Final Results

Siam Investment Fund
29 July 2002



PRESIDENT'S REPORT

The Siam Investment Fund closed its fiscal year ending March 31, 2002 reporting
net income for the year of $9.80 million ($3.92 per share) and net asset value
per share of $10.04. The Fund also declared a final dividend of $1.50 per share
which was paid in April 2002. 

Needless to say this was a heartening result given the many false starts which
investors have seen in Asia after the financial crisis of 1997-98.

The strength of the Thai stock market, and indeed the recovery in all markets
after the events of September 11, was nothing less than stunning. From a low
reached in November 2001, the SET Index gained 48% by March 2002. Although the
most obvious catalyst for the rally was the huge equity placement in privatising
the Petroleum Authority of Thailand in November, the stage had been set somewhat
earlier. The election of the Shinawatra government in January 2001 to an
absolute majority in Parliament, the first majority by a single party in the
history of Thailand, promised political stability for the country and the
markets. Low interest rates globally and super low local interest rates forced
investors to seek higher returns outside of the safety of the banking system.
Low absolute valuations, rising profitability and high dividend yields of listed
companies made stock picking relatively easy. The market was already headed
higher when 9/11 came.

Entering the rally, the Fund was relatively concentrated in three companies:
Nation, SE-ED and TISCO. These three investments had been made as negotiated
placements as part of the Fund's direct investment mandate. Representatives of
the Fund were members of the board of directors of all three companies by virtue
of the Fund's investment. As the market rallied, the Fund lightened its position
in all three companies and shifted its investment into a more diversified
portfolio of Thai shares. As the rally rotated from finance and banking to
property to building materials, the Fund took profits on those companies which
seemed to be over stretching their valuations. Realised capital gains for the
year as a result were $5.34 million.

Despite selling down positions in Nation andSE-Education and TISCO  during the
year, the percentage concentration of these combined holdings within the
portfolio remained broadly unchanged at around 44% of Total Assets, primarily
due to a stunning 145% rise in the shares of SE-Education over the period under
review and an impressive 62% rise in the shares of Nation.

Nevertheless, to the extent that shares have been sold in the larger holdings
and positions have been built in other value-oriented investments, the Fund
ended the year with a broadly diversified portfolio.  Furthermore, the Fund
retains only one unlisted investment which accounts for approximately 5% of the
Fund's total assets. 

Going forward, the Siam Investment Fund will maintain its policy of investing in
only listed shares which should help reduce the discount between net asset value
and share price. The Fund will also continue to reduce its positions in its
larger holdings which now include the shares in Asia Pacific Resources (APR)
which were received by the Fund when it exercised its conversion of the APR
convertible bonds it held.


Looking forward, we remain optimistic on the outlook for the Thai market barring
unforeseen surprises from overseas. The Fund will maintain its bias toward
'value investment' but will be vigilant about monitoring sector performance in
an effort to outperform. We do expect corrections during the year, so the Fund
will seek to buy on weakness and raise cash as rallies overextend themselves. It
is the intention of the Fund to seek to pay another dividend next year out of
realised gains.

Eugene S. Davis
Director



INDEPENDENT AUDITOR REPORT

To the Shareholders of Siam Investment Fund 
(incorporated in the Cayman Islands as an exempted company with limited 
liability)

We have audited the accompanying balance sheets of Siam Investment Fund as at 31
March 2002 and 2001 and the related statements of operations, statements of
changes in net assets and statements of cash flows for the years then ended.
These financial statements are the responsibility of the Fund's management. Our
responsibility is to express an opinion on these financial statements based on
our audit.

We conducted our audit in accordance with International Standards on Auditing.
Those standards require that we plan and perform the audit to obtain reasonable
assurance about whether the financial statements are free of material
misstatements. An audit includes examining, on a test basis, evidence supporting
the amounts and disclosures in the financial statements. An audit also includes
assessing the accounting principles used and significant estimates made by
management, as well as evaluating the overall financial statement presentation.
We believe that our audit provides a reasonable basis for our opinion.

In our opinion, the financial statements referred to above present fairly, in
all material respects, the financial positions of Siam Investment Fund as at 31
March 2002 and 2001, the results of its operations, changes in net assets and
its cash flows for the years then ended in conformity with International
Accounting Standards.

We draw attention to Note 4 to the financial statements. The financial
statements include investments in unlisted securities (31 March 2002: 
US$1,936,121 being 7.71% of net assets) whose values have been estimated by the
Directors in the absence of readily ascertainable market values. However,
because of the inherent uncertainly of valuation, particularly as these
investments are in Thailand, Cambodia and Vietnam which have all experienced
economic difficulties since 1997, the carrying values may differ significantly
from the values that would have been used in a ready market for the securities
existed, and the differences could be material to the financial statements. Our
opinion is not qualified in this respect.

