 12.1 12 - 1 12.2 12 - 2 12.3 12 - 5 12.4 12 - 6 12.5 12 - 22 13. 13 - 1 1: 1 2: 1 33 1

() ( 56-1)

1 (Executive Summary)

() ( ) ( ) ( () ) ( ) ( () ) () () ( () )

3

20

() 14.8 /WE PCT () 2.2 / () 1.3 () 1.5 2551

2 1.9 22

1 TRUETB: 1

() ( 56-1)

2551 ( IC)

19 5 15 2551 22 41 -

30

(Rights Offering)

(Corporate Social Responsibility CSR)

ww.truecorp.co.th

2

2550 5

WE PCT ()

( ) ( ) ( )

1 TRUETB: 2

() ( 56-1)

3 ()

31 2551

- 116,951 - 110,331 - 6,620 - 61,265 - () (2,355) 2

56-1 () / /

() 18 27 10310 66 (0) 2699-2515 66 (0) 2643-0515 Ir_office@truecorp.co.th

1 TRUETB: 3

() ( 56-1)

22

() 18 10310 0107536000081 Home Page www.truecorp.co.th 66(0) 2643-1111 66(0) 2643-1651

2 TRUETC: 1

() ( 56-1)

11..

2552

2551

4 2551 2552

2551 2550 2552

( .) .. 2551 2551 1

2 TRUETD: 1 - 1

() ( 56-1)

( .) ()

2548 2549 (ARPU) 2548 10 ( 437 393 ) 2549 26 ( 292 ) (EBITDA Margin) 2549 21.4 ( 23.4 2548)

2550 ( 1 ) 35 ( 191 ) 2550 2551 Hutch () () Hutch

. (Mobile Number Portability) . 2552

2 TRUETD: 1 - 2

() ( 56-1)

. 2548 2549 . ( () ()) () () (VoIP)

1 3 2547

3G (WiMAX) (Mobile Number Portability)

2 TRUETD: 1 - 3

() ( 56-1)

Platinum, Gold Silver 2551 799,837 54 2551 21.4

WTO 2549 2 .. 2543 2543 .. 2544 2544

2547 .

2 TRUETD: 1 - 4

() ( 56-1)

( () ) ( () )

. . 2552 3G 2550 47 ( .) 2552 .

. 3G WiMAX .. 2551 . ( 1 ) . . .

. . ( ) () ()

2 TRUETD: 1 - 5

() ( 56-1)

2552 . iPhone 3G . .. 2549 . Apple iPhone iPhone iPhone .

2550 .. 2535

18 2550 .

22 . .

2 TRUETD: 1 - 6

() ( 56-1)

.

2550 0 ( 2.2 11 ) .. 2546 2551 9.0

.

(Access Charge)

(Access Charge Agreement) 200

2 TRUETD: 1 - 7

() ( 56-1)

(Post Pay) 18 (Pre Pay) 25 30 ()

2549 . . .. 2549 (Interconnection Regulation) . 17 2549 (Interconnection Contract) () () 16 2550 () ()

(Access Charge) (Access Charge Agreement) . .. 2549 (Access Charge Agreement)

17 .. 2549 Access Charge . (Interconnection Contract) .

23 .. 2549 .

2 TRUETD: 1 - 8

() ( 56-1)

(Access Charge Agreement)

. 1.5 26 2550 30 2550 12 2550 26 2552 1,000,000 26 2552 2 2550

2550 . (.) 28 2550 . 23 2551 .

16 2550 4,508

2 TRUETD: 1 - 9

() ( 56-1)

455.6 ( 204.3 ) 18 2549 31 2549 4,271.7 ( 3,284.0 ) 1 2550 31 2550 4,416.8 ( 3,339.1 ) 1 2551 31 2551 ( 42.2 31 2551)

/ /

/ .

()

2 TRUETD: 1 - 10

() ( 56-1)

41 31 2551

6.4 2552

31 2551 52 () 2551 7.3 25

2 TRUETD: 1 - 11

() ( 56-1)

95.1 KfW 105 200 690 4.4 .. 2557 .. 2560

() 34

Sub prime mortgage

2551 3.4 47.3 2540

Shareholders Agreement

Kreditanstalt fr Wiederaufbau (KfW) () Verizon (Shareholders Agreement) 22 2542 Shareholders Agreement

2 TRUETD: 1 - 12

() ( 56-1)

3 KfW KfW 5 KfW KfW KfW

18 2552 KfW 2 () 8.99 ()

2 TRUETD: 1 - 13

() ( 56-1)

22..

()

2 E-Commerce

20

() 58.2 77,757 17 2552

3

2551 61 () 195.0 13,501

2 TRUETE: 2 - 1

() ( 56-1)

2533 () ()

2536 () 2536 TA 2547 () TRUE

2542 WE PCT 2544 () ADSL Cable Modem 2546 Wi-Fi 2550 2551

2544 () BITCO ( ) 41.1 2545 2549 BITCO 31 2549 BITCO 93.4 2550 () BITCO BITCO 75.3 BITCO 23.9

2549 MIH (Tender Offer) 91.8 2549 2550

2 TRUETE: 2 - 2

() ( 56-1)

2551 BITCO 6

2552 0.59 1.1 BITCO

77.2 6 BITCO 98.7 19.5

1/2551 19 2551 2552 6.4 3G

hi-speed Internet SUPER Package 2 Mbps

2 Mbps Green Bangkok Wi-Fi

Wi-Fi 15,000 Wi-Fi by TrueMove Connected Hospital

006 VoIP

ISP

2 TRUETE: 2 - 3

() ( 56-1)

3

Wi-Fi / EDGE / GPRS Wi-Fi 16,000

IC

5

2 RFID

Call to Pay by Credit Card IVR

Plus Phone 2

3G, Wi-Fi, EDGE GPRS

(Conexus Mobile Alliance)

Apple iPhone 3G 2552

2 TRUETE: 2 - 4

() ( 56-1)

2 2551 Hay Ha True Asian Series

TNN 5 6 10

DStv 32 7

TrueVisions PVR 160 140

()

(Touch SIM)

RFID

WeBooking

Truelife.com

1,065,000 weloveshopping.com 150,000 2

Hip Street, Kart Rider FIFA Online 2 2 www.playsmart.in.th (

) www.hitsplay.com (casual game portal) Crazy Mon Racing Point Blank First Person Shooting Online 2552

2 TRUETE: 2 - 5

() ( 56-1)

http://schoolbus.truelife.com Trueclicklife

Gsquare Bangkok Interactive Game Festival 2008 (BIG Festival 2008)

2551 Gsquare 9

2550

Thailand Energy Award 2008

200 7 2,500

"" ""

Let Them See Love Gold Award Adman Awards & Symposium 2008 5

( )

2 TRUETE: 2 - 6

() ( 56-1)

The Best Outsourcing Partnership 2008 Top Ranking

Performers in the Contact Center Industry 2551 2

TrueMove Assistant 2222 2 (

) 50 Thailand National Call Center Awards 2008 (The Call Center Industry Association of Thailand - CCIA)

TrueMove Assistant 2222 () 2551 The Asia Pacific Contact Center Association Leaders (APCCAL)

ISO/IEC 20000 ( ) ISO/IEC 27001:2005 ()

3

1. 26

4 1 2. 5 3. 6 1

2 TRUETE: 2 - 7

() ( 56-1)

99.99% 99.99% 87.50% 99.99% () 77.21% ... () 99.99% Nilubon Co., Ltd. 99.99% 91.05% 99.99% 99.99% 15.76% 99.99% 20.00% () 9.62% 70.00% 99.99% 99.99% 69.94% 90.00%

31 2551

2.6

()

77.14% 77.09% 77.16% 77.11% ( ) 77.16%

() 91.79% 91.79% 91.79% () 91.19% 91.79% 91.79% ( ) () () 23.87%

99.94% () 99.99% 99.99%

91.08% () 99.99%

91.08% 99.99% 65.00% 99.99% 70.00% 40.00% 56.93% 37.80% 99.99 % 99.99%

99.99%

(PCT)

: : () (89.99%), (99.99%), (58.10%), (58.10%), (34.39%), (91.79%), (91.79%), (90.00%) : Telecom International China Co., Ltd. (99.99%), TA Orient Telecom Investment Co., Ltd. (99.99%), Telecom Asia (China) Co., Ltd. (99.99%) K.I.N. (Thailand) Co., Ltd. (99.99%), Chongqing Communication Equipment Co., Ltd. (38.21%), International Broadcasting Corporation (Cambodia) Co., Ltd. (64.25%)

2 TRUETE: 2 - 8

() ( 56-1)

31 2551

20.00%

99.99%

99.99%

99.99%

99.99%

99.99%

() 89.99%

K.I.N. (Thailand) Co., Ltd. ()

99.99%

99.99%

() 9.62%

() 2.92%

() 91.79%

Nilubon Co., Ltd.()

99.99%

26.00% () ()

100.00% 99.99%

99.99%

() 99.34%

70.00% ()

99.99% ( )

99.99%

99.99%

87.50%

99.99%

99.94%

... () 99.99%

99.99%

99.99%

99.99%

()77.21%

99.99%

99.99%

15.76%

40.00%

99.99%

65.00%

70.00%

99.94%

99.93%

99.91%

99.93%

70.00%

90.00% 99.99% 100.00%

( )

99.97%

66.41%

60.00%

99.98%

99.98%

62.50% 91.08%

99.99% 38.21% Chongqing CommunicationEquipment Co., Ltd.

TA Orient TelecomInvestment Co., Ltd.

99.99% Telecom Asia (China) Co., Ltd.

99.99% Telecom International China Co., Ltd.

99.99% 99.99%

69.94%

99.99%

()

: 10 ()

2 TRUETE: 2 - 9

() ( 56-1)

2551 2550 2549 ()

% % %1.

