1. 1 Q1 2004 Analyst Conference May 18, 2004

2. 2 Content Q1 2004 results – Q1 2004 highlights – TA Orange – Financial summary Recap

3. 3 First quarter 2004 highlights Financials TRUE on track to meet key financial milestones –Profits from core wireline and data business for two consecutive quarters, before non-recurring items –TA Orange EBITDA to cover interest expenses in 2004 Revenue and EBITDA up by 7.9% and 15.5% EBITDA margin up 280 bps to 43.0% PCT completed phase one debt restructuring with Bt 961 million net gain Free cash flows up 53.1%, excluding TA Orange

4. 4 First quarter 2004 highlights Operations TA Orange added 168k subscribers to now 2 m total. Hi-speed Internet subscribers nearly tripled Internet business revenue up 237% On-line game business increased subscriber base to 300k

5. 5 First quarter 2004 highlights Operations Fixed line ARPU leveled off Flexible tariff launched in January, enhancing fixed line competitiveness PCT revenue and ARPU up quarter-on- quarter Good progress in realizing synergies within the group

6. 6 TA Orange growth in revenue contribution continues TA Orange revenue contribution* (22% of total revenues) Revenue (Bt mn) ARPU (Bt) * Revenue represents 43.86% of TA Orange’s total revenue

7. 7 Spectacular growth for Broadband hi-speed Internet 11,208 21,735 28,025 16,554 ADSL Subscribers Launch of hi-speed Internet

8. 8 Data/Internet/Broadband revenue up 42% as Internet business posts phenomenal 237% Q1 growth Subscribers - Internet Subscribers Bt mn 510 537 591 590 722 Data/Internet/Broadband revenues* (10% of total revenues) * DDN revenue excludes the revenue from network rental to TA Orange

9. 9 ARPU trends Fixed line ARPU levels off Bt/Mth

10. 10 Wireline revenue up 3.6% from value added services Thousand lines Subscribers Fixed line telephone Bt mn 4,419 4,146 4,267 4,000 4,206 Wireline revenues (57% of total revenues)

11. 11 Fixed-line flexible tariff Launched on 16 Jan, 2004 Increasing fixed line revenue and enhancing competitiveness Providing valuable market knowledge for the new interconnection regime

12. 12 Subscribers - PCT PCT revenue and ARPU increase by 2.5% and 8.8% quarter-on-quarter Subscribers Revenue (Bt mn) ARPU (Bt) PCT revenues (7% of total revenues)

13. 13 TelecomAsia has become...

14. 14 TA Orange

15. 15 TAO continues strong growth Based on quality of network and customers + new aggressive promotions Sources : TA Orange ’ s report Net Adds

16. 16 Customer base is now healthier Reducing postpaid customer churn, prepaid churn stable Churn Source: Company reports

17. 17 A quality customer base Postpaid ARPU up slightly Prepaid ARPU down decreased avg Blended ARPU in 1Q04 (Bt) : Sources : Company reports and internal estimates

18. 18 TAO market share of gross adds increases to 15% in Q1 2004. TAO resumes its aggressive strategy in 2Q04 onward (e.g. JT 7 months bonus, All Together Bonus) Market share (gross adds) increases Sources: companies ’ reports, internal estimates. 2003 AIS-DPC 47% DTAC 35% TA Orange 15% Hutch 2% TM 1% 1Q04 (actual) 4% AIS-DPC 50% DTAC 30% TA Orange 14% Hutch TM 2%

19. 19 Photo World Complete suite of photo-based communication and community services Online photo album Upload or edit photos via Web and WAP portal Share private albums with friends Multiple access through photo terminal at Orange Shops a data strategy to drive up market share

20. 20 TA Orange priorities going forward Leverage True group synergies to increase TA Orange revenues and subscribers

21. 21 Fixed Line Teleph one hi- spe ed Inte rnet Click Interne t & Easy Interne t PCT = ‘ All Together Bonus ’ campaign Every Baht TRUE customers spend entitles them to equivalent free TA Orange talk time The campaign is expected to increase TA Orange subscribers Limited impact on TA Orange ARPU – The bonus does not cover the first min. which costs Bt 3 – The bonus can be used during off-peak hours only

22. 22 Financial summary

23. 23 Consolidated profit and loss statements (including TA Orange) 1Q044Q031Q03 %QoQ%YoY Revenue7,333 7,3346,794 0.0%7.9% EBITDA3,1553,1772,731 -0.7%15.5% NIOGO*(680)(1,066)(1,164) 36.2%41.6% Net profit (loss)277(2,336)(1,028)NMNM CF from Operation1,930 2,402 772 - 19.7%150.1% FCF1,273764 (1,136) 66.7% 212.0% * NIOGO represents net income (loss) from ongoing operations including share of loss in associates but excluding non-recurring items.

