Pangolin Asia Fund May 2006 NAV

  Date : 12th June 2006

The net asset value of the A shares was US$108.82 at the end of the period. Please note that the fund has a November year end, thus the first half ended on May the 31st.

At the quarter’s end the fund was approximately 96% invested.

2nd Quarter Review

A word on the markets:

Those of us unfortunate enough to have to get our news from CNN will be aware that the weather takes up about 20 minutes of each hour. Why? Because broadcasting some dull meteorologist in a studio is a lot cheaper than sending a reporter anywhere. And CNN take the view that if they talk about the weather often enough we will start to think it matters. Of course the next cheapest form of broadcasting is also set in a studio and involves Fed watching. The financial community has become obsessed by the “next numbers”. So we all wait with baited breath for the Fed’s interest rate decision, but the moment that comes out we are told that it is the CPI, or the PPI or non-farm tractor sales* that will tell us where the world is headed and all we need to do is wait a few more days and all will be clear.

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