Submission of F/S and Explanation for Profit Change

Translation 6 November 2009 Subject : Submission of Financial Statements for the quarter 3/2009 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 third quarter ended September 30, 2009 which have been reviewed by the certified public accountant. Revenues The Company's consolidated performance in the third quarter improved from those in the first and second quarter of the year. We finished the quarter with total revenues of Baht 19,292 million, a growth of 5.8% over the same quarter last year. This growth was mainly contributed by same stores (41 stores) sales and sales from two new stores; Store 42 (Ram Inthra) and Store 43 (Chumphon) opened in June and July respectively. Service income in this quarter grew 10.9% and other income decreased by 58% as other income of this quarter had no gain from disposition of idle land in the third quarter last year. Gross Margin The absolute amount of gross profit margin rose by 13% from the same quarter last year. The percentage of gross margin to sales was 7.4%, up from 7% of the same quarter last year mainly contributed by new store expansion, change in sales mix and decrease in transportation cost. Selling and Administrative Expenses The consolidated selling expenses increased by 9.2% from the same quarter last year mainly from the expenses of the two new stores mentioned above and pre-opening expenses of stores under construction. The consolidated administrative expenses increased by 52.2% due mainly to the one time cost of entire business transfer of Makro Properties Ltd. (the subsidiary whose 99.99% shares are held by Siam Makro Public Company Limited) to Siam Makro Public Company Limited, cost of Business Continuity Project and higher personnel cost from fulfillment of several positions. Net Profit Consolidated net profit before tax was Baht 566 million, decreased 16.1% from the same quarter last year due mainly to the two non-recurring transactions related to disposition of the idle land in last year and cost of the entire business transfer incurred in this quarter as earlier mentioned. The net profit after tax was Baht 386 million, 17.5% lower than same period last year. On comparison with the net profit after tax without a non- recurring gain from divestment of idle land and the one time cost of entire business transfer of Makro Properties Ltd., consolidated net profit after tax would have increased by 4.8% from same period last year. Please be informed accordingly. Yours faithfully, Siam Makro Public Company Limited Signature (Mr. Charoen Assawajarukasem) SET Coordinator Manager