Pangolin Asia Fund December 2010 NAV

  Date : 31st December 2010

As at the 31st of December 2010 the NAV of the Class A shares of the Pangolin Asia Fund was US$269.47 net of all fees and expenses, up 3.43% from US$260.53 in November. For 2010 the fund was up 37.58%. Please see the table at the end of this letter for further detail.

As of today, the fund is just about 74% invested, with the split being approximately as follows:

Indonesia 49%
Malaysia 24%
Singapore 19%
Thailand 8%

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

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