Message to Matthews Asia Small Companies Fund Shareholders

We are writing to inform you that, effective August 31, 2020, portfolio management responsibilities for the Matthews Asia Small Companies Fund will be assumed by Vivek Tanneeru. This appointment follows the decisions by Lead Manager Tiffany Hsiao, CFA, and Co-Manager Beini Zhou, CFA, to depart the firm in order to pursue other opportunities.

Vivek has over 15 years of experience in researching and managing regional Asia strategies across the market capitalization spectrum. Since joining Matthews Asia in 2011, Vivek has been conducting on-the-ground research into Asia's small and mid-cap universe, including in his capacity as Lead Manager of the Matthews Asia ESG Fund which has over 55% of its portfolio invested in small and mid-cap companies (as of June 30, 2020). Research of small and mid-cap companies continues to be a core part of our investment approach across all of our portfolios, particularly given that small-cap companies are generally less covered by sell-side analysts and, therefore, provide an opportunity to find attractive investment opportunities.

We are confident that in having Vivek serve in the Lead Manager position of the Matthews Asia Small Companies Fund, supported by our broader 40+ member investment team who collaborate closely across all of our strategies, we have the expertise, strength and depth to ensure a seamless transition and continued positive experience for investors in the Fund.

Finally, we would like to take this opportunity to thank Tiffany and Beini for their contributions to Matthews Asia and wish them well in their future endeavors. If you have any questions regarding the Matthews Asia Funds, please visit our website at matthewsasia.com or contact our team at globalfunds@matthewsasia.com or +1-415-954-4510.

Thank you for your continued confidence in our Asia investment strategies.

Yours truly,

William J. Hackett Chief Executive Officer Matthews Asia	Robert Horrocks, PhD Chief Investment Officer Matthews Asia

The Fund is a sub-fund of Matthews Asia Funds, an open end umbrella fund with variable capital an incorporated with limited liability under the laws of Luxembourg. NOT FOR SALE IN THE U.S. OR TO U.S. PERSONS. This document does not constitute or contain an offer, solicitation or investment advice with respect to the purchase of the Fund described herein or any security. This information is not to be construed as a prospectus, a public offering or an offering memorandum as defined under applicable securities legislation.

Investing in international and emerging markets may involve additional risks, such as social and political instability, market illiquidity, exchange-rate fluctuations, a high level of volatility and limited regulation. In addition, single-country funds may be subject to a higher degree of market risk than diversified funds because of concentration in a specific geographic location. Investing in small- and mid-size companies is more risky and volatile than investing in large companies as they may be more volatile and less liquid than larger companies.

Matthews Asia is the brand for Matthews International Capital Management, LLC and its direct and indirect subsidiaries. The information contained herein has been derived from sources believed to be reliable and accurate at the time of compilation, however, no representation or warranty (express or implied) is made, including, without limitation, that the information is complete or timely. Matthews Asia and its affiliates do not accept any liability for losses either direct or consequential caused by the use of this information. Investors should carefully consider the investment objectives, risks, charges and expenses of the Fund before making an investment decision. The current prospectus, Supplement for Hong Kong Investors, Product Key Facts Statements (“Hong Kong Offering Document”) or other offering documents contain this and other information and can be obtained by visiting hk.matthewsasia.com. Please read the Hong Kong Offering Document or other offering documents carefully for details including risk factors before investing. Prospective investors should consult professional legal, tax and financial advisers as to the suitability of any investment in light of your particular circumstances and applicable citizenship, residence or domicile. Fees and expenses vary among Funds and share classes. Portfolio characteristics for the Fund may vary from time to time from what is shown. This document is issued by Matthews Global Investors (Hong Kong) Limited and has not been reviewed by the Securities and Futures Commission.