Analyst Meeting : Mar. 6, FY 2001 Results Analyst Meeting March 6, 2002

Analyst Meeting : Mar. 6, Highlighted Issues Highlighted Issues  2001 Key Achievements  Strategic Direction  Regulatory Update  TA Orange Acquisition  Verizon Statement Operational Highlights Operational Highlights 2001 Financial Results & 2002 Outlook 2001 Financial Results & 2002 Outlook TA Orange Update TA Orange Update Q&A Q&A OutlineOutline

Analyst Meeting : Mar. 6, Highlighted Issues

Analyst Meeting : Mar. 6, Key Achievements Successful TA Orange acquisition Successful TA Orange acquisition Continued to improve financial performance Continued to improve financial performance Continued to expand market share amid intense competition Continued to expand market share amid intense competition Successful launch of new services ; Successful launch of new services ;  completed broadband solution  ClickTA (relaunch), PCT Buddy Improved Balance Sheet Improved Balance Sheet  28% reduction of US Dollar exposure  Bt904 m. advance repayment of loans Successful TA Orange acquisition Successful TA Orange acquisition Continued to improve financial performance Continued to improve financial performance Continued to expand market share amid intense competition Continued to expand market share amid intense competition Successful launch of new services ; Successful launch of new services ;  completed broadband solution  ClickTA (relaunch), PCT Buddy Improved Balance Sheet Improved Balance Sheet  28% reduction of US Dollar exposure  Bt904 m. advance repayment of loans

Analyst Meeting : Mar. 6, TA Group Strategic Direction Assets & Capabilities Vision: “ Leading provider of …” Leverage Orange brand management and customer service excellence to achieve market-beating profitable growth Fundamental Strategy TA AM AWC TA Orange AI UBC W&W Develop capabilities to aggregate application and content to provide superior consumer broadband services ICT= Information & Communications Technology Develop capabilities to offer high value-add ICT business services and solutions Business ICT Services Mobile Services Consumer Broadband Services

Analyst Meeting : Mar. 6, ICT= Information & Communications Technology Business ICT Services Mobile Services Consumer Broadband Services AM Thailand’s Only Fully Integrated Provider

Analyst Meeting : Mar. 6, Fixed Line Voice – – Business Lines14 – – Residential Lines7 Public Phone Booths30 Data Links30 Broadband Subscribers 500 Internet Subscribers50 Cable TV Subscribers15 Mobile Subscribersna PCT Subscribers25 %Growth Growth Targets Business ICT Services Mobile Services Consumer Broadband Services Strong subscriber growth targeted across all three strategic fronts

Analyst Meeting : Mar. 6, Financial FX Risk Reduction FX Risk Reduction Consolidation Consolidation Operating Cost Control Operating Cost Control Debt and Financial Cost Reduction Debt and Financial Cost ReductionRegulatory TOT Corporatization & Concession Conversion TOT Corporatization & Concession Conversion Interconnection / Access Charge Interconnection / Access Charge Tariff Rebalancing Tariff Rebalancing Business Process & Organizational Good Governance & Transparency Good Governance & Transparency Corporate Values / Culture Corporate Values / Culture Performance Measurement & Motivation Performance Measurement & Motivation Management Structure Management StructureFinancial FX Risk Reduction FX Risk Reduction Consolidation Consolidation Operating Cost Control Operating Cost Control Debt and Financial Cost Reduction Debt and Financial Cost ReductionRegulatory TOT Corporatization & Concession Conversion TOT Corporatization & Concession Conversion Interconnection / Access Charge Interconnection / Access Charge Tariff Rebalancing Tariff Rebalancing Business Process & Organizational Good Governance & Transparency Good Governance & Transparency Corporate Values / Culture Corporate Values / Culture Performance Measurement & Motivation Performance Measurement & Motivation Management Structure Management Structure 2002 Improvement Initiatives

Analyst Meeting : Mar. 6, CP Group 614,999,95 6 TA Orange/ BITCO shares or 41% + Option to buy remaining 10% at IPO price 307,499,978 TA shares m warrants exercisable with cash with 1-1 ratio from May 02 until October 03 Share Swap Deal Completed Key Conditions Combined block of voting to 51% 6-month lock-up period on CP group for all holdings in TA If option is not exercised by TA, the Voting Right Agreement will be cancelled TA Orange Acquisition

Analyst Meeting : Mar. 6, Verizon Statement Endorsement of TA Orange/BITCO acquisition Endorsement of TA Orange/BITCO acquisition  Governance process  Transparency  Good investment  Excellent price CP Group ’ s commitment to good governance and transparency is to be applauded CP Group ’ s commitment to good governance and transparency is to be applauded Verizon remains strongly committed to TA and to its partnership with CP Group Verizon remains strongly committed to TA and to its partnership with CP Group Endorsement of TA Orange/BITCO acquisition Endorsement of TA Orange/BITCO acquisition  Governance process  Transparency  Good investment  Excellent price CP Group ’ s commitment to good governance and transparency is to be applauded CP Group ’ s commitment to good governance and transparency is to be applauded Verizon remains strongly committed to TA and to its partnership with CP Group Verizon remains strongly committed to TA and to its partnership with CP Group

