Foxhaven Asset Management LP

Item 5: Fees and Compensation
Foxhaven’s compensation for the investment advisory services it provides to the Funds is comprised
of an asset-based management fee and a performance allocation that is based on the performance
achieved for the accounts of the Investors.

    Form ADV Part 2 Brochure | Foxhaven Asset Management, LP                      March 27, 2026

All of the Investors are “qualified purchasers” (as defined in Section 2(a)(51) of the Investment
Company Act of 1940, as amended (the “1940 Act”)).

Foxhaven will deduct its management fees from the Funds quarterly in advance and Foxhaven will
receive performance-based allocations from the Funds on an annual basis in arrears and upon
redemptions by Investors in the Funds. The fees and expenses applicable to each Fund are set forth
in detail in each of the Fund's respective offering memorandums. As the performance allocation is
not the product of an arm’s length negotiation with any third party, and because the performance
allocation will be calculated on a basis that includes unrealized appreciation of a Fund’s assets (other
than with respect to Special Situation Investments), such compensation may be greater than if it
were based solely on realized gains. Special Situation Investments are investments in securities or
other instruments that the General Partner determines to be either illiquid or lacking a readily or
reliably ascertainable fair value and which the General Partner, in its sole discretion, designates as
special situation investments, along with any hedges and/or financing associated with such positions
(“Special Situation Investments”).

Operating Expenses

In addition to the fees described above, each Fund bears all of its own (and, if applicable, a pro rata
share of its master fund’s) expenses (and each Investor in a Fund bears its share) as more fully
described in each Fund’s Offering Document. The expenses include, but are not limited to:

       Transaction and Investment Related Expenses, including brokerage commissions, clearing
       and settlement charges, custodial fees, interest expenses, initial and variation margin,
       consulting, advisory, investment banking and other professional fees relating to particular
       investments or contemplated investments, research-related expenses (but excluding travel
       expenses and Bloomberg research services not directly related to the trading or monitoring
       of the Fund’s portfolio), and fees and expenses of third-party providers of research and
       portfolio risk management services (including, without limitation, the costs of risk
       management software and database packages).
       Fund Administration Expenses, including legal (including with respect to litigation, if
       any), accounting, the management fee, and the Fund administrator fees and expenses.
       Auditing and Tax Preparation Expenses, including, audit and tax advice and preparation
       fees and expenses.
       Regulatory; Compliance and Insurance Expenses, including expenses related to regulatory
       and compliance filings associated with the Fund and its investment activities, insurance
       costs (including, without limitation, directors and officers insurance, errors and omissions
       insurance and other similar policies), filing and registration fees.
        Software Expense, including, without limitation, third-party and out-of-pocket fees and
       expenses relating to systems and software used in connection with the operation of the Fund
       and investment related activities (including, without limitation, any accounting, risk
       management, trading and administrator-like functions that Foxhaven performs in-house).
       Other Expenses, including, without limitation, extraordinary expenses (including
       indemnification or litigation expenses and any judgments or settlements paid in connection
       therewith), all other costs and expenses arising out of the Fund's indemnification obligations,
       fees and costs relating to any Fund directors, marketing expenses, any entity-level taxes,

    Form ADV Part 2 Brochure | Foxhaven Asset Management, LP                     March 27, 2026

       fees or other governmental charges levied against the Fund, wind-up and liquidation
       expenses and any other expenses not arising in the ordinary course of business.
       Organizational Expenses, including all legal and other organizational expenses incurred in
       the formation of such Fund and all expenses relating to the offer and sale of equity interests
       in such Fund.

To the extent that expenses to be borne by the Funds are paid by Foxhaven or its affiliates, the Funds
will reimburse Foxhaven or its affiliates for such expenses.

Foxhaven maintains one professional liability insurance policy that covers all entities. While each
entity pays a portion of the insurance premium, it is possible that one or more entities could exhaust
all of the coverage of the policy and that there would be no coverage benefit available for other
entities.

For more information on the transaction-related expenses that the Funds may incur, as well as on
Foxhaven’s broker selection process, please see Item 12 (the “Brokerage Practices” section of this
Brochure).

Item 7: Types of Clients
Foxhaven intends to provide discretionary management and advisory services to the Funds directly,
subject to the direction and control of the General Partner or board of directors, as the case may be,
and not individually to the Investors. Investors in the Funds may include, but are not limited to, high
net worth individuals, pension plans (corporate, state and foreign), sovereign wealth funds,
endowments, foundations, banks, pooled investment vehicles (e.g., funds-of-funds), trusts, estates
or charitable organizations, and corporate or business entities.

Details concerning applicable Investor suitability criteria are set forth in the respective Fund’s
Governing Documents. The minimum commitment for an Investor is outlined in the respective
Fund’s Governing Documents, but is generally $10 million. However Foxhaven and/or its affiliates
maintain discretion to accept less than the minimum investment threshold. Each Investor is required
to meet certain suitability qualifications, such as being an “accredited investor” within the meaning
set forth in Regulation D under the Securities Act, as amended, and a “qualified purchaser” as
defined in Section 2(a)(51) of the Investment Company Act, as amended.

Each Fund’s partnership agreement or Memorandum and Articles of Association (“articles”), as
applicable, grants the General Partner or the board of directors, as applicable, the authority, in its

    Form ADV Part 2 Brochure | Foxhaven Asset Management, LP                     March 27, 2026

sole discretion, to waive certain provisions of the Fund’s partnership agreement or articles, as
applicable, including agreeing to waive, reduce or calculate differently the Management Fee and
the Performance Allocation, agreeing to waive minimum contributions and interest charges,
agreeing to different admission dates, withdrawal dates, lock-up periods, notice periods, agreeing
to different Special Situation Investment percentages and/or waiving the application of any cap on
participation in Special Situation Investments, and other restrictions, providing additional
transparency and permitting the revocation of withdrawal notices. The General Partner generally
waives the Performance Allocation and Management Fee for Employees of Foxhaven and certain
affiliates, relatives, and estate planning vehicles (each a “Related Person”).