Title : Pangolin Asia Fund April 2019 NAV

  Date : 8th May 2019

As at the 30th of April 2019 the NAV of the Class A shares of the Pangolin Asia Fund was US$477.00 net of all fees and expenses, up 0.92% from US$472.67 in March.

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 18%
Malaysia 35%
Indonesia 32%
Thailand 15%

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

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