THE THAI PRIME FUND LIMITED



                                                   (Incorporated in the Republic of Singapore) 











I. The Board of Directors of The Thai Prime Fund Limited wishes to announce the unaudited



    results of the Company for the six months ended 30 June 2000:-







                                                                          Six months ended



                                                     



                                                               30 June 2000        30 June 1999       + or (-)



                                                                     USD                     USD                  %







   1. Investment income                               21,090                  20,591               2.4



                                                             ==========        =========      =======



      



   2. a. Operating Profit / (Loss)                (67,837)                 (58,946)             -15.1



           before income tax



       



       b. Less income tax                                   -                            -                       -







                                                            ____________        __________      _________



       c. Operating Profit / (Loss)                (67,837)                 (58,946)            - 15.1



                                                            ____________        __________      _________







   3.  Profit / (Loss) in US cents per             (0.44)                      (0.38)             - 15.1



        redeemable preferred share







        Net tangible asset backing in US          4.99                        7.58              - 34.2



        Dollar per redeemable preferred



        share







   4. In the opinion of the Directors, no item, transaction or event of a material and unusual 



       nature has arisen which would affect substantially the results of the operations of the



       Company for the period from the end of the six months to the date of this report.







   5. The Company has been granted the tax concession under the Tax Exemption Scheme



       for Fund Management, whereby the Company shall be exempted from Singapore



       Income Tax on its profits derived from approved investment assets which included its



       investment in the Fund. The Company may, however, suffer withholding tax in respect



       of income received from its foreign investments.








II   CURRENT YEAR'S PROSPECTS










The Thai economy continued to grow in the first half of 2000 but the growth slowed during



the second quarter. The recovery was narrow-based, mainly seen in large corporates and 



leaving domestic consumption fragile. While the environment of small and medium-sized 



businesses is gradually improving, it still remains weak.







According to recent data from the Bank of Thailand, manufacturing production continued to 



improve, growing by 1.4% year-on-year in June 2000, and by 6.4% in the first half of 2000 



from a year earlier. Improvements, although at a slower pace, were also seen in areas such as 



cement sales, commercial car sales and imports of capital goods. Some economists expect 



that in the second quarter the economy may grow less strongly than in the first quarter when



it expanded by 5.2%. Inflation rate was moderate at 1.2% for the first six months of 2000, 



as low food prices offset higher oil prices.







Exports continued to grow but the growth rate slowed in the second quarter. In the first half



of 2000, exports rose by 21.1% from the same period of 1999. Imports were up by 34.6%



from last year, led by imports of capital goods and raw materials.







The SET index started the year on a downward trend and continued to decline in the first



six months of 2000. The SET Index slid from 481.92 points on December 30, 1999 to



325.69 points on June 30, 2000 or a 32.42% decline. The average daily turnover was low



at Bt4.692bn, a marked decrease from 1999 average of Bt6.571bn.







The Thai stock market disappointed during the review period despite two important decisions



that could have generated buying interest among investors. The bankruptcy court decided on



the Thai Petrochemical Industry Plc. case thereby proving the efficacy of the amended



bankruptcy law. For the first time since the 1997 economic crisis, Moody's revised upwards



Thailand's sovereign risk from Baa3 to an investment grade of Ba1.







SET's poor performance could be mainly attributed to two factors:







One being the foreign investment funds reallocated their assets after Morgan Stanley



Capital International (MSCI) included Malaysia in its indices and increased the weighting



of Taiwan and China. Consequently, the weighting of the Thai market within the MSCI 



indices declined. Equity markets were volatile globally. In the US, the tightening of



monetary policies caused volatility on the stock market and especially on the Nasdaq.



This also affected South East Asian markets.



 



Secondly, domestic factors also weighed on investor sentiment on the equity market. 



The heavily weighted banking sector performed poorly as a result of high non-performing



loans, which stood at 32% of all loans in June 2000.











In the short-term, we expect that politics will dominate the SET index movement as



the general election will take place before year end.







On the longer-term basis, once the volatility of the global market subsides and if US



economic growth does not slow too sharply, markets that have been affected by risk-



averse investors selling stocks, which includes Thailand, could improve. However, the



extent of the recovery in the Thai stock market will largely depend on the outlook for



the financial sector, which accounts for almost 30% of total market capitalization. Only



once non-performing loans have declined to a more acceptable level can we expect to



see the market staging a powerful and sustainable recovery.







As of June 30, 2000 the net asset value of the investment portfolio amounted to



US$77.98 million or US$5.03 per investment unit. Of this amount, 94.60% was



invested in Thai equities. During the first half of this year, the Fund incurred a realised



loss of US$3.93 million.







III  DIVIDENDS







The Board of Directors does not recommend an interim dividend.











By Order of the Board 







ONG YIM LYE (MRS)



SECRETARY







16 September, 2000



Singapore











NOTE: 



The half-yearly report is to be publised in the Straits Times, Singapore and Financial Times,



London on 18 September 2000 as well as sent to the shareholders on 19 September 2000.



