True Corporation Public Company Limited

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Financial Highlights and Ratios

Consolidated Financial Results

+ -

	Unit	2020	2019	2018
Service revenues ^1/	Million Baht	107,240	105,807	101,788
Total revenues	Million Baht	138,212	140,943	162,773
Total revenues excl. revenue from asset sale to DIF	Million Baht	138,212	138,457	136,009
EBITDA	Million Baht	52,654	33,850	56,001
EBITDA excl. TFRS16 and gain from asset sale to DIF	Million Baht	37,189	31,457	32,537
Operating profit	Million Baht	10,646	7,104	22,408
Operating profit excl. TFRS16 and gain from asset sale to DIF	Million Baht	5,320	4,712	(1,056)
Net profit (loss) to equity holders of the Company	Million Baht	1,048	5,637	7,035
Net profit (loss) to equity holders of the Company excl. TFRS16 and gain from asset sale to DIF	Million Baht	1,764	2,170	(3,294)

Consolidated Balance Sheets

+ -

	Unit	2020	2019	2018
Total Assets	Million Baht	617,548	523,993	495,569
Total Liabilities	Million Baht	531,931	397,974	361,685
Total Liabilities excl. lease liabilities (TFRS16 impact)	Million Baht	405,525	397,974	361,685
Total Shareholders' Equity	Million Baht	85,617	126,019	133,884
Total Shareholders' Equity excl. TFRS16 impact ^2/	Million Baht	123,374	126,019	133,884

Liquidity Ratios

+ -

	Unit	2020	2019	2018
Current Ratio	Times	0.6	0.9	0.6
Quick Ratio-Accrual Basis	Times	0.4	0.6	0.4

Activity Ratios

+ -

	Unit	2020	2019	2018
Receivable Turnover Ratio	Times	3.5	3.8	3.9
Average Collection Period	Days	104	94	93
Inventory Turnover Ratio	Times	3.2	2.8	2.3
Average Inventory Turnover Period	Days	111	128	157
Payable Turnover Ratio	Times	1.5	1.6	1.6
Average Payment Period	Days	233	222	231
Cash Cycle	Days	(18)	1	19

Leverage Ratios

+ -

	Unit	2020	2019	2018
Net Debt to EBITDA ^3/	Times	3.8	4.6	2.3
Net Debt to Equity ^3/	Times	2.3	1.2	1.0
Total Liabilities to Total Equity Ratio ^4/	Times	3.3	3.2	2.7
Interest Coverage Ratio ^5/	Times	3.5	4.1	6.0

Profitability Ratios

+ -

	Unit	2020	2019	2018
Gross Profit Margin	%	27.2%	24.2%	35.3%
Net Profit Margin	%	0.8%	4.0%	4.3%
ROE	%	1.0%	4.4%	5.4%

Per Share Data and Others

+ -

	Unit	2020	2019	2018
Profit (loss) per share	Baht	0.03	0.17	0.21
Book value per share	Baht	2.57	3.78	4.01
Share price at the end of period	Baht	3.44	4.60	5.20
No. of outstanding shares at year end	Million Shares	33,368	33,368	33,368
Market capitalization	Million Baht	114,787	153,494	173,515

^1/ Service revenues excluding interconnection (IC) revenue and network rental revenue

^2/ The impairment of lease assets was deducted from retained earnings at the beginning of the year following the TFRS16 adoption to reflect value of lease assets in use

^3/ Debt comprises short-term and long-term borrowings exclude liabilities under finance leases

^4/ Ratio excludes impact from TFRS16 adoption

^5/ Interest coverage ratio is derived from EBITDA/ (interest expenses and other financial fee) excluding TFRS16 and gain from asset sale to DIF
By calculating Interest coverage ratio using information from cash flows statement (Net cash flows generated from operating activities + interest paid + income tax paid)/ interest paid), this ratio was 6.2 times in 2020, 3.5 times in 2019 and 10.2 times in 2018

Analyst Coverage

COMPANY NAME	FIRST NAME	LAST NAME
AIRA SECURITIES PUBLIC COMPANY LIMITED	Phonthep	Wongnak
ASIA PLUS SECURITIES PUBLIC COMPANY LIMITED	Suwat	Wattanapornprom
ASIA WEALTH SECURITIES COMPANY LIMITED	Nutchapol	Cheevavichawalkul
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
CREDIT SUISSE SECURITIES (THAILAND) LIMITED	Colin	McCallum
DEUTSCHE TISCO INVESTMENT ADVISORY COMPANY LIMITED	Thapana	Phanich
FINANSIA SYRUS SECURITIES PUBLIC COMPANY LIMITED	Veeravat	Virochpoka
IV GLOBAL SECURITIES PUBLIC CO., LTD.	Rattana	Leenutaphong
JPMORGAN SECURITIES (THAILAND) LIMITED	Ranjan	Sharma
KASIKORN SECURITIES PUBLIC COMPANY LIMITED	Pisut	Ngamvijitvong
KGI SECURITIES (THAILAND) PUBLIC COMPANY LIMITED	Piyathida	Sonthisombat
KRUNGSRI SECURITIES PUBLIC COMPANY LIMITED	Phatipak	Navawatana
KT ZMICO SECURITIES COMPANY LIMITED	Waraporn	Wiboonkanarak
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	Kittisorn	Pruitipat
THANACHART SECURITIES PUBLIC COMPANY LIMITED	Nuttapop	Prasitsuksant
UBS SECURITIES (THAILAND) LIMITED	Navin	Killa
UOB KAYHIAN SECURITIES (THAILAND) PUBLIC COMPANY LIMITED	Chaiwat	Arsirawichai
YUANTA SECURITIES (THAILAND) COMPANY LIMITED	Supachai	Wattanavitheskul

