Kittyhawk Ventures LLC

Item 5: Fees and Compensation
Portfolio Management Fees
KHV serves as investment manager to, and provides advice to, private funds. The fees KHV receives for
providing those services are set forth in the agreement between KHV and each Fund. Refunds for fees
paid in advance, if applicable, are refunded as disclosed in the Fund's offering documents. Additional
detail about the fees charged to an investor in a Fund is available in that Fund's current offering
documents.
A Fund is responsible for the payment of all third-party fees (e.g., custodian fees, brokerage fees,
accounting/audit fees, and fund administration fees). Those fees are separate and distinct from the fees
and expenses charged by KHV.
Neither KHV nor its supervised persons accept any commission, sales charge, or other transaction-based
compensation for the sale of securities or investment products to a Fund or its investors, including any
asset-based sales charge or service fee (e.g., 12b-1 fees) that might otherwise be associated with the
sale of mutual fund shares.

202608KHVADV2A                                Page 5 of 18

                                                                       Kittyhawk Ventures, LLC — Form ADV Part 2A

Item 7: Types of Clients
KHV generally provides advisory services to pooled investment vehicles (i.e., the Funds).
KHV does not impose a firm-level minimum investment requirement in addition to what is set forth in
the applicable Fund's offering documents. Each Fund's minimum investment amount is disclosed in that
Fund's offering documents.

202608KHVADV2A                                 Page 7 of 18

                                                                            Kittyhawk Ventures, LLC — Form ADV Part 2A