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REGISTERED NUMBER: 06276584 (England and Wales)

Strategic Report, Report of the Directors and

Financial Statements for the Year Ended 31 December 2024

for

Privium Fund Management (UK) Limited

Privium Fund Management (UK) Limited (Registered number: 06276584)

Contents of the Financial Statements

for the Year Ended 31 December 2024

Page |

Company Information | 1 |

Strategic Report | 2 |

Report of the Directors | 5 |

Report of the Independent Auditors | 7 |

Statement of Comprehensive Income | 11 |

Balance Sheet | 12 |

Statement of Changes in Equity | 13 |

Cash Flow Statement | 14 |

Notes to the Cash Flow Statement | 15 |

Notes to the Financial Statements | 16 |

Privium Fund Management (UK) Limited

Company Information

for the Year Ended 31 December 2024

| DIRECTORS: | C Heijman

| M A Romanek

| Mrs A Frogg-Spadola

| Mrs C Callaway

| REGISTERED OFFICE: | The Shard

| 24th Floor

| 32 London Bridge Street

| London

| SE1 9SG

| REGISTERED NUMBER: | 06276584 (England and Wales)

| SENIOR STATUTORY AUDITOR: | W K Sawin

| INDEPENDENT AUDITORS: | Sawin & Edwards LLP Statutory Auditors

| Studio 16

| Cloisters House

| 8 Battersea Park Road

| London

| SW8 4BG

| BANKERS: | HSBC Bank Plc

| 202-204 Sloane Street, London SW1X 9RG

| Barclays Bank Plc

| 1 Churchill Place, Canary Wharf

| London E14 5HP

Privium Fund Management (UK) Limited (Registered number: 06276584)

Strategic Report

for the Year Ended 31 December 2024

Introduction

Privium Fund Management (UK) Limited, is authorised and regulated by the Financial Conduct Authority ("the FCA") to undertake investment management and investment advisory activities as a Collective portfolio Management Investment Firm. Its regulatory approvals enable it to manage and advise AIF's and UCITS as well as managing discretionary accounts. It has relationships with a number of Appointed Representatives to whom it provides an appropriately regulated infrastructure in which to carry out advisory activities for Professional Clients and Eligible Counterparties in the UK. It also has a number of Trading Divisions which carry out investment management activities and into which external individuals are seconded as portfolio managers.

Review of business

The business activities of Privium Fund Management (UK) Ltd ("Privium-UK") saw a mixed approach in 2024. In 2023, we reviewed several internal systems and procedures following the Policy Statement 22/11 and further market guidance by our regulator, the FCA. As a result of these reviews, we agreed a Voluntary Requirement ("VREQ") with the FCA to cease onboarding of new clients. Throughout 2024 and 2025 the company has been working with the FCA and the VREQ has now been lifted in October 2025

The existing business activities of both our portfolio managers and the appointed representatives had to work in a different business environment. Where previously the cash benchmark was 0% or close to this, a large increase in overnight interest rates made several investment propositions a lot less attractive. As a result, several fixed income strategies were attractive again while the equities strategies did well in securities with a strong technology focus. The different problem areas in the world do not seem to have had an effect on the financial markets.

We continued to roll-out of our Order Management System and Portfolio Management System "Eze", which allows for further integration and processing. We continued our development of the risk monitoring software.

At the end of December 2024, Privium had a total of 12 Appointed Representatives (2023: 17) having a total 44 approved persons (2023: 60). Privium manages funds, as well as a number of managed accounts. We also had 4 portfolio management teams operating within Privium (2023: 5).

We have continued to assess the current situation in Ukraine and resulting sanctions on Russian individuals and businesses as having a minimal impact on our profitability. The importance of a spread amongst strategies and client base continues to remain important.

Key performance indicators

The Directors monitor turnover and results by way of key financial performance indicators. These are discussed regularly. The internation developments could at some point have an impact on the financial markets. We monitor these developments closely and discuss them in our global risk meetings.

