Pangolin Asia Fund May 2010 NAV

  Date : 11th June 2010

As at the 31st of May 2010 the NAV of the Class A shares of the Pangolin Asia Fund was US$213.93 net of all fees and expenses, down 5.94% from US$227.44 in April. Please see the table at the end of this letter for further detail.

At the end of May the fund was just about 80% invested, with the split being approximately as follows:

Indonesia 52%
Malaysia 32%
Singapore 18%

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

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