Pangolin Asia Fund October 2010 NAV

  Date : 12th November 2010

As at the 31st of October 2010 the NAV of the Class A shares of the Pangolin Asia Fund was US$258.37 net of all fees and expenses, up 2.01% from US$253.28 in September. The fund is up 31.91% YTD. Please see the table at the end of this letter for further detail.

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

Indonesia 52%
Malaysia 22%
Singapore 16%
Thailand 10%

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

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