Submission of F/S and Explanation for Profit Change

Translation 18 February 2004 Subject : Submission of Financial Statements for the year ended December 31, 2003 To : Director and Manager The Stock Exchange of Thailand Enclosed please find the Consolidated and Company Financial Statements of Siam Makro Public Company Limited for the year ended December 31, 2003 which have been audited by the Company's auditor. In 2003, the Company's consolidated net income after taxation was Baht 944 million, Baht 2 million increase from Baht 942 million in 2002. However, 2002 net income after taxation included Baht 104 million exceptional gain on the sale of the Makro Auto Care subsidiary. If excluding that exceptional gain, the underlying net income for the year 2003 increased by 12.1%. The increase in net income are due mainly to the following reasons. 1. Consolidated sales increased by approximately 5.4% to Baht 39,249 million and 6.4% on that of 2002 excluding Makro Auto Care subsidiary's sales as the result of growth in food sales coupled with sales from 2 new stores opened in Nakhon Si Thammarat and Chiang Rai. 2. Total selling and administrative expenses has been continuously reduced by 5.2% from last year although the Company and its subsidiary have increased number of stores during the year. This was due to tightening control over the Company's expenses. Please be informed accordingly. Yours faithfully, Siam Makro Public Company Limited Signature (Charoen Assawajarukasem) SET Coordinator Manager