Matthews Asia Funds First Quarter 2018

Matthews Asia Funds First Quarter 2018 Quarterly Fact Sheets ASIA FIXED INCOME STRATEGIES Matthews Asia Strategic Income Fund Matthews Asia Credit Opportunities Fund ASIA GROWTH AND INCOME STRATEGIES Matthews Asian Growth & Income Fund Matthews Asia Dividend Fund Matthews China Dividend Fund 1Q ASIA VALUE STRATEGY Matthews Asia Value Fund ASIA GROWTH STRATEGIES Matthews Asia Focus Fund Matthews Asia Growth Matthews Pacific Tiger Matthews Asia ESG Fund Matthews Emerging Asia Fund Matthews Asia Innovators Fund Matthews China Fund Matthews India Fund Matthews Japan Fund Matthews Korea Fund ASIA SMALL COMPANY STRATEGIES Matthews Asia Small Companies Fund Matthews China Small Companies Fund

Our Approach to Investing in Asia Active management We believe many of the region's widely used equity indices are backward looking and are not representative of the industries and companies that will be successful in the future. With respect to the region's debt indices, we believe they are representative of the most indebted countries as opposed to the most creditworthy. Long-term focus on Asia We believe a long-term approach is the most effective way to capitalize on Asia' s evolution. Matthews Asia has been investing in Asia since 1991 and we draw on our experience to identify investment opportunities that stand to benefit from the growth and development of markets throughout the region. Bottom-up research We employ a fundamental, bottom-up investment process. For equities, we seek to identify companies with sustainable long-term growth prospects, strong business models, quality management teams and reasonable valuations. For debt securities, we look for issuers that demonstrate strength in credit, currencies and interest rates. This research process involves more than 2,500 company meetings each year. STRATEGIES FOR INVESTING IN ASIA ASIA FIXED INCOME Asia Strategic Income Asia Credit Opportunities ASIA GROWTH AND INCOME ASIA GROWTH Asian Growth and Income Asia Focus China Asia Dividend China Dividend ASIA VALUE Asia Value Asia Growth India Pacific Tiger Japan* ESG Fund Emerging Asia Asia Innovators Korea ASIA SMALL COMPANY Asia Small Company China Small Company Defining Asia's investment strategies *Closed to most new investors. We strive to provide investors a range of Asia strategies across the risk-reward spectrum and launch new strategies when there are compelling investment opportunities in the region. matthewsasia.com Cover Image: Bukchon Hanok Village, Seoul, South Korea

Matthews Asia Funds Quarterly Fact Sheets Contents ASIA FIXED INCOME STRATEGIES 1 Matthews Asia Strategic Income Fund 2 Matthews Asia Credit Opportunities Fund 4 ASIA GROWTH AND INCOME STRATEGIES 1 Matthews Asian Growth and Income Fund 6 Matthews Asia Dividend Fund 8 Matthews China Dividend Fund 10 ASIA VALUE STRATEGY 1 Matthews Asia Value Fund 12 ASIA GROWTH STRATEGIES 1 Matthews Asia Focus Fund 14 Matthews Asia Growth Fund 16 Matthews Pacific Tiger Fund 18 Matthews Asia ESG Fund 20 Matthews Emerging Asia Fund 22 Matthews Asia Innovators Fund 24 Matthews China Fund 26 Matthews India Fund 28 Matthews Japan Fund 30 Matthews Korea Fund 32 ASIA SMALL COMPANY STRATEGIES 1 Matthews Asia Small Companies Fund 34 Matthews China Small Companies Fund 36

FUND FACTS Investor Class Institutional Class Ticker MAINX MINCX CUSIP 577125503 577125602 Inception 11/30/11 11/30/11 NAV $11.06 $11.06 Initial Investment $2,500 $100,000 Gross Expense Ratio 1 1.33% 1.12% Net Expense Ratio 2 1.15% 0.90% Portfolio Statistics Total # of Positions 43 Net Assets $114.7 million Modified Duration 3 3.0 Portfolio Turnover 36.58% 4 Benchmark Markit iboxx Asian Local Bond Index RISKS ASIA FIXED INCOME STRATEGIES An investment in the Fund is subject to credit, interest rate and currency risks. Credit risk is the change in the value of debt securities reflecting the ability and willingness of issuers to make principal and interest payments. Interest rate risk is the possibility that a Fund's yield will decline due to falling interest rates and the potential for bond prices to fall as interest rates rise. Currency risk is a decline in value of a foreign currency relative to the Fund's base currency which reduces the value of the foreign currency and investments denominated in that currency. The Fund may invest in the following: derivatives which can be volatile and affect Fund performance; high yield bonds (junk bonds) which can subject the Fund to substantial risk of loss; and structured investments which can change the risk or return, or replicate the risk or return of an underlying asset. The Fund is non-diversified and may invest a larger portion of its assets in a single issuer and may entail greater risk than a diversified fund. Matthews Asia Strategic Income Fund Investment Objective Seeks total return over the long term with an emphasis on income. Strategy Under normal market conditions, the Fund seeks to achieve its investment objective by investing at least 80% of its total assets, which include borrowings for investment purposes, in income-producing securities including, but not limited to, debt and debt-related instruments issued by governments, quasi-governmental entities, supranational institutions, and companies in Asia, which consists of all countries and markets in Asia, including developed, emerging, and frontier countries and markets in the Asian region. Investments may be denominated in any currency, and may represent any part of a company s capital structure from debt to equity or with features of both. Risks All investments involve risks, including possible loss of principal. 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. PERFORMANCE AS OF MARCH 31, 2018 Average Annual Total Returns 3 Months YTD 1 Year 3 Years 5 Years 10 Years Since Inception Since Inception Investor Class 1.87% 1.87% 8.82% 6.20% 3.81% n.a. 5.35% 11/30/11 Institutional Class 2.02% 2.02% 9.17% 6.49% 4.04% n.a. 5.58% 11/30/11 Markit iboxx Asian Local Bond Index 1.03% 1.03% 7.28% 3.29% 1.49% n.a. 2.75% n.a. GROWTH OF A $10,000 INVESTMENT SINCE INCEPTION INVESTOR $15,000 $14,000 $13,000 $12,000 $11,000 $10,000 $9,000 11/11 02/13 05/14 08/15 11/16 03/18 $13,908 $13,524 $11,876 Matthews Asia Strategic Income Fund Markit iboxx Asian Local Bond Index Lipper Emerging Mrkts Hard Currency Debt Funds 5 The performance data and graph do not reflect the deduction of taxes that a shareholder would pay on dividends, capital gain distributions or redemption of fund shares. Values are in US$. Source: BNY Mellon Investment Servicing (US) Inc., Index data from HSBC, iboxx (Markit). 1 Matthews Asia Funds does not currently charge 12b-1 fees. 2 After contractual fee waiver, expense reimbursement and/or recoupment effective through April 30, 2018. 3 Modified duration measures the percent change in value of the fixed income portion of the portfolio in response to a 1% change in interest rates. In a multi-currency denominated portfolio with sensitivities to different interest rate regimes, modified duration will not accurately reflect the change in value of the overall portfolio from a change in any one interest rate regime., Bloomberg. For detailed modified duration exposures by currency, please see the next page. 4 The lesser of fiscal year 2017 long-term purchase costs or sales proceeds divided by the average monthly market value of longterm securities. 5 The Lipper Category Average does not reflect sales charges and is based on total return, including reinvestment of dividends and capital gains for the stated period. Performance assumes reinvestment of all dividends and/or distributions before taxes. All performance quoted represents past performance and is no guarantee of future results. Investment return and principal value will fluctuate with market conditions so that when redeemed, shares may be worth more or less than their original cost. Current performance may be lower or higher than the return figures quoted. Returns would have been lower if certain of the Fund's fees and expenses had not been waived. For the Fund's most recent month-end performance visit matthewsasia.com. FS017_MAINX_1Q18 2

Matthews Asia Strategic Income Fund TOP TEN POSITIONS 6 2018 Matthews International Capital Management, LLC Sector Currency % of Net Assets Wanda Properties Int'l Co., Ltd., 7.250%, 01/29/2024 Real Estate USD 4.4% Debt and Asset Trading Corp., 1.000%, 10/10/2025 Financials USD 4.3% Malaysia Government Invt Issue, 3.508%, 05/15/2018 Foreign Govt Bonds MYR 3.9% Theta Capital Pte, Ltd., 6.750%, 10/31/2026 Real Estate USD 3.7% Malaysia Government Invt Issue, 3.226%, 04/15/2020 Foreign Govt Bonds MYR 3.7% Standard Chartered PLC, 6.500%, 12/29/2049 Financials USD 3.3% LIC Housing Finance, Ltd., 7.830%, 09/25/2026 Financials INR 3.2% Delta Invt Horizon Int'l, Ltd., Cnv., 3.000%, 05/26/2020 Telecom Services USD 3.1% CP Foods Holdings, Ltd., Cnv., 0.500%, 09/22/2021 Consumer Staples USD 3.0% Ctrip.com Int'l, Ltd., Cnv., 1.250%, 09/15/2022 Consumer Discretionary USD 3.0% % OF ASSETS IN TOP TEN 35.6% COUNTRY ALLOCATION (%) 7,8* By Issuer's country of risk China/Hong Kong 37.5 Indonesia 21.6 Malaysia 8.9 India 7.8 Vietnam 6.0 Thailand 5.5 Sri Lanka 4.1 Japan 2.6 United States 1.6 South Korea 0.3 Less Liabilities 4.0 *A supranational is an international organization in which member states transcend national boundaries, (ex. IMF).Not all countries are included in the benchmark index. QUALITY DISTRIBUTION (%) 9 Rating AA- 1.7 A- 3.7 BBB- 12.8 BB+ 3.3 BB 0.8 BB- 4.4 B+ 8.1 B 7.3 B- 2.6 Not Rated 51.2 CURRENCY (%) 3,7,8 Weight Modified Duration US Dollar 47.3 3.1 China Renminbi 14.2 3.0 Indonesian Rupiah 10.6 5.4 Malaysian Ringgit 8.9 0.9 Indian Rupee 7.8 3.0 Hong Kong Dollar 2.6 1.9 Thai Baht 2.5 0.9 Vietnam Dong 1.8 3.5 Korean Won 0.3 5.4 Less 4.0 0.0 Fixed income portion of the portfolio SECTOR ALLOCATION (%) 7,8 Foreign Government Bonds* 22.9 Financials 21.7 Real Estate 11.6 Consumer Discretionary 8.1 Utilities 7.7 Telecom Services 7.2 Energy 6.0 Consumer Staples 3.0 Industrials 2.6 Materials 2.6 Health Care 2.5 Less Liabilities 4.0 *Foreign Government Bonds includes supranationals Sector data (excluding Government Bonds) based on MSCI's revised Global Industry Classification Standards. For more details, visit www.msci.com. ASSET TYPE BREAKDOWN (%) 7,8 Corporate Bonds 52.1 Government Bonds 27.2 Convertible Bonds 16.7 Less Liabilities 4.0 Source:Factset Research Systems, Moody's, S&P and Fitch 6 Holdings may combine more than one security from the same issuer and related depositary receipts. 7 Percentage values in data are rounded to the nearest tenth of one percent; the values may not sum to 100% due to rounding. Percentage values may be derived from different data sources and may not be consistent with other Fund literature. 8 Cash and Other Assets may include the mark-to-market value of forward currency exchange contracts and certain derivative instruments. 9 Credit quality is provided for the underlying bond holdings of the Fund and does not include common equities, cash and other assets and percentage values will not total 100%. Credit quality rating symbols reflect that of S&P and generally credit ratings range from AAA (highest) to D (lowest). When ratings from Moody's, S&P and Fitch are available for a bond in the Fund, the middle rating of the three is used. When two ratings are available, the lowest rating is used. When only one rating is provided, that one is used. Foreign government bonds without a specific rating are assigned the country rating provided by one of the three agencies. Securities that are not rated by any one of the three agencies are reflected as such. PORTFOLIO MANAGEMENT Teresa Kong, CFA Satya Patel Co-Manager INVESTMENT APPROACH Matthews Asia believes in the long-term growth of Asia, one of the world's fastest-growing regions. Since 1991, we have focused our efforts and expertise in these countries, investing through a variety of market environments. Matthews Asia is the largest dedicated Asia-only investment specialist in the United States. With $35.1 billion in assets under management as of Matthews Asia employs a bottom-up, fundamental investment philosophy with a focus on long-term investment performance. Portfolio characteristics for the Fund may vary from time to time from what is shown. It should not be assumed that any investment in the securities listed was or will be profitable. You should carefully consider the investment objectives, risks, charges and expenses of the Matthews Asia Funds before making an investment decision. A prospectus or summary prospectus with this and other information about the Funds may be obtained by visiting matthewsasia.com. Please read the prospectus carefully before investing as it explains the risks associated with investing in international and emerging markets. INDEX DEFINITION The Index performance reflects the returns of the discontinued predecessor HSBC Asian Local Bond Index up to December 31, 2012 and the returns of the successor Markit iboxx Asian Local Bond Index thereafter. The Markit iboxx Asian Local Bond Index tracks the total return performance of a bond portfolio consisting of local-currency denominated, high quality and liquid bonds in Asia ex-japan. The Markit iboxx Asian Local Bond Index includes bonds from the following countries: Korea, Hong Kong, India, Singapore, Taiwan, Malaysia, Thailand, Philippines, Indonesia and China. Index is for comparative purposes only, it is not possible to invest directly in an index. Source: BNY Mellon Investment Servicing (US) Inc., Index data from HSBC, iboxx (Markit). 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, but no representation or warranty (express or implied) is made as to the accuracy or completeness of any of this information. Matthews Asia and its affiliates do not accept any liability for losses either direct or consequential caused by the use of this information. Matthews International Capital Management, LLC is the advisor to the Matthews Asia Funds. Matthews Asia Funds are distributed in the United States by Foreside Funds Distributors LLC, Berwyn, PA Matthews Asia Funds are distributed in Latin America by HMC Partners 800.789.ASIA matthewsasia.com 3

FUND FACTS Investor Class Institutional Class Ticker MCRDX MICPX CUSIP 577130677 577130669 Inception 04/29/16 04/29/16 NAV $10.37 $10.37 Initial Investment Gross Expense Ratio 1 2.24% 1.99% Net Expense Ratio 2 1.15% 0.90% Portfolio Statistics Total # of Positions 34 Net Assets $38.7 million Modified Duration 3 3.3 Portfolio Turnover 27.86% 4 Benchmark J.P. Morgan Asia Credit Index RISKS ASIA FIXED INCOME STRATEGIES An investment in the Fund is subject to credit, interest rate and currency risks. Credit risk is the change in the value of debt securities reflecting the ability and willingness of issuers to make principal and interest payments. Interest rate risk is the possibility that a Fund's yield will decline due to falling interest rates and the potential for bond prices to fall as interest rates rise. Currency risk is a decline in value of a foreign currency relative to the Fund's base currency which reduces the value of the foreign currency and investments denominated in that currency. The Fund may invest in the following: derivatives which can be volatile and affect Fund performance; high yield bonds (junk bonds) which can subject the Fund to substantial risk of loss; and structured investments which can change the risk or return, or replicate the risk or return of an underlying asset. The Fund is non-diversified and may invest a larger portion of its assets in a single issuer and may entail greater risk than a diversified fund. Matthews Asia Credit Opportunities Fund Investment Objective Seeks total return over the long term. Strategy Under normal market conditions, the Fund seeks to achieve its investment objective by investing at least 80% of its net assets, which include borrowings for investment purposes, in debt and debt-related instruments issued by companies as well as governments, quasigovernmental entities, and supranational institutions in Asia. Debt and debt-related instruments typically include bonds, debentures, bills, securitized instruments (which are vehicles backed by pools of assets such as loans or other receivables), notes, certificates of deposit and other bank obligations, bank loans, senior secured bank debt, convertible debt securities, credit-linked notes, inflation-linked instruments, repurchase agreements, payment-in-kind securities and derivative instruments with fixed income characteristics. Risks All investments involve risks, including possible loss of principal. 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. PERFORMANCE AS OF MARCH 31, 2018 Average Annual Total Returns 3 Months YTD 1 Year 3 Years 5 Years 10 Years Since Inception Since Inception Investor Class 0.66% 0.66% 5.77% n.a. n.a. n.a. 6.89% 04/29/16 Institutional Class 0.72% 0.72% 6.04% n.a. n.a. n.a. 7.15% 04/29/16 J.P. Morgan Asia Credit Index -1.37% -1.37% 1.73% n.a. n.a. n.a. 2.98% n.a. GROWTH OF A $10,000 INVESTMENT SINCE INCEPTION INVESTOR $11,500 $11,000 $10,500 $10,000 $9,500 04/16 08/16 12/16 04/17 08/17 03/18 $11,362 $10,770 $10,579 Matthews Asia Credit Opportunities Fund J.P. Morgan Asia Credit Index Lipper Alternative Credit Focus Funds 5 The performance data and graph do not reflect the deduction of taxes that a shareholder would pay on dividends, capital gain distributions or redemption of fund shares. Values are in US$. Source: BNY Mellon Investment Servicing (US) Inc., Index data from J.P. Morgan. 1 Matthews Asia Funds does not currently charge 12b-1 fees. 2 After contractual fee waiver, expense reimbursement and/or recoupment effective through April 30, 2018. 3 Modified duration measures the percent change in value of the fixed income portion of the portfolio in response to a 1% change in interest rates. In a multi-currency denominated portfolio with sensitivities to different interest rate regimes, modified duration will not accurately reflect the change in value of the overall portfolio from a change in any one interest rate regime., Bloomberg. For detailed modified duration exposures by currency, please see the next page. 4 The lesser of fiscal year 2017 long-term purchase costs or sales proceeds divided by the average monthly market value of longterm securities. 5 The Lipper Category Average does not reflect sales charges and is based on total return, including reinvestment of dividends and capital gains for the stated period. Performance assumes reinvestment of all dividends and/or distributions before taxes. All performance quoted represents past performance and is no guarantee of future results. Investment return and principal value will fluctuate with market conditions so that when redeemed, shares may be worth more or less than their original cost. Current performance may be lower or higher than the return figures quoted. Returns would have been lower if certain of the Fund's fees and expenses had not been waived. For the Fund's most recent month-end performance visit matthewsasia.com. FS024_MCRDX_1Q18 4

