Domestic debenture issuance of 15,000 million Baht 

Pursuant to the Extraordinary Shareholders' Meeting of Thai Airways International Public Company Limited No. 1/2003 held on September 2, 2003, it had approved the issuance and the offering of debentures in Baht and/or in other currency in the amount not exceeding Baht 40,000 Million within 5 years, of which the company had domestically issued 10,000 million Baht in the year 2003

This year, the company had issued debentures in Baht for another amount not exceeding Baht 15,000 million worth of domestic debentures and appointed The Siam Commercial Bank Public Company Limited and Bangkok Bank Public Company Limited to act as joint lead arrangers.  The debentures were unsubordinated and unsecured debentures with a debentureholders’ representative in the name-registered debenture certificate.  The debentures were offered in 3 tranches, namely series 1 : 5-year tenor with 4.65% coupon rate per annum for the issued amount of Baht 7,500 million, series 2 : 7-year tenor with 5.20% coupon rate per annum for the issued amount of Baht 4,500 million, and series 3 : 10-year tenor with 5.80% coupon rate per annum for the issued amount of Baht 3,000 million .  The debentures were offered to both general public and institutional investors and the subscription date were between October 14-19, 2004 and were issued on October 20, 2004. Details of the debentures were as per summarized in the attachment.

Attachment 

Details of the debentures

Issuer	Thai Airways Public Company Limited
Type of debentures	Unsubordinated and unsecured debentures with a debentureholders’ representative in the name-registered debenture certificate
Issued Amount	Total of Baht15,000 million in 3 tranches
Tenor of the debentures	Series 1 :  5-year tenor for the amount of Baht 7,500 million Series 2 :  7-year tenor for the amount of Baht 4,500 million Series 3 :  10-year tenor for the amount of Baht 3,000 million
Repayment of principal	Bullet repayment
Coupon rate	Fixed rate Series 1 :  5-year tenor at 4.65 % per annum Series 2 :  7-year tenor at 5.20 % per annum Series 3 :  10-year tenor at 5.80 % per annum
Coupon payment date	Each of April 20 and October 20 until maturity date.  The first coupon date will be April 20, 2005.
Par value	1,000  Baht (One thousand Baht)
Offering price	1,000  Baht (One thousand Baht)
Issue Date	October 20, 2004
Subscription period	October 14-19, 2004
Placement method	Offering to both general public and institutional investors
Issue credit rating	AA-  by TRIS
Lead arrangers	The Siam Commercial Bank Public Company Limited Bangkok Bank Public Company Limited
Registrar	The Siam Commercial Bank Public Company Limited
Debentureholders’ representative	National Finance Public Company Limited