Title : Pangolin Asia Fund March 2017 NAV

  Date : 10th April 2017

As at the 31st of March 2017 the NAV of the Class A shares of the Pangolin Asia Fund was US$435.93 net of all fees and expenses, up 5.6% from US$412.81 in February.

Please see the table at the end of this letter for further detail.

As of today, the fund is about 95% invested with the split being approximately as follows:

Singapore 13%
Malaysia  32%
Indonesia 32%
Thailand  22%

We don't disclose our names but some details are always available to investors on request.

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