SUBMISSION OF F/S AND EXPLANATION FOR PROFIT CHANGE

Date : 16/05/2003 08:28 MAKRO : SUBMISSION OF F/S AND EXPLANATION FOR PROFIT CHANGE ( Translation ) May 14,2003 Subject Submission of Consolidated Financial Statements for the 1st quarter of 2003 To Director and Manager Stock Exchange of Thailand Enclosed please find the consolidated financial statements of Siam Makro Public Company Limited and its subsidiaries for the first quarter ended March 31,2003 which were reviewed by the certified public accountant. The consolidated sales during the 1st quarter this year were Baht 8,859 million which declined from same quarter last year by 4.6%. The sales decrease was due mainly to there were no sales of Makro Auto Care Company Limited in which we have disposed its entire investment in the 2nd quarter last year. In this regard, sales of the Company and Makro Office Centre Company Limited decreased by 1.6% resulted from the sales reduction in Bangkok area in accordance with the increased non food competition. Though the new stores were opened in 2nd quarter last year, the Company's selling and administrative expenses reduced by 17.3% as compared with same quarter last year due to the continued tightening control over the expenses which contributed to higher net consolidated earnings after tax of Baht 189.7 million which increased 1.7% as compared to same quarter last year. Please be informed accordingly. Yours Faithfully, For Siam Makro Public Company Limited ( Mr. Charoen Assawajarukasem ) SET Coordinator Manager