31 July 2002, Thai Airways International Public Company Limited held a Board of Directors’ Meeting, chaired by Mr. Thanong Bidaya, THAI’s Chairman, with the following results:

1. Progress on THAI’s Privatisation Plan

The Board of Directors agreed to terminate the hiring contract of THAI’s financial consultant group comprising Credit Suisse First Boston, JP Morgan (Thailand) Limited and Asset Plus Securities Company Limited.

The Board of Directors approved six out of ten top financial and securities companies in Thailand as THAI financial consultants in the sale of the company’s shares as proposed by THAI sub-committee, established to consider the share increase.

In addition, the board also approved the hiring of one out of six financial public relations consultants to promote the sale of THAI shares. The promotion of state enterprise share sales requires specific expertise and experience in this field. THAI plans to complete its share distribution within October this year.

2. Appointment of Good Governance Committee

The Board of Directors approved the appointment of THAI’s Good Governance Committee comprising the following members:

1. Mr. Borwornsak Uwanno - Chairman
Director, THAI’s Board of Directors
2. Mr. Kobchai Srivilas - Committee member
Representative from THAI’s Management
3. M.R. Supadis Diskul - Committee member
Representative from THAI’s Management
4. Mr. Chotesak Arsapaviriya - Committee member
Vice President, Small Industry Finance Corporation
5. Mrs. Ngamnit Sombutpibul - Committee member
THAI’s Vice President, Accounting

The committee is entrusted with auditing power and able to make proposals to the
Board of Directors in order to ensure good governance according to internationally accepted standards and the regulations set by the Ministry of Finance and the Stock Exchange of Thailand.

3. Management Appointment

The Board of Directors approved the appointment of Air Chief Marshal Narongsak
Sangkapong, Advisor to the National Defense College, Royal Thai Air Force, as Executive Vice President, Special Project Department to oversee the investment at Suvarnabhumi Airport.

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