Pangolin Asia Fund September 2012 NAV

  Date : 10th October 2012

As at the 30th of September 2012 the NAV of the Class A shares of the Pangolin Asia Fund was US$323.75 net of all fees and expenses, up 0.23% from US$323.01 in August. Please see the table at the end of this letter for further detail.

As of today, the fund is about 82% invested with the split being approximately as follows:

Indonesia 29%

Malaysia 41%

Singapore 19%

Thailand 11%

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

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