The Thai Capital Fund, Inc.
Contact:  John J. O'Keefe                                  For Immediate Release
Telephone: (800) 933-3440 or (201) 915-3054
                  www.daiwast.com / okeefej@daiwastc.com
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                   THE THAI CAPITAL FUND ANNOUNCES RESULTS OF
                         ANNUAL MEETING OF STOCKHOLDERS

     JERSEY CITY, New Jersey, July 14, 2005 - The Thai Capital Fund, Inc. (AMEX:
TF), a  closed-end  management  investment  company  seeking  long-term  capital
appreciation   through  investment   primarily  in  equity  securities  of  Thai
companies,  announced  today that the  proposal to increase the  management  fee
contained  in the  Proxy  Statement  for  the  Annual  Meeting  of  Stockholders
originally scheduled for June 2, 2005 had not been approved because the required
number of votes had not been  obtained.  The  management  fee would,  therefore,
remain at 0.60% of the Fund's average weekly net assets.

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