True Corporation to Issue New Debentures with Tenors of 1 Year 3 Months to 10 Years at a coupon of [3.10-4.70%] per annum with A+ Rated

True Corporation to Issue New Debentures with Tenors of 1 Year 3 Months to 10 Years at a coupon of [3.10-4.70%] per annum with A+ Rated - Expected Subscription Period during January 26, 29-30, 2024

True Corporation Plc, the No.1 leading telecom-tech company in Thailand recently ranking No 1 in the DJSI 2023 in the telecommunications industry sector for 6th consecutive years, plans to issue 5 tranches of 1-year-and-3-month to 10-year debentures with fixed annual coupon rates of [3.10-4.70%] per annum through a Public Offering. The A+ rating with a "stable" outlook from TRIS Rating reflects the company's strength following the merger between True and dtac. The subscription period is expected to be during January 26 and January 29 - 30, 2024. The Joint Lead Arrangers include Bangkok Bank, KASIKORNBANK, Siam Commercial Bank, CIMB Thai Bank, UOB (Thai) Bank and Asia Plus Securities.

Ms. Yupa Leewongcharoen, Co-Chief Financial Officer of True Corporation Plc, said "This debenture issuance is being conducted under the new strengthened 'True Corporation,' following the merger of True and dtac. This amalgamation has resulted in the stability enhancement and solid foundation of the company, as marked by significant achievements. Notably, there has been an improvement in revenue and customer base in quarter 3 of this year. Synergy is progressing especially in key areas leading to the realization of synergies and operational efficiency contributing to the EBITDA uplift for 3 consecutive quarters since the merger. The company is confident that the debenture issuance will receive good response from general investors, particularly those looking to invest in reputable companies within industries positively impacted by economic and tourism growth, offering lucrative future returns. Our focus remains on enhancing operations and delivering superior value to both consumers and the business sector. We are also committed to innovating in ways that drive the Thai economy and society forward, while offering investors the opportunity to grow along with the company, particularly in the thriving digital business sector."

In the 3rd quarter of this year, the operational performance of the company showed positive signs, marked by increasing service revenue and a continuously growing customer base. This growth resulted in the EBITDA uplift for the 3rd consecutive quarter since the amalgamation, a success attributed to the realization of synergies and operational efficiency, aligning with our strategic plan. These developments have further strengthened the company's financial position post-amalgamation.

Additionally, the Single Grid initiative has made significant progress, as planned, since its commencement in September. This underscores the company's commitment to enhancing service quality for our expanding customer base, achieved through improved efficiency of base stations and network expansion.

Recently, True Corporation has been ranked in the world-class Dow Jones Sustainability Indices (DJSI) 2023, achieving the highest score in the global telecom sector for the 6th consecutive year, as announced by S&P Global on December 8, 2023. This recognition comes under the company's strategy to transform every aspect of its operations through initiatives in Artificial Intelligence, business efficiency, energy saving, and digital upskilling, while employing digital technology to reduce educational inequality. Concurrently, the company is expanding its business processes to respect Human Rights throughout its supply chain, support good governance that is transparent and verifiable, and firmly oppose all forms of corruption.

On September 27, 2023, TRIS Rating assigned the company and its debentures an A+ rating with a Stable outlook. This rating reflects an improved financial risk status and robust business operations, characterized by a strong market position in the mobile phone and broadband sectors, a nationwide network, and a complete range of spectrums under a reputable brand. Additionally, positive macroeconomic factors, such as the country's GDP growth driven by the recovery of tourism post-COVID-19, have contributed to this favorable assessment.

These debentures will be issued through a Public Offering, with tenors ranging from 1 year and 3 months to 10 years. Short-term investors may opt for tenors of 1 year and 3 months to 3 years and 3 months. Those interested in medium-term investments can choose the tenor of 5 years and 3 months, while investors preferring long-term investments and seeking daily interest income might find the tenor of 10 years more appealing due to their potential for higher returns, especially when compared to the Government Yield Curve, which has been declined following the major central banks like the US Federal Reserve, the European Central Bank, and the Bank of England keeping the interest rate unchanged. Some countries have indicated potential interest rate cuts in 2024 following a slowdown in inflation. The investment in debentures is considered an attractive and alternative choice during this period, particularly the investment in the highly credible companies. True Corporation stands out as one appealing option, being rated A+ and having no negative record of payment defaults or delays.

The use of proceeds of this debenture issuance is to repay existing debenture and/or pay for spectrum and/or use as working capital to support the company's growth. The debentures are unsubordinated and unsecured with a debenture holders' representative, and coupons are payable every 3 months. The debenture subscription period is scheduled to be during January 26, and January 29 - 30, 2024, with a minimum subscription of 100,000 baht and increments of 100,000 baht. The issuance is divided into 5 tranches as follows:

• 1st Tranche: 1 year 3 months tenor with a fixed rate of [3.10-3.20%] per annum.
• 2nd Tranche: 2 years and 6 months tenor with a fixed rate of [3.50-3.70%] per annum.
• 3rd Tranche: 3 years and 3 months tenor with a fixed rate of [3.75-3.90%] per annum.
• 4th Tranche: 5 years and 3 months tenor with a fixed rate of [4.10-4.25%] per annum.
• 5th Tranche: 10 years tenor with a fixed rate of [4.50-4.70%] per annum (with a call option after 5 years)

The company is currently in the process of filing a registration statement and draft prospectus, which are not yet effective and are pending approval by the Securities and Exchange Commission (SEC). Interested investors can find more details about the debenture offering and draft prospectus at www.sec.or.th, or for additional information, they may contact the 6 lead financial arrangers listed below:

• Any branch of Bangkok Bank, except micro branches. For inquiries, call 1333 or use the online channel via the Bualuang mBanking application.
• Any branch of KASIKORNBANK, tel. 02 888 8888, extension 819, or use the online channel at https://www.kasikornbank.com/kmyinvest (Note: Non-Thai passport holders and juristic persons may subscribe via KASIKORNBANK's headquarters and branches). KASIKORN Securities also acts as the sales representative for KASIKORNBANK.
• Any branch of Siam Commercial Bank. For inquiries, call 02 777 6784, or use the online channel via the SCB Easy application. InnovestX Securities serves as the sales representative for Siam Commercial Bank.
• Any branch of CIMB Thai Bank. For inquiries, call 02 626 7777, or use the online channel via the CIMB Thai Digital Banking application.
• Any branch of UOB (Thai) Bank. For inquiries, call 02 285 1555.
• Asia Plus Securities. For inquiries, call 02 680 4004.

For those interested in subscribing via the TrueMoney Wallet, more information and instructions on how to apply for the TrueMoney Wallet Application and how to subscribe debentures can be found at www.truemoney.com. For assistance with the application process, contact the staff of True Money Co., Ltd. at Tel. 1240, press 6.