Greenvale Capital LLP

Item 5: Fees and Compensation

The fees applicable to each of the Funds are set forth in detail in each Fund’s offering documents.
The fees applicable to each Client Account are set forth in detail in each Client Account’s investment
management agreement. A brief summary of such fees is provided below.

Management and Performance Fees

        Greenvale Capital LLP                                        Form ADV Part 2A Brochure

1. The Funds
Investors in the Funds are charged an annual management fee as a percentage of net assets, payable
monthly in arrears, and an annual performance fee based upon a percentage of the amount by which
the net asset value, as of the end of each calendar year, exceeds the high-water mark during the
calendar year. The fees are as follows:

Management Fee:
  ▪ A Shares (not available to new investors): 1.75%
  ▪ B Shares: 0%
  ▪ C Shares: 1.75%
  ▪ F Shares and IF Shares (not available to new investors): 1.25%
  ▪ G Shares: 1.50%

The management fee rate applied to Series F, Series G and Series IF Shares will be reduced as the AUM
crosses certain AUM thresholds and the management fee is also reduced for Series G Shares subject
to thresholds based on committed capital. Offsets and other reductions to the management fee are
described in each Fund’s Private Placement Memorandum (to the extent applicable).

Performance Fee:
The performance fee is applied as follows:
    ▪ A Shares (not available to new investors): 20%
    ▪ B Shares: 10%
    ▪ C Shares: 20%
    ▪ F Shares and IF Shares (not available to new investors): 15%
    ▪ G Shares: 30%

Early redemption fees are payable are applicable to Series C Shares and to F Shares (closed to new
investors).

Greenvale Capital has discretion to reduce or waive these fees with respect to certain Investors and
has done so in the past.

All Investors should review the Funds’ offering documents in conjunction with this brochure for more
complete information on the fees and compensation payable with respect to the Funds.

The fees described above are paid by the Funds to the Firm and the Manager. Greenvale Capital LP
receives compensation pursuant to its services agreement with Greenvale Capital LLP.

2. The Client Accounts
The Client Accounts are charged separately negotiated fees for the investment management services
provided.

Payment of Fees
Fees and compensation paid to the Firm or its affiliates by Funds are generally deducted from the
assets of such clients. As discussed above, management fees are generally payable monthly in
arrears.

        Greenvale Capital LLP                                         Form ADV Part 2A Brochure

Other Types of Fees or Expenses
Greenvale Capital is responsible for and shall pay, or cause to be paid, all of their own ordinary
administrative and overhead expenses, including, without limitation, all costs and expenses related
to rent, furniture, fixtures, equipment, office supplies, clerical expenses, certain administrative
services and all salaries, bonuses and benefits paid to, or on behalf of, personnel of the Firm.

Greenvale Capital is authorized to incur and pay, in the name of and on behalf of the Funds, all
expenses which they deem necessary or advisable as per the Funds’ offering documents.

The Feeder Funds will bear their own expenses, and their pro rata share of the Mater Fund’s expenses
and any trading vehicle expenses which include, without limitation:

The Master Fund’s research expenses (including Investment Research and research-related travel
compliant with the travel policy of the Firm); filing and registration fees; legal fees; expenses of the
offering of shares; printing and distribution costs; filing fees and expenses; accounting, audit, and tax
preparation expenses; administration fees, costs, and expenses; fees for attorneys, accountants,
consultants and other professionals or experts including, but not limited to, tax and compliance
professionals; fees and expenses of the Funds’ Directors; costs and expenses incurred in connection
with the Master Fund’s borrowings; interest expenses including interest due to repurchase
agreements and borrowing by the Master Fund); insurance expenses (in relation to directors and
officers liability insurance, errors and omissions insurance for the Manager to the Feeder Funds),
custody fees, bank charges, brokerage commissions (including options trades), taxes, spreads, mark-
ups on securities, swaps and forwards, short dividends, currency hedging costs, and other investment
and operating expenses.

The Administrator charges a monthly administration fee calculated in line with an agreed step down fee
schedule and based on a percentage of assets under management at each monthly period.

Expenses of the Master Fund and any other Feeder Funds to the Master Fund (excluding the
Management Fee, the Performance Fee and investor related tax (if any) of the Funds) and any
equivalent fees or taxes payable by any Feeder Funds may be paid by the Master Fund and allocated
to its Feeder Funds pro rata based upon their relative ownership of the Master Fund. The Funds may
indirectly bear a portion of the expenses of other Feeder Funds to the Master Fund.

Generally, expenses borne by the Feeder Funds (other than the Management Fee and Performance
Fee) will be charged on a pro rata basis. To the extent that expenses to be borne by the Feeder Funds
or the Master Fund are paid by the Manager or the Investment Manager, the Feeder Funds or the
Master Fund, as applicable, will reimburse such party for such expenses.

One or more “Research Payment Accounts” will be established and operated by Greenvale Capital
and will be used to pay for the investment research provided by research providers. The Research
Payment Account will be funded by a direct charge payable by the Clients and will be based on an annual
budget for investment research which will be set, and regularly reviewed by Greenvale Capital in
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Item 7: Types of Clients

Greenvale Capital’s Clients are the Funds and the Client Accounts, as described in Item 4 above.

Client Accounts are segregated account mandates for institutional clients.