True : 3. Business Sustainability Development

True Corporation Public Company Limited

Annual Report 2023 (Form 56-1 One Report)

3. BUSINESS SUSTAINABILITY DEVELOPMENT

3.1 Sustainability Policy and Goal

The Company is committed and dedicated to conducting business with responsibility towards society and the environment, grounded in respect for the human rights of all stakeholders throughout the value chain. This commitment aims to generate positive impacts and sustainable development across the economy, society, and the environment as a whole.

The Company has established the True Sustainability Framework to serve as the organizational framework for sustainable operations, aligning with global standards such as the United Nations Sustainable Development Goals (UNSDGs) and the fundamental 10 principles of the United Nations Global Compact, Universal Declaration of Human Rights, and core conventions of the International Labour Organization (ILO). This framework emphasizes inclusive participation from stakeholders and the assessment of key sustainability issues.

3.1.1 True Sustainability Policy

The Company has established the Sustainability Policy to ensure that its business operations generate positive impacts on the economy, society, and the environment, aligning with the Company's vision and mission. The key elements of the policy include:

• The Company conducts sustainable operations that cover its entire business processes and extend to its business partners, suppliers, and joint ventures to facilitate continuous development throughout the value chain.
• Identification of key stakeholders associated with the Company's operations, including the establishment of relationship processes with stakeholders following international standards such as AA1000SES and ISO 26000. This involves creating guidelines and communication channels to receive feedback, concerns, and expectations, as well as utilizing data to develop and enhance various operational processes of the Company.
• Regular sustainability materiality assessments are conducted to consistently identify and prioritize ESG issues that are significant to business operations and relevant to internal and external stakeholders.

The Company's sustainability operations are overseen by the Board of Directors and the Corporate Governance and Sustainability Committee, which supervise and review various initiatives to ensure alignment with the Company's sustainability policies and established standards. The Sustainability Division is responsible for strategizing, goal-setting,

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True Corporation Public Company Limited

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project management, and other activities aimed at achieving objectives, as well as fostering relationships and communication with stakeholders.

3.1.2 Sustainability Goals and Strategy

The Company has developed the True Sustainability Framework, covering the dimensions governance and economic aspects, social aspects, and environmental aspects (ESG - Environmental Dimension, Social Dimension, Governance, and Economic Dimension). This framework reflects the principles of responsible business practices, serving as a strategy to achieve the Company's vision and mission in leading digital infrastructure and technology systems. The goal is to enable Thai people to maximize the benefits of communication technology, leading to the development of the economy and society.

The True Sustainability Framework comprises key issues crucial to the Company's sustainability, derived from the Sustainability Materiality Assessment process. Long-term goals for the year 2030, known as True Sustainability Goals 2030, have been established for each issue. The details are as follows:

Issues	2030 Targets
Corporate	Highest ratting received from the Corporate Governance
Governance	Reporting (CGR)
Human Rights	100 percent human rights due diligence conducted in own
	business operations and in significant tier-1 suppliers
Digital Inclusion and	36 million people and internet users receiving access to
Education	education, life-long learning and digital upskilling
Leadership &	100 percent employees participating in digital reskilling and
Human Capital	upskilling
Development
Cybersecurity &	100 percent of significant business operations certified on
Data Privacy	ISO 27000 and compliant to Personal Data Privacy Act B.E.
	2562 (PDPA)
Health & Well-being	25 percent of total revenue from products and services that
of Consumers	help promote health and/or well-being of consumers
Social Impact &	500,000 smallholder entrepreneurs and individuals of
Economic	vulnerable groups receiving digital upskilling for jobs and
Contribution	income generation opportunities
Innovation	200 patents of innovations and interventions granted and
	filed.
Stakeholder	85 percent engagement score of multi-stakeholder
Engagement	perception survey
Network Availability	95 percent of 5G network coverage of population
	throughout the nation
Climate Resilience	Reduction of carbon emissions of organization's operations
	and become Carbon Neutrality in Scope 1 and 2, compared
	to 2020 base year
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True Corporation Public Company Limited	Annual Report 2023 (Form 56-1 One Report)
Issues		2030 Targets
Electronic Weaste	100 percent zero-landfill in electronic waste from business
Management	operations and those of consumer voluntary campaigns
Water Stewardship	35 percent reduction in water withdrawals per unit revenue
	compared to 2020 baseline year
Responsible Supply	100 percent of significant tier-1 suppliers are audited.
Chain Management

