Shin Corporation Opportunity Day February 25, 2010 1 We are the - PowerPoint PPT Presentation

Shin Corporation Opportunity Day February 25, 2010 1

We are the leading value creation Vision asset management company in telecom and media 2

SHIN Group today  Regional telecom infrastructure operator - Presence in more than 15 countries in Asia pacific (include both mobile & satellite business)  Leading mobile phone operators with total mobile subscribers of 31 millions - Largest mobile phone network with > 50% revenue market share in Thailand - No. 1 mobile operator with 55% market share in Laos - No. 2 mobile operator with full range of fixed phone and internet platform in Cambodia  One of the leading satellite operator in Asia pacific that provide mobile & satellite services (3 countries) diversified services ranging from satellite service (12 countries) conventional broadcasting to high speed internet via satellite “ To continually explore new business opportunities in Telecom & Media ”

Group Profile Wireless Satellite & Media & Communications Inter. Business Advertising Domestic Regional International Business Advertising Network Provider network provider Agency Advanced Info Service Thaicom LTC No.1 operator in Laos Matchbox Largest mobile operator 2 Thaicom satellites with with over 1.1m subscribers with over 28m subscribers 35 C-band & 16 Ku band ITV and service revenue market transponders share > 50% Mfone No.2 operator in IPSTAR broadband satellite Cambodia with over 0.8m in 12 countries subscribers DTV subs of almost 0.6m CS Loxinfo Internet Service Provider Teleinfo Media Yellow Pages and Content Aggregator

Key Portfolio Assets Stake Performance (FY 2009) AIS delivered a strong 28% YoY FCF growth for 2009 albeit the service revenue 42.6% declined 2.3% YoY. However, cost control and lower CAPEX supported AIS to generate strong free cash flow of Bt31bn, a 28% YoY growth from Bt24.2bn in FY08. Data services made a 24% YoY growth driven by the penetration of mobile internet. 2009 revenue was Bt7,188m, up by Bt175m YoY mainly from IPSTAR bandwidth usage 41.1% and telephone service. As a result of revenue growth and 13.5% lower SG&A expenses, EBITDA for 2009 grew 9.6% from 2008. However, a gain on foreign exchange of Bt465m, offset by an increase in finance costs according to a fully amortized borrowing cost associated with IPSTAR and Thaicom 5 loans after the prepayment of these loans, led to 2009 net loss of Bt471m. Subsidiary Total revenue in 2009 was Bt2,147m, an increase of 11.4% YoY. The continued growth of telephone subscribers in Lao PDR resulted in an increase in LTC’s subscribers from of THCOM 964,518 in 2008 to 1,357,005 in 2009. For Mfone, it ended its market share at the second largest with services subscriber 860,089 combined mobile and fixed despite the relative high competition. Subsidiary CSL reported 2009 consolidated net profit of Bt287m, an increase of 28% YoY due to of THCOM the growth of the Voice Info Services and Mobile Content business, which resulted from an efficient marketing plan. TMC recognized revenue from publishing the Thailand Yellow Pages and Voice Info Services of Bt666m, a decrease of 11% from 2008, due to a decrease in the sale of advertising space in the 2009 Thailand Yellow Pages books, which was a result of the economic downturn. Subsidiary As at the end of 2009, accumulated DTV sales volume was 592,886 sets, up 246,274 of THCOM sets from the end of 2008. In addition, DTV EASY, the portable satellite receiver was launched in 4Q09.

Financial Performance • 4Q09 is the first positive growth 4.3% YoY and 6.2% QoQ. • The YoY decline started to recover since 3Q09 and showed a clear rebound in 4Q09 mainly from better consumer confidence in economy and seasonality. • Effective cost control resulted in better EBITDA margin at 44.8% versus 41.9% in 2008. However, EBITDA amount declined 1.2% YoY from lower service revenue

Financial Performance Mobile internet and content enlarge 24% growth of data revenue. The growth is mainly from Smartphone and social networking.

