Aspiriant Defensive Allocation Fund · NASDAQ:RMDFX

Aspiriant Defensive Allocation Fund — Aspiriant Real Assets Fund — Investor Presentation (December 2025)

10 slides from Aspiriant Defensive Allocation Fund's investor presentation, December 2025

  1. Slide 1: Aspiriant Real Assets Fund (XARAX) Overview Presentation

    Aspiriant Real Assets Fund (XARAX) ‫‫‬ Overview Presentation ‫‫‬ December 2025 aspiriant │ │ 1

  2. Slide 2: Fund description and objective

    XARAX ‫‫‬ Fund description and objective ‫‫‬  Fund Description  Aspiriant Real Assets Fund (“XARAX” or the “Fund”) provides exposure to public and private real estate, infrastructure and natural resources  The Fund is a continuously offered closed-end fund, registered under the Investment Company

  3. Slide 3: Summary fund construction

    XARAX ‫‫‬ Summary fund construction ‫‫‬  Fund of (underlying) funds  Institutional managers  Experience over multiple market cycles  No direct holdings  Expensive to source, execute and monitor private transactions  Considerable key person risk  Less consistent and durable return stream  Glo

  4. Slide 4: Three sleeves of the portfolio, each with different return and liquidity profiles

    XARAX ‫‫‬ Three sleeves of the portfolio, each with different return and liquidity profiles ‫‫‬  Daily liquid (long only equities with some cash / short-term fixed income) Market  Principal funding source for capital calls and client redemptions  Holdings largely mirror fund benchmark  Generally

  5. Slide 5: Identify and invest behind big themes that may provide a margin of safety

    XARAX ‫‫‬ Identify and invest behind big themes that may provide a margin of safety ‫‫‬ Theme Impact Implementation Data, data, data  Accelerated innovation (and destruction)  Digital transformation / software / robotics / AI Early Stage  Increased data storage, processing and power demand  Digi

  6. Slide 6: Detailed fund exposures

    XARAX ‫‫‬ Detailed fund exposures ‫‫‬ Allocation XARAX Strategy Summary Description (Vehicle)  iShares Gold Exchange-traded fund  Principal Real Estate Mutual Fund  Fidelity International Mutual Fund Market  Vanguard US Real Estate Exchange-traded fund  Vanguard ex-US Real Estate Exchange-trade

  7. Slide 7: Historical allocations, portfolio positioning and performance

    XARAX ‫‫‬ Historical allocations, portfolio positioning and performance ‫‫‬  Historical Allocations Historical Net Performance 100% Performance YTD 1-YR 3-YR 5-YR 7-YR 10-YR Incept.1 90% XARAX 9.40% 9.40% 5.57% 5.39% 5.36% 4.97% 3.38% 80% DWGRSN 8.79% 8.79% 6.80% 3.45% 3.57% 2.91% 2.32% 70% Perform

  8. Slide 8: XARAX – Historical Performance

    XARAX – Historical Performance ‫‫‬ Attractive risk-adjusted returns through various market environments ‫‫‬ Net Performance As of December 31, 2025 YTD 2024 2023 2022 2021 2020 2019 2018 7 Years 7 Yr SD 7 Yr SR XARAX 9.40% 4.72% 2.71% -7.02% 18.85% -2.95% 14.18% -0.10% 5.36% 8.61% 0.32 DWGRSN 8.79%

  9. Slide 9: Closed-end fund key process dates

    XARAX ‫‫‬ Closed-end fund key process dates ‫‫‬ Consideration Subscriptions Redemptions Frequency Quarterly Quarterly Max per period (fund level) NA 5.0% First available October 1, 2021 June 30, 2021 Documentation New investors ~ 6 pages NA Existing investors / additions ~ 3 pages ~ 3 pages Electron

  10. Slide 10: Additional footnotes

    XARAX ‫‫‬ Additional footnotes ‫‫‬ Please consider the Fund’s investment objectives, risks, charges and expenses carefully before investing. The prospectus that contains this and other information about the Fund is available by calling 1.877.997.9971 and should be read carefully prior to investing.

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