ACC.013/2551 May 14, 2008 President The Stock Exchange of Thailand 62 Rachadapisek, Klongtoey Bangkok 10110 Subject: Clarification to make some changes in the 56-1 form Master Ad Public Co., Ltd. wishes to add information in the 2007 annual report (56-1 form) under the heading of risk factors in Section 1.3 as follows: 1.3 Risks from legal provisions on billboard control Master Ad has set a clear policy on its business operation in line with the Building Control Act of1979 and other related laws as well as ministerial regulations, Bangkok Metropolitan Administration's regulations or municipality regulations. However, in 2007, Master Ad received a notice from the Building Control Division, Department of Public Works about Master Ad's advertisement billboards incorrectly built and such information was disseminated in the Billboard and Advertisement Association's website on July 12, 2007. Consequently, Master Ad wishes to clarify about risks of being ordered to remove our billboards that may adversely affect MasterAd's financial status. In 2007, Master Ad's billboards were marked as incorrect, built different from the drawings or dangerous, most of which were built on the land of the State Railway of Thailand on Wiphawadi Rangsit Road. In fact, Master Ad built 113 billboard structures. Their construction was applied to the Department of Public Works based on the distance from Wiphawadi Rangsit Road to determine the maximal height of the billboards. Later, local officials asked us to correct the height of the billboards based on the distance from the Local Road instead. And eventually, the local officials withdrew its order on August 11, 2006. While the Building Control Division,Department of Public Works had not yet updated the information, Master Ad's billboards marked without license in fact belong to the land ownership holders or other entrepreneurs from whom Master Ad sub-rent the billboard structures. Master Ad has been attentive to its risk management concerning those legal requirements and has a policy to build billboards correctly licensed and sub-rent billboards instead investing in building new billboards. Master Ad has formed a working group to monitor related laws to make sure that legal amendments won't affect Master Ad's advertisement media, a major source of Master Ad's income. In addition, Master Ad is working closely with building structure and billboard auditors, registered with the Department of Public Works and Town & Country Planning to check and certify all the Master Ad's billboards. Investors and parties interested may have a look in the annual report (56-1 form) in the stock market's website http://www.set.or.th and the Office of the Securities and Exchange Commission http://www.sec.or.th or http://www.masterad.com/investor relation under Form 56-1 2007 from May 15, 2008 onwards. Please be informed accordingly Yours sincerely, (Noppadon Tansalarak) Director (Phiched Maneerattanaporn) Director