Analysts Meeting May 22, 2000

1 T elecom ASIA Today Group Portfolio Voice and Data Wireline Backbone Provider 65.00%90.45%99.99%40.95%10.90% Content AggregatorBroadbandInternet Access, Content & E-Commerce Platform International Connectivity Wireless Platform 99.99%

2 Major Achievements in 1999 and 1Q-2000 Complete debt restructuring both TA and subsidiaries Harvested satisfactory operating and financial performance Surpassed TOT’s market share in terms of BMA subscribers Launched PCT successfully, surpassing everyone’s expectation Advanced in developing innovative broadband services

3 Eight Key Focuses for Y2000 ( 1 / 8 ) 1. Customer Needs & Service Quality 1.1 Leader in Service Quality and Innovations 1.2 Integrated Service Provider for Home, Office, Mobility 1.3 Customer Care 1.4 Understanding Customer Needs

4 Eight Key Focuses for Y2000 ( 2 / 8 ) 2. Financial Performance and Strength 2.1 Strong Balance Sheet 2.2 Continuing Cost Justification Practice 2.3 Prudent Financial Planning 2.4 Risk Management (Currency)

5 Eight Key Focuses for Y2000 ( 3 / 8 ) 3. Technology 3.1 Broadband / High Speed (ATM,ADSL,Cable Modem) 3.2 Wireless 3.3 IP Technology 3.4 Subscriber Device (CPE)

6 Eight Key Focuses for Y2000 ( 4 / 8 ) 4. Core Asset Focus & Utilization 4.1 Optic Fiber Network 4.2 Customer Service System ( e.g. CRM, Billing, etc.) 4.3 Infrastructure Play (Wholesales Opportunities)

M Lines M Subscribers (As of End of April 2000) - 20K Public Phone Boxes - 3,000 Major Corporate Data Circuit Links - ATM & ADSL Network Installing - 160,000 Core Fiber Kilometers ► 330K 330K Households ~ 150K DSTV ~ 150K CATV ► 60 Channels 60 Channels ► ~1,000,000 Home ~1,000,000 Home Pass HFC Network (Nation-wide) ► Non-POTS License Non-POTS License (Nation-wide) ► Cable Modem Cable Modem Under Trial AM ► 1,000 Corporate & 20,000 individual customers 1,000 Corporate & 20,000 individual customers ► Corporate Market emphasis -1,000 accounts Corporate Market emphasis -1,000 accounts ► 20,000 individual subscribers 20,000 individual subscribers ► 240K Subscribers 240K Subscribers ► 106K Waiting List 106K Waiting List (64% Paid) ► 1,000K Capacity 1,000K Capacity ► ~700 Building with ~700 Building with Indoor Cell Sites ► ~40,000 Outdoor ~40,000 Outdoor Cell Sites ► 64Kbps Data 64Kbps Data Transmission under implementation ► Global marine fiber optics cable ► NASDAQ Listed 99.9% 41.0%90.5%65.0%99.9%10.9% Eight Key Focuses for Y2000 ( 4 / 8, Cont. ) Asset Profile

8 Eight Key Focuses for Y2000 ( 4 / 8 ) 4. Core Asset Focus & Utilization 4.1 Optic Fiber Network 4.2 Customer Service System ( e.g. CRM, Billing, etc.) 4.3 Infrastructure Play (Wholesales Opportunities)

9 Eight Key Focuses for Y2000 ( 5 / 8 ) 5. Internet, e-Commerce, and Content 5.1 Multi Access Platform 5.2 e-Commerce & e-Entertainment 5.3 Partners & Alliances

10 6. Regulatory & Liberalization Opportunity 6.1 Concession Conversion 6.2 Tariff Structure 6.3 Privatization of State Enterprises 6.4 Competition vs. Alliance Eight Key Focuses for Y2000 ( 6 / 8 )

11 Eight Key Focuses for Y2000 ( 7 / 8 ) 7. People, System, & Culture 7.1 Strategic Integration 7.2 Management Development 7.3 Enhanced Management & Customer Service System 7.4 “Customer is King” Culture

12 Eight Key Focuses for Y2000 ( 8 / 8 ) 8. “ Enhanced Shareholder Value ”

13 Strategic Positioning 2000 & Beyond 1.Be the Dominant Integrated Service Player in BMA penetrating in Vertical-B2B and Horizontal-Triple Play market 2. Implement Nationwide Strategy focusing in Transmission Backbone, Business Solutions, and Wireless 3. Capture Internet & e-Commerce Business Opportunities 4. Positioned for Regional Player and International Connectivity