Turnover has fallen by 40% in 2024 compared to 2023 whereas gross profit has only fallen by 20%. This is primarily due to the wind down of The Alpha 4 fund for which we earned £2.8 million of income in 2023 and incurred £2.8m of expenses in the same period whereas in 2024 we earned £7k from Alpha 4.

In 2024 Privium made a pre-tax loss of £336,000 (vs pre-tax loss of £251,000 in 2023). During 2024 we continued to strengthen our compliance team and remediate gaps resulting from the FCA's new policy framework. Administrative expenses stayed relatively flat at £1.4m (vs £1.6m in 2023). As noted above, during 2024 we were unable to onboard new funds, which otherwise would have resulted in a recoup of these expenses.

Privium Fund Management (UK) Limited (Registered number: 06276584)

Strategic Report

for the Year Ended 31 December 2024

Other key performance indicators

Other key performance indicators include client feedback, the number of referrals received by Privium, the conversion rate of business proposals to client take-ons, the range and quality of the services Privium provides and the growth of assets under management.

Principal risks and uncertainties

As the regulatory environment is a key factor in Privium's provision of services, the directors are particularly mindful of the extent and impact of regulation and of regulatory developments.

Privium's success is dependent upon a number of factors including reputation, variety of solutions it offers and the extent to which the company's AR's and Trading Divisions are successful and choose to remain as AR's or Trading Divisions of Privium.

Section 172(1) Statement

Structure of the company

Privium Fund Management (UK) Ltd ("Privium-UK/Company") is a private company and owned by Cleardown B.V.; a limited company domiciled in The Netherlands. Cleardown has one ultimate beneficial shareholder.

The Board consists of two members, one is the shareholder, and one is a non-executive director.

The day-to-day operations of Privium-UK are managed by the employees with expertise in their relevant fields.

Privium-UK is regulated by the Financial Conduct Authority and has an AIFMD license, a UCITS license and a MIFID permission. In these we are only allowed to deal with professional investors.

Board decisions during the year

During 2024 Privium-UK continued to review activities and implement new procedures in line with new guidelines of the FCA on the supervision of Appointed Representatives and continued to work towards the lifting of the Voluntary requirement on new activities. As of October 2025, the VREQ has now been lifted.

No dividends were paid out.

The interests of employees

We have strengthened the focus on training and supporting our employees in the understanding the new regulatory requirements and have trained them so that they are well informed and trained.

We hold weekly staff meetings, attended by all employees, and carry out annual appraisals. We encourage feedback from our staff and where possible and practical implement suggestions made to improve our procedures and to improve our working environment.

The number of staff for the period was 11. Privium was a partner to 12 Appointed Representative's and 4 Trading Desks at the end of 2024.

We consider that we offer our employees competitive remuneration packages and all staff members have the opportunity to join the Company's Pension Plan. In addition, we operate a Company wide variable remuneration scheme.

Privium has supported different charitable foundations over the year: Help for Children, Alternatives 4 Children as well as organisations that individual members of staff are involved in.

T he interests of our customers and investors

Privium Fund Management (UK) Limited (Registered number: 06276584)

Strategic Report

for the Year Ended 31 December 2024

Together with our portfolio managers, service providers and business partners we want to offer a best-in-class service. In everything we do we have the (end) investor in mind. Our activities and services are to three types of business partners:

-Appointed Representatives

-Investment teams

-Other entities in the Group

Our investment teams focus on a variety of strategies. These might involve both liquid as well as illiquid instruments.

In line with market developments and international regulation Privium has a focus on ESG-related topics. Together with specialised service providers we aim to be at the forefront of this trend.

This report was approved by the board on 20 November 2025 and signed on its behalf.

ON BEHALF OF THE BOARD:

C Heijman - Director

20 November 2025

Privium Fund Management (UK) Limited (Registered number: 06276584)

Report of the Directors

for the Year Ended 31 December 2024

The directors present their report with the financial statements of the company for the year ended 31 December 2024.

