Boonklee Plangsiri Group Executive Chairman · Boonklee Plangsiri Group Executive Chairman August...

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Shin CorporationSET - China Roadshow

Boonklee PlangsiriGroup Executive Chairman

August 25-26, 2005

We build strong portfolio…

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Wireless

SHIN holds 42% in AIS

Dual-band network provider

with over 15.8mn cellular subscribers

(as of June 05)

Mkt cap of Bt 306.7bn* (US$7.5bn)

Domestic Network Provider

Satellite & International Business

Regional Network Provider

SHIN holds 42% in SATTEL

3 ThaiCom satellites in orbit with a total of 40 C-band & 10 Ku band transponders

IPSTAR broadband satellitesuccessfully launched in 3Q05

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

Media & Internet

Mkt cap of Bt15.1bn*(US$365.8mn)

Consumers

Registered Capital Bt1.5bn

SHIN holds 60%

New Business

Mkt cap of Bt13.8bn*(US$334.2mn)

The free-TV with a digital broadcasting network

SHIN holds 52% in ITV

Registered Capital Bt400mn

SHIN holds 50%

Content

SHIN CorporationMkt cap of Bt 114.7bn*

(US$2.8bn)

* Market capitalization as of 17/8/05 from SET

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5 Companies Listed in the MarketRank Company Market Cap. (Btmn) % of total

1 PTT 654,555.50 14.18%2 ADVANC 306,665.77 6.64%3 PTTEP 269,761.41 5.84%4 SCC 259,200.00 5.62%5 BBL 186,099.35 4.03%6 KBANK 136,421.23 2.96%7 TOP 121,381.66 2.63%8 SHIN 114,705.03 2.48%9 KTB 103,412.68 2.24%10 TPI 94,971.83 2.06%

51 SATTEL 15,052.46 0.33%

56 ITV 13,752.40 0.30%

179 CSL 2,025.00 0.04%

SHIN Group Market Cap of Bt452.2bn (US$11.0bn), 9.8% of total market

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Portfolio

TelecomADVANC

SATTEL

CSL

MediaITV

TransportationThai AirAsia

Consumer FinanceCapital OK

ContentShinee

Teleinfo Media

Shin Corporation plc 4

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Telecom

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New Telecom Act of 2001

TOT and CAT are now in the process of IPO

NTC will issue new licenses to private operators in December 2005 i.e. 3G and international gateway

NTC issued licenses to TOT and CAT on August 4, 2005

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

Telecom Regulatory Issue

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ADVANCLeading mobile operator

Market share of 55% with 15.8mn subscribersConsistently maintain EBITDA margin more than 50%

2005 penetration growthYE04 41% => Expected to reach 48%

Value-added services (VAS)1H05 VAS grew 31% YoYAccount for 12% of service revenue from 9% last year

3G investment in 2006Potential reduction in concession costIntroduce more non-voice applicationsLower CAPEX per subNo revenue sharing and BTO scheme

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ADVANC

2006 estimated CAPEX is US$300-400mn

2005 annualized dividend yield approximately 5-6%

Dividend payout will continue despite new 3G investment

Strongest balance sheets among existing mobile player

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Thaicom 3 78.5oE

Thaicom 4 (IPSTAR) 120oE

Thaicom 5 (Y2006) 78.5oE

Thaicom 2 78.5oE

Thaicom 1 120oE Current 3 satellites in service

SATTEL

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2 satellites in process

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% Transponder Utilization

SATTEL

*As of June 30, 2005

Thaicom 1AThaicom 2Thaicom 3

Capacity

C band Ku band

91021

226

%utilization

C band Ku band

96%93%51%

150%148%89%

TotalTotal 4040 1010 72%72% 113%113%

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SATTEL

IPSTAR – First broadband satelliteSuccessfully launched on August 11, 2005

Service coverage 14 countries in Asia Pacific Rim

Gateway installation:

Completed:in Thailand, Australia, and New Zealand

Under installation:in India, China, Vietnam, Burma, and Cambodia

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SATTELCommercial Contract

TOT – First NSO in Thailand with 7-year contract

ITI (IND), STPI (IND), Macquarie Telecom (AUS), Bay City (NZ), ICONZ (NZ)

User Terminals roll-out to date around 20,000

Main applications:

Broadband access, VPN, rural telephony, distance learning, and mobile trunk

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Media

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ITVFree-to-air TV station

Ranked 3 among 6 competing stations

Coverage 98% of total population

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Outperformed industry growth in 1H05TV advertising industry growth of 6% YoY

ITV revenue grew 33% YoY

Net profit growth 680% YoY

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ITV

National Broadcasting Commission (NBC) expected to be established in 2005

Pending court decision

Arbitration’s decision in favor of ITV was reached onJan 30, 2004.

