Acc.015/2008 August 13, 2008 To: Secretary - General The Office of Securities and Exchange Commission, Thailand Subject: Clarification of Operating result for Q2/2008 Master Ad Plc. is the Out of Home Media providing advertising services and production on Billboard both in Outdoor and indoor area. For Q2/08 in the Separate Financial Statement,sales and services revenue represents 88.71 MB which is comparatively higher than that of Q2/07 by 8.36 MB. or by 10.40%. This basically resulted from a number of company's new mini billboards installed throughout the country for one of its major accounts that started in this period again. Hence, net income for Q2/08 compared to Q2/07 has significantly increased by 2.55 MB or 123.70%.In the Consolidated Financial Statement, it shows that total revenue in Q2/08 was 120.27 MB while Q2/07 generated at 117.94 MB. The slight growth percentage in total revenue compared to that of Separate Financial Statement was primarily affected by subsidiary and associated companies declining sales revenue performance by impact from fluctuation of political, economic situation and oil price. However, net income of group still considerably increased by 3.51 MB or equivalent to 46.07% relative to last year's in the same period. However one of the key factors was shrinking operating expense that accounted for 4.99 MB or 14 %. Please be kindly informed accordingly. Yours sincerely, Noppadon Tansalarak Director Phiched Maneerattanaporn Director