DIVIDENDS

The loss for the year after taxation, amounted to £335,529 (2023: £233,123)

The directors do not recommend payment of a dividend for the year.

FUTURE DEVELOPMENTS

The pipeline of new business activities remained strong during 2024. Unfortunately, not all activities were able to be handled by the UK office due to the Voluntary Requirement (VREQ). Several of these initiatives can now be onboarded given the VREQ has now been lifted. We believe with the upgraded infrastructure Privium-UK will become a best-of-class partner that can offer different investment strategies to professional investors. Our global CRM-tool will allow us to monitor different aspects of potential investors.

EVENTS SINCE THE END OF THE YEAR

Information relating to events since the end of the year is given in the notes to the financial statements.

DIRECTORS

The directors shown below have held office during the whole of the period from 1 January 2024 to the date of this report.

C Heijman

M A Romanek

Other changes in directors holding office are as follows:

Mrs A Frogg-Spadola - appointed 15 November 2024

Mrs C Callaway was appointed as a director after 31 December 2024 but prior to the date of this report.

FINANCIAL INSTRUMENTS

See note 18 to the accounts.

STATEMENT OF DIRECTORS' RESPONSIBILITIES

The directors are responsible for preparing the Strategic Report, the Report of the Directors and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:

- | select suitable accounting policies and then apply them consistently;

- | make judgements and accounting estimates that are reasonable and prudent;

- | state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements;

- | prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

Privium Fund Management (UK) Limited (Registered number: 06276584)

Report of the Directors

for the Year Ended 31 December 2024

STATEMENT OF DIRECTORS' RESPONSIBILITIES - continued

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS

So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and each director has taken all the steps that he or she ought to have taken as a director in order to make himself or herself aware of any relevant audit information and to establish that the company's auditors are aware of that information.

AUDITORS

Under section 487(2) of the Companies Act 2006, Sawin & Edwards LLP will be deemed to have been

reappointed as auditors 28 days after these financial statements were sent to members or 28 days after the

latest date prescribed for filing the accounts with the registrar whichever is earlier.

ON BEHALF OF THE BOARD:

C Heijman - Director

20 November 2025

Report of the Independent Auditors to the Members of

Privium Fund Management (UK) Limited

Opinion

We have audited the financial statements of Privium Fund Management (UK) Limited (the 'company') for the year ended 31 December 2024 which comprise the Statement of Comprehensive Income, Balance Sheet, Statement of Changes in Equity, Cash Flow Statement and Notes to the Cash Flow Statement, Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

- | give a true and fair view of the state of the company's affairs as at 31 December 2024 and of its loss for the year then ended;

- | have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and

- | have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Material uncertainty relating to going concern

In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information

The directors are responsible for the other information. The other information comprises the information in the Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon.

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Report of the Independent Auditors to the Members of

Privium Fund Management (UK) Limited

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

- | the information given in the Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and

- | the Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Report of the Directors.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:

- | adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or

- | the financial statements are not in agreement with the accounting records and returns; or

- | certain disclosures of directors' remuneration specified by law are not made; or

- | we have not received all the information and explanations we require for our audit.

Responsibilities of directors

As explained more fully in the Statement of Directors' Responsibilities set out on pages five and six, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

Report of the Independent Auditors to the Members of

Privium Fund Management (UK) Limited

Auditors' responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

Discussions were held with the directors with a view to identifying those laws and regulations that could be expected to have a material impact on the financial statements. During the engagement team briefing, the outcomes of these discussions and enquiries were shared with the team, as well as consideration as to where and how fraud may occur in the entity.

The following laws and regulations were identified as being of significance to the entity:

- Those laws and regulations considered to have a direct effect on the financial statements include UK financial reporting standards, Company Law, FCA regulations, Tax and Pensions legislation, and distributable profits legislation.

- It is considered that there are laws and regulations for which non-compliance may be fundamental to the operating aspects of the business. These are FCA regulations.

