Caligan Partners LP

Item 5: Fees and Compensation
Caligan provides investment advisory services to the Funds pursuant to separate investment
advisory or consulting agreements (the “Agreements”). The Agreements for the Funds set forth in
detail the fee structure relevant to the Funds.

Caligan or its affiliates receive compensation and fees from the Funds based on a percentage of
assets under management and based on performance. Such compensation and fee arrangements
are set forth in the Agreements. As set forth in the Agreements, fees and compensation paid to
the Adviser or its affiliates by the Funds are either deducted from the assets of the Funds, or
separately paid by the Fund or its affiliates; asset-based fees are generally deducted on a quarterly
basis and performance-based compensation is deducted at the times set forth in the Agreements.
The Adviser or its affiliates may waive, reduce, or calculate differently the asset-based fees and
performance-based compensation for certain Investors or Funds, including members, employees
and affiliates of the Adviser.

Investment Distributions
A Partnership’s governing documents detail the amount and priority of distributions made by the
Partnership to its Investors (the “Investment Distributions”). Investment Distributions will include:
net cash proceeds from the sale of investments or any portion of an investment or marketable
securities available for distribution, and cash receipts from dividends, interest and other non-tax
distributions from investments net of expenses (“Current Income”). Investment Distributions will
be net of performance-based fees as detailed in a Partnership’s governing documents.

Organizational Expenses
A Partnership will bear all costs and expenses incurred in connection with the organization of the
Partnership, its general partner and if applicable each parallel partnership, including legal and
accounting fees, printing costs, travel and out-of-pocket expenses, and all costs and expenses
incurred in connection with the offering of interests in the Partnership (“Organizational
Expenses”).

Operating Expenses
A Partnership will be responsible for all expenses relating to its own operations and if applicable
the operations of each parallel partnership, including without limitation:

    •      Expenses related to the research, due diligence and monitoring of actual and prospective
           investments (whether or not consummated) and the consummation of investments,
           including the following: brokerage, prime brokerage and futures commission merchant
           fees, commissions and expenses; expenses relating to short sales; clearing and settlement
           charges; custodial fees and expenses; bank service fees; interest expenses and fees related
           to financings or refinancings; fees and expenses of proxy research and voting services
           (including proxy solicitors, investment bankers, public relations experts, and costs
           associated with producing and distributing analyses and other materials); any
           compensation paid to individuals (other than individuals that are employees or partners of
           the Adviser) considered for nomination, nominated and/or appointed, to the board of a
           company in which the Partnership is or was invested (including any compensation paid in

Page | 5

           relation to serving in such capacity) and any related expenses (including costs incurred in
           connection with recruiting such persons), it being understood that, to the extent that such
           an individual is appointed to the board of such a company, it is generally expected that
           such compensation would not be considered a Partnership expense and would be borne by
           such company; fees and expenses of third-party professionals, including consultants,
           investment bankers, attorneys and accountants; experts or other consultants engaged to
           assist with an investment or prospective investment; investment and research-related travel
           expenses (which are travel expenses incurred by the Adviser or their affiliates related to
           the purchase or sale of, or due diligence regarding, the Partnership's investments, whether
           or not such investments are consummated, including lodging and meals); and the costs of
           any litigation or investigation involving activities of the Partnership.

    •      Operational expenses, including the following: fees and expenses relating to information
           technology hardware, software or other technology (including costs of software licensing,
           implementation, data management and recovery services and custom development) used
           to research investments, evaluate and manage risk, facilitate valuations, facilitate
           accounting functions, facilitate compliance with the rules of any self-regulatory
           organization or applicable law (including reporting obligations), facilitate and manage the
           order execution of financial instruments or otherwise manage the Partnership, such as
           Bloomberg terminals, portfolio management systems, risk management systems and order
           management systems; fees and expenses of third-party risk management products, models
           and services; third-party administrative fees and expenses; fees and expenses of third-party
           professionals, including consultants, valuation service providers, attorneys and
           accountants; third-party audit and tax preparation expenses; 100% of the cost of insurance,
           including premiums for cybersecurity insurance and liability insurance covering the
           Adviser and its affiliates, and the members, partners, officers, employees and agents of any
           of them; fees and expenses (including director registration fees) of the Partnership’s
...

Item 7: Types of Clients
Caligan primarily provides discretionary investment management and advisory services to its
Funds directly. Investors may include high net worth individuals, partnerships, pension funds and
profit-sharing plans, trusts, estates, charitable organizations, corporations, business entities,
endowments, investment funds and foreign sovereign wealth funds. Investors will be required to
meet certain suitability qualifications to comply with applicable federal securities laws and
regulations, specifically as the Funds will rely on exemption 3(c)(7) of the Investment Company
Act.

A Partnership requires minimum initial subscriptions from Investors as described in its offering
documents. A Partnership may accept lower subscription amounts under the circumstances
described in its offering document.