SET Announcements

November 15, 1999 Manager The Stock Exchange of Thailand Dear sir: According to the performance of Noble Development Public Company Limited and its subsidiaries for the nine months period ended September 30, 1999 reported net loss Bt255.06m decreased more than 20% from the same period of the previous year which reported net loss Bt125.20m. The company would like to clarify that the increase of the net loss mainly due to 1. Regarding the accounting standard about capitalization of the borrowing cost, the company recorded 1999 loan interest amount of Bt162.83m as interest expenses in profit and loss, which ever been recorded as part of development cost in balance sheet. Interest expenses in 1999 was significantly increased in statements of income and deficit. 2. The company reported net loss from debt restructuring Bt12.15m. According to the said debt restructuring, the company's liabilities were decreased in amount of Bt.323.24m. 3. Revenue from sales was decreased 30% comparing to 1998. Since in 1999, especially in the first half quarter of the year, the company had to cancel the previous year's sale contract whose customers could not made the transfer of ownership. However, the company's gross profit margin obviously increased from 26% gross loss to 14% gross profit. 4. In 1998, the company recorded gain on exchange rate amount Bt75.53m, but the company has non baht currency loan in 1999 account. Sincerely, Sitti Leelakasamelerk Director