Repayment/Interest Payment Schedule

TRUE22NA

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

Repayment/Interest Payment Schedule

TRUE183A

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

Repayment/Interest Payment Schedule

TRUE177A

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

Repayment/Interest Payment Schedule

TRUE174A

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

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

The Siam Commercial Bank Public Company Limited
9 Rutchadapisek Road, Jatujak, Jatujak, Bangkok 10900, Thailand
Telephone : 0-2544-5740

KASIKORN Bank Public Company Limited
400/22 Phahon Yothin Road, Bangkok 10400, Thailand
Telephone : 0-2470-2022

Asia Plus Securities Company Limited
175 South Sathorn Road, Sathorn City Tower 3rd Floor, Thungmahamek, Sathorn, Bangkok 10120, Thailand
Telephone : 0-2680-4037

Registrar

Bank of Ayudhya Plc.
Section: Securities Services Operation Department
Address: No. 1222 Rama III Road, Bang Phong Phang, Yan Nawa, Bangkok 10120
Telephone: 0-2296-2030, 0-2296-5695, 0-2296-5715, 0-2296-2988, 0-2296-2796, 0-2296-4788
Fax: 0-2683-1389, 0-2683-1298
E-mail: registrar_sso@krungsri.com

Registrar

The Siam Commercial Bank Plc.
Section: Registrar 1, Markets Operations Division
Address: 15th Floor, North Wing, G Tower Grand Rama 9, 9 Rama 9 Road, Huaykwang, Huaykwang, Bangkok 10310
Telephone: 0-2128-2323–9
Fax: 0-2128-4625
E-mail: registrar1@scb.co.th

Registrar

Bank of Ayudhya Plc.
Section: Securities Services Operation Department
Address: No. 1222 Rama III Road, Bang Phong Phang, Yan Nawa, Bangkok 10120
Telephone: 0-2296-2030, 0-2296-5695, 0-2296-5715, 0-2296-2988, 0-2296-2796, 0-2296-4788
Fax: 0-2683-1389, 0-2683-1298
E-mail: registrar_sso@krungsri.com

The Siam Commercial Bank Plc.
Section: Registrar 1, Markets Operations Division
Address: 15th Floor, North Wing, G Tower Grand Rama 9, 9 Rama 9 Road, Huaykwang, Huaykwang, Bangkok 10310
Telephone: 0-2128-2323–9
Fax: 0-2128-4625
E-mail: registrar1@scb.co.th

Debenture Holder Representatives

Bank of Ayudhya Plc.
Section: Securities Services Department
Address: No. 1222 Rama III Road, Bang Phong Phang, Yan Nawa, Bangkok 10120
Telephone: 0-2296-2030, 0-2296-5695, 0-2296-5715, 0-2296-2988, 0-2296-2796, 0-2296-4788, 0-2296-3582, 0-2296-5557, 0-2296-4808
Fax: 0-2683-1389, 0-2683-1298
E-mail: ssm_bay@krungsri.com

TRUE22NA

Name: Partially Guaranteed And Callable Debentures Of True Corporation Public Company Limited No.1/2558 Due B.E.2565

Amount (THB, million):	8,330.00
Issue Date:	10 November 2015
Maturity Date:	10 November 2022
Term:	7 Years
Coupon Rate per Annum (%):	4.11%
Registrar:	Bank of Ayudhya Plc.
Debenture Holder Representatives:	Bank of Ayudhya Plc.
Issuer have the right to redeem the debentures before the Maturity Date:	Yes

TRUE221A

Name: Debentures Of True Corporation Public Company Limited No. 1/2562 Due B.E. 2565

Amount (THB, million):	12,246.00
Issue Date:	31 January 2019
Maturity Date:	31 January 2022
Term:	3 Years
Coupon Rate per Annum (%):	4.10%
Registrar:	Bank of Ayudhya Plc.
Debenture Holder Representatives:	Bank of Ayudhya Plc.

