Altimeter Capital Management, LP

Our Firm Altimeter Capital Management, LP (“Altimeter”, the “Adviser”, or “we”), is a Delaware limited partnership, located in Menlo Park, California and Boston, Massachusetts, that was founded in October 2008 by Brad Gerstner (the “Managing Member”). Altimeter is registered with the Securities and Exchange Commission (“SEC”) as an investment adviser. Altimeter provides investment advisory services on a discretionary basis to private investment funds intended for sophisticated investors and institutional investors (each a “Fund”, and collectively, the “Funds”). Each Fund is exempt from registration under the Investment Company Act of 1940, as amended (the “1940 Act”), and no Fund securities are registered under the Securities Act of 1933, as amended (the “Securities Act”). Altimeter also advises one or more separately managed accounts (“SMAs”). Brad Gerstner is Altimeter’s principal owner and Chief Executive Officer. He also is principal owner and managing member of Altimeter Capital Management General Partner LLC, a Delaware limited liability company, which serves as the general partner of Altimeter. Altimeter has also established affiliated entities to serve as general partners of the Funds. As of December 31, 2025, Altimeter provides investment advice with respect to a total of approximately $18,753,715,687 in regulatory assets under management, all of which is managed on a discretionary basis. Advisory Services, Investment Strategy, and Types of Investments Altimeter’s clients include Funds that have made and/or may make investments in (i) Public Investments (as described below), (ii) Private Investments (as described below), and (iii) both Public Investments and Private Investments. Such clients include Funds primarily deploying strategies focused on: (i) long-focused Public Investments (the “Long Opportunities Fund”), (ii) long/short Public Investments (the “Hedge Fund”, collectively with the Long Opportunities Fund and other funds or accounts managed by Altimeter that primarily invest in Public Investments or are formed in the future that primarily invest in Public Investments, the “Public Funds”), (iii) multi-stage, venture- and growth-focused Private Investments (the “Flagship Funds”), and (iv) single investment Private Investments (the “Co-Investment Funds”, collectively with the Flagship Funds and other funds or accounts that are formed in the future that primarily invest in Private Investments, the “Private Funds”). As described in the Funds’ respective Organizational Documents (as defined below), the Public Funds are typically open-ended and are required to fully fund all commitments at time of subscription, and the Private Funds are typically closed-ended and with commitments contributed over time. Additionally, the Hedge Fund may invest in Private Investments in accordance with its Organizational Documents. Altimeter’s clients also include an SMA that makes Public Investments. Unless explicitly noted otherwise, the term “Public Funds” used in this Brochure includes the SMA. Altimeter expects to serve as investment adviser to additional funds, SMAs, clients, or strategies, as appropriate under the circumstances. The term “Client” used in this Brochure refers to the Funds collectively, the SMA, and any other clients managed by Altimeter as of the date of this Brochure. Except where the context dictates otherwise, references to “Funds” and “Clients” in this Brochure shall be interchangeable.

For all Clients, Altimeter identifies investment opportunities, and acquires, manages, monitors, and disposes of investments on a discretionary basis. Altimeter’s investment-advisory activity focuses primarily on advising such Clients about U.S. and Non-U.S. Public Investments and Private Investments in companies that Altimeter believes may offer opportunities to realize substantial long-term appreciation. “Public Investments” include long or short transactions in publicly traded equity and equity-related securities (such as equity swaps, options, and other derivatives), and other securities and financial instruments (including, but not limited to, corporate debt, bonds, notes or other debentures or debt participations, convertible securities, private investments in public equity, futures contracts, commodities, and other derivative instruments). “Private Investments” include transactions in securities and other financial instruments in privately held companies, including but not limited to equities, notes, bonds, debentures, and other business interests of every type, including interests in partnerships, limited liability companies, joint ventures, proprietorships, and other business entities. Altimeter may also invest in digital assets, derivative instruments, options, commodities, currencies, and other asset classes not necessarily included in the aforementioned. Altimeter’s investment approach largely concentrates on certain sectors, including information technology, consumer discretionary, and communication services. Within these sectors, Altimeter generally focuses on companies in the mobile internet, fintech, software, cloud computing, machine learning, artificial intelligence, semiconductors, disruptive transformation, and logistics and infrastructure (including, but not limited to, electric vehicles and related technologies) industries, among others. Altimeter has and expects to continue to invest in companies outside these sectors, particularly in the context of short positions through the Hedge Fund and any SMAs. As noted above, while the Hedge Fund focuses on Public Investments, it has in the past invested, currently invests, and may in the future invest a portion of its assets in Private Investments. While Altimeter has general portfolio management guidelines for each Client, Altimeter maintains broad and flexible investment authority, including the discretion to invest in various financial instruments and securities. Please refer to each Client’s organizational and offering documents, including limited partnership agreements or other similar agreements, investment management agreements, subscription agreements, private placement memoranda, statements of investment considerations, and/or side letter agreements, if any (collectively, “Organizational Documents”) for specific information on what types of investments Altimeter can make on behalf of its Clients. It should not be assumed that Altimeter’s investment activities are limited to what has been described in this Brochure; it can offer additional advisory services, strategies, and investments that Altimeter considers appropriate, subject to each Client’s investment objectives and guidelines.

