The Date For Exercising Of Warrants (AP-W1)

BackMar 02, 2006

Date: March 2 , 2006
     
      RE: The date for exercising of Warrants (AP-W1)
     
      Attn: Director and Manager
               The Stock Exchange of Thailand
     
            According to the allotment of the warrants (AP-W1), which could be
      exercised every three months, to the existing shareholders on August
      15, 2001,  please be informed that the 16th exercise date will be on
      March 30, 2006.  The warrantholders who would like to exercise
      warrants can submit an exercise notice to the Company from March 13,
      2006 to March  30, 2006 on the business days at 8.30 a.m. to 4.00 p.m.
      The exercise ratio is 1 unit of warrant for 1.00165 ordinary shares at the
      price of Baht 0.998 each ( par value 1 baht ).  The contact person is:
     
      Mr. Opas Ruangrajitpakorn
      Finance Division, Asian Property Development Public Company Limited
      170/57,18th Floor, Ocean Tower Building 1,Opposite  Queen Sirikit
      National Convention
      Center, Rachadapisek  Rd., Klongtoey, Bangkok  10110
      Tel. 0-2261-2518-22 Fax. 0-2261-2548-9
      
     
      For your acknowledgement.
     
      Yours faithfully,
     
      Mr. Pichet Vipavasuphakorn
      Managing Director