Ticker: TRUE TB (SET), TRUE.

BK (Reuters) TRUE TB (Bloomberg) Hi Lo

12-m share price (Bt/sh) (as of Sep 30, 2010) 7.70 2.54

Company Background
We were incorporated in Nov’90 as a fixed-line phone service provider under an Agreement for Joint Operation and Joint Investment for Expansion of Tele-
phone Services (“Joint Operation Agreement”) with TOT Corporation (TOT). Our company was registered as a public limited company in 1993 under the
name Telecom Asia Corporation Plc and listed on the Stock Exchange of Thailand in Dec’93 under a security symbol “TA”. We rebranded under the “True”
name and adopted the security symbol “TRUE” in Apr’04.
We extended our services into the mobile telecommunications segment through a subsidiary, Bangkok Inter Teletech Plc. (“BITCO”) (the parent company
of “TA Orange”, currently known as “TrueMove”), by acquiring 41.1% equity interest in BITCO in Oct’01. True Group currently holds 98.9% share in
BITCO.
In Jan’06, True Group entered a Pay TV business by purchasing UBC shares from MIH and completed the tender offer for UBC shares held by the public in
Mar’06, allowing True to own 91.8% (effective holding) of UBC. UBC was renamed TrueVisions at the beginning of 2007.
Business Structure

True Corporation Plc is Thailand’s convergence lifestyle leader, offering an unrivalled selection of integrated communications services and solutions.
These include TrueMove, Thailand’s 3rd-largest mobile provider; TrueOnline, the largest Broadband and fixed-line phone provider in the Bangkok
Metropolitan Area (“BMA”) as well as the leading data communications service provider nationwide and operator of the country’s most extensive Wi-Fi
network; and TrueVisions, the only nationwide pay-TV operator. We offer payment and booking solutions under TrueMoney and digital content and
lifestyle services under the TrueLife banner. We furthermore operate a chain of True Coffee shops in which our convergence products and services are
showcased.
Our convergence strategy allows us to meet lifestyle choices by building upon the complementary strengths of our communications services and
solutions. This in turn helps drive subscriber growth and loyalty. Packages bundling Broadband with TrueMove or TrueVisions services or TrueVisions with
TrueMove services have proven highly successful. Meanwhile our digital content and e-commerce offerings provide added value across the Group.

Nationwide households using multiple True products Subscribers to key bundling packages
TrueVisions-TrueMove bundling packages Broadband bundling packages

Upselling refers to the upgrading by mass market subscribers to * These packages bundle SUPER Hi-speed Internet with either
higher-value packages TrueMove (TMV) or TrueVisions (TVS) services

Subscriber
Fixed-line info (as of 1H10):
phone 1,858,310
Broadband 750,792
Mobile (TrueMove) 16,356,488
Pay-TV (TrueVisions) 1,657,737

Stock data (as of Sep 30, 2010):

Closing price (Bt/sh) 5.15
Registered capital (Bt mn): 153,332
Paid-up capital (Bt mn): 77,757
No. of shares* (mn) 7,776
Par value (Bt): 10
Market capitalization (Bt mn): 40,045

Foreign limit (%): 49.0

Foreign ownership (%): 10.4
Free float (%): 32.8
* including preferred shares

For more info, please contact:

