MCOT Public Company Limited 63/1 Rama IX Road, Huaykwang Bangkok 10310 Thailand Phone +66 (0) 2201 6000 Fax +66 (0) 2245 1435 E-mail Contact@mcot.net Ref: MCOT/ 6100/600 February 28, 2008 The Stock Exchange of Thailand Attn: President Re: Clarification of the over 20 percent Changes in Operating Results Dear Madam: MCOT Public Company Limited is a media organization, whose major source of revenue derives from television and radio businesses. According to the Company's operating results for the Company's operating results in 2007 (for the period between 1 January - 31 December 2007), the Company's net profit was Baht 1,110.662 million, a 26% decrease from Baht 1,504.914 million of the year 2006. The clarification of such decline is detailed as follows: The Company's total revenues in 2007 were down 9% compared to those of the year 2006 due to the fact that the slump in the private and government spending for advertisement had affected to the first half of 2007 the Company's main revenues as TV & Radio revenues. In addition, customers withheld the advertising spending on Modernine TV during the changing period of the Company's management and policies in the first half of 2007. The 16% reduction in TV revenues for the year 2007 compared to those of the year 2006 was caused by the few reasons, such as the drop in the TV revenues caused by the drop in popularity for the TV programme after the programme reshuffle in January 2007, TV revenues reduction due to the lack of "Seasonal Programme" as "The Star" and no "Special Programme" as "World cup soccer", "Election campaign" in the first half of 2007 as shown in the second quarter of 2006 TV programmes. Moreover, the impact from the decline in total advertising spending on television in the first half of 2007, which fell 3% from that of last year, resulted in a decrease in Modernine TV's market share. Nevertheless, a 24% rise of total revenues in the second half of 2007 compared to those of the first half of 2007 is considered as an improvement. Sincerely yours, (Mr. Polchai Vinijchaikul) Vice President, Legal Affairs Office MCOT Public Company Limited Investor Relations Tel. 0 2201 6388 ,0 2201 6454 Fax: 0 2245 1854