At 30th of December 2005, the NAV of the Class A shares of Pangolin Asia Fund was US$97.79 net of all fees and expenses, up from US$96.14 in November.

I was assured by all service providers when setting up the fund that it would be much better not to have a December year end if possible. Thus this is the report to investors for the fund’s first year which ended on 30th November 2005. The value of the Class A shares was down 3.86% for the year finishing with a final NAV of U$96.14. This is not the audited number but the value calculated by the fund’s administrator, HSBC, as are all the monthly values. The audit should be complete some time in January (by PWC) and it shouldn’t differ – but it might – and the final report and accounts will be sent out thereafter.

At 30th of November 2005, the NAV of the Class A shares of Pangolin Asia Fund was US$96.14 net of all fees and expenses, down from US$97.05 in October.

At 31st of October 2005, the NAV of the Class A shares of Pangolin Asia Fund was US$97.05 net of all fees and expenses, up from US$96.99 in September.

At 30th of September 2005, the NAV of the Class A shares of Pangolin Asia Fund was US$96.99 net of all fees and expenses, up from US$94.90 in August.

The Net Asset Value of the A shares was U$94.90 at the end of the period. Please note that the fund has a November year end, thus the third quarter ended on August the 31st.

At 31st of August 2005, the NAV of the Class A shares of Pangolin Asia Fund was US$94.90 net of all fees and expenses, down from US$100.14 in July.

At 29th of July 2005, the NAV of the Class A shares of Pangolin Asia Fund was US$100.14 net of all fees and expenses, up from US$97.05 in June.

At 30th of June 2005 the NAV of the Class A shares was U$97.05 net of all fees and expenses, up from U$96.77 in May.

The NAV of the A shares was U$96.77 at the end of the period. Please note that the fund has a November year end, thus the first half ended on May 31st.