Report on the Utilization of Capital Raising Funds of Thai Airways International Public Company Limited

Thai Airways International Public Company Limited (the "Company") has received the proceeds from the capital increase of 285 million new ordinary shares at the offering price of Baht 50 per share, totaling Baht 14,250 million on November 25, 2003. The Company  would like to inform the utilization of capital raising funds for the period, ending June 30, 2004 as follows:

      1.    Investment in the Suvarnabhumi Airport Project Baht 1,753 million

      2.    Product improvement Baht 187 million Total utilization of funds Baht 1,940 million.The remaining amount Baht 12,310 million