ACC.018/47 11 August 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 quarter 2 of year 2004 For 6 Month The over 20 % fluctuation in operating results compared to the Quarter 2 of year 2003, mainly arose from the success in both of increase in the revenue of out of 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 Tunsalarak President & CEO Phiched Maneerattanaporn Director