True Corporation Public Company LimitedTrue Corporation Public Company Limited NDR SingaporeMarch 2012Disclaimer: 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 safe harbor for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995. Discussion of factors that may affect future results is contained in our recent filings with the Securities and Exchange Commission.

1

99.99%99.41/% 99.99%99.99%2/

True Group – Thailand’s convergence lifestyle leader 1

CP GroupPublic

shareholders

64.7% 35.3%

- Foreign 9.4%- Local 25.9%

Wireline/onlineMobile Group Pay TV Wireline/Online Convergence & others

Reported under TrueOnline

“ Fixed-line operator with 1.8 mn subs in Greater Bangkok area

“ 1.3 mn Broadband Internet customers via ADSL, VDSL, DOCSIS 3.0 and fiber

“ Thailand’s largest WiFi network*“ 35%3/ Broadband subscriber market

share

“ 18.9 mn subs on 2G, HSPA+ & CDMA“ 25.0% subscriber market share“ Also operates 3G+ reseller services on 850 MHz under TrueMove H brand“ International call services: 006 (TDM), 00600 (VoIP)

“ 1.64 mn subs (93% DsTV; 7% cable TV)

“ 60%3/ subscriber market share“ Successful mass market strategy

~1 mn subs“ Ad revenue is a key growth area

“ Convergence/bundled packages“ Digital content, media and online

games publisher“ True App Center – develops

applications (220+) for iOS, BlackBerry and Android

“ Payment channel supporting 300+ payment services

Note: 1/ Indirectly holds 99.4% in TrueMove and Real Move (TrueMove H brand)2/ Indirectly holds 99.99% in TrueVisions Group (which holds 99.3% in TrueVisions PLC and 99.0% in TrueVisions Cable PLC)3/ Company estimates as of 3Q11; 4/ Subscriber figures and estimated shareholding figures as at Dec 31, 2011

* 100,000 domestic & international hot spots.

Key strategic milestones

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

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

2002: TA Orange launched its cellular service underthe ‚Orange‛ brand

2003: Launched Broadband services

2006: TrueMove (rebranded from ‚TA Orange‛) achieved nationwide mobile coverage (92%)- Completed UBC tender offer; rebranded as ‚TrueVisions’; expanded pay TV services into the mass market- Created first public WiFi service

2007: Launched the first bundled package ‚True Life Freeview‛ which offered popular convergence package of TrueMove and TrueVisions

2011: Completed Hutch acquisition; started rolling out commercial 3G services; DOCSIS 3.0 Cable Modem network launched (up to 200 Mbps); Expanded WiFi network to 100,000 hot spots*; Launched Ultra WiFi (100 Mbps)

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

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

2

* Domestic & international.

Thai telecom industry’s competitive landscapeNTC/NBTC

TOT

Mobile 2Gconcession

Mobile 3GTOT’s Thai Mobile

AIS

CAT BFKT

Mobile 2Gconcessions

Mobile 3GCAT Telecom

MVNO/Reseller

Equipment leaseand O&M

RealMove (TrueMove H brand)

TrueMove

DTAC

AIS’s DPC

Concession

Mobile license

MVNO/ResellerConcession

Fixed-line license

Fixed-line concessions

Wire-line license

True

TT&T

TUC

ConcessionType-3 telecom license

Industry regulator

3

50% 49%44%

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

'99 '00 '01 '02 '03 '04 '05 '06 '07 '08 '09 '10 '11TrueOnline True Mobile TrueVisions Group

Group long-term financial trendsService Revenue excl IC and network rental* NIOGO

EBITDA EBITDA margin*Segment results are presented before intersegment elimination

(5.8) (5.0) (4.3)

(1.6)

(4.5)(3.0) (3.8)

(6.0)

(1.2)0.1 (0.5)

(1.4)(5.4)

'99 '00 '01 '02 '03 '04 '05 '06 '07 '08 '09 '10 '11TrueOnline True Mobile TrueVisions Group

Bt bn

4

7.4 9.5 9.0 11.8 11.9 11.5 10.7 9.9 9.7 10.2 9.8 9.8 10.0

(1.9) (0.3)

1.8 5.1 5.1 7.6 5.7 7.2 6.2 5.0 2.4

2.5 2.7 2.6 2.3 2.2

7.4 9.5 9.0

9.8 11.6 13.2

15.7 17.3 19.8 18.5 19.6 18.4 17.1

'99 '00 '01 '02 '03 '04 '05 '06 '07 '08 '09 '10 '11TrueOnline True Mobile TrueVisions