Matthews Asia Credit Opportunities Fund TOP TEN POSITIONS 6 2018 Matthews International Capital Management, LLC Sector Currency % of Net Assets Debt and Asset Trading Corp., 1.000%, 10/10/2025 Financials USD 4.9% Wanda Properties Int'l Co., Ltd., 7.250%, 01/29/2024 Real Estate USD 4.1% Huaneng Power Int'l, Inc., 3.480%, 06/13/2021 Utilities CNY 3.9% Tsinghua Unic, Ltd., 4.750%, 01/31/2021 Industrials USD 3.8% Socialist Republic of Vietnam, 5.500%, 03/12/2028 Foreign Govt Bonds USD 3.8% SoftBank Group Corp., 6.000%, 07/19/2049 Telecom Services USD 3.7% Modernland Overseas Pte, Ltd., 6.950%, 04/13/2024 Real Estate USD 3.6% Theta Capital Pte, Ltd., 6.750%, 10/31/2026 Real Estate USD 3.5% Standard Chartered PLC, 6.500%, 12/29/2049 Financials USD 3.4% Delta Invt Horizon Int'l, Ltd., Cnv., 3.000%, 05/26/2020 Telecom Services USD 3.4% % OF ASSETS IN TOP TEN 38.1% COUNTRY ALLOCATION (%) 7,8* By Issuer's country of risk China/Hong Kong 41.8 Indonesia 20.3 Vietnam 9.7 Sri Lanka 7.1 Thailand 5.4 Japan 3.7 Philippines 2.2 United States 1.1 Less Liabilities 8.9 *A supranational is an international organization in which member states transcend national boundaries, (ex. IMF).Not all countries are included in the benchmark index. QUALITY DISTRIBUTION (%) 9 Rating BBB- 2.9 BB+ 3.4 BB 2.4 BB- 11.3 B+ 13.8 B 12.2 B- 2.8 Not Rated 42.2 Source:Factset Research Systems, Moody's, S&P and Fitch CURRENCY (%) 3,7,8 Weight Modified Duration US Dollar 72.6 3.5 China Renminbi 13.2 3.0 Thai Baht 2.8 0.9 Hong Kong Dollar 2.5 1.9 Less 8.9 0.0 Fixed income portion of the portfolio SECTOR ALLOCATION (%) 7,8 Real Estate 18.4 Financials 16.0 Telecom Services 10.4 Utilities 9.5 Industrials 8.3 Consumer Discretionary 8.2 Foreign Government Bonds* 7.2 Energy 3.9 Health Care 2.8 Materials 2.8 Consumer Staples 2.6 Information Technology 1.1 Less Liabilities 8.9 *Foreign Government Bonds includes supranationals Sector data (excluding Government Bonds) based on MSCI's revised Global Industry Classification Standards. For more details, visit www.msci.com. ASSET TYPE BREAKDOWN (%) 7,8 Corporate Bonds 62.2 Convertible Bonds 16.9 Government Bonds 12.1 Less Liabilities 8.9 6 Holdings may combine more than one security from the same issuer and related depositary receipts. 7 Percentage values in data are rounded to the nearest tenth of one percent; the values may not sum to 100% due to rounding. Percentage values may be derived from different data sources and may not be consistent with other Fund literature. 8 Cash and Other Assets may include the mark-to-market value of forward currency exchange contracts and certain derivative instruments. 9 Credit quality is provided for the underlying bond holdings of the Fund and does not include common equities, cash and other assets and percentage values will not total 100%. Credit quality rating symbols reflect that of S&P and generally credit ratings range from AAA (highest) to D (lowest). When ratings from Moody's, S&P and Fitch are available for a bond in the Fund, the middle rating of the three is used. When two ratings are available, the lowest rating is used. When only one rating is provided, that one is used. Foreign government bonds without a specific rating are assigned the country rating provided by one of the three agencies. Securities that are not rated by any one of the three agencies are reflected as such. PORTFOLIO MANAGEMENT Teresa Kong, CFA Satya Patel INVESTMENT APPROACH Matthews Asia believes in the long-term growth of Asia, one of the world's fastest-growing regions. Since 1991, we have focused our efforts and expertise in these countries, investing through a variety of market environments. Matthews Asia is the largest dedicated Asia-only investment specialist in the United States. With $35.1 billion in assets under management as of Matthews Asia employs a bottom-up, fundamental investment philosophy with a focus on long-term investment performance. Portfolio characteristics for the Fund may vary from time to time from what is shown. It should not be assumed that any investment in the securities listed was or will be profitable. You should carefully consider the investment objectives, risks, charges and expenses of the Matthews Asia Funds before making an investment decision. A prospectus or summary prospectus with this and other information about the Funds may be obtained by visiting matthewsasia.com. Please read the prospectus carefully before investing as it explains the risks associated with investing in international and emerging markets. INDEX DEFINITION The J.P. Morgan Asia Credit Index (JACI) tracks the total return performance of the Asia fixed-rate dollar bond market. JACI is a market cap-weighted index comprising sovereign, quasi-sovereign and corporate bonds and is partitioned by country, sector and credit rating. JACI includes bonds from the following countries: China, Hong Kong, India, Indonesia, Korea, Philippines, Thailand and Singapore. Index is for comparative purposes only it is not possible to invest directly in an index. Source: BNY Mellon Investment Servicing (US) Inc., Index data from J.P. Morgan. 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, but no representation or warranty (express or implied) is made as to the accuracy or completeness of any of this information. Matthews Asia and its affiliates do not accept any liability for losses either direct or consequential caused by the use of this information. Matthews International Capital Management, LLC is the advisor to the Matthews Asia Funds. Matthews Asia Funds are distributed in the United States by Foreside Funds Distributors LLC, Berwyn, PA Matthews Asia Funds are distributed in Latin America by HMC Partners 800.789.ASIA matthewsasia.com 5

ASIA GROWTH AND INCOME STRATEGIES FUND FACTS Investor Class Institutional Class Ticker MACSX MICSX CUSIP 577130206 577130842 Inception 09/12/94 10/29/10 NAV $17.14 $17.12 Initial Investment $2,500 $100,000 Gross Expense Ratio 1 1.09% 0.94% Portfolio Statistics Total # of Positions 60 Net Assets $2.5 billion Weighted Average Market Cap $42.1 billion Portfolio Turnover 23.23% 2 Benchmark MSCI All Country Asia ex Japan Index 3 INVESTMENT APPROACH Matthews Asia believes in the long-term growth of Asia, one of the world's fastest-growing regions. Since 1991, we have focused our efforts and expertise in these countries, investing through a variety of market environments. Matthews Asia is the largest dedicated Asia-only investment specialist in the United States. With $35.1 billion in assets under management as of Matthews Asia employs a bottom-up, fundamental investment philosophy with a focus on long-term investment performance. Matthews Asian Growth and Income Fund Investment Objective Long-term capital appreciation. The Fund also seeks to provide some current income. Strategy Under normal market conditions, the Matthews Asian Growth and Income Fund seeks to achieve its investment objective by investing at least 80% of its total net assets, which include borrowings for investment purposes, in dividend-paying common stock, preferred stock and other equity securities, and convertible securities as well as fixed-income securities, of any duration or quality, of companies located in Asia, which consists of all countries and markets in Asia, including developed, emerging, and frontier countries and markets in the Asian region. The Fund attempts to offer investors a relatively stable means of participating in a portion of the Asian region s growth prospects, while providing some downside protection, in comparison to a portfolio that invests purely in common stocks. The strategy of owning convertible bonds and dividend-paying equities is designed to help the Fund to meet its investment objective while helping to reduce the volatility of its portfolio. Risks All investments involve risks, including possible loss of principal. 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. PERFORMANCE AS OF MARCH 31, 2018 Average Annual Total Returns 3 Months YTD 1 Year 3 Years 5 Years 10 Years Since Inception Since Inception Investor Class -1.83% -1.83% 9.37% 4.31% 2.92% 5.04% 9.37% 09/12/94 Institutional Class -1.78% -1.78% 9.48% 4.47% 3.08% n.a. 4.81% 10/29/10 MSCI AC Asia ex Japan Index 0.70% 0.70% 26.16% 9.53% 8.50% 5.81% 4.99% 4 n.a. GROWTH OF A $10,000 INVESTMENT SINCE INCEPTION INVESTOR $90,000 $75,000 $60,000 $45,000 $30,000 $15,000 $0 09/94 05/99 01/04 09/08 05/13 03/18 $82,453 $33,256 $31,537 Matthews Asian Growth and Income Fund MSCI AC Asia ex Japan Index 3,4 Lipper Pacific Region Funds Category Average 4,5 The performance data and graph do not reflect the deduction of taxes that a shareholder would pay on dividends, capital gain distributions or redemption of fund shares. Values are in US$. Source: BNY Mellon Investment Servicing (US) Inc. 1 Matthews Asia Funds does not currently charge 12b-1 fees. 2 The lesser of fiscal year 2017 long-term purchase costs or sales proceeds divided by the average monthly market value of longterm securities. 3 The MSCI All Country Asia ex Japan Index is a free float adjusted market capitalization weighted index of the stock of markets of China, Hong Kong, India, Indonesia, Malaysia, Philippines, Singapore, South Korea, Taiwan and Thailand. Index is for comparative purposes only and it is not possible to invest directly in an index. 4 Calculated from 8/31/94. 5 The Lipper Category Average does not reflect sales charges and is based on total return, including reinvestment of dividends and capital gains for the stated period. Performance assumes reinvestment of all dividends and/or distributions before taxes. All performance quoted represents past performance and is no guarantee of future results. Investment return and principal value will fluctuate with market conditions so that when redeemed, shares may be worth more or less than their original cost. Current performance may be lower or higher than the return figures quoted. Returns would have been lower if certain of the Fund's fees and expenses had not been waived. For the Fund's most recent month-end performance visit matthewsasia.com. FS004_MACSX_1Q18 6

Matthews Asian Growth and Income Fund TOP TEN HOLDINGS 6 Country % of Net Assets AIA Group, Ltd. China/Hong Kong 3.3% United Overseas Bank, Ltd. Singapore 3.0% Taiwan Semiconductor Manufacturing Co., Ltd. Taiwan 3.0% Singapore Telecommunications, Ltd. Singapore 2.5% Singapore Technologies Engineering, Ltd. Singapore 2.3% Samsung Electronics Co., Ltd. South Korea 2.1% Guangdong Investment, Ltd. China/Hong Kong 2.0% Broadcom, Ltd. United States 2.0% CapitaLand, Ltd., Cnv., 1.950%, 10/17/2023 Singapore 2.0% CK Hutchison Holdings, Ltd. China/Hong Kong 1.9% % OF ASSETS IN TOP TEN 24.1% COUNTRY ALLOCATION (%) 7 China/Hong Kong 33.4 45.9-12.5 Singapore 12.7 4.2 8.5 South Korea 12.5 17.5-5.0 Taiwan 6.3 13.6-7.3 Australia 6.1 0.0 6.1 Japan 5.2 0.0 5.2 Indonesia 4.8 2.4 2.4 Thailand 3.8 2.8 1.0 India 3.3 9.4-6.1 Malaysia 2.3 2.9-0.6 United States 2.0 0.0 2.0 Norway 1.8 0.0 1.8 Vietnam 1.8 0.0 1.8 Philippines 1.7 1.1 0.6 New Zealand 1.4 0.0 1.4 Pakistan 0.0 0.1-0.1 Less Liabilities 0.9 0.0 0.9 Not all countries are included in the benchmark index. SECTOR ALLOCATION (%) 7 Financials 18.5 23.5-5.0 Industrials 15.7 6.7 9.0 Consumer Discretionary 15.6 8.9 6.7 Telecom Services 12.1 3.9 8.2 Information Technology 12.0 32.1-20.1 Consumer Staples 11.1 4.6 6.5 Real Estate 6.7 5.8 0.9 Utilities 4.3 2.9 1.4 Health Care 3.2 2.8 0.4 Materials 0.0 4.5-4.5 Energy 0.0 4.4-4.4 Less Liabilities 0.9 0.0 0.9 Sector data based on MSCI's revised Global Industry Classification Standards. For more details, visit www.msci.com. PORTFOLIO MANAGEMENT Robert J. Horrocks, PhD Kenneth Lowe, CFA Portfolio characteristics for the Fund may vary from time to time from what is shown. It should not be assumed that any investment in the securities listed was or will be profitable. You should carefully consider the investment objectives, risks, charges and expenses of the Matthews Asia Funds before making an investment decision. A prospectus or summary prospectus with this and other information about the Funds may be obtained by visiting matthewsasia.com. Please read the prospectus carefully before investing as it explains the risks associated with investing in international and emerging markets. 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, but no representation or warranty (express or implied) is made as to the accuracy or completeness of any of this information. Matthews Asia and its affiliates do not accept any liability for losses either direct or consequential caused by the use of this information. Matthews International Capital Management, LLC is the advisor to the Matthews Asia Funds. Matthews Asia Funds are distributed in the United States by Foreside Funds Distributors LLC, Berwyn, PA Matthews Asia Funds are distributed in Latin America by HMC Partners MARKET CAP EXPOSURE (%) 7,8 ASSET TYPE BREAKDOWN (%) 7,9 Mega Cap (over $25B) 44.0 56.5-12.5 Large Cap ($10B-$25B) 20.7 24.2-3.5 Mid Cap ($3B-$10B) 21.9 16.9 5.0 Small Cap (under $3B) 12.6 2.5 10.1 Less Liabilities 0.9 0.0 0.9 Common Equities and ADRs 88.3 Convertible Bonds 8.1 Preferred Equities 2.7 Less Liabilities 0.9 Bonds are not included in the benchmark index. 6 Holdings may combine more than one security from the same issuer and related depositary receipts. 7 Percentage values in data are rounded to the nearest tenth of one percent; the values may not sum to 100% due to rounding. Percentage values may be derived from different data sources and may not be consistent with other Fund literature. 8 Equity market cap of issuer. 9 Bonds are not included in the MSCI All Country Asia ex Japan Index. 2018 Matthews International Capital Management, LLC 800.789.ASIA matthewsasia.com 7

ASIA GROWTH AND INCOME STRATEGIES FUND FACTS Investor Class Institutional Class Ticker MAPIX MIPIX CUSIP 577125107 577130750 Inception 10/31/06 10/29/10 NAV $19.58 $19.57 Initial Investment $2,500 $100,000 Gross Expense Ratio 1 1.06% 0.94% Net Expense Ratio 0.93% Portfolio Statistics Total # of Positions 67 Net Assets $7.2 billion Weighted Average Market Cap $51.1 billion Portfolio Turnover 28.11% 2 Benchmark MSCI All Country Asia Pacific Index 3 INVESTMENT APPROACH Matthews Asia believes in the long-term growth of Asia, one of the world's fastest-growing regions. Since 1991, we have focused our efforts and expertise in these countries, investing through a variety of market environments. Matthews Asia is the largest dedicated Asia-only investment specialist in the United States. With $35.1 billion in assets under management as of Matthews Asia employs a bottom-up, fundamental investment philosophy with a focus on long-term investment performance. Matthews Asia Dividend Fund Investment Objective Total return with an emphasis on providing current income. Strategy Under normal market conditions, the Matthews Asia Dividend Fund seeks to achieve its investment objective by investing at least 80% of its total net assets, which include borrowings for investment purposes, in income-paying equity securities of companies located in Asia, which consists of all countries and markets in Asia, including developed, emerging, and frontier countries and markets in the Asian region. The Fund may also invest in convertible debt and equity securities. The Fund seeks to provide a level of current income that is higher than the yield generally available in Asian equity markets over the long term. Risks All investments involve risks, including possible loss of principal. 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. There is no guarantee that the Fund or the companies in its portfolio will pay or continue to pay dividends. PERFORMANCE AS OF MARCH 31, 2018 Average Annual Total Returns 3 Months YTD 1 Year 3 Years 5 Years 10 Years Since Inception Since Inception Investor Class -0.74% -0.74% 19.71% 10.00% 8.35% 9.29% 10.11% 10/31/06 Institutional Class -0.72% -0.72% 19.77% 10.11% 8.48% n.a. 8.42% 10/29/10 MSCI AC Asia Pacific Index 0.04% 0.04% 20.65% 8.56% 7.82% 4.96% 5.10% 4 n.a. GROWTH OF A $10,000 INVESTMENT SINCE INCEPTION INVESTOR $40,000 $30,000 $20,000 $10,000 $0 10/06 01/09 04/11 07/13 10/15 03/18 $30,008 $17,636 $14,721 Matthews Asia Dividend Fund MSCI AC Asia Pacific Index 3,4 Lipper International Equity Income Funds Funds Category Average 4,5 The performance data and graph do not reflect the deduction of taxes that a shareholder would pay on dividends, capital gain distributions or redemption of fund shares. Values are in US$. Source: BNY Mellon Investment Servicing (US) Inc. 1 Matthews Asia Funds does not currently charge 12b-1 fees. 2 The lesser of fiscal year 2017 long-term purchase costs or sales proceeds divided by the average monthly market value of longterm securities. 3 The MSCI All Country Asia Pacific Index is a free float adjusted market capitalization weighted index of the stock markets of Australia, China, Hong Kong, India, Indonesia, Japan, Malaysia, New Zealand, Philippines, Singapore, South Korea, Taiwan and Thailand. Index is for comparative purposes only and it is not possible to invest directly in an index. 4 Calculated from 10/31/06. 5 The Lipper Category Average does not reflect sales charges and is based on total return, including reinvestment of dividends and capital gains for the stated period. Performance assumes reinvestment of all dividends and/or distributions before taxes. All performance quoted represents past performance and is no guarantee of future results. Investment return and principal value will fluctuate with market conditions so that when redeemed, shares may be worth more or less than their original cost. Current performance may be lower or higher than the return figures quoted. Returns would have been lower if certain of the Fund's fees and expenses had not been waived. For the Fund's most recent month-end performance visit matthewsasia.com. FS002_MAPIX_1Q18 8

Matthews Asia Dividend Fund TOP TEN HOLDINGS 6 Country % of Net Assets Minth Group, Ltd. China/Hong Kong 4.0% Shenzhou International Group Holdings, Ltd. China/Hong Kong 3.8% Hyundai Mobis Co., Ltd. South Korea 3.6% China Construction Bank Corp. China/Hong Kong 3.5% HSBC Holdings PLC China/Hong Kong 3.1% Nitori Holdings Co., Ltd. Japan 2.7% Taiwan Semiconductor Manufacturing Co., Ltd. Taiwan 2.6% LG Chem, Ltd., Pfd. South Korea 2.6% China Petroleum & Chemical Corp. China/Hong Kong 2.4% China Gas Holdings, Ltd. China/Hong Kong 2.3% % OF ASSETS IN TOP TEN 30.6% COUNTRY ALLOCATION (%) 7 China/Hong Kong 35.8 23.3 12.5 Japan 26.0 38.7-12.7 South Korea 12.9 8.9 4.0 Singapore 4.8 2.1 2.7 India 3.8 4.8-1.0 Taiwan 3.4 6.9-3.5 Indonesia 2.2 1.2 1.0 Australia 1.9 10.3-8.4 Thailand 1.6 1.4 0.2 Vietnam 1.5 0.0 1.5 Bangladesh 0.8 0.0 0.8 Philippines 0.6 0.6 0.0 Malaysia 0.0 1.5-1.5 New Zealand 0.0 0.3-0.3 Pakistan 0.0 0.0 0.0 Less Liabilities 4.6 0.0 4.6 Not all countries are included in the benchmark index. MARKET CAP EXPOSURE (%) 7,8 SECTOR ALLOCATION (%) 7 Consumer Discretionary 23.2 12.6 10.6 Financials 19.3 20.8-1.5 Consumer Staples 14.8 6.2 8.6 Information Technology 9.5 21.4-11.9 Industrials 5.9 12.2-6.3 Telecom Services 5.3 4.0 1.3 Materials 4.8 6.6-1.8 Energy 4.0 3.2 0.8 Health Care 3.0 5.2-2.2 Utilities 2.9 2.4 0.5 Real Estate 2.7 5.4-2.7 Less Liabilities 4.6 0.0 4.6 Sector data based on MSCI's revised Global Industry Classification Standards. For more details, visit www.msci.com. ASSET TYPE BREAKDOWN (%) 7 PORTFOLIO MANAGEMENT Yu Zhang, CFA Robert J. Horrocks, PhD Vivek Tanneeru Co-Manager Portfolio characteristics for the Fund may vary from time to time from what is shown. It should not be assumed that any investment in the securities listed was or will be profitable. You should carefully consider the investment objectives, risks, charges and expenses of the Matthews Asia Funds before making an investment decision. A prospectus or summary prospectus with this and other information about the Funds may be obtained by visiting matthewsasia.com. Please read the prospectus carefully before investing as it explains the risks associated with investing in international and emerging markets. 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, but no representation or warranty (express or implied) is made as to the accuracy or completeness of any of this information. Matthews Asia and its affiliates do not accept any liability for losses either direct or consequential caused by the use of this information. Matthews International Capital Management, LLC is the advisor to the Matthews Asia Funds. Matthews Asia Funds are distributed in the United States by Foreside Funds Distributors LLC, Berwyn, PA Matthews Asia Funds are distributed in Latin America by HMC Partners Mega Cap (over $25B) 31.7 53.8-22.1 Large Cap ($10B-$25B) 26.6 25.3 1.3 Mid Cap ($3B-$10B) 18.2 19.5-1.3 Small Cap (under $3B) 18.9 1.4 17.5 Less Liabilities 4.6 0.0 4.6 Common Equities and ADRs 90.9 Preferred Equities 4.6 Less Liabilities 4.6 P/E RATIOS 9 P/E Using FY1 Estimates 13.7x P/E Using FY2 Estimates 12.3x (P/E est. as of 03/31/18) 6 Holdings may combine more than one security from the same issuer and related depositary receipts. 7 Percentage values in data are rounded to the nearest tenth of one percent; the values may not sum to 100% due to rounding. Percentage values may be derived from different data sources and may not be consistent with other Fund literature. 8 Equity market cap of issuer. 9 The P/E figures represent the Weighted Harmonic Average P/E which measures the price/earnings ratio of the Fund's entire portfolio, excluding negative earners weighted by the size of the company's position within the portfolio. P/E estimates are forward looking. There is no guarantee that portfolio composition will remain unchanged or P/E estimates will be realized. 2018 Matthews International Capital Management, LLC 800.789.ASIA matthewsasia.com 9

