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Thai Dev.Cap.Fund (THD)


Thursday 17 October, 2002

Thai Dev.Cap.Fund

Results for 31 July 2002

Thai Development Capital Fund Ld
17 October 2002


          3rd Floor, 36c Bermuda Tower, Dr. Roy's Drive, George Town,
                       Grand Cayman, British West Indies

                    Announcement of Results for the 16 month

                          Period ending 31st July 2002

The directors of the Thai Development Capital Fund Limited announce the results
of the company for the sixteen month period to, and as at, 31st July 2002. The
Net Asset Value was US$0.319 million, or US$0.18 cents per share.

The loss over the period was US$0.273 million, or US$0.17 per share, largely as
a result of provisions that were made against the expected realisation value of
the investments in the portfolio. Exits from three investments at prices in
excess of their carrying values were made during the period.

At 31st July 2002, the company's assets comprised the following:

      Net cash and liquid assets          US$0.219m
      Investments, net of provisions      US$0.100m
      Total net assets                    US$0.319m

      Issued, paid up shares              1,754,500

      Net Assets per share                US$0.18

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

                               Directors' Review

There has been success in divesting the portfolio over the 16 months period to
31st July 2002. Only three investments remain to be disposed of which the
directors believe have realistic prospects of achieving a return to
shareholders. One of these is a company in which only a loan remains
outstanding, and this is being repaid. The residual companies in the portfolio
have continued to make progress in a difficult economic environment, and the
directors are cautiously optimistic that exits will be achieved, even if this
might take some time.

As ever, the timing and amounts recovered from disposals of the remaining
unlisted investments, including the amount, if any, that might be gained from
the non-performing investments, is difficult to predict. The realisations
achieved over the period enabled a further distribution of shareholders'
original capital of US$ 0.50 per share to be made, which was paid on 28th June

The Directors have worked hard to ensure that the current arrangements provide
for the lowest-cost means of disposing of the company's few remaining
investments at fair value. Financial information will continue to be provided to
shareholders using information provided from accounting records maintained by
Bank of Bermuda who will continue to administer the company's affairs.
Compliance with Cayman Island law will be maintained. Further returns of capital
will be made as and when amounts have been realised from the remaining
investment portfolio.

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

17th October 2002

Investment Portfolio at 31st July 2002

                                    Type of                     Value            % of
Unlisted Shares                  Investment     Holding           US$      Net Assets

Economic Management Ltd.          Con. Loan     500,000             0            0.00
Hideaway Group International Ltd  Con. Loan     976,000             0            0.00
Thai Universal Office Products    Con. Loan     175,000       100,000           31.36

TOTAL INVESTMENTS                                             100,000           31.36

Securities at cost or market value                            100,000           31.36
Cash and cash equivalents                                     337,000          103.85
Accrued expenses                                              118,000         (37.01)

                                                              319,000          100.00

                        Net Asset Value per share  $0.18

STATEMENT OF TOTAL RETURN For the period ended 31st July 2002

                                                16 months to           12 months to
                                                31 July 2002          31 March 2001

                                                       Total                  Total
Provisions on investments
plus exchange differences                              (187)                  (685)

INCOME ($'000)
Dividend, Interest and other income                       64                    205

LESS EXPENSES ($'000)                                  (150)                  (237)

AFTER TAXATION ($'000)                                 (273)                  (719)

(LOSS) PER ORDINARY SHARE (US$)                       (0.18)                 (0.40)

BALANCE SHEET as at 31 July 2002

                                              31 July 2002        31 March 2001

ASSETS ($'000)
Investments                                            100                1,297
Cash and cash equivalents                               33                  292
                                                   -------              -------
                                                       437                1,589

Accrued expenses and provisions                      (118)                (124)
                                                   -------              -------
                                                       319                1,465

Share Capital                                          175                  175
Share Premium                                        7,369                8,246
Reserves                                           (7,225)              (6,956)
                                                   -------              -------
SHAREHOLDERS FUNDS ($'000)                             319                1,465
                                                  ========              =======

NET ASSET VALUE PER ORDINARY SHARE                   $0.18                $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 December 2001. The results for the period ended 31 July 2002 
   are abridged and are taken from the audited accounts that are currently being
   distributed to shareholders.

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. No dividends were declared out of earnings during the period. A further 
   distribution of US$0.50 of shareholders' original capital was made on 28th 
   June 2002.

4. 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
8th Floor, Princes Building,
Hong Kong

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

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