Bt bn

14.3 18.1 20.1 22.6 22.6 22.8 23.0 24.0 24.5 26.0 26.4 26.0 26.9

1.7 4.5 8.2 22.3 22.3 23.8 22.8 23.6 23.3

27.2 8.4 8.9 9.4 9.5 9.6 9.7

14.3 18.1 20.1 24.2

27.0 30.6 41.5

50.5 51.8 51.9 52.6 52.6 56.8

'99 '00 '01 '02 '03 '04 '05 '06 '07 '08 '09 '10 '11TrueOnline True Mobile TrueVisions

Bt bn

First-mover advantage for 3G+ mobile services nationwide; expand 2Gcoverage/capacity in provincial areas with high growth potential (mainly Northeast)

Secure Broadband leadership with the launch of DOCSIS 3.0; enhance fiber servicesfor enterprise segment; maintain Thailand’s largest and fastest Wi-Fi network (supportsdata off-loading for 3G services)

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

1

2

4

Key investment & growth strategy

HDTV via DOCSIS 3.0; enhanced broadcasting system to eliminate threat from piracy andsecure the premium pay TV market; capture advertising growth potential by furtherexpanding into the mass market and new media

3

5

Seek regional business opportunities5

TrueMove H positioned to capture growth in mobile data Officially launched on Aug 30, 2011

Well-positioned to capture growth inmobile data/ Internet markets

• Currently over 5,000 3G+ base stations and expanding to over 11,000 by the end of 2012

• 100,000* Wi-Fi hot spots

• True App Center has developed 220+ apps for iOS, BlackBerry and Android platforms

• Bundled with exclusive content from TrueVisions

92.5%

TRUE Corp

True Mobile Group

Real Future

Marketing Contract

CAT

BFKTNetwork

RealMove (TrueMove H brand)

3G 850 MHz (reseller)

BITCOOperator

HWMH

HCATCDMA

Lease Agreement

Wholesale Agreement

99.99% 99.92%

73.92%

99.40%100.00

TrueMove2G 1800 MHz/

3G 850 MHz trial

True Mobile Group Structure

6

* Domestic & international

Superior 3G+ service drives TrueMove H acquisitions

True Move H acquired 500,000 subscribers by YE11 Q4 Blended ARPU ~Bt 722 >50% from other networks (non-True)

Key drivers were superior 3G+ services, attractive data packages and tariffs Q4 acquisitions subdued by Thailand’s century flood, delayed prepaid launch, bottleneck

at MNP Clearing House and need for NBTC to grant new numbers

7

Thailand mobile non-voice market size & YoY growth*

Mobile non-voice market driven by 3G & smartphones 8

15,000 20,962 21,021 26,148 35,220

24.4%

34.7%

2007 2008 2009 2010 2011

Market value % growth

Bt bn

* Consisting of TrueMove, TrueMove H, Hutch, AIS and DTAC** Dtac restated its voice ­ non-voice revenue breakdown for the 2009 results (no restatements available for its 2007-2008 results)

True Mobile targets & strategic outlook

Increase 3G+ subscribers to 4 mn by YE12, from around 500,000 at YE11

Expand 3G+ cover to 95% population by the end of 2012

Terminate TrueMove 3G trial and Hutch CDMA service by mid 2012 to facilitate subscriber migration to TrueMove H

Capitalize True Move’s expanding 2G footprint especially in low penetration/ high-growth potential areas (i.e., Northeast)

-

200

400

600

0

5

10

15

20

25

30

2011 2012 2013 2014

Blend

ed A

RPU

(Bt/s

ub/m

o)

subs

(mn)

3G Subs 2G Subs Blended 3G ARPU

Projected 3G subs & ARPU

Source: Company, BMI market forecast

9

True Mobile targets & strategic outlook10

3G coverage map

42 38 36 33 33 32

32 29 29 26 22 37

11 11 119 12

11

85 78 7668 67

80

2006 2007 2008 2009 2010 2011TrueOnline True Mobile TrueVisions

Bt bn

4.00

Group financial position strengthened

Success in recent Rights Offering, securing True Mobile Group’s new loan facilities and TrueMove’s USD bonds refinancing resulting in improved liquidity, enhanced flexibility, and reduced refinancing risk and FX exposure

