Meridian Moon Holdings is a holding company engaged in diversified investment activities, whose core operations consist primarily of the allocation and reallocation of capital within marketable securities and core private assets. It operates as a privately held entity, does not seek outside capital, and is not listed on any stock exchange.

Investment portfolios of marketable securities include equity securities in publicly traded companies spread across sectors, geographies, and investment factors, as well as meaningful interests in a limited number of high-quality businesses selected on the basis of durable competitive advantages, consistent earning power, and long-term compounding capacity. Fixed income securities are held alongside.

Core private assets consist of non-marketable investments maintained for long-term appreciation and diversification outside public markets, designed to be held indefinitely with no defined exit horizon. Operating cash flows produced by these assets are available for redeployment into the marketable securities portfolio.

Cash and cash equivalents are held in highly rated, short-term debt securities, generating recurring interest income while preserving immediate access to capital and functioning as a stabilizer during periods of uncertainty and as dry powder when opportunities arise. Short-term investments consist of additional fixed-maturity debt securities with remaining maturities not exceeding twelve months.

Investment and all other capital allocation decisions are managed internally, with the sole objective of compounding per-share book value over time.

Basis of Presentation. Materials are presented as a historical and archival record of the holding's investment activities and operations. All disclosures are unaudited, have not been reviewed or examined by an independent auditor, and are intended solely for informational purposes.

Use of Non-GAAP Financial Measures. These disclosures include certain financial measures and performance metrics not defined under Generally Accepted Accounting Principles (GAAP). Such measures are presented to provide insight into underlying results when viewed together with GAAP-based information, and are supplemental in nature. They should not be considered substitutes for GAAP measures.

Measurement Principles. All figures are stated as of the close of the reporting period. Closing prices are sourced from primary exchanges and third-party providers deemed reliable, though accuracy is not guaranteed. Where no active market exists, fair value reflects internal assessments representing the best estimate at period-end. Cash and equivalents are carried at par, which approximates fair value.

Overall Gain in Per-Share Book Value. Calculated as the change in book value per common share from the beginning to the end of the reporting period. This measure reflects the aggregate results of all investment activities and operations, encompassing core operating assets, such as marketable securities portfolio returns (both realized and unrealized), alongside changes in valuations from core private assets, capital flows and capital allocation adjustments. It accounts for operating income, expenses, and the resulting change in shareholders' equity from all recognized balance-sheet items – calculated on a per-share basis to incorporate the effects of any change in the share count – while excluding non-operating assets. Percentage changes are measured relative to the beginning per-share book value of $8.80 at the start of investment activities in the 4th quarter of 2022.

1. Allocation Adjustments. Reflect changes in the marketable securities portfolio arising from capital reallocations rather than from market value movements. While such adjustments contribute to changes in the portfolio's size over time, they are reported separately from Unrealized and Realized Gains (Losses), to ensure that portfolio metrics accurately reflect true investment results rather than the impact of capital flows.

2. Other Equity Adjustments. Capture changes in shareholders' equity that do not stem from market movements or capital reallocations. These items affect book value directly but remain distinct from investment activities results.

3. Sharpe Ratio. Calculated assuming a constant 3% nominal risk-free rate, used as a long-term, conservative proxy for government risk-free returns. The figure is intended as a simple gauge of risk-adjusted performance and should not be interpreted as a precise estimate of risk-adjusted return under any given market regime.

4. Price-to-Earnings (P/E) Ratio. Calculated on a weighted-average basis, using the relative carrying values of the securities held. This provides a single measure that reflects the composition of the aggregate portfolio rather than any individual holding.

Performance. Results are presented net of fees and expenses, and gross of taxes unless otherwise noted. Returns are calculated using the time-weighted rate of return (TWR) methodology, so as to remove the effect of external cash flows and to isolate the results of investment decisions from the timing of capital movements.

Currency. Non-USD holdings are converted into U.S. dollars using end-of-period spot rates. No currency hedging is assumed unless specifically indicated.

Rounding. Figures are rounded to one decimal place. Totals may not equal the arithmetic sum of their components as a result.