Altimeter receives Management Fees (as defined below) and performance-based fees or allocations from its Clients. A Client and/or its portfolio companies also from time to time make other payments to Altimeter or its affiliates for services provided which, in certain circumstances, may reduce Management Fees payable to Altimeter. Each Client’s Organizational Documents set forth the fee structure relevant to such Client. Additionally, under such Organizational Documents, Clients may bear certain out-of-pocket expenses incurred by Altimeter in connection with services provided to the Clients and/or their portfolio companies. Further details about such fees and expenses are set forth below and in such Organizational Documents.

Please see Item 6 below for additional information regarding “carried interest,” performance allocation, and other performance-based compensation. Management Fees Management Fees – In General As compensation for the investment advisory services rendered to its Clients, Altimeter receives an advisory fee calculated based on a Client’s net assets, the cost basis or valuation of Private Investments, or a percentage of committed capital or net invested capital, or as otherwise specified in a Client’s Organizational Documents, as applicable (a “Management Fee”). Management Fees are generally charged quarterly in advance or at such time as specified in the applicable Client’s Organizational Documents. Subject to the terms of a Client’s Organizational Documents (and any amendments thereto), Management Fees will continue to be payable during any term extensions. Fee Payments and Waivers The precise amount of, and the manner and calculation of, the Management Fee for each Client are established by Altimeter and are set forth in each such Client’s Organizational Documents. The Management Fees and performance-based fees described herein are generally not negotiable. The Management Fee and other fees and distributions described herein are, however, generally subject to modification, deferral, waiver or reduction by Altimeter in its sole discretion. A deferral or waiver does not obligate Altimeter to defer or waive fees in the future. The fee structures described herein may be modified from time to time. Strategic Investors (as defined below), as well as certain employees, business associates, certain large or strategic investors, and other “friends and family” of Altimeter or its personnel (“Adviser Investors”) have in certain cases not paid, and may not pay, Management Fees or performancebased fees in connection with their investment in a Fund. Even though Adviser Investors will generally not pay Management Fees or performance-based fees, Adviser Investors will generally pay for their pro rata share of certain Fund expenses or the pro rata portion of such Adviser Investors’ expenses will be allocated to Altimeter or the General Partner (as defined below) of a Fund. Specifically, Altimeter has consistently waived, and will continue to waive, both the Management Fee and performance-based fees for its equity owner and employees. Please refer to Item 11 for additional conflicts associated with Strategic Investors. Management Fee Offsets Subject to the terms of a Client’s Organizational Documents, a portion of the amount of any directors’ fees or consulting fees, break-up fees or equivalent compensation (collectively, “Fees Subject to Offset”), whether in cash or in kind, received by Altimeter, a managing member of the General Partner (so long as he or she is a member thereof) or an employee of Altimeter (so long as he or she is an employee thereof) from any portfolio company of a Fund (other than direct reimbursement of out-of-pocket expenses) are subject to offset against and reduce the Management Fee paid by such Client. To the extent a reduction relates to more than one Client, the Fees Subject to Offset will be allocated among the applicable Clients in proportion to their interest in the relevant portfolio company. Generally, the portion of Fees Subject to Offset allocable to capital

invested by the Hedge Fund or Co-Investment Funds will be retained by Altimeter and such amounts will not offset any Management Fee. Altimeter may receive Fees Subject to Offset, which fees may be substantial. In such cases, there may not be an independent third-party involved to act on behalf of the relevant portfolio company. Therefore, a conflict of interest may exist in the determination of any such fees and other related terms in the applicable agreement with the portfolio company. Fees Subject to Offset do not include fees received by any individual whose primary relationship with a General Partner and Altimeter is as a mere “venture partner”, “entrepreneur-in-residence”, “executive-in-residence”, consultant, contractor, or adviser (as those terms are generally understood in the venture capital and private equity industries), even if such individual technically qualifies as an “employee” of Altimeter or such General Partner under applicable law. In addition, for certain of the Funds, the percentage of compensation that would otherwise be treated as Fees Subject to Offset and fully reduced against the Management Fee may be reduced and offset at a lesser rate in accordance with the Organizational Documents. Altimeter is likely to maintain any amounts associated with Fees Subject to Offset in accounts that bear interest before such amounts are offset. Any such interest would not be considered “Fees Subject to Offset” and would not reduce the Management Fees or otherwise benefit Clients or their investors. Expenses Altimeter Expenses To the extent provided in each Fund’s Organizational Documents, Altimeter will pay certain of its own operating expenses, including rent, utilities, office supplies, office equipment, salaries (other than performance allocations as described in Item 6 below), and any expenses incurred for regulatory or other compliance matters arising under applicable securities laws that relate to Altimeter or its personnel that are not specific to the Funds or its activities, in each case as further specified in a Client’s Organizational Documents. Fund Expenses Subject to the Organizational Documents, each Fund bears all fees, costs, taxes, stamp duties, expenses, liabilities and obligations incurred by such Fund, the General Partner, Altimeter and their respective affiliates on behalf of such Fund (except for certain of the overhead expenses of Altimeter and General Partner under the Organizational Documents of the Funds), including without limitation those related to, arising out of, caused by, charged by or for, or incurred for (i) all administrative expenses of a Fund incurred in connection with such Fund’s business, bookkeeping, accounting, third-party shadow accounting, auditing, consulting, assessments, actuarial expenses, and the maintenance of books and records of such Fund, and the preparation and distribution of financial reports or other similar day-to-day business activities of such Fund, including the fees and expenses of any service provider performing such services (or to the extent any services typically provided by an administrator are provided by the General Partner or an affiliate of the General Partner, the costs of such services in amounts not to exceed those that would be payable to administrators engaged to perform such services as reasonably determined by the

