Notification of the subscription of ordinary   shares and the 1st exercise of type-one warrant under the Employee Securities Option Plan
Reference is made to the Extraordinary Shareholders’ Meeting of Thai Airways International Public Company  Limited

During the meeting, approval has been granted to the establishment of the Employee Securities Option Plan of Thai Airways International    Public Company Limited (ESOP) for the allocation of ordinary shares or  warrants, altogether not exceeding 15 million units.The Company would like to notify the subscription of ordinary shares and the 1st exercise of type-one  warrant under the ESOP as follows:
       
      ·  There are 21,011 employees who have subscribed to 6,941,300 shares at 15 Baht per share, totaling to 104,119,500 Baht.
       
      ·  There are 351 employees who have exercised type–one warrant 134,900 shares at 15 Baht per share, totaling to 2,023,500 Baht.
       
      ·  There are 21,362 employees who have received 7,076,200 shares at 15 Baht per share, totaling to 106,143,000 Baht.
 The Company has already registered the increased capital to the Ministry of Commerce from 16,850,000,000 Baht to 16,920,762,000   Baht. At  present, the Company has registered Capital totaling 17,000,000,000 Baht, divided into 1,700,000,000 shares with the par value at 10 Baht and 16,920,762,000 Baht of paid-up capital.      
The Company has fixed the 2nd exercise period of  type–one warrant from December 27, 2004 to January 3, 2005, at 9.00 – 15.00 hours.