Pangolin Asia Fund October 2005 NAV

  Date : 11th November 2005

At 31st of October 2005, the NAV of the Class A shares of Pangolin Asia Fund was US$97.05 net of all fees and expenses, up from US$96.99 in September.

At the end of October the fund was approximately 96% invested.

The NAV was helped by a rise in the value of the Rupiah as Indonesian base lending rates rose to 12.5%. Generally though, the region is being affected by the outflow of money which had been parked here ahead of assumed Asian currencies appreciation, which has not happened, coupled with higher US interest rates.

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