As at the 31st of December 2010 the NAV of the Class A shares of the Pangolin Asia Fund was US$269.47 net of all fees and expenses, up 3.43% from US$260.53 in November. For 2010 the fund was up 37.58%. Please see the table at the end of this letter for further detail.

As at the 30th of November 2010 (the fund’s year end), the NAV of the Class A shares of the Pangolin Asia Fund was US$260.53 net of all fees and expenses, up 0.84% from US$258.37 in October. YOY the fund is up 42.68% and YTD 33.01%. Please see the table at the end of this letter for further detail.

As at the 31st of October 2010 the NAV of the Class A shares of the Pangolin Asia Fund was US$258.37 net of all fees and expenses, up 2.01% from US$253.28 in September. The fund is up 31.91% YTD. Please see the table at the end of this letter for further detail.

As at the 30th of September 2010 the NAV of the Class A shares of the Pangolin Asia Fund was US$253.28 net of all fees and expenses, up 6.07% from US$238.78 in August. The fund is up 29.31% YTD. Please see the table at the end of this letter for further detail.

As at the 31st of August 2010 the NAV of the Class A shares of the Pangolin Asia Fund was US$238.78 net of all fees and expenses, up 1.77% from US$234.62 in July. The fund is up 21.91% YTD. Please see the table at the end of this letter for further detail.

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.