Bay Hills Capital Management LLC

Item 5. Fees and Compensation
BHC is compensated for its advisory services through management and performance-based fees. Fee
structures will vary by fund type. The BHCP Funds charge a management fee of 1% of the aggregate
investor capital commitments through the sixth anniversary of the initial close. Thereafter, a step-down
process for the fee rate will initiate, and a reduced management fee based on aggregate investor capital
commitments is charged until the termination of the fund. BHCP Fund management fees are generally not
negotiable.

Performance based fees (carried interest) vary depending on the investment mandate. Each BHCP Fund

provides its general partner with a 5% aggregate profit share after limited partners have received
distributions equal to the amount of their capital contributions plus a preferred return of 12%.

Each BHC fund will pay for expenses relating to the organization and formation of such fund and the
placement of limited partner interests in the fund up to an amount specified in the limited partnership
agreement. Organizational expenses in excess of this amount will be paid by the fund but borne by the
general partner or the adviser of the fund through an offset against the management fee.

More information on the fees and compensation of each BHC Fund can be found in the limited partnership
agreements of the respective fund.

Item 7. Types of Clients
BHC serves as a discretionary investment advisor to the BHC Funds. As of December 31, 2025, the BHC
Funds comprise ten limited partnerships and 471 underlying investors, which include high net worth
individuals, family trusts, corporate plans, non-profit institutions, private funds and a public pension.

Potential investors in the BHC Funds must be “accredited investors” as defined in Rule 501(a) under
Regulation D of the Securities Act of 1933, or “qualified purchasers” as defined in Section 2(a)(51) of the
Investment Company Act of 1940.

Each BHCP Fund requires an initial minimum investment of $1,000,000, which, on occasion, may be waived
in the sole discretion of the general partner.