Unaudited Financial Statements

Key Notice

All disclosures provided — including Equity Statement, Notes, Remarks, and Memos — are based on internal assessments and have not been audited, reviewed, or examined by an independent auditor. 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 holding company, 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: Typically released within 30 to 45 days following the end of each calendar quarter.
• Statement 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 interim memos may be published.

Methodology & Assumptions

• Statement 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.
• 1. Capital Allocation Adjustments on Securities: 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), as they do not represent changes in market value instead reflect the impact of capital movements. Positive figures indicate net outflows — reductions in deployed capital due to sales or withdrawals. Negative figures indicate net inflows — increases from purchases or capital deployments.
• 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.
• 3. Sharpe Ratio: The calculation assumes a risk-free rate of 2%, chosen as a long-term, conservative proxy for short-term government securities. The figure is intended as a simple gauge of risk-adjusted returns and should not be read as precise.
• 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/annualy) based on available market data or internal estimates for private positions.
• 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.