True Corporation Public Company Limited

	2017	2016	2015
Service revenues^1/ (Million Baht)	97,025	88,058	74,803
Total revenues (Million Baht)	141,290	124,719	118,781
EBITDA (Million Baht)	39,912	25,071	22,109
Operating profit (Million Baht)	6,440	(492)	4,608
Net profit (loss) to shareholder (Million Baht)	2,323	(2,814)	4,412

	2017	2016	2015
Total assets (Million Baht)	465,311	448,960	283,525
Total liabilities (Million Baht)	331,108	317,233	208,318
Total shareholders' equity (Million Baht)	134,203	131,728	75,207

	2017	2016	2015
Current Ratio (Times)	0.60	0.76	0.69
Quick Ratio-Accrual Basis (Times)	0.34	0.52	0.39

	2017	2016	2015
Receivable Turnover Ratio (Times)	3.67	3.80	3.44
Average Collection Period (Days)	98	95	105
Inventory Turnover Ratio (Times)	2.23	2.97	3.50
Average Inventory Turnover Period (Days)	162	121	103
Payable Turnover Ratio (Times)	1.54	1.82	2.26
Average Payment Period (Days)	234	198	160
Cash Cycle (Days)	26	18	48

	2017	2016	2015
Net Debt to EBITDA ^3/ (Times)	2.54	2.45	3.67
Net Debt to Equity ^3/ (Times)	0.75	0.47	1.08
Total Liabilities to Total Equity Ratio (Times)	2.47	2.41	2.77
Interest coverage ratio ^4/ (Times)	6.61	5.25	7.27

	2017	2016	2015
Gross Profit Margin (%)	27.90	23.35	23.74
Net Profit Margin (%)	1.64	(2.26)	3.71
Return on Equity ^5/ (%)	1.76	(2.74)	6.10

	2017	2016	2015
Total Assets (%)	3.64	58.35	21.11
Total Liabilities (%)	4.37	52.28	27.51
Total Revenues (%)	13.29	5.00	8.76
Total Operating Expenses ^6/ (%)	7.70	9.67	7.41

	2017	2016	2015
Profit (loss) per share (Baht)	0.07	(0.10)	0.18
Book value per share (Baht)	4.02	3.95	3.06
Share price at the end of period (Baht)	6.20	7.15	6.70
No. of outstanding shares at year end (Million Shares)	33,368	33,368	24,608
Market capitalization (Million Baht)	206,883	238,583	164,873

COMPANY NAME	FIRST NAME	LAST NAME
AIRA SECURITIES PUBLIC COMPANY LIMITED	Phonthep	Wongnak
APPLEWEALTH SECURITIES COMPANY LIMITED	Piyatat	Pasommanatsakul
ASIA PLUS SECURITIES PUBLIC COMPANY LIMITED	Kawee	Manitsupavong
ASIA PLUS SECURITIES PUBLIC COMPANY LIMITED	Suwat	Wattanapornprom
ASIA WEALTH SECURITIES COMPANY LIMITED	Nutchapol	Cheevavichawalkul
ASL SECURITIES CO., LTD	Kamin	Jatejarungwong
BNP PARIBAS SECURITIES ASIA	Wei Shi	Wu
BUALUANG SECURITIES PUBLIC COMPANY LIMITED	Prasit	Sujiravorakul
CAPITAL NOMURA SECURITIES PUBLIC COMPANY LIMITED	Nuttapon	Kumnounphon
CGS-CIMB Securities (Thailand) Co., Ltd.	Wasu	Mattanapotchanart
CITICORP SECURITIES (THAILAND) LTD	Arthur	Pineda
CLSA SECURITIES (THAILAND) LIMITED	Weerapat	Wonk-urai
COUNTRY GROUP SECURITIES PUBLIC COMPANY LIMITED	Putcharin	Wattanakaewsripetch
CREDIT SUISSE SECURITIES (THAILAND) LIMITED	Colin	McCallum
DEUTSCHE TISCO INVESTMENT ADVISORY COMPANY LIMITED	Thapana	Phanich
FINANSIA SYRUS SECURITIES PUBLIC COMPANY LIMITED	Veeravat	Virochpoka
GLOBLEX SECURITIES COMPANY LIMITED	Boonyarith	Benjathanarak
IV GLOBAL SECURITIES PUBLIC CO., LTD.	Rattana	Leenutaphong
JPMORGAN SECURITIES (THAILAND) LIMITED	Princy	Singh
KASIKORN SECURITIES PUBLIC COMPANY LIMITED	Pisut	Ngamvijitvong
KGI SECURITIES (THAILAND) PUBLIC COMPANY LIMITED	Piyathida	Sonthisombat
KRUNGSRI SECURITIES PUBLIC COMPANY LIMITED	Kittisorn	Pruitipat
KT ZMICO SECURITIES COMPANY LIMITED	Waraporn	Wiboonkanarak
KTB SECURITIES (THAILAND) COMPANY LIMITED	Nontapat	Rushtasomboon
MACQUARIE SECURITIES (THAILAND) LIMITED	Prem	Jearajasingam
NEW STREET RESEARCH LLP	Chris	Hoare
NOMURA SECURITIES SINGAPORE	Gopakumar	Pullaikodi
PHATRA SECURITIES PUBLIC COMPANY LIMITED	Thitithep	Nophaket
SCB SECURITIES COMPANY LIMITED	Phatipak	Navawatana
THANACHART SECURITIES PUBLIC COMPANY LIMITED	Sarachada	Sornsong
TRINITY SECURITIES COMPANY LIMITED	Ekkarin	Wongsiri
UBS SECURITIES (THAILAND) LIMITED	Navin	Killa
UOB KAYHIAN SECURITIES (THAILAND) PUBLIC COMPANY LIMITED	Chaiwat	Arsirawichai
YUANTA SECURITIES (THAILAND) COMPANY LIMITED	Supachai	Wattanavitheskul

