Annual Report 2024 (Form 56-1 One Report)

Annual Report 2024

(Form 56-1 One Report)

True Corporation Public Company Limited

Attachments

Appendix 1 Information of Directors, Executive Officers, Controlling Persons, the Person Taking the Highest Responsibility in Finance and Accounting, the Person Supervising Accounting and Company Secretary

Appendix 2 Information of Directors of Subsidiaries

Appendix 3 Information of the Head of the Internal Audit and Head of Compliance Units

Appendix 4 Operating Assets and Overview of Allocation of Income, Taxes and Business Activities by Tax Jurisdiction

Appendix 5 Corporate Governance Policy, Code of Conduct and Committee Charters

Appendix 6 Report of the Audit Committee and Report of Other Committees

Glossary and Acronyms

Glossary and Acronyms

PART 1

Business Operation and Operating Results

1. Organizational structure and operation of the group of companies

1.1 Company Background and Business Overview

1.1.1 The Company's vision, objective and long term goal

The Company's strategy is driven by its vision to lead as a telecommunications and technology Company. This is achieved through the integration of advanced telecommunications infrastructure with a comprehensive digital ecosystem, leveraging artificial intelligence (AI) to work with data on the foundations of ethics and transparency in data privacy. The Company aims for robust growth with three strategic pillars:

1. No.1 World-Class Customer Experience: This includes enhancing network efficiency and quality, providing seamless customer service across all channels, and offering tailored service packages and exclusive benefits that closely match customers' lifestyles.
2. No.1 Digital Growth Champion: This involves providing a wide range of modern, digital lifestyles to create everyday living technology for work, entertainment, and health, ensuring more convenience while enabling business transformation across all industry sectors to become smarter and more agile.
3. No.1 Future-ReadyPerformance: This pillar ensures sustainable growth and profitability in 2024 by continuing to adopt new technologies and AI to improve service offerings and simplify the value chain. It also focuses on exploring synergies and transforming the organization to enhance efficiency and uplift the digital skills of employees, while delivering more value and benefits to consumers and Thailand as a whole.

1.1.2 Key Developments

January 2024

• True Corporation receives "Sustainability Disclosure Award 2023" from Thaipat Institute, the highest award, for the 5th consecutive year. As an organization that recognizes the importance and transparently disseminates reliable information on sustainability to the public which is beneficial to all groups of stakeholders, True has continuously conducted annual reports and sustainability reports, covering all dimensions of economic, social and environmental aspects. This is in line with the objectives of Thaipat Institute that has established a community and currently has 154 member organizations, to enhance the disclosure of sustainability information as well as responds to the United Nations Sustainable Development Goal (SDGs) 12.6, which encourages companies, especially large and transnational companies, to adopt sustainable practices and to integrate sustainability information into their reporting cycle.
• True Move H Universal Communication has made the fourth installment of 1,881.488 million Baht (inclusive of value-added tax) for 700 MHz Spectrum License, along with the remaining payment guarantee as per the licensing conditions. TrueMove H is committed to providing an enhanced mobile signal experience with a focus on 5G and 4G technologies, ensuring speed, strength, and extensive coverage. This includes urban areas with tall buildings as well as remote areas, utilizing the 700 MHz frequency band known for its low frequency, enabling diverse

consumer usage patterns in Thailand. This will also enhance efficiency in the telecommunications industry, contributing to the digital economy of the country.

• True Corporation extends gratitude to all investors for overwhelming success of its first debenture emphasizing investor confidence in Thailand's No. 1 telecom-tech company and No. 1 in the world in the telecommunications industry for the 2023 Dow Jones Sustainability Index (DJSI) for the 6th consecutive year. The new True debenture offering had received overwhelming interests from the investors and the subscription was full within a short period of time. To offer the public opportunities to invest in the A+ rating Company with good return, the Company decided to allocate additional greenshoe option of 3,500 million Baht to absorb excess demands making the total issued size of 10,500 million Baht. The new debenture offering covered five series of unsubordinated and unsecured debentures, in the name-registered certificate with debentureholders' representative with tenor ranging from 1 year 3 months to 10 years and with fixed interest rate from 3.15% to 4.60% per year. The proceed of this debenture offering is to repay maturing debentures and/or reserve as working capital to support the Company's growth.

