Pharvision Advisers LLC

Item 5: Fees and Compensation
PharVision typically receives compensation from its Clients from the following sources: (a) fees
based on a percentage of assets under management; and (b) fees or allocations based on a
percentage of the performance of the Client accounts. Fees for Managed Account clients are
negotiable. PharVision is entitled to enter into side letter agreements with some Investors in the
Funds varying the terms of their investment, including lower fee arrangements. Current and
prospective clients should carefully review all fees charged by PharVision. Different fees are

charged to different Clients and Investors, and fees can be waived, rebated or reduced for certain
Clients and Investors.

Management Fee:

In consideration for its services to the Funds, PharVision is generally entitled to a management fee
measured as a percentage of average monthly value of each Investor’s capital account balance
during the particular quarter (the “Management Fee”). PharVision, at its sole discretion can offer
to investors different classes of interest in the Funds with preferential terms. For more details
regarding the Management Fee and different classes of interests in the Funds, please refer to the
applicable Fund Governing Documents.

Generally, the Management Fee is calculated and paid each calendar month in arrears. PharVision
or the applicable general partner, as applicable, can reduce or eliminate the Management Fee with
respect to any Investor in its sole discretion. PharVision and its affiliates may not be charged any
Management Fees with respect to their interests in the Funds.

Performance based Compensation:

Subject to certain terms and limitations disclosed in the Governing Documents, PharVision is
entitled to receive performance based compensation (the “Incentive Allocation”) with respect to
the Funds in an amount equal to a percentage of the net capital appreciation attributable to each
Investor’s capital account in the Fund (after taking into account expenses of the Fund, including
any Management Fees). The Incentive Allocation is payable annually after year‐end or at the time
the Investor withdraws from the Fund if before year‐end. The Incentive Allocation will be
calculated on the basis of the aggregate balance in an Investor’s capital account, irrespective of
how many or when capital contributions are made to such capital account by such Investor.

The Incentive Allocation is subject to what is commonly known as a “high water mark.” That is,
if a capital account underperforms during a calendar year, the net underperformance will be
recorded and carried forward to future calendar years (such amount is referred to as the “Loss
Carryforward”), and PharVision will not receive the Incentive Allocation with respect to such
capital account for future calendar years until the Loss Carryforward amount has been recovered
(i.e., when the Loss Carryforward amount has been exceeded by the cumulative net
outperformance in the calendar years following the Loss Carryforward). Once the Loss
Carryforward has been recovered, the Incentive Allocation shall be based on the excess net capital
appreciation over the Loss Carryforward amount, rather than on all net capital appreciation. The
“high water mark” procedure prevents PharVision from receiving the Incentive Allocation for net
capital appreciation that simply restores previous underperformance and is intended to ensure that
the Incentive Allocation is based on the long-term performance of the Fund.

Managed Account Clients are also subject to the Management Fee and performance-based
compensation similar to those described above. The level of compensation can vary by Client,
based on a Client’s investment objectives and limitations. PharVision deducts fees directly from
the Client accounts.

PharVision renders its services to the Clients at its own expense and is responsible for its overhead
expenses including: office rent; utilities; furniture and fixtures; stationery; secretarial/internal
administrative services; salaries and bonuses; entertainment expenses; employee insurance and
payroll taxes.

Other Expenses Charged to the Clients:

Expenses described below are general in nature and not intended to be exhaustive. For more
information regarding expenses associated with investing in the Fund, please refer to applicable
Fund Governing Documents. Managed Account expenses vary by Client and are negotiated
directly with each prospective client prior to commencement of advisory services.

Investors are subject to the following expenses associated with their investments in the Fund, in
addition to the Management Fee and Incentive Allocation described above: the organizational and
initial offering costs of the Fund, including legal, accounting, printing, marketing and comparable
expenses.

For instance, Fund Investors’ generally bear the Fund’s pro rata share of operating expenses that
include, but is not limited to: legal, compliance, auditing, accounting and other professional
expenses, administration expenses and fees, investment expenses such as commissions, interest on
margin accounts and other indebtedness, custodial fees, bank service fees, trade execution,
management software, risk and portfolio analysis software and other reasonable expenses related
to the purchase, sale or transmittal of Fund assets, back-office expenses, valuation calculations,
the preparation and distribution of financial statements, tax filings and other documentation, legal,
filings and other expenses of the applicable general partner and PharVision incurred in connection
with the operation of the Fund, and premiums for liability insurance covering the applicable
general partner and PharVision. Fund generally bear their own organizational expenses. See Item
12 for more information about brokerage costs.

Item 7: Types of Clients
As mentioned in Item 4, PharVision provides investment advisory services to Managed Accounts
and Funds. Interests in the Funds is offered only to sophisticated and qualified investors, including
but not limited to: high-net-worth individuals, family offices and institutions.

The minimum investment in the Funds is $10,000,000, although PharVision can elect to accept a
lesser amount in its sole discretion.

As of the date of this Brochure, PharVision does not have a set minimum to open a Managed
Account.