ASIA GROWTH AND INCOME STRATEGIES FUND FACTS Investor Class Institutional Class Ticker MCDFX MICDX CUSIP 577125305 577130735 Inception 11/30/09 10/29/10 NAV $17.95 $17.96 Initial Investment $2,500 $100,000 Gross Expense Ratio 1 1.22% 1.06% Portfolio Statistics Total # of Positions 52 Net Assets $333.1 million Weighted Average Market Cap $64.7 billion Portfolio Turnover 69.14% 2 Benchmark MSCI China Index 3 INVESTMENT APPROACH Matthews Asia believes in the long-term growth of Asia, one of the world's fastest-growing regions. Since 1991, we have focused our efforts and expertise in these countries, investing through a variety of market environments. Matthews Asia is the largest dedicated Asia-only investment specialist in the United States. With $35.1 billion in assets under management as of Matthews Asia employs a bottom-up, fundamental investment philosophy with a focus on long-term investment performance. Matthews China Dividend Fund Investment Objective Total return with an emphasis on providing current income. Strategy Under normal market conditions, the Matthews China Dividend Fund seeks to achieve its investment objective by investing at least 80% of its total net assets, which include borrowings for investment purposes, in income-paying equity securities of companies located in China. China includes its administrative and other districts, such as Hong Kong. The Fund may also invest in convertible debt and equity securities. The Fund seeks to provide a level of current income that is higher than the yield generally available in Chinese equity markets over the long term. Risks All investments involve risks, including possible loss of principal. 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 and sector funds may be subject to a higher degree of market risk than diversified funds because of concentration in a specific industry, sector or geographic region.there is no guarantee that the Fund or the companies in its portfolio will pay or continue to pay dividends. PERFORMANCE AS OF MARCH 31, 2018 Average Annual Total Returns 3 Months YTD 1 Year 3 Years 5 Years 10 Years Since Inception Since Inception Investor Class 1.93% 1.93% 29.59% 14.94% 12.86% n.a. 11.82% 11/30/09 Institutional Class 1.99% 1.99% 29.75% 15.14% 13.06% n.a. 10.81% 10/29/10 MSCI China Index 1.82% 1.82% 39.15% 10.72% 11.59% n.a. 6.95% 4 n.a. GROWTH OF A $10,000 INVESTMENT SINCE INCEPTION INVESTOR $30,000 $25,000 $20,000 $15,000 $10,000 $5,000 11/09 07/11 03/13 11/14 07/16 03/18 $25,361 $17,765 $17,509 Matthews China Dividend Fund MSCI China Index 3,4 Lipper China Region Funds Category Average 4,5 The performance data and graph do not reflect the deduction of taxes that a shareholder would pay on dividends, capital gain distributions or redemption of fund shares. Values are in US$. Source: BNY Mellon Investment Servicing (US) Inc. 1 Matthews Asia Funds does not currently charge 12b-1 fees. 2 The lesser of fiscal year 2017 long-term purchase costs or sales proceeds divided by the average monthly market value of longterm securities. 3 The MSCI China Index is a free float-adjusted market capitalization weighted index of Chinese equities that includes China affiliated corporations and H shares listed on the Hong Kong Exchange, and B shares listed on the Shanghai and Shenzhen exchanges. Index is for comparative purposes only and it is not possible to invest directly in an index. 4 Calculated from 11/30/09. 5 The Lipper Category Average does not reflect sales charges and is based on total return, including reinvestment of dividends and capital gains for the stated period. Performance assumes reinvestment of all dividends and/or distributions before taxes. All performance quoted represents past performance and is no guarantee of future results. Investment return and principal value will fluctuate with market conditions so that when redeemed, shares may be worth more or less than their original cost. Current performance may be lower or higher than the return figures quoted. Returns would have been lower if certain of the Fund's fees and expenses had not been waived. For the Fund's most recent month-end performance visit matthewsasia.com. FS014_MCDFX_1Q18 10

Matthews China Dividend Fund TOP TEN HOLDINGS 6 Sector % of Net Assets Tencent Holdings, Ltd. Information Technology 5.7% Altaba, Inc. Information Technology 3.9% Ping An Insurance Group Co. of China, Ltd. Financials 3.7% China Petroleum & Chemical Corp. Energy 3.5% Postal Savings Bank of China Co., Ltd. Financials 3.2% Guangdong Provincial Expressway Development Co., Ltd. Industrials 2.9% WH Group, Ltd. Consumer Staples 2.9% Bank of China, Ltd. Financials 2.9% China Maple Leaf Educational Systems, Ltd. Consumer Discretionary 2.6% HKBN, Ltd. Telecom Services 2.5% % OF ASSETS IN TOP TEN 33.8% SECTOR ALLOCATION (%) 7 Financials 19.2 23.0-3.8 Information Technology 15.8 40.8-25.0 Consumer Discretionary 14.5 9.1 5.4 Industrials 11.0 3.9 7.1 Consumer Staples 8.9 2.2 6.7 Telecom Services 6.6 4.3 2.3 Energy 6.0 4.8 1.2 Real Estate 5.5 5.3 0.2 Health Care 4.9 2.7 2.2 Materials 2.9 1.5 1.4 Utilities 2.4 2.3 0.1 Less Liabilities 2.4 0.0 2.4 Sector data based on MSCI's revised Global Industry Classification Standards. For more details, visit www.msci.com. MARKET CAP EXPOSURE (%) 7,8 Mega Cap (over $25B) 34.2 72.7-38.5 Large Cap ($10B-$25B) 11.1 17.2-6.1 Mid Cap ($3B-$10B) 13.5 9.7 3.8 Small Cap (under $3B) 38.8 0.5 38.3 Less Liabilities 2.4 0.0 2.4 P/E RATIOS 9 P/E Using FY1 Estimates 12.3x P/E Using FY2 Estimates 10.6x (P/E est. as of 03/31/18) PORTFOLIO MANAGEMENT Yu Zhang, CFA Sherwood Zhang, CFA Co-Manager Portfolio characteristics for the Fund may vary from time to time from what is shown. It should not be assumed that any investment in the securities listed was or will be profitable. You should carefully consider the investment objectives, risks, charges and expenses of the Matthews Asia Funds before making an investment decision. A prospectus or summary prospectus with this and other information about the Funds may be obtained by visiting matthewsasia.com. Please read the prospectus carefully before investing as it explains the risks associated with investing in international and emerging markets. 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, but no representation or warranty (express or implied) is made as to the accuracy or completeness of any of this information. Matthews Asia and its affiliates do not accept any liability for losses either direct or consequential caused by the use of this information. Matthews International Capital Management, LLC is the advisor to the Matthews Asia Funds. Matthews Asia Funds are distributed in the United States by Foreside Funds Distributors LLC, Berwyn, PA Matthews Asia Funds are distributed in Latin America by HMC Partners ASSET TYPE BREAKDOWN (%) 7 Common Equities and ADRs 97.5 Less Liabilities 2.4 CHINA EXPOSURE (%) 7,10 SAR (Hong Kong) 34.3 H Shares 22.3 Overseas Limited Companies (OL) 13.6 China-affiliated corporations (CAC) 10.1 B Shares 9.7 A Shares 7.5 Less Liabilities 2.4 6 Holdings may combine more than one security from the same issuer and related depositary receipts. 7 Percentage values in data are rounded to the nearest tenth of one percent; the values may not sum to 100% due to rounding. Percentage values may be derived from different data sources and may not be consistent with other Fund literature. 8 Equity market cap of issuer. 9 The P/E figures represent the Weighted Harmonic Average P/E which measures the price/earnings ratio of the Fund's entire portfolio, excluding negative earners weighted by the size of the company's position within the portfolio. P/E estimates are forward looking. There is no guarantee that portfolio composition will remain unchanged or P/E estimates will be realized. 10 SAR (Hong Kong) companies are companies that conduct business in Hong Kong and/or mainland China. China affiliated Corporations [CAC], also known as "Red Chips," are mainland China companies with partial state ownership listed in Hong Kong, and incorporated in Hong Kong. China A Shares are Mainland Chinese companies incorporated in China and listed on the Shanghai or Shenzhen exchanges, available mostly to local Chinese investors and qualified institutional investors H Shares are mainland Chinese companies listed on the Hong Kong exchange but incorporated in mainland China. B Shares are mainland Chinese companies listed on the Shanghai and Shenzhen stock exchanges, available to both Chinese and non-chinese investors. Overseas Listed [OL] companies are companies that conduct business in mainland China but listed in overseas markets such as Japan, Singapore, Taiwan and the United States. 2018 Matthews International Capital Management, LLC 800.789.ASIA matthewsasia.com 11

ASIA VALUE STRATEGY FUND FACTS Investor Class Institutional Class Ticker MAVRX MAVAX CUSIP 577130693 577130685 Inception 11/30/15 11/30/15 NAV $12.94 $12.85 Initial Investment $100,000 Gross Expense Ratio 1 11.48% 11.26% Net Expense Ratio 2 1.50% 1.25% Portfolio Statistics Total # of Positions 47 Net Assets $35.0 million Weighted Average Market Cap $18.6 billion Portfolio Turnover 31.93% 3 Benchmark MSCI All Country Asia ex Japan Index 4 INVESTMENT APPROACH Matthews Asia believes in the long-term growth of Asia, one of the world's fastest-growing regions. Since 1991, we have focused our efforts and expertise in these countries, investing through a variety of market environments. Matthews Asia is the largest dedicated Asia-only investment specialist in the United States. With $35.1 billion in assets under management as of Matthews Asia employs a bottom-up, fundamental investment philosophy with a focus on long-term investment performance. Matthews Asia Value Fund Investment Objective Long-term capital appreciation. Strategy Under normal market conditions, the Matthews Asia Value Fund seeks to achieve its investment objective by investing at least 80% of its total assets, which include borrowings for investment purposes, in the common stock, preferred stock and other equity securities, and convertible securities of companies located in Asia. The Fund seeks to create an investable universe of value companies that it believes trade at market positions, have strong management and are oriented to creating value for their shareholders. Matthews assesses companies within this universe according to each of these factors. Risks Investments in Asian securities may involve risks such as social and political instability, market illiquidity, exchange-rate fluctuations, a high level of volatility and limited regulation. Investing in emerging and frontier markets involves different and greater risks, as these countries are substantially smaller, less liquid and more volatile than securities markets in more developed markets.value investing involves the risk that an investment made in undervalued securities may not appreciate in value as anticipated or remain undervalued for long periods of time. PERFORMANCE AS OF MARCH 31, 2018 Average Annual Total Returns 3 Months YTD 1 Year 3 Years 5 Years 10 Years Since Inception Since Inception Investor Class 0.86% 0.86% 24.76% n.a. n.a. n.a. 17.43% 11/30/15 Institutional Class 0.94% 0.94% 25.07% n.a. n.a. n.a. 17.72% 11/30/15 MSCI AC Asia ex Japan Index 0.70% 0.70% 26.16% n.a. n.a. n.a. 19.20% n.a. GROWTH OF A $10,000 INVESTMENT SINCE INCEPTION INVESTOR $18,000 $16,000 $14,000 $12,000 $10,000 $8,000 11/15 04/16 09/16 02/17 07/17 03/18 $15,067 $14,549 $13,854 Matthews Asia Value Fund MSCI AC Asia ex Japan Index 4 Lipper Pacific Region Funds Category Average 5 The performance data and graph do not reflect the deduction of taxes that a shareholder would pay on dividends, capital gain distributions or redemption of fund shares. Values are in US$. Source: BNY Mellon Investment Servicing (US) Inc. 1 Matthews Asia Funds' 12b-1 Plan (the Plan) is inactive. Although the Plan currently is not active, it is reviewed by the Board annually in case the Board decides to re-activate the Plan. The Plan would not be re-activated without prior notice to shareholders and any amounts payable under the Plan would be subject to applicable operating expense limitations. If the Plan were reactivated, the fee would be up to 0.25% for each of the Investor Class and Institutional Class, respectively. 2 After contractual fee waiver, expense reimbursement and/or recoupment effective through April 30, 2018. 3 The lesser of fiscal year 2017 long-term purchase costs or sales proceeds divided by the average monthly market value of longterm securities. 4 The MSCI All Country Asia ex Japan Index is a free float adjusted market capitalization weighted index of the stock of markets of China, Hong Kong, India, Indonesia, Malaysia, Philippines, Singapore, South Korea, Taiwan and Thailand. Index is for comparative purposes only and it is not possible to invest directly in an index. 5 The Lipper Category Average does not reflect sales charges and is based on total return, including reinvestment of dividends and capital gains for the stated period. Performance assumes reinvestment of all dividends and/or distributions before taxes. All performance quoted represents past performance and is no guarantee of future results. Investment return and principal value will fluctuate with market conditions so that when redeemed, shares may be worth more or less than their original cost. Current performance may be lower or higher than the return figures quoted. Returns would have been lower if certain of the Fund's fees and expenses had not been waived. For the Fund's most recent month-end performance visit matthewsasia.com. FS023_MAVRX_1Q18 12

Matthews Asia Value Fund TOP TEN HOLDINGS 6 Country % of Net Assets China National Accord Medicines Corp., Ltd. China/Hong Kong 5.1% Clear Media, Ltd. China/Hong Kong 5.0% MPHB Capital BHD Malaysia 4.5% Samsung SDI Co., Ltd., Pfd. South Korea 3.9% YAMADA Consulting Group Co., Ltd. Japan 3.8% CK Hutchison Holdings, Ltd. China/Hong Kong 3.7% Haw Par Corp., Ltd. Singapore 2.6% DGB Financial Group, Inc. South Korea 2.5% Shinyoung Securities Co., Ltd. South Korea 2.5% Baidu, Inc. China/Hong Kong 2.5% % OF ASSETS IN TOP TEN 36.1% COUNTRY ALLOCATION (%) 7 China/Hong Kong 30.5 45.9-15.4 South Korea 29.1 17.5 11.6 Japan 10.2 0.0 10.2 Malaysia 6.2 2.9 3.3 Taiwan 4.7 13.6-8.9 Singapore 4.4 4.2 0.2 United States 1.9 0.0 1.9 Switzerland 1.2 0.0 1.2 Israel 0.5 0.0 0.5 India 0.0 9.4-9.4 Thailand 0.0 2.8-2.8 Indonesia 0.0 2.4-2.4 Philippines 0.0 1.1-1.1 Pakistan 0.0 0.1-0.1 Less Liabilities 11.2 0.0 11.2 SECTOR ALLOCATION (%) 7 Consumer Discretionary 21.8 8.9 12.9 Industrials 16.0 6.7 9.3 Financials 13.4 23.5-10.1 Information Technology 12.1 32.1-20.0 Health Care 11.9 2.8 9.1 Consumer Staples 7.2 4.6 2.6 Materials 4.9 4.5 0.4 Telecom Services 1.5 3.9-2.4 Real Estate 0.0 5.8-5.8 Energy 0.0 4.4-4.4 Utilities 0.0 2.9-2.9 Less Liabilities 11.2 0.0 11.2 PORTFOLIO MANAGEMENT Beini Zhou, CFA Michael B. Han, CFA Co-Manager Portfolio characteristics for the Fund may vary from time to time from what is shown. It should not be assumed that any investment in the securities listed was or will be profitable. You should carefully consider the investment objectives, risks, charges and expenses of the Matthews Asia Funds before making an investment decision. A prospectus or summary prospectus with this and other information about the Funds may be obtained by visiting matthewsasia.com. Please read the prospectus carefully before investing as it explains the risks associated with investing in international and emerging markets. 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, but no representation or warranty (express or implied) is made as to the accuracy or completeness of any of this information. Matthews Asia and its affiliates do not accept any liability for losses either direct or consequential caused by the use of this information. Matthews International Capital Management, LLC is the advisor to the Matthews Asia Funds. Matthews Asia Funds are distributed in the United States by Foreside Funds Distributors LLC, Berwyn, PA Matthews Asia Funds are distributed in Latin America by HMC Partners Not all countries are included in the benchmark index. Sector data based on MSCI's revised Global Industry Classification Standards. For more details, visit www.msci.com. MARKET CAP EXPOSURE (%) 7,8 P/E RATIOS 9 Mega Cap (over $25B) 13.7 56.5-42.8 Large Cap ($10B-$25B) 5.4 24.2-18.8 Mid Cap ($3B-$10B) 11.7 16.9-5.2 Small Cap (under $3B) 58.1 2.5 55.6 Less Liabilities 11.2 0.0 11.2 P/E Using FY1 Estimates 10.6x P/E Using FY2 Estimates 9.3x (P/E est. as of 03/31/18) 6 Holdings may combine more than one security from the same issuer and related depositary receipts. 7 Percentage values in data are rounded to the nearest tenth of one percent; the values may not sum to 100% due to rounding. Percentage values may be derived from different data sources and may not be consistent with other Fund literature. 8 Equity market cap of issuer. 9 The P/E figures represent the Weighted Harmonic Average P/E which measures the price/earnings ratio of the Fund's entire portfolio, excluding negative earners weighted by the size of the company's position within the portfolio. P/E estimates are forward looking. There is no guarantee that portfolio composition will remain unchanged or P/E estimates will be realized. 2018 Matthews International Capital Management, LLC 800.789.ASIA matthewsasia.com 13

