Approval of the Share Sale in the Subsidiary and Appointment

Translation May 28, 2008 Subject : Approval of the Share Sale in the Subsidiary and the Appointment of the Company Secretary under the Resolution of the Board of Directors' Meeting No.4/2008 To : Director and Manager Stock Exchange of Thailand The Board of Directors' Meeting of Siam Makro Public Company Limited (the "Company") No. 4/2008 held on May 28, 2008 adopted the following important resolutions: - 1. Approval of the sale of the Company's entire equity interest in its subsidiary, Makro Office Centre Co., Ltd, to Office Club (Thai) Co., Ltd (the "Purchaser") and the entering into the Share Sale and Purchase Agreement with the Purchaser. The selling price is agreed at the base price of Baht 320 million plus an amount equaling the final excess cash of Makro Office Centre Co., Ltd. as of May 31, 2008. "Final Excess cash" is to be calculated on the basis of the current asset minus the current liability. However, the final excess cash is subject to adjustment (if any) as agreed by the parties under the share sale and purchase agreement, for instance, an adjustment resulting from further due diligence by the Purchaser. The Company expects that the share sale and purchase shall be completed within next week. Upon completion of the sale of such shares, Makro Office Centre Co., Ltd. will cease to be a subsidiary of the Company. In light of the SET's relevant regulations, the disposition of shares by the Company accounts for 2.62 % when considering the size of the transaction on the basis of the value of assets disposed of, compared with the value of the assets of the listed company and its subsidiaries, based on the Company's financial statements as of the first quarter (for the period ending 31 March 2008). This presents the highest result in comparison with the results of other relevant tests. For this reason, this disposition transaction does not constitute an acquisition or disposition of assets of the listed companies nor the connected transactions under the regulations prescribed by the Stock Exchange of Thailand. 2. Approval of the appointment of Ms. Nilobon Tangprasit as the Company Secretary under the Securities and Exchange Act (Amendment 4) 2008 with effective as from May 28, 2008. Please be informed accordingly. Yours faithfully, Siam Makro Public Company Limited Signature (Mr. Charoen Assawajarukasem) SET Coordinator Manager