Bangkok--27 Feb--PR SOLUTION - Convergence working well, boosting subscribers and revenue across all Group businesses - TrueMove posts record net adds of 4.5 mn; one third of all new subs - Broadband subs up 24%, driven by SUPER hi-speed - TrueVisions subs up 52%, driven by mass market expansion - Group revenue increases by 2.5%; double digit growth in EBITDA with EBITDA margin rising to 36.5% - Balance sheet strengthened — Bt 5.4 bn of debt repaid True Corporation PLC (SET: TRUE) reported growth across all its major businesses in 2007 as the Group’s convergence strategy boosted subscribers and revenue. Consolidated service revenue (excluding interconnection charges or IC) rose by 2.5% in FY07 to Bt 51.8 bn and EBITDA was 12.2% higher at Bt 19.4 bn. EBITDA margin (on a net IC basis) was 36.5%, up from 33.2%, helped by lower regulatory costs at TrueMove and slower declines in Online margin. True President and CEO Suphachai Chearavanont said the Group’s convergence strategy was now clearly differentiating True from its competitors. “Consumers appreciate the advantages and convenience of subscribing to multiple True products and services. We can offer bundled promotions across our businesses, increase customer loyalty and increase our subscriber base.” True’s net profit was Bt 1.7 bn (compared with a Bt 4 bn loss in FY06) after a Bt 2.4 bn currency gain due to the appreciation of the Thai baht. Free cash flow rose 26% to Bt 2.8 bn due mainly to lower capex. Further debt repayment strengthened the balance sheet and several major financing activities were successfully completed. True CFO Noppadol Dej-Udom said the ratio of consolidated net debt to EBITDA fell to 3.6 times, compared with 4.5 times in FY06. True repaid Bt 5.4 bn of debt in 2007, including Bt 4.1 bn at TrueOnline. FY07 Business Highlights TrueMove lifted its service revenue (excluding IC) by 6.8% to Bt 23.8 bn, on the back of another year of strong subscriber growth. EBITDA was 42% higher due to revenue growth and the removal of access charges, while EBITDA margin (excluding IC) rose to 29% from 21%. Subscribers rose by 4.5 mn, representing 34.7% of market net adds, securing one third of the market’s new subscribers for the fourth consecutive year. TrueMove ended the year with 12.1 mn subscribers, an overall market share of 23% compared with 19% 12 months earlier. TrueOnline’s service revenue grew by 2.3% to Bt 24.5 bn, driven mainly by growth in Internet/Broadband and other data communication services. Broadband revenue grew 40% while subscribers rose by 24%, reaching 548,000 by year-end. TrueVision’s service revenue was 5.0% higher at Bt 8.9 bn, due to subscriber growth and a greater contribution from value-added services such as home shopping, sponsorship and music entertainment. Subscribers (including Free View) grew by 52% to 949,000. The mass market Free View promotion gained an extra 313,000 subscribers to reach 394,000 in total, of which 19% were upsold to standard packages. Outlook for FY08 Mr. Suphachai said: “Looking forward in 2008, we expect accelerated growth in our core businesses and an even stronger presence in our various, integrated markets. “TrueMove continues to target one-third of market net adds and at least a 25% overall market share. We’ll continue to lead the broadband market, which we expect to grow by 30% to 1.3 mn households. TrueVisions is aiming to further grow its subscriber base, driven mainly by mass market expansion. “Most importantly, True will be working hard in 2008 to further promote our convergence strategy in response to our customers’ needs. We will continue to be innovative, focusing on enhancing the quality of our networks and providing excellent service to our customers,” Mr. Suphachai concluded. Note: In this media release, “True”, “Company”, “Affiliates” and “Subsidiaries” refer to True Corporation PLC and/or its affiliates and/or its subsidiaries. About True Corporation Plc True Corporation Public Company Limited is Thailand's only fully-integrated communications service provider, and leader in solutions for convergence lifestyles. True provides consumers, small and medium enterprises, and corporations with a full range of voice, data and multimedia solutions customized to meet their needs. True is the largest wireline service provider in Bangkok, the largest broadband provider in the country and a major player in the wireless, cellular and Internet markets. Principal subsidiary companies in the True Group include True Visions, Thailand's dominant pay television operator, and True Move, a major mobile phone service provider. True gives consumers the freedom to live different lifestyles, by providing them with the power to communicate, access knowledge, information and entertainment, as well as carry out online activities whenever, wherever, and how they like under five product and service categories: TrueMove, TrueOnline, TrueVisions, TrueMoney, and TrueLife. For more information, please visit: http://www.truecorp.co.th For more information please contact: Corporate Communications — True Group Pimolpan Siriwongwan-ngam Tel: +66 (0) 2699 2772 Email: [email protected] Sisadhi Reuben Tel: +66 (0) 2699 2782 Email: [email protected]