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Clarification Of Operating Results Different More Than 20%

BackMay 10, 2006

SF 151/06

                        10 May 2006

Subject:    Clarification of the operating results different from the same
period last year more than 20%
To:         President
        The Stock Exchange of Thailand

            Siam Future Development Public Company Limited would like to clarify
the operating results of three-month periods ended 31 March 2006 different from
the same period last year more than 20% regarding the regulation of The Stock
Exchange of Thailand as follows:
1.      Revenues
      Total Revenues was accounted for 204.73 Million Baht increasing by
132.44 Million Baht or 183% compared to the same period last year.
      Recurring Income (Rental & Service Income and Other Income) was
accounted for 107.58 Million Baht increasing by 35.30 Million Baht or 49%
compared to the same period last year.
      Location Procurement Fee from Esplanade (Ratchadapisek), Pattaya,
Phahonyothin, and Petchkasem Avenue (expansion) was accounted for 97.15
Million Baht increasing from the same period last year which there was no
such income.
2.      Cost and Expenses
      Cost of Rental and Service was accounted for 81.88 Million Baht
increasing by 31.88 Million Baht or 64% compared to the same period last year.
3.      Net Profit
      Net profit was accounted for 69.76 Million Baht increasing by 64.27
Million Baht or 1171% compared to the same period last year.
 
      In the 1st Quarter of the year 2006, the Recurring Income and
Cost of Rental and Service increased from the last year as a result of the
opening of 2 new shopping centers (Petch Kasem Power Center and Ekkamai
Power Center).

       Please be informed accordingly.


                        Sincerely Yours,


                     (Mr. Somnuk Pojkasemsin)
 
                            President