Pangolin Asia Fund May 2007 NAV

  Date : 12th June 2007

At 30th May 2007, the NAV of the Class A shares of Pangolin Asia Fund was US$157.90, net of all fees and expenses, up 2.75% from US$153.68 in April.

At the end of April the fund was virtually fully invested, split approximately as follows:

Indonesia 43%
Malaysia 30%
Singapore 27%

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

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