General Partner in good faith); (ii) all costs and expenses of complying with applicable tax laws, including, without limitation, the costs of preparing, filing, and distributing tax returns; (iii) all costs, fees and expenses (including legal and consulting fees) associated with legal and regulatory filings and reports by a Fund, its General Partner or Altimeter relating to such Fund, including beneficial ownership notifications and filings under Section 13 and/or Section 16 of the Securities Exchange Act of 1934 and under any other applicable U.S. or non-U.S. laws or regulations, Form 13F, Form 13H and Form PF, Form N-PX, Schedules K-1, anti-money laundering compliance, Treasury International Capital (TIC) Forms and any other applicable filings or reports (including any such filings or reports required by U.S. and non-U.S. regulators of such Fund, its General Partner or Altimeter relating to such Fund); (iv) all fees and expenses of attorneys (including, without limitation, such fees and expenses incurred in analyzing portfolio investments and/or potential portfolio investments), auditors, accountants, consultants, advisers, and custodians employed in connection with a Fund’s business and operations (including, without limitation, such fees and expenses incurred in analyzing portfolio investments and/or potential portfolio investments); (v) all costs and expenses incurred in connection with the acquisition, ownership, or disposition of investments and/or potential portfolio investments, including, without limitation, closing, execution and other transaction costs and costs and expenses of custodians (including subcustodians), banks, prime brokers, depositaries, futures commission merchants, valuation agents, appraisers, investment bankers, security lending agents, brokerage or other commissions, registration costs, transfer and other taxes, cost analyses, and brokerage products and services (either ordinary or extraordinary); (vi) insurance premiums, fees, and related costs (including insurance of which Altimeter and its affiliates are beneficiaries), including insurance premiums of any director and officer liability, general partner liability, errors and omissions, cybersecurity, financial institution bond insurance, and liability insurance covering affiliates (not including any insurance premiums related to “key man,” health, life, disability, or other insurance relating to the members or the employees of a General Partner or its affiliates); (vii) all costs and expenses incurred in connection with any meetings with one or more investors or prospective investors, including costs and expenses of hosting annual or special meetings of such investors, regardless of whether all investors are invited to participate in or attend such meetings (including set-up costs, speaker fees, honorarium, dining, entertainment, travel and travel-related and other expenses) and regardless of whether persons other than Fund investors attend the meeting; (viii) all expenses incurred in connection with any actual or threatened claims, litigation, arbitration or other disputes involving a Fund (excluding any unindemnified litigation against its General Partner and disputes related to unconsummated or proposed investments), including investigation and preparation costs and the amount of any judgment or settlement paid in connection therewith and all expenses related to such Fund’s indemnification obligations hereunder and other indemnification obligations to which such Fund is a party, including in each case expenses and fees that would be allocable to co-investment vehicles or other co-investors if such Fund did not cover the expense or fee; (ix) costs, fees and expenses incurred by or on behalf of a Fund, its General Partner (including certain General Partner registration expenses) or Altimeter in connection with the syndication, formation and organization of such Fund, feeder funds and parallel funds, if any, the General Partner and/or its and their affiliates, and the ongoing offer and sale of interests in such Fund, including (A) fees and expenses associated with updating, supplementing, and distributing any Fund or feeder fund documents and other marketing materials, (B) costs and expenses related to the admission of any investor to such Fund, including costs and expenses incurred in connection with the review of subscription documentation, negotiation of and entry into side letters, modifications of subscription documentation or similar arrangements, (C) costs and expenses related to marketing,

Read the rest in the brochure

Methods of Analysis and Investment Strategies Altimeter seeks to produce long-term, risk-adjusted capital appreciation through its portfolios of relatively concentrated long and short Public Investments and Private Investments. Additional detail on a Fund’s investment strategy is set forth in its Organizational Documents. Public Investments: In managing the Public Funds, Altimeter’s objective is to maximize compounded annual long-term net returns for the investors. Altimeter generally takes a bottomsup, deep fundamental approach to security analysis. However, Altimeter also seeks to identify general investment themes for each industry through a top-down analysis to understand new trends and developments in its sectors of focus. Each investment position generally stands on its own based on Altimeter’s assessment of whether a significant discrepancy exists between a company’s current market value and intrinsic business value. Altimeter intends to invest Public Fund assets in sectors and companies in which Altimeter believes it has differentiated expertise and understanding. The Long Opportunities Fund deploys a long-focused strategy, while the Hedge Fund deploys a long/short strategy. Altimeter intends to invest Public Fund capital in generally liquid positions and intends that most investments will be made in Public Investments and other

