Trivesta Protected Yield Fund (Fund) Performance Report – October 2025

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 16 September 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: 49 trades conducted in the past month.
Profit Trades: 41 trades yielded a profit (83.67%).

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: 14.29% of total trading volume.
GBP/USD: 42.86% of total trading volume.
EUR/USD: 42.86% of total trading volume.

3. Trivesta Investment – Recent Trading Performance

Monthly Performance: Trivesta Investment achieved an accumulated return of 2.60% during the period from 1 October 2025 to 31 October 2025.

• Semi-Annual Performance (Jan 2025 – Oct 2025)

Trivesta Investment achieved a cumulative return of 34.77% over the ten-month period from January 2025 to October 2025.

This data reflects Trivesta Investment’s trading performance for the period from January to October 2025, with a cumulative return of 2.60% 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% co-investment, 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 November 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 12% 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 agreed rate, 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 by actively 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 12% 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 is steady near 1.1538, holding firm despite strong US labor data that reinforced expectations for a December Fed rate cut, with market-implied probabilities rising from 29% to 39%. The solid September NFP print of 119K—far above the 50K forecast and sharply higher than August’s −4K—was partly offset by a slight uptick in unemployment to 4.4%, still below the Fed’s 2025 projection of 4.5%. Initial Jobless Claims also fell to 220K, the lowest since September, signalling continued labor-market resilience.

Hawkish comments from Fed officials—including Goolsbee, Hammack, and Barr—tempered the Euro’s recovery, with all three expressing concern about inflation holding near 3%. The US Dollar Index edged up to 100.22, limiting EUR gains.

In the Eurozone, Consumer Confidence remained at −14.2 in November, its best level since February, while German PPI matched expectations with minimal market impact.

Technically, EUR/USD is recovering after four days of losses but remains below the key 1.1550 level. Strong resistance stands at 1.1646/54, where the 50- and 100-day SMAs converge; a break above would open the door to 1.1700. Momentum remains bearish, with downside risks toward support at 1.1500, followed by 1.1468 and the 200-day SMA at 1.1395.

GBP/JPY

GBP/JPY holds firm near 206.00, trading around 205.75 after finding support at 205.35 earlier on Thursday. The Yen remains under broad pressure as concerns about potential BoJ intervention fade and reports indicate that Prime Minister Sanae Takaichi is preparing a sizable stimulus package.

Japanese Finance Minister Satsuki Katayama noted on Wednesday that she did not discuss FX matters with BoJ Governor Kazuo Ueda, which traders interpreted as a sign that authorities are comfortable with current Yen weakness. Additional pressure on the JPY stems from reports that Takaichi is planning a JPY 21 trillion (USD 135 billion) stimulus package to help households manage rising inflation, raising worries about Japan’s already strained public finances.

In the UK, softer inflation data released Wednesday showed CPI easing to 3.6% YoY in October from 3.8%, boosting expectations for further Bank of England rate cuts and applying mild downside pressure on the Pound.

GBP/USD

GBP/USD rebounds during the North American session, trading at 1.3117 after recovering from a 1.3038 low, as traders interpret a strong US NFP print as increasing the likelihood of a December Fed rate cut. The US added 119K jobs in September, with unemployment rising slightly to 4.4%—still below the Fed’s 2025 projection of 4.5%. Jobless Claims fell to 220K, the lowest since September, reinforcing labor-market resilience. Following the data, Fed cut expectations rose to 43%, up from 29% pre-NFP.

Hawkish Fed voices pushed back on easing, with Cleveland Fed’s Beth Hammack warning that cutting too soon could fuel financial risk-taking, while Fed Governor Michael Barr reiterated concerns about inflation holding near 3%.

In the UK, headline and core CPI continued to ease, increasing the probability of a BoE rate cut in December. UK Consumer Confidence declined ahead of Chancellor Rachel Reeves’ budget, and the British Retail Consortium noted rising worries about economic conditions amid potential income-tax increases.

Divergent December policy paths—Fed on hold versus BoE easing—signal potential downside for GBP/USD and a resumption of the broader downtrend.

Conclusion

Trivesta Protected Yield Fund remains committed to delivering consistent value to our investors. We will continue to prioritize transparency, performance excellence, and prudent risk management as we work to achieve our financial objectives. The investment committee extends its gratitude for your trust and support.