ASIA GROWTH STRATEGIES FUND FACTS Investor Class Institutional Class Ticker MAFSX MIFSX CUSIP 577125701 577125800 Inception 04/30/13 04/30/13 NAV $11.85 $11.92 Initial Investment $2,500 $100,000 Gross Expense Ratio 1 2.47% 2.29% Net Expense Ratio 2 1.50% 1.25% Portfolio Statistics Total # of Positions 32 Net Assets $8.9 million Weighted Average Market Cap $82.9 billion Portfolio Turnover 28.42% 3 Benchmark MSCI All Country Asia ex Japan Index 4 INVESTMENT APPROACH Matthews Asia believes in the long-term growth of Asia, one of the world's fastest-growing regions. Since 1991, we have focused our efforts and expertise in these countries, investing through a variety of market environments. Matthews Asia is the largest dedicated Asia-only investment specialist in the United States. With $35.1 billion in assets under management as of Matthews Asia employs a bottom-up, fundamental investment philosophy with a focus on long-term investment performance. Matthews Asia Focus Fund Investment Objective Long-term capital appreciation. Strategy Under normal market conditions, the Matthews Asia Focus Fund seeks to achieve its investment objective by investing at least 80% of its total assets, which include borrowings for investment purposes, in the common and preferred stocks of companies located in Asia Ex Japan, which consists of all countries and markets in Asia excluding Japan but including all other developed, emerging and frontier countries and markets in the Asian region. The Fund seeks to invest in companies capable of sustainable growth based on fundamental characteristics. Companies in which the Fund invests typically possess, in the portfolio managers judgment, such attributes as a high quality management team, strong corporate governance standards, sustainable return on capital over an extended period, strong free cash flow generation and an attractive valuation in relation to growth prospects and intrinsic value. The Fund is currently expected to hold stocks of between 25 and 35 companies under normal market conditions. Risks All investments involve risks, including possible loss of principal. 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, focused funds may be subject to a greater risk of loss because a single security's increase or decrease in value may have a greater impact on the Fund's value and total return. PERFORMANCE AS OF MARCH 31, 2018 Average Annual Total Returns 3 Months YTD 1 Year 3 Years 5 Years 10 Years Since Inception Since Inception Investor Class -2.71% -2.71% 18.73% 5.91% n.a. n.a. 4.62% 04/30/13 Institutional Class -2.62% -2.62% 19.06% 6.17% n.a. n.a. 4.88% 04/30/13 MSCI AC Asia ex Japan Index 0.70% 0.70% 26.16% 9.53% n.a. n.a. 8.26% n.a. GROWTH OF A $10,000 INVESTMENT SINCE INCEPTION INVESTOR $16,000 $14,000 $12,000 $10,000 $8,000 04/13 03/14 02/15 01/16 12/16 03/18 $14,774 $14,136 $12,484 Matthews Asia Focus Fund MSCI AC Asia ex Japan Index 4 Lipper Pacific ex Japan Funds Category Average 5 The performance data and graph do not reflect the deduction of taxes that a shareholder would pay on dividends, capital gain distributions or redemption of fund shares. Values are in US$. Source: BNY Mellon Investment Servicing (US) Inc. 1 Matthews Asia Funds does not currently charge 12b-1 fees. 2 After contractual fee waiver, expense reimbursement and/or recoupment effective through April 30, 2018. 3 The lesser of fiscal year 2017 long-term purchase costs or sales proceeds divided by the average monthly market value of longterm securities. 4 The MSCI All Country Asia ex Japan Index is a free float adjusted market capitalization weighted index of the stock of markets of China, Hong Kong, India, Indonesia, Malaysia, Philippines, Singapore, South Korea, Taiwan and Thailand. Index is for comparative purposes only and it is not possible to invest directly in an index. 5 The Lipper Category Average does not reflect sales charges and is based on total return, including reinvestment of dividends and capital gains for the stated period. Performance assumes reinvestment of all dividends and/or distributions before taxes. All performance quoted represents past performance and is no guarantee of future results. Investment return and principal value will fluctuate with market conditions so that when redeemed, shares may be worth more or less than their original cost. Current performance may be lower or higher than the return figures quoted. Returns would have been lower if certain of the Fund's fees and expenses had not been waived. For the Fund's most recent month-end performance visit matthewsasia.com. FS020_MAFSX_1Q18 14

Matthews Asia Focus Fund TOP TEN HOLDINGS 6 Country % of Net Assets AIA Group, Ltd. China/Hong Kong 6.6% Tencent Holdings, Ltd. China/Hong Kong 5.7% PT Matahari Department Store Indonesia 3.6% Taiwan Semiconductor Manufacturing Co., Ltd. Taiwan 3.5% Coway Co., Ltd. South Korea 3.4% United Overseas Bank, Ltd. Singapore 3.4% Bharti Infratel, Ltd. India 3.2% Broadcom, Ltd. United States 3.2% CK Hutchison Holdings, Ltd. China/Hong Kong 3.1% Jardine Matheson Holdings, Ltd. China/Hong Kong 3.1% % OF ASSETS IN TOP TEN 38.8% COUNTRY ALLOCATION (%) 7 China/Hong Kong 36.4 45.9-9.5 Singapore 12.1 4.2 7.9 India 7.2 9.4-2.2 Indonesia 6.5 2.4 4.1 South Korea 6.1 17.5-11.4 Taiwan 5.7 13.6-7.9 Malaysia 4.5 2.9 1.6 United States 3.2 0.0 3.2 Switzerland 3.1 0.0 3.1 Thailand 2.9 2.8 0.1 Philippines 2.9 1.1 1.8 Japan 2.8 0.0 2.8 Australia 2.8 0.0 2.8 Pakistan 0.0 0.1-0.1 Less Liabilities 3.7 0.0 3.7 SECTOR ALLOCATION (%) 7 Financials 27.2 23.5 3.7 Consumer Discretionary 21.0 8.9 12.1 Information Technology 20.2 32.1-11.9 Industrials 9.2 6.7 2.5 Telecom Services 8.7 3.9 4.8 Consumer Staples 7.7 4.6 3.1 Real Estate 2.4 5.8-3.4 Materials 0.0 4.5-4.5 Energy 0.0 4.4-4.4 Utilities 0.0 2.9-2.9 Health Care 0.0 2.8-2.8 Less Liabilities 3.7 0.0 3.7 PORTFOLIO MANAGEMENT Kenneth Lowe, CFA S. Joyce Li, CFA Co-Manager Portfolio characteristics for the Fund may vary from time to time from what is shown. It should not be assumed that any investment in the securities listed was or will be profitable. You should carefully consider the investment objectives, risks, charges and expenses of the Matthews Asia Funds before making an investment decision. A prospectus or summary prospectus with this and other information about the Funds may be obtained by visiting matthewsasia.com. Please read the prospectus carefully before investing as it explains the risks associated with investing in international and emerging markets. 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, but no representation or warranty (express or implied) is made as to the accuracy or completeness of any of this information. Matthews Asia and its affiliates do not accept any liability for losses either direct or consequential caused by the use of this information. Matthews International Capital Management, LLC is the advisor to the Matthews Asia Funds. Matthews Asia Funds are distributed in the United States by Foreside Funds Distributors LLC, Berwyn, PA Matthews Asia Funds are distributed in Latin America by HMC Partners Not all countries are included in the benchmark index. Sector data based on MSCI's revised Global Industry Classification Standards. For more details, visit www.msci.com. MARKET CAP EXPOSURE (%) 7,8 P/E RATIOS 9 Mega Cap (over $25B) 57.0 56.5 0.5 Large Cap ($10B-$25B) 8.7 24.2-15.5 Mid Cap ($3B-$10B) 17.1 16.9 0.2 Small Cap (under $3B) 13.4 2.5 10.9 Less Liabilities 3.7 0.0 3.7 P/E Using FY1 Estimates 15.7x P/E Using FY2 Estimates 14.2x (P/E est. as of 03/31/18) 6 Holdings may combine more than one security from the same issuer and related depositary receipts. 7 Percentage values in data are rounded to the nearest tenth of one percent; the values may not sum to 100% due to rounding. Percentage values may be derived from different data sources and may not be consistent with other Fund literature. 8 Equity market cap of issuer. 9 The P/E figures represent the Weighted Harmonic Average P/E which measures the price/earnings ratio of the Fund's entire portfolio, excluding negative earners weighted by the size of the company's position within the portfolio. P/E estimates are forward looking. There is no guarantee that portfolio composition will remain unchanged or P/E estimates will be realized. 2018 Matthews International Capital Management, LLC 800.789.ASIA matthewsasia.com 15

ASIA GROWTH STRATEGIES FUND FACTS Investor Class Institutional Class Ticker MPACX MIAPX CUSIP 577130867 577130776 Inception 10/31/03 10/29/10 NAV $28.77 $29.00 Initial Investment $2,500 $100,000 Gross Expense Ratio 1 1.14% 0.96% Portfolio Statistics Total # of Positions 57 Net Assets $1.1 billion Weighted Average Market Cap $27.6 billion Portfolio Turnover 23.19% 2 Benchmark MSCI All Country Asia Pacific Index 3 INVESTMENT APPROACH Matthews Asia believes in the long-term growth of Asia, one of the world's fastest-growing regions. Since 1991, we have focused our efforts and expertise in these countries, investing through a variety of market environments. Matthews Asia is the largest dedicated Asia-only investment specialist in the United States. With $35.1 billion in assets under management as of Matthews Asia employs a bottom-up, fundamental investment philosophy with a focus on long-term investment performance. Matthews Asia Growth Fund Investment Objective Long-term capital appreciation. Strategy Under normal market conditions, the Matthews Asia Growth Fund seeks to achieve its investment objective by investing at least 80% of its total assets, which include borrowings for investment purposes, in the common and preferred stocks of companies located in Asia, which consists of all countries and markets in Asia, including developed, emerging, and frontier countries and markets in the Asian region. The Fund may also invest in the convertible securities, of any duration or quality, of Asian companies. The Fund seeks to invest in companies capable of sustainable growth based on the fundamental characteristics of those companies, including balance sheet information; number of employees; size and stability of cash flow; management s depth, adaptability and integrity; product lines; marketing strategies; corporate governance; and financial health. Risks All investments involve risks, including possible loss of principal. 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. PERFORMANCE AS OF MARCH 31, 2018 Average Annual Total Returns 3 Months YTD 1 Year 3 Years 5 Years 10 Years Since Inception Since Inception Investor Class 5.58% 5.58% 35.87% 11.64% 10.60% 8.81% 10.42% 10/31/03 Institutional Class 5.65% 5.65% 36.15% 11.87% 10.81% n.a. 9.19% 10/29/10 MSCI AC Asia Pacific Index 0.04% 0.04% 20.65% 8.56% 7.82% 4.96% 7.85% 4 n.a. GROWTH OF A $10,000 INVESTMENT SINCE INCEPTION INVESTOR $50,000 $40,000 $30,000 $20,000 $10,000 $0 10/03 08/06 06/09 04/12 02/15 03/18 $41,767 $32,155 $29,712 Matthews Asia Growth Fund MSCI AC Asia Pacific Index 3,4 Lipper Pacific Regions Fund Category Average 4,5 The performance data and graph do not reflect the deduction of taxes that a shareholder would pay on dividends, capital gain distributions or redemption of fund shares. Values are in US$. Source: BNY Mellon Investment Servicing (US) Inc. 1 Matthews Asia Funds does not currently charge 12b-1 fees. 2 The lesser of fiscal year 2017 long-term purchase costs or sales proceeds divided by the average monthly market value of longterm securities. 3 The MSCI All Country Asia Pacific Index is a free float adjusted market capitalization weighted index of the stock markets of Australia, China, Hong Kong, India, Indonesia, Japan, Malaysia, New Zealand, Philippines, Singapore, South Korea, Taiwan and Thailand. Index is for comparative purposes only and it is not possible to invest directly in an index. 4 Calculated from 10/31/03. 5 The Lipper Category Average does not reflect sales charges and is based on total return, including reinvestment of dividends and capital gains for the stated period. Performance assumes reinvestment of all dividends and/or distributions before taxes. All performance quoted represents past performance and is no guarantee of future results. Investment return and principal value will fluctuate with market conditions so that when redeemed, shares may be worth more or less than their original cost. Current performance may be lower or higher than the return figures quoted. Returns would have been lower if certain of the Fund's fees and expenses had not been waived. For the Fund's most recent month-end performance visit matthewsasia.com. FS001_MPACX_1Q18 16

Matthews Asia Growth Fund TOP TEN HOLDINGS 6 Country % of Net Assets M3, Inc. Japan 4.8% Shenzhou International Group Holdings, Ltd. China/Hong Kong 4.5% PT Bank Rakyat Indonesia Persero Indonesia 3.8% Baozun, Inc. China/Hong Kong 3.5% Wuxi Biologics Cayman, Inc. China/Hong Kong 3.4% HDFC Bank, Ltd. India 3.1% ORIX Corp. Japan 3.0% Nidec Corp. Japan 2.9% CSL, Ltd. Australia 2.7% Start Today Co., Ltd. Japan 2.7% % OF ASSETS IN TOP TEN 34.4% COUNTRY ALLOCATION (%) 7 Japan 37.4 38.7-1.3 China/Hong Kong 24.1 23.3 0.8 Indonesia 9.8 1.2 8.6 India 5.9 4.8 1.1 Australia 4.0 10.3-6.3 Bangladesh 3.8 0.0 3.8 Sri Lanka 3.2 0.0 3.2 Vietnam 2.2 0.0 2.2 Philippines 1.9 0.6 1.3 Thailand 1.6 1.4 0.2 Pakistan 0.7 0.0 0.7 Taiwan 0.6 6.9-6.3 South Korea 0.0 8.9-8.9 Singapore 0.0 2.1-2.1 Malaysia 0.0 1.5-1.5 New Zealand 0.0 0.3-0.3 Less Liabilities 4.9 0.0 4.9 Not all countries are included in the benchmark index. SECTOR ALLOCATION (%) 7 Health Care 27.5 5.2 22.3 Consumer Discretionary 20.9 12.6 8.3 Financials 15.6 20.8-5.2 Consumer Staples 10.6 6.2 4.4 Industrials 8.2 12.2-4.0 Information Technology 7.3 21.4-14.1 Telecom Services 2.1 4.0-1.9 Materials 1.3 6.6-5.3 Energy 1.3 3.2-1.9 Real Estate 0.4 5.4-5.0 Utilities 0.0 2.4-2.4 Less Liabilities 4.9 0.0 4.9 Sector data based on MSCI's revised Global Industry Classification Standards. For more details, visit www.msci.com. PORTFOLIO MANAGEMENT Taizo Ishida Sharat Shroff, CFA Co-Manager Portfolio characteristics for the Fund may vary from time to time from what is shown. It should not be assumed that any investment in the securities listed was or will be profitable. You should carefully consider the investment objectives, risks, charges and expenses of the Matthews Asia Funds before making an investment decision. A prospectus or summary prospectus with this and other information about the Funds may be obtained by visiting matthewsasia.com. Please read the prospectus carefully before investing as it explains the risks associated with investing in international and emerging markets. 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, but no representation or warranty (express or implied) is made as to the accuracy or completeness of any of this information. Matthews Asia and its affiliates do not accept any liability for losses either direct or consequential caused by the use of this information. Matthews International Capital Management, LLC is the advisor to the Matthews Asia Funds. Matthews Asia Funds are distributed in the United States by Foreside Funds Distributors LLC, Berwyn, PA Matthews Asia Funds are distributed in Latin America by HMC Partners MARKET CAP EXPOSURE (%) 7,8 P/E RATIOS 9 Mega Cap (over $25B) 22.6 53.8-31.2 Large Cap ($10B-$25B) 26.1 25.3 0.8 Mid Cap ($3B-$10B) 20.2 19.5 0.7 Small Cap (under $3B) 26.2 1.4 24.8 Less Liabilities 4.9 0.0 4.9 P/E Using FY1 Estimates 21.5x P/E Using FY2 Estimates 18.6x (P/E est. as of 03/31/18) 6 Holdings may combine more than one security from the same issuer and related depositary receipts. 7 Percentage values in data are rounded to the nearest tenth of one percent; the values may not sum to 100% due to rounding. Percentage values may be derived from different data sources and may not be consistent with other Fund literature. 8 Equity market cap of issuer. 9 The P/E figures represent the Weighted Harmonic Average P/E which measures the price/earnings ratio of the Fund's entire portfolio, excluding negative earners weighted by the size of the company's position within the portfolio. P/E estimates are forward looking. There is no guarantee that portfolio composition will remain unchanged or P/E estimates will be realized. 2018 Matthews International Capital Management, LLC 800.789.ASIA matthewsasia.com 17

ASIA GROWTH STRATEGIES FUND FACTS Investor Class Institutional Class Ticker MAPTX MIPTX CUSIP 577130107 577130834 Inception 09/12/94 10/29/10 NAV $31.40 $31.38 Initial Investment $2,500 $100,000 Gross Expense Ratio 1 1.09% 0.91% Net Expense Ratio 2 1.08% 0.90% Portfolio Statistics Total # of Positions 66 Net Assets $9.7 billion Weighted Average Market Cap $62.1 billion Portfolio Turnover 9.18% 3 Benchmark MSCI All Country Asia ex Japan Index 4 INVESTMENT APPROACH Matthews Asia believes in the long-term growth of Asia, one of the world's fastest-growing regions. Since 1991, we have focused our efforts and expertise in these countries, investing through a variety of market environments. Matthews Asia is the largest dedicated Asia-only investment specialist in the United States. With $35.1 billion in assets under management as of Matthews Asia employs a bottom-up, fundamental investment philosophy with a focus on long-term investment performance. Matthews Pacific Tiger Fund Investment Objective Long-term capital appreciation Strategy Under normal market conditions, the Matthews Pacific Tiger Fund seeks to achieve its investment objective by investing at least 80% of its total assets, which include borrowings for investment purposes, in the common and preferred stocks of companies located in Asia Ex Japan, which consists of all countries and markets in Asia excluding Japan but including all other developed, emerging and frontier countries and markets in the Asian region. The Fund seeks to invest in companies capable of sustainable growth based on the fundamental characteristics of those companies, including balance sheet information; number of employees; size and stability of cash flow; management s depth, adaptability and integrity; product lines; marketing strategies; corporate governance; and financial health. Risks All investments involve risks, including possible loss of principal. 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. PERFORMANCE AS OF MARCH 31, 2018 Average Annual Total Returns 3 Months YTD 1 Year 3 Years 5 Years 10 Years Since Inception Since Inception Investor Class -0.82% -0.82% 23.13% 8.35% 9.04% 8.35% 9.18% 09/12/94 Institutional Class -0.79% -0.79% 23.29% 8.54% 9.23% n.a. 7.68% 10/29/10 MSCI AC Asia ex Japan Index 0.70% 0.70% 26.16% 9.53% 8.50% 5.81% 4.99% 5 n.a. GROWTH OF A $10,000 INVESTMENT SINCE INCEPTION INVESTOR $90,000 $75,000 $60,000 $45,000 $30,000 $15,000 $0 09/94 05/99 01/04 09/08 05/13 03/18 $79,089 $39,000 $31,537 Matthews Pacific Tiger Fund MSCI AC Asia ex Japan Index 4,5 Lipper Pacific ex Japan Fund Category Average 5,6 The performance data and graph do not reflect the deduction of taxes that a shareholder would pay on dividends, capital gain distributions or redemption of fund shares. Values are in US$. Source: BNY Mellon Investment Servicing (US) Inc. 1 Matthews Asia Funds does not currently charge 12b-1 fees. 2 After contractual fee waiver, expense reimbursement and/or recoupment effective through April 30, 2018. 3 The lesser of fiscal year 2017 long-term purchase costs or sales proceeds divided by the average monthly market value of longterm securities. 4 The MSCI All Country Asia ex Japan Index is a free float adjusted market capitalization weighted index of the stock of markets of China, Hong Kong, India, Indonesia, Malaysia, Philippines, Singapore, South Korea, Taiwan and Thailand. Index is for comparative purposes only and it is not possible to invest directly in an index. 5 Calculated from 8/31/94. 6 The Lipper Category Average does not reflect sales charges and is based on total return, including reinvestment of dividends and capital gains for the stated period. Performance assumes reinvestment of all dividends and/or distributions before taxes. All performance quoted represents past performance and is no guarantee of future results. Investment return and principal value will fluctuate with market conditions so that when redeemed, shares may be worth more or less than their original cost. Current performance may be lower or higher than the return figures quoted. Returns would have been lower if certain of the Fund's fees and expenses had not been waived. For the Fund's most recent month-end performance visit matthewsasia.com. FS003_MAPTX_1Q18 18