marketable securities. It should be noted however that the Hedge Fund may also invest in illiquid or Private Investments in accordance with its Organizational Documents. The SMA also makes Public Investments, subject to certain investment limitations that are generally not applicable to the Public Funds. Private Investments: Altimeter also applies a bottoms-up, deep fundamental approach to analyze and source new private investment opportunities for the Private Funds and the Hedge Fund (as appropriate and in accordance with its Organizational Documents). However, Altimeter also seeks to identify general investment themes for each industry through a top-down analysis to understand new trends and developments in its sectors of focus. Each investment position stands on its own based on Altimeter’s assessment of whether a significant discrepancy exists between a company’s current market value and future business value. Altimeter intends to invest Flagship Fund assets in sectors and companies in which Altimeter believes it has differentiated expertise and understanding. Altimeter intends to invest most Flagship Fund capital in generally illiquid or Private Investments. General Risks All Fund investors must assume and accept certain and substantial risks that are inherent in all Fund investments and investment programs. An investment in a Fund is speculative and involves a significant degree of risk. The Funds are designed for sophisticated investors that are able to bear a substantial loss of capital and for whom an investment in a Fund is not a complete investment program. Altimeter’s investment approach seeks to monitor and manage risk of loss through careful research, ongoing investment evaluation and monitoring, and appropriate hedging techniques. However, there can be no assurance that the securities and other instruments purchased (or sold short) will increase (decrease) in value or that Altimeter’s Funds will not incur significant losses. Certain non-exhaustive examples of risk factors that are applicable to any investment in a Fund are outlined below. Fund investors should note that information in this Brochure is presented as of the date of this Brochure, unless otherwise specified, and the information contained herein is subject to change based on market fluctuations and other risks described herein. Please refer to each Fund’s Organizational Documents for further discussion of risks applicable to that Fund. Risks Associated with Investments in Securities Generally. Any investment in securities carries certain market risks. In addition to the factors discussed elsewhere in this Brochure and the Organizational Documents for each Fund, Fund investments may decline in value for any number of reasons over which Altimeter and the Funds may have no control, including changes in the overall market for equity securities and factors pertaining to particular portfolio securities, such as the performance of the issuer’s management, the market for the issuer’s products or service, issuer supply sources, technological changes within the issuer’s industry, issuer access to capital and labor, general economic conditions, political conditions, and other similar conditions. The value of each Fund’s investments will fluctuate, and there is no assurance that any Fund will achieve its investment objective of capital appreciation or that any Fund will avoid losses. The profit (or loss) derived from each Fund’s investment transactions consists of the price differential between the price paid for the securities and the value ultimately realized from their disposition, plus any dividends or interest received during the time period during which the securities are held, minus transaction costs (consisting mainly of brokerage commissions). If the securities held long (sold short) do not increase (decrease) in value as anticipated, then the Funds may sell (buy to cover)

the securities without a gain or at a loss. It is possible that a Fund’s long positions will decline in value at the same time that the value of the securities sold short increases, which would increase the potential for loss. It is also possible that Altimeter will misjudge the effect a particular security will have on portfolio exposure to market risk or that the particular combination of securities held long and those sold short will fail to insulate a Fund from general equity market risk as anticipated. Also, to the extent that Altimeter determines not to evenly balance the portfolios between long and short positions, the Funds will be subject to increased market risks. General Partner Reliance. Investors of each Fund will not have any right or power to participate in the management of any Fund. Accordingly, no investor should purchase any Fund interests, unless such investor is willing to entrust all aspects of Fund management to the applicable General Partner and its designees. Fund investors also will not receive detailed financial information issued by any portfolio company of the Funds, but such financial information may be available to Altimeter and the General Partner. Dependence on the Managing Member. Altimeter and the Funds will be particularly dependent upon the Managing Member. If for any reason the Managing Member should cease to be involved in the investment management of the Funds, suitable replacements may be difficult to obtain, with the result that the performance of the Funds may be adversely affected, and there is no guarantee of their continued operation. Highly Competitive Market for Investments. The business of identifying, structuring and completing transactions of the nature contemplated by the Clients is highly competitive and involves a high degree of uncertainty, especially with respect to timing. Clients will be competing for investments with other investment managers as well as strategic buyers and other institutional investors, industrial groups and operating companies. Some of these competitors may have more relevant experience, greater financial resources, a greater willingness to take on risk, or more personnel than the Clients, Altimeter or its or their affiliates. It is possible that competition for appropriate investment opportunities may increase, thus reducing the number of investment opportunities available to the Funds and adversely affecting the terms upon which investments can be made. Market Volatility. General fluctuations in the market prices of securities, which may be impacted by, among other things, macro-economic events, inflation, or changes in interest or currency rates, will also affect the value of investments held by certain Funds. Volatility and instability in the securities markets will also likely increase the risks inherent in certain of a Fund’s investments. The duration and ultimate effect of current market conditions and whether such conditions may worsen cannot be predicted. There can be no assurance that such economic and market conditions will be favorable in respect of both the investment and disposition activities of certain Funds. Certain Funds are also subject to the risk that any of the exchanges on which its positions trade will fail or that any of the clearinghouses and/or other financial institutions will fail. In reaction to changing economic and market conditions, regulators in the United States and several other countries have undertaken in the past and may undertake in the future regulatory actions and implement other measures to ensure stability in the financial markets. Despite these efforts and the efforts of securities regulators of other jurisdictions, global financial markets could become and remain extremely volatile. In addition, to the extent applicable, new regulations and

