Pangolin Asia Fund October 2008 NAV

  Date : 12th November 2008

As of the 31st of October 2008, the NAV of the Class A shares of the Pangolin Asia Fund was US$90.36 net of all fees and expenses, down 20.42% from US$113.55 in September.

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

Indonesia 50%
Malaysia 36%
Singapore 14%

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

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