THAI Holds Annual General Shareholders’ Meeting 2000

Thai Airways International Public Company Limited held its Annual General Shareholders’ Meeting today, which was chaired by Mr. Srisook Chandrangsu, THAI’s Chairman, and held at the airline’s Head Office on Vibhavadi Rangsit Road. Participants included members of THAI’s Board of Directors, the airline management, senior executives, and shareholders, to discuss the following issues:

1. THAI’s financial results 1999/2000 (October 1999 – September 2000) were reported as follows:

THAI achieved 121,712 million baht in operating revenue, and a pre-tax profit of 4,914 million baht. Earnings per share reached 3.37 baht compared to 3.36 baht for the same period last year. The net operating revenue increased by 10 million baht, even though there was an increase of 7,486 million baht in expenses incurred on aircraft fuel compared to the same period last year. A loss in foreign exchange rate occurred, resulting from adjustment of company foreign loans which amounted to 3,301 million baht compared to 4,752 million baht during the same period last year. Cabin factor was calculated at 74.5 per cent compared to 72.7 percent during the same period last year, an increase of 1.8 per cent.

2. An accumulated deficit in retained earnings resulted in suspension of appropriation of net profits to a legal reserve and suspension of dividend payment for the Year 2000. According to the State Enterprise Act, Clause 116, THAI was not required to allocate net profits in the Year 2000 due to the reserve. This resulted in inability to allocate payment of dividends to shareholders, according to the State Enterprise Act, Clause 115, which prohibits payment of dividends when the company has accumulated losses.

3. Appointment of new members to THAI’s Board of Directors (please see attached)

Financial Highlights for Year 2000

1. Marked THAI’s 36th consecutive year of profitability
2. Achieved operating revenue of 121,712 million baht, an increase of 14,059 million baht or 13.1% compared to the same period last year
3. Achieved operating profit of 14,932 million baht, compared to 17,164 million baht for the same period last year
4. Achieved a pre-tax profit of 4,717 million baht, or 3.37 baht earning per share
5. Amount of traffic equivalent to 5,469 million ton-kilometers, an increase by 372 million ton-kilometers or 7.3 %
6. Total loading ratio was equivalent to 70.6 %, an increase from 69.7 % compared to the same period last year
7. Carried 17.7 million passengers, an increase of 1.4 million passengers when compared to the same period last year

Highlights of THAI’s Activities and Projects in 2000
(October 1999 – September 2000)

1. THAI achieved 36th consecutive year of profitability
2. THAI acquired 23 new aircraft and sold 2 aircraft, bringing THAI’s fleet to a total of 79 aircraft
3. THAI introduced the royal barge painting of Suphanahong, on one aircraft to promote tourism and to publicize Thailand to the world
4. THAI inaugurated an international flight on the route Bangkok – Danang, Vietnam and add a new domestic destination Petchabun on the route, Bangkok – Petchabun – Lampang v.v.
5. THAI’s flight reservation system was launched on THAI’s website www.thaiairways.com
6. THAI’s Cargo & Mail Commercial Department launched its website www.thaicargo.com
7. THAI’s General Administration Department received ISO 9001 quality management certification and THAI Headquarters received ISO 14001 environmental management certification from Bureau Veritas Quality International (Thailand) or BVQI
8. THAI’s Operations Department received ISO 9001 certification from Det Norke Veritas (DNV), Norway
9. THAI’s Technical Department received a certificate from Ministry of Industries for environmental preservation efforts to reduce the use of ozone-depleting chemicals
10. THAI was ranked one of the world’s best airlines according to Inflight Research Survey, Oxford, UK, under the categories of quality development and customer services
11. THAI’s Royal Orchid Plus was voted the most popular frequent flyer program by Inside Flyer magazine and won 1999 Freddie Awards
12. THAI was named the most Outstanding Airline for 2000 by Thai Airfreight Forwarders Association (TAFA) under the categories of cargo and mail
13. THAI was voted Airline of the Year 2000 for service at Auckland Airport, New Zealand
14. THAI began codeshare flights between Bangkok - Zurich with Swissair and between Bangkok – Tel Aviv with EL AL Israel Airlines

Thai Airways International Public Company Limited

Board of Directors 2000

1. Mr. Srisook Chandrangsu Chairman
Permanent Secretary, Ministry of Transport and Communications

2. Mr. Somchainuk Engtrakul First Vice Chairman
Permanent Secretary, Ministry of Finance

3. Air Chief Marshal Pong Maneesilpa Second Vice Chairman
Commander-in-Chief, Royal Thai Air Force

4. Police General Pornsak Durongkavibool Director
Commissioner-General, National Police Bureau

5. Air Chief Marshal Kongsak Vantana Director
Chief of Joint Staff Forces

6. Air Chief Marshal Nipon Sakornyen Director
Managing Director, Airports Authority of Thailand

7. General Mongkon Ampornpisit Director
Chairman, New Bangkok International Airport Company Limited

8. Mr. Wisudhi Srisuphan Director
Comptroller-General, the Comptroller General Department, Ministry of Finance

9. Mr. Sumet Tantivejkul Director
President, Pattana Thai Foundation

10. Mr. Poonsap Piya-anant Director
Director, The Bureau of the Budget

11. Mr. Sansern Wongcha-um Director
Secretary-General, Office of the National Economic and Social Development

12. Mr. Wissanu Krea-ngam Director
Secretary-General to the Cabinet

13. Mr. Suchart Traiprasit Director
Chief Prosecutor
14. Mr. Bundit Siripant Director
Manager, Law Offices of M.R. Seni Pramoj

15. Mr. Bhisit Kuslasayanon Director & Secretary
President, Thai Airways International Public Company Limited