Letter to Shareholders

Siam Investment Fund
24 February 2003

The following letter has been sent to all of the shareholders of record of the
Siam Investment Fund 

Dear Shareholder,                                              24 February, 2003

On behalf of the Board of Directors of Siam Investment Fund ('SIF' or the
'Fund'), I am writing to update you about the conclusions from the shareholder
consultation exercise that was recently undertaken by the Directors, in which
many of you participated.

The Board has weighed the opinions of the shareholders wishing to exit SIF at or
close to the Net Asset Value against the risk of prejudicing those shareholders
preferring to continue the Fund. In the absence of a clear majority of
shareholders expressing a preference as to the future of the Fund, the Board has
concluded that the most appropriate course of action is to call an Extraordinary
General Meeting ('EGM') to give shareholders the opportunity to vote to either:

1) continue with the existing investment policy;

or

2) change the investment policy of the Fund, such that no new investments would
be made by SIF and the Fund would commence the process of realization of its
assets.

If the majority of shareholders voting at the EGM approve a change in investment
policy (option 2), then shareholders will be asked to consider:

   a) a change in the distribution policy, such that the proceeds from the sale
      of investments can be paid to shareholders; and

   b) a change to the terms of the investment advisory agreement with Finansa
      Fund Management which, under the amended investment policy, would more
      appropriately align the financial interests of the Investment Adviser with
      those of the Fund.

The Board expects to give notice to shareholders of the EGM within the next
month.

The calling of an EGM reflects the desire of the Directors to be responsive to
investor demands that SIF is managed in accordance with the wishes of the
majority of the shareholders and to achieve an equitable solution that is fair
to all shareholders.

Yours faithfully,

David Roberts 
Chairman


For further information, contact:
Barent Springsted 
Secretary to the Board 
Tel. [phone]



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