ACC.016/47 July 29, 2004 President The Stock Exchange of Thailand 62 Rachadapisek Road, Klongtoey Bangkok 10110 Subject : Report of utilization of capital raising from IPO II 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 30 June 2004 as follows. 1. Investment expansion in private property rental amount 24.45 million Baht 2. Billboard construction in property of State Railway of Thailand amount 164.47 million Baht 3. Refurbishment of structural works amount 3.18 million Baht Please acknowledge the above matter. Yours sincerely, Master Ad PLC ................................................... Noppadon Tansalarak President & CEO ................................................... Phiched Manerattanaporn Director