FY03 Analyst Conference March 10, 2004

2 Content FY 2003 results highlights -Financial summary -TA Orange outlook and strategy The planned acquisition of Orange ’ s stake in TA Orange Appendix

Highlights; Financial results (1) Consolidated revenue and EBITDA growth of 8.4% and 18.8% including TA Orange Cash Opex at TA (stand-alone) reduced by 4.8% TA Orange cut cash Opex in 2H03 by 14.9% from 1H03 EBITDA margin (excl. TA Orange) up 90 bps. to 52% TA Orange achieved EBITDA break-even in September 2003 and the trend continued into 4Q03 Revenue & EBITDA TA Orange ’ s break-even Cost controls Strong free cash flows mainly from core wireline business  Bt 5.2 billion in 2003; up 10.2% over 2002  Capex contained at ~ Bt 3 bn (excl. TA Orange) Free cash flows

Highlights; Financial results (2) Further steps taken to strengthen Balance Sheet  completely eliminating US Dollar exposure;  refinancing of Bt 21 bn in Thai bank loans; and  repayment of loans by Bt 3.8 billion; net debt to EBITDA 4.7x Value added services and data/Broadband/Internet will be new growth drivers  Data/Broadband/Internet growth of 16.6% with increased contribution to 12.1 percent of consolidated revenue (excl. TA Orange)  Wireline value added service grew 33.3% Balance sheet New growth drivers

Highlights; Operating results Market share maintained at 56% despite 2.9% decline in subscribers Fixed to mobile traffic migration slowed Reduced-tariff promotion packages launched Core fixed line business TA Orange Data/Broadband /Internet Subscriber growth of 36.6%(+489K) to 1.8 m at YE2003 Return to rapid growth in 4Q03 to increase market share ADSL subs almost tripled in 2003 to 10,643 Internet subs grew 89% to > 600K Launch of one-stop broadband and Internet service at affordable price of Bt 550 per month Moved into on-line game business

6 Voice -0.3% Wireless 19% Data/Broadband/Internet 17% VAS 33% 2001 Voice 64.3% Data/Internet/BB PCT 14.9% VAS & Others 13.3% 7.5% Voice 48.8% PCT 7.5% VAS & Others 15.5% Data/Internet/BB 9.8% TA Orange 18.4% Revenue diversification (including TA Orange) Baht 28.0 Billion Baht 25.8 Billion Baht 20.6 Billion Growth 25% Growth 9 % Voice 53.1% Data/Internet/BB TA Orange 12.2% 9.1% PCT 11.4% VAS & Others 14.1%

7 New businesses : new growth drivers TA Broadband Internet/Content/Application 65% Bt 15.0 m 70% Bt m 99.9% Bt 73.5 m True Digital Entertainment (On Line Game) True Digital Entertainment (On Line Game) True Internet Data Center (Internet data Center) True Internet Data Center (Internet data Center) Asia Infonet (Internet Service Provider) Asia Infonet (Internet Service Provider) 99.9% Bt m Asianet Corporation - ANC Asia Multimedia (Network Provider Nationwide) Asia Multimedia (Network Provider Nationwide) 90.5% Telecom Holding 99.9%

8 PRATHUMTHANI SAMUTHPRAKARN BANGKOK NAKHON PRATHOM SAMUTHSAKHON NONTHABURI ADSL coverage 48%by November %by December % 90%by January %by April2004 TA aims to expand Broadband coverage to all of BMA by April 2004 Broadband expansion plan

9 Market paradigm shift with new fixed-line tariff options MonthlyLong distanceTo-Mobile 100 Bt/mth3, 6, 9, 12, 15, 18 Bt/min3, 8, 12 Bt/min (night 1/2, late-night 1/3) Bt/mth3, 6, 9, 9, 9, 9 Bt/min3, 6, 6 Bt/min (night 1/2, late-night 1/3) Bt/mth3 Bt/min nationwide3 Bt/min nationwide (no off-peak rate) 6 tariff packages ranging Bt/min Bt/min from Bt/mth (3Bt/min for the first min and (3Bt/min for the first min and mins exceeding talk plans) mins exceeding talk plans) Original 1 st Promotion (Effective Sep 1, 2003) 2 nd Promotion (Effective Jan 16, 2004)

10 Financial summary

11 4Q034Q023Q03%YoY%QoQFY03FY02%YoY Revenue7,334 7,050 6,7754.0%8.2%27,95025,7838.4% EBITDA3,177 2,4182, %13.2%11,6429, % NIOGO*(1,066)(1,323)(1,208)19.5%11.8%(4,519)(1,605)-181.6% CF from Operation2,402 2,071 1, %22.4%7,0764, % FCF764 (114)(773)767.9%198.8%(3,303)(4,298)23.2% * NIOGO represents net income (loss) from ongoing operations including share of loss in associates but excluding non-recurring items. Consolidated profit and loss statements (including TA Orange)