Investor Relations
+66 2699-2515
Ir_office@truecorp.co.th
Group financial highlights:
Segment info:
Since the beginning of 2007, True has been organized into 5 core businesses: fixed-line phone and data services (TrueOnline); cellular business
(TrueMove); pay-TV (TrueVisions); digital commerce (TrueMoney); and digital content business plus the lifestyle venture, True Coffee (TrueLife).
However, we report our financial results in three main business segments: TrueOnline, TrueMove, and TrueVisions. The performances of the digital
(commerce and content) businesses (under the TrueMoney and TrueLife brands) are presented under the TrueOnline segment.
Quick stats: (as of 1H10)
Broadband subs: 751k
Wi-Fi subs: >400k
(excl. Green Wi-Fi*)
Wi-Fi hotspots: 18k
* Green Wi-Fi is a collaboration
between True and Bangkok
Metropolitan Authority to
provide either: 1) an unlimited
free Wi-Fi access at the speed
of 64 kbps or 2) an hour of free
Wi-Fi connection at the speed
of 256kbps
TrueOnline comprises traditional voice business including fixed-line telephone and its value-added services (VAS), public
phones and Personal Communication Telephone service, ―WE PCT‖; Internet, Broadband and data communications services,
and new businesses such as International Direct Dialing (―IDD‖), and the International Internet and data gateway businesses.
i) Fixed-line phone services: In Aug’91, True entered into a 25-year Joint Operation Agreement with TOT to construct,
install, maintain and jointly operate a 2 million-line wireline network in the BMA (later extended to cover additional
600,000 lines). We transferred our fixed-line network to TOT which collects revenues from subscribers and makes payment to
True of its proportion stipulated by the Joint Operation Agreement as shown below.
Service % of service revenues*
Fixed-line phone (2 million lines) 84.0
Fixed-line phone (600,000 lines) 79.0
Value-added services (VAS) 82.0
Public phone 76.5
In addition to fixed-line services, we offer a range of VAS to meet customers’ needs including a 26,000-line public phone
service in the BMA, Voice Mailbox, Call Waiting, Conference Calling, Call Forwarding, Hot Line, Abbreviated Dialing,
Automatic Call Repetition and Outgoing Call Barring, and Caller ID. For corporate customers, VAS include Direct Inward Dial-
ing (DID), Hunting Lines service, Integrated Service Digital Network (ISDN), Televoting, Free Phone 1-800, Voice conferencing,
and Voice over Internet Protocol (VoIP) services.
ii) Broadband and Internet services:
Broadband
True Group is Thailand’s leading Broadband operator with an estimated 72% share of the market value of ADSL (Asymmetric
Digital Subscriber Line) services in BMA. We provide the service using cable modem and DSL technologies. Our modern
fixed-line network allows us to provide a faster, more stable Broadband service and to realize lower installation, operating
and maintenance costs.
Our subsidiary, True Universal Convergence (―TUC‖), has been granted a Type-III license from the National Telecommunica-
tion Commissions (―NTC‖) to provide fixed-line telephone, Broadband and data services nationwide using new infrastructure
and technology such as NGN (next generation network), xDSL, and Gigabit Ethernet. TUC provides data and Broadband
circuits as well as data network services to True’s subsidiaries including True Internet. (―TI‖), and True Multimedia. (―TM‖).
These provide hi-speed Internet and data services to end-customers and non-voice services to consumers and business
customers, respectively.
We started offering wireless broadband services using Wireless Fidelity (Wi-Fi) technology in 2003. Our extensive Wi-Fi
network (with 18,000 hotspots in the BMA and key provinces by the end of 2009) is a key differentiator for the Group and
helps drive Broadband growth. Our Wi-Fi hotspots cover prime locations such as coffee shops, restaurants, hotels, hospitals,
department stores, movie theaters, convention centers and office buildings.
Broadband subscribers by speed
Segment info (cont’d):
Internet
True provides Internet services through Asia Infonet (―AI‖), in which we have a 65% equity interest, and a wholly-owned subsidiary, True Internet (TI).
Both AI and TI have been granted a 5-year, renewable, Type-I ISP license from the NTC.

iii) Data services: True’s business data services offer converged data and voice communication solutions, and managed services to business customers
through various technologies including Digital Data Network (DDN) or Leased–Line; MPLS (Multiprotocol Label-Switching); Metro Ethernet (a fiber-to-the-
building technology designed specifically for business customers); IP-Lease Line (a hybrid between an IP-based data service and a lease line service
which improves the quality of connection beyond standard IP-based services). We also offer a Managed Network Service and Managed Data Network
Service (a combination of three network operation services including network performance management, fault management and configuration manage-
ment). Furthermore, our Internet Data Center (IDC) offers a full network redundancy support service. Our data service network is of a high quality due

iv) WE PCT (Personal Communication Telephone): WE PCT is a cordless fixed-phone service. A subscriber’s PCT phone number is the same as his or
her fixed-line number. Up to nine PCT handsets can be used with one fixed-line number, with each handset holder assigned an individual number. True
operate WE PCT through a wholly-owned subsidiary, Asia Wireless Communication (―AWC‖). True is entitled to 82% revenue share (from TOT for ser-
vices provided) and AWC is entitled to approximately 70% of this amount. TOT also provides PCT services to its customers through the Company’s PCT
network. In exchange, TOT shares with True approximately 80% of revenue received from its subscribers as a network rental fee. The WE PCT service
covers 2,500 square kilometers of the inner area of the BMA.