21,646 35.4% 20,490 33.2% 20,791 40.0%

2. 30,224 49.3% 32,366 52.5% 22,694 43.7%

3. 9,395 15.3% 8,785 14.3% 8,470 16.3%

61,265 100% 61,641 100% 51,955 100% 31 .. 2551

/ %

1. () 10,402 17.0%

1,283 2.1%

2,891 4.7%

751 1.2%

4,142 6.8%

340 0.6%

355 0.6%

402 0.7%

222 0.4%

224 0.4%

143 0.2%

124 0.2%

367 0.5%

21,646 35.4%

2.

30,224 49.3%

3.

9,395 15.3%

61,265 100.0%

2 TRUETE: 2- 10

() ( 56-1)

33. .

3.1 ()

Quadruple Play ()

2550 5 ( )

WE PCT ()

( ) ( ) ( ) 3

( )

2551 ( WE PCT ) 40 ( (Interconnection Charges - IC) 42 18

2 TRUETF: 3 - 1

() ( 56-1)

1/ (EBITDA) 1/: : 2549 2550 2551 20,515 41 20,194 39 20,996 40 ( IC) 21,762 43 22,993 44 21,652 42 8,261 16 8,631 17 9,273 18 50,538 100 51,818 100 51,921 100EBITDA: : 2549 2550 2551 9,899 57 9,670 49 10,195 55 ( IC) 5,072 29 7,566 38 5,691 31 2,366 14 2,527 13 2,666 14 (82) - (9) - (80) - 17,255 100 19,754 100 18,472 100 : 1/

3.1.1

WE PCT (International Direct Dialing - IDD) (International Internet Gateway) i)

50 2 2.6

2534 ( ()

2 TRUETF: 3 - 2

() ( 56-1)

2 25 2560 6 84 2 79 6 82 76.5 (Voice over Internet Protocol - VoIP) ( .)

31 2547 2548 2549 2550 2551

1,944,521 1,989,664 1,976,965 1,955,410 1,902,507 () 538 493 414 362 331

26,000 (Voice Mailbox) (Call Waiting)

3 (Conference Call) (Call Forwarding) (Hot Line) (Abbreviated Dialing) (Automatic Call Repetition) (Outgoing Call Barring)

Caller ID

(Direct Inward Dialing - DID)

(Operator)

2 TRUETF: 3 - 3

() ( 56-1)

(Hunting Line)

(Integrated Service Digital Network - ISDN)

- 1

Televoting 5

1-800 (Free Phone 1-800) 1800 6

(Voice Conference)

(VoIP) NetTalk by True

176,000 4,200 ( 3 4 )

31 2551 1,902,507 1,272,600 629,907 2550 8.5 331 ( 55)

ii) (Broadband and Internet)

50

2 TRUETF: 3 - 4

() ( 56-1)

Wi-Fi (Wireless Fidelity) 2 Cable Modem DSL 10 Mbps ( VDSL)

2546 KSC Wi-Fi 2551 16,000

2548 VDSL 6 Mbps 10 Mbps

2548 Pre Pay hi-speed Internet -

(TUC) . NGN (Next Generation Network) xDSL Gigabit Ethernet TUC (TI) (TM)

ADSL ADSL2+, G.SHDSL Gigabit Ethernet NGN IP

E-Book IPTV WhiteNet () Norton Anti-Virus ()

hi-speed Internet Super Package 2 Mbps 2551 2 2 Mbps 890 Wi-Fi Router Wi-Fi by TrueMove 2551 632,461 2550 15.4 Wi-Fi

2 TRUETF: 3 - 5

() ( 56-1)

109,000 31,523 2550 Green Bangkok Wi-Fi 64 Kbps 100,000

31 2547 2548 2549 2550 2551

164,775 300,322 442,728 548,285 632,461 () 1,051 739 721 709 711

( )

1. (AI) 65

() ( ) (ISP) 2549 1 () 4

2. ("TI") 99.99 2548 . 1 1 1 17

1.3 () Internet Data Center

. 2549

2 TRUETF: 3 - 6

() ( 56-1)

/

31 / 2547 2548 2549 2550 2551 1/ 1,231,344 716,7032/ 849,007 1,104,586 1,274,802 1/ 2/ 2548 dial-up

dial-up iii) (Data Services)

DDN (Digital Data Network) (Leased Line) IP MPLS (Multi-protocol Label Switching) Metro Ethernet Fiber-to-the-building IP (IP based leased line) IP IP (Managed Network Service) Managed Data Network 3 (Internet Data Center - IDC)

2551 17,741 26.9 2550 9,808 2550 ()

31 2547 2548 2549 2550 2551 9,001 10,216 12,033 13,976 17,741 () 11,014 10,411 11,106 11,253 9,808

(Content) VoIP

2 TRUETF: 3 - 7

() ( 56-1)

(Cisco) IP Cisco Powered Cisco Powered 300 2551 ()

( VoIP )

iv) (Personal Communication Telephone - WE PCT) WE PCT

9 1 WE PCT

WE PCT (AWC) ( 99.99) 2542 82 AWC PCT 70 AWC PCT PCT PCT 80

WE PCT 2,500 2547 PCT WE PCT PCT

2 TRUETF: 3 - 8

() ( 56-1)

31 2551 WE PCT 273,623 2550

30 171 WE PCT

31 WE PCT 2547 2548 2549 2550 2551 472,846 469,125 347,099 390,609 273,623 () 1/ 268 318 257 172 171

1/ PCT Buddy (prepaid) v) (TIG)

(International Internet Gateway and Domestic Internet Exchange Service) ( 2 ) . 19 2549 2 21 2551

TIG TIG TIG 2 2 6 Gbps 2551 90 10

3 (International Private Leased Circuit - IPLC) (Internet Protocol Virtual Private Network - IP VPN) Virtual Node (International Carrier) TIG TIG TIG

2 TRUETF: 3 - 9

() ( 56-1)

vi) ( 3)

. (TIC) 2550 8 2551 006 + 006 320 2551

3.1.2 77.14

2551 () 20 2539 1800 2556 25 ( ) 15 2554 30

2552 (Memorandum of Agreement) 5 2561

2551 850 MHz HSPA (High Speed Package Access) (Co-branding) 2552 850 MHz 3G (Non-commercial basis) 3G

2545 Global

System for Mobile Telecommunications (GSM) 1 3 2547 2551 3 14,756,834 24.3 (Pre pay)

2 TRUETF: 3 - 10

() ( 56-1)

13,786,283 (Post pay) 970,551 93.4 6.6 2551 105 510 66.7 21.6 ()

31 2547 2548 2549 2550 2551

- 2,927,818 4,009,470 7,031,289 11,362,331 13,786,283 - 452,565 449,173 546,453 717,758 970,551 3,380,383 4,458,643 7,577,742 12,080,089 14,756,834 () 85.2 31.9 70.0 59.4 22.2 437 393 292 191 130 - 348 321 250 158 105 - 1,030 911 772 676 510

Pre Pay

over-the-air

over-the-air 80,000 over-the-air SMS 18,000 10

Post Pay Post Pay

2 TRUETF: 3 - 11

() ( 56-1)

(Voice Services)

(Non-voice)

wap.truelife.com - EDGE/GPRS

2551 11.8 () 10.4 2550 EDGE/GPRS 58, 29 13

: Short Messaging Service (SMS): VoiceSMS:

Voicemail:

Multimedia Messaging Service (MMS):

Mobile Internet: EDGE/GPRS

WAP based - Push e-mail ()

2 TRUETF: 3 - 12

() ( 56-1)

Multimedia Content:

( ) Ring-back Tone:

iPhone BlackBerry O2 -

(International Roaming)

(Inbound) (Outbound) (SMS) (MMS) / Short Code Wi-Fi by TrueMove

(Conexus Mobile Alliance) () 210

3

2 TRUETF: 3 - 13

() ( 56-1)

93

SUPER hi-speed Internet

1 Mbps 599 hi-speed Internet SUPER Package 2 Mbps 2 Mbps Wi-Fi Wi-Fi by True 890

5 (True AF5) 2549

- - ( )

All Together Bonus 2547

Voice SMS ( IRemix) over-the-air EDGE (Enhanced Data rates for GSM Evolution) Wi-Fi 2551 RFID (Radio Frequency Identification) RFID (E-purse & E-wallet)

2 TRUETF: 3 - 14

() ( 56-1)

3.1.3 ( )

(coaxial)

2541 ( ) ( ) 2549 91.8 2550

( ) () 25 () 30 2557 ( ) 31 2562

(DStv) Ku-band MPEGII 5

(CATV) () 800,000

- 31 2551 1,469,471 () 41 2550 2551 30.4 49

2551 ( ) 11 2550 988 -

2 TRUETF: 3 - 15

() ( 56-1)

31

2547 2548 2549 2550 2551 ()

- 140,998 133,055 133,977 132,868 129,659 - (DSTV) 316,544 350,761 424,883 496,920 670,178 457,542 483,816 558,860 629,788 799,837 1/ - - 64,647 318,790 527,096 Free-to-air 2/ - - - 90,342 142,538 457,542 483,816 623,507 1,038,920 1,469,471 3/ 1,301 1,291 1,217 1,104 988 1/ 2/ Free to air 32

3/ free-to-air

4 (Platinum) 86 2,000 (Gold) 77 1,413 (Silver) 63 750 - (True Knowledge) 54 340

(A-La-Carte) 10 NHK, HBO, Disney Discovery Platinum Silver Discovery Disney

( HBO, Cinemax, Star Movies, Hallmark) ( ESPN, Star Sport ) ( Discovery Channel, National Geographic) ( CNN, CNBC, Bloomberg, BBC World) (Free TV) Pay Per View - 3 2551 2 (True Asian Series Hay Ha) MTV Thailand 10

2 TRUETF: 3 - 16

() ( 56-1)

2550

3 380 2550/51 2552/53

2551 5

2551 5

( 3 43 )

3.1.4

/

WE PCT Buddy True E-book

2 TRUETF: 3 - 17

() ( 56-1)

/

2,000

WeBooking by TrueMoney

() 2549

WE PCT

30,000

2 TRUETF: 3 - 18

() ( 56-1)

2551 4.2 50

2.8 2550 2552 3.1.5

3 ()

