Mrs.Siripen Sitasuwan – President & Group CFO€¦operators will be ready by December 2005 TOT and CAT were granted licenses by NTC on August 4, 2005 National Telecommunication Commission

Shin CorporationMacquarie – Thailand Corporate Day

Mrs.Siripen Sitasuwan – President & Group CFO

November 30 – December 2, 2005

Building a stronger portfolio

Wireless

SHIN holds 43% in AIS

Dual-band network provider

with over 16.1mn cellular subscribers

(as of Sept 2005)

Mkt cap of Bt 295.0bn* (US$7.2bn)

Domestic Network Provider

Satellite & International Business

Regional Network Provider

SHIN holds 41% in SATTEL

3 ThaiCom satellites in orbit with a total of 43 C-band &

9 Ku band transponders

IPSTAR broadband satellitesuccessfully launched on

Aug 11, 2005

Holding 40% in CS LoxInfo PLC, an ISP in Thailand

Media & Internet

Mkt cap of Bt16.0bn*(US$389.7mn)

Consumers

Registered Capital Bt2.0bn

SHIN holds 60%

Airline & Consumer

Finance

Mkt cap of Bt13.2bn*(US$319.7mn)

3rd ranked free-TV with a Digital broadcasting network

SHIN holds 53% in ITV

Registered Capital Bt400mn

SHIN holds 50%

Content

SHIN CorporationMkt cap of Bt 111.7bn*

(US$2.7bn)

* Market capitalization as of 11/15/05 from SET2

Telecom

TOT and CAT are preparing for IPO in 2006

Terms and conditions for new license (3G) to private operators will be ready by December 2005

TOT and CAT were granted licenses by NTC on August 4, 2005

National Telecommunication Commission (NTC) the new regulator was established in August 2004

Telecom Regulatory Issue

4

ADVANCIndustry outlook

Expecting 10% market subscriber growth for 2006

As of September 2005, market subscribers were 29.3mn

AIS market share is 55% with 16.1mn subscribers while TAC and TAO are 29% and 14%, respectivelyTelenor became TAC’s major shareholder

Expecting more price rationality as competition movetoward investment on new license

Why 3G investment?Opportunity for more favorable regulatory feeLower CAPEX per subRight to own asset vs. BTO schemeNon-voice service enhancement

5

ADVANCRevenue drivers• Opportunity to raise tariff for subscribers

in low- price packages after price war • Maintain high-value customers• Market to limited-budget segment• Enterprise solution• Value-added services (34% YoY growth

in 3Q05, representing 14% of service revenue)

• No ceiling on dividend payout butcredit rating by TRIS must be no less than “AA”

• Dividend payout will continue despite new 3G investment

Strategic direction

2006 estimated around US$450mnCAPEX

Dividend policy

6

sThaicom 3 78.5oE

Thaicom 4 (IPSTAR) 120oE

Thaicom 5 (2006) 78.5oE

Thaicom 2 78.5oE

Thaicom 1 120oE Current satellites in service

SATTEL

Satellite in pipeline

Orbital slot

7

SATTEL

IPSTAR – First Asia Pacific broadband satelliteCommercial launch in 4Q05

Service coverage in 14 countries (Asia Pacific Rim)

Pre-launched customer base

Thailand : TOT

Australia : Macquarie Telecom

New Zealand : ICONZ, Bay City

Vietnam - VTI

Myanmar - MPT

10%of total

capacity

8

SATTEL

9

Potential business model from conventional satellitesDigital satellite TV platform, license to be issued by NBCHigh definition television

Mature and proven 2nd generation technology with commercial deployments (1st generation via conventional satellites) and over 20,000 user terminalsWithin November, 6 gateways opened around Asia Pacific region –Thailand, Vietnam, Australia (x2), New Zealand, and MyanmarEstimated useful life likely extended beyond original 12 years to 14-16Main application are broadband access, VPN, rural telephony, VoIP, mobile trunk, and SNGIPSTAR revenue model : Bandwidth utilization and User Terminal sales

IPSTAR potential

Media

ITV

11

Industry Outlook2006 GDP growth forecasted by BoT of around 4.5- 6.0%

TV is the most effective media in Thailand with market share of 60%

StrategiesSeek more content partners to strengthen TV programs ratingIncrease entertainment programs to gain higher ADEX share in this category

