Pangolin Asia Fund December 2008 NAV

  Date : 31st December 2008

As of the 31st of December 2008, the NAV of the Class A shares of the Pangolin Asia Fund was U$100.27 net of all fees and expenses, up a mind-boggling 16.62% from US$85.98 in November.

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

Indonesia 46%
Malaysia 40%
Singapore 14%

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

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