Boxer Capital Management LLC

Item 5: Fees and Compensation

Generally, BCM is compensated by the receipt of fees based on the value of the Advisory Client’s assets
under management (“Management Fees”) and/or the payment of certain performance-based
compensation (“Incentive Allocation”). In limited circumstances, BCM receives an agreed upon fixed
fee from certain Advisory Client(s).

Fund Fees and Compensation

As compensation for its advisory services to the Funds, in certain cases BCM receives an asset-based
Management Fee, typically equal to a percentage of up to 2% per annum of the net asset value of the
Funds’ assets, paid quarterly in advance based on the value of the net assets of the Funds on the last
business day of the prior quarter. Typically, BCM would return a pro-rata portion of any fees received in
advance if the advisory contract is terminated prior to the end of the billing period.

As a general matter, and in accordance with Funds’ Governing Documents, BCM, or its affiliates, may
receive performance-based compensation in the form of an Incentive Allocation equal to a percentage
of up to 20% of the appreciation in the net asset value of an investor’s capital account in the Fund (as
applicable).

Management fees and performance fees are deducted from each Fund’s assets and are not billed
separately.

In certain cases, some Funds may be charged an agreed-upon flat fee, not to exceed an established
maximum.

BCM, or its affiliates, in its sole discretion, may waive or modify the Incentive Allocation or Management
Fees for any Fund investor or any Advisory Client, subject to any applicable regulations and the Funds’
Governing Documents, including investors who are employees and/or affiliates of BCM. Additional
information regarding fees and compensation is described in the Funds’ Governing Documents (as
applicable). Prospective investors in the Funds should review the Governing Documents in detail before
making an investment.

Account Fees and Compensation

The fee schedule applicable to an Account will be contained in the applicable Investment Management
Agreement with BCM. Such compensation is subject to negotiation between BCM and each Account.
Such compensation may be deducted from the Account and billed separately as agreed upon between
the parties and set forth in their respective investment management agreements. As noted above, BCM
may waive or reduce fees, or perform services for no fees, for certain Accounts of employees and/or
affiliates of BCM and others in its complete discretion.

Expenses

Advisory Clients will incur brokerage and other transaction costs, see Section 12 of this brochure which
discusses brokerage.

Advisory Clients will incur other fees and expenses in connection with BCM’s advisory services. Each
Advisory Client will be responsible for certain costs and expenses as detailed in the Governing
Documents and/or Investment Management Agreement. Such costs and expenses may include, but are

Boxer Capital Management, LLC
Form ADV Part 2A

not limited to, (i) brokerage fees and commissions and other transaction costs and investment-related
expenses incurred in connection with a fund’s investment and trading activities, including, without
limitation, expenses related to sourcing, identifying, negotiating, structuring, monitoring, acquiring,
holding or selling investments, research and related travel expenses, the costs of any independent
accountants or other experts or consultants engaged by BCM in connection with specific investments
and expenses associated with unconsummated investments (e.g., “broken-deal” expenses); (ii) clearing
and settlement charges; (iii) custody charges and borrowing costs (including with respect to public
securities sold short and the payment of withdrawal proceeds); (iv) any interest, fees (including
commitment fees), and costs of fund-related borrowings (including borrowings related to positions held
on margin); (v) expenses and filing fees related to the ongoing offering of Interests; (vi) routine operational
costs such as printing and duplication expenses, legal, accounting, director services, bookkeeping,
recordkeeping, licensing fees and related support expenses for order and execution management
systems, treasury systems and/or risk management systems, shadow accounting expenses, including
licensing fees and expenses of managed services, auditing, consulting and other professional expenses,
administration (including the costs and expenses of an administrator, including additional fees for
ancillary services), clerical and tax preparation expenses; (vii) information technology expenses
associated with all aspects of a fund’s operations and research platforms used on a fund’s behalf
(including, without limitation, the costs associated with establishing and maintaining investor reporting
systems, and information technology and data security programs and other systems designed to manage
and control cyber security risk); (viii) its pro rata portion of any E&O, D&O, or any other form of insurance
related to a fund and its management and operations; (ix) exchange, board of trade or other trading or
execution facility membership or participation expenses; (x) market data, price quote data and other
data, including, but not limited to, research data and alternate data, newswire and data processing
expenses, cloud computing and cloud data storage fees and expenses, and connectivity charges; (xi)
fees and costs payable in connection with preparing and mailing reports to limited partners of a fund; (xii)
compliance related expenses and fees and expenses associated with preparing and submitting
regulatory filings required in respect of a fund (e.g., expenses relating to the preparation and filing of SEC
Form PF); (xiii) all other ordinary and out-of-pocket expenses of a fund and/or a related master fund; (xiv)
all taxes (if any) imposed on a fund and/or a related master fund (or that a fund and/or a related master
...

Item 7: Types of Clients

As described in Item 4, BCM provides investment advisory services to Funds, Accounts and others it may
accept as clients from time to time in its discretion.

Investment in Funds sponsored by BCM will generally be limited to investors that meet the eligibility
qualifications of both (i) “accredited investors” within the meaning of Regulation D of the Securities Act
of 1933, as amended (“Accredited Investors”) and (ii) “qualified purchasers” within the meaning of
Section 2(a)(51) of the Investment Company Act of 1940, as amended. Such investors typically will be
institutional investors, financial institutions, other investment funds, and high-net-worth individuals,
each of whom make representations concerning their financial sophistication and ability to bear the risk
of loss respecting their investment in a Fund.

Accounts are typically only open to institutional investors, and BCM determines the minimum
investment amounts on a case-by-case basis. Typically, such Accounts involve significant minimum
investments.

The minimum initial investment amount in a Fund is disclosed in the respective Fund’s Governing
Documents, which will be provided to Fund investors and prospective investors and is subject to waiver
or modification at the discretion of BCM or its affiliates, subject to any applicable regulations.

Boxer Capital Management, LLC
Form ADV Part 2A