Pangolin Asia Fund June 2007 NAV

  Date : 11th July 2007

As of the 29th of June 2007, the NAV of the Class A shares of Pangolin Asia Fund was US$159.36, net of all fees and expenses, up 0.92% from US$157.90 in May.

At the end of June the fund was about 92% invested, split approximately as follows:

Indonesia 44%
Malaysia 29%
Singapore 27%

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

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