As at the 31st of May 2011 the NAV of the Class A shares of the Pangolin Asia Fund was US$290.51 net
of all fees and expenses, up 2.65% from US$283.00 in April. Please see the table at the end of this letter
for further detail.

As of today, the fund is just about 77% invested, with the split being approximately as follows:

Indonesia 43%
Malaysia 33%
Singapore 17%
Thailand 7%

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

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