Bienville Capital Management, LLC (“Bienville”, the “Firm” or “we”) is an investment firm that works with a select group of sophisticated families and institutional clients as an advisor and fund manager. The Firm was formed in December 2008, under the laws of the State of Delaware and has its principal place of business in New York City. The principal owners of the Firm are M. Cullen Thompson, Jr., William H. Stimpson, II and Ralph F. Reynolds (through his wholly owned limited liability company, MoonPie Management, LLC and the Ralph F. Reynolds Children's Trust of 2011). Bienville provides customized investment advisory services on a discretionary and non-discretionary basis to its advisory clients (“Advisory Clients”), provides consulting services on a non-discretionary basis to a select number of consulting clients (“Consulting Clients”) and serves as the investment manager to private funds and certain institutional separately managed accounts as described below (collectively, the “Private Funds”, and together with the Advisory Clients and Consulting Clients, the “Clients”). The Firm works closely with its Advisory Clients to identify their goals, objectives, risk tolerance, tax sensitivities and liquidity needs and then constructs portfolios tailored to the individual Client. The Firm also works closely with a select number of Consulting Clients to identify their goals, objectives, risk tolerance and liquidity needs and then advises on such Clients’ existing investment portfolios and asset allocation and upon request, provides economic and financial market analysis and risk analysis. Importantly, the principals of the Firm and their families are Advisory Clients of the Firm. The Firm’s Private Funds are managed in accordance with the applicable Private Fund’s strategy, investment objectives, restrictions and guidelines as set forth in the governing documents applicable to such Private Funds and are not tailored to the individualized needs of any particular investor in the Private Funds. For the avoidance of doubt, in connection with the Private Funds, investment advice is provided directly to the Private Funds and not individually to the Private Funds’ investors. Therefore, prospective investors should consider whether a particular Private Fund meets their investment objectives and risk tolerance prior to investing. Information about each of the Private Funds can be found in its offering documents and its limited partnership agreement or limited liability company agreement. Bienville invests across geographies and asset classes in the Private Funds, utilizing an unconstrained and opportunistic approach in constructing portfolios. Fundamental macro analysis is the starting point of the Firm’s research process, enabling it to understand the landscape and identify areas of potential interest as well as areas to avoid. Bienville allocates capital directly or

to external managers or externally managed private funds. Bienville serves as the investment manager to the following Private Funds:
• Concentrated Opportunity Funds: Bienville Private Holdings II, a separate series of Bienville Opportunities Master Series Fund, LLC, Bienville Private Holdings III, a separate series of Bienville Opportunities Master Series Fund, LLC, Bienville Fractal Seed Fund, a separate series of Bienville Opportunities Master Series Fund, LLC, Bienville Fractal Early-Stage Fund, a separate series of Bienville Opportunities Master Series Fund, LLC, Bienville Fractal Seed Fund II, a separate series of Bienville Opportunities Master Series Fund, LLC and from time to time, certain thematic institutional separately managed accounts (collectively, the “Opportunity Funds”);
• Informatic Funds: Informatic Capital Onshore Fund, LP, Informatic Capital Offshore Fund, Ltd. and Informatic Capital Master Fund, LP (collectively, the “Informatic Funds”); and
• Hybrid Strategy Funds: Bienville Capital Partners, LP, Bienville Ventures, LP, Bienville Private Opportunities Fund, a separate series of Bienville Opportunities Master Series Fund, LLC, Bienville Private Opportunities Fund II, a separate series of Bienville Opportunities Master Series Fund, LLC and Bienville Blockchain Fund, a separate series of Bienville Opportunities Master Series Fund, LLC (collectively, the “Hybrid Funds”). Interests in the Private Funds are privately offered pursuant to Regulation D under the Securities Act of 1933, as amended (the “Securities Act”). Bienville acts as a sub-advisor to a small number of separately managed accounts across our advisory and institutional separate account clients. Bienville does not participate in, nor is it a sponsor of, any wrap fee programs. As of December 31, 2023, Bienville managed $3,302,656,548 in total Regulatory Assets Under Management (as defined on Part 1 of Form ADV), which includes: ● $1,480,597,463 in assets managed on a discretionary basis; and ● $1,822,059,085 in assets managed on a non-discretionary basis. The Firm also advises on other assets that are not included in its Regulatory Assets Under Management, which include:
• $503,272,137 in assets for which the Firm provides consulting advice but does not arrange or effect securities transactions.1 1 Please note that Bienville’s method for computing assets for which it provides consulting advice provided in this Item 4.E is different from the method for computing “regulatory assets under management” required for Item 5.F in ADV Part 1A. Bienville’s “regulatory assets under management” as of December 31, 2023 can be found in its response to Item 5.F of Form ADV Part 1A, which is available at www.adviserinfo.sec.gov.