ONSOLIDATED FINANCIAL STATEMENTS FOR THE QUARTER 1/2000

Financial information by business segments - Group For the three month period Wholesale Service Land Rental Elimination Group ended 31 and Retail Business Business March 2000 Business Million Baht Million Baht Million Baht Million Baht Million Baht Sales and Service income 8,491 277 65 (66) 8,767 Operating profit 289 2 52 - 343 Income tax (117) Net profit 226 For the three month period Wholesale Service Land Rental Elimination Group ended 31 and Retail Business Business March 1999 Business Million Baht Million Baht Million Baht Million Baht Million Baht Sales and Service income 7,379 223 65 (66) 7,601 Operating profit 160 (7) 50 - 203 Income tax (63) Net profit 140 3 Basic Earnings Per Share Basic earnings per share is calculated by dividing the net profit attributable to shareholders by the weighted average number of ordinary shares in issue during the period that is 240,000,000 shares. (1999: 240,000,000 shares). 4 Capital Expenditure and Commitments Consolidated Company Property, Property, plant and plant and equipment equipment Baht'000 Baht'000 For the three-month period ended 31 March 2000 Opening net book amount 8,979,058 5,782,222 Additions 330,393 314,030 Depreciation (175,770) (151,330) Closing net book amount 9,133,681 5,944,922 Capital commitments as at 31 March 2000 138,713 104,499 Capital commitments as at 31 December 1999 388,268 370,024 5 Share Capital and Premium on Share Capital Number of Ordinary Share Shares Shares Premium Total Baht'000 Baht'000 Baht'000 Opening balance 240,000,000 2,400,000 3,290,152 5,690,152 Issue of shares - - - - Closing balance 240,000,000 2,400,000 3,290,152 5,690,152 As at 31 March 2000, the total authorised number of ordinary shares is 240,000,000 shares (31 December 1999: 240,000,000 shares) with a par value of Baht 10 per share (31 December 1999: Baht 10 per share). All issued shares are fully paid. 6 Related Party Transactions Orkam Holding Asia N.V. incorporated in The Netherlands owns 5.80% of the Company's shares. Although, the equity is less than one half of ownership, this company has the significant influence over financial and operating policies. The following material transactions were carried out with related parties: i) Sales of goods and service incomes For the three-month period ended Consolidated Company 31 March 31 March 31 March 31 March 2000 1999 2000 1999 Million Baht Million Baht Million Baht Million Baht Sales of goods: Makro Auto Care Company Limited - - 0.3 0.2 - - 0.3 0.2 Service incomes: Makro Properties Limited - - 17.2 19.3 Makro Auto Care Company Limited - - 7.2 11.8 Makro Office Centre Company Limited - - 9.8 7.6 - - 34.2 38.7 Sales of goods above were carried out on commercial terms and conditions and at market prices. Service incomes are charged on the basis of the agreed rates. 6 Related Party Transactions (Continued) ii) Purchases of goods and service expenses For the three-month period ended Consolidated Company 31 March 31 March 31 March 31 March 2000 1999 2000 1999 Million Baht Million Baht Million Baht Million Baht Purchase of goods: Makro Auto Care Company Limited - - 0.2 0.2 Makro Office Centre Company Limited - - 0.2 0.1 Chareon Pokphand Group 25.6 24.9 25.6 24.9 25.6 24.9 26.0 25.2 Service expenses: Makro Properties Limited - - 68.9 69.5 Makro Auto Care Company Limited - - 0.1 0.1 Makro Systems Far East Limited 30.9 27.7 28.4 25.7 30.9 27.7 97.4 95.3 Purchases of goods above were carried out on commercial terms and conditions and at market prices. Service expenses are charged on the basis of the agreed rates. iii) Outstanding balances arising from sales, purchase of goods and services Consolidated Company 31 March 31 December 31 March 31 December 2000 1999 2000 1999 Million Baht Million Baht Million Baht Million Baht Receivables from related parties Makro Auto Care Company Limited - - 4.7 156.1 Makro Office Centre Company Limited - - 4.1 5.1 Guangzhou Chia Tai Makro (Jia Jing) Company Limited 0.4 - 0.4 - Makro Asia Management Limited 0.2 0.1 - - 0.6 0.1 9.2 161.2 Payables to related parties: Makro Properties Limited - - 18.3 0.5 Makro Systems Far East Limited 30.9 75.8 28.4 70.3 Orkam Asia Management AG - 2.1 - 2.1 Total Amounts due to subsidiaries and affiliated companies 30.9 77.9 46.7 72.9 Charoen Pokphand Group 17.0 16.2 17.0 16.2 47.9 94.1 63.7 89.1 6 Related Party Transactions (Continued) iv) Loans to subsidiaries Consolidated Company 31 March 31 December 31 March 31 December 2000 1999 2000 1999 Million Baht Million Baht Million Baht Million Baht Short-term loans to Makro Properties Limited - - 3.0 - Makro Auto Care Company Limited - - 39.8 86.2 - - 42.8 86.2 Long-term loans to Makro Properties Limited - - 1,119.4 1,126.4 - - 1,119.4 1,126.4 - - 1,162.2 1,212.6 Short-term loans to subsidiaries, being in the form of promissory