Audit procedures undertaken in response to the potential risks relating to irregularities (which include fraud and non-compliance with laws and regulations) comprised of: inquiries of management and those charged with governance as to whether the entity complies with such laws and regulations; enquiries with the same concerning any actual or potential litigation or claims; inspection of relevant legal correspondence; review of board minutes; testing the appropriateness of entries in the nominal ledger, including journal entries; reviewing transactions around the end of the reporting period; and the performance of analytical procedures to identify unexpected movements in account balances which may be indicative of fraud.

No instances of material non-compliance were identified. However, the likelihood of detecting irregularities, including fraud, is limited by the inherent difficulty in detecting irregularities, the effectiveness of the entity's controls, and the nature, timing and extent of the audit procedures performed. Irregularities that result from fraud might be inherently more difficult to detect than irregularities that result from error. As explained above, there is an unavoidable risk that material misstatements may not be detected, even though the audit has been planned and performed in accordance with ISAs (UK).

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors.

Report of the Independent Auditors to the Members of

Privium Fund Management (UK) Limited

Use of our report

This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.

W K Sawin (Senior Statutory Auditor)

for and on behalf of Sawin & Edwards LLP Statutory Auditors

Studio 16

Cloisters House

8 Battersea Park Road

London

SW8 4BG

20 November 2025

Privium Fund Management (UK) Limited (Registered number: 06276584)

Statement of Comprehensive Income

for the Year Ended 31 December 2024

| 2024 |  | 2023

| Notes | £ | £ |

TURNOVER | 3 | 5,028,808 |  | 8,451,659 |  |

Cost of sales | (3,925,569 | ) | (7,089,666 | ) |

GROSS PROFIT | 1,103,239 |  | 1,361,993 |  |

Administrative expenses | (1,439,619 | ) | (1,613,116 | ) |

OPERATING LOSS and |

LOSS BEFORE TAXATION | (336,380 | ) | (251,123 | ) |

Tax on loss | 8 | 851 |  | 18,000 |  |

LOSS FOR THE FINANCIAL YEAR | (335,529 | ) | (233,123 | ) |

OTHER COMPREHENSIVE INCOME | - |  | - |  |

TOTAL COMPREHENSIVE INCOME FOR THE YEAR | (335,529 | ) | (233,123 | ) |

Privium Fund Management (UK) Limited (Registered number: 06276584)

Balance Sheet

31 December 2024

| 2024 |  | 2023

| Notes | £ | £ |

FIXED ASSETS

Tangible assets | 9 | 5,047 |  | 7,257 |  |

CURRENT ASSETS

Debtors | 10 | 733,279 |  | 711,734 |  |

Prepayments and accrued income | 79,456 |  | 34,018 |  |

Cash at bank | 232,369 |  | 227,528 |  |

1,045,104 |  | 973,280 |  |

CREDITORS

Amounts falling due within one year | 11 | (860,205 | ) | (640,774 | ) |

NET CURRENT ASSETS | 184,899 |  | 332,506 |  |

TOTAL ASSETS LESS CURRENT LIABILITIES | 189,946 |  | 339,763 |  |

CAPITAL AND RESERVES

Called up share capital | 13 | 610,712 |  | 425,000 |  |

Retained earnings | (420,766 | ) | (85,237 | ) |

SHAREHOLDERS' FUNDS | 189,946 |  | 339,763 |  |

The financial statements were approved by the Board of Directors and authorised for issue on 20 November 2025 and were signed on its behalf by:

C Heijman - Director

Privium Fund Management (UK) Limited (Registered number: 06276584)

