Pangolin Asia Fund April 2012 NAV

  Date : 11th May 2012

As at the 30th April 2012 the NAV of the Class A shares of the Pangolin Asia Fund was US$313.01 net of all fees and expenses, up 3.18% from US$303.35 in March. Please see the table at the end of this letter for further detail.

As of today, the fund is just about 84% invested with the split being approximately as follows:

Indonesia 31%

Malaysia 38%

Singapore 18%

Thailand 13%

No names I’m afraid but details of the individual holdings are always available to investors on request.

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