TRUE212A

Name: Debentures Of True Corporation Public Company Limited No. 2/2562 Tranche 2 Due B.E. 2564

Amount (THB, million):	5,337.30
Issue Date:	25 February 2019
Maturity Date:	25 February 2021
Term:	2 Years
Coupon Rate per Annum (%):	3.80%
Registrar:	Bank of Ayudhya Plc.
Debenture Holder Representatives:	Bank of Ayudhya Plc.

TRUE221B

Name: Debentures Of True Corporation Public Company Limited No. 2/2562 Tranche 3 Due B.E. 2565

Amount (THB, million):	100.00
Issue Date:	25 February 2019
Maturity Date:	31 January 2022
Term:	1 Year 11 Months 6 Days
Coupon Rate per Annum (%):	3.80%
Registrar:	Bank of Ayudhya Plc.
Debenture Holder Representatives:	Bank of Ayudhya Plc.

TRUE205A

Name: Debentures Of True Corporation Public Company Limited No. 2/2562 Tranche 1 Due B.E. 2563

Amount (THB, million):	3,121.30
Issue Date:	25 February 2019
Maturity Date:	25 May 2020
Term:	1 Year 3 Months
Coupon Rate per Annum (%):	3.40%
Registrar:	Bank of Ayudhya Plc.
Debenture Holder Representatives:	Bank of Ayudhya Plc.

TRUE215A

Name: Debentures Of True Corporation Public Company Limited No. 3/2562 Tranche 1 Due B.E. 2564

Amount (THB, million):	5,224.30
Issue Date:	24 May 2019
Maturity Date:	24 May 2021
Term:	2 Years
Coupon Rate per Annum (%):	3.70%
Registrar:	Bank of Ayudhya Plc.
Debenture Holder Representatives:	Bank of Ayudhya Plc.

TRUE225A

Name: Debentures Of True Corporation Public Company Limited No. 3/2562 Tranche 4 Due B.E. 2565

Amount (THB, million):	300.00
Issue Date:	24 May 2019
Maturity Date:	17 May 2022
Term:	2 Years 11 Months 23 Days
Coupon Rate per Annum (%):	3.80%
Registrar:	Bank of Ayudhya Plc.
Debenture Holder Representatives:	Bank of Ayudhya Plc.

TRUE228A

Name: Debentures Of True Corporation Public Company Limited No. 3/2562 Tranche 2 Due B.E. 2565

Amount (THB, million):	5,799.10
Issue Date:	24 May 2019
Maturity Date:	24 August 2022
Term:	3 Years 3 Months
Coupon Rate per Annum (%):	4.00%
Registrar:	Bank of Ayudhya Plc.
Debenture Holder Representatives:	Bank of Ayudhya Plc.

TRUE248A

Name: Debentures Of True Corporation Public Company Limited No. 3/2562 Tranche 3 Due B.E. 2567

Amount (THB, million):	11,841.60
Issue Date:	24 May 2019
Maturity Date:	24 August 2024
Term:	5 Years 3 Months
Coupon Rate per Annum (%):	5.00%
Registrar:	Bank of Ayudhya Plc.
Debenture Holder Representatives:	Bank of Ayudhya Plc.

TRUE208A

Name: Debentures Of True Corporation Public Company Limited No. 3/2562 Tranche 4 Due B.E. 2563

Amount (THB, million):	1,835.00
Issue Date:	24 May 2019
Maturity Date:	24 August 2020
Term:	1 Year 3 Months
Coupon Rate per Annum (%):	3.30%
Registrar:	Bank of Ayudhya Plc.
Debenture Holder Representatives:	Bank of Ayudhya Plc.

TRUE20OA

Name: Debentures Of True Corporation Public Company Limited No. 4/2562 Tranche 2 Due B.E. 2563

Amount (THB, million):	2,175.00
Issue Date:	18 July 2019
Maturity Date:	18 October 2020
Term:	1 Year 3 Months
Coupon Rate per Annum (%):	3.30%
Registrar:	Bank of Ayudhya Plc.
Debenture Holder Representatives:	Bank of Ayudhya Plc.

TRUE217A

Name: Debentures Of True Corporation Public Company Limited No. 4/2562 Tranche 3 Due B.E. 2564

Amount (THB, million):	1,625.00
Issue Date:	18 July 2019
Maturity Date:	18 July 2021
Term:	2 Years
Coupon Rate per Annum (%):	3.70%
Registrar:	Bank of Ayudhya Plc.
Debenture Holder Representatives:	Bank of Ayudhya Plc.

TRUE227A

Name: Debentures Of True Corporation Public Company Limited No. 4/2562 Tranche 4 Due B.E. 2565

Amount (THB, million):	945.00
Issue Date:	18 July 2019
Maturity Date:	18 July 2022
Term:	3 Years
Coupon Rate per Annum (%):	3.80%
Registrar:	Bank of Ayudhya Plc.
Debenture Holder Representatives:	Bank of Ayudhya Plc.

