End of Stabilization of Ordinary Shares in Thai Airways International Public   Company Limited

Thai Airways International Public Company Limited (the “Company”) would like to inform that according to Phatra Securities Company Limited as the Stabilizing Manager, Phatra Securities Company Limited ended the stabilization of the ordinary shares in the Company on December 15, 2003. In this regards, Phatra Securities Company Limited purchased 31,739,900 shares through the SET in the stabilization period from November 19, 2003 to December 15, 2003. As to 26,010,100 shares to be returned to the Ministry of Finance, Phatra Securities Company Limited has notified the Ministry of Finance to exercise the option to purchase such shares at the price of Baht 50 per shares. The return of the shares to the Ministry of Finance and the payment will be made on December 19, 2003.