Submission of F/S and Explanation for Profit Change

Translation 14 May 2009 Subject : Submission of Financial Statements for the quarter 1/2009 To : Director and Manager Stock Exchange of Thailand Enclosed please find the Interim Consolidated and Company Financial Statements of Siam Makro Public Company Limited for the first quarter ended March 31, 2009 which have been reviewed by the certified public accountant. Revenues The global economic crisis together with the political unrest in Thailand caused the estimated 1st quarter GDP to contract at 5-6%. The country negative economic growth also impacted the Company's first quarter result. In the first quarter of 2009, the Company's consolidated sales of Baht 18,027 million decreased 1.1% from the same period last year due mainly to the fact that there were no sales of Makro Office Centre Co., Ltd. ("Makro Office Centre"), which was disposed on 1 June 2008, as well as lower sales of its subsidiary as a result of significant decline in tourism industry during this peak season. Consolidated revenues of Baht 18,536 million were 1.1% lower than same period last year mainly from the absence of sales of Makro Office Centre and less interest income. Gross Margin Gross margin during the 1st quarter was adversely affected by severe price competition and declining prices in commodity products such as vegetable oil, rice, etc. Additionally, the declined gross margin amount was also partly because there was no gross margin of Makro Office Centre, which was Baht 80 million in the 1st quarter of last year. Selling and Administrative Expenses Consolidated selling and administrative expenses were Baht 1,100 million, equivalent to 5.9% of total revenues and decreased from the same quarter last year by 6.2% mainly because there was no operating cost of Makro Office Centre and our tightening control of expenses. Financial costs increased by Baht 7.6 million from the same period last year because the Company borrowed more short term loans as reserve for future investment and to maintain proper liquidity position. Net Profit Net profit after tax was Baht 297 million, a reduction of 23.9% from the same period last year due mainly to the reduction of consolidated sales, interest income, gross margin and the increase of financial costs, as mentioned above. Please be informed accordingly. Yours faithfully, Siam Makro Public Company Limited Signature (Mr. Charoen Assawajarukasem) SET Coordinator Manager