Pangolin Asia Fund March 2011 NAV

  Date : 11th April 2011

As at the 31st of March 2011 the NAV of the Class A shares of the Pangolin Asia Fund was US$271.83 net of all fees and expenses, up 5.35% from US$258.03 in February. Please see the table at the end of this letter for further detail.

As of today, the fund is just about 75% invested, with the split being approximately as follows:

Indonesia 45%
Malaysia 22%
Singapore 24%
Thailand 9%

Details of the individual holdings are always available to investors on request.

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