Secured long-term financing facilities for TrueOnline, True Mobile Group and TrueVisions to enable the Group to meet fast-growing demand for data-rich, high-definition content and to realize our first mover advantage in 3G

11

Long-term debt composition•Higher long-term debt mainly due to conversion of bridge loans for Hutch acquisition into term loans

• Long-term interest savings from lower rate of 3-4% per annum

Regulatory issues

NBTC’s public hearing on draft frequency master plan and telecommunications master plan held on February 10, 2012

True Group issued press release clarifying points raised by the Senate Committee’s findings on the CAT-True deals

True Group supports the NBTC’s ruling to increase MNP transaction quota to 40,000 per operator per day

12

pioneers next-generation Broadband New Ultra hi-speed Internet packages (7-100 Mbps) combines ADSL/DOCSIS 3.0 technologies DOCSIS 3.0 network expanded to 1.1 mn homepasses in 20 provinces by YE11 WiFi upgraded to 8 Mbps, Thailand’s fastest; over 100,000 domestic and international hot

spots; Ultra WiFi (up to 200 Mbps) launched in premium locations

DOCSIS 3.0 NGN/NBNFTTx

Up to 400 Mbps

Up to 1 Gbps

Broadband subscribers

• DOCSIS 3.0 • FTTx• WiMAX• Quad Play• HD Content• NGN/NBN

>1.4mn

1.2mn

2011 and beyondADSL, VDSL

1.0mn

Up to 50 Mbps

2002 2003 2004 2007 2008 2009 2010

128 Kbps

3.7k

TrueOnline’s Broadband Internet Roadmap

13

Superior fiber optic network yields competitive advantage

Fiber and advanced electronics= greater reliability and stability

Shorter ‚last mile‛ connection improves Broadband performance – avg. within 3 km

Costly and difficult to replicate

True Fiber Optic Network in Bangkok Metropolitan Area (BMA)

Fiber rich (>240,000 core kilometres in BMA; >300,000 km nationwide)

TN

RCU RCURCURCU

Fiber Optic

(OSP - Copper)

CSN

780++ RCUs (instead of 70-80 central offices)

14

targets & strategic outlook

Expect Broadband market value to grow by 20-30% annually over the next few years Plan to launch an ultra hi-speed package offering maximum speed of 200 Mbps (via

DOCSIS 3.0/FTTH) and new Broadband VAS

18 22

26 33

41 47

22.4% 18.1% 23.8% 24.7%16.0%

2009 2010 2011F 2012F 2013F 2014F

Broadband market size % growth

Bt bn

Thailand Broadband market forecast by value

15

targets & strategic outlook (cont’d)

Capture Broadband growth opportunity by maintaining market’s most competitive packages via ADSL and Cable Modem (DOCSIS 3.0) technologies

Strengthen Broadband’s position by expanding (ADSL and DOCSIS) homepasses to >3 mn in 30+ provinces in 2012

Leverage convergence platform by bundling DOCSIS 3.0 with TrueVisions Continue to focus on high-value enterprise fiber and corporate Internet services

165%

85% 81% 70%

30% 20% 13% 12%4.1 5.2 7.0 9.5

12.7 16.6

21.2 26.4

-

2.0

4.0

6.0

8.0

2006 2007 2008 2009 2010E 2011E 2012E 2013E

Subscribers (mn)

Penetration rate (%)

Thailand Broadband penetration forecast

Source: Frost & Sullivan, March 2008Source: BuddeComm, estimates, August 2010

Fixed-line Broadband penetration(as of June 2010)

16

*worldwide

to revive growth via market segmentation Reinforce leadership of premium market with more HD channels, double-play

propositions and interactive TV services

New encryption system; MPEG-4 set-top box replacement started in 4Q11

Mass market expansion and new convergence campaign to increase upselling opportunities and drive advertising revenue growth

17

Advertising spending

0.8 0.8 0.9 1.0 1.1 1.3 1.4 1.5 1.6 1.6 1.5 1.61.8 1.90.4 0.4

0.6 0.60.7

0.91.1 1.1 1.1 1.2 1.2 1.1

1.21.4

1.2 1.2

1.5 1.61.9

2.2

2.5 2.62.7 2.8 2.7 2.7

3.13.3

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

TV Others

USD bn

84.7% 80.4%68.1% 62.1%

54.5%

8.8%7.9%

9.6%10.4%

12.5%

4.6%6.6%

7.6%8.6%

10.3%

2.0% 5.0%14.7% 18.9% 22.7%

2007 2008 2009 2010 2011F

Source: AGB Nielsen Jun 2010

Thai broadcasting market

Antenna

Local CableTrueVisions

Satellite

Source: AGB Nielsen

Looking forwards18

Flooding in Q4 temporarily effected network rollout plans and marketing activities