Statement of Changes in Equity

for the Year Ended 31 December 2024

| Called up |

| share |  | Retained |  | Total

| capital |  | earnings |  | equity

£ | £ | £ |

Balance at 1 January 2023 | 425,000 |  | 147,886 |  | 572,886 |  |

Changes in equity

Total comprehensive income | - |  | (233,123 | ) | (233,123 | ) |

Balance at 31 December 2023 | 425,000 |  | (85,237 | ) | 339,763 |  |

Changes in equity

Issue of share capital | 185,712 |  | - |  | 185,712 |  |

Total comprehensive income | - |  | (335,529 | ) | (335,529 | ) |

Balance at 31 December 2024 | 610,712 |  | (420,766 | ) | 189,946 |  |

Privium Fund Management (UK) Limited (Registered number: 06276584)

Cash Flow Statement

for the Year Ended 31 December 2024

| 2024 |  | 2023

| Notes | £ | £ |

Cash flows from operating activities

Cash generated from operations | 1 | (199,139 | ) | (309,268 | ) |

Tax paid | - |  | (18,000 | ) |

Taxation refund | 18,851 |  | - |  |

Net cash from operating activities | (180,288 | ) | (327,268 | ) |

Cash flows from investing activities

Purchase of tangible fixed assets | (583 | ) | (4,764 | ) |

Net cash from investing activities | (583 | ) | (4,764 | ) |

Cash flows from financing activities

Share issue | 185,712 |  | - |  |

Net cash from financing activities | 185,712 |  | - |  |

Increase/(decrease) in cash and cash equivalents | 4,841 |  | (332,032 | ) |

Cash and cash equivalents at beginning of year | 2 | 227,528 |  | 559,560 |  |

Cash and cash equivalents at end of year | 2 | 232,369 |  | 227,528 |  |

Privium Fund Management (UK) Limited (Registered number: 06276584)

Notes to the Cash Flow Statement

for the Year Ended 31 December 2024

1. | RECONCILIATION OF LOSS BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS

| 2024 |  | 2023

£ | £ |

| Loss before taxation | (336,380 | ) | (251,123 | ) |

| Depreciation charges | 2,793 |  | 2,067 |  |

(333,587 | ) | (249,056 | ) |

| (Increase)/decrease in trade and other debtors | (84,983 | ) | 832,491 |  |

| Increase/(decrease) in trade and other creditors | 219,431 |  | (892,703 | ) |

| Cash generated from operations | (199,139 | ) | (309,268 | ) |

2. | CASH AND CASH EQUIVALENTS

| The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts:

| Year ended 31 December 2024

| 31.12.24 |  | 1.1.24

£ | £ |

| Cash and cash equivalents | 232,369 |  | 227,528 |  |

| Year ended 31 December 2023

| 31.12.23 |  | 1.1.23

£ | £ |

| Cash and cash equivalents | 227,528 |  | 559,560 |  |

3. | ANALYSIS OF CHANGES IN NET FUNDS

| At 1.1.24 | Cash flow | At 31.12.24

£ | £ | £ |

| Net cash |

| Cash at bank | 227,528 |  | 4,841 |  | 232,369 |  |

227,528 |  | 4,841 |  | 232,369 |  |

| Total | 227,528 |  | 4,841 |  | 232,369 |  |

Privium Fund Management (UK) Limited (Registered number: 06276584)

Notes to the Financial Statements

for the Year Ended 31 December 2024

1. | STATUTORY INFORMATION

| Privium Fund Management (UK) Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

| The presentation currency of the financial statements is the Pound Sterling (£).

| The financial statements present information about the company as a single entity.

2. | ACCOUNTING POLICIES

| Basis of preparing the financial statements

| The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

| The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies (see note below).

| The following principal accounting policies have been applied:

| Going concern

| The company made a loss before tax of £336,380 (2023: £251,123) in the year to 31 December 2024. The company's projections indicate that it will have adequate working capital in the foreseeable future to meet its liabilities as they fall due.

| The directors monitor the company's capital adequacy very carefully, ensuring there is an appropriate buffer surplus in excess of the regulatory capital required by the FCA.

| The directors have confirmed that, after due consideration of the factors above, they have a reasonable expectation that the Company has adequate resources to continue in operational existence for the foreseeable future. For this reason, they continue to adopt the going concern basis in preparing the financial statements.