14 Today’s Meeting Outline Operating Performance Financial Performance Positioning for the Future What You Should Expect

Operating Performance

16 The Present Customer / Revenue Base (through March 2000) Total Connected Lines1,436, , ,000 Consumer1.06 million Business0.37 million Data Circuits2,936 12%37% Payphones20,000 19%52% Internet Customers20, % Wireless (PCT)255, ,59682% CATV Customers333,395+ 8,8588% 1999 / 1998 Growth 1Q-2000 / Dec 1999 Growth March 2000

17 1Q 2000=54, Quarterly Average =42, Quarterly Average =23,500 82% Increase 26% Increase Wireline - Sales Activity Key Operating Statistics

18 Key Operating Statistics Wireline - Net Lines Connected 1Q 2000=38, Quarterly Average =26, Quarterly Average =9, % Increase 45% Increase

19 Wireline - Cumulative Lines Billed Key Operating Statistics TA’s cumulative lines billed were million in 1Q-2000 As of March, TA’s market share surpassed TOT’s in BMA Sources: T elecom ASIA and Telephone Organization of Thailand

20 Wireline - Average Revenue Per Line Key Operating Statistics RPL dropped in 1998 due to the economic crisis Bottom in 1Q % growth y-o-y 0.5% growth q-o-q Remark: Month-end data

21 Wireline - % Call Completion Rate (Originating) Key Operating Statistics Remark: Month-end data Major factors for uncompleted calls  Unanswered call18.3%  Subscriber busy16.4%

22 Digital Data Network - Cumulative Bandwidth Key Operating Statistics 238% growth y-o-y 72% growth q-o-q

23 PCT - Subscribers Key Operating Statistics /98 growth over 80% 1Q-2000 subscribers increased 33% over December 1999 Currently there are ~105,000 subs in waiting lists

24 Public Phone Key Operating Statistics * Month-end data Generating annual revenue of ~ Bt1 billion with considerable margins

25 Lines Per Staff T elecom ASIA401 C&W HKT337 Bell Atlantic333 Telecom New Zealand278 British Telecom271 TOT Q-00 Staff3,7954,1443,6493,4993,581 Lines / Staff Revenue / Staff / Year (mn) * OpEx / Staff / Year (mn) * Revenue / Line / Year (’000) * OpEx / Line / Year (’000) * Marketing Costs Operating Efficiency Key Operating Statistics * Annualized figures

Financial Performance

27 Consolidated Revenue Financial Performance 1Q 2000 Revenue=3, Revenue =12, Revenue =11, % y-o-y + 33% y-o-y

28 Consolidated Operating Cash Expenses * Financial Performance * Excluding non-recurring items Spending SG&A to support TA’s revenue growth initiatives SG&A = 39.5% of revenue

29 Consolidated EBITDA Financial Performance * Excluding non-recurring items

30 Consolidated Debt Debt Profile US$YenBaht 843 Million45.5 Billion24.4 Billion

31 T elecom ASIA Debt Profile Secured Debt Unsecured Debt AmountRepaymentInterest Rate LIBOR to +1.75% MLR +0.75% 2 year grace period Payment from 2002 to million dollars 18,834 million baht No cash payment until 2014 Payment from 2014 to 2017 No interest paid Accrued interest at 2% p.a. 24,882 million yen

32 Telecom Holding / Subsidiaries Debt Profile Telecom Holding PCT Project AmountRepaymentInterest Rate Asia Multimedia million dollars 4,317 million baht SIBOR +2% MLR +2% million dollars 20,085 million yen 1,152 million baht MLR JLTPR +0.5% to +2% MLR 3 million dollars 497 million yen 144 million baht LIBOR +1% JLTPR +1% MOR +1%

33 Coverage Ratios EBITDA / Interest Expenses

Positioning for the Future

35 TelecomASIA Today Re-Positioned Transition The Present & Future Customer centric Improving performance  Operational  Financial Significant growth opportunities  POTS / Value Added Services  PCT / Wireless  Data / Internet  Broadband / National Liberalization The Past 2.6 million fixed line concession PSTN / POTS business Debt burdened Management quality Focus issues Lack of transparency An Emerging Integrated Carrier Prepared for Market Liberalization!!

