SET Announcements

February 26, 2003 To: President The Stock Exchange of Thailand Re: Declaration of the performance of Noble Development Public Company Limited and its subsidiaries According to the performance of Noble Development Public Company Limited and its subsidiaries for the year ended December 31, 2002 reported net profit of 265.18 MB comparing to 130.64 MB net loss for the same period of the previous year, the Company would like to clarify that the change of the performance more than 20% compared to the previous year is mainly due to 1. In the year 2002, the Company recorded revenue from sales totaling 1,049.45 MB, increased by 911.12 MB compared to the year 2001. Revenue from sales of the forth quarter totaling 389.42 MB, increased from the third quarter by 88.36 MB or 29 percent increase. 2. Gross profit for the year 2002 totaling 357.40 MB, equal to 34 percent of revenue from sales. 3. In the fourth quarter of 2002, the Company recorded selling and administrative expenses totaling 38.71 MB, 10 percent of revenue from sales, comparing to 13 percent in the third quarter. For the year 2002, the Company recorded selling and administrative expenses totaling 152.29 MB. 4. Interest expense in 2002 was 4 percent of revenue from sales, comparing to 14 percent for the year 2001. The Company's debt to equity ratio was 0.49, decreased from 2.67 of 2001. Please be informed. Sincerely, Sitti Leelakasamelerk Director