True Corporation PCL : Report on the Exercise of Warrants

(Translation)
Ref: TRUE-SEC 001/2555
12th January 2012
The President of the Stock Exchange of Thailand
The Stock Exchange of Thailand
Subject: Report on the Exercise of Warrants
Reference is made to the warrants to purchase ordinary shares ("Warrants") of True Corporation Public Company Limited (the "Company") issued to certain directors and employees at executive level. Currently, the exercisable and unexpired Warrants are as follows:
1. Employee Stock Option Plan 2006, which has total outstanding Warrants of
36,051,007 units. The Warrants can be exercised on the last business day of each calendar month, until the maturity date (30th January 2012). The exercise ratio is
1 unit of Warrants per 1 ordinary share at the exercise price of Baht 10.19.
2. Employee Stock Option Plan 2007, which has total outstanding Warrants of
38,000,000 units. The Warrants can be exercised on the last business day of each calendar month, until the maturity date (14th May 2013). The exercise ratio is
1 unit of Warrants per 1 ordinary share at the exercise price of Baht 7.00.
The Company would like to report on the exercise of the said Warrants on 31st December 2011 as follows:

Employee Stock Option Plan 2006	Number of Warrants exercised in this month - None -
Employee Stock Option Plan 2006	Number of remaining unexercised Warrants 36,051,007 units
Employee Stock Option Plan 2007	Number of Warrants exercised in this month - None -
Employee Stock Option Plan 2007	Number of remaining unexercised Warrants 38,000,000 units

Please be informed accordingly. Sincerely yours,
- Signature-
Professor Athueck Asvanund
Vice Chairman and
Group General Counsel