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The content of this tool is not intended for any person without the requisite knowledge or sophistication to understand the information provided other than to any sophisticated type of investor (or professional / sophisticated / institutional / qualified investors). If you are unsure if this applies to you or if you are unsure about the meaning of any information herein, please consult your financial, investment or other professional advisor.

This information is for reference purposes only. Some of the information contained in this content is derived from sources deemed by Elm Wealth to be reliable but its accuracy and completeness cannot be guaranteed. The presented figures and exhibits include some assumptions and should not be exclusively relied upon as the basis for any investment decision or be taken or used out of its original context. Additionally, it should not be used as the sole or primary basis for a decision to use Elm as an Investment Advisor or to invest in an Elm-managed Fund. It does not constitute any form of investment advice, or any form of recommendation to buy or sell any securities or adopt any investment strategy mentioned herein.

If you have an Elm-managed SMA, the source of record for account balance and performance information is your custodian (Fidelity, Schwab, JPM) and your custodian's statements. If you have an investment in an Elm-managed Fund, the source of record for value and performance information is the Fund's Administrator, Bolder Group, and the Fund statements which you receive monthly.

This information uses simulated model data and historical backtest data from periods prior to Elm's inception in 2012, and Elm's business of managing Separately Managing Accounts beginning in 2015. This tool is designed to help understand the relationship between different Elm Global Balanced settings and the risk and return of the resulting model portfolio.

The data displayed here are produced entirely using our current model design and parameters, and do not reflect the historical experience of an Elm client.

Past performance is not necessarily indicative of future performance.

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Baseline Weights: The asset allocation in the 'Baseline Environment' for the slider settings on the left when all risk assets have a 4% Risk Premium and neutral Risk Level. Customizable based on client preferences

Target Weights: Weights used in the periodic portfolio rebalancing as of the date below. Portfolios may not be rebalanced exactly to target.

Baseline Deviation Breakdown:

• Risk Premium: The Target weight's deviation from the Baseline resulting from current Risk Premia differing from the 4% assumed in the Baseline Environment.
• Risk: The Target weights's deviation from the Baseline resulting from current Risk Levels being in a High-risk or Low-risk state.

Risk Premium: Excess Expected Return relative to the safe asset, 10y TIPS. Risk Premium cannot be directly observed, but our proxy metric for broad equity markets is 1/PCAPE - 10y TIPS Real Yield.

Risk Level: Market riskiness for a given asset class. Our proxy for risk-environment is a momentum signal: positive momentum indicates a low-risk environment, negative momentum indicates a high-risk environment.

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