ACC.012/2007 14 September 2007 To: Secretary - General The Office of Securities and Exchange Commission, Thailand Subject: Clarification of Operating result for Q3/2007 Master Ad Plc is the Out of Home Media providing advertising services and production on Billboard both in outdoor and indoor area. In Q3/07, net income from operation (consolidated financial statement in preliminary draft version) was 11.74 MB which has increased by 40.5% compared to 8.35 MB in Q3/06. This basically resulted from significantly reduced costs of goods and administrative expenses although its revenue decreased by 17% from 151.8 MB in Q3/06 to 125 MB in Q3/07. For collective 9 months performance in 2007, operating net income has dropped by 48.8% from 42.33 MB in 2006 to 20.68 MB in 2007. The factors of declining net income were adversely affected by sluggish advertising industry, mainly resulting from fluctuation of political and economic situation. Oil price hike also another impact of substantial advertising budget cut of big advertising spenders during such period. This therefore forced the industry to dramatically cut down advertising fee which definitely caused company's 9-month net income slowdown. Please be kindly informed accordingly. Yours sincerely, Noppadon Tansalarak Director Phiched Maneerattanaporn Director