Snowhawk LP

Item 5 - Fees and Compensation
In general, Snowhawk receives a management fee and a carried interest in connection with the provision
of advisory services to its clients. Snowhawk or other Snowhawk entities or affiliates receive additional
compensation in connection with management and other services performed for portfolio companies of
the Funds and such additional compensation will offset in whole or in part the Management Fees (as
defined below) otherwise payable to Snowhawk to the extent provided by the Governing Documents. In
addition, in certain circumstances Snowhawk receives compensation for management and other services
performed in connection with co-investments made in portfolio companies of the Funds. Investors in a
Fund also bear certain expenses. Fees and expenses will be charged as set forth in the Governing
Documents. It is important that prospective Investors refer to the relevant Governing Documents for a
complete understanding of the fees and expenses they may pay through an investment in a Fund. As a
general matter, Management Fees will be payable during term extensions unless otherwise agreed with
Investors.

Subject to the Fund’s Governing Documents, Snowhawk generally will be compensated for its advisory
services through asset-based management fees (“Management Fees”) payable quarterly in advance
during the investment period of not more than 2% of aggregate commitments held by Limited Partners
not designated as “affiliated partners” by the General Partner. After the investment period, the
Management Fee will not be more than 2% of invested capital, as further described in the Governing
Documents. The Funds are permitted to receive a refund of any Management Fees paid in advance if
the investment advisory agreement terminates before the end of the billing period. The Management Fee
may be waived, rebated, or calculated differently in Snowhawk’s sole discretion. In particular, certain
affiliates, employees, advisors, operating partners, Service Providers, friends, or family members that are
Investors in a Fund may pay discounted or no Management Fees. As is generally the case in private
equity funds, the Governing Documents provide that a Fund’s Management Fees will be calculated and
charged on a basis that generally is not tied to the Fund’s then-current net asset value. In situations
where the Management Fee is calculated based on committed capital or contributed capital, the
Management Fee generally will not be reduced based on reductions in investment value. Moreover, for
the avoidance of doubt, in such cases, the Management Fee will not in any event be reduced as a result
of any partial sale or disposition, reorganization, recapitalization (including recapitalizations involving
dividends) or restructuring of, or similar transaction related to, an investment that does not result in the
complete disposition of a Fund’s interest therein (even in cases where the value of the Fund’s investment
or the Fund’s ownership percentage in such investment has been reduced (including substantially
reduced) as a result of such partial sale or disposition, reorganization, recapitalization (including
recapitalizations involving dividends), restructuring or similar transaction), and in such cases, Limited

1   Regulatory assets under management is calculated based on the total assets of the private funds as of March
      31, 2026, plus additional committed capital closed, investments made, and unfunded commitments through
      May 27, 2026.

Partners will continue paying Management Fees based on committed capital or contributed capital, as
applicable, regardless of any such transaction. The lack of a requirement to reduce the Management Fee
in connection with any partial sale or disposition, reorganization, recapitalization (including
recapitalizations involving dividends) or restructuring of, or similar transaction related to, an investment
presents certain conflicts between the interests of Snowhawk and the interests of the Limited Partners,
including by incentivizing Snowhawk to pursue such transactions that would result in the continued
payment of Management Fees. In addition, because in certain instances the Management Fee base will
be dependent on the aggregate fair value of all remaining Fund investments in a portfolio investment as
noted above, the General Partner faces potential conflicts of interest in exercising its discretion in
determining the fair value of portfolio investments. Please see “General Partner’s Carried Interest
Distributions and Management Fees” in Item 11 below for additional information regarding these conflicts.
Certain Funds charge a monitoring fee in lieu of a Management Fee.

In addition, Snowhawk will be entitled to receive performance-based fees (referred to as “Carried
Interest”) from certain Funds. Certain Funds generally have 20% (or such other percentage as negotiated
between Snowhawk and the relevant Limited Partners) Carried Interest in favor of the General Partner
with a European waterfall. Snowhawk believes this structure, which results in preferred distributions to
Limited Partners before any Carried Interest is paid to the General Partners, creates alignment with the
Funds’ Limited Partners.

In addition to the Management Fee and carried interest payable to Snowhawk, each Fund bears certain
expenses. A Fund will pay or reimburse the General Partner (or any affiliate thereof, including the
operating partners, senior advisors and/or the operations group and its members) for all other fees, costs,
expenses, liabilities, and obligations relating to the Fund’s and/or its subsidiaries’ (including real estate
investment trust subsidiaries (“REIT Subsidiaries”)) activities, business, portfolio companies or actual or
potential investments. As set forth more fully in the Governing Documents, a Fund bears all fees, costs,
expenses, liabilities and obligations relating to the Fund’s (and its subsidiaries’ and intermediate entities’)
...

Item 7 - Types of Clients
Snowhawk provides investment advice solely to its Fund clients, and references throughout this Brochure
to “clients” and to Snowhawk’s related duties to and practices on behalf of its clients and/or investors
should be construed accordingly. The Funds generally include investment partnerships or other
investment entities formed under U.S. or non-U.S. laws and operated as exempt investment pools under
the Investment Company Act of 1940, as amended. The Investors participating in the Funds generally
include individuals, banks or thrift institutions, other investment entities, university endowments,
sovereign wealth funds, family offices, pension and profit-sharing plans, trusts, estates or charitable
organizations or other corporations or business entities and often include, directly or indirectly, principals
or other employees of Snowhawk and its affiliates and members of their families and friends, operating
partners or Service Providers retained by Snowhawk or a Fund, as well as executives of portfolio
companies.

The relevant General Partner also generally is permitted to establish Funds that are alternative
investment vehicles in order to permit certain Investors to participate in one or more particular investment
opportunities in a manner desirable for tax, regulatory or other reasons. Alternative investment vehicle
sponsors generally have limited discretion to invest the assets of these vehicles independent of limitations
or other procedures set forth in the organizational documents of such vehicles and the Governing
Documents of the related Fund. The minimum capital commitment for an investment in a Fund is
generally $10 million, although individual commitments of lesser amounts may be accepted at the
discretion of the General Partner.