Grayscale Livepeer Trust (LPT) is a passive entity. The Trust holds Livepeer Token (LPT) and, from time to time on a periodic basis, issues Creation Baskets in exchange for deposits of LPT. As a passive investment vehicle, the Trust’s investment objective is for the value of the shares (based on LPT per share) to reflect the value of LPT held by the Trust, determined by reference to the reference rate price, less the Trust’s expenses and other liabilities. The activities of the Trust are limited to issuing Baskets in exchange for LPT transferred to the Trust as consideration in connection with the creations; transferring or selling LPT, Incidental Rights and IR Virtual Currency as necessary to cover the sponsor’s fee and/or any additional trust expenses; transferring LPT in exchange for Baskets surrendered for redemption; causing the sponsor to sell LPT, Incidental Rights and IR Virtual Currency on the termination of the Trust; and others. Its sponsor is Grayscale Investments, LLC.