CONSOLIDATED AND COMPANY F/S FOR THE QUARTER 1/2001

AUDITOR'S REPORT ON REVIEW OF INTERIM FINANCIAL STATEMENTS To the Shareholders of Siam Makro Public Company Limited I have reviewed the accompanying consolidated and company balance sheets as at 31 March 2001, and the related consolidated and company statements of income, changes in shareholders' equity, retained earnings and cash flows for the three-month periods ended 31 March 2001 and 2000 of Siam Makro Public Company Limited and its subsidiaries and of Siam Makro Public Company Limited respectively. These financial statements are the responsibility of the Company's management. My responsibility is to issue a report on these financial statements based on my review. I conducted my review in accordance with the standard of auditing applicable to review engagements. This standard requires that I plan and perform the review to obtain moderate assurance as to whether the financial statements are free of material misstatement. A review is limited primarily to inquiries of company personnel and analytical procedures applied to financial data and thus provides less assurance than an audit. I have not performed an audit, and, accordingly, I do not express an audit opinion. Based on my review, nothing has come to my attention that causes me to believe that the consolidated and company financial statements referred to above are not presented fairly, in all material respects, in accordance with generally accepted accounting principles. I have audited the consolidated and company financial statements for the year ended 31 December 2000 of Siam Makro Public Company Limited and its subsidiaries and of Siam Makro Public Company Limited respectively in accordance with generally accepted auditing standards and expressed an unqualified opinion on those statements in my report dated 2 February 2001. The consolidated and company balance sheets as at 31 December 2000, presented for comparative purpose, are components of the audited financial statements which I have audited and issued a report thereon as stated above, and I have not performed any other auditing procedures subsequent to the date of that report. PRASAN CHUAPHANICH Certified Public Accountant (Thailand) No. 3051 PricewaterhouseCoopers ABAS Limited Bangkok 27 April 2001