Coinbase Asset Management LLC

ITEM 5 – FEES AND COMPENSATION

Item 5.A
At the end of each month, the Funds pay CBAM a management fee (the “Management Fee”), which is
equal to a percentage per annum of the net asset value of the applicable Funds and share class, as of the
beginning of each calendar day or month as noted in the Fund’s Investment Management Agreement. The
Management Fee is generally calculated daily or monthly and paid in arrears. For Funds paying monthly
based fees, an additional Management Fee may be charged on a prorated basis on any subscription on
any date other than the first day of a calendar month, and a prorated portion of the Management Fee may
be repaid to the Fund and distributed to redeeming Investors on any redemption on any date other than as
of the last day of a calendar month; provided that the Management Fee is in excess of the minimum per
annum Management Fee. Investors should carefully review the Funds’ Governing Documents for
additional details regarding CBAM’s fee schedule. CBAM may also charge performance fees, calculated

1CBAM includes the Digital Assets it manages in the RAUM it reports; however, this should not be interpreted as
an indication that CBAM believes that such Digital Assets are securities.

as a percentage of positive returns in a Fund’s account, which are assessed simultaneously with the
Management Fee.

In certain cases, CBAM may waive the Management Fee or performance fees for selected Investors in a
vehicle. Investors should carefully review the Fund’s Governing Documents for additional details
regarding CBAM’s fee schedule. Fees related to CBAM’s SMAs (when applicable) are individually
negotiated.

Item 5.B
Typically, CBAM receives its fees from the applicable Fund. Investors do not have the ability to choose
to be billed directly for fees incurred.

As noted above, the Management Fee and performance fees are generally payable in arrears at the end of
each month.

With respect to CBAM’s SMA Clients (where applicable), CBAM deducts fees or other expenses directly
from such accounts and does have the authority to do so without the SMA Client’s consent.
It is critical that Investors and Clients refer to the relevant Fund Governing Documents and Investment
Management Agreements, as applicable, for a complete understanding of how fees are paid to CBAM.
The information contained herein is a summary only and is qualified in its entirety by such documents.

Item 5.C
CBAM will bear the cost of all personnel, office space, office equipment, supplies and other necessary
operating, administrative and clerical services, and all of its own operating expenses.

Subject to compliance with applicable rules, all other expenses may be borne by the Clients, including,
without limitation, legal, internal and external accounting, auditing, administrator and other professional
expenses, insurance, actual and proposed transaction expenses, transaction-related research expenses,
pricing and valuation costs and expenses, custodian fees, taxes on transactions and other tax services and
fees, entity-level taxes, interest on borrowed moneys, brokerage fees and commissions and any other
similar fees, clearing expenses, litigation expenses, expenses related to regulatory filings, costs of
communication with or holding meetings of Investors/Clients, expenses incurred in connection with the
preparation and delivery of reports of the Clients and extraordinary expenses.

Offering and organizational expenses, including external legal and accounting expenses, incurred in
connection with the offerings of interest in the Clients are allocated to the applicable Client.

Each Fund shall bear all expenses associated with its investment activities and operations and will bear its
pro-rata share of all expenses incurred in connection with transactions effected or positions held on its
behalf. SMA Clients will bear all expenses associated with its investment activities and operations
incurred in connection with transactions effected or positions held on their behalf.

In certain cases, CBAM may waive/cap the expenses outlined above for the Client or select Investors in a
vehicle. Investors and Clients should carefully review the Fund Governing Documents and the Investment
Management Agreements, as applicable, for additional details regarding CBAM’s fee schedule.
Please refer to Item 12 of this Brochure for information regarding CBAM’s brokerage practices.
It is critical that Investors and Clients refer to the relevant Fund Governing Documents, as applicable, for
a complete understanding of expenses they may pay through any investment offered by the Adviser. The
information contained herein is a summary only and is qualified in its entirety by such documents.

Item 5.D
Please refer to Item 5.A., above.
It is critical that Investors and Clients refer to the relevant Fund Governing Documents and Investment
Management Agreement, as applicable, for a complete understanding of expenses they may pay through
an investment offered by the Adviser. The information contained herein is a summary only and is qualified
in its entirety by such documents.

Item 5.E
This is not applicable to CBAM. Neither CBAM nor any of its supervised persons accepts compensation
for the sale of securities or other investment products.

ITEM 7 – TYPES OF CLIENTS

CBAM provides investment advisory services to the Funds and separately managed accounts. Investors
in the Funds must satisfy certain eligibility requirements. Specifically, interests in the Funds are offered
to Investors who are (i) accredited investors as defined by Regulation D under the Securities Act of 1933,
as amended (“Accredited Investors”); (ii) qualified purchasers as defined in Section 2(a)(51) of the
Investment Company Act of 1940, as amended (“Qualified Purchasers”); and (iii) non-U.S. investors
subject to similar restrictions under local law. The minimum initial investment amount is either $100
thousand or $1 million, depending on the Fund and/or strategy in which an investor subscribes. Lesser
amounts may be accepted at the sole discretion of CBAM.

In the future, CBAM fully expects any new funds it launches will have similar eligibility and capital
commitment requirements.

Minimum investment amounts related to CBAM’s separately managed account clients are individually
negotiated.