The OLSAT is a school readiness exam and not a gifted testing instrument. Scores on this and on IQ tests tend to correlate for those in the intellectually disabled category and for typical students but do not correlate for gifted and especially do not for highly gifted. Highly gifted children do pretty poorly given their skill set on this exam. My son had a FQIQ on WISCIV as 145 and got the 90th percentile on verbal on the OLSAT.
I can see where as many as 15% in affluent districts in 3rd grade get above 95% (possibly 99%) as it is not geared to find gifted but more to find kids who will do well in school. The questions for kindergarten are like 4 oranges objects and one yellow and the student is asked which one doesn't belong. Smart kids will answer the yellow one, but gifted kids might not. My son for example chose the sun. His reasoning was because it was the only one that did not touch the ground. Affluent areas where many are given lots of prep for school should scored above and beyond on these type of school readiness exams. But that does not mean that the kids are gifted.