ACC.003/2007 27 February 2007 To: Secretary General The Office of Securities and Exchange Commission, Thailand Subject : Clarification of Operating result for year 2006 Master Ad Plc main is to provide services of advertising media in the area of Out of Home Media sector, particularly Outdoor Billboard. Operating Performance for FY 2006 in terms of Revenue remained similar to FY 2005 which is 558 MB and 556 MB respectively. Meanwhile, Net Income in 2006 has dramatically dropped compared to that of 2005 by 55%. The major reasons of substantial net income decrease were; the significant increase in Cost of Services which surged by 9% from 2005 to 2006. This was mainly because of the upturn of land rental fee, the additional concession fee and media assets depreciation for new media concessions. Furthermore, the increase in operating expenses accounts for 25% comparatively, which resulted mainly from doubtful debt allowance and administrative expenses. On the other hand, total revenue did not grow as planned as a consequence of Thailand fluctuating economy and unstable political situation, causing the intense price competition and clients advertising spending cuts. Please be kindly informed accordingly. Yours sincerely, Master Ad.Plc. Noppadon Tansalarak Director Phiched Maneerattanaporn Director