As at the 29th of April 2011 the NAV of the Class A shares of the Pangolin Asia Fund was US$283.00 net
of all fees and expenses, up 4.11% from US$271.83 in March. 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 39%
Malaysia 34%
Singapore 19%
Thailand 8%

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

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