TrueSuccess - True Corporation Public Company Limited

16 ANNUAL REPORT 2004 TRUE CORPORATION PUBLIC COMPANY LIMITEDfromthe President and CEOThe True Group ended 2004 stronger than ever before. All aspects of our business were strengthened and foundationswere laid for continuing future growth. True has become Thailandûs largest Internet Service Provider, its largest Broadbandoperator and Thailandûs most integrated communications solutions provider. Across the Group debt was reduced andrestructured in 2004, equity was increased, cash flow and revenue remained strong and strategies were put in place tostabilize and enhance core businesses.TA Orange, our mobile phone subsidiary, had a particularly good year. It launched a wide range of non-voice services,beat expectations by almost doubling subscribers, and is firmly on track to make a maiden profit in 2006. With True takinga majority shareholding in TA Orange and negotiating new long term financing, the challenge now is to fully integrate TAOrange into the True Group and leverage synergies between it and other subsidiaries so that we can offer a whole new rangeof integrated solutions that enhance customer lifestyles.A key aspect of this will be the development of more high-speed content and the bundling of products and services intocustomized packages with single billing. Achieving this will be challenging as we are likely to face more intense competitionthan ever before. But I am confident that with the progress made in 2004, the leadership attained in key markets, and ourproven ability to adapt and innovate, we will maintain momentum.I would like to extend my thanks to shareholders, members of the Board, management and all True Group staff for theirdedication and hard work during the year. I hope you all feel as I do that the best is yet to come.