Matthews Pacific Tiger Fund TOP TEN HOLDINGS 7 Country % of Net Assets Sinopharm Group Co., Ltd. China/Hong Kong 3.4% China Resources Beer Holdings Co., Ltd. China/Hong Kong 3.4% Ping An Insurance Group Co. of China, Ltd. China/Hong Kong 3.4% Tencent Holdings, Ltd. China/Hong Kong 3.3% Central Pattana Public Co., Ltd. Thailand 2.9% Baidu, Inc. China/Hong Kong 2.8% Titan Co., Ltd. India 2.8% Vietnam Dairy Products JSC Vietnam 2.7% Kotak Mahindra Bank, Ltd. India 2.7% President Chain Store Corp. Taiwan 2.3% % OF ASSETS IN TOP TEN 29.7% COUNTRY ALLOCATION (%) 8 China/Hong Kong 37.1 45.9-8.8 India 20.0 9.4 10.6 South Korea 12.3 17.5-5.2 Indonesia 5.9 2.4 3.5 Thailand 5.4 2.8 2.6 Taiwan 5.2 13.6-8.4 Malaysia 4.5 2.9 1.6 Vietnam 2.7 0.0 2.7 Switzerland 2.2 0.0 2.2 Philippines 2.1 1.1 1.0 United States 1.8 0.0 1.8 Japan 0.1 0.0 0.1 Singapore 0.0 4.2-4.2 Pakistan 0.0 0.1-0.1 Less Liabilities 0.5 0.0 0.5 SECTOR ALLOCATION (%) 8 Financials 22.5 23.5-1.0 Consumer Staples 20.9 4.6 16.3 Information Technology 17.6 32.1-14.5 Consumer Discretionary 9.8 8.9 0.9 Health Care 8.8 2.8 6.0 Real Estate 6.3 5.8 0.5 Industrials 4.9 6.7-1.8 Utilities 4.3 2.9 1.4 Telecom Services 3.2 3.9-0.7 Materials 1.2 4.5-3.3 Energy 0.0 4.4-4.4 Less Liabilities 0.5 0.0 0.5 PORTFOLIO MANAGEMENT Sharat Shroff, CFA Rahul Gupta Co-Manager Portfolio characteristics for the Fund may vary from time to time from what is shown. It should not be assumed that any investment in the securities listed was or will be profitable. You should carefully consider the investment objectives, risks, charges and expenses of the Matthews Asia Funds before making an investment decision. A prospectus or summary prospectus with this and other information about the Funds may be obtained by visiting matthewsasia.com. Please read the prospectus carefully before investing as it explains the risks associated with investing in international and emerging markets. 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, but no representation or warranty (express or implied) is made as to the accuracy or completeness of any of this information. Matthews Asia and its affiliates do not accept any liability for losses either direct or consequential caused by the use of this information. Matthews International Capital Management, LLC is the advisor to the Matthews Asia Funds. Matthews Asia Funds are distributed in the United States by Foreside Funds Distributors LLC, Berwyn, PA Matthews Asia Funds are distributed in Latin America by HMC Partners Not all countries are included in the benchmark index. Sector data based on MSCI's revised Global Industry Classification Standards. For more details, visit www.msci.com. MARKET CAP EXPOSURE (%) 8,9 P/E RATIOS 10 Mega Cap (over $25B) 36.0 56.5-20.5 Large Cap ($10B-$25B) 37.5 24.2 13.3 Mid Cap ($3B-$10B) 18.0 16.9 1.1 Small Cap (under $3B) 8.0 2.5 5.5 Less Liabilities 0.5 0.0 0.5 P/E Using FY1 Estimates 17.4x P/E Using FY2 Estimates 15.1x (P/E est. as of 03/31/18) 7 Holdings may combine more than one security from the same issuer and related depositary receipts. 8 Percentage values in data are rounded to the nearest tenth of one percent; the values may not sum to 100% due to rounding. Percentage values may be derived from different data sources and may not be consistent with other Fund literature. 9 Equity market cap of issuer. 10 The P/E figures represent the Weighted Harmonic Average P/E which measures the price/earnings ratio of the Fund's entire portfolio, excluding negative earners weighted by the size of the company's position within the portfolio. P/E estimates are forward looking. There is no guarantee that portfolio composition will remain unchanged or P/E estimates will be realized. 2018 Matthews International Capital Management, LLC 800.789.ASIA matthewsasia.com 19

ASIA GROWTH STRATEGIES FUND FACTS Investor Class Institutional Class Ticker MASGX MISFX CUSIP 577130727 577130719 Inception 04/30/15 04/30/15 NAV $11.77 $11.72 Initial Investment $2,500 $100,000 Gross Expense Ratio 1 3.54% 3.36% Net Expense Ratio 2 1.48% 1.25% Portfolio Statistics Total # of Positions 63 Net Assets $20.5 million Weighted Average Market Cap $17.5 billion Portfolio Turnover 28.82% 3 Benchmark MSCI All Country Asia ex Japan Index 4 INVESTMENT APPROACH Matthews Asia believes in the long-term growth of Asia, one of the world's fastest-growing regions. Since 1991, we have focused our efforts and expertise in these countries, investing through a variety of market environments. Matthews Asia is the largest dedicated Asia-only investment specialist in the United States. With $35.1 billion in assets under management as of Matthews Asia employs a bottom-up, fundamental investment philosophy with a focus on long-term investment performance. Matthews Asia ESG Fund Investment Objective Long-term capital appreciation. Strategy Under normal market conditions, the Matthews Asia ESG Fund seeks to achieve its investment objective by investing at least 80% of its net assets, which include borrowings for investment purposes, in the common and preferred stocks of companies of any market capitalization located in Asia that Matthews believes satisfy one or more of its environmental, social and governance ( ESG ) standards. The Fund seeks to invest in companies across the market capitalization spectrum that Matthews believes to be undervalued but of high quality and run by management teams with good operating and governance track records. In addition, the Fund seeks to invest in those Asian companies that have the potential to profit from the long-term opportunities presented by global environmental and social challenges as well as those Asian companies that proactively manage long-term risks presented by these challenges. Risks Matthews Asia ESG Fund's consideration of ESG factors in making its investment decisions may impact the Fund's relative investment performance positively or negatively.investments in Asian securities may involve risks such as social and political instability, market illiquidity, exchange-rate fluctuations, a high level of volatility and limited regulation. Investing in emerging and frontier markets involves different and greater risks, as these countries are substantially smaller, less liquid and more volatile than securities markets in more developed markets. PERFORMANCE AS OF MARCH 31, 2018 Average Annual Total Returns 3 Months YTD 1 Year 3 Years 5 Years 10 Years Since Inception Since Inception Investor Class 1.82% 1.82% 21.34% n.a. n.a. n.a. 7.79% 04/30/15 Institutional Class 1.91% 1.91% 21.67% n.a. n.a. n.a. 8.07% 04/30/15 MSCI AC Asia ex Japan Index 0.70% 0.70% 26.16% n.a. n.a. n.a. 7.20% n.a. GROWTH OF A $10,000 INVESTMENT SINCE INCEPTION INVESTOR $14,000 $12,000 $10,000 $8,000 $6,000 04/15 11/15 06/16 01/17 08/17 03/18 $12,450 $12,329 $12,252 Matthews Asia ESG Fund MSCI AC Asia ex Japan Index 4 Lipper Pacific Region Funds Category Average 5 The performance data and graph do not reflect the deduction of taxes that a shareholder would pay on dividends, capital gain distributions or redemption of fund shares. Values are in US$. Source: BNY Mellon Investment Servicing (US) Inc. 1 Matthews Asia Funds does not currently charge 12b-1 fees. 2 After contractual fee waiver, expense reimbursement and/or recoupment effective through April 30, 2018. 3 The lesser of fiscal year 2017 long-term purchase costs or sales proceeds divided by the average monthly market value of longterm securities. 4 The MSCI All Country Asia ex Japan Index is a free float adjusted market capitalization weighted index of the stock of markets of China, Hong Kong, India, Indonesia, Malaysia, Philippines, Singapore, South Korea, Taiwan and Thailand. Index is for comparative purposes only and it is not possible to invest directly in an index. 5 The Lipper Category Average does not reflect sales charges and is based on total return, including reinvestment of dividends and capital gains for the stated period. Performance assumes reinvestment of all dividends and/or distributions before taxes. All performance quoted represents past performance and is no guarantee of future results. Investment return and principal value will fluctuate with market conditions so that when redeemed, shares may be worth more or less than their original cost. Current performance may be lower or higher than the return figures quoted. Returns would have been lower if certain of the Fund's fees and expenses had not been waived. For the Fund's most recent month-end performance visit matthewsasia.com. FS022_MASGX_1Q18 20

Matthews Asia ESG Fund TOP TEN HOLDINGS 6 Country % of Net Assets Samsung SDI Co., Ltd., Pfd. South Korea 5.4% Wuxi Biologics Cayman, Inc. China/Hong Kong 3.5% Inner Mongolia Yili Industrial Group Co., Ltd. China/Hong Kong 3.3% Taiwan Semiconductor Manufacturing Co., Ltd. Taiwan 3.3% BRAC Bank, Ltd. Bangladesh 3.2% Shriram City Union Finance, Ltd. India 3.2% PT Bank Rakyat Indonesia Persero Indonesia 3.1% Fuji Seal International, Inc. Japan 2.8% JD.com, Inc. China/Hong Kong 2.7% Mahindra & Mahindra, Ltd. India 2.6% % OF ASSETS IN TOP TEN 33.1% COUNTRY ALLOCATION (%) 7 China/Hong Kong 22.1 45.9-23.8 Japan 15.2 0.0 15.2 India 14.1 9.4 4.7 South Korea 12.8 17.5-4.7 Taiwan 10.3 13.6-3.3 Bangladesh 5.4 0.0 5.4 Indonesia 4.7 2.4 2.3 Singapore 4.4 4.2 0.2 Thailand 3.1 2.8 0.3 Philippines 2.8 1.1 1.7 Vietnam 2.0 0.0 2.0 Pakistan 1.8 0.1 1.7 Luxembourg 0.8 0.0 0.8 Malaysia 0.0 2.9-2.9 Less Liabilities 0.5 0.0 0.5 SECTOR ALLOCATION (%) 7 Financials 19.4 23.5-4.1 Health Care 17.1 2.8 14.3 Information Technology 13.8 32.1-18.3 Industrials 13.7 6.7 7.0 Consumer Discretionary 13.0 8.9 4.1 Consumer Staples 9.2 4.6 4.6 Telecom Services 5.2 3.9 1.3 Materials 3.3 4.5-1.2 Real Estate 2.6 5.8-3.2 Utilities 2.3 2.9-0.6 Energy 0.0 4.4-4.4 Less Liabilities 0.5 0.0 0.5 PORTFOLIO MANAGEMENT Vivek Tanneeru Winnie Chwang Co-Manager Portfolio characteristics for the Fund may vary from time to time from what is shown. It should not be assumed that any investment in the securities listed was or will be profitable. You should carefully consider the investment objectives, risks, charges and expenses of the Matthews Asia Funds before making an investment decision. A prospectus or summary prospectus with this and other information about the Funds may be obtained by visiting matthewsasia.com. Please read the prospectus carefully before investing as it explains the risks associated with investing in international and emerging markets. 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, but no representation or warranty (express or implied) is made as to the accuracy or completeness of any of this information. Matthews Asia and its affiliates do not accept any liability for losses either direct or consequential caused by the use of this information. Matthews International Capital Management, LLC is the advisor to the Matthews Asia Funds. Matthews Asia Funds are distributed in the United States by Foreside Funds Distributors LLC, Berwyn, PA Matthews Asia Funds are distributed in Latin America by HMC Partners Not all countries are included in the benchmark index. Sector data based on MSCI's revised Global Industry Classification Standards. For more details, visit www.msci.com. MARKET CAP EXPOSURE (%) 7,8 P/E RATIOS 9 Mega Cap (over $25B) 18.4 56.5-38.1 Large Cap ($10B-$25B) 19.3 24.2-4.9 Mid Cap ($3B-$10B) 14.9 16.9-2.0 Small Cap (under $3B) 46.9 2.5 44.4 Less Liabilities 0.5 0.0 0.5 P/E Using FY1 Estimates 16.6x P/E Using FY2 Estimates 12.9x (P/E est. as of 03/31/18) 6 Holdings may combine more than one security from the same issuer and related depositary receipts. 7 Percentage values in data are rounded to the nearest tenth of one percent; the values may not sum to 100% due to rounding. Percentage values may be derived from different data sources and may not be consistent with other Fund literature. 8 Equity market cap of issuer. 9 The P/E figures represent the Weighted Harmonic Average P/E which measures the price/earnings ratio of the Fund's entire portfolio, excluding negative earners weighted by the size of the company's position within the portfolio. P/E estimates are forward looking. There is no guarantee that portfolio composition will remain unchanged or P/E estimates will be realized. 2018 Matthews International Capital Management, LLC 800.789.ASIA matthewsasia.com 21

ASIA GROWTH STRATEGIES FUND FACTS Investor Class Institutional Class Ticker MEASX MIASX CUSIP 577125883 577125875 Inception 04/30/13 04/30/13 NAV $15.50 $15.56 Initial Investment $2,500 $100,000 Gross Expense Ratio 1 1.77% 1.62% Net Expense Ratio 2 1.47% 1.25% Portfolio Statistics Total # of Positions 79 Net Assets $519.1 million Weighted Average Market Cap $2.9 billion Portfolio Turnover 7.74% 3 Benchmark MSCI Emerging Markets (EM) Asia Index 4 Redemption Fee 2% within first 90 calendar days of purchase INVESTMENT APPROACH Matthews Asia believes in the long-term growth of Asia, one of the world's fastest-growing regions. Since 1991, we have focused our efforts and expertise in these countries, investing through a variety of market environments. Matthews Asia is the largest dedicated Asia-only investment specialist in the United States. With $35.1 billion in assets under management as of Matthews Asia employs a bottom-up, fundamental investment philosophy with a focus on long-term investment performance. Matthews Emerging Asia Fund Investment Objective Long-term capital appreciation. Strategy Under normal market conditions, the Matthews Emerging Asia Fund seeks to achieve its investment objective by investing at least 80% of its total assets, which include borrowings for investment purposes, in the common and preferred stocks of companies located in Asia excluding Japan, South Korea, Hong Kong and Singapore. The Fund may also invest in the convertible securities, of any duration or quality of companies located in Asia excluding Japan, South Korea, Hong Kong and Singapore. The Fund is expected to invest a substantial portion of its net assets in the emerging countries and markets in the Asian region, including but not limited to, Bangladesh, Cambodia, China (including Taiwan, but excluding Hong Kong), India, Indonesia, Laos, Malaysia, Mongolia, Myanmar, Pakistan, Papua New Guinea, Philippines, Sri Lanka, Thailand and Vietnam ( Emerging Asian Countries ). The Fund seeks to invest in companies capable of sustainable growth based on the fundamental characteristics of those companies, including balance sheet information; number of employees; size and stability of cash flow; management s depth, adaptability and integrity; product lines; marketing strategies; corporate governance; and financial health. Risks All investments involve risks, including possible loss of principal. 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. PERFORMANCE AS OF MARCH 31, 2018 Average Annual Total Returns 3 Months YTD 1 Year 3 Years 5 Years 10 Years Since Inception Since Inception Investor Class -0.06% -0.06% 13.36% 11.46% Institutional Class -0.06% -0.06% 13.55% 11.71% n.a. n.a. n.a. 10.09% 04/30/13 n.a. 10.33% 04/30/13 MSCI Emerging Markets (EM) Asia Index 0.87% 0.87% 27.43% 9.81% n.a. n.a. 8.57% n.a. GROWTH OF A $10,000 INVESTMENT SINCE INCEPTION INVESTOR $18,000 $16,000 $14,000 $12,000 $10,000 $8,000 $6,000 04/13 03/14 02/15 01/16 12/16 03/18 $16,045 $14,983 $12,446 Matthews Emerging Asia Fund MSCI Emerging Markets (EM) Asia Index 4 Lipper Emerging Market Funds Category Average 5 The performance data and graph do not reflect the deduction of taxes that a shareholder would pay on dividends, capital gain distributions or redemption of fund shares. Values are in US$. Source: BNY Mellon Investment Servicing (US) Inc. 1 Matthews Asia Funds does not currently charge 12b-1 fees. 2 After contractual fee waiver, expense reimbursement and/or recoupment effective through April 30, 2018. 3 The lesser of fiscal year 2017 long-term purchase costs or sales proceeds divided by the average monthly market value of longterm securities. 4 The MSCI Emerging Markets (EM) Asia Index is a free float adjusted market capitalization weighted index of the stock markets of China, India, Indonesia, Korea, Malaysia, the Philippines, Taiwan and Thailand. Index is for comparative purposes only and it is not possible to invest directly in an index. 5 The Lipper Category Average does not reflect sales charges and is based on total return, including reinvestment of dividends and capital gains for the stated period. Performance assumes reinvestment of all dividends and/or distributions before taxes. All performance quoted represents past performance and is no guarantee of future results. Investment return and principal value will fluctuate with market conditions so that when redeemed, shares may be worth more or less than their original cost. Current performance may be lower or higher than the return figures quoted. Returns would have been lower if certain of the Fund's fees and expenses had not been waived. For the Fund's most recent month-end performance visit matthewsasia.com. FS021_MEASX_1Q18 22

Matthews Emerging Asia Fund TOP TEN HOLDINGS 6 Country % of Net Assets Phu Nhuan Jewelry JSC Vietnam 3.5% Shenzhou International Group Holdings, Ltd. China/Hong Kong 3.1% Cosco Capital, Inc. Philippines 3.1% Saigon Beer Alcohol Beverage Corp. Vietnam 3.0% Masan Group Corp. Vietnam 3.0% PT Bank Mandiri Persero Indonesia 2.6% BRAC Bank, Ltd. Bangladesh 2.6% Vinh Hoan Corp. Vietnam 2.5% British American Tobacco Bangladesh Co., Ltd. Bangladesh 2.5% Sampath Bank PLC Sri Lanka 2.5% % OF ASSETS IN TOP TEN 28.4% COUNTRY ALLOCATION (%) 7 Vietnam 22.5 0.0 22.5 Pakistan 14.4 0.1 14.3 Indonesia 14.3 2.8 11.5 India 11.2 11.1 0.1 Bangladesh 11.1 0.0 11.1 Sri Lanka 8.6 0.0 8.6 Philippines 8.1 1.4 6.7 China/Hong Kong 6.5 41.0-34.5 Singapore 0.7 0.0 0.7 Australia 0.5 0.0 0.5 South Korea 0.0 20.7-20.7 Taiwan 0.0 16.1-16.1 Malaysia 0.0 3.4-3.4 Thailand 0.0 3.3-3.3 Less Liabilities 2.3 0.0 2.3 SECTOR ALLOCATION (%) 7 Consumer Staples 30.7 5.0 25.7 Consumer Discretionary 25.5 8.5 17.0 Financials 17.6 20.7-3.1 Industrials 6.3 5.5 0.8 Health Care 5.9 3.3 2.6 Materials 3.5 5.4-1.9 Real Estate 3.4 2.8 0.6 Information Technology 2.2 37.8-35.6 Utilities 1.4 2.0-0.6 Energy 1.3 5.2-3.9 Telecom Services 0.0 3.8-3.8 Less Liabilities 2.3 0.0 2.3 PORTFOLIO MANAGEMENT Taizo Ishida Robert Harvey, CFA Portfolio characteristics for the Fund may vary from time to time from what is shown. It should not be assumed that any investment in the securities listed was or will be profitable. You should carefully consider the investment objectives, risks, charges and expenses of the Matthews Asia Funds before making an investment decision. A prospectus or summary prospectus with this and other information about the Funds may be obtained by visiting matthewsasia.com. Please read the prospectus carefully before investing as it explains the risks associated with investing in international and emerging markets. 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, but no representation or warranty (express or implied) is made as to the accuracy or completeness of any of this information. Matthews Asia and its affiliates do not accept any liability for losses either direct or consequential caused by the use of this information. Matthews International Capital Management, LLC is the advisor to the Matthews Asia Funds. Matthews Asia Funds are distributed in the United States by Foreside Funds Distributors LLC, Berwyn, PA Matthews Asia Funds are distributed in Latin America by HMC Partners Not all countries are included in the benchmark index. Sector data based on MSCI's revised Global Industry Classification Standards. For more details, visit www.msci.com. MARKET CAP EXPOSURE (%) 7,8 P/E RATIOS 9 Mega Cap (over $25B) 2.6 54.9-52.3 Large Cap ($10B-$25B) 5.2 24.8-19.6 Mid Cap ($3B-$10B) 13.1 17.5-4.4 Small Cap (under $3B) 76.8 2.8 74.0 Less Liabilities 2.3 0.0 2.3 P/E Using FY1 Estimates 14.5x P/E Using FY2 Estimates 13.1x (P/E est. as of 03/31/18) 6 Holdings may combine more than one security from the same issuer and related depositary receipts. 7 Percentage values in data are rounded to the nearest tenth of one percent; the values may not sum to 100% due to rounding. Percentage values may be derived from different data sources and may not be consistent with other Fund literature. 8 Equity market cap of issuer. 9 The P/E figures represent the Weighted Harmonic Average P/E which measures the price/earnings ratio of the Fund's entire portfolio, excluding negative earners weighted by the size of the company's position within the portfolio. P/E estimates are forward looking. There is no guarantee that portfolio composition will remain unchanged or P/E estimates will be realized. 2018 Matthews International Capital Management, LLC 800.789.ASIA matthewsasia.com 23

