New Rhein Healthcare Investors LLC

Item 5.         Fees and Compensation

Management Fees

An investor in a New Rhein Fund will generally pay a management fee calculated on the basis of the
investor’s commitment amount. For the 2018 vintage Funds, the fee amount is equal to 1.75%, per annum,
of an amount equal to each limited partners’ aggregate investment contributions to investments not
disposed or written off, billed semi-annually in advance, ten days into the period. For the 2021 vintage
Funds, the fee amount is equal to 2.00% of an investor’s commitment to the Fund per annum, collected
quarterly in advance. Subject to the terms of the offering documents, management fees are waived for
New Rhein employees and other affiliates of New Rhein. Additionally, the management fee may be waived
or reduced for any investor, subject to the sole discretion of the General Partner of the relevant Fund. The
management fee will generally be reduced after the investment period of the relevant Fund, and will be
offset by any broken deal expenses, monitoring fees, or transaction fees as outlined below, received by
New Rhein, the General Partner, or New Rhein affiliates as identified in Item 10 below.

A detailed description of the management fee terms and calculation for each New Rhein Fund is included
in the offering documents for the relevant Fund.

Fund Expenses
As a general matter, expenses incurred in connection with the activities of the Fund will be borne by
investors pro rata to their commitments and will be payable after issuance of a capital call notice
specifying such expenses. The Fund generally incurs two types of expenses: (1) partnership expenses such
as administrative costs, fees and expenses, such as legal, accounting and audit services and taxes; and (2)
transaction expenses, such as costs, fees and expenses for due diligence reviews and related travel, expert
consultants, and legal fees (whether or not such transactions are completed).
Expenses are inside the carry calculation, i.e., dollars contributed for expenses are included in capital that
must be returned to investors before distribution of any profits/carry split to New Rhein.
Investors in the Funds will be responsible, on a pro-rata basis, for all organizational expenses of the Funds,
including travel expenses in accordance with the Firm’s travel policy, meals, lodging and entertainment,

other meals and entertainment, printing, mailing, courier, legal, capital raising, accounting, regulatory
compliance (including the initial registrations, filings and compliance contemplated by the Alternative
Investment Fund Managers Directive (“AIFMD”) in Europe, the Cybersecurity and Infrastructure Security
Agency (“CISA”), , or any similar law, rule or regulation), and any administrative or other filings) incurred
in connection with the structuring, organization, negotiating, funding and startup of the Funds, the
General Partner, and any affiliated management company or control entity within the Funds’ structure,
including the preparation of, and negotiations with respect to, investor presentations and other marketing
materials, legal agreements, any side letters or similar agreements, agreements with placement agents
and any other similar agreements, and out-of-pocket costs and expenses incurred by placement agents,
finders or other persons performing similar services, but not placement agent fees.

In addition, the Funds will also be responsible for expenses related to activities with respect to the
origination, identification and sourcing of investment opportunities for the Funds, including attending and
sponsoring industry conferences and events, meeting with consultants, finders, broker-dealers,
investment banks and other sources of investments and developing and maintaining an investment
pipeline; activities with respect to the pursuing, structuring, organizing, negotiating, consummating,
financing, refinancing, conducting diligence (including any subscriptions to any periodicals, databases
and/or research services), acquiring, bidding on, owning, managing, monitoring, operating, holding,
hedging, restructuring, trading, taking public or private, selling, valuing, winding up, liquidating, dissolving
or otherwise disposing of, as applicable, actual and potential investments (including follow-on
investments) or seeking to do any of the foregoing (including any associated legal, financing, commitment,
transaction or other costs payable to attorneys, accountants, tax professionals, investment bankers,
lenders, expert networks, third-party diligence, software and service providers, consultants and similar
professionals in connection therewith); indebtedness of, or guarantees made by, the Funds, a New Rhein
person, the General Partner or any affiliates on behalf of the Funds (including any credit facility, letter of
credit or similar credit support), including interest with respect thereto, or seeking to put in place any such
indebtedness or guarantee; financing, commitment, origination and similar activities; broker, dealer,
finder, underwriting (including both commissions and discounts), loan administration, private placement,
sales, investment banker and similar services; brokerage, sale, custodial, depository (including a
depository, if any, appointed pursuant to the AIFMD and any law, rule or regulation relating to the
implementation thereof in any relevant jurisdiction), local paying agent, trustee, record keeping, account,
registered office and similar services; reporting, filings and other ongoing compliance requirements
contemplated by the AIFMD or any similar law, rule or regulation (excluding, for the avoidance of doubt,
the initial and/or preliminary registrations, filings and compliance obligations related thereto), including
secondary legislation, regulations, rules and/or associated guidance, and any related requirements,
including Funds-related fees and expenses in connection with ongoing costs of appointing a Swiss
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Item 7.         Types of Clients
New Rhein provides investment management services to the following 2018 vintage private funds which
invest together on a side-by-side basis:
• New Rhein Healthcare 18 LP - Cayman
• New Rhein Healthcare 18 (Parallel) SCSp - Luxembourg

As well as to the following 2021 vintage private funds which invest together on a side-by-side basis:
• New Rhein Healthcare 2021 (DE) LP – USA
• New Rhein Healthcare 2021 (LUX) SCSp – Luxembourg
• New Rhein Healthcare 2021 Privak which is a feeder fund of New Rhein Healthcare 2021 (LUX) SCSp
    – Luxembourg;

New Rhein also provides investment management services to the following special purpose vehicles (SPVs)
which invest in a single targeted asset:
   • NHRI Alveus Fund I, LP - USA

Each Fund of a particular vintage will receive a pro rata share of all investments made by the Funds of that
vintage. Generally, investors in a Fund are subject to a minimum commitment amount, which may vary

based on the relevant Fund. The minimum commitment amount may be waived at the sole discretion of
the General Partner. The Funds are open to investment by “accredited investors” within the meaning set
forth under the federal securities laws, and “qualified purchasers” within the meaning set forth under the
Investment Company Act of 1940, as amended (the “Investment Company Act”).

New Rhein may enter into “side letters” with certain investors in the Funds, which may allow for differing
terms from those outlined in the relevant offering documents of the Fund. These side letters may provide
more advantageous fees and/or transparency and reporting than those received by investors without side
letters.

Subscriptions for interests in New Rhein Funds are offered on a “commitment” basis and investors are not
able to terminate their commitments to a Fund investment prior to the dissolution of such relevant Fund.
Interests in a Fund are generally not transferrable, however, in some cases Investors may, subject to the
approval of the relevant New Rhein Fund’s General Partner, transfer their interest to another investor in
a private transaction. Apart from issuing approval of the purchasing investor, New Rhein does not
facilitate any secondary transactions by investors.