Ad spending growth is expected to be around 8-10%

Upcoming broadcasting reform after the establishment of NBC(Commissioners have been selected. The final endorsement is pending the outcome of Administrative Court’s review on the transparency of thecommittee selection process)

ITVFree-to-air TV station

Adex share ranked third among 6 competing stations

Leader in news and variety programs which represent 44% of total ad spending

12

Outperformed industry growth 9M05TV advertising industry growth of 6%YoY

ITV revenue grew 31% YoY

Net profit growth 463% YoY

ITV revenueBaht

373

449

391

488

450459

450

480

568

632

579

350

370

390

410

430

450

470

490

510

530

550

570

590

610

630

650

ITVPending court issues

13

The decision is being contested by the PMO. Currently, under review by Administrative Court. It is expected that final judgment will be handed down by mid-2006

Arbitration’s decision in favor of ITV was reached on Jan 30, 2004

Transportation

Thai AirAsia

Total fleet size of 8 Boeing 737-300 by year end. Next year, the fleet size will increase to 12. Currently servicing 7 domestic and 8 international destinations (Singapore, Penang, Macau, Kota Kinabalu, Kuala Lumpur, Xiamen, Hanoi and Phnom Penh)Currently operating 30 flights per day out of Bangkok

9M05 carried 1.25mn passengers, representing more than 60% growth YoY

Budget Airline, A JV with AirAsia Malaysia

15

Fuel surcharge implementation has mitigated oil pricepressure and improved operational performance

Thai AirAsiaOperational Highlight

3Q05 2Q05

Load Factor

Average Fare (Bt)*

68%

1,231 1,309

76%

Now a household name in Thailand

Internet 44%, Call center 28%, Airport 16%, Agent 7%Other 5%

16

* Excludes fuel surcharge, insurance, and administrative fee

3Q04 QoQ YoY

84% 8% -8%

992 -6% 24%

Distribution channel

Consumer Finance

Capital OKConsumer finance, a JV with DBS Singapore

• Rapid growth through first year of operation with more than 500,000 accounts, and portfolio size of approx. Bt8bn, and expect to achieve Bt10bn by year end.

• Expand distribution network to cover more than 36 provinces and 2,800 service outlets

• Increased paid-up capital from Bt1bn to Bt2bn to accommodate business growth

• Improving productivity after expanding portfolio size (OPEX/ANR reduced from 50% to less than 20%)

• Launched high-yield product (motorcycle hire-purchase) to enhance overall yield and improve operational efficiency to lessen pressure from BoT’s interest rate cap (28%)

18

+ 17%2,4002,800Service outlets

+ 46%5,4007,900Portfolio size (Btmn)

+ 55%371,000574,000Ending Accounts

QoQ2Q053Q05Strong GrowthCapital OK

Introducing new productCash card with Master Card and looking to add VISA to the service.

Maintain conservative provision policy as of September 2005

% YTD provision/ANR 10.0%% Accumulated provision/ANR 11.8%% Write-off/ANR 3.4%

19

OpportunityStrong balance sheets and solid cash flow

Attractive dividend yield

Enhance content and entertainment businessto compliment group service platform

Good performing assets

New telecom licenses

Group synergies

Growth in service sector and business opportunity from 18mn customer base

20

Shin Corporation plc

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.”