| Revenue

| Revenue is recognised to the extent that it is probable that the economic benefits will flow to the company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Privium Fund Management (UK) Limited (Registered number: 06276584)

Notes to the Financial Statements - continued

for the Year Ended 31 December 2024

| Tangible fixed assets

| Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

| Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

| Depreciation is provided on the following basis:

| Office equipment - 25% straight line basis

| The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

| Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

| Operating leases: the Company as lessee

| Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

| Debtors

| Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

| Cash and cash equivalents

| Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

| Financial instruments

| The Company only enters into basic financial instrument transactions that result in the recognition of

| financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.

| For financial assets measured at cost less impairment, the impairment loss is measured as the difference between an asset's carrying amount and best estimate of the recoverable amount, which is

| an approximation of the amount that the Company would receive for the asset if it were to be sold at the reporting date.

| Creditors

| Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at

| amortised cost using the effective interest method.

Privium Fund Management (UK) Limited (Registered number: 06276584)

Notes to the Financial Statements - continued

for the Year Ended 31 December 2024

| Foreign currency translation

| Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

| At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

| Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.

| Finance costs

| Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

| Pensions

| The company contributes into employees' and directors' personal pension schemes. The contributions are recognised as an expense in the Statement of Comprehensive Income when they fall due. Amounts not paid are shown in accruals as a liability in the Statement of Financial Position. The assets of the schemes are held separately from the company in independently administered funds.

| Provisions for liabilities

| Provisions are made where an event has taken place that gives the Company a legal or constructive obligation that probably requires settlement by a transfer of economic benefit, and a reliable estimate

| can be made of the amount of the obligation.

| Provisions are charged as an expense to profit or loss in the year that the Company becomes aware of the obligation, and are measured at the best estimate at the reporting date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties.

| When payments are eventually made, they are charged to the provision carried in the Statement of Financial Position.

Privium Fund Management (UK) Limited (Registered number: 06276584)

Notes to the Financial Statements - continued

for the Year Ended 31 December 2024

| Current and deferred taxation

| The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss

| except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

| The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the Company operates and generates income.

| Deferred tax balances are recognised in respect of all timing differences that have originated but not

| reversed by the reporting date, except that:

| The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and

| Any deferred tax balances are reversed if and when all conditions for retaining associated tax

| allowances have been met.

| Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of

| assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

| Judgments in applying accounting policies and key sources of estimation uncertainty

| In the process of applying its accounting policies, the company is required to make certain estimates,

| judgements and assumptions that it believes are reasonable based on the information available. These judgements, estimates and assumptions affect the amounts of assets and liabilities at the date of the financial statements and the amounts of revenues and expenses recognised during the reporting periods presented.

| On an ongoing basis, the company evaluates its estimates using historical experience, consultation with experts and other methods considered reasonable in the particular circumstances. Actual results may differ significantly from the estimates, the effect of which is recognised in the period in which the facts that give rise to the revision become known.

| The following paragraphs detail the estimates and judgements the company believes to have the most significant impact on the annual results under FRS 102.

| Revenue recognition and allowance for doubtful receivables

| The company recognises revenue at the time of delivery of the services and when collection of the resulting receivable is reasonably assured. When the company considers that the criteria for revenue recognition are not met for a transaction, revenue recognition is delayed until such time as collectability is reasonably assured. Payments received in advance of revenue recognition are recorded as deferred income.

| At each reporting date, the company evaluates the recoverability of trade receivables and record allowances for doubtful receivables based on experience. These allowances are based on, amongst other things, a consideration of actual collection history. The actual level of receivables collected may differ from the estimated levels of recovery, which could impact operating results positively or negatively.

