The Establishment of Company Limited for Cargo and Mail Commercial Services

Thai Airways International Public Company Limited (“the Company/THAI”) held the Board Meeting No. 9/2004 on Wednesday, September 29, 2004, at the Conference Room, 22^nd Floor, Head Office Building, No. 89 Vibhavadi Rangsit Road, Khwaeng Jompol, Khet Chatuchak, Bangkok Metropolis. The meeting has approved in principle for the Company to proceed with the establishment of joint venture investment for a “Company Limited” for Cargo and Mail Commercial Services, by freighter aircraft.The shareholders of the company will be as follows:

1. Thai Airways International Public Company Limited will hold 49%, as the largest shareholder
2. Other shareholders will hold a combined total of not more than 51% of  total shares and at least 2% of total shares will be Thai national entity.

In addition, the THAI Board of Directors approved to organize the Road Show to seek out interested shareholders by appointing company representatives to oversee this    activity, as follows:

1. Mr. Somchainuk Engtrakul, Member of the THAI Board of Directors
2. Mr. Prajak Jamrusmechoti, THAI Senior Executive VicePresident,Special  Project Department
3. Mr. Chanchai Singtoroj, THAI Managing Director, Cargo & Mail Commercial
4. A Representative from Merge Global Inc., as Advisor
5. A business negotiations professional

Furthermore, the THAI Management will have to set up a committee for the registration of the company.

Should the Company is able to find the interested shareholders and has set up the company, SET will be informed accordingly.