No impact on mid-to-long term targets

Looking forward to 2012:

Mid-to-high single-digit revenue growth

Group CAPEX of Bt 23 bn (Bt 15 bn at True Mobile, Bt 7 bn at TrueOnline and Bt 500 mn at TrueVisions)

True Group provides unique investment opportunities

Thailand’s only quadruple-play operator with an unparalleled range of products and services

Convergence lifestyle platform strengthened by:

• 3G 850 MHz nationwide services

• Leadership of the premium smartphone market

• DOCSIS 3.0 (double-play) Broadband and pay TV

• Thailand’s largest and fastest WiFi network

• Exclusive content and applications for True Group customers

Market leadership in terms of technological and service innovation

19

4Q11/ FY11 results

Financial highlights – 4Q1121

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

Total Revenue (excl IC & network rental revenue) 7,196 8,932 2,489 16,599

% growth Q-o-Q -0.1% 12.7% -2.1% 5.4%

% growth Y-o-Y 1.5% 22.5% -0.2% 9.6%

Service Revenue 2/ 6,789 7,030 2,418 14,312

% growth Q-o-Q -1.4% 2.3% -2.1% -0.6%

% growth Y-o-Y -0.4% 17.3% -2.1% 4.8%

EBITDA 2,217 617 491 3,347

% growth Q-o-Q -14.3% -49.5% -9.7% -22.1%

% growth Y-o-Y -9.4% -60.2% -17.7% -27.9%

Interest expense (565) (964) (242) (1,721)

% growth Q-o-Q -2.8% 3.9% 0.3% 1.2%

% growth Y-o-Y 4.1% 33.3% 12.6% 20.0%

Tax, net (493) (957) (7) (1,472)

growth Q-o-Q 292 839 (32) 1,099

growth Y-o-Y 288 675 (52) 911

NIOGO 3/ (334) (3,663) 18 (3,894)

growth Q-o-Q (596) (2,610) (40) (3,130)

growth Y-o-Y (419) (3,092) (86) (3,562)

NIOGO excl. deferred tax 69 (2,703) (23) (2,556)

growth Q-o-Q (288) (1,744) (90) (2,006)

growth Y-o-Y (118) (2,414) (116) (2,612)

Free Cash Flow 218 (6,142) 875 (8,931)

growth Q-o-Q (1,762) (4,286) 1,682 (8,338)

growth Y-o-Y (763) (3,738) 479 (7,898)

Capex 809 1,857 856 3,492

growth Q-o-Q 232 (1,235) 565 (535)

growth Y-o-Y (186) 636 614 1,077

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

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

Financial highlights – FY1122

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

Total Revenue (excl IC & network rental revenue) 28,102 33,036 9,857 63,608

% growth Y-o-Y 5.1% 27.0% 0.6% 13.7%

Service Revenue 2/ 26,876 27,249 9,669 56,802

% growth Y-o-Y 3.2% 17.0% 0.9% 7.9%

EBITDA 9,973 4,974 2,236 17,104

% growth Y-o-Y 2.3% -20.2% -3.7% -7.0%

Depreciation & amortization (6,114) (6,048) (996) (13,030)

% growth Y-o-Y 0.7% 42.9% -1.6% 15.8%

Interest expense (2,266) (3,656) (937) (6,658)

% growth Y-o-Y -8.5% 14.5% 50.2% 9.1%

Tax, net (1,186) (1,383) (165) (2,793)

Current tax (470) (20) (105) (595)

growth Y-o-Y 39 20 (35) 24

Deferred income tax (717) (1,362) (60) (2,199)

growth Y-o-Y 257 418 (98) 577

NIOGO 3/ 427 (6,173) 294 (5,399)

growth Y-o-Y 126 (3,915) (222) (4,041)

NIOGO excl. deferred tax 1,144 (4,811) 354 (3,200)

growth Y-o-Y 383 (3,497) (320) (3,464)

