True Corporation Plc.UBS Pan Asia Telecom Conference & NDR in Singapore May 30 – June 1, 2011Disclaimer: 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.

99.99%98.91% 99.99%99.99%1/

“ Broadband Internet service using ADSL, VDSL, DOCSIS 3.0 and fiber (1.2 mn subs)

“ Largest fixed line in Bangkok area with 1.8 mn subs

“ No.3 mobile player with 18.4 mn subs, incl. CDMA (25.3% market share)“ Operates on GSM 1800 MHz; HSPA 850 MHz, CDMA 850 MHz“ International call services: 006 (TDM), 00600 (VoIP)

“ No.1 pay TV operator“ Sole nationwide player“ 1.7 mn subs (93% DsTV;

7% cable TV)“ Successful mass market

strategy yields ~1.1 mn subs“ Ad revenue (Bt482mn in 2010

and Bt141 mn in 1Q11) is a key growth area

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

games publisher“ True App Center – developing

applications (110+) for iOS, BlackBerry and Android

“ Payment channel supporting 120+ payment services

“ 7 mn mobile e-wallet subs

True Group – Thailand’s convergence lifestyle leader 1

Note: (1) True indirectly holds 99.99% in TrueVisions Group (which holds 99.3% in TrueVisions PLC and 99.0% in TrueVisions Cable PLC)(2) Subscriber figures as of December 31, 2010

CP GroupPublic

shareholders

64.74% 35.26%

- Foreign 7.94%- Local 27.32%

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

1st Mover’s Advantage for 3G mobile services nationwide

Cable modem (DOCSIS 3.0) for Broadband and Double-play; fiber services forenterprise segment; Thailand’s largest and fastest Wi-Fi

Further strengthen convergence platform by contents and applications to enhancecustomer loyalty and reduce churn

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2

4

Key investment story

HDTV to the home; more secure broadcasting technology for pay TV; increased adsrevenue

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Seek regional business opportunities5

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Hutch acquisition drives 3G expansion nationwide New business structure strengthened with

greater operational flexibility and longeroperational life (at least 14 years)

soft-launched as a resellerof CAT 3G+ nationwide services; target tolaunch in August 2011

True positioned to capture growth insmartphone/mobile Internet markets• 700+ 3G base stations & 20,000 Wi-Fi

hot spots will be expanded to at least 2,000 base stations & 50,000 hot spots within 2011

• TrueMove achieved the highest score for iPhone customer service satisfaction among worldwide mobile carriers

• True App Center has developed 110+ apps for iOS, BlackBerry and Android

92.5%

TRUE Corp

Wireless

Real Future

Marketing Contract

CAT

BFKTNetwork

RealMove (TrueMove H brand)

3G 850 MHz (reseller)

BITCOOperator

HWMH

HCATCDMA

Lease Agreement

Wholesale Agreement

99.86% 99.92%

73.92%

98.91%99.99%

TrueMove2G 1800 MHz/

3G 850 MHz trial

Wireless Group Structure

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Wireless Group targets & strategic outlook Target at least 1 mn 3G subscribers within

12 months; 25 mn by 2025• Capture high value subscribers from

Hutch, TrueMove and competitors• Mass migration of 2G subscribers

forecast in 2014• All 2G subscribers will be migrated

within 2020 at the latest• Machine-to-Machine usage expected

to drive growth from 2020 onwards• Revenue market share of 20% in

2013 (15% as at 1Q11, incl. CDMA)

Projected 3G subs & ARPU

Source: Company, BMI market forecast

29% 20%

25% 15%

Subs share Revenue share

Year 1 Year 2 Year 3

Min 3G base stations 2,000 3,500 4,500

Population coverage 30% 55% 75%

Nominal subs ordered by Real Move (mn)

1.06 1.85 4.21

Minimum 3G commitments

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Current 3G plan incorporates 2.1 GHz licensing

850 MHz provides best opportunity to deliver efficient 3G services prior to the 2.1 GHz auction (expected in 4Q12 at the earliest)

Additional 3G opportunities (i.e., 2.1 GHz) will be considered based on viability, investment cost and shareholder value

2.1 GHz requires minimal incremental investment as most key network components are compatible

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4.00

4.50

5.00

5.50

6.00

6.50

7.00

7.50

8.00

30-Dec-10 30-Jan-11 2-Mar-11 2-Apr-11 2-May-11

4.

RO, bank loans to fund 3G development Initial 3G investment will be funded by proceeds from the rights offering (‚RO‛)

(subscription period: May 30 – June 3, 2011) RO plan was well-received judging from the share price performance after XR date (April 7) The recapitalization strengthened financial position will facilitate future business growth

opportunities and improve long-term share price performance A loan agreement (to be finalized in early Q3) will secure long-term funding for 3G

expansion and the refinancing of TrueMove’s USD bonds.YTD share price performance

Jan 4, Bt 7.00

Jan 28: True completed Hutch acquisition (Bt6.90)

Dec 30: True notified SET of the Hutch acquisition plan (Bt7.10)

Mar 21-25: Rumors about True’s recapitalization plan (Bt6.70 – Bt 6.10)

Mar 28: Announce RO plan (Bt5.70)

Apr 7: XR date(Bt4.78)

May 24, Bt 4.72

Implied share price (excl. dilution) May 24, (Bt 6.92)

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Regulatory issues Recent court ruling backed legitimacy of

