SET Announcements

November 25,1999 Re: Report the Exchange of the Conversion Right To: President The Stock Exchange of Thailand On November 15, 1999, Noble Development Public Company Limited ("The Company") issued and sold 30,000 units of the convertible debentures, the company would like to inform the SET for the result of exercise of the conversion right, details are as : Name and Address of No. of Convertible No. of Shares Issuance Convertible Debentureholders Debentures (Units) from Exercise of the Right (Shares) 1. Pracha Phonecards Co.,Ltd 15,000 450,000 637 Soi Vachiratumsatis 11 Sukhumvit 101/1 Road, Bangjak, Phakhanong, Bangkok 2. Osathanugrah Holding Co.,Ltd 15,000 450,000 2100 Ramkhumhek Road, Hua Mark, Bangkapi, Bangkok According to resolution of the extraordinary general meeting of shareholders No. 1/1999 of the company, the convertible debentures will be issued not to exceed 550,000 units, the shares reserved for conversion will not be exceed 16,500,000 shares and the ratio at which shares is issued upon conversion will initially be 1 debenture to 30 shares. On October 5, 1999, the Company issued and sold 275,000 units of convertible debentures which all of conversion right was exercised. For this time the Company issued and sold 30,000 units of the convertible debentures which all of conversion right was exercised also. The Company has right to issue and offer to sell the remaining of convertible debentures 245,000 units and the remaining 7,350,000 shares to reserved for conversion. Sincerely, Noble Development Public Company Limited _________________________________________________ (Kitti Thanakitaumnuay) (Sitti Leelakasamelerk) - 2 -