Free Cash Flow 3,170 (6,224) 648 (6,391)

growth Y-o-Y 1,462 (6,462) 776 (8,177)

Capex 3,087 6,516 1,430 11,021

growth Y-o-Y (310) 3,087 750 3,538

24,368

3,228 22,309 23,835 22,795 23,575 23,284 27,249

2006 2007 2008 2009 2010 2011

Bt mn

Service revenue & market share

True Mobile revenue boosted by 3G+, CDMA businesses

Free cash flow

4,9044,111 3,880

2,762

3,667

292

5,262 5,070 4,232

2,637 3,429

6,516

2006 2007 2008 2009 2010 2011

Cash flow from operations Capex

Bt mn

15.3% 15.7% 14.4% 15.0% 14.1% 14.8%NIOGO

% TrueMobile revenue market share

(3,433)

(777)(2,883)

(624) (1,314)

(4,811)(3,100)

46

(3,244)

(1,411)(2,258)

(6,173)2006 2007 2008 2009 2010 2011

Bt mn

EBITDA & EBITDA margin

EBITDA margin

3G, CDMA & others

TrueMove

TrueMobile Group

TrueMove* 3G, CDMA & others* NIOGONIOGO excl. deferred income tax

23

*Before intersegment elimination between TrueMove and 3G, CDMA & others

%FY08 %FY09 %FY10 %FY11

Service revenue -4.4% +3.4% -1.2% +17.0%

EBITDA -24.8% +27.0% -13.7% -20.2%

6,463

(1,506)

5,072

7,5665,691

7,2266,233

4,974

2006 2007 2008 2009 2010 2011

Bt mn

Net IC - +164 (845) (32) +181 (98)

21.4% 30.6% 24.3% 27.7% 24.0% 15.1%

752 787 805 949 900 999 206 336 362 569 1,123 2,747

1,173 1,367 1,512 1,616 1,511

1,568

2,131 2,490 2,679 3,134 3,534

5,314

2006 2007 2008 2009 2010 2011Messaging (SMS/MMS) Mobile Internet Content & RBT

Bt mn

True Mobile’s non-voice revenue

Mobile Internet continues to drive non-voice growth

Smartphones and tablet devices supported strong mobile Internet growth

% of service revenue excl. IC and network rental

24

9.6% 10.4% 11.8% 13.3% 15.2% 19.5%

%FY08 %FY09 %FY10 %FY11

Non-voice revenues +7.6% +17.0% +12.8% +50.4%

7,578 12,080 14,757 15,801 17,118 18,157

494 289

7,578 12,080

14,757 15,801 17,118 18,940

2006 2007 2008 2009 2010 2011

‘000 subs

Net adds +3,119 +4,502 +2,677 +1,044 +1,317 +1,822(‘000)

Smartphone packages support True Mobile’s postpaid net addsTrue Mobile subscribers & market share

19.4% 23.2% 24.3% 24.6% 24.5% 25.0%

True Mobile postpaid revenue True Mobile prepaid revenue

% True Mobile Group market share

3,929 4,338 4,225 4,725 4,829 6,993 464 532 705 1,082 1,503

2,980

4,393 4,870 4,930 5,807 6,332

9,973

2006 2007 2008 2009 2010 2011

Bt mn

TrueMove 2G & 3G trial TrueMove H 3G+

Voice Non-voice Voice Non-voice

25

14,147 14,530 13,232 13,143 12,164 12,105

1,668 1,958 1,974 2,052 2,030 2,334

15,815 16,488 15,206 15,195 14,194 14,439

2006 2007 2008 2009 2010 2011

Bt mn

8%

92%

FY10

Postpaid

Prepaid10%

90%

FY11

Prepaid vs. postpaid subscribers

Hutch CDMA

3,110 3,841 5,812 7,250 6,973 7,043 7,792 9,235

9,998 10,573 11,532 13,021 13,070 11,452 10,179 8,564 7,538 6,812 23,972 24,528 25,989 26,387 26,043 26,876

2006 2007 2008 2009 2010 2011Convergence & othersBroadband & other Internet servicesTraditional voice (fixed-line, payphone, PCT)

Bt mn

(2,713)

782 1,000 45 760 1,144

(2,456)

(158)

