THAI Announcement After Board of Directors’ Meeting

Thai Airways International Public Company Limited held a Board of Directors’ Meeting, chaired by Mr. Srisook Chandrangsu, THAI’s Chairman, with the following results:

1. Appointment of the Audit Committee

The Board of Directors approved the appointment of the Audit Committee as follows:
1. Mr. Poonsap Piya-anant was appointed Chairman of the Audit Committee
2. Mr. Sansern Wongcha-um was appointed a Director of the Committee
3. Mr. Wissanu Krea-ngam was appointed a Director of the Committee
4. Professor Doctor Kesari Narongdej was appointed an Advisor of the Committee

2. Appointment of Independent Directors

The Board of Directors approved the appointment of the independent directors as follows:
1. Mr. Sumet Tantivejkul
2. Mr. Poonsap Piya-anant

3. Purchasing of Aircraft

The Board of Directors discussed and considered the purchase of THAI’s aircraft following the long-term plan 2000/1-2004/5 as follows:

In accordance with THAI’s state enterprise plan, the airline sought to purchase two Boeing 747-400 aircraft, numbers 15 and 16. Boeing proposed aircraft procurement estimates to THAI in July 2000 (base year), the equivalent of USD 142.7 million dollars. On delivery in May 2001 and June 2001, the cost of the aircraft will be equivalent to USD 155.1 and 155.6 million dollars, respectively.

The airline received an estimate from AVITAS and AVMARK on the price of Boeing 747-400 aircraft, including estimates for Typical BFE (Buyer Furnished Equipment) and Typical SCN (Special Change Notice) for the year 2000, being the equivalent of USD 146 and 148 million dollars. When the aircraft are delivered in May 2001, they would cost equivalent of USD 148.9 and 150.9 million dollars.

A special working group has been appointed by the Board to consider the price of the aircraft, according to the THAI’s long-term plan. The working group is comprised of the following persons:

1. Mr. Wisudhi Srisuphan - Chairman
Comptroller-General of the Comptroller General’s Department
2. Mr. Suranant Wongwityakamjorn,
Deputy Secretary-General, Office of the National Economic and Social Development Board
3. Mr. Teerasak Suwanayos
THAI’s Honorary Advisor
4. Mr. Sittipong Thanitayawong
THAI’s Senior Vice President for Corporate Planning and Government Relations

The committee helped provide necessary information to assist in aircraft price negotiation with Boeing. The result of negotiation with Boeing was that the committee was able to propose aircraft procurement pricing that was lower than that estimated by AVITAS and AVMARK and less than the estimate that had been proposed to the Board of Directors.

Therefore, THAI’s Board of Directors approved the airline’s plans to purchase the two Boeing 747-4000 aircraft according to the negotiated purchase price, which will be proposed at the next Shareholders Meeting.

4. Short-term Financing for Advance Payment of Two Boeing 747-400 Aircraft

THAI’s Board of Directors approved in principle for the airline to seek short-term financing in the amount of USD 128.0 million dollars (approximately THB 5,500 million baht) for advance payment to Boeing Commercial Airplane Group, for two Boeing 747-400 aircraft, number 15 and 16, by acquiring a short-term loan from the Ministry of Finance in the form of European Commercial Paper (ECP), or a lease rotating fund from the Government Savings Bank or Krung Thai Bank Public Company Limited or THAI’s Employees’ Savings and Credit Co-ops Limited, as a temporary source of finance until long term financing has been obtained.

5. Shareholders’ Meeting 1/2001

THAI’s Board has approved the date of the next Shareholder Meeting 1/2001, to be held on Tuesday, 13 February 2001, at 13.30 hours, in the Auditorium at THAI’s Headquarters. The register for transfer of shares, necessary in order to qualify for attendance at the Shareholders’ Meeting, will be closed as of Thursday, 25 January 2001 at 12.00 hours. The register will reopen after the Shareholders’ Meeting 1/2001 concludes, the agenda for which includes aircraft purchase according to the state enterprise plan of 2000/1-2004/5.

6. The Appointment of THA Management

The Board of Directors approves THAI Management Appointments, as follows:

1. Mr. Prajak Jamrusmechoti, Executive Vice President, Commercial, was appointed Executive Vice President, Human Resources & General Administration

2. Mr. Tasnai Sudasna na Ayudhaya, Executive Vice President, Human Resources & General Administration, was appointed Executive Vice President, Commercial

3. Mr. Suthep Suebsantiwongse, Vice President, Revenue Planning and Management, was appointed Executive Vice President, Customer Services

4. Sqn. Ldr. Pradith Vudhivate, Vice President, Aviation Personnel Development, was appointed Executive Vice President, Operations

5. Sqn. Ldr. Chamlong Poompuang, Vice President, Flight Operations, was appointed Vice President, Aviation Personnel Development

6. Sqn. Ldr. Udomchai Nandamanop, Deputy Vice President, Flight Operations, was appointed, Vice President, Flight Operations

7. Mr. Charnchai Singtoroj, Vice President, Sales and Distribution, was appointed Vice President, Revenue Planning and Management

8. Mr. Vasing Kittikul, Director, Commercial Promotion, and acting Director, Product Development, was appointed Vice President, Sales and Distribution

The appointments aim to increase the experience and skills of THAI’s management team, enabling them to effectively manage the airline at an international standard, as well as to replace former management members who retired at the end of September 2000. The appointments will be effective as of 15 January 2001.