Report on the Result of Warrant Exercise ESOP-W1 #2

BackMay 24, 2006

May 23, 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 2st exercise on May 22, 2006 is as
  following:
  1.Results of the exercise of warrants
  - Number of exercising warrant-holders 11 persons
  - Number of exercised warrants      949,500 units
  - Warrants remaining after this exercise 32,382,900 units
  - Number of ordinary shares issued for this exercise 949,500 shares
  - Remaining number of ordinary shares reserved for the exercise of
    warrants 32,382,900 shares
  2.The amount of money received from the shares issued through the
    exercise of warrants was 3,418,200 Baht
 
  Please be informed accordingly.
  
  Yours sincerely,
  
  Mr. Pichet Vipavasuphakorn
  Managing Director