1,201

(101)301 427

2006 2007 2008 2009 2010 2011NIOGO excl. deferred income tax NIOGO

Bt mn

TrueOnline grows on solid Broadband performanceNIOGO

EBITDA & EBITDA margin Free cash flow

Service revenue

4,1315,517

6,5585,392 5,104

6,256

3,601

1,849 2,408 2,551 3,397 3,087

2006 2007 2008 2009 2010 2011Cash flow from operations Capex

Bt mn

9,899 9,670 10,195 9,804 9,751 9,973

40.3% 38.8% 38.1% 36.4% 36.5% 35.5%

2006 2007 2008 2009 2010 2011

EBITDA EBITDA margin

Bt mn

26

%FY08 %FY09 %FY10 %FY11

Service revenue +6.0% +1.5% -1.3% +3.2%

EBITDA +5.4% -3.8% -0.5% +2.3%

34.9%

54.6%

0.7%9.9%

FY10

< 6Mbps

6 Mbps

7 Mbps

> 7 Mbps 20%

9%

57%

14%

FY11

443 549

927 1,026 1,175 1,335

728 701 707

2006 2007 2008 2009 2010 2011Broadband customer Blended ARPU

‘000 subs5,587 7,300 8,117 8,531 9,262

10,659

2006 2007 2008 2009 2010 2011

Bt mn

Success of Ultra hi-speed packages drive Broadband growthBroadband revenue*

Nationwide Broadband market share(estimated as of 3Q11)

Broadband customers* & ARPU

* Broadband revenue and subscribers were reclassified and restated to include revenues from enterprise business in 1Q11

True35%

TOT35%

3BB27%

Others3%

By no. of subs

True39%

TOT32%

3BB24%

Others5%

By value

Super Hi-speed sub by speed*

*Connection speed for the standard package (Bt599/month) was upgraded from 3Mbps to 4Mbps in Oct’09 and to 6Mbps in Aug’10

27

%FY08 %FY09 %FY10 %FY11

Broadband revenue +11.2% +5.1% +8.6% +15.1%

Broadband subscribers +68.8% +10.6% +14.6% +13.6%

7,769 8,001 8,426 8,549 8,334 8,131

676 865 992 910 769 831 13 74 482 707 8,445 8,866 9,431 9,533 9,585 9,669

2006 2007 2008 2009 2010 2011

Bt mnBt mn

2,366 2,527 2,666 2,622 2,322 2,236

26.4% 25.9% 26.1% 27.0% 23.7% 22.7%

24.8%

2006 2007 2008 2009 2010 2011EBITDA EBITDA margin w/o TVS extra item

Bt mn

Ad revenue offset declines in Pay TV subscription revenueNIOGOService revenues

EBITDA & EBITDA margin Free cash flow

Note: 2009 includes the reversal of over-accrued content-related costs (Bt207mn)

AdvertisingOthers

Subscription & installation

1,245 1,097 1,130 1,020 674 354

1,418

1,007 1,166

983

516 294

2006 2007 2008 2009 2010 2011

NIOGO excl. deferred income tax NIOGO

Bt mn

1,796

911

1,494 1,520

552

2,078

914 660 614

232

681

1,430

2006 2007 2008 2009 2010 2011

Cash flow from operations Capex

Bt mn

28

%FY08 %FY09 %FY10 %FY11

Service revenue +6.4% +1.1% +0.5% +0.9%

EBITDA +5.5% -1.7% -11.5% -3.7%

75 249 391 403 327 -46

92 141 521

319

524 533 515

160

394

819 1,016 1,059 1,008

2006 2007 2008 2009 2010 2011

Upsold Non-upsold (Free-to-air) Non-upsold (Free view)

‘000 subs

Subscribers decline from competition and piracy Bundled package subscribers &

upselling rate

* Upselling rate refers to the upgrading of mass market subscribers to higher-value packages

19.0% 30.4% 38.5% 38.0% 32.4%

% Upselling rate

466 481 479 459 455 430 93 149

320 470 475 396 65 319 527 536 520 526

-

90

143 199 256 290

624 1,039

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

2006 2007 2008 2009 2010 2011

‘000 subs

Subscribers & ARPU

1,217 1,104 988 806 744 765

Bt/sub/mo

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

29

Net adds +140 +415 +431 +194 +42 (63)(‘000)

%FY08 %FY09 %FY10 %FY11

Total subscribers +41.4% +13.2% +2.5% -3.7%

ARPU -10.5% -18.4% -7.7% +2.9%