v) International Direct Dialing (IDD): After being granted a Type-3 license from the NTC to provide overseas call services, True’s subsidiary, True Inter-
national Communication (―TIC‖), officially launched its IDD service via Time Division Multiplexing (―TDM‖) technology with the ―006‖ dialing code prefix
on Jul 8, 2008. TrueMove subscribers can dial ―+‖ instead of ―006‖ to automatically access our IDD services. In Jul’09, TIC introduced a new IDD service
via VoIP technology with the ―00600‖ prefix to TrueMove’s prepaid subscribers under ―Inter SIM‖ promotion, charging Bt1/min (24 hours a day) to 14
countries. In Aug’09, the ―Inter SIM‖ package was also offered to TrueMove’s postpaid subscribers.

vi) International Internet Gateway (IIG): True International Gateway (previously known as True Internet Gateway), a subsidiary of True Corp, received
an International Internet Gateway and Domestic Internet Exchange License from the NTC in 2006, and an International Data gateway Licenses in 2008.
Currently, TIG has Points of Presence (―PoPs‖) in Bangkok, Singapore, Hong Kong, the UK and the USA which enhance the efficiency of the connection
and service quality. TIG offers 3 types of international data services—International Private Leased Circuit (―IPLC‖), Internet Protocol Virtual Private
Network (―IP VPN‖) and Virtual Node, targeting mainly major international carriers who have a presence in the Asia Pacific and demand a large amount
of bandwidth, as well as a reliable network and high quality services. In Nov’09, TIG was the first private operator to be granted a license for submarine
cable landing rights by the NTC.

Operational Statistics — TrueOnline

Key financial info — TrueOnline

Segment financial results - TrueOnline 2005 2006 2007 2008 2009 1H10
Service revenue 22,964 23,972 24,528 25,989 26,387 13,365
Total revenue 23,789 24,543 24,946 26,729 26,927 13,676
EBITDA 10,677 9,899 9,670 10,195 9,804 4,818
EBITDA margin (%) 44.9% 40.3% 38.8% 38.1% 36.4% 35.2%
Net income (loss) from ongoing operations (NIOGO) (452) (2,456) (158) 1,201 (101) 73
NIOGO before deferred income tax (1,145) (2,713) 782 1,000 45 305
Net income (loss) to equity holders of the parent (1,024) (1,527) 432 2,577 2,120 (771)
Net income (loss) for the period (1,002) (1,539) 430 2,586 2,192 (935)
CAPEX 3,153 3,601 1,849 2,408 2,551 1,286

TrueOnline’s IDD revenue Share of International gateway bandwidth

16%
Bt mn
704
34%
568 True total
258 15% bandwidth
370 387 usage = 27%
285 248 348 of market
199 86
129 4%
446
370 320 302
281 219 16% 6%
199 2%
10%
- - 4
1H09 1H10 CAT TRUE TOT
TIC 006, 00600 Revenue share from CAT to True fixed-line TT&T CS Loxinfo SBN
Jastel (3BB) Others
Segment info (cont’d):
True Group operates a mobile telecommunications business through BITCO, the parent company of TrueMove (previously TA
Orange). True’s shareholding in BITCO/TrueMove was 98.9% at YE’09 (from 77.2% as at the end of 2008) after a capital increase
of approximately Bt 2.6 bn in Mar’09 and the purchase of BITCO shares from CP Group of Bt 3.5 bn in Jun’09.

TrueMove operates under the Agreement to Operate and Provide Services under the Digital PCN 1800 System (―Agreement to
Operate‖), dated 20 Jun’96, granted by CAT. Full commercial launch of TA Orange’s mobile services took place in Mar’02.

