IRS.002/2009 February 26, 2009 To: Secretary - General The Office of Securities and Exchange Commission, Thailand Subject: Clarification of Operating result for Y2008 Master Ad Plc. is the Out of Home Media providing OHM Solutions to the market. For Y2008 in the Separate Financial Statement, sales and services revenue represented 347.83 MB which was comparatively higher than 318.60 MB of Y2007 by 29.23 MB, or 9.18% increase. This basically resulted from Mini Billboard installed throughout the country. Therefore,operating profit increased by 14.20 MB from 2007 to 2008 or equivalent to 103% growth.Since subsidiary company paid dividend in Y2008 less than in Y2007 by 13.32 MB togetherwith impairment on investment in associated company by 11.44 MB, Net Income for Y2008 declined by 12.29 MB or 19.84% compared to 2007. With the Consolidated Financial Statement, it showed that total revenue in Y2008 was 475.93 MB while Y2007 generated at 473.56 MB which represented growth YOY by 2.36 MB or 1%.However, Cost of sales & services in 2008 surged up by 9.31 MB or 3.38% compared to that of 2007. 2008 Bad debt allowance was also set with 8.7 MB higher than 2007. This led to lower operating profit in 2008 compared to 2007 by 13.62 MB. Nevertheless, the company paid efforts in cash and credit management that led to lower interests paid by 1.83 MB and higher return on short term investment and deposits by 1.17 MB. In addition,allocation of income in Y2008 increased and thus caused the higher net income in Y2008 by 8.41 MB or 29.86% Please be kindly informed accordingly. Yours sincerely, Noppadon Tansalarak Director Phiched Maneerattanaporn Director