In January 2006, True purchased shares of the United Broadcasting Corporation (“UBC”) from MIH and completed the tender offer for UBC shares held by the public in March 2006, allowing True to own 91.8% (effective holding) of UBC. UBC was renamed TrueVisions at the beginning of 2007. After the restructuring of the pay TV business to be under True Visions Group Co., Ltd., in which True Group held 100% indirectly, during the first half of 2010 and the repurchasing of True Visions Plc.’s shares from minority shareholders from November 2010 to February 2011, the Group’s effective holding in True Visions Plc. increased to 99.3%.