Final Results

Siam Investment Fund
20 July 2001


LETTER TO COMPANY ANNOUNCEMENTS OFFICE

In compliance with FSA Listing Rule 12.40 Preliminary statement of annual
results and dividends, our office is pleased to provide your office with the
attached 7 page report which includes a President's Report and key financial
data from the auditor's report for the Fund's FYE March 3l, 2001

The complete published 2001 annual report for the Fund will be submitted to your
office mid September.


Letter from Siam Investment Fund


 
                             Siam Investment Fund

The past year witnessed an almost uninterrupted decline in the Thai stock market
starting with the collapse of technology shares in the rest of the world in
March-April 2000 and continuing until the election of Thaksin Shinawatra as the
new Prime Minister of Thailand in January 2001. There was a sharp rally after
that election but the market has since given up much of its gains as the
euphoria, as always, gives way to the reality of having to govern.

The Fund continues to transform itself from a direct investment fund negotiating
substantial minority stakes in leading Thai companies in the aftermath of the
financial crisis to a more broad based portfolio of small to medium sized
companies thriving despite the overall poor trading environment. The Fund has
lightened its position in TISCO and Nation over the course of the year and has
moved those proceeds into companies which are absolutely as well as relatively
undervalued. Unfortunately the relentless decline of the Nation share price has
afforded few opportunities to sell which means that the transition will continue
into the next fiscal year.

In the first section of the annual report, James Marshall, our Director of
Research highlights the realities of the Thai stock market over the last year,
so I would draw your attention to his analysis to better understand the
environment which the Fund has faced these past twelve months. In contrast to
this macro view, I would highlight the encouraging performances of the
individual companies in which we hold shares. Companies like Serm Suk, Compass
East Industries, Delta Electronics, Phoenix Pulp and Paper, Thai Union Frozen
Foods and SE-Education deserve particular mention. They continue to do well
despite the environment and we must be patient until investors begin to
appreciate the value which exists in some of these shares. It will come, but it
is not yet clear when.

Going forward, the Fund will continue to divest itself of shares in TISCO and
Nation into rallies and shift further funds into the value stocks which continue
to attract little attention for the moment. We cannot predict when Thailand will
see a resurgence of investor interest but we can certainly see strong reasons to
own high quality companies at undemanding valuations and high dividend yields
while we wait.

On May 15, 2000 the Fund declared and paid out a dividend of US$1.00 per share.

Eugene S. Davis 
June 1,2001

                       INDEPENDENT AUDITORS' REPORT

To the Shareholders of Siam Investment Fund 
(incorporated in the Cayman Islands as an exempted company with limited
liability)

We have audited the accompanying balance sheet of Siam Investment Fund as at 31
March 2001 and the related statement of operations, statement of changes in net
assets and statements of cash flows for the year then ended. These financial
statements are the responsibility of the Fund's management. Our responsibility
is to express an opinion on these financial statements based on our audit.

The financial statements of the Fund for the year ended 31 March 2000 were
audited by other auditor whose report thereon dated 19 May 2000 expresses an
unqualified opinion.

We conduced our audit in accordance with International Standards on Auditing.
Those standards require that we plan and perform the audit to obtain reasonable
assurance about whether the financial statements are free of material
misstatements. An audit includes examining, on a test basis, evidence supporting
the amounts and disclosures in the financial statements. An audit also includes
assessing the accounting principles used and significant estimates made by
management, as well as evaluating the overall financial statement presentation.
We believe that our audit provides a reasonably basis for our opinion.

In our opinion, the financial statements referred to above present fairly, in
all material respects, the financial position of Siam Investment Fund as at 31
March 2001, the result of its operations, changes in net assets and its cash
flows for the year then ended in conformity with International Accounting
Standards.

We draw attention to Note 4 to the financial statements. The financial
statements include investments in unlisted securities (31 March 2001: US$
3,988,412 being 20.92% of net assets) whose values have been estimated by the
Directors in the absence of readily ascertainable market values. However,
because of the inherent uncertainly of valuation, particularly as these
investments are in Thailand, Cambodia and Vietnam which have all experienced
economic difficulties since 1997, the carrying values may differ significantly
from the values that would have been used had a ready market for the securities
existed, and the differences could be material to the financial statements. Our
opinion is not qualified In this respect.

Grant Thornton Limited
Bangkok, Thailand 25 April 2001

 
SIAM INVESTMENT FUND
STATEMENT OF OPERATIONS
FOR THE YEAR ENDED 31 MARCH
 

                                                        2001           2000
                                          Notes         US$            US$

Income

 Interest income                                       299,922     450,475
 Dividend income                                       188,273      79,074
 Gain on foreign exchange forward contracts            666,159       -
 Other income                                          176,808       -

   Total income                                      1,331,162     529,549

Expenses

 Loss on foreign exchange forward contracts                 -      (18,720)
 Advisory fees                             12.1      (500,349)    (501,370)
 Administrative expenses                   13        (266,412)    (326,973)

   Total expenses                                    (766,761)    (847,063)

Net income(loss) for the year                         564,401     (317,514)

Earnings (Loss) per share                               0.23        (0.13)


The notes to the financial statements on pages 6 to 20 form an integral part of
these financial statements.
 
