Presenter read out two letters (5)
I believe the answer is:
emcee
'presenter' is the definition.
(I've seen this before)
'read out two letters' is the wordplay.
'two letters' means two substitutions for 'letter'.
'read out' indicates a 'sounds like' (homophone) clue.
'letter' becomes 'm'.
'letter' becomes 'c'.
'm'+'c'='mc'
'mc' is a homophone of 'EMCEE'.
(Other definitions for emcee that I've seen before include "Formal host" , "Show host" , "I announce" , "Master of ceremonies (mainly US)" , "MC" .)