36 Integrated Provider Vision POTs Access PC Access TV Access Wireless Access “To be a leader in providing innovative packages of voice, video, data and web-based applications over a converged, multi-technology platform to individuals wherever they are”

37 Revenue Diversification Baht 11.7 Billion 1998 BB, Data & Internet VAS & Other Voice 79% 11% 10% 1999 Baht 13.0 Billion VAS & Other BB, Data & Internet Voice 75% 10% Wireless 6% 1Q 2000 Baht 3.9 Billion VAS & Other BB, Data & Internet Voice 67% 9% 15% 8% Wireless Voice17% Data / Net20% WirelessOver 150% 1999/1998 Growth 10.4% Consolidated Revenue 2000E/1999A Growth 20%-25%

38 Positioning for the Future An “Integrated Provider” Focus Wireless CATV Synergies Service Voice / Fixed Line Skills Efficiency Service Internet & Data Thailand Key Theme:Leverage revenue & cost synergies across T elecom Asia Build strong brand identity and awareness Position resources around growth opportunities Simple and Intuitive - Sell products and services, not technology Realize scope & scale economies available by managing as one efficient operation Leverage exiting customer relationships Deploy state-of-the art customer management systems which enable TA’s Vision CRM Partners:

39 T elecom ASIA Today Leveraging TA’s “Integrated Provider” Platform TA Network (“Simplified”) Access Gateway & Service Layer Integrated Customer Support Systems GSP ATM / IP Overlay POTs Access PC Access TV Access Wireless Access RCU HFC Network Fiber Node Cell Site Coax Fiber or Copper Wireless PHS GSM xDSL Cable Modem

40 Strategic Growth Initiatives Market Liberalization Wireless Internet Access Content / Adverts Commerce Data Wholesale Retail Strong Market Position  Internet Leverage Advanced Network  BB Access Capabilities  ATM / IP Capability Operational Efficiency Attractive “Core” Portfolio The Starting Point

41 Positioning for the Future - Internet Web-Centric Philosophy Linkage External New revenue opportunities  VOIP  Access  Content and E - Commerce New revenue threats  VOIP Customer Interface  Billing  Sales  Customer Care  Information Internal Improved Efficiency Improved data flow Better access to information Better access to our customers Organizational structure Time Management Revamp business processes TA’s Business Model is Changing!!

42 Positioning for the Future - Internet Internet Opportunity - Evolution in Asia Data Source: Goldman Sachs, July 1999 Low awareness, Low adoption High awareness, Low adoption Low awareness, High adoption High awareness, High adoption Singapore Australia Japan India China Hong Kong South Korea Taiwan Indonesia Philippines Malaysia Thailand

43 Positioning for the Future - Internet Market Situation in Thailand - Future Source : WDR, 28th January % CAGR 127K 5.0M Internet Forecast Thai Internet market consists of:  250,000 Internet subscribers representing less than 1% of population, and  Approximately 800,000 users Industry Analysts forecasts that the number of Internet customers is expected to grow at a CAGR between 50% to 63% The Thailand Internet industry is poised for significant growth 1999 YE

44 Positioning for the Future - Internet “To rapidly and systematically position T elecom ASIA as the #1 player in the Thai Internet market in the following areas: Step 1 Step 3 Step 2 ISP / Portal Local Access (Broadband) Leverage connectivity infrastructure Grow eyeballs to position for on-line advertising and commerce opportunities Increase demand for second lines, local usage and leased circuit demand Differentiate TA through BB access Develop B2B, B2C, and C2C revenues Advertising / Content Grow eyeballs to position for on-line advertising opportunity Look for content partnerships E-Commerce Initial focus on supply chain management (B to B) for corporate market Position for B to C commerce Internet Objectives

45 Positioning for the Future - Internet Nationwide Kiosk DeploymentFree Internet in TA Retail Stores TA Community TA Community PHS WAP GPRS 3G PC Access TV Access T-Commerce E-Commerce I-Commerce Wireless Data 57.2 Kbps 115 Kbps Up to 2Mbps 56 Kbps 128 Kbps 1.5 Mbps 3 Mbps 32 Kbps Gateways Compelling Value Proposition TA Click.com Access / Portal Strategy

46 Positioning for the Future - Internet CP / Bell Atlantic Support CP and Bell Atlantic can provide considerable support to TA’s internet strategy Network AI VNT OthersRegional ISPs Mobile GENUiTY

47 Positioning for the Future - Internet Internet Value Chain for T elecom ASIA The Internet will be a crucial revenue driver for T elecom ASIA Access Fees Advertising E - Commerce ISP – Revenue Sources Wholesale / Transport Backbone Support Access – BB / NB TA – Revenue Sources ISP Path Telco Path Internet Customers Consumers Corporates SMEs ISPs Ad Buyers Etc.

