Noble China Reports First Quarter Results.

Business Editors

TORONTO--(BUSINESS WIRE)--May 10, 2000

Noble China Inc. (TSE:NMO) reported net earnings for the three months ended March 31, 2000 of $1.43 million ($0.14 per share) compared with $1.42 million ($0.13 per share) in the same period last year.

Net sales of Pabst Blue Ribbon beer by the Zhaoqing Noble Brewery (which represent sales to the Marketing Company) for the first quarter of 2000 were $14.2 million, $2.4 million lower than the previous year. The volume of Pabst Blue Ribbon beer sold by the Zhaoqing Noble Brewery was 30,000 tonnes (300,000 hectolitres) compared with 33,000 tonnes (330,000 hectolitres) in the same period last year. Total sales by the four breweries licensed to produce Pabst Blue Ribbon in China were 45,600 tonnes (456,000 hectolitres).

Overall sales of Pabst Blue Ribbon in China by the Marketing Company in the first quarter were 52,838 tonnes (528,380 hectolitres) which was slightly higher than the 52,563 tonnes (525,630 hectolitres) sold by the Marketing Company in the same period last year. The difference in sales reported by the breweries and the Marketing Company reflects sales by the Marketing Company from its inventory of finished goods during the first quarter of 2000. The sales from inventory follow a change of operational control of the finished goods warehouse from the Marketing Company to the breweries producing Pabst Blue Ribbon. For the Zhaoqing Noble Brewery, the change, which was effective January 1, 2000, will result in increased efficiencies and additional cost savings.

The higher net earnings were a result of reduced selling, general and administrative expenses which were largely offset by lower earnings at the Zhaoqing Noble Brewery which resulted from the lower volumes.

Joint Venture Profit Distribution

In February, the Zhaoqing Noble Brewery joint venture declared a cash distribution out of 1999 net profits, of which Noble's share is 61.2 million RMB (approximately Cdn. $10.8 million). The Company has received the first installment of approximately Cdn. $2.7 million. The balance is expected to be received in installments during the year.

Strategic Initiatives

In January, Noble retained George Taylor, former President and Chief Executive Officer of John Labatt Limited, to assist the Company regarding its ongoing strategic direction. A number of meetings have been held with various interested parties regarding initiatives that would enhance shareholder value. Several active discussions are currently in progress and the Company hopes to report shortly on progress in this regard.

Noble China Inc. holds a 60% interest in the Zhaoqing Noble Brewery which has a non-exclusive license to manufacture Pabst Blue Ribbon beer in Guandong Province. Noble has been awarded a 30-year exclusive license to brew and distribute Pabst Blue Ribbon throughout China, commencing November, 2003. Pabst Blue Ribbon is the largest selling foreign brand in China.

FINANCIAL SUMMARY
      For the three months ended March 31, 2000 and 1999 (dollars in
thousands except per share amounts)

                                              2000       1999
                                            --------  ---------

Net Sales                                   $ 14,180   $ 16,625
                                            -------------------

Income before Interest & Income Taxes

Zhaoqing Noble Brewery                         3,668      4,204
Corporate, amortization of
 goodwill, and other expenses                  (629)      (931)
                                            -------------------


Income before Interest & Income Taxes        $ 3,039    $ 3,273
                                            -------------------

Net Income                                   $ 1,429    $ 1,424
                                            -------------------

Net Income Per Share                          $ 0.14     $ 0.13
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