First Half 2002 Investor Presentation August 19, 2002

2 First half 2002 highlights  Strong 2Q 2002 results –Revenue growth20% –EBITDA growth26.5%  EBITDA margin above 50% and rising  Consolidated net income before non-recurring items approaching break even  Highest billable subscribers in competitive markets –3.5 million plus owned customers, largest in Thailand  Transforming balance sheet –THB bond offering and recapitalization imminent  TA Orange progressing rapidly

3 Agenda  TA operational highlights  Financial highlights  Balance sheet management: Refinancing/recapitalization  TA Orange

4 TA has achieved robust subscriber growth in highly competitive market conditions PCT net additions Thousands Billable fixed lines – net additions Thousands  1.9 million billable fixed lines –16% growth from Jun-01 –Highest ever net additions in 1H02  670k billable PCT lines –48% growth from Jun-01  6,000 new payphones added in 2Q02  Rapid growth in customers for other businesses in 1H –DDN bandwidth multiplied threefold in 1H02 to 7,416 kbps –Internet subscribers increased 19% to 185k (prepaid+postpaid) –UBC subscribers increased 15,202 (4%) to 421,791  TA Orange had 642k subscribers (Jul-02) 1H02 subscriber growth

5 Source: Companies. TT&T data for 2002 if for May 2002 TA now has the largest base of billed customers, the highest cross-selling opportunities Thousands Billable customers – June ,932 Fixed 670 PCT 405 Cellular 422 UBC 55 Data/Internet 3,483

6 Fixed line and PCT ARPU are stabilizing  Fixed line revenue trend (excl. installation and international call revenues) over last 4 quarters (as percent of fixed line revenue) –Subscription fee stable at 16%-17% –DLD revenue has fallen from 14% to 13% (18% in 1Q01) –Revenue from calls to mobile has increased from 25% to 31% –Revenue from local call has fallen from 43% to 38%  PCT revenue trend (excl. installation and international call revenues) over last 4 quarters –Subscription fee has fallen from 43% to 35% –DLD revenue stable at 3%-4% –Revenue from calls to mobile has increased from 23% to 32% –Revenue from local call has remained stable at 30% Fixed line monthly ARPU (revenue per line) THB PCT monthly ARPU applies only to TA subscribers PCT monthly ARPU (revenue per line) THB

7 Significant increase in revenue from calls to mobile has been key driving force for stabilizing ARPU  Fixed line call to mobile per line grew 25% Y-o-Y and 12% Q-o-Q in 2Q02 PCT monthly ARPU applies only to TA subscribers Fixed line call to mobile per line per month THB PCT call to mobile per line per month THB  PCT call to mobile per line grew 32% Y-o-Y and 11%Q-o-Q in 2Q02

8 Other businesses are growing strongly Payphone revenue THB millions 23% G Internet revenue THB millions DDN revenue 182% G 57% G PCT service revenue THB millions 16% G

9 Agenda  TA operational highlights  Financial highlights  Balance sheet management: Refinancing/recapitalization  TA Orange

10 1H02 income statement summary Excluding BITCO * Normalized figures

11 Half yearly consolidated revenue THB millions 1H02 revenues have increased significantly  Revenue back to the high growth trend  Revenue growth over 1H01 –With BITCO21% –Without BITCO15%  Revenue growth without product sales over 1H01 –With BITCO19% –Without BITCO17%  Key components of revenue growth –Basic fixed line4% –Payphone23% –PCT service16% –Data (DDN)182%

12 Strong growth in EBITDA and EBITDA margin  Consolidated EBITDA growth over 1H01 –With BITCO-2% –Without BITCO21%  Consolidated EBITDA without product sales over 1H01 –With BITCO1% –Without BITCO17%  Key components of strong EBITDA growth –Strong revenue growth –EBITDA margin > 50% and rising  EBITDA Margin over 1H01 –With product sales+270bp –Without product sales+ 40bp Half yearly consolidated EBITDA THB billions Half yearly consolidated EBITDA margin

13 * 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) Consolidated net income before non-recurring items approaching break even THB millions Normalized net income (loss) from ongoing operations - excl. BITCO

14 Operating cash flows have grown rapidly Consolidated operating cash flows THB billions Operating cash flows are after interest and tax payments, but before debt repayments and new debt draw downs, if any

15 Balance sheet movements have been small Summary balance sheet - Excluding BITCO

16 Results - actual vs. target ( excl BITCO)

17 Agenda  TA operational highlights  Financial highlights  Balance sheet management: Refinancing/recapitalization  TA Orange