The decision is being contested by the PMO. Currently, under review by Administrative court.

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ITVMarket & Audience Share

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24%

15%

31%

14%2%

14%

21%

14%

29%

15%2%

19%

21%

15%

29%

14%2%

19%

27%

9%

40%

10%3%

11%

24%

8%

41%

10%3%

14%

22%

9%

44%

10%3%

12%

0%

10%

20%

30%

40%

50%

60%

70%

80%

90%

100%

2Q04 1Q05 2Q05 2Q04 1Q05 2Q05

CH3 CH5 CH7 CH9 CH11 ITVRemark: Excluded Classified, No Cost and CD’s/VDO & Musical Products Source: Nielsen Media Research

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Transportation

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Thai AirAsia

A fleet of 6 Boeing 737-300 aircraft, presently. Expect total 8-10 by year end

8 domestic and 6 international (Singapore, Penang, Macao, Kota, Kinabalu, Kuala Lumpur, Xiamen)

Currently operating 22 flights per day out of Bangkok

Flown 1.2mn passengers in first year of operation. End of June 2005, we already flew over 800,000 despite the slowdown in tourism.

Budget Airline, A JV with AirAsia Malaysia

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Thai AirAsia

Operational HighlightFY04 1H05

Load Factor

Average Fare (Bt)68%

1,072 1,26178%

Became a household name in ThailandContinued to create global brand awareness through Manchester United Sponsorship

Estimated MU fans => more than 75mn globally and 40mn in Asia

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Thai AirAsia

Route Expansion

Hanoi SouthernChina

PhanomPehn

Distribution channel

More than 44% through Internet

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Consumer Finance

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Capital OK

Consumer finance business

Commercial launch in August 2004

Offering 3 key products:

Personal Loan

Sales Finance

Credit Card

JV with DBS Singapore

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+ 42%1,7002,400Service outlets

+ 54%3,5005,400Portfolio size (Btmn)

+ 60%232,000371,000Ending Accounts

QoQ1Q052Q05Strong Growth

Capital OK

Loan growthprojected to be around Bt8bn by year-end 2005 mainly from upcountry after the establishment of 3,500 outlet nationwide.

Loan loss reserve policyconsists of specific reserve is 100% for 3 payments past due andgeneral reserve 3% of ending receivables.

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OpportunityStrong balance sheets and solid cash flow

Strong dividend yield

Seek content and entertainment partnerto compliment group service platform

Good performing assets

New telecom licenses

Group synergies

Growth in service sectors

25Shin Corporation plc 31Shin 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.”

26Shin Corporation plc

Appendices

27Shin Corporation plc 16

Income statement

ADVANC - Consolidated

Bt. million 2Q05 1Q05 q-o-q % 2Q04 y-o-y %

Service Revenue 19,781 21,185 -6.6% 21,090 -6.2%

Sales Revenue 2,527 2,537 -0.4% 3,010 -16.1%

Total Revenue 22,308 23,722 -6.0% 24,100 -7.4%

Gross Profit 9,273 10,729 -13.6% 11,032 -15.9%

EBITDA 11,442 13,037 -12.2% 12,650 -9.5%

Earnings before tax 6,338 8,121 -22.0% 7,843 -19.2%

Net Income 4,169 5,369 -22.4% 5,044 -17.3%



Balance SheetADVANC - Consolidated

Bt. m illion 2Q04

Current Assets 23,011 27,190 24,669

Property and Equipm ent, net 10,496 11,106 11,557

Networks under Concession 75,813 75,473 75,664

Goodwill, net 9,587 9,879 10,754

Concession R ight & O thers 4,348 4,486 4,777

Total Assets 123,254 128,134 127,421

Account Payable-trade 5,715 5,087 5,443

Current Portion of LT Debt 5,011 4,042 10,036

Current Portion of Concession 8,252 7,888 7,339

Long-term Debt 22,955 23,953 27,956

Other Liabilities 11,209 21,262 12,884

Total Liabilities 53,142 62,232 63,658

Total Equities 70,113 65,902 63,763

2Q05 1Q05

Total liabilities/ equity (x) 0.76 0.94 1.04

Net debt to equity (x) 0.21 0.16 0.39



Income statementSATTEL - Consolidated


B t. m illio n 2 Q 0 5 2 Q 0 4 y-o -y %S e rv ic e R e ve n u e 1 ,6 2 4 1 ,1 1 7 4 5 %

