Pangolin Asia Fund March 2008 NAV

  Date : 10th April 2008

As of the 31st of March 2008, the NAV of the Class A shares of the Pangolin Asia Fund was US$150.63 net of all fees and expenses, down 3.78% from US$156.55 in February.

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

Indonesia 40%
Malaysia 41%
Singapore 19%

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

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