18 Debt reduction plan The THB debenture is to be issued to refinance all US Dollar denominated loans  Debenture to be issued in October 2002 to retire all secured U.S. dollar denominated loans of US$531 million  U.S. dollar exposure will be eliminated  Debt repayment burden will be reduced in 2005 onwards  Extend the repayment for part of the debt by approximately another 2.5 years  Blended interest rate post debenture issuance will be approximately 6.9%

19 Recapitalization plan has been proposed; key details of the plan  Up to THB6.2 billion  Rights offering –1 new share issued for 6 existing shares, total 539 million shares –Priced at THB6.5 per share, THB3.5 billion total proceeds  Remaining amount to be raised through bookbuilt private placement  CP has indicated commitment to take up unsubscribed rights and invest up to THB3 billion  Creditor and shareholder approvals required  To be completed in October 2002 Debt reduction plan

20 Goals of the recapitalization  Raise equity to –Strengthen balance sheet Reduce debt on favorable terms –Invest in TA Orange

21 Debt reduction plan Debt level will be significantly reduced post recapitalization plan  Use approximately THB3.1 billion from the recapitalization and proceeds from the sale of some non-core assets  Debt reduction will be effected at TA, Telecom Holdings and PCT company totaling THB15 billion (20% of outstanding debt as of Dec 31, 2001) –THB4 billion prepayment and scheduled repayment –THB6 billion debt discounts –Aggregated debt reduction of THB5 billion at TA and TH level  D/EBITDA will decrease from 7.6x (2001) to 4.5x to 5x in 2002  Gains from discount will be largely offset against 1997 tax-loss carry-forwards (expiring in 2002)  Subject to creditor consents

22 Investment in TA Orange – details  TA Orange plans THB6 billion capital per share –Present capital is THB15 billion  TA proposes to take-up 51%  TA shareholding in TA Orange will increase from 41% to 44%, CP shareholding will fall from 10% to 7%

23 Agenda  TA operational highlights  Financial highlights  Balance sheet management: refinancing/recapitalization  TA Orange

24 TA Orange has been launched successfully  503,000 subscribers end June 2002 –Fastest ever GSM network to 0.5 million subscribers. –80% postpaid, 20% prepaid. –50% of sales through controlled channels.  High quality network –100% network coverage BMA, 60% national coverage (62/76 provinces) –EFR implemented –On target for 90% population coverage by year-end.  Enthusiastic reception for the Orange brand. –Brand awareness 89%, 2 months after launch –Award-winning advertising campaigns  Real product innovation –Thai SMS –Per second billing –“Just Talk” everyday bonus –Full choice number selection –MMS successfully demonstrated

25 TA Orange vision  The Thai mobile market will continue to expand, driven by increased competition, improving network coverage and quality, and innovative products: –Mobile penetration rates will exceed 50% by –The Thai mobile market will reach 30 million subscribers in 2005.

26 TA Orange strategy  Attracting and retaining the highest value customers Best quality network Best customer service Innovative products Best value Targeted offers.  Leveraging the Orange brand & brand values Distinctive positioning and communications. Award-winning execution. Unique team culture.  Maintain competitive cost structures Exploit cost synergies with CP and TA Exploit cost synergies with Orange SA

27 TA Orange is the only operator to add postpaid subscribers in Q2’02 Subscriber development Thousands  TA Orange added 287k postpaid subscribers in Q2  TA Orange Q2 market share of net adds in Bangkok estimated at 21%

28 Monthly ARPU THB ARPU is improving as initial subscriber base matures Blended ARPU for 4 weeks ending 31 st July is 625 Baht.

29 Orange has retained its postpaid customers Postpaid churn – Q2 ( monthly ) Orange Ambassador 1.9% TA offer1.7%

30 Acquisition costs in rapid decline  SAC’s rapidly declining  SAC’s down 72% since April  IMEI unlock should continue to encourage churn from competitors  50% of sales through controlled channels

31 Investment  additional 12 billion Baht to cover peak funding requirements –majority to cover network CAPEX –support operating cash flow until breakeven

32 milestones  EBITDA +ve (month on month) -Q  monthly revenue at breakeven -1.2bn Baht  average subscribers at breakeven-1.9m

33 Ideally positioned “to become the leading wirefree TM operator in the Thai market” –best network –best customer service –internationally proven brand & brand values –proven innovation skills –complementary partner strengths

34 “the futures bright, the future’s Orange”

35 Q & A

36 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. “Safe Harbor” statement

First Half 2002 Investor Presentation August 19, 2002