ACC.003/48 28 February 2005 President The Stock Exchange of Thailand 62 Rachadapisek Klongtoey Bangkok 10110 Subject: Clarification of Master Ad PLC's Operating Results Master Ad PLC would like to clarify the over 20 % fluctuation in operating results of Master Ad PLC and its subsidiaries for the year 2004. The over 20 % fluctuation in operating results compared to the year 2003, mainly arose from the success in both of increase in the revenued of out of home media (Trivision , Billboard , BTS City Vision and including Income from export in Quarter 1/2004 ) and decrease in the cost of sales of goods and services resulted from the cost improvement. Please be kindly informed accordingly Yours sincerely, Master Ad.PLC Noppadon Tansalarak President & CEO Phiched Manerattanaporn Director