SET Announcements

September 1, 2003 To : President The Stock Exchange of Thailand Re: Disposal of investment in Subsidiaries According to the resolutions of the Board of Directors Meeting No. 8/2003 held on August 29, 2003, Noble Development Public Company Limited (the Company) would like to inform that the Company disposed the investment of 1,999,994 shares in Wipa View Company Limited and 149,994 shares in World Time Holding Company Limited to an external party who has no relationship or connection to the Company and its subsidiaries, also not the connected transaction, and in order to maintain 100% of share holding in S&P Property Management Company Limited (the subsidiary of Wipa View Company Limited), the Company purchased 19,994 shares from Wipa View Company Limited. Total value of purchase and disposal of the investment was Baht 506,500. After the transaction, the Company holds 100% in S&P Property Management Company Limited and is no longer the shareholder of Wipa View Company Limited and World Time Holding Company Limited. As at June 30, 2003, Book value (Shareholders' Equity) of Wipa View Company Limited, World Time Holding Company Limited and S&P Property Management Company Limited are as follows: Unit: Million Baht Wipa View World Time Holding S&P Property Co.,Ltd. Co.,Ltd. Management Co.,Ltd. Issued and paid-up capital 200.00 15.00 2.00 Accumulated Loss 291.55 18.46 15.57 Book Value (Loss) (91.55) (3.46) (13.57) Please be informed accordingly. Sincerely, Sitti Leelakasamelerk Director