XI Date	Payment	Period	Coupon Rate (%)
26-Apr-16	10-May-16	10-Nov-2015 - 09-May-2016	4.11
27-Oct-16	10-Nov-16	10-May-2016 - 09-Nov-2016	4.11
26-Apr-17	11-May-17	10-Nov-2016 - 09-May-2017	4.11
27-Oct-17	10-Nov-17	10-May-2017 - 09-Nov-2017	4.11
26-Apr-18	10-May-18	10-Nov-2017 - 09-May-2018	4.11
29-Oct-18	12-Nov-18	10-May-2018 - 09-Nov-2018	4.11
26-Apr-19	10-May-19	10-Nov-2018 - 09-May-2019	4.11
28-Oct-19	11-Nov-19	10-May-2019 - 09-Nov-2019	4.11
27-Apr-20	11-May-20	10-Nov-2019 - 09-May-2020	4.11
27-Oct-20	10-Nov-20	10-May-2020 - 09-Nov-2020	4.11
26-Apr-21	10-May-21	10-Nov-2020 - 09-May-2021	4.11
27-Oct-21	10-Nov-21	10-May-2021 - 09-Nov-2021	4.11
26-Apr-22	10-May-22	10-Nov-2021 - 09-May-2022	4.11

No.	Start date	Register closing date	End date	Payment date	Payment frequency (days)	Coupon rate (%)
1	6/3/2014	23/5/2014	5/6/2014	6/6/2014	92	5.4
2	6/6/2014	25/8/2014	5/9/2014	8/9/2014	92	5.4
3	6/9/2014	24/11/2014	5/12/2014	8/12/2014	91	5.4
4	6/12/2014	20/2/2015	5/3/2015	6/3/2015	90	5.4
5	6/3/2015	25/5/2015	5/6/2015	8/6/2015	92	5.4
6	6/6/2015	24/8/2015	5/9/2015	7/9/2015	92	5.4
7	6/9/2015	23/11/2015	5/12/2015	7/12/2015	91	5.4
8	6/12/2015	22/2/2016	5/3/2016	7/3/2016	91	5.4
9	6/3/2016	23/5/2016	5/6/2016	6/6/2016	92	5.4
10	6/6/2016	23/8/2016	5/9/2016	6/9/2016	92	5.4
11	6/9/2016	22/11/2016	5/12/2016	6/12/2016	91	5.4
12	6/12/2016	20/2/2017	5/3/2017	6/3/2017	90	5.4
13	6/3/2017	23/5/2017	5/6/2017	6/6/2017	92	5.4
14	6/6/2017	23/8/2017	5/9/2017	6/9/2017	92	5.4
15	6/9/2017	22/11/2017	5/12/2017	6/12/2017	91	5.4
16	6/12/2017	20/2/2018	5/3/2018	6/3/2018	90	5.4

