SET Announcements

May 14, 2004 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 three months period ended March 31, 2004 reported net profit of MB 74.23 comparing to the same quarter of the previous year, which recorded net profit of MB 165.92, 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 first quarter of the year 2004, the Company recorded revenue from sales totaling MB 325.66, decreased by 55.8 percent comparing to MB 737.59 for the same quarter of the previous year. The decrease in revenue from sales was due to the Company's policy to sell pre-build house, therefore, the Company accelerated the construction to supply the rise in demand during the end of last year, when the government decided not to extend tax incentives after the year 2003. 2. The Company's gross profit margin for the first quarter of 2004 was 37.9 percent increased from 31.4 percent in the same quarter of last year, and the Company's net profit margin was 22.8 percent increased from 22.5 percent. 3. Interest expense for the first quarter of 2004 was MB 1.78 decreased from MB 7.0 of the previous year. 4. Selling and administrative expenses increased by 8.6 percent comparing to the same quarter of the previous year because of the increase in marketing expenses and the Company's Gain from exchange rate increased MB 21.9 . Please be informed. Sincerely, Sitti Leelakasamelerk Director