ACC.012/2008 May 14, 2008 To: Secretary - General The Office of Securities and Exchange Commission, Thailand Subject: Clarification of Operating result for Q1/2008 Master Ad Plc. is the Out of Home Media providing advertising services and production on Billboard both in Outdoor and indoor area. For Q1/08 in the Separate Financial Statement,sales and services revenue represents 91 MB which is comparatively higher than that of Q1/07 by 15 MB. or by 20.41%. This basically resulted from a number of company's new minibillboards installed throughout the country for one of its major accounts that started in this period. Hence, net income for Q1/08 compared to Q1/07 has significantly increased by 8.43 MB or 2369%. In the Consolidated Financial Statement, it shows that total revenue in Q1/08 was 119.8 MB while Q1/07 generated at 117.6 MB. The slight growth percentage in total revenue compared to that of Separate Financial Statement was primarily affected by subsidiary and associated companies declining sales revenue performance. However, net income of group still considerably increased by 11.5 MB or equivalent to 319.45% relative to last year's in the same period. One of the key factors was shrinking costs of services and sales that accounted for 7.4 MB or 9.29 %. Please be kindly informed accordingly. Yours sincerely, Noppadon Tansalarak Director Phiched Maneerattanaporn Director