Domestic debenture issuance of 15,000 million Baht

Pursuant to the Extraordinary Shareholders' Meeting of Thai Airways International Public Company Limited No. 1/2003 held on September 2, 2003, it had approved the issuance and the offering of debentures in Baht and/or in other currency in the amount not exceeding Baht 40,000 Million within 5 years, of which the company had domestically issued 10,000 million Baht in the year 2003

This year, the company will issue debentures in Baht for another amount not exceeding Baht 15,000 million worth of domestic debentures and appointed The Siam Commercial Bank Public Company Limited and Bangkok Bank Public Company Limited to act as joint lead arrangers. The debentures were unsubordinated and unsecured debentures with a debentureholders’ representative in the name-registered debenture certificate. The debentures were offered in 3 tranches, namely series 1 : 5-year tenor with 4.65% coupon rate per annum , series 2 : 7-year tenor with 5.20% coupon rate per annum , and series 3 : 10-year tenor with 5.80% coupon rate per annum . The debentures will be offered to both general pubic and institutional investors and the subscription date will be between October 14-19, 2004 and will be issued on October 20, 2004.