1. 3Q 2002 Investor Presentation November 20, 2002

2. Agenda TA operational highlights and achievements
Financial highlights & successful bond offering
TA Orange
Strategic issues
Q&A

3. Performance : TA standalone - YTD
EBITDA
Unit : THB millions
14% Growth
Revenue
Expense
9% Growth
7,340
5% Growth
15,292
6,415
7,953
13,997
7,582
Jan-Sep 01
Jan-Sep 02
Jan-Sep 01
Jan-Sep 02
Jan-Sep 01
Jan-Sep 02

4. Performance : TA conso. - YTD (Excl. BITCO)
EBITDA
Unit : THB millions
20 % Growth
Expense
Revenue
9,072
9 % Growth
14% Growth
17,354
7,582
15,211
8,281
7,630
Jan-Sep 01
Jan-Sep 02
Jan-Sep 01
Jan-Sep 02
Jan-Sep 01
Jan-Sep 02

5. Performance : TA conso. - YTD (Incl. BITCO)
EBITDA
Unit : THB millions
-3 % Growth
Expense
Revenue
23% Growth
49 % Growth
18,728
7,582
7,358
11,369
15,211
7,630
Jan-Sep 01
Jan-Sep 02
Jan-Sep 01
Jan-Sep 02
Jan-Sep 01
Jan-Sep 02
Source: TA Financial System

6. Performance: subscriber growth
POTS
PCT
15% Growth
1,968,857
29% Growth
1,714,246
632,630
490,055
Sep 01
Sep 02
Sep 01
Sep 02
DDN
UBC
Internet
248,136
56% Growth
9% Growth
423,986
60% Growth
6,773
389,685
154,785
4,320
Sep 01
Sep 02
Sep 01
Sep 02
Sep 01
Sep 02 *
* Including ~ 250 circuits which have not yet been billed due to incomplete billing process

7. Performance : revenue growth
* Normalized figures

8. Key corporate performance
Happy Customer Index % %
Complaints per 1,000 bills
Churn Rate % %
Net Connect (K lines)
Fault Rate % %
Fault Clear (within 24 hours) % %
Call Completion % %
Productivity (EBITDA/employee) MB MB
Items
Jan-Sep 01
Jan-Sep 02

9. Achievements to date Completed debenture offering and rights
Launched new service
business broadband solution
TA Orange subscriber surpassed 1 million
AMDOCS system implemented
Adopted TA Code of Conduct for staff
Won Corporate Governance and Disclosure Awards
Self explanatory: details will be given after
EXTRA COMMENTS:
More net adds than DTAC: because their sales dropped, and also they had big in prepaid due to measures they took in April
We have now opened sales for 33% of the UPC population. When all clusters are opened, we will reach 55% ; that is why we
Churn: we have taken all churners (pre + post) over the last 3 months, and made the average per month. More analysis will be given later on
- Roaming: in fact we have more than 50 new operators live, but we are talking here only about the ‘big fishes’, that will generate incoming revenues

10. Agenda TA operational highlights and achievements
Financial highlights & successful bond offering
TA Orange
Strategic issues
Q&A

11. 9M02 income statement summary
Excluding BITCO
* Normalized figures

12. 3Q02 income statement summary
Excluding BITCO
* Normalized figures

13. Strong growth in EBITDA and EBITDA margin
Quarterly consolidated EBITDA
THB billions
W/o BITCO
3Q02/3Q01 consolidated EBITDA growth
With BITCO -6%
Without BITCO 17%
Key components of 3Q02/3Q01 EBITDA growth (without BITCO)
revenue growth of 12%
EBITDA margin +190 bps to 51.1%
9M02/9M01 consolidated EBITDA growth
With BITCO -3%
Without BITCO 20%
Quarterly consolidated EBITDA margin
W/o BITCO
53%
54%
52%
49%
49%
51%
46%
1Q01
2Q01
3Q01
4Q01
1Q02
2Q02
3Q02

14. Core wireline and data businesses continued to make profits
Normalized net income (loss) from ongoing operations - excl. share of gain (loss) in subsidiaries and affiliates & non recurring items (on stand-alone basis)
THB millions

15. Balance Sheet substantially improved in October 2002
Completed debenture offering and IFC C - Loan, to repay 85% of USD debt
Current USD exposure is US78 mn
Completed rights offering, raising THB3 bn in proceeds to increase investment in TA Orange to 44% from 41%
The rights offering doubled equity base to approximately THB6 bn
Completed first phase of debt restructuring of TH& subsidiaries in September 2002
Prepayment of loans over THB1 bn to creditors
Total prepayment of loans in 2002 YTD was THB1,584 mn

16. EBITDA/ interest coverage Cash flow from operations
Transformed Balance Sheet and Cash Flows
Key financial ratios (excluding TA Orange)
Net Debt/ EBITDA
EBITDA/ interest coverage
US Dollar exposure
Cash flow from operations
THB Mn
USD Mn 78
* Annualized

