Submission of F/S and Explanation for Profit Change

Translation 12 May 2004 Subject : Submission of Financial Statements for the quarter 1/2004 To : Director and Manager Stock Exchange of Thailand Enclosed please find the consolidated Financial Statements of Siam Makro Public Company Limited for the first quarter ended March 31, 2004 which have been reviewed by the Company's auditor. For the first quarter of 2004, the Company's profit before income tax was Baht 321 million, 24.6% over the same quarter last year. Net profit after tax was Baht 225 million, 18.5% growth over the same period last year. On March 31, 2004 we have opened our new store 24 in Sakon Nakhon province, which received favorable response from our customers in Sakon Nakhon and the provinces nearby. The higher profit was attributed mainly to the 16.5% increase in sales as the result of continuous growing in food sales and the opening of 3 new stores in Nakhon Si Thammarat, Chiang Rai and Sakon Nakhon. Please be informed accordingly. Yours faithfully, Siam Makro Public Company Limited Signature (Mrs. Suchada Ithijarukul) President