Transparency Index™

The Transparency Index (“the Index”) commenced on June 16th, 2021 following the market close. All information presented prior to this date is backtested. Back-tested performance is hypothetical performance, not actual performance. Back-tested performance is prepared by retrospectively applying the Index methodology to historical information with the benefit of hindsight. Back-tested performance, therefore, does not reflect the results of actual trading. Back-tested, as well as actual performance, are not indicative of future results. The back-tested performance uses the same methodology that was in effect when the Index officially launched on June 16th, 2021. The back-tested performance shown in this presentation is unaudited and does not reflect the investment of dividends or other earnings. The Index does not reflect the reinvestment of dividends.

Using an archive back test, the number of transparent companies varied each year beginning in 2016. As such, the monthly returns were calculated for the number of transparent companies available in each year until June 30, 2021. Beginning on July 1, 2021, the monthly returns from the live index were included as part of annual return calculation. As a result of the archive backtest, the number of companies available at the beginning of each year was: 43 companies – 2016, 46 companies –2017, 51 companies – 2018, 64 companies – 2019 , 83 companies – 2020, 100 companies – 2021, 100 companies – 2022.

The index methodology does not overweight or underweight any particular industry, sector or geography. All KPIs are equally weighted. Company selection into the index is based on the level of organizational transparency as quantified by the 6 KPIs. Examples of reasons why companies did not make the index include: 1. KPI score less than 60% 2. Market cap less than $3 billion on a 30-day moving average basis 3. No company website 4. In an excluded industry 4. Not listed on a U.S stock exchange and 5. Not yet IPOed or IPOed less than 1 calendar year.