TRUE24OA

Name: Debentures Of True Corporation Public Company Limited No. 4/2562 Tranche 5 Due B.E. 2567

Amount (THB, million):	1,325.00
Issue Date:	18 July 2019
Maturity Date:	18 October 2024
Term:	5 Years 3 Months
Coupon Rate per Annum (%):	5.00%
Registrar:	Bank of Ayudhya Plc.
Debenture Holder Representatives:	Bank of Ayudhya Plc.

TRUE207A

Name: Debentures Of True Corporation Public Company Limited No. 4/2562 Tranche 1 Due B.E. 2563

Amount (THB, million):	5,100.00
Issue Date:	18 July 2019
Maturity Date:	18 July 2020
Term:	1 Year
Coupon Rate per Annum (%):	3.15%
Registrar:	Bank of Ayudhya Plc.
Debenture Holder Representatives:	Bank of Ayudhya Plc.

TRUE228B

Name: Debentures Of True Corporation Public Company Limited No. 4/2562 Tranche 6 Due B.E. 2565

Amount (THB, million):	830.00
Issue Date:	1 August 2019
Maturity Date:	1 August 2022
Term:	3 Years
Coupon Rate per Annum (%):	3.80%
Registrar:	Bank of Ayudhya Plc.
Debenture Holder Representatives:	Bank of Ayudhya Plc.

TRUE217B

Name: Debentures Of True Corporation Public Company Limited No. 5/2562 Due B.E. 2564

Amount (THB, million):	9,000.00
Issue Date:	16 August 2019
Maturity Date:	8 July 2021
Term:	1 Year 10 Months 22 Days
Coupon Rate per Annum (%):	3.69%
Registrar:	Bank of Ayudhya Plc.
Debenture Holder Representatives:	Bank of Ayudhya Plc.

TRUE211A

Name: Debentures Of True Corporation Public Company Limited No. 6/2562 Tranche 1 Due B.E. 2564

Amount (THB, million):	2,640.00
Issue Date:	18 October 2019
Maturity Date:	18 January 2021
Term:	1 Year 3 Months
Coupon Rate per Annum (%):	3.00%
Registrar:	Bank of Ayudhya Plc.
Debenture Holder Representatives:	Bank of Ayudhya Plc.

TRUE21OA

Name: Debentures Of True Corporation Public Company Limited No. 6/2562 Tranche 2 Due B.E. 2564

Amount (THB, million):	3,360.00
Issue Date:	18 October 2019
Maturity Date:	18 October 2021
Term:	2 Years
Coupon Rate per Annum (%):	3.40%
Registrar:	Bank of Ayudhya Plc.
Debenture Holder Representatives:	Bank of Ayudhya Plc.

TRUE213A

Name: Debentures Of True Corporation Public Company Limited No. 7/2562 Due B.E. 2564

Amount (THB, million):	1,630.00
Issue Date:	4 December 2019
Maturity Date:	4 March 2021
Term:	1 Year 3 Months
Coupon Rate per Annum (%):	2.90%
Registrar:	Bank of Ayudhya Plc.
Debenture Holder Representatives:	Bank of Ayudhya Plc.

TRUE215B

Name: Debentures Of True Corporation Public Company Limited No. 1/2563 Tranche 1 Due B.E. 2564

Amount (THB, million):	500.00
Issue Date:	17 February 2020
Maturity Date:	17 May 2021
Term:	1 Year 3 Months
Coupon Rate per Annum (%):	2.88%
Registrar:	Bank of Ayudhya Plc.
Debenture Holder Representatives:	Bank of Ayudhya Plc.

TRUE224A

Name: Debentures Of True Corporation Public Company Limited No. 3/2563 Tranche 1 Due B.E. 2565

Amount (THB, million):	5,922.00
Issue Date:	15 July 2020
Maturity Date:	15 April 2022
Term:	1 Year 9 Months
Coupon Rate per Annum (%):	3.00%
Registrar:	Bank of Ayudhya Plc.
Debenture Holder Representatives:	Bank of Ayudhya Plc.

TRUE232A

Name: Debentures Of True Corporation Public Company Limited No. 1/2563 Tranche 2 Due B.E. 2566

Amount (THB, million):	4,330.00
Issue Date:	17 February 2020
Maturity Date:	17 February 2023
Term:	3 Year
Coupon Rate per Annum (%):	3.43%
Registrar:	Bank of Ayudhya Plc.
Debenture Holder Representatives:	Bank of Ayudhya Plc.

TRUE237A

Name: Debentures Of True Corporation Public Company Limited No. 3/2563 Tranche 2 Due B.E. 2566

Amount (THB, million):	6,394.60
Issue Date:	15 July 2020
Maturity Date:	15 July 2023
Term:	3 Year
Coupon Rate per Annum (%):	3.50%
Registrar:	Bank of Ayudhya Plc.
Debenture Holder Representatives:	Bank of Ayudhya Plc.

