SET Announcements

May 14, 2004 To: President The Stock Exchange of Thailand Re: Resolution of the BOD's Meeting regarding the capital increase in subsidiary company Noble Development Public Company Limited (the "Company") would like to inform you that the Board of Directors' Meeting No. 5/2004 held on May 14, 2004 passed the resolution as follows: The Board of Directors unanimously approved the Company to invest in 4,000,000 newly issued shares of Continental City Company Limited (the subsidiary company which is 100 percent wholly owned by the Company), the price per share is Baht 100, totaling MB 400. Continental City Company Limited will use proceeds from the capital increase to repay debts owed to the Company. After the capital increase, Continental City Company Limited is still 100 percent wholly owned by the Company and its registered capital will be increased from MB 40 to MB 440. Please be informed accordingly. Sincerely, Sitti Leelakasamelerk Director