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Thai Dev.Cap.Fund (THD)


Monday 31 December, 2001

Thai Dev.Cap.Fund

Interim Results

Thai Development Capital Fund Ld
27 December 2001

                  The Thai Development Capital Fund Limited 

                    Announcement of Results for the 6 month 
                      Period Ending 30th September 2001 

The directors of the Thai Development Capital Fund Limited announce the
results of the company for the six month period to, and as at, 30th September
2001.  The Net Asset Value was US$1.176 million or US$0.67 per share. 

The loss over the period was US$0.298 million, or US$0.17 per share, largely on 
account of further provisions that were made against the expected selling value 
of the investments in the portfolio. Exits from two investments at prices 
slightly in excess of their carrying value were made during the period. 

At 30th September 2001, the company's assets comprised the following; 

Net cash and liquid assets               US$0.259m 
Investments, net of provisions           US$0.9l8m
Total net assets                         US$1.176m

Issued, paid up shares                   1,754,500 

Net Assets per share                       US$0.67 

The company's investments are being liquidated under the control of the
directors, and capital thus released will be returned to shareholders. 

D. Graham Lean 
27 December 2001 

Directors' Review 

The six month period to 30th September 2001 has seen further progress made on
divesting the Company's investments, in an environment which has not been
easy for disposals.  Total net assets at 30th September 2001 amounted to
US$1,176,610 or US$0.67 per share. There was a slight operating gain per share 
of US$0.01, but an overall loss per share of US$0.17, resulting mainly from 
provisions made against certain portfolio investments in the light of expected 
realisation value, and the continuing lack of certainty in realisable values in 
the immediate future. The Baht strengthened marginally against the US Dollar, 
from 44.915 at the end of March 2001 to 44.445 at 30th September 2001.
Thailand's economic situation still remains vulnerable to external factors,
and the downturn in the rest of the world has meant that exports have
remained weak. Although the Thai Stock market has performed relatively well
during 2001, the market for foreign direct investment remains stagnant. 

As soon as the current programme of divestments has been completed, a further 
return of capital will be made to shareholders. The timing and amount of the 
realisations of the remaining portfolio thereafter remains difficult to predict.
The most likely exit route for the Company's investments is either their sale to
other financial investors, or to the companies' management teams. 

Investment summary 

The sale of the company's investment in Thai Universal Office Products was
agreed during the period. The other main investments are as follows; 

Economic Management Co., Ltd. (EML) The company suffered from a reduction
in demand post September 11th, which triggered a collapse in the international 
price of shrimp. The directors decided to make further provisions against the 
investment in the light of current difficulties. Negotiations are being held 
with an interested party with a view to closing a sale in 2002. 

Rajthanee Hospital (Public) Co. Ltd (RHC) The company continues to operate 
profitably, and negotiations are being finalised with a prospective investor. 
The investment has been revalued downwards to the level of offer anticipated 
from the new investor. 

Hideaway Group International Ltd. (HGIL) The Thai companies have been affected 
by a change in management and a fall in tourist numbers. A further provision was
made against the low holding value of the investment in light of these 
difficulties, and while the US operations have been increasingly successful, it 
is not possible to predict the timing or amount of royalties that may arise from
the USA. 

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

                          INVESTMENT PORTFOLIO
                         At 30th September 2001
                                                                       % of Net
UNLISTED SHARES            Type of Investment     Holding       US$    Assets 
Economic Management Ltd    Convertible Loan       500,000    100,000    8.50
Rajthanee Hospital PCL     Equity               2,040,000    321,296   27.31
Thai Universal Office      Equity               1,875,000    253,122   21.51
Products Ltd.              Convertible Loan       175,000    175,000   14.87
                                                             849,422   72.19 
Minor Food Corporation PCL                        101,400     68,184    5.79
                                                              68,184    5.79

TOTAL INVESTMENTS                                            917,606   77.98 

Securities at cost or 
market value                                                 917,606   77.98
Bank deposits and cash                                       293,900   24.98
Interest, due and other 
receivables                                                   71,255    6.06
Accrued expenses                                            (106,151)  -9.02
                                                           1,176,610  100.00

                          Net Asset Value per share            $0.67
                         STATEMENT OF TOTAL RETURN 
                    For the period ended 30 September 2001 

                                               6 months to       12 months to 
                                         30 September 2001      31 March 2001 
US$'000                                         (Unaudited)          (Audited) 

                                                     Total              Total 
Provisions on investments plus 
exchange differences                                  (314)             (685)

Dividend,Interest & other income                        51               205

Total expenses                                         (30)             (237)

(LOSS)ON ORDINARY ACTIVITIES AFTER TAXATION           (293)             (719)

(LOSS)/RETURN PER ORDINARY SHARE (US$)               (0.17)            (0.40)

                                BALANCE SHEET 
                              As at 31 March 2000 

                                              Unaudited at         Audited at 
US$'000                                  30 September 2001      31 March 2001
Investments                                            918              1,297 
Receivables                                             71                112 
Cash at bank                                           294                180 

                                                     1,283              1,589 
Accrued expenses & provisions                          107                124 

                                                     1,176              1,465 

Share capital                                          175                175 
Share premium                                        8,246              8,246 
Reserves                                            (7,245)            (6,956) 

SHAREHOLDERS' FUNDS                                  1,176              1,465 

NET ASSET VALUE PER ORDINARY SHARE                   $0.67              $0.84 


1. The results for the period ended 31 March 2001 are abridged and are taken
from the audited accounts for that year which were distributed to shareholders 
in November 2001.
2. The net asset value par ordinary share and the return/loss per share is 
calculated based on 1,754,500 shares in issue at each period end and throughout 
each period. 

3. The company has investments in three 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. No interim dividends were declared out of earnings during the Period.

5. The 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.
6. 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. 


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.0. Box 493, Grand Cayman, Cayman Islands 
British West Indies 


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