True : Report on the material progress of the dispute in relation to high speed internet service ("ADSL")

(Translation)

Ref: TRUE-SEC 038/2563

29th December 2020

The President of the Stock Exchange of Thailand

The Stock Exchange of Thailand

Subject: Report on the material progress of the dispute in relation to high speed internet service ("ADSL")

Reference: Letter Ref: TRUE-SEC 023/2561 dated 6th September 2018 and Letter Ref: TRUE-SEC 028/2561 dated 11th October 2018

On 28th October 2005, TOT Public Company Limited ("TOT") had filed an arbitration claim against True Corporation Public Company Limited ("the Company"), claiming that the Company was in breach of the Joint Operation and Joint Investment Agreement in providing high speed internet (ADSL) service or allowing other parties to make use of the said system's equipment to provide ADSL service and claimed for the damages from their lack of revenue from ADSL service and on 11th October 2018, the Company filed a petition to revoke the arbitration award that order the Company to pay the damages to TOT for a breach of contract with the Central Administrative Court, details of which are as per the reference letter.

In this regard, the Company would like to inform you the material progress of the dispute that, today, the Central Administrative Court ruled the judgment to revoke the arbitration award and dismissed the petition to enforce the arbitration award. As a consequence, the Company has no obligations to make any payment pursuant to the arbitration award. The Company would also like to inform you that the parties who disagree with the said judgment have the right to appeal against the judgment of the Central Administrative Court with the Supreme Administrative Court within 30 days as from the date on which the judgment is known. The Company will keep you informed of material progress of the case should there be any in the future.

Please be informed accordingly.

Respectfully yours,

- Signature -

Ms. Yupa Leewongcharoen

Group Chief Financial Officer