No.	Payment Date	Beginning Balance	Coupon (%)	Interest Amount	Principal Amount	Total Payment	Ending Balance
0	5 Jul 13	0	5.55	-	-	-	1,000.00
1	7 Oct 13	1,000.00	5.55	13.98904110	-	13.98904110	1,000.00
2	6 Jan 14	1,000.00	5.55	13.98904110	-	13.98904110	1,000.00
3	7 Apr 14	1,000.00	5.55	13.68493151	-	13.68493151	1,000.00
4	7 Jul 14	1,000.00	5.55	13.83698630	-	13.83698630	1,000.00
5	6 Oct 14	1,000.00	5.55	13.98904110	-	13.98904110	1,000.00
6	5 Jan 15	1,000.00	5.55	13.98904110	-	13.98904110	1,000.00
7	6 Apr 15	1,000.00	5.55	13.68493151	-	13.68493151	1,000.00
8	6 Jul 15	1,000.00	5.55	13.83698630	-	13.83698630	1,000.00
9	5 Oct 15	1,000.00	5.55	13.98904110	-	13.98904110	1,000.00
10	5 Jan 16	1,000.00	5.55	13.98904110	-	13.98904110	1,000.00
11	5 Apr 16	1,000.00	5.55	13.83698630	-	13.83698630	1,000.00
12	5 Jul 16	1,000.00	5.55	13.83698630	-	13.83698630	1,000.00
13	5 Oct 16	1,000.00	5.55	13.98904110	-	13.98904110	1,000.00
14	5 Jan 17	1,000.00	5.55	13.98904110	-	13.98904110	1,000.00
15	5 Apr 17	1,000.00	5.55	13.68493151	-	13.68493151	1,000.00
16	5 Jul 17	1,000.00	5.55	13.83698630	1,000.00	1,013.83698630	0.00

No.	Payment Date	Beginning Balance	Coupon (%)	Interest Amount	Principal Amount	Total Payment	Ending Balance
0	5 Apr 13	0	5.80	-	-	-	1,000.00
1	5 Jul 13	1,000.00	5.80	14.46027397	-	14.46027397	1,000.00
2	7 Oct 13	1,000.00	5.80	14.61917808	-	14.61917808	1,000.00
3	6 Jan 14	1,000.00	5.80	14.61917808	-	14.61917808	1,000.00
4	8 Apr 14	1,000.00	5.80	14.30136986	-	14.30136986	1,000.00
5	7 Jul 14	1,000.00	5.80	14.46027397	-	14.46027397	1,000.00
6	6 Oct 14	1,000.00	5.80	14.61917808	-	14.61917808	1,000.00
7	5 Jan 15	1,000.00	5.80	14.61917808	-	14.61917808	1,000.00
8	7 Apr 15	1,000.00	5.80	14.30136986	-	14.30136986	1,000.00
9	6 Jul 15	1,000.00	5.80	14.46027397	-	14.46027397	1,000.00
10	5 Oct 15	1,000.00	5.80	14.61917808	-	14.61917808	1,000.00
11	5 Jan 16	1,000.00	5.80	14.61917808	-	14.61917808	1,000.00
12	5 Apr 16	1,000.00	5.80	14.46027397	-	14.46027397	1,000.00
13	5 Jul 16	1,000.00	5.80	14.46027397	-	14.46027397	1,000.00
14	5 Oct 16	1,000.00	5.80	14.61917808	-	14.61917808	1,000.00
15	5 Jan 17	1,000.00	5.80	14.61917808	-	14.61917808	1,000.00
16	5 Apr 17	1,000.00	5.80	14.30136986	1,000.00	1,014.30136986	0.00

