1. 1Q2003 Analysts Conference May 20, 2003

2. 2 Content 1Q 2003 highlights 1Q 2003 financial summary TA Orange Focus going forward Q&A

3. 3 1Q 2003 highlights Continued rapid growth in consolidated revenue driven by strong performance of TA Orange Flat revenue and EBITDA growth excluding TA Orange Fixed line telephone impacted by reintroduction of installation fee and decline in ARPU Data/Internet/Broadband businesses strengthening Broadband business to expand further Balance sheet further improved

4. 4 Continued rapid growth in consolidated revenue from strong performance of TA Orange Including TA Orange 1Q034Q021Q02 %QoQ %YoY Revenue 6,794 7,050 5,592 -3.6% +21.5% EBITDA 2,731 2,418 2,603 +13.0% +4.9% NIOGO *(1,131) (1,324) 173 +14.6% -752.8% FCF (1,136) (114) (1,496) -893.4% +24.0% * NIOGO represents net income (loss) from ongoing operations including share of loss in associates but excluding non-recurring items.

5. 5 Flat revenue/EBITDA growth excluding TA Orange Excluding TA Orange 1Q03 4Q02 1Q02 %QoQ %YoY Revenue 5,536 5,687 5,481-2.7% +1.0% EBITDA 2,934 2,678 2,988+9.6% -1.8% NIOGO *(427) (721) (140)+40.8% -204.2% FCF 1,023 2,323 854-56.0% +19.7% * NIOGO represents net income (loss) from ongoing operations including share of loss in associates but excluding non-recurring items.

6. 6 Balance sheet further improved USD Exposure Debt profile by currency (excluding TA Orange) 2000200120021Q03 Foreign Debt 68% 56% 22%17% 75,051 73,607 65,920 64,902

7. 7 Fixed line telephone impacted by reintroduction of installation fee and decline in ARPU Net Additions  Short-term impact –Reduction in first quarter subscribers –Customers waiting for special promotions –Decrease in overall revenue  Long-term benefits –Creating shareholder value –Improving customer service –Attracting/retaining higher value customers –Reducing churn rate –Lowering bad debt THB Million Revenue - Fixed Line Telephone Reintroduction of installation fee

8. 8 633572 ARPU Trends - Fixed Line Telephone % Fixed Line Call to Mobile to ARPU Fixed line telephone impacted by reintroduction of installation fee and decline in ARPU (cont ’ d) Revenue & ARPU - Public Telephone THB million Baht

9. 9  Rebuild market awareness  Focus on customer retention  Launched “ PCT Next ” What was executed in 1Q 03? Marketing Network  Continued network improvement program to enhance PCT signal and coverage PCT focused on 4-part plan to revitalize

10. 10 Data/Internet/Broadband businesses strengthening Revenue by Quarter THB Million Combined Revenue (1999 - 2002) THB Million AVGR = 27% 2001 1Q03 2002 Contribution to Consolidated Revenues

11. 11 Internet Subscribers Broadband Subscribers (ADSL + Cable Modem) Data/Internet/Broadband businesses strengthening (cont ’ d) 1,705 1,920 2,004 2,138 2,376 2,603 2,921 3,708 4,208 4,396 4,864 Subscribers DDN Circuits Circuits 7,104 7,408 6,423 6,421 5,231

12. 12 Broadband to further expand To cover 95% of BMA 100,000 DSL ports with maximum speed of 1.5 Mbps 100 MetroNet buildings Penetrate into 450K Internet households Target existing top 30% heavy Internet users Approximately Baht 1.2 billion of investment over 2 years Maintain No. 1 Market Position

13. 13 ADSL - market prospect Internet users of 4.5 mn in 2003 with 30% growth  BMA share 60%  Paying subscribers 50% The rapid growth rate in Internet users to continue Gartner forecasts CAGR (2002-2006) of 61% for Thailand’s ADSL market Taiwan CHT jumped to 1.8 mil in 4 years German DT jumped to 2.2 mil in 3 years Leap Frog Fashion of DSL TA ’ s ADSL Subscribers

14. 14 1Q 2003 financial summary

15. 15 1Q03 Income statements (excluding TA Orange) * Normalized figures

16. 16 Revenue and EBITDA trend Revenues EBITDA Excluding TA Orange Including TA Orange EBITDA EBITDA Margin THB millions

17. 17 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

18. 18 Transformed balance sheet and cash flows (excluding TA Orange) Net Debt/EBITDA EBITDA/Interest Coverage Cash Flow from Operations Free Cash Flow 1Q03 represents annualized figures THB millions 1,345 1,023

19. 19 TA Orange contribution Revenue Net Profit * THB millions EBITDA THB millions * Before amortization of negative goodwill 132 575 767 1,436 1,301

20. 20 TA Orange

21. 21 Q1 highlights  1.6 m subscribers end Q1, 2003 –25% postpaid, 75% prepaid  Progress on network coverage –100% network coverage BMA –80% population coverage  New postpaid price plans on 15 th March  Launch of SPV phones on 31 th March

22. 22 TA Orange ’ s active subscriber base continues to grow Subscriber development Thousands  TA Orange ’ s cumulative market share 9% in Q1, 2003  20% growth Y2002 to Q1, 2003 25% 52% 80% 100% 34%

23. 23 Monthly ARPU THB Blended ARPU ’ s - maintaining value share in Q1, 2003 Orange Blended ARPU net of bad debt

24. 24 Activation growth now coming from upcountry  UPC activation growing  14 major clusters  6,200 outlets  Orange Shops, Dealers, Kiosks Activations by region %

25. 25 Focus on retention  Over 50% of cancellation requests retained as customers on either post or prepaid

26. 26 The competitive dynamics are changing  SIMs and handsets increasingly bought separately –(more than 80% of sales are SIM only)  Prepaid will continue to dominate  Price increases from all operators in Q1

27. 27 Corporate Strategy 2003  Best network for BMA customers & best where we are  Focus on high value customers & “ prepaid segment ”  Innovative products/services  #1 for customer service  Exploit CP/TA/Orange synergies  EBITDA monthly break even Q3 2003

28. 28 “ the futures bright, the future ’ s Orange ”

29. 29 Focus Going Forward

30. 30 Focus going forward Fixed line telephone –Reduce 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 New opportunities through group synergies

31. 31 Q&A

32. 32 Appendix 1. Consolidated income statements (including TA Orange) 2.Non-consolidated income statements 3. Balance sheets 4. Cash flow statements 5.Consolidated revenue profile by segment

33. 33 Appendix 1: Consolidated income statements (including TA Orange) * Normalized figures Normalized Income Statements

34. 34 Appendix 2 : Non-consolidated income statements Normalized Income Statements

35. 35 Appendix 3 : Balance sheets

36. 36 Appendix 4 : Cash flows

37. 37 Appendix 5: Consolidated revenue profile by segment

38. 38 “ 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.

39. 1Q2003 Analysts Conference May 20, 2003