SUBMISSION OF F/S AND EXPLANATION FOR PROFIT CHANGE

Translation 14 May 2002 Subject : Submission of Financial Statements for the quarter 1/2002 To : Director and Manager Stock Exchange of Thailand Enclosed please find the consolidated Financial Statements of Siam Makro Public Company Limited for the first quarter ended March 31, 2002 which have been reviewed by the Company's auditor. For the first quarter of 2002, the Company reported net profit after tax of Baht 186.6 million while it was Baht 267.8 million in the first quarter last year. This was due mainly to following reasons: 1. Consolidated sales in the first quarter increased by 0.3% of last year resulted from the increase of upcountry sales and the decrease of Bangkok sales which reflected the impact of increased competition especially in pricing. 2. The proportion of food sales to total sales increased while the non-food sales decreased as compared to those numbers of last year, which caused the drop in total company gross margin. 3. Total selling and administrative expenses has been continuously reduced by 2.2% of last year expenses due to tightening control over each store's expenses. Please be informed accordingly. Yours faithfully, Siam Makro Public Company Limited Signature (Charoen Assawajarukasem) SET Coordinator Manager