As at the 31st of December 2014 the NAV of the Class A shares of the Pangolin Asia Fund was US$376.28 net of all fees and expenses, down 4.79% from US$395.23 in November. For 2014 the fund’s NAV fell 0.52% Please see the table at the end of this letter for further detail.

As at the 30th of November 2014 the NAV of the Class A shares of the Pangolin Asia Fund was US$395.23 net of all fees and expenses, down 3.36% from US$408.97 in October. Just to cheer you up, as of today the fund is down another 3% since the end of November, largely in line with the fall in the Malaysian Ringgit. Please see the table at the end of this letter for further detail.

As at the 31st of October 2014 the NAV of the Class A shares of the Pangolin Asia Fund was US$408.97 net of all fees and expenses, down 1.06% from US$413.36 in September. Please see the table at the end of this letter for further detail.

As at the 30th of September 2014 the NAV of the Class A shares of the Pangolin Asia Fund was US$413.36 net of all fees and expenses, down 2.93% from US$425.85 in August. Please see the table at the end of this letter for further detail.

As at the 31st of August 2014 the NAV of the Class A shares of the Pangolin Asia Fund was US$425.85 net of all fees and expenses, down 2.41% from US$436.67 in July. Please see the table at the end of this letter for further detail.

As at the 31st of July 2014 the NAV of the Class A shares of the Pangolin Asia Fund was US$436.67 net of all fees and expenses, up a negligible 2.96% from US$423.84 in June. Please see the table at the end of this letter for further detail.

As at the 30th of June 2014 the NAV of the Class A shares of the Pangolin Asia Fund was US$423.84 net of all fees and expenses, up a negligible 0.11% from US$423.38 in May. Please see the table at the end of this letter for further detail.

As at the 31st of May 2014 the NAV of the Class A shares of the Pangolin Asia Fund was US$423.38 net of all fees and expenses, up 3.04% from US$410.89 in April. Please see the table at the end of this letter for further detail.

As at the 30th of April 2014 the NAV of the Class A shares of the Pangolin Asia Fund was US$410.89 net of all fees and expenses, up 3.03% from US$398.79 in March. Please see the table at the end of this letter for further detail.

As at the 31st of March 2014 the NAV of the Class A shares of the Pangolin Asia Fund was US$398.79 net of all fees and expenses, up 2.71% from US$388.25 in February. Please see the table at the end of this letter for further detail.