Truelife.com (Minihome) (Chatroom) Instant Messaging 4 Truelife.com 2549 1.6

NC True NC Soft Lineage II Point Blank

Special Force (TDE) Casual 14.4 2551

www.weloveshopping.com www.marketathome.com 2550 2551 weloveshopping 150,000 2

2 TRUETF: 3 - 19

() ( 56-1)

3.2

(Churn Rate) 5

Wi-Fi

IC 1 3

- 3.3

one-stop shopping ADSL

(sub-dealer) sub-dealer Sub-dealer

2 TRUETF: 3 - 20

() ( 56-1)

SME

30 :

Multi-retailer (Hypermart) Specialty Store 40-50 4 2551

Kiosk

Move UP Vans Move Up Van Prepaid ()

3 Multi-retailer ()

( ) ( )

( 3.1.4 )

" " 18,000

10 2550

2 TRUETF: 3 - 21

() ( 56-1)

over-the-air

over-the-air ( ) 2551 80,000

( 72 2551) 2552 ( ) ( )

SME (Account Executive/Account Manager)

Move up vans

3.4

3

2 TRUETF: 3 - 22

() ( 56-1)

Siemens

Alcatel Lucent NEC Huawei

Verizon Communications, Inc (Verizon) Orange SA MIH 3.5

61 2551 8.8 2551 100 91.7 () 79.3 2550

() AIS DPC () () DTAC ( Hutch CDMA) Thai Mobile 2 AIS DTAC 45.0 30.7 2551 3 24.3

2 TRUETF: 3 - 23

() ( 56-1)

2550 ( 1 ) 2551 Hutch CAT Hutch

19.3 2549 23.2 2550 24.3 2551 1 3 2547

2549 10

5.9 2544 6.7 2549 2551 1,902,507

( 1,955,410 2550) 3

2 () 31 2551 50

2 TRUETF: 3 - 24

() ( 56-1)

VoIP

VoIP .

10-15 ADSL (UIH) (UCOM) (ADC) frame relay MPLS ( ) ( ) Violin 2551

2551 3 22 28 UIH 2 25

()

7 ( 89) ( 87) ( 75) (: OECD, IMF, BuddeComm, KBank)

() () (UBT) UCOM ( Q-Net) CS Loxinfo ADC

3,708 2545 632,461 2551 50

2 TRUETF: 3 - 25

() ( 56-1)

()

() .

.

2551 3

4 18 19 2550 31 40 48 52

(.) 2 2539 78 5 2551 .

450 1.5 2.0

2 TRUETF: 3 - 26

() ( 56-1)

2 3

HBO 2548

3.6

2 .. 2543 .. 2544

2 TRUETF: 3 - 27

() ( 56-1)

2547 . ( ()) ( () ) .

2550 2549 .

47 ( .) 2552 .

2551 5 2551 . 1 .

. . . .. 2549 2550 . 2552 3G (Mobile Number Portability - MNP)

.

2 TRUETF: 3 - 28

() ( 56-1)

.

1 1 ISP 1 23 .. 2548 22 .. 2 1 ISP 1 18 .. 2548 17 .. 3 1 ISP 1 5 .. 2550 4 .. 4 2 International Internet Gateway

& Internet Exchange (IIG & IX)5 19 .. 2549 18 .. 2554

1 1 Public Phone Service 1 29 .. 2549 28 .. 2 1 Resale (PCT) 1 22 .. 2550 21 .. 3 3 Fixed Line Service 20 8 .. 2549 7 .. 2569 4 3 International Direct Dialling

(IDD) 20 25 .. 2550 24 .. 2570 5 1 Resale (Internet) 1 2 .. 2550 1 .. 2552 6 1 International Calling Card

(ICC) 1 11 .. 2550 10 .. 2552 7 * 3 International Private Leased

Circuit & International Internet Protocol Virtual Private Network (IPLC & IP VPN)

1

22 .. 2550 28 .. 2552

8 2 Demestic & International Private Lease Circuit Service 15 21 .. 2551 20 .. 2566

1 WiMax Trial 90+90 22 .. 2550 18 .. 2551 2 WiMax Trial 90+90 22 .. 2550 18 .. 2551* . 28 2552 31 2552

IPLC .

2 TRUETF: 3 - 29

() ( 56-1)

44. . 3 3

() 2551 154.09

2550 126.52

2549 126.07

2 TRUETG: 4 - 1

() ( 56-1)

55.. 5.1

2 / 2.6 PCT

31 2551 31 2550 :

31 2551 31 2550

1,848 1,848 1,848 1,848 717 717 782 782 12,402 11,680 13,702 12,983 33,983 803 36,452 929 277 262 347 318 3,681 - 2,841 - 223 143 237 156 7,860 - 7,250 - 2,935 21 4,191 29

63,926 15,474 67,650 17,045

/ :

31 2551 31 2550

13,605 12,298 15,501 13,877 11,345 - 13,444 - 24,950 12,298 28,945 13,877

2 TRUETH: 5 - 1

() ( 56-1)

/ ()

:

31 2551 31 2550

547 - 541 - 1,251 89 1,257 86 1,348 161 1,391 200 3,057 - 2,245 - 929 196 1,090 273 322 - 509 31

7,454 446 7,033 590

5.2

31 2551 12,381 () (True Visions) 11,043 () (BITCO) 1,025 (MKSC) 313

5.3 5.3.1

31 2551 2,482

2 TRUETH: 5 - 2

() ( 56-1)

5.3.2

31 2551 22

31 2551 67

5.3.3

BITCO 31 2551 60 5.3.4

31 2551 330 ( 1 )

5.3.5

31 2551 87 5.3.6

31 2551 287

5.3.7

31 2551 500

2 TRUETH: 5 - 3

() ( 56-1)

66. . 12.4 ( ...)

2 TRUETI: 6 - 1

() ( 56-1)

77..

() 31 2551 1. ()

(1) Y-Tel 1234 11 2544

1,197.63 Y-Tel 1234 28 2548 28 2548

(2) 22 2546

43.94 8 2548 14 2548 10 2548 18 2549 29 2551 24 2551 18 2551 21 2551

2 TRUETJ: 7 - 1

() ( 56-1)

2.

23 2547 433.85 30 2548 12 2549 6 2549 27 2551 150.00 90 1 26 2551

1. (1)

28 2548 5,000.00 3,407.68

(2) 38. 15 2549

17 2549 8 2549 38.

2 TRUETJ: 7 - 2

() ( 56-1)

(3)

25 2550 1,968.70

1.

2. 1,968.70 3.

6 .. 2550

4. 21 ( MLR+1) 7.86

29 2551

2. (1)

13 2547

4 2544 2547 785.64 11 2548 106.80 1,030.50 A4 25 2548

2 TRUETJ: 7 - 3

() ( 56-1)

(2) 31 2548

2547 2548 6.72 19 2548

(3) TA 1234 30 2548

16 2543 2548 15,804.18 TA 1234

(4) ADSL 28 2548

(ADSL) 2,010.21 2548 180.00 ADSL

(5) 22 2551

1,479.62 18 2551

24 2550

2 TRUETJ: 7 - 4

() ( 56-1)

1. 21 2549

2548 2548 185.87 21 2549 1 2549 30 2550 2 2550 19 2551 185.87 22 2552

2. 8 2551

2548 2548 372.02 29 2551

3.

2 2549 11 2549

2 TRUETJ: 7 - 5

() ( 56-1)

1. 2548 () 300.00 (CMDU) 26 2551 1.66 7.5

2. 23 2549 12.48 21 2552 30

3. 13 2549 113.58 15 2551 99.60 ( 7.5 ) 24 2551

4. 1 2549 9 44.37 9 2550 7.00

5. 9 2550 370.00 29 2550

2 TRUETJ: 7 - 6

() ( 56-1)

27 2550

6. 9 2551 8,969.08

7. 19 2551 6 8 45.95

8. 6 2551 7 11 ( 22 ) 689.84

9. 29 2552 1,565 2,713,000,000

10. 131 () (AIS) () (DTAC) Technology Patents LLC .. 2550

2 TRUETJ: 7 - 7

() ( 56-1)

2550 .

1. 21 2545

2535 2546 25,419.40 21 2549 17 2549

1)

2) 22 2545 9,175.82 7.5 22 2545 60

2 TRUETJ: 7 - 8

() ( 56-1)

3) 23 2545

50

20 2549

19 2549 28 2549 8 2551

2. 5 2549

(IC) 17 2549 (Access Charge) ( AC) AC IC (.)

23 2549 . AC AC

29 2550 . (IC) (.) (IC) . . (IC) 21 2550 28 2550 23 2551

2 TRUETJ: 7 - 9

() ( 56-1)

(IC) .

16 2550 () () 4,508.10

18 2549 31 2549 1 2550 31 2550 1 2551 31 2551 455.61 4,271.69 4,416.79 204.25 3,283.96 3,339.11

2 TRUETJ: 7 - 10

() ( 56-1)

88..

