Moving Forward Discussion with Analysts Bangkok 16 th November 2000

th November 2000 Third Quarter 2000 Results Outline 2000YTD AchievementsSupachai Chearavanont and 2001 Expectations Operating PerformanceVichaow Rakpongpairoj Financial & Strategic UpdateJohn Doherty

th November YTD Achievements Highlights Strong financial and operating performance Positioning for future with CRM system Passed TOT market share in BMA in 1Q2000 Successful PCT launch, wireless positioning Moved to IAS improving transparency / comparability Reinventing internet business with.com Completed debt restructuring for TA and subsidiaries Investing in high-growth services “Data” and VAS

th November 2000 Revenue 2000YTD vs. 1999YTD (M)Revenue 3Q2000 vs 3Q1999 (M) 37% Growth Strong Financial Performance 2000 YTD Achievements EBITDA 2000YTD vs. 1999YTD (M) 27% Growth 51% Growth EBITDA 3Q2000 vs 3Q1999 (M) 25% Growth

th November 2000 Wireline Customers (000s)PCT Customers 10% Growth Strong Customer Growth 2000 YTD Achievements Data Network (Circuits) 79% Growth 247% Growth Internet Customers 226% Growth

th November Expectations Strategic Positioning 2001 & Beyond Source: PwC analysis Baht million Thai Telecoms Market Revenue We estimate that TA will need to capture 20% market share of the total telecoms market revenue in 2005.

th November 2000 Strategic Positioning 2001 & Beyond Focus on High Growth Areas: Bangkok Metropolitan Area (“BMA”) Broadband backbone and corporate solutions Wireless  Data, initially with 32Kb/s point-to-point Internet / Applications / Content Market Liberalization 2001 Expectations

th November Expectations Strategic Priority Checklist Strengthen financial position Sustain revenue growth at 20% and EBITDA growth at 25% Strategic integration & competency enhancement Market/Customer-driven / Business-focused Products & services bundling and innovation Customer care leadership Trusted & strong brand IT applications Enhance customer-focused & rewarding innovation culture Manage through liberalization process that satisfies most stakeholders Pursue & aggregate internet access, e-application, and content

Operating Highlights

th November 2000 Overview Operating Performance Targeted marketing, promotional, and branding activities Emphasized on high-bandwidth, high margin data services First-class customer services & billing -- “4 th phase” Preventive network outage reduction program Engaged PwC to conduct strategic review & integration Movement towards pay-for-performance Narrowband to broadband ADSL Segmentation, cherry-pick, and MSP

th November 2000 Customer / Revenue Base (thru September 2000) Operating Performance Total Billed Lines1,494,00092,5007%  Consumer1.09 million  Business 0.40 million Data Circuits3, % Payphones20,000 3,23519% Internet Customers65,000 48,000282% Wireless (PCT)364, ,69289% CATV Customers*348,00023,4027% % Change 2000 Growth September 2000

th November 2000 Wireline Sales Activity – “Core” Growth Operating Performance 2000 Monthly Avg.=16, Monthly Avg.=14, Monthly Avg.=7,800 19% Increase 82% Increase 153,000118, % 74, %

th November 2000 Wireline Net Additions – “Core” Growth Operating Performance 2000 Monthly Avg.=11, Monthly Avg.=8, Monthly Avg.=3,765 35% Increase 119% Increase 100,30662, % 10, %

th November 2000 Wireline - Cumulative Lines Billed TA’s cumulative lines billed were 1,494 million in 3Q-2000 As of March, TA’s market share surpassed TOT’s in BMA Sources: T elecom ASIA and Telephone Organization of Thailand E Customers (000) Operating Performance

th November 2000 Wireline – Average Revenue Per Line Operating Performance Remark: Month-end data Q Q3Q4Q 1Q Q3Q4Q 1Q Q3Q ARPU dropped in 1998 due to the economic crisis Low point in 1Q % growth y-o-y 1.3% growth q-o-q Baht / Customer / Month ARPU up 16.2% since 1Q1999

th November 2000 Operating Performance Wireline - % Call Completion Rate (Originating) Remark: Month-end data Q Q3Q4Q 1Q Q3Q 4Q 1Q Q Major factors for uncompleted calls  Unanswered call17.56%  Subscriber busy15.71%  Network-related % Call Completion Rate Call completion up over 390 basis points 3Q

