Ardsley Advisory Partners LP

ITEM 5 – FEES AND COMPENSATION
Ardsley deducts fees from each Fund’s assets at the beginning of each fiscal quarter. In the case of a partial
fiscal quarter; the Management Fee is calculated on a pro rata basis, based on the applicable percentage for
the partial quarter and is repaid to the Fund and distributed to the investor. To the extent a capital
contribution or withdrawal is made as of any day that is not the first day of a fiscal quarter, the Management
Fee is prorated.

Ardsley also charges performance-based compensation in the form of an incentive allocation (the “Incentive
Allocation”) which currently ranges from 15% to 20% of net profits depending on the Fund, except the
Advanced Healthcare Fund, which is not subject to performance-based compensation. The Incentive
Allocation is generally calculated each month and paid (deducted) as of the last day of each fiscal year.
Under the loss carryforward provision, generally an Investor will not be charged an Incentive Allocation
until any net loss previously allocated to such Investor has been offset by subsequent net profits.

Ardsley or the General Partner, in their respective sole discretion, may, in effect, waive, reduce or rebate
the Management Fee or the Incentive Allocation for certain Investors. It should be noted that Ardsley
employees and personnel do not pay an Incentive Allocation in connection with their investments in the
Funds. Further, the Management Fee for all internal capital (i.e., an investment from an Ardsley employee
and personnel) in the Funds is typically 0.50% (annualized). The Management Fee for all other Investors
in the Funds ranges from 1.00% to 1.50% (annualized).

The Funds’ governing documents set forth the fees and expenses to be paid by Investors. Prospective
Investors should carefully review a Fund’s governing documents prior to investing in a Fund.

Ardsley will bear all expenses incurred in connection with the offer and sale of interests in the Flagship
Fund and Sustainable Opportunities Fund.

The Funds will also bear all legal, accounting expenses, administrative and all other operating expenses.

The Funds bear all investment expenses, including interest expenses, brokerage commissions, custodial
fees, taxes, expenses related to the purchase and sale of illiquid securities, and any other expenses which
the General Partner reasonably determines should not be considered Administrative Expenses of the
applicable Fund.

It should also be noted that to the extent a trade error occurs, Fund losses caused by trade errors due to gross
negligence, bad faith or willful misconduct on the part of Ardsley or its employees will be reversed with
Ardsley being responsible to make the affected Funds whole. However, pursuant to Ardsley’s offering
documents, the applicable Funds are required to bear the costs of any other trading errors. The Funds are
deemed to be paying for research and other services with “soft” or commission dollars. Refer to Item 12 –
Brokerage Practices for further information.

Investors in the Flagship Fund, may generally make withdrawals from their capital account in the Flagship
Fund as follows: (i) at the end of any fiscal quarter, upon 45 days’ prior written notice, an Investor may
withdraw up to 25% of its capital account; and (ii) at the end of any fiscal year, upon 30 days’ prior written
notice, an Investor may withdraw any amount from their capital account.

Investors in the Sustainable Opportunities Fund, World Information Technology Fund and WITO can
exercise 100% liquidity upon 30 days’ notice at the end of any quarter. Ardsley or the General Partner may
require or permit the withdrawal of an Investor under such other circumstances as they, in their sole
discretion, deem appropriate for any of the Funds.

The Managed Accounts are subject to different terms and fees as such fee arrangements and terms are
individually negotiated between Ardsley and the respective Managed Account. A complete description of
all fees, expenses and the methods of billing and how often such fees are charged for the Managed Accounts
is disclosed within the investment management agreement/sub-advisory agreement which is entered into
by Ardsley and the respective Managed Account.

It is critical that Investors refer to their respective Fund’s offering documents for a complete
understanding of how fees are calculated and deducted from their assets. The information contained
herein is a summary only and is qualified in its entirety by the relevant Fund’s offering documents.

ITEM 7 – TYPES OF CLIENTS
As described in Item 4, Ardsley offers investment advisory services to pooled investment vehicles operating
as private investment funds and the Managed Accounts, which are a family office and private investment
funds.

As described in Item 5.A, above, each Investor must meet certain suitability requirements. In addition, the
minimum initial investment for the Funds is $1,000,000, and the minimum additional contribution is
$100,000. The minimum initial investment for the Sustainable Opportunities Fund is $1,000,000, and the
minimum additional contribution is $250,000.

As stated in Item 4.A, the Employee Funds have only accepted investments from Ardsley employees,
personnel and their family members/close friends.

The Managed Accounts are subject to different terms and fees than the Funds. Such fee arrangements and
terms are individually negotiated. It should be noted that any Managed Account relationships are generally
subject to significant account minimums.