1

Samart Corporation PCL

February 2009

2

1950: Started as a radio repair shop in Saraburi Province,North of Bangkok

1985: Started large scale system integration projects1992: Awarded first NMT cellular concession in the

Kingdom of Cambodia1993: SAMART was listed in Stock Exchange of Thailand1995-96: SAMTEL was listed in Stock Exchange of Thailand1996-97: Samart Enters Paging services & GSM 1800

services. (Divested later in 2000)Telekom Malaysia acquires 25% in Samart

2001: Samart wins 32 yr concession to build, own & operate Air Traffic Management Services in Cambodia

2003: Samart I-Mobile a handset and content distributor company was listed in Stock Exchange of Thailand

2005: Samart was awarded “Royal Garuda” by H.M. The King of Thailand for its services to Thai Society

2006: Samart enters utilities Sector. - Won 10 yr contract to supply 16 MWe to subsidiary of Siam Cement in Cambodia. - Won 10 yr waste management contract at

Suvarnabhumi Airport

40%

19%

41%

Background

TelekomMalaysia

Free Float

Total Shares Outstanding: 976 mill

Vilailuck Group

Shareholding Structure

3

59%70%

100%

100% 100%

TECH RELATEDBUSINESS

60%70%

Mobile multimediaICT Solutions & Services

Security solutions TV/Satellite antenna manuf Call Center Waste Mgt@ new airport

Air Traffic Mgt Power plant 23 MW

SAMART Inter Holding

100%

100%

Business Structure

4,300 mill shares (par Bt. 0.10/share)Mkt cap = $ 210 mill

600 mill sharesMkt cap = $ 115 mill

Listed in 1993976 mill shares

Market cap = USD 150 mill

“ As a holding company, we aim to invest in profitable technology related ventures, thus creating a investment portfolio generating above average returns for shareholders ”

44

Revenue & NP Breakdown by Businesses

2005 2006 2007 9M-2008

Total Profit 584 1,990 574 322

Contribution by :

SIM 48% 14% 33% 37%SAMTEL 27% 12% 13% 22%Other Biz 25% 0% 54% 41%Extra Gain* 0% 74% 0% 0%

2005 2006 2007 9M-2008

Total Revenue 18,858 31,002 19,649 11,960

Contribution by :

SIM 69% 79% 78% 70%SAMTEL 11% 9% 11% 17%Other Biz 30% 12% 11% 13%

* Disposal of assets

(in Baht million)

5

Samart Inter Holding

- Monopoly Concession to manage Nationwide Air Tarffictill year 2033 (concession is extendable with further investments)

- Tariff collection from airlines (inbound & over flights)- THAI, Vietnam Airlines, British Airways, Qantas

Bangkok Airways, Qatar Airlines, Singapore Airlinesand Malaysian Airlines are top tier clients

- High growth potential from air traffic movement (in and out of Cambodia)

- CATS increased its tariff by 15% since July 2008

- Samart Corp charges 15% of CATS revenues (USD 3.45 millfor 2008) as a management fees per year

- On a DCF basis with WACC of 10%, the NPV of CATSis USD 274 million

- Samart is exploring ways to unlock its value in CATS

(In kingdom of Cambodia)

50000

55000

41400

33000

37000

23

20

18

16.5

15

0

10000

20000

30000

40000

50000

60000

2004(A) 2005 (A) 2006 (A) 2007 (A) 20080

5

10

15

20

25

Flights Revenue ($ mill)

Strategy:

Explore similar investment opportunities in Indo-China region

6

Samart Inter Holding (In kingdom of Cambodia)

- 16 MWe contracted capacity beginning 2008 till 2017 - Off taker is Kampot Cement (wholly owned by

Siam Cement, Thailand)- USD 6 mill/year in revenue guaranteed per year- Fuel is supplied by off taker

- In operation since Jan 08- Potential capacity

expansion by off-taker

Strategy:

