Submission of F/S and Explanation for Profit Change

Translation 23 February 2010 Subject : Submission of Financial Statements for the year ended December 31, 2009 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, 2009 which have been audited by the certified public accountant. Revenues Although the Thai economy contracted by 2.3% in 2009, our consolidated sales increased by 5.9% and total consolidated revenues of Baht 78,408 million increased 5.5% over last year. This was a result of continuous emphasis on activities initiated in 2008 to improve the service quality to member customers including effective management, provided value added service to our customers such as expanding assortment, improving the sale area of non food product, renovating the air conditioning system and allocating the sale area of the Phuket Branch and increasing the fresh product in response to the increased demand of hotel, restaurant and caterer customers, providing the staffs training to improve service efficiency to our customers. The operation of the new Distribution Centre (DC) for Dry Food and Non Food was to improve the management efficiency of Dry Food and Non Food product. The quality inspection for fresh product was also a focus area. Moreover, the Company continued to develop our food retailer customers through the "Makro Retailer Alliance" (MRA) Project which was aimed to help improve their competitiveness. Achievements of this project included organizing the 2nd Retail Expo and collaborating with 12 business alliances and 33 leading universities to help strengthen local food retailers. Additionally, the Company inaugurated 3 branches during the year in Ram Inthra, Chumphon and Pattaya. Selling and Administrative Expenses Overall selling and administrative expenses increased by Baht 235 million or 5.2% to Baht 4,782 million in 2009 from Baht 4,547 million in 2008. These expenses represented 6.1% of total revenues which were similar to that of 2008. The increase was mainly due to the pre-opening expenses of new stores and the operating expense of 3 new stores opened in 2009. The increase in selling and administrative expenses was less than the increase in sales as we implemented tight expense control during this difficult time as well as improved productivity. The Company will continue to explore productivity and efficiency improvement to optimize expenditure. Net Profit Consolidated income before interest expenses and taxation was Baht 2,284 million, a decrease of Baht 193 million from Baht 2,477 million in 2008. This was because of two extraordinary gains in 2008 which were disposal of Makro Office Centre Co., Ltd. and sales of excess land and one extraordinary expense in 2009 which was the cost of entire business transfer of Makro Properties Ltd. Income after taxation was Baht 1,527 million, decreased by Baht 147 million from Baht 1,674 million in 2008. However, If exclude the extraordinary items (after tax) as above mentioned, the net income after taxation will be 4.4% growth over last year. Please be informed accordingly. Yours faithfully, Siam Makro Public Company Limited Signature (Mrs. Saowaluck Thithapant) Director and Finance Director