17. Successful bond offering
Successfully placed THB18.5 bn in new debentures
Tranche 1 of THB11.7 bn
the second largest BBB+ or lower debentures this year was THB3.5 bn
Tranche 2 (IFC partial guaranteed debentures) of THB6.75 bn
the first Thai debenture with a third party partial guarantee
sold out THB6.75 bn the first day
Combined tranches were :
the largest telecom debentures ever in Thailand
the largest rated debentures ever in Thailand
US$ exposure reduced by 85%

18. Agenda TA operational highlights and achievements
Financial highlights & successful bond offering
TA Orange
Strategic issues
Q&A

19. TA Orange launch momentum maintained
874,000 subscribers end September 2002, currently 1.1m active subscribers
Fastest ever GSM network to 1.0 million subscribers
52% postpaid, 48% prepaid (as at end Q3 2002)
High quality network
100% network coverage BMA, 75% national coverage
On target for 90% population coverage by year-end
Enthusiastic reception for the Orange brand
Brand awareness 93%
65% of customers rate after sales service excellent or good
Real product innovation
Thai SMS II (Nov 15th)
Per second billing

20. Large growth potential remains in the Thai market
The Thai mobile market will continue to expand, driven by increased competition, improving network coverage and quality, and more innovative products:
Mobile penetration rates will double exceeding 50% by end 2005
New non-voice data revenue streams look set to explode driven by SMS/EMS
TA Orange’s launch has coincided with an explosion in the Thai mobile market.
Analysts who were last year predicting mobile penetration rates of 30% by 2005 are this year predicting penetration rates of 47%.
Orange believes even this is an underestimate.
Driven by increased competition, improving network coverage and quality and more innovative products penetration rates will exceed 50% in the next three years, giving a total market size of approximately 30 million subscribers.
DTAC expect bad debt to rise (public announcement in September) and report a slowdown in subscriber growth (296,152 net adds in Aug, versus 351,823 in July). We suspect DTAC is purging inactive subscribers. Magnitude could be significant. Vodafone’s Annual Report discloses that 11% of its 13.2m UK subscriber base by 31 March 2002 was inactive (not made a chargeable transaction in 3m). In November 2001, SingTel purged 47% of its prepaid subscriber base (321,000 subscribers who had not made a chargeable transaction in 6m). As DTAC has SIM-only sales (whereas Vodafone did not), overall percentage could be higher than 11% – perhaps 15-20%, equating to 0.7m to 1m of its 4.9m subscribers. Similar problem is likely to exist at AIS.
Sources: World Bank, Deutsche Bank, ING, Asiacom

21. The competitive dynamics are changing
SIMs and handsets increasingly bought separately
Overall churn will increase as consumers can use any SIM with any handset
More than 70% of growth in 2003 will be from UPC
Prepaid will continue to dominate

22. TA Orange strategy
Attracting and retaining the highest value customers
Best quality network
Best customer service
Innovative products
Best value
Targeted offers
Leveraging the Orange brand & brand values
Distinctive positioning and communications
Award-winning execution
Unique team culture
Maintain competitive cost structures
Exploit cost synergies with CP and TA
Exploit cost synergies with Orange SA
TA Orange’s strategy to participate and profit from this growth is:
To attract and retain the highest value customers.
By offering them:
- the best quality network Orange was the first to launch EFR, a new technology that enhances the sound quality of calls over our network
- the best customer service In our own internal benchmarking survey 28% of Orange customers rated the attitude of the CSR ‘excellent’, more than double the scores of either of our competitors.
- the most innovative products Orange has been the first to introduce Thai SMS, per second billing, and Personalised number selection into Thailand.
- And TA Orange intends to offer all this at prices that we believe will make us the best value wirefree operator in the market.
A further component of our strategy is to provide targeted offers aimed specifically at attracting and growing these high value segments. To-date we have done this with tailored direct marketing campaigns to the best customers (and in somecases employees) of TelecomAsia, CP Group, Citibank, UBC, and HSBC amongst others. The most successful of these direct marketing campaigns have seen take-up rates of between 15-30%.
To leverage the Orange brand and brand values.
The Orange brand values of Simple, Honest, Refreshing, Dynamic and Fun also define the way our employees interact with each other and the feeling any visitor gets when visiting where we work. TA Orange’s team culture is unique. In the fast-moving mobile market-place having a team that can react quickly is going to be critical for success.