C o s t (1 ,0 7 1 ) (7 1 3 ) 5 0 %

G ro s s P ro fit 5 5 3 4 0 4 3 7 %

S G & A (2 6 2 ) (1 7 7 ) 4 8 %

E B IT 2 9 1 2 2 7 2 8 %

D & A 3 4 5 3 0 3 1 4 %

E B IT D A 6 3 7 5 2 9 2 0 %

N o n -R e c u rr in g Ite m s 6 8 3 N /A

N e t R e s u lt C S L G ro u p 2 0 3 7 -4 7 %

F X & O th e r In c o m e 4 0 1 0 2 -6 1 %

In te re s t e x p . (4 2 ) (3 1 ) 3 4 %

In c o m e T a x (4 0 7 ) (8 4 ) 3 8 3 %

N e t P ro f it 5 8 3 2 4 9 1 3 4 %

E P S (B t) 0 .6 3 0 .2 8 1 2 5 %


Balance Sheet

SATTEL - Consolidated

Total liabilities/equity (x) 1.54 2.00 2.01

Shin Corporation plc

Bt. million 2Q05 1Q05 4Q04

Current assets 5,955 2,910 2,726

Property & equipment - net 23,032 20,171 19,638

Property & equipment under concession agreement - net 3,180 3,758 3,933

Other non - current assets -net 1,241 1,238 1,290

Total assets 33,408 28,077 27,587

Current liabilities 5,113 6,246 6,205

Long - term borrowings - net 15,025 12,405 12,142

Other non - current liabilities 98 76 76

Total liabilities 20,236 18,727 18,423

Total equity 13,172 9,350 9,164

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Income statement

ITV

Bt. million q-o-q y-o-y

Btmn % Btmn % % Btmn % %

Operating Revenue 632 100% 568 100% 11% 459 100% 38%

Cost of Service 229 36% 216 38% 6% 255 56% -10%

Gross Margin 403 64% 352 62% 15% 204 44% 98%

SG&A 98 15% 127 22% -23% 110 24% -11%

Operating Income (Loss) 306 48% 225 40% 36% 94 20% 226%

Interest Expenses 4 1% 5 1% -19% 8 2% -47%

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

Net Profit (Loss) 244 39% 162 28% 51% 28 6% 769%

Net Profit Margin 39% 28% 6%

2Q05 1Q05 2Q04



Balance SheetITV


Bt. million Change

Btmn % Btmn % %

Current Assets 1,032 32% 675 23% 53%

Concession Assets, net 2,208 68% 2,288 77% -4%

Other Non-current assets 11 0% 11 0% 0%

Total Asset 3,252 100% 2,975 100% 9%

Concession Payable 565 17% 450 15% 26%

Other Current Liabilities 295 9% 310 10% -5%

Non-current Liabilities 330 10% 568 19% -42%

Total Liabilities 1,191 37% 1,327 45% -10%

Paid up Capital 6,029 185% 6,024 202% 0%

Share Discount (175) -5% (175) -6% 0%

Advance Receipt for Share Subscription 3 0% 0 0% 0%

Other Equity (3,796) -117% (4,201) -141% -10%

Total Shareholders' Equity 2,061 63% 1,647 55% 25%

Total Liabilities & Equity 3,252 100% 2,975 100% 9%

Total Liabilities to Equity Ratio (x) 0.58 0.81 1.21

2Q05 4Q04


Income statement

Capital OK

Bt. million 2Q05 1Q05 q-o-q %

Total Revenue 332 214 55%

Operating Expense (262) (195) 34%

Operating Profit (Loss) 70 19 268%

Reserve for Loan Loss (200) (85) 135%

Net Profit (Loss) (130) (66) -97%



Balance Sheet

Capital OK

Bt. million 2Q05 1Q05

Earning Assets 5,394 3,564

Allowance for Doubtful Account (326) (164)

Other Assets 745 440

Total Assets 5,813 3,840

Liabilities 4,744 3,137

Shareholders'Equity 1,069 703



Income statement

Thai AirAsia

Bt. milliion 2Q05 1Q05 q-o-q %

Revenue 570.5 533.6 7%

Cost of Sales 597.3 491.4 22%

SG&A 57.6 44.3 30%

Gain - Foreign Exchange 87.3 3.3

Net Profit 2.9 1.3 127%



Income Statement (Unconso)