Subsidiary Companies and Others

Company Name	Address	Type of Business	Paid-up Capital	% of investment
AP&J Production Co., Ltd.	105/1,Thetsaban Songkhro Road, Ladyao, Jatujak, Bangkok 10900 Tel. (662) 954-3512 Fax. (662) 954-3513	Entertainment	THB 16.67 million divided into 166,667 ordinary shares with a par value of Baht 100 each and fully paid up.	70.00
Asia Wireless Communication Co., Ltd.	18 True Tower, Ratchadapisek Road, Huai Khwang, Bangkok 10310 Tel. (662) 859-1111 Fax. (662) 859-9134	Mobile equipment Lessor	THB 5,720.92 million divided into 1,144.18 million ordinary shares with a par value of Baht 5 each and fully paid up.	100.00
Bangkok Inter Teletech Public Company Limited	18 True Tower, Ratchadapisek Road, Huai Khwang, Bangkok 10310 Tel. (662) 859-1111 Fax. (662) 859-9134	Holding Company	THB 16,229 million divided into 6,491.74 million ordinary shares with a par value of Baht 2.50 each and fully paid up.	99.74
BeboydCg Co., Ltd.	18 True Tower, Ratchadapisek Road, Huai Khwang, Bangkok 10310 Tel. (662) 859-1111 Fax. (662) 859-9134	Production of animation	THB 124.67 million divided into 12.47 million ordinary shares with a par value of Baht 10 each and fully paid up.	84.67
BFKT (Thailand) Limited	18 True Tower, Ratchadapisek Road, Huai Khwang, Bangkok 10310 Tel. (662) 859-1111 Fax. (662) 859-9134	Mobile equipment Lessor	THB 23,358.32 million divided into 233.58 million ordinary shares with a par value of Baht 100 each and fully paid up	100.00
Cineplex Co., Ltd.	118/1 Tipco Tower, Rama VI Road, Samsen Nai, Phayathai, Bangkok 10400 Tel. (662) 764-9000 Fax. (662) 764-9900	Program production	THB 1,283.43 million divided into 128.34 million ordinary shares with a par value of Baht 10 each and fully paid up.	100.00
Hutchison CAT Wireless MultiMedia Limited	18 True Tower, Ratchadapisek Road, Huai Khwang, Bangkok 10310 Tel. (662) 859-1111 Fax. (662) 859-9134	Dormant	THB 950 million divided into 95 million ordinary shares with a par value of Baht 10 each and fully paid up	68.20
Hutchison MultiMedia Services (Thailand) Limited	18 True Tower, Ratchadapisek Road, Huai Khwang, Bangkok 10310 Tel. (662) 859-1111 Fax. (662) 859-9134	Dormant	THB 230 million divided into 23 million ordinary shares with a par value of Baht 10 each and fully paid up	100.00
Hutchison Telecommunications (Thailand) Co., Ltd.	18 True Tower, Ratchadapisek Road, Huai Khwang, Bangkok 10310 Tel. (662) 859-1111 Fax. (662) 859-9134	Dormant	THB 54 million divided into 3.6 million ordinary shares with a par value of Baht 15 each and fully paid up	100.00
Hutchison WirelessMultiMedia Holdings Limited	18 True Tower, Ratchadapisek Road, Huai Khwang, Bangkok 10310 Tel. (662) 859-1111 Fax. (662) 859-9134	Holding company	THB 10 million divided into 590,000 ordinary shares and 410,000 preference shares with a par value of Baht 10 each and fully paid up	92.26
Internet Knowledge Service Center Co., Ltd.	2/4 Chubb Tower, 10th Floor, Vibhavadee-Rangsit Road, Thungsonghong, Laksi, Bangkok 10210 Tel. (662) 779-7777 Fax. (662) 779-7111	Non-government telecommunication	THB 50 million divided into 12 million ordinary shares with a par value of Baht 10 each, 2.67 million ordinary shares fully paid up and 9.33 million ordinary shares call-up Baht 2.50 each	56.93
KSC Commercial Internet Co., Ltd.	2/4 Chubb Tower, 10th Floor, Vibhavadee-Rangsit Road, Thungsonghong, Laksi, Bangkok 10210 Tel. (662) 779-7777 Fax. (662) 779-7111	Internet services provider	THB 153.04 million divided into 15.3 million ordinary shares with a par value of Baht 10 each and fully paid up.	56.83
MKSC World Dot Com Co., Ltd.	2/4 Chubb Tower, 10th Floor, Vibhavadee-Rangsit Road, Thungsonghong, Laksi, Bangkok 10210 Tel. (662) 779-7777 Fax. (662) 779-7111	Internet services and distributor	THB 139.64 million divided into 13.95 million ordinary shares and 0.01 million preference shares with a par value of Baht 10 each fully paid up.	91.08
Panther Entertainment Co., Ltd.	118/1 Tipco Tower, Rama VI Road, Samsen Nai, Phayathai, Bangkok 10400 Tel. (662) 764-9000 Fax. (662) 764-9900	Artist management and related business	THB 555 million divided into 105.5 million ordinary shares with a par value of Baht 10 each 15.50 million ordinary shares fully paid up and 90 million ordinary shares call-up Baht 4.44 each.	99.99
Real Move Co., Ltd.	18 True Tower, Ratchadapisek Road, Huai Khwang, Bangkok 10310 Tel. (662) 859-1111 Fax. (662) 859-9134	Reseller of mobile phone services	THB 7,000 million divided into 70 million ordinary shares with a par value of Baht 100 each and fully paid up.	99.74
Samut Pakan Media Corporation Co., Ltd.	18 True Tower, Ratchadapisek Road, Huai Khwang, Bangkok 10310 Tel. (662) 859-1111 Fax. (662) 859-9134	Dormant	THB 1 million divided into 10,000 ordinary shares with a par value of Baht 100 each and fully paid up.	99.69
