Glenorchy Capital Performance Disclosure

Representative Account Methodology

Performance results are based on representative client accounts selected for their comprehensive performance record since the inception of our managed account services:

• Asymmetric Capital Gains Portfolio: Anonymized Representative Actual Client Account (inception: September 18, 2019)
• Diversified Income Portfolio: Anonymized Representative Actual Client Account (inception: May 2021)

Both accounts belong to our first client and have been consistently used to track long-term performance data across strategies. These representative accounts may not reflect the performance of all client accounts due to differences in timing of investments, cash flows, and individual circumstances.

Performance Calculation and Data Source

All performance data is calculated using time-weighted returns (TWR) methodology and sourced directly from IBKR PortfolioAnalyst. Returns are presented net of all fees, including management fees and performance fees as applicable.

Performance assumes reinvestment of all dividends and distributions. Results do not reflect the impact of taxes, which will vary based on individual circumstances.

Fee Structure

Glenorchy Capital charges management fees and performance fees according to the following structure:

• Management Fee: Up to 2% annually
• Performance Fee: Up to 20% of net gains (subject to high watermark provisions), above hurdle rate (1-3 Month T-Bill ETF [BIL] Total Returns)

Management fees are calculated and deducted quarterly. Performance fees, when applicable, are calculated and deducted annually based on net performance above the high watermark.

Benchmark Disclosure

Benchmarks are provided for comparison purposes only:

• Asymmetric Capital Gains Portfolio: MSCI ACWI (All Country World Index)
• Diversified Income Portfolio: Appropriate global dividend yield index

Benchmark returns assume reinvestment of dividends and do not reflect management fees or other expenses. You cannot invest directly in an index.

Risk Disclosures

Past performance does not guarantee future results. Investment returns and principal value will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost.

Our investment strategies involve significant risk, including:

• Market volatility and potential for substantial losses
• Concentration in specific sectors or geographic regions
• Currency exchange rate fluctuations
• Liquidity risks in certain markets and securities

The Asymmetric Capital Gains strategy may exhibit higher volatility due to its concentration in undervalued sectors and emerging markets. The Diversified Income strategy focuses on dividend-paying securities but dividend payments are not guaranteed.

Data Limitations

Performance statistics are derived from IBKR PortfolioAnalyst and have not been independently audited or verified. Supporting documentation is maintained by Glenorchy Capital and is available upon request.

Results represent the performance of representative accounts and may not be indicative of results for all client accounts due to differences in account size, timing of investments, and other factors.

Regulatory Information

Glenorchy Capital Ltd. is registered as an investment advisor with the U.S. Securities and Exchange Commission (SEC #: 801-117456, CRD #: 305636). Registration does not imply any level of skill or training.

This information is provided for informational purposes only and does not constitute an offer to sell or a solicitation to buy any securities. Any such offer or solicitation will be made only through appropriate offering documents.