SHIN – Equity Method

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

Revenue 72 100% 71 100% 2% 73 100% -2%

SG&A (83) -115% (83) -118% 0% (90) -123% 8%

Operating Loss (11) -15% (13) -18% 14% (17) -23% 35%

Financial Expense (45) -62% (43) -61% -4% (44) -60% -1%

Financial Income 14 20% 12 17% 18% 7 10% 99%

Gain on FX and others 1 1% 2 2% -44% 0 0% 4700%

Gain (loss) before net results (41) -56% (43) -61% 6% (54) -74% 25%

Total net results from investments 2,099 2907% 2,435 3454% -14% 2,258 3074% -7%

Net Income 2,058 2851% 2,392 3393% -14% 2,204 3000% -7%

2Q05 1Q05 2Q04Bt. Million



Net Results from investmentsSHIN – Equity Method

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

AIS 1,787 85% 2,302 95% -22% 2,165 96% -17%SATTEL 259 12% 105 4% 147% 124 6% 108%ITV 108 5% 65 3% 66% (6) 0% 1900%THAI AIRASIA 1 0% (8) 0% 112% (45) -2% 102%CAPITAL OK (78) -4% (40) -2% -95% (15) -1% -421%OTHERS 22 1% 11 0% 92% 35 2% -38%

TOTAL NET RESULTS 2,099 100% 2,435 100% -14% 2,258 100% -7%




Balance SheetSHIN – Equity Method

q-o-q %Btmn % Btmn % % Btmn % Change

Cash & Cash Equivalent 1,769 4% 2,969 7% -40% 2,127 5% -17%

Other current assets 57 0% *3,329 8% -98% 59 0% -2%

Investments 39,228 95% 36,562 85% 7% 37,415 94% 5%

Other assets 71 0% 77 0% -7% 84 0% -15%

Total Assets 41,125 100% 42,937 100% -4% 39,685 100% 4%

S-T borrowings & Current portion 2,001 5% 1 0% 235012% 1 0% 176902%

Other current liabilities 69 0% **3,269 8% -98% 63 0% 11%

Long-term borrowings 1 0% 2,683 6% -100% 2,681 7% -100%

Other liabilities 445 1% -100% 404 1% -100%

Total Liabilities 2,071 5% 6,398 15% -68% 3,149 8% -34%

Shareholders' Equity 39,054 95% 36,539 85% 7% 36,536 92% 7%

Total Liabilities & SHs' equity 41,125 100% 42,937 100% -4% 39,685 100% 4%

Total Liabitiites / Equity (x) 0.05 0.18 0.09

Net Debt / Equity (x) 0.01 -0.01 0.02

** Included 2H04 dividend payable of Bt3.24bn

* Included 2Q04 dividend receivalbe from AIS of Bt3.28bn




Net Asset ValueSHIN – Equity Method

Share price* Mkt Cap Value (Local) Btmn Btmn

AIS 105.00 309,283 42.90% 132,690

SATTEL 14.70 16,033 41.34% 6,628

ITV 11.50 13,873 52.94% 7,344

Total Mkt value of AIS, SATTEL and ITV 146,662

Cash at end of 2Q05 1,769

Debt at end of 2Q05 (2,002)

SHIN's NAV** 146,429

SHIN's NAV per share (THB) 48.88

SHIN share price 39.00

% Discount -20%

* Closing price on Aug 3, 2005** Excl. Non-listed companies

%owned by SHIN



Share Price Performance Relative to SET, SET50 and Telecom Index


-25%0%

25%50%75%

100%125%150%175%200%225%250%275%300%325%350%375%400%

Jan-

03

Feb-

03

Mar

-03

Apr

-03

May

-03

Jun-

03

Jul-0

3

Aug

-03

Sep

-03

Oct

-03

Nov

-03

Dec

-03

Feb-

04

Mar

-04

Apr

-04

May

-04

Jun-

04

Jul-0

4

Aug

-04

Sep

-04

Oct

-04

Nov

-04

Dec

-04

Jan-

05

Mar

-05

Apr

-05

May

-05

Jun-

05

Jul-0

5

SHIN Telecom Index SET Index SET 50

188%

286%

93%114%


% Premium (Discount) to NAV

Shin Corporation plc

0

5

10

15

20

25

30

35

40

45

5027

/12/

2002

22/1

/200

312

/2/2

003

6/3/

2003

27/3

/200

322

/4/2

003

16/5

/200

36/

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/6/2

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22/7

/200

313

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3/9/

2003

24/9

/200

315

/10/

2003

6/11

/200

328

/11/

2003

24/1

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/1/2

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1/3/

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23/3

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420

/4/2

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17/5

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48/

6/20

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22/7

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416

/8/2

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6/9/

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27/9

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418

/10/

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9/11

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430

/11/

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23/1

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11/5

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52/

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SHIN

sha

re p

rice

(45%)

(40%)

(35%)

(30%)

(25%)

(20%)

(15%)

(10%)

(5%)

0%

% Prem

ium (D

iscount) to SHIN

's NA

V

SHIN Share Price (LHS)Premium (Discount): SHIN's NAV = AIS+SSA+iTV (RHS)YTD Weighted-Average Premium (Discount): SHIN's NAV = AIS+SSA+iTV (RHS)

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