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Pangolin Asia Fund November 2006 NAV

  Date : 12th October 2006

At 30th November 2006, the NAV of the Class A shares of Pangolin Asia Fund was US$125.81, net of all fees and expenses, up from US$117.94 in October.

At the end of July the fund was approximately 93% invested.

November was the fund’s year end so you shall be receiving a longer report from me shortly. It’s been a good year so far although December is looking a bit weaker. I remain, as ever, cautious on the markets although I am happy with the fund’s positions. Furthermore, our research efforts continue to uncover what we consider to be excellent investment opportunities and I am confident that the fund’s bottom-up strategy will continue to produce decent long-term returns (with intermediate wobbles).

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