Pangolin Asia Fund August 2016 NAV

  Date : 7th September 2016

As at the 31st of August 2016 the NAV of the Class A shares of the Pangolin Asia Fund was US$411.20 net of all fees and expenses, down 0.32% from US$412.53 in July.

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

As of today, the fund is about 89% invested with the split being approximately as follows:

Singapore 14%
Malaysia 36%
Indonesia 31%
Thailand 19%

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

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