ASIA GROWTH STRATEGIES FUND FACTS Investor Class Institutional Class Ticker MATFX MITEX CUSIP 577130883 577125859 Inception 12/27/99 04/30/13 NAV $14.78 $14.86 Initial Investment $2,500 $100,000 Gross Expense Ratio 1 1.24% 1.01% Portfolio Statistics Total # of Positions 45 Net Assets $268.4 million Weighted Average Market Cap $100.1 billion Portfolio Turnover 66.51% 2 Benchmark MSCI All Country Asia ex Japan Index 3 INVESTMENT APPROACH Matthews Asia believes in the long-term growth of Asia, one of the world's fastest-growing regions. Since 1991, we have focused our efforts and expertise in these countries, investing through a variety of market environments. Matthews Asia is the largest dedicated Asia-only investment specialist in the United States. With $35.1 billion in assets under management as of Matthews Asia employs a bottom-up, fundamental investment philosophy with a focus on long-term investment performance. Matthews Asia Innovators Fund Investment Objective Long-term capital appreciation. Strategy Under normal market conditions, the Matthews Asia Innovators Fund seeks to achieve its investment objective by investing at least 80% of its total assets, which include borrowings for investment purposes, in the common and preferred stocks of companies located in Asia, that Matthews believes are innovators in their products, services, processes, business models, management, use of technology, or approach to creating, expanding or servicing their markets. The Fund seeks to invest in companies capable of sustainable growth based on the fundamental characteristics of those companies, including balance sheet information; number of employees; size and stability of cash flow; management s depth, adaptability and integrity; product lines; marketing strategies; corporate governance; and financial health. Risks All investments involve risks, including possible loss of principal. 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 and sector funds may be subject to a higher degree of market risk than diversified funds because of concentration in a specific industry, sector or geographic region.the fund's value may be affected by changes in the science and technology-related industries. PERFORMANCE AS OF MARCH 31, 2018 Average Annual Total Returns 3 Months YTD 1 Year 3 Years 5 Years 10 Years Since Inception Since Inception Investor Class 4.16% 4.16% 39.01% 12.99% 16.59% 9.83% 4.45% 12/27/99 Institutional Class 4.21% 4.21% 39.30% 13.21% n.a. n.a. 16.09% 04/30/13 MSCI AC Asia ex Japan Index 0.70% 0.70% 26.16% 9.53% 8.50% 5.81% 7.01% 4 n.a. GROWTH OF A $10,000 INVESTMENT SINCE INCEPTION INVESTOR $40,000 $30,000 $20,000 $10,000 $0 12/99 07/03 02/07 09/10 04/14 03/18 $34,443 $33,799 $22,142 Matthews Asia Innovators Fund MSCI AC Asia ex Japan Index 3,4 Lipper Pacific ex Japan Funds Category Average 4,5 The performance data and graph do not reflect the deduction of taxes that a shareholder would pay on dividends, capital gain distributions or redemption of fund shares. Values are in US$. Source: BNY Mellon Investment Servicing (US) Inc. 1 Matthews Asia Funds does not currently charge 12b-1 fees. 2 The lesser of fiscal year 2017 long-term purchase costs or sales proceeds divided by the average monthly market value of longterm securities. 3 The MSCI All Country Asia ex Japan Index is a free float adjusted market capitalization weighted index of the stock of markets of China, Hong Kong, India, Indonesia, Malaysia, Philippines, Singapore, South Korea, Taiwan and Thailand. Index is for comparative purposes only and it is not possible to invest directly in an index. 4 Calculated from 12/31/99. 5 The Lipper Category Average does not reflect sales charges and is based on total return, including reinvestment of dividends and capital gains for the stated period. Performance assumes reinvestment of all dividends and/or distributions before taxes. All performance quoted represents past performance and is no guarantee of future results. Investment return and principal value will fluctuate with market conditions so that when redeemed, shares may be worth more or less than their original cost. Current performance may be lower or higher than the return figures quoted. Returns would have been lower if certain of the Fund's fees and expenses had not been waived. For the Fund's most recent month-end performance visit matthewsasia.com. FS005_MATFX_1Q18 24

Matthews Asia Innovators Fund TOP TEN HOLDINGS 6 Country % of Net Assets Alibaba Group Holding, Ltd. China/Hong Kong 4.6% Tencent Holdings, Ltd. China/Hong Kong 4.3% Jiangsu Hengrui Medicine Co., Ltd. China/Hong Kong 4.2% Ping An Insurance Group Co. of China, Ltd. China/Hong Kong 3.8% Hana Tour Service, Inc. South Korea 3.4% Orion Corp. South Korea 3.3% Samsung Electronics Co., Ltd., Pfd. South Korea 3.3% HDFC Bank, Ltd. India 3.3% China International Travel Service Corp., Ltd. China/Hong Kong 3.0% NAVER Corp. South Korea 3.0% % OF ASSETS IN TOP TEN 36.2% COUNTRY ALLOCATION (%) 7 China/Hong Kong 54.9 45.9 9.0 South Korea 19.3 17.5 1.8 India 9.8 9.4 0.4 Taiwan 2.9 13.6-10.7 Vietnam 2.8 0.0 2.8 Indonesia 2.2 2.4-0.2 Bangladesh 2.2 0.0 2.2 Singapore 1.8 4.2-2.4 Thailand 1.8 2.8-1.0 Philippines 1.3 1.1 0.2 Malaysia 0.0 2.9-2.9 Pakistan 0.0 0.1-0.1 Less Liabilities 1.2 0.0 1.2 SECTOR ALLOCATION (%) 7 Financials 28.5 23.5 5.0 Information Technology 24.2 32.1-7.9 Consumer Discretionary 20.1 8.9 11.2 Health Care 13.9 2.8 11.1 Consumer Staples 10.6 4.6 6.0 Industrials 1.6 6.7-5.1 Real Estate 0.0 5.8-5.8 Materials 0.0 4.5-4.5 Energy 0.0 4.4-4.4 Telecom Services 0.0 3.9-3.9 Utilities 0.0 2.9-2.9 Less Liabilities 1.2 0.0 1.2 PORTFOLIO MANAGEMENT Michael J. Oh, CFA Robert Harvey, CFA Co-Manager Lydia So, CFA Co-Manager Portfolio characteristics for the Fund may vary from time to time from what is shown. It should not be assumed that any investment in the securities listed was or will be profitable. You should carefully consider the investment objectives, risks, charges and expenses of the Matthews Asia Funds before making an investment decision. A prospectus or summary prospectus with this and other information about the Funds may be obtained by visiting matthewsasia.com. Please read the prospectus carefully before investing as it explains the risks associated with investing in international and emerging markets. 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, but no representation or warranty (express or implied) is made as to the accuracy or completeness of any of this information. Matthews Asia and its affiliates do not accept any liability for losses either direct or consequential caused by the use of this information. Matthews International Capital Management, LLC is the advisor to the Matthews Asia Funds. Not all countries are included in the benchmark index. Sector data based on MSCI's revised Global Industry Classification Standards. For more details, visit www.msci.com. Matthews Asia Funds are distributed in the United States by Foreside Funds Distributors LLC, Berwyn, PA Matthews Asia Funds are distributed in Latin America by HMC Partners MARKET CAP EXPOSURE (%) 7,8 P/E RATIOS 9 Mega Cap (over $25B) 48.4 56.5-8.1 Large Cap ($10B-$25B) 24.6 24.2 0.4 Mid Cap ($3B-$10B) 8.1 16.9-8.8 Small Cap (under $3B) 17.7 2.5 15.2 Less Liabilities 1.2 0.0 1.2 P/E Using FY1 Estimates 18.4x P/E Using FY2 Estimates 14.6x (P/E est. as of 03/31/18) 6 Holdings may combine more than one security from the same issuer and related depositary receipts. 7 Percentage values in data are rounded to the nearest tenth of one percent; the values may not sum to 100% due to rounding. Percentage values may be derived from different data sources and may not be consistent with other Fund literature. 8 Equity market cap of issuer. 9 The P/E figures represent the Weighted Harmonic Average P/E which measures the price/earnings ratio of the Fund's entire portfolio, excluding negative earners weighted by the size of the company's position within the portfolio. P/E estimates are forward looking. There is no guarantee that portfolio composition will remain unchanged or P/E estimates will be realized. 2018 Matthews International Capital Management, LLC 800.789.ASIA matthewsasia.com 25

ASIA GROWTH STRATEGIES FUND FACTS Investor Class Institutional Class Ticker MCHFX MICFX CUSIP 577130701 577130818 Inception 02/19/98 10/29/10 NAV $23.57 $23.55 Initial Investment $2,500 $100,000 Gross Expense Ratio 1 1.18% 1.03% Portfolio Statistics Total # of Positions 47 Net Assets $1.1 billion Weighted Average Market Cap $152.9 billion Portfolio Turnover 78.74% 2 Benchmark MSCI China Index 3 INVESTMENT APPROACH Matthews Asia believes in the long-term growth of Asia, one of the world's fastest-growing regions. Since 1991, we have focused our efforts and expertise in these countries, investing through a variety of market environments. Matthews Asia is the largest dedicated Asia-only investment specialist in the United States. With $35.1 billion in assets under management as of Matthews Asia employs a bottom-up, fundamental investment philosophy with a focus on long-term investment performance. Matthews China Fund Investment Objective Long-term capital appreciation. Strategy Under normal market conditions, the Matthews China Fund seeks to achieve its investment objective by investing at least 80% of its total assets, which include borrowings for investment purposes, in the common and preferred stocks of companies located in China. China includes its administrative and other districts, such as Hong Kong. The Fund seeks to invest in companies capable of sustainable growth based on the fundamental characteristics of those companies, including balance sheet information; number of employees; size and stability of cash flow; management s depth, adaptability and integrity; product lines; marketing strategies; corporate governance; and financial health. Risks All investments involve risks, including possible loss of principal. 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 and sector funds may be subject to a higher degree of market risk than diversified funds because of concentration in a specific industry, sector or geographic region. PERFORMANCE AS OF MARCH 31, 2018 Average Annual Total Returns 3 Months YTD 1 Year 3 Years 5 Years 10 Years Since Inception Since Inception Investor Class 6.17% 6.17% 46.07% 15.41% 11.59% 7.54% 10.86% 02/19/98 Institutional Class 6.23% 6.23% 46.42% 15.59% 11.76% n.a. 5.77% 10/29/10 MSCI China Index 1.82% 1.82% 39.15% 10.72% 11.59% 6.21% 5.30% 4 n.a. GROWTH OF A $10,000 INVESTMENT SINCE INCEPTION INVESTOR $90,000 $75,000 $60,000 $45,000 $30,000 $15,000 $0 02/98 02/02 02/06 02/10 02/14 03/18 $79,452 $54,801 $28,190 Matthews China Fund MSCI China Index 3,4 Lipper China Region Funds Category Average 4,5 The performance data and graph do not reflect the deduction of taxes that a shareholder would pay on dividends, capital gain distributions or redemption of fund shares. Values are in US$. Source: BNY Mellon Investment Servicing (US) Inc. 1 Matthews Asia Funds does not currently charge 12b-1 fees. 2 The lesser of fiscal year 2017 long-term purchase costs or sales proceeds divided by the average monthly market value of longterm securities. 3 The MSCI China Index is a free float-adjusted market capitalization weighted index of Chinese equities that includes China affiliated corporations and H shares listed on the Hong Kong Exchange, and B shares listed on the Shanghai and Shenzhen exchanges. Index is for comparative purposes only and it is not possible to invest directly in an index. 4 Calculated from 2/28/98. 5 The Lipper Category Average does not reflect sales charges and is based on total return, including reinvestment of dividends and capital gains for the stated period. Performance assumes reinvestment of all dividends and/or distributions before taxes. All performance quoted represents past performance and is no guarantee of future results. Investment return and principal value will fluctuate with market conditions so that when redeemed, shares may be worth more or less than their original cost. Current performance may be lower or higher than the return figures quoted. Returns would have been lower if certain of the Fund's fees and expenses had not been waived. For the Fund's most recent month-end performance visit matthewsasia.com. FS006_MCHFX_1Q18 26

Matthews China Fund TOP TEN HOLDINGS 6 Sector % of Net Assets Alibaba Group Holding, Ltd. Information Technology 10.4% Tencent Holdings, Ltd. Information Technology 6.7% Agricultural Bank of China, Ltd. Financials 5.0% Industrial & Commercial Bank of China, Ltd. Financials 4.8% China Construction Bank Corp. Financials 4.8% China Life Insurance Co., Ltd. Financials 4.5% Ping An Insurance Group Co. of China, Ltd. Financials 3.9% Sino Biopharmaceutical, Ltd. Health Care 3.5% Chinasoft International, Ltd. Information Technology 3.0% China Mobile, Ltd. Telecom Services 2.6% % OF ASSETS IN TOP TEN 49.2% SECTOR ALLOCATION (%) 7 Information Technology 30.7 40.8-10.1 Financials 29.5 23.0 6.5 Consumer Discretionary 8.5 9.1-0.6 Energy 5.3 4.8 0.5 Industrials 4.7 3.9 0.8 Real Estate 4.5 5.3-0.8 Consumer Staples 3.9 2.2 1.7 Materials 3.8 1.5 2.3 Health Care 3.5 2.7 0.8 Utilities 2.7 2.3 0.4 Telecom Services 2.6 4.3-1.7 Less Liabilities 0.2 0.0 0.2 MARKET CAP EXPOSURE (%) 7,8 Mega Cap (over $25B) 62.1 72.7-10.6 Large Cap ($10B-$25B) 8.6 17.2-8.6 Mid Cap ($3B-$10B) 24.3 9.7 14.6 Small Cap (under $3B) 4.7 0.5 4.2 Less Liabilities 0.2 0.0 0.2 P/E RATIOS 9 P/E Using FY1 Estimates 11.7x P/E Using FY2 Estimates 10.2x PORTFOLIO MANAGEMENT Andrew Mattock, CFA Winnie Chwang Co-Manager Henry Zhang, CFA Co-Manager Portfolio characteristics for the Fund may vary from time to time from what is shown. It should not be assumed that any investment in the securities listed was or will be profitable. You should carefully consider the investment objectives, risks, charges and expenses of the Matthews Asia Funds before making an investment decision. A prospectus or summary prospectus with this and other information about the Funds may be obtained by visiting matthewsasia.com. Please read the prospectus carefully before investing as it explains the risks associated with investing in international and emerging markets. 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, but no representation or warranty (express or implied) is made as to the accuracy or completeness of any of this information. Matthews Asia and its affiliates do not accept any liability for losses either direct or consequential caused by the use of this information. Sector data based on MSCI's revised Global Industry Classification Standards. For more details, visit www.msci.com. CHINA EXPOSURE (%) 7,10 H Shares 35.5 SAR (Hong Kong) 28.3 Overseas Limited Companies (OL) 17.6 A Shares 11.4 China-affiliated corporations (CAC) 7.0 B Shares 0.0 Less Liabilities 0.2 (P/E est. as of 03/31/18) Matthews International Capital Management, LLC is the advisor to the Matthews Asia Funds. Matthews Asia Funds are distributed in the United States by Foreside Funds Distributors LLC, Berwyn, PA Matthews Asia Funds are distributed in Latin America by HMC Partners 6 Holdings may combine more than one security from the same issuer and related depositary receipts. 7 Percentage values in data are rounded to the nearest tenth of one percent; the values may not sum to 100% due to rounding. Percentage values may be derived from different data sources and may not be consistent with other Fund literature. 8 Equity market cap of issuer. 9 The P/E figures represent the Weighted Harmonic Average P/E which measures the price/earnings ratio of the Fund's entire portfolio, excluding negative earners weighted by the size of the company's position within the portfolio. P/E estimates are forward looking. There is no guarantee that portfolio composition will remain unchanged or P/E estimates will be realized. 10 SAR (Hong Kong) companies are companies that conduct business in Hong Kong and/or mainland China. China affiliated Corporations [CAC], also known as "Red Chips," are mainland China companies with partial state ownership listed in Hong Kong, and incorporated in Hong Kong. China A Shares are Mainland Chinese companies incorporated in China and listed on the Shanghai or Shenzhen exchanges, available mostly to local Chinese investors and qualified institutional investors H Shares are mainland Chinese companies listed on the Hong Kong exchange but incorporated in mainland China. B Shares are mainland Chinese companies listed on the Shanghai and Shenzhen stock exchanges, available to both Chinese and non-chinese investors. Overseas Listed [OL] companies are companies that conduct business in mainland China but listed in overseas markets such as Japan, Singapore, Taiwan and the United States. 2018 Matthews International Capital Management, LLC 800.789.ASIA matthewsasia.com 27

ASIA GROWTH STRATEGIES FUND FACTS Investor Class Institutional Class Ticker MINDX MIDNX CUSIP 577130859 577130768 Inception 10/31/05 10/29/10 NAV $33.41 $33.62 Initial Investment $2,500 $100,000 Gross Expense Ratio 1 1.12% 0.91% Portfolio Statistics Total # of Positions 56 Net Assets $2.3 billion Weighted Average Market Cap $17.5 billion Portfolio Turnover 16.81% 2 Benchmark S&P Bombay Stock Exchange 100 Index 3 INVESTMENT APPROACH Matthews Asia believes in the long-term growth of Asia, one of the world's fastest-growing regions. Since 1991, we have focused our efforts and expertise in these countries, investing through a variety of market environments. Matthews Asia is the largest dedicated Asia-only investment specialist in the United States. With $35.1 billion in assets under management as of Matthews Asia employs a bottom-up, fundamental investment philosophy with a focus on long-term investment performance. Matthews India Fund Investment Objective Long-term capital appreciation. Strategy Under normal market conditions, the Matthews India Fund seeks to achieve its investment objective by investing at least 80% of its total assets, which include borrowings for investment purposes, in publicly traded common stocks, preferred stocks and convertible securities of companies located in India. The Fund seeks to invest in companies capable of sustainable growth based on the fundamental characteristics of those companies, including balance sheet information; number of employees; size and stability of cash flow; management s depth, adaptability and integrity; product lines; marketing strategies; corporate governance; and financial health. Risks All investments involve risks, including possible loss of principal. 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 and sector funds may be subject to a higher degree of market risk than diversified funds because of concentration in a specific industry, sector or geographic region. PERFORMANCE AS OF MARCH 31, 2018 Average Annual Total Returns 3 Months YTD 1 Year 3 Years 5 Years 10 Years Since Inception Since Inception Investor Class -2.62% -2.62% 12.61% 6.09% 15.73% 8.05% 12.34% 10/31/05 Institutional Class -2.58% -2.58% 12.83% 6.31% 15.95% n.a. 7.28% 10/29/10 S&P Bombay Stock Exchange 100 Index -6.33% -6.33% 11.64% 6.77% 10.73% 4.55% 10.79% 4 n.a. GROWTH OF A $10,000 INVESTMENT SINCE INCEPTION INVESTOR $50,000 $40,000 $30,000 $20,000 $10,000 $0 10/05 03/08 08/10 01/13 06/15 03/18 $42,374 $35,674 $31,095 Matthews India Fund S&P Bombay Stock Exchange 100 Index 3,4 Lipper India Region Funds Category Average 4,5 The performance data and graph do not reflect the deduction of taxes that a shareholder would pay on dividends, capital gain distributions or redemption of fund shares. Values are in US$. Source: BNY Mellon Investment Servicing (US) Inc. 1 Matthews Asia Funds does not currently charge 12b-1 fees. 2 The lesser of fiscal year 2017 long-term purchase costs or sales proceeds divided by the average monthly market value of longterm securities. 3 The S&P Bombay Stock Exchange 100 ( S&P BSE 100 ) Index is a free float adjusted market capitalization-weighted index of 100 stocks listed on the Bombay Stock Exchange. Index is for comparative purposes only and it is not possible to invest directly in an index. 4 Calculated from 10/31/05. 5 The Lipper Category Average does not reflect sales charges and is based on total return, including reinvestment of dividends and capital gains for the stated period. Performance assumes reinvestment of all dividends and/or distributions before taxes. All performance quoted represents past performance and is no guarantee of future results. Investment return and principal value will fluctuate with market conditions so that when redeemed, shares may be worth more or less than their original cost. Current performance may be lower or higher than the return figures quoted. Returns would have been lower if certain of the Fund's fees and expenses had not been waived. For the Fund's most recent month-end performance visit matthewsasia.com. FS007_MINDX_1Q18 28

