Date of last update July 23, 2024

Contact information for the Company is as follows:

• Company name: Mereau Finance
• Trade name: Crypto Assets Management
• Legal form: Société par actions simplifiée
• R.C.S : 894 424 902 Paris
• Share capital: 2,000 euros
• Head office: 14 ue Ernest Psichari, 75007 Paris
• Legal representative: Mr Tristan Goutte
• Contact: tristan.g@crypto-assets-management.com

1 - Principles

The aim of this pricing policy is to specify :

• The pricing rules applicable to the services provided by Mereau Finance; and
• The conditions for monitoring, distributing and modifying this pricing policy.

This policy is subject to change and will be updated at regular intervals and in response to events such as new regulatory requirements, new customer categories, changes to our business or services, or any other structuring event.

2 - Services offered

As a reminder, Mereau Finance offers a "discretionary management solution" for "digital asset portfolios" for "private individuals" and "companies" (be they individuals, legal entities or other businesses) via a "personalized management mandate", categorizing the investor's risk profile between "defensive portfolio", "classic portfolio" and "offensive portfolio".

Relations between Mereau Finance and its customers are contractually managed via a management mandate subject to an advanced or qualified electronic signature or a valid advanced or qualified electronic seal based on a qualified certificate using a qualified electronic registered mail service including the identity of the signatory or seal creator and delivered by a qualified trust service provider registered on a national trust list pursuant to Article 22 of Regulation (EU) No. 910/2014 of July 23, 2014, on electronic identification and trust services for electronic transactions in the internal market́.

In substance, the management mandate stipulates that :

Contents	Source
Mereau Finance acts in the name and on behalf of its principal, who entrusts it with a general mandate to manage one or more digital asset portfolios.	Preamble
The principal undertakes to make an initial transfer and any subsequent deposits to the bank account of the selected exchange platform (currently Binance).	Article 1.1
The principal authorizes Mereau Finance to manage freely, in its name and on its behalf, ". discretionary and individualized "In this way, we are able to acquire or sell digital assets.	Article 1.2
Performance fees due for each period are invoiced together with a management report drawn up by Mereau Finance.	Article 1.4
Risk factors	Article 2
Mereau Finance acts solely through centralized exchange platforms and does not hold or retain any private keys belonging to the principal. These platforms exclusively ensure the safekeeping of the private key(s) belonging to the principal. In this respect, it is agreed that Mereau Finance does not provide a digital asset custody service within the meaning of articles L. 54-10-2 1° and D. 54-10-1 1° of the French Monetary and Financial Code, which the Principal expressly acknowledges and accepts.	Article 2.3
Mereau Finance in no way guarantees the maintenance or growth of the value of the deposit and of the portfolios under management, and the principal expressly acknowledges having been fully informed of the risk of partial or total capital loss to which he/she is exposed.	Article 3.2
The contract is subject to French law.	Article 10.1

3 - Discovery pack customers

For the purposes of Mereau Finance's services, a "discovery pack customer" is defined as a customer, whether an individual, a legal entity or another company, with an investment commitment of less than €20,000 and more than €5,000.

The pricing policy applicable to "discovery pack" customers is as follows:

• Minimum subscription: €5,000

• Entry fee charged by Mereau Finance: 1.5 %

• A management fee of 2.5 % excl. VAT (i.e., to which will be added, where applicable, the applicable VAT) of the value of all portfolios under management with Mereau Finance. These management fees are calculated, invoiced and paid annually in accordance with the provisions of the management mandate.

• A performance fee of 20 % excl. VAT (i.e., to which will be added, where applicable, the applicable VAT) of the capital gain realized on the value of all the portfolios under management compared with the previous period. Performance fees are payable by the principal to Mereau Finance, on the last day of each calendar year following the effective date of the management mandate, only if the value on that date of all the portfolios under management is higher than on the last day of the previous calendar year (after deduction of any performance fees due for the previous calendar year), it being specified, however, that for the first year following the entry into force of the management mandate, the initial benchmark will be the amount of the investment actually released on the date of entry into the relationship. These performance fees are calculated, invoiced and paid annually in accordance with the provisions of the management mandate.

• Exit fee of 3 % excl. VAT (i.e., plus applicable VAT where applicable) of the value of all portfolios under management to be liquidated following a termination request made by the customer under the management mandate. These exit fees are calculated, invoiced and paid in accordance with the provisions of the management mandate.

• Transaction fees, brokerage fees and other currency or digital asset transaction costs associated with Mereau Finance's discretionary management services are borne by the customer.

