Title : Pangolin Asia Fund January 2020 NAV

  Date : 7th February 2020

As at the 31st of January 2020 the NAV of the Class A shares of the Pangolin Asia Fund was US$465.73 net of all fees and expenses, down 5.69% from US$493.85 in December.

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  21%
Malaysia   30%
Indonesia  39%
Thailand   10%

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

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