Analyst Meeting : May 21,, Q 2002 Results Analyst Meeting May 21, 2002

Analyst Meeting : May 21,, Highlighted Issues  Key Achievements  1Q2002 Performance  TA Orange Update  Regulatory Update Operational Highlights Financial Highlights Q&A Outline

Analyst Meeting : May 21,, Highlighted Issues

Analyst Meeting : May 21,, Launched TA Orange Strong fixed line subscriber growth with net additions 116k, a 64% y-o-y growth Re-aligned resource towards product and market focus organization structure 1Q 2002 Key Achievements

Analyst Meeting : May 21,, Break-even at TA stand-alone results Strong EBITDA growth of 16% excluding TA Orange Loan prepayment of THB 736 million on continued strong cash flows 1Q 2002 Key Achievements (Cont ’ d)

Analyst Meeting : May 21,, TA Standalone Results Unit : THB Million Revenue Jan-Mar 01Jan-Mar 02 8% Growth 4,913 4,545 EBITDA 11% Growth 2,401 2,161 Expense 5% Growth Jan-Mar 01Jan-Mar 02 2,512 2,383 Jan-Mar 01Jan-Mar 02 Source: TA Financial System

Analyst Meeting : May 21,, Consolidated Results- Excl. TA Orange Revenue Source: TA Financial System Expense 10% Growth 4,982 5,479 3 % Growth 2,570 2, % Growth EBITDA Jan-Mar 01Jan-Mar 02 Jan-Mar 01Jan-Mar 02 2,412 2,497 Jan-Mar 01Jan-Mar 02 Unit : THB Million

Analyst Meeting : May 21,, Consolidated Results -Incl. TA Orange Unit : THB Million Revenue Source: TA Financial System Expense 12% Growth 4,982 5, % Growth 2,570 2,598 1 % Growth EBITDA Jan-Mar 01Jan-Mar 02 Jan-Mar 01Jan-Mar 02 2,412 2,993 Jan-Mar 01Jan-Mar 02

Analyst Meeting : May 21,, UBC TA Orange 337,593 15% Growth 54% Growth Mar 01Mar 02 Fixed Line Telephone 1,596,033 1,858,070 PCT 431, ,620 Internet 78, , , , % Growth DDN 3,947 5,231 33% Growth 8% Growth Subscriber Growth Mar 01Mar 02 Mar 01Mar 02 Mar 01Mar 02Mar 01Mar 02 Mar 01April 02 0

Analyst Meeting : May 21,, Q02 1Q01 %Chg Core Wireline-Voice3,9003,7634 Basic Wireline-Voice3,3413,2652 Value Added Services PCT Data Communications Multimedia(AM) Internet Others TOTAL - Revenues from services5,4454,79514 Revenue from product sales146186(22) TOTAL - CONSOLIDATED REVENUES5,5914,98212 UBC1,6011,33220 THB Million Revenue Growth

Analyst Meeting : May 21,, TA Orange Update Feb 02 Jun 02 Dec 02 Network Coverage Plan Network roll-out on schedule Network performance 337,593 subs. as of April 2002 Successful launch on March 27, 2002 Current Status

Analyst Meeting : May 21,, Concession Conversion National Telecommunication Commission (NTC) Regulatory Update

Analyst Meeting : May 21,, Operational Highlights

Analyst Meeting : May 21,, Strong net additions especially for fixed line telephone and DDN services Total Billed Fixed Lines1,858, ,7256.7%+216, %  Consumer1.39 million  Business0.47 million Data Circuits5, % % Broadband 1, ,613 Internet 164,231+7,910+82,811 Wireless (PCT)663,620+36,6765.9%233, % 2001/2000 Growth Subscriber Additions Mar 2002/Dec2001 Growth March 2002

Analyst Meeting : May 21,, Continued improvement in efficiency Q 2002 (Annualized) Total Billed Fixed Line Telephones1,401,1121,524,9591,741,3451,858,070 Revenue /Employee (M.Baht) EBITDA/Employee (M. Baht) Lines/Employee (Lines)* Operational Efficiency * Based on no. of employees for fixed line business only

Analyst Meeting : May 21,, % Wireline Net Additions – “Core” Growth 1Q02 = 116, Qtr Avg.=54, Qtr Avg.=30, Qtr. Avg.=26, , % 107, % Wireline Performance 123, %

Analyst Meeting : May 21,, * Month-end data Public Phone revenue continued to grow and will be further enhanced with the new installation of 6,000 sets Million Baht Public Phone Performance

Analyst Meeting : May 21,, PCT subs grew at a slower pace due to shift in focus from subscriber into revenue base Thousand Customers PCT Subscribers 663, /2000 growth over 60% 1Q 2002 subscribers increased 6% over Dec 2001

Analyst Meeting : May 21,, * Month-end data DDN ARPU grew a record 104% y-o-y due to wholesale opportunity to TA Orange Million Baht DDN Performance

Analyst Meeting : May 21,, DDN continued its strong growth rate for both no. of circuits and bandwidth. DDN Growth Trend Cumulative Circuits Cumulative Bandwidth (,000 Kbps.) CAGR (1Q99 - 1Q02) = 37% CAGR (1Q99 - 1Q02) = 140%

