ACC.008/2007 14 May 2007 To: Secretary-General The Office of Securities and Exchange Commission, Thailand Subject: Clarification of Operating result for Q1/2007 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 Q1/2007, company's operating revenue resulted at 123.24 MB which relatively declined by 13.06 MB or accounted for 10% compared to that of Q1/2006 which was at 136.31MB. In terms of net income, it has comparatively decreased by 18.40 MB from 19.73 MB in Q1/2006 to 1.32 MB in Q1/2007. The major reasons of substantial net income decrease for the Q1/2007 against Q1/2006 were; the significant increase costs and operating expenses which represented for 7.3 MB whereas revenue diminished by 13.06 MB as aforementioned. This mainly resulted from relocation of the number of billboards in compliance with long term valuable customer needs, causing revenue opportunity loss and additional expenditure for such removal and re-installation. Added to operating expenses was somewhat higher office rental fees of 2007 compared to the same period of 2006. Further, an associated company took loss of its operation for the period of Q1/2007 by 3.49 MB. With this situation, company has exerted utmost efforts to reform strategy in effectively achieving targeted sales revenue and reducing costs to meet company's goals for the year 2007. Please be kindly informed accordingly. Yours sincerely, Noppadon Tansalarak Director Phiched Maneerattanaporn Director