1. 2Q2003 Analysts Conference August 14, 2003

2. 2 Content Half year 2003 highlights Financial Summary TA Orange Focus going forward Regulatory update Q&A

3. 3 Half year 2003 highlights Financial Results Revenue and EBITDA grew at double digits, including TA Orange Net Loss From Ongoing Operations, excluding TA Orange, moving closer to breakeven EBITDA margin increased from focus on profitable growth Balance sheet improved further with elimination of US Dollar loan and loan repayment    

4. 4 Half year 2003 highlights Operating Results Decline in PCT subscribers and ARPU flatttened out from effective retention program Data/Internet/Broadband continued to grow strongly with new services launched to the market TA Orange on target to EBITDA breakeven in 3Q03 Fixed line business grew moderately while ARPU stabilized    

5. 5 Revenue and EBITDA grew at double digits, including TA Orange Including TA Orange 2Q032Q02%YoY1H031H02%YoY Revenue7,0476,6296.3%13,84112,22113.3% EBITDA2,9622,38024.4%5,7454,98415.3% NIOGO*(1,081)(118)-815.1%(2,160)55NM CF from Operation1,9393,003-35.4%2,7113,207-15.5% FCF(2,157)(1,687)-27.9%(3,293)(3,182)-3.5% * NIOGO represents net income (loss) from ongoing operations including share of loss in associates but excluding non-recurring items.

6. 6 Excluding TA Orange 2Q032Q02%YoY1H031H02%YoY Revenue5,7696,100- 5.4%11,30511,581- 2.4% EBITDA3,0523,148- 3.0%5,9876,135- 2.4% NIOGO*(295)(39)- 654.5%(722)(180)- 302.2% CF from Operation2,2691,98814.1%3,6143,744- 3.5% FCF1,3241,12817.4%2,3471,98218.4% * NIOGO represents net income (loss) from ongoing operations including share of loss in associates but excluding non-recurring items. Revenue and EBITDA slowed, excluding TA Orange

7. 7 EBITDA Margin Excluding TA Orange Standalone Including TA Orange EBITDA margin increased from focus on profitable growth

8. 8 Balance sheet improved further with elimination of US Dollar loan and loan repayment Debt profile by currency - TA (stand-alone) 2000200120021H03200320042005 Foreign Debt 69% 54% 15% 9%9%10%12% 60,778 59,909 53,708 52,200 THB Million Debt profile by currency - TH & other subsidiaries 2000200120021H03200320042005 Foreign Debt 64% 69% 55% 54%61%65%66% THB Million 50,546 44,877 38,375 14,273 13,698 12,212 11,622 10,190 9,023 7,896 Excluding TA Orange

9. 9 Fixed line revenue grew moderately Net Additions THB Million Revenue - Fixed Line Telephone Revenue & ARPU - Public Telephone THB million Baht

10. 10 Baht 633572 ARPU Trends - Fixed Line Telephone Revenue from call to mobile per line Fixed line ARPU stabilized 546

11. 11 Decline in PCT subscribers and ARPU flattened out Revenue - PCT ARPU Trend - PCT Net additions - PCT THB Million Subscribers Baht ARPU Trend - PCT Baht

12. 12 Centralized customer database & user friendly interface Effective process to clarify problems and solutions to customer Develop new effective win back tools Staff training Proactive Preventive Corrective Win back PCT Retention Strategy Rebuild brand and introduce new services Build customer relationship Develop new effective tools Staff training and resources % retention success

13. 13 Data/Internet/Broadband businesses strengthening Revenue by Quarter THB Million Combined Revenue (1999 - 2002) THB Million AVGR = 27% Fixed Line 60.5% Data/Internet/BB PCT 13.0% VAS 16.1% 10.4% Fixed Line 61.7% PCT 9.9% 12.0% VAS 16.4% Data/Internet/BB 2001 1H03 2002 Contribution to Consolidated Revenues (Excluding TA Orange) Fixed Line 64.3% Data/Internet/BB PCT 14.9% VAS 13.3% 7.5%

14. 14 Internet Subscribers Broadband Subscribers (ADSL + Cable Modem) Data/Internet/Broadband businesses strengthening (cont ’ d) Subscribers DDN Circuits Circuits 7,104 7,408 6,423 6,421 5,231 7,323 1,646 1,920 2,376 3,708 5,032 6,141 Broadband Subscribers (ADSL) Subscribers

15. 15 Remark: 1 Revenues from data + internet + public IP 2 Represent revenue from Fixed excluding Mobile Source: Gartner Dataquest Market Statistics (April 2003), ITU Yearbook of Stats 92-01 (2001 figures) 0 5,000 10,000 15,000 20,000 25,000 30,000 35,000 0%10%20%30%40%50%60% Non-voice 1 Revenues % of Industry 2 Revenues GDP per capita (USD) Australia Hong Kong Singapore Japan Korea Taiwan Philippines Indonesia Thailand Malaysia China Fixed line non-voice revenue VS GDP per capita

16. 16 Broadband Services Wireless Broadband Service Content & Application Service Wireline Broadband Service New broadband services launched to the market

