SET Announcements

February 24, 2009 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 for the year ended December 31, 2008 reported net profit of Baht 348.67 million,changed more than 20 percent compared to Baht 246.16 million of net profit for the previous year. The Company would like to clarify that the change of the performance is mainly due to 1. For the year 2008, the Company recorded revenue from real estate development business of Baht 2,313.07 million, increasing by Baht 109.96 million comparing to the previous year. Cost of Sales for the year 2008 increased only Baht 3.57 million comparing to the previous year. 2. Gross profit margin from real estate development business for the year 2008 was 39.9 percent, increasing from 37.1 percent of the year 2007. 3. Selling and administrative expenses for the year 2008 equaled to 18.3 percent of revenue from sales and services, decreased Baht 19.81 million from the year 2007,which equaled to 19.7 percent of revenue from sales and services. The decrease of Selling and administrative expenses was mainly due to the change of business of Playground store from retail to rental. 4. For the year 2008, the Company's net profit margin before income tax and net profit margin were 21.7 and 14.8 percent respectively, which increased from 16.8 and 10.7 percent of the year 2007. Please be informed accordingly. Sincerely, Sitti Leelakasamelerk Director Authorized to sign on behalf of the Company