8.1 ()

31 2550 60,443,878,210 5,345,052,050 10 699,335,771 10 45,031,791,550 3,803,843,384 10 699,335,771 10

2551 7,411,220,710 100,299,412,830 KfW 1,789

31 2551 153,332,070,330 14,633,873,051 10 699,333,982 10 45,031,791,550 3,803,845,173 10 699,333,982 10

(

) ()

1/2543 14 2543 702 Kreditanstalt fr Wiederaufbau (KfW) / KfW / 150

30 2543 343.98 49 KfW 358.02 51 (Thai Trust Fund)

2 TRUETK: 8 - 1

() ( 56-1)

1. 8

(1) 1

( 8 ) (2) 1 (1)

()

(3)

(4) (5)

2. 8 (1) 0.01 (

)

(2) 0.01 2 (1) (3) 1 (3) (4) (5)

KfW (Purchase Rights) KfW

1 1 2 KfW 3 8 31 2551 KfW 20 31 2551

2 TRUETK: 8 - 2

() ( 56-1)

(Thai Trust Fund)

() 8 3 30 2551 2551 29 2551 8 3

8 2552 699.33 ( KfW) 357.99 KfW 341.34

() (NDVR: Non-Voting Depository Receipt) NVDR

(Thai NVDR Company Limited) NVDR (Automatic List) NVDR

8 2552 448,146,648 9.95

() (Warrant) 1)

(ESOP 2007) 2)

(ESOP 2006) 3)

(ESOP 2005) 4)

(ESOP 2004) 5)

(ESOP 2003) 6)

(ESOP 2000)

2 TRUETK: 8 - 3

() ( 56-1)

1) ESOP 2007 2550 24 2550

1/2550 16 2550 (ESOP 2007) :

: 38,000,000

: 15 2551 : 5 : 14 2556 : 3

1 3

1 2551

2 2552

3 2553

: 1 1 7.00

2 TRUETK: 8 - 4

() ( 56-1)

2) ESOP 2006 2549 11 2549

(ESOP 2006) :

: 36,051,007

: 31 2550 : 5 : 30 2555 : 3

1 3

1 2550

2 2551

3 2552

: 1 1 10.19

2 TRUETK: 8 - 5

() ( 56-1)

3) ESOP 2005 1/2548 15 2548

(ESOP 2005) :

: 18,774,429

: 28 2549 : 5 : 27 2554 : 3

1 3

1 2549

2 2550

3 2551

: 1 1 9.73

2 TRUETK: 8 - 6

() ( 56-1)

4) ESOP 2004

2/2547 10 2547 35 (ESOP 2004) :

: 18,274,444

: 7 2548 : 5 : 6 2553 : 3

1 3

1 7 2549

2 7 2550

3 7 2551

: 1 1 11.20

5) ESOP 2003

ESOP 2003 11,180,788 1 1 5.20 16 2551

2 TRUETK: 8 - 7

() ( 56-1)

6) ESOP 2000 2543 27 2543 35 (ESOP 2000) :

: 36,995,000

: 9 2543 : 10 : 9 2553 : () 1

3 1 3 30 2543 2544 2545

: () 2 3 1 3 31 2543 2544 2545

: 1 1 10.60

2 TRUETK: 8 - 8

() ( 56-1)

() Shareholders Agreement Shareholders Agreement 22 2542 Kreditanstalt fr Wiederaufbau (KfW) ()

(Verizon) () () (Shareholders Agreement) 22 2542

1. KfW (Debt Restructuring Agreement) KfW KfW 1 KfW 5

2. 3 KfW KfW 5 KfW (1) (2)

(3)

(4) (5) (6) (

(Debt Restructuring Agreement))

2 TRUETK: 8 - 9

() ( 56-1)

3. KfW KfW 25 3 KfW KfW KfW

4. 3 KfW ( KfW) 10

5. Verizon 23 2535 KfW

6.

7. 50 ()

1)

Kreditanstalt fr Wiederaufbau (KfW) 150 702 KfW KfW 699.33

2 TRUETK: 8 - 10

() ( 56-1)

2) ESOP 2000 2543 27 2543 2543 (ESOP 2000) 58,150,000 35 58,150,000

3) ESOP 2003 2546 11 2546

35 19,862,729

19,862,729 11,180,788 16 2551

4) ESOP 2004 3/2547 23 2547

35 19,111,159 ( 2/2547 10 2547)

19,111,159

5) ESOP 2005 1/2548 15 2548

18,774,429 18,774,429 2 TRUETK: 8 - 11

() ( 56-1)

6) ESOP 2006 2549 11 2549

36,051,007 36,051,007 7) ESOP 2007

2550 24 2550 1/2550 16 2550 38,000,000 38,000,000 8.

1/2551 19 2551 10,000,000,000 (Rights Offering)

2 - 6 2552 3,272,563,248

6,727,436,752 1/2551

9) IFC 2551 29 2551 ( 2550 ) 29,941,283 International Finance Corporation (IFC) IFC C Loan IFC 2 TRUETK: 8 - 12

() ( 56-1)

8.2 ()

1 18 2552

()

2

1. 3 4,525.85 58.20 2. STATE STREET BANK AND TRUST COMPANY FOR LONDON 4 679.90 8.74 3. 5 410.98 5.29 4. 6 357.99 4.60 5. KREDITANSTALT FR WIEDERAUFBAU (KfW) 7 341.34 4.39 6. ... 105.00 1.35 7. CLEARSTREAM NOMINEES LTD 4 68.30 0.88 8. N.C.B. TRUST LIMITED-GENERAL UK RESIDENT-TREATY

A/C CLIENT 4 50.61 0.65

9. GOVERNMENT OF SINGAPORE INVESTMENT CORPORATION C 8 41.37 0.53 10. 9 36.80 0.47

1 2 3 1) (CPG) 2) ( CPG 99.99% 3)

() ( . (CPF) 99.44%) 4) () ( CPF 99.90%) 5) () ( CPF 99.61%) 6) ( CPG 99.99%) 7) - ( CPG 99.99%) 8) ( . 41.06% . 58.94%) 9) ( . 58.55% . 41.45%) 10) .. () ( CPG 99.99%) 11) ( CPG 99.99%) 12) ( CPG 99.99%) 13) Golden Tower Trading Ltd. ( CPG Golden Tower Trading Ltd. True CPG ) ( 13 )

4

5 NVDR (Automatic List) NVDR

6 Thai Trust Fund (Thai Trust Fund Management Company Limited) 18 2552 KfW 4.60

7 100% 8

9 ()

2 TRUETK: 8 - 13

() ( 56-1)

8.3

50

8.4

31 2551 110,681

:

2,130 7,772 9,871 2,669 7,659 507 3,007 33,615 70,646 1,001 360 2,504 2,555 77,066 110,681 2 TRUETK: 8 - 14

() ( 56-1)

31 2551 ( 1 1 ) 80,517 () 35,512 () 40,614 ( 1,158 ) () 4,391 ( 11,264 )

22 2542 2,000 2544

532 2544 28 2544 1/2544

36,000 () 20

2544 368

2544 (Swap) KfW () 97 4,483

2544 5,000 ()

2545 948

2 TRUETK: 8 - 15

() ( 56-1)

2545 345 31 2545 KfW Swap ( ) IFC C Loan 2/2545 1/2545

2545 15 2545 2 1/2545 2/2545 18,465 17 2545 IFC 1,125 19,590 452 1/2545 2/2545

2545 10.1 3.6

2546 18 2546 1 1/2546 3,319 78 1/2546

2546

21,419

2547 331 120

2 TRUETK: 8 - 16

() ( 56-1)

2547 25 2547 1 1/2547 2,413 SWAP 51 1/2547

2547 190 74

2548

1,336 491

2549 1/2545 1,787 2550 6 2550 3 1

.. 2552 1,000 2 .. 2553 2,000 3 .. 2555 1,000 1/2545 3,602

2550 1/2545 3,603 (Prepayment) (Inverse Chronological Order) (Pro-rata) 68.20 2543 55.89 31 2551

2 TRUETK: 8 - 17

() ( 56-1)

**

1. *** 2. *** 3. *** 4. 5. **** 6. PCT 7. 8. PCT 9. 10. 11. 12. 13. PCT 14. PCT 15. 16. PCT 17. PCT 18. 19. (6) (7) (8)

20. 21. 22. (fixed) (floating)

4.1.13

23. *** 24. *** 25. ***

* () 1/2552 () () 18,094 () 2/2545 1/2547 1/2550 12,961.92 ( 1/2552 ) 31,055.92

** 1 22

*** 1/2552 **** 2.3

2 TRUETK: 8 - 18

() ( 56-1)

:

32 ,27138 ,252

23 ,82632 ,152

56 ,37962 ,453

74 ,65184 ,190

52 ,839

41 ,283

37 ,65732 ,253

35 ,134

33 ,636

38 ,58440 ,614

16 ,091 16 ,239 11 ,37611 ,581

35 ,512

25 ,242

5,624

7,000

3,153

6 ,664 4,3916,591

4 ,729

4,010

8,205

3,369

3,431

0

20 ,000

40 ,000

60 ,000

80 ,000

100 ,000

2541 2542 2543 2544 2545 2546 2547 2548 2549 2550 2551

73 ,634 73 ,37978 ,710

75 ,05176 ,520 77 ,187

86 ,044

:

95 ,20089 ,906

83 ,23680 ,517

1/2544 28 2544

36,000 20

(1) 1/2545 .. 2551 (TRUE087A) 11,715,400 1,000 11,715,400,000

(2) 2/2545 .. 2554 (TRUE112A) 6,750,000 1,000 6,750,000,000

(3) 1/2546 . . 2550 (TRUE07OA) 3,319,000 1,000 3,319,000,000 ( 2550)

2 TRUETK: 8 - 19

() ( 56-1)

1/2547 16 2547 15,000 /

(1) 1/2547 .. 2554 (TRUE117A) 2,413,000 1,000 2,413,000,000

(2) () 1/2549 3 19 .. 2549 3,000,000,000

(3) 1/2550 1 .. 2552 (TRUE097A) 1,000,000 1,000 1,000,000,000

(4) 1/2550 2 .. 2553 (TRUE107A) 2,000,000 1,000 2,000,000,000

(5) 1/2550 3 .. 2555 (TRUE127A) 1,000,000 1,000 1,000,000,000

2 TRUETK: 8 - 20

() ( 56-1)

31 2551

()

31 .. 51

()

()

()

31 .. 51

TRUE112A 15 2545 6,750.00 6,750.00 8.31 3 2554 MLR BBL, SCB, KTB

KBANK

Public Offering A*

TRUE117A 25 2547 2,413.00 2,212

7.04 7 2554 6.80% Public Offering BBB

TRUE097A

6 2550 1,000.00 1,000.00 2.08 7 2552 5.70% Public Offering BBB

TRUE107A

6 2550 2,000.00 2,000.00 3.08 7 2553 6.20% Public Offering BBB

TRUE127A

6 2550 1,000.00 1,000.00 5.08 7 2555 6.80% Public Offering BBB

13,163.00 12,962 * () (50)

2 TRUETK: 8 - 21

() ( 56-1)

() (BITCO) (CP)

CP Sponsor Support Agreement (SSA) 3,000 BITCO 6,000 13 2550 CP Option BITCO BITCO CP BITCO 90

2551 29 2551 1) CP BITCO CP

6,000 180 CP 0.53 1 CP

2) BITCO CP 180 546 CP BITCO 546 2 CP

2 TRUETK: 8 - 22

() ( 56-1)

CP True BITCO

(CP) BITCO 6,000 () 13 2550 Sponsor Support Agreement CP () (True) BITCO

1. True CP 180 CP ( BITCO ) 0.53 True 180 CP 10

2. True CP 180 546 CP True CP 180 CP CP True True CP 546 2.

(.) 0.56 True 180 365 (.) 0.59 True 366 546 (.) 0.59 CP True 546

CP True 10 546 CP CP True CP 10 546 CP 2 (.)

