Saturn V Capital Management LP

Fees and Compensation
Management Fees. SATURN V’s compensation is negotiable and varies and is disclosed in each
Fund’s private offering memorandum or Blackwell’s and Infinity’s investment management
agreement. SATURN V charges management fees to the Funds which are calculated as a
percentage of assets of each Fund as of the first day of each fiscal quarter. The Funds’ management
fee is payable in quarterly installments at the beginning of each fiscal quarter based on the net
market value of each investor’s account on the date the fee accrues and becomes payable. SATURN
V charges management fees to Blackwell which are calculated as a percentage of assets of
Blackwell at the end of each fiscal quarter. Blackwell’s management fee is payable in arrears at the
end of each fiscal quarter. SATURN V charges management fees to Infinity which are calculated
as a percentage of assets as of the first day of each fiscal quarter. Infinity’s management fee is
payable in quarterly installments at the beginning of each fiscal quarter based on the net market
value of the investor’s account on the date the fee accrues and becomes payable. The percentage of
assets charged to investors ranges between 0% and 0.4375% per quarter. SATURN V may waive
all or any portion of the management fees with respect to any investor in its sole discretion.

SATURN V’s affiliate, Saturn V Capital GP, LLC, a Delaware limited liability company (“Saturn
V GP”), serves as general partner of the Master Fund. As general partner, Saturn V GP directly
deducts the management fee described above, which it has assigned SATURN V. Investors in the
Offshore Feeder Fund pay these management fees indirectly through their investment in the Master
Fund.

Performance Allocations and Fees. Saturn V GP, as general partner to the Master Fund, is allocated
a performance-based profits allocation, which is based on a percentage of net profits (including both
realized and unrealized gains). Investors in the Offshore Feeder Fund pay these performance
allocations indirectly through their investment in the Master Fund. SATURN V is paid a
performance-based fee from Blackwell, which is based on a percentage of net profits (including
both realized and unrealized gains). Saturn V GP is allocated a performance-based profits allocation
from Infinity, which is based on a percentage of net profits (including both realized and unrealized
gains). The percentage of net profits charged to investors ranges between 0% and 20% per annum.

The Performance Allocation and Fee payable to SATURN V is generally not negotiable. SATURN
V may, however, in its sole discretion, provide certain investors with special fee and allocation
arrangements that it does not provide to other investors. SATURN V may waive all or any portion
of the performance allocations and fees with respect to any investor in its sole discretion.

SATURN V complies with Rule 205-3 under the Investment Advisers Act of 1940, if required.
Performance allocations and fees may create an incentive for SATURN V to make more risky and
speculative investments than it would otherwise make.

Expenses. Each Fund, Blackwell, and Infinity are responsible for its own costs and expenses,
including but not limited to all general investment expenses (i.e., exchange commissions and
expenses, brokerage commissions, research expenses, data processing costs and expenses, bank
service fees, interest expenses, borrowing charges, custodial expenses, outsourced risk management
advisory and software, investment-related consultants and travel costs that are research-related and
other investment expenses); all administrative, legal, accounting, auditing, record-keeping, tax form
preparation, compliance, and consulting costs and expenses; all fees, costs and expenses related to
middle office operations which may include daily reconciliation of cash, cost, positions, and
valuations; fees, costs, and expenses of third-party service providers that provide such services (i.e.,
administrators, accounting firms, legal firms, insurance firms, prime brokers, software firms and
other providers); costs and expenses associated with preparing investor communications, printing,
and mailing costs; insurance costs and expenses (e.g., for the assets of the Funds, Blackwell, and
Infinity, D&O, E&O) which a portion may be allocated to SATURN V; marketing and syndication
expenses (including those incurred in marketing the Funds in the European Union); taxes and other
governmental charges; governmental licensing, filing, and exemption fees (including Blue Sky
filing fees); indemnification obligations; all expenses (including reasonable attorneys’ fees)
incurred in connection with any threatened, pending, or anticipated litigation, U.S. Internal Revenue
Service (“IRS”) examination or audit, or similar audit or examination by any state or local taxing
authority, or other legal proceeding; costs of Foreign Account Tax Compliance Act (“FATCA”)
and other tax-related compliance including, without limitation, the OECD Standard for Automatic
Exchange of Financial Account Information – Common Reporting Standard (the “CRS”), fees and
expenses with respect to the AML officer roles, and any other services or service provider expenses
deemed necessary by Saturn V GP on behalf of the Funds. SATURN V and Saturn V GP each
bear their own operating, general, administrative and overhead costs and expenses, other than the
expenses described above. Securities brokerage firms and futures commission merchants (“FCMs”)
that execute securities and commodities trades for the Master Fund and Blackwell, however, may
pay part of these costs and expenses, as discussed in Brokerage Practices below.

