Cost of Service excl. IC (19,371) -22.9% (18,061) -26.3% 7.3 IC cost (11,968) -14.2% 0 0.0% n/a Cost of service (31,339) -37.1% (18,061) -26.3% 73.5 Concession & excise tax (15,197) -18.0% (14,279) -20.8% 6.4 Cost of Sales (8,336) -9.9% (9,664) -14.1% -13.7 Total cost (54,873) -64.9% (42,004) -61.2% 30.6 Gross Profit 29,649 35.1% 26,580 38.8% 11.5 SG&A (7,930) -9.4% (9,386) -13.7% -15.5 Directors' remuneration (10) 0.0% (6) 0.0% 52.2 Operating profit 21,709 25.7% 17,187 25.1% 26.3 Interest Expense (1,186) -1.4% (1,293) -1.9% -8.3 Other Income 2,319 2.7% 498 0.7% 365.5 Exchange Gain/(Loss) (115) -0.1% (28) 0.0% 310.5 EBT 22,728 26.9% 16,364 23.9% 38.9 Minority interest (40) 0.0% 27 0.0% -250.5 Corporate Tax (6,698) -7.9% (5,232) -7.6% 28.0 Net Income 15,989 18.9% 11,159 16.3% 43.3 Revenue and cost breakdown Service revenue excl. IC 3Q07 2Q08 3Q08 Basic voice GSM Advance 20.6% 17.5% 17.3% GSM 1800 0.9% 0.8% 0.7% Postpaid 21.5% 18.3% 18.0% Prepaid 59.1% 59.1% 58.6% Non-voice Postpaid 4.5% 4.9% 5.4% Prepaid 6.6% 7.7% 8.1% International roaming 4.4% 4.5% 4.4% Others (IDD, other fees) 3.9% 5.5% 5.5% 100.0% 100.0% 100.0% Sales revenue 3Q07 2Q08 3Q08 Handset 94.7% 95.8% 95.9% SIM 5.3% 4.2% 4.1% 100.0% 100.0% 100.0% Cost of service excl. IC 3Q07 2Q08 3Q08 Amortisation 68.7% 69.0% 68.5% Base station 9.3% 9.8% 9.4% Maintenance 7.8% 6.7% 7.6% Others 14.2% 14.5% 14.5% 100.0% 100.0% 100.0% Cost of sales 3Q07 2Q08 3Q08 Handsets 96.9% 97.2% 97.5% SIM 3.1% 2.8% 2.5% 100.0% 100.0% 100.0% Consolidated balance sheet Bt. million 3Q08 %of total 4Q07 %of total asset asset Current Assets 23,534 18.5% 20,586 16.0% Property and Equipment 8,018 6.3% 8,561 6.6% Networks under Concession 74,101 58.2% 78,527 60.9% Intangible asset 10,148 8.0% 10,593 8.2% Defer tax asset 10,016 7.9% 10,031 7.8% Others 1,410 1.1% 644 0.5% Total Assets 127,227 100.0% 128,942 100.0% ST loan from financial institution 0 0.0% 3,492 2.7% Account Payable-trade 4,739 3.7% 4,218 3.3% Current Portion of LT Debt 6,907 5.4% 1,545 1.2% Current Portion of Concession 7,483 5.9% 8,373 6.5% Long-term Debt 26,135 20.5% 25,312 19.6% Other Liabilities 8,935 7.0% 10,541 8.2% Total Liabilities 54,199 42.6% 53,481 41.5% Total Equity 73,029 57.4% 75,461 58.5% Key ratios 3Q08 2Q08 3Q07 EBITDA (Bt. million) 11,491 11,994 10,199 EBITDA margin 41.7% 42.3% 45.5% Interest coverage (x) 16.1 18.6 12.8 DSCR (x) 3.8 6.0 2.6 Net debt / EBITDA (x) 0.42 0.37 0.64 Net debt / Equity (x) 26% 23% 37% Interest-bearing debt to Equity (x) 0.45 0.39 0.48 Total liabilities to Equity (x) 0.74 0.67 0.80 Free cash flow to EV (%) 8.3% 9.5% 6.6% ROE (%) 24.1% 32.0% 19.3% OPERATIONAL DATA Subscribers 3Q07 2Q08 3Q08 NMT GSM Advance 2,349,300 2,260,300 2,410,400 GSM 1800 82,600 79,800 78,600 Postpaid 2,431,900 2,340,100 2,489,000 Prepaid 20,772,500 23,624,700 24,285,600 Total subscribers 23,204,400 25,964,700 26,774,600 Net additions 3Q07 2Q08 3Q08 Postpaid -221,200 15,600 149,000 Prepaid 734,200 861,900 661,000 Total net additions 513,000 877,400 810,000 Churn rate (%) 3Q07 2Q08 3Q08 Postpaid 4.8% 1.9% 1.7% Prepaid 3.9% 4.5% 4.8% Blended 4.0% 4.3% 5.1% Subscriber market share 3Q07 2Q08 3Q08 Postpaid 42% n/a n/a Prepaid 47% n/a n/a Total 46% n/a n/a new ARPU excl. IC (Bt: net all-in) 3Q07 2Q08 3Q08 GSM Advance 696 743 711 GSM 1800 760 713 676 Postpaid 698 742 709 Prepaid 222 *218 206 Blended 274 *266 252 new ARPU incl. net IC (Bt: net all-in) 3Q07 2Q08 3Q08 GSM Advance 665 688 661 GSM 1800 760 692 657 Postpaid 668 688 661 Prepaid (One-2-Call!) 233 *224 214 Blended 282 *267 255 MOU (minutes: billable outgoing only) 3Q07 2Q08 3Q08 GSM Advance 511 574 550 GSM 1800 422 472 473 Postpaid 507 570 548 Prepaid 224 266 262 Blended 256 294 288 Traffic 3Q07 2Q08 3Q08 % outgoing to total minute 48% 49% 49% % on-net to total outgoing minute 68% 73% 75% * 2Q08 Prepaid ARPU was restated