Coinfund Management LLC

Item 5: Fees and Compensation

The fees applicable to each of the Clients are set forth in detail in the corresponding Offering Documents.
A brief summary of such fees is provided below.

Management Fee

Our Clients pay us a management fee calculated at the annual rate of up to 3.0% of such Investor’s Capital
Account (the “Management Fee”). Depending on the specific Client, the Management Fee shall be
payable monthly or quarterly and in advance or arears, based on the value of each Investor’s Capital
Account as of such period. The Management Fee will be prorated for any period that is less than a full
period and will be adjusted for contributions made during the period, where applicable.

In our sole discretion, we may waive or modify the Management Fee for Investors that are our members,
employees or affiliates, relatives of such persons and for certain large or strategic investors.

Other Types of Fees or Expenses

We are authorized to incur and pay in the name and on behalf of our Clients all expenses which we deem
necessary or advisable.

We are responsible for and shall pay, or cause to be paid, all of our own ordinary administrative and
overhead expenses, including, without limitation, all costs and expenses related to rent, furniture,
fixtures, equipment, office supplies, clerical expenses and all salaries, bonuses and benefits paid to, or on
behalf of, our personnel.

The Clients bear and shall be responsible for their own expenses, including, but not limited to: (i)
Management Fees; (ii) all expenses incurred in connection with the business, affairs and operations of the
Client, including the sourcing, due diligence, purchase, acquisition, holding, transfer or sale of any actual
or prospective investment (whether or not consummated, i.e., “broken-deal” fees and expenses), to the
extent not reimbursed by portfolio companies or potential portfolio companies, including all commission,
brokerage, placement, underwriting, registration, legal, accounting, tax advisory, professional or
consulting fees and expenses (unless otherwise reimbursed), merger fees and expenses payable to third
parties, research expenses, data processing costs and expenses, bank service fees, interest expenses,
borrowing charges (including transaction financing costs incurred in connection with derivatives
investments and settlement of transactions), custodial expenses, outsourced risk management advisory
and software, investment-related consultants, travel costs that are research-related and other investment
expenses, all expenses related to meetings and business-related entertainment with portfolio company
personnel, intermediaries and personnel affiliated with prospective portfolio companies or prospective
strategic partners of portfolio companies; (iii) all administrative, legal, accounting, auditing, record-
keeping, tax form preparation, compliance, and consulting costs and expenses; (iv) all fees, costs and
expenses related to middle office operations which may include daily reconciliation of cash, cost,
positions, and valuations; (v) all professional fees, costs and expenses (including those relating to legal,
advisory, regulatory, administrative, custodial, audit, accounting, consulting (including professional due
diligence services and “expert” networks, if any), appraisal, valuation and compliance services rendered),
including all costs of establishing and operating entities related to the Carried Interest or Performance
Fees earned by the Client’s general partner, (vi) all costs and expenses, if any, incurred in connection with
the Client’s legal and regulatory compliance with U.S. federal, state and local and non-U.S. or other law

or regulation (including, by way of a non-exhaustive list, Section 13/16 reports, the PFA, corporate
transparency reporting regime requirements, CIMA, Foreign Account Reporting Regimes and the
Alternative Investment Fund Managers Directive, as each may be amended from time to time, as
applicable, and the preparation and administration of any reports, disclosures, “know your client”
compliance under applicable law, filings or notifications prepared in accordance with the foregoing) or
related to compliance with the provisions of the Offering Documents or any side letter or similar
agreements; (vii) costs and expenses associated with preparing investor communications, printing, and
mailing costs including the costs and fees of maintaining any portal or website in which such items are
made available; (viii) insurance costs and expenses (e.g., for the assets of the Client, D&O, E&O); (ix)
marketing and syndication expenses of the Client’s; (x) any taxes, fees or other governmental charges
levied against the Client and all expenses incurred in connection with any tax audit, investigation,
settlement or review of the Client; (xi) Client’s governmental licensing, filing, and exemption fees
(including Blue Sky filing fees); (xii) indemnification obligations of the Client; (xiii) all expenses (including
reasonable attorneys’ fees) incurred in connection with any threatened, pending, or anticipated legal,
regulatory, administrative or other action, IRS examination or audit, or similar audit or examination by
any state or local taxing authority, or other legal proceeding; (xiv) all of the costs, fees and expenses
incurred by or on behalf of the Client or the General Partner in connection with the formation and
organization of the Client or the General Partner, including legal and accounting fees and expenses
incident thereto; (xv) all expenses incurred in connection with the securing of financing, including but not
limited to the arranging, negotiation, structuring, entering into, amending and all other documentation of
agreements with one or more lenders and all principal and interest on, and fees and expenses arising out
of, all permitted borrowings and guarantees made by the Client; (xvi) all expenses incurred in connection
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Item 7: Types of Clients

Our clients are the Clients, as described in Item 4 above, and their Investors are generally, among others,
financial institutions, funds of funds, sovereign wealth funds, family offices, pension plans, endowments,
high net-worth individuals, financially sophisticated individuals, and other sophisticated investors.

