Submission of F/S and Explanation for Profit Change

Translation 10 May 2007 Subject : Submission of Financial Statements for the quarter 1/2007 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, 2007 which have been reviewed by the certified public accountant. For the first quarter of 2007, the Company achieved Baht 15,326 million consolidated revenue, 8.1% increased from the same period last year. The growth was mainly contributed by high sales growth of the existing stores, especially sales of fresh food and sales from new store-Makro store 30 (Sa Kaeo) opened in January 2007. Consolidated selling and administrative expenses were Baht 899 million, equivalent to 5.9% of total revenues and increased by 7.0% due mainly to increase in personnel cost as well as additional expenses of a new store opening as above mentioned. Consolidated net profit after tax was Baht 316 million, 22.5% growth over the same period last year, which was attributable to sales growth and income from new store opening. Since 1 January 2007, the Company has changed its accounting policy for investment in subsidiaries in the company financial statements from the equity method to the cost method in compliance with the Federation of Accounting Professions' announcement. The Company applies retrospective adjustments. As a result, the company balance sheet as at 31 December 2006 and the company statement of income for the three-month period ended 31 March 2006 presented for comparative purposes have been restated. The change in such accounting policy has an impact to the company financial statement only and does not have an impact to the consolidated financial statements. Please be informed accordingly. Yours faithfully, Siam Makro Public Company Limited Signature (Mr Charoen Assawajarukasem) SET Coordinator Manager