As at the 30th of November 2010 (the fund’s year end), the NAV of the Class A shares of the Pangolin Asia Fund was US$260.53 net of all fees and expenses, up 0.84% from US$258.37 in October. YOY the fund is up 42.68% and YTD 33.01%. Please see the table at the end of this letter for further detail.

As of today, the fund is just about 73% invested, with the split being approximately as follows:

Indonesia 51%
Malaysia 23%
Singapore 17%
Thailand 9%

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

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