SET Announcements

November 8, 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 consolidated financial statements of Noble Development Public Company Limited "the Company" reported the net profit of the Company and its subsidiaries for the nine months ended September 30, 2007 of Baht 153.54 million and the net profit for the third quarter of Baht 104.48 million, increased by 49.6 percent comparing to the same period of the previous year which reported net profit of Baht 69.85 million. The Company would like to clarify that the increase of the net profit is mainly due to 1. For nine months of the year 2007, the Company recorded revenue from real estate development business of Baht 1,371.67 million, which Baht 744.65 million came from the third quarter, increased by 40.2 percent comparing to Baht 531.01 million of the same period for the previous year.The increase of revenue from real estate development business was mainly due to the revenue recognition of Noble Remix,which has total sale of Baht 2,300 million. In addition, the success from sales of Noble Reflex in August 2007, the Company has unrealized sale (backlog) of Baht 3,500 million. 2. Selling and administrative expenses in the third quarter of the year 2007 equaled to 16.2 percent of revenue from sales and services, which decreased from 18.4 percent of the year 2006. 3. In the third quarter of year 2007, the Company's net profit before income tax margin and net profit margin were 20.3 and 13.6 percent respectively, which increased from 12.8 percent of the year 2006. 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. The Company's separate financial statements reported the net profit for the nine months ended September 30, 2007 of Baht 59.95 million and for the third quarter of Baht 15.44 million. 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