SET Announcements

August 9, 2007 To: President The Stock Exchange of Thailand Re: Declaration of the Operating Results of Noble Development Public Company Limited 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 six months ended June 30, 2007 reported net profit of Baht 49.06 million and Baht 44.51 million which 38.09 million and 33.77 million were the net profit from the second quarter respectively, changed more than 20 percent compared to Baht 74.29 million and Baht 71.54 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 construction of Noble Lite Condominium Project was finished in the second quarter of the year 2006. As a result, in the second quarter of 2006 the Company realized the revenue from condominium project of Baht 350 million, equaled to 65% of total revenue from real estate development business of Baht 537.85 million. However, comparing to the same period of the previous year, in the second quarter of 2007 revenue from single detached house projects increased more than 24%. The revenue from real estate development business in the second quarter increased 93% comparing to the previous quarter. In addition, as of June 2007, the Company has unrealized sale (backlog) of Baht 3,000 million. 2. In the second quarter of 2007, the gross margin from real estate development business was 37% decreasing from 40% at the same period in 2006. The gross margin in 2006 was higher than 2007 due to in 2006 the Company recorded revenue from condominium projects, which had higher gross margin, more than revenue from single detached house project. 3. Selling and administrative expenses in the second quarter of 2007 decreased 17% 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