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.

As at the 28th of February 2014 the NAV of the Class A shares of the Pangolin Asia Fund was US$388.25 net of all fees and expenses, up 4.91% from US$370.08 in January. Please see the table at the end of this letter for further detail.

As at the 31st of January 2014 the NAV of the Class A shares of the Pangolin Asia Fund was US$370.08 net of all fees and expenses, down 2.16% from US$378.24 in December. Please see the table at the end of this letter for further detail.

As at the 31st of December 2013 the NAV of the Class A shares of the Pangolin Asia Fund was US$378.24 net of all fees and expenses, down 1.72% from US$384.87 in November. For the year the NAV rose 11.48%. Please see the table at the end of this letter for further detail.

As at the 30th of November 2013 the NAV of the Class A shares of the Pangolin Asia Fund was US$384.87 net of all fees and expenses, down 2.45% from US$394.53 in October. Please see the table at the end of this letter for further detail.

As at the 31st of October 2013 the NAV of the Class A shares of the Pangolin Asia Fund was US$394.53 net of all fees and expenses, up 4.22% from US$378.56 in September. Please see the table at the end of this letter for further detail.

As at the 30th of September 2013 the NAV of the Class A shares of the Pangolin Asia Fund was US$378.56 net of all fees and expenses, up 4.71% from US$361.54 in August. Please see the table at the end of this letter for further detail.