TYNDALL BUSINESS UPDATE

Following material change in its client base,

Tyndall’s large cap research team will be closed in January 2026

The decision reflects current dynamics in Australian large cap value equities and Tyndall’s market position.

Refer here for further information

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IMPORTANT

We have been made aware of scams involving fraudulent persons purporting to represent our firm / our products and contacting victims through fake websites or via various social media channels.

We strongly advise you to stay vigilant at all times, and to contact your Financial Adviser or get in touch with us directly (via IST@yarracm.com) if you are in any doubt. We never contact investors directly via social media, messaging apps, or through unsolicited direct messages.

Any messages claiming to be from us that are received through these channels should be treated as fraudulent.

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Performance data as at 30 November 2025 unless otherwise noted. * Previously the Tyndall Australian Share Wholesale Fund. Further information in relation to the change of investment management arrangements available here. ** Previously the Tyndall Australian Share Income Fund. Further information in relation to the change of investment management arrangements available here.

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TYNDALL BUSINESS UPDATE

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