21

Shin Corporation plc

Appendices

22

Income statement

ADVANC - Consolidated

Shin Corporation plc 23

q-o-q y-o-yBtmn % Btmn % % Btmn % %

Service Revenue 18,989 85% 19,781 89% -4% 20,944 88% -9%

Sales Revenue 3,230 15% 2,527 11% 28% 2,895 12% 12%

Total Revenue 22,219 100% 22,308 100% 0% 23,839 100% -7%

Gross Profit 8,784 40% 9,273 42% -5% 10,610 45% -17%

EBITDA 11,347 51% 11,442 51% -1% 12,531 53% -10%

Earnings before tax 6,113 28% 6,338 28% -4% 7,568 32% -19%

Net Income 4,415 20% 4,169 19% 6% 5,269 22% -16%

3Q05 2Q05Bt. million 3Q04

Income statement

ADVANC - Consolidated


Bt. million y-o-y %Btmn % Btmn %

Service Revenue 59,956 88% 62,869 87% -5%

Sales Revenue 8,293 12% 9,148 13% -9%

Total Revenue 68,249 100% 72,016 100% -5%

Gross Profit 28,786 42% 32,765 45% -12%

EBITDA 35,826 52% 37,973 53% -6%

Earnings before tax 20,572 30% 23,489 33% -12%

Net Income 13,953 20% 15,343 21% -9%

9M05 9M04

Balance SheetADVANC - Consolidated

Total liabilities/ equity (x) 0.77 0.78

Net debt to equity (x) 0.31 0.29


Change

Btmn % Btmn % %

Current Assets 16,595 14% 19,118 16% -13%

Property and Equipment, net 10,096 9% 11,618 10% -13%

Networks under Concession 76,886 66% 75,658 62% 2%

Goodwill, net 9,296 8% 10,171 8% -9%

Concession Right & Others 4,247 4% 4,603 4% -8%

Total Assets 117,120 100% 121,168 100% -3%

Account Payable-trade 5,942 5% 4,790 4% 24%

Current Portion of LT Debt 4,242 4% 4,073 3% 4%

Current Portion of Concession 8,390 7% 7,017 6% 20%

Long-term Debt 22,206 19% 25,448 21% -13%

Other Liabilities 10,246 9% 11,751 10% -13%

Total Liabilities 51,027 44% 53,080 44% -4%

Total Equities 66,093 56% 68,087 56% -3%

3Q05 4Q04Bt. million

Income statementSATTEL - Consolidated


q-o-q y-o-y

Btmn % Btmn % % Btmn % %

Service Revenue 1,398 100% 1,624 100% -14% 1,102 100% 27%

Gross Profit 444 32% 553 34% -20% 388 35% 14%

EBIT 209 15% 291 18% -28% 115 10% 82%

D&A 411 29% 345 21% 19% 311 28% 32%

EBITDA 620 44% 636 39% -2% 426 39% 46%

Net Profit 145 10% 582 36% -75% 96 9% 51%

Bt. million3Q05 2Q05 3Q04

Income statementSATTEL - Consolidated


Bt. million y-o-yBtmn % Btmn % %

Service Revenue 4,252 100% 3,701 100% 15%

Gross Profit 1,412 33% 1,357 37% 4%

EBIT 741 17% 615 17% 20%

D&A 1,079 25% 959 26% 13%

EBITDA 1,820 43% 1,573 42% 16%

Net Profit 928 22% 535 14% 73%

9M05 9M04

Balance Sheet

SATTEL - Consolidated

Total liabilities/equity (x) 1.51 2.01


Change

Btmn % Btmn % %

Current assets 4,860 15% 2,726 10% 78%

Property & equipment - net 24,328 73% 19,638 71% 24%

Property & equipment under concession agreement - net 2,923 9% 3,933 14% -26%

Other non - current assets -net 1,262 4% 1,289 5% -2%

Total assets 33,374 100% 27,587 100% 21%

Current liabilities 4,938 15% 6,205 22% -20%

Long - term borrowings - net 15,060 45% 12,142 44% 24%

Other non - current liabilities 79 0% 76 0% 4%

Total liabilities 20,077 60% 18,423 67% 9%

Total equity 13,297 40% 9,164 33% 45%

Bt. million3Q05 4Q04

Income statement

ITV


Q-o-Q Y-o-YBtmn % Btmn % % Btmn % %

Operating Revenue 579 100% 632 100% -8% 450 100% 29%

Cost of Service 226 39% 229 36% -1% 240 53% -6%

Gross Margin 352 61% 403 64% -13% 209 47% 68%