The Company has set sustainability goals as a key performance indicator (KPI) in the organization's business operations that every executive and employee must actively participate in and take responsibility for achieving the goals. These goals include: 1) Reduction of greenhouse gas emissions for both scope 1 and scope 2, with an aim of achieving Carbon Neutrality; 2) Implementation of cybersecurity measures in alignment with the ISO 27000 standards; and 3) Ensuring personal data privacy protection in compliance with the Personal Data Protection Act. The Company consistently monitors performance to drive the accomplishment of these sustainability goals as outlined.

3.2 Supply Chain Impact Management

3.2.1 Business Value Chain

The Company's core business is to provide mobile network services, as well as value-added services to facilitate customers in accessing products and services offered by suppliers and partners through the Company's signal networks. We have also devised a strategic action plan, focusing on continuously expanding networks and service channels, creating value-added products and services to meet the needs of customers and stakeholders, and taking steps toward becoming an agile organization.

The Company is prepared to cope with the rapid changes in digital technology and seeks business opportunities through the development of various innovations. This serves as a foundation for the emergence of new developments in the Thai society, encompassing the economic, environmental, and full-scale digital aspects in the future throughout the value chain.

The core businesses of True are divided into four groups: TrueMoveH: A mobile phone service provider ranked second in the country, with a comprehensive nationwide network through complete frequency coverage. TrueOnline: A leading provider of broadband internet and WiFi services with a high-quality fiber optic network. TrueVisions: A leader in subscription-based television services and HD services nationwide. True Digital Group: A leader in digital platforms, emphasizing innovation and offering solutions through cutting-edge technology.

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True Corporation Public Company Limited

Annual Report 2023 (Form 56-1 One Report)

3.2.2 Materiality Analysis

The Company conducts an annual analysis and assessment of material sustainability issues in alignment with the 2021 General Reporting Initiatives (GRI) standard. This process involves the identification of the most significant issues derived from the corporate context, global sustainability standards and guidance, peer benchmarks, leadership insights, expert opinions, and input from both internal and external stakeholders.

The materiality assessment aligns with the Double Materiality concept, encompassing not only financial impacts, such as expenses, revenues, risks, and business opportunities, but also evaluating the Company's effects on economic, environmental, social, and human rights aspects. This comprehensive approach aims to inform future corporate strategy, operations, and improvement measures.

The materiality issues were validated by external experts, approved by management, and endorsed by the Board of Directors. For these top-priority material issues, the Company adopts a comprehensive management approach, setting targets for short-term,medium-term, and long-term periods to effectively address impacts. Subsequently, these issues are publicly disclosed in accordance with the GRI Standards 2021 guideline.

Sustainability Material Issues 2022/2023

Top-priority Material Issues	High-priority Material Issues
	Cybersecurity,	 Risk and crisis management,
	Labor practice and employee diversity		Corporate governance,
	& inclusion, health, safety & wellness,	 Leadership, talent attraction &
Data protection,		retention and human capital
	Digital inclusion & education,		development,
	Climate change management,		Corporate social responsibility,
	Human rights management,		Customer relationship management,
	Responsible supply chain management,		Environmental management: energy,
	Network reliability & availability, and		waste, water, and biodiversity.

• Innovation management.

The results of the Materiality Issues for 2023/2024 are currently undergoing analysis and will be disclosed in the Sustainability Report 2023 on the corporate website.

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True Corporation Public Company Limited

Annual Report 2023 (Form 56-1 One Report)

3.2.3 Stakeholder Analysis and Engagement Across The Business Value Chain

The Company endeavors to operate its business in alignment with the expectations of all six stakeholder groups, encompassing employees, communities and society, business partners and suppliers, customers, government agencies, and shareholders. We uphold stakeholders' rights, ensure equitable treatment, actively listen to their concerns, and foster understanding and trust. This commitment is integral to achieving sustainable business performance and maintaining positive relationships, which we actively nurture through our stakeholder engagement program.

