Opportunity DayFebruary 25, 2010

Shin Corporation

1

Vision

2

We are the leading value creation

asset management company in

telecom and media

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 diversified services ranging from conventional broadcasting to high speed internet via satellite

“ To continually explore new business opportunities in Telecom & Media ”

SHIN Group today

mobile & satellite services

(3 countries)satellite service (12 countries)

Advertising

Agency

Group Profile

Regional

network provider

IPSTAR broadband satellite

in 12 countries

Thaicom

2 Thaicom satellites with

35 C-band & 16 Ku band

transponders

Domestic

Network Provider

Advanced Info Service

Largest mobile operator

with over 28m subscribers

and service revenue market

share > 50%

Wireless

CommunicationsMedia &

Advertising

DTV subs of almost 0.6m

LTC No.1 operator in Laos

with over 1.1m subscribers

Mfone No.2 operator in

Cambodia with over 0.8m

subscribers

International Business

Teleinfo Media

Yellow Pages and Content

Aggregator

CS Loxinfo

Internet Service Provider

Matchbox

Satellite &

Inter. Business

ITV

Key PortfolioAssets Stake Performance (FY 2009)

42.6%

AIS delivered a strong 28% YoY FCF growth for 2009 albeit the service revenue

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.

41.1%

2009 revenue was Bt7,188m, up by Bt175m YoY mainly from IPSTAR bandwidth usage

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

of THCOM

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

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

of THCOM

CSL reported 2009 consolidated net profit of Bt287m, an increase of 28% YoY due to

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

of THCOM

As at the end of 2009, accumulated DTV sales volume was 592,886 sets, up 246,274

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.

RevenueTHCOM

EBITDA

Revenue Breakdown

Sales and service

revenues (in M฿)2009 2008 %YoY

Conventional

Satellite Services 2,338 2,302 1.6%

IPSTAR Sales 986 1,370 -28.0%

IPSTAR Services 1,182 911 29.7%

Telephone Services 2,147 1,927 11.4%

Internet and

Media Services 535 503 6.4%

Total 7,188 7,013 2.5%

29.7% increase in IPSTAR Services and 11.4% increase in Telephone Services

Growth in IPSTAR Bandwidth revenue attributable to 10.7% increase in EBITDA of Satellite Business

9

Low Gearing ratio at D/E of 0.56x

2008

Unit : MBt

* Exclude Cash** Exclude Interest-Bearing Debt

2009

Unit : MBt

THCOM

Consolidated Net Profit - YoY

5,649

+624 +111 -36+147

6,495

4,000

4,500

5,000

5,500

6,000

6,500

7,000

AIS THCOM SHIN, ITV, MB, ITAS

PS impairment

+1,230 from absence of signifiacnt impairment loss offset by

-606 declined

net profit

Mainly from FX

gain

Lower profit of

MB

Absence of impairment loss in Payment Solution

(divest ed

in 1Q09)

+ 846

+15%

Btm

7,341 (195) (650) 6,4952009 contrubution

significant

2009 contribution

2009 Consolidated Net Profit by

Segment

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%

2009 2008%YoY

Consolidated Assets & D/E Ratio

• Debt free at SHIN level

• Cash on hand as at December 31, 2009 was Bt3.7bn

84,780

67,267 63,259 61,540 0.69

0.35 0.36 0.36

0.00

0.10

0.20

0.30

0.40

0.50

0.60

0.70

0.80

-

10,000

20,000

30,000

40,000

50,000

60,000

70,000

80,000

90,000

x

Bah

t m

illi

on

Total Assets Debt/Equity ratio

Attractive Dividend Yield

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

2.00

2.60

2.30

0.30

2.40 2.40

0%

5%

10%

15%

20%

25%

0.0

0.5

1.0

1.5

2.0

2.5

3.0

DP

S

Dividend per share (LHS) Dividend yield (RHS)

14

Price Performance

-10%

-8%

-6%

-4%

-2%

0%

2%

4%

6%

8%

% Change from Closing Price at the end of 2009

SHIN +5%

ICT +1%SET -5%

Shin Share Price and Indices

SHIN ICT SET

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

0

10

20

30

40

50

60

2 J

an 0

2

13 M

ay 0

2

20 S

ep

02

3 F

eb

03

18 J

un 0

3

28 O

ct 03

12 M

ar

04

29 J

ul 0

4

8 D

ec 0

4

25 A

pr 05

6 S

ep

05

16 J

an 0

6

1 J

un 0

6

12 O

ct 06

22 F

eb

07

9 J

ul 07

15 N

ov 0

7

28 M

ar

08

14 A

ug

08

23 D

ec 0

8

13 M

ay 0

9

22 S

ep

09

2 F

eb

10

SHIN Share Price Performance

Market Price NAV

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

SHIN Group in the future

“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.”

Disclaimer

18