any changes in the political environment could limit a Fund’s activities and investment opportunities or change the functioning of capital markets. Unpredictable changes in social and political patterns and trends may have an impact on consumer behavior and create a negative effect on the profitability of the investment programs of certain Funds. Such Funds may be adversely affected, and the Funds may find themselves unable to dispose of investments at prices that Altimeter believes reflect the fair value of such investments. Investment Program. Each Fund’s investment program is considered speculative, as there can be no assurance that Altimeter’s assessments of the short-term or long-term investment prospects will prove accurate, that gains will be achieved, that losses will be avoided, or that investment objectives will be achieved. A number of investment techniques that the Funds may regularly and simultaneously utilize, such as short selling, buying and selling put and call options, leveraging investments, concentrating investments in a single or limited number of companies or industries, and derivatives trading, are each considered speculative and inherently risky investment practices. Using a combination of these techniques simultaneously may further increase the risk level compared to risk levels from using only one such technique at any given time or generally. If any Fund investment programs are unsuccessful, then a Fund investor may lose money and the Fund may under-perform other available investments. Unspecified Investments. The capital commitments made by investors in certain Funds go into a blind pool. When receiving such capital commitments, such Funds generally have not yet identified any particular investments the Funds will make. Accordingly, an investor in a Fund must rely upon the ability of the General Partner (or its designee’s ability) to identify suitable investments consistent with the Fund’s investment objectives and policies. An investor will not have the opportunity to individually evaluate the relevant economic, financial and other information that will be utilized by the General Partner in its selection of investments or otherwise approve of such investments. Moreover, the investment guidelines set forth in the Fund’s Organizational Documents, are subject to the good faith interpretation of the General Partner and transactions within such objectives may be effected using a broad array of transaction types, structures and techniques. Notwithstanding the foregoing, in limited circumstances the General Partner may cause a Fund to purchase from an affiliated entity securities that were initially acquired (“warehoused”) by such affiliated entity prior to the first closing of the Fund in accordance with such Fund’s Organizational Documents. Conflicts of Interest. The Funds and their respective investors will be subject to certain potential or actual conflicts of interest arising out of their relationship with the General Partners, Altimeter, and their respective members and other affiliates, which will provide management services to the Funds. The agreements and arrangements among the Funds, the General Partners, Altimeter, and their respective members and affiliates have been established by the General Partners and are not the result of arm’s-length negotiations. Please refer to Item 11, “Conflicts of Interest” for additional information. Due Diligence Risks. Before making investments, Altimeter intends to conduct due diligence only to the limited extent that Altimeter deems reasonable and appropriate based on the facts and circumstances applicable to each investment. When conducting investment due diligence and otherwise assessing an investment, Altimeter will be required to rely on the reasonably available resources, including information provided by the investment target and, in some circumstances,

Read the rest in the brochure

Altimeter currently provides investment advisory services to the Funds, each of which is exempt from registration as an investment company under the 1940 Act, as well as to an SMA. Altimeter provides investment advice directly to each Fund, subject to each corresponding General Partner’s direction, and not individually to any Fund’s investors. Please refer to Item 4 – Advisory Services for additional descriptions of Altimeter’s Clients. As outlined in each Fund’s Organizational Documents, each Fund investor must satisfy certain legal eligibility requirements, as well as any established minimum investment commitments. For example, each Fund investor must be an “accredited investor,” as defined in Regulation D under the Securities Act. Each Fund’s General Partner, in its sole discretion, may establish minimum account requirements and has in the past, and expects in the future, to permit investments below the required minimum investment commitments.

Performance-Based Allocations and Fees As a performance allocation, a portion of each Fund’s net investment profit is allocated to the capital account of that Fund’s general partner (the “General Partner”). Each General Partner is an Altimeter related person. Funds are typically charged both a management fee and performance allocation. The performance allocation is described in each Fund’s Organizational Documents. Performance allocations are subject to loss carry forward provisions, hurdles and/or clawback provisions, as applicable to each Fund and as further set forth in each Fund’s Organizational Documents. There is a reduced or no performance allocation with respect to certain investors, including, for example, the Fund’s General Partner, its affiliates and Adviser Investors.

