Pangolin Asia Fund December 2009 NAV

  Date : 31st December 2009

As at the 31st of December 2009 the NAV of the Class A shares of the Pangolin Asia Fund was US$195.87 net of all fees and expenses, up 7.27% from US$182.60 in November. For 2009 the fund was up 95.34%, a performance unlikely to be repeated too often. Please see the table at the end of this letter for further detail.

At the end of December the fund was just about 90% invested, with the split being approximately as follows:

Indonesia 50%
Malaysia 37%
Singapore 13%

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

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