True 2. (.) (.) True CP 10

2 TRUETK: 8 - 23

() ( 56-1)

3. CP True 2. True CP 1.

2551

BITCO CP

2 TRUETK: 8 - 24

() ( 56-1)

99.. 9.1

()

/

2 TRUETL: 9 - 1

() ( 56-1)

. . 1) 2) 3) 4) .

.

5

31 2551 18

(1) (Executive Directors) 4 (2) (Non-Executive Directors) 14

- (Independent Directors) 4 -

10

2 TRUETL: 9 - 2

() ( 56-1)

(1)

(2)

(3)

(4)

(5)

2 TRUETL: 9 - 3

() ( 56-1)

(6)

(7)

(8)

(9)

(10) (1) (9) (collective decision)

(11) (4) (6) 89/7 .. 2535

31 2551

2551*

1.

4/6

2.

6/6

2 TRUETL: 9 - 4

() ( 56-1)

2551*

3. . 6/6 4. 6/6 5. 3/6 6. 0/6 7. . 6/6 8. 6/6 9.

**

6/6

10.

6/6

11. 0/6 12.

- 1/6

13.

6/6

14. 6/6 15. 6/6 16. . 6/6 17. 5/6 18. *** 1/6*** * 2551 6 ** 4/2551 29 2551

29 2551 1/2552 27 2552 27 2552 ( 4) .. 2551 9 2552

*** 2551 29 2551 . . 29 2551 2551 2

2 TRUETL: 9 - 5

() ( 56-1)

(IOD)

2 TRUETL: 9 - 6

() ( 56-1)

. 1)

3

2551* 1. 8/8 2. . 8/8 3. 8/8

* 2551 8 1

2 TRUETL: 9 - 7

() ( 56-1)

1. 2. (internal control)

(internal audit)

3.

4. 1

5.

6. )

) )

) ) )

)

(Charter) )

7.

2 TRUETL: 9 - 8

() ( 56-1)

2)

2551*

1. 1/1 2. 1/1 3. 1/1 4. 1/1

* 2551 1 3)

2551* 1. . 8/9 2. 9/9 3. . 9/9 4. 9/9

* 2551 9 4)

2551* 1. 2/4 2. 4/4 3. . 3/4 4. 4/4 5. . 4/4 6. . 2/4

* 2551 4

2 TRUETL: 9 - 9

() ( 56-1)

.

31 2551

1. 2.

- 3. - 4. 5. 6. - 7. -

- 8. -

-

(day to day business) / / / / / / /

2 TRUETL: 9 - 10

() ( 56-1)

9.2

(1) (1.1)

1 2551 - 31 2551 19 33,600,000

()

()

1 - -

3,600,000

3,600,000

10,800,000 2 -

.

2,400,000

4,800,000 3 - ,

. ,

1,800,000

7,200,000 4 -

- , , , , , .

- . . (1 51 - 28 2551) - (29 2551 - 31 2551 )

1,200,000 393,333 806,667

10,800,000 33,600,0000

2 TRUETL: 9 - 11

() ( 56-1)

(1.2) 1 2551 31 2551 8

106.60

(2)

/ ( ESOP) 6

(2.1) ESOP 2007 (2.2) ESOP 2006 (2.3) ESOP 2005 (2.4) ESOP 2004 (2.5) ESOP 2003 (2.6) ESOP 2000 ESOP 6

(Warrant)

2 TRUETL: 9 - 12

()

( 56-1)

ESOP

ESOP 2007

ESOP 2006

ESOP 2005

ESOP 2004

ESOP 2003 *

ESOP 2000

1. . - - - - - - - - - - 2,240,000 6.06 2. 1,400,000 3.68 - - - - - - - - 4,130,000 11.16 3. 1,875,000 4.93 3,200,000 8.88 1,900,000 10.12 2,434,077 12.74 3,696,402 18.61 6,510,000 17.60 4. 1,875,000 4.93 1,600,000 4.44 1,000,000 5.33 1,277,890 6.69 1,617,176 8.14 2,800,000 7.57 5. 300,000 0.79 300,000 0.83 350,000 1.86 1,277,890 6.69 1,940,611 9.77 4,130,000 11.16 6. 1,875,000 4.93 2,000,000 5.55 1,200,000 6.39 1,331,136 6.97 2,021,470 10.18 5,320,000 14.38 7. 1,400,000 3.68 1,600,000 4.44 1,000,000 5.33 1,277,890 6.69 850,404 4.28 - - 8 . 1,400,000 3.68 1,600,000 4.44 1,000,000 5.33 1,277,890 6.69 - - - - 9. 1,400,000 3.68 1,600,000 4.44 1,000,000 5.33 1,277,890 6.69 - - - -10. 1,000,000 2.63 800,000 2.22 500,000 2.66 494,422 2.59 487,463 2.45 - - * ESOP 2003 16 2551

2 TRUETL: 9 - 13

()

( 56-1) 9.3

2545

(Corporate Governance Committee) . . . CEO

2551

1

1.

2. 2551 2 2551 29 2551 1/2551 19 2551 14.00 .

3.

2 TRUETL: 9 - 14

()

( 56-1) Website 3-4

4. (IR) 0-2699-2515 0-2643-0076

5.

6.

2

1.

2. 2

3. 1 2550 31 2551

2 TRUETL: 9 - 15

()

( 56-1) 2551 Website

4.

5. 6.

( ...) 3 1 2551

7. 2551

8. 2551 ( 4) .. 2551 2551 2551 ( 56-1)

2 TRUETL: 9 - 16

()

( 56-1)

3

1. (Stakeholders) Stakeholders

- - -

- - - - () - - - - - -

- -

2 TRUETL: 9 - 17

()

( 56-1)

- -

-

-

2. (Internal Audit)

Internal Audit

3. 2551

2551 : EN: SU: GO: SH: CO: EM: CU:

2 TRUETL: 9 - 18

()

( 56-1) 2551 EN GO CO CU SU SH EM

1. Green Bangkok Wi-Fi Wi-Fi 15,000

X X X

2. 2551

X X

3. True Young Producer Award 2 550,000

X X

4. 2551

X X

5. - (Motion Sensor & Reed Switch) 75

X X

6. Thailand Energy Award 2008

X X

2 TRUETL: 9 - 19

()

( 56-1) 2551 EN GO CO CU SU SH EM

7. Business Continuity Plan 2551 1 2

X X

2551 EN GO CO CU SU SH EM

8. Easy Charity 35,600 20

X X X

9. SMS Call Center True Care Chat

X X

10. www.trueplookpanya.com

X

11.

50 (Dummy Company)

X

2 TRUETL: 9 - 20

()

( 56-1) 2551 EN GO CO CU SU SH EM

12. www.helplink.net 14

X X

13. United Nations ESCAP SMS International Peace Day (21 ) 1.5

X

2551 EN GO CO CU SU SH EM

14. Microsoft e-Learning @ True

X X

15. (...)

X X

16. 2 ISO/IEC 20000 ISO/IEC 27001:2005

X

2 TRUETL: 9 - 21

()

( 56-1) 2551 EN GO CO CU SU SH EM

17. . .. 2550 1 ()

X X X

18. Webcam ()

X X

19. , , () ()

X X

2551 EN GO CO CU SU SH EM 20. SIM

(Merchandise) SIM Half-Card SIM ()

X X

2 TRUETL: 9 - 22

()

( 56-1)

2551 EN GO CO CU SU SH EM 21. Huawei ZTE

3G

X X

2551 EN GO CO CU SU SH EM

22. 2551 100

X

23. 2551

X

24. Road show / ()

X

25. Asean Mini-Conference Citigroup ()

X

26. 4th Annual Thailand Focus CLSA ()

X

2551 EN GO CO CU SU SH EM

27. 2 MBA - Service and Retail Management 4 MBA 4

X

28.

X X

2 TRUETL: 9 - 23

()

( 56-1)

4

1. website Website

2. website

3.

4. ...

5. 2551 2551 2550 2545

300,000 200,000 150,000 100,000

2 TRUETL: 9 - 24

()

( 56-1)

300,000 200,000

6. 2551

7. 56-1

8. Investor Relations 0-2699-2515 e-mail address ir_office@truecorp.co.th 2551 (Conference Call) Roadshow

5

1. 1.1 (Executive Directors)

4 (Non-Executive Directors) 14 22 56-1 website www.truecorp.co.th

1.2

2 TRUETL: 9 - 25

()

( 56-1)

1.3 56-1

1.4 56-1 website www.set.or.th website www.truecorp.co.th

1.5

1.6 Non-Executive Director

1.7

2. 2.1

CEO

2 TRUETL: 9 - 26

()

( 56-1)

website www.truecorp.co.th

2.2

3. 3.1

()

3.2 1

3.3

3.4

3.5 1

2 TRUETL: 9 - 27

()

( 56-1)

3.6 Risk-based Audit Approach BCP Steering Committee Crisis Management Team

4. 4.1

4.2 2551 6

4.3 /

4.4

4.5

4.6

4.7

2 TRUETL: 9 - 28

()

( 56-1)

5. 5.1

6. 6.1

(Accountability and Responsibility)

2551 56-1

6.2 ()

6.3

7. 7.1

7.2 2551 1

2 TRUETL: 9 - 29

()

( 56-1) 9.4

( ...) 3 1 9.5 31 2551

() 77 1,820 980 256 478 237 300

4,148 :

2 TRUETL: 9 - 30

()

( 56-1)

0-4

60

2551 31 2551 2,570

-

- 10 12 15

15

- 3 10 - 3 5 12 - 5 15

2 TRUETL: 9 - 31

()

( 56-1)

300 400 2551 - 35,561 Training Mandays 37 4Cs 3G Technology, GPRS & EDGE, Broadband Network, NGN Network, VOIP Technology True Product & Services

2 TRUETL: 9 - 32

() ( 56-1)

1010..