Item 8: Method of Analysis, Investment Strategies, and Risk of Loss

The descriptions set forth in this Brochure of specific advisory services that we offer to Clients, and
investment strategies pursued, and investments made by us on behalf of our Clients, should not be
understood to limit in any way our investment activities. We may offer any advisory services, engage in
any investment strategy and make any investment, including any not described in this Brochure, that we
consider appropriate, subject to each Client’s investment objectives and guidelines as set forth in its
Offering Documents. The investment strategies we pursue are speculative and entail substantial risks.
Investors should be prepared to bear a substantial loss of capital. There can be no assurance that the
investment objectives of any Client will be achieved.

Investment Objectives

Seed II

The Client has been organized to invest primarily in cryptographic tokens (“Tokens”) and equity of
companies in the blockchain technology space. These investments may include capital investments, such
as market investments in transferrable Tokens and initial Token sales, presale or direct investment
transactions, in exchange for future Tokens, potentially alongside other co-investors, as well as traditional
equity agreements. These early-stage investments will be primarily focused on the acquisition of Tokens
but may include equity investments in related companies. In addition, the Client may stake, lend, and
otherwise deploy certain of its assets through various protocols including via nodes operated by an
affiliate.

CoinFund LLC

This Client was formed to build a diversified portfolio of Digital Assets beyond Bitcoin.

Seed III, Seed IV and Seed V Master Funds

These Clients seek to invest in early-stage opportunities for crypto networks, technical and financial
services infrastructure, and crypto-enabled businesses. We invest utilizing a venture capital framework
and leveraging our deep technical and business understanding of trends within the ecosystem. We
approach the market opportunistically, work closely with potential or existing portfolio companies,
identify verticals of interest, and perform what we believe is rigorous in-depth research on portfolio
targets. We closely monitor the developing landscape and adjust our focus verticals as is appropriate. At
the company or network level we focus on degree of innovation, product, team, company strategy,
technical roadmap, business model or Token design, traction, competitor analysis, KPI/valuation
framework and regulatory assessment. Our broad-based research process and positioning as a multi
strategy manager creates important synergies for the Clients as we seek to underwrite compelling early-
stage investments in areas of the market where we have seen demand or expect it to develop. In addition,
the Client may stake, lend, and otherwise deploy certain of its assets through various protocols including
via nodes operated by an affiliate or portfolio companies of one or more of our Clients.

Ventures I Master Fund

This Client seeks to invest in growth-stage technology-related companies that impact the blockchain and
cryptocurrency ecosystems with a focus on networks that we believe have shown promise or traction.
Investment will be made either directly or indirectly in securities or Tokens and any rights to acquire them
(including, without limitation, simple agreement for future Tokens, or other similar arrangements,
options, warrants, rights or other interests or other securities convertible into or exchangeable for any
securities). In addition, the Client may stake, lend, and otherwise deploy certain of its assets through
various protocols including via nodes operated by an affiliate or portfolio companies of one or more of
our Clients.

Risk of Loss Factors

The following risk factors do not purport to be a complete list or explanation of the risks involved in an
investment in our Clients. These risk factors include only those risks we believe to be material, significant
or unusual and relate to particular significant investment strategies or methods of analysis employed by
us.

An investment involves significant risks and is suitable only for those persons who can bear the economic
risk of the loss of their entire investment, who have limited need for liquidity in their investment, and who
have met the conditions set forth in the applicable Offering Documents. There can be no assurances that
we will achieve our investment objectives. An investment carries with it the inherent risks associated with
investments in Digital Assets, equity in private seed-stage and venture capital companies, publicly traded
stocks, options, and related instruments, including, without limitation, the risks described below. Each
prospective investor should carefully review the applicable Offering Documents and the documents
referred to herein before deciding to invest in our Clients.

General Risks

Limited Operating History

We and our Clients have limited operating histories and therefore may not be able to operate their
businesses, implement their investment strategies, or generate sufficient revenue to make or sustain
distributions to investors. Failure to procure adequate funding and capital could adversely affect our
Clients’ ability to grow and/or expand their business, which can negatively impact their performance. In
addition, the past investment performance of a Client or other entities or accounts managed by us or our
affiliates may not be indicative of the future performance of any Client.

Start-Up Periods
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