Pangolin Asia Fund May 2016 NAV

  Date : 7th June 2016

As at the 31st May 2016 the NAV of the Class A shares of the Pangolin Asia Fund was US$386.04 net of all fees and expenses, down 2.56% from US$396.17 in April.

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    15%
Malaysia     31%
Indonesia     32%
Thailand      22%

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

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