Sattellite Service Co., Ltd.	118/1 Tipco Tower, Rama VI Road, Samsen Nai, Phayathai, Bangkok 10400 Tel. (662) 764-9000 Fax. (662) 764-9900	Sales and rental of equipment related to Pay Television	THB 1,338 million divided into 223 million ordinary shares with a par value of Baht 6 each and fully paid up.	99.53
SM True Co., Ltd.	118/1 Tipco Tower, Rama VI Road, Samsen Nai, Phayathai, Bangkok 10400 Tel. (662) 764-9000 Fax. (662) 764-9900	Artist management and related business	THB 20 million divided into 0.2 million ordinary shares with a par value of Baht 100 each and fully paid up.	51.00
Song Dao Co., Ltd.	18 True Tower, Ratchadapisek Road, Huai Khwang, Bangkok 10310 Tel. (662) 859-1111 Fax. (662) 859-9134	Dormant	THB 1 million divided into 10,000 ordinary shares with a par value of Baht 100 each and fully paid up.	99.67
Tele Engineering and Services Co., Ltd.	18 True Tower, Ratchadapisek Road, Huai Khwang, Bangkok 10310 Tel. (662) 859-1111 Fax. (662) 859-9134	Dormant	THB 25 million divided into 2.5 million ordinary shares with a par value of Baht 10 each and fully paid up.	100.00
Telecom Asset Management Co., Ltd.	18 True Tower, Ratchadapisek Road, Huai Khwang, Bangkok 10310 Tel. (662) 859-1111 Fax. (662) 859-9134	Marketing Management	THB 2.5 million divided into 1 million ordinary shares with a par value of Baht 10 each and call-up Baht 2.50 each.	100.00
Telecom Holding Co., Ltd.	18 True Tower, Ratchadapisek Road, Huai Khwang, Bangkok 10310 Tel. (662) 859-1111 Fax. (662) 859-9134	Holding Company	THB 39,160.99 million divided into 5,082.62 million ordinary shares with a par value of Baht 8 each, 4,332.62 million ordinary shares is fully paid up and 750 million ordinary shares is called-up for Baht 6 each.	100.00
Telecom KSC Co., Ltd.	2/4 Chubb Tower, 10th Floor, Vibhavadee-Rangsit Road, Thungsonghong, Laksi, Bangkok 10210 Tel. (662) 779-7777 Fax. (662) 779-7111	Dormant	THB 250,000 divided into 100,000 ordinary shares with a par value of Baht 10 each and call-up Baht 2.50 each	34.39
Thai News Network (TNN) Co., Ltd.	118/1 Tipco Tower, Rama VI Road, Samsen Nai, Phayathai, Bangkok 10400 Tel. (662) 764-9000 Fax. (662) 764-9900	News Channel	THB 1,600 million divided into 20 million ordinary shares with a par value of Baht 100 each, 10 million ordinary shares fully paid up and 10 million ordinary shares call-up Baht 60 each.	100.00
True Digital & Media Platform Co., Ltd	18 True Tower, Ratchadapisek Road, Huai Khwang, Bangkok 10310 Tel. (662) 859-1111 Fax. (662) 859-9134	Trading and internet provider including online digital media services on website and telecommunication devices	THB 500 million divided into 5 million ordinary shares with a par value of Baht 100 each and fully paid up.	100.00
True Digital Park Co., Ltd.	18 True Tower, Ratchadapisek Road, Huai Khwang, Bangkok 10310 Tel. (662) 859-1111 Fax. (662) 859-9134	Business solution provider	THB 1 million divided into 100,000 ordinary shares with a par value of Baht 10 each and fully paid up.	100.00
True Distribution & Sales Co., Ltd.	18 True Tower, Ratchadapisek Road, Huai Khwang, Bangkok 10310 Tel. (662) 859-1111 Fax. (662) 859-9134	Distribution Center Services	THB 16,301 million divided into 163.01 million ordinary shares with a par value of Baht 100 each and fully paid up.	99.70
True4U Station Co., Ltd.	118/1 Tipco Tower, Rama VI Road, Samsen Nai, Phayathai, Bangkok 10400 Tel. (662) 764-9000 Fax. (662) 764-9900	Television and related business	THB 3,260 million divided into 70 million ordinary shares with a par value of Baht 100 each, 10 million ordinary shares fully paid up and 60 million ordinary shares call-up Baht 37.67 each.	100.00
True Icontent Co., Ltd.	18 True Tower, Ratchadapisek Road, Huai Khwang, Bangkok 10310 Tel. (662) 859-1111 Fax. (662) 859-9134	Contents provider	THB 201 million divided into 20.1 million ordinary shares with a par value of Baht 10 eachsand fully paid up.	100.00
True Incube Co., Ltd.	18 True Tower, Ratchadapisek Road, Huai Khwang, Bangkok 10310 Tel. (662) 859-1111 Fax. (662) 859-9134	Holding Company	THB 40 million divided into 16 million ordinary shares with a par value of Baht 10 each and call-up Baht 2.50 each.	100.00
True Information Technology Co., Ltd.	18 True Tower, Ratchadapisek Road, Huai Khwang, Bangkok 10310 Tel. (662) 859-1111 Fax. (662) 859-9134	IT services	THB 1,347 million divided into 134.7 million ordinary shares with a par value of Baht 10 each and fully paid up.	100.00
True International Communication Co., Ltd.	18 True Tower, Ratchadapisek Road, Huai Khwang, Bangkok 10310 Tel. (662) 859-1111 Fax. (662) 859-9134	Telecommunication services	THB 22 million divided into 850,000 ordinary shares with a par value of Baht 100 each, 10,000 ordinary shares fully paid up and 840,000 ordinary shares call-up Baht 25 each.	100.00
