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 to the general investors and to the Company’s employee under the Employee Securities Option Plan (ESOP) totaling 14,356,143,000 Baht. The details are as follows:

·       On November 25, 2003, the capital increase to the general investors of 285,000,000 new ordinary shares was at 50 Baht per share, totaling to 14,250,000,000 Baht.

·       On October 14, 2004, the capital increase to the Company’s employee under ESOP of 7,076,200 new ordinary shares was at 15 Baht per share, totaling to 106,143,000 Baht.

·       Total capital increase was 14,356,143,000 Baht.

The Company would like to inform about the utilization of capital raising funds for the period, ending December 31, 2004 as follows:

1.       Investment in the Suvarnabhumi Airport Project 4,425,000,000  Baht

2.       Product improvement   472,000,000  Baht

         Total utilization of funds 4,897,000,000   Baht

The remaining amount 9,459,143,000  Baht