TRUE239A

Name: Debentures Of True Corporation Public Company Limited No. 2/2563 Due B.E. 2566

Amount (THB, million):	4,800.00
Issue Date:	18 June 2020
Maturity Date:	18 September 2023
Term:	3 Year 3 Months
Coupon Rate per Annum (%):	3.60%
Registrar:	Bank of Ayudhya Plc.
Debenture Holder Representatives:	Bank of Ayudhya Plc.

TRUE251A

Name: Debentures Of True Corporation Public Company Limited No. 3/2563 Tranche 3 Due B.E. 2568

Amount (THB, million):	3,994.20
Issue Date:	15 July 2020
Maturity Date:	15 January 2025
Term:	4 Year 6 Months
Coupon Rate per Annum (%):	4.15%
Registrar:	Bank of Ayudhya Plc.
Debenture Holder Representatives:	Bank of Ayudhya Plc.

TRUE258A

Name: Debentures Of True Corporation Public Company Limited No. 1/2563 Tranche 3 Due B.E. 2568

Amount (THB, million):	650.00
Issue Date:	17 February 2020
Maturity Date:	17 August 2025
Term:	5 Year 6 Months
Coupon Rate per Annum (%):	4.65%
Registrar:	Bank of Ayudhya Plc.
Debenture Holder Representatives:	Bank of Ayudhya Plc.

TRUE261A

Name: Debentures Of True Corporation Public Company Limited No. 3/2563 Tranche 4 Due B.E. 2569

Amount (THB, million):	7,130.30
Issue Date:	15 July 2020
Maturity Date:	15 January 2026
Term:	5 Year 6 Months
Coupon Rate per Annum (%):	4.40%
Registrar:	Bank of Ayudhya Plc.
Debenture Holder Representatives:	Bank of Ayudhya Plc.

TUC208A

Name: Debentures Of True Move H Universal Communication Co., Ltd. No. 3/2562 Tranche 1 Due B.E. 2563

Amount (THB, million):	8,800.00
Issue Date:	16 August 2019
Maturity Date:	16 August 2020
Term:	1 Year
Coupon Rate per Annum (%):	3.15%
Registrar:	The Siam Commercial Bank Plc.
Debenture Holder Representatives:	Bank of Ayudhya Plc.

TUC211A

Name: Debentures Of True Move H Universal Communication Co., Ltd. No. 1/2562 Tranche 1 Due B.E. 2564

Amount (THB, million):	2,809.60
Issue Date:	24 January 2019
Maturity Date:	24 January 2021
Term:	2 Year
Coupon Rate per Annum (%):	3.80%
Registrar:	The Siam Commercial Bank Plc.
Debenture Holder Representatives:	Bank of Ayudhya Plc.

TUC218A

Name: Debentures Of True Move H Universal Communication Co., Ltd. No. 1/2561 Tranche 1 Due B.E. 2564

Amount (THB, million):	11,998.40
Issue Date:	2 August 2018
Maturity Date:	2 August 2021
Term:	3 Year
Coupon Rate per Annum (%):	3.70%
Registrar:	The Siam Commercial Bank Plc.
Debenture Holder Representatives:	Bank of Ayudhya Plc.

TUC21NA

Name: Debentures Of True Move H Universal Communication Co., Ltd. No. 1/2563 Tranche 1 Due B.E. 2564

Amount (THB, million):	5,961.80
Issue Date:	15 May 2020
Maturity Date:	15 November 2021
Term:	1 Year 6 Months
Coupon Rate per Annum (%):	3.10%
Registrar:	The Siam Commercial Bank Plc.
Debenture Holder Representatives:	Bank of Ayudhya Plc.

TUC21DA

Name: Callable Debentures Of True Move H Universal Communication Co.,Ltd No.1/2559 Tranche 1 Due B.E. 2564

Amount (THB, million):	10,974.70
Issue Date:	2 December 2016
Maturity Date:	2 December 2021
Term:	5 Year
Coupon Rate per Annum (%):	4.50%
Registrar:	The Siam Commercial Bank Plc.
Debenture Holder Representatives:	Bank of Ayudhya Plc.
Issuer have the right to redeem the debentures before the Maturity Date:	Yes

TUC225A

Name: Callable Debentures Of True Move H Universal Communication Co., Ltd. No. 4/2560 Tranche 1 Due B.E. 2565

Amount (THB, million):	6,258.30
Issue Date:	4 May 2017
Maturity Date:	4 May 2022
Term:	5 Year
Coupon Rate per Annum (%):	4.50%
Registrar:	The Siam Commercial Bank Plc.
Debenture Holder Representatives:	Bank of Ayudhya Plc.
Issuer have the right to redeem the debentures before the Maturity Date:	Yes

TUC228A

Name: Debentures Of True Move H Universal Communication Co., Ltd. No. 3/2562 Tranche 2 Due B.E. 2565

Amount (THB, million):	1,500.00
Issue Date:	16 August 2019
Maturity Date:	16 August 2022
Term:	3 Year
Coupon Rate per Annum (%):	3.80%
Registrar:	The Siam Commercial Bank Plc.
Debenture Holder Representatives:	Bank of Ayudhya Plc.