Explore opportunities inutilities sector in Kingdomof Cambodia

7

Tech Related Business

-Govt. Call Center 1111-FDA Call Center-BUG 1113-Bank, Insurance Cos

• Build a backlog of contracts from Govt & privatesector clients

• Increase portion of outsourcing revenues to70% from 50% at present

• Invest in training call agents to ensure highestquality

• Explore M&A or listing

As a founding company of the Group, Samart Engineering is well known for TV antennas and Satellite dishes. It controls over 50% of market share in Thailand

Market leader in Ku &C band antennas

Turnkey Outsourcing Strategy

Strategy • Work with TV operators in pushing ku banddish and set top box

• Explore opportunities in TV broadcasting• Digital TV, etc.

• 1,600 call center representatives• Winner of 2 awards in 2007

• Over 50% market share in TV antenna• Increasing trend for Ku band dish

8

8

Samart i-mobile Public Company Limited

Samart CorpTelekomMalaysia

Free Float

Total Shares: 4,300 mill

1993: Started as a handset & pager importer to complement Samart’s GSM cellular & paging operations

1997: Received license to operate “Audiotext services”2002: Launched Multimedia Content services under brand name

“BUG”2003: Listed in Stock Exchange of Thailand and raised

Baht 1,210 mill (USD 30 mill)2004: Launched first house brand handset “I-mobile” VDO

phone. Sold 100,000 units in six months2005: Expanded handset business to Malaysia, Cambodia.

Attained 3rd position (15% market share) in Thailand2006: Telekom Malaysia acquired 24.4% stake in SIM from

Samart and opened up opportunities in newer markets such as Indonesia, Bangladesh & India“I-mobile” became second brand in Thailand with market share of 22%. A total of 2 mill hand sets were sold in domestic markets & 2.4 mill were sold in international markets

2007: JV with Celcom and started retail operations in Malaysia. A total of 4 mill handsets were sold. Market share in Thailand =28%

2008: Prime mister’s award for “Thai owned” brand

Shareholding Structure

9 9

Key Strengths

- # 2 Brand in Thailand backed by Strong Product Innovation- Dec 2004 First VDO phone in Thailand

- Sept 2005 First MP3 phone in Thailand

- Mar 2006 First TV phone in Thailand

- Jun 2006 First 8 mill pixel camera phone

- Jan 2007 First inbuilt FM antenna speaker phone

- Jan 2007 First phone with walkie-talkie function

- 2008 Dual SIM with standby function

Motion sensor function

- Regional Foot print

2005 Foray into Malaysia Market (exclusive with Nokia for 3G handsets)

Appointed dealers in Bangladesh, Lao, Cambodia

2006 Started operations in Bangladesh, Indonesia, Vietnam & India

- Market Leader in voice content market

80% of voice content market

1010

“Theme: Devices, applications, services based on Mobility concept delivering enriched lifestyle experience to the end users”

Leveraging Strengths

Total 24 i-mobile handset models to be launchedin 2009

i-Trip• Hit Hotel• Weather

i-Music• Ringtone• Full Song

i-Clip• Wallpaper• VDO Clip

i-Movie• Movie Detail• Show Time

i-Horo• Gypsy• Birthday• Etc.

i-Game• Adventure,etc• Multiplayer

i-Food• Hit Restaurant• Search

i-Sport• Football, etc.• Match/Result

i-News• Local• International

i-Promotion• Discount• Rewards• Privileges

i-Lotto• Result• Analysis

i-Application• Stock watch• Biz info

Upgraded versions of applications thru “i-link”

Device Applications

1111

• Provide Voice & Non Voice information

/ content through multi service channels

/ devices

• Provide easy to access to content

through “i-link” service

• Distribute i-mobile and other

branded mobile handsets through

• Traditional Trade: Key dealer,

SMD, Franchise

• Modern Trade: i-mobile shop

and hyper market

Samart iSamart i--mobile PLCmobile PLC

Mobile BusinessMobile Business International BusinessInternational Business

• Export Successful SIM Business Model

• Malaysia

• Indonesia

• Vietnam, Laos, Cambodia

• Bangladesh

• India

• M-East

Multimedia BusinessMultimedia Business

wap.bug2mobile.com

International

Business Structure

1212

Own Designed Products

High end (9 Series)