It will be made available to the public at the Company's registered office at 180 Clemenceau



Avenue, #02-02 Haw Par Centre, Singapore 239922.

                                                             THE THAI PRIME FUND LIMITED


                                                         (Incorporated in the Republic of Singapore)


  I.   The Board of Directors of The Thai Prime Fund Limited wishes to announce the unaudited results


        of the Company for the six months ended 30 June 2001:-


                                                                                                                Six months ended



                                                                                      



                                                                                   30 June 2001          30 June 2000           + or (-)



                                                                                         USD                        USD                       %



     1.  Investment income                                           15,067                      21,090                  -28.56



                                                                                  ==========         ==========      =========



     2. a.  Operating Profit / (Loss)                              (54,526)                  (67,837)                  19.62



              before income tax



         b.  Less income tax                                                  -                              -                             -



         



                                                                                __________          __________      _________



         c.  Operating Profit / (Loss)                               (54,526)                  (67,837)                  19.62



                                                                                 __________         __________       _________



  



  3.    Profit / (Loss) in US cents per                            (0.35)                    (0.44)                    20.45



         redeemable preferred share



        Net tangible asset backing in US                        4.43                       4.99                     -11.22



        Dollar per redeemable preferred share



    4.  In the opinion of the Directors, no item, transaction or event of a material and unusual nature



         has arisen which would affect substantially the results of the operations of the Company for



         the period from the end of the six months to the date of this report.   



    5.  The Company has been granted the tax concession under the Tax Exemption Scheme for Fund



         Management, whereby the Company shall be exempted from Singapore Income Tax on its profits



         derived from approved investment assets which included its investment in the Fund. The Company



         may, however, suffer withholding tax in respect of income received from its foreign investments.



  II  CURRENT YEAR'S PROSPECTS



       The Thai economy continued to slow down from the second half of 2000 in line with the slowdown 



       in the US, EU and Japan economies. The economy grew by 1.8% year-on-year in the first quarter



       but contracted by 0.9% compared with the previous quarter.



       Manufacturing production in the first five months of 2001 expanded by 1.1% year-on-year, led by 



       vehicles and parts and beverages production. Sectors that continued to decline since the beginning


       of the year included electronics and electrical appliances. Private  investment was mixed with   



       machinery and equipment investments slowing while construction indicated by improved cement 



       sales,  and commercial car sales showed signs of recovery. Private consumption continued to improve 



       but the rebound  was less than expected as consumers have not regained confidence over their 



       future income prospects. Inflation rate for the first six months was 2.0%.



  



       Export growth for the first five months was sluggish although Thai exports were not as severely



       hit as in countries which have high exposures to the technology sector. Imports grew by 14.73%. 



       As inflation is not a current concern, the Bank of Thailand's (BOT's) priority is on the stability of 



       Baht and foreign reserves. Given a poor international trade outlook, concerns over possible 



       deterioration of foreign reserves as a result of continuing capital outflows for corporate debt



       repayment prompted the BOT to raise the 14-day repurchase rate by 1% to 2.5% on June 8, 2001.



       



      The SET index managed to post a return of 19.8% in Baht or 13.6% in US$ terms, making the Thai



      stock market one of the best performers within Southeast Asia. The SET Index ended the first half 



      at 322.55 points with the average daily turnover high at Baht 6.92 billion, compared to the average



      of Baht 3.74 billion in year 2000. Foreigners,  net buyers of Baht 6.12 billion in  January, ended as



      net sellers of Baht 1.54 billion by end June 2001. Retail investors actively participated in the market 



      due to unattractive yield from deposit accounts.







      The factors that helped the SET Index  remain resilient to the sluggish global economy and equity



      markets were: compelling valuations of individual stocks, a landslide victory of the Thai Rak



      Thai-led government amid widespread optimistic expectations that the new government would



      be able to boost the economy, and abundant domestic liquidity. In addition, the strengthening



      of corporate  balance sheets through de-leveraging also helped underpin the stock's share prices.



      



      For the latter part of 2001, volatility in the equity market is expected to persist given the 



      uncertainties over the global economic outlook. However, attractive levels of stock valuations 



      and ample liquidity will remain the most crucial factors that could help the Thai market withstand 



      such volatility.



     As of June 30, 2001 the net asset value of the investment portfolio amounted to US$68.09



     million or US$4.39 per investment unit. Of this amount, 93.95% was invested in Thai equities.



     During the first half of this year, the Fund incurred a realized loss of US$4.46 million.



III   DIVIDEND



       The Board of Directors does not recommend an interim dividend.



NOTE: The half-yearly report is to be published in the Straits Times, Singapore and Financial



Times, London, on 24 September 2001 as well as sent to the shareholders on 25 September 2001.



It will be made available to the public at the Company's registered office at 180 Clemenceau



Avenue #02-02 Haw Par Centre, Singapore 239922.