TUC22DA

Name: Debentures Of True Move H Universal Communication Co., Ltd. No. 4/2562 Tranche 1 Due B.E. 2565

Amount (THB, million):	6,772.90
Issue Date:	19 December 2019
Maturity Date:	19 December 2022
Term:	3 Year
Coupon Rate per Annum (%):	3.50%
Registrar:	The Siam Commercial Bank Plc.
Debenture Holder Representatives:	Bank of Ayudhya Plc.

TUC238A

Name: Debentures Of True Move H Universal Communication Co., Ltd. No. 1/2561 Tranche 2 Due B.E. 2566

Amount (THB, million):	8,001.60
Issue Date:	2 August 2018
Maturity Date:	2 August 2023
Term:	5 Year
Coupon Rate per Annum (%):	4.05%
Registrar:	The Siam Commercial Bank Plc.
Debenture Holder Representatives:	Bank of Ayudhya Plc.

TUC23DA

Name: Callable Debentures Of True Move H Universal Communication Co.,Ltd No.1/2559 Tranche 2 Due B.E. 2566

Amount (THB, million):	4,545.10
Issue Date:	2 December 2016
Maturity Date:	2 December 2023
Term:	7 Year
Coupon Rate per Annum (%):	5.00%
Registrar:	The Siam Commercial Bank Plc.
Debenture Holder Representatives:	Bank of Ayudhya Plc.
Issuer have the right to redeem the debentures before the Maturity Date:	Yes

TUC241A

Name: Debentures Of True Move H Universal Communication Co., Ltd. No. 1/2562 Tranche 2 Due B.E. 2567

Amount (THB, million):	11,190.40
Issue Date:	24 January 2019
Maturity Date:	24 January 2024
Term:	5 Year
Coupon Rate per Annum (%):	5.10%
Registrar:	The Siam Commercial Bank Plc.
Debenture Holder Representatives:	Bank of Ayudhya Plc.

TUC243A

Name: Debentures Of True Move H Universal Communication Co., Ltd. No. 4/2562 Tranche 2 Due B.E. 2567

Amount (THB, million):	4,182.90
Issue Date:	19 December 2019
Maturity Date:	19 March 2024
Term:	4 Year 3 Months
Coupon Rate per Annum (%):	4.10%
Registrar:	The Siam Commercial Bank Plc.
Debenture Holder Representatives:	Bank of Ayudhya Plc.

TUC245A

Name: Callable Debentures Of True Move H Universal Communication Co., Ltd. No. 4/2560 Tranche 2 Due B.E. 2567

Amount (THB, million):	2,789.50
Issue Date:	4 May 2017
Maturity Date:	4 May 2024
Term:	7 Year
Coupon Rate per Annum (%):	5.00%
Registrar:	The Siam Commercial Bank Plc.
Debenture Holder Representatives:	Bank of Ayudhya Plc.
Issuer have the right to redeem the debentures before the Maturity Date:	Yes

TUC246A

Name: Debentures Of True Move H Universal Communication Co., Ltd. No. 2/2562 Tranche 3 Due B.E. 2567

Amount (THB, million):	200.00
Issue Date:	28 March 2019
Maturity Date:	28 June 2024
Term:	1 Year 3 Months
Coupon Rate per Annum (%):	5.00%
Registrar:	The Siam Commercial Bank Plc.
Debenture Holder Representatives:	Bank of Ayudhya Plc.

TUC24NA

Name: Debentures Of True Move H Universal Communication Co., Ltd. No. 3/2562 Tranche 3 Due B.E. 2567

Amount (THB, million):	1,200.00
Issue Date:	16 August 2019
Maturity Date:	16 November 2024
Term:	5 Year 3 Months
Coupon Rate per Annum (%):	5.00%
Registrar:	The Siam Commercial Bank Plc.
Debenture Holder Representatives:	Bank of Ayudhya Plc.

TUC256A

Name: Debentures Of True Move H Universal Communication Co., Ltd. No. 4/2562 Tranche 3 Due B.E. 2568

Amount (THB, million):	18,544.20
Issue Date:	19 December 2019
Maturity Date:	19 June 2025
Term:	5 Year 6 Months
Coupon Rate per Annum (%):	4.70%
Registrar:	The Siam Commercial Bank Plc.
Debenture Holder Representatives:	Bank of Ayudhya Plc.

TUC25NA

Name: Debentures Of True Move H Universal Communication Co., Ltd. No. 1/2563 Tranche 2 Due B.E. 2568

Amount (THB, million):	3,838.20
Issue Date:	15 May 2020
Maturity Date:	15 November 2025
Term:	5 Year 6 Months
Coupon Rate per Annum (%):	4.40%
Registrar:	The Siam Commercial Bank Plc.
Debenture Holder Representatives:	Bank of Ayudhya Plc.