True International Gateway Co., Ltd.	1 Fortune Town Building, 15th Floor, Ratchadapisek Road, Din Dang, Bangkok 10400 Tel. (662) 641-1800	Telecommunication and internet service	THB 436 million divided into 4.36 million ordinary shares with a par value of Baht 100 each and fully paid up.	100.00
True Internet Corporation Co., Ltd.	18 True Tower, Ratchadapisek Road, Huai Khwang, Bangkok 10310 Tel. (662) 859-1111 Fax. (662) 859-9134	Telecommunication services and internet solution provider	THB 10,000 million divided into 100 million ordinary shares with a par value of Baht 100 each and fully paid up.	100.00
True Life Plus Co., Ltd.	18 True Tower, Ratchadapisek Road, Huai Khwang, Bangkok 10310 Tel. (662) 643-1111 Fax. (662) 643-1651	Telecommunication services reseller	THB 2,195 million divided into 257.5 million ordinary shares with a par value of Baht 10 each, 97.5 million ordinary shares fully paid up and 160 million ordinary shares call-up Baht 7.625 each	100.00
True Media Solutions Co., Ltd.	118/1 Tipco Tower, Rama VI Road, Samsen Nai, Phayathai, Bangkok 10400 Tel. (662) 764-9000 Fax. (662) 764-9900	Advertising sale and agency	THB 25 million divided into 2.5 million ordinary shares with a par value of Baht 10 each and fully paid up.	100.00
True Move Co., Ltd.	18 True Tower, Ratchadapisek Road, Huai Khwang, Bangkok 10310 Tel. (662) 859-1111 Fax. (662) 859-9134	Telecommunication management services	THB 3,387.07 million divided into 677.41 million ordinary shares with a par value of Baht 5 each and fully paid up.	99.70
True Move H Universal Communication Co., Ltd.	18 True Tower, Ratchadapisek Road, Huai Khwang, Bangkok 10310 Tel. (662) 859-1111 Fax. (662) 859-9134	Wireless Telecommunication services	THB 141,959.30 million divided into 14,195.93 million ordinary shares with a par value of Baht 10 each and fully paid up.	100.00
True Multimedia Co., Ltd.	18 True Tower, Ratchadapisek Road, Huai Khwang, Bangkok 10310 Tel. (662) 859-1111 Fax. (662) 859-9134	NON-POTS and multimedia service	THB 6,562 million divided into 656.2 million ordinary shares with a par value of Baht 10 each and fully paid up.	91.08
True Music Co., Ltd.	18 True Tower, Ratchadapisek Road, Huai Khwang, Bangkok 10310 Tel. (662) 859-1111 Fax. (662) 859-9134	Content provider	THB 200,000 divided into 20,000 ordinary shares with a par value of Baht 10 each and fully paid up.	99.67
True Public Communication Co., Ltd.	18 True Tower, Ratchadapisek Road, Huai Khwang, Bangkok 10310 Tel. (662) 859-1111 Fax. (662) 859-9134	Telecommunication services	THB 97 million divided into 970,000 ordinary shares with a par value of Baht 100 each and fully paid up.	100.00
True Touch Co.,Ltd	18 True Tower, Ratchadapisek Road, Huai Khwang, Bangkok 10310 Tel. (662) 859-1111 Fax. (662) 859-9134	Call centre services	THB 173.70 million divided into 1.93 million ordinary shares with a par value of Baht 90 each and fully paid up.	100.00
True United Football Club Co., Ltd.	18 True Tower, Ratchadapisek Road, Huai Khwang, Bangkok 10310 Tel. (662) 859-1111 Fax. (662) 859-9134	Football Club and related activities management	THB 320 million divided into 32 million ordinary shares with a par value of Baht 10 each and fully paid up.	70.00
True Visions Cable Public Company Limited	118/1 Tipco Tower, Rama VI Road, Samsen Nai, Phayathai, Bangkok 10400 Tel. (662) 764-9000 Fax. (662) 764-9900	Pay Television via cable system	THB 7,608.65 million divided into 760.86 million ordinary shares with a par value of Baht 10 each and fully paid up.	99.10
True Visions Group Co., Ltd.	118/1 Tipco Tower, Rama VI Road, Samsen Nai, Phayathai, Bangkok 10400 Tel. (662) 764-9000 Fax. (662) 764-9900	Pay Television	THB 24,516.70 million divided into 305.17 million ordinary shares with a par value of Baht 100 each, 225.17 million ordinary shares fully paid up and 80 million ordinary shares call-up Baht 25 each.	100.00
True Visions Public Company Limited	118/1 Tipco Tower, Rama VI Road, Samsen Nai, Phayathai, Bangkok 10400 Tel. (662) 764-9000 Fax. (662) 764-9900	Pay Television	THB 2,266.72 million divided into 755.57 million ordinary shares with a par value of Baht 3 each and fully paid up.	99.53
True Vistas Co., Ltd.	18 True Tower, Ratchadapisek Road, Huai Khwang, Bangkok 10310 Tel. (662) 859-1111 Fax. (662) 859-9134	Production and distribution of movies films	THB 46.63 million divided into 4.66 million ordinary shares with a par value of Baht 10 each and fully paid up.	100.00
K.I.N. (Thailand) Co., Ltd.	P.O. Box 957, Offshore Incorporation Centre, Road Town, Tortola, British Virgin Islands	Holding Company	USD 1 divided into 1 ordinary share with a par value of USD 1 each and fully paid up.	100.00
Gold Palace Investments Limited	P.O. Box 957, Offshore Incorporations Centre, Road Town, Tortola, British Virgin Islands	Holding Company	USD 15.22 million divided into 15.22 million ordinary shares with a par value of USD 1 each and fully paid up.	100.00
