As at the 31st of July 2010 the NAV of the Class A shares of the Pangolin Asia Fund was US$234.62 net of all fees and expenses, up 3.15% from US$227.45 in May. The fund is up 19.78% YTD. Please see the table at the end of this letter for further detail.

As at the 30th of June 2010 the NAV of the Class A shares of the Pangolin Asia Fund was US$227.45 net of all fees and expenses, up 6.32% from US$213.93 in May. The fund is up 16.12% YTD. Please see the table at the end of this letter for further detail.

As at the 31st of May 2010 the NAV of the Class A shares of the Pangolin Asia Fund was US$213.93 net of all fees and expenses, down 5.94% from US$227.44 in April. Please see the table at the end of this letter for further detail.

As at the 30th of April 2010 the NAV of the Class A shares of the Pangolin Asia Fund was US$227.44 net of all fees and expenses, up 6.44% from US$213.68 in March. Please see the table at the end of this letter for further detail.

As at the 31st of March 2010 the NAV of the Class A shares of the Pangolin Asia Fund was US$213.68 net of 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.

As at the 28th of February 2010 the NAV of the Class A shares of the Pangolin Asia Fund was US$205.09 net of all fees and expenses, up 1.57% from US$201.91 in January. YOY the gain is 112%. Please see the table at the end of this letter for further detail.

As at the 31st of January 2010 the NAV of the Class A shares of the Pangolin Asia Fund was US$201.91 net of all fees and expenses, up 3.08% from US$195.87 in December. Please see the table at the end of this letter for further detail.

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.

As at the 30th of November 2009 (the fund’s year end), the NAV of the Class A shares of the Pangolin Asia Fund was US$182.60 net of all fees and expenses, up 4.65% from US$174.49 in October. YOY the fund is up 112% and YTD 82%. Please see the table at the end of this letter for further detail.

As of the 31st at October 2009, the NAV of the Class A shares of the Pangolin Asia Fund was US$174.49 net of all fees and expenses, up a rip-roaring 0.74% from US$173.21 in September.