48 Positioning for the Future - Corporate Corporate Market Data Services Invest in new technology / skill sets Need to secure space for servers and relevant equipment Exploring partnering opportunities Offer customized solutions  Network integration  Applications hosting  B2B e-commerce facilitators Evaluating global partners (Ariba, Oracle, Siebel, etc.) E-Solutions Offer services through subsidiaries to avoid revenue sharing AM non-POTS license Financial restructuring continues, relevant public policy negotiations ongoing Revenue Sharing Offer full suite of telecom services Build / acquire nationwide network VOIP services may allow TA to get around ST regulatory restrictions End-to-End Services Broadband Data Improve data transport capabilities with ATM / IP overlay Build / acquire / JV for national presence

49 Positioning for the Future - Consumer Internet T elecom ASIA is intent on being the leader in the consumer internet space E-Commerce n Building brand name through quality of service n Strategic alliance with producers and service providers to deliver value to customers n Collaborate with financial institutions to provide secure payment ä 7-11 Nationwide Network Delivery Payment ä CP Group Bargaining Power Access n Expand customer base to achieve critical mass effect ä Aggressive organic growth ä ISP Acquisition n Preparing for broadband ä Leverage local access network ä Leverage AI / AM through Cable Modem ä New Business Expansion Nationwide backbone coverage Portal n Capture eyeballs to generate advertising traffic n Global partner (drive global traffic and advertisement) n Increase stickiness ä Develop communities ä Web based mail ä Local search engine ä Rich content UBC ä Acquire / partner premier Thai portal sites Consumer Internet Paradigm

50 Positioning for the Future - Internet Internet Summary Reinventing our business model / processes Moving to secure a leadership position as an ISP / Portal Improving Our Transport / Backbone Capabilities  ATM / IP Platform  Data Off-Load  Broadband Access High Speed Private Lines xDSL Cable Modems Commerce enabler for others  B2B  B2C  C2C

51 Positioning for the Future - Wireless Planning Free Internet access Charge at normal PCT rates - time metered 32 Kbps data transmission Promoting Value Added Services through PCT Over 1,000 cell sites installed in high population density areas Sky Train stations, Toll Way and Express Way Another 100 prime building locations PCT - A Growth Platform Marketing Network Currently

52 Positioning for the Future - Wireless PCT - A Growth Platform One number conceptOne person, One Number “One customer, a personal number” Seamless service Personalized Managing Expectations Building and managing customer’s expectations PCT is not Cellular or PHS Differentiated PCT is an extension of fixed line service Multiple handsets (up to 9) per line Home Base Unit Cost competitive with attractive pricing & payment term arrangement for handsets Pricing

53 Positioning for the Future - Wireless Benefits for T elecom ASIA Immediately generates a return on invested assets: Access fees and airtime charges from TA’s existing 255,036 customers plus upside from waiting list and new demand Access charges from TOT’s customers - equivalent to at least 80% of Revenue to TA + Secondary Wireless Exposure Provides TA exposure to wireless market for both voice and data services New Era Wireless – market expansion Right to use radio frequency ranging from MHz Platform for wireless growth Primary Wireline Enhancement Leverage TA’s fixed line network Increase POTs sell-in rate Increase POTs usage revenue through increased call completion Lower capital cost of distribution network - AWO

54 Positioning for the Future FLAG Telecom IPO Partial IPO of about 20% of FLAG – 31,680,000 shares Shares priced at $24 (Gross), $22.80 (Net) Pre-IPO TelecomAsia (TH level) owned 18.1million shares (17.1%) Sold 3.5 million shares $84 million realized in gross proceeds, $79.8m in net proceeds Ownership reduced to 11% or 14.6 million shares A natural hedge against dollar debt TA/TH remaining FLAG stake valued at:  14.6 million shares x $14 share = $204 million ($200m - $600m)  Approximate value of TH’s Outstanding Debt = $395 million

55 Positioning for the Future Market Liberalization Will result in: T elecom ASIA Increased flexibility to target business market and offer VAS and data services Ability to build strong sustainable customer relationship  At all contact points  Differentiate T elecom ASIA  Product, pricing, brand & care A window of opportunity to:  Improve capabilities  Win share of customer & market  Position ahead of competition  Build strategic relationships  Position for growth Telecoms Industry Domestic Liberalization  Telecom Legislation1Q2000  NCC Created4Q2000  Concession Conversion4Q2000  TOT/CAT Privatization2001  Tariff Rebalancing Protection Period for “Core” Svcs Competition  TOT Co & indirect (AIS, TAC)  New niche & global entrants 2006 WTO Liberalization The Near Future

What You Should Expect

57 What You Should Expect “With the debt restructuring behind us, we will accelerate our business expansion, meet the market’s challenges, and yield even better performance this year than we have in the past.”

