Submission of F/S and Explanation for Profit Change

Translation 12 November 2003 Subject : Submission of Financial Statements for the quarter 3/2003 To : Director and Manager The Stock Exchange of Thailand Enclosed please find the consolidated Financial Statements of Siam Makro Public Company Limited for the third quarter ended September 30, 2003 which have been reviewed by the Company's auditor. The Company has earned net profit after tax of Baht 270 million for the third quarter, which was 29.1% over last year. The increase of Baht 61 million resulted from the Company's consolidated sales of Baht 10,084 million, representing an increase of 12.9% over the same period last year. Makro Business showed 13.1% growth which was attributed to a successful of 14th anniversary promotion, development of fresh food and continued development of core customers namely small retailers, caterers and professionals and a newly opened of 1 more Makro store in Nakhon Si Thammarat. Moreover, the Company successfully managed the selling and administrative expenses by reducing from 6.7% to 6.2% of sales. Please be informed accordingly. Yours faithfully, Siam Makro Public Company Limited Signature (Charoen Assawajarukasem) SET Coordinator Manager