Acc.017/47 Date : July 30, 2004 Subject : Report the Utilization of Capital from IPO Attention : Director and Manager The Stock Exchange of Thailand As Master Ad Public Company Limited has reported the utilization of capital from IPO, we would like to inform you more information about the investment in advertising media construction in area which we are given the right to manage the benefit from The State Railway of Thailand in the amount Baht 164.47 million. This amount can be separated as follows ;- 1. The land rental Baht 35.41 million 2. The expense in structure constructionBaht 92.61 million 3. The cost of Letter of Guarantee and Fee Baht 36.45 million (not pay in cash but the value is equal to cash) The grand total amount in this project is Baht 164.47 million from the previous clarification in prospectus was Baht 120-140 million. The guarantee is the result from the investment in this project which we've to make the Letter of Guarantee issued by bank in contracting to install the advertising billboard in the land of The State Railway of Thailand. Please be informed accordingly. Yours Faithfully, (Noppadon Tansalarak) Chief Executive Officer (Tawat Meeprasertskul) Director