TUC26DA

Name: Callable Debentures Of True Move H Universal Communication Co.,Ltd No.1/2559 Tranche 3 Due B.E. 2569

Amount (THB, million):	7,480.20
Issue Date:	2 December 2016
Maturity Date:	2 December 2026
Term:	10 Year
Coupon Rate per Annum (%):	5.50%
Registrar:	The Siam Commercial Bank Plc.
Debenture Holder Representatives:	Bank of Ayudhya Plc.
Issuer have the right to redeem the debentures before the Maturity Date:	Yes

TUC275A

Name: Callable Debentures Of True Move H Universal Communication Co., Ltd. No. 4/2560 Tranche 3 Due B.E. 2570

Amount (THB, million):	1,376.40
Issue Date:	4 May 2017
Maturity Date:	4 May 2027
Term:	10 Year
Coupon Rate per Annum (%):	5.50%
Registrar:	The Siam Commercial Bank Plc.
Debenture Holder Representatives:	Bank of Ayudhya Plc.
Issuer have the right to redeem the debentures before the Maturity Date:	Yes

TUC295A

Name: Callable Debentures Of True Move H Universal Communication Co., Ltd. No. 4/2560 Tranche 4 Due B.E. 2572

Amount (THB, million):	2,575.80
Issue Date:	4 May 2017
Maturity Date:	4 May 2029
Term:	12 Year
Coupon Rate per Annum (%):	5.75%
Registrar:	The Siam Commercial Bank Plc.
Debenture Holder Representatives:	Bank of Ayudhya Plc.
Issuer have the right to redeem the debentures before the Maturity Date:	Yes

TUC27NA

Name: Debentures Of True Move H Universal Communication Co., Ltd. No. 2/2563 Due B.E. 2570 With The Debentureholders' Put Option

Amount (THB, million):	3,643.50
Issue Date:	6 November 2020
Maturity Date:	6 November 2027
Term:	7 Years
Coupon Rate per Annum (%):	4.50%
Registrar:	The Siam Commercial Bank Plc.
Debenture Holder Representatives:	Bank of Ayudhya Plc.
Debenture holders have the right to redeem the debentures before the Maturity Date:	Yes

