ACC.009/2007 14 August 2007 To: Secretary General The Office of Securities and Exchange Commission, Thailand Subject : Clarification of Operating result for Q2/2007 Master Ad Plc is set to provide services of advertising media in the area of Out of Home Media sector, particularly Outdoor Billboard. For the period of Q2/2007, company s operating revenue resulted at 123.45 MB which relatively declined by 7 MB or accounted for 6 % compared to that of Q2/2006 which was at 130.67 MB. In terms of net income, it has comparatively decreased by 6.62 MB from 14.25 MB in Q2/2006 to 7.62 MB in Q2/2007. The major reasons of substantial net income decrease for the Q2/2007 against Q2/2006 were significantly dropping media revenue resulting from CBD City Vision & Siam Square concession expiration associating with Railway Media contract termination. Meanwhile, existing media on hands had confronted price war as a consequence of Thailand s sluggish economy leading to lower average income per media panel for the same consistent period. With this situation, company has formulated new policies and strategy to conduct new media and operational processes to cope with increasing stiffcompetition and accordingly changing demands of clients to regain revenue mark as planned in the beginning of this year whereas costs efficiency in 2nd half of this year will be far more focused than that of 1st half. Please be kindly informed accordingly. Yours sincerely, Noppadon Tansalarak Director Phiched Maneerattanaporn Director