Title : Pangolin Asia Fund December 2019 NAV

  Date : 9th January 2020

As at the 31st of December 2019 the NAV of the Class A shares of the Pangolin Asia Fund was US$493.85 net of all fees and expenses, up 3.35% from US$477.85 in November. For the full year, the fund was up 10.21%.

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 21%
Malaysia 30%
Indonesia 38%
Thailand 11%

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

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