Title : Pangolin Asia Fund December 2018 NAV

  Date : 9th January 2019

As at the 31st of December 2018 the NAV of the Class A shares of the Pangolin Asia Fund was US$448.11 net of all fees and expenses, up 0.37% from US$446.46 in November. For FY 2018 we were down 7.76%.

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

As of today, the fund is about 85% invested, with the split being approximately as follows:

Singapore 12%
Malaysia   38%
Indonesia  33%
Thailand    17%

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

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