Apollo Investment Management Limited - Managed Funds: Tiger Fund, Californian Fund, balanced growth Fund

Performance of the Apollo Tiger Markets
	02/01/08	02/04/08	30/04/08	Month on Month%	Year to date %

FTSE Asia Pacific ex Japan £	396.87	352.32	370.47	+5.2	-6.7
Apollo Tiger (Offer Price) £	25.908	23.951	24.971	+4.3	-3.6

Source: Financial Times

ASSET ALLOCATION as at 30th April 2008

Source: Aberdeen Asset Management Asia Limited

Objective • The objective of the Fund is to achieve capital growth by investing in countries of the Far East and Pacific Basin with the exception of Japan.

TOP TEN HOLDINGS as at 30th April 2008
Company	Country			(%)

Samsung Electronic Pref	Korea			5.0
Rio Tinto	Australia			4.7
Aberdeen Global India Opps	India			4.3
Overseas Chinese Banking	Singapore			3.8
United Overseas Bank	Singapore			3.6
QBE Insurance	Australia			3.6
Swire Pacific B	Hong Kong			3.5
Taiwan Semiconductor	Taiwan			3.1
China Mobile	China			3.0
Singapore Telecom	Singapore			2.9
Total				37.5%
Source: Aberdeen Asset Management Asia Limited

Manager’s Report Asian equities rose in April, led by China and India, on hopes that the worst of the credit crisis had passed. China’s Shanghai A-share market was lifted by a move to cut stamp duties for share transactions, while India’s technology companies gained on a weakening rupee and an extension of tax holidays for the sector. In the first quarter, China’s economy rose 10.6% year-on-year, while Korea lagged on lower domestic consumption. Inflation remained at record highs across Asia. To contain rising prices, China and India raised their banks’ reserve requirements, while Singapore is allowing its currency to appreciate faster. Chinese president Hu Jintao met Taiwan’s Vincent Siew in the highest-level contact in almost six decades, raising hopes of closer cross-straits relations; political uncertainty resurfaced in Thailand as the authorities pushed to disband two parties. There were no major changes to the portfolio in April.

Apollo Asset Management Ltd ("the Company"), the contracted Investment Manager to the fund, intends this document to be received only by independent intermediaries, experienced, and all other non-private investors. It is not to be reproduced, copied or made available to others and under no circumstances is to be considered as an offer, or solicitation, to deal in investments. Any research or analysis used in the preparation of this document has been procured by the Company for its own use, and may have been acted upon for its own purposes. The results thus obtained are therefore made available only coincidentally, and the information is not guaranteed as to its accuracy. The price of units and the income from them may go down as well as up; they can be affected by exchange rate movements between currencies, and it is possible that the investor may not get back the full amount subscribed on disposal of the units. Past performance is no guarantee of the future performance. This investment may not be suitable for an investor's portfolio, as the markets in which the funds are invested may be considered as higher risk, can be volatile and should in any case not form a disproportionate part of any portfolio.

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