Hiive Advisors Inc

ITEM 5 — FEES AND COMPENSATION

Advisory Fees
HAI does not charge advisory fees, including management fees, carried interest, performance fees, or
any other advisory compensation. However, in certain fund-of-funds structures, the underlying fund
manager may charge management fees to the fund's members or limited partners. Such fees may be
passed on to investors in the relevant Hiive Fund.

Placement Agent Fee to Affiliate
An affiliate of HAI, Hiive Markets Limited ("HML") is an SEC-registered broker-dealer and FINRA
member. HML acts as placement agent for interests in the Hiive Funds. HML receives compensation
for these placement agent services as disclosed in each Hiive Fund's offering documents. HML
charges the Hiive Funds a commission (transaction fee) which is paid by Hiive Fund investors as a
percent of the subscription amount. This fee is added to an investor's subscription into a Hiive Fund, in
accordance with HML's fee schedule.

Administrative Fees Paid to Affiliate
An affiliate of HAI, Hiive Investments Inc. ("HII"), serves as administrator for most Hiive Funds. For
certain Hiive Funds, a third-party administrator, Sydecar, Inc., serves as the administrator.
Administrative services provided by HII and Sydecar, Inc. (each, an "Administrator") include
accounting, record-keeping, capital account management, and investor reporting.
Administrative fees charged by HII are borne by the applicable Hiive Funds and are deducted from any
distributions to investors. The specific administrative fee rate and payment terms are set forth in each
Hiive Fund's governing documents and may vary across Hiive Funds.

Hiive Fund-Level Operating Expenses
In addition to any HML placement fees and HII administrative fees described above, each Hiive Fund
bears certain operating expenses in the making, holding, purchasing, sale or exchange of portfolio
securities, which may include:
   •​ Organizational and offering expenses;
   •​ Legal, insurance, accounting, audit, and tax preparation fees;
   •​ Hiive Fund administration fees (as described above);
   •​ Custodial fees;
   •​ Transaction costs and investment-related expenses;
   •​ Regulatory filing fees (including Form D and state blue sky fees);
   •​ Any other expenses permitted under the Hiive Fund's governing documents.

In certain fund of funds investment structures, expenses borne by the underlying fund ("Portfolio
Investment-Level Expenses") may be passed on to investors in the Hiive Fund. Investors should refer
to the applicable Fund Documents for a complete and detailed description of all Hiive Fund-level
expenses and how such expenses are allocated among investors.

Compensation for the Sale of Securities
HAI has Associated Persons who are also registered representatives of HML. These supervised
persons can accept compensation for the sale of securities when acting as a registered representative
of HML. This creates a conflict of interest as these Associated Persons have a direct or indirect
incentive to complete transactions that are not in the best interest of the Hiive Fund(s).

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HIIVE ADVISORS INC. — FORM ADV PART 2A

ITEM 7 — TYPES OF CLIENTS

HAI provides investment advisory services exclusively to the Hiive Funds. HAI does not provide
advisory services to individuals, separately managed accounts, pension plans, trusts, or other
non-fund clients.
Investors in the Hiive Funds ("Hiive Fund Investors") must meet eligibility criteria, including
qualification as an "accredited investor" (as defined in Regulation D under the Securities Act) and,
where applicable, as a "qualified purchaser" under the Investment Company Act.

                                                       Page 8 of 25 | Hiive Advisors Inc. — Form ADV Part 2A

HIIVE ADVISORS INC. — FORM ADV PART 2A