Pangolin Asia Fund June 2009 NAV

  Date : 13th July 2009

As of the 30th of June 2009, the NAV of the Class A shares of the Pangolin Asia Fund was U$151.32 net of all fees and expenses, up 4.18% from US$145.25 in May.

At the end of June the fund was just about 90% invested, with the split being approximately as follows:

Indonesia 59%
Malaysia 26%
Singapore 15%

Details of the individual holdings are always available toinvestors on request.

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