Notification of the exercise of warrant under the Employee Securities Option Plan of Thai Airways International Public Company Limited

We refer to the issuance of Thai Airways International Public Company Limited (“the Company”) 154,650 units of type-one warrant (“THAI-WA”), and 154,650 units of type-two warrant (“THAI-WB”) with exercise ratio being 1:1, exercise price being 15 Baht per unit, and exercise every 3 months thereafter. The first exercise dates  of   THAI-WA and THAI-WB were on October 4, 2004, and April 4, 2005, respectively and the last exercise date for both types of warrant  will be on April 2, 2007.  The Company would like to report the result of the 4^th exercise THAI-WA and the 2^nd exercise of THAI-WB on July 4, 2005 as follows:

1. On the 4^th exercise date of THAI-WA, there are 5 employees who have exercised their warrant for 1,950 shares at 15 Baht per share, totaling to 29,250 Baht. By combining the results of the 1^st to 3^rd exercise of THAI-WA, there are 380 employees who have exercised their warrant for 147,350 shares at 15 Baht per share, totaling 2,210,250 Baht. Therefore, 7,300 units  of THAI-WA have not yet exercised.
2. On the 2^nd exercise date of THAI-WB, there are 20 employees who have exercised their warrant for 9,650 shares at 15 Baht per share, totaling to 144,750 Baht. By combining with the 1^st exercise of THAI-WB, there are 360 employees who have exercised their warrant for 140,350 shares at 15 Baht per share, totaling 2,105,250 Baht. Therefore, 14,300 units of THAI-WB have not yet exercised.
3. The Company has registered the increased capital to the Ministry of Commerce from 16,988,765,500 Baht to 16,988,881,500 Baht on July 18, 2005.
4. The next exercise  period of warrant is October 3, 2005.