Quick stats: (as of 1H10) Key terms of the Agreement to Operate In Jan’09, TrueMove signed a Memorandum of
Total subs: 16,356k Period: 16 Jun’97 – 15 Sep’13 Agreement (MOA) with CAT for TrueMove to use the
- Prepaid 15,123k network and equipment that TrueMove has built
- Postpaid 1,233k Revenue sharing term: and transferred to CAT for another 5 years follow-
ing the end of the Agreement to Operate in 2013.
TrueMove’s mkt share: Period % of service revenues*
24.4% CAT also granted TrueMove permission to trail-
16 Jun’97 – 15 Sep’00 25
16 Sep’00 – 15 Sep’06 20 launch 3G services on 850 MHz on a non-commercial
Blended ARPU basis. This will prepare TrueMove for full
(Bt/sub/mo): 108 16 Sep’06 – 15 Sep’11 25
16 Sep’11 – 15 Sep’13 30 commercial launch in the future.
* After deducting access charge payments and other deductible expenses (e.g., content)

By YE’09, our 3G 850 MHz cell sites covered a 2-km radius of most BTS and MRT routes in BMA as well as key provincial areas
including Cha-Am, Hua Hin, Phuket (chiefly the International Airport and Patong Beach), Koh Samui, and Chiang Mai (mainly
the International Airport and surrounding areas).

During 2009, TrueMove successfully launched iPhone 3G and 3G S in Thailand with over 100,000 units sold. This supported
the Group’s convergence strategy and TrueMove’s non-voice growth.

Operational Statistics — TrueMove

2002 2003 2004 2005 2006 2007 2008 2009 1H10
Subscribers 1,336,228 1,824,990 3,380,383 4,458,643 7,577,742 12,080,089 14,756,834 15,801,164 16,356,488
- Prepaid 877,057 1,539,735 2,927,818 4,009,470 7,031,289 11,362,331 13,786,283 14,575,094 15,123,461
- Postpaid 459,171 285,255 452,565 449,173 546,453 717,758 970,551 1,226,070 1,233,027
Blended ARPU 642 508 437 393 292 191 130 115 108
- Prepaid 486 368 348 321 250 158 105 90 83
- Postpaid 763 1,016 1,030 911 772 676 510 428 415

Key financial info — TrueMove

0 2005 2006 2007 2008 2009 1H10
Service revenue excl. IC 19,594 22,309 23,835 22,796 23,575 11,837
Total revenue 21,775 23,659 33,420 31,577 33,173 16,201
Net IC revenue (expense) - - 165 (845) (32) 124
EBITDA 5,095 5,072 7,566 5,691 7,226 3,397
EBITDA margin (%) (on revenue excl. IC) 23.4% 21.4% 30.6% 24.3% 27.7% 26.3%
Net income (loss) from ongoing operations (NIOGO) (2,725) (3,100) 46 (3,244) (1,411) (537)
NIOGO before deferred income tax (2,725) (3,433) (777) (2,883) (624) (414)
Net income (loss) to equity holders of the parent (2,114) (2,749) 1,530 (4,125) (466) 557
Net income (loss) for the period (2,114) (2,749) 1,530 (4,125) (466) 557
CAPEX 7,268 5,262 5,070 4,232 2,637 1,715

Service revenue breakdown

0 2005 2006 2007 2008 2009 1H10
Voice 16,786 18,077 18,868 17,457 17,868 8,714
- Prepaid 11,807 14,148 14,530 13,232 13,143 6,332
- Postpaid 4,979 3,929 4,338 4,225 4,725 2,382
Non-voice 1,477 2,131 2,490 2,679 3,134 1,688
- Prepaid 1,090 1,668 1,958 1,974 2,052 1,011
- Postpaid 387 463 532 705 1,082 678
International Roaming and others 1,331 2,101 2,477 2,660 2,573 1,435

