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TrueMove announces 2Q09 performance
with strong growth in revenue and subscribers
despite economic downturn

Bangkok 27 August 2009: TrueMove has announced its operating results for the second quarter of 2009.  Revenues from service fees (excluding IC) increased by 2.4% with postpaid customers growing 50%, driving the total number of subscribers up to 15.2 million. EBITDA rose 33% to 1.57 billion Baht, compared with the same period last year and was attributable to a 93% decline in net IC fees.  In the second half of 2009, TrueMove will continue its convergence strategy by delivering a wide range of packages, promoting non-voice services and upgrading its network infrastructure to meet growing data content requirements.

Mr. Suphakit Vuntanadit, Chief Commercial Officer, True Move Co., Ltd., said, “In the first half of 2009, the number of additional subscribers has grown significantly to almost 500,000 for a total of 15.2 million at the end of the second quarter.  TrueMove continues to maintain its one third market share of net additions with an overall market share of 24%.  Postpaid subscribers grew 50%, compared to the same period last year.  This success was the result of new offerings including convergence lifestyle packages, the highly acclaimed Free Call For a Group promotion and the launch of TrueMove iPhone 3G Wi-Fi that supports the convergence network.”

In spite of the economic slowdown, TrueMove’s revenues still grew favorably.  In 2Q09, gains from service fees (excluding IC) were 5.6 billion Baht, up 2.4% while EBITDA increased 33% to 1.57 billion Baht due to the 93% decline in net IC fees. This marked the successful IC fee reduction for four consecutive quarters. Other supporting factors included expense reductions, growing revenues powered by the launch of attractive promotions for calls on the TrueMove network and postpaid offerings.  Revenues generated from postpaid services climbed 17% while non-voice gains were up 7.3% from the same period last year.        

“In the second half of 2009, TrueMove will continue to focus on its convergence strategy by delivering diverse service packages to meet all customer lifestyles, elevating the after sales initiatives and launching customer relationship activities. TrueMove iPhone 3G Wi-Fi remains its core product and service that has driven continual growth in new subscribers while enhancing non-voice SMS and data services on convergence networks including 3G that is available on a trial basis in downtown of Bangkok, Hua Hin and Phuket; a Wi-Fi network covering more than 18,000 hot spots nationwide, as well as EDGE/GPRS to increase the number of subscribers and expand revenues generated from services during the second half of 2009,” concluded Mr. Suphakit.