February 2024

• True Corporation elevates Mobile and Home Internet Networks with the Business and Network Intelligence Center (BNIC), equipped with Artificial Intelligence (AI) to enhance network reliability for 5G, 4G, and home internet. BNIC oversees and manages the networks for all services, aiming to deliver reliable, high-speed voice and data services to over 50 million customers nationwide. BNIC's key feature is its integration of AI, machine learning, and Automation which can analyze big data deeply and accurately to automate key functions of the network, such as anomaly detection. The BNIC proactively manages network operations with speed and precision, based on the most suitable algorithms for the task.
• True Corporation solidifies its vision as a leading telecom-tech company, unveiling its key strategies and business direction for 2024, focusing on leveraging the strengths of a robust telecommunications infrastructure and digital ecosystem. The Company aims at a strong growth by emphasizing on three strategic pillars which are; 1) No.1 World-ClassCustomer Experience; covering a modernized and superior network, seamless customer experience via omnichannel and hyper-personalized services and privileges to fit customers' lifestyles, 2) No.1 Digital Growth Champion; providing a wide range of relevant and user-friendly digital products and services to create everyday living tech for work, entertainment and health with more convenience and safety, as well as enabling business transformation across all industry sectors, and; ensuring sustainable growth and profitability in 2024 by continuing to explore new 3) No.1 Future-ReadyPerformance technologies and AI to improve service offering and simplify its value chain, exploring synergies and transforming the organization to enhance efficiency and uplift the digital skills of employees while delivering more value and benefits for consumers and the nation.

March 2024

• True Online, the leader in home fiber internet innovation, aims to elevate the standard of broadband for Thais, providing speed, strength, stability, and superiority through the power of AI technology. This initiative aims to transform broadband into smart living (Broadband to Smart Living) under the concept "Your Everyday Connect Tech", connecting Thais with full digital life technology every day. Ready to revolutionize broadband in 2024 with 3 main strategies: 1) Smart Tech: Offering cutting-edge network technology with Smart AI broadband, enhancing limitless online experiences and delivering up to 1 Gbps directly to every room and residence building (FTTR). Additionally, routers supporting speeds of up to 2 Gbps. 2) Smart Service: Integrating AI technology to enhance service capabilities, understanding every customer's needs through all

channels. 3) Smart Solution & Privilege: Providing the ultimate benefits for customer happiness, including entertainment with True ID TV boxes and TrueVisions Now, as well as smart solutions such as CCTV cameras for both indoor and outdoor use, solutions solar cell, along with free home insurance and life insurance. Reinforcing True Online's position as the number one home internet, connecting every aspect of digital life, with real customer representatives such as "Noom Kanchai Kamnerploy" showcasing True Online's intelligence, endorsed by the Best Fiber Internet Award for 4 consecutive years from nPerf, the global internet quality inspection institute based in France, and the World Branding Award from the UK for 7 consecutive years.

• True Corporation takes Customers to the Next Level with "GO Travel" - Redefining the Travel Experience in Thailand! For the first time with internet browsing, calling and texting anytime, anywhere - even on planes and luxury cross-border cruises. Catering to both True and dtac customers, utilizing the world-class 5G network of partner alliances with fastest, strongest and unlimited data.
• TrueOnline is determined to advancing innovation and technology to elevate the standard of broadband for the Thai people. Continuously striving to be the top choice in the hearts of Thai consumers, TrueOnline proudly accepts the 2024 Thailand's Most Admired Brand award, recognizing its trustworthiness and reliability in the IT and digital service provider category, particularly in internet service provision, for the 11th consecutive year. This award was conferred by BrandAge magazine, the first publication to conduct brand trust surveys in Thailand for 25 consecutive years. TrueOnline is committed to delivering the best experiences to Thai users, transforming broadband into smart living under the concept "Your Everyday Connect Tech." This initiative aims to connect Thai people with technology, enriching their digital lives every day through three main strategies: Smart Tech, Smart Service, and Smart Solution & Privilege. This commitment solidifies TrueOnline's position as a true leader in home fiber internet innovation.
• True Move H Universal Communication has made the ninth installment of the 900 MHz frequency, amounting to THB 8,163.886 million (including VAT), along with providing a payment guarantee for the remaining frequency payment in accordance with the license conditions. True Corporation, a leading telecommunications and technology Company, is committed to delivering a world-class user experience to True Move H customers by enhancing both the efficiency and quality of its network. By utilizing a comprehensive and diverse range of frequencies, True Move H offers broader and faster coverage, along with seamless and convenient customer service across all channels. True Corporation is also the provider of the most extensive 5G network in Thailand, covering 90% of the population. The Company aims to drive innovation to enrich daily life in terms of work, entertainment, and health, and to transform business organizations into the digital age, thereby contributing to the country's economic growth.

