Pangolin Asia Fund January 2008 NAV

  Date : 11th February 2008

As of the 31st of January 2008, the NAV of the Class A shares of the Pangolin Asia Fund was US$157.49 net of all fees and expenses, down 3.89% from US$163.86 in December.

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

Indonesia 38%

Malaysia 40%

Singapore 22%

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

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