IRS.006/2009 May 14, 2009 To: Secretary - General The Office of Securities and Exchange Commission, Thailand Subject: Clarification of Operating result for Quarterly 1/2009 Master Ad Plc. is the Out of Home Media providing OHM Solution to the market. For Q1/2009 in the Separate Financial Statement, sales revenue represented 72.59 MB which was comparatively lower than of Q 1/2008 by 18.55 MB, or 20.35 % decrease. This basically resulted from revenue loss Don Muang Airport Billboard as the contract was expired.Moreover, the world economic crisis has affected overall advertising industry which accordingly has crashed company's revenue Q1/2009 significantly. In light of net income comparison between Q1/2009 and Q1/2008 there was decrease by 56.62 %. Major reason was from substantially reverted revenue on debt allowance of 3.85 MB during Q1/2008 and significantly lower revenue in Q1/2009. With the Consolidate financial Statement, it showed that operating income in Q1/2009 was 13.86 MB decrease from Q1/2008 by 2.05 MB or 12.90 %, because Q1/2009 had increase of expenses promotion for compensate to client at loyalty with MACO and effect to net income Q 1/2009 decrease from Q 1/2008 by 2.64 MB or 20.90 %. Please be kindly informed accordingly. Yours sincerely, Noppadon Tansalarak Director Phiched Maneerattanaporn Director