Pangolin Asia Fund November 2016 NAV

  Date : 7th December 2016

As at the 30th of November 2016 the NAV of the Class A shares of the Pangolin Asia Fund was US$388.48 net of all fees and expenses, down 5.54% from US$411.25 in October.

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  35%
Indonesia 32%
Thailand  20%

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

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