SUBMISSION OF F/S AND EXPLANATION FOR CHANGE IN PROFIT

Translation November 6, 1998 Subject : Submission of financial statements and explanation for change in profit To : Director and Manager Stock Exchange of Thailand Please find enclosed the financial statements of Siam Makro Pcl. and consolidated financial statements of Siam Makro Pcl. and its subsidiaries for the third quarter and the period of nine months ended 30 September 1998. The net income for Q3'98 was 90.4 million baht, a 41% decline from Q3'97. This due largely to a drop in sales comparing to the same quarter last year when sales was high as a result of consumers forward buying in anticipation of price inflation. Moreover, this years sales were also contracted by a decline in consumer spending. The decrease in interest deposit rate since July this year has effected interest income to the lower amount than expected. Yours faithfully, Siam Makro Public Company Limited SET20PTE.DOC