Pangolin Asia Fund October 2007 NAV

  Date : 12th November 2007

As of the 31st of October 2007, the NAV of the Class A shares of Pangolin Asia Fund was US$163.17 net of all fees and expenses, up 3.19% from US$158.13 in September.

At the end of October the fund was close to fully invested, with the split being approximately as follows:

Indonesia 40%
Malaysia 37%
Singapore 23%

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

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