Privium Fund Management (UK) Limited (Registered number: 06276584)

Notes to the Financial Statements - continued

for the Year Ended 31 December 2024

3. | TURNOVER

| The turnover and loss before taxation are attributable to the one principal activity of the company.

| An analysis of turnover by class of business is given below:

| 2024 |  | 2023

£ | £ |

| Investment management & advice | 5,028,808 |  | 8,451,659 |  |

5,028,808 |  | 8,451,659 |  |

| An analysis of turnover by geographical market is given below:

| 2024 |  | 2023

£ | £ |

| United Kingdom | 5,028,808 |  | 8,451,659 |  |

5,028,808 |  | 8,451,659 |  |

4. | EMPLOYEES AND DIRECTORS

| 2024 |  | 2023

£ | £ |

| Wages and salaries | 849,299 |  | 882,429 |  |

| Social security costs | 105,296 |  | 107,570 |  |

| Other pension costs | 38,645 |  | 44,517 |  |

993,240 |  | 1,034,516 |  |

| The average number of employees during the year was as follows:

| 2024 |  | 2023

| Management | 2 |  | 2 |  |

| Operations, compliance, risk management | 9 |  | 10 |  |

| Finance, human resources, administration | 1 |  | 1 |  |

12 |  | 13 |  |

5. | DIRECTORS' EMOLUMENTS

| The directors' remuneration for the year was as follows:

|  | 2024 |  | 2023 |  |

| £ |  | £ |  |

| Remuneration |  | 80,854 |  | 80,854 |  |

| Pension contribution |  | 6,125 |  | 6,300 |  |

Privium Fund Management (UK) Limited (Registered number: 06276584)

Notes to the Financial Statements - continued

for the Year Ended 31 December 2024

6. | OPERATING LOSS

| The operating loss is stated after charging:

| 2024 |  | 2023

£ | £ |

| Other operating leases | 138,218 |  | 133,979 |  |

| Depreciation - owned assets | 2,793 |  | 2,067 |  |

| Foreign exchange differences | 7,762 |  | 12,751 |  |

7. | AUDITORS' REMUNERATION

| 2024 |  | 2023

£ | £ |

| Fees payable to the company's auditors and their associates for the audit of the company's financial statements | 10,600 |  | 10,725 |  |

| Other services relating to taxation | 1,300 |  | 1,300 |  |

| Accounts preparation | 2,600 |  | 2,600 |  |

8. | TAXATION

| Analysis of the tax credit

| The tax credit on the loss for the year was as follows:

| 2024 |  | 2023

£ | £ |

| Current tax:

| UK corporation tax | (851 | ) | (18,000 | ) |

| Tax on loss | (851 | ) | (18,000 | ) |

| Reconciliation of total tax credit included in profit and loss

| The tax assessed for the year is higher than the standard rate of corporation tax in the UK. The difference is explained below:

| 2024 |  | 2023

£ | £ |

| Loss before tax | (336,380 | ) | (251,123 | ) |

| Loss multiplied by the standard rate of corporation tax in the UK of 25% (2023 - 19%) | (84,095 | ) | (47,713 | ) |

| Effects of:

| Expenses not deductible for tax purposes | 295 |  | 635 |  |

| Capital allowances in excess of depreciation | (146 | ) | (936 | ) |

| Adjustments to tax charge in respect of previous periods | - |  | 30,014 |  |

| Losses carried forward | 83,095 |  | - |  |

| Total tax credit | (851 | ) | (18,000 | ) |

Privium Fund Management (UK) Limited (Registered number: 06276584)