Share of market subscribers - Big Three Non-voice revenue mix

Segment info (cont’d):
Quick stats: (as of 1H10)
Total subs: 1,658k
- Premium 435k
- Standard 474k
- FreeView 523k
- Free-to-air 226k
ARPU (Bt/sub/mo): 752
TrueVisions is Thailand’s leading nationwide pay-TV provider, offering its service via digital direct-to-home and digital HFC
(hybrid fiber-coaxial) network platforms. TrueVisions was formed in 1998 by a merger of UBC (formerly IBC) and UBC Cable
(formerly UTV). It operates pay-TV services under a 25-year Agreements for Joint Venture in the Membership Television
(and Cable Television) services with the Mass Communications Organization of Thailand (―MCOT‖) which is due to end on
Sep 30, 2014 for services via satellite and on Dec 31, 2019 for services via cable. Under such agreements, TrueVisions
shares 6.5% of its service revenue to MCOT.
TrueVisions provides cable TV services, both digital and analogue, in BMA using the HFC network of True Multimedia which
passes approximately 800,000 homes.
At the beginning of 2006, True Group successfully integrated TrueVisions into the Group following the acquisition of
TrueVisions (UBC) shares which increased True’s effective shareholding to 91.9%. TrueVisions has since shifted its strategy
to penetrate the mass market and was able to almost double its subscriber base by YE’09.

Following the enactment of the Broadcasting Act in Mar’08, TrueVisions commenced negotiations with MCOT to carry ad-
vertising similar to other pay TV operators. On Oct 8, 2009, the MCOT Board of Directors approved for TrueVisions to air
advertising subject to revenue sharing of 6.5%. Following this decision, TrueVisions began gradually introducing paid adver-
tising while ensuring viewer experience was not impacted.

Operational Statistics — TrueVisions

2002 2003 2004 2005 2006 2007 2008 2009 1H10 Note:
Subscribers 437,845 434,815 457,542 483,816 623,507 1,038,920 1,469,471 1,663,407 1,657,737 1/
Excluding up-sellers who
- Premium packages 437,845 434,815 457,542 483,816 466,199 481,093 479,446 458,538 435,400 already converted to normal
packages
- Standard packages - - - - 92,661 148,695 320,391 470,018 474,338 2/
Free to air representing
- Free View 1/ - - - - 64,647 318,790 527,096 536,324 523,495 satellite disc sale with 42
2/ free-to-air channels and no
- Free to air - - - - - 90,342 142,538 198,527 224,504 monthly charge
Blended ARPU 3/ 1,180 1,254 1,301 1,291 1,217 1,104 988 806 752 3/
Excluding free view and free
to air subscribers

Key financial info — TrueVisions

0 2005 2006 2007 2008 2009 1H10
Service revenue 8,445 8,866 9,431 9,533 4,674
Total revenue 8,961 9,746 10,227 9,725 4,726
EBITDA 2,366 2,527 2,666 2,622 1,157
EBITDA margin (%) (on revenue excl. IC) 26.4% 25.9% 26.1% 27.0% 24.5%
Net income (loss) from ongoing operations (NIOGO) 1,418 1,007 1,166 983 492
NIOGO before deferred income tax 1,245 1,097 1,130 1,020 562
Net income (loss) to equity holders of the parent 2,363 1,374 858 1,094 989
Net income (loss) 2,384 1,353 858 1,094 988
CAPEX 792 914 660 614 232 285

Package details Subscribers by location

No. of Monthly fee (Bt) Equipment rental fee
Package 1H10
channels 1 service point 2nd/ 3rd/ 4th service points
st
(Bt/month)
Platinum 92 2,000 282.48 155.15
Gold 83 1,413 282.48 155.15
Silver 69 590 282.48 155.15
True Knowledge 59 340 282.48 155.15
TrueLife Free View 45* Remark: * Subscribe to TrueMove package starting Bt300/month
** Buy a DStv receiver for Bt2,990 (price includes VAT) with
Free-to-air (DStv/ SSK) 45**
no monthly fee

