ACC.002/2008 25 February 2008 To: Secretary General The Office of Securities and Exchange Commission, Thailand Subject: Clarification of Operating result for year 2007 Master Ad Plc is the Out of Home Media providing advertising services and production on Billboard both in outdoor and indoor area. For the Separate Financial Statement, annualrevenue of 2007 accounted for 396 MB compared to 388 MB of 2006, which increased by 7.6 MB or equivalent to 2.06%. In 2007, the company also realized income from subsidiary company s dividend of 54.96 MB which partly represented the increase in 2007 revenue. In terms of sales revenue, it relatively decreased by 50.16 MB. This was mainly because advertising spending had been squeezed and postponed from the adverse impact of economic slowdown in Thailand and uncertain political situation. Net Income in 2007 was approximately 6 times as much as was in 2006. This resulted from substantial decreases in Costs of Services by 14 MB or 6%, Sales & Administrative Expenses by 14 MB or 11%, asset impairment by 3 MB or 92% as well as dividend realization from subsidiary company by 50.16 MB.With Consolidated Financial Statement, total revenue in 2007 was 490 MB compared to 558 MB in 2006, reduced by 68.63 MB. Net Income in 2007 came out at 28.18 MB while in 2006 it generated at 29.47 MB that represented about 4.3% decrease. As the company s affiliates are mostly in the same industry, their business and financial performances were likewise inflicted by economic and political issues. Please be kindly informed accordingly. Yours sincerely, Noppadon Tansalarak Director Phiched Maneerattanaporn Director