SET Announcements

June 17, 2002 To: President The Stock Exchange of Thailand Re: Information regarding the exercise of warrants (NOBLE-W1) According to inquires of the investors and warrant holders of Noble Development Public Company Limited about the procedures to exercise the warrant in the event that the average price of the ordinary shares of the Company (the calculation will be based on the closing price of the ordinary shares of the Company which are traded on the Stock Exchange of Thailand at the end of daily trading period of any 15 consecutive business day period) reaches Baht 8. The Company would like to inform that on June 14, 2002 the average price of the ordinary shares of the Company, the calculation based on the closing price of the ordinary shares of the Company which are traded on the Stock Exchange of Thailand at the end of daily trading period of any 15 consecutive business day period, already reached Baht 8, The procedures to exercise the warrants will be as following, 1. The Company will call the Board of Directors Meeting by June 21, 2002 to consider and resolve the matter in relation with the exercise of the warrant, which will be the last exercise and the Company will inform the last exercise date and related information via the R-SIM and also announce the said information in a Thai and an English newspaper for 3 consecutive days after the Company's Board of Directors pass the resolutions as follows: - Number of warrants, exercise price and exercise ratio - The closing date of the warrant register book of the Company. The Company will close the warrant register book 21 days prior to the last exercise date. If the Board of Directors have the resolution, the Company will close the warrant register book from July 16, 2002 to August 5, 2002. - The date of "SP" sign posting to halt the warrant trading will last until the exercise process is completely implemented. If the Board of Directors have the resolution on the closing date of the warrant register book as mentioned, the date of "SP" sign posting will start from July 11, 2002, which is 3 business days before the closing date of the warrant register book. - If the Board of Directors have resolution, the last exercise date will be on August 6, 2002. The warrant holder can submit the intention within 15 days before the exercise date. The Company will re-announce the said notification in a Thai and an English newspaper for 1 day prior to the subscription period. 2. The Company will send the above notifications to the warrant holders whose names appear on the latest warrant register book. 3. To remind the warrant holders about the exercise, the Company will re-announce the details of the exercise in a Thai and an English newspaper for 2 consecutive days prior to the date of "SP" sign posting. 4. After the warrant register book of the Company is closed, Thailand Securities Depository Company limited, the Company's securities registrar, will dispatch the documents to the warrant holders whose names appear on the date that the warrant register book is closed. The Company will utilize the proceed from exercise the warrants to invest in acquiring the new assets for business expansion, the return of the projects shall not be less than 25%. Please be informed accordingly. Sincerely, Kitti Thanakitamnuay Managing Director