Pangolin Asia Fund May 2008 NAV

  Date : 9th June 2008

As of the 31st of May 2008, the NAV of the Class A shares of Pangolin Asia Fund was US$146.18, net of all fees and expenses, down 5.10% from US$154.03 in April.

At the end of May the fund was about 97% invested, with the split being approximately as follows:

Indonesia 41%
Malaysia 40%
Singapore 19%

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

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