12 4Q034Q023Q03%YoY%QoQFY03FY02%YoY Revenue6,015 5,687 5,6415.8%6.6%22,96123, % EBITDA3,021 2,678 2, %3.0%11,93911,7721.4% NIOGO*(453)(722)(396)37.2%-14.3%(1,571)(1,125)-39.7% CF from Operations2,551 3,036 1, %28.0%8,1577,5677.8% FCF1,668 2,324 1, %45.3%5,1624, % * NIOGO represents net income (loss) from ongoing operations including share of loss in associates but excluding non-recurring items. Consolidated profit and loss statements (excluding TA Orange)

13 4Q034Q023Q03%YoY%QoQFY03FY02%YoY Revenue5,318 5,022 4,9705.9%7.0%20,35220,3200.2% EBITDA2,677 2,201 2, %7.5%10,1079,5625.7% NIOGO*19 (348)(79)NMNM(276)(59)-371.2% CF from Operation1,916 2,581 1, %20.5%6,7406,5413.1% FCF1,487 2, %60.2%4,5744,2806.9% * NIOGO represents income (loss) from ongoing operations excluding share of loss in associates and non-recurring items. Consolidated profit & loss statements (stand-alone)

14 Capex & Opex (stand- alone) Operating expenses (TA stand-alone) Capital expenditures (TA stand-alone)

15 3,142 3,090 4,189 7,480 8,855 9,951 6,575 8,363 Dec 2002 repayment schedules 2,664 Debt service schedule - TA stand-alone In 2003, TelecomAsia took further steps to improve the Balance Sheet – Issued a new bond of Bt 3.3 bn to retire the last portion of US Dollar debt – Refinanced Bt 21 bn in Thai bank Baht loans – Repaid Bt 3.9 bn in debts USD exposure Strengthening balance sheet

16 Transformed balance sheet and cash flows (excluding TA Orange) Net debt/EBITDA EBITDA/Interest coverage Cash flow from operations 8% Free cash flow 10%

17 TA Orange contribution Revenue Net profit * THB millions EBITDA THB millions * Before amortization of negative goodwill ,436 1,301 1,176 1,310 1,290

18 TA Orange

19 TAO is resuming its growth Based on quality of network and customers 2003 Orange Net Adds (20,000) - 20,000 40,000 60,000 80, , ,000 Jan - 03 Feb - 03 Mar - 03 Apr - 03 May - 03 Jun - 03 Jul - 03 Aug - 03 Sep - 03 Oct - 03 Nov - 03 Dec - 03 Sources : TA Orange ’ s report

20 Customer base is now healthier churn has been drastically reduced Churn Source: internal estimates Latest available monthly churn estimates : Source: internal estimates based on company reports.

21 A quality customer base Postpaid ARPU slightly increased Prepaid ARPU still ahead from competition Blended ARPU in December (Bt) : Sources : Company reports and internal estimates

22 Call blocking rate 9 Jan 03 Call blocking rate 31 July 03 Call blocking rate 15 Dec 03 Congestion has now disappeared Sources : TA Orange ’ s network tracking report TAO is now delivering world-class service nationwide

23 Market share targets 2004 (Gross adds) Sources (2003) : companies ’ reports, internal estimates Moving up to 19%, as TAO resumes its aggressive strategy

24 Strategic priorities for 2004 Grow from strength / TA synergy Data / non-voice / fun & games Lifestyle & segmentation Customer perception: – Good and growing network – Best for value and fair Take advantage of: – Churn market & second SIM – Access charge / interconnection Push for regulatory change

Outlook & strategy

industry outlook (1)  Telecom liberalization  NTC formation  Interconnection regime  Concession Conversion  Listing of TOT  The government ’ s aggressive policy on broadband will stimulate the market Core fixed line business  Growth expected in SMEs, large corporates, 2nd home line for fax, internet, teens  Flexible tariff allows wireline operators to better meet the distinctive needs of each customer segment  Focus on VAS, applications and solutions for each customer  segment Overall ICT industry

industry outlook (2) Wireless  Focus on CRM/retention and growing non-voice  Net adds projected at 3.8 million subs  Interconnection replaces access charge Data/Broadband /Internet  Growth in internet/intranet usage will spur demand for high bandwidth data links to major cities upcountry  The doubling of domestic internet traffic from 3.4 GB/day to 6.8 GB/day in 2003 suggests that we continue to see high double digit growth

