Letter to Shareholders

Dear Valued Shareholders,

On behalf of the Board of Directors of Merz & Conroy Holdings (the “Parties”), we are pleased to provide this annual communication regarding the Strategic Initiative. Fiscal Year 2025 has demonstrated measurable progress in strengthening core competencies, with reported gains of 12.4% in joint household efficiency, 18.7% in coordinated calendar management, and a 23.1% year-over-year increase in durable goods.

Guest satisfaction forecasts for the October 25 convening in Chicago, Illinois (the “Event”) remain favorable, with projected attendance of 100+ shareholders. Notably, external risk factors—including supply chain volatility have been carefully stress-tested and remain within tolerance thresholds.

Operational Excellence
The Parties continue to execute with discipline across key operational metrics, with co-managed procurement cycles reduced from 6.2 to 4.8 days and. Cross-functional collaboration has driven consistent alignment in areas such as dinner planning and hospitality, with resolution rates exceeding 95% within 24 hours. Furthermore, brand equity has expanded through positive stakeholder engagement across peer groups, family networks, and community affiliates.

Innovation & Growth
Investment in innovation remains a cornerstone of the Parties’ strategy. Pipeline expansion opportunities in global travel remain robust, with identified target markets in Spain, France, Italy, and Ohio.

Risk Management
Risk mitigation remains a priority. The Parties’ Risk Committee has also identified potential exposure to “Bingo-related disputes” during the Event, for which comprehensive mediation protocols have been established. Additionally, macroeconomic pressures in the hospitality sector are being monitored closely, though management believes long-term fundamentals remain strong.

Sustainability & Community Engagement
As part of their Environmental, Social, and Governance (ESG) commitments, the Parties have implemented initiatives designed to maximize paper waste, promote inclusivity, and strengthen community impact. Programs include the adoption of paper-first invitations (increasing paper consumption by 92%), sourcing locally for food and beverage suppliers (contributing to regional GDP growth), and ensuring equitable representation in speech opportunities across stakeholder segments. The Parties are confident that these sustainability efforts will deliver compounding value over multiple reporting cycles.

Strategic Outlook
Looking forward, the Parties anticipate sustainable, long-term growth through disciplined expansion of shared decision-making, prudent capital allocation toward leisure and travel initiatives, and continued cultivation of interpersonal goodwill. The Event is expected to deliver industry-leading returns localized GDP growth, unity, and stakeholder engagement, outperforming benchmarks by a projected margin of 14.2%.

Sincerely,

Matthew Merz

Lilia Conroy

Merz/Conroy Holdings