Ikarian Capital LLC

Item 5 Fees and Compensation

A. Advisory Services Compensation. Below is a discussion of how the Adviser is compensated in
   connection with providing advisory services to its Clients. The Adviser may enter into different
   fee arrangements on a Client-by-Client basis.

                                   Advisory Fees Related to Funds

   Management Fees. For its advisory services to the Funds, the Adviser is entitled to a
   management fee (the “Management Fee”) at an annual rate of (i) one and a half percent (1.5%)
   with respect to each investor’s account attributable to Founders Class interests and two percent
   (2.0%) with respect to each investor’s account attributable to Class B interests. The
   Management Fee is calculated and paid each calendar month in advance. In the event of a full
   withdrawal by an investor who participates in one or more Special Investments (as defined in
   Item 8 of this Brochure), a portion of the withdrawal proceeds will be held back to pay for
   Management Fees expected to be earned over the life of any applicable Special Investments (the
   “Management Fee Reserve”). Upon the realization or deemed realization of a relevant Special
   Investment, any unused Management Fee Reserve associated with such Special Investment will
   be paid to such investor. In the event the Management Fee Reserve is insufficient to pay for
   Management Fees with respect to an investor’s interests in Special Investments, a statement may
   be invoiced to such investor providing for the payment of the Management Fee with respect to
   such investor’s interests in such Special Investments. In any event, the amount of any
   subsequent proceeds or distributions paid with respect to an investor’s interest in a Special
   Investment may be reduced by an amount equal to any insufficient or unpaid Management Fees
   (together with interest), and such amounts may be remitted to the Adviser.

   Performance Allocations. Additionally, an affiliate of the Adviser is entitled to a performance-
   based profit allocation (the “Performance Allocation”) at the end of each calendar year equal to
   fifteen percent (15%) with respect to each Founders Class account and twenty percent (20%)
   with respect to each Class B account of the net profits attributable to each investor’s interest in a
   Fund, but only to the extent that such profits exceed any losses carried forward from prior years.
   Net profits include unrealized appreciation or depreciation of portfolio positions, but generally
   include only realized amounts in the case of any Special Investments (as defined in Item 8 of this
   Brochure).

   A Performance Allocation will also be calculated and allocated using the same methodology
   described above with respect to withdrawn capital as of any date of withdrawal with respect to
   an investor. In the event of a partial withdrawal, the amount of losses carried forward from prior
   years (if any) will be reduced in proportion to the amount withdrawn. With respect to an
   investor who has fully withdrawn from a Fund (other than such investor’s interest in any Special
   Investments), a Performance Allocation with respect to a realized Special Investment will be
   charged as of the date of the realization or deemed realization of such Special Investment.

   The Performance Allocation may be calculated and allocated separately for each capital
   contribution or subscription by an investor in a Fund.

   The Management Fee and Performance Allocation set forth in a Fund’s Offering Documents
   are generally not negotiable. However, the Adviser has agreed and may agree with certain

   investors to a variation or waiver of the Management Fee, Performance Allocation and/or other
   terms set forth in a Fund’s Offering Documents.

                            Advisory Fees Related to Separate Accounts

   Management Fees. The Management Fee associated with advisory services performed for a
   Separate Account is negotiated with each account and specified in each account’s Offering
   Documents. Management Fees may be payable on a monthly or quarterly basis and may range
   up to two percent (2.0%) per annum of an account’s asset value, but have been typically
   structured at more favorable rates than other types of Clients based on account size and/or other
   factors. Management Fees have also been calculated and payable on a notional account value or
   as a “draw” against performance fees.

   Performance Fees. The Adviser is generally also entitled to a performance-based fee for its
   advisory services to a Separate Account (the “Performance Fee”), which may be payable as of
   the end of each calendar quarter or year. Performance Fee rates and terms associated with the
   Separate Accounts are negotiated with each account and specified in each account’s Offering
   Documents. Separate Accounts may be charged a Performance Fee of up to twenty four percent
   (24%) per annum of the net profits generated by the account, but generally only to the extent that
   such profits exceed any losses carried forward from prior years. In unique circumstances, a
   Separate Account has paid, or may pay, a higher Performance Fee in exchange for a reduction
   in, or in lieu of, a Management Fee.

B. Payment and Timing of Fees. Management Fees and Performance Allocations due from the
   Funds are deducted directly from the underlying investors’ accounts and Management Fees and
   Performance Fees due from the Separate Accounts are payable upon invoice to the account
   holder, in each case, at the times indicated in Item 5.A. above and as set forth in the Offering
   Documents of the applicable Client.

C. Other Fees and Expenses. Each Client pays or reimburses the Adviser or its affiliates for other
   fees and expenses associated with such Client’s operations as set forth in the Offering
   Documents of such Client. A summary of such other fees and expenses is provided below.
...

Item 7 Types of Clients

As discussed in Item 4 “Advisory Business” of this Brochure, the Adviser provides investment
advisory services to Clients structured as (i) Funds comprised of sophisticated, qualified investors,
including, but not limited to, high net worth individuals, trusts, partnerships, corporations, funds of
funds, family offices and other institutions; and (ii) Separate Accounts generally organized for the
benefit of private investment funds for which the Adviser acts as a sub-adviser, but that may also be
beneficially owned directly by pension plans, endowments, foundations, or other institutions.

To subscribe for an interest in a Fund domiciled in the U.S., each prospective investor generally is
required to certify that it is, among other things, (a) both (i) a “U.S. Person,” as such term is defined
in Rule 902(k) of Regulation S under the Securities Act of 1933, as amended (the “Securities Act”),
and (ii) a “United States person,” as such term is defined in Section 7701(a)(30) of the Internal
Revenue Code of 1986, as amended, (b) an “accredited investor,” as such term is defined in Rule
501(a) of Regulation D under the Securities Act, and (b) a “qualified purchaser,” as such term is
defined in Section 2(a)(51)(A) of the Investment Company Act of 1940, as amended (the
“Company Act”), or a “knowledgeable employee” with respect to the Adviser, as such term is
defined in Rule 3c-5 under the Company Act. To subscribe for an interest in a Fund domiciled
outside the U.S., each prospective investor generally is required to certify that it is, among other
things, (i) either (a) not a “United States person”, or (b) a tax-exempt “United States person”, (ii) an
“accredited investor”, and (iii) a “qualified purchaser”, as such terms are defined above. In general,
account holders of Separate Accounts make similar certifications as set forth above.

The minimum investment in a Fund is $1,000,000, although the Adviser has accepted and may
accept investments in a lesser amount at its sole discretion. The minimum investment for opening a
Separate Account is negotiable.

Additional information on investor eligibility requirements is set forth in the Offering
Documents for each Client.