SET Announcements

February 28, 2005 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, 2004 reported net profit of 334.61 MB, decreased by 55.2 percent comparing to 747.19 MB net profit in the year 2003, 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 year 2004 totaling 1,770.22 MB, decreased by 42.7 percent comparing to 3,087.22 MB in the year 2003. The decrease in revenue from sales was partly due to the slow down of the industry in overall. Moreover, the termination of tax measures in the year 2003 stimulated customers to buy and transfer houses, revenue from sales in the year 2004 significantly decreased comparing to the year 2003. Revenue from sales in the forth quarter equal to 517.50 MB, increased by 49.19 MB or 10.5 percent comparing to the third quarter. 2. In 2004, the Company had gross margin equal to 39.8 percent, increased from 32.1 percent in the year 2003. The increase was due to the sales recognition of the condominium project, total sales of 1,140 MB, of 380 MB in the year 2004 which had high gross margin. The construction of the said project is expected to complete by the year 2005. In addition, the pre-build house policy provided the Company to control construction cost efficiently. 3. The Company recorded selling and administrative expenses in the year 2004 totaling 423.75 MB, equal to 23.9 percent of its revenue from sales, comparing to 9.6 percent in the year 2003. The increase was mainly due to the termination of government's tax measures, resulted in the increase in business tax and transfer fee for the year 2004 approximately 60 MB. The Company's selling and marketing expenses increased from 3.8 percent of revenue from sales in the year 2003 to 8.2 percent in the year 2004. 4. In the year 2004 the Company's interest expense was 5.16 MB, decreased from 26.30 MB in the year 2003, or decreased by 80.4 percent. Interest expense in the year 2004 equal to 0.3 percent of revenue from sales, comparing to 0.9 percent in 2003. Please be informed. Sincerely, Thongchai Busrapan Director Authorized to sign on behalf of the Company