Pangolin Asia Fund February 2011 NAV

  Date : 11th March 2011

As at the 28th of February 2011 the NAV of the Class A shares of the Pangolin Asia Fund was US$258.03 net of all fees and expenses, down 1.46% from US$261.86 in January. Please see the table at the end of this letter for further detail.

As of today, the fund is just about 70% invested, with the split being approximately as follows:

Indonesia 47%
Malaysia 22%
Singapore 21%
Thailand 10%

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

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