Golden Light Co., Ltd.	Suite 308, St. James Court, St. Denis Street, Port Louis, Republic of Mauritius	Holding Company	USD 17.72 million divided into 17.72 million ordinary share with a par value of USD 1 each and fully paid up.	100.00
Goldsky Co., Ltd.	Suite 308, St James Court, St Denis Street, Port Louis, Republic of Mauritius	Holding Company	USD 4.97 divided into 4.97 million ordinary shares with a par value of USD 1 each and fully paid up.	100.00
Rosy Legend Limited	P.O. Box 957, Offshore Incorporations Centre, Road Town, Tortola, British Virgin Islands	Holding Company	USD 1 divided into 1 ordinary share with a par value of USD 1 each and fully paid up.	99.74
Prospect Gain Limited	P.O. Box 957, Offshore Incorporations Centre, Road Town, Tortola, British Virgin Islands	Holding Company	USD 1 divided into 1 ordinary share with a par value of USD 1 each and fully paid up.	100.00
True Internet Technology (Shanghai) Company Limited	Room 2202-05, Johnson Building, No. 145 Pujian Road, Shanghai 200127, P.R.China Tel. (86)21 5889 0800-8049 Fax.(86)21 5889 0800-8033	Developing, designing, producing and sale of software products	USD 16 million divided into 16 million ordinary shares with a par value of USD 1 each and fully paid up.	100.00
True Trademark Holdings Company Limited	P.O. Box 957, Offshore Incorporations Centre, Road Town, Tortola, British Virgin Islands	Holding Company	USD 4.97 divided into 4.97 million ordinary shares with a par value of USD 1 each and fully paid up.	100.00
Asia Infonet Co., Ltd.	1 Fortune Town, 14th, 17th Floors, Ratchadapisek Road, Din Dang, Bangkok 10400 Tel. (662) 641-1800	Dormant	THB 15 million divided into 1.5 million ordinary shares with a par value of Baht 10 each and fully paid up.	65.00
BEC-TERO True Visions Co., Ltd.	3199 Maleenont Tower, 28th Floor, Rama 4 Rd., Klongton, Klongtoey, Bangkok 10110 Tel. (662) 204-3333 Fax. (662) 204-1384	Dormant	THB 50 million divided into 0.5 million ordinary shares with a par value of Baht 100 each and fully paid up.	50.00
Transformation Films Co., Ltd.	6, Soi Nak Niwat 12 , Nak Niwat Road, Lat Phrao, Lat Phrao, Bangkok 10230 Tel. (662) 932-5600 Fax. (662) 932-5600	Manufacturing and filmmaker	THB 175 million divided into 1.75 million ordinary shares with a par value of Baht 100 each And fully paid up.	28.57
True CJ Creation Co., Ltd.	118/1 Tipco Tower, Rama VI Road, Samsen Nai, Phayathai, Bangkok 10400 Tel. (662) 764-9000 Fax. (662) 764-9900	Production House	THB 80.85 million divided into 1,108,800 ordinary shares and 46,200 preference shares with a par value of Baht 100 each, 10,000 ordinary shares fully paid up and 1,145,000 ordinary shares call-up Baht 69.74 each.	51.00
True Voice Co., Ltd.	18 True Tower, Ratchadapisek Road, Huai Khwang, Bangkok 10310 Tel. (662) 859-1111 Fax. (662) 859-9134	Voice recognised service and related software and hardware	THB 24 million divided into 240,000 ordinary shares with a par value of Baht 100 each and fully paid up.	55.00
True GS Co., Ltd.	18 True Tower, Ratchadapisek Road, Huai Khwang, Bangkok 10310 Tel. (662) 859-1111 Fax. (662) 859-9134	Home shopping	THB 340 million divided into 3.4 million ordinary shares with a par value of Baht 100 each and fully paid up.	46.80
True Axion Interactive Ltd.* (formerly “True Axion Games Ltd.”)	18 True Tower, Ratchadapisek Road, Huai Khwang, Bangkok 10310 Tel. (662) 859-1111 Fax. (662) 859-9134	Games and application development	THB 89 million divided into 89,000 ordinary shares with a par value of Baht 1,000 each and fully paid up.	40.00
NEC Corporation (Thailand) Co., Ltd.	159 Sermmit Tower, 2nd and 24th Floor, Sukumvit 21, Klongtoey Nua, Wattana, Bangkok 10110	Telecommunication equipment manufacturer	THB 350.30 million divided into 350,300 ordinary shares with a par value of Baht 1,000 each and fully paid up.	9.42
Thai Smart Card Co., Ltd.	191 Silom Complex Building, 27th Floor, Room No. 2, Silom Road, Bangrak, Bangkok 10500	Central Service Bureau for clearing electronic payment transactions	THB 1,600 million divided into 160 million ordinary shares with a par value of Baht 10 each and fully paid up.	15.76
Supernap (Thailand) Co., Ltd.	390/2 Hemaraj Industrial Estate Chonburi 2, Moo 2, Kao Khan song, Sriracha, Chonburi 20230	Data centers	THB 1,410.01 million divided into 200 million ordinary shares with a par value of Baht 10 each, 141 million ordinary shares call-up Bath 8.954 each and 59 million ordinary shares call-up Baht 2.50 each.	15.00
Clearing House for Number Portability Co., Ltd.	98, Sathorn Square Office Tower, Room No. 403, 4th Floor, North Sathorn Road, Silom, Bangrak, Bangkok 10500	provide mobile number portability service	THB 2 million divided into 20,000 ordinary shares with a par value of Baht 100 each and fully paid up.	19.97

