Investment Disclaimer

1. General Investment Risks

Investment risks include, but are not limited to:

• Market Risk: Securities prices fluctuate based on market conditions
• Credit Risk: Issuers may default on their obligations
• Liquidity Risk: Investments may be difficult to sell at fair value
• Currency Risk: Foreign currency fluctuations affect international investments
• Interest Rate Risk: Changes in interest rates affect bond and stock values
• Political Risk: Government actions may negatively impact investments

2. Past Performance Disclaimer

Performance presentations may:

• Not reflect the deduction of all fees and expenses
• Be based on limited time periods that may not be representative
• Include both favorable and unfavorable market conditions
• Not account for taxes, which may significantly affect returns
• Be subject to revision based on ongoing audits

3. Accredited Investor Limitations

Our investment advisory services are available only to investors who qualify as "accredited investors" under federal securities laws. This means you must meet specific income or net worth thresholds and have sufficient investment experience to evaluate the risks of our strategies.

Minimum Requirements

• $200,000 minimum investment amount
• Accredited investor status verification required
• Suitable investment experience and knowledge
• Ability to bear economic loss of entire investment

4. Investment Strategy Risks

Our contrarian deep value strategy involves specific risks:

Concentration Risk

Our focused approach may result in concentrated positions that increase volatility and risk compared to more diversified portfolios.

Value Investment Risk

Value investing involves buying securities that appear underpriced by some measures. There is no guarantee that these securities will appreciate or that the market will recognize their value.

International Investment Risk

Our global mandate exposes portfolios to additional risks including:

• Currency exchange rate fluctuations
• Political and economic instability
• Different regulatory and tax environments
• Limited liquidity in foreign markets
• Information availability and reliability differences

5. Fees and Expenses

Investment advisory fees and other expenses will reduce returns. Our fee structure includes:

• Management fees as disclosed in our Form ADV
• Potential performance-based fees
• Trading costs and brokerage commissions
• Custodial fees and administrative expenses

The cumulative effect of fees and expenses can significantly reduce investment returns over time.

6. Regulatory Disclosures

SEC Registration

Glenorchy Capital is registered with the Securities and Exchange Commission (SEC) as an investment adviser. Registration does not imply a certain level of skill or training or endorsement by the SEC.

Form ADV

Our Form ADV Part 2A brochure contains important information about our advisory business, including our services, fees, investment strategies, and potential conflicts of interest. You will receive this document before entering into an advisory agreement.

7. Forward-Looking Statements

This website may contain forward-looking statements about our investment outlook, strategy expectations, and market projections. These statements:

• Represent opinions as of the date made
• Are subject to significant uncertainty and change
• May not materialize as expected
• Should not be relied upon as predictions of future events

8. No Investment Advice

Information provided on this website is for informational purposes only and should not be construed as:

• Investment advice or recommendations
• An offer to sell securities
• A solicitation to purchase investments
• Tax, legal, or accounting advice

Any investment decision should be made only after consultation with qualified professional advisors and thorough review of applicable offering documents.

9. Tax Considerations

Tax considerations include:

• Capital gains and losses treatment
• Income tax on distributions
• Alternative Minimum Tax implications
• State and local tax considerations

10. Due Diligence Requirements

Before making any investment decision, you are responsible for:

• Conducting thorough due diligence
• Reading all offering and disclosure documents
• Understanding your financial situation and goals
• Evaluating the suitability of our investment strategy
• Consulting with independent financial, tax, and legal advisors