Replication - Initialize with Snapshot when using filtered rows

We have a large database that is being Transactionally replicated (one way) between sites.

The Publication has a date based filter so that it doesn't replicate old data.

I need to add a new subscription to this publication, but don't have the capacity in the transaction log at the new Subscription server to Snapshot all the data and it will take so long to copy the full snapshot over the network that the Subscriber will be millions of transactions behind after initialization.

My question is: does the filter apply to the snapshot?

For instance, the database and all data is on the new subscription server (via Backup/Restore). The filter on the publication (Filter rows) is set to > 2011 on a date field. If I set snapshot going to initialize the subscription is it going to:

1. Create a snapshot of all data in the Publication articles that is greater than 2011

OR

2. Create a snapshot of all data in the Publication

Further, if 1 is true, then when it applies the snapshot at the subscriber will it remove all data already in the table (so data added via the initial Backup/Restore operation will be gone. Leaving me with ONLY data > 2011?)

If you can't tell I need all the data in there from the Backup (the pre 2011) but need the snapshot to be small enough that it can initialize the sub within a sensible timeframe (therefore hopefully only the > 2011 data in the snapshot).

Thanks for any assistance.