True PCL : does not plan to participate in the 5G 700 MHz spectrum auction, awaiting more clarity on the 900 MHz payment extension

(Translation)

Ref: TRUE-SEC 002/2562

17th January 2019

The President of the Stock Exchange of Thailand The Stock Exchange of Thailand

Subject:True does not plan to participate in the 5G 700 MHz spectrum auction, awaiting more clarity on the 900 MHz payment extension

In response to the news about the 5G 700 MHz spectrum auction, True Corporation Public Company Limited (the "Company") would like to inform you that the Company does not plan to participate as the Company is awaiting more clarity on the 900 MHz payment extension. The Company's main focus is on continued revenue and margin growth as well as cash flow improvement.

Today, the Company has sufficient low-band frequency at 850 MHz and 900 MHz to reallocate to support 5G services. The 5G investment utilizing existing bandwidth will be in specific areas where the Company expects good return on investment due to significant demand and readiness of 5G enabled devices.

Kindly be informed accordingly.

Respectfully yours,

-Signature-

Mr. Vichaow Rakphongphairoj President (Co)