2 TRUETM: 10 - 1

() ( 56-1)

11.

. .. 2551 31 .. 2551 ( 13) :

2551 ()

1. : 1.1

(CPG) CPG

: -

-

: -

-

-

918

5,684

1,287

22,287

12,000

-

-

-

5 - 10

- 200 - 220 220 - 520

-

2 TRUETN: 11 - 1

() ( 56-1)

2551 ()

1.1

(CPG) CPG

: - -

43,886

30,878

-

-

1.2

() (NEC) NEC 9.62

: -

: -

121

101

-

-

1.3

(TIDC) TIDC 70.00

: -

: - -

269

2,918

5,364

-

-

810,536.60

-

2 TRUETN: 11 - 2

() ( 56-1)

2551 ()

1.4 (AI) AI

65.00 : -

3,407

-

1.5

(KSC) KSC 37.80

: -

6,862

-

2. : () (BITCO) ( 77.21) 2.1

(CPG) CPG BITCO 74.28 2.93

: -

- : -

-

-

10,650

3,830,129

29,848

214,407

181,843

-

BITCO -

BITCO -

816,998 3

-

-

2 TRUETN: 11 - 3

() ( 56-1)

2551 ()

2.2

(TIDC) TIDC 70.00 BITCO 74.28 2.93

: -

3,801

-

2.3 (Bboyd) Bboyd 70.00 BITCO 74.28 2.93

: - Content

2,576

-

3. : (TM) ( 91.08) 3.1 (AI) TM AI

91.08 65.00

: -

6,005

-

2 TRUETN: 11 - 4

() ( 56-1)

2551 ()

3.2

(KSC) TM KSC 91.08 37.80

: -

10,684

-

3.3 (CPG)

CPG TM 91.08

: - : -

38,659

6

-

-

3.4

(TIDC) TM TIDC 91.08 70.00

: - : -

1,082

1,253

-

-

2 TRUETN: 11 - 5

() ( 56-1)

2551 ()

4. : (TI) ( 99.99) 4.1

(CPG) CPG TI 99.99

: - : -

6,196

18,960

-

TI -

149,688

4.2 (KSC)

TI 99.99 KSC 37.80

: - : -

3,658

12,287

-

TI -

4.3 (AI) TI

99.99 AI 65.00

: - Corporate internet services

250,954

-

2 TRUETN: 11 - 6

() ( 56-1)

2551 ()

4.4

(TIDC) TI 99.99 TIDC 70.00

: - : -

4,749

18,401

-

TI -

4.5 (NC TRUE) TI NC TRUE

99.99 40.00

: - : -

1,915

2,000

-

TI -

5. : (TP) ( 99.99) 5.1

(CPG) CPG TP 99.99

: - : -

9,383

1,925

-

455 3

-

2 TRUETN: 11 - 7

() ( 56-1)

2551 ()

5.2 (NC TRUE) NC TRUE

40.00 TP 99.99

: -

5,484

-

455

5.3 (TIDC)

TP TIDC 99.99 70.00

: -

4,991

-

455

6. : (TLS) ( 99.99)

(CPG) CPG TLS 99.99

: -

307,715

-

15,000 3

7. : (TDE) ( 99.99) 7.1

(CPG) CPG TDE 57.38 42.61

: - -

7,936

19,061

-

-

2 TRUETN: 11 - 8

() ( 56-1)

2551 ()

7.2

(TIDC) TIDC 70.00 TDE 57.38 42.61

: -

7,819

-

8. : (AWC) ( 99.99) 8.1

(CPG) CPG AWC 99.99

: - -

861

37,958

-

-

8.2

() (NEC) NEC 9.62 AWC 99.99

: -

7,792

-

9. : (TIDC) ( 70.00) (NC TRUE) NC TRUE

40.00 TIDC 70.00

: -

4,060

- 54,000

1

10. : (TLR) ( 99.99)

(CPG) CPG TLR 99.99

: -

10,006

-

2 TRUETN: 11 - 9

() ( 56-1)

2551 ()

11. : () (True Visions) ( 91.79)

(CPG)

CPG True Visions 91.79

: - : -

66,262

12,529

-

True Visions

-

12. : (TT) ( 99.99)

(CPG) CPG TT 99.99

: -

17,785

-

13. : (TMN) ( 99.99) 13.1

(CPG) CPG TMN 49.00 51.00

: -

203,940

-

13.2 (NC TRUE) NC TRUE 40.00 TMN 49.00 51.00

: -

6,527

-

TMN

2 TRUETN: 11 - 10

() ( 56-1)

2551 ()

13.3 (TIDC)

TIDC 70.00 TMN 49.00 51.00

: -

1,169

-

14. : (TIG) ( 99.99) 14.1

(KSC) TIG 99.99 KSC 37.80

: -

16,029

-

TIG 14.2

(CPG) CPG TIG 99.99

: -

1,322

-

15. : (TPC) ( 99.94)

(CPG) CPG TPC 99.94

: -

12,127

-

16. : (WW) ( 87.50) 16.1

(TIDC) TIDC 70.00 WW 87.50

: -

24,040

-

WW

2 TRUETN: 11 - 11

() ( 56-1)

2551 ()

16.2

(CPG) CPG WW 87.50

: -

2,042

-

2 TRUETN: 11 - 12

() ( 56-1)

.

: 31 .. 2550

()

31 .. 2551

28,553 (704) 27,849 6,376 14,199 20,575 59,600 2,916 62,516 - 11 11 16,102 (10,732) 5,370 () 20 80 100 995,243 (432,909) 562,334

1,105,894 (427,139) 678,755 .

:

31 .. 2550 ()

31 .. 2551

48,307 4,558 52,865 9,778 1,778 11,556 7,969 3,628 11,597 3,210 (2,835) 375 3,397 4,255 7,652 () () - 4,350 4,350 69,046 (37,925) 31,121 () 4 2,223 2,227

141,711 (19,968) 121,743

2 TRUETN: 11 - 13

() ( 56-1)

.

: 31 .. 2550

()

31 .. 2551

(KSC) 25,880 - 25,880 3,000 3,000 6,000

28,880 3,000 31,880 KSC 37.80

.

:

31 .. 2550 ()

31 .. 2551

Kreditanstalt fr Wiederaufbau (KfW) 4,597,775 (1,012,635) 3,585,140 KfW 15.53 ( 31 2551)

Kreditanstalt fr Wiederaufbau (LIBOR) .. 2549 31 .. 2554 31 .. 2551 216.45 .

()

1.

2 TRUETN: 11 - 14

() ( 56-1)

2.

7,000

1. 89/12 ( 4) .. 2551 1.1

() ()

()

()

2 TRUETN: 11 - 15

() ( 56-1)

1.2 1.3

()

()

1.4

2. 2.1 1

2.2 1.3 () 1.4

3. 1 2

Shareholders Agreement 22 2542 KfW

2 TRUETN: 11 - 16

() ( 56-1)

12.

12.1 3

31 .. 2550 . 3430 31 .. 2549 . 3445 31 .. 2548 . 3445

3 (2548-2550)

2 TRUETO: 12- 1

() ( 56-1)

12.2 ()

31 .. 2551, .. 2550 .. 2549

( : )() ()

31 Common 31 Common 31 Common.. 2551 Size (%) .. 2550 Size (%) .. 2549 Size (%)

4,356,596 3.73 5,019,383 4.02 3,923,739 3.20 1,400,795 1.20 1,297,073 1.04 2,212,303 1.81 796,296 0.68 419,758 0.34 314,628 0.26 7,991,746 6.84 12,684,710 10.13 6,561,502 5.36 31,880 0.03 28,880 0.02 37,880 0.03 - 898,423 0.77 893,067 0.71 1,046,715 0.85 2,057,650 1.76 2,218,067 1.77 1,447,066 1.18 780,049 0.67 673,065 0.54 672,565 0.55 2,019,192 1.73 2,027,019 1.62 2,087,863 1.71 20,332,627 17.39 25,261,022 20.17 18,304,261 14.95

157,013 0.13 148,049 0.12 - -

- 53,516 0.05 18,020 0.01 15,669 0.01 - 292,923 0.25 229,884 0.18 166,845 0.13 - 56,654 0.05 56,654 0.05 57,674 0.05

- 71,380,078 61.03 74,683,154 59.62 78,254,383 63.87 - 12,380,696 10.59 12,380,696 9.88 13,106,960 10.70 - 3,556,630 3.04 3,534,202 2.83 2,993,184 2.44 8,175,174 6.99 8,460,543 6.75 9,172,041 7.49 565,575 0.48 487,182 0.39 437,876 0.35 96,618,259 82.61 99,998,384 79.83 104,204,632 85.05

116,950,886 100.00 125,259,406 100.00 122,508,893 100.00

2,130,000 1.82 1,451,400 1.16 776,461 0.63 7,771,589 6.64 12,978,086 10.37 11,774,864 9.61 9,870,756 8.44 5,554,549 4.43 8,837,648 7.21 2,669,560 2.28 2,613,731 2.09 2,767,084 2.26 7,658,768 6.55 6,893,839 5.50 5,727,805 4.68 506,911 0.43 589,291 0.47 474,981 0.39 2,657,224 2.27 2,864,828 2.29 1,893,775 1.55 33,264,808 28.44 32,945,724 26.30 32,252,618 26.33

70,645,861 60.41 76,230,963 60.86 80,107,905 65.39 1,001,052 0.86 1,103,399 0.88 1,389,710 1.13 359,772 0.31 89,539 0.07 184,400 0.15 2,503,905 2.14 2,834,957 2.26 - - 2,555,426 2.19 2,004,073 1.60 1,216,251 0.99 77,066,016 65.90 82,262,931 65.68 82,898,266 67.66 110,330,824 94.34 115,208,655 91.98 115,150,884 93.99

