Title : Pangolin Asia Fund January 2018 NAV

  Date : 7th February 2018

As at the 31st of January 2018 the NAV of the Class A shares of the Pangolin Asia Fund was US$501.11 net of all fees and expenses, up 3.15% from US$485.79 in December.

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

As of today, the fund is about 96% invested, with the split being approximately as follows:

Singapore   11%
Malaysia     41%
Indonesia   30%
Thailand     18%

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

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