17. 17 Financial summary

18. 18 2Q03 Income statements (excluding TA Orange) Normalized Income Statements

19. 19 Revenue and EBITDA trend Revenues EBITDA Excluding TA Orange Including TA Orange EBITDA EBITDA Margin THB millions

20. 20 THB millions Excl. share of gain (loss) in subsidiaries and affiliates & non recurring items (on stand-alone basis) TA non-consolidated results on track to a full year profit Revenues EBITDA & EBITDA Margin THB millions NIOGO (Stand-Alone Basis) THB millions EBITDA EBITDA Margin

21. 21 Transformed balance sheet and cash flows (excluding TA Orange) Net Debt/EBITDA EBITDA/Interest Coverage Cash Flow from Operations Free Cash Flow 1H03 represents annualized figures THB millions 3,614 2,347

22. 22 TA Orange contribution Revenue Net Profit * THB millions EBITDA THB millions * Before amortization of negative goodwill 132 575 767 1,436 1,301 1,310

23. 23 TA Orange

24. TA Orange, Q2 2003 August 14 th, 2003 Bangkok

25. 25 Q2 highlights  Brand refresh through TVC and below the line campaigns  Increased communication of core benefits –real per second billing –value for money –friends & family numbers  Tariffs rebalanced  Introduction of off peak rates

26. Boy: Sawasdee … Do you have a lot of homework to do today ? V/O: If you need 10sec to say hello, why bother to pay at rate of 30 sec Boy: Sawasdee … What if I pass by your home in a moment ? V/O:If you say Sawasdee in the Orange way, you do not get overcharged because Orange charges you really per second. You pay what you use, with no strings attached, and no minimum at 30 sec the future’s bright, the future’s Orange if greeting someone takes only 5 seconds, why should you pay for 30 sec or 60 sec ? for a call of 5 sec, we charge you only 5 sec, so you can save up to 92% sales support material for dealers and retail. radio spots newsletter real per second billing

27. % of customers rating Orange ‘excellent’ or ‘good’ on Value for Money price increases benefits campaign with your 5 friends and family, talk longer and save more employees cards sales support material sales talk to dealers 69% 63% : Average rating of competition for the same period source: Orange SA satisfaction study, June 2003 friends & family, Just Talk unique selling points

28. in May, Orange introduced a new postpaid proposition, offering a cheaper rate during business hours it offers a clear and relevant benefit to the target segment it allows better utilisation of available network capacity before 7pm business value time

29. 29 Focus on value growth Subscriber development Thousands  Removal of handset subsidy and tighter credit control from end of Q1  Limited sales promotion activity in Q2  >50% of postpaid churn recycled to prepaid accounts

30. 30 Monthly ARPU THB Blended ARPU ’ s - maintaining value share in Q2, 2003 Orange blended ARPU net of bad debt

31. 31 Monthly ARPU THB ARPU ’ s – positive impact of tariff changes 10% increase in postpaid ARPU, 17% increase in prepaid ARPU rebased to prepaid ARPU Q4, 2002

32. Orange is the first to offer a real choice to prepaid customers with simple and relevant packages:  a tariff structure adapted to the needs of each target segment  a selection of attractive non-voice services  customers can easily move from one plan to another fun pack Special rate for your Friends and Family + Free fun services: Premiere League New movie release SMS bundle Sales guide Love horoscope smart pack Special rate from 6am to 6pm + Free smart services: News headlines Sales guide SMS bundle Free voice mail Premiere League the next 6 months

33. 33 the future...  focus on high value customers & “ prepaid segment ”  launch of Fun & Smart prepaid packages, July 2003  launch of Orange Thanks, August 2003, prepaid/postpaid loyalty program  #1 for customer service  Phase III of network expansion from Q3 onwards  capacity of 3 million end 2003  EBITDA monthly break even Q3 2003

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

35. 35 Focus Going Forward & Regulatory Update

36. 36 Focus going forward 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 revenue contribution Home / Customer Solution Office / SME Solution & Wireless Access Corporate Solution & Data

37. 37 Regulatory Update Interconnection regime Tariff rebalancing Revenue sharing

38. 38 Q&A

39. 39 Appendix 1. Consolidated income statements (including TA Orange) 2.Non-consolidated income statements 3. Balance sheets 4. Cash flow statements 5. Consolidated debt profile (excluding TA Orange) 6.Consolidated revenue profile by segment

40. 40 Appendix 1: Consolidated income statements (including TA Orange) Normalized Income Statements

41. 41 Appendix 2 : Non-consolidated income statements Normalized Income Statements

42. 42 Appendix 3 : Balance sheets

43. 43 Appendix 4 : Cash flows

44. 44 Appendix 5 : Consolidated debt profile (excluding TA Orange) Debt profile by currency (excluding TA Orange) 2000200120021H03200320042005 Foreign Debt 68% 56% 22% 17%18%20%24% 75,051 73,607 65,920 63,822 60,736 53,900 46,271

45. 45 Appendix 6 : Consolidated revenue profile by segment

46. 46 “ Safe Harbor ” Statement This presentation contains statements 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.

47. 2Q2003 Analysts Conference August 14, 2003