SET Announcements

May 15, 2007 To: President The Stock Exchange of Thailand Re: Declaration of the Operating Results of Noble Development Pubic Limited Company and Subsidiaries According to the performance of Noble Development Public Company Limited "the Company" and its subsidiaries and Noble Development Public Company Limited for the three months ended March 31, 2007 reported net profit of Baht 10.97 million and Baht 10.74 million respectively, changed more than 20 percent compared to Baht 92.06 million and Baht 76.25 million of net profit at the same period for the previous year (restated to comply with the change of accounting policy). The Company would like to clarify that the change of the performance is mainly due to 1.The Company recorded revenue from real estate development business of Baht 495.30 million in the first quarter of the previous year, which was the revenue from condominium projects for Baht 253.77 million. For the first quarter of this year, the condominium projects, sold over Baht 3,000 million, have not met the criteria for revenue recognition. As a result, in the first quarter of 2007 the Company recorded Baht 214.20 million for the revenue from real estate development business. 2.The gross margin from real estate development business was 38.4% in the first quarter of 2007. 3.Selling and administrative expenses in the first quarter of 2007 decreased 19.6% from the same period of previous year. In addition, since January 1, 2007, the Company has changed the accounting policy to comply with the Thai Accounting Standard related to TAS 44 "Consolidated financial statements and accounting for investments in subsidiaries" and TAS 45 "Accounting for Investments in Associates",which were changed from the equity method of accounting to cost method of accounting for investment in subsidiary and an associate presented in the separate financial statements. Consequently, the Company's consolidated and separate financial statements showed different net profit. In any case, the change in such accounting policy has an impact to the separate financial statement only and does not have an impact to the consolidated financial statements. Please be informed accordingly. Sincerely, Sitti Leelakasamelerk Director Authorized to sign on behalf of the Company