Acc.016/2008 November 12, 2008 To: Secretary - General The Office of Securities and Exchange Commission, Thailand Subject: Clarification of Operating result for Q3/2008 Master Ad Plc. is the Out of Home Media providing advertising services and production on Billboard both in Outdoor and indoor area. For Q3/08 in the Separate Financial Statement,sales and services revenue represents 79.97 MB which is comparatively lower than that of Q3/07 by 1.74 MB. or by 2.13%. This basically resulted from decrease of job production. For net income for Q3/08 compared to Q3/07 has decreased by 4.24 MB or 86.96 % because in Q3/08 has up to allowance for doubtful debts by 7.82 MB for goods and services under barter trade For 9 month Y2008 in the Separate Financial Statement, sales and services revenue represents 259.92 MB which is comparatively higher than that of 9 month Y2007 by 22.09 MB.or by 9.29%. Net income for 9 month Y2008 compared to 9 month Y2007 has increased by 6.75 MB or 92.55 %. This basically resulted from remain a number of company's new minibillboards installed throughout the country. In the Consolidated Financial Statement, it shows that total revenue in Q3/08 was 113.54 MB while Q3/07 generated at 122.22 MB. The slight down 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 financial global and Q3/08 has up to allowance for doubtful debts by 7.82 MB for goods and services under barter trade have an effect net income Q3/08 lower than that of Q03/07 by 7.82 MB or by 66.62 % For 9 month Y2008 in the Consolidated Financial Statement, sales and services revenue represents 354.24 MB which is comparatively lower than that of 9 month Y2007 by 3.79 MB.or by 1.06%. Net income for 9 month Y2008 compared to 9 month Y2007 has increased by 7 MB or 33.87 %. This basically resulted impact of the above mentioned. Please be kindly informed accordingly. Yours sincerely, Noppadon Tansalarak Director Phiched Maneerattanaporn Director