Unaudited Disclosures

Key Notice

Disclosures and materials presented on this site relate to Meridian Moon Holdings ("MMH", or the "Company"), a privately held holding company, whose core operations consist of investment activities driven primarily by the allocation and reallocation of capital within marketable securities and productive assets.

All disclosures provided – including the consolidated statements of changes in equity, notes and memos – are based on internal assessments and have not been audited, reviewed, or examined by an independent auditor, and are intended solely for general informational purposes.

Data and disclosures presented are calculated based on the consolidated economic interest of the structure. The reported figures aggregate diversified asset classes legally held by the entity alongside separate assets beneficially owned by the Partners.

These interests are included only where fundamentally aligned with the holding’s investment framework, focusing on positions that contribute to the overall economic substance of operations and excluding non-operating assets.

This consolidation is provided solely for analytical purposes, to reflect the overall result of the investment activities and operations. Materials are presented as a historical record and archival resource. No assurance is provided as to their accuracy or completeness. Figures and content may be revised or updated without prior notice as additional information becomes available.

Why these figures are Unaudited

• Privately held entity: As a privately held entity, there is no obligation to publish audited financial statements for public distribution.
• Internal valuation basis: Certain measurements – including fair-value estimates – are based on internal methodologies.
• Interim reporting: Information is provided periodically and is prepared outside of any external assurance engagement.

Purpose of Publications

• Historical record: These publications create a consistent record of changes about holding company’s operations and structure development over time.
• Archival resource: These materials provide a structured and accessible archive, preserving information to ensure continuity and long-term development.
• Privacy considerations: All data is shown in percentage allocations and relative terms only, ensuring that no sensitive information is disclosed.

Schedule of Publications

• Annual & Interim Notes: Interim notes are typically released within 30 to 45 days after the end of each calendar quarter, while the annual summary is usually issued the month following year-end.
• Consolidated Statements of Changes in Equity: Usually released alongside annual and interim notes, outlining movements in shareholders’ equity.
• Periodic Memos: A quarterly memo is generally released in the months following the end of each quarter; in certain quarters no memo may be issued, while on occasion brief “scribbles” may be published between quarters.

Methodology & Assumptions

• 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 fourth quarter of 2022.
• Consolidated Statements of Changes in Equity: Shows, on a weighted-average basis, the percentage contribution of each category to the quarterly change in per-share book value, making clear the portion of shareholders’ equity growth attributable to each component.
• Cash and Cash Equivalents: Represents the period-over-period difference in capital held in cash and short-term investments. This figure records the change in cash reserves, reflecting the accumulation or deployment of funds across the holding company’s various investment activities.
• 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 portfolio returns.

• Portfolio Metrics: This measure reflects solely the results of investment activities within the marketable securities portfolio – which functions as the principal engine through which capital is employed in pursuit of per-share value over time – and does not account for the results of core private assets, capital flows, or other consolidated equity adjustments.

• 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.
• 4. Price-to-Earnings (P/E) Ratio: The ratio is 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 portfolio rather than any individual holding.
• Performance is presented net of fees and expenses, and gross of taxes unless noted.
• Valuations rely on closing prices, third-party pricing sources, and estimates where applicable.
• Returns are calculated using time-weighted methodology (TWR) unless otherwise noted, to remove the effect of external cash flows.
• Market pricing and index data are sourced from reputable third-party providers deemed reliable, but accuracy is not guaranteed.
• Assets are valued at period-end (quarterly/annually) based on available market data or internal estimates for core private assets.
• Currency conversions use prevailing rates on the reporting date unless otherwise specified.
• Non-USD holdings are converted using end-of-period spot rates; no currency hedging is assumed unless specified.

Disclaimer

• No investment advice - solicitation: These materials do not constitute an offer to sell or a solicitation to buy any security or investment product.
• Forward-looking statements: Any forward-looking statements are based on current expectations and are subject to risks and uncertainties that may cause actual results to differ materially.
• Figures are subject to change and may be updated without notice.
• Information is provided for informational purposes only and should not be relied upon as final results.
• All materials are provided in English only. Any third-party translations may contain errors or inaccuracies; in the event of any discrepancy, the English version shall prevail.