Pangolin Asia Fund November 2019 NAV

  Date : 5th December 2019

As at the 30th of November 2019 the NAV of the Class A shares of the Pangolin Asia Fund was US$477.85 net of all fees and expenses, down 1.35% from US$484.37 in October.

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

As of today, the fund is about 92% invested, with the split being approximately as follows:

Singapore 22%
Malaysia   29%
Indonesia  38%
Thailand    11%

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

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