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
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, Phayathai, 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 Ltd.	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.	68.38
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 Wireless MultiMedia 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.	92.50
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.	56.84
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, Phayathai, 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
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
Satellite Service Company Limited	118/1 Tipco Tower, Rama VI Road, Phayathai, Phayathai, Bangkok 10400 Tel. (662) 764-9000 Fax. (662) 764-9900	Dormant	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, Phayathai, 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 Company Limited	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.	99.72
Tele Engineering & 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 K S C 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, Phayathai, 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 Group Co., Ltd.	True Digital Park 9-12 FL 101 Sukhumvit Road, Bangchak, Prakanong, Bangkok 10260 Tel. (662) 021-0200	Trading and internet provider including online digital media services on website and telecommunication devices	THB 802.37 million divided into 8.02 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 100.75 million divided into 40 million ordinary shares with a par value of Baht 10 each, 100,000 ordinary shares fully paid up and 39.90 million ordinary shares call-up Baht 2.50 each.	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, Phayathai, 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 each and 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 E-Logistics Co., Ltd	18 True Tower, Ratchadapisek Road, Huai Khwang, Bangkok 10310 Tel. (662) 859-1111 Fax. (662) 859-9134	Consultancy and management services related to logistics	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	Dormant	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 22,000 million divided into 220 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) 859-1111 Fax. (662) 859-9134	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, Phayathai, 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	Business related to telecommunications	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	Dormant	THB 200,000 divided into 20,000 ordinary shares with a par value of Baht 10 each and fully paid up.	99.68
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, Phayathai, 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, Phayathai, 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, Phayathai, Phayathai, Bangkok 10400 Tel. (662) 764-9000 Fax. (662) 764-9900	Dormant	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
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 shares 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.	100.00
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
Crave Interactive Limited	Derwent House University Way Cranfield Technology Park Cranfield Bedfordshire United Kingdom MK43 0AZ	Hospitality technology business	GBP 11.49 million divided into 68.25 million ordinary shares	51.00
Crave Interactive B.V.	Warmoezenierstraat 5 2671 ZP Naaldwijk The Netherlands	Hospitality technology business	EUR 18,000 divided to 180 ordinary shares with a par value of EUR 100 each and fully paid	51.00
Crave Interactive Inc.	7 East 14th St., #PHO New York, NY 10003 United States	Hospitality technology business	200 ordinary shares of zero par value each	51.00
PT True Digital Indonesia	Gran Rubina Tower Lt. 19 JL HR Rasuna Said Kuningan Jakarta Selatan 12940	Digital platform for Commercial	Rupiah 61,500 million divided into 2.46 million ordinary shares with a par value of Rupiah 25,000 each	99.98
True Digital Philippines Inc.	16th Floor, JMT Building, 27 ADB Avenue, Ortigas Center Pasig City	Business process outsource in technical service, marketing and customer relations	Php 10.00 million divided into 10.00 million ordinary shares with a par value of Php 1.00 each and fully paid up.	100.00
True Digital Vietnam Joint Stock Company	21stFloor VPBank Tower, No.89 Lang Ha, Lang Ha Ward, Dong Da District, Hanoi City Vietnam	Data Analytics and Digital Solutions	Vnd 4,649,600,000 divided into 464,960 ordinary shares with a par value of Vnd 10,000 each	99.99
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
Transformation Films Co., Ltd.	6, Soi Nak Niwat 12, Nak Niwat Road, Lat Phrao, Bangkok 10230 Tel. (662) 932-5600 Fax. (662) 932-5600	Manufacturing and filmmaker	THB 245 million divided into 2.45 million ordinary shares with a par value of Baht 100 each and fully paid up.	34.69
True CJ Creations Co., Ltd.	118/1 Tipco Tower, Rama VI Road, Phayathai, Phayathai, Bangkok 10400 Tel. (662) 764-9000 Fax. (662) 764-9900	Production House	THB 115.50 million divided into 1,108,800 ordinary shares and 46,200 preference shares with a par value of Baht 100 each and fully paid up.	51.00
True Voice Company Limited	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-Kona Cayman GP	P.O. Box 10008, Willow House, Cricket Square, Grand Cayman, KY1-1001, Cayman Islands	Fund management	USD 454,401 divided into 2,200 ordinary shares fully paid up.	50.00
LINE Games-True-Kona Global Fund Limited Partnership	P.O. Box 10008, Willow House, Cricket Square, Grand Cayman, KY1-1001, Cayman Islands	seeking opportunities by investing in companies that has business in game and technology	USD 22.72 million divided into 22.72 million ordinary shares with a par value of USD 1 each and fully paid up.	26.00
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 3.40 million ordinary shares with a par value of Baht 100 each and fully paid up.	46.80
True Axion Interactive Ltd.	18 True Tower, Ratchadapisek Road, Huai Khwang, Bangkok 10310 Tel. (662) 859-1111 Fax. (662) 859-9134	Games and application development	THB 177 million divided into 177,000 ordinary shares with a par value of Baht 1,000 each and fully paid up.	40.00
Queue Q (Thailand) Co., Ltd.	630/1 Sirichai Building, Ladprao Road, Chankasem Subdistrict, Chatuchak District, Bangkok 10900	software consulting business	THB 8.68 million divided into 1.17 million ordinary shares and 0.56 preference shares with a par value of Baht 5 each fully paid up.	30.00
Yi Tunnel (Beijing) Technoligy Co.,Ltd.	Unit 8, Room 1151, 13F, No.3 Building, East Daqiao Road, Chaoyang District Beijing, China	Technology develop	524,431 ordinary shares of zero par value each	25.00
Mediaload PTE. Ltd.	51 Goldhill Plaza #07-10/11, Singapore 30890	Digital media	6.68 million ordinary shares of zero par value each	40.05
Supernap (Thailand) Co., Ltd..	390/2 Hemaraj Industrial Estate Chonburi 2, Moo 2, Kao Khan song, Sriracha, Chonburi 20230 Tel. 033 125 100	Data centers	THB 2,000 million divided into 200 million ordinary shares with a par value of Baht 10 each and fully paid up.	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 Tel. (662) 108-1544	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
PUUN Intelligent Co., Ltd.	145/161 Soi Khubon 27 Yaek 7, Tharaeng, BangKhen, Bangkok 10220	Provide computer program service	THB 256,015 divided into 37,327 ordinary shares and 13,876 preference shares with a par value of Baht 5 each fully paid up.	11.95
True Touch Co., Ltd.	18 True Tower, Ratchadapisek Road, Huai Khwang, Bangkok 10310 Tel. (662) 859-1111 Fax. (662) 859-9134	Call Center	THB 173.7 million divided into 1.93 million ordinary shares with a par value of Baht 90 each and fully paid up.	50.00
Genxas Whiz Co., Ltd.	140/62 ITF Tower, 25th Floor, Si Lom Road, Suriyawong, Bang Rak, Bangkok, 10500	Advertising and marketing services	THB 1.08 million divided into 108,334 ordinary shares with a par value of Baht 10 each fully paid up.	7.69

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Consolidated Financial Results

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Liquidity Ratios

Activity Ratios

Leverage Ratios

Profitability Ratios

Per Share Data and Others

FINANCIAL HIGHLIGHTS

BUSINESS PERFORMANCE

ANNUAL REPORT

QUARTERLY RESULTS

DEBENTURES

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Financial Highlights and Ratios

Consolidated Financial Results

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Activity Ratios

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Profitability Ratios

Per Share Data and Others

Analyst Coverage

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