Mid end (6 Series)

Low Mid end (5 Series)

Low end (3 Series)

Super low end (1&2)

Off the shelf,Quick shipment2004

75% of total handsets are designed in-house

PDA (Sense)

2005/6Co-design handset3 moths shipmentUnique features

2007/8Own design handset4-5 moths shipmentCustomized features

Product positioning

1313

Handset Market Perspective

Thai handset market forecast 2007:2009

Source: CNS

Market share by brands: 2008

Source: CNS

• The market to de driven by mid-low, low priced handsets ( Baht 4,000 and below)

• Mobile Penetration in Bangkok to reach 120% by end 2008

1414

Total Handsets Sales & Gross Margins

Improving Margins

Handset sales: Domestic vs Inter

International

Domestic

- Improving handset margins is due to higher margin phones (mostly the low-end)

- Margin trend is likely to be sustained in the neighborhood of 10%-12% in 2009

1515

International SalesMalaysia

IndonesiaBangladesh Vietnam

Handset Sales by volume 2007 Handset Sales by volume 9M-2008

1616

Growth Outlook: Handsets

- Presently dominates 28% market share in Thailand, 15% in Malaysia & 5% in Indonesia

- Increasing growth opportunities S-E Asia in low penetration countries such asBangladesh, India, Indonesia & Vietnam

- About 50% of existing handset sales are in overseas markets

- Set up key hub in Dubai for exports to African continent, one of the leastpenetrated region in the world

- 2008 will witness 4,000,000 i-mobile handset sales, our aim is to sale10,000,000 million handsets by year 2011

1717

A total of 613 (from 507 in 2008)outlets in domestic market (including shops, franchisees, Kiosk, modern trade)

Distribution Channels: 2009

A total of 170 (from 104 in 2008) outlets ininternational market(including shops, franchisees, Kiosk, modern trade, etc.)

1818

Content Business: Unique positioning

BUG1900

BUG1113

BUG2Mobile

ShowDed

i-Sport

App Solution

Voice Voice NonNon--Voice Voice New BusinessNew Business

EDT

International

Horoscope Portal

Exporting application platformto the region

Community Blog

Subscription based applications

Premium Phone Service1900-1900-XXTariff: 6-9 bt/min

24/7 live directory servicesTariff: 7 bt/min

1919

Content Business Model

☺ High margin business! (GM >33%)

☺We are a neutral content provider (access by 50 mill mobile & 10 mill fixed line users)

☺ Act as an content aggregator (work with over 100+ content/media providers)

☺ Content is accessible by all fixed line and mobile subscribers

- Revenue sharing with operators - up to 50% for voice revenue- up to 20% for non-voice contents

☺ 50% content is in-house, 50% outsourced

☺ Biggest in sport content provider in Thailand

“We bundle content in every single handset sold thru us, thus enabling higher content usage”

2020

Operators keep 40% of revenue (as they do billing, etc.) for voice content

Accessing Voice Content via Fixed line

Content Business: Business Model

Accessing Voice & Non-Voice Content via Fixed line

move

Operators keep 50% of revenue for voice content & 20% of revenue for non-voice content

In house Outsourced 50% of content is produced in-house and remaining 50% is outsourced or aggregated

2121

Develop more strategic partners (ieTrue Move ) and find new revenue stream Develop more strategic partners (ieTrue Move ) and find new revenue stream

Turn existing customers to be more subscription base Turn existing customers to be more subscription base

Launch sport SIM with all operators with privileges Launch sport SIM with all operators with privileges

1)Prepare for 3G

Interactive ChatInteractive Chat

VDO ConferenceVDO Conference

Interactive GameInteractive Game

Rich content/StreamingRich content/Streaming

Change status of competitors to partners Change status of competitors to partners

