Montserrat Global Advisers LP

FEES AND COMPENSATION

The Firm generally charges a management fee on a quarterly basis. The management fee equals
0.5% (2.0% annually) of assets under management with respect to each Fund. The Firm
generally receives a performance-based compensation from each Fund on an annual basis equal
to 20% based upon the performance of the Fund. All management fees and performance-based
compensation are calculated pursuant to the governing documents of the Fund.

PERFORMANCE-BASED FEES AND SIDE-BY-SIDE MANAGEMENT

The Firm and its affiliates accept performance-based compensation from every client. As a
result, the Firm and its affiliates do not face the conflicts of interest that may arise when an
investment adviser accepts performance-based fees from some clients, but not from other clients.

The performance-based fees may, however, create an incentive to make more speculative
investments and make different decisions regarding the timing and manner of the realization of
such investments, than would be made if such performance-based fees were not assessed.

Specific details regarding any performance-based compensation are set forth in each respective
client’s investment management agreement or the private placement memorandum for a Fund
investor.

Separately Managed Accounts

The Firm intends to manage separate institutional and individual client accounts on a
discretionary basis. The Firm’s focuses on predominantly long and short positions in U.S. and
foreign equity securities. The Firm strategy is to seek to achieve above-average capital
appreciation over the long term through investments generally focused on the healthcare industry.

All clients/investors incur third-party brokerage commission and other transaction costs, as
explained in further detail in the Brokerage Practices section below. Additional third-party
costs related mainly to custody, audit, administration, legal advice, tax advice and preparation,
banking services, and research and consulting may also apply for Fund investors. In some cases,
the Funds may also be billed to reimburse the Firm for certain travel expenses. In all cases,
details concerning applicable fees and expenses are set forth in each respective client’s limited
partnership agreement, limited liability company operating agreement, investment management
agreement, and/or prospectus.

TYPES OF CLIENTS

As discussed    in the Advisory Business section above, the Firm currently provides investment
management       services primarily to the Funds, which in turn are offered exclusively to
sophisticated   investors. The Firm also intends to offer investment management services to
sophisticated   investors on a discretionary basis through SMAs. Although the Firm generally
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seeks minimum account commitments from its investors/clients of US$ 1,000,000, it can waive
such minimums in its discretion. Minimums for SMAs will be negotiated with such clients.

INVESTMENT STRATEGIES AND RISK OF LOSS

Each strategy employed by the Firm has its own set of risks, but in all cases, the Firm’s strategies
involve a risk of loss that clients should understand and be prepared to bear.

The Firm may provide investment management services Funds and may also manage other
accounts and/or establish other private investment funds in the future.

The Firm will attempt to achieve above-average capital appreciation over the long term through
investments generally focused on the healthcare industry. While investments will predominantly
be long and short positions in U.S. and foreign equity securities, the Firm will also consider
using other financial instruments and, over time, making private investments in public entities
(PIPES) and investments in private companies. In the future, the Firm may use its experience
and knowledge in healthcare to broaden its investment opportunities.

The Firm intends to construct a healthcare-focused equity portfolio using a bottom-up research
process for stock selection and augment this with appropriate risk controls. The Firm seeks to
identify investments that are particularly compelling, and a concentration of these investments
will make up a cornerstone of its portfolio. It is anticipated that one or several ‘high-conviction’
investments will each comprise a sizable weight in its portfolio, and that such weights could
increase as these investments appreciate.

The Firm generally seeks to achieve diversification within the healthcare universe by investing in
all sectors of healthcare (i.e., pharmaceuticals, medical devices, biotechnology and healthcare
services), across different sized companies (various market capitalizations), and across different
geographies. In the course of doing research, the Firm might also identify opportunities outside
of the healthcare arena that fit with the its investment philosophy.

The Firm believes that, more often than not, equity markets are efficient. Stocks are usually
priced to incorporate reasonable probabilities for the potential outcomes that may affect a
company. However, the Firm believes that there are enough exceptions to this rule that
investment opportunities abound.

This strategy involves a number of material risks, including, but not limited to: the lack of a
liquid public market for investments and therefore a restricted ability to sell positions; the severe
restriction on the ability of investors in the funds to withdraw or redeem their capital; and the
ability of the Firm and its investment professionals to correctly identify and assess good
investment opportunities, particularly given the often early stage of development of the
businesses invested in, their frequent need for additional capital and the often rapidly shifting
dynamics and intense competition that characterize the industries in which they operate.

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The Firm’s investment strategy may also include foreign securities, options, making private
investments in public entities and the use of leverage, as further set forth in the Funds’ private
placement memorandum or a SMA’s investment management agreement.

A more complete discussion of the investment strategy and risks involved is contained in the
relevant private placement memorandum for the Funds (or the investment management
agreement for SMAs) and should be read carefully. The Firm’s investment strategy involves a
risk of loss that investors/clients should understand and be prepared to bear.