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

BackAug 25, 2006

August 25, 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 warrants 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
           unit per 1 ordinary share at price of Baht 3.60 per share, we
           would like to inform the result of the 3rd exercise on August
           21, 2006 that there was no warrants to be exercised.  As a
           result, the outstanding warrants are 32,382,900 units.
          
             Please be informed accordingly.
          
           
           Yours sincerely,
           
          
           Mr. Pichet Vipavasuphakorn)
           Managing Director