Submission of F/S and Explanation for Profit Change

Translation 18 February 2005 Subject : Submission of Financial Statements for the year ended December 31, 2004 To : Director and Manager The Stock Exchange of Thailand Enclosed please find the Consolidated and Company Financial Statements of Siam Makro Public Company Limited for the year ended December 31, 2004 which have been audited by the external auditor. In 2004 the Company's net profit after tax was Baht 1,107 million, up Baht 163 million from Baht 944 million in 2003 representing an increase of 17%. The increase in net profit was attributed to the higher consolidated sales of 14% to Baht 44,670 million, up from Baht 39,249 in the prior year, partly from our opening 6 new stores, better buying cost and ongoing cost control. During 2004, the Company has opened 6 new stores being Sakon Nakhon in March, Suphan Buri in May, Chanthaburi in July, Phuket in August, Roi Et in October and Trang in December and rolled out our remodeling format to a further 7 stores after the initial roll out at 3 stores in 2003. Please be informed accordingly. Yours faithfully, Siam Makro Public Company Limited Signature (Mr. Charoen Assawajarukasem) SET Coordinator Manager