Pangolin Asia Fund August 2005 NAV

  Date : 12th September 2005

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 the end of August the fund was approximately 95% invested.

The value of the fund was affected by the decline of the Indonesian Rupiah (although the share prices of the companies owned there held up reasonably strongly) and continued weakness in Malaysian second liners.

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