Return of Equity

Siam Investment Fund
31 March 2003


                      Re: Notification of Return of Equity 

The Board of Directors of the Siam Investment Fund (the 'Fund') wishes to
announce that it has resolved to return a portion of the Fund's excess cash to
the shareholders in the form of a return of equity.  All shareholders of record
as of March 31, 2003 will be given US$1.00 per share.  Payment will be made on
April 4, 2003.        

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