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Thai Dev.Cap.Fund (THD)


Monday 17 June, 2002

Thai Dev.Cap.Fund

Dividend/2nd Int.Rslts-Rplcmt

Thai Development Capital Fund Ld
17 June 2002

The issuer advises that the following replaces the Dividend/2nd Interim Results
       announcement released on 17 June 2002 at 11:24hrs under RNS: 3166X.

        Under Special distribution, the correct information should read:
The distribution will be paid on 28th June 2002 to shareholders on the register
         on 28th June 2002 and not 26th June 2002 as previously reported.

        3rd Floor, British American Tower, Dr. Roy's Drive, George Town,
                       Grand Cayman, British West Indies


                        AND OF SECOND INTERIM RESULTS

                  for the six month period to 31st March 2002

                        AND OF SECOND INTERIM RESULTS
                  for the six month period to 31st March 2002

Special distribution

The Directors resolved on 13th June 2002 to make a further special distribution
of US$0.50 per share, returning capital to shareholders  The distribution will
be paid on 28th June 2002 to shareholders on the register on 28th June 2002.
The shares should be quoted ex this distribution on 26th June 2002.

Prior to this, shareholders had received returns of capital amounting to US$5.20
per share, which were paid in October 1998 and January 2000. After the
distribution, based on unaudited management accounts at 12th June 2002, the
company's net assets are US$0.30 million, or US$0.17 per share.

The distribution has been approved from the Share Premium Account. Under Cayman
Island Law, this is a partial return of investor's original capital. The
directors have been advised that receipt of this distribution should be treated
by a shareholder who is resident in the United Kingdom as a return of the
original capital and not as income distribution. However this comment is of a
general nature and may not apply to all classes of shareholder. Any shareholders
who are in doubt regarding their own tax position should consult their
professional advisers.

After the distribution, the directors will continue to divest the remaining
portfolio in order to release further cash from liquidated investments for
subsequent return to shareholders.

Second Interim Report

The unaudited Second Interim report of the Thai Development Capital Fund Limited
for the six month period ended 31st March 2002 is set out below. The company's
accounts will be audited later in the year.

In the six month period to 31st March 2002, three of the Company's remaining
investments were sold, releasing cash for distribution. Total net assets at 31st
March 2002 amounted to US$1,206 million or US$0.69 per share, reflecting a gain
per share of US$0.02.The Baht was practically unchanged against the US Dollar,
the rate moving from 44.445 at the end of March 2002 to 44.435 at 30th September

The sale of the company's equity investments in Rajthanee Hospital, Thai
Universal Office Products and Minor Food Group were completed during the period.
The directors have now divested from all but three of the Company's active
portfolio. Summary details of these are to be found in the notes below.

The timing of and amount of realisations that will be made in future including
the amount, if any, that might be gained from the non-performing investments,
remains difficult to predict. The most likely exit route for the Company's
remaining two active equity investments remains either their sale to management
or to another company in the relevant sector.

Christopher S. Forbes         D. Graham Lean          Paul H. Smith

13 June 2002

                           STATEMENT OF TOTAL RETURN
                For the period ended 31st March 2002 (unaudited)

                                                       6 months to                      6 months to
                                                      31 March 2002                    30 Sept.2001
                                                        (US$'000)                        (US$'000)

                                                          Total                            Total
Realised gains less losses,
Provisions on investments, and
exchange differences                                                   120                             (310)

Dividend, interest, & other income                                      13                                51

LESS EXPENSES                                                        (102)                              (30)
                                                             -------------                      ------------
                                                                        31                             (289)
                                                             =============                      ============

GAIN/(LOSS) PER ORDINARY SHARE                                       $0.02                           ($0.17)


                                 BALANCE SHEET

                             As at 31st March 2002

                                                               Unaudited, at               Unaudited, at
                                                               31 March 2002                30 Sept.2001
                                                                  (US'000)                   (US$'000)

Investments                                                                    100                       918
Receivables                                                                      8                        71
Cash at bank                                                                 1,232                       294
                                                                          --------                   -------
                                                                             1,340                     1,283
Accrued expenses & Provisions                                                  134                       107
                                                                          --------                   -------
                                                                             1,206                     1,176
                                                                           =======                   =======
Share Capital                                                                  175                       175
Share Premium                                                                8,246                     8,246
Reserves                                                                   (7,216)                   (7,245)
                                                                           -------                   -------
SHAREHOLDERS' FUNDS                                                          1,206                     1,176
                                                                           =======                   =======

NET ASSET VALUE PER ORDINARY SHARE                                           $0.69                     $0.67

The accompanying notes should be read in connection with the report.


1.   The results for the period ended 30 September 2001 are abridged and are 
     taken from the unaudited accounts for that year which were distributed to 
     shareholders in December 2001.

2.   The net asset value per ordinary share and the return/loss per share are 
     calculated based on 1,754,500 shares in issue at each period end and 
     throughout each period.

3.   The company has investments in two companies of greater than 20% of those 
     companies issued share capital, which are associated undertakings for which 
     it does not equity account. Dividends from these undertakings are taken to 
     income when declared. Interest on convertible loans made by the company
     is recognised on an accruals basis, net of provisions.

4.   Portfolio summary

     Economic Management Co., Ltd. (EML) The prawn farm management and 
     production company is recovering from the downturn last year, and is being 
     reorganised to facilitate the entry of a new investor and TDCF's exit. 
     While the investment has been fully provided for in the accounts, the 
     directors anticipate that the investment will produce an eventual return.

     Hideaway Group International Ltd. (HGIL) The Thai companies were affected 
     by a change in management at the end of 2001, and visitor numbers to the 
     facilities have been disappointing. Operations in the company in the USA 
     continue to grow, although it is still not possible to predict the timing 
     or amount of royalties that may arise from these activities.

     Thai Universal Office Products Ltd. (TUOP) Repayment of a convertible loan 
     made to the company has been held up by delays in obtaining new credit 
     facilities from a local bank. The loan from TDCF is overdue, and a partial 
     provision has been made against the loan in the event that the agreed 
     repayment schedule is not honoured.

5.   No interim dividends were declared out of earnings during the period.

6.   Taxation represents Thai withholding tax. The company is resident in the 
     Cayman Islands for taxation purposes, and is exempt from Cayman Island tax 
     until the year 2010.

7.   Copies of the report and accounts are available for inspection at the 
     company's registered address and at the registration agent, Bermuda 
     International Securities (UK) Ltd., at Austin Friars House, 2-6 Austin 
     Friars, London E2N 2HE, United Kingdom.

                              COMPANY INFORMATION


Christopher S. Forbes
D. Graham Lean
Paul H. Smith

Secretary and Registered Office

Bermuda Trust (Cayman) Limited
3rd Floor, 36c Bermuda House,
Dr. Roy's Drive, George Town,
Grand Cayman
British West Indies

Administrator and Share Registrar

Bank of Bermuda (Cayman) Limited
3rd Floor, 36c Bermuda House,
Dr. Roy's Drive, George Town,
Grand Cayman
British West Indies

Share Registrar in the United Kingdom

Bermuda International Securities (UK) Limited
Austin Friars House
2-6 Austin Friars
London EC2N 2HE
United Kingdom


KPMG, Chartered Accountants
P.O. Box 493, Grand Cayman, Cayman Islands
British West Indies

                      This information is provided by RNS
            The company news service from the London Stock Exchange

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