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BEC World Plc. Consolidated Financial Statements for 2nd Quarter of 2004 Management Discussion and Analysis: Operating Results: The net profit of BEC World group for the 2nd quarter of 2004 is Baht548 millions, higher than that of the previous quarter by Baht117 millions thus an improvement of 27 percent as the group was able to increase its revenue, both the advertising sales revenue and revenue from other services. However, when compared this net profit with that of the same quarter of last year it is still Baht78 millions lower (i.e.-12%) due to higher costs and operating expenses. This year the group does not have the tax benefits that it enjoyed last year, as well Revenue: Advertising sales revenue for the 2nd quarter was Baht1,557 millions,20% higher than that of the previous quarter, partly because of seasonal factors. This is also 3% higher than that of the same period of last year as we were able to improve our non-primetime business even the loadings during the primetime were not as good as last year. Revenue from other services is higher than that of the previous period and that of the same period of last year as we were able to organize more events in line with the improvement of the general environment. However, other income, which comprises mostly returns on investment of our excess cash, was lower down in line with the amount of the cash after we had paid an interim dividend last December and the final dividend in May. Costs and Operating Expenses: Costs and operating expenses increased when compared with that of the previous period and that of the same period of last year in line with the increased revenue. The efforts to create a better opportunity outside the primetime together with the increase in the number of events we had organized and the fact that we were just moved into the new office are the main reasons of the inflation of costs and operating expenses. Financial positions: Our total assets at the end of the 2nd quarter increased when compared with that at the end of previous period and that at the end of last year in line with the increased amount of our net earnings. Majority of our assets is still in the form of cash, deposits with financial institutions or short-term investment in fixed income funds as usual, but more in the form of cash or cash equivalent to reduce the risk on interest rate change. In term of liabilities, the group has trade creditors, accrued expenses and tax payable in aggregate at the same level as that of the previous period. Shareholders' equity increased to Baht6,405 millions.