Pangolin Asia Fund November 2008 NAV

  Date : 10th December 2008

As of the 30th of November 2008 (the fund’s year end), the NAV of the Class A shares of the Pangolin
Asia Fund was US$85.98 net of all fees and expenses, down 4.85% from US$90.36 in October.

At the end of November the fund was almost fully invested, with the split being approximately as follows:

Indonesia 45%
Malaysia 41%
Singapore 4%

Details of the individual holdings are always available to investors on request.

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