As at the 28th of February 2013 the NAV of the Class A shares of the Pangolin Asia Fund was US$350.86 net of all fees and expenses, up 2.15% from US$343.47 in January. Please see the table at the end of this letter for further detail.

As at the 31st of January 2013 the NAV of the Class A shares of the Pangolin Asia Fund was US$343.47 net of all fees and expenses, up 1.23% from US$339.29 in December. Please see the table at the end of this letter for further detail.

As at the 31st of December 2012 the NAV of the Class A shares of the Pangolin Asia Fund was US$339.29 net of all fees and expenses, up 2.0% from US$332.63 in November. For the year we were up 24.9%. Please see the table at the end of this letter for further detail.

As at the 30th of November 2012 the NAV of the Class A shares of the Pangolin Asia Fund was US$332.63 net of all fees and expenses, down 0.43% from US$334.08 in October. Please see the table at the end of this letter for further detail.

As at the 31st of October 2012 the NAV of the Class A shares of the Pangolin Asia Fund was US$334.08 net of all fees and expenses, up 3.19% from US$323.75 in September. Please see the table at the end of this letter for further detail

As at the 30th of September 2012 the NAV of the Class A shares of the Pangolin Asia Fund was US$323.75 net of all fees and expenses, up 0.23% from US$323.01 in August. Please see the table at the end of this letter for further detail.

As at the 31st of August 2012 the NAV of the Class A shares of the Pangolin Asia Fund was US$323.01 net of all fees and expenses, up 1.94% from US$316.87 in July. Please see the table at the end of this letter for further detail.

As at the 31st of July 2012 the NAV of the Class A shares of the Pangolin Asia Fund was US$316.87 net of all fees and expenses, up 1.50% from US$312.18 in June. Please see the table at the end of this letter for further detail.

As at the 29th of June 2012 the NAV of the Class A shares of the Pangolin Asia Fund was US$312.18 net of all fees and expenses, up 3.41% from US$301.88 in May. Please see the table at the end of this letter for further detail.

As at the 31st of May 2012 the NAV of the Class A shares of the Pangolin Asia Fund was US$301.88 net of all fees and expenses, down 3.56% from US$313.01 in April. Please see the table at the end of this letter for further detail.