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Consolidated Financial Results

Consolidated Balance Sheets

Liquidity Ratios

Activity Ratios ^2/

Leverage Ratios

Profitability Ratios

Growth Ratios

Per Share Data and Others

FINANCIAL HIGHLIGHTS

BUSINESS PERFORMANCE

ANNUAL REPORT

QUARTERLY RESULTS

DEBENTURES

INVESTMENT
STRUCTURE

INVESTOR RELATIONS CONTACT

Investor Kit

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Financial Highlights

Consolidated Financial Results

Consolidated Balance Sheets

Liquidity Ratios

Activity Ratios 2/

Leverage Ratios

Profitability Ratios

Growth Ratios

Per Share Data and Others

Analyst Coverage

Repayment/Interest Payment Schedule

Repayment/Interest Payment Schedule

Repayment/Interest Payment Schedule

Repayment/Interest Payment Schedule

True Move H Universal Communication Co., Ltd. Bill of Exchange’s Agent

Subsidiary Companies and Others

FINANCIAL HIGHLIGHTS

BUSINESS PERFORMANCE

ANNUAL REPORT

QUARTERLY RESULTS

DEBENTURES

INVESTMENTSTRUCTURE

INVESTOR RELATIONS CONTACT

Activity Ratios ^2/

INVESTMENT
STRUCTURE