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

BackFeb 22, 2007

February 22, 2007

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 1.001 ordinary share at price of Baht 3.596 per share, the result of the 5th exercise on February 20, 2007 is as following:

1. Results of the exercise of warrants

- Number of exercising warrant-holders 44 persons
- Number of exercised warrants 2,732,750 units
- Warrants remaining after this exercise 20,357,050 units
- Number of ordinary shares issued for this exercise 2,735,479 shares
- Remaining number of ordinary shares reserved for the exercise of warrants 20,354,321 shares

2.The amount of money received from the shares issued through the exercise of warrants was 9,836,782.48 Baht

Furthermore, the company is in the process of issuing some additional shares reserved for the exercise of these warrants.

Please be informed accordingly.

 

Yours sincerely,

 

Mr. Pichet Vipavasuphakorn
Managing Director