SET Announcements

November 12, 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 nine months period ended September 30, 2003 reported net profit of 539.65 MB, and 227.44 MB for the third quarter, comparing to 73.86 MB net profit 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 was mainly due to 1. The Company recorded revenue from sales in the third quarter of the year 2003 totaling 751.49 MB, increased by 149.6 percent comparing to 301.06 MB for the same period of the previous year. The increase in revenue from sales was partly from sales of 2 new projects launched in the third quarter. Revenue from sales in the third quarter comparing to the second quarter increased by 169.76 MB or 29.2 percent. 2. In order to stop sharing loss from investment in subsidiaries, in the third quarter of the year 2003, the Company disposed the investment in 2 subsidiaries, resulted gain totaling to 22.61 MB. 3. The Company's gross profit margin for the third quarter of the year 2003 equal to 33.4 percent and net profit margin equal to 30.3 percent, increased from 24.5 percent in the year 2002. The Company's net profit margin before Gain from sale of investment in subsidiaries equal to 27.3 percent. 4. The Company's selling and administrative expense equal to 7.4 percent of its revenue from sales, comparing to 13.2 percent in the third quarter of the year 2002. 5. In the third quarter of the year 2003, interest expenses decreased by 35.9 percent comparing to the same period of the previous year. Interest expenses for the period amounting to 5.90 MB which equal to 0.8 percent of revenue from sales, comparing to 3.1 percent in the year 2002. Please be informed. Sincerely, Sitti Leelakasamelerk Director