Tantallon Asia Impact Fund Report, January 2025

The Tantallon Asia Impact Fund closed up +1.89% in January, even as a mercurial, transactional Trump ‘re-set’ on geo-politics, global trade, the US
yield curve, and the US$, battled for headlines and market impact with DeepSeek.

• Reflecting on the extreme volatility of the last few weeks, we would acknowledge that investor confidence is fragile, that continued US$
strength will likely weigh on risk allocations to non-US$ assets, and protracted, debilitating tariff conflicts will pose significant risk to global growth and inflationary expectations.

• Amidst ‘The Sound and the Fury,’ we have stayed focused on first principles, evaluating evolving technology, product, and service differentiation, and regulatory ‘shifts,’ and trying to value the long-term conversion of revenue growth and margin uplift into free cash flow.

• We remain in a target-rich environment and are looking to actively invest into the market dislocations and panic.