As at the 31st of December 2011 the NAV of the Class A shares of the Pangolin Asia Fund was US$271.75 net of all fees and expenses, up 0.67% from US$269.95 in November. For 2011 the fund was up 0.85%. Not great but it might have been worse. Please see the table at the end of this letter for further detail.

As at the 30th of November 2011 the NAV of the Class A shares of the Pangolin Asia Fund was US$269.95 net of all fees and expenses, down 3.0% from US$278.31 in October. YTD we’re up 0.2%. It’s been a hard year. Please see the table at the end of this letter for further detail.

As at the 31st of October 2011 the NAV of the Class A shares of the Pangolin Asia Fund was US$278.31 net of all fees and expenses, up 6.85% from US$260.46 in September. YTD we’re up 3.28%. Please see the table at the end of this letter for further detail.

As at the 30th of September 2011 the NAV of the Class A shares of the Pangolin Asia Fund was US$260.46 net of all fees and expenses, down 9.89% from US$289.05 in August. Please see the table at the end of this letter for further detail.

As at the 31st of August 2011 the NAV of the Class A shares of the Pangolin Asia Fund was US$289.05 net of all fees and expenses, down 6.83% from US$310.23 in July. Please see the table at the end of this letter for further detail.

As at the 31st of July 2011 the NAV of the Class A shares of the Pangolin Asia Fund was US$310.23 net of all fees and expenses, up 6.33% from US$291.75 in June. Please see the table at the end of this letter for further detail.

As at the 30th of June 2011 the NAV of the Class A shares of the Pangolin Asia Fund was US$291.75 net of all fees and expenses, up a 0.43% from US$290.51 in May. Please see the table at the end of this letter for further detail.

As at the 31st of May 2011 the NAV of the Class A shares of the Pangolin Asia Fund was US$290.51 net of all fees and expenses, up 2.65% from US$283.00 in April. Please see the table at the end of this letter for further detail.

As at the 29th of April 2011 the NAV of the Class A shares of the Pangolin Asia Fund was US$283.00 net of all fees and expenses, up 4.11% from US$271.83 in March. Please see the table at the end of this letter for further detail.

As at the 31st of March 2011 the NAV of the Class A shares of the Pangolin Asia Fund was US$271.83 net of all fees and expenses, up 5.35% from US$258.03 in February. Please see the table at the end of this letter for further detail.