2. Analyst Meeting : May 21,, 20021 1Q 2002 Results Analyst Meeting May 21, 2002

3. Analyst Meeting : May 21,, 20022 Highlighted Issues  Key Achievements  1Q2002 Performance  TA Orange Update  Regulatory Update Operational Highlights Financial Highlights Q&A Outline

4. Analyst Meeting : May 21,, 20023 Highlighted Issues

5. Analyst Meeting : May 21,, 20024 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

6. Analyst Meeting : May 21,, 20025 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)

7. Analyst Meeting : May 21,, 20026 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

8. Analyst Meeting : May 21,, 20027 Consolidated Results- Excl. TA Orange Revenue Source: TA Financial System Expense 10% Growth 4,982 5,479 3 % Growth 2,570 2,982 16 % Growth EBITDA Jan-Mar 01Jan-Mar 02 Jan-Mar 01Jan-Mar 02 2,412 2,497 Jan-Mar 01Jan-Mar 02 Unit : THB Million

9. Analyst Meeting : May 21,, 20028 Consolidated Results -Incl. TA Orange Unit : THB Million Revenue Source: TA Financial System Expense 12% Growth 4,982 5,591 24 % 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

10. Analyst Meeting : May 21,, 20029 UBC TA Orange 337,593 15% Growth 54% Growth Mar 01Mar 02 Fixed Line Telephone 1,596,033 1,858,070 PCT 431,415 663,620 Internet 78,294 164,231 382,480 413,028 110% 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

11. Analyst Meeting : May 21,, 200210 1Q02 1Q01 %Chg Core Wireline-Voice3,9003,7634 Basic Wireline-Voice3,3413,2652 Value Added Services55949812 PCT75762821 Data Communications24097146 Multimedia(AM)2242153 Internet503068 Others27462442 TOTAL - Revenues from services5,4454,79514 Revenue from product sales146186(22) TOTAL - CONSOLIDATED REVENUES5,5914,98212 UBC1,6011,33220 THB Million Revenue Growth

12. Analyst Meeting : May 21,, 200211 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

13. Analyst Meeting : May 21,, 200212 Concession Conversion National Telecommunication Commission (NTC) Regulatory Update

14. Analyst Meeting : May 21,, 200213 Operational Highlights

15. Analyst Meeting : May 21,, 200214 Strong net additions especially for fixed line telephone and DDN services Total Billed Fixed Lines1,858,070+116,7256.7%+216,38614.2%  Consumer1.39 million  Business0.47 million Data Circuits5,231+66714.6%+85323.0% Broadband 1,654+41+1,613 Internet 164,231+7,910+82,811 Wireless (PCT)663,620+36,6765.9%233,94459.5% 2001/2000 Growth Subscriber Additions Mar 2002/Dec2001 Growth March 2002

16. Analyst Meeting : May 21,, 200215 Continued improvement in efficiency 1999200020011Q 2002 (Annualized) Total Billed Fixed Line Telephones1,401,1121,524,9591,741,3451,858,070 Revenue /Employee (M.Baht)2.83.73.94.9 EBITDA/Employee (M. Baht)1.61.81.92.4 Lines/Employee (Lines)*400 389429461 Operational Efficiency * Based on no. of employees for fixed line business only

17. Analyst Meeting : May 21,, 200216 + 75% Wireline Net Additions – “Core” Growth 1Q02 = 116,725 2001 Qtr Avg.=54,096 2000 Qtr Avg.=30,963 1999 Qtr. Avg.=26,787 216,386 +75% 107,142 +16% Wireline Performance 123,847 + 114%

18. Analyst Meeting : May 21,, 200217 * 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

19. Analyst Meeting : May 21,, 200218 PCT subs grew at a slower pace due to shift in focus from subscriber into revenue base Thousand Customers PCT Subscribers 663,620 2001/2000 growth over 60% 1Q 2002 subscribers increased 6% over Dec 2001

20. Analyst Meeting : May 21,, 200219 * Month-end data DDN ARPU grew a record 104% y-o-y due to wholesale opportunity to TA Orange Million Baht DDN Performance

21. Analyst Meeting : May 21,, 200220 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%

22. Analyst Meeting : May 21,, 200221 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

23. Analyst Meeting : May 21,, 200222 Financial Highlights

24. Analyst Meeting : May 21,, 200223 Net Income Positive Profitable before non-recurring charges for the first time since Q1 1996 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

25. Analyst Meeting : May 21,, 200224 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

26. Analyst Meeting : May 21,, 200225 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

27. Analyst Meeting : May 21,, 200226 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 2002 0.8 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

28. Analyst Meeting : May 21,, 200227 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 2.185 million of shares in FLAG to CSFBI. The rights and obligations of parties involved under the SAILS Contracts were terminated effective on April 30, 2002. 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 2002. TA retains ownership of 12.45 million shares of FLAG Investment in FLAG

29. Analyst Meeting : May 21,, 200228 1Q021Q01 % Chg “Core” Opex 1,5981,40514 Personnel Expenses60753414 Network Expenses384387(1) Selling & Promotions153167(8) Others45431743 Revenue Sharing85076811 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

30. Analyst Meeting : May 21,, 200229 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).

31. Analyst Meeting : May 21,, 200230 1Q021Q011Q021Q01 Reported2,5982,5701.1%46.5%51.6%(510bp.) Without TA Orange2,9822,57016.1%54.4%51.6%280bp. Without Product Sales2,9782,62213.6%54.9%54.7%20 bp. EBITDA %G Margin Diff EBITDA Reconciliation EBITDA Margin

32. Analyst Meeting : May 21,, 200231 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

33. Analyst Meeting : May 21,, 200232 US$ YEN Baht Bt Equiv. EOY 200159342,50533,48773,386 Net Payment(9)(102)(344)(734) Accrued Interest & Others44.5*823 As at March 31, 200258442,44833,15172,635 Percent Change-2%--1%-1% ** FX rates as of 31 March, 2002 *Accrued int for DPN Debt Profile - Excl. TA Orange

34. Analyst Meeting : May 21,, 200233 2000 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

35. Analyst Meeting : May 21,, 200234

36. Analyst Meeting : May 21,, 200235 “ 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.

37. Analyst Meeting : May 21,, 200236 1Q 2002 Results Analyst Meeting May 21, 2002