Pangolin Asia Fund March 2012 NAV

  Date : 10th April 2012

As at the 31st of March 2012 the NAV of the Class A shares of the Pangolin Asia Fund was US$303.35 net of all fees and expenses, down 2.51% from US$311.15 in February. Please see the table at the end of this letter for further detail.

As of today, the fund is just about 94% invested with the split being approximately as follows:

Indonesia 29%

Malaysia 40%

Singapore 21%

Thailand 10%

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

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