Pangolin Asia Fund December 2007 NAV

  Date : 31st December 2007

As of the 31st of December 2007, the NAV of the Class A shares of the Pangolin Asia Fund was US$163.86 net of all fees and expenses, up 1.95% from US$160.72 in November. That gives a 27.2% return for 2007.

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

Indonesia 39%
Malaysia 39%
Singapore 22%

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

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