Pangolin Asia Fund October 2013 NAV

  Date : 11th November 2013

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 of today, the fund is about 86% invested with the split being approximately as follows:

 Indonesia 20%
 Malaysia 38%
 Singapore 26%
 Thailand 16%

No names I’m afraid but some details of the individual holdings are always available to investors on request.

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