Grant Thornton Limited
Bangkok, Thailand 
30 May 2002



SIAM INVESTMENT FUND
STATEMENTS OF OPERATIONS
FOR THE YEARS ENDED 31 MARCH 2002 AND 2001

                                                                  US$
                                                           2002         2001 
                                                 Notes               (Restated)

Income
 
 Interest income                                        336,663         299,922
 Dividend income                                        399,312         188,273
 Gain on foreign exchange                                67,197         666,159
 Net unrealized gain on valuation of investments  15  4,235,170               -
 Net unrealized gain on foreign exchange relating
  to carrying value of investments                15    847.164               -
 Net realized gain on sale of investments         15  5,340,681         970,773
 Other income                                           150,672         176,808

      Total income                                   11,376,859       2,301.935


Expenses

 Advisory fees                                   9.1    500,000         500,349 
 Administrative expenses                          10    172,009         266,412 
 Net unrealised loss on valuation of investments  15          -      11,735,034 
 Net realized loss on foreign exchange relating 
  to carrying value of investments                15    909,240         374,015 
 Net unrealized loss on foreign exchange 
  relating to carrying value of investments       15          -       2,834,951

     Total expenses                                   1,581,249      15,710,761


Net income (loss) for the year                        9,795,610     (13,408.826)


Earnings (loss) per share                                  3.92           (5.36)


The accounting policies and the notes on pages 5 to 19 form an integral part of 
these financial statements.



SIAM INVESTMENT FUND
BALANCE SHEETS
AS AT 31 MARCH 2002 AND 2001

                                                                  US$
                                              Notes        2002         2001 
                                           
Investments                                     4    24,189,069   17,914,847

Current assets
 Cash and cash equivalents                            4,120,551      271,241
 Accounts receivable                                    545,788            -
 Forward contract receivable, net               5             -      123,362
 Interest receivable                                          -      752,911
 Other assets                                            13,000       12,333

Total current assets                                  4,679,339    1,159,847


Current liabilities

 Dividend payable                              14    (3,750,000)           -
 Accrued expenses                                        (9,130)     (11,026)

Total current liabilities                            (3,759,130)     (11,026)


Net current assets                                      920.209    1,148,821


Net assets                                           25,109,278   19,063,668


Net assets financed by:
 Share capital                                  6        12,500       12,500
 Share premium                                  7    24,987,500   24,987,500
 Capital reserve                                       (480,900)  (6,244,675)
 Revenue reserve                                        590,178      308,343

Total shareholders' funds                            25,109,278   19,063,668

Net asset value per share                       8         10.04         7.63


For and on behalf of Siam Investment Fund:

                                                                      Director 

                                                                      Director


The accounting policies and the notes on pages 5 to 19 form an integral part of 
these financial statements.



SIAM INVESTMENT FUND

STATEMENTS OF CHANGES IN NET ASSETS

FOR THE YEARS ENDED 31 MARCH 2002 AND 2001

                                                                                   Revenue
                                         Share       Share         Capital         reserve 
                                         capital    premium        reserve       (Restated)        Total
                                                                                
Balance at 1 April 2000                  12,500     24,987,500     7,728,552      (256,058)      32,472,494
Net loss for the year                       -           -             -        (13,408,826)     (13,408,826)
Appropriated for:
 Net unrealized loss on valuation
  of investments                            -           -        (11,735,034)   11,735,034            -
 Net unrealized loss on foreign             -           -           (374,015)      374,015            -
  exchange relating to carrying
  value of investments                      -           -         (2,834,951)    2,834,951            -
 Net realized gain on sale of
  investment                                -           -            970,773      (970,773)           -


Balance at 31 March 2001                 12,500    24,987,500     (6,244,675)      308,343       19,063,668



Balance at 1 April 2000                  12,500     24,987,500     6,244,675      (308,343)      19,063,668
Net loss for the year                       -           -             -         (9,795,610)      (9,795,610)
Appropriated for:
 Net unrealized loss on valuation
  of investments                            -           -         (4,235,170)    4,235,170            -
 Net unrealized loss on foreign exchange    -           -           (909,240)      909,240            -
 Net unrealized gain on foreign
  exchange relating to carrying
  value of investments                      -           -           847,164        847,164            -
 Net realized gain on sale of
  investment                                -           -          5,340,681    (5,340,681)           -
Dividend for the year                       -           -         (3,750,000)        -           (3,750,000)


Balance at 31 March 2001                 12,500    24,987,500       (480,900)      590,178       25,109,278


The accounting policies and the notes on pages 5 to 19 form an integral part
of these financial statements.



SIAM INVESTMENT FUND
STATEMENT OF CASH FLOWS 
FOR THE YEAR ENDED 31 MARCH                                         
                                                                   US$

                                                            2002        2001 
                                                                     (Restated)     
                                                       

Cash flows from operating activities

Net income for the year
                                                         9,795,610  (13,408,826)  
Unrealized gains of valuation of investments            (4,235,170)  11,735,034 
Unrealized gain on foreign exchange relating to
 carrying value of investments                            (847,164)   2,834,951   
Unrealized gain on foreign exchange forward contracts         -        (123,362)


                                                         4,713,276    1,037,797

Changes in assets and liabilities 

Accounts receivable                                       (545,788)    (663,825)  
Forward contract receivable, net                           123,362       17,836 
Interest receivable                                        752,911     (410,954)  
Other current assets                                          (667)         (12)
Investment                                              (1,191,888)  (2,976,164)
Dividend payable                                             -       (2,500,000)
Accrued expenses                                            (1,896)     (12,439)
Amount due to broker                                         -          (23,677)


  Total cash provided from
   operating activities                                  3,849,310   (4,203,788)



Increase(decrease) in cash and cash equivalents
 for year                                                3,849,310   (4,203,788)
Cash and cash equivalents at beginning of the year         271,241    4,475,029

Cash and cash equivalents at end of the year             4,120,551      271,241



The accounting policies and the notes on pages 5 to 19 form an integral part
of these financial statements.


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