6,993,340 6,993,358 6,993,668 146,338,731 40,521,836 40,141,056 6,993,340 5.98 6,993,358 5.58 6,993,668 5.71 38,038,452 32.52 38,038,434 30.35 38,021,609 31.05

11,432,046 9.77 11,432,046 9.12 11,432,046 9.34

(1,492,776) (1.28) (1,492,781) (1.19) (1,492,847) (1.23) (3,988,926) (3.41) (3,988,922) (3.18) (3,980,591) (3.25)

1,604,322 1.37 1,825,582 1.46 - - 104,344 0.09 104,344 0.08 104,344 0.09 - - - - (415) - () 34,881 0.03 34,881 0.03 34,881 0.03 (47,270,916) (40.42) (44,915,725) (35.84) (44,286,951) (36.16) 5,454,767 4.65 8,031,217 6.41 6,825,744 5.58 1,165,295 1.00 2,019,534 1.61 532,265 0.43

6,620,062 5.66 10,050,751 8.02 7,358,009 6.01 116,950,886 100.00 125,259,406 100.00 122,508,893 100.00

2 TRUETO: 12- 2

() ( 56-1)

()

31 .. 2551, .. 2550 .. 2549( : )

() ()31 Common 31 Common 31 Common.. 2551 Size (%) .. 2550 Size (%) .. 2549 Size (%)

60,094,289 98.09 60,474,069 98.11 50,538,298 97.27 1,171,055 1.91 1,167,054 1.89 1,416,518 2.73 61,265,344 100.00 61,641,123 100.00 51,954,816 100.00

41,229,181 67.30 39,734,337 64.46 36,884,032 70.99 1,217,269 1.99 1,055,547 1.71 1,344,711 2.59 42,446,450 69.29 40,789,884 66.17 38,228,743 73.58

18,818,894 30.71 20,851,239 33.83 13,726,073 26.42 11,477,432 18.73 12,761,543 20.70 13,840,769 26.64 () 7,341,462 11.98 8,089,696 13.13 (114,696) (0.22) 625,785 1.02 369,698 0.60 694,815 1.34 (436,484) (0.71) (451,504) (0.73) (409,553) (0.79) 7,530,763 12.29 8,007,890 13.00 170,566 0.33 (10,204) (0.02) (14,549) (0.02) (25,562) (0.05) 7,520,559 12.27 7,993,341 12.98 145,004 0.28 - - - - 171,497 0.33 - - - - (6,306,216) (12.14) () - - - - 1,903,007 3.66 (9,927,801) (16.20) (5,395,755) (8.75) - - () (2,407,242) (3.93) 2,597,586 12.98 (4,086,708) (7.87) () (977,932) (1.60) (1,039,261) (1.69) 191,983 0.37 () (3,385,174) (5.53) 1,558,325 11.29 (3,894,725) (7.50)

() (2,355,191) 69.57 1,158,106 74.32 (4,028,329) 103.43 (1,029,983) 30.43 400,219 25.68 133,604 (3.43)

(3,385,174) 100.00 1,558,325 100.00 (3,894,725) 100.00

()() (0.66) 0.12 (1.32)

2 TRUETO: 12- 3

() ( 56-1)

2 TRUETO: 12- 4

()

31 .. 2551, .. 2550 .. 2549( : )

() ()31 31 31 .. 2551 .. 2550 .. 2549

() (3,385,174) 1,558,325 (3,894,725) 12,816,488 13,136,601 18,209,171 (120,224) (87,333) - 6,921,463 7,160,798 6,306,217 977,932 1,039,261 (191,983) () (118,649) (107,830) (149,642) 894,446 788,453 591,538 114,194 12,000 19,223 - - (235,614) - (801) - 27,315 10,256 1,458 () 2,889,284 (2,148,459) (1,852,769) () 3,663 (3,393) - () 10,204 14,549 25,562

- 3,798,546 (6,949,872) (161,360) - 71,853 (149,722) 50,479 - (1,621,793) (853,151) (128,443) - (319,428) (1,286,410) (145,669) - (35,940) (49,117) (22,949) - (3,062,937) 4,598,181 1,137,657 - (253,440) 508,344 768,783 - 398,701 931,776 101,951

20,006,504 18,122,456 20,428,885 - 131,283 92,497 - - (6,358,064) (6,478,466) (6,253,827) - (1,886,194) (1,372,829) (1,008,364) 11,893,529 10,363,658 13,166,694

() (114,992) 768,201 6,928,977 () (448,391) 43,895 (205,837) (6,000) (3,000) (12,000) - - (325) (6,632,376) (45,700) (151,839) - (63,039) (63,039) (72,163) (6,779,363) (7,055,039) (9,689,058) (503,244) (262,829) (1,255,052) 3,000 12,000 - - - (3,800) - 1,846 - 454,400 392,606 520,422 - 6,750 - () (7,503,329) (6,310,773) (10,420,887)

- 8,250 3,359,296 39 3,000,014 - (43,504) - - (2,050) - - 3,140,000 3,651,400 2,686,832 - 43,708 30,512,469 27,646,006 (2,461,400) (2,977,561) (15,292,034) - - (143,624) (5,732,164) (37,144,498) (25,304,849) (5,055,371) (2,949,926) (7,048,373) () (665,171) 1,102,959 (4,302,566) 5,019,383 3,923,739 8,274,065 79 (7,395) (47,760) 4,354,291 5,019,303 3,923,739

() ( 56-1)

12.3

2 TRUETO: 12- 5

() ( 56-1)

12.4

2551 () 2551 (Breakeven) (Net Income from Ongoing Operation - NIOGO) 62 2550 2551 2 1.9 22 2551 ( IC) 0.2 52 EBITDA 6.5 18.5 EBITDA IC EBITDA ( IC) 34.8 ( 37.3) (NIOGO) 62 ( 1.2 2550) 3.4 2.6 (Mark to Market) 1.6 4.6 7.3 2 TRUETO: 12- 6

() ( 56-1)

2551 4.6 EBITDA 3.5 2550 3.7 EBITDA 4.5 2549 2551 IC ( IC) 2551 4.4 22.8 IC EBITDA 24.8 5.7 2551 IC 845 IC 164 2550 IC IC 4 128 234 3 ( IC) 4 4.2 3 IC 2.7 2551 14.8 30 (Non-voice) 7.6 2551 2.7 ( IC) 11.8 10.4 2550 2551 2551 6.0 26 (IDD) EBITDA 5.4 10.2 19 ( 5.0 ) 15 632,461 Wi-Fi 109,000 31,523

2 TRUETO: 12- 7

() ( 56-1)

41 1.5 2551 - 2 - 30 - 49 26.8 799,837 2551 6.4 9.4 EBITDA 5.5 2.7 E-wallet 50 4.2 2551 2.8 2550 weloveshopping.com 150,000 2 2551 (Rights offering) 10,000 1.95 3G 1 2552 3.27 6.38 58.2 KfW 2 9.0 4 2551 1.1 () BITCO BITCO 77.2 ( 75.3 3 2551) 2 TRUETO: 12- 8

() ( 56-1)

2552 . . 5 . 2556 . 850 MHz 3G 3G 2552 2552 (EBITDA margin) 3G (Mobile Number Portability MNP) 1 3 (Non-voice) 3G -

2 TRUETO: 12- 9

() ( 56-1)

2551 () 2551 2550

IC 4 4.2 3

0.6 2550 60.1 IC 0.2 52 2.5 2550 6.0 6.4

EBITDA 6.5 18.5 EBITDA IC EBITDA 5

EBITDA ( IC) 34.8 ( 37.3) IC

0.7 ( 53.9 ) ( Goodwill) IC

( IC) 6.1 ( 15.2 ) ( )

() 2.1 ( 10.2 )

2 TRUETO: 12- 10

() ( 56-1)

11.1 (Goodwill) 2551 ( 2550 1.3

3.2 7.0 ( )

62 1.2 2550 (1.0 )

3.4 1.6 2550 2.6 2551 ( ) 2.4 2550 () (35.08 1 2551 33.88 1 2550 38.98 100 2551 29.97 100 2550) 2551 ( 38)

1 2551 ( )

4 2551 ( () ) () ( ) () 2551

2 TRUETO: 12- 11

() ( 56-1)

( 7 2551)

1 2

()

() 2551 2550 %( : ) () 2/

60,094 60,474 (0.6)

- 8,173 8,656 (5.6) - (IC) 51,921 51,818 0.2 1,171 1,167 0.3

61,265 61,641 (0.6)

41,229 39,734 3.8 7,138 8,011 (10.9) - (Access charges ) - - NM 24,199 22,794 6.2 - 9,018 8,492 6.2 - (IC) 15,181 14,303 6.1 - 9,893 8,929 10.8 1,217 1,056 15.3 1/ 11,477 12,762 (10.1) 1/ 1,238 2,735 (54.7) 10,239 10,027 2.1 1/ 53,924 53,551 0.7 (EBITDA) 18,472 19,754 (6.5) 1/ (11,131) (11,664) 4.6

7,341 8,090 (9.2) 120 87 37.7 1/ (6,953) (7,184) (3.2) 1/ (488) (719) (32.1) (978) (1,039) (5.9)

() (958) (765) (25.2)() (10) (15) 29.9() 1,030 (400) NM

() () 62 (1,179) NM (2,417) 2,337 NM () (2,607) 2,419 NM () 1/ 189 (82) NM

() (2,355) 1,158 NM (1,030) 400 NM() (3,385) 1,558 NM :

/ 4 2551 () ()

/ 2550

2 TRUETO: 12- 12

() ( 56-1)

2 TRUETO: 12- 13

() ( 56-1)

2 TRUETO: 12 - 14

()

() 2551 2550 ()

() %

%

%

10,227 9,746 4.9 - 9,431 8,866 6.4 - 796 880 (9.6) (832) (962) (13.5) 9,396 15.3% 8,785 14.3% 7.0

