Niobrara Capital Partners LP

Item 5: Fees and Compensation
Management Fees

Niobrara Founders Fund will pay to the Investment Adviser a management fee, quarterly in
advance until such Fund’s final liquidating distribution. The annual management fee will be equal
to an aggregate amount, calculated with respect to each Fund Investor as follows: (i) 2.0% per
annum of such investor’s capital commitment during such Fund’s commitment period (which,
unless terminated earlier, will be five years from the date of its first investment or such earlier

FORM ADV Part 2A Brochure Niobrara Capital Partners LP                         March 30, 2026

date as the General Partner determines in its sole discretion); and (ii) thereafter, 1.75% per annum
of such investor’s actively invested capital.

The management fee determined for a Fund Investor in Niobrara Founders Fund will be subject to
certain offsets which are detailed in such Fund’s Governing Documents.

Niobrara LH Holdings makes investments through special purpose vehicles formed to hold
individual investments and also holds investments in Niobrara Founders Fund and Niobrara Co-
Invest A. Niobrara LH Holdings’ interest in each such vehicle will, if applicable, be subject to
management fees as set out in the governing documents of such vehicle.

Niobrara Co-Invest A does not have any Fund Investors who bear management fees.

The Investment Adviser is permitted, at any time and in its sole and absolute discretion, to waive,
reduce or calculate differently all or any portion of the management fee with respect to any Fund
Investor.

Expenses

Overhead and Operating Expenses. Niobrara will be responsible for and will pay: (i) the
customary overhead expenses of the General Partners and the Investment Adviser, including
office rent, the cost of furniture and fixtures, the cost of utilities, employee salaries, other
employee benefits, payroll taxes, and other similar expenses, provided that such expenses are not
directly attributable to a Portfolio Investment (as defined below); and (ii) all expenses of operating
and administering the General Partners and the Investment Adviser (in each case, excluding
Organizational Expenses (as defined below) or Partnership Expenses (as defined below)).

Organizational Expenses. The Funds will pay some or all of the types of expenses listed below
depending on the fund. Investors should not consider an investment in a Fund without fully
understanding the expense structure for such Fund, as outlined in such Fund’s Governing
Documents.

A Fund will typically bear (a) placement fees and expenses paid to placement agents (“Placement
Fees”), (b) all fees, costs and expenses (including Service Provider Compensation (as defined
below)) incurred in connection with forming such Fund, the General Partner, the Investment
Adviser and investment vehicles formed by the General Partner, the Investment Adviser or any of
their respective affiliates or personnel (each, a “GP Related Party”) to facilitate the direct or
indirect investment by one or more GP Related Parties in such Fund as a feeder fund, as a Fund
Investor that is a GP Related Party or through the General Partner (each such vehicle, a “GP
Related Party Vehicle”) and (c) all fees, costs and expenses (including Service Provider
Compensation and Travel and Related Expenses (as defined below)) incurred by such Fund, the
General Partner, the Investment Adviser and any other GP Related Party in connection with (i) the
offer, sale, marketing and private placement of the interests in such Fund and such GP Related
Party Vehicles, including the fees, costs and expenses incurred in connection with the preparation
(and, if applicable, the negotiation) of engagement letters with service providers, marketing
presentations, investor presentations, due diligence questionnaires, the offering document of such

FORM ADV Part 2A Brochure Niobrara Capital Partners LP                         March 30, 2026

Fund, the operative agreement of any GP Related Party Vehicle and any Fund Agreement (as
defined below) and any agreements or other documentation entered into in connection with a
Strategic Investor’s or Constituent Member’s (each as defined below) interest, investment or
participation in the General Partner, the Investment Adviser or any other GP Related Party, (ii) the
preparation and digitization of electronic subscription agreements and any associated platform or
software and related services, (iii) capital raising and other organizational activities (including
printing, mailing, courier, registration, filing and other similar activities) of such Fund, the
General Partner, the Investment Adviser, such GP Related Party Vehicles and any other GP
Related Party, (iv) the registration, qualification or exemption of such Fund, the General Partner,
the Investment Adviser and such GP Related Party Vehicles (or the interests of or in any of the
foregoing) under any applicable U.S. federal, state, local or non-U.S. laws, rules or regulations
(including E.U. Alternative Investment Fund Managers Directive (Directive 2011/61/EU)
(“AIFMD”) and/or the laws, rules or regulations implemented or promulgated in any applicable
jurisdiction in relation thereto or similar marketing-related regulations in other jurisdictions) and
(v) compliance with any other applicable laws (including anti-money laundering or know-your-
customer laws, rules or regulations) by such Fund, the General Partner, the Investment Adviser,
such GP Related Party Vehicles and any other GP Related Party (collectively, the “Organizational
Expenses”).

“Service Provider Compensation” means compensation paid or provided to any service provider,
which compensation could be performance or success-based or not performance or success-based
and which, for any period, could be fixed (regardless of the amount of work performed by the
service provider during such period), variable (depending on the amount of work performance by
...

Item 7: Types of Clients
Niobrara provides advisory services to pooled investment vehicles, including, without limitation,
the Funds. Such pooled investment vehicles typically will be structured as limited partnerships or
limited liability companies that are exempt from registration as an investment company under
U.S. law by virtue of either Section 3(c)(1) or Section 3(c)(7) of the U.S. Investment Company
Act of 1940, as amended (the “Investment Company Act”).

Investors in such pooled investment vehicles will generally comprise pension funds, institutional
clients, and high net worth individuals. Fund Investors will be required to meet certain suitability
and net worth qualifications, such as being: (1) an “accredited investor” within the meaning of
Rule 501 of Regulation D under the U.S. Securities Act of 1933, as amended (the “Securities
Act”), and (2) a “qualified purchaser” as defined in Section 2(a)(51) of the Investment Company
Act or a “knowledgeable employee” within the meaning of Rule 3c-5 of the Investment Company
Act, depending on the applicable eligibility requirements of the respective pooled investment
vehicles.

FORM ADV Part 2A Brochure Niobrara Capital Partners LP                          March 30, 2026

Niobrara (or the General Partner, as applicable) will generally establish a minimum investment
commitment amount for admission to the Funds, which is described in each Fund’s Governing
Documents. Niobrara (or the General Partner, as applicable) can, in certain circumstances, waive
or modify any such minimum for a Fund Investor in its sole discretion on case-by-case basis.

Niobrara expects to enter into side letter agreements with certain Fund Investors which provide
such Fund Investors with additional or different rights from what such investors have pursuant to
the relevant Fund’s Governing Documents. Niobrara is not required to notify all Fund Investors of
any such side letters or any of the rights or terms or provisions thereof, and is not required to offer
such additional or different rights or terms to all Fund Investors. Further information regarding
side letters is included in Item 8 below.