3Q2003 Results

Content 3Q2003 highlights Financial summary Focuses going forward Appendix

3Q2003 highlights Financial Results Consolidated Revenue and EBITDA growth of 10 and 15 percent year to date, including TA Orange TA Orange achieved EBITDA break-even for the first time in September High EBITDA maintained through ongoing cost control while cash flows grew strongly Balance sheet improved further with refinancing of existing Thai Bank Baht loans

3Q2003 highlights (cont’d) Operating Results Fixed line subscribers declined due to acceleration in disconnection process while ARPU stabilized First co-operation among all fixed line operators to launch a reduced fixed line tariff promotion to lift competitiveness PCT net additions turned positive for the first time in more than a year Strong growth in Internet and broadband business Involvement in high-potential on-line game business

Revenue and EBITDA growth with contribution from TA Orange Including TA Orange 3Q03 3Q02 2Q03 %YoY %QoQ 9M03 9M02 %YoY Revenue 6,775 6,512 7,047 4.0% -3.9% 20,616 18,733 10.1% EBITDA 2,805 2,397 2,929 17.0% -4.2% 8,466 7,380 14.7% NIOGO* (1,208) (336) (1,114) -259.3% -8.4% (3,453) (281) -1,128.5% CF from Operation 1,963 (822) 1,939 338.8% 1.2% 4,674 2,385 96.0% FCF (773) (1,002) (2,157) 22.9% 64.2% (4,066) (4,184) 2.8% * NIOGO represents net income (loss) from ongoing operations including share of loss in associates but excluding non-recurring items.

Revenue and EBITDA declined slightly, excluding TA Orange 3Q03 3Q02 2Q03 %YoY %QoQ 9M03 9M02 %YoY Revenue 5,641 5,779 5,769 - 2.4% -2.2% 16,946 17,359 -2.4% EBITDA 2,932 2,959 3,052 - 0.9% -3.9% 8,919 9,095 -1.9% NIOGO* (396) (224) (295) - 76.9% -34.3% (1,118) (403) -177.2% CF from Operation 1,993 788 2,269 153.0% -12.2% 5,606 4,531 23.7% FCF 1,148 376 1,324 204.9% -13.3% 3,494 2,359 48.1% * NIOGO represents net income (loss) from ongoing operations including share of loss in associates but excluding non-recurring items.

Revenue and EBITDA (stand-alone basis) Non-Consolidated 3Q03 3Q02 2Q03 %YoY %QoQ 9M03 9M02 %YoY Revenue 4,970 5,138 5,148 - 3.3% -3.5% 15,034 15,298 -1.7% EBITDA 2,490 2,445 2,514 1.8% -1.0% 7,430 7,362 0.9% NIOGO* (79) 62 (69) NM -14.3% (295) 290 NM CF from Operation 1,590 575 2,030 176.7% -21.7% 4,824 3,960 21.8% FCF 928 253 1,226 266.7% -24.3% 3,087 2,123 45.4% * NIOGO represents income (loss) from ongoing operations excluding share of loss in associates and non-recurring items.

High EBITDA margin maintained through ongoing cost control Excluding TA Orange Standalone Including TA Orange

Debt Service Schedule - TA Stand-Alone Balance sheet improved further with refinancing of Thai bank Baht loan The next step in TA’s ongoing effort to strengthen the balance sheet. The benefits from new loan facility; A reduction of about Bt200 million a year in interest cost and improvement in debt servicing capacity with 3-year extention in maturity of loans to 2011. A greater operational flexibility with less restricted terms Debt Service Schedule - TA Stand-Alone 2,664 3,142 3,089 4,189 7,480 8,855 5,109 6,575 8,363 Before Refinance

Revenue - Fixed Line Telephone Revenue & ARPU - Public Telephone Fixed line subscribers declined due to TelecomAsia accelerating the disconnection process for line reutilization Revenue - Fixed Line Telephone Net Additions THB Million Revenue & ARPU - Public Telephone Line Disconnection THB million Baht

Fixed line ARPU continued stabilizing trend ARPU Trends - Fixed Line Telephone Revenue from call to mobile per line 633 572 546 Baht Components of ARPU (Baht/Line)

PCT net additions turned positive for the first time in more than a year Revenue - PCT Net additions - PCT THB Million Subscribers ARPU Trend - PCT % retention success Baht

Data/Internet/Broadband Revenue Strong growth in Internet and broadband business Data/Internet/Broadband Revenue Internet Revenue THB Million THB Million Internet Subscribers Subscribers Broadband Subscribers (ADSL + Cable Modem) Subscribers 3,708 4,864 2,376 1,920 1,646 8,205 6,141

TelecomAsia’s Strength Involvement in high-potential on- line game business Reasons to enter The Market Significant market opportunity Many segments left untouched Drive broadband usage growth Stepping stone toward digital content leader Ragnarok creates profound impact to the online game market in Thailand The first successful commercial launch of online game 50,000concurrent users Estimated active subscribers of over 700,000 Drew international and regulatory attention Estimated market size of 1billion in 2004 Regulatory concerns imposed time limit for players aged under 18 years TelecomAsia’s Strength An Experienced Service Provider A marketing engine Own key infrastructures

Financial Summary

3Q2003 Income statements (excluding TA Orange) Normalized Income Statements

Revenue and EBITDA trend Revenues EBITDA Excluding TA Orange THB millions THB millions EBITDA EBITDA Margin Including TA Orange THB millions THB millions EBITDA EBITDA Margin

Operating Expense trend Operating Expenses (including TA Orange) Operating Expenses (excluding TA Orange) 7,201 6,906 6,713 6,807 6,415 6,540 5,219 5,105 5,087 4,981 4,975 5,042 4,584 4,867

Core wireline and data approached break-even point Revenues EBITDA & EBITDA Margin THB millions THB millions EBITDA EBITDA Margin NIOGO (Stand-Alone Basis) THB millions Excl. share of gain (loss) in subsidiaries and affiliates & non recurring items (on stand-alone basis)

Transformed balance sheet and cash flows (excluding TA Orange) Net Debt/EBITDA EBITDA/Interest Coverage Cash Flow from Operations Free Cash Flow THB millions THB millions 5,606 3,494 9M03 represents annualized figures

TA Orange contribution Revenue THB millions 1,436 1,310 1,301 1,176 767 575 132 EBITDA Net Profit * THB millions THB millions * Before amortization of negative goodwill

Focus Going Forward

Focus going forward Maximizing group synergies and market strengthening through re- branding will be top priorities in 2004 Fixed line telephone Reduce operating cost Rapidly grow high-margin services to generate new revenue streams Customer retention and churn management Wireless Focus on high-value customer and prepaid Best network Improve ARPU with value-added services Execute PCT revitalization plan Data/Broadband/Internet Build on No. 1 broadband position Expand ADSL market Increase involvement in on-line game market Increase revenue contribution Home / Customer Solution Office / SME Solution & Wireless Access Corporate Solution & Data

3Q2003 Analysts Conference November 12, 2003