Newtyn Management LLC

Item 5: Fees and Compensation
Management Fees

Newtyn receives fees for investment management services based on a percentage of assets under management
and as disclosed in the respective Fund offering documents and investment management agreements.
Management fees generally range from 1% to 1.5% per annum, and typically are payable and deducted from
the assets of each Fund monthly in advance. Management fees for the Funds are calculated by a third-party
administrator and deducted from each Investor’s capital account. The Firm’s fees and compensation are
described in each client’s Governing Documents.

Newtyn has discretion to waive or reduce the management fee with respect to the capital accounts of one or
more Investors without notifying the other Investors and without reducing the management fee with respect
to the capital accounts of the other Investors.

Expenses Generally

The Funds shall bear all of their operating expenses, which expenses shall include all costs and expenses
relating to the Funds' activities and operations (to the extent not reimbursed in connection with an
investment), including, without limitation, all fees, costs, and expenses associated with the financing,
sourcing, acquiring, holding, hedging and disposing of its investments or proposed investments (such as
custodial fees, brokerage fees, commissions, consulting services, and due diligence, as well as all fees,
expenses, interest payments and principal payments due to any legal, financial, accounting, consulting, or
other advisors (including, without limitation, any expenses attributable to the activities of the administrator),
or any lenders, investment banks, and other financing sources in connection with the financing, sourcing,
acquiring, holding, hedging and disposing of Fund investments or proposed Fund investments), all entity-
level taxes, fees, or other governmental charges, the costs of any insurance (including, without limitation,
directors and officers insurance, if any), expenses incurred in the collection of monies owed to the Funds, the
management fee, legal, auditing, consulting, research, and accounting fees and expenses (including, without
limitation, expenses associated with the preparation of financial statements, tax returns and Schedules K-1, if
any), extraordinary expenses (including, without limitation, litigation-related and indemnification expenses
including indemnification obligations and the costs of any reporting to Investors).

Investors should note that the portion of research expenses that the Adviser allocates to each Fund for a
particular product or service may result in benefits being provided to other third parties. These third parties
may derive a benefit as a result of the research expenses paid for by the Funds.

The Firm may also allocate a portion of certain clients’ capital to money market funds or exchange-traded
funds. In addition to the fees and expenses discussed above, clients will indirectly incur similar fees and
expenses if the Firm invests their capital in such funds, as these funds in turn pay similar fees and expenses
to their investment managers and other service providers.

Item 12 further describes the factors that Newtyn considers in selecting or recommending broker-dealers for
transactions and determining the reasonableness of their compensation (e.g., commissions).

No supervised person of Newtyn accepts compensation for the sale of securities or other investment products,
including interests in the Funds.

Item 7: Types of Clients
Newtyn provides portfolio management services to private investment funds. A minimum investment of
$1,000,000 is generally required to invest in any of the private funds, with additional capital contributions
equal to at least $250,000. However, Newtyn has discretion to waive or reduce the minimum investment for
one or more Investors (or prospective Investors) as long as they qualify to invest based on all other suitability
and regulatory requirements.

Newtyn may decline to accept an investment even if the proposed Investor satisfies such suitability and
regulatory requirements. Newtyn has discretion to accept additional capital contributions in different
amounts from one or more Investors without notifying the other Investors.