Pangolin Asia Fund September 2008 NAV

  Date : 10th October 2008

As of the 30th of September 2008, the NAV of the Class A shares of the Pangolin Asia Fund was US$113.55 net of all fees and expenses, down 9.23% from US$125.09 in August.

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

Indonesia 51%
Malaysia 33%
Singapore 16%

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

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