Pangolin Asia Fund February 2020 NAV

  Date : 11th March 2020

As at the 29th of February 2020 the NAV of the Class A shares of the Pangolin Asia Fund was US$420.43 net of all fees and expenses, down 9.73% from US$465.73 in January.

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 22%
Malaysia 31%
Indonesia 37%
Thailand 10%

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

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