Management Discussion and Analysis TRUE GROUP REPORTS STRONG SERVICE REVENUE GROWTH FOR 2011 Consolidated service revenue rose 7.9% YoY to Baht 56.8 billion in 2011. Service revenue for 4Q11 decreased slightly 0.6% from the previous quarter partly due to the floods impacting on TrueVisions' business and TrueOnline's traditional fixed-line voice services. Costs related to the launch and expansion of TrueMove H's 3G+ service, which were essential in establishing the business as Thailand's leading 3G brand, flood-related expenses and TrueMove's higher revenue sharing softened full-year EBITDA, which declined 7.0% YoY to Baht 17.1 billion. Net income from ongoing operations (NIOGO), excluding deferred income tax was a loss of Baht 3.2 billion in 2011. Meanwhile, the bottom line declined from a profit of Baht 1.2 billion in 2010 to a loss of Baht 2.9 billion in 2011, which included positive contributions from non-recurring items totaling Baht 1.9 billion. ______________________________________________________________________ This announcement was prepared and disseminated by listed company or issuer through the electronic system which is provided for the purpose of dissemination of the information and related documents of listed company or issuer to the Stock Exchange of Thailand only. The Stock Exchange of Thailand has no responsibility for the correctness and completeness of any statements, figures, reports or opinions contained in this announcement, and has no liability for any losses and damages in any cases. In case you have any inquiries or clarification regarding this announcement, please directly contact listed company or issuer who made this announcement.