Notice of the result of the Public Offering of shares in Thai Airways International Public Company Limited           

Thai Airways International Public Company Limited (the “Company”) and the Ministry of Finance offered for sale the Company’s 385 million ordinary shares, comprising 285 million capital increase ordinary shares, 100 million existing ordinary shares held by the Ministry of Finance, and the over-allotment of 57.75 million existing ordinary shares held by the Ministry of Finance, at the price of Baht 50 each share, to the general investors both domestically and internationally during November 20-21, 2003. 

At present, the Company and the Ministry of Finance have already closed the subscription period for the above shares offered for sale due to such shares offered for sale and the over-allotment of 57.75 million shares were fully and wholly subscribed.