Pangolin Asia Fund April 2009 NAV

  Date : 11th May 2009

As of the 30th of April 2009, the NAV of the Class A shares of the Pangolin Asia Fund was U$133.22 net of all fees and expenses, up 35.77% from US$98.12 in March.

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

Indonesia 54%
Malaysia 33%
Singapore 13%

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

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