Analyst Meeting : Mar. 6, Operational Highlights

Analyst Meeting : Mar. 6, Expanding Customer /Revenue Base Total Billed Fixed Lines1,741, ,38614%   Consumer1.29 million   Business 0.45 million Data Circuits4, % Broadband 1,6131, % Internet 156,321 82,811113% Wireless (PCT)626, ,94460% % y-o-y Growth Net Add YE Operational Results

Analyst Meeting : Mar. 6, Pressure on ARPUs of Basic Services but VASs’ still growing Fixed Line Telephone (Bt/Sub) (8)% Wireless “PCT” (Bt/Sub) (6)% Public Telephone (Bt/Set) 5,7674,87818% Data Circuits (Bt/Circuit) 7,996 7,5236% Broadband (Bt/Sub) 1,602-NM % y-o-y Growth FY 2000 FY Operational Results

Analyst Meeting : Mar. 6, FY ’ 01FY ’ 00 % Chg Core Wireline-Voice15,61814,7316 Basic Wireline-Voice13,18113,0241 Value Added Services2,4371,70743 Wireless (PCT Service)2,6251,84343 Data Communications Multimedia Internet Others Total Revenue from Service20,11818,08511 PCT Handset Sales 4471,191(63) Other Sales 72112(35) Total Revenue from Sales5191,303(60) TOTAL20,63619,3886 Revenue Growth Unit: THB Million 2001 Operational Results

Analyst Meeting : Mar. 6, Improved Efficiency Total Billed Fixed Line Telephones1,401,1121,524,9591,741,345 Revenue /Employee (M.Baht) EBITDA/Employee (M. Baht) Lines/Employee (Lines)* Operational Results * Based on no. of employees for fixed line business only

Analyst Meeting : Mar. 6, % Wireline Net Additions – “Core” Growth 2001 Monthly Avg.=18, Monthly Avg.=10, Monthly Avg.=8, , % 107, % Wireline Performance 123,847

Analyst Meeting : Mar. 6, % 90.3% 63.3% 87.8% 15.4% 9.7% 36.7% 12.2% 0% 20% 40% 60% 80% 100% 4Q001Q012Q013Q01 % Share (Source: TOT ’ s web site Wireline Market share Dominant market share extended to 54% with almost 100% share of market net additions TOT % Market Share of Net Additions of Fixed-Line Telephone

Analyst Meeting : Mar. 6, * Month-end data Public Phone: ARPU growth of 18% on efficiency improvement Million Baht Public Phone Performance

Analyst Meeting : Mar. 6, PCT subs. growing 60% amid intensified competition after successful repositioning Thousand Customers +14% PCT Subscribers Total 626,944 (YE 2001) 60% G (2001/2000) Total 626,944 (YE 2001) 60% G (2001/2000) 205, ,944

Analyst Meeting : Mar. 6, * Month-end data DDN ARPU and total revenue increased due to focus on high-bandwith customers Million Baht DDN Performance

Analyst Meeting : Mar. 6, DDN circuits and bandwidth continue to grow rapidly DDN Growth Trend Cumulative Circuits Cumulative Bandwidth (,000 Kbps.)

Analyst Meeting : Mar. 6, Internet subscribers increased significantly due to ClickTA re-launch and bundling with other services Internet Subscribers Thousand Customers

Analyst Meeting : Mar. 6, Financial Results & 2002 Outlook

Analyst Meeting : Mar. 6, Financial Results Normalized Revenue and EBITDA growth were in line with guidance Normalized margin remained stable Exposure to US Dollar significantly reduced Proportionate consolidation of TA Orange affected reported results significantly   Bt 971 m. in net loss after offsetting effect of Bt284 m. for negative goodwill amortization Normalized Revenue and EBITDA growth were in line with guidance Normalized margin remained stable Exposure to US Dollar significantly reduced Proportionate consolidation of TA Orange affected reported results significantly   Bt 971 m. in net loss after offsetting effect of Bt284 m. for negative goodwill amortization SUMMARY

Analyst Meeting : Mar. 6, Fair value of net assets acquired as of completion date 5,456 Cost of investment in TA Orange/BITCO 2,835 Negative goodwill2,621 Amortization Schedule FY 2001 FY 2002 TA Orange Negative Goodwill Fair valuation &Goodwill Calculation THB Million ,3372,

