1. 3Q2003 Results

2. Content
3Q2003 highlights
Financial summary
Focuses going forward
Appendix

3. 3Q2003 highlights Financial Results
Consolidated Revenue and EBITDA growth of 10 and 15
percent year to date, including TA Orange
TA Orange achieved EBITDA break-even for the first time
in September
High EBITDA maintained through ongoing cost control while
cash flows grew strongly
Balance sheet improved further with refinancing of existing
Thai Bank Baht loans

4. 3Q2003 highlights (cont’d) Operating Results
Fixed line subscribers declined due to acceleration in
disconnection process while ARPU stabilized
First co-operation among all fixed line operators to launch
a reduced fixed line tariff promotion to lift competitiveness
PCT net additions turned positive for the first time
in more than a year
Strong growth in Internet and broadband business
Involvement in high-potential on-line game business

5. Revenue and EBITDA growth with contribution from TA Orange
Including TA Orange
3Q03 3Q02 2Q03 %YoY %QoQ 9M03 9M02 %YoY
Revenue 6,775 6,512 7, % -3.9% 20,616 18, %
EBITDA 2,805 2,397 2, % -4.2% 8,466 7, %
NIOGO* (1,208) (336) (1,114) % -8.4% (3,453) (281) -1,128.5%
CF from Operation 1,963 (822) 1, % 1.2% 4,674 2, %
FCF (773) (1,002) (2,157) 22.9% 64.2% (4,066) (4,184) 2.8%
* NIOGO represents net income (loss) from ongoing operations including share of loss in associates but excluding non-recurring items.

6. Revenue and EBITDA declined slightly, excluding TA Orange
3Q03 3Q02 2Q03 %YoY %QoQ 9M03 9M02 %YoY
Revenue 5,641 5,779 5, % -2.2% 16,946 17, %
EBITDA 2,932 2,959 3, % -3.9% 8,919 9, %
NIOGO* (396) (224) (295) % -34.3% (1,118) (403) %
CF from Operation 1, , % -12.2% 5,606 4, %
FCF 1, , % -13.3% 3,494 2, %
* NIOGO represents net income (loss) from ongoing operations including share of loss in associates but excluding non-recurring items.

7. Revenue and EBITDA (stand-alone basis)
Non-Consolidated
3Q03 3Q02 2Q03 %YoY %QoQ 9M03 9M02 %YoY
Revenue 4,970 5,138 5, % -3.5% 15,034 15, %
EBITDA 2,490 2,445 2, % -1.0% 7,430 7, %
NIOGO* (79) 62 (69) NM -14.3% (295) 290 NM
CF from Operation 1, , % -21.7% 4,824 3, %
FCF , % -24.3% 3,087 2, %
* NIOGO represents income (loss) from ongoing operations excluding share of loss in associates and
non-recurring items.

8. High EBITDA margin maintained through ongoing cost control
Excluding TA Orange
Standalone
Including TA Orange

9. Debt Service Schedule - TA Stand-Alone
Balance sheet improved further with refinancing of Thai bank Baht loan
The next step in TA’s ongoing effort to strengthen the balance sheet.
The benefits from new loan facility;
A reduction of about Bt200 million a year in interest cost and improvement in debt servicing capacity with 3-year extention in maturity of loans to 2011.
A greater operational flexibility with less restricted terms
Debt Service Schedule - TA Stand-Alone
2,664
3,142
3,089
4,189
7,480
8,855
5,109
6,575
8,363
Before Refinance

10. Revenue - Fixed Line Telephone Revenue & ARPU - Public Telephone
Fixed line subscribers declined due to TelecomAsia
accelerating the disconnection process for line reutilization
Revenue - Fixed Line Telephone
Net Additions
THB Million
Revenue & ARPU - Public Telephone
Line Disconnection
THB million
Baht

11. Fixed line ARPU continued stabilizing trend
ARPU Trends - Fixed Line Telephone
Revenue from call to mobile per line
633
572
546
Baht
Components of ARPU (Baht/Line)

12. PCT net additions turned positive for the first time
in more than a year
Revenue - PCT
Net additions - PCT
THB Million
Subscribers
ARPU Trend - PCT
% retention success
Baht

13. Data/Internet/Broadband Revenue
Strong growth in Internet and broadband business
Data/Internet/Broadband Revenue
Internet Revenue
THB Million
THB Million
Internet Subscribers
Subscribers
Broadband Subscribers (ADSL + Cable Modem)
Subscribers
3,708
4,864
2,376
1,920
1,646
8,205
6,141

14. TelecomAsia’s Strength
Involvement in high-potential on- line game business
Reasons to enter
The Market
Significant market opportunity
Many segments left untouched
Drive broadband usage growth
Stepping stone toward digital content leader
Ragnarok creates profound impact to the online game market in Thailand
The first successful commercial launch of online game
50,000concurrent users
Estimated active subscribers of over 700,000
Drew international and regulatory attention
Estimated market size of 1billion in 2004
Regulatory concerns
imposed time limit for players aged under 18 years
TelecomAsia’s Strength
An Experienced Service Provider
A marketing engine
Own key infrastructures

15. Financial Summary

16. 3Q2003 Income statements (excluding TA Orange)
Normalized Income Statements

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

18. Operating Expense trend
Operating Expenses (including TA Orange)
Operating Expenses (excluding TA Orange)
7,201
6,906
6,713
6,807
6,415
6,540
5,219
5,105
5,087
4,981
4,975
5,042
4,584
4,867

19. Core wireline and data approached break-even point
Revenues
EBITDA & EBITDA Margin
THB millions
THB millions
EBITDA
EBITDA Margin
NIOGO (Stand-Alone Basis)
THB millions
Excl. share of gain (loss) in subsidiaries and affiliates & non recurring items (on stand-alone basis)

20. Transformed balance sheet and cash flows (excluding TA Orange)
Net Debt/EBITDA
EBITDA/Interest Coverage
Cash Flow from Operations
Free Cash Flow
THB millions
THB millions
5,606
3,494
9M03 represents annualized figures

21. TA Orange contribution
Revenue
THB millions
1,436
1,310
1,301
1,176
767
575
132
EBITDA
Net Profit *
THB millions
THB millions
* Before amortization of negative goodwill

22. Focus Going Forward

23. Focus going forward
Maximizing group synergies and market strengthening through re- branding will be top priorities in 2004
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 involvement in on-line game market
Increase revenue contribution
Home / Customer
Solution
Office / SME Solution
& Wireless Access
Corporate Solution
& Data

24. 3Q2003 Analysts Conference November 12, 2003