Title : Pangolin Asia Fund December 2017 NAV

  Date : 8th January 2018

As at the 31st of December 2017 the NAV of the Class A shares of the Pangolin Asia Fund was US$485.79 net of all fees and expenses, up 0.40% from US$483.86 in November.

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

As of today, the fund is about 90% invested, with the split being approximately as follows:

Singapore 12%
Malaysia   36%
Indonesia  34%
Thailand   18%

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

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