As at the 30th of April 2018 the NAV of the Class A shares of the Pangolin Asia Fund was US$493.22 net of all fees and expenses, down 2.59% from US$506.32 in March.

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

As of today, the fund is about 92% invested, with the split being approximately as follows:

Singapore 12%
Malaysia   37%
Indonesia  33%
Thailand   18%

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

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