SET Announcements

Report of Disposition of Assets Noble Development Public Company Limited Schedule (1) 1.Transaction Date. On October 21, 1999, the transfer of assets occurred in accordance with the debt restructuring agreement dated September 29, 1999. 2.Parties Involved. Transferor :The Subsidiaries in which Noble Development Public Company Limited ("the Company") holds 99.99% of shares as follows: 1. Wipa View Co., Ltd. 2. World Time Holding Co., Ltd. Transferee :Bank of Ayudhaya Public Company Limited The Company and its subsidiaries do not have any relationship with Bank of Ayudhaya Public Company Limited except debtor-creditor relationship. 3.The General Characteristics of the Transaction. In accordance with Clause 2 and Clause 3 of the Notification of the Stock Exchange of Thailand Re: Rules, Procedures and Disclosure of Information concerning the Acquisition and Disposition of Assets of Listed Companies, The transactions are categorized as "Class 2 Transaction" based on the information from the Reviewed Consolidated Financial Statement as of June 30, 1999. The details are as follows : Rule 1 :The value of assets disposed of Book value of assets disposed of = 777.54 Million Baht Total assets of the Company and = 3,219.96 Million Baht its subsidiaries = 24.15% Rule 2 :The net after tax profit - N/A - Rule 3 :The total value of consideration received The total value of consideration = 469.23 Million Baht received Total assets of the Company and its = 3,219.96 Million Baht = 14.57% subsidiaries = 14.57% Rule 4 :The value of securities that are issued by listed - N/A - 4.The details of assets transferred for debt settlement 4.1 Land Owner : Wipa View Co., Ltd. Location : Toong See Kun, Donmuang, Bangkok Title Deed : 200 Title Deeds Total Area : 115-3-54.10 Rai Status : Mortgaged to Bank of Ayudhaya Public Company Limited 4.2 Condominium Owner : World Time Holding Co., Ltd. Location : Payathai, Dusit, Bangkok No. of Units : 40 Units Total Area : 3,414.51 Square meters Status : Mortgaged to Bank of Ayudhaya Public Company Limited 5.The total value of the consideration. 5.1 Land Transferred for debt settlement totaling 366.13 Million Baht 5.2 Condominium Transferred for debt settlement totaling 103.10 Million Baht Total 469.23 Million Baht 6.The value of assets disposed of. (based on Reviewed Consolidated Financial Statement as of June 30, 1999) 6.1 Land - Book Value 648.55 Million Baht 6.2 Condominium - Book Value 128.99 Million Baht Total Book Value 777.54 Million Baht 7.The basis used to determine the value of consideration. The appraisal values from Bank of Ayudhaya Public Company Limited are used in accordance with the Debt Restructuring Guidelines of Bank of Thailand. 8.The amount of net after tax profit that is a part of assets disposed of. - N/A - 9.The profit expected to be generated as the result of the said transaction. 9.1 The Company benefits from the cancellation of guarantee obligation in which the Company had guaranteed the Subsidiaries' loans with Bank of Ayudhaya Public Company Limited,totaling 684.02 million Baht. 9.2 The Company is able to seek the strategic investors and to raise funds for the business expansion in the future. 9.3 Wipa View Co., Ltd. can reduce its debt with Bank of Ayudhaya Public Company Limited from 684.02 million Baht to 147.58 million Baht. In addition, the bank offers the special interest rates for the remaining debt at 5% p.a. for two years. 10. Sources of funds (In case of a purchase of assets) -N/A- 11. The proposed utilization of the proceeds. -N/A- (The transfers of assets to reduce loans are not cash transactions) 12. The issuance of securities for payment. -N/A- 13. The connected transactions. -N/A- Certified true and complete report. Signed (Sitti Leelakasamelerk) Director Signed (Thongchai Busrapan) Director