Trivesta Protected Yield Fund (Fund)

I. Executive Summary

Trivesta Protected Yield Fund (TPYF) is a wholesale fund available only to investors who qualify as wholesale clients under the Corporations Act 2001 (Cth). The Fund is managed by Trivesta Funds Pty Ltd ACN 627 270 900 (AR No. 1274820), a corporate authorised representative of Trivesta Capital Ltd ACN 126 975 282 (AFSL 320497), which authorises it to provide financial services in relation to the Fund. TPYF is a fixed-income investment vehicle that invests exclusively in secured notes issued by Trivesta Investment Pty Ltd ACN 682 463 538 (Trivesta Investment). Trivesta Investment engages in FX trading and has demonstrated strong performance and cash flow generation. TPYF does not conduct any FX trading itself. Returns are generated through a fixed-rate income stream under the secured notes. The Fund’s target annual distribution of 10% net of fees is supported by Trivesta Investment’s ability to meet its obligations under these notes. This report provides a summary of fund performance, activities, and relevant market insights, as reviewed by the Investment Committee. This document does not constitute financial advice, nor an offer to invest. Please refer to the Fund’s Information Memorandum dated 1 July 2025 for full details.

II. Trivesta Investment Past Month Performance Review

1. Trading Overview

The following data reflects the performance of Trivesta Investment, which manages the underlying trading strategies:

• Total Trades: 64 trades conducted in the past month.

• Profit Trades: 57 trades yielded a profit (89.06%).

2. Investment Allocation by Currency Pair

Trivesta Investment utilized the funds raised through the issuance of Notes to execute trades across three major currency pairs:

• GBP/JPY: 26.56% of total trading volume.

• GBP/USD: 42.19% of total trading volume.

• EUR/USD: 31.25% of total trading volume.

3.Trivesta Investment – Recent Trading Performance

• Monthly Performance: Trivesta Investment achieved an accumulated return of 3.91% during the period from 1 August 2025 to 31 August 2025.

• Semi-Annual Performance (Jan 2025 – Aug 2025): Trivesta Investment achieved a cumulative return of 32.80% over the eight-month period from Jan 2025 to August 2025.

• This data reflects Trivesta Investment’s trading performance for the period from January to August 2025, with a cumulative return of 3.91% based on internally reported data. While the Trivesta Protected Yield Fund (TPYF) does not engage in trading activities itself, the Fund’s ability to meet its target annual distribution of 10% net of fees is supported by the continued performance of Trivesta Investment and its capacity to meet its obligations under the secured notes. Trivesta Investment’s performance data is provided for context only and does not represent the performance of the Fund. TPYF’s returns are limited to the fixed-rate income under its note subscription agreements.

III. Fund Liquidity and Risk Buffer

Trivesta Investment has subscribed to subordinated class units (Subordinated Units) in the Fund, ensuring it consistently holds 10% of all units on issue. This arrangement provides a liquidity buffer for the Fund, protects investor capital, and reinforces the stability of the investment structure. The trading report confirms this 10% coinvestment, aligning Trivesta Investment interests with those of the investors. The fund maintains a strong cash flow position to meet upcoming distribution commitments.

IV. Fund Distributions

• Trivesta Protected Yield Fund received monthly distributions from Trivesta Investment as per the Notes’ terms.

• On 15 September 2025, Trivesta Protected Yield Fund successfully completed its monthly distribution to all investors.

• TPYF has consistently delivered a 10% annual return to investors. This return is supported by Trivesta Investment, which issues secured notes to TPYF at a fixed rate of 15% per annum. Trivesta Investment utilizes these funds to manage trading strategies under an arrangement designed to generate returns exceeding the fixed rate. Trivesta Investment retains any excess returns above the agree drate, while TPYF ensures robust oversight of its activities.

V. TPYF’s Risk Management Framework

TPYF goes beyond its obligations to ensure the security of its investments byactively monitoring Trivesta Investment. Trivesta Investment provides secured notes, forming the foundation of TPYF’s fixed-income structure. In turn, Trivesta Investment conducts trading activities under a structured arrangement, adhering to strict risk management protocols. TPYF’s Investment Committee oversees these trading activities through regular reporting and review to ensure compliance and alignment with investor objectives.