Analyst Meeting : May 21,, Internet subscribers increased to 164,231 or 110% over cum. subs at end 1Q01 Asia Infonet, TelecomAsia’s ISP, now has the highest monthly paying subscribers.Internet Thousand Customers

Analyst Meeting : May 21,, Financial Highlights

Analyst Meeting : May 21,, Net Income Positive Profitable before non-recurring charges for the first time since Q Results excluding TA Orange EBITDA grew 16% y-o-y while the EBITDA margin from telephone and other services was maintained at 54.9% Cash flow from operations increased 62% y-o-y Interest expenses decreased by THB 455 million or 33% y-0-y UBC contributed minimal loss of THB 12 million, excluding goodwill TA Orange Contribution Positive contribution of THB 331 million VS. a negative contribution of THB 971 million in 4Q 2001 Summary

Analyst Meeting : May 21,, TA Stand-alone +78 TA Consolidated excluding TA Orange-149 TA Consolidated including TA Orange+165 Net Income from Ongoing Operations Source : BITCO (TA&sub&BITCO after Elimination) THB Million

Analyst Meeting : May 21,, Sales132 EBITDA(375) EBIT(400) NIOGO(396) Net loss (388) Plus Negative goodwill write-back719 Net loss from BITCO/TA Orange331 Impact from TA Orange Impact to 1Q 2002 Consolidated Profit and Loss Statement Source : BITCO (TA&sub&BITCO after Elimination) THB Million

Analyst Meeting : May 21,, Full impairment of THB 5.7 billion was booked in 1Q 2002 Statement of Income The realization of previously “unrealized losses”4.7 A further loss from decline in value of FLAG share in 1 Q Additional impairment for the remaining value of investment in FLAG as at March 31, 2002 (14.63 m. shares at US D 0.37 per share)0.2 Total loss on impairment5.7 THB Million Impairment of Investment in FLAG

Analyst Meeting : May 21,, Early termination of SAILS Contracts TelecomAsia, through its subsidiaries, and CSFBI have agreed to unwind the Shared Appreciation Income Linked Securities (SAILS Contracts) early. KIN, TelecomAsia’s subsidiary, has delivered a total of million of shares in FLAG to CSFBI. The rights and obligations of parties involved under the SAILS Contracts were terminated effective on April 30, TA will eliminate long-term debt related to SAILS Contracts of approximately THB 944 million and will book a one-time gain for this amount in 2Q TA retains ownership of million shares of FLAG Investment in FLAG

Analyst Meeting : May 21,, Q021Q01 % Chg “Core” Opex 1,5981,40514 Personnel Expenses Network Expenses384387(1) Selling & Promotions153167(8) Others Revenue Sharing Cost of Sales49239 (79) Cash Operating Expenses2,4972,4124 Depreciation & Amortization2,0911,9308 Consolidated Opex - Excl. TA Orange4,5884,3426 THB Million Operating Expense Profile - Excl. TA Orange

Analyst Meeting : May 21,, Million Baht Normalized Net Income (Loss) from Ongoing Operations - Excl. TA Orange Profitability Trend * Including UBC but excluding all non-recurring items ( FX, other income/loss, gain on sale of investment, gain from debt restructuring, out-of-period accounting adjustments).

Analyst Meeting : May 21,, Q021Q011Q021Q01 Reported2,5982,5701.1%46.5%51.6%(510bp.) Without TA Orange2,9822, %54.4%51.6%280bp. Without Product Sales2,9782, %54.9%54.7%20 bp. EBITDA %G Margin Diff EBITDA Reconciliation EBITDA Margin

Analyst Meeting : May 21,, Debt / EBITDA EBITDA/ Interest Coverage Cash Flow from Operations 1Q02 data was annualized 62% G In MB Cash Flow from Operations Key Financial Ratios - Excl. TA Orange

Analyst Meeting : May 21,, US$ YEN Baht Bt Equiv. EOY ,50533,48773,386 Net Payment(9)(102)(344)(734) Accrued Interest & Others44.5*823 As at March 31, ,44833,15172,635 Percent Change-2%--1%-1% ** FX rates as of 31 March, 2002 *Accrued int for DPN Debt Profile - Excl. TA Orange

Analyst Meeting : May 21,, Bt74.0bn 2001 Bt73.5bn 2002 Bt70.3bn * Excluding TA Orange TA Group - Debt Profile Thai Baht 31.9% Japanese Yen 19.6% US Dollar 48.5% Thai Baht 45.0% Thai Baht 77.6% Japanese Yen 19.6% Japanese Yen 20.0% US Dollar 35.4% US Dollar 2.4% Strategy Execution - FX Exposure Reduction

Analyst Meeting : May 21,,

Analyst Meeting : May 21,, “ Safe Harbor ” Statement This presentation contains statement about expected future events and financial results that are forward-looking and subject to risks and uncertainties. For those statements, we claim the protection of the safe harbor for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995 Discussion of factors that may affect future results is contained in our recent filings with the Securities and Exchange Commission.

Analyst Meeting : May 21,, Q 2002 Results Analyst Meeting May 21, 2002