Frazier Life Sciences Management LP

Item 5 – Fees and Compensation

Compensation and Fee Schedules

Frazier Life Sciences typically receives a management fee from each of the Frazier Life Sciences
Funds, which is generally equal to a percentage of the limited partners’ capital commitments to
such Frazier Life Sciences Fund. The fee percentage and/or the base upon which the fee is
calculated may vary with the size of the Frazier Life Sciences Fund and may also vary over the
life of the Frazier Life Sciences Fund, as negotiated and determined at the time the Frazier Life

Sciences Fund is established and as set forth in its Governing Documents. The management fee
percentage generally starts at 2.0-2.25% annually, paid quarterly in advance, and is then
generally reduced per year for each annual period beginning at some point after the Frazier Life
Sciences Fund’s active investment period has ended, and in certain situations, when a successor
fund has commenced. However, see below for determination of the management fee for Frazier
Healthcare VII, L.P. as well as FLSPF, which differs from the management fee calculations
described above. Investors participating in a closing after a Frazier Life Sciences Funds’ initial
closing date bear the management fee from the initial closing date generally (other than FLSPF
which investors bear such fee from the subscription date) in addition to an interest component
payable to Frazier or an affiliate.

Under the Governing Documents, aside from FLSPF, the management fee will be calculated and
charged on a basis that generally is not tied to the Frazier Life Sciences Fund’s then-current net
asset value. As further specified in the Governing Documents, management fees will initially
generally be charged based on a formula tied to the amount of the relevant Frazier Life Sciences
Fund’s aggregate commitments. However, the management fee for all other Frazier Life Sciences
Funds, including Frazier Life Sciences VII, L.P., is generally reduced beginning at some point after
each such Frazier Life Sciences Fund’s active investment period has ended, and, for Frazier Life
Sciences VII, L.P. and Frazier Life Sciences VII-A, L.P., when a successor fund has commenced, by
means of a change in the management fee base from the limited partners’ capital commitments
to the cost basis of such Frazier Life Sciences Fund’s investments (rather than a stepdown in the
applicable management fee rate as described in the previous paragraph). In addition, FLSPF’s
management fee generally will be charged and calculated based on a formula tied to each limited
partner’s pro rata share of the fair market value of FLSPF’s investments, as of the date of
determination, less the liabilities of FLSPF (not including uncrystallized carry or the
management fee then being calculated), as of such date. As a result, except as described in this
paragraph in relation to FLSPF, and where a Frazier Life Sciences Fund’s Governing Documents
expressly provide to the contrary, the amount of management fees generally will not correspond
with fluctuations in the Frazier Life Sciences Fund’s net asset value, including where the fair
market value of an investment exceeds or falls below the total amount of contributed capital
(including, where applicable, a Frazier Life Sciences Fund borrowing component (including
interest expenses) and the amount of any capitalized Supplemental Fees (as defined below) or
expenses including the costs of Frazier Advisors and expenses paid to Service Providers, Frazier
Life Sciences or its affiliates) or the cost basis relating to the Frazier Life Sciences Fund’s
aggregate investment(s) in its portfolio companies that have not been realized or completely
written off for U.S. federal income tax purposes. Due to differences in the criteria set forth in their
respective Governing Documents, in the event where more than one Frazier Life Sciences Fund
participates in an investment, there is the possibility that an investment will be deemed to have
been disposed of or permanently declined in value for purposes of one Frazier Life Sciences
Fund’s Governing Documents but not those of one or more other Frazier Life Sciences Funds.
Therefore, except where the Governing Documents expressly provide to the contrary, the
management fee generally will not be reduced in connection with any partial sales or
dispositions, distributions (e.g. those resulting from a dividend recapitalization), partial
realizations, reorganizations, write downs, restructurings, roll-over investments, extraordinary
dividends made with respect to, or similar transaction related to an investment or in
circumstances where one or more other Frazier Life Sciences Fund(s) divest their respective
investment(s) in the relevant portfolio company, whether in whole or in part, in each case in
circumstances that do not result in the complete disposition of the relevant Frazier Life Sciences

Fund’s interest therein (even in cases where the value of the Frazier Life Sciences Fund’s
investment or the Frazier Life Sciences Fund’s ownership percentage in such investment has
been reduced (including substantially reduced) as a result of such partial sale or disposition,
distribution (e.g., those resulting from a dividend recapitalization), partial realization,
reorganization, write-down, restructuring, roll-over investment, extraordinary dividend or
similar transaction), and in such cases, limited partners will continue paying management fees
based on committed or contributed capital or the cost basis of investments, as applicable,
regardless of any such transaction, except as required by the Governing Documents or as
described for FLSPF above. The lack of a requirement to reduce the management fee in
connection with any partial sale or disposition, distribution (e.g., those resulting from a dividend
recapitalization), partial realization, reorganization, write-down, restructuring, roll-over
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Item 7 – Types of Clients

Frazier Life Sciences only provides investment advice to pooled investment vehicles, such as the
Frazier Life Sciences Funds. Investment advice is provided directly to such Frazier Life Sciences
Funds and not individually to the limited partners of such Frazier Life Sciences Funds. The
investors in the Frazier Life Sciences Funds have included and, in the future, may include
corporations, financial institutions, funds-of-funds, governmental bodies or agencies, insurance
companies, endowments, foundations, trusts, estates, high net worth individuals, and pension
and profit-sharing plans. The Frazier Life Sciences Funds generally are not required to register
under the U.S. Investment Company Act of 1940, as amended (the “Investment Company Act”)
or register their securities under the U.S. Securities Act of 1933, as amended (the “Securities
Act”), pursuant to various exceptions and exemptions provided under those statutes. As a result,
Frazier Life Sciences generally offers limited partner (or equivalent) interests in the Frazier Life
Sciences Funds to a limited number of “accredited investors” as defined in Regulation D under
the Securities Act and, in most cases, exclusively to “qualified purchasers” or “knowledgeable
employees” as defined under the Investment Company Act and the rules and regulations
promulgated thereunder. The Frazier Life Sciences Funds generally require substantial
minimum initial investments, which vary by fund from $1 million to $5 million. These minimum
initial investments may be waived or reduced under certain circumstances by the General
Partner.