Windrose Advisors LLC

Item 5: Fees and Compensation
As determined by the agreement with the client, Windrose either deducts advisory fees from
client accounts on a quarterly basis in advance, or bills client accounts quarterly in advance. The
fee is based on the market value of the financial assets we oversee. Clients receive a written
Investment Advisory Agreement capturing all fees.

 Gross Asset Values for the Funds: Due to the timing of this filing, the Firm has estimated gross asset values as of
12/31/2025for certain funds, utilizing the most recent valuations available.

Our annual advisory fee ranges up to 1.00% and covers advisory services provided by Windrose.
Additionally, clients pay a 0.02% fee for reporting and data aggregation. Should a client decide
to terminate our relationship, Windrose will refund any unearned fees on a pro-rated basis.
Fees are negotiable in certain circumstances. In all cases, Windrose discloses the fee charged in
the Investment Advisory Agreement and offering documents prior to services being provided.

The fees paid by clients to Windrose are the only form of compensation received by the firm.

As noted, in Item 4, Windrose does not charge a separate fee for financial planning.

Administrative & Management Fees – Pooled Investment Vehicles
When needed, Windrose may invest client assets in pooled private investment vehicles. Those
advisory clients who invest in these funds are not charged a management fee, however, non-
advisory clients will be charged an industry standard management fee. Advisory client assets
that are invested in the funds will be charged the annual advisory fee outlined in the
Investment Advisory Agreement. Administrative expenses experienced by the pooled private
investment vehicles are passed through to participating clients. The fee strictly covers specific
administrative costs directly associated with the pooled investment, such as legal, tax, audit,
accounting and reporting costs. Fees are allocated equally to all investors. Detailed descriptions
of fees and expenses for the pooled private investment vehicles are outlined in the offering
documents.

In the event that a client who has terminated an advisory relationship with Windrose has
committed assets to Windrose-established pooled private investment vehicles, the client will
remain subject to the terms of the pooled private investment vehicles’ partnership agreement
and will pay a management fee as compensation for the ongoing management of those illiquid
residual assets, likely commencing in the first quarter following the termination of the clients
advisory engagement with Windrose. Termination of an advisory agreement with Windrose
does not necessarily permit a client to redeem its interest in the pooled private investment
vehicles.

Agreement Terms
Either party may terminate an agreement at any time by notifying the other in writing. If the
client made an advance payment, Windrose will refund any unearned portion of the advance
payment.

Cash Balances
Some of your assets may be held as cash and remain uninvested. Holding a portion of your
assets in cash and cash alternatives, i.e., money market fund shares, may be based on your
desire to have an allocation to cash as an asset class, to support a phased market entrance
strategy, to facilitate transaction execution, to have available funds for withdrawal needs or to
pay fees or to provide for asset protection during periods of volatile market conditions. Your
cash and cash equivalents will be subject to our investment advisory fees unless otherwise
agreed upon. You may experience negative performance on the cash portion of your portfolio if
the investment advisory fees charged are higher than the returns you receive from your cash.

Fees of Other Managers & Service Providers
Our fees are exclusive of brokerage commissions, transaction fees, and other related costs
incurred by clients. Clients incur costs associated with custodians, brokers, third party
investment managers and other third-party service providers. In some cases, investments
recommended by Windrose may be available from other, unaffiliated investment advisors at
potentially different fee structures and in addition to the Windrose advisory fee. Please see

Item 7: Types of Clients

Windrose provides sophisticated, highly customized, financial advice to a select group of high-
net-worth individuals, families, charitable foundations, and private pooled investment vehicles,.
Our clients generally have investable assets in excess of $25 million. We typically advise on a
client’s complete asset base. We reserve the right to make exceptions and we closely consider
each new client relationship. Windrose does not impose a minimum account size to become a

client; however, investment managers recommended by Windrose may require a minimum
amount of investable assets to open and maintain an account.