th November % growth y-o-y 17% growth q-o-q Digital Data Network – Cumulative Bandwidth Thousand Kbps Significant growth in data Operating Performance

th November /98 growth over 80% YTD customers increased 90% over Dec ‘ EOY Target > 400,000 customers PCT - Customers Thousand Customers 255 Operating Performance 330

th November 2000 * Month-end data Generating annual revenue of ~ Bt1 billion with solid margins Operating Performance Public Phone Million Baht

th November 2000 Efficiency Measures Operating Performance Lines Per Staff T elecom ASIA385 C&W HKT337 Bell Atlantic333 Telecom New Zealand278 British Telecom271 TOT Q-002Q-003Q-00 Staff3,7954,1443,6493,4993,5813,7733,877 Lines / Staff Revenue / Staff / Year (mn) *3.4*3.4* (Post Revenue Sharing ) * Annualized figures

Financial and Strategic Update

th November 2000 What We Told You Over A Year Ago Committed to wireless revenue growth Grow revenues by 20% to 25%, EBITDA by 25% to 30% Strategic focus on corporate, broadband & data Diversify mix / increase focus on corporate market Financial and Strategic Update Building a sustainable platform for growth, Expenses Increase market share and customer share (ARPU) Leverage existing investment, Improve ROIC Reduce F/X exposure, Improve financial integrity overall

th November 2000 Financial Summary - YoY Growth (Consolidated) % 3M2000 3M1999 Change9M20009M1999Change Bt million Revenue5,2653, ,31210,42937 EBITDA2,3931,917257,1585,65926 EBITDA Margin45%55%50%54% Net Interest(1,376)(1,389)(1)(4,190)(4,329)(3) F/X Gain/(Loss)(3,460)(5,900)(41)(5,038)(5,716)(12) Net Profit / (Loss)(4,619)(7,557)(39)(4,814)(9,599)(50) Financial and Strategic Update

th November 2000 Revenue Diversification (Consolidated Total Revenue) 1998 VAS & Other Voice 80% 11% 10% 19999M 2000 Baht 14.3 Billion VAS & Other BB, Data & Internet Voice 68% 7% 16% 9% Wireless 1999/1998 Growth 10.4% 2000/1999E Growth Over 30% BB, Data & Internet VAS & Other 9% Voice 76% 6% Wireless 9% BB, Data & Internet Financial and Strategic Update

th November 2000 Revenue Diversification (Consolidated Total Revenue) Financial and Strategic Update 9M20009M1999%Change Wireline-Voice9,6618,37215 Wireless (PCT)2,28412,283 BB, Internet Data VAS1, Other M 2000 Baht 14.3 Billion Wireline Voice 68% VAS & Other BB, Data & Internet 7% 16% 9% Wireless

th November 2000 Business market contribution is growing consistently Consumer / Business Revenue Mix (Wireline Voice & Data) % 46% 19993Q2000 Business Consumer 47% Business 51% Business 53% Consumer 49% Consumer Financial and Strategic Update

th November 2000 ARPU dropped in 1998 due to the economic crisis Low point in 1Q % growth y-o-y 3% growth q-o-q Remark: Month-end data ROIC / ARPU – Wireline + PCT Baht / Customer / Month ARPU up 37% since 1Q1999 Minimal investment ROIC improvement of 464% Financial and Strategic Update

th November 2000 Operating Expenses - YoY Growth (Consolidated) 9M999M00Diff% Change As Reported9,50012,8753,37536 Less Revenue Sharing1,5132, Less Depreciation4,4875,5801,09324 Less Cost of Sales “Core” Operating Expenses 3,377 4, Personnel Expenses Network Expenses1,4141, Remaining Operating Expenses1,2481, Cost Control Remains a Priority Financial and Strategic Update

th November 2000 EBITDA / EBITDA Margin 9M999M00Diff% Change Revenue10,42914,3123,88337 EBITDA5,6597,1581,49926 EBITDA Margin (%) (430bp)- EBITDA Margin Pressure (Approximate Basis Points) Cost of Sales (PCT handsets)1000bp Revenue Share (16.3% to 17.2%)100bp “Core” OpEx (growth at 20% vs. 26%) 150bp - Personnel Expenses (Flat)170bp - Network Expenses (Flat)200bp Growth with disciplined expense control Financial and Strategic Update

