Pangolin Asia Fund August 2008 NAV

  Date : 10th September 2008

As of the 29th of August 2008, the NAV of the Class A shares of the Pangolin Asia Fund was US$124.8 net of all fees and expenses, down 5.87% from US$132.58 in July.

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

Indonesia 50%
Malaysia 34%
Singapore 16%

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

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