Domestic debenture issuance of  Baht 15,000 million

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 Baht 25,000 million in the year 2003 and 2004.

On February 9, 2005, the Board of Directors of the company has approved the issuance of debenture of not exceeding Baht 15,000 million. The fund will be utilized for making down payment of aircraft and working capital for fiscal year 2005.

This time, the company has appointed The Siam Commercial Bank Public Company Limited and Standard Chartered Bank   to act as financial advisors and joint lead arrangers.The debentures which are unsubordinated and unsecured with a debentureholders representative in the name-registered debenture certificate will be offered in 3 tranches, namely series 1 : 3-year tenor due in 2008, series 2 : 6-year tenor due in 2011 and series 3 : 10-year tenor due in 2015. The debentures were rated AA- by TRIS Rating Co., Ltd. And will be offered to both general public and institutional investors. The company has submitted the registration statement and prospectus to the Securities and Exchange Commission on April 5, 2005. The coupon rate for the 3 tranches will be informed later.