April 2024

• True Corporation joins hands with the Tourism Authority of Thailand to drive the Thai tourism industry forward, launching the "True Nationwide, For Everyone" campaign. Checking signals in all 4 regions across Thailand, ensuring seamless internet connectivity and enhancing happiness for Thai people. Exploring every corner to create content and showcase Thailand's tourist attractions, demonstrating the power of True signals with unrivaled scenes. Creating world-class experiences for True-Dtac customers and both Thai and international tourists, highlighting the best network and carefully selecting products, services, and exclusive privileges to cater to every digital traveler lifestyle comprehensively.
• True Corporation revealed artificial intelligence (AI) solutions to transform customer service and uplift Thailand's productivity. In an event titled "AI Gets Real," the Company demonstrated virtual service agents, smart retail solutions and AI-powered content. True Corporation aims for 100% automation of its repetitive processes by 2027, making AI a critical success factor for the

organization. Moreover, the Company ambitions to enable Thai businesses to adopt smart solutions, with True Digital Group are now offering services that allow businesses to leapfrog to AI. This is set to increase the share of AI-driven revenue in digital services to 30% over the next three years.

• True Digital Group announced the collaboration with Alibaba Cloud, the digital technology and intelligence backbone of Alibaba Group, to launch its "Climate Technology Platform" for businesses to identify energy efficiency challenges, adopt proven technologies for sustainable growth and accelerate Thailand's green transition.
  Designed with outstanding complex architecture, Climate Technology Platform integrates cutting- edge technologies including cloud, IoT, big data analytics with various data sources on DataVisor, an integrated data management platform for in-depth analysis via Data Analytics Platform and Alibaba Cloud's Energy Expert. These technologies empower our Climate Technology Platform to fully serve all dimensions of energy management requirements for enterprises covering:
• • Turning physical to digital systemby using sensors and IoT devices
  • Connecting various energy sourcesinto one single energy management system and transiting to renewable energy such as solar power, waterpower, and electricity (power grid)
  • In-depthanalysis and predictive insights using AI technology, building automate energy management system that enable real-time energy control with accuracy and providing user- friendly dashboard and report for energy consumption and greenhouse gas emissions monitoring such as carbon emissions calculation, carbon footprint from business operation and activities measurement, etc, and make predictive recommendations based on AI- algorithms.
  • Energy consumption and greenhouse gas emissions planningto comply with organizations' policies toward sustainability goals

May 2024

• True Corporation extends its gratitude to all investors for their confidence and investments in True's debentures. The overwhelming response from the investors led to a full subscription of the initial THB 12 billion of debentures within a short period of time, prompting the Company to exercise a greenshoe option of THB 3 billion. This brought the total issue size of the debentures to THB 15 billion. True's debenture offerings provided investors with flexibility to choose a suitable investment term. With maturities ranging from 1 year and 3 months to 10 years, with a fixed coupon rate of 2.95 - 4.30% per annum, investors could align their investment horizon with their financial goals, whether short-term, medium-term, or long-term. Additionally, the Company and its debentures have been rated A+ with a "stable" outlook by TRIS Rating, reflecting the Company's creditworthiness as the industry leader possessing a solid financial position, the business strengths, as well as the growth potential. The funds raised from this debenture issuance will be used to repay existing debts and as working capital to support the Company's future business expansion. True is committed to conducting its business with good corporate governance, considering the interests of all stakeholders to achieve robust and sustainable growth.

June 2024

• True Corporation, dtac customers can join True customers in experiencing an exclusive digital service on the newly revamped www.true.th. True is committed to enhancing the digital experience, making life more convenient for both True and dtac customers. With the new and improved www.true.th, users can seamlessly conduct all their transactions online in one place.

Whether paying bills for True or dtac accounts, family, or friends, subscribing to additional services, changing plans, purchasing extra packages, activating new numbers, or selecting auspicious numbers from renowned astrologers, everything can be done easily. Additionally, customers can shop for smartphones, cutting-edge gadgets, and lifestyle packages including movies, games, and content from TrueID and other leading partners at the best prices. This integration also combines special privileges from both True and dtac offering comprehensive lifestyle discounts from top brands. Customers will benefit from MARI, the intelligent AI assistant, available 24/7 to help with inquiries, recommend mobile devices, check balances, pay bills, report issues, and track various statuses.