24. 24 Consolidated profit and loss statements (excluding TA Orange) 1Q044Q031Q03 %QoQ %YoY Revenue5,851 6,0155,536 -2.7%5.7% EBITDA3,0853,0212,934 2.1%5.1% NIOGO*(16)(453)(460) 96.4%96.4% Net profit (loss)908(1,767)(327)NMNM CF from Operation2,041 2,5511,345 - 20.0%51.7% FCF1,5651,6681,023 -6.1%53.1% * NIOGO represents net income (loss) from ongoing operations including share of loss in associates but excluding non-recurring items.

25. 25 Non - consolidated profit and loss statements 1Q044Q031Q03 %QoQ %YoY Revenue5,021 5,3184,915 -5.6%2.1% EBITDA2,5642,6772,426 -4.2%5.7% NIOGO*19519(180)923.3%NM Net profit (loss)277(2,336)(1,028) NMNM CF from Operation1,607 1,9161,204 - 16.2%33.5% FCF1,4671,487933 -1.3%57.2% * NIOGO represents net income (loss) from ongoing operations excluding share of loss in associates and non-recurring items.

26. 26 Core operating expense as a % of revenue (including TA Orange) declined significantly Core opex as a % of revenues (Excluding TA Orange) Core opex as a % of revenues (Including TA Orange) * Core opex represents cash operating expense less cost of sales and revenue sharing

27. 27 Profits for 2 consecutive quarters on a stand-alone basis, before non-recurring items EBITD A EBITDA Margin Bt mn EBITDA Revenue NIOGO* 1Q032Q033Q03 4Q031Q04 Bt mn * Net Income from ongoing operations

28. 28 Consolidated results approaching break even points (excluding TA Orange) EBITD A EBITDA Margin Bt mn EBITDA Revenue NIOGO* Bt mn * Net Income from ongoing operations

29. 29 Bt mn 132 57 5 76 7 1,43 6 1,30 1 1,17 6 1,31 0 1,29 0 TA Orange break even at EBITDA for 2 consecutive quarters EBITDA* Net Profit* Revenue* Before amortization of negative goodwill 1,518 Bt mn * The amounts represent 43.86 % of TA Orange

30. 30 AWC debt restructuring phase one completed in March 04, reducing PCT debts by 34% or Baht 2.8 bn AWC ’ s Outstanding Debt Debt haircut Cash payment Down 34 % Outstanding Debt

31. 31 Stronger balance sheet and cash flows (excluding TA Orange) Net debt/EBITDA EBITDA/Interest coverage Cash flow from operations Free cash flow

32. 32 Recap

33. 33 Recap TRUE on track to achieve key financial milestones TA Orange continues growth Broadband and Internet business growing rapidly - the trend will continue Phase one of PCT debt restructuring completed To focus on realizing revenue and cost synergies, growth.

34. 34 Q&A

35. 35 “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.

36. 36 Appendix Slides (#) 1. Consolidated income statements (excluding TA Orange) 37 2. Consolidated income statements (Including TA Orange) 38 3. Non-consolidated income statements 39 4. Balance sheet40 5. Cash flow statements41 6. Debt profile42 7. Consolidated revenue profile by segment (including TA Orange) 43 8. Consolidated expense profile (Including TA Orange) 44

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

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

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

40. 40 Appendix 4 : Balance sheets

41. 41 Appendix 5 : Cash flow statement

42. 42 Appendix 6 : Debt Profile (excluding TA Orange) 20002001200220031Q04 Foreign debt 68% 56% 22% 21% 17% 75,051 73,607 65,920 62,736 59,224

43. 43 Appendix 7 : Consolidated revenue profile

44. 44 Appendix 8 : Consolidated expense profile (including TA Orange)

45. 45 being true together