Greenspring Associates LLC

ITEM 5 – FEES AND COMPENSATION

Compensation and Fee Schedules

All investors should review the Governing Documents of each applicable Greenspring Fund in
conjunction with this brochure for more complete information on the fees and compensation
payable with respect to such Greenspring Fund.

For its advisory, administrative and management functions, the Adviser generally receives an
advisory fee from each of the Greenspring Funds equal to a percentage of the commitments to a
Greenspring Fund, capital drawn by a Greenspring Fund, the total amount of capital committed to
underlying portfolio funds and/or portfolio companies of a Greenspring Fund and/or the cost basis
or the fair market value of a Greenspring Fund’s investments. The percentage amount varies with
the type of Greenspring Fund and over the life of the Greenspring Fund, and where paid, generally
ranges from 0.0% to 2.5% annually, as negotiated and determined at the time a Greenspring Fund
or advisory arrangement is established.

In addition, in most cases, a related person of the Adviser receives performance-based
compensation, usually in the form of a percentage of the cumulative net profits attributable to the
Greenspring Funds or a portion of the investments made by such Greenspring Funds (commonly
known as “carried interest”). The carried interest is generally equal to 20% of a Greenspring Fund’s
cumulative net profits attributable to direct investments (i.e., direct investments in operating
companies), if applicable, and 5% or 7% of a Greenspring Fund’s cumulative net profits attributable
to investments in venture and private equity investment funds.

In certain circumstances, fees are negotiable, and in certain circumstances, no fees and/or carried
interest is charged. Investors and prospective investors in each Greenspring Fund should refer to
the Governing Documents of the applicable Greenspring Fund for more complete information on
the fees charged by the Adviser.

Investors should note that similar advisory services may (or may not) be available from other
registered investment advisers for similar or lower fees.

Deduction of Fees

The specific manner in which fees are charged by the Adviser is set forth in each Greenspring
Fund’s Governing Documents. The Adviser will directly debit fees from the Greenspring Funds’
accounts on a quarterly basis.

Third Party Management Fees

Generally, the venture or private equity investment vehicles in which a Greenspring Fund acquires
an interest will assess management fees and carried interest. These charges are in addition to the
management fees and carried interest charged by the Adviser and will be bourne by each respective
Greenspring Fund investing in such vehicles. Fees paid to the Adviser for investment advisory
services are separate and distinct from the fees and expenses charged by the underlying investment
vehicles in which Greenspring Funds invest.

Other Fees and Expenses

In addition to advisory fees and carried interest paid to the Adviser or its related persons and
advisory fees, carried interest and fees paid to third party fund vehicles in which certain
Greenspring Funds invest, the Greenspring Funds also incur additional fees and expenses as
specified in the applicable Governing Documents of each Greenspring Fund. Typically, each
Greenspring Fund bears all costs and expenses in connection with its operation and investments
(other than the costs and expenses enumerated specifically to the Adviser, which are typically
salaries and benefits of personnel and the cost of maintaining the Adviser’s place of business).

Greenspring Fund expenses may include, but are not limited to, the following:

organizational expenses (including, but not limited to, any expenses, legal or otherwise, incurred to
form and operate a Greenspring Fund and its general partner(s) and any feeder entities (including
any entity investing in a parallel Fund which is a “feeder entity” with respect to such parallel Fund),
Alternative Investment Vehicles or SPVs; draft or amend the Governing Document(s) of the
Greenspring Fund and its general partner(s) for the first or any subsequent closes; prepare and file
83(b) elections; negotiate the terms of the Greenspring Fund’s Governing Document(s) with
prospective investors; and prepare, draft and negotiate side letters relating to certain investors’
investments in the Greenspring Fund);

syndication costs (including but not limited to marketing costs; legal or other expenses incurred to
prepare, draft and negotiate placement agent agreements and the Private Placement Memorandum;
any amounts paid to placement agents as success fees (or reimbursement of expenses) in
connection with the offer and sale of direct and indirect interests in the Greenspring Funds,
including retainer fees; any success fees paid by or on behalf of the Adviser; production costs of any
offering memorandums or promotional materials; and transportation, lodging, meals and all other
expenses incurred by employees or placement agents during travel for fundraising);

liquidation expenses;

sales or other taxes;

fees, government charges and certain withholding taxes (even if determined to be improper) which
may be assessed against the Greenspring Fund and its general partner(s), offshore funds, feeder
funds, investing entity funds, special purpose vehicles and alternative investment vehicles;

commissions, finders fees (including if structured as incentive compensation) or brokerage fees or
similar charges incurred in connection with the purchase or sale of securities (including but not
limited to any merger fees payable to third parties and whether or not any such purchase or sale is
consummated); trade errors;

fees (if any) and expenses of members of the Advisory Board and other advisory boards (including
but not limited to transportation, lodging, meals and all other expenses incurred during travel for
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ITEM 7 – TYPES OF CLIENTS

The Adviser provides advice to the Greenspring Funds. Investors in the Greenspring Funds may
include but are not limited to corporations, endowments, superannuation funds, sovereign wealth
funds, foundations, trusts, estates, individuals, family offices and pension and profit-sharing plans.
Interests in the Greenspring Funds are offered exclusively to accredited investors pursuant to
Section 3(c)(1) and/or qualified purchasers pursuant to Section 3(c)(7) of the Investment Company
Act.

The Adviser or its related persons may establish certain Greenspring Funds to address legal,
regulatory or tax issues of certain investors (“Feeder Greenspring Funds”). Each Feeder
Greenspring Fund, if formed, would generally be a limited partner of a Greenspring Fund and
interests in such Feeder Greenspring Fund would be held by the investors who elect to participate
in the Greenspring Fund through such Feeder Greenspring Fund. In addition, the Adviser or its
related persons may form other alternative investment vehicles or special purpose vehicles
(collectively, “AIVs”) for the purpose of facilitating certain investments by one or more Greenspring
Funds and/or investors. Prospective investors should refer to the Governing Documents of the
applicable Greenspring Fund for complete details on any Feeder Greenspring Fund established with
respect to such Greenspring Fund and such Greenspring Fund’s ability to make investments
through AIVs.

Minimum Investment Requirements

The Adviser and its related persons require that each investor in a Greenspring Fund be an
“accredited investor” as defined in Regulation D under the Securities Act of 1933, as amended (the
“Securities Act”). Accordingly, securities of the Greenspring Funds are restricted under the
Securities Act. Generally, the minimum investment amount for a Greenspring Fund is $1,000,000,
however, the general partner of each Greenspring Fund may waive the minimum investment
amount, at its sole discretion.