Since the amount of performance allocations made to a Fund’s General Partner depends on the Fund’s performance, the applicable General Partner has an incentive to take risks in managing a Fund that it would not otherwise take in the absence of such arrangements. A General Partner also has an incentive to dispose of a Fund’s investments at a time and in a sequence that would generate the highest performance allocation, even if it would not be in the Fund’s interest to dispose of the investments in that manner. In addition, tax reform enacted in the United States has generally increased the holding period required for Altimeter Personnel receiving a portion of the performance allocations as a long-term capital gain to three years. This creates an incentive for a General Partner to hold a Fund’s investments for longer periods so as to qualify the gain from their dispositions as long-term capital gain treatment under the carried interest rules, even if it would be in the Fund’s interest to hold the investments for shorter periods. In addition, upon the windingup of certain Private Funds, the Fund’s General Partner may receive performance allocation distributions with respect to a distribution in-kind of non-marketable securities. Please refer to Item 11, “Performance Allocation,” for additional disclosures regarding conflicts of interest related to the performance allocations made to the Funds’ General Partners. Side-by-Side Management In certain circumstances, two or more Funds will have overlapping investment objectives and investment strategies. Accordingly, multiple Funds will invest in the same securities and/or in the same issuers at different times or types of investments. While Altimeter anticipates some overlap among multiple Fund portfolios, Altimeter will invest for each Fund according to that Fund’s specific mandate, objective, liquidity, concentration, risk tolerance, and other applicable parameters. It may not always be possible or consistent with the investment objectives for each Fund for the same investment positions to be taken or liquidated at the same time or at the same price. Certain Funds have similar or overlapping investment objectives and investment strategies, while other Funds have dissimilar investment objectives and investment strategies. While a Fund may have a similar or overlapping strategy, they may differ in various factors including but not limited to, Fund lifecycle stage, investment parameters and guidelines (including those related to leverage), Fund size, financing terms, or focus on public or private markets, among others. For example, when a newer Fund is ramping up its investments or a Public Fund receives new or follow-on capital commitments, it may receive a larger or full allocation of certain investments than other Funds in order to obtain its desired exposure for its portfolio size. Conversely, when certain Funds ramp up their investments or receive new or follow-on capital commitments, other Funds receive reduced or no allocation of certain financial instruments. Please see Item 11, “Allocations of Trades and Investment Opportunities” and “Conflicting Investment Interests.” If there is an excess allocation of a Private Investment above the amount that Altimeter determines will be allocated to its current Funds, the excess allocation may be offered to certain co-investors through a Co-Investment Fund. This may occur when such an opportunity is not within the Funds’ investment mandates, for portfolio management considerations, and/or certain other strategic business considerations. Additionally, Co-Investment Fund fees are generally determined on an investment-by-investment basis and may be greater or less than the amounts charged to the Funds. In some circumstances, Altimeter may not charge any management or performance related fees to such Co-Investment Funds. Altimeter Personnel, Adviser Investors, and/or Strategic Investors have participated and may participate in such opportunities as appropriate. Accordingly, a Fund may not be allocated an investment opportunity in whole or in part. Altimeter has and expects that

current and future investments held by one or more Funds will also be held by co-investment vehicles. See Item 11, “Co-Investments with Other Altimeter Client Accounts and Third Parties.” Performance allocations paid at different rates, subject to different hurdle rates, and/or on different quantums of capital, creates an incentive for Altimeter and the General Partners to disproportionately allocate time, services or functions to vehicles making performance allocations at a higher rate (or subject to a lower hurdle rate), or to allocate investment opportunities to such vehicles. Altimeter has adopted policies and procedures that, among other things, seek to ensure that the investment opportunities are allocated in a manner that we believe is consistent with the relevant Organizational Documents and otherwise fair and reasonable under the circumstances, considering such factors Altimeter deems relevant, but in its sole discretion. Please see Item 11, “Performance Allocation” and “Allocations of Trades and Investment Opportunities.”

Altimeter and certain of its affiliates currently rely on exemptions from registration as a commodity pool operator pursuant to CFTC Regulation 4.13(a)(3), which exempts them from registration as a commodity pool operator with the CFTC. Neither Altimeter nor any of its management persons is registered, or has an application pending to register, as a broker, futures commission merchant, commodity pool operator, commodity trading advisor, or any associated person of any of the foregoing entities. Various limited liability companies serve as General Partners of the Funds, and are related persons of Altimeter. For a description of material conflicts of interest created by the relationship among

Altimeter and the General Partners, as well as a description of how such conflicts are addressed, please see Item 11 below.

Trading Code of Ethics Altimeter has adopted a Code of Ethics (the “Code”) pursuant to Rule 204A-1 under the Advisers Act. All “access persons” (including employees, managers, officers and other applicable personnel) of Altimeter must comply with the Code. The Code sets forth standards of conduct expected of Altimeter’s personnel, which reflect the fiduciary obligations of Altimeter and its personnel to its Clients and requires Altimeter’s personnel to comply with applicable federal securities laws. The Code also requires any employee of Altimeter to report potential violations of the Code promptly to the Chief Compliance Officer (“CCO”). Altimeter provides each employee with a copy of the Code and any amendments, and employees are required to provide a written acknowledgement that they have received the Code, as amended from time to time. Under the Code, access persons must submit an annual report of brokerage accounts and holdings along with an annual acknowledgement and certification stating that the individual will comply with the Code. The Code further requires personnel to submit certain quarterly transaction reports (or brokerage statements) that detail the individual’s relevant securities transactions for the quarter. Finally, the Code also contains restrictions on the use of insider information and nonpublic information regarding a Client, as well as policies and procedures regarding conflicts of interest, gifts and entertainment, political contributions, outside activities and bribery prevention. Altimeter reserves the right to modify the Code and its other policies and procedures over time. Clients and prospective clients can obtain a copy of the Code upon request by contacting compliance@altimeter.com. Participation or Interest in Client Transactions Altimeter, certain Altimeter Personnel, and affiliates from time to time have invested, and may invest, in and alongside a Fund, either through the General Partner, as direct investors in the Fund, or otherwise (including without limitation potential indirect or synthetic exposure to one or more of a Fund’s investments). A Fund or its General Partner, as applicable, routinely reduces all or a portion of the Management Fee and performance allocation related to the investments held by such persons. For further details regarding these arrangements, as well as conflicts of interest presented by them, please see “Conflicts of Interest” immediately below. Due in part to the fact that potential investors in a Fund or a co-investment opportunity may ask different questions and request different information, Altimeter from time to time provides certain information to one or more prospective investors that it does not provide to all prospective investors or investors. Conflicts of Interest Altimeter engages in a broad range of activities, including investment activities for its own accounts, and provides transaction-related, investment advisory, management and other services