Quick stats: (as of 1Q10)
TrueMoney E-wallet subs:
6.2mn
TrueMoney was established on December 15, 2003 as the payment gateway for True Group. It received a 10-year license
from the Electronic Transactions Commission in July 2009 to operate electronic payment services. TrueMoney provides
various payment and booking services including:
TrueMoney Cash Card: allows TrueMove and True customers to top up their selected True Group services such as TrueMove
Pre Pay, WE PCT Buddy, Prepay hi-speed Internet, Internet Kit, Wi-Fi, and online content.
Payment and Collection Service: are processed off a bar-coded statement and can be made by cash, check or credit card
at around 10,000 counters including True and TrueMove shops and TrueMoney Express
WeBooking by TrueMoney: offers a convenient and fast way to book and pay via all channels and covers various lifestyle
activities such as entertainment, travel and accommodation, education, sports and health.
TrueMoney services via TrueMove (E-Wallet): allows TrueMove subscribers to perform commercial and financial transac-
tions using their mobile, anytime and anywhere. Customers can top-up their credit balance for True Group prepaid ser-
vices; pay bills and merchants for True Group products and services as well as for services outside the Group, such as elec-
tricity and water supply bills, insurance bills, and many e-commerce merchants; transfer funds; withdraw money from their
TrueMoney account using a TrueMoney Card at ATMs nationwide.
We also provide TouchSIM services via RFID (radio-frequency identification) technology which allow users to make pay-
ments with a swipe of their mobile phones.
Segment info (cont’d):

Quick stats: (as of 1H10)
WeLoveShopping site:
- No. of online stores
226k
- No. of product and ser-
vices categories
4.1mn
TrueLife provides digital content and access to both mobile and online digital communities. It also acts as a digital conver-
gence and communicator platform for consumer-to-consumer, business-to-consumer and business-to-business transactions.
TrueLife has three main components:
Digital content and community services: including online games; online portal Truelife.com providing an online commu-
nity and communicator platform; e-commerce website, www.weloveshopping.com; content under key categories — Music,
Sport, TV and Movies.
TrueLife Shops bring together the full range of True products and services, including True Coffee, True Music and True
Broadband under one roof. Their purpose is to provide first-hand experience of the convergence lifestyle. Shops are lo-
cated in areas within the BMA frequented by trendsetters and the younger generation.
TrueLife Plus represents our bundling of True products and services, offering customers greater value through packages
that suit their lifestyles.
In Jun’09, True launched the ―True App Center‖ to train Thai developers in the major mobile operating systems including
iPhone, Symbian, Windows Mobile and Android. To date around 40 iPhone apps have been produced. This helps support
both handset sales and mobile Internet packages.

List of licenses granted by the NTC to True and its subsidiaries

Date of Board
True’s subsidiaries/ associates Type Business Validity approval Expiry date
Internet Service Provider (ISP) license
1 KSC Commercial Internet (KSC) 1 ISP 5 years 23-Jun-09 22-Jun-14
2 True Internet (TI) 1 ISP 5 years 18-Aug-09 17-Aug-14
3 Asia Infonet (AI) 1 ISP 5 years 5-Feb-10 4-Feb-15
4 True Internet Gateway (TIG) 2 International Internet Gateway & Inter- 5 years 19-May-06 18-May-11
net Exchange (IIG & IX)
5 TrueMove (TMove) 1 ISP 5 years 25-Aug-09 24-Aug-14
Telecommunications license
1 True Public Communication (TPC) 1 Public Phone Service 5 years 29-Jun-09 28-Jun-14
2 Asia Wireless Communication (AWC) 1 Resale PCT & mobile 5 years 23-Feb-10 22-Feb-15
3 True Internet Data Center (TIDC) 1 Resale Internet/ data center/ video 5 years 20-May-09 19-May-14
conference services
True Life Plus (formerly, True Digital Enter-
4 tainment) 1 Resale Internet & mobile services 5 years 2-Aug-09 1-Aug-14
5 True Internet (TI) 1 International Calling Card (ICC) 5 years 11-Oct-09 10-Oct-14
6 True Universal Convergence (TUC) 3 Fixed Line Service 20 years 8-Dec-06 7-Dec-26
7 True International Communication (TIC) 3 International Direct Dialing (IDD) 20 years 25-Jan-07 24-Jan-27
Resale PSTN (GPRS, DSL) & leased cir-
8 True Universal Convergence (TUC) 1 cuit/channel services 5 years 26-Aug-09 25-Aug-14
9 Samut Pakan Media Corporation (SMUT) 3 Mobile service 15 years 23-Sep-09 22-Sep-24
10 True Internet Gateway (TIG) 3 International Private Leased Circuit 15 years 11-Nov-09 10-Nov-24
(IPLC) – land & submarine cable
11 KSC Commercial Internet (KSC) 1 Resale IPLC 5 years 11-Nov-09 10-Nov-14