Mereau Finance partners may charge additional fees to Mereau Finance "discovery pack" customers for their own services, in accordance with the terms and conditions agreed between the partners and the customers concerned.

4 - Premium pack customers

For the purposes of Mereau Finance's services, a "premium pack customer" is a customer, whether an individual, a legal entity or another company, whose minimum investment commitment is greater than or equal to €20,000.

The pricing policy for "pack premium" customers is as follows:

• Minimum investment commitment of €20,000, fully paid up at the time of initial subscription.

• Entry fee charged by Mereau Finance: 1.5 %

• A management fee of 2.5 % excl. VAT (i.e., to which will be added, where applicable, the applicable VAT) of the value of all portfolios under management with Mereau Finance. These management fees are calculated, invoiced and paid annually in accordance with the provisions of the management mandate.

• Performance fee of 20 % excl. tax (i.e., to which will be added, where applicable, the applicable VAT) of the capital gain realized on the value of all the portfolios under management in excess of the benchmark index provided for in the management mandate, and subject to the application of the high water mark (HWM).

As a reminder, depending on the customer's classification (conservative portfolio, balanced portfolio or dynamic portfolio), the benchmark is defined as follows:

• For the conservative option, the benchmark will be 65 % of Bitcoin and 35 % of stablecoins.
  • For the balanced option, the reference index will be composed of 75 % of Bitcoin and 25 % of stablecoins.
  • For the dynamic option, the reference index will be composed of 85 % of Bitcoin and 15 % of stablecoins.

The calculation of performance fees is therefore a combination of the benchmark method and the high water mark (HWM) method:

• The benchmark allows the client to be billed only for outperformance.
• The "high water mark" (HWM) means that the customer is not charged during bearish periods. The outperformance achieved during bearish periods is carried over to the next bullish period thanks to the high water mark (HWM), until it is exhausted.

Performance fees are payable by the client to Mereau Finance, on the last day of each calendar quarter following the effective date of the management mandate, only if the performance of the portfolios under management at that date exceeds that of the benchmark index for the selected option (defensive, classic or offensive), and subject to the application of the high water mark (HWM), after deduction of any performance fees due in respect of the said calendar quarter, it being specified however that for the first calendar quarter following the entry into force of the management mandate, the initial benchmark will be the amount of its investment effectively released on its date of entry into relationship.

After each billing, the high water mark (HWM) is raised to the value of all the portfolios under management at that date:

• When the quarter's performance is negative but less negative than that of the benchmark index, Mereau Finance does not charge any performance fees for the quarter, but the high water mark (HWM) is not reset to the value of all the portfolios under management at that date, as it would be in the case of invoicing following outperformance above the benchmark index and the high water mark (HWM).
• When the quarter's performance is negative but less negative than that of the benchmark index, the performance fee is carried over to the next upward period, until it is used up, as long as the customer remains a Mereau Finance customer.

Notwithstanding the foregoing, if the customer requests the termination of his management mandate in accordance with its terms, outperformance during a downturn (i.e. when the quarter's performance is negative but less negative than that of the benchmark index) will be subject to a performance fee.

• Exit fee charged by Mereau Finance: 1.5% if withdrawal before 3 years.

Transaction fees, brokerage fees and other currency or digital asset transaction costs associated with Mereau Finance's discretionary management services are borne by Mereau Finance, where applicable by deducting them from management fees and/or performance fees.

Mereau Finance partners may charge Mereau Finance premium pack customers additional fees for their own services, in accordance with the terms and conditions agreed between the partners and the customers concerned.

5 - Monitoring, updating and disseminating pricing policy

1.1. Device

The obligations of the present pricing policy are integrated into the establishment's operating procedures and internal control procedures. It is the responsibility of the Chairman of Mereau Finance, within the scope of his duties (permanent, compliance and periodic controls), to ensure the correct application of these procedures.

1.2 Internal control of pricing policy

The pricing policy is monitored on an ongoing basis to ensure compliance.

These checks cover the following areas:

• customer classification ;
• compliance with the pricing policy established for each type of customer;
• the calculation of Mereau Finance's remuneration; and
• Mereau Finance to cover transaction costs.

1.3. Fare policy update frequency

The pricing policy is updated as and when necessary, in particular to take account of new regulatory requirements, new customer categories, changes in activity, services offered or any other structuring event.

Any change in pricing policy must be approved in writing by the Chairman of Mereau Finance, and validated by its Managing Director.

1.4. Fare policy dissemination

The company's pricing policy is circulated to all relevant staff in France, and is made available in an area communicated to all employees.