Pangolin Asia Fund September 2007 NAV

  Date : 12th October 2007

As of the 28th of September 2007, the NAV of the Class A shares of Pangolin Asia Fund was US$158.13, net of all fees and expenses, up 5.26% from US$150.23 in August.

At the end of September the fund was about 96% invested (we’ve been doing some buying), with the split being approximately as follows:

Indonesia 42%
Malaysia 34%
Singapore 24%

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

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