Report on the Result of Warrant Exercise (ESOP-W1)

BackFeb 22, 2006

February 21, 2006
       

        RE: Report on the Result of Warrant Exercise (ESOP-W1)
        To: The President
            The Stock Exchange of Thailand
       

        Referring to the allotment of the warrant of Asian Property
        Development Public Company Limited to Employees of the Company and
        its Subsidiaries under ESOP scheme No. 1 totaling 34,000,000 units at
        the exercise ratio at 1 warrant per 1 ordinary share at price of Baht
        3.60 per share, the result of the 1st exercise on February 20, 2006
        is as following:
        1. Results of the exercise of warrants
        -Number of exercising warrant-holders               11         persons
        -Number of exercised warrants                       667,600    units
        -Warrants remaining after this exercise             33,332,400 units
        -Number of ordinary shares issued for this exercise 667,600    shares
        -Remaining number of ordinary shares
         reserved for the exercise of warrants              33,332,400 shares
        2. The amount of money received from the shares issued through the
        exercise of warrants was    2,403,360 Baht
       

        Please be informed accordingly.
        
        Yours sincerely,
        
        Mr. Pichet Vipavasuphakorn
        Managing Director