23. TA Orange’s active subscriber base continues to grow
Subscriber development
TA Orange’s market share of net adds in Bangkok estimated at 20% in Q3
TA Orange’s cumulative market share 6%
Thousands
Subs end of Q1 Q2 Q3 Change
Post (12%)
Pre (328%)
Total (74%)
Post 92% 80% 52%
Approximately 50-55% of sales now coming from UPC. This should increase as more clusters are rolled out during Q & Q

24. Growth driven by continued improvements in coverage
Still on target for 90% GDP population coverage by December
Over 2,000 sites on air in just over 1 year since 1st equipment delivery on
11 clusters launched out of 13

25. Approximately 50% now coming from UPC
Activations by region %
Note (from weekly KPI):
Total activations by region do not synchronize with gross adds, specifically prepaid subscribers, because the sources of data are different. The number of prepaid subscribers comes from IN platform, which is accurate in terms of subscriber status and new activations. However, IN does not provide information about the channel of new prepaid subscribers. Therefore, prepaid activations by region are retrieved from AMDOCS. Because of technical problem of interface between the two systems, data might come delayed on AMDOCS. In turn, the problem produces the difference.

26. Average Revenue per User continues to improve
10% growth in Q3
85% growth in Q3
Data from monthly Orange management report (OIR), excluding free airtime adjustments. Differs slightly from the data shown in last presentation which was derived from the weekly KPI report. KPI report is much more volatile as it is derived from extrapolation of weekly data.
Going forward the monthly reported ARPU will be extracted from the OIR.
Growth in postpaid ARPU derived from continuing adoption of higher value talk plans and the effect of churn and migration of lower end subscribers. Usage remains high at 400+ minutes.
Prepaid ARPU increasing due to reduction of free airtime on connection and rapidly increasing prepaid card sales.
Re-based to 100 in June-02

27. Blended ARPU’s - maintaining value share in Q3
Monthly ARPU
THB
Monthly data presented as monthly rolling average for all three companies inline with Orange Group policy
Monthly reported ARPU’s from TA Orange OIR report.
AIS derived from company published data
DTAC derived from Q2 ARPU’s projected onto Q3 subscriber base (may be over stated)
Orange & AIS ARPU monthly , DTAC 3Q estimated

28. TA Orange has retained its postpaid customers
Postpaid churn – Q3 (monthly est)
Market postpaid 6.0%
Market prepaid 0.9%
Orange (underlying)
Postpaid %
Prepaid 1.0%
Annualised Ambassador - 26%
Annualised TA - 25%
Market Churn estimated using AIS figures (60% market share)
Prepaid churn is disconnected customers only, assumed same basis as for AIS reported numbers.
Underlying churn excludes fraudulent connections. Fraud connections are uncovered on average after 14 days. Loss limited to the TOT access charge payable (100 Baht) and any handset subsidy if any.
* excludes suspended and disconnected accounts

29. Acquisition costs in rapid decline
SAC’s rapidly declining
SAC’s down 87% since April driven by growth in SIM-only sales
SAC’s in September were 13% of the level in April.
Prepaid SIM only is running at almost zero SAC, including packaging and commissions
These numbers are different from the Q2 presentation numbers which were April 100, May 92, June 34 due to timing adjustments made between the sales months. Nevertheless, the trend in the same.

30. SIM-only a huge opportunity for TA Orange
No SACs means reduced risks, improved cashflows and immediate payback
Increased opportunity to sell to 15m existing AIS & DTAC users who already own a handset
SIM only is beneficial for the late entrant as costs of switching are reduced. Example of twin SIM usage have been noted where AIS is used for incoming calls and TA Orange used for outgoing. As the network improves all traffic should migrate to the Orange SIM.

31. Ideally positioned
“to become the leading wirefreeTM operator in the Thai market”
best network
best customer service
internationally proven brand & brand values
proven innovation skills
complementary partner strengths

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

33. Agenda TA operational highlights and achievements
Financial highlights & successful bond offering
TA Orange
Strategic issues
Q&A

34. Key concerns POTS and PCT ARPU PCT subscriber base
Fair regulatory regime

35. Mobile Penetration in BMA
ARPU for wireline and PCT expected to level off as mobile penetration in BMA reaching its peak
With BMA mobile penetration rate decelerating,TA POTS and PCT ARPU should begin to stabilize
Mobile Penetration Rate in BMA
Baht/Mth/Sub
800
100%
90%
700
POTS ARPU
80%
600
70%
500
PCT ARPU
60%
400
50%
40%
300
30%
200
Projection
Mobile Penetration in BMA
20%
100
10% 0%
Jan-00
Jul-00
Jan-01
Jul-01
Jan-02
Jul-02
Jan-03
Jul-03
Jan-04
Source: Merrill Lynch, Billed Revenue TA, CSN market survey (July 2001),Customer Satisfaction Survey (April 2002).

36. PCT subscriber base
PCT subscribers decreased in 3Q02 due mainly to the termination of free handset promotions and focus on high-ARPU customers
Thousand Customers
644
670
633
627
490
453
431
393
364
274
255

37. Agenda TA operational highlights and achievements
Financial highlights & successful bond offering
TA Orange
Strategic issues
Q&A

38. 3Q 2002 Investor Presentation November 20, 2002

39. “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.