               
SIAM INVESTMENT FUND
BALANCE SHEETS
AS AT 31 MARCH


                                                        2001           2000
                                          Notes         US$            US$

Investments                                 4       17,914,847     29,508,668

Current assets
 Cash and cash equivalents                             271,241      4,475,029
 Accounts receivable                        5                         663,825
 Forward contract receivable, net           6          123,362         17,836
 Interest receivable                                   752,911        341,957
 Other current assets                                   12,333         12,321

Total current assets                                 1,159,847      5,510,968

Current liabilities
 Dividend payable                          17                      (2,500,000)
 Accrued expenses                                     (11,026)        (23,465)
 Amount due to broker                                       -         (23,677)

Total current liabilities                             (11,026)     (2,547,142)

Net current assets                                  1,148,821       2,963,826

Net assets                                         19,063,668      32,472,494

Net assets financed by:
 Share capital                              7          12,500          12,500
 Share premium                              8      24,987,500      24,987,500
 Capital reserves                           9      (6,244,675)      7,728,552
 Revenue reserves                          10         308,343        (256,058)

Total shareholders' fund                           19,063,668      32,472,494

Net asset value per share                  11            7.63           12.99

................................................Director

................................................Director   

        
The notes to the financial statements on pages 6 to 20 form an integral part of
these financial statements.


SIAM INVESTMENT FUND
STATEMENT OF CHANGES IN NET ASSETS
FOR THE YEAR ENDED 31 MARCH

                             Share      Share     Capital    Revenue            
                            Capital    Premium    Reserve    Reserve Total

Balance at 1 April 1999      12,500   24,987,500 (8,349,083) 6l,456  16,712,373
Net loss for the year          -           -          -    (317,514)   (317,514)
Net unrealised gain on valuation
 of investments                -           -     15,371,777    -     15,371,777
Net loss on value of 
 investment-other
 than temporary decline 
 in value                      -           -       (643,214)   -       (643,214)
Net realised loss on foreign 
 exchange                      -           -       (764,075)   -       (764,075)
Net unrealised gain on foreign
  exchange relating to carrying
  value of investments         -           -      1,409,612    -      1,409,612
Net realised gain on sale of
    investments                -           -      3,203,535    -      3,203,535
Dividend for the year          -           -     (2,500,000)   -     (2,500,000)
                         ----------   ---------- ---------- -------- ----------
Balance at 31 March 2000     12,500   24,987,500  7,728,552(256,058) 32,472,494
                            =======   ========== ========== ======== ==========
Balance at 1 April 2000      12,500   24,987,500  7,728,552(256,058) 32,472,494
Net income for the year        -           -          -     564,401     564,401
Net unrealised loss on
 valuation of investments      -           -    (11,735,034)   -    (11,735,034)
Net realised loss on 
 foreign exchange              -           -       (374,015)   -       (374,015)
Net unrealised loss on
 foreign exchange relating
 to carrying value of
 investments                   -           -     (2,834,951)   -     (2,834,951)
Net realised gain on sale
 of investments                -           -        970,773    -        970,773
                          ---------   ---------- ----------  -------- ----------
Balance at 31 March 2001     12,500   24,987,500 (6,244,675)308,343  19,063,668
                          =========   ========== ========== =======  ==========

The notes to financial statements on pages 6 to 20 form an integral part of  
these financial statements.

SIAM INVESTMENT FUND
STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 MARCH

                                                            2001         2000
                                                             US$          US$
                                                          ------       ------

Cash flows from operating activities

Net income(loss) for the year                            564,401     (317,514)
Unrealized gain on foreign exchange forward contracts   (123,362)     (17,836)
Amortisation of pre-operating expenses                     -           97,803
                                                        --------     --------
                                                         441,039     (237,547)

Changes in assets and liabilities

Accounts receivable                                      663,825     (663,825)
Forward contract receivable, net                          17,836        -
Interest receivable                                     (410,954)    (340,241)
Other current assets                                         (12)      53,194
Accrued expenses                                         (12,439)      14,965)
Amount due to broker                                     (23,677)      23,677
                                                        --------     --------
Total cash (used by) provided from
 operating activities                                    675,618   (1,149,777)
                                                       ---------   ----------

Cash flows from investing activities:

Investment                                            (2,379,406)   1,665,826
                                                      ----------    ---------

Total cash(used by) provided from
 investing activities                                 (2,379,406)   1,665,826
                                                      ----------    ---------
Cash flows from financing activities:                                           
 
Dividend payable                                      (2,500,000)        -
                                                      ----------    ---------

Total cash(used by) financing activities              (2,500,000)        -
                                                      ----------    ---------

Increase(decrease) in cash and cash equivalents
 for year                                             (4,203,788)     516,049
Cash and cash equivalents at beginning of the
 year                                                  4,475,029    3,958,980
                                                      ----------    ---------
Cash and cash equivalents at end of the year             271,241    4,475,029
                                                      ==========    =========

The notes to the financial statements on pages 6 to 20 form an integral part of
these financial statements.