Bolstering the Permuto Board with Industry-Leading Financial and Technology Executives

Permuto Capital LLC (Permuto), a joint venture between 3V Capital Partners SE LLC (3V Capital Partners) and Chia Network Inc. (Chia Network), today announced submission of amended registration statements for the MSFT Trust initially filed on January 15, 2025, and the AVGO and AAPL Trusts filed on February 28, 2025.

The amended registration statements include the appointment of Gene Hoffman and Trent Martensen, Co-CEOs, as Board Members, with Hoffman serving as Chairman of the Board. Additionally, Permuto appointed three independent board members, Noor Menai, David Frazee, and Willayna Banner, to the leadership team of Permuto. Both Mr. Menai and Mr. Frazee are board members of Chia Network Inc.

• Noor Menai has served as a member of the Board of Directors of Permuto Capital since June 2025. Mr. Menai has served as the Chief Executive Officer and President of CTB Bank USA and as President of the associated bank holding company, California Capital Corp, since November 2012. Prior to that, he served in several other senior roles at CTBC Bank, as well as serving in several senior domestic and global roles for Citigroup from 1997 to 2006. Mr. Menai has served as a committee member of the Federal Reserve Bank of San Francisco’s Community Depository Institutions Advisory Council since January 2022, on the board of directors for Chia Network Inc. since August 2023, on the board of directors for CTB Bank USA and California Capital Corp since November 2012, and on the board of directors of the International Bankers Association of California since June 2012.
  
  

• David Frazee has served as a member of the Board of Directors of Permuto Capital since June 2025. Mr. Frazee has served as a managing partner of Richmond Global Ventures, a venture capital firm, since September 2013. Mr. Frazee also co-founded Demystifying Silicon Valley, an educational forum for venture capital investors and entrepreneurs, and has served as its Chief Executive Officer since June 2020. Mr. Frazee has served on the board of directors for Chia Network Inc. since May 2021. Mr. Frazee was a partner at K&L Gates LLP, a law firm, from February 2010 to August 2013.
  
  

• Willayna Banner has served as a member of the Board of Directors of Permuto Capital since June 2025. Ms. Banner served in various roles at Microsoft, including as Senior Director, Head of Growth & Innovation for Retail, Consumer Goods and Agriculture in Product Engineering from March to November 2024, Senior Director, Head of Web3/Blockchain, Financial Services & Trust from May 2022 to March 2024, and Director, Head of Worldwide Financial Services Strategy Enablement from September 2020 to May 2022. Ms. Banner served in various roles at Wells Fargo, most recently as Senior Vice President for Business Delivery Executive, Cards, Retail and Merchant Services from November 2016 to September 2020. Ms. Banner also served in various roles at Bank of America, most recently as Senior Vice President Business Controls Executive from October 2010 to November 2016.

The proposed offering will be made only by means of a prospectus. Copies of the preliminary prospectuses related to these offerings, when available, may be obtained by email at info@permuto.capital.

Registration statements relating to these securities have been filed with the SEC but have not yet become effective. These securities may not be sold, nor may offers to buy be accepted, prior to the time the registration statement becomes effective. This press release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation, or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.

The offerings are subject to market conditions, and there can be no assurance as to whether or when the offerings may be completed, or as to the actual size or other terms of the offerings.

About Permuto Capital

Permuto, based in New York City and South San Francisco, is dedicated to advancing innovative financial solutions for institutional and retail investors. With a commitment to integrity and strategic growth, we aim to drive progress in an ever-evolving marketplace. For more information on Permuto, visit www.permuto.capital.

About 3V Capital Partners SE LLC

3V Capital Partners focuses on the democratization of innovative financial solutions that were traditionally only offered to qualified institutional buyers and carried significant fee drag. 3V Capital Partners utilizes cutting-edge technology and rigid risk management standards to ensure our products carry the lowest possible fee for investors and minimize counterparty risk. Founded by a team of technology-focused investment bankers, the firm seeks to innovate financial markets and enable investors to better manage risk and customize exposure to public securities.

About Chia Network Inc.

Chia Network delivers software to enable enterprises to tokenize, custody, and trade any asset, while ensuring auditable authenticity and provenance. Created by Bram Cohen, the inventor of BitTorrent, the underlying open source, public Chia blockchain provides the secure and regulatory-compliant infrastructure for One Market.

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