to the Funds and their investments. In the ordinary course of conducting its activities, the interests of the Funds will from time to time conflict with the interests of Altimeter or one another. Certain of these conflicts of interest, as well as a description of how Altimeter addresses such conflicts of interest, can be found below and herein or in the Organizational Documents for the relevant Client. Unless the context clearly indicates otherwise, references in this section to conflicts of interest that may apply to Altimeter should be understood to apply to Altimeter and its affiliates, including the General Partners. Current and prospective investors should understand that (i) the relationship between and among the funds and accounts (including SPACs) managed and/or sponsored by Altimeter (collectively “Altimeter Client Accounts”), on the one hand, and Altimeter, on the other hand, is complex and dynamic and (ii) as Altimeter’s and the Altimeter Client Accounts’ respective businesses change over time, Altimeter and the Altimeter Client Accounts may be exposed to new or additional conflicts of interest. There can be no assurance that this Brochure addresses or anticipates every possible current or future conflict of interest that may arise or that is or may be detrimental to the Altimeter Client Accounts or their investors. Prospective investors should consult with their own advisers regarding the possible implications of their investment in Altimeter Client Accounts of the conflicts described in this Brochure and the Organizational Documents for each Fund. Resolution of Conflicts. In the case of conflicts of interest, Altimeter’s determination as to which factors are relevant, and the resolution of such conflicts, will be made using Altimeter’s best judgment, but in its sole discretion. In resolving conflicts, Altimeter considers various factors, including the interests of the applicable Funds with respect to the immediate issue and/or with respect to their longer-term courses of dealing. Certain procedures for resolving specific conflicts of interest are set forth below. When conflicts arise, the following factors may mitigate, but will not eliminate, conflicts of interest:  A Fund will not make an investment unless Altimeter believes that such investment is an appropriate investment considered from the viewpoint of the Fund;  Many important conflicts of interest will be resolved by set procedures, restrictions or other provisions contained in the Organizational Documents of a Fund;  Funds may establish Advisory Boards (as defined below) consisting of certain representatives of investors in the applicable Fund with authority, on behalf of the Funds and the investors, to consider and resolve conflicts of interest;  Where Altimeter deems appropriate, a Fund may retain an independent investor representative to serve as an independent fiduciary acting on behalf of a Fund, which representative may resolve potential conflicts of interest;  Where Altimeter deems appropriate, unaffiliated third parties may be used to help resolve conflicts, such as the use of an investment banker or valuation agent to opine as to the fairness of a purchase or sale price; and

 Prior to subscribing for interests in a Fund, each investor receives information relating to significant potential conflicts of interest arising from the proposed activities of the Fund. In addition, certain provisions of a Fund’s Organizational Documents are designed to protect the interests of investors in situations where conflicts exist, although these provisions do not eliminate such conflicts. In certain instances, some of such conflicts of interest will be resolved in a manner adverse to a Fund and its ability to achieve its investment objectives, even where disinterested parties are consulted to review such conflicts. Conflicts of Interest and Affiliations of the General Partners and Altimeter. The General Partners and Altimeter are affiliated companies. As a consequence, a General Partner’s selection of Altimeter to be a Fund’s investment adviser was not made at arm’s length, and such affiliation will serve as an incentive to a General Partner to retain Altimeter as the investment adviser. The General Partners and Altimeter may engage in other activities and businesses and may provide to other clients services substantially identical to the services provided to a Fund. Conflicts of interest may arise as a result of such circumstances. Performance Allocation. With respect to each Fund that is treated as a partnership for U.S. income tax purposes, the capital account of the General Partner is generally allocated a portion of the net investment profit tentatively allocated to such Fund’s investors as described in more detail in such Funds’ offering memoranda. These special allocations are commonly referred to as a carried interest or performance allocation. Since the performance allocation for the Public Funds is based on unrealized appreciation as well as realized gains, the performance allocation would be greater than if it were based solely on realized gains. A General Partner’s entitlement to a performance allocation creates an incentive for the General Partner and/or Altimeter to cause the Fund to make investments that are riskier or more speculative than would be the case in the absence of such performance-based compensation. Moreover, with respect to the Private Funds, the performance allocation is generally calculated based on net profits, which does not deduct Fund-level expenses (other than certain transaction costs). General expenses of the Funds, including the Management Fee, organizational, administrative, legal, and operational costs, are not offset against, and do not reduce, net profits when determining whether performance allocation is owed to the General Partner. As a consequence, the General Partner may lack economic incentive to minimize a Fund’s expenses, since such expenses do not reduce the General Partner’s entitlement to the performance allocation. For certain of the Public Funds, the incentive described in the preceding sentence is mitigated by a “high water mark” mechanic described above. Each General Partner and Altimeter have broad discretion regarding the allocation of investment opportunities between and among the Altimeter Client Accounts. Because the General Partner’s performance-based compensation could vary with respect to the Altimeter Client Accounts, Altimeter could be incentivized to allocate opportunities among the Altimeter Client Accounts in a manner that would maximize the performance-based compensation earned by (or expected to be retained by) the General Partner. The U.S. tax treatment of performance allocation requires a longer holding period in order to achieve tax rates applicable to long-term capital gains than is applicable ordinarily to capital gains. This holding period requirement creates a conflict between the General Partner and certain investors and may influence investment decisions including decisions relating to the timing or