th November 2000 Financial Plan Reduce Cost of Capital Improve Financial Flexibility Concession Conversion Minimize F/X, Rate Exposure Fund Growth Initiatives Enhance Credit Profile 90%41%65%100% Wireless Business Asia Multimedia Consumer Corporate SME Wholesale Retail Financial and Strategic Update

th November 2000 Million Baht Balance Sheet Improving Million Baht Debt/EBITDA EBITDA/Interest Coverage Financial and Strategic Update Interest coverage improves to 1.72x Over Bt 3 billion in cash reserves Improving Debt/EBITDA, still high Local debt market opportunity Work-In-Progress EBITDA Growth results in:

th November 2000 US$YenBaht 841 Million45.8 Billion24.3 Billion X Consolidated Debt Profile - Financial Considerations US$Baht (250–500 Million) Libor+100 to 175bp Add 10 – 20 Billion 100+ bp reduction Financial and Strategic Update

th November 2000 Net Proceeds = 81.6 % of (Avg. Trade Price) x (# of Shares), interest plus fees KIN Total proceeds = Over $17 million 1.5m shares * $11.55 (avg. price Pledges 1.5 M. FLAG share CSFBI Pledge Release No KIN Exercise Cash Settlement Deliver Cash Settlement Deliver 1.5 Million FLAG CSFBI Yes September 2000 October 2003 If KIN exercise cash settlement Monetization M FLAG Shares Financial and Strategic Update Telecom Holdings(K.I.N.) retains right to 100% of 120% appreciation and 16.67% thereafter

th November 2000 Internet Value Chain for TA – “Bricks & Clicks” The Internet will be a crucial revenue driver for TelecomAsia Access Fees Advertising E - Commerce ISP – Revenue Sources Wholesale / Transport Hosting / ASP Access – BB / NB TA – Revenue Sources ISP Path Telco Path Internet Customers Consumers Corporates SMEs ISPs Ad Buyers Etc. Financial and Strategic Update - Internet 25,000 new customers in 6 weeks 10,000 new customers in 6 weeks

th November 2000 Objectives Financial and Strategic Update - Internet Make the Internet more available to Thai Business and Consumer markets – change the model Grow the market – Added over 25,000 customers in 6 weeks Create immediate access and transport revenue for TA Use as a platform to leverage broader Internet / Web opportunities  Commerce  Advertising  Hosting Develop our customer relationships further

th November 2000 Broadband Access Financial and Strategic Update - Data / Internet UBC / TA / AM physical infrastructure xDSL Cable modem Wireless Media of medias BEC World Grammy International Access control device Portals: “walled garden” for TV & mobile, open Portal for PCs Content creation Access & Backbone Transport Content Aggregation Broadband Service Provision Access CPE

th November 2000 Broadband Access Financial and Strategic Update – Data / Internet DSL will cover 40% of Corporate & 20% of consumer footprint by 2000YE Monthly Pricing  Corporate5, ,000 Baht  Consumer ,000 Baht 80% of addressable market by 1H2001 Vendors are:  NorTel  Nokia  ECI Cable Modems available by 1Q2000  Over 2 million homes passed in Bangkok

th November 2000 Corporate Market Financial and Strategic Update – Corporate Data Data Services Invest in new technology / skill sets Need to secure space for servers and relevant equipment Exploring partnering opportunities Improve data transport capabilities with ATM / IP overlay – I Pass Services Build / acquire / JV for national presence Broadband Data Offer customized solutions  Network integration  Web / Applications (ASP) hosting  B2B e-commerce facilitators Evaluating global partners E-Solutions Offer full suite of telecom services Build / acquire nationwide network VOIP services an opportunity End-to-End Services

th November 2000 Corporate Market Financial and Strategic Update – Corporate Data Data CenterInternet Core Business Value Growth = 30%+ Enhancements Around Core “Core” revenue growth from:  Increased usage  Second line penetration  Data transport services Data Centers – TA well suited:  24-hour security  Air conditioning  Maintenance and restoration  Uninterrupted power  Disaster protection and fire proofing  Broadband backbone connections  Data and Internet site performance monitoring Internet hotels profitable at 35% TA in strong competitive position ASP Web Hosting Server Co-Location

Moving Forward Discussion with Analysts Bangkok 16 th November 2000