Cormorant Asset Management LP

ITEM 5 – FEES AND COMPENSATION

Management Fees, Performance Allocation, and Carried Interest Distributions

With respect to the Hedge Fund, Cormorant receives a monthly management fee, in advance, in an amount
equal to 0.1667% (2.0% annualized) of each Investor’s Series A capital account and 0.125% (1.5%
annualized) of each Investor’s Series F capital account, generally calculated based on the net asset value of
the applicable Investors’ investment as of the beginning of each month and computed prior to the payment
or accrual of any performance allocation. The General Partner is entitled to receive an annual performance
allocation equal to 20.0% of the net appreciation in the value of each Investor’s Series A capital account
and 17.5% of the net appreciation in the value of each Investor’s Series F capital account, which are both
subject to a customary high-water mark. Series F was available to Investors at the Hedge Fund’s launch
and is currently closed.

With respect to the PE Funds, Cormorant receives a quarterly management fee at the beginning of each
calendar quarter in an amount equal to 0.25% (1.0% annualized) or 0.50% (2.0% annualized) of the sum of
(i) the aggregate net capital contributions of each Investor in the fund attributable to the cost of investments
in Portfolio Companies that have not yet made an initial public offering and (ii) the capital account balance
of such Investor attributable to each Portfolio Company that has made an initial public offering, payable
until the end of each of the Fund's Term, as defined in each of the Funds’ offering and governing documents.
In addition, the General Partner may receive carried interest distributions (the “Carried Interest
Distributions”), based on, among other factors, return of paid-in capital contributions, proceeds received by
the Fund and the preferred return and subject to a clawback provision. The Carried Interest Distributions
are generally deducted from proceeds distributed by the PE Funds from time to time (including upon the
liquidation of the Fund) as determined by its General Partner. Additionally, PE Fund III offered limited
parentship interests with 1% management fee and 30% carried interest that was calculated in the same
manner noted above.

The management fee, performance allocation, and Carried Interest Distributions may, in the sole discretion
of Cormorant or the General Partners (as applicable), be waived, reduced, or rebated for certain Investors,
including affiliates of the General Partners or Cormorant.

Cormorant also receives from the Account an asset-based monthly management fee and an annual
performance-based fee, subject to a customary high-water mark, in the amounts set forth in the agreement
between Cormorant and the Account investor.

Cormorant will reduce the management fee by 100% of (i) the Funds’ share of directors’ fees paid by
Portfolio Companies to Cormorant or its affiliates and their respective managers, members, or employees
directly attributable to the Funds’ investment in such Portfolio Companies and (ii) all net fee income

received by Cormorant, its affiliates, and their members or employees (not otherwise employed by or
engaged as a consultant or other service provider by a Portfolio Company) from Portfolio Companies
directly attributable to the Funds’ investment in such Portfolio Companies.

Investors invested in the Advisory Clients do not have the ability to choose to be billed directly for fees
incurred. Cormorant (or an affiliate) deducts fees from Investor assets invested in the Advisory Clients.
Cormorant shares a portion of the management fees with Cormorant PR in exchange for the advisory
services Cormorant PR provides to the Advisory Clients.

Other Fees and Expenses

In connection with the investment management services it provides, Cormorant will bear all of its own
normal and recurring operating expenses and overhead costs, except that research and research-related
expenses may be paid for through the permitted use of “soft dollars” (as described in Item 12 - Brokerage
Practices). The management fee may exceed the expenses borne by Cormorant on behalf of its Advisory
Clients.

In addition to fees payable to Cormorant, the Advisory Clients, and therefore their respective Investors, may
pay a variety of expenses related to each Advisory Client’s investments and operations, including, without
limitation, brokerage and other transaction costs, clearing and settlement charges, trade break fees,
consulting expenses, research expenses (including research-related travel expenses), legal fees and other
expenses in connection with conducting due diligence and negotiating the terms of certain investments,
custodial fees, initial and variation margin, interest and commitment fees on debit balances or borrowings,
stock borrowing fees and proxy solicitation expenses, legal expenses, audit and tax preparation expenses,
accounting fees, costs of the administration of the Advisory Clients (including, but not limited to, fees and
expenses of an administrator and third party valuation services), regulatory costs and expenses (including
filing and licensing fees), organizational expenses, premiums for liability insurance, fees for risk
management services, indemnification expenses, entity-level taxes, issue or transfer taxes, costs of reporting
to Investors, costs of litigation, any extraordinary expenses, and other similar expenses related to the
Advisory Clients. Certain Advisory Clients, including the PE Funds, will also bear expenses related to the
purchase, sale, recapitalization, or refinancing of Portfolio Companies (including broken deal expenses),
placement agent fees, legal fees, and other expenses in connection with conducting due diligence and
negotiating the terms of investments in Portfolio Companies.

ITEM 7 – TYPES OF CLIENTS

As previously described in Item 4, Cormorant’s clients consist of the Hedge Fund, the PE Funds, and the
Account. Investors in the Hedge Fund and the PE Funds consist of institutional investors and other
sophisticated investors.

The minimum investment for an Investor in the Hedge Fund is $1,000,000, which may be reduced by the
Onshore Feeder’s General Partner or the Offshore Feeder’s Board of Directors, as applicable. The interests
in the Onshore Feeder may only be purchased by investors that are “accredited investors,” as defined in
Regulation D under the Securities Act of 1933, as amended (the “Securities Act”), and “qualified
purchasers,” as defined in Section 2(a)(51)(A) of the Investment Company Act of 1940, as amended. U.S.
investors in the Offshore Feeder must also be “accredited investors” and “qualified purchasers.” Shares in
the Offshore Feeder are typically offered to eligible investors that are not U.S. persons or U.S. tax-exempt
entities.

The minimum capital commitment for an Investor in the PE Funds is $5,000,000. The General Partner, in
its discretion, reserves the right to reject or accept only a portion of the capital commitment of any
prospective Investor. Capital commitments of lesser amounts may be accepted at the General Partner’s
discretion. The interests are being offered only to investors that are “accredited investors” and “qualified
purchasers.” The General Partner may admit certain friends and family as Investors on terms that are more
preferential than those that are generally available to Investors.

The Account was established for a sophisticated institutional investor and involves a significant minimum
investment.