Read the rest in the brochure

As the investment manager of the Funds, Altimeter is authorized to determine the broker that will be used for each securities transaction. In making each investment, Altimeter may have the authority to negotiate the commission rates paid by the Funds. In selecting brokers to execute transactions, Altimeter is not required to solicit competitive bids and does not have an obligation to seek the lowest available commission cost. In selecting brokers, Altimeter may consider, among other factors, the security’s price, commission amounts, market depth, capital commitment, recent order flow, knowledge about the other side of the trade, price-spread competitiveness, total execution costs (including applicable fees), order-size availability, clearance and settlement capabilities, reputation, integrity, and financial stability, accuracy, error history and errorcorrection history, specialization in particular securities, ability to commit capital and provide liquidity, research value and other qualitative factors (such as experience, facilities, sales coverage, internal business operations and conditions, timeliness, and responsiveness). To the extent not inconsistent with achieving best execution, Altimeter may also consider other business a particular broker or dealer may have done with Altimeter, such as identifying investment opportunities, performing investment banking services, providing capital introduction services, and providing services to Altimeter’s principals. Additionally, when selecting brokers or individual transactions, Altimeter has discretion to consider proprietary research services that brokers have provided in the past or may provide in the future and that Altimeter believes will be useful in managing the Funds. Such research services may include supplemental investment research pertaining to particular securities or industries and facilitating meetings with corporate executives or others to obtain oral reports pertaining to company or industry performance. Altimeter is also authorized to direct commissions to certain brokers that may furnish other services to the Funds, the General Partner, and Altimeter, such as seminars, conferences, news and quotation equipment, quantitative analytical software, trading software, and certain other research and brokerage services permitted by Section 28(e) of the Securities Exchange Act of 1934, as amended. As a result of the brokerage practices described above, the commissions paid and the prices paid or received by the Funds in securities transactions may be less favorable than would otherwise be the case. Any research received can be used to service all Clients to which it is applicable, whether or not the applicable broker’s services primarily benefitted the Client utilizing such research, and services received from a broker that executed transactions for a particular Client account will not necessarily be used specifically in providing investment advice to that particular Client account. Some Client accounts will generate more credits than other Client accounts for a variety of reasons, including but not limited to account size, trading frequency, and the investment strategy in which the account is managed. Trade Aggregation Altimeter aggregates trade orders whenever reasonable. In such circumstances, the Funds participating in the trade will share commission costs proportionately and receive securities at a total average price. If trade orders are aggregated, Altimeter seeks to ensure that combined orders are generally placed while assigning pre-order allocations. Otherwise, Altimeter will generally place trades in the order they are received. When an additional order with respect to publicly traded securities is placed while another order in such security has not been completed, Altimeter will generally batch the remainder of the earlier order with the additional order. Not all similarly

situated Funds will necessarily participate in the same batched order.

Altimeter and/or its affiliates have in the past paid, and expect in the future to pay, third-party placement agents that refer investors to a Fund. The compensation paid to these placement agents typically includes a portion of the fixed fee based on the aggregate capital commitments to a Fund. Investors generally are not subject to any incremental fees in connection with the referral. The referral arrangements described above involve potential conflicts of interest because the placement agent may have an incentive to favor sales of interests in a Fund over sales of other investment products for which the agent will receive lower or no fees. Prospective and existing investors should consider this potential conflict of interest when evaluating any recommendation or referral by an agent regarding an investment in a Fund.

Altimeter has no applicable information to disclose with respect to this Item.

Fund portfolio investments are reviewed and evaluated by Altimeter’s investment team on an ongoing basis. Reviews and evaluations consist of position analysis by the CEO and/or the relevant portfolio managers and the relevant analyst. Fund books and records are subject to external verification. At the end of each calendar year, each Fund’s financial statements are prepared and audited. Additionally, Fund investors will typically receive unaudited monthly or quarterly statements from the independent third-party administrator. Generally, Public Fund investors also electronically receive a monthly summary of unaudited fund-level performance, and Flagship Fund and Co-Investment Fund investors also electronically receive an annual report. Each Client’s Organizational Documents include reporting specific to that Client.

This Item is not applicable.

Altimeter provides investment advisory services to the Funds. The investment advice that Altimeter provides to each Fund is subject to the direction and control of each affiliated General Partner, as established by the applicable Organizational Documents. Investment restrictions for the Funds, if any, are generally established in the Organizational Documents of the applicable Fund. In addition to Mr. Gerstner, certain investment professionals have limited discretion with respect to Public Investments made by Clients, subject to Altimeter’s internal policies and procedures.

To the extent Altimeter has been delegated proxy voting authority on behalf of its Clients, Altimeter intends to vote proxies or similar corporate actions according to management recommendations or otherwise, in each case depending on Altimeter’s opinion about each Client’s best interests with respect to each such vote. In making that determination, Altimeter will consider

the factors that Altimeter deems relevant in its sole discretion. Altimeter’s proxy voting policy is designed to help ensure that, if a material conflict of interest is identified in connection with a particular proxy vote, then the vote is not improperly influenced by the conflict. The Clients have access to, and investors may obtain upon request, Altimeter’s complete proxy voting policies and procedures, as well as information about how Altimeter voted any particular proxies.

This Item is not applicable.