ACC.020/47 15 November 2004 President The Stock Exchange of Thailand 62 Rachadapisek Klongtoey Bangkok 10110 Subject: Clarification of Master Ad Pcl's Operating Results Master Ad Pcl., would like to clarify the over 20 % fluctuation in operating results of Master Ad Pcl., and its subsidiaries for the third quarter ended september 30,2004. Net profit for the third quarter of 2004 and earning pershare were 15 .19 million and Baht 0.12 respectively, which were lower than net profit and earning per share of the corresponding period of 2003 at Baht 19.23 million and Baht 0.19 or lower 21.04 % due to the cost of railway project. For in the nine-month period of 2004 net profit at 64.71 million or earning per share at 0.52 Baht were reported comparing to net profit of the same period of 2003 at Baht 50.37 million or earning per share at Baht 0.50 or growth 28.45 % mainly arose from the success in both of increase in the revenue 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. Pcl. Noppadon Tunsalarak President & CEO Phiched Maneerattanaporn Director