Pangolin Asia Fund June 2012 NAV

  Date : 11th July 2012

As at the 29th of June 2012 the NAV of the Class A shares of the Pangolin Asia Fund was US$312.18 net of all fees and expenses, up 3.41% from US$301.88 in May. Please see the table at the end of this letter for further detail.

As of today, the fund is close to fully invested with the split being approximately as follows:

Indonesia 30%

Malaysia 40%

Singapore 19%

Thailand 11%

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

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