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Message to ShareholdersJanuary 3, 2008 Dear Fellow Shareholders, We would like to inform you of some recent changes to the management of the Matthews Asia Funds. Mark W. Headley, Chief Investment Officer of Matthews International Capital Management, LLC, the investment adviser to the Matthews Asia Funds, has temporarily stepped down from most day-to-day business activities to focus on his health. Mark was recently diagnosed with a form of non-Hodgkin's lymphoma known as Burkitt’s lymphoma. He is undergoing treatment and Mark’s doctors are optimistic that he will make a full recovery. During Mark’s absence Andrew Foster will serve as acting Chief Investment Officer. Mark has also stepped down from his role as lead portfolio manager of the Matthews Pacific Tiger and Matthews Korea Funds. Effective January 1, 2008, Richard Gao and Sharat Shroff will be co-lead managers of the Matthews Pacific Tiger Fund. Michael Oh, who shared lead portfolio management responsibility of the Matthews Korea Fund with Mark, will continue as lead manager. Andrew, Richard, Sharat and Michael bring considerable Asian investing experience to the management of the Funds. To learn more about their backgrounds, please visit our web site www.matthewsasia.com. As always, their efforts will be supported by the broader Matthews investment team. If you have any questions, please do not hesitate to contact our Shareholder Services team at 1-800-789-2742. We appreciate the opportunity to serve you and will continue to work hard on your behalf. G. Paul Matthews William J. Guilfoyle |