SG&A 122 21% 98 15% 25% 93 21% 32%

Operating Income 230 40% 306 48% -25% 117 26% 97%

Interest Expenses 4 1% 4 1% -1% 9 2% -53%

Concession Fee 58 10% 58 9% 0% 58 13% 0%

Net Profit 168 29% 244 39% -31% 50 11% 237%

Bt. Million3Q05 2Q05 3Q04

Income statement

ITV


Y-o-YBtmn % Btmn % %

Operating Revenue 1,778 100% 1,359 100% 31%

Cost of Service 671 38% 730 54% -8%

Gross Margin 1,107 62% 628 46% 76%

SG&A 347 20% 325 24% 7%

Operating Income 760 43% 303 22% 150%

Interest Expenses 14 1% 29 2% -52%

Concession Fee 173 10% 173 13% 0%

Net Profit 574 32% 102 8% 463%

Bt. Million9M05 9M04

Balance SheetITV


ChangeBtmn % Btmn % %

Curent assets 1,102 34% 675 23% 63%

Concession assets, net 2,157 66% 2,288 77% -6%

Other non-current assets 11 0% 11 0% -1%

Total Asset 3,271 100% 2,975 100% 10%

Concession payable 393 12% 450 15% -13%

Other current liabilities 318 10% 310 10% 3%

Non-current liabilities 331 10% 568 19% -42%

Total liabilities 1,041 32% 1,327 45% -22%

Paid up capital 6,032 184% 6,024 202% 0%

Share discount (174) -5% (175) -6% 0%

Accumulated deficit (3,628) -111% (4,201) -141% -14%

Total shareholders' equity 2,230 68% 1,647 55% 35%

Total liabilities & equity 3,271 100% 2,975 100% 10%

Total liabilitites to equity ratio (x) 0.47 0.81

Bt. Million3Q05 4Q04

Income statement

Capital OK


Bt. million 3Q05 2Q05 q-o-q %

Total Revenue 398 365 9%

Operating Expense 266 262 1%

Interest Expense 57 33 73%

Operating Profit 74 70 6%

Reserve for Loan Loss 165 200 -17%

Net Loss (91) (130) 30%

Income statement

Capital OK


Bt. million 9M05

Total Revenue 993

Operating Expense 727

Interest Expense 107

Operating Profit 159

Reserve for Loan Loss 450

Net Loss (287)

* The operation started in August 2004

Income statement

Thai AirAsia


Bt. milliion 3Q05 2Q05 q-o-q % 3Q04 y-o-y %

Revenue 620 571 9% 416 49%

Cost of Sales 575 597 -4% 419 37%

Gross Profit 45 (27) 267% (3) 1818%

SG&A 62 58 7% 67 -8%

Gain - Foreign Exchange 19 87 -78% (3) 670%

Net Profit 2 3 -37% (73) 102%

Income statement

Thai AirAsia


Bt. milliion 9M05 9M04 y-o-y %

Revenue 1,724 835 106%

Cost of Sales 1,664 874 90%

Gross Profit 60 (39) 253%

SG&A 160 170 -6%

Gain - Foreign Exchange 106 - N/A

Net Profit (Loss) 6 (210) 103%

Income Statement (Unconso)SHIN – Equity Method


q-o-q y-o-yBt mn % Bt mn % % Bt mn % %

Revenue 72 100% 72 100% 0% 74 100% -2%

SG&A (74) -103% (83) -115% 11% (90) -122% 17%

Operating Loss (2) -3% (11) -15% 81% (16) -22% 87%

Financial Expenses (11) -15% (45) -62% 76% (45) -62% 77%

Financial Income 10 14% 14 20% -27% 8 11% 33%

Other income / expenses (net) 5 7% 1 1% 397% 0 0% 1604%

Gain (loss) before net results 2 3% (41) -56% 106% (53) -72% 105%

Total net results from investments 1,974 2739% 2,099 2908% -6% 2,256 3060% -12%

Net Income 1,977 2743% 2,058 2851% -4% 2,203 2988% -10%

Total net results from investments - normalized* 1,974 2739% 1,939 2687% 2% 2,256 3060% -12%

Net Income - normalized* 1,977 2743% 1,899 2630% 4% 2,203 2988% -10%

3Q05 2Q05 3Q04Bt Million

*Excluding non-recurring item of SATTEL’s insurance claim and one-time impairment of Thaicom 3 in 2Q05

Income Statement (Unconso)