28 TA Group Vision Support Units Customer Mgt /Contact Center Retail/ Distribution IT/ Billing Core Network Legal/ Regulatory HR Finance Support Units Network Operation & Technology Fixed Line Mobile Data Internet/ Broadband Products EXISTING ORGANIZATION Solutions/ Outsourcing Customer Corporate Solutions/ Outsourcing SME Solutions/ Outsourcing Consumer/ Home Lifestyle Solutions Spin-offs Payment/ eCommerce Community Content/ Applications Lifestyle Retailing Future Growth

29 TA Orange deal

30 The deal : key details Orange to sell 39% of BITCO/TA Orange to TA as part of ongoing strategy to focus on core European investments -Orange retains 10% shareholding to share in future growth -Orange to retain Board seat until shareholding drops below 4% -TA ’ s shareholding will increase to 83% -CP shareholding remains unchanged at 7%

31 The deal : key details Shares obtained at good price -Price one Baht -Book value of TA Orange Bt 5.6 bn as at 31 Dec 2003 Deal contingent on refinancing of TA Orange, expected late second quarter Free use of “ Orange ” name for 3 years Access to Orange expertise maintained TA shareholder approval on April 9, 2004

32 Investment in TA Orange Current holding of approximately 44% of TA Orange -TA Orange ’ s paid-up capital is Bt 21 bn -TA holds 921 shares of TA Orange ( a par value of Bt 10 per share) -Acquired 615 m. shares in Oct 2001 through a share swap deal by issuing new 307 m TA shares with 100 m equity warrants (expired) -Acquired 306 m shares in October 2002 at Bt 10 per share TA will acquire additional 39% shareholding or approximately 819 m shares for Bt 1 The value of TA Orange investment will increase significantly upon TA Orange ’ s IPO; thus increasing shareholders ’ value -TA Orange ’ s IPO is expected in late 2004 at the earliest

33 Orange sell-down will strengthen TA market position TA Orange strong growth prospects 36% subs growth in above industry average. 1.8 million subs at YE % market share Reached EBITDA breakeven within 18 months -Significant financial improvement in the past 6 months To improve network quality and coverage in 2004 to accommodate future growth

34 Orange sell-down will strengthen TA market position The 83% shareholding in TA Orange and full management control will strengthen TA ’ s position as only fully integrated telecommunication company TA can proceed with new developments in bundling wireline and wireless services for a single customized package offering; key advantage in liberalized market Significant cost savings from consolidation of aspects of operations

35 Q&A

36 Appendix Slides (#) 1. Consolidated income statements (excluding TA Orange) Consolidated income statements (Including TA Orange) Non-consolidated income statements Balance sheet40 5. Cash flow statements41 6. Debt profile (Excluding TA Orange)42 7. Consolidated revenue profile by segment43 8. Consolidated expense profile44 9. Business segment 9.1 Fixed line telephone Wireless Data/Internet/Broadband47

37 Normalized income statements Appendix 1: Consolidated income statements (excluding TA Orange)

38 Appendix 2: Consolidated income statements (including TA Orange) Normalized income statements

39 Appendix 3: Non-consolidated income statements Normalized income statements

40 Appendix 4: Balance sheets

41 Appendix 5: Cash flow statement

42 Appendix 6: Consolidated debt profile (excluding TA Orange) Debt profile by currency (excluding TA Orange) Foreign Debt 68% 56% 22% 21%22%22% 75,051 73,607 65,920 62,736 57,159 52,790

43 Appendix 7: Consolidated revenue profile

44 Appendix 8: Consolidated expense profile

45 ARPU trends - fixed line telephone Fixed line call to mobile per line per month * (excl. installation and international call revenues ) Fixed line - voice ([49%] of revenue) Subs (000) 1,4012,0201,7471, % Public phone ([8%] of revenue) # of Lines 16,765 20,000 26,000 20,000 19% 1,962 26, Baht Appendix 9.1: Business segment (Fixed line telephone)

46 PCT ([8%] of revenue) % Revenues ARPU TA Orange ([18%] of revenue) ,336 Wireless ([26%] of revenue),000 Subs , % 1,603 2, ,000 Subs 1,6261,6901,825 Appendix 9.2 : Business segment (Wireless)

47 DDN ([4%] of revenue) Circuits 2,6283,7117,1044,564 -3% Revenues ARPU Internet ([2%] of revenue) Subs 20, , ,321 73, % Appendix 9.3 : Business segment - (Data/Internet/Broadband) Data/Internet/Broadband ([10%] of revenue) 16% 7, ,726 Multimedia ([4%] of revenue) 3,708 1,540 11,661 Broadband Subs 17%

FY03 Analyst Conference March 10, 2004