THE B.O.D.RESOLVED TO SUBCRIBE THE NEWLY ISSUED SHARES OF

Translation June 17, 1998 Subject : To inform the Board of Directors' resolution to approve the Company to subcribe the newly issued shares of its subsidiary companies To : Director and Manager Stock Exchange of Thailand The Board of Directors Meeting No. 5/1998 of Siam Makro Public Company Limited held on June 16, 1998 has resolved that the Company subscribe the newly issued shares of Makro Auto Care Co.,Ltd and Makro Office Centre Co.,Ltd in which 99.99% shares of both companies are being held by Siam Makro PCL. Makro Auto Care Co.,Ltd offered 29 Million newly issued shares at 10 baht each, totalled 290 million baht. Makro Office Centre Co.,Ltd offered 19 million shares at 10 baht each, totalled 190 million baht. Payments are called for in full before June 29, 1998 for both companies. The new registered capital of Makro Auto Care Co.,Ltd and Makro Office Centre Co.,Ltd will be 300 and 200 million baht respectively. Siam Makro PCL maintain its shareholding of 99.99% in both companies. The subscription of new shares will allow the two subsidiaries to have the suitable capital structure for the existing size of business and enable them for future expansion as well as repaying debts owed to Siam Makro PCL on assets purchased and loan. The above mentioned transactions are not governed by the rules for the acquisition, disposition of listed company's assets and connected transaction of Stock Exchange of Thailand. Yours, faithfully, Siam Makro Public Company Limited