08:50     THAIASSET F PRE<00543> - Results Announcement                       

    Thai Asset Fund Limited announced on 22/04/2005:                          
    (stock code: 00543 )                                                      
    Year end date: 31/12/2004                                                 
    Currency: USD                                                             
    Auditors' Report: Unqualified                                             
                                                                              
                                                            (Audited   )      
                                         (Audited   )       Last              
                                         Current            Corresponding     
                                         Period             Period            
                                         from 01/01/2004    from 01/01/2003   
                                         to 31/12/2004      to 31/12/2003     
                                   Note  ($         )       ($         )      
    Turnover                        a  : 462,536            380,201           
    Profit/(Loss) from Operations   b  : 2,638,983          1,145,407         
    Finance cost                       : N/A                N/A               
    Share of Profit/(Loss) of                                                 
      Associates                       : N/A                N/A               
    Share of Profit/(Loss) of                                                 
      Jointly Controlled Entities      : N/A                N/A               
    Profit/(Loss) after Tax & MI    c  : 2,596,630          1,081,878         
    % Change over Last Period          : +140.01   %                          
    EPS/(LPS)-Basic (in dollars)    d  : 0.64               0.27              
             -Diluted (in dollars)     : N/A                N/A               
    Extraordinary (ETD) Gain/(Loss)    : N/A                N/A               
    Profit/(Loss) after ETD Items      : 2,596,630          1,081,878         
    Final Dividend                     : NIL                NIL               
      per Share                                                               
    (Specify if with other             : N/A                N/A               
      options)                                                                
                                                                              
    B/C Dates for                                                             
      Final Dividend                   : N/A                                  
    Payable Date                       : N/A                                  
    B/C Dates for (-)                                                         
      General Meeting                  : N/A                                  
    Other Distribution for             : N/A                                  
      Current Period                                                          
                                                                              
    B/C Dates for Other                                                       
      Distribution                     : N/A                                  
                                                                              
    Remarks:                                                                  
                                                                              
    Notes to the Results Announcement Form for the year ended 31 December 2004
    ------------------------------------------------------------------------- 
                                                                              
    a.  TURNOVER                                                              
                                                                              
                                                       2004           2003    
                                                    -------        -------    
                                                        US$            US$    
    Dividends income from listed investments        448,913        376,012    
    Interest income from bank deposits               13,623          4,189    
                                                    -------        -------    
                                                    462,536        380,201    
                                                    -------        -------    
                                                                              
    b.                                                                        
                                                       2004           2003    
                                                    -------        -------    
                                                        US$            US$    
                                                                              
    Turnover                                        462,536        380,201    
    Expenses                                       (363,015)      (526,616)   
                                                    -------        -------    
    Net profit/(loss) before realised gain/(loss)                             
      on disposal of investments                     99,521       (146,415)   
    Realised gain on disposal of investments      2,539,462      1,291,822    
                                                  ---------      ---------    
    NET PROFIT BEFORE TAXATION                    2,638,983      1,145,407    
                                                  =========      =========    
                                                                              
    c.  TAXATION                                                              
                                                       2004           2003    
                                                    -------        -------    
                                                        US$            US$    
    Withholding tax in Thailand on distributions                              
    from Thai Asset Open-end Fund (the "Fund"):                               
                                                                              
    Attributable to retained earnings                42,353         63,529    
                                                  =========      =========    
                                                                              
    Withholding tax is payable in Thailand at the rate of 15% on distributions
    made by the Fund to the Company.  No provision for Hong Kong profits tax  
    has been made as interest, dividend and realised gains on disposal of     
    investments of the Company are excluded from charge to profits tax under  
    either section 14, 26 or 26A of the Hong Kong Inland Revenue Ordinance.   
                                                                              
    d.  NET PROFIT AFTER TAXATION PER SHARE                                   
                                                                              
    The calculation of net profit after taxation per share is based on the    
    Company's net profit after tax of US$2,596,630 (2003: profit US$1,081,878)
    and 4,052,525 (2003: 4,052,525) shares outstanding during the year.       
    For more details, please refer to the press announcement today.