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

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 fixedrate 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: 66 trades conducted in the past month.

Profit Trades: 56 trades yielded a profit (84.86%).

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: 27.27% of total trading volume.

GBP/USD: 37.88% of total trading volume.

EUR/USD: 34.85% of total trading volume.3. Trivesta Investment – Recent Trading Performance
Monthly Performance: Trivesta Investment achieved an accumulated return of
3.19% during the period from 1 September 2025 to 31 September 2025.

3. Trivesta Investment – Recent Trading Performance

Monthly Performance: Trivesta Investment achieved an accumulated return of

3.19% during the period from 1 September 2025 to 31 September 2025.

Semi-Annual Performance (Jan 2025 – Sep 2025): Trivesta Investment achieved a cumulative return of 37.04% over the nine-month period from Jan 2025 to Sep 2025.

This data reflects Trivesta Investment’s trading performance for the period from January to September 2025, with a cumulative return of 3.19% 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 October 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 ended the week with modest gains below 1.1700 after peaking at 1.1728, whipsawed by a worsening US backdrop: a federal shutdown since Oct 1—now the nation’s second-longest—and revived US-China trade tensions after Beijing tightened rare-earth export approvals and President Trump threatened 100% tariffs, to which China countered with new port fees. With many US data releases paused, markets focused on central banks: the ECB (Lagarde, Villeroy, Šimkus, Lane) broadly signaled rates are appropriately restrictive amid more balanced—but slightly downside-tilted—risks; in the US, Chair Powell kept rate-cut optionality while noting tight labor conditions, and FOMC entered blackout ahead of October’s decision. Euro data were mixed: Germany’s HICP and the Eurozone’s final HICP matched prior prints (core Eurozone nudged to 2.4%), while Germany’s ZEW sentiment rose but missed forecasts and current conditions sank; Eurozone sentiment fell further. Looking ahead, ECB speakers remain on deck; Germany’s PPI and Eurozone current account/construction output arrive Monday; Friday brings flash October PMIs and, per BLS, September 2025 CPI at 8:30 a.m. ET (released despite the shutdown to meet SSA requirements), plus the University of Michigan’s final October sentiment. Technically, EUR/USD is range-bound: on weekly, price hovers near a bullish 20-SMA with neutral momentum; on daily, capped by a bearish 20-SMA and supported by a flat 100-SMA near 1.1640. Key levels: support at 1.1640/1.1520 and 1.1391; resistance at 1.1728, 1.1830, then 1.1918.

GBP/JPY

GBP/JPY fell toward 201.00 on Friday (-0.5%) as the Yen firmed on rising expectations of gradual BoJ tightening and a broader bid for safe-haven assets. BoJ Governor Ueda and Deputy Governor Uchida stressed data-dependence and signaled policy could be tightened if growth and inflation forecasts hold, reinforcing normalization bets by year-end. Additional Yen support came from renewed USChina tensions and Japan’s shifting political backdrop after the LDP ended its coalition with Komeito. In the UK, sterling’s upside was capped as Chancellor Rachel Reeves confirmed tax hikes in November’s Autumn Budget, despite August GDP rising 0.1% m/m; markets also await a speech from BoE Deputy Governor Sarah Breeden after MPC’s Catherine Mann warned it’s premature to cut rates further. With BoJ appearing more hawkish and the BoE cautious, policy divergence favors continued GBP/JPY downside if Yen strength persists.

GBP/USD

GBP/USD rebounded from 11-week lows near 1.3250 toward 1.3500 as USD momentum faded, despite early headwinds from risk aversion and weak UK jobs data (unemployment 4.8%, earnings growth 4.7%); sentiment later improved on renewed US-China trade frictions, the ongoing US government shutdown, and rising expectations of Fed rate cuts into year-end. In the week ahead, focus turns to data: China Q3 GDP (Mon), UK CPI (Wed), US Existing Home Sales (Thu), S&P Global flash PMIs (Fri), and—most crucial—the US September CPI on Friday; delayed US releases could resume if funding is restored. Technically, the pair reclaimed the 21-day SMA (~1.3424) and the daily RSI rose above 50, favoring further recovery toward the 1.3490 supply zone and 1.3600 trendline resistance, with higher caps at 1.3681 and 1.3763; on the downside, a sustained break of

1.3250 would expose the 200-day SMA (~1.3198) and the August low at 1.3142.

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.

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 of any 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 16 September 2025 and complete an application form. Past performance is not a 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.