THAI Announces Results from Board of Directors’ Meeting

1. Approval of Contract Signing for THAI’s New President

THAI’s Board of Directors has agreed to the signing of a contract with Mr. Kanok
Abhiradee, as proposed by the Ministry of Finance, who will officially begin his
term as Thai Airways International Public Company Limited’s next President on 2
May 2002.

2. Completion of Payment on Aircraft Loan for Airbus A310-200 Aircraft No. 1
(HS-TIA)

THAI’s Board of Directors has granted approval to complete payment on the
aircraft loan, prior to the final payment date of the loan agreement for Airbus
A310-200 aircraft no. 1 (HS-TIA) on 25 September 2002 (Payment Date), in order
to decrease the loan interest rates paid by the airline and save payment of
interest rates by THB 78 million baht. THAI will formally advise the Ministry
of Finance of its actions 30 days in advance of completion of loan payment.

3. Consideration of THAI’s Company Regulations Concerning Donations, Issuance of Passenger Tickets, and Excess Baggage Allocation for Year 2002

THAI’s Board of Directors has approved the draft company regulations concerning donations, issuance of passenger tickets and excess baggage allocation for the year 2002, in order for there to be more transparency and clarity in future consideration and approval of these matters, in line with good management measures. The regulations give consideration to business interests and are based on airline business standards.

4. Announcement of THAI’s 5 Month Financial Results (October – February 2002)

THAI’s Board of Directors has acknowledged the report on THAI’s 5 month
financial results for transportation operations for the financial year 2001/
2002, for the period October 2001 – February 2002 (the period during which THAI
was affected by the events of 9/11 that took place in the United States). THAI
had 3,498 million ton kilometers in Available Ton Kilometers (ATK), compared to
3,479 million ATK in the same period last year. The airline had 2,356 million
ton kilometers in Revenue Ton Kilometers (RTK), compared to 2,459 million ATK in the same period last year. This amounted to a load factor of 67.4%, compared to 70.7% in the same period last year and a cabin factor of 71.3%, compared to the same period last year. THAI has rearranged its flight schedule planning and
aircraft types based on market needs and demand for each region, following the
events of 9/11. As well, the airline decreased the frequency of domestic
flights on some routes, in order that they be flown by private Thai carriers
with effect from the end of November 2001.

THAI had a decrease in unit costs, when compared to the same period last year.
The drop in unit costs was due to decreased operational costs with regards to
aircraft fuel, the result of a decrease in fuel expense at approximately 31%.
Unit cost decrease was also due to a decrease in interest rates, which effect
aircraft loans and interest rate payments using floated interest rates. This
led to an improvement in THAI’s financial results, compared to the same period
last year.

The financial results for March 2002 amounted to 728 million ton kilometers in
Available Ton Kilometers (ATK), compared to 737 million ton kilometers during
the same period last year. The airline had 536 million ton kilometers in
Revenue Ton Kilometers (RTK), compared to 517 million ton kilometers for the
same period last year. This resulted in a load factor of 73.6%, compared to
70.1% during the same period last year. The cabin factor was 79.5%, higher than
the same period last year which was 75.9%, the increase resulting from the
recovery and improvement in the airline industry in the Asia-Pacific region.
Overall, THAI is confident that the financial results for this year will be
better than in past years.

5. Approval to Establish Special Unit for Management and Support of THAI’s
Investments at Suvarnabhumi Airport

THAI’s Board of Directors approved for the airline to establish a special unit
that will be responsible for the management and support of THAI’s investment in
Suvarnabhumi Airport and will also be responsible for coordination with related
internal and external functions. The special unit will be established in order
to manage THAI’s investments with consideration for maintaining quality
standards, in the airline’s best interest, since the airport investment is
substantial. This project is related to business unit operations and the
airline’s long-term operations.

The Office for the Support of Investment Projects will serve as the responsible
function for a period of approximately 5 years or until the project reaches
completion and will report directly to the Project Management Committee at
Suvarnabhumi Airport, which is chaired by THAI’s Executive Vice President,
Corporate Development and Support.

6. Flights Routed Through Afghanistan

THAI’s Board of Directors acknowledged that flights have resumed through
Afghanistan air space, the suspension of which resulted from the events of 9/11,
since the situation in that area has improved. The Afghan civil aviation
authority has officially announced the opening of Afghanistan air space for
flights operated by commercial airlines. It was therefore approved that THAI
would operate flights during the Summer Schedule 2002, 31 March – 26 October
2002.

Since the flight path passing through Afghanistan air space is the shortest
distance flown from Bangkok to Northern Europe, resuming THAI flights routed
through Afghanistan will save flight time, reduce air traffic congestion, and
reduce overall costs. With regard to travel convenience and concerns for air
safety in flying over Afghanistan, THAI received advisories from the
International Air Transport Association (IATA) and International Civil Aviation
Organization (ICAO) that these authorities had installed air traffic monitoring
devices to facilitate air traffic communications. Other airlines that have
resumed flights passing Afghanistan are British Airways, Scandinavian Airlines,
Lauda Air, Pakistan Airlines, Aeroflot, and Finnair. Scandinavian Airlines
employees confirmed that flights via Afghanistan were operated safety.

THAI previously flew flight paths bypassing the country of Afghanistan enroute
to Europe as a result of the events of 9/11 that took place in the United
States, which caused concerns for air safety and Afghan civil aviation
authorities closed Afghanistan air space on 16 September 2001.