CAT-True 3G deal

Interim NTC is expected to approve the import of 3G equipment in June

NBTC expected to be fully established within this year; 3G 2.1GHz auction not expected before 4Q12

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pioneers next-generation Broadband New Ultra hi-speed DOCSIS 3.0 service launched in March 2011, with download

speeds of 10-300 Mbps

Difficult to replicate; secures market leadership and facilitates growth

Wi-Fi upgraded to 8 Mbps, Thailand’s fastest; hot spots expanded to 20,000+ from 18,600 in 1Q11

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

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targets & strategic outlook DOCSIS 3.0 to cover 1.5 mn homepasses by year-end, 2 mn within 2012

Leverage double-play platform with TrueVisions co-promotion

Expand Wi-Fi hot spots to more than 50,000, targeting 1mn subscribers by 2011 (from 600k at the end of 2010)

Focus on high-value enterprise fiber services, targeting 170 buildings

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focuses on new technology, market segmentation

DOCSIS 3.0 to reinforce leadership of premium market by delivering enhanced viewing experiences, HDTV and potential for double-play and interactive TV services

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

Increase premium subscriptions by implementing more secure broadcasting system (MPEG-4, HDTV, and improved encryption technology)

Better viewing experience, free up transponder capacity

Improved encryption to help combat piracy

Expand into regional markets (e.g., Laos, Vietnam)

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1Q11 financial results

1/ Before eliminations of inter-company transactions 2/ NIOGO: Net income (loss) from ongoing operations

1Q11 Group financial highlights12

(Units in millions of Baht unless otherwise indicated) TrueOnline1/ Wireless1/ TrueVisions1/Elim Consolidated

Total Revenue (excl IC) 6,921 8,034 2,475 15,671 % growth Q-o-Q -2.3% 10.2% -0.8% 3.5% % growth Y-o-Y 5.6% 19.9% 4.8% 11.1%Service Revenue (excl IC) 6,638 6,768 2,447 14,200 % growth Q-o-Q -2.6% 12.9% -1.0% 4.0% % growth Y-o-Y 4.1% 11.6% 4.5% 6.6%EBITDA 2,612 1,630 591 4,760 % growth Q-o-Q 6.8% 5.0% -0.9% 2.6% % growth Y-o-Y 6.8% -17.0% 9.5% -4.0%Interest expense (544) (866) (221) (1,584) % growth Q-o-Q 0.1% 19.7% 2.9% 10.5% % growth Y-o-Y -9.3% 2.0% 204.9% 7.5%Tax, net (234) (136) (64) (450) growth Q-o-Q 29 (146) 5 (112) growth Y-o-Y (134) (47) (57) (238)

NIOGO 2/ 299 (538) 101 (188)

growth Q-o-Q 213 33 (3) 143 growth Y-o-Y 366 (430) (44) (153) NIOGO excl. deferred tax 385 (402) 144 92 growth Q-o-Q 198 (113) 51 # 36 growth Y-o-Y 239 (477) (35) (318) Free Cash Flow (27) 713 198 566 growth Q-o-Q (1,008) 3,130 (199) 1,598 growth Y-o-Y 93 850 69 664 Capex 863 636 97 1,635 growth Q-o-Q (132) (577) (145) (780) growth Y-o-Y 174 (166) (36) 5

Long-term debt level stable

Net debt-to-EBITDA vs. EBITDA coverageLong-term debt composition

Bt 1.7 bn of debt repaid in 1Q11; new borrowing of Bt 2.1 bn

Note: Figures do not include financial leases1/ 3Q09 Net debt-to-EBITDA was adjusted (from 3.0x) to exclude cash raised for refinancing in 4Q10

Note: 1/ Figures include current portion of long-term debt but do not include financial lease and debt issuance costs2/ TrueVisions’ debt includes all L-T loans for the TrueVisions acquisition3/ 1Q11 figures exclude bridging loans for Hutch acquisition

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Integration of Hutch expands Wireless Group revenue baseService revenue & market share NIOGO

EBITDA & EBITDA margin TrueMove subscribers & ARPU

Net IC - +164 (845) (32) +181 64 43

% Wireless group revenue market share

%FY07 %FY08 %FY09 %FY10 %YoY

Service revenue excl. IC +6.8% -4.4% +3.4% -1.2% +10.4%

EBITDA +49.2% -24.8% +27.0% -13.7% -17.0%

EBITDA marginWireless Group EBITDA

TrueMove

CDMA & others

Wireless

Blended ARPU

Net adds +3,119 +4,502 +2,677 +1,044 +1,317 375 552(‘000)

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Broadband, business data drive TrueOnline growthNIOGO

EBITDA & EBITDA margin

Service revenue

%FY07 %FY08 %FY09 %FY10 %YoY

Service revenue +2.3% +6.0% +1.5% -1.3% +4.1%

EBITDA -2.3% +5.4% -3.8% -0.5% +6.8%

Broadband revenue & subscribers

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Net adds +140 +415 +430 +194 +42 (28) +7(‘000)

Revenue grows with support from advertisingNIOGOService revenues

EBITDA & EBITDA margin Subscribers & ARPU

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

- Advertising- Others

- Subscription & installation

%FY07 %FY08 %FY09 %FY10 %YoY

Service revenue +5.0% +6.4% +1.1% +0.5% +4.5%

EBITDA +29.0% +5.5% -1.7% -11.5% +9.5%

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

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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 Wi-Fi network

• Exclusive content and applications for True Group customers

Market leadership in terms of technological and service innovation

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Thank you