SET Announcements

March 3, 2008 To: President The Stock Exchange of Thailand Re: Clarification of the effect from the change in the accounting policy Since January 1, 2007, Noble Development Public Company Limited "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 has been changed from the equity method of accounting to the cost method of accounting for investments in subsidiaries and associates presented in the separate financial statements. Consequently, the Company's consolidated and separate financial statements showed different net profit. The Company's consolidated financial statements for the year ended December 31,2007 reported the net profit of Baht 246.16 million and separate financial statements reported the net profit of Baht 41.27 million. In this regard, the change in such accounting policy only has an effect on the separate financial statement only and does not have any effect on the consolidated financial statements. Please be informed accordingly. Sincerely, Sitti Leelakasamelerk Director Authorized to sign on behalf of the Company