58 What You Should Expect T elecom ASIA is well-positioned to be an “Integrated Provider” PSTN Broadband Access Data / Internet VAS Wireless Long Distance Nationwide Broadband Backbone Network Integrated Operator E-Solution Provider ATM / IP Network Global Connectivity Regional Expansion Current Near Term Long Term TA Has Tremendous Growth Opportunities

59 Financial and Operating Performance 2000 Targets Total Revenues 10.4%20% to 25% Cash Expenses*22.8%4% to 6%EBITDA 5.4%25% to 30% 1999 Growth2000 Growth * Excluding non-recurring Items

Analysts Meeting May 22, 2000

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62 Positioning for the Future - Corporate / Data Corporate / Data Potential Business: includes business access, webhosting, applications hosting, VPN services Comparative ValuationData Revenues $US Millions

63 ISP POP Modem pool = 70% of investment Infrastructure 1.Modem Pools 2.Servers 3.Routers 4.Switch Switch Positioning for the Future - Wholesale & Access An Enabler Role Internet Customer Customer Access Monthly Fee Usage Fee ISP Services Web Hosting E-Commerce Advertising VAS High Speed Domestic Link to POP Domestic Leased Lines International Leased Lines Internet Peering Point USA Europe Japan Etc. Wireless 1.PCT 2.WAP 3.Other Telco 1.Leased Lines 2.xDSL 3.ISDN 4.Dial-Up AM / UBC 1.Cable Modems 2.TV Access Local Access to Customer

64 Positioning for the Future - Broadband “To leverage existing HFC network in penetrating the growing Internet business” License Non-POTS nationwide license Technology State-of-the-art technology Hybrid fibre optic coaxial Network Coverage 22 provinces 800,000 home pass 333, 395 subscribers UBC subscribers and Internet users in Thailand Broadband Objectives

65 Positioning for the Future - Wireless “One Number Concept” - Ability to offer bundled telecom services Bundled Telecom Services 1 Local 5 Cellular 3 VAS 2 Data 4 Internet

66 Positioning for the Future - Wireless PHS in Japan - A Comparison to T elecom ASIA’s PCT Wireless alternative Cheap cellular One number one handset Wireline enhancement “One Number” concept Multiple handsets 3 PHS providers 4 cellular operators 1 PCT provider Not positioned directly against cellular 2 out of 3 are cellular operators No fixed line Independent from cellular Fixed line JapanBangkok Market Positioning Competition Ownership

67 Positioning for the Future - Wireless Tariff Comparison - Fixed Line, PCT, and Mobile Fixed Line PCTMobile Registration Fee Deposit Monthly Fee Usage - Local Call - Long Distance - International 3,350 3, Baht/Call 3, 6, 9, 12, 15, 18 CAT’s Rate Baht First 2 minutes 1.5 Baht per add. min 3, 8, 12 CAT’s Rate 1,000 3, Baht/Minute 3, 8, 12 CAT’s Rate

68 Positioning for the Future - Wireless Benefits for T elecom ASIA Wireline EnhancementWireless ExposureReturns on Investment Leverage TA’s fixed line network Increase POTS sell-in rate Improve call completion Lower capital cost of distribution network Expose to wireless market for both voice and data services New Era Wireless Right to use radio frequency ranging from MHz Platform for wireless growth Existing 255,036 subscribers Upside from waiting list of ~100,000 and new demand Access charges from TOT’s customers

69 Six Key Objectives for Year Improve TA’s financial results and enhance value for our shareholders 2.Strengthen our competitive position ahead of Thai telecom market liberalization and concession conversion 3.Aggressively pursue growth and leadership opportunities related to data, Internet, and e-commerce 4.Increase market share and usage by developing product packages that are responsive to our customer’s need 5.Leverage cooperation between the existing assets within the TA Group as well as through external alliances 6.Enhance operational efficiency and service quality by benchmarking against world-class standards

70 Corporate Goals World ClassLiberalization ReadinessFinancial Customer Services Technology Application Quality, Efficiency, and Systems Service Differentiation Customer-Oriented Employee & Organization Development Customer’s Loyalty Market Leader Revenue Enhancement ä POTS, VAS, Data, E- Commerce, PCT Expense Monitoring ä Cost Justification ä Inventory System ä International Accounting Standard

71 Going Forward Subscribers TA Net addsPCT subscribersInternet users Revenue VoiceWirelessVASData Operating Expenses Continued cost cutting programs Continued selling and promotion programs Satisfactory EBITDA margins Expansion Flexibility in investment in capital expenditure to support long-term strategy