Pangolin Asia Fund October 2012 NAV

  Date : 12th November 2012

As at the 31st of October 2012 the NAV of the Class A shares of the Pangolin Asia Fund was US$334.08 net of all fees and expenses, up 3.19% from US$323.75 in September. Please see the table at the end of this letter for further detail.

As of today, the fund is about 87% invested with the split being approximately as follows:

Indonesia 26%

Malaysia 42%

Singapore 22%

Thailand 10%

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

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