The Net Asset Value of the A shares was U$94.90 at the end of the period. Please note that the fund has a November year end, thus the third quarter ended on August the 31st.

At 31st of August 2005, the NAV of the Class A shares of Pangolin Asia Fund was US$94.90 net of all fees and expenses, down from US$100.14 in July.

At 29th of July 2005, the NAV of the Class A shares of Pangolin Asia Fund was US$100.14 net of all fees and expenses, up from US$97.05 in June.

At 30th of June 2005 the NAV of the Class A shares was U$97.05 net of all fees and expenses, up from U$96.77 in May.

The NAV of the A shares was U$96.77 at the end of the period. Please note that the fund has a November year end, thus the first half ended on May 31st.

At 31/5/05 the NAV of the Class A shares was U$96.77 net of all fees and expenses, down from U$98.86 in April.

At 30/4/05 the NAV Class A shares was U$98.86 net of all fees and expenses, up from U$97.77 in March.

As I write all is gloom and doom in financial markets following last weeks falls on Wall Street and elsewhere. If, as some expect, we do see a sustained decline in US equities the question is, what will be the effect on Asian stock markets? Well, in the short term it is unlikely to be positive given the rather strange close correlation between the regions’ markets. However, given Asian companies’ low relative valuations one would expect to see the indices decoupling with Asia outperforming over the longer term.

At 31/3/05 the NAV Class A shares was U$97.77 net of all fees and expenses, down from U$99.37 in February.

The NAV of the A shares was U$99.37 at the end of the period. Please note that the fund has a November year end, thus the first quarter ended on February 28th.