MPM Oncology Impact Management LP

Item 5.    Fees and Compensation

The Adviser or its affiliates generally receive Advisory Fees and Carried Interest (each as defined
below) or similar performance-based remuneration from a Fund. A Fund, and/or its portfolio
companies may also make other payments to the Adviser or its affiliates for services provided to
the portfolio companies which, in certain circumstances, may reduce the Advisory Fees payable
to the Adviser. Additionally, consistent with the Organizational Documents of a Fund, the Fund
typically bears certain out-of-pocket expenses incurred by the Adviser in connection with the
services provided to the Fund and/or the portfolio companies. Further details about certain
common fees and expenses are set forth below.

Advisory Fees

As compensation for investment supervisory services rendered to the Funds, the Adviser receives
from each such Fund an advisory fee (each, an “Advisory Fee”) typically calculated based on
committed capital or net asset value, with respect to such Fund. Advisory Fees may be reduced
during the life of a Fund. The precise amount of, and the manner and calculation of, the Advisory
Fees for each Fund are established by the Adviser and are set forth in such Fund’s Organizational
Documents. The Advisory Fees and other fees and distributions described herein are generally
subject to modification, waiver or reduction by the Adviser in its sole discretion, both voluntarily
and on a negotiated basis with selected investors via side letter and other arrangements, which may
not be disclosed to other investors in the same Fund. The fee structures described herein may be
modified from time to time. Fees may differ from one Fund to another, as well as among investors
in the same Fund.

The Advisory Fees paid by a Fund will generally be reduced by a percentage of (1) the amount of
fees paid by such Fund to persons acting as a placement agent in connection with the offer and
sale of interests in such Fund to certain potential investors, (2) the fees incurred by the Adviser in
connection with the organization of such Fund that exceed a limit specified in such Fund’s
Organizational Documents, and/or (3) certain other fees (see Other Fees and Expense
Reimbursement below) received by the Adviser or its affiliates. The amount and manner of such
reduction, if any, is set forth in the Organizational Documents of the applicable Fund.

Advisory Fees vary Fund by Fund and are payable quarterly in advance.

Certain investors in the Funds that are employees, business associates and other “friends and
family” of the Adviser, its affiliates or their personnel (“Adviser Investors”) will not typically
pay Advisory Fees in connection with their investment in a Fund. Furthermore, Adviser Investors
do not generally bear any expenses incurred in making an investment and, as a result, such
expenses are generally borne by the Funds. Adviser Investors will only bear those expenses
specifically allocated solely to an Adviser Investor vehicle (for instance, formation expenses,
administrative fees, tax preparation fees, state filing fees and similar fees). The Adviser may from
time to time in the future establish certain investment vehicles through which certain Adviser
Investors, other “friends of the firm,” or other persons may invest alongside one or more Funds in
one or more investment opportunities. Such co-investment vehicles generally will not pay
Advisory Fees or Carried Interest.

Upon termination of an Advisory Agreement, Advisory Fees that have been prepaid are generally
returned on a prorated basis.

Other Fees and Expense Reimbursement

Other Fees

In addition to the Advisory Fees and Carried Interest, the Adviser and its affiliates receive a variety
of other cash, equity, and other non-cash fees relating to the investment activities of a Fund, its
portfolio companies, and prospective portfolio companies, including consulting fees, director fees,
operational fees, and/or other similar fees received from portfolio companies and/or prospective
portfolio companies. The amount and timing of the fees received by the Adviser or its affiliates
are generally specified in the agreement or other documentation governing the applicable
transaction.

In addition, the Adviser or its personnel, on behalf of the Adviser, from time to time, receive stock
of a portfolio company due to the service of such personnel on the board of such portfolio company
or as compensation for other services provided to such portfolio company. In such event, the
recipient will generally act in their own interest with respect to the stock received (including, for
instance, determining to sell the distributed securities, or hold on to the distributed securities for
such time as such recipient shall determine in its sole discretion). The ability of such recipients,
to act in their own interest with respect to the stock received, creates a conflict of interest between
the Adviser, as an adviser to the Funds, and its personnel, on the one hand, and the Funds, on the
other hand, because the recipient’s interests may not be aligned with those of the Funds and the
recipient may determine to sell the stock received at a different time, or on different terms, then
the Fund would sell its interest.

In many cases, with respect to the implementation of the arrangements described above, there is
not an independent third-party involved on behalf of the relevant portfolio company. Therefore, a
conflict of interest exists in the determination of any such fees and other related terms in the
applicable agreement with the portfolio company.

The payment of other fees and reimbursements by portfolio companies and prospective portfolio
companies will, in some, but not all, circumstances create a conflict of interest between the Adviser
and its affiliates, and the Funds and their investors because the Funds and their investors generally
do not have a direct interest in these fees and reimbursements. Generally, the Adviser or its
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Item 7.    Types of Clients

The Adviser currently provides investment supervisory services to the Funds. Investment advice
is provided directly to the Funds (subject to the direction and control of the general partner of each
such Fund, if applicable) and not individually to investors in such Fund.

Interests in the Funds are offered pursuant to applicable exemptions from registration under the
Securities Act and the 1940 Act. Investors in the Funds are generally “qualified purchasers” as
defined in the 1940 Act, and may include, among others, public pension plans, corporate pension
plans, endowments, private pension plans, foundations, insurance companies, fund-of-funds,
family offices, Operations Support Providers, other institutional investors, and high-net worth
individuals.

The Adviser does not have a minimum size for a Fund, but minimum investment commitments
may be established for investors in the Funds. The general partner of each Fund may, in its sole
discretion, permit investments below the minimum amounts set forth in the Organizational
Documents of such Fund.