Matthews India Fund TOP TEN HOLDINGS 6 Sector % of Net Assets Suzuki Motor Corp. Consumer Discretionary 5.8% HDFC Bank, Ltd. Financials 5.6% IndusInd Bank, Ltd. Financials 5.4% Eicher Motors, Ltd. Industrials 5.1% ITC, Ltd. Consumer Staples 4.8% Kotak Mahindra Bank, Ltd. Financials 4.8% Bharat Financial Inclusion, Ltd. Financials 3.1% Housing Development Finance Corp., Ltd. Financials 3.0% Ajanta Pharma, Ltd. Health Care 2.8% Shriram City Union Finance, Ltd. Financials 2.7% % OF ASSETS IN TOP TEN 43.1% SECTOR ALLOCATION (%) 7 Financials 35.4 33.5 1.9 Consumer Staples 17.3 9.9 7.4 Industrials 11.9 6.9 5.0 Information Technology 10.6 10.7-0.1 Health Care 9.6 4.3 5.3 Consumer Discretionary 9.5 11.1-1.6 Materials 5.1 8.5-3.4 Energy 0.0 10.4-10.4 Utilities 0.0 2.9-2.9 Telecom Services 0.0 1.8-1.8 Real Estate 0.0 0.2-0.2 Less Liabilities 0.6 0.0 0.6 MARKET CAP EXPOSURE (%) 7,8 Mega Cap (over $25B) 27.8 52.3-24.5 Large Cap ($10B-$25B) 16.9 27.3-10.4 Mid Cap ($3B-$10B) 18.1 18.4-0.3 Small Cap (under $3B) 36.6 2.0 34.6 Less Liabilities 0.6 0.0 0.6 P/E RATIOS 9 P/E Using FY1 Estimates 26.6x P/E Using FY2 Estimates 22.2x PORTFOLIO MANAGEMENT Sunil Asnani Sharat Shroff, CFA Co-Manager Portfolio characteristics for the Fund may vary from time to time from what is shown. It should not be assumed that any investment in the securities listed was or will be profitable. You should carefully consider the investment objectives, risks, charges and expenses of the Matthews Asia Funds before making an investment decision. A prospectus or summary prospectus with this and other information about the Funds may be obtained by visiting matthewsasia.com. Please read the prospectus carefully before investing as it explains the risks associated with investing in international and emerging markets. 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, but no representation or warranty (express or implied) is made as to the accuracy or completeness of any of this information. Matthews Asia and its affiliates do not accept any liability for losses either direct or consequential caused by the use of this information. Matthews International Capital Management, LLC is the advisor to the Matthews Asia Funds. Sector data based on MSCI's revised Global Industry Classification Standards. For more details, visit www.msci.com. (P/E est. as of 03/31/18) Matthews Asia Funds are distributed in the United States by Foreside Funds Distributors LLC, Berwyn, PA Matthews Asia Funds are distributed in Latin America by HMC Partners 6 Holdings may combine more than one security from the same issuer and related depositary receipts. 7 Percentage values in data are rounded to the nearest tenth of one percent; the values may not sum to 100% due to rounding. Percentage values may be derived from different data sources and may not be consistent with other Fund literature. 8 Equity market cap of issuer. 9 The P/E figures represent the Weighted Harmonic Average P/E which measures the price/earnings ratio of the Fund's entire portfolio, excluding negative earners weighted by the size of the company's position within the portfolio. P/E estimates are forward looking. There is no guarantee that portfolio composition will remain unchanged or P/E estimates will be realized. 2018 Matthews International Capital Management, LLC 800.789.ASIA matthewsasia.com 29

ASIA GROWTH STRATEGIES FUND FACTS Investor Class Institutional Class Ticker MJFOX MIJFX CUSIP 577130800 577130792 Inception 12/31/98 10/29/10 NAV $25.38 $25.44 Initial Investment $2,500 $100,000 Gross Expense Ratio 1 0.98% 0.88% Portfolio Statistics Total # of Positions 64 Net Assets $4.9 billion Weighted Average Market Cap $22.0 billion Portfolio Turnover 44.34% 2 Benchmark MSCI Japan Index 3 INVESTMENT APPROACH Matthews Asia believes in the long-term growth of Asia, one of the world's fastest-growing regions. Since 1991, we have focused our efforts and expertise in these countries, investing through a variety of market environments. Matthews Asia is the largest dedicated Asia-only investment specialist in the United States. With $35.1 billion in assets under management as of Matthews Asia employs a bottom-up, fundamental investment philosophy with a focus on long-term investment performance. Matthews Japan Fund Effective immediately after market closing on July 29, 2016, the Matthews Japan Fund closed to most new investors. Investment Objective Long-term capital appreciation. Strategy Under normal market conditions, the Matthews Japan Fund seeks to achieve its investment objective by investing at least 80% of its total assets, which include borrowings for investment purposes, in the common and preferred stocks of companies located in Japan. The Fund seeks to invest in companies capable of sustainable growth based on the fundamental characteristics of those companies, including balance sheet information; number of employees; size and stability of cash flow; management s depth, adaptability and integrity; product lines; marketing strategies; corporate governance; and financial health. Risks All investments involve risks, including possible loss of principal. 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 and sector funds may be subject to a higher degree of market risk than diversified funds because of concentration in a specific industry, sector or geographic region. PERFORMANCE AS OF MARCH 31, 2018 Average Annual Total Returns 3 Months YTD 1 Year 3 Years 5 Years 10 Years Since Inception Since Inception Investor Class 5.22% 5.22% 30.46% 13.12% 14.18% 8.11% 7.05% 12/31/98 Institutional Class 5.30% 5.30% 30.59% 13.26% 14.32% n.a. 13.06% 10/29/10 MSCI Japan Index 0.98% 0.98% 20.04% 8.72% 9.25% 4.33% 3.95% 4 n.a. GROWTH OF A $10,000 INVESTMENT SINCE INCEPTION INVESTOR $40,000 $30,000 $20,000 $10,000 $0 12/98 10/02 08/06 06/10 04/14 03/18 $37,129 $30,994 $21,076 Matthews Japan Fund MSCI Japan Index 3,4 Lipper Japanese Funds Category Average 4,5 The performance data and graph do not reflect the deduction of taxes that a shareholder would pay on dividends, capital gain distributions or redemption of fund shares. Values are in US$. Source: BNY Mellon Investment Servicing (US) Inc. 1 Matthews Asia Funds does not currently charge 12b-1 fees. 2 The lesser of fiscal year 2017 long-term purchase costs or sales proceeds divided by the average monthly market value of longterm securities. 3 The MSCI Japan Index is a free float-adjusted market capitalization weighted index of Japanese equities listed in Japan. Index is for comparative purposes only and it is not possible to invest directly in an index. 4 Calculated from 12/31/98. 5 The Lipper Category Average does not reflect sales charges and is based on total return, including reinvestment of dividends and capital gains for the stated period. Performance assumes reinvestment of all dividends and/or distributions before taxes. All performance quoted represents past performance and is no guarantee of future results. Investment return and principal value will fluctuate with market conditions so that when redeemed, shares may be worth more or less than their original cost. Current performance may be lower or higher than the return figures quoted. Returns would have been lower if certain of the Fund's fees and expenses had not been waived. For the Fund's most recent month-end performance visit matthewsasia.com. FS008_MJFOX_1Q18 30

Matthews Japan Fund TOP TEN HOLDINGS 6 Sector % of Net Assets Keyence Corp. Information Technology 3.0% Nitori Holdings Co., Ltd. Consumer Discretionary 2.7% Mitsubishi UFJ Financial Group, Inc. Financials 2.7% Asahi Intecc Co., Ltd. Health Care 2.5% Suzuki Motor Corp. Consumer Discretionary 2.5% Nidec Corp. Industrials 2.4% M3, Inc. Health Care 2.2% Sysmex Corp. Health Care 2.2% Kao Corp. Consumer Staples 2.2% Kose Corp. Consumer Staples 2.2% % OF ASSETS IN TOP TEN 24.6% SECTOR ALLOCATION (%) 7 Industrials 26.1 21.3 4.8 Information Technology 17.2 13.0 4.2 Consumer Discretionary 13.4 20.2-6.8 Consumer Staples 11.5 8.0 3.5 Health Care 9.6 7.5 2.1 Financials 9.5 12.2-2.7 Materials 4.2 6.2-2.0 Real Estate 2.1 4.0-1.9 Telecom Services 2.0 4.8-2.8 Utilities 0.0 1.7-1.7 Energy 0.0 1.1-1.1 Less Liabilities 4.6 0.0 4.6 MARKET CAP EXPOSURE (%) 7,8 Mega Cap (over $25B) 33.2 50.3-17.1 Large Cap ($10B-$25B) 15.5 27.5-12.0 Mid Cap ($3B-$10B) 31.9 21.9 10.0 Small Cap (under $3B) 14.8 0.3 14.5 Less Liabilities 4.6 0.0 4.6 P/E RATIOS 9 P/E Using FY1 Estimates 19.5x P/E Using FY2 Estimates 18.8x PORTFOLIO MANAGEMENT Kenichi Amaki Taizo Ishida Co-Manager Portfolio characteristics for the Fund may vary from time to time from what is shown. It should not be assumed that any investment in the securities listed was or will be profitable. You should carefully consider the investment objectives, risks, charges and expenses of the Matthews Asia Funds before making an investment decision. A prospectus or summary prospectus with this and other information about the Funds may be obtained by visiting matthewsasia.com. Please read the prospectus carefully before investing as it explains the risks associated with investing in international and emerging markets. 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, but no representation or warranty (express or implied) is made as to the accuracy or completeness of any of this information. Matthews Asia and its affiliates do not accept any liability for losses either direct or consequential caused by the use of this information. Matthews International Capital Management, LLC is the advisor to the Matthews Asia Funds. Sector data based on MSCI's revised Global Industry Classification Standards. For more details, visit www.msci.com. (P/E est. as of 03/31/18) Matthews Asia Funds are distributed in the United States by Foreside Funds Distributors LLC, Berwyn, PA Matthews Asia Funds are distributed in Latin America by HMC Partners 6 Holdings may combine more than one security from the same issuer and related depositary receipts. 7 Percentage values in data are rounded to the nearest tenth of one percent; the values may not sum to 100% due to rounding. Percentage values may be derived from different data sources and may not be consistent with other Fund literature. 8 Equity market cap of issuer. 9 The P/E figures represent the Weighted Harmonic Average P/E which measures the price/earnings ratio of the Fund's entire portfolio, excluding negative earners weighted by the size of the company's position within the portfolio. P/E estimates are forward looking. There is no guarantee that portfolio composition will remain unchanged or P/E estimates will be realized. 2018 Matthews International Capital Management, LLC 800.789.ASIA matthewsasia.com 31

ASIA GROWTH STRATEGIES FUND FACTS Investor Class Institutional Class Ticker MAKOX MIKOX CUSIP 577130305 577130826 Inception 01/03/95 10/29/10 NAV $6.77 $6.81 Initial Investment $2,500 $100,000 Gross Expense Ratio 1 1.15% 0.97% Portfolio Statistics Total # of Positions 39 Net Assets $225.0 million Weighted Average Market Cap $61.7 billion Portfolio Turnover 25.37% 2 Benchmark Korea Composite Stock Price Index (KOSPI) 3 INVESTMENT APPROACH Matthews Asia believes in the long-term growth of Asia, one of the world's fastest-growing regions. Since 1991, we have focused our efforts and expertise in these countries, investing through a variety of market environments. Matthews Asia is the largest dedicated Asia-only investment specialist in the United States. With $35.1 billion in assets under management as of Matthews Asia employs a bottom-up, fundamental investment philosophy with a focus on long-term investment performance. Matthews Korea Fund Investment Objective Long-term capital appreciation. Strategy Under normal market conditions, the Matthews Korea Fund seeks to achieve its investment objective by investing at least 80% of its total assets, which include borrowings for investment purposes, in the common and preferred stocks of companies located in South Korea. The Fund seeks to invest in companies capable of sustainable growth based on the fundamental characteristics of those companies, including balance sheet information; number of employees; size and stability of cash flow; management s depth, adaptability and integrity; product lines; marketing strategies; corporate governance; and financial health. Risks All investments involve risks, including possible loss of principal. 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 and sector funds may be subject to a higher degree of market risk than diversified funds because of concentration in a specific industry, sector or geographic region. PERFORMANCE AS OF MARCH 31, 2018 Average Annual Total Returns 3 Months YTD 1 Year 3 Years 5 Years 10 Years Since Inception Since Inception Investor Class -2.03% -2.03% 20.97% 11.81% 11.64% 8.04% 6.94% 01/03/95 Institutional Class -2.01% -2.01% 21.20% 11.97% 11.79% n.a. 10.61% 10/29/10 Korea Composite Stock Price Index (KOSPI) 4 0.10% 0.10% 21.29% 9.67% 6.69% 4.52% 4.06% 5 n.a. GROWTH OF A $10,000 INVESTMENT SINCE INCEPTION INVESTOR $60,000 $50,000 $40,000 $30,000 $20,000 $10,000 $0 01/95 08/99 03/04 10/08 05/13 03/18 $47,501 $47,463 $25,205 Matthews Korea Fund Korea Composite Stock Price Index (KOSPI) 3,5 Lipper Pacific ex Japan Funds Category Average 5,6 The performance data and graph do not reflect the deduction of taxes that a shareholder would pay on dividends, capital gain distributions or redemption of fund shares. Values are in US$. Source: BNY Mellon Investment Servicing (US) Inc. 1 Matthews Asia Funds does not currently charge 12b-1 fees. 2 The lesser of fiscal year 2017 long-term purchase costs or sales proceeds divided by the average monthly market value of longterm securities. 3 The Korea Composite Stock Price Index is a market capitalization- weighted index of all common stocks listed on the Korea Stock Exchange. Index is for comparative purposes only and it is not possible to invest directly in an index. 4 KOSPI performance data may be readjusted periodically by the Korea Exchange due to certain factors, including the declaration of dividends. 5 Calculated from 1/3/95. 6 The Lipper Category Average does not reflect sales charges and is based on total return, including reinvestment of dividends and capital gains for the stated period. Performance assumes reinvestment of all dividends and/or distributions before taxes. All performance quoted represents past performance and is no guarantee of future results. Investment return and principal value will fluctuate with market conditions so that when redeemed, shares may be worth more or less than their original cost. Current performance may be lower or higher than the return figures quoted. Returns would have been lower if certain of the Fund's fees and expenses had not been waived. For the Fund's most recent month-end performance visit matthewsasia.com. FS009_MAKOX_1Q18 32

Matthews Korea Fund TOP TEN HOLDINGS 7 Sector % of Net Assets Samsung Electronics Co., Ltd., Pfd. Information Technology 9.3% Samsung Electronics Co., Ltd. Information Technology 5.4% Modetour Network, Inc. Consumer Discretionary 4.1% Hyundai Motor Co., Ltd., 2nd Pfd. Consumer Discretionary 3.8% NAVER Corp. Information Technology 3.6% POSCO Materials 3.6% Samsung Fire & Marine Insurance Co., Ltd., Pfd. Financials 3.5% Hyundai Mobis Co., Ltd. Consumer Discretionary 3.4% KB Financial Group, Inc. Financials 3.2% LG Household & Health Care, Ltd., Pfd. Consumer Staples 3.2% % OF ASSETS IN TOP TEN 43.1% SECTOR ALLOCATION (%) 8 Information Technology 22.9 32.0-9.1 Consumer Discretionary 17.8 11.5 6.3 Financials 17.5 11.9 5.6 Consumer Staples 11.1 7.9 3.2 Materials 9.9 9.4 0.5 Health Care 7.0 7.4-0.4 Energy 4.5 2.6 1.9 Industrials 3.1 13.4-10.3 Telecom Services 1.5 2.0-0.5 Utilities 0.0 1.9-1.9 Real Estate 0.0 0.1-0.1 Less Liabilities 4.7 0.0 4.7 MARKET CAP EXPOSURE (%) 8,9 Mega Cap (over $25B) 24.0 35.6-11.6 Large Cap ($10B-$25B) 33.2 26.0 7.2 Mid Cap ($3B-$10B) 8.3 17.8-9.5 Small Cap (under $3B) 29.8 20.6 9.2 Less Liabilities 4.7 0.0 4.7 P/E RATIOS 10 P/E Using FY1 Estimates 8.9x P/E Using FY2 Estimates 8.3x PORTFOLIO MANAGEMENT Michael J. Oh, CFA Michael B. Han, CFA Co-Manager Portfolio characteristics for the Fund may vary from time to time from what is shown. It should not be assumed that any investment in the securities listed was or will be profitable. You should carefully consider the investment objectives, risks, charges and expenses of the Matthews Asia Funds before making an investment decision. A prospectus or summary prospectus with this and other information about the Funds may be obtained by visiting matthewsasia.com. Please read the prospectus carefully before investing as it explains the risks associated with investing in international and emerging markets. 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, but no representation or warranty (express or implied) is made as to the accuracy or completeness of any of this information. Matthews Asia and its affiliates do not accept any liability for losses either direct or consequential caused by the use of this information. Matthews International Capital Management, LLC is the advisor to the Matthews Asia Funds. Sector data based on MSCI's revised Global Industry Classification Standards. For more details, visit www.msci.com. (P/E est. as of 03/31/18) Matthews Asia Funds are distributed in the United States by Foreside Funds Distributors LLC, Berwyn, PA Matthews Asia Funds are distributed in Latin America by HMC Partners 7 Holdings may combine more than one security from the same issuer and related depositary receipts. 8 Percentage values in data are rounded to the nearest tenth of one percent; the values may not sum to 100% due to rounding. Percentage values may be derived from different data sources and may not be consistent with other Fund literature. 9 Equity market cap of issuer. 10 The P/E figures represent the Weighted Harmonic Average P/E which measures the price/earnings ratio of the Fund's entire portfolio, excluding negative earners weighted by the size of the company's position within the portfolio. P/E estimates are forward looking. There is no guarantee that portfolio composition will remain unchanged or P/E estimates will be realized. 2018 Matthews International Capital Management, LLC 800.789.ASIA matthewsasia.com 33