HoroHoro ChatChat AgentAgent

2) Secure current userbase

Content Strategy 2009

2222

Revenue/NP/Dividend history

Incl Baht 115 mill gainfrom disposal of BLISS/TTM

RevenuesRevenue breakdown by segment

Net Profit Dividend & Payout Ratio

(all figures in baht million, except for dividend))

2323

Guidance 2009

- Consolidated revenue growth in the neighborhood of 10%-15%

- Overseas handset sales and domestic content sales to be key drivers

- 3G opportunity for handset and content sales

- Emergence of new business model:

- MVNO- Digital TV- Bulk purchase of airtime from operator

- Reselling air time (voice & non-voice service)

24

Samart Telcoms: Existing Businesses

Know how in VSAT network & applications:

- Rural Telephony network in 4,000 villages- School net network in 10,600 schools (ongoing)- Soft switch installation for TOT- Satellite/High speed network for Govt. agencies- Broadcasting on Ku & C band (ongoing)

POS/EFT market:

- Credit card readers, Payment gateway- Fleet solutions- Services to Banks, retailers

Leading SI in ICT field:

- New Bangkok International Airport- Government ministries and agencies

( MOI/MOJ/MOD)

No 1. in Satelliteapplication market

No 1. in by marketShare (terminals sold)

Top 3 SI in Thailand(Govt projects)

25

SAMTEL Business Structure

Providing network services& applications• Conventional/ IP Satellite• Lease Line/DSL • Networking• Next Generation Network • Broadcasting/ Business TV

• Video Conference,etc.

Network Services

Providing turnkey IT &security solutions for private / government sector• Government (Ministry of Industry, Ministry of Justice, Ministry of Defense)

• State Enterprise• Airport (NBIA)

System Integration

Providing full operational services in specific industries (build and operate business)• Business Solutions- Provincial Electricity Authority ERP projects

• ICT Maintenance services- NBIA- Other projects

IT Outsourcing

Providing specific businessprocess application &services for business effectiveness• Payment Solutions• e Learning• e Logistics

E-Business

70% of total revenue 20% of total revenue 6% of total revenue

- Long-term projectsmin 5yrs tenure(monthly revenue)

- Gross margins ofover 25%

- Funded by projectfinance

- Turnkey projects- Budgetary allocationevery year

- Gross margins ofover 18-20%

- Funded workingcapital

4% of total revenue

- Largest “e” learningsystem in Thailand5 universities

- Automatic meter readingsystem for PEA

- Installation & maintenance

26

Revenue Breakdown: Govt. Clients Dominate

2007 2006

Corporate15%

Government85%

Network Services70%

System Integration19%

E-Business7%

IP Business1%

IT Outsourcing3%

System Integration21%

IP Business0%

Network Services71%

E-Business8%

IT Outsourcing0%

Corporate13%

Government87%

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Network Services

Project concept

Budget availability

Presentation to entry level staff

Project economics/feasibility

Approval from agency

Rollout

- The entire process takes approximately 12 months

- These projects are sometimes could be carried out as closed bids

- Recurring revenue (service income)

- Lower risk as contracts are guaranteed by Government bodies

- Ability to expand scope or tenure

Ongoing & Completed projects:

- Rural Telephony network in 4,000 villages (Baht 8,640 million)- School net network in 10,600 schools (Baht 2,580 million)- Soft switch installation for TOT (Baht 1,000 million)- Automatic Meter Reading for PEA (Baht 889 million)

Potential projects:

- Check inn system outsourcing at Suvarabhumi airport (Baht 5,000million) 10 year contract

- Village internet (Baht 2,500 million)- Softswitch (Baht 1,000 million per year)- Fiber optic/cable maintenance

28

System Integration

Project details

Draf TOR

“E” Auction

Contract Signing

Implementation

Final acceptance

- The entire process takes approximately 12 to 18 months

- The value is from Baht 50 mill to Baht 1,000 million

- Built & Transfer projects

- Yearly budget allocation from State agencies(the budget size is appox Baht 70 billion per year on IT/Networking)