SHIN – Equity Method


Bt. million y-o-yBtmn % Btmn % %

Revenue 215 100% 223 100% -4%

SG&A (241) -112% (252) -113% -5%

Operating Loss (26) -12% (29) -13% -10%

Financial Expenses (98) -46% (134) -60% -26%

Financial Income 37 17% 21 9% 75%

Other income/expenses (net) 7 3% 2 1% 364%

Gain (Loss) before net results (80) -37% (140) -63% -43%

Total net results from investments 6,507 3030% 6,645 2975% -2%

Net Income 6,427 2992% 6,504 2912% -1%

Total net results from investments - normalized* 6,347 2955% 6,645 2975% -4%

Net Income - normalized* 6,267 2918% 6,504 2912% -4%

9M05 9M04


Net Results from investmentsSHIN – Equity Method


q-o-q y-o-yBt mn % Bt mn % % Bt mn % %

AIS 1,891 96% 1,787 85% 6% 2,261 100% -16%

SATTEL 59 3% 259 12% -77% 52 2% 14%

SATTEL - normalized* 59 99 -40% 52 14%

ITV 69 3% 108 5% -37% 6 0% 1057%

THAI AIRASIA 1 0% 1 0% -37% (43) -2% 102%

CAPITAL OK (55) -3% (78) -4% 30% (38) -2% -44%

OTHERS 9 0% 22 1% -59% 18 1% -50%

TOTAL 1,974 100% 2,099 100% -6% 2,256 100% -12%

TOTAL - normalized* 1,974 1,939 2% 2,256 -12%

3Q05 2Q05 3Q04Bt Million


Net Results from investmentsSHIN – Equity Method



y-o-yBt mn % Bt mn % %

AIS 5,980 92% 6,588 99% -9%SATTEL 423 7% 273 4% 55%SATTEL - normalized* 264 4% 273 4% -3%ITV 242 4% (8) 0% 3258%THAI AIRASIA (6) 0% (109) -2% 94%CAPITAL OK (172) -3% (58) -1% -197%OTHERS 39 1% (42) -1% 193%TOTAL 6,507 100% 6,645 100% -2%TOTAL - normalized* 6,347 6,645 -4%

Bt Million 9M05 9M04

Balance SheetSHIN – Equity Method


ChangeBt mn % Bt mn % %

Cash & cash equivalent 1,996 5% 2,127 5% -17%

Other current assets 40 0% 59 0% -3%

Investments 37,718 95% 37,415 94% 5%

Other assets 68 0% 84 0% -15%

Total Assets 39,822 100% 39,685 100% 4%

S-T borrowing & current portion 2,151 5% 1 0% 176902%

Other current liabilities 379 1% 62 0% 11%

Long-term borrowing 1 0% 2,681 7% -100%

Other liabilities 404 1% -100%

Total Liabilities 2,531 6% 3,149 8% -34%

Shareholders' Equity 37,291 94% 36,535 92% 7%

Total Liabilities & SHs' equity 39,822 100% 39,685 100% 4%

Total Liabitiites / Equity (x) 0.07 0.09

Net Debt / Equity (x) 0.004 0.02

3Q05 4Q04Bt Million

Net Asset ValueSHIN – Equity Method


Share price* Mkt Cap Value (Local) Bt mn Bt mn

AIS 101.00 297,706 42.87% 127,635

SATTEL 15.10 16,470 41.34% 6,808

ITV 11.50 13,873 52.94% 7,344

Total market value of AIS, SATTEL and ITV 141,787

Cash at end of 3Q05 1,996

Debt at end of 3Q05 (2,151)

SHIN's NAV ** 141,632

SHIN's NAV per share (THB) 47.23

SHIN's share price* 39.00

% Discount -17%

* Closing price on Nov 4, 2005 ** Excluding non-listed companies

% owned by SHIN

Share Price Performance Relative to SET, SET50 and Telecom Index


-20%

-15%

-10%

-5%

0%

5%

10%

15%

20%04

-Jan

-05

18-J

an-0

5

01- F

eb-0

5

15- F

eb-0

5

02- M

ar-0

5

16- M

ar-0

5

30- M

ar-0

5

19-A

pr-0

5

04-M

ay-0

5

19-M

ay-0

5

03-J

un-0

5

17-J

un-0

5

04-J

ul-05

18-J

ul-05

02-A

ug-0

5

17-A

ug-0

5

31-A

ug-0

5

14-S

ep-0

5

28-S

ep-0

5

12-O

ct-05

27-O

ct-05

SHIN Telecom Index SET Index SET 50

Sep 30

6%

-2%

-7%

9%

3%

-2%

8% 6%

% Premium (Discount) to NAV


0

5

10

15

20

25

30

35

40

45

5030

/12/

2004

17/1

/200

5

31/1

/200

5

14/2

/200

5

1/3/

2005

15/3

/200

5

29/3

/200

5

18/4

/200

5

3/5/

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18/5

/200

5

2/6/

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16/6

/200

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30/6

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/200

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16/8

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13/9

/200

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/200

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11/1

0/20

05

26/1

0/20

05

SHIN

sha

re p

rice

(25%)

(20%)

(15%)

(10%)

(5%)

0%

% Prem

ium (D

iscount) to SHIN

's NA

V

Discount SHIN's NAV

SHIN share price

Documents

Mrs.Siripen Sitasuwan – President & Group CFO€¦operators will be ready by December 2005 TOT and CAT were granted licenses by NTC on August 4, 2005 National Telecommunication Commission