Statement re Loss Provision

Siam Investment Fund
1 April 2003

                          SIAM INVESTMENT FUND


                              ANNOUNCEMENT


The Board of Directors of the Siam Investment Fund (the 'Fund') wishes to
announce that a general loss provision of US$1,500,000 taken and announced on
February 21, 2003 has been specifically identified as follows:

     •  US$1,000,000 against Northbridge Communities Ltd.
     •  US$500,000 against Monterey Pizza Co., Ltd.


SIAM INVESTMENT FUND
Barent Springsted
Secretary to the Board of Directors
Phone: [phone]

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