Potential projects:

- Mostly from following ministries:

- Ministry of Interior- Ministry of Defense- Ministry of Justice- Ministry of Labor- Supreme Commander HQ

- IP Core project (Baht 900 million) Signed in Feb 2009

29

System Integration

Key Project Highlights (Completed & Ongoing)

Ministry of InteriorInformation Super High WayLinking all provincial offices in Thailand (Baht 1,000 mill)

ITV MobileTV Broadcasting Station

Department of Industrial WorksComputer network systems for supporting services

Suvarnabhumi AirportDesign & Installation of Airport Information Management System (AIMS) in Consortiumwith Siemens, ABB, & Satyam (Project Value Baht 2,399 mill)

Suvarnabhumi AirportCommon User Terminal Equipment System (CUTE)(Project Value THB 1,000 mill)

Ministry of DefenseCommunication network System(Baht 799 mill)To be completed by2009

30

IT Outsourcing

Project design

Budget allocation

“E” Auction

Contract Signing

Implementation

- Built, Own & Operate, or could be one time deployment

-The total value is in the range of Baht 350 million to Baht 4,000 million

- Yearly budget allocation from State agencies(the budget size is appox Baht 70 billion per year on IT/Networking)

Ongoing and Completed Projects:

- Automatic meter reading (Baht 889 million)- ERP outsourcing for PEA (Baht 3,500 million, negotiations)- ERP outsourcing for MOL (Baht 3,000 million, negotiations)

Potential Projects:

- Automatic meter reading phase II (Baht 600 million)- Prepaid electricity meter (Baht 1,000 million)- ERP implementation CAT (Baht 350 million)

31

SWOT Analysis

Strengths:- Strong know how in IT, Networking domain- The “only” sizable player left in Thailand

Weakness:- Dependence on Government agencies

Opportunity:- Outsourcing from state enterprises- Government spending on ICT sector- M&A in software development

Threat:- Price undercutting in “e” auction for system integration projects

32

Samart Corporation PCL

Consolidated Financial Performance

33

12,578

24,33715,434

8,369

2,713

2,9052,044

2,117

2,940 1,5472,0982067

0%

10%

20%

30%

40%

50%

60%

70%

80%

90%

100%

2005 2006 2007 9m-2008

Related Business

ICT Solutions (Samtel)Mobile Multimedia (SIM)

Consolidated Financials

18,858

31,001

19,649

11,960

0

5000

10000

15000

20000

25000

30000

35000

2005 2006 2007 9m-2008

RevenuesRevenue breakdown by segment

Dividend Payout

(all figures in baht million, except for dividend))

1,990

584

322

574

0

500

1,000

1,500

2,000

2,500

2005 2006 2007 9m-2008

Net Profit

0.1

0.36

0.420.3 36%

61%

20%

49%

0

0.05

0.1

0.15

0.2

0.25

0.3

0.35

0.4

0.45

2005 2006 2007 20080%

10%

20%

30%

40%

50%

60%

70%

34

Balance-Sheet Review

6,241 4,774 4,787 4,776

6,785 9,489 8,330

2,5691,996 1,615

6,2797,197

6,308

7,918

9,877

1,742

0

5,000

10,000

15,000

20,000

25,000

30,000

2005 2006 2007 9m-2008

Current Liabilities

Non-Current Liabilities

Current Asset

Non-current Asset

2,0972,244

387

1,913

0

500

1,000

1,500

2,000

2,500

2005 2006 2007 9m-2008

Consolidated Company Only

4,8213,858 3,952 4,008

4211,528 1,217

1,825 1,6231,158 934

682 361

532601

1,044

0

1,000

2,000

3,000

4,000

5,000

6,000

7,000

8,000

9,000

2005 2006 2007 9m-2008

Current Liabilities

Non-Current Liabilities

Current Asset

Non-current Asset

(all figures in baht million)

Retained Earnings