Notes to the Financial Statements - continued

for the Year Ended 31 December 2024

9. | TANGIBLE FIXED ASSETS

| Computer

| equipment

£ |

| COST

| At 1 January 2024 | 20,163 |  |

| Additions | 583 |  |

| At 31 December 2024 | 20,746 |  |

| DEPRECIATION

| At 1 January 2024 | 12,906 |  |

| Charge for year | 2,793 |  |

| At 31 December 2024 | 15,699 |  |

| NET BOOK VALUE

| At 31 December 2024 | 5,047 |  |

| At 31 December 2023 | 7,257 |  |

10. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |

2024 | 2023 |

£ | £ |

| Trade debtors | 625,562 |  | 557,235 |  |

| Amounts owed by group undertakings | 56,237 |  | 108,387 |  |

| Other debtors | 51,480 |  | 46,112 |  |

733,279 |  | 711,734 |  |

11. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |

2024 | 2023 |

£ | £ |

| Trade creditors | 558,535 |  | 395,710 |  |

| Amounts owed to group undertakings | 58,462 |  | 39,746 |  |

| Social security and other taxes | 81,954 |  | 37,839 |  |

| Other creditors | 5,897 |  | 11,734 |  |

| Directors' Loan Accounts | 83,308 |  | 27,365 |  |

| Subordinated loan | 51,537 |  | 100,000 |  |

| Accrued expenses | 20,512 |  | 28,380 |  |

860,205 |  | 640,774 |  |

| .

Privium Fund Management (UK) Limited (Registered number: 06276584)

Notes to the Financial Statements - continued

for the Year Ended 31 December 2024

12. | LEASING AGREEMENTS

| Minimum lease payments under non-cancellable operating leases fall due as follows:

2024 | 2023 |

£ | £ |

| Within one year | 120,875 |  | 940 |  |

| Between one and five years | - |  | 235 |  |

120,875 |  | 1,175 |  |

13. | CALLED UP SHARE CAPITAL

| Allotted, issued and fully paid:

| Number: | Class: | Nominal | 2024 | 2023 |

| value: | £ | £ |

| 610,712 | Ordinary | £1 | 610,712 |  | 425,000 |  |

| 185,712 Ordinary shares of £1 each were allotted and fully paid for cash at par during the year.

14. | PENSION COMMITMENTS

| The company contributes to the directors' and employees' personal pension schemes. The assets of the schemes are held separately from those of the company in an independently administered fund. The pension cost charge represents contributions payable by the company to the schemes and amounted to £38,405 (2023: £44,277). Contributions totalling £3,869 (2023: £6,733) were payable to the schemes at the balance sheet date.

15. | RELATED PARTY DISCLOSURES

| Included within creditors are subordinated loans amounting to £51,537 (2023: £100,000) from Cleardown B.V., the immediate controlling party.

| Included within creditors is an amount owed of £83,308 (2023: £27,365) to C Heijman, a Director of the company.

| The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102

| 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

| The executive directors of the company are considered to be key management personnel and remuneration (including pension and consultancy fees) paid to them during the year amounted to £90,979 (2023: £91,138).

Privium Fund Management (UK) Limited (Registered number: 06276584)

Notes to the Financial Statements - continued

for the Year Ended 31 December 2024

16. | POST BALANCE SHEET EVENTS

| On 31 March 2025, 112,500 shares were issued amounting to £112,500.

| On 27 June 2025, 88,112 shares were issued amounting to £88,112.

| On 29 September 2025, 111,000 shares were issued amounting to £111,000.

| The company entered into a new lease agreement in October 2025 for a period of 25 months. The total amount payable (excluding VAT) over the term of the lease amounted to £118,100.

17. | ULTIMATE CONTROLLING PARTY

| The ultimate parent undertaking is Cleardown B.V., a company registered in the The Netherlands. THe ultimate controlling party is C. Heijman, a director of the company.

18. | FINANCIAL INSTRUMENTS

| The company’s principal financial instruments comprise cash at bank, the main purpose of which is to finance the company’s operations and expansion. The company has other financial instruments such as trade debtors and trade creditors which arise directly from normal trading.

| The company has not entered into any derivative or other hedging instruments.

| Liquidity risks

| Liquidity risk is the risk the company will not be able to meet its financial obligations as they fall due.

| The company’s policy throughout the period has been to ensure that it has adequate liquidity to meet its liabilities when due by careful management of its working capital.

| Currency risks

| The company undertakes transactions principally in USD, Euro and Pounds Sterling. While the company continually monitors its exposure to movements in currency rates, it does not utilise hedging instruments to protect against currency risks.