SET Announcements

Noble Development Plc announced spending of proceeds gained from offering capital-increase shares during May 6-8, 1997 as follows: (in m baht) Projects projected amount spending 1. present project improvement 57 69 2. land purchase for future 57 -0- projects 3. repayments for loans 50 50 4. working capital 9 54 total 173 173 The company would like to clarify for amount spent obviously different from projected amount: 1) The company spent those fund on the projects -- Noble House Phyathai, Noble Choice Vibhavadi, Noble Choice Pinklao and Noble House Ruamrudi -- with the rate of 43%, 35%, 14% and 8% respectively. 2) The severely volatile economy drove the company to dicide on reversion from projected objective to spend those proceeds on purchase plots of land and suspend number of projects. 3) and 4) The company repaid Bt50 m for loans and the other equivalent to Bt54 m was deposited as promisory notes.