TPYF’s foundation lies in secured notes issued by Trivesta Investment, which makes the fund a fixed-income investment. While the fund benefits from Trivesta Investment’s trading strategies, these activities are not the direct source of investor returns. Instead, Trivesta Investment ensures the payment of a fixed rate of 15% per annum on secured notes, forming the basis for TPYF’s 10% annual distributions to investors. TPYF takes additional steps to monitor Trivesta Investment’s performance, ensuring that all trading activities are conducted transparently and with a disciplined approach to risk management.

VI. Market Outlook and Future Trends

EUR/USD

EUR/USD fell for a fourth straight session on Monday, trading near 1.1730 in Asia. The pair continues to lose ground as the US Dollar strengthens after last week’s Fed rate cut, with Chair Jerome Powell signalling no urgency for further moves and stressing a meeting-by-meeting approach. The Fed’s “dot plot” still points to two more cuts this year.Eurozone Consumer Confidence for September is expected at -15.4, slightly better than -15.5 previously. Meanwhile, the Euro faces headwinds from domestic unrest, with large protests in France against planned spending cuts. ECB’s Mario Centeno also noted that the “next move is still likely to be a rate cut,” citing persistent downside risks to inflation.

GBP/JPY

GBP/JPY extends its positive bias for a third day, staying near this week’s YTD high as Asia trade sees another push above the 200.00 psychological level ahead of a UK data dump. Domestic political uncertainty and a firmer risk tone weigh on the JPY, while doubts over the timing/pace of BoJ cuts, fading odds of an immediate BoE cut, and a softer USD support GBP. Technically, repeated failures to gain acceptance above 200.00 argue for waiting on a clean break of the YTD high near 200.35 before targeting 200.75, 201.00,and201.60. On pullbacks, support lies at 199.25 and 199.00; deeper dips should hold 198.40 (key pivot). A decisive break below 198.40 risks sub-198.00, then 197.35–197.30 and 197.00.

GBP/USD

The British Pound rose against the US Dollar on Thursday, with GBP/ USD rebounding to ~1.3540 from intraday lows near 1.3493 after a mixed US inflation print. August CPI climbed 0.4% MoM (vs 0.3% expected; 0.2% prior) on energy and shelter, while headline YoY stayed at 2.9% (vs 2.7% previously). Core CPI held at 0.3% MoM and 3.1% YoY, matching forecasts and July, reinforcing expectations of a 25 bp Fed cut next week. Dovish Fed signals, softer labor data, and weaker PPI also support easing. Markets see little case for a larger move: CME FedWatch shows 94% odds of a 25 bp September cut (up from 90%), and three cuts are still fully priced by end-2025. Attention now shifts to the BoE on September 18, which is expected to hold the Bank Rate at 4.00% after five cuts this year. A Fed-BoE policy divergence—easing versus on hold—could lend near-term support to GBP/USD via narrower rate differentials.

Disclaimer:

The information contained in this Fund Update is general in nature and has no regard to the specific investment objectives, financial or particular needs ofany specific recipient. It is not intended to constitute investment advice or a personal securities recommendation. This document is not a Product Disclosure Statement (PDS) or an offer of units and contains a brief overview of the investment only. Investment in the Fund is available to wholesale clients only, as defined under the Corporations Act 2001 (Cth). Any prospective investor wishing to make an investment in the Fund must obtain and read the IM (Information Memorandum) dated 30 November 2024 and complete an application form. Past performance is nota reliable guide to future performance and the capital and income of any investment may go down as well as up. Please note that the returns in the Trivesta Investment trading account are not reflective of the fund’s returns. The fund’s target return is 10% per annum after management fees. The investment committee meets regularly to review and monitor performance. The investment objective is not a forecast, and is only an indication of what the investment strategy aims to achieve over the medium to long term. Any financial investment is characterised by a certain degree of uncertainty and that consequently, any investment involves risks. You should consult your financial adviser before making any decision to acquire the product and services.