Pangolin Asia Fund March 2010 NAV

  Date : 12th April 2010

As at the 31st of March 2010 the NAV of the Class A shares of the Pangolin Asia Fund was US$213.68 netof all fees and expenses, up 4.19% from US$205.09 in February. Please see the table at the end of this letter for further detail.

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

Indonesia 48%
Malaysia 35%
Singapore 17%

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

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