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Clarification Of Operating Results Different More Than 20%

BackFeb 24, 2006

SF 070/06

                                     23 February 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 the year 2005 ended 31 December 2005 regarding the
regulation of The Stock Exchange of Thailand as follows:
          1.      Revenues
      Total Revenues was accounted for 475.30 Million Baht decreasing by
160.85 Million Baht or 25% compared to the same period last year.
      Recurring Income (Rental Income, Service Income, Utility Service
Income, and Other Income) was accounted for 338.66 Million Baht increasing by
125.50 Million Baht or 59% compared to the same period last year.
      Location Procurement Fee was accounted for 136.64 Million Baht
decreasing by 286.36 Million Baht or 68% compared to the same period last year.
It is due to the fact that in the year 2004 the company recognized the revenue
of 423 Million Baht by opening of new large shopping centers i.e. Petch Kasem
Power Center and Ekkamai Power Center.
          2.      Cost and Expenses
      Cost of Rental and Service was accounted for 247.66 Million Baht
increasing by 94.54 Million Baht or 62% compared to the same period last year.
          3.      Net Profit
      Net profit was accounted for 107.56 Million Baht decreasing by
102.82 Million Baht or 49% compared to the same period last year.
 
      In the year 2005, the Recurring Income and Cost of Rental and
Service increased from the last year as a result of the opening of 3 new
shopping centers i.e. Wanghin, Petch Kasem Power Center, and Ekkamai Power
Center.

       Please be informed accordingly.


                                       Sincerely Yours,


                                   (Mr. Somnuk Pojkasemsin)
 
                                          President