Stakeholders		Stakeholder Expectations		Company Responses
Internal Stakeholders
Employees		Job security after the		Communicating the
		business amalgamation		Company's goals, strategies,
		Employee compensation and		and operating results to
		benefits		employees at all levels,
	Competency development	Managing performance
		and career advancement,		rewards, benefits, and
		Effective and fair		privileges is in accordance
		performance appraisals,		with legal requirements or
		Employee welfare, and		exceeds legal requirements
		safety,		and competitive in the market.
		Employee participation and	Developing employee
		involvement, and		competencies, skills, and
		Office equipment and		knowledge on diverse topics
		technologies suitable for		through learning channels
		current situation.		that suit employees' behavior,
			Supporting career
				advancement by developing
				effective performance
				appraisals to help
				employees recognize their
				competencies and reskill to
				advance toward their career
				goals, as well as
				implementing effective
				human resource planning
				and management,
				Paying compensation on
				time and at appropriate rates,
			Establishing an employee
				welfare working team,
				consisting of elected and
				appointed employees, to
				communicate the problems
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True Corporation Public Company Limited	Annual Report 2023 (Form 56-1 One Report)
Stakeholders	Stakeholder Expectations	Company Responses
		and opinions of employees
		to the Company,
		Complying strictly with
		policies and practices
		related to health, welfare,
		safety, and the
		environment, and
		Providing laptops and
		allowing employees to work
		from anywhere.

External Stakeholders

Communities and  Collaboration with civil

societysociety organizations at national and international levels to drive sustainable development, reduce inequality, and address economic, social, and environmental problems,

• Contributing to economic and social development by leveraging the Company's expertise in digital technology, communications, and other resources, creating public benefits and assisting the disadvantaged,
• Complaints and reports on misconducts are fairly managed.
• Promoting activities that benefit the community, encourage participation, and provide support and assistance to society, especially in crisis situations.
• Impacts from business activities, such as electromagnetic radiation from cell towers and tower installation,
• Respect for human rights in business conduct

• Organizing activities to promote the use of technology, such as CONNEXT ED, True Plookpanya, VROOM, VLEARN, MorDee by True Health
• Organizing activities to promote income generation for the community, including vulnerable groups, such as "Net for Living" initiatives for the development of individual potential, "Autistic People Development" program and the "Smart Farmer" project that encourages the use of technology among farmers.
• Strictly complying with the Building Control Act B.E. 2522 and national and local government agencies' regulations to build a strong understanding of electromagnetic radiation, safety, and other issues related to cell tower installation and network expansion,
• Assessing the impact of business activities on the environment, and
• Building relationships and networks with civil society

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True Corporation Public Company Limited		Annual Report 2023 (Form 56-1 One Report)
Stakeholders		Stakeholder Expectations		Company Responses
				organizations, especially
				those working to address
				inequality and safety.
Business partners		Fair and equitable treatment		Complying with policies
and suppliers		of suppliers,		relating to fair, transparent,
		Transparent, fair, and		and equitable treatment of
		accountable procurement		suppliers and corporate
		processes,		governance,
		To provide knowledge and	Complying with a written
		grow together,		and fair procurement policy
		Full and on-time payments,		to build suppliers' confidence
		Protection of trade secrets,		in the selection procedure
		such as product ideas,		and to inform them of the
		Compliance with the Supplier		bidding process,
		Code of Conduct that	Taking steps to ensure
		encompasses ESG issues,		suppliers comply with the
		Participation and		Business Partner Code of
		involvement to share ideas		Conduct that encompasses
		to enhance mutual business		ESG, which is a globally
		operations, and		recognized social
		Sustainable mutual business		responsibility standard,
		operations.	Requiring directors, service
				providers, employees, and
				any other persons acting on
				behalf of the Company to
				respect and avoid infringing
				the intellectual property
				rights of suppliers and
				others in compliance with
				the Business Partner Code of
				Conduct,
				Conducting tier-1 supplier
				on-site audits and updating
				the audit checklist regularly
				to reduce risks and improve
				the supply chain,
			Making payments on time
				and in full, and
				Assessing suppliers'
				expectation and suggestion
				for improvement.
Customers		Uninterrupted services, even		Maintaining and expanding
		during emergencies,		networks to support home
		disasters, and pandemics,		internet data usage in
				response to lockdown
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True Corporation Public Company Limited

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Stakeholders	Stakeholder Expectations
	Quality products, services,
	and after-sale services,
	Continuous improvement of
	services and after-sale
	services to make them more
	efficient, faster, and better
	able to meet customer
	needs,
	A wide range of
	environmentally friendly
	product packages at fair
	prices, and
	Measures to protect
	customer personal data
	and privacy.