notes, are due at call. Long-term loans to a subsidiary are due for repayment as follows: Contract Date 31 March 31 December Due Date 2000 1999 Million Baht Million Baht 1 March 1993 118.5 125.5 28 February 2003 1 November 1995 720.9 720.9 31 October 2005 23 November 1995 280.0 280.0 22 November 2005 1,119.4 1,126.4 v) Deposit for land lease paid to a subsidiary Consolidated Company 31 March 31 December 31 March 31 December 2000 1999 2000 1999 Million Baht Million Baht Million Baht Million Baht Deposit for land lease paid to Makro Properties Limited - - 261.6 261.6 - - 261.6 261.6 6 Related Party Transactions (Continued) vi) Investments in subsidiaries Company 31 March 2000 Subsidiaries Business Relationship Paid up % Carrying Capital Ownership Value Dividend Baht'000 Interest Baht'000 Baht'000 Makro Properties Land investment & property Being shareholder and under the 700,000 99.99 1,227,359 - Limited leasing same management Makro Auto Care Automotive service centers, Being shareholder and management 500,000 99.99 408,351 - Company Limited automated car wash and gas participation stations Makro Office Retail business of office supplies Being shareholder and management 200,000 99.99 149,429 - Centre Company office equipment, office furniture participation Limited and business service center. 1,785,139 Company 31 December 1999 Subsidiaries Business Relationship Paid up % Carrying Capital Ownership Value Dividend Baht'000 Interest Baht'000 Baht'000 Makro Properties Land investment & property Being shareholder and under the 700,000 99.99 1,191,240 - Limited leasing same management Makro Auto Care Automotive service centers, Being shareholder and management 300,000 99.99 205,870 - Company Limited automated car wash and gas participation stations Makro Office Retail business of office supplies Being shareholder and management 200,000 99.99 145,838 - Centre Company office equipment, office furniture participation Limited and business service center. 1,542,948 As at 31 March 2000, Makro Auto Care Co., Ltd. increased its share capital from Baht 300 million to Baht 500 million. The Company increased the investment in this subsidiary at the prior level at 99.99 percent of ownership interest. 7 Contingencies As at 31 March 2000 and 31 December 1999 the Group has contingent liabilities in respect of bank and other guarantees and other matters arising in the ordinary course of business from which it is anticipated that no material liabilities will arise. In the ordinary course of business, the Company and its subsidiaries have given guarantees to third parties as follows: Bank guarantees As at 31 March 2000 and 31 December 1999 the banks have given guarantees on behalf of the Company and its subsidiaries as follows: Consolidated Company 31 March 31 December 31 March 31 December 2000 1999 2000 1999 Baht'000 Baht'000 Baht'000 Baht'000 Electricity 39,992 39,335 37,947 37,322 Sales of liquor and cigarettes 2,237 2,132 2,202 2,097 Others 950 950 450 450 43,179 42,417 40,599 39,869 Letter of awareness As at 31 March 2000 and 31 December 1999 the Company has issued letters of awareness to a bank for a bank overdraft facility of subsidiaries amounting to Baht 70 million. Operating lease agreements where the group is the lessee The future minimum lease payments under operating lease are as follows: Consolidated Company 31 March 31 December 31 March 31 December 2000 1999 2000 1999 Baht'000 Baht'000 Baht'000 Baht'000 Not later than 1 year 86,971 82,617 318,790 299,047 Later than 1 year and not later than 5 years 287,790 291,990 614,476 486,660 Later than 5 years 847,445 867,095 682,126 692,628 1,222,206 1,241,702 1,615,392 1,478,335 8 Dividend A dividend in respect of 1999 of Baht 1.25 per share (amounting to a total of Baht 300 million) was approved at the annual shareholders' meeting on 12 April 2000. 9 Comparative figures The effect of the change in accounting policy of Deferred developments rights and Pre-opening and start-up expenses as explained in Note 1, reduced previously reported balances included in the consolidated balance sheet and balance sheet as at 1 January 1999 as follows : Consolidated Company Baht'000 Baht'000 Deferred development rights 35,162 - Pre-opening and start-up expenses 154,590 139,968 Investments in subsidiary companies - 49,784 Opening retained earnings 189,752 189,752 In addition, the effect of the change reduced the amortisation expenses resulting in an increase of net profit for the three-month period ended 31 March 1999 as follows : Consolidated and Company Baht'000 Net profit Net profit before the adjustment 134,567 Adjustment of change in accounting policy 5,128 Net profit after the adjustment 139,695 Earnings per share Earnings per share before the adjustment 0.56 Adjustment of change in accounting policy 0.02 Earnings per share after the adjustment 0.58