Pangolin Asia Fund October 2016 NAV

  Date : 8th November 2016

As at the 31st October 2016 the NAV of the Class A shares of the Pangolin Asia Fund was US$411.25 net of all fees and expenses, up 0.30% from US$410.02 in September.

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 13%
Malaysia    36%
Indonesia  32%
Thailand    19%

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

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