08:55     THAI-ASIA F LTD<00540> - Results Announcement (2)                   

                                                                              
    c.      TAXATION                                                          
                                            2004            2003              
                                            US$             US$               
    Thai withholding tax on distributions                                     
     made by Thai-Asia Open-end Fund (the                                     
     "Fund") in Thailand to the Company                                       
     in Hong Kong                           28,235          54,706            
                                            ------------    ------------      
                                                                              
    Taxation for the year                   28,235          54,706            
                                            ============    ============      
                                                                              
    Withholding tax is payable in Thailand at the rate of 15% on distributions
    made by the Fund to the Company.                                          
                                                                              
    The Fund is not liable for any other form of taxation in Thailand.        
                                                                              
    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.                                            
                                                                              
    There was no material unprovided deferred taxation at the balance sheet   
    date.                                                                     
                                                                              
    d.      (LOSS)/EARNINGS PER SHARE                                         
                                                                              
    The calculation was based on the loss after taxation for the year of US$1 
    ,924,697 (2003: profit US$11,202,562) and 50,340,800 (2003: 50,340,800)   
    ordinary shares in issue during the year.                                 
                                                                              
    For more details, please refer to the press announcement today.