ACC.001/47 29 January,2004 President The Stock Exchange of Thailand 62 Rachadapisek Road, Klongtoey Bangkok 10110 Subject : Report of utilization of capital raising from IPO According to the capital raising from the IPO of 25,000,000 common Shares at the price of Baht 8 per share, amounting to Baht 200,000,000 and the net money received of Baht 192,100,000 after the IPO expense, we Master Ad PLC. (The Company or Maco) hereby report the capital Utilization as of 31 December 2003 as follows. Object Money Allocation Actual Remaining According to Prospectus Spending (Million Baht) (Million Baht) (Million Baht) 1. Investment expansion in 90 -110 4.2 85.80-105.80 private property rental 2. Bill board construction in 120 - 140 93 30-47 Property of State Railway Of Thailand 3. Refurbishment of 10 - 40 1.7 8.3-28.3 Structural work Total 220-280 98.9 121.10-181.10 Please acknowledge the above matter. Yours sincerely, Master Ad PLC. Noppadon Tansalarak President & CEO Phiched Manerattanaporn Director