Trium Capital LLP

Item 5: Fees and Compensation

TCL receives management fees as well as performance fees (as described further in Item 6).

TCL’s management fees for the private pooled investment vehicles open to US qualified purchasers that it manages
range from 1-2% of the Fund’s AUM paid monthly in arrears. Performance fees, where applicable, range from 10-
20%, and paid annually as described in Item 6 below and as detailed in the respective vehicles’ offering documents.

TCL’s management fees for sub-advisory services provided to the Mandates and the Trium UCITS Funds vary
depending on the relationship and are disclosed in the respective investment advisory agreements and offering
documents.

Research Charges

Execution costs are embedded in spreads, and research is separately charged via a research payment account
(“RPA”). TCL has established the RPA from which it may pay for research (as defined in the FCA Rules)
(“Research”) that it receives from third parties in connection with the provision of services to the relevant Funds
and certain other investment funds, vehicles or accounts managed by TCL that would benefit from the same
research (“Similar Clients”). The RPA will be funded by research charges (“Research Charges”) paid by the Master
Fund and any Similar Clients which will be determined by TCL in accordance with TCL’s research policy and the
FCA Rules. The research purchased through the RPA is expected to be of a type that would be permitted under
Section 28(e) of the United States Securities Exchange Act of 1934, as amended (“Section 28(e)”).

Collection of Research Charges

The Master Fund will be charged according to the “accounting method” whereby the Master Fund will be debited the
quarterly value of the annual Research Budget at the beginning of each quarter, but the Master Fund will amortise the
expense pro-rata over each accounting period within that calendar year. The Master Fund has authorised the
Investment Manager to instruct payment of the Research Charge (or portion thereof) from the Master Fund’s account
to the RPA.

Other Fees, Charges and Expenses

TCL may expense the following charges in accordance with the relevant Fund offering documents or the specific
Mandate investment management agreement. Such charges include but are not limited to: costs and expenses of the
administration of the Fund or Mandate, transaction costs, broker commissions (including blockchain-based settlement
charges such as gas fees), borrowing charges on securities sold short and any issue or transfer taxes chargeable in
connection with any investment transactions, interest on borrowings, including borrowings from the Prime Brokers,
any taxes and any regulatory or corporate fees payable to governments or agencies, any litigation and indemnification
expenses and extraordinary expenses not incurred in the ordinary course of business, the charges and expenses of
legal advisers, accountants and auditors, communication expenses with respect to investor services and all expenses
of meetings of Fund Directors and Shareholders and of preparing and distributing financial and other reports, proxy
forms, prospectuses and similar documents, the cost of insurance, the cost of preparing and providing information to
Shareholders for tax reporting purposes, expenses incurred by TCL in soliciting subscriptions for Shares (including,
without limitation legal fees and the costs of any registrations and notifications and of any regulatory reporting
required as a result or condition of such solicitation), the costs of reporting information to regulators, tax authorities
or other governmental agencies, the cost of obtaining and maintaining the listing of the Shares on any stock exchange,

Trium Capital LLP
Part 2A

                                                                                                   Form ADV

ERISA bonding costs, if required, software and services related to investment operations, accounting, treasury
management and risk management, including third party middle and back office; market data and due diligence fees

and expenses (including any travel to perform research or initial and ongoing due diligence on investments, online
news and quotation services, computer hardware and software used for research, Bloomberg service, risk software
etc.), fees and expenses of Digital Asset exchanges, expenses related to the exchange of Digital Assets to fiat, all fees
and charges of custodians (including with respect to Digital Asset Wallets) and all other organisational and operating
expenses. These costs and expenses are generally incurred at normal commercial rates.

The relevant Fund bears its proportionate share of any fees, charges and expenses incurred by the Master Fund
through its investment in the Master Fund. investment funds, vehicles or accounts managed by the Investment
Manager or its affiliates will be allocated in an equitable manner among the Fund and/or the Master Fund and those
other investment funds, vehicles or accounts (which may mean that the cost or expense is allocated equally, in
approximate proportion to their net asset values, in approximate proportion to the size of a relevant investment, or
otherwise).

Item 7: Types of Clients

TCL provides discretionary investment management services to the following investment vehicles for which TCL has
been delegated the Fund manager (collectively the “Funds”):
    • Private pooled investment vehicles open to US qualified purchasers (Cayman domiciled hedge funds,
         typically with a Delaware feeder)
    • A private partnership (US domiciled) that serves as an investment vehicle for a state pension investment
         trust.
    • Private pooled investment vehicles that are not open to US investors (Irish-domiciled UCITS funds),
         including a multi-strategy UCITS Fund comprising sleeves managed by various PMs within TCL, some of
         which also manage a standalone Fund.
    • Private pooled investment vehicles that constitute ERISA plan assets.

Certain clients may include employee benefit plans subject to ERISA. Please see Item 4 (Advisory Business) for a
discussion of ERISA-related fiduciary considerations.

TCL also provides investment advisory services to other private funds for which is has been appointed the sub-advisor.