Analyst Meeting : Mar. 6, Revenue20,63620,646(10) Expenses(11,573)(10,358)(1,215) EBITDA9,06310,288(1,225) NIOGO(3,686)(2,455)(1,231) Share of gain(loss) from affiliates(628)(912)284 All others889909(20) Others(4) Net Income (Loss)(3,425)(2,458)(971) With Without ChangeBITCO TA Orange Impact THB Million Impact on FY 01 Consolidated Financial Results

Analyst Meeting : Mar. 6, Revenue20,64619,3871, Expense(10,358)(9,861) EBITDA10,2889, NIOGO(2,455)(3,911)1, Share of gain(loss) from associates(912)(1,128) All Others9091,731(822)(47.5) Net Income (Loss)(2,458)(3,308) F/X Gain/(Loss) Net Profit / (Loss) ConsolidatedChange Baht% FY 2001 Normalized Results - Excl. BITCO THB Million

Analyst Meeting : Mar. 6, Revenue5,4365,0755, Expense(2,771)(2,781)(2,586)(0.4)7.2 EBITDA2,6652,2942, NIOGO(429)(1,092)(613) Share of gain(loss) from associates(298)(319)(80)6.6(272.5) All others1, Net Income (Loss)711(730)(521) Consolidated%Chng 4Q014Q00 3Q01 Y-O-YQ-o-Q 4Q01 Normalized Results - Excl. BITCO THB Million

Analyst Meeting : Mar. 6, Revenue20,63619, ,93817, Expense(11,573)(9,861)17.4(10,327)(8,808)17.3 EBITDA9,0639,526(4.9)8,6118, Depreciation(8,004)(7,708)3.8(6,272)(6,080)3.2 EBIT1,0591,818(41.7)2,3392, Interest expenses (net)(4,676)(5,653)(17.3)(3,700)(4,614)(24.7) Tax(69)(76)(9.2)--- NIOGO(3,686)(3,911)5.8(1,361)(2,475)45.0 Share of gain(loss) from associates(628)(1,128)44.3(1,875)2,107(189.0) Exceptional Items8451,718(50.8)(189)(2,940)93.6 Minority Interest Net Income (Loss)(3,425)(3,308)(3.5)(3,425)(3,308)(3.5) ConsolidatedCompany % % Change Change FY 2001 Normalized Results - Incl. BITCO THB Million

Analyst Meeting : Mar. 6, Revenue5,4255,0755, Expense(3,985)(2,781)(2,586) EBITDA1,4402,2942,555(37.2)(43.6) Depreciation(2,125)(1,970)(2,009) EBIT(685)324546(311.4)(225.5) Interest expenses (net)(963)(1,395)(1,136)(31.0)(15.2) Tax(12)(21)(23)(42.9)(47.8) NIOGO(1,660)(1,092)(613)(52.0)(170.8) Share of gain(loss) from associates(14)(319)(80) Exceptional Items1, Minority Interest71125(36.4)(72.0) Net Income (Loss)(256)(730)(521) Consolidated %Chng 4Q014Q003Q01Y-O-Y Q-o-Q 4Q 2001 Normalized Results - Incl. BITCO THB Million

Analyst Meeting : Mar. 6, Reported9,5269,063(5%)49.1%43.9%(520 bp.) Without BITCO9,52610,2888%49.1%49.8%7bp. Without Product Sales9,34310,42112%51.7%51.8%1 bp. EBITDA %G Margin Diff EBITDA Reconciliation 2001 EBITDA Margin

Analyst Meeting : Mar. 6, Debt / EBITDA EBITDA/ Interest Coverage Cash Flow from Operations In MB 39% G FY01/FY Key Financial Ratios

Analyst Meeting : Mar. 6, US$ YEN Baht Bt Equiv. EOY ,74623,64374,024 Repayment(14)(407)(734)(1,713) Swap into Bt Loan(97)4,483- Refinancing with Bt Loan(113)5,000- Addition133**6971,009 Amortization & Others(30)(30) EOY ,47233,05973,634 Percent Change-28%-1%+40%-1% Strategy Execution - FX Exposure Reduction US Dollar exposure reduced by 28% *** FX rates as of 31 December, 2001 * Excluding BITCO ** Accrued int for DPN

Analyst Meeting : Mar. 6, TA Group Outlook Revenue (Bt Bn) EBITDA (Bt Bn) CAPEX (Bt Bn) Headcount (persons) , %g 2002 %g /- 10% 2 * Excluding BITCO, UBC

Analyst Meeting : Mar. 6, TA Orange Update

Analyst Meeting : Mar. 6, TA Orange Update Feb 02 Jun 02 Dec 02 Network Coverage Plan 107,000 subscribers signed up 20 Orange shops in BMA opened 72 dealers in BMA, 500 dealers nationwide 2,068 employees Baht 28.2 financing secured Current Status

Analyst Meeting : Mar. 6,

Analyst Meeting : Mar. 6, “ 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 : Mar. 6, FY 2001 Results Analyst Meeting March 6, 2002