ACC.010/47 9 April 2004 President The Stock Exchange of Thailand 62 Rachadapisek Road, Klongtoey Bangkok 10110 Subject : Clarification of Investment In Master & More Co.,Ltd. Master Ad PLC ("MACO" or "the Company") would like to clarify about the acquisition in Master & More Co.,Ltd. (M&M) in order to provide shareholders and investors the clear information so that decision making of trading Maco's Securities can be made appropriately. The additional details are. The additional investment in M&M is to purchase 330,000 shares from Clear Channel Pacific PTE Ltd. The M&M's share price is proposed by the seller who used Enterprise value (EV) as a basis for evaluation and not by the unavailable market value of the company. The agreed share price is evaluated by ENTERPRISE VALUE (EV) at 103.09 Baht/share. (Whereas the book value is 29.26 Baht/share) The calculated P/E Ratio at the agreed share price is 5.79 which the Company considered that the price is appropriate compared with its financial performance in 2003. There fore, the Company considered it was worthwhile to acquire more shares in M&M. Please be informed accordingly Yours sincerely, Master Ad PLC. Noppadon Tansalarak President & CEO Phiched Maneerattanaporn Director