Pangolin Asia Fund June 2006 NAV

  Date : 12th July 2006

As of 30th June 2006, the NAV of the Class A shares of Pangolin Asia Fund was US$106.34 net of all fees and expenses, down from US$108.82 in May.

At the end of June the fund was approximately 96% invested.

Markets remained wobbly in May and the fund’s NAV eased accordingly. During the recent weakness Vinchel and I have been actively visiting companies in the region, especially in Singapore, Malaysia and Indonesia; potential investments normally look better when prices have fallen and this time is no exception.

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