Selected secondary prices according to “Valuation at Market©”

“Valuation at Market©” is based on the IPO CLUB LLC proprietary methodology: price inputs are derived from the ten most active secondary brokers during the quarter, as well as publicly available information, such as federal filings (e.g., Form D), state filings (e.g., amendments to Certificates of Incorporation, Limited Offering Exemption Notices, Employee Plan Exemption Notices) and company disclosures (e.g., press releases, other public statements). The calculation model is based on actual or derived preferred and common stock prices, which the fund manager validates. Corporate actions, such as bankruptcies, stock splits, reorganizations, mergers and acquisitions, and spinoffs are monitored daily. Index values are calculated for each calendar month but distributed every quarter before the last day of each January, April, July, and October. Not financial advice may be inaccurate.