Pangolin Asia Fund February 2008 NAV

  Date : 10th March 2008

As of the 29th of February 2008, the NAV of the Class A shares of Pangolin Asia Fund was US$156.55, net of all fees and expenses, down 0.60% from US$157.49 in January.

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

Indonesia 38%
Malaysia 41%
Singapore 21%

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

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