ACC.011/47 14 May 2004 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 first quarter of year 2004. The over 20 % fluctuation in operating results compared to the first quarter of year 2003,mainly arose from the success in both of increase in the revenue of out of media (Trivision , Billboard and BTS City Vision) 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 Tunsalarak President & CEO Phiched Maneerattanaporn Director