31,577 33,420 (5.5) - 30,969 32,492 (4.7) - 608 928 (34.5) (1,353) (1,053) 28.5 30,224 49.3% 32,366 52.5% (6.6)

1/ 26,729 24,946 7.1 - 10,252 10,966 (6.5) - () 2/ 8,569 9,311 (8.0) - 1,682 1,655 1.6 - 650 813 (20.0) - 485 476 1.8 - 548 366 49.5

- 3/ 3,556 3,544 0.3 - 2,659 2,683 (0.9) - 897 861 4.3

- 3/ 6,441 5,691 13.2 - 5,036 4,229 19.1

- 4/ 1,406 1,462 (3.8) - 593 771 (23.2) - 5,147 3,556 44.7 25,989 24,528 6.0 740 418 77.0 (5,083) (4,456) 14.1

21,646 35.3% 20,490 33.2% 5.6

68,533 68,112 0.6 (7,268) (6,471) 12.3

- 61,265 100.0% 61,641 100.0% (0.6)

:1/ 2550 / 2/ 3/ 4/

() ( 56-1)

3 (Non-voice) (

) (Voice) (IDD) ( )

2551 6.0 26 (Non-voice) ( 8.3 10 ) 19.1 ( 4.6 16 ) IDD

EBITDA 5.4 10.2 EBITDA 38.1

9.2 21.7 ( )

9.4 3.4

1.2 158 2550 4 2551 786

2.6 2550 430

2 TRUETO: 12 - 15

() ( 56-1)

19.1 2551 5

( 15.4 632,461 ) ( 711 709 2550)

Super hi-speed Internet 2

Wi-Fi 3 109,000 100,000 Green Bangkok Wi-Fi ( 64 kbps) 2551

3.5 2550

( 19.7 1.7 ) 27 17,741 MPLS (leased line)

9,808 ( leased line MPLS)

6.5 10.3

2550 ( 13) IDD 2.7 1,902,507 8.5 331

IDD 320 2551 IDD 2551 IDD 16

2 TRUETO: 12 - 16

() ( 56-1)

WE PCT WE PCT 2551 23.2 ( 593 )

29.9 273,623 () ( 0.5) 171

2551 IC

4 4.2 3 IC

2551 ( IC) 4.4 22.8 EBITDA 24.8 5.7 IC ( IC 845 2551 IC 164 2550) EBITDA ( IC) 24.3 ( 30.6 2550)

2551 2.7 30 31.9 130 (Dilution Effect)

Non-voice 7.6 2551 2.7 11.8 ( IC) ( 10.4 2550) 2551

1.3 31.0 IC ( )

3.8 3.4 361 ( 823 2550)

2 TRUETO: 12 - 17

() ( 56-1)

3.2 1.2

4.1 1.1

-

41.4 1.5 49 46 2550

Bundling package 819,176 (Upselling rate) 30 19 2550 26.8 799,837

6.4 9.4 ( 6.1 4.1 2550)

EBITDA 5.5 2.7 EBITDA 26.1

5.5 8.5 ()

12.1 959

15.4 370 424

1.2 1.0 2550 858 285 2551

1.4 2550 344 - Hay Ha

- -

2 TRUETO: 12 - 18

() ( 56-1)

() 2551 2550 % ( : ) ()

5,757 6,316 (8.9) - 7,992 12,685 (37.0) 20,333 25,261 (19.5) 54 18 197.0 - 71,380 74,683 (4.4) - 12,381 12,381 0.0 - 3,557 3,534 0.6 116,951 125,259 (6.6) 33,265 32,946 1.0 70,646 76,231 (7.3) 110,331 115,209 (4.2) 6,620 10,051 (34.1) 11,894 10,364 14.8 (7,503) (6,311) 18.9 - (7,283) (7,318) (0.5) (5,055) (2,950) 71.4 () (665) 1,103 (160.3) 5,019 3,916 28.2 4,354 5,019 (13.2)

1/ 4,611 3,046 51.4

: 1/

(Financial Position) 31 2551 116.9 6.6

( 8.3 ) 2550

5.8 6.3 2550

() 37 8.0 IC ()

() 3.3 71.4 10.2 () 102

2 TRUETO: 12 - 19

() ( 56-1)

4.9 110.3 2551

() 5.3 7.8 IC

765 7.7

() 1.3

80.5 ( 6.1 )

551 2.6

3.4 6.6 2551 3.4

2551

2550 1.5 11.9

(2.2 ) ( IC) () IC 3.6 IC

1.2 7.5 2551 ( ) 7.3 4.2 2.4 614 (35 ) 2550

2 TRUETO: 12 - 20

() ( 56-1)

( )

51.4 (1.6 ) 4.6

5.1 5.7 ( 1.1 ) 679

75.6 () 31 2551 () EBITDA 3.7 ( 3.5 2550) EBITDA 2.5 6.38 2552 3G 2552 7-8 2552 : ()

2551 93 3 4 2552 (non-voice) ( 3 4 3 ) 2G 3G 850 MHz

2 TRUETO: 12 - 21

() ( 56-1)

()

- 2552 200 ()

2552 3.5 product bundling

12.5

1. (audit fee)

.. 2551 24.05 16.11 8.16

2. (non-audit fee)

2551 1.24 0.24 1.00

2 TRUETO: 12 - 22

() ( 56-1)

1133.. )

2544 2 KfW 1 CP 2

2551

1/2552 27 2552 )

1/2551 19 2551

10,000,000,000 (Rights Offering) 2 - 6 2552 3,272,563,248 17 2552

17 2552 153,332,070,330 14,633,873,051 10 699,333,982 10 77,757,424,030 7,076,408,421 10 699,333,982 10

2 TRUETP: 13 - 1

() ( 56-1)

3

1.

(1)

(2)

(3) 17 2552

3 1

() ( 56-1)

1.

2.

3. -

.

4. -

5.

3 2

() ( 56-1)

2.

.

3 3

() ( 56-1)

2.

3 4

() ( 56-1)

2.

.

3 5

() ( 56-1)

2.

3 6

() ( 56-1)

2.

3 7

() ( 56-1)

2.

3 8

() ( 56-1)

2.

.

3 9

() ( 56-1)

2.

3 10

() ( 56-1)

2.

3 11

() ( 56-1)

2.

3 12

() ( 56-1)

2.

. (Mr. Jens B.

Bessai)

.

3 13

() ( 56-1)

2.

(Mr. Norbert

Vay)

3 14

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2.

3 16

() ( 56-1)

( 31 2551)

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(31/12/51)

2541-

. .

81 10,000 - (IOD) - Director Accreditation Program (DAP)

. . . (1991) . . . .

2541-

.

72 - -

(IOD) - Director Accreditation Program (DAP) - Audit Committee Program (ACP) - Chairman 2000

2541- 2534-2535 2531 2527 2524 2522

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1 1

() ( 56-1)

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(31/12/51)

Imperial College London Imperial College London

2542- 2547-

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.

69 - -

(IOD) - Director Accreditation Program (DAP) - Director Certification Program (DCP) - Audit Committee Program (ACP) - Chairman 2000

2544- 2544-2548 2543-2544 2529-2535

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66

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(IOD) - Director Accreditation Program (DAP) - Chairman 2000 2545-

. . .

. . . .

69 -

Commercial School Shantou Secondary School (IOD) - Director Accreditation Program (DAP)

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1 2

() ( 56-1)

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(31/12/51)

2536- .

74 150,000

(IOD) - - 2536-

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2535- 2536-2542

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() Illinois Institute of Technology, Iowa State of University, 1

. 71 - -

(IOD) - Director Accreditation Program (DAP) - Chairman 2000 - Director Certification Program (DCP)

2535- 2534-2535

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() ( 56-1)

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Indiana University, 2535-

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80 3,350,000

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2540- 2545- 2544-2549 2521-2540

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() ( 56-1)

- ()

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() Boston University,

.

(IOD) - -

2542- 2540 2539 2538 2537 2536 2535

2549- 2545- 2544- 2543-2548 2542- 2539 2538 2534 2533 2532

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41 1,250,000

2550- 2549- 2542- 2548-2550

1 .. 2553 (.. 2010) (TCT) (LCA)

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() ( 56-1)

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New York University, .

.

* 45 -

(IOD) - -

. . . . () . . () . () . . .

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2544-

. .

*

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(IOD) - Director Accreditation Program (DAP)

2543- 2540- 2549-2535-2548 2533-

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1 6

() ( 56-1)

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.

Pepperdine University, () University of Wisconsin, () Arizona State University,

2543- 2541-2543 2540-2541 2539-2540 2538-2539

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51 1,627,058 -

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56 384,000 -

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. . .. .

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. 38 - - Master Degree of Business Administration of J.W. Goethe-University of Frankfurt am Main, Germany (IOD) - -

2550- 2549-2550 2541-2549 2533-2535

Head of KfWs South-East Asia Regional Office, Bangkok Senior Officer of KfWs South-East Asia Regional Office, Bangkok KfW Export and Project Finance, Frankfurt am Main Deutsche Bank, Osnabruck

*

1 7

() ( 56-1)

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2550- .

57 - - MBA (Dipl. Kaufmann): University of Mannheim (IOD) - -

2547- 2531-2547 2524-2531 2521-2524

KfW First Vice President & Head of Department KfW Vice President & Deputy Head of Department (Asset Finance and Export & Project Finance) KfW Project Manager Aircraft & Export - Financing BHF-Bank branch manager

2543- 2541-

. .

54 50,000 - MBA, St. Gallen University, Switzerland (IOD) - -

2530-

Managing Partner, B. Grimm & Co. R.O.P. Chairman, B. Grimm Group of Companies

1 8

() ( 56-1)

- ()

(31/12/51)

2551 - 2542 -

. .

43 84,000

, Business Administration, New York University, USA

Advance Management Program: Transforming Proven Leaders into Global Executives, Harvard Business School, Harvard University (IOD) - -

2551 2550 - 2548 - 2547 - 2546 - 2545 - 2544 - 2544 - 2546 2540 - 2545 2538 - 2540

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1 9

() ( 56-1)

( 31 2551)

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() Boston University,

.

(IOD) - -

2542- 2540 2539 2538 253