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TRUE REPORTS SLIGHT REVENUE GROWTH IN FY08, RESULTS FROM ONGOING OPERATIONS SHOW PROFIT FOR FIRST TIME

BANGKOK, March 2, 2009 – True Corporation PLC (SET: TRUE) reported slight growth (0.2%) in revenue for full year 2008 while also reaching breakeven point from ongoing operations for the first time with a Bt 62 mn profit versus a loss in 2007. In addition, True’s online and pay-TV businesses continued to perform well.

In 2008, consolidated service revenue, excluding interconnection charges or IC, increased to Bt 52 bn. EBITDA declined 6.5% to Bt 18 bn mainly due to the impact of high net IC payments on TrueMove.

True President and CEO Suphachai Chearavanont said, “In 2008 True Group progressed on many fronts. Our convergence strategy saw the number of households using multiple True products increase 22% to 1.9 mn. Strong growth in key bundling packages also helped boost subscriber growth across all businesses.”

“TrueOnline and TrueVisions continued to perform well in 2008. TrueMove recorded softer full-year results although revenue recovered in Q4 with net IC costs continuing to fall. As a result, Q4 Group service revenue (excluding IC), EBITDA and EBITDA margin increased despite the tougher macro environment.”

FY08 group net income from ongoing operations improved to Bt 62 mn (from a loss of Bt 1.2 bn in FY07) due partly to decreased depreciation. Bottom-line loss was Bt 3.4 bn, including Bt 2.6 bn mainly from unrealized FX losses from the mark-to-market of foreign currency loans.

Successful on-net promotions at TrueMove saw strong net adds continue into Q4 resulting in 2.7 mn net subscriber additions for the full year. TrueMove ended the year with 14.8 mn subscribers having captured 30% of market net adds in 2008. Full year 2008 service revenue (excluding IC) declined 4% to Bt 22.8 bn and IC net payments increased, causing EBITDA to decline 25% to Bt 5.7 bn.

TrueOnline’s service revenue increased around 6% from a year ago to Bt 26.0 bn, driven mainly by growth in Broadband and new revenue streams such as IDD and the Internet gateway business. Broadband recorded 19% revenue growth (to Bt 5.0 bn) while subscribers grew by 15% to 632,000. Wi-Fi subscribers also grew strongly to over 109,000 from 32,000 at the end of 2007.

TrueVision’s subscriber numbers grew by 41% to 1.5 million for the full year, driven largely by the success of its mass market strategy. Mass market subscribers more than doubled while the upselling rate reached 30%. Full year service revenue increased 6.4% to Bt 9.4 bn.

The Group’s deleveraging continued. True Group CFO Noppadol Dej-Udom said, “True’s debt level has decreased following repayment of Bt 4.6 bn during 2008. In addition, we raised Bt 6.38 bn from our recent rights offering which has strengthened our balance sheet and provides a cash cushion to help weather the tough economic climate.”

Speaking about the prospects going forward, Mr Suphachai said, “With the slight increase in revenue and reaching breakeven point for the first time in 2008 we are confident that in 2009 we can grow our revenue further and ensure stable or improved margins through careful cost control. We will further promote convergence and implement new technology such as 3G to meet customer needs.”

“TrueMove will continue to target one-third of market net adds and invest in high-growth areas, including non-voice and 3G. TrueVisions’ emphasis will be on paying subscribers and mass-market expansion. Meanwhile TrueOnline will leverage convergence to capture high-end Broadband growth.”