ASIA SMALL COMPANY STRATEGIES FUND FACTS Investor Class Institutional Class Ticker MSMLX MISMX CUSIP 577125206 577125867 Inception 09/15/08 04/30/13 NAV $23.33 $23.32 Initial Investment $2,500 $100,000 Gross Expense Ratio 1 1.49% 1.34% Net Expense Ratio 2 1.47% 1.25% Portfolio Statistics Total # of Positions 79 Net Assets $433.0 million Weighted Average Market Cap $1.2 billion Portfolio Turnover 67.13% 3 Benchmark MSCI All Country Asia ex Japan Small Cap Index 4 Redemption Fee 2% within first 90 calendar days of purchase INVESTMENT APPROACH Matthews Asia believes in the long-term growth of Asia, one of the world's fastest-growing regions. Since 1991, we have focused our efforts and expertise in these countries, investing through a variety of market environments. Matthews Asia is the largest dedicated Asia-only investment specialist in the United States. With $35.1 billion in assets under management as of Matthews Asia employs a bottom-up, fundamental investment philosophy with a focus on long-term investment performance. Matthews Asia Small Companies Fund Investment Objective Long-term capital appreciation. Strategy Under normal market conditions, the Matthews Asia Small Companies Fund seeks to achieve its investment objective by investing at least 80% of its total assets, which include borrowings for investment purposes, in the common and preferred stocks of Small Companies located in Asia Ex Japan, which consists of all countries and markets in Asia excluding Japan but including all other developed, emerging and frontier countries and markets in the Asian region. The Fund seeks to invest in smaller companies capable of sustainable growth based on the fundamental characteristics of those companies, including balance sheet information; number of employees; size and stability of cash flow; management s depth, adaptability and integrity; product lines; marketing strategies; corporate governance; and financial health. Risks All investments involve risks, including possible loss of principal. 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. PERFORMANCE AS OF MARCH 31, 2018 Average Annual Total Returns 3 Months YTD 1 Year 3 Years 5 Years 10 Years Since Inception Since Inception Investor Class 1.92% 1.92% 20.52% 5.10% 6.15% n.a. 12.42% 09/15/08 Institutional Class 2.01% 2.01% 20.73% 5.34% n.a. n.a. 6.10% 04/30/13 MSCI AC Asia ex Japan Small Cap Index -0.44% -0.44% 18.13% 6.14% 5.53% n.a. 9.02% 5 n.a. GROWTH OF A $10,000 INVESTMENT SINCE INCEPTION INVESTOR $40,000 $30,000 $20,000 $10,000 $0 09/08 07/10 05/12 03/14 01/16 03/18 $30,543 $23,718 $22,795 Matthews Asia Small Companies Fund MSCI AC Asia ex Japan Small Cap Index 4,5 Lipper Pacific ex Japan Funds Category Average 5,6 The performance data and graph do not reflect the deduction of taxes that a shareholder would pay on dividends, capital gain distributions or redemption of fund shares. Values are in US$. Source: BNY Mellon Investment Servicing (US) Inc. 1 Matthews Asia Funds does not currently charge 12b-1 fees. 2 After contractual fee waiver, expense reimbursement and/or recoupment effective through April 30, 2018. 3 The lesser of fiscal year 2017 long-term purchase costs or sales proceeds divided by the average monthly market value of longterm securities. 4 The MSCI All Country Asia ex Japan Small Cap Index is a free float adjusted market capitalization weighted small cap index of the stock markets of China, Hong Kong, India, Indonesia, Malaysia, Philippines, Singapore, South Korea, Taiwan and Thailand.Index is for comparative purposes only and it is not possible to invest directly in an index. 5 Calculated from 9/15/08. 6 The Lipper Category Average does not reflect sales charges and is based on total return, including reinvestment of dividends and capital gains for the stated period. Calculated from 9/30/08. Performance assumes reinvestment of all dividends and/or distributions before taxes. All performance quoted represents past performance and is no guarantee of future results. Investment return and principal value will fluctuate with market conditions so that when redeemed, shares may be worth more or less than their original cost. Current performance may be lower or higher than the return figures quoted. Returns would have been lower if certain of the Fund's fees and expenses had not been waived. For the Fund's most recent month-end performance visit matthewsasia.com. FS012_MSMLX_1Q18 34

Matthews Asia Small Companies Fund TOP TEN HOLDINGS 7 Country % of Net Assets Times Property Holdings, Ltd. China/Hong Kong 2.1% Incross Co., Ltd. South Korea 2.0% Silergy Corp. China/Hong Kong 1.9% Value Added Technology Co., Ltd. South Korea 1.9% Vitasoy International Holdings, Ltd. China/Hong Kong 1.9% Shanghai Haohai Biological Technology Co., Ltd. China/Hong Kong 1.8% Valuetronics Holdings, Ltd. China/Hong Kong 1.7% GRUH Finance, Ltd. India 1.7% DuzonBizon Co., Ltd. South Korea 1.6% China Aviation Oil Singapore Corp., Ltd. China/Hong Kong 1.6% % OF ASSETS IN TOP TEN 18.2% COUNTRY ALLOCATION (%) 8 China/Hong Kong 32.0 29.5 2.5 Taiwan 14.7 19.1-4.4 South Korea 13.9 18.7-4.8 India 10.5 14.6-4.1 Indonesia 6.2 2.6 3.6 Thailand 5.4 4.0 1.4 Japan 3.7 0.0 3.7 Malaysia 3.1 3.6-0.5 Singapore 2.0 6.0-4.0 United States 1.8 0.0 1.8 Philippines 1.1 0.9 0.2 Australia 1.0 0.0 1.0 Vietnam 0.9 0.0 0.9 Pakistan 0.0 0.9-0.9 Less Liabilities 3.5 0.0 3.5 SECTOR ALLOCATION (%) 8 Information Technology 21.0 19.2 1.8 Health Care 14.2 10.2 4.0 Consumer Discretionary 13.4 16.5-3.1 Industrials 12.9 13.3-0.4 Financials 11.3 8.6 2.7 Consumer Staples 9.9 5.2 4.7 Materials 5.8 9.5-3.7 Real Estate 5.2 11.6-6.4 Energy 2.8 2.0 0.8 Utilities 0.0 2.8-2.8 Telecom Services 0.0 1.1-1.1 Less Liabilities 3.5 0.0 3.5 PORTFOLIO MANAGEMENT Lydia So, CFA Kenichi Amaki Co-Manager Beini Zhou, CFA Co-Manager Portfolio characteristics for the Fund may vary from time to time from what is shown. It should not be assumed that any investment in the securities listed was or will be profitable. You should carefully consider the investment objectives, risks, charges and expenses of the Matthews Asia Funds before making an investment decision. A prospectus or summary prospectus with this and other information about the Funds may be obtained by visiting matthewsasia.com. Please read the prospectus carefully before investing as it explains the risks associated with investing in international and emerging markets. 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, but no representation or warranty (express or implied) is made as to the accuracy or completeness of any of this information. Matthews Asia and its affiliates do not accept any liability for losses either direct or consequential caused by the use of this information. Matthews International Capital Management, LLC is the advisor to the Matthews Asia Funds. Matthews Asia Funds are distributed in the United States by Foreside Funds Distributors LLC, Berwyn, PA Not all countries are included in the benchmark index. Sector data based on MSCI's revised Global Industry Classification Standards. For more details, visit www.msci.com. Matthews Asia Funds are distributed in Latin America by HMC Partners MARKET CAP EXPOSURE (%) 8,9 P/E RATIOS 10 Mega Cap (over $25B) 0.0 0.0 0.0 Large Cap ($10B-$25B) 0.0 0.0 0.0 Mid Cap ($3B-$10B) 6.8 11.9-5.1 Small Cap (under $3B) 89.6 88.1 1.5 Less Liabilities 3.5 0.0 3.5 P/E Using FY1 Estimates 14.9x P/E Using FY2 Estimates 12.2x (P/E est. as of 03/31/18) 7 Holdings may combine more than one security from the same issuer and related depositary receipts. 8 Percentage values in data are rounded to the nearest tenth of one percent; the values may not sum to 100% due to rounding. Percentage values may be derived from different data sources and may not be consistent with other Fund literature. 9 Equity market cap of issuer. The Fund defines Small Companies as companies with market capitalization generally between $100 million and $3 billion or the largest company included in the Fund's primary benchmark, the MSCI AC Asia ex Japan Small Cap Index. The Portfolio's market cap exposure breakdown presented is used for comparison purposes and the definition of the capitalization breakdown is from MSCI. 10 The P/E figures represent the Weighted Harmonic Average P/E which measures the price/earnings ratio of the Fund's entire portfolio, excluding negative earners weighted by the size of the company's position within the portfolio. P/E estimates are forward looking. There is no guarantee that portfolio composition will remain unchanged or P/E estimates will be realized. 800.789.ASIA matthewsasia.com 2018 Matthews International Capital Management, LLC 35

ASIA SMALL COMPANY STRATEGIES FUND FACTS Investor Class Institutional Class Ticker MCSMX MICHX CUSIP 577125404 577125842 Inception 05/31/11 11/30/17 NAV $12.66 $12.65 Initial Investment $2,500 $100,000 Gross Expense Ratio 1 2.24% 2.19% Net Expense Ratio 2 1.50% 1.25% Portfolio Statistics Total # of Positions 63 Net Assets $46.9 million Weighted Average Market Cap $2.0 billion Portfolio Turnover 67.22% 3 Benchmark MSCI China Small Cap Index 4 Redemption Fee 2% within first 90 calendar days of purchase INVESTMENT APPROACH Matthews Asia believes in the long-term growth of Asia, one of the world's fastest-growing regions. Since 1991, we have focused our efforts and expertise in these countries, investing through a variety of market environments. Matthews Asia is the largest dedicated Asia-only investment specialist in the United States. With $35.1 billion in assets under management as of Matthews Asia employs a bottom-up, fundamental investment philosophy with a focus on long-term investment performance. Matthews China Small Companies Fund Investment Objective Long-term capital appreciation. Strategy Under normal market conditions, the Fund seeks to achieve its investment objective by investing at least 80% of its total assets, which include borrowings for investment purposes, in the common and preferred stocks of Small Companies located in China. China includes its administrative and other districts, such as Hong Kong. The Fund seeks to invest in smaller companies capable of sustainable growth based on the fundamental characteristics of those companies, including balance sheet information; number of employees; size and stability of cash flow; management s depth, adaptability and integrity; product lines; marketing strategies; corporate governance; and financial health. Risks All investments involve risks, including possible loss of principal. 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 and sector funds may be subject to a higher degree of market risk than diversified funds because of concentration in a specific industry, sector or geographic region. PERFORMANCE AS OF MARCH 31, 2018 Average Annual Total Returns 3 Months YTD 1 Year 3 Years 5 Years 10 Years Since Inception Since Inception Investor Class 6.48% 6.48% 42.95% 17.76% 13.97% n.a. 7.27% 05/31/11 Institutional Class 6.57% 6.57% 43.11% 17.81% 14.00% n.a. 7.29% 11/30/17 MSCI China Small Cap Index 2.87% 2.87% 16.63% 5.38% 6.88% n.a. 2.45% 5 n.a. Institutional Class Shares were first offered on November 30, 2017. Performance since that date was 13.17%. Performance for the Institutional Class shares prior to its inception is based on the performance of the Investor Class. Performance differences between the Institutional Class and Investor Class may arise due to differences in fees charged to each class. GROWTH OF A $10,000 INVESTMENT SINCE INCEPTION INVESTOR $18,000 $16,000 $14,000 $12,000 $10,000 $8,000 $6,000 05/11 09/12 01/14 05/15 09/16 03/18 $16,158 $14,810 $11,796 Matthews China Small Companies Fund MSCI China Small Cap Index 4,5 Lipper China Region Funds Category Average 5,6 The performance data and graph do not reflect the deduction of taxes that a shareholder would pay on dividends, capital gain distributions or redemption of fund shares. Values are in US$. Source: BNY Mellon Investment Servicing (US) Inc. 1 Matthews Asia Funds does not currently charge 12b-1 fees. 2 After contractual fee waiver, expense reimbursement and/or recoupment effective through April 30, 2018. 3 The lesser of fiscal year 2017 long-term purchase costs or sales proceeds divided by the average monthly market value of longterm securities. 4 The MSCI China Small Cap Index is a free float adjusted market capitalization-weighted small cap index of the Chinese equity securities markets, including H shares listed on the Hong Kong Exchange, B shares listed on the Shanghai and Shenzhen exchanges, and Hong Kong-listed securities known as Red Chips (issued by entities owned by national or local governments in China) and P Chips (issued by companies controlled by individuals in China and deriving substantial revenues in China). Index is for comparative purposes only and it is not possible to invest directly in an index. 5 Calculated from 5/31/11. 6 The Lipper Category Average does not reflect sales charges and is based on total return, including reinvestment of dividends and capital gains for the stated period. Performance assumes reinvestment of all dividends and/or distributions before taxes. All performance quoted represents past performance and is no guarantee of future results. Investment return and principal value will fluctuate with market conditions so that when redeemed, shares may be worth more or less than their original cost. Current performance may be lower or higher than the return figures quoted. Returns would have been lower if certain of the Fund's fees and expenses had not been waived. For the Fund's most recent month-end performance visit matthewsasia.com. FS015_MCSMX_1Q18 36

Matthews China Small Companies Fund TOP TEN HOLDINGS 7 Sector % of Net Assets Silergy Corp. Information Technology 6.0% TK Group Holdings, Ltd. Industrials 4.5% Sunny Friend Environmental Technology Co., Ltd. Industrials 4.1% SITC International Holdings Co., Ltd. Industrials 3.8% China Aviation Oil Singapore Corp., Ltd. Energy 3.2% Shanghai Haohai Biological Technology Co., Ltd. Health Care 2.9% Times Property Holdings, Ltd. Real Estate 2.5% Kingdee International Software Group Co., Ltd. Information Technology 2.3% China Resources Cement Holdings, Ltd. Materials 2.1% Dah Sing Banking Group, Ltd. Financials 2.0% % OF ASSETS IN TOP TEN 33.4% SECTOR ALLOCATION (%) 8 Information Technology 24.0 16.2 7.8 Industrials 20.2 14.7 5.5 Health Care 15.1 10.3 4.8 Consumer Discretionary 12.1 17.7-5.6 Materials 8.6 7.6 1.0 Real Estate 6.9 18.2-11.3 Energy 4.8 2.3 2.5 Consumer Staples 2.5 3.9-1.4 Financials 2.0 3.7-1.7 Utilities 0.0 5.3-5.3 Telecom Services 0.0 0.1-0.1 Less Liabilities 3.8 0.0 3.8 MARKET CAP EXPOSURE (%) 8,9 Mega Cap (over $25B) 0.0 0.0 0.0 Large Cap ($10B-$25B) 0.0 0.0 0.0 Mid Cap ($3B-$10B) 17.8 20.1-2.3 Small Cap (under $3B) 78.4 79.9-1.5 Less Liabilities 3.8 0.0 3.8 P/E RATIOS 10 P/E Using FY1 Estimates 13.1x P/E Using FY2 Estimates 10.7x PORTFOLIO MANAGEMENT Tiffany Hsiao, CFA Kenichi Amaki Co-Manager Portfolio characteristics for the Fund may vary from time to time from what is shown. It should not be assumed that any investment in the securities listed was or will be profitable. You should carefully consider the investment objectives, risks, charges and expenses of the Matthews Asia Funds before making an investment decision. A prospectus or summary prospectus with this and other information about the Funds may be obtained by visiting matthewsasia.com. Please read the prospectus carefully before investing as it explains the risks associated with investing in international and emerging markets. 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, but no representation or warranty (express or implied) is made as to the accuracy or completeness of any of this information. Matthews Asia and its affiliates do not accept any liability for losses either direct or consequential caused by the use of this information. Matthews International Capital Management, LLC is the advisor to the Matthews Asia Funds. Sector data based on MSCI's revised Global Industry Classification Standards. For more details, visit www.msci.com. CHINA EXPOSURE (%) 8,11 SAR (Hong Kong) 37.5 Overseas Limited Companies (OL) 35.1 China-affiliated corporations (CAC) 9.1 H Shares 7.0 A Shares 6.5 B Shares 1.0 Less Liabilities 3.8 (P/E est. as of 03/31/18) Matthews Asia Funds are distributed in the United States by Foreside Funds Distributors LLC, Berwyn, PA Matthews Asia Funds are distributed in Latin America by HMC Partners 7 Holdings may combine more than one security from the same issuer and related depositary receipts. 8 Percentage values in data are rounded to the nearest tenth of one percent; the values may not sum to 100% due to rounding. Percentage values may be derived from different data sources and may not be consistent with other Fund literature. 9 Equity market cap of issuer. The Fund defines Small Companies as companies with market capitalization generally between $100 million and $3 billion or the largest company included in the Fund's primary benchmark, the MSCI China Small Cap Index. The Portfolio's market cap exposure breakdown presented is used for comparison purposes and the definition of the capitalization breakdown is from MSCI. 10 The P/E figures represent the Weighted Harmonic Average P/E which measures the price/earnings ratio of the Fund's entire portfolio, excluding negative earners weighted by the size of the company's position within the portfolio. P/E estimates are forward looking. There is no guarantee that portfolio composition will remain unchanged or P/E estimates will be realized. 11 SAR (Hong Kong) companies are companies that conduct business in Hong Kong and/or mainland China. China affiliated Corporations [CAC], also known as "Red Chips," are mainland China companies with partial state ownership listed in Hong Kong, and incorporated in Hong Kong. China A Shares are Mainland Chinese companies incorporated in China and listed on the Shanghai or Shenzhen exchanges, available mostly to local Chinese investors and qualified institutional investors H Shares are mainland Chinese companies listed on the Hong Kong exchange but incorporated in mainland China. B Shares are mainland Chinese companies listed on the Shanghai and Shenzhen stock exchanges, available to both Chinese and non-chinese investors. Overseas Listed [OL] companies are companies that conduct business in mainland China but listed in overseas markets such as Japan, Singapore, Taiwan and the United States. 2018 Matthews International Capital Management, LLC 800.789.ASIA matthewsasia.com 37

Contact Matthews Asia To learn more about Matthews Asia or the Matthews Asia Funds, contact us at: Phone: 800.789.ASIA Web: matthewsasia.com ABOUT MATTHEWS ASIA Matthews Asia believes in the long-term growth of Asia, concentrating our efforts and expertise exclusively within the region. Matthews Asia employs a bottom-up, fundamental investment philosophy with a focus on long-term investment performance. Largest dedicated Asia investment specialist in the United States Investing in Asia since 1991 through a variety ofmarket environments An independent, privately owned firm with significant employee ownership Range of Asia investment strategies across the risk-reward spectrum Offering a unique investment perspective from a strategic location in San Francisco You should carefully consider the investment objectives, risks, charges and expenses of the Matthews Asia Funds before making an investment decision. A prospectus or summary prospectus with this and other information about the Funds may be obtained by visiting matthewsasia.com. Please read the prospectus carefully before investing as it explains the risks associated with investing in international markets. 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. Fixed income investments are subject to additional risks, including, but not limited to, interest rate, credit and inflation risks. In addition, single-country and sector funds may be subject to a higher degree of market risk than diversified funds because of concentration in a specific industry, sector or geographic location. Investing in small companies is more risky and more volatile than investing in large companies. Matthews International Capital Management, LLC is the advisor to the Matthews Asia Funds. Matthews Asia is the brand for Matthews International Capital Management, LLC and its direct and indirect subsidiaries. Matthews Asia Funds are distributed in the United States by Foreside Funds Distributors LLC, Berwyn, PA Matthews Asia Funds are distributed in Latin America by HMC Partners matthewsasia.com FS013_1Q18 2018 Matthews International Capital Management, LLC