THCOM Revenue Revenue Breakdown Sales and service 2009 2008 %YoY revenues (in M ฿ ) Conventional 2,338 2,302 1.6% Satellite Services IPSTAR Sales 986 1,370 -28.0% 1,182 911 29.7% IPSTAR Services Telephone Services 2,147 1,927 11.4% Internet and 535 503 6.4% Media Services Total 7,188 7,013 2.5% 29.7% increase in IPSTAR Services and 11.4% increase in Telephone Services EBITDA Growth in IPSTAR Bandwidth revenue attributable to 10.7% increase in EBITDA of Satellite Business

THCOM Low Gearing ratio at D/E of 0.56x 2008 2009 Unit : MBt Unit : MBt * Exclude Cash ** Exclude Interest-Bearing Debt 9

Consolidated Net Profit - YoY Btm 7,000 6,495 +147 -36 6,500 +111 +624 + 846 +15% 6,000 Lower Absence of Mainly 5,649 profit of impairment from FX MB loss in gain 5,500 Payment +1,230 from Solution absence of (divest ed signifiacnt significant 5,000 in 1Q09) impairment loss offset by -606 declined 4,500 net profit 4,000 AIS THCOM SHIN, ITV, MB, PS impairment ITAS 2009 contrubution 2009 contribution 7,341 (195) (650) 6,495

2009 Consolidated Net Profit by Segment 2009 2008 %YoY Btm % Btm % SHIN (230) -4% (204) -4% -13% Wireless (Local) 7,341 113% 6,717 116% 9% THCOM + International business (195) -3% (306) -5% 36% ITV (430) -7% (445) -8% 3% Others (ITAS+SMB) 11 0% 51 1% -78% Net Income (loss) 6,496 100% 5,649 97% 15%

Consolidated Assets & D/E Ratio 84,780 90,000 0.80 80,000 0.70 67,267 70,000 0.69 63,259 0.60 61,540 60,000 0.50 50,000 Baht million 0.40 x 40,000 0.30 0.36 0.36 0.35 30,000 0.20 20,000 0.10 10,000 - 0.00 Total Assets Debt/Equity ratio • Debt free at SHIN level • Cash on hand as at December 31, 2009 was Bt3.7bn

Attractive Dividend Yield 25% 3.0 2.60 2.40 2.40 2.5 2.30 20% 2.00 2.0 15% DPS 1.5 10% 1.0 5% 0.5 0.30 0.0 0% Dividend per share (LHS) Dividend yield (RHS) SHIN proposed an interim dividend payment for Jan 1, 2010 – Apr, 8, 2010 operation at Bt1.25/share and a special dividend at a rate of Bt2.00/share, totaling amount of Bt3.25/share. The payment is subject to approval of 2010 Annual General Meeting (AGM) of shareholders

Price Performance -10% -8% -6% -4% -2% 0% 2% 4% 6% 8% Price at the end of 2009 % Change from Closing SHIN +5% ICT +1% SET -5% Shin Share Price and Indices SHIN ICT SET 14

Net Asset Value Net Asset Value share price * MKt Cap % owned by value (Local) Bt mn SHIN Btmn AIS 88.25 261,700 42.61% 111,523 THCOM 6.00 6,576 41.14% 2,705 Total Mkt value of AIS, THCOM 114,228 Cash at end of 2009 1,836 Debt at end of 2009 - SHIN's NAV ** 116,064 SHIN's NAV per share (THB) 36.26 SHIN share price 29.50 % discount 19% * Closing price on Feb 22, 2010 ** Excl. Non-listed companies

SHIN Share Price and NAV 10 20 30 40 50 60 0 2 Jan 02 13 May 02 20 Sep 02 3 Feb 03 18 Jun 03 28 Oct 03 12 Mar 04 SHIN Share Price Performance 29 Jul 04 8 Dec 04 25 Apr 05 Market Price 6 Sep 05 16 Jan 06 1 Jun 06 12 Oct 06 NAV 22 Feb 07 9 Jul 07 15 Nov 07 28 Mar 08 14 Aug 08 23 Dec 08 13 May 09 22 Sep 09 2 Feb 10

SHIN Group in the future 2010 – The year of expansion in Telecom & Media  Drive AIS to fully utilize business opportunity from the hype of data growth and lay foundation for 3G business  Expand the network and capacity in Cambodia and Laos to capture the rapidly increasing mobile penetration  With rising demand for broadcasting transponder in South Asia and Thailand, opportunity to add more capacity to our satellite business  Lay foundation on Media business in preparation to 3G business

Disclaimer “Some statements made in this presentation are forward-looking statements, which are subject to various risks and uncertainties. These include statements with respect to our corporate plans, strategies and beliefs and other statements that are not historical facts. These statements can be identified by the use of forward- looking terminology such as “may” , “will” , “expect” , “anticipate”, “intend” , “estimate” , “continue” , “plan” or other similar words. The statements are based on our management’s assumptions and beliefs in light of the information currently available to us. These assumptions involve risks and uncertainties which may cause the actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements .” 18