Late-stage U.S. private companies. Before the IPO.

Past performance is not indicative of future results. All figures shown reflect IPO Club Fund I (2020 vintage, series LLC), unaudited, as of June 30, 2026. Fund I is a separate, prior vehicle; its performance is presented as manager track record and is not indicative of America 2030 results.

Fee structure. Fund I is structured as a series LLC. All placement, administrative and management fees are embedded in the per-share purchase price paid by limited partners; the funded amount recorded on each investment already reflects the deduction of these fees. Carried interest is crystallized at realization. As of June 30, 2026, carried interest of $47,450 has been crystallized on realized distributions to date, deducted at event dates (net DPI of 0.082x). No carry has yet crystallized on unrealized marks (RVPI of 3.17x); additional carry will crystallize at future exits.

Three performance bases. To provide a complete view of Fund I economics, performance is presented on three bases:

Gross actuals reflects performance before the application of any carried interest. Net actuals (SEC basis) reflects performance after all carried interest actually crystallized as of the report date ($47,450, deducted at event dates); this is the realized economic experience of limited partners to date. Illustrative net is hypothetical, assuming a full 20% carried interest applied to June 30, 2026 marks as if fully realized. This is an illustrative scenario based on current unrealized marks, not a projection; actual exit values, timing, and resulting net performance may differ materially.

SpaceX and xAI listing. SpaceX (including the merged xAI) listed in the June 2026 SpaceX IPO following their merger; the positions are valued at the exchange closing price as of June 30, 2026, remain subject to IPO lock-up with staggered releases from August 2026 and full 180-day expiry in December 2026, and are unrealized; values may change materially. Net performance is reported at the fund level only.

Individual position returns shown above represent extracted performance from Fund I and are displayed on a gross (pre-carry) basis. Annualized IRR per position is calculated from entry to the applicable exit event; oldest series shown per company where multiple series exist. Exit events are counted at the portfolio-company level.

Investments in private securities are speculative, illiquid, and involve a high risk of loss, including the potential loss of all invested capital. Not all private companies will experience an IPO or other liquidity event. This communication is for informational purposes only and is not an offer to sell or a solicitation of an offer to buy any security. Any offer of securities will be made only through definitive offering documents. Available only to accredited investors as defined in Rule 501 of Regulation D and, where applicable, qualified purchasers as defined in Section 2(a)(51) of the Investment Company Act of 1940. See full disclosures for additional information.