SATURN V typically deducts management fees and performance allocations/fees directly from the
Funds’, Blackwell’s, and Infinity’s accounts and is also reimbursed directly from the Funds’,
Blackwell’s, and Infinity’s accounts to the extent that SATURN V incurs or pays for the Funds’,
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Types of Clients
SATURN V provides investment advice to investment funds. Investors in the Master Fund and the
Offshore Feeder Fund are required to invest at least $1,000,000. SATURN V may waive these
minimums in its sole discretion.

Methods of Analysis, Investment Strategies and Risk of Loss
Investment Strategy

Blackwell’s, Infinity’s, and the Funds’ investment objective is to seek capital appreciation by
investing primarily in biotechnology companies in the United States and globally. SATURN V uses
statistical modeling as part of a proprietary data-driven method for predicting the outcomes of drug
candidate clinical trials and invests the Fund’s assets primarily in companies it predicts are likely
to have positive or negative clinical trial results.

There can be no assurance that Blackwell, Infinity, and the Funds will achieve this objective or that
substantial losses will not be incurred.

SATURN V has wide latitude to invest or trade Blackwell’s, Infinity’s and the Funds’ assets, to
pursue any particular strategy or tactic, or to change the emphasis without obtaining the approval
from its investors. The investment strategy imposes no significant limits on the types of instruments
in which SATURN V may take positions, the type of positions it may take, its ability to borrow

money, or the concentration of investments by sector, industry, issuer, counterparty, servicer,
country, asset class or otherwise. In addition, the description of virtually every trading strategy
must be qualified by the fact that trading approaches are continually changing, as are the markets
invested in by SATURN V.

SATURN V's investment strategies are driven by various methods of analysis, including but not
limited to fundamental proprietary research, traditional security analysis, broker and research
provider analysis as well as industry knowledge and expertise of SATURN V's personnel.

Risk Factors

No guarantee or representation is made that Blackwell, Infinity, and the Funds will achieve their
investment objectives. Investment in Blackwell, Infinity, and the Funds involves significant risks
and conflicts of interest, including, but not limited to, the risks and conflicts of interest set forth
below. The risks set out below do not purport to be exhaustive. Additional risks and uncertainties
that are currently unknown or currently deemed immaterial may become material factors that affect
Blackwell, Infinity, and the Funds. Prospective investors should carefully consider the risks
involved in an investment in the Funds, including but not limited to those discussed below.
Prospective investors should consult their own legal, tax and financial advisers as to all these risks
and as to an investment in the Funds generally.

General Risk Factors

Limited Operating History. Blackwell, Infinity, and the Funds have limited operating history and
therefore may not be able to operate its business, implement its investment strategy, or generate
sufficient revenue to make or sustain distributions to investors. Failure to procure adequate funding
and capital could adversely affect Blackwell’s, Infinity’s, and the Funds’ ability to grow and/or
expand its business, which can negatively impact its performance. In addition, the past investment
performance of Blackwell, Infinity, and the Funds or other entities or accounts managed by
SATURN V or any of its principals, employees or affiliates is not indicative of the future
performance of Blackwell, Infinity, and the Funds.

Start-Up Periods. Blackwell, Infinity, and the Funds may encounter start-up periods during which
they will incur certain risks relating to the initial investment of newly contributed assets. Moreover,
the start-up periods also represent a special risk in that the level of diversification of Blackwell’s,
Infinity’s, and the Funds’ portfolio may be lower than in a fully invested portfolio.

Reliance on the SATURN V and no Authority by investors. The success of Blackwell, Infinity, and
the Funds depends on the ability of SATURN V to develop and implement investment strategies to
achieve Blackwell’s, Infinity’s, and the Funds’ investment objectives. Although SATURN V may
impose limits on the types of positions Blackwell, Infinity, and the Funds may take, or the
concentration of their investments, the governing documents imposes no such limits. Investors will
have no right or power to take part in the management of Blackwell, Infinity, and the Funds.
Blackwell’s, Infinity’s, and the Funds’ investment performance could be materially adversely
affected if any members of the investment team were to die, become ill or disabled, or otherwise

cease to be involved in the active management of the business of Blackwell’s, Infinity’s, and the
Funds’ portfolio.

Dependence on Key Personnel. SATURN V is dependent on the services of its principals and key
personnel, particularly Xiaoying Tian. The success of Blackwell, Infinity, and the Funds may
depend to a great extent on the investment skills of SATURN V’s principals and key personnel.
There can be no assurance that Xiaoying Tian or any other principals or key personnel will continue
to be associated with SATURN V, and its affiliates. Blackwell, Infinity, and the Funds may be
adversely affected if, because of illness, resignation, or other factors, the services of the relevant
people were not available for any significant period of time.

Undisclosed Investing Strategy. SATURN V’s investment strategy and the techniques it will
employ to attempt to reach Blackwell’s, Infinity’s, and the Funds’ goals are proprietary and are not
required to be disclosed to potential investors. As a result, a potential investor’s decision to invest
in the Funds must be made without the benefit of being able to review and analyze SATURN V’s
strategy and techniques.

Undisclosed Positions. In an effort to protect the confidentiality of its positions and its strategies,
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