Pangolin Asia Fund November 2012 NAV

  Date : 10th December 2012

As at the 30th of November 2012 the NAV of the Class A shares of the Pangolin Asia Fund was US$332.63 net of all fees and expenses, down 0.43% from US$334.08 in October. 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 25% 

Malaysia 40% 

Singapore 23% 

Thailand 12% 

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

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