Pangolin Asia Fund April 2010 NAV

  Date : 10th May 2010

As at the 30th of April 2010 the NAV of the Class A shares of the Pangolin Asia Fund was US$227.44 net of all fees and expenses, up 6.44% from US$213.68 in March. Please see the table at the end of this letter for further detail.

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

Indonesia 52%
Malaysia 31%
Singapore 17%

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

View full Newsletter here