Government agencie  Strict regulatory compliance,

and regulators  Preparation of a performance report to support regulators in planning or assessment of impacts,

• Provide information to regulators when regulations

Company Responses measures and work-from- home policies,

• Delivering positive experiences, equal service, and quality products,
• Treating every customer fairly, equitably, respectfully, and professionally,
• Strictly complying with personal data protection policy, requiring that personal data be processed cautiously, prudently, and in accordance with procedures and only to the extent necessary to accomplish business purposes, efficiently providing customer care, and supporting related commercial activities only with customer consent,
• Using satisfaction survey data and input from customers to develop and improve service systems and channels continuously to provide services more efficiently and fix problems for customers quickly,
• Developing the competencies and skills in employees necessary to provide customer service more efficiently, especially by utilizing artificial intelligence (AI) skills and service mind.
• Participating in developing public policies related to the business and telecommunications industry, especially regarding personal data protection, and prevention and suppression of the use

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True Corporation Public Company Limited		Annual Report 2023 (Form 56-1 One Report)
Stakeholders		Stakeholder Expectations		Company Responses
		have a negative impact on		of telecommunication
		equitable and transparent		services for crimes and
		relationships with the public		illegal transactions,
		sector,		Complying with policy to
	Cooperation in government		maintain good cooperation
		activities, and		and relationships with
		Effective complaint handling.		regulators,
			Conducting business with
				transparency, fairness, and
				in compliance with the law,
			 Disclosing information in a
				transparent manner, and
				Implementing corporate
				governance in compliance
				with laws and regulations
				set by regulators.
Shareholders and		Equitable treatment of all		Complying with guidelines
Investors		shareholders,		and regulations set by the
		Transparency in		Stock Exchange of Thailand
		management,		and Securities and
		Effective management		Exchange Commission,
		strategies and turning	Upholding good corporate
		challenges into opportunities,		governance and social
		Disclosure of accurate and		responsibility standards,
		timely information through	Clear, transparent
		accessible channels,		communication outlining
		Business growth and		business priorities in the
		profitability, and		short and long term, and
		Regular dividend payment.		investment goals to achieve
				growth,
				Paying dividends as
				required by the dividend
				policy,
				Setting up channels to
				disclose information and
				communicate with
				shareholders and investors,
				and
				Participating in activities,
				such as roadshows and
				conferences, to meet with

domestic and international investors regularly.

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True Corporation Public Company Limited

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3.3 Sustainability Management In The Environmental Dimension

3.3.1 Environmental Policy and Practices

The Company has developed the Environmental Policy aiming at enhancing environmental management efficiency through continuous improvement of environmental management systems. Operations under the Environmental Policy cover all aspects of the Company's business processes, considering employees and associated business partners as integral parts of environmental management.

The Sustainability Division is responsible for strategizing and managing environmental aspects in accordance with the policies, including monitoring, reviewing, and reporting on the performance to the Corporate Governance and Sustainability Committee which is tasked with overseeing sustainability and environmental affairs. The Board of Directors has an oversight of the environmental work and performance. Environmental operations must adhere strictly to laws, regulations, and environmental requirements.

The Company has implemented environmental management and energy management systems to ensure resource efficiency, reduce environmental impacts, and comply with ISO 14001:2015 standards. Key focus areas include energy management, climate change mitigation, water management, waste management, and biodiversity management.

3.3.2 Environmental Management Performance

• Energy Management
  Energy consumption is a crucial component in True's business operations and is considered an operational cost, especially in utilizing electricity for managing the network to provide seamless services to customers and consumers. However, the Company is well aware that energy consumption has environmental impacts. Therefore, it is essential to have management practices in place to align with the Environmental Policy.
• Greenhouse Gas Emission
  The Company has set a target to achieve Net Zero greenhouse gas emissions by the year 2050, with a key strategy being the increased use of renewable energy in business operations. This involves modifying processes and business practices in certain activities to reduce energy consumption. Additionally, the Company calculates the amount of greenhouse gas emissions resulting from its business operations annually. This data serves as a foundation for planning and tracking the progress of emissions reduction efforts in line with the Company's sustainability goals and environmental policies.

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