The Apollo 001 portfolio has been folded into the new Apollo Asia Fund. NAV rose 31% in calendar 1998 (the individual investors did substantially better thanks to dollar-cost-averaging in a roller-coaster year), and 58% ytd in 1999. Cumulatively, this amounts to 107% in a little less than two years, which outpaced the most relevant MSCI index by 46%. All figures are before fees, and up to 30 November 1999.