• TrueVisions, The number one quality news station, "TNN Channel 16," continues to achieve success. The program "TNN Evening News," received the prestigious "Outstanding News Program" award at the 38th Golden Television Awards in 2023. The theme for this year was "The Spark of Success of 38 Years of Golden Television." TNN Channel 16 has won this award for the second consecutive year, reflecting the trust in its news quality, which is "Up-to-date with the World, Economy, and Every Truth." This recognition underscores the value and standards in news content production that TNN Channel 16 has consistently upheld for over 16 years. It also serves as an encouragement for both the front-line and behind-the-scenes news personnel to continue maintaining and enhancing quality content across all platforms, including TV and online. As a mass media outlet, TNN Channel 16 remains committed to delivering truthful news for the benefit of society.
• TrueBusiness a leading integrated communications and digital solutions provider for enterprise and SME customers, partners with Infobip, the global cloud communications platform, to launch "True CPaaS" (True Communications Platform as a Service), the next-gen AI-enabled communications solution, enriching Thailand's digital customer experience. The platform unifies omni-channel into one single platform, eliminating complexity in managing a variety of communication channels and customer journey engagement. The AI-empowered platform also enables enterprises to deliver personalized conversational experience to their customers, utilizing customer insight data, automated and always-on communication covering marketing, sales, and customer support. True CPaaS is applicable for businesses of all sizes in various industries, such as finance, insurance, retail, e-commerce, tourism, and healthcare. With an as-a-service model, the platform provides easy deployment immediately after subscription, allowing flexibility in supporting business needs and rapid business expansion while ensuring high data security.
• True Corporation "True Nationwide, Throughout Everyone" elevates "Bai Fern X Soft Power" under the "True Power, Connecting the Nation" concept, enhancing 5G to support generative AI and digital lifestyles. It enables tourists to swiftly access essential apps while strengthening the Thai digital ecosystem with TrueOnline smart home internet, boosting digital competitiveness among Thais and driving the Thai economy and society.
• True Corporation is opening a new, smarter experience with True iService app, allowing True customers to enjoy a more seamless and convenient digital life. The app integrates all digital transactions with AI technology that efficiently understands individual user behaviors and needs. Whether it's paying bills, checking balances, topping up, adding internet packages, shopping, reporting issues, or utilizing the all-in-one service for after-sales support, maintenance tracking, new service recommendations, and self-service troubleshooting, the True iService app covers it all. Embracing the concept of a "Gateway to Infinite Digital Lifestyle," the app serves as a limitless gateway to a digital lifestyle, enabling customers to access various services easily and conveniently. The four main features are:

1. Easy and Convenient: Conduct transactions anytime, anywhere through a smartphone with just a tap.
2. Access All Digital Services: Over 50 functions covering top-ups, bill payments, package purchases, usage checks, and more.
3. Always Find Better Deals: Exclusive in-app offers, special internet and phone packages, lifestyle deals, flash deals, and monthly special campaigns.
4. Enjoy Thousands of Privileges: Earn TruePoints from bill payments to redeem exclusive offers from leading brands and participate in daily prize-winning activities."

July 2024

• True Corporation has demonstrated its commitment to good corporate governance and social responsibility by supporting education through various projects aimed at community, social, and environmental development in line with the United Nations' Sustainable Development Goals (SDGs). The Company has been honored with the prestigious Asia Excellence Award 2024 at the 14th Asian Excellence Awards 2024.
  True Corporation received three awards:
• 1. Asia's Best CEO Awardwas presented to Mr. Manat Manavutiveth, CEO, for his successful business management, continuous achievement of growth targets, and visionary leadership in driving the organization across all dimensions based on sustainable business practices.
  2. Sustainable Asia Award:Recognizes True Corporation's sustainable business practices encompassing all dimensions of ESG (Environmental, Social, and Governance).
  3. Asia's Best CSR Award: Highlights True Corporation's dedication to community, social, and environmental responsibilities through various aid projects.

The Asian Excellence Awards, organized by Corporate Governance Asia, a leading Hong Kong- based magazine since 2011, honors exceptional achievements in financial management, social responsibility, environmental practices, and investor relations. The awards are based on organizational data and feedback from investors, analysts, and experts across Asia.

• True Digital Group brings MorDee' s physician team to uplift welfare and wellbeing for Thai police, collaborating with Central Investigation Bureau (CIB) to create mind and body balance for CIB police in order to be ready in taking care of the people efficiently. The collaboration allows CIB police and families to get online preventive healthcare and treatment via MorDee application with special privilges. MorDee offers online heath consultation services by more than 500 doctors and specialists from leading institutions covering more than 20 branches of specialized clinical services with medical delivery to home throughout the country. The application delivers fast, convenient and private online health consultation from anywhere at any time without having to go to hospital and no need to be in the long queue, enabling continuous taking care of health that helps reduce the chance of diseases and decrease severity from disease progression.
• True Corporation has implemented aggressive measures to support the government in addressing cybersecurity threats, utilizing AI and Data Analytics technology. It analyzes and processes SIM registration data to identify and mitigate risks of misuse. This proactive approach aims to filter and prevent up to 500,000 risky SIMs annually from being used for illicit activities. It also tightened sales regulations, requiring immediate SIM registration, and imposed penalties on non-compliant distributors, resulting in the cancellation of over 500 partnerships.