Title : Pangolin Asia Fund January 2019 NAV

  Date : 12th February 2019

As at the 31st of January 2019 the NAV of the Class A shares of the Pangolin Asia Fund was US$462.51 net of all fees and expenses, up 3.21% from US$448.11 in